J P Morgan Exchange-Traded Fund Trust - High Yield Municipal Etf Fund NCSR Certified annual shareholder report (management investment company)

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:


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

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

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2020 through February 28, 2021

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

Annual Report

J.P. Morgan Exchange-Traded Funds

February 28, 2021

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

JPMorgan Core Plus Bond ETF

JPMorgan Corporate Bond Research Enhanced ETF

JPMorgan High Yield Research Enhanced ETF

JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF )

JPMorgan Municipal ETF

JPMorgan U.S. Aggregate Bond ETF

JPMorgan Ultra-Short Income ETF

JPMorgan Ultra-Short Municipal Income ETF

JPMorgan USD Emerging Markets Sovereign Bond ETF

CONTENTS


President’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF			3

JPMorgan Core Plus Bond ETF			5

JPMorgan Corporate Bond Research Enhanced ETF			7

JPMorgan High Yield Research Enhanced ETF			9

JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)			12

JPMorgan Municipal ETF			15

JPMorgan U.S. Aggregate Bond ETF			17

JPMorgan Ultra-Short Income ETF			19

JPMorgan Ultra-Short Municipal Income ETF			21

JPMorgan USD Emerging Markets Sovereign Bond ETF			23

Schedules of Portfolio Investments			26

Financial Statements			333

Financial Highlights			344

Notes to Financial Statements			346

Report of Independent Registered Public Accounting Firm			372

Trustees			373

Officers			374

Schedule of Shareholder Expenses			375

Board Approval of Management Agreements			376

Tax Letter			380

Investments in a Fund are not bank 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. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

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 large creation/redemption units. Brokerage commissions will reduce returns.

PRESIDENT’S LETTER

April 13, 2021 (Unaudited)

Dear Shareholder,

Financial markets largely proved to be resilient over the past four quarters, thanks to continued support from monetary and fiscal policies, the distribution of the first vaccines against COVID-19 and the prospect for an expanded re-opening of local, national and global economies. At the end of the twelve months ended February 28, 2021, J.P. Morgan Exchange-Traded Funds had expanded in the U.S. to more than $50 billion in assets under management across 33 funds.

“From the initial turmoil of the pandemic through the impressive rebound in financial markets, we have remained focused on providing investors with a diversified platform of solutions to help them build durable portfolios.”

– Joanna M. Gallegos

The investment environment has drastically changed since the World Health Organization declared the spread of the virus a pandemic in early March 2020. Though an outright financial crisis was headed off by the rapid response of leading central banks, the yields on both 10-year U.S. Treasury bonds and 30-year U.S. Treasury bonds fell to record lows and leading equity indexes lost 20% or more of their value in first quarter of 2020. Over the second half of 2020 and into the first months of 2021, financial markets recovered amid continued central bank support, additional government spending and the eventual development and distribution of vaccines.

Notably, the first months of 2021 were marked by the passage of the $1.9 trillion American Rescue Plan -- signed into law March 11 -- and the initial debate over President Biden’s proposed $2 trillion American Jobs Act. The potential economic impact of massive government spending and an expanded vaccination effort has bolstered investor expectations for a surge of economic activity that will potentially lift corporate profits and job growth this year. This investor optimism has helped push the Standard & Poor’s 500 Index above 4,000 points for the first time. However, the path to a fully re-opened economy includes a range of uncertainties, from the threat of new strains of COVID-19 and a resurgence in infections -- both in the U.S. and Europe -- to the potential for accelerating inflation and rising long-term interest rates.

From the initial turmoil of the pandemic through the impressive rebound in financial markets, we have remained focused on providing investors with a diversified platform of solutions to help them build durable portfolios. Regardless of the market environment, we seek to deliver innovative, quality ETFs that meet the needs of investors and we are proud of our accomplishments and our ability to adapt to new global realities. Thank you for your belief in our Firm and our process.

Sincerely,

LOGO

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

1-844-4JPM-ETF or jpmorgan.com/etfs for more information



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)

Financial markets largely recovered from a sharp sell-off in February and March of 2020, led by a sustained rally in equity markets. While bonds generally provided positive returns for the period, fixed income markets generally underperformed equity markets amid historically low interest rates.

Investors initially responded to the pandemic and the closure of large sectors of national economies by buying developed market government bonds as well as commodity gold. Yields on both the 10-year and 30-year U.S. Treasury bonds briefly fell to record lows in March 2020. By the end of the first quarter of 2020, leading developed market equity indexes had fallen by 20% or more and crude oil prices had plummeted by 60%.

Central banks around the world responded by cutting interest rates, initiating or extending asset purchasing programs and working to ensure liquidity in capital markets. Governments also responded with massive stimulus and relief spending. At the start of the second half of 2020, U.S. equity led a broad rebound in both developed markets and emerging markets equity, which was interrupted in September and October 2020 as re-closings across parts of Asia and Europe in response to resurgent infections dented investor optimism.

However, the approvals of the first vaccines against COVID-19 in late 2020 reignited investor demand for equity amid expectations that mass vaccinations would lead to the re-opening of businesses, schools and other parts of national economies. Within fixed income markets, high yield bonds (also known as “junk bonds”) and emerging markets debt outperformed U.S investment grade debt and U.S. Treasury bonds.

For the twelve months ended February 28, 2021, the Bloomberg Barclays U.S. Aggregate Index returned 1.38% and the Bloomberg Barclays Global Multiverse Index returned 4.50%.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		2.28%
Market Price**		2.55%
Bloomberg Barclays Short-Term U.S. Aggregate Bond Index		2.36%

Net Assets as of 2/28/2021	$	59,654,406
Duration as of 2/28/2021		2.7 Years

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders 1-5 Year US Aggregate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Barclays Short-Term U.S. Aggregate Bond Index (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index, which includes bonds with remaining effective maturities between one and five years, is a subset of the Bloomberg Barclays U.S. Aggregate Index which consists of U.S. dollar denominated investment-grade taxable bonds. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposure to U.S. Treasury bonds was a leading contributor to performance during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the U.S. Treasury and corporate bond sectors and the smallest allocations were to the securitized debt and foreign government related bond sectors.


PORTFOLIO COMPOSITION****
U.S. Treasury Obligations	55.2	%
Corporate Bonds	24.7
Mortgage-Backed Securities	8.2
Supranational	3.1
U.S. Government Agency Securities	2.7
Commercial Mortgage-Backed Securities	2.5
Foreign Government Securities	1.6
Others (each less than 1.0%)	1.0
Short-Term Investments	1.0

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.93 as of February 28, 2021.

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of February 28, 2021, the closing price was $25.98.

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Net Asset Value		March 12, 2019		2.28	%		4.16	%
Market Price				2.55	%		4.26	%

LIFE OF FUND PERFORMANCE (3/12/19 TO 2/28/21)

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

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and the Bloomberg Barclays Short-Term U.S. Aggregate Bond Index from March 12, 2019 to February 28, 2021. 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 Bloomberg Barclays Short-Term U.S. Aggregate Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities

included in the Index, if applicable. The Bloomberg Barclays Short-Term U.S. Aggregate Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

Fund performance reflects any waiver, if applicable, of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder 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.



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		3.08%
Market Price**		2.87%
Bloomberg Barclays U.S. Aggregate Index		1.38%

Net Assets as of 2/28/2021	$	146,648,110
Duration as of 2/28/2021		5.9 Years

INVESTMENT OBJECTIVE***

The JPMorgan Core Plus Bond ETF (the “Fund”) seeks to provide a high level of current income by investing primarily in a diversified portfolio of high, medium and low-grade debt securities.

INVESTMENT APPROACH

The Fund invests primarily in investment grade bonds, with the flexibility to invest up to 30% in high yield debt (also known as “junk bonds”). Up to 25% of the Fund’s assets may be invested in foreign securities. The portfolio managers allocate the Fund’s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, currency risk, legal provisions and the structure of the transactions.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Index”).

Relative to the Index, the Fund’s overweight allocations to high yield corporate credit, asset-backed securities, commercial mortgage-backed securities and non-agency residential mortgage-backed securities were leading contributors to performance as yields within these sectors generally rebounded to pre-pandemic levels after March 2020.

The Fund’s interest rate positioning detracted marginally from performance during the period. The Fund’s dynamic duration positioning in March and April 2020 detracted from returns as interest rates traded in a tight range after the surge in interest rate volatility during late February and early March 2020. Much of this negative performance was offset by interest rate positioning during January and February 2021 when the Fund was positioned with shorter duration and was underweight in the long end of the yield curve as interest rates moved higher and the yield curve steepened. Generally, bonds with shorter duration will experience a smaller decrease in price as interest rates rise, relative to bonds with longer duration. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on security selection and relative value, which seeks to take advantage of pricing discrepancies between individual securities or market sectors. The managers employed macro-economic analysis to determine asset allocations and positioning on the yield curve. The managers used bottom-up research and top-down macro perspective to construct a diversified portfolio of fixed income securities. As a result of this process, the Fund’s largest sector allocations at the end of the reporting period were to securitized debt, which includes agency and non-agency residential mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities, and corporate bonds. The Fund’s smallest allocations were to emerging markets debt and U.S. government obligations, including Treasury bonds and agency debentures.


PORTFOLIO COMPOSITION****
Corporate Bonds	33.8	%
Mortgage-Backed Securities	18.3
Asset-Backed Securities	13.3
U.S. Treasury Obligations	9.1
Collateralized Mortgage Obligations	2.9
Commercial Mortgage-Backed Securities	2.6
Others (each less than 1.0%)	0.0	(a)
Short-Term Investments	20.0

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.

(a)

Amount rounds to less than 0.1%



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Core Plus Bond ETF
Net Asset Value		January 28, 2019		3.08	%		7.27	%
Market Price				2.87	%		7.43	%

LIFE OF FUND PERFORMANCE (1/28/19 TO 2/28/21)

Fund commenced operations on January 28, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Core Plus Bond ETF and the Bloomberg Barclays U.S. Aggregate Index from January 28, 2019 to February 28, 2021. 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 Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the

securities included in the Index, if applicable. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*			2.22%
Market Price**			2.09%
Bloomberg Barclays U.S. Corporate Index			2.79%

Net Assets as of 2/28/2021			$55,332,638
Duration as of 2/28/2021			8.5 Years

INVESTMENT OBJECTIVE***

The JPMorgan Corporate Bond Research Enhanced ETF (the “Fund”) seeks to provide total return from a portfolio of investment grade corporate bonds.

INVESTMENT APPROACH

The Fund invests primarily in investment grade bonds and uses fundamental credit research for enhanced security selection and sector allocation. The Fund seeks to outperform the Bloomberg Barclays U.S. Corporate Index (the “Index”) while maintaining similar risk characteristics.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund underperformed the Index.

Relative to the Index, the Fund’s security selection within the financial sector, specifically the insurance subsector, was a leading detractor from performance. In particular, the Fund’s underweight position in Athene Holding Ltd., a retirement services company not held in the Fund, detracted from performance after the company posted better-than-expected earnings for the fourth quarter of 2020 and amid investor expectations that it will expand operations. In the energy sector, the Fund’s position in Occidental Petroleum Corp. also detracted from relative performance as the company’s bonds were downgraded to below investment grade in March 2020.

The Fund’s security selection within the communications sector was a leading contributor to performance. The Fund’s overweight position in Boeing Co. was the largest individual contributor to performance amid investor expectations that the company would benefit from a resumption in demand for air travel in 2021, as well as pending regulatory approvals of its 737 Max aircraft.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers sought to invest in companies that they believed were attractive from a fundamental and relative value analysis, while seeking to underweight companies that were unattractive based on their analysis. From a sector perspective, the Fund remained largely in line with the sector weightings in the Index, with its largest underweight allocations to the basic industry and other industrial sectors and its largest overweight allocations to the consumer non-cyclical and technology sectors.


PORTFOLIO COMPOSITION****
Corporate Bonds	98.8	%
Others (each less than 1.0%)	0.8
Short-Term Investments	0.4

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of February 28, 2021, the closing price was $55.48.

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Corporate Bond Research Enhanced ETF
Net Asset Value		December 12, 2018		2.22	%		9.46	%
Market Price				2.09	%		9.60	%

LIFE OF FUND PERFORMANCE (12/12/18 TO 2/28/21)

LOGO

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Corporate Bond Research Enhanced ETF and the Bloomberg Barclays U.S. Corporate Index from December 12, 2018 to February 28, 2021. 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 Bloomberg Barclays U.S. Corporate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain

distributions of the securities included in the Index, if applicable. The Bloomberg Barclays U.S. Corporate Index broadly measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices.



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan High Yield Research Enhanced ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		7.14%
Market Price**		6.43%
Bloomberg Barclays U.S. Corporate High Yield – 2% Issuer Capped Index		9.31%

Net Assets as of 2/28/2021	$	1,559,634,055
Duration as of 2/28/2021		4.3 Years

INVESTMENT OBJECTIVE***

The JPMorgan High Yield Research Enhanced ETF (the “Fund”) seeks to provide a high level of income. Capital appreciation is a secondary objective.

INVESTMENT APPROACH

The Fund invests in a diversified portfolio of high-yield securities (also called “junk bonds”). Issuers may be domestic or foreign, but the Fund only invests in U.S. dollar-denominated investments.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund posted a positive absolute performance and underperformed the Bloomberg Barclays U.S. Corporate High Yield – 2% Issuer Capped Index (the “Benchmark”).

During the period, bonds rated single-B and CCC and lower significantly underperformed bonds rated BB as prices for lower rated bonds generally fell.

Relative to the Benchmark, the Fund’s security selection in the energy and consumer non-cyclical sectors detracted from performance. The Fund’s overweight allocation to bonds rated BB and its underweight allocation to bonds rated CCC were leading contributors to relative performance. The Fund’s security selection in the communications and basic industry sectors also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund was neutral to its Benchmark in terms of industry groups and duration structure. The portfolio managers selected securities based on the views of their credit analysts and the Fund was underweight in securities rated CCC or lower and overweight in securities rated BB and B.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan High Yield Research Enhanced ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY INDUSTRY****
Oil, Gas & Consumable Fuels	11.9	%
Hotels, Restaurants & Leisure	7.6
Media	6.4
Health Care Providers & Services	6.3
Diversified Telecommunication Services	5.8
Consumer Finance	4.5
Equity Real Estate Investment Trusts (REITs)	3.4
Metals & Mining	3.3
Aerospace & Defense	3.2
Food Products	2.8
Chemicals	2.8
Commercial Services & Supplies	2.7
Pharmaceuticals	2.5
Trading Companies & Distributors	2.5
Auto Components	2.4
Entertainment	2.4
Electric Utilities	2.2
Thrifts & Mortgage Finance	2.1
Specialty Retail	1.8
Building Products	1.8
Wireless Telecommunication Services	1.8
Containers & Packaging	1.5
Technology Hardware, Storage & Peripherals	1.3
Communications Equipment	1.2
IT Services	1.2
Food & Staples Retailing	1.1
Software	1.0
Others (each less than 1.0%)	11.6
Short-Term Investments	0 .9

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan High Yield Research Enhanced ETF
Net Asset Value		September 14, 2016		7.14	%		5.65	%
Market Price				6.43	%		5.63	%

LIFE OF FUND PERFORMANCE (9/14/16 TO 2/28/21)

Fund commenced operations on September 14, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan High Yield Research Enhanced ETF, the Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index from September 14, 2016 to February 28, 2021. 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 Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%. Investors cannot invest directly in an index.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF )¹

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*			5.04%
Market Price**			5.95%
Bloomberg Barclays Multiverse ex-USA (USD Hedged) Index			(0.24)%
Bloomberg Barclays Multiverse Index			4.50%

Net Assets as of 2/28/2021			$250,097,283
Duration as of 2/28/2021			3.4 Years

INVESTMENT OBJECTIVE***

The JPMorgan International Bond Opportunities ETF (the “Fund”) seeks to provide total return.

INVESTMENT APPROACH

The Fund invests across sectors in developed and emerging markets without benchmark constraints. The Fund is flexible and opportunistic and the Fund’s adviser has broad discretion to shift the Fund’s exposures to strategies, sectors, countries or currencies based on changing market conditions and its view of the best mix of investment opportunities.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund posted a positive return of 5.04%. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. While the Fund is not managed to a benchmark, its return is compared to the Bloomberg Barclays Multiverse ex-USA (USD Hedged) Index, which returned -0.24% for the reporting period.

In terms of absolute performance, the Fund’s allocation to investment grade corporate credit was the leading contributor to absolute performance. The Fund’s allocation to corporate high yield debt (also known as “junk bonds”), government interest rates (via government bonds and interest rate futures) and emerging markets debt, including local currency denominated debt, also contributed to absolute performance. The Fund’s investments in securitized debt also provided positive returns for the Fund.

Relative to the Bloomberg Barclays Multiverse ex-USA (USD Hedged) Index, the Fund’s shorter overall duration contributed

to performance as interest rates rose during the period. Generally, bonds with shorter duration experience smaller price declines when interest rates rise, compared with bonds of longer duration.

HOW WAS THE FUND POSITIONED?

The Fund’s managers reduced its exposure to emerging markets debt and high yield debt by roughly 50% at the start of March 2020, in response to the market impact of the COVID-19 pandemic. The managers also adjusted the Fund’s currency positioning and increased overall duration to 5.8 years at the end of March 2020. As financial market stability returned, the Fund subsequently invested in new issues of U.S. investment grade debt and continued to increase its allocation to investment grade debt throughout the second quarter of 2020. By the end of the reporting period, the managers had increased the Fund’s allocation to emerging markets debt and corporate high yield debt, while reducing the Fund’s overall duration. The managers also trimmed the Fund’s exposures to securitized debt and debt from peripheral Europe. The managers also significantly reduced overall duration, primarily by moving to a net short position in U.S. Treasury securities.

The managers increased the length of the Fund’s overall duration through an increase in high quality government bonds, as well as longer duration investment grade debt during March. The managers subsequently reduced duration to 3.44 years at February 28, 2021 from 5.19 years at February 29, 2020.

On September 14, 2020, the Fund’s name was changed to JPMorgan International Bond Opportunities ETF. The Fund’s main investment strategies also changed and its securities benchmark was changed from Bloomberg Barclays Multiverse Index to the Bloomberg Barclays Multiverse Index ex-USA (USD Hedged) Index.



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


PORTFOLIO COMPOSITION BY COUNTRY****
United States	11.5	%
United Kingdom	9.7
France	8.9
Italy	6.7
Germany	6.5
Spain	5.8
Australia	5.7
Netherlands	3.1
Canada	2.4
China	2.4
Portugal	2.3
Mexico	2.3
Luxembourg	2.3
Switzerland	2.0
Ireland	1.8
Indonesia	1.6
South Africa	1.5
Belgium	1.5
New Zealand	1.3
Others (each less than 1.0%)	15.7
Short-Term Investments	5.0

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF )

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan International Bond Opportunities ETF
Net Asset Value		April 5, 2017		5.04	%		4.66	%
Market Price				5.95	%		4.82	%

LIFE OF FUND PERFORMANCE (4/5/17 TO 2/28/21)

Fund commenced operations on April 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Bond Opportunities ETF, the Bloomberg Barclays Multiverse Index and the Bloomberg Barclays Multiverse ex-USA (USD Hedged) Index from April 5, 2017 to February 28, 2021. 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 Bloomberg Barclays Multiverse Index and the Bloomberg Barclays Multiverse ex-USA (USD Hedged) 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 respective Index, if applicable.

The Bloomberg Barclays Multiverse Index is an unmanaged index, which measure the global fixed-income bond market that combines the Bloomberg Barclays Global Aggregate Index and the Bloomberg Barclays Global High Yield Index. The Bloomberg Barclays Global Aggregate Index measures global investment grade debt from twenty-four different local currency markets. The Bloomberg Barclays Global High-Yield Index measures the global high-yield fixed income markets. Investors cannot invest directly in an index.

The Bloomberg Barclays Multiverse Index ex-USA (USD Hedged) Index is a measure of the global fixed income bond market that combines the Barclays Global Aggregate Index, which measures investment-grade debt from 24 different local currency markets, and the Barclays Global High Yield Index, which measures the global high yield fixed income markets. It excludes U.S. securities and is hedged to the U.S. dollar.

Effective September 14, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how the Fund will perform in the future. Also on September 14, 2020, the Fund’s Benchmark changed from Bloomberg Barclays Multiverse Index to Bloomberg Barclays Multiverse ex-USA (USD Hedged) Index because the adviser believes that the Bloomberg Barclays Multiverse ex-USA (USD Hedged) Index is a more appropriate comparison in light of the Fund’s new name and investment strategies.



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan Municipal ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		0.53%
Market Price**		0.67%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		1.38%

Net Assets as of 2/28/2021	$	76,120,305
Duration as of 2/28/2021		5.7 Years

INVESTMENT OBJECTIVE***

The JPMorgan Municipal ETF (the “Fund”) seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes.

INVESTMENT APPROACH

The Fund invests primarily in a diversified portfolio of intermediate-term municipal bonds, the income from which is exempt from federal income tax. The Fund seeks to maintain an average weighted maturity between three and ten years.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund underperformed to the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Index”). Interest rates in the tax free bond sector fell for bonds with maturities of five years and less and rose for bonds with maturities for ten years and longer.

Relative to the Index, the Fund’s overweight allocations to bonds rated BBB and BB were leading detractors from performance. The Fund’s security selection in the education sector also detracted from relative performance.

The Fund’s underweight allocation and security selection in New York State bonds were leading contributors to relative performance. The Fund’s security selection in the

transportation sector and its overweight allocation and security selection in the hospitals sector bonds also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the period, the Fund’s largest allocations were to revenue bonds and general obligation bonds. In terms of quality, the Fund was overweight in bonds rated single A and BBB. The Fund’s duration was 5.7 years compared with 4.3 years for the Index.


PORTFOLIO COMPOSITION****
Municipal Bonds	100.0	%

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Municipal ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Municipal ETF
Net Asset Value		October 29, 2018		0.53	%		6.52	%
Market Price				0.67	%		6.52	%

LIFE OF FUND PERFORMANCE (10/29/18 TO 2/28/21)

Fund commenced operations on October 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Municipal ETF and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index from October 29, 2018 to February 28, 2021. 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 Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses associated with an

exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years.



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		1.00%
Market Price**		0.85%
Bloomberg Barclays U.S. Aggregate Index		1.38%

Net Assets as of 2/28/2021	$	826,789,330
Duration as of 2/28/2021		6.2 Years

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Aggregate Bond ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund invests in a diversified portfolio of high-quality fixed income securities, including corporate bonds, U.S. Treasury obligations and other U.S. government and agency securities, and asset-backed, mortgage-related and mortgage-backed securities. With respect to corporate sub-sectors, the Fund applies a multi-factor credit screening process that seeks exposure to corporate debt issuers with attractive value, quality and momentum characteristics.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Index”). During the period, interest rates generally declined and lower quality bonds outperformed higher quality bonds.

Relative to the Index, the Fund’s security selection within corporate bonds detracted from performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund applied a multi-factor credit screening process to the corporate sub-sectors of the Index that sought exposure to corporate debt issuers that the Fund’s portfolio managers believed had attractive value, quality and momentum characteristics. Among the Fund’s largest

allocations at the end of the period were government bonds and mortgage-backed securities and among its smallest allocations were agency debt and supranational debt.


PORTFOLIO COMPOSITION****
U.S. Treasury Obligations	36.3	%
Mortgage-Backed Securities	26.8
Corporate Bonds	26.0
Commercial Mortgage-Backed Securities	2.1
Foreign Government Securities	1.9
U.S. Government Agency Securities	1.6
Supranational	1.4
Others (each less than 1.0%)	0.9
Short-Term Investments	3.0

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of February 28, 2021, the closing price was $27.18.

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR				SINCE INCEPTION
JPMorgan U.S. Aggregate Bond ETF						��
Net Asset Value		December 12, 2018		1.00	%			6.40	%
Market Price				0.85	%			6.38	%

LIFE OF FUND PERFORMANCE (12/12/18 TO 2/28/21)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Aggregate Bond ETF and the Bloomberg Barclays U.S, Aggregate Index from December 12, 2018 to February 28, 2021. 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 Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*			1.72%
Market Price**			1.67%
ICE BofAML 3-Month US Treasury Bill Index			0.40%

Net Assets as of 2/28/2021			$16,144,037,713
Duration as of 2/28/2021			0.7 Years

INVESTMENT OBJECTIVE***

The JPMorgan Ultra-Short Income ETF (the “Fund”) seeks to provide current income while seeking to maintain a low volatility of principal.

INVESTMENT APPROACH

The Fund primarily invests in investment grade, U.S. dollar-denominated short-term fixed, variable and floating-rate debt. The Fund seeks to maintain a duration of one year or less, although under certain market conditions, the Fund’s duration may be longer than one year. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger decrease or increase in price as interest rates rise or fall, respectively, versus bonds with shorter duration. The Fund’s adviser has broad discretion to shift the Fund’s exposure to strategies and sectors based on changing market conditions and its view of the best mix of investment opportunities.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

The Fund’s exposure to investment grade corporate bonds and money market securities were leading contributors to both positive absolute performance and performance relative to the Index. The Fund’s allocations to collateralized loan obligations, asset-backed securities, and mortgage-backed securities also contributed to both absolute and relative performance.

There were no significant detractors from absolute or relative performance during the reporting period.

HOW WAS THE FUND POSITIONED?

Early in the reporting period, the Fund’s portfolio managers increased the Fund’s duration in anticipation of a decision by the U.S. Federal Reserve (the “Fed”) to cut interest rates in response to the pandemic’s impact on the economy. After the Fed cut rates to near-zero in March 2020, the portfolio managers maintained a long duration position according to their belief that interest rates would continue to remain zero-bound. From a credit positioning standpoint, early in 2020 the

portfolio managers shifted to a more defensive stance given the severity of the pandemic. Following the Fed’s launch of lending facilities in March 2020, the portfolio managers increased the Fund’s exposure to the corporate sector. The portfolio management team focused on adding high quality securities to the Fund and limiting exposure to issuers at the lower end of the investment grade spectrum in order to insulate the portfolio from further volatility in markets. Toward the end of the reporting period, the Fund’s duration was reduced. In descending order, the Fund’s largest allocations were in corporate bonds, money market securities, collateralized loan obligations, mortgage-backed securities, asset-backed securities, treasuries and non-corporate credit.


PORTFOLIO COMPOSITION BY SECTOR****
Financials	43.0	%
Asset-Backed Securities	11.4
Utilities	3.1
Consumer Discretionary	3.0
Consumer Staples	2.4
Commercial Mortgage-Backed Securities	2.3
Health Care	1.7
Industrials	1.6
U.S. Treasury Obligations	1.3
Energy	1.2
Communication Services	1.1
Others (each less than 1.0%)	1.8
Short-Term Investments	26.1

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Ultra-Short Income ETF
Net Asset Value		May 17, 2017		1.72	%		2.34	%
Market Price				1.67	%		2.35	%

LIFE OF FUND PERFORMANCE (5/17/17 TO 2/28/21)

Fund commenced operations on May 17, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Income ETF and the ICE BofAML 3-Month US Treasury Bill Index from May 17, 2017 to February 28, 2021. 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 ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the

securities included in the Index, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		1.64%
Market Price**		1.64%
Bloomberg Barclays 1-Year Municipal Bond Index		1.33%

Net Assets as of 2/28/2021	$	1,410,311,158
Duration as of 2/28/2021		0.7 Years

INVESTMENT OBJECTIVE***

The JPMorgan Ultra-Short Municipal Income ETF (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

INVESTMENT APPROACH

The Fund invests primarily in investment grade fixed, variable and floating rate municipal securities, the income from which is exempt from federal income tax. The Fund seeks to maintain an average weighted maturity of two years or less.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund outperformed the Bloomberg Barclays 1-Year Municipal Bond Index (the “Index”). Interest rates fell during the reporting period on bonds with maturities of five years and less and rose on bonds with maturities of ten years and longer.

Relative to the Index, the Fund’s security selection in the local general obligation bonds sector and its allocation to unrated notes within that sector were leading contributors to performance. The Fund’s security selection in the hospitals and special tax sectors and its underweight position in California bonds also contributed to relative performance.

The Fund’s shorter overall duration was a leading detractor from relative performance. Generally, bonds with shorter duration experience a smaller increase in price compared with longer duration bonds when interest rates fall. The Fund’s allocation to variable rate demand notes (“VDRNs”), which are not held in the Index, also detracted from performance as VDRNs do not generally benefit from falling interest rates. The Fund’s underweight allocation to bonds rated BBB also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the period, the Fund’s largest allocation was to revenue bonds. In terms of quality, the Fund was overweight in non-rated bonds and bonds rated AAA. The Fund’s duration was 0.7 years compared with 1.4 years for the Index.


PORTFOLIO COMPOSITION****
Municipal Bonds	90.0	%
Short-Term Investments	10.0

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

TWEVLE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Ultra-Short Municipal Income ETF
Net Asset Value		October 16, 2018		1.64	%		2.06	%
Market Price				1.64	%		2.09	%

LIFE OF FUND PERFORMANCE (10/16/18 TO 2/28/21)

Fund commenced operations on October 16, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Municipal Income ETF and the Bloomberg Barclays 1-Year Municipal Bond Index from October 16, 2018 to February 28, 2021. 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 Bloomberg Barclays 1-Year Municipal Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Barclays 1 Year Municipal Bond Index is an unmanaged index that includes

bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the mutual fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption on gains resulting from or sale of Fund shares.



22	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*			0.79%
Market Price**			0.50%
JPMorgan Emerging Markets Risk-Aware Bond Index			1.62%

Net Assets as of 2/28/2021			$83,750,663
Duration as of 2/28/2021			8.0 Years

INVESTMENT OBJECTIVE***

The JPMorgan USD Emerging Markets Sovereign Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Emerging Markets Risk-Aware Bond Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets. The Underlying Index utilizes a rules-based, proprietary methodology that filters for liquidity and country risk and allocates risk across credit ratings. The Underlying Index methodology includes monthly rebalancing within countries and semi-annual rebalancing across countries. The Fund also employs optimization techniques that seek to minimize tracking error to the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund performed in line with the Underlying Index. The majority of

the Fund’s deviation against the Underlying Index was primarily due to operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s risk filter screened out exposure to Lebanon amid political instability, which was a positive contributor to absolute performance. The Fund’s and the Underlying Index’s allocation to high yield debt (also known as “junk bonds”) detracted from absolute performance as high yield debt generally underperformed during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund invested at least 80% of its assets in securities included in the Underlying Index. During the reporting period, the Fund’s and Underlying Index’s largest allocations were to Turkey and Brazil and their smallest allocations were to Slovak Republic and Lithuania.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY COUNTRY****
Turkey	8.4	%
Brazil	7.5
Egypt	6.3
Dominican Republic	6.3
Oman	5.9
South Africa	5.3
Bahrain	4.8
Ukraine	4.5
Mexico	3.3
Indonesia	2.9
Saudi Arabia	2.7
Qatar	2.5
United Arab Emirates	2.4
Russia	2.3
Philippines	2.1
Jamaica	2.0
Kenya	2.0
Azerbaijan	1.9
Colombia	1.9
China	1.8
Panama	1.7
Chile	1.7
Jordan	1.6
Peru	1.5
Malaysia	1.4
Kazakhstan	1.4
Uruguay	1.4
Pakistan	1.3
Ivory Coast	1.2
Iraq	1.1
Others (each less than 1.0%)	5.8
Short-Term Investments	3.1

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of February 28, 2021, the closing price was $49.30.

***

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

****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



24	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan USD Emerging Markets Sovereign Bond ETF
Net Asset Value		January 29, 2018		0.79	%		4.16	%
Market Price				0.50	%		4.18	%

LIFE OF FUND PERFORMANCE (1/29/18 TO 2/28/21)

Fund commenced operations on January 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan USD Emerging Markets Sovereign Bond ETF and the JPMorgan Emerging Markets Risk-Aware Bond Index from January 29, 2018 to February 28, 2021. 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 JPMorgan Emerging Markets Risk-Aware Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The JPMorgan Emerging Markets Risk-Aware Bond Index (the “index”) is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology and is owned by J.P. Morgan Investment Inc., the Fund’s adviser (the “Adviser”). The Index is maintained and calculated by J.P. Morgan Securities LLC (“JPMS” or the “Index Provider”), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The Index Provider and the Adviser are both wholly-owned subsidiaries of JPMorgan Chase & Co., a publicly-held financial services holding company. The Index

starts with the J.P. Morgan Emerging Market Bond Index Global Diversified and applies a proprietary methodology that filters for liquidity and for country risk and allocates risk based on credit rating. Historically, the J.P. Morgan Emerging Markets Bond Index Global Diversified has included bonds issued by the countries of Angola, Argentina, Armenia, Azerbaijan, Belize, Bolivia, Brazil, Cameroon, Chile, China, Colombia, Costa Rica, Cote D’Ivoire, Croatia, Dominican Republic, Ecuador, Egypt, El Salvador, Ethiopia, Gabon, Georgia, Ghana, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Jamaica, Jordan, Kazakhstan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Mexico, Mongolia, Morocco, Mozambique, Namibia, Nigeria, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Romania, Russian Federation, Senegal, Serbia, Slovakia, South Africa, Sri Lanka, Suriname, Trinidad and Tobago, Tunisia, Turkey, Ukraine, Uruguay, Venezuela, Vietnam, Zambia; however, this universe of countries may change in accordance with the Index Provider’s determination of eligible emerging market countries and there is no assurance that a particular country will be represented in the Underlying Index at any given time. Investors cannot invest directly in an index.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — 55.3%

U.S. Treasury Bonds 7.63%, 2/15/2025		150,000		191,977

U.S. Treasury Notes

2.00%, 12/31/2021		2,594,000		2,635,241

1.88%, 1/31/2022		128,000		130,090

2.00%, 2/15/2022		776,000		790,156

1.13%, 2/28/2022		350,000		353,568

1.88%, 2/28/2022		427,000		434,539

1.75%, 6/30/2022		200,000		204,359

1.50%, 8/15/2022		105,000		107,121

1.63%, 8/15/2022		482,000		492,544

1.50%, 9/15/2022		360,000		367,622

0.13%, 9/30/2022		64,000		64,010

1.88%, 9/30/2022		130,000		133,585

1.38%, 10/15/2022		900,000		918,176

2.00%, 10/31/2022		100,000		103,113

2.00%, 11/30/2022		655,000		676,364

1.63%, 12/15/2022		23,000		23,616

1.75%, 1/31/2023		600,000		618,516

2.00%, 2/15/2023		400,000		414,531

1.50%, 2/28/2023		705,000		724,057

1.50%, 3/31/2023		24,000		24,673

0.25%, 6/15/2023		2,857,000		2,861,687

0.13%, 7/15/2023		131,000		130,816

1.25%, 7/31/2023		467,000		478,967

2.75%, 7/31/2023		687,000		729,347

0.13%, 8/15/2023		864,000		862,448

0.25%, 11/15/2023		320,000		320,150

2.75%, 11/15/2023		793,000		846,837

2.63%, 12/31/2023		15,000		16,005

2.75%, 2/15/2024		1,032,000		1,107,384

2.13%, 2/29/2024		16,000		16,879

2.38%, 2/29/2024		2,627,000		2,790,982

2.13%, 3/31/2024		70,000		73,910

2.00%, 4/30/2024		480,000		505,425

2.25%, 4/30/2024		15,000		15,912

2.00%, 5/31/2024		335,000		353,006

1.75%, 6/30/2024		282,000		295,020

1.75%, 7/31/2024		717,000		750,497

2.38%, 8/15/2024		1,947,000		2,080,856

1.50%, 9/30/2024		1,070,000		1,111,463

1.50%, 10/31/2024		280,000		290,850

1.50%, 11/30/2024		254,000		263,882

2.13%, 11/30/2024		185,000		196,534

1.75%, 12/31/2024		545,000		571,484

1.38%, 1/31/2025		451,000		466,433

0.50%, 3/31/2025		310,000		309,661


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


0.38%, 4/30/2025		839,000		832,970

0.25%, 5/31/2025		515,000		508,120

0.25%, 6/30/2025		382,000		376,509

2.75%, 6/30/2025		130,000		142,096

0.25%, 7/31/2025		135,000		132,922

2.00%, 8/15/2025		308,000		327,009

0.25%, 8/31/2025		1,092,000		1,073,999

0.25%, 9/30/2025		703,000		690,588

0.25%, 10/31/2025		934,000		916,706

2.25%, 11/15/2025		310,000		332,984

0.38%, 11/30/2025		210,000		207,096

0.38%, 1/31/2026		602,000		592,406


Total U.S. Treasury Obligations (Cost $32,527,015)				32,987,698


Corporate Bonds — 24.8%

Aerospace & Defense — 0.4%

Boeing Co. (The)

2.13%, 3/1/2022		8,000		8,100

2.70%, 5/1/2022		35,000		35,811

4.88%, 5/1/2025		33,000		36,911

2.60%, 10/30/2025 (a)		10,000		10,316

2.75%, 2/1/2026		27,000		27,953

General Dynamics Corp.

2.25%, 11/15/2022		16,000		16,453

3.25%, 4/1/2025		15,000		16,328

Leidos, Inc. 3.63%, 5/15/2025 (b)		15,000		16,465

Lockheed Martin Corp. 3.10%, 1/15/2023		5,000		5,233

Northrop Grumman Corp. 2.55%, 10/15/2022		15,000		15,509

Precision Castparts Corp. 3.25%, 6/15/2025		18,000		19,654

Raytheon Technologies Corp.

2.50%, 12/15/2022		15,000		15,481

3.20%, 3/15/2024		15,000		16,106


				240,320


Air Freight & Logistics — 0.1%

FedEx Corp.

2.63%, 8/1/2022		15,000		15,480

4.00%, 1/15/2024		10,000		10,962

3.80%, 5/15/2025		10,000		11,073

United Parcel Service, Inc.

2.35%, 5/16/2022		8,000		8,189

2.20%, 9/1/2024		10,000		10,546


				56,250

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Airlines — 0.1%

Southwest Airlines Co. 5.25%, 5/4/2025		34,000		38,994


Auto Components — 0.1%

Aptiv Corp. 4.15%, 3/15/2024		17,000		18,619

Magna International, Inc. (Canada) 3.63%, 6/15/2024		10,000		10,876


				29,495


Automobiles — 0.2%

General Motors Co. 4.88%, 10/2/2023		15,000		16,514	��

Toyota Motor Corp. (Japan) 2.36%, 7/2/2024		76,000		80,376


				96,890


Banks — 6.4%

Banco Bilbao Vizcaya Argentaria SA (Spain) 0.88%, 9/18/2023		200,000		201,549

Bank of America Corp.

2.50%, 10/21/2022		5,000		5,068

(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (c)		15,000		15,422

(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (c)		17,000		17,560

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		10,000		10,453

4.13%, 1/22/2024		65,000		71,711

4.20%, 8/26/2024		15,000		16,651

(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (c)		24,000		25,914

Series L, 3.95%, 4/21/2025		40,000		44,267

(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (c)		40,000		41,339

(SOFR + 1.15%), 1.32%, 6/19/2026 (c)		114,000		114,777

(SOFR + 1.01%), 1.20%, 10/24/2026 (c)		39,000		38,924

Bank of Montreal (Canada)

2.35%, 9/11/2022		42,000		43,357

Series E, 3.30%, 2/5/2024		5,000		5,392

2.50%, 6/28/2024		18,000		19,101

(USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (c)		25,000		27,212

Bank of Nova Scotia (The) (Canada)

2.70%, 3/7/2022		15,000		15,377

2.00%, 11/15/2022		24,000		24,701

3.40%, 2/11/2024		17,000		18,394

2.20%, 2/3/2025		12,000		12,538

Barclays plc (United Kingdom) 3.65%, 3/16/2025		40,000		43,528


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

BNP Paribas SA (France) 3.25%, 3/3/2023		62,000		65,731

Canadian Imperial Bank of Commerce (Canada)

0.95%, 6/23/2023		18,000		18,205

2.25%, 1/28/2025		20,000		20,897

0.95%, 10/23/2025		133,000		132,375

Citigroup, Inc.

2.75%, 4/25/2022		16,000		16,414

4.05%, 7/30/2022		15,000		15,753

(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		107,000		109,583

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (c)		20,000		20,661

3.88%, 10/25/2023		7,000		7,629

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (c)		12,000		12,952

Comerica, Inc. 3.70%, 7/31/2023		15,000		16,121

Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		54,000		55,850

Fifth Third Bancorp

3.50%, 3/15/2022		25,000		25,763

4.30%, 1/16/2024		12,000		13,192

First Horizon Corp. 3.55%, 5/26/2023		24,000		25,419

First Niagara Financial Group, Inc. 7.25%, 12/15/2021		25,000		26,328

HSBC Holdings plc (United Kingdom)

4.00%, 3/30/2022		75,000		77,993

(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025 (c)		30,000		31,730

Huntington Bancshares, Inc.

2.63%, 8/6/2024		17,000		18,063

4.00%, 5/15/2025		8,000		8,959

Kreditanstalt fuer Wiederaufbau (Germany)

2.50%, 2/15/2022		16,000		16,355

2.00%, 9/29/2022		23,000		23,662

2.00%, 10/4/2022		220,000		226,338

1.38%, 8/5/2024		70,000		72,185

2.50%, 11/20/2024		13,000		13,947

0.38%, 7/18/2025		26,000		25,615

0.63%, 1/22/2026		30,000		29,703

Landwirtschaftliche Rentenbank (Germany)

3.13%, 11/14/2023		54,000		58,050

Series 40, 0.50%, 5/27/2025		22,000		21,868

M&T Bank Corp. 3.55%, 7/26/2023		45,000		48,339

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	27

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

Mitsubishi UFJ Financial Group, Inc. (Japan)

3.00%, 2/22/2022		40,000		41,054

2.67%, 7/25/2022		35,000		36,115

3.41%, 3/7/2024		28,000		30,249

3.78%, 3/2/2025		9,000		9,914

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		55,000		57,252

MUFG Union Bank NA 2.10%, 12/9/2022		20,000		20,587

Natwest Group plc (United Kingdom) 6.00%, 12/19/2023		87,000		98,631

Oesterreichische Kontrollbank AG (Austria)

2.88%, 3/13/2023		24,000		25,287

3.13%, 11/7/2023		90,000		96,658

1.50%, 2/12/2025		41,000		42,553

0.38%, 9/17/2025		20,000		19,624

0.50%, 2/2/2026		13,000		12,783

People’s United Financial, Inc. 3.65%, 12/6/2022		27,000		28,265

PNC Financial Services Group, Inc. (The)

3.30%, 3/8/2022		20,000		20,568

2.85%, 11/9/2022 (d)		12,000		12,521

3.50%, 1/23/2024		31,000		33,645

2.20%, 11/1/2024		20,000		21,151

Regions Financial Corp.

3.80%, 8/14/2023		15,000		16,149

2.25%, 5/18/2025		15,000		15,698

Royal Bank of Canada (Canada)

2.75%, 2/1/2022		8,000		8,183

1.95%, 1/17/2023		28,000		28,854

3.70%, 10/5/2023		15,000		16,273

0.43%, 1/19/2024		21,000		20,942

2.55%, 7/16/2024		20,000		21,280

Santander Holdings USA, Inc.

4.45%, 12/3/2021		10,000		10,263

3.40%, 1/18/2023		26,000		27,215

Santander UK plc (United Kingdom) 4.00%, 3/13/2024		96,000		105,427

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.78%, 7/12/2022		18,000		18,596

3.10%, 1/17/2023		18,000		18,910

3.94%, 10/16/2023		33,000		35,973

Synovus Financial Corp. 3.13%, 11/1/2022		16,000		16,561

Toronto-Dominion Bank (The) (Canada)

0.25%, 1/6/2023		100,000		99,908

3.25%, 3/11/2024		30,000		32,398


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

2.65%, 6/12/2024		20,000		21,341

0.75%, 1/6/2026		100,000		98,362

Truist Bank

3.00%, 2/2/2023		15,000		15,735

3.20%, 4/1/2024		10,000		10,792

Truist Financial Corp.

2.20%, 3/16/2023		30,000		31,079

3.75%, 12/6/2023		22,000		23,950

2.85%, 10/26/2024		12,000		12,900

3.70%, 6/5/2025		6,000		6,663

1.20%, 8/5/2025		29,000		29,277

US Bancorp

3.00%, 3/15/2022		50,000		51,347

2.95%, 7/15/2022		20,000		20,675

3.60%, 9/11/2024		7,000		7,697

Wells Fargo & Co.

2.63%, 7/22/2022		15,000		15,478

Series M, 3.45%, 2/13/2023		40,000		42,354

4.13%, 8/15/2023		15,000		16,309

3.75%, 1/24/2024		17,000		18,469

(SOFR + 1.60%), 1.65%, 6/2/2024 (c)		15,000		15,378

3.30%, 9/9/2024		17,000		18,518

3.00%, 2/19/2025		25,000		26,877

(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (c)		50,000		52,008

(SOFR + 2.00%), 2.19%, 4/30/2026 (c)		25,000		26,022

Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (c)		73,000		75,797


				3,805,430


Beverages — 0.5%

Anheuser-Busch InBev Finance, Inc. (Belgium) 3.65%, 2/1/2026		28,000		31,025

Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.15%, 1/23/2025		20,000		22,339

Beam Suntory, Inc. (Japan) 3.25%, 5/15/2022		10,000		10,262

Coca-Cola Co. (The)

1.75%, 9/6/2024		15,000		15,648

2.88%, 10/27/2025		57,000		62,085

Constellation Brands, Inc. 2.65%, 11/7/2022		15,000		15,522

Diageo Investment Corp. (United Kingdom)

2.88%, 5/11/2022		22,000		22,675

8.00%, 9/15/2022		10,000		11,158

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Beverages — continued

Keurig Dr Pepper, Inc.

3.13%, 12/15/2023		19,000		20,304

3.40%, 11/15/2025		5,000		5,488

Molson Coors Beverage Co. 3.50%, 5/1/2022		7,000		7,240

PepsiCo, Inc.

2.75%, 3/5/2022		15,000		15,384

2.25%, 5/2/2022		8,000		8,172

3.10%, 7/17/2022		17,000		17,584

3.60%, 3/1/2024		20,000		21,800

2.85%, 2/24/2026		12,000		13,016


				299,702


Biotechnology — 0.6%

AbbVie, Inc.

3.25%, 10/1/2022		60,000		62,231

3.75%, 11/14/2023		40,000		43,296

3.85%, 6/15/2024		17,000		18,600

2.60%, 11/21/2024		37,000		39,298

3.80%, 3/15/2025		27,000		29,715

3.60%, 5/14/2025		15,000		16,461

Amgen, Inc.

2.70%, 5/1/2022		52,000		53,227

3.63%, 5/22/2024		15,000		16,342

1.90%, 2/21/2025		10,000		10,351

Baxalta, Inc. 4.00%, 6/23/2025		6,000		6,674

Gilead Sciences, Inc.

1.95%, 3/1/2022		23,000		23,380

3.25%, 9/1/2022		10,000		10,380

2.50%, 9/1/2023		22,000		23,050


				353,005


Building Products — 0.0% (e)

Carrier Global Corp. 2.24%, 2/15/2025		15,000		15,656


Capital Markets — 2.1%

Ameriprise Financial, Inc. 3.70%, 10/15/2024		10,000		11,059

Ares Capital Corp. 3.50%, 2/10/2023		5,000		5,248

Bank of New York Mellon Corp. (The)

1.95%, 8/23/2022		15,000		15,377

(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (c)		42,000		43,178

1.60%, 4/24/2025		35,000		36,035

BGC Partners, Inc. 3.75%, 10/1/2024		36,000		37,762

Blackstone Secured Lending Fund 3.63%, 1/15/2026 (b)		7,000		7,259


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

Brookfield Finance, Inc. (Canada) 4.00%, 4/1/2024		15,000		16,401

Charles Schwab Corp. (The) 4.20%, 3/24/2025		20,000		22,502

CME Group, Inc. 3.00%, 9/15/2022		20,000		20,822

Deutsche Bank AG (Germany) 3.70%, 5/30/2024		76,000		81,966

Franklin Resources, Inc. 2.85%, 3/30/2025		15,000		16,101

FS KKR Capital Corp. 3.40%, 1/15/2026		6,000		6,001

Goldman Sachs BDC, Inc. 2.88%, 1/15/2026		5,000		5,104

Goldman Sachs Group, Inc. (The)

3.20%, 2/23/2023		25,000		26,294

(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		83,000		85,535

3.85%, 7/8/2024		115,000		125,967

3.50%, 4/1/2025		50,000		54,739

3.75%, 5/22/2025		15,000		16,552

(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		20,000		21,688

(SOFR + 0.79%), 1.09%, 12/9/2026 (c)		34,000		33,705

Intercontinental Exchange, Inc.

4.00%, 10/15/2023		10,000		10,902

3.75%, 12/1/2025		10,000		11,117

Invesco Finance plc 3.75%, 1/15/2026		12,000		13,358

Janus Capital Group, Inc. 4.88%, 8/1/2025		11,000		12,543

Moody’s Corp. 4.88%, 2/15/2024		17,000		18,909

Morgan Stanley

2.75%, 5/19/2022		78,000		80,358

3.13%, 1/23/2023		32,000		33,638

3.75%, 2/25/2023		40,000		42,619

(SOFR + 0.47%), 0.56%, 11/10/2023 (c)		13,000		13,019

(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		60,000		64,074

Series F, 3.88%, 4/29/2024		15,000		16,491

3.70%, 10/23/2024		30,000		33,131

(SOFR + 0.72%), 0.98%, 12/10/2026 (c)		6,000		5,927

Northern Trust Corp. 2.38%, 8/2/2022		30,000		30,892

State Street Corp.

(ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023 (c)		23,000		23,642

3.10%, 5/15/2023		15,000		15,905

3.70%, 11/20/2023		8,000		8,738

(ICE LIBOR USD 3 Month + 0.77%), 3.78%, 12/3/2024 (c)		12,000		13,092

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	29

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Capital Markets — continued

3.55%, 8/18/2025		24,000		26,709

(SOFR + 0.94%), 2.35%, 11/1/2025 (c)		48,000		50,963

Stifel Financial Corp. 4.25%, 7/18/2024		15,000		16,702


				1,232,024


Chemicals — 0.4%

Air Products and Chemicals, Inc. 1.50%, 10/15/2025		33,000		33,753

Celanese US Holdings LLC 3.50%, 5/8/2024		31,000		33,312

Dow Chemical Co. (The) 3.50%, 10/1/2024		7,000		7,606

DuPont de Nemours, Inc.

4.21%, 11/15/2023		25,000		27,399

4.49%, 11/15/2025		10,000		11,450

Eastman Chemical Co. 3.60%, 8/15/2022		9,000		9,341

Linde, Inc. 2.70%, 2/21/2023		15,000		15,594

LYB International Finance BV 4.00%, 7/15/2023		15,000		16,222

Mosaic Co. (The) 4.25%, 11/15/2023		10,000		10,868

Nutrien Ltd. (Canada)

3.63%, 3/15/2024		16,000		17,312

3.00%, 4/1/2025		15,000		16,075

PPG Industries, Inc. 2.40%, 8/15/2024		15,000		15,802


				214,734


Commercial Services & Supplies — 0.2%

Cintas Corp. No. 2 2.90%, 4/1/2022		5,000		5,128

Republic Services, Inc.

2.50%, 8/15/2024		10,000		10,601

0.88%, 11/15/2025		62,000		61,282

Waste Management, Inc.

2.90%, 9/15/2022		12,000		12,391

0.75%, 11/15/2025		15,000		14,790


				104,192


Communications Equipment — 0.1%

Cisco Systems, Inc. 2.20%, 9/20/2023		27,000		28,271

Juniper Networks, Inc. 1.20%, 12/10/2025		15,000		14,990

Telefonaktiebolaget LM Ericsson (Sweden) 4.13%, 5/15/2022		5,000		5,184


				48,445


Consumer Finance — 1.9%

AerCap Ireland Capital DAC (Ireland) 3.15%, 2/15/2024		150,000		157,116

Ally Financial, Inc.

4.13%, 2/13/2022		14,000		14,482

3.88%, 5/21/2024		35,000		38,081


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Consumer Finance — continued

American Express Co.

2.50%, 8/1/2022		15,000		15,447

2.65%, 12/2/2022		112,000		116,490

3.40%, 2/27/2023		26,000		27,496

3.70%, 8/3/2023		30,000		32,295

2.50%, 7/30/2024		30,000		31,812

American Honda Finance Corp.

2.60%, 11/16/2022		25,000		25,957

3.63%, 10/10/2023		16,000		17,314

1.20%, 7/8/2025		15,000		15,113

1.00%, 9/10/2025		15,000		14,933

Capital One Financial Corp.

3.05%, 3/9/2022		15,000		15,383

3.50%, 6/15/2023		6,000		6,408

3.90%, 1/29/2024		89,000		96,777

3.30%, 10/30/2024		15,000		16,270

Caterpillar Financial Services Corp.

2.85%, 6/1/2022		12,000		12,386

0.65%, 7/7/2023		28,000		28,213

3.30%, 6/9/2024		12,000		13,043

3.25%, 12/1/2024		6,000		6,579

1.45%, 5/15/2025		15,000		15,296

0.80%, 11/13/2025		22,000		21,793

Discover Financial Services 3.85%, 11/21/2022		25,000		26,428

General Motors Financial Co., Inc.

3.45%, 4/10/2022		15,000		15,409

3.25%, 1/5/2023		15,000		15,680

5.10%, 1/17/2024		55,000		61,209

2.90%, 2/26/2025		28,000		29,597

1.25%, 1/8/2026		28,000		27,681

John Deere Capital Corp.

2.70%, 1/6/2023		23,000		24,019

3.45%, 6/7/2023		23,000		24,617

0.70%, 7/5/2023		7,000		7,068

2.65%, 6/24/2024		15,000		16,019

0.70%, 1/15/2026		20,000		19,695

Navient Solutions LLC Zero Coupon, 10/3/2022		30,000		29,613

PACCAR Financial Corp. 2.00%, 9/26/2022		15,000		15,401

Toyota Motor Credit Corp.

2.63%, 1/10/2023		18,000		18,766

1.35%, 8/25/2023		18,000		18,416

0.80%, 10/16/2025		15,000		14,844

0.80%, 1/9/2026		8,000		7,920


				1,111,066

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Containers & Packaging — 0.0% (e)

Berry Global, Inc. 1.57%, 1/15/2026 (b)		10,000		9,963


Diversified Financial Services — 0.4%

Berkshire Hathaway, Inc. 3.40%, 1/31/2022		15,000		15,440

National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 2.91%), 4.75%, 4/30/2043 (c)		29,000		30,070

ORIX Corp. (Japan) 2.90%, 7/18/2022		5,000		5,162

4.05%, 1/16/2024		8,000		8,740

Private Export Funding Corp. Series II, 2.05%, 11/15/2022		38,000		39,012

Shell International Finance BV (Netherlands)

2.38%, 8/21/2022		69,000		71,120

3.40%, 8/12/2023		10,000		10,741

2.00%, 11/7/2024		23,000		24,049

Voya Financial, Inc. 3.13%, 7/15/2024		15,000		16,146


				220,480


Diversified Telecommunication Services — 0.3%

AT&T, Inc.

3.00%, 6/30/2022		35,000		36,080

4.45%, 4/1/2024		32,000		35,394

4.13%, 2/17/2026		5,000		5,655

Verizon Communications, Inc.

5.15%, 9/15/2023		13,000		14,506

3.38%, 2/15/2025		22,000		24,030

0.85%, 11/20/2025		66,000		65,054


				180,719


Electric Utilities — 0.7%

American Electric Power Co., Inc. Series N, 1.00%, 11/1/2025		15,000		14,874

Avangrid, Inc. 3.20%, 4/15/2025		8,000		8,649

Duke Energy Corp.

3.75%, 4/15/2024		8,000		8,701

0.90%, 9/15/2025		24,000		23,772

Edison International 4.95%, 4/15/2025		25,000		28,108

Entergy Louisiana LLC

4.05%, 9/1/2023		15,000		16,200

0.62%, 11/17/2023		13,000		13,023

Florida Power & Light Co. 3.25%, 6/1/2024		15,000		16,116

Georgia Power Co. Series A, 2.20%, 9/15/2024		10,000		10,484

Hydro-Quebec (Canada) Series HY, 8.40%, 1/15/2022		17,000		18,171


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electric Utilities — continued

NextEra Energy Capital Holdings, Inc.

3.15%, 4/1/2024		15,000		16,108

2.75%, 5/1/2025		10,000		10,658

Oncor Electric Delivery Co. LLC

2.75%, 6/1/2024		37,000		39,546

0.55%, 10/1/2025 (b)		89,000		87,394

Pacific Gas and Electric Co.

1.75%, 6/16/2022		15,000		15,041

3.75%, 2/15/2024		23,000		24,577

3.45%, 7/1/2025		15,000		16,129

PPL Capital Funding, Inc. 3.50%, 12/1/2022		15,000		15,677

Public Service Co. of Colorado 2.25%, 9/15/2022		13,000		13,265

Public Service Co. of New Hampshire 3.50%, 11/1/2023		15,000		16,138

Public Service Electric and Gas Co. 2.38%, 5/15/2023		15,000		15,608


				428,239


Electrical Equipment — 0.1%

ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		24,000		24,712

Eaton Corp. 2.75%, 11/2/2022		15,000		15,602

Legrand France SA (France) 8.50%, 2/15/2025		19,000		24,347


				64,661


Electronic Equipment, Instruments & Components — 0.0% (e)

Arrow Electronics, Inc. 4.00%, 4/1/2025		10,000		10,826

Flex Ltd. 5.00%, 2/15/2023		8,000		8,625


				19,451


Energy Equipment & Services — 0.0% (e)

Halliburton Co. 3.50%, 8/1/2023		10,000		10,619

Schlumberger Investment SA 3.65%, 12/1/2023		15,000		16,183


				26,802


Entertainment — 0.1%

TWDC Enterprises 18 Corp.

2.45%, 3/4/2022		20,000		20,433

2.35%, 12/1/2022		10,000		10,347

Walt Disney Co. (The)

1.75%, 8/30/2024		31,000		32,166

1.75%, 1/13/2026		24,000		24,704


				87,650

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	31

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Equity Real Estate Investment Trusts (REITs) — 1.0%

American Campus Communities Operating Partnership LP 3.75%, 4/15/2023		16,000		16,937

American Tower Corp.

3.38%, 5/15/2024		15,000		16,178

2.40%, 3/15/2025		8,000		8,383

1.30%, 9/15/2025		28,000		28,156

AvalonBay Communities, Inc. 4.20%, 12/15/2023		6,000		6,570

Boston Properties LP

3.13%, 9/1/2023		15,000		15,851

3.65%, 2/1/2026		10,000		11,118

Brixmor Operating Partnership LP 3.65%, 6/15/2024		65,000		70,274

CC Holdings GS V LLC 3.85%, 4/15/2023		42,000		44,856

Equinix, Inc.

2.63%, 11/18/2024		8,000		8,479

1.00%, 9/15/2025 (a)		121,000		119,615

ERP Operating LP 4.63%, 12/15/2021		15,000		15,341

Essex Portfolio LP 3.50%, 4/1/2025		15,000		16,332

Federal Realty Investment Trust 1.25%, 2/15/2026		7,000		7,009

GLP Capital LP 3.35%, 9/1/2024		16,000		16,986

Kimco Realty Corp.

3.40%, 11/1/2022		6,000		6,264

2.70%, 3/1/2024		15,000		15,816

Office Properties Income Trust 4.25%, 5/15/2024		15,000		15,860

Public Storage 0.88%, 2/15/2026		6,000		5,929

Realty Income Corp. 3.88%, 4/15/2025		20,000		22,196

Sabra Health Care LP 4.80%, 6/1/2024		21,000		22,984

Simon Property Group LP

3.75%, 2/1/2024		25,000		27,003

3.50%, 9/1/2025		7,000		7,634

SL Green Operating Partnership LP 3.25%, 10/15/2022		15,000		15,550

Ventas Realty LP 3.13%, 6/15/2023		16,000		16,829

Washington 3.95%, 10/15/2022		15,000		15,638

Welltower, Inc. 4.00%, 6/1/2025		17,000		18,865


				592,653


Food & Staples Retailing — 0.2%

Costco Wholesale Corp. 2.30%, 5/18/2022		30,000		30,702

Kroger Co. (The) 2.95%, 11/1/2021		5,000		5,077

Sysco Corp. 5.65%, 4/1/2025		20,000		23,486

Walgreens Boots Alliance, Inc. 3.80%, 11/18/2024		15,000		16,516


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Food & Staples Retailing — continued

Walmart, Inc.

2.35%, 12/15/2022		24,000		24,854

2.55%, 4/11/2023		9,000		9,383

3.40%, 6/26/2023		16,000		17,104

2.65%, 12/15/2024		15,000		16,120


				143,242


Food Products — 0.2%

Bunge Ltd. Finance Corp. 1.63%, 8/17/2025		17,000		17,206

Campbell Soup Co. 2.50%, 8/2/2022		6,000		6,176

Conagra Brands, Inc. 3.20%, 1/25/2023		6,000		6,273

Hershey Co. (The) 3.38%, 5/15/2023		15,000		15,967

McCormick & Co., Inc. 0.90%, 2/15/2026		13,000		12,789

Mondelez International, Inc. 0.63%, 7/1/2022		9,000		9,036

Tyson Foods, Inc. 3.90%, 9/28/2023		30,000		32,558


				100,005


Gas Utilities — 0.0% (e)

Eastern Energy Gas Holdings LLC 3.55%, 11/1/2023		17,000		18,236


Health Care Equipment & Supplies — 0.2%

Abbott Laboratories

2.55%, 3/15/2022		15,000		15,353

2.95%, 3/15/2025		5,000		5,389

Becton Dickinson and Co. 2.89%, 6/6/2022		13,000		13,373

DH Europe Finance II SARL 2.20%, 11/15/2024		18,000		18,965

Stryker Corp. 1.15%, 6/15/2025		30,000		30,128

Zimmer Biomet Holdings, Inc.

3.15%, 4/1/2022		10,000		10,247

3.05%, 1/15/2026		14,000		15,180


				108,635


Health Care Providers & Services — 0.6%

Aetna, Inc. 2.75%, 11/15/2022		11,000		11,375

Anthem, Inc.

2.95%, 12/1/2022		7,000		7,299

3.50%, 8/15/2024		15,000		16,349

3.35%, 12/1/2024		15,000		16,382

Cardinal Health, Inc. 2.62%, 6/15/2022		20,000		20,518

Cigna Corp.

4.00%, 2/15/2022		8,000		8,182

3.00%, 7/15/2023		31,000		32,727

3.50%, 6/15/2024		10,000		10,844

4.13%, 11/15/2025		5,000		5,627

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Health Care Providers & Services — continued

CommonSpirit Health 2.76%, 10/1/2024		16,000		17,029

CVS Health Corp.

3.70%, 3/9/2023		4,000		4,254

2.63%, 8/15/2024		17,000		18,066

3.88%, 7/20/2025		33,000		36,707

HCA, Inc.

4.75%, 5/1/2023		18,000		19,516

5.25%, 4/15/2025		9,000		10,376

Humana, Inc. 3.15%, 12/1/2022		15,000		15,599

Laboratory Corp. of America Holdings

3.75%, 8/23/2022		7,000		7,281

3.60%, 2/1/2025		15,000		16,377

McKesson Corp.

2.70%, 12/15/2022		10,000		10,347

0.90%, 12/3/2025		32,000		31,504

UnitedHealth Group, Inc.

3.35%, 7/15/2022		22,000		22,908

2.75%, 2/15/2023		25,000		26,035

2.38%, 8/15/2024		15,000		15,921


				381,223


Hotels, Restaurants & Leisure — 0.2%

Las Vegas Sands Corp. 2.90%, 6/25/2025		33,000		34,206

Marriott International, Inc. 3.60%, 4/15/2024		15,000		16,042

McDonald’s Corp.

3.35%, 4/1/2023		9,000		9,529

3.25%, 6/10/2024		15,000		16,261

Starbucks Corp.

3.10%, 3/1/2023		15,000		15,770

3.85%, 10/1/2023		15,000		16,170


				107,978


Household Durables — 0.0% (e)

DR Horton, Inc.

5.75%, 8/15/2023		6,000		6,665

2.50%, 10/15/2024		4,000		4,234

Mohawk Industries, Inc. 3.85%, 2/1/2023		15,000		15,820


				26,719


Household Products — 0.2%

Colgate-Palmolive Co. 2.10%, 5/1/2023		15,000		15,584

Kimberly-Clark Corp. 3.05%, 8/15/2025		16,000		17,448

Procter & Gamble Co. (The)

3.10%, 8/15/2023		32,000		34,260

0.55%, 10/29/2025		69,000		68,287


				135,579


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Independent Power and Renewable Electricity Producers — 0.1%

Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024		39,000		42,151


Industrial Conglomerates — 0.3%

3M Co.

1.75%, 2/14/2023		15,000		15,425

2.25%, 3/15/2023		6,000		6,237

2.65%, 4/15/2025		18,000		19,254

General Electric Co. 3.45%, 5/15/2024		16,000		17,265

Honeywell International, Inc.

2.15%, 8/8/2022		5,000		5,127

3.35%, 12/1/2023		10,000		10,820

2.30%, 8/15/2024		29,000		30,765

1.35%, 6/1/2025		21,000		21,441

Roper Technologies, Inc.

3.13%, 11/15/2022		10,000		10,393

3.65%, 9/15/2023		15,000		16,176


				152,903


Insurance — 0.5%

Aflac, Inc. 3.25%, 3/17/2025		20,000		21,724

Allstate Corp. (The)

0.75%, 12/15/2025		72,000		71,285

Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (c)		6,000		6,413

American International Group, Inc.

4.88%, 6/1/2022		21,000		22,164

4.13%, 2/15/2024		13,000		14,351

Aon Corp. 2.20%, 11/15/2022		27,000		27,842

Aspen Insurance Holdings Ltd. (Bermuda) 4.65%, 11/15/2023		6,000		6,579

Assurant, Inc. 4.00%, 3/15/2023		3,000		3,205

Chubb INA Holdings, Inc. 2.70%, 3/13/2023		15,000		15,716

Kemper Corp. 4.35%, 2/15/2025		27,000		29,692

MetLife, Inc.

3.05%, 12/15/2022 (d)		6,000		6,296

Series D, 4.37%, 9/15/2023 (d)		12,000		13,186

3.60%, 4/10/2024		5,000		5,468

Prudential Financial, Inc.

(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (c)		10,000		10,715

(ICE LIBOR USD 3 Month + 3.04%), 5.20%, 3/15/2044 (c)		19,000		20,221


				274,857

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	33

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Interactive Media & Services — 0.0% (e)

Alphabet, Inc.

3.38%, 2/25/2024		6,000		6,525

0.45%, 8/15/2025		20,000		19,719


				26,244


Internet & Direct Marketing Retail — 0.3%

Amazon.com, Inc.

3.30%, 12/5/2021		5,000		5,090

2.50%, 11/29/2022		10,000		10,334

2.80%, 8/22/2024		59,000		63,469

0.80%, 6/3/2025		11,000		10,991

eBay, Inc.

3.80%, 3/9/2022		12,000		12,389

2.60%, 7/15/2022		7,000		7,171

1.90%, 3/11/2025		15,000		15,482

Expedia Group, Inc.

3.60%, 12/15/2023 (b)		16,000		17,051

4.50%, 8/15/2024		34,000		37,368


				179,345


IT Services — 0.3%

DXC Technology Co. 4.13%, 4/15/2025		30,000		32,781

Fiserv, Inc. 2.75%, 7/1/2024		18,000		19,138

Global Payments, Inc. 3.75%, 6/1/2023		15,000		15,966

International Business Machines Corp. 1.88%, 8/1/2022		80,000		81,802

Mastercard, Inc. 3.38%, 4/1/2024		12,000		13,057

PayPal Holdings, Inc. 2.40%, 10/1/2024		18,000		19,079

Visa, Inc. 2.80%, 12/14/2022		20,000		20,823


				202,646


Leisure Products — 0.0% (e)

Hasbro, Inc. 3.00%, 11/19/2024		15,000		16,096


Machinery — 0.2%

CNH Industrial NV (United Kingdom) 4.50%, 8/15/2023		25,000		27,308

Cummins, Inc. 0.75%, 9/1/2025		45,000		44,686

nVent Finance SARL (United Kingdom) 3.95%, 4/15/2023		15,000		15,737


				87,731


Media — 0.4%

Charter Communications Operating LLC

4.50%, 2/1/2024		35,000		38,532

4.91%, 7/23/2025		15,000		17,093

Comcast Corp.

3.60%, 3/1/2024		6,000		6,553


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Media — continued

3.70%, 4/15/2024		29,000		31,799

3.38%, 8/15/2025		15,000		16,463

3.95%, 10/15/2025		15,000		16,891

Discovery Communications LLC 3.90%, 11/15/2024		15,000		16,534

Fox Corp. 3.05%, 4/7/2025		20,000		21,512

Omnicom Group, Inc. 3.65%, 11/1/2024		15,000		16,416

TCI Communications, Inc. 7.88%, 2/15/2026		7,000		9,203

Time Warner Entertainment Co. LP 8.38%, 3/15/2023		12,000		13,897

ViacomCBS, Inc.

3.50%, 1/15/2025		20,000		21,637

4.00%, 1/15/2026		14,000		15,671

WPP Finance 2010 (United Kingdom)

3.63%, 9/7/2022		6,000		6,275

3.75%, 9/19/2024		15,000		16,501


				264,977


Metals & Mining — 0.1%

Nucor Corp. 4.00%, 8/1/2023		7,000		7,534

Rio Tinto Finance USA Ltd. (Australia) 3.75%, 6/15/2025		15,000		16,640

Southern Copper Corp. (Peru) 3.88%, 4/23/2025		5,000		5,520


				29,694


Multiline Retail — 0.1%

Kohl’s Corp. 4.25%, 7/17/2025		15,000		16,321

Target Corp.

2.90%, 1/15/2022		16,000		16,378

2.25%, 4/15/2025		15,000		15,796


				48,495


Multi-Utilities — 0.3%

Berkshire Hathaway Energy Co.

2.80%, 1/15/2023		15,000		15,659

3.75%, 11/15/2023		39,000		42,187

CenterPoint Energy, Inc. 3.85%, 2/1/2024		7,000		7,603

Delmarva Power & Light Co. 3.50%, 11/15/2023		35,000		37,667

Dominion Energy, Inc.

Series B, 2.75%, 1/15/2022		9,000		9,175

3.07%, 8/15/2024 (d)		10,000		10,766

DTE Energy Co. Series D, 3.70%, 8/1/2023		18,000		19,336

NiSource, Inc. 0.95%, 8/15/2025		10,000		9,887

Sempra Energy 2.88%, 10/1/2022		23,000		23,737


				176,017

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — 1.8%

BP Capital Markets America, Inc.

2.75%, 5/10/2023		15,000		15,751

3.22%, 4/14/2024		21,000		22,545

3.41%, 2/11/2026		8,000		8,795

BP Capital Markets plc (United Kingdom)

2.75%, 5/10/2023		8,000		8,398

3.99%, 9/26/2023		43,000		46,897

Canadian Natural Resources Ltd. (Canada) 3.90%, 2/1/2025		16,000		17,366

Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		12,000		13,815

Chevron Corp.

2.41%, 3/3/2022		10,000		10,184

1.14%, 5/11/2023		6,000		6,107

1.55%, 5/11/2025		35,000		35,810

Chevron USA, Inc.

0.33%, 8/12/2022		55,000		55,067

0.43%, 8/11/2023		26,000		26,041

3.90%, 11/15/2024		15,000		16,643

Ecopetrol SA (Colombia)

5.88%, 9/18/2023		10,000		11,097

4.13%, 1/16/2025		27,000		28,956

Energy Transfer Operating LP

4.90%, 2/1/2024		27,000		29,548

2.90%, 5/15/2025		15,000		15,729

Enterprise Products Operating LLC

3.50%, 2/1/2022		28,000		28,811

3.75%, 2/15/2025		20,000		21,973

Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.88%, 8/16/2077 (c)		19,000		18,034

EOG Resources, Inc. 2.63%, 3/15/2023		25,000		26,021

Equinor ASA (Norway) 2.88%, 4/6/2025		98,000		105,237

Exxon Mobil Corp.

2.73%, 3/1/2023		20,000		20,887

3.18%, 3/15/2024		22,000		23,631

2.02%, 8/16/2024		15,000		15,712

2.99%, 3/19/2025		25,000		26,966

Kinder Morgan Energy Partners LP

4.15%, 3/1/2022		15,000		15,546

4.15%, 2/1/2024		21,000		22,871

Marathon Petroleum Corp.

4.50%, 5/1/2023		21,000		22,654

4.70%, 5/1/2025		15,000		17,056

MPLX LP 4.88%, 12/1/2024		46,000		51,965


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

ONEOK Partners LP

3.38%, 10/1/2022		15,000		15,537

5.00%, 9/15/2023		24,000		26,222

ONEOK, Inc. 2.20%, 9/15/2025		30,000		30,835

Petroleos Mexicanos (Mexico) 6.84%, 1/23/2030 (f)		1		1

Phillips 66

3.85%, 4/9/2025		10,000		11,030

1.30%, 2/15/2026		19,000		18,976

Pioneer Natural Resources Co. 1.13%, 1/15/2026		15,000		14,857

Plains All American Pipeline LP 3.85%, 10/15/2023		15,000		15,974

Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		36,000		41,466

Suncor Energy, Inc. (Canada) 3.10%, 5/15/2025		20,000		21,483

Sunoco Logistics Partners Operations LP 4.25%, 4/1/2024		16,000		17,322

Total Capital International SA (France)

2.88%, 2/17/2022		10,000		10,256

3.75%, 4/10/2024		20,000		21,980

Valero Energy Corp. 2.85%, 4/15/2025		20,000		21,099

Williams Cos., Inc. (The)

3.60%, 3/15/2022		15,000		15,408

3.90%, 1/15/2025		25,000		27,284


				1,095,843


Paper & Forest Products — 0.1%

Fibria Overseas Finance Ltd. (Brazil) 4.00%, 1/14/2025		15,000		16,120

Georgia-Pacific LLC 8.00%, 1/15/2024		15,000		18,170


				34,290


Personal Products — 0.0% (e)

Estee Lauder Cos., Inc. (The) 2.00%, 12/1/2024		17,000		17,868


Pharmaceuticals — 0.7%

AstraZeneca plc (United Kingdom)

3.50%, 8/17/2023		15,000		16,074

3.38%, 11/16/2025		5,000		5,500

Bristol-Myers Squibb Co.

3.25%, 11/1/2023		15,000		16,137

2.90%, 7/26/2024		11,000		11,858

3.88%, 8/15/2025		8,000		8,981

0.75%, 11/13/2025		58,000		57,806

Eli Lilly and Co. 2.75%, 6/1/2025		15,000		16,096

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	35

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Pharmaceuticals — continued

GlaxoSmithKline Capital plc (United Kingdom) 3.00%, 6/1/2024		18,000		19,322

GlaxoSmithKline Capital, Inc. (United Kingdom)

2.80%, 3/18/2023		10,000		10,495

3.38%, 5/15/2023		25,000		26,653

Johnson & Johnson

2.25%, 3/3/2022		20,000		20,377

3.38%, 12/5/2023		41,000		44,537

0.55%, 9/1/2025		91,000		89,999

Merck & Co., Inc.

2.40%, 9/15/2022		6,000		6,164

2.75%, 2/10/2025		35,000		37,482

0.75%, 2/24/2026		7,000		6,924

Mylan, Inc. 4.20%, 11/29/2023		15,000		16,297

Pfizer, Inc. 3.40%, 5/15/2024		15,000		16,366


				427,068


Professional Services — 0.0% (e)

Verisk Analytics, Inc. 4.13%, 9/12/2022		17,000		17,921


Road & Rail — 0.2%

BNSF Funding Trust I (ICE LIBOR USD 3 Month + 2.35%), 6.61%, 12/15/2055 (c)		5,000		5,752

Burlington Northern Santa Fe LLC

3.00%, 3/15/2023		15,000		15,713

3.85%, 9/1/2023		4,000		4,310

3.75%, 4/1/2024		8,000		8,703

3.65%, 9/1/2025		8,000		8,896

CSX Corp. 3.40%, 8/1/2024		20,000		21,758

Norfolk Southern Corp. 3.85%, 1/15/2024		10,000		10,838

Ryder System, Inc.

3.75%, 6/9/2023		15,000		16,069

4.63%, 6/1/2025		8,000		9,103

Union Pacific Corp.

2.95%, 3/1/2022		6,000		6,161

4.16%, 7/15/2022		15,000		15,639

3.75%, 7/15/2025		15,000		16,675


				139,617


Semiconductors & Semiconductor Equipment — 0.5%

Analog Devices, Inc. 3.13%, 12/5/2023		6,000		6,414

Broadcom Corp. 3.13%, 1/15/2025		25,000		26,719

Broadcom, Inc.

3.63%, 10/15/2024		62,000		67,578

4.70%, 4/15/2025		12,000		13,559

Intel Corp.

2.35%, 5/11/2022		16,000		16,368


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Semiconductors & Semiconductor Equipment — continued

2.70%, 12/15/2022		30,000		31,286

3.40%, 3/25/2025		20,000		21,890

Microchip Technology, Inc. 4.33%, 6/1/2023		5,000		5,398

NXP BV (Netherlands) 4.88%, 3/1/2024 (b)		30,000		33,463

QUALCOMM, Inc. 2.60%, 1/30/2023		30,000		31,235

Texas Instruments, Inc. 1.38%, 3/12/2025		16,000		16,391


				270,301


Software — 0.5%

Adobe, Inc. 1.90%, 2/1/2025		9,000		9,357

Microsoft Corp.

2.38%, 2/12/2022		58,000		59,104

2.65%, 11/3/2022		34,000		35,232

3.63%, 12/15/2023		15,000		16,274

2.70%, 2/12/2025		25,000		26,728

Oracle Corp.

2.50%, 5/15/2022		15,000		15,347

2.50%, 10/15/2022		16,000		16,579

2.40%, 9/15/2023		39,000		40,881

3.40%, 7/8/2024		16,000		17,372

2.95%, 11/15/2024		25,000		26,974

VMware, Inc. 2.95%, 8/21/2022		15,000		15,518


				279,366


Specialty Retail — 0.2%

AutoZone, Inc. 2.88%, 1/15/2023		10,000		10,403

Home Depot, Inc. (The)

3.25%, 3/1/2022		15,000		15,453

2.70%, 4/1/2023		15,000		15,654

Lowe’s Cos., Inc.

3.13%, 9/15/2024		30,000		32,454

3.38%, 9/15/2025		32,000		35,154

TJX Cos., Inc. (The) 3.50%, 4/15/2025		25,000		27,415


				136,533


Technology Hardware, Storage & Peripherals — 0.5%

Apple, Inc.

2.50%, 2/9/2022		10,000		10,199

2.10%, 9/12/2022		15,000		15,397

2.85%, 2/23/2023		15,000		15,695

2.40%, 5/3/2023		15,000		15,680

3.45%, 5/6/2024		10,000		10,939

2.85%, 5/11/2024		16,000		17,129

1.80%, 9/11/2024		18,000		18,794

2.75%, 1/13/2025		10,000		10,705

2.50%, 2/9/2025		20,000		21,256

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Technology Hardware, Storage & Peripherals — continued

1.13%, 5/11/2025		24,000		24,280

0.55%, 8/20/2025		30,000		29,629

Dell International LLC

4.00%, 7/15/2024 (b)		15,000		16,424

5.85%, 7/15/2025 (b)		16,000		18,843

Hewlett Packard Enterprise Co.

1.45%, 4/1/2024		16,000		16,364

4.65%, 10/1/2024		15,000		16,886

HP, Inc.

4.05%, 9/15/2022		12,000		12,664

2.20%, 6/17/2025		27,000		28,182


				299,066


Textiles, Apparel & Luxury Goods — 0.0% (e)

NIKE, Inc. 2.40%, 3/27/2025		20,000		21,217


Tobacco — 0.2%

BAT Capital Corp. (United Kingdom) 2.79%, 9/6/2024		15,000		15,962

Philip Morris International, Inc.

2.63%, 3/6/2023		20,000		20,910

2.13%, 5/10/2023		25,000		25,883

1.50%, 5/1/2025		10,000		10,207

Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025		16,000		17,867


				90,829


Trading Companies & Distributors — 0.1%

Air Lease Corp.

2.75%, 1/15/2023		22,000		22,769

3.00%, 9/15/2023		15,000		15,730

2.88%, 1/15/2026		26,000		27,083

Aircastle Ltd. 4.13%, 5/1/2024		6,000		6,333


				71,915


Water Utilities — 0.0% (e)

American Water Capital Corp. 3.40%, 3/1/2025		6,000		6,528


Wireless Telecommunication Services — 0.1%

T-Mobile USA, Inc. 3.50%, 4/15/2025 (b)		30,000		32,577


Vodafone Group plc (United Kingdom)

3.75%, 1/16/2024		20,000		21,801

4.13%, 5/30/2025		8,000		8,995


				63,373


Total Corporate Bonds (Cost $14,499,900)				14,771,329


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Mortgage-Backed Securities — 8.2%

FHLMC Gold Pools, 15 Year

Pool # J14776, 3.00%, 3/1/2026		14,507		15,349

Pool # G14783, 3.50%, 10/1/2026		13,923		14,868

Pool # G14415, 2.50%, 4/1/2027		24,239		25,374

Pool # J20134, 3.00%, 8/1/2027		9,449		10,000

Pool # G18452, 2.50%, 12/1/2027		35,871		37,551

Pool # E04178, 2.50%, 2/1/2028		10,452		10,956

Pool # J22899, 2.00%, 3/1/2028		19,599		20,295

Pool # J23906, 2.50%, 5/1/2028		37,032		38,757

Pool # J23582, 3.00%, 5/1/2028		14,028		14,927

Pool # J24561, 2.50%, 6/1/2028		7,955		8,365

Pool # G15724, 4.00%, 1/1/2029		3,214		3,428

Pool # G16577, 4.00%, 1/1/2029		6,984		7,452

Pool # G18511, 2.50%, 5/1/2029		6,732		7,050

Pool # G18512, 3.00%, 5/1/2029		11,758		12,495

Pool # G15164, 3.00%, 9/1/2029		5,173		5,512

Pool # G18533, 2.50%, 12/1/2029		10,383		10,873

Pool # G18549, 2.50%, 4/1/2030		29,370		30,789

Pool # G16749, 2.00%, 7/1/2030		9,400		9,734

Pool # G18568, 2.50%, 9/1/2030		13,959		14,633

Pool # J33012, 3.00%, 10/1/2030		30,635		32,846

Pool # G18587, 3.00%, 2/1/2031		14,777		15,648

Pool # G18600, 2.50%, 5/1/2031		10,283		10,784

Pool # G16028, 3.00%, 8/1/2031		7,839		8,384

Pool # G18611, 2.50%, 9/1/2031		18,759		19,674

Pool # J35495, 2.50%, 10/1/2031		30,331		32,367

Pool # G18620, 3.00%, 11/1/2031		11,152		11,811

Pool # G18626, 2.50%, 1/1/2032		62,299		65,337

Pool # G18632, 3.00%, 2/1/2032		11,187		11,848

Pool # J37147, 3.00%, 6/1/2032		10,919		11,782

Pool # G16207, 3.50%, 7/1/2032		10,529		11,555

Pool # J38058, 3.00%, 11/1/2032		34,966		37,925

Pool # J39722, 3.00%, 10/1/2033		9,747		10,473

Pool # G18713, 3.50%, 11/1/2033		22,417		23,936

Pool # G18715, 3.00%, 12/1/2033		8,535		9,026

Pool # G16756, 3.50%, 1/1/2034		10,585		11,491

Pool # G18720, 3.50%, 1/1/2034		6,123		6,538

Pool # G18723, 3.50%, 2/1/2034		5,707		6,093

Pool # G18726, 3.50%, 3/1/2034		5,301		5,661

FHLMC UMBS, 15 Year

Pool # ZK2607, 3.50%, 10/1/2025		3,172		3,389

Pool # ZK2904, 3.50%, 1/1/2026		9,558		10,207

Pool # ZS8020, 3.00%, 9/1/2027		14,920		15,794

Pool # ZS6596, 3.00%, 11/1/2027		7,497		7,954

Pool # ZA2838, 2.50%, 4/1/2028		9,488		9,964

Pool # ZK5814, 3.00%, 7/1/2028		23,276		24,786

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	37

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # ZK5986, 3.50%, 9/1/2028		7,725		8,348

Pool # ZK6024, 3.50%, 9/1/2028		17,468		18,876

Pool # ZK6594, 3.00%, 4/1/2029		6,529		6,957

Pool # ZK6713, 3.00%, 6/1/2029		14,456		15,429

Pool # ZK6827, 3.00%, 8/1/2029		8,433		9,001

Pool # ZS8598, 3.00%, 2/1/2031		18,743		19,848

Pool # ZS8617, 2.50%, 8/1/2031		22,651		23,752

Pool # ZS8622, 3.00%, 9/1/2031		19,404		20,548

Pool # ZS8628, 2.00%, 11/1/2031		3,466		3,586

Pool # SB0084, 3.00%, 2/1/2032		7,631		8,131

Pool # ZK9051, 3.00%, 11/1/2032		24,438		26,331

Pool # ZS7938, 2.50%, 1/1/2033		8,521		9,057

Pool # ZS7988, 3.50%, 2/1/2033		14,527		15,898

Pool # ZK9341, 3.00%, 3/1/2033		3,894		4,197

Pool # ZT0716, 3.00%, 10/1/2033		4,880		5,159

Pool # SB0257, 4.00%, 11/1/2033		5,898		6,292

Pool # SB0194, 2.50%, 12/1/2033		9,373		9,816

Pool # ZT1557, 4.00%, 12/1/2033		5,581		5,945

Pool # ZT1725, 3.50%, 1/1/2034		5,292		5,747

Pool # ZT1799, 3.50%, 3/1/2034		2,827		3,019

Pool # SB8008, 2.50%, 8/1/2034		9,314		9,729

Pool # SB8013, 2.50%, 9/1/2034		5,918		6,182

Pool # SB8010, 2.50%, 10/1/2034		11,695		12,216

Pool # SB8012, 3.50%, 10/1/2034		5,914		6,316

Pool # SB0109, 2.50%, 11/1/2034		36,321		38,399

Pool # QN1052, 3.00%, 11/1/2034		7,357		7,829

Pool # SB8017, 3.50%, 11/1/2034		11,352		12,123

Pool # SB8021, 3.00%, 12/1/2034		9,201		9,712

Pool # SB0260, 2.50%, 2/1/2035		15,033		15,703

Pool # SB0264, 2.50%, 2/1/2035		22,074		23,525

Pool # SB8045, 2.50%, 5/1/2035		10,430		10,910

Pool # QN2057, 3.00%, 5/1/2035		15,213		16,511

Pool # SB0345, 2.00%, 6/1/2035		92,089		95,816

Pool # SB0401, 2.00%, 7/1/2035		26,393		27,302

Pool # SB0394, 2.50%, 7/1/2035		15,926		16,660

Pool # SB8501, 2.00%, 8/1/2035		105,490		109,760

Pool # SB0406, 2.50%, 8/1/2035		28,526		30,208

Pool # SB8067, 1.50%, 9/1/2035		32,153		32,530

Pool # SB8061, 2.00%, 9/1/2035		130,170		134,652

Pool # SB8062, 2.50%, 9/1/2035		99,248		103,820

Pool # RC1591, 1.50%, 10/1/2035		74,253		75,367

Pool # SB8068, 1.50%, 10/1/2035		24,634		24,923

Pool # SB0430, 2.00%, 10/1/2035		45,301		46,946

Pool # QN4490, 1.50%, 12/1/2035		106,287		107,785

Pool # SB0450, 2.00%, 12/1/2035		56,489		58,830

Pool # QN4861, 1.50%, 1/1/2036		84,315		85,453

Pool # SB8088, 1.50%, 2/1/2036		40,691		41,168


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


FNMA UMBS, 15 Year

Pool # AE0988, 4.00%, 9/1/2025		4,013		4,275

Pool # AL1168, 3.50%, 1/1/2026		4,252		4,549

Pool # AL0519, 4.00%, 3/1/2026		3,907		4,169

Pool # AH9695, 4.00%, 4/1/2026		5,486		5,851

Pool # AL4643, 4.00%, 7/1/2026		4,940		5,262

Pool # AB4086, 3.00%, 12/1/2026		18,863		19,955

Pool # AJ9357, 3.50%, 1/1/2027		9,500		10,166

Pool # AW7396, 3.50%, 1/1/2027		9,873		10,542

Pool # AK3264, 3.00%, 2/1/2027		9,823		10,392

Pool # AW7395, 3.00%, 2/1/2027		9,111		9,639

Pool # AK5412, 3.00%, 3/1/2027		9,126		9,663

Pool # AL1746, 3.50%, 3/1/2027		5,561		5,951

Pool # AB5095, 3.00%, 5/1/2027		9,929		10,529

Pool # AO4079, 3.00%, 5/1/2027		14,484		15,327

Pool # AL2224, 3.50%, 7/1/2027		10,230		10,946

Pool # AQ5118, 2.50%, 11/1/2027		6,765		7,081

Pool # AQ1688, 2.00%, 12/1/2027		6,862		7,097

Pool # MA1277, 2.50%, 12/1/2027		57,389		60,066

Pool # AR1045, 2.50%, 1/1/2028		13,837		14,482

Pool # AL3041, 2.00%, 2/1/2028		9,872		10,209

Pool # AR3175, 2.50%, 2/1/2028		15,169		15,905

Pool # AR4180, 2.50%, 2/1/2028		31,139		32,725

Pool # AL3060, 3.00%, 2/1/2028		25,473		26,956

Pool # AT2769, 2.00%, 5/1/2028		12,926		13,382

Pool # AL3764, 3.50%, 5/1/2028		14,578		15,752

Pool # MA1467, 2.00%, 6/1/2028		7,499		7,764

Pool # BM3954, 2.50%, 12/1/2028		49,162		51,442

Pool # AV8783, 3.00%, 1/1/2029		14,995		15,951

Pool # AV4793, 3.50%, 5/1/2029		9,354		10,108

Pool # AW3641, 3.00%, 6/1/2029		14,533		15,440

Pool # AW8317, 2.50%, 9/1/2029		8,341		8,732

Pool # AL7205, 3.50%, 12/1/2029		3,231		3,491

Pool # AX7696, 3.00%, 1/1/2030		23,581		25,053

Pool # AS4489, 2.50%, 3/1/2030		2,867		3,021

Pool # AY6338, 2.50%, 3/1/2030		46,770		49,020

Pool # AS4678, 3.00%, 3/1/2030		29,573		31,439

Pool # AS4860, 2.50%, 5/1/2030		22,630		23,883

Pool # AL9852, 3.00%, 9/1/2030		20,618		21,920

Pool # BC0035, 3.00%, 11/1/2030		47,232		51,080

Pool # BA6893, 2.50%, 2/1/2031		6,249		6,550

Pool # BC1973, 2.50%, 3/1/2031		24,092		25,258

Pool # BC9099, 2.50%, 3/1/2031		9,669		10,134

Pool # BC2482, 3.00%, 3/1/2031		21,501		22,765

Pool # AL9421, 4.00%, 3/1/2031		5,924		6,319

Pool # AS7067, 3.50%, 4/1/2031		7,541		8,185

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # BD4574, 2.00%, 6/1/2031		17,955		18,578

Pool # FM1336, 3.50%, 6/1/2031		9,866		10,661

Pool # AS7467, 2.50%, 7/1/2031		11,516		12,074

Pool # AS7606, 2.50%, 7/1/2031		35,499		37,585

Pool # AS7620, 2.50%, 7/1/2031		77,920		82,383

Pool # AS7657, 2.50%, 8/1/2031		17,924		19,040

Pool # MA2774, 2.00%, 10/1/2031		1,901		1,966

Pool # FM1324, 3.00%, 11/1/2031		22,248		23,543

Pool # FM1773, 3.00%, 12/1/2031		28,486		30,215

Pool # BE5622, 2.50%, 1/1/2032		4,904		5,142

Pool # MA3187, 2.50%, 11/1/2032		25,457		26,659

Pool # MA3188, 3.00%, 11/1/2032		5,583		5,905

Pool # 890822, 3.00%, 12/1/2032		62,147		66,940

Pool # BM3207, 3.00%, 12/1/2032		16,533		17,835

Pool # BM3276, 3.50%, 12/1/2032		14,321		15,552

Pool # CA1089, 3.00%, 2/1/2033		11,261		12,178

Pool # FM1309, 2.00%, 3/1/2033		4,345		4,496

Pool # FM3937, 3.00%, 4/1/2033		12,092		12,962

Pool # MA3437, 3.00%, 8/1/2033		8,690		9,187

Pool # CA2407, 4.00%, 9/1/2033		14,945		16,087

Pool # FM4036, 2.50%, 12/1/2033		15,301		16,023

Pool # BN3975, 3.00%, 1/1/2034		1,593		1,684

Pool # MA3559, 3.50%, 1/1/2034		3,650		3,897

Pool # MA3588, 3.50%, 2/1/2034		14,566		15,552

Pool # MA3589, 4.00%, 2/1/2034		16,276		17,335

Pool # MA3631, 3.00%, 4/1/2034		16,592		17,512

Pool # FM1810, 4.00%, 4/1/2034		5,849		6,334

Pool # FM1071, 3.50%, 5/1/2034		11,620		12,757

Pool # MA3709, 2.50%, 6/1/2034		9,484		9,907

Pool # MA3729, 2.50%, 7/1/2034		3,178		3,320

Pool # MA3695, 3.00%, 7/1/2034		6,974		7,361

Pool # BJ5549, 3.00%, 8/1/2034		4,442		4,699

Pool # FM2403, 3.50%, 9/1/2034		16,126		17,549

Pool # FM5400, 2.50%, 10/1/2034		19,657		20,609

Pool # MA3797, 2.50%, 10/1/2034		6,222		6,500

Pool # FM1900, 2.50%, 11/1/2034		12,417		13,230

Pool # MA3827, 2.50%, 11/1/2034		81,360		84,989

Pool # MA3828, 3.00%, 11/1/2034		15,612		16,478

Pool # FM4671, 3.50%, 1/1/2035		20,871		22,913

Pool # MA3956, 3.00%, 3/1/2035		34,641		36,825

Pool # MA4012, 2.00%, 5/1/2035		145,115		150,101

Pool # MA4013, 2.50%, 5/1/2035		37,303		39,023

Pool # FM3493, 3.50%, 5/1/2035		12,211		13,279

Pool # BP5762, 2.50%, 6/1/2035		55,291		57,840

Pool # FM3654, 3.00%, 6/1/2035		39,918		42,968

Pool # MA4074, 2.00%, 7/1/2035		88,504		91,545


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # MA4075, Class 177, 2.50%, 7/1/2035		21,409		22,396

Pool # MA4095, 2.00%, 8/1/2035		102,548		106,072

Pool # FM3936, 2.50%, 8/1/2035		17,605		18,667

Pool # MA4099, 2.50%, 8/1/2035		49,447		51,727

Pool # MA4122, 1.50%, 9/1/2035		15,003		15,180

Pool # MA4123, 2.00%, 9/1/2035		95,108		98,376

Pool # MA4154, 1.50%, 10/1/2035		114,604		115,949

Pool # CA7497, 2.50%, 10/1/2035		13,504		14,301

Pool # FM4368, 1.50%, 11/1/2035		36,669		37,099

Pool # FM4850, 2.00%, 11/1/2035		49,843		51,663

Pool # MA4179, 2.00%, 11/1/2035		54,043		55,900

Pool # MA4180, 2.50%, 11/1/2035		33,790		35,348

Pool # FM5396, 2.00%, 12/1/2035		64,046		66,765

Pool # MA4206, 2.00%, 12/1/2035		14,670		15,174

Pool # CA8788, 2.00%, 1/1/2036		94,882		98,256

GNMA I, 15 Year Pool # AA8397, 2.50%, 3/15/2028		7,476		7,831

GNMA II, 15 Year

Pool # 796502, 3.00%, 4/20/2022		3,712		3,924

Pool # MA1134, 3.00%, 7/20/2028		10,666		11,259

Pool # MA4559, 3.00%, 7/20/2032		11,144		11,791

Pool # MA4625, 3.50%, 8/20/2032		8,288		8,844

Pool # MA5791, 3.50%, 3/20/2034		1,948		2,086

Pool # MA6256, 3.50%, 12/20/2034		9,397		10,064

Pool # MA6906, 2.50%, 10/20/2035		21,269		22,316


Total Mortgage-Backed Securities (cost $4,814,734)				4,878,625

Supranational — 3.0%

African Development Bank (Supranational)

3.00%, 12/6/2021		12,000		12,259

1.63%, 9/16/2022		36,000		36,791

3.00%, 9/20/2023		15,000		16,021

Asian Development Bank (Supranational)

0.63%, 4/7/2022		93,000		93,475

1.88%, 8/10/2022		45,000		46,095

2.75%, 3/17/2023		38,000		39,968

1.50%, 10/18/2024		30,000		31,070

2.00%, 1/22/2025		23,000		24,269

0.63%, 4/29/2025		68,000		68,016

Asian Infrastructure Investment Bank (The) (Supranational)

2.25%, 5/16/2024		101,000		106,900

0.50%, 5/28/2025		45,000		44,719

Corp. Andina de Fomento (Supranational) 3.75%, 11/23/2023		38,000		40,869

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	39

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Supranational — continued

European Bank for Reconstruction & Development (Supranational)

2.13%, 3/7/2022		43,000		43,844

1.50%, 2/13/2025		30,000		31,087

0.50%, 11/25/2025		30,000		29,608

European Investment Bank (Supranational)

2.25%, 8/15/2022		90,000		92,713

1.38%, 9/6/2022		15,000		15,272

2.50%, 3/15/2023		145,000		151,774

3.25%, 1/29/2024		8,000		8,671

2.25%, 6/24/2024		48,000		50,867

2.50%, 10/15/2024		39,000		41,799

1.63%, 3/14/2025		61,000		63,535

Inter-American Development Bank (Supranational)

1.75%, 4/14/2022		70,000		71,244

1.75%, 9/14/2022		43,000		44,036

2.50%, 1/18/2023		36,000		37,558

0.50%, 5/24/2023		17,000		17,111

3.00%, 2/21/2024		16,000		17,245

0.63%, 7/15/2025		43,000		42,800

International Bank for Reconstruction & Development (Supranational)

2.13%, 7/1/2022		5,000		5,130

1.88%, 6/19/2023		19,000		19,703

2.50%, 3/19/2024		37,000		39,388

2.50%, 11/25/2024		15,000		16,098

2.13%, 3/3/2025		29,000		30,781

0.75%, 3/11/2025		22,000		22,163

0.63%, 4/22/2025		25,000		25,015

0.38%, 7/28/2025		250,000		246,253

2.50%, 7/29/2025		34,000		36,612

International Finance Corp. (Supranational)

2.88%, 7/31/2023		30,000		31,852

1.38%, 10/16/2024		15,000		15,474

0.38%, 7/16/2025		15,000		14,773


Total Supranational (Cost $1,806,498)				1,822,858

U.S. Government Agency Securities — 2.7%

FFCB

3.00%, 10/19/2021		50,000		50,904

0.38%, 4/8/2022		50,000		50,140

0.13%, 11/23/2022		40,000		39,988

FHLB

2.38%, 9/10/2021		25,000		25,283

1.63%, 11/19/2021		20,000		20,218


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


2.25%, 3/11/2022		45,000		45,965

2.50%, 3/11/2022		70,000		71,735

2.13%, 6/10/2022		20,000		20,508

2.50%, 2/13/2024		15,000		15,975

1.50%, 8/15/2024		60,000		62,318

0.50%, 4/14/2025		120,000		119,800

FHLMC

0.38%, 5/5/2023		50,000		50,236

0.25%, 6/26/2023		125,000		125,186

0.25%, 8/24/2023		55,000		55,065

0.25%, 9/8/2023		50,000		50,028

0.30%, 9/28/2023		50,000		49,961

0.38%, 3/25/2024		27,000		26,944

1.50%, 2/12/2025		62,000		64,449

0.38%, 7/21/2025		39,000		38,568

0.38%, 9/23/2025		50,000		49,249

FNMA

2.63%, 1/11/2022		22,000		22,476

2.25%, 4/12/2022		35,000		35,822

2.00%, 10/5/2022		160,000		164,745

0.25%, 5/22/2023		12,000		12,024

2.88%, 9/12/2023		60,000		63,972

1.75%, 7/2/2024		15,000		15,698

2.63%, 9/6/2024		41,000		44,217

1.63%, 10/15/2024		40,000		41,764

1.63%, 1/7/2025		40,000		41,717

0.63%, 4/22/2025		40,000		40,068

0.50%, 6/17/2025		32,000		31,844

0.50%, 11/7/2025		15,000		14,847

Israel Government AID Bond (Israel) 5.50%, 4/26/2024		15,000		17,382

Tennessee Valley Authority

1.88%, 8/15/2022		10,000		10,247

2.88%, 9/15/2024		20,000		21,660


Total U.S. Government Agency Securities (Cost $1,605,372)				1,611,003

Commercial Mortgage-Backed Securities — 2.5%

Benchmark Mortgage Trust

Series 2018-B3, Class A3, 3.75%, 4/10/2051		25,000		27,124

Series 2019-B12, Class A2, 3.00%, 8/15/2052		7,000		7,388

Series 2020-B17, Class A2, 2.21%, 3/15/2053		50,000		52,105

CD Mortgage Trust Series 2017-CD6, Class ASB, 3.33%, 11/13/2050		50,000		54,578

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

CGMS Commercial Mortgage Trust Series 2017-B1, Class AAB, 3.24%, 8/15/2050		16,000		17,381

Citigroup Commercial Mortgage Trust

Series 2013-GC17, Class A4, 4.13%, 11/10/2046		20,000		21,731

Series 2016-C1, Class AAB, 3.00%, 5/10/2049		12,000		12,729

Series 2020-GC46, Class A2, 2.71%, 2/15/2053		20,000		20,830

Commercial Mortgage Trust

Series 2013-CR6, Class A4, 3.10%, 3/10/2046		15,000		15,672

Series 2014-CR16, Class A3, 3.78%, 4/10/2047		24,969		26,864

Series 2014-LC15, Class A4, 4.01%, 4/10/2047		20,000		21,819

Series 2014-UBS3, Class A3, 3.55%, 6/10/2047		42,968		46,033

Series 2014-UBS4, Class A5, 3.69%, 8/10/2047		50,000		54,482

Series 2015-CR25, Class A4, 3.76%, 8/10/2048		32,000		35,509

Series 2013-CR11, Class ASB, 3.66%, 8/10/2050		11,660		12,124

CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4, 3.72%, 8/15/2048		40,000		44,271

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K016, Class A2, 2.97%, 10/25/2021		27,195		27,337

Series K019, Class A2, 2.27%, 3/25/2022		15,200		15,347

Series K020, Class A2, 2.37%, 5/25/2022		10,000		10,126

Series K720, Class A2, 2.72%, 6/25/2022		15,000		15,237

Series K027, Class A2, 2.64%, 1/25/2023		26,000		26,765

Series K028, Class A2, 3.11%, 2/25/2023		10,000		10,395

Series K042, Class A1, 2.27%, 6/25/2024		73,634		75,421

Series K044, Class A2, 2.81%, 1/25/2025		16,000		17,143

Series K046, Class A2, 3.21%, 3/25/2025		26,000		28,311

Series K733, Class A2, 3.75%, 8/25/2025		100,000		110,873

Series K737, Class A1, 2.12%, 6/25/2026		59,224		61,338

FNMA

ACES Series 2017-M10, Class AV2, 2.56%, 7/25/2024 (g)		13,896		14,607

Series 2017-M7, Class A1, 2.60%, 12/25/2026		52,689		55,214

GS Mortgage Securities Trust

Series 2014-GC18, Class A4, 4.07%, 1/10/2047		30,000		32,515


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2014-GC18, Class AS, 4.38%, 1/10/2047		17,000		18,284

Series 2015-GC32, Class A4, 3.76%, 7/10/2048		50,000		55,344

JPMBB Commercial Mortgage Securities Trust

Series 2013-C17, Class ASB, 3.71%, 1/15/2047		11,490		12,027

Series 2014-C19, Class C, 4.68%, 4/15/2047 ‡ (g)		10,000		10,587

Series 2014-C22, Class AS, 4.11%, 9/15/2047		15,000		16,321

Series 2014-C23, Class C, 4.47%, 9/15/2047 ‡ (g)		20,000		20,809

Series 2015-C32, Class B, 4.39%, 11/15/2048 ‡ (g)		23,000		23,562

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2013-LC11, Class C, 3.96%, 4/15/2046 ‡ (g)		22,000		19,191

Series 2013-C10, Class AS, 3.37%, 12/15/2047 ‡		20,000		20,904

Series 2015-JP1, Class D, 4.23%, 1/15/2049 ‡ (g)		10,000		9,496

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2012-C5, Class A4, 3.18%, 8/15/2045		12,000		12,362

Series 2014-C19, Class A3, 3.25%, 12/15/2047		6,385		6,829

Series 2015-C25, Class ASB, 3.38%, 10/15/2048		37,266		39,480

Series 2015-C25, Class B, 4.52%, 10/15/2048 ‡ (g)		20,000		22,188

Series 2015-C23, Class A3, 3.45%, 7/15/2050		43,773		47,368

Morgan Stanley Capital I Trust Series 2011-C3, Class A4, 4.12%, 7/15/2049		3,373		3,397

UBS Commercial Mortgage Trust Series 2018-C13, Class A2, 4.21%, 10/15/2051		6,829		7,302

UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class A4, 3.24%, 4/10/2046		23,000		24,030

Wells Fargo Commercial Mortgage Trust

Series 2012-LC5, Class B, 4.14%, 10/15/2045 ‡		14,000		14,512

Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (g)		12,000		12,861

Series 2019-C54, Class A2, 3.01%, 12/15/2052		35,000		37,005

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	41

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

WFRBS Commercial Mortgage Trust

Series 2012-C7, Class AS, 4.09%, 6/15/2045 (g)		32,000		32,072

Series 2012-C10, Class A3, 2.88%, 12/15/2045		12,000		12,443

Series 2012-C10, Class B, 3.74%, 12/15/2045 ‡		15,000		14,342

Series 2014-C20, Class A5, 4.00%, 5/15/2047		12,000		13,110


Total Commercial Mortgage-Backed Securities (Cost $1,465,018)				1,477,095


Foreign Government Securities — 1.6%

Canada Government Bond (Canada)

2.63%, 1/25/2022		10,000		10,220

2.00%, 11/15/2022		50,000		51,553

1.63%, 1/22/2025 (a)		10,000		10,424

Export Development Canada (Canada)

2.50%, 1/24/2023		35,000		36,523

2.75%, 3/15/2023		25,000		26,281

2.63%, 2/21/2024		20,000		21,331

Hungary Government Bond (Hungary)

5.38%, 2/21/2023		18,000		19,710

5.75%, 11/22/2023		55,000		62,477

Italian Republic Government Bond (Italy) 6.88%, 9/27/2023		5,000		5,769

Oriental Republic of Uruguay (Uruguay) 4.50%, 8/14/2024		7,000		7,628

Province of Alberta (Canada)

2.20%, 7/26/2022		22,000		22,596

1.00%, 5/20/2025		10,000		10,105

Province of British Columbia (Canada)

2.00%, 10/23/2022		30,000		30,880

1.75%, 9/27/2024		24,000		25,070

Province of Ontario (Canada)

2.40%, 2/8/2022		10,000		10,200

2.25%, 5/18/2022		35,000		35,846

2.45%, 6/29/2022		15,000		15,433

3.05%, 1/29/2024		16,000		17,207

3.20%, 5/16/2024		15,000		16,292

Province of Quebec (Canada)

2.63%, 2/13/2023		20,000		20,915

2.50%, 4/9/2024		15,000		15,942

1.50%, 2/11/2025		10,000		10,329

Republic of Colombia (Colombia) 8.13%, 5/21/2024		53,000		63,526

Republic of Korea (South Korea) 5.63%, 11/3/2025		100,000		121,232


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Republic of Peru (Peru) 2.39%, 1/23/2026		44,000		45,860

Republic of Philippines (Philippines) 10.63%, 3/16/2025		12,000		16,680

Republic of Poland (Poland) 4.00%, 1/22/2024		7,000		7,710

Svensk Exportkredit AB (Sweden) 0.75%, 4/6/2023		200,000		202,030


Total Foreign Government Securities (Cost $928,427)				939,769

Asset-Backed Securities — 0.8%

Ally Auto Receivables Trust Series 2018-3, Class A4, 3.12%, 7/17/2023		10,000		10,225

American Express Credit Account Master Trust Series 2017-7, Class A, 2.35%, 5/15/2025		30,000		31,031

AmeriCredit Automobile Receivables Trust Series 2017-3, Class D, 3.18%, 7/18/2023		15,000		15,407

Capital One Multi-Asset Execution Trust Series 2019-A1, Class A1, 2.84%, 12/15/2024		30,000		30,751

Capital One Prime Auto Receivables Trust Series 2019-2, Class A4, 1.96%, 2/18/2025		32,000		32,962

CarMax Auto Owner Trust Series 2020-1, Class A3, 1.89%, 12/16/2024		30,000		30,688

Citibank Credit Card Issuance Trust Series 2018-A3, Class A3, 3.29%, 5/23/2025		33,000		35,164

Ford Credit Floorplan Master Owner Trust A

Series 2019-3, Class A1, 2.23%, 9/15/2024		40,000		41,171

Series 2018-2, Class A, 3.17%, 3/15/2025		15,000		15,841

Series 2019-2, Class A, 3.06%, 4/15/2026		8,000		8,598

GM Financial Consumer Automobile Receivables Trust

Series 2020-1, Class A3, 1.84%, 9/16/2024		10,000		10,170

Series 2020-2, Class A4, 1.74%, 8/18/2025		22,000		22,681

Honda Auto Receivables Owner Trust Series 2020-3, Class A3, 0.37%, 10/18/2024		59,000		59,076

Hyundai Auto Receivables Trust Series 2019-B, Class A3, 1.94%, 2/15/2024		22,000		22,346

Nissan Auto Lease Trust Series 2019-A, Class A3, 2.76%, 3/15/2022		3,528		3,543

Santander Drive Auto Receivables Trust Series 2020-1, Class B, 3.03%, 11/15/2024		16,000		16,500

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Synchrony Credit Card Master Note Trust Series 2018-2, Class A, 3.47%, 5/15/2026		15,000		16,012

Toyota Auto Receivables Owner Trust

Series 2019-D, Class A3, 1.92%, 1/16/2024		24,000		24,436

Series 2020-A, Class A3, 1.66%, 5/15/2024		26,000		26,461

World Omni Auto Receivables Trust Series 2018-D, Class B, 3.67%, 12/16/2024		15,000		15,743


Total Asset-Backed Securities (Cost $463,106)				468,806

Municipal Bonds — 0.2% (h)

California — 0.0% (e)

University of California, Taxable Series 2020BG, Rev., 0.88%, 5/15/2025		5,000		5,054


Florida — 0.1%

State Board of Administration Finance Corp. Series 2020A, Rev., 1.26%, 7/1/2025		45,000		45,407


Illinois — 0.0% (e)

State of Illinois, Taxable Pension GO, 4.95%, 6/1/2023		17,727		18,359


New Jersey — 0.1%

New Jersey Economic Development Authority, Pension Funding Series 1997B, Rev., AGM, Zero Coupon, 2/15/2024		60,000		58,816


Total Municipal Bonds (Cost $126,711)				127,636


	SHARES
Short-Term Investments — 1.0%
Investment Companies — 0.8%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (i) (j) (Cost $514,056)		514,056		514,056

Investment Of Cash Collateral From Securities Loaned — 0.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (i) (j) (Cost $104,878)		104,878		104,878


Total Short-Term Investments (Cost $618,934)				618,934


Total Investments — 100.1% (Cost $58,855,715)				59,703,753

Liabilities in Excess of Other Assets — (0.1)%				(49,347)


Net Assets — 100.0%				59,654,406

Percentages indicated are based on net assets.

Abbreviations


ACES		Alternative Credit Enhancement Securities
AGM		Insured by Assured Guaranty Municipal Corp.
FFCB		Federal Farm Credit Bank
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar

(a)		The security or a portion of this security is on loan at February 28, 2021. The total value of securities on loan at February 28, 2021 is $102,693.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021.
(d)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2021.
(e)		Amount rounds to less than 0.1% of net assets.
(f)		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.
(g)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021.
(h)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(i)		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.
(j)		The rate shown is the current yield as of February 28, 2021.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	43

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 37.7%

Aerospace & Defense — 1.0%

BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (a)		200,000		218,219

Boeing Co. (The)

1.17%, 2/4/2023		80,000		80,339

1.95%, 2/1/2024		18,000		18,452

1.43%, 2/4/2024		35,000		35,061

2.75%, 2/1/2026		20,000		20,715

2.20%, 2/4/2026		175,000		175,365

3.10%, 5/1/2026		15,000		15,768

2.70%, 2/1/2027		65,000		66,746

3.25%, 2/1/2028		205,000		215,157

3.60%, 5/1/2034		20,000		20,543

3.25%, 2/1/2035		20,000		19,676

Howmet Aerospace, Inc.

5.13%, 10/1/2024		142,000		154,411

5.95%, 2/1/2037		14,000		16,834

Moog, Inc. 4.25%, 12/15/2027 (a)		20,000		20,550

Precision Castparts Corp. 4.38%, 6/15/2045		54,000		64,206

Raytheon Technologies Corp.

3.50%, 3/15/2027		40,000		44,469

4.13%, 11/16/2028		135,000		155,651

Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (a)		105,000		111,069

TransDigm, Inc. 6.25%, 3/15/2026 (a)		25,000		26,347

Triumph Group, Inc.

6.25%, 9/15/2024 (a)		10,000		10,050

7.75%, 8/15/2025		16,000		15,520


				1,505,148


Air Freight & Logistics — 0.1%

XPO Logistics, Inc.

6.13%, 9/1/2023 (a)		40,000		40,650

6.75%, 8/15/2024 (a)		75,000		78,750


				119,400


Airlines — 0.0% (b)

Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		33,167		34,147

United Airlines Holdings, Inc.

5.00%, 2/1/2024		20,000		20,525

4.88%, 1/15/2025		16,000		16,393


				71,065


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Auto Components — 0.3%

Adient US LLC 7.00%, 5/15/2026 (a)		105,000		113,018

Allison Transmission, Inc. 3.75%, 1/30/2031 (a)		75,000		71,719

American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		73,000		75,197

BorgWarner, Inc. 5.00%, 10/1/2025 (a)		20,000		23,296

Cooper-Standard Automotive, Inc.

13.00%, 6/1/2024 (a)		5,000		5,738

5.63%, 11/15/2026 (a)		30,000		26,079

Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (a)		15,000		15,563

Dana, Inc. 5.38%, 11/15/2027		60,000		62,700

Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		19,000		19,411

Icahn Enterprises LP

6.38%, 12/15/2025		22,000		22,741

5.25%, 5/15/2027		60,000		63,000


				498,462


Automobiles — 0.3%

Ford Motor Co.

8.50%, 4/21/2023		70,000		78,225

9.00%, 4/22/2025		95,000		114,929

9.63%, 4/22/2030		65,000		91,955

General Motors Co.

6.13%, 10/1/2025		15,000		17,857

5.15%, 4/1/2038		35,000		41,852

Hyundai Capital America 1.80%, 1/10/2028 (a)		50,000		48,649


				393,467


Banks — 5.7%

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (c)		215,000		232,389

3.88%, 8/1/2025		203,000		227,035

(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (c)		235,000		248,542

(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (c)		40,000		44,257

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (c)		236,000		265,548

(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		170,000		190,493

(ICE LIBOR USD 3 Month + 1.37%), 3.59%, 7/21/2028 (c)		61,000		68,126

(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		169,000		186,392

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (c)		135,000		153,140

(SOFR + 1.37%), 1.92%, 10/24/2031 (c)		50,000		48,537

(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (c)		82,000		95,353

(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		150,000		145,421

(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 3/15/2050 (c)		86,000		102,539

Bank of Nova Scotia (The) (Canada)

1.63%, 5/1/2023		20,000		20,541

2.20%, 2/3/2025		12,000		12,542

BNP Paribas SA (France) 3.25%, 3/3/2023		35,000		37,113

Canadian Imperial Bank of Commerce (Canada)

(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (c)		49,000		50,521

3.10%, 4/2/2024		34,000		36,479

CIT Group, Inc. 5.25%, 3/7/2025		24,000		27,300

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (c)		160,000		172,547

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (c) (d) (e)		145,000		144,275

(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (c)		350,000		392,794

(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		30,000		33,396

(ICE LIBOR USD 3 Month + 1.19%), 4.07%, 4/23/2029 (c)		195,000		222,085

(SOFR + 1.42%), 2.98%, 11/5/2030 (c)		25,000		26,524

(SOFR + 3.91%), 4.41%, 3/31/2031 (c)		155,000		180,310

(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048 (c)		55,000		66,866

Citizens Financial Group, Inc. 2.50%, 2/6/2030		11,000		11,329

Comerica, Inc. 3.70%, 7/31/2023		28,000		30,111

HSBC Holdings plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023 (c)		400,000		411,852

(SOFR + 1.73%), 2.01%, 9/22/2028 (c)		200,000		200,944


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (c)		200,000		223,503

7.63%, 5/17/2032		143,000		202,971

6.10%, 1/14/2042		230,000		331,356

KeyCorp 2.25%, 4/6/2027		57,000		59,700

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.67%, 7/25/2022		70,000		72,263

3.78%, 3/2/2025		69,000		75,971

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		16,000		16,648

Natwest Group plc (United Kingdom) 3.88%, 9/12/2023		200,000		215,854

PNC Financial Services Group, Inc. (The) 2.55%, 1/22/2030		99,000		103,981

Royal Bank of Canada (Canada) 4.65%, 1/27/2026		45,000		52,194

Societe Generale SA (France)

4.25%, 4/14/2025 (a)		200,000		218,553

4.00%, 1/12/2027 (a)		200,000		222,622

Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (a) (c)		200,000		199,780

Sumitomo Mitsui Financial Group, Inc. (Japan) 3.75%, 7/19/2023		53,000		57,149

Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.05%, 9/12/2025 (a)		60,000		59,612

Toronto-Dominion Bank (The) (Canada)

3.25%, 3/11/2024		33,000		35,634

2.65%, 6/12/2024		81,000		86,427

Truist Bank 4.05%, 11/3/2025		60,000		68,005

Truist Financial Corp. 2.85%, 10/26/2024		114,000		122,743

US Bancorp 3.00%, 7/30/2029		97,000		104,591

Wells Fargo & Co.

3.55%, 9/29/2025		77,000		84,993

(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (c)		163,000		169,501

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (c) (d) (e)		155,000		154,403

3.00%, 10/23/2026		285,000		309,228

(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		185,000		201,349

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (c)		501,000		554,767

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	45

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031 (c)		105,000		108,691

(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		30,000		30,791

4.90%, 11/17/2045		25,000		30,983

4.75%, 12/7/2046		45,000		55,361

Westpac Banking Corp. (Australia)

3.65%, 5/15/2023		77,000		82,563

2.85%, 5/13/2026		25,000		27,122


				8,424,610


Beverages — 0.6%

Anheuser-Busch Cos. LLC (Belgium)

4.70%, 2/1/2036		105,000		126,060

4.90%, 2/1/2046		65,000		78,181

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.75%, 1/23/2029		205,000		242,480

4.38%, 4/15/2038		45,000		52,338

Coca-Cola Femsa SAB de CV (Mexico) 2.75%, 1/22/2030		150,000		153,750

Keurig Dr Pepper, Inc.

3.40%, 11/15/2025		38,000		41,749

4.60%, 5/25/2028		50,000		59,044

PepsiCo, Inc. 4.25%, 10/22/2044		72,000		88,558


				842,160


Biotechnology — 1.2%

AbbVie, Inc.

2.60%, 11/21/2024		300,000		318,972

2.95%, 11/21/2026		138,000		149,196

3.20%, 11/21/2029		156,000		168,654

4.05%, 11/21/2039		184,000		211,313

4.63%, 10/1/2042		75,000		91,447

Amgen, Inc.

2.20%, 2/21/2027		14,000		14,612

2.30%, 2/25/2031		150,000		151,154

3.15%, 2/21/2040		27,000		27,877

Biogen, Inc. 2.25%, 5/1/2030		80,000		80,076

Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)		50,000		50,703

Gilead Sciences, Inc.

2.95%, 3/1/2027		195,000		211,094

1.65%, 10/1/2030		133,000		127,887

2.60%, 10/1/2040		50,000		47,371

2.80%, 10/1/2050		50,000		46,163


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Biotechnology — continued

Regeneron Pharmaceuticals, Inc. 2.80%, 9/15/2050		50,000		44,560


				1,741,079


Building Products — 0.2%

American Woodmark Corp. 4.88%, 3/15/2026 (a)		20,000		20,370

Griffon Corp. 5.75%, 3/1/2028		50,000		52,500

Standard Industries, Inc.

5.00%, 2/15/2027 (a)		20,000		20,650

4.75%, 1/15/2028 (a)		100,000		103,750

Summit Materials LLC 5.13%, 6/1/2025 (a)		25,000		25,375


				222,645


Capital Markets — 2.8%

Ameriprise Financial, Inc. 4.00%, 10/15/2023		47,000		51,402

Bank of New York Mellon Corp. (The)

3.50%, 4/28/2023		42,000		44,862

2.10%, 10/24/2024		30,000		31,664

Charles Schwab Corp. (The)

0.90%, 3/11/2026		30,000		29,827

Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (c) (d) (e)		140,000		140,525

Credit Suisse Group AG (Switzerland) (SOFR + 3.73%), 4.19%, 4/1/2031 (a) (c)		250,000		284,937

Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		53,000		79,156

Goldman Sachs Group, Inc. (The)

(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		243,000		250,378

3.63%, 2/20/2024		60,000		65,039

3.50%, 4/1/2025		280,000		306,236

(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		201,000		217,943

3.50%, 11/16/2026		211,000		232,391

3.85%, 1/26/2027		135,000		150,746

(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		220,000		247,139

Morgan Stanley

(SOFR + 1.15%), 2.72%, 7/22/2025 (c)		180,000		191,365

3.88%, 1/27/2026		170,000		191,383

3.13%, 7/27/2026		130,000		142,108

3.63%, 1/20/2027		190,000		213,158

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Capital Markets — continued

(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (c)		330,000		368,778

(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030 (c)		123,000		144,036

(SOFR + 1.14%), 2.70%, 1/22/2031 (c)		70,000		72,752

4.38%, 1/22/2047		72,000		89,480

(SOFR + 1.43%), 2.80%, 1/25/2052 (c)		100,000		95,203

Northern Trust Corp. 3.95%, 10/30/2025		60,000		67,895

S&P Global, Inc. 3.25%, 12/1/2049		73,000		76,807

TD Ameritrade Holding Corp. 2.75%, 10/1/2029		46,000		48,933

UBS Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (c)		200,000		215,499


				4,049,642


Chemicals — 0.5%

CF Industries, Inc. 4.95%, 6/1/2043		30,000		35,329

Chemours Co. (The)

7.00%, 5/15/2025		22,000		22,679

5.75%, 11/15/2028 (a)		35,000		35,875

CVR Partners LP 9.25%, 6/15/2023 (a)		15,000		15,231

Dow Chemical Co. (The) 3.50%, 10/1/2024		24,000		26,096

Ecolab, Inc. 3.25%, 12/1/2027		52,000		57,951

NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027 (a)		30,000		31,275

Nutrien Ltd. (Canada) 2.95%, 5/13/2030		20,000		21,313

Nutrition & Biosciences, Inc.

1.83%, 10/15/2027 (a)		36,000		36,165

3.27%, 11/15/2040 (a)		25,000		25,760

3.47%, 12/1/2050 (a)		13,000		13,275

Olin Corp. 5.13%, 9/15/2027		13,000		13,480

Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		375,000		397,631

Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		10,000		10,141


				742,201


Commercial Services & Supplies — 0.5%

ACCO Brands Corp.5.25%, 12/15/2024 (a)		23,000		23,575

ADT Security Corp. (The)

4.13%, 6/15/2023		26,000		27,091

4.88%, 7/15/2032 (a)		20,000		21,175


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Services & Supplies — continued

Aramark Services, Inc. 4.75%, 6/1/2026		25,000		25,375

Brink’s Co. (The) 4.63%, 10/15/2027 (a)		25,000		25,763

GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025 (a)		105,000		107,231

Nielsen Finance LLC

5.00%, 4/15/2022 (a)		9,000		9,023

5.63%, 10/1/2028 (a)		80,000		84,288

Prime Security Services Borrower LLC

5.25%, 4/15/2024 (a)		25,000		26,656

5.75%, 4/15/2026 (a)		42,000		45,255

Republic Services, Inc. 1.45%, 2/15/2031		30,000		28,206

Stericycle, Inc. 3.88%, 1/15/2029 (a)		245,000		246,752


				670,390


Communications Equipment — 0.1%

CommScope, Inc. 6.00%, 3/1/2026 (a)		172,000		180,815

Nokia OYJ (Finland) 4.38%, 6/12/2027		13,000		14,040

Plantronics, Inc. 5.50%, 5/31/2023 (a)		20,000		20,118


				214,973


Construction & Engineering — 0.1%

AECOM 5.13%, 3/15/2027		18,000		19,665

MasTec, Inc. 4.50%, 8/15/2028 (a)		75,000		78,390

Weekley Homes LLC 4.88%, 9/15/2028 (a)		20,000		20,900


				118,955


Consumer Finance — 1.1%

AerCap Ireland Capital DAC (Ireland) 3.15%, 2/15/2024		150,000		157,516

Ally Financial, Inc.

5.75%, 11/20/2025		64,000		73,345

8.00%, 11/1/2031		37,000		52,982

Avolon Holdings Funding Ltd. (Ireland)

5.50%, 1/15/2023 (a)		17,000		18,054

5.25%, 5/15/2024 (a)		80,000		87,107

2.13%, 2/21/2026 (a)		75,000		72,308

4.25%, 4/15/2026 (a)		25,000		26,423

Capital One Financial Corp. 3.20%, 1/30/2023		79,000		82,985

Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		8,000		8,060

Ford Motor Credit Co. LLC 4.39%, 1/8/2026		200,000		211,186

General Motors Financial Co., Inc. 3.60%, 6/21/2030		60,000		64,848

Hyundai Capital Services, Inc. (South Korea) 1.25%, 2/8/2026 (a)		200,000		196,525

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Consumer Finance — continued

John Deere Capital Corp. 2.65%, 6/10/2026		119,000		128,432

Navient Corp.

6.13%, 3/25/2024		50,000		52,719

5.88%, 10/25/2024		20,000		21,050

OneMain Finance Corp.

7.13%, 3/15/2026		59,000		68,145

6.63%, 1/15/2028		95,000		108,034

Park Aerospace Holdings Ltd. (Ireland)

5.25%, 8/15/2022 (a)		65,000		67,953

4.50%, 3/15/2023 (a)		5,000		5,229

5.50%, 2/15/2024 (a)		55,000		59,865


				1,562,766


Containers & Packaging — 0.4%

Ardagh Packaging Finance plc 5.25%, 4/30/2025 (a)		200,000		211,000

Ball Corp. 5.25%, 7/1/2025		20,000		22,500

Berry Global, Inc. 4.88%, 7/15/2026 (a)		55,000		58,735

Crown Americas LLC 4.25%, 9/30/2026		13,000		14,008

Greif, Inc. 6.50%, 3/1/2027 (a)		25,000		26,250

LABL Escrow Issuer LLC 6.75%, 7/15/2026 (a)		50,000		53,625

Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a)		110,000		110,550

Reynolds Group Issuer, Inc. 4.00%, 10/15/2027 (a)		45,000		44,859

Sealed Air Corp. 5.50%, 9/15/2025 (a)		12,000		13,320


				554,847


Distributors — 0.0% (b)

Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		11,000		11,551

Wolverine Escrow LLC 9.00%, 11/15/2026 (a)		20,000		19,700


				31,251


Diversified Consumer Services — 0.1%

Service Corp. International 5.13%, 6/1/2029		105,000		113,466


Diversified Financial Services — 0.5%

AIG Global Funding 1.90%, 10/6/2021 (a)		33,000		33,324

GE Capital Funding LLC 4.05%, 5/15/2027 (a)		200,000		225,564

National Rural Utilities Cooperative Finance Corp.

3.40%, 2/7/2028		76,000		84,724

4.40%, 11/1/2048		61,000		76,413


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Financial Services — continued

ORIX Corp. (Japan) 4.05%, 1/16/2024		62,000		67,580

Sabre GLBL, Inc. 9.25%, 4/15/2025 (a)		50,000		59,312

Shell International Finance BV (Netherlands)

3.63%, 8/21/2042		50,000		54,185

3.75%, 9/12/2046		41,000		44,883

3.13%, 11/7/2049		25,000		24,797

3.25%, 4/6/2050		52,000		52,610


				723,392


Diversified Telecommunication Services — 1.9%

AT&T, Inc.

1.65%, 2/1/2028		160,000		157,217

2.25%, 2/1/2032		150,000		144,022

3.10%, 2/1/2043		70,000		65,716

3.50%, 9/15/2053 (a)		120,000		110,079

3.55%, 9/15/2055 (a)		73,000		67,024

CCO Holdings LLC

5.75%, 2/15/2026 (a)		114,000		117,825

5.13%, 5/1/2027 (a)		25,000		26,190

5.88%, 5/1/2027 (a)		30,000		31,050

5.00%, 2/1/2028 (a)		340,000		356,150

4.75%, 3/1/2030 (a)		75,000		78,277

Cincinnati Bell, Inc.

7.00%, 7/15/2024 (a)		20,000		20,800

8.00%, 10/15/2025 (a)		9,000		9,585

Embarq Corp. 8.00%, 6/1/2036		13,000		15,454

Frontier Communications Corp. 5.88%, 10/15/2027 (a)		65,000		69,550

Intelsat Jackson Holdings SA (Luxembourg)

8.00%, 2/15/2024 (a) (f) (g)		15,000		15,487

8.50%, 10/15/2024 (a) (g)		28,000		18,200

Level 3 Financing, Inc.

5.38%, 5/1/2025		20,000		20,520

5.25%, 3/15/2026		54,000		55,577

Lumen Technologies, Inc.

Series T, 5.80%, 3/15/2022		12,000		12,440

5.63%, 4/1/2025		17,000		18,210

5.13%, 12/15/2026 (a)		60,000		62,550

4.00%, 2/15/2027 (a)		150,000		153,330

Series G, 6.88%, 1/15/2028		3,000		3,384

Qwest Corp. 6.75%, 12/1/2021		25,000		25,969

Sprint Capital Corp. 8.75%, 3/15/2032		175,000		260,400

Switch Ltd. 3.75%, 9/15/2028 (a)		45,000		45,844

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Diversified Telecommunication Services — continued

Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034		24,000		27,602

Verizon Communications, Inc.

4.02%, 12/3/2029		54,000		61,892

4.50%, 8/10/2033		110,000		131,189

2.65%, 11/20/2040		145,000		135,504

3.85%, 11/1/2042		125,000		137,358

4.67%, 3/15/2055		49,000		59,462

Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a)		200,000		214,364


				2,728,221


Electric Utilities — 1.8%

Commonwealth Edison Co. 3.70%, 8/15/2028		100,000		114,728

Connecticut Light and Power Co. (The) 4.00%, 4/1/2048		46,000		55,550

Duke Energy Carolinas LLC 3.20%, 8/15/2049		64,000		65,990

Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		55,000		56,457

Duquesne Light Holdings, Inc. 2.53%, 10/1/2030 (a)		48,000		47,847

Edison International 5.75%, 6/15/2027		75,000		88,320

Entergy Arkansas LLC

4.00%, 6/1/2028		13,000		14,853

2.65%, 6/15/2051		14,000		12,995

Entergy Louisiana LLC

2.40%, 10/1/2026		69,000		73,272

1.60%, 12/15/2030		10,000		9,712

3.05%, 6/1/2031		175,000		190,524

Indiana Michigan Power Co. Series K, 4.55%, 3/15/2046		50,000		61,606

Kentucky Utilities Co. 5.13%, 11/1/2040		74,000		95,151

MidAmerican Energy Co. 3.65%, 4/15/2029		46,000		52,862

Monongahela Power Co. 4.10%, 4/15/2024 (a)		100,000		107,437

NextEra Energy Capital Holdings, Inc.

2.75%, 11/1/2029		70,000		73,387

2.25%, 6/1/2030		106,000		107,010

NRG Energy, Inc.

6.63%, 1/15/2027		59,000		61,353

5.75%, 1/15/2028		65,000		69,062

Ohio Power Co. Series P, 2.60%, 4/1/2030		50,000		52,594


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electric Utilities — continued

Pacific Gas and Electric Co.

(ICE LIBOR USD 3 Month + 1.38%), 1.57%, 11/15/2021 (c)		30,000		30,073

3.45%, 7/1/2025		17,000		18,265

2.95%, 3/1/2026		10,000		10,486

3.30%, 3/15/2027		120,000		127,762

4.65%, 8/1/2028		100,000		111,769

4.25%, 3/15/2046		78,000		78,326

PG&E Corp. 5.00%, 7/1/2028		40,000		42,050

Public Service Electric and Gas Co. 3.00%, 5/15/2027		50,000		54,621

Southern California Edison Co.

Series C, 3.60%, 2/1/2045		35,000		35,509

Series C, 4.13%, 3/1/2048		88,000		96,757

Series 20A, 2.95%, 2/1/2051		80,000		73,291

Southwestern Public Service Co.

3.30%, 6/15/2024		29,000		31,097

4.50%, 8/15/2041		74,000		89,574

Tucson Electric Power Co. 4.85%, 12/1/2048		72,000		89,474

Vistra Operations Co. LLC

5.50%, 9/1/2026 (a)		65,000		67,437

5.00%, 7/31/2027 (a)		55,000		57,544

4.30%, 7/15/2029 (a)		90,000		100,254

Wisconsin Public Service Corp. 4.75%, 11/1/2044		69,000		87,245


				2,612,244


Electrical Equipment — 0.1%

Eaton Corp. 4.00%, 11/2/2032		50,000		58,711

EnerSys 5.00%, 4/30/2023 (a)		26,000		27,253

Sensata Technologies BV 5.00%, 10/1/2025 (a)		40,000		43,888


				129,852


Electronic Equipment, Instruments & Components — 0.0% (b)

CDW LLC 4.25%, 4/1/2028		30,000		31,131

Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)		40,000		42,650


				73,781


Energy Equipment & Services — 0.3%

Baker Hughes a GE Co. LLC

4.49%, 5/1/2030		66,000		77,642

4.08%, 12/15/2047		30,000		32,901

Nabors Industries, Inc. 5.75%, 2/1/2025		15,000		11,906

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Energy Equipment & Services — continued

Oceaneering International, Inc. 4.65%, 11/15/2024		40,000		39,850

Schlumberger Finance Canada Ltd. 1.40%, 9/17/2025		110,000		110,840

Schlumberger Holdings Corp. 3.90%, 5/17/2028 (a)		103,000		115,237

Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		15,950		15,232


				403,608


Entertainment — 0.4%

Cinemark USA, Inc. 4.88%, 6/1/2023		15,000		14,846

Live Nation Entertainment, Inc.

5.63%, 3/15/2026 (a)		2,000		2,050

6.50%, 5/15/2027 (a)		10,000		11,038

4.75%, 10/15/2027 (a)		40,000		40,408

Netflix, Inc.

4.88%, 4/15/2028		100,000		113,845

5.88%, 11/15/2028		35,000		41,989

4.88%, 6/15/2030 (a)		55,000		63,250

Walt Disney Co. (The)

2.00%, 9/1/2029		50,000		50,629

3.80%, 3/22/2030		90,000		103,060

WMG Acquisition Corp. 3.88%, 7/15/2030 (a)		100,000		102,258


				543,373


Equity Real Estate Investment Trusts (REITs) — 1.0%

Alexandria Real Estate Equities, Inc. 1.88%, 2/1/2033		53,000		49,957

American Tower Corp. 2.10%, 6/15/2030		255,000		250,068

AvalonBay Communities, Inc. 3.35%, 5/15/2027		32,000		35,346

Corporate Office Properties LP 2.25%, 3/15/2026		94,000		96,393

Crown Castle International Corp. 3.25%, 1/15/2051		50,000		47,904

Duke Realty LP 1.75%, 7/1/2030		49,000		47,707

ERP Operating LP 3.25%, 8/1/2027		31,000		34,064

ESH Hospitality, Inc. 4.63%, 10/1/2027 (a)		25,000		25,391

GLP Capital LP 4.00%, 1/15/2030		10,000		10,633

Healthcare Trust of America Holdings LP 3.75%, 7/1/2027		48,000		54,256

Healthpeak Properties, Inc. 3.00%, 1/15/2030		37,000		39,292

Life Storage LP 2.20%, 10/15/2030		88,000		86,520


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Equity Real Estate Investment Trusts (REITs) — continued

MGM Growth Properties Operating Partnership LP

5.63%, 5/1/2024		67,000		72,360

4.50%, 9/1/2026		35,000		37,100

National Retail Properties, Inc. 3.60%, 12/15/2026		39,000		42,917

Prologis LP 2.13%, 10/15/2050		95,000		80,186

Realty Income Corp.

4.13%, 10/15/2026		44,000		50,507

3.25%, 1/15/2031		9,000		9,790

RHP Hotel Properties LP 4.75%, 10/15/2027		25,000		25,353

SBA Communications Corp. 3.13%, 2/1/2029 (a)		75,000		72,955

Simon Property Group LP

3.50%, 9/1/2025		73,000		79,558

3.25%, 9/13/2049		31,000		29,761

VICI Properties LP

3.50%, 2/15/2025 (a)		90,000		91,238

4.25%, 12/1/2026 (a)		30,000		30,942

4.63%, 12/1/2029 (a)		20,000		20,994

WP Carey, Inc. 2.25%, 4/1/2033		45,000		43,815


				1,465,007


Food & Staples Retailing — 0.3%

7-Eleven, Inc.

0.95%, 2/10/2026 (a)		15,000		14,772

1.30%, 2/10/2028 (a)		12,000		11,692

2.50%, 2/10/2041 (a)		14,000		12,913

Albertsons Cos., Inc.

5.75%, 3/15/2025		10,000		10,313

4.63%, 1/15/2027 (a)		160,000		165,634

4.88%, 2/15/2030 (a)		20,000		20,704

Sysco Corp.

2.40%, 2/15/2030		30,000		30,563

5.95%, 4/1/2030		90,000		115,306

3.30%, 2/15/2050		110,000		108,653

Walmart, Inc. 3.63%, 12/15/2047		15,000		17,280


				507,830


Food Products — 0.4%

Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)		50,000		52,625

Kraft Heinz Foods Co.

3.00%, 6/1/2026		25,000		26,532

4.63%, 1/30/2029		35,000		40,549

5.00%, 6/4/2042		50,000		58,812

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Food Products — continued

Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (a)		65,000		67,356

Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		64,000		72,306

Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (a)		16,000		16,317

Post Holdings, Inc.

5.75%, 3/1/2027 (a)		75,000		78,536

5.50%, 12/15/2029 (a)		25,000		26,907

4.63%, 4/15/2030 (a)		30,000		30,450

Tyson Foods, Inc. 4.35%, 3/1/2029		59,000		68,698


				539,088


Gas Utilities — 0.1%

AmeriGas Partners LP

5.50%, 5/20/2025		23,000		25,178

5.88%, 8/20/2026		10,000		11,275

Atmos Energy Corp. 5.50%, 6/15/2041		52,000		69,923

Boston Gas Co. 3.00%, 8/1/2029 (a)		37,000		39,721

Brooklyn Union Gas Co. (The) 3.87%, 3/4/2029 (a)		10,000		11,265

Southern California Gas Co. Series XX, 2.55%, 2/1/2030		33,000		34,337


				191,699


Health Care Equipment & Supplies — 0.3%

Abbott Laboratories 1.15%, 1/30/2028		20,000		19,495

Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		110,000		114,677

Becton Dickinson and Co. 3.70%, 6/6/2027		110,000		123,321

Boston Scientific Corp. 4.70%, 3/1/2049		63,000		79,332

Hologic, Inc. 3.25%, 2/15/2029 (a)		30,000		29,942

Teleflex, Inc. 4.63%, 11/15/2027		20,000		21,075


				387,842


Health Care Providers & Services — 1.9%

Centene Corp.

5.38%, 6/1/2026 (a)		54,000		56,424

4.63%, 12/15/2029		240,000		258,960

Cigna Corp. 3.40%, 3/15/2050		60,000		61,149

CommonSpirit Health

1.55%, 10/1/2025		13,000		13,156

2.78%, 10/1/2030		13,000		13,544

3.91%, 10/1/2050		15,000		15,833

Community Health Systems, Inc. 5.63%, 3/15/2027 (a)		75,000		78,989


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Providers & Services — continued

CVS Health Corp.

2.88%, 6/1/2026		10,000		10,771

4.30%, 3/25/2028		235,000		270,508

1.88%, 2/28/2031		75,000		72,488

4.78%, 3/25/2038		50,000		60,941

2.70%, 8/21/2040		50,000		47,472

DaVita, Inc. 4.63%, 6/1/2030 (a)		125,000		127,187

Encompass Health Corp. 4.50%, 2/1/2028		85,000		88,367

Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		20,000		14,300

HCA, Inc.

5.38%, 9/1/2026		155,000		176,908

4.50%, 2/15/2027		210,000		240,043

5.63%, 9/1/2028		245,000		284,813

5.88%, 2/1/2029		25,000		29,471

3.50%, 9/1/2030		25,000		26,012

5.50%, 6/15/2047		25,000		31,945

MidMichigan Health Series 2020, 3.41%, 6/1/2050		10,000		10,362

MultiCare Health System 2.80%, 8/15/2050		10,000		9,468

New York and Presbyterian Hospital (The) 2.61%, 8/1/2060		5,000		4,517

Rush Obligated Group Series 2020, 3.92%, 11/15/2029		50,000		57,264

Tenet Healthcare Corp.

4.63%, 9/1/2024 (a)		140,000		143,500

4.88%, 1/1/2026 (a)		125,000		129,211

5.13%, 11/1/2027 (a)		10,000		10,482

UnitedHealth Group, Inc.

3.38%, 4/15/2027		91,000		101,762

2.75%, 5/15/2040		82,000		82,353

4.63%, 11/15/2041		132,000		166,358

Universal Health Services, Inc. 2.65%, 10/15/2030 (a)		75,000		74,157


				2,768,715


Hotels, Restaurants & Leisure — 0.6%

1011778 BC ULC (Canada)

5.75%, 4/15/2025 (a)		50,000		53,312

3.88%, 1/15/2028 (a)		17,000		17,257

Boyne USA, Inc. 7.25%, 5/1/2025 (a)		19,000		19,764

Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)		75,000		78,750

Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		14,000		14,280

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Hotels, Restaurants & Leisure — continued

Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		7,000		7,903

Hilton Domestic Operating Co., Inc. 5.38%, 5/1/2025 (a)		25,000		26,294

Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		20,000		20,850

Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		20,000		20,809

McDonald’s Corp. 3.63%, 9/1/2049		35,000		37,511

MGM Resorts International 5.50%, 4/15/2027		41,000		44,473

Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		26,000		26,740

Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)		90,000		97,023

Starbucks Corp. 3.35%, 3/12/2050		50,000		50,293

Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		85,000		89,159

Station Casinos LLC 5.00%, 10/1/2025 (a)		13,000		13,107

Travel + Leisure Co. 5.65%, 4/1/2024 (f)		25,000		26,625

Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		70,000		74,753

Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)		75,000		79,500

Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)		15,000		15,787

Yum! Brands, Inc. 7.75%, 4/1/2025 (a)		35,000		38,405


				852,595


Household Durables — 0.2%

Lennar Corp.

4.75%, 11/15/2022 (f)		20,000		21,000

4.88%, 12/15/2023		25,000		27,400

4.50%, 4/30/2024		6,000		6,575

4.75%, 5/30/2025		30,000		33,675

5.25%, 6/1/2026		20,000		23,274

Newell Brands, Inc.

4.70%, 4/1/2026 (f)		55,000		60,991

5.87%, 4/1/2036 (f)		50,000		62,250

Tempur Sealy International, Inc. 5.50%, 6/15/2026		80,000		82,751

Toll Brothers Finance Corp. 4.88%, 11/15/2025		13,000		14,658


				332,574


Household Products — 0.2%

Central Garden & Pet Co. 5.13%, 2/1/2028		95,000		100,581


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Household Products — continued

Energizer Holdings, Inc. 4.38%, 3/31/2029 (a)		105,000		104,738

Kimberly-Clark Corp. 3.20%, 4/25/2029		39,000		43,463

Spectrum Brands, Inc. 5.75%, 7/15/2025		70,000		72,100


				320,882


Independent Power and Renewable Electricity Producers — 0.1%

Calpine Corp.

5.25%, 6/1/2026 (a)		47,000		48,351

5.13%, 3/15/2028 (a)		55,000		55,275

Exelon Generation Co. LLC 3.25%, 6/1/2025		37,000		39,707


				143,333


Industrial Conglomerates — 0.0% (b)

General Electric Co. 4.13%, 10/9/2042		40,000		44,141


Insurance — 0.6%

Aflac, Inc. 3.25%, 3/17/2025		21,000		22,810

Allstate Corp. (The) 5.35%, 6/1/2033		23,000		30,438

Athene Global Funding

0.95%, 1/8/2024 (a)		30,000		30,058

1.45%, 1/8/2026 (a)		20,000		19,915

2.95%, 11/12/2026 (a)		44,000		46,821

Berkshire Hathaway Finance Corp.

4.25%, 1/15/2049		29,000		35,156

2.85%, 10/15/2050		60,000		58,324

Jackson National Life Global Funding 2.50%, 6/27/2022 (a)		47,000		48,309

Lincoln National Corp. 3.35%, 3/9/2025		30,000		32,830

Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		42,000		48,001

MetLife, Inc. 4.13%, 8/13/2042		79,000		94,725

New York Life Global Funding 3.00%, 1/10/2028 (a)		51,000		55,370

New York Life Insurance Co. 3.75%, 5/15/2050 (a)		60,000		66,689

Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		27,000		30,510

Principal Financial Group, Inc. 3.70%, 5/15/2029		45,000		50,743

Progressive Corp. (The) 4.35%, 4/25/2044		42,000		51,863

Prudential Financial, Inc.

3.88%, 3/27/2028		50,000		57,941

3.91%, 12/7/2047		20,000		22,797

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Insurance — continued

Travelers Cos., Inc. (The) 5.35%, 11/1/2040		46,000		63,084


				866,384


Internet & Direct Marketing Retail — 0.2%

Amazon.com, Inc.

3.15%, 8/22/2027		201,000		222,791

2.70%, 6/3/2060		40,000		36,907

Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		13,000		13,945


				273,643


IT Services — 0.1%

Gartner, Inc. 3.75%, 10/1/2030 (a)		40,000		40,500

Global Payments, Inc. 2.90%, 5/15/2030		40,000		41,774

International Business Machines Corp. 5.60%, 11/30/2039		66,000		90,938

Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)		20,000		20,850


				194,062


Leisure Products — 0.1%

Mattel, Inc.

6.75%, 12/31/2025 (a)		53,000		55,692

5.88%, 12/15/2027 (a)		65,000		70,761


				126,453


Life Sciences Tools & Services — 0.1%

Thermo Fisher Scientific, Inc. 2.60%, 10/1/2029		91,000		95,608


Machinery — 0.3%

Amsted Industries, Inc. 5.63%, 7/1/2027 (a)		65,000		68,900

Caterpillar, Inc. 4.30%, 5/15/2044		78,000		96,877

Colfax Corp. 6.00%, 2/15/2024 (a)		5,000		5,156

Parker-Hannifin Corp. 3.25%, 3/1/2027		92,000		101,892

Tennant Co. 5.63%, 5/1/2025		10,000		10,325

Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		200,000		208,500


				491,650


Media — 2.4%

Altice Financing SA (Luxembourg) 7.50%, 5/15/2026 (a)		200,000		209,020

AMC Networks, Inc. 5.00%, 4/1/2024		4,000		4,050

Charter Communications Operating LLC

6.38%, 10/23/2035		50,000		66,375

3.50%, 6/1/2041		75,000		72,525


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Media — continued

4.80%, 3/1/2050		85,000		93,473

3.70%, 4/1/2051		56,000		53,262

Clear Channel Worldwide Holdings, Inc.

9.25%, 2/15/2024		30,000		31,238

5.13%, 8/15/2027 (a)		97,000		98,552

Comcast Corp.

2.35%, 1/15/2027		130,000		136,684

4.25%, 10/15/2030		94,000		110,762

1.95%, 1/15/2031		207,000		203,800

3.90%, 3/1/2038		95,000		109,855

3.25%, 11/1/2039		133,000		141,621

4.75%, 3/1/2044		222,000		282,172

3.40%, 7/15/2046		15,000		15,788

4.00%, 3/1/2048		45,000		51,346

2.45%, 8/15/2052		105,000		91,732

2.65%, 8/15/2062		65,000		57,374

Cox Communications, Inc.

1.80%, 10/1/2030 (a)		65,000		62,148

2.95%, 10/1/2050 (a)		25,000		23,069

CSC Holdings LLC 5.50%, 4/15/2027 (a)		200,000		210,440

Diamond Sports Group LLC 5.38%, 8/15/2026 (a)		35,000		24,752

Discovery Communications LLC 4.00%, 9/15/2055 (a)		35,000		35,848

DISH DBS Corp.

6.75%, 6/1/2021		20,000		20,225

5.88%, 11/15/2024		146,000		152,775

7.75%, 7/1/2026		115,000		126,558

iHeartCommunications, Inc.

6.38%, 5/1/2026		25,000		26,452

8.38%, 5/1/2027		25,000		26,510

5.25%, 8/15/2027 (a)		75,000		76,875

Lamar Media Corp.

3.75%, 2/15/2028		40,000		40,500

4.00%, 2/15/2030		35,000		35,700

Meredith Corp. 6.50%, 7/1/2025 (a)		85,000		90,525

Midcontinent Communications 5.38%, 8/15/2027 (a)		15,000		15,825

Nexstar Broadcasting, Inc. 5.63%, 7/15/2027 (a)		40,000		42,250

Outfront Media Capital LLC 5.00%, 8/15/2027 (a)		21,000		21,341

Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)		70,000		68,749

Sinclair Television Group, Inc. 4.13%, 12/1/2030 (a)		65,000		63,476

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Media — continued

Sirius XM Radio, Inc.

5.38%, 7/15/2026 (a)		30,000		30,984

5.00%, 8/1/2027 (a)		110,000		114,540

5.50%, 7/1/2029 (a)		65,000		70,343

TEGNA, Inc. 5.00%, 9/15/2029		25,000		26,051

ViacomCBS, Inc.

4.20%, 5/19/2032		137,000		157,598

5.85%, 9/1/2043		5,000		6,633

(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (c)		18,000		18,360

Videotron Ltd. (Canada)

5.38%, 6/15/2024 (a)		37,000		40,330

5.13%, 4/15/2027 (a)		25,000		26,094


				3,484,580


Metals & Mining — 0.6%

Alcoa Nederland Holding BV 5.50%, 12/15/2027 (a)		200,000		212,000

Allegheny Technologies, Inc. 5.88%, 12/1/2027		60,000		63,375

Arconic Corp.

6.00%, 5/15/2025 (a)		40,000		42,500

6.13%, 2/15/2028 (a)		35,000		36,937

Cleveland-Cliffs, Inc. 6.75%, 3/15/2026 (a)		90,000		96,412

Commercial Metals Co. 4.88%, 5/15/2023		28,000		29,470

Freeport-McMoRan, Inc.

5.00%, 9/1/2027		45,000		48,128

5.45%, 3/15/2043		95,000		118,038

Glencore Funding LLC (Australia)

1.63%, 9/1/2025 (a)		24,000		24,321

2.50%, 9/1/2030 (a)		37,000		36,637

Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		85,000		88,734

Rio Tinto Finance USA Ltd. (Australia) 7.13%, 7/15/2028		59,000		81,452

United States Steel Corp. 12.00%, 6/1/2025 (a)		20,000		24,021


				902,025


Multiline Retail — 0.0% (b)

Kohl’s Corp. 9.50%, 5/15/2025		7,000		9,040


Multi-Utilities — 0.3%

Ameren Corp. 3.50%, 1/15/2031		26,000		28,895

Berkshire Hathaway Energy Co.

1.65%, 5/15/2031 (a)		80,000		76,763

5.15%, 11/15/2043		94,000		122,614

2.85%, 5/15/2051 (a)		40,000		37,515


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Multi-Utilities — continued

Consolidated Edison Co. of New York, Inc. Series A, 4.13%, 5/15/2049		41,000		46,683

Puget Sound Energy, Inc. 5.76%, 7/15/2040		90,000		122,486


				434,956


Oil, Gas & Consumable Fuels — 2.7%

Antero Midstream Partners LP 7.88%, 5/15/2026 (a)		80,000		87,050

Antero Resources Corp. 5.63%, 6/1/2023		35,000		35,042

Apache Corp. 3.25%, 4/15/2022		65,000		65,162

BP Capital Markets America, Inc.

3.02%, 1/16/2027		106,000		114,144

3.94%, 9/21/2028		20,000		22,741

4.23%, 11/6/2028		265,000		307,739

3.00%, 2/24/2050		99,000		92,014

2.77%, 11/10/2050		55,000		48,631

2.94%, 6/4/2051		15,000		13,710

BP Capital Markets plc (United Kingdom)

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (c) (d) (e)		85,000		89,613

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (c) (d) (e)		155,000		166,392

Buckeye Partners LP

3.95%, 12/1/2026		10,000		9,925

4.13%, 12/1/2027		45,000		45,183

Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		50,000		56,612

Cheniere Corpus Christi Holdings LLC

5.88%, 3/31/2025		65,000		74,893

5.13%, 6/30/2027		75,000		87,556

Cheniere Energy Partners LP

5.25%, 10/1/2025		22,000		22,612

5.63%, 10/1/2026		55,000		57,150

Chevron Corp.

2.00%, 5/11/2027		21,000		21,785

2.24%, 5/11/2030		23,000		23,533

2.98%, 5/11/2040		21,000		21,573

Chevron USA, Inc. 3.85%, 1/15/2028		120,000		137,006

2.34%, 8/12/2050		70,000		60,584

Cimarex Energy Co. 3.90%, 5/15/2027		30,000		33,094

Comstock Resources, Inc. 7.50%, 5/15/2025 (a)		20,000		20,850

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

Continental Resources, Inc.

5.00%, 9/15/2022		30,000		30,000

5.75%, 1/15/2031 (a)		75,000		84,541

DCP Midstream Operating LP 5.38%, 7/15/2025		85,000		90,613

Diamondback Energy, Inc. 3.25%, 12/1/2026		18,000		19,129

Energy Transfer Operating LP 4.25%, 3/15/2023		40,000		42,385

EnLink Midstream Partners LP

4.40%, 4/1/2024		8,000		8,060

5.60%, 4/1/2044		9,000		7,627

Enterprise Products Operating LLC

2.80%, 1/31/2030		37,000		38,876

3.20%, 2/15/2052		63,000		58,640

EOG Resources, Inc. 4.38%, 4/15/2030		20,000		23,467

EQM Midstream Partners LP 4.00%, 8/1/2024		85,000		85,850

EQT Corp. 7.63%, 2/1/2025 (f)		80,000		93,058

Exxon Mobil Corp.

2.99%, 3/19/2025		18,000		19,411

3.00%, 8/16/2039		65,000		65,302

3.10%, 8/16/2049		75,000		72,658

Gray Oak Pipeline LLC

2.00%, 9/15/2023 (a)		44,000		44,676

2.60%, 10/15/2025 (a)		22,000		22,499

Gulfport Energy Corp.

6.63%, 5/1/2023 (g)		5,000		4,550

6.00%, 10/15/2024 (g)		10,000		9,162

HollyFrontier Corp.

2.63%, 10/1/2023		10,000		10,301

5.88%, 4/1/2026		5,000		5,632

MEG Energy Corp. (Canada)

6.50%, 1/15/2025 (a)		8,000		8,250

7.13%, 2/1/2027 (a)		5,000		5,249

MPLX LP 1.75%, 3/1/2026		50,000		50,385

NGPL PipeCo LLC 4.38%, 8/15/2022 (a)		5,000		5,206

NuStar Logistics LP 5.63%, 4/28/2027		20,000		20,900

Occidental Petroleum Corp.

2.70%, 8/15/2022		37,000		36,586

2.90%, 8/15/2024		225,000		218,966

PBF Holding Co. LLC 6.00%, 2/15/2028		20,000		12,700

Range Resources Corp. 4.88%, 5/15/2025		45,000		44,528

Sabine Pass Liquefaction LLC 4.50%, 5/15/2030		69,000		78,921


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Southwestern Energy Co.

6.45%, 1/23/2025 (f)		10,000		10,500

7.50%, 4/1/2026		15,000		15,791

Spectra Energy Partners LP 4.50%, 3/15/2045		15,000		16,595

Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		83,000		116,564

Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		45,000		48,386

Sunoco LP 5.50%, 2/15/2026		22,000		22,635

Tallgrass Energy Partners LP 5.50%, 9/15/2024 (a)		8,000		8,040

Targa Resources Partners LP

5.88%, 4/15/2026		100,000		104,130

6.88%, 1/15/2029		25,000		27,719

Total Capital International SA (France)

3.46%, 2/19/2029		135,000		150,323

3.46%, 7/12/2049		104,000		108,116

3.13%, 5/29/2050		30,000		29,319

TransCanada PipeLines Ltd. (Canada)

3.75%, 10/16/2023		90,000		96,760

5.10%, 3/15/2049		48,000		59,538

Western Midstream Operating LP 4.75%, 8/15/2028		30,000		31,426

WPX Energy, Inc. 5.75%, 6/1/2026		85,000		89,356


				3,967,920


Personal Products — 0.1%

Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		70,000		74,299

Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030		83,000		87,944

Prestige Brands, Inc. 6.38%, 3/1/2024 (a)		30,000		30,478


				192,721


Pharmaceuticals — 1.1%

Advanz Pharma Corp. Ltd. (Canada) 8.00%, 9/6/2024		23,000		23,489

AstraZeneca plc (United Kingdom)

1.38%, 8/6/2030		60,000		56,650

2.13%, 8/6/2050		110,000		88,186

Bausch Health Americas, Inc.

9.25%, 4/1/2026 (a)		263,000		291,522

8.50%, 1/31/2027 (a)		8,000		8,850

Bausch Health Cos., Inc.

7.00%, 3/15/2024 (a)		55,000		56,193

5.50%, 11/1/2025 (a)		55,000		56,606

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Pharmaceuticals — continued

5.75%, 8/15/2027 (a)		30,000		32,325

5.00%, 1/30/2028 (a)		30,000		30,600

5.00%, 2/15/2029 (a)		175,000		176,969

Bristol-Myers Squibb Co.

1.13%, 11/13/2027		25,000		24,532

3.40%, 7/26/2029		40,000		44,769

1.45%, 11/13/2030		15,000		14,396

4.13%, 6/15/2039		164,000		197,558

2.35%, 11/13/2040		20,000		19,178

5.00%, 8/15/2045		33,000		44,071

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		10,000		10,750

Pfizer, Inc. 3.60%, 9/15/2028		186,000		210,643

Royalty Pharma plc

1.20%, 9/2/2025 (a)		16,000		15,920

1.75%, 9/2/2027 (a)		15,000		15,022

Takeda Pharmaceutical Co. Ltd. (Japan) 3.18%, 7/9/2050		200,000		195,009


				1,613,238


Road & Rail — 0.3%

Avis Budget Car Rental LLC 5.25%, 3/15/2025 (a)		81,000		81,485

Burlington Northern Santa Fe LLC

4.70%, 9/1/2045		45,000		57,237

3.55%, 2/15/2050		48,000		53,002

3.05%, 2/15/2051		15,000		15,188

CSX Corp.

3.25%, 6/1/2027		20,000		22,089

3.35%, 9/15/2049		50,000		51,576

Norfolk Southern Corp.

3.95%, 10/1/2042		20,000		23,052

3.05%, 5/15/2050		55,000		54,478

Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (a)		46,000		45,662

Union Pacific Corp. 3.25%, 2/5/2050		25,000		25,814


				429,583


Semiconductors & Semiconductor Equipment — 0.3%

Amkor Technology, Inc. 6.63%, 9/15/2027 (a)		7,000		7,595

Analog Devices, Inc. 3.50%, 12/5/2026		25,000		27,847

Broadcom Corp. 3.88%, 1/15/2027		120,000		131,565

Broadcom, Inc.

4.11%, 9/15/2028		40,000		44,364

3.50%, 2/15/2041 (a)		61,000		60,790

3.75%, 2/15/2051 (a)		52,000		51,274


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Semiconductors & Semiconductor Equipment — continued

Microchip Technology, Inc. 0.97%, 2/15/2024 (a)		25,000		25,090

ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		75,000		78,375

Qorvo, Inc. 4.38%, 10/15/2029		50,000		53,828


				480,728


Software — 0.4%

CDK Global, Inc. 5.88%, 6/15/2026		80,000		83,290

Microsoft Corp. 3.50%, 2/12/2035		20,000		23,394

Nuance Communications, Inc. 5.63%, 12/15/2026		33,000		34,567

Open Text Corp. (Canada) 5.88%, 6/1/2026 (a)		14,000		14,493

Oracle Corp.

2.65%, 7/15/2026		233,000		249,478

2.95%, 4/1/2030		100,000		107,616

4.38%, 5/15/2055		55,000		65,171

SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		40,000		42,255


				620,264


Specialty Retail — 0.6%

Gap, Inc. (The) 8.63%, 5/15/2025 (a)		60,000		66,898

Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)		45,000		45,450

Home Depot, Inc. (The)

3.90%, 12/6/2028		112,000		129,945

4.25%, 4/1/2046		151,000		182,363

3.13%, 12/15/2049		35,000		35,827

2.38%, 3/15/2051		80,000		71,289

L Brands, Inc.

5.63%, 10/15/2023		10,000		10,825

6.88%, 11/1/2035		60,000		72,791

Lowe’s Cos., Inc.

1.70%, 10/15/2030		75,000		72,125

4.05%, 5/3/2047		50,000		56,921

O’Reilly Automotive, Inc. 1.75%, 3/15/2031		23,000		21,984

Penske Automotive Group, Inc. 5.50%, 5/15/2026		80,000		82,400

PetSmart, Inc. 7.13%, 3/15/2023 (a)		24,000		24,043

Staples, Inc.

7.50%, 4/15/2026 (a)		35,000		35,077

10.75%, 4/15/2027 (a)		23,000		21,965


				929,903

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Technology Hardware, Storage & Peripherals — 0.5%

Apple, Inc.

3.35%, 2/9/2027		35,000		38,939

2.20%, 9/11/2029		46,000		47,445

3.45%, 2/9/2045		65,000		70,898

4.38%, 5/13/2045		129,000		160,180

2.65%, 2/8/2051		45,000		41,874

2.80%, 2/8/2061		35,000		32,514

Dell International LLC

6.10%, 7/15/2027 (a)		22,000		26,974

5.30%, 10/1/2029 (a)		25,000		29,712

EMC Corp. 3.38%, 6/1/2023		56,000		58,033

Hewlett Packard Enterprise Co. 1.45%, 4/1/2024		34,000		34,756

NCR Corp.

5.75%, 9/1/2027 (a)		50,000		52,201

6.13%, 9/1/2029 (a)		66,000		70,620

Western Digital Corp. 4.75%, 2/15/2026		71,000		78,523

Xerox Corp. 4.38%, 3/15/2023 (f)		13,000		13,603


				756,272


Textiles, Apparel & Luxury Goods — 0.0% (b)

Hanesbrands, Inc.

4.63%, 5/15/2024 (a)		13,000		13,618

4.88%, 5/15/2026 (a)		20,000		21,544


				35,162


Thrifts & Mortgage Finance — 0.1%

Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (a)		13,000		12,919

Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a)		35,000		36,750

Quicken Loans LLC 3.63%, 3/1/2029 (a)		120,000		118,800


				168,469


Tobacco — 0.9%

Altria Group, Inc.

3.40%, 5/6/2030		162,000		173,514

2.45%, 2/4/2032		80,000		77,672

3.40%, 2/4/2041		55,000		51,614

3.88%, 9/16/2046		95,000		92,679

BAT Capital Corp. (United Kingdom)

3.56%, 8/15/2027		315,000		342,094

4.39%, 8/15/2037		278,000		296,831

Philip Morris International, Inc.

3.13%, 3/2/2028		49,000		53,634

2.10%, 5/1/2030		175,000		174,316

4.38%, 11/15/2041		10,000		11,804


				1,274,158


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Trading Companies & Distributors — 0.3%

Air Lease Corp. 3.38%, 7/1/2025		142,000		150,955

Aviation Capital Group LLC 1.95%, 1/30/2026 (a)		50,000		49,195

United Rentals North America, Inc. 5.25%, 1/15/2030		155,000		170,500

WESCO Distribution, Inc.

5.38%, 6/15/2024		13,000		13,293

7.13%, 6/15/2025 (a)		105,000		113,623


				497,566


Transportation Infrastructure — 0.0% (b)

Transurban Finance Co. Pty. Ltd. (Australia) 2.45%, 3/16/2031 (a)		21,000		21,279


Wireless Telecommunication Services — 0.6%

Hughes Satellite Systems Corp.

5.25%, 8/1/2026		45,000		49,950

6.63%, 8/1/2026		15,000		16,746

Sprint Corp.

7.88%, 9/15/2023		8,000		9,236

7.13%, 6/15/2024		30,000		34,544

7.63%, 3/1/2026		155,000		190,321

T-Mobile USA, Inc.

5.13%, 4/15/2025		59,000		60,113

4.75%, 2/1/2028		10,000		10,576

2.05%, 2/15/2028 (a)		80,000		79,230

3.88%, 4/15/2030 (a)		165,000		181,404

2.55%, 2/15/2031 (a)		75,000		74,583

4.38%, 4/15/2040 (a)		75,000		84,450

4.50%, 4/15/2050 (a)		45,000		50,011


				841,164


Total Corporate Bonds (Cost $54,675,451)				55,351,532

Mortgage-Backed Securities — 20.5%

FHLMC Gold Pools, 30 Year Pool # G60855, 4.50%, 12/1/2045		130,429		146,689

FHLMC Gold Pools, Other Pool # N31271, 4.50%, 1/1/2036		23,892		25,962

FHLMC UMBS, 30 Year Pool # QA5045, 4.00%, 11/1/2049		133,085		142,995

FNMA UMBS, 20 Year Pool # MA3004, 4.00%, 5/1/2037		673,248		732,629

FNMA UMBS, 30 Year

Pool # AL2374, 4.00%, 12/1/2041		161,343		181,574

Pool # AL4244, 4.00%, 7/1/2042		173,915		197,375

Pool # BM1164, 3.50%, 12/1/2045		163,947		176,266

Pool # MA3073, 4.50%, 7/1/2047		45,901		50,394

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # BK4769, 5.00%, 8/1/2048		812,633		903,670

Pool # BN5013, 5.00%, 1/1/2049		194,563		221,573

Pool # BO1073, 4.50%, 6/1/2049		89,270		97,254

Pool # BO3039, 3.00%, 7/1/2049		271,759		290,561

Pool # BN6475, 4.00%, 7/1/2049		90,373		97,328

Pool # BO2562, 4.00%, 7/1/2049		143,584		154,689

Pool # BO4519, 4.00%, 8/1/2049		15,685		16,898

Pool # BO2203, 3.50%, 9/1/2049		562,563		596,279

FNMA, Other

Pool # AM8846, 2.68%, 5/1/2025		147,816		158,342

Pool # AN7560, 2.90%, 12/1/2027		189,509		207,455

Pool # BL9645, 1.50%, 1/1/2031		100,000		98,809

Pool # BL9627, 1.56%, 1/1/2031		500,000		496,809

Pool # BL6367, 1.82%, 4/1/2032		330,000		335,070

Pool # AN9725, 3.76%, 7/1/2033		105,793		122,328

Pool # MA1072, 3.50%, 5/1/2042		18,046		19,545

FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 4/25/2036 (h)		1,410,000		1,457,102

FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.00%, 4/25/2051 (h)		16,073,000		16,201,396

GNMA II, 30 Year

Pool # AJ9020, 4.50%, 10/20/2044		71,810		77,091

Pool # BB3525, 4.00%, 9/20/2047		44,111		47,872

Pool # BM2418, 4.00%, 8/20/2049		40,254		44,061

Pool # BN7049, 4.50%, 8/20/2049		229,557		256,982

Pool # BP7160, 4.50%, 9/20/2049		90,151		101,077

Pool # MA7136, 2.50%, 1/20/2051		6,144,162		6,381,775


Total Mortgage-backed Securities (Cost $30,192,418)				30,037,850

Asset-Backed Securities — 14.8%

Affirm Asset Securitization Trust Series 2021-A, Class C, 1.66%, 8/15/2025 (a)		500,000		502,446

Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 (a) (f)		285,000		284,574

American Credit Acceptance Receivables Trust Series 2020-2, Class C, 3.88%, 4/13/2026 (a)		280,000		297,025

American Homes 4 Rent

Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		150,000		163,251

Series 2015-SFR1, Class F, 5.89%, 4/17/2052 ‡ (a)		400,000		435,262

American Homes 4 Rent Trust

Series 2014-SFR3, Class B, 4.20%, 12/17/2036 ‡ (a)		125,000		133,460

Series 2015-SFR2, Class A, 3.73%, 10/17/2052 ‡ (a)		93,479		101,580


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


AmeriCredit Automobile Receivables Trust Series 2017-2, Class D, 3.42%, 4/18/2023		250,000		255,963

AMSR Trust

Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)		500,000		511,443

Series 2020-SFR2, Class E2, 4.28%, 7/17/2037 ‡ (a)		375,000		394,859

Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 ‡ (a)		350,000		351,007

Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 ‡ (a)		425,000		423,793

Aqua Finance Trust Series 2019-A, Class B, 3.47%, 7/16/2040 ‡ (a)		246,000		259,202

Avid Automobile Receivables Trust Series 2019-1, Class D, 4.03%, 7/15/2026 (a)		300,000		305,652

B2R Mortgage Trust Series 2016-1, Class B, 3.87%, 6/15/2049 ‡ (a)		79,151		79,121

Carvana Auto Receivables Trust

Series 2020-N1A, Class B, 2.01%, 3/17/2025 (a)		500,000		509,264

Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)		110,000		114,703

CPS Auto Receivables Trust

Series 2017-C, Class D, 3.79%, 6/15/2023 (a)		67,008		67,980

Series 2020-B, Class C, 3.30%, 4/15/2026 (a)		400,000		416,541

Credit Acceptance Auto Loan Trust Series 2020-1A, Class C, 2.59%, 6/15/2029 (a)		750,000		773,390

DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (a) (h)		250,000		250,000

Delta Air Lines Pass-Through Trust

Series 2007-1, Class A, 6.82%, 8/10/2022		674		703

Series 2019-1, Class AA, 3.20%, 4/25/2024		15,000		15,492

Drive Auto Receivables Trust Series 2020-2, Class D, 3.05%, 5/15/2028		750,000		789,818

DT Auto Owner Trust

Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		16,205		16,258

Series 2020-2A, Class D, 4.73%, 3/16/2026 (a)		500,000		549,367

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Exeter Automobile Receivables Trust

Series 2020-2A, Class C, 3.28%, 5/15/2025 (a)		250,000		260,555

Series 2020-2A, Class D, 4.73%, 4/15/2026 (a)		400,000		431,200

Finance of America HECM Buyout

Series 2021-HB1, Class A, 0.88%, 2/25/2031 (a) (i)		450,000		450,450

Series 2021-HB1, Class M2, 2.08%, 2/25/2031 (a) (i)		150,000		150,150

First Investors Auto Owner Trust

Series 2016-2A, Class D, 3.35%, 11/15/2022 (a)		88,821		89,262

Series 2017-1A, Class D, 3.60%, 4/17/2023 (a)		81,000		82,403

FirstKey Homes Trust Series 2020-SFR1, Class F1, 3.64%, 9/17/2025 ‡ (a)		500,000		516,055

Flagship Credit Auto Trust

Series 2017-2, Class C, 2.96%, 7/15/2023 (a)		39,877		40,088

Series 2020-4, Class D, 2.18%, 2/16/2027 (a)		280,000		286,064

FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		598,143		650,517

Foundation Finance Trust

Series 2020-1A, Class B, 4.62%, 7/16/2040 ‡ (a)		300,000		307,780

Series 2020-1A, Class C, 5.75%, 7/16/2040 ‡ (a)		150,000		153,818

Genesis Private Label Amortizing Trust Series 2020-1, Class B, 2.83%, 7/20/2030 (a)		220,000		221,218

Genesis Sales Finance Master Trust Series 2020-AA, Class C, 2.99%, 9/22/2025 (a)		300,000		301,515

GLS Auto Receivables Trust Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)		111,367		112,917

Hertz Vehicle Financing II LP Series 2019-3A, Class B, 3.03%, 12/26/2025 (a)		101,000		101,293

Hilton Grand Vacations Trust Series 2020-AA, Class C, 6.42%, 2/25/2039 ‡ (a)		389,737		435,094

HIN Timeshare Trust Series 2020-A, Class D, 5.50%, 10/9/2039 ‡ (a)		176,506		183,848

Lendmark Funding Trust

Series 2018-2A, Class A, 4.23%, 4/20/2027 (a)		118,000		120,713


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2019-2A, Class C, 3.72%, 4/20/2028 ‡ (a)		100,000		101,876

LL ABS Trust Series 2020-1A, Class B, 3.79%, 1/17/2028 ‡ (a)		350,000		362,309

MVW LLC

Series 2020-1A, Class C, 4.21%, 10/20/2037 ‡ (a)		300,990		316,612

Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		139,763		142,903

MVW Owner Trust Series 2019-1A, Class C, 3.33%, 11/20/2036 ‡ (a)		82,452		83,598

Nationstar HECM Loan Trust Series 2020-1A, Class A1, 1.27%, 9/25/2030 (a) (i)		272,706		273,197

NRZ Excess Spread-Collateralized Notes Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (a)		374,095		375,832

NRZ FHT Excess LLC Series 2020-FHT1, Class A, 4.21%, 11/25/2025 (a)		368,873		370,864

Octane Receivables Trust Series 2020-1A, Class C, 2.89%, 3/20/2026 ‡ (a)		350,000		358,744

Oportun Funding IX LLC Series 2018-B, Class A, 3.91%, 7/8/2024 (a)		300,000		301,016

Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (a)		422,764		424,105

Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (a)		115,000		119,428

Pretium Mortgage Credit Partners I LLC

Series 2019-CFL1, Class A1, 3.72%, 1/25/2059 ‡ (a) (f)		216,757		217,077

Series 2020-NPL3, Class A1, 3.10%, 6/27/2060 ‡ (a) (f)		230,165		232,455

Progress Residential Trust

Series 2020-SFR3, Class E, 2.30%, 10/17/2027 ‡ (a)		300,000		300,549

Series 2017-SFR1, Class A, 2.77%, 8/17/2034 (a)		99,356		100,347

Series 2017-SFR1, Class D, 3.57%, 8/17/2034 ‡ (a)		150,000		151,659

Series 2017-SFR1, Class E, 4.26%, 8/17/2034 ‡ (a)		375,000		380,105

Series 2018-SFR2, Class D, 4.34%, 8/17/2035 ‡ (a)		100,000		101,162

Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (a)		100,000		102,098

Series 2020-SFR2, Class D, 3.87%, 6/17/2037 ‡ (a)		750,000		782,011

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 2.75%, 12/27/2044 (a) (i)		152,262		145,222

Regional Management Issuance Trust

Series 2020-1, Class C, 3.80%, 10/15/2030 ‡ (a)		300,000		307,625

Series 2021-1, Class D, 5.07%, 3/17/2031 ‡ (a)		500,000		497,396

Santander Drive Auto Receivables Trust Series 2019-1, Class C, 3.42%, 4/15/2025		90,000		91,310

Santander Revolving Auto Loan Trust Series 2019-A, Class D, 3.45%, 1/26/2032 (a)		150,000		157,725

Small Business Lending Trust Series 2020-A, Class A, 2.62%, 12/15/2026 (a)		152,027		152,677

Tricon American Homes Series 2020-SFR1, Class E, 3.54%, 7/17/2038 ‡ (a)		300,000		314,690

United Airlines Pass-Through Trust

Series 2016-2, Class A, 3.10%, 10/7/2028		8,414		8,311

Series 2018-1, Class A, 3.70%, 3/1/2030		8,835		8,999

US Airways Pass-Through Trust Series 2011-1, Class A, 7.13%, 10/22/2023		16,408		16,759

USASF Receivables LLC Series 2020-1A, Class B, 3.22%, 5/15/2024 (a)		500,000		511,791

VCAT LLC Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 ‡ (a) (f)		449,219		449,318

VOLT XCI LLC Series 2020-NPL7, Class A1, 3.10%, 11/25/2050 ‡ (a) (f)		292,045		293,176

Westgate Resorts LLC Series 2020-1A, Class C, 6.21%, 3/20/2034 ‡ (a)		253,608		268,013


Total Asset-Backed Securities (Cost $21,132,741)				21,718,053

U.S. Treasury Obligations — 10.2%

U.S. Treasury Bonds

5.00%, 5/15/2037		192,000		280,478

1.13%, 5/15/2040		240,000		206,175

4.38%, 5/15/2040		370,000		517,812

3.75%, 11/15/2043		668,000		876,020

3.00%, 11/15/2045		673,000		791,169

3.00%, 2/15/2047		338,000		399,381

3.38%, 11/15/2048		1,774,000		2,253,742

2.38%, 11/15/2049		147,000		155,349

2.00%, 2/15/2050		1,097,000		1,068,590

1.63%, 11/15/2050		700,000		622,453


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


U.S. Treasury Notes

2.13%, 2/29/2024		156,000		164,556

1.13%, 2/28/2025		565,000		578,728

1.50%, 8/15/2026		434,000		449,478

2.88%, 5/15/2028		1,108,000		1,242,042

1.50%, 2/15/2030		392,000		397,941

0.88%, 11/15/2030		430,000		409,978

U.S. Treasury STRIPS Bonds

1.04%, 5/15/2033 (j)		1,467,000		1,182,485

1.16%, 8/15/2039 (j)		1,297,000		905,099

2.23%, 8/15/2041 (j)		207,000		132,532

2.18%, 11/15/2041 (j)		845,000		551,042

2.46%, 2/15/2042 (j)		718,000		454,471

1.38%, 2/15/2045 (j)		649,000		384,529

3.33%, 8/15/2048 (j)		1,558,000		854,678


Total U.S. Treasury Obligations (Cost $15,733,959)				14,878,728

Collateralized Mortgage Obligations — 3.3%

FHLMC, REMIC

Series 2708, Class ZD, 5.50%, 11/15/2033		143,050		163,172

Series 4302, Class PA, 4.00%, 12/15/2043		119,397		131,762

Series 4281, Class BC, 4.50%, 12/15/2043 (i)		156,301		175,751

FNMA, REMIC

Series 2003-7, Class FA, 0.87%, 2/25/2033 (i)		136,634		138,636

Series 2013-108, Class GU, 3.00%, 10/25/2033		545,000		591,680

Series 2005-110, Class TY, 5.50%, 12/25/2035		77,101		89,608

Series 2007-89, Class F, 0.70%, 9/25/2037 (i)		151,855		153,733

Series 2011-112, Class PB, 4.00%, 11/25/2041		200,000		217,555

GNMA

Series 2010-H24, Class FA, 0.49%, 10/20/2060 (i)		93,452		93,325

Series 2014-H03, Class FA, 0.74%, 1/20/2064 (i)		92,005		92,348

Series 2015-H05, Class FC, 0.62%, 2/20/2065 (i)		321,505		320,807

New Residential Mortgage Loan Trust Series 2020-RPL2, Class A1, 3.58%, 8/25/2025 (a) (i)		95,498		97,461

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued

Seasoned Credit Risk Transfer Trust

Series 2018-3, Class MA, 3.50%, 8/25/2057 ‡		109,184		117,359

Series 2019-1, Class MA, 3.50%, 7/25/2058 ‡		201,605		217,139

Series 2019-2, Class MA, 3.50%, 8/25/2058 ‡		222,777		240,368

Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		743,786		785,681

Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡		820,261		863,469

VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (f)		324,515		324,416


Total Collateralized Mortgage Obligations (Cost $4,708,535)				4,814,270

Commercial Mortgage-Backed Securities — 2.9%

ACRE Commercial Mortgage Ltd. (Cayman Islands) Series 2021-FL4, Class B, 1.51%, 12/18/2037 (a) (i)		250,000		249,700

BAMLL Re-REMIC Trust Series 2014-FRR5, Class AK37, 2.50%, 1/27/2047 (a) (i)		600,000		589,519

Bancorp Commercial Mortgage Trust Series 2019-CRE6, Class D, 2.41%, 9/15/2036 ‡ (a) (i)		150,000		148,523

FHLMC, Multi-Family Structured Pass-Through Certificates

Series KJ08, Class A2, 2.36%, 8/25/2022		42,338		42,937

Series K088, Class A2, 3.69%, 1/25/2029		350,000		407,042

Series Q014, Class X, IO, 2.80%, 10/25/2055 (i)		1,989,487		423,172

FNMA ACES

Series 2017-M3, Class A2, 2.48%, 12/25/2026 (i)		350,000		372,649

Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		139,535		138,290

Series 2021-M3, Class X1, IO, 2.01%, 11/25/2033 (i)		619,532		88,928

FREMF Mortgage Trust

Series 2015-K720, Class B, 3.39%, 7/25/2022 (a) (i)		180,000		185,616

Series 2015-K44, Class B, 3.68%, 1/25/2048 (a) (i)		200,000		216,769

Series 2015-K45, Class B, 3.59%, 4/25/2048 (a) (i)		100,000		108,181

Series 2015-K48, Class B, 3.64%, 8/25/2048 (a) (i)		200,000		216,065

Series 2015-K50, Class B, 3.78%, 10/25/2048 (a) (i)		200,000		217,954


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2015-K51, Class B, 3.95%, 10/25/2048 (a) (i)		175,000		192,211

Series 2016-K52, Class B, 3.92%, 1/25/2049 (a) (i)		250,000		274,889

Series 2016-K53, Class C, 4.02%, 3/25/2049 (a) (i)		70,000		75,369

Series 2017-K729, Class B, 3.68%, 11/25/2049 (a) (i)		300,000		322,429


Total Commercial Mortgage-Backed Securities (Cost $4,069,392)				4,270,243

Municipal Bonds — 0.0% (b) (k)

Ohio — 0.0% (b)

Ohio State University (The), General Receipts Rev., 5.59%, 12/1/2114 (Cost $32,787)		25,000		33,256


	SHARES
Common Stocks — 0.0% (b)

Oil, Gas & Consumable Fuels — 0.0% (b)

Chesapeake Energy Corp.*		23		1,016

EP Energy Corp.*		275		15,400

Oasis Petroleum, Inc.*		109		6,198


				22,614


Professional Services — 0.0% (b)

NMG, Inc.*		1		62


Total Common Stocks (Cost $9,711)				22,676

Preferred Stocks — 0.0% (b)

Internet & Direct Marketing Retail — 0.0% (b)

MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡ (Cost $3,247)		3,382		4,467


	NO. OF WARRANTS

Warrants — 0.0% (b)

Diversified Telecommunication Services — 0.0% (b)

Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD* ‡		16		222


Media — 0.0% (b)

Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom)* ‡		78		1


Oil, Gas & Consumable Fuels — 0.0% (b)

Chesapeake Energy Corp.

expiring 2/9/2026, price 27.63 USD*		71		1,568

expiring 2/9/2026, price 32.13 USD*		79		1,508

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)



INVESTMENTS	NO. OF WARRANTS		VALUE ($)
Warrants — continued

Oil, Gas & Consumable Fuels — continued

expiring 2/9/2026, price 36.18 USD*		44		768


				3,844


Total Warrants (Cost $1)				4,067


	SHARES

Short-Term Investments — 22.4%

Investment Companies — 22.4%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (l) (m) (Cost $32,839,275)		32,839,275		32,839,275


Total Investments — 111.8% (Cost $163,397,517)				163,974,417

Liabilities in Excess of Other Assets — (11.8)%				(17,326,307)


NET ASSETS — 100.0%				146,648,110

Percentages indicated are based on net assets.

Abbreviations


ABS		Asset-Backed Securities
ACES		Alternative Credit Enhancement Securities
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR		London Interbank Offered Rate
OYJ		Public Limited Company
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
Re-REMIC		Combined Real Estate Mortgage Investment Conduit
Rev.		Revenue
SCA		Limited partnership with share capital
SOFR		Secured Overnight Financing Rate
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA		To Be Announced; Security is subject to delayed delivery.
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar


(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021.
(d)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2021.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2021.
(g)		Defaulted security.
(h)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021.
(j)		The rate shown is the effective yield as of February 28, 2021.
(k)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(l)		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.
(m)		The rate shown is the current yield as of February 28, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


Futures contracts outstanding as of February 28, 2021:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note		28			06/2021		USD		6,184,281			(2,242	)
U.S. Treasury 5 Year Note		28			06/2021		USD		3,479,000			(18,431	)
U.S. Treasury Ultra Bond		1			06/2021		USD		191,687			1,794

												(18,879	)

Short Contracts
U.S. Treasury 10 Year Note		(10	)		06/2021		USD		(1,331,406	)		2,700
U.S. Treasury 10 Year Ultra Note		(13	)		06/2021		USD		(1,926,031	)		8,896
U.S. Treasury Long Bond		(6	)		06/2021		USD		(963,750	)		1,159

												12,755

												(6,124	)


Abbreviations

USD		United States Dollar


Forward foreign currency exchange contracts outstanding as of February 28, 2021:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CLP	316,615,311	USD	430,289	Citibank, NA^**		3/15/2021		7,211
USD	207,080	BRL	1,130,352	Citibank, NA^**		3/15/2021		5,492
USD	219,888	ZAR	3,257,599	Goldman Sachs International		3/15/2021		4,985
USD	206,293	MXN	4,271,907	Goldman Sachs International		3/16/2021		2,432

Total unrealized appreciation								20,120

BRL	2,324,455	USD	433,481	Citibank, NA^**		3/15/2021		(18,936	)
CNY	2,776,386	USD	428,541	BNP Paribas^**		3/15/2021		(897	)
ZAR	6,470,396	USD	432,788	Citibank, NA		3/15/2021		(5,936	)
MXN	8,776,244	USD	434,113	Barclays Bank plc		3/16/2021		(15,300	)

Total unrealized depreciation								(41,069	)

Net unrealized depreciation								(20,949	)


Abbreviations

BRL		Brazilian Real
CLP		Chile Peso
CNY		China Yuan
MXN		Mexican Peso
USD		United States Dollar
ZAR		South African Rand
**		Non-deliverable forward.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 98.2%

Aerospace & Defense — 4.3%

BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (a)		35,000		38,188

Boeing Co. (The)

4.51%, 5/1/2023		190,000		203,792

4.88%, 5/1/2025		189,000		211,302

5.04%, 5/1/2027		181,000		208,608

5.15%, 5/1/2030		126,000		146,823

3.60%, 5/1/2034		159,000		163,316

5.71%, 5/1/2040		35,000		44,099

3.75%, 2/1/2050		30,000		29,246

5.81%, 5/1/2050		20,000		25,799

L3Harris Technologies, Inc. 4.40%, 6/15/2028		174,000		202,754

Leidos, Inc. 4.38%, 5/15/2030 (a)		238,000		270,266

Lockheed Martin Corp.

3.55%, 1/15/2026		34,000		37,874

4.09%, 9/15/2052		141,000		168,778

Northrop Grumman Corp.

3.25%, 1/15/2028		90,000		98,071

4.03%, 10/15/2047		41,000		46,754

Precision Castparts Corp. 3.25%, 6/15/2025		24,000		26,179

Raytheon Technologies Corp.

3.50%, 3/15/2027		63,000		70,038

3.13%, 5/4/2027		146,000		160,042

4.45%, 11/16/2038		107,000		128,807

3.75%, 11/1/2046		88,000		96,345


				2,377,081


Automobiles — 0.7%

General Motors Co. 6.13%, 10/1/2025		314,000		373,808


Banks — 17.0%

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (b)		527,000		550,799

(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (b)		146,000		154,793

(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (b)		30,000		31,729

(SOFR + 1.15%), 1.32%, 6/19/2026 (b)		60,000		60,431

(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (b)		154,000		170,391

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (b)		146,000		164,280

(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		275,000		303,300


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (b)		237,000		242,781

(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038 (b)		156,000		184,349

(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049 (b)		50,000		57,876

(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (b)		78,000		90,667

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (b)		297,000		306,840

(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (b)		68,000		73,434

(SOFR + 2.84%), 3.11%, 4/8/2026 (b)		78,000		83,867

3.20%, 10/21/2026		297,000		323,791

(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (b)		76,000		84,603

(SOFR + 1.15%), 2.67%, 1/29/2031 (b)		107,000		110,587

(SOFR + 3.91%), 4.41%, 3/31/2031 (b)		156,000		181,474

(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (b)		87,000		98,485

4.65%, 7/23/2048		78,000		99,444

Citizens Financial Group, Inc. 4.30%, 12/3/2025		160,000		180,332

HSBC Holdings plc (United Kingdom)

4.00%, 3/30/2022		167,000		173,733

(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (b)		200,000		223,503

Huntington Bancshares, Inc. 2.63%, 8/6/2024		63,000		66,994

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.67%, 7/25/2022		127,000		131,105

3.76%, 7/26/2023		388,000		417,845

3.68%, 2/22/2027		31,000		34,951

3.96%, 3/2/2028		119,000		135,948

3.74%, 3/7/2029		231,000		261,055

Natwest Group plc (United Kingdom)

6.13%, 12/15/2022		649,000		707,998

6.00%, 12/19/2023		229,000		259,790

5.13%, 5/28/2024		351,000		392,773

PNC Financial Services Group, Inc. (The)

3.90%, 4/29/2024		13,000		14,264

2.60%, 7/23/2026		253,000		271,738

3.15%, 5/19/2027		23,000		25,431

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.78%, 7/12/2022		107,000		110,571

2.63%, 7/14/2026		288,000		306,521

3.36%, 7/12/2027		77,000		85,280

US Bancorp Series V, 2.38%, 7/22/2026		129,000		136,688

Wells Fargo & Co.

2.63%, 7/22/2022		312,000		321,949

3.75%, 1/24/2024		146,000		158,672

(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (b)		88,000		92,754

(SOFR + 2.00%), 2.19%, 4/30/2026 (b)		107,000		111,432

3.00%, 10/23/2026		188,000		203,982

4.30%, 7/22/2027		88,000		101,583

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		276,000		305,620

(ICE LIBOR USD 3 Month + 1.17%), 2.88%, 10/30/2030 (b)		202,000		213,778

3.90%, 5/1/2045		117,000		135,440

4.75%, 12/7/2046		68,000		83,656

Westpac Banking Corp. (Australia)

2.85%, 5/13/2026		241,000		261,450

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (b)		107,000		117,933


				9,418,690


Beverages — 2.7%

Anheuser-Busch Cos. LLC (Belgium)

3.65%, 2/1/2026		107,000		118,690

4.70%, 2/1/2036		77,000		92,443

4.90%, 2/1/2046		160,000		192,446

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.00%, 4/13/2028		49,000		55,704

4.90%, 1/23/2031		34,000		41,602

4.60%, 4/15/2048		218,000		252,919

4.44%, 10/6/2048		39,000		44,283

Coca-Cola Co. (The) 2.60%, 6/1/2050		76,000		71,876

Constellation Brands, Inc. 3.15%, 8/1/2029		66,000		70,779

Keurig Dr Pepper, Inc.

4.06%, 5/25/2023		177,000		190,545

3.80%, 5/1/2050		20,000		21,818

Molson Coors Beverage Co. 4.20%, 7/15/2046		30,000		32,127


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Beverages — continued

PepsiCo, Inc.

2.75%, 3/19/2030		107,000		114,562

3.50%, 3/19/2040		66,000		74,114

3.45%, 10/6/2046		68,000		74,484

3.63%, 3/19/2050		20,000		22,611


				1,471,003


Biotechnology — 3.3%

AbbVie, Inc.

3.45%, 3/15/2022		68,000		69,802

2.90%, 11/6/2022		205,000		213,522

3.60%, 5/14/2025		68,000		74,590

2.95%, 11/21/2026		122,000		131,898

4.25%, 11/14/2028		192,000		223,217

4.05%, 11/21/2039		161,000		184,899

4.70%, 5/14/2045		68,000		82,355

4.25%, 11/21/2049		73,000		84,276

Amgen, Inc.

2.20%, 2/21/2027		68,000		70,974

2.45%, 2/21/2030		63,000		64,839

3.15%, 2/21/2040		40,000		41,299

4.40%, 5/1/2045		20,000		23,855

3.38%, 2/21/2050		20,000		20,537

Biogen, Inc. 3.15%, 5/1/2050		180,000		170,825

Gilead Sciences, Inc.

3.65%, 3/1/2026		88,000		97,726

4.15%, 3/1/2047		247,000		281,958


				1,836,572


Building Products — 0.0% (c)

Carrier Global Corp. 3.58%, 4/5/2050		20,000		20,581


Capital Markets — 5.8%

CME Group, Inc. 3.00%, 3/15/2025		109,000		117,686

Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (a) (b)		250,000		269,750

Goldman Sachs Group, Inc. (The)

5.75%, 1/24/2022		266,000		278,941

4.00%, 3/3/2024		242,000		266,079

3.50%, 4/1/2025		130,000		142,181

3.85%, 1/26/2027		91,000		101,614

(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (b)		249,000		287,002

3.80%, 3/15/2030		156,000		177,114

(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (b)		193,000		223,204

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Capital Markets — continued

Morgan Stanley

2.75%, 5/19/2022		346,000		356,218

3.70%, 10/23/2024		68,000		75,052

(SOFR + 1.99%), 2.19%, 4/28/2026 (b)		178,000		185,351

3.63%, 1/20/2027		88,000		98,726

(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (b)		205,000		230,097

(SOFR + 1.14%), 2.70%, 1/22/2031 (b)		117,000		121,601

(SOFR + 3.12%), 3.62%, 4/1/2031 (b)		78,000		86,904

(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (b)		146,000		170,429

4.30%, 1/27/2045		29,000		35,587


				3,223,536


Chemicals — 1.3%

Air Products and Chemicals, Inc. 2.80%, 5/15/2050		40,000		39,092

Dow Chemical Co. (The) 3.60%, 11/15/2050		60,000		61,927

Huntsman International LLC 4.50%, 5/1/2029		78,000		88,286

LYB International Finance III LLC 3.38%, 10/1/2040		40,000		40,778

Nutrien Ltd. (Canada) 4.20%, 4/1/2029		124,000		143,994

Sherwin-Williams Co. (The)

2.75%, 6/1/2022		4,000		4,108

3.45%, 6/1/2027		76,000		83,729

2.95%, 8/15/2029		254,000		270,187


				732,101


Commercial Services & Supplies — 0.1%

Waste Management, Inc. 4.15%, 7/15/2049		32,000		38,187


Consumer Finance — 1.8%

American Express Co. 3.70%, 8/3/2023		78,000		83,988

Capital One Financial Corp.

3.30%, 10/30/2024		182,000		197,592

3.80%, 1/31/2028		156,000		175,338

General Motors Financial Co., Inc.

5.20%, 3/20/2023		228,000		248,613

5.10%, 1/17/2024		162,000		180,441

4.35%, 1/17/2027		86,000		96,865


				982,837


Containers & Packaging — 0.1%

WRKCo, Inc. 4.65%, 3/15/2026		72,000		83,009


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Consumer Services — 0.1%

University of Chicago (The) Series 20B, 2.76%, 4/1/2045		29,000		29,056

William Marsh Rice University 2.60%, 5/15/2050		28,000		26,335


				55,391


Diversified Financial Services — 0.8%

Shell International Finance BV (Netherlands)

2.38%, 4/6/2025		49,000		51,755

3.25%, 5/11/2025		31,000		33,791

4.13%, 5/11/2035		243,000		285,807

4.38%, 5/11/2045		43,000		51,484

4.00%, 5/10/2046		29,000		32,759


				455,596


Diversified Telecommunication Services — 3.4%

AT&T, Inc.

3.00%, 6/30/2022		194,000		199,952

4.30%, 2/15/2030		182,000		208,724

2.25%, 2/1/2032		162,000		155,543

4.50%, 5/15/2035		124,000		142,805

4.50%, 3/9/2048		236,000		258,949

3.50%, 9/15/2053 (a)		105,000		96,319

3.55%, 9/15/2055 (a)		60,000		55,088

3.65%, 9/15/2059 (a)		30,000		27,660

Verizon Communications, Inc.

3.38%, 2/15/2025		114,000		124,446

4.33%, 9/21/2028		45,000		52,365

1.68%, 10/30/2030 (a)		70,000		66,592

4.40%, 11/1/2034		20,000		23,726

4.27%, 1/15/2036		258,000		300,316

2.99%, 10/30/2056 (a)		180,000		162,223


				1,874,708


Electric Utilities — 5.1%

Baltimore Gas and Electric Co. 2.90%, 6/15/2050		76,000		73,362

Commonwealth Edison Co. 3.00%, 3/1/2050		76,000		75,415

Duke Energy Corp.

3.75%, 4/15/2024		273,000		296,718

2.65%, 9/1/2026		18,000		19,125

3.75%, 9/1/2046		117,000		124,255

Duke Energy Indiana LLC

Series YYY, 3.25%, 10/1/2049		20,000		20,530

2.75%, 4/1/2050		20,000		18,670

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Electric Utilities — continued

Edison International

3.13%, 11/15/2022		73,000		75,753

2.95%, 3/15/2023		195,000		202,432

4.13%, 3/15/2028		34,000		37,105

Emera US Finance LP (Canada) 4.75%, 6/15/2046		155,000		181,241

Entergy Louisiana LLC

4.00%, 3/15/2033		227,000		269,360

2.90%, 3/15/2051		7,000		6,882

Entergy Texas, Inc. 3.55%, 9/30/2049		44,000		46,440

Evergy, Inc.

2.45%, 9/15/2024		127,000		133,926

2.90%, 9/15/2029		102,000		108,164

Exelon Corp. 4.45%, 4/15/2046		20,000		23,511

Florida Power & Light Co.

3.95%, 3/1/2048		30,000		35,559

3.15%, 10/1/2049		88,000		92,400

Fortis, Inc. (Canada) 3.06%, 10/4/2026		148,000		160,227

Pacific Gas and Electric Co.

4.50%, 7/1/2040		306,000		327,099

4.95%, 7/1/2050		30,000		32,504

PPL Electric Utilities Corp. 3.00%, 10/1/2049		20,000		19,689

Southern California Edison Co.

2.25%, 6/1/2030		10,000		10,043

Series 13-A, 3.90%, 3/15/2043		6,000		6,351

Series C, 3.60%, 2/1/2045		111,000		112,616

4.00%, 4/1/2047		68,000		73,592

3.65%, 2/1/2050		14,000		14,384

Southern Co. (The) 4.40%, 7/1/2046		72,000		82,838

Virginia Electric and Power Co.

Series A, 3.15%, 1/15/2026		17,000		18,542

Series A, 3.50%, 3/15/2027		43,000		47,974

4.60%, 12/1/2048		30,000		38,158

2.45%, 12/15/2050		60,000		53,931


				2,838,796


Electronic Equipment, Instruments & Components — 0.2%

Corning, Inc.

4.38%, 11/15/2057		20,000		22,930

5.45%, 11/15/2079		78,000		101,256


				124,186


Energy Equipment & Services — 0.1%

Baker Hughes a GE Co. LLC 4.08%, 12/15/2047		30,000		32,901


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Entertainment — 0.3%

Walt Disney Co. (The)

3.50%, 5/13/2040		104,000		113,591

2.75%, 9/1/2049		76,000		71,704


				185,295


Equity Real Estate Investment Trusts (REITs) — 3.1%

Alexandria Real Estate Equities, Inc.

2.75%, 12/15/2029		102,000		107,266

3.00%, 5/18/2051		140,000		133,801

American Tower Corp. 3.10%, 6/15/2050		50,000		47,317

Boston Properties LP

4.50%, 12/1/2028		39,000		45,611

3.25%, 1/30/2031		120,000		127,301

Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		180,000		173,736

Healthpeak Properties, Inc.

4.00%, 6/1/2025		429,000		478,402

2.88%, 1/15/2031		66,000		69,146

Prologis LP 3.75%, 11/1/2025		195,000		219,394

Simon Property Group LP

2.45%, 9/13/2029		78,000		79,216

3.25%, 9/13/2049		40,000		38,402

UDR, Inc. 3.00%, 8/15/2031		20,000		21,072

Welltower, Inc. 3.63%, 3/15/2024		185,000		200,656


				1,741,320


Food & Staples Retailing — 0.8%

Costco Wholesale Corp. 1.60%, 4/20/2030		146,000		142,738

Kroger Co. (The)

4.45%, 2/1/2047		45,000		52,756

3.95%, 1/15/2050		76,000		84,354

Sysco Corp.

3.30%, 7/15/2026		40,000		43,774

3.25%, 7/15/2027		40,000		43,970

Walmart, Inc.

3.70%, 6/26/2028		25,000		28,655

4.05%, 6/29/2048		17,000		20,813


				417,060


Gas Utilities — 0.1%

Atmos Energy Corp. 4.13%, 10/15/2044		31,000		36,047


Health Care Equipment & Supplies — 0.5%

Becton Dickinson and Co.

3.70%, 6/6/2027		66,000		73,992

4.69%, 12/15/2044		73,000		90,663

4.67%, 6/6/2047		49,000		60,674

3.79%, 5/20/2050		29,000		32,082

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Health Care Equipment & Supplies — continued

Medtronic, Inc. 3.50%, 3/15/2025		36,000		39,659


				297,070


Health Care Providers & Services — 5.5%

Aetna, Inc.

2.80%, 6/15/2023		278,000		291,397

3.88%, 8/15/2047		70,000		75,876

Anthem, Inc. 4.65%, 8/15/2044		123,000		151,434

Cigna Corp.

3.25%, 4/15/2025		166,000		179,869

2.40%, 3/15/2030		30,000		30,468

4.80%, 8/15/2038		86,000		106,384

CVS Health Corp.

3.70%, 3/9/2023		22,000		23,407

2.63%, 8/15/2024		10,000		10,634

4.30%, 3/25/2028		118,000		135,830

2.70%, 8/21/2040		256,000		243,056

5.05%, 3/25/2048		66,000		83,357

HCA, Inc.

5.00%, 3/15/2024		510,000		571,166

4.13%, 6/15/2029		280,000		316,067

UnitedHealth Group, Inc.

3.75%, 7/15/2025		86,000		96,021

3.50%, 8/15/2039		122,000		134,892

2.75%, 5/15/2040		261,000		262,125

Universal Health Services, Inc. 2.65%, 10/15/2030 (a)		320,000		316,403


				3,028,386


Hotels, Restaurants & Leisure — 1.4%

McDonald’s Corp.

3.70%, 1/30/2026		214,000		238,945

3.80%, 4/1/2028		76,000		86,063

2.13%, 3/1/2030		85,000		85,617

3.63%, 9/1/2049		176,000		188,625

Starbucks Corp. 3.50%, 11/15/2050		162,000		169,098


				768,348


Industrial Conglomerates — 1.1%

General Electric Co.

2.70%, 10/9/2022		205,000		212,780

6.75%, 3/15/2032		40,000		54,054

5.88%, 1/14/2038		186,000		244,171

4.13%, 10/9/2042		8,000		8,828

4.35%, 5/1/2050		40,000		44,485


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Industrial Conglomerates — continued

Roper Technologies, Inc. 1.75%, 2/15/2031		66,000		63,232


				627,550


Insurance — 2.0%

Aflac, Inc. 3.60%, 4/1/2030		160,000		180,326

American International Group, Inc.

2.50%, 6/30/2025		120,000		126,866

3.90%, 4/1/2026		28,000		31,375

3.40%, 6/30/2030		180,000		197,355

4.50%, 7/16/2044		86,000		103,136

Arch Capital Group Ltd. 3.64%, 6/30/2050		140,000		147,234

Berkshire Hathaway Finance Corp.

4.20%, 8/15/2048		146,000		175,847

4.25%, 1/15/2049		20,000		24,245

Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047 (a)		20,000		22,462

Prudential Financial, Inc.

3.91%, 12/7/2047		29,000		33,056

3.70%, 3/13/2051		68,000		75,158


				1,117,060


Internet & Direct Marketing Retail — 0.7%

Amazon.com, Inc.

3.88%, 8/22/2037		292,000		345,275

4.05%, 8/22/2047		10,000		11,927

2.50%, 6/3/2050		60,000		55,468


				412,670


IT Services — 1.7%

Fidelity National Information Services, Inc. 3.00%, 8/15/2026		253,000		277,384

Global Payments, Inc.

3.20%, 8/15/2029		146,000		155,917

4.15%, 8/15/2049		12,000		13,406

International Business Machines Corp.

3.00%, 5/15/2024		100,000		107,554

3.30%, 5/15/2026		150,000		165,693

Mastercard, Inc.

2.95%, 6/1/2029		35,000		38,129

3.35%, 3/26/2030		70,000		78,498

3.85%, 3/26/2050		80,000		93,893


				930,474


Life Sciences Tools & Services — 0.1%

Thermo Fisher Scientific, Inc. 4.10%, 8/15/2047		23,000		27,860

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Machinery — 0.4%

Caterpillar, Inc.

3.80%, 8/15/2042		20,000		23,301

3.25%, 4/9/2050		20,000		21,356

Deere & Co.

2.75%, 4/15/2025		20,000		21,482

3.75%, 4/15/2050		64,000		75,187

Otis Worldwide Corp.

2.06%, 4/5/2025		40,000		41,719

2.57%, 2/15/2030		40,000		41,179

3.36%, 2/15/2050		20,000		20,801


				245,025


Media — 4.2%

Charter Communications Operating LLC

4.46%, 7/23/2022		242,000		253,223

2.80%, 4/1/2031		40,000		40,503

6.48%, 10/23/2045		21,000		28,150

5.38%, 5/1/2047		30,000		35,265

4.80%, 3/1/2050		107,000		117,666

3.70%, 4/1/2051		25,000		23,778

Comcast Corp.

3.70%, 4/15/2024		221,000		242,315

3.95%, 10/15/2025		105,000		118,238

3.15%, 3/1/2026		88,000		96,305

4.15%, 10/15/2028		101,000		117,475

3.40%, 4/1/2030		40,000		44,469

3.90%, 3/1/2038		150,000		173,455

4.60%, 10/15/2038		232,000		288,994

3.75%, 4/1/2040		100,000		112,877

4.00%, 11/1/2049		30,000		34,510

3.45%, 2/1/2050		20,000		21,189

2.45%, 8/15/2052		20,000		17,473

Discovery Communications LLC

3.95%, 3/20/2028		76,000		84,857

5.00%, 9/20/2037		30,000		36,189

4.65%, 5/15/2050		91,000		105,483

ViacomCBS, Inc.

4.20%, 5/19/2032		200,000		230,070

4.95%, 5/19/2050		76,000		91,712


				2,314,196


Metals & Mining — 1.0%

Glencore Funding LLC (Australia) 4.13%, 5/30/2023 (a)		127,000		136,564


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Metals & Mining — continued

Vale Overseas Ltd. (Brazil)

6.25%, 8/10/2026		192,000		231,600

3.75%, 7/8/2030		190,000		201,219


				569,383


Multiline Retail — 0.3%

Dollar General Corp. 3.50%, 4/3/2030		135,000		148,685


Multi-Utilities — 2.4%

Ameren Corp.

2.50%, 9/15/2024		141,000		149,082

3.50%, 1/15/2031		60,000		66,681

Berkshire Hathaway Energy Co.

4.50%, 2/1/2045		107,000		127,970

3.80%, 7/15/2048		76,000		84,490

4.45%, 1/15/2049		31,000		37,414

2.85%, 5/15/2051 (a)		106,000		99,415

Consolidated Edison Co. of New York, Inc. Series 20B, 3.95%, 4/1/2050		76,000		86,158

Dominion Energy, Inc. 3.90%, 10/1/2025		17,000		18,971

NiSource, Inc.

2.95%, 9/1/2029		35,000		37,055

3.60%, 5/1/2030		40,000		44,519

Sempra Energy

3.25%, 6/15/2027		40,000		44,012

3.80%, 2/1/2038		38,000		42,004

4.00%, 2/1/2048		98,000		108,317

Southern Co. Gas Capital Corp.

2.45%, 10/1/2023		205,000		214,657

Series 20-A, 1.75%, 1/15/2031		152,000		146,261


				1,307,006


Oil, Gas & Consumable Fuels — 6.7%

BP Capital Markets America, Inc.

4.23%, 11/6/2028		39,000		45,290

3.00%, 2/24/2050		173,000		160,793

BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027		187,000		205,318

Cameron LNG LLC

2.90%, 7/15/2031 (a)		30,000		31,783

3.30%, 1/15/2035 (a)		25,000		26,881

3.70%, 1/15/2039 (a)		5,000		5,460

Canadian Natural Resources Ltd. (Canada) 4.95%, 6/1/2047		30,000		36,195

Cheniere Corpus Christi Holdings LLC 5.13%, 6/30/2027		90,000		105,066

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

Chevron Corp.

1.55%, 5/11/2025		107,000		109,676

2.95%, 5/16/2026		88,000		95,413

Columbia Pipeline Group, Inc. 4.50%, 6/1/2025		192,000		217,249

ConocoPhillips 4.30%, 8/15/2028 (a)		190,000		220,912

Energy Transfer Operating LP 4.95%, 6/15/2028		32,000		36,477

Exxon Mobil Corp.

2.99%, 3/19/2025		78,000		84,113

2.61%, 10/15/2030		205,000		214,639

3.00%, 8/16/2039		185,000		185,860

4.33%, 3/19/2050		20,000		23,582

3.45%, 4/15/2051		30,000		30,785

Kinder Morgan, Inc.

4.30%, 6/1/2025		110,000		123,248

2.00%, 2/15/2031		66,000		63,081

5.55%, 6/1/2045		81,000		99,543

Marathon Oil Corp. 4.40%, 7/15/2027		90,000		101,765

Marathon Petroleum Corp.

4.50%, 5/1/2023		320,000		345,341

4.75%, 9/15/2044		17,000		19,260

MPLX LP

4.25%, 12/1/2027		28,000		31,912

4.00%, 3/15/2028		34,000		37,992

4.50%, 4/15/2038		78,000		86,226

5.50%, 2/15/2049		20,000		24,301

Pioneer Natural Resources Co. 1.90%, 8/15/2030		66,000		63,471

Plains All American Pipeline LP 3.55%, 12/15/2029		146,000		149,897

Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		140,000		161,401

Sunoco Logistics Partners Operations LP 5.40%, 10/1/2047		149,000		163,582

Total Capital International SA (France)

2.43%, 1/10/2025		88,000		92,706

2.83%, 1/10/2030		166,000		176,947

3.46%, 7/12/2049		20,000		20,791

3.13%, 5/29/2050		90,000		87,958


				3,684,914


Pharmaceuticals — 3.7%

AstraZeneca plc (United Kingdom)

3.38%, 11/16/2025		60,000		65,944

4.38%, 11/16/2045		68,000		82,811


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — continued

Bristol-Myers Squibb Co.

3.40%, 7/26/2029		68,000		76,107

4.13%, 6/15/2039		110,000		132,508

4.35%, 11/15/2047		32,000		38,981

4.25%, 10/26/2049		88,000		107,116

2.55%, 11/13/2050		80,000		73,591

Eli Lilly and Co. 2.25%, 5/15/2050		204,000		179,293

Johnson & Johnson 3.70%, 3/1/2046		80,000		92,441

Pfizer, Inc. 2.70%, 5/28/2050		174,000		165,887

Royalty Pharma plc

0.75%, 9/2/2023 (a)		220,000		220,645

3.30%, 9/2/2040 (a)		150,000		151,035

Shire Acquisitions Investments Ireland DAC

2.88%, 9/23/2023		156,000		164,719

3.20%, 9/23/2026		332,000		363,344

Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		90,000		100,522

Zoetis, Inc. 4.70%, 2/1/2043		40,000		50,915


				2,065,859


Road & Rail — 2.1%

Burlington Northern Santa Fe LLC

4.55%, 9/1/2044		25,000		31,327

4.15%, 4/1/2045		89,000		105,725

CSX Corp.

3.25%, 6/1/2027		238,000		262,865

4.25%, 3/15/2029		40,000		46,737

4.10%, 3/15/2044		20,000		22,924

4.30%, 3/1/2048		75,000		88,816

3.80%, 4/15/2050		10,000		11,225

Norfolk Southern Corp.

4.15%, 2/28/2048		166,000		193,648

3.16%, 5/15/2055		40,000		39,283

Union Pacific Corp.

3.95%, 9/10/2028		154,000		176,714

3.70%, 3/1/2029		88,000		99,231

4.38%, 9/10/2038		50,000		60,186

3.25%, 2/5/2050		34,000		35,107


				1,173,788


Semiconductors & Semiconductor Equipment — 2.0%

Analog Devices, Inc. 3.50%, 12/5/2026		108,000		120,297

Broadcom Corp. 3.88%, 1/15/2027		241,000		264,227

Broadcom, Inc.

4.75%, 4/15/2029		68,000		77,930

3.50%, 2/15/2041 (a)		240,000		239,172

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Semiconductors & Semiconductor Equipment — continued

Intel Corp. 3.25%, 11/15/2049		154,000		159,220

NVIDIA Corp. 3.50%, 4/1/2050		156,000		169,273

NXP BV (Netherlands) 4.30%, 6/18/2029 (a)		40,000		45,946

QUALCOMM, Inc. 3.25%, 5/20/2050		20,000		20,921


				1,096,986


Software — 2.0%

Microsoft Corp.

3.30%, 2/6/2027		30,000		33,483

3.45%, 8/8/2036		88,000		102,138

4.10%, 2/6/2037		88,000		108,914

3.70%, 8/8/2046		77,000		90,866

2.53%, 6/1/2050		76,000		71,415

Oracle Corp.

2.50%, 4/1/2025		107,000		113,416

3.25%, 11/15/2027		71,000		78,430

2.95%, 4/1/2030		83,000		89,321

3.80%, 11/15/2037		68,000		76,454

3.60%, 4/1/2040		138,000		149,408

4.00%, 7/15/2046		31,000		34,777

3.60%, 4/1/2050		156,000		163,458


				1,112,080


Specialty Retail — 1.6%

AutoZone, Inc. 1.65%, 1/15/2031		174,000		164,575

Home Depot, Inc. (The)

2.70%, 4/15/2030		78,000		83,263

4.20%, 4/1/2043		30,000		35,936

3.13%, 12/15/2049		63,000		64,489

3.35%, 4/15/2050		20,000		21,312

3.50%, 9/15/2056		20,000		21,864

Lowe’s Cos., Inc.

3.10%, 5/3/2027		40,000		44,111

3.70%, 4/15/2046		107,000		116,074

4.05%, 5/3/2047		40,000		45,537

O’Reilly Automotive, Inc. 3.60%, 9/1/2027		239,000		267,413


				864,574


Technology Hardware, Storage & Peripherals — 2.3%

Apple, Inc.

2.40%, 5/3/2023		104,000		108,698

3.25%, 2/23/2026		80,000		87,992

2.90%, 9/12/2027		89,000		97,030

1.65%, 5/11/2030		40,000		39,226

3.85%, 5/4/2043		20,000		23,342

3.45%, 2/9/2045		107,000		116,709


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Technology Hardware, Storage & Peripherals — continued

4.65%, 2/23/2046		153,000		196,190

2.65%, 5/11/2050		20,000		18,805

2.65%, 2/8/2051		90,000		83,748

Dell International LLC

5.45%, 6/15/2023 (a)		224,000		245,714

6.02%, 6/15/2026 (a)		152,000		182,197

5.30%, 10/1/2029 (a)		40,000		47,538


				1,247,189


Textiles, Apparel & Luxury Goods — 0.1%

NIKE, Inc. 3.38%, 3/27/2050		64,000		70,065


Thrifts & Mortgage Finance — 0.4%

Nationwide Building Society (United Kingdom)

(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023 (a) (b)		200,000		206,876


Tobacco — 1.6%

Altria Group, Inc.

2.85%, 8/9/2022		127,000		131,231

4.80%, 2/14/2029		146,000		171,208

5.38%, 1/31/2044		79,000		95,583

5.95%, 2/14/2049		20,000		25,553

BAT Capital Corp. (United Kingdom)

4.39%, 8/15/2037		234,000		249,851

4.54%, 8/15/2047		98,000		100,527

Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025		76,000		84,854


				858,807


Trading Companies & Distributors — 1.5%

Air Lease Corp.

3.00%, 9/15/2023		338,000		354,584

2.30%, 2/1/2025		146,000		149,187

2.88%, 1/15/2026		120,000		124,894

3.75%, 6/1/2026		78,000		84,469

3.25%, 10/1/2029		68,000		70,133

3.13%, 12/1/2030		60,000		60,259


				843,526


Water Utilities — 0.1%

American Water Capital Corp. 2.80%, 5/1/2030		63,000		66,881


Wireless Telecommunication Services — 1.7%

Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		47,000		50,506

T-Mobile USA, Inc.

3.50%, 4/15/2025 (a)		195,000		210,840

3.75%, 4/15/2027 (a)		117,000		128,878

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	71

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Wireless Telecommunication Services — continued

3.88%, 4/15/2030 (a)		100,000		109,942

4.38%, 4/15/2040 (a)		25,000		28,150

4.50%, 4/15/2050 (a)		141,000		156,702

Vodafone Group plc (United Kingdom)

4.38%, 5/30/2028		68,000		79,678

4.25%, 9/17/2050		146,000		163,739


				928,435


Total Corporate Bonds (Cost $52,636,926)				54,332,398


U.S. Treasury Obligations — 0.7%

U.S. Treasury Bonds

2.38%, 11/15/2049		162,700		171,941

1.25%, 5/15/2050		110,000		88,834

1.38%, 8/15/2050		170,400		142,257


Total U.S. Treasury Obligations (Cost $447,162)				403,032


Asset-Backed Securities — 0.1%

Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		26,160		25,545

United Airlines Pass-Through Trust Series 2019-2, Class AA, 2.70%, 5/1/2032		19,705		19,557


Total Asset-Backed Securities (Cost $45,135)				45,102


INVESTMENTS	SHARES		VALUE ($)

Short-Term Investments — 0.4%
Investment Companies — 0.4%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (d) (e) (Cost $194,411)		194,411		194,411


Total Investments — 99.4% (Cost $53,323,634)				54,974,943

Other Assets Less Liabilities — 0.6%				357,695


Net Assets — 100.0%				55,332,638

Percentages indicated are based on net assets.

Abbreviations


ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of February 28, 2021.


Futures contracts outstanding as of February 28, 2021:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE			TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 5 Year Note		3			06/2021			USD		372,750			(1,975	)
U.S. Treasury Long Bond		20			06/2021			USD		3,212,500			(3,848	)

													(5,823	)

Short Contracts
U.S. Treasury 2 Year Note		(2	)		06/2021	��		USD		(441,734	)		90
U.S. Treasury 10 Year Note		(6	)		06/2021			USD		(798,844	)		7,019
U.S. Treasury 10 Year Ultra Note		(10	)		06/2021			USD		(1,481,562	)		4,839
U.S. Treasury Ultra Bond		(7	)		06/2021			USD		(1,341,813	)		(12,703	)

													(755	)

													(6,578	)


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 97.8%

Aerospace & Defense — 3.2%

Bombardier, Inc. (Canada)

6.13%, 1/15/2023 (a)		1,525,000		1,508,606

7.88%, 4/15/2027 (a)		1,525,000		1,368,993

BWX Technologies, Inc.

5.38%, 7/15/2026 (a)		584,000		604,440

4.13%, 6/30/2028 (a)		623,000		647,141

Howmet Aerospace, Inc.

6.88%, 5/1/2025		5,842,000		6,788,112

5.95%, 2/1/2037		4,802,000		5,774,165

Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027 (a)		975,000		1,054,219

Spirit AeroSystems, Inc.

7.50%, 4/15/2025 (a)		1,006,000		1,064,147

4.60%, 6/15/2028		754,000		728,846

TransDigm, Inc.

6.25%, 3/15/2026 (a)		18,030,000		19,001,637

5.50%, 11/15/2027		4,781,000		4,911,521

4.63%, 1/15/2029 (a)		1,006,000		989,652

Triumph Group, Inc.

8.88%, 6/1/2024 (a)		2,710,000		2,994,550

7.75%, 8/15/2025		2,014,000		1,953,580


				49,389,609


Air Freight & Logistics — 0.4%

XPO Logistics, Inc.

6.75%, 8/15/2024 (a)		1,510,000		1,585,500

6.25%, 5/1/2025 (a)		4,475,000		4,806,374


				6,391,874


Airlines — 0.2%

Delta Air Lines, Inc. 7.38%, 1/15/2026		2,135,000		2,500,544


Auto Components — 2.3%

Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)		1,225,000		1,237,250

Adient US LLC 7.00%, 5/15/2026 (a)		1,006,000		1,082,823

Allison Transmission, Inc. 5.88%, 6/1/2029 (a)		706,000		762,480

American Axle & Manufacturing, Inc.

6.25%, 4/1/2025		4,230,000		4,357,323

6.50%, 4/1/2027		3,052,000		3,186,715

Clarios Global LP

6.25%, 5/15/2026 (a)		2,988,000		3,182,220

8.50%, 5/15/2027 (a)		1,830,000		1,974,570

Cooper-Standard Automotive, Inc.

13.00%, 6/1/2024 (a)		627,000		719,483

5.63%, 11/15/2026 (a)		1,773,000		1,541,269


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Auto Components — continued

Dana, Inc.

5.50%, 12/15/2024		931,000		947,292

5.63%, 6/15/2028		630,000		668,588

Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		1,800,000		1,838,916

Icahn Enterprises LP

4.75%, 9/15/2024		599,000		629,699

6.25%, 5/15/2026		2,990,000		3,142,370

5.25%, 5/15/2027		4,036,000		4,237,800

IHO Verwaltungs GmbH (Germany) 6.38% (cash), 5/15/2029 (a) (b)		1,250,000		1,389,375

Tenneco, Inc.

5.00%, 7/15/2026		1,913,000		1,795,829

7.88%, 1/15/2029 (a)		1,000,000		1,120,905

ZF North America Capital, Inc. (Germany) 4.75%, 4/29/2025 (a)		2,580,000		2,786,400


				36,601,307


Automobiles — 0.4%

Ford Motor Co.

8.50%, 4/21/2023		1,496,000		1,671,780

7.45%, 7/16/2031		1,793,000		2,324,176

PM General Purchaser LLC

9.50%, 10/1/2028 (a)		1,525,000		1,678,949


				5,674,905


Banks — 0.2%

CIT Group, Inc. 6.13%, 3/9/2028		2,760,000		3,415,500


Building Products — 1.8%

Builders FirstSource, Inc. 6.75%, 6/1/2027 (a)		2,961,000		3,175,672

Forterra Finance LLC 6.50%, 7/15/2025 (a)		1,236,000		1,328,700

Griffon Corp. 5.75%, 3/1/2028		2,421,000		2,542,050

James Hardie International Finance DAC 5.00%, 1/15/2028 (a)		1,900,000		2,023,500

JELD-WEN, Inc. 4.88%, 12/15/2027 (a)		2,976,000		3,089,386

Masonite International Corp. 5.38%, 2/1/2028 (a)		1,482,000		1,563,510

PGT Innovations, Inc. 6.75%, 8/1/2026 (a)		867,000		919,020

Standard Industries, Inc.

5.00%, 2/15/2027 (a)		575,000		593,687

4.75%, 1/15/2028 (a)		7,534,000		7,816,525

Summit Materials LLC

6.50%, 3/15/2027 (a)		2,143,000		2,266,790

5.25%, 1/15/2029 (a)		3,025,000		3,210,281


				28,529,121

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	73

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Capital Markets — 0.9%

LPL Holdings, Inc.

5.75%, 9/15/2025 (a)		2,079,000		2,141,786

4.63%, 11/15/2027 (a)		3,050,000		3,119,540

MSCI, Inc.

5.38%, 5/15/2027 (a)		1,479,000		1,575,135

4.00%, 11/15/2029 (a)		3,484,000		3,693,423

3.88%, 2/15/2031 (a)		3,010,000		3,160,500


				13,690,384


Chemicals — 2.8%

Avient Corp. 5.75%, 5/15/2025 (a)		1,169,000		1,239,374

Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)		2,650,000		2,769,594

CF Industries, Inc.

5.15%, 3/15/2034		1,010,000		1,220,858

5.38%, 3/15/2044		1,186,000		1,481,017

Chemours Co. (The)

7.00%, 5/15/2025		883,000		910,267

5.38%, 5/15/2027		1,487,000		1,565,068

5.75%, 11/15/2028 (a)		3,005,000		3,080,125

CVR Partners LP 9.25%, 6/15/2023 (a)		2,089,000		2,121,087

Element Solutions, Inc. 3.88%, 9/1/2028 (a)		2,676,000		2,672,923

Hexion, Inc. 7.88%, 7/15/2027 (a)		2,705,000		2,867,300

INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024 (a)		200,000		203,042

Ingevity Corp. 3.88%, 11/1/2028 (a)		1,510,000		1,494,908

Methanex Corp. (Canada) 5.25%, 12/15/2029		1,234,000		1,265,621

OCI NV (Netherlands) 5.25%, 11/1/2024 (a)		2,105,000		2,176,044

Olin Corp.

9.50%, 6/1/2025 (a)		612,000		757,262

5.13%, 9/15/2027		865,000		896,940

5.63%, 8/1/2029		1,475,000		1,591,156

Rain CII Carbon LLC 7.25%, 4/1/2025 (a)		2,403,000		2,459,182

Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		935,000		991,427

Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		1,525,000		1,546,502

Tronox, Inc.

6.50%, 5/1/2025 (a)		3,327,000		3,559,890

6.50%, 4/15/2026 (a)		1,531,000		1,582,702

Valvoline, Inc. 4.25%, 2/15/2030 (a)		3,023,000		3,113,690

Venator Finance SARL 9.50%, 7/1/2025 (a)		797,000		900,610


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Chemicals — continued

W.R. Grace & Co.-Conn. 4.88%, 6/15/2027 (a)		865,000		896,832


				43,363,421


Commercial Services & Supplies — 2.6%

ACCO Brands Corp. 5.25%, 12/15/2024 (a)		927,000		950,175

ADT Security Corp. (The)

3.50%, 7/15/2022		1,194,000		1,202,955

4.13%, 6/15/2023		1,215,000		1,265,970

4.88%, 7/15/2032 (a)		2,080,000		2,202,200

Allied Universal Holdco LLC

6.63%, 7/15/2026 (a)		3,044,000		3,223,687

9.75%, 7/15/2027 (a)		2,121,000		2,340,609

Aramark Services, Inc.

6.38%, 5/1/2025 (a)		610,000		644,312

5.00%, 2/1/2028 (a)		610,000		625,250

Brink’s Co. (The) 4.63%, 10/15/2027 (a)		1,794,000		1,848,789

CoreCivic, Inc. 4.63%, 5/1/2023		1,480,000		1,431,900

Covanta Holding Corp. 6.00%, 1/1/2027		610,000		634,400

Garda World Security Corp. (Canada)

4.63%, 2/15/2027 (a)		1,826,000		1,812,305

9.50%, 11/1/2027 (a)		2,100,000		2,268,000

GFL Environmental, Inc. (Canada)

4.25%, 6/1/2025 (a)		2,981,000		3,056,151

8.50%, 5/1/2027 (a)		1,846,000		2,030,600

Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (a)		1,526,000		1,563,959

Nielsen Finance LLC 5.63%, 10/1/2028 (a)		5,209,000		5,488,202

Prime Security Services Borrower LLC

5.25%, 4/15/2024 (a)		2,710,000		2,889,538

5.75%, 4/15/2026 (a)		4,534,000		4,885,385

Stericycle, Inc. 3.88%, 1/15/2029 (a)		610,000		614,362


				40,978,749


Communications Equipment — 1.2%

CommScope Technologies LLC

6.00%, 6/15/2025 (a)		2,430,000		2,470,946

5.00%, 3/15/2027 (a)		5,449,000		5,337,731

CommScope, Inc.

5.50%, 3/1/2024 (a)		642,000		658,853

6.00%, 3/1/2026 (a)		3,001,000		3,154,801

8.25%, 3/1/2027 (a)		4,191,000		4,416,224

Nokia OYJ (Finland)

4.38%, 6/12/2027		610,000		658,800

6.63%, 5/15/2039		610,000		779,580

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Communications Equipment — continued

Viasat, Inc. 6.50%, 7/15/2028 (a)		610,000		651,419


				18,128,354


Construction & Engineering — 0.4%

AECOM

5.88%, 10/15/2024		2,135,000		2,369,850

5.13%, 3/15/2027		1,475,000		1,611,437

MasTec, Inc. 4.50%, 8/15/2028 (a)		3,000,000		3,135,600


				7,116,887


Consumer Finance — 4.4%

Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		860,000		866,450

Ford Motor Credit Co. LLC

5.58%, 3/18/2024		7,950,000		8,576,063

5.13%, 6/16/2025		6,225,000		6,723,000

4.13%, 8/17/2027		17,950,000		18,892,375

4.00%, 11/13/2030		2,050,000		2,096,125

Global Aircraft Leasing Co. Ltd. (Cayman Islands) 7.25% (PIK), 9/15/2024 (a) (b)		1,410,803		1,261,918

Navient Corp.

7.25%, 9/25/2023		3,289,000		3,568,565

5.88%, 10/25/2024		3,524,000		3,709,010

OneMain Finance Corp.

6.13%, 5/15/2022		2,379,000		2,483,081

6.13%, 3/15/2024		7,183,000		7,708,293

7.13%, 3/15/2026		11,764,000		13,587,420


				69,472,300


Containers & Packaging — 1.5%

Ardagh Packaging Finance plc

5.25%, 4/30/2025 (a)		410,000		432,550

4.13%, 8/15/2026 (a)		1,425,000		1,474,744

5.25%, 8/15/2027 (a)		1,225,000		1,269,038

Ball Corp.

5.25%, 7/1/2025		610,000		686,250

4.88%, 3/15/2026		1,636,000		1,819,919

Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a)		2,426,000		2,622,603

Graphic Packaging International LLC

4.88%, 11/15/2022		231,000		240,529

4.75%, 7/15/2027 (a)		939,000		1,038,064

3.50%, 3/1/2029 (a)		120,000		120,600

LABL Escrow Issuer LLC 6.75%, 7/15/2026 (a)		1,222,000		1,310,595

Mauser Packaging Solutions Holding Co.

5.50%, 4/15/2024 (a)		2,708,000		2,721,540

7.25%, 4/15/2025 (a)		3,632,000		3,588,915


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Containers & Packaging — continued

Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)		1,167,000		1,251,608

Reynolds Group Issuer, Inc. 4.00%, 10/15/2027 (a)		1,822,000		1,816,297

Sealed Air Corp. 6.88%, 7/15/2033 (a)		1,495,000		1,943,500

Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (c)		1,275,000		1,333,969


				23,670,721


Distributors — 0.7%

American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)		754,000		761,540

Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		5,144,000		5,401,663

Wolverine Escrow LLC

8.50%, 11/15/2024 (a)		2,057,000		2,010,717

9.00%, 11/15/2026 (a)		3,072,000		3,025,920


				11,199,840


Diversified Consumer Services — 0.0% (d)

Service Corp. International 5.13%, 6/1/2029		583,000		630,007


Diversified Financial Services — 0.4%

Sabre GLBL, Inc. 9.25%, 4/15/2025 (a)		4,862,000		5,767,548


Diversified Telecommunication Services — 5.7%

Altice France Holding SA (Luxembourg)

10.50%, 5/15/2027 (a)		2,500,000		2,810,750

6.00%, 2/15/2028 (a)		1,750,000		1,712,813

Altice France SA (France)

7.38%, 5/1/2026 (a)		630,000		656,901

5.50%, 1/15/2028 (a)		4,110,000		4,192,200

5.13%, 1/15/2029 (a)		4,100,000		4,122,611

CCO Holdings LLC

5.75%, 2/15/2026 (a)		6,305,000		6,516,533

5.13%, 5/1/2027 (a)		4,530,000		4,745,628

5.38%, 6/1/2029 (a)		9,631,000		10,379,521

4.75%, 3/1/2030 (a)		13,228,000		13,806,064

Cincinnati Bell, Inc. 7.00%, 7/15/2024 (a)		1,227,000		1,276,080

Embarq Corp. 8.00%, 6/1/2036		2,385,000		2,835,169

Frontier Communications Corp.

5.88%, 10/15/2027 (a)		3,905,000		4,178,350

5.00%, 5/1/2028 (a)		3,050,000		3,140,585

Level 3 Financing, Inc. 4.63%, 9/15/2027 (a)		1,521,000		1,573,779

Lumen Technologies, Inc. Series Y, 7.50%, 4/1/2024		590,000		662,275

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	75

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Diversified Telecommunication Services — continued

Sprint Capital Corp.

6.88%, 11/15/2028		6,023,000		7,619,095

8.75%, 3/15/2032		3,050,000		4,538,400

Telecom Italia Capital SA (Italy) 7.72%, 6/4/2038		5,691,000		7,619,111

Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		2,251,000		2,437,090

Virgin Media Secured Finance plc (United Kingdom)

5.50%, 8/15/2026 (a)		612,000		637,168

5.50%, 5/15/2029 (a)		1,120,000		1,200,438

4.50%, 8/15/2030 (a)		1,465,000		1,497,963

Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (a)		890,000		886,333


				89,044,857


Electric Utilities — 2.2%

FirstEnergy Corp.

Series B, 4.25%, 3/15/2023 (c)		1,525,000		1,614,563

Series C, 7.38%, 11/15/2031		1,525,000		2,097,455

Series C, 5.35%, 7/15/2047 (c)		1,525,000		1,814,750

NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (a)		1,220,000		1,358,714

NRG Energy, Inc.

6.63%, 1/15/2027		1,815,000		1,887,382

5.75%, 1/15/2028		1,201,000		1,276,062

5.25%, 6/15/2029 (a)		4,859,000		5,128,043

3.63%, 2/15/2031 (a)		3,020,000		2,974,700

PG&E Corp. 5.25%, 7/1/2030		6,331,000		6,772,271

Vistra Operations Co. LLC

5.50%, 9/1/2026 (a)		915,000		949,312

5.63%, 2/15/2027 (a)		8,137,000		8,503,165


				34,376,417


Electrical Equipment — 0.1%

EnerSys 5.00%, 4/30/2023 (a)		1,164,000		1,220,082


Electronic Equipment, Instruments & Components — 0.6%

CDW LLC 3.25%, 2/15/2029		2,145,000		2,110,680

MTS Systems Corp. 5.75%, 8/15/2027 (a)		863,000		938,944

Sensata Technologies, Inc.

4.38%, 2/15/2030 (a)		3,946,000		4,207,422

3.75%, 2/15/2031 (a)		2,990,000		3,001,213


				10,258,259


Energy Equipment & Services — 0.9%

Archrock Partners LP 6.88%, 4/1/2027 (a)		1,826,000		1,926,832


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Energy Equipment & Services — continued

Nabors Industries Ltd. 7.25%, 1/15/2026 (a)		1,220,000		1,083,146

Nabors Industries, Inc. 5.75%, 2/1/2025		1,525,000		1,210,469

Oceaneering International, Inc. 4.65%, 11/15/2024		1,212,000		1,207,455

Precision Drilling Corp. (Canada)

5.25%, 11/15/2024		1,525,000		1,425,875

7.13%, 1/15/2026 (a)		1,175,000		1,139,750

TechnipFMC plc (United Kingdom) 6.50%, 2/1/2026 (a)		2,118,000		2,217,909

Transocean Guardian Ltd. 5.88%, 1/15/2024 (a)		959,177		868,055

Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		733,700		700,683

USA Compression Partners LP 6.88%, 4/1/2026		865,000		893,113

Weatherford International Ltd.

8.75%, 9/1/2024 (a)		1,212,026		1,272,264

11.00%, 12/1/2024 (a)		608,000		597,177


				14,542,728


Entertainment — 2.3%

Cinemark USA, Inc.

4.88%, 6/1/2023		2,078,000		2,056,617

8.75%, 5/1/2025 (a)		915,000		995,063

Live Nation Entertainment, Inc.

4.88%, 11/1/2024 (a)		3,175,000		3,211,131

6.50%, 5/15/2027 (a)		5,686,000		6,276,207

4.75%, 10/15/2027 (a)		2,639,000		2,665,918

Netflix, Inc.

5.88%, 2/15/2025		4,828,000		5,536,726

5.88%, 11/15/2028		10,570,000		12,680,829

WMG Acquisition Corp.

5.50%, 4/15/2026 (a)		864,000		886,983

3.88%, 7/15/2030 (a)		1,197,000		1,224,034

3.00%, 2/15/2031 (a)		895,000		860,319


				36,393,827


Equity Real Estate Investment Trusts (REITs) — 3.4%

ESH Hospitality, Inc.

5.25%, 5/1/2025 (a)		2,081,000		2,121,330

4.63%, 10/1/2027 (a)		4,570,000		4,641,383

HAT Holdings I LLC

3.75%, 9/15/2030 (a)		1,228,000		1,218,790

Iron Mountain, Inc.

4.88%, 9/15/2027 (a)		2,412,000		2,514,510

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Equity Real Estate Investment Trusts (REITs) — continued

iStar, Inc.

4.75%, 10/1/2024		3,293,000		3,379,441

MGM Growth Properties Operating Partnership LP

5.63%, 5/1/2024		3,653,000		3,945,240

5.75%, 2/1/2027		3,357,000		3,793,410

3.88%, 2/15/2029 (a)		3,050,000		3,088,125

MPT Operating Partnership LP 4.63%, 8/1/2029		4,056,000		4,360,829

RHP Hotel Properties LP 4.75%, 10/15/2027		3,614,000		3,665,030

SBA Communications Corp. 3.88%, 2/15/2027		2,455,000		2,544,681

Uniti Group LP

6.00%, 4/15/2023 (a)		610,000		619,150

7.88%, 2/15/2025 (a)		3,087,000		3,306,378

6.50%, 2/15/2029 (a)		4,134,000		4,165,005

VICI Properties LP

3.50%, 2/15/2025 (a)		890,000		902,238

4.25%, 12/1/2026 (a)		4,261,000		4,394,795

4.63%, 12/1/2029 (a)		3,629,000		3,809,361


				52,469,696


Food & Staples Retailing — 1.1%

Albertsons Cos., Inc.

4.63%, 1/15/2027 (a)		4,833,000		5,003,170

5.88%, 2/15/2028 (a)		3,314,000		3,529,410

4.88%, 2/15/2030 (a)		2,703,000		2,798,200

Rite Aid Corp.

7.50%, 7/1/2025 (a)		633,000		663,093

8.00%, 11/15/2026 (a)		4,564,000		4,806,462

US Foods, Inc. 6.25%, 4/15/2025 (a)		846,000		899,932


				17,700,267


Food Products — 2.8%

B&G Foods, Inc.

5.25%, 4/1/2025		933,000		956,698

5.25%, 9/15/2027		3,876,000		4,066,971

Dole Food Co., Inc. 7.25%, 6/15/2025 (a)		102,000		104,295

JBS USA LUX SA 6.50%, 4/15/2029 (a)		2,969,000		3,341,966

Kraft Heinz Foods Co.

3.88%, 5/15/2027		2,006,000		2,192,694

5.00%, 7/15/2035		3,050,000		3,689,982

4.38%, 6/1/2046		3,050,000		3,322,891

Lamb Weston Holdings, Inc.

4.63%, 11/1/2024 (a)		584,000		606,192


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Food Products — continued

4.88%, 11/1/2026 (a)		575,000		595,844

4.88%, 5/15/2028 (a)		4,172,000		4,547,480

Pilgrim’s Pride Corp.

5.75%, 3/15/2025 (a)		933,000		951,473

5.88%, 9/30/2027 (a)		863,000		925,870

Post Holdings, Inc.

5.00%, 8/15/2026 (a)		3,283,000		3,425,810

5.75%, 3/1/2027 (a)		3,021,000		3,163,440

5.50%, 12/15/2029 (a)		10,861,000		11,689,260


				43,580,866


Gas Utilities — 0.4%

AmeriGas Partners LP

5.50%, 5/20/2025		400,000		437,880

5.88%, 8/20/2026		5,126,000		5,779,565


				6,217,445


Health Care Equipment & Supplies — 0.5%

Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		2,670,000		2,783,528

Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a)		626,000		652,605

Hologic, Inc. 3.25%, 2/15/2029 (a)		2,105,000		2,100,927

Teleflex, Inc.

4.63%, 11/15/2027		622,000		655,432

4.25%, 6/1/2028 (a)		1,765,000		1,824,569


				8,017,061


Health Care Providers & Services — 6.2%

Acadia Healthcare Co., Inc.

5.63%, 2/15/2023		1,817,000		1,817,000

5.50%, 7/1/2028 (a)		1,230,000		1,297,650

Centene Corp.

5.38%, 6/1/2026 (a)		8,444,000		8,823,051

5.38%, 8/15/2026 (a)		1,465,000		1,541,912

4.25%, 12/15/2027		5,087,000		5,296,839

4.63%, 12/15/2029		7,557,000		8,154,003

3.38%, 2/15/2030		3,050,000		3,134,485

Community Health Systems, Inc.

8.00%, 3/15/2026 (a)		2,413,000		2,576,360

5.63%, 3/15/2027 (a)		1,525,000		1,606,108

DaVita, Inc.

4.63%, 6/1/2030 (a)		3,881,000		3,948,918

3.75%, 2/15/2031 (a)		1,525,000		1,453,241

Encompass Health Corp.

4.50%, 2/1/2028		1,525,000		1,585,405

4.75%, 2/1/2030		2,690,000		2,845,671

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	77

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Health Care Providers & Services — continued

Envision Healthcare Corp.

8.75%, 10/15/2026 (a)		1,803,000		1,289,145

HCA, Inc.

5.38%, 2/1/2025		3,050,000		3,419,812

5.38%, 9/1/2026		3,046,000		3,476,526

5.63%, 9/1/2028		7,508,000		8,728,050

5.88%, 2/1/2029		5,389,000		6,352,823

Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a)		606,000		602,412

MEDNAX, Inc. 6.25%, 1/15/2027 (a)		891,000		941,083

Molina Healthcare, Inc. 4.38%, 6/15/2028 (a)		1,800,000		1,872,000

Radiology Partners, Inc. 9.25%, 2/1/2028 (a)		1,200,000		1,299,000

RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a)		583,000		628,311

Select Medical Corp. 6.25%, 8/15/2026 (a)		913,000		976,910

Tenet Healthcare Corp.

6.75%, 6/15/2023		1,528,000		1,649,598

4.88%, 1/1/2026 (a)		1,525,000		1,576,377

6.25%, 2/1/2027 (a)		3,629,000		3,830,410

5.13%, 11/1/2027 (a)		11,440,000		11,991,522

4.63%, 6/15/2028 (a)		1,525,000		1,586,488

6.13%, 10/1/2028 (a)		1,525,000		1,605,368

6.88%, 11/15/2031		1,502,000		1,640,935


				97,547,413


Health Care Technology — 0.2%

IQVIA, Inc. 5.00%, 5/15/2027 (a)		3,176,000		3,322,890


Hotels, Restaurants & Leisure — 7.5%

1011778 BC ULC (Canada)

4.25%, 5/15/2024 (a)		1,807,000		1,825,070

3.88%, 1/15/2028 (a)		4,520,000		4,588,252

4.00%, 10/15/2030 (a)		3,290,000		3,208,408

Boyd Gaming Corp.

6.38%, 4/1/2026		1,816,000		1,876,164

4.75%, 12/1/2027		4,514,000		4,588,842

Boyne USA, Inc. 7.25%, 5/1/2025 (a)		880,000		915,394

Caesars Resort Collection LLC

5.75%, 7/1/2025 (a)		3,346,000		3,513,300

5.25%, 10/15/2025 (a)		3,342,000		3,321,280

Carnival Corp.

11.50%, 4/1/2023 (a)		3,042,000		3,468,488

9.88%, 8/1/2027 (a)		1,500,000		1,725,120


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hotels, Restaurants & Leisure — continued

Cedar Fair LP

5.50%, 5/1/2025 (a)		3,325,000		3,485,016

5.25%, 7/15/2029		876,000		878,190

Churchill Downs, Inc. 5.50%, 4/1/2027 (a)		1,170,000		1,219,035

Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		130,000		146,770

Hilton Domestic Operating Co., Inc.

4.88%, 1/15/2030		4,829,000		5,203,344

3.63%, 2/15/2032 (a)		504,000		496,359

Hilton Worldwide Finance LLC 4.88%, 4/1/2027		3,477,000		3,616,080

International Game Technology plc

6.50%, 2/15/2025 (a)		3,230,000		3,569,150

5.25%, 1/15/2029 (a)		3,170,000		3,356,237

IRB Holding Corp. 7.00%, 6/15/2025 (a)		2,698,000		2,928,166

KFC Holding Co. 5.25%, 6/1/2026 (a)		3,016,000		3,116,885

Marriott Ownership Resorts, Inc.

6.13%, 9/15/2025 (a)		627,000		666,187

6.50%, 9/15/2026		628,000		653,403

4.75%, 1/15/2028		1,526,000		1,537,048

Melco Resorts Finance Ltd. (Hong Kong)

5.75%, 7/21/2028 (a)		750,000		802,875

5.38%, 12/4/2029 (a)		750,000		789,960

MGM China Holdings Ltd. (Macau)

5.88%, 5/15/2026 (a)		750,000		789,465

MGM Resorts International

6.00%, 3/15/2023		1,167,000		1,244,314

5.50%, 4/15/2027		3,326,000		3,607,712

NCL Corp. Ltd. 12.25%, 5/15/2024 (a)		915,000		1,087,706

Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (a)		3,631,000		4,248,270

Scientific Games International, Inc.

5.00%, 10/15/2025 (a)		4,492,000		4,619,798

8.25%, 3/15/2026 (a)		1,475,000		1,563,544

Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a)		1,797,000		1,834,984

Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)		2,386,000		2,572,180

Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		1,205,000		1,263,961

Station Casinos LLC 4.50%, 2/15/2028 (a)		913,000		909,576

Travel + Leisure Co.

6.63%, 7/31/2026 (a)		1,523,000		1,719,162

6.00%, 4/1/2027 (c)		886,000		985,675

Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		913,000		974,993

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Hotels, Restaurants & Leisure — continued

VOC Escrow Ltd. 5.00%, 2/15/2028 (a)		915,000		904,112

Wynn Las Vegas LLC

4.25%, 5/30/2023 (a)		622,000		628,220

5.50%, 3/1/2025 (a)		3,660,000		3,879,600

5.25%, 5/15/2027 (a)		1,170,000		1,241,826

Wynn Macau Ltd. (Macau)

4.88%, 10/1/2024 (a)		1,000,000		1,005,800

5.63%, 8/26/2028 (a)		4,500,000		4,680,000

5.13%, 12/15/2029 (a)		1,000,000		1,012,500

Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)		2,389,000		2,514,423

Yum! Brands, Inc.

4.75%, 1/15/2030 (a)		10,161,000		10,601,987

6.88%, 11/15/2037		874,000		1,092,500


				116,477,331


Household Durables — 0.5%

Brookfield Residential Properties, Inc. (Canada) 6.25%, 9/15/2027 (a)		610,000		643,556

KB Home 4.80%, 11/15/2029		1,485,000		1,596,375

Meritage Homes Corp. 5.13%, 6/6/2027		865,000		970,962

Newell Brands, Inc. 4.70%, 4/1/2026 (c)		1,803,000		1,999,401

Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (a)		1,167,000		1,301,205

Toll Brothers Finance Corp. 4.88%, 3/15/2027		865,000		988,263


				7,499,762


Household Products — 0.8%

Central Garden & Pet Co.

5.13%, 2/1/2028		588,000		622,545

4.13%, 10/15/2030		623,000		646,914

Energizer Holdings, Inc. 4.75%, 6/15/2028 (a)		4,780,000		4,886,116

Kronos Acquisition Holdings, Inc. (Canada)

5.00%, 12/31/2026 (a)		610,000		628,117

7.00%, 12/31/2027 (a)		610,000		603,747

Spectrum Brands, Inc.

5.75%, 7/15/2025		1,522,000		1,567,660

5.50%, 7/15/2030 (a)		2,685,000		2,893,383


				11,848,482


Independent Power and Renewable Electricity Producers — 0.4%

Calpine Corp.

5.25%, 6/1/2026 (a)		634,000		652,227

4.50%, 2/15/2028 (a)		4,815,000		4,947,413


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Independent Power and Renewable Electricity Producers — continued

Clearway Energy Operating LLC 4.75%, 3/15/2028 (a)		877,000		937,294


				6,536,934


Insurance — 0.3%

HUB International Ltd. 7.00%, 5/1/2026 (a)		2,137,000		2,226,840

NFP Corp. 6.88%, 8/15/2028 (a)		2,281,000		2,355,543


				4,582,383


Internet & Direct Marketing Retail — 0.4%

Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (a)		911,000		956,550

Match Group Holdings II LLC 4.63%, 6/1/2028 (a)		610,000		633,290

Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		1,499,000		1,608,007

QVC, Inc.

4.38%, 3/15/2023		1,513,000		1,584,565

4.75%, 2/15/2027		1,165,000		1,228,353


				6,010,765


IT Services — 1.1%

Arches Buyer, Inc.

4.25%, 6/1/2028 (a)		2,135,000		2,152,774

6.13%, 12/1/2028 (a)		2,135,000		2,207,024

Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)		915,000		909,602

Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (a)		3,276,000		3,355,459

Gartner, Inc. 4.50%, 7/1/2028 (a)		4,780,000		5,019,000

Presidio Holdings, Inc.

4.88%, 2/1/2027 (a)		2,072,000		2,160,060

8.25%, 2/1/2028 (a)		1,205,000		1,330,778

Science Applications International Corp. 4.88%, 4/1/2028 (a)		890,000		927,825


				18,062,522


Leisure Products — 0.1%

Mattel, Inc.

5.88%, 12/15/2027 (a)		1,006,000		1,095,157

6.20%, 10/1/2040		630,000		743,400


				1,838,557


Machinery — 0.4%

Hillman Group, Inc. (The) 6.38%, 7/15/2022 (a)		645,000		647,032

Mueller Water Products, Inc. 5.50%, 6/15/2026 (a)		1,174,000		1,211,133

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	79

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Machinery — continued

Navistar International Corp. 9.50%, 5/1/2025 (a)		865,000		967,719

RBS Global, Inc. 4.88%, 12/15/2025 (a)		876,000		898,995

TriMas Corp. 4.88%, 10/15/2025 (a)		130,000		132,600

Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		2,000,000		2,085,000


				5,942,479


Media — 6.3%

Altice Financing SA (Luxembourg) 5.00%, 1/15/2028 (a)		1,250,000		1,250,137

AMC Networks, Inc.

5.00%, 4/1/2024		313,000		316,913

4.75%, 8/1/2025		885,000		910,218

4.25%, 2/15/2029		425,000		415,994

Clear Channel Worldwide Holdings, Inc.

9.25%, 2/15/2024		6,210,000		6,466,162

5.13%, 8/15/2027 (a)		4,829,000		4,906,264

CSC Holdings LLC

5.50%, 4/15/2027 (a)		3,775,000		3,972,055

6.50%, 2/1/2029 (a)		7,000,000		7,741,650

3.38%, 2/15/2031 (a)		3,050,000		2,928,000

DISH DBS Corp.

5.00%, 3/15/2023		2,729,000		2,810,870

5.88%, 11/15/2024		8,718,000		9,122,559

7.75%, 7/1/2026		2,405,000		2,646,702

Gray Television, Inc.

7.00%, 5/15/2027 (a)		620,000		677,350

4.75%, 10/15/2030 (a)		580,000		580,000

iHeartCommunications, Inc.

6.38%, 5/1/2026		4,232,591		4,478,504

8.38%, 5/1/2027		6,231,763		6,608,037

Lamar Media Corp. 3.75%, 2/15/2028		1,006,000		1,018,575

LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (a)		1,405,000		1,504,896

Meredith Corp.

6.50%, 7/1/2025 (a)		895,000		953,175

6.88%, 2/1/2026		3,930,000		4,009,936

National CineMedia LLC 5.88%, 4/15/2028 (a)		1,185,000		1,090,200

Nexstar Broadcasting, Inc.

5.63%, 7/15/2027 (a)		4,521,000		4,775,306

4.75%, 11/1/2028 (a)		3,895,000		3,977,769

Outfront Media Capital LLC 5.00%, 8/15/2027 (a)		631,000		641,254


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Media — continued

Radiate Holdco LLC

4.50%, 9/15/2026 (a)		504,000		510,300

6.50%, 9/15/2028 (a)		504,000		529,200

Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)		1,220,000		1,198,193

Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)		1,791,000		1,866,222

Sinclair Television Group, Inc. 5.50%, 3/1/2030 (a)		880,000		883,485

Sirius XM Radio, Inc.

4.63%, 7/15/2024 (a)		2,419,000		2,491,304

5.00%, 8/1/2027 (a)		1,522,000		1,584,813

5.50%, 7/1/2029 (a)		3,284,000		3,553,945

4.13%, 7/1/2030 (a)		3,580,000		3,615,800

TEGNA, Inc. 5.00%, 9/15/2029		902,000		939,938

Univision Communications, Inc. 5.13%, 2/15/2025 (a)		915,000		915,869

Videotron Ltd. (Canada) 5.38%, 6/15/2024 (a)		806,000		878,540

Ziggo Bond Co. BV (Netherlands) 5.13%, 2/28/2030 (a)		3,000,000		3,127,860

Ziggo BV (Netherlands) 5.50%, 1/15/2027 (a)		2,815,000		2,924,813


				98,822,808


Metals & Mining — 3.3%

Alcoa Nederland Holding BV

6.75%, 9/30/2024 (a)		624,000		647,400

6.13%, 5/15/2028 (a)		5,925,000		6,428,625

Allegheny Technologies, Inc.

7.88%, 8/15/2023 (c)		819,000		892,931

5.88%, 12/1/2027		3,030,000		3,200,438

ArcelorMittal SA (Luxembourg)

4.55%, 3/11/2026		865,000		966,335

7.25%, 10/15/2039 (c)		865,000		1,245,600

Arconic Corp. 6.13%, 2/15/2028 (a)		2,436,000		2,570,784

Carpenter Technology Corp. 6.38%, 7/15/2028		1,525,000		1,679,596

Cleveland-Cliffs, Inc.

9.88%, 10/17/2025 (a)		1,192,000		1,393,150

4.63%, 3/1/2029 (a)		2,014,000		1,971,202

Commercial Metals Co. 5.38%, 7/15/2027		865,000		916,900

Constellium SE

6.63%, 3/1/2025 (a)		266,000		270,708

5.63%, 6/15/2028 (a)		1,000,000		1,056,250

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Metals & Mining — continued

FMG Resources August 2006 Pty. Ltd. (Australia)

5.13%, 5/15/2024 (a)		865,000		935,281

4.50%, 9/15/2027 (a)		865,000		950,419

Freeport-McMoRan, Inc.

4.55%, 11/14/2024		1,507,000		1,659,584

4.38%, 8/1/2028		3,050,000		3,250,964

4.63%, 8/1/2030		5,103,000		5,640,142

5.40%, 11/14/2034		2,735,000		3,387,981

5.45%, 3/15/2043		4,178,000		5,191,165

Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		2,421,000		2,527,354

Novelis Corp. 5.88%, 9/30/2026 (a)		1,520,000		1,583,658

United States Steel Corp. 12.00%, 6/1/2025 (a)		2,051,000		2,463,405


				50,829,872


Multiline Retail — 0.5%

Macy’s, Inc. 8.38%, 6/15/2025 (a)		3,913,000		4,323,865

Nordstrom, Inc. 5.00%, 1/15/2044		3,020,000		2,900,016


				7,223,881


Oil, Gas & Consumable Fuels — 11.7%

Antero Midstream Partners LP

5.38%, 9/15/2024		1,006,000		1,013,545

5.75%, 3/1/2027 (a)		1,006,000		1,009,772

Antero Resources Corp.

8.38%, 7/15/2026 (a)		3,944,000		4,313,750

7.63%, 2/1/2029 (a)		1,316,000		1,403,185

Apache Corp.

3.25%, 4/15/2022		564,000		565,410

4.38%, 10/15/2028		1,220,000		1,238,300

5.10%, 9/1/2040		4,780,000		4,877,177

Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a)		1,220,000		1,075,296

Buckeye Partners LP

4.15%, 7/1/2023		1,465,000		1,483,510

3.95%, 12/1/2026		1,463,000		1,452,057

4.50%, 3/1/2028 (a)		6,332,000		6,411,150

California Resources Corp. 7.13%, 2/1/2026 (a)		1,510,000		1,510,944

Cenovus Energy, Inc. (Canada)

3.00%, 8/15/2022		575,000		589,754

3.80%, 9/15/2023		1,538,000		1,625,023

6.75%, 11/15/2039		1,528,000		1,984,679

Cheniere Energy Partners LP

5.25%, 10/1/2025		3,585,000		3,684,663

4.50%, 10/1/2029		9,531,000		10,031,377


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Comstock Resources, Inc.

9.75%, 8/15/2026		7,262,000		7,927,127

6.75%, 3/1/2029 (a)		1,500,000		1,556,250

Continental Resources, Inc.

4.50%, 4/15/2023		2,093,000		2,148,548

3.80%, 6/1/2024		575,000		588,863

5.75%, 1/15/2031 (a)		1,800,000		2,028,978

Crestwood Midstream Partners LP 5.63%, 5/1/2027 (a)		1,476,000		1,463,085

DCP Midstream Operating LP

5.38%, 7/15/2025		1,522,000		1,622,513

5.13%, 5/15/2029		1,818,000		1,926,571

Endeavor Energy Resources LP 6.63%, 7/15/2025 (a)		708,000		744,165

EnLink Midstream Partners LP

4.15%, 6/1/2025		1,220,000		1,210,850

5.45%, 6/1/2047		1,220,000		1,009,550

EQM Midstream Partners LP

4.75%, 7/15/2023		336,000		346,403

4.00%, 8/1/2024		2,449,000		2,473,490

6.00%, 7/1/2025 (a)		3,337,000		3,525,407

5.50%, 7/15/2028		6,072,000		6,254,160

4.50%, 1/15/2029 (a)		1,510,000		1,463,756

6.50%, 7/15/2048		1,812,000		1,712,340

EQT Corp.

3.00%, 10/1/2022		3,308,000		3,327,699

7.63%, 2/1/2025 (c)		5,679,000		6,605,927

Genesis Energy LP 6.50%, 10/1/2025		2,693,000		2,613,018

Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a)		25,000		25,897

Hess Midstream Operations LP

5.63%, 2/15/2026 (a)		621,000		643,281

5.13%, 6/15/2028 (a)		620,000		638,600

Hilcorp Energy I LP 6.25%, 11/1/2028 (a)		984,000		1,027,050

Matador Resources Co. 5.88%, 9/15/2026		610,000		594,750

Murphy Oil Corp.

5.75%, 8/15/2025		1,504,000		1,488,960

5.88%, 12/1/2027		620,000		610,700

6.37%, 12/1/2042 (c)		667,000		618,642

NGL Energy Operating LLC 7.50%, 2/1/2026 (a)		6,544,000		6,746,962

NuStar Logistics LP

6.00%, 6/1/2026		1,820,000		1,941,157

5.63%, 4/28/2027		3,410,000		3,563,450

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	81

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

Occidental Petroleum Corp.

2.70%, 8/15/2022		3,283,000		3,246,280

2.90%, 8/15/2024		4,815,000		4,685,862

6.45%, 9/15/2036		5,235,000		5,967,900

4.20%, 3/15/2048		1,785,000		1,521,712

Ovintiv Exploration, Inc.

5.63%, 7/1/2024		812,000		890,098

5.38%, 1/1/2026		4,840,000		5,368,031

Ovintiv, Inc. 6.50%, 8/15/2034		6,404,000		7,988,912

PBF Holding Co. LLC 9.25%, 5/15/2025 (a)		1,515,000		1,476,670

Range Resources Corp.

5.00%, 8/15/2022		440,000		444,400

9.25%, 2/1/2026		560,000		609,398

Rockies Express Pipeline LLC

4.95%, 7/15/2029 (a)		610,000		651,938

6.88%, 4/15/2040 (a)		610,000		675,575

SM Energy Co.

5.63%, 6/1/2025		649,000		618,172

6.75%, 9/15/2026		666,000		631,368

6.63%, 1/15/2027		669,000		630,533

Southwestern Energy Co.

6.45%, 1/23/2025 (c)		1,232,000		1,293,600

7.75%, 10/1/2027		588,000		629,160

Sunoco LP 6.00%, 4/15/2027		1,230,000		1,280,369

Tallgrass Energy Partners LP

5.50%, 9/15/2024 (a)		3,223,000		3,239,115

5.50%, 1/15/2028 (a)		4,045,000		3,974,213

Targa Resources Partners LP

5.88%, 4/15/2026		4,564,000		4,752,493

6.88%, 1/15/2029		8,172,000		9,060,705

5.50%, 3/1/2030		4,246,000		4,540,545

TerraForm Power Operating LLC 4.75%, 1/15/2030 (a)		1,512,000		1,592,015

Western Midstream Operating LP

4.35%, 2/1/2025 (c)		890,000		911,022

5.30%, 2/1/2030 (c)		3,050,000		3,305,498

WPX Energy, Inc. 5.25%, 9/15/2024		34,000		37,783


				182,741,108


Personal Products — 0.3%

Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		2,699,000		2,864,746

Prestige Brands, Inc.

6.38%, 3/1/2024 (a)		928,000		942,792

5.13%, 1/15/2028 (a)		630,000		659,185


				4,466,723


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — 2.5%

Bausch Health Americas, Inc. 8.50%, 1/31/2027 (a)		6,674,000		7,383,113

Bausch Health Cos., Inc.

6.13%, 4/15/2025 (a)		6,305,000		6,456,068

5.00%, 1/30/2028 (a)		7,786,000		7,941,720

7.25%, 5/30/2029 (a)		8,573,000		9,497,855

Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (a)		1,511,000		1,590,327

Endo Dac 9.50%, 7/31/2027 (a)		1,236,000		1,392,045

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		4,800,000		5,160,000


				39,421,128


Professional Services — 0.1%

Dun & Bradstreet Corp. (The)

6.88%, 8/15/2026 (a)		875,000		936,250

10.25%, 2/15/2027 (a)		926,000		1,035,963


				1,972,213


Real Estate Management & Development — 0.2%

Kennedy-Wilson, Inc.

5.88%, 4/1/2024		1,486,000		1,503,089

4.75%, 3/1/2029		508,000		523,875

5.00%, 3/1/2031		508,000		524,510


				2,551,474


Road & Rail — 0.4%

Avis Budget Car Rental LLC

5.25%, 3/15/2025 (a)		1,504,000		1,512,994

10.50%, 5/15/2025 (a)		2,380,000		2,838,864

5.75%, 7/15/2027 (a)		1,770,000		1,829,737


				6,181,595


Semiconductors & Semiconductor Equipment — 0.5%

Entegris, Inc.

4.63%, 2/10/2026 (a)		1,233,000		1,273,233

4.38%, 4/15/2028 (a)		905,000		949,553

Microchip Technology, Inc. 4.25%, 9/1/2025 (a)		2,386,000		2,503,597

ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		1,226,000		1,281,170

Qorvo, Inc.

4.38%, 10/15/2029		610,000		656,702

3.38%, 4/1/2031 (a)		610,000		610,000


				7,274,255

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Software — 1.0%

Ascend Learning LLC 6.88%, 8/1/2025 (a)		925,000		950,438

BY Crown Parent LLC 4.25%, 1/31/2026 (a)		865,000		890,950

CDK Global, Inc.

4.88%, 6/1/2027		1,192,000		1,247,130

5.25%, 5/15/2029 (a)		917,000		987,031

Fair Isaac Corp.

5.25%, 5/15/2026 (a)		881,000		997,732

4.00%, 6/15/2028 (a)		595,000		615,647

Nuance Communications, Inc. 5.63%, 12/15/2026		1,200,000		1,257,000

Open Text Corp. (Canada) 3.88%, 2/15/2028 (a)		865,000		879,056

Open Text Holdings, Inc. (Canada) 4.13%, 2/15/2030 (a)		865,000		899,600

PTC, Inc. 4.00%, 2/15/2028 (a)		1,220,000		1,255,075

SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		4,842,000		5,114,944


				15,094,603


Specialty Retail — 1.8%

Gap, Inc. (The)

8.63%, 5/15/2025 (a)		2,419,000		2,697,089

8.88%, 5/15/2027 (a)		2,695,000		3,156,330

L Brands, Inc.

7.50%, 6/15/2029		3,018,000		3,407,684

6.88%, 11/1/2035		5,951,000		7,219,634

Penske Automotive Group, Inc. 3.50%, 9/1/2025		656,000		669,120

PetSmart, Inc.

4.75%, 2/15/2028 (a)		3,000,000		3,102,480

7.75%, 2/15/2029 (a)		3,000,000		3,217,500

Staples, Inc.

7.50%, 4/15/2026 (a)		3,355,000		3,362,381

10.75%, 4/15/2027 (a)		1,805,000		1,723,775


				28,555,993


Technology Hardware, Storage & Peripherals — 1.3%

Dell, Inc. 6.50%, 4/15/2038		1,793,000		2,236,427

Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (a)		2,411,000		2,694,292

NCR Corp.

5.75%, 9/1/2027 (a)		4,259,000		4,446,524

6.13%, 9/1/2029 (a)		5,390,000		5,767,300

Seagate HDD Cayman 4.88%, 6/1/2027		2,390,000		2,659,126

Xerox Corp. 6.75%, 12/15/2039		610,000		672,525


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Technology Hardware, Storage & Peripherals — continued

Xerox Holdings Corp.

5.00%, 8/15/2025 (a)		610,000		644,312

5.50%, 8/15/2028 (a)		610,000		651,175


				19,771,681


Textiles, Apparel & Luxury Goods — 0.2%

Hanesbrands, Inc.

4.63%, 5/15/2024 (a)		595,000		623,263

4.88%, 5/15/2026 (a)		565,000		608,629

William Carter Co. (The) 5.63%, 3/15/2027 (a)		1,180,000		1,242,687


				2,474,579


Thrifts & Mortgage Finance — 2.1%

Ladder Capital Finance Holdings LLLP

REIT, 5.25%, 3/15/2022 (a)		885,000		889,425

REIT, 4.25%, 2/1/2027 (a)		2,123,000		2,048,695

Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028 (a)		7,724,000		7,936,410

Quicken Loans LLC

5.25%, 1/15/2028 (a)		7,837,000		8,268,427

3.88%, 3/1/2031 (a)		6,646,000		6,596,155

Radian Group, Inc.

6.63%, 3/15/2025		2,445,000		2,728,498

4.88%, 3/15/2027		3,621,000		3,838,260


				32,305,870


Trading Companies & Distributors — 2.5%

AerCap Holdings NV (Ireland)

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079 (e)		1,180,000		1,206,550

Beacon Roofing Supply, Inc. 4.88%, 11/1/2025 (a)		865,000		872,673

H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a)		2,420,000		2,329,250

Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		3,275,000		3,446,937

United Rentals North America, Inc.

4.88%, 1/15/2028		8,160,000		8,629,200

5.25%, 1/15/2030		6,884,000		7,572,400

WESCO Distribution, Inc.

5.38%, 6/15/2024		938,000		959,105

7.13%, 6/15/2025 (a)		3,915,000		4,236,519

7.25%, 6/15/2028 (a)		8,480,000		9,423,400


				38,676,034

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	83

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Wireless Telecommunication Services — 1.8%

Connect Finco SARL (United Kingdom) 6.75%, 10/1/2026 (a)		612,000		634,384

Hughes Satellite Systems Corp. 6.63%, 8/1/2026		874,000		975,734

Ligado Networks LLC 15.50% (PIK), 11/1/2023 (a) (b)		915,000		872,300

Sprint Communications, Inc. 6.00%, 11/15/2022		895,000		956,630

Sprint Corp.

7.88%, 9/15/2023		9,061,000		10,461,377

7.13%, 6/15/2024		2,980,000		3,431,321

T-Mobile USA, Inc.

4.50%, 2/1/2026		906,000		926,276

4.75%, 2/1/2028		7,537,000		7,970,939

United States Cellular Corp. 6.70%, 12/15/2033		624,000		773,255

Vodafone Group plc (United Kingdom) (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (e)		602,000		721,520


				27,723,736


Total Corporate Bonds (Cost $1,524,543,890)				1,526,099,647

	SHARES
Short-Term Investments — 0.9%

Investment Companies — 0.9%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (g) (h) (Cost $13,965,910)		13,965,910		13,965,910


Total Investments — 98.7% (Cost $1,538,509,800)				1,540,065,557

Other Assets Less Liabilities — 1.3%				19,568,498


Net Assets — 100.0%				1,559,634,055

Percentages indicated are based on net assets.

Abbreviations


OYJ		Public Limited Company
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(c)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2021.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021.
(f)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021.
(g)		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.
(h)		The rate shown is the current yield as of February 28, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 54.4%

Australia — 0.4%

APT Pipelines Ltd. 2.00%, 7/15/2030 (a)	EUR	150,000		200,505

Glencore Finance Europe Ltd. 6.00%, 4/3/2022 (a) (b)	GBP	100,000		147,367

Glencore Funding LLC 2.50%, 9/1/2030 (c)		462,000		457,467

Transurban Finance Co. Pty. Ltd. 2.00%, 8/28/2025 (a)	EUR	150,000		194,542

Westpac Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (d)		75,000		82,663


				1,082,544


Austria — 0.2%

ams AG 6.00%, 7/31/2025 (a)	EUR	400,000		515,800


Azerbaijan — 0.1%

State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023 (a)		260,000		273,894


Belgium — 1.4%

Anheuser-Busch Cos. LLC

4.70%, 2/1/2036		170,000		204,096

4.90%, 2/1/2046		85,000		102,237

Anheuser-Busch InBev SA/NV 2.00%, 3/17/2028 (a)	EUR	800,000		1,079,304

Anheuser-Busch InBev Worldwide, Inc.

4.75%, 1/23/2029		120,000		141,940

4.44%, 10/6/2048		114,000		129,443

KBC Group NV

(EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024 (a) (d) (e) (f)	EUR	400,000		508,585

(EUR Swap Annual 5 Year + 1.25%), 1.62%, 9/18/2029 (a) (d)	EUR	300,000		375,640

Solvay Finance SACA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (a) (d) (e) (f)	EUR	100,000		132,853

Solvay SA (EUR Swap Annual 5 Year + 3.92%), 4.25%, 12/4/2023 (a) (d) (e) (f)	EUR	500,000		645,541

Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (a)	EUR	200,000		250,359


				3,569,998


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Brazil — 0.6%

Gerdau Trade, Inc. 4.88%, 10/24/2027 (a)		200,000		226,800

Guara Norte SARL 5.20%, 6/15/2034 (c)		325,000		333,028

Klabin Austria GmbH 7.00%, 4/3/2049 (a)		200,000		249,505

Petrobras Global Finance BV 6.90%, 3/19/2049		250,000		278,912

Suzano Austria GmbH

3.75%, 1/15/2031		48,000		50,518

7.00%, 3/16/2047 (a)		200,000		261,700

Vale Overseas Ltd. 3.75%, 7/8/2030		142,000		150,385


				1,550,848


Canada — 0.3%

Emera US Finance LP 4.75%, 6/15/2046		160,000		187,087

Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (d)		236,000		274,777

Enbridge, Inc. 3.13%, 11/15/2029		150,000		160,043

Transcanada Trust Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (d)		57,000		62,938


				684,845


Chile — 0.2%

Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050 (c)		200,000		236,500

Kenbourne Invest SA 6.88%, 11/26/2024 (c)		200,000		215,063


				451,563


China — 0.3%

Alibaba Group Holding Ltd. 3.40%, 12/6/2027		200,000		217,856

Huarong Finance 2017 Co. Ltd. 4.25%, 11/7/2027 (a)		200,000		217,375

Tencent Holdings Ltd. 3.98%, 4/11/2029 (a)		200,000		221,375

Yuzhou Group Holdings Co. Ltd. 8.38%, 10/30/2024 (a)		200,000		214,500


				871,106


Colombia — 0.2%

Ecopetrol SA 5.88%, 5/28/2045		400,000		429,832


Denmark — 0.4%

Danske Bank A/S (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.73%), 5.00%, 1/12/2023 (c) (d)		200,000		207,067

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	85

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Denmark — continued

DKT Finance ApS 7.00%, 6/17/2023 (a)	EUR	300,000		370,931

Nykredit Realkredit A/S Series CCE, 1.00%, 10/1/2050 (a)	DKK	628,101		99,438

TDC A/S 5.00%, 3/2/2022 (b)	EUR	200,000		250,806


				928,242


European Union — 0.1%

Ardagh Metal Packaging Finance USA LLC 3.00%, 9/1/2029 (c) (g)	EUR	129,000		155,645


Finland — 0.3%

Nokia OYJ 2.00%, 3/15/2024 (a)	EUR	425,000		534,190

Nordea Bank Abp (EUR Swap Annual 5 Year + 1.30%), 1.00%, 6/27/2029 (a) (d)	EUR	100,000		122,375


				656,565


France — 8.7%

Accor SA 3.62%, 9/17/2023 (a) (b)	EUR	300,000		384,322

Airbus SE

1.38%, 6/9/2026 (a)	EUR	200,000		253,813

1.63%, 6/9/2030 (a)	EUR	200,000		259,424

Altice France SA

3.38%, 1/15/2028 (a)	EUR	900,000		1,061,875

3.38%, 1/15/2028 (c)	EUR	100,000		117,986

Banijay Entertainment SASU 3.50%, 3/1/2025 (a)	EUR	275,000		329,313

Banijay Group SAS 6.50%, 3/1/2026 (a)	EUR	200,000		237,087

BPCE SA

3.00%, 5/22/2022 (c)		250,000		258,066

5.15%, 7/21/2024 (c)		600,000		679,477

0.63%, 9/26/2024 (a)	EUR	400,000		490,631

(EURIBOR 3 Month + 1.00%), 0.50%, 9/15/2027 (a) (d)	EUR	400,000		483,986

(EUR Swap Annual 5 Year + 2.37%), 2.75%, 11/30/2027 (a) (d)	EUR	400,000		503,686

Burger King France SAS 6.00%, 5/1/2024 (a)	EUR	100,000		122,077

Casino Guichard Perrachon SA 4.56%, 1/25/2023 (a) (b)	EUR	500,000		633,469

CMA CGM SA 5.25%, 1/15/2025 (a)	EUR	250,000		303,281


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


France — continued

Credit Agricole SA

(EUR Swap Annual 5 Year + 5.12%), 6.50%, 6/23/2021 (a) (d) (e) (f)	EUR	800,000		979,690

3.25%, 10/4/2024 (c)		376,000		407,281

(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (c) (d) (e) (f)		400,000		483,281

2.00%, 3/25/2029 (a)	EUR	200,000		259,313

(EUR Swap Annual 5 Year + 1.90%), 1.62%, 6/5/2030 (a) (d)	EUR	500,000		622,761

Credit Mutuel Arkea SA (EURIBOR ICE Swap Rate 5 Year + 1.45%), 1.87%, 10/25/2029 (a) (d)	EUR	300,000		375,272

Electricite de France SA

(EUR Swap Annual 6 Year + 3.44%), 4.00%, 7/4/2024 (a) (d) (e) (f)	EUR	300,000		386,130

(EUR Swap Annual 5 Year + 4.00%), 3.37%, 6/15/2030 (a) (d) (e) (f)	EUR	600,000		748,775

Elis SA 1.63%, 4/3/2028 (a)	EUR	400,000		465,125

Engie SA (EUR Swap Annual 5 Year + 1.15%), 1.37%, 1/16/2023 (a) (d) (e) (f)	EUR	300,000		365,816

Faurecia SE

3.13%, 6/15/2026 (a)	EUR	600,000		743,838

2.38%, 6/15/2027 (a)	EUR	200,000		243,723

La Financiere Atalian SASU

4.00%, 5/15/2024 (a)	EUR	250,000		286,810

5.13%, 5/15/2025 (a)	EUR	100,000		117,373

Loxam SAS 2.88%, 4/15/2026 (a)	EUR	200,000		235,880

Orange SA

(EUR Swap Annual 5 Year + 2.36%), 2.37%, 1/15/2025 (a) (d) (e) (f)	EUR	200,000		251,868

(EUR Swap Annual 5 Year + 3.99%), 5.00%, 10/1/2026 (a) (d) (e) (f)	EUR	400,000		577,180

(EURIBOR ICE Swap Rate 5 Year + 2.18%), 1.75%, 12/19/2026 (a) (d) (e) (f)	EUR	200,000		245,568

Orano SA 3.13%, 3/20/2023 (a)	EUR	600,000		752,026

Parts Europe SA 6.50%, 7/16/2025 (a)	EUR	200,000		251,988

Quatrim SASU 5.88%, 1/15/2024 (a)	EUR	500,000		633,422

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

France — continued

Renault SA 2.00%, 9/28/2026 (a)	EUR	700,000		839,771

Rexel SA 2.75%, 6/15/2026 (a)	EUR	500,000		615,401

Societe Generale SA

(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (c) (d) (e) (f)		200,000		235,066

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (c) (d) (e) (f)		1,325,000		1,354,826

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.65%, 7/8/2035 (c) (d)		200,000		206,865

SPIE SA

3.13%, 3/22/2024 (a)	EUR	200,000		252,169

2.63%, 6/18/2026 (a)	EUR	400,000		495,892

Tereos Finance Groupe I SA 4.13%, 6/16/2023 (a)	EUR	100,000		121,718

Total Capital International SA 3.13%, 5/29/2050		50,000		48,866

TOTAL SE

(EUR Swap Annual 5 Year + 3.78%), 3.87%, 5/18/2022 (a) (d) (e) (f)	EUR	100,000		125,213

(EUR Swap Annual 5 Year + 1.77%), 1.75%, 4/4/2024 (a) (d) (e) (f)	EUR	850,000		1,043,515

Valeo SA 3.25%, 1/22/2024 (a)	EUR	700,000		914,846


				21,805,761


Germany — 6.4%

Adler Pelzer Holding GmbH 4.13%, 4/1/2024 (a)	EUR	150,000		170,371

ADLER Real Estate AG

1.88%, 4/27/2023 (a)	EUR	500,000		605,537

2.13%, 2/6/2024 (a)	EUR	150,000		181,688

Bayer AG

1.13%, 1/6/2030 (a)	EUR	400,000		494,629

(EURIBOR ICE Swap Rate 5 Year + 2.65%), 2.37%, 11/12/2079 (a) (d)	EUR	700,000		849,245

Bayer Capital Corp. BV 2.13%, 12/15/2029 (a)	EUR	100,000		134,615

Bertelsmann SE & Co. KGaA

(EUR Swap Annual 5 Year + 2.64%), 3.00%, 4/23/2075 (a) (d)	EUR	200,000		247,878


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Germany — continued

CeramTec BondCo GmbH 5.25%, 12/15/2025 (a)	EUR	100,000		122,694

Cheplapharm Arzneimittel GmbH 4.38%, 1/15/2028 (a)	EUR	450,000		559,421

Commerzbank AG (EUR Swap Annual 5 Year + 6.74%), 6.50%, 10/9/2029 (a) (d) (e) (f)	EUR	200,000		269,664

Daimler AG 2.00%, 8/22/2026 (a)	EUR	700,000		923,231

Deutsche Bank AG

4.25%, 10/14/2021		100,000		102,208

(SOFR + 2.16%), 2.22%, 9/18/2024 (d)		1,075,000		1,106,242

Douglas GmbH 6.25%, 7/15/2022 (a)	EUR	200,000		238,280

IHO Verwaltungs GmbH

3.75% (cash), 9/15/2026 (a) (h)	EUR	125,000		153,452

3.88% (cash), 5/15/2027 (a) (h) (i)	EUR	400,000		498,112

K+S AG 2.63%, 4/6/2023 (a)	EUR	300,000		350,009

Nidda BondCo GmbH 5.00%, 9/30/2025 (a)	EUR	475,000		580,227

Nidda Healthcare Holding GmbH 3.50%, 9/30/2024 (a)	EUR	225,000		273,811

ProGroup AG 3.00%, 3/31/2026 (a)	EUR	200,000		243,153

Rebecca Bidco GmbH

5.75%, 7/15/2025 (c)	EUR	100,000		125,638

5.75%, 7/15/2025 (a)	EUR	100,000		125,638

Schaeffler AG

2.88%, 3/26/2027 (a)	EUR	250,000		322,375

3.38%, 10/12/2028 (a)	EUR	300,000		400,431

Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a)	EUR	250,000		312,659

Techem Verwaltungsgesellschaft 675 mbH 2.00%, 7/15/2025 (a)	EUR	500,000		595,070

thyssenkrupp AG

1.38%, 3/3/2022 (a)	EUR	450,000		542,948

2.50%, 2/25/2025 (a)	EUR	100,000		123,128

Vertical Holdco GmbH

6.63%, 7/15/2028 (a)	EUR	300,000		384,611

Vertical Midco GmbH 4.38%, 7/15/2027 (a)	EUR	400,000		504,697

Volkswagen Bank GmbH 2.50%, 7/31/2026 (a)	EUR	200,000		266,548

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	87

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Germany — continued

Volkswagen International Finance NV

(EUR Swap Annual 10 Year + 3.35%), 5.12%, 9/4/2023 (a) (d) (e) (f)	EUR	53,000		69,223

(EUR Swap Annual 5 Year + 3.75%), 3.50%, 6/17/2025 (a) (d) (e) (f)	EUR	200,000		251,562

(EUR Swap Annual 12 Year + 2.97%), 4.62%, 3/24/2026 (a) (d) (e) (f)	EUR	600,000		791,798

(EUR Swap Annual 10 Year + 3.98%), 4.62%, 6/27/2028 (a) (d) (e) (f)	EUR	200,000		267,854

3.25%, 11/18/2030 (a)	EUR	600,000		880,719

Vonovia Finance BV 2.25%, 4/7/2030 (a)	EUR	300,000		413,661

WEPA Hygieneprodukte GmbH 2.88%, 12/15/2027 (a)	EUR	250,000		305,408

ZF Europe Finance BV 2.00%, 2/23/2026 (a)	EUR	500,000		597,192

ZF Finance GmbH 3.75%, 9/21/2028 (a)	EUR	500,000		645,743


				16,031,370


Greece — 0.4%

Alpha Bank AE 2.50%, 2/5/2023 (a)	EUR	780,000		980,156


India — 0.1%

NTPC Ltd. 3.75%, 4/3/2024 (a)		200,000		211,875


Indonesia — 0.3%

Indonesia Asahan Aluminium Persero PT 5.45%, 5/15/2030 (c)		200,000		229,125

Pertamina Persero PT 3.65%, 7/30/2029 (c)		400,000		423,500

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027 (a)		200,000		216,187


				868,812


Ireland — 1.7%

AerCap Ireland Capital DAC 4.63%, 7/1/2022		330,000		345,526

AIB Group plc (EUR Swap Annual 5 Year + 2.15%), 1.87%, 11/19/2029 (a) (d)	EUR	750,000		910,469

Avolon Holdings Funding Ltd.

3.95%, 7/1/2024 (c)		126,000		131,946

2.13%, 2/21/2026 (c)		440,000		424,208


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ireland — continued

4.25%, 4/15/2026 (c)		140,000		147,968

4.38%, 5/1/2026 (c)		60,000		63,655

CRH SMW Finance DAC 1.25%, 11/5/2026 (a)	EUR	200,000		254,783

eircom Finance DAC 3.50%, 5/15/2026 (a)	EUR	700,000		857,037

Smurfit Kappa Acquisitions ULC

2.38%, 2/1/2024 (a)	EUR	500,000		635,898

2.88%, 1/15/2026 (a)	EUR	400,000		533,295


				4,304,785


Israel — 0.2%

Leviathan Bond Ltd.

6.13%, 6/30/2025 (a)		200,000		218,250

6.50%, 6/30/2027 (a)		200,000		219,750


				438,000


Italy — 3.2%

Assicurazioni Generali SpA 2.43%, 7/14/2031 (a)	EUR	200,000		257,965

Atlantia SpA

1.63%, 2/3/2025 (a)	EUR	300,000		362,899

1.88%, 7/13/2027 (a)	EUR	100,000		120,858

Autostrade per l’Italia SpA

1.63%, 6/12/2023	EUR	200,000		243,631

1.75%, 2/1/2027 (a)	EUR	950,000		1,164,425

Enel Finance International NV 3.50%, 4/6/2028 (c)		200,000		220,191

Enel SpA Series 63.5, (EUR Swap Annual 5 Year + 2.58%), 3.37%, 8/24/2026 (a) (d) (e) (f)	EUR	800,000		1,062,876

Eni SpA 4.25%, 5/9/2029 (c)		250,000		285,382

Intesa Sanpaolo SpA 3.93%, 9/15/2026 (a)	EUR	150,000		203,543

Leonardo SpA 4.88%, 3/24/2025	EUR	700,000		965,668

Pro-Gest SpA 3.25%, 12/15/2024 (a)	EUR	100,000		114,369

Rossini SARL 6.75%, 10/30/2025 (a)	EUR	200,000		256,090

Saipem Finance International BV 2.63%, 1/7/2025 (a)	EUR	250,000		310,283

Telecom Italia SpA

3.63%, 1/19/2024 (a)	EUR	100,000		129,577

3.63%, 5/25/2026 (a)	EUR	825,000		1,099,105

2.38%, 10/12/2027 (a)	EUR	1,000,000		1,254,812


				8,051,674

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS		PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Japan — 0.7%

Sumitomo Mitsui Financial Group, Inc. 1.47%, 7/8/2025			460,000		467,187

Takeda Pharmaceutical Co. Ltd.

1.00%, 7/9/2029		EUR	600,000		744,535

3.03%, 7/9/2040			270,000		271,212

3.18%, 7/9/2050			200,000		195,009


					1,677,943


Kazakhstan — 0.2%

KazMunayGas National Co. JSC 5.75%, 4/19/2047 (a)			380,000		448,970


Kuwait — 0.1%	��

MEGlobal Canada ULC 5.00%, 5/18/2025 (c)			200,000		221,375


Luxembourg — 2.2%

Altice Finco SA 4.75%, 1/15/2028 (a)		EUR	400,000		464,410

Altice France Holding SA

8.00%, 5/15/2027 (a)		EUR	150,000		197,271

8.00%, 5/15/2027 (c)		EUR	123,000		161,762

ArcelorMittal SA 1.75%, 11/19/2025 (a)		EUR	525,000		660,087

ARD Finance SA

5.00% (cash), 6/30/2027 (a) (h) (i)		EUR	100,000		124,768

5.00% (cash), 6/30/2027 (c) (h)		EUR	100,000		124,769

INEOS Finance plc

3.38%, 3/31/2026 (a)		EUR	300,000		372,814

3.38%, 3/31/2026 (c)		EUR	147,000		182,679

Matterhorn Telecom SA

3.13%, 9/15/2026 (a)		EUR	225,000		268,310

3.13%, 9/15/2026 (c)		EUR	100,000		119,249

Monitchem HoldCo 3 SA 5.25%, 3/15/2025 (a)		EUR	200,000		247,343

PLT VII Finance SARL 4.63%, 1/5/2026 (a)		EUR	250,000		312,647

SES SA

(EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022 (a) (d) (e) (f)		EUR	525,000		649,409

(EUR Swap Annual 5 Year + 5.40%), 5.63%, 1/29/2024 (a) (d) (e) (f)		EUR	200,000		264,114

1.63%, 3/22/2026 (a)		EUR	200,000		256,006

0.88%, 11/4/2027 (a)		EUR	450,000		555,274

Summer BC Holdco A SARL 9.25%, 10/31/2027 (a)		EUR	90,105		117,142


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Luxembourg — continued

Summer BC Holdco B SARL 5.75%, 10/31/2026 (a)	EUR	400,000		508,440


				5,586,494


Mexico — 0.8%

Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022 (c) (d) (e) (f)		200,000		206,500

BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.12%, 1/18/2033 (c) (d)		200,000		210,125

Cemex SAB de CV 3.88%, 7/11/2031 (c)		377,000		376,253

Fomento Economico Mexicano SAB de CV 3.50%, 1/16/2050		150,000		152,700

Grupo Bimbo SAB de CV 4.00%, 9/6/2049 (c)		200,000		204,750

Petroleos Mexicanos

6.75%, 9/21/2047		525,000		459,506

6.95%, 1/28/2060		510,000		448,622


				2,058,456


Morocco — 0.1%

OCP SA 6.88%, 4/25/2044 (a)		200,000		244,938


Netherlands — 3.1%

ABN AMRO Bank NV

4.75%, 7/28/2025 (c)		200,000		226,302

(EUR Swap Annual 5 Year + 4.67%), 4.37%, 9/22/2025 (a) (d) (e) (f)	EUR	800,000		1,017,170

Cooperatieve Rabobank UA

(EUR Swap Annual 5 Year + 3.70%), 3.25%, 12/29/2026 (a) (d) (e) (f)	EUR	200,000		244,628

(EUR Swap Annual 5 Year + 4.68%), 4.37%, 6/29/2027 (a) (d) (e) (f)	EUR	600,000		796,245

ING Groep NV

(EUR Swap Annual 5 Year + 2.85%), 3.00%, 4/11/2028 (d)	EUR	400,000		508,692

(EUR Swap Annual 5 Year + 1.20%), 1.00%, 11/13/2030 (a) (d)	EUR	300,000		363,123

Nouryon Holding BV 6.50%, 10/1/2026 (a)	EUR	275,000		345,604

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	89

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Netherlands — continued

OCI NV

3.13%, 11/1/2024 (a)	EUR	200,000		245,533

3.63%, 10/15/2025 (c)	EUR	118,000		148,246

Q-Park Holding I BV 2.00%, 3/1/2027 (a)	EUR	250,000		283,780

Sigma Holdco BV 5.75%, 5/15/2026 (a)	EUR	375,000		439,889

Sunshine Mid BV 6.50%, 5/15/2026 (a)	EUR	400,000		497,099

Trivium Packaging Finance BV 3.75%, 8/15/2026 (a) (b)	EUR	300,000		370,109

United Group BV 4.88%, 7/1/2024 (a)	EUR	200,000		245,533

UPC Holding BV 3.88%, 6/15/2029 (a)	EUR	400,000		490,463

UPCB Finance IV Ltd. 4.00%, 1/15/2027 (a)	EUR	180,000		221,269

Ziggo Bond Co. BV 3.38%, 2/28/2030 (a)	EUR	900,000		1,079,162

Ziggo BV 4.25%, 1/15/2027 (a)	EUR	160,000		200,384


				7,723,231


Peru — 0.1%

Southern Copper Corp. 5.88%, 4/23/2045		140,000		187,950


Portugal — 0.9%

EDP — Energias de Portugal SA

1.63%, 4/15/2027 (a)	EUR	500,000		648,153

(EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (a) (d)	EUR	1,200,000		1,433,381

EDP Finance BV 2.38%, 3/23/2023 (a)	EUR	200,000		253,656


				2,335,190


Qatar — 0.1%

ABQ Finance Ltd. 3.50%, 2/22/2022 (a)		200,000		204,687


Saudi Arabia — 0.2%

Saudi Arabian Oil Co.

3.25%, 11/24/2050 (c)		223,000		204,547

3.50%, 11/24/2070 (c)		353,000		316,817


				521,364


Spain — 5.7%

Abertis Infraestructuras Finance BV (EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025 (a) (d) (e) (f)	EUR	600,000		738,440


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Spain — continued

AI Candelaria Spain SLU 7.50%, 12/15/2028 (a)		250,000		284,375

Banco Bilbao Vizcaya Argentaria SA

(EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024 (a) (d) (e) (f)	EUR	400,000		516,355

0.38%, 11/15/2026 (a)	EUR	300,000		364,031

Banco de Sabadell SA

1.13%, 3/27/2025 (a)	EUR	300,000		361,378

(EUR Swap Annual 1 Year + 0.97%), 0.62%, 11/7/2025 (a) (d)	EUR	300,000		362,652

Banco Santander SA 2.13%, 2/8/2028 (a)	EUR	200,000		257,540

Bankia SA (EUR Swap Annual 5 Year + 6.22%), 6.37%, 9/19/2023 (a) (d) (e) (f)	EUR	400,000		513,160

CaixaBank SA

(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024 (a) (d) (e) (f)	EUR	200,000		263,329

(EUR Swap Annual 5 Year + 3.35%), 3.50%, 2/15/2027 (a) (d)	EUR	1,100,000		1,363,531

Cellnex Telecom SA 2.88%, 4/18/2025 (a)	EUR	900,000		1,174,241

Cirsa Finance International SARL 4.75%, 5/22/2025 (a)	EUR	150,000		172,974

ContourGlobal Power Holdings SA

4.13%, 8/1/2025 (a)	EUR	400,000		495,262

3.13%, 1/1/2028 (c)	EUR	100,000		122,621

eDreams ODIGEO SA 5.50%, 9/1/2023 (a)	EUR	100,000		116,939

Ferrovial Emisiones SA 2.50%, 7/15/2024 (a)	EUR	200,000		260,721

Grifols SA

1.63%, 2/15/2025 (c)	EUR	100,000		120,655

2.25%, 11/15/2027 (c)	EUR	100,000		121,741

2.25%, 11/15/2027 (a)	EUR	600,000		730,445

Grupo Antolin-Irausa SA 3.25%, 4/30/2024 (a)	EUR	200,000		234,602

Iberdrola International BV

(EUR Swap Annual 5 Year + 2.06%), 2.62%, 3/26/2024 (a) (d) (e) (f)	EUR	800,000		1,014,614

(EUR Swap Annual 5 Year + 2.97%), 3.25%, 11/12/2024 (a) (d) (e) (f)	EUR	300,000		393,090

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Spain — continued

Lorca Telecom Bondco SA

4.00%, 9/18/2027 (a)	EUR	300,000		378,253

4.00%, 9/18/2027 (c)	EUR	116,000		146,258

Naturgy Finance BV

(EUR Swap Annual 9 Year + 3.08%), 3.37%, 4/24/2024 (a) (d) (e) (f)	EUR	200,000		253,376

Repsol International Finance BV

(EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075 (a) (d)	EUR	700,000		920,581

Telefonica Emisiones SA 5.21%, 3/8/2047		150,000		181,404

Telefonica Europe BV

(EUR Swap Annual 5 Year + 2.33%), 2.62%, 3/7/2023 (a) (d) (e) (f)	EUR	200,000		245,361

Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023 (a) (d) (e) (f)	EUR	1,300,000		1,613,553

(EUR Swap Annual 8 Year + 2.97%), 3.87%, 6/22/2026 (a) (d) (e) (f)	EUR	400,000		514,954


				14,236,436


Sweden — 0.7%

Dometic Group AB 3.00%, 5/8/2026 (a)	EUR	150,000		189,098

Verisure Holding AB 3.88%, 7/15/2026 (a)	EUR	525,000		649,275

Verisure Midholding AB 5.25%, 2/15/2029 (c)	EUR	219,000		271,910

Volvo Car AB 2.00%, 1/24/2025 (a)	EUR	600,000		747,603


				1,857,886


Switzerland — 2.0%

Credit Suisse AG 2.95%, 4/9/2025		260,000		281,095

Credit Suisse Group AG

(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (c) (d) (e) (f)		450,000		498,381

(EURIBOR ICE Swap Rate 1 Year + 3.50%), 3.25%, 4/2/2026 (a) (d)	EUR	200,000		269,990

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027 (c) (d) (e) (f)		200,000		212,500


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Switzerland — continued

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.55%), 4.50%, 9/3/2030 (c) (d) (e) (f)		450,000		439,313

(SOFR + 3.73%), 4.19%, 4/1/2031 (c) (d)		540,000		615,463

Dufry One BV 2.50%, 10/15/2024 (a)	EUR	100,000		115,973

Kongsberg Actuation Systems BV 5.00%, 7/15/2025 (a)	EUR	100,000		117,638

Swiss Re Finance UK plc (EUR Swap Annual 1 Year + 3.75%), 2.71%, 6/4/2052 (a) (d)	EUR	100,000		130,137

UBS Group AG

(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (a) (d) (e) (f)	EUR	600,000		750,394

(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (d) (e) (f)		200,000		229,000

(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (a) (d) (e) (f)		200,000		226,000

(EUR Swap Annual 1 Year + 0.55%), 0.25%, 1/29/2026 (a) (d)	EUR	300,000		362,997

(EUR Swap Annual 1 Year + 0.77%), 0.25%, 11/5/2028 (a) (d)	EUR	300,000		356,999

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (c) (d)		280,000		274,510


				4,880,390


Taiwan — 0.1%

Competition Team Technologies Ltd. 3.75%, 3/12/2024 (a)		200,000		215,625


United Kingdom — 7.7%

Barclays plc

(EUR Swap Annual 1 Year + 3.70%), 3.37%, 4/2/2025 (a) (d)	EUR	250,000		330,110

(U.K. Government Bonds 5 Year Note Generic Bid Yield + 6.02%), 6.37%, 12/15/2025 (a) (d) (e) (f)	GBP	200,000		300,854

BAT Capital Corp.

4.70%, 4/2/2027		50,000		57,266

3.56%, 8/15/2027		520,000		564,726

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	91

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate bonds — continued

United Kingdom — continued

2.26%, 3/25/2028		440,000		440,069

4.39%, 8/15/2037		309,000		329,932

4.54%, 8/15/2047		90,000		92,321

Boparan Finance plc 7.63%, 11/30/2025 (c)	GBP	104,000		145,601

BP Capital Markets plc

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (d) (e) (f)		204,000		215,071

(EUR Swap Annual 5 Year + 3.88%), 3.25%, 3/22/2026 (a) (d) (e) (f)	EUR	600,000		763,746

1.64%, 6/26/2029 (a)	EUR	200,000		261,580

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (d) (e) (f)		94,000		100,909

British Telecommunications plc (EURIBOR ICE Swap Rate 5 Year + 2.13%), 1.87%, 8/18/2080 (a) (d)	EUR	100,000		119,030

Centrica plc 4.38%, 3/13/2029 (a)	GBP	200,000		331,493

CK Hutchison Group Telecom Finance SA 1.13%, 10/17/2028 (a)	EUR	850,000		1,059,616

EC Finance plc 2.38%, 11/15/2022 (a)	EUR	200,000		231,658

eG Global Finance plc 4.38%, 2/7/2025 (a)	EUR	400,000		474,147

FCE Bank plc 1.13%, 2/10/2022 (a)	EUR	300,000		362,573

Heathrow Funding Ltd.

6.75%, 12/3/2026 (a)	GBP	200,000		349,645

1.50%, 2/11/2030 (a)	EUR	300,000		370,130

1.88%, 3/14/2034 (a)	EUR	250,000		311,859

HSBC Holdings plc

(SOFR + 1.54%), 1.64%, 4/18/2026 (d)		490,000		495,515

5.75%, 12/20/2027 (a)	GBP	200,000		342,265

(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (d)		250,000		279,379

Iceland Bondco plc 4.63%, 3/15/2025 (a)	GBP	300,000		415,600

INEOS Quattro Finance 2 plc 2.50%, 1/15/2026 (c)	EUR	200,000		240,827


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United Kingdom — continued

Jaguar Land Rover Automotive plc 4.50%, 1/15/2026 (a)	EUR	200,000		243,892

Lloyds Banking Group plc 4.58%, 12/10/2025		200,000		226,379

Motion Finco SARL 7.00%, 5/15/2025 (a)	EUR	150,000		191,125

Nationwide Building Society (U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027 (a) (d) (e) (f)	GBP	750,000		1,159,672

Natwest Group plc

(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (d) (e) (f)		200,000		206,500

(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (d)		235,000		243,203

(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (d)		780,000		855,216

(EURIBOR 3 Month + 1.08%), 0.75%, 11/15/2025 (a) (d)	EUR	400,000		490,599

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (d) (e) (f)		322,000		356,615

(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.99%), 5.12%, 5/12/2027 (d) (e) (f)	GBP	449,000		655,260

Pinnacle Bidco plc 5.50%, 2/15/2025 (a)	EUR	200,000		244,869

Rolls-Royce plc 0.88%, 5/9/2024 (a)	EUR	400,000		457,242

Sky Ltd.

1.50%, 9/15/2021 (a)	EUR	200,000		243,734

2.25%, 11/17/2025 (a)	EUR	200,000		266,615

Standard Chartered plc

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 7/26/2025 (c) (d) (e) (f)		200,000		217,560

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (c) (d)		680,000		792,614

Synthomer plc 3.88%, 7/1/2025 (a)	EUR	200,000		249,997

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

United Kingdom — continued

Virgin Media Finance plc 3.75%, 7/15/2030 (a)	EUR	525,000		636,431

Vodafone Group plc

5.25%, 5/30/2048		180,000		233,374

4.88%, 6/19/2049		121,000		148,569

4.25%, 9/17/2050		90,000		100,935

(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (a) (d)	EUR	700,000		951,425

(EUR Swap Annual 5 Year + 2.67%), 3.10%, 1/3/2079 (a) (d)	EUR	300,000		375,991

Series NC10, (EUR Swap Annual 5 Year + 3.23%), 3.00%, 8/27/2080 (a) (d)	EUR	625,000		771,061


				19,304,800


United States — 4.2%

Adient Global Holdings Ltd. 3.50%, 8/15/2024 (a)	EUR	200,000		245,557

AES Corp. (The) 2.45%, 1/15/2031 (c)		110,000		108,052

Albertsons Cos., Inc. 5.75%, 3/15/2025		4,000		4,125

Alexander Funding Trust 1.84%, 11/15/2023 (c)		70,000		71,158

Ardagh Packaging Finance plc 2.13%, 8/15/2026 (c)	EUR	100,000		121,596

AT&T, Inc. 3.55%, 9/15/2055 (c)		88,000		80,796

Berry Global, Inc. 5.13%, 7/15/2023		6,000		6,098

Broadcom, Inc.

2.45%, 2/15/2031 (c)		760,000		738,070

3.50%, 2/15/2041 (c)		105,000		104,638

3.75%, 2/15/2051 (c)		233,000		229,748

CCO Holdings LLC 5.13%, 5/1/2027 (c)		140,000		146,664

CenterPoint Energy, Inc. 2.95%, 3/1/2030		280,000		293,716

Charles Schwab Corp. (The) Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (d) (e) (f)		320,000		321,200

Citigroup, Inc.

Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (d) (e) (f)		18,000		19,013


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (d) (e) (f)		170,000		171,734

Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (d) (e) (f)		155,000		168,175

Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (d) (e) (f)		160,000		161,597

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (d) (e) (f)		550,000		547,250

Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (d) (e) (f)		200,000		228,060

Constellium SE 4.25%, 2/15/2026 (a)	EUR	100,000		122,947

Diebold Nixdorf Dutch Holding BV 9.00%, 7/15/2025 (a)	EUR	250,000		333,324

Ford Motor Credit Co. LLC 3.25%, 9/15/2025	EUR	150,000		191,663

GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		245,000		279,799

General Electric Co. 1.50%, 5/17/2029	EUR	100,000		127,351

General Motors Co. 6.13%, 10/1/2025		21,000		25,000

General Motors Financial Co., Inc.

3.95%, 4/13/2024		40,000		43,468

2.75%, 6/20/2025		39,000		41,044

Gilead Sciences, Inc.

1.65%, 10/1/2030		110,000		105,771

2.60%, 10/1/2040		160,000		151,586

2.80%, 10/1/2050		85,000		78,478

Gray Oak Pipeline LLC 2.60%, 10/15/2025 (c)		50,000		51,133

Gulfport Energy Corp. 6.00%, 10/15/2024 (j)		78,000		71,468

HCA, Inc. 5.25%, 6/15/2049		240,000		300,975

Hyundai Capital America 3.50%, 11/2/2026 (a)		150,000		162,469

International Game Technology plc

3.50%, 6/15/2026 (a)	EUR	300,000		367,394

2.38%, 4/15/2028 (a)	EUR	250,000		292,242

IQVIA, Inc. 2.25%, 1/15/2028 (a)	EUR	150,000		181,453

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	93

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

United States — continued

LKQ European Holdings BV 3.63%, 4/1/2026 (a)	EUR	200,000		244,930

Lkq Italia Bondco Di Lkq Italia Bondco Gp SRL E C SAPA 3.88%, 4/1/2024 (a)	EUR	200,000		259,086

Morgan Stanley

Series J, (ICE LIBOR USD 3 Month + 3.81%), 4.05%, 4/15/2021 (d) (e) (f)		321,000		321,193

(EURIBOR 3 Month + 0.83%), 1.34%, 10/23/2026 (d)	EUR	200,000		253,265

(SOFR + 1.43%), 2.80%, 1/25/2052 (d)		100,000		95,203

Netflix, Inc.

3.63%, 5/15/2027	EUR	100,000		137,698

3.88%, 11/15/2029 (a)	EUR	450,000		646,433

Nielsen Finance LLC 5.00%, 4/15/2022 (c)		14,000		14,036

Pacific Gas and Electric Co. 3.30%, 3/15/2027		366,000		389,674

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c)		9,000		9,675

Silgan Holdings, Inc. 3.25%, 3/15/2025	EUR	300,000		363,956

Stellantis NV 4.50%, 7/7/2028 (a)	EUR	100,000		149,100

Transocean, Inc. 11.50%, 1/30/2027 (c)		25,000		20,493

UGI International LLC 3.25%, 11/1/2025 (a)	EUR	250,000		307,791

Upjohn Finance BV 1.91%, 6/23/2032 (a)	EUR	150,000		193,579

Wells Fargo & Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (d) (e) (f)		340,000		338,691


				10,439,615


Total Corporate Bonds (Cost $132,517,521)				136,008,665

Foreign Government Securities — 31.6%

Angola — 0.1%

Republic of Angola 8.00%, 11/26/2029 (a)		210,000		204,488


Australia — 5.2%

Commonwealth of Australia

5.50%, 4/21/2023 (a)	AUD	13,142,000		11,274,623

3.00%, 3/21/2047 (a)	AUD	2,140,000		1,697,184


				12,971,807


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Bahrain — 0.4%

Kingdom of Bahrain

5.45%, 9/16/2032 (c)		289,000		287,194

6.00%, 9/19/2044 (a)		335,000		320,658

7.50%, 9/20/2047 (a)		260,000		279,500


				887,352


Canada — 2.1%

Canada Government Bond 0.50%, 9/1/2025	CAD	6,758,000		5,217,669


China — 2.0%

People’s Republic of China 3.27%, 11/19/2030	CNY	32,000,000		4,928,172


Colombia — 0.6%

Republic of Colombia

3.13%, 4/15/2031		210,000		208,031

5.00%, 6/15/2045		200,000		215,313

4.13%, 5/15/2051		200,000		191,625

Titulos de Tesoreria 7.00%, 6/30/2032	COP	3,125,400,000		899,236


				1,514,205


Czech Republic — 0.3%

Czech Republic 2.00%, 10/13/2033	CZK	18,250,000		865,562


Dominican Republic — 0.5%

Dominican Republic Government Bond

9.75%, 6/5/2026 (c)	DOP	14,000,000		259,908

4.88%, 9/23/2032 (c)		240,000		243,300

5.30%, 1/21/2041 (c)		165,000		161,391

6.40%, 6/5/2049 (a)		184,000		194,005

5.88%, 1/30/2060 (c)		414,000		400,545


				1,259,149


Egypt — 0.6%

Arab Republic of Egypt

5.75%, 5/29/2024 (c)		200,000		211,313

7.60%, 3/1/2029 (c)		280,000		308,175

5.88%, 2/16/2031 (c)		386,000		369,595

7.05%, 1/15/2032 (c)		230,000		238,438

8.70%, 3/1/2049 (a)		300,000		316,031


				1,443,552


El Salvador — 0.2%

Republic of El Salvador

7.75%, 1/24/2023 (a)		22,000		22,247

5.88%, 1/30/2025 (a)		195,000		189,394

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

El Salvador — continued

6.38%, 1/18/2027 (a)		195,000		190,369

7.12%, 1/20/2050 (c)		227,000		209,975


				611,985



Ethiopia — 0.2%

Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)		400,000		371,500


Ghana — 0.2%

Republic of Ghana

7.63%, 5/16/2029 (a)		320,000		333,600

8.63%, 6/16/2049 (a)		220,000		212,506


				546,106


Hungary — 0.4%

Hungary Government Bond

1.00%, 11/26/2025	HUF	72,850,000		233,409

2.25%, 4/20/2033	HUF	173,440,000		552,411

7.63%, 3/29/2041		150,000		249,187


				1,035,007


Indonesia — 1.2%

Republic of Indonesia

7.00%, 9/15/2030	IDR	4,152,000,000		295,933

6.50%, 2/15/2031	IDR	13,887,000,000		959,515

8.38%, 3/15/2034	IDR	720,000,000		54,762

7.50%, 4/15/2040	IDR	24,102,000,000		1,722,176


				3,032,386


Israel — 0.2%

State of Israel Government Bond 3.38%, 1/15/2050		570,000		571,781


Italy — 3.4%

Buoni Poliennali del Tesoro

1.45%, 3/1/2036 (a)	EUR	2,300,000		2,902,607

1.80%, 3/1/2041 (a)	EUR	250,000		322,212

2.45%, 9/1/2050 (a)	EUR	480,000		688,850

Italian Republic Government Bond

2.38%, 10/17/2024		3,295,000		3,448,160

2.88%, 10/17/2029		1,135,000		1,164,414


				8,526,243


Ivory Coast — 0.4%

Republic of Cote d’Ivoire

6.38%, 3/3/2028 (a)		270,000		299,531

6.88%, 10/17/2040 (c)	EUR	460,000		603,057


				902,588


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Jamaica — 0.1%

Jamaica Government Bond 7.88%, 7/28/2045		200,000		277,000


Jordan — 0.4%

Hashemite Kingdom of Jordan

6.13%, 1/29/2026 (a)		200,000		217,875

5.85%, 7/7/2030 (c)		440,000		466,400

7.38%, 10/10/2047 (a)		210,000		229,359


				913,634


Kazakhstan — 0.2%

Republic of Kazakhstan 1.50%, 9/30/2034 (c)	EUR	370,000		445,307


Kenya — 0.2%

Republic of Kenya 6.88%, 6/24/2024 (a)		400,000		442,875


Lebanon — 0.0% (k)

Lebanese Republic

6.65%, 4/22/2024 (a) (j)		227,000		29,013

6.65%, 11/3/2028 (a) (j)		226,000		28,815


				57,828


Malaysia — 0.4%

Malaysia Government Bond 3.83%, 7/5/2034	MYR	3,920,000		967,044


Mexico — 1.4%

Mex Bonos Desarr Fix Rt

Series M 20, 8.50%, 5/31/2029	MXN	17,000,000		948,942

7.75%, 5/29/2031	MXN	8,780,000		467,543

7.75%, 11/23/2034	MXN	19,800,000		1,041,946

United Mexican States

3.77%, 5/24/2061		392,000		343,368

3.75%, 4/19/2071		853,000		727,982


				3,529,781


Morocco — 0.4%

Kingdom of Morocco

1.50%, 11/27/2031 (c)	EUR	180,000		208,085

3.00%, 12/15/2032 (c)		200,000		193,250

5.50%, 12/11/2042 (a)		320,000		367,800

4.00%, 12/15/2050 (c)		200,000		186,500


				955,635


New Zealand — 1.3%

New Zealand Government Bond

4.50%, 4/15/2027 (a)	NZD	952,000		818,012

2.75%, 4/15/2037 (a)	NZD	3,201,000		2,395,846


				3,213,858

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	95

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Nigeria — 0.3%

Federal Republic of Nigeria

7.63%, 11/21/2025 (a)		300,000		343,688

7.63%, 11/28/2047 (a)		400,000		407,500


				751,188


Panama — 0.2%

Republic of Panama

4.50%, 4/1/2056		200,000		219,937

3.87%, 7/23/2060		400,000		394,250


				614,187


Paraguay — 0.2%

Republic of Paraguay 5.00%, 4/15/2026 (a)		420,000		471,319


Peru — 0.1%

Bonos de la Tesoreria 5.40%, 8/12/2034	PEN	842,000		239,685


Philippines — 0.1%

Republic of Philippines 2.95%, 5/5/2045		330,000		313,294


Poland — 0.8%

Republic of Poland 1.25%, 10/25/2030	PLN	7,595,000		1,962,418


Portugal — 1.4%

Portuguese Republic 5.13%, 10/15/2024 (a)		2,980,000		3,424,854


Qatar — 0.2%

State of Qatar

5.10%, 4/23/2048 (a)		245,000		310,920

4.40%, 4/16/2050 (c)		200,000		234,250


				545,170


Romania — 0.7%

Romania Government Bond

4.15%, 10/24/2030	RON	4,250,000		1,101,076

2.63%, 12/2/2040 (c)	EUR	148,000		176,114

4.63%, 4/3/2049 (c)	EUR	276,000		421,463


				1,698,653


Russia — 0.8%

Russian Federation

6.00%, 10/6/2027	RUB	13,330,000		174,580

7.65%, 4/10/2030	RUB	65,710,000		939,100

7.25%, 5/10/2034	RUB	21,393,000		293,991

7.70%, 3/16/2039	RUB	11,860,000		169,846

5.88%, 9/16/2043 (a)		400,000		523,000


				2,100,517


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Saudi Arabia — 0.1%

Kingdom of Saudi Arabia 3.45%, 2/2/2061 (c)		259,000		240,384


Senegal — 0.3%

Republic of Senegal

6.25%, 5/23/2033 (a)		400,000		424,375

6.75%, 3/13/2048 (a)		260,000		265,038


				689,413


Serbia — 0.3%

Republic of Serbia

1.50%, 6/26/2029 (c)	EUR	410,000		494,067

1.65%, 3/3/2033 (c)	EUR	316,000		368,497


				862,564


South Africa — 1.4%

Republic of South Africa

Series R213, 7.00%, 2/28/2031	ZAR	21,130,000		1,177,816

8.88%, 2/28/2035	ZAR	33,080,000		1,947,088

Series 2037, 8.50%, 1/31/2037	ZAR	3,273,449		181,723

6.25%, 3/8/2041		100,000		100,938

5.75%, 9/30/2049		200,000		183,375


				3,590,940


Ukraine — 0.3%

Ukraine Government Bond

7.75%, 9/1/2026 (a)		560,000		604,975

7.38%, 9/25/2032 (a)		230,000		235,463


				840,438


United Arab Emirates — 0.2%

United Arab Emirates Government Bond 4.00%, 7/28/2050 (c)		400,000		368,000


United Kingdom — 1.7%

United Kingdom of Great Britain and Northern Ireland 3.75%, 9/7/2021 (a)	GBP	2,938,092		4,173,637


Uruguay — 0.1%

Oriental Republic of Uruguay 5.10%, 6/18/2050		250,000		308,438


Total Foreign Government Securities (Cost $79,990,528)				78,887,613

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — 2.6%

United States — 2.6%

Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 ‡ (c)		166,886		176,092

Business Jet Securities LLC Series 2018-2, Class C, 6.66%, 6/15/2033 (c)		77,949		78,320

Chase Funding Trust Series 2003-6, Class 1A7, 5.28%, 11/25/2034 ‡ (b)		96,039		101,093

Conn’s Receivables Funding LLC Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (c)		36,989		37,170

Credit Acceptance Auto Loan Trust

Series 2018-1A, Class C, 3.77%, 6/15/2027 (c)		250,000		252,754

Series 2018-3A, Class B, 3.89%, 10/15/2027 (c)		250,000		255,967

Credit-Based Asset Servicing & Securitization LLC Series 2004-CB5, Class M1, 0.73%, 1/25/2034 ‡ (i)		101,306		98,865

Drive Auto Receivables Trust

Series 2018-3, Class D, 4.30%, 9/16/2024		256,000		263,663

Series 2018-4, Class C, 3.66%, 11/15/2024		74,542		74,982

DT Auto Owner Trust

Series 2018-3A, Class C, 3.79%, 7/15/2024 (c)		211,220		213,346

Series 2019-1A, Class D, 3.87%, 11/15/2024 (c)		65,000		67,428

Series 2019-1A, Class E, 4.94%, 2/17/2026 (c)		100,000		105,292

Exeter Automobile Receivables Trust

Series 2016-3A, Class D, 6.40%, 7/17/2023 (c)		350,000		355,512

Series 2018-3A, Class D, 4.35%, 6/17/2024 (c)		210,000		218,024

Flagship Credit Auto Trust

Series 2018-3, Class A, 3.07%, 2/15/2023 (c)		12,235		12,262

Series 2017-4, Class D, 3.58%, 1/15/2024 (c)		280,000		287,993

Series 2017-2, Class E, 5.55%, 7/15/2024 (c)		380,000		393,780

GLS Auto Receivables Issuer Trust Series 2019-2A, Class B, 3.32%, 3/15/2024 (c)		200,000		204,339

Lendmark Funding Trust Series 2019-2A, Class C, 3.72%, 4/20/2028 ‡ (c)		580,000		590,882


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Marlette Funding Trust

Series 2018-1A, Class C, 3.69%, 3/15/2028 (c)		6,248		6,255

Series 2018-2A, Class C, 4.37%, 7/17/2028 (c)		214,271		216,989

MFA LLC Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (b) (c)		87,273		87,503

Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class B1, 2.74%, 9/25/2034 ‡ (i)		103,909		106,456

OneMain Direct Auto Receivables Trust

Series 2018-1A, Class B, 3.71%, 4/14/2025 (c)		100,000		101,819

Series 2018-1A, Class D, 4.40%, 1/14/2028 (c)		160,000		163,419

Onemain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029 ‡ (c)		100,000		103,424

PNMAC GMSR Issuer Trust Series 2018-GT2, Class A, 2.77%, 8/25/2025 (c) (i)		210,000		208,952

Progress Residential Trust Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (c)		262,000		267,497

Santander Revolving Auto Loan Trust

Series 2019-A, Class C, 3.00%, 1/26/2032 (c)		150,000		157,940

Series 2019-A, Class D, 3.45%, 1/26/2032 (c)		650,000		683,476

Structured Asset Investment Loan Trust

Series 2004-8, Class M3, 1.09%, 9/25/2034 ‡ (i)		65,768		65,419

Series 2005-HE3, Class M1, 0.84%, 9/25/2035 ‡ (i)		65,689		65,477

Tricolor Auto Securitization Trust Series 2018-2A, Class C, 5.75%, 5/16/2022 (c)		191,135		191,281

Westlake Automobile Receivables Trust Series 2018-2A, Class E, 4.86%, 1/16/2024 (c)		310,000		321,872


Total Asset-Backed Securities (Cost $6,370,085)				6,535,543


Commercial Mortgage-Backed Securities — 2.5%

United States — 2.5%

BAMLL Re-REMIC Trust Series 2014-FRR4, Class BK29, PO, 4/27/2023 (c)		400,000		372,346

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	97

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

United States — continued

Banc of America Commercial Mortgage Trust Series 2007-5, Class AJ, 5.82%, 2/10/2051 (i)		333,325		348,198

BANK

Series 2019-BN16, Class C, 4.79%, 2/15/2052 ‡ (i)		23,000		25,661

Series 2018-BN10, Class C, 4.16%, 2/15/2061 ‡ (i)		70,000		74,812

Series 2018-BN13, Class C, 4.56%, 8/15/2061 ‡ (i)		118,000		129,907

Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 ‡ (i)		315,000		326,597

CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.39%, 11/15/2050 ‡ (i)		28,000		30,342

CD Mortgage Trust Series 2016-CD2, Class C, 4.02%, 11/10/2049 ‡ (i)		21,000		21,656

Citigroup Commercial Mortgage Trust

Series 2014-GC23, Class C, 4.43%, 7/10/2047 ‡ (i)		21,000		22,680

Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (c)		205,000		173,838

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K033, Class X1, IO, 0.29%, 7/25/2023 (i)		3,828,613		23,930

Series K739, Class X1, IO, 1.29%, 9/25/2027 (i)		2,199,752		156,971

Series K078, Class X3, IO, 2.21%, 10/25/2028 (i)		1,820,000		257,499

Series K153, Class X3, IO, 3.77%, 4/25/2035 (i)		340,000		109,150

Series K036, Class X3, IO, 2.11%, 12/25/2041 (i)		2,640,000		143,514

Series K720, Class X3, IO, 1.33%, 8/25/2042 (i)		6,800,000		101,657

Series K041, Class X3, IO, 1.64%, 11/25/2042 (i)		3,470,000		191,309

Series K718, Class X3, IO, 1.43%, 2/25/2043 (i)		10,025,000		98,995

Series K054, Class X3, IO, 1.60%, 4/25/2043 (i)		1,365,000		97,531

Series K050, Class X3, IO, 1.55%, 10/25/2043 (i)		1,010,000		64,925

Series K051, Class X3, IO, 1.61%, 10/25/2043 (i)		1,395,000		93,984

Series K052, Class X3, IO, 1.61%, 1/25/2044 (i)		750,000		52,560


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Series K726, Class X3, IO, 2.13%, 7/25/2044 (i)		2,890,000		175,829

Series K067, Class X3, IO, 2.11%, 9/25/2044 (i)		1,385,000		167,096

Series K072, Class X3, IO, 2.14%, 12/25/2045 (i)		400,000		50,960

Series K089, Class X3, IO, 2.30%, 1/25/2046 (i)		850,000		135,225

Series K088, Class X3, IO, 2.35%, 2/25/2047 (i)		980,000		159,426

FREMF Series 2018-KF46, Class B, 2.07%, 3/25/2028 (c) (i)		440,653		433,897

FREMF Mortgage Trust

Series 2017-KF31, Class B, 3.02%, 4/25/2024 (c) (i)		38,243		37,804

Series 2017-KF36, Class B, 2.77%, 8/25/2024 (c) (i)		43,878		43,878

Series 2017-KF38, Class B, 2.62%, 9/25/2024 (c) (i)		43,640		43,640

Series 2018-KF47, Class B, 2.12%, 5/25/2025 (c) (i)		21,693		21,268

Series 2018-KF49, Class B, 2.02%, 6/25/2025 (c) (i)		224,335		222,546

Series 2017-K728, Class B, 3.65%, 11/25/2050 (c) (i)		190,000		203,738

Series 2017-K728, Class C, 3.65%, 11/25/2050 (c) (i)		105,000		111,122

GNMA Series 2017-23, IO, 0.68%, 5/16/2059 (i)		456,385		21,132

GS Mortgage Securities Trust

Series 2012-GCJ9, Class D, 4.74%, 11/10/2045 ‡ (c) (i)		320,000		311,699

Series 2015-GC30, Class C, 4.08%, 5/10/2050 ‡ (i)		36,000		37,557

JPMBB Commercial Mortgage Securities Trust

Series 2015-C30, Class C, 4.27%, 7/15/2048 (i)		62,000		66,449

Series 2015-C31, Class C, 4.62%, 8/15/2048 ‡ (i)		23,000		24,476

JPMDB Commercial Mortgage Securities Trust Series 2017-C7, Class C, 4.18%, 10/15/2050 ‡ (i)		39,000		42,007

JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.42%, 12/15/2049 ‡ (i)		28,000		27,764

LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.06%, 7/15/2044 (i)		18,848		18,611

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

United States — continued

LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (i)		228,659		132,258

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2014-C14, Class C, 5.05%, 2/15/2047 ‡ (i)		21,000		22,700

Series 2015-C24, Class C, 4.34%, 5/15/2048 ‡ (i)		36,000		37,290

Morgan Stanley Capital I Trust

Series 2005-HQ7, Class E, (8.71)%, 11/14/2042 ‡ (i)		44,417		43,898

Series 2015-MS1, Class B, 4.03%, 5/15/2048 ‡ (i)		28,000		30,239

Series 2020-L4, Class C, 3.54%, 2/15/2053 ‡ (i)		113,000		115,662

UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 ‡ (i)		106,000		117,723

Velocity Commercial Capital Loan Trust

Series 2018-2, Class A, 4.05%, 10/26/2048 (c) (i)		176,171		184,986

Series 2019-1, Class M1, 3.94%, 3/25/2049 ‡ (c) (i)		194,216		202,036

Wells Fargo Commercial Mortgage Trust

Series 2016-C35, Class C, 4.18%, 7/15/2048 ‡ (i)		23,000		22,682

Series 2019-C49, Class C, 4.87%, 3/15/2052 ‡ (i)		59,000		66,656


Total Commercial Mortgage-Backed Securities (Cost $6,222,136)				6,250,316

Collateralized Mortgage Obligations — 2.1%

European Union — 0.1%

Ampbev 2.00%, 9/30/2028 (g)	EUR	175,000		211,146


United Kingdom — 0.1%

Brass NO 8 plc Series 8A, Class A1, 0.89%, 11/16/2066 (c) (i)		133,732		134,461

Lanark Master Issuer plc Series 2019-1A, Class 1A1, 0.95%, 12/22/2069 (c) (i)		113,333		113,554


				248,015


United States — 1.9%

Alternative Loan Trust

Series 2004-25CB, Class A1, 6.00%, 12/25/2034		131,396		132,983


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		80,095		80,170

Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		104,546		106,561

Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037		147,573		114,970

Antler Mortgage Trust Series 2019-RTL1, Class A2, 4.95%, 8/25/2022 (c) (i)		600,000		611,495

Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 2.87%, 2/25/2037 (i)		22,377		22,585

CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037		55,991		41,107

COLT Mortgage Loan Trust Series 2019-4, Class A1, 2.58%, 11/25/2049 (c) (i)		100,715		101,756

Deephaven Residential Mortgage Trust Series 2020-1, Class A1, 2.34%, 1/25/2060 (c) (i)		116,818		118,283

FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 2.42%, 9/25/2030 (i)		47,104		47,219

FHLMC, REMIC

Series 2916, Class S, IF, IO, 7.14%, 1/15/2035 (i)		1,856,288		380,641

Series 4305, Class SK, IF, IO, 6.49%, 2/15/2044 (i)		631,527		127,297

Series 4689, Class SD, IF, IO, 6.04%, 6/15/2047 (i)		468,678		100,122

Series 4714, Class SA, IF, IO, 6.04%, 8/15/2047 (i)		370,707		78,869

Series 5022, IO, 3.00%, 9/25/2050		582,893		90,026

Series 5023, Class MI, IO, 3.00%, 10/25/2050		967,030		168,385

Series 4839, Class WS, IF, IO, 5.99%, 8/15/2056 (i)		2,588,393		610,993

FNMA, Connecticut Avenue Securities

Series 2015-C03, Class 2M2, 5.13%, 7/25/2025 (i)		66,147		67,460

Series 2016-C06, Class 1M2, 4.37%, 4/25/2029 (i)		44,347		46,154

Series 2018-C05, Class 1M2, 2.47%, 1/25/2031 (i)		7,831		7,831

Series 2018-C06, Class 1M2, 2.12%, 3/25/2031 (i)		72,896		73,021

Series 2018-C06, Class 2M2, 2.22%, 3/25/2031 (i)		20,595		20,550

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	99

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued

United States — continued

FNMA, REMIC

Series 2010-57, Class ID, IO, 4.00%, 6/25/2025		170,900		4,560

Series 2012-146, Class AI, IO, 3.00%, 1/25/2028		1,313,944		80,630

Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		835,798		73,018

Series 2012-93, Class SE, IF, IO, 5.98%, 9/25/2042 (i)		124,310		26,242

Series 2012-124, Class UI, IO, 4.00%, 11/25/2042		139,074		18,418

Series 2012-133, Class NS, IF, IO, 6.03%, 12/25/2042 (i)		227,529		48,246

Series 2015-40, Class LS, IF, IO, 6.05%, 6/25/2045 (i)		330,688		62,184

Series 2016-75, Class SC, IF, IO, 5.98%, 10/25/2046 (i)		755,470		153,736

Series 2017-31, Class SG, IF, IO, 5.98%, 5/25/2047 (i)		1,212,265		231,263

Series 2017-39, Class ST, IF, IO, 5.98%, 5/25/2047 (i)		353,969		72,087

Series 2017-69, Class SH, IF, IO, 6.08%, 9/25/2047 (i)		527,343		115,436

Series 2019-42, Class SK, IF, IO, 5.93%, 8/25/2049 (i)		930,062		185,243

FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (i)		181,665		12,289

GNMA

Series 2017-107, Class KS, IF, IO, 6.09%, 7/20/2047 (i)		365,945		66,291

Series 2019-42, Class SJ, IF, IO, 5.94%, 4/20/2049 (i)		927,698		143,388

Series 2015-H13, Class GI, IO, 1.60%, 4/20/2065 (i)		206,946		8,381

Homeward Opportunities Fund I Trust Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (c) (i)		150,000		154,490

Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 0.68%, 7/25/2029 (i)		70,719		69,473

Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 2.66%, 7/25/2034 (i)		17,493		18,701

Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (b) (c)		67,591		67,724


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Verus Securitization Trust Series 2019-1, Class A1, 3.84%, 2/25/2059 (c) (i)		108,889		109,559


				4,869,837


Total Collateralized Mortgage Obligations (Cost $5,212,602)				5,328,998

Supranational — 0.1%

African Export-Import Bank (The) 5.25%, 10/11/2023 (a) (Cost $209,576)		200,000		218,063


	SHARES
Common Stocks — 0.0% (k)

United States — 0.0% (k)

Oasis Petroleum, Inc.* (Cost $46,455)		1,711		97,287


	NO. OF WARRANTS
Warrants — 0.0% (k)

United States — 0.0% (k)

Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD * ‡ (Cost $—)		16		222


	SHARES
Short-term Investments — 4.9%

Investment Companies — 4.9%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (l) (m) (Cost $12,234,929)		12,234,929		12,234,929

Total Investments — 98.2% (Cost $242,803,832)				245,561,636
Other Assets Less Liabilities — 1.8%				4,535,647

Net Assets — 100.0%				250,097,283

Percentages indicated are based on net assets.

Abbreviations


ABS		Asset-Backed Securities
AUD		Australian Dollar
CAD		Canadian Dollar
CNY		China Yuan
COP		Colombian Peso
CZK		Czech Republic Koruna
DKK		Danish Krone

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


DOP		Dominican Republic Peso
EUR		Euro
EURIBOR		Euro Interbank Offered Rate
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GNMA		Government National Mortgage Association
HUF		Hungarian Forint
ICE		Intercontinental Exchange
IDR		Indonesian Rupiah
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of February 28, 2021. The rate may be subject to a cap and floor.
IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC		Joint Stock Company
LIBOR		London Interbank Offered Rate
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
OYJ		Public Limited Company
PEN		Peruvian Nuevo Sol
PLN		Polish Zloty
PO		Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
PT		Limited liability company
REMIC		Real Estate Mortgage Investment Conduit
Re-REMIC		Combined Real Estate Mortgage Investment Conduit
RUB		Russian Ruble
SOFR		Secured Overnight Financing Rate
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.


USD		United States Dollar
ZAR		South African Rand
RON		Romanian Leu

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2021.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021.
(e)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2021.
(f)		Security is an interest bearing note with preferred security characteristics.
(g)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021.
(j)		Defaulted security.
(k)		Amount rounds to less than 0.1% of net assets.
(l)		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.
(m)		The rate shown is the current yield as of February 28, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.


Futures contracts outstanding as of February 28, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Long Contracts
Australia 10 Year Bond		71		03/2021		AUD		7,488,313		(40,523	)
Euro-Bund		8		03/2021		EUR		1,678,552		(4,230	)
U.S. Treasury 5 Year Note		40		06/2021		USD		4,970,000		(26,330	)

										(71,083	)

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	101

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Short Contracts
Euro-Bobl		(9	)		03/2021		EUR		(1,459,226	)		6,268
Euro-Buxl		(23	)		03/2021		EUR		(5,852,057	)		353,918
Long Gilt		(85	)		06/2021		GBP		(15,130,779	)		112,288
U.S. Treasury 5 Year Note		(8	)		06/2021		USD		(994,000	)		5,171
U.S. Treasury 10 Year Ultra Note		(88	)		06/2021		USD		(13,037,750	)		(65,919	)
U.S. Treasury Long Bond		(7	)		06/2021		USD		(1,124,375	)		1,352
U.S. Treasury Ultra Bond		(30	)		06/2021		USD		(5,750,625	)		(56,714	)

												356,364

												285,281


Abbreviations
AUD		Australian Dollar
EUR		Euro
GBP		British Pound
USD		United States Dollar


Forward foreign currency exchange contracts outstanding as of February 28, 2021:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	106,252	USD	127,522	Barclays Bank plc		3/3/2021		680
EUR	245,309	USD	295,602	Merrill Lynch International		3/3/2021		382
EUR	586,087	USD	705,240	TD Bank Financial Group		3/3/2021		1,918
GBP	2,684,220	USD	3,737,925	BNP Paribas		3/3/2021		1,745
USD	1,730,628	EUR	1,432,255	Barclays Bank plc		3/3/2021		2,504
USD	3,187,165	EUR	2,637,926	HSBC Bank, NA		3/3/2021		4,307
USD	5,095,844	EUR	4,209,916	Merrill Lynch International		3/3/2021		16,262
USD	89,035,925	EUR	73,483,266	TD Bank Financial Group		3/3/2021		372,801
CAD	14,669,439	USD	11,488,288	Barclays Bank plc		3/23/2021		39,566
CAD	124,092	USD	97,489	TD Bank Financial Group		3/23/2021		28
CLP	3,547,185,924	USD	4,889,306	BNP Paribas^**		3/23/2021		12,869
EUR	840,945	USD	1,013,030	Royal Bank of Canada		3/23/2021		2,183
NZD	1,753,161	EUR	1,045,172	State Street Corp.		3/23/2021		4,992
TRY	14,852,492	USD	1,852,545	BNP Paribas		3/23/2021		128,518
USD	4,477,423	AUD	5,788,987	State Street Corp.		3/23/2021		22,653
USD	2,471,157	CLP	1,755,880,786	Citibank, NA^**		3/23/2021		44,548
USD	2,761,545	CNY	17,795,228	Goldman Sachs International^**		3/23/2021		22,791
USD	1,068,263	CZK	23,096,059	State Street Corp.		3/23/2021		3,395
USD	17,274,690	EUR	14,259,106	Merrill Lynch International		3/23/2021		60,682
USD	830,815	HUF	247,075,439	State Street Corp.		3/23/2021		8,708
USD	3,271,010	IDR	45,795,776,853	Barclays Bank plc^**		3/23/2021		98,050
USD	925,677	MYR	3,732,608	BNP Paribas^**		3/23/2021		4,138
USD	2,057,486	PLN	7,644,656	State Street Corp.		3/23/2021		17,130
USD	1,271,787	RUB	94,531,949	Citibank, NA^**		3/23/2021		8,096
USD	1,217,988	TRY	8,913,355	Barclays Bank plc		3/23/2021		29,102
USD	1,143,738	ZAR	16,837,804	Citibank, NA		3/23/2021		34,340
USD	2,446,243	ZAR	35,791,437	Goldman Sachs International		3/23/2021		88,039
USD	439,290	ILS	1,428,000	Merrill Lynch International		3/24/2021		7,747
USD	99,127,687	EUR	81,799,724	BNP Paribas		4/6/2021		341,022

Total unrealized appreciation								1,379,196

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	81,799,724	USD	99,049,650	BNP Paribas		3/3/2021		(352,088	)
USD	757,460	EUR	631,747	Royal Bank of Canada		3/3/2021		(4,790	)
USD	410,258	EUR	342,264	TD Bank Financial Group		3/3/2021		(2,709	)
USD	3,676,288	GBP	2,684,220	Barclays Bank plc		3/3/2021		(63,381	)
AUD	1,469,699	EUR	962,538	Goldman Sachs International		3/23/2021		(31,034	)
AUD	360,506	USD	284,507	Barclays Bank plc		3/23/2021		(7,089	)
AUD	1,588,980	USD	1,229,699	Royal Bank of Canada		3/23/2021		(6,939	)
BRL	19,859,973	USD	3,675,210	Citibank, NA^**		3/23/2021		(134,407	)
COP	9,521,710,341	USD	2,693,707	BNP Paribas^**		3/23/2021		(84,749	)
CZK	4,180,668	USD	196,514	BNP Paribas		3/23/2021		(3,760	)
EUR	1,155,918	USD	1,397,857	Citibank, NA		3/23/2021		(2,400	)
INR	264,550,079	USD	3,622,217	BNP Paribas^**		3/23/2021		(54,816	)
KRW	1,949,167,340	USD	1,768,995	Goldman Sachs International^**		3/23/2021		(40,035	)
MXN	5,148,749	EUR	211,271	Barclays Bank plc		3/23/2021		(9,562	)
MXN	16,439,945	USD	816,038	BNP Paribas		3/23/2021		(32,188	)
MXN	24,827,101	USD	1,222,221	Goldman Sachs International		3/23/2021		(38,476	)
NZD	1,707,542	EUR	1,036,935	Citibank, NA		3/23/2021		(18,027	)
NZD	1,622,498	EUR	990,609	Goldman Sachs International		3/23/2021		(23,549	)
PEN	8,326,913	USD	2,287,299	Citibank, NA^**		3/23/2021		(5,157	)
RUB	93,113,964	USD	1,258,984	Barclays Bank plc^**		3/23/2021		(14,248	)
RUB	47,898,487	USD	641,980	Goldman Sachs International^**		3/23/2021		(1,679	)
TRY	11,277,053	USD	1,582,013	BNP Paribas		3/23/2021		(77,852	)
USD	11,428,195	AUD	14,916,925	TD Bank Financial Group		3/23/2021		(50,749	)
USD	19,125,976	CAD	24,394,354	Barclays Bank plc		3/23/2021		(44,119	)
USD	4,149,126	GBP	3,009,033	Citibank, NA		3/23/2021		(43,673	)
USD	7,089,251	NZD	9,869,759	TD Bank Financial Group		3/23/2021		(42,182	)
USD	3,738,681	GBP	2,684,220	BNP Paribas		4/6/2021		(1,851	)

Total unrealized depreciation								(1,191,509	)

Net unrealized appreciation								187,687


Abbreviations

AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CLP		Chile Peso
CNY		China Yuan
COP		Colombian Peso
CZK		Czech Republic Koruna
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
KRW		Korean Republic Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
PEN		Peruvian Nuevo Sol
PLN		Polish Zloty
RUB		Russian Ruble
TRY		Turkish Lira
USD		United States Dollar
ZAR		South African Rand

**		Non-deliverable forward.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	103

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)

Over-the-Counter (“OTC”) Credit default swap contracts outstanding — buy protection (a) as of February 28, 2021:

REFERENCE
OBLIGATION/
INDEX

FINANCING RATE
PAID BY THE
FUND (%)

PAYMENT
FREQUENCY

COUNTERPARTY

MATURITY
DATE

IMPLIED
CREDIT
SPREAD
(%) (b)

NOTIONAL
AMOUNT (c)

UPFRONT
PAYMENTS
(RECEIPTS)
($) (d)

UNREALIZED
APPRECIATION
(DEPRECIATION)
($)

VALUE
($)

CDX.NA.EM.34-V1

1.00

Quarterly

Morgan Stanley

12/20/2025

1.93

USD 3,700,000

218,485

(68,421

)

150,064

Centrally Cleared Credit default swap contracts outstanding — buy protection (a) as of February 28, 2021:

REFERENCE
OBLIGATION/INDEX

FINANCING RATE

PAID BY THE

FUND (%)

PAYMENT
FREQUENCY

MATURITY
DATE

IMPLIED
CREDIT
SPREAD
(%) (b)

NOTIONAL
AMOUNT (C)

UPFRONT
PAYMENTS
(RECEIPTS)
($) (d)

UNREALIZED
APPRECIATION
(DEPRECIATION)
($)

VALUE
($)

iTraxx.Europe.Main.34-V1

1.00

Quarterly

12/20/2025

0.51

EUR 3,560,000

(84,463

)

(25,164

)

(109,627

)

(a)

The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(b)

Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(c)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(d)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Centrally Cleared Interest rate swap contracts outstanding as of February 28, 2021:

FLOATING RATE INDEX (a)

FIXED RATE

PAY/ RECEIVE
FLOATING RATE

MATURITY
DATE

NOTIONAL
AMOUNT

UPFRONT
PAYMENTS
(RECEIPTS)
($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)

3 month BA semi-annually

1.38 semi-annually

Receive

3/17/2031

CAD 7,800,000

—

272,634


Abbreviations

BA		Banker’s Acceptance Rate
CAD		Canadian Dollar
CDX		Credit Default Swap Index
EUR		Euro
USD		United States Dollar

(a)	Value of floating rate index at February 28, 2021 was 0.56%.


Summary of total OTC swap contracts outstanding as of February 28, 2021:
	NET UPFRONT PAYMENTS (RECEIPTS) ($)	VALUE ($)
Assets

OTC Credit default swap contracts outstanding — buy protection	218,485		150,064

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 98.4% (a)

Alabama — 1.3%

Black Belt Energy Gas District, Gas Prepay Project No. 5 Series 2020A-1, Rev., 4.00%, 10/1/2026 (b)		250,000		288,733

Black Belt Energy Gas District, Gas Supply Series 2017A, Rev., LIQ: Royal Bank of Canada, 4.00%, 7/1/2022 (b)		30,000		31,303

City of Pell City Series A, GO, 5.00%, 2/1/2025		100,000		116,385

Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.37%, 6/16/2025 (b)		100,000		102,036

Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b)		25,000		27,251

University of Alabama (The), Huntsville General Fee Series B-2, Rev., 5.00%, 9/1/2031		95,000		118,386

University of South Alabama, University Facility Rev., AGM, 5.00%, 4/1/2030		250,000		323,110


Total Alabama				1,007,204


Alaska — 0.7%

Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 5.00%, 10/1/2024		200,000		229,124

Alaska Municipal Bond Bank Authority

Series 3, Rev., 5.00%, 10/1/2025		20,000		22,974

Series 3, Rev., 5.00%, 12/1/2028		225,000		272,254


Total Alaska				524,352


Arizona — 4.5%

Arizona Industrial Development Authority, Cadence Campus Project

Series 2020A, Rev., 4.00%, 7/15/2030 (c)		125,000		134,745

Series 2020A, Rev., 4.00%, 7/15/2040 (c)		125,000		130,097

Arizona Industrial Development Authority, Equitable School Revolving Fund Series A, Rev., 5.00%, 11/1/2044		250,000		298,078

Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 5.00%, 1/1/2036		250,000		243,095

Arizona Industrial Development Authority, Phoenix Children’s Hospital

Series 2020A, Rev., 5.00%, 2/1/2024		55,000		62,227

Series 2020A, Rev., 5.00%, 2/1/2025		70,000		81,913


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

Series 2020A, Rev., 5.00%, 2/1/2031		150,000		195,057

Series 2020A, Rev., 5.00%, 2/1/2032		200,000		258,704

City of Mesa GO, 5.00%, 7/1/2030		285,000		380,210

City of Mesa, Excise Tax

Rev., 5.00%, 7/1/2030		95,000		125,948

Rev., 5.00%, 7/1/2031		75,000		98,903

Rev., 5.00%, 7/1/2032		185,000		242,687

City of Mesa, Utility System

Rev., 5.00%, 7/1/2028		300,000		384,504

Rev., 5.00%, 7/1/2032		125,000		163,978

City of Phoenix Civic Improvement Corp., Junior Lien Airport Series 2017D, Rev., 5.00%, 7/1/2026		160,000		194,571

Maricopa County School District No. 3 Tempe Elementary, School Improvement, Project of 2016 Series A, GO, 5.00%, 7/1/2027		30,000		37,504

Maricopa County Unified School District No. 95, Queen Creek, School Improvement

GO, 4.00%, 7/1/2026		160,000		186,704

GO, 4.00%, 7/1/2027		40,000		47,687

GO, 4.00%, 7/1/2028		50,000		60,167

Salt Verde Financial Corp. Rev., 5.25%, 12/1/2026		100,000		121,518


Total Arizona				3,448,297


Arkansas — 0.2%

City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2024		75,000		86,151

University of Arkansas, Various Facility UAMS Campus Rev., 5.00%, 11/1/2021		40,000		41,284


Total Arkansas				127,435


California — 9.0%

Baldwin Park Financing Authority, Rail Crossings Safety Improvements Project Rev., 5.00%, 6/1/2024		100,000		115,149

Brentwood Infrastructure Financing Authority, Civic Center Project Rev., 5.00%, 10/1/2025		45,000		53,543

California Health Facilities Financing Authority, Kaiser Permanente Series 2006C, Rev., 5.00%, 11/1/2029 (b)		300,000		393,846

California Health Facilities Financing Authority, On Lok Senior Health Service

Rev., 3.00%, 8/1/2023		100,000		104,855

Rev., 5.00%, 8/1/2040		100,000		122,275

California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039		150,000		171,202

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	105

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

California State Public Works Board, California State University, Various Capital Projects Series 2020D, Rev., 5.00%, 11/1/2028		355,000		458,486

California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 5.00%, 4/1/2030		150,000		194,899

Chula Vista Municipal Financing Authority Rev., 4.00%, 5/1/2026		60,000		69,576

Chula Vista Municipal Financing Authority, Green Bond Series 2017B, Rev., 4.00%, 12/1/2028		45,000		55,403

City of Livermore Series 2020B, COP, 4.00%, 10/1/2030		200,000		246,454

City of Los Angeles Department of Airports, International Airport Senior

Series A, Rev., AMT, 5.00%, 5/15/2022		125,000		132,033

Series A, Rev., AMT, 5.00%, 5/15/2033		100,000		115,592

City of Los Angeles, Department of Airports, International Airport Subordinate Series 2019E, Rev., AMT, 5.00%, 5/15/2026		10,000		12,239

City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2025		70,000		83,746

City of Santa Rosa, Courthouse Square Project and Lease COP, 4.00%, 10/1/2024		90,000		100,990

Conejo Valley Unified School District, Election 2014 Series C, GO, 4.00%, 8/1/2027		200,000		238,630

County of Santa Clara Series 2017C, GO, 5.00%, 8/1/2033		40,000		49,736

CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim Rev., 2.88%, 8/1/2041 (c)		255,000		245,241

El Monte City School District, Election of 2004 Series A, GO, 5.00%, 8/1/2025		55,000		65,270

Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series A-1, Rev., 5.00%, 6/1/2032		250,000		306,412

Hermosa Beach City School District, Election of 2016 Series A, GO, 4.00%, 8/1/2023		15,000		16,338

Lodi Public Financing Authority Rev., AGM, 5.00%, 9/1/2027		350,000		439,208

Los Angeles Community College District Series 2015C, GO, 5.00%, 8/1/2021		30,000		30,601

Los Angeles County Metropolitan Transportation Authority, Sales Tax Series 2020A, Rev., 5.00%, 6/1/2032		1,000,000		1,326,010


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Metropolitan Water District of Southern California, Waterworks Series 2019A, Rev., 5.00%, 7/1/2034		25,000		32,039

Municipal Improvement Corp. of Los Angeles, Real Property Series 2014-A, Rev., 5.00%, 5/1/2023		20,000		21,988

Napa Valley Community College District Series 2014A, GO, 5.00%, 8/1/2021		15,000		15,301

Northern California Power Agency, Hydroelectric Project Series 2019A, Rev., 5.00%, 7/1/2022		20,000		21,278

Salinas Facilities Financing Authority Series 2020A-1, Rev., AGM, 4.00%, 11/1/2027		100,000		118,872

San Diego Community College District GO, 5.00%, 8/1/2022 (d)		50,000		53,461

San Dieguito Union High School District, Election of 2012 Series A-2, GO, 5.00%, 8/1/2024		150,000		167,175

San Francisco City and County Airport Commission, San Francisco International Airport

Series 2016A, Rev., 5.00%, 5/1/2023		105,000		115,727

Series 2016A, Rev., 5.00%, 5/1/2026		95,000		116,137

San Jose Evergreen Community College District Series A, GO, 5.00%, 9/1/2022		100,000		107,266

San Jose Evergreen Community College District, Election of 2010 Series C, GO, 5.00%, 9/1/2024 (d)		105,000		121,996

San Ramon Valley Fire Protection District, Public Safety Complex and Fire Training Facility Projects

COP, 4.00%, 8/1/2023		55,000		59,543

COP, 4.00%, 8/1/2032		125,000		147,944

Santa Cruz County Capital Financing Authority Series 2020A, Rev., 4.00%, 6/1/2025		100,000		113,876

Sequoia Union High School District GO, 5.00%, 7/1/2027		25,000		30,798

Sierra View Local Health Care District

Rev., 4.00%, 7/1/2021		150,000		151,620

Rev., 4.00%, 7/1/2023		165,000		176,687

Southern California Public Power Authority, Transmission Project Series 2015A, Rev., 4.00%, 7/1/2021		20,000		20,255

Yosemite Community College District GO, 5.00%, 8/1/2022 (d)		100,000		106,774


Total California				6,846,471

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Colorado — 3.9%

Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2051 (c)		150,000		162,175

Colorado Health Facilities Authority, Boulder Community Health Project

Rev., 5.00%, 10/1/2021		100,000		102,641

Rev., 5.00%, 10/1/2022		225,000		241,068

Rev., 5.00%, 10/1/2023		175,000		194,360

Crystal Valley Metropolitan District No. 2, Limited Tax

Series 2020A, GO, AGM, 5.00%, 12/1/2022		50,000		54,073

Series 2020A, GO, AGM, 5.00%, 12/1/2023		135,000		151,565

Series 2020A, GO, AGM, 5.00%, 12/1/2024		175,000		202,974

Regional Transportation District, Denver Transit Partners

Rev., 5.00%, 7/15/2026		100,000		119,468

Rev., 5.00%, 7/15/2029		130,000		164,011

Rev., 5.00%, 1/15/2030		170,000		215,908

Rev., 5.00%, 7/15/2030		115,000		147,206

Rev., 5.00%, 1/15/2031		250,000		322,555

Rev., 4.00%, 7/15/2036		185,000		215,980

Southlands Metropolitan District No. 1 Series A-1, GO, 5.00%, 12/1/2037		250,000		281,810

State of Colorado, Higher Education Capital Construction, Lease Purchase Financing Program Series 2014A, COP, 5.00%, 11/1/2025		10,000		11,933

STC Metropolitan District No. 2, Limited Tax Improvement Series 2019A, GO, 5.00%, 12/1/2038		300,000		323,784

University of Colorado, Enterprise System Series A-2, Rev., 5.00%, 6/1/2026		40,000		48,856


Total Colorado				2,960,367


Connecticut — 1.1%

Connecticut State Health & Educational Facilities Authority, Sacred Heart University Series K, Rev., 5.00%, 7/1/2022		250,000		265,037

Connecticut State Health & Educational Facilities Authority, Yale University Series A-2, Rev., 5.00%, 7/1/2022 (b)		100,000		106,486

State of Connecticut Series A, GO, 5.00%, 4/15/2033		135,000		162,813


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Connecticut — continued

State of Connecticut, Special Tax Transportation Infrastructure Purposes

Series 2020A, Rev., 5.00%, 5/1/2023		200,000		220,110

Series B, Rev., 5.00%, 8/1/2023		75,000		83,356


Total Connecticut				837,802


Delaware — 0.1%

Delaware Transportation Authority Rev., 5.00%, 7/1/2022		40,000		42,594


District of Columbia — 2.5%

District of Columbia, Income Tax

Series C, Rev., 5.00%, 12/1/2021		25,000		25,913

Series F, Rev., 5.00%, 12/1/2021		50,000		51,825

Series 2020C, Rev., 5.00%, 5/1/2033		1,000,000		1,315,650

District of Columbia, International School

Rev., 5.00%, 7/1/2028		115,000		136,649

Rev., 5.00%, 7/1/2039		125,000		145,077

District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039		100,000		110,641

District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series B, Rev., 5.00%, 10/1/2025		65,000		78,153


Total District of Columbia				1,863,908


Florida — 3.8%

City of Cape Coral, Water and Sewer Rev., 5.00%, 10/1/2022		25,000		26,839

City of Miami Beach, Water and Sewer Rev., 5.00%, 9/1/2033		25,000		30,870

City of Orlando, Capital Improvement

Series D, Rev., 5.00%, 10/1/2022		75,000		80,728

Series B, Rev., 5.00%, 10/1/2024		60,000		69,613

City of Tampa, H. Lee Moffitt Cancer Center Project

Series 2020B, Rev., 5.00%, 7/1/2022		50,000		53,042

Series 2020B, Rev., 5.00%, 7/1/2023		50,000		55,082

Series 2020B, Rev., 5.00%, 7/1/2024		50,000		57,032

County of Broward, Port Facilities Series 2019A, Rev., 5.00%, 9/1/2030		50,000		64,488

County of Hillsborough, Communications Services Tax Rev., 5.00%, 10/1/2024		40,000		46,456

County of Okaloosa, Sales Tax Rev., 5.00%, 10/1/2024		30,000		34,807

County of Osceola, Sales Tax Series 2016A, Rev., 4.00%, 10/1/2023		10,000		10,894

County of Palm Beach, Atlantic University

Rev., 5.00%, 4/1/2029 (c)		100,000		109,730

Rev., 5.00%, 4/1/2039 (c)		100,000		108,207

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	107

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Florida — continued

County of Seminole Rev., 4.00%, 10/1/2024		90,000		100,820

East Central Regional Wastewater Treatment Facilities Operation Board Rev., 5.00%, 10/1/2024		30,000		34,807

Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2032		250,000		314,492

Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects Rev., 4.00%, 7/1/2035		325,000		354,747

Monroe County School District Series 2018A, COP, 4.00%, 6/1/2025		45,000		51,062

Orange County School Board Series 2015D, COP, 5.00%, 8/1/2025		25,000		29,525

Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Rev., 5.00%, 11/15/2032		240,000		283,296

Palm Beach County School District Series 2015B, COP, 5.00%, 8/1/2021		10,000		10,200

Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029		125,000		142,304

Pinellas County School Board, Master Lease Program Series 2021A, COP, 5.00%, 7/1/2031		250,000		333,375

Reedy Creek Improvement District, Ad Valorem Tax Series 2016-A, GO, 5.00%, 6/1/2026		50,000		60,839

State of Florida Board of Education, Public Education Capital Outlay

Series B, GO, 5.00%, 6/1/2024		30,000		34,482

Series B, GO, 5.00%, 6/1/2026		20,000		24,439

Series B, GO, 5.00%, 6/1/2031		75,000		93,398

State of Florida, State Board of Education, Lottery

Series 2016B, Rev., 5.00%, 7/1/2023		40,000		44,401

Series A, Rev., 5.00%, 7/1/2026		75,000		92,305

Tampa Bay Water, Regional Water Supply Authority, Utility System Series C, Rev., 5.00%, 10/1/2025		55,000		65,964

Tampa-Hillsborough County Expressway Authority Series B, Rev., 5.00%, 7/1/2031		40,000		50,086

Tohopekaliga Water Authority, Utility System Rev., 5.00%, 10/1/2025		10,000		12,008


Total Florida				2,880,338


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Georgia — 2.1%

Albany-Dougherty Inner City Authority, State University Projects Rev., 5.00%, 7/1/2023		410,000		449,167

Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2024		200,000		223,454

Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project

Series 2020B, Rev., 5.00%, 4/1/2022		150,000		157,515

Series 2020A, Rev., 5.00%, 4/1/2050		200,000		245,434

County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026		25,000		31,174

Forsyth County Water and Sewerage Authority Rev., 5.00%, 4/1/2032		145,000		187,381

Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2037		255,000		287,143

Richmond County Hospital Authority, University Health Services, Inc., Project Rev., 5.00%, 1/1/2022		20,000		20,771

State of Georgia Series 2011J-1, GO, 4.50%, 7/1/2022		25,000		25,359


Total Georgia				1,627,398


Hawaii — 0.2%

City and County of Honolulu, Tax-Exempt Series D, GO, 5.00%, 9/1/2032		45,000		55,563

State of Hawaii

Series EE, GO, 5.00%, 11/1/2022 (d)		15,000		16,206

Series EP, GO, 5.00%, 8/1/2023		40,000		44,528

Series FK, GO, 5.00%, 5/1/2033		30,000		36,614

State of Hawaii, Highway Fund Series B, Rev., 5.00%, 1/1/2027		25,000		30,563


Total Hawaii				183,474


Illinois — 3.1%

Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2027		45,000		54,226

Chicago O’Hare International Airport, General Airport, Senior Lien Series 2017B, Rev., 5.00%, 1/1/2034		40,000		47,399

City of Decatur, Green Bond GO, 5.00%, 3/1/2027		130,000		156,303

Cook and DuPage Counties, Village of Elk Grove GO, 5.00%, 1/1/2029		25,000		30,772

Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2032		35,000		42,888

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Illinois — continued

Illinois State Toll Highway Authority

Series D, Rev., 5.00%, 1/1/2024		25,000		28,160

Series A, Rev., 5.00%, 1/1/2036		250,000		316,400

Kane McHenry Cook and De Kalb Counties Unit School District No. 300 GO, 5.00%, 1/1/2024		35,000		39,383

Kendall and Kane Counties Community Unit School District No. 115 Series 2017B, GO, 5.00%, 1/1/2027		25,000		30,497

Lake and McHenry Counties Community Unit, School District No. 118 GO, 5.00%, 1/1/2022		50,000		51,947

Lake County Forest Preserve District GO, 5.00%, 12/15/2028		165,000		211,081

McLean and Woodford Counties Community Unit School District No. 5 Normal Series 2017A, GO, 4.00%, 12/1/2023		80,000		87,086

Northern Illinois University, Auxiliary Facilities System Series 2020B, Rev., 5.00%, 4/1/2034		200,000		250,158

Southwestern Illinois Development Authority, Flood Prevention District Council Project Rev., 5.00%, 4/15/2030		625,000		805,256

State of Illinois

GO, 5.00%, 4/1/2024		30,000		33,200

Series A, GO, 5.00%, 10/1/2024		30,000		33,519

Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		125,000		153,300

Will and Kendall Counties Community Consolidated School District 202 Plainfield GO, 4.00%, 1/1/2023		10,000		10,641


Total Illinois				2,382,216


Indiana — 1.1%

Adams Central Elementary School Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2027		20,000		24,522

Ball State University, Student Fee Series R, Rev., 5.00%, 7/1/2024		35,000		40,010

Decatur County, Jail Building Corp. Rev., 5.00%, 7/15/2028		250,000		306,010

Hamilton Southeastern Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2026		25,000		30,506

Indiana Finance Authority, Highway Series C, Rev., 5.00%, 12/1/2025		35,000		42,124

Indiana Finance Authority, Indiana University Health Obligated Group Series 2016A, Rev., 5.00%, 12/1/2022		10,000		10,833


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Indiana State University, Housing and Dining System Rev., 5.00%, 4/1/2031		75,000		89,791

Indiana State University, Student Fee Series R, Rev., 5.00%, 10/1/2022		10,000		10,731

IPS Multi-School Building Corp., Indiana Unlimited Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2029		50,000		64,344

Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2025		35,000		41,065

Portage Township Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Refunding Rev., 5.00%, 7/15/2028		75,000		94,754

The Trustees of Indiana University

Series A, Rev., 5.00%, 6/1/2022		25,000		26,507

Series Y, Rev., 5.00%, 8/1/2028		25,000		31,349


Total Indiana				812,546


Iowa — 0.2%

City of Cedar Rapids, Sewer Series 2018D, Rev., 5.00%, 6/1/2022		70,000		74,119

City of West Des Moines, Urban Renewal Series 2016B, GO, 5.00%, 6/1/2024		35,000		40,204

Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2027		30,000		37,917


Total Iowa				152,240


Kansas — 0.1%

Johnson County Water District No. 1 Series 2017A, Rev., 5.00%, 1/1/2025		50,000		58,665


Kentucky — 1.8%

Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2029		165,000		202,186

Kentucky Public Energy Authority, Gas Supply

Series 2018C-1, Rev., 4.00%, 6/1/2025 (b)		605,000		677,800

Series 2019C, Rev., 4.00%, 2/1/2028 (b)		300,000		350,712

Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016-A, Rev., 4.00%, 10/1/2036		65,000		71,572

Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System

Series B, Rev., 5.00%, 5/15/2024		25,000		28,620

Series 2017A, Rev., 5.00%, 5/15/2027		40,000		49,408


Total Kentucky				1,380,298

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	109

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Louisiana — 1.5%

City of Shreveport, Water and Sewer, Junior Lien Series 2019B, Rev., AGM, 5.00%, 12/1/2032		200,000		248,614

Louisiana Local Government Environmental Facilities and Community Development Authority, Calcasieu Parish Projects Rev., 5.00%, 12/1/2030		250,000		320,247

Louisiana Public Facilities Authority, Tulane University Project

Series 2020A, Rev., 5.00%, 4/1/2029		220,000		281,200

Series 2020A, Rev., 5.00%, 4/1/2030		135,000		174,744

State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026		30,000		35,153

State of Louisiana Gasoline and Fuels Tax Series 2012A-1, Rev., 5.00%, 5/1/2022 (d)		55,000		58,074


Total Louisiana				1,118,032


Maine — 1.4%

Maine Health and Higher Educational Facilities Authority, Birch Bay Retirement Village

Series 2020A, Rev., 4.00%, 7/1/2021		150,000		151,812

Series 2020A, Rev., 4.00%, 7/1/2022		225,000		235,860

Series 2020A, Rev., 5.00%, 7/1/2023		125,000		137,829

Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2027		300,000		373,368

Maine Municipal Bond Bank Series C, Rev., 5.00%, 11/1/2024		75,000		87,321

Maine Municipal Bond Bank, Maine Department of Transportation Series 2018A, Rev., GAN, 5.00%, 9/1/2026		45,000		54,885


Total Maine				1,041,075


Maryland — 1.5%

County of Baltimore, Consolidated Public Improvement GO, 5.00%, 8/1/2023		100,000		106,700

County of Spotsylvania, Commissioners of St. Mary’s, Public Improvement GO, 4.00%, 7/15/2027		70,000		83,745

Maryland Economic Development Corp., Bowie State University Project Rev., 4.00%, 7/1/2040		200,000		216,538

Maryland Health and Higher Educational Facilities Authority, Stevenson University Project

Rev., 5.00%, 6/1/2033		200,000		250,192

Rev., 4.00%, 6/1/2046		250,000		274,055


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maryland — continued

State of Maryland Department of Transportation Rev., 5.00%, 9/1/2026		75,000		92,517

State of Maryland, State and Local Facilities Loan of 2017 Series A, GO, 5.00%, 8/1/2025		45,000		53,837

Washington Suburban Sanitary District, Consolidated Public Improvement Rev., GTD, 5.00%, 6/15/2030		40,000		49,666


Total Maryland				1,127,250


Massachusetts — 2.4%

City of Boston Series 2017A, GO, 5.00%, 4/1/2025		10,000		11,832

Commonwealth of Massachusetts Series C, GO, 5.00%, 10/1/2026		25,000		30,895

Massachusetts Bay Transportation Authority, Mass Sales Tax Series A, Rev., 5.00%, 7/1/2022		20,000		21,286

Massachusetts Development Finance Agency, Mass General Brigham Issue Series 2020A-1, Rev., 5.00%, 1/31/2030 (b)		500,000		648,335

Massachusetts Development Finance Agency, Milford Regional Medical Center Series G, Rev., 5.00%, 7/15/2037 (c)		245,000		281,995

Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue Series 2021G, Rev., 5.00%, 7/1/2035		200,000		256,408

Massachusetts Development Finance Agency, Wellforce Issue

Series 2020C, Rev., AGM, 5.00%, 10/1/2030		175,000		228,184

Series 2020C, Rev., AGM, 5.00%, 10/1/2031		215,000		277,036

Massachusetts State College Building Authority Series D, Rev., 5.00%, 5/1/2027		45,000		56,283

Town of Hopkinton, Municipal Purpose Loan GO, 5.00%, 11/15/2024		30,000		35,046


Total Massachusetts				1,847,300


Michigan — 1.0%

Berrien Springs Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2030		250,000		327,460

City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2030		30,000		39,493

Marquette Board of Light and Power, Electric Utility System Series 2016A, Rev., 5.00%, 7/1/2026		185,000		223,256

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Michigan — continued

Michigan State Hospital Finance Authority, Trinity Health Credit Group Series C, Rev., 5.00%, 12/1/2025		25,000		30,062

Western Michigan University, Tax Exempt Series 2021A, Rev., AGM, 5.00%, 11/15/2031		125,000		163,772


Total Michigan				784,043


Minnesota — 0.6%

Alexandria Lake Area Sanitation District, Sanitary Sewer Board Series 2015A, GO, 5.00%, 2/1/2022		30,000		31,328

Bloomington Independent School District No. 271, Bloomington Public Schools Series 2019A, GO, 5.00%, 2/1/2028		25,000		30,917

City of Apple Valley, Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		250,000		254,508

City of Hopkins Series 2017B, GO, 4.00%, 2/1/2025		20,000		22,656

State of Minnesota Series 2012B, Rev., 5.00%, 3/1/2024		130,000		136,172

University of Minnesota Series B, Rev., 5.00%, 12/1/2025		15,000		18,115


Total Minnesota				493,696


Mississippi — 0.3%

Mississippi State University Educational Building Corp., New Facilities and Refinancing Project Rev., 5.00%, 8/1/2025		35,000		41,452

State of Mississippi

Series B, GO, 5.00%, 12/1/2025		20,000		24,123

Series 2015F, GO, 5.00%, 11/1/2028		35,000		41,639

Series A, GO, 5.00%, 11/1/2031		60,000		72,865

University of Mississippi Educational Building Corp., Refinancing Project Series 2016A, Rev., 5.00%, 10/1/2030		40,000		47,442


Total Mississippi				227,521


Missouri — 1.8%

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2024		40,000		46,226

City of Kansas, Sanitary Sewer System

Series 2018A, Rev., 5.00%, 1/1/2022		25,000		26,006

Series B, Rev., 5.00%, 1/1/2033		25,000		31,045

Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030		200,000		234,064


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Missouri — continued

Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Episcopal-Presbyterian Hospitals Series 2015B, Rev., 5.00%, 12/1/2026		165,000		191,209

Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Health System, Inc. Rev., 5.00%, 11/15/2029		300,000		357,918

Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital Rev., 5.00%, 9/1/2026		200,000		232,490

Metropolitan St. Louis Sewer District, Wastewater System Improvement

Series 2012A, Rev., 5.00%, 5/1/2022 (d)		125,000		132,062

Series 2017A, Rev., 5.00%, 5/1/2027		45,000		56,592

Missouri Development Finance Board, Fulton State Hospital Project Rev., 5.00%, 10/1/2025		25,000		28,936


Total Missouri				1,336,548


Montana — 0.1%

County of Missoula GO, 4.00%, 7/1/2025		50,000		57,284


Nebraska — 1.5%

Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030		320,000		410,150

City of Lincoln, Electric System

Rev., 5.00%, 9/1/2026		85,000		104,491

Rev., 5.00%, 9/1/2028		50,000		62,061

City of Omaha, Sewer Rev., 5.00%, 4/1/2027		50,000		60,634

Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group Series 2019A, Rev., 4.00%, 1/1/2033		250,000		279,545

Omaha Public Power District, Electric System

Series B, Rev., 5.00%, 2/1/2025		20,000		23,047

Series 2016A, Rev., 5.00%, 2/1/2026		40,000		48,430

Series A, Rev., 5.00%, 2/1/2027		30,000		36,194

Omaha School District, Elkhorn Public Schools GO, 5.00%, 12/15/2026		30,000		37,300

University of Nebraska Facilities Corp., UNMC Global Center Project Rev., 5.00%, 12/15/2025		35,000		42,302


Total Nebraska				1,104,154

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	111

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Nevada — 0.8%

City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (c)		90,000		90,748

Clark County School District, Limited Tax

Series A, GO, 5.00%, 6/15/2032		95,000		116,635

Series A, GO, 4.00%, 6/15/2035		90,000		103,019

County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax Rev., 5.00%, 7/1/2028		25,000		31,198

County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033		155,000		194,993

Truckee Meadows Water Authority Rev., 5.00%, 7/1/2029		50,000		61,802


Total Nevada				598,395


New Hampshire — 0.4%

New Hampshire Business Finance Authority, Springpoint Senior Living Project Rev., 4.00%, 1/1/2025		290,000		322,613


New Jersey — 3.6%

City of New Brunswick GO, 4.00%, 3/15/2024		10,000		11,076

City of North Wildwood GO, 5.00%, 8/1/2022		10,000		10,661

New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2028		260,000		305,269

New Jersey Economic Development Authority, School Facilities Construction Series II, Rev., 5.00%, 3/1/2022 (d)		115,000		120,567

New Jersey Transportation Trust Fund Authority Series 2020AA, Rev., 4.00%, 6/15/2035		130,000		146,940

New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., 4.00%, 12/15/2031		250,000		282,200

New Jersey Turnpike Authority Series D, Rev., 5.00%, 1/1/2028		200,000		241,354

Passaic County Improvement Authority (The), City of Paterson Project Rev., 5.00%, 6/15/2025		10,000		11,843

State of New Jersey, COVID-19 Emergency Bonds GO, 5.00%, 6/1/2028		1,000,000		1,246,900

Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		265,000		326,655


Total New Jersey				2,703,465


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Mexico — 1.1%

City of Albuquerque, General Purpose Series 2016A, GO, 5.00%, 7/1/2023		75,000		83,179

City of Albuquerque, Gross Receipts Tax Series 2015A, Rev., 5.00%, 7/1/2026		240,000		284,640

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund

Series 2016C, Rev., 5.00%, 6/1/2022		30,000		31,804

Series 2016E, Rev., 5.00%, 6/1/2024		25,000		28,656

New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2108A, Rev., 5.00%, 6/15/2027		100,000		125,229

New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Series 2015A, Rev., 5.00%, 8/1/2025		25,000		29,561

State of New Mexico, Severance Tax Permanent Fund Series 2016B, Rev., 4.00%, 7/1/2021		80,000		81,020

University of New Mexico, Subordinate Lien Rev., 5.00%, 6/1/2028		140,000		172,450


Total New Mexico				836,539


New York — 9.6%

City of New York, Fiscal Year 2013

Series 2013J, GO, 5.00%, 8/1/2023		40,000		44,477

Series I, GO, 5.00%, 8/1/2023		25,000		27,798

City of New York, Fiscal Year 2014 Series 2014E, GO, 5.00%, 8/1/2027		35,000		38,828

City of New York, Fiscal Year 2017 Series C, GO, 4.00%, 8/1/2022		10,000		10,535

County of Onondaga GO, 5.00%, 3/15/2026		20,000		22,884

County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2025		175,000		209,058

Erie County Water Authority Rev., 5.00%, 12/1/2027		30,000		37,166

Metropolitan Transportation Authority

Series 2018B, Subseries 2018B-2B, Rev., BAN, 5.00%, 5/15/2021		250,000		252,182

Series 2018C, Subseries 2018C-2, Rev., BAN, 5.00%, 9/1/2021		350,000		357,494

Metropolitan Transportation Authority, Dedicated Tax Fund Series 2016A, Rev., 5.00%, 11/15/2023		315,000		353,140

Monroe County Industrial Development Corp., Highland Hospital of Rochester Project

Rev., 5.00%, 7/1/2021		185,000		187,814

Rev., 5.00%, 7/1/2022		195,000		206,864

Monroe County Industrial Development Corp., Rochester Schools Modernization Project Rev., 5.00%, 5/1/2030		80,000		92,906

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 Series S-2A, Rev., 5.00%, 7/15/2025		50,000		59,478

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015

Series C, Rev., 5.00%, 11/1/2022		25,000		26,984

Series 2015A-1, Rev., 5.00%, 8/1/2029		50,000		57,387

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017E1, Rev., 5.00%, 2/1/2030		150,000		183,486

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 1, Rev., 5.00%, 11/1/2026		25,000		30,871

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019C-1, Rev., 5.00%, 11/1/2034		110,000		138,797

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2013

Series 2013H, Rev., 5.00%, 11/1/2023		50,000		55,097

Series 2013G, Rev., 5.00%, 11/1/2026		30,000		33,044

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2014 Series D, Subseries D-1, Rev., 5.00%, 2/1/2026		30,000		33,979

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2016 Subseries B-1, Rev., 5.00%, 11/1/2029		125,000		148,470

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2017

Series C, Rev., 4.00%, 11/1/2024		45,000		50,725

Subseries A-1, Rev., 5.00%, 5/1/2029		65,000		78,433

Series B, Subseries B-1, Rev., 5.00%, 8/1/2030		195,000		236,051

New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2038		25,000		31,016

New York State Dormitory Authority, Cornell University Series 2019D, Rev., 5.00%, 7/1/2033		135,000		189,131

New York State Dormitory Authority, Maimonides Medical Center, FHA-Insured Mortgage Hospital Rev., FHA, 5.00%, 8/1/2024		275,000		318,464

New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., 4.00%, 9/1/2050		100,000		110,954


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

New York State Dormitory Authority, State Personal Income Tax, General Purpose

Series 2015E, Rev., 5.00%, 3/15/2022		25,000		26,255

Series 2015A, Rev., 4.00%, 3/15/2023		25,000		26,887

Series 2018A, Rev., 5.00%, 3/15/2031		25,000		31,657

New York State Dormitory Authority, State University Dormitory Facilities Series 2018A, Rev., 5.00%, 7/1/2024		300,000		341,874

New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution Series 2019B, Rev., 5.00%, 6/15/2031		100,000		131,086

New York State Urban Development Corp., State Personal Income Tax, General Purpose

Series 2016A, Rev., 5.00%, 3/15/2026		45,000		54,620

Series 2017A, Rev., 5.00%, 3/15/2026		125,000		151,721

Series 2020C, Rev., 5.00%, 3/15/2026		45,000		54,620

Series 2016A, Rev., 5.00%, 3/15/2027		30,000		36,174

Series 2013A-1, Rev., 5.00%, 3/15/2028		25,000		27,325

Series 2016A, Rev., 5.00%, 3/15/2028		75,000		90,187

Series 2017-A, Rev., 5.00%, 3/15/2028		150,000		185,955

Series 2020C, Rev., 5.00%, 3/15/2029		1,275,000		1,645,872

New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022		200,000		206,428

Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023		200,000		205,356

Port Authority of New York and New Jersey, Consolidated Series 205, Rev., 5.00%, 11/15/2028		30,000		37,741

Smithtown Central School District GO, 5.00%, 8/1/2022		70,000		74,793

Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 5.13%, 11/1/2041 (c)		340,000		338,902


Total New York				7,290,966


North Carolina — 3.4%

County of Davidson GO, 5.00%, 6/1/2027		35,000		43,912

County of Onslow Rev., 5.00%, 12/1/2027		25,000		29,410

County of Wayne Rev., 5.00%, 6/1/2024		25,000		28,665

North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (b)		300,000		362,256

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	113

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

North Carolina — continued

North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024		400,000		451,436

State of North Carolina, Build NC Programs, Limited Obligation

Series C, Rev., 5.00%, 5/1/2024		25,000		28,623

Series 2020B, Rev., 5.00%, 5/1/2031		1,250,000		1,655,850


Total North Carolina				2,600,152


North Dakota — 0.0% (e)

North Dakota Public Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 10/1/2021		25,000		25,702


Ohio — 4.5%

American Municipal Power, Inc., Greenup Hydro-Electric Project Series 2016A, Rev., 5.00%, 2/15/2030		25,000		29,779

Bowling Green State University, General Receipts Series 2016A, Rev., 5.00%, 6/1/2024		25,000		28,395

Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class I, Rev., 4.00%, 6/1/2048		250,000		279,250

City of Middleburg Heights, General Health Center Project

Series 2020A, Rev., 4.00%, 8/1/2021		125,000		126,864

Series 2020A, Rev., 4.00%, 8/1/2022		150,000		157,584

City of Reynoldsburg, Limited Tax GO, 5.00%, 12/1/2026		15,000		18,535

County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati Series 2020A, Rev., 5.00%, 12/1/2032		750,000		995,588

County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series A, Rev., 4.00%, 7/1/2033		205,000		233,458

Ohio Higher Educational Facility Commission, Denison University Project Series A, Rev., 5.00%, 11/1/2025		75,000		89,309

Ohio Higher Educational Facility Commission, Tiffin University 2019 Project Rev., 5.00%, 11/1/2034		125,000		144,041

Ohio Higher Educational Facility Commission, University of Findlay 2019 Project

Rev., 5.00%, 3/1/2027		55,000		63,043

Rev., 5.00%, 3/1/2034		160,000		182,848

Ohio Higher Educational Facility Commission, Xavier University 2020 Project

Rev., 5.00%, 5/1/2023		195,000		213,186

Rev., 5.00%, 5/1/2024		245,000		277,190


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Ohio Turnpike and Infrastructure Commission, Junior Lien Series A, Rev., 5.00%, 2/15/2027		135,000		167,701

Ohio Water Development Authority, Drinking Water Assistance Rev., 5.25%, 12/1/2021		20,000		20,510

Ohio Water Development Authority, Fresh Water Series 2016B, Rev., 5.00%, 6/1/2026		30,000		36,798

Ohio Water Development Authority, Water Pollution Control Loan Fund Series A, Rev., 5.00%, 12/1/2026		45,000		56,035

South-Western City School District, School Facilities Construction and Improvement GO, 5.00%, 6/1/2022 (d)		160,000		169,686

State of Ohio, Capital Facilities Lease Appropriation Mental Health Facilities Improvement Fund Projects Series 2018A, Rev., 5.00%, 6/1/2025		25,000		29,629

State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2028		25,000		31,809

State of Ohio, Highway Capital Improvements Full Faith and Credit/Highway User Receipts Series R, GO, 5.00%, 5/1/2021		20,000		20,161

State of Ohio, Infrastructure Improvement Series A, GO, 5.00%, 9/1/2028		25,000		32,260

State of Ohio, Natural Resources Series V, GO, 5.00%, 10/1/2027		35,000		44,257


Total Ohio				3,447,916


Oklahoma — 0.6%

Cleveland County Educational Facilities Authority, Norman Public Schools Project Rev., 5.00%, 6/1/2025		150,000		174,343

Edmond Public Works Authority, Sales Tax and Utility System Rev., 4.00%, 7/1/2021		10,000		10,126

Oklahoma Capitol Improvement Authority, Capitol Repair Project

Series C, Rev., 5.00%, 1/1/2030		10,000		12,248

Series 2018C, Rev., 5.00%, 1/1/2036		45,000		54,344

Oklahoma Capitol Improvement Authority, State Highway, Capital Improvement

Rev., 5.00%, 10/1/2021		50,000		51,383

Rev., 5.00%, 7/1/2024		100,000		114,706

Oklahoma Water Resources Board, Clean Water Program Rev., 5.00%, 4/1/2023		35,000		38,461


Total Oklahoma				455,611

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Oregon — 0.1%

Hillsboro School District No. 1J GO, 5.00%, 6/15/2028		25,000		31,199

Tri-County Metropolitan Transportation District of Oregon Series A, Rev., 5.00%, 9/1/2030		45,000		55,991


Total Oregon				87,190


Pennsylvania — 6.3%

Aliquippa School District, Limited Tax GO, 3.88%, 12/1/2037		200,000		221,998

Berks County Industrial Development Authority, The Highlands at Wyomissing Series 2017A, Rev., 5.00%, 5/15/2037		250,000		282,475

Bucks County Community College Authority Series 2019A, Rev., GTD, 5.00%, 6/15/2033		35,000		43,734

Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2024		35,000		39,566

Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2035		225,000		273,625

County of Chester GO, 5.00%, 11/15/2027		30,000		38,308

County of Lehigh, Lehigh Valley Health Network Hospital Series A, Rev., 4.00%, 7/1/2035		175,000		194,303

Delaware Valley Regional Finance Authority Series 2021A, Rev., 2.00%, 10/1/2029		300,000		310,599

Erie City Water Authority Series 2019D, Rev., 5.00%, 12/1/2027		65,000		81,293

Geisinger Authority, Health System

Series 2020B, Rev., 5.00%, 2/15/2027 (b)		250,000		305,452

Series 2020A, Rev., 4.00%, 4/1/2039		335,000		386,617

Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc., Project Rev., 5.00%, 3/1/2040		250,000		270,505

Montgomery County Higher Education and Health Authority, Arcadia University

Rev., 5.00%, 4/1/2034		250,000		300,938

Rev., 4.00%, 4/1/2035		205,000		227,552

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2038		135,000		151,583

Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2027		185,000		212,689


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series 2017AU-1, Rev., 5.00%, 6/15/2026		70,000		84,900

Pennsylvania Turnpike Commission

Series A-1, Rev., 5.00%, 12/1/2029		105,000		132,180

Series A-1, Rev., 5.00%, 12/1/2031		60,000		74,857

Series 2020B, Rev., 5.00%, 12/1/2033		280,000		367,276

Seneca Valley School District Series 2015C, GO, 5.00%, 3/1/2028		30,000		35,122

State Public School Building Authority, Delaware County Community College Project Rev., 5.00%, 10/1/2027		25,000		30,252

Township of Palmer

Series 2020C, GO, 4.00%, 11/15/2031		300,000		355,992

Series 2020C, GO, 4.00%, 11/15/2032		275,000		324,387

Township of Upper St. Clair Series A, GO, 4.00%, 6/1/2025		20,000		22,829


Total Pennsylvania				4,769,032


Rhode Island — 0.1%

State of Rhode Island and Providence Plantations Consolidated Capital Development Loan Series 2018A, GO, 5.00%, 4/1/2029		75,000		95,082


South Carolina — 0.6%

Charleston County Airport District Rev., 5.00%, 7/1/2035		250,000		306,228

South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033		125,000		135,296

South Carolina Jobs-Economic Development Authority, Wofford College Project Rev., 5.00%, 4/1/2029		10,000		12,359


Total South Carolina				453,883


South Dakota — 0.1%

City of Rapid City, Sales Tax Rev., 5.00%, 12/1/2023		25,000		28,141

South Dakota Board of Regents, Housing and Auxiliary Facility System Rev., 5.00%, 4/1/2027		35,000		42,456

South Dakota Conservancy District, State Revolving Fund Program Rev., 5.00%, 8/1/2025		35,000		41,755


Total South Dakota				112,352


Tennessee — 2.1%

City of Johnson City Series 2016A, GO, 5.00%, 6/1/2023		15,000		16,592

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	115

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Tennessee — continued

City of Memphis, Sanitary Sewerage System Series 2020B, Rev., 5.00%, 10/1/2033		685,000		902,241

City of Murfreesboro GO, 4.00%, 4/1/2025		25,000		27,701

County of Maury, School Building GO, 5.00%, 4/1/2027		40,000		49,983

County of Montgomery, Public Improvement GO, 5.00%, 4/1/2027		25,000		31,155

County of Robertson GO, 5.00%, 6/1/2025		25,000		29,560

County of Sullivan, School GO, 5.00%, 5/1/2026		30,000		36,572

County of Washington Series 2016A, GO, 4.00%, 6/1/2027		50,000		58,313

County of Williamson GO, 5.00%, 4/1/2024		20,000		22,836

County of Wilson GO, 4.00%, 4/1/2021		20,000		20,062

Metropolitan Government of Nashville and Davidson County

GO, 5.00%, 7/1/2022 (d)		20,000		21,278

Series 2014A, Rev., 5.00%, 5/15/2024		10,000		11,469

Series 2015A, GO, 5.00%, 7/1/2025		10,000		11,907

Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project

Series 2019A, Rev., 5.00%, 10/1/2029		150,000		152,394

Series 2019A, Rev., 5.50%, 10/1/2034		150,000		154,121

State of Tennessee Series A, GO, 5.00%, 9/1/2025		25,000		28,990

Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 (b)		20,000		21,351


Total Tennessee				1,596,525


Texas — 7.0%

Alamo Community College District, Limited Tax GO, 5.00%, 2/15/2024		75,000		85,163

Arlington Higher Education Finance Corp., Uplift Education

Series 2020A, Rev., PSF-GTD, 4.00%, 12/1/2023		200,000		218,976

Series 2020A, Rev., PSF-GTD, 4.00%, 12/1/2024		325,000		365,332

Board of Regents of the University of Texas System, Financing System

Series 2016D, Rev., 5.00%, 8/15/2024		50,000		57,795

Series 2020A, Rev., 5.00%, 8/15/2030		250,000		334,598

Brushy Creek Regional Utility Authority, Inc., Brushy Creek Regional Water Treatment and Distribution Project Rev., 5.00%, 8/1/2026		85,000		103,445


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Austin, Airport System Series 2019B, Rev., AMT, 5.00%, 11/15/2029		240,000		306,833

City of Austin, Public Improvement Series 2012A, GO, 4.00%, 9/1/2026		25,000		26,359

City of Corpus Christi, Certificates of Obligation Series 2016A, GO, 4.00%, 3/1/2026		200,000		233,048

City of Houston, Combined Utility System, First Lien Series 2018D, Rev., 5.00%, 11/15/2030		45,000		57,892

City of Hutto, Waterworks and Sewer System GO, 5.00%, 8/1/2026		80,000		97,502

City of League City, Combination Tax, Certificates of Obligation GO, 5.00%, 2/15/2027		20,000		24,123

City of Pflugerville, Limited Tax GO, 5.00%, 8/1/2026		25,000		30,722

City of San Angelo GO, 5.00%, 2/15/2027		20,000		24,753

City of San Antonio, General Improvement GO, 5.00%, 2/1/2022 (d)		75,000		78,335

City of San Marcos, Combination Tax GO, 5.00%, 8/15/2031		170,000		208,559

Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc.

Rev., PSF-GTD, 5.00%, 4/1/2029		100,000		127,906

Rev., PSF-GTD, 5.00%, 4/1/2030		185,000		240,557

Rev., PSF-GTD, 4.00%, 4/1/2031		175,000		209,960

Clint Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2024		25,000		28,332

County of Fort Bend, Unlimited Tax Series 2016B, GO, 5.00%, 3/1/2022		35,000		36,687

County of Harris, Unlimited Tax Series 2017A, GO, 5.00%, 10/1/2026		25,000		30,895

County of Hays, Limited Tax GO, 5.00%, 2/15/2026		20,000		24,113

County of Montgomery, Unlimited Tax GO, 5.00%, 3/1/2025		25,000		29,246

County of Williamson, Limited Tax GO, 5.00%, 2/15/2026		40,000		48,508

Cypress-Fairbanks Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025		20,000		23,527

Dallas Fort Worth International Airport Rev., 5.00%, 11/1/2022		100,000		107,864

Laredo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2024		25,000		28,859

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Lower Colorado River Authority, LCRA Transmission Services Corp. Project Rev., 5.00%, 5/15/2035		155,000		192,110

Metropolitan Transit Authority of Harris County, Sales and Use Tax

Series 2017A, Rev., 5.00%, 11/1/2025		45,000		53,974

Series B, Rev., 5.00%, 11/1/2029		25,000		31,086

North East Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2025		20,000		23,860

North Texas Municipal Water District, Wastewater System Rev., 5.00%, 6/1/2027		20,000		25,120

Northside Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024		65,000		75,183

Old Spanish Trail-Alemda Corridors Redevelopment Authority Rev., 5.00%, 9/1/2028		125,000		155,974

Pearland Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2023		25,000		27,291

Permanent University Fund — University of Texas System Series A, Rev., 5.00%, 7/1/2024		85,000		97,897

Prosper Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2037		25,000		30,811

San Antonio Water System, Junior Lien Series A, Rev., 5.00%, 5/15/2025		25,000		29,529

Sheldon Independent School District, Unlimited Tax Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2027		100,000		120,024

Sherman Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2030		25,000		31,458

Socorro Independent School District, Unlimited Tax Series 2017A, GO, PSF-GTD, 5.00%, 8/15/2028		50,000		62,791

State of Texas, Transportation Commission Mobility Fund Series 2015-A, GO, 5.00%, 10/1/2024		50,000		58,147

Stephen F Austin State University, Financing System Series 2019A, Rev., 5.00%, 10/15/2026		60,000		72,786

Tarrant Regional, Water Control and Improvement District, Water System Rev., 5.00%, 3/1/2025		25,000		29,529

Texas A&M University, Financing System Series E, Rev., 5.00%, 5/15/2030		155,000		191,405


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Texas Tech University System Series A, Rev., 5.00%, 2/15/2024		35,000		39,732

Texas Water Development Board, Water Implementation Fund

Rev., 5.00%, 8/1/2027		150,000		189,583

Series 2017A, Rev., 5.00%, 4/15/2028		40,000		50,781

Series 2018A, Rev., 5.00%, 10/15/2028		235,000		301,136

Trinity River Authority, Central Regional Wastewater System Rev., 5.00%, 8/1/2034		145,000		177,194

Trinity River Authority, Water Project Rev., 5.00%, 2/1/2026		60,000		72,386


Total Texas				5,329,676


Utah — 2.8%

City of Park City, Sales Tax Rev., 5.00%, 6/15/2022		30,000		31,845

City of South Jordan, Sales Tax Rev., 5.00%, 8/15/2029		45,000		59,162

County of Summit, Sales Tax Rev., 5.00%, 12/15/2023		70,000		79,223

Jordan Valley Water Conservancy District Series 2019A, Rev., 5.00%, 10/1/2029		25,000		30,572

Snyderville Basin Special Recreation District GO, 4.00%, 12/15/2025		100,000		116,047

University of Utah (The)

Series B, Rev., 5.00%, 8/1/2023 (d)		25,000		27,824

Series 2020A, Rev., 5.00%, 8/1/2031		830,000		1,105,751

Utah Charter School Finance Authority, Summit Academy Incorporated Series A, Rev., 5.00%, 4/15/2030		110,000		135,358

Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., 5.00%, 6/15/2041 (c)		150,000		163,596

Utah Transit Authority, Subordinate Sales Tax Series A, Rev., BHAC-CR, MBIA, 5.00%, 6/15/2035		295,000		403,536

Washington County Water Conservancy District Series 2017A, Rev., 5.00%, 10/1/2021		10,000		10,282


Total Utah				2,163,196


Vermont — 0.0% (e)

Vermont Municipal Bond Bank, Local Investment Bonds Series 2019-2, Rev., 5.00%, 12/1/2025		25,000		30,219

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	117

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Virginia — 1.4%

City of Richmond, Public Improvement Series B, GO, 5.00%, 7/15/2027		175,000		221,315

Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2030		25,000		32,058

County of Spotsylvania, Public Improvement GO, 5.00%, 7/15/2029		85,000		109,226

Hampton Roads Sanitation District, Wastewater Series 2014A, Rev., 5.00%, 7/1/2021		15,000		15,241

Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2010D, Rev., 5.00%, 7/1/2030 (b)		200,000		259,786

Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2017B, Rev., 5.00%, 2/1/2024		75,000		85,065

Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program Series 2014A, Rev., 5.00%, 9/1/2024 (d)		100,000		115,846

Virginia Commonwealth Transportation Board, Capital Projects Rev., 5.00%, 5/15/2023		35,000		38,628

Virginia Public Building Authority, Public Facilities Series A, Rev., 5.00%, 8/1/2022		25,000		26,712

Virginia Public School Authority, School Financing 1997 Resolution Series 2018B, Rev., 5.00%, 8/1/2021		125,000		127,486

Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2013-C, Rev., 5.00%, 11/1/2023		35,000		39,373


Total Virginia				1,070,736


Washington — 3.2%

Benton County School District No. 17 Kennewick, Unlimited Tax GO, 5.00%, 12/1/2024		45,000		52,521

Central Puget Sound Regional Transit Authority, Sales and Use Tax Series 2015S-1, Rev., 5.00%, 11/1/2024		30,000		34,964

City of Bonney Lake, Water and Sewer System Rev., 4.00%, 12/1/2030		10,000		11,359

City of Richland, Waterworks Utility Rev., 4.00%, 11/1/2022		10,000		10,636

City of Seattle, Drainage and Wastewater System Improvement Rev., 4.00%, 4/1/2026		20,000		23,381


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

City of Seattle, Wastewater System Improvement Rev., 5.00%, 8/1/2024		35,000		40,429

City of University Place, Limited Tax GO, 5.00%, 12/1/2026		85,000		103,182

Clark County School District No. 101 La Center, Unlimited Tax GO, 5.00%, 12/1/2029		50,000		63,228

County of King, Limited Tax

Series A, GO, 5.00%, 7/1/2025		50,000		58,467

Series B, GO, 5.00%, 12/1/2025		20,000		22,571

County of Snohomish, Limited Tax GO, 5.00%, 12/1/2025		10,000		11,847

Energy Northwest Series 2017A, Rev., 5.00%, 7/1/2028		55,000		68,867

Energy Northwest, Bonneville Power Administrator Series 2016-A, Rev., 5.00%, 7/1/2028		25,000		30,460

Franklin County School District No. 1 Pasco, Unlimited Tax GO, 5.00%, 12/1/2030		175,000		218,463

King County Public Hospital District No. 2, Evergreen Healthcare GO, 5.00%, 12/1/2031		105,000		121,151

King County School District No. 403 Renton, Unlimited Tax GO, 5.00%, 12/1/2022		100,000		106,002

King County School District No. 405 Bellevue, Unlimited Tax

GO, 5.00%, 12/1/2021		30,000		31,091

GO, 5.00%, 12/1/2026		20,000		24,815

King County School District No. 411 Issaquah, Unlimited Tax GO, 5.00%, 12/1/2024		35,000		40,907

Mason County School District No. 309 Shelton, Unlimited Tax GO, 5.00%, 12/1/2029		45,000		55,231

Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2027		65,000		74,652

Pierce County, Puyallup School District No. 3, Unlimited Tax GO, 5.00%, 12/1/2031		305,000		375,955

Pierce County, White River School District No. 416, Unlimited Tax GO, 5.00%, 12/1/2025		50,000		60,307

Snohomish County School District No. 15 Edmonds, Unlimited Tax

GO, 5.00%, 12/1/2025		25,000		30,167

GO, 5.00%, 12/1/2027		25,000		29,984

Snohomish County School District No. 4 Lake Stevens, Unlimited Tax GO, 5.00%, 12/1/2024		25,000		29,128

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Washington — continued

Spokane County School District No. 354, Unlimited Tax GO, 5.00%, 12/1/2024		20,000		23,359

State of Washington, Motor Vehicle Fuel Tax Series 2016C, GO, 5.00%, 7/1/2026		100,000		120,979

State of Washington, State and Local Agency Real and Personal Property Series 2015-C, COP, 5.00%, 1/1/2029		55,000		65,669

State of Washington, Various Purpose Series 2015G, GO, 5.00%, 7/1/2026		125,000		146,245

Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2028		30,000		38,377

Washington Higher Education Facilities Authority, Seattle University Project

Rev., 5.00%, 5/1/2022		200,000		210,526

Rev., 5.00%, 5/1/2023		125,000		136,289


Total Washington				2,471,209


Wisconsin — 2.9%

City of Milwaukee, Promissory Notes Series N4 & B5, GO, 5.00%, 4/1/2023		85,000		92,827

Hamilton School District, School Building Improvement GO, 5.00%, 4/1/2025		60,000		70,911

Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 4.00%, 11/15/2037		300,000		345,126

Public Finance Authority, Blue Ridge Healthcare Facilities

Series 2020A, Rev., 5.00%, 1/1/2022		175,000		181,592

Series 2020A, Rev., 5.00%, 1/1/2023		300,000		324,396

Public Finance Authority, Piedmont Community Charter School Rev., 5.00%, 6/15/2039		200,000		232,150

Public Finance Authority, Ultimate Medical Academy Project Series 2019A, Rev., 5.00%, 10/1/2029 (c)		150,000		179,307

State of Wisconsin

Series B, GO, 4.00%, 5/1/2023		40,000		43,242

Series 1, GO, 5.00%, 11/1/2024		40,000		46,651

Series 2, GO, 5.00%, 11/1/2026		50,000		60,982

State of Wisconsin, Clean Water Fund Leveraged Loan Portfolio

Series 1, Rev., 5.00%, 6/1/2023 (d)		25,000		27,635

Rev., 5.00%, 6/1/2024 (d)		65,000		74,591

State of Wisconsin, Environmental Improvement Fund

Series A, Rev., 5.00%, 6/1/2025		35,000		41,627

Series A, Rev., 5.00%, 6/1/2026		20,000		24,544


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

Village of Pleasant Prairie GO, 4.00%, 8/1/2024		10,000		11,158

Wisconsin Department of Transportation

Series 2, Rev., 5.00%, 7/1/2031		180,000		222,907

Series 2, Rev., 5.00%, 7/1/2032		50,000		61,720

Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019A, Rev., 5.00%, 11/1/2029		150,000		164,996


Total Wisconsin				2,206,362


Total Municipal Bonds (Cost $73,046,678)				74,939,329


Total Investments — 98.4% (Cost $73,046,678)				74,939,329

Other Assets Less Liabilities — 1.6%				1,180,976


NET ASSETS — 100.0%				76,120,305

Percentages indicated are based on net assets.


Abbreviations
AGM		Insured by Assured Guaranty Municipal Corp.
AMT		Alternative Minimum Tax
BAN		Bond Anticipation Note
BHAC		Insured by Berkshire Hathaway Assurance Corp.
COP		Certificate of Participation
CR		Custodial Receipts
FHA		Federal Housing Administration
GAN		Grant Anticipation Note
GO		General Obligation
GTD		Guaranteed
LIQ		Liquidity Agreement
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
Rev.		Revenue

(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		Security is prerefunded or escrowed to maturity.
(e)		Amount rounds to less than 0.1% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	119

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — 37.0%

U.S. Treasury Bonds

7.63%, 11/15/2022		7,489,000		8,442,385

6.88%, 8/15/2025		1,960,000		2,494,100

6.75%, 8/15/2026		1,391,000		1,830,904

6.63%, 2/15/2027		2,750,000		3,665,879

6.38%, 8/15/2027		4,380,000		5,860,303

6.13%, 11/15/2027		3,495,000		4,649,442

5.50%, 8/15/2028		160,000		209,875

5.25%, 11/15/2028		2,210,000		2,875,072

6.13%, 8/15/2029		2,250,000		3,137,344

6.25%, 5/15/2030		40,000		57,294

5.38%, 2/15/2031		3,600,000		4,948,312

4.50%, 2/15/2036		436,000		599,500

4.75%, 2/15/2037		256,000		364,120

5.00%, 5/15/2037		5,184,000		7,575,120

4.50%, 5/15/2038		2,140,000		2,994,997

3.50%, 2/15/2039		5,083,000		6,365,663

4.25%, 5/15/2039		30,000		41,142

4.50%, 8/15/2039		1,283,000		1,811,436

4.38%, 11/15/2039		356,000		496,231

4.63%, 2/15/2040		2,660,000		3,826,659

1.13%, 5/15/2040		1,594,000		1,371,338

1.13%, 8/15/2040		224,000		191,905

1.38%, 11/15/2040		97,400		87,264

3.13%, 2/15/2042		1,049,000		1,254,047

2.50%, 2/15/2045		3,415,000		3,678,062

3.00%, 5/15/2045		1,904,000		2,238,985

3.00%, 11/15/2045		26,000		30,611

2.50%, 5/15/2046		11,654,000		12,553,543

2.25%, 8/15/2046		3,461,000		3,554,555

3.00%, 2/15/2047		1,424,000		1,683,880

3.38%, 11/15/2048		40,000		50,850

3.00%, 2/15/2049		1,936,000		2,306,260

2.25%, 8/15/2049		3,753,000		3,863,831

2.38%, 11/15/2049		3,863,000		4,083,915

1.25%, 5/15/2050		4,536,400		3,663,852

1.38%, 8/15/2050		5,091,000		4,250,985

U.S. Treasury Notes

2.50%, 1/15/2022		19,781,000		20,196,710

1.38%, 1/31/2022		251,000		253,951

1.50%, 1/31/2022		5,305,000		5,373,385

1.88%, 1/31/2022		457,000		464,462

1.13%, 2/28/2022		1,559,000		1,574,894

1.88%, 2/28/2022		112,000		113,978

0.13%, 7/31/2022		1,644,000		1,644,385

0.13%, 9/30/2022		9,133,000		9,134,427


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


1.38%, 10/15/2022		50,000		51,010

0.13%, 5/15/2023		1,174,000		1,172,899

1.63%, 5/31/2023		600,000		619,453

0.25%, 6/15/2023		12,000,000		12,019,688

1.25%, 7/31/2023		5,200,000		5,333,250

0.13%, 8/15/2023		1,000,000		998,203

1.38%, 8/31/2023		360,000		370,575

1.38%, 9/30/2023		15,431,000		15,895,136

2.88%, 9/30/2023		700,000		748,070

0.13%, 10/15/2023		2,200,000		2,194,672

2.88%, 11/30/2023		2,077,000		2,227,258

2.25%, 12/31/2023		267,000		282,081

2.63%, 12/31/2023		621,000		662,626

2.25%, 1/31/2024		653,000		690,650

2.50%, 1/31/2024		3,854,000		4,104,209

2.13%, 2/29/2024		500,000		527,461

2.38%, 2/29/2024		10,212,000		10,849,452

2.13%, 3/31/2024		1,397,000		1,475,036

2.50%, 5/15/2024		100,000		107,008

2.00%, 5/31/2024		3,850,000		4,056,938

1.75%, 6/30/2024		1,967,000		2,057,820

1.75%, 7/31/2024		410,000		429,155

2.38%, 8/15/2024		2,800,000		2,992,500

1.25%, 8/31/2024		1,617,000		1,664,878

1.88%, 8/31/2024		1,509,000		1,586,690

1.50%, 9/30/2024		100,000		103,875

1.50%, 10/31/2024		993,000		1,031,479

1.50%, 11/30/2024		9,437,000		9,804,158

1.75%, 12/31/2024		142,000		148,900

1.38%, 1/31/2025		1,860,000		1,923,647

2.50%, 1/31/2025		450,000		485,297

2.00%, 2/15/2025		530,000		561,345

1.13%, 2/28/2025		1,153,000		1,181,104

0.50%, 3/31/2025		58,000		57,937

2.13%, 5/15/2025		163,000		173,748

0.25%, 5/31/2025		103,300		101,920

2.88%, 5/31/2025		12,000,000		13,170,000

0.25%, 6/30/2025		1,802,000		1,776,096

2.00%, 8/15/2025		600,000		637,031

0.25%, 9/30/2025		400,000		392,938

0.25%, 10/31/2025		6,200,000		6,085,203

2.25%, 11/15/2025		104,000		111,711

0.38%, 12/31/2025		89,000		87,672

2.63%, 12/31/2025		3,339,000		3,647,857

1.63%, 2/15/2026		4,739,000		4,951,515

2.50%, 2/28/2026		136,000		147,953

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — continued

2.25%, 3/31/2026		10,000		10,759

2.13%, 5/31/2026		200,000		213,969

1.88%, 7/31/2026		383,000		404,753

1.50%, 8/15/2026		507,000		525,458

1.38%, 8/31/2026		398,000		409,722

1.63%, 9/30/2026		150,000		156,398

1.63%, 10/31/2026		7,371,000		7,680,812

1.63%, 11/30/2026		1,639,000		1,707,505

1.75%, 12/31/2026		2,300,000		2,412,664

2.25%, 2/15/2027		1,800,000		1,939,359

0.50%, 4/30/2027		413,800		402,259

2.38%, 5/15/2027		1,900,000		2,062,539

0.38%, 7/31/2027		2,417,000		2,321,264

2.25%, 8/15/2027		2,000,000		2,155,469

0.50%, 10/31/2027		4,633,000		4,465,778

2.25%, 11/15/2027		400,000		430,937

0.63%, 11/30/2027		3,680,000		3,571,900

1.13%, 2/29/2028		2,001,000		2,003,460

2.88%, 5/15/2028		400,000		448,562

3.13%, 11/15/2028		303,000		346,272

2.63%, 2/15/2029		1,589,000		1,759,818

1.63%, 8/15/2029		1,218,000		1,253,968

1.75%, 11/15/2029		856,000		889,571

0.63%, 5/15/2030		881,000		826,075

0.63%, 8/15/2030		12,000		11,214

0.88%, 11/15/2030		1,854,000		1,769,701


Total U.S. Treasury Obligations (Cost $305,744,848)				305,744,143

Mortgage-Backed Securities — 27.2%

FHLMC Gold Pools, 15 Year

Pool # G14541, 2.50%, 8/1/2022		9,055		9,118

Pool # J10548, 4.00%, 8/1/2024		34,781		37,051

Pool # J15449, 4.00%, 5/1/2026		133,532		142,454

Pool # G14781, 3.50%, 3/1/2027		76,901		82,202

Pool # G15201, 4.00%, 5/1/2027		32,312		34,421

Pool # J20129, 2.50%, 8/1/2027		120,479		126,121

Pool # G15438, 4.00%, 9/1/2027		24,011		25,620

Pool # G15602, 2.50%, 11/1/2027		88,481		92,812

Pool # E09028, 2.00%, 3/1/2028		131,819		136,495

Pool # J23362, 2.00%, 4/1/2028		128,481		133,039

Pool # G18466, 2.00%, 5/1/2028		18,886		19,555

Pool # G18465, 2.50%, 5/1/2028		36,473		38,172

Pool # G16762, 3.50%, 12/1/2028		29,098		31,136

Pool # G15601, 2.50%, 1/1/2029		80,459		84,607

Pool # G14957, 3.50%, 1/1/2029		167,778		181,324


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # G15093, 3.00%, 4/1/2029		206,095		219,488

Pool # G16570, 4.00%, 7/1/2029		22,522		23,991

Pool # G18540, 2.50%, 2/1/2030		48,331		50,666

Pool # G18556, 2.50%, 6/1/2030		59,505		62,380

Pool # V60840, 3.00%, 6/1/2030		15,185		16,282

Pool # G16622, 3.00%, 11/1/2030		60,516		64,347

Pool # G16019, 3.50%, 12/1/2030		30,391		32,454

Pool # J33545, 3.00%, 1/1/2031		158,318		171,250

Pool # G16044, 2.50%, 1/1/2032		158,411		166,139

Pool # J36524, 3.00%, 3/1/2032		161,743		171,256

Pool # J36660, 3.00%, 3/1/2032		110,389		119,110

Pool # J38270, 2.50%, 1/1/2033		530,855		556,065

Pool # G16568, 2.50%, 4/1/2033		218,539		228,916

Pool # G18706, 3.00%, 9/1/2033		16,408		17,352

FHLMC Gold Pools, 20 Year Pool # K90941, 3.50%, 8/1/2033		29,464		31,882

FHLMC Gold Pools, 30 Year

Pool # V81680, 4.50%, 12/1/2034		118,649		133,277

Pool # A30892, 5.00%, 1/1/2035		113,987		130,714

Pool # A39210, 5.50%, 10/1/2035		39,110		44,800

Pool # V83754, 5.50%, 1/1/2036		51,388		58,869

Pool # A82255, 5.50%, 9/1/2036		121,259		132,143

Pool # G03381, 5.50%, 9/1/2037		34,123		39,207

Pool # A89760, 4.50%, 12/1/2039		34,817		39,109

Pool # A92197, 5.00%, 5/1/2040		99,698		113,262

Pool # G06856, 6.00%, 5/1/2040		6,044		7,043

Pool # A93359, 4.00%, 8/1/2040		9,292		10,271

Pool # G06222, 4.00%, 1/1/2041		339,514		375,298

Pool # G07794, 5.50%, 6/1/2041		16,030		18,520

Pool # Q03514, 4.50%, 9/1/2041		113,755		127,562

Pool # Q03516, 4.50%, 9/1/2041		37,653		42,223

Pool # Q04088, 3.50%, 10/1/2041		37,006		40,188

Pool # Q04688, 4.00%, 11/1/2041		4,946		5,470

Pool # G08477, 3.50%, 2/1/2042		13,482		14,641

Pool # Q06771, 3.00%, 3/1/2042		52,348		56,034

Pool # C03858, 3.50%, 4/1/2042		129,942		141,297

Pool # Q08646, 3.50%, 6/1/2042		39,392		42,597

Pool # G60737, 4.50%, 8/1/2042		161,506		181,220

Pool # Q11220, 3.50%, 9/1/2042		145,403		157,236

Pool # Q13477, 3.00%, 12/1/2042		167,991		179,821

Pool # Q14321, 3.00%, 12/1/2042		44,873		48,033

Pool # C04420, 3.00%, 1/1/2043		247,047		264,463

Pool # Q14694, 3.00%, 1/1/2043		1,859,135		2,002,783

Pool # G61723, 3.50%, 1/1/2043		97,214		108,276

Pool # Q15020, 4.00%, 1/1/2043		32,639		36,165

Pool # C09031, 2.50%, 2/1/2043		147,479		154,312

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	121

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # V80026, 3.00%, 4/1/2043		74,226		79,301

Pool # Q17374, 4.00%, 4/1/2043		122,922		139,097

Pool # Q20542, 3.00%, 7/1/2043		61,915		66,149

Pool # C09044, 3.50%, 7/1/2043		28,887		31,419

Pool # G62033, 4.00%, 11/1/2043		203,496		224,903

Pool # G08599, 3.50%, 8/1/2044		67,696		72,949

Pool # Q27903, 4.00%, 8/1/2044		122,199		133,941

Pool # Z40090, 4.50%, 9/1/2044		50,894		56,818

Pool # G60183, 4.00%, 12/1/2044		49,157		54,317

Pool # G61769, 4.50%, 12/1/2044		107,118		120,194

Pool # Q30868, 3.50%, 1/1/2045		71,302		76,834

Pool # G61617, 4.50%, 1/1/2045		32,991		37,562

Pool # Q33006, 3.50%, 4/1/2045		38,197		41,080

Pool # V81760, 4.00%, 5/1/2045		30,394		33,268

Pool # Q34508, 3.50%, 6/1/2045		612,508		659,607

Pool # G08651, 4.00%, 6/1/2045		184,685		202,162

Pool # Q33685, 4.00%, 6/1/2045		418,657		458,269

Pool # G08653, 3.00%, 7/1/2045		84,677		89,725

Pool # Q35223, 4.00%, 8/1/2045		18,929		20,521

Pool # G08669, 4.00%, 9/1/2045		57,763		63,230

Pool # G60238, 3.50%, 10/1/2045		1,085,773		1,180,076

Pool # G60480, 4.50%, 11/1/2045		126,196		140,892

Pool # G08697, 3.00%, 3/1/2046		672,996		712,580

Pool # G08693, 3.50%, 3/1/2046		549,924		591,435

Pool # G60506, 3.50%, 4/1/2046		65,402		70,848

Pool # Q39844, 3.50%, 4/1/2046		201,426		216,075

Pool # G61260, 4.50%, 4/1/2046		40,154		44,920

Pool # G08710, 3.00%, 6/1/2046		59,978		63,506

Pool # Q41024, 3.00%, 6/1/2046		726,526		777,512

Pool # Q42045, 3.50%, 7/1/2046		35,266		37,943

Pool # G08724, 2.50%, 9/1/2046		19,556		20,309

Pool # G61070, 3.00%, 9/1/2046		638,041		681,617

Pool # G61730, 3.00%, 9/1/2046		201,687		215,461

Pool # Q42921, 3.50%, 9/1/2046		136,411		146,766

Pool # G61235, 4.50%, 9/1/2046		40,058		45,031

Pool # Q43892, 4.50%, 10/1/2046		121,695		137,246

Pool # G08736, 2.50%, 12/1/2046		19,620		20,375

Pool # Q45872, 3.00%, 1/1/2047		943,191		998,667

Pool # G08747, 3.00%, 2/1/2047		276,315		292,567

Pool # G61623, 3.00%, 4/1/2047		40,561		42,976

Pool # G60985, 3.00%, 5/1/2047		132,593		141,898

Pool # G60996, 3.50%, 5/1/2047		12,427		13,443

Pool # Q47884, 4.00%, 5/1/2047		40,295		43,540

Pool # V83233, 4.00%, 6/1/2047		181,265		198,554

Pool # Q49796, 3.50%, 8/1/2047		172,515		187,365


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # Q50029, 3.50%, 8/1/2047		379,420		404,038

Pool # G08775, 4.00%, 8/1/2047		69,697		75,308

Pool # Q50152, 4.00%, 8/1/2047		161,401		174,400

Pool # Q51268, 3.50%, 10/1/2047		88,986		94,527

Pool # G08787, 3.00%, 11/1/2047		544,702		573,844

Pool # G61681, 3.00%, 12/1/2047		12,646		13,322

Pool # Q52866, 3.00%, 12/1/2047		29,740		31,942

Pool # G08793, 4.00%, 12/1/2047		64,073		69,233

Pool # Q53670, 3.50%, 1/1/2048		399,438		424,315

Pool # Q53751, 3.50%, 1/1/2048		171,342		182,013

Pool # G08799, 3.00%, 2/1/2048		263,409		277,501

Pool # G08800, 3.50%, 2/1/2048		197,572		209,876

Pool # Q54813, 3.50%, 3/1/2048		340,742		362,691

Pool # G08812, 3.00%, 4/1/2048		18,626		19,530

Pool # Q55484, 3.50%, 4/1/2048		559,821		593,690

Pool # G61866, 4.00%, 6/1/2048		42,148		46,528

Pool # Q57420, 4.50%, 7/1/2048		70,642		77,000

Pool # Q58587, 3.50%, 9/1/2048		8,617		9,138

Pool # G08837, 4.50%, 9/1/2048		9,860		10,727

Pool # G61607, 4.50%, 9/1/2048		192,474		214,716

Pool # G08841, 3.50%, 10/1/2048		28,626		30,357

Pool # G08842, 4.00%, 10/1/2048		31,343		33,654

Pool # G61737, 3.50%, 11/1/2048		362,186		391,502

Pool # V84897, 4.00%, 11/1/2048		59,756		64,454

Pool # G61885, 4.50%, 11/1/2048		58,096		63,201

Pool # Q59805, 4.50%, 11/1/2048		109,155		118,746

Pool # G08853, 4.50%, 12/1/2048		32,986		35,885

Pool # Q62234, 4.50%, 12/1/2048		220,049		244,566

Pool # G67718, 4.00%, 1/1/2049		19,429		21,258

Pool # G08862, 4.00%, 2/1/2049		49,616		53,274

Pool # Q61487, 4.00%, 2/1/2049		58,364		63,300

Pool # V85252, 3.50%, 3/1/2049		133,476		143,090

Pool # Q62004, 4.00%, 3/1/2049		68,949		75,362

Pool # Q63195, 3.00%, 4/1/2049		78,548		82,412

Pool # G08874, 5.00%, 4/1/2049		24,501		27,292

Pool # Q63756, 3.00%, 5/1/2049		161,375		172,346

Pool # G08876, 3.50%, 5/1/2049		97,403		103,306

Pool # G08887, 3.00%, 6/1/2049		70,333		73,453

FHLMC UMBS, 15 Year

Pool # ZS5890, 4.00%, 7/1/2024		216,844		230,994

Pool # ZK2080, 4.00%, 1/1/2025		70,653		75,308

Pool # ZA2587, 4.00%, 9/1/2025		18,151		19,377

Pool # ZK2723, 3.50%, 11/1/2025		31,978		34,201

Pool # ZK3540, 3.00%, 9/1/2026		137,721		145,719

Pool # ZS8460, 3.00%, 4/1/2027		31,834		33,686

Pool # SB0031, 3.50%, 10/1/2027		58,981		62,982

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # ZS7751, 3.00%, 1/1/2029		195,128		207,599

Pool # SB0071, 2.50%, 5/1/2030		49,782		52,103

Pool # ZS7331, 3.00%, 12/1/2030		40,357		43,273

Pool # ZS7938, 2.50%, 1/1/2033		110,208		117,137

Pool # SB0256, 4.00%, 11/1/2033		191,563		204,063

Pool # SB0077, 3.50%, 10/1/2034		112,376		120,008

Pool # QN1148, 2.50%, 12/1/2034		103,821		110,115

Pool # SB8031, 2.50%, 2/1/2035		289,825		302,753

Pool # QN2407, 2.00%, 6/1/2035		213,604		220,959

Pool # SB8500, 2.50%, 7/1/2035		551,762		587,494

Pool # SB8501, 2.00%, 8/1/2035		386,484		402,130

Pool # SB8068, 1.50%, 10/1/2035		293,710		297,154

Pool # SB0424, 2.00%, 10/1/2035		1,386,286		1,441,633

Pool # RC1712, 1.50%, 12/1/2035		1,565,137		1,586,272

FHLMC UMBS, 20 Year

Pool # ZA2277, 3.00%, 9/1/2032		118,381		125,573

Pool # ZJ9491, 3.50%, 12/1/2032		26,582		28,778

Pool # ZS9164, 3.00%, 9/1/2033		660,563		713,553

Pool # ZA2463, 3.50%, 6/1/2037		61,995		66,173

Pool # RB5001, 3.50%, 7/1/2039		36,728		38,953

Pool # RB5026, 2.50%, 11/1/2039		76,868		79,568

Pool # QK0157, 2.50%, 1/1/2040		80,992		83,836

Pool # RB5032, 2.50%, 2/1/2040		63,178		65,397

Pool # RB5037, 2.50%, 3/1/2040		206,186		213,427

Pool # RB5043, 2.50%, 4/1/2040		150,263		156,320

Pool # RB5048, 2.50%, 5/1/2040		164,362		170,987

Pool # RB5066, 2.50%, 8/1/2040		500,263		520,424

FHLMC UMBS, 30 Year

Pool # ZI3765, 5.50%, 11/1/2035		47,240		54,661

Pool # ZS2546, 5.00%, 2/1/2039		25,736		29,599

Pool # ZJ0449, 4.00%, 9/1/2040		36,859		40,740

Pool # ZL3548, 3.50%, 8/1/2042		159,597		172,597

Pool # ZS3712, 3.50%, 4/1/2043		221,568		246,834

Pool # ZS4077, 3.50%, 1/1/2044		32,062		35,076

Pool # ZL8869, 3.50%, 12/1/2044		41,085		44,501

Pool # ZS4596, 3.50%, 12/1/2044		14,659		15,797

Pool # ZS4598, 3.00%, 1/1/2045		18,006		19,151

Pool # ZL9010, 3.50%, 1/1/2045		23,034		24,949

Pool # ZS4609, 3.00%, 4/1/2045		69,055		73,151

Pool # ZM0037, 3.50%, 8/1/2045		226,704		243,761

Pool # ZS9809, 4.50%, 9/1/2045		43,346		48,386

Pool # ZS9589, 4.50%, 12/1/2045		69,948		78,080

Pool # ZA4628, 4.00%, 3/1/2046		62,923		69,541

Pool # ZS9743, 4.00%, 5/1/2046		1,313,918		1,437,899

Pool # SD0073, 4.50%, 6/1/2046		99,568		111,335


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # ZM1621, 4.50%, 9/1/2046		170,778		195,137

Pool # SD0146, 3.00%, 11/1/2046		240,413		254,463

Pool # ZM2209, 3.50%, 12/1/2046		415,266		446,492

Pool # ZM3134, 3.50%, 5/1/2047		123,770		133,771

Pool # ZS4729, 3.00%, 8/1/2047		554,790		584,184

Pool # ZM4635, 4.00%, 11/1/2047		816,528		882,461

Pool # SD0225, 3.00%, 12/1/2047		921,398		976,973

Pool # ZT0534, 3.50%, 12/1/2047		501,967		545,114

Pool # ZS4750, 3.00%, 1/1/2048		46,440		48,900

Pool # ZT0536, 3.50%, 3/1/2048		555,542		600,432

Pool # ZM6887, 3.00%, 5/1/2048		103,926		108,864

Pool # ZS4777, 3.50%, 7/1/2048		10,466		11,096

Pool # ZM7669, 3.50%, 8/1/2048		121,720		131,953

Pool # ZA5677, 4.00%, 9/1/2048		47,479		51,212

Pool # ZT1597, 3.00%, 12/1/2048		37,889		39,689

Pool # ZA6286, 4.00%, 2/1/2049		287,077		310,640

Pool # ZT1776, 3.50%, 3/1/2049		57,944		61,470

Pool # ZN5087, 4.00%, 4/1/2049		250,823		271,744

Pool # ZT1864, 4.00%, 4/1/2049		8,279		8,897

Pool # ZT1951, 3.50%, 5/1/2049		19,423		20,605

Pool # ZT1952, 4.00%, 5/1/2049		131,148		140,930

Pool # QA4907, 3.00%, 6/1/2049		267,318		281,482

Pool # ZT2086, 3.50%, 6/1/2049		107,107		113,625

Pool # ZT2087, 4.00%, 6/1/2049		54,928		59,025

Pool # SD0040, 3.00%, 7/1/2049		64,124		67,008

Pool # SD7502, 3.50%, 7/1/2049		250,790		269,459

Pool # SD8001, 3.50%, 7/1/2049		37,676		39,969

Pool # SD7501, 4.00%, 7/1/2049		144,675		159,443

Pool # QA1790, 3.00%, 8/1/2049		119,853		125,244

Pool # QA1997, 3.00%, 8/1/2049		38,687		40,428

Pool # SD8005, 3.50%, 8/1/2049		133,500		141,623

Pool # SD8006, 4.00%, 8/1/2049		84,489		90,791

Pool # SD8014, 5.00%, 8/1/2049		280,133		311,555

Pool # SD8016, 3.00%, 10/1/2049		42,711		44,633

Pool # SD8023, 2.50%, 11/1/2049		16,007		16,570

Pool # SD8025, 3.50%, 11/1/2049		382,571		405,851

Pool # SD8029, 2.50%, 12/1/2049		293,038		303,330

Pool # RA1878, 3.50%, 12/1/2049		287,642		306,362

Pool # SD8037, 2.50%, 1/1/2050		772,037		799,151

Pool # QA7416, 3.00%, 2/1/2050		1,250,711		1,307,687

Pool # QA7554, 3.00%, 2/1/2050		2,369,038		2,532,612

Pool # RA2116, 3.00%, 2/1/2050		993,640		1,052,931

Pool # SD0303, 2.50%, 4/1/2050		1,088,743		1,139,394

Pool # RA2471, 3.50%, 4/1/2050		156,023		167,961

Pool # SD8080, 2.00%, 6/1/2050		87,190		88,100

Pool # QB1691, 2.00%, 7/1/2050		1,147,537		1,159,518

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	123

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # SD8089, 2.50%, 7/1/2050		3,776,328		3,912,671

Pool # SD8083, 2.50%, 8/1/2050		2,025,911		2,099,056

Pool # RA3727, 2.00%, 10/1/2050		2,565,379		2,605,318

Pool # SD8104, 1.50%, 11/1/2050		158,294		155,252

Pool # QB5222, 2.00%, 11/1/2050		2,759,225		2,792,037

Pool # RA4197, 2.50%, 12/1/2050		771,377		801,074

Pool # QB8583, 1.50%, 2/1/2051		1,423,000		1,396,290

FNMA UMBS, 15 Year

Pool # AC8711, 4.00%, 12/1/2024		345,316		367,804

Pool # AC7007, 4.50%, 1/1/2025		35,508		37,131

Pool # AL9580, 4.00%, 3/1/2025		28,141		29,974

Pool # 932724, 4.00%, 4/1/2025		12,826		13,685

Pool # AE0971, 4.00%, 5/1/2025		58,001		61,778

Pool # AE0939, 3.50%, 2/1/2026		70,256		75,135

Pool # FM2968, 4.00%, 5/1/2026		20,665		22,049

Pool # AJ6632, 3.00%, 11/1/2026		78,622		83,183

Pool # AJ9357, 3.50%, 1/1/2027		163,743		175,222

Pool # AK4047, 3.00%, 2/1/2027		32,400		34,276

Pool # AL4586, 4.00%, 2/1/2027		74,717		79,717

Pool # AB5095, 3.00%, 5/1/2027		31,843		33,764

Pool # AO0527, 3.00%, 5/1/2027		43,603		46,199

Pool # AO4400, 2.50%, 7/1/2027		90,919		95,300

Pool # AB5823, 3.50%, 8/1/2027		141,139		151,184

Pool # AL8138, 4.00%, 9/1/2027		43,578		46,494

Pool # AB6811, 2.50%, 10/1/2027		22,877		23,944

Pool # AQ9442, 2.00%, 12/1/2027		47,015		48,622

Pool # AB8447, 2.50%, 2/1/2028		40,812		42,715

Pool # AR4180, 2.50%, 2/1/2028		21,278		22,362

Pool # AL3802, 3.00%, 2/1/2028		127,216		134,619

Pool # AB8787, 2.00%, 3/1/2028		131,566		136,210

Pool # AP6059, 2.00%, 6/1/2028		16,227		16,799

Pool # BM5381, 3.00%, 6/1/2028		135,814		143,717

Pool # BM1892, 2.50%, 9/1/2028		40,716		42,691

Pool # AU6682, 3.00%, 9/1/2028		23,469		24,894

Pool # AS0761, 3.00%, 10/1/2028		50,115		53,158

Pool # AU6961, 3.00%, 10/1/2028		94,820		100,578

Pool # AL6132, 4.50%, 3/1/2029		17,770		18,649

Pool # FM1105, 2.50%, 6/1/2029		83,212		87,093

Pool # AS3345, 2.00%, 7/1/2029		17,160		17,765

Pool # MA2061, 3.00%, 10/1/2029		106,671		113,328

Pool # AL7205, 3.50%, 12/1/2029		196,504		212,346

Pool # BM4202, 3.50%, 12/1/2029		122,934		132,845

Pool # FM1465, 3.00%, 5/1/2030		245,395		261,276

Pool # 890666, 2.00%, 6/1/2030		45,720		47,334

Pool # MA2684, 3.00%, 7/1/2031		196,037		207,561

Pool # AL9418, 3.50%, 8/1/2031		69,169		74,962


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # BD5647, 2.00%, 11/1/2031		25,916		26,819

Pool # 890776, 3.50%, 11/1/2031		50,196		54,237

Pool # BM5490, 3.50%, 11/1/2031		35,035		37,856

Pool # BM4993, 3.50%, 3/1/2032		77,905		83,085

Pool # BM4741, 3.00%, 4/1/2032		23,688		25,126

Pool # FM1645, 3.00%, 4/1/2032		262,177		278,096

Pool # BE8694, 3.50%, 7/1/2032		70,645		76,837

Pool # MA3124, 2.50%, 9/1/2032		71,466		74,841

Pool # FM3099, 3.50%, 9/1/2032		101,515		108,375

Pool # CA0775, 2.50%, 11/1/2032		48,119		50,941

Pool # MA3188, 3.00%, 11/1/2032		39,077		41,336

Pool # BH7081, 2.50%, 12/1/2032		81,173		85,006

Pool # BH8720, 3.50%, 12/1/2032		63,745		69,641

Pool # FM1161, 2.50%, 1/1/2033		70,871		75,035

Pool # FM1691, 2.50%, 1/1/2033		28,762		30,112

Pool # FM2549, 2.50%, 1/1/2033		144,165		152,073

Pool # MA3353, 4.00%, 4/1/2033		30,318		32,291

Pool # BM5716, 4.00%, 6/1/2033		125,644		135,060

Pool # MA3393, 4.00%, 6/1/2033		193,588		206,187

Pool # FM1123, 4.00%, 9/1/2033		236,334		254,832

Pool # FM2153, 4.00%, 11/1/2033		386,859		412,054

Pool # MA3547, 3.00%, 12/1/2033		13,616		14,394

Pool # BD9105, 4.00%, 1/1/2034		75,469		81,353

Pool # BM5306, 4.00%, 1/1/2034		11,212		12,143

Pool # FM1842, 3.50%, 6/1/2034		341,134		365,565

Pool # BO1822, 3.50%, 7/1/2034		140,631		151,009

Pool # MA3764, 2.50%, 9/1/2034		19,335		20,198

Pool # MA3910, 2.00%, 1/1/2035		44,583		46,098

Pool # FM3569, 3.00%, 1/1/2035		210,202		227,291

Pool # FM2708, 3.00%, 3/1/2035		121,648		130,404

Pool # MA3985, 3.00%, 4/1/2035		324,298		344,725

Pool # MA4014, 3.00%, 5/1/2035		205,902		218,878

Pool # MA4075, Class 177, 2.50%, 7/1/2035		721,042		754,293

Pool # MA4076, 3.00%, 7/1/2035		252,120		268,013

Pool # FM4035, 2.50%, 8/1/2035		115,184		121,330

Pool # MA4122, 1.50%, 9/1/2035		196,919		199,231

Pool # MA4123, 2.00%, 9/1/2035		206,837		213,944

Pool # CA7497, 2.50%, 10/1/2035		1,832,630		1,940,813

Pool # FM5797, 2.00%, 1/1/2036		1,059,199		1,101,400

Pool # FM5367, 1.50%, 2/1/2036		2,036,466		2,060,372

FNMA UMBS, 20 Year

Pool # AE6799, 4.50%, 11/1/2030		3,443		3,786

Pool # MA0885, 3.50%, 10/1/2031		49,755		53,303

Pool # AB4853, 3.00%, 4/1/2032		48,916		51,863

Pool # MA1058, 3.00%, 5/1/2032		21,462		22,755

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # MA1165, 3.00%, 9/1/2032		118,181		125,303

Pool # MA2079, 4.00%, 11/1/2034		25,333		27,744

Pool # AL8620, 3.00%, 2/1/2035		32,310		34,286

Pool # AS4442, 3.00%, 2/1/2035		88,854		94,287

Pool # MA2287, 3.00%, 6/1/2035		61,962		65,630

Pool # AL6970, 3.50%, 7/1/2035		35,193		37,927

Pool # AL7654, 3.00%, 9/1/2035		104,378		110,556

Pool # MA2472, 3.00%, 12/1/2035		21,111		22,361

Pool # FM1133, 4.00%, 6/1/2036		50,566		55,378

Pool # MA3099, 4.00%, 8/1/2037		173,784		187,681

Pool # BM5330, 2.50%, 12/1/2037		72,240		75,080

Pool # FM3204, 4.00%, 10/1/2038		60,757		66,602

Pool # MA3519, 4.00%, 11/1/2038		24,677		26,612

Pool # MA3958, 3.00%, 3/1/2040		68,338		71,596

Pool # MA4046, 3.00%, 6/1/2040		20,515		21,493

Pool # MA4072, 2.50%, 7/1/2040		264,193		274,769

Pool # MA4128, 2.00%, 9/1/2040		2,272,174		2,317,239

Pool # MA4204, 2.00%, 12/1/2040		1,124,639		1,146,622

Pool # CA9019, 2.00%, 2/1/2041		466,712		480,554

FNMA UMBS, 30 Year

Pool # 254447, 6.00%, 9/1/2032		33,303		38,406

Pool # 708506, 5.50%, 5/1/2033		57,636		60,713

Pool # 711215, 5.50%, 6/1/2033		24,032		27,474

Pool # AA1005, 5.00%, 12/1/2033		18,694		21,309

Pool # 725232, 5.00%, 3/1/2034		16,050		18,295

Pool # 725228, 6.00%, 3/1/2034		82,631		95,635

Pool # 790003, 6.00%, 8/1/2034		18,034		20,750

Pool # 735503, 6.00%, 4/1/2035		57,229		66,584

Pool # 190360, 5.00%, 8/1/2035		44,772		51,304

Pool # 904601, 6.00%, 11/1/2036		53,244		62,087

Pool # 888538, 5.50%, 1/1/2037		31,953		36,828

Pool # AB0284, 6.00%, 2/1/2037		62,534		72,775

Pool # AL2627, 5.00%, 7/1/2037		28,981		33,037

Pool # 956965, 6.50%, 12/1/2037		20,142		22,382

Pool # BH7907, 6.50%, 12/1/2037		28,220		33,427

Pool # 961793, 5.00%, 3/1/2038		114,005		131,243

Pool # 985661, 5.50%, 6/1/2038		21,258		24,391

Pool # AU7519, 3.50%, 9/1/2038		57,927		62,994

Pool # AA7402, 4.50%, 6/1/2039		182,572		205,071

Pool # AC2638, 5.00%, 10/1/2039		231,231		269,117

Pool # AL0100, 6.00%, 10/1/2039		76,782		89,457

Pool # AC4886, 5.00%, 11/1/2039		44,932		51,342

Pool # 190399, 5.50%, 11/1/2039		130,993		151,582

Pool # AS4787, 3.00%, 4/1/2040		170,922		181,058

Pool # AB1143, 4.50%, 6/1/2040		129,914		148,382


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # AD6938, 4.50%, 6/1/2040		169,591		190,244

Pool # AD5479, 5.00%, 6/1/2040		46,788		53,124

Pool # AB1259, 5.00%, 7/1/2040		61,160		69,442

Pool # AB1292, 5.00%, 8/1/2040		23,843		27,072

Pool # AL5437, 5.00%, 8/1/2040		155,665		177,454

Pool # AB1421, 5.00%, 9/1/2040		61,017		71,225

Pool # AE4142, 5.00%, 9/1/2040		33,791		38,367

Pool # AE8289, 4.00%, 12/1/2040		165,170		182,534

Pool # MA0622, 3.50%, 1/1/2041		47,149		50,937

Pool # AH2312, 5.00%, 1/1/2041		121,106		137,506

Pool # AE0828, 3.50%, 2/1/2041		30,739		33,209

Pool # BM3090, 3.50%, 2/1/2041		189,299		203,522

Pool # AH3804, 4.00%, 2/1/2041		32,822		36,273

Pool # MA0639, 4.00%, 2/1/2041		59,550		65,811

Pool # AB2676, 3.50%, 4/1/2041		142,204		154,814

Pool # AL0241, 4.00%, 4/1/2041		95,043		105,034

Pool # AI1887, 4.50%, 5/1/2041		341,232		382,561

Pool # BM3118, 6.00%, 7/1/2041		122,358		142,652

Pool # AJ2293, 4.00%, 9/1/2041		32,161		35,556

Pool # AL0933, 5.00%, 10/1/2041		141,809		161,047

Pool # AW8154, 3.50%, 1/1/2042		32,544		35,342

Pool # AX5318, 4.50%, 1/1/2042		111,973		125,534

Pool # BD4480, 4.50%, 1/1/2042		437,558		490,553

Pool # AB4698, 4.00%, 3/1/2042		114,659		129,840

Pool # AL1998, 4.00%, 3/1/2042		152,274		168,344

Pool # AK7028, 4.00%, 4/1/2042		110,301		122,191

Pool # AO4134, 3.50%, 6/1/2042		19,288		20,965

Pool # AO8694, 4.50%, 7/1/2042		37,854		41,797

Pool # AP4258, 3.00%, 8/1/2042		148,603		159,019

Pool # AO9798, 3.50%, 8/1/2042		40,571		43,856

Pool # AP2424, 4.00%, 8/1/2042		158,263		175,323

Pool # AP3958, 3.00%, 9/1/2042		358,930		384,088

Pool # AB6632, 3.50%, 10/1/2042		201,469		217,782

Pool # AB6633, 3.50%, 10/1/2042		39,446		42,640

Pool # AL3344, 4.50%, 10/1/2042		202,505		229,466

Pool # AB6828, 3.50%, 11/1/2042		175,517		190,777

Pool # AL3182, 3.50%, 12/1/2042		27,570		30,590

Pool # AQ9316, 2.50%, 1/1/2043		81,433		85,169

Pool # AB7580, 3.00%, 1/1/2043		193,676		207,251

Pool # AQ1104, 3.00%, 1/1/2043		48,059		51,428

Pool # AR0168, 3.00%, 2/1/2043		77,104		82,665

Pool # AR4239, 3.00%, 2/1/2043		51,790		55,314

Pool # AB7964, 3.50%, 2/1/2043		101,989		113,549

Pool # BM4751, 3.50%, 3/1/2043		52,077		56,293

Pool # AB8742, 4.00%, 3/1/2043		22,974		26,015

Pool # AR6770, 4.00%, 3/1/2043		25,418		28,088

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	125

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # AT2015, 3.00%, 4/1/2043		55,848		59,648

Pool # AT2016, 3.00%, 4/1/2043		854,484		912,628

Pool # AT2035, 3.50%, 4/1/2043		76,205		82,870

Pool # AR8293, 3.00%, 5/1/2043		390,067		416,609

Pool # AT2723, 3.00%, 5/1/2043		84,788		90,557

Pool # AB9194, 3.50%, 5/1/2043		179,968		195,709

Pool # AS0021, 3.00%, 7/1/2043		96,137		102,679

Pool # AT8912, 3.00%, 7/1/2043		52,760		56,351

Pool # AU1629, 3.00%, 7/1/2043		132,113		141,102

Pool # BM3785, 3.50%, 7/1/2043		190,485		207,474

Pool # BM3704, 3.00%, 9/1/2043		56,851		60,720

Pool # AT2612, 3.50%, 9/1/2043		130,804		142,244

Pool # AU4256, 3.50%, 9/1/2043		46,736		51,473

Pool # AU4283, 3.50%, 9/1/2043		29,831		32,501

Pool # AL4062, 4.00%, 9/1/2043		43,119		48,275

Pool # AS0560, 4.50%, 9/1/2043		25,093		28,069

Pool # BM4635, 2.50%, 10/1/2043		232,276		242,819

Pool # AS1121, 4.00%, 11/1/2043		62,283		68,751

Pool # AV0022, 4.00%, 11/1/2043		1,049,943		1,158,971

Pool # AL7696, 3.00%, 12/1/2043		88,416		94,433

Pool # AS1557, 4.00%, 1/1/2044		76,179		84,089

Pool # AV6103, 4.00%, 1/1/2044		308,403		340,428

Pool # BC1737, 4.00%, 1/1/2044		125,268		138,438

Pool # BM5365, 4.00%, 3/1/2044		113,018		124,899

Pool # FM1744, 3.50%, 5/1/2044		45,810		51,003

Pool # AS2700, 4.00%, 6/1/2044		68,577		75,769

Pool # AW6233, 4.50%, 6/1/2044		865,223		971,781

Pool # AS2947, 4.00%, 7/1/2044		65,937		72,377

Pool # AL9072, 5.00%, 7/1/2044		114,649		130,202

Pool # AS3133, 3.50%, 8/1/2044		32,097		34,869

Pool # AL9569, 5.00%, 8/1/2044		179,683		204,193

Pool # AX0152, 4.50%, 9/1/2044		42,175		46,654

Pool # BM4620, 3.00%, 10/1/2044		144,103		154,204

Pool # AL5926, 3.50%, 10/1/2044		140,402		153,706

Pool # AS3611, 3.50%, 10/1/2044		20,297		22,050

Pool # AS3470, 4.00%, 10/1/2044		32,086		35,167

Pool # AX2491, 4.00%, 10/1/2044		12,359		13,545

Pool # AS3710, 4.00%, 11/1/2044		44,330		48,660

Pool # AS3867, 4.00%, 11/1/2044		18,280		20,065

Pool # AX4855, 4.00%, 11/1/2044		171,009		187,427

Pool # AS3935, 3.50%, 12/1/2044		697,788		758,049

Pool # AS4012, 3.50%, 12/1/2044		89,534		98,024

Pool # FM1746, 3.50%, 1/1/2045		147,458		162,352

Pool # AS4402, 3.50%, 2/1/2045		97,958		106,746

Pool # AS4457, 3.50%, 2/1/2045		211,857		228,224


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # AX7699, 3.50%, 2/1/2045		66,237		71,354

Pool # AY3671, 3.50%, 2/1/2045		84,333		93,257

Pool # FM0015, 4.00%, 2/1/2045		149,171		167,133

Pool # MA2193, 4.50%, 2/1/2045		29,719		33,165

Pool # AS4541, 3.00%, 3/1/2045		114,962		122,754

Pool # AS4571, 3.50%, 3/1/2045		81,786		88,246

Pool # FM3414, 4.00%, 3/1/2045		151,561		166,366

Pool # AZ1682, 3.50%, 4/1/2045		32,009		34,413

Pool # BM3398, 3.50%, 4/1/2045		20,968		22,906

Pool # AY8617, 3.00%, 5/1/2045		17,581		18,624

Pool # BM5471, 3.50%, 6/1/2045		475,146		517,670

Pool # AZ5985, 3.00%, 7/1/2045		124,943		133,967

Pool # AS5570, 3.50%, 8/1/2045		68,944		74,227

Pool # AS5806, 3.00%, 9/1/2045		226,861		240,314

Pool # AS5778, 3.50%, 9/1/2045		26,462		28,451

Pool # AZ2947, 4.00%, 9/1/2045		31,084		34,014

Pool # CA2709, 4.00%, 9/1/2045		1,824,693		2,021,384

Pool # AS5851, 4.50%, 9/1/2045		25,891		28,946

Pool # AS6184, 3.50%, 11/1/2045		206,983		226,635

Pool # AS6196, 3.50%, 11/1/2045		30,294		32,571

Pool # FM1869, 4.00%, 11/1/2045		119,572		131,052

Pool # FM1708, 3.00%, 12/1/2045		58,413		62,626

Pool # BA3077, 3.50%, 12/1/2045		32,834		35,557

Pool # BC0066, 3.50%, 12/1/2045		46,350		49,901

Pool # BC0676, 3.50%, 12/1/2045		56,004		60,212

Pool # FM1923, 3.50%, 1/1/2046		62,637		67,343

Pool # FM3413, 4.00%, 1/1/2046		131,142		144,897

Pool # MA2512, 4.00%, 1/1/2046		28,986		31,718

Pool # AS6654, 3.50%, 2/1/2046		29,815		32,055

Pool # FM2323, 4.00%, 2/1/2046		68,409		75,628

Pool # AL9128, 4.50%, 2/1/2046		34,219		38,363

Pool # AS6811, 3.00%, 3/1/2046		57,485		60,850

Pool # BM4834, 3.00%, 3/1/2046		41,057		44,105

Pool # AL8387, 4.00%, 3/1/2046		236,634		258,945

Pool # FM1782, 4.00%, 3/1/2046		20,650		22,668

Pool # FM2195, 4.00%, 3/1/2046		53,840		59,522

Pool # AS7003, 3.00%, 4/1/2046		73,108		77,387

Pool # FM1370, 3.00%, 4/1/2046		24,187		25,622

Pool # FM1224, 3.50%, 4/1/2046		180,866		194,454

Pool # AL8936, 4.50%, 5/1/2046		26,583		29,665

Pool # AS7198, 4.50%, 5/1/2046		194,796		216,343

Pool # BD0166, 2.50%, 6/1/2046		186,424		193,577

Pool # BM5168, 2.50%, 6/1/2046		37,336		39,049

Pool # AS7343, 3.00%, 6/1/2046		226,925		240,207

Pool # AS7376, 3.00%, 6/1/2046		327,678		346,857

Pool # AS7386, 3.50%, 6/1/2046		20,892		22,407

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # BM5587, 4.00%, 6/1/2046		78,760		86,938

Pool # AS7660, 2.50%, 8/1/2046		394,684		409,829

Pool # MA2730, 2.50%, 8/1/2046		60,771		63,103

Pool # BD7968, 3.50%, 9/1/2046		475,783		517,076

Pool # FM3810, 3.00%, 10/1/2046		155,743		166,300

Pool # AL9385, 3.00%, 11/1/2046		81,142		86,427

Pool # MA2806, 3.00%, 11/1/2046		285,546		302,259

Pool # BM3288, 3.50%, 12/1/2046		36,257		39,215

Pool # FM2321, 3.50%, 12/1/2046		160,689		172,761

Pool # BM4990, 2.50%, 1/1/2047		17,668		18,470

Pool # FM2807, 3.00%, 1/1/2047		123,328		131,927

Pool # 890856, 3.50%, 1/1/2047		196,553		214,484

Pool # FM3374, 3.50%, 1/1/2047		269,521		291,345

Pool # FM0041, 3.00%, 2/1/2047		889,297		962,209

Pool # BD5046, 3.50%, 2/1/2047		532,366		570,971

Pool # BM5955, 4.00%, 2/1/2047		63,656		69,874

Pool # BM5270, 4.50%, 2/1/2047		28,663		32,134

Pool # MA2920, 3.00%, 3/1/2047		13,146		13,916

Pool # FM3107, 3.50%, 3/1/2047		505,609		543,596

Pool # AS9313, 4.00%, 3/1/2047		30,519		33,423

Pool # FM1511, 3.00%, 4/1/2047		158,058		167,432

Pool # FM4735, 3.00%, 4/1/2047		233,278		252,404

Pool # AS9480, 4.50%, 4/1/2047		64,182		71,902

Pool # BM2000, 3.50%, 5/1/2047		1,372,898		1,472,456

Pool # BM5220, 3.50%, 5/1/2047		49,943		53,565

Pool # BE0628, 4.50%, 5/1/2047		70,014		76,651

Pool # FM1772, 4.50%, 5/1/2047		28,293		31,720

Pool # AS9937, 3.00%, 7/1/2047		934,195		988,873

Pool # AS9946, 3.50%, 7/1/2047		76,221		82,371

Pool # BM1568, 3.50%, 7/1/2047		100,060		110,670

Pool # AS9988, 4.50%, 7/1/2047		40,478		44,315

Pool # BH7375, 3.50%, 8/1/2047		93,899		99,722

Pool # CA0110, 3.50%, 8/1/2047		24,343		25,918

Pool # CA0148, 4.50%, 8/1/2047		34,284		37,534

Pool # CA0850, 3.00%, 9/1/2047		72,826		76,710

Pool # BH9317, 3.50%, 9/1/2047		166,669		178,568

Pool # CA0407, 3.50%, 9/1/2047		135,307		144,060

Pool # MA3147, 3.00%, 10/1/2047		79,187		83,410

Pool # BH9394, 3.50%, 10/1/2047		227,235		243,458

Pool # BM2003, 4.00%, 10/1/2047		354,181		382,633

Pool # BH9392, 3.50%, 11/1/2047		32,492		34,507

Pool # CA0681, 3.50%, 11/1/2047		337,088		369,690

Pool # FM0028, 3.00%, 12/1/2047		70,768		75,564

Pool # MA3209, 3.00%, 12/1/2047		519,155		546,842

Pool # FM1420, 3.50%, 12/1/2047		358,478		389,498

Pool # BJ5376, 4.50%, 12/1/2047		52,883		57,896


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # CA4015, 3.00%, 1/1/2048		16,539		17,421

Pool # MA3238, 3.50%, 1/1/2048		103,728		110,160

Pool # BJ5910, 3.50%, 2/1/2048		263,800		291,870

Pool # CA4155, 3.50%, 2/1/2048		27,337		29,032

Pool # MA3304, 3.00%, 3/1/2048		84,485		88,991

Pool # BM3990, 4.00%, 3/1/2048		43,820		47,340

Pool # FM3494, 2.50%, 4/1/2048		19,353		20,095

Pool # BM3899, 4.00%, 4/1/2048		592,028		639,588

Pool # CA1574, 5.00%, 4/1/2048		93,498		103,750

Pool # CA2687, 3.00%, 5/1/2048		33,424		35,747

Pool # FM2177, 3.50%, 5/1/2048		562,705		608,615

Pool # BM4054, 4.00%, 5/1/2048		180,002		196,923

Pool # MA3425, 3.00%, 6/1/2048		68,062		71,368

Pool # BM4757, 3.50%, 7/1/2048		76,861		82,435

Pool # FM1911, 3.50%, 7/1/2048		159,431		171,410

Pool # MA3443, 4.00%, 8/1/2048		31,072		33,360

Pool # BK4769, 5.00%, 8/1/2048		23,566		26,086

Pool # BM2007, 4.00%, 9/1/2048		10,910		11,713

Pool # CA2368, 4.00%, 9/1/2048		65,558		71,092

Pool # MA3472, 5.00%, 9/1/2048		24,217		26,806

Pool # CA4655, 3.50%, 10/1/2048		151,280		163,485

Pool # MA3495, 4.00%, 10/1/2048		75,593		81,159

Pool # CA2432, 4.50%, 10/1/2048		105,552		116,767

Pool # BM4678, 4.00%, 11/1/2048		255,189		276,730

Pool # FM1248, 4.50%, 11/1/2048		45,937		50,291

Pool # FM2275, 4.50%, 11/1/2048		55,935		62,123

Pool # FM1148, 3.50%, 12/1/2048		68,399		72,523

Pool # FM1866, 4.00%, 12/1/2048		235,944		253,316

Pool # MA3536, 4.00%, 12/1/2048		99,813		107,162

Pool # MA3577, 3.00%, 1/1/2049		29,321		30,746

Pool # BM5256, 4.50%, 1/1/2049		78,933		86,593

Pool # BM5152, 5.50%, 1/1/2049		205,584		233,340

Pool # FM0030, 3.00%, 2/1/2049		88,540		93,722

Pool # FM1527, 3.00%, 2/1/2049		121,155		128,246

Pool # MA3603, 3.00%, 2/1/2049		13,953		14,631

Pool # BM5446, 3.50%, 2/1/2049		19,650		20,834

Pool # MA3592, 4.00%, 2/1/2049		5,441		5,841

Pool # MA3593, 4.50%, 2/1/2049		134,575		146,380

Pool # BN4380, 3.00%, 3/1/2049		14,144		14,780

Pool # MA3614, 3.50%, 3/1/2049		11,006		11,676

Pool # FM0017, 4.00%, 3/1/2049		97,076		104,224

Pool # MA3637, 3.50%, 4/1/2049		48,165		51,098

Pool # MA3638, 4.00%, 4/1/2049		43,151		46,364

Pool # BN5418, 4.50%, 4/1/2049		39,833		43,973

Pool # MA3639, 4.50%, 4/1/2049		11,449		12,461

Pool # MA3664, 4.00%, 5/1/2049		23,939		25,721

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	127

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # FM4074, 4.50%, 5/1/2049		598,671		662,278

Pool # MA3665, 4.50%, 5/1/2049		36,895		40,157

Pool # CA3528, 5.00%, 5/1/2049		20,290		22,572

Pool # MA3687, 4.00%, 6/1/2049		257,161		276,307

Pool # FM1389, 4.50%, 6/1/2049		16,490		17,937

Pool # MA3688, 4.50%, 6/1/2049		10,056		10,945

Pool # FM1198, 3.00%, 7/1/2049		60,578		64,185

Pool # BO1169, 3.50%, 7/1/2049		89,049		94,470

Pool # CA4358, 3.50%, 7/1/2049		36,139		38,339

Pool # BO1766, 4.50%, 7/1/2049		161,439		175,710

Pool # FM1672, 4.50%, 7/1/2049		220,930		247,688

Pool # FM1241, 3.50%, 8/1/2049		105,273		113,114

Pool # MA3745, 3.50%, 8/1/2049		215,912		229,058

Pool # MA3746, 4.00%, 8/1/2049		35,200		37,821

Pool # MA3747, 4.50%, 8/1/2049		21,007		22,863

Pool # BO4012, 3.00%, 9/1/2049		144,034		154,134

Pool # MA3774, 3.00%, 9/1/2049		665,960		695,925

Pool # BO2200, 3.50%, 9/1/2049		372,704		395,395

Pool # FM1449, 3.50%, 9/1/2049		467,520		496,180

Pool # FM4430, 3.50%, 9/1/2049		1,222,803		1,312,193

Pool # MA3775, 3.50%, 9/1/2049		21,321		22,619

Pool # FM3572, 4.50%, 9/1/2049		158,312		175,132

Pool # BO2820, 3.00%, 10/1/2049		108,977		114,169

Pool # MA3803, 3.50%, 10/1/2049		106,813		113,316

Pool # MA3818, 5.00%, 10/1/2049		32,618		36,287

Pool # MA3833, 2.50%, 11/1/2049		246,891		255,548

Pool # MA3870, 2.50%, 12/1/2049		363,925		376,685

Pool # CA4977, 3.00%, 1/1/2050		448,774		470,155

Pool # MA3905, 3.00%, 1/1/2050		2,111,347		2,206,347

Pool # CA5021, 3.50%, 1/1/2050		90,701		96,607

Pool # MA3906, 3.50%, 1/1/2050		102,012		108,223

Pool # CA5135, 2.50%, 2/1/2050		177,154		185,589

Pool # MA3936, 2.50%, 2/1/2050		278,641		288,411

Pool # FM2733, 2.50%, 3/1/2050		162,363		169,571

Pool # BP4015, 3.00%, 3/1/2050		216,156		227,265

Pool # FM4461, 3.00%, 3/1/2050		1,616,068		1,693,059

Pool # FM4372, 3.50%, 3/1/2050		1,305,028		1,398,386

Pool # MA3972, 4.50%, 3/1/2050		188,720		205,402

Pool # BP5001, 2.50%, 5/1/2050		1,012,213		1,048,758

Pool # FM3257, 3.00%, 5/1/2050		348,740		374,749

Pool # MA4049, 3.50%, 6/1/2050		225,139		240,771

Pool # BK2753, 2.50%, 7/1/2050		1,658,124		1,717,990

Pool # MA4078, 2.50%, 7/1/2050		599,357		620,997

Pool # BP7217, 3.00%, 7/1/2050		729,279		785,426

Pool # MA4079, 3.00%, 7/1/2050		248,905		260,910

Pool # BP6626, 2.00%, 8/1/2050		2,999,045		3,030,358


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # MA4100, 2.00%, 8/1/2050		1,529,773		1,545,746

Pool # BP9500, 2.50%, 8/1/2050		136,063		140,976

Pool # FM5371, 3.00%, 8/1/2050		482,783		510,012

Pool # MA4097, 3.00%, 8/1/2050		239,089		250,800

Pool # MA4119, 2.00%, 9/1/2050		201,401		203,504

Pool # BK3044, 2.50%, 9/1/2050		1,939,365		2,009,384

Pool # MA4158, 2.00%, 10/1/2050		2,266,121		2,289,782

Pool # MA4159, 2.50%, 10/1/2050		900,437		932,947

Pool # CA8222, 1.50%, 12/1/2050		1,732,775		1,700,235

Pool # MA4209, 1.50%, 12/1/2050		202,636		198,741

Pool # BQ5160, 2.00%, 12/1/2050		3,175,885		3,213,654

Pool # MA4208, 2.00%, 12/1/2050		594,244		600,448

Pool # BR2807, 2.50%, 12/1/2050		1,693,041		1,758,271

Pool # MA4210, 2.50%, 12/1/2050		1,283,868		1,330,222

Pool # FM6241, 2.00%, 1/1/2051		4,663,000		4,718,443

Pool # MA4255, 2.00%, 2/1/2051		5,118,420		5,171,862

GNMA I, 30 Year

Pool # 704155, 5.50%, 1/15/2039		25,768		29,214

Pool # 726769, 5.00%, 9/15/2039		24,159		26,439

Pool # 721340, 5.00%, 12/15/2039		50,420		54,032

Pool # 754439, 3.50%, 12/15/2041		158,995		172,437

Pool # 711674, 3.00%, 9/15/2042		53,215		56,948

Pool # AD7257, 3.50%, 3/15/2043		132,332		145,798

Pool # 783748, 3.50%, 4/15/2043		92,244		100,060

Pool # 784660, 4.00%, 4/15/2043		9,367		10,310

Pool # AC2224, 3.50%, 6/15/2043		73,347		78,520

Pool # 785088, 3.50%, 7/15/2043		80,869		89,427

Pool # AJ4151, 4.00%, 9/15/2044		354,114		397,552

Pool # AL2280, 3.00%, 3/15/2045		40,188		41,898

Pool # AL9314, 3.00%, 3/15/2045		69,656		72,619

Pool # 784664, 4.00%, 4/15/2045		37,365		41,130

Pool # 670030, 3.00%, 7/15/2045		67,375		70,242

Pool # AM8960, 4.00%, 7/15/2045		20,014		21,882

Pool # AO0544, 3.00%, 8/15/2045		35,940		37,470

Pool # 784371, 4.00%, 8/15/2045		89,939		100,851

Pool # 627030, 3.00%, 12/15/2045		27,032		29,061

Pool # 784429, 3.00%, 8/15/2046		127,316		132,642

Pool # BB4046, 4.00%, 12/15/2047		285,313		311,143

Pool # 784766, 3.50%, 3/15/2048		981,648		1,061,643

Pool # AF8266, 3.50%, 10/15/2048		96,737		106,013

GNMA II, 15 Year

Pool # MA0513, 2.50%, 11/20/2027		112,267		117,374

Pool # MA4625, 3.50%, 8/20/2032		41,440		44,220

Pool # MA6906, 2.50%, 10/20/2035		1,330,306		1,395,764

GNMA II, 30 Year

Pool # 711773, 3.50%, 6/20/2033		68,875		74,415

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # 3459, 5.50%, 10/20/2033		70,625		79,786

Pool # AQ5932, 3.50%, 1/20/2036		97,140		104,809

Pool # 4222, 6.00%, 8/20/2038		14,055		16,122

Pool # 709148, 4.50%, 2/20/2039		30,753		34,525

Pool # 4446, 4.50%, 5/20/2039		4,595		5,159

Pool # 4467, 4.00%, 6/20/2039		20,528		22,794

Pool # 4468, 4.50%, 6/20/2039		4,062		4,561

Pool # 4494, 4.00%, 7/20/2039		23,119		25,671

Pool # 4495, 4.50%, 7/20/2039		17,659		19,824

Pool # 4519, 4.50%, 8/20/2039		6,664		7,481

Pool # 4558, 4.50%, 10/20/2039		5,392		6,054

Pool # 4576, 4.00%, 11/20/2039		10,203		11,329

Pool # 4598, 4.50%, 12/20/2039		10,833		12,161

Pool # 4617, 4.50%, 1/20/2040		5,913		6,638

Pool # 4636, 4.50%, 2/20/2040		8,216		9,223

Pool # 4656, 4.00%, 3/20/2040		15,456		17,113

Pool # 4677, 4.00%, 4/20/2040		44,170		48,906

Pool # 4678, 4.50%, 4/20/2040		1,988		2,233

Pool # 4695, 4.00%, 5/20/2040		5,300		5,868

Pool # 4696, 4.50%, 5/20/2040		2,052		2,305

Pool # 4712, 4.00%, 6/20/2040		7,208		7,981

Pool # 4800, 4.00%, 9/20/2040		8,261		9,147

Pool # 737727, 4.00%, 12/20/2040		59,667		66,421

Pool # 4945, 4.00%, 2/20/2041		17,128		18,964

Pool # 759342, 4.50%, 2/20/2041		722,206		811,315

Pool # 4950, 5.50%, 2/20/2041		31,309		35,459

Pool # 4976, 3.50%, 3/20/2041		18,286		19,866

Pool # 4977, 4.00%, 3/20/2041		31,343		34,711

Pool # 5016, 4.00%, 4/20/2041		12,097		13,397

Pool # 5054, 4.00%, 5/20/2041		19,019		21,063

Pool # 5114, 4.00%, 7/20/2041		2,531		2,803

Pool # 779497, 3.50%, 10/20/2041		14,355		15,647

Pool # 5233, 4.00%, 11/20/2041		3,037		3,363

Pool # 5258, 3.50%, 12/20/2041		182,423		198,381

Pool # 5259, 4.00%, 12/20/2041		11,458		12,689

Pool # 5279, 3.50%, 1/20/2042		34,235		37,229

Pool # 5330, 3.00%, 3/20/2042		21,787		23,223

Pool # 754406, 3.50%, 5/20/2042		67,352		73,244

Pool # MA0220, 3.50%, 7/20/2042		14,547		15,831

Pool # MA0318, 3.50%, 8/20/2042		204,878		222,973

Pool # 796468, 4.00%, 9/20/2042		37,895		41,971

Pool # AA6040, 3.00%, 1/20/2043		119,102		126,950

Pool # AD1584, 3.00%, 1/20/2043		219,734		234,214

Pool # AA6054, 3.00%, 2/20/2043		271,400		297,053

Pool # AD1744, 3.00%, 2/20/2043		22,436		24,557

Pool # 783755, 3.00%, 4/20/2043		202,454		215,712


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # 783976, 3.50%, 4/20/2043		33,579		36,545

Pool # MA1012, 3.50%, 5/20/2043		170,262		185,042

Pool # MA1157, 3.50%, 7/20/2043		34,157		37,122

Pool # AE7804, 3.00%, 8/20/2043		18,516		19,729

Pool # MA1284, 3.00%, 9/20/2043		27,058		28,830

Pool # 785065, 3.50%, 10/20/2043		365,655		397,396

Pool # MA1376, 4.00%, 10/20/2043		175,158		193,943

Pool # MA1995, 3.50%, 6/20/2044		128,749		139,673

Pool # AI7106, 4.00%, 6/20/2044		69,092		76,796

Pool # MA2223, 3.50%, 9/20/2044		102,227		110,900

Pool # MA2444, 3.00%, 12/20/2044		25,492		27,101

Pool # 784026, 3.50%, 12/20/2044		223,145		246,430

Pool # AK6860, 3.00%, 1/20/2045		61,586		66,617

Pool # MA2677, 3.00%, 3/20/2045		36,043		38,182

Pool # MA2678, 3.50%, 3/20/2045		251,009		270,879

Pool # MA2679, 4.00%, 3/20/2045		75,591		83,624

Pool # MA2753, 3.00%, 4/20/2045		296,539		314,136

Pool # MA2754, 3.50%, 4/20/2045		11,944		12,890

Pool # 626942, 3.00%, 5/20/2045		179,260		193,548

Pool # MA2825, 3.00%, 5/20/2045		329,359		348,903

Pool # MA2829, 5.00%, 5/20/2045		42,105		48,212

Pool # 784800, 3.00%, 6/20/2045		45,939		48,948

Pool # AM9881, 3.00%, 6/20/2045		26,734		28,460

Pool # MA2891, 3.00%, 6/20/2045		13,397		14,192

Pool # AN2972, 4.00%, 9/20/2045		75,163		82,939

Pool # 784623, 3.50%, 10/20/2045		88,266		95,928

Pool # AO8403, 3.50%, 10/20/2045		33,467		36,426

Pool # MA3247, 5.00%, 11/20/2045		38,581		44,178

Pool # AO9442, 3.50%, 12/20/2045		29,927		32,696

Pool # MA3375, 3.00%, 1/20/2046		74,736		79,171

Pool # 784119, 3.00%, 2/20/2046		283,159		299,962

Pool # MA3458, 5.50%, 2/20/2046		51,978		58,908

Pool # MA3523, 4.50%, 3/20/2046		19,194		21,474

Pool # MA3596, 3.00%, 4/20/2046		542,026		572,527

Pool # MA3662, 3.00%, 5/20/2046		187,819		198,388

Pool # MA3735, 3.00%, 6/20/2046		552,076		583,143

Pool # AS5902, 3.50%, 6/20/2046		86,873		94,160

Pool # AT7138, 3.50%, 6/20/2046		37,510		41,263

Pool # MA3935, 2.50%, 9/20/2046		137,047		142,878

Pool # 784768, 3.00%, 9/20/2046		120,297		128,837

Pool # AT8215, 3.00%, 9/20/2046		35,548		38,072

Pool # AX8668, 3.50%, 9/20/2046		120,817		130,524

Pool # MA4002, 2.50%, 10/20/2046		733,743		764,960

Pool # AV8383, 3.00%, 10/20/2046		38,724		41,188

Pool # AW0199, 3.00%, 10/20/2046		97,609		105,594

Pool # MA4003, 3.00%, 10/20/2046		117,310		123,911

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	129

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # MA4068, 3.00%, 11/20/2046		22,991		24,284

Pool # MA4072, 5.00%, 11/20/2046		40,430		44,928

Pool # MA4125, 2.50%, 12/20/2046		648,083		675,656

Pool # MA4126, 3.00%, 12/20/2046		106,396		112,383

Pool # MA4127, 3.50%, 12/20/2046		50,799		54,440

Pool # MA4260, 2.50%, 2/20/2047		105,754		110,254

Pool # AZ3119, 3.50%, 3/20/2047		42,766		46,226

Pool # 675725, 3.50%, 6/20/2047		8,506		8,905

Pool # 784801, 3.50%, 6/20/2047		83,512		90,761

Pool # MA4511, 4.00%, 6/20/2047		384,843		416,119

Pool # BA5041, 5.00%, 6/20/2047		131,437		145,111

Pool # MA4584, 2.50%, 7/20/2047		128,644		134,117

Pool # MA4718, 3.00%, 9/20/2047		15,308		16,166

Pool # MA4721, 4.50%, 9/20/2047		71,965		78,664

Pool # MA4836, 3.00%, 11/20/2047		1,370,065		1,446,828

Pool # BD6940, 3.50%, 12/20/2047		485		519

Pool # MA4900, 3.50%, 12/20/2047		201,225		214,975

Pool # MA4961, 3.00%, 1/20/2048		94,966		100,287

Pool # 784899, 4.00%, 2/20/2048		59,624		64,469

Pool # BF6382, 3.00%, 3/20/2048		61,248		63,483

Pool # MA5077, 3.50%, 3/20/2048		78,399		83,756

Pool # MA5138, 4.50%, 4/20/2048		35,661		38,981

Pool # 785033, 3.50%, 5/20/2048		317,526		352,429

Pool # MA5194, 5.00%, 5/20/2048		222,230		244,872

Pool # MA5264, 4.00%, 6/20/2048		64,105		68,906

Pool # MA5329, 3.50%, 7/20/2048		18,609		19,748

Pool # MA5330, 4.00%, 7/20/2048		53,374		57,371

Pool # BK1677, 4.50%, 9/20/2048		210,979		234,808

Pool # MA5468, 5.00%, 9/20/2048		17,650		19,278

Pool # MA5527, 3.50%, 10/20/2048		71,047		75,396

Pool # MA5528, 4.00%, 10/20/2048		39,124		42,054

Pool # BJ6774, 4.00%, 11/20/2048		24,167		25,988

Pool # MA5595, 4.00%, 11/20/2048		94,488		101,565

Pool # BJ6759, 4.50%, 11/20/2048		720,013		784,764

Pool # MA5650, 3.50%, 12/20/2048		28,318		30,052

Pool # MA5651, 4.00%, 12/20/2048		443,513		476,729

Pool # MA5709, 3.50%, 1/20/2049		192,948		206,132

Pool # BI6473, 4.00%, 1/20/2049		1,451,120		1,591,045

Pool # BJ9901, 3.00%, 2/20/2049		58,852		63,652

Pool # MA5763, 4.00%, 2/20/2049		130,456		140,226

Pool # MA5815, 3.00%, 3/20/2049		170,271		177,781

Pool # MA5816, 3.50%, 3/20/2049		264,763		280,971

Pool # 784900, 4.00%, 4/20/2049		378,143		406,463

Pool # MA5876, 4.00%, 4/20/2049		81,775		87,346

Pool # MA5930, 3.50%, 5/20/2049		29,570		31,288

Pool # MA5931, 4.00%, 5/20/2049		265,745		283,849


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # MA5983, 2.50%, 6/20/2049		224,810		234,375

Pool # MA5985, 3.50%, 6/20/2049		117,281		124,095

Pool # MA5986, 4.00%, 6/20/2049		67,855		72,478

Pool # MA5987, 4.50%, 6/20/2049		105,156		113,281

Pool # MA5988, 5.00%, 6/20/2049		22,835		24,941

Pool # MA6039, 3.50%, 7/20/2049		198,721		210,267

Pool # MA6040, 4.00%, 7/20/2049		42,824		45,741

Pool # BM5450, 4.50%, 7/20/2049		104,032		115,276

Pool # MA6089, 3.00%, 8/20/2049		49,443		51,596

Pool # MA6090, 3.50%, 8/20/2049		197,924		209,423

Pool # BP4603, 3.50%, 9/20/2049		34,983		37,895

Pool # BP8717, 3.50%, 9/20/2049		203,130		220,039

Pool # MA6154, 3.50%, 9/20/2049		60,373		63,881

Pool # MA6155, 4.00%, 9/20/2049		620,665		662,947

Pool # 785122, 3.50%, 10/20/2049		421,674		453,862

Pool # BQ7205, 3.50%, 10/20/2049		513,666		569,334

Pool # MA6220, 4.00%, 10/20/2049		563,303		601,678

Pool # MA6221, 4.50%, 10/20/2049		175,579		189,408

Pool # BR4627, 3.00%, 11/20/2049		637,967		684,821

Pool # MA6283, 3.00%, 11/20/2049		249,931		260,817

Pool # MA6284, 3.50%, 11/20/2049		81,339		86,065

Pool # BR2455, 3.00%, 12/20/2049		553,809		570,272

Pool # MA6339, 3.50%, 12/20/2049		485,634		513,849

Pool # BS1714, 4.00%, 12/20/2049		396,973		435,121

Pool # MA6341, 4.50%, 12/20/2049		384,261		413,949

Pool # MA6409, 3.00%, 1/20/2050		626,720		654,017

Pool # MA6410, 3.50%, 1/20/2050		243,119		257,244

Pool # MA6474, 3.00%, 2/20/2050		154,252		160,971

Pool # MA6478, 5.00%, 2/20/2050		73,912		81,443

Pool # BT3619, 3.00%, 3/20/2050		86,640		91,672

Pool # MA6542, 3.50%, 3/20/2050		401,121		424,426

Pool # MA6545, 5.00%, 3/20/2050		95,642		105,386

Pool # BU6116, 2.50%, 4/20/2050		297,189		304,048

Pool # BT6608, 3.00%, 4/20/2050		158,337		162,541

Pool # MA6599, Class 357, 3.00%, 4/20/2050		263,012		273,972

Pool # MA6656, 3.00%, 5/20/2050		356,856		371,727

Pool # BT5564, 2.50%, 6/20/2050		1,124,440		1,150,392

Pool # BV1348, 2.50%, 6/20/2050		348,021		355,975

Pool # MA6709, 2.50%, 6/20/2050		1,077,136		1,117,803

Pool # MA6710, 3.00%, 6/20/2050		1,437,563		1,497,469

Pool # MA6766, 3.00%, 7/20/2050		1,258,997		1,311,462

Pool # MA6767, 3.50%, 7/20/2050		1,542,179		1,657,806

Pool # MA6769, 4.50%, 7/20/2050		227,259		245,158

Pool # MA6819, 2.50%, 8/20/2050		1,871,852		1,942,523

Pool # MA6820, 3.00%, 8/20/2050		340,255		354,435

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # MA6866, 3.00%, 9/20/2050		521,086		542,801

Pool # BY8818, 2.00%, 10/20/2050		650,094		661,770

Pool # MA6931, 2.50%, 10/20/2050		1,968,488		2,042,808

Pool # MA6994, 2.00%, 11/20/2050		1,981,434		2,012,404

Pool # BY8832, 2.50%, 11/20/2050		648,500		676,275

Pool # MA7051, 2.00%, 12/20/2050		596,507		605,830

Pool # MA7052, 2.50%, 12/20/2050		1,491,193		1,547,493

Pool # MA7135, 2.00%, 1/20/2051		2,393,625		2,431,039


Total Mortgage-backed Securities (Cost $223,953,254)				225,101,992

Corporate Bonds — 26.5%

Aerospace & Defense — 0.1%

Huntington Ingalls Industries, Inc.

3.48%, 12/1/2027		436,000		481,621

4.20%, 5/1/2030		120,000		137,868


				619,489


Auto Components — 0.3%

Aptiv Corp. 4.15%, 3/15/2024		227,000		248,609

Lear Corp.

3.80%, 9/15/2027		459,000		507,204

5.25%, 5/15/2049		1,151,000		1,398,868


				2,154,681


Automobiles — 0.0%(a)

Stellantis NV 5.25%, 4/15/2023		200,000		217,398


Banks — 1.6%

Canadian Imperial Bank of Commerce (Canada) 2.25%, 1/28/2025		719,000		751,244

Capital One NA

2.95%, 7/23/2021		200,000		201,630

2.25%, 9/13/2021		200,000		201,703

2.15%, 9/6/2022		250,000		256,506

Discover Bank

4.20%, 8/8/2023		250,000		271,742

4.25%, 3/13/2026		636,000		722,264

3.45%, 7/27/2026		90,000		99,163

4.65%, 9/13/2028		660,000		770,913

First Republic Bank

2.50%, 6/6/2022		250,000		256,165

(SOFR + 0.62%), 1.91%, 2/12/2024 (b)		300,000		307,975

Huntington Bancshares, Inc. 2.63%, 8/6/2024		180,000		191,253

Intesa Sanpaolo SpA (Italy) 5.25%, 1/12/2024 (c)		400,000		447,066


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

Kreditanstalt fuer Wiederaufbau (Germany)

2.13%, 3/7/2022		115,000		117,279

2.13%, 6/15/2022		158,000		161,979

2.38%, 12/29/2022		190,000		197,550

2.13%, 1/17/2023		200,000		207,218

1.63%, 2/15/2023		83,000		85,297

0.25%, 10/19/2023		139,000		138,801

2.63%, 2/28/2024		36,000		38,425

2.50%, 11/20/2024		60,000		64,373

2.00%, 5/2/2025		183,000		193,412

0.38%, 7/18/2025		50,000		49,259

2.88%, 4/3/2028		111,000		123,481

1.75%, 9/14/2029		95,000		97,763

Zero Coupon, 4/18/2036		141,000		104,413

Zero Coupon, 6/29/2037		587,000		424,809

Landwirtschaftliche Rentenbank (Germany)

3.13%, 11/14/2023		31,000		33,325

2.00%, 1/13/2025		229,000		241,588

2.38%, 6/10/2025		75,000		80,448

Oesterreichische Kontrollbank AG (Austria)

2.88%, 3/13/2023		120,000		126,435

1.50%, 2/12/2025 (c)		150,000		155,680

Royal Bank of Canada (Canada)

2.80%, 4/29/2022		759,000		781,385

0.50%, 10/26/2023		10,000		10,032

2.55%, 7/16/2024		272,000		289,414

2.25%, 11/1/2024		1,522,000		1,607,146

1.15%, 6/10/2025		64,000		64,353

SVB Financial Group

3.50%, 1/29/2025		681,000		744,232

3.13%, 6/5/2030 (c)		907,000		976,871

Synovus Financial Corp. 3.13%, 11/1/2022		1,177,000		1,218,269


				12,810,861


Beverages — 0.1%

Brown-Forman Corp.

3.50%, 4/15/2025		56,000		61,107

4.00%, 4/15/2038		93,000		110,258

4.50%, 7/15/2045		269,000		339,936


				511,301


Biotechnology — 0.8%

Biogen, Inc.

3.63%, 9/15/2022		236,000		247,611

2.25%, 5/1/2030		10,000		10,012

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	131

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Biotechnology — continued

5.20%, 9/15/2045 (c)		1,429,000		1,829,548

3.15%, 5/1/2050		562,000		536,293

Gilead Sciences, Inc.

2.50%, 9/1/2023		1,640,000		1,718,262

3.70%, 4/1/2024		10,000		10,845

1.65%, 10/1/2030		344,000		330,788

4.00%, 9/1/2036		38,000		43,827

4.50%, 2/1/2045		25,000		29,834

4.75%, 3/1/2046		67,000		82,628

2.80%, 10/1/2050		100,000		92,243

Regeneron Pharmaceuticals, Inc.

1.75%, 9/15/2030		25,000		23,728

2.80%, 9/15/2050		1,533,000		1,374,167


				6,329,786


Building Products — 0.3%

Allegion plc 3.50%, 10/1/2029		138,000		148,638

Johnson Controls International plc

1.75%, 9/15/2030		740,000		722,172

4.63%, 7/2/2044 (d)		1,000,000		1,231,843

Lennox International, Inc.

3.00%, 11/15/2023		170,000		179,683

1.35%, 8/1/2025		150,000		150,751


				2,433,087


Capital Markets — 3.9%

Affiliated Managers Group, Inc.

4.25%, 2/15/2024		410,000		451,498

3.30%, 6/15/2030		207,000		219,161

Ameriprise Financial, Inc.

3.00%, 3/22/2022 (c)		636,000		654,356

4.00%, 10/15/2023		331,000		361,887

3.70%, 10/15/2024		86,000		95,111

2.88%, 9/15/2026		541,000		587,451

BGC Partners, Inc. 3.75%, 10/1/2024		332,000		348,252

BlackRock, Inc.

3.38%, 6/1/2022 (e)		252,000		261,843

3.20%, 3/15/2027 (e)		100,000		111,518

3.25%, 4/30/2029 (e)		150,000		166,926

2.40%, 4/30/2030 (e)		1,063,000		1,109,673

1.90%, 1/28/2031		992,000		985,320

Charles Schwab Corp. (The)

4.20%, 3/24/2025		200,000		225,024

3.85%, 5/21/2025 (c)		300,000		335,335

3.25%, 5/22/2029		1,887,000		2,088,451

4.63%, 3/22/2030		560,000		679,724


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

CME Group, Inc.

3.00%, 3/15/2025		140,000		151,054

3.75%, 6/15/2028		362,000		413,858

5.30%, 9/15/2043		87,000		122,699

4.15%, 6/15/2048		303,000		379,819

Deutsche Bank AG (Germany)

Series D, 5.00%, 2/14/2022		604,000		628,959

3.30%, 11/16/2022		545,000		568,387

3.95%, 2/27/2023		100,000		106,091

3.70%, 5/30/2024		400,000		431,365

(SOFR + 2.58%), 3.96%, 11/26/2025 (b)		150,000		163,800

4.10%, 1/13/2026 (c)		2,178,000		2,390,830

(SOFR + 3.04%), 3.55%, 9/18/2031 (b) (c)		150,000		158,389

Eaton Vance Corp.

3.63%, 6/15/2023		95,000		101,642

3.50%, 4/6/2027		142,000		156,253

Franklin Resources, Inc.

2.80%, 9/15/2022		25,000		25,935

2.85%, 3/30/2025		194,000		208,243

1.60%, 10/30/2030		1,040,000		990,541

Goldman Sachs Group, Inc. (The)

5.75%, 1/24/2022		10,000		10,486

3.00%, 4/26/2022		153,000		153,597

3.63%, 1/22/2023		10,000		10,596

(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (b)		10,000		10,305

3.85%, 7/8/2024		10,000		10,954

(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (b)		1,024,000		1,180,047

4.80%, 7/8/2044		400,000		518,813

4.75%, 10/21/2045		10,000		12,905

Intercontinental Exchange, Inc.

2.35%, 9/15/2022		448,000		460,790

3.45%, 9/21/2023		139,000		149,205

4.00%, 10/15/2023		125,000		136,275

3.75%, 12/1/2025		50,000		55,585

3.75%, 9/21/2028		761,000		855,420

2.10%, 6/15/2030		146,000		145,325

4.25%, 9/21/2048		719,000		849,924

3.00%, 6/15/2050		178,000		172,053

Janus Capital Group, Inc. 4.88%, 8/1/2025		562,000		640,847

Jefferies Group LLC

5.13%, 1/20/2023		10,000		10,837

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Capital Markets — continued

2.75%, 10/15/2032		389,000		395,076

6.25%, 1/15/2036		1,418,000		1,877,776

6.50%, 1/20/2043		50,000		66,024

Lazard Group LLC

3.75%, 2/13/2025		1,109,000		1,209,304

3.63%, 3/1/2027		539,000		587,607

4.50%, 9/19/2028		280,000		326,063

4.38%, 3/11/2029		750,000		858,279

Legg Mason, Inc.

4.75%, 3/15/2026		400,000		466,354

5.63%, 1/15/2044		61,000		83,436

Nasdaq, Inc.

4.25%, 6/1/2024		423,000		466,242

3.85%, 6/30/2026		365,000		410,223

1.65%, 1/15/2031		120,000		112,754

Raymond James Financial, Inc.

3.63%, 9/15/2026		533,000		603,095

4.65%, 4/1/2030 (c)		90,000		108,127

4.95%, 7/15/2046		110,000		139,347

S&P Global, Inc.

4.00%, 6/15/2025		510,000		570,311

2.95%, 1/22/2027		282,000		305,624

2.50%, 12/1/2029		462,000		484,431

3.25%, 12/1/2049		402,000		419,512

Stifel Financial Corp.

4.25%, 7/18/2024		275,000		306,200

4.00%, 5/15/2030		100,000		111,053

TD Ameritrade Holding Corp.

2.95%, 4/1/2022		765,000		783,760

3.75%, 4/1/2024		94,000		102,738

3.63%, 4/1/2025 (c)		417,000		458,969

3.30%, 4/1/2027		139,000		154,033

2.75%, 10/1/2029 (c)		100,000		106,370


				32,576,067


Chemicals — 0.2%

EI du Pont de Nemours and Co.

1.70%, 7/15/2025		90,000		92,225

2.30%, 7/15/2030		139,000		142,543

Huntsman International LLC 4.50%, 5/1/2029		508,000		572,709

NewMarket Corp. 4.10%, 12/15/2022 (c)		109,000		115,416

Syngenta Finance NV (Switzerland) 3.13%, 3/28/2022		6,000		6,078


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Westlake Chemical Corp. 5.00%, 8/15/2046		462,000		553,029


				1,482,000


Communications Equipment — 0.1%

Juniper Networks, Inc. 5.95%, 3/15/2041		728,000		914,664


Consumer Finance — 2.1%

Ally Financial, Inc.

3.88%, 5/21/2024		1,608,000		1,749,559

5.13%, 9/30/2024		2,097,000		2,388,249

4.63%, 3/30/2025		55,000		61,819

8.00%, 11/1/2031		405,000		575,007

American Express Co.

2.75%, 5/20/2022		262,000		269,264

2.50%, 8/1/2022		162,000		166,830

2.65%, 12/2/2022		178,000		185,136

3.40%, 2/27/2023		63,000		66,624

3.70%, 8/3/2023		310,000		333,715

3.40%, 2/22/2024		34,000		36,815

3.00%, 10/30/2024		208,000		224,905

4.20%, 11/6/2025		100,000		114,420

3.13%, 5/20/2026		240,000		263,695

4.05%, 12/3/2042 (c)		1,166,000		1,373,867

American Express Credit Corp.

2.70%, 3/3/2022		112,000		114,526

3.30%, 5/3/2027		336,000		373,989

Capital One Financial Corp.

3.05%, 3/9/2022		643,000		659,418

2.60%, 5/11/2023		10,000		10,444

3.50%, 6/15/2023		229,000		244,573

3.30%, 10/30/2024		10,000		10,846

3.20%, 2/5/2025		270,000		290,548

3.80%, 1/31/2028 (c)		60,000		67,452

Discover Financial Services

5.20%, 4/27/2022		314,000		330,813

3.85%, 11/21/2022		789,000		834,075

3.95%, 11/6/2024		1,192,000		1,313,235

3.75%, 3/4/2025		44,000		48,115

4.50%, 1/30/2026		20,000		22,782

4.10%, 2/9/2027		418,000		472,131

Navient Solutions LLC Zero Coupon, 10/3/2022		50,000		49,355

Synchrony Financial

2.85%, 7/25/2022		1,320,000		1,359,871

4.38%, 3/19/2024		487,000		534,316

4.50%, 7/23/2025 (c)		142,000		158,465

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	133

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Consumer Finance — continued

3.70%, 8/4/2026		378,000		412,845

5.15%, 3/19/2029		1,873,000		2,216,622


				17,334,326


Containers & Packaging — 0.1%

Avery Dennison Corp.

4.88%, 12/6/2028		432,000		515,499

2.65%, 4/30/2030		24,000		24,896


				540,395


Diversified Financial Services — 0.1%

Jefferies Financial Group, Inc.

5.50%, 10/18/2023		10,000		10,903

Synchrony Bank 3.00%, 6/15/2022		450,000		463,363


				474,266


Diversified Telecommunication Services — 0.5%

Verizon Communications, Inc.

2.95%, 3/15/2022		232,000		238,463

5.15%, 9/15/2023		10,000		11,159

3.38%, 2/15/2025		50,000		54,613

4.13%, 3/16/2027		310,000		357,671

3.00%, 3/22/2027		20,000		21,683

4.33%, 9/21/2028		50,000		58,187

3.88%, 2/8/2029		411,000		466,844

1.68%, 10/30/2030 (e)		796,000		756,943

7.75%, 12/1/2030 (c)		55,000		80,529

1.75%, 1/20/2031		125,000		119,108

4.40%, 11/1/2034		80,000		95,011

4.27%, 1/15/2036		155,000		180,271

4.81%, 3/15/2039		265,000		327,018

2.65%, 11/20/2040		1,000		934

3.85%, 11/1/2042		80,000		88,253

5.01%, 4/15/2049		9,000		11,429

4.00%, 3/22/2050 (c)		214,000		235,266

2.88%, 11/20/2050		50,000		45,519

4.67%, 3/15/2055		412,000		500,818

2.99%, 10/30/2056 (e)		727,000		658,382

3.00%, 11/20/2060		175,000		157,214


				4,465,315


Electric Utilities — 1.5%

Avangrid, Inc.

3.15%, 12/1/2024		216,000		234,092

3.20%, 4/15/2025		136,000		147,026

3.80%, 6/1/2029		175,000		197,709


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electric Utilities — continued

Enel Americas SA (Chile)

4.00%, 10/25/2026		761,000		844,724

Enel Chile SA (Chile)

4.88%, 6/12/2028		401,000		470,460

Gulf Power Co.

Series A, 3.30%, 5/30/2027		291,000		323,183

Hydro-Quebec (Canada)

Series IO, 8.05%, 7/7/2024		35,000		43,417

8.50%, 12/1/2029		50,000		75,969

Iberdrola International BV (Spain)

5.81%, 3/15/2025		30,000		35,360

6.75%, 7/15/2036		178,000		266,265

Interstate Power and Light Co.

2.30%, 6/1/2030		650,000		665,062

6.25%, 7/15/2039		202,000		284,965

NextEra Energy Capital Holdings, Inc.

2.90%, 4/1/2022		268,000		275,460

2.80%, 1/15/2023		328,000		342,424

3.15%, 4/1/2024		1,105,000		1,186,625

3.25%, 4/1/2026		610,000		669,114

3.55%, 5/1/2027		224,000		251,413

3.50%, 4/1/2029		150,000		165,859

2.75%, 11/1/2029		1,206,000		1,269,192

2.25%, 6/1/2030		210,000		211,981

Public Service Electric and Gas Co.

3.65%, 9/1/2042		195,000		218,438

Union Electric Co.

8.45%, 3/15/2039		60,000		102,277

3.90%, 9/15/2042		800,000		912,455

Wisconsin Power and Light Co.

3.65%, 4/1/2050		900,000		1,001,918

Xcel Energy, Inc.

0.50%, 10/15/2023 (c)		435,000		435,721

2.60%, 12/1/2029		1,402,000		1,461,196

3.40%, 6/1/2030		350,000		384,972

3.50%, 12/1/2049		50,000		52,645


				12,529,922


Electrical Equipment — 0.1%

Rockwell Automation, Inc.

4.20%, 3/1/2049		964,000		1,192,207


Electronic Equipment, Instruments & Components — 0.2%

Allegion US Holding Co., Inc.

3.20%, 10/1/2024		214,000		227,896

3.55%, 10/1/2027		126,000		136,777

SEE NOTES TO FINANCIAL STATEMENTS.



134	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Electronic Equipment, Instruments & Components — continued

Amphenol Corp.

3.20%, 4/1/2024		56,000		59,840

2.05%, 3/1/2025		724,000		752,306

2.80%, 2/15/2030		187,000		196,954


				1,373,773


Energy Equipment & Services — 0.0% (a)

Helmerich & Payne, Inc.

4.65%, 3/15/2025		176,000		194,416

4.65%, 3/15/2025 (e)		30,000		33,139


				227,555


Entertainment — 0.3%

Activision Blizzard, Inc.

3.40%, 9/15/2026		310,000		345,079

3.40%, 6/15/2027		200,000		222,783

1.35%, 9/15/2030		10,000		9,348

4.50%, 6/15/2047		371,000		457,529

2.50%, 9/15/2050 (c)		1,278,000		1,122,992

Electronic Arts, Inc.

4.80%, 3/1/2026 (c)		400,000		465,718


				2,623,449


Food & Staples Retailing — 0.1%

Ahold Finance USA LLC (Netherlands) 6.88%, 5/1/2029 (c)		124,000		166,796

Koninklijke Ahold Delhaize NV (Netherlands) 5.70%, 10/1/2040		491,000		667,122


				833,918


Food Products — 0.1%

Flowers Foods, Inc.

4.38%, 4/1/2022 (c)		137,000		140,934

3.50%, 10/1/2026		101,000		110,544

Hormel Foods Corp. 1.80%, 6/11/2030		398,000		393,324


				644,802


Gas Utilities — 0.2%

National Fuel Gas Co.

3.75%, 3/1/2023		244,000		256,260

5.50%, 1/15/2026		578,000		667,718

3.95%, 9/15/2027		320,000		344,138

4.75%, 9/1/2028 (c)		250,000		281,201


				1,549,317


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Equipment & Supplies — 0.6%

Baxter International, Inc.

2.60%, 8/15/2026		663,000		712,087

3.95%, 4/1/2030 (e)		10,000		11,508

3.50%, 8/15/2046		120,000		129,318

Danaher Corp. 3.35%, 9/15/2025		50,000		54,972

DENTSPLY SIRONA, Inc. 3.25%, 6/1/2030		983,000		1,051,001

DH Europe Finance II SARL

2.05%, 11/15/2022		142,000		146,073

2.20%, 11/15/2024		35,000		36,875

2.60%, 11/15/2029		277,000		289,496

Edwards Lifesciences Corp. 4.30%, 6/15/2028		803,000		921,435

Koninklijke Philips NV (Netherlands)

6.88%, 3/11/2038		263,000		396,917

5.00%, 3/15/2042		982,000		1,275,538


				5,025,220


Health Care Providers & Services — 0.4%

AmerisourceBergen Corp.

3.40%, 5/15/2024		500,000		539,523

3.25%, 3/1/2025		255,000		276,302

3.45%, 12/15/2027		429,000		476,221

4.25%, 3/1/2045		350,000		395,415

4.30%, 12/15/2047		175,000		200,644

McKesson Corp.

2.70%, 12/15/2022		899,000		930,158

3.95%, 2/16/2028 (c)		55,000		62,573

4.88%, 3/15/2044		70,000		85,105


				2,965,941


Household Durables — 0.1%

Harman International Industries, Inc. 4.15%, 5/15/2025		100,000		110,648

Whirlpool Corp. 4.60%, 5/15/2050		671,000		800,771


				911,419


Household Products — 0.2%

Church & Dwight Co., Inc.

3.15%, 8/1/2027		61,000		66,975

3.95%, 8/1/2047		1,159,000		1,331,926

Clorox Co. (The)

3.05%, 9/15/2022		134,000		138,639

3.50%, 12/15/2024		10,000		11,016

3.90%, 5/15/2028 (c)		252,000		287,690


				1,836,246

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	135

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Independent Power and Renewable Electricity Producers — 0.3%

Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024		399,000		431,240

PSEG Power LLC 3.85%, 6/1/2023		1,905,000		2,042,884


				2,474,124


Industrial Conglomerates — 0.0% (a)

Pentair Finance SARL 4.50%, 7/1/2029 (c)		129,000		149,028


Insurance — 0.1%

Loews Corp. 4.13%, 5/15/2043		515,000		583,197


Interactive Media & Services — 0.5%

Alphabet, Inc.

3.38%, 2/25/2024 (c)		2,358,000		2,564,256

2.00%, 8/15/2026 (c)		1,274,000		1,340,791

1.10%, 8/15/2030		409,000		386,885


				4,291,932


Internet & Direct Marketing Retail — 0.8%

Alibaba Group Holding Ltd. (China)

2.80%, 6/6/2023		200,000		209,439

3.60%, 11/28/2024		600,000		656,790

4.50%, 11/28/2034		200,000		236,679

4.00%, 12/6/2037		835,000		943,232

4.20%, 12/6/2047		435,000		496,224

4.40%, 12/6/2057		1,600,000		1,908,278

Booking Holdings, Inc.

2.75%, 3/15/2023		693,000		723,590

3.65%, 3/15/2025 (c)		126,000		137,960

3.60%, 6/1/2026		10,000		11,072

4.63%, 4/13/2030		70,000		83,533

JD.com, Inc. (China)

3.88%, 4/29/2026		420,000		462,049

4.13%, 1/14/2050		1,020,000		1,071,220


				6,940,066


IT Services — 0.1%

Broadridge Financial Solutions, Inc.

3.40%, 6/27/2026		284,000		312,688

2.90%, 12/1/2029		126,000		132,753


				445,441


Leisure Products — 0.2%

Hasbro, Inc.

3.00%, 11/19/2024		137,000		147,006

3.55%, 11/19/2026		141,000		154,322

3.50%, 9/15/2027		133,000		144,547


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Leisure Products — continued

6.35%, 3/15/2040		585,000		767,698

5.10%, 5/15/2044		245,000		281,084


				1,494,657


Life Sciences Tools & Services — 0.1%

Agilent Technologies, Inc.

3.20%, 10/1/2022		134,000		138,918

3.88%, 7/15/2023		309,000		330,719

3.05%, 9/22/2026		40,000		43,501

2.75%, 9/15/2029		470,000		494,529


				1,007,667


Machinery — 0.2%

IDEX Corp. 3.00%, 5/1/2030		545,000		578,365

Otis Worldwide Corp. 3.11%, 2/15/2040		1,157,000		1,192,970


				1,771,335


Metals & Mining — 1.9%

Kinross Gold Corp. (Canada)

5.95%, 3/15/2024		726,000		823,694

4.50%, 7/15/2027		430,000		492,244

Newmont Corp.

3.50%, 3/15/2022		290,000		296,345

3.70%, 3/15/2023		302,000		318,238

2.80%, 10/1/2029		338,000		354,293

2.25%, 10/1/2030		950,000		947,389

5.88%, 4/1/2035		283,000		386,602

6.25%, 10/1/2039		101,000		145,537

4.88%, 3/15/2042		453,000		575,896

5.45%, 6/9/2044		400,000		535,643

Rio Tinto Alcan, Inc. (Canada)

7.25%, 3/15/2031		476,000		680,547

6.13%, 12/15/2033		90,000		131,027

5.75%, 6/1/2035		71,000		99,380

Rio Tinto Finance USA plc (Australia)

4.75%, 3/22/2042		61,000		79,226

4.13%, 8/21/2042		1,547,000		1,869,528

Southern Copper Corp. (Peru)

3.50%, 11/8/2022		139,000		145,294

3.88%, 4/23/2025		1,017,000		1,122,818

6.75%, 4/16/2040		100,000		140,967

5.25%, 11/8/2042		228,000		286,298

5.88%, 4/23/2045		1,214,000		1,649,784

Vale Overseas Ltd. (Brazil)

6.25%, 8/10/2026		719,000		873,455

3.75%, 7/8/2030		754,000		805,729

SEE NOTES TO FINANCIAL STATEMENTS.



136	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Metals & Mining — continued

6.88%, 11/21/2036		125,000		171,533

6.88%, 11/10/2039		426,000		587,761

Vale SA (Brazil) 5.63%, 9/11/2042 (c)		1,987,000		2,499,508


				16,018,736


Multiline Retail — 0.3%

Dollar General Corp.

3.25%, 4/15/2023		214,000		225,173

4.15%, 11/1/2025		259,000		292,572

3.88%, 4/15/2027		120,000		135,756

4.13%, 5/1/2028		230,000		264,104

3.50%, 4/3/2030		325,000		358,116

4.13%, 4/3/2050		1,084,000		1,255,352


				2,531,073


Multi-Utilities — 0.1%

Ameren Corp.

2.50%, 9/15/2024		349,000		369,789

3.50%, 1/15/2031		661,000		731,926

Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		10,000		10,368


				1,112,083


Oil, Gas & Consumable Fuels — 3.0%

Boardwalk Pipelines LP 3.40%, 2/15/2031		400,000		412,998

Burlington Resources LLC

7.20%, 8/15/2031		179,000		259,223

5.95%, 10/15/2036		376,000		521,540

Cimarex Energy Co. 4.38%, 3/15/2029 (c)		454,000		508,050

Conoco Funding Co. 7.25%, 10/15/2031		151,000		221,333

ConocoPhillips

5.90%, 10/15/2032		131,000		178,040

6.50%, 2/1/2039		60,000		87,987

ConocoPhillips Co.

2.40%, 12/15/2022		353,000		363,807

3.35%, 11/15/2024 (c)		197,000		214,237

4.95%, 3/15/2026 (c)		818,000		959,863

6.95%, 4/15/2029		132,000		179,945

4.30%, 11/15/2044		358,000		426,325

5.95%, 3/15/2046 (c)		33,000		47,565

Ecopetrol SA (Colombia)

5.88%, 9/18/2023		109,000		120,954

4.13%, 1/16/2025		119,000		127,622

6.88%, 4/29/2030		99,000		121,481

7.38%, 9/18/2043		68,000		85,493

5.88%, 5/28/2045		168,000		183,037


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Eni USA, Inc. (Italy) 7.30%, 11/15/2027		104,000		136,795

EOG Resources, Inc.

2.63%, 3/15/2023		206,000		214,414

4.15%, 1/15/2026 (c)		600,000		681,305

4.38%, 4/15/2030		710,000		834,051

4.95%, 4/15/2050		283,000		358,490

Equinor ASA (Norway)

2.65%, 1/15/2024		97,000		102,785

3.70%, 3/1/2024		91,000		99,670

1.75%, 1/22/2026		38,000		39,091

3.63%, 9/10/2028		40,000		45,122

2.38%, 5/22/2030		162,000		165,711

3.25%, 11/18/2049		230,000		233,846

Hess Corp.

7.30%, 8/15/2031		1,272,000		1,658,841

5.60%, 2/15/2041 (c)		1,772,000		2,103,072

HollyFrontier Corp.

2.63%, 10/1/2023 (c)		250,000		257,023

5.88%, 4/1/2026		1,022,000		1,163,239

4.50%, 10/1/2030		254,000		267,728

Magellan Midstream Partners LP

5.00%, 3/1/2026		10,000		11,661

3.25%, 6/1/2030 (c)		600,000		644,930

5.15%, 10/15/2043		26,000		31,031

4.25%, 9/15/2046		72,000		76,217

4.20%, 10/3/2047		50,000		52,333

3.95%, 3/1/2050		1,000,000		1,022,956

Pioneer Natural Resources Co.

0.75%, 1/15/2024		1,591,000		1,591,264

1.13%, 1/15/2026		393,000		389,246

4.45%, 1/15/2026		368,000		418,445

Suncor Energy, Inc. (Canada)

3.10%, 5/15/2025		190,000		204,087

7.15%, 2/1/2032		64,000		87,573

4.00%, 11/15/2047		2,211,000		2,374,274

Tosco Corp. 8.13%, 2/15/2030		65,000		95,249

Valero Energy Corp.

2.70%, 4/15/2023		175,000		182,446

1.20%, 3/15/2024		388,000		391,207

3.65%, 3/15/2025 (c)		505,000		547,130

2.85%, 4/15/2025		360,000		379,793

3.40%, 9/15/2026		1,124,000		1,207,728

2.15%, 9/15/2027		100,000		100,135

4.35%, 6/1/2028		324,000		364,242

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	137

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

4.00%, 4/1/2029		250,000		275,630

7.50%, 4/15/2032		147,000		203,704

4.90%, 3/15/2045		136,000		156,624

Valero Energy Partners LP

4.38%, 12/15/2026		287,000		325,316

4.50%, 3/15/2028		302,000		341,052


				24,854,956


Personal Products — 0.2%

Estee Lauder Cos., Inc. (The)

2.00%, 12/1/2024		75,000		78,828

3.15%, 3/15/2027		160,000		176,870

2.38%, 12/1/2029		27,000		28,141

2.60%, 4/15/2030		58,000		61,480

6.00%, 5/15/2037 (c)		130,000		182,214

4.38%, 6/15/2045		191,000		235,740

4.15%, 3/15/2047		125,000		152,386

3.13%, 12/1/2049		681,000		717,652


				1,633,311


Pharmaceuticals — 0.9%

Johnson & Johnson

2.25%, 3/3/2022		83,000		84,566

2.45%, 3/1/2026		43,000		46,102

2.90%, 1/15/2028		220,000		241,647

6.95%, 9/1/2029		50,000		71,090

4.38%, 12/5/2033		227,000		283,075

3.55%, 3/1/2036		192,000		224,142

3.63%, 3/3/2037		170,000		198,656

5.95%, 8/15/2037		25,000		36,425

3.40%, 1/15/2038		286,000		321,540

2.10%, 9/1/2040		250,000		234,353

4.50%, 9/1/2040		73,000		93,068

4.50%, 12/5/2043		25,000		32,327

3.70%, 3/1/2046		699,000		809,630

3.75%, 3/3/2047		87,000		101,692

3.50%, 1/15/2048		719,000		812,192

2.25%, 9/1/2050		770,000		698,806

2.45%, 9/1/2060		264,000		239,950

Zoetis, Inc.

3.25%, 2/1/2023		467,000		488,555

4.50%, 11/13/2025		56,000		64,171

3.00%, 9/12/2027		625,000		682,039

3.90%, 8/20/2028		497,000		563,106

2.00%, 5/15/2030		272,000		268,492

4.70%, 2/1/2043		469,000		592,447


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — continued

3.95%, 9/12/2047		154,000		176,717

4.45%, 8/20/2048		135,000		165,118

3.00%, 5/15/2050		173,000		172,097


				7,702,003


Professional Services — 0.6%

Thomson Reuters Corp. (Canada)

4.30%, 11/23/2023		419,000		456,941

3.35%, 5/15/2026		1,540,000		1,687,512

5.50%, 8/15/2035		100,000		128,598

5.85%, 4/15/2040		25,000		32,873

5.65%, 11/23/2043 (c)		1,318,000		1,698,133

Verisk Analytics, Inc.

4.13%, 9/12/2022		10,000		10,542

5.50%, 6/15/2045		47,000		61,676

3.63%, 5/15/2050		562,000		580,466


				4,656,741


Semiconductors & Semiconductor Equipment — 1.0%

Maxim Integrated Products, Inc.

3.38%, 3/15/2023		48,000		50,342

3.45%, 6/15/2027 (c)		160,000		178,228

Micron Technology, Inc.

2.50%, 4/24/2023		507,000		528,118

4.64%, 2/6/2024		431,000		476,265

4.98%, 2/6/2026		698,000		809,194

4.19%, 2/15/2027		125,000		142,465

5.33%, 2/6/2029		110,000		132,720

4.66%, 2/15/2030		220,000		257,647

NVIDIA Corp.

3.20%, 9/16/2026		175,000		192,937

2.85%, 4/1/2030		856,000		920,431

3.50%, 4/1/2040		334,000		369,229

3.50%, 4/1/2050		318,000		345,057

3.70%, 4/1/2060		1,280,000		1,432,472

Texas Instruments, Inc.

2.25%, 5/1/2023		90,000		93,339

2.63%, 5/15/2024		40,000		42,571

2.90%, 11/3/2027		230,000		252,092

2.25%, 9/4/2029		50,000		51,522

3.88%, 3/15/2039		754,000		886,784

4.15%, 5/15/2048		1,145,000		1,399,456


				8,560,869

SEE NOTES TO FINANCIAL STATEMENTS.



138	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Software — 0.4%

Cadence Design Systems, Inc. 4.38%, 10/15/2024		865,000		962,525

Citrix Systems, Inc.

4.50%, 12/1/2027 (c)		577,000		668,960

3.30%, 3/1/2030		208,000		219,619

Intuit, Inc. 0.65%, 7/15/2023		557,000		560,865

ServiceNow, Inc. 1.40%, 9/1/2030		850,000		790,995


				3,202,964


Specialty Retail — 0.6%

Best Buy Co., Inc.

4.45%, 10/1/2028		800,000		928,971

1.95%, 10/1/2030		359,000		347,215

Ross Stores, Inc.

4.60%, 4/15/2025		707,000		803,500

0.88%, 4/15/2026		14,000		13,745

TJX Cos., Inc. (The)

2.50%, 5/15/2023		445,000		463,302

3.50%, 4/15/2025		10,000		10,966

2.25%, 9/15/2026		1,196,000		1,263,552

3.75%, 4/15/2027		100,000		113,282

1.15%, 5/15/2028		165,000		159,902

Tractor Supply Co. 1.75%, 11/1/2030		677,000		649,284


				4,753,719


Technology Hardware, Storage & Peripherals — 0.4%

HP, Inc.

2.20%, 6/17/2025		10,000		10,438

3.00%, 6/17/2027		2,010,000		2,175,408

3.40%, 6/17/2030		10,000		10,794

6.00%, 9/15/2041		720,000		924,566


				3,121,206


Trading Companies & Distributors — 0.2%

WW Grainger, Inc.

1.85%, 2/15/2025		1,009,000		1,047,706

4.60%, 6/15/2045		499,000		624,300


				1,672,006


Wireless Telecommunication Services — 0.6%

T-Mobile USA, Inc.

3.50%, 4/15/2025 (e)		10,000		10,859

3.75%, 4/15/2027 (e)		10,000		11,044

2.05%, 2/15/2028 (e)		10,000		9,980

3.88%, 4/15/2030 (e)		1,089,000		1,202,724

4.38%, 4/15/2040 (e)		770,000		872,395

3.00%, 2/15/2041 (c) (e)		620,000		588,795


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wireless Telecommunication Services — continued

4.50%, 4/15/2050 (e)		1,031,000		1,160,207

3.30%, 2/15/2051 (e)		1,296,000		1,214,713


				5,070,717


Total Corporate Bonds (Cost $217,448,323)				218,625,236

Commercial Mortgage-Backed Securities — 2.2%

Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class A4, 3.57%, 2/15/2050		20,000		22,255

BANK

Series 2017-BNK4, Class ASB, 3.42%, 5/15/2050		30,000		32,487

Series 2019-BN16, Class A4, 4.01%, 2/15/2052		60,000		68,973

Series 2019-BN21, Class A5, 2.85%, 10/17/2052		60,000		64,146

Series 2019-BN23, Class A3, 2.92%, 12/15/2052		142,000		152,460

Series 2018-BN10, Class A5, 3.69%, 2/15/2061		20,000		22,469

Series 2018-BN10, Class AS, 3.90%, 2/15/2061 (f)		180,000		201,626

Series 2019-BN19, Class A3, 3.18%, 8/15/2061		100,000		109,140

Series 2019-BN22, Class A4, 2.98%, 11/15/2062		260,000		280,309

BBCMS Mortgage Trust Series 2018-C2, Class A5, 4.31%, 12/15/2051		40,000		46,587

Benchmark Mortgage Trust

Series 2018-B1, Class A5, 3.67%, 1/15/2051 (f)		50,000		56,095

Series 2018-B2, Class B, 4.20%, 2/15/2051 ‡ (f)		20,000		22,775

Series 2018-B5, Class A4, 4.21%, 7/15/2051		110,000		127,614

Series 2018-B6, Class A2, 4.20%, 10/10/2051		50,000		53,651

Series 2018-B8, Class A5, 4.23%, 1/15/2052		40,000		46,636

Series 2020-B16, Class AM, 2.94%, 2/15/2053 ‡ (f)		180,000		189,829

Cantor Commercial Real Estate Lending Series 2019-CF2, Class AS, 3.12%, 11/15/2052		75,000		79,997

CD Mortgage Trust

Series 2017-CD3, Class A4, 3.63%, 2/10/2050		330,000		368,157

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	139

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

Series 2017-CD6, Class ASB, 3.33%, 11/13/2050		20,000		21,831

Series 2017-CD6, Class AM, 3.71%, 11/13/2050 (f)		30,000		33,202

CFCRE Commercial Mortgage Trust

Series 2017-C8, Class A4, REIT, 3.57%, 6/15/2050		30,000		33,164

Series 2016-C7, Class ASB, 3.64%, 12/10/2054		20,000		21,693

Citigroup Commercial Mortgage Trust

Series 2014-GC21, Class AAB, 3.48%, 5/10/2047		12,840		13,421

Series 2014-GC23, Class B, 4.17%, 7/10/2047 ‡ (f)		30,000		32,571

Series 2014-GC25, Class AAB, 3.37%, 10/10/2047		21,517		22,541

Series 2015-GC29, Class C, 4.15%, 4/10/2048 ‡ (f)		40,000		42,593

Series 2016-C1, Class AAB, 3.00%, 5/10/2049		100,000		106,074

Series 2019-GC43, Class A4, 3.04%, 11/10/2052		850,000		918,641

Commercial Mortgage Trust

Series 2013-CR9, Class A4, 4.22%, 7/10/2045 (f)		120,000		129,583

Series 2012-CR3, Class A3, 2.82%, 10/15/2045		159,394		163,037

Series 2012-CR4, Class A3, 2.85%, 10/15/2045		24,848		25,720

Series 2013-CR6, Class A4, 3.10%, 3/10/2046		20,000		20,896

Series 2013-CR7, Class A4, 3.21%, 3/10/2046		48,255		50,694

Series 2013-CR13, Class B, 4.89%, 11/10/2046 (f)		364,000		402,100

Series 2014-UBS5, Class AM, 4.19%, 9/10/2047 (f)		40,000		43,803

Series 2014-CR20, Class A3, 3.33%, 11/10/2047		45,000		48,188

Series 2014-UBS6, Class A4, 3.38%, 12/10/2047		140,000		150,640

Series 2015-LC19, Class A4, 3.18%, 2/10/2048		750,000		810,291

Series 2015-LC21, Class AM, 4.04%, 7/10/2048 (f)		30,000		32,549

Series 2015-CR25, Class A4, 3.76%, 8/10/2048		30,000		33,289

CSAIL Commercial Mortgage Trust

Series 2015-C3, Class A4, 3.72%, 8/15/2048		30,000		33,203


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2016-C5, Class A5, 3.76%, 11/15/2048		27,000		30,055

Series 2019-C15, Class A4, 4.05%, 3/15/2052		210,000		239,885

DBGS Mortgage Trust Series 2018-C1, Class A4, 4.47%, 10/15/2051		20,000		23,468

DBJPM Mortgage Trust Series 2017-C6, Class A5, 3.33%, 6/10/2050		20,000		22,080

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K027, Class A2, 2.64%, 1/25/2023		267,000		274,855

Series K028, Class A2, 3.11%, 2/25/2023		100,000		103,949

Series K029, Class A2, 3.32%, 2/25/2023 (f)		150,000		156,838

Series K033, Class A2, 3.06%, 7/25/2023 (f)		220,000		232,091

Series K036, Class A2, 3.53%, 10/25/2023 (f)		162,000		173,918

Series K725, Class AM, 3.10%, 2/25/2024 (f)		50,000		53,194

Series K728, Class A2, 3.06%, 8/25/2024 (f)		50,000		53,601

Series K040, Class A2, 3.24%, 9/25/2024		70,000		75,765

Series K731, Class A2, 3.60%, 2/25/2025 (f)		50,000		54,385

Series K051, Class A2, 3.31%, 9/25/2025		40,000		44,274

Series K734, Class A2, 3.21%, 2/25/2026		370,000		406,137

Series K735, Class A2, 2.86%, 5/25/2026		50,000		54,602

Series K057, Class A2, 2.57%, 7/25/2026		63,000		67,999

Series K063, Class A1, 3.05%, 8/25/2026		43,459		46,305

Series K084, Class A2, 3.78%, 10/25/2028 (f)		500,000		583,830

Series K085, Class A2, 4.06%, 10/25/2028 (f)		840,000		995,933

Series K096, Class A2, 2.52%, 7/25/2029		295,000		316,837

Series K099, Class A2, 2.60%, 9/25/2029		100,000		108,043

Series K100, Class A2, 2.67%, 9/25/2029		400,000		434,503

Series K-1512, Class A2, 2.99%, 5/25/2031		75,000		82,476

SEE NOTES TO FINANCIAL STATEMENTS.



140	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

Series K156, Class A3, 3.70%, 6/25/2033 (f)		91,000		107,110

Series K-1512, Class A3, 3.06%, 4/25/2034		150,000		168,055

Series K-1513, Class A3, 2.80%, 8/25/2034		325,000		354,509

Series K-1514, Class A2, 2.86%, 10/25/2034		400,000		439,994

Series K-1518, Class A2, 1.86%, 10/25/2035		848,000		837,645

FNMA ACES

Series 2014-M2, Class A2, 3.51%, 12/25/2023 (f)		35,111		37,792

Series 2014-M3, Class A2, 3.49%, 1/25/2024 (f)		30,035		32,352

Series 2017-M10, Class AV2, 2.56%, 7/25/2024 (f)		49,630		52,168

Series 2016-M6, Class A1, 2.14%, 5/25/2026		41,403		42,719

Series 2016-M11, Class A1, 2.08%, 7/25/2026		44,938		46,266

Series 2017-M1, Class A2, 2.42%, 10/25/2026 (f)		200,000		212,209

Series 2017-M7, Class A2, 2.96%, 2/25/2027 (f)		730,000		795,740

Series 2017-M12, Class A1, 2.75%, 6/25/2027		1,933		1,933

Series 2017-M12, Class A2, 3.08%, 6/25/2027 (f)		202,756		223,366

Series 2018-M10, Class A2, 3.37%, 7/25/2028 (f)		40,000		45,565

Series 2018-M14, Class A2, 3.58%, 8/25/2028 (f)		450,000		519,560

Series 2019-M1, Class A2, 3.55%, 9/25/2028 (f)		85,000		98,205

Series 2018-M13, Class A1, 3.70%, 3/25/2030 (f)		34,250		38,846

GS Mortgage Securities Trust

Series 2012-GCJ9, Class A3, 2.77%, 11/10/2045		77,671		79,787

Series 2014-GC24, Class AAB, 3.65%, 9/10/2047		17,674		18,614

Series 2014-GC24, Class AS, 4.16%, 9/10/2047 (f)		170,000		184,998

Series 2015-GC28, Class A4, 3.14%, 2/10/2048		38,765		41,284

Series 2015-GC30, Class A4, 3.38%, 5/10/2050		25,000		27,300

Series 2019-GSA1, Class A4, 3.05%, 11/10/2052		260,000		279,938


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


JPMBB Commercial Mortgage Securities Trust

Series 2013-C12, Class C, 4.10%, 7/15/2045 (f)		26,000		26,833

Series 2015-C29, Class B, 4.12%, 5/15/2048 ‡ (f)		40,000		42,921

Series 2015-C31, Class A3, 3.80%, 8/15/2048		40,000		44,277

JPMDB Commercial Mortgage Securities Trust

Series 2016-C2, Class B, 3.99%, 6/15/2049 (f)		20,000		21,052

Series 2017-C5, Class B, 4.01%, 3/15/2050 ‡ (f)		20,000		21,750

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2012-C8, Class A3, 2.83%, 10/15/2045		7,260		7,481

Series 2012-LC9, Class A5, 2.84%, 12/15/2047		19,879		20,441

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2012-C5, Class A4, 3.18%, 8/15/2045		20,000		20,603

Series 2013-C9, Class A4, 3.10%, 5/15/2046		30,000		31,501

Series 2015-C22, Class AS, 3.56%, 4/15/2048 ‡		40,000		42,091

Series 2015-C25, Class ASB, 3.38%, 10/15/2048		46,583		49,351

Series 2015-C25, Class A5, 3.64%, 10/15/2048		40,000		44,204

Series 2016-C32, Class A4, 3.72%, 12/15/2049		295,000		329,253

Morgan Stanley Capital I Trust

Series 2016-UB12, Class A3, 3.34%, 12/15/2049		850,000		919,465

Series 2017-H1, Class C, 4.28%, 6/15/2050 ‡ (f)		25,000		25,864

Series 2019-L2, Class A4, 4.07%, 3/15/2052		50,000		57,329

Series 2019-L3, Class A4, 3.13%, 11/15/2052		100,000		108,658

UBS Commercial Mortgage Trust

Series 2012-C1, Class A3, 3.40%, 5/10/2045		122,004		124,962

Series 2017-C4, Class ASB, 3.37%, 10/15/2050		40,000		43,494

Series 2017-C5, Class AS, 3.78%, 11/15/2050 (f)		70,000		77,351

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	141

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed securities — continued

Series 2017-C7, Class AS, 4.06%, 12/15/2050 (f)		50,000		56,377

UBS-Barclays Commercial Mortgage Trust

Series 2013-C5, Class A4, 3.18%, 3/10/2046		40,000		41,692

Series 2012-C2, Class A4, 3.53%, 5/10/2063		20,000		20,634

Wells Fargo Commercial Mortgage Trust

Series 2012-LC5, Class A3, 2.92%, 10/15/2045		72,342		74,620

Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (f)		300,000		321,526

Series 2015-C27, Class A4, 3.19%, 2/15/2048		42,549		45,451

Series 2015-C28, Class A4, 3.54%, 5/15/2048		20,000		21,925

Series 2015-C29, Class A4, 3.64%, 6/15/2048		120,000		132,442

Series 2018-C45, Class A3, 3.92%, 6/15/2051		45,000		51,007

Series 2019-C53, Class A4, 3.04%, 10/15/2052		125,000		135,167

Series 2020-C55, Class A5, 2.73%, 2/15/2053		240,000		253,294

WFRBS Commercial Mortgage Trust

Series 2012-C9, Class AS, 3.39%, 11/15/2045		60,000		62,404

Series 2012-C10, Class A3, 2.88%, 12/15/2045		40,000		41,476

Series 2013-C15, Class AS, 4.36%, 8/15/2046 (f)		190,000		201,295

Series 2014-C22, Class A4, 3.49%, 9/15/2057		40,000		43,031

Series 2014-C22, Class A5, 3.75%, 9/15/2057		25,000		27,349


Total Commercial Mortgage-backed Securities (Cost $17,807,560)				18,044,479

Foreign Government Securities — 1.9%

Canada Government Bond (Canada)

2.63%, 1/25/2022		255,000		260,616

1.63%, 1/22/2025 (c)		35,000		36,483

Export Development Canada (Canada)

2.00%, 5/17/2022		25,000		25,547

1.75%, 7/18/2022		60,000		61,291

2.50%, 1/24/2023		120,000		125,220

2.63%, 2/21/2024		55,000		58,660

FMS Wertmanagement AoeR (Germany)

2.00%, 8/1/2022		405,000		415,291

2.75%, 1/30/2024		200,000		213,731


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hungary Government Bond (Hungary)

5.38%, 2/21/2023		142,000		155,493

5.38%, 3/25/2024		186,000		211,629

Italian Republic Government Bond (Italy) 5.38%, 6/15/2033		427,000		531,764

Japan Bank for International Cooperation (Japan)

1.63%, 10/17/2022		200,000		204,336

1.75%, 1/23/2023		200,000		205,461

3.00%, 5/29/2024		201,000		217,053

2.50%, 5/28/2025		220,000		236,380

2.88%, 6/1/2027		202,000		222,372

2.88%, 7/21/2027		218,000		239,384

Oriental Republic of Uruguay (Uruguay)

8.00%, 11/18/2022		50,000		54,287

4.50%, 8/14/2024		140,000		152,554

4.38%, 10/27/2027		80,000		91,232

5.10%, 6/18/2050		159,000		197,791

4.98%, 4/20/2055		55,000		67,694

Province of Alberta (Canada)

2.20%, 7/26/2022		90,000		92,437

3.35%, 11/1/2023		100,000		107,712

2.95%, 1/23/2024		50,000		53,570

1.00%, 5/20/2025		100,000		101,051

3.30%, 3/15/2028		25,000		28,017

Province of British Columbia (Canada)

2.00%, 10/23/2022		344,000		354,094

1.75%, 9/27/2024		100,000		104,456

2.25%, 6/2/2026		49,000		52,330

Province of Manitoba (Canada) 2.13%, 5/4/2022		33,000		33,724

Province of Ontario (Canada)

2.40%, 2/8/2022		95,000		96,898

2.55%, 4/25/2022		331,000		339,774

2.20%, 10/3/2022		24,000		24,739

1.75%, 1/24/2023		346,000		355,596

3.40%, 10/17/2023 (c)		267,000		287,865

3.05%, 1/29/2024		155,000		166,695

2.50%, 4/27/2026		129,000		138,945

2.30%, 6/15/2026		30,000		32,012

2.00%, 10/2/2029		25,000		25,831

Province of Quebec (Canada)

2.38%, 1/31/2022		198,000		201,895

1.50%, 2/11/2025		220,000		227,233

2.50%, 4/20/2026		550,000		592,982

SEE NOTES TO FINANCIAL STATEMENTS.



142	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Republic of Chile (Chile) 2.55%, 1/27/2032 (c)		150,000		152,914

Republic of Colombia (Colombia)

8.13%, 5/21/2024		93,000		111,471

4.50%, 1/28/2026		200,000		221,385

4.50%, 3/15/2029		90,000		99,628

10.38%, 1/28/2033		76,000		117,948

5.00%, 6/15/2045		200,000		216,983

Republic of Indonesia (Indonesia)

5.35%, 2/11/2049 (c)		200,000		252,346

3.50%, 2/14/2050		200,000		199,504

3.35%, 3/12/2071 (c)		200,000		189,576

Republic of Korea (South Korea)

5.63%, 11/3/2025		200,000		242,465

2.75%, 1/19/2027		207,000		225,692

1.00%, 9/16/2030		306,000		290,130

Republic of Panama (Panama)

7.13%, 1/29/2026		100,000		124,591

8.88%, 9/30/2027		33,000		45,923

9.38%, 4/1/2029		152,000		224,519

6.70%, 1/26/2036		96,000		129,702

4.50%, 4/1/2056		200,000		220,698

Republic of Peru (Peru)

7.35%, 7/21/2025		80,000		100,492

8.75%, 11/21/2033		246,000		389,199

6.55%, 3/14/2037		25,000		34,727

3.23%, 7/28/2121		257,000		217,636

Republic of Philippines (Philippines)

7.50%, 9/25/2024		250,000		292,310

9.50%, 10/21/2024		125,000		163,812

10.63%, 3/16/2025		72,000		100,079

9.50%, 2/2/2030		47,000		74,980

2.95%, 5/5/2045		400,000		385,205

Republic of Poland (Poland)

5.00%, 3/23/2022		151,000		158,669

3.25%, 4/6/2026		225,000		252,173

State of Israel Government Bond (Israel)

3.15%, 6/30/2023		200,000		212,083

2.88%, 3/16/2026		200,000		218,130

4.50%, 4/3/2120		201,000		248,456

Svensk Exportkredit AB (Sweden)

0.75%, 4/6/2023		292,000		294,964

0.50%, 8/26/2025		201,000		197,945

United Mexican States (Mexico)

8.00%, 9/24/2022		51,000		56,820

4.00%, 10/2/2023		240,000		260,759


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


4.50%, 4/22/2029		280,000		314,667

6.75%, 9/27/2034		265,000		347,828

5.55%, 1/21/2045		200,000		234,252

4.60%, 1/23/2046		200,000		205,982

5.75%, 10/12/2110		394,000		448,521


Total Foreign Government Securities (Cost $15,651,655)				15,677,289

U.S. Government Agency Securities — 1.6%

FFCB

0.53%, 1/18/2022		309,000		310,166

0.38%, 4/8/2022		290,000		290,811

0.25%, 6/2/2022		140,000		140,208

1.85%, 8/5/2022		34,000		34,721

0.13%, 11/23/2022		867,000		866,751

0.57%, 7/2/2024		45,000		44,890

FHLB

2.25%, 3/11/2022		30,000		30,643

2.38%, 6/10/2022		25,000		25,706

0.13%, 10/21/2022		50,000		49,996

1.88%, 12/9/2022		10,000		10,307

3.00%, 12/9/2022		70,000		73,523

1.38%, 2/17/2023		95,000		97,270

2.13%, 3/10/2023		75,000		77,920

3.38%, 12/8/2023		100,000		108,464

2.50%, 2/13/2024		180,000		191,707

1.50%, 8/15/2024		10,000		10,386

2.88%, 9/13/2024		130,000		141,214

2.75%, 12/13/2024		100,000		108,521

2.38%, 3/14/2025		35,000		37,482

3.25%, 11/16/2028		860,000		985,019

2.13%, 9/14/2029		100,000		105,765

5.63%, 3/14/2036		50,000		74,075

5.50%, 7/15/2036		35,000		51,966

FHLMC

2.38%, 1/13/2022		216,000		220,260

0.25%, 6/8/2022		679,000		680,169

0.13%, 7/25/2022		500,000		499,968

0.38%, 4/20/2023		10,000		10,048

0.38%, 5/5/2023		600,000		602,836

2.75%, 6/19/2023		282,000		298,601

0.25%, 6/26/2023		210,000		210,313

0.25%, 8/24/2023		650,000		650,773

0.30%, 9/28/2023		10,000		9,992

0.30%, 12/29/2023		10,000		9,993

1.50%, 2/12/2025		379,000		393,968

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	143

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — continued

0.38%, 7/21/2025		73,000		72,191

0.38%, 9/23/2025		10,000		9,850

2.60%, 12/14/2029 (g)		80,000		69,818

6.25%, 7/15/2032		120,000		178,202

FNMA

2.25%, 4/12/2022		118,000		120,771

1.38%, 9/6/2022		72,000		73,348

2.38%, 1/19/2023		121,000		126,093

0.25%, 7/10/2023		10,000		10,003

0.30%, 8/3/2023		140,000		140,101

2.88%, 9/12/2023		400,000		426,483

2.50%, 2/5/2024		161,000		171,291

2.63%, 9/6/2024		65,000		70,099

1.63%, 10/15/2024		10,000		10,441

0.63%, 4/22/2025		120,000		120,204

0.50%, 6/17/2025		455,000		452,781

2.13%, 4/24/2026		175,000		186,900

1.88%, 9/24/2026		503,000		530,018

6.25%, 5/15/2029		310,000		427,302

7.13%, 1/15/2030		31,000		45,716

0.88%, 8/5/2030		10,000		9,451

6.63%, 11/15/2030		108,000		157,744

6.21%, 8/6/2038		45,000		72,758

Israel Government AID Bond (Israel) 5.50%, 12/4/2023		388,000		442,288

Tennessee Valley Authority

1.88%, 8/15/2022		129,000		132,180

0.75%, 5/15/2025		50,000		50,076

7.13%, 5/1/2030		166,000		246,829

Series B, 4.70%, 7/15/2033		612,000		800,743

6.15%, 1/15/2038		35,000		53,722

3.50%, 12/15/2042		50,000		57,968

5.38%, 4/1/2056		55,000		87,468

4.25%, 9/15/2065		395,000		534,177


Total U.S. Government Agency Securities (Cost $13,255,152)				13,341,448


Supranational — 1.5%

African Development Bank (Supranational)

0.50%, 4/22/2022		37,000		37,138

0.75%, 4/3/2023		240,000		242,656

3.00%, 9/20/2023		100,000		106,810

Asian Development Bank (Supranational)

1.88%, 2/18/2022		640,000		650,414

0.63%, 4/7/2022		360,000		361,840

1.75%, 9/13/2022		273,000		279,549


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



1.63%, 1/24/2023		100,000		102,696

2.75%, 3/17/2023		25,000		26,295

2.63%, 1/30/2024		150,000		159,898

1.50%, 10/18/2024		60,000		62,141

2.00%, 1/22/2025		100,000		105,517

0.63%, 4/29/2025		100,000		100,023

2.50%, 11/2/2027		164,000		177,791

2.75%, 1/19/2028		100,000		110,089

3.13%, 9/26/2028		80,000		90,527

1.88%, 1/24/2030		93,000		96,331

0.75%, 10/8/2030		181,000		168,677

Asian Infrastructure Investment Bank (The) (Supranational)

2.25%, 5/16/2024		30,000		31,752

0.50%, 5/28/2025		84,000		83,475

0.50%, 1/27/2026		400,000		393,270

Corp. Andina de Fomento (Supranational)

4.38%, 6/15/2022		320,000		335,197

2.75%, 1/6/2023 (c)		300,000		311,594

3.75%, 11/23/2023		25,000		26,888

Council of Europe Development Bank (Supranational)

2.63%, 2/13/2023		49,000		51,297

1.38%, 2/27/2025		291,000		300,125

European Bank for Reconstruction & Development (Supranational)

2.13%, 3/7/2022		25,000		25,490

0.50%, 5/19/2025 (c)		639,000		635,633

European Investment Bank (Supranational)

2.25%, 3/15/2022		30,000		30,644

2.63%, 5/20/2022		26,000		26,779

2.38%, 6/15/2022		67,000		68,898

1.38%, 9/6/2022		85,000		86,542

2.00%, 12/15/2022		200,000		206,475

2.50%, 3/15/2023		1,100,000		1,151,388

3.25%, 1/29/2024 (c)		420,000		455,227

2.63%, 3/15/2024		40,000		42,731

1.88%, 2/10/2025		200,000		210,152

0.63%, 7/25/2025		86,000		85,649

0.38%, 12/15/2025		75,000		73,537

2.38%, 5/24/2027		41,000		44,332

1.63%, 10/9/2029		130,000		132,179

0.75%, 9/23/2030		10,000		9,347

Inter-American Development Bank (Supranational)

2.13%, 1/18/2022		116,000		117,984

SEE NOTES TO FINANCIAL STATEMENTS.



144	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Supranational — continued

1.75%, 4/14/2022		50,000		50,889

2.50%, 1/18/2023		314,000		327,589

0.88%, 4/3/2025		50,000		50,584

7.00%, 6/15/2025		91,000		114,608

0.63%, 7/15/2025		100,000		99,535

2.00%, 6/2/2026		100,000		105,684

2.38%, 7/7/2027		26,000		27,927

3.13%, 9/18/2028		109,000		123,289

2.25%, 6/18/2029		167,000		177,962

3.20%, 8/7/2042		53,000		60,933

4.38%, 1/24/2044		300,000		407,238

International Bank for Reconstruction & Development (Supranational)

2.00%, 1/26/2022		440,000		447,227

2.13%, 2/13/2023		25,000		25,932

3.00%, 9/27/2023		240,000		256,546

2.50%, 3/19/2024		110,000		117,099

2.50%, 11/25/2024		50,000		53,661

1.63%, 1/15/2025		100,000		104,107

0.63%, 4/22/2025		350,000		350,215

2.50%, 7/29/2025		70,000		75,377

3.13%, 11/20/2025		70,000		77,594

1.88%, 10/27/2026		89,000		93,557

2.50%, 11/22/2027		30,000		32,526

1.75%, 10/23/2029		331,000		340,452

0.88%, 5/14/2030		50,000		47,487

4.75%, 2/15/2035		240,000		320,931

International Finance Corp. (Supranational) 2.00%, 10/24/2022		60,000		61,790

Nordic Investment Bank (Supranational) 2.13%, 2/1/2022		200,000		203,540


Total Supranational (Cost $11,864,107)				11,969,256

Municipal Bonds — 0.6% (h)

California — 0.2%

Bay Area Toll Authority, Toll Bridge

Series 2010S-1, Rev., 6.92%, 4/1/2040		40,000		59,428

Series 2009F-2, Rev., 6.26%, 4/1/2049		100,000		159,607

East Bay Municipal Utility District, Wastewater System Series 2010B, Rev., 5.87%, 6/1/2040		155,000		218,225

Los Angeles Unified School District, Build America Bonds

GO, 5.75%, 7/1/2034		20,000		27,208

Series 2010RY, GO, 6.76%, 7/1/2034		105,000		152,316


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Regents of the University of California Medical Center Pooled

Series H, Rev., 6.55%, 5/15/2048		40,000		59,964

Series 2020N, Rev., 3.71%, 5/15/2120		165,000		168,806

Santa Clara Valley Transportation Authority, Sales Tax Series 2010A, Rev., 5.88%, 4/1/2032		215,000		269,905

State of California, Various Purpose

GO, 7.50%, 4/1/2034		245,000		389,935

GO, 7.55%, 4/1/2039 (c)		100,000		165,128

GO, 7.60%, 11/1/2040		25,000		42,591


Total California				1,713,113


Connecticut — 0.0% (a)

State of Connecticut, Teachers Retirement FD Series A, GO, 5.85%, 3/15/2032		75,000		101,099


Florida — 0.1%

State Board of Administration Finance Corp. Series 2020A, Rev., 1.26%, 7/1/2025		775,000		782,014


Illinois — 0.1%

Chicago O’Hare International Airport, General Airport, Senior Lien Series 2018C, Rev., 4.47%, 1/1/2049		25,000		31,926

Metropolitan Water Reclamation District of Greater Chicago, Build America GO, 5.72%, 12/1/2038		55,000		74,191

Sales Tax Securitization Corp. Series 2019A, Rev., 4.64%, 1/1/2040		60,000		68,644

State of Illinois, Taxable Pension

GO, 4.95%, 6/1/2023		53,182		55,077

GO, 5.10%, 6/1/2033		410,000		456,404


Total Illinois				686,242


Massachusetts — 0.0% (a)

Commonwealth of Massachusetts, Consolidated Loan, Build America Series 2010E, GO, 4.20%, 12/1/2021		20,000		20,610


Missouri — 0.0% (a)

Health and Educational Facilities Authority of the State of Missouri, The Washington University Series 2017A, Rev., 3.65%, 8/15/2057		45,000		53,644


Nebraska — 0.0% (a)

University of Nebraska Facilities Corp., Taxable Series 2019A, Rev., 3.04%, 10/1/2049		50,000		52,271

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	145

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Jersey — 0.0% (a)

New Jersey Economic Development Authority, Pension Funding Series 1997A, Rev., NATL-RE, 7.43%, 2/15/2029		35,000		45,438

New Jersey Transportation Trust Fund Authority, Transportation System Series 2010C, Rev., 5.75%, 12/15/2028		25,000		29,185

New Jersey Turnpike Authority Series F, Rev., 7.41%, 1/1/2040		10,000		16,397

Rutgers The State University of New Jersey Series 2019P, Rev., 3.92%, 5/1/2119		55,000		58,848


Total New Jersey				149,868


New York — 0.1%

City of New York, Fiscal Year 2010 Subseries A-2, GO, 5.21%, 10/1/2031		25,000		30,724

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series GG, Rev., 5.72%, 6/15/2042		40,000		57,611

New York State Urban Development Corp., State Personal Income Tax Series 2009E, Rev., 5.77%, 3/15/2039		25,000		31,097

New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2019B, Rev., 3.90%, 3/15/2033		65,000		73,032

Port Authority of New York and New Jersey, Consolidated

Series 182, Rev., 5.31%, 8/1/2046		60,000		68,291

Series 192, Rev., 4.81%, 10/15/2065		120,000		160,594


Total New York				421,349


Ohio — 0.0% (a)

American Municipal Power, Inc., Combined Hydroelectric Projects Series 2010B, Rev., 7.83%, 2/15/2041		25,000		39,139


Oregon — 0.0% (a)

State of Oregon

GO, 5.76%, 6/1/2023		26,806		28,783

GO, 5.89%, 6/1/2027		55,000		68,131


Total Oregon				96,914


Texas — 0.1%

City of Houston GO, 3.96%, 3/1/2047		40,000		47,121

Grand Parkway Transportation Corp., System Toll Series 2020B, Rev., 3.24%, 10/1/2052		100,000		102,776


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Permanent University Fund — Texas A&M University System Series B, Rev., 3.66%, 7/1/2047		20,000		22,155

State of Texas, Transportation Commission Highway Improvement Series 2010A, GO, 4.68%, 4/1/2040		45,000		59,382

State of Texas, Transportation Commission Mobility Fund Series 2009A, GO, 5.52%, 4/1/2039		120,000		172,007

Texas Transportation Commission State Highway Fund, First Tier Series 2010B, Rev., 5.18%, 4/1/2030		125,000		157,842


Total Texas				561,283


Virginia — 0.0% (a)

University of Virginia, Federally Taxable Rev., 2.26%, 9/1/2050		340,000		312,909


Total Municipal Bonds (Cost $4,942,036)				4,990,455

Asset-Backed Securities — 0.3%

AmeriCredit Automobile Receivables Trust Series 2018-1, Class C, 3.50%, 1/18/2024		15,000		15,478

Capital One Multi-Asset Execution Trust

Series 2019-A1, Class A1, 2.84%, 12/15/2024		50,000		51,251

Series 2017-A6, Class A6, 2.29%, 7/15/2025		10,000		10,318

Series 2019-A3, Class A3, 2.06%, 8/15/2028		400,000		420,228

CarMax Auto Owner Trust Series 2018-1, Class A4, 2.64%, 6/15/2023		25,000		25,507

Citibank Credit Card Issuance Trust

Series 2018-A6, Class A6, 3.21%, 12/7/2024		50,000		52,604

Series 2018-A7, Class A7, 3.96%, 10/13/2030		100,000		118,362

Discover Card Execution Note Trust Series 2018-A1, Class A1, 3.03%, 8/15/2025		18,000		18,953

Ford Credit Floorplan Master Owner Trust A

Series 2019-1, Class A, 2.84%, 3/15/2024		600,000		615,888

Series 2019-3, Class A1, 2.23%, 9/15/2024		75,000		77,197

Honda Auto Receivables Owner Trust Series 2019-4, Class A3, 1.83%, 1/18/2024		500,000		508,965

SEE NOTES TO FINANCIAL STATEMENTS.



146	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Mercedes-Benz Auto Lease Trust Series 2020-A, Class A3, 1.84%, 12/15/2022		370,000		374,506

Santander Drive Auto Receivables Trust Series 2018-4, Class D, 3.98%, 12/15/2025		95,000		98,852

Synchrony Credit Card Master Note Trust Series 2018-2, Class A, 3.47%, 5/15/2026		50,000		53,375

Toyota Auto Receivables Owner Trust Series 2019-D, Class A3, 1.92%, 1/16/2024		50,000		50,907

World Omni Select Auto Trust Series 2019-A, Class D, 2.59%, 12/15/2025		182,000		186,803


Total Asset-backed Securities (Cost $2,644,492)				2,679,194

	SHARES
Short-Term Investments — 3.0%

Investment Companies — 0.7%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (i) (j) (Cost $5,811,837)		5,811,837		5,811,837


Investment of Cash Collateral from Securities Loaned — 2.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.14% (i) (j)		18,497,450		18,499,300

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (i) (j)		866,055		866,055


Total Investment Of Cash Collateral From Securities Loaned (Cost $19,365,355)				19,365,355


Total Short-Term Investments (Cost $25,177,192)				25,177,192


Total Investments — 101.8% (Cost $838,488,619)				841,350,684

Liabilities in Excess of Other Assets — (1.8)%				(14,561,354)


NET ASSETS — 100.0%				826,789,330

Percentages indicated are based on net assets.


Abbreviations
ACES		Alternative Credit Enhancement Securities
FFCB		Federal Farm Credit Bank
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
NATL		Insured by National Public Finance Guarantee Corp.
RE		Reinsured
REIT		Real Estate Investment Trust
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar

(a)		Amount rounds to less than 0.1% of net assets.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021.
(c)		The security or a portion of this security is on loan at February 28, 2021. The total value of securities on loan at February 28, 2021 is $14,606,292.
(d)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2021.
(e)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021.
(g)		The rate shown is the effective yield as of February 28, 2021.
(h)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(i)		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.
(j)		The rate shown is the current yield as of February 28, 2021.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	147

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 59.7%

Aerospace & Defense — 0.6%

Boeing Co. (The) 4.51%, 5/1/2023		31,519,000		33,806,904

General Dynamics Corp. (ICE LIBOR USD 3 Month + 0.38%), 0.58%, 5/11/2021 (a)		7,055,000		7,060,306

Leidos, Inc. 2.95%, 5/15/2023 (b)		46,063,000		48,305,347

Northrop Grumman Corp. 2.55%, 10/15/2022		5,000,000		5,165,154

Raytheon Technologies Corp.

2.50%, 12/15/2022		3,131,000		3,230,014

3.20%, 3/15/2024		5,792,000		6,222,596


				103,790,321


Automobiles — 2.7%

BMW US Capital LLC (Germany)

(ICE LIBOR USD 3 Month + 0.41%), 0.63%, 4/12/2021 (a) (b)		12,300,000		12,307,424

3.10%, 4/12/2021 (b)		6,383,000		6,402,660

(ICE LIBOR USD 3 Month + 0.50%), 0.70%, 8/13/2021 (a) (b)		979,000		981,041

2.95%, 4/14/2022 (b)		18,360,000		18,898,680

3.80%, 4/6/2023 (b)		55,742,000		59,523,324

2.25%, 9/15/2023 (b)		18,130,000		18,900,508

Daimler Finance North America LLC (Germany)

(ICE LIBOR USD 3 Month + 0.55%), 0.74%, 5/4/2021 (a) (b)		1,658,000		1,659,652

2.00%, 7/6/2021 (b)		5,160,000		5,188,437

(ICE LIBOR USD 3 Month + 0.90%), 1.09%, 2/15/2022 (a) (b)		35,447,000		35,716,841

(ICE LIBOR USD 3 Month + 0.88%), 1.06%, 2/22/2022 (a) (b)		28,500,000		28,714,660

2.55%, 8/15/2022 (b)		9,996,000		10,287,163

0.75%, 3/1/2024 (b)		22,758,000		22,795,685

Hyundai Capital America

3.45%, 3/12/2021 (b)		14,976,000		14,989,329

3.00%, 3/18/2021 (b)		5,245,000		5,248,147

2.45%, 6/15/2021 (b)		10,000,000		10,037,500

(ICE LIBOR USD 3 Month + 0.94%), 1.17%, 7/8/2021 (a) (b)		8,250,000		8,264,026

3.10%, 4/5/2022 (b)		2,303,000		2,357,696

2.85%, 11/1/2022 (b) (c)		10,000,000		10,311,300

1.15%, 11/10/2022 (b)		27,058,000		27,252,479

5.75%, 4/6/2023 (b)		10,021,000		11,035,626

Volkswagen Group of America Finance LLC (Germany)

(ICE LIBOR USD 3 Month + 0.86%), 1.10%, 9/24/2021 (a) (b)		20,965,000		21,058,825


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Automobiles — continued

(ICE LIBOR USD 3 Month + 0.94%), 1.14%, 11/12/2021 (a) (b)		9,806,000		9,864,535

4.00%, 11/12/2021 (b)		12,228,000		12,538,089

2.90%, 5/13/2022 (b)		29,836,000		30,710,304

2.70%, 9/26/2022 (b)		9,928,000		10,268,285

0.75%, 11/23/2022 (b) (c)		7,436,000		7,469,097

3.13%, 5/12/2023 (b)		22,136,000		23,328,842

4.25%, 11/13/2023 (b)		9,666,000		10,577,512


				436,687,667


Banks — 24.9%

ABN AMRO Bank NV (Netherlands)

(ICE LIBOR USD 3 Month + 0.57%), 0.76%, 8/27/2021 (a) (b)		24,527,000		24,589,053

3.40%, 8/27/2021 (b)		28,298,000		28,730,960

ANZ New Zealand Int’l Ltd. (New Zealand)

(ICE LIBOR USD 3 Month + 1.01%), 1.23%, 7/28/2021 (a) (b)		13,356,000		13,408,795

2.13%, 7/28/2021 (b) (c)		8,095,000		8,155,421

2.88%, 1/25/2022 (b)		2,585,000		2,645,892

1.90%, 2/13/2023 (b)		3,630,000		3,739,553

Australia & New Zealand Banking Group Ltd. (Australia)

(ICE LIBOR USD 3 Month + 0.46%), 0.65%, 5/17/2021 (a) (b)		2,300,000		2,302,243

(ICE LIBOR USD 3 Month + 0.99%), 1.22%, 6/1/2021 (a) (b)		2,850,000		2,856,744

2.30%, 6/1/2021		1,150,000		1,155,984

(ICE LIBOR USD 3 Month + 0.87%), 1.05%, 11/23/2021 (a) (b)		1,470,000		1,479,172

2.55%, 11/23/2021		375,000		381,412

2.63%, 5/19/2022		11,522,000		11,854,367

2.63%, 11/9/2022		16,021,000		16,662,088

2.05%, 11/21/2022		12,527,000		12,905,850

Banco Santander SA (Spain)

3.50%, 4/11/2022		7,600,000		7,856,053

3.85%, 4/12/2023		6,400,000		6,848,196

2.75%, 5/28/2025 (c)		10,000,000		10,597,356

Bank of America Corp.

5.00%, 5/13/2021		3,000,000		3,028,348

(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (a)		8,560,000		8,617,102

2.50%, 10/21/2022		1,006,000		1,019,906

3.30%, 1/11/2023		1,473,000		1,555,447

(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (a)		25,222,000		25,823,749

SEE NOTES TO FINANCIAL STATEMENTS.



148	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (a)		8,532,000		8,775,745

(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (a)		2,515,000		2,597,911

4.10%, 7/24/2023		1,101,000		1,197,993

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (a) (c)		4,611,000		4,819,233

(SOFR + 0.73%), 0.76%, 10/24/2024 (a)		37,500,000		37,841,250

(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (a)		2,392,000		2,585,467

Bank of Montreal (Canada)

Series D, (ICE LIBOR USD 3 Month + 0.46%), 0.68%, 4/13/2021 (a)		3,635,000		3,637,111

Series D, 3.10%, 4/13/2021 (c)		2,099,000		2,106,005

(ICE LIBOR USD 3 Month + 0.79%), 0.98%, 8/27/2021 (a)		525,000		526,927

1.90%, 8/27/2021		5,975,000		6,024,436

(ICE LIBOR USD 3 Month + 0.40%), 0.63%, 9/10/2021 (a) (c)		25,665,000		25,716,258

(ICE LIBOR USD 3 Month + 0.57%), 0.82%, 3/26/2022 (a)		30,500,000		30,686,972

2.90%, 3/26/2022		8,690,000		8,936,220

2.35%, 9/11/2022 (c)		5,511,000		5,689,516

2.05%, 11/1/2022 (c)		5,930,000		6,098,393

Bank of Nova Scotia (The) (Canada)

2.45%, 3/22/2021		1,909,000		1,911,291

(ICE LIBOR USD 3 Month + 0.44%), 0.66%, 4/20/2021 (a)		221,000		221,159

3.13%, 4/20/2021		3,243,000		3,255,625

2.80%, 7/21/2021		315,000		318,168

(ICE LIBOR USD 3 Month + 0.64%), 0.87%, 3/7/2022 (a)		10,108,000		10,170,366

2.70%, 3/7/2022		11,850,000		12,143,627

2.45%, 9/19/2022		5,887,000		6,084,741

1.95%, 2/1/2023		11,814,000		12,183,973

1.63%, 5/1/2023 (c)		2,850,000		2,927,119

0.80%, 6/15/2023 (c)		5,025,000		5,073,761

Banque Federative du Credit Mutuel SA (France)

2.50%, 4/13/2021 (b)		4,724,000		4,736,237

1.96%, 7/21/2021 (b)		55,575,000		55,916,321

2.70%, 7/20/2022 (b)		10,055,000		10,383,819

2.13%, 11/21/2022 (b)		17,217,000		17,748,716

3.75%, 7/20/2023 (b)		4,865,000		5,245,762

Barclays Bank plc (United Kingdom) 1.70%, 5/12/2022		23,728,000		24,089,102


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

Barclays plc (United Kingdom)

3.20%, 8/10/2021		42,609,000		43,152,411

(ICE LIBOR USD 3 Month + 1.63%), 1.85%, 1/10/2023 (a) (c)		27,550,000		27,863,712

3.68%, 1/10/2023		1,800,000		1,848,298

(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (a)		45,000,000		46,718,083

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (a)		29,647,000		29,798,768

BBVA USA

(ICE LIBOR USD 3 Month + 0.73%), 0.95%, 6/11/2021 (a) (c)		9,511,000		9,522,718

3.50%, 6/11/2021		44,885,000		45,160,943

BNP Paribas SA (France)

(ICE LIBOR USD 3 Month + 0.39%), 0.58%, 8/7/2021 (a) (b)		34,808,000		34,860,312

2.95%, 5/23/2022 (b)		8,058,000		8,316,837

3.50%, 3/1/2023 (b)		39,176,000		41,510,014

3.80%, 1/10/2024 (b)		11,005,000		11,927,821

BNZ International Funding Ltd. (New Zealand)

2.75%, 3/2/2021 (b)		750,000		750,000

(ICE LIBOR USD 3 Month + 0.98%), 1.20%, 9/14/2021 (a) (b)		21,969,000		22,072,990

2.10%, 9/14/2021 (b)		7,705,000		7,782,549

2.65%, 11/3/2022 (b) (c)		4,855,000		5,042,446

3.38%, 3/1/2023 (b)		13,260,000		14,035,147

Canadian Imperial Bank of Commerce (Canada)

2.55%, 6/16/2022		740,000		762,200

0.95%, 6/23/2023		57,416,000		58,074,271

(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (a)		12,898,000		13,298,487

(SOFR + 0.40%), 0.43%, 12/14/2023 (a)		50,032,000		50,184,324

Capital One Bank USA NA (SOFR + 0.62%), 2.01%, 1/27/2023 (a)		2,246,000		2,278,631

Capital One NA

2.95%, 7/23/2021		4,410,000		4,446,735

2.25%, 9/13/2021		9,212,000		9,296,493

2.15%, 9/6/2022		24,273,000		24,902,853

Citibank NA

(ICE LIBOR USD 3 Month + 0.57%), 0.79%, 7/23/2021 (a)		4,545,000		4,553,111

3.40%, 7/23/2021		850,000		858,342

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	149

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 1.38%), 1.62%, 3/30/2021 (a)		9,735,000		9,746,223

2.70%, 3/30/2021		3,754,000		3,761,433

(ICE LIBOR USD 3 Month + 1.19%), 1.39%, 8/2/2021 (a)		7,950,000		7,988,255

(ICE LIBOR USD 3 Month + 1.07%), 1.30%, 12/8/2021 (a)		7,645,000		7,696,986

2.90%, 12/8/2021		4,511,000		4,593,572

2.75%, 4/25/2022		7,335,000		7,523,558

(SOFR + 0.87%), 2.31%, 11/4/2022 (a)		6,152,000		6,227,104

(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (a)		91,206,000		93,432,556

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (a)		2,097,000		2,166,479

(SOFR + 1.67%), 1.68%, 5/15/2024 (a)		500,000		512,359

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (a)		1,937,000		2,088,892

Citizens Bank NA

2.55%, 5/13/2021		16,676,000		16,720,141

(ICE LIBOR USD 3 Month + 0.72%), 0.92%, 2/14/2022 (a)		13,543,000		13,604,293

3.25%, 2/14/2022		21,626,000		22,177,989

2.65%, 5/26/2022		5,954,000		6,108,858

Commonwealth Bank of Australia (Australia)

(ICE LIBOR USD 3 Month + 0.70%), 0.93%, 3/10/2022 (a) (b)		2,348,000		2,363,731

2.75%, 3/10/2022 (b)		1,452,000		1,489,072

2.50%, 9/18/2022 (b)		13,980,000		14,477,317

1.63%, 10/17/2022 (b)		25,290,000		25,830,909

Cooperatieve Rabobank UA (Netherlands)

(ICE LIBOR USD 3 Month + 0.43%), 0.65%, 4/26/2021 (a)		7,490,000		7,495,251

3.13%, 4/26/2021		13,515,000		13,574,978

(ICE LIBOR USD 3 Month + 0.83%), 1.05%, 1/10/2022 (a)		3,700,000		3,727,256

2.75%, 1/10/2022		420,000		429,084

3.88%, 2/8/2022		18,176,000		18,791,125

2.75%, 1/10/2023		2,089,000		2,182,536

3.88%, 9/26/2023 (b)		6,490,000		7,046,071

(SOFR + 0.30%), 0.39%, 1/12/2024 (a) (c)		62,834,000		62,896,206


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

Credit Agricole SA (France)

3.38%, 1/10/2022 (b)		3,801,000		3,902,312

3.75%, 4/24/2023 (b)		75,556,000		80,764,284

Credit Suisse Group Funding Guernsey Ltd. (Switzerland)

(ICE LIBOR USD 3 Month + 2.29%), 2.51%, 4/16/2021 (a)		6,956,000		6,975,548

3.45%, 4/16/2021		17,850,000		17,917,473

3.80%, 9/15/2022		1,536,000		1,612,938

DBS Group Holdings Ltd. (Singapore) 2.85%, 4/16/2022 (b)		44,859,000		46,056,735

DNB Bank ASA (Norway)

2.38%, 6/2/2021 (b)		7,871,000		7,913,990

2.15%, 12/2/2022 (b)		35,121,000		36,244,837

Federation des Caisses Desjardins du Quebec (Canada) 1.95%, 9/26/2022 (b)		25,000,000		25,655,708

Fifth Third Bancorp

1.63%, 5/5/2023		18,545,000		19,011,175

3.65%, 1/25/2024		23,511,000		25,495,215

Fifth Third Bank NA

(ICE LIBOR USD 3 Month + 0.44%), 0.66%, 7/26/2021 (a)		14,045,000		14,064,008

2.88%, 10/1/2021		20,518,000		20,788,935

First Republic Bank (SOFR + 0.62%), 1.91%, 2/12/2024 (a)		592,000		608,044

Huntington National Bank (The)

3.25%, 5/14/2021		24,737,000		24,825,468

3.13%, 4/1/2022		2,128,000		2,187,583

2.50%, 8/7/2022		16,029,000		16,502,166

1.80%, 2/3/2023		500,000		513,368

3.55%, 10/6/2023		1,640,000		1,771,129

ING Groep NV (Netherlands)

(ICE LIBOR USD 3 Month + 1.15%), 1.40%, 3/29/2022 (a)		21,325,000		21,558,936

3.15%, 3/29/2022		58,170,000		59,973,734

4.10%, 10/2/2023		3,730,000		4,070,926

KeyBank NA

2.40%, 6/9/2022		965,000		991,401

2.30%, 9/14/2022		5,119,000		5,280,710

1.25%, 3/10/2023		500,000		509,251

KeyCorp 5.10%, 3/24/2021		12,301,000		12,337,818

Lloyds Bank plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.49%), 0.68%, 5/7/2021 (a)		2,101,000		2,102,744

SEE NOTES TO FINANCIAL STATEMENTS.



150	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

Lloyds Banking Group plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.80%), 1.04%, 6/21/2021 (a)		300,000		300,696

3.10%, 7/6/2021		1,445,000		1,459,268

3.00%, 1/11/2022		7,896,000		8,076,355

(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023 (a)		78,163,000		80,080,275

4.05%, 8/16/2023		22,633,000		24,554,966

(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (a) (c)		3,334,000		3,462,194

Mitsubishi UFJ Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 0.65%), 0.87%, 7/26/2021 (a)		9,060,000		9,082,219

3.54%, 7/26/2021		17,367,000		17,594,309

(ICE LIBOR USD 3 Month + 1.06%), 1.28%, 9/13/2021 (a)		6,387,000		6,421,024

2.19%, 9/13/2021		1,877,000		1,895,582

(ICE LIBOR USD 3 Month + 0.92%), 1.10%, 2/22/2022 (a)		4,789,000		4,827,858

3.00%, 2/22/2022		42,869,000		43,986,375

(ICE LIBOR USD 3 Month + 0.70%), 0.93%, 3/7/2022 (a)		22,890,000		23,032,542

3.22%, 3/7/2022		3,842,000		3,954,017

2.62%, 7/18/2022		20,517,000		21,153,590

2.67%, 7/25/2022		10,807,000		11,156,331

3.46%, 3/2/2023		351,000		371,928

(ICE LIBOR USD 3 Month + 0.86%), 1.08%, 7/26/2023 (a)		1,594,000		1,616,320

3.76%, 7/26/2023		2,493,000		2,684,759

Mizuho Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 1.14%), 1.36%, 9/13/2021 (a)		15,690,000		15,781,065

2.27%, 9/13/2021		17,600,000		17,787,571

(ICE LIBOR USD 3 Month + 0.94%), 1.13%, 2/28/2022 (a)		11,765,000		11,865,642

2.60%, 9/11/2022		14,686,000		15,194,091

3.55%, 3/5/2023		3,942,000		4,191,487

(ICE LIBOR USD 3 Month + 0.84%), 1.06%, 7/16/2023 (a)		9,601,000		9,676,729

(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023 (a)		4,363,000		4,500,153

(ICE LIBOR USD 3 Month + 0.85%), 1.07%, 9/13/2023 (a)		66,214,000		66,792,342

(ICE LIBOR USD 3 Month + 0.99%), 1.24%, 7/10/2024 (a)		15,000,000		15,231,951


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.61%), 0.85%, 9/8/2024 (a)		29,700,000		29,890,883

(ICE LIBOR USD 3 Month + 1.00%), 3.92%, 9/11/2024 (a)		8,066,000		8,729,545

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		9,413,000		9,794,423

MUFG Bank Ltd. (Japan) 4.10%, 9/9/2023 (b)		200,000		217,794

MUFG Union Bank NA

3.15%, 4/1/2022		1,220,000		1,254,066

(SOFR + 0.71%), 0.73%, 12/9/2022 (a)		24,750,000		24,920,694

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 3 Month + 1.00%), 1.22%, 7/12/2021 (a) (b)		4,750,000		4,768,439

1.88%, 7/12/2021		3,895,000		3,917,565

3.38%, 9/20/2021		6,250,000		6,353,375

(ICE LIBOR USD 3 Month + 0.71%), 0.90%, 11/4/2021 (a) (b)		18,111,000		18,195,165

3.70%, 11/4/2021		250,000		255,490

2.50%, 5/22/2022 (c)		8,967,000		9,219,699

1.88%, 12/13/2022		7,765,000		7,988,042

3.00%, 1/20/2023		5,600,000		5,882,078

2.88%, 4/12/2023 (c)		3,345,000		3,521,860

National Bank of Canada (Canada)

(ICE LIBOR USD 3 Month + 0.40%), 0.64%, 3/21/2021 (a) (b)		60,000,000		60,014,778

2.15%, 10/7/2022 (b)		13,125,000		13,501,918

2.10%, 2/1/2023 (c)		43,700,000		45,116,013

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.77%), 0.90%, 8/15/2023 (a) (c)		15,000,000		15,109,447

Natwest Group plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.47%), 1.66%, 5/15/2023 (a)		17,744,000		17,985,247

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.15%), 2.36%, 5/22/2024 (a)		133,000		137,686

(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (a)		10,045,000		11,013,654

NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (b)		25,670,000		26,947,012

Nordea Bank Abp (Finland)

(ICE LIBOR USD 3 Month + 0.99%), 1.18%, 5/27/2021 (a) (b)		4,600,000		4,610,808

2.25%, 5/27/2021 (b) (c)		46,490,000		46,717,687

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	151

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

1.00%, 6/9/2023 (b)		15,826,000		16,054,776

PNC Bank NA

(ICE LIBOR USD 3 Month + 0.44%), 2.23%, 7/22/2022 (a)		6,211,000		6,259,564

(ICE LIBOR USD 3 Month + 0.42%), 2.03%, 12/9/2022 (a)		3,610,000		3,657,598

(ICE LIBOR USD 3 Month + 0.32%), 1.74%, 2/24/2023 (a)		2,405,000		2,436,769

PNC Financial Services Group, Inc. (The) 2.85%, 11/9/2022 (d)		1,465,000		1,529,247

QNB Finance Ltd. (Qatar) (ICE LIBOR USD 3 Month + 1.35%), 1.54%, 5/31/2021 (a) (e)		7,000,000		7,010,938

Royal Bank of Canada (Canada)

(ICE LIBOR USD 3 Month + 0.39%), 0.60%, 4/30/2021 (a)		8,135,000		8,140,263

(ICE LIBOR USD 3 Month + 0.73%), 0.93%, 2/1/2022 (a)		1,333,000		1,341,345

2.75%, 2/1/2022		12,939,000		13,237,910

1.95%, 1/17/2023		479,000		493,383

1.60%, 4/17/2023		26,338,000		27,013,215

3.70%, 10/5/2023		7,562,000		8,200,985

(SOFR + 0.45%), 0.48%, 10/26/2023 (a)		62,070,000		62,381,172

Santander UK Group Holdings plc (United Kingdom) 2.88%, 8/5/2021		12,592,000		12,729,507

Santander UK plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.62%), 0.85%, 6/1/2021 (a)		3,000,000		3,004,511

3.40%, 6/1/2021		6,638,000		6,688,654

(ICE LIBOR USD 3 Month + 0.66%), 0.85%, 11/15/2021 (a) (c)		20,219,000		20,308,122

2.10%, 1/13/2023		26,835,000		27,694,110

Skandinaviska Enskilda Banken AB (Sweden)

(ICE LIBOR USD 3 Month + 0.43%), 0.62%, 5/17/2021 (a) (b)		200,000		200,177

3.25%, 5/17/2021 (b)		41,540,000		41,796,302

1.88%, 9/13/2021		22,200,000		22,386,092

3.05%, 3/25/2022 (b)		13,760,000		14,158,214

2.20%, 12/12/2022 (b)		10,957,000		11,308,117

Societe Generale SA (France)

(ICE LIBOR USD 3 Month + 1.33%), 1.56%, 4/8/2021 (a) (b)		5,150,000		5,156,875

2.50%, 4/8/2021 (b)		20,365,000		20,411,079

5.20%, 4/15/2021 (b)		60,174,000		60,526,018


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

4.25%, 9/14/2023 (b)		16,840,000		18,327,267

3.88%, 3/28/2024 (b)		5,300,000		5,763,676

2.63%, 1/22/2025 (b)		5,000,000		5,237,111

Standard Chartered plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.20%), 1.43%, 9/10/2022 (a) (b)		40,825,000		41,031,287

(ICE LIBOR USD 3 Month + 1.20%), 2.74%, 9/10/2022 (a) (b)		50,600,000		51,161,755

(ICE LIBOR USD 3 Month + 1.15%), 1.37%, 1/20/2023 (a) (b)		9,712,000		9,817,846

(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (b)		41,232,000		42,544,133

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (a) (b)		12,742,000		12,858,717

Sumitomo Mitsui Banking Corp. (Japan) 3.20%, 7/18/2022		24,653,000		25,601,766

Sumitomo Mitsui Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 1.68%), 1.91%, 3/9/2021 (a)		6,353,000		6,355,198

2.93%, 3/9/2021		6,815,000		6,818,670

(ICE LIBOR USD 3 Month + 1.11%), 1.34%, 7/14/2021 (a) (c)		5,404,000		5,425,454

2.06%, 7/14/2021		1,582,000		1,592,837

(ICE LIBOR USD 3 Month + 1.14%), 1.36%, 10/19/2021 (a)		5,067,000		5,102,361

2.44%, 10/19/2021		29,688,000		30,096,870

(ICE LIBOR USD 3 Month + 0.97%), 1.19%, 1/11/2022 (a)		19,000,000		19,146,390

2.85%, 1/11/2022		262,000		267,737

2.78%, 7/12/2022		34,567,000		35,720,659

2.78%, 10/18/2022		6,875,000		7,139,846

3.10%, 1/17/2023		184,000		193,352

Svenska Handelsbanken AB (Sweden)

2.45%, 3/30/2021		12,529,000		12,551,070

(ICE LIBOR USD 3 Month + 0.47%), 0.65%, 5/24/2021 (a)		45,347,000		45,395,107

3.35%, 5/24/2021		68,161,000		68,649,505

1.88%, 9/7/2021		4,537,000		4,575,176

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 3 Month + 0.27%), 0.50%, 3/17/2021 (a)		4,905,000		4,905,842

(ICE LIBOR USD 3 Month + 1.00%), 1.24%, 4/7/2021 (a)		52,000		52,055

SEE NOTES TO FINANCIAL STATEMENTS.



152	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

(ICE LIBOR USD 3 Month + 0.43%), 0.65%, 6/11/2021 (a)		2,435,000		2,437,949

3.25%, 6/11/2021		11,301,000		11,394,093

(ICE LIBOR USD 3 Month + 0.90%), 1.12%, 7/13/2021 (a)		5,890,000		5,907,973

1.80%, 7/13/2021		980,000		985,620

1.90%, 12/1/2022		3,189,000		3,281,074

0.25%, 1/6/2023 (c)		78,100,000		78,036,668

(SOFR + 0.24%), 0.35%, 1/6/2023 (a)		73,141,000		73,189,273

(SOFR + 0.48%), 0.51%, 1/27/2023 (a)		29,380,000		29,536,595

0.75%, 6/12/2023		33,955,000		34,279,499

0.45%, 9/11/2023		48,000		48,094

Truist Bank 2.85%, 4/1/2021		4,492,000		4,492,000

Truist Financial Corp.

3.20%, 9/3/2021		1,300,000		1,316,368

2.70%, 1/27/2022		271,000		276,460

3.05%, 6/20/2022		17,689,000		18,288,637

3.75%, 12/6/2023		8,520,000		9,279,369

US Bancorp (ICE LIBOR USD 3 Month + 0.64%), 0.86%, 1/24/2022 (a)		54,000		54,271

US Bank NA

(ICE LIBOR USD 3 Month + 0.32%), 0.54%, 4/26/2021 (a)		1,831,000		1,831,475

(ICE LIBOR USD 3 Month + 0.38%), 0.57%, 11/16/2021 (a)		9,732,000		9,753,138

3.45%, 11/16/2021		279,000		284,636

(ICE LIBOR USD 3 Month + 0.18%), 0.40%, 1/21/2022 (a)		82,771,000		82,874,664

1.80%, 1/21/2022		500,000		506,372

2.65%, 5/23/2022		2,081,000		2,138,996

Wells Fargo & Co.

(ICE LIBOR USD 3 Month + 1.34%), 1.57%, 3/4/2021 (a)		5,595,000		5,595,448

(ICE LIBOR USD 3 Month + 1.03%), 1.24%, 7/26/2021 (a)		260,000		261,023

2.63%, 7/22/2022		32,300,000		33,330,014

3.75%, 1/24/2024		4,790,000		5,205,751

(SOFR + 1.60%), 1.65%, 6/2/2024 (a) (c)		24,600,000		25,215,474

Wells Fargo Bank NA

(ICE LIBOR USD 3 Month + 0.51%), 0.73%, 10/22/2021 (a)		445,000		446,193

(ICE LIBOR USD 3 Month + 0.61%), 2.90%, 5/27/2022 (a)		1,900,000		1,911,765


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.65%), 2.08%, 9/9/2022 (a) (c)		14,699,000		14,834,560

3.55%, 8/14/2023		16,330,000		17,581,258

Westpac Banking Corp. (Australia)

(ICE LIBOR USD 3 Month + 1.00%), 1.19%, 5/13/2021 (a)		430,000		430,843

(ICE LIBOR USD 3 Month + 0.85%), 1.03%, 8/19/2021 (a)		1,750,000		1,756,631

(ICE LIBOR USD 3 Month + 0.85%), 1.07%, 1/11/2022 (a) (c)		4,524,000		4,555,016

2.50%, 6/28/2022		8,763,000		9,022,247

2.00%, 1/13/2023		1,140,000		1,176,284


				4,023,937,449


Beverages — 0.4%

Heineken NV (Netherlands) 2.75%, 4/1/2023 (b)		6,250,000		6,522,166

Keurig Dr Pepper, Inc.

3.55%, 5/25/2021		43,023,000		43,346,911

3.20%, 11/15/2021		2,505,000		2,535,608

PepsiCo, Inc. 3.10%, 7/17/2022 (c)		7,570,000		7,830,025


				60,234,710


Biotechnology — 0.8%

AbbVie, Inc.

(ICE LIBOR USD 3 Month + 0.35%), 0.53%, 5/21/2021 (a)		100,000		100,063

3.38%, 11/14/2021		8,000,000		8,167,273

(ICE LIBOR USD 3 Month + 0.46%), 0.64%, 11/19/2021 (a)		19,800,000		19,848,964

2.15%, 11/19/2021		38,122,000		38,597,593

5.00%, 12/15/2021		7,500,000		7,683,789

3.45%, 3/15/2022		9,930,000		10,193,172

Gilead Sciences, Inc.

(ICE LIBOR USD 3 Month + 0.15%), 0.38%, 9/17/2021 (a)		29,439,000		29,457,188

3.25%, 9/1/2022		11,140,000		11,563,962


				125,612,004


Capital Markets — 5.5%

Ameriprise Financial, Inc. 4.00%, 10/15/2023		1,606,000		1,756,405

Bank of New York Mellon Corp. (The)

2.50%, 4/15/2021		798,000		798,671

2.05%, 5/3/2021		3,892,000		3,898,266

2.60%, 2/7/2022		383,000		390,791

1.85%, 1/27/2023 (c)		1,210,000		1,243,451

2.95%, 1/29/2023 (c)		396,000		415,018

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	153

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Capital Markets — continued

3.50%, 4/28/2023 (c)		818,000		873,753

(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (a)		5,401,000		5,551,526

Charles Schwab Corp. (The)

(ICE LIBOR USD 3 Month + 0.32%), 0.50%, 5/21/2021 (a)		11,272,000		11,277,326

3.23%, 9/1/2022		300,000		313,189

2.65%, 1/25/2023		3,499,000		3,647,684

Credit Suisse AG (Switzerland)

2.80%, 4/8/2022		67,624,000		69,487,297

1.00%, 5/5/2023 (c)		18,143,000		18,383,319

(SOFR + 0.39%), 0.46%, 2/2/2024 (a)		40,999,000		41,093,298

Credit Suisse Group AG (Switzerland) 3.57%, 1/9/2023 (b)		22,740,000		23,330,978

Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (b)		2,583,000		2,662,423

Goldman Sachs Group, Inc. (The)

5.75%, 1/24/2022		21,568,000		22,617,317

(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (a)		19,722,000		20,041,074

(SOFR + 0.41%), 0.44%, 1/27/2023 (a)		25,368,000		25,394,890

(ICE LIBOR USD 3 Month + 1.00%), 1.22%, 7/24/2023 (a)		1,343,000		1,357,410

(SOFR + 0.54%), 0.63%, 11/17/2023 (a)		33,389,000		33,491,998

ING Bank NV (Netherlands)

2.75%, 3/22/2021 (b)		24,459,000		24,493,877

5.00%, 6/9/2021 (b)		15,208,000		15,403,574

Intercontinental Exchange, Inc. 2.35%, 9/15/2022		2,115,000		2,177,350

Macquarie Bank Ltd. (Australia)

(ICE LIBOR USD 3 Month + 0.45%), 0.64%, 8/6/2021 (a) (b) (c)		40,914,000		40,986,285

(ICE LIBOR USD 3 Month + 0.45%), 0.63%, 11/24/2021 (a) (b)		47,038,000		47,164,889

2.10%, 10/17/2022 (b)		4,920,000		5,057,560

0.44%, 12/16/2022 (b) (c)		85,955,000		86,112,119

Moody’s Corp. 4.50%, 9/1/2022		2,048,000		2,148,030

Morgan Stanley

5.50%, 7/28/2021		7,295,000		7,447,825

2.63%, 11/17/2021		24,860,000		25,273,660

2.75%, 5/19/2022		36,682,000		37,765,295

(SOFR + 0.70%), 0.73%, 1/20/2023 (a)		18,323,000		18,396,979

3.13%, 1/23/2023		18,075,000		18,996,229


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

(SOFR + 0.47%), 0.56%, 11/10/2023 (a)		21,754,000		21,784,235

(SOFR + 0.46%), 0.53%, 1/25/2024 (a)		8,363,000		8,367,261

Nomura Holdings, Inc. (Japan)

2.65%, 1/16/2025		1,000,000		1,053,448

1.85%, 7/16/2025		22,000,000		22,469,637

State Street Corp.

1.95%, 5/19/2021		315,000		316,178

(SOFR + 2.69%), 2.82%, 3/30/2023 (a)		15,059,000		15,478,221

UBS AG (Switzerland)

1.75%, 4/21/2022 (b)		83,557,000		84,889,373

(SOFR + 0.36%), 0.38%, 2/9/2024 (a) (b)		23,894,000		23,955,647

UBS Group AG (Switzerland)

(ICE LIBOR USD 3 Month + 1.53%), 1.73%, 2/1/2022 (a) (b)		5,805,000		5,885,815

2.65%, 2/1/2022 (b)		17,966,000		18,347,642

3.49%, 5/23/2023 (b) (c)		290,000		300,662

(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (b)		25,000,000		25,860,036

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 1.01%, 7/30/2024 (a) (b)		36,500,000		36,811,044


				884,968,955


Chemicals — 0.4%

Air Liquide Finance SA (France) 1.75%, 9/27/2021 (b)		20,860,000		21,016,236

Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023 (b)		4,703,000		4,976,105

Nutrien Ltd. (Canada) 1.90%, 5/13/2023		22,880,000		23,602,497

Nutrition & Biosciences, Inc. 0.70%, 9/15/2022 (b)		15,000,000		15,064,386


				64,659,224


Consumer Finance — 4.7%

American Express Co.

(ICE LIBOR USD 3 Month + 0.53%), 0.72%, 5/17/2021 (a)		7,803,000		7,807,705

3.38%, 5/17/2021 (c)		1,500,000		1,505,768

(ICE LIBOR USD 3 Month + 0.60%), 0.80%, 11/5/2021 (a)		12,004,000		12,043,361

2.75%, 5/20/2022		117,000		120,269

2.50%, 8/1/2022		8,699,000		8,954,382

2.65%, 12/2/2022		885,000		920,838

SEE NOTES TO FINANCIAL STATEMENTS.



154	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Consumer Finance — continued

3.40%, 2/27/2023		4,933,000		5,217,250

3.70%, 8/3/2023		3,130,000		3,370,279

American Express Credit Corp. (ICE LIBOR USD 3 Month + 0.70%), 0.93%, 3/3/2022 (a)		235,000		236,445

American Honda Finance Corp.

(ICE LIBOR USD 3 Month + 0.12%), 0.34%, 1/21/2022 (a)		59,724,000		59,753,285

(ICE LIBOR USD 3 Month + 0.15%), 0.33%, 2/22/2023 (a)		99,001,000		99,050,303

0.88%, 7/7/2023 (c)		9,506,000		9,605,067

0.65%, 9/8/2023		31,889,000		32,054,187

Avolon Holdings Funding Ltd. (Ireland) 3.63%, 5/1/2022 (b)		26,415,000		26,908,271

Capital One Financial Corp.

3.45%, 4/30/2021		41,973,000		42,082,727

(ICE LIBOR USD 3 Month + 0.95%), 1.18%, 3/9/2022 (a)		8,214,000		8,278,751

2.60%, 5/11/2023		25,000,000		26,112,780

Caterpillar Financial Services Corp.

(ICE LIBOR USD 3 Month + 0.30%), 0.53%, 3/8/2021 (a)		40,629,000		40,631,580

(ICE LIBOR USD 3 Month + 0.23%), 0.45%, 3/15/2021 (a)		60,425,000		60,431,078

Series I, (ICE LIBOR USD 3 Month + 0.39%), 0.58%, 5/17/2021 (a)		402,000		402,300

(ICE LIBOR USD 3 Month + 0.28%), 0.51%, 9/7/2021 (a)		5,838,000		5,846,130

(ICE LIBOR USD 3 Month + 0.22%), 0.46%, 1/6/2022 (a)		1,730,000		1,732,880

0.95%, 5/13/2022		25,206,000		25,407,918

1.95%, 11/18/2022		7,500,000		7,710,131

2.55%, 11/29/2022		9,656,000		10,036,319

General Motors Financial Co., Inc.

4.20%, 11/6/2021		16,978,000		17,414,741

(SOFR + 1.20%), 1.26%, 11/17/2023 (a)		23,000,000		23,281,353

John Deere Capital Corp.

2.80%, 3/4/2021		6,778,000		6,779,017

(ICE LIBOR USD 3 Month + 0.26%), 0.49%, 9/10/2021 (a)		300,000		300,378

3.15%, 10/15/2021		7,600,000		7,722,234

3.20%, 1/10/2022		189,000		193,716

(ICE LIBOR USD 3 Month + 0.38%), 0.61%, 3/7/2022 (a)		145,000		145,508

2.75%, 3/15/2022		1,000,000		1,025,496

2.80%, 1/27/2023		573,000		600,412


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Consumer Finance — continued

PACCAR Financial Corp.

(ICE LIBOR USD 3 Month + 0.26%), 0.46%, 5/10/2021 (a)		1,099,000		1,099,576

0.80%, 6/8/2023		7,324,000		7,395,189

0.35%, 8/11/2023		16,872,000		16,886,519

Toyota Motor Credit Corp.

(ICE LIBOR USD 3 Month + 0.13%), 0.32%, 8/13/2021 (a)		14,319,000		14,324,342

(ICE LIBOR USD 3 Month + 0.15%), 0.35%, 2/14/2022 (a)		30,437,000		30,479,324

0.45%, 7/22/2022		13,171,000		13,213,847

0.35%, 10/14/2022		65,417,000		65,557,403

(SOFR + 0.33%), 0.42%, 1/11/2024 (a)		61,779,000		61,842,632


				764,481,691


Diversified Financial Services — 1.4%

AIG Global Funding

1.90%, 10/6/2021 (b)		11,007,000		11,115,110

2.70%, 12/15/2021 (b)		412,000		419,864

2.30%, 7/1/2022 (b)		2,125,000		2,180,308

0.80%, 7/7/2023 (b)		8,310,000		8,386,514

(SOFR + 0.38%), 0.41%, 12/15/2023 (a) (b)		48,943,000		48,998,572

Berkshire Hathaway, Inc. 2.20%, 3/15/2021		1,898,000		1,899,348

CK Hutchison International 16 Ltd. (United Kingdom) 1.88%, 10/3/2021 (b)		38,819,000		39,122,273

CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022 (b)		3,245,000		3,326,514

National Rural Utilities Cooperative Finance Corp.

2.30%, 9/15/2022		2,070,000		2,128,240

Series D, (ICE LIBOR USD 3 Month + 0.07%), 0.26%, 2/16/2023 (a)		65,911,000		65,894,545

NTT Finance Corp. (Japan) 0.37%, 3/3/2023 (b)		40,004,000		40,009,970

ORIX Corp. (Japan) 2.90%, 7/18/2022		147,000		151,855

Siemens Financieringsmaatschappij NV (Germany)

1.70%, 9/15/2021 (b)		1,805,000		1,819,155

(ICE LIBOR USD 3 Month + 0.61%), 0.83%, 3/16/2022 (a) (b)		1,227,000		1,233,945


				226,686,213

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	155

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Diversified Telecommunication Services — 0.2%

Telstra Corp. Ltd. (Australia) 4.80%, 10/12/2021 (b) (c)		700,000		719,256

Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 1.00%), 1.22%, 3/16/2022 (a)		28,319,000		28,600,705


				29,319,961


Electric Utilities — 2.4%

American Electric Power Co., Inc. Series M, 0.75%, 11/1/2023		7,821,000		7,833,541

Appalachian Power Co. 4.60%, 3/30/2021		16,917,000		16,968,204

Duke Energy Corp.

(ICE LIBOR USD 3 Month + 0.50%), 0.70%, 5/14/2021 (a) (b)		17,301,000		17,317,269

3.55%, 9/15/2021		5,959,000		6,014,454

2.40%, 8/15/2022		1,279,000		1,313,952

Duke Energy Progress LLC Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.37%, 2/18/2022 (a)		15,373,000		15,373,061

Enel Finance International NV (Italy) 2.88%, 5/25/2022 (b)		4,400,000		4,526,469

Entergy Louisiana LLC 0.62%, 11/17/2023		34,117,000		34,191,753

Eversource Energy Series N, 3.80%, 12/1/2023 (c)		174,000		188,467

Exelon Corp. 2.45%, 4/15/2021		7,911,000		7,915,159

Florida Power & Light Co. (ICE LIBOR USD 3 Month + 0.38%), 0.60%, 7/28/2023 (a) (c)		76,259,000		76,262,206

NextEra Energy Capital Holdings, Inc.

(ICE LIBOR USD 3 Month + 0.48%), 0.67%, 5/4/2021 (a)		485,000		485,393

(ICE LIBOR USD 3 Month + 0.72%), 0.91%, 2/25/2022 (a)		42,944,000		43,210,658

2.90%, 4/1/2022		4,780,000		4,913,129

1.95%, 9/1/2022		30,000,000		30,747,901

(ICE LIBOR USD 3 Month + 0.27%), 0.45%, 2/22/2023 (a)		29,947,000		29,957,482

PECO Energy Co. 1.70%, 9/15/2021		1,250,000		1,258,117

PPL Capital Funding, Inc. 3.95%, 3/15/2024		1,449,000		1,574,188

Southern Co. (The)

2.35%, 7/1/2021		33,111,000		33,273,228

Series 21-A, 0.60%, 2/26/2024		34,448,000		34,406,560

Tampa Electric Co. 5.40%, 5/15/2021		5,014,000		5,064,045


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electric Utilities — continued

Wisconsin Electric Power Co. 2.95%, 9/15/2021		11,716,000		11,807,417


				384,602,653


Electrical Equipment — 0.0% (f)

ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		1,400,000		1,442,234

Eaton Corp. 2.75%, 11/2/2022		4,062,000		4,223,191


				5,665,425


Electronic Equipment, Instruments & Components — 0.0% (f)

ABB Treasury Center USA, Inc. (Switzerland) 4.00%, 6/15/2021 (b)		1,000,000		1,010,591


Energy Equipment & Services — 0.1%

Schlumberger Investment SA 3.30%, 9/14/2021 (b)		7,324,000		7,389,273


Entertainment — 0.3%

TWDC Enterprises 18 Corp.

3.75%, 6/1/2021		1,475,000		1,487,747

2.75%, 8/16/2021		484,000		489,580

2.55%, 2/15/2022		3,453,000		3,527,251

2.35%, 12/1/2022		5,400,000		5,589,550

Walt Disney Co. (The)

(ICE LIBOR USD 3 Month + 0.25%), 0.48%, 9/1/2021 (a)		6,678,000		6,684,812

1.65%, 9/1/2022		19,999,000		20,400,149

3.00%, 9/15/2022		5,500,000		5,724,239


				43,903,328


Equity Real Estate Investment Trusts (REITs) — 0.1%

Scentre Group Trust 1 (Australia) 2.38%, 4/28/2021 (b)		7,774,000		7,785,366


Food & Staples Retailing — 0.5%

7-Eleven, Inc.

(ICE LIBOR USD 3 Month + 0.45%), 0.65%, 8/10/2022 (a) (b)		35,862,000		35,904,228

0.63%, 2/10/2023 (b)		32,098,000		32,154,895

Kroger Co. (The) 2.95%, 11/1/2021		9,610,000		9,760,618


				77,819,741


Food Products — 0.6%

Cargill, Inc.

3.05%, 4/19/2021 (b)		3,285,000		3,297,305

4.31%, 5/14/2021 (b)		2,700,000		2,722,215

3.30%, 3/1/2022 (b)		3,075,000		3,143,628

SEE NOTES TO FINANCIAL STATEMENTS.



156	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Food Products — continued

General Mills, Inc.

(ICE LIBOR USD 3 Month + 0.54%), 0.76%, 4/16/2021 (a)		18,608,000		18,620,327

3.20%, 4/16/2021		7,098,000		7,122,701

Mondelez International Holdings Netherlands BV

2.00%, 10/28/2021 (b)		36,765,000		37,119,234

2.13%, 9/19/2022 (b)		18,605,000		19,108,556

Mondelez International, Inc. 0.63%, 7/1/2022		7,039,000		7,066,215

Nestle Holdings, Inc. 3.10%, 9/24/2021 (b)		451,000		457,250

Unilever Capital Corp. (United Kingdom) 3.00%, 3/7/2022		1,541,000		1,583,767


				100,241,198


Gas Utilities — 0.3%

CenterPoint Energy Resources Corp.

(ICE LIBOR USD 3 Month + 0.50%), 0.68%, 3/2/2023 (a)		27,945,000		27,945,000

0.70%, 3/2/2023		25,216,000		25,191,540


				53,136,540


Health Care Equipment & Supplies — 0.0% (f)

Abbott Laboratories 2.55%, 3/15/2022		143,000		146,316

DH Europe Finance II SARL 2.05%, 11/15/2022		1,000,000		1,028,987


				1,175,303


Health Care Providers & Services — 0.5%

Anthem, Inc.

3.13%, 5/15/2022		22,700,000		23,454,198

3.30%, 1/15/2023		2,946,000		3,096,723

CVS Health Corp.

(ICE LIBOR USD 3 Month + 0.72%), 0.95%, 3/9/2021 (a)		1,858,000		1,858,279

3.35%, 3/9/2021		26,406,000		26,420,788

2.13%, 6/1/2021		8,193,000		8,216,085

UnitedHealth Group, Inc.

3.38%, 11/15/2021		1,051,000		1,065,648

2.88%, 12/15/2021		1,265,000		1,289,886

2.88%, 3/15/2022		6,495,000		6,629,407

3.35%, 7/15/2022		2,251,000		2,344,084


				74,375,098


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hotels, Restaurants & Leisure — 0.4%

McDonald’s Corp. 2.63%, 1/15/2022		52,053,000		53,114,245

Starbucks Corp. 1.30%, 5/7/2022		10,231,000		10,344,617


				63,458,862


Household Products — 0.2%

Church & Dwight Co., Inc. 2.45%, 8/1/2022		5,800,000		5,950,541

Kimberly-Clark Corp. 3.88%, 3/1/2021		247,000		247,000

Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (b)		30,205,000		30,974,258


				37,171,799


Industrial Conglomerates — 0.3%

3M Co.

1.75%, 2/14/2023		205,000		210,704

2.25%, 3/15/2023 (c)		5,202,000		5,415,028

Honeywell International, Inc.

2.15%, 8/8/2022		3,051,000		3,130,322

0.48%, 8/19/2022		21,813,000		21,840,099

Roper Technologies, Inc.

2.80%, 12/15/2021		9,603,000		9,767,794

0.45%, 8/15/2022		5,216,000		5,224,223


				45,588,170


Insurance — 4.9%

AIA Group Ltd. (Hong Kong) (ICE LIBOR USD 3 Month + 0.52%), 0.76%, 9/20/2021 (a) (b)		10,683,000		10,687,173

American International Group, Inc. 4.88%, 6/1/2022		291,000		307,155

Athene Global Funding

4.00%, 1/25/2022 (b)		21,796,000		22,501,603

1.20%, 10/13/2023 (b)		51,300,000		51,907,566

0.95%, 1/8/2024 (b)		33,070,000		33,134,378

Equitable Financial Life Global Funding 0.50%, 11/17/2023 (b) (c)		26,647,000		26,673,381

Guardian Life Global Funding

2.00%, 4/26/2021 (b)		800,000		802,153

2.50%, 5/8/2022 (b)		5,994,000		6,151,957

3.40%, 4/25/2023 (b)		500,000		532,367

Jackson National Life Global Funding

(ICE LIBOR USD 3 Month + 0.31%), 0.53%, 3/16/2021 (a) (b)		40,046,000		40,051,695

2.25%, 4/29/2021 (b)		23,984,000		24,067,860

(ICE LIBOR USD 3 Month + 0.48%), 0.70%, 6/11/2021 (a) (b)		837,000		838,023

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	157

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Insurance — continued

3.30%, 2/1/2022 (b)		4,970,000		5,108,440

2.50%, 6/27/2022 (b)		2,091,000		2,149,251

2.38%, 9/15/2022 (b)		900,000		927,278

(SOFR + 0.60%), 0.62%, 1/6/2023 (a) (b)		28,665,000		28,843,108

3.25%, 1/30/2024 (b)		46,148,000		49,643,694

MassMutual Global Funding II

2.00%, 4/15/2021 (b)		200,000		200,434

0.85%, 6/9/2023 (b)		39,446,000		39,884,414

0.48%, 8/28/2023 (b)		17,560,000		17,594,198

Met Tower Global Funding 0.55%, 7/13/2022 (b)		35,928,000		36,063,736

Metropolitan Life Global Funding I

(SOFR + 0.50%), 0.52%, 5/28/2021 (a) (b)		1,460,000		1,461,551

1.95%, 9/15/2021 (b)		7,177,000		7,244,207

3.45%, 10/9/2021 (b)		7,975,000		8,130,965

3.38%, 1/11/2022 (b)		850,000		872,752

3.00%, 1/10/2023 (b)		243,000		255,118

0.90%, 6/8/2023 (b)		16,933,000		17,124,258

0.45%, 9/1/2023 (b)		30,993,000		31,015,389

New York Life Global Funding

2.00%, 4/13/2021 (b)		450,000		450,934

(ICE LIBOR USD 3 Month + 0.32%), 0.51%, 8/6/2021 (a) (b)		2,417,000		2,420,100

3.25%, 8/6/2021 (b)		335,000		339,343

(ICE LIBOR USD 3 Month + 0.28%), 0.50%, 1/21/2022 (a) (b)		19,500,000		19,548,387

2.30%, 6/10/2022 (b)		1,650,000		1,696,285

0.40%, 9/20/2022 (b)		52,840,000		52,952,380

1.10%, 5/5/2023 (b)		15,873,000		16,120,827

Pricoa Global Funding I 2.20%, 6/3/2021 (b)		6,025,000		6,058,139

Principal Life Global Funding II

(ICE LIBOR USD 3 Month + 0.33%), 0.56%, 3/2/2021 (a) (b)		9,572,000		9,572,000

(ICE LIBOR USD 3 Month + 0.40%), 0.64%, 10/6/2021 (a) (b) (c)		40,392,000		40,475,812

2.38%, 11/21/2021 (b)		485,000		491,868

1.25%, 5/11/2023 (b) (c)		84,951,000		86,639,177

Protective Life Global Funding

(ICE LIBOR USD 3 Month + 0.52%), 0.77%, 6/28/2021 (a) (b)		6,490,000		6,500,951

3.40%, 6/28/2021 (b)		15,246,000		15,399,441

1.08%, 6/9/2023 (b)		20,009,000		20,333,126

Reliance Standard Life Global Funding II 2.15%, 1/21/2023 (b)		9,976,000		10,253,482


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — continued

Suncorp-Metway Ltd. (Australia) 2.80%, 5/4/2022 (b)		145,000		149,342

Swiss Re Treasury U.S. Corp. (Switzerland) 2.88%, 12/6/2022 (b)		35,796,000		36,769,115


				790,344,813


IT Services — 0.4%

Fidelity National Information Services, Inc. 0.60%, 3/1/2024		19,200,000		19,179,906

IBM Credit LLC

3.60%, 11/30/2021		300,000		307,342

2.20%, 9/8/2022		9,193,000		9,456,291

International Business Machines Corp.

(ICE LIBOR USD 3 Month + 0.40%), 0.59%, 5/13/2021 (a)		37,803,000		37,832,864

1.88%, 8/1/2022		1,775,000		1,821,976

2.88%, 11/9/2022		2,215,000		2,315,545


				70,913,924


Machinery — 0.0% (f)

Caterpillar, Inc. 3.90%, 5/27/2021		2,746,000		2,769,835


Media — 0.1%

Omnicom Group, Inc. 3.63%, 5/1/2022		9,683,000		10,037,659


Metals & Mining — 0.2%

Newmont Corp.

3.63%, 6/9/2021		16,929,000		16,987,312

3.50%, 3/15/2022 (c)		13,848,000		14,176,912


				31,164,224


Multi-Utilities — 0.4%

Berkshire Hathaway Energy Co. 3.75%, 11/15/2023		2,000,000		2,164,449

CenterPoint Energy, Inc. 3.60%, 11/1/2021		9,921,000		10,137,778

Consolidated Edison Co. of New York, Inc. Series C, (ICE LIBOR USD 3 Month + 0.40%), 0.65%, 6/25/2021 (a)		2,631,000		2,634,245

Dominion Energy, Inc.

2.72%, 8/15/2021 (d)		20,166,000		20,376,984

Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.75%, 9/15/2023 (a)		31,071,000		31,137,523

Sempra Energy (ICE LIBOR USD 3 Month + 0.45%), 0.67%, 3/15/2021 (a)		4,488,000		4,488,853


				70,939,832

SEE NOTES TO FINANCIAL STATEMENTS.



158	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — 1.2%

APT Pipelines Ltd. (Australia) 3.88%, 10/11/2022 (b)		3,655,000		3,829,787

BP Capital Markets America, Inc. 4.74%, 3/11/2021		7,072,000		7,079,514

Chevron USA, Inc.

0.33%, 8/12/2022		16,407,000		16,429,111

0.43%, 8/11/2023 (c)		10,348,000		10,363,261

Enbridge Energy Partners LP 4.20%, 9/15/2021		2,363,000		2,388,438

Enbridge, Inc. (Canada) (SOFR + 0.40%), 0.43%, 2/17/2023 (a)		13,879,000		13,908,659

Equinor ASA (Norway) 2.45%, 1/17/2023		1,130,000		1,174,513

Exxon Mobil Corp.

1.90%, 8/16/2022		10,747,000		11,012,455

1.57%, 4/15/2023		48,100,000		49,298,652

Marathon Petroleum Corp. 5.13%, 3/1/2021		2,704,000		2,704,000

Pioneer Natural Resources Co. 0.75%, 1/15/2024		13,563,000		13,527,703

Saudi Arabian Oil Co. (Saudi Arabia)

2.75%, 4/16/2022 (b) (c)		4,800,000		4,896,000

1.25%, 11/24/2023 (b)		8,000,000		8,060,000

Spectra Energy Partners LP 4.60%, 6/15/2021		2,700,000		2,700,945

Total Capital International SA (France) 2.22%, 7/12/2021 (c)		16,284,000		16,370,715

TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023 (c)		25,013,000		26,891,801


				190,635,554


Personal Products — 0.0% (f)

Estee Lauder Cos., Inc. (The) 1.70%, 5/10/2021		300,000		300,340


Pharmaceuticals — 0.5%

Bristol-Myers Squibb Co.

2.55%, 5/14/2021		3,968,000		3,985,770

2.25%, 8/15/2021		1,530,000		1,544,147

2.60%, 5/16/2022		6,770,000		6,960,366

3.55%, 8/15/2022		503,000		526,489

0.54%, 11/13/2023		1,180,000		1,182,756

GlaxoSmithKline Capital plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.35%), 0.54%, 5/14/2021 (a)		3,393,000		3,395,444

2.85%, 5/8/2022		15,098,000		15,559,619

2.88%, 6/1/2022		4,285,000		4,412,973


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — continued

Pfizer, Inc.

3.00%, 9/15/2021		221,000		224,195

2.80%, 3/11/2022		247,000		253,584

Sanofi (France) 4.00%, 3/29/2021		1,014,000		1,016,890

Takeda Pharmaceutical Co. Ltd. (Japan) 2.45%, 1/18/2022 (b)		2,216,000		2,252,472

Viatris, Inc. 1.13%, 6/22/2022 (b)		17,844,000		17,999,547

Zoetis, Inc. (ICE LIBOR USD 3 Month + 0.44%), 0.62%, 8/20/2021 (a)		22,902,000		22,944,897


				82,259,149


Road & Rail — 0.4%

ERAC USA Finance LLC

4.50%, 8/16/2021 (b)		250,000		254,807

2.60%, 12/1/2021 (b)		2,225,000		2,257,715

Penske Truck Leasing Co. LP

3.30%, 4/1/2021 (b)		2,160,000		2,160,000

3.65%, 7/29/2021 (b)		15,088,000		15,241,374

3.38%, 2/1/2022 (b)		10,521,000		10,751,272

4.88%, 7/11/2022 (b)		11,895,000		12,588,579

2.70%, 3/14/2023 (b)		5,895,000		6,138,027

4.13%, 8/1/2023 (b)		2,500,000		2,702,364

Ryder System, Inc.

3.45%, 11/15/2021		12,913,000		13,164,726

2.88%, 6/1/2022		6,291,000		6,469,291


				71,728,155


Semiconductors & Semiconductor Equipment — 0.1%

Analog Devices, Inc. 2.50%, 12/5/2021		7,784,000		7,893,962

Intel Corp.

1.70%, 5/19/2021		1,426,000		1,428,721

3.30%, 10/1/2021		1,011,000		1,028,628


				10,351,311


Software — 0.1%

Oracle Corp.

1.90%, 9/15/2021		2,136,000		2,151,848

2.50%, 5/15/2022		6,980,000		7,141,129

2.50%, 10/15/2022		12,679,000		13,135,706


				22,428,683


Technology Hardware, Storage & Peripherals — 0.2%

Apple, Inc.

2.85%, 5/6/2021		6,679,000		6,710,527

1.55%, 8/4/2021		400,000		401,425

1.70%, 9/11/2022 (c)		21,091,000		21,572,401


				28,684,353

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	159

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Thrifts & Mortgage Finance — 2.4%

BPCE SA (France)

2.75%, 12/2/2021		10,782,000		10,981,493

(ICE LIBOR USD 3 Month + 0.30%), 0.53%, 1/14/2022 (a) (b) (c)		86,643,000		86,844,647

(SOFR + 0.44%), 0.47%, 2/17/2022 (a) (b)		53,697,000		53,815,772

(ICE LIBOR USD 3 Month + 1.22%), 1.40%, 5/22/2022 (a) (b)		2,490,000		2,519,058

3.00%, 5/22/2022 (b)		11,561,000		11,933,992

(ICE LIBOR USD 3 Month + 0.88%), 1.11%, 5/31/2022 (a)		27,250,000		27,510,649

2.75%, 1/11/2023 (b)		5,000,000		5,214,436

Nationwide Building Society (United Kingdom)

2.45%, 7/27/2021 (b)		6,750,000		6,808,012

2.00%, 1/27/2023 (b)		55,589,000		57,311,480

(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023 (a) (b)		55,942,000		57,865,383

0.55%, 1/22/2024 (b) (c)		60,158,000		60,051,162


				380,856,084


Tobacco — 0.7%

Altria Group, Inc. 4.75%, 5/5/2021		53,175,000		53,579,817

Philip Morris International, Inc.

4.13%, 5/17/2021		1,060,000		1,068,782

2.38%, 8/17/2022		11,000,000		11,307,798

2.50%, 8/22/2022		160,000		165,117

2.50%, 11/2/2022		2,620,000		2,709,637

Reynolds American, Inc. (United Kingdom) 4.85%, 9/15/2023		45,368,000		50,196,080


				119,027,231


Trading Companies & Distributors — 0.2%

Aviation Capital Group LLC

(ICE LIBOR USD 3 Month + 0.95%), 1.18%, 6/1/2021 (a) (b)		15,273,000		15,261,885

(ICE LIBOR USD 3 Month + 0.67%), 0.88%, 7/30/2021 (a) (b)		6,254,000		6,247,096

2.88%, 1/20/2022 (b)		2,986,000		3,035,413

BOC Aviation Ltd. (Singapore)

(ICE LIBOR USD 3 Month + 1.05%), 1.25%, 5/4/2021 (a) (b)		5,737,000		5,738,793

2.38%, 9/15/2021 (b)		6,200,000		6,240,687


				36,523,874


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wireless Telecommunication Services — 0.6%

Rogers Communications, Inc. (Canada)

(ICE LIBOR USD 3 Month + 0.60%), 0.84%, 3/22/2022 (a) (c)		66,444,000		66,832,464

3.00%, 3/15/2023		8,874,000		9,277,572

Vodafone Group plc (United Kingdom) 3.75%, 1/16/2024 (c)		12,160,000		13,263,848


				89,373,884


Total Corporate Bonds (Cost $9,567,827,191)				9,632,040,447

Asset-Backed Securities — 11.6%

522 Funding CLO Ltd. (Cayman Islands) Series 2019-4A, Class AR, 1.30%, 4/20/2030 (b) (g)		50,000,000		50,005,750

AIMCO CLO (Cayman Islands) Series 2015-AA, Class AR, 1.09%, 1/15/2028 (b) (g)		32,159,504		32,080,938

Apidos CLO (Cayman Islands)

Series 2015-21A, Class A1R, 1.15%, 7/18/2027 (b) (g)		22,760,314		22,747,660

Series 2016-24A, Class A1AL, 1.07%, 10/20/2030 (b) (g) (h)		60,000,000		60,000,000

Avery Point CLO Ltd. (Cayman Islands)

Series 2015-6A, Class AR2, 1.06%, 8/5/2027 (b) (g)		53,874,920		53,874,920

Series 2015-7A, Class AR2, 1.20%, 1/15/2028 (b) (g)		30,850,000		30,868,387

Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2016-2A, Class ARR, 1.16%, 1/15/2029 (b) (g)		80,000,000		79,980,000

Barings CLO Ltd. (Cayman Islands) Series 2013-IA, Class AR, 1.02%, 1/20/2028 (b) (g)		57,917,480		57,910,935

Benefit Street Partners CLO Ltd. (Cayman Islands)

Series 2013-IIA, Class A1R2, 1.11%, 7/15/2029 (b) (g)		24,939,203		24,939,203

Series 2013-IIA, Class X, 1.94%, 7/15/2029‡(b) (g)		34,375		34,366

BlueMountain CLO Ltd. (Cayman Islands)

Series 2012-2A, Class AR2, 1.23%, 11/20/2028 (b) (g)		10,416,163		10,428,225

Series 2013-1A, Class A1R2, 1.45%, 1/20/2029 (b) (g)		2,733,704		2,733,682

Capital One Prime Auto Receivables Trust Series 2020-1, Class A3, 1.60%, 11/15/2024		16,100,000		16,359,648

SEE NOTES TO FINANCIAL STATEMENTS.



160	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Carlyle Global Market Strategies CLO Ltd. Series 2012-4A, Class XRR, 0.97%, 4/22/2032 (b) (g)		319,434		319,417

CarMax Auto Owner Trust

Series 2020-4, Class A2, 0.31%, 1/16/2024		40,247,000		40,276,557

Series 2018-3, Class A4, 3.27%, 3/15/2024		15,600,000		16,232,518

CBAM Ltd. (Cayman Islands) Series 2017-3A, Class A, 1.45%, 10/17/2029 (b) (g)		6,100,000		6,101,549

CIFC Funding Ltd. (Cayman Islands)

Series 2012-2RA, Class A1, 1.02%, 1/20/2028 (b) (g)		4,550,467		4,542,317

Series 2017-5A, Class A1, 1.40%, 11/16/2030 (b) (g)		35,900,000		35,924,699

Clear Creek CLO (Cayman Islands) Series 2015-1A, Class X, 1.22%, 10/20/2030‡(b) (g)		51,563		51,550

Cloud Pass-Through Trust Series 2019-1A, Class CLOU, 3.55%, 12/5/2022 (b) (g)		12,474,603		12,611,490

Cole Park CLO Ltd. (Cayman Islands) Series 2015-1A, Class AR, 1.27%, 10/20/2028 (b) (g)		8,210,322		8,210,487

Dorchester Park CLO DAC Series 2015-1A, Class AR, 1.12%, 4/20/2028 (b) (g)		6,544,386		6,545,636

Dryden Senior Loan Fund (Cayman Islands)

Series 2013-30A, Class AR, 1.01%, 11/15/2028 (b) (g)		56,577,552		56,610,820

Series 2014-36A, Class XR2, 0.89%, 4/15/2029‡(b) (g)		200,000		200,005

Series 2014-36A, Class AR3, 1.26%, 4/15/2029 (b) (g)		71,656,000		71,691,183

Exeter Automobile Receivables Trust

Series 2021-1A, Class A2, 0.30%, 6/15/2023		16,147,000		16,148,540

Series 2021-1A, Class A3, 0.34%, 3/15/2024		4,283,000		4,282,625

Ford Credit Auto Owner Trust

Series 2020-C, Class A2, 0.25%, 10/15/2023		41,898,000		41,902,190

Series 2017-2, Class A, 2.36%, 3/15/2029 (b)		72,206,000		74,376,895

Galaxy CLO Ltd. (Cayman Islands) Series 2013-15A, Class AR, 1.44%, 10/15/2030 (b) (g)		17,920,000		17,921,021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


GM Financial Automobile Leasing Trust Series 2020-3, Class A2A, 0.35%, 11/21/2022		26,206,000		26,226,747

GM Financial Consumer Automobile Receivables Trust Series 2020-4, Class A2, 0.26%, 11/16/2023		6,465,000		6,466,885

Goldentree Loan Management US CLO Ltd. (Cayman Islands) Series 2017-1A, Class AR, 1.17%, 4/20/2029 (b) (g)		8,923,000		8,918,824

GoldentTree Loan Management US CLO Ltd. (Cayman Islands) Series 2020-7A, Class A, 2.12%, 4/20/2031 (b) (g)		5,000,000		5,005,930

Hyundai Auto Receivables Trust Series 2020-C, Class A2, 0.26%, 9/15/2023		60,582,000		60,599,878

KKR CLO Ltd. (Cayman Islands)

Series 13, Class A1R, 1.02%, 1/16/2028 (b) (g)		10,127,329		10,095,580

Series 17, Class A, 1.58%, 4/15/2029 (b) (g)		40,000,000		40,024,080

Series 32A, Class A1, 1.56%, 1/15/2032 (b) (g)		18,000,000		18,068,526

KREF Ltd. Series 2018-FL1, Class A, 1.21%, 6/15/2036 (b) (g)		4,972,350		4,973,897

LCM Ltd. (Cayman Islands) Series 24A, Class AR, 3/20/2030 (b) (g)		51,444,000		51,444,000

LCM XVII LP (Cayman Islands) Series 17A, Class XR, 0.84%, 10/15/2031 (b) (g)		270,000		270,000

LCM XX LP (Cayman Islands) Series 20A, Class AR, 1.26%, 10/20/2027 (b) (g)		20,951,137		20,955,432

Magnetite Ltd. (Cayman Islands)

Series 2012-7A, Class A1R2, 1.04%, 1/15/2028 (b) (g)		5,220,000		5,222,500

Series 2016-18A, Class AR, 1.27%, 11/15/2028 (b) (g)		6,600,000		6,601,538

Series 2020-25A, Class A, 1.45%, 1/25/2032 (b) (g)		20,000,000		20,029,100

Series 2020-27A, Class A1, 1.77%, 7/20/2033 (b) (g)		22,058,000		22,117,424

Neuberger Berman CLO Ltd. (Cayman Islands)

Series 2015-19A, Class A1R2, 1.04%, 7/15/2027 (b) (g)		7,523,599		7,503,082

Series 2017-16SA, Class A, 1.09%, 1/15/2028 (b) (g)		29,967,448		29,940,867

Series 2013-14A, Class AR2, 1.25%, 1/28/2030 (b) (g)		16,000,000		16,004,512

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	161

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Newark BSL CLO 2 Ltd. (Cayman Islands)

Series 2017-1A, Class A1R, 1.15%, 7/25/2030 (b) (g)		50,619,000		50,619,000

Series 2017-1A, Class A1, 1.49%, 7/25/2030 (b) (g)		4,500,000		4,501,057

Newark BSL CLO Ltd. (Cayman Islands) Series 2016-1A, Class A1R, 1.31%, 12/21/2029 (b) (g)		29,000,000		29,038,396

OCP CLO Ltd. (Cayman Islands)

Series 2015-9A, Class A1R, 1.04%, 7/15/2027 (b) (g)		15,647,921		15,652,240

Series 2016-12A, Class A1R, 1.34%, 10/18/2028 (b) (g)		926,390		926,439

Series 2020-8RA, Class A1, 1.44%, 1/17/2032 (b) (g)		35,000,000		34,990,935

Octagon Investment Partners 30 Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 1.20%, 3/17/2030 (b) (g)		70,000,000		69,982,430

Octagon Investment Partners 35 Ltd. (Cayman Islands) Series 2018-1A, Class A1A, 1.28%, 1/20/2031 (b) (g)		35,000,000		35,002,520

Palmer Square Loan Funding Ltd. (Cayman Islands)

Series 2018-4A, Class A1, 1.09%, 11/15/2026 (b) (g)		854,951		854,166

Series 2019-2A, Class A1, 1.19%, 4/20/2027 (b) (g)		7,998,239		7,998,407

Series 2019-4A, Class A1, 1.12%, 10/24/2027 (b) (g)		24,071,735		24,020,510

Series 2020-1A, Class A1, 0.98%, 2/20/2028 (b) (g)		16,140,407		16,070,922

Series 2020-2A, Class A1, 1.22%, 4/20/2028 (b) (g)		16,924,448		16,934,045

Series 2020-4A, Class A1, 1.19%, 11/25/2028 (b) (g)		63,608,912		63,687,660

Series 2021-1A, Class A1, 1.09%, 4/20/2029 (b) (g)		48,806,000		48,793,701

Santander Drive Auto Receivables Trust Series 2020-3, Class A2, 0.46%, 9/15/2023		37,335,636		37,368,973

Shackleton CLO Ltd. (Cayman Islands)

Series 2015-8A, Class A1R, 1.14%, 10/20/2027 (b) (g)		19,000,553		18,974,903

Series 2015-8A, Class A2R, 1.14%, 10/20/2027 (b) (g)		7,799,716		7,789,186

Stratus CLO Ltd. (Cayman Islands) Series 2020-2A, Class A, 1.57%, 10/15/2028 (b) (g)		46,316,000		46,322,206


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Symphony CLO Ltd. (Cayman Islands)

Series 2014-14A, Class AR, 1.18%, 7/14/2026 (b) (g)		26,351,704		26,379,979

Series 2018-20A, Class X, 1.22%, 1/16/2032 (b) (g)		1,500,000		1,500,000

Series 2014-15A, Class XR2, 0.92%, 1/17/2032 (b) (g)		1,333,333		1,333,333

Series 2020-24A, Class A, 1.42%, 1/23/2032 (b) (g)		28,200,000		28,192,696

Tesla Auto Lease Trust Series 2020-A, Class A3, 0.68%, 12/20/2023 (b)		5,184,000		5,220,925

Treman Park CLO Ltd. (Cayman Islands) Series 2015-1A, Class ARR, 1.29%, 10/20/2028 (b) (g)		10,346,775		10,347,396

Venture CLO Ltd. (Cayman Islands) Series 2018-33A, Class A1LR, 1.40%, 7/15/2031 (b) (g)		31,836,000		31,836,000

Verizon Owner Trust Series 2018-1A, Class A1A, 2.82%, 9/20/2022 (b)		4,851,161		4,865,924

Voya CLO Ltd. (Cayman Islands) Series 2014-3A, Class A1R, 0.94%, 7/25/2026 (b) (g)		548,310		547,685

Wind River CLO Ltd. (Cayman Islands) Series 2016-1A, Class AR, 1.29%, 7/15/2028 (b) (g)		16,151,109		16,147,022


Total Asset-Backed Securities (Cost $1,869,172,109)				1,872,280,671

Commercial Mortgage-Backed Securities — 2.3%

ACRE Commercial Mortgage Ltd. (Cayman Islands) Series 2021-FL4, Class A, 0.94%, 12/18/2037 (b) (g)		12,000,000		12,000,012

Benchmark Mortgage Trust

Series 2018-B3, Class A2, 3.85%, 4/10/2051		5,500,000		5,799,896

Series 2018-B5, Class A2, 4.08%, 7/15/2051		5,000,000		5,347,366

BX Commercial Mortgage Trust

Series 2020-BXLP, Class A, 0.91%, 12/15/2036 (b) (g)		22,943,493		22,960,765

Series 2020-VKNG, Class A, 1.04%, 10/15/2037 (b) (g)		31,775,700		31,862,340

BX Trust Series 2021-LBA, Class AJV, 0.91%, 2/15/2036 (b) (g)		39,712,098		39,722,022

BXMT Ltd. (Cayman Islands)

Series 2017-FL1, Class A, 0.98%, 6/15/2035 (b) (g)		370,441		370,555

Series 2020-FL3, Class A, 1.51%, 3/15/2037 (b) (g)		45,000,000		45,069,975

SEE NOTES TO FINANCIAL STATEMENTS.



162	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class A, 0.90%, 7/15/2032 (b) (g)		822,189		822,967

Citigroup Commercial Mortgage Trust

Series 2014-GC25, Class B, 4.34%, 10/10/2047‡(g)		8,626,000		9,442,948

Series 2018-B2, Class A2, 3.79%, 3/10/2051		6,000,000		6,288,660

Commercial Mortgage Trust Series 2014-LC15, Class AM, 4.20%, 4/10/2047		3,145,000		3,426,185

Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class A, 1.09%, 5/15/2036 (b) (g)		28,000,000		28,044,677

CSAIL Commercial Mortgage Trust Series 2017-CX9, Class A2, 3.05%, 9/15/2050		2,500,000		2,574,128

DBGS Mortgage Trust Series 2018-BIOD, Class A, 0.92%, 5/15/2035 (b) (g)		26,753,605		26,769,732

GS Mortgage Securities Corp. Trust Series 2021-RENT, Class A, 0.95%, 11/21/2023 (b) (g)		5,000,052		5,000,052

Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (b)		10,000,000		10,650,968

KNDL Mortgage Trust Series 2019-KNSQ, Class A, 0.91%, 5/15/2036 (b) (g)		5,600,000		5,608,942

Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C8, Class A3, 2.86%, 12/15/2048		7,730,939		7,925,593

Morgan Stanley Capital I Trust Series 2018-H3, Class A2, 4.00%, 7/15/2051		6,250,000		6,667,016

ONE Mortgage Trust Series 2021-PARK, Class A, 0.95%, 3/15/2036 (b) (g)		24,000,000		23,917,464

UBS Commercial Mortgage Trust

Series 2018-C8, Class A2, 3.71%, 2/15/2051		6,569,000		6,871,028

Series 2018-C11, Class A2, 3.99%, 6/15/2051		4,647,000		4,885,322

Wells Fargo Commercial Mortgage Trust

Series 2021-SAVE, Class A, 1.30%, 2/15/2040 (b) (g)		34,642,716		34,705,589

Series 2018-C46, Class A2, 4.06%, 8/15/2051		11,750,000		12,519,690


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


WFRBS Commercial Mortgage Trust

Series 2013-UBS1, Class AS, 4.31%, 3/15/2046 (g)		6,584,641		7,156,954

Series 2014-C22, Class AS, 4.07%, 9/15/2057 (g)		6,901,000		7,544,338


Total Commercial Mortgage-Backed Securities (Cost $373,677,497)				373,955,184

U.S. Treasury Obligations — 1.3%

U.S. Treasury Notes

1.13%, 9/30/2021		72,000,000		72,450,000

2.88%, 10/15/2021		139,200,000		141,641,437


Total U.S. Treasury Obligations (Cost $214,008,892)				214,091,437


Certificates Of Deposit — 0.2%

UBS AG (Switzerland) 0.46%, 12/2/2022 (Cost $40,092,000)		40,092,000		40,324,378


Foreign Government Securities — 0.2%

Svensk Exportkredit AB (Sweden) (SOFR + 1.00%), 1.03%, 5/25/2023 (a) (Cost $28,889,504)		28,420,000		28,959,134


Short-Term Investments — 26.6%

Certificates of Deposit — 7.5%

Bank of Nova Scotia (The) (Canada)

(SOFR + 0.17%), 0.20%, 2/25/2022 (a)		47,281,000		47,293,584

(SOFR + 0.16%), 0.19%, 2/28/2022 (a)		27,241,000		27,246,176

Barclays Bank plc (United Kingdom) 0.70%, 7/29/2021		6,500,000		6,513,195

Canadian Imperial Bank of Commerce (Canada) 0.42%, 6/22/2021		90,500,000		90,590,275

Credit Agricole Corporate and Investment Bank (France)

(ICE LIBOR USD 3 Month + 0.21%), 0.40%, 8/9/2021 (a)		36,098,000		36,133,272

(ICE LIBOR USD 3 Month + 0.48%), 0.71%, 9/17/2021 (a)		33,446,000		33,532,893

Credit Suisse AG (Switzerland) 0.31%, 9/16/2021		50,000,000		50,033,559

Deutsche Bank AG (Germany) 0.63%, 7/26/2021		150,000,000		150,030,972

DZ Bank AG (Germany) (ICE LIBOR USD 3 Month + 0.20%), 0.39%, 2/17/2022 (a)		24,025,000		24,036,521

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	163

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Short-Term Investments — continued

Certificates of Deposit — continued

First Abu Dhabi Bank USA NV (ICE LIBOR USD 3 Month + 0.17%), 0.39%, 12/14/2021 (a)		53,300,000		53,329,284

Kookmin Bank (South Korea)

(ICE LIBOR USD 3 Month + 0.27%), 0.48%, 10/29/2021 (a)		17,452,000		17,469,281

(ICE LIBOR USD 1 Month + 0.29%), 0.40%, 12/20/2021 (a)		49,869,000		49,898,968

Lloyds Bank Corporate Markets plc (United Kingdom) 0.24%, 2/22/2022		63,514,000		63,514,633

Lloyds Bank plc (United Kingdom) (SOFR + 0.30%), 0.36%, 11/16/2021 (a)		27,890,000		27,914,011

MUFG Bank Ltd. (Japan) 0.32%, 10/15/2021		3,600,000		3,602,832

Norinchukin Bank (The) (Japan)

0.37%, 12/1/2021		132,661,000		132,791,667

0.37%, 12/3/2021		108,726,000		108,833,863

Shinhan Bank (South Korea)

0.47%, 11/3/2021		29,452,000		29,488,040

0.44%, 1/10/2022		32,416,000		32,455,931

Societe Generale SA (France) 0.32%, 9/17/2021		28,300,000		28,319,882

Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.32%), 0.50%, 11/22/2021 (a)		47,564,000		47,661,184

Westpac Banking Corp. (Australia) (ICE LIBOR USD 3 Month + 0.01%), 0.23%, 1/24/2022 (a)		148,409,000		148,395,612


Total Certificates of Deposit (Cost $1,208,264,353)				1,209,085,635


Commercial Paper — 13.6%

ABN AMRO Funding USA LLC (Netherlands) 0.18%, 10/8/2021 (b) (i)		3,100,000		3,093,075

American Honda Finance Corp.

0.45%, 3/22/2021 (i)		23,805,000		23,801,985

0.32%, 3/26/2021 (i)		9,881,000		9,879,440

AT&T, Inc.

0.38%, 11/16/2021 (b) (i)		16,021,000		15,984,366

0.40%, 12/14/2021 (b) (i)		64,420,000		64,253,366

Banco del Estado de Chile (Chile) 0.41%, 11/26/2021 (b) (i)		50,000,000		49,901,416

Banco Santander SA (Spain) 0.47%, 9/2/2021 (b) (i)		17,673,000		17,657,218


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Paper — continued

Barclays Bank plc (United Kingdom)

0.30%, 2/9/2022 (b) (i)		9,892,000		9,871,919

0.30%, 2/10/2022 (b) (i)		10,901,000		10,878,702

BASF SE (Germany)

0.23%, 3/23/2021 (b) (i)		17,000,000		16,998,796

0.24%, 3/25/2021 (b) (i)		28,590,000		28,587,577

0.24%, 3/30/2021 (b) (i)		30,000,000		29,996,507

0.24%, 3/31/2021 (b) (i)		80,000,000		79,990,393

BP Capital Markets plc (United Kingdom)

0.30%, 1/11/2022 (b) (i)		15,302,000		15,264,034

0.29%, 1/28/2022 (b) (i)		4,450,000		4,438,246

BPCE SA (France)

0.30%, 7/1/2021 (b) (i)		3,000,000		2,998,417

0.29%, 9/1/2021 (b) (i)		35,000,000		34,968,911

Campbell Soup Co. 2.04%, 3/1/2021 (b) (i)		29,450,000		29,449,632

Conagra Brands, Inc. 0.90%, 4/8/2021 (b) (i)		35,250,000		35,227,639

Electricite de France SA (France) 0.48%, 6/28/2021 (b) (i)		120,000,000		119,898,334

Enel Finance America LLC

0.40%, 4/15/2021 (b) (i)		16,439,000		16,434,397

0.41%, 4/22/2021 (b) (i)		12,431,000		12,426,784

0.40%, 7/12/2021 (b) (i)		39,000,000		38,957,126

0.40%, 10/20/2021 (b) (i)		23,700,000		23,646,709

Eni Finance USA, Inc. (Italy)

0.41%, 3/15/2021 (b) (i)		25,818,000		25,816,159

0.58%, 7/30/2021 (b) (i)		21,075,000		21,046,691

0.58%, 10/18/2021 (b) (i)		23,300,000		23,246,387

0.58%, 10/20/2021 (b) (i)		22,600,000		22,547,553

0.57%, 10/29/2021 (b) (i)		19,500,000		19,452,756

Entergy Corp.

0.25%, 4/19/2021 (b) (i)		30,000,000		29,989,383

0.24%, 5/4/2021 (b) (i)		15,500,000		15,492,731

ERP Operating LP 0.24%, 3/19/2021 (b) (i)		10,000,000		9,999,020

First Abu Dhabi Bank PJSC (United Arab Emirates) 0.40%, 8/27/2021 (b) (i)		174,311,000		174,160,308

Glencore Funding LLC (Australia)

0.59%, 3/19/2021 (b) (i)		35,000,000		34,994,079

0.35%, 7/12/2021 (b) (i)		24,500,000		24,467,791

0.40%, 8/5/2021 (b) (i)		20,500,000		20,468,111

Goldman Sachs International 0.33%, 1/12/2022 (b) (i)		54,901,000		54,767,773

SEE NOTES TO FINANCIAL STATEMENTS.



164	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Short-Term Investments — continued

Commercial Paper — continued

HSBC USA, Inc.

0.30%, 11/3/2021 (b) (i)		29,000,000		28,930,118

0.30%, 11/9/2021 (b) (i)		50,000,000		49,876,267

Hyundai Capital America 0.32%, 6/21/2021 (b) (i)		9,200,000		9,191,918

KEB Hana Bank (South Korea) 0.40%, 7/23/2021 (b) (i)		18,776,000		18,763,886

LVMH Moet Hennessy Louis Vuitton SE (France)

0.22%, 7/16/2021 (b) (i)		85,000,000		84,951,408

0.28%, 9/23/2021 (b) (i)		84,120,000		84,036,979

Marathon Petroleum Corp. 0.45%, 3/31/2021 (b) (i)		56,948,000		56,937,298

National Bank of Canada (Canada) 0.20%, 2/11/2022 (b) (i)		51,482,000		51,373,387

National Grid North America, Inc. 0.27%, 3/30/2021 (b) (i)		69,045,000		69,033,768

NatWest Markets plc (United Kingdom)

0.61%, 4/29/2021 (b) (i)		16,590,000		16,584,800

0.66%, 7/26/2021 (b) (i)		27,281,000		27,253,719

0.38%, 1/4/2022 (b) (i)		11,680,000		11,648,012

Procter & Gamble Co. (The) 0.13%, 3/31/2021 (b) (i)		3,600,000		3,599,852

Public Service Enterprise Group, Inc. 0.33%, 3/8/2021 (b) (i)		54,193,000		54,190,682

Rogers Communications, Inc. (Canada) 0.55%, 8/26/2021 (b) (i)		39,167,000		39,103,985

Schlumberger Holdings Corp.

0.47%, 7/29/2021 (b) (i)		15,300,000		15,290,962

0.49%, 8/16/2021 (b) (i)		42,000,000		41,961,496

Shell International Finance BV (Netherlands)

3.25%, 3/29/2021 (b) (i)		34,360,000		34,356,745

0.16%, 5/25/2021 (b) (i)		3,600,000		3,598,865

0.17%, 8/17/2021 (b) (i)		15,000,000		14,988,032

Societe Generale SA (France) 0.31%, 12/2/2021 (b) (i)		29,850,000		29,803,501

Suncor Energy, Inc. (Canada) 0.33%, 4/21/2021 (b) (i)		5,253,000		5,251,267

Telstra Corp Ltd. (Australia) 0.30%, 2/7/2022 (b) (i)		21,244,000		21,189,688

Telstra Corp. Ltd. (Australia) 0.40%, 10/27/2021 (b) (i)		45,743,000		45,667,044

UnitedHealth Group, Inc. 0.23%, 3/26/2021 (b) (i)		70,000,000		69,993,521

Waste Management, Inc.

0.35%, 7/6/2021 (b) (i)		67,820,000		67,761,957

0.45%, 9/17/2021 (b) (i)		42,068,000		42,012,017


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Paper — continued

Westpac Banking Corp. (Australia) 0.16%, 4/12/2021 (b) (i)		10,000,000		9,998,375


Total Commercial Paper (Cost $2,177,250,418)				2,178,403,280


	SHARES

Investment Companies — 4.7%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (j) (k) (Cost $763,604,992)		763,604,992		763,604,992


Investment of Cash Collateral From Securities Loaned — 0.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.14% (j) (k)		32,732,182		32,735,455

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (j) (k)		5,643,500		5,643,500


Total Investment of Cash Collateral From Securities Loaned (Cost $38,378,955)				38,378,955


Repurchase Agreements — 0.6%

Wells Fargo Securities LLC, 0.74%, dated 2/26/2021, due 6/25/2021, repurchase price $100,244,611, collateralized by Collateralized Mortgage Obligations, 0.58% — 5.79%, due 11/18/2021 — 11/17/2054, with the value of $108,397,380. (Cost $100,000,000)		100,000,000		100,000,000


Total Short-Term Investments (Cost $4,287,498,718)				4,289,472,862


Total Investments — 101.9% (Cost $16,381,165,911)				16,451,124,113

Liabilities in Excess of Other Assets — (1.9)%				(307,086,400)


Net Assets — 100.0%				16,144,037,713

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	165

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)

Abbreviations


CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
PJSC		Public Joint Stock Company
SOFR		Secured Overnight Financing Rate
USD		United States Dollar

(a)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)		The security or a portion of this security is on loan at February 28, 2021. The total value of securities on loan at February 28, 2021 is $37,357,448.
(d)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2021.



(e)		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.
(f)		Amount rounds to less than 0.1% of net assets.
(g)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021.
(h)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)		The rate shown is the effective yield as of February 28, 2021.
(j)		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.
(k)		The rate shown is the current yield as of February 28, 2021.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of February 28, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Short Contracts

U.S. Treasury 5 Year Note

(359)

06/2021

USD

(44,605,750

)

232,095

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



166	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 88.5% (a)

Alabama — 0.5%

Alabama 21st Century Authority Series 2012A, Rev., 5.00%, 6/1/2021		55,000		55,640

Alabama Drinking Water Finance Authority, Revolving Fund Loan Series 2015A, Rev., 5.00%, 8/15/2022		25,000		26,755

Alabama Federal Aid Highway Finance Authority

Rev., GAN, 4.00%, 9/1/2021		25,000		25,472

Series 2012A, Rev., GAN, 5.00%, 9/1/2021		250,000		255,960

Series A, Rev., 5.00%, 9/1/2023		25,000		27,908

Alabama Highway Finance Corp., Special Obligation Series 2020A, Rev., 4.00%, 8/1/2021		340,000		345,372

Alabama Municipal Electric Authority, Power Supply System Series 2013A, Rev., 4.50%, 9/1/2021 (b)		20,000		20,429

Alabama Public School and College Authority, Capital Improvement

Series 2013B, Rev., 5.00%, 6/1/2021		50,000		50,604

Series 2013-C, Rev., 5.00%, 9/1/2021		30,000		30,729

Series 2014B, Rev., 5.00%, 1/1/2022		80,000		83,240

Series 2014-A, Rev., 5.00%, 2/1/2022		20,000		20,891

Series 2015A, Rev., 5.00%, 5/1/2022		100,000		105,662

Series 2015B, Rev., 5.00%, 5/1/2022		20,000		21,132

Series 2015C, Rev., 5.00%, 6/1/2022		30,000		31,820

Series C, Rev., 5.00%, 9/1/2022		40,000		42,913

Series 2020A, Rev., 5.00%, 11/1/2022		75,000		81,056

Series 2014-B, Rev., 5.00%, 1/1/2023		50,000		54,383

Alabama Public School and College Authority, Capital Improvement Economic Development and Training

Series 2012B, Rev., 5.00%, 3/1/2021		100,000		100,000

Rev., 5.00%, 3/1/2022		225,000		235,939

Alabama Public School and College Authority, Tax-Exempt Series 2012A, Rev., 5.00%, 3/1/2022		30,000		31,459


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Alabama — continued

Alabama Special Care Facilities Financing Authority-Birmingham, Children’s Hospital Health Care Facility Rev., 5.00%, 6/1/2023		145,000		159,557

Auburn University, General Fee

Series 2011A, Rev., 5.00%, 6/1/2021 (b)		30,000		30,361

Series 2011-A, Rev., 5.00%, 6/1/2021 (b)		50,000		50,602

Series 2018A, Rev., 5.00%, 6/1/2021		40,000		40,480

Series 2015B, Rev., 4.00%, 6/1/2022		25,000		26,189

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		30,000		31,816

Series 2020A, Rev., 5.00%, 6/1/2022		25,000		26,501

Auburn Water Works Board Series 2020A, Rev., 3.00%, 9/1/2021		225,000		228,029

Black Belt Energy Gas District, Gas Prepay Series 2018A, Rev., 4.00%, 12/1/2023 (c)		170,000		184,494

Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (c)		1,130,000		1,138,577

City of Auburn, Warrants GO, 3.00%, 5/1/2022		20,000		20,660

City of Daphne, Warrants GO, 3.00%, 4/1/2022		35,000		36,038

City of Decatur, Sewer

Rev., 3.50%, 5/1/2022 (b)		110,000		114,191

Rev., 3.00%, 8/15/2022 (b)		20,000		20,821

City of Huntsville, Capital Improvement, Warrants

Series 2011A, GO, 5.00%, 3/1/2021		25,000		25,000

Series 2011B, GO, 5.00%, 5/1/2021 (b)		110,000		110,859

Series 2015A, GO, 5.00%, 5/1/2021		60,000		60,478

GO, 5.00%, 9/1/2021 (b)		115,000		117,724

Series 2020B, GO, 5.00%, 9/1/2023		30,000		33,490

City of Huntsville, Electric System, Warrants Rev., 5.00%, 12/1/2021 (b)		20,000		20,727

City of Madison, Warrants Series 2011B, GO, 3.45%, 8/1/2021 (b)		25,000		25,341

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	167

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Alabama — continued

City of Opelika

GO, 4.00%, 11/1/2021 (b)		100,000		102,567

GO, 4.13%, 11/1/2021 (b)		35,000		35,928

GO, 5.00%, 11/1/2021 (b)		50,000		51,615

City of Orange Beach, Warrants

GO, 5.00%, 2/1/2022		25,000		26,081

GO, 5.00%, 8/1/2022 (b)		60,000		64,117

City of Oxford GO, 3.25%, 10/1/2022 (b)		25,000		26,211

City of Trussville

Series 2014A, GO, 5.00%, 10/1/2021		100,000		102,819

Series 2014A, GO, 5.00%, 10/1/2023 (b)		25,000		28,053

City of Tuscaloosa

Series 2014A, GO, 5.00%, 7/1/2022		25,000		26,573

Series 2020A, GO, 3.00%, 10/1/2022		20,000		20,847

County of Baldwin GO, 5.00%, 6/1/2021		20,000		20,240

County of Lee Series 2013A, GO, 5.00%, 8/1/2021		40,000		40,804

County of Mobile

Series 2014A, GO, 5.00%, 6/1/2022		40,000		42,411

Series 2020B, GO, 4.00%, 8/1/2023		25,000		27,185

County of Montgomery GO, 5.00%, 3/1/2021		30,000		30,000

Foley Utilities Board Rev., 5.00%, 5/1/2022 (b)		105,000		110,805

Hoover City Board of Education

4.00%, 2/15/2022		30,000		31,099

5.00%, 2/15/2023		50,000		53,404

Limestone County Water & Sewer Authority Rev., 5.00%, 12/1/2022		115,000		124,369

Madison County Board of Education

Series 2019C, 5.00%, 3/1/2021		25,000		25,000

Rev., AGM, 4.50%, 9/1/2021 (b)		40,000		40,868

Madison Water and Wastewater Board Rev., 5.00%, 12/1/2022		55,000		59,592

Montgomery County Public Education Cooperative District, Public Schools Project

Rev., 5.00%, 4/1/2021		100,000		100,391

Rev., 5.00%, 4/1/2023		200,000		218,722

Oxford Public Building Authority, Oxford Project Series 2015A, Rev., 5.00%, 10/1/2022		25,000		26,889


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Alabama — continued

State of Alabama

Series 2013-A, GO, 5.00%, 8/1/2021		25,000		25,502

Series 2014-A, GO, 5.00%, 8/1/2021		105,000		107,111

Series 2016C, GO, 5.00%, 8/1/2022		30,000		32,050

Series 2016A, GO, 5.00%, 11/1/2022		50,000		54,011

State of Alabama, Capital Improvement

Series 2013B, GO, 5.00%, 8/1/2021		50,000		51,005

Series 2013B, GO, 5.00%, 8/1/2022		45,000		48,075

UAB Medicine Finance Authority Series 2016B, Rev., 5.00%, 9/1/2023		135,000		149,703

University of Alabama (The)

Rev., 5.00%, 7/1/2021		20,000		20,318

Series 2019B, Rev., 4.00%, 7/1/2022		35,000		36,761

Series 2019A, Rev., 5.00%, 7/1/2022		30,000		31,908

University of Alabama at Birmingham

Series 2013-A2, Rev., 5.00%, 10/1/2021		50,000		51,394

Series 2019A, Rev., 4.00%, 10/1/2022		165,000		174,862

Series 2015A, Rev., 5.00%, 10/1/2022		25,000		26,889

Water Works Board of the City of Birmingham (The)

Series 2015A, Rev., 5.00%, 1/1/2022		45,000		46,811

Series 2015B, Rev., 5.00%, 1/1/2022		30,000		31,207


Total Alabama				6,473,496


Alaska — 0.6%

Alaska Housing Finance Corp., General Mortgage Series A, Rev., 1.50%, 6/1/2024		305,000		313,140

Alaska Housing Finance Corp., State Capital Project

Series 2017A, Rev., 5.00%, 6/1/2021		25,000		25,292

Rev., 5.00%, 12/1/2021		100,000		103,528

Series 2013A, Rev., 5.00%, 12/1/2021		45,000		46,588

Series 2014D, Rev., 5.00%, 12/1/2021		100,000		103,528

SEE NOTES TO FINANCIAL STATEMENTS.



168	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Alaska — continued

Rev., 5.00%, 6/1/2022 (b)		55,000		58,235

Series 2013A, Rev., 5.00%, 6/1/2022		100,000		105,794

Alaska Industrial Development and Export Authority, Greater Fairbanks Community Hospital Foundation Project

Rev., 5.00%, 4/1/2021		1,125,000		1,129,174

Rev., 5.00%, 4/1/2022		200,000		209,910

Alaska Municipal Bond Bank Authority

Series 2015A-2, Rev., 5.00%, 3/1/2021		125,000		125,000

Series 2013-3, Rev., 4.00%, 8/1/2021		25,000		25,373

Series 2012-2, Rev., 4.00%, 9/1/2021		280,000		285,015

Series 2014-3, Rev., 5.00%, 10/1/2021		305,000		313,143

Series 2016-3, Rev., 4.00%, 12/1/2021		165,000		169,439

Series 1, Rev., 5.00%, 12/1/2021		450,000		465,462

Series 2012-3, Rev., 5.00%, 7/1/2022		200,000		212,168

Alaska Railroad Corp. Series 2015A, Rev., 5.00%, 8/1/2021		550,000		560,566

Borough of Fairbanks North Star Series 2011-Q, GO, 5.00%, 9/1/2021		40,000		40,964

Borough of Matanuska-Susitna

Series 2007A, GO, NATL-RE, 5.00%, 4/1/2021		35,000		35,135

Series 2014B, GO, 5.00%, 11/1/2021		170,000		175,399

Series 2016A, GO, 5.00%, 7/1/2022		20,000		21,267

Borough of Matanuska-Susitna, Goose Creek Correctional Center Project

Rev., 5.00%, 9/1/2021		195,000		199,600

Rev., 5.00%, 9/1/2024		260,000		294,310

Borough of Matanuska-Susitna, Transportation System

Series 2014A, GO, 5.00%, 8/1/2021		20,000		20,396

Series 2015C, GO, 5.00%, 11/1/2021		35,000		36,111

Series 2012D, GO, 4.50%, 4/1/2022 (b)		30,000		31,412

Borough of North Slope

Series 2012A, GO, 5.00%, 6/30/2021		20,000		20,310


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Alaska — continued

Series 2016B, GO, 5.00%, 6/30/2021 (b)		240,000		243,828

Series 2018A, GO, 5.00%, 6/30/2021		120,000		121,863

Series 2018B, GO, 5.00%, 6/30/2021		90,000		91,397

Series 2014B, GO, 5.00%, 10/30/2021		35,000		36,095

Series 2012A, GO, 5.00%, 6/30/2022		20,000		21,250

Series 2016A, GO, 5.00%, 6/30/2022		175,000		185,939

Series 2015B, GO, 5.00%, 6/30/2025		100,000		101,495

Municipality of Anchorage

Series 2007B, GO, NATL-RE, 5.00%, 9/1/2021		65,000		66,556

Series 2018B, GO, 5.00%, 9/1/2021		400,000		409,576

Series B, GO, 5.00%, 9/1/2021		100,000		102,394

Series C, GO, 5.00%, 9/1/2021		280,000		286,703

Series D, GO, 5.00%, 9/1/2021		75,000		76,795

Series A, GO, 5.00%, 8/1/2022		20,000		21,355

Series 2018D, GO, 4.00%, 9/1/2022		25,000		26,420

Series 2018A, GO, 5.00%, 9/1/2022		50,000		53,586

Series 2108B, GO, 5.00%, 9/1/2022		55,000		58,945

Series B, GO, 5.00%, 9/1/2022		125,000		133,965

Series D, GO, 5.00%, 9/1/2022		70,000		75,020

State of Alaska, Native Tribal Health Consortium

COP, 5.00%, 6/1/2021		225,000		227,587

COP, 4.00%, 6/1/2022		295,000		308,349

University of Alaska Series 2011Q, Rev., 4.00%, 10/1/2021 (b)		135,000		137,990


Total Alaska				7,913,367


Arizona — 1.1%

Arizona Department of Transportation State Highway Fund

Series 2011A, Rev., 5.00%, 7/1/2021 (b)		125,000		127,013

Series 2013A, Rev., 5.00%, 7/1/2021		70,000		71,128

Series 2013A, Rev., 5.00%, 7/1/2022 (b)		160,000		170,316

Arizona Health Facilities Authority, Banner Health Series 2015A, Rev., 5.00%, 1/1/2022		150,000		155,907

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	169

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Arizona — continued

Arizona Health Facilities Authority, Common Spirit Health Series B-1, Rev., 5.25%, 3/1/2021 (b)		95,000		95,000

Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Rev., 5.00%, 12/1/2023		120,000		135,252

Arizona Industrial Development Authority, Equitable School Revolving Fund

Series 2019A, Rev., 5.00%, 11/1/2021		190,000		195,607

Series 2019A, Rev., 5.00%, 11/1/2022		450,000		482,963

Series 2019A, Rev., 5.00%, 11/1/2024		75,000		86,345

Arizona School Facilities Board Series 2015A, COP, 5.00%, 9/1/2021		120,000		122,886

Arizona State University

Series 2012A, Rev., 3.00%, 7/1/2022		25,000		25,926

Series 2016A, Rev., 5.00%, 7/1/2022		25,000		26,590

Series 2017A, Rev., 5.00%, 7/1/2022		45,000		47,863

Arizona State University, Green Bond

Series 2015A, Rev., 5.00%, 7/1/2022		30,000		31,909

Series 2016B, Rev., 5.00%, 7/1/2022		25,000		26,590

Arizona State University, Maricopa County Regional Area Road Fund

Rev., 5.00%, 7/1/2021		340,000		345,481

Rev., 5.00%, 7/1/2022		130,000		138,395

Rev., 5.00%, 7/1/2025		40,000		47,686

Arizona Transportation Board Series 2019A, Rev., GAN, 5.00%, 7/1/2021		65,000		66,048

Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2022		25,000		26,614

Arizona Water Infrastructure Finance Authority, Water Quality Series 2014A, Rev., 5.00%, 10/1/2021		225,000		231,275

Central Arizona Water Conservation District, Central Arizona Project Rev., 5.00%, 1/1/2022		25,000		26,006


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

Chandler Industrial Development Authority, Intel Corp. Project Rev., 2.40%, 8/14/2023 (c)		2,170,000		2,270,037

City of Avondale GO, 5.00%, 7/1/2022		80,000		85,144

City of Buckeye, Excise Tax

Rev., 5.00%, 7/1/2022		20,000		21,286

Rev., 5.00%, 7/1/2023		25,000		27,695

City of Bullhead, Excise Taxes Rev., 4.00%, 7/1/2022		25,000		26,203

City of Flagstaff

GO, 5.00%, 7/1/2021		30,000		30,482

Series 2014B, GO, 5.00%, 7/1/2021		20,000		20,321

City of Flagstaff, Road Repair, Street Improvement Project

Rev., 4.00%, 7/1/2021		25,000		25,319

Rev., 4.00%, 7/1/2023		20,000		21,692

City of Glendale, Excise Tax Rev., 5.00%, 7/1/2021		90,000		91,400

City of Glendale, Water and Sewer, Senior Lien Rev., 5.00%, 7/1/2021		140,000		142,223

City of Goodyear GO, 3.00%, 7/1/2021		20,000		20,186

City of Mesa

Rev., 5.00%, 7/1/2021		25,000		25,389

GO, 2.00%, 7/1/2022		30,000		30,733

City of Mesa, Utility System Rev., 5.00%, 7/1/2022		50,000		53,215

City of Phoenix Series 2012C, GO, 4.00%, 7/1/2022		185,000		194,439

City of Phoenix Civic Improvement Corp., Excise Tax Series 2017B, Rev., 5.00%, 7/1/2022		135,000		143,625

City of Phoenix Civic Improvement Corp., Junior Lien Airport

Rev., 5.00%, 7/1/2022		25,000		26,604

Series 2017D, Rev., 5.00%, 7/1/2024		400,000		458,684

City of Phoenix Civic Improvement Corp., Wastewater System, Junior Lien

Rev., 4.00%, 7/1/2021		65,000		65,827

Rev., 5.00%, 7/1/2021		75,000		76,202

Rev., 5.00%, 7/1/2022		20,000		21,283

Series 2018B, Rev., 5.00%, 7/1/2022		25,000		26,597

City of Phoenix Civic Improvement Corp., Water System

Series 2014A, Rev., 4.00%, 7/1/2021		25,000		25,318

SEE NOTES TO FINANCIAL STATEMENTS.



170	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Arizona — continued

Rev., 5.00%, 7/1/2021		75,000		76,201

Series 2014B, Rev., 5.00%, 7/1/2021		50,000		50,801

City of Phoenix Civic Improvement Corp., Water System, Junior Lien

Rev., NATL-RE, 5.50%, 7/1/2021		75,000		76,320

Rev., 5.00%, 7/1/2022		25,000		26,597

City of Scottsdale

GO, 3.00%, 7/1/2021		115,000		116,093

GO, 3.00%, 7/1/2022		25,000		25,950

GO, 5.00%, 7/1/2022		65,000		69,198

City of Surprise, Utility System

Rev., 5.00%, 7/1/2021		30,000		30,476

Rev., 5.00%, 7/1/2022		110,000		116,997

City of Tempe

Series 2016B, GO, 2.00%, 7/1/2021		50,000		50,307

Series 2013B, GO, 4.00%, 7/1/2021		25,000		25,319

Series 2014C, GO, 4.00%, 7/1/2022		25,000		26,275

City of Tempe, Excise Tax

Rev., 5.00%, 7/1/2021		90,000		91,445

Series 2011A, Rev., 5.00%, 7/1/2021		25,000		25,401

City of Tucson, Water System

Series 2013A, Rev., 3.00%, 7/1/2021		25,000		25,236

Rev., 5.00%, 7/1/2021		25,000		25,401

Rev., 5.00%, 7/1/2022		25,000		26,608

County of Maricopa

Series 2018A, COP, 5.00%, 7/1/2021		100,000		101,609

COP, 5.00%, 7/1/2022		370,000		393,843

County of Pima, Sewer System

Series 2012A, Rev., 3.00%, 7/1/2021		20,000		20,189

Rev., 5.00%, 7/1/2021		145,000		147,333

Series 2011B, Rev., 5.00%, 7/1/2021 (b)		185,000		187,977

Series B, Rev., 5.00%, 7/1/2021 (b)		175,000		177,816

Rev., 5.00%, 7/1/2022		85,000		90,477

County of Pima, Street and Highway

Rev., 5.00%, 7/1/2021		35,000		35,557

Rev., 3.00%, 7/1/2022		45,000		46,674

County of Pinal

Rev., 5.00%, 8/1/2022		25,000		26,690

Rev., 5.00%, 8/1/2023		35,000		38,676


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

Gila County Unified School District No. 10-Payson GO, 5.00%, 7/1/2023		20,000		22,107

Gilbert Public Facilities Municipal Property Corp.

Rev., 4.75%, 7/1/2021		65,000		65,990

Rev., 5.00%, 7/1/2021		25,000		25,401

Gilbert Water Resource Municipal Property Corp., Senior Lien Rev., 5.00%, 7/1/2022		45,000		47,894

Glendale Union High School District No. 205 Series 2019C, GO, 5.00%, 7/1/2021		180,000		182,830

Goodyear Public Improvement Corp. Series 2011A, Rev., 5.00%, 7/1/2025		350,000		371,802

Industrial Development Authority of the County of Yavapai (The), Regional Medical Center Series 2013A, Rev., 4.00%, 8/1/2021		135,000		137,013

Kyrene Elementary School District No. 28

GO, 4.00%, 7/1/2022		20,000		21,021

GO, 4.00%, 7/1/2023		20,000		21,702

Kyrene Elementary School District No. 28, School Improvement Project

Series 2020B, GO, 5.00%, 7/1/2021		40,000		40,635

Series 2016A, GO, 5.00%, 7/1/2022		20,000		21,286

Series 2020B, GO, 5.00%, 7/1/2022		30,000		31,929

Madison Elementary School District No. 38, School Improvement, Project of 2014

Series 2017B, GO, 5.00%, 7/1/2021		40,000		40,641

Series 2019C, GO, 5.00%, 7/1/2023		25,000		27,726

Madison Elementary School District No. 38, School Improvement, Project of 2019

Series 2020A, GO, 5.00%, 7/1/2021		40,000		40,641

Series 2020A, GO, 5.00%, 7/1/2023		45,000		49,907

Maricopa County Community College District, Project of 2004

Series 2011D, GO, 4.00%, 7/1/2021		20,000		20,255

Series 2011D, GO, 4.00%, 7/1/2022		155,000		156,965

Maricopa County Elementary School District No. 14 Creighton, School Improvement, Project of 2016 Series 2017A, GO, 5.00%, 7/1/2021		200,000		203,110

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	171

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Arizona — continued

Maricopa County Elementary School District No. 92 Pendergast Elementary, School Improvement, Project of 2016 Series 2017A, GO, 5.00%, 7/1/2021		50,000		50,780

Maricopa County Industrial Development Authority, Banner Health Series C, Rev., 5.00%, 10/18/2024 (c)		165,000		190,902

Maricopa County Industrial Development Authority, HonorHealth

Series 2019A, Rev., 5.00%, 9/1/2021		150,000		153,432

Series 2019A, Rev., 5.00%, 9/1/2023		135,000		150,705

Maricopa County School District No. 3 Tempe Elementary

GO, 3.00%, 7/1/2021		45,000		45,425

GO, 4.00%, 7/1/2022		25,000		26,275

GO, 4.00%, 7/1/2023		35,000		37,962

Maricopa County Special Health Care District, Integrated Health Services Series 2018C, GO, 5.00%, 7/1/2021		50,000		50,786

Maricopa County Unified School District No. 48 Scottsdale, School Improvement, Project of 2016 GO, 5.00%, 7/1/2021		220,000		223,524

Maricopa County Unified School District No. 69 Paradise Valley, School Improvement, Project of 2015

Series 2018D, GO, 5.00%, 7/1/2021		25,000		25,401

Series 2017B, GO, 5.00%, 7/1/2022		35,000		37,250

Series 2018D, GO, 5.00%, 7/1/2022		25,000		26,608

Maricopa County Unified School District No. 80 Chandler

Series 2017B, GO, 3.50%, 7/1/2022		25,000		26,116

GO, 5.00%, 7/1/2022		20,000		21,292

Maricopa County Unified School District No. 95, Queen Creek, School Improvement

GO, 5.00%, 7/1/2021		50,000		50,782

GO, 5.00%, 7/1/2022		45,000		47,788

Maricopa County Unified School District No. 97 Deer Valley, School Improvement, Project of 2013

Series 2017C, GO, 5.00%, 7/1/2021		40,000		40,639

Series 2017C, GO, 5.00%, 7/1/2022		30,000		31,921

Maricopa County Union High School District No. 210 Phoenix, School Improvement

Series 2017E, GO, 5.00%, 7/1/2021		60,000		60,959


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

GO, 3.00%, 7/1/2022		30,000		31,124

Series 2014C, GO, 3.00%, 7/1/2022		25,000		25,936

GO, 5.00%, 7/1/2022		80,000		85,122

Maricopa County Union High School District No. 216 Agua Fria, School Improvement

Series 2012A, GO, 3.00%, 7/1/2022		25,000		25,936

Series 2017B, GO, 5.00%, 7/1/2022		25,000		26,601

Series 2014B, GO, 3.00%, 7/1/2023		30,000		31,843

Mohave County Unified School District No. 1 Lake Havasu, School Improvement, Project of 2016 Series 2017A, GO, 4.00%, 7/1/2023		45,000		48,808

Pima County Community College District Rev., 5.00%, 7/1/2021		295,000		299,685

Pima County Elementary School District No. 39 Continental, School Improvement, Project of 2010 Series 2012B, GO, AGM, 4.00%, 7/1/2021		50,000		50,604

Pima County Regional Transportation Authority, Excise Tax

Rev., 5.00%, 6/1/2021 (b)		370,000		374,377

Rev., 5.00%, 6/1/2022		60,000		63,586

Rev., 5.00%, 6/1/2024		60,000		68,879

Pima County Unified School District No. 1 Tucson GO, 5.00%, 7/1/2021		95,000		96,477

Pima County Unified School District No. 20 Vail, School Improvement GO, AGM, 4.00%, 7/1/2021		50,000		50,614

Pinal County Community College District, Central Arizona College Rev., 5.00%, 7/1/2021		65,000		66,011

Pinal County School District No. 2 Oracle Elementary, Project 2019 Series 2020A, GO, 3.00%, 7/1/2021		60,000		60,527

Pinal County School District No. 20 Maricopa GO, 3.00%, 7/1/2021		25,000		25,224

Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund

Rev., 5.00%, 7/1/2021		80,000		81,282

Rev., 5.25%, 7/1/2021		90,000		91,516

Rev., 5.25%, 7/1/2022		150,000		160,143

Rev., 5.25%, 7/1/2023		25,000		27,890

SEE NOTES TO FINANCIAL STATEMENTS.



172	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Arizona — continued

Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project

Series 2015A, Rev., 5.00%, 12/1/2021		175,000		181,349

Series 2011A, Rev., 5.00%, 12/1/2022		150,000		155,396

Series 2015A, Rev., 5.00%, 12/1/2022		25,000		27,106

Series 2016A, Rev., 5.00%, 1/1/2023		30,000		32,612

Series 2011A, Rev., 5.00%, 12/1/2023		50,000		51,798

Series 2011A, Rev., 5.00%, 12/1/2024		270,000		279,712

Scottsdale Municipal Property Corp., Excise Tax

Rev., 5.00%, 7/1/2021		155,000		157,499

Rev., 5.00%, 7/1/2022		30,000		31,929

Scottsdale Preserve Authority, Excise Tax Rev., 5.00%, 7/1/2021		20,000		20,321

Sedona-Oak Creek Joint Unified School District No. 9

GO, 4.00%, 7/1/2021		20,000		20,255

GO, 5.00%, 7/1/2021		65,000		66,043

State of Arizona COP, 5.00%, 10/1/2021		25,000		25,708

State of Arizona Lottery Rev., 5.00%, 7/1/2022		25,000		26,614

Town of Queen Creek, Excise Tax

Series 2018B, Rev., 4.00%, 8/1/2021		25,000		25,383

Rev., 4.00%, 8/1/2022		40,000		42,075

Rev., 5.00%, 8/1/2022		45,000		47,969

University of Arizona (The), Stimulus Plan for Economic and Educational Development Rev., 5.00%, 8/1/2023		150,000		152,989

Yavapai County Union High School District No. 4 Mingus GO, 4.00%, 7/1/2021		25,000		25,306


Total Arizona				14,753,821


Arkansas — 0.3%

Arkansas Development Finance Authority, Cancer Research Project Rev., AMBAC, Zero Coupon, 7/1/2023		75,000		73,804


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arkansas — continued

Arkansas Development Finance Authority, Capital Improvement Series 2011C, Rev., 5.00%, 6/1/2021		35,000		35,420

Blytheville School District No. 5 Series A, GO, 3.50%, 3/15/2021		745,000		745,887

City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2021		50,000		51,386

City of Little Rock, Capital Improvement GO, 5.00%, 4/1/2021		315,000		316,232

City of Rogers, Sewer Rev., 4.00%, 11/1/2021		50,000		51,246

Greenwood School District No. 25 GO, 2.00%, 12/1/2021		425,000		430,708

North Little Rock School District No. 1

Series B, GO, 4.00%, 2/1/2030		100,000		100,424

Series B, GO, 4.00%, 2/1/2032		145,000		145,615

Series B, GO, 4.50%, 2/1/2043		250,000		251,200

Northwest Arkansas Community College, Capital Improvement, Tax-Exempt GO, 4.13%, 5/15/2021 (b)		30,000		30,243

Rogers School District No. 30 GO, 5.00%, 2/1/2022		45,000		46,967

Springdale School District No. 50 GO, 5.00%, 6/1/2022		45,000		47,677

State of Arkansas, Federal Highway

GO, 5.00%, 10/1/2021		25,000		25,706

GO, 5.00%, 4/1/2022		25,000		26,311

GO, 5.00%, 10/1/2023		45,000		50,385

State of Arkansas, Four-Lane Highway Construction and Improvement GO, 5.00%, 6/15/2021		425,000		430,916

State of Arkansas, Waste Disposal and Pollution Abatement Facilities

GO, 5.00%, 7/1/2021		50,000		50,804

GO, 5.00%, 7/1/2023		30,000		33,264

University of Arkansas Student Fee, UALR Campus Rev., 5.00%, 10/1/2022		20,000		21,511

University of Arkansas, Capital Improvement, UALR Energy Conservation Series 2013C, Rev., 5.00%, 10/1/2021		50,000		51,404

University of Arkansas, Refunding and Improvement Series 2016A, Rev., 5.00%, 11/1/2021		25,000		25,797

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	173

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Arkansas — continued

University of Arkansas, Student Fee, Community College

Rev., 4.00%, 5/1/2022		30,000		31,321

Rev., 4.00%, 5/1/2023		60,000		64,714

University of Arkansas, Student Fee, UALR Project Series 2013A, Rev., 5.00%, 12/1/2021		20,000		20,723

University of Arkansas, Various Facility Fayetteville Campus

Rev., 4.13%, 11/1/2021 (b)		25,000		25,662

Rev., 5.00%, 11/1/2021		220,000		227,054

Series 2011A, Rev., 5.00%, 11/1/2021 (b)		95,000		98,069

Series 2013A, Rev., 5.00%, 9/15/2022		25,000		26,848

Rev., 5.00%, 11/1/2022		50,000		53,993

Series 2012A, Rev., 5.00%, 11/1/2022		25,000		26,997

Series 2016A, Rev., 5.00%, 11/1/2022		70,000		75,554

University of Arkansas, Various Facility Pine Bluff Campus Rev., 4.00%, 12/1/2022		35,000		37,325

University of Arkansas, Various Facility UAMS Campus

Rev., 5.00%, 11/1/2021		25,000		25,803

Series 2020A, Rev., 5.00%, 12/1/2021		235,000		243,326


Total Arkansas				4,000,296


California — 5.4%

Abag Finance Authority for Nonprofit Corp., Sharp Healthcare Series 2014A, Rev., 5.00%, 8/1/2021		20,000		20,398

ABC Unified School District, Election of 2018 Series A, GO, 5.00%, 8/1/2021		85,000		86,716

Acalanes Union High School District GO, 4.00%, 8/1/2022		30,000		31,635

Adelanto Public Utility Authority, Utility System Project Series 2017A, Rev., AGM, 5.00%, 7/1/2021		50,000		50,806

Alameda County Joint Powers Authority, Multiple Capital Projects

Series 2013A, Rev., 5.00%, 12/1/2021		25,000		25,911

Series 2013A, Rev., 5.00%, 12/1/2022		125,000		135,367


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Alameda County Transportation Commission, Sales Tax

Rev., 5.00%, 3/1/2021		130,000		130,000

Rev., 4.00%, 3/1/2022		60,000		62,313

Alameda Unified School District-Alameda County, Election of 2014 Series C, GO, 4.00%, 8/1/2022		25,000		26,362

Alhambra Unified School District

Series 2016B, GO, 5.00%, 8/1/2021		20,000		20,404

Series A, GO, 5.00%, 8/1/2021		20,000		20,404

Series 2016B, GO, 5.00%, 8/1/2022		30,000		32,058

Alhambra Unified School District, Election of 2016 Series 2016A, GO, 4.00%, 8/1/2021		25,000		25,401

Alta Loma School District, Capital Appreciation Series 1999A, GO, NATL-RE, Zero Coupon, 8/1/2022		125,000		124,364

Alvord Unified School District, Election of 2012 Series A, GO, AGM, Zero Coupon, 8/1/2022		200,000		199,066

Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2020A, Rev., 5.00%, 10/1/2024		160,000		185,389

Anaheim Public Financing Authority, Electric Distribution System

Series 2011A, Rev., 5.00%, 4/1/2021 (b)		50,000		50,197

Series 2012A, Rev., 5.00%, 10/1/2021		20,000		20,563

Bay Area Toll Authority, Toll Bridge

Series 2014 F-2, Rev., 4.00%, 4/1/2021		100,000		100,312

Rev., 5.00%, 4/1/2022		115,000		121,067

Series 2012F-1, Rev., 5.00%, 4/1/2022 (b)		40,000		42,116

Series F-1, Rev., 5.00%, 4/1/2022 (b)		190,000		200,051

Belmont Joint Powers Financing Authority Rev., 4.00%, 8/1/2022		50,000		52,725

Belmont-Redwood Shores School District

Series 2015A, GO, 5.00%, 8/1/2021		35,000		35,706

GO, 5.00%, 8/1/2022		90,000		96,176

Berkeley Unified School District GO, 5.00%, 8/1/2021		25,000		25,505

SEE NOTES TO FINANCIAL STATEMENTS.



174	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

Brea Redevelopment Agency, Redevelopment Project AB Series 2011A, 5.00%, 8/1/2021 (b)		30,000		30,588

Brentwood Infrastructure Financing Authority

Rev., 5.00%, 7/1/2022		20,000		21,297

Series 2012A, Rev., AGM, 3.50%, 9/2/2023		50,000		52,355

Brentwood Infrastructure Financing Authority, Civic Center Project Rev., 5.00%, 10/1/2024		40,000		46,162

Buena Park Public Financing Authority, Fire Station Headquarters Project Rev., 4.00%, 5/1/2021		110,000		110,695

Buena Park School District, Election of 2014 GO, 4.00%, 8/1/2021		75,000		76,165

Burbank Redevelopment Agency Successor Agency 5.00%, 12/1/2023		50,000		56,326

Burlingame School District, Election of 2012 Series 2013A, GO, 4.00%, 8/1/2023 (b)		20,000		21,824

Burlingame School District, Election of 2020 Series A, GO, 3.00%, 8/1/2022		20,000		20,808

Cabrillo Community College District GO, 5.00%, 8/1/2022		30,000		32,059

California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.

Series 2020A, Rev., 3.00%, 6/1/2021		550,000		553,608

Series 2020A, Rev., 4.00%, 6/1/2022		350,000		365,799

Series 2020A, Rev., 4.00%, 6/1/2023		350,000		377,664

California County Tobacco Securitization Agency, Merced County Tobacco Funding Corp.

Rev., 3.00%, 6/1/2021		100,000		100,656

Rev., 4.00%, 6/1/2022		150,000		156,771

Rev., 4.00%, 6/1/2023		460,000		496,354

Rev., 5.00%, 6/1/2025		240,000		282,917

California County Tobacco Securitization Agency, Sonoma County Securitization Corp.

Rev., 4.00%, 6/1/2022		375,000		391,942

Rev., 4.00%, 6/1/2023		530,000		571,881


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

California Educational Facilities Authority, Loyola Marymount University Rev., 4.00%, 10/1/2021		140,000		142,969

California Educational Facilities Authority, Stanford University Series U-5, Rev., 5.00%, 5/1/2021		125,000		125,999

California Enterprise Development Authority, Riverside County, Library Facility Rev., 4.00%, 11/1/2023		200,000		218,568

California Enterprise Development Authority, The Thatcher School Project Rev., 4.00%, 9/1/2021		65,000		66,247

California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c)		310,000		327,149

California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2024		250,000		292,353

California Health Facilities Financing Authority, Children’s Hospital

Rev., 5.00%, 8/15/2021		30,000		30,646

Rev., 5.00%, 11/1/2021		300,000		309,465

California Health Facilities Financing Authority, Common Spirit Health 2011 Series 2011A, Rev., 5.25%, 3/1/2021 (b)		275,000		275,000

California Health Facilities Financing Authority, Kaiser Permanente

Series 2017B, Rev., 5.00%, 11/1/2022 (c)		100,000		107,952

Series C, Rev., 5.00%, 11/1/2022 (c)		670,000		723,278

California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford Rev., 5.00%, 8/15/2021		40,000		40,852

California Health Facilities Financing Authority, Memorial Health Service

Series 2012A, Rev., 4.00%, 10/1/2021		270,000		275,981

Series 2012A, Rev., 5.00%, 10/1/2023		350,000		375,809

Series 2012A, Rev., 5.00%, 10/1/2026		250,000		266,965

California Health Facilities Financing Authority, Providence Health and Services Series 2014A, Rev., 5.00%, 10/1/2022		20,000		21,521

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	175

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

California Health Facilities Financing Authority, St. Joseph Health System

Series 2009D, Rev., 1.70%, 10/18/2022 (c)		280,000		286,129

Series 2009C, Rev., 5.00%, 10/18/2022 (c)		290,000		311,869

Rev., 2.00%, 10/1/2025 (c)		125,000		132,410

California Health Facilities Financing Authority, Sutter Health

Series 2011D, Rev., 5.25%, 8/15/2021 (b)		180,000		184,145

Series 2018A, Rev., 5.00%, 11/15/2021		50,000		51,663

California Infrastructure and Economic Development Bank, Academy of Motion Picture Arts and Sciences Obligated Group Series 2015A, Rev., 5.00%, 11/1/2022		100,000		107,934

California Infrastructure and Economic Development Bank, State Revolving Fund

Rev., 5.00%, 10/1/2021		30,000		30,845

Rev., 4.00%, 10/1/2022		25,000		26,515

California Infrastructure and Economic Development Bank, The Broad Collection Series 2011A, Rev., 5.00%, 6/1/2021		105,000		106,253

California Municipal Finance Authority, City of Anaheim Electric Utility Distribution System Rev., 5.00%, 10/1/2021		20,000		20,563

California Municipal Finance Authority, Civic Center Infrastructure Improvement Program Rev., 5.00%, 6/1/2023		75,000		82,707

California Municipal Finance Authority, Community Medical Center

Series 2017A, Rev., 5.00%, 2/1/2022		120,000		124,974

Series 2017A, Rev., 5.00%, 2/1/2026		1,000,000		1,186,220

California Municipal Finance Authority, Hollywood El Centro Apartments Series 2019A, Rev., 1.40%, 5/1/2021 (c)		425,000		425,833

California Municipal Finance Authority, Pacific Meadows Apartments Series 2010A, Rev., VRDO, LIQ: FHLMC, 0.03%, 3/9/2021 (c)		5,595,000		5,595,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

California Municipal Finance Authority, University of San Diego Series 2011A, Rev., 5.00%, 10/1/2021 (b)		140,000		143,930

California Public Finance Authority, Henry Mayo Newhall Hospital

Rev., 4.00%, 10/15/2021 (d)		210,000		214,110

Rev., 4.00%, 10/15/2022 (d)		240,000		252,297

Rev., 4.00%, 10/15/2023 (d)		290,000		313,313

Rev., 4.00%, 10/15/2024 (d)		380,000		420,231

California Public Finance Authority, ORO Loma Sanitary District Rev., 3.00%, 10/1/2021		25,000		25,418

California State Public Works Board

Series 2007A, Rev., NATL-RE, 5.25%, 6/1/2021 (b)		250,000		253,175

Series 2015F, Rev., 5.00%, 5/1/2022		75,000		79,192

Series 2007A, Rev., NATL-RE, 5.25%, 6/1/2022 (b)		25,000		26,604

California State Public Works Board, California State University, Various Capital Projects

Series 2019B, Rev., 5.00%, 5/1/2021		25,000		25,199

Series 2014E, Rev., 5.00%, 9/1/2021		100,000		102,400

Series 2013-I, Rev., 4.00%, 11/1/2021		45,000		46,143

Series 2012A, Rev., 5.00%, 4/1/2022		100,000		105,201

Series 2017B, Rev., 5.00%, 10/1/2022		100,000		107,587

Series 2021A, Rev., 5.00%, 2/1/2023 (d)		5,000,000		5,291,900

Series 2013-I, Rev., 5.00%, 11/1/2025		200,000		224,024

Series 2011A, Rev., 5.25%, 10/1/2026		825,000		849,115

California State Public Works Board, California State University, Various University Projects Series 2011G, Rev., 5.00%, 12/1/2021 (b)		25,000		25,913

California State Public Works Board, Coalinga State Hospital Rev., 5.00%, 6/1/2021		20,000		20,240

California State Public Works Board, Davidson Library at Santa Barbara Series 2013C, Rev., 4.00%, 3/1/2021 (b)		75,000		75,000

SEE NOTES TO FINANCIAL STATEMENTS.



176	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

California State Public Works Board, Department of Corrections and Rehabilitation

Series 2014A, Rev., 2.50%, 9/1/2021		25,000		25,290

Series 2013G, Rev., 5.00%, 9/1/2021		75,000		76,800

Series 2011C, Rev., 5.00%, 10/1/2021		115,000		118,221

Series 2015H, Rev., 5.00%, 12/1/2021		35,000		36,262

Series 2015A, Rev., 5.00%, 6/1/2022		30,000		31,797

Series 2011C, Rev., 5.25%, 10/1/2024		100,000		102,923

Series 2016E, Rev., 5.00%, 10/1/2025		175,000		209,709

California State Public Works Board, Trustees of The California State University Series 2011B, Rev., 5.00%, 10/1/2021 (b)		100,000		102,837

California State University, Systemwide

Series 2018A, Rev., 5.00%, 11/1/2021		25,000		25,813

Series 2012A, Rev., 3.25%, 11/1/2022 (b)		20,000		21,030

Series A, Rev., 5.00%, 11/1/2023		35,000		39,403

California Statewide Communities Development Authority, Multi-Family Housing, Ethel Arnold Bradley Apartments Series S-1, Rev., 1.25%, 6/1/2021 (c)		845,000		847,341

California Statewide Communities Development Authority, Multi-Family Housing, Robert Farrell Manor and Western Gardens Apartments Series T-1, Rev., 1.25%, 6/1/2021 (c)		165,000		165,427

California Statewide Communities Development Authority, Rady Children’s Hospital

Series 2016A, Rev., 5.00%, 8/15/2021		100,000		102,153

Series 2016A, Rev., 5.00%, 8/15/2023		50,000		55,576

Series 2016B, Rev., 5.00%, 8/15/2025		125,000		148,763

California Statewide Communities Development Authority, The Terraces at San Joaquin Gardens Project Rev., 5.63%, 10/1/2022 (b)		1,000,000		1,085,400


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

California Statewide Communities Development Authority, Trinity Health Credit Group Rev., 5.00%, 12/1/2021 (b)		80,000		82,921

Campbell Union High School District, Election of 2016

Series A-1, GO, 4.00%, 8/1/2021		25,000		25,401

Series B, GO, 4.00%, 8/1/2021		50,000		50,803

Campbell Union School District

GO, 4.00%, 8/1/2021		80,000		81,284

Series 2010H & 2016C, GO, 5.00%, 8/1/2021		25,000		25,505

Carlsbad Unified School District GO, 5.00%, 8/1/2022		20,000		21,372

Carlsbad Unified School District, Election of 2006

Series 2011C, GO, 4.75%, 8/1/2021 (b)		25,000		25,480

Series 2011C, GO, 5.00%, 8/1/2021		235,000		239,744

Carlsbad Unified School District, Election of 2018

Series A, GO, 5.00%, 8/1/2021		50,000		51,010

Series 2018A, GO, 5.00%, 8/1/2022		20,000		21,372

Carmel Unified School District GO, 4.00%, 8/1/2021		50,000		50,803

Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon, 8/1/2023		45,000		44,354

Castro Valley Unified School District GO, 4.00%, 8/1/2021		65,000		66,043

Cerritos Community College District

Series 2019C, GO, 4.00%, 8/1/2021		25,000		25,401

Series 2018B, GO, 5.00%, 8/1/2021		35,000		35,707

Series A, GO, 5.00%, 8/1/2022		90,000		96,176

Chabot-Las Positas Community College District GO, 4.00%, 8/1/2021		50,000		50,803

Chaffey Joint Union High School District GO, 5.00%, 8/1/2021 (b)		25,000		25,506

Chula Vista Elementary School District Series 2013A, COP, AGM, 5.00%, 9/1/2021		25,000		25,585

Chula Vista Municipal Financing Authority Rev., 5.00%, 5/1/2024		10,000		11,378

Citrus Community College District Series 2015A, GO, 5.00%, 8/1/2022		55,000		58,774

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	177

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

City and County of San Francisco

Series 2011-R1, GO, 5.00%, 6/15/2021		30,000		30,418

Series 2014A, GO, 5.00%, 6/15/2021		45,000		45,628

City and County of San Francisco Finance Corp., Emergency Communication Series 2010-R1, Rev., 3.50%, 4/1/2021		25,000		25,063

City and County of San Francisco, City Office Buildings — Multiple Properties Project Series 2015-R1, COP, 5.00%, 9/1/2022		25,000		26,797

City and County of San Francisco, Clean and Safe Neighborhood Parks GO, 5.00%, 6/15/2023		510,000		517,058

City and County of San Francisco, Green Bond COP, 5.00%, 4/1/2021		250,000		250,973

City and County of San Francisco, Juvenile Hall Project Series 2014-R2, COP, 5.00%, 4/1/2022		90,000		94,681

City and County of San Francisco, Moscone Center South Project Series 2011A, COP, 5.00%, 9/1/2021		30,000		30,714

City and County of San Francisco, Multiple Capital Improvement Projects COP, 5.00%, 4/1/2022		25,000		26,300

City and County of San Francisco, Tax-Exempt Series 2017A, GO, 5.00%, 6/15/2021		30,000		30,419

City of Azusa, Water System Series 2012A, Rev., 5.00%, 7/1/2022		25,000		26,614

City of Bakersfield, Wastewater Series 2015A, Rev., 5.00%, 9/15/2021		25,000		25,654

City of Brea, Water Utility

Rev., 4.00%, 7/1/2021		25,000		25,320

Rev., 4.00%, 7/1/2022		75,000		78,847

City of Burbank, Wastewater Treatment Rev., 5.00%, 6/1/2022		35,000		37,119

City of Glendora, Waterworks Series 2016A, Rev., 5.00%, 10/1/2022		25,000		26,918

City of Long Beach Harbor

Series 2014B, Rev., 5.00%, 5/15/2023		50,000		54,880

Series 2020A, Rev., 4.00%, 5/15/2024		20,000		22,152


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Rev., 4.00%, 5/15/2025		100,000		113,529

Rev., 5.00%, 5/15/2025		50,000		58,831

City of Los Angeles

Series 2000-A, GO, 5.00%, 9/1/2021 (b)		80,000		81,944

Series 2011-B, GO, 5.00%, 9/1/2021		40,000		40,970

City of Los Angeles, Department of Airports Series 2015C, Rev., 5.00%, 5/15/2021 (b)		35,000		35,343

City of Los Angeles, Solid Waste Resources Series 2015-A, Rev., 5.00%, 2/1/2022		20,000		20,893

City of Los Angeles, Wastewater System

Series 2012C, Rev., 5.00%, 6/1/2021		120,000		121,438

Series 2013-A, Rev., 5.00%, 6/1/2021		25,000		25,299

Series 2015-D, Rev., 5.00%, 6/1/2021		25,000		25,302

Series 2013B, Rev., 4.00%, 6/1/2022		25,000		26,202

Series 2013-B, Rev., 5.00%, 6/1/2022		130,000		137,870

City of Malibu Series 2016A, COP, 4.00%, 11/1/2021		40,000		41,002

City of Manhattan Beach COP, 3.00%, 1/1/2023		25,000		26,226

City of Napa Rev., 5.00%, 5/1/2022		25,000		26,413

City of Newark COP, 5.00%, 6/1/2023		45,000		49,560

City of Oakland, Sewer Series 2014A, Rev., 5.00%, 6/15/2023		35,000		38,808

City of Pacifica COP, 5.00%, 1/1/2022		80,000		83,164

City of Pasadena

Series 2011A, Rev., 4.00%, 6/1/2022		40,000		41,913

Series 2012A, Rev., 4.00%, 6/1/2022		20,000		20,956

City of Redding, Electric System Rev., 5.00%, 6/1/2022		55,000		58,323

City of Richmond Rev., FGIC, Zero Coupon, 8/1/2023 (b)		200,000		197,746

City of Riverside Series 2019A, Rev., 5.00%, 10/1/2022		40,000		43,062

City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2022		40,000		42,686

City of Sacramento, Wastewater Rev., 5.00%, 9/1/2021		50,000		51,213

SEE NOTES TO FINANCIAL STATEMENTS.



178	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

City of Salinas, Sanitary Sewer System Rev., 4.00%, 8/1/2021 (b)		25,000		25,402

City of San Mateo, Library Improvement Project

GO, 4.00%, 8/1/2021		20,000		20,321

GO, 4.00%, 8/1/2022		20,000		21,090

City of San Ramon COP, 3.50%, 6/1/2021		30,000		30,243

City of Santa Barbara COP, 4.00%, 10/1/2021		35,000		35,761

City of Santa Clara, Electric Power Supply

Series 2013A, Rev., 5.00%, 7/1/2021		70,000		71,124

Series 2018A, Rev., 5.00%, 7/1/2021		125,000		127,006

City of Santa Rosa, Wastewater Series 2014A, Rev., 5.00%, 9/1/2022		20,000		21,453

City of Sausalito COP, 4.00%, 5/1/2023		50,000		54,064

City of Torrance COP, 4.00%, 11/1/2021		45,000		46,128

Clovis Unified School District

GO, 4.00%, 8/1/2021		50,000		50,800

GO, 5.00%, 8/1/2021		50,000		51,007

Clovis Unified School District, Election 2012

Series 2012A, GO, 4.00%, 8/1/2021		25,000		25,400

Series 2012C, GO, 5.00%, 8/1/2021		20,000		20,403

Coast Community College District

Series 2019F, GO, 3.00%, 8/1/2021		60,000		60,715

Series A, GO, 5.00%, 8/1/2021		75,000		76,514

Series A, GO, 5.00%, 8/1/2022		75,000		80,146

College of the Sequoias Visalia Area Improvement District No. 2 Series 2011C, GO, AGM, Zero Coupon, 8/1/2021 (b)		370,000		137,777

Contra Costa Community College District, Election 2014

Series 2019B-2, GO, 4.00%, 8/1/2021		80,000		81,284

Series 2019B-2, GO, 4.00%, 8/1/2022		40,000		42,180

Contra Costa County Public Financing Authority, Capital Projects Series 2015B, Rev., 5.00%, 6/1/2021		75,000		75,893


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Contra Costa County Transportation Authority, Sales Tax Series 2017A, Rev., 5.00%, 3/1/2021		30,000		30,000

Contra Costa Water District Series T, Rev., 5.00%, 10/1/2021		35,000		35,991

Corona Utility Authority Water Rev., 5.00%, 9/1/2022		30,000		32,180

Coronado Community Development Agency Successor Agency Series 2018A, 5.00%, 9/1/2021		130,000		133,152

Corona-Norco Unified School District, Election 2014

Series B, GO, 4.00%, 8/1/2021		200,000		203,184

Series B, GO, 4.00%, 8/1/2022		25,000		26,351

County of Los Angeles, Disney Concert Hall Parking Garage

COP, 5.00%, 3/1/2022		445,000		465,354

COP, 5.00%, 3/1/2023		250,000		272,520

County of Monterey, Public Facilities Refinancing COP, 5.00%, 10/1/2022		25,000		26,876

County of Napa

COP, 3.00%, 6/1/2021		50,000		50,343

COP, 5.00%, 6/1/2022		80,000		84,739

County of San Bernardino, Arrowhead Project

Series 2019A, COP, 5.00%, 10/1/2021		395,000		405,665

Series 2019A, COP, 5.00%, 10/1/2022		25,000		26,794

County of Santa Cruz Rev., TRAN, 3.00%, 7/9/2021		35,000		35,357

County of Sonoma, Measure F Sales Tax, Limited Tax, Agricultural Preservation and Open Space

Rev., 5.00%, 9/1/2021		55,000		56,328

Rev., 5.00%, 9/1/2022		20,000		21,435

County of Yuba, Community Facilities District No. 2004-1, Edgewater, Special Tax AGM, 3.00%, 9/1/2021		100,000		101,295

Cucamonga Valley Water District Financing Authority Rev., 5.00%, 9/1/2021		30,000		30,727

Cupertino Union School District

Series 2013B, GO, 4.00%, 8/1/2021		50,000		50,802

Series 2012A, GO, 4.00%, 8/1/2022		25,000		26,363

GO, 5.00%, 8/1/2022		25,000		26,715

Davis Joint Unified School District GO, 5.00%, 8/1/2021		25,000		25,489

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	179

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

Desert Community College District GO, 5.00%, 8/1/2022		85,000		90,833

Desert Sands Unified School District

GO, 5.00%, 8/1/2021		20,000		20,404

Series 2013A, GO, 5.00%, 6/1/2022		45,000		47,724

Desert Sands Unified School District, Election of 2014 GO, 5.00%, 8/1/2021		35,000		35,707

Desert Water Agency Rev., 4.00%, 5/1/2022		40,000		41,795

Dublin Unified School District

GO, 4.00%, 8/1/2021		35,000		35,562

GO, 4.00%, 8/1/2022		25,000		26,362

GO, 5.00%, 8/1/2022		90,000		96,176

Dublin Unified School District, Election of 2016

GO, 5.00%, 8/1/2021		20,000		20,404

GO, 5.00%, 8/1/2022		25,000		26,715

East Bay Municipal Utility District, Wastewater System

Series 2012B, Rev., 5.00%, 6/1/2021		70,000		70,844

Series 2014B, Rev., 5.00%, 6/1/2021		125,000		126,508

Series 2012B, Rev., 5.00%, 6/1/2022		65,000		68,935

East Bay Regional Park District Series A-1, GO, 5.00%, 9/1/2021		30,000		30,727

East Side Union High School District

Series A, GO, 3.00%, 8/1/2021		45,000		45,531

Series D, GO, 5.00%, 8/1/2022 (b)		20,000		21,384

Eastern Municipal Water District, Water and Wastewater System

Series 2016A, Rev., 5.00%, 7/1/2021		60,000		60,967

Series C, Rev., 5.00%, 7/1/2021		125,000		127,015

Series 2016A, Rev., 5.00%, 7/1/2022		20,000		21,292

El Camino Community College District Foundation (The)

GO, 5.00%, 8/1/2021		90,000		91,817

GO, 5.00%, 8/1/2022		50,000		53,431

El Monte City School District, Election of 2004 Series 2008C, GO, AGC, Zero Coupon, 8/1/2023		600,000		577,398

Elk Grove Unified School District, Election 2016 GO, 5.00%, 8/1/2021		40,000		40,799


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Elsinore Valley Municipal Water District Financing Authority Series 2016A, Rev., 5.00%, 7/1/2022		25,000		26,615

Emery Unified School District, Election 2010 Series 2011A, GO, AGM, 5.50%, 8/1/2021 (b)		50,000		51,115

Etiwanda School District Public Financing Authority Series 2018A, Rev., 5.00%, 9/1/2022		35,000		37,543

Fairfield-Suisun Unified School District, Election of 2016 GO, 5.00%, 8/1/2021		45,000		45,909

Fontana Redevelopment Agency, Successor Agency

Series 2017A, 5.00%, 10/1/2021		50,000		51,326

Series 2017A, 5.00%, 10/1/2023		30,000		33,221

Fontana Unified School District GO, 3.13%, 8/1/2022 (b)		20,000		20,846

Foothill-De Anza Community College District

GO, 5.00%, 8/1/2021		120,000		122,423

Series C, GO, 5.00%, 8/1/2021 (b)		30,000		30,607

Fountain Valley School District GO, 5.00%, 8/1/2021		35,000		35,707

Fremont Public Financing Authority Series 2017B, Rev., 5.00%, 10/1/2023		25,000		28,033

Fremont Union High School District

GO, 5.00%, 8/1/2021		20,000		20,404

GO, 5.00%, 8/1/2022		30,000		32,058

Fresno Unified School District, Election of 2001 Series G, GO, Zero Coupon, 8/1/2041		605,000		152,563

Fresno Unified School District, Election of 2010 Series E, GO, 5.00%, 8/1/2021		35,000		35,702

Fullerton Joint Union High School District

GO, 5.00%, 8/1/2021		75,000		76,514

GO, 5.00%, 8/1/2022		25,000		26,716

Gavilan Joint Community College District, Election of 2004 Series 2011D, GO, 4.00%, 8/1/2021 (b)		50,000		50,800

Gilroy Unified School District, Election 2008 & 2016 GO, 4.00%, 8/1/2021		315,000		320,015

Glendale Unified School District

Series 2015A, GO, 5.00%, 9/1/2021		35,000		35,849

GO, 4.25%, 9/1/2022 (b)		30,000		31,857

SEE NOTES TO FINANCIAL STATEMENTS.



180	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement

Series 2013A, Rev., 4.00%, 6/1/2021		100,000		100,941

Series 2015A, Rev., 5.00%, 6/1/2021		1,600,000		1,619,008

Series 2017A-1, Rev., 5.00%, 6/1/2021		230,000		232,627

Series 2018A, Rev., 5.00%, 6/1/2021		200,000		202,376

Series 2018A, Rev., 3.00%, 6/1/2022		100,000		103,423

Series 2018A, Rev., 5.00%, 6/1/2022		125,000		132,390

Golden West Schools Financing Authority, Beverly Hills Unified School District Rev., NATL-RE, 5.25%, 8/1/2021		25,000		25,528

Grossmont Healthcare District

Series D, GO, 5.00%, 7/15/2021		25,000		25,447

Series D, GO, 5.00%, 7/15/2022		20,000		21,318

Series C, GO, 5.00%, 7/15/2024		25,000		28,687

Grossmont Union High School District

GO, 5.00%, 8/1/2021		50,000		51,009

GO, 5.00%, 8/1/2022		45,000		48,088

Grossmont Union High School District, Election of 2008

GO, 5.00%, 8/1/2021 (b)		50,000		51,011

Series G-2, GO, 5.00%, 8/1/2022		30,000		32,059

Grossmont-Cuyamaca Community College District GO, 5.00%, 8/1/2022		75,000		80,146

Grossmont-Cuyamaca Community College District, Election of 2012 Series 2013A, GO, 5.00%, 8/1/2021		20,000		20,404

Hayward Unified School District GO, AGM, 5.00%, 8/1/2021		25,000		25,496

Hermosa Beach Public Financing Authority Rev., 4.00%, 11/1/2024		25,000		28,151

Imperial Community College District GO, AGM, 5.00%, 8/1/2022 (b)		25,000		26,712

Inglewood Public Financing Authority Rev., Zero Coupon, 8/1/2022 (b)		150,000		79,324

Irvine Ranch Water District COP, 5.00%, 3/1/2022		30,000		31,443

Irvine Unified School District, School Facilities Improvement District No. 1 Series 2016A, GO, 5.00%, 9/1/2022		25,000		26,816


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Jefferson Union High School District, Election of 2006 Series D, GO, Zero Coupon, 8/1/2021 (b)		150,000		52,495

Kern County Water Agency, Improvement District No. 4 Series 2016A, Rev., AGM, 5.00%, 5/1/2021		20,000		20,159

Kern High School District

GO, 3.50%, 8/1/2021		40,000		40,559

GO, 5.00%, 8/1/2022		50,000		53,431

La Mirada Public Financing Authority Rev., 5.00%, 5/1/2022		25,000		26,397

Lake Elsinore Recreation Authority, Public Facilities Project Rev., 4.00%, 2/1/2022		35,000		36,220

Liberty Union High School District

GO, 4.00%, 8/1/2021 (b)		90,000		91,448

Series B, GO, 4.00%, 8/1/2021		30,000		30,481

Series B, GO, 4.00%, 8/1/2022		25,000		26,363

Lodi Public Financing Authority Series 2020A, Rev., 4.00%, 6/1/2022		40,000		41,887

Lodi Unified School District

GO, AGM, 5.00%, 8/1/2021 (b)		20,000		20,405

GO, AGM, 5.00%, 8/1/2023		240,000		255,228

Long Beach Community College District

Series 2017G, GO, 4.00%, 8/1/2021		35,000		35,562

Series 2017G, GO, 5.00%, 8/1/2022		25,000		26,715

Long Beach Community College District, Election of 2002 Series A, GO, 5.00%, 5/1/2022 (b)		40,000		42,279

Long Beach Community College District, Election of 2008 Series 2012B, GO, 4.00%, 8/1/2021		20,000		20,321

Long Beach Unified School District, Election of 2016 Series B, GO, 5.00%, 8/1/2021		30,000		30,606

Los Alamitos Unified School District GO, 5.00%, 8/1/2021		80,000		81,615

Los Alamitos Unified School District, Election of 2018 GO, 5.00%, 8/1/2022		30,000		32,059

Los Altos Elementary School District

GO, 4.00%, 8/1/2021		255,000		259,093

GO, 4.00%, 8/1/2022		20,000		21,090

Los Angeles Community College District

Series G, GO, 4.00%, 8/1/2021		105,000		106,667

Series I, GO, 4.00%, 8/1/2021		45,000		45,715

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	181

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

Series 2015A, GO, 5.00%, 8/1/2021		165,000		168,303

Series 2015C, GO, 5.00%, 8/1/2021		25,000		25,501

Los Angeles Community College District, Election of 2008 Series J, GO, 3.00%, 8/1/2022		65,000		67,587

Los Angeles Community College District, Election of 2016 Series B-1, GO, 5.00%, 8/1/2021		180,000		183,604

Los Angeles County Metropolitan Transportation Authority, Sales Tax

Series 2016A, Rev., 5.00%, 6/1/2021		25,000		25,302

Rev., 5.00%, 7/1/2021		265,000		269,265

Series 2012-B, Rev., 5.00%, 7/1/2021		25,000		25,403

Series 2013B, Rev., 5.00%, 7/1/2021		110,000		111,773

Series 2016A, Rev., 5.00%, 7/1/2021		35,000		35,564

Series 2017A, Rev., 5.00%, 7/1/2021		55,000		55,887

Series 2018-A, Rev., 5.00%, 7/1/2021		65,000		66,048

Series A, Rev., 5.00%, 7/1/2021		115,000		116,854

Series 2016A, Rev., 5.00%, 6/1/2022		30,000		31,816

Series 2016A, Rev., 5.00%, 7/1/2022		75,000		79,844

Series 2017A, Rev., 5.00%, 7/1/2022		40,000		42,583

Series 2017-B, Rev., 5.00%, 7/1/2022		20,000		21,292

Series 2018A, Rev., 5.00%, 7/1/2022		180,000		191,624

Series 2019A, Rev., 5.00%, 7/1/2022		35,000		37,260

Los Angeles County Public Works Financing Authority

Series 2015B, Rev., 5.00%, 12/1/2021		50,000		51,818

Series 2019E1, Rev., 4.00%, 12/1/2023		85,000		93,433

Los Angeles County Public Works Financing Authority, MLK Hospital Project Series 2016D, Rev., 5.00%, 12/1/2022		75,000		81,331

Los Angeles County Public Works Financing Authority, Multiple Capital Projects II

Rev., 5.00%, 8/1/2021		50,000		51,007


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Rev., 5.00%, 8/1/2022		135,000		144,243

Rev., 5.00%, 8/1/2023		25,000		26,675

Los Angeles County Redevelopment Authority Redev Agency Successor Agency Rev., 5.00%, 12/1/2022		50,000		53,918

Los Angeles Department of Water and Power, Power System

Series 2011A, Rev., 5.00%, 7/1/2021		50,000		50,806

Series 2013A, Rev., 5.00%, 7/1/2021		75,000		76,209

Series 2016A, Rev., 4.00%, 7/1/2022		65,000		68,334

Los Angeles Department of Water and Power, Water System Series 2013B, Rev., 5.00%, 7/1/2022		30,000		31,937

Los Angeles Unified School District

Series 2017A, GO, 4.00%, 7/1/2021		25,000		25,319

Series A, GO, 5.00%, 7/1/2021		25,000		25,402

Series A-1, GO, 5.00%, 7/1/2021		40,000		40,644

Series A-2, GO, 5.00%, 7/1/2021		25,000		25,402

Series D, GO, 5.00%, 7/1/2021		130,000		132,092

Los Gatos Union School District GO, 4.00%, 8/1/2022		30,000		31,635

Los Rios Community College District

GO, 5.00%, 8/1/2021		20,000		20,404

GO, 5.00%, 8/1/2023		40,000		42,732

Los Rios Community College District, Election of 2002 Series F, GO, 4.00%, 8/1/2022		30,000		31,635

Los Rios Community College District, Election of 2008

Series C, GO, 4.00%, 8/1/2021		75,000		76,204

Series B, GO, 5.00%, 8/1/2021		25,000		25,505

Lowell Joint School District GO, 5.00%, 8/1/2021		30,000		30,597

Lucia Mar Unified School District GO, NATL-RE, 5.25%, 8/1/2022		35,000		37,525

Lucia Mar Unified School District, Election of 2016 Series 2016B, GO, 5.00%, 8/1/2021		95,000		96,918

Manteca Unified School District, Election of 2014 Series C, GO, 3.00%, 8/1/2021		50,000		50,595

Marin Community College District

GO, 4.00%, 8/1/2021		50,000		50,803

GO, 5.00%, 8/1/2022		20,000		21,372

SEE NOTES TO FINANCIAL STATEMENTS.



182	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

Marin Emergency Radio Authority Rev., 2.00%, 8/1/2021		25,000		25,194

Marin Water District Financing Authority, Subordinate Lien Series 2012A, Rev., 4.00%, 7/1/2021		70,000		70,897

Marysville Joint Unified School District COP, AGM, Zero Coupon, 6/1/2033		300,000		154,884

Menlo Park City School District, Crossover Capital Appreciation GO, 5.00%, 7/1/2022 (b)		25,000		26,628

Merced Union High School District GO, AGM, Zero Coupon, 2/18/2025 (b)		250,000		78,955

Metropolitan Water District of Southern California, Waterworks

Series 2017A, Rev., 2.00%, 7/1/2021		100,000		100,614

Series 2012G, Rev., 4.00%, 7/1/2021		20,000		20,256

Series 2018A, Rev., 5.00%, 7/1/2021		70,000		71,124

Series 2017B, Rev., 5.00%, 8/1/2021		25,000		25,401

Series 2011C, Rev., 5.00%, 10/1/2021		25,000		25,708

Rev., 5.00%, 1/1/2022		20,000		20,808

Series 2018A, Rev., 5.00%, 7/1/2022		25,000		26,608

Midpeninsula Regional Open Space District Series A, GO, 4.00%, 9/1/2021		30,000		30,578

Milpitas Unified School District

GO, 5.00%, 8/1/2021		20,000		20,404

Series 2018A, GO, 5.00%, 8/1/2021		55,000		56,110

GO, 5.00%, 8/1/2022		60,000		64,117

Modesto Irrigation District, Domestic Water Project Series 2013G, Rev., AGM, 5.00%, 9/1/2021		25,000		25,606

Modesto Irrigation District, Electrical System Rev., 5.00%, 10/1/2021		200,000		205,638

Mojave Unified School District School Facilities Improvement District No. 1 GO, AGM, 4.00%, 8/1/2021 (b)		45,000		45,724

Mojave Water Agency Public Facilities Corp. Series 2017A, Rev., 5.00%, 6/1/2022		35,000		37,119

Monterey Peninsula Community College District, Tax-Exempt Series A, GO, 4.00%, 8/1/2021		45,000		45,722


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Moraga Elementary School District Series B, GO, 4.00%, 8/1/2021		50,000		50,803

Morongo Unified School District Series 2018A, GO, 4.00%, 8/1/2022		20,000		21,081

Morongo Unified School District, Election of 2005 Series 2012C, GO, Zero Coupon, 8/15/2022 (b)		95,000		36,145

Mount San Antonio Community College District Series 2013A, GO, 5.00%, 9/1/2022		20,000		21,453

Mount San Antonio Community College District, Election of 2018 Series 2019A, GO, 4.00%, 8/1/2021		75,000		76,204

Mountain View Los Altos Union High School District, Election of 2018 Series A, GO, 4.00%, 8/1/2021		25,000		25,401

M-S-R Public Power Agency Series 2018R, Rev., 5.00%, 7/1/2021		25,000		25,396

Municipal Improvement Corp. of Los Angeles, Capital Equipment

Series 2016A, Rev., 5.00%, 11/1/2021		25,000		25,785

Series 2018A, Rev., 5.00%, 11/1/2023		50,000		56,035

Municipal Improvement Corp. of Los Angeles, Capital Improvement Series 2012-A, Rev., 5.00%, 3/1/2021 (b)		35,000		35,000

Municipal Improvement Corp. of Los Angeles, Real Property Series 2016B, Rev., 5.00%, 11/1/2021		100,000		103,142

Napa Sanitation District Series 2012A, COP, 4.00%, 8/1/2022		40,000		42,186

New Haven Unified School District Series A, GO, 3.00%, 8/1/2021		100,000		101,179

Newport Mesa Unified School District, Election of 2005 GO, Zero Coupon, 8/1/2021 (b)		200,000		48,944

North Lake Tahoe Public Financing Authority Rev., 5.00%, 12/1/2021		25,000		25,911

North Orange County Community College District, Election of 2014

Series 2014B, GO, 4.00%, 8/1/2021		30,000		30,482

Series 2014B, GO, 4.00%, 8/1/2022		30,000		31,635

Northern California Power Agency, Hydroelectric Project

Series 2019A, Rev., 5.00%, 7/1/2021		100,000		101,595

Series 1986A, Rev., AMBAC, 7.50%, 7/1/2021 (b)		360,000		368,752

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	183

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

Novato Unified School District GO, 5.00%, 8/1/2021 (b)		20,000		20,405

Oakland Joint Powers Financing Authority Rev., 5.00%, 11/1/2021		25,000		25,806

Ohlone Community College District

GO, 4.00%, 8/1/2021		135,000		137,167

GO, 5.00%, 8/1/2022		135,000		144,275

Ohlone Community College District, Election of 2010

Series A, GO, 5.00%, 8/1/2021 (b)		50,000		51,011

Series A-1, GO, 5.00%, 8/1/2021 (b)		25,000		25,506

Series 2011A, GO, 5.25%, 8/1/2021 (b)		20,000		20,425

Olivenhain Municipal Water District Series 2016A, Rev., 5.00%, 6/1/2022		25,000		26,514

Ontario Public Financing Authority

Rev., 5.00%, 7/1/2021		35,000		35,564

Rev., AGM, 5.00%, 11/1/2023		100,000		111,644

Orange County Sanitation District Series 2018A, COP, 5.00%, 8/15/2021		70,000		71,404

Orange County Sanitation District, Wastewater Series 2014A, Rev., 5.00%, 2/1/2022		25,000		26,114

Orchard School District GO, 5.00%, 8/1/2023		25,000		27,863

Orinda Union School District, Election of 2018 Series A, GO, 3.00%, 8/1/2021		125,000		126,489

Oxnard Union High School District, Election of 2018

Series A, GO, 4.00%, 8/1/2021		25,000		25,401

Series 2018A, GO, 4.00%, 8/1/2022		20,000		21,090

Series B, GO, 4.00%, 8/1/2022		25,000		26,363

Pacific Grove Unified School District

GO, 4.00%, 8/1/2021		25,000		25,401

Series 2015A, GO, 5.00%, 8/1/2022		55,000		58,774

Padre Dam Municipal Water District Series 2017A, COP, 5.00%, 10/1/2024		50,000		58,166

Pajaro Valley Water Management Agency Rev., AGM, 5.00%, 3/1/2022		50,000		52,312

Palm Springs Community Redevelopment Agency Successor Agency 5.00%, 9/1/2021		85,000		87,048


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Palm Springs Financing Authority, Convention Center Project

Series 2012A, Rev., 3.00%, 11/1/2021		150,000		152,623

Series 2012A, Rev., 3.13%, 11/1/2022		25,000		26,129

Series 2012A, Rev., 3.25%, 11/1/2023		55,000		57,495

Palm Springs Financing Authority, Downtown Revitalization Project Series 2012B, Rev., 4.00%, 6/1/2022		100,000		104,808

Palm Springs Unified School District GO, 4.00%, 8/1/2021		25,000		25,391

Palomar Community College District

GO, 5.00%, 5/1/2021		20,000		20,160

GO, 5.00%, 5/1/2022		25,000		26,406

GO, 5.00%, 5/1/2024		50,000		57,246

Palomar Community College District, Election of 2006 Series 2010B, GO, Zero Coupon, 8/1/2021		250,000		249,825

Paramount Unified School District, Election of 2006 GO, Zero Coupon, 8/1/2023 (b)		165,000		22,471

Pasadena Public Financing Authority, Rose Bowl Renovation Project

Series 2016A, Rev., 5.00%, 4/1/2022		25,000		26,308

Series 2016A, Rev., 5.00%, 4/1/2023		75,000		82,021

Pasadena Unified School District, Election of 2008 GO, 5.00%, 5/1/2022 (b)		40,000		42,279

Peralta Community College District Series 2020A, GO, 5.00%, 8/1/2022		25,000		26,693

Pismo Beach Public Financing Agency, Beach Municipal Pier Project Rev., 5.00%, 12/1/2023		30,000		33,857

Pismo Beach Public Financing Authority, Wastewater Project Rev., 5.00%, 12/1/2021		30,000		31,086

Pittsburg Successor Agency Redevelopment Agency, Los Medanos Community Development District AGM, 5.00%, 8/1/2021		25,000		25,502

Pittsburg Unified School District Rev., AGM, Zero Coupon, 9/1/2021 (b)		175,000		48,561

Placer Union High School District School Facilities Improvement District No. 2, Election of 2018 Series A, GO, 5.00%, 8/1/2021		50,000		51,009

SEE NOTES TO FINANCIAL STATEMENTS.



184	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

Placer Union High School District, Capital Appreciation Series 2000A, GO, NATL-RE, Zero Coupon, 8/1/2022		20,000		19,834

Pleasanton Unified School District

GO, 3.00%, 8/1/2021		45,000		45,536

Series 2013A, GO, 5.00%, 8/1/2021		65,000		66,312

GO, 4.00%, 8/1/2022		25,000		26,363

Pomona Unified School District, Election of 2008 Series C, GO, 5.13%, 8/1/2021 (b)		50,000		51,026

Port of Los Angeles, Harbor Department

Series 2014B, Rev., 5.00%, 8/1/2021		30,000		30,584

Series 2015A, Rev., 5.00%, 8/1/2021		25,000		25,487

Series 2014C, Rev., 3.00%, 8/1/2022		25,000		25,948

Poway Unified School District GO, 5.00%, 8/1/2021 (b)		160,000		163,237

Poway Unified School District Public Financing Authority, Community Facility District, Special Tax Series 2017A, Rev., 4.00%, 9/1/2021		30,000		30,575

Puente Basin Water Agency, Walnut Valley Water District Project Series 2013A, Rev., 5.00%, 6/1/2023		25,000		27,676

Rancho Santa Fe School District GO, 5.00%, 8/1/2021		25,000		25,505

Rancho Santiago Community College District

GO, 4.00%, 9/1/2021		20,000		20,385

GO, 4.00%, 9/1/2022		25,000		26,443

Rancho Water District Financing Authority Series 2016B, Rev., 5.00%, 8/1/2021		35,000		35,707

Reed Union School District GO, 4.00%, 8/1/2021		50,000		50,802

Regents of the University of California Medical Center Pooled

Series 2016L, Rev., 5.00%, 5/15/2021		30,000		30,297

Series 2016L, Rev., 5.00%, 5/15/2022		65,000		68,779

Rio Hondo Community College District, Election of 2019 Series 2019B, GO, 5.00%, 8/1/2021		50,000		51,009


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Riverside County Asset Leasing Corp., County Administrative Center Rev., 5.00%, 11/1/2021		50,000		51,585

Riverside County Transportation Commission, Sales Tax

Series 2013A, Rev., 5.00%, 6/1/2021		20,000		20,239

Series 2018A, Rev., 5.00%, 6/1/2021		40,000		40,478

Series 2017A, Rev., 4.00%, 6/1/2022		20,000		20,951

Series 2013A, Rev., 5.00%, 6/1/2022		25,000		26,501

Series 2018A, Rev., 5.00%, 6/1/2022		40,000		42,401

Series 2013A, Rev., 5.00%, 6/1/2023		40,000		44,187

Series 2017A, Rev., 5.00%, 6/1/2023		25,000		27,617

Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2021		100,000		101,180

Rocklin Public Financing Authority Rev., 5.00%, 11/1/2022		25,000		27,014

Roseville Joint Union High School District GO, 5.00%, 8/1/2021		25,000		25,505

Rowland Unified School District GO, 4.00%, 8/1/2021		110,000		111,766

Sacramento Area Flood Control Agency, Natomas Basin Local Assessment 5.00%, 10/1/2021		25,000		25,705

Sacramento County Sanitation Districts Financing Authority Series 2011A, Rev., 5.00%, 12/1/2021 (b)		100,000		103,651

Sacramento Municipal Utility District, Electric

Series 2011X, Rev., 5.00%, 8/15/2021		100,000		102,204

Series 2018F, Rev., 5.00%, 8/15/2021		40,000		40,882

Series 2018F, Rev., 5.00%, 8/15/2022		50,000		53,518

Series E, Rev., 5.00%, 8/15/2022		20,000		21,407

Series 2019A, Rev., 5.00%, 10/17/2023 (c)		245,000		268,976

Sacramento Municipal Utility District, Financing Authority, Cosumnes Project

Rev., 5.00%, 7/1/2021		40,000		40,642

Rev., 5.00%, 7/1/2022		40,000		42,594

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	185

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

Saddleback Valley Unified School District GO, 4.00%, 8/1/2021		25,000		25,401

San Bernardino Community College District Series A, GO, 5.00%, 8/1/2021		75,000		76,508

San Bernardino Community College District, Election of 2018 Series 2019A, GO, 4.00%, 8/1/2021		25,000		25,399

San Bernardino County Transportation Authority

Series 2014A, Rev., 4.00%, 3/1/2021		25,000		25,000

Series 2012A, Rev., 5.00%, 3/1/2021		75,000		75,000

San Diego Community College District

GO, 4.00%, 8/1/2021		40,000		40,642

GO, 5.00%, 8/1/2021		25,000		25,505

GO, 5.00%, 8/1/2022		105,000		112,252

San Diego Community College District, Election of 2002 GO, 5.00%, 8/1/2021 (b)		140,000		142,832

San Diego Community College District, Election of 2006

GO, 4.00%, 8/1/2021		55,000		55,883

GO, 5.00%, 8/1/2021		105,000		107,122

GO, 4.00%, 8/1/2022		30,000		31,635

San Diego County Regional Airport Authority, Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2021		30,000		30,472

San Diego County Regional Transportation Commission, Sales Tax

Series 2018A, Rev., 3.00%, 4/1/2021 (b)		100,000		100,232

Series 2018A, Rev., 4.00%, 4/1/2021 (b)		35,000		35,109

Series 2012A, Rev., 5.00%, 4/1/2021		130,000		130,511

Series 2016A, Rev., 5.00%, 4/1/2021		125,000		125,491

Series 2020A, Rev., 5.00%, 4/1/2021		25,000		25,098

Series A, Rev., 5.00%, 4/1/2021		75,000		75,295

Series 2012A, Rev., 5.00%, 4/1/2022		20,000		21,052

San Diego County Water Authority

Series 2011A, Rev., 5.00%, 5/1/2021		465,000		468,725


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Series 2011B, Rev., 5.00%, 5/1/2021		170,000		171,358

Series 2016S-1, Rev., 5.00%, 5/1/2021		40,000		40,092

Rev., 5.00%, 5/1/2022		50,000		52,825

San Diego Housing Authority, Multi-Family Housing, Hillside Views Apartments Series 2018G-1, Rev., 0.22%, 6/1/2021 (c)		30,000		30,006

San Diego Public Facilities Financing Authority

Series 2016B, Rev., 5.00%, 8/1/2021		100,000		102,010

Rev., 5.00%, 5/15/2022		65,000		68,787

Series 2012A, Rev., 5.00%, 8/1/2022 (b)		40,000		42,739

Series 2020A, Rev., 5.00%, 8/1/2022		30,000		32,067

San Diego Public Facilities Financing Authority, Ballpark Refunding Rev., 5.00%, 10/15/2022		125,000		134,230

San Diego Public Facilities Financing Authority, Capital Improvement Projects Series 2012A, Rev., 5.00%, 4/15/2022 (b)		50,000		52,741

San Diego Public Facilities Financing Authority, Sewer Utility Series 2016A, Rev., 4.00%, 5/15/2021		200,000		201,564

San Diego Regional Building Authority, County Operations Center Series 2016A, Rev., 5.00%, 10/15/2022		25,000		26,795

San Diego Unified School District, Election of 2008 Series 2020D-2, GO, 5.00%, 7/1/2022		20,000		21,300

San Dieguito Union High School District, Election of 2012

Series 2018D-2, GO, 4.00%, 8/1/2021		80,000		81,284

Series A-2, GO, 4.00%, 8/1/2021		50,000		50,803

San Elijo Joint Powers Authority, Clean Water Projects Rev., 3.00%, 3/1/2022		85,000		87,430

San Francisco Bay Area Rapid Transit District, Election of 2004

Series 2013C, GO, 4.00%, 8/1/2021		175,000		177,809

Series D, GO, 3.00%, 8/1/2022		20,000		20,807

SEE NOTES TO FINANCIAL STATEMENTS.



186	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

San Francisco Bay Area Rapid Transit District, Sales Tax

Series 2012A, Rev., 4.00%, 7/1/2021		30,000		30,385

Rev., 5.00%, 7/1/2021		20,000		20,322

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		55,000		58,544

Series 2015A, Rev., 5.00%, 7/1/2022		20,000		21,292

San Francisco City and County Airport Commission, San Francisco International Airport

Series 2016A, Rev., 5.00%, 5/1/2021 (b)		150,000		151,164

Series 2011B, Rev., 5.50%, 5/1/2021 (b)		200,000		201,716

Series 2011D, Rev., 5.00%, 5/3/2021 (b)		25,000		25,207

Series 2016A, Rev., 5.00%, 5/1/2022		80,000		84,501

San Francisco City and County Public Utilities Commission

Series 2010A, Rev., 5.00%, 10/1/2021		30,000		30,851

Subseries 2011-A, Rev., 5.00%, 11/1/2021 (b)		60,000		61,946

Subseries A, Rev., 5.00%, 11/1/2021 (b)		25,000		25,811

Subseries C, Rev., 5.00%, 11/1/2021 (b)		45,000		46,460

Series 2012A, Rev., 4.00%, 5/1/2022 (b)		175,000		182,936

Series 2012A, Rev., 5.00%, 5/1/2022 (b)		25,000		26,425

San Francisco County Transportation Authority, Sales Tax Rev., 3.00%, 2/1/2022		160,000		164,192

San Francisco Municipal Transportation Agency Rev., 5.00%, 3/1/2021		135,000		135,000

San Francisco Unified School District, Election of 2016 Series A, GO, 3.00%, 6/15/2021		55,000		55,448

San Francisco Unified School District, Proposition A, Election of 2011

Series 2014B, GO, 5.00%, 6/15/2021		50,000		50,693

Series 2015F&C, GO, 5.00%, 6/15/2021		55,000		55,763

Series 2014B, GO, 5.00%, 6/15/2022		55,000		58,411


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

San Joaquin County Transportation Authority, Measure K Sales Tax

Rev., 5.00%, 3/1/2022		20,000		20,970

Rev., 5.00%, 3/1/2023		20,000		21,875

San Joaquin Hills Transportation Corridor Agency, Toll Road, Senior Lien Rev., Zero Coupon, 1/1/2025 (b)		120,000		117,502

San Jose Evergreen Community College District GO, 5.00%, 9/1/2021		50,000		51,213

San Jose Evergreen Community College District, Election of 2010 Series B, GO, 5.00%, 8/1/2022 (b)		35,000		37,422

San Jose Evergreen Community College District, Election of 2016

Series A, GO, 4.00%, 9/1/2022		20,000		21,154

Series B, GO, 4.00%, 9/1/2022		25,000		26,443

San Jose Financing Authority, Civic Center Project

Series 2013A, Rev., 4.00%, 6/1/2021 (b)		25,000		25,234

Series 2013A, Rev., 5.00%, 6/1/2022 (b)		90,000		95,379

Series 2013A, Rev., 5.00%, 6/1/2023 (b)		30,000		33,155

San Jose Redevelopment Agency Successor Agency Series B, 5.00%, 8/1/2021		25,000		25,496

San Jose Unified School District

GO, 4.00%, 8/1/2021		40,000		40,642

GO, 4.25%, 8/1/2021 (b)		35,000		35,599

GO, 5.00%, 8/1/2021 (b)		320,000		326,469

San Juan Unified School District Series 2012C, GO, 4.00%, 8/1/2021 (b)		25,000		25,402

San Juan Unified School District, Election of 2002

GO, 3.00%, 8/1/2021		80,000		80,953

GO, 3.00%, 8/1/2022		25,000		26,009

GO, 3.00%, 8/1/2023		25,000		26,635

San Juan Unified School District, Election of 2012 Series 2019N, GO, 4.00%, 8/1/2021		25,000		25,401

San Juan Unified School District, Election of 2016 Series 2019P, GO, 4.00%, 8/1/2021		100,000		101,605

San Juan Water District Rev., 5.00%, 2/1/2025		45,000		53,042

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	187

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

San Marcos Public Financing Authority Series 1994A, Rev., 6.25%, 9/2/2022 (b)		25,000		27,264

San Marcos Unified School District, Election of 2010 Series A, GO, 5.00%, 8/1/2021 (b)		65,000		66,307

San Marcos Unified School, District No. 4, Community Facilities, Special Tax 4.00%, 9/1/2023		25,000		27,300

San Mateo County Transit District

Series 2015A, Rev., 5.00%, 6/1/2021		55,000		55,663

Series 2015A, Rev., 5.00%, 6/1/2022		50,000		53,027

San Mateo Foster City School District GO, 5.00%, 8/15/2022		50,000		53,526

San Mateo Foster City School District, Election of 2008 Series 2012C, GO, 5.00%, 8/1/2022		40,000		42,745

San Mateo Joint Powers Financing Authority, Maple Street Correctional Center

Series 2014A, Rev., 4.00%, 6/15/2021		65,000		65,708

Series 2014A, Rev., 5.00%, 6/15/2022		25,000		26,537

San Mateo Redevelopment Agency Successor Agency Series 2017A, 5.00%, 8/1/2021		50,000		51,003

San Mateo Union High School District Series 2016C, GO, 5.00%, 9/1/2022		20,000		21,453

San Rafael City Elementary School District

GO, 4.00%, 8/1/2021		20,000		20,321

GO, 5.00%, 8/1/2021 (b)		25,000		25,506

San Rafael City Elementary School District, Election of 2011 Series 2015C, GO, 5.00%, 8/1/2021		35,000		35,707

San Rafael City High School District GO, 5.00%, 8/1/2021		55,000		56,112

San Rafael City High School District, Election of 2015 Series C, GO, 4.00%, 8/1/2021		25,000		25,401

San Rafael Joint Powers Financing Authority, Public Safety Facilities Project Rev., 4.00%, 6/1/2022		70,000		73,366

San Ramon Valley Unified School District

GO, 4.00%, 8/1/2021		30,000		30,481

GO, 5.00%, 8/1/2022		110,000		117,569


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Santa Ana College Improvement District #1 Rancho Santiago Community College District, Election of 2012

Series 2014A, GO, 5.00%, 8/1/2021		20,000		20,404

Series 2014A, GO, 5.00%, 8/1/2022		20,000		21,372

Santa Barbara Community College District GO, 5.00%, 8/1/2021		25,000		25,505

Santa Barbara Unified School District

GO, 5.00%, 8/1/2021		20,000		20,404

Series A, GO, 5.00%, 8/1/2022		30,000		32,058

Santa Clara Unified School District GO, 5.00%, 7/1/2021		20,000		20,322

Santa Clara Valley Transportation Authority, Sales Tax Series 2017B, Rev., 5.00%, 6/1/2021		25,000		25,302

Santa Clara Valley Water District, Water Utility System Improvement Projects Series 2016C, COP, 5.00%, 6/1/2021		20,000		20,240

Santa Clarita Community College District

GO, 5.00%, 8/1/2021		75,000		76,514

GO, 4.00%, 8/1/2022		35,000		36,908

Santa Cruz City Elementary School District GO, 4.00%, 8/1/2021		25,000		25,401

Santa Margarita-Dana Point Authority Series 2020A, Rev., 5.00%, 6/1/2022		45,000		47,724

Santa Margarita-Dana Point Authority, Water District Improvement Rev., 4.00%, 8/1/2021		90,000		91,445

Santa Monica Community College District, Election of 2008

Series 2014B, GO, 5.00%, 8/1/2021		30,000		30,605

Series 2014B, GO, 5.00%, 8/1/2022		35,000		37,402

Santa Monica Public Financing Authority, City Services Building Project Series 2011A, Rev., 5.00%, 6/1/2023		25,000		25,296

Santa Monica Public Financing Authority, Downtown Fire Station Project Rev., 5.00%, 7/1/2021		35,000		35,564

Santa Monica-Malibu Unified School District Series 2016A, GO, 4.00%, 7/1/2022		65,000		68,334

Santa Rosa High School District

GO, 4.00%, 8/1/2021		20,000		20,321

GO, 4.00%, 8/1/2022		45,000		47,453

Savanna School District, Election of 2012 Series 2012A, GO, AGM, 5.00%, 8/1/2021		35,000		35,684

SEE NOTES TO FINANCIAL STATEMENTS.



188	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

Shasta-Tehama-Trinity Joint Community College District

Series B, GO, 3.00%, 8/1/2021		70,000		70,811

GO, 5.00%, 8/1/2022		50,000		53,372

Silicon Valley Clean Water, Wastewater

Rev., 5.00%, 2/1/2022		25,000		26,112

Rev., 5.00%, 8/1/2022		100,000		106,862

Series A, Rev., 3.00%, 3/1/2024		145,000		154,264

Simi Valley Public Financing Authority, Public Facilities Series 2014A, Rev., 5.00%, 10/1/2022		110,000		118,437

Simi Valley Unified School District Series 2016B, GO, 4.00%, 8/1/2021		75,000		76,204

Siskiyou Community College District GO, 4.00%, 8/1/2021		25,000		25,383

Solano County Community College District Series 2014A, GO, 5.00%, 8/1/2023		40,000		44,559

Sonoma County Junior College District

Series B, GO, 4.00%, 8/1/2021		80,000		81,284

Series B, GO, 4.00%, 8/1/2023		55,000		59,974

Sonoma County Transportation Authority, Limited Tax

Rev., 5.00%, 12/1/2021		20,000		20,729

Rev., 5.00%, 12/1/2022		25,000		27,115

Sonoma-Marin Area Rail Transit District, Sales Tax Series 2011A, Rev., 5.00%, 3/1/2022 (b)		40,000		41,953

Soquel Creek Water District, Capital Projects COP, 4.00%, 3/1/2021 (b)		30,000		30,000

South Placer Wastewater Authority Rev., 5.00%, 11/1/2021		35,000		36,126

South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax Rev., NATL-RE, 5.25%, 9/15/2022		35,000		37,743

Southern California Public Power Authority, Canyon Power Project Series 2016A, Rev., 5.00%, 7/1/2021 (b)		50,000		50,808

Southern California Public Power Authority, Milford Wind Corridor Phase-1 Project Rev., 5.00%, 7/1/2022		40,000		42,572

Southern California Public Power Authority, Transmission Project Rev., 5.00%, 7/1/2021		155,000		157,488

Southern California Water Replenishment District Rev., 5.00%, 8/1/2021		75,000		76,514


INVESTMENTS	PRINCIPAL AMOUNT ($)			VALUE ($)


California — continued

Southwestern Community College District, Election of 2008 Series C, GO, 5.00%, 8/1/2021 (b)		100,000			102,023

State Center Community College District

GO, 5.00%, 8/1/2021		25,000			25,505

GO, 5.00%, 8/1/2022		30,000			32,058

State of California GO, 5.00%, 9/1/2021		65,000			66,576

State of California Department of Water Resources, Central Valley Project, Water System

Series AJ, Rev., 5.00%, 12/1/2021		115,000			119,183

Series AM, Rev., 5.00%, 12/1/2021		85,000			88,104

Series AQ, Rev., 5.00%, 12/1/2021		20,000			20,730

Series AS, Rev., 5.00%, 12/1/2021		85,000	��		88,103

Series AW, Rev., 5.00%, 12/1/2021		40,000			41,461

Series BA, Rev., 5.00%, 12/1/2021		65,000			67,373

State of California Department of Water Resources, Power Supply

Series 2011N, Rev., 5.00%, 5/1/2021 (b)		125,000			126,001

Series 2015O, Rev., 5.00%, 5/1/2021 (b)		230,000			231,843

Series 2015O, Rev., 5.00%, 5/1/2022 (b)		50,000			52,849

State of California, Various Purpose

GO, 2.00%, 3/1/2021		50,000			50,000

GO, 5.00%, 3/1/2021		35,000			35,000

GO, 5.00%, 4/1/2021		70,000			70,275

GO, 5.00%, 8/1/2021		75,000			76,514

GO, 5.00%, 9/1/2021		220,000			225,335

GO, 5.00%, 10/1/2021		150,000			154,247

GO, 5.00%, 11/1/2021		190,000			196,150

GO, 3.00%, 12/1/2021		35,000			35,752

GO, 3.00%, 3/1/2022		30,000			30,858

Stockton Public Financing Authority Rev., BAN, 1.40%, 6/1/2022		3,335,000			3,343,071

Sunnyvale School District, Election of 2013 Series 2019C, GO, 4.00%, 9/1/2021		25,000			25,482

Sylvan Union School District GO, 5.00%, 8/1/2021		35,000			35,702

Tahoe-Truckee Sanitation Agency, Wastewater Rev., 5.00%, 7/1/2024		30,000			34,649

Tahoe-Truckee Unified School District, Election of 2014, School Facilities Improvement District No. 2 Series B, GO, 5.00%, 8/1/2022		45,000			48,088

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	189

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

The Tracy Joint Unified School District, Election of 2008, School Facilities Improvement District No. 3 Series 2011B, GO, Zero Coupon, 8/1/2021 (b)		100,000		38,590

Tobacco Securitization Authority of Northern California Rev., 5.00%, 6/1/2025		105,000		123,776

Tustin Public Financing Authority Series 2011A, Rev., 5.00%, 4/1/2021 (b)		25,000		25,098

Tustin Unified School District GO, 6.00%, 8/1/2028		250,000		255,995

Tustin Unified School District, School Facilities Improvement Districts No. 2002-1 and 2008-1 GO, 5.00%, 8/1/2025		30,000		35,833

Tustin Unified School District, School Facilities Improvement Project

GO, 5.25%, 8/1/2021 (b)		35,000		35,744

GO, 5.00%, 6/1/2022		35,000		37,119

Twin Rivers Unified School District Series 2014A, GO, Zero Coupon, 2/1/2024 (b)		350,000		168,584

Union City Community Redevelopment Project, Tax Allocation Series 2017B, 5.00%, 10/1/2021		170,000		174,782

University of California

Series 2016AT, Rev., 1.40%, 3/10/2021 (c)		2,250,000		2,256,007

Series 2017AV, Rev., 4.00%, 5/15/2021		75,000		75,590

Series 2013AF, Rev., 5.00%, 5/15/2021		20,000		20,198

Series 2014AM, Rev., 5.00%, 5/15/2021		35,000		35,346

Series 2015AO, Rev., 5.00%, 5/15/2021		50,000		50,495

Series AB, Rev., 5.00%, 5/15/2021		35,000		35,346

Series 2015AO, Rev., 4.00%, 5/15/2022		20,000		20,927

Series 2015AO, Rev., 5.00%, 5/15/2022		110,000		116,422

Series 2018AZ, Rev., 5.00%, 5/15/2022		50,000		52,919

Series 2020BE, Rev., 5.00%, 5/15/2022		40,000		42,335

Series 2015AO, Rev., 5.00%, 5/15/2023		20,000		22,096

Series AK, Rev., 5.00%, 5/15/2023 (c)		455,000		501,310


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

University of California, Limited Project

Series 2015-I, Rev., 5.00%, 5/15/2021		45,000		45,441

Series 2015-I, Rev., 5.00%, 5/15/2024		135,000		154,686

Upper Santa Clara Valley Joint Powers Authority Series 2015A, Rev., 5.00%, 8/1/2022 (b)		25,000		26,730

Vacaville Unified School District Series C, GO, 5.00%, 8/1/2021		30,000		30,606

Ventura County Community College District

Series 2008C, GO, Zero Coupon, 8/1/2021		100,000		99,872

GO, 5.00%, 8/1/2021		225,000		229,548

Ventura County Public Financing Authority Series 2013B, Rev., 5.00%, 11/1/2022		25,000		27,006

Ventura Unified School District GO, 5.00%, 8/1/2021		45,000		45,903

Victor Elementary School District GO, 5.00%, 8/1/2021		25,000		25,502

Victor Valley Union High School District Series 2016B, GO, AGM, 3.00%, 8/1/2021		25,000		25,287

Walnut Valley Unified School District

GO, 5.00%, 8/1/2021 (b)		135,000		137,731

GO, 5.00%, 8/1/2022		20,000		21,372

Washington Township Health Care District Series 2015A, Rev., 5.00%, 7/1/2021		275,000		278,913

West Basin Municipal Water District

Series 2011A, Rev., 5.00%, 8/1/2021		25,000		25,505

Series 2012A, Rev., 5.00%, 8/1/2023		40,000		41,748

West Contra Costa Healthcare District, Financing Program COP, 5.00%, 7/1/2021 (b)		165,000		167,610

West Contra Costa Unified School District, Election of 2010

Series 2011A, GO, 5.00%, 8/1/2021 (b)		25,000		25,506

Series 2011A, GO, AGM, 5.25%, 8/1/2021 (b)		215,000		219,571

West Hollywood Public Financing Authority, Hollywood Park Phase II Rev., 5.00%, 4/1/2024		75,000		85,463

SEE NOTES TO FINANCIAL STATEMENTS.



190	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

California — continued

West Valley-Mission Community College District

Series 2019A, GO, 4.00%, 8/1/2021		75,000		76,204

GO, 5.00%, 8/1/2021		55,000		56,110

Series B, GO, 5.00%, 8/1/2021		50,000		51,009

Series 2017C, GO, 4.00%, 8/1/2022		25,000		26,363

Series B, GO, 5.00%, 8/1/2022		25,000		26,716

West Valley-Mission Community College District, Election of 2012 Series 2012A, GO, 5.00%, 8/1/2021		85,000		86,716

Western Placer Unified School District, Election of 2014 Series 2015A, GO, AGM, 5.00%, 8/1/2021		25,000		25,501

Whittier Union High School District Series 2015C, GO, 4.00%, 8/1/2022		75,000		79,087

William S Hart Union High School District GO, 4.00%, 9/1/2021		30,000		30,578

William S Hart Union High School District, 2008 Election

Series 2013C, GO, 4.00%, 8/1/2021		50,000		50,803

Series B, GO, AGM, 5.00%, 8/1/2021 (b)		35,000		35,708

Windsor Unified School District, Election of 2016 GO, 5.00%, 8/1/2021		325,000		331,519

Yorba Linda Redevelopment Agency, Tax Allocation Series 2017A, 5.00%, 9/1/2021		75,000		76,807

Yosemite Community College District

GO, 3.00%, 8/1/2022 (b)		30,000		31,172

GO, 5.00%, 8/1/2022 (b)		40,000		42,710

Yountville Finance Authority Rev., 5.00%, 12/1/2021		25,000		25,907

Yuba Community College District

Series 2016A, GO, 5.00%, 8/1/2021		50,000		51,009

Series 2015B, GO, 4.00%, 8/1/2022		50,000		52,725


Total California				75,492,306


Colorado — 2.8%

Adams 12 Five Star Schools, The City and County of Broomfield GO, 4.00%, 12/15/2022		75,000		80,120

Adams and Arapahoe Joint School District 28J Aurora GO, 5.00%, 12/1/2024		25,000		27,071

Adams County, Improvement COP, 5.00%, 12/1/2023		705,000		793,365

Apex Park and Recreation District

GO, 2.00%, 12/1/2021		25,000		25,343

GO, 3.00%, 12/1/2024		50,000		54,590


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Colorado — continued

Arapahoe County School District No. 5 Cherry Creek Series 2012B, GO, 3.00%, 12/15/2021		25,000		25,562

Arapahoe County School District No. 6 Littleton GO, 5.00%, 12/1/2021		60,000		62,177

Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J

Series 2016C, GO, 4.00%, 12/15/2021		30,000		30,909

Series 2011-B, GO, 5.00%, 12/15/2022		90,000		97,749

Boulder Valley School District No. Re-2 Boulder Series 2019A, GO, 6.00%, 12/1/2022		30,000		33,044

City and County of Denver

Series 2011A, GO, 3.00%, 8/1/2021 (b)		25,000		25,294

Series 2011-A, GO, 3.00%, 8/1/2021 (b)		25,000		25,295

Series 2018A, GO, 5.00%, 8/1/2021		30,000		30,607

Series 2019C, GO, 5.00%, 8/1/2022		40,000		42,751

City and County of Denver, Airport System

Series 2012B, Rev., 5.00%, 11/15/2022 (b)		300,000		324,411

Series 2016A, Rev., 5.00%, 11/15/2023		95,000		106,865

Series B, Rev., 5.00%, 11/15/2024		125,000		145,624

City of Aurora, First Lien Water, Green Bonds Rev., 5.00%, 8/1/2021		25,000		25,503

City of Boulder, Capital Improvement Projects Rev., 4.00%, 10/1/2021		25,000		25,560

City of Colorado Springs, Utilities System Improvement

Series 2007A, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 3/9/2021 (c)		10,000,000		10,000,000

Series 2012A, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 3/9/2021 (c)		15,530,000		15,530,000

Series 2012C-2, Rev., 4.00%, 11/15/2021		70,000		71,897

Series 2011-A, Rev., 5.00%, 11/15/2021		110,000		113,753

Series 2012B, Rev., 5.00%, 11/15/2021		90,000		93,071

Series 2013B-2, Rev., 5.00%, 11/15/2021		100,000		103,412

Series 2020B, Rev., 5.00%, 11/15/2021		35,000		36,194

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	191

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Colorado — continued

Series 2011-A, Rev., 5.00%, 11/15/2022		25,000		25,848

Series A-3, Rev., 5.00%, 11/15/2022		50,000		54,105

City of Greeley Rev., 4.00%, 8/1/2021		125,000		126,995

City of Longmon Series A, COP, 4.00%, 12/1/2023		100,000		109,401

City of Longmont, Sales and Use Tax Rev., AGM, 4.25%, 11/15/2021		1,075,000		1,104,552

City of Longmont, Waterworks Rev., 5.00%, 11/1/2023		25,000		27,946

City of Northglenn COP, 5.00%, 12/1/2022		100,000		108,221

City of Thornton COP, AMBAC, 4.00%, 12/1/2022		30,000		31,949

City of Westminster, Sales and Use Tax Rev., 5.00%, 12/1/2021		130,000		134,716

Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project Rev., 7.25%, 6/1/2023 (b)		180,000		204,417

Colorado Educational and Cultural Facilities Authority, University of Denver Project Rev., 4.00%, 3/1/2021		110,000		110,000

Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group

Rev., 5.00%, 11/15/2021		100,000		103,355

Rev., 5.00%, 11/15/2022		450,000		486,135

Rev., 5.00%, 11/20/2025 (c)		25,000		29,995

Colorado Health Facilities Authority, Catholic Health Initiatives

Series 2009B-1, Rev., 4.00%, 11/9/2022 (b)		180,000		191,160

Series 2009B-1, Rev., 5.00%, 11/9/2022 (b)		40,000		43,152

Series 2013A, Rev., 5.25%, 1/1/2023 (b)		525,000		572,288

Colorado Health Facilities Authority, Covenant Retirement Communities, Inc.

Series 2012C, Rev., 5.00%, 12/1/2021 (b)		75,000		77,698

Rev., 4.00%, 12/1/2022 (b)		130,000		138,564

Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project

Series 2015A, Rev., 4.00%, 9/1/2022		80,000		83,729


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Colorado — continued

Rev., 5.00%, 9/1/2022		170,000		180,448

Rev., 5.00%, 9/1/2023		270,000		298,412

Colorado Health Facilities Authority, School Health System

Series 2019A, Rev., 5.00%, 1/1/2022		585,000		608,189

Series 2019A, Rev., 5.00%, 1/1/2023		145,000		157,431

Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2022 (b)		140,000		148,385

Colorado Housing and Finance Authority, Multi-Family

Series 2019B-2, Class I, Rev., 1.35%, 2/1/2022		110,000		110,418

Series 2020A-2, Class I, Rev., 1.55%, 4/1/2023		100,000		100,802

Colorado State Education Loan Program

Series 2020A, Rev., TRAN, 3.00%, 6/29/2021		95,000		95,900

Series 2020A, Rev., TRAN, 4.00%, 6/29/2021		285,000		288,631

Colorado Water Resources & Power Development Authority State Revolving Fund

Series 2019A, Rev., 5.00%, 9/1/2021		150,000		153,637

Series 2019A, Rev., 5.00%, 9/1/2022		35,000		37,538

Colorado Water Resources & Power Development Authority, Clean Water

Series 2019A, Rev., 5.00%, 9/1/2021		30,000		30,728

Series 2010A, Rev., 4.00%, 9/1/2024		25,000		25,071

Counties of Gunnison, Watershed School District No. 1 Series 2014A, GO, 3.00%, 12/1/2021		25,000		25,534

County of Boulder, Flood Reconstruction Projects COP, 5.00%, 12/1/2021		160,000		160,571

County of Boulder, Open Space Capital Improvement

Series 2011-A, Rev., 4.00%, 7/15/2021		125,000		126,781

Series 2011-B, Rev., 5.25%, 7/15/2021 (b)		100,000		101,890

County of Eagle COP, 5.00%, 12/1/2021		245,000		253,619

SEE NOTES TO FINANCIAL STATEMENTS.



192	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Colorado — continued

County of Larimer, Jail Facilities Project COP, 5.00%, 12/1/2021		40,000		41,420

County of Pueblo, Building Acquisition Project

Series 2021B, COP, 4.00%, 9/15/2021		120,000		122,266

Series 2021B, COP, 4.00%, 9/15/2022		100,000		105,349

Series 2021B, COP, 4.00%, 9/15/2024		220,000		244,532

Dawson Ridge Metropolitan District No. 1 Series A, GO, Zero Coupon, 10/1/2022 (b)		155,000		154,437

Denver City & County School District No. 1

Series 2012B, GO, 4.00%, 12/1/2021		25,000		25,728

GO, 5.00%, 12/1/2021		35,000		36,281

Series 2010C, GO, 5.00%, 12/1/2021		50,000		51,829

Series 2005A, GO, NATL-RE, 5.25%, 12/1/2021		25,000		25,961

Series 2012B, GO, 4.00%, 12/1/2022		50,000		53,394

GO, 5.00%, 12/1/2022		20,000		21,707

Denver Wastewater Management Division Department of Public Works

Rev., 4.00%, 11/1/2021		20,000		20,516

Rev., 5.00%, 11/1/2021		40,000		41,298

Douglas County School District No. Re-1 Douglas and Elbert Counties

GO, 4.50%, 12/15/2021		295,000		305,101

GO, 5.00%, 12/15/2021		30,000		31,145

GO, 5.25%, 12/15/2021		265,000		275,634

El Paso County School District No. 20 Academy

GO, 4.00%, 12/15/2021		25,000		25,758

GO, 5.00%, 12/15/2022		25,000		27,101

Garfield Pitkin & Eagle Counties School District No. Re-1 Roaring Fork GO, 5.00%, 12/15/2021 (b)		25,000		25,956

Grand County School District No. 2 East Grand GO, 5.00%, 12/1/2021		60,000		62,177

Jefferson County School District R-1

GO, 5.00%, 12/15/2021		75,000		77,863

GO, 5.00%, 12/15/2022		65,000		70,596


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Colorado — continued

Larimer County School District No. R-1 Poudre

GO, 5.00%, 12/15/2021		25,000		25,954

GO, 4.00%, 12/15/2022		35,000		37,390

GO, 5.00%, 12/15/2022		30,000		32,583

Larimer Weld & Boulder County School District, R-2J Thompson GO, 3.25%, 12/15/2022		25,000		26,373

Mesa County Valley School District No. 51 Grand Junction GO, 4.00%, 12/1/2021		40,000		41,153

Metro Wastewater Reclamation District

Series 2019A, Rev., 5.00%, 4/1/2021		45,000		45,176

Series 2012A, Rev., 5.00%, 4/1/2022 (b)		25,000		26,312

Parker Water and Sanitation District GO, 4.00%, 8/1/2022		25,000		26,355

Platte River Power Authority

Series JJ, Rev., 5.00%, 6/1/2021		85,000		86,021

Series JJ, Rev., 5.00%, 6/1/2022		25,000		26,510

Regional Transportation District Series 2013A, COP, 5.00%, 6/1/2022		200,000		211,536

State of Colorado

Series 2011G, COP, 5.00%, 3/15/2021 (b)		100,000		100,176

Rev., TRAN, 4.00%, 6/25/2021		60,000		60,739

Series 2018A, COP, 5.00%, 12/15/2021		110,000		114,162

State of Colorado, Higher Education Capital Construction, Lease Purchase Financing Program

Series 2014A, COP, 5.00%, 11/1/2021		400,000		412,620

Series 2014A, COP, 5.00%, 11/1/2022		100,000		107,847

University of Colorado Hospital Authority

Series 2012A, Rev., 4.00%, 11/15/2021		50,000		51,319

Series 2017C-2, Rev., 5.00%, 3/1/2022 (c)		975,000		996,869

University of Colorado Hospital Authority, Health System Series 2019C, Rev., 5.00%, 11/15/2024 (c)		300,000		341,991

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	193

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Colorado — continued

University of Colorado, Enterprise System

Series 2011A, Rev., 4.13%, 6/1/2021 (b)		25,000		25,247

Series 2011B, Rev., 4.25%, 6/1/2021		210,000		212,106

Series 2016B-1, Rev., 5.00%, 6/1/2021		75,000		75,891

Series 2017A-1, Rev., 5.00%, 6/1/2021		75,000		75,891

Series A-3, Rev., 5.00%, 6/1/2021		30,000		30,356

Series 2012A-1, Rev., 4.00%, 6/1/2022		75,000		78,516

Series 2011B, Rev., 5.00%, 6/1/2022		70,000		74,156

Series 2012A-2, Rev., 5.00%, 6/1/2022 (b)		25,000		26,497

Series 2016B-1, Rev., 5.00%, 6/1/2022		40,000		42,375

Series A, Rev., 5.00%, 6/1/2023		50,000		55,245

West Metro Fire Protection District GO, 3.00%, 12/1/2021		30,000		30,641


Total Colorado				39,942,434


Connecticut — 3.6%

City of Bridgeport

Series 2012B, GO, AGM, 2.50%, 8/15/2021 (b)		25,000		25,256

GO, GAN, 1.50%, 12/9/2021		4,200,000		4,227,132

City of Bristol GO, 4.00%, 7/15/2021		35,000		35,499

City of Danbury GO, 5.00%, 7/15/2025		120,000		122,076

City of Hartford

Series 2011A, GO, GTD, 5.00%, 4/1/2021 (b)		105,000		105,407

Series 2014C, GO, GTD, 5.00%, 8/15/2021		50,000		51,065

City of Meriden

Series 2016B, GO, 4.00%, 5/15/2021		40,000		40,310

Series 2020B, GO, 5.00%, 7/1/2021		425,000		431,766

GO, 5.00%, 3/1/2022		25,000		26,195

City of New Haven

GO, AGM-CR, 4.50%, 3/1/2021 (b)		100,000		100,000

Series 2016A, GO, AGM, 5.00%, 8/15/2021 (b)		30,000		30,661

City of New London GO, 2.50%, 8/15/2021		100,000		100,999

City of Norwich GO, 5.00%, 8/1/2021		45,000		45,905


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Connecticut — continued

City of Stamford GO, 4.00%, 7/1/2021		20,000		20,254

City of Waterbury GO, AGM, 3.38%, 9/1/2021 (b)		50,000		50,801

Connecticut Housing Finance Authority, Housing Mortgage Finance Program

Subseries 2018C-3, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c)		5,040,000		5,040,000

Series 2016E-3, Rev., VRDO, LIQ:

Landesbank Hessen-Thueringen,

0.03%, 3/9/2021 (c)		9,570,000		9,570,000

Subseries A-4, Rev., 1.85%, 11/15/2021		70,000		70,771

Series 2012G-1, Rev., 2.10%, 11/15/2021		145,000		146,799

Subseries A-4, Rev., 2.10%, 11/15/2022		90,000		92,435

Connecticut State Health & Educational Facilities Authority, Bridgeport Hospital Series D, Rev., 5.00%, 7/1/2023		20,000		21,239

Connecticut State Health & Educational Facilities Authority, Connecticut State University System

Series L, Rev., 4.00%, 11/1/2021		125,000		128,031

Series M, Rev., 5.00%, 11/1/2021		350,000		360,805

Connecticut State Health & Educational Facilities Authority, Hartford Healthcare

Series 2011A, Rev., 4.00%, 7/1/2021 (b)		25,000		25,319

Rev., AGM-CR, 5.00%, 7/1/2021 (b)		175,000		177,816

Connecticut State Health & Educational Facilities Authority, Nuvance Health Series 2019A, Rev., 5.00%, 7/1/2021		125,000		126,761

Connecticut State Health & Educational Facilities Authority, Quinnipiac University Series L, Rev., 5.00%, 7/1/2021		60,000		60,957

Connecticut State Health & Educational Facilities Authority, Supported Child Care Rev., 5.00%, 7/1/2021		150,000		152,332

Connecticut State Health & Educational Facilities Authority, Trinity Health Credit Group Rev., 3.00%, 12/1/2023		100,000		107,047

Connecticut State Health & Educational Facilities Authority, Yale New Haven Health Series E, Rev., 5.00%, 7/1/2022		240,000		255,266

SEE NOTES TO FINANCIAL STATEMENTS.



194	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Connecticut — continued

Connecticut State Health & Educational Facilities Authority, Yale University

Series 2015A, Rev., 2.05%, 7/12/2021 (c)		120,000		120,845

Series U-1, Rev., 2.00%, 2/8/2022 (c)		455,000		462,803

Series 2014A, Rev., 1.10%, 2/7/2023 (c)		180,000		182,770

Series X-2, Rev., 0.25%, 2/9/2024 (c)		30,000		29,647

Metropolitan District (The)

Series 2019B, GO, 5.00%, 7/15/2021		100,000		101,734

Series 2016C, GO, AGM, 5.00%, 11/1/2021		100,000		103,114

Metropolitan District (The), Clean Water Project

Series 2020A, Rev., 5.00%, 10/1/2021		195,000		200,382

Series 2013A, Rev., 5.00%, 4/1/2022 (b)		100,000		105,246

South Central Connecticut Regional Water Authority, Water System Series B, Rev., 5.00%, 8/1/2022		75,000		80,069

State of Connecticut

Series 2013A, GO, (SIFMA Municipal Swap Index Yield + 0.75%), 0.78%, 3/1/2021 (e)		200,000		200,000

Series 2019A, GO, 5.00%, 4/15/2021		330,000		331,914

Series 2016B, GO, 5.00%, 5/15/2021		100,000		100,985

Series 2020C, GO, 3.00%, 6/1/2021		30,000		30,212

Series 2013E, GO, 5.00%, 8/15/2021		100,000		102,199

Series 2018E, GO, 5.00%, 9/15/2021		150,000		153,906

Series 2016E, GO, 5.00%, 10/15/2021		50,000		51,504

Series 2011D, GO, 4.00%, 11/1/2021		270,000		276,912

Series G, GO, 5.00%, 11/1/2021		340,000		350,962

Series 2021A, GO, 3.00%, 1/15/2022		1,250,000		1,280,500

Series 2015A, GO, 4.00%, 3/15/2022		25,000		25,986

Series 2017B, GO, 3.00%, 4/15/2022		100,000		103,141


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Connecticut — continued

Series 2019A, GO, 5.00%, 4/15/2022		150,000		158,064

Series 2011B, GO, 5.00%, 5/15/2022		225,000		227,187

Series 2016B, GO, 5.00%, 5/15/2022		40,000		42,305

Series 2011D, GO, 5.00%, 11/1/2022		425,000		438,498

Series 2021A, GO, 3.00%, 1/15/2023		1,180,000		1,238,670

Series 2017A, GO, 5.00%, 4/15/2023		150,000		164,790

Series 2012C, GO, 5.00%, 6/1/2023		100,000		105,766

Series 2014E, GO, 5.00%, 9/1/2023		350,000		390,250

Series 2013A, GO, 5.00%, 10/15/2023		330,000		369,669

Series 2011D, GO, 5.00%, 11/1/2023		150,000		154,753

Series 2014D, GO, 5.00%, 6/15/2024		100,000		114,566

Series 2011D, GO, 5.00%, 11/1/2024		330,000		340,411

Series 2012B, GO, AGM-CR, 5.00%, 4/15/2025		875,000		922,346

Series 2012B, GO, 5.00%, 4/15/2025		810,000		850,476

Series 2017A, GO, 5.00%, 4/15/2025		1,325,000		1,557,882

Series 2016B, GO, 5.00%, 5/15/2025		200,000		235,776

State of Connecticut Clean Water Fund, State Revolving Fund Series 2015A, Rev., 5.00%, 3/1/2023		25,000		27,380

State of Connecticut, Special Tax Transportation Infrastructure Purposes

Series 2015A, Rev., 5.00%, 8/1/2021		175,000		178,517

Series 2015B, Rev., 5.00%, 8/1/2021		75,000		76,508

Series 2014A, Rev., 5.00%, 9/1/2021		65,000		66,570

Series 2016A, Rev., 5.00%, 9/1/2021		75,000		76,811

Series 2013A, Rev., 5.00%, 10/1/2021		210,000		215,920

Series 2011A, Rev., 5.00%, 12/1/2021		40,000		41,451

Rev., 5.00%, 1/1/2022		90,000		93,591

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	195

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Connecticut — continued

Rev., 5.00%, 1/1/2024		300,000		325,596

Series 2016A, Rev., 5.00%, 9/1/2024		135,000		155,678

Town of Cromwell Series 2016A, GO, 4.00%, 8/1/2022		25,000		26,355

Town of East Lyme

GO, 5.00%, 7/15/2021		90,000		91,615

GO, BAN, 2.00%, 8/12/2021		295,000		297,292

Town of Enfield GO, BAN, 2.00%, 8/5/2021		40,000		40,302

Town of Griswold GO, BAN, 1.25%, 7/19/2021		7,160,000		7,183,270

Town of New Milford GO, BAN, 2.00%, 7/23/2021		280,000		281,974

Town of Newtown GO, 4.00%, 8/15/2021		20,000		20,349

Town of Southington GO, 3.38%, 1/15/2022 (b)		40,000		41,117

Town of Stratford GO, 5.00%, 12/15/2022 (b)		125,000		135,645

Town of Trumbull

Series 2020A, GO, 4.00%, 9/1/2021		25,000		25,479

GO, 4.00%, 9/1/2022		25,000		26,435

Town of Waterford GO, 4.00%, 3/15/2021		20,000		20,028

Town of Wethersfield GO, 4.00%, 3/1/2022		20,000		20,767

Town of Windham

Series B, GO, BAN, 2.00%, 9/30/2021		7,240,000		7,313,486

Series A, GO, 5.00%, 8/15/2023		355,000		393,574

University of Connecticut

Series 2016A, Rev., 5.00%, 3/15/2021		175,000		175,300

Series 2018A, Rev., 5.00%, 4/15/2021		125,000		125,706

Series 2014A, Rev., 5.00%, 2/15/2022		100,000		104,498

University of Connecticut, Special Obligation Student Fee Series 2012A, Rev., 5.00%, 11/15/2021		35,000		36,164


Total Connecticut				51,072,522


Delaware — 0.2%

City of Newark GO, 3.00%, 9/15/2022		30,000		31,311

City of Wilmington

GO, 4.00%, 6/1/2021		80,000		80,765

Series 2013A, GO, 4.00%, 10/1/2021		30,000		30,673


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Delaware — continued

County of New Castle GO, 5.00%, 4/1/2024		25,000		28,595

County of Sussex Series 2020A, GO, 5.00%, 3/15/2022		30,000		31,509

Delaware Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (c)		715,000		724,810

Delaware Health Facilities Authority, Bayhealth Medical Center Project Series 2017A, Rev., 5.00%, 7/1/2021		115,000		116,846

Delaware Municipal Electric Corp. (The) Rev., 5.00%, 7/1/2024		605,000		614,323

Delaware Transportation Authority

Rev., 5.00%, 7/1/2021		205,000		208,319

Rev., 5.00%, 7/1/2022		150,000		159,729

Rev., 5.00%, 9/1/2025		100,000		118,980

State of Delaware

GO, 5.00%, 3/1/2021		45,000		45,000

Series 2010B, GO, 5.00%, 7/1/2021		30,000		30,483

Series 2009C, GO, 5.00%, 10/1/2021		70,000		71,978

GO, 5.00%, 3/1/2022		40,000		41,936

University of Delaware

Rev., 5.00%, 11/1/2021		755,000		779,288

Series 2013A, Rev., 5.00%, 5/1/2023 (b)		25,000		27,567

Wilmington Parking Authority (The)

Rev., GTD, 5.00%, 3/15/2021		25,000		25,044

Rev., GTD, 5.00%, 3/15/2022		75,000		78,773


Total Delaware				3,245,929


District of Columbia — 0.5%

District of Columbia

Series 2013A, GO, 5.00%, 6/1/2021		150,000		151,809

Series 2015A, GO, 5.00%, 6/1/2021		30,000		30,362

Series 2016D, GO, 5.00%, 6/1/2021		25,000		25,301

Series 2011A, Rev., 5.00%, 12/1/2021 (b)		75,000		77,727

Series 2013A, GO, 5.00%, 6/1/2022		115,000		121,962

Series 2014D, GO, 5.00%, 6/1/2022		40,000		42,422

Series 2015A, GO, 5.00%, 6/1/2022		20,000		21,211

Series 2016D, GO, 5.00%, 6/1/2022		30,000		31,816

Series 2017A, GO, 5.00%, 6/1/2022		25,000		26,513

Series 2018A, GO, 5.00%, 6/1/2022		25,000		26,514

SEE NOTES TO FINANCIAL STATEMENTS.



196	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

District of Columbia — continued

District of Columbia Housing Finance Agency, Multi-Family Development Program Series 2019B-2, Rev., FHA, 1.70%, 3/1/2023		165,000		168,122

District of Columbia Housing Finance Agency, Strand Residence Project Rev., 1.45%, 8/1/2022 (c)		1,025,000		1,040,724

District of Columbia, Children’s Hospital Obligated Group

Rev., 5.00%, 7/15/2021		115,000		116,999

Rev., 5.00%, 7/15/2022		180,000		191,527

Rev., 5.00%, 7/15/2023		500,000		554,115

District of Columbia, Federal Highway Rev., GAN, 5.00%, 12/1/2024		175,000		203,327

District of Columbia, Gallery Place Project

5.00%, 6/1/2021		25,000		25,300

5.00%, 6/1/2024		100,000		101,188

District of Columbia, Howard University

Series 2011A, Rev., 6.25%, 4/1/2021 (b)		585,000		587,802

Series 2011A, Rev., 6.50%, 4/1/2021 (b)		750,000		753,743

District of Columbia, Income Tax

Series 2019C, Rev., 5.00%, 10/1/2021		115,000		118,263

Series 2011A, Rev., 4.00%, 12/1/2021		60,000		61,743

Series 2012C, Rev., 4.00%, 12/1/2021		25,000		25,726

Series F, Rev., 4.00%, 12/1/2021		105,000		108,050

Series 2012A, Rev., 5.00%, 12/1/2021		195,000		202,119

Series 2014A, Rev., 5.00%, 12/1/2021		130,000		134,746

Series C, Rev., 5.00%, 12/1/2021		50,000		51,826

Series F, Rev., 5.00%, 12/1/2021		60,000		62,191

Series 2014A, Rev., 5.00%, 12/1/2022		20,000		21,688

Series 2014A, Rev., 5.00%, 12/1/2023		25,000		28,207

Series 2012A, Rev., 5.00%, 12/1/2026		200,000		216,348

District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien

Series 2017B, Rev., 5.00%, 10/1/2022		50,000		53,818

Rev., AGM, 5.50%, 10/1/2023		180,000		195,149


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


District of Columbia — continued

District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien

Series 2015A, Rev., 4.00%, 10/1/2021		70,000		71,567

Series 2014C, Rev., 5.00%, 10/1/2021		70,000		71,973

Series 2014C, Rev., 5.00%, 10/1/2024		25,000		29,064

Metropolitan Washington Airports Authority

Series 2010F-1, Rev., 5.00%, 10/1/2021		40,000		41,118

Series 2016B, Rev., 5.00%, 10/1/2021		100,000		102,795

Washington Convention and Sports Authority, Senior Lien Dedicated Tax Refunding Series 2018A, Rev., 5.00%, 10/1/2021		400,000		408,056


Total District of Columbia				6,302,931


Florida — 4.6%

Board of Governors State University System of Florida, University System Improvement

Series 2014A, Rev., 5.00%, 7/1/2021		20,000		20,318

Series 2017B, Rev., 5.00%, 7/1/2021		50,000		50,796

Series 2014A, Rev., 5.00%, 7/1/2022		165,000		175,519

Series 2014A, Rev., 5.00%, 7/1/2023		40,000		44,115

Brevard County Health Facilities Authority, Health First, Inc., Project Rev., 5.00%, 4/1/2021		310,000		311,150

Brevard County School District

COP, 5.00%, 7/1/2021		125,000		126,981

Series 2013A, COP, 5.00%, 7/1/2021		110,000		111,743

Series 2015C, COP, 5.00%, 7/1/2021		35,000		35,555

COP, 5.00%, 7/1/2022		25,000		26,587

Broward County Housing Finance Authority, Prospect Park Apartments Series 2019C, Rev., 1.40%, 5/1/2021 (c)		100,000		100,196

Capital Trust Agency, Inc., Alexander Apartments Project

Series 2011A, Rev., 6.00%, 7/1/2021 (b)		335,000		341,244

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	197

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Florida — continued

Series 2011A, Rev., 6.75%, 7/1/2021 (b)		300,000		306,324

Capital Trust Agency, Inc., Council Towers Apartments Project Series 2020A, Rev., 0.80%, 3/1/2022 (c)		10,450,000		10,498,802

Capital Trust Agency, Inc., Mission Springs Apartments Project Series A, Rev., 4.25%, 12/1/2022 (b)		595,000		664,157

Citizens Property Insurance, Inc., Senior Secured Series A-1, Rev., 5.00%, 6/1/2021		75,000		75,889

City of Apopka, Utility System

Rev., 4.00%, 10/1/2021		20,000		20,442

Rev., 5.00%, 10/1/2023		30,000		32,235

City of Bradenton, Special Obligation Rev., 4.00%, 9/1/2022		25,000		26,396

City of Cape Coral, Water and Sewer

Rev., AGM, 5.00%, 10/1/2021 (b)		135,000		138,774

Series 2011A, Rev., AGM, 5.00%, 10/1/2021 (b)		105,000		107,966

City of Clearwater, Stormwater System

Rev., 4.00%, 11/1/2021		30,000		30,768

Rev., 4.75%, 11/1/2022		35,000		37,662

City of Clearwater, Water and Sewer

Rev., 5.00%, 12/1/2021		110,000		113,996

Rev., 5.00%, 12/1/2022		50,000		54,212

City of Cocoa, Water and Sewer System Series 2018A, Rev., 3.00%, 10/1/2021		50,000		50,829

City of Fort Myers, Utility System Series 2019A, Rev., 4.00%, 10/1/2023		100,000		109,155

City of Hallandale Beach, Capital Improvement Rev., 5.00%, 10/1/2023		25,000		27,888

City of Jacksonville

Series 2010B, Rev., 5.00%, 10/1/2021		300,000		308,316

Series 2012C, Rev., 5.00%, 10/1/2021		150,000		154,158

Series 2012A, Rev., 4.25%, 10/1/2022 (b)		45,000		47,875

Series 2012A, Rev., 5.00%, 10/1/2022 (b)		240,000		258,170

Series 2020A, Rev., 5.00%, 10/1/2022		250,000		268,762

Series 2012C, Rev., 5.00%, 10/1/2025		150,000		160,926


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

City of Jacksonville, Health Care Facilities

Series 2012B, Rev., 5.00%, 10/1/2021		225,000		231,143

Series 2012B, Rev., 5.00%, 10/1/2022		145,000		155,714

City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project Series 2019A, Rev., 4.00%, 8/15/2023		265,000		286,062

City of Jacksonville, Sales Tax Rev., 5.00%, 10/1/2024		100,000		107,417

City of Kissimmee, Capital Improvement, Sales Tax Rev., 5.00%, 10/1/2021		50,000		51,410

City of Lakeland, Department of Electric Utilities Rev., 5.00%, 10/1/2021		315,000		323,861

City of Lakeland, Water and Wastewater Series 2012A, Rev., 5.00%, 10/1/2023		25,000		25,692

City of Miami Beach, Stormwater

Series 2011A, Rev., 4.13%, 9/1/2021 (b)		100,000		101,960

Series 2011A, Rev., 4.75%, 9/1/2021 (b)		110,000		112,497

Series 2011A, Rev., 5.00%, 9/1/2021		125,000		127,986

Series 2011A, Rev., 5.25%, 9/1/2021 (b)		100,000		102,519

City of Miramar, Utility System Rev., 5.00%, 10/1/2021		40,000		41,128

City of Mount Dora, Capital Improvement Rev., 4.00%, 11/1/2021		100,000		102,391

City of Oakland Park, Water and Sewer Rev., 5.00%, 9/1/2022		30,000		32,147

City of Ocoee Rev., 4.00%, 10/1/2021		20,000		20,430

City of Orlando, Capital Improvement

Series 2018B, Rev., 5.00%, 10/1/2023		50,000		55,956

Series 2016B, Rev., 5.00%, 10/1/2024		25,000		29,005

City of Orlando, Development Tax

Series 2014A, Rev., 5.00%, 11/1/2021 (b)		35,000		36,118

Series 2014A, Rev., 5.00%, 5/1/2024 (b)		20,000		22,842

City of Orlando, Waste Water System Rev., 5.00%, 10/1/2021		50,000		51,410

SEE NOTES TO FINANCIAL STATEMENTS.



198	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Florida — continued

City of Palm Beach Gardens Series 2011A, Rev., 3.38%, 5/1/2021		125,000		125,600

City of Palm Coast Rev., 5.00%, 10/1/2021		75,000		77,070

City of Pembroke Pines, Capital Improvement Rev., AGM, 5.00%, 12/1/2021		100,000		103,590

City of Sarasota, St. Armands Paid Parking Area Improvements Series 2017A, Rev., 4.00%, 10/1/2023		25,000		27,289

City of Sarasota, Water and Sewer System Rev., 5.00%, 10/1/2021		50,000		51,410

City of St. Petersburg

Rev., 3.00%, 10/1/2021		25,000		25,407

Series 2013A, Rev., 3.00%, 10/1/2022		30,000		31,320

City of St. Petersburg, Public Utility Series 2014B, Rev., 5.00%, 10/1/2021		50,000		51,395

City of Sunrise GO, 5.00%, 7/1/2021		50,000		50,802

City of Tallahassee

Rev., 5.00%, 10/1/2021		45,000		46,269

Rev., 5.00%, 10/1/2022		25,000		26,909

City of Tallahassee, Energy System Rev., 5.00%, 10/1/2021		35,000		35,976

City of Tallahassee, Utility System Rev., 5.00%, 10/1/2021		225,000		231,343

City of Tampa

Rev., 5.00%, 9/1/2021		140,000		143,238

Series 2012B, Rev., 5.00%, 10/1/2021 (b)		140,000		143,955

Series 2012A, Rev., 5.00%, 11/15/2025		215,000		226,090

City of Tampa, Sales Tax Rev., 5.00%, 10/1/2022		200,000		215,108

City of Tampa, Water and Sewer Improvement System Rev., 5.00%, 10/1/2021 (b)		210,000		215,931

City of Venice GO, 5.00%, 2/1/2022		35,000		36,550

City of West Palm Beach, Utility System

Series 2012A, Rev., 4.00%, 10/1/2021		50,000		51,120

Series 2011A, Rev., 5.00%, 10/1/2021		110,000		113,101

Series 2017C, Rev., 5.00%, 10/1/2022		25,000		26,909


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

County of Brevard, Water and Wastewater Utility Rev., 5.00%, 9/1/2022		80,000		85,788

County of Citrus, Non-Ad Valorem Rev., 4.00%, 10/1/2021		50,000		51,120

County of Citrus, Water & Wastewater System Rev., 5.00%, 10/1/2021		40,000		41,116

County of Collier

Rev., 5.00%, 10/1/2021		220,000		226,202

Series 2010B, Rev., 5.00%, 10/1/2021		30,000		30,845

Rev., 5.00%, 10/1/2023		65,000		66,813

County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021		70,000		71,407

County of Hillsborough, Communications Services Tax Rev., 5.00%, 10/1/2024		35,000		40,649

County of Hillsborough, Community Investment Rev., 5.00%, 11/1/2023		135,000		150,719

County of Hillsborough, Utility Rev., 5.00%, 8/1/2021		45,000		45,904

County of Lee County, Water and Sewer

Series 2013A, Rev., 5.00%, 10/1/2021		40,000		41,128

Series 2013B, Rev., 5.00%, 10/1/2021		70,000		71,973

Series 2013B, Rev., 5.00%, 10/1/2022		55,000		58,792

County of Lee, Tourist Development Tax

Series 2019A, Rev., 3.00%, 10/1/2021		50,000		50,829

Series 2019A, Rev., 5.00%, 10/1/2024		25,000		28,546

County of Lee, Transportation Facilities Rev., AGM, 5.00%, 10/1/2024		200,000		229,124

County of Manatee, Improvement Rev., 5.00%, 10/1/2021		55,000		56,550

County of Manatee, Public Utilities

Rev., 5.00%, 10/1/2021		90,000		92,537

Rev., 5.00%, 10/1/2022		50,000		53,819

County of Martin, Consolidated Utilities System Series 2016A, Rev., 5.00%, 10/1/2021		40,000		41,128

County of Martin, Half-Cent Sales Tax Rev., 5.00%, 7/1/2022		30,000		31,929

County of Miami-Dade Series 2012B, Rev., 5.00%, 10/1/2022 (b)		455,000		489,826

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	199

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Florida — continued

County of Miami-Dade, Aviation Series 2012B, Rev., 5.00%, 10/1/2024		280,000		301,277

County of Miami-Dade, Building Better Communities Program

GO, 4.00%, 7/1/2021 (b)		160,000		162,045

Series 2011A, GO, 4.00%, 7/1/2021 (b)		25,000		25,319

Series 2016A, GO, 5.00%, 7/1/2021		90,000		91,451

Series 2013A, GO, 5.00%, 7/1/2022		45,000		47,894

Series 2015-D, GO, 5.00%, 7/1/2022		40,000		42,572

Series 2016A, GO, 5.00%, 7/1/2024		30,000		34,476

County of Miami-Dade, Capital Asset Acquisition

Series 2016A, Rev., 3.00%, 4/1/2021		20,000		20,045

Series 2011A, Rev., 4.38%, 4/1/2021 (b)		190,000		190,650

Series 2016B, Rev., 5.00%, 4/1/2021		20,000		20,077

Series A, Rev., 5.00%, 4/1/2021		125,000		125,484

Series 2016B, Rev., 5.00%, 4/1/2022		50,000		52,589

Series 2017A, Rev., 5.00%, 4/1/2022		120,000		126,214

County of Miami-Dade, Parks Program

Series 2011B, GO, 4.00%, 11/1/2021		30,000		30,772

Series 2015A, GO, 5.00%, 11/1/2021		20,000		20,647

Series 2011B, GO, 3.50%, 11/1/2022		30,000		30,662

Series 2015A, GO, 5.00%, 11/1/2022		25,000		27,006

County of Miami-Dade, Public Facilities, Jackson Healthcare Corp. Series 2005B, Rev., NATL-RE, 5.00%, 6/1/2021		100,000		101,175

County of Miami-Dade, Public Health Trust Program

Series 2016A, GO, 5.00%, 7/1/2021		30,000		30,481

Series 2016A, GO, 5.00%, 7/1/2022		30,000		31,929

County of Miami-Dade, Seaport Department Series 2011C, GO, 4.75%, 10/1/2021		25,000		25,671

County of Miami-Dade, Transit System, Sales Surtax

Rev., 5.00%, 7/1/2021		100,000		101,555


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Rev., 5.00%, 7/1/2022 (b)		150,000		159,616

Rev., 5.00%, 7/1/2023		215,000		237,119

County of Miami-Dade, Water and Sewer System

Series 2008B, Rev., AGM, 5.25%, 10/1/2021		165,000		169,841

Series 2013A, Rev., 5.00%, 10/1/2022 (b)		45,000		48,444

Series 2013B, Rev., 5.00%, 10/1/2023 (b)		50,000		56,105

County of Okaloosa, Sales Tax Rev., 5.00%, 10/1/2022		40,000		43,055

County of Okaloosa, Sales Tax, Improvement Rev., 5.00%, 10/1/2021		100,000		102,819

County of Okeechobee, Solid Waste Disposal, Waste Management, Inc., Okeechobee Landfill Project Rev., 1.55%, 7/1/2021 (c)		75,000		75,342

County of Orange, Capital Improvement Rev., 5.00%, 10/1/2021		25,000		25,705

County of Orange, Sales Tax

Series 2012B, Rev., 5.00%, 1/1/2022 (b)		50,000		52,021

Series 2012C, Rev., 5.00%, 1/1/2022		110,000		114,426

County of Osceola, Infrastructure Sales Surtax Rev., 5.00%, 10/1/2021		250,000		256,618

County of Osceola, Sales Tax Series 2016A, Rev., 4.00%, 10/1/2021		165,000		168,490

County of Palm Beach, Public Improvement

Rev., 4.00%, 6/1/2021		85,000		85,811

Rev., 5.00%, 6/1/2022		25,000		26,507

Rev., 5.00%, 6/1/2024		30,000		31,766

County of Palm Beach, Public Improvement Bonds, Convention Center Project Rev., 5.00%, 11/1/2021 (b)		385,000		397,439

County of Palm Beach, Recreational and Cultural Facilities GO, 5.00%, 7/1/2022		70,000		74,501

County of Palm Beach, Water and Sewer

Rev., 4.00%, 10/1/2021		230,000		235,150

Rev., 5.00%, 10/1/2023 (b)		25,000		28,052

County of Palm Beach, Water and Sewer, FPL Reclaimed Water Project Rev., 5.00%, 10/1/2022		35,000		37,673

SEE NOTES TO FINANCIAL STATEMENTS.



200	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Florida — continued

County of Pasco, Half-Cent Sales Tax and Improvement Series 2013A, Rev., 5.00%, 12/1/2022		55,000		59,602

County of Pasco, Water & Sewer Series 2014A, Rev., 5.00%, 10/1/2022		25,000		26,897

County of Pinellas, Sewer Rev., 5.00%, 10/1/2022 (b)		40,000		43,028

County of Polk, Utility System Rev., 5.00%, 10/1/2022		55,000		59,200

County of Sarasota, Infrastructure Sales Surtax

Rev., 4.00%, 10/1/2021		145,000		148,247

Rev., 5.00%, 10/1/2021		50,000		51,409

Rev., 5.00%, 10/1/2022		45,000		48,437

County of Sarasota, Utility System Rev., 5.00%, 10/1/2022		40,000		43,055

County of Seminole, Water and Sewer Series 2015B, Rev., 5.00%, 10/1/2021		25,000		25,700

County of St. Johns, Water & Sewer Rev., 5.00%, 6/1/2022		20,000		21,206

Escambia County Housing Finance Authority, Multi County Program Series 2019B, Rev., GNMA COLL, 1.65%, 4/1/2023		95,000		96,993

Escambia County School Board

Rev., 5.00%, 9/1/2022		115,000		123,176

Rev., 5.00%, 9/1/2023		125,000		138,978

Florida Atlantic University Finance Corp., Student Housing Project Series 2012A, Rev., 4.00%, 7/1/2021		75,000		75,667

Florida Department of Children & Families, Civil Commitment COP, 5.00%, 10/1/2021		75,000		77,101

Florida Department of Environmental Protection

Series 2011B, Rev., 5.00%, 7/1/2021		155,000		157,468

Series 2012A, Rev., 5.00%, 7/1/2021		100,000		101,592

Series 2014-A, Rev., 5.00%, 7/1/2021		20,000		20,318

Series 2015A, Rev., 5.00%, 7/1/2021		30,000		30,478

Series 2016A, Rev., 5.00%, 7/1/2022		75,000		79,781

Series 2018A, Rev., 5.00%, 7/1/2022		125,000		132,969


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Florida Department of Management Services

Series 2015A, COP, 5.00%, 8/1/2021		1,345,000		1,372,035

Series 2015A, COP, 5.00%, 8/1/2022		165,000		176,200

Series 2018A, COP, 5.00%, 11/1/2022		50,000		53,758

Florida Development Finance Corp., Nova Southeastern University Project Series 2020A, Rev., 5.00%, 4/1/2021		185,000		185,640

Florida Gulf Coast University Financing Corp., Housing Project

Rev., 5.00%, 2/1/2022		215,000		223,912

Series 2020A, Rev., 5.00%, 2/1/2022		150,000		156,217

Series 2017A, Rev., 5.00%, 8/1/2022		100,000		106,390

Series 2020A, Rev., 5.00%, 2/1/2023		120,000		130,200

Series 2020A, Rev., 5.00%, 2/1/2024		125,000		140,609

Series 2020A, Rev., 5.00%, 2/1/2025		115,000		133,601

Florida Higher Educational Facilities Financial Authority, University of Tampa Project Series 2012A, Rev., AGM, 4.50%, 4/1/2022 (b)		100,000		104,650

Florida Housing Finance Corp., Emerald Villas Phase 2 Series 2019A, Rev., 2.00%, 8/1/2021		125,000		125,983

Florida Housing Finance Corp., Multi-Family Housing, Azure Estates Series 2019J, Rev., 1.45%, 3/1/2022 (c)		100,000		101,113

Florida Housing Finance Corp., Multi-Family Mortgage, Parrish Oaks Series 2020A, Rev., 1.25%, 2/1/2022 (c)		375,000		378,664

Florida Municipal Loan Council, Lighthouse Point Series 2019A, Rev., 5.00%, 8/1/2022		30,000		32,010

Florida Municipal Power Agency

Series 2016A, Rev., 5.00%, 10/1/2021		95,000		97,588

Series 2016A, Rev., 5.00%, 10/1/2023		65,000		72,599

Series 2016A, Rev., 5.00%, 10/1/2024		100,000		115,713

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	201

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Florida — continued

Florida Municipal Power Agency, Stanton II Project

Series 2012A, Rev., 5.00%, 10/1/2021		220,000		225,940

Series 2012A, Rev., 5.00%, 10/1/2023		390,000		418,150

Florida Ports Financing Commission, State Transportation Trust Fund

Series 2011A, Rev., 5.00%, 10/1/2022		30,000		30,817

Series 2011A, Rev., 5.00%, 10/1/2023		100,000		102,742

Series 2011A, Rev., 5.00%, 10/1/2025		100,000		102,724

Florida State Board of Governors, International University Dormitory

Series 2013A, Rev., 5.00%, 5/1/2021		20,000		20,158

Series 2011A, Rev., 3.00%, 7/1/2021		20,000		20,182

Florida State Board of Governors, State University Mandatory School Fee Series 2010A, Rev., 5.00%, 7/1/2024		500,000		506,695

FSU Financial Assistance, Inc. Series 2012A, Rev., 3.00%, 10/1/2021		25,000		25,385

Hillsborough County School Board, Master Lease Program

Series 2015A, COP, 5.00%, 7/1/2021		35,000		35,561

Series 2012A, COP, 5.00%, 7/1/2022 (b)		150,000		159,687

Inland Protection Financing Corp.

Series 2019A, Rev., 5.00%, 7/1/2022		50,000		53,215

Series 2019A, Rev., 5.00%, 7/1/2023		30,000		33,279

Jacksonville Transportation Authority, Senior Lien Gas Tax Rev., 5.00%, 8/1/2024		25,000		28,712

JEA Electric System

Series 2012A, Rev., 5.00%, 4/1/2021 (b)		35,000		35,136

Series 2014A, Rev., 5.00%, 10/1/2021		100,000		102,778

JEA Water and Sewer System

Series 2008A-1, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 3/1/2021 (c)		15,000,000		15,000,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Series 2017A, Rev., 5.00%, 10/1/2021 (b)		635,000		652,564

Lakeland Educational Facilities, Southern College Project Rev., 5.00%, 11/15/2021		125,000		129,040

Lee County School Board (The)

Series 2012B, COP, 3.00%, 8/1/2021		150,000		151,737

Series 2020A, COP, 5.00%, 8/1/2021		125,000		127,481

Series 2012B, COP, 3.00%, 8/1/2022		255,000		261,470

Series 2012B, COP, 4.00%, 8/1/2022		100,000		105,333

Lee Memorial Health System

Series 2019A-1, Rev., 5.00%, 4/1/2022		200,000		210,020

Series A-1, Rev., 5.00%, 4/1/2025		120,000		140,071

Martin County Health Facilities Authority, Martin Memorial Medical Center

Rev., 5.00%, 11/15/2022 (b)		25,000		27,034

Rev., 4.25%, 11/15/2024 (b)		105,000		119,676

Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2021		175,000		180,213

Miami-Dade County Housing Finance Authority

Rev., 0.60%, 12/1/2021 (c)		325,000		325,218

Rev., 1.40%, 4/1/2022 (c)		485,000		487,900

Miami-Dade County Housing Finance Authority, Liberty Square Phase Two Project Rev., 1.42%, 5/1/2022 (c)		325,000		329,062

Monroe County School District Series 2018A, COP, 4.00%, 6/1/2021		105,000		105,985

New Smyrna Beach Utilities Commission Rev., 5.00%, 10/1/2022		65,000		69,964

Orange County Health Facilities Authority, Orlando Health, Inc. Series 2016A, Rev., 5.00%, 10/1/2023		95,000		105,976

Orange County Housing Finance Authority, Willow Key Apartments Series 2019A, Rev., 1.90%, 4/1/2021 (c)		975,000		976,297

Orange County School Board

Series 2013A, COP, 5.00%, 8/1/2021		250,000		254,973

SEE NOTES TO FINANCIAL STATEMENTS.



202	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Florida — continued

Series 2015D, COP, 5.00%, 8/1/2021		125,000		127,486

Series 2015D, COP, 5.00%, 8/1/2023		200,000		221,770

Orlando Utilities Commission

Series 2011C, Rev., 4.00%, 10/1/2021		50,000		51,122

Series 2011B, Rev., 5.00%, 10/1/2021		145,000		149,096

Series 2011C, Rev., 5.00%, 10/1/2021		185,000		190,226

Series 2013A, Rev., 5.00%, 10/1/2021		70,000		71,977

Series 2016A, Rev., 5.00%, 10/1/2021		70,000		71,978

Series 2011C, Rev., 4.00%, 10/1/2022		55,000		58,342

Series 2011C, Rev., 5.00%, 10/1/2022		100,000		107,654

Series 2013A, Rev., 5.00%, 10/1/2022		50,000		53,827

Series 2010C, Rev., 5.25%, 10/1/2022		95,000		102,646

Series 2011B, Rev., 5.00%, 10/1/2023		50,000		51,383

Series 2016A, Rev., 5.00%, 10/1/2023		25,000		28,019

Orlando-Orange County Expressway Authority Rev., AGM, 5.00%, 7/1/2025		110,000		116,422

Palm Beach County Health Facilities Authority, Baptist Health South Florida Obligated Group

Rev., 5.00%, 8/15/2021		160,000		163,333

Rev., 5.00%, 8/15/2022		240,000		255,938

Rev., 5.00%, 8/15/2024		495,000		568,681

Palm Beach County School District

Series 2015B, COP, 5.00%, 8/1/2021		150,000		152,996

Series 2018A, COP, 5.00%, 8/1/2021		35,000		35,699

Series 2012A, COP, 5.00%, 8/1/2022 (b)		25,000		26,715

Series 2018B, COP, 5.00%, 8/1/2023		20,000		22,264

Series 2017B, COP, 5.00%, 8/1/2025		25,000		29,752


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Palm Beach County Solid Waste Authority

Rev., 4.00%, 10/1/2021		25,000		25,534

Rev., 5.00%, 10/1/2021		60,000		61,631

Rev., 5.00%, 10/1/2022		375,000		385,350

Rev., 5.00%, 10/1/2023		100,000		102,766

Pasco County School Board

Series 2018A, COP, 4.00%, 8/1/2021		145,000		147,205

Series 2013A, COP, 5.00%, 8/1/2021		675,000		688,055

Rev., 5.00%, 10/1/2021		100,000		102,463

Peace River Manasota Regional Water Supply Authority Rev., 5.00%, 10/1/2021		100,000		102,789

Polk County School District Rev., 5.00%, 10/1/2023		25,000		27,943

Reedy Creek Improvement District, Ad Valorem Tax

Series 2013A, GO, 5.00%, 6/1/2021		25,000		25,297

Series A, GO, 5.00%, 6/1/2022		65,000		68,876

Riviera Beach Utility Special District Rev., 5.00%, 10/1/2021		25,000		25,690

Sarasota County Public Hospital District, Sarasota Memorial Hospital Series 1998B, Rev., NATL-RE, 5.25%, 7/1/2024		435,000		490,054

School Board of Miami-Dade County (The)

GO, 5.00%, 3/15/2021		20,000		20,035

Series 2015A, COP, 5.00%, 5/1/2021		135,000		136,061

Series 2006C, COP, AMBAC, 5.00%, 10/1/2021		100,000		102,783

Series 2014D, COP, 5.00%, 11/1/2021		70,000		72,228

Series 2015D, COP, 5.00%, 2/1/2024		300,000		338,391

School District of Broward County

Rev., TAN, 2.00%, 6/30/2021		170,000		171,056

Series 2015A, COP, 5.00%, 7/1/2021		80,000		81,268

Series A, COP, 5.00%, 7/1/2021		235,000		238,725

GO, 5.00%, 7/1/2022		25,000		26,604

Series 2012A, COP, 5.00%, 7/1/2024		125,000		132,510

Series 2015B, COP, 5.00%, 7/1/2024		115,000		132,036

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	203

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Florida — continued

Seminole County School Board

Series 2012B, COP, 5.00%, 7/1/2021		100,000		101,585

Series 2012B, COP, 5.00%, 7/1/2024		195,000		206,716

South Broward Hospital District, Memorial Healthcare System

Rev., 5.00%, 5/1/2021		120,000		120,935

Rev., 5.00%, 5/1/2024		170,000		193,424

South Florida Water Management District COP, 5.00%, 10/1/2022		300,000		322,464

St. Johns County School Board Series 2020A, COP, 5.00%, 7/1/2023		20,000		22,141

St. Lucie County School Board Series 2015A, COP, 5.00%, 7/1/2021		30,000		30,463

State of Florida Board of Education, Public Education Capital Outlay Series 2011D, GO, 5.00%, 6/1/2021		325,000		328,910

State of Florida Department of Transportation

Rev., 5.00%, 7/1/2021		80,000		81,284

Rev., 5.00%, 7/1/2024		35,000		40,323

State of Florida Department of Transportation Turnpike System

Series 2011A, Rev., 5.00%, 7/1/2021		70,000		71,126

Series 2012A, Rev., 5.00%, 7/1/2021		50,000		50,804

Series 2013A, Rev., 5.00%, 7/1/2021		90,000		91,448

Series 2014A, Rev., 5.00%, 7/1/2021		25,000		25,402

Series 2016B, Rev., 5.00%, 7/1/2021		135,000		137,172

Series 2017A, Rev., 5.00%, 7/1/2021		510,000		518,206

Series 2019B, Rev., 5.00%, 7/1/2021		35,000		35,563

Series 2012A, Rev., 5.00%, 7/1/2022		325,000		345,898

Series 2014A, Rev., 5.00%, 7/1/2022		30,000		31,929

Series 2016A, Rev., 5.00%, 7/1/2022		80,000		85,144

Series 2016B, Rev., 5.00%, 7/1/2022		100,000		106,430


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Series 2019A, Rev., 5.00%, 7/1/2022		85,000		90,466

Series 2016C, Rev., 5.00%, 7/1/2023		25,000		27,745

State of Florida, Capital Outlay

Series 2012A, GO, 4.00%, 6/1/2021		185,000		186,759

Series 2012B, GO, 4.00%, 6/1/2021		150,000		151,434

Series 2008F, GO, 4.50%, 6/1/2021		25,000		25,269

Series 2008F, GO, 5.00%, 6/1/2021		30,000		30,361

Series 2011D, GO, 5.00%, 6/1/2021		150,000		151,804

Series 2011F, GO, 5.00%, 6/1/2021		25,000		25,301

Series 2012B, GO, 5.00%, 6/1/2021		60,000		60,719

Series 2013A, GO, 5.00%, 6/1/2021		80,000		80,958

Series 2013C, GO, 5.00%, 6/1/2021		70,000		70,839

Series 2015E, GO, 5.00%, 6/1/2021		50,000		50,599

Series 2016B, GO, 5.00%, 6/1/2021		25,000		25,299

Series 2017A, GO, GTD, 5.00%, 6/1/2021		40,000		40,479

Series 2017C, GO, 5.00%, 6/1/2021		25,000		25,300

Series 2019A, GO, 5.00%, 6/1/2021		65,000		65,779

Series 2013A, GO, 5.00%, 6/1/2022		25,000		26,504

Series 2015A, GO, 5.00%, 6/1/2022		25,000		26,504

Series 2015B, GO, 5.00%, 6/1/2022		210,000		222,631

Series 2016E, GO, 5.00%, 6/1/2022		20,000		21,203

Series 2017A, GO, GTD, 5.00%, 6/1/2022		25,000		26,504

Series 2014A, GO, 5.00%, 6/1/2023		25,000		27,658

State of Florida, Department of Transportation, Right-of- Way Acquisition and Bridge Construction

GO, 5.00%, 7/1/2022		90,000		95,774

Series 2011B, GO, 5.00%, 7/1/2023		55,000		55,881

GO, 5.00%, 7/1/2024		150,000		152,399

State of Florida, State Board of Education, Lottery

Series 2010F, Rev., 5.00%, 7/1/2021		160,000		160,587

Series 2011A, Rev., 5.00%, 7/1/2021		365,000		370,848

Sunshine State Governmental Financing Commission, Coral Gables Program Series 2018B, Rev., 5.00%, 10/1/2022		35,000		37,673

Tampa Bay Water, Regional Water Supply Authority, Utility System

Rev., 5.00%, 10/1/2021		30,000		30,840

Rev., NATL-RE, 5.50%, 10/1/2021		405,000		417,519

Rev., NATL-RE, 5.50%, 10/1/2022		50,000		54,171

SEE NOTES TO FINANCIAL STATEMENTS.



204	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Florida — continued

Tampa-Hillsborough County Expressway Authority Series 2012A, Rev., 4.00%, 7/1/2022 (b)		100,000		105,060

Tohopekaliga Water Authority, Utility System Rev., 4.00%, 10/1/2021		175,000		178,918

Town of Palm Beach, Public Improvement Series 2016A, Rev., 5.00%, 1/1/2023		25,000		27,177

University of Central Florida

Series 2012A, Rev., 5.00%, 10/1/2021		50,000		51,380

Series 2018A, Rev., 5.00%, 10/1/2021		90,000		92,484

University of Florida Dormitory Series 2012A, Rev., 4.00%, 7/1/2022		55,000		55,690

USF Financing Corp., Capital Improvement, Marshall Center Project

Rev., 5.00%, 7/1/2021		20,000		20,314

Rev., 5.00%, 7/1/2024		20,000		22,813

Volusia County School Board COP, 5.00%, 8/1/2022		115,000		122,756

Volusia County School Board, Master Lease Program Series 2015A, COP, 5.00%, 8/1/2021		95,000		96,886

Walton County District School Board COP, 5.00%, 7/1/2022		60,000		63,808


Total Florida				64,947,706


Georgia — 1.2%

Albany-Dougherty Inner City Authority, State University Projects

Rev., 5.00%, 7/1/2021		375,000		380,767

Rev., 5.00%, 7/1/2022		375,000		398,074

Athens-Clarke County Unified Government Development Authority, UGAREF CCRC Building Project

Rev., 5.00%, 6/15/2022		35,000		37,152

Rev., 5.00%, 12/15/2022		25,000		25,938

Athens-Clarke County Unified Government Development Authority, UGAREF Central Precincts LLC Project Rev., 5.00%, 6/15/2023		125,000		137,901

Athens-Clarke County Unified Government Development Authority, UGAREF Pac Parking Dec LLC Project Rev., 4.00%, 6/15/2022		175,000		183,514


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Georgia — continued

Athens-Clarke County Unified Government Development Authority, University of Georgia Athletic Association Project Rev., 5.25%, 7/1/2021 (b)		90,000		91,522

Athens-Clarke County Unified Government, Sales Tax GO, 5.00%, 12/1/2022		30,000		32,527

Atlanta and Fulton County Recreation Authority, Park Improvement

Series 2014A, Rev., 5.00%, 12/1/2021		125,000		129,535

Series 2014A, Rev., 5.00%, 12/1/2022		20,000		21,659

Series A, Rev., 5.00%, 12/1/2023		25,000		28,177

Atlanta Development Authority, Panther Place, LLC Project Located on The Campus of Georgia State University Series 2017A, Rev., 5.00%, 7/1/2023		275,000		303,157

Barrow County School District GO, 4.00%, 2/1/2022		20,000		20,699

Bartow County Development Authority Rev., 2.05%, 11/19/2021 (c)		120,000		121,470

Bartow County School District GO, 5.00%, 10/1/2021		100,000		102,789

Braselton Urban Redevelopment Agency, Municipal Facilities Project Rev., GTD, 4.00%, 7/1/2024		30,000		33,370

Brookhaven Development Authority, Children’s Health care

Series 2019A, Rev., 5.00%, 7/1/2021		500,000		507,995

Series 2019A, Rev., 5.00%, 7/1/2022		25,000		26,601

Butts County School District, Sales Tax GO, 4.00%, 9/1/2021		100,000		101,893

Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 5.00%, 7/1/2023		20,000		22,171

Cherokee County Board of Education, School System

Series 2014A, GO, 5.00%, 8/1/2021		20,000		20,402

GO, 5.00%, 8/1/2022		55,000		58,758

Cherokee County Water and Sewer Authority

Rev., 4.00%, 8/1/2021 (b)		50,000		50,800

Series 2020A, Rev., 5.00%, 8/1/2021		25,000		25,495

Rev., 5.00%, 8/1/2022		45,000		48,035

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	205

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Georgia — continued

City of Alpharetta GO, 3.00%, 5/1/2021		40,000		40,187

City of Atlanta Series 2014A, GO, 5.00%, 12/1/2021		125,000		129,535

City of Barnesville, Tax-Exempt Series 2011A, Rev., 4.25%, 9/1/2021 (b)		300,000		305,991

City of Cartersville, Water and Sewer Rev., 5.00%, 6/1/2022		175,000		185,435

City of Columbus, Water and Sewerage

Series 2012A, Rev., 3.00%, 5/1/2021		20,000		20,094

Series 2014A, Rev., 5.00%, 5/1/2021		25,000		25,199

Clarke County School District, Sales Tax

GO, 3.00%, 9/1/2021		25,000		25,353

GO, 5.00%, 9/1/2021		185,000		189,449

Clayton County Urban Redevelopment Agency, Georgia Project Rev., GTD, 5.00%, 2/1/2022		35,000		36,523

Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project

Rev., 5.25%, 4/1/2021 (b)		760,000		763,040

Rev., 4.00%, 4/1/2022		175,000		181,883

Rev., 5.00%, 4/1/2022		260,000		273,026

Series 2020B, Rev., 5.00%, 4/1/2022		150,000		157,515

Series 2020B, Rev., 5.00%, 4/1/2023		175,000		191,497

Series 2020B, Rev., 5.00%, 4/1/2024		120,000		136,186

Cobb-Marietta Coliseum and Exhibit Hall Authority, Performing Arts Center Project

Rev., GTD, 5.00%, 1/1/2022		50,000		52,012

Rev., GTD, 4.00%, 1/1/2024		25,000		26,675

Columbia County School District

GO, 5.00%, 4/1/2021		25,000		25,098

GO, 3.00%, 10/1/2021		65,000		66,074

County of Barrow GO, 5.00%, 10/1/2021		25,000		25,705

County of Butts, Sales Tax GO, 3.00%, 4/1/2021		300,000		300,678

County of Clayton, Water and Sewerage

Rev., 3.00%, 5/1/2021		50,000		50,234

Rev., 5.00%, 5/1/2021		35,000		35,279


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Georgia — continued

County of Douglas, Sales Tax GO, 5.00%, 4/1/2021		220,000		220,860

County of Henry, Sales Tax GO, 5.00%, 5/1/2022		35,000		36,969

County of Rockdale, Water & Sewer Rev., 4.00%, 7/1/2021		20,000		20,250

Development Authority for Fulton County, Georgia Tech Athletic Association Project Rev., 5.50%, 4/1/2021 (b)		40,000		40,171

Development Authority for Fulton County, Piedmont Healthcare, Inc. Project Series 2016A, Rev., 5.00%, 7/1/2021		100,000		101,538

Development Authority for Fulton County, Tech Facilities Series A, Rev., 4.00%, 5/1/2021		200,000		201,248

Development Authority for Fulton County, Tech Foundation Campus Recreation Center Project Series 2011A, Rev., 5.00%, 11/1/2021		50,000		51,612

Development Authority for Fulton County, Tech Foundation Technology Square Project Series 2012A, Rev., 5.00%, 11/1/2021		25,000		25,806

Development Authority of Gwinnett County, Public School Project COP, NATL-RE, 5.25%, 1/1/2022		160,000		166,757

Downtown Savannah Authority, City of Savannah Projects Series 2018A, Rev., 5.00%, 8/1/2022		25,000		26,708

Dublin School District GO, 3.00%, 4/1/2022		20,000		20,615

Floyd County Hospital Authority, Medical Center Project Rev., GTD, 5.00%, 7/1/2022		25,000		26,556

Forsyth County Water and Sewerage Authority

Rev., 5.00%, 4/1/2021		25,000		25,098

Rev., GTD, 4.00%, 4/1/2023		25,000		25,076

Fulton County Urban Redevelopment Agency Rev., 3.00%, 8/1/2022		50,000		52,005

Gainesville & Hall County Hospital Authority Rev., GTD, 5.00%, 2/15/2022		50,000		52,234

Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 5.00%, 6/15/2021		150,000		151,908

SEE NOTES TO FINANCIAL STATEMENTS.



206	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Georgia — continued

Georgia Housing and Finance Authority, Single Family Mortgage Series A-4, Rev., 2.60%, 12/1/2021		175,000		178,068

Georgia Municipal Association, Inc. COP, 5.00%, 12/1/2021		45,000		46,598

Georgia State Road and Tollway Authority

Series 2011A, Rev., GTD, 5.00%, 3/1/2021		185,000		185,000

Series 2011B, Rev., GTD, 5.00%, 10/1/2021		40,000		41,132

Gilmer County Building Authority, Court House Project Rev., 5.00%, 4/1/2021		100,000		100,380

Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 5.00%, 8/1/2021		50,000		50,878

Gwinnett County School District

GO, 5.00%, 8/1/2021		50,000		51,001

GO, 5.00%, 2/1/2022		20,000		20,882

GO, 5.00%, 8/1/2022		30,000		32,041

Gwinnett County Water & Sewerage Authority Rev., 5.00%, 8/1/2021		25,000		25,501

Hall County School District GO, 5.00%, 11/1/2021		25,000		25,802

Henry County Development Authority Rev., GTD, 3.00%, 8/1/2021		145,000		146,715

Houston County School District GO, 5.00%, 9/1/2022		50,000		53,602

Jackson County Industrial Development Authority, Economic Development Project Rev., GTD, 5.00%, 7/1/2023		55,000		60,943

Jones County School District GO, 4.00%, 8/1/2021		200,000		203,150

LaGrange-Troup County Hospital Authority Rev., 5.00%, 4/1/2023		325,000		355,638

Lowndes County Board of Education GO, 5.00%, 2/1/2022		25,000		26,102

Main Street Natural Gas, Inc., Gas Supply

Series 2018A, Rev., LIQ: Royal Bank of Canada, 4.00%, 3/1/2021		75,000		75,000

Series 2019B, Rev., 4.00%, 6/1/2022		450,000		470,713

Series 2019B, Rev., 4.00%, 12/1/2022		345,000		367,008

Series 2019B, Rev., 4.00%, 6/1/2023		240,000		259,356


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Georgia — continued

Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (c)		400,000		432,200

Series 2018C, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/1/2023 (c)		245,000		266,496

Metropolitan Atlanta Rapid Transit Authority, Sales Tax

Series 2007A, Rev., NATL-RE, 5.25%, 7/1/2021		125,000		127,098

Series 2007A, Rev., NATL-RE, 5.25%, 7/1/2023		40,000		44,594

Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Third Indenture

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		25,000		26,615

Series 2014A, Rev., 5.00%, 7/1/2022		125,000		132,986

Milton Public Buildings and Facilities Authority Rev., 5.00%, 12/1/2021		20,000		20,726

Oconee County School District, Sales Tax GO, 2.50%, 3/1/2022		25,000		25,580

Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2025		980,000		1,168,885

Sandy Springs Public Facilities Authority, City of Sandy Springs City Center Project Rev., 5.00%, 5/1/2022		350,000		369,691

Savannah Economic Development Authority, Southern Care Corp. Rev., Zero Coupon, 12/1/2021 (b)		95,000		94,837

South Regional Joint Development Authority, Valdosta State University Parking and Student Service Center Project Rev., 5.00%, 8/1/2025		1,095,000		1,272,499

State of Georgia

Series 2011J-1, GO, 4.00%, 7/1/2021		50,000		50,639

Series 2011C, GO, 4.50%, 7/1/2021 (b)		250,000		253,610

Series 2011C, GO, 5.00%, 7/1/2021		35,000		35,563

Series 2012A, GO, 5.00%, 7/1/2021		55,000		55,885

Series 2016F, GO, 5.00%, 7/1/2021		50,000		50,804

Series 2017C, GO, 5.00%, 7/1/2021		280,000		284,505

Series 2019A, GO, 5.00%, 7/1/2021		105,000		106,689

Series I, GO, 5.00%, 7/1/2021		135,000		137,172

Series 2012C, GO, 4.00%, 9/1/2021		325,000		331,250

Series 2011E-2, GO, 5.00%, 9/1/2021		25,000		25,605

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	207

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Georgia — continued

Series 2013C, GO, 5.00%, 10/1/2021		50,000		51,413

Series 2018A, GO, 5.00%, 7/1/2022		45,000		47,900

Series 2012C, GO, 4.00%, 9/1/2022		60,000		63,454

Series 2011-I, GO, 4.00%, 11/1/2022		25,000		25,637

Series 2011J-2, GO, 4.50%, 11/1/2022		30,000		30,863

Tift County Hospital Authority Rev., GTD, 5.00%, 12/1/2022		25,000		27,083

Valdosta and Lowndes County Hospital Authority Series 2019A, Rev., 5.00%, 10/1/2021		75,000		77,070

Valdosta and Lowndes County Hospital Authority, South Georgia Medical Center Project

Series 2011B, Rev., GTD, 4.50%, 10/1/2021 (b)		125,000		128,169

Series 2011B, Rev., GTD, 5.00%, 10/1/2021 (b)		310,000		318,757

Warner Robins Public Facilities Authority, City of Warner Robins Projects Rev., 5.00%, 7/1/2022		25,000		26,608


Total Georgia				16,284,873


Hawaii — 0.1%

City and County Honolulu, Wastewater System

Series 2016A, Rev., 5.00%, 7/1/2022		20,000		21,286

Series 2016B, Rev., 5.00%, 7/1/2022		25,000		26,608

City and County of Honolulu

Series 2011B, GO, 5.00%, 8/1/2021		25,000		25,502

Series A, GO, 5.00%, 10/1/2021		25,000		25,705

Series A, GO, 5.00%, 10/1/2022		25,000		26,909

Series B, GO, 5.00%, 10/1/2022		35,000		37,673

City and County of Honolulu, Tax-Exempt

Series 2012C, GO, 4.00%, 11/1/2021		30,000		30,768

Series 2017B, GO, 5.00%, 9/1/2022		40,000		42,894

Series 2016C, GO, 5.00%, 10/1/2022		45,000		48,437

Series 2012A, GO, 5.00%, 11/1/2022 (b)		20,000		21,608

City and County of Honolulu, Wastewater System

Series B, Rev., 4.00%, 7/1/2021		25,000		25,319

Series 2011A, Rev., 5.00%, 7/1/2021 (b)		175,000		177,816


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hawaii — continued

Rev., 4.00%, 7/1/2022 (b)		65,000		68,306

Series 2012B, Rev., 4.00%, 7/1/2022 (b)		25,000		26,265

Rev., 5.00%, 7/1/2022		25,000		26,607

Series B, Rev., 5.00%, 7/1/2022		25,000		26,607

Series B, Rev., 5.00%, 7/1/2023		75,000		83,179

Series B, Rev., 5.00%, 7/1/2024		25,000		28,784

County of Hawaii

Series 2017D, GO, 5.00%, 9/1/2021		30,000		30,724

Series A, GO, 5.00%, 9/1/2022		65,000		69,703

Honolulu City & County Board of Water Supply

Series 2012A, Rev., 5.00%, 7/1/2021		50,000		50,803

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		45,000		47,906

State of Hawaii

Series EO, GO, 3.00%, 8/1/2021 (b)		35,000		35,413

Series EL, GO, 5.00%, 8/1/2021		20,000		20,404

Series EO, GO, 5.00%, 8/1/2021		95,000		96,922

Series 2020GA, GO, 5.00%, 10/1/2021		45,000		46,277

Series EE, GO, 5.00%, 11/1/2021		60,000		61,946

Series DZ, GO, 3.75%, 12/1/2021 (b)		25,000		25,672

Series 2017-DZ, GO, 5.00%, 12/1/2021		30,000		31,095

Series 2018FT, GO, 5.00%, 1/1/2022		40,000		41,613

Series FH, GO, 5.00%, 10/1/2022		20,000		21,531

Series 2012EE, GO, 4.00%, 11/1/2022 (b)		40,000		42,551

Series EL, GO, 3.00%, 8/1/2023		50,000		53,257

State of Hawaii, Department of Hawaiian Home Lands Rev., 5.00%, 4/1/2021		340,000		341,309

State of Hawaii, Department of Hawaiian Home Lands, Kapolei Office Facility Series 2017A, COP, 4.00%, 11/1/2022		25,000		26,560


Total Hawaii				1,813,959


Idaho — 0.3%

Ada and Boise Counties Independent School District Boise City

GO, 4.00%, 8/1/2022		175,000		184,487

Series 2012B, GO, 5.00%, 8/1/2022		20,000		21,367

SEE NOTES TO FINANCIAL STATEMENTS.



208	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Idaho — continued

Ada and Canyon Counties Joint School District No. 2 Meridian, Sales Tax Guaranty Program Series 2018A, GO, 5.00%, 9/15/2021		25,000		25,648

County of Blaine GO, 4.00%, 8/1/2022		20,000		21,055

Idaho Bond Bank Authority

Series 2012B, Rev., 5.00%, 9/15/2021		25,000		25,651

Series A, Rev., 5.00%, 9/15/2022		25,000		26,856

Idaho Health Facilities Authority, Ada County Coroner Project Rev., 5.00%, 9/1/2021		70,000		71,672

Idaho Health Facilities Authority, Trinity Health Credit Group Series 2015D, Rev., 5.00%, 12/1/2022		100,000		108,331

Idaho Housing and Finance Association, Single Family Mortgage

Series 2009A, Class I, Rev., VRDO, 0.14%, 3/9/2021 (c)		3,500,000		3,500,000

Series 2019A, Rev., GNMA COLL, 1.60%, 7/1/2022		170,000		172,533

Idaho State Building Authority Rev., 5.00%, 9/1/2022 (b)		30,000		32,175

Idaho State Building Authority, Eastern Idaho Technical College Project Rev., 4.00%, 9/1/2022		400,000		422,652

Kootenai County School District No. 271, Coeur d’Alene Sales Tax & Enhancement Guaranty Series 2012B, GO, 4.00%, 9/15/2021		25,000		25,516

University of Idaho Rev., 5.25%, 4/1/2021 (c)		115,000		115,469


Total Idaho				4,753,412


Illinois — 3.4%

Boone McHenry and Dekalb Counties Community Unit School District 100, School Building Series 2005B, GO, BHAC-CR, NATL-RE, Zero Coupon, 12/1/2021		25,000		24,957

Chicago Board of Education Series 2010-F, GO, AGM-CR, 5.00%, 3/1/2021		135,000		135,000

Chicago O’Hare International Airport, General Airport, Senior Lien

Rev., 5.00%, 1/1/2022 (b)		435,000		452,391

Series 2013B, Rev., 5.00%, 1/1/2022 (b)		100,000		103,998


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Series 2013D, Rev., 5.00%, 1/1/2022 (b)		250,000		259,995

Series 2016C, Rev., 5.00%, 1/1/2022		240,000		249,432

Chicago Transit Authority Sales Tax Receipts Fund Rev., 5.25%, 12/1/2021 (b)		680,000		705,990

City of Chicago Series 2015C, GO, 5.00%, 1/1/2023 (b)		165,000		179,114

City of Chicago, Sales Tax Series 2011-A, Rev., 5.25%, 1/1/2022 (b)		80,000		83,399

City of Fairview Heights GO, 3.00%, 12/1/2021		25,000		25,496

City of Rock Island GO, 4.00%, 12/1/2021		200,000		205,534

City of Springfield, Senior Lien Electric Rev., 5.00%, 3/1/2021		135,000		135,000

City of St. Charles GO, 5.00%, 12/1/2021		25,000		25,878

Cook and DuPage Counties, Village of Elk Grove GO, 4.00%, 1/1/2022		25,000		25,777

Cook County Community High School District No. 218, Oak Lawn, Limited Tax Series 2016B, GO, 5.00%, 12/1/2021		25,000		25,884

Cook County Community Unit School District No. 401, Elmwood Park

GO, 3.00%, 12/1/2021		715,000		729,450

GO, 3.00%, 12/1/2022		500,000		522,430

Cook County Forest Preserve District, Unlimited Tax Series 2012A, GO, 5.00%, 11/15/2021		20,000		20,560

Cook County School District No. 163, Park Forest

Series 2011A, GO, AGM, 4.50%, 12/15/2021 (b)		20,000		20,678

Series 2011A, GO, AGM, 5.00%, 12/15/2021 (b)		25,000		25,946

Cook County School District No. 81, Schiller Park, School GO, 4.00%, 12/1/2021		80,000		82,214

Cook County School District No. 83, Mannheim Series 2011D, GO, 5.25%, 12/1/2021 (b)		20,000		20,757

Cook County Township High School District No. 227, Rich Township GO, 4.00%, 12/1/2021		50,000		51,193

County of Cook Series A, GO, 5.00%, 11/15/2021		25,000		25,840

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	209

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Illinois — continued

County of Kendall GO, 5.00%, 12/15/2022		55,000		59,529

De Witt Ford & Livingston ETC Counties Community College District No. 540 Heartland GO, 4.00%, 12/1/2021 (b)		30,000		30,867

Du Page and Will Counties Community School District No. 204 Indian Prairie Series 2007A, GO, NATL-RE, 6.25%, 12/30/2021		35,000		36,735

DuPage and Cook Counties Community Consolidated School District No. 181 Hinsdale GO, 2.00%, 5/1/2022		125,000		125,327

DuPage and Cook Counties Community Unit School District No. 205 Elmhurst

GO, NATL-RE, Zero Coupon, 1/1/2022		65,000		64,742

GO, 5.00%, 1/1/2023		290,000		314,638

DuPage County Community High School District No. 94 West Chicago GO, 4.00%, 1/1/2022		50,000		51,546

DuPage County School District No. 2 Bensenville GO, 5.00%, 5/1/2025		75,000		88,206

Fox Valley Park District Series 2015B, GO, 4.00%, 12/15/2021		55,000		56,645

Illinois Finance Authority, Advocate Health Care Network

Rev., 5.00%, 8/1/2021		305,000		310,807

Rev., 5.00%, 5/1/2022		320,000		337,693

Rev., 5.00%, 6/1/2022 (b)		205,000		217,288

Rev., 5.00%, 8/1/2022		505,000		537,643

Illinois Finance Authority, Ann and Robert H Lurie Children’s Hospital Obligated Group

Rev., 5.00%, 8/15/2023		20,000		22,184

Rev., 5.00%, 8/15/2025		230,000		272,720

Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (c)		120,000		120,151

Illinois Finance Authority, Chicago Symphony Orchestra Rev., VRDO, LOC: PNC Bank NA, 0.04%, 3/9/2021 (c)		10,000,000		10,000,000

Illinois Finance Authority, Clean Water Initiative Revolving Fund

Rev., 5.00%, 7/1/2021		975,000		990,648

Rev., 5.00%, 7/1/2022		25,000		26,604

Rev., 5.00%, 7/1/2023		75,000		83,086


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Illinois Finance Authority, Community Unit District, Local Government Project Rev., 2.00%, 12/1/2021		120,000		121,657

Illinois Finance Authority, DePaul University Series 2011A, Rev., 6.13%, 4/1/2021 (b)		680,000		683,278

Illinois Finance Authority, Downers Grove Community High School District Number 99 Project Rev., 3.00%, 12/15/2021		45,000		45,993

Illinois Finance Authority, Memorial Health System Series 2014A, Rev., 5.00%, 7/1/2023		320,000		353,078

Illinois Finance Authority, NorthWestern Memorial Healthcare

Rev., 5.00%, 7/15/2021		75,000		76,317

Rev., 5.00%, 7/15/2022		80,000		85,180

Illinois Finance Authority, OSF Healthcare System

Rev., 5.00%, 5/15/2021		150,000		151,385

Series 2012A, Rev., 4.25%, 5/15/2022 (b)		270,000		283,162

Series 2012A, Rev., 5.00%, 5/15/2022 (b)		370,000		391,371

Series 2015A, Rev., 5.00%, 11/15/2024		100,000		114,632

Illinois Finance Authority, Presence Health Network Series 2016C, Rev., 5.00%, 2/15/2022		110,000		115,024

Illinois Finance Authority, Riverside Health System Rev., 5.00%, 11/15/2023		155,000		173,467

Illinois Finance Authority, Silver Cross Hospital and Medical Centers Series C, Rev., 5.00%, 8/15/2021		60,000		61,167

Illinois Finance Authority, Trinity Health Credit Group Series 2011-L, Rev., 5.00%, 12/1/2021 (b)		270,000		279,712

Illinois Finance Authority, Unitypoint Health

Series 2016D, Rev., 5.00%, 2/15/2023		160,000		174,368

Series 2016D, Rev., 5.00%, 2/15/2024		230,000		259,787

Illinois Finance Authority, University of Chicago (The)

Rev., VRDO, 0.03%, 3/9/2021 (c)		10,203,000		10,203,000

Series 2012A, Rev., 4.00%, 10/1/2021		75,000		76,644

Series 2012A, Rev., 5.00%, 10/1/2021		25,000		25,693

SEE NOTES TO FINANCIAL STATEMENTS.



210	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Illinois — continued

Illinois Finance Authority, University of Chicago Medical Center (The)

Series 2009E-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.01%, 3/1/2021 (c)		1,350,000		1,350,000

Series 2016B, Rev., 5.00%, 8/15/2023		740,000		819,646

Series 2016A, Rev., 5.00%, 8/15/2024		200,000		228,958

Illinois Housing Development Authority Rev., 1.90%, 10/1/2021 (c)		135,000		136,307

Illinois Municipal Electric Agency Series 2015A, Rev., 5.00%, 2/1/2022		70,000		72,921

Illinois State Toll Highway Authority Series 2014D, Rev., 5.00%, 1/1/2022		55,000		57,180

Joliet Regional Port District GO, 4.00%, 12/30/2021		135,000		139,012

Kane County Community Unit School District No. 101 Batavia GO, 5.00%, 1/1/2022		95,000		98,725

Kane County Forest Preserve District Series 2016C, GO, 5.00%, 12/15/2021		25,000		25,944

Kane County School District No. 131 Aurora East Side

Series 2020C, GO, 5.00%, 12/1/2021		140,000		144,649

Series 2020C, GO, 5.00%, 12/1/2022		160,000		171,954

Lake and McHenry Counties Community Unit, School District No. 118 GO, 5.00%, 1/1/2022		65,000		67,532

Lake County Community High School District No. 115 Lake Forest GO, 4.00%, 11/1/2021		25,000		25,623

Lake County Township High School District No. 121 Warren Series 2016A, GO, 3.00%, 1/1/2024 (b)		370,000		397,373

Lincoln Land Community College District No. 526 GO, 4.00%, 12/15/2021 (b)		185,000		190,624

Macoupin County Community Unit School District No. 7 Gillespie, School Building GO, AGC, 6.00%, 12/1/2021 (b)		50,000		52,164


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

McLean and Woodford Counties Community Unit School District No. 5 Normal

Series 2017A, GO, 4.00%, 12/1/2021		30,000		30,855

Series 2017A, GO, 4.00%, 12/1/2023		30,000		32,657

Metropolitan Water Reclamation District of Greater Chicago

Series 2014B, GO, 4.00%, 12/1/2021		25,000		25,692

Series 2014D, GO, 5.00%, 12/1/2021		85,000		87,986

Northwest Suburban Municipal Joint Action Water Agency Rev., 5.00%, 5/1/2021		350,000		352,538

Peoria County Community Unit School District No. 323 Series 2014B, GO, 5.00%, 4/1/2021		100,000		100,381

Peoria Metropolitan Airport Authority Series 2017D, GO, 5.00%, 12/1/2023		75,000		83,656

Plainfield Township Park District GO, 3.00%, 12/30/2021		45,000		46,008

Railsplitter Tobacco Settlement Authority

Rev., 5.25%, 6/1/2021		265,000		268,185

Rev., 5.38%, 6/1/2021		740,000		749,117

Rev., 5.50%, 6/1/2021 (b)		250,000		253,318

Rev., 6.00%, 6/1/2021 (b)		180,000		182,601

Rev., 5.00%, 6/1/2022		155,000		163,682

Rev., 5.00%, 6/1/2024		120,000		136,172

Regional Transportation Authority

Series 2016A, Rev., 5.00%, 6/1/2021		25,000		25,296

Series 2001A, Rev., NATL-RE, 5.50%, 7/1/2021		25,000		25,437

Series 2003A, Rev., NATL-RE, 5.50%, 7/1/2021		50,000		50,873

Southwestern Illinois Development Authority, Memorial Group Inc. Rev., 7.13%, 11/1/2023 (b)		100,000		117,625

Tender Option Bond Trust Receipts/Certificates Series 2017-XF2500, Rev., VRDO, LIQ:

Citibank NA, 0.08%, 3/9/2021 (c) (f)		7,580,000		7,580,000

Village of Glendale Heights GO, 5.00%, 12/15/2021		45,000		46,681

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	211

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Illinois — continued

Village of Glenview Series 2012A, GO, 4.00%, 12/1/2021		100,000		102,843

Village of McCook Series 2019A, GO, AGM, 4.00%, 12/1/2021		135,000		138,231

Village of Midlothian

GO, AGM, 4.00%, 1/1/2022		15,000		15,409

GO, AGM, 4.00%, 1/1/2023		15,000		15,864

GO, AGM, 4.00%, 1/1/2024		70,000		76,408

GO, AGM, 4.00%, 1/1/2025		40,000		44,701

Village of Oak Park, Corporate Purpose Series 2020B, GO, 5.00%, 1/1/2023		660,000		714,556

Village of Rantoul GO, 4.00%, 1/1/2025		350,000		390,572

Village of Sauk Village Series 2019C, GO, 4.00%, 12/1/2021		150,000		154,151

Village of Schaumburg Series 2020B, GO, 2.00%, 12/1/2023		325,000		336,590

Village of Wheeling GO, 5.00%, 12/1/2021		25,000		25,878

Wheaton Park District Series 2019A, GO, 5.00%, 12/15/2021		25,000		25,924

Will and Kendall Counties Community Consolidated School District 202, Limited Tax Series 2019B, Rev., 5.00%, 7/1/2021		25,000		25,389

Will County Community High School District No. 210 Lincoln-Way GO, AGM, Zero Coupon, 1/1/2022 (b)		50,000		49,830

Will County Elementary School District No. 122 Series B, GO, AGM, Zero Coupon, 11/1/2021 (b)		85,000		84,899

Will County Forest Preserve District, Unlimited Tax GO, 5.00%, 12/15/2021		35,000		36,322

Will County School District No. 88 Chaney-Monge, School Building GO, 5.00%, 12/1/2023 (b)		135,000		151,910

Will County, Community Unit School District No. 365-U GO, AGM, Zero Coupon, 11/1/2021 (b)		40,000		39,952

Winnebago and Boone Counties School District No. 205 Rockford GO, Zero Coupon, 2/1/2022		50,000		49,704


Total Illinois				48,375,392


Indiana — 1.6%

Allen County War Memorial Coliseum Additions Building Corp.

Series 2016A, Rev., 4.00%, 5/1/2021		25,000		25,151


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Series 2016A, Rev., 4.00%, 11/1/2021		75,000		76,768

Series 2016A, Rev., 4.00%, 11/1/2022		50,000		52,913

Anderson School Building Corp. Rev., 5.00%, 7/20/2023		20,000		22,101

Avon Community School Building Corp., Ad Valorem Property Tax First Mortgage

Rev., 4.00%, 7/15/2024		25,000		27,704

Rev., 5.00%, 7/15/2024		110,000		125,629

Ball State University, Housing and Dining System

Rev., 5.00%, 7/1/2021		40,000		40,635

Rev., 5.00%, 7/1/2024		25,000		27,529

Carmel Clay Public Library GO, 3.00%, 1/15/2023		615,000		645,578

Carmel Clay Schools GO, 2.00%, 7/15/2021		45,000		45,291

Carmel Local Public Improvement Bond Bank

Rev., 5.00%, 6/1/2021		40,000		40,470

Series 2016, Rev., 2.00%, 7/15/2021		200,000		201,374

Carmel Redevelopment Authority, Option Income Tax Lease Rental

Series 2014B, Rev., 5.00%, 7/1/2021		70,000		71,124

Series 2014B, Rev., 5.00%, 1/1/2024		35,000		39,319

Series 2014B, Rev., 5.00%, 7/1/2024		20,000		22,784

City of Fort Wayne, Sewage Works Series 2020B, Rev., 4.00%, 8/1/2024		150,000		164,804

City of Indianapolis Department of Public Utilities Gas Utility Series 2020A, Rev., 5.00%, 8/15/2022		180,000		192,582

City of Indianapolis, Energy System, First Lien Series 2016A, Rev., 5.00%, 10/1/2021		125,000		128,435

City of Lafayette, Sewage Works Rev., 5.00%, 7/1/2022		25,000		26,556

City of Rockport, Michigan Power Company Project Series D, Rev., 2.05%, 6/1/2021 (c)		2,375,000		2,381,864

Clark Pleasant Middle School Corp. Rev., 4.00%, 1/15/2022		80,000		82,568

SEE NOTES TO FINANCIAL STATEMENTS.



212	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Indiana — continued

County of Johnson, Local Income Tax Series 2020A, Rev., 4.00%, 7/15/2023		25,000		27,098

County of Warrick, Multifamily Housing Bonds, Newburgh Assisted Living Project Rev., 1.63%, 6/1/2021 (c)		300,000		301,032

Crothersville 2000 School Building Corp., First Mortgage Rev., AMBAC, 5.00%, 7/15/2021		80,000		81,294

Eagle-Union Middle School Building Corp., Ind Lease Rental Rev., AMBAC, Zero Coupon, 7/15/2021		150,000		149,734

Fishers Industrial Redevelopment District Rev., 4.00%, 1/15/2024		25,000		27,369

Fishers Redevelopment District Series 2017A1, 4.00%, 7/15/2022		50,000		52,554

Fishers Town Hall Building Corp. Rev., 4.00%, 7/15/2022		100,000		104,968

Fort Wayne Redevelopment Authority Lease Rental Rev., 4.00%, 2/1/2022		50,000		51,758

Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2021		100,000		102,010

Franklin Township School Building Corp., Valorem Property Project Rev., 5.00%, 7/15/2021		150,000		152,663

Franklin Township-Marion County Multiple School Building Corp., Property Tax Mortgage Rev., 5.00%, 7/10/2021		30,000		30,513

Hamilton County Public Building Corp. Rev., 5.00%, 2/1/2023		75,000		79,870

Hamilton Southeastern Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage

Rev., 5.00%, 7/15/2021		25,000		25,447

Series 2015B, Rev., 4.00%, 1/15/2022		25,000		25,831

Series B, Rev., 5.00%, 7/15/2022		35,000		37,306

Rev., 4.00%, 1/15/2024		25,000		27,497

Hammond Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2024		100,000		111,818

Highland Sanitation District 4.00%, 2/1/2022		250,000		258,200

Indiana Bond Bank, Special Program, Adams County Memorial Hospital Project

Series 2012D, Rev., 5.00%, 2/1/2023		40,000		41,714


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Series 2012D, Rev., 3.00%, 2/1/2025		140,000		143,013

Indiana Finance Authority

Series 2012M, Rev., 4.00%, 7/1/2021		70,000		70,874

Series 2011B, Rev., 5.00%, 7/1/2021 (b)		100,000		101,609

Series 2012C, Rev., 5.00%, 7/1/2021		50,000		50,801

Rev., 5.00%, 2/1/2022		50,000		52,218

Series 2011A, Rev., 3.00%, 7/1/2022		50,000		50,467

Series 2012M, Rev., 5.00%, 7/1/2022 (b)		175,000		186,302

Series A, Rev., 5.00%, 7/1/2022		75,000		76,204

Indiana Finance Authority, Beacon Health System Obligation Group Series 2013A, Rev., 5.00%, 8/15/2023		250,000		278,075

Indiana Finance Authority, Community Foundation of Northwest Indiana Obligated Group Rev., 4.00%, 9/1/2021		200,000		203,684

Indiana Finance Authority, Community Health Network Project Series 2012A, Rev., 5.00%, 5/1/2021		900,000		906,786

Indiana Finance Authority, Deaconess Health System Obligated Group Series 2015A, Rev., 4.00%, 3/1/2021		65,000		65,000

Indiana Finance Authority, First Lien Wastewater, CWA Authority Project,

Rev., 4.00%, 10/1/2021		40,000		40,891

Series 2011A, Rev., 5.00%, 10/1/2021		290,000		298,140

Series 2014A, Rev., 5.00%, 10/1/2021		85,000		87,386

Series 2015A, Rev., 5.00%, 10/1/2021		80,000		82,246

Series 2016A, Rev., 5.00%, 10/1/2022		50,000		53,802

Series 2011A, Rev., 5.25%, 10/1/2022		100,000		102,940

Series 2011B, Rev., 5.25%, 10/1/2022		200,000		205,880

Series 2011A, Rev., 5.25%, 10/1/2024		560,000		576,100

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	213

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Indiana — continued

Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group

Rev., 5.00%, 11/1/2022		150,000		161,640

Series 2016B, Rev., 5.00%, 11/1/2024		345,000		399,631

Indiana Finance Authority, Health Obligated Group Series B, Rev., 2.25%, 7/1/2025 (c)		100,000		105,353

Indiana Finance Authority, Highway

Series 2016C, Rev., 5.00%, 12/1/2021		245,000		253,869

Series 2010A, Rev., 5.00%, 12/1/2022		50,000		54,165

Indiana Finance Authority, Indiana University Health Obligated Group

Series 2016A, Rev., 5.00%, 12/1/2021		20,000		20,718

Series 2011 I, Rev., 1.65%, 1/1/2022 (b) (c)		250,000		253,027

Series H, Rev., 1.65%, 1/1/2022 (b) (c)		1,000,000		1,012,110

Series 2016A, Rev., 5.00%, 12/1/2022		45,000		48,749

Indiana Finance Authority, Lease Appropriation, Convention Center Expansion Project Series 2019B, Rev., 5.00%, 2/1/2025		90,000		105,508

Indiana Finance Authority, National Collegiate Athletic Association Project Rev., 5.00%, 5/1/2022		75,000		79,219

Indiana Finance Authority, Parkview Health System, Inc.

Series 2017A, Rev., 5.00%, 11/1/2021		250,000		257,888

Series 2012A, Rev., 5.00%, 5/1/2022		25,000		26,397

Series 2017A, Rev., 5.00%, 11/1/2023		100,000		112,125

Series 2017A, Rev., 5.00%, 11/1/2024		30,000		34,845

Indiana Finance Authority, Stadium Project Series 2015A, Rev., 5.00%, 2/1/2022		1,000,000		1,043,330

Indiana Finance Authority, State Revolving Fund Program

Series 2011A, Rev., 5.00%, 2/1/2022 (b)		50,000		52,223

Series 2013A, Rev., 5.00%, 2/1/2022		55,000		57,440


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Series 2016B, Rev., 5.00%, 2/1/2022		20,000		20,888

Series 2017B, Rev., 5.00%, 2/1/2022		25,000		26,109

Indiana Finance Authority, University Health, Inc. Rev., 5.00%, 12/1/2022		180,000		194,996

Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006B-3, Rev., 1.75%, 11/2/2021 (c)		135,000		136,411

Indiana Health and Educational Facilities Financing Authority, Ascension Sub Credit Group

Rev., 4.00%, 10/1/2021		160,000		163,498

Rev., 4.00%, 10/1/2025		30,000		34,421

Indiana Municipal Power Agency, Power Supply System

Series 2014A, Rev., 5.00%, 1/1/2022		55,000		57,147

Series 2016C, Rev., 5.00%, 1/1/2022		50,000		51,952

Series 2017A, Rev., 5.00%, 1/1/2022		200,000		207,808

Series 2014A, Rev., 5.00%, 1/1/2023		200,000		216,724

Indiana State University, Student Fee Series S, Rev., 5.00%, 10/1/2021		25,000		25,675

Indiana Transportation Finance Authority

Series 2004B, Rev., NATL-RE, 5.75%, 12/1/2021		315,000		328,192

Series 2004B, Rev., NATL-RE, 5.75%, 12/1/2022		25,000		27,433

Indiana University, Lease Purchase

Series 2017A, Rev., 4.00%, 6/1/2021		220,000		222,103

Series 2020A, Rev., 5.00%, 6/1/2021		60,000		60,722

Series 2020A, Rev., 5.00%, 6/1/2022		30,000		31,808

Indiana University, Student Fee

Series U, Rev., 5.00%, 8/1/2021 (b)		135,000		137,719

Series W-2, Rev., 5.00%, 8/1/2021		40,000		40,805

Series Z-1, Rev., 3.00%, 8/1/2022		60,000		62,405

Series U, Rev., 3.20%, 8/1/2022		200,000		202,514

Series X, Rev., 4.00%, 8/1/2022		60,000		63,253

Series W-2, Rev., 5.00%, 8/1/2022		20,000		21,367

SEE NOTES TO FINANCIAL STATEMENTS.



214	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Indiana — continued

Indianapolis Local Public Improvement Bond Bank Series 2014C, Rev., 4.00%, 2/1/2022		25,000		25,867

Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project Series 2019A, Rev., 5.00%, 2/1/2023		65,000		70,839

Indianapolis Local Public Improvement Bond Bank, Indyroads Series 2019E, Rev., 5.00%, 1/1/2022		30,000		31,207

Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2022		40,000		41,610

Indianapolis-Marion County Public Library GO, 5.00%, 1/1/2023		40,000		41,572

Ivy Tech Community College of Indiana, Student Fee

Series W, Rev., 4.00%, 7/1/2021		60,000		60,759

Series V, Rev., 5.00%, 7/1/2021		25,000		25,399

Series R-1, Rev., 5.00%, 7/1/2022		40,000		42,545

Series T, Rev., 5.00%, 7/1/2022		25,000		26,590

Series V, Rev., 5.00%, 7/1/2022		110,000		116,997

Series W, Rev., 5.00%, 7/1/2022		20,000		21,272

Series 2004J, Rev., AMBAC, 5.00%, 7/1/2023		75,000		82,845

Series R-1, Rev., 5.00%, 7/1/2023		35,000		38,782

Jackson County Building Corp.

Rev., 2.00%, 1/15/2023		120,000		123,028

Rev., 2.00%, 7/15/2023		125,000		128,885

Rev., 2.00%, 1/15/2024		125,000		129,460

Rev., 2.00%, 7/15/2024		125,000		129,875

Rev., 2.00%, 1/15/2025		125,000		130,126

Jennings County School Building Corp., First Mortgage

Series 2019B, Rev., 3.00%, 7/15/2021		50,000		50,500

Series 2019A, Rev., 2.00%, 1/15/2022		90,000		91,327

Series 2019B, Rev., 3.00%, 1/15/2022		40,000		40,937

Series 2019A, Rev., 2.00%, 1/15/2023		60,000		61,809

La Porte County Public Library Leasing Corp. GO, 3.00%, 1/15/2022		25,000		25,585

Lake Central Multi-District School Building Corp., First Mortgage

Series 2012B, Rev., 5.00%, 7/15/2021		250,000		254,298


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Series 2012B, Rev., 5.00%, 1/15/2023 (b)		100,000		108,834

Lincoln Center Building Corp. Rev., 4.00%, 8/1/2022		285,000		299,367

Maconaquah School Building Corp. Series 2016A, Rev., 3.00%, 7/15/2021		125,000		126,226

Metropolitan School District Washington Township GO, 3.00%, 1/15/2022		30,000		30,729

Mishawaka School Building Corp., Indiana First Mortgage Refunding Rev., 3.00%, 1/15/2022		45,000		46,034

Mishawaka School City Multi-School Building Corp., First Mortgage Rev., 5.00%, 7/15/2021		100,000		101,722

Mount Vernon of Posey County Multi-School Building Corp. Rev., 5.00%, 7/15/2021		20,000		20,344

MSD of Wabash County Multi-School Building Corp., First Mortgage Rev., 3.40%, 7/15/2022		25,000		25,263

New Albany-Floyd County School Building Corp., First Mortgage Rev., 5.00%, 1/15/2023		25,000		27,150

New Palestine Multi-School Building Corp.

Rev., 4.00%, 7/15/2022		25,000		26,295

Rev., 4.00%, 1/15/2023		20,000		21,386

North Webster Community Public Library GO, 4.00%, 1/15/2022		75,000		77,347

Northern Indiana Commuter Transportation District Rev., 5.00%, 7/1/2021		270,000		274,080

Pike Township Multi-School Building Corp., First Mortgage

Rev., 5.00%, 1/15/2024		320,000		360,278

Rev., 5.00%, 7/15/2024		350,000		400,736

Rev., 5.00%, 1/15/2025		335,000		389,632

Purdue University, Student Facilities System Series 2015A, Rev., 5.00%, 7/1/2022		25,000		26,607

Purdue University, Student Fee

Series 2016CC, Rev., 5.00%, 7/1/2021		20,000		20,321

Series AA, Rev., 5.00%, 7/1/2022		20,000		21,286

South Bend Community School Corp., School Building, First Mortgage Rev., 4.00%, 7/15/2022		30,000		31,554

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	215

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Indiana — continued

South Vermillion Middle School Building Corp., First Mortgage Series 2016A, Rev., 3.00%, 1/15/2024		50,000		53,392

Southeast Dubois County School Building Corp., First Mortgage Series 2012A, Rev., 3.00%, 7/15/2022		640,000		658,541

The Trustees of Indiana University

Series 2012A, Rev., 5.00%, 6/1/2021		50,000		50,602

Series Y, Rev., 5.00%, 8/1/2021		30,000		30,604

Series A, Rev., 5.00%, 6/1/2022		25,000		26,507

Valparaiso Middle School Building Corp., AD Valorem Property Tax First Mortgage Series 2012A, Rev., 3.00%, 7/15/2022		100,000		102,342

Wa-Nee Community Schools GO, 3.00%, 1/15/2023		125,000		130,045

Washington Township of Hendriks County, Building Corp., Indiana Lease Rental Bonds Rev., 4.00%, 7/15/2024		100,000		110,850

Wayne Township School Building Corp., Ad Valorem Property Tax First Mortgage Refunding Series 2015A, Rev., 4.00%, 1/15/2022		200,000		206,332

West Lafayette School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2022		30,000		31,964

Whitestown Redevelopment Authority Rev., 3.00%, 1/15/2024		25,000		26,703

Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project

Rev., 4.00%, 1/15/2022		35,000		36,033

Rev., 4.00%, 7/15/2022		35,000		36,605

Rev., 4.00%, 1/15/2023		130,000		137,953

Rev., 4.00%, 7/15/2023		85,000		91,778

Rev., 4.00%, 1/15/2024		85,000		92,977

Rev., 4.00%, 7/15/2024		35,000		38,773

Rev., 4.00%, 1/15/2025		145,000		162,399

Rev., 4.00%, 7/15/2025		145,000		164,268

Rev., 4.00%, 1/15/2026		150,000		171,546

Zionsville Community Schools Building Corp., Capital Appreciation Series 2003Z, Rev., NATL-RE, Zero Coupon, 1/15/2025		25,000		24,119


Total Indiana				22,786,098


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Iowa — 0.8%

Ankeny Community School District

Series 2015A, GO, 4.00%, 6/1/2021		240,000		242,278

GO, 5.00%, 6/1/2021		305,000		308,648

Series 2015A, GO, 4.00%, 6/1/2022		60,000		62,854

City of Ames Series 2017A, GO, 5.00%, 6/1/2021		20,000		20,240

City of Ankeny

Series 2017A, GO, 5.00%, 6/1/2021		75,000		75,901

Series 2020A, GO, 5.00%, 6/1/2021		90,000		91,081

Series 2017A, GO, 5.00%, 6/1/2022		40,000		42,411

City of Ankeny, Capital Loan

Series 2014G, GO, 5.00%, 6/1/2021		75,000		75,901

Series 2014G, GO, 5.00%, 6/1/2022		20,000		21,205

City of Bettendorf

Series 20109A, GO, 5.00%, 6/1/2021		45,000		45,530

Series 2019A, GO, 5.00%, 6/1/2021		50,000		50,589

Series 2017D, GO, 5.00%, 6/1/2022		55,000		58,215

Series 2013A, GO, 4.00%, 6/1/2023		50,000		54,009

City of Cedar Rapids

Series 2016A, GO, 5.00%, 6/1/2021		75,000		75,901

Series 2017A, GO, 5.00%, 6/1/2021		25,000		25,300

Series 2019A, GO, 5.00%, 6/1/2021		20,000		20,240

Series 2020A, GO, 5.00%, 6/1/2021		40,000		40,480

Series 2017A, GO, 5.00%, 6/1/2022		45,000		47,713

City of Cedar Rapids, Sewer

Series 2017D, Rev., 5.00%, 6/1/2021		25,000		25,293

Series 2018C, Rev., 5.00%, 6/1/2022		20,000		21,177

City of Council Bluffs Series 2018A, GO, 5.00%, 6/1/2021		20,000		20,230

City of Des Moines

Series 2014C, GO, 5.00%, 6/1/2021		20,000		20,241

Series 2018B, GO, 5.00%, 6/1/2021		80,000		80,962

Series 2016B, GO, 4.00%, 6/1/2023		25,000		27,045

City of Des Moines Polk County, Water Works Series 2012B, Rev., 3.00%, 12/1/2021		50,000		51,071

City of Des Moines, Capital Loan Notes Series 2014E, GO, 5.00%, 6/1/2021		20,000		20,241

City of Des Moines, Stormwater Management Utility Series 2016C, Rev., 5.00%, 6/1/2022		25,000		26,510

City of North Liberty, Urban Renewal Series 2017B, GO, 2.00%, 6/1/2022		50,000		51,114

SEE NOTES TO FINANCIAL STATEMENTS.



216	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Iowa — continued

City of Urbandale, Urban Renewal

Series 2019B, GO, 4.00%, 6/1/2021		65,000		65,620

Series 2019B, GO, 4.00%, 6/1/2022		100,000		104,782

City of Waterloo Series 2017A, GO, 3.00%, 6/1/2021		100,000		100,694

City of Waukee Series 2018A, GO, 5.00%, 6/1/2021		80,000		80,936

City of West Des Moines Series 2016D, GO, 5.00%, 6/1/2021		105,000		106,237

County of Audubon, Urban Renewal Purpose GO, 3.00%, 6/1/2021		215,000		216,438

County of Linn, Land and Water Legacy Series 2019A, GO, 3.00%, 6/1/2021		50,000		50,347

County of Polk GO, 5.00%, 6/1/2021		70,000		70,841

Des Moines Metropolitan Wastewater Reclamation Authority, Sewer Series 2013B, Rev., 3.00%, 6/1/2021		35,000		35,243

Iowa City Community School District

Series 2017C, GO, 5.00%, 6/1/2021		30,000		30,359

Rev., 5.00%, 6/1/2022		95,000		100,541

GO, 5.00%, 6/1/2022		190,000		201,429

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program

Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c)		4,015,000		4,015,000

Series 2017C, Rev., GNMA/FNMA/FHLMC, 1.70%, 1/1/2023		165,000		168,721

Iowa Finance Authority, State Revolving Fund

Rev., 5.00%, 8/1/2021 (b)		40,000		40,806

Rev., 5.00%, 8/1/2022		20,000		21,366

Series 2019A, Rev., 5.00%, 8/1/2022		25,000		26,708

Iowa Finance Authority, Unitypoint Health

Series 2016E, Rev., 5.00%, 8/15/2022		200,000		213,586

Series 2018B, Rev., 5.00%, 2/15/2025		170,000		198,232

Iowa State University of Science and Technology, Academic Building Series 2016ISU, Rev., 3.00%, 7/1/2022		25,000		25,937

Iowa State University of Science and Technology, Recreational System Facilities Series 2017A, Rev., 3.00%, 7/1/2023		50,000		52,988


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Iowa — continued

Iowa State University of Science and Technology, Utility System Series ISU, Rev., 4.00%, 11/1/2021		50,000		51,253

Kirkwood Community College

Series 2020A, GO, 4.00%, 6/1/2022		20,000		20,931

Series 2020A, GO, 4.00%, 6/1/2023		70,000		75,711

Linn-Mar Community School District GO, 5.00%, 5/1/2021		320,000		322,522

Pella Community School District GO, 2.10%, 6/1/2022		395,000		395,498

State of Iowa Board of Regents, University of Iowa, Hospitals and Clinics

Rev., 4.00%, 9/1/2021		40,000		40,757

Series 2016SUI, Rev., 5.00%, 9/1/2023		65,000		72,493

Series 2019SUI, Rev., 5.00%, 9/1/2025		25,000		29,831

State of Iowa, IJOBS Program, Special Obligation

Series 2020A, GO, 5.00%, 6/1/2021		30,000		30,360

Series A, Rev., 5.00%, 6/1/2021		165,000		166,982

Series 2016A, Rev., 5.00%, 6/1/2022		130,000		137,836

Series 2020A, GO, 5.00%, 6/1/2022		25,000		26,507

State of Iowa, Special Obligation

Rev., 5.00%, 6/15/2021		20,000		20,278

Rev., 5.00%, 6/15/2022		35,000		37,176

Rev., 5.00%, 6/15/2023		25,000		27,677

University of Iowa (The), Academic Building

Series 2016A, Rev., 3.00%, 7/1/2021		135,000		136,266

Series 2013SUI, Rev., 5.00%, 7/1/2021		30,000		30,482

Series 2016SUI, Rev., 3.00%, 7/1/2023		135,000		143,390

University of Iowa (The), Recreational Facilities

Series 2017SUI, Rev., 5.00%, 7/1/2022		25,000		26,607

Series 2017B, Rev., 4.00%, 7/1/2023		20,000		21,707

University of Iowa Facilities Corp., Museum of Art Project Rev., 5.00%, 6/1/2021		595,000		602,146

Waukee Community School District

GO, 5.00%, 6/1/2021		25,000		25,299

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	217

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Iowa — continued

Series 2014C, GO, 5.00%, 6/1/2021		40,000		40,478

Series 2014C, GO, 5.00%, 6/1/2022		45,000		47,701

Series 2016B, GO, 5.00%, 6/1/2022		125,000		132,503

Series 2019A, GO, 5.00%, 6/1/2022		20,000		21,200

Waukee Community School District, Capital Loan Notes

Series 2016A, GO, 5.00%, 6/1/2021		180,000		182,153

Series 2016A, GO, 4.00%, 6/1/2022		40,000		41,903


Total Iowa				10,536,838


Kansas — 0.4%

Blue Valley Recreation Commission Series A, COP, AGM, 5.00%, 10/1/2022		25,000		26,868

City of Lawrence Series 2016-A, GO, 5.00%, 11/1/2021		25,000		25,806

City of Lawrence, Improvement

Series 2017D, GO, 5.00%, 9/1/2021		20,000		20,483

Series 2015-A, GO, 3.00%, 9/1/2022		30,000		31,273

Series 2017D, GO, 5.00%, 9/1/2022		60,000		64,341

City of Lawrence, Temporary Notes Series I, GO, 2.00%, 5/1/2021		310,000		310,257

City of Manhattan Series B, GO, 3.00%, 11/1/2021		20,000		20,373

City of Manhattan, Temporary Notes Series 2020-03, GO, 0.75%, 6/15/2024		250,000		250,217

City of Olathe

Series 2020A, GO, 3.00%, 8/1/2021		365,000		369,117

Series 233, GO, 3.00%, 10/1/2021		60,000		60,995

Series 228, GO, 4.00%, 10/1/2021		70,000		71,567

Series 230, GO, 5.00%, 10/1/2021		55,000		56,551

Series 233, GO, 3.00%, 10/1/2022		20,000		20,896

Series 230, GO, 5.00%, 10/1/2022		80,000		86,110

Series 230, GO, 5.00%, 10/1/2023		40,000		44,820

City of Topeka Series 2017A, GO, 5.00%, 8/15/2021		90,000		91,979

City of Topeka, Combined Utility Series 2018A, Rev., 5.00%, 8/1/2021		100,000		101,989

City of Wichita

Series 807, GO, 2.00%, 6/1/2021		20,000		20,092

Series 962, GO, 3.00%, 6/1/2021		100,000		100,707

Series 814, GO, 5.00%, 6/1/2021		45,000		45,540

Series 2012A, GO, 5.00%, 9/1/2021		165,000		168,985

Rev., 5.00%, 11/15/2021 (b)		25,000		25,837


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kansas — continued

Series 2017A, GO, 5.00%, 12/1/2021		110,000		113,991

Series 811, GO, 5.00%, 6/1/2022		35,000		37,110

GO, 5.00%, 10/1/2022		110,000		118,401

GO, 5.00%, 12/1/2022		55,000		59,632

County of Johnson, Internal Improvement

Series 2012A, GO, 4.00%, 9/1/2021		50,000		50,959

Series 2018A, GO, 5.00%, 9/1/2022		20,000		21,447

County of Shawnee COP, 3.00%, 9/1/2024		35,000		37,789

County of Shawnee, Public Building Commission, Kansas Expocentre Project Rev., 4.00%, 9/1/2022		25,000		26,377

Douglas County Unified School District No. 491, Eudora School Building Series 2011A, GO, AGC, 5.00%, 9/1/2021 (b)		25,000		25,598

Douglas County Unified School District No. 497, Lawrence Improvement Series 2016-A, GO, 5.00%, 9/1/2021		40,000		40,956

Johnson County Community College Foundation, Inc., Student Common & Parking System Rev., 4.00%, 11/15/2022		100,000		106,279

Johnson County Park and Recreation District Series 2019A, COP, 5.00%, 9/1/2021		245,000		250,731

Johnson County Public Building Commission, Court House & Medical Examiners Facilities Rev., 5.00%, 9/1/2021		175,000		179,181

Johnson County Unified School District No. 229 Blue Valley Series 2020A, GO, 3.00%, 10/1/2021		90,000		91,488

Johnson County Unified School District No. 232 De Soto Series 2015-A, GO, 5.00%, 9/1/2021		25,000		25,601

Johnson County Unified School District No. 233 Olathe

Series 2017B, GO, 3.00%, 9/1/2022		30,000		31,265

Series 2017A, GO, 4.00%, 9/1/2022		40,000		42,284

Series 2016C, GO, 5.00%, 9/1/2023		50,000		55,816

Johnson County Unified School District No. 512 Shawnee Mission

Series 2017A, GO, 5.00%, 4/1/2021		55,000		55,215

Series 2016B, GO, 2.00%, 10/1/2021		145,000		146,564

SEE NOTES TO FINANCIAL STATEMENTS.



218	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Kansas — continued

Series 2016B, GO, 4.00%, 10/1/2021		25,000		25,560

Kansas Development Finance Authority, Department of Health and Environment Project Series 2020SRF, Rev., 5.00%, 5/1/2021		25,000		25,199

Kansas Development Finance Authority, School Engineering Project Rev., 5.00%, 5/1/2021		125,000		125,985

Kansas Development Finance Authority, State of Kansas Project

Series 2019F, Rev., 5.00%, 11/1/2021		250,000		257,958

Series 2020R, Rev., 5.00%, 11/1/2021		105,000		108,342

Kansas Development Finance Authority, University Housing Projects Rev., 5.00%, 4/1/2022		250,000		262,917

Kansas Development Finance Authority, University Project

Series 2014C, Rev., 5.00%, 5/1/2021		20,000		20,158

Series 2014C, Rev., 5.00%, 5/1/2022		100,000		105,565

Series 2017A, Rev., 5.00%, 5/1/2022		105,000		110,843

Kansas Turnpike Authority

Series 2020A, Rev., 3.00%, 9/1/2021		180,000		182,558

Series 2020A, Rev., 3.00%, 9/1/2022		50,000		52,092

Sedgwick County Public Building Commission, Exploration Place Project Series 2015-1, Rev., 5.00%, 8/1/2021		25,000		25,502

Sedgwick County Unified School District No. 259 Wichita Series 2017-A, GO, 3.00%, 10/1/2022		45,000		47,002

Sedgwick County Unified School District No. 266 Maize

Series 2019-B, GO, 3.00%, 9/1/2021		25,000		25,353

Series 2015B, GO, 5.00%, 9/1/2021		85,000		87,044

Seward County Unified School District No. 480 Liberal GO, 5.00%, 9/1/2022 (b)		25,000		26,813

State of Kansas Department of Transportation

Series 2015A, Rev., 5.00%, 9/1/2021		190,000		194,598


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kansas — continued

Series 2018A, Rev., 5.00%, 9/1/2021		50,000		51,210

Series 2015A, Rev., 5.00%, 9/1/2022		125,000		134,064

University of Kansas Hospital Authority, Health System Rev., 5.00%, 3/1/2021		160,000		160,000

Wyandotte County City Unified Government Utility System Series 2014A, Rev., 5.00%, 9/1/2021		500,000		511,665

Wyandotte County Unified Government Public Utility System Refunding Series 2012A, Rev., 5.00%, 9/1/2022 (b)		25,000		26,793

Wyandotte County Unified Government Utility System Improvement and Refunding Series 2011-A, Rev., 5.00%, 9/1/2021 (b)		50,000		51,197


Total Kansas				6,149,905


Kentucky — 0.6%

Campbell Kenton and Boone Counties Sanitation District No. 1

Rev., 5.00%, 8/1/2021		70,000		71,404

Rev., 5.00%, 8/1/2022		25,000		26,705

City of Bowling Green Series 2016C, GO, 4.00%, 6/1/2021		50,000		50,461

County of Kenton, Limited Tax

Series B, GO, 5.00%, 10/1/2021		215,000		221,048

Series 2017A, GO, 5.00%, 4/1/2022		25,000		26,306

Fayette County School District Finance Corp.

Series 2011A, Rev., 4.00%, 6/1/2021		150,000		151,374

Series 2013A, Rev., 5.00%, 10/1/2021		25,000		25,683

Kenton County Public Properties Corp., Court Facilities Project Rev., 3.00%, 3/1/2023		150,000		157,381

Kenton County School District Finance Corp., School Building Project Rev., 4.50%, 5/1/2021 (b)		200,000		201,414

Kentucky Asset Liability Commission, Federal Highway Trust Fund

Rev., 5.00%, 9/1/2021		155,000		158,672

Series 2013A, Rev., 5.00%, 9/1/2021		85,000		87,014

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	219

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Kentucky — continued

Kentucky Bond Development Corp., Hospital Facilities, St. Elizabeth Medical Center, Inc. Rev., 5.00%, 5/1/2021		250,000		251,947

Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group

Rev., 5.00%, 8/15/2021 (b)		130,000		132,804

Rev., 5.25%, 8/15/2021 (b)		955,000		976,679

Kentucky Economic Development Finance Authority, Catholic Health Initiatives Series 2013A, Rev., 5.25%, 1/1/2023 (b)		100,000		109,010

Kentucky Housing Corp., Westminster Village Project Rev., 2.00%, 4/1/2021 (c)		900,000		901,278

Kentucky Infrastructure Authority, Governmental Agencies Program Rev., 3.00%, 8/1/2021		50,000		50,592

Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Series 2018A, Rev., 3.00%, 2/1/2024		25,000		26,884

Kentucky Public Energy Authority, Gas Supply Series 2018B, Rev., 4.00%, 1/1/2025 (c)		615,000		680,584

Kentucky State Property and Buildings Commission, Project No. 106 Series 2013A, Rev., 5.00%, 10/1/2021		45,000		46,231

Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2021		25,000		25,488

Kentucky State Property and Buildings Commission, Project No. 112 Series B, Rev., 5.00%, 11/1/2021		125,000		128,910

Kentucky State Property and Buildings Commission, Project No. 117 Series D, Rev., 5.00%, 5/1/2021		100,000		100,772

Kentucky State Property and Buildings Commission, Project No. 84 Rev., NATL-RE, 5.00%, 8/1/2021		30,000		30,585

Kentucky Turnpike Authority, Economic Development Road, Revitalization Projects

Series 2013A, Rev., 5.00%, 7/1/2021		275,000		279,034

Series 2014A, Rev., 5.00%, 7/1/2021		150,000		152,201


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kentucky — continued

Lexington-Fayette Urban County Government

Series 2017A, GO, 5.00%, 9/1/2021		90,000		92,169

Series 2013C, GO, 4.00%, 10/1/2021		25,000		25,558

Series 2012B, GO, 3.00%, 7/1/2024		100,000		100,811

Louisville and Jefferson County Metropolitan Government

Series 2016A, GO, 5.00%, 12/1/2021		55,000		56,957

Series 2017A, GO, 5.00%, 12/1/2021		20,000		20,712

Series 2020B, Rev., 5.00%, 10/1/2023 (c)		400,000		445,228

Louisville and Jefferson County Metropolitan Government, Catholic Health Initiatives

Series 2012A, Rev., 4.00%, 6/1/2022 (b)		75,000		78,509

Series 2012A, Rev., 4.25%, 6/1/2022		5,000		5,249

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		40,000		42,370

Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2003A, Rev., 1.85%, 4/1/2021 (c)		200,000		200,248

Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc.

Series 2016A, Rev., 5.00%, 10/1/2023		165,000		184,336

Series 2016A, Rev., 5.00%, 10/1/2024		660,000		763,198

Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System

Series 2013B, Rev., 5.00%, 5/15/2021		25,000		25,245

Rev., 5.00%, 5/15/2022		125,000		132,189

Series 2016C, Rev., 5.00%, 5/15/2022		50,000		52,875

Series 2011A, Rev., 5.00%, 5/15/2025		110,000		113,659

Murray State University Series 2011B, Rev., 3.75%, 9/1/2021		60,000		61,031

Northern Kentucky Water District Rev., 5.00%, 2/1/2022		90,000		93,848

SEE NOTES TO FINANCIAL STATEMENTS.



220	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Kentucky — continued

Scott County School District Finance Corp. Rev., 5.00%, 6/1/2025		20,000		23,519

Spencer County School District Finance Corp. Rev., 3.00%, 8/1/2021		80,000		80,879

University of Kentucky, General Receipt

Series 2014A, Rev., 5.00%, 4/1/2021		20,000		20,077

Series 2014B, Rev., 5.00%, 4/1/2021		25,000		25,097

Series 2014D, Rev., 5.00%, 10/1/2021		40,000		41,116


Total Kentucky				7,755,341


Louisiana — 0.6%

Central Community School System, Sales Tax Rev., 5.00%, 1/1/2022		100,000		103,895

City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2023 (b)		25,000		27,538

City of Lafayette, Publica Improvement, Sales and Use Tax

Rev., 5.00%, 3/1/2021 (b)		200,000		200,000

Series 2011ST-D, Rev., 5.00%, 5/1/2021		55,000		55,431

Series 2011ST-D, Rev., 5.00%, 5/1/2022		25,000		26,385

Iberia Parishwide School District Series 2014A, GO, 5.00%, 3/1/2021		100,000		100,000

Jefferson Parish School Board

GO, 3.00%, 3/1/2021		100,000		100,000

Rev., 4.00%, 2/1/2022		125,000		129,311

Lafourche Parish School Board GO, 4.00%, 3/1/2022		25,000		25,882

Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Public

Series 2015A, Rev., 5.00%, 11/1/2021		55,000		56,698

Rev., 5.00%, 11/1/2023		100,000		111,984

Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson CPZ Beautification Rev., 4.00%, 10/1/2025		130,000		147,648

Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Projects Rev., 5.00%, 4/1/2023		100,000		109,646


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Louisiana — continued

Louisiana Public Facilities Authority, Franciscan Missionaries of Our Lady, Health System Rev., 5.00%, 7/1/2022 (b)		380,000		404,012

Louisiana Public Facilities Authority, Hurricane Recovery Program Rev., 5.00%, 6/1/2021		25,000		25,288

Louisiana Public Facilities Authority, Lafayette General Health System Project

Rev., 4.00%, 11/1/2025 (b)		605,000		700,977

Rev., 5.00%, 11/1/2025 (b)		160,000		192,739

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project

Rev., 5.25%, 5/15/2021 (b)		100,000		101,038

Rev., 6.38%, 5/15/2021 (b)		155,000		156,958

Rev., 6.50%, 5/15/2021 (b)		150,000		151,930

Series 2002B, Rev., 5.50%, 5/15/2022 (b)		75,000		79,735

Rev., 5.00%, 5/15/2023		185,000		202,669

Louisiana State Citizens Property Insurance Corp. Rev., AGM, 5.00%, 6/1/2022 (b)		30,000		31,797

St. Charles Parish School District No. 1 GO, 5.00%, 3/1/2022		50,000		52,379

St. Tammany Parish Hospital Service District No. 2 GO, 3.00%, 3/1/2022		25,000		25,659

State of Louisiana

Series 2019-A, GO, 5.00%, 3/1/2021		300,000		300,000

Series 2012-C, GO, 5.00%, 7/15/2021		75,000		76,345

Series 2012-C, GO, 5.00%, 7/15/2022 (b)		25,000		26,662

Series 2013-C, GO, 5.00%, 7/15/2022		25,000		26,655

Series 2012-A, GO, 5.00%, 8/1/2022 (b)		40,000		42,745

State of Louisiana Gasoline and Fuels Tax

Series 2012A-1, Rev., 5.00%, 5/1/2021		130,000		131,035

Series 2012A-1, Rev., 5.00%, 5/1/2023		25,000		26,454

State of Louisiana Gasoline and Fuels Tax, Second Lien

Series 2017D, Rev., 0.55%, 5/1/2022 (c)		4,290,000		4,290,558

Series 2017A, Rev., 0.60%, 5/1/2023 (c)		200,000		199,710

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	221

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Louisiana — continued

Terrebonne Parish La Sales and Use Tax Morganza Levee Improvement Series 2011-ST, Rev., AGM, 4.75%, 4/1/2021 (b)		620,000		622,282

Zachary Community School District No. 1 GO, 4.00%, 3/1/2021 (b)		25,000		25,000


Total Louisiana				9,087,045


Maine — 0.3%

City of Augusta Series 2015B, GO, 3.00%, 5/1/2022		25,000		25,825

City of Lewiston, Public Improvement GO, 4.00%, 4/15/2023		25,000		26,965

City of Portland GO, 5.00%, 4/1/2022		25,000		26,308

Maine Governmental Facilities Authority Series 2015B, Rev., 5.00%, 10/1/2022		30,000		32,266

Maine Health and Higher Educational Facilities Authority

Series 2014A, Rev., 5.00%, 7/1/2021		140,000		142,148

Series 2014A, Rev., 5.00%, 7/1/2023		135,000		148,989

Series 2017A, Rev., 5.00%, 7/1/2023		80,000		88,349

Series 2020B, Rev., 4.00%, 7/1/2024		150,000		165,385

Maine Health and Higher Educational Facilities Authority, Birch Bay Retirement Village Series 2020A, Rev., 5.00%, 7/1/2023		600,000		661,578

Maine Health and Higher Educational Facilities Authority, Central Maine Medical Center Series 2019A, Rev., 5.00%, 7/1/2021		65,000		66,000

Maine Health and Higher Educational Facilities Authority, University of New England Rev., 4.00%, 7/1/2021		175,000		176,995

Maine Municipal Bond Bank

Series 2011C, Rev., 4.88%, 11/1/2021 (b)		25,000		25,787

Series 2015A, Rev., 5.00%, 11/1/2021		25,000		25,806	��

Series 2017A, Rev., 5.00%, 11/1/2021		120,000		123,869

Series 2018B, Rev., 5.00%, 11/1/2021		150,000		154,836

Series 2020A, Rev., 5.00%, 11/1/2021		50,000		51,612


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maine — continued

Series D, Rev., 5.00%, 11/1/2021		80,000		82,579

Series 2010C, Rev., 5.00%, 11/1/2022		25,000		27,005

Series 2012B, Rev., 5.00%, 11/1/2022		30,000		32,406

Series 2015A, Rev., 5.00%, 11/1/2022		30,000		32,407

Series 2016B, Rev., 5.00%, 11/1/2022		30,000		32,407

Series 2019A, Rev., 5.00%, 11/1/2022		50,000		54,011

Series D, Rev., 5.00%, 11/1/2022		70,000		75,615

Series 2016C, Rev., 4.00%, 11/1/2023		25,000		27,454

Maine Municipal Bond Bank, Transcap Program

Series 2015A, Rev., 5.00%, 9/1/2022		25,000		26,809

Series 2011A, Rev., 5.00%, 9/1/2025		1,150,000		1,177,013

Maine School Administrative District No. 51 GO, 4.00%, 8/1/2025		50,000		57,449

Maine State Housing Authority, Mortgage Purchase Series 2011-D, Rev., AMT, 3.15%, 11/15/2021		35,000		35,190

State of Maine

Series 2014B, GO, 5.00%, 6/1/2021		75,000		75,901

Series 2016B, GO, 5.00%, 6/1/2021		35,000		35,420

Series 2018D, GO, 5.00%, 6/1/2021		50,000		50,601

Series 2014B, GO, 5.00%, 6/1/2022		25,000		26,507

Series 2017B, GO, 5.00%, 6/1/2022		25,000		26,507

Town of Gorham Series 2016B, GO, 5.00%, 10/1/2021		25,000		25,695

Town of Scarborough GO, 5.00%, 11/1/2022		25,000		26,936


Total Maine				3,870,630


Maryland — 0.9%

City of Annapolis, Public Improvement

GO, 4.00%, 8/1/2021		35,000		35,559

Series 2017B, GO, 5.00%, 8/1/2022		25,000		26,708

City of Baltimore, Consolidated Public Improvement

Series 2013A, GO, 4.00%, 10/15/2022 (b)		35,000		37,179

Series 2013A, GO, 5.00%, 10/15/2022		40,000		43,137

City of Baltimore, Wastewater Projects

Series 2017B, Rev., 3.00%, 7/1/2021		25,000		25,237

SEE NOTES TO FINANCIAL STATEMENTS.



222	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Maryland — continued

Series 2014C, Rev., 5.00%, 7/1/2021		35,000		35,563

Series 2013C, Rev., 5.00%, 7/1/2023		30,000		33,279

City of Baltimore, Water Projects

Series 2011A, Rev., 5.00%, 7/1/2021		25,000		25,402

Series 2017C, Rev., 5.00%, 7/1/2021		25,000		25,397

Series 2013A, Rev., 5.00%, 7/1/2022		25,000		26,611

County of Anne Arundel, Arundel Mills Project GTD, 5.00%, 7/1/2023		50,000		55,502

County of Anne Arundel, Consolidated General Improvements

GO, 5.00%, 4/1/2021		355,000		356,388

GO, 5.00%, 10/1/2021		30,000		30,846

GO, 5.00%, 4/1/2022		40,000		42,093

County of Anne Arundel, Consolidated Water and Sewer GO, 5.00%, 4/1/2021		50,000		50,195

County of Baltimore, Consolidated Public Improvement

GO, 5.00%, 3/1/2021		25,000		25,000

GO, 5.00%, 8/1/2021		105,000		107,111

GO, 5.00%, 2/1/2022		35,000		36,550

Series 2014B, GO, 5.00%, 8/1/2022		25,000		26,708

GO, 5.00%, 3/1/2023		70,000		76,649

County of Baltimore, Equipment Acquisition Program

COP, 5.00%, 3/1/2021		45,000		45,000

COP, 5.00%, 10/1/2021		165,000		169,554

COP, 5.00%, 3/1/2022		420,000		439,857

COP, 5.00%, 10/1/2022		125,000		134,339

County of Baltimore, Health and Social Services Building Project COP, 3.00%, 10/1/2021		50,000		50,800

County of Baltimore, Metropolitan District

GO, 4.00%, 2/1/2022		30,000		31,054

Series 2014C, GO, 4.00%, 9/1/2022		25,000		26,435

County of Calvert, Consolidated Public Improvement GO, 4.00%, 4/1/2021		30,000		30,093

County of Carroll, Consolidated Public Improvement

GO, 4.00%, 11/1/2021		25,000		25,642

GO, 5.00%, 11/1/2021		65,000		67,100

GO, 5.00%, 11/1/2022		30,000		32,412


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maryland — continued

County of Cecil, Consolidated Public Improvement GO, 4.00%, 2/1/2022		75,000		77,636

County of Charles, Consolidated Public Improvement

GO, 5.00%, 3/1/2021		170,000		170,000

GO, 5.00%, 10/1/2021		20,000		20,564

GO, 5.00%, 11/1/2021		20,000		20,645

GO, 5.00%, 10/1/2022		50,000		53,818

County of Charles, Tax Exempt GO, 4.00%, 2/1/2022		25,000		25,879

County of Frederick, Public Facilities

GO, 5.00%, 5/1/2021		25,000		25,199

GO, 4.00%, 8/1/2021		65,000		66,041

Series 2016A, GO, 5.00%, 8/1/2022		25,000		26,712

County of Harford, Consolidated Public Improvement GO, 5.00%, 9/15/2022		150,000		161,134

County of Montgomery, Consolidated Public Improvement

Series 2011A, GO, 5.00%, 7/1/2021		25,000		25,405

Series 2017D, GO, 3.00%, 11/1/2021		45,000		45,866

Series 2017C, GO, 5.00%, 10/1/2022		25,000		26,914

Series 2017D, GO, 3.00%, 11/1/2022		50,000		52,358

Series 2016A, GO, 5.00%, 12/1/2022		25,000		27,110

Series 2015B, GO, 5.00%, 12/1/2023		35,000		39,500

County of Montgomery, Consolidated Public Improvement Bonds Series 2013A, GO, 5.00%, 11/1/2021		100,000		103,251

County of Montgomery, Department of Liquor Control Series 2011A, Rev., 5.00%, 4/1/2024		45,000		45,174

County of Montgomery, Metrorail Garage Project Rev., 5.00%, 6/1/2022		75,000		75,861

County of Montgomery, Montgomery College

Series 2016A, COP, 5.00%, 11/1/2021		25,000		25,809

Series 2016A, COP, 5.00%, 11/1/2022		30,000		32,417

County of Montgomery, Parking System Rev., 5.00%, 6/1/2021		25,000		25,301

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	223

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Maryland — continued

County of Montgomery, Water Quality Protection Charge

Rev., 3.00%, 4/1/2021		25,000		25,058

Series 2012A, Rev., 5.00%, 4/1/2021		100,000		100,365

County of Prince George’s, Consolidated Public Improvement

Series 2013B, GO, 4.00%, 3/1/2021		30,000		30,000

Series 2011A, GO, 5.00%, 9/15/2021 (b)		180,000		184,696

Series 2011B, GO, 5.00%, 9/15/2021 (b)		25,000		25,653

Series 2013B, GO, 4.00%, 3/1/2022		45,000		46,744

Series 2019A, GO, 5.00%, 7/15/2022		40,000		42,670

County of Prince George’s, Public Safety Communications COP, 5.00%, 10/1/2023		25,000		25,089

County of Queen Anne’s, Public Facilities

GO, 4.00%, 4/1/2021		50,000		50,155

GO, 4.00%, 7/1/2021		25,000		25,319

GO, 5.00%, 1/15/2023		50,000		54,447

County of Spotsylvania, Commissioners of St. Mary’s, Public Improvement GO, 4.00%, 7/15/2021		30,000		30,428

County of Washington GO, 4.00%, 1/1/2023		40,000		42,753

County of Washington, Public Improvement GO, 3.00%, 7/1/2022 (b)		40,000		41,504

County of Wicomico, Public Improvement GO, 5.00%, 10/1/2022		25,000		26,909

Maryland Community Development Administration, Housing and Community Development

Series 2014C, Rev., 2.15%, 3/1/2021		165,000		165,000

Series 2018A, Rev., 2.55%, 3/1/2022		20,000		20,446

Series 2019A, Rev., 2.10%, 3/1/2024		25,000		26,002

Maryland Community Development Administration, Local Government Infrastructure

Series 2017A-1, Rev., 2.00%, 6/1/2021		75,000		75,330

Series A-2, Rev., 3.00%, 6/1/2021		25,000		25,168

Series 2011A, Rev., 4.00%, 6/1/2021		115,000		116,010


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maryland — continued

Maryland Economic Development Corp., Department of Transportation Headquarters Rev., 4.00%, 6/1/2021		150,000		151,431

Maryland Economic Development Corp., Howard Hughes Medical Institute Series 2008A, Rev., VRDO, 0.03%, 3/9/2021 (c)		2,690,000		2,690,000

Maryland Economic Development Corp., Maryland Public Health Laboratory Project Rev., 4.00%, 6/1/2023		50,000		50,466

Maryland Health and Higher Educational Facilities Authority, John Hopkins Health System

Rev., 5.00%, 5/15/2021		25,000		25,246

Series 2013B, Rev., 5.00%, 7/1/2022		125,000		133,037

Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue

Rev., 4.00%, 7/1/2021		180,000		182,234

Rev., 5.00%, 7/1/2021		250,000		253,930

Rev., 5.00%, 7/1/2023		160,000		176,618

Rev., 5.00%, 7/1/2025		45,000		53,095

Maryland Health and Higher Educational Facilities Authority, Peninsula Medical Center Rev., 5.00%, 7/1/2021		70,000		71,058

Maryland Health and Higher Educational Facilities Authority, University of Pittsburgh Medical Center Series 2020B, Rev., 5.00%, 4/15/2022		255,000		268,530

Maryland National Capital Park and Planning Commission, Park Development Project Series PGC-2015A, GO, 5.00%, 1/15/2022		35,000		36,474

Maryland Stadium Authority, Baltimore City Public Schools Rev., 5.00%, 5/1/2022		80,000		84,394

Maryland Stadium Authority, Montgomery County Conference Center

Rev., 5.00%, 6/15/2022		30,000		31,845

Rev., 5.00%, 6/15/2023		65,000		71,913

Maryland Water Quality Financing Administration Revolving Loan Fund

Rev., 5.00%, 3/1/2021		115,000		115,000

Rev., 5.00%, 3/1/2022		20,000		20,966

SEE NOTES TO FINANCIAL STATEMENTS.



224	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Maryland — continued

Montgomery County Housing Opportunities Commission, Multi-Family Housing Series 2011A, Rev., VRDO, GNMA/FNMA/FHLMC, LOC: TD Bank NA, 0.04%, 3/9/2021 (c)		1,150,000		1,150,000

State of Maryland Department of Transportation

Rev., 4.00%, 5/15/2021		50,000		50,391

Rev., 5.00%, 6/1/2021		30,000		30,359

Rev., 5.00%, 10/1/2021		75,000		77,110

Rev., 5.00%, 11/1/2021		145,000		149,665

Rev., 5.00%, 12/1/2021		95,000		98,439

Rev., 5.00%, 12/15/2021		50,000		51,904

Rev., 5.00%, 6/1/2022		25,000		26,504

Rev., 5.00%, 10/1/2022		70,000		75,334

State of Maryland, State and Local Facilities Loan of 2013

GO, 4.00%, 3/1/2021 (b)		30,000		30,000

GO, 5.00%, 3/1/2021 (b)		190,000		190,000

Series 2013B, GO, 4.50%, 8/1/2021		210,000		213,797

State of Maryland, State and Local Facilities Loan of 2014

GO, 5.00%, 8/1/2021		140,000		142,819

Series 2014-2-C, GO, 5.00%, 8/1/2021		250,000		255,035

Series 2014B, GO, 5.00%, 8/1/2021		20,000		20,403

Series 2014-2-C, GO, 5.00%, 8/1/2022		70,000		74,783

Series 2014B, GO, 5.00%, 8/1/2022 (b)		35,000		37,402

State of Maryland, State and Local Facilities Loan of 2015

Series 2015A, GO, 5.00%, 8/1/2021		70,000		71,410

Series 2015A, GO, 5.00%, 3/1/2022		35,000		36,691

State of Maryland, State and Local Facilities Loan of 2017

Series 2014A, GO, 5.00%, 3/1/2022 (b)		65,000		68,147

Series 2017A, GO, 5.00%, 8/1/2022		100,000		106,833

Series 2017B, GO, 5.00%, 8/1/2022		25,000		26,708

State of Maryland, State and Local Facilities Loan of 2018 Series 2018B, GO, 5.00%, 8/1/2022		60,000		64,100

Town of Ocean City GO, 4.00%, 10/1/2022		50,000		53,030

Town of Ocean City, Mayor and City Council, Municipal Purpose Loan GO, 5.00%, 12/1/2021		50,000		51,814


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maryland — continued

University System of Maryland, Auxiliary Facility and Tuition

Series 2011A, Rev., 3.00%, 4/1/2021		25,000		25,057

Series 2010C, Rev., 4.00%, 4/1/2021		110,000		110,343

Series 2011A, Rev., 5.00%, 4/1/2021 (b)		160,000		160,627

Series 2014A, Rev., 5.00%, 4/1/2021		25,000		25,098

Series 2016A, Rev., 5.00%, 4/1/2021		140,000		140,550

Series 2019A, Rev., 5.00%, 4/1/2021		50,000		50,197

Series 2012D, Rev., 5.00%, 10/1/2021		120,000		123,397

Series 2017B, Rev., 5.00%, 4/1/2022		85,000		89,469

Washington Suburban Sanitary District, Consolidated Public Improvement

Rev., GTD, 4.00%, 6/1/2021 (b)		25,000		25,239

Rev., GTD, 5.00%, 6/1/2021		165,000		166,993

Rev., GTD, 3.00%, 6/1/2022		100,000		103,537

Rev., GTD, 5.00%, 6/1/2023		35,000		38,730


Total Maryland				13,153,892


Massachusetts — 4.2%

Berkshire Hills Regional School District

GO, 5.00%, 10/15/2021		20,000		20,599

GO, 5.00%, 10/15/2022		55,000		59,285

Berkshire Regional Transit Authority Series B, Rev., RAN, 1.25%, 7/29/2021		5,300,000		5,318,020

Boston Water and Sewer Commission

Series 2012A, Rev., 4.00%, 11/1/2021		70,000		71,807

Series 2016A, Rev., 5.00%, 11/1/2021		125,000		129,055

Brockton Area Transit Authority Rev., RAN, 1.50%, 7/30/2021		3,050,000		3,061,834

Cape Cod Regional Transit Authority Rev., RAN, 1.50%, 7/23/2021		3,000,000		3,010,980

City of Beverly GO, 5.00%, 1/15/2023		50,000		54,456

City of Boston

Series 2019A, GO, 5.00%, 3/1/2021		60,000		60,000

Series 2010B, GO, 4.00%, 4/1/2021		45,000		45,140

Series 2011A, GO, 4.00%, 4/1/2021 (b)		175,000		175,546

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	225

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Massachusetts — continued

Series 2011B, GO, 5.00%, 4/1/2021		25,000		25,098

Series 2015B, GO, 5.00%, 4/1/2021		50,000		50,197

Series 2018A, GO, 5.00%, 5/1/2021		50,000		50,400

Series 2012D, GO, 4.00%, 10/1/2021		55,000		56,238

Series 2014A, GO, 5.00%, 3/1/2022		40,000		41,941

Series 2012A, GO, 5.00%, 4/1/2022		25,000		26,314

Series 2010B, GO, 3.00%, 4/1/2023		40,000		42,261

City of Fall River GO, 4.00%, 3/1/2022		100,000		103,835

City of Framingham, Municipal Purpose Loan

GO, 5.00%, 12/1/2021		65,000		67,338

GO, 5.00%, 11/1/2022		45,000		48,586

GO, 5.00%, 12/1/2022		20,000		21,674

City of Marlborough, Municipal Purpose Loan

GO, 4.00%, 6/15/2021		95,000		96,052

GO, 5.00%, 6/15/2021		25,000		25,348

GO, 4.00%, 6/15/2022		25,000		26,236

GO, 5.00%, 6/15/2022		20,000		21,246

City of Medford, Municipal Purpose Loan GO, 5.00%, 7/15/2021		130,000		132,337

City of Methuen GO, BAN, 2.00%, 9/1/2021		3,235,000		3,261,139

City of Newton GO, 4.00%, 4/1/2021		105,000		105,328

City of Peabody GO, 2.25%, 3/15/2021		25,000		25,019

City of Peabody, Municipal Purpose Loan

GO, 5.00%, 3/15/2021		45,000		45,078

GO, 4.00%, 10/1/2021		35,000		35,778

Series 2015A, GO, 5.00%, 11/15/2021		75,000		77,543

City of Revere

GO, 5.00%, 9/1/2021		500,000		511,945

GO, 4.00%, 12/1/2021		50,000		51,422

City of Salem, Municipal Purpose Loan GO, 5.00%, 9/15/2022		25,000		26,836

City of Somerville

Series 2018B, GO, 4.00%, 6/1/2021		100,000		100,956

GO, 5.00%, 5/15/2022		25,000		26,456

GO, 5.00%, 10/1/2022		35,000		37,679

City of Somerville, Municipal Purpose Loan GO, 5.00%, 6/1/2021		45,000		45,541

City of Waltham, Municipal Purpose Loan

GO, 4.00%, 6/15/2021		100,000		101,107

GO, 4.10%, 2/1/2023		35,000		35,100


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

City of Westfield, Municipal Purpose Loan GO, 5.00%, 3/1/2021		50,000		50,000

City of Woburn GO, 4.00%, 11/15/2022		20,000		21,305

Commonwealth of Massachusetts

Series 2019C, GO, 5.00%, 5/1/2021		165,000		166,318

Series 2016A, GO, 5.00%, 7/1/2021		20,000		20,322

Series 2019A, GO, 5.00%, 7/1/2021		85,000		86,370

Series 2013B, GO, 5.00%, 8/1/2021		160,000		163,230

Series 2014C, GO, 5.00%, 8/1/2021		30,000		30,606

Series 2004A, GO, 5.25%, 8/1/2021		80,000		81,698

Series 2004A, GO, AMBAC, 5.25%, 8/1/2021		215,000		219,562

Series B, GO, NATL-RE-IBC, 5.25%, 8/1/2021		115,000		117,440

Series B, GO, 5.25%, 8/1/2021		310,000		316,578

Series B, GO, AGM, 5.25%, 8/1/2021		170,000		173,608

Series 2006B, GO, AGM, 5.25%, 9/1/2021		25,000		25,637

Series 2016C, GO, 5.00%, 10/1/2021		295,000		303,352

Series 2004C, GO, AGM, 5.50%, 12/1/2021		35,000		36,406

Series 2019C, GO, 5.00%, 5/1/2022		30,000		31,695

Series 2016B, GO, 5.00%, 7/1/2022		100,000		106,458

Series 2019A, GO, 5.00%, 7/1/2022		40,000		42,583

Series 2017E, GO, 5.00%, 11/1/2022		25,000		27,010

Series 2004C, GO, AGM, 5.50%, 12/1/2022		40,000		43,733

Series 2020A, GO, 5.00%, 6/1/2023 (c)		50,000		55,222

Series C, GO, 5.00%, 10/1/2023		25,000		28,019

Commonwealth of Massachusetts Federal Highway, Accelerated Bridge Program

Series 2013A, Rev., GAN, 4.00%, 6/15/2021		20,000		20,222

Series 2013A, Rev., GAN, 5.00%, 6/15/2021		220,000		223,062

Series 2014A, Rev., GAN, 5.00%, 6/15/2021		75,000		76,044

Rev., GAN, 5.00%, 6/15/2022		85,000		90,297

Series 2014A, Rev., GAN, 5.00%, 6/15/2022		60,000		63,737

SEE NOTES TO FINANCIAL STATEMENTS.



226	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Massachusetts — continued

Commonwealth of Massachusetts Transportation Fund, Accelerated Bridge Program

Series 2012A, Rev., 5.00%, 6/1/2021 (b)		120,000		121,444

Series 2012A, Rev., 5.00%, 6/1/2022		50,000		50,599

Commonwealth of Massachusetts Transportation Fund, Rail Enhancement Series 2015A, Rev., 5.00%, 6/1/2022		95,000		100,615

Commonwealth of Massachusetts Transportation Fund, Rail Enhancement & Accelerated Bridge Programs Rev., 5.00%, 6/1/2021		25,000		25,298

Commonwealth of Massachusetts, Consolidated Loan

Series 2016A, GO, 5.00%, 3/1/2021		80,000		80,000

Series 2013A, GO, 4.00%, 4/1/2021 (b)		620,000		621,934

Series 2011A, GO, 5.00%, 4/1/2021 (b)		565,000		567,215

Series 2005A, Rev., AGM, 5.50%, 6/1/2021		25,000		25,332

Series 2013C, GO, 4.00%, 8/1/2021 (b)		175,000		177,802

Series E, GO, 4.50%, 8/1/2021 (b)		20,000		20,362

Series E, GO, 5.00%, 8/1/2021 (b)		490,000		499,868

Series 2011D, GO, 3.00%, 10/1/2021 (b)		200,000		203,306

Series 2011D, GO, 4.25%, 10/1/2021 (b)		25,000		25,597

Series 2011D, GO, 5.00%, 10/1/2021 (b)		155,000		159,379

Series 2014A, GO, 4.00%, 12/1/2021 (b)		50,000		51,444

Series 2014A, GO, 4.50%, 12/1/2021 (b)		195,000		201,363

Series 2014A, GO, 5.00%, 12/1/2021 (b)		480,000		497,453

Series 2016A, GO, 5.00%, 3/1/2022		55,000		57,669

Series 2015A, GO, 5.00%, 5/1/2022		30,000		31,695

Series C, GO, 5.00%, 7/1/2022 (b)		140,000		149,041

Subseries D-2, GO, 1.70%, 8/1/2022 (c)		110,000		112,092

Series F, GO, 5.00%, 11/1/2022 (b)		30,000		32,412

Series 2016H, GO, 5.00%, 12/1/2022		20,000		21,692


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Commonwealth of Massachusetts, Consolidated Loan, Green Bonds

Series 2013D, GO, 3.75%, 8/1/2021 (b)		150,000		152,234

Series 2013D, GO, 4.00%, 8/1/2021 (b)		40,000		40,640

Series 2013D, GO, 5.00%, 8/1/2021 (b)		35,000		35,705

Series E, GO, 4.00%, 9/1/2021		25,000		25,482

Series E, GO, 5.00%, 9/1/2022 (b)		25,000		26,813

Concord & Carlisle Regional School District GO, 5.00%, 6/15/2021		75,000		76,044

County of Collin Series 2016A, GO, 5.00%, 3/1/2021		110,000		110,000

Hyannis Fire District GO, 5.00%, 4/15/2021		100,000		100,574

Lowell Regional Transit Authority Rev., RAN, 1.25%, 8/19/2021		6,000,000		6,022,080

Massachusetts Bay Transportation Authority

Series A, Rev., 5.00%, 7/1/2021		165,000		167,648

Series 2012A, Rev., 5.00%, 7/1/2022		55,000		58,537

Massachusetts Bay Transportation Authority, Mass Sales Tax

Series 2008B, Rev., 5.00%, 7/1/2021		25,000		25,401

Series 2014A, Rev., 5.00%, 7/1/2021		50,000		50,803

Series 2003A, Rev., 5.25%, 7/1/2021		120,000		122,026

Series 2003C, Rev., 5.25%, 7/1/2021		125,000		127,110

Series 2004B, Rev., 5.25%, 7/1/2021		80,000		81,350

Series 2006B, Rev., 5.25%, 7/1/2021		55,000		55,928

Series C, Rev., 5.50%, 7/1/2021		50,000		50,886

Rev., BAN, 4.00%, 12/1/2021		270,000		277,781

Series 2015A, Rev., 5.00%, 7/1/2022		60,000		63,858

Series 2006A, Rev., 5.25%, 7/1/2022		90,000		96,086

Series 2006B, Rev., 5.25%, 7/1/2022		20,000		21,352

Series 2004C, Rev., 5.50%, 7/1/2022		35,000		37,483

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	227

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Massachusetts — continued

Massachusetts Clean Water Trust (The)

Rev., 5.00%, 8/1/2021		320,000		326,474

Series 2012B, Rev., 5.00%, 8/1/2021		80,000		81,618

Series 2017, Rev., 5.00%, 8/1/2021		210,000		214,204

Rev., 5.00%, 8/1/2022		25,000		26,716

Series 2012B, Rev., 5.00%, 8/1/2022		25,000		26,715

Massachusetts Development Finance Agency, Boston University Issue Series 2019DD-1, Rev., 5.00%, 4/1/2024 (c)		475,000		528,713

Massachusetts Development Finance Agency, Broad Institute

Rev., 5.00%, 4/1/2021		805,000		808,148

Series 2011A, Rev., 5.00%, 4/1/2021 (b)		245,000		245,960

Series 2011A, Rev., 5.25%, 4/1/2021 (b)		75,000		75,309

Massachusetts Development Finance Agency, Caregroup Series 2016-I, Rev., 5.00%, 7/1/2021		165,000		167,543

Massachusetts Development Finance Agency, College of the Holy Cross Series 2016A, Rev., 5.00%, 9/1/2021		20,000		20,479

Massachusetts Development Finance Agency, Harvard University

Series 2016A, Rev., 5.00%, 7/15/2021		45,000		45,814

Series A, Rev., 5.00%, 12/15/2021		240,000		249,238

Series 2016A, Rev., 5.00%, 7/15/2022		30,000		32,002

Massachusetts Development Finance Agency, Mount Holyoke College Issue Series 2011B, Rev., 5.00%, 7/1/2021 (b)		420,000		426,615

Massachusetts Development Finance Agency, Multi-Family, Lyman Terrace Phase II Issue Rev., 1.39%, 2/1/2022 (c)		459,000		463,434

Massachusetts Development Finance Agency, Partners Healthcare System Issue

Rev., 5.00%, 7/1/2021 (b)		125,000		126,969

Series 2011K-6, Rev., 5.00%, 7/1/2021		150,000		152,358

Series 2012L, Rev., 5.00%, 7/1/2021		75,000		76,179


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Series 2014M-4, Rev., 5.00%, 7/1/2021		25,000		25,393

Rev., 5.00%, 7/1/2022		25,000		26,572

Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.53%, 1/26/2023 (e)		250,000		250,320

Series 2017S-4, Rev., 5.00%, 1/25/2024 (c)		200,000		226,326

Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group Issue

Series 2016-I, Rev., 5.00%, 7/1/2021		100,000		101,436

Series I, Rev., 5.00%, 7/1/2022		245,000		259,061

Massachusetts Development Finance Agency, Whitehead Institute for Biomedical Research Issue Series 2011A, Rev., 5.00%, 6/1/2021 (b)		785,000		794,051

Massachusetts Development Finance Agency, Williams College

Series 2011N, Rev., 1.45%, 7/1/2021 (c)		95,000		95,370

Series 2013P, Rev., 5.00%, 7/1/2022		100,000		106,402

Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series M, Rev., 5.25%, 7/1/2021		35,000		35,597

Massachusetts Housing Finance Agency Series C2, Rev., FHA, 0.40%, 12/1/2022		100,000		100,130

Massachusetts Housing Finance Agency, Multi-Family Conduit, Chestnut Park Project Series 2018A, Rev., 2.40%, 12/1/2021 (c)		100,000		101,680

Massachusetts Housing Finance Agency, Single Family Housing Series 215, Rev., GNMA/FNMA/FHLMC, 0.75%, 12/1/2021		100,000		100,425

Massachusetts School Building Authority, Sales Tax

Series 2013A, Rev., 5.00%, 5/15/2021 (b)		45,000		45,444

Series 2012A, Rev., 5.00%, 8/15/2021		235,000		240,168

Series 2011B, Rev., 4.00%, 10/15/2021		150,000		153,583

Series 2011B, Rev., 5.00%, 10/15/2021 (b)		835,000		860,153

SEE NOTES TO FINANCIAL STATEMENTS.



228	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Massachusetts — continued

Series 2012A, Rev., 5.00%, 8/15/2022 (b)		290,000		310,330

Series 2012B, Rev., 5.00%, 8/15/2022 (b)		65,000		69,583

Massachusetts State College Building Authority

Series 2003B, Rev., AGC, Zero Coupon, 5/1/2021		200,000		199,892

Series 2012A, Rev., 4.00%, 5/1/2021 (b)		25,000		25,158

Series 2011A, Rev., 5.00%, 5/1/2021 (b)		105,000		105,838

Series 2014A, Rev., 5.00%, 5/1/2021 (b)		25,000		25,200

Series 2014B, Rev., 5.00%, 5/1/2021 (b)		55,000		55,439

Series 2012A, Rev., 5.00%, 5/1/2022 (b)		75,000		79,237

Series 2012B, Rev., 5.00%, 5/1/2022 (b)		20,000		21,130

Massachusetts Water Resources Authority

Series 2011B, Rev., 5.00%, 8/1/2021 (b)		125,000		127,518

Series 2011C, Rev., 5.00%, 8/1/2021 (b)		310,000		316,243

Series 2014F, Rev., 5.00%, 8/1/2021		220,000		224,422

Series 2002J, Rev., AGM, 5.50%, 8/1/2021		105,000		107,328

Series 2017C, Rev., 5.00%, 8/1/2022		30,000		32,050

Metrowest Regional Transit Authority Rev., RAN, 1.50%, 9/17/2021		4,770,000		4,798,525

Minuteman Regional Vocational Technical School District GO, 5.00%, 10/15/2022		25,000		26,961

Onset Fire District GO, 5.00%, 10/15/2022		55,000		59,201

Southeastern Regional Transit Authority Rev., RAN, 1.25%, 8/20/2021		2,850,000		2,860,944

Springfield Water and Sewer Commission

Series 2017B, Rev., 3.00%, 4/15/2021		25,000		25,085

Series 2017B, Rev., 5.00%, 4/15/2022		50,000		52,653

Series 2014C, Rev., 5.00%, 7/15/2022		35,000		37,282


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Town of Andover, Municipal Purpose Loan GO, 3.00%, 9/15/2021		20,000		20,308

Town of Arlington, Municipal Purpose Loan GO, 4.00%, 11/1/2021		30,000		30,766

Town of Ashland, Municipal Purpose Loan GO, 5.00%, 5/15/2021		20,000		20,197

Town of Bedford GO, 5.00%, 8/15/2022		25,000		26,759

Town of Bellingham GO, 4.00%, 3/15/2021		20,000		20,028

Town of Belmont, Municipal Purpose Loan GO, 3.00%, 3/15/2021		95,000		95,099

Town of Belmont, Unlimited Tax GO, 5.00%, 8/15/2022		25,000		26,759

Town of Billerica, Municipal Purpose Loan GO, 5.00%, 5/15/2021		45,000		45,444

Town of Bolton, Unlimited Tax GO, 4.00%, 4/1/2021		20,000		20,062

Town of Bourne, Municipal Purpose Loan

GO, 5.00%, 11/15/2021		20,000		20,684

GO, 5.00%, 12/1/2021		45,000		46,636

Town of Braintree, Municipal Purpose Loan GO, 3.50%, 10/15/2021		45,000		45,939

Town of Burlington, Municipal Purpose Loan GO, 5.00%, 7/15/2021		70,000		71,259

Town of Charlton GO, BAN, 1.13%, 5/28/2021		3,007,000		3,011,029

Town of Chelmsford

GO, 5.00%, 4/1/2021		65,000		65,255

GO, 5.00%, 4/1/2022		20,000		21,049

Town of Chelmsford, Municipal Purpose Loan

GO, 4.00%, 4/15/2021		20,000		20,092

GO, 5.00%, 6/15/2021		140,000		141,949

Town of Concord, Municipal Purpose Loan GO, 5.00%, 6/15/2021		30,000		30,418

Town of Dedham GO, BAN, 1.13%, 5/12/2021		1,000,000		1,001,150

Town of Dedham, Municipal Purpose Loan GO, 5.00%, 6/1/2021		45,000		45,541

Town of Dracut Series A, GO, 5.00%, 7/15/2021		25,000		25,447

Town of Dracut, Municipal Purpose Loan GO, 5.00%, 9/15/2021		25,000		25,649

Town of Eastham, Municipal Purpose Loan GO, 5.00%, 11/1/2021		30,000		30,957

Town of Easton, Municipal Purpose Loan GO, 4.00%, 8/1/2021		25,000		25,393

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	229

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Massachusetts — continued

Town of Falmouth, Municipal Purpose Loan Series 2014A, GO, 4.00%, 7/15/2021		30,000		30,429

Town of Foxborough, Municipal Purpose Loan GO, 5.00%, 3/15/2021		100,000		100,176

Town of Franklin

GO, 4.00%, 3/1/2021		45,000		45,000

GO, 4.00%, 3/1/2022		30,000		31,154

Town of Franklin, Municipal Purpose Loan GO, 5.00%, 8/15/2021		135,000		137,975

Town of Grafton, Municipal Purpose Loan GO, 5.00%, 4/1/2021		80,000		80,313

Town of Grafton, School Unlimited Tax GO, 4.00%, 4/1/2021		45,000		45,140

Town of Great Barrington, Municipal Purpose GO, 4.00%, 6/15/2022		25,000		26,223

Town of Hamilton GO, BAN, 1.25%, 8/27/2021		667,767		670,505

Town of Hanover GO, 4.00%, 5/15/2021		105,000		105,815

Town of Hanover, Municipal Purpose Loan

GO, 5.00%, 5/15/2021		35,000		35,343

GO, 4.00%, 9/1/2021		45,000		45,856

Town of Harwich, Municipal Purpose Loan GO, 4.00%, 10/1/2021		25,000		25,561

Town of Holden, Municipal Purpose Loan GO, 5.00%, 6/15/2021		35,000		35,484

Town of Holliston, Municipal Purpose Loan

GO, 5.00%, 4/1/2021		50,000		50,196

GO, 5.00%, 4/1/2022		20,000		21,049

Town of Hull, Municipal Purpose Loan GO, 2.00%, 8/15/2021		25,000		25,211

Town of Lexington GO, 4.00%, 2/1/2022		40,000		41,406

Town of Lexington, Municipal Purpose Loan

GO, 4.00%, 2/15/2022		25,000		25,916

GO, 4.00%, 6/15/2022		20,000		20,986

Town of Littleton, Municipal Purpose Loan GO, 4.00%, 3/15/2021		25,000		25,035

Town of Longmeadow GO, 5.00%, 6/1/2021		20,000		20,241

Town of Lunenburg, Municipal Purpose Loan GO, 4.00%, 6/1/2021		150,000		150,435

Town of Mansfield, Municipal Purpose Loan GO, 5.00%, 5/15/2021		20,000		20,194


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Town of Marblehead GO, 4.00%, 8/15/2023		50,000		50,856

Town of Marblehead, Municipal Purpose Loan

GO, 5.00%, 7/15/2021		75,000		76,349

GO, 5.00%, 8/1/2021		30,000		30,604

GO, 5.00%, 7/15/2022		35,000		37,321

Town of Marshfield, Municipal Purpose Loan

GO, 5.00%, 7/15/2021		20,000		20,360

GO, 5.25%, 7/15/2021		20,000		20,378

Town of Mendon, Municipal Purpose Loan GO, 3.00%, 2/15/2022		50,000		51,342

Town of Merrimac, Municipal Purpose Loan GO, 5.00%, 9/15/2021		25,000		25,647

Town of Nantucket, Municipal Purpose Loan GO, 5.00%, 12/1/2021		35,000		36,273

Town of North Attleborough, Municipal Purpose Loan GO, 4.00%, 5/15/2021		50,000		50,392

Town of North Reading, Municipal Purpose Loan

GO, 5.00%, 5/15/2021		50,000		50,494

GO, 5.00%, 5/15/2022		75,000		79,369

Town of Norwood GO, 4.00%, 8/15/2021		20,000		20,350

Town of Oak Bluffs, Municipal Purpose Loan GO, 5.00%, 9/1/2021		25,000		25,600

Town of Orleans, Municipal Purpose Loan

GO, 5.00%, 9/15/2021		90,000		92,348

GO, 5.00%, 2/1/2022		30,000		31,331

Town of Pembroke GO, 5.00%, 8/1/2021		50,000		51,007

Town of Plymouth GO, 4.00%, 5/15/2021		20,000		20,157

Town of Plymouth, Municipal Purpose Loan GO, 5.00%, 5/1/2021		25,000		25,199

Town of Randolph, Municipal Purpose Loan GO, 3.00%, 4/15/2021		45,000		45,154

Town of Reading, Municipal Purpose Loan

GO, 3.00%, 4/15/2021		25,000		25,087

GO, 4.00%, 6/15/2022		20,000		20,989

Town of Salisbury, Municipal Purpose Loan GO, 4.00%, 8/1/2022		25,000		26,359

Town of Scituate, Municipal Purpose Loan GO, 5.00%, 9/15/2021		20,000		20,524

SEE NOTES TO FINANCIAL STATEMENTS.



230	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Massachusetts — continued

Town of Shrewsbury, Municipal Purpose Loan

GO, 5.00%, 7/1/2021		60,000		60,965

GO, 5.00%, 7/15/2021		30,000		30,540

Town of South Hadley, Municipal Purpose Loan Series 2013A, GO, 3.00%, 5/15/2021		150,000		150,859

Town of Stockbridge, Highway Garage GO, 3.00%, 6/1/2022		40,000		41,394

Town of Stoughton, Municipal Purpose Loan GO, 5.00%, 10/15/2022		35,000		37,667

Town of Stow GO, 3.00%, 5/15/2021		50,000		50,286

Town of Tewksbury, Unlimited Tax GO, 5.00%, 6/1/2022		35,000		37,114

Town of Topsfield, Municipal Purpose Loan GO, 5.00%, 3/1/2022		35,000		36,694

Town of Walpole, Municipal Purpose Loan GO, 5.00%, 4/15/2021		25,000		25,145

Town of Watertown, Municipal Purpose Loan

GO, 5.00%, 6/15/2021		30,000		30,416

GO, 4.00%, 1/15/2022		20,000		20,667

GO, 3.00%, 5/15/2022		30,000		31,020

Town of Wellesley, Municipal Purpose Loan

GO, 4.00%, 12/1/2021		85,000		87,456

GO, 4.00%, 6/1/2022		35,000		36,678

Town of West Bridgewater GO, BAN, 2.00%, 11/26/2021		1,713,832		1,734,089

Town of Westborough, Municipal Purpose Loan GO, 5.00%, 8/1/2021		60,000		61,208

Town of Weston GO, 4.00%, 12/1/2022		25,000		26,674

Town of Wilmington, School GO, 5.00%, 3/15/2022		75,000		78,772

Town of Winchester, Municipal Purpose Loan GO, 5.00%, 7/1/2022		35,000		37,255

Town of Winthrop GO, 4.00%, 9/1/2021		25,000		25,481

Town of Winthrop, Municipal Purpose Loan GO, 4.00%, 3/15/2021		45,000		45,063

Town of Yarmouth, Municipal Purpose Loan GO, 5.00%, 12/15/2021		55,000		57,095

Woods Hole, Martha’s Vineyard and Nantucket Steamship Authority

Series 2018A, Rev., GTD, 5.00%, 3/1/2021		50,000		50,000

Series 2015A, Rev., GTD, 5.00%, 3/1/2022		100,000		104,841


Total Massachusetts				59,365,696


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — 2.8%

Anchor Bay School District

GO, Q-SBLF, 5.00%, 5/1/2021		30,000		30,231

Series 2016A, GO, Q-SBLF, 5.00%, 5/1/2021		100,000		100,771

Ann Arbor School District, Unlimited Tax

GO, Q-SBLF, 5.00%, 5/1/2021		185,000		186,460

GO, 5.00%, 5/1/2021		50,000		50,394

GO, 5.00%, 5/1/2022		45,000		47,510

GO, Q-SBLF, 5.00%, 5/1/2022		40,000		42,231

Avondale School District, Unlimited Tax GO, Q-SBLF, 5.00%, 11/1/2021		175,000		180,642

Birmingham City School District GO, 5.00%, 5/1/2022		40,000		42,245

Brighton Area School District, School Building and Site Series 2013-II, GO, Q-SBLF, 5.00%, 5/1/2022		300,000		315,429

Central Michigan University Rev., 5.00%, 10/1/2021		150,000		154,050

Charlotte Public School District GO, Q-SBLF, 5.00%, 5/1/2022		45,000		47,423

Charter Township of Canton, Limited Tax GO, 5.00%, 10/1/2022		65,000		69,803

Charter Township of Commerce, Limited Tax

Series 2016A, GO, 4.00%, 4/1/2021		45,000		45,134

Series 2016A, GO, 5.00%, 4/1/2023		95,000		104,143

Charter Township of Lyon Series 2006-A, GO, XLCA, 4.13%, 11/1/2023		45,000		45,286

City of Ann Arbor, Sewage Disposal System Rev., 3.00%, 7/1/2022		20,000		20,749

City of Farmington Hills, Capital Improvement GO, 3.00%, 10/1/2021		20,000		20,329

City of Ferndale, Unlimited Tax GO, 3.00%, 4/1/2021		100,000		100,225

City of Grand Rapids, Capital Improvement, Limited Tax GO, 5.00%, 4/1/2024		50,000		56,975

City of Grand Rapids, Limited Tax GO, 5.00%, 5/1/2021		20,000		20,159

City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2022		115,000		119,608

City of Grand Rapids, Water Supply System Rev., 5.00%, 1/1/2023		30,000		32,601

City of Kalamazoo, Wastewater System Rev., 3.15%, 10/1/2022		25,000		25,376

City of Lansing, Sewage Disposal System Rev., 5.00%, 5/1/2022		30,000		31,644

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	231

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Michigan — continued

City of Marquette, Capital Improvement

GO, 4.00%, 5/1/2023		200,000		214,900

GO, 4.00%, 5/1/2024		210,000		231,806

GO, 4.00%, 5/1/2025		290,000		327,909

City of Marquette, Limited Tax

GO, 4.00%, 10/1/2022		40,000		40,843

GO, 4.00%, 5/1/2023		170,000		182,665

GO, 4.00%, 5/1/2024		125,000		137,980

GO, 4.00%, 5/1/2025		105,000		118,726

City of Novi GO, 4.00%, 10/1/2021		60,000		61,290

City of Royal Oak, Capital Improvement

GO, 4.00%, 4/1/2021		50,000		50,149

GO, 3.00%, 10/1/2021		110,000		111,728

City of Southfield, Water and Sewer Capital Improvement Limited Tax GO, 3.00%, 5/1/2023		85,000		89,752

City of Sterling Heights, Capital Improvement GO, 5.00%, 4/1/2022		45,000		47,300

City of Warren, Capital Improvement GO, AGM, 3.00%, 5/1/2022		25,000		25,739

Clarkston Community Schools

GO, Q-SBLF, 5.00%, 5/1/2021		25,000		25,193

Series 2016A, GO, Q-SBLF, 5.00%, 5/1/2021		215,000		216,657

Cook & Thorburn Drain District GO, GTD, 3.00%, 5/1/2021		80,000		80,354

County of Barry, Medical Care Facility GO, 4.00%, 4/1/2021		50,000		50,148

County of Jackson, Transportation

GO, 2.00%, 5/1/2022		115,000		117,188

GO, 2.00%, 5/1/2024		250,000		261,863

County of Lenawee GO, 5.00%, 5/1/2021		25,000		25,193

County of Monroe, Sewage Disposal System, Village Of Dundee, Limited Tax GO, 4.00%, 5/1/2021		105,000		105,637

County of Muskegon, Wastewater Management System No. 2 GO, 5.00%, 7/1/2022		25,000		25,087

County of Ottawa GO, 5.00%, 11/1/2021		100,000		103,210

County of Saginaw, Limited Tax GO, 4.00%, 11/1/2021		50,000		51,230

De Witt Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023		50,000		54,993

Dearborn School District, Limited Tax

GO, 3.00%, 5/1/2021		915,000		919,054

GO, 3.00%, 5/1/2022		915,000		943,575


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Detroit City School District, School Building & Site Improvement Series 2002A, GO, FGIC, Q-SBLF, 6.00%, 5/1/2021		115,000		116,071

Dexter Community Schools GO, Q-SBLF, 4.00%, 5/1/2022		100,000		104,439

Dundee Community Schools, Unlimited Tax GO, Q-SBLF, 3.00%, 5/1/2023		50,000		52,751

East Grand Rapids Public School District Series 2018-II, GO, Q-SBLF, 4.00%, 5/1/2021		25,000		25,157

East Jordan Public Schools, Unlimited Tax Series 2017-I, GO, Q-SBLF, 3.00%, 5/1/2021		25,000		25,117

East Lansing School District Series 2020-II, GO, Q-SBLF, 4.00%, 5/1/2023		180,000		193,815

Forest Hills Public Schools, Unlimited Tax

GO, 4.00%, 5/1/2021		20,000		20,126

GO, 5.00%, 5/1/2021		340,000		342,696

Series I, GO, 3.00%, 5/1/2022		50,000		51,639

Fraser Public School District, Schoold Building & Site GO, Q-SBLF, 2.00%, 5/1/2021		150,000		150,408

Glen Lake Community Schools GO, AGM, Q-SBLF, 4.00%, 5/1/2021		150,000		150,434

Grand Haven Area Public Schools GO, Q-SBLF, 3.00%, 5/1/2021		225,000		226,035

Grand Rapids Community College, Limited Tax GO, 3.00%, 5/1/2022		30,000		30,919

Grand Rapids Public Schools GO, AGM, 5.00%, 5/1/2022		25,000		26,388

Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group Series 2019A, Rev., 5.00%, 7/1/2024		130,000		148,238

Grand Valley State University

Series 2014B, Rev., 5.00%, 12/1/2021		110,000		113,822

Series 2015A, Rev., 5.00%, 12/1/2021		200,000		206,212

Series 2016A, Rev., 5.00%, 12/1/2021		415,000		429,417

Series 2014B, Rev., 5.00%, 12/1/2023		310,000		343,809

Series 2016A, Rev., 5.00%, 12/1/2024		670,000		770,647

SEE NOTES TO FINANCIAL STATEMENTS.



232	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Michigan — continued

Greenville Public Schools GO, Q-SBLF, 4.75%, 5/1/2021 (b)		100,000		100,740

Grosse Ile Township School District GO, Q-SBLF, 5.00%, 5/1/2022		50,000		52,662

Grosse Pointe Public Library GO, 5.00%, 4/1/2021		50,000		50,195

Healthsource Saginaw, Inc., Unlimited Tax GO, 4.00%, 5/1/2023		50,000		52,146

Houghton-Portage Township School District Series 2016A, GO, Q-SBLF, 3.00%, 5/1/2021		25,000		25,117

Hudsonville Public Schools GO, Q-SBLF, 5.00%, 5/1/2021 (b)		95,000		95,758

Huron School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		50,000		52,722

Jenison Public Schools, State of School Building & Site GO, 5.00%, 5/1/2021		25,000		25,197

Kalamazoo Hospital Finance Authority, Bronson Healthcare Group

Rev., 5.00%, 5/15/2023		100,000		109,621

Rev., 5.00%, 5/15/2024		100,000		113,212

Kenowa Hills Public Schools Series 2018-II, GO, Q-SBLF, 4.00%, 11/1/2022		65,000		69,033

Kent Hospital Finance Authority Series 2011A, Rev., 5.00%, 11/15/2021 (b)		100,000		103,420

Kent Hospital Finance Authority, Spectrum Health System Series 2011A, Rev., 5.00%, 11/15/2021		500,000		516,700

L’Anse Creuse Public Schools

GO, VRDO, Q-SBLF, LOC: TD Bank NA, 0.03%, 3/9/2021 (c)		725,000		725,000

GO, Q-SBLF, 5.00%, 5/1/2021		125,000		125,953

Lansing Community College, Building and Site

GO, 4.00%, 5/1/2021		25,000		25,157

GO, 5.00%, 5/1/2022		40,000		42,217

Linden Community School District GO, Q-SBLF, 5.00%, 5/1/2022		25,000		26,391

Livonia Municipal Building Authority Rev., 4.00%, 5/1/2024		40,000		44,220

Ludington Area School District GO, Q-SBLF, 5.00%, 11/1/2021		115,000		118,550

Macomb County Building Authority Rev., 2.50%, 5/1/2021		50,000		50,191


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Macomb Interceptor Drain Drainage District, Limited Tax Series 2017A, GTD, 5.00%, 5/1/2022		25,000		26,400

Macomb Township Building Authority Rev., 5.00%, 4/1/2022		25,000		26,252

Manchester Community Schools, Unlimited Tax Series 2016A, GO, Q-SBLF, 4.00%, 5/1/2022		50,000		52,082

Meridian Public School District GO, Q-SBLF, 5.00%, 5/1/2021		75,000		75,578

Michigan Finance Authority

Series 2016C-3, Rev., 5.00%, 4/1/2021		700,000		702,450

Rev., 5.00%, 10/1/2021 (b)		25,000		25,706

Rev., 5.00%, 11/15/2021		30,000		30,970

Rev., 5.00%, 10/1/2022 (b)		25,000		26,913

Series 2016C-3, Rev., 5.00%, 4/1/2023		100,000		108,881

Michigan Finance Authority, Beaumont Health

Rev., 5.00%, 11/1/2023		225,000		241,958

Rev., 5.00%, 11/1/2026		100,000		107,107

Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c)		370,000		388,149

Michigan Finance Authority, Clean Water Revolving Fund

Rev., 5.00%, 10/1/2021		45,000		46,266

Series 2016B, Rev., 5.00%, 10/1/2024		150,000		174,441

Michigan Finance Authority, Critenton Hospital Medical Center

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		25,000		26,497

Michigan Finance Authority, Detroit School District

Series 2015A, Rev., Q-SBLF, 5.00%, 5/1/2021		50,000		50,383

Series 2015A, Rev., Q-SBLF, 5.00%, 5/1/2022		90,000		94,878

Michigan Finance Authority, Henry Ford Health System

Rev., 5.00%, 11/15/2021		245,000		252,918

Rev., 5.00%, 11/15/2022		950,000		1,023,739

Rev., 5.00%, 11/15/2024		395,000		458,749

Michigan Finance Authority, Local Government Loan Program Rev., AGM, 5.00%, 7/1/2024		250,000		286,408

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	233

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Michigan — continued

Michigan Finance Authority, McLaren Health Care Corp.

Series 20105A, Rev., 5.00%, 5/15/2022		400,000		422,252

Series 2012A, Rev., 5.00%, 6/1/2025		100,000		105,433

Michigan Finance Authority, Mid Michigan Health Rev., 4.00%, 6/1/2024 (b)		540,000		599,503

Michigan Finance Authority, Sparrow Obligated Group Rev., 4.00%, 11/15/2021		25,000		25,633

Michigan Finance Authority, Trinity Health Credit Group

Rev., 5.00%, 12/1/2021		570,000		590,463

Series 2015MI, Rev., 5.00%, 12/1/2021		355,000		367,744

Series 2016MI-2, Rev., (SIFMA Municipal Swap Index Yield + 0.48%), 0.51%, 2/1/2022 (e)		145,000		145,139

Rev., 5.00%, 12/1/2022 (b)		150,000		162,497

Series 2017A-MI, Rev., 5.00%, 12/1/2022		615,000		666,236

Series 2017A, Rev., 5.00%, 12/1/2023		295,000		331,890

Series 2019MI-1, Rev., 5.00%, 12/1/2023		100,000		112,505

Series 2017A, Rev., 5.00%, 12/1/2024		240,000		279,626

Series 2019MI-2, Rev., 5.00%, 2/1/2025 (c)		660,000		767,309

Michigan State Building Authority, Facilities Program

Series I, Rev., 5.00%, 4/15/2021		150,000		150,870

Rev., 5.00%, 10/15/2021		100,000		103,008

Series 2011II-A, Rev., 5.00%, 10/15/2021 (b)		100,000		103,014

Series 2016-I, Rev., 5.00%, 10/15/2021		50,000		51,504

Series 2011I-A, Rev., 5.13%, 10/15/2021 (b)		1,500,000		1,546,380

Series 2011I-A, Rev., 5.20%, 10/15/2021 (b)		150,000		154,707

Series 2011I-A, Rev., 5.50%, 10/15/2021 (b)		170,000		175,651

Michigan State Building Authority, Multi Modal Program Rev., VRDO, 0.10%, 3/9/2021 (c)		5,235,000		5,235,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Michigan State Hospital Finance Authority, Ascension Health Credit Group

Series 2010F-2, Rev., 1.90%, 4/1/2021 (c)		750,000		751,035

Series 2005A-3, Rev., 4.00%, 11/1/2021		875,000		896,866

Series F-5, Rev., 2.40%, 3/15/2023 (c)		305,000		317,420

Series 2010 F-1, Rev., 4.00%, 6/1/2023 (c)		50,000		54,009

Series 2005A-3, Rev., 4.00%, 11/1/2023		100,000		109,423

Series 2005A-3, Rev., 4.00%, 11/1/2024		50,000		56,167

Michigan State Hospital Finance Authority, Trinity Health Credit Group

Rev., 4.00%, 6/1/2022 (b)		100,000		104,744

Rev., 5.00%, 6/1/2022 (b)		185,000		196,080

Series 2008C, Rev., 5.00%, 12/1/2024		255,000		297,103

Series C, Rev., 5.00%, 12/1/2025		150,000		180,373

Michigan State Housing Development Authority, Single Family Mortgage

Series 2019B, Rev., 1.40%, 6/1/2021		160,000		160,422

Series 2018A, Rev., 2.20%, 6/1/2022		25,000		25,538

Michigan State University

Series 2019C, Rev., 5.00%, 8/15/2021		125,000		127,720

Series 2019C, Rev., 5.00%, 8/15/2022		155,000		165,763

Series 2020A, Rev., 5.00%, 8/15/2022		25,000		26,736

Michigan Strategic Fund, Rare isotope Beams Project

Rev., 5.00%, 3/1/2021		50,000		50,000

Rev., 5.00%, 3/1/2022		150,000		157,170

Michigan Strategic Fund, The Detroit Edison Co.

Series 2008ET-2, Rev., 1.45%, 9/1/2021 (c)		290,000		291,641

Series CC, Rev., 1.45%, 9/1/2021 (c)		300,000		301,698

Midland Public Schools, Unlimited Tax Series 2019-II, GO, Q-SBLF, 4.00%, 5/1/2021		20,000		20,121

SEE NOTES TO FINANCIAL STATEMENTS.



234	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Michigan — continued

Milan Area Schools GO, Q-SBLF, 5.00%, 5/1/2022		20,000		21,065

Mount Clemens Community School District Series 2017A, GO, Q-SBLF, 5.00%, 5/1/2022		50,000		52,801

Mount Pleasant School District Series 2016-I, GO, 4.00%, 5/1/2022		50,000		52,202

Muskegon Local Development Finance Authority Rev., AGM, GTD, 3.00%, 11/1/2022		50,000		50,687

New Buffalo Area Schools GO, 2.50%, 11/1/2021		100,000		101,431

New Haven Community Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		25,000		26,406

North Gratiot Interceptor-Lenox Local Drain Drainage District GO, GTD, 5.00%, 5/1/2021		60,000		60,476

North Kent Sewer Authority, State of Michigan, Sanitary Sewer System, Limited Tax of Constituent Municipalities Rev., 4.00%, 11/1/2022		50,000		53,163

Northville Public Schools, School Building and Site Series 2020-III, GO, 4.00%, 5/1/2025		30,000		34,001

Northwestern Michigan College, Community College Facilities, Limited Tax GO, 3.25%, 5/1/2021		35,000		35,177

Novi Community School District, School Building and Site Series I, GO, 4.00%, 5/1/2021		25,000		25,157

Novi Community School District, School Building and Site, Unlimited Tax Series II, GO, 4.00%, 5/1/2021		25,000		25,157

Oakland County Building Authority, Limited Tax Series 2020A, Rev., 5.00%, 11/1/2022		35,000		37,795

Plymouth-Canton Community School District GO, Q-SBLF, 5.00%, 5/1/2023		45,000		49,525

Port Huron Area School District, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2021 (b)		40,000		40,316

Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group

Series 2014D, Rev., 5.00%, 9/1/2021		260,000		266,014

Rev., 5.00%, 9/1/2023		410,000		456,170


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Royal Oak School District, School Building and Site, Unlimited Tax

GO, 4.00%, 5/1/2022		55,000		57,441

GO, 5.00%, 5/1/2022		75,000		79,201

Saginaw Township Community School District, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2021		50,000		50,315

Saginaw Valley State University Series 2016A, Rev., 5.00%, 7/1/2021		570,000		578,767

Sault Ste Marie Area Public Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 3.00%, 5/1/2022		55,000		56,718

Schoolcraft Community College District, Limited Tax GO, 3.00%, 5/1/2024		115,000		123,799

South Lake Schools, School Building and Site GO, Q-SBLF, 4.00%, 11/1/2024		25,000		27,443

South Redford School District GO, Q-SBLF, 5.00%, 5/1/2021		25,000		25,193

State of Michigan Rev., GAN, 5.00%, 3/15/2021		415,000		415,706

State of Michigan Comprehensive Transportation Rev., AGM, 5.25%, 5/15/2021		20,000		20,201

State of Michigan, Environmental Program

Series 2016B, GO, 5.00%, 11/1/2021		150,000		154,815

Series 2011A, GO, 5.00%, 12/1/2021		45,000		46,626

Series 2015A, GO, 5.00%, 12/1/2021		55,000		56,987

Series 2016A, GO, 5.00%, 12/1/2021		125,000		129,516

State of Michigan, Trunk Line Fund

Rev., 5.00%, 11/15/2021		585,000		604,878

Rev., 5.00%, 11/15/2022		400,000		432,692

Township of Scio, Limited Tax GO, 3.00%, 11/1/2021		20,000		20,359

Township of Spring Arbor, Unlimited Tax GO, 3.00%, 5/1/2021		100,000		100,452

Troy School District, School Building and Site

GO, Q-SBLF, 5.00%, 5/1/2021		220,000		221,745

GO, Q-SBLF, 5.00%, 5/1/2022		45,000		47,520

Troy School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2021		90,000		90,714

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	235

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Michigan — continued

University of Michigan

Rev., 5.00%, 4/1/2021		25,000		25,098

Series 2014A, Rev., 5.00%, 4/1/2021		25,000		25,098

Utica Community Schools, School Building and Site GO, Q-SBLF, 4.00%, 5/1/2021		35,000		35,217

Walled Lake Consolidated School District GO, Q-SBLF, 5.00%, 11/1/2023 (b)		45,000		50,607

Warren Consolidated Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022		100,000		104,164

Wayne State University Series 2019A, Rev., 5.00%, 11/15/2024		210,000		243,054

West Bloomfield School District, Unlimited Tax School Building and Site GO, AGM, 5.00%, 5/1/2022		25,000		26,361

West Ottawa Public Schools, School Building and Site

Series 2018-II, GO, 5.00%, 11/1/2021		50,000		51,605

Series 2014-1, GO, 5.00%, 5/1/2022		40,000		42,240

West Ottawa Public Schools, School Building and Site, Unlimited Tax

GO, 4.00%, 5/1/2021		50,000		50,315

GO, 4.00%, 5/1/2023		20,000		21,589

Western Michigan University, Tax Exempt Rev., 5.00%, 11/15/2021		95,000		98,105

Western Township Utilities Authority, Sewage Disposal System, Limited Tax Rev., GTD, 5.00%, 1/1/2022		60,000		62,270

Westwood Heights Schools, 2018 School Improvement, Limited Tax GO, 3.00%, 5/1/2021		100,000		100,362

Wyandotte City School District, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		45,000		47,450

Ypsilanti Community Utilities Authority, Charter Township of Ypsilanti, Limited Tax Rev., 4.00%, 5/1/2022		25,000		26,041

Ypsilanti Community Utilities Authority, Water Supply System No. 7, Charter Township Ypsilanti, Limited Tax Rev., 4.00%, 4/1/2023		175,000		187,915

Zeeland Public Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022		50,000		52,112


Total Michigan				39,153,281


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Minnesota — 0.8%

Alexandria Lake Area Sanitation District, Sanitary Sewer Board Series 2015A, GO, 5.00%, 2/1/2023		25,000		27,225

Anoka County Regional Railroad Authority, Limited Tax Series 2015A, GO, 2.50%, 2/1/2022		50,000		51,072

Buffalo-Hanover-Montrose Independent School District No. 877 Series 2012A, GO, 4.00%, 2/1/2022		45,000		46,577

Centennial Independent School District No. 12 Series 2017A, GO, 3.00%, 2/1/2022		20,000		20,518

City of Cambridge Series 2016A, GO, 3.00%, 2/1/2022		30,000		30,767

City of Carver Series 2015B, GO, 4.00%, 2/1/2022		25,000		25,867

City of Columbia Heights

Series 2015A, GO, 3.00%, 2/1/2022		25,000		25,639

Series 2017B, GO, 3.00%, 2/1/2023		35,000		36,712

City of Crystal, General Improvement Series 2017A, GO, 3.00%, 2/1/2022		25,000		25,639

City of Duluth, Capital Equipment Notes Series 2018C, GO, 3.00%, 2/1/2022		25,000		25,639

City of Duluth, State Aid Street Improvement Series 2020C, GO, 1.50%, 2/1/2022		755,000		763,954

City of Mankato

Series 2012A, GO, 3.00%, 2/1/2022		75,000		76,979

Series 2014A, GO, 5.00%, 2/1/2022		25,000		26,116

City of Minneapolis, Health Care System, Fairview Health Services

Series 2015A, Rev., 5.00%, 11/15/2021		70,000		72,237

Rev., 5.00%, 11/15/2022		100,000		107,941

Rev., 5.00%, 11/15/2023		100,000		112,346

Rev., 5.00%, 11/15/2025		20,000		23,997

City of Mound Series 2018A, GO, 4.00%, 2/1/2022		75,000		77,566

City of Prior Lake Series 2016A, GO, 2.00%, 12/15/2021		250,000		253,552

City of Red Wing Series 2017A, GO, 3.00%, 2/1/2023		35,000		36,713

City of Rochester, Health Care Facilities, Mayo Clinic Series 2011C, Rev., 4.50%, 11/15/2021 (c)		1,260,000		1,296,931

City of Roseville Series 2012A, GO, 4.00%, 3/1/2022		25,000		25,959

SEE NOTES TO FINANCIAL STATEMENTS.



236	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Minnesota — continued

City of Sauk Centre GO, 2.00%, 9/1/2022		45,000		46,203

City of St. Cloud Series 2016A, Rev., 5.00%, 5/1/2021		125,000		125,942

City of St. Cloud, Infrastructure Management Fund Series 2013A, GO, 3.00%, 2/1/2025		45,000		45,083

City of St. Paul

Series 2017A, GO, 5.00%, 3/1/2021		70,000		70,000

Series 2014B, GO, 5.00%, 11/1/2021		25,000		25,806

Series 2016A, GO, 5.00%, 9/1/2022		25,000		26,809

City of St. Paul Minnesota, Housing and Redevelopment Authority, Fairview Health Services Series 2017A, Rev., 5.00%, 11/15/2022		200,000		215,346

City of St. Paul Minnesota, Housing and Redevelopment Authority, Health Partners Obligated Group Rev., 5.00%, 7/1/2021		250,000		253,803

City of St. Paul, Street Improvement Series 2016F, GO, 5.00%, 5/1/2022		25,000		26,407

County of Anoka, Capital Improvement Bonds Series 2017A, GO, 5.00%, 2/1/2022		50,000		52,214

County of Clay Series 2017A, GO, 5.00%, 2/1/2025		50,000		58,637

County of Hennepin

Series 2014B, GO, 5.00%, 12/1/2022		50,000		54,211

Series 2016A, GO, 5.00%, 12/1/2022		30,000		32,527

Series 2017C, GO, 5.00%, 12/1/2022		30,000		32,527

County of Kandiyohi, Water and Sewer Series 2019A, GO, 4.00%, 2/1/2022		25,000		25,864

County of Mille Lacs, Drainage Series 2019B, GO, 3.00%, 2/1/2024		45,000		48,175

County of Olmsted Series 2012A, GO, 4.00%, 2/1/2022		75,000		77,601

County of Otter Tail, Capital Improvement Series 2019A, GO, 5.00%, 2/1/2023		55,000		59,930

County of Ramsey, Library Series 2014A, GO, 5.00%, 2/1/2022		20,000		20,878

County of Sherburne, Capital Improvement Series 2017A, GO, 3.00%, 2/1/2023		25,000		26,248


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Minnesota — continued

County of St. Louis, Capital Improvement

Series 2015C, GO, 3.00%, 12/1/2022		25,000		26,234

Series 2016B, GO, 5.00%, 12/1/2023		35,000		39,458

County of Stearns, Capital Improvement Crossover Series 2014A, GO, 4.00%, 12/1/2021		30,000		30,853

County of Washington, Capital Improvement Plan Series 2014A, GO, 5.00%, 2/1/2022		50,000		52,214

County of Wright, Jail Series 2017A, GO, 4.00%, 12/1/2022		115,000		122,576

Deer River Independent School District No. 317, Deer River, Facilities Maintenance Series 2019A, GO, 5.00%, 2/1/2022		100,000		104,418

Duluth Independent School District No. 709

Series 2019C, COP, 5.00%, 2/1/2022		130,000		135,047

Series A, COP, 5.00%, 2/1/2022		200,000		207,764

Series 2016A, COP, 5.00%, 2/1/2023		100,000		107,941

Series 2016A, COP, 5.00%, 2/1/2025		200,000		230,426

Edina Independent School District No. 273 Series 2011C, COP, 3.00%, 4/1/2021		25,000		25,055

Hennepin County Regional Railroad Authority Series 2019A, GO, 5.00%, 12/1/2021		25,000		25,907

Hopkins Independent School District No. 270, Alternative Facilities Series 2015A, GO, 3.00%, 2/1/2022		25,000		25,648

Hoyt Lakes Economic Development Authority Series 2013A, Rev., 5.20%, 3/1/2021 (b)		30,000		30,000

Lakeville Independent School District No. 194 Series 2016A, GO, 5.00%, 2/1/2022		40,000		41,767

Metropolitan Council

Series 2012C, GO, 4.00%, 3/1/2021		25,000		25,000

Series 2016A, GO, 5.00%, 3/1/2021		25,000		25,000

Metropolitan Council, Wastewater Series 2012-I, GO, 4.00%, 3/1/2022		45,000		46,726

Minneapolis Special School District No. 1

Series 2020A, COP, 5.00%, 4/1/2023		125,000		136,865

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	237

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Minnesota — continued

Series 2014D, COP, 5.00%, 2/1/2025		30,000		32,684

Minneapolis-St. Paul Metropolitan Airports Commission

Series 2016B, Rev., 5.00%, 1/1/2022		775,000		805,186

Series 2019C, Rev., 5.00%, 1/1/2023		150,000		162,629

Minnesota Higher Education Facilities Authority, Carleton College

Rev., 5.00%, 3/1/2021		25,000		25,000

Rev., 5.00%, 3/1/2023		195,000		212,499

Minnesota Higher Education Facilities Authority, Hamline University Series 7-K2, Rev., 6.00%, 10/1/2021 (b)		375,000		387,499

Minnesota Higher Education Facilities Authority, Macalester College

Series 20158-J, Rev., 5.00%, 3/1/2021		30,000		30,000

Series 7-S, Rev., 3.00%, 5/1/2021		100,000		100,460

Minnesota Housing Finance Agency, Housing Infrastructure, State Appropriation Series 2018C, Rev., 5.00%, 8/1/2021		20,000		20,394

Minnesota Housing Finance Agency, Residential Housing Finance

Series 2015C, Rev., AMT, GNMA/FNMA/FHLMC, 2.10%, 7/1/2021		60,000		60,344

Series 2013C, Rev., AMT, GNMA/FNMA/FHLMC, 2.55%, 1/1/2022		130,000		132,261

Series C, Rev., AMT, GNMA/FNMA/FHLMC, 2.55%, 1/1/2023		65,000		67,157

Minnesota Municipal Power Agency Rev., 5.00%, 10/1/2021		75,000		77,070

Minnesota Public Facilities Authority

Series 2005B, Rev., 5.00%, 3/1/2021		35,000		35,000

Series 2010A, Rev., 5.00%, 3/1/2021		30,000		30,000

Series 2010A, Rev., 5.00%, 3/1/2023		50,000		54,761

Minnesota State Colleges and Universities Foundation Rev., 4.00%, 10/1/2022		125,000		132,471

Minnetonka Independent School District No. 276

Series E, COP, 3.00%, 10/1/2021		155,000		157,435

Series E, COP, 3.00%, 10/1/2022		85,000		88,602

Series E, COP, 4.00%, 10/1/2023		115,000		125,435


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Minnesota — continued

Orono Independent School District No. 278 Series 2017A, GO, 4.00%, 2/1/2022		50,000		51,753

Rochester Independent School District No. 535

Series 2020A, GO, 4.00%, 2/1/2022		20,000		20,701

Series 2016C, GO, 5.00%, 2/1/2022		25,000		26,104

Series 2014A, COP, 3.00%, 2/1/2024		25,000		26,206

Rosemount-Apple Valley-Eagan Independent School District No. 196

Series 2013A, GO, 3.00%, 2/1/2022		75,000		76,944

Series 2016A, GO, 5.00%, 2/1/2025		35,000		41,061

Shakopee Independent School District No. 720 Series 2020D, GO, 5.00%, 2/1/2022		400,000		417,144

St. Louis Park Independent School District No. 283, School Building Series 2014A, GO, 3.00%, 2/1/2022		25,000		25,636

St. Michael-Albertville Independent School District No. 885, School Building Series 2016A, GO, 5.00%, 2/1/2023		25,000		27,236

St. Paul Independent School District No. 625 Series 2017C, COP, 5.00%, 2/1/2022		25,000		26,081

St. Paul Port Authority, State of Minnesota Freeman Office Building

Series 2013-2, Rev., 5.00%, 12/1/2021		90,000		93,265

Series 2013-2, Rev., 5.00%, 12/1/2022		150,000		162,635

State of Minnesota

Series 2012B, Rev., 5.00%, 3/1/2021		280,000		280,000

Series 2014A, Rev., 5.00%, 6/1/2021		75,000		75,906

Series 2012B, Rev., 5.00%, 3/1/2022		370,000		387,989

Series 2014A, Rev., 5.00%, 6/1/2023		25,000		27,605

State of Minnesota, Trunk Highway

Series 2014E, GO, 3.00%, 8/1/2021		70,000		70,840

Series 2019B, GO, 5.00%, 8/1/2021		70,000		71,419

Series B, GO, 5.00%, 8/1/2021		25,000		25,506

GO, 5.00%, 10/1/2021 (b)		75,000		77,119

Series 2011B, GO, 5.00%, 10/1/2021 (b)		240,000		246,780

Series 2018B, GO, 5.00%, 8/1/2023		25,000		27,869

SEE NOTES TO FINANCIAL STATEMENTS.



238	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Minnesota — continued

State of Minnesota, Various Purpose

GO, 5.00%, 8/1/2021		30,000		30,608

Series 2009F, GO, 5.00%, 8/1/2021		30,000		30,608

Series 2016A, GO, 5.00%, 8/1/2021		215,000		219,358

Series 2018A, GO, 5.00%, 8/1/2021		85,000		86,723

Series 2011A, GO, 5.00%, 10/1/2021 (b)		40,000		41,130

Series 2013F, GO, 5.00%, 10/1/2021		45,000		46,279

Series 2014A, GO, 5.00%, 8/1/2022		25,000		26,723

Series 2015A, GO, 5.00%, 8/1/2022		20,000		21,379

Series 2019D, GO, 5.00%, 8/1/2022		25,000		26,723

Series 2013D, GO, 5.00%, 10/1/2022		35,000		37,696

Series 2017D, GO, 5.00%, 10/1/2022		30,000		32,311

Three Rivers Park District Series 2015B, GO, 3.00%, 2/1/2023		20,000		21,018

University of Minnesota

Series 2017B, Rev., 5.00%, 12/1/2021		75,000		77,721

Series 2013A, Rev., 5.00%, 2/1/2022		25,000		26,107

University of Minnesota, Special Purpose Rev., 5.00%, 8/1/2021		20,000		20,402


Total Minnesota				11,720,528


Mississippi — 0.4%

Alcorn State University Educational Building Corp. (The) Rev., 3.00%, 9/1/2022		30,000		31,204

City of Ridgeland

GO, 4.00%, 8/1/2021		100,000		101,554

GO, 4.00%, 8/1/2024		25,000		27,977

City of Starkville, Water and Sewer System Rev., 4.00%, 5/1/2023		55,000		59,147

County of DeSoto GO, 5.00%, 7/1/2022		95,000		101,109

County of Madison, Road and Bridge GO, 4.00%, 11/1/2023		50,000		54,781

Harrison County School District GO, 4.00%, 6/1/2021		115,000		116,053

Jackson State University Educational Building Corp.

Series 2015A, Rev., 5.00%, 3/1/2021		55,000		55,000

Series 2015A, Rev., 5.00%, 3/1/2023		100,000		108,974


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Mississippi — continued

Madison County School District

GO, 5.00%, 3/1/2021		25,000		25,000

GO, 5.00%, 3/1/2024		25,000		28,226

Mississippi Business Finance Corp., Power Company Project Rev., 2.75%, 12/9/2021 (c)		100,000		101,561

Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project Rev., 5.00%, 8/1/2025		110,000		128,140

Mississippi Development Bank, East Mississippi Community College District Capital Improvement Project Rev., 5.00%, 1/1/2022		50,000		51,948

Mississippi Development Bank, Hinds Community College

Rev., AGM, 5.13%, 4/1/2021 (b)		250,000		251,005

Rev., AGM, 3.00%, 10/1/2021		250,000		253,853

Mississippi Development Bank, Marshall County Industrial Development Authority Rev., 5.00%, 1/1/2022 (b)		75,000		78,031

Mississippi Development Bank, Rankin County School District General Obligation Bond Project Rev., 5.00%, 6/1/2021		545,000		551,420

Mississippi Development Bank, Rankin County School District Project

Rev., 5.00%, 6/1/2022		315,000		333,415

Rev., 5.00%, 11/1/2022		30,000		32,354

Rev., 5.00%, 6/1/2023		60,000		66,251

Rev., 5.00%, 6/1/2024		30,000		34,387

Mississippi Hospital Equipment and Facilities Authority, North Mississippi Health Services

Series 2020-I, Rev., 5.00%, 10/1/2021		620,000		636,740

Rev., 5.00%, 10/1/2023		155,000		172,696

Mississippi State University Educational Building Corp., Campus Improvement Project Rev., 5.00%, 11/1/2021		25,000		25,806

Mississippi State University Educational Building Corp., New Facilities and Refinancing Project

Series 2014A, Rev., 5.00%, 8/1/2021		135,000		137,713

Series 2014A, Rev., 5.00%, 8/1/2023		50,000		55,571

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	239

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Mississippi — continued

Rankin County School District, Limited Tax GO, 3.00%, 8/1/2023		75,000		75,128

State of Mississippi

Series 2009F, GO, 5.25%, 10/1/2021		75,000		77,223

Series A, GO, 5.25%, 11/1/2021		165,000		170,594

Series 2012H, GO, 4.00%, 12/1/2021		250,000		257,205

Series 2015C, GO, 5.00%, 10/1/2022		65,000		69,964

Series 2012F, GO, 4.00%, 11/1/2022		45,000		47,862

State of Mississippi, Nissan North America Project Series 2012B, GO, 5.00%, 11/1/2021		35,000		36,128

University of Mississippi Educational Building Corp., Refinancing Project

Rev., 3.00%, 10/1/2022		195,000		203,580

Series 2016A, Rev., 5.00%, 10/1/2022		30,000		32,266

Rev., 5.00%, 10/1/2023		270,000		300,753

Rev., 5.00%, 10/1/2024		195,000		224,816

University of Southern Mississippi Educational Building Corp., Facilities Refinancing Project Rev., 3.00%, 3/1/2023		50,000		52,440


Total Mississippi				5,167,875


Missouri — 0.7%

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Combine Lien Mass Transit Sales Tax

Series 2013A, Rev., 5.00%, 10/1/2021		215,000		220,857

Series 2013A, Rev., 5.00%, 10/1/2022		145,000		155,689

Cape Girardeau School District No. 63 GO, 4.00%, 3/1/2025		25,000		28,400

City of Chesterfield COP, 5.00%, 12/1/2023		25,000		28,156

City of Columbia, Water and Electric System Rev., 5.00%, 10/1/2021		170,000		174,692

City of Grain Valley GO, Zero Coupon, 3/1/2021		150,000		126,776

City of Kansas City

Series 2019A, Rev., 5.00%, 12/1/2021		20,000		20,725

Series 2014A, Rev., 4.00%, 12/1/2022		35,000		37,338

Series 2012A, GO, 4.50%, 2/1/2024		25,000		25,937


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Missouri — continued

City of Kansas City, Special Obligation Series E, Rev., Zero Coupon, 2/1/2024		275,000		261,797

City of Kansas, Sanitary Sewer System

Series 2016A, Rev., 4.00%, 1/1/2022		25,000		25,798

Series 2011A, Rev., 5.00%, 1/1/2022		225,000		225,817

Series 2018A, Rev., 5.00%, 1/1/2022		25,000		26,006

City of O’Fallon GO, 5.00%, 3/1/2021		25,000		25,000

City of Springfield, Public Utility

Rev., 5.00%, 8/1/2021		20,000		20,402

COP, 5.00%, 12/1/2021		105,000		108,809

Rev., 5.00%, 8/1/2022		65,000		69,442

City of St. Charles COP, 5.00%, 4/1/2023		35,000		38,338

City of St. Peters COP, 4.00%, 5/1/2023		170,000		183,087

County of Clay

Series 2018A, COP, 4.00%, 5/1/2021		100,000		100,615

Series 2018A, COP, 4.00%, 5/1/2022		40,000		41,737

Series 2018A, COP, 4.00%, 5/1/2024		30,000		33,215

County of Greene, Neighborhood Improvement District Project GO, 3.00%, 4/1/2021		165,000		165,380

County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2024		180,000		203,976

County of Jackson, Truman Medical Center Project Series 2011B, Rev., 4.50%, 12/1/2025		100,000		102,757

Curators of the University of Missouri (The), System Facilities Bonds

Rev., 5.00%, 11/1/2021 (b)		25,000		25,807

Series 2014A, Rev., 5.00%, 11/1/2022 (b)		25,000		27,010

Eureka Fire Protection District GO, 4.00%, 3/1/2022		70,000		72,649

Florissant Valley Fire Protection District GO, 3.00%, 3/1/2022		25,000		25,697

Fort Zumwalt School District, Missouri Direct Deposit Program GO, Zero Coupon, 3/1/2022		200,000		199,242

SEE NOTES TO FINANCIAL STATEMENTS.



240	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Missouri — continued

Greene County Reorganized School District No. R-4 GO, 1.40%, 3/1/2021		100,000		100,000

Health and Educational Facilities Authority of the State of Missouri, BJC Health System

Series C, Rev., VRDO, LIQ: BJC Health System, 0.02%, 3/9/2021 (c)		810,000		810,000

Rev., 5.00%, 1/1/2022		125,000		129,869

Health and Educational Facilities Authority of the State of Missouri, Coxhealth and Obligated Group Series 2013A, Rev., 5.00%, 11/15/2022		75,000		80,821

Health and Educational Facilities Authority of the State of Missouri, Mosaic Health System Series 2019A, Rev., 5.00%, 2/15/2022		50,000		52,244

Health and Educational Facilities Authority of the State of Missouri, SSM Health System Series 2014A, Rev., 5.00%, 6/1/2021		50,000		50,575

Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Health System, Inc.

Rev., 5.00%, 11/15/2021		180,000		185,972

Rev., 5.00%, 11/15/2023		175,000		196,504

Health and Educational Facilities Authority of the State of Missouri, The Chidern’s Mercy Hospital Rev., 5.00%, 5/15/2021		30,000		30,285

Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital Rev., 5.00%, 9/1/2021		230,000		234,158

Hickman Mills C-1 School District Series 2020C-1, GO, 4.00%, 3/1/2023		25,000		26,742

Jackson County Reorganized School District No. 7 GO, 3.00%, 3/1/2021		125,000		125,000

Jackson County School District No. R-VI Oak Grove, Missouri Direct Deposit Program GO, 1.80%, 3/1/2021		150,000		150,000

Kirkwood School District Educational Facilities Authority, Leasehold Rev., 3.00%, 2/15/2022		25,000		25,678

Ladue School District GO, 4.00%, 3/1/2022		25,000		25,959

Lindbergh School District GO, 4.00%, 3/1/2021		50,000		50,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Missouri — continued

Metropolitan St. Louis Sewer District, Wastewater System Improvement

Series 2011B, Rev., 5.00%, 5/1/2021		45,000		45,359

Series 2012A, Rev., 5.00%, 5/1/2022 (b)		35,000		36,978

Series 2012B, Rev., 5.00%, 5/1/2022 (b)		30,000		31,695

Missouri Highway and Transportation Commission Series 2019A, Rev., 5.00%, 5/1/2021		170,000		171,350

Missouri Highway and Transportation Commission, First Lien

Series 2014A, Rev., 5.00%, 5/1/2021		40,000		40,318

Series 2014A, Rev., 5.00%, 5/1/2022		95,000		100,332

Missouri Highway and Transportation Commission, Second Lien Series 2014B, Rev., 5.00%, 5/1/2021		95,000		95,754

Missouri Highway and Transportation Commission, Third Lien Series 2019B, Rev., 5.00%, 11/1/2021		240,000		247,721

Missouri Joint Municipal Electric Utility Commission, IATAN 2 Project Series 2014A, Rev., 5.00%, 1/1/2022		600,000		623,370

Missouri Joint Municipal Electric Utility Commission, Prairie State Project

Series 2015A, Rev., 5.00%, 12/1/2021		560,000		579,628

Series 2015A, Rev., 5.00%, 12/1/2023		100,000		112,387

Series 2015A, Rev., 5.00%, 6/1/2024		100,000		114,344

Missouri School Boards Association, The School District of the City of Independence Project COP, 2.50%, 4/1/2021		100,000		100,148

Missouri State Board of Public Buildings

Series 2016A, Rev., 4.00%, 4/1/2021		250,000		250,777

Series 2017A, Rev., 5.00%, 4/1/2021		50,000		50,195

Series 2018A, Rev., 5.00%, 4/1/2021		100,000		100,391

Series 2014A, Rev., 5.00%, 10/1/2021		25,000		25,705

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	241

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Missouri — continued

Series 2015B, Rev., 5.00%, 4/1/2022		55,000		57,879

Series 2014A, Rev., 5.00%, 10/1/2022		110,000		118,401

Series 2015B, Rev., 5.00%, 4/1/2024		100,000		114,215

Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water

Rev., 5.00%, 7/1/2021		20,000		20,324

Rev., 4.00%, 1/1/2022		25,000		25,807

Rev., 5.00%, 1/1/2022 (b)		50,000		52,020

Series 2020A, Rev., 5.00%, 1/1/2023		25,000		27,196

Series 2013A, Rev., 5.00%, 7/1/2024		60,000		66,632

North Kansas City School District 74, Improvement Bonds, Missouri Direct Deposit Program GO, 4.00%, 3/1/2021		25,000		25,000

OTC Public Building Corp., Ozarks Technical Community College Project Rev., 5.00%, 5/1/2021 (b)		105,000		105,828

Park Hill School District of Platte County, Missouri Direct Deposit Program

GO, 5.00%, 3/1/2022		50,000		52,415

GO, 5.00%, 3/1/2023		40,000		43,716

Platte County Reorganized School District No. R-3 GO, 2.00%, 3/1/2021		50,000		50,000

Republic School District No. R-3, Missouri Direct Deposit Program GO, 4.00%, 3/1/2022		25,000		25,959

Rock Township Ambulance District GO, 4.00%, 3/1/2022		25,000		25,959

Springfield School District No. R-12, Missouri Direct Deposit Program Series 2014B, GO, 5.00%, 3/1/2021		70,000		70,000

St Louis County School District C-2 Parkway Series 2012-A, GO, 5.00%, 3/1/2021		20,000		20,000

St. Charles County Public Water Supply District No. 2 Series 2016B, COP, 5.00%, 12/1/2021		205,000		212,249

St. Louis Junior College District Building Corp. Rev., 3.00%, 4/1/2022		50,000		50,095

St. Louis Regional Convention and Sports Complex Authority, Convention and Sports Facilities Series 2013B, Rev., 5.00%, 8/15/2021		60,000		61,314


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Missouri — continued

St. Louis School District, Direct Deposit Program

Series 2011B, GO, 4.00%, 4/1/2021 (b)		500,000		501,535

GO, 5.00%, 4/1/2021		95,000		95,371

Series 2011B, GO, 5.00%, 4/1/2021 (b)		20,000		20,078


Total Missouri				9,643,403


Montana — 0.4%

Cascade County Elementary School District No. 1 Great Falls, School Building GO, 4.00%, 7/1/2021		25,000		25,306

City of Billings Series 2012A, GO, 3.00%, 7/1/2023		35,000		35,312

City of Missoula, Limited Tax Series 2016A, GO, 4.00%, 7/1/2021		50,000		50,637

Gallatin County High School District No. 44 Belgrade GO, 4.00%, 6/1/2021		50,000		50,458

Gallatin County High School District No. 7 Bozeman GO, 4.00%, 6/1/2022		25,000		26,180

Gallatin County School District No. 44 Belgrade, School Building GO, 4.00%, 6/1/2021		50,000		50,458

Lewis & Clark County K-12 School District No. 9 East Helena GO, 3.00%, 7/1/2021		25,000		25,224

Montana Facility Finance Authority, Billings Clinic Obligated Group Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.55%), 0.58%, 8/15/2023 (e)		5,135,000		5,144,140

State of Montana Series 2020C, GO, 5.00%, 8/1/2021		40,000		40,804

Yellowstone County School District No. 2 Billings, School Building GO, 5.00%, 6/15/2022		45,000		47,737


Total Montana				5,496,256


Nebraska — 0.7%

Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 1/1/2024 (c)		255,000		283,639

City of Columbus, Sales Tax Rev., 5.00%, 9/15/2021		25,000		25,616

City of Fremont, Combined Utility System Rev., 3.00%, 10/15/2021		65,000		66,130

City of Lincoln Rev., 3.00%, 8/15/2022		25,000		26,030

SEE NOTES TO FINANCIAL STATEMENTS.



242	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Nebraska — continued

City of Lincoln NE Electric System

Rev., 5.00%, 9/1/2021		230,000		235,554

Rev., 5.00%, 9/1/2022		90,000		96,512

City of Lincoln, Sanitary Sewer

Rev., 4.00%, 6/15/2021		30,000		30,331

Rev., 4.00%, 8/1/2021		40,000		40,638

Rev., 4.00%, 6/15/2022		35,000		36,726

City of Omaha

Series A, GO, 4.00%, 5/1/2021		50,000		50,316

Series 2012B, GO, 3.00%, 11/15/2021		40,000		40,803

Series 2011A, GO, 5.00%, 11/15/2021 (b)		100,000		103,420

Series 2014B, GO, 5.00%, 11/15/2022		75,000		81,157

City of Omaha, Convention Center

GO, 5.25%, 4/1/2021		25,000		25,104

GO, 5.25%, 4/1/2022		35,000		36,926

City of Omaha, Sewer

Rev., 4.00%, 4/1/2021		95,000		95,297

Rev., 5.00%, 11/15/2021 (b)		200,000		206,836

Series 2020A, Rev., 4.00%, 4/1/2022		20,000		20,831

Rev., 3.25%, 11/15/2022 (b)		25,000		26,300

City of Omaha, Various Purpose

Series 2017A, GO, 5.00%, 4/15/2021		170,000		170,993

Series A, GO, 4.00%, 11/15/2021		85,000		87,303

Series 2018A, GO, 5.00%, 1/15/2022		50,000		52,106

Douglas County Hospital Authority No. 2, Children’s Hospital Obligated Group Series 2020A, Rev., 5.00%, 11/15/2021		50,000		51,645

Douglas County Hospital Authority No. 2, Health Facilities Rev., 5.00%, 5/15/2021		25,000		25,238

Douglas County School District No. 17, Millard Public School

Series 2015B, GO, 5.00%, 6/15/2021		80,000		81,110

Series 2015B, GO, 5.00%, 6/15/2022		165,000		175,233

Lincoln County Hospital Authority No. 1 Rev., 4.00%, 11/1/2021 (b)		150,000		153,647

Metropolitan Community College Area, Fort Omaha Campus Project COP, 5.00%, 3/1/2022		25,000		26,182


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Nebraska — continued

Nebraska Cooperative Republican Platte Enhancement Project

Rev., AGM, 4.00%, 5/1/2022 (b)		110,000		114,804

Series 2020A, Rev., 2.00%, 12/15/2022		445,000		456,290

Series 2020A, Rev., 2.00%, 12/15/2023		905,000		938,376

Nebraska Investment Finance Authority, Single Family Housing

Series 2019D, Rev., GNMA/FNMA/FHLMC, 1.45%, 9/1/2021		155,000		155,862

Series 2016A, Rev., 1.60%, 9/1/2021		35,000		35,229

Series 2019A, Rev., GNMA/FNMA/FHLMC, 1.80%, 3/1/2022		35,000		35,487

Series 2018C, Rev., 2.13%, 9/1/2022		55,000		56,301

Nebraska Public Power District

Series 2014C, Rev., 5.00%, 7/1/2021		150,000		152,297

Series 2014A, Rev., 5.00%, 1/1/2022		135,000		140,260

Series 2017B, Rev., 5.00%, 1/1/2022		40,000		41,534

Series 2019A, Rev., 5.00%, 1/1/2022		175,000		181,713

Rev., 5.00%, 7/1/2022		100,000		103,827

Series 2021A, Rev., 5.00%, 1/1/2023 (d)		1,500,000		1,581,915

Series 2021B, Rev., 5.00%, 1/1/2023 (d)		450,000		474,575

Series A-2, Rev., 5.00%, 1/1/2023		125,000		129,602

Series 2020A, Rev., 0.60%, 7/1/2023 (c)		565,000		562,051

Series 2021A, Rev., 5.00%, 1/1/2025 (d)		525,000		593,554

Series 2021A, Rev., 5.00%, 1/1/2027 (d)		400,000		478,072

Omaha Public Facilities Corp., Omaha Baseball Stadium Project Series 2016A, Rev., 5.00%, 6/1/2023		25,000		27,599

Omaha Public Power District, Electric System

Series 2015B, Rev., 4.00%, 2/1/2022		25,000		25,867

Series 2012A, Rev., 5.00%, 2/1/2022 (b)		25,000		26,112

Series A, Rev., 5.00%, 2/1/2022 (b)		25,000		26,111

SEE NOTES TO FINANCIAL STATEMENTS.


		��
FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS		243

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Nebraska — continued

Papillion-La Vista School District No. 27 Series 2019B, GO, 3.00%, 12/1/2022		25,000		26,180

Public Power Generation Agency, Whelan Energy Center Unit 2 Rev., 5.00%, 1/1/2022		50,000		51,900

State of Nebraska

Series 2020A, COP, 2.00%, 9/1/2021		400,000		403,496

Series 2017C, COP, 4.00%, 11/1/2021		25,000		25,623

University of Nebraska Facilities Corp., UNMC Global Center Project Rev., 5.00%, 12/15/2021		130,000		134,931

University of Nebraska, Lincoln Student Fees and Facilities Rev., 5.00%, 1/1/2022 (b)		210,000		218,486

University of Nebraska, OMAHA Student Health and Recreation Project Rev., 1.50%, 5/15/2021 (b)		75,000		75,199

University of Nebraska, OMAHA Student Housing Project Rev., 3.25%, 5/15/2024 (b)		60,000		65,436


Total Nebraska				9,690,312


Nevada — 0.6%

City of Henderson, Sewer

GO, 5.00%, 6/1/2021		30,000		30,360

Series 2012A, GO, 5.00%, 6/1/2023		25,000		27,053

City of Las Vegas, City Hall Series 2015C, GO, 5.00%, 9/1/2024		125,000		144,522

City of Las Vegas, Limited Tax

Series 2014A, GO, 5.00%, 5/1/2021		50,000		50,398

Series 2014A, GO, 5.00%, 5/1/2022		50,000		52,813

Series 2019C, GO, 5.00%, 6/1/2022		50,000		53,014

Clark County School District

Series 2012A, GO, 5.00%, 6/15/2021		165,000		167,221

Series 2015D, GO, 5.00%, 6/15/2021		25,000		25,336

Clark County Water Reclamation District, Limited Tax GO, 5.00%, 7/1/2023		20,000		22,181

County of Clark, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021		75,000		76,179

County of Clark, Department of Aviation, Nevada Airport System, Las Vegas-McCarran International Airport Passenger Facility Charge Series 2012B, Rev., 5.00%, 7/1/2022		270,000		287,285


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Nevada — continued

County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien

Rev., 5.00%, 7/1/2021		125,000		126,999

Series 2019D, Rev., 5.00%, 7/1/2023		670,000		741,737

Series 2019D, Rev., 5.00%, 7/1/2024		300,000		344,226

County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport Series 2019A, Rev., 5.00%, 7/1/2023		140,000		154,990

County of Clark, Flood Control

GO, 5.00%, 11/1/2021		50,000		51,609

GO, 5.00%, 11/1/2022		200,000		216,008

GO, 5.00%, 11/1/2023		25,000		28,088

County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax Rev., 5.00%, 7/1/2025		710,000		843,068

County of Clark, Las Vegas Convention and Visitors Authority

GO, 4.00%, 7/1/2021		80,000		81,018

GO, 5.00%, 7/1/2023		20,000		22,181

County of Clark, Limited Tax

Series 2016A, GO, 5.00%, 11/1/2021		245,000		252,882

Series 2016B, GO, 5.00%, 11/1/2021		115,000		118,700

Series 2016B, GO, 5.00%, 11/1/2022		310,000		334,812

Series 2016B, GO, 5.00%, 11/1/2023		25,000		28,088

Series 2016B, GO, 5.00%, 11/1/2024		45,000		52,357

County of Clark, Park Improvement, Limited Tax GO, 5.00%, 12/1/2024		25,000		29,168

County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Rev., 5.00%, 7/1/2021		400,000		406,396

County of Clark, Stadium Improvement, Limited Tax Series 2018A, GO, 5.00%, 6/1/2021		100,000		101,198

County of Clark, Transportation, Limited Tax Series 2019B, GO, 5.00%, 6/1/2026		300,000		366,246

County of Washoe, Limited Tax, Various Purpose Series 2012A, GO, 3.00%, 3/1/2024		50,000		51,279

SEE NOTES TO FINANCIAL STATEMENTS.



244	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Nevada — continued

County of Washoe, Reno-Sparks Convention & Visitors Authority, Limited Tax GO, 5.00%, 7/1/2021 (b)		110,000		111,751

Las Vegas Valley Water District

Series 2011D, GO, 5.00%, 6/1/2021		20,000		20,239

Series 2015A, GO, 5.00%, 6/1/2021		95,000		96,146

Series 2016A, GO, 5.00%, 6/1/2021		200,000		202,412

Series 2017B, GO, 5.00%, 6/1/2021		40,000		40,482

Series 2018A, GO, 5.00%, 6/1/2021		190,000		192,291

Series 2019A, GO, 5.00%, 6/1/2021		150,000		151,809

Series 2015B, GO, 5.00%, 12/1/2021		40,000		41,458

Series 2012B, GO, 5.00%, 6/1/2022		50,000		53,027

Series 2015A, GO, 5.00%, 6/1/2022		225,000		238,621

Series 2017A, GO, 5.00%, 6/1/2022		75,000		79,540

Series 2018B, GO, 5.00%, 6/1/2022		25,000		26,514

Series 2016A, GO, 5.00%, 6/1/2023		25,000		27,664

Series 2012B, GO, 5.00%, 6/1/2025		240,000		254,345

Nevada System of Higher Education

Series 2013A, Rev., 5.00%, 7/1/2021		85,000		86,336

Rev., 4.00%, 7/1/2022		100,000		104,964

Series 2013B, Rev., 5.00%, 7/1/2022		20,000		21,258

Rev., 5.00%, 7/1/2023		25,000		27,560

State of Nevada Highway Improvement

Rev., 5.00%, 12/1/2021		60,000		62,187

Series 2020B, Rev., 5.00%, 12/1/2021		30,000		31,093

State of Nevada Highway Improvement, Motor Vehicle Fuel Tax

Rev., 5.00%, 12/1/2021		370,000		383,483

Series 2020A, Rev., 5.00%, 12/1/2022		35,000		37,948

State of Nevada, Capital Improvement and Cultural Affairs

Series 2014A, GO, 5.00%, 4/1/2021		90,000		90,354

Series 2011A, GO, 5.00%, 8/1/2021		60,000		61,211

Series 2012B, GO, 5.00%, 8/1/2021		30,000		30,606

Series 2013D-1, GO, 5.00%, 3/1/2022		65,000		68,140

Series 2014A, GO, 5.00%, 4/1/2022		40,000		42,094

GO, 5.00%, 8/1/2022		25,000		26,708

Series 2015B, GO, 5.00%, 11/1/2022		65,000		70,214

Series 2015B, GO, 5.00%, 11/1/2024		25,000		29,048


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Nevada — continued

State of Nevada, Casa Grande Project COP, 4.00%, 4/1/2021		30,000		30,091

State of Nevada, College Project COP, 5.00%, 6/1/2021		20,000		20,236

State of Nevada, Historic Preservation

Series 2018A, GO, 5.00%, 4/1/2021		20,000		20,078

Series 2018A, GO, 5.00%, 4/1/2022		40,000		42,094

State of Nevada, Limited Tax

Series 2016D, GO, 5.00%, 5/1/2021		60,000		60,480

Series 2015D, GO, 5.00%, 4/1/2022		45,000		47,355

State of Nevada, Natural Resources, Limited Tax Series 2012C, GO, 5.00%, 8/1/2022		20,000		21,367

State of Nevada, Parks and Natural Resources GO, 5.00%, 6/1/2021		25,000		25,302

State of Nevada, Water Pollution Control GO, 5.00%, 8/1/2022		25,000		26,708

Truckee Meadows Water Authority

Rev., 5.00%, 7/1/2021		20,000		20,321

Series 2015A, Rev., 5.00%, 7/1/2021		20,000		20,321

Rev., 5.00%, 7/1/2022		40,000		42,572

Washoe County School District, Limited Tax, School Improvement Series 2011-A, GO, 5.00%, 6/1/2021 (b)		40,000		40,481


Total Nevada				8,414,321


New Hampshire — 0.1%

City of Concord GO, 4.00%, 7/15/2022		40,000		42,100

City of Dover GO, 3.00%, 6/15/2021		100,000		100,803

City of Keene GO, 4.00%, 11/1/2022		30,000		31,841

City of Manchester Series 2011C, GO, 3.50%, 12/1/2021 (b)		55,000		56,375

City of Nashua

GO, 3.00%, 5/1/2021		50,000		50,234

GO, 5.00%, 9/15/2022		25,000		26,856

City of Portsmouth Series B, GO, 3.00%, 8/1/2021		50,000		50,591

County of Merrimack GO, 5.00%, 11/15/2021		25,000		25,853

New Hampshire Health and Education Facilities Authority Act, Concord Hospital

Rev., 5.25%, 10/1/2021 (b)		150,000		154,367

Series 2013A, Rev., 4.00%, 10/1/2022 (b)		410,000		434,239

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	245

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Hampshire — continued

New Hampshire Health and Education Facilities Authority Act, Southern New Hampshire University Rev., 5.00%, 1/1/2023 (b)		40,000		43,460

New Hampshire Health and Education Facilities Authority, University System Rev., 5.00%, 7/1/2021		25,000		25,397

New Hampshire Municipal Bond Bank

Series 2016D, Rev., 4.00%, 8/15/2021		25,000		25,436

Series 2011D, Rev., 5.00%, 8/15/2021		25,000		25,549

Series 2013A, Rev., 5.00%, 8/15/2021		70,000		71,536

Series 2017B, Rev., 5.00%, 8/15/2021		75,000		76,645

Series 2013C, Rev., 5.25%, 8/15/2021		35,000		35,807

Series 2011E, Rev., 3.00%, 1/15/2022		20,000		20,493

Series 2011E, Rev., 4.13%, 1/15/2022 (b)		20,000		20,694

Series 2017A, Rev., 5.00%, 2/15/2022		20,000		20,921

Series 2019A, Rev., 5.00%, 2/15/2022		75,000		78,455

Series 2012C, Rev., 4.00%, 8/15/2022		35,000		36,944

Series 2016D, Rev., 4.00%, 8/15/2022		25,000		26,389

State of New Hampshire

Series 2014A, GO, 4.00%, 3/1/2021		20,000		20,000

Series 2016B, GO, 5.00%, 6/1/2021		30,000		30,360

Series 2011B, GO, 3.50%, 2/1/2022 (b)		25,000		25,762

Series 2011B, GO, 4.00%, 2/1/2022		25,000		25,879

Series 2014A, GO, 5.00%, 3/1/2022		25,000		26,208

Series 2018A, GO, 5.00%, 12/1/2022		25,000		27,106


Total New Hampshire				1,636,300


New Jersey — 7.1%

Bergen County Improvement Authority (The), Englewood Board of Education Project Rev., GTD, 5.00%, 4/1/2021		20,000		20,078

Bergen County Improvement Authority (The), Guaranteed Governmental Loan

Rev., GTD, 5.00%, 8/15/2021		20,000		20,440


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Rev., GTD, 5.00%, 9/1/2022		35,000		37,532

Rev., GTD, 5.00%, 10/15/2022		30,000		32,348

Borough of Carlstadt GO, BAN, 2.00%, 6/25/2021		8,675,000		8,712,216

Borough of Edgewater, General Improvement and Marina Utility GO, 4.00%, 2/15/2022		40,000		41,466

Borough of Florham Park, Water and Sewer Utility GO, BAN, 1.50%, 11/12/2021		2,621,000		2,641,418

Borough of Hightstown GO, 5.00%, 4/1/2022		50,000		52,505

Borough of Lebanon, General Improvement GO, 4.00%, 2/1/2022		30,000		30,962

Borough of Oakland, General Improvement GO, 3.00%, 12/1/2022		25,000		26,175

Borough of Old Tappan GO, BAN, 2.00%, 10/8/2021		1,149,100		1,160,717

Borough of Point Pleasant, General Improvement GO, 4.00%, 7/15/2022		20,000		21,022

Borough of Runnemede Series A, GO, BAN, 1.25%, 6/30/2021		2,363,125		2,368,253

Borough of Saddle River GO, BAN, 1.25%, 4/23/2021		2,494,000		2,496,594

Borough of South Plainfield, General Improvement GO, 4.00%, 4/1/2022		100,000		104,044

Borough of South River, General Improvement

GO, 3.00%, 12/1/2022		25,000		26,189

GO, 4.00%, 12/1/2022		40,000		42,599

Borough of Westwood GO, BAN, 1.50%, 12/17/2021		1,074,000		1,083,784

Bridgewater-Raritan Regional School District

GO, 4.50%, 5/1/2021		50,000		50,348

GO, 4.50%, 5/1/2022		70,000		73,447

Burlington County Bridge Commission

Rev., GTD, 5.00%, 10/1/2021		20,000		20,550

Rev., GTD, 5.00%, 10/1/2022		50,000		53,719

Burlington County Bridge Commission, Governmental Leasing Program

Series 2020AB, Rev., 3.50%, 4/15/2021		330,000		331,353

Rev., 5.00%, 10/1/2021		25,000		25,687

Rev., 5.00%, 4/15/2022		25,000		26,321

SEE NOTES TO FINANCIAL STATEMENTS.



246	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Jersey — continued

Burlington County Bridge Commission, Governmental Loan Program

Rev., GTD, 5.00%, 8/1/2021		30,000		30,588

Rev., GTD, 4.00%, 10/15/2021		35,000		35,809

Rev., GTD, 5.00%, 12/1/2021		25,000		25,884

Rev., GTD, 5.00%, 8/1/2022		25,000		26,664

Rev., GTD, 5.00%, 12/1/2022		20,000		21,637

Camden County Improvement Authority (The)

Series 2011A, Rev., GTD, 4.00%, 9/1/2021		75,000		76,400

Series 2012A, Rev., GTD, 5.00%, 9/1/2021		50,000		51,182

Series 2015A, Rev., GTD, 5.00%, 9/1/2021		55,000		56,300

Series 2014A, Rev., GTD, 4.00%, 12/15/2021		195,000		200,754

Series 2017B, Rev., GTD, 4.00%, 1/15/2024		25,000		27,497

Series 2015A, Rev., GTD, 5.00%, 9/1/2024		25,000		28,867

Camden County Improvement Authority (The), Camden County College Project Rev., GTD, 5.00%, 1/15/2023		50,000		54,348

Camden County Improvement Authority (The), City Hall Project Rev., GTD, 5.00%, 12/1/2022		75,000		81,179

Camden County Improvement Authority (The), County Capital Program Rev., GTD, 5.00%, 1/15/2022		315,000		327,987

Camden County Improvement Authority (The), Open Space Preservation Trust Fund

Rev., GTD, 2.25%, 6/1/2021		40,000		40,198

Rev., GTD, 5.00%, 6/1/2023		50,000		52,937

Chathams District Board of Education Series 2014A, GO, 5.00%, 7/15/2022		25,000		26,655

City of Brigantine GO, 4.00%, 10/15/2022		25,000		26,443

City of Cape May GO, 3.00%, 7/15/2021		30,000		30,317

City of East Orange, Water Utilities Series B, GO, AGM, 5.00%, 7/15/2021		35,000		35,602

City of Elizabeth, General Improvement

GO, AGM, 3.00%, 4/1/2022		25,000		25,769

GO, 4.00%, 8/15/2022		50,000		52,785


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

City of Elizabeth, Improvement and Sewer Utility GO, 3.00%, 4/1/2022		50,000		51,538

City of Hoboken, Packaging Utility GO, 5.00%, 1/1/2023		25,000		27,177

City of Jersey, General Improvement Series 2012A-B, GO, AGM, 3.00%, 9/1/2021		25,000		25,325

City of Ocean City GO, 4.00%, 9/15/2023		75,000		81,858

City of Rahway

GO, 4.00%, 4/15/2022		25,000		26,004

GO, 4.00%, 8/1/2023		25,000		27,091

City of Ventnor GO, BAN, 2.00%, 7/15/2021		12,679,000		12,757,737

Collingswood School District GO, 4.00%, 6/1/2021		25,000		25,232

County of Bergen GO, 5.00%, 10/15/2022		35,000		37,751

County of Burlington, General Improvement

Series 2016A-1, GO, 4.00%, 9/1/2021		185,000		188,435

Series 2016A-1, GO, 4.00%, 9/1/2022		50,000		52,777

County of Camden, College GO, 3.00%, 2/1/2022		25,000		25,627

County of Cumberland GO, BAN, 2.00%, 10/7/2021		85,000		85,897

County of Essex, Vocational School Bonds Series 2017B, GO, 5.00%, 9/1/2022		35,000		37,532

County of Gloucester

Series 2017B, GO, 3.00%, 10/15/2021		30,000		30,531

GO, 4.00%, 1/15/2022		100,000		103,344

County of Hudson

GO, 5.00%, 9/1/2021		30,000		30,718

GO, 5.00%, 12/1/2021		60,000		62,158

GO, 5.00%, 12/1/2022		25,000		27,046

GO, 5.00%, 12/1/2023		25,000		28,105

County of Mercer, Capital Improvement, Open Space Farmland Preservation Series 2020A, GO, BAN, 2.00%, 6/10/2021		820,000		824,100

County of Mercer, County College GO, 4.00%, 6/1/2022		25,000		26,195

County of Middlesex, Civic Square II Redevelopment Associates LLC

COP, 4.00%, 6/15/2021		60,000		60,644

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	247

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Jersey — continued

COP, 4.00%, 6/15/2023		25,000		27,019

County of Middlesex, Civic Square III Redevelopment Associates LLC COP, 4.00%, 6/15/2023		100,000		108,074

County of Middlesex, Civic Square IV Redevelopment Associates LLC

COP, 5.00%, 10/15/2021		45,000		46,325

COP, 5.00%, 10/15/2022		50,000		53,827

County of Monmouth, Various Purpose Series 2015C, GO, 5.00%, 7/15/2022		30,000		31,985

County of Ocean

Series 2015A, GO, 4.00%, 8/1/2022		25,000		26,356

GO, 5.00%, 8/1/2022		25,000		26,708

County of Ocean, General Improvement GO, 5.00%, 11/1/2021		45,000		46,420

County of Passaic, Consisting of General Improvement and College

GO, 5.00%, 6/15/2021		20,000		20,278

GO, 5.00%, 4/1/2023		25,000		27,422

County of Passaic, Vocational School Series 2018B, GO, 4.00%, 12/1/2024		165,000		185,607

County of Somerset

GO, 3.00%, 8/1/2021		35,000		35,414

GO, 3.00%, 8/1/2022		25,000		26,002

County of Union GO, 3.00%, 3/1/2022		45,000		46,278

East Rutherford Board of Education GO, 1.25%, 7/15/2021		8,000,000		8,021,040

Essex County Improvement Authority

Rev., AMBAC, GTD, 5.25%, 12/15/2021		25,000		26,009

Series 2006, Rev., AMBAC, GTD, 5.25%, 12/15/2021		20,000		20,808

Rev., AMBAC, GTD, 5.25%, 12/15/2022		20,000		21,822

Essex County Improvement Authority, County Guaranteed Project Rev., GTD, 5.00%, 10/1/2022		50,000		53,844

Flemington Raritan Regional Board of Education GO, 4.00%, 6/15/2021		20,000		20,221

Franklin Township Board of Education GO, 3.00%, 2/1/2022		40,000		41,033

Freehold Township Board of Education GO, 5.00%, 7/15/2023		25,000		26,616

Gloucester County Improvement Authority (The), GCSSSD/GCVTSD Project Rev., 4.00%, 5/15/2023		35,000		37,787


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Gloucester County Improvement Authority (The), Shady Lane Nursing Home Project Rev., GTD, 4.00%, 12/1/2022		480,000		508,838

Green Brook Township School District GO, 3.50%, 5/15/2023		80,000		83,114

Hainesport Township School District GO, 5.00%, 1/15/2024		35,000		39,469

Hopewell Valley Regional School District GO, 3.25%, 1/15/2025		25,000		27,270

Hudson County Improvement Authority, Guttenberg Project Rev., GTD, 5.00%, 8/1/2023		50,000		55,558

Hudson County Improvement Authority, Vocational — Technical School Project

Rev., 5.00%, 5/1/2021		30,000		30,234

Rev., 5.00%, 5/1/2023		25,000		27,508

Jackson Township School District GO, 5.00%, 6/15/2025		50,000		58,960

Lenape Regional High School District GO, 5.00%, 3/15/2023		20,000		21,864

Leonia Board of Education GO, 4.00%, 7/15/2022		140,000		147,252

Lindenwold Boro School District GO, 4.00%, 6/1/2021		75,000		75,677

Livingston Township School District GO, 5.00%, 7/15/2021		25,000		25,448

Lyndhurst Township School District GO, 4.00%, 7/1/2021		100,000		101,191

Medford Township Board of Education

GO, 5.00%, 3/1/2021		50,000		50,000

GO, 5.00%, 3/1/2022		120,000		125,772

Middlesex County Improvement Authority, Capital Equipment and Improvement

Rev., GTD, 3.00%, 9/1/2021		20,000		20,284

Rev., GTD, 4.00%, 9/15/2021		175,000		178,619

Rev., GTD, 4.00%, 10/15/2021		20,000		20,478

Middlesex County Improvement Authority, Educational Services Commission of New Jersey Project Rev., GTD, 5.00%, 7/15/2022		25,000		26,655

Monmouth County Improvement Authority (The), Governmental Pooled Loan Project

Series 2018B, Rev., 5.00%, 7/15/2021		20,000		20,359

Series 2017B, Rev., GTD, 5.00%, 7/15/2022		30,000		31,985

Rev., GTD, 5.00%, 12/1/2022		95,000		103,002

SEE NOTES TO FINANCIAL STATEMENTS.



248	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Jersey — continued

Monroe Township Board of Education GO, 5.00%, 3/1/2022		35,000		36,673

Montgomery Township Board of Education GO, 5.00%, 4/1/2022		60,000		63,134

Morris County Improvement Authority Rev., GTD, 5.00%, 8/15/2021 (b)		25,000		25,551

Morris County Improvement Authority, Morris Hills Regional District Project Rev., GTD, 5.00%, 10/1/2022 (b)		35,000		37,679

Mount Olive Township Board of Education GO, 4.00%, 7/15/2021		25,000		25,355

Mountain Lakes School District GO, 5.00%, 1/15/2022		25,000		26,051

New Brunswick Parking Authority, Tax-Exempt

Series 2020B, Rev., GTD, 5.00%, 9/1/2021		70,000		71,552

Series 2020B, Rev., GTD, 5.00%, 9/1/2022		350,000		372,918

Series 2020B, Rev., GTD, 5.00%, 9/1/2023		335,000		370,165

New Jersey Building Authority Series 2013A, Rev., 5.00%, 6/15/2021		240,000		243,209

New Jersey Economic Development Authority, Motor Vehicle Surcharge Series 2004A, Rev., NATL-RE, Zero Coupon, 7/1/2021		350,000		349,055

New Jersey Economic Development Authority, School Facilities Construction

Series 2012-II, Rev., 5.00%, 3/1/2021 (b)		40,000		40,000

Series 2013NN, Rev., 5.00%, 3/1/2021		245,000		245,000

Series GG, Rev., 5.00%, 3/1/2021		100,000		100,000

Series 2011EE, Rev., 5.25%, 3/1/2021		1,300,000		1,300,000

Series 2011GG, Rev., 5.25%, 3/1/2021		200,000		200,000

Rev., 5.50%, 3/1/2021 (b)		80,000		80,000

Series 2011GG, Rev., 5.75%, 3/1/2021 (b)		975,000		975,000

Series XX, Rev., 5.00%, 6/15/2021		560,000		567,487

Series 2011GG, Rev., 5.00%, 9/1/2021		125,000		125,357

Series 2012-II, Rev., 5.00%, 3/1/2022		275,000		287,661

Series 2013NN, Rev., 5.00%, 3/1/2022		50,000		52,302


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Rev., 5.00%, 6/15/2022		100,000		105,921

Rev., 5.00%, 6/15/2023		110,000		120,743

Series 2012-II, Rev., 3.00%, 3/1/2024		110,000		112,287

Series 2005N1, Rev., AMBAC, 5.50%, 9/1/2024		1,375,000		1,593,336

Series 2012-II, Rev., 5.00%, 3/1/2025		150,000		156,318

New Jersey Educational Facilities Authority, College of New Jersey Rev., 5.00%, 7/1/2022 (b)		100,000		106,458

New Jersey Educational Facilities Authority, Montclair State University Series 2014A, Rev., 5.00%, 7/1/2021		270,000		274,061

New Jersey Educational Facilities Authority, Princeton University

Series 2015D, Rev., 5.00%, 7/1/2021		30,000		30,481

Series 2011B, Rev., 3.10%, 7/1/2023		50,000		50,467

New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. Rev., 5.00%, 7/1/2022		120,000		127,384

New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group

Series 2019B-1, Rev., 5.00%, 7/1/2024 (c)		800,000		912,616

Rev., 5.00%, 7/1/2026 (c)		100,000		120,852

New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health

Series 2017A, Rev., 5.00%, 7/1/2021		100,000		101,572

Rev., 5.00%, 7/1/2022		295,000		313,559

Series 2017A, Rev., 5.00%, 7/1/2025		175,000		207,303

New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Rev., 2.00%, 7/1/2022		350,000		357,374

New Jersey Health Care Facilities Financing Authority, Meridian Health System Rev., 5.00%, 7/1/2024		305,000		323,605

New Jersey Health Care Facilities Financing Authority, Robert Wood Johnson University Hospital Rev., 5.00%, 7/1/2021		225,000		228,537

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	249

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Jersey — continued

New Jersey Health Care Facilities Financing Authority, Valley Health System

Rev., 4.00%, 7/1/2021		305,000		308,632

Rev., 5.00%, 7/1/2023		85,000		94,143

Rev., 5.00%, 7/1/2024		200,000		227,774

New Jersey Higher Education Student Assistance Authority, Senior Student Loan Series A, Rev., 5.00%, 12/1/2024		40,000		46,394

New Jersey Housing and Mortgage Finance Agency, Riverside Senior Apartments Project Series 2019D, Rev., 1.35%, 6/1/2022 (c)		300,000		303,732

New Jersey Infrastructure Bank, Environmental Infrastructure

Series 2017A-R2, Rev., GTD, 4.00%, 9/1/2021		25,000		25,481

Series 2007-C, Rev., 5.00%, 9/1/2021		35,000		35,847

Series 2020A-1, Rev., 5.00%, 9/1/2021		25,000		25,595

Series 2020A-R1, Rev., 3.00%, 9/1/2022		60,000		62,455

Series 2012A-R, Rev., GTD, 4.00%, 9/1/2022		60,000		63,453

Series 2017A-R2, Rev., GTD, 4.00%, 9/1/2022		60,000		63,453

Series 2007A, Rev., GTD, 5.00%, 9/1/2022		35,000		37,538

Series 2014A, Rev., GTD, 5.00%, 9/1/2022		25,000		26,813

Series 2020A-R1, Rev., 3.00%, 9/1/2023		40,000		42,624

Series 2012A-R, Rev., GTD, 4.00%, 9/1/2023		30,000		32,752

Rev., GTD, 5.00%, 9/1/2024		35,000		40,546

New Jersey Sports and Exposition Authority, Convention Center Rev., NATL-RE, 5.50%, 3/1/2022 (b)		35,000		36,833

New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2016A-1, Rev., 5.00%, 6/15/2021		30,000		30,412

New Jersey Transportation Trust Fund Authority, Transportation Program Series 2013AA, Rev., 5.00%, 6/15/2022		100,000		105,921


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

New Jersey Transportation Trust Fund Authority, Transportation System

Series 2011B, Rev., 5.00%, 6/15/2021 (b)		470,000		476,478

Series 2006A, Rev., 5.25%, 12/15/2021		80,000		83,094

Series 2006A, Rev., 5.50%, 12/15/2021		540,000		561,940

Series 2006A, Rev., AGM-CR, 5.50%, 12/15/2022		125,000		136,499

Series 2008A, Rev., Zero Coupon, 12/15/2023		120,000		116,609

New Jersey Turnpike Authority

Series 2012A, Rev., 5.00%, 1/1/2022 (b)		65,000		67,627

Series 2013A, Rev., 3.00%, 7/1/2022 (b)		100,000		103,759

Series 2013A, Rev., 5.00%, 7/1/2022 (b)		350,000		372,603

New Jersey Water Supply Authority Rev., 5.00%, 8/1/2022		20,000		21,337

Ocean Township Board of Education, Monmouth County GO, 4.00%, 3/1/2021		25,000		25,000

Old Bridge Township Board of Education GO, 5.00%, 7/15/2021		70,000		71,217

Paramus School District GO, 5.00%, 4/1/2022		50,000		52,611

Passaic County Improvement Authority (The), City of Paterson Project Rev., 4.00%, 6/15/2022		25,000		26,209

Passaic County Improvement Authority (The), DPW Building Project Rev., 5.00%, 5/1/2021		25,000		25,198

Passaic County Improvement Authority (The), Preakness Healthcare Center Expansion Project

Rev., GTD, 5.00%, 5/1/2021		20,000		20,158

Rev., GTD, 2.63%, 5/1/2023		100,000		102,366

Passaic County Utilities Authority, Solid Waste Disposal Rev., GTD, 4.50%, 3/1/2024		75,000		83,521

Pequannock Township Board of Education

GO, 4.00%, 1/15/2024		65,000		71,315

GO, 4.00%, 1/15/2025		50,000		56,208

Ramsey School District GO, 3.13%, 1/15/2023		25,000		26,349

SEE NOTES TO FINANCIAL STATEMENTS.



250	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Jersey — continued

Rancocas Valley Regional High School District GO, 5.00%, 2/1/2023		40,000		43,496

Readington Township Board of Education GO, 4.00%, 7/15/2021		100,000		101,418

Ridgewood Board of Education Series 2016A, GO, 4.00%, 3/15/2022		80,000		83,179

River Dell Regional School District GO, 4.00%, 3/1/2022		20,000		20,763

Rumson-Fair Haven Regional High School District GO, 3.25%, 2/1/2022		40,000		41,128

Rutgers The State University of New Jersey

Series 2013J, Rev., 5.00%, 5/1/2021 (b)		230,000		231,835

Series 2013L, Rev., 5.00%, 5/1/2021 (b)		45,000		45,359

Somerset County Improvement Authority, Bridgewater, Hillsborough and Bernards Property Acquisition Project Rev., GTD, 4.00%, 10/1/2022		25,000		26,515

Somerset Hills School District GO, 5.00%, 3/15/2022		30,000		31,503

South Brunswick Township Board of Education

GO, 5.00%, 8/1/2021		75,000		76,507

GO, 3.00%, 12/1/2021		195,000		199,148

GO, 4.00%, 8/1/2022		25,000		26,351

GO, 5.00%, 8/1/2024		45,000		50,745

South Harrison Township School District GO, 4.00%, 1/15/2023		25,000		26,607

South Orange and Maplewood School District

GO, 4.00%, 1/15/2023		25,000		26,708

GO, 5.00%, 1/15/2023		25,000		27,174

State of New Jersey

GO, 5.00%, 6/1/2021		40,000		40,459

Series 2016T, GO, 5.00%, 6/1/2021		125,000		126,435

GO, 5.25%, 8/1/2021		185,000		188,744

GO, 5.00%, 6/1/2022		200,000		211,510

Series 2016T, GO, 5.00%, 6/1/2022		30,000		31,727

State of New Jersey, COVID-19 Emergency Bonds GO, 4.00%, 6/1/2023		1,440,000		1,553,098

Tobacco Settlement Financing Corp.

Series A, Rev., 5.00%, 6/1/2021		520,000		525,808

Series A, Rev., 5.00%, 6/1/2022		540,000		570,175


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Series A, Rev., 5.00%, 6/1/2023		1,665,000		1,828,570

Series A, Rev., 5.00%, 6/1/2024		125,000		142,154

Series A, Rev., 5.00%, 6/1/2025		125,000		146,605

Toms River Board of Education, Regional School District GO, 2.00%, 7/15/2021		195,000		196,238

Town of Boonton GO, BAN, 2.00%, 6/25/2021		2,809,265		2,824,266

Town of Guttenberg GO, BAN, 2.00%, 10/21/2021		7,450,000		7,527,852

Town of Newton GO, 5.00%, 4/1/2024		50,000		56,892

Town of Phillipsburg GO, BAN, 2.00%, 6/1/2021		2,455,000		2,462,881

Township of Berkeley GO, 5.00%, 5/15/2021		50,000		50,471

Township of Bloomfield, General Improvement and Water Utility GO, 5.00%, 2/1/2024		40,000		45,218

Township of Bordentown GO, 3.00%, 8/1/2021		275,000		278,138

Township of Brick

GO, 4.00%, 11/1/2021		35,000		35,896

GO, 4.00%, 11/1/2022		25,000		26,590

Township of Bridgewater

GO, 5.00%, 8/1/2021		45,000		45,905

GO, 3.00%, 9/1/2021		25,000		25,355

Township of Cherry Hill, General Improvement and Sewer Utility

GO, 2.00%, 8/15/2021		35,000		35,295

GO, 4.00%, 5/1/2022		30,000		31,339

Township of East Amwell GO, 4.00%, 2/15/2023		25,000		26,739

Township of East Brunswick

GO, 2.00%, 3/15/2021		100,000		100,065

GO, 3.00%, 3/15/2023		25,000		26,369

Township of East Greenwich GO, BAN, 2.00%, 12/9/2021		2,505,000		2,534,684

Township of Edison, General Improvement and Sewer Utility GO, 4.00%, 6/1/2022		90,000		94,304

Township of Evesham, General Improvement and Golf Utility GO, 4.00%, 5/1/2023		25,000		26,953

Township of Florence, General Improvement Water Sewer Utility Series 2020B, GO, BAN, 2.00%, 6/10/2021		150,000		150,755

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	251

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Jersey — continued

Township of Franklin, Open Space Trust GO, 4.00%, 1/15/2022		25,000		25,836

Township of Hamilton, Sewer Utility GO, 5.00%, 8/1/2022		20,000		21,337

Township of Harding GO, BAN, 1.25%, 8/20/2021		1,677,850		1,684,461

Township of Lebanon GO, BAN, 1.25%, 7/23/2021		1,035,138		1,039,092

Township of Livingston GO, 3.00%, 7/15/2022		30,000		31,144

Township of Lopatcong GO, 4.00%, 9/1/2023		30,000		32,588

Township of Maplewood, General Improvement GO, 5.00%, 2/15/2023		40,000		43,691

Township of Medford GO, 4.00%, 7/15/2022		25,000		26,277

Township of Montclair

GO, 5.00%, 3/1/2022		25,000		26,208

Series 2016B, GO, 4.00%, 10/1/2022		50,000		53,029

Township of Montclair, General Improvement Series 2017A, GO, 3.00%, 3/1/2022		25,000		25,710

Township of Moorestown, General Improvement and Water Sewer Utility

GO, 5.00%, 9/1/2021		45,000		46,087

GO, 5.00%, 2/1/2023		25,000		27,271

Township of Mount Laurel Series 2011A, GO, 4.00%, 4/15/2021		40,000		40,184

Township of Mount Olive, General Improvement and Water Sewer Utility GO, 4.00%, 8/15/2022		35,000		36,897

Township of North Brunswick GO, 2.75%, 7/15/2021		65,000		65,602

Township of Parsippany-Troy Hills, Golf Recreation Utility GO, 3.00%, 6/1/2023		35,000		37,016

Township of Pennsauken GO, AGM, 3.00%, 8/15/2021 (b)		100,000		101,289

Township of Pequannock, Recreation Utility GO, BAN, 2.00%, 7/15/2021		250,000		251,597

Township of Pequannock, Sewer Utility GO, 4.00%, 4/1/2022		25,000		26,039

Township of Randolph, Various Purpose GO, 3.00%, 10/15/2022		45,000		47,036

Township of Readington, General Improvement GO, 5.00%, 1/15/2025		25,000		29,087


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Township of River Vale GO, 4.00%, 6/15/2023		35,000		37,734

Township of Robbinsville, Tax Exempt Open Space Series 2015A, GO, 4.00%, 7/15/2021		40,000		40,548

Township of South Brunswick GO, 4.00%, 3/1/2022		20,000		20,767

Township of South Hackensack GO, BAN, 1.50%, 12/16/2021		1,461,500		1,475,706

Township of Toms River

GO, 5.00%, 3/1/2021		25,000		25,000

GO, 5.00%, 3/1/2022		45,000		47,174

Township of Toms River, General Improvement GO, 4.00%, 6/15/2023		40,000		43,315

Township of Toms River, General Improvement, Golf Utility Improvement Series 2011A, GO, 3.00%, 12/15/2023		45,000		48,223

Township of Union, General Improvement GO, 4.00%, 2/1/2023		25,000		26,764

Township of Washington, Gloucester County Series 2020A, GO, BAN, 1.75%, 6/22/2021		571,940		574,371

Township of West Orange, Tax Appeal Refunding GO, BAN, 1.50%, 12/15/2021		9,608,441		9,690,785

Township of Woodbridge, General Sewer Utility GO, BAN, 2.00%, 10/15/2021		60,000		60,675

Union County Improvement Authority

Rev., AGM, GTD, 4.00%, 11/1/2021		20,000		20,512

Rev., 3.00%, 12/1/2022		50,000		52,467

West Essex Regional School District GO, 5.00%, 11/1/2022		40,000		43,209

West Windsor-Plainsboro Regional School District GO, 4.00%, 9/15/2021		20,000		20,414

Woodbridge Township Board of Education GO, 4.00%, 7/15/2021		30,000		30,427


Total New Jersey				100,183,837


New Mexico — 0.4%

Albuquerque Bernalillo County Water Utility Authority, Joint Water and Sewer System Improvement

Rev., 5.00%, 7/1/2021		175,000		177,798

Series 2013A, Rev., 5.00%, 7/1/2021		25,000		25,400

Rev., 5.00%, 7/1/2022		50,000		53,201

SEE NOTES TO FINANCIAL STATEMENTS.



252	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Mexico — continued

Albuquerque Metropolitan Arroyo Flood Control Authority GO, 4.00%, 8/1/2021		100,000		101,596

Albuquerque Municipal School District No. 12 Series 2014B, GO, 5.00%, 8/1/2022		50,000		53,380

Central New Mexico Community College, Limited Tax GO, 5.00%, 8/15/2021		85,000		86,869

City of Albuquerque, General Purpose

Series 2017A, GO, 5.00%, 7/1/2021		25,000		25,399

Series 2014A, GO, 5.00%, 7/1/2022		200,000		212,778

Series 2019A, GO, 5.00%, 7/1/2022		30,000		31,916

City of Albuquerque, Gross Receipts Tax Series 1999B, Rev., 5.00%, 7/1/2021 (b)		20,000		20,318

City of Roswell Rev., 4.00%, 8/1/2022		50,000		52,565

City of Santa Fe GO, 4.00%, 8/1/2022		25,000		26,355

County of Bernalillo GO, 4.00%, 6/15/2021		70,000		70,773

County of Dona Ana, Gross Receipt Tax Rev., 2.00%, 5/1/2021		315,000		315,907

County of San Juan, Gross Receipts Tax Improvement Series 2015B, Rev., 5.00%, 6/15/2021		25,000		25,340

Las Cruces School District No. 2 Series 2016C, GO, 5.00%, 8/1/2021		30,000		30,584

New Mexico Finance Authority, Senior Lien

Rev., 4.00%, 6/15/2021		25,000		25,275

Rev., 4.00%, 6/15/2022		90,000		94,426

Rev., 5.00%, 6/15/2022		250,000		265,505

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund

Series 2015C, Rev., 3.00%, 6/1/2021		50,000		50,351

Series 2013A, Rev., 4.00%, 6/1/2021		20,000		20,190

Rev., 5.00%, 6/1/2021		300,000		303,588

Series 2016C, Rev., 5.00%, 6/1/2021		45,000		45,538

Series 2017A, Rev., 5.00%, 6/1/2021		25,000		25,299

Series 2019B, Rev., 5.00%, 6/1/2021		40,000		40,478

Rev., 5.00%, 6/1/2022		40,000		42,406

Series 2016D, Rev., 5.00%, 6/1/2022		30,000		31,804

Series 2016F, Rev., 5.00%, 6/1/2022		50,000		53,008


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Mexico — continued

Series 2017A, Rev., 5.00%, 6/1/2022		65,000		68,910

Series 2017E, Rev., 5.00%, 6/1/2022		195,000		206,729

Series 2020A, Rev., 5.00%, 6/1/2022		135,000		143,120

Series 2017A, Rev., 5.00%, 6/1/2023		55,000		60,796

Series 2016C, Rev., 5.00%, 6/1/2024		25,000		28,656

New Mexico Finance Authority, State Transportation, Senior Lien, Tax-Exempt Series 2010-B, Rev., 5.00%, 6/15/2021		310,000		314,290

New Mexico Finance Authority, State Transportation, Subordinate Lien

Series B-2, Rev., 5.00%, 6/15/2022		25,000		26,550

Series 2018A, Rev., 5.00%, 6/15/2023		240,000		265,702

New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt

Series 2015A, Rev., 5.00%, 6/15/2021		25,000		25,346

Series 2017B, Rev., 5.00%, 6/15/2021		40,000		40,554

Rev., 5.00%, 6/15/2022		155,000		164,613

Series 2017D, Rev., 5.00%, 6/15/2022		25,000		26,550

Series 2017D, Rev., 5.00%, 6/15/2023		100,000		110,709

Series 2019C-1, Rev., 5.00%, 6/15/2023		40,000		44,284

Series 2017B, Rev., 3.50%, 6/15/2024		50,000		54,946

Series 2018C-1, Rev., 4.00%, 6/15/2024		30,000		33,456

New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services

Series 2015A, Rev., 5.00%, 8/1/2021		110,000		112,165

Series 2012A, Rev., 5.00%, 8/1/2022 (b)		110,000		117,548

Series 2015A, Rev., 5.00%, 8/1/2022		520,000		554,762

Series 2015A, Rev., 5.00%, 8/1/2024		185,000		212,199

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	253

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Mexico — continued

New Mexico Municipal Energy Acquisition Authority Series 2019A, Rev., LIQ: Royal Bank of Canada, 4.00%, 5/1/2021		50,000		50,307

Santa Fe Public School District GO, 5.00%, 8/1/2022		260,000		277,688

Southern Sandoval County Arroyo Flood Control Authority Series 2019B, GO, 4.00%, 8/1/2021		300,000		304,725

State of New Mexico Series 2017B, GO, 5.00%, 3/1/2022		75,000		78,623

State of New Mexico, Capital Projects

GO, 5.00%, 3/1/2021		30,000		30,000

Series 2017A, GO, 5.00%, 3/1/2021		60,000		60,000

State of New Mexico, Severance Tax Permanent Fund

Series A-1, Rev., 3.00%, 7/1/2021		100,000		100,214

Series 2016B, Rev., 4.00%, 7/1/2021		40,000		40,510

Series 2016A, Rev., 5.00%, 7/1/2021		100,000		101,605

Series 2016B, Rev., 4.00%, 7/1/2022		80,000		84,082

University of New Mexico, Subordinate Lien Series 2014C, Rev., 5.00%, 6/1/2022		25,000		26,491


Total New Mexico				6,074,177


New York — 12.2%

Albany City School District GO, 4.00%, 6/15/2021		25,000		25,271

Albany Municipal Water Finance Authority, Second Resolution Series 2011A, Rev., 5.00%, 12/1/2021 (b)		175,000		181,309

Ardsley Union Free School District

GO, 5.00%, 6/1/2021		100,000		101,203

GO, 4.00%, 1/15/2022		30,000		31,006

Arlington Central School District

GO, 4.00%, 12/15/2021		25,000		25,760

GO, 5.00%, 5/15/2022		25,000		26,456

Ballston Spa Central School District Series 2020B, GO, BAN, 1.50%, 9/17/2021		1,888,000		1,898,969

Battery Park City Authority

Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c)		2,485,000		2,485,000

Series 2013A, Rev., 4.00%, 11/1/2022		30,000		31,898


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Battery Park City Authority, Tax-Exempt Series 2013A, Rev., 5.00%, 11/1/2021		85,000		87,740

Bethlehem Central School District

GO, 5.00%, 6/15/2021		130,000		131,809

GO, 5.00%, 7/15/2021		105,000		106,888

Brentwood Union Free School District GO, 4.50%, 11/15/2021		30,000		30,921

Brighton Central School District GO, 4.00%, 6/1/2022		40,000		41,918

Broadalbin-Perth Central School District GO, 2.00%, 6/15/2022		340,000		347,235

Brookhaven-Comsewogue Union Free School District

GO, 4.00%, 7/15/2021		110,000		111,572

GO, 4.00%, 7/15/2022		25,000		26,316

Buffalo Municipal Water Finance Authority, Water System Series 2015-A, Rev., 5.00%, 7/1/2021		125,000		126,923

Build NYC Resource Corp., Manhattan College Project Rev., 5.00%, 8/1/2021		25,000		25,460

Build NYC Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2023 (b)		55,000		60,958

Build NYC Resource Corp., United Jewish Appeal-Federation of Jewish Philanthropies of New York, Inc., Project Rev., 5.00%, 7/1/2022		50,000		53,222

Byram Hills Central School District GO, 4.00%, 11/15/2021		40,000		41,087

Cambridge Central School District GO, 3.00%, 6/15/2021		55,000		55,436

Carmel Central School District GO, 4.00%, 6/15/2021		50,000		50,546

Central Islip Union Free School District GO, 4.00%, 7/15/2021		30,000		30,417

Central Square Central School District GO, 3.00%, 6/15/2021		75,000		75,570

Chappaqua Central School District GO, 3.00%, 6/15/2021		50,000		50,411

Cheektowaga Central School District GO, 5.00%, 4/15/2021		100,000		100,575

Cheektowaga-Sloan Union Free School District GO, 4.00%, 7/15/2021		30,000		30,417

City of Albany Series 2011A, GO, 3.00%, 7/1/2021		20,000		20,182

City of Binghamton, Public Improvement GO, 2.13%, 1/15/2022		25,000		25,407

SEE NOTES TO FINANCIAL STATEMENTS.



254	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

City of Buffalo, General Improvement

GO, 5.00%, 4/1/2021		25,000		25,097

Series 2018A, GO, 5.00%, 10/1/2021		45,000		46,258

City of Ithaca, Public Improvement GO, 4.00%, 1/15/2023		25,000		26,703

City of Jamestown, Public Improvement GO, 5.00%, 6/1/2021		260,000		262,956

City of New York

Series 2013-I, GO, 4.00%, 8/1/2021 (b)		25,000		25,401

Series I, GO, 4.00%, 8/1/2021 (b)		25,000		25,401

Series 1994A, GO, 5.00%, 8/1/2021		180,000		183,611

Series 2014B, GO, 5.00%, 8/1/2021		50,000		51,003

Series 2014H, GO, 5.00%, 8/1/2021		100,000		102,006

Series 2016C, GO, 5.00%, 8/1/2021		40,000		40,802

Series B, GO, 5.00%, 8/1/2021		125,000		127,507

Series H, GO, 5.00%, 8/1/2021		25,000		25,502

Series I, GO, 5.00%, 8/1/2021		50,000		51,003

Series 2012G, GO, 5.00%, 4/1/2022 (b)		45,000		47,366

Series G, Subseries G-1, GO, 5.00%, 4/1/2022 (b)		190,000		199,988

Series B, GO, 5.00%, 8/1/2022		55,000		58,717

Series C, GO, 5.00%, 8/1/2022		100,000		106,759

Series H, GO, 5.00%, 8/1/2022		110,000		117,435

Series B, Subseries B-5, GO, NATL-RE, 5.00%, 8/15/2022		25,000		26,736

Subseries A-1, GO, 5.00%, 10/1/2022 (b)		30,000		32,301

Series 1994A, GO, 5.00%, 8/1/2023		150,000		152,996

Series C, GO, 5.00%, 8/1/2023		25,000		26,671

Series 2012F, GO, 5.00%, 8/1/2024		20,000		20,867

Series 2013J, GO, 5.00%, 8/1/2024		295,000		328,019

Series B, GO, 5.00%, 8/1/2025		140,000		149,274

Series C, GO, 5.00%, 8/1/2025		105,000		111,955

City of New York, Fiscal Year 2006 Series H, Subseries 2006 HH-A, GO, 4.00%, 1/1/2022		195,000		201,146

City of New York, Fiscal Year 2012

Subseries D-1, GO, 4.00%, 10/1/2021		25,000		25,557

Series 2012F, GO, 5.00%, 8/1/2023		50,000		52,176

Series 2012-I, GO, 5.00%, 8/1/2023		280,000		298,712

City of New York, Fiscal Year 2013

Series 2013E, GO, 4.00%, 8/1/2021 (b)		190,000		193,010


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2013J, GO, 5.00%, 8/1/2021		225,000		229,513

Series 2013D, GO, 5.00%, 8/1/2022		25,000		26,690

Series 2013J, GO, 5.00%, 8/1/2022		180,000		192,166

Series 2013E, GO, 4.50%, 8/1/2023		55,000		59,427

Series H, GO, 5.00%, 8/1/2023		75,000		83,395

City of New York, Fiscal Year 2014

Series I, Subseries 2014I-1, GO, 5.00%, 3/1/2021 (b)		25,000		25,000

Series 2013G, GO, 5.00%, 8/1/2021		105,000		107,106

Series 2014J, GO, 5.00%, 8/1/2021		75,000		76,505

Subseries D-1, GO, 5.00%, 8/1/2021		280,000		285,617

Series 2014J, GO, 5.00%, 8/1/2022		50,000		53,380

Series 2014E, GO, 5.25%, 8/1/2022		365,000		390,959

Series I, Subseries 2014I-1, GO, 5.00%, 3/1/2023		25,000		27,346

Series 2013G, GO, 5.00%, 8/1/2023		230,000		255,744

Series 2014E, GO, 5.00%, 8/1/2023		70,000		77,835

Series 2014J, GO, 5.00%, 8/1/2023		140,000		155,670

Series 2014I-1, GO, 5.00%, 3/1/2024		75,000		85,135

City of New York, Fiscal Year 2015

Series 2015A, GO, 5.00%, 8/1/2021		125,000		127,507

Series 2015B, GO, 5.00%, 8/1/2021		85,000		86,705

Series 2015-1, GO, 5.00%, 8/1/2022		50,000		53,380

Series 1, GO, 5.00%, 8/1/2023		240,000		266,863

Series 2015A, GO, 5.00%, 8/1/2024		215,000		247,633

City of New York, Fiscal Year 2016

Series A, GO, 5.00%, 8/1/2024		210,000		241,874

Series E, GO, 5.00%, 8/1/2024		90,000		103,660

City of New York, Fiscal Year 2017

Series 2017C, GO, 3.00%, 8/1/2021		100,000		101,179

Subseries A-1, GO, 4.00%, 8/1/2021		35,000		35,557

Series C, GO, 5.00%, 8/1/2021		135,000		137,708

Subseries A-1, GO, 5.00%, 8/1/2021		75,000		76,505

Series C, GO, 5.00%, 8/1/2022		285,000		304,263

City of New York, Fiscal Year 2018

Series 2018C, GO, 5.00%, 8/1/2021		80,000		81,605

Series 2018-1, GO, 4.00%, 8/1/2022		70,000		73,744

Series 2018-1, GO, 5.00%, 8/1/2022		20,000		21,352

Series 2018A, GO, 5.00%, 8/1/2022		40,000		42,704

Series 2018C, GO, 5.00%, 8/1/2023		35,000		38,917

Series 2018D, GO, 5.00%, 8/1/2023		800,000		889,544

Series 2018F-1, GO, 4.00%, 4/1/2025		30,000		34,036

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	255

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

City of New York, Fiscal Year 2019

Series D, Subseries D-4, GO, VRDO, LIQ:

Barclays Bank plc, 0.01%, 3/1/2021 (c)		5,000,000		5,000,000

GO, 5.00%, 8/1/2021 (b)		35,000		35,699

Series 2019A, GO, 5.00%, 8/1/2021		295,000		300,918

City of New York, Fiscal Year 2020 Series 2020C-1, GO, 5.00%, 8/1/2023		25,000		27,798

City of White Plains, Public Improvement

Series 2017C, GO, 3.00%, 3/1/2021		30,000		30,000

Series 2017A, GO, 3.00%, 5/15/2021		40,000		40,233

Clarence Central School District

GO, 4.00%, 5/15/2021		50,000		50,392

GO, 5.00%, 6/15/2021		75,000		76,044

GO, 5.00%, 6/15/2022		25,000		26,557

Clifton-Fine Central School District GO, BAN, 2.00%, 6/30/2021		3,980,000		3,999,940

Commack Union Free School District GO, 4.00%, 11/15/2021		100,000		102,717

Connetquot Central School District of Islip

GO, 5.00%, 6/1/2021		290,000		293,489

GO, 4.25%, 1/15/2022		45,000		46,606

GO, 5.00%, 7/15/2022		40,000		42,653

Cornwall Central School District GO, 5.00%, 10/15/2021		25,000		25,746

County of Albany, Various Purpose Series 2019A, GO, 5.00%, 9/15/2022		20,000		21,488

County of Broome Series 2020A, GO, BAN, 2.00%, 4/30/2021		625,000		626,750

County of Dutchess, Public Improvement Bonds

GO, 5.00%, 5/1/2021		25,000		25,194

Series 2018A, GO, 3.00%, 3/1/2022		25,000		25,682

Series 2018B, GO, 3.25%, 3/1/2022		55,000		56,637

GO, 5.00%, 5/1/2022		40,000		42,197

County of Erie GO, RAN, 3.00%, 6/24/2021		90,000		90,742

County of Livingston, Public Improvement

GO, 4.00%, 5/1/2021		20,000		20,127

GO, 4.00%, 5/15/2021		200,000		201,568

GO, 4.00%, 5/15/2022		25,000		26,156


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

GO, 3.00%, 5/15/2023		50,000		52,863

GO, 4.00%, 2/1/2024		35,000		38,490

County of Monroe GO, 4.00%, 6/1/2021		130,000		131,204

County of Monroe, Public Improvement GO, 5.00%, 6/1/2021		25,000		25,293

County of Nassau Series 2015B, GO, 5.00%, 4/1/2021		350,000		351,288

County of Nassau, General Improvement

Series 2017C, GO, 5.00%, 10/1/2021		50,000		51,327

Series C, GO, 5.00%, 10/1/2022		230,000		245,290

County of Oneida, Public Improvement GO, 3.00%, 4/15/2022		200,000		205,232

County of Onondaga

GO, 5.00%, 4/15/2021		25,000		25,144

GO, 5.00%, 5/1/2021		310,000		312,477

GO, 5.00%, 5/15/2021		25,000		25,243

GO, 5.00%, 2/1/2022		25,000		26,095

County of Orange, Various Purpose Series 2015A, GO, AGM, 5.00%, 3/1/2021		25,000		25,000

County of Rensselaer, Public Improvement GO, 5.00%, 6/1/2021		75,000		75,902

County of Rockland GO, TAN, 2.00%, 4/1/2021		170,000		170,255

County of Suffolk

Series 2015C, GO, 5.00%, 5/1/2021		300,000		302,067

Series 2020B, GO, AGM, 5.00%, 5/15/2021		5,150,000		5,197,946

Series 2020B, GO, AGM, 5.00%, 5/15/2022		3,000,000		3,162,780

County of Suffolk, Longwood Central School District GO, 5.00%, 6/1/2021		40,000		40,481

County of Sullivan, Public Improvement

GO, 3.00%, 5/15/2021		45,000		45,262

GO, 3.00%, 11/15/2021		50,000		51,007

GO, 3.00%, 5/15/2022		60,000		62,054

GO, 5.00%, 7/15/2022		25,000		26,640

County of Ulster, Public Improvement GO, 5.00%, 11/15/2021		60,000		62,000

County of Wake, Public Improvement

GO, AGM, 5.00%, 7/15/2021		30,000		30,539

GO, 4.00%, 12/1/2021		30,000		30,867

County of Wayne GO, 5.00%, 12/1/2022		125,000		135,551

SEE NOTES TO FINANCIAL STATEMENTS.



256	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

County of Wayne, Public Improvement GO, 4.50%, 6/1/2022		25,000		26,355

County of Westchester

Series 2011B, GO, 4.00%, 7/1/2021		100,000		101,248

Series 2018A, GO, 5.00%, 12/1/2021		200,000		207,272

Series 2016A, GO, 5.00%, 1/1/2022		35,000		36,412

Croton-Harmon Union Free School District

GO, 5.00%, 6/1/2021		105,000		106,263

GO, BAN, 1.25%, 8/20/2021		755,000		757,975

Dutchess County Local Development Corp., Marist Collage Project Series 2015A, Rev., 5.00%, 7/1/2021		125,000		126,880

Dutchess County Local Development Corp., Vassar Collage Project Rev., 5.00%, 7/1/2021		100,000		101,588

East Islip Union Free School District GO, 5.00%, 6/15/2021		30,000		30,418

Enlarged City School District of the City of Troy GO, 5.00%, 7/1/2021		100,000		101,605

Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured

Series 2013A, Rev., 5.00%, 3/15/2021		20,000		20,035

Series 2016A, Rev., 5.00%, 5/15/2021		75,000		75,740

Series 2013C, Rev., 5.00%, 8/15/2021		20,000		20,440

Series 2017D, Rev., 5.00%, 9/1/2021		20,000		20,483

Series 2011C, Rev., 5.00%, 12/1/2021 (b)		195,000		202,106

Series 2013A, Rev., 5.00%, 3/15/2022		20,000		21,004

Series 2016A, Rev., 5.00%, 5/15/2022		30,000		31,748

Rev., 5.00%, 9/1/2022		25,000		26,816

Erie County Industrial Development Agency (The) Rev., 5.00%, 5/1/2021		430,000		433,315

Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project

Rev., 5.00%, 5/1/2021		455,000		458,508

Series 2016A, Rev., 5.00%, 5/1/2021		40,000		40,308


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2012A, Rev., 5.00%, 5/1/2022		100,000		105,444

Series 2015A, Rev., 5.00%, 5/1/2022		160,000		168,711

Rev., 5.00%, 5/1/2023		150,000		164,706

Rev., 5.00%, 5/1/2024		50,000		56,957

Erie County Water Authority Rev., 5.00%, 12/1/2022		55,000		59,643

Fairport Central School District GO, 4.00%, 6/15/2021		175,000		176,937

Fayetteville-Manlius Central School District Series 2020A, GO, BAN, 1.25%, 7/29/2021		500,000		502,095

Freeport Union Free School District

GO, 5.00%, 4/1/2022		60,000		63,148

GO, 5.00%, 12/1/2022		50,000		54,220

Geneva City School District GO, AGM, 5.00%, 6/15/2021		25,000		25,341

Grand Island Central School District GO, 5.00%, 12/1/2021		75,000		77,727

Great Neck Union Free School District GO, 5.00%, 6/15/2021		25,000		25,348

Half Hollow Hills Central School District

GO, XLCA, 5.00%, 6/15/2021		100,000		101,392

Series 2013B, GO, 4.00%, 8/15/2022		20,000		21,117

Hamburg Central School District GO, 2.00%, 6/1/2021		35,000		35,162

Harborfields Central School District GO, 5.00%, 3/1/2022		45,000		47,178

Hempstead Town Local Development Corp., Hofstra University Project Rev., 5.00%, 7/1/2021		375,000		380,640

Herricks Union Free School District Series 2014A, GO, 2.00%, 5/1/2021		45,000		45,138

Hicksville Water District GO, 5.00%, 12/15/2021		25,000		25,956

Homer Central School District GO, 3.00%, 3/15/2021		350,000		350,357

Island Trees Union Free School District GO, 4.00%, 8/1/2023		25,000		26,326

Jamestown City School District GO, AGM, 4.00%, 5/15/2021		150,000		151,146

Katonah-Lewisboro Union Free School District Series 2016A, GO, 5.00%, 11/15/2021		25,000		25,855

Kendall Central School District GO, 2.00%, 6/15/2021		65,000		65,348

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	257

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Kings Park Central School District GO, 2.25%, 8/1/2022		70,000		72,076

Lafayette Central School District GO, RAN, 1.25%, 6/18/2021		4,500,000		4,513,635

Lakeland Central School District

GO, BAN, 1.25%, 8/20/2021		2,321,785		2,330,933

GO, 5.00%, 10/15/2021		35,000		36,053

Lancaster Central School District

GO, 4.00%, 6/1/2021		55,000		55,526

GO, 5.00%, 6/1/2022		35,000		37,114

Lansing Central School District GO, BAN, 1.25%, 7/23/2021		4,817,400		4,831,611

Le Roy Central School District GO, 4.00%, 6/15/2021		65,000		65,720

Liverpool Central School District GO, 4.00%, 6/15/2021		25,000		25,272

Long Island Power Authority, Electric System

Series 2011A, Rev., 5.00%, 5/1/2021 (b)		350,000		352,796

Series A, Rev., AGM, Zero Coupon, 6/1/2021		235,000		234,732

Rev., AGM, Zero Coupon, 6/1/2022		120,000		119,137

Series 2016B, Rev., 5.00%, 9/1/2023		200,000		223,266

Rev., 1.00%, 9/1/2025		120,000		121,174

Maine-Endwell Central School District GO, BAN, 2.00%, 10/1/2021		1,487,680		1,502,587

Manhasset Union Free School District Series 2016B, GO, 5.00%, 1/15/2022		25,000		26,055

Marlboro Central School District GO, 5.00%, 12/15/2021		40,000		41,498

Massapequa Union Free School District Series 2016A, GO, 4.00%, 7/15/2021		45,000		45,643

Metropolitan Transportation Authority

Series 2018B, Subseries 2018B-2A, Rev., BAN, 5.00%, 5/15/2021		2,555,000		2,577,305

Series 2018B, Subseries 2018B-2B, Rev., BAN, 5.00%, 5/15/2021		2,975,000		3,000,972

Series 2018B, Subseries 2018B-2D, Rev., BAN, 5.00%, 5/15/2021		525,000		529,583

Series 2011A, Rev., 5.00%, 11/15/2021 (b)		30,000		31,028

Series 2011C, Rev., AGM, 5.00%, 11/15/2021 (b)		20,000		20,686

Series 2011D, Rev., 5.00%, 11/15/2021 (b)		155,000		160,312


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Metropolitan Transportation Authority, Dedicated Tax Fund

Series 2011A, Rev., 5.00%, 11/15/2021		65,000		67,120

Series 2012A, Rev., 5.00%, 11/15/2021		50,000		51,631

Subseries 2008B-4, Rev., 5.00%, 11/15/2021		45,000		46,467

Subseries B-4, Rev., 5.00%, 11/15/2021 (b)		70,000		72,399

Series 2019A, Rev., BAN, 5.00%, 3/1/2022		715,000		747,997

Series B-1, Rev., 4.00%, 11/15/2022		70,000		74,267

Series 2016A, Rev., 5.00%, 11/15/2023		100,000		112,108

Series 2012A, Rev., 5.00%, 11/15/2024		510,000		549,352

Series 2013B-1, Rev., 5.00%, 11/15/2024		125,000		139,810

Middle Country Central School District at Centereach GO, 2.00%, 8/15/2021		75,000		75,635

Middletown City School District GO, 4.00%, 6/15/2022		25,000		26,213

Minisink Valley Central School District

GO, 4.00%, 4/15/2021		120,000		120,554

GO, 4.00%, 6/15/2021		50,000		50,554

GO, 5.00%, 12/1/2021		20,000		20,727

GO, 4.00%, 4/15/2022		55,000		57,374

GO, 4.00%, 6/15/2022		45,000		47,225

Monroe County Industrial Development Corp., Rochester Schools Modernization Project

Rev., 5.00%, 5/1/2021		705,000		710,245

Series 2012A, Rev., 5.00%, 5/1/2021		80,000		80,595

Rev., 5.00%, 5/1/2022		25,000		26,343

Monroe County Industrial Development Corp., University of Rochester Project

Series 2013B, Rev., 5.00%, 7/1/2021		100,000		101,588

Series 2017B, Rev., 5.00%, 7/1/2021		50,000		50,794

Series 2013B, Rev., 5.00%, 7/1/2022		25,000		26,590

Montauk Union Free School District GO, TAN, 1.50%, 6/24/2021		2,300,000		2,308,004

SEE NOTES TO FINANCIAL STATEMENTS.



258	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Morrisville-Eaton Central School District GO, BAN, 1.75%, 5/28/2021		1,750,000		1,756,423

Mount Sinai Union Free School District GO, 5.00%, 1/15/2022		20,000		20,844

Mount Vernon City School District GO, AGM, 5.00%, 8/15/2021		25,000		25,552

Nassau County Interim Finance Authority, Sales Tax

Series 2012A, Rev., 4.00%, 11/15/2021		110,000		112,949

Series 2015A, Rev., 5.00%, 11/15/2021 (b)		490,000		506,792

Series 2012A, Rev., 4.00%, 11/15/2022		35,000		37,254

New Hyde Park-Garden City Park Union Free School District GO, 5.00%, 11/15/2021		45,000		46,539

New Rochelle City School District

GO, 5.00%, 9/1/2021		45,000		46,089

GO, 5.00%, 9/1/2022		25,000		26,813

New York City Health and Hospitals Corp. Series 2013A, Rev., 5.00%, 2/15/2023		200,000		218,042

New York City Housing Development Corp., New York City Housing Authority Program Series 2013B-1, Rev., 5.00%, 7/1/2021		340,000		345,171

New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AMBAC, 5.00%, 3/15/2021		200,000		200,344

New York City Transitional Finance Authority Future Tax Secured, Tax Exempt Subordinate Bonds Subseries E, Rev., 5.00%, 11/1/2021		30,000		30,967

New York City Transitional Finance Authority Future Tax Secured, Tax-Exempt, Fiscal Year 2013 Series B, Rev., 5.00%, 11/1/2021		385,000		397,412

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2012 Series 2012S-1A, Rev., 5.00%, 7/15/2022		200,000		203,506

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2013 Series 2013S-1, Rev., 4.00%, 7/15/2022		25,000		26,281

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015 Series 2015S-1, Rev., 5.00%, 7/15/2021 (b)		30,000		30,529


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018

Series 2018S-3, Rev., 5.00%, 7/15/2021		70,000		71,232

Series 2018S-4A, Rev., 3.00%, 7/15/2022		100,000		103,757

Series 2018S-3, Rev., 5.00%, 7/15/2022		500,000		508,765

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 Series 2019S-1, Rev., 5.00%, 7/15/2022		25,000		26,622

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003

Subseries 13, Rev., 5.00%, 11/1/2021		90,000		92,902

Subseries A-1, Rev., 5.00%, 11/1/2021		100,000		103,224

Series 2003B, Rev., 5.00%, 2/1/2022		150,000		150,544

Subseries A-1, Rev., 5.00%, 11/1/2022		150,000		154,754

Subseries 2003A-1, Rev., 5.00%, 11/1/2023		100,000		103,210

Series 2003B, Rev., 5.00%, 2/1/2026		100,000		100,357

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011

Series 2011E, Rev., 5.00%, 11/1/2021		195,000		196,552

Series 2011E, Rev., 5.00%, 11/1/2022		300,000		302,349

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012

Series 2012F-1, Rev., 5.00%, 5/1/2021		90,000		90,716

Series 2012C, Rev., 3.00%, 11/1/2021		250,000		254,742

Series 2012A, Rev., 5.00%, 11/1/2021		20,000		20,645

Series 2012E-1, Rev., 5.00%, 2/1/2022		25,000		26,105

Subseries 2012D-1, Rev., 5.00%, 11/1/2023		120,000		123,852

Series 2012A, Rev., 5.00%, 11/1/2024		255,000		263,134

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	259

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Series E, Subseries 2012E-1, Rev., 5.00%, 2/1/2025		425,000		443,658

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013

Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.04%, 3/9/2021 (c)		1,955,000		1,955,000

Series 2013I, Rev., 5.00%, 5/1/2022		60,000		63,368

Series 2013D, Rev., 5.00%, 11/1/2022		60,000		64,760

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014

Subseries 2014C, Rev., 5.00%, 11/1/2021		35,000		36,128

Series 2014A-1, Rev., 5.00%, 11/1/2022		75,000		80,950

Subseries 2014C, Rev., 5.00%, 11/1/2022		140,000		151,108

Series 2014C, Rev., 5.00%, 11/1/2023		40,000		44,930

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015

Subseries A-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 3/1/2021 (c)		725,000		725,000

Series 2015A-1, Rev., 5.00%, 8/1/2021 (b)		25,000		25,505

Series 2015C, Rev., 5.00%, 11/1/2021		180,000		185,803

Series 2015E-1, Rev., 5.00%, 2/1/2022		30,000		31,325

Series B, Subseries B-1, Rev., 5.00%, 8/1/2022		20,000		21,352

Subseries 2015A-1, Rev., 5.00%, 8/1/2022		20,000		21,352

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Series 2016A-1, Rev., 4.00%, 8/1/2023		25,000		27,210

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Subseries F-1, Rev., 5.00%, 5/1/2023		20,000		22,029

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 2018A-1, Rev., 5.00%, 8/1/2022		115,000		122,773


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Subseries B-1, Rev., 5.00%, 8/1/2022		65,000		69,393

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series C, Subseries C-1, Rev., 5.00%, 5/1/2022		30,000		31,684

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021

Series 2021A, Rev., 5.00%, 11/1/2021		670,000		691,601

Series 2021A, Rev., 3.00%, 11/1/2022		105,000		109,845

Series 2021-1, Rev., 5.00%, 11/1/2025		40,000		48,017

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt

Subseries F-1, Rev., 5.00%, 2/1/2022		115,000		120,081

Subseries F-1, Rev., 5.00%, 5/1/2022		25,000		26,403

Series 2013B, Rev., 5.00%, 11/1/2022		105,000		113,331

Subseries F-1, Rev., 5.00%, 2/1/2023		150,000		163,504

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2013

Rev., 2.00%, 11/1/2021		25,000		25,308

Series 2013H, Rev., 5.00%, 11/1/2021		30,000		30,967

Series 2013G, Rev., 4.00%, 11/1/2022		25,000		26,569

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2016

Series 2016C, Rev., 5.00%, 11/1/2021		85,000		87,740

Series 2016C, Rev., 5.00%, 11/1/2022		20,000		21,587

Series 2016E-1, Rev., 5.00%, 2/1/2025		25,000		29,297

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2017 Series C, Rev., 5.00%, 11/1/2021		50,000		51,612

SEE NOTES TO FINANCIAL STATEMENTS.



260	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018 Series 2018C-1, Rev., 5.00%, 5/1/2021		20,000		20,159

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020

Series A, Subseries A-1, Rev., 5.00%, 5/1/2021		225,000		226,791

Series 2020B-1, Rev., 5.00%, 11/1/2021		70,000		72,257

New York City Trust for Cultural Resources, Museum of Natural History Rev., 5.00%, 4/1/2021		25,000		25,095

New York City Trust for Cultural Resources, The Museum of Modern Art

Series 2016-1-E, Rev., 4.00%, 2/1/2023		150,000		160,225

Series 2012A, Rev., 5.00%, 4/1/2023		125,000		136,865

New York City Water and Sewer System, Fiscal Year 2012

Subseries A-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 3/1/2021 (c)		3,500,000		3,500,000

Subseries A-2, Rev., VRDO, LIQ:

Mizuho Bank Ltd., 0.01%, 3/1/2021 (c)		655,000		655,000

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2009 Series 2009BB-1, Rev., VRDO, LIQ:

Landesbank Hessen-Thueringen, 0.03%, 3/1/2021 (c)		4,485,000		4,485,000

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series 2011GG, Rev., 5.00%, 6/15/2021 (b)		65,000		65,907

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012

Series 2012AA, Rev., 5.00%, 6/15/2021 (b)		30,000		30,418

Series 2012EE, Rev., 5.00%, 6/15/2022		20,000		21,230

Series 2012EE, Rev., 4.00%, 6/15/2023		50,000		52,449


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2013 Series AA, Subseries AA-1, Rev., VRDO, LIQ: PNC Bank NA, 0.05%, 3/9/2021 (c)		8,815,000		8,815,000

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series 2014DD, Rev., 5.00%, 6/15/2022		75,000		79,612

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2016 Subseries 2016CC-1, Rev., 4.00%, 6/15/2021 (b)		45,000		45,499

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018

Rev., 4.00%, 6/15/2021 (b)		100,000		101,109

Series 2018FF, Rev., 5.00%, 6/15/2021 (b)		25,000		25,349

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019

Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 0.08%, 3/9/2021 (c)		7,000,000		7,000,000

Series 2019DD-2, Rev., 5.00%, 6/15/2024		35,000		37,969

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020

Series 2020AA, Rev., 4.00%, 6/15/2021 (b)		25,000		25,277

Series 2020CC-2, Rev., 5.00%, 6/15/2022		100,000		106,149

New York Local Government Assistance Corp. Series 2011A, Rev., 4.00%, 4/1/2021		125,000		125,392

New York Municipal Bond Bank Agency, Prior Year Claims Series 2012A, Rev., 5.00%, 12/1/2021		120,000		124,363

New York State Dormitory Authority Rev., NATL-RE, 5.50%, 7/1/2021		180,000		183,004

New York State Dormitory Authority, Albany Public Library Rev., 4.00%, 7/1/2021		50,000		50,637

New York State Dormitory Authority, Columbia University

Series 2011A, Rev., 5.00%, 10/1/2021		45,000		46,274

Series 2012A, Rev., 5.00%, 10/1/2021		85,000		87,406

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	261

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Series 2016B, Rev., 5.00%, 10/1/2021		75,000		77,123

Series 2011A, Rev., 5.00%, 10/1/2022		50,000		50,196

New York State Dormitory Authority, Cornell University

Series 1990B, Rev., 5.00%, 3/30/2021		55,000		55,206

Series 2016A, Rev., 5.00%, 7/1/2021		50,000		50,803

New York State Dormitory Authority, Court Facility Lease

Rev., AMBAC, 5.50%, 5/15/2021		185,000		186,970

Rev., 5.00%, 8/1/2021		25,000		25,492

Rev., AMBAC, 5.50%, 5/15/2022		40,000		42,515

Rev., 5.00%, 8/1/2022		75,000		80,014

New York State Dormitory Authority, Department of Health

Series 2016A, Rev., 5.00%, 7/1/2022		35,000		37,270

Series 2016A, Rev., 5.00%, 7/1/2023		25,000		27,689

New York State Dormitory Authority, Fifth General Resolution Series 2005A, Rev., NATL-RE, 5.50%, 7/1/2021		115,000		117,037

New York State Dormitory Authority, Fordham University Series 2011A, Rev., 5.00%, 7/1/2021 (b)		150,000		152,347

Rev., 5.00%, 7/1/2023		200,000		220,674

New York State Dormitory Authority, Harborfields Public Library Rev., 4.00%, 7/1/2022		40,000		42,052

New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai Rev., 5.00%, 7/1/2023		200,000		220,330

New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center

Series 2012-1, Rev., 4.38%, 1/1/2022 (b)		85,000		87,965

Rev., 5.00%, 1/1/2022 (b)		25,000		26,013

Series 2012-1, Rev., 5.00%, 1/1/2022 (b)		250,000		260,017

Rev., NATL-RE, 5.50%, 7/1/2023		955,000		1,023,903

New York State Dormitory Authority, Mount Sinai School of Medical Series 1994A, Rev., NATL-RE, 5.15%, 7/1/2024		100,000		110,070


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

New York State Dormitory Authority, New York University Series 2015A, Rev., 5.00%, 7/1/2021		180,000		182,889

New York State Dormitory Authority, New York University Hospitals Center, Langone Hospitals Obligated Group

Rev., 3.00%, 7/1/2021		200,000		201,722

Rev., 5.00%, 7/1/2021		270,000		274,107

Rev., 5.00%, 7/1/2023		150,000		165,359

Rev., 5.00%, 7/1/2024		720,000		822,031

Rev., 5.00%, 7/1/2026		465,000		526,496

New York State Dormitory Authority, Northwell Health Obligated Group

Rev., 5.00%, 5/1/2021		165,000		166,257

Series 2011A, Rev., 5.00%, 5/1/2021 (b)		35,000		35,277

Series 2019A, Rev., 5.00%, 5/1/2021		300,000		302,286

Series 2011A, Rev., 5.25%, 5/1/2021 (b)		155,000		156,290

Series 2019B-1, Rev., 5.00%, 5/1/2022 (c)		6,525,000		6,726,883

Rev., 5.00%, 5/1/2023		200,000		219,562

Series 2015A, Rev., 5.00%, 5/1/2023		530,000		581,839

Rev., 5.00%, 5/1/2025		105,000		123,158

New York State Dormitory Authority, NYSARC Inc.

Series 2012A, Rev., 2.25%, 7/1/2021		225,000		226,561

Rev., 5.00%, 7/1/2022		145,000		154,405

New York State Dormitory Authority, Personal Income Tax Refunding, General Purpose Series 2012A, Rev., 4.00%, 12/15/2021		50,000		51,515

New York State Dormitory Authority, Rochester Institute of Technology Rev., 4.00%, 7/1/2022 (b)		75,000		78,805

New York State Dormitory Authority, School Districts Financing Program

Series 2012H, Rev., 3.00%, 4/1/2021		130,000		130,261

Series 2016H, Rev., 1.25%, 10/1/2021		25,000		25,108

Series 2017A, Rev., 4.00%, 10/1/2021		25,000		25,558

Series 2018C-1, Rev., 4.00%, 10/1/2021		25,000		25,560

SEE NOTES TO FINANCIAL STATEMENTS.



262	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Series 2011A, Rev., 5.00%, 10/1/2021		105,000		107,960

Series 2014A, Rev., AGM, 5.00%, 10/1/2021		70,000		71,990

Series 2017F, Rev., 5.00%, 10/1/2021		750,000		771,098

Series 2018A, Rev., 5.00%, 10/1/2021		175,000		179,559

Series 2019A, Rev., 5.00%, 10/1/2021		215,000		220,678

Rev., 4.00%, 10/1/2022		125,000		131,695

Series 2012D, Rev., AGM, 5.00%, 10/1/2023		300,000		321,753

Series 2016G, Rev., 5.00%, 10/1/2023		40,000		44,633

Series 2015D, Rev., 5.00%, 10/1/2024		165,000		189,722

Series 2017G, Rev., 5.00%, 10/1/2025		1,375,000		1,632,634

New York State Dormitory Authority, Skidmore College Series 2011A, Rev., 5.50%, 7/1/2041		400,000		407,040

New York State Dormitory Authority, State Personal Income Tax

Series 2005B, Rev., AMBAC, 5.50%, 3/15/2022		35,000		36,938

Series 2005B, Rev., AMBAC, 5.50%, 3/15/2023		30,000		33,132

Series B, Rev., AMBAC, 5.50%, 3/15/2024		100,000		115,161

New York State Dormitory Authority, State Personal Income Tax, General Purpose

Series 2015A, Rev., 3.00%, 3/15/2021		75,000		75,079

Series 2011C, Rev., 5.00%, 3/15/2021		100,000		100,177

Series 2012B, Rev., 5.00%, 3/15/2021		170,000		170,301

Series 2015A, Rev., 5.00%, 3/15/2021		50,000		50,089

Series 2015E, Rev., 5.00%, 3/15/2021		700,000		701,239

Series 2018A, Rev., 5.00%, 3/15/2021		200,000		200,354

Series 2020B, Rev., RAN, 5.00%, 3/31/2021		850,000		853,468

Series 2011E, Rev., 5.00%, 8/15/2021		70,000		71,539


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2020A, Rev., 5.00%, 9/15/2021		115,000		117,995

Series 2012A, Rev., 5.00%, 12/15/2021		580,000		602,139

Series 2012D, Rev., 2.00%, 2/15/2022		40,000		40,704

Series 2014E, Rev., 4.00%, 2/15/2022		20,000		20,733

Series 2014A, Rev., 5.00%, 2/15/2022		230,000		240,617

Series 2014E, Rev., 5.00%, 2/15/2022		110,000		115,078

Series 2016D, Rev., 5.00%, 2/15/2022		80,000		83,693

Series 2017A, Rev., 5.00%, 2/15/2022		280,000		292,925

Series 2011A, Rev., 5.00%, 3/15/2022		250,000		250,907

Series 2011C, Rev., 5.00%, 3/15/2022		50,000		50,181

Series 2012B, Rev., 5.00%, 3/15/2022		95,000		99,768

Series 2014C, Rev., 5.00%, 3/15/2022		270,000		283,551

Series 2015A, Rev., 5.00%, 3/15/2022		215,000		225,791

Series 2015E, Rev., 5.00%, 3/15/2022		95,000		99,768

Series 2012A, Rev., 4.00%, 12/15/2022		60,000		64,108

Series 2012A, Rev., 5.00%, 12/15/2022		275,000		298,730

Series 2013A, Rev., 5.00%, 2/15/2023		50,000		54,582

Series 2015B, Rev., 5.00%, 2/15/2023		95,000		103,707

Series 2016D, Rev., 5.00%, 2/15/2023		105,000		114,623

Series 2017B, Rev., 5.00%, 2/15/2023		330,000		360,245

Series 2011C, Rev., 5.00%, 3/15/2023		270,000		270,977

Series 2015A, Rev., 5.00%, 3/15/2023		75,000		82,182

Series 2015E, Rev., 5.00%, 3/15/2023		190,000		208,194

Series A, Rev., 5.00%, 3/15/2023		25,000		27,394

Series 2012A, Rev., 5.00%, 12/15/2023		100,000		108,482

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	263

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Series 2014A, Rev., 4.00%, 2/15/2024		35,000		38,710

Series 2012E, Rev., 5.00%, 2/15/2024		400,000		417,948

Series 2019D, Rev., 5.00%, 2/15/2024		40,000		45,414

Series 2011C, Rev., 5.00%, 3/15/2024		835,000		838,014

Series 2018A, Rev., 5.00%, 3/15/2024		525,000		597,886

Series 2012A, Rev., 5.00%, 12/15/2025		100,000		108,294

New York State Dormitory Authority, State Sales Tax

Series 2013A, Rev., 5.00%, 3/15/2021 (b)		220,000		220,379

Series 2018C, Rev., 5.00%, 3/15/2021		150,000		150,266

Series 2018E, Rev., 5.00%, 3/15/2021		20,000		20,035

Series A, Rev., 5.00%, 3/15/2021		230,000		230,407

Series 2013A, Rev., 5.00%, 3/15/2022		55,000		57,760

Series 2014A, Rev., 5.00%, 3/15/2022		150,000		157,528

Series 2015A, Rev., 5.00%, 3/15/2022		25,000		26,255

Series 2018A, Rev., 5.00%, 3/15/2022		50,000		52,510

Series 2013A, Rev., 5.00%, 3/15/2023		60,000		65,771

Series 2015A, Rev., 5.00%, 3/15/2023		75,000		82,214

Series 2015B, Rev., 5.00%, 3/15/2023		25,000		27,405

Series 2017A, Rev., 5.00%, 3/15/2023		25,000		27,405

Series 2013A, Rev., 5.00%, 3/15/2024		340,000		372,501

Series 2016A, Rev., 5.00%, 3/15/2024		50,000		56,975

New York State Dormitory Authority, State University Dormitory Facilities

Series 2011A, Rev., 5.00%, 7/1/2021 (b)		45,000		45,725

Series 2017A, Rev., 5.00%, 7/1/2021 (b)		65,000		66,037

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		35,000		37,265


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

New York State Dormitory Authority, State University Educational Facilities Series 1994A, Rev., NATL-RE, Zero Coupon, 5/15/2022		30,000		29,840

New York State Dormitory Authority, State University Facilities Series 2013A, Rev., 5.00%, 7/1/2021 (b)		40,000		40,638

New York State Dormitory Authority, The New School Project Series 2016A, Rev., 5.00%, 7/1/2021		100,000		101,521

New York State Dormitory Authority, Third General Resolution, State University Educational Facilities

Rev., 5.00%, 5/15/2021		75,000		75,739

Series 2012A, Rev., 4.00%, 5/15/2022		125,000		130,734

Series 2012A, Rev., 5.00%, 5/15/2022		40,000		42,315

Series 2012A, Rev., 5.00%, 5/15/2023		675,000		713,347

Series 2005A, Rev., NATL-RE, 5.50%, 5/15/2023		30,000		33,291

Rev., 5.00%, 5/15/2024		535,000		565,056

New York State Environmental Facilities Corp., Master Financing Program

Series 2011C, Rev., 5.00%, 5/15/2021		110,000		111,085

Series 2016B, Rev., 4.00%, 8/15/2021		25,000		25,437

Series 2016B, Rev., 5.00%, 2/15/2022		25,000		26,154

Series 2015B, Rev., 5.00%, 3/15/2022		20,000		21,004

New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution

Series 2012A, Rev., 3.00%, 6/15/2021		25,000		25,205

Series 2016A, Rev., 4.00%, 6/15/2021		50,000		50,552

Rev., 5.00%, 6/15/2021		25,000		25,347

Series 2014A, Rev., 5.00%, 6/15/2021		30,000		30,417

Series 2015A, Rev., 5.00%, 6/15/2021		40,000		40,556

SEE NOTES TO FINANCIAL STATEMENTS.



264	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Series 2017E, Rev., 5.00%, 6/15/2021		25,000		25,348

Series 2017E, Rev., 4.00%, 6/15/2022		30,000		31,479

Rev., 5.00%, 6/15/2022		150,000		152,076

Series 2015A, Rev., 5.00%, 6/15/2023		20,000		22,161

New York State Thruway Authority

Series I, Rev., 5.00%, 1/1/2022 (b)		75,000		78,037

Series J, Rev., 5.00%, 1/1/2022		80,000		83,158

New York State Thruway Authority, Highway and Bridge Trust Fund

Series 2011A-1, Rev., 5.00%, 4/1/2021		50,000		50,195

Series 2012A, Rev., 5.00%, 4/1/2021		25,000		25,098

Series 2012A, Rev., 4.00%, 4/1/2022		25,000		26,025

Series A-1, Rev., 4.00%, 4/1/2022		100,000		100,293

Series 2012A, Rev., 5.00%, 4/1/2022		320,000		336,678

Series A-1, Rev., 5.00%, 4/1/2022		25,000		25,097

Series A-1, Rev., 5.00%, 4/1/2023		300,000		301,143

New York State Thruway Authority, State Personal Income Tax, Transportation

Series 2011A, Rev., 4.00%, 3/15/2021 (b)		150,000		150,207

Series 2011A, Rev., 5.00%, 3/15/2021		245,000		245,426

Series 2012A, Rev., 5.00%, 3/15/2021		75,000		75,133

Series 2013A, Rev., 5.00%, 3/15/2021		95,000		95,168

Series 2012A, Rev., 5.00%, 3/15/2022		165,000		173,282

Series 2013A, Rev., 5.00%, 3/15/2022		75,000		78,764

Series 2012A, Rev., 5.00%, 3/15/2023		40,000		41,039

Series A, Rev., 5.00%, 3/15/2023		25,000		27,394

New York State Urban Development Corp., State Personal Income Tax, General Purpose

Series 2011A, Rev., 3.50%, 3/15/2021		110,000		110,131

Series 2011A, Rev., 4.00%, 3/15/2021		275,000		275,379


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2011A, Rev., 5.00%, 3/15/2021		325,000		325,565

Series 2013C, Rev., 5.00%, 3/15/2021		25,000		25,044

Series 2013D, Rev., 5.00%, 3/15/2021		55,000		55,097

Series 2016A, Rev., 5.00%, 3/15/2021		115,000		115,204

Series 2017C, Rev., 5.00%, 3/15/2021		100,000		100,177

Series 2019A, Rev., 5.00%, 3/15/2021		105,000		105,186

Series 2013C, Rev., 5.00%, 3/15/2022		25,000		26,255

Series 2013D, Rev., 5.00%, 3/15/2022		175,000		183,783

Series 2013E-A, Rev., 5.00%, 3/15/2022		90,000		94,517

Series 2014A-A, Rev., 5.00%, 3/15/2022		150,000		157,528

Series 2015A, Rev., 5.00%, 3/15/2022		75,000		78,764

Series A, Rev., 5.00%, 3/15/2022		240,000		252,046

Series A-1, Rev., 5.00%, 3/15/2022		90,000		94,517

Series A-2, Rev., NATL-RE, 5.50%, 3/15/2022		40,000		42,215

Series 2013C, Rev., 5.00%, 3/15/2023		25,000		27,394

Series 2013D, Rev., 5.00%, 3/15/2023		25,000		27,394

Series 2016A, Rev., 5.00%, 3/15/2023		110,000		120,534

Series 2020C, Rev., 5.00%, 3/15/2023		25,000		27,394

Series A-1, Rev., 5.00%, 3/15/2023		30,000		32,873

Series 2014A, Rev., 5.00%, 3/15/2024		60,000		68,330

New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment Series A-2, Rev., NATL-RE, 5.50%, 3/15/2021		285,000		285,556

New York State Urban Development Corp., State Sales Tax

Series 2019A, Rev., 5.00%, 3/15/2021		820,000		821,451

Series 2019A, Rev., 5.00%, 3/15/2022		40,000		42,008

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	265

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Niskayuna Central School District

GO, 4.00%, 4/15/2021		295,000		296,369

GO, 4.00%, 6/15/2021		40,000		40,445

GO, 4.00%, 4/15/2022		55,000		57,380

North Salem Central School District

GO, BAN, 1.50%, 6/25/2021		2,250,000		2,255,603

GO, 3.00%, 6/15/2022		45,000		46,647

North Syracuse Central School District GO, BAN, 1.50%, 8/6/2021		1,100,000		1,104,488

Northport-East Northport Union Free School District Series 2013A, GO, 4.00%, 4/1/2021		45,000		45,140

Ossining Union Free School District GO, 3.00%, 8/15/2021		50,000		50,650

Owego Apalachin Central School District GO, RAN, 1.00%, 6/25/2021		500,000		500,160

Peekskill City School District GO, BAN, 2.00%, 6/29/2021		500,000		502,635

Pelham Union Free School District GO, 5.00%, 8/15/2021		80,000		81,763

Penn Yan Central School District GO, 2.00%, 12/15/2021		75,000		76,042

Pittsford Central School District GO,

4.00%, 10/1/2021		105,000		107,357

Series 2012B, GO, 4.00%, 12/15/2021		25,000		25,760

GO, 4.00%, 10/1/2022		25,000		26,519

Plainedge Union Free School District Series 2012B, GO, 4.00%, 6/15/2021		20,000		20,221

Port Authority of New York and New Jersey, Consolidated

Series 180, Rev., 5.00%, 6/1/2021		25,000		25,300

Rev., 5.00%, 9/1/2021		65,000		66,570

Series 194, Rev., 5.00%, 10/15/2021		25,000		25,752

Series 173, Rev., 4.00%, 12/1/2021		25,000		25,720

Series 179, Rev., 5.00%, 12/1/2021		45,000		46,633

Port Washington Union Free School District GO, BAN, 1.50%, 8/5/2021		1,215,000		1,221,172

Putnam Valley Central School District GO, 4.00%, 6/15/2021		85,000		85,941

Riverhead Central School District GO, 3.00%, 3/15/2022		25,000		25,740

Rockville Centre Union Free School District GO, 3.00%, 6/15/2021		25,000		25,205

Roslyn Union Free School District GO, BAN, 2.00%, 9/3/2021		1,174,407		1,184,307


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Sachem Central School District

GO, 5.00%, 8/15/2021		20,000		20,441

GO, 5.00%, 10/15/2021		65,000		66,959

Sales Tax Asset Receivable Corp., Fiscal Year 2015

Series 2015A, Rev., 4.00%, 10/15/2021		120,000		122,890

Series 2015A, Rev., 5.00%, 10/15/2021		245,000		252,416

Series 2015A, Rev., 4.00%, 10/15/2022		80,000		85,007

Series 2015A, Rev., 5.00%, 10/15/2022		45,000		48,544

Saratoga County Water Authority Rev., 5.00%, 9/1/2021		75,000		76,815

Sayville Union Free School District

GO, 3.00%, 6/15/2021		25,000		25,205

GO, 4.00%, 6/15/2021		35,000		35,388

Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2022		100,000		103,853

Shenendehowa Central School District, Clifton Park GO, 3.00%, 6/15/2021		25,000		25,205

Smithtown Central School District

GO, 5.00%, 8/1/2021		20,000		20,403

GO, 5.00%, 10/15/2021		20,000		20,603

GO, 5.00%, 10/15/2022		25,000		26,960

Somers Central School District GO, 5.00%, 9/15/2021		20,000		20,522

South Country Central School District at Brookhaven

GO, 4.00%, 7/15/2021		110,000		111,572

GO, 5.00%, 10/15/2021		45,000		46,356

GO, 4.00%, 10/15/2022		25,000		26,556

South Orangetown Central School District GO, 5.00%, 12/1/2021		50,000		51,818

Spencerport Central School District GO, 4.00%, 6/15/2021		100,000		101,092

State of New York

Series 2015A, GO, 5.00%, 3/15/2021		25,000		25,044

Series 2013A, GO, 4.00%, 3/1/2023		35,000		37,613

Suffern Central School District

GO, 5.00%, 10/15/2021		55,000		56,657

GO, 5.00%, 10/15/2022		40,000		43,137

Suffolk County Water Authority, Water System

Rev., 4.00%, 12/1/2021 (b)		45,000		46,304

SEE NOTES TO FINANCIAL STATEMENTS.



266	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Rev., 5.00%, 12/1/2021 (b)		100,000		103,644

Syracuse Industrial Development Agency School Facility, Syracuse City School District Project Rev., 4.00%, 5/1/2021		20,000		20,125

Three Village Central School District Brookhaven and Smithtown GO, 5.00%, 5/15/2022		40,000		42,330

Tompkins County Development Corp., Tax Exempt Ithaca College Project Rev., 5.00%, 7/1/2021		200,000		203,008

Tonawanda City School District GO, 5.00%, 8/15/2021		60,000		61,292

Town of Amherst, Public Improvement

Series 2019A, GO, 3.00%, 11/1/2021		100,000		101,870

GO, 5.00%, 11/1/2021		25,000		25,799

Town of Brookhaven GO, 5.00%, 3/15/2022		35,000		36,761

Town of Clarkstown, Public Improvement

GO, 4.00%, 10/15/2021		50,000		51,169

GO, 3.00%, 6/15/2022		100,000		103,542

Town of Cornwall GO, BAN, 1.25%, 7/23/2021		2,100,000		2,105,523

Town of Cornwall, Public Improvement GO, 3.50%, 3/1/2023		40,000		40,095

Town of Greenburgh, Public Improvement

Series 2013A, GO, 5.00%, 4/15/2021		20,000		20,116

GO, 4.00%, 6/1/2021		65,000		65,621

GO, 5.00%, 4/15/2022		25,000		26,359

Town of Hempstead, Public Improvement GO, 5.00%, 4/15/2022		25,000		26,358

Town of Henrietta, Public Improvement GO, 3.13%, 12/15/2021		45,000		46,019

Town of Huntington, Public Improvement GO, 3.00%, 9/1/2021		50,000		50,713

Town of Islip, Public Improvement Series 2016B, GO, 4.00%, 10/15/2021		55,000		56,317

Town of North Hempstead, Public Improvement

Series 2016A, GO, 2.00%, 4/1/2021		125,000		125,189

Series 2016B, GO, 2.00%, 9/15/2021		25,000		25,250


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Town of Oyster Bay, Public Improvement

Series 2014A, GO, AGM, 4.00%, 3/5/2021		115,000		115,037

GO, 2.00%, 11/1/2021		420,000		424,452

GO, 4.00%, 11/1/2022		410,000		432,484

Town of Riverhead

GO, 4.00%, 6/1/2021		25,000		25,236

GO, 4.00%, 6/1/2022		25,000		26,183

Town of Southampton, Erosion Control District GO, 4.00%, 9/1/2021		20,000		20,388

Triborough Bridge and Tunnel Authority Series 1997A, Rev., 5.25%, 1/1/2022 (b)		30,000		31,277

Triborough Bridge and Tunnel Authority, General Purpose Series 1999-B, Rev., 5.50%, 1/1/2022 (b)		140,000		146,251

Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels

Series 2012B, Rev., 4.00%, 11/15/2021		100,000		102,717

Series 2014A, Rev., 4.00%, 11/15/2021		50,000		51,358

Series 2013B, Rev., 5.00%, 11/15/2021		100,000		103,420

Series 2011A, Rev., 5.00%, 1/1/2022		200,000		207,980

Utility Debt Securitization Authority Series 2016B, Rev., 5.00%, 6/15/2023		275,000		278,823

Valley Stream Union Free School District No. 13 GO, 5.00%, 9/1/2022		200,000		214,502

Victor Central School District GO, 5.00%, 6/15/2021		110,000		111,531

Village of Lake Success GO, BAN, 1.50%, 6/18/2021		1,029,313		1,031,598

Village of Northport GO, 2.00%, 5/15/2021		350,000		351,327

Village of Ossining GO, BAN, 1.25%, 9/24/2021		7,107,446		7,145,044

Village of Tarrytown, Public Improvement GO, 3.13%, 10/15/2021 (b)		100,000		101,847

Wallkill Central School District GO, 3.00%, 6/15/2021		35,000		35,287

Wappingers Central School District GO, 3.00%, 12/1/2021		40,000		40,827

Warwick Valley Central School District

GO, 4.00%, 5/15/2021		20,000		20,157

GO, 5.00%, 6/15/2021		45,000		45,626

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	267

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — continued

Washingtonville Central School District, Orange City GO, 5.00%, 6/15/2021		40,000		40,557

Webster Central School District

GO, 5.00%, 6/15/2021		65,000		65,905

GO, 4.00%, 10/1/2021		20,000		20,449

West Babylon Union Free School District

Series 2011A, GO, 5.00%, 5/1/2021		50,000		50,399

GO, 5.00%, 6/15/2021		50,000		50,696

GO, 4.00%, 8/1/2021		55,000		55,881

West Islip Fire District GO, BAN, 2.00%, 7/9/2021		3,590,000		3,607,053

Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2021		260,000		262,951

White Plains City School District

GO, 5.00%, 5/15/2021		60,000		60,592

GO, 5.00%, 6/15/2021		35,000		35,487

Williamsville Central School District GO, 5.00%, 6/1/2022		20,000		21,208

Yorkshire-Pioneer Central School District

GO, 2.00%, 6/1/2021		50,000		50,219

GO, 4.00%, 7/15/2021		30,000		30,406

Yorktown Central School District GO, 2.00%, 10/1/2022		110,000		113,211


Total New York				172,339,741


North Carolina — 1.7%

Appalachian State University

Rev., 4.00%, 10/1/2021 (b)		35,000		35,775

Rev., 4.25%, 10/1/2021 (b)		55,000		56,298

Series A, Rev., 5.00%, 10/1/2022		40,000		42,989

Cape Fear Public Utility Authority, Water and Sewer System Rev., 5.00%, 8/1/2021		100,000		102,010

Charlotte-Mecklenburg Hospital Authority (The), Carolinas Healthcare System

Series 2013A, Rev., 4.00%, 1/15/2022		25,000		25,825

Series 2016A, Rev., 5.00%, 1/15/2025		290,000		339,596

Charlotte-Mecklenburg Hospital Authority (The), Healthcare System, Atrium Health Series 2018C, Rev., 5.00%, 3/1/2023 (c)		490,000		534,178


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

City of Asheville, Limited Obligation

Rev., 5.00%, 4/1/2021		30,000		30,117

Rev., 5.00%, 4/1/2022		40,000		42,094

City of Asheville, Special Obligation Rev., 4.00%, 10/1/2021		30,000		30,672

City of Burlington, Combined Enterprise System Series 2011, Rev., 4.00%, 2/1/2022		25,000		25,879

City of Charlotte

Series 2019A, GO, 4.00%, 6/1/2021		50,000		50,477

Series 2012A, GO, 5.00%, 7/1/2021		25,000		25,401

Series 2020A, GO, 4.00%, 6/1/2022		50,000		52,391

Series 2012A, GO, 5.00%, 7/1/2022 (b)		20,000		21,292

Series 2010A, COP, 5.00%, 10/1/2022		50,000		50,179

GO, 5.00%, 12/1/2022		30,000		32,527

City of Charlotte, Airport Special Facilities

Series 2011A, Rev., 5.00%, 7/1/2021		60,000		60,963

Series 2017A, Rev., 5.00%, 7/1/2024		35,000		40,260

City of Charlotte, Convention Facility Project

COP, 5.00%, 12/1/2021		35,000		36,256

Series 2016A, COP, 5.00%, 12/1/2021		50,000		51,795

Series 2019A, COP, 5.00%, 6/1/2024		60,000		68,879

City of Charlotte, Equipment Acquisition and Public Facilities

Series 2012A, COP, 4.00%, 12/1/2021		40,000		41,137

COP, 5.00%, 12/1/2021		40,000		41,436

Series 2016A, COP, 5.00%, 12/1/2023		30,000		33,813

City of Charlotte, Storm Water

Rev., 4.00%, 12/1/2021		50,000		51,441

Rev., 5.00%, 12/1/2021		25,000		25,907

City of Charlotte, Water and Sewer System Rev., 5.00%, 12/1/2021		35,000		36,270

City of Durham

GO, 5.00%, 9/1/2021		50,000		51,207

GO, 5.00%, 9/1/2022		20,000		21,447

City of Goldsboro, Public Improvement GO, 5.00%, 5/1/2023		25,000		27,542

SEE NOTES TO FINANCIAL STATEMENTS.



268	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

North Carolina — continued

City of Greensboro, Limited Obligation Rev., 4.00%, 4/1/2021		25,000		25,078

City of Greensboro, Water and Sewer System

Rev., 5.00%, 6/1/2021		125,000		126,501

Rev., 5.25%, 6/1/2022		35,000		37,219

City of High Point GO, 5.00%, 3/1/2021		50,000		50,000

City of Jacksonville, Enterprise System Rev., 4.00%, 5/1/2022		35,000		36,541

City of Raleigh

Series 2020A, Rev., 5.00%, 6/1/2021		40,000		40,480

Series 2011A, GO, 4.00%, 9/1/2021		25,000		25,480

Series A, Rev., 4.00%, 10/1/2022		25,000		26,515

Rev., 5.00%, 2/1/2024		50,000		56,710

City of Raleigh, Combined Enterprise System

Series 2010-A, Rev., 4.00%, 3/1/2021		25,000		25,000

Series 2012A, Rev., 5.00%, 3/1/2022 (b)		25,000		26,210

City of Sanford GO, 4.00%, 2/1/2022		50,000		51,757

City of Winston-Salem

Series 2012B, GO, 4.00%, 6/1/2021		20,000		20,191

Series 2014C, Rev., 5.00%, 6/1/2021		25,000		25,300

City of Winston-Salem, Water and Sewer System Rev., 5.00%, 6/1/2021		75,000		75,901

County of Brunswick

Rev., 4.00%, 4/1/2021		45,000		45,140

Rev., 5.00%, 4/1/2021		45,000		45,176

GO, 3.50%, 5/1/2021		25,000		25,137

County of Brunswick, Enterprise Systems Rev., 5.00%, 4/1/2021		25,000		25,097

County of Buncombe

Rev., 5.00%, 6/1/2021		50,000		50,600

Series 2014A, Rev., 5.00%, 6/1/2021		55,000		55,661

Rev., 5.00%, 6/1/2022 (b)		75,000		79,540

Series 2014A, Rev., 5.00%, 6/1/2022		170,000		180,248

Series 2020A, Rev., 5.00%, 6/1/2022		20,000		21,206

County of Cabarrus, Installment Financing Contract

Rev., 5.00%, 6/1/2021		125,000		126,501

Rev., 5.00%, 6/1/2022		50,000		53,014


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

County of Carteret GO, 5.00%, 4/1/2021		75,000		75,293

County of Chatham

Rev., 4.00%, 11/1/2021		25,000		25,640

Rev., 5.00%, 11/1/2021		65,000		67,096

Rev., 5.00%, 11/1/2022		25,000		27,005

County of Chatham, Public Facility Corp. Rev., GTD, 5.00%, 12/1/2022		20,000		21,685

County of Cumberland GO, 4.00%, 8/1/2021		25,000		25,394

County of Dare Series 2013A, Rev., 4.00%, 6/1/2022		25,000		26,179

County of Durham

GO, 5.00%, 4/1/2021		25,000		25,098

GO, 5.00%, 10/1/2021		50,000		51,416

GO, 4.00%, 11/1/2021		25,000		25,643

GO, 5.00%, 4/1/2022		25,000		26,317

County of Gaston

GO, 5.00%, 3/1/2021		115,000		115,000

GO, 5.00%, 2/1/2022		25,000		26,107

GO, 5.00%, 3/1/2022		25,000		26,208

County of Guilford

GO, 4.00%, 3/1/2021		60,000		60,000

Series 2016A, GO, 5.00%, 2/1/2022		20,000		20,886

County of Guilford, Public Improvement Bonds

Series 2012A, GO, 5.00%, 3/1/2021		75,000		75,000

Series 2012A, GO, 5.00%, 3/1/2022		50,000		52,416

Series 2017A, GO, 5.00%, 5/1/2022		40,000		42,250

County of Henderson Series 2018A, Rev., 4.00%, 6/1/2021		90,000		90,847

County of Iredell Rev., 5.00%, 6/1/2022		25,000		26,507

County of Lincoln Series 2012A, GO, 3.00%, 6/1/2021		25,000		25,177

County of Mecklenburg

Series 2016A, GO, 5.00%, 9/1/2021		105,000		107,546

Series 2013A, GO, 5.00%, 12/1/2021		135,000		139,919

Series 2016A, GO, 5.00%, 9/1/2022		25,000		26,817

Series 2015A, Rev., 5.00%, 10/1/2022		120,000		129,204

County of Mecklenburg, Public Improvement Series 2016B, GO, 5.00%, 12/1/2021		30,000		31,093

County of New Hanover, Community College Bonds Series 2013A, GO, 5.00%, 6/1/2022		25,000		26,507

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	269

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

North Carolina — continued

County of New Hanover, Regional Medical Center Rev., 5.00%, 10/1/2021 (b)		120,000		123,247

County of New Hanover, School GO, 5.00%, 9/1/2021		30,000		30,724

County of Orange, School GO, 5.00%, 8/1/2022		30,000		32,050

County of Pender Rev., 4.50%, 6/1/2022 (b)		30,000		31,610

County of Pitt Series 2016B, Rev., 5.00%, 4/1/2022		35,000		36,832

County of Randolph Series 2019B, Rev., 5.00%, 10/1/2021		150,000		154,183

County of Union Rev., 4.00%, 12/1/2021		100,000		102,882

County of Wake

Series 2010-C, GO, 5.00%, 3/1/2021		175,000		175,000

Series 2018A, Rev., 5.00%, 8/1/2021		55,000		56,113

Rev., 5.00%, 9/1/2022		25,000		26,820

County of Wake, Hospital System Rev., NATL-RE, 5.13%, 10/1/2026 (b)		145,000		164,893

County of Wake, Public Improvement

Series 2017A, GO, 5.00%, 3/1/2021		100,000		100,000

GO, 5.00%, 4/1/2021		50,000		50,197

GO, 3.25%, 4/1/2023		125,000		125,305

County of Watauga, North Carolina Limited Obligation Bonds

Rev., 5.00%, 6/1/2021		50,000		50,601

Rev., 5.00%, 6/1/2022		30,000		31,808

Durham Capital Financing Corp.

Rev., 5.00%, 12/1/2021		65,000		67,358

Rev., GTD, 4.00%, 6/1/2022		30,000		31,435

Rev., GTD, 5.00%, 6/1/2022 (b)		80,000		84,843

Durham Housing Authority, JFK Towers Project Series 2012A, Rev., 5.00%, 12/1/2022 (b)		435,000		465,459

Jacksonville Public Facilities Corp. Rev., 5.00%, 4/1/2023		20,000		21,942

Mecklenburg County Public Facilities Corp. Rev., 3.00%, 2/1/2022		50,000		51,301

North Carolina Capital Facilities Finance Agency, Davidson College Rev., 5.00%, 3/1/2021		35,000		35,000

North Carolina Eastern Municipal Power Agency Series 2012D, Rev., 5.00%, 7/1/2022 (b)		50,000		53,229


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

North Carolina Medical Care Commission, Duke University Health System

Rev., 5.00%, 6/1/2021		50,000		50,588

Series 2012A, Rev., 5.00%, 6/1/2022		25,000		26,474

Rev., 5.00%, 6/1/2025		100,000		118,239

North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019B, Rev., 2.20%, 12/1/2022 (c)		6,090,000		6,220,204

North Carolina Municipal Power Agency No. 1, Catawba Electric Series 2015E, Rev., 5.00%, 1/1/2022		65,000		67,543

North Carolina State University at Raleigh

Rev., 5.00%, 10/1/2022		20,000		21,524

Series 2020A, Rev., 5.00%, 10/1/2022		25,000		26,905

North Carolina Turnpike Authority, Monroe Connector System Rev., 3.00%, 7/1/2022		60,000		60,555

North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024		625,000		705,369

Orange County Public Facilities Co.

Rev., 5.00%, 10/1/2021		50,000		51,403

Rev., 4.75%, 10/1/2022 (b)		25,000		26,815

Rev., 5.00%, 10/1/2022		25,000		26,889

Orange Water and Sewer Authority

Rev., 2.00%, 7/1/2021		100,000		100,614

Rev., 5.00%, 6/1/2022		75,000		79,521

State of North Carolina

Rev., GAN, 5.00%, 3/1/2021		225,000		225,000

Series 2013C, GO, 4.00%, 5/1/2021		25,000		25,160

Series 2010-C, GO, 5.00%, 5/1/2021		240,000		241,927

Series D, GO, 4.00%, 6/1/2021		60,000		60,578

Series 2013B, GO, 5.00%, 6/1/2022		35,000		37,128

Series 2015A, GO, 5.00%, 6/1/2022		25,000		26,520

State of North Carolina, Build NC Programs, Limited Obligation

Series 2014B, Rev., 5.00%, 6/1/2021		110,000		111,332

Series 2017B, Rev., 5.00%, 5/1/2022		25,000		26,419

SEE NOTES TO FINANCIAL STATEMENTS.



270	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

North Carolina — continued

State of North Carolina, Limited Obligation

Series 2011C, Rev., 3.50%, 5/1/2021 (b)		90,000		90,494

Series 2011C, Rev., 5.00%, 5/1/2021 (b)		60,000		60,481

Series 2013A, Rev., 5.00%, 5/1/2021		50,000		50,401

Series 2014C, Rev., 5.00%, 5/1/2021		165,000		166,325

Series 2017B, Rev., 5.00%, 5/1/2021		50,000		50,402

Series 2011B, Rev., 5.00%, 11/1/2021		50,000		51,625

Series 2019A, Rev., 5.00%, 5/1/2022		35,000		36,986

State of North Carolina, Public Improvement Series 2018A, GO, 5.00%, 6/1/2022		55,000		58,344

Town of Cary, Enterprise System Rev., 5.00%, 12/1/2021		20,000		20,726

Town of Cary, Public Improvement Series 2019A, GO, 5.00%, 9/1/2021		25,000		25,604

Town of Chapel Hill, Limited Obligation

Rev., 5.00%, 6/1/2021		20,000		20,240

Rev., 5.00%, 6/1/2022		30,000		31,809

Town of Mooresville, Enterprise System

Rev., 5.00%, 5/1/2021		20,000		20,159

Rev., 5.00%, 5/1/2022		25,000		26,407

University of North Carolina Series 2011C, Rev., 4.00%, 10/1/2021 (b)		50,000		51,107

University of North Carolina at Asheville Rev., 5.00%, 6/1/2021		50,000		50,575

University of North Carolina at Greensboro

Rev., 5.00%, 4/1/2021		100,000		100,383

Series 2012A, Rev., 5.00%, 4/1/2022 (b)		75,000		78,892

University of North Carolina at Wilmington Series 2019B, Rev., 5.00%, 10/1/2022		150,000		161,331

University of North Carolina, Hospital at Chapel Hill

Series 2003 B, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c)		6,115,000		6,115,000

Series 2009-A, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c)		425,000		425,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

University of North Carolina, School of the Arts

Rev., 5.00%, 2/1/2023		185,000		200,725

Rev., 5.00%, 2/1/2024		150,000		168,731

Rev., 5.00%, 2/1/2025		295,000		342,716

Watauga Public Facilities Corp. Series 2012A, Rev., 4.00%, 6/1/2022 (b)		20,000		20,962


Total North Carolina				23,725,470


North Dakota — 0.2%

City of Bismarck

Series 2015K, GO, 2.00%, 5/1/2021		50,000		50,151

Series 2108N, GO, 5.00%, 5/1/2023		50,000		55,073

City of Bismarck, Sanitary Sewer Rev., 5.00%, 5/1/2021		200,000		201,586

City of Fargo

Series 2015D, GO, 2.00%, 5/1/2021		25,000		25,035

Series 2011A, GO, 4.00%, 5/1/2021 (b)		150,000		150,915

Series 2015A, GO, 5.00%, 5/1/2021		25,000		25,198

Series 2015B, GO, 5.00%, 5/1/2021		50,000		50,396

Series 2014E, GO, 4.00%, 5/1/2022		100,000		104,415

Series 2016A, GO, 5.00%, 7/1/2022		25,000		26,594

City of Fargo, NSDU Development Foundation Project Series 2012A, Rev., 3.00%, 12/1/2021		50,000		50,345

City of West Fargo Series 2019A, GO, 4.00%, 5/1/2021		200,000		201,214

County of Burleigh, St. Alexius Medical Center Project Series 2012A, Rev., 5.00%, 7/1/2022 (b)		270,000		285,941

Fargo Public School District No. 1 GO, 5.00%, 8/1/2021		35,000		35,689

North Dakota Building Authority Series 2020A, Rev., 5.00%, 12/1/2022		35,000		37,922

North Dakota Housing Finance Agency, Home Mortgage Finance Program Series C, Rev., 1.75%, 7/1/2021		900,000		903,978

North Dakota Public Finance Authority, Capital Financing Program Series A, Rev., 1.75%, 11/1/2023		430,000		438,247

North Dakota Public Finance Authority, State Revolving Fund Program Series 2018A, Rev., 5.00%, 10/1/2021		50,000		51,403

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	271

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

North Dakota — continued

State Board of Higher Education of the State of North Dakota, State University Housing and Auxiliary Facilities Series 2017B, Rev., 5.00%, 4/1/2021		100,000		100,387

West Fargo Public School District No. 6, School Building

Series 2016A, GO, 3.00%, 5/1/2021		100,000		100,452

GO, 4.00%, 8/1/2024		40,000		44,763


Total North Dakota				2,939,704


Ohio — 4.4%

Akron Bath Copley Joint Township Hospital District, Akron General Health System Rev., 3.80%, 1/1/2022 (b)		445,000		458,061

American Municipal Power, Inc., Combined Hydroelectric Projects Series 2016A, Rev., 5.00%, 2/15/2022		335,000		349,968

American Municipal Power, Inc., Electric System Improvement, City of Hubbard Project Rev., BAN, 2.25%, 3/4/2021		325,000		325,055

American Municipal Power, Inc., Electric System Improvement, Village of Jackson Center Project Rev., BAN, 1.50%, 8/12/2021		645,000		648,483

American Municipal Power, Inc., Green Bond Series 2019A, Rev., 5.00%, 2/15/2023		225,000		245,065

American Municipal Power, Inc., State Energy Campus

Rev., 5.25%, 2/15/2022 (b)		70,000		73,412

Series 2015A, Rev., 5.25%, 2/15/2022 (b)		75,000		78,655

Apollo Joint Vocational School District, Various Purpose GO, 5.00%, 12/1/2021 (b)		25,000		25,909

Beavercreek City School District, Unlimited Tax GO, 3.00%, 12/1/2021		50,000		51,063

Bellbrook-Sugarcreek Local School District, School Improvement GO, 4.00%, 12/1/2021		30,000		30,860

Bowling Green State University, General Receipts

Series 2020A, Rev., 5.00%, 6/1/2021		30,000		30,345

Series 2016A, Rev., 5.00%, 6/1/2022		100,000		105,768


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Buckeye Tobacco Settlement Financing Authority Series A-3, Rev., 6.25%, 6/1/2022 (b)		445,000		478,633

Buckeye Valley Local School District, Unlimited Tax Series 2016B, GO, 5.00%, 12/1/2021		25,000		25,903

Carey Exempted Village School District GO, 5.38%, 11/1/2021 (b)		100,000		103,445

Central Ohio Solid Waste Authority, Limited Tax GO, 5.00%, 12/1/2023		45,000		50,720

City of Akron, Community Learning Centers

Series 2012A, Rev., 5.00%, 12/1/2021		30,000		31,033

Rev., 5.00%, 12/1/2022		35,000		37,762

Series 2012A, Rev., 5.00%, 12/1/2022		25,000		26,409

City of Akron, Income Tax Rev., 5.00%, 12/1/2021		150,000		155,164

City of Akron, Various Purpose

GO, 2.00%, 12/1/2021		425,000		430,227

GO, 2.00%, 12/1/2022		565,000		580,425

City of Avon, Street Improvement, Limited Tax GO, 2.00%, 12/1/2021		100,000		101,313

City of Cincinnati, Baldwin 300 Project Series 2016D, Rev., 4.00%, 11/1/2021		110,000		112,682

City of Cincinnati, Unlimited Tax

Series 2012D, GO, 4.00%, 12/1/2021		25,000		25,709

Series 2014A, GO, 5.00%, 12/1/2021		25,000		25,896

City of Cincinnati, Unlimited Tax, Various Purpose

Series 2016A, GO, 4.00%, 12/1/2021		50,000		51,418

Series 2016C, GO, 5.00%, 12/1/2021		20,000		20,716

City of Cincinnati, Water System

Series 2011A, Rev., 5.00%, 12/1/2021		40,000		41,448

Series 2012A, Rev., 5.00%, 12/1/2021 (b)		60,000		62,182

City of Cleveland, Airport System Series 2016A, Rev., AGM, 5.00%, 1/1/2022		275,000		285,359

City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements Rev., 5.00%, 5/15/2021		185,000		186,802

SEE NOTES TO FINANCIAL STATEMENTS.



272	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Ohio — continued

City of Cleveland, Various Purpose GO, 5.00%, 12/1/2026		200,000		247,136

City of Columbus, Various Purpose, Limited Tax

Series 2011B, GO, 5.00%, 7/1/2021		25,000		25,402

Series 2013-2, GO, 5.00%, 7/1/2021		195,000		198,138

GO, 4.00%, 8/15/2021		50,000		50,876

Series 2019B, GO, 5.00%, 4/1/2022		30,000		31,574

Series 2015A, GO, 3.00%, 7/1/2022		20,000		20,757

Series 2012-4, GO, 5.00%, 8/15/2022		45,000		48,166

City of Columbus, Various Purpose, Unlimited Tax

Series 2017A, GO, 4.00%, 4/1/2021		30,000		30,094

Series 2012-1, GO, 3.00%, 7/1/2021		65,000		65,616

Series 2011A, GO, 5.00%, 7/1/2021 (b)		95,000		96,529

Series 2013-1, GO, 5.00%, 7/1/2021		25,000		25,402

Series 2016A, GO, 4.00%, 8/15/2021		25,000		25,438

Series 2019A, GO, 5.00%, 4/1/2022		25,000		26,311

GO, 4.00%, 7/1/2022		25,000		26,279

Series 2013A, GO, 5.00%, 8/15/2022		50,000		53,518

City of Dayton, Various Purpose GO, 4.00%, 12/1/2021		50,000		51,402

City of Dublin, Limited Tax, Capital Facilities Improvement GO, 3.00%, 12/1/2022		210,000		214,435

City of Hilliard, Limited Tax Series 2019A, GO, 5.00%, 12/1/2022		20,000		21,644

City of Lakewood, Limited Tax GO, 5.00%, 12/1/2021		40,000		41,451

City of Lakewood, Purpose Tax GO, 5.00%, 12/1/2021		20,000		20,726

City of Lima, Various Improvement, Limited Tax GO, AGM, 3.00%, 12/1/2021		125,000		127,479

City of North Olmsted, Unlimited Tax GO, 3.00%, 12/1/2022		20,000		20,969

City of Westerville

Series 2012A, GO, 4.00%, 12/1/2021		30,000		30,853

Rev., 5.00%, 12/1/2022		65,000		70,415


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

City of Whitehall Rev., 1.00%, 12/8/2021		1,000,000		1,004,680

Cleveland Department of Public Utilities Division of Public Power Rev., AGM, 5.00%, 11/15/2023		100,000		112,230

Cleveland Department of Public Utilities Division of Water Series 2017CC, Rev., 5.00%, 1/1/2022		20,000		20,805

Coldwater Exempted Village School District GO, 3.00%, 12/1/2023		380,000		404,411

Columbus City School District, Various Purpose Series 2014A, GO, 5.00%, 12/1/2021		85,000		88,071

County of Allen, Hospital Facilities and Improvement Bonds, Catholic Health Partners

Series 2012A, Rev., 5.00%, 5/1/2021		235,000		236,791

Series 2012A, Rev., 4.00%, 5/1/2022 (b)		145,000		151,506

Series 2012A, Rev., 5.00%, 5/1/2022		310,000		326,690

County of Allen, Hospital Facilities, Mercy Health

Series 2017A, Rev., 5.00%, 8/1/2021		845,000		861,266

Series 2017A, Rev., 5.00%, 8/1/2024		425,000		489,039

County of Butler, Hospital Facilities

Rev., 5.00%, 11/15/2021		200,000		206,392

Rev., 4.00%, 11/15/2022		160,000		169,566

County of Cuyahoga, Capital Improvement

Series 2020A, GO, 4.00%, 12/1/2021		25,000		25,711

Series 2020A, GO, 4.00%, 12/1/2022		55,000		58,623

County of Cuyahoga, Sales Tax Rev., 5.00%, 12/1/2021		25,000		25,897

County of Cuyahoga, Sports Facilities Improvement Project, Excise Tax Rev., 5.00%, 12/1/2022 (b)		50,000		54,165

County of Delaware, Sanitary Sewer System Improvement Rev., 4.00%, 12/1/2022		25,000		26,670

County of Franklin, Nationwide Children’s Hospital Project Series 2012A, Rev., 5.00%, 11/1/2022		115,000		121,316

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	273

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Ohio — continued

County of Franklin, Various Purpose, Limited Tax

GO, 5.00%, 6/1/2021		80,000		80,961

GO, 5.00%, 12/1/2021		40,000		41,451

County of Geauga, South Franklin Circle Project Rev., 8.00%, 12/31/2022 (b) (c)		4,945,000		5,710,486

County of Greene, Sewer System, Limited Tax GO, 5.00%, 12/1/2021		100,000		103,628

County of Hamilton, Healthcare Facilities, Christ Hospital Project Rev., 5.00%, 6/1/2021		170,000		171,890

County of Hamilton, Riverfront Infrastructure Improvement, Limited Tax GO, 5.00%, 12/1/2021 (b)		115,000		119,181

County of Hamilton, Sales Tax Series 2016A, Rev., 4.00%, 12/1/2021		110,000		113,051

County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati

Series 2014A, Rev., 5.00%, 12/1/2021		65,000		67,358

Series A, Rev., 5.00%, 12/1/2021		20,000		20,725

Series 2013A, Rev., 5.00%, 12/1/2022		55,000		59,633

Series 2014A, Rev., 5.00%, 12/1/2022		20,000		21,685

County of Hancock, Hospital Facilities, Blanchard Valley Health Center Rev., 5.00%, 6/1/2021 (b)		250,000		252,945

County of Lake, Various Purpose GO, 3.50%, 12/1/2022		50,000		52,849

County of Lorain, Various Purpose GO, 3.00%, 12/1/2022		55,000		57,615

County of Lucas, Promedica Health Rev., 5.00%, 11/15/2021 (b)		100,000		103,347

County of Montgomery, Health Initiatives Series 2008D-2, Rev., 5.45%, 11/13/2023 (b)		140,000		159,151

County of Summit, Various Purpose GO, 4.00%, 12/1/2021		75,000		77,161

County of Union, Memorial Hospital, Various Purpose GO, 4.00%, 12/1/2022		55,000		58,673

County of Warren, Jail Construction and Improvement

GO, 3.00%, 12/1/2021		180,000		183,843

GO, 3.00%, 6/1/2023		25,000		26,527


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Cuyahoga Community College District, Facilities Construction and Improvement GO, 3.00%, 12/1/2021		20,000		20,427

Cuyahoga Community College District, General Receipts Series 2016E, Rev., 5.00%, 8/1/2021		25,000		25,502

Cuyahoga Metropolitan Housing Authority, Riverside Park Phase II Project Rev., 2.00%, 4/1/2021 (c)		3,800,000		3,805,472

Dayton Metro Library, Improvement Series 2013A, GO, 4.00%, 12/1/2022		25,000		25,692

Defiance City School District, Various Purpose GO, 5.00%, 12/1/2022 (b)		45,000		48,708

Dublin City School District, Construction & Improvement

GO, 4.00%, 12/1/2022		35,000		37,331

GO, 4.00%, 12/1/2024		20,000		22,625

Dublin City School District, Various Purpose Series 2013A, GO, 5.00%, 12/1/2022		20,000		21,681

Eastwood Local School District COP, 3.00%, 6/1/2023		30,000		31,610

Forest Hills Local School District, School Improvement GO, 4.00%, 12/1/2022		40,000		42,657

Franklin County Convention Facilities Authority

Rev., 5.00%, 12/1/2023 (b)		50,000		56,484

Rev., 5.00%, 12/1/2024 (b)		75,000		87,849

Franklin County, Hospital Facilities, OhioHealth Corp. Series 2011A, Rev., 5.00%, 11/15/2021 (b)		110,000		113,762

Gahanna-Jefferson City School District GO, 3.00%, 12/1/2022		75,000		78,701

Greater Cleveland Regional Transit Authority

Rev., 5.00%, 12/1/2021		125,000		129,535

Series A, Rev., 5.00%, 12/1/2022		55,000		59,633

Greene County Vocational School District GO, 5.00%, 12/1/2021		220,000		227,949

Highland Local School District GO, 5.00%, 12/1/2022		20,000		21,677

Johnstown-Monroe Local School District GO, Zero Coupon, 12/1/2021		200,000		199,582

Kent State University

Series 2012A, Rev., 5.00%, 5/1/2022 (b)		80,000		84,520

Series 2014A, Rev., 5.00%, 5/1/2022 (b)		55,000		58,107

SEE NOTES TO FINANCIAL STATEMENTS.



274	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Ohio — continued

Lakewood City School District, School Facilities Improvement

GO, 4.00%, 12/1/2021		110,000		113,153

Series 2014A, GO, 5.00%, 11/1/2022 (b)		45,000		48,617

Lakota Local School District/Butler County GO, 5.00%, 12/1/2022		45,000		48,782

Lancaster City School District GO, 3.75%, 10/1/2022 (b)		25,000		26,408

Lancaster Port Authority, Gas Supply

Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 8/1/2021		300,000		305,877

Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 2/1/2022		190,000		198,143

Licking County Career & Technology Education Centers GO, 3.13%, 12/1/2023		50,000		50,971

Lucas-Plaza Housing Development Corp. Rev., FHA, Zero Coupon, 6/1/2024 (b)		710,000		695,196

Mason City School District GO, 5.00%, 12/1/2022		25,000		27,101

Miami Trace Local School District GO, 4.00%, 12/1/2023		85,000		93,260

Miami Valley Career Technology Center, Various Purpose School Improvement, Unlimited Tax GO, 4.00%, 12/1/2021		25,000		25,716

New Boston Local School District, Unlimited Tax GO, 3.00%, 11/1/2021		45,000		45,854

North Ridgeville City School District, School Facilities Improvement

GO, Zero Coupon, 12/1/2021		150,000		149,676

Series 2014A, GO, 3.00%, 12/1/2021		50,000		51,060

Northeast Ohio Regional Sewer District, Wastewater Improvement

Rev., 5.00%, 11/15/2021		175,000		180,971

Rev., 5.00%, 5/15/2023 (b)		25,000		27,584

Northmont City School District Series 2012A, GO, 4.00%, 11/1/2021 (b)		60,000		61,540

Northwest Local School District, Unlimited Tax GO, 5.00%, 12/1/2022		30,000		32,516

Ohio Higher Educational Facility Commission, Case Western University Project Series 2012A, Rev., 5.00%, 12/1/2021		200,000		207,118


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group

Rev., 5.00%, 1/1/2022		235,000		244,355

Rev., 5.00%, 1/1/2024		150,000		155,810

Ohio Higher Educational Facility Commission, Denison University Project

Rev., 5.00%, 11/1/2021		25,000		25,803

Series 2017A, Rev., 5.00%, 11/1/2021		100,000		103,210

Ohio Higher Educational Facility Commission, Kenyon College 2017 Project Rev., 4.00%, 7/1/2021		85,000		85,998

Ohio Higher Educational Facility Commission, University of Dayton 2013 Project Rev., 5.00%, 12/1/2021		25,000		25,849

Ohio Housing Finance Agency, Mortgage — Backed Securities Program

Series 2017A, Rev., GNMA/FNMA/FHLMC, 1.75%, 3/1/2021		195,000		195,000

Series 2019B, Rev., 1.45%, 9/1/2021		135,000		135,784

Ohio Housing Finance Agency, Multi-Family Housing Nelle Park Apartment Rev., 1.75%, 6/1/2021 (c)		1,175,000		1,179,442

Ohio Housing Finance Agency, Multi-Family Housing Wesley Tower Apartments Project Rev., 1.40%, 6/1/2021 (c)		10,500,000		10,530,345

Ohio Housing Finance Agency, Park Eden Apartments Series 2020A, Rev., GNMA/FHA, 0.40%, 9/1/2022 (c)		150,000		150,297

Ohio State Building Authority, Juenville Correctional Building Fund Projects Series 2011A, Rev., 4.00%, 4/1/2021		30,000		30,094

Ohio State University (The), General Receipts

Series 2012A, Rev., 4.00%, 6/1/2021		25,000		25,238

Series 2012A, Rev., 5.00%, 6/1/2021		50,000		50,600

Series 2010D, Rev., 5.00%, 12/1/2021		220,000		227,982

Series 2020A, Rev., 5.00%, 12/1/2022		55,000		59,633

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	275

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Ohio — continued

Ohio State University (The), Multiyear Debt Issuance Program

Rev., 5.00%, 12/1/2021		75,000		77,721

Rev., 5.00%, 12/1/2022		55,000		59,633

Ohio Turnpike and Infrastructure Commission Series 2017A, Rev., 5.00%, 2/15/2023		40,000		43,674

Ohio Turnpike and Infrastructure Commission, Junior Lien

Series A-1, Rev., 5.00%, 2/15/2023 (b)		40,000		43,691

Series 2013A-1, Rev., 5.00%, 2/15/2025		100,000		108,937

Ohio University, General Receipts Rev., 4.00%, 12/1/2022 (b)		40,000		42,672

Ohio Water Development Authority, Drinking Water Assistance

Rev., 4.00%, 6/1/2021		45,000		45,432

Rev., 5.00%, 12/1/2021		60,000		62,186

Rev., 5.00%, 12/1/2022		145,000		157,267

Ohio Water Development Authority, Fresh Water Series 2013A, Rev., 5.00%, 6/1/2021		45,000		45,543

Ohio Water Development Authority, Water Pollution Control Loan Fund

Rev., 5.00%, 6/1/2021		100,000		101,206

Rev., 5.50%, 6/1/2021		35,000		35,465

Rev., 5.00%, 12/1/2021		65,000		67,369

Series 2014B, Rev., 5.00%, 12/1/2021		145,000		150,284

Rev., 5.50%, 12/1/2022		50,000		54,666

Olentangy Local School District Series 2013B, GO, 4.00%, 12/1/2021		20,000		20,575

Penta Career Center COP, 5.00%, 4/1/2022		50,000		52,533

Perry Local School District, Lake County COP, 4.00%, 12/1/2021		100,000		102,729

Perrysburg Exempted Village School District GO, 5.00%, 12/1/2023		30,000		33,628

Port of Greater Cincinnati Development Authority, Mariemont City School District Project, Tax-Exempt

Rev., 5.00%, 12/1/2022		50,000		54,193

Rev., 5.00%, 12/1/2024		200,000		232,778

Revere Local School District, School Facilities Improvement Series 2017A, GO, 5.00%, 6/1/2022 (b)		150,000		159,081


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Reynoldsburg City School District, Unlimited Tax

GO, 5.00%, 12/1/2021		90,000		93,252

GO, 5.00%, 12/1/2022		20,000		21,677

South-Western City School District, School Facilities Construction and Improvement

Series 2019A, GO, 4.00%, 12/1/2021		135,000		138,869

GO, 4.50%, 6/1/2022 (b)		35,000		36,901

South-Western City School District, Unlimited Tax GO, 5.00%, 12/1/2021		100,000		103,613

State of Ohio Series R, GO, 5.00%, 5/1/2022		35,000		36,986

State of Ohio, Bureau of Criminal Investigation Records System Project COP, 4.00%, 3/1/2022		30,000		31,129

State of Ohio, Capital Facilities Lease Appropriation Administrative Building Fund Projects

Rev., 5.00%, 4/1/2021 (b)		55,000		55,217

Series 2013B, Rev., 5.00%, 4/1/2021 (b)		25,000		25,098

State of Ohio, Capital Facilities Lease Appropriation Adult Correctional Building Fund Projects

Series 2014A, Rev., 5.00%, 4/1/2021 (b)		45,000		45,176

Rev., 5.00%, 10/1/2021		50,000		51,422

Series 2016A, Rev., 5.00%, 10/1/2021		35,000		35,995

Series 2019A, Rev., 5.00%, 10/1/2021		75,000		77,132

Series 2012A, Rev., 5.00%, 4/1/2022		85,000		89,468

Series 2015B, Rev., 5.00%, 10/1/2022 (b)		75,000		80,741

Rev., 5.00%, 10/1/2023		35,000		39,198

Series 2017B, Rev., 5.00%, 10/1/2023		40,000		44,798

State of Ohio, Capital Facilities Lease Appropriation Cultural and Sports Facilities Building Fund Projects

Rev., 5.00%, 4/1/2021		100,000		100,395

Series 2013A, Rev., 5.00%, 4/1/2022		25,000		26,314

Series 2019A, Rev., 5.00%, 4/1/2022		85,000		89,469

Series 2016A, Rev., 5.00%, 10/1/2023		30,000		33,598

SEE NOTES TO FINANCIAL STATEMENTS.



276	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Ohio — continued

State of Ohio, Capital Facilities Lease Appropriation Mental Health Facilities Improvement Fund Projects

Rev., 5.00%, 6/1/2021		45,000		45,545

Rev., 5.00%, 2/1/2022		130,000		135,780

Series 2016A, Rev., 5.00%, 6/1/2022		25,000		26,513

Rev., 5.00%, 6/1/2023		50,000		55,269

Series 2016A, Rev., 5.00%, 6/1/2023		50,000		55,269

Series 2015A, Rev., 5.00%, 2/1/2024		170,000		192,814

State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects

Series 2015A, Rev., 5.00%, 2/1/2022		35,000		36,556

Series 2016B, Rev., 4.00%, 8/1/2022		140,000		147,630

Series 2020A, Rev., 5.00%, 12/1/2022		135,000		146,421

State of Ohio, Capital Facilities Lease Appropriation Transportation Building Fund Projects

Series 2015A, Rev., 5.00%, 4/1/2021		60,000		60,237

Series 2013A, Rev., 5.00%, 1/15/2022		155,000		161,391

Series 2018A, Rev., 5.00%, 4/1/2022		25,000		26,314

State of Ohio, Common Schools

Series 2011B, GO, 5.00%, 3/15/2021 (b)		140,000		140,246

Series 2012B, GO, 5.00%, 3/15/2021		25,000		25,044

Series 2019A, GO, 5.00%, 6/15/2021		90,000		91,261

Series 2011B, GO, 4.00%, 9/15/2021		130,000		132,717

Series 2010A, GO, 5.00%, 9/15/2021		110,000		112,889

Series 2011A, GO, 5.00%, 9/15/2021		70,000		71,838

Series 2011C, GO, 5.00%, 9/15/2021		20,000		20,525

Series 2012B, GO, 5.00%, 9/15/2021 (b)		25,000		25,652

Series 2012C, GO, 5.00%, 9/15/2021		25,000		25,657


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Series 2013A, GO, 5.00%, 9/15/2021		205,000		210,383

Series 2014A, GO, 5.00%, 9/15/2021		175,000		179,595

Series 2013B, GO, 5.00%, 6/15/2022		50,000		53,135

Series 2015B, GO, 5.00%, 6/15/2022 (b)		25,000		26,561

Series 2010C, GO, 4.25%, 9/15/2022		25,000		26,584

Series 2012A, GO, 5.00%, 9/15/2022		40,000		42,995

Series 2012C, GO, 5.00%, 9/15/2022		30,000		32,246

Series 2013A, GO, 5.00%, 9/15/2022		75,000		80,615

State of Ohio, Conservation Project

Series 2018A, GO, 2.00%, 3/1/2021		50,000		50,000

Series 2019A, GO, 3.00%, 3/1/2021		150,000		150,000

Series 2011A, GO, 5.00%, 9/1/2021		60,000		61,461

Series 2015A, GO, 5.00%, 9/1/2022		40,000		42,919

State of Ohio, Department of Administrative Services Enterprise Data Center Solutions Project

COP, 5.00%, 9/1/2021		75,000		76,785

COP, 5.00%, 9/1/2022		125,000		133,906

COP, 5.00%, 9/1/2023		100,000		111,633

State of Ohio, Department of Administrative Services, Administrative Knowledge System and Enterprise Data Center Solutions Project COP, 5.00%, 9/1/2022		200,000		214,250

State of Ohio, Department of Administrative Services, Multi-Agency Radio Communication System Project COP, 5.00%, 9/1/2021 (b)		225,000		230,387

State of Ohio, Higher Education

Series 2014A, GO, 5.00%, 5/1/2021		55,000		55,442

Series 2011A, GO, 5.00%, 8/1/2021		20,000		20,405

Series 2011B, GO, 5.00%, 8/1/2021		50,000		51,014

Series 2013A, GO, 5.00%, 8/1/2021		35,000		35,709

Series 2014B, GO, 5.00%, 8/1/2021		30,000		30,608

Series 2016A, GO, 5.00%, 8/1/2021		20,000		20,405

Series 2014A, GO, 5.00%, 5/1/2022 (b)		25,000		26,413

Series 2011B, GO, 5.00%, 8/1/2022		30,000		32,068

Series 2014A, GO, 4.00%, 5/1/2024		50,000		55,709

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	277

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Ohio — continued

State of Ohio, Highway Capital Improvements Series T, GO, 5.00%, 11/1/2021		50,000		51,626

State of Ohio, Highway Capital Improvements Full Faith and Credit/Highway User Receipts

Series Q, GO, 5.00%, 5/1/2021		50,000		50,402

Series 2010A, GO, 5.00%, 8/1/2021		100,000		102,027

State of Ohio, Infrastructure Improvement

Series 2011B, GO, 5.00%, 8/1/2021		25,000		25,507

Series 2020C, GO, 4.00%, 3/1/2022		30,000		31,163

Series 2014A, GO, 5.00%, 3/1/2022 (b)		120,000		125,809

Series 2015A, GO, 5.00%, 9/1/2022		25,000		26,824

Series 2015B, GO, 5.00%, 9/1/2022		25,000		26,825

Series 2015B, GO, 5.00%, 9/1/2023		25,000		27,948

Series 2017B, GO, 5.00%, 9/1/2025		30,000		35,945

State of Ohio, Major New Infrastructure Project

Series 2019-1, Rev., 4.00%, 12/15/2021		65,000		66,992

Rev., 5.00%, 12/15/2021		50,000		51,924

Series 2012-1, Rev., 5.00%, 12/15/2021		25,000		25,962

Series 2016-1, Rev., 5.00%, 12/15/2021		50,000		51,924

Rev., 5.00%, 12/15/2022		40,000		43,459

Series 2016-1, Rev., 5.00%, 12/15/2022		50,000		54,324

Series 2018-1, Rev., 5.00%, 12/15/2022		40,000		43,459

Series 2019-1, Rev., 5.00%, 12/15/2022		125,000		135,810

Series 2016-1, Rev., 5.00%, 12/15/2023		25,000		28,219

Series 2018-1, Rev., 5.00%, 12/15/2023		35,000		39,507

Series 2012-1, Rev., 5.00%, 12/15/2024		55,000		58,351

State of Ohio, Natural Resources Series P, GO, 3.00%, 10/1/2021		50,000		50,842

State of Ohio, Third Frontier Research and Development, Tax-Exempt

Series 2013A, GO, 4.00%, 5/1/2021		20,000		20,128

GO, 4.00%, 11/1/2022		35,000		37,250

State of Ohio, Treasury Management System Project Series 2014A, COP, 5.00%, 9/1/2021		30,000		30,714


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 0.17%, 3/9/2021 (c)		5,500,000		5,500,000

Strongsville City School District GO, 4.00%, 12/1/2022		45,000		47,989

Tender Option Bond Trust Receipts/Certificates

Series C, Rev., VRDO, LIQ: Citibank NA, 0.13%, 3/9/2021 (c) (f)		4,000,000		4,000,000

Series 2018-XF2703, GO, VRDO, LIQ: Barclays Bank plc, 0.21%, 3/9/2021 (c) (f)		4,000,000		4,000,000

University of Cincinnati, General Receipts

Series 2011A, Rev., 5.00%, 6/1/2021		25,000		25,297

Series 2014D, Rev., 5.00%, 6/1/2021		25,000		25,297

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		70,000		74,238

Series 2013C, Rev., 5.00%, 12/1/2023��(b)		235,000		265,472

University of Toledo, General Receipt Series 2011B, Rev., 4.50%, 6/1/2021 (b)		100,000		101,067

Village of Bluffton, Ohio Hospital Facilities, Blanchard Valley Health System Rev., 5.00%, 12/1/2021		185,000		191,357

Westlake City School District, Unlimited Tax GO, 4.00%, 12/1/2022		30,000		30,855

Willoughby-Eastlake City School District, School Improvement, Unlimited Tax GO, 2.00%, 12/1/2021		25,000		25,309

Worthington City School District, School Facilities Construction and Improvement, Unlimited Tax

Series 2019A, GO, 4.00%, 12/1/2021		25,000		25,718

GO, 4.00%, 12/1/2022		60,000		63,997


Total Ohio				61,921,020


Oklahoma — 0.9%

Beaver County Independent School District No. 75, Balko Board of Education GO, 3.00%, 6/1/2021		25,000		25,177

Canadian County Educational Facilities Authority, Mustang Public Schools Project

Rev., 4.00%, 9/1/2023		420,000		427,631

Rev., 4.00%, 9/1/2024		1,100,000		1,234,112

SEE NOTES TO FINANCIAL STATEMENTS.



278	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Oklahoma — continued

Rev., 4.00%, 9/1/2025		1,175,000		1,350,592

Canadian County Independent School District No. 69 Mustang

GO, 3.00%, 4/1/2022		45,000		46,360

GO, 2.00%, 6/1/2023		45,000		46,700

City of Broken Arrow Series 2018E, GO, 5.00%, 4/1/2021		100,000		100,380

City of Norman

Series 2016A, GO, 5.00%, 6/1/2021		25,000		25,294

GO, 4.00%, 6/1/2022		100,000		104,654

Series 2016A, GO, 5.00%, 6/1/2022		100,000		105,898

GO, 4.00%, 6/1/2023		60,000		64,909

City of Oklahoma City

GO, 5.00%, 3/1/2021		25,000		25,000

GO, 3.00%, 3/1/2022		50,000		51,420

GO, 5.00%, 3/1/2022		65,000		68,140

City of Tulsa

GO, 3.00%, 3/1/2021		50,000		50,000

Series 2011A, GO, 4.00%, 3/1/2021		50,000		50,000

Cleveland County Educational Facilities Authority, Norman Public Schools Project

Rev., 5.00%, 6/1/2021		515,000		520,660

Rev., 5.00%, 6/1/2024		310,000		349,965

Cleveland County Independent School District No. 2 Moore

GO, 3.00%, 3/1/2021		30,000		30,000

GO, 3.50%, 3/1/2023		25,000		26,612

Edmond Public Works Authority, Sales Tax and Utility System Rev., 5.00%, 7/1/2021		25,000		25,397

McClain County Economic Development Authority, Educational Facilities, Blanchard Public Schools Project Rev., 4.00%, 9/1/2022		285,000		299,598

Midwest City Municipal Authority

Series 2011A, Rev., 3.00%, 3/1/2021		100,000		100,000

Series 2011A, Rev., 5.00%, 3/1/2021 (b)		50,000		50,000

Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project

Series 2014C, Rev., 5.00%, 7/1/2021		25,000		25,394

Rev., 5.00%, 7/1/2022		220,000		233,719

Rev., 5.00%, 7/1/2025		110,000		130,253


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oklahoma — continued

Oklahoma City Water Utilities Trust, Water and Sewer System

Rev., 4.38%, 7/1/2021 (b)		250,000		253,505

Rev., 5.00%, 7/1/2021		50,000		50,802

Oklahoma County Finance Authority, Educational Facilities, Bethany Public Schools Project Rev., 4.00%, 9/1/2021		25,000		25,454

Oklahoma County Independent School District No. 12 Edmond GO, 2.00%, 3/1/2021		100,000		100,000

Oklahoma County Independent School District No. 12 Edmond, Combined Purpose

GO, 3.00%, 3/1/2021		100,000		100,000

GO, 2.00%, 3/1/2022		55,000		56,019

GO, 3.00%, 3/1/2022		40,000		41,140

Oklahoma County Independent School District No. 52 Midwest City-Del City, Combined Purpose Series 2018B, GO, 3.00%, 7/1/2021		50,000		50,464

Oklahoma County Independent School District No. 89 Oklahoma City, Combined Purpose

Series 2017C, GO, 3.00%, 7/1/2022		55,000		57,060

Series 2019A, GO, 3.00%, 7/1/2023		95,000		100,951

Oklahoma Department of Transportation

Series 2018A, Rev., GAN, 5.00%, 9/1/2021		110,000		112,617

Series 2018A, Rev., GAN, 5.00%, 9/1/2022		20,000		21,416

Oklahoma Development Finance Authority, Baptist Medical Center, Inc. Series 2015A, Rev., 5.00%, 8/15/2021		50,000		51,030

Oklahoma Development Finance Authority, Pontotoc County Health Department Rev., 3.00%, 4/1/2021		190,000		190,429

Oklahoma Development Finance Authority, St. John Health System Rev., 5.00%, 2/15/2022 (b)		100,000		104,586

Oklahoma Development Finance Authority, System of Higher Education, Master Equipment Lease Series 2014A, Rev., 3.00%, 6/1/2022		25,000		25,852

Oklahoma Development Finance Authority, System of Higher Education, Master Real Property

Rev., 3.00%, 6/1/2021		485,000		488,303

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	279

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Oklahoma — continued

Series 2020A, Rev., 4.00%, 6/1/2021		220,000		222,042

Rev., 5.00%, 6/1/2021		650,000		657,638

Series 2013A, Rev., 3.00%, 6/1/2022		25,000		25,852

Series 2020A, Rev., 4.00%, 6/1/2022		500,000		523,270

Series 2020A, Rev., 4.00%, 6/1/2023		260,000		279,510

Series 2020A, Rev., 4.00%, 6/1/2024		445,000		490,888

Oklahoma Housing Finance Agency, Deer Park and Apple Run Apartments Rev., 1.60%, 1/1/2022 (c)		475,000		476,724

Oklahoma Municipal Power Authority

Series 2014B, Rev., 5.00%, 1/1/2022		110,000		114,285

Series 2019A, Rev., 5.00%, 1/1/2022		135,000		140,258

Oklahoma Turnpike Authority, Second Senior Series 2017C, Rev., 5.00%, 1/3/2022 (b)		350,000		364,238

Oklahoma Water Resources Board, Master Trust

Rev., 5.00%, 4/1/2022		25,000		26,309

Series 2012B, Rev., 5.00%, 4/1/2022 (b)		25,000		26,311

Oklahoma Water Resources Board, Master Trust, Drinking Water Program Rev., 5.00%, 4/1/2021		50,000		50,196

Oklahoma Water Resources Board, Student Loan Program Series 2020A, Rev., 4.00%, 10/1/2023		60,000		65,656

Sapulpa Municipal Authority Rev., AGM, 4.00%, 7/1/2022 (b)		200,000		210,120

Tulsa County Independent School District No. 1, Combined Purpose

Series 2019B, GO, 2.00%, 8/1/2021		40,000		40,286

Series 2018B, GO, 2.75%, 8/1/2021		30,000		30,307

Series 2017A, GO, 3.00%, 3/1/2022		25,000		25,677

Series 2019B, GO, 2.00%, 8/1/2022		180,000		184,340

Series 2018B, GO, 3.00%, 8/1/2023		35,000		37,254

Tulsa County Independent School District No. 3 Broken Arrow, Combined Purpose GO, 3.00%, 4/1/2022		35,000		36,069

Tulsa County Independent School District No. 4 Bixby, Combined Purpose GO, 2.00%, 6/1/2021		85,000		85,387


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oklahoma — continued

Tulsa County Independent School District No. 5, Jenks Public Schools, Combined Purpose GO, 4.00%, 6/1/2021		50,000		50,474

Tulsa County Independent School District No. 9, Union Board of Education Building

GO, 2.00%, 4/1/2021		50,000		50,074

GO, 2.00%, 4/1/2022		25,000		25,497

Tulsa County Independent School District No. 9, Union Board of Education, Combined Purpose GO, 3.00%, 4/1/2021		260,000		260,595

Tulsa County Industrial Authority, Capital Improvement Rev., 1.85%, 3/1/2021		100,000		100,000

Tulsa Metropolitan Utility Authority Series 2016C, Rev., 5.00%, 10/1/2021		40,000		41,128

Tulsa Public Facilities Authority, Capital Improvement

Rev., 3.00%, 6/1/2021		25,000		25,169

Rev., 3.00%, 6/1/2023		110,000		116,285

Rev., 5.00%, 6/1/2024		100,000		114,554

University of Oklahoma (The)

Series 2014C, Rev., 5.00%, 7/1/2021		50,000		50,769

Series 2016A, Rev., 5.00%, 7/1/2021		25,000		25,384

Series 2016A, Rev., 5.00%, 7/1/2023		250,000		275,905

University of Oklahoma, Tax Exempt

Series 2012A, Rev., 3.00%, 7/1/2021 (b)		130,000		131,223

Rev., 4.00%, 7/1/2021		200,000		202,416

Washington County Independent School District No. 30 GO, 2.00%, 6/1/2021		150,000		150,626


Total Oklahoma				13,130,209


Oregon — 1.0%

City of Bend, Bridge Creek Project

Rev., 5.00%, 12/1/2021		50,000		51,814

Rev., 5.00%, 12/1/2022		45,000		48,790

City of Eugene, Electric Utility System Series 2011A, Rev., 5.00%, 8/1/2021 (b)		95,000		96,913

City of Hermiston, Water and Sewer System Rev., AGM, 4.00%, 11/1/2021		25,000		25,623

SEE NOTES TO FINANCIAL STATEMENTS.



280	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Oregon — continued

City of Hillsboro, Full Faith and Credit Project GO, 5.00%, 6/1/2021		25,000		25,300

City of Lake Oswego Series 2015A, GO, 5.00%, 6/1/2022		35,000		37,110

City of Portland Sewer System, Second Lien

Series 2019A, Rev., 5.00%, 3/1/2021		35,000		35,000

Series 2019A, Rev., 5.00%, 3/1/2022		25,000		26,208

City of Portland, 4th and Montgomery and Streetcar Projects GO, 5.00%, 2/1/2022		50,000		52,214

City of Portland, Limited Tax GO, 5.00%, 4/1/2022		60,000		63,140

City of Portland, Sewer System

Series 2016B, Rev., 5.00%, 6/15/2021		40,000		40,556

Series 2016B, Rev., 5.00%, 6/15/2022		200,000		212,432

City of Portland, Sewer System, First Lien

Series 2015A, Rev., 5.00%, 6/1/2021		190,000		192,282

Series 2016A, Rev., 5.00%, 6/15/2021		125,000		126,738

Series A, Rev., 5.00%, 10/1/2021		100,000		102,819

Series 2014A, Rev., 5.00%, 10/1/2022		25,000		26,909

City of Portland, Water System Series 2019A, Rev., 5.00%, 5/1/2022		75,000		79,220

City of Portland, Water System, First Lien

Series 2012A, Rev., 5.00%, 4/1/2021		100,000		100,391

Series 2012A, Rev., 3.00%, 4/1/2022		25,000		25,769

City of Portland, Water System, Second Lien

Series 2013A, Rev., 4.00%, 10/1/2021		50,000		51,120

Rev., 5.00%, 10/1/2022		25,000		26,909

City of Wilsonville

GO, 4.00%, 6/1/2021		20,000		20,191

GO, 4.00%, 6/1/2022		25,000		25,221

Clackamas County School District No. 108 Estacada GO, AGM, 5.50%, 6/15/2021		50,000		50,766


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oregon — continued

Clackamas County School District No. 12 North Clackamas GO, 4.00%, 6/15/2021		40,000		40,442

Clackamas County School District No. 7J, Lake Oswego

GO, AGM, 4.25%, 6/1/2021		90,000		90,913

GO, AGM, 5.25%, 6/1/2022		25,000		26,585

Clackamas County Service District No. 1

Rev., 5.00%, 12/1/2021		20,000		20,726

Rev., 5.00%, 12/1/2022		35,000		37,948

County of Lane, Full Faith and Credit GO, 4.00%, 6/1/2021		35,000		35,334

County of Multnomah, Full Faith and Credit GO, 5.00%, 6/1/2022		25,000		26,507

County of Washington, Full Faith and Credit GO, 5.00%, 3/1/2021		20,000		20,000

County of Yamhill, Linfield University Project

Rev., 4.00%, 10/1/2021		165,000		167,577

Rev., 4.00%, 10/1/2022		250,000		260,485

Deschutes County Administrative School District No. 1, Bend-La Pine GO, 4.00%, 6/15/2021		50,000		50,552

Hillsboro School District No. 1J GO, 4.00%, 6/15/2022 (b)		25,000		26,240

Hospital Facilities Authority of Multnomah County Oregon, Adventist Health System Rev., 5.00%, 3/1/2025 (c)		175,000		199,322

Lane County School District No. 4J Eugene

Series 2011A, GO, 3.00%, 6/15/2021		30,000		30,245

GO, 5.00%, 6/15/2021		100,000		101,390

GO, 5.00%, 6/15/2022		25,000		26,554

Metro Series 2012A, GO, 5.00%, 6/1/2022		25,000		26,507

Multnomah County School District No. 1 Portland Series 2013B, GO, 5.00%, 6/15/2022		35,000		37,180

Oregon Health and Science University

Series 2012A, Rev., 3.00%, 7/1/2021		100,000		100,911

Series 2012E, Rev., 4.00%, 7/1/2022 (b)		225,000		236,540

Series 2012E, Rev., 5.00%, 7/1/2022 (b)		200,000		212,916

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	281

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Oregon — continued

Oregon State Facilities Authority, Legacy Health Project

Series 2011A, Rev., 4.63%, 5/1/2021		150,000		151,052

Series 2011A, Rev., 5.25%, 5/1/2021		40,000		40,321

Oregon State Facilities Authority, Providence Health and Services

Series 2013A, Rev., 5.00%, 10/1/2021		25,000		25,702

Series 2013A, Rev., 5.00%, 10/1/2022		50,000		53,802

Oregon State Lottery

Series 2016-XF2290, Rev., VRDO, LIQ: Citibank NA, 0.09%, 3/9/2021 (c) (f)		4,000,000		4,000,000

Series C, Rev., 4.00%, 4/1/2021		50,000		50,155

Series 2014B, Rev., 5.00%, 4/1/2021		215,000		215,841

Series A, Rev., 5.00%, 4/1/2021		25,000		25,098

Series 2011A, Rev., 5.25%, 4/1/2021 (b)		225,000		225,909

Series 2013A, Rev., 5.00%, 4/1/2022		40,000		42,093

Series 2014B, Rev., 5.00%, 4/1/2022		85,000		89,449

Series 2014C, Rev., 5.00%, 4/1/2022		35,000		36,832

Series 2015C, Rev., 5.00%, 4/1/2022		25,000		26,308

Series C, Rev., 5.00%, 4/1/2022		40,000		42,094

Portland Community College District GO, 5.00%, 6/15/2022		40,000		42,486

Salem Hospital Facility Authority, Salem Health Project Rev., 5.00%, 5/15/2021		200,000		201,912

Seaside School District No. 10 Series 2017B, GO, 4.00%, 6/15/2021		25,000		25,272

State of Oregon

Series 2014A, GO, 5.00%, 5/1/2021		100,000		100,798

Series 2015H, GO, 5.00%, 5/1/2021		25,000		25,200

Series 2018A, GO, 5.00%, 5/1/2021		25,000		25,200

Series 2015J, GO, 5.00%, 8/1/2021		25,000		25,504

Series 2011N, GO, 5.00%, 12/1/2021		20,000		20,727

Series 2012K, GO, 5.00%, 5/1/2022		25,000		26,409

Series 2015F, GO, 5.00%, 5/1/2022		25,000		26,409


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oregon — continued

State of Oregon, Article XI-M and XI-N Seismic Projects Series 2020E, GO, 5.00%, 6/1/2021		40,000		40,481

State of Oregon, Article XI-M Seismic Projects Series 2017C, GO, 5.00%, 6/1/2022		20,000		21,208

State of Oregon, Article XI-N Seismic Projects, Tax-Exempt Series D, GO, 3.00%, 6/1/2021		25,000		25,177

State of Oregon, Article XI-Q State Projects

Series 2019A, GO, 5.00%, 5/1/2021		20,000		20,160

Series 2019M, GO, 5.00%, 11/1/2021		45,000		46,454

Series 2017A, GO, 5.00%, 5/1/2023		25,000		27,560

Series 2019A, GO, 5.00%, 5/1/2023		45,000		49,607

State of Oregon, Department of Transportation Highway User Senior Lien

Series 2013A, Rev., 5.00%, 11/15/2021		135,000		139,606

Series 2014A, Rev., 5.00%, 11/15/2021		60,000		62,047

Series 2017A, Rev., 5.00%, 11/15/2021		35,000		36,194

Series 2014A, Rev., 4.00%, 11/15/2022		25,000		26,628

Series 2012A, Rev., 5.00%, 11/15/2022 (b)		30,000		32,468

State of Oregon, Housing and Community Services Department Sha Rad Group II Apartment Projects Rev., 1.45%, 6/1/2022 (c)		260,000		264,212

State of Oregon, Housing and Community Services Department, Single-Family Mortgage Program

Series 2018C, Rev., 1.95%, 7/1/2021		420,000		422,314

Series 2020A, Rev., 0.88%, 1/1/2024		425,000		426,883

Series 2014A, Rev., 3.00%, 1/1/2024		235,000		248,040

Series 2020A, Rev., 0.90%, 7/1/2024		570,000		572,269

State of Oregon, Housing and Community Services Department, Ya-Po-Ah Terrace Project Series 2018-I, Rev., 2.20%, 5/1/2021 (c)		600,000		601,962

State of Oregon, State Property-ODOT Building Series 2011K, GO, 5.00%, 5/1/2021 (b)		200,000		201,596

SEE NOTES TO FINANCIAL STATEMENTS.



282	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Oregon — continued

State of Oregon, University Systems Projects

Series 2011E, GO, 5.00%, 8/1/2021 (b)		200,000		204,028

Series G, GO, 5.25%, 8/2/2021 (b)		220,000		224,690

Tri-County Metropolitan Transportation District of Oregon

Series 2011A, Rev., 5.00%, 10/1/2021 (b)		215,000		220,994

Series 2017A, Rev., 5.00%, 10/1/2022		375,000		403,016

Tualatin Hills Park and Recreation District GO, 5.00%, 6/1/2022		25,000		26,507

Washington and Clackamas Counties School District No. 23J Tigard GO, NATL-RE, 5.00%, 6/15/2022		25,000		26,554

Washington and Multnomah Counties School District No. 48J Beaverton

Series 2012B, GO, 4.00%, 6/15/2021		80,000		80,883

GO, 5.00%, 6/15/2022		85,000		90,284

Washington County Clean Water Services, Senior Lien Sewer

Series 2011A, Rev., 5.00%, 10/1/2021		95,000		97,678

Series 2011B, Rev., 5.00%, 10/1/2021		25,000		25,705


Total Oregon				13,528,087


Pennsylvania — 2.6%

Adams County

Series 2017B, GO, 4.00%, 11/15/2021		40,000		41,084

Allegheny County Higher Education Building Authority, Carnegie Mellon University Rev., 5.00%, 3/1/2021		45,000		45,000

Allegheny County Hospital Development Authority, Pittsburgh Medical Center

Rev., 5.00%, 7/15/2021		30,000		30,527

Series 2011A, Rev., 5.00%, 10/15/2021		170,000		175,005

Series 2019A, Rev., 5.00%, 7/15/2022		350,000		372,662

Series 1997B, Rev., NATL-RE, 6.00%, 7/1/2023		190,000		213,799

Rev., 5.00%, 7/15/2025		110,000		130,203

Allegheny County Sanitary Authority, Sewer Rev., 5.00%, 12/1/2022		170,000		183,976


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Beaver County Hospital Authority, Heritage Valley Health System, Inc. Rev., 5.00%, 5/15/2021 (b)		125,000		126,207

Borough of Columbia GO, 3.00%, 6/15/2022 (b)		50,000		51,817

Borough of West Chester GO, 4.00%, 11/15/2022		25,000		26,521

Bristol Township School District GO, 5.00%, 6/1/2022		25,000		26,426

Bucks County Water and Sewer Authority, Water System Rev., AGM, 5.00%, 12/1/2021 (b)		30,000		31,091

Butler Area Sewer Authority Series 2020A, Rev., 5.00%, 7/1/2022		505,000		536,770

Capital Region Water Series 2016A, Rev., 5.00%, 7/15/2021		25,000		25,439

Carlisle Area School District, Limited Tax GO, 3.00%, 9/1/2024		25,000		27,119

Central Bradford Progress Authority, Guthrie Healthcare System Rev., 4.00%, 12/1/2021		380,000		390,370

Centre County Hospital Authority, Mount Nittany Medical Center Project Rev., 6.00%, 11/15/2021 (b)		200,000		208,214

Chambersburg Area School District Series A, GO, 5.00%, 3/1/2021		25,000		25,000

Chartiers Valley School District Series 2015A, GO, 5.00%, 10/15/2021		25,000		25,736

Cheltenham Township School District Series 2021A, GO, 2.00%, 9/15/2022		20,000		20,518

City of Philadelphia

Series 2020-2021A, Rev., TRAN, 4.00%, 6/30/2021		60,000		60,755

Series 2019A, GO, 5.00%, 8/1/2021		125,000		127,322

City of Philadelphia, Airport System Series 2017A, Rev., 5.00%, 7/1/2021		100,000		101,555

City of Pittsburgh

GO, 3.00%, 9/1/2021		110,000		111,497

Series 2012A, GO, 5.00%, 9/1/2022 (b)		110,000		117,976

Series 2012B, GO, 5.00%, 9/1/2022 (b)		25,000		26,813

GO, 4.00%, 9/1/2023		100,000		108,807

Colonial School District Series 2017B, GO, 4.00%, 5/15/2022		45,000		46,986

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	283

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Pennsylvania — continued

Commonwealth Financing Authority, Tobacco Master Settlement Payment

Rev., 5.00%, 6/1/2021		100,000		101,122

Rev., 5.00%, 6/1/2023		365,000		401,208

Rev., 5.00%, 6/1/2024		395,000		449,877

Rev., 5.00%, 6/1/2026		150,000		181,316

Commonwealth of Pennsylvania

Series 2014-1, GO, 5.00%, 6/15/2021		40,000		40,557

GO, 5.00%, 7/1/2021		25,000		25,402

Series 2014-1, GO, 5.00%, 7/1/2021		50,000		50,805

Series 2016-2, GO, 5.00%, 9/15/2021		125,000		128,261

Series 2011, GO, 5.00%, 11/15/2021 (b)		100,000		103,420

Series 2012-1, GO, 5.00%, 6/1/2022 (b)		170,000		180,292

Series 2016-2, GO, 5.00%, 1/15/2023		150,000		163,251

Conestoga Valley School District GO, 4.00%, 2/1/2022		25,000		25,843

Conewago Valley School District GO, 2.00%, 9/1/2021		25,000		25,031

Cornwall Lebanon School District GO, 4.00%, 2/15/2022		45,000		46,561

Council Rock School District

GO, 4.00%, 11/15/2021		45,000		46,213

Series 2017A, GO, 5.00%, 8/15/2022		20,000		21,398

GO, 4.00%, 11/15/2022		120,000		127,769

County of Allegheny

Series C-65, GO, 5.00%, 5/1/2021 (b)		25,000		25,199

Series C-67, GO, 5.00%, 11/1/2021 (b)		20,000		20,646

Series C-68, GO, 5.00%, 11/1/2021 (b)		20,000		20,646

Series C-69, GO, 5.00%, 12/1/2021 (b)		75,000		77,727

Series C-69, GO, 5.00%, 12/1/2022 (b)		50,000		54,120

Series C-70, GO, 5.00%, 12/1/2022 (b)		25,000		27,106

County of Bucks

GO, 5.00%, 6/1/2021		30,000		30,360

GO, 5.00%, 12/1/2022		45,000		48,791


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

County of Chester

GO, 4.00%, 11/15/2021 (b)		20,000		20,543

GO, 5.00%, 11/15/2021 (b)		55,000		56,881

County of Dauphin

GO, 5.00%, 11/15/2021		70,000		72,388

Series 2016A, GO, 4.00%, 11/15/2022		40,000		42,604

Series 2016C, GO, 4.00%, 10/1/2023		25,000		27,309

GO, 4.00%, 11/15/2023		35,000		38,371

County of Lancaster

Series 2016A, GO, 4.00%, 5/1/2021		75,000		75,449

Series 2016A, GO, 5.00%, 5/1/2022		125,000		131,730

Series 2016B, GO, 3.00%, 11/1/2022		105,000		109,684

Series 2017C, GO, 4.00%, 11/1/2022		20,000		21,169

GO, 5.00%, 5/1/2023		25,000		27,445

Series 2020C, GO, 4.00%, 11/1/2023		50,000		54,475

County of Montgomery

GO, 5.00%, 5/1/2022		50,000		52,819

Series 2009C, GO, 5.00%, 12/15/2023		25,000		25,089

County of Westmoreland Series 2013A, GO, 5.00%, 12/1/2021		25,000		25,859

County of York

Series A, GO, 4.00%, 6/1/2022		205,000		214,541

GO, 4.00%, 12/1/2022		30,000		31,949

Series 2016A, GO, 3.00%, 12/1/2023		30,000		32,046

Crawford Central School District GO, 4.00%, 2/1/2022		35,000		36,164

Crestwood School District GO, 4.00%, 3/1/2021		25,000		25,000

Cumberland Valley School District Series 2015A, GO, 4.00%, 11/15/2021		30,000		30,791

Dauphin County General Authority, Pinnacle Health System Project

Series 2016A, Rev., 5.00%, 6/1/2021		210,000		212,388

Series 2016A, Rev., 5.00%, 6/1/2022		140,000		147,985

Delaware County Authority, Neumann University Rev., 4.00%, 10/1/2021		180,000		183,181

Delaware County Authority, Villanova University Rev., 5.00%, 12/1/2021		125,000		129,342

SEE NOTES TO FINANCIAL STATEMENTS.



284	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Pennsylvania — continued

Delaware County Regional Water Quality Control Authority Rev., NATL-RE, 5.25%, 5/1/2022		100,000		105,855

Derry Township Industrial & Commercial Development Authority, Derry Township Municipal Center Project Rev., 1.00%, 11/15/2023		160,000		161,099

Easton Area School District Series 2013A, GO, 5.00%, 4/1/2022		30,000		30,835

Fleetwood Area School District GO, 5.00%, 6/1/2021		20,000		20,230

Fox Chapel Area School District GO, 4.00%, 8/1/2021		90,000		91,380

Garnet Valley School District GO, 4.00%, 4/1/2023		20,000		21,498

Geisinger Authority, Health System

Rev., 5.00%, 4/1/2022		80,000		84,080

Series A-1, Rev., 5.00%, 6/1/2023		430,000		434,902

Series A-2, Rev., 5.00%, 6/1/2024		250,000		252,770

Gettysburg Area School District GO, 5.00%, 1/15/2024		20,000		22,481

Hamburg Area School District

GO, 5.00%, 4/1/2022		85,000		89,354

GO, 5.00%, 4/1/2023		20,000		21,911

Hampton Township School District GO, 2.00%, 11/15/2021		25,000		25,247

Hempfield Area School District GO, AGM, 5.00%, 3/15/2021 (b)		280,000		280,487

Hempfield School District Series 2019A, GO, 4.00%, 8/1/2022		85,000		89,360

Hollidaysburg Area School District GO, 4.00%, 3/15/2021		100,000		100,132

Lancaster Area Sewer Authority Rev., 5.00%, 4/1/2021		215,000		215,815

Lancaster County Hospital Authority, Health Center, Masonic Villages Project Rev., 2.13%, 11/1/2021		180,000		181,742

Lancaster Higher Education Authority Series 2016A, Rev., 5.00%, 10/1/2021		65,000		66,802

Lancaster Industrial Development Authority, Garden Spot Village Project Rev., 5.38%, 5/1/2023 (b)		20,000		22,192

Lancaster School District Series 2019B, GO, AGM, 4.00%, 6/1/2021		25,000		25,226

Ligonier Valley School District Series 2016A, GO, 5.00%, 3/1/2022		25,000		26,169

Marple Newtown School District GO, 5.00%, 6/1/2022		20,000		21,206


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Mars Area School District GO, AGM, 4.13%, 3/1/2022 (b)		25,000		25,979

Methacton School District

Series 2019AA, GO, 4.00%, 8/1/2021		25,000		25,383

GO, 4.00%, 3/1/2022		25,000		25,920

Monroeville Finance Authority, University of Pittsburg Medical Center

Rev., 5.00%, 2/15/2022		45,000		47,033

Series 2013B, Rev., 5.00%, 7/1/2022		100,000		106,291

Series 2013B, Rev., 3.50%, 7/1/2023		130,000		139,179

Montgomery County Higher Education and Health Authority, Abington Memorial Hospital Rev., 5.00%, 6/1/2022 (b)		100,000		105,924

Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project

Rev., 4.00%, 12/1/2021		100,000		102,355

Rev., 4.00%, 12/1/2022		100,000		105,316

Rev., 4.00%, 12/1/2023		125,000		134,826

Mount Lebanon School District GO, 5.00%, 2/15/2022		20,000		20,913

Muhlenberg School District

GO, 1.50%, 5/15/2022		70,000		70,999

GO, 4.00%, 5/15/2022		20,000		20,885

Newtown Township Sewer Authority Rev., GTD, 4.00%, 9/1/2021		65,000		66,247

North Hills School District

GO, 4.00%, 10/15/2021		275,000		281,223

Series 2016B, GO, 5.00%, 12/15/2021		100,000		103,655

North Penn School District Series 2019A, GO, 3.00%, 1/15/2025		30,000		32,763

Northampton County General Purpose Authority, St. Luke’s University Health Network Project Series 2016A, Rev., 5.00%, 8/15/2022		130,000		138,536

Owen J Roberts School District Series 2016A, GO, 3.00%, 8/15/2021		25,000		25,312

Oxford Area School District Series 2014A, GO, 5.00%, 2/15/2022		40,000		41,827

Parkland School District

GO, 4.00%, 4/15/2021		30,000		30,133

GO, 5.00%, 4/15/2022		100,000		105,248

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	285

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Pennsylvania — continued

Pennridge School District

Series 2014A, GO, 3.00%, 2/15/2022 (b)		90,000		92,389

Series 2014B, GO, 5.00%, 2/15/2022 (b)		150,000		156,879

Pennsbury School District GO, 5.00%, 1/15/2022		25,000		26,031

Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center

Series 2013A, Rev., 5.00%, 7/1/2021		100,000		101,572

Series 2017A, Rev., 4.00%, 11/15/2021		415,000		425,948

Series 2014A, Rev., 5.00%, 2/1/2022		150,000		156,499

Rev., 5.00%, 3/15/2022		105,000		110,158

Series 2017A, Rev., 4.00%, 11/15/2022		145,000		154,181

Series 2014A, Rev., 5.00%, 2/1/2023		140,000		152,463

Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Rev., 2.80%, 12/1/2021 (c)		440,000		448,536

Pennsylvania Higher Educational Facilities Authority, BRYN MAWR College

Series 2012A, Rev., 4.00%, 12/1/2022		55,000		58,653

Rev., 5.00%, 12/1/2023		25,000		28,016

Rev., 5.00%, 12/1/2024		70,000		81,134

Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series AM, Rev., 5.00%, 6/15/2021 (b)		125,000		126,736

Pennsylvania Higher Educational Facilities Authority, Temple University

Series 2012, Rev., 5.00%, 4/1/2021		150,000		150,580

Series 2012-1, Rev., 5.00%, 4/1/2022 (b)		160,000		168,394

Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University Rev., 5.00%, 3/1/2022		25,000		26,143

Pennsylvania Higher Educational Facilities Authority, Trustees of the University

Series 2011A, Rev., 5.00%, 3/1/2021 (b)		250,000		250,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Series 2016A, Rev., 2.25%, 8/15/2021 (b) (c)		115,000		116,045

Series 2016A, Rev., 5.00%, 8/15/2021		100,000		102,199

Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System

Rev., 5.00%, 8/15/2021		275,000		280,946

Series 2016C, Rev., 5.00%, 8/15/2022		185,000		197,763

Pennsylvania Housing Finance Agency, Multi-Family Housing Development Rev., 2.45%, 7/1/2021 (c)		125,000		125,916

Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2019-130A, Rev., 1.40%, 4/1/2024		260,000		265,489

Pennsylvania Intergovernmental Cooperation Authority, City of Philadelphia Funding Program

5.00%, 6/15/2021		175,000		177,364

5.00%, 6/15/2022		25,000		26,510

Pennsylvania State University (The)

Series 2020E, Rev., 5.00%, 3/1/2022		35,000		36,691

Series 2015B, Rev., 5.00%, 9/1/2022		50,000		53,618

Series 2019A, Rev., 5.00%, 9/1/2022		175,000		187,661

Series 2016B, Rev., 5.00%, 9/1/2023		35,000		39,062

Pennsylvania Turnpike Commission

Series 2019-2, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c)		14,095,000		14,095,000

Series 2011B, Rev., 4.00%, 12/1/2021 (b)		25,000		25,722

Series 2012A, Rev., 4.25%, 12/1/2021 (b)		55,000		56,692

Rev., 5.00%, 12/1/2021		110,000		113,923

Series 2011E, Rev., 5.00%, 12/1/2021 (b)		30,000		31,068

Series 2013A, Rev., 5.00%, 12/1/2021		125,000		129,487

Series 2013C, Rev., 5.00%, 12/1/2021		90,000		93,209

Series 2014C, Rev., 5.00%, 12/1/2021		50,000		51,783

Series 2016A, Rev., 5.00%, 12/1/2023		50,000		56,355

SEE NOTES TO FINANCIAL STATEMENTS.



286	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Pennsylvania — continued

Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike

Rev., 5.00%, 12/1/2021 (b)		255,000		264,272

Series B, Rev., 5.00%, 12/1/2021 (b)		50,000		51,818

Rev., 5.00%, 12/1/2022 (b)		75,000		81,248

Rev., 5.00%, 12/1/2023		290,000		323,892

Pennsylvania Turnpike Commission, Senior Lien

Series 2012A, Rev., 5.00%, 12/1/2022 (b)		70,000		75,896

Series 2012A, Rev., 5.00%, 12/1/2023		150,000		162,339

Perkiomen Valley School District GO, 5.00%, 3/1/2024		25,000		28,435

Philadelphia Authority for Industrial Development, Gift of Life Donor Program Project Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c)		700,000		700,000

Philadelphia Authority for Industrial Development, National Board of Medical Examiners Project Rev., 5.00%, 5/1/2025		160,000		187,741

Pittsburgh School District Series 2017A, GO, 5.00%, 9/1/2022		35,000		37,488

Port Authority of Allegheny County Rev., 5.25%, 3/1/2021		225,000		225,000

Quaker Valley School District GO, 5.00%, 10/1/2023		25,000		27,868

Robinson Township Municipal Authority Rev., AGM, 3.00%, 5/15/2022		35,000		36,194

Rose Tree Media School District GO, 4.00%, 2/1/2022		20,000		20,675

School District of Philadelphia (The)

Series 2020-2021A, Rev., TRAN, 4.00%, 6/30/2021		1,055,000		1,068,483

Series 2015A, GO, 5.00%, 9/1/2021		40,000		40,915

Somerset Area School District GO, 2.00%, 2/15/2022		160,000		162,339

South Fayette Township School District Series 2014A, GO, AGM, 4.00%, 9/15/2022		50,000		51,859

Southcentral General Authority, Wellspan Health Obligated Group Series 2014A, Rev., 5.00%, 6/1/2024		185,000		211,666

Southeastern Pennsylvania Transportation Authority Rev., 5.00%, 6/1/2021 (b)		60,000		60,715


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Southern Fulton School District GO, 3.00%, 9/15/2021		50,000		50,684

Springfield School District GO, 4.00%, 9/1/2021		50,000		50,933

Spring-Ford Area School District Series 2016A, GO, 4.00%, 3/1/2022		25,000		25,946

State College Area School District GO, 5.00%, 3/15/2023		50,000		54,820

Susquehanna Township School District

GO, 4.00%, 5/15/2021		80,000		80,618

GO, 4.00%, 5/15/2022		130,000		135,915

Swarthmore Borough Authority, Swarthmore College Series 2016B, Rev., 5.00%, 9/15/2022		25,000		26,856

Township of Dover GO, 3.00%, 9/1/2021		25,000		25,325

Township of East Lampeter GO, 5.00%, 11/15/2021		195,000		201,287

Township of Hampden GO, 4.00%, 5/15/2022		25,000		26,066

Township of Lower Paxton

Series 2020B, GO, 1.00%, 4/1/2021		200,000		200,102

GO, 4.00%, 4/1/2021		35,000		35,103

GO, 4.00%, 4/1/2024		30,000		32,948

Township of Milford GO, 5.00%, 3/1/2022		50,000		52,416

Township of Palmer

Series 2020D, GO, 3.00%, 11/15/2021		50,000		50,969

Series 2020A, GO, 5.00%, 11/15/2023		30,000		33,574

Township of Radnor GO, 3.63%, 11/1/2022 (b)		40,000		42,282

Township of Susquehanna GO, 3.00%, 10/1/2021		25,000		25,415

Tuscarora School District GO, 2.00%, 4/1/2021		50,000		50,069

Union County Higher Educational Facilities Financing Authority Series 2013A, Rev., 5.00%, 4/1/2021		90,000		90,352

Unionville-Chadds Ford School District

GO, 4.00%, 6/1/2022		25,000		26,179

Series 2019A, GO, 4.00%, 6/1/2022		20,000		20,944

Upper Moreland Township School District

GO, 4.00%, 8/15/2021		60,000		61,006

GO, 2.00%, 8/15/2022		140,000		143,427

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	287

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Pennsylvania — continued

West Chester Area School District

Series 2012AA, GO, 4.00%, 5/15/2021		50,000		50,386

GO, 5.00%, 3/15/2022		85,000		89,221

Series 2012AA, GO, 4.00%, 5/15/2022		25,000		26,138

West Jefferson Hills School District GO, 3.00%, 8/1/2024		25,000		26,963

West View Municipal Authority, Water Rev., 4.00%, 11/15/2021		25,000		25,660

Westmoreland County Industrial Development Authority Health System, Tax Exempt

Series 2020A, Rev., 4.00%, 7/1/2021		250,000		252,475

Series 2020A, Rev., 4.00%, 7/1/2022		300,000		311,802


Total Pennsylvania				36,931,577


Rhode Island — 0.9%

Narragansett Bay Commission, Wastewater System Series C, Rev., 5.00%, 9/1/2022		25,000		26,789

Rhode Island Commerce Corp., Department of Transportation

Rev., GAN, 5.00%, 6/15/2021		515,000		522,050

Series 2016-A, Rev., GAN, 5.00%, 6/15/2022		885,000		939,180

Series 2017A, Rev., 5.00%, 6/15/2023		85,000		93,180

Series 2016B, Rev., 5.00%, 6/15/2025		135,000		159,505

Rhode Island Convention Center Authority Series 2015A, Rev., 5.00%, 5/15/2022		1,000,000		1,049,300

Rhode Island Health and Educational Building Corp. Series 2016A, Rev., 4.00%, 5/15/2022		25,000		26,094

Rhode Island Health and Educational Building Corp., Higher Education Facilities, Brown University

Series A, Rev., 4.50%, 9/1/2021		50,000		51,080

Rev., 5.00%, 9/1/2021		370,000		378,917

Rev., 5.00%, 9/1/2022		30,000		32,166

Rhode Island Health and Educational Building Corp., Higher Education Facilities, Bryant University Rev., VRDO, LOC: TD Bank NA, 0.05%, 3/9/2021 (c)		6,510,000		6,510,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Rhode Island — continued

Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Series 2016A, Rev., 5.00%, 5/15/2021		275,000		277,109

Rhode Island Health and Educational Building Corp., Public School Financing Program

Series 2017B, Rev., GTD, 4.00%, 5/15/2021		125,000		125,942

Series 2017C, Rev., 5.00%, 5/15/2021		25,000		25,245

Series 2019A, Rev., 5.00%, 5/15/2021		25,000		25,236

Series 2016A, Rev., 5.00%, 9/15/2021		25,000		25,637

Rev., 5.00%, 5/15/2022		375,000		395,865

Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund

Series 2012A, Rev., 4.00%, 10/1/2022		35,000		37,115

Series 2013A, Rev., 5.00%, 10/1/2022 (b)		30,000		32,296

Rhode Island Infrastructure Bank, Municipal Road and Bridge Series 2019A, Rev., 5.00%, 10/1/2022		150,000		161,034

Rhode Island Infrastructure Bank, Safe Drinking Water Series 2012A, Rev., 5.00%, 10/1/2022 (b)		25,000		26,914

Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax

Series 2019A, Rev., 5.00%, 10/1/2021		25,000		25,645

Series 2016A, Rev., 4.00%, 10/1/2022		180,000		189,729

State of Rhode Island and Providence Plantations Consolidated Capital Development Loan

Series 2017A, GO, 5.00%, 5/1/2021		45,000		45,358

Series 2019A, GO, 5.00%, 5/1/2021		315,000		317,507

Series 2014D, GO, 5.00%, 8/1/2021		190,000		193,819

Series A, GO, 5.00%, 8/1/2021		25,000		25,503

Series A, GO, 5.50%, 8/1/2021 (b)		50,000		51,111

Series 2013A, GO, 5.00%, 10/15/2021		50,000		51,504

Series 2014B, GO, 5.00%, 11/1/2021		50,000		51,612

Series 2012A, GO, 5.00%, 8/1/2022		90,000		96,150

SEE NOTES TO FINANCIAL STATEMENTS.



288	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Rhode Island — continued

Series 2013A, GO, 5.00%, 10/15/2022		25,000		26,956

Series 2014B, GO, 5.00%, 11/1/2022		45,000		48,610

Town of Lincoln Series 2015A, GO, 5.00%, 8/1/2022		180,000		192,218

Town of North Kingstown Series 2015A, GO, 5.00%, 7/15/2021		45,000		45,807


Total Rhode Island				12,282,183


South Carolina — 0.8%

Aiken County Consolidated School District

Series 2016A, GO, SCSDE, 5.00%, 3/1/2021		35,000		35,000

Series 2018A, GO, SCSDE, 5.00%, 3/1/2021		50,000		50,000

Series 2016B, GO, SCSDE, 5.00%, 4/1/2021		20,000		20,078

Series 2017A, GO, SCSDE, 5.00%, 4/1/2021		20,000		20,078

Series 2017A, GO, SCSDE, 4.00%, 4/1/2022		35,000		36,455

Series 2018B, GO, SCSDE, 5.00%, 4/1/2022		30,000		31,570

Anderson County School District No. 1 GO, SCSDE, 5.00%, 3/1/2022		55,000		57,657

Anderson County School District No. 4 Series 2018A, GO, SCSDE, 5.00%, 3/1/2022		80,000		83,882

Beaufort County School District

Series 2017B, GO, SCSDE, 5.00%, 3/1/2021		20,000		20,000

Series 2018B, GO, SCSDE, 5.00%, 3/1/2021		50,000		50,000

GO, SCSDE, 5.00%, 3/1/2024		30,000		34,131

Beaufort-Jasper Water and Sewer Authority Series 2010B, Rev., 5.00%, 3/1/2021		40,000		40,000

Berkeley County School District

Series 2014A, GO, SCSDE, 5.00%, 3/1/2021		65,000		65,000

Series 2020A, GO, 5.00%, 6/1/2021		30,000		30,360

Charleston Public Facilities Corp., City of Charleston Project Series 2017A, Rev., 5.00%, 9/1/2021		35,000		35,845

City of Anderson, Water and Sewer Rev., AGM, 4.00%, 7/1/2021		25,000		25,315

City of Charleston, Stormwater System Rev., 5.00%, 1/1/2022		40,000		41,610


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


South Carolina — continued

City of Columbia, City Stormwater Improvements Rev., 5.00%, 2/1/2022		40,000		41,771

City of Greenville, Limited Obligation Rev., 4.00%, 6/1/2021		30,000		30,086

City of North Charleston, Limited Obligation, Tax Increment Pledge Rev., 5.00%, 10/1/2021		175,000		179,778

Clemson University

Series 2015B, Rev., 5.00%, 5/1/2021		50,000		50,394

Series 2015B, Rev., 5.00%, 5/1/2023		40,000		43,894

Clemson University, Higher Education Bonds

Rev., 5.00%, 5/1/2021		25,000		25,197

Rev., 5.00%, 5/1/2023		110,000		120,708

County of Charleston Series 2013A, GO, 5.00%, 11/1/2021		25,000		25,806

County of Charleston, Capital Improvement Transportation Sales Tax GO, 4.00%, 11/1/2021 (b)		30,000		30,770

County of Charleston, Transportation Sales Tax GO, 5.00%, 11/1/2021		25,000		25,806

County of Dorchester

Series 2013B, GO, 4.00%, 4/1/2021		45,000		45,140

Series 2013B, GO, 5.00%, 4/1/2022		25,000		26,308

County of Dorchester, Waterworks & Sewer System Rev., 5.00%, 10/1/2022		25,000		26,909

County of Florence, McLeod Medical Center Project

Rev., 5.00%, 11/1/2021		25,000		25,780

Rev., 5.00%, 11/1/2022		245,000		264,012

County of Horry GO, 4.00%, 3/1/2021		20,000		20,000

County of Richland, Library Projects Series 2016B, GO, 5.00%, 3/1/2022		25,000		26,210

County of Spartanburg GO, 5.00%, 4/1/2021		50,000		50,195

County of Spartanburg, Public Works Project Rev., 3.00%, 4/1/2021		95,000		95,218

County of York GO, 5.00%, 4/1/2022		25,000		26,309

Dorchester County School District No. 2 Series 2014A, GO, SCSDE, 5.00%, 3/1/2021		60,000		60,000

Fort Mill School District No. 4

Series 2012A, GO, SCSDE, 4.00%, 3/1/2021		50,000		50,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	289

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

South Carolina — continued

Series 2013B, GO, SCSDE, 5.00%, 3/1/2021		55,000		55,000

Series 2013D, GO, SCSDE, 5.00%, 3/1/2021		140,000		140,000

Series 2016D, GO, SCSDE, 5.00%, 3/1/2021		55,000		55,000

Series 2018A, GO, SCSDE, 5.00%, 3/1/2021		235,000		235,000

Series 2016D, GO, SCSDE, 5.00%, 3/1/2022		20,000		20,970

Grand Strand Water and Sewer Authority, Water work & Sewer System Series 2011B, Rev., 5.00%, 6/1/2021		80,000		80,961

Greenville County School District

Series 2020C, GO, SCSDE, 3.00%, 6/1/2021		185,000		186,312

Rev., 5.00%, 12/1/2021		200,000		207,318

Rev., 5.00%, 12/1/2022		60,000		65,076

Greenville Health System Rev., 5.00%, 5/1/2023		120,000		126,428

Horry County School District

GO, SCSDE, 5.00%, 3/1/2021		230,000		230,000

Rev., 5.00%, 3/1/2021		130,000		130,000

Lexington County Health Services District, Inc., LexMed Obligated Group

Rev., 5.00%, 11/1/2021		345,000		355,650

Rev., 5.00%, 11/1/2022		200,000		215,346

Lexington County School District No. 1

Series 2011C, GO, SCSDE, 4.00%, 2/1/2022 (b)		30,000		31,060

Series 2015A, GO, SCSDE, 5.00%, 2/1/2022		25,000		26,111

Lexington School District No. 2 Educational Facilities Corp. Series 2015B, Rev., 5.00%, 12/1/2021		170,000		176,037

Piedmont Municipal Power Agency

Series 2010A-5, Rev., 5.00%, 1/1/2022		200,000		200,720

Series 2012B, Rev., 4.00%, 1/1/2023		200,000		205,506

Series 2017B, Rev., 5.00%, 1/1/2024		100,000		111,861

Series 2015A, Rev., 5.00%, 1/1/2025		350,000		403,858

Richland County School District No. 1 Series 2011A, GO, SCSDE, 4.00%, 9/1/2021 (b)		100,000		101,923


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


South Carolina — continued

Richland County School District No. 2

GO, SCSDE, 5.00%, 5/1/2021		20,000		20,160

Series 2011B, GO, SCSDE, 5.00%, 5/1/2021 (b)		90,000		90,718

Series 2015A, GO, SCSDE, 5.00%, 2/1/2022		25,000		26,107

GO, SCSDE, 5.00%, 3/1/2022		20,000		20,966

SCAGO Educational Facilities Corp. for Colleton School District Rev., 5.00%, 12/1/2021		65,000		67,163

SCAGO Educational Facilities Corp. for Pickens School District Rev., 5.00%, 12/1/2021		425,000		439,765

South Carolina Association of Governmental Organizations Series 2020C, COP, SCSDE, 2.00%, 3/1/2021		1,080,000		1,080,000

South Carolina Jobs-Economic Development Authority, Anmed Health Project Rev., 5.00%, 2/1/2023		125,000		135,725

South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc. Rev., 5.00%, 10/1/2025 (c)		200,000		234,912

South Carolina Jobs-Economic Development Authority, Hospital Refunding and Improvement, Mcleod Health Projects Rev., 5.00%, 11/1/2022		390,000		420,264

South Carolina Public Service Authority, Santee Cooper

Series 2011B, Rev., 4.00%, 12/1/2021 (b)		25,000		25,713

Series 2011B, Rev., 5.00%, 12/1/2021 (b)		80,000		82,847

Series 2012-D, Rev., 5.00%, 6/1/2022 (b)		170,000		180,181

South Carolina Transportation Infrastructure Bank Series 2012A, Rev., 5.00%, 10/1/2021 (b)		385,000		395,690

State of South Carolina, Clemson University

Series 2011B, GO, 5.00%, 3/1/2021 (b)		40,000		40,000

Series 2017A, GO, 5.00%, 4/1/2021		25,000		25,099

State of South Carolina, Lander University Series 2016G, GO, 5.00%, 6/1/2021		75,000		75,906

SEE NOTES TO FINANCIAL STATEMENTS.



290	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

South Carolina — continued

State of South Carolina, University of South Carolina Series 2017B, GO, 5.00%, 4/1/2021		25,000		25,099

Town of Summerville, Hospitality Fee Pledge Series 2015B, Rev., 5.00%, 10/1/2023		300,000		332,127

University of South Carolina, Athletic Facilities

Series 2017A, Rev., 5.00%, 5/1/2021		150,000		151,182

Series 2017B, Rev., 5.00%, 5/1/2024		410,000		462,492

Series 2017B, Rev., 5.00%, 5/1/2025		530,000		615,267

University of South Carolina, Higher Education

Rev., 5.00%, 5/1/2021		80,000		80,631

Rev., 5.00%, 5/1/2022		20,000		21,113

Rev., 5.00%, 5/1/2023		30,000		32,900

University of South Carolina, Higher Education Facilities

Rev., 5.00%, 5/1/2021		85,000		85,670

Rev., 5.00%, 5/1/2022		125,000		131,956

Rev., 5.00%, 5/1/2023		45,000		49,350

Rev., 5.00%, 5/1/2024		25,000		26,254

Rev., 5.00%, 5/1/2025		20,000		23,459


Total South Carolina				10,726,125


South Dakota — 0.4%

City of Rapid City, Sales Tax Rev., 4.00%, 12/1/2021 (b)		35,000		35,998

City of Sioux Falls, Sales Tax

Series 2012A, Rev., 4.00%, 11/15/2021		180,000		184,826

Series 2017A, Rev., 5.00%, 11/15/2021		45,000		46,522

Series 2020A, Rev., 5.00%, 11/15/2022		25,000		27,034

County of Minnehaha, Limited Tax Series 2014A, COP, 5.00%, 12/1/2021		125,000		129,400

County of Pennington, Limited Tax

Series 2017A, COP, 3.00%, 6/1/2021		25,000		25,161

Series 2017A, COP, 3.00%, 12/1/2021		225,000		229,376

Rapid City Area School District No. 51-4, Limited Tax, Capital Outlay GO, 4.00%, 8/1/2023		630,000		685,062


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


South Dakota — continued

Sioux Falls School District No. 49-5, Limited Tax Series 2011A, GO, 5.00%, 7/1/2021		45,000		45,716

South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2013A, Rev., 5.00%, 4/1/2021		70,000		70,265

South Dakota Building Authority Series 2019A, Rev., 4.00%, 6/1/2022		50,000		52,289

South Dakota Conservancy District, State Revolving Fund Program Series 2012B, Rev., 4.00%, 8/1/2021		20,000		20,316

South Dakota Health and Educational Facilities Authority, Avera Health Series 2012A, Rev., 5.00%, 7/1/2021 (b)		100,000		101,507

South Dakota Health and Educational Facilities Authority, Regional Health

Rev., 5.00%, 9/1/2021		35,000		35,821

Rev., 5.00%, 9/1/2022		140,000		149,713

South Dakota Health and Educational Facilities Authority, Vocational Education Program

Series 2015C, Rev., 5.00%, 8/1/2021		25,000		25,492

Rev., 5.00%, 8/1/2022		20,000		21,337

South Dakota Housing Development Authority, Homeownership Mortgage Series B, Rev., 2.70%, 11/1/2021		15,000		15,232

South Dakota State Building Authority

Series 2011A, Rev., 5.00%, 9/1/2021		60,000		61,406

Series 2017A, Rev., 4.00%, 6/1/2022		50,000		52,289

Series 2018A, Rev., 4.00%, 6/1/2022		25,000		26,144

Series 2013B, Rev., 5.00%, 6/1/2022		80,000		84,656

Series 2015B, Rev., 5.00%, 6/1/2022		35,000		37,037

Series A, Rev., 5.00%, 6/1/2022		50,000		52,910

Series 2014D, Rev., 5.00%, 9/1/2022		80,000		85,588

Series 2019A, Rev., 4.00%, 6/1/2024		30,000		33,318

Series 2014D, Rev., 5.00%, 9/1/2024		25,000		28,811

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	291

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

South Dakota — continued

Tender Option Bond Trust Receipts/Certificates Series 2020-XG0302, Rev., VRDO, LIQ: Barclays Bank plc, 0.17%, 3/9/2021 (c) (f)		3,680,000		3,680,000


Total South Dakota				6,043,226


Tennessee — 1.7%

Chattanooga Health Educational and Housing Facility Board, Catholic Health Initiatives Series 2013A, Rev., 5.25%, 1/1/2023 (b)		1,615,000		1,758,945

City of Chattanooga Series 2017B, GO, 5.00%, 3/1/2021		25,000		25,000

City of Chattanooga, Electric System

Series 2015A, Rev., 5.00%, 9/1/2021		75,000		76,811

Series A, Rev., 5.00%, 9/1/2022		50,000		53,618

City of Clarksville, Water Sewer and Gas Rev., 5.00%, 2/1/2022		25,000		26,107

City of Franklin, Public Improvement GO, 5.00%, 4/1/2022		50,000		52,617

City of Franklin, Water and Sewer GO, 5.00%, 4/1/2021		25,000		25,098

City of Johnson City GO, 5.00%, 6/1/2021		20,000		20,240

City of Kingsport Series 2017A, GO, 5.00%, 3/1/2022		115,000		120,556

City of Knoxville, Electric System

GO, 5.00%, 5/1/2021		55,000		55,438

Series 2017HH, Rev., 5.00%, 7/1/2021		50,000		50,802

Series 2017-II, Rev., 5.00%, 7/1/2021		20,000		20,321

Series 2012-AA, Rev., 3.00%, 7/1/2023		100,000		100,877

City of Knoxville, Gas System Series 2013-T, Rev., 4.00%, 3/1/2021		50,000		50,000

City of Knoxville, Waterworks System

Series 2015A, Rev., 5.00%, 4/1/2021		75,000		75,293

Series 2015A, Rev., 5.00%, 4/1/2022		25,000		26,309

City of Memphis Series 2012A, GO, 5.00%, 4/1/2021		55,000		55,215

City of Memphis, General Improvement

GO, 5.00%, 6/1/2021		50,000		50,600

GO, 5.00%, 5/1/2022		155,000		156,214


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Tennessee — continued

City of Memphis, Sanitary Sewerage System

Rev., 5.00%, 10/1/2021		265,000		272,470

Rev., 5.00%, 10/1/2022		45,000		48,437

City of Morristown GO, 4.00%, 10/1/2024		100,000		102,109

City of Murfreesboro

GO, 5.00%, 6/1/2021		100,000		101,203

Series 2020C, GO, 3.00%, 2/1/2022		35,000		35,914

GO, 5.00%, 6/1/2022		50,000		53,020

City of Oak Ridge

GO, 5.00%, 6/1/2021		25,000		25,300

Series 2015A, GO, 5.00%, 6/1/2021		45,000		45,541

City of Pigeon Forge GO, 5.00%, 6/1/2021		40,000		40,475

Columbia Housing & Redevelopment Corp., Northridge Project Rev., 2.40%, 9/1/2021 (c)		150,000		151,566

County of Bradley GO, 5.00%, 6/1/2021		20,000		20,236

County of Hamilton GO, 3.00%, 3/1/2022		25,000		25,710

County of Knox

Series 2005A, GO, 5.00%, 5/1/2021		100,000		100,796

GO, 5.00%, 6/1/2021		45,000		45,540

Series 2020A, GO, 5.00%, 8/1/2022		30,000		32,050

County of Madison

GO, 5.00%, 4/1/2021		25,000		25,097

GO, 5.00%, 5/1/2021		20,000		20,159

GO, 5.00%, 4/1/2022		20,000		21,029

County of Montgomery GO, 5.00%, 4/1/2021		40,000		40,156

County of Montgomery, Public Improvement GO, 4.00%, 4/1/2022		20,000		20,829

County of Montgomery, School And Public Improvement GO, 5.00%, 4/1/2021		20,000		20,078

County of Putnam GO, 5.00%, 4/1/2022		25,000		26,309

County of Robertson

GO, 5.00%, 5/1/2021		100,000		100,796

Series 2014B, GO, 4.00%, 6/1/2021		100,000		100,954

County of Rutherford

GO, 4.00%, 4/1/2021		25,000		25,078

GO, 5.00%, 4/1/2021		190,000		190,747

GO, 3.00%, 4/1/2022 (b)		20,000		20,611

GO, 5.00%, 4/1/2022		45,000		47,355

SEE NOTES TO FINANCIAL STATEMENTS.



292	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Tennessee — continued

County of Shelby

Series 2012A, GO, 4.00%, 3/1/2021		55,000		55,000

Series 2012A, GO, 5.00%, 3/1/2021		50,000		50,000

Series 2015A, GO, 5.00%, 4/1/2021		75,000		75,293

Series 2012A, GO, 4.00%, 3/1/2022		120,000		124,602

Series A, GO, 5.00%, 3/1/2022		50,000		52,416

Series 2015A, GO, 5.00%, 4/1/2022		30,000		31,570

Series 2017A, GO, 5.00%, 4/1/2022		30,000		31,570

Series 2019B, GO, 5.00%, 4/1/2022		50,000		52,617

County of Sullivan, Improvement

Series 2015A, GO, 5.00%, 4/1/2021		100,000		100,390

Series 2015A, GO, 5.00%, 4/1/2022		25,000		26,303

County of Sumner, School and Public Improvement

GO, 5.00%, 12/1/2021		20,000		20,724

GO, 5.00%, 12/1/2022		125,000		135,505

County of Williamson GO, 4.00%, 4/1/2021		30,000		30,093

County of Williamson, Public Improvement and School Series 2016B, GO, 5.00%, 4/1/2021		30,000		30,117

County of Wilson, School Series 2017A, GO, 5.00%, 4/1/2021		25,000		25,098

County of Wilson, School and Public Improvement GO, 3.00%, 4/1/2021		50,000		50,115

Highlands Residential Services, Walnut Village Project Rev., GNMA COLL, 1.80%, 4/1/2021 (c)		50,000		50,064

Johnson City Energy Authority, Electric System Rev., 5.00%, 5/1/2022		25,000		26,407

Knox County Health Educational and Housing Facility Board, Clear Springs Apartments Project Rev., 1.80%, 5/1/2021 (c)		150,000		150,393

Memphis and Shelby County Port Commission Rev., 4.00%, 4/1/2021		300,000		300,921

Memphis Center City Revenue Finance Corp. Rev., AGM, 4.50%, 11/1/2021 (b)		100,000		102,899

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Bonds, Volunteer Healthcare Rev., Zero Coupon, 6/1/2021 (b)		815,000		814,641

Metropolitan Government of Nashville and Davidson County

Series 2015A, Rev., 5.00%, 5/15/2021		45,000		45,447

GO, 5.00%, 7/1/2021		85,000		86,376


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Tennessee — continued

Series 2015A, Rev., 5.00%, 5/15/2022		20,000		21,173

GO, 5.00%, 7/1/2022		25,000		26,621

Series 2015A, GO, 5.00%, 7/1/2022		25,000		26,622

Series 2015C, GO, 5.00%, 7/1/2022		150,000		159,729

Metropolitan Government of Nashville and Davidson County, Electrical System Series 2011A, Rev., 5.00%, 5/15/2021 (b)		35,000		35,345

Metropolitan Government of Nashville and Davidson County, Water and Sewer

Series 2017A, Rev., 4.00%, 7/1/2022		50,000		52,578

Rev., 5.00%, 7/1/2022		20,000		21,297

Series 2017B, Rev., 5.00%, 7/1/2023		25,000		27,739

Series 2020B, Rev., 5.00%, 7/1/2023		35,000		38,834

Pigeon Forge Industrial Development Board, Public Facility Rev., 5.00%, 6/1/2022		50,000		50,533

Public Building Authority of Sevier County, Local Government Public Improvement Rev., VRDO, GTD, LOC: Bank of America NA, 0.04%, 3/9/2021 (c)		14,370,000		14,370,000

Rutherford County Consolidated Utility District Rev., 4.00%, 2/1/2022		75,000		77,636

State of Tennessee

Series 2011A, GO, 5.00%, 10/1/2021		125,000		128,524

Series 2009B, GO, 5.00%, 11/1/2021		200,000		206,448

Tennergy Corp.

Series 2019A, Rev., LIQ: Royal Bank of Canada, 4.00%, 3/1/2021		200,000		200,000

Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 10/1/2024 (c)		50,000		57,415

Tennessee Energy Acquisition Corp., Gas Project Series 2006A, Rev., 5.25%, 9/1/2021		395,000		404,646

Tennessee State School Bond Authority, Higher Educational Facility Second Program

Rev., 5.00%, 11/1/2021		100,000		103,224

Series 2014B, Rev., 5.00%, 11/1/2021		165,000		170,320

Series 2015B, Rev., 5.00%, 11/1/2021		110,000		113,546

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	293

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Tennessee — continued

Rev., 5.00%, 11/1/2022		50,000		53,998

Series 2013A, Rev., 5.00%, 11/1/2022		25,000		26,992

Series B, Rev., 5.00%, 11/1/2022		20,000		21,594

Tenth Special School District, Limited Obligation School GO, 4.00%, 4/1/2022		40,000		41,640

Town of Collierville Series 2015A, GO, 5.00%, 1/1/2022		75,000		78,018

Town of Collierville, Water and Sewer System GO, 4.00%, 11/1/2021		30,000		30,768

Town of Smyrna, Water and Sewer System GO, 4.00%, 6/1/2021		20,000		20,191

West Wilson Utility District, Water Rev., 4.50%, 6/1/2021 (b)		130,000		131,355


Total Tennessee				23,724,973


Texas — 6.2%

Abilene Independent School District, Unlimited Tax School Building

GO, PSF-GTD, 5.00%, 2/15/2022		55,000		57,544

Alamo Community College District, Financing System Senior Lien Series 2012A, Rev., 5.00%, 11/1/2021		30,000		30,967

Alamo Community College District, Maintenance Tax

GO, 4.00%, 2/15/2022		95,000		98,481

GO, 5.00%, 2/15/2022		25,000		25,091

GO, 5.50%, 2/15/2022		85,000		89,328

Alamo Regional Mobility Authority, Vehicle Registration Fee Senior Lien

Rev., 5.00%, 6/15/2021		25,000		25,347

Rev., 5.00%, 6/15/2023		50,000		55,246

Aledo Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 2/15/2022		85,000		84,733

Alief Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,925

Allen Economic Development Corp., Sales Tax Series 2017A, Rev., 4.00%, 9/1/2021		135,000		137,589

Allen Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2022 (b)		20,000		20,927

Alvin Independent School District, Unlimited Tax Series 2014A, GO, PSF-GTD, 5.00%, 2/15/2022		100,000		104,557


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Arlington Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,923

Austin Community College District Public Facility Corp., Hays New Campus Project Rev., 4.00%, 8/1/2022 (b)		25,000		26,362

Austin Community College District Public Facility Corp., Highland Campus — Building 3000 Project Rev., 5.00%, 8/1/2023		25,000		27,798

Austin Community College District Public Facility Corp., Round Rock Campus Rev., 5.00%, 8/1/2022		25,000		26,690

Austin Community College District, Combined Fee Series 2016A, Rev., 4.00%, 2/1/2023		125,000		133,595

Austin Community College District, Limited Tax

GO, 5.00%, 8/1/2021		105,000		107,115

GO, 5.00%, 8/1/2022		20,000		21,369

GO, 5.00%, 8/1/2023		35,000		38,899

Austin Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 8/1/2021		65,000		66,309

Series 2015B, GO, 5.00%, 8/1/2021		45,000		45,904

Series 2014B, GO, 5.00%, 8/1/2022		20,000		21,367

Barbers Hill Independent School District, Unlimited Tax GO, 5.00%, 2/15/2022		90,000		94,154

Bastrop Independent School District, Unlimited Tax Series 2013A, GO, PSF-GTD, 3.00%, 2/15/2023		140,000		145,412

Belton Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022 (b)		85,000		88,941

Benavides Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 8/15/2021		140,000		139,691

Bexar County Hospital District GO, 5.00%, 2/15/2022		50,000		52,293

Bexar County Hospital District, Limited Tax

GO, 5.00%, 2/15/2022		25,000		26,146

GO, 5.00%, 2/15/2023		200,000		218,166

Board of Regents of the University of Texas System, Financing System

Series 2012A, Rev., 4.00%, 8/15/2021		25,000		25,439

Series 2006C, Rev., 5.00%, 8/15/2021		35,000		35,773

SEE NOTES TO FINANCIAL STATEMENTS.



294	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Series 2010B, Rev., 5.00%, 8/15/2021		315,000		321,955

Series 2012A, Rev., 5.00%, 8/15/2021		25,000		25,552

Series 2014A, Rev., 5.00%, 8/15/2021		35,000		35,773

Series 2016C, Rev., 5.00%, 8/15/2021		30,000		30,663

Series 2016D, Rev., 5.00%, 8/15/2021		20,000		20,442

Series 2016I, Rev., 5.00%, 8/15/2021		105,000		107,318

Series 2010B, Rev., 5.00%, 8/15/2022		30,000		32,115

Series 2012B, Rev., 5.00%, 8/15/2022 (b)		175,000		187,339

Series 2016C, Rev., 5.00%, 8/15/2022		30,000		32,115

Series 2016E, Rev., 5.00%, 8/15/2022		30,000		32,115

Series 2016J, Rev., 5.00%, 8/15/2022		80,000		85,641

Boerne Public Facilities Corp., Liv at Boerne Senior Apartments Rev., 2.75%, 11/1/2021 (c)		100,000		101,684

Brazosport Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		50,000		52,313

Buna Independent School District, School Building GO, PSF-GTD, 2.25%, 8/15/2023		120,000		122,605

Calhoun County Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,925

Canadian River Municipal Water Authority Corp., Conjunctive Use Groundwater Supply Project Rev., 5.00%, 2/15/2023		150,000		156,510

Canyon Regional Water Authority, Wells Ranch I Project

Rev., 4.00%, 8/1/2021		45,000		45,718

Rev., 5.00%, 8/1/2022		30,000		32,050

Capital Area Housing Finance Corp., Mission Trail at El Camino Real Apartments Rev., 2.10%, 9/1/2022 (c)		125,000		125,823

Carroll Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,925


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Carrollton-Farmers Branch Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022		105,000		109,857

GO, PSF-GTD, 5.00%, 2/15/2023		25,000		27,271

Centerville Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/15/2021 (b)		75,000		76,313

Central Texas Regional Mobility Authority, Subordinated Lien

Rev., 5.00%, 1/1/2023 (b)		25,000		27,162

Series 2020F, Rev., BAN, 5.00%, 1/1/2025		570,000		648,854

Central Texas Turnpike System Series C, Rev., 5.00%, 8/15/2022		150,000		158,161

Cinco Southwest Municipal Utility District No. 1 Rev., GTD, 3.00%, 12/1/2021		100,000		102,021

City of Abilene

GO, 4.00%, 2/15/2022		250,000		259,037

GO, 4.00%, 2/15/2023		25,000		26,764

GO, 5.00%, 2/15/2024		25,000		28,309

City of Abilene, Combination Tax

GO, 4.00%, 2/15/2022		85,000		88,073

GO, 5.00%, 2/15/2022		100,000		104,567

City of Amarillo, Waterworks and Sewer System

Rev., 5.00%, 4/1/2021		80,000		80,313

Rev., 5.00%, 4/1/2022		20,000		21,047

City of Arlington, Permanent Improvement

GO, 4.00%, 8/15/2021		30,000		30,524

Series 2015B, GO, 4.00%, 8/15/2021		20,000		20,350

GO, 5.00%, 8/15/2023		25,000		27,879

City of Arlington, Water and Wastewater System

Series 2019B, Rev., 3.00%, 6/1/2021		30,000		30,212

Series 2017A, Rev., 4.00%, 6/1/2021		210,000		212,003

Series 2015A, Rev., 5.00%, 6/1/2021		35,000		35,420

Series 2015B, Rev., 5.00%, 6/1/2021		50,000		50,601

Series 2013B, Rev., 3.00%, 6/1/2022		50,000		51,769

City of Austin, Electric Utility System

Series 2015A, Rev., 5.00%, 11/15/2021		150,000		155,130

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	295

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Series 2015A, Rev., 5.00%, 11/15/2022		20,000		21,645

City of Austin, Public Improvement

GO, 5.00%, 9/1/2021		595,000		609,399

Series 2013A, GO, 5.00%, 9/1/2021		70,000		71,694

GO, 5.00%, 9/1/2022		65,000		69,713

GO, 5.00%, 9/1/2023		70,000		78,161

City of Austin, Public Property Finance Contractual Obligations

GO, 5.00%, 5/1/2021		30,000		30,239

GO, 5.00%, 11/1/2021		170,000		175,493

City of Austin, Water and Wastewater System

Rev., 5.00%, 11/15/2022		65,000		70,348

Rev., 5.00%, 11/15/2024		50,000		51,720

Rev., 5.00%, 11/15/2026		280,000		289,635

City of Baytown

GO, 5.00%, 2/1/2022		60,000		62,600

GO, 5.00%, 2/1/2023		35,000		38,073

City of Beaumont Series 2020A, GO, 5.00%, 3/1/2022		65,000		68,107

City of Beaumont, Waterworks and Sewer System Series 2014A, Rev., AGM, 5.00%, 9/1/2021		200,000		204,678

City of Boerne GO, 4.00%, 3/1/2022		100,000		103,784

City of Brownsville GO, 4.00%, 2/15/2022		265,000		273,986

City of Brownsville, Utilities System Series 2013A, Rev., 5.00%, 9/1/2024		100,000		110,786

City of Bryan

GO, 3.00%, 8/15/2021		25,000		25,318

GO, 3.00%, 8/15/2022		30,000		31,213

City of Bryan, Electric System Rev., 5.00%, 7/1/2021		115,000		116,764

City of Buda, Combination Tax GO, 5.00%, 8/15/2022		105,000		112,291

City of Burleson GO, 4.00%, 3/1/2022		35,000		36,307

City of Cedar Hill GO, 5.00%, 2/15/2022		90,000		94,110

City of Cedar Park GO, 5.00%, 2/15/2022		30,000		31,370

City of Cedar Park, Utility System Rev., 3.00%, 8/15/2022		25,000		26,011

City of College Station

GO, 5.00%, 2/15/2022		45,000		47,049

GO, 5.00%, 2/15/2023		30,000		32,743


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Conroe, Certificates of Obligation Series 2020C, GO, 5.00%, 11/15/2021		165,000		170,570

City of Conroe, Water and Sewer System Series 2011, Rev., 3.00%, 11/15/2021		40,000		40,775

City of Corpus Christi, General Improvement

GO, 5.00%, 3/1/2021		30,000		30,000

GO, 5.00%, 3/1/2022		245,000		256,711

GO, 5.00%, 3/1/2023		40,000		43,791

Series 2020A, GO, 5.00%, 3/1/2023		35,000		38,317

City of Corpus Christi, Junior Lien Utility System Series C, Rev., 5.00%, 7/15/2021		50,000		50,887

City of Dallas

GO, 5.00%, 2/15/2022		150,000		156,864

GO, 5.00%, 2/15/2023		495,000		517,117

GO, 5.00%, 2/15/2025		100,000		104,477

City of Dallas Housing Finance Corp., Multi-Family, Palladium Redbird Rev., 1.50%, 4/1/2022 (c)		1,440,000		1,460,405

City of Dallas, Waterworks and Sewer System

Series 2012A, Rev., 5.00%, 10/1/2021		60,000		61,699

Rev., 5.00%, 10/1/2022		75,000		77,047

Series 2020C, Rev., 5.00%, 10/1/2022		30,000		32,266

City of Deer Park, Certificates of Obligation

GO, 3.00%, 3/15/2021		25,000		25,025

GO, 4.00%, 3/15/2021		180,000		180,245

GO, 3.00%, 3/15/2022		50,000		51,422

GO, 3.00%, 3/15/2024		25,000		26,896

City of Del Rio, Certificates of Obligation GO, AGM, 3.00%, 6/1/2021		50,000		50,340

City of Denton

GO, 4.00%, 2/15/2022		65,000		67,388

GO, 5.00%, 2/15/2022		45,000		47,082

GO, 5.00%, 2/15/2023		25,000		27,271

City of Denton, Certificates of Obligation GO, 5.00%, 2/15/2022		165,000		172,633

City of Eagle Pass, Limited Tax GO, 4.00%, 3/1/2022		75,000		77,692

City of Edinburg GO, 5.00%, 3/1/2022		20,000		20,946

City of El Campo, Certificates of Obligation Series 2015A, GO, 4.00%, 2/1/2022		100,000		103,421

SEE NOTES TO FINANCIAL STATEMENTS.



296	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

City of El Paso

GO, 5.00%, 8/15/2021		80,000		81,763

GO, 5.00%, 8/15/2022		60,000		64,222

Series 2014A, GO, 5.00%, 8/15/2023		50,000		55,732

City of El Paso Municipal Drainage Utility System Rev., 5.00%, 3/1/2022		135,000		141,535

City of El Paso, Certificates of Obligations GO, 5.00%, 8/15/2022		85,000		90,981

City of El Paso, Improvement Bond Series 2019A, GO, 5.00%, 8/15/2022		80,000		85,629

City of El Paso, Water and Sewer Rev., 5.00%, 3/1/2023		25,000		27,301

City of El Paso, Water and Sewer System

Rev., 4.00%, 3/1/2021		200,000		200,000

Series 2012A, Rev., 4.00%, 3/1/2021		25,000		25,000

Rev., 4.00%, 3/1/2022		25,000		25,961

Series 2012A, Rev., 4.00%, 3/1/2022 (b)		40,000		41,538

Rev., 5.00%, 3/1/2022		150,000		157,262

Series 2012A, Rev., 5.00%, 3/1/2022 (b)		25,000		26,210

Rev., 5.00%, 3/1/2023		25,000		27,301

City of Farmers Branch GO, 4.00%, 2/15/2025		35,000		39,701

City of Farmers Branch, Combination Tax GO, 5.00%, 2/15/2023		30,000		32,731

City of Fort Worth, General Purpose Series 2015A, GO, 5.00%, 3/1/2022		250,000		261,950

City of Fort Worth, Water and Sewer System Improvement

Rev., 5.00%, 2/15/2022		25,000		26,154

Series 2020A, Rev., 5.00%, 2/15/2022		155,000		162,155

City of Frisco

GO, 5.00%, 2/15/2022		195,000		203,982

Series 2015A, GO, 5.00%, 2/15/2022		80,000		83,685

GO, 5.00%, 2/15/2023		45,000		45,159

City of Frisco, Certificates of Obligation GO, 3.00%, 2/15/2022		20,000		20,541

City of Garland

GO, 5.00%, 2/15/2022		80,000		83,693

GO, 5.00%, 2/15/2023		35,000		38,251

Series 2015A, GO, 5.00%, 2/15/2023		25,000		27,322


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Garland, Combination Tax GO, 5.00%, 2/15/2022		30,000		31,385

City of Garland, Electric Utility System

Series 2019A, Rev., 5.00%, 3/1/2022		585,000		612,354

Series 2016B, Rev., 5.00%, 3/1/2023		220,000		240,205

City of Georgetown

GO, 5.00%, 8/15/2021		20,000		20,435

GO, 5.00%, 8/15/2022		40,000		42,778

City of Grand Prairie, Combination Tax GO, 4.00%, 2/15/2022		55,000		57,010

City of Grapevine

GO, 5.00%, 2/15/2022		20,000		20,923

GO, 5.00%, 2/15/2023		40,000		43,674

City of Grapevine, Combination Tax

GO, 3.00%, 2/15/2022		25,000		25,678

GO, 5.00%, 2/15/2022		40,000		41,846

Series 2015A, GO, 5.00%, 8/15/2022		170,000		181,934

City of Heath, Certificates of Obligation GO, 4.00%, 2/15/2022		35,000		36,265

City of Houston, Airport System, Subordinate Lien

Series 2011B, Rev., 5.00%, 7/1/2021		25,000		25,394

Series 2018B, Rev., 5.00%, 7/1/2021		335,000		340,276

Series 2018D, Rev., 5.00%, 7/1/2021		55,000		55,866

City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2024		85,000		82,610

City of Houston, Public Improvement

GO, 5.00%, 3/1/2021 (b)		100,000		100,000

Series 2012A, GO, 5.00%, 3/1/2021		30,000		30,000

Series 2012A, GO, 5.00%, 3/1/2022 (b)		160,000		167,757

Series 2014A, GO, 5.00%, 3/1/2022		25,000		26,213

City of Houston, Utility System, First Lien

Series 2014C, Rev., 5.00%, 5/15/2021		165,000		166,632

Series 2011D, Rev., 4.00%, 11/15/2021		25,000		25,681

Series 2012F, Rev., 4.00%, 11/15/2021 (b)		150,000		154,076

Series 2013B, Rev., 4.00%, 11/15/2021		70,000		71,907

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	297

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Series 2017B, Rev., 4.00%, 11/15/2021		35,000		35,954

Series 2019B, Rev., 4.00%, 11/15/2021		145,000		148,951

Series 2011D, Rev., 5.00%, 11/15/2021 (b)		350,000		361,974

Series 2011F, Rev., 5.00%, 11/15/2021 (b)		75,000		77,565

Series 2012D, Rev., 5.00%, 11/15/2021		95,000		98,256

Series 2012F, Rev., 5.00%, 11/15/2021 (b)		75,000		77,565

Series 2014D, Rev., 5.00%, 11/15/2021		75,000		77,570

Series 2016B, Rev., 5.00%, 11/15/2021		230,000		237,882

Series 2014C, Rev., 5.00%, 5/15/2022		75,000		79,378

Series 2012D, Rev., 5.00%, 11/15/2022 (b)		40,000		43,291

Series 2014D, Rev., 5.00%, 11/15/2022		20,000		21,649

Series 2016B, Rev., 5.00%, 11/15/2022		95,000		102,833

Series 2018D, Rev., 5.00%, 11/15/2022		105,000		113,657

City of Hutto Series 2019A, GO, 5.00%, 8/1/2025		20,000		23,687

City of Irving, Waterworks and Sewer System

Rev., 5.00%, 8/15/2022		25,000		26,747

Series 2017B, Rev., 5.00%, 8/15/2022		20,000		21,398

City of Kenedy, Certificates of Obligation GO, 4.00%, 5/1/2025		25,000		28,290

City of Killeen, Waterworks and Sewerage Improvement Rev., 4.00%, 8/15/2021		115,000		117,009

City of Lakeway GO, 4.00%, 2/1/2024		45,000		49,529

City of Laredo

GO, 4.00%, 2/15/2022		70,000		72,531

GO, 5.00%, 2/15/2022		70,000		73,197

GO, 5.00%, 2/15/2023		45,000		48,939

GO, 5.00%, 2/15/2024		25,000		28,167

City of Laredo, Waterworks and Sewer System

Rev., AGM, 3.50%, 3/1/2022 (b)		300,000		309,951

Rev., AGM, 3.63%, 3/1/2022 (b)		100,000		103,441


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of League City Series 2011A, GO, 5.00%, 2/15/2022		25,000		26,142

City of Lewisville GO, 5.00%, 2/15/2022		50,000		52,308

City of Lubbock

GO, 4.00%, 2/15/2022		20,000		20,727

GO, 5.00%, 2/15/2022		225,000		235,318

City of Lubbock, Certificates of Obligation GO, 5.00%, 2/15/2022		75,000		78,439

City of Lubbock, Electric Light and Power System Rev., 5.00%, 4/15/2022		120,000		126,466

City of Lubbock, Tax and Waterworks System GO, 5.00%, 2/15/2022		20,000		20,917

City of Mansfield, Combination Tax GO, 4.00%, 2/15/2022		20,000		20,733

City of McAllen

GO, 5.00%, 2/15/2022		50,000		52,308

GO, 5.00%, 2/15/2023		25,000		27,271

City of McAllen, Water and Sewer Rev., 5.00%, 2/1/2023		25,000		27,215

City of McKinney

GO, 5.00%, 8/15/2021		295,000		301,487

GO, 5.00%, 8/15/2022		70,000		74,914

GO, 5.00%, 8/15/2025		25,000		29,898

City of McKinney, Waterworks and Sewer System

Rev., 5.00%, 3/15/2021		175,000		175,306

Rev., 5.00%, 3/15/2022		25,000		26,255

City of Mesquite

GO, 4.00%, 2/15/2022		45,000		46,627

GO, 5.00%, 2/15/2023		30,000		32,743

City of Mesquite, Combination Tax GO, 3.00%, 2/15/2022		55,000		56,465

City of Mesquite, Waterworks and Sewer System

Rev., 4.00%, 3/1/2021		110,000		110,000

Rev., 3.00%, 3/1/2023		45,000		47,316

City of Midland GO, 5.00%, 3/1/2022		25,000		26,195

City of Midland, Certificates of Obligation

GO, 4.00%, 3/1/2021		50,000		50,000

GO, 5.00%, 3/1/2025		40,000		46,968

City of Midlothian GO, 5.00%, 2/1/2022		20,000		20,886

City of Midlothian, Combination Tax GO, 3.00%, 8/15/2024		25,000		27,070

City of Missouri GO, 5.00%, 6/15/2023		35,000		38,705

SEE NOTES TO FINANCIAL STATEMENTS.



298	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

City of Missouri City GO, 5.00%, 6/15/2021		30,000		30,411

City of Missouri City, Certificates of Combination

Series 2018A, GO, 5.00%, 6/15/2022		20,000		21,222

GO, 4.00%, 8/15/2022		100,000		105,495

City of New Braunfels GO, 5.00%, 2/1/2022		70,000		72,974

City of New Braunfels, Certificates of Obligation

GO, 3.00%, 2/1/2022		30,000		30,728

Series 2014A, GO, 3.00%, 2/1/2022		50,000		51,212

GO, 4.00%, 2/1/2022		35,000		36,168

City of New Braunfels, Utility System Rev., 5.00%, 7/1/2022		25,000		26,542

City of Odessa GO, 4.00%, 3/1/2023		100,000		106,926

City of Pasadena

Series 2016A, GO, 5.00%, 2/15/2022		25,000		26,154

Series 2012A, GO, 5.00%, 2/15/2024		55,000		55,196

City of Pearland

Series 2020A, GO, 3.00%, 3/1/2021		20,000		20,000

GO, 3.00%, 3/1/2022		25,000		25,697

GO, 4.00%, 3/1/2022		25,000		25,946

GO, 5.00%, 3/1/2024		40,000		45,418

Series 2016B, GO, 5.00%, 3/1/2024		25,000		28,387

City of Pflugerville, Limited Tax

GO, 3.00%, 8/1/2021 (b)		100,000		101,179

GO, 5.00%, 8/1/2022		35,000		37,366

City of Plano

GO, 4.38%, 3/1/2021 (b)		100,000		100,000

GO, 5.00%, 9/1/2021		75,000		76,811

GO, 5.00%, 9/1/2022		95,000		101,873

GO, 5.00%, 9/1/2023		30,000		33,482

City of Plano, Municipal Drainage Utility System Rev., 3.00%, 5/15/2021		50,000		50,290

City of Portland GO, 4.00%, 8/15/2023		25,000		27,217

City of Richardson

Series 2016A, GO, 5.00%, 2/15/2022		40,000		41,847

GO, 3.00%, 2/15/2023		25,000		26,298

City of Richland Hills, Combination Tax GO, 4.00%, 8/15/2022		25,000		26,374

City of Round Rock GO, 5.00%, 8/15/2022		20,000		21,404


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Round Rock, Utility System Rev., 5.00%, 8/1/2022		40,000		42,733

City of Rowlett GO, 5.00%, 2/15/2022		110,000		114,991

City of Sachse Series 2017A, GO, 4.00%, 2/15/2025		65,000		73,078

City of San Antonio

GO, 4.50%, 8/1/2021		75,000		76,362

GO, 5.00%, 8/1/2021 (b)		165,000		168,331

GO, 5.00%, 8/1/2022		65,000		69,412

City of San Antonio, Electric and Gas Systems

Series B, Rev., 2.00%, 12/1/2021 (c)		100,000		100,442

Rev., 5.00%, 2/1/2022		600,000		626,568

Rev., 5.00%, 2/1/2023		50,000		53,350

Rev., 3.00%, 2/1/2024		175,000		181,545

City of San Antonio, Municipal Drainage Utility System Rev., 5.00%, 2/1/2022		40,000		41,771

City of San Marcos GO, 3.00%, 8/15/2021		25,000		25,316

City of San Marcos, Combination Tax

GO, 5.00%, 8/15/2023		40,000		44,586

GO, 5.00%, 8/15/2024		35,000		40,405

City of Sherman GO, 5.00%, 8/15/2021		195,000		199,243

City of Sugar Land

GO, 5.00%, 2/15/2022		30,000		31,364

GO, 5.00%, 2/15/2023		45,000		49,115

City of Sugar Land, Waterworks and Sewer System

Series 2012A, Rev., 4.00%, 8/15/2021		125,000		127,143

Rev., 5.00%, 8/15/2021		45,000		45,975

Rev., 4.00%, 8/15/2022		50,000		52,733

Rev., 5.00%, 8/15/2022		60,000		64,148

Series 2012A, Rev., 4.00%, 8/15/2023		215,000		218,655

City of Temple

GO, 4.00%, 8/1/2022		35,000		36,897

GO, 5.00%, 8/1/2022		120,000		128,200

City of Temple, Utility System Rev., 4.00%, 8/1/2021		25,000		25,398

City of Tyler, Water and Sewer System Series 2015B, Rev., 2.75%, 9/1/2021		25,000		25,323

City of Victoria GO, 5.00%, 8/15/2022		35,000		37,457

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	299

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

City of Victoria, Utility System Rev., 5.00%, 12/1/2022		25,000		27,083

City of Waco

GO, 5.00%, 2/1/2022		330,000		344,454

GO, 5.00%, 2/1/2023		30,000		32,677

City of Waco, Combination Tax

GO, 5.00%, 2/1/2022		75,000		78,285

GO, 5.00%, 2/1/2023		45,000		49,015

GO, 5.00%, 2/1/2024		20,000		22,653

City of Waxahachie Series 2016A, GO, 2.00%, 8/1/2021		125,000		125,935

City of Weatherford GO, 3.00%, 3/1/2022		25,000		25,677

City of Weslaco GO, AGM, 5.00%, 8/15/2021 (b)		25,000		25,551

City of Wichita Falls

Series 2015A, GO, 4.00%, 9/1/2021		25,000		25,477

Series 2018A, GO, 4.00%, 9/1/2021		70,000		71,336

City of Windcrest Series 2019B, GO, 5.00%, 2/15/2023		75,000		81,673

City of Wylie

GO, 4.00%, 2/15/2022		50,000		51,807

GO, 5.00%, 2/15/2023		50,000		54,593

Clear Creek Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022		60,000		62,775

Series 2012B, GO, 5.00%, 2/15/2022 (b)		1,105,000		1,156,223

Clear Lake City Water Authority

GO, 4.00%, 3/1/2021		125,000		125,000

GO, 4.00%, 3/1/2022		105,000		108,299

GO, 4.00%, 3/1/2023		145,000		155,043

Clifton Higher Education Finance Corp. Rev., 5.00%, 3/1/2021 (b)		80,000		80,000

Clifton Higher Education Finance Corp., Idea Public Schools

Rev., PSF-GTD, 4.00%, 8/15/2021		90,000		91,534

Rev., 4.80%, 8/15/2021 (b)		155,000		158,204

Rev., PSF-GTD, 4.00%, 8/15/2023		25,000		27,192

Columbia-Brazoria Independent School District GO, PSF-GTD, 3.00%, 2/1/2025		200,000		216,966

Comal Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/1/2025		25,000		29,361

Series B, GO, PSF-GTD, 5.00%, 2/1/2025		25,000		28,292


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Conroe Independent School District, School Building, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022		40,000		41,850

Series 2014A, GO, PSF-GTD, 5.00%, 2/15/2022		50,000		52,313

Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2022		50,000		52,313

Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2023		35,000		38,230

Conroe Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		60,000		62,776

Coppell Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022		20,000		21,407

Corpus Christi Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2021		30,000		30,661

County of Bell, Combination Tax GO, 5.00%, 8/15/2021		160,000		163,488

County of Bexar, Combination Tax

GO, 5.00%, 6/15/2021		90,000		91,251

Series B, GO, 5.00%, 6/15/2021		20,000		20,278

Series 2016B, GO, 5.00%, 6/15/2022		30,000		31,865

County of Bexar, Flood Control

GO, 5.00%, 6/15/2022		20,000		21,243

GO, 5.00%, 6/15/2024		45,000		51,698

County of Brazoria, Unlimited Tax GO, 4.00%, 3/1/2022		50,000		51,917

County of Brazos, Limited Tax

GO, 5.00%, 9/1/2021		105,000		107,509

GO, 5.00%, 9/1/2022		20,000		21,431

County of Cameron, State Highway 550 Project GO, 5.00%, 2/15/2022 (b)		25,000		26,159

County of Collin GO, 5.00%, 2/15/2022		85,000		88,924

County of Comal, Combination Tax

GO, 5.00%, 2/1/2022		50,000		52,190

Series 2017A, GO, 3.00%, 2/1/2023		25,000		26,223

County of Crane GO, AGM, 3.00%, 2/15/2022		85,000		87,116

County of Dallas, Limited Tax GO, 5.00%, 8/15/2021		25,000		25,550

County of Denton, Permanent Improvement

GO, 5.00%, 7/15/2021		20,000		20,356

GO, 5.00%, 7/15/2022		65,000		69,264

County of Ector GO, 5.00%, 2/15/2022		400,000		417,872

SEE NOTES TO FINANCIAL STATEMENTS.



300	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

County of El Paso GO, 5.00%, 2/15/2022		20,000		20,923

County of Ellis GO, 5.00%, 2/1/2022		70,000		73,066

County of Fort Bend, Limited Tax GO, 4.00%, 3/1/2021		175,000		175,000

County of Fort Bend, Unlimited Tax

GO, 5.00%, 3/1/2022		50,000		52,410

GO, 5.00%, 3/1/2023		25,000		27,354

County of Fort Bend, Unlimited Tax and Subordinate Lien Toll Road GO, 5.00%, 3/1/2022		140,000		146,742

County of Galveston, Limited Tax

GO, 4.00%, 2/1/2022		90,000		93,164

GO, 5.00%, 2/1/2024		50,000		56,507

County of Grayson, Limited Tax GO, 4.50%, 1/1/2023		35,000		37,561

County of Grayson, Pass-Through Toll, Limited Tax GO, 5.00%, 1/1/2022		20,000		20,805

County of Harris, Permanent Improvement

GO, 5.00%, 10/1/2021 (b)		120,000		123,319

Series 2011A, GO, 5.00%, 10/1/2021		50,000		51,410

Series 2017A, GO, 5.00%, 10/1/2021		75,000		77,114

Series 2020A, GO, 5.00%, 10/1/2021		35,000		35,987

County of Harris, Subordinated Lien

GO, 5.00%, 8/15/2022		85,000		90,967

Series 2007C, GO, 5.25%, 8/15/2024		280,000		326,365

County of Harris, Toll Road, Senior Lien

Series 2015B, Rev., 5.00%, 8/15/2021		45,000		45,989

Series 2016A, Rev., 5.00%, 8/15/2021		100,000		102,199

Series 2015B, Rev., 5.00%, 8/15/2022		230,000		246,146

Series 2016A, Rev., 5.00%, 8/15/2022		170,000		181,934

Series 2016A, Rev., 5.00%, 8/15/2024		60,000		69,422

Series 2012C, Rev., 5.00%, 8/15/2025		30,000		31,977

County of Harris, Unlimited Tax

Series 2014A, GO, 5.00%, 10/1/2021		25,000		25,705

Series 2019A, GO, 5.00%, 10/1/2021		35,000		35,986


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

County of Hays, Limited Tax GO, 5.00%, 2/15/2022		45,000		47,077

County of Hays, Pass-Through, Unlimited Tax GO, 3.00%, 2/15/2022		35,000		35,949

County of Hidalgo GO, 5.00%, 8/15/2021		45,000		45,979

County of Jefferson GO, 5.00%, 8/1/2022		50,000		53,342

County of Kendall, Limited Tax

GO, 4.00%, 3/1/2021		50,000		50,000

GO, 4.00%, 3/1/2023		25,000		26,778

County of Lubbock GO, 5.00%, 2/15/2022		20,000		20,923

County of McLennan, Combination Tax and Limited Pledge GO, 3.00%, 6/1/2021		35,000		35,246

County of Montgomery, Limited Tax GO, 5.00%, 3/1/2021		25,000		25,000

County of Montgomery, Pass-Through Toll, Limited Tax GO, 5.00%, 3/1/2022 (b)		50,000		52,369

County of Montgomery, Unlimited Tax GO, 5.00%, 3/1/2022		25,000		26,195

County of Montgomery, Unlimited Tax Road, Limited Tax

Series 2016A, GO, 5.00%, 3/1/2022		20,000		20,956

Series 2016A, GO, 5.00%, 3/1/2023		40,000		43,707

County of Nueces, Limited Tax GO, 4.00%, 2/15/2022		25,000		25,904

County of Parker, Unlimited Tax GO, 4.00%, 2/15/2022 (b)		50,000		51,842

County of Taylor, Limited Tax

GO, 5.00%, 2/15/2022		90,000		94,110

GO, 5.00%, 2/15/2025		30,000		35,110

County of Tom Green, Combination Tax and Limited Surplus GO, 5.00%, 2/1/2022		30,000		31,300

County of Travis, Limited Tax

GO, 5.00%, 3/1/2021		105,000		105,000

Series 2019A, GO, 5.00%, 3/1/2021		105,000		105,000

GO, 3.50%, 3/1/2022		30,000		31,001

GO, 5.00%, 3/1/2022		105,000		110,073

GO, 5.00%, 3/1/2024		100,000		113,610

County of Travis, State Highway System Series 2014-A, GO, 5.00%, 3/1/2021		20,000		20,000

County of Travis, Unlimited Tax Road

GO, 3.00%, 3/1/2022		70,000		71,987

GO, 5.00%, 3/1/2022		100,000		104,831

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	301

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

County of Williamson, Limited Tax GO, 5.00%, 2/15/2022		20,000		20,915

County of Williamson, Unlimited Tax GO, 4.00%, 2/15/2022		45,000		46,631

Crandall Independent School District, Unlimited Tax Series 2017B, GO, PSF-GTD, 3.00%, 8/15/2022		30,000		31,240

Dallas Area Rapid Transit, Sales Tax, Senior Lien

Series 2016B, Rev., 4.00%, 12/1/2021		50,000		51,421

Series 2014A, Rev., 5.00%, 12/1/2021		265,000		274,513

Series 2016B, Rev., 5.00%, 12/1/2021		110,000		113,949

Rev., 5.00%, 12/1/2022 (b)		155,000		168,056

Series 2014A, Rev., 5.00%, 12/1/2022		125,000		135,414

Series 2016B, Rev., 5.00%, 12/1/2022		70,000		75,832

Dallas County Hospital District, Limited Tax GO, 5.00%, 8/15/2022		100,000		106,793

Dallas County Utility & Reclamation District, Unlimited Tax

GO, 5.00%, 2/15/2022		110,000		114,774

GO, 5.00%, 2/15/2024		115,000		129,533

Dallas Fort Worth International Airport

Series 2013D, Rev., 5.00%, 11/1/2021		175,000		180,533

Series 2013G, Rev., 5.00%, 11/1/2021		380,000		392,016

Series 2014E, Rev., 5.00%, 11/1/2021		205,000		211,482

Series 2014C, Rev., 5.00%, 11/1/2024		175,000		196,817

Series F, Rev., 5.00%, 11/1/2024		370,000		416,128

Dallas Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022 (b)		25,000		26,146

Series 2019B, GO, PSF-GTD, 5.00%, 2/15/2023		45,000		49,171

GO, PSF-GTD, 5.00%, 2/15/2025		100,000		100,364

Decatur Independent School District, Capital Appreciation GO, PSF-GTD, Zero Coupon, 8/15/2021		385,000		384,704

Deer Park Independent School District, Limited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,925


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Del Mar College District, Combined Fee Rev., 5.00%, 8/15/2021		200,000		204,306

Del Mar College District, Limited Tax

GO, 4.00%, 8/15/2021		30,000		30,517

GO, 3.50%, 8/15/2022		45,000		47,147

GO, 4.00%, 8/15/2023		20,000		21,738

GO, 5.00%, 8/15/2023		50,000		51,068

Denton County Fresh Water Supply District No. 6, Unlimited Tax GO, 4.00%, 2/15/2022		160,000		165,550

Denton Independent School District

Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2021		75,000		76,653

GO, PSF-GTD, 5.00%, 8/15/2022		30,000		32,111

Dripping Springs Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2022		35,000		36,619

Eagle Pass Independent School District GO, PSF-GTD, 4.00%, 8/15/2021		100,000		101,751

Eanes Independent School District Series B, GO, 4.00%, 8/1/2021		135,000		137,155

Edgewood Independent School District GO, PSF-GTD, 5.00%, 8/15/2023		100,000		102,139

El Paso Downtown Development Corp, Downtown Ballpark Venue Project Rev., 5.00%, 8/15/2021		250,000		253,770

El Paso Independent School District GO, PSF-GTD, 5.00%, 8/15/2023		75,000		83,599

Flour Bluff Independent School District GO, PSF-GTD, 5.00%, 8/15/2022 (b)		150,000		160,577

Fort Bend County Water Control & Improvement District No. 2 GO, 4.00%, 9/1/2021		100,000		101,908

Fort Bend Grand Parkway Toll Road Authority Rev., 5.00%, 3/1/2022		65,000		68,107

Fort Bend Independent School District

GO, PSF-GTD, 5.00%, 8/15/2021		45,000		45,992

Series 2019C, GO, PSF-GTD, 5.00%, 8/15/2021		30,000		30,661

Series 2015C, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		26,157

Fort Worth Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		35,000		36,619

Frenship Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022 (b)		25,000		26,159

Friendswood Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		100,000		104,626

SEE NOTES TO FINANCIAL STATEMENTS.



302	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Frisco Independent School District, School Building

GO, PSF-GTD, 5.00%, 8/15/2021 (b)		495,000		505,914

GO, PSF-GTD, 5.00%, 8/15/2022		20,000		21,407

Galena Park Independent School District

GO, PSF-GTD, 4.00%, 8/15/2021		30,000		30,525

GO, PSF-GTD, 5.00%, 8/15/2021		100,000		102,204

GO, PSF-GTD, 5.00%, 8/15/2022		50,000		53,518

Garland Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2022		25,000		26,152

Grapevine-Colleyville Independent School District, Unlimited Tax, School Building Series 2013B, GO, 5.00%, 8/15/2022		25,000		26,755

Grayson County Junior College District GO, 4.00%, 2/15/2022		25,000		25,916

Gregory-Portland Independent School District Series 2021A, GO, PSF-GTD, 5.00%, 2/15/2023		35,000		38,244

Harris County Cultural Education Facilities Finance Corp., Baylor Medical Project Rev., 5.00%, 11/15/2021		600,000		619,176

Harris County Cultural Education Facilities Finance Corp., Children’s Hospital

Series 2015-1, Rev., 5.00%, 10/1/2021		200,000		205,544

Rev., 5.00%, 10/1/2023		20,000		22,333

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System

Rev., 5.00%, 12/1/2021		150,000		155,327

Rev., 5.00%, 12/1/2022		155,000		167,793

Series 2013A, Rev., 5.00%, 12/1/2023		220,000		237,290

Rev., 5.00%, 12/1/2024 (c)		185,000		214,722

Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 0.60%, 12/4/2024 (e)		490,000		487,736

Harris County Cultural Education Facilities Finance Corp., Teco Project Rev., 5.00%, 11/15/2022		100,000		107,905

Harris County Flood Control District Series 2008A, Rev., 5.25%, 10/1/2021		65,000		66,930

Harris County Municipal Utility District No. 530 GO, 5.50%, 9/1/2021		25,000		25,666


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Harris County Toll Road Authority (The), Senior Lien

Series A, Rev., 5.00%, 8/15/2021		45,000		45,990

Series 2018A, Rev., 5.00%, 8/15/2022		250,000		267,550

Hays Consolidated Independent School District GO, PSF-GTD, 3.00%, 2/15/2022		25,000		25,680

Hays Consolidated Independent School District, School Building Series 2018B, GO, PSF-GTD, 2.70%, 8/15/2023 (c)		100,000		103,071

Hidalgo County Drain District No. 1 Unlimited Tax GO, 5.00%, 9/1/2022		100,000		107,157

Houston Community College System

GO, 4.00%, 3/15/2021		50,000		50,070

Rev., 5.00%, 4/15/2021		60,000		60,346

GO, 5.00%, 2/15/2022		175,000		183,025

Rev., 5.00%, 4/15/2022		65,000		68,502

GO, 5.00%, 2/15/2023		55,000		60,041

Houston Independent School District

GO, 5.00%, 7/15/2021		25,000		25,449

GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,925

Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2022		40,000		41,850

GO, PSF-GTD, 5.00%, 2/15/2025		25,000		29,419

Hudson Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2022		200,000		207,230

Humble Independent School District

Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		26,157

Series 2016B, GO, PSF-GTD, 5.00%, 2/15/2022		120,000		125,551

Hurst-Euless-Bedford Independent School District GO, PSF-GTD, 5.00%, 8/15/2022		45,000		48,166

Jefferson County Drain District No. 7, Maintenance Tax Notes Rev., 4.00%, 3/1/2022		100,000		103,784

Katy Independent School District, School Building

Series 2012A, GO, PSF-GTD, 3.00%, 2/15/2022		50,000		51,361

Series 2012A, GO, PSF-GTD, 5.00%, 2/15/2022 (b)		30,000		31,391

Series 2014B, GO, PSF-GTD, 5.00%, 2/15/2022		30,000		31,388

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	303

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Series 2015A, GO, PSF-GTD, 3.00%, 2/15/2023		50,000		52,636

Series 2016-D, GO, PSF-GTD, 5.00%, 2/15/2023		20,000		21,833

Keller Independent School District, Unlimited Tax

Series A, GO, PSF-GTD, 5.00%, 8/15/2021		20,000		20,441

GO, PSF-GTD, 5.00%, 8/15/2022		45,000		48,166

Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2022		75,000		80,277

Klein Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/1/2022		110,000		114,881

Series 2015A, GO, PSF-GTD, 5.00%, 8/1/2024		65,000		74,985

La Porte Independent School District

GO, 5.00%, 2/15/2022		30,000		31,385

GO, 5.00%, 2/15/2023		60,000		65,351

Lamar Consolidated Independent School District

GO, PSF-GTD, 5.00%, 2/15/2022		35,000		36,619

Series 2012B, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		26,157

Laredo Independent School District, Unlimited Tax GO, 5.00%, 8/1/2021		30,000		30,590

Lasara Independent School District GO, PSF-GTD, 3.00%, 2/15/2022		30,000		30,755

Leander Independent School District, Unlimited Tax

Series 2017A, GO, PSF-GTD, 5.00%, 8/15/2021		20,000		20,441

Series 2013A, GO, PSF-GTD, 5.00%, 8/15/2023 (b)		40,000		44,486

Series 2013B, GO, 5.00%, 8/15/2023		60,000		66,676

Lewisville Independent School District, Unlimited Tax

Series 2013B, GO, 4.00%, 8/15/2021		30,000		30,524

Series 2016B, GO, 4.00%, 8/15/2021		30,000		30,524

GO, PSF-GTD, 5.00%, 8/15/2021		90,000		91,984

Series 2013A, GO, PSF-GTD, 5.00%, 8/15/2021		25,000		25,551

Series 2013A, GO, PSF-GTD, 3.00%, 8/15/2022		20,000		20,827

Series 2013E, GO, PSF-GTD, 3.00%, 8/15/2022		50,000		52,067


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

GO, PSF-GTD, 5.00%, 8/15/2022		50,000		53,518

Series 2016B, GO, 5.00%, 8/15/2022		30,000		32,106

GO, PSF-GTD, 5.00%, 8/15/2023		25,000		27,866

London Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2021 (b)		250,000		255,450

Lone Star College System Rev., 5.00%, 8/15/2021		50,000		51,100

Lone Star College System, Limited Tax

Series 2015B, GO, 5.00%, 2/15/2022		20,000		20,923

GO, 5.00%, 2/15/2024		40,000		41,823

Lower Colorado River Authority

Rev., 5.00%, 5/15/2021		35,000		35,346

Rev., 5.00%, 5/15/2024		125,000		142,969

Rev., 5.13%, 5/15/2024		100,000		110,080

Lower Colorado River Authority, LCRA Transmission Services Corp. Project

Rev., 5.00%, 5/15/2021		490,000		494,846

Series 2011A, Rev., 5.00%, 5/15/2021 (b)		140,000		141,367

Series 2011B, Rev., 5.00%, 5/15/2021 (b)		530,000		535,173

Rev., 5.00%, 5/15/2022		185,000		195,800

Rev., 5.00%, 5/15/2023		250,000		275,855

Rev., 5.00%, 5/15/2024		100,000		114,375

Lufkin Independent School District, Unlimited Tax

GO, PSF-GTD, 3.00%, 8/15/2021		60,000		60,779

GO, PSF-GTD, 3.00%, 8/15/2022		60,000		62,481

Magnolia Independent School District, Unlimited Tax

GO, PSF-GTD, 3.25%, 8/15/2021 (b)		40,000		40,561

GO, 5.00%, 8/15/2021		60,000		61,320

GO, PSF-GTD, 5.00%, 8/15/2021		35,000		35,771

GO, 5.00%, 8/15/2022		50,000		53,510

GO, PSF-GTD, 5.00%, 8/15/2022		20,000		21,407

Mansfield Independent School District Series 2013B, GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,925

McAllen Independent School District, Maintenance Tax Series 2020, GO, 5.00%, 2/15/2022		50,000		52,308

McLennan County Junior College District, Limited Tax

GO, 5.00%, 8/15/2021		210,000		214,599

GO, 5.00%, 8/15/2022		170,000		181,883

SEE NOTES TO FINANCIAL STATEMENTS.



304	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Mesquite Independent School District GO, PSF-GTD, 5.00%, 8/15/2022 (b)		35,000		37,468

Metropolitan Transit Authority of Harris County, Sales and Use Tax

Series 2011A, Rev., 5.00%, 11/1/2021 (b)		1,135,000		1,171,480

Series 2015B, Rev., 5.00%, 11/1/2021		20,000		20,634

Series 2016A, Rev., 5.00%, 11/1/2021		85,000		87,694

Series 2017A, Rev., 5.00%, 11/1/2021		25,000		25,792

Rev., 5.00%, 11/1/2022		195,000		210,302

Series 2015B, Rev., 5.00%, 11/1/2022		20,000		21,569

Series 2016A, Rev., 5.00%, 11/1/2022		50,000		53,923

Series 2017A, Rev., 5.00%, 11/1/2022		30,000		32,354

Series 2015B, Rev., 5.00%, 11/1/2023		25,000		28,067

Series 2017A, Rev., 5.00%, 11/1/2023		35,000		39,293

Midland College District

GO, 5.00%, 2/15/2022		55,000		57,539

GO, 5.00%, 2/15/2023		85,000		88,756

Midland County Fresh Water Supply District No. 1 Rev., 5.00%, 9/15/2022 (b)		25,000		26,860

Midway Independent School District, McLennan County

GO, PSF-GTD, 5.00%, 8/1/2021		100,000		102,014

GO, PSF-GTD, 5.00%, 8/1/2022		90,000		96,162

GO, PSF-GTD, 5.00%, 8/15/2022 (b)		25,000		26,763

Montgomery County Health Facilities Development Co. Rev., AGM-CR, Zero Coupon, 7/15/2023 (b)		235,000		232,511

Mustang Special Utility District

Series 2018A, Rev., 5.00%, 9/1/2021		45,000		46,075

Rev., 3.00%, 9/1/2022		25,000		26,061

New Hope Cultural Education Facilities Finance Corp., Children’s Health System Series 2017A, Rev., 5.00%, 8/15/2022		55,000		58,736

North Central Texas Health Facility Development Corp., Children’s Medical Center of Dallas Project

Rev., 5.00%, 8/15/2021		360,000		367,751

Rev., 4.13%, 8/15/2022 (b)		100,000		105,706


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

North East Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 8/1/2021		230,000		234,632

GO, PSF-GTD, 2.50%, 8/1/2022 (b)		30,000		30,974

GO, PSF-GTD, 4.00%, 8/1/2022 (b)		75,000		79,087

North Fort Bend Water Authority Rev., AGM, 5.00%, 12/15/2021		315,000		326,743

North Harris County Regional Water Authority, Senior Lien Rev., 5.00%, 12/15/2021		105,000		108,871

North Texas Education Finance Corp., Uplift Education Series 2012A, Rev., 5.25%, 6/1/2022 (b)		150,000		159,353

North Texas Municipal Water District Water System

Rev., 5.00%, 9/1/2021		20,000		20,474

Series 2019A, Rev., 3.00%, 9/1/2024		40,000		43,564

North Texas Municipal Water District Water System, Refunding and Improvement

Rev., 5.00%, 9/1/2021		30,000		30,711

Rev., 5.25%, 9/1/2022		30,000		31,493

Rev., 5.00%, 9/1/2024		30,000		34,753

North Texas Municipal Water District, Regional Solid Waste Disposal System Rev., 5.00%, 9/1/2022		25,000		26,777

North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System

Rev., 5.00%, 6/1/2021		85,000		86,001

Rev., 5.00%, 6/1/2023		25,000		27,653

North Texas Municipal Water District, Wastewater System

Rev., 5.00%, 6/1/2021		75,000		75,884

Rev., 5.00%, 6/1/2022		30,000		31,773

North Texas Tollway Authority System, First Tier

Series 2012B, Rev., 5.00%, 1/1/2022 (b)		455,000		473,191

Series 2017A, Rev., 5.00%, 1/1/2023		100,000		108,381

Series 2017A, Rev., 5.00%, 1/1/2024		200,000		217,064

Series 2017A, Rev., 5.00%, 1/1/2025		190,000		205,992

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	305

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

North Texas Tollway Authority System, Special Projects System

Series 2011A, Rev., 5.00%, 9/1/2021 (b)		100,000		102,394

Series 2011D, Rev., 5.25%, 9/1/2021 (b)		400,000		410,076

Series 2011A, Rev., 5.50%, 9/1/2021 (b)		300,000		307,929

Northside Independent School District, Unlimited Tax

Series 2016A, GO, PSF-GTD, 4.00%, 8/15/2021		35,000		35,613

Series 2019A, GO, PSF-GTD, 5.00%, 8/15/2021		45,000		45,992

Northwest Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022 (b)		25,000		26,122

Nueces River Authority Rev., 5.00%, 7/15/2021		25,000		25,444

Palestine Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		25,000		26,144

Permanent University Fund — Texas A&M University System Series 2009A, Rev., 5.00%, 7/1/2022		20,000		21,294

Permanent University Fund — University of Texas System

Series 2015B, Rev., 5.00%, 7/1/2021		25,000		25,401

Series 2016A, Rev., 5.00%, 7/1/2021		55,000		55,883

Series 2006B, Rev., 5.25%, 7/1/2021		75,000		76,266

Series 2015B, Rev., 5.00%, 7/1/2022		30,000		31,929

Series 2016A, Rev., 5.00%, 7/1/2022		55,000		58,536

Series 2016B, Rev., 5.00%, 7/1/2022		25,000		26,608

Series 2006B, Rev., 5.25%, 7/1/2022		20,000		21,352

Pflugerville Independent School District

Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		26,156

Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2023		30,000		32,756

Plano Independent School District, Unlimited Tax School Building

GO, PSF-GTD, 5.00%, 2/15/2022		125,000		130,783

Series 2016B, GO, PSF-GTD, 5.00%, 2/15/2022		35,000		36,619


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Rockwall Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2023		25,000		27,291

GO, PSF-GTD, Zero Coupon, 2/15/2025		25,000		24,176

Round Rock Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 8/1/2021		45,000		45,906

GO, PSF-GTD, 5.00%, 8/1/2022		40,000		42,739

Series 2019A, GO, PSF-GTD, 5.00%, 8/1/2022		25,000		26,712

Sam Rayburn Municipal Power Agency, Texas Power Supply System Rev., 5.00%, 10/1/2021		300,000		308,244

San Antonio Education Facilities Corp., Trinity University Project Rev., 5.00%, 6/1/2023 (b)		50,000		55,331

San Antonio Housing Trust Finance Corp., Multi-Family Housing, Alsbury Park Apartments Rev., FHA, 1.37%, 9/1/2021 (c)		40,000		40,234

San Antonio Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		55,000		57,533

San Antonio Public Facilities Corp., Convention Center Refinancing and Expansion Project Rev., 5.00%, 9/15/2024		35,000		37,385

San Antonio Water System

Rev., 5.00%, 5/15/2021		30,000		30,298

Series 2012A, Rev., 5.00%, 5/15/2021		45,000		45,447

San Antonio Water System, Junior Lien

Rev., 4.50%, 5/15/2021		25,000		25,223

Series 2013E, Rev., 5.00%, 5/15/2021		155,000		156,539

Series 2016A, Rev., 5.00%, 5/15/2021		200,000		201,986

Series 2016C, Rev., 5.00%, 5/15/2021		50,000		50,497

Series 2017A, Rev., 5.00%, 5/15/2021		45,000		45,447

Series 2019C, Rev., 5.00%, 5/15/2021		25,000		25,248

Series 2013E, Rev., 5.00%, 5/15/2022		20,000		21,163

Series 2015B, Rev., 5.00%, 5/15/2022		45,000		47,616

Series 2016A, Rev., 5.00%, 5/15/2022		25,000		26,453

SEE NOTES TO FINANCIAL STATEMENTS.



306	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Series 2017A, Rev., 5.00%, 5/15/2022		25,000		26,453

Series 2018A, Rev., 5.00%, 5/15/2022		80,000		84,650

Series 2020A, Rev., 5.00%, 5/15/2022		30,000		31,744

Series 2019C, Rev., 5.00%, 5/15/2023		25,000		27,574

Series 2016A, Rev., 5.00%, 5/15/2024		25,000		28,594

San Jacinto Community College District, Limited Tax

GO, 5.00%, 2/15/2022		85,000		88,924

Series 2016A, GO, 5.00%, 2/15/2022		55,000		57,539

Series 2016B, GO, 5.00%, 2/15/2022 (b)		40,000		41,846

Series 2019A, GO, 5.00%, 2/15/2022		165,000		172,616

Series 2019B, GO, 5.00%, 2/15/2023		25,000		27,209

San Marcos Consolidated Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2021		55,000		56,108

Seguin Independent School District, Unlimited Tax Series 2016A, GO, PSF-GTD, 5.00%, 8/1/2022		50,000		53,424

Sienna Plantation Levee Improvement District, Limited Tax Series 2015A, GO, 5.00%, 9/1/2021		30,000		30,702

South Texas College, Limited Tax GO, 3.00%, 8/15/2021		95,000		96,229

Southwest Higher Education Authority, Inc., Southern Methodist University Project Rev., 5.00%, 10/1/2022		110,000		118,218

Spring Branch Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/1/2022		40,000		41,775

State of Texas Rev., TRAN, 4.00%, 8/26/2021		585,000		596,027

State of Texas, Public Finance Authority

GO, 5.00%, 10/1/2021		115,000		118,249

Series 2018A, GO, 5.00%, 10/1/2021		90,000		92,542

State of Texas, Transportation Commission Highway Improvement

GO, 5.00%, 4/1/2021		50,000		50,196

Series 2012A, GO, 5.00%, 4/1/2021		75,000		75,294

GO, 5.00%, 4/1/2022 (b)		75,000		78,935

Series 2012A, GO, 5.00%, 4/1/2022		20,000		21,049


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

State of Texas, Transportation Commission Mobility Fund

Series 2014-A, GO, 5.00%, 10/1/2021		150,000		154,237

Series 2015A, GO, 5.00%, 10/1/2021		70,000		71,978

Series A, GO, 5.00%, 10/1/2022		85,000		91,506

State of Texas, Veterans

Series 2011B, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/9/2021 (c)		2,760,000		2,760,000

Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/9/2021 (c)		3,830,000		3,830,000

State of Texas, Veterans Housing Assistance Program

GO, VRDO, LIQ: FHLB, 0.06%, 3/9/2021 (c)		8,000,000		8,000,000

Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/9/2021 (c)		3,535,000		3,535,000

State of Texas, Water Financial Assistance

GO, 5.00%, 8/1/2021		100,000		102,014

Series 2012F, GO, 5.00%, 8/1/2021		35,000		35,705

Series 2013C, GO, 5.00%, 8/1/2021		40,000		40,806

Series 2015D, GO, 5.00%, 5/15/2022		25,000		26,456

Series 2013A, GO, 4.00%, 8/1/2022		20,000		21,087

Series 2011B, GO, 5.00%, 8/1/2022		60,000		61,204

Series 2012G, GO, 5.00%, 8/1/2023		50,000		53,423

Stephen F Austin State University, Financing System Series 2019A, Rev., 5.00%, 10/15/2021		50,000		51,440

Sugar Land 4B Corp., Sales Tax Rev., 3.00%, 2/15/2022		225,000		230,557

Tarrant County Cultural Education Facilities Finance Corp., Baylor Healthcare System Project Series 2013A, Rev., 4.00%, 5/15/2023 (b)		55,000		59,477

Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Rev., 4.00%, 12/1/2021		285,000		292,994

Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Rev., 5.00%, 10/1/2023		195,000		217,530

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	307

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Rev., 5.00%, 2/15/2024		330,000		372,633

Tarrant Regional, Water Control and Improvement District, Water System

Rev., 5.00%, 3/1/2022 (b)		465,000		487,077

Series 2016A, Rev., 5.00%, 3/1/2022		20,000		20,970

Rev., 4.00%, 9/1/2022 (b)		160,000		169,210

Tatum Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 2/15/2022		25,000		25,666

Temple Independent School District, Unlimited Tax

GO, PSF-GTD, 3.00%, 2/1/2022		30,000		30,784

GO, PSF-GTD, 5.00%, 2/1/2022		25,000		26,109

Texas A&M University, Financing System

Series 2013B, Rev., 5.00%, 5/15/2021		60,000		60,595

Series 2013D, Rev., 5.00%, 5/15/2021		25,000		25,248

Series 2016E, Rev., 5.00%, 5/15/2021		90,000		90,892

Series 2013A, Rev., 5.00%, 5/15/2022		145,000		153,484

Series 2015A, Rev., 5.00%, 5/15/2022		65,000		68,803

Series 2016C, Rev., 5.00%, 5/15/2022		20,000		21,170

Texas Southmost College District

Series 2014A, GO, 5.00%, 2/15/2022		35,000		36,581

Series 2014B, GO, 5.00%, 2/15/2023		20,000		21,739

Texas State University System

Series 2019A, Rev., 4.00%, 3/15/2021		50,000		50,069

Rev., 5.00%, 3/15/2021 (b)		450,000		450,783

Rev., 5.00%, 3/15/2022		20,000		20,997

Series 2015A, Rev., 5.00%, 3/15/2022		140,000		146,982

Series 2017A, Rev., 5.00%, 3/15/2022		85,000		89,239

Series 2015A, Rev., 5.00%, 3/15/2023		20,000		21,924

Series 2017A, Rev., 5.00%, 3/15/2023		50,000		54,809

Series 2017A, Rev., 5.00%, 3/15/2025		50,000		58,850


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Texas Tech University System

Series 2012A, Rev., 4.25%, 8/15/2021		165,000		168,069

Series 2012A, Rev., 5.00%, 8/15/2021 (b)		195,000		199,298

Texas Transportation Commission State Highway Fund

Series 2016-A, Rev., 3.00%, 10/1/2021		30,000		30,500

Series 2016-B, Rev., 4.00%, 10/1/2021 (c)		1,300,000		1,328,951

Rev., 5.00%, 10/1/2021		30,000		30,847

Series 2016-A, Rev., 5.00%, 10/1/2021		55,000		56,554

Rev., 5.00%, 10/1/2022		75,000		80,740

Rev., 5.00%, 10/1/2023		40,000		44,820

Texas Transportation Commission State Highway Fund, First Tier

Series 2014A, Rev., 5.00%, 4/1/2021		230,000		230,901

Series 2014A, Rev., 5.00%, 4/1/2022		95,000		99,984

Texas Water Development Board, Water Implementation Fund

Rev., 5.00%, 4/15/2021		55,000		55,321

Series 2015A, Rev., 5.00%, 4/15/2021		25,000		25,146

Series 2017A, Rev., 5.00%, 4/15/2021		25,000		25,146

Series 2018B, Rev., 5.00%, 10/15/2021		55,000		56,661

Series 2019A, Rev., 5.00%, 10/15/2021		50,000		51,510

Series 2017A, Rev., 5.00%, 4/15/2022		35,000		36,898

Series 2018B, Rev., 4.00%, 10/15/2022		45,000		47,794

Series 2018B, Rev., 5.00%, 10/15/2022		25,000		26,956

Texas Woman’s University, Financing System

Rev., 4.00%, 7/1/2021		100,000		101,241

Series 2017A, Rev., 4.00%, 7/1/2021		30,000		30,372

Rev., 4.00%, 7/1/2022		25,000		25,309

Tomball Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2025		35,000		41,052

SEE NOTES TO FINANCIAL STATEMENTS.



308	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — continued

Town of Addison GO, 4.00%, 2/15/2023		20,000		21,468

Town of Prosper

GO, 5.00%, 8/15/2021		25,000		25,544

GO, 5.00%, 2/15/2022		30,000		31,370

Town of Prosper, Combination Tax and Surplus GO, 4.00%, 2/15/2022		50,000		51,807

Trinity River Authority, Central Regional Wastewater System

Rev., 3.00%, 8/1/2021		130,000		131,538

Rev., 5.00%, 8/1/2021		235,000		239,723

Rev., 5.00%, 8/1/2022		185,000		197,641

Trinity River Authority, Denton Creek Wastewater Treatment System

Rev., 5.00%, 2/1/2022		30,000		31,294

Rev., 5.00%, 2/1/2024		40,000		45,243

Trinity River Authority, Water Project

Rev., 3.00%, 2/1/2022		110,000		112,739

Rev., 5.00%, 2/1/2024		25,000		28,277

Rev., 5.00%, 2/1/2025		40,000		46,790

Tyler Independent School District, Unlimited Tax

GO, 5.00%, 2/15/2022		40,000		41,846

GO, PSF-GTD, 5.00%, 2/15/2023 (b)		25,000		27,333

University of Houston

Series 2011A, Rev., 5.00%, 2/15/2022		50,000		50,181

Series 2016A, Rev., 5.00%, 2/15/2022		100,000		104,616

Series 2020A, Rev., 5.00%, 2/15/2022		125,000		130,770

Series 2017A, Rev., 5.00%, 2/15/2025		45,000		52,781

University of North Texas System

Series 2017A, Rev., 5.00%, 4/15/2021		25,000		25,144

Rev., 5.00%, 4/15/2022		30,000		31,609

Series 2015A, Rev., 5.00%, 4/15/2022		30,000		31,609

Series 2017A, Rev., 5.00%, 4/15/2022		60,000		63,218

Series 2017A, Rev., 5.00%, 4/15/2023		70,000		76,839

Series 2018A, Rev., 5.00%, 4/15/2023		55,000		60,374

Upper Trinity Regional Water District Rev., 5.00%, 8/1/2022		320,000		341,110


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Via Metropolitan Transit, Sales Tax Rev., 5.00%, 7/15/2024		110,000		126,025

Vidor Independent School District GO, PSF-GTD, Zero Coupon, 2/15/2022		100,000		99,525

Waco Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022		25,000		26,767

Weatherford Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 2/15/2025		50,000		48,485

Weslaco Housing Opportunities Corp., Primrose Village Apartments Rev., 1.42%, 1/1/2022 (c)		460,000		464,154

West Harris County Municipal Utility District No. 2, Unlimited Tax GO, 3.00%, 8/1/2022		105,000		108,829

West Harris County Regional Water Authority Rev., 4.00%, 12/15/2022		500,000		514,190

West Travis County Public Utility Agency

Rev., 5.00%, 8/15/2021 (b)		285,000		291,213

Rev., 5.50%, 8/15/2021 (b)		100,000		102,407

Wylie Independent School District, Unlimited Tax Series 2015C, GO, PSF-GTD, 6.75%, 8/15/2021		25,000		25,749


Total Texas				87,555,651


Utah — 0.5%

Alpine School District, School Building

GO, 5.00%, 3/15/2021		55,000		55,096

GO, 5.00%, 3/15/2022		45,000		47,259

Central Utah Water Conservancy District Series 2017B, Rev., 5.00%, 10/1/2022		30,000		32,286

Central Utah Water Conservancy District, Limited Tax

Series 2011A, GO, 5.00%, 4/1/2021		210,000		210,815

Series 2011C, GO, 5.00%, 4/1/2021		50,000		50,195

Series 2011C, GO, 5.00%, 4/1/2022		70,000		73,656

City of American Fork GO, 4.00%, 5/1/2021		115,000		115,677

City of Lehi, Sales Tax Rev., 5.00%, 6/1/2021		135,000		136,593

City of Ogden City Rev., 3.00%, 1/15/2022		270,000		276,683

City of Park City GO, 5.00%, 5/1/2022		25,000		26,406

City of Provo, Wastewater Series 2015A, Rev., 5.00%, 2/1/2023		25,000		27,261

City of Riverton Rev., 3.00%, 9/1/2022		35,000		35,467

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	309

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Utah — continued

City of Sandy City Rev., 5.00%, 3/1/2024		25,000		28,459

City of South Jordan Rev., 5.00%, 8/15/2021		25,000		25,550

City of South Jordan, Daybreak Assessment Area No. 1

4.00%, 11/1/2021		730,000		748,688

3.00%, 11/1/2022		40,000		41,880

City of St. George

Rev., 3.00%, 6/1/2021		25,000		25,165

Rev., 5.00%, 12/1/2021		20,000		20,726

Rev., 5.00%, 12/1/2022		20,000		21,685

GO, 4.00%, 8/1/2023		75,000		75,214

Rev., AGM, 5.00%, 6/1/2024		150,000		171,412

County of Salt Lake, Crossover GO, 4.00%, 12/15/2022		75,000		80,120

County of Salt Lake, Sales Tax Series 2012A, Rev., 5.00%, 2/1/2022		55,000		57,435

County of Utah, IHC Health Services, Inc.

Rev., 2.75%, 5/15/2021		135,000		135,700

Series 2016B, Rev., 5.00%, 5/15/2022		145,000		153,339

Series 2018B-1, Rev., 5.00%, 8/1/2022 (c)		250,000		263,490

Series 2018B-2, Rev., 5.00%, 8/1/2024 (c)		235,000		265,804

Series 2020B-1, Rev., 5.00%, 8/1/2024 (c)		100,000		115,226

Series 2020B-2, Rev., 5.00%, 8/1/2026 (c)		250,000		305,270

County of Weber GO, 5.00%, 1/15/2022		70,000		72,948

Davis School District, School District Bond Guaranty Program

GO, 5.00%, 6/1/2021		50,000		50,600

GO, 5.00%, 6/1/2022		20,000		21,206

Jordan Valley Water Conservancy District Series 2013A, Rev., 4.00%, 10/1/2021		20,000		20,448

Magna Water District GO, 5.00%, 6/1/2023		50,000		55,150

Metropolitan Water District of Salt Lake and Sandy Series 2012A, Rev., 4.00%, 7/1/2022		85,000		89,337

Mountain Regional Water Special Service District Series 2014A, Rev., AGM, 3.00%, 12/15/2022		75,000		78,646


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Utah — continued

Nebo School District Series 2017B, GO, 5.00%, 7/1/2022		30,000		31,929

North Davis County Sewer District Rev., 5.00%, 3/1/2021		50,000		50,000

Ogden City School District Municipal Building Authority Rev., 5.00%, 1/15/2022		210,000		218,658

Salt Lake City Corp., Sales and Excise Tax Series 2016A, Rev., 4.00%, 10/1/2023		30,000		32,828

Salt Lake City School District, Utah School Bond Guaranty Program GO, 5.00%, 3/1/2021		25,000		25,000

Southern Utah University, Auxiliary System and Student Building Rev., 4.00%, 5/1/2022		50,000		52,159

State of Utah GO, 5.00%, 7/1/2024		75,000		86,488

Summit County, Transportation Sales Tax Rev., 5.00%, 12/15/2021		75,000		77,863

Tooele County School District Series 2014B, GO, 5.00%, 6/1/2021		25,000		25,300

Unified Fire Service Area, Local Building Authority Rev., 2.00%, 4/1/2021		100,000		100,142

University of Utah (The)

Series B-2, Rev., 4.00%, 8/1/2021		75,000		76,207

Series 2013A, Rev., 5.00%, 8/1/2021		200,000		204,046

Series 2014B, Rev., 5.00%, 8/1/2021 (b)		25,000		25,503

Series 2015B, Rev., 5.00%, 8/1/2021 (b)		200,000		204,028

Series A-1, Rev., 5.00%, 8/1/2021 (b)		20,000		20,403

Series 2014B, Rev., 5.00%, 8/1/2022 (b)		50,000		53,431

Series 2015B, Rev., 5.00%, 8/1/2022 (b)		265,000		283,184

Series 2016B-1, Rev., 5.00%, 8/1/2022		30,000		32,050

Series 2017A, Rev., 5.00%, 8/1/2022		25,000		26,708

Series 2017B-2, Rev., 5.00%, 8/1/2022		20,000		21,367

University of Utah, Auxiliary and Campus Facilities Rev., 5.00%, 4/1/2022 (b)		25,000		26,312

Utah Associated Municipal Power Systems, Power Systems Payson Power Project Rev., 5.00%, 10/1/2021 (b)		585,000		601,526

SEE NOTES TO FINANCIAL STATEMENTS.



310	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Utah — continued

Utah Associated Municipal Power Systems, San Juan Project Series 2011A, Rev., 5.50%, 6/1/2021		300,000		303,819

Utah Charter School Finance Authority, Summit Academy Incorporated

Series A, Rev., 5.00%, 4/15/2021		35,000		35,186

Series A, Rev., 5.00%, 4/15/2022		130,000		136,446

Series A, Rev., 5.00%, 4/15/2023		80,000		86,909

Utah State Building Ownership Authority, Facilities Master Lease Program

Series 2011, Rev., 2.75%, 5/15/2021		75,000		75,391

Rev., 5.00%, 5/15/2021		60,000		60,586

Rev., 5.00%, 5/15/2022		170,000		179,797

Rev., 5.00%, 5/15/2023		30,000		33,067

Utah Transit Authority, Subordinate Sales Tax Series 2015A, Rev., 5.00%, 6/15/2021		165,000		167,252

Wasatch County School District Board of Education, Utah School Bond Guaranty Program GO, 5.00%, 6/1/2021		30,000		30,360

Washington County School District, School Building and Refunding, Utah School Bond Guaranty Program

GO, 5.00%, 3/1/2021		20,000		20,000

Series 2016B, GO, 5.00%, 3/1/2021		50,000		50,000

Series 2016B, GO, 5.00%, 3/1/2023		30,000		32,863

Washington County Water Conservancy District Rev., 5.00%, 10/1/2022		25,000		26,292

Washington County, St. George Interlocal Agency Series 2012A, Rev., 2.00%, 12/1/2021		25,000		25,319

Weber Basin Water Conservancy District Series 2015A, Rev., 5.00%, 10/1/2021		30,000		30,842

Weber School District, School Building

GO, 5.00%, 6/15/2021		50,000		50,695

GO, 5.00%, 6/15/2022		40,000		42,486


Total Utah				7,673,334


Vermont — 0.0% (g)

State of Vermont

Series 2019B, GO, 3.00%, 8/15/2021		25,000		25,323

Series 2012E, GO, 4.00%, 8/15/2021		55,000		55,961


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Vermont — continued

Series 2015A, GO, 5.00%, 8/15/2022		25,000		26,755

State of Vermont, Transportation Infrastructure Series 2013A, Rev., 4.00%, 6/15/2022		45,000		47,219

Vermont Municipal Bond Bank

Series 2012-4, Rev., 4.00%, 12/1/2021		25,000		25,721

Series 2018-1, Rev., 4.00%, 12/1/2021		25,000		25,720

Series 2011-4, Rev., 5.00%, 12/1/2022		40,000		41,442

Series 2011-6, Rev., 5.00%, 12/1/2022		25,000		25,901

Series 2016-2, Rev., 5.00%, 12/1/2022		25,000		27,106

Vermont Municipal Bond Bank, State Colleges System Bonds Series 2017A, Rev., 5.00%, 10/1/2022		55,000		59,201


Total Vermont				360,349


Virginia — 0.9%

Arlington County Industrial Development Authority Rev., 5.00%, 2/15/2023		35,000		38,193

Chesapeake Hospital Authority, Regional Medical Center Rev., 4.00%, 7/1/2021		200,000		202,382

City of Alexandria Series 2012A, GO, 4.50%, 6/15/2021		30,000		30,374

City of Alexandria, Capital Improvement

GO, 4.00%, 7/15/2021 (b)		250,000		253,572

Series 2016A, GO, 5.00%, 7/15/2021		40,000		40,718

Series 2018C, GO, 5.00%, 7/15/2021		45,000		45,807

City of Bristol Rev., AGM, 5.00%, 7/15/2021 (b)		50,000		50,890

City of Fairfax GO, 5.00%, 7/15/2022		25,000		26,655

City of Hampton, Public Improvement

Series 2019A, GO, 5.00%, 3/1/2022		50,000		52,416

Series 2012A, GO, 5.00%, 4/1/2022 (b)		30,000		31,574

Series 2015B, GO, 5.00%, 9/1/2022		30,000		32,170

City of Harrisonburg, Public Improvement GO, 3.00%, 8/1/2022		25,000		25,294

City of Lynchburg, Publica Improvement GO, 3.00%, 8/1/2021		25,000		25,296

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	311

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Virginia — continued

City of Manassas, Public Improvement GO, 5.00%, 7/1/2021		55,000		55,883

City of Newport News Rev., 5.00%, 7/15/2021		35,000		35,632

Series 2014A, GO, 5.00%, 7/15/2021		20,000		20,361

Series 2017A, GO, 5.00%, 8/1/2021		25,000		25,506

City of Norfolk

GO, 5.00%, 8/1/2021		60,000		61,214

Series 2013A, GO, 5.00%, 8/1/2021		25,000		25,506

Series 2016A, GO, 5.00%, 10/1/2021		45,000		46,276

Series A, GO, 5.00%, 10/1/2021		40,000		41,135

Rev., 5.00%, 11/1/2021		110,000		113,568

City of Poquoson GO, 5.00%, 2/15/2022		45,000		47,077

City of Portsmouth

Series 2016A, GO, 3.00%, 8/1/2021		25,000		25,296

Series 2015A, GO, 5.00%, 8/1/2021		25,000		25,502

Series 2013A, GO, 5.00%, 2/1/2022		55,000		57,435

Series 2015A, GO, 4.00%, 8/1/2022		25,000		26,355

Series 2016A, GO, 5.00%, 8/1/2022		50,000		53,417

City of Richmond

Series 2015B, GO, 3.00%, 3/1/2021		50,000		50,000

Series 2012A, GO, 5.00%, 3/1/2021		25,000		25,000

Series 2013A, GO, 5.00%, 3/1/2021		35,000		35,000

Series 2017B, GO, 5.00%, 7/15/2021		90,000		91,625

City of Richmond, Public Improvement Series 2012A, GO, 5.00%, 3/1/2022		45,000		47,188

City of Richmond, Public Utility Rev., 5.00%, 1/15/2022		150,000		156,359

City of Suffolk

GO, 3.00%, 6/1/2021		30,000		30,212

GO, 5.00%, 2/1/2022		35,000		36,550

City of Virginia Beach

Series 2018A, GO, 5.00%, 3/1/2021		25,000		25,000

Series 2014-A, GO, 5.00%, 5/1/2021		25,000		25,197

Series 2019A, GO, 5.00%, 7/15/2021		65,000		66,157

Series 2013A, GO, 4.00%, 8/1/2021		50,000		50,790

Series 2015B, GO, 5.00%, 9/15/2021		50,000		51,291

City of Winchester GO, 5.00%, 8/1/2021		45,000		45,904


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

Commonwealth of Virginia

Series 2011A-1, GO, 4.00%, 6/1/2021		25,000		25,238

Series 2011A-2, GO, 5.00%, 6/1/2021 (b)		75,000		75,902

Series 2013B, GO, 4.00%, 6/1/2022		80,000		83,816

Series 2015B, GO, 5.00%, 6/1/2022		35,000		37,105

County of Arlington, Public Improvement Series 2013A, GO, 4.00%, 8/1/2021 (b)		45,000		45,720

County of Chesterfield, Public Improvement Series 2015A, GO, 5.00%, 1/1/2022		20,000		20,805

County of Fairfax, Public Improvement

Series 2011A, GO, 4.13%, 4/1/2021 (b)		30,000		30,097

Series 2012B, GO, 5.00%, 4/1/2021		50,000		50,197

Series 2013A, GO, 5.00%, 10/1/2021 (b)		75,000		77,119

Series 2015A, GO, 5.00%, 10/1/2021		25,000		25,709

Series 2015C, GO, 5.00%, 10/1/2021		50,000		51,418

County of Fairfax, Sewer Series 2016A, Rev., 5.00%, 7/15/2022		25,000		26,665

County of Hanover, Public Improvement Series 2011A, GO, 4.13%, 1/15/2023		50,000		50,146

County of Henrico, Public Improvement

GO, 5.00%, 7/15/2021		25,000		25,452

GO, 5.00%, 8/1/2021 (b)		30,000		30,604

GO, 4.00%, 8/1/2022		25,000		26,370

County of Henrico, Water and Sewer

Rev., 4.00%, 5/1/2021		100,000		100,639

Rev., 5.00%, 5/1/2022		20,000		21,135

County of Loudoun, Public Improvement

Series 2013A, GO, 4.00%, 12/1/2021		25,000		25,724

Series 2012A, GO, 5.00%, 12/1/2021		35,000		36,275

Series 2013A, GO, 5.00%, 12/1/2021		40,000		41,458

Series 2014B, GO, 5.00%, 12/1/2021		30,000		31,093

Series 2015A, GO, 5.00%, 12/1/2021		50,000		51,822

Series 2016A, GO, 5.00%, 12/1/2021		50,000		51,822

SEE NOTES TO FINANCIAL STATEMENTS.



312	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Virginia — continued

County of Pittsylvania, School Bonds GO, 5.00%, 6/15/2021		50,000		50,688

County of Prince George GO, 5.00%, 8/1/2021		65,000		66,307

County of Prince William COP, 5.00%, 10/1/2022		100,000		107,471

County of Pulaski GO, 5.00%, 2/1/2024		40,000		45,306

County of Spotsylvania, Public Improvement

GO, 3.00%, 6/1/2021		55,000		55,389

GO, 5.00%, 6/1/2021		45,000		45,540

GO, 5.00%, 7/15/2021		35,000		35,628

GO, 5.00%, 1/15/2022		50,000		52,106

Series 2011B, GO, 4.00%, 1/15/2024		30,000		30,083

County of Spotsylvania, Water & Sewer System Rev., 5.00%, 6/1/2021		20,000		20,240

Culpeper County Economic Development Authority, Capital Projects Rev., 5.00%, 6/1/2024		30,000		34,282

Economic Development Authority, Capital Project Rev., 4.00%, 7/15/2023		55,000		59,603

Fairfax County Economic Development Authority, Community Service Project Series 2012A, Rev., 4.50%, 3/1/2021 (b)		275,000		275,000

Fairfax County Economic Development Authority, County Facilities Project Series 2014A, Rev., 5.00%, 10/1/2021		30,000		30,846

Fairfax County Economic Development Authority, Joint Public Uses Complex Project

Rev., 5.00%, 5/15/2021		75,000		75,739

Rev., 5.00%, 5/15/2022		35,000		37,034

Fairfax County Economic Development Authority, Route 28 Project

Rev., 4.00%, 4/1/2021		140,000		140,435

Series 2016B, 3.00%, 4/1/2022		25,000		25,769

Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Rev., 4.00%, 5/15/2022		150,000		156,825

Fairfax County Water Authority

Rev., 5.00%, 4/1/2021		100,000		100,391

Rev., 5.00%, 4/1/2022 (b)		65,000		68,410


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

Hampton Roads Sanitation District, Wastewater

Series 2014A, Rev., 5.00%, 7/1/2021		30,000		30,481

Series 2018A, Rev., 5.00%, 10/1/2021		40,000		41,128

Series 2016A, Rev., 5.00%, 8/1/2022		20,000		21,369

Loudoun County Economic Development Authority, Public Facilities Project

Rev., 5.00%, 12/1/2021		25,000		25,907

Series 2016A, Rev., 5.00%, 12/1/2021		25,000		25,907

Series 2016B, Rev., 5.00%, 12/1/2021		40,000		41,451

Prince William County Industrial Development Authority, County Facilities Project Series 2020A, Rev., 5.00%, 4/1/2021		80,000		80,313

Riverside Regional Jail Authority

Rev., 5.00%, 7/1/2021		50,000		50,803

Rev., 4.00%, 7/1/2022		100,000		105,102

Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020A, Rev., 5.00%, 7/1/2021		175,000		177,721

Spotsylvania County Economic Development Authority, Spotsylvania School Facilities Projects Rev., 5.00%, 6/1/2021		50,000		50,600

University of Virginia Series 2015B, Rev., 2.00%, 8/1/2021		30,000		30,235

Virginia Beach Development Authority, Public Facilities

Series 2015A, Rev., 5.00%, 3/1/2021		200,000		200,000

Series 2014A, Rev., 5.00%, 5/1/2021		25,000		25,199

Series 2015B, Rev., 5.00%, 7/15/2021		30,000		30,538

Series 2020A, Rev., 5.00%, 4/15/2022		50,000		52,712

Virginia Biotechnology Research Partnership Authority, Consolidated Laboratories Project Rev., 5.00%, 9/1/2021		20,000		20,483

Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs

Rev., 5.00%, 2/1/2022 (b)		325,000		339,449

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	313

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Virginia — continued

Series 2009E-1, Rev., 5.00%, 2/1/2022		30,000		31,334

Series 2009E-2, Rev., 5.00%, 2/1/2022		30,000		31,334

Series 2014A, Rev., 5.00%, 2/1/2022		90,000		94,001

Series 2015D, Rev., 5.00%, 2/1/2022		25,000		26,112

Series 2016A, Rev., 5.00%, 2/1/2022		170,000		177,558

Series 2018A, Rev., 5.00%, 2/1/2022		80,000		83,557

Series 2019A, Rev., 5.00%, 2/1/2022		45,000		47,001

Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program

Rev., 3.00%, 3/11/2021		50,000		50,035

Rev., 5.00%, 9/1/2021 (b)		95,000		97,250

Series 2012A, Rev., 5.00%, 9/1/2021 (b)		115,000		117,696

Series 2012-A, Rev., 5.00%, 9/1/2021		35,000		35,849

Series 2015A, Rev., 5.00%, 9/1/2021		25,000		25,606

Series 2012-A, Rev., 5.00%, 9/1/2022 (b)		50,000		53,508

Series 2015A, Rev., 5.00%, 9/1/2022		25,000		26,816

Series 2016A, Rev., 5.00%, 9/1/2022		45,000		48,270

Virginia College Building Authority, Educational Facilities, University of Richmond Project Rev., 5.00%, 3/1/2021		110,000		110,000

Virginia Commonwealth Transportation Board, Capital Projects

Rev., 5.00%, 5/15/2021		175,000		176,731

Rev., 5.00%, 5/15/2022		90,000		95,254

Rev., 5.00%, 5/15/2023		25,000		27,591

Rev., 5.00%, 5/15/2024		35,000		40,104

Series 2017A, Rev., 5.00%, 5/15/2025		40,000		47,393

Virginia Commonwealth Transportation Board, Federal Transportation

Rev., GAN, 5.00%, 3/15/2021		270,000		270,475

Series B-G, Rev., GAN, 5.00%, 3/15/2021		25,000		25,044

Rev., GAN, 5.00%, 9/15/2021		155,000		159,053


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

Series 2012B-G, Rev., GAN, 5.00%, 9/15/2021		40,000		41,046

Series 2012A, Rev., GAN, 4.50%, 3/15/2022		20,000		20,905

Rev., GAN, 5.00%, 3/15/2022		50,000		52,518

Series 2012B-G, Rev., GAN, 5.00%, 3/15/2022		30,000		31,512

Rev., GAN, 5.00%, 9/15/2022		45,000		48,355

Series 2012B, Rev., GAN, 5.00%, 9/15/2022		25,000		26,864

Rev., GAN, 5.00%, 3/15/2023		25,000		27,405

Series 2013A, Rev., GAN, 5.00%, 3/15/2023 (b)		140,000		153,618

Rev., GAN, 5.00%, 3/15/2025		30,000		35,349

Virginia Commonwealth Transportation Board, Transportation District Program

Rev., 5.00%, 5/15/2021		40,000		40,395

Rev., 5.00%, 5/15/2022		20,000		21,168

Virginia Commonwealth Transportation Board, U.S. Route 58 Corridor Development Program Series 2014B, Rev., 5.00%, 5/15/2021		80,000		80,791

Virginia Commonwealth University Health System Authority Rev., 5.00%, 7/1/2025		45,000		52,948

Virginia Housing Development Authority, Commonwealth Mortgage Series 2012C-4, Rev., 2.49%, 1/1/2022		200,000		203,462

Virginia Housing Development Authority, Rental Housing

Series 2018A, Rev., 1.85%, 3/1/2021		125,000		125,000

Series 2012A, Rev., 3.88%, 3/1/2021		110,000		110,000

Virginia Polytechnic Institute and State University Series 2015A, Rev., 5.00%, 6/1/2021		50,000		50,601

Virginia Public Building Authority, Public Facilities

Series 2011A, Rev., 5.00%, 8/1/2021 (b)		175,000		178,524

Series 2013A, Rev., 5.00%, 8/1/2021		100,000		102,014

Series 2014A, Rev., 5.00%, 8/1/2021		20,000		20,403

Series 2014C, Rev., 5.00%, 8/1/2021		140,000		142,819

SEE NOTES TO FINANCIAL STATEMENTS.



314	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Virginia — continued

Series B, Rev., 5.00%, 8/1/2021		205,000		209,129

Series 2014A, Rev., 5.00%, 8/1/2022		55,000		58,766

Series A, Rev., 5.00%, 8/1/2022		110,000		117,532

Virginia Public School Authority, School Financing 1997 Resolution

Series 2011B, Rev., 4.00%, 8/1/2021 (b)		35,000		35,560

Series 2012A, Rev., 4.00%, 8/1/2021		70,000		71,103

Series 2011A, Rev., 4.13%, 8/1/2021 (b)		30,000		30,496

Rev., 5.00%, 8/1/2021		20,000		20,398

Series 2013A, Rev., 5.00%, 8/1/2021		25,000		25,497

Series 2016A, Rev., 5.00%, 8/1/2021		25,000		25,497

Series 2016B, Rev., 5.00%, 8/1/2021		50,000		50,995

Series 2018B, Rev., 5.00%, 8/1/2021		25,000		25,497

Series 2019B, Rev., 5.00%, 8/1/2021		40,000		40,796

Series 2020B, Rev., 5.00%, 8/1/2021		25,000		25,497

Rev., 3.00%, 8/1/2022 (b)		20,000		20,799

Series 2012C, Rev., 3.25%, 8/1/2022 (b)		80,000		83,478

Rev., 5.00%, 8/1/2022 (b)		35,000		37,402

Series 2014B, Rev., 5.00%, 8/1/2022		50,000		53,379

Rev., 5.00%, 8/1/2023		50,000		55,635

Virginia Public School Authority, School Technology and Security Notes

Series VI, Rev., 5.00%, 4/15/2022		110,000		115,900

Series VIII, Rev., 5.00%, 4/15/2022		55,000		57,950

Series VI, Rev., 5.00%, 4/15/2023		80,000		87,978

Virginia Public School Authority, Special Obligation School Montgomery County Rev., 5.00%, 2/1/2022		75,000		78,285

Virginia Resources Authority Clean Water State Revolving Fund Rev., 5.00%, 10/1/2021		25,000		25,708

Virginia Resources Authority, Infrastructure Moral Obligation

Rev., 5.00%, 11/1/2021		50,000		51,595

Series A, Rev., 5.00%, 11/1/2021		20,000		20,648

Rev., 4.00%, 11/1/2022		25,000		26,564


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program

Rev., 4.00%, 11/1/2021		105,000		107,653

Series 2014B, Rev., 5.00%, 11/1/2021		40,000		41,276

Series 2019C, Rev., 5.00%, 11/1/2021		90,000		92,871

Rev., 5.00%, 11/1/2022		60,000		64,785

Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2012B, Rev., 5.00%, 11/1/2022		25,000		27,014

Virginia Resources Authority, Pooled Financing Program Series 2010A, Rev., 5.00%, 11/1/2023		5,000		5,018

Virginia Resources Authority, Virginia Pooled Financing Program

Rev., 3.00%, 11/1/2021		25,000		25,478

Series 2015C, Rev., 4.00%, 11/1/2021		40,000		41,030

Rev., 5.00%, 11/1/2022		25,000		27,014

Western Regional Jail Authority Rev., 4.00%, 12/1/2022		50,000		53,230

Wise County Industrial Development Authority, Electric and Power Co. Project Series 2010A, Rev., 1.20%, 5/31/2024 (c)		1,670,000		1,688,220


Total Virginia				13,245,540


Washington — 2.5%

Adams County Joint Consolidated School District No. 147 & 163 & 55 GO, 2.50%, 12/1/2021		25,000		25,416

Auburn School District No. 408 of King and Pierce Counties GO, 4.00%, 12/1/2021		25,000		25,720

Benton County School District No. 400 Richland

GO, 3.00%, 12/1/2021		50,000		51,067

GO, 5.00%, 12/1/2021		120,000		124,354

Central Puget Sound Regional Transit Authority, Sales and Motor Vehicle Excise Tax Series 2016S-1, Rev., 5.00%, 11/1/2021		50,000		51,612

Central Puget Sound Regional Transit Authority, Sales and Use Tax

Series 2012S-1, Rev., 5.00%, 11/1/2021		25,000		25,806

Series 2012S-1, Rev., 5.00%, 11/1/2022		20,000		21,604

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	315

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Washington — continued

Central Washington University Rev., AGM, 5.00%, 5/1/2024		360,000		408,874

City of Auburn, Utility System Rev., 5.00%, 12/1/2021		70,000		72,540

City of Bellevue, Limited Tax GO, 5.00%, 12/1/2022		30,000		32,521

City of Bellingham, Water and Sewer System Series 2016-ZF2389, Rev., VRDO, LIQ:

Citibank NA, 0.13%, 3/9/2021 (c) (f)		5,480,000		5,480,000

City of Bonney Lake, Water and Sewer System Rev., 4.00%, 12/1/2022		25,000		26,670

City of Edmonds, Water and Sewer Rev., 5.00%, 12/1/2023		25,000		27,628

City of Everett, Water & Sewer Rev., 5.00%, 12/1/2022		85,000		92,160

City of Gig Harbor, Water and Sewer Rev., 4.00%, 10/1/2022		50,000		52,890

City of Kent, Limited Tax GO, 5.00%, 12/1/2021		65,000		67,358

City of Lynnwood, Limited Tax GO, AGM, 4.00%, 12/1/2021		25,000		25,720

City of Marysville, Water and Sewer Rev., 5.00%, 4/1/2022		135,000		142,066

City of Olympia, Limited Tax

GO, 5.00%, 12/1/2021		35,000		36,270

GO, 5.00%, 12/1/2024		25,000		29,178

City of Olympia, Unlimited Tax GO, 5.00%, 12/1/2022		45,000		48,790

City of Puyallup GO, 4.00%, 12/1/2021		250,000		257,012

City of Redmond GO, 5.00%, 12/1/2021		20,000		20,726

City of Renton, Limited Tax GO, 5.00%, 12/1/2022		30,000		32,527

City of Richland Series 2013A, GO, 4.00%, 12/1/2021		40,000		41,153

City of Richland, Waterworks Utility Rev., 4.00%, 11/1/2021		20,000		20,512

City of Seattle

Series 2015A, GO, 5.00%, 6/1/2021		25,000		25,300

Series 2013A, GO, 4.00%, 10/1/2021		30,000		30,672

GO, 5.00%, 5/1/2022		20,000		21,123

City of Seattle, Drainage and Wastewater System Improvement

Rev., 5.00%, 5/1/2021		65,000		65,517

Rev., 5.00%, 9/1/2021		125,000		128,019

Rev., 5.00%, 4/1/2022		45,000		47,355

Rev., 5.00%, 9/1/2024		25,000		26,195


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

City of Seattle, Municipal Light and Power

Rev., 5.00%, 7/1/2022		65,000		69,170

Series 2012A, Rev., 5.00%, 6/1/2024		25,000		26,478

City of Seattle, Municipal Light and Power Improvement

Rev., 5.00%, 9/1/2021		75,000		76,812

Series 2018A, Rev., 5.00%, 1/1/2022		40,000		41,606

Rev., 5.00%, 9/1/2022		55,000		58,979

City of Seattle, Water System

Rev., 5.00%, 9/1/2021		70,000		71,690

Rev., 5.00%, 9/1/2022		50,000		53,618

City of Shelton, Limited Tax

GO, 4.00%, 12/1/2021		150,000		153,990

GO, 4.00%, 12/1/2022		150,000		159,093

City of Spokane, Unlimited Tax GO, 5.00%, 12/1/2022		85,000		92,160

City of Spokane, Water and Wastewater System Rev., 5.00%, 12/1/2021		25,000		25,907

City of Tacoma Series 2015A, Rev., 5.00%, 12/1/2022		20,000		21,685

City of University Place, Limited Tax GO, 4.00%, 12/1/2023		35,000		38,492

City of Vancouver Downtown Redevelopment Authority, Conference Center Project Rev., GTD, 5.00%, 1/1/2023		100,000		108,708

City of Yakima, Water and Sewer Rev., 4.00%, 11/1/2021		25,000		25,615

Clark County Public Utility District No. 1 Rev., 5.00%, 1/1/2024		15,000		16,914

Clark County School District No. 117 Camas, Unlimited Tax GO, 4.00%, 12/1/2021		190,000		195,476

Clark County School District No. 37 Vancouver, Unlimited Tax

GO, 5.00%, 12/1/2021		85,000		88,103

GO, 3.00%, 12/1/2022		30,000		31,497

GO, 5.00%, 12/1/2023		30,000		33,857

Clark County, Vancouver School District No. 37 GO, 3.00%, 12/1/2023		25,000		26,847

Clark Regional Wastewater District Rev., 5.00%, 12/1/2022		25,000		27,060

COB Properties Rev., 5.00%, 12/1/2021		25,000		25,907

County of Clark, Limited Tax GO, 5.00%, 12/1/2021		75,000		77,721

SEE NOTES TO FINANCIAL STATEMENTS.



316	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Washington — continued

County of King, Limited Tax

GO, 5.00%, 7/1/2021		50,000		50,808

Series 2019B, GO, 5.00%, 7/1/2021		25,000		25,404

GO, 5.00%, 1/1/2022		25,000		26,012

Series 2019B, GO, 5.00%, 7/1/2022		30,000		31,942

Series 2012E, GO, 3.00%, 12/1/2022		30,000		31,497

Series 2014C, GO, 5.00%, 12/1/2022		35,000		37,967

County of King, Sewer

Series 2014B, Rev., 5.00%, 7/1/2021		80,000		81,293

Series 2016A, Rev., 5.00%, 7/1/2021		25,000		25,404

Series 2011C, Rev., 4.00%, 1/1/2022		35,000		36,127

Series 2012C, Rev., 5.00%, 1/1/2022		50,000		52,025

Series 2020A, Rev., 0.62%, 1/1/2024 (c)		1,175,000		1,175,928

County of King, Unlimited Tax GO, 5.00%, 12/1/2021		50,000		51,825

County of Pierce, Limited Tax Series 2013A, GO, 5.00%, 7/1/2021		35,000		35,562

County of Pierce, Sewer

Rev., 5.00%, 8/1/2021		20,000		20,402

Rev., 4.00%, 8/1/2022 (b)		135,000		142,259

County of Skagit, Limited Tax

GO, 5.00%, 12/1/2021		110,000		113,991

GO, 5.00%, 12/1/2024		60,000		70,077

County of Snohomish, Limited Tax Series 2011B, GO, 4.00%, 12/1/2021		25,000		25,721

County of Spokane, Limited Tax GO, 5.00%, 12/1/2021		60,000		62,177

Douglas County School District No. 206, Eastmont Ltd. GO, 2.00%, 12/1/2021		60,000		60,833

East Columbia Basin Irrigation District Rev., 5.00%, 6/1/2022		50,000		52,949

East Wenatchee Water District Rev., 4.00%, 8/1/2023		25,000		27,103

Energy Northwest, Columbia Generating Station

Series A, Rev., 5.00%, 7/1/2021		110,000		111,770

Series 2018A, Rev., 5.00%, 7/1/2022		20,000		21,289


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

FYI Properties, State of Washington District Project — Green Bonds

Rev., 5.00%, 6/1/2021		110,000		111,265

Rev., 5.00%, 6/1/2023		45,000		49,369

Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project Series 2012A, Rev., 5.00%, 1/1/2022 (b)		50,000		52,021

Grays Harbor County Public Utility District No. 1 Series 2015A, Rev., 5.00%, 1/1/2025		100,000		116,292

King & Snohomish Counties School District No. 417 Northshore GO, 5.00%, 12/1/2022		30,000		32,521

King County Fire Protection District No. 39 Series 2015A, GO, 5.00%, 12/1/2024		40,000		46,702

King County Housing Authority Rev., 3.00%, 6/1/2022		55,000		56,778

King County Public Hospital District No. 2, Evergreen Health GO, 5.00%, 12/1/2021		60,000		62,177

King County Rural Library District, Unlimited Tax

GO, 4.00%, 12/1/2021		120,000		123,459

GO, 4.00%, 12/1/2022		65,000		69,341

King County School District No. 401 Highline GO, 5.00%, 6/1/2022		25,000		26,494

King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2021		25,000		25,720

King County School District No. 405 Bellevue, Unlimited Tax

GO, 4.38%, 6/1/2021 (b)		100,000		101,049

GO, 5.00%, 6/1/2021 (b)		100,000		101,203

GO, 5.00%, 12/1/2021		120,000		124,363

GO, 5.00%, 12/1/2022		60,000		65,043

GO, 5.00%, 12/1/2024		160,000		186,872

King County School District No. 410 Snoqualmie Valley GO, 4.00%, 12/1/2022		75,000		79,996

King County School District No. 411 Issaquah, Unlimited Tax

GO, 4.00%, 12/1/2021		50,000		51,449

GO, 3.00%, 12/1/2022		35,000		36,727

King County School District No. 414 Lake Washington

GO, 4.00%, 12/1/2021		25,000		25,721

GO, 5.00%, 12/1/2021		80,000		82,902

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	317

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Washington — continued

GO, 5.00%, 12/1/2022		35,000		37,948

Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 5.00%, 12/1/2022		35,000		37,935

Lewis County Public Utility District No. 1

Rev., 5.00%, 10/1/2021		150,000		154,228

Rev., 5.00%, 10/1/2023		100,000		111,856

North Thurston Public Schools GO, 5.00%, 12/1/2021		25,000		25,907

Pierce County School District No. 320 Sumner, Unlimited Tax

GO, 5.00%, 12/1/2021		50,000		51,814

GO, 5.00%, 12/1/2022		25,000		27,096

Pierce County School District No. 403 Bethel, Unlimited Tax

GO, 4.00%, 12/1/2021		75,000		77,162

GO, 4.00%, 12/1/2022		70,000		74,675

Pierce County, Peninsula School District No. 401, Unlimited Tax GO, 5.00%, 12/1/2021		45,000		46,633

Pierce County, Puyallup School District No. 3, Unlimited Tax

Series 2012A, GO, 4.00%, 12/1/2021		20,000		20,576

GO, 5.00%, 12/1/2021		60,000		62,177

Series 2012A, GO, 4.00%, 12/1/2022		95,000		101,310

GO, 5.00%, 12/1/2022		25,000		26,497

Port of Seattle, Intermediate Lien

Series 2012A, Rev., 4.00%, 8/1/2021		25,000		25,368

Series 2015B, Rev., 5.00%, 3/1/2022		60,000		62,824

Port of Tacoma, Limited Tax Series 2016A, GO, 4.00%, 12/1/2022		30,000		32,004

Public Utility District No. 1 of Cowlitz County, Distribution System Rev., 5.00%, 9/1/2021		75,000		76,773

Public Utility District No. 1 of Cowlitz County, Production System Rev., 5.00%, 9/1/2021		100,000		102,364

Snohomish County Public Transportation Benefit Area Corp., Limited Sales Tax Rev., 5.00%, 8/1/2022		70,000		74,783

Snohomish County Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2022		25,000		27,106


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

Snohomish County School District No. 2 Everett, Unlimited Tax

GO, 4.00%, 12/1/2021		25,000		25,723

GO, 5.00%, 12/1/2021		25,000		25,909

GO, 3.00%, 12/1/2022		25,000		26,229

Snohomish County School District No. 25 Marysville GO, 5.00%, 12/1/2021		25,000		25,901

South Correctional Entity Facility Public Development Authority Rev., 4.00%, 12/1/2023		70,000		76,782

Southwest Suburban Sewer District Rev., 5.00%, 5/1/2022		20,000		21,089

Spokane and Whitman Counties School District No. 360 Cheney, Unlimited Tax GO, 5.00%, 12/1/2022		25,000		27,087

State of Washington Series 2020D, COP, 5.00%, 7/1/2021		90,000		91,444

State of Washington, Motor Vehicle Fuel Tax

Series 2003C, GO, NATL-RE, Zero Coupon, 6/1/2021		40,000		39,979

Series R-2014B, GO, 5.00%, 7/1/2021		20,000		20,322

Series R-2020D, GO, 5.00%, 7/1/2021		175,000		177,821

Series 2017B, GO, 5.00%, 8/1/2021		50,000		51,010

Series R-2017B, GO, 5.00%, 8/1/2021		110,000		112,221

Series R-2017D, GO, 5.00%, 8/1/2021		95,000		96,918

Series R-2018B, GO, 5.00%, 8/1/2021		60,000		61,211

Series 2019D, GO, 5.00%, 6/1/2022		45,000		47,724

Series 2021B, GO, 5.00%, 6/1/2022		85,000		90,146

GO, 5.00%, 7/1/2022		65,000		69,198

Series B, GO, 5.00%, 7/1/2022		70,000		74,521

Series R-2012D, GO, 5.00%, 7/1/2022		25,000		26,614

Series R-2015F, GO, 5.00%, 7/1/2022		170,000		180,979

Series R-2020D, GO, 5.00%, 7/1/2022		60,000		63,875

Series 2013B-2, GO, 4.00%, 8/1/2022		25,000		26,362

Series R-2013D, GO, 5.00%, 7/1/2023		20,000		22,206

Series 2012B-1, GO, 5.00%, 8/1/2023		200,000		203,994

SEE NOTES TO FINANCIAL STATEMENTS.



318	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Washington — continued

Series R-2021A, GO, 5.00%, 6/1/2024		500,000		574,805

GO, 5.00%, 7/1/2025		250,000		265,850

Series R-2012D, GO, 5.00%, 7/1/2025		240,000		255,216

State of Washington, Motor Vehicle Fuel Tax, Senior 520 Corridor Program-Toll Revenue

Series 2012C, GO, 5.00%, 6/1/2022		65,000		65,766

Series 2017C, GO, 5.00%, 6/1/2022		20,000		21,211

Series 2012C, GO, 5.25%, 6/1/2026		500,000		506,200

Series 2012C, GO, 5.25%, 6/1/2027		110,000		111,364

Series 2012C, GO, 5.00%, 6/1/2028		230,000		232,709

Series 2012C, GO, 5.00%, 6/1/2031		100,000		101,178

Series 2012C, GO, 5.00%, 6/1/2033		25,000		25,294

Series 2012C, GO, 5.00%, 6/1/2041		110,000		111,296

State of Washington, Senior 520 Corridor Program

Rev., 5.00%, 9/1/2021		615,000		629,693

Series 2012F, Rev., 5.00%, 9/1/2022		535,000		572,867

Series 2012F, Rev., 5.00%, 9/1/2024		565,000		604,578

State of Washington, State and Local Agency Personal Property

COP, 5.00%, 7/1/2021		50,000		50,802

Series 2013A, COP, 5.00%, 7/1/2021		25,000		25,401

Series 2014A, COP, 4.00%, 7/1/2022		50,000		52,537

Series 2013A, COP, 5.00%, 7/1/2022		110,000		117,042

Series 2014B, COP, 5.00%, 7/1/2024		50,000		57,551

State of Washington, State and Local Agency Real and Personal Property

Series 2015C, COP, 5.00%, 7/1/2021		70,000		71,123

Series 2016A, COP, 5.00%, 7/1/2021		50,000		50,803

Series 2017A, COP, 5.00%, 7/1/2021		60,000		60,963

Series 2018B, COP, 5.00%, 7/1/2021		50,000		50,803

Series 2018C, COP, 5.00%, 7/1/2021		80,000		81,284

Series 2013B, COP, 4.00%, 7/1/2022		125,000		131,342


INVESTMENTS	PRINCIPAL AMOUNT ($)			VALUE ($)


Washington — continued

COP, 5.00%, 7/1/2022		100,000			106,402

Series 2017A, COP, 5.00%, 7/1/2022		215,000			228,764

Series 2018C, COP, 5.00%, 7/1/2022		25,000			26,601

Series 2019A, COP, 5.00%, 7/1/2022		110,000			117,042

Series 2019D, COP, 5.00%, 7/1/2022		135,000			143,643

Series 2015C, COP, 5.00%, 7/1/2023		55,000			61,011

Series 2016A, COP, 5.00%, 7/1/2023		35,000			38,826

Series 2017A, COP, 5.00%, 7/1/2023		45,000			49,919

Series 2019B, COP, 5.00%, 7/1/2023		30,000			33,279

Series 2019D, COP, 5.00%, 7/1/2023		40,000	��		44,372

Series 2018C, COP, 5.00%, 7/1/2024		35,000			40,285

Series 2011D, COP, 4.50%, 1/1/2025		50,000			51,757

State of Washington, Various Purpose

Series R-2012C, GO, 4.00%, 7/1/2021		25,000			25,320

Series R-2015G, GO, 4.00%, 7/1/2021		85,000			86,090

Series R-2013C, GO, 5.00%, 7/1/2021		100,000			101,612

Series R-2015C, GO, 5.00%, 7/1/2021		20,000			20,322

Series R-2016A, GO, 5.00%, 7/1/2021		80,000			81,290

Series 2012A, GO, 5.00%, 8/1/2021		240,000			244,840

Series 2013A, GO, 5.00%, 8/1/2021		35,000			35,707

Series R-2017A, GO, 5.00%, 8/1/2021		145,000			147,928

Series 2017D, GO, 5.00%, 2/1/2022		25,000			26,111

Series R-2012C, GO, 4.00%, 7/1/2022		130,000			136,668

Series R-2015E, GO, 5.00%, 7/1/2022		50,000			53,229

Series R-2016B, GO, 5.00%, 7/1/2022		45,000			47,906

Series 2014A, GO, 5.00%, 8/1/2022		35,000			37,402

Series R-2017C, GO, 5.00%, 8/1/2022		25,000			26,715

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	319

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Washington — continued

Series 2014D, GO, 5.00%, 2/1/2023		55,000		60,029

Series R-2015C, GO, 5.00%, 7/1/2023		20,000		22,206

Series 2015E, GO, 5.00%, 7/1/2024		25,000		28,829

Tacoma Metropolitan Park District, Unlimited Tax GO, 5.00%, 12/1/2021		200,000		207,256

Thurston County School District No. 111 Olympia, Unlimited Tax, Washington State School District Credit Enhancement Program GO, 5.00%, 12/1/2021		120,000		124,354

Thurston County School District No. 33 Tumwater, Unlimited Tax GO, 5.00%, 12/1/2021		35,000		36,270

Tobacco Settlement Authority Rev., 5.00%, 6/1/2024		100,000		110,082

University of Washington

Series 2011A, Rev., 5.00%, 4/1/2021		100,000		100,380

Series 2015C, Rev., 5.00%, 12/1/2021		25,000		25,903

Vancouver Wash Housing Authority Rev., VRDO, LIQ: FHLMC, 0.04%, 3/9/2021 (c)		10,000,000		10,000,000

Washington Biomedical Research Properties

Series 2015A, Rev., 5.00%, 1/1/2022		30,000		31,207

Series 2015A, Rev., 5.00%, 1/1/2023		20,000		21,742

Washington Economic Development Finance Authority, Washington Biomedical Research Properties II

Rev., 5.00%, 6/1/2021		30,000		30,360

Series A, Rev., 5.00%, 6/1/2022		50,000		53,014

Washington Health Care Facilities Authority, Catholic Health Initiatives Series 2013A, Rev., 5.25%, 1/1/2023 (b)		155,000		168,965

Washington Health Care Facilities Authority, Multicare Health System

Series 2015A, Rev., 5.00%, 8/15/2021		55,000		56,184

Series 2017B, Rev., 5.00%, 8/15/2021		135,000		137,907

Washington Health Care Facilities Authority, Providence Health and Services Series B, Rev., 5.00%, 10/1/2021 (c)		275,000		282,573


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

Washington Health Care Facilities Authority, Seattle Children’s Hospital

Series 2010B, Rev., 5.00%, 10/1/2021		225,000		225,797

Series 2017A, Rev., 5.00%, 10/1/2022		170,000		182,617

Washington State Housing Finance Commission, SAG Portfolio Projects Rev., 2.55%, 7/1/2021 (c)		500,000		503,830


Total Washington				35,322,094


West Virginia — 0.7%

Marshall University Rev., 5.00%, 5/3/2021 (b)		200,000		201,650

Monongalia County Building Commission, Justice Center Project Series 2014A, Rev., 4.00%, 2/1/2022		250,000		250,675

Putnam County Board of Education GO, 4.00%, 5/1/2021 (b)		150,000		150,937

West Virginia Commissioner of Highways, Surface Transportation Improvements Notes Series 2017A, Rev., 5.00%, 9/1/2021		115,000		117,742

West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities

Rev., 5.00%, 6/1/2022		1,000,000		1,057,430

Rev., 5.00%, 6/1/2025		125,000		132,147

West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Company — Amos Project

Series 2009-B, Rev., 2.63%, 6/1/2022 (c)		500,000		512,215

Rev., 0.62%, 12/15/2025 (c)		100,000		98,841

West Virginia Hospital Finance Authority, United Health System

Series 2016A, Rev., 5.00%, 6/1/2021		5,670,000		5,735,205

Series 2016A, Rev., 5.00%, 6/1/2022		20,000		21,154

West Virginia State School Building Authority, Lottery Capital Improvement Series 2012A, Rev., 5.00%, 7/1/2023		100,000		106,284

West Virginia University

Series 2011B, Rev., 4.50%, 10/1/2021 (b)		25,000		25,634

SEE NOTES TO FINANCIAL STATEMENTS.



320	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

West Virginia — continued

Series 2011B, Rev., 5.00%, 10/1/2021 (b)		80,000		82,260

Series 2013A, Rev., 5.00%, 10/1/2022 (b)		50,000		53,827

Series 2019A, Rev., 5.00%, 10/1/2022		275,000		295,545

West Virginia Water Development Authority, Infrastructure and Jobs Development Council Program Rev., 5.00%, 10/1/2021		520,000		534,196

West Virginia Water Development Authority, Loan Program II

Series 2013A-II, Rev., 5.00%, 11/1/2021		30,000		30,936

Series 2016A-II, Rev., 5.00%, 11/1/2023		250,000		279,818


Total West Virginia				9,686,496


Wisconsin — 2.9%

Appleton Area School District GO, 4.00%, 3/1/2021		125,000		125,000

City of Appleton

GO, 3.00%, 4/1/2021		25,000		25,056

Series 2018A, GO, 4.00%, 4/1/2021		25,000		25,077

Series 2019A, GO, 3.00%, 4/1/2022		25,000		25,755

City of Appleton, Water System Rev., 4.00%, 1/1/2022		45,000		46,418

City of De Pere, Promissory Notes Series 2019A, GO, 3.00%, 9/1/2021		25,000		25,349

City of Eau Claire, Corporate Purpose Series 2016A, GO, 3.00%, 4/1/2021		150,000		150,339

City of Eau Claire, Promissory Notes Series 2019B, GO, 4.00%, 4/1/2021		45,000		45,138

City of Flagstaff, Road Repair, Street Improvement Project Series 2020A, GO, 2.00%, 3/1/2022		50,000		50,871

City of Green Bay, Corporate Purpose GO, 3.00%, 4/1/2021		100,000		100,226

City of Green Bay, Water System Rev., 3.00%, 11/1/2021		80,000		81,518

City of Janesville, Promissory Notes GO, 3.00%, 2/1/2022		35,000		35,894

City of Kaukauna, Promissory Note GO, 4.00%, 9/1/2022		100,000		101,857

City of Kenosha, Promissory Notes

Series 2018B, GO, 3.00%, 4/1/2021		75,000		75,169

Series 2012B, GO, 4.00%, 4/1/2021		25,000		25,077


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

City of La Crosse/Wisconsin Series 2011-C, GO, 3.00%, 10/1/2024		100,000		101,547

City of Lake Mills, Capital Purpose Bond Series 2014B, GO, 4.00%, 9/1/2022		140,000		147,602

City of Lake Mills, Promissory Notes Series 2017B, GO, 1.65%, 4/1/2021		200,000		200,210

City of Madison, Corporate Purpose Series 2020B, GO, 2.00%, 10/1/2021		30,000		30,324

City of Madison, Promissory Notes

Series 2013-A, GO, 4.00%, 10/1/2021		30,000		30,672

Series 2013-A, GO, 4.00%, 10/1/2022		30,000		30,636

Series 2017A, GO, 4.00%, 10/1/2022		25,000		26,515

Series 2018A, GO, 4.00%, 10/1/2022		20,000		21,212

Series 2014A, GO, 3.00%, 10/1/2024		100,000		101,524

City of Madison, Sewer System Series 2018E, Rev., 4.00%, 12/1/2021		30,000		30,846

City of Madison, Water Utility

Series 2019A, Rev., 5.00%, 1/1/2022		25,000		25,989

Rev., 5.00%, 1/1/2023		50,000		54,277

Rev., BAN, 1.50%, 11/1/2024		1,075,000		1,075,387

City of Manitowoc

Rev., 2.00%, 6/1/2022		775,000		785,098

GO, 2.00%, 2/1/2023		320,000		329,875

City of Merrill

Series 2019A, GO, 3.00%, 10/1/2021		60,000		60,907

Series 2019A, GO, 3.00%, 10/1/2022		60,000		62,397

City of Milwaukee, Promissory Notes

Series 2017N4, GO, 5.00%, 4/1/2021		3,675,000		3,688,818

Series 2018N4, GO, 5.00%, 4/1/2021		620,000		622,331

Series 2011N3, GO, 5.00%, 5/15/2021		705,000		711,662

Series 2017N4, GO, 5.00%, 4/1/2022		45,000		47,260

Series 2012N2, GO, 5.00%, 5/1/2022		30,000		31,619

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	321

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Wisconsin — continued

City of Oshkosh

Series A, GO, 0.05%, 12/1/2022		70,000		69,732

Series A, GO, 2.00%, 12/1/2023		200,000		208,190

City of Racine Series 2020B, GO, 3.00%, 6/1/2021		100,000		100,702

City of Shawano, Promissory Notes GO, 3.00%, 4/1/2022		140,000		144,229

City of Sun Prairie Series 2019D, GO, 3.00%, 4/1/2021		65,000		65,147

City of Superior

Rev., NATL-RE, 6.90%, 8/1/2021		785,000		806,446

GO, 4.00%, 12/1/2021		55,000		56,598

City of Waukesha Series 2020A, GO, 3.00%, 10/1/2021		110,000		111,793

City of Waukesha, Promissory Notes Series 2019C, GO, 3.00%, 10/1/2022		20,000		20,880

City of Waukesha, Sewer System Rev., 3.00%, 5/1/2021		25,000		25,115

City of Wauwatosa, Waterworks System Rev., 3.00%, 1/1/2022		100,000		102,322

City of West Allis Series 2016A, GO, 2.00%, 4/1/2021		100,000		100,142

County of Dane, Corporate Purpose GO, 2.00%, 6/1/2021		125,000		125,538

County of Fond Du Lac

Series 2017A, GO, 2.00%, 3/1/2021		200,000		200,000

Series 2019A, GO, 3.00%, 3/1/2021		95,000		95,000

County of La Crosse, Corporate Purpose

Series 2017A, GO, 5.00%, 4/1/2021		50,000		50,195

GO, 3.00%, 10/1/2021		25,000		25,415

County of Milwaukee, Corporate Purpose

Series 2017A, GO, 2.00%, 9/1/2021		300,000		302,487

Series 2018D, GO, 3.00%, 8/1/2024		100,000		108,241

County of St. Croix, Highway Maintenance Facility Series 2018A, GO, 4.00%, 3/1/2021		25,000		25,000

County of Winnebago GO, 4.00%, 4/1/2022		25,000		26,008

DeForest Area School District GO, 5.00%, 4/1/2023		60,000		65,788

East Troy Community School District GO, 3.00%, 3/1/2021		25,000		25,000

Fox Valley Technical College District

Series 2019A, GO, 3.00%, 12/1/2021		155,000		158,322

Series 2018A, GO, 4.00%, 12/1/2022		60,000		63,963


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

Grafton School District, School Building & Improvement GO, 5.00%, 4/1/2023		20,000		21,934

Green Bay Area Public School District

GO, 4.00%, 4/1/2021		95,000		95,292

GO, 4.00%, 4/1/2022		20,000		20,815

Ithaca School District, School Improvement GO, 3.00%, 3/1/2021		175,000		175,000

Kenosha Unified School District No. 1

GO, 5.00%, 4/1/2021		110,000		110,427

GO, 4.00%, 4/1/2022		55,000		57,242

Madison Area Technical College

Series 2010-11B, GO, 4.00%, 3/1/2021 (b)		125,000		125,000

Series 2011-12A, GO, 4.00%, 3/1/2021		30,000		30,000

Series 2018-19B, GO, 4.00%, 3/1/2021		60,000		60,000

Series 2011-12A, GO, 4.50%, 3/1/2021 (b)		50,000		50,000

Madison Metropolitan School District GO, 4.00%, 3/1/2021		25,000		25,000

Mequon and Thiensville School District, School Improvement GO, 4.00%, 3/1/2021		35,000		35,000

Middleton-Cross Plains Area School District, School Building and Improvement Series 2019A, GO, 5.00%, 3/1/2022		40,000		41,908

Milwaukee Area Technical College District

Series 2017-2018L, GO, 3.00%, 6/1/2021		25,000		25,170

Series 2019-20-C, GO, 4.00%, 6/1/2021		50,000		50,464

Series 2018-2019C, GO, 4.00%, 6/1/2022		100,000		104,654

Milwaukee Metropolitan Sewerage District GO, 4.00%, 10/1/2021		20,000		20,448

Milwaukee Redevelopment Authority, Milwaukee Public Schools

Rev., 4.00%, 8/1/2021		350,000		355,439

Rev., 5.00%, 11/15/2022		365,000		394,309

Rev., NATL-RE, 4.00%, 8/1/2023		400,000		433,044

Rev., 5.00%, 11/15/2023		130,000		145,451

Northcentral Technical College District, Promissory Notes

Series 2016B, GO, 2.00%, 3/1/2021		115,000		115,000

GO, 3.00%, 3/1/2021		335,000		335,000

SEE NOTES TO FINANCIAL STATEMENTS.



322	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Wisconsin — continued

Northeast Wisconsin Technical College District Series 2017B, GO, 4.00%, 4/1/2022		45,000		46,845

Oak Creek-Franklin Joint School District GO, 5.00%, 4/1/2022		40,000		42,062

Oconomowoc Area School District, Corporate Purpose GO, 4.00%, 4/1/2022		40,000		41,631

Public Finance Authority, KU Campus Development Corp. — Central District Development Project

Rev., 5.00%, 3/1/2021		100,000		100,000

Rev., 5.00%, 3/1/2023		25,000		27,202

Rev., 5.00%, 3/1/2025		160,000		185,872

Public Finance Authority, Renown Regional Medical Center Project Rev., 5.00%, 6/1/2021		110,000		111,251

Public Finance Authority, Searstone CCRC Project Series 2020A, Rev., 8.63%, 6/1/2022 (b)		400,000		439,080

Public Finance Authority, Voyager Foundation Inc., Project Series 2012A, Rev., 6.20%, 10/1/2022 (b)		325,000		355,267

Sevastopol School District, Promissory Notes

GO, 4.00%, 3/1/2024		985,000		1,084,170

GO, 4.00%, 3/1/2025		625,000		704,450

Sheboygan Area School District GO, 2.00%, 3/1/2021		50,000		50,000

State of Wisconsin

Series 2011C, GO, 4.00%, 5/1/2021 (b)		85,000		85,539

Series 2012A, GO, 4.00%, 5/1/2021 (b)		220,000		221,395

Series 2011B, GO, 4.50%, 5/1/2021 (b)		100,000		100,716

Series 2011-1, GO, 5.00%, 5/1/2021		350,000		352,781

Series 2011A, GO, 5.00%, 5/1/2021		305,000		307,422

Series 2011B, GO, 5.00%, 5/1/2021 (b)		1,150,000		1,159,177

Series 2011C, GO, 5.00%, 5/1/2021 (b)		165,000		166,317

Series 2012-2, GO, 5.00%, 5/1/2021		50,000		50,397

Series 2012A, GO, 5.00%, 5/1/2021 (b)		170,000		171,356

Series 2016-B, GO, 5.00%, 5/1/2021		55,000		55,437


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Wisconsin — continued

Series 2016D, GO, 5.00%, 5/1/2021		205,000		206,628

Series 2019A, Rev., 5.00%, 5/1/2021		125,000		125,995

Series 2011-2, GO, 4.00%, 11/1/2021		100,000		102,554

Series 2016-1, GO, 5.00%, 11/1/2021		55,000		56,769

Series 2016-2, GO, 5.00%, 11/1/2021		30,000		30,965

Series 3, GO, 5.00%, 11/1/2021		280,000		289,007

Series 2013-1, GO, 5.00%, 5/1/2022		50,000		52,806

Series 2013A, GO, 5.00%, 5/1/2022 (b)		20,000		21,130

Series 2016D, GO, 5.00%, 5/1/2022		50,000		52,806

Series 2016-2, GO, 4.00%, 11/1/2022		20,000		21,269

GO, 5.00%, 11/1/2022		215,000		232,209

Series 2014-3, GO, 5.00%, 11/1/2022		20,000		21,601

Series 2016-1, GO, 5.00%, 11/1/2022		40,000		43,202

Series 2016-2, GO, 5.00%, 11/1/2022		50,000		54,002

Series 2013-1, GO, 5.00%, 5/1/2023		25,000		27,565

State of Wisconsin, Clean Water Fund Leveraged Loan Portfolio

Series 2012-1, Rev., 4.00%, 6/1/2021 (b)		125,000		126,180

Series 2012-2, Rev., 5.00%, 6/1/2022 (b)		20,000		21,198

State of Wisconsin, Environmental Improvement Fund Series 2017A, Rev., 5.00%, 6/1/2022		20,000		21,213

State of Wisconsin, Master Lease

Series 2018A, COP, 5.00%, 9/1/2021		100,000		102,384

Series 2018A, COP, 3.00%, 9/1/2022		25,000		25,343

Series 2018A, COP, 3.00%, 3/1/2023		100,000		101,310

Sun Prairie Area School District GO, 5.00%, 3/1/2021		45,000		45,000

Tender Option Bond Trust Receipts/Certificates

Series 2020-XL0147, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.07%, 3/9/2021 (c) (f)		5,320,000		5,320,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	323

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Wisconsin — continued

Series 2020-XL0148, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.07%, 3/9/2021 (c) (f)		2,250,000		2,250,000

University of Wisconsin Hospitals and Clinics

Series 2013A, Rev., 5.00%, 4/1/2021		275,000		276,064

Series 2013A, Rev., 5.00%, 4/1/2025		430,000		466,787

Village of DeForest Series 2019A, GO, 0.05%, 5/1/2021		95,000		94,978

Village of Ephraim, Street Improvement Series 2018A, GO, 5.00%, 3/1/2022		30,000		31,434

Village of Fox Crossing, Corporate Purpose GO, 3.00%, 4/1/2024		185,000		198,555

Village of Howard Rev., 4.00%, 12/1/2022		135,000		138,766

Village of Menomonee Falls, Corporate Purpose

Series B, GO, 3.50%, 2/1/2022		150,000		154,517

Series B, GO, 3.50%, 2/1/2023		155,000		164,244

Series B, GO, 3.50%, 2/1/2024		245,000		266,266

Village of Pleasant Prairie Series 2014A, GO, 5.00%, 9/1/2021		190,000		194,454

Village of Waunakee, Corporate Purpose

Series 2012A, GO, 4.00%, 4/1/2021		80,000		80,231

GO, 4.00%, 6/1/2021		35,000		35,330

Waukesha School District, Promissory Notes GO, 3.00%, 4/1/2021		25,000		25,057

Wauwatosa School District, School Building and Improvement

Series 2019A, GO, 4.00%, 3/1/2021		460,000		460,000

Series 2019B, GO, 5.00%, 9/1/2022		65,000		69,692

West De Pere School District, Corporate Purpose Series 2020A, GO, 5.00%, 4/1/2021		100,000		100,385

West Salem School District GO, 1.25%, 4/1/2022		200,000		200,148

Western Technical College District Series 2017B, GO, 3.00%, 4/1/2022		50,000		51,510

Whitnall School District, Promissory Notes GO, 4.00%, 3/1/2022		25,000		25,941

Wisconsin Department of Transportation

Series 2013-1, Rev., 4.00%, 7/1/2021		80,000		81,020

Series 2012-2, Rev., 5.00%, 7/1/2021		125,000		127,006

Series 2013-1, Rev., 5.00%, 7/1/2021		40,000		40,642


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

Series 2015-1, Rev., 5.00%, 7/1/2021		140,000		142,247

Series 2017-1, Rev., 5.00%, 7/1/2021		40,000		40,642

Series 2019A, Rev., 5.00%, 7/1/2021		55,000		55,881

Series 2012-1, Rev., 5.00%, 7/1/2022		115,000		122,395

Series 2012-2, Rev., 5.00%, 7/1/2022		30,000		31,929

Series 2014-1, Rev., 5.00%, 7/1/2022 (b)		35,000		37,260

Series 2017-1, Rev., 5.00%, 7/1/2022		245,000		260,753

Series 2014-2, Rev., 5.00%, 7/1/2023		20,000		22,201

Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group

Series 2018B-1, Rev., 5.00%, 1/26/2022 (c)		225,000		234,257

Series 2018B-2, Rev., 5.00%, 1/25/2023 (c)		270,000		293,128

Series 2018B-3, Rev., 5.00%, 1/31/2024 (c)		1,000,000		1,129,210

Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.00%, 7/1/2023		300,000		331,158

Wisconsin Health and Educational Facilities Authority, Ascension Health Alliance Senior Credit Group Series 2013A, Rev., 5.00%, 11/15/2021		70,000		72,374

Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group Series 2019A, Rev., 5.00%, 11/15/2024		250,000		290,847

Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group

Rev., 5.00%, 8/15/2021		175,000		178,685

Rev., 5.00%, 8/15/2023		100,000		110,892

Rev., 5.00%, 8/15/2024		100,000		114,479

Rev., 5.00%, 8/15/2025		100,000		118,045

Wisconsin Health and Educational Facilities Authority, Aurora Health Care Incorporated

Series 2012A, Rev., AGM, 5.00%, 7/15/2021 (b)		100,000		101,779

SEE NOTES TO FINANCIAL STATEMENTS.



324	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Wisconsin — continued

Series 2012A, Rev., 5.00%, 7/15/2021 (b)		100,000		101,779

Wisconsin Health and Educational Facilities Authority, Froedtert Health Inc., Obligated Group Series 2017A, Rev., 5.00%, 4/1/2021		1,015,000		1,018,847

Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc. Obligated Group

Rev., 5.00%, 11/15/2021		145,000		149,759

Rev., 5.00%, 11/15/2022		100,000		107,887

Rev., 5.00%, 11/15/2025		355,000		408,083

Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2023		120,000		134,808

Wisconsin Health and Educational Facilities Authority, Unity Point Health

Series 2014A, Rev., 5.00%, 12/1/2021		555,000		574,497

Series 2014A, Rev., 5.00%, 12/1/2024		100,000		115,595

Series 2014A, Rev., 5.00%, 12/1/2025		145,000		167,001

Wisconsin Housing and Economic Development Authority Series 2019A, Rev., 1.55%, 11/1/2021 (c)		100,000		100,218

Wisconsin Housing and Economic Development Authority, Home Ownership Series 2018D, Rev., 3.10%, 3/1/2021		100,000		100,000

WPPI Energy Power Supply System

Series 2013A, Rev., 5.00%, 7/1/2021		50,000		50,754

Series 2013A, Rev., 5.00%, 7/1/2024		300,000		332,418

Series 2018A, Rev., 5.00%, 7/1/2024		90,000		102,626

Wrightstown Community School District GO, 5.00%, 3/1/2022		25,000		26,182


Total Wisconsin				40,735,448


Wyoming — 0.0% (g)

County of Laramie, Hospital, Regional Medical Center Project Rev., 5.00%, 5/1/2021		190,000		191,499

County of Natrona, Wyoming Medical Center Rev., 6.00%, 3/15/2021 (b)		125,000		125,260


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wyoming — continued

University of Wyoming, Facilities Improvement

Series 2011B, Rev., 3.50%, 6/1/2022		45,000		45,365

Series 2012A, Rev., 5.00%, 6/1/2023		75,000		79,337

Series 2012B, Rev., 5.00%, 6/1/2023		25,000		26,446

Wyoming State Loan and Investment Board Series 2012A, Rev., 5.00%, 10/1/2023		30,000		32,220


Total Wyoming				500,127


Total Municipal Bonds (Cost $1,245,040,021)				1,247,629,533


	SHARES
Short-Term Investments — 9.8%

Investment Companies — 9.8%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (h) (i) (Cost $139,100,415)		139,020,341		139,089,852


Total Investments — 98.3% (Cost $1,384,140,436)				1,386,719,385

Other Assets Less Liabilities — 1.7%				23,591,773


Net Assets — 100.0%				1,410,311,158

Percentages indicated are based on net assets.


Abbreviations

AGC		Insured by Assured Guaranty Corp.
AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
BAN		Bond Anticipation Note
BHAC		Insured by Berkshire Hathaway Assurance Corp.
COLL		Collateral
COP		Certificate of Participation
CR		Custodial Receipts
FGIC		Insured by Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GAN		Grant Anticipation Note
GNMA		Government National Mortgage Association
GO		General Obligation
GTD		Guaranteed
IBC		Insured Bond Certificates
LIQ		Liquidity Agreement
LOC		Letter of Credit

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	325

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


MTA		Metropolitan Transportation Authority
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
RAN		Revenue Anticipation Note
RE		Reinsured
Rev.		Revenue
SCSDE		South Carolina School District Enhancement
SIFMA		The Securities Industry and Financial Markets Association
TAN		Tax Anticipation Note
TRAN		Tax & Revenue Anticipation Note
VRDO		Variable Rate Demand Obligation
XLCA		Insured by XL Capital Assurance

(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Security is prerefunded or escrowed to maturity.
(c)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021.
(d)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021.
(f)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)		Amount rounds to less than 0.1% of net assets.
(h)		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.
(i)		The rate shown is the current yield as of February 28, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



326	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — 87.7%

Azerbaijan — 1.0%

Republic of Azerbaijan

4.75%, 3/18/2024 (a)		400,000		431,250

3.50%, 9/1/2032 (b)		215,000		220,576

3.50%, 9/1/2032 (a)		150,000		153,891


				805,717


Bahrain — 4.3%

CBB International Sukuk Programme Co. SPC

6.25%, 11/14/2024 (a)		270,000		297,169

4.50%, 3/30/2027 (b) (c)		389,000		404,925

Kingdom of Bahrain

6.13%, 8/1/2023 (a)		280,000		301,000

7.00%, 1/26/2026 (b)		321,000		368,147

7.00%, 1/26/2026 (a)		189,000		216,759

7.00%, 10/12/2028 (b)		680,000		768,981

6.75%, 9/20/2029 (a)		200,000		220,438

7.38%, 5/14/2030 (a)		200,000		227,000

5.63%, 9/30/2031 (a)		533,000		537,497

6.00%, 9/19/2044 (a)		228,000		218,239


				3,560,155


Bolivia, Plurinational State of — 0.4%

Plurinational State of Bolivia

4.50%, 3/20/2028 (b) (c)		200,000		178,875

4.50%, 3/20/2028 (a)		200,000		178,875


				357,750


Brazil — 7.2%

Federative Republic of Brazil

2.63%, 1/5/2023		408,000		421,897

8.88%, 4/15/2024		121,000		149,284

4.25%, 1/7/2025		427,000		460,626

6.00%, 4/7/2026		181,000		210,243

4.63%, 1/13/2028		905,000		976,834

4.50%, 5/30/2029		510,000		541,397

8.25%, 1/20/2034		500,000		665,625

7.13%, 1/20/2037		380,000		468,825

5.63%, 1/7/2041		336,000		352,170

5.00%, 1/27/2045		465,000		454,538

5.63%, 2/21/2047		542,000		569,269

4.75%, 1/14/2050		591,000		553,324

State of Minas Gerais

5.33%, 2/15/2028 (a)		167,300		181,207


				6,005,239


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Chile — 0.9%

Republic of Chile

2.45%, 1/31/2031		6,000		6,071

2.55%, 1/27/2032 (c)		272,000		275,315

3.86%, 6/21/2047		200,000		214,437

3.50%, 1/25/2050		270,000		271,013


				766,836


China — 0.8%

People’s Republic of China

1.88%, 12/3/2022 (a)		220,000		225,775

3.50%, 10/19/2028 (a)		200,000		225,562

2.13%, 12/3/2029 (a)		200,000		206,813


				658,150


Colombia — 1.9%

Republic of Colombia

3.88%, 4/25/2027		216,000		232,807

3.00%, 1/30/2030		422,000		418,176

7.38%, 9/18/2037		100,000		132,656

6.13%, 1/18/2041		120,000		144,075

5.63%, 2/26/2044		205,000		235,686

5.00%, 6/15/2045		437,000		470,458


				1,633,858


Croatia — 0.4%

Republic of Croatia 6.00%, 1/26/2024 (b) (c)		265,000		304,253


Dominican Republic — 6.3%

Dominican Republic Government Bond

6.88%, 1/29/2026 (a)		298,000		347,170

5.95%, 1/25/2027 (a)		673,000		752,078

5.95%, 1/25/2027 (b)		198,000		221,265

6.00%, 7/19/2028 (b)		360,000		406,237

6.00%, 7/19/2028 (a)		49,000		55,293

4.50%, 1/30/2030 (a)		510,000		513,347

4.88%, 9/23/2032 (a)		272,000		275,740

7.45%, 4/30/2044 (b)		302,000		359,097

7.45%, 4/30/2044 (a)		168,000		199,763

6.85%, 1/27/2045 (b)		860,000		952,719

6.40%, 6/5/2049 (a)		672,000		708,540

6.40%, 6/5/2049 (b)		305,000		321,584

5.88%, 1/30/2060 (a)		191,000		184,792


				5,297,625

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	327

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Egypt — 6.3%

Arab Republic of Egypt

5.58%, 2/21/2023 (a)		201,000		208,977

5.75%, 5/29/2024 (a)		241,000		254,632

5.88%, 6/11/2025 (a)		319,000		340,632

7.50%, 1/31/2027 (b)		330,000		370,528

7.50%, 1/31/2027 (a)		25,000		28,070

6.59%, 2/21/2028 (a)		200,000		211,563

7.60%, 3/1/2029 (a)		400,000		440,250

7.60%, 3/1/2029 (b)		200,000		220,125

7.05%, 1/15/2032 (b)		575,000		596,096

7.63%, 5/29/2032 (a)		250,000		266,172

8.50%, 1/31/2047 (b)		500,000		519,531

8.50%, 1/31/2047 (a)		400,000		415,625

7.90%, 2/21/2048 (a)		400,000		395,000

8.70%, 3/1/2049 (a)		332,000		349,741

8.88%, 5/29/2050 (a)		640,000		683,600


				5,300,542


Ethiopia — 0.4%

Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (b) (c)		400,000		371,500


Gabon — 0.2%

Gabonese Republic 6.63%, 2/6/2031 (a)		200,000		195,562


Hungary — 0.7%

Hungary Government Bond

5.75%, 11/22/2023		300,000		340,594

7.63%, 3/29/2041		150,000		249,187


				589,781


India — 0.3%

Export-Import Bank of India 3.25%, 1/15/2030 (a)		249,000		253,694


Indonesia — 2.4%

Perusahaan Penerbit SBSN Indonesia III

4.55%, 3/29/2026 (b)		200,000		226,375

4.15%, 3/29/2027 (b)		200,000		221,812

Republic of Indonesia

5.38%, 10/17/2023 (a)		200,000		223,625

3.50%, 1/11/2028		200,000		214,938

4.10%, 4/24/2028		200,000		223,188

8.50%, 10/12/2035 (a)		142,000		223,339

6.63%, 2/17/2037 (b)		145,000		194,980

6.75%, 1/15/2044 (b)		200,000		285,812

3.70%, 10/30/2049		200,000		200,500


				2,014,569


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Iraq — 1.1%

Republic of Iraq

6.75%, 3/9/2023 (b)		559,000		547,121

5.80%, 1/15/2028 (a)		218,750		202,415

5.80%, 1/15/2028 (b)		204,563		189,287

5.80%, 1/15/2028 (b)		14,188		13,128


				951,951


Ivory Coast — 1.2%

Republic of Cote d’Ivoire

5.75%, 12/31/2032 (b) (d)		94,731		94,642

6.13%, 6/15/2033 (b)		410,000		441,775

6.13%, 6/15/2033 (a)		430,000		463,325


				999,742


Jamaica — 2.0%

Jamaica Government Bond

6.75%, 4/28/2028		550,000		642,641

8.00%, 3/15/2039		116,000		159,355

7.88%, 7/28/2045		641,000		887,785


				1,689,781


Jordan — 1.6%

Hashemite Kingdom of Jordan

6.13%, 1/29/2026 (b)		546,000		594,799

5.75%, 1/31/2027 (b)		202,000		217,213

5.75%, 1/31/2027 (a)		20,000		21,506

7.38%, 10/10/2047 (b)		225,000		245,742

7.38%, 10/10/2047 (a)		220,000		240,282


				1,319,542


Kazakhstan — 0.8%

Republic of Kazakhstan

3.88%, 10/14/2024 (b)		350,000		385,525

6.50%, 7/21/2045 (b)		200,000		290,625


				676,150


Kenya — 2.0%

Republic of Kenya

6.88%, 6/24/2024 (a)		283,000		313,334

7.25%, 2/28/2028 (b)		835,000		924,763

8.00%, 5/22/2032 (a)		200,000		224,500

8.25%, 2/28/2048 (a)		203,000		223,934


				1,686,531


Kuwait — 0.5%

State of Kuwait 3.50%, 3/20/2027 (b)		400,000		446,500

SEE NOTES TO FINANCIAL STATEMENTS.



328	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Malaysia — 0.4%

Malaysia Sovereign Sukuk Bhd. 3.04%, 4/22/2025 (a)		302,000		325,311


Mexico — 1.8%

United Mexican States

4.00%, 10/2/2023		40,000		43,463

4.13%, 1/21/2026 (c)		461,000		515,398

2.66%, 5/24/2031		212,000		202,195

6.05%, 1/11/2040		140,000		170,844

4.75%, 3/8/2044		76,000		79,990

5.55%, 1/21/2045		140,000		163,100

4.35%, 1/15/2047		200,000		199,187

5.75%, 10/12/2110		110,000		124,403


				1,498,580


Oman — 6.0%

Oman Sovereign Sukuk SAOC

4.40%, 6/1/2024 (a)		276,000		285,688

5.93%, 10/31/2025 (a)		533,000		586,036

Sultanate of Oman Government Bond

4.13%, 1/17/2023 (a)		727,000		741,086

4.75%, 6/15/2026 (b)		268,000		270,094

5.38%, 3/8/2027 (b)		581,000		597,159

5.38%, 3/8/2027 (a)		200,000		205,562

5.63%, 1/17/2028 (b)		200,000		206,000

6.00%, 8/1/2029 (b)		501,000		522,292

6.50%, 3/8/2047 (a)		348,000		328,751

6.50%, 3/8/2047 (b)		254,000		239,951

6.75%, 1/17/2048 (a)		790,000		760,375

7.00%, 1/25/2051 (b)		288,000		284,400


				5,027,394


Pakistan — 1.3%

Islamic Republic of Pakistan

8.25%, 4/15/2024 (b)		471,000		520,455

6.88%, 12/5/2027 (b)		350,000		372,203

6.88%, 12/5/2027 (a)		200,000		212,688


				1,105,346


Panama — 1.8%

Republic of Panama

3.88%, 3/17/2028		200,000		218,937

3.16%, 1/23/2030		200,000		207,812

6.70%, 1/26/2036		177,000		238,010

4.50%, 5/15/2047		206,000		229,111

4.30%, 4/29/2053		296,000		320,050

4.50%, 4/1/2056		237,000		260,626


				1,474,546


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Paraguay — 0.7%

Republic of Paraguay

4.95%, 4/28/2031 (a)		208,000		235,105

6.10%, 8/11/2044 (a)		262,000		320,213


				555,318


Peru — 1.3%

Republic of Peru

7.35%, 7/21/2025		117,000		146,213

7.35%, 7/21/2025		100,000		124,969

2.39%, 1/23/2026		30,000		31,163

4.13%, 8/25/2027		184,000		208,437

2.78%, 1/23/2031		50,000		50,813

6.55%, 3/14/2037		54,000		74,773

5.63%, 11/18/2050		234,000		320,214

3.23%, 7/28/2121		140,000		115,281


				1,071,863


Philippines — 2.1%

Republic of Philippines

10.63%, 3/16/2025		163,000		225,347

5.50%, 3/30/2026		200,000		243,750

9.50%, 2/2/2030		20,000		31,775

2.46%, 5/5/2030		201,000		203,764

6.38%, 1/15/2032		278,000		378,949

6.38%, 10/23/2034		196,000		272,134

3.70%, 3/1/2041		214,000		226,706

3.70%, 2/2/2042		200,000		211,688


				1,794,113


Poland — 0.6%

Republic of Poland

3.00%, 3/17/2023		274,000		288,728

4.00%, 1/22/2024		70,000		76,949

3.25%, 4/6/2026		119,000		133,131


				498,808


Qatar — 2.5%

State of Qatar

3.88%, 4/23/2023 (b)		215,000		229,512

3.38%, 3/14/2024 (a)		250,000		269,297

4.00%, 3/14/2029 (b)		214,000		244,495

9.75%, 6/15/2030 (b)		154,000		250,202

4.63%, 6/2/2046 (b)		708,000		848,272

5.10%, 4/23/2048 (a)		200,000		253,813


				2,095,591

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	329

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Romania — 0.8%

Romania Government Bond

4.38%, 8/22/2023 (a)		50,000		54,437

4.88%, 1/22/2024 (a)		64,000		71,400

3.00%, 2/14/2031 (a)		300,000		303,563

5.13%, 6/15/2048 (b)		130,000		147,875

4.00%, 2/14/2051 (a)		108,000		104,220


				681,495


Russia — 2.1%

Russian Federation

4.88%, 9/16/2023 (a)		200,000		219,527

4.25%, 6/23/2027 (b)		200,000		225,100

4.38%, 3/21/2029 (a)		200,000		225,000

7.50%, 3/31/2030 (a) (d)		113,475		130,610

5.10%, 3/28/2035 (b)		400,000		469,750

5.63%, 4/4/2042 (a)		200,000		251,437

5.25%, 6/23/2047 (b)		200,000		248,563


				1,769,987


Saudi Arabia — 2.7%

Kingdom of Saudi Arabia

2.88%, 3/4/2023 (b)		320,000		332,800

2.88%, 3/4/2023 (a)		28,000		29,120

3.63%, 3/4/2028 (a)		510,000		560,522

4.50%, 4/17/2030 (b)		282,000		329,411

2.75%, 2/3/2032 (a)		200,000		203,250

4.63%, 10/4/2047 (b)		247,000		281,889

5.00%, 4/17/2049 (a)		200,000		240,750

4.50%, 4/22/2060 (a)		270,000		307,378


				2,285,120


South Africa — 4.4%

Republic of South Africa

4.67%, 1/17/2024		275,000		291,414

5.88%, 9/16/2025		262,000		291,475

4.88%, 4/14/2026		388,000		408,855

4.85%, 9/27/2027		284,000		295,360

4.30%, 10/12/2028		737,000		729,630

4.85%, 9/30/2029		200,000		201,437

5.88%, 6/22/2030		256,000		274,480

5.00%, 10/12/2046		528,000		457,380

5.65%, 9/27/2047		221,000		203,251

5.75%, 9/30/2049		592,000		542,790


				3,696,072


Trinidad and Tobago — 0.3%

Republic of Trinidad and Tobago 4.50%, 8/4/2026 (b)		200,000		215,250


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Turkey — 8.5%

Hazine Mustesarligi Varlik Kiralama A/S 4.49%, 11/25/2024 (b)		203,000		207,377

Republic of Turkey

3.25%, 3/23/2023		546,000		543,611

7.25%, 12/23/2023		200,000		217,000

5.75%, 3/22/2024		275,000		287,461

7.38%, 2/5/2025		347,000		383,543

4.25%, 4/14/2026		768,000		750,480

4.88%, 10/9/2026		226,000		224,658

6.00%, 3/25/2027		870,000		907,519

6.13%, 10/24/2028		290,000		301,691

7.63%, 4/26/2029		200,000		224,312

11.88%, 1/15/2030		423,000		600,792

8.00%, 2/14/2034		438,000		501,784

6.88%, 3/17/2036		301,000		310,406

7.25%, 3/5/2038		63,000		66,938

6.75%, 5/30/2040		397,000		395,387

4.88%, 4/16/2043		450,000		363,516

6.63%, 2/17/2045		455,000		436,516

5.75%, 5/11/2047		419,000		366,494


				7,089,485


Ukraine — 4.5%

Ukraine Government Bond

7.75%, 9/1/2023 (b)		350,000		377,125

7.75%, 9/1/2024 (b)		683,000		735,292

7.75%, 9/1/2025 (a)		104,000		112,684

7.75%, 9/1/2026 (b)		5,000		5,402

7.75%, 9/1/2027 (b)		615,000		665,161

7.75%, 9/1/2027 (a)		100,000		108,156

9.75%, 11/1/2028 (a)		200,000		235,687

7.38%, 9/25/2032 (b)		385,000		394,144

7.38%, 9/25/2032 (a)		208,000		212,940

7.25%, 3/15/2033 (a)		932,000		944,815


				3,791,406


United Arab Emirates — 1.5%

Sharjah Sukuk Program Ltd. 4.23%, 3/14/2028 (a)		200,000		217,625

United Arab Emirates Government Bond

3.13%, 10/11/2027 (a)		300,000		328,406

3.13%, 4/16/2030 (a)		200,000		216,700

4.13%, 10/11/2047 (b)		200,000		228,500

3.13%, 9/30/2049 (b)		265,000		256,802


				1,248,033

SEE NOTES TO FINANCIAL STATEMENTS.



330	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Uruguay — 1.4%

Oriental Republic of Uruguay

4.38%, 10/27/2027		207,000		235,398

4.38%, 1/23/2031		82,000		94,812

7.63%, 3/21/2036		192,000		296,580

4.98%, 4/20/2055		431,000		524,473


				1,151,263


Vietnam — 0.3%

Socialist Republic of Vietnam 4.80%, 11/19/2024 (b)		200,000		224,250


Total Foreign Government Securities (Cost $71,481,937)				73,484,659


Corporate Bonds — 10.2%

Azerbaijan — 1.0%

Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)		393,000		469,478

State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023 (a)		350,000		368,703


				838,181


Bahrain — 0.5%

Oil and Gas Holding Co. BSCC (The)

7.50%, 10/25/2027 (b)		203,000		231,103

7.50%, 10/25/2027 (a)		200,000		227,687


				458,790


Brazil — 0.4%

Banco Nacional de Desenvolvimento Economico e Social 5.75%, 9/26/2023 (b)		280,000		312,112


Chile — 0.8%

Corp. Nacional del Cobre de Chile

4.50%, 9/16/2025 (a)		300,000		338,438

3.70%, 1/30/2050 (a)		320,000		315,800


				654,238


China — 1.1%

Sinopec Group Overseas Development 2012 Ltd. 4.88%, 5/17/2042 (a)		200,000		240,512

Sinopec Group Overseas Development 2017 Ltd. 3.63%, 4/12/2027 (b)		200,000		218,982

Sinopec Group Overseas Development Ltd. 2.70%, 5/13/2030 (a)		240,000		242,700

State Grid Overseas Investment 2016 Ltd.

3.50%, 5/4/2027 (b)		2,000		2,205

1.63%, 8/5/2030 (a)		200,000		188,063


				892,462


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indonesia — 0.6%

Indonesia Asahan Aluminium Persero PT 5.45%, 5/15/2030 (a)		200,000		229,125

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 6.15%, 5/21/2048 (a)		201,000		245,534


				474,659


Kazakhstan — 0.6%

KazMunayGas National Co. JSC

5.38%, 4/24/2030 (a)		222,000		263,348

6.38%, 10/24/2048 (b)		200,000		256,125


				519,473


Malaysia — 1.1%

Petronas Capital Ltd.

3.50%, 3/18/2025 (b)		253,000		274,907

4.55%, 4/21/2050 (a)		520,000		624,122


				899,029


Mexico — 1.5%

Comision Federal de Electricidad 4.75%, 2/23/2027 (b)		100,000		110,625

Mexico City Airport Trust 5.50%, 7/31/2047 (a)		209,000		195,415

Petroleos Mexicanos

4.88%, 1/18/2024		50,000		51,788

6.50%, 3/13/2027		148,000		153,550

5.95%, 1/28/2031		51,000		49,215

6.63%, 6/15/2035		386,000		367,549

6.35%, 2/12/2048		174,000		146,812

6.95%, 1/28/2060		245,000		215,514


				1,290,468


Peru — 0.2%

Petroleos del Peru SA 5.63%, 6/19/2047 (b)		200,000		220,480


Russia — 0.2%

Vnesheconombank Via VEB Finance plc 6.80%, 11/22/2025 (b)		140,000		167,081


South Africa — 1.0%

Eskom Holdings SOC Ltd.

6.75%, 8/6/2023 (b)		2,000		2,089

7.13%, 2/11/2025 (b)		527,000		549,727

6.35%, 8/10/2028 (b)		240,000		256,950


				808,766

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	331

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Tunisia — 0.2%

Banque Centrale de Tunisie International Bond 5.75%, 1/30/2025 (b)		200,000		177,875


United Arab Emirates — 1.0%

Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (a)		222,000		256,132

DP World plc 6.85%, 7/2/2037 (a)		260,000		339,950

MDGH — GMTN BV 2.88%, 5/21/2030 (a)		201,000		210,799


				806,881


Total Corporate Bonds (Cost $8,368,744)				8,520,495


	SHARES

Short-Term Investments — 3.2%

Investment Companies — 0.9%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (e) (f) (Cost $776,784)		776,784		776,784


Investment of Cash Collateral from Securities Loaned — 2.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (e) (f) (Cost $1,878,630)		1,878,630		1,878,630


Total Short-Term Investments (Cost $2,655,414)				2,655,414

Total Investments — 101.1% (Cost $82,506,095)				84,660,568
Liabilities in Excess of Other Assets — (1.1)%				(909,905)

Net Assets — 100.0%				83,750,663

Percentages indicated are based on net assets.

Abbreviations


CJSC		Closed Joint Stock Company
GMTN		Global medium term note
JSC		Joint Stock Company
PT		Limited liability company
SPC		Special purpose company

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.


(c)		The security or a portion of this security is on loan at February 28, 2021. The total value of securities on loan at February 28, 2021 is $1,815,183.
(d)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2021.
(e)		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.
(f)		The rate shown is the current yield as of February 28, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



332	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2021


	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		JPMorgan Core Plus Bond ETF		JPMorgan Corporate Bond Research Enhanced ETF
ASSETS:
Investments in non-affiliates, at value	$	59,084,819	$	131,135,142	$	54,780,532
Investments in affiliates, at value		514,056		32,839,275		194,411
Investments of cash collateral received from securities loaned, at value (See Note 2.E.)		104,878		—		—
Cash		1,320		5,640		3,444
Deposits at broker for futures contracts		—		246,000		56,000
Segregated cash balance with Authorized Participant for deposit securities		52,497		—		—
Receivables:
Investment securities sold		1,040,371		155		201,452
Investment securities sold — delayed delivery securities		—		9,277,103		—
Interest from non-affiliates		250,697		716,142		502,519
Dividends from affiliates		7		630		3
Securities lending income (See Note 2.E.)		14		—		—
Unrealized appreciation on forward foreign currency exchange contracts		—		20,120		—

Total Assets		61,048,659		174,240,207		55,738,361


LIABILITIES:
Payables:
Investment securities purchased		1,234,686		263,656		387,515
Investment securities purchased — delayed delivery securities		—		27,244,827		—
Collateral received on securities loaned (See Note 2.E.)		104,878		—		—
Variation margin on futures contracts		—		450		12,248
Unrealized depreciation on forward foreign currency exchange contracts		—		41,069		—
Collateral upon return of deposit securities		52,497		—		—
Accrued liabilities:
Management fees (See Note 3.A.)		2,192		42,095		5,960

Total Liabilities		1,394,253		27,592,097		405,723

Net Assets	$	59,654,406	$	146,648,110	$	55,332,638


NET ASSETS:
Paid-in-Capital	$	58,678,896	$	145,467,800	$	53,275,690
Total distributable earnings (loss)		975,510		1,180,310		2,056,948

Total Net Assets	$	59,654,406	$	146,648,110	$	55,332,638


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		2,300,000		2,700,000		1,000,000

Net asset value, per share	$	25.94	$	54.31	$	55.33


Cost of investments in non-affiliates	$	58,236,781	$	130,558,242	$	53,129,223
Cost of investments in affiliates		514,056		32,839,275		194,411
Investment securities on loan, at value (See Note 2.E.)		102,693		—		—
Cost of investment of cash collateral (See Note 2.E.)		104,878		—		—

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	333

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2021 (continued)


	JPMorgan High Yield Research Enhanced ETF		JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)			JPMorgan Municipal ETF
ASSETS:
Investments in non-affiliates, at value	$	1,526,099,647	$	233,326,707		$	74,939,329
Investments in affiliates, at value		13,965,910		12,234,929			—
Cash		—		—			401,433
Foreign currency, at value		—		616,907			—
Deposits at broker for futures contracts		—		1,044,000			—
Deposits at broker for centrally cleared swaps		—		286,000			—
Segregated cash balance with Authorized Participant for deposit securities		52,496		—			—
Receivables:
Due from custodian		2,151,459		—			—
Investment securities sold		—		213,888			363
Investment securities sold — delayed delivery securities		—		—			825,131
Interest from non-affiliates		21,387,351		2,866,340			792,832
Dividends from affiliates		1,071		173			25
Tax reclaims		—		13,752			—
Variation margin on futures contracts		—		118,027			—
Variation margin on centrally cleared swaps (net upfront receipts of $0, $84,463 and $0, respectively)		—		69,338			—
Unrealized appreciation on forward foreign currency exchange contracts		—		1,379,196			—
Outstanding OTC swap contracts, at value (net upfront payments of $0, $218,485 and $0, respectively)		—		150,064			—

Total Assets		1,563,657,934		252,319,321			76,959,113


LIABILITIES:
Payables:
Due to custodian		—		3,354			—
Investment securities purchased		3,694,585		564,360			362
Investment securities purchased — delayed delivery securities		—		366,791			824,435
Unrealized depreciation on forward foreign currency exchange contracts		—		1,191,509			—
Collateral upon return of deposit securities		52,496		—			—
Accrued liabilities:
Management fees (See Note 3.A.)		276,798		95,580			14,011
Deferred foreign capital gains tax		—		444			—

Total Liabilities		4,023,879		2,222,038			838,808

Net Assets	$	1,559,634,055	$	250,097,283		$	76,120,305


NET ASSETS:
Paid-in-Capital	$	1,557,059,616	$	252,816,016		$	73,927,790
Total distributable earnings (loss)		2,574,439		(2,718,733	)		2,192,515

Total Net Assets	$	1,559,634,055	$	250,097,283		$	76,120,305


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		30,200,000		4,900,000			1,400,000

Net asset value, per share	$	51.64	$	51.04		$	54.37


Cost of investments in non-affiliates	$	1,524,543,890	$	230,568,903		$	73,046,678
Cost of investments in affiliates		13,965,910		12,234,929			—
Cost of foreign currency		—		688,244			—

SEE NOTES TO FINANCIAL STATEMENTS.



334	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


	JPMorgan U.S. Aggregate Bond ETF		JPMorgan Ultra-Short Income ETF		JPMorgan Ultra-Short Municipal Income ETF		JPMorgan USD Emerging Markets Sovereign Bond ETF
ASSETS:
Investments in non-affiliates, at value	$	816,173,492	$	15,549,140,166	$	1,247,629,533	$	82,005,154
Investments in affiliates, at value		5,811,837		763,604,992		139,089,852		776,784
Investments of cash collateral received from securities loaned, at value (See Note 2.E.)		19,365,355		38,378,955		—		1,878,630
Repurchase agreements, at value		—		100,000,000		—		—
Cash		131,966		1,037,731		8,869		38,644
Deposits at broker for futures contracts		—		409,000		—		—
Segregated cash balance with Authorized Participant for deposit securities		31,428		—		—		—
Receivables:
Investment securities sold		28,042,749		48,546,927		22,360,037		2,606,189
Fund shares sold		—		—		12,759,135		—
Interest from non-affiliates		4,274,367		51,773,630		10,665,285		1,131,692
Dividends from affiliates		55		25,079		3,540		14
Tax reclaims		—		—		—		318
Securities lending income (See Note 2.E.)		1,330		3,707		—		518
Due from Authorized Participant		521,801		—		—		—

Total Assets		874,354,380		16,552,920,187		1,432,516,251		88,437,943


LIABILITIES:
Payables:
Investment securities purchased		28,122,850		308,318,633		12,444,265		2,783,048
Investment securities purchased — delayed delivery securities		—		60,000,000		9,595,016		—
Collateral received on securities loaned (See Note 2.E.)		19,365,355		38,378,955		—		1,878,630
Variation margin on futures contracts		—		117,722		—		—
Collateral upon return of deposit securities		31,428		—		—		—
Accrued liabilities:
Management fees (See Note 3.A.)		45,417		2,067,164		165,812		25,602

Total Liabilities		47,565,050		408,882,474		22,205,093		4,687,280

Net Assets	$	826,789,330	$	16,144,037,713	$	1,410,311,158	$	83,750,663


NET ASSETS:
Paid-in-Capital	$	821,889,174	$	16,060,524,046	$	1,407,170,648	$	85,502,389
Total distributable earnings (loss)		4,900,156		83,513,667		3,140,510		(1,751,726	)

Total Net Assets	$	826,789,330	$	16,144,037,713	$	1,410,311,158	$	83,750,663


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		30,400,000		317,950,000		27,650,000		1,700,000

Net asset value, per share	$	27.20	$	50.78	$	51.01	$	49.27


Cost of investments in non-affiliates	$	813,311,427	$	15,479,181,964	$	1,245,040,021	$	79,850,681
Cost of investments in affiliates		5,811,837		763,604,992		139,100,415		776,784
Cost of repurchase agreements		—		100,000,000		—		—
Investment securities on loan, at value (See Note 2.E.)		14,606,292		37,357,448		—		1,815,183
Cost of investment of cash collateral (See Note 2.E.)		19,365,355		38,378,955		—		1,878,630

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	335

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2021


	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF			JPMorgan Core Plus Bond ETF			JPMorgan Corporate Bond Research Enhanced ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	737,970		$	2,157,137		$	1,293,536
Interest income from affiliates		7			—			—
Dividend income from affiliates		176			19,517			661
Income from securities lending (net) (See Note 2.E.)		434			5			—

Total investment income		738,587			2,176,659			1,294,197


EXPENSES:
Management fees (See Note 3.A.)		21,720			368,866			60,753
Interest expense to non-affiliates		—			24			1

Total expenses		21,720			368,890			60,754

Net investment income (loss)		716,867			1,807,769			1,233,443


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		231,940			1,239,131			730,020
Options purchased		—			(9,788	)		—
Futures contracts		—			302,138			(16,679	)
Swaps		—			44,067			—

Net realized gain (loss)		231,940			1,575,548			713,341

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(139,324	)		(1,512,341	)		(1,304,980	)
Futures contracts		—			(75,508	)		(9,098	)
Forward foreign currency exchange contracts		—			(20,949	)		—

Change in net unrealized appreciation/depreciation		(139,324	)		(1,608,798	)		(1,314,078	)

Net realized/unrealized gains (losses)		92,616			(33,250	)		(600,737	)

Change in net assets resulting from operations	$	809,483		$	1,774,519		$	632,706

SEE NOTES TO FINANCIAL STATEMENTS.



336	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


	JPMorgan High Yield Research Enhanced ETF			JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)			JPMorgan Municipal ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	15,258,858		$	5,975,964		$	1,221,765
Interest income from affiliates		—			187			—
Dividend income from non-affiliates		—			349			18
Dividend income from affiliates		4,813			10,744			5,944
Income from securities lending (net) (See Note 2.E.)		1,854			—			—
Foreign taxes withheld (net)		—			(19,168	)		—

Total investment income		15,265,525			5,968,076			1,227,727


EXPENSES:
Management fees (See Note 3.A.)		811,073			869,744			138,012
Interest expense to non-affiliates		—			1,041			—
Interest expense to affiliates		—			6,511			—

Total expenses		811,073			877,296			138,012

Net investment income (loss)		14,454,452			5,090,780			1,089,715


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(2,690,435	)		(228,659	)(a)		238,804
Investments in affiliates		—			—			(1,560	)
In-kind redemptions of investments in non-affiliates		(5,409,895	)		—			—
Futures contracts		—			1,635,300			—
Foreign currency transactions		—			(264,636	)		—
Forward foreign currency exchange contracts		—			(3,697,713	)		—
Swaps		—			825,794			—

Net realized gain (loss)		(8,100,330	)		(1,729,914	)		237,244

Distributions of capital gains received from investment company affiliates		—			—			3

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,918,296			436,066	(b)		(1,230,669	)
Investments in affiliates		—			—			(14	)
Futures contracts		—			244,227			—
Foreign currency translations		—			247,078			—
Forward foreign currency exchange contracts		—			267,938			—
Swaps		—			130,883			—

Change in net unrealized appreciation/depreciation		2,918,296			1,326,192			(1,230,683	)

Net realized/unrealized gains (losses)		(5,182,034	)		(403,722	)		(993,436	)

Change in net assets resulting from operations	$	9,272,418		$	4,687,058		$	96,279

(a)	Net of foreign capital gains tax of $(29,246).

(b)	Net of change in foreign capital gains tax of $9,702.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	337

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2021 (continued)


	JPMorgan U.S. Aggregate Bond ETF			JPMorgan Ultra-Short Income ETF		JPMorgan Ultra-Short Municipal Income ETF			JPMorgan USD Emerging Markets Sovereign Bond ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	11,425,719		$	173,481,765	$	5,097,507		$	4,112,269
Interest income from affiliates		10			—		—			—
Dividend income from affiliates		2,552			1,283,035		76,628			621
Income from securities lending (net) (See Note 2.E.)		13,953			115,663		—			9,556

Total investment income		11,442,234			174,880,463		5,174,135			4,122,446


EXPENSES:
Management fees (See Note 3.A.)		476,422			22,121,701		1,066,035			328,421
Interest expense to non-affiliates		—			1,849		—			—
Interest expense to affiliates		—			10,022		—			—

Total expenses		476,422			22,133,572		1,066,035			328,421

Net investment income (loss)		10,965,812			152,746,891		4,108,100			3,794,025


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,507,191			120,637		(27,009	)		(3,806,548	)
Investments in affiliates		—			—		(7,802	)		—
In-kind redemptions of investments in non-affiliates		2,586,176			—		—			150,800
Futures contracts		—			6,682,948		—			—

Net realized gain (loss)		6,093,367			6,803,585		(34,811	)		(3,655,748	)

Distributions of capital gains received from investment company affiliates		—			—		178			—

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(17,084,303	)		25,780,691		1,928,681			(131,088	)
Investments in affiliates		—			—		(10,563	)		—
Futures contracts		—			427,077		—			—

Change in net unrealized appreciation/depreciation		(17,084,303	)		26,207,768		1,918,118			(131,088	)

Net realized/unrealized gains (losses)		(10,990,936	)		33,011,353		1,883,485			(3,786,836	)

Change in net assets resulting from operations	$	(25,124	)	$	185,758,244	$	5,991,585		$	7,189

SEE NOTES TO FINANCIAL STATEMENTS.



338	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED



	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF						JPMorgan Core Plus Bond ETF
	Year Ended February 28, 2021			Period Ended February 29, 2020 (a)			Year Ended February 28, 2021			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	716,867		$	750,051		$	1,807,769		$	927,088
Net realized gain (loss)		231,940			91,623			1,575,548			620,050
Change in net unrealized appreciation/depreciation		(139,324	)		987,362			(1,608,798	)		2,065,672

Change in net assets resulting from operations		809,483			1,829,036			1,774,519			3,612,810


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(876,578	)		(786,431	)		(3,118,840	)		(1,191,282	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		22,226,417			36,452,479			93,823,607			26,569,194


NET ASSETS:
Change in net assets		22,159,322			37,495,084			92,479,286			28,990,722
Beginning of period		37,495,084			—			54,168,824			25,178,102

End of period	$	59,654,406		$	37,495,084		$	146,648,110		$	54,168,824


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	23,516,563		$	36,452,479		$	121,700,097		$	26,569,194
Cost of shares redeemed		(1,290,146	)		—			(27,876,490	)		—

Total change in net assets resulting from capital transactions	$	22,226,417		$	36,452,479		$	93,823,607		$	26,569,194


SHARE TRANSACTIONS:
Issued		900,000			1,450,000			2,200,000			500,000
Redeemed		(50,000	)		—			(500,000	)		—

Net increase in shares from share transactions		850,000			1,450,000			1,700,000			500,000

(a)	Commencement of operations was March 12, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	339

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)



	JPMorgan Corporate Bond Research Enhanced ETF						JPMorgan High Yield Research Enhanced ETF
	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28, 2021			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,233,443		$	1,051,195		$	14,454,452		$	8,026,465
Net realized gain (loss)		713,341			780,622			(8,100,330	)		1,508,193
Change in net unrealized appreciation/depreciation		(1,314,078	)		2,449,608			2,918,296			(189,354	)

Change in net assets resulting from operations		632,706			4,281,425			9,272,418			9,345,304


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,836,138	)		(1,566,538	)		(10,833,216	)		(8,310,507	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		21,365,676			6,860,014			1,390,157,529			15,432,142


NET ASSETS:
Change in net assets		20,162,244			9,574,901			1,388,596,731			16,466,939
Beginning of period		35,170,394			25,595,493			171,037,324			154,570,385

End of period	$	55,332,638		$	35,170,394		$	1,559,634,055		$	171,037,324


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	21,365,676		$	6,860,014		$	1,434,265,618		$	15,432,142
Cost of shares redeemed		—			—			(44,108,089	)		—

Total change in net assets resulting from capital transactions	$	21,365,676		$	6,860,014		$	1,390,157,529		$	15,432,142


SHARE TRANSACTIONS:
Issued		375,000			125,000			27,800,000			300,000
Redeemed		—			—			(1,000,000	)		—

Net increase in shares from share transactions		375,000			125,000			26,800,000			300,000

SEE NOTES TO FINANCIAL STATEMENTS.



340	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021



	JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)						JPMorgan Municipal ETF
	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28, 2021			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,090,780		$	6,285,285		$	1,089,715		$	860,167
Net realized gain (loss)		(1,729,914	)		2,702,947			237,244			575,968
Distributions of capital gains received from investment company affiliates		—			—			3			—
Change in net unrealized appreciation/depreciation		1,326,192			4,105,639			(1,230,683	)		2,214,073

Change in net assets resulting from operations		4,687,058			13,093,871			96,279			3,650,208


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(4,888,166	)		(8,337,390	)		(1,149,619	)		(1,413,794	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		80,369,552			(15,184,873	)		24,782,763			19,000,910


NET ASSETS:
Change in net assets		80,168,444			(10,428,392	)		23,729,423			21,237,324
Beginning of period		169,928,839			180,357,231			52,390,882			31,153,558

End of period	$	250,097,283		$	169,928,839		$	76,120,305		$	52,390,882


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	107,768,383		$	5,073,164		$	35,363,968		$	29,682,599
Cost of shares redeemed		(27,398,831	)		(20,258,037	)		(10,581,205	)		(10,681,689	)

Total change in net assets resulting from capital transactions	$	80,369,552		$	(15,184,873	)	$	24,782,763		$	19,000,910


SHARE TRANSACTIONS:
Issued		2,100,000			100,000			650,000			550,000
Redeemed		(600,000	)		(400,000	)		(200,000	)		(200,000	)

Net increase (decrease) in shares from share transactions		1,500,000			(300,000	)		450,000			350,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	341

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)



	JPMorgan U.S. Aggregate Bond ETF						JPMorgan Ultra-Short Income ETF
	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28, 2021			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,965,812		$	6,135,910		$	152,746,891		$	215,229,392
Net realized gain (loss)		6,093,367			1,526,368			6,803,585			4,869,131
Change in net unrealized appreciation/depreciation		(17,084,303	)		19,826,834			26,207,768			41,300,189

Change in net assets resulting from operations		(25,124	)		27,489,112			185,758,244			261,398,712


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(13,077,795	)		(7,057,507	)		(148,089,858	)		(218,564,137	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		296,821,303			423,909,259			4,514,879,823			5,845,592,654


NET ASSETS:
Change in net assets		283,718,384			444,340,864			4,552,548,209			5,888,427,229
Beginning of period		543,070,946			98,730,082			11,591,489,504			5,703,062,275

End of period	$	826,789,330		$	543,070,946		$	16,144,037,713		$	11,591,489,504


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	364,516,514		$	445,988,689		$	6,937,280,585		$	6,133,315,027
Cost of shares redeemed		(67,695,211	)		(22,079,430	)		(2,422,400,762	)		(287,722,373	)

Total change in net assets resulting from capital transactions	$	296,821,303		$	423,909,259		$	4,514,879,823		$	5,845,592,654


SHARE TRANSACTIONS:
Issued		13,100,000			16,750,000			136,900,000			121,600,000
Redeemed		(2,500,000	)		(850,000	)		(48,450,000	)		(5,700,000	)

Net increase in shares from share transactions		10,600,000			15,900,000			88,450,000			115,900,000

SEE NOTES TO FINANCIAL STATEMENTS.



342	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021



	JPMorgan Ultra-Short Municipal Income ETF						JPMorgan USD Emerging Markets Sovereign Bond ETF
	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28, 2021			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,108,100		$	1,852,136		$	3,794,025		$	3,299,525
Net realized gain (loss)		(34,811	)		(20,822	)		(3,655,748	)		380,895
Distributions of capital gains received from investment company affiliates		178			—			—			—
Change in net unrealized appreciation/depreciation		1,918,118			526,419			(131,088	)		3,946,502

Change in net assets resulting from operations		5,991,585			2,357,733			7,189			7,626,922


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(3,476,451	)		(1,868,857	)		(3,496,716	)		(3,288,107	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,200,610,442			148,897,115			(4,473,264	)		25,597,892


NET ASSETS:
Change in net assets		1,203,125,576			149,385,991			(7,962,791	)		29,936,707
Beginning of period		207,185,582			57,799,591			91,713,454			61,776,747

End of period	$	1,410,311,158		$	207,185,582		$	83,750,663		$	91,713,454


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	1,200,610,442		$	151,415,332		$	19,156,204		$	25,597,892
Cost of shares redeemed		—			(2,518,217	)		(23,629,468	)		—

Total change in net assets resulting from capital transactions	$	1,200,610,442		$	148,897,115		$	(4,473,264	)	$	25,597,892


SHARE TRANSACTIONS:
Issued		23,550,000			3,000,000			400,000			500,000
Redeemed		—			(50,000	)		(500,000	)		—

Net increase (decrease) in shares from share transactions		23,550,000			2,950,000			(100,000	)		500,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	343

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Year Ended February 28, 2021	$	25.86	$	0.42	$	0.17		$	0.59		$	(0.41	)	$	(0.10	)	$	(0.51	)
March 12, 2019 (f) through February 29, 2020		25.00		0.59		0.88			1.47			(0.61	)		—			(0.61	)

JPMorgan Core Plus Bond ETF
Year Ended February 28, 2021		54.17		0.97		0.70	(h)		1.67			(0.88	)		(0.65	)		(1.53	)
Year Ended February 29, 2020		50.36		1.45		4.13			5.58			(1.44	)		(0.33	)		(1.77	)
January 28, 2019 (f) through February 28, 2019		50.00		0.13		0.36			0.49			(0.13	)		—			(0.13	)

JPMorgan Corporate Bond Research Enhanced ETF
Year Ended February 28, 2021		56.27		1.58		(0.31	)		1.27			(1.46	)		(0.75	)		(2.21	)
Year Ended February 29, 2020		51.19		1.95		5.96			7.91			(1.93	)		(0.90	)		(2.83	)
December 12, 2018 (f) through February 28, 2019		50.00		0.44		1.19			1.63			(0.44	)		—			(0.44	)

JPMorgan High Yield Research Enhanced ETF
Year Ended February 28, 2021		50.31		2.12		1.31	(h)		3.43			(2.07	)		(0.03	)		(2.10	)
Year Ended February 29, 2020		49.86		2.50		0.53			3.03			(2.58	)		—			(2.58	)
Year Ended February 28, 2019		50.09		2.47		(0.23	)		2.24			(2.47	)		—			(2.47	)
Year Ended February 28, 2018		50.96		2.44		(0.92	)		1.52			(2.39	)		—			(2.39	)
September 14, 2016 (f) through February 28, 2017		50.00		1.14		0.96			2.10			(1.14	)		—	(l)		(1.14	)

JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)
Year Ended February 28, 2021		49.98		1.45		1.00	(h)		2.45			(1.39	)		—			(1.39	)
Year Ended February 29, 2020		48.75		1.71		1.86			3.57			(2.34	)		—			(2.34	)
Year Ended February 28, 2019		50.54		1.94		(0.97	)		0.97			(2.56	)		(0.20	)		(2.76	)
April 5, 2017 (f) through February 28, 2018		50.00		1.83		0.05	(h)		1.88			(1.34	)		—			(1.34	)

JPMorgan Municipal ETF
Year Ended February 28, 2021		55.15		1.00		(0.71	)		0.29			(0.94	)		(0.13	)		(1.07	)
Year Ended February 29, 2020		51.92		1.24		3.91			5.15			(1.22	)		(0.70	)		(1.92	)
October 29, 2018 (f) through February 28, 2019		50.00		0.46		1.90			2.36			(0.44	)		—			(0.44	)

JPMorgan U.S. Aggregate Bond ETF
Year Ended February 28, 2021		27.43		0.44		(0.15	)		0.29			(0.42	)		(0.10	)		(0.52	)
Year Ended February 29, 2020		25.32		0.69		2.18			2.87			(0.72	)		(0.04	)		(0.76	)
December 12, 2018 (f) through February 28, 2019		25.00		0.18		0.29			0.47			(0.15	)		—			(0.15	)

JPMorgan Ultra-Short Income ETF
Year Ended February 28, 2021		50.51		0.58		0.28			0.86			(0.59	)		—	(l)		(0.59	)
Year Ended February 29, 2020		50.20		1.28		0.32			1.60			(1.29	)		—			(1.29	)
Year Ended February 28, 2019		50.01		1.37		(0.04	)(h)		1.33			(1.14	)		—			(1.14	)
May 17, 2017 (f) through February 28, 2018		50.00		0.70		(0.08	)		0.62			(0.61	)		—			(0.61	)

JPMorgan Ultra-Short Municipal Income ETF
Year Ended February 28, 2021		50.53		0.32		0.52			0.84			(0.36	)		—			(0.36	)
Year Ended February 29, 2020		50.26		0.78		0.26			1.04			(0.77	)		—			(0.77	)
October 16, 2018 (f) through February 28, 2019		50.00		0.35		0.23			0.58			(0.32	)		—			(0.32	)

JPMorgan USD Emerging Markets Sovereign Bond ETF
Year Ended February 28, 2021		50.95		2.17		(1.83	)		0.34			(2.02	)		—			(2.02	)
Year Ended February 29, 2020		47.52		2.32		3.40			5.72			(2.29	)		—			(2.29	)
Year Ended February 28, 2019		48.83		2.31		(1.30	)		1.01			(2.32	)		—			(2.32	)
January 29, 2018 (f) through February 28, 2018		50.00		0.19		(1.21	)		(1.02	)		(0.15	)		—			(0.15	)

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(e)

Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.

(f)	Commencement of operations.

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

(h)

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

(i)	Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.

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

(k)	Amount rounds to less than 0.5%

(l)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



344	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


Ratios/Supplemental data
												Ratios to average net assets (a)
Net asset value, end of period		Market price, end of period		Total return (c)(d)			Market price total return (c)(e)			Net assets, end of period		Net expenses			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)


$	25.94	$	25.98		2.32	%		2.55	%	$	59,654,406		0.05	%		1.62	%		0.05	%		40	%
	25.86		25.84		5.93			5.85	(g)		37,495,084		0.05			2.38			0.05			56


	54.31		54.48		3.08			2.87			146,648,110		0.36			1.76			0.36			272
	54.17		54.44		11.24			11.52			54,168,824		0.38			2.76			0.69	(i)		91
	50.36		50.48		0.97			1.21	(g)		25,178,102		0.38	(j)		2.96			5.38	(i)(j)		—	(k)


	55.33		55.48		2.24			2.09			55,332,638		0.14			2.81			0.14			41
	56.27		56.50		15.74			15.95			35,170,394		0.14			3.58			0.65	(i)		67
	51.19		51.30		3.26			3.48	(g)		25,595,493		0.14	(j)		3.98			2.13	(i)(j)		12


	51.64		51.61		7.16			6.43			1,559,634,055		0.23			4.18			0.23			50
	50.31		50.62		6.15			6.88			171,037,324		0.32			4.90			0.44	(i)		128
	49.86		49.82		4.66			4.00			154,570,385		0.40			5.01			0.57	(i)		23
	50.09		50.36		3.00			3.12			105,191,308		0.40			4.78			0.98	(i)		23
	50.96		51.16		4.24			4.64	(g)		30,574,068		0.39	(j)		4.99			1.74	(i)(j)		8


	51.04		51.34		5.02			5.95			250,097,283		0.50			2.90			0.50			136
	49.98		49.83		7.39			6.89			169,928,839		0.53			3.40			0.69	(i)		88
	48.75		48.83		2.09			2.13			180,357,231		0.54			3.92			0.82	(i)		73
	50.54		50.60		3.76			3.88	(g)		151,634,232		0.53	(j)		3.98			1.10	(i)(j)		52


	54.37		54.35		0.54			0.67			76,120,305		0.23			1.84			0.23			56
	55.15		55.06		10.09			9.71			52,390,882		0.23			2.31			0.67	(i)		51
	51.92		52.01		4.74			4.92	(g)		31,153,558		0.23	(j)		2.65			1.06	(i)(j)		15


	27.20		27.18		1.04			0.85			826,789,330		0.07			1.60			0.07			64
	27.43		27.46		11.46			11.49			543,070,946		0.07			2.61			0.20	(i)		57
	25.32		25.34		1.90			1.98	(g)		98,730,082		0.07	(j)		3.26			1.14	(i)(j)		53


	50.78		50.79		1.72			1.67			16,144,037,713		0.17			1.14			0.17			94
	50.51		50.54		3.22			3.22			11,591,489,504		0.18			2.53			0.22	(i)		46
	50.20		50.23		2.68			2.66			5,703,062,275		0.17			2.74			0.28	(i)		43
	50.01		50.05		1.25			1.33	(g)		200,051,266		0.16	(j)		1.77			0.55	(i)(j)		25


	51.01		51.03		1.66			1.64			1,410,311,158		0.16			0.63			0.16			67
	50.53		50.56		2.09			2.09			207,185,582		0.18			1.55			0.34	(i)		153
	50.26		50.29		1.16			1.22	(g)		57,799,591		0.17	(j)		1.88			0.79	(i)(j)		61


	49.27		49.30		0.85			0.50			83,750,663		0.39			4.50			0.39			59
	50.95		51.15		12.25			12.44			91,713,454		0.39			4.64			0.58	(i)		53
	47.52		47.62		2.29			2.23			61,776,747		0.39			4.96			0.87	(i)		28
	48.83		48.95		(2.03	)		(1.79	)(g)		53,713,929		0.35	(j)		4.79			2.74	(i)(j)		2

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	345

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021

1. Organization

The following are 10 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


		Diversification Classification
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF⁽¹⁾		Diversified
JPMorgan Core Plus Bond ETF		Diversified
JPMorgan Corporate Bond Research Enhanced ETF		Diversified
JPMorgan High Yield Research Enhanced ETF		Diversified
JPMorgan International Bond Opportunities ETF⁽²⁾		Diversified
JPMorgan Municipal ETF		Diversified
JPMorgan U.S. Aggregate Bond ETF		Diversified
JPMorgan Ultra-Short Income ETF		Diversified
JPMorgan Ultra-Short Municipal Income ETF		Diversified
JPMorgan USD Emerging Markets Sovereign Bond ETF		Diversified

⁽¹⁾	Commenced operations on March 12, 2019.

⁽²⁾	Effective September 14, 2020, JPMorgan Global Bond Opportunities ETF changed its name to JPMorgan International Bond Opportunities ETF.

The investment objective of JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (“BetaBuilders 1-5 Year U.S. Aggregate Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Barclays Short-Term U.S. Aggregate Bond Index.

The investment objective of JPMorgan Core Plus Bond ETF (“Core Plus Bond ETF”) is to seek a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.

The investment objective of JPMorgan Corporate Bond Research Enhanced ETF (“Corporate Bond Research Enhanced ETF”) is to seek to provide total return from a portfolio of investment grade corporate bonds.

The investment objective of JPMorgan High Yield Research Enhanced ETF (“High Yield Research Enhanced ETF”) is to seek to provide a high level of income with capital appreciation as a secondary objective.

The investment objective of JPMorgan International Bond Opportunities ETF (formerly JPMorgan Global Bond Opportunities ETF) (“International Bond Opportunities ETF”) is to seek to provide total return.

The investment objective of JPMorgan Municipal ETF (“Municipal ETF”) is to seek to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes.

The investment objective of JPMorgan U.S. Aggregate Bond ETF (“U.S. Aggregate Bond ETF”) is to seek long-term total return.

The investment objective of JPMorgan Ultra-Short Income ETF (“Ultra-Short Income ETF”) is to seek to provide current income while seeking to maintain a low volatility of principal.

The investment objective of JPMorgan Ultra-Short Municipal Income ETF (“Ultra-Short Municipal Income ETF”) is to seek to provide as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

The investment objective of JPMorgan USD Emerging Markets Sovereign Bond ETF (“USD Emerging Markets Sovereign Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Emerging Markets Risk-Aware Bond Index.

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



346	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

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


		Listing Exchange
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		Cboe BZX Exchange, Inc.
Core Plus Bond ETF		Cboe BZX Exchange, Inc.
Corporate Bond Research Enhanced ETF		NYSE Arca, Inc.
High Yield Research Enhanced ETF		Cboe BZX Exchange, Inc.
International Bond Opportunities ETF		Cboe BZX Exchange, Inc.
Municipal ETF		Cboe BZX Exchange, Inc.
U.S. Aggregate Bond ETF		NYSE Arca, Inc.
Ultra-Short Income ETF		Cboe BZX Exchange, Inc.
Ultra-Short Municipal Income ETF		Cboe BZX Exchange, Inc.
USD Emerging Markets Sovereign Bond ETF		NYSE Arca, Inc.

Market prices for the Funds’ shares may be different from their net asset value (“NAV”).

The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below:


	Shares per Creation Unit
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		50,000
Core Plus Bond ETF		100,000
Corporate Bond Research Enhanced ETF		25,000
High Yield Research Enhanced ETF		100,000
International Bond Opportunities ETF		100,000
Municipal ETF		50,000
U.S. Aggregate Bond ETF		50,000
Ultra-Short Income ETF		50,000
Ultra-Short Municipal Income ETF		50,000
USD Emerging Markets Sovereign Bond ETF		100,000

The Funds may elect creations and redemptions in cash or partially in 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.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	347

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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

Certain short term investments may be valued using the amortized cost method, provided it approximates the fair market value of the investment. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Fund would receive if it sold the security. The market value of securities in the Funds can generally be expected to vary inversely with changes in prevailing interest rates.

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

Futures contracts and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Core Plus Bond ETF and International Bond Opportunities ETF at February 28, 2021.

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

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

•

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

•

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

•

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

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



348	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

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

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	468,806		$	—	$	468,806
Commercial Mortgage-Backed Securities		—			1,321,504			155,591		1,477,095
Corporate Bonds		—			14,771,329			—		14,771,329
Foreign Government Securities		—			939,769			—		939,769
Mortgage-Backed Securities		—			4,878,625			—		4,878,625
Municipal Bonds		—			127,636			—		127,636
Supranational		—			1,822,858			—		1,822,858
U.S. Government Agency Securities		—			1,611,003			—		1,611,003
U.S. Treasury Obligations		—			32,987,698			—		32,987,698
Short-Term Investments
Investment Companies		514,056			—			—		514,056
Investment of Cash Collateral from Securities Loaned		104,878			—			—		104,878

Total Short-Term Investments		618,934			—			—		618,934

Total Investments in Securities	$	618,934		$	58,929,228		$	155,591	$	59,703,753


Core Plus Bond ETF
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	12,016,547		$	9,701,506	$	21,718,053
Collateralized Mortgage Obligations		—			2,590,254			2,224,016		4,814,270
Commercial Mortgage-Backed Securities		—			4,121,720			148,523		4,270,243
Common Stocks
Oil, Gas & Consumable Fuels		7,214			15,400			—		22,614
Professional Services		62			—			—		62

Total Common Stocks		7,276			15,400			—		22,676

Corporate Bonds		—			55,351,532			—		55,351,532
Mortgage-Backed Securities		—			30,037,850			—		30,037,850
Municipal Bonds		—			33,256			—		33,256
Preferred Stocks		—			—			4,467		4,467
U.S. Treasury Obligations		—			14,878,728			—		14,878,728
Warrants
Diversified Telecommunication Services		—			—			222		222
Media		—			—			1		1
Oil, Gas & Consumable Fuels		3,844			—			—		3,844

Total Warrants		3,844			—			223		4,067

Short-Term Investments
Investment Companies		32,839,275			—			—		32,839,275

Total Investments in Securities	$	32,850,395		$	119,045,287		$	12,078,735	$	163,974,417

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	20,120		$	—	$	20,120
Futures Contracts		14,549			—			—		14,549
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(41,069	)		—		(41,069	)
Futures Contracts		(20,673	)		—			—		(20,673	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(6,124	)	$	(20,949	)	$	—	$	(27,073	)



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	349

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)


Corporate Bond Research Enhanced ETF
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	45,102		$	—	$	45,102
Corporate Bonds		—			54,332,398			—		54,332,398
U.S. Treasury Obligations		—			403,032			—		403,032
Short-Term Investments
Investment Companies		194,411			—			—		194,411

Total Investments in Securities	$	194,411		$	54,780,532		$	—	$	54,974,943

Appreciation in Other Financial Instruments
Futures Contracts	$	11,948		$	—		$	—	$	11,948
Depreciation in Other Financial Instruments
Futures Contracts		(18,526	)		—			—		(18,526	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(6,578	)	$	—		$	—	$	(6,578	)


High Yield Research Enhanced ETF
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Corporate Bonds	$	—		$	1,526,099,647		$	—	$	1,526,099,647
Short-Term Investments
Investment Companies		13,965,910			—			—		13,965,910

Total Investments in Securities	$	13,965,910		$	1,526,099,647		$	—	$	1,540,065,557


International Bond Opportunities ETF
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—		$	4,835,665		$	1,699,878	$	6,535,543
Collateralized Mortgage Obligations
European Union		—			211,146			—		211,146
United States		—			4,715,347			154,490		4,869,837
United Kingdom		—			248,015			—		248,015

Total Collateralized Mortgage Obligations		—			5,174,508			154,490		5,328,998

Commercial Mortgage-Backed Securities
United States		—			4,210,176			2,040,140		6,250,316
Common Stocks		97,287			—			—		97,287
Corporate Bonds		—			136,008,665			—		136,008,665
Foreign Government Securities		—			78,887,613			—		78,887,613
Supranational		—			218,063			—		218,063
Warrants		—			—			222		222
Short-Term Investments
Investment Companies		12,234,929			—			—		12,234,929

Total Investments in Securities	$	12,332,216		$	229,334,690		$	3,894,730	$	245,561,636

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,379,196		$	—	$	1,379,196
Futures Contracts		478,997			—			—		478,997
Swaps		—			272,634			—		272,634
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(1,191,509	)		—		(1,191,509	)
Futures Contracts		(193,716	)		—			—		(193,716	)
Swaps		—			(93,585	)		—		(93,585	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	285,281		$	366,736		$	—	$	652,017



350	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


Municipal ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	74,939,329	$	—	$	74,939,329


U.S. Aggregate Bond ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	2,679,194	$	—	$	2,679,194
Commercial Mortgage-Backed Securities		—		17,624,085		420,394		18,044,479
Corporate Bonds		—		218,625,236		—		218,625,236
Foreign Government Securities		—		15,677,289		—		15,677,289
Mortgage-Backed Securities		—		225,101,992		—		225,101,992
Municipal Bonds		—		4,990,455		—		4,990,455
Supranational		—		11,969,256		—		11,969,256
U.S. Government Agency Securities		—		13,341,448		—		13,341,448
U.S. Treasury Obligations		—		305,744,143		—		305,744,143
Short-Term Investments
Investment Companies		5,811,837		—		—		5,811,837
Investment of Cash Collateral from Securities Loaned		19,365,355		—		—		19,365,355

Total Short-Term Investments		25,177,192		—		—		25,177,192

Total Investments in Securities	$	25,177,192	$	815,753,098	$	420,394	$	841,350,684


Ultra-Short Income ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	1,871,994,750	$	285,921	$	1,872,280,671
Certificates of Deposit		—		40,324,378		—		40,324,378
Commercial Mortgage-Backed Securities		—		364,512,236		9,442,948		373,955,184
Corporate Bonds		—		9,632,040,447		—		9,632,040,447
Foreign Government Securities		—		28,959,134		—		28,959,134
U.S. Treasury Obligations		—		214,091,437		—		214,091,437
Short-Term Investments
Certificates of Deposit		—		1,209,085,635		—		1,209,085,635
Commercial Paper		—		2,178,403,280		—		2,178,403,280
Investment Companies		763,604,992		—		—		763,604,992
Investment of Cash Collateral from Securities Loaned		38,378,955		—		—		38,378,955
Repurchase Agreements		—		100,000,000		—		100,000,000

Total Short-Term Investments		801,983,947		3,487,488,915		—		4,289,472,862

Total Investments in Securities	$	801,983,947	$	15,639,411,297	$	9,728,869	$	16,451,124,113

Appreciation in Other Financial Instruments
Futures Contracts	$	232,095	$	—	$	—	$	232,095
			��



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	351

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)


Ultra-Short Municipal Income ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—	$	1,247,629,533	$	—	$	1,247,629,533
Short-Term Investments
Investment Companies		139,089,852		—		—		139,089,852

Total Investments in Securities	$	139,089,852	$	1,247,629,533	$	—	$	1,386,719,385


USD Emerging Markets Sovereign Bond ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Corporate Bonds	$	—	$	8,520,495	$	—	$	8,520,495
Foreign Government Securities		—		73,484,659		—		73,484,659
Short-Term Investments
Investment Companies		776,784		—		—		776,784
Investment of Cash Collateral from Securities Loaned		1,878,630		—		—		1,878,630

Total Short-Term Investments		2,655,414		—		—		2,655,414

Total Investments in Securities	$	2,655,414	$	82,005,154	$	—	$	84,660,568

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

There were no significant transfers into or out of level 3 for the year ended February 28, 2021 for BetaBuilders 1-5 Year U.S. Aggregate Bond ETF.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:


Core Plus Bond ETF	Balance as of February 29, 2020		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3		Balance as of February 28, 2021
Investments in Securities:
Asset-Backed Securities	$	2,033,177	$	(24	)	$	189,134		$	(465	)	$	8,370,117	$	(890,433	)	$	—	$	—	$	9,701,506
Collateralized Mortgage Obligations		691,915		—			(15,296	)		(783	)		1,791,524		(243,344	)		—		—		2,224,016
Commercial Mortgage-Backed Securities		150,000		—			(1,477	)		—			—		—			—		—		148,523
Preferred Stocks — Internet & Direct Marketing Retail		—		—			1,220			—			3,247		—			—		—		4,467
Warrants — Diversified Telecommunication Services		—		—			222			—			—		—			—		—		222
Warrants — Media		—		—			—			—			1		—			—		—		1

Total	$	2,875,092	$	(24	)	$	173,803		$	(1,248	)	$	10,164,889	$	(1,133,777	)	$	—	$	—	$	12,078,735



352	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


International Bond Opportunities ETF	Balance as of February 29, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3		Balance as of February 28, 2021
Investments in Securities:
Asset-Backed Securities — Cayman Islands	$	348,565		$	(24,080	)	$	1,435		$	—	$	—	$	(325,920	)	$	—	$	—	$	—
Asset-Backed Securities — United States		4,749,667			(1,230	)		(50,704	)		492		—		(2,998,347	)		—		—		1,699,878
Collateralized Mortgage Obligations — United States		153,617			—			873			—		—		—			—		—		154,490
Commercial Mortgage-Backed Securities — United States		1,776,971			(20,339	)		(66,292	)		1,774		1,187,272		(982,886	)		143,640		—		2,040,140
Corporate Bonds — Luxembourg		336,188			—			(12,682	)		127		—		(323,633	)		—		—		—
Corporate Bonds — United States		—	(a)		7,488			—			—		—		(7,488	)		—		—		—
Warrants — United States		—			—			222			—		—		—			—		—		222

Total	$	7,365,008		$	(38,161	)	$	(127,148	)	$	2,393	$	1,187,272	$	(4,638,274	)	$	143,640	$	—	$	3,894,730

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)	Value is Zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2021, which were valued using significant unobservable inputs (level 3) were as follows:



Core Plus Bond ETF	$	179,540
International Bond Opportunities ETF		(84,138	)

These amounts are included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the year ended February 28, 2021 for International Bond Opportunities ETF.

The significant unobservable inputs used in the fair value measurement of the Funds’ investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Core Plus Bond ETF

Quantitative Information about Level 3 Fair Value Measurements #


	Fair Value at February 28, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	9,701,506	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (10.81%)
				Yield (Discount Rate of Cash Flows)		1.67% - 5.24% (2.89%)

Asset-Backed Securities		9,701,506

		2,224,016	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
				Constant Default Rate		0.00% - 0.50% (0.19%)
				Yield (Discount Rate of Cash Flows)		1.29% - 1.57% (1.41%)

Collateralized Mortgage Obligations		2,224,016

		148,523	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.21% (3.21%)

Commercial Mortgage-Backed Securities		148,523

		222	Market Comparable Companies	EBITDA Multiple (b)		4.8x (4.8x)
		1	Pending Distribution Amount	Expected Recovery		$0.01 ($0.01)

Warrants		223

Total	$	12,074,268



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	353

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

The table above does not include certain level 3 securities that are valued by brokers and Pricing Services. At February 28, 2021, the value of these investments was $4,467.The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.

(b)	Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

International Bond Opportunities ETF

Quantitative Information about Level 3 Fair Value Measurements


	Fair Value at February 28, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	1,699,878	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (16.82%)
				Constant Default Rate		0.00% - 3.40% (0.76%)
				Yield (Discount Rate of Cash Flows)		1.30% - 4.11% (3.06%)

Asset-Backed Securities		1,699,878

		154,490	Discounted Cash Flow	Constant Prepayment Rate		20.00% (20.00%)
				Constant Default Rate		0.50% (0.50%)
				Yield (Discount Rate of Cash Flows)		3.35% (3.35%)

Collateralized Mortgage Obligations		154,490

		2,040,140	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (9.90%)
				Constant Default Rate		0.00% - 2.00% (0.20%)
				Yield (Discount Rate of Cash Flows)		2.01% - 199% (17.04%)

Commercial Mortgage-Backed Securities		2,040,140

		222	Market Comparable Companies	EBITDA Multiple (b)		4.8x (4.8x)

Warrants		222

Total	$	3,894,730

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.

(b)	Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

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 February 28, 2021, 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. Repurchase Agreements — Ultra-Short Income ETF may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Fund requires that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Fund to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan.

The Fund’s repurchase agreements are not subject to master netting arrangements.

D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Core Plus Bond ETF, International Bond Opportunities ETF, Municipal ETF, Ultra-Short Income ETF and Ultra-Short Municipal Income ETF purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date.



354	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

International Bond Opportunities ETF may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an “MSFTA”). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund’s transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund’s custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities.

Core Plus Bond ETF, International Bond Opportunities ETF, Municipal ETF, Ultra-Short Income ETF and Ultra-Short Municipal Income ETF had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2021 are detailed on the SOIs.

E. Securities Lending — The Funds, except International Bond Opportunities ETF, 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 loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

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

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

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of February 28, 2021.


	Investment Securities on Loan, at Value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	102,693	$	(102,693	)	$	—
U.S. Aggregate Bond ETF		14,606,292		(14,606,292	)		—
Ultra-Short Income ETF		37,357,448		(37,357,448	)		—
USD Emerging Markets Sovereign Bond ETF		1,815,183		(1,815,183	)		—

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

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



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	355

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

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 0.15% to 0.06%. For the year ended February 28, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:


BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	83
Core Plus Bond ETF		3
High Yield Research Enhanced ETF		1,394
U.S. Aggregate Bond ETF		2,093
Ultra-Short Income ETF		5,043
USD Emerging Markets Sovereign Bond ETF		1,248

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).

Corporate Bond Research Enhanced ETF, Municipal ETF and Ultra-Short Municipal Income ETF did not lend out any securities during the year ended February 28, 2021. Core Plus Bond ETF and High Yield Research Enhanced ETF did not have any securities out on loan at February 28, 2021.

F. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are 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. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF


For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)	$	—	$	60,000	$	59,992	$	(8	)*	$	—	$	—		—	$	15	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a) (b)		—		3,307,213		3,202,335		—			—		104,878		104,878		252	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)		95,622		15,591,629		15,173,195		—			—		514,056		514,056		176			—

Total	$	95,622	$	18,958,842	$	18,435,522	$	(8	)	$	—	$	618,934			$	443		$	—


Core Plus Bond ETF
For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	—	$	111,875	$	111,875	$	—		$	—	$	—		—	$	8	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)		10,592,327		119,929,182		97,682,234		—			—		32,839,275		32,839,275		19,517			—

Total	$	10,592,327	$	120,041,057	$	97,794,109	$	—		$	—	$	32,839,275			$	19,525		$	—



356	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


Corporate Bond Research Enhanced ETF
For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)	$	326,606	$	12,179,600	$	12,311,795	$	—		$	—		$	194,411		194,411	$	661		$	—


High Yield Research Enhanced ETF
For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	2,675,130	$	9,260,615	$	11,935,745	$	—		$	—		$	—		—	$	3,631	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)		1,006,572		446,903,385		433,944,047		—			—			13,965,910		13,965,910		4,813			—

Total	$	3,681,702	$	456,164,000	$	445,879,792	$	—		$	—		$	13,965,910			$	8,444		$	—


International Bond Opportunities ETF
For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)	$	2,920,684	$	158,522,896	$	149,208,651	$	—		$	—		$	12,234,929		12,234,929	$	10,744		$	—


Municipal ETF
For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares (a)	$	5,501,376	$	52,209,326	$	57,709,128	$	(1,560	)	$	(14	)	$	—		—	$	5,944		$	3



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	357

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)


U.S. Aggregate Bond ETF
For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.14% (a) (b)	$	—	$	26,500,000	$	8,000,000	$	(700	)	$	—		$	18,499,300		18,497,450	$	5,601	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a) (b)		—		71,595,938		70,729,883		—			—			866,055		866,055		6,135	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)		1,208,867		161,604,437		157,001,467		—			—			5,811,837		5,811,837		2,552			—

Total	$	1,208,867	$	259,700,375	$	235,731,350	$	(700	)	$	—		$	25,177,192			$	14,288		$	—


Ultra-Short Income ETF
For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.14% (a) (b)	$	1,000,000	$	308,000,000	$	276,250,000	$	(14,545	)*	$	—		$	32,735,455		32,732,182	$	104,784	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a) (b)		1,286,200		332,444,019		328,086,719		—			—			5,643,500		5,643,500		11,663	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)		667,817,128		10,459,550,809		10,363,762,945		—			—			763,604,992		763,604,992		1,283,035			—

Total	$	670,103,328	$	11,099,994,828	$	10,968,099,664	$	(14,545	)	$	—		$	801,983,947			$	1,399,482		$	—


Ultra-Short Municipal Income ETF
For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (a) (b)	$	8,637,248	$	1,070,994,946	$	940,523,977	$	(7,802	)	$	(10,563	)	$	139,089,852		139,020,341	$	76,628		$	178



358	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


USD Emerging Markets Sovereign Bond ETF
For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a) (b)	$	—	$	27,190,547	$	25,311,917	$	—	$	—	$	1,878,630		1,878,630	$	2,893	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)		355,735		16,063,054		15,642,005		—		—		776,784		776,784		621			—

Total	$	355,735	$	43,253,601	$	40,953,922	$	—	$	—	$	2,655,414			$	3,514		$	—

(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 February 28, 2021.

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

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

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

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

H. Derivatives — The Funds used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Funds.

Notes (1) — (4) below describe the various derivatives used by the Funds.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	359

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

(1). Options — Core Plus Bond ETF purchased and sold (“wrote”) put and call options on various instruments including futures and securities to manage and hedge interest rate risk within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

(2). Futures Contracts — The Core Bond Plus ETF, Corporate Bond Research Enhanced ETF, International Bond Opportunities ETF and Ultra-Short Income ETF used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

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

(3). Forward Foreign Currency Exchange Contracts — Core Plus Bond ETF and International Bond Opportunities ETF are exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Swaps — Core Plus Bond ETF and International Bond Opportunities ETF engaged in various swap transactions to manage credit and interest rate risks (e.g. duration, yield curve) within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.



360	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

Upfront payments made and/or received by a Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. 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. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Funds’ OTC swap contracts are subject to master netting arrangements.

Credit Default Swaps

Core Plus Bond ETF and International Bond Opportunities ETF entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

International Bond Opportunities ETF entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	361

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

(5). Summary of Derivatives Information

The following tables present the value of derivatives held as of February 28, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:


	Core Plus Bond ETF			Corporate Bond Research Enhanced ETF			International Bond Opportunities ETF			Ultra-short Income ETF
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	20,120		$	—		$	1,379,196		$	—
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(41,069	)		—			(1,191,509	)		—

Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		14,549			11,948			478,997			232,095
Swaps at Value (Assets)**		—			—			272,634			—
Unrealized Depreciation on Futures Contracts*		(20,673	)		(18,526	)		(193,716	)		—

Credit Risk Exposure:
Swaps at Value (Assets)**		—			—			150,064			—
Swaps at Value (Liabilities)**		—			—			(109,627	)		—

Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		(6,124	)		(6,578	)		285,281			232,095
Swaps at Value**		—			—			313,071			—
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		(20,949	)		—			187,687			—

*	Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

**	Includes the fair value of centrally cleared swap contracts as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.



362	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of February 28, 2021:


	International Bond Opportunities ETF
Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Barclays Bank plc	$	169,902	$	(138,399	)	$	—	$	31,503
BNP Paribas		488,292		(488,292	)		—		—
Citibank, NA		86,984		(86,984	)		—		—
Goldman Sachs International		110,830		(110,830	)		—		—
HSBC Bank, NA		4,307		—			—		4,307
Merrill Lynch International		85,073		—			—		85,073
Morgan Stanley		150,064		—			—		150,064
Royal Bank of Canada		2,183		(2,183	)		—		—
State Street Corp.		56,878		—			—		56,878
TD Bank Financial Group		374,747		(95,640	)		—		279,107

Total	$	1,529,260	$	(922,328	)	$	—	$	606,932


Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Barclays Bank plc	$	138,399	$	(138,399	)	$	—	$	—
BNP Paribas		607,304		(488,292	)		—		119,012
Citibank, NA		203,664		(86,984	)		—		116,680
Goldman Sachs International		134,773		(110,830	)		—		23,943
Royal Bank of Canada		11,729		(2,183	)		—		9,546
State Street Corp.		95,640		(95,640	)		—		—

Total	$	1,191,509	$	(922,328	)	$	—	$	269,181

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	363

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

The following tables present the effect of derivatives on the Statements of Operations for the year ended February��28, 2021, by primary underlying risk exposure:


	Core Plus Bond ETF			Corporate Bond Research Enhanced ETF			International Bond Opportunities ETF			Ultra-Short Income ETF
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts	$	—		$	—		$	(3,697,713	)	$	—

Interest Rate Risk Exposure:
Futures Contracts		302,138			(16,679	)		1,635,300			6,682,948
Swap Contracts		—			—			(109,392	)		—
Options		(9,788	)		—			—			—

Credit Risk Exposure:
Swap Contracts		44,067			—			935,186			—

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		(20,949	)		—			267,938			—

Interest Rate Risk Exposure:
Futures Contracts		(75,508	)		(9,098	)		244,227			427,077
Swap Contracts		—			—			322,121			—

Credit Risk Exposure:
Swap Contracts		—			—			(191,238	)		—

Derivatives Volume

The table below discloses the volume of the Funds’ options, futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended February 28, 2021. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:


	Core Plus Bond ETF			Corporate Bond Research Enhanced ETF		International Bond Opportunities ETF			Ultra-Short Income ETF
Futures Contracts — Interest:
Average Notional Balance Long	$	8,687,232		$	2,860,851	$	22,155,861		$	1,818,884,879	(c)
Average Notional Balance Short		3,298,802			2,830,207		29,881,409			495,386,110
Ending Notional Balance Long		9,854,968			3,585,250		14,136,865			—
Ending Notional Balance Short		4,221,187			4,063,953		43,348,812			44,605,750

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		2,159,212	(a)		—		42,986,147			—
Average Settlement Value Sold		633,261	(a)		—		123,029,750			—
Ending Settlement Value Purchased		2,159,212			—		151,060,365			—
Ending Settlement Value Sold		633,261			—		290,209,596			—

Exchange-Traded Options:
Average Number of Contracts Purchased		122	(b)		—		—			—

Credit Default Swaps:
Average Notional Balance — Buy Protection		11,550,000	(b)		—		12,200,057			—
Ending Notional Balance — Buy Protection		—			—		7,995,318			—

Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed rate		—			—		1,305,397			—
Average Notional Balance — Receives Fixed rate		—			—		8,718,620	(c)		—
Ending Notional Balance — Pays Fixed Rate		—			—		6,129,184			—

(a)	For the period February 1, 2021 through February 28, 2021.

(b)	For the period November 1, 2020 through November 30, 2020.

(c)	For the period March 1, 2020 through March 31, 2020.



364	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. The cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB, an affiliate of the Funds.

The Funds’ derivatives contracts held at February 28, 2021 are not accounted for as hedging instruments under GAAP.

I. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. 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. Dividend income, net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

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

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

The following amounts were reclassified within the capital accounts:


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	—		$	37,575		$	(37,575)
Core Plus Bond ETF		(71	)		7,573			(7,502	)
Corporate Bond Research Enhanced ETF		(28	)		1,152			(1,124	)
High Yield Research Enhanced ETF		(5,664,504	)		595,615			5,068,889
International Bond Opportunities ETF		(282,217	)		(2,155,987	)		2,438,204
Municipal ETF		532			(1,237	)		705
U.S. Aggregate Bond ETF		2,578,876			546,682			(3,125,558	)
Ultra-Short Income ETF		(74,493	)		5,222,649			(5,148,156	)
Ultra-Short Municipal Income ETF		421			(7,051	)		6,630
USD Emerging Markets Sovereign Bond ETF		93,457			8,306			(101,763	)

The reclassifications for the Funds relate primarily to callable bonds, foreign currency gains or losses, investments in swap contracts, redemptions in-kind and redesignation of distributions.

M. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	365

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Management Fee - JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund’s respective average daily net assets at the following rate:


BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	0.05	%
Core Plus Bond ETF	0.40
Corporate Bond Research Enhanced ETF	0.14
High Yield Research Enhanced ETF	0.24
International Bond Opportunities ETF	0.50
Municipal ETF	0.24
U.S. Aggregate Bond ETF	0.07
Ultra-Short Income ETF	0.18
Ultra-Short Municipal Income ETF	0.18
USD Emerging Markets Sovereign Bond ETF	0.39

Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds’ 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund shall be 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.

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.

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

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.

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

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

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

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

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

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

During the year ended February 28, 2021, Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, International Bond Opportunities ETF, Municipal ETF, Ultra-Short Income ETF and Ultra-Short Municipal Income ETF purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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



366	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

4. Investment Transactions

During the year ended February 28, 2021, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	18,060,961	$	9,992,596	$	13,675,718	$	7,546,770
Core Plus Bond ETF		316,928,574		240,065,081		19,609,670		12,320,521
Corporate Bond Research Enhanced ETF		27,401,530		17,180,286		895,961		675,964
High Yield Research Enhanced ETF		556,799,149		182,881,956		–		–
International Bond Opportunities ETF		293,839,424		223,286,540		6,610,555		6,652,029
Municipal ETF		58,356,403		31,428,445		–		–
U.S. Aggregate Bond ETF		453,380,729		308,280,655		159,776,923		126,320,626
Ultra-Short Income ETF		12,644,744,436		8,349,579,511		427,203,059		721,541,926
Ultra-Short Municipal Income ETF		1,097,350,821		303,286,011		–		–
USD Emerging Markets Sovereign Bond ETF		68,110,295		48,298,014		–		–

For the year ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:


	In-Kind Creations		In-Kind Redemptions
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	7,733,111	$	—
Corporate Bond Research Enhanced ETF		10,978,037		—
High Yield Research Enhanced ETF		1,031,022,756		38,219,470
U.S. Aggregate Bond ETF		155,255,074		34,372,792
USD Emerging Markets Sovereign Bond ETF		—		23,007,595

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	58,867,378	$	994,644	$	158,269	$	836,375
Core Plus Bond ETF		163,417,019		2,606,369		2,076,044		530,325
Corporate Bond Research Enhanced ETF		53,325,638		2,238,309		595,582		1,642,727
High Yield Research Enhanced ETF		1,540,057,719		8,509,665		8,501,827		7,838
International Bond Opportunities ETF		246,514,919		6,064,353		6,231,597		(167,244	)
Municipal ETF		73,042,956		2,264,497		368,124		1,896,373
U.S. Aggregate Bond ETF		838,808,427		12,861,619		10,319,362		2,542,257
Ultra-Short Income ETF		16,388,379,715		64,249,767		1,273,274		62,976,493
Ultra-Short Municipal Income ETF		1,384,140,148		3,000,072		420,835		2,579,237
USD Emerging Markets Sovereign Bond ETF		82,570,721		3,321,286		1,231,439		2,089,847

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to callable bonds, mark to market of futures contracts, mark to market of foreign currency gains and losses on assets and liabilities and wash sale loss deferrals.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	367

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

The tax character of distributions paid during the year ended February 28, 2021 was as follows:


	Ordinary Income*			Net Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	743,237		$	133,341	$	—	$	876,578
Core Plus Bond ETF		2,842,311			276,529		—		3,118,840
Corporate Bond Research Enhanced ETF		1,373,612			462,526		—		1,836,138
High Yield Research Enhanced ETF		10,520,966			312,250		—		10,833,216
International Bond Opportunities ETF		4,888,166			—		—		4,888,166
Municipal ETF		102,361			70,457		976,801		1,149,619
U.S. Aggregate Bond ETF		11,822,079			1,255,716		—		13,077,795
Ultra-Short Income ETF		148,089,858	��		—		—		148,089,858
Ultra-Short Municipal Income ETF		11,550			—		3,464,901		3,476,451
USD Emerging Markets Sovereign Bond ETF		3,496,716			—		—		3,496,716

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended February 29, 2020 was as follows:


	Ordinary Income*		Net Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	786,431	$	—	$	—	$	786,431
Core Plus Bond ETF		1,106,186		85,096		—		1,191,282
Corporate Bond Research Enhanced ETF		1,566,538		—		—		1,566,538
High Yield Research Enhanced ETF		8,310,507		—		—		8,310,507
International Bond Opportunities ETF		8,337,390		—		—		8,337,390
Municipal ETF		561,565		—		852,229		1,413,794
U.S. Aggregate Bond ETF		7,057,507		—		—		7,057,507
Ultra-Short Income ETF		218,564,137		—		—		218,564,137
Ultra-Short Municipal Income ETF		1,980		—		1,866,877		1,868,857
USD Emerging Markets Sovereign Bond ETF		3,288,107		—		—		3,288,107

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of February 28, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Tax Exempt Income		Unrealized Appreciation (Depreciation)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	69,696	$	69,436		$	—	$	836,375
Core Plus Bond ETF		384,952		295,433			—		520,872
Corporate Bond Research Enhanced ETF		119,729		294,488			—		1,642,727
High Yield Research Enhanced ETF		5,320,692		(2,754,087	)		—		7,838
International Bond Opportunities ETF		573,868		(2,713,878	)		—		(366,648	)
Municipal ETF		—		183,079			113,062		1,896,373
U.S. Aggregate Bond ETF		1,027,719		1,330,184			—		2,542,257
Ultra-Short Income ETF		20,537,169		—			—		62,976,493
Ultra-Short Municipal Income ETF		—		(17,596	)		612,029		2,579,237
USD Emerging Markets Sovereign Bond ETF		324,526		(4,166,103	)		—		2,089,847

The cumulative timing differences primarily consist of callable bonds, mark to market of futures contracts, mark to market of foreign currency gains and losses on assets and liabilities, post-October capital loss deferrals, straddle loss deferrals and wash sale loss deferrals.



368	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

As of February 28, 2021, the following Funds had net capital loss carryforwards which are available to offset future realized gains:


	Capital Loss Carryforward Character
	Short-Term		Long-Term
High Yield Research Enhanced ETF	$	2,301,893	$	452,194
International Bond Opportunities ETF		633,526		2,080,352
Ultra-Short Municipal Income ETF		17,596		—
USD Emerging Markets Sovereign Bond ETF		2,019,098		2,147,005

Specified ordinary losses and net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2021, the Funds deferred to March 1, 2021 the following specified ordinary losses and net capital losses of:


	Net Capital Losses				Specified Ordinary Losses
	Short-Term		Long-Term		Specified Ordinary Losses
Core Plus Bond ETF	$	—	$	—	$	20,949
International Bond Opportunities ETF		—		—		212,078
Ultra-Short Municipal Income ETF		30,945		2,219		—

During the year ended February 28, 2021, the following Funds utilized capital loss carryforwards as follows:


	Capital Loss Utilized
	Short-Term		Long-Term
International Bond Opportunities ETF	$	326,175	$	102,355

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 fixed income securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, Corporate Bond Research Enhanced ETF, International Bond Opportunities ETF, High Yield Research Enhanced ETF, U.S. Aggregate Bond ETF, Ultra-Short Income ETF and USD Emerging Markets Sovereign Bond ETF, of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

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. 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 February 28, 2021, JPMorgan SmartRetirement Funds and SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:


	JPMorgan SmartRetirement Funds			JPMorgan SmartRetirement Blend Funds
High Yield Research Enhanced ETF		50.1	%		30.5	%
U.S. Aggregate Bond ETF		—			19.8

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



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	369

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

As of February 28, 2021, the Adviser owns shares representing more than 10% of net assets of the following Funds:


	% of Ownership
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		43	%
Corporate Bond Research Enhanced ETF		49
Municipal ETF		33
USD Emerging Markets Sovereign Bond ETF		59

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

Core Plus Bond ETF, International Bond Opportunities ETF, U.S. Aggregate Bond ETF and Ultra-Short Income ETF are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

International Bond Opportunities ETF and USD Emerging Markets Sovereign Bond ETF’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Funds’ investments and the income they generate, as well as the Funds’ ability to repatriate such amounts.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

High Yield Research Enhanced ETF invests in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

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

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.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts, forward foreign currency exchange contracts and TBA securities.

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.

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and USD Emerging Markets Sovereign Bond ETF may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return may differ from the return of the underlying index.



370	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Events

At its meeting held on March 9, 2021, the Board approved the following changes:

A reduction to the Municipal ETF’s management fee to 0.18% of the Fund’s average daily net assets, which became effective on March 31, 2021.

A one-for-two reverse stock split of the shares of BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and U.S. Aggregate Bond ETF occurred on April 12, 2021, which resulted in a decrease to each Fund’s shares outstanding and an increase to each Fund’s NAV. In connection with the reverse stock split, both BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and U.S. Aggregate Bond ETF reduced the creation size for each fund to 25,000.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	371

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 ten 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 (ten of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2021, 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 as of February 28, 2021, the results of each of their operations and the changes in each of their net assets for each of 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.


JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (1)		JPMorgan Core Plus Bond ETF (2)
JPMorgan Corporate Bond Research Enhanced ETF (2)		JPMorgan International Bond Opportunities ETF (2)
JPMorgan High Yield Research Enhanced ETF (2)		JPMorgan Municipal ETF (2)
JPMorgan U.S. Aggregate Bond ETF (2)		JPMorgan Ultra-Short Income ETF (2)
JPMorgan Ultra- Short Municipal Income ETF (2)		JPMorgan USD Emerging Markets Sovereign Bond ETF (2)

(1)

Statement of operations for the year ended February 28, 2021, and statement of changes in net assets for the year ended February 28, 2021 and the period March 12, 2019 (commencement of operations) through February 29, 2020

(2)

Statement of operations for the year ended February 28, 2021 and statement of changes in net assets for the years ended February 28, 2021 and February 29, 2020

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 February 28, 2021 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

April 23, 2021

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



372	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

TRUSTEES

(Unaudited)

The Funds’ Statements of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.


Name (Year of Birth; Positions With the Funds since)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee ⁽¹⁾		Other Directorships Held During the Past 5 Years
Independent Trustees

Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011–present); Consultant to the Mutual Fund Industry (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011–2017).		36	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).

Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).		36	None.

Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		36	SEI family of funds — Independent Trustee of Advisors’ Inner Circle Fund III (20 portfolios) (from February 2014 to present); Independent Trustee of Winton Diversified Opportunities Fund (from December 2014 to 2018); Independent Trustee of Gallery Trust (from August 2015 to present); Independent Trustee of Schroder Series Trust (from February 2017 to present); Independent Trustee of Schroder Global Series Trust (from February 2017 to present); Independent Trustee of O’Connor EQUUS (May 2014-April 2016); Independent Trustee of Winton Series Trust (December 2014-March 2017); Independent Trustee of AXA Premier VIP Trust (2014-June 2017); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-March 2015); Symmetry Panoramic Trust (16 portfolios) (2018-present).

Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		36	Director, ICI Mutual Insurance Company (1999-2013).

Emily A. Youssouf (1951); Trustee of the Trust since 2014	Clinical Professor, NYU Schack Institute of Real Estate (2009–present); Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019–present), Member of Related Parties Committee (2013–2018) and Member of the Enterprise Risk Committee (2015–2018), PennyMac Financial Services, Inc.; Board Member (2005–2018), Chair of Capital Committee (2006–2016), Chair of Audit Committee (2005–2018), Member of Finance Committee (2005–2018) and Chair of IT Committee (2016–2018), NYC Health and Hospitals Corporation.		36	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustee

Robert E. Deutsch ⁽²⁾ (1957); Chairman and Trustee of the Trust since 2014	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		36	Board of Directors of the JUST Capital Foundation (2017–present).

(1)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. Thirty one series of the Trust have commenced operations.

(2)	Mr. Deutsch is an interested trustee because he was an employee of the Adviser until August 2017.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	373

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Joanna Gallegos (1975), President and Principal Executive Officer (2017)		Managing Director, Global Head of ETF Strategy. Previously, Head of J.P. Morgan Asset Management’s U.S. Exchange Traded Funds business from July 2017 to December 2019 and Head of J.P. Morgan Asset Management’s ETF Product Development team from August 2013 to July 2017.

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2020), Assistant Treasurer (2019-2020)		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.

Brian S. Shlissel (1964), Vice President (2016)*		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014.

Paul Shield (1960), Vice President and Assistant Treasurer (2016)		Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013.

Elizabeth A. Davin (1964), Secretary (2018)***		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.

Stephen M. Ungerman (1953), Chief Compliance Officer (2014)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Jessica K. Ditullio (1962), Assistant Secretary (2014)***		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2019)**		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.

Gregory S. Samuels (1980), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan Lewis & Bockius (law firm) from 2012 to 2016.

Frederick J. Cavaliere (1978), Assistant Treasurer (2015)*		Executive Director, J.P. Morgan Investment Management Inc. since February 2016; formerly, Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2010 to February 2016. Mr. Cavaliere has been with JPMorgan since May 2006.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.

Shannon Gaines (1977), Assistant Treasurer (2019)***		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Nektarios E. Manolakakis (1972), Assistant Treasurer (2020)		Executive Director, J.P. Morgan Investment Management Inc. since February 2021; formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Vice President, J.P. Morgan Corporate & Investment Bank 2010-2014.

Todd McEwen (1981), Assistant Treasurer (2020)***		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) Mr. McEwen has been with J.P. Morgan Investment Management Inc. since 2010.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

The contact address for the officer is 4 New York Plaza, New York, NY 10004.

***

The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



374	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund Shares and (2) ongoing costs, primarily management fees. The examples assume that you had a $1,000 investment at the beginning of the reporting period, September 1, 2020 and continued to hold your shares at the end of the reporting period, February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value September 1, 2020		Ending Account Value February 28, 2021		Annualized Expense Ratio (1)			Expenses Paid During the Period
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Actual	$	1,000.00	$	1,000.50		0.05	%	$	0.25
Hypothetical		1,000.00		1,024.55		0.05			0.25
JPMorgan Core Plus Bond ETF
Actual		1,000.00		994.90		0.36			1.78
Hypothetical		1,000.00		1,023.01		0.36			1.81
JPMorgan Corporate Bond Research Enhanced ETF
Actual		1,000.00		992.60		0.14			0.69
Hypothetical		1,000.00		1,024.10		0.14			0.70
JPMorgan High Yield Research Enhanced ETF
Actual		1,000.00		1,040.70		0.23			1.16
Hypothetical		1,000.00		1,023.65		0.23			1.15
JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)
Actual		1,000.00		1,024.90		0.50			2.51
Hypothetical		1,000.00		1,022.32		0.50			2.51
JPMorgan Municipal ETF
Actual		1,000.00		1,007.90		0.23			1.15
Hypothetical		1,000.00		1,023.65		0.23			1.15
JPMorgan U.S. Aggregate Bond ETF
Actual		1,000.00		981.80		0.07			0.34
Hypothetical		1,000.00		1,024.45		0.07			0.35
JPMorgan Ultra-Short Income ETF
Actual		1,000.00		1,004.20		0.17			0.84
Hypothetical		1,000.00		1,023.95		0.17			0.85
JPMorgan Ultra-Short Municipal Income ETF
Actual		1,000.00		1,003.00		0.16			0.79
Hypothetical		1,000.00		1,024.00		0.16			0.80
JPMorgan USD Emerging Markets Sovereign Bond ETF
Actual		1,000.00		1,021.70		0.39			1.95
Hypothetical		1,000.00		1,022.86		0.39			1.96

(1)	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	375

BOARD APPROVAL OF MANAGEMENT AGREEMENTS

(Unaudited)

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan High Yield Research Enhanced ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan U.S. Aggregate Bond ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of management agreements at each meeting. The Board also meets specifically to consider management agreement annual renewals. The Board of Trustees held meetings on November 5, 2020 and December 7-8, 2020, at which the Trustees considered the continuation of management agreements (each an “Management Agreement” and collectively, the “Management Agreements”) for JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan High Yield Research Enhanced ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan U.S. Aggregate Bond ETF, JPMorgan Ultra-Short Income ETF and JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF (the “Funds”). The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. In connection with these meetings, the Board reviewed and considered performance, expense and other information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreements or any of their affiliates, approved the continuation of each Management Agreement.

As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser. This information included each Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of each Fund’s performance. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, and met with representatives of Broadridge. Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the

Management Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. As part of their review process, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of each Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

(i)

The background and experience of the Adviser’s senior management and investment personnel;

(ii)

The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund;

(iii)

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

(iv)

Information about the structure and distribution strategy of the Funds and how it fits within the Trust’s other fund offerings;

(v)

The administration services provided by the Adviser under the Management Agreements;

(vi)

Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;

(vii)

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

(viii)

The commitment of the Adviser to provide high quality service to the Funds;

(ix)

Their overall confidence in the Adviser’s integrity;



376	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

(x)

The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and

(xi)

The Adviser’s business continuity plan and steps the Adviser and its affiliates were taking to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to the Fund and its shareholders throughout this period.

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

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

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

The Trustees also considered that under the Management Agreements, the Adviser earns fees from the Funds for providing administrative services and considered fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Funds. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser receives as the result of JPMCB’s roles as custodian, fund accountant and transfer agent for the Fund.

Economies of Scale

The Trustees considered the extent to which each Fund will benefit from economies of scale. The Trustees noted that the management fee schedule for the Funds does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund was new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. 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 requested and received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies and/or institutional accounts advised by the Adviser in the same asset class as each Fund. The Trustees noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Funds other than the JPMorgan Core Plus Bond ETF. The Trustees concluded that the fees charged to each Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and relative performance information for Funds with at least one-year of performance history in a report prepared by Broadridge, except for the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF for which performance information was compared against each Fund’s benchmark index. The Trustees considered the total return performance information, which included ranking the Funds within a performance universe made up of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one- and three-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in each Fund’s Peer Group and Universe and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	377

BOARD APPROVAL OF MANAGEMENT AGREEMENTS

(Unaudited) (continued)

against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:

The Trustees noted the performance of the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan Core Plus Bond ETF’s performance was in the third and second quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended September 30, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan Corporate Bond Research Enhanced ETF’s performance was in the fourth quintile based upon the Universe for the one-year period ended September 30, 2020. (Broadridge did not calculate a Peer Group for this Fund.) The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan High Yield Research Enhanced ETF’s performance was in the fourth quintile based upon the Peer Group for the one-year period ended September 30, 2020, and in the third and second quintiles based upon the Universe for the one- and three-year periods ended September 30, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan International Bond Opportunities ETF’s performance was in the third and first quintiles based upon the Universe, for the one- and three-year periods ended September 30, 2020, respectively. (Broadridge did not calculate a Peer Group for this Fund.) The Trustees discussed the performance and investment strategy of the

Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan Municipal ETF’s performance was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended September 30, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan U.S. Aggregate Bond ETF’s performance was in the fourth quintile based upon the Universe for the one-year period ended September 30, 2020. (Broadridge did not calculate a Peer Group for this Fund.) The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan Ultra-Short Income ETF’s performance was in the first quintile based upon both the Peer Group and Universe for the one- and three-year periods ended September 30, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan Ultra-Short Municipal Income ETF’s performance was in the fourth quintile based upon the Universe for the one-year period ended September 30, 2020. (Broadridge did not calculate a Peer Group for this Fund.) The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted the performance of the JPMorgan USD Emerging Markets Sovereign Bond ETF as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Management Fees and Expense Ratios

The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Morningstar category as each Fund. This review included ranking of the Fund within an expense universe made up of funds with the same Morningstar investment classification and objective (the “Universe”), as



378	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

well as a subset of funds within the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts. The Trustees considered how the Funds are positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s management fee was appropriate as compared to identified peer funds. The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Core Plus Bond ETF’s net management fee and actual total expenses were in the second and third quintiles, of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Corporate Bond Research Enhanced ETF’s net management fee and actual total expenses were in the third and second quintiles, respectively, of the Universe. (Broadridge did not calculate a Peer Group for this Fund.) After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan High Yield Research Enhanced ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan International Bond Opportunities ETF’s net management fee and actual total expenses were in the fourth and second quintiles, respectively, of the Universe. (Broadridge did not calculate a Peer Group for this Fund.) After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Municipal ETF’s net management fee was in the third and fourth quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan U.S. Aggregate Bond ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively; and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Ultra-Short Income ETF’s net management fee was in the first and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Ultra-Short Municipal Income ETF’s net management fee and actual total expenses were in the first quintile of the Universe. (Broadridge did not calculate a Peer Group for this Fund.) After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan USD Emerging Markets Sovereign Bond ETF’s net management fee was in the second and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	379

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 February 28, 2021. 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, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

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 February 28, 2021:


	Long-Term Capital Gain Distribution
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	133,341
JPMorgan Core Plus Bond ETF		276,529
JPMorgan Corporate Bond Research Enhanced ETF		462,526
JPMorgan High Yield Research Enhanced ETF		312,250
JPMorgan Municipal ETF		70,457
JPMorgan U.S. Aggregate Bond ETF		1,255,716

Tax-Exempt Income

Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended February 28, 2021:


	Exempt Distributions Paid
JPMorgan Municipal ETF	$	976,801
JPMorgan Ultra-Short Municipal Income ETF		3,464,901

Qualified Interest Income (QII) and Short-Term Capital Gain

Each Fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified

interest income and short-term capital gain for the fiscal year ended February 28, 2021:


	Qualified Interest Income		Short-Term Capital Gain
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	620,082	$	70,590
JPMorgan Core Plus Bond ETF		1,514,355		1,219,230
JPMorgan Corporate Bond Research Enhanced ETF		957,877		248,178
JPMorgan High Yield Research Enhanced ETF		8,783,755		—
JPMorgan International Bond Opportunities ETF		2,007,341		—
JPMorgan U.S. Aggregate Bond ETF		9,051,742		1,636,767
JPMorgan Ultra-Short Income ETF		73,321,170		1,268,366

Each Fund listed below had the following percentage, or the maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2021:


	Income from U.S. Treasury Obligations
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		46.4	%
JPMorgan Core Plus Bond ETF		5.9
JPMorgan Corporate Bond Research Enhanced ETF		0.3
JPMorgan International Bond Opportunities ETF		0.1
JPMorgan U.S. Aggregate Bond ETF		26.7
JPMorgan Ultra-Short Income ETF		1.6



380	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

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

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

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

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

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

LOGO

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


		^© JPMorgan Chase & Co., 2021. All rights reserved. February 2021.		AN-FIETF-221

Annual Report

J.P. Morgan Exchange-Traded Funds

February 28, 2021

JPMorgan BetaBuilders MSCI US REIT ETF

CONTENTS


President’s Letter			1

Fund Commentary			2

Schedule of Portfolio Investments			5

Financial Statements			8

Financial Highlights			12

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			20

Trustees			21

Officers			22

Schedule of Shareholder Expenses			23

Board Approval of Management Agreements			24

Tax Letter			26

Investments in the Fund are not bank 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. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

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.

PRESIDENT’S LETTER

APRIL 13, 2021 (Unaudited)

Dear Shareholder,

– Joanna M. Gallegos

Notably, the first months of 2021 were marked by the passage of the $1.9 trillion American Rescue Plan — signed into law

March 11 — and the initial debate over President Biden’s proposed $2 trillion American Jobs Act. The potential economic impact of massive government spending and an expanded vaccination effort has bolstered investor expectations for a surge of economic activity that will potentially lift corporate profits and job growth this year. This investor optimism has helped push the Standard & Poor’s 500 Index above 4,000 points for the first time. However, the path to a fully re-opened economy includes a range of uncertainties, from the threat of new strains of COVID-19 and a resurgence in infections — both in the U.S. and Europe — to the potential for accelerating inflation and rising long-term interest rates.

Sincerely,

LOGO

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

1-844-4JPM-ETF or jpmorgan.com/etfs for more information



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		3.37%
Market Price**		3.36%
MSCI US REIT Custom Capped Index¹***		3.36%
MSCI US REIT Index		3.36%

Net Assets as of 2/28/2021	$	944,122,915

INVESTMENT OBJECTIVE****

The JPMorgan BetaBuilders MSCI US REIT ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Custom Capped Index (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index designed to measure the performance of U.S. equity real estate investment trusts (REIT) securities. Using a passive investment approach, the Fund attempts to replicate the Underlying Index as closely as possible and invests at least 80% of its assets in securities included in the Underlying Index. The Underlying Index includes a capping methodology, which is designed to prevent the weight of any single issuer, and the aggregate weight of issuers representing over 5% of the Underlying Index, from exceeding a maximum of 25% of the Underlying Index.

HOW DID THE MARKET PERFORM?

Overall, the real estate sector provided positive returns but underperformed the broader equity market during the period, which was marked by wide dispersion in share price performance within real estate subsectors. The pandemic forced the closure of retail, office, lodging and entertainment properties, which led to a steep sell-off in REITs operating in those subsectors. While new vaccines against COVID-19 bolstered investor expectations that the economy could fully reopen in 2021, uncertainty remained regarding the prospects for commercial real estate, shopping malls, retail outlets and stores.

Notably, demand for communications and technology led to market gains in REITs operating in the data center and communications infrastructure businesses. Shares of industrial property REITs also benefitted, as many of those properties serve as distribution hubs for e-commerce retailers. Demand for single-family homes and home renovations surged during the period, largely driven by the pandemic and ultra-low interest rates.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2021, the Fund performed in line with both the Underlying Index and the MSCI US REIT Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the specialized and industrial REIT sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s exposures to the retail REIT and office REIT sectors were leading detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the apartments and diversified REIT sectors and the smallest allocations were to the hotels and regional malls REIT sectors.

Effective November 30, 2020, the MSCI US REIT Custom Capped Index replaced the MSCI US REIT Index as the Fund’s benchmark. The index history for MSCI REIT Custom Capped Index reflects a combination of the performance of the current index and the previous index.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*****
	1.	Prologis, Inc.	7.3	%
	2.	Equinix, Inc.	5.7
	3.	Digital Realty Trust, Inc.	3.8
	4.	Simon Property Group, Inc.	3.7
	5.	Public Storage	3.7
	6.	Welltower, Inc.	2.8
	7.	AvalonBay Communities, Inc.	2.4
	8.	Equity Residential	2.4
	9.	Alexandria Real Estate Equities, Inc.	2.1
	10.	Realty Income Corp.	2.1


PORTFOLIO COMPOSITION BY SECTOR****
Apartments	22.0	%
Diversified	17.5
Industrial	12.4
Health Care	11.1
Office	10.8
Storage	7.9
Shopping Centers	4.8
Hotels	4.4
Regional Malls	4.0
Short-Term Investments	5.1

***

The MSCI US REIT Custom Capped Index was launched on September 30, 2020.

****

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

*****

Percentages indicated are based on total investments as of February 28, 2021. The Fund’s composition is subject to change.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 (Unaudited)

INCEPTION DATE

1 YEAR

SINCE INCEPTION

JPMorgan BetaBuilders MSCI US REIT ETF

Net Asset Value

June 15, 2018

3.37%

6.20%

Market Price

3.36%

6.24%

LIFE OF FUND PERFORMANCE (6/15/18 TO 2/28/21)

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders MSCI US REIT ETF, the MSCI US REIT Index and the MSCI US REIT Custom Capped Index from June 15, 2018 to February 28, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI US REIT Index and the MSCI US REIT Custom Capped 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 respective Index, if applicable. The MSCI US REIT Index is a free-float adjusted market-cap weighted index designed to measure the performance of U.S. equity real estate investment trust (REIT) securities. The MSCI US REIT Index is made up of the stocks of publicly traded U.S. equity REITs, as determined by MSCI Inc., the index provider. To be included initially in the MSCI US REIT Index, an equity REIT must meet certain criteria established by the index provider, including meeting a minimum market capitalization threshold as well as a liquidity threshold based on a number of factors, including trading volume and frequency of trading. Equity REITs in the MSCI US REIT Index tend to be small- and mid-cap stocks, and may include Health Care REITs, Hotel & Resort REITs, Industrial REITs, Office REITs, Residential REITs, Retail REITs, Diversified REITs and certain

Specialized REITs. Specialized REITs that may be included in the MSCI US REIT Index own and/or operate (i) storage and self-storage facilities, (ii) data centers, (iii) correctional facilities, (iv) theaters, (v) casinos and gaming facilities or (vi) restaurants.

The MSCI US REIT Custom Capped Index is designed to measure the performance of the US equity REIT market across all market capitalizations. It starts with the universe and weightings of stocks in the MSCI US REIT Index and applies certain investment limits designed to prevent the weight of any single issuer, and the aggregate weight of issuers representing over 5% of the MSCI US REIT Custom Capped Index, from exceeding a maximum of 25% of the MSCI US REIT Custom Capped Index.

Effective November 30, 2020, the Fund’s underlying index changed from the MSCI US REIT Index to the MSCI US REIT Custom Capped Index in order to allow the Fund to operate more effectively as a diversified fund. The index history for MSCI REIT Custom Capped Index reflects a combination of the performance of the current index and the previous index.

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



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.4%

Apartments — 23.0%
Agree Realty Corp., REIT (a)		54,438		3,514,517
American Campus Communities, Inc., REIT (a)		135,324		5,542,871
American Homes 4 Rent, Class A, REIT		279,286		8,696,966
Apartment Income REIT Corp., REIT		146,357		5,983,074
Apartment Investment and Management Co., Class A, REIT		65,515		311,851
AvalonBay Communities, Inc., REIT		137,257		24,122,918
Camden Property Trust, REIT		95,759		9,973,300
Centerspace, REIT		12,756		875,444
Equity LifeStyle Properties, Inc., REIT		170,198		10,492,707
Equity Residential, REIT		365,995		23,939,733
Essential Properties Realty Trust, Inc., REIT		102,908		2,387,466
Essex Property Trust, Inc., REIT		64,108		16,334,077
Four Corners Property Trust, Inc., REIT		72,206		1,956,061
Getty Realty Corp., REIT		35,775		1,000,985
Independence Realty Trust, Inc., REIT		93,240		1,309,090
Invitation Homes, Inc., REIT		551,111		16,059,375
Mid-America Apartment Communities, Inc., REIT		112,453		15,150,793
National Retail Properties, Inc., REIT		170,805		7,488,091
NexPoint Residential Trust, Inc., REIT		19,358		794,452
Realty Income Corp., REIT		345,094		20,795,365
Spirit Realty Capital, Inc., REIT		106,957		4,601,290
STORE Capital Corp., REIT		245,276		8,202,029
Sun Communities, Inc., REIT		105,753		16,069,168
UDR, Inc., REIT		289,532		11,920,032


				217,521,655


Diversified — 18.3%
Alexander & Baldwin, Inc., REIT		67,575		1,180,535
American Finance Trust, Inc., REIT		107,002		948,038
Armada Hoffler Properties, Inc., REIT		56,964		735,405
Colony Capital, Inc., REIT (a)		473,528		2,803,286
CoreSite Realty Corp., REIT		42,045		5,117,297
Digital Realty Trust, Inc., REIT		275,460		37,112,726
Duke Realty Corp., REIT		365,703		14,353,843
EPR Properties, REIT		73,363		3,314,540
Equinix, Inc., REIT		87,607		56,799,122
Gaming and Leisure Properties, Inc., REIT		214,736		9,534,278
GEO Group, Inc. (The), REIT (a)		119,281		858,823
Gladstone Commercial Corp., REIT		33,686		629,254
Global Net Lease, Inc., REIT		87,979		1,634,650
iStar, Inc., REIT (a)		72,730		1,288,776
Lexington Realty Trust, REIT (a)		272,302		2,919,077
One Liberty Properties, Inc., REIT		16,192		346,671
PS Business Parks, Inc., REIT		20,273		2,936,747
Safehold, Inc., REIT (a)		13,055		995,444
UMH Properties, Inc., REIT		36,902		629,917
VICI Properties, Inc., REIT		527,646		15,037,911
Washington, REIT (a)		80,985		1,823,782
WP Carey, Inc., REIT		172,455		11,820,066


				172,820,188


INVESTMENTS	SHARES		VALUE($)


Health Care — 11.7%
CareTrust REIT, Inc., REIT		94,133		2,087,870
Community Healthcare Trust, Inc., REIT		21,881		959,044
Diversified Healthcare Trust, REIT (a)		234,268		1,054,206
Global Medical REIT, Inc., REIT		45,013		606,325
Healthcare Realty Trust, Inc., REIT		133,767		3,860,516
Healthcare Trust of America, Inc., Class A, REIT		214,901		5,836,711
Healthpeak Properties, Inc., REIT		529,304		15,397,453
LTC Properties, Inc., REIT		38,586		1,578,553
Medical Properties Trust, Inc., REIT		563,777		12,171,945
National Health Investors, Inc., REIT		43,977		3,002,310
Omega Healthcare Investors, Inc., REIT		223,191		8,289,314
Physicians Realty Trust, REIT		204,728		3,480,376
Sabra Health Care REIT, Inc., REIT		203,451		3,503,426
Universal Health Realty Income Trust, REIT		12,862		796,801
Ventas, Inc., REIT		368,273		19,481,642
Welltower, Inc., REIT		410,285		27,858,352


				109,964,844


Hotels — 4.7%
Apple Hospitality REIT, Inc., REIT		208,540		2,971,695
Chatham Lodging Trust, REIT*		46,180		643,287
DiamondRock Hospitality Co., REIT*		196,168		1,985,220
Host Hotels & Resorts, Inc., REIT		693,471		11,504,684
MGM Growth Properties LLC, Class A, REIT		129,247		4,267,736
Park Hotels & Resorts, Inc., REIT		231,648		5,038,344
Pebblebrook Hotel Trust, REIT (a)		128,716		2,916,705
RLJ Lodging Trust, REIT		162,251		2,547,341
Ryman Hospitality Properties, Inc., REIT		51,356		3,969,305
Service Properties Trust, REIT		162,050		2,080,722
Summit Hotel Properties, Inc., REIT*		103,918		1,075,551
Sunstone Hotel Investors, Inc., REIT		212,008		2,800,626
Xenia Hotels & Resorts, Inc., REIT		111,820		2,233,045


				44,034,261


Industrial — 13.0%
Americold Realty Trust, REIT		201,412		7,057,476
CyrusOne, Inc., REIT		118,404		7,770,855
EastGroup Properties, Inc., REIT		38,891		5,293,454
First Industrial Realty Trust, Inc., REIT		126,881		5,419,088
Industrial Logistics Properties Trust, REIT		64,205		1,365,640
Innovative Industrial Properties, Inc., REIT (a)		21,796		4,250,220
Monmouth Real Estate Investment Corp., REIT		91,595		1,586,425
Prologis, Inc., REIT		726,791		72,003,184
QTS Realty Trust, Inc., Class A, REIT (a)		63,226		3,927,599
Rexford Industrial Realty, Inc., REIT		121,704		5,807,715
STAG Industrial, Inc., REIT		146,725		4,629,174
Terreno Realty Corp., REIT		67,220		3,767,009


				122,877,839

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Office — 11.3%
Alexandria Real Estate Equities, Inc., REIT		132,670		21,186,072
American Assets Trust, Inc., REIT		50,379		1,565,779
Boston Properties, Inc., REIT		145,396		14,413,105
Brandywine Realty Trust, REIT		167,707		2,051,057
City Office REIT, Inc., REIT		42,669		433,517
Columbia Property Trust, Inc., REIT		112,536		1,589,008
Corporate Office Properties Trust, REIT		110,286		2,867,436
Cousins Properties, Inc., REIT		150,211		5,038,077
Douglas Emmett, Inc., REIT		172,432		5,647,148
Easterly Government Properties, Inc., REIT		79,870		1,755,543
Empire State Realty Trust, Inc., Class A, REIT (a)		142,863		1,572,922
Equity Commonwealth, REIT		119,479		3,370,503
Franklin Street Properties Corp., REIT		105,529		523,424
Highwoods Properties, Inc., REIT		102,162		4,082,393
Hudson Pacific Properties, Inc., REIT		149,581		3,827,778
JBG SMITH Properties, REIT		117,213		3,721,513
Kilroy Realty Corp., REIT		101,977		6,471,460
Mack-Cali Realty Corp., REIT (a)		89,183		1,245,886
Office Properties Income Trust, REIT		47,502		1,201,325
Paramount Group, Inc., REIT		173,169		1,605,277
Piedmont Office Realty Trust, Inc., Class A, REIT		123,917		2,114,024
SL Green Realty Corp., REIT (a)		71,554		4,942,235
VEREIT, Inc., REIT		214,666		8,371,974
Vornado Realty Trust, REIT		159,838		6,863,444


				106,460,900


Regional Malls — 4.2%
Macerich Co. (The), REIT (a)		110,215		1,423,978
Simon Property Group, Inc., REIT		322,615		36,429,686
Tanger Factory Outlet Centers, Inc., REIT (a)		91,877		1,446,144


				39,299,808


Shopping Centers — 5.0%
Acadia Realty Trust, REIT		84,820		1,603,946
Alexander’s, Inc., REIT		2,259		612,438
Brixmor Property Group, Inc., REIT		291,502		5,736,759
Federal Realty Investment Trust, REIT (a)		70,660		7,148,672
Kimco Realty Corp., REIT		425,232		7,794,503
Kite Realty Group Trust, REIT		82,784		1,586,969
Regency Centers Corp., REIT		166,830		9,138,948
Retail Opportunity Investments Corp., REIT		116,025		1,834,355
Retail Properties of America, Inc., Class A, REIT		210,649		2,218,134
RPT Realty, REIT		79,598		873,190
Saul Centers, Inc., REIT		13,806		489,009
Seritage Growth Properties, Class A, REIT* (a)		36,093		728,718
SITE Centers Corp., REIT		151,974		2,027,333
Urban Edge Properties, REIT		114,746		1,893,309


INVESTMENTS	SHARES		VALUE($)


Shopping Centers — continued
Urstadt Biddle Properties, Inc., Class A, REIT		29,495		475,459
Weingarten Realty Investors, REIT		119,693		3,039,005


				47,200,747


Storage — 8.2%
CubeSmart, REIT		191,985		7,095,766
Extra Space Storage, Inc., REIT		127,068		15,972,448
Iron Mountain, Inc., REIT (a)		283,321		9,856,738
Life Storage, Inc., REIT		71,677		6,013,700
National Storage Affiliates Trust, REIT		68,041		2,622,980
Public Storage, REIT		154,691		36,188,412


				77,750,044

Total Common Stocks (Cost $1,022,665,566)				937,930,286


Short-Term Investments — 5.3%

Investment Companies — 1.0%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (b) (c) (Cost $9,743,503)		9,743,503		9,743,503


Investment of Cash Collateral From Securities Loaned — 4.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.14% (b) (c)		36,805,471		36,809,152
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (b) (c)		3,725,951		3,725,951

Total Investment of Cash Collateral From Securities Loaned (Cost $40,535,103)				40,535,103

Total Short-Term Investments (Cost $50,278,606)				50,278,606

Total Investments — 104.7% (Cost $1,072,944,172)				988,208,892
Liabilities in Excess of Other Assets — (4.7)%				(44,085,977	)

NET ASSETS — 100.0%				944,122,915

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at February 28, 2021. The total value of securities on loan at February 28, 2021 is $38,663,812.
(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 February 28, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

Futures contracts outstanding as of February 28, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL AMOUNT
($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

DJ US Real Estate Index

195

03/2021

USD

6,653,400

289,797

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

STATEMENT OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2021


	JPMorgan BetaBuilders MSCI US REIT ETF
ASSETS:
Investments in non-affiliates, at value	$	937,930,286
Investments in affiliates, at value		9,743,503
Investments of cash collateral received from securities loaned, at value (See Note 2.B.)		40,535,103
Cash		27,904
Deposits at broker for futures contracts		802,000
Receivables:
Investment securities sold		29,413,294
Dividends from non-affiliates		757,729
Dividends from affiliates		180
Securities lending income (See Note 2.B.)		7,653

Total Assets		1,019,217,652


LIABILITIES:
Payables:
Investment securities purchased		7,520,337
Collateral received on securities loaned (See Note 2.B.)		40,535,103
Fund shares redeemed		26,798,382
Variation margin on futures contracts		159,293
Accrued liabilities:
Management fees (See Note 3.A.)		81,622

Total Liabilities		75,094,737

Net Assets	$	944,122,915


NET ASSETS:
Paid-in-Capital	$	1,044,130,582
Total distributable earnings (loss)		(100,007,667	)

Total Net Assets	$	944,122,915


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		11,450,000

Net asset value, per share	$	82.46


Cost of investments in non-affiliates	$	1,022,665,566
Cost of investments in affiliates		9,743,503
Investment securities on loan, at value (See Note 2.B.)		38,663,812
Cost of investment of cash collateral (See Note 2.B.)		40,535,103

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2021


	JPMorgan BetaBuilders MSCI US REIT ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	296
Dividend income from non-affiliates		26,880,095
Dividend income from affiliates		5,339
Income from securities lending (net) (See Note 2.B.)		297,824

Total investment income		27,183,554


EXPENSES:
Management fees (See Note 3.A.)		1,013,552
Interest expense to non-affiliates		1,516

Total expenses		1,015,068

Net investment income (loss)		26,168,486


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(19,137,932	)
In-kind redemptions of investments in non-affiliates		(38,302,731	)
Futures contracts		490,100

Net realized gain (loss)		(56,950,563	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,251,170	)
Futures contracts		520,696

Change in net unrealized appreciation/depreciation		(1,730,474	)

Net realized/unrealized gains (losses)		(58,681,037	)

Change in net assets resulting from operations	$	(32,512,551	)

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan BetaBuilders MSCI US REIT ETF
	Year Ended February 28, 2021			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	26,168,486		$	18,248,268
Net realized gain (loss)		(56,950,563	)		21,867,375
Change in net unrealized appreciation/depreciation		(1,730,474	)		(89,222,724	)

Change in net assets resulting from operations		(32,512,551	)		(49,107,081	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(32,859,372	)		(15,092,951	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(196,802,655	)		1,134,468,601


NET ASSETS:
Change in net assets		(262,174,578	)		1,070,268,569
Beginning of period		1,206,297,493			136,028,924

End of period	$	944,122,915		$	1,206,297,493


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	405,994,191		$	1,284,582,953
Cost of shares redeemed		(602,796,846	)		(150,114,352	)

Total change in net assets resulting from capital transactions	$	(196,802,655	)	$	1,134,468,601


SHARE TRANSACTIONS:
Issued		5,500,000			14,625,000
Redeemed		(8,650,000	)		(1,700,000	)

Net increase (decrease) in shares from share transactions		(3,150,000	)		12,925,000

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions

JPMorgan BetaBuilders MSCI US REIT ETF
Year Ended February 28, 2021	$	82.62	$	2.07	$	0.28	(f)	$	2.35	$	(2.51	)	$	—		$	(2.51	)
Year Ended February 29, 2020		81.21		2.55		0.80	(f)		3.35		(1.85	)		(0.09	)		(1.94	)
June 15, 2018 (h) through February 28, 2019		75.67		1.85		5.10			6.95		(1.35	)		(0.06	)		(1.41	)

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

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

(d)

(e)

(f)

(g)	Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.

(h)	Commencement of operations.

(i)	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 NAV is used as a proxy for the secondary market trading price to calculate the market returns.

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

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021


Ratios/Supplemental data
												Ratios to average net assets (a)
Net asset value, end of period		Market price, end of period		Total return (c)(d)			Market price total return (c)(e)			Net assets, end of period		Net expenses			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)


$	82.46	$	82.56		3.37	%		3.36	%	$	944,122,915		0.11	%		2.82	%		0.11	%		7	%
	82.62		82.73		4.06			4.18			1,206,297,493		0.11			2.88			0.16	(g)		5
	81.21		81.22		9.40			9.41	(i)		136,028,924		0.11	(j)		3.37			0.40	(g)(j)		5

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021

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 BetaBuilders MSCI US REIT ETF (the “Fund” or “MSCI US REIT ETF”) is a separate diversified series of the Trust covered in this report.

The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Custom Capped Index.

Shares of the Fund are listed and traded at market price on the Cboe BZX Exchange, Inc. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, typically 25,000 shares, referred to as “Creation Units.”

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

2. Significant Accounting Policies

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

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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.

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.

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 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).



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

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


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	988,208,892	$	—	$	—	$	988,208,892

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	289,797	$	—	$	—	$	289,797

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

B. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of 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.

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

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

The following table presents the Fund’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of February 28, 2021.


Investment Securities On Loan, at value, Presented in the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
$	38,663,812	$	(38,663,812	)	$	—

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

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

JPMIM voluntarily waived management fees charged to the Fund to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended February 28, 2021, JPMIM waived fees associated with the Fund’s investment in the JPMorgan U.S. Government Money Market Fund as follows:


		$	6,018

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

C. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.


For the year ended February 28, 2021
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2021		Shares at February 28, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.14% (a)(b)	$	46,004,799	$	362,000,000	$	371,199,999	$	4,352	*	$	—	$	36,809,152		36,805,471	$	255,948	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		4,817,421		269,655,764		270,747,234		—			—		3,725,951		3,725,951		16,952	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a)(b)		10,488,851		79,459,523		80,204,871		—			—		9,743,503		9,743,503		5,339			—

Total	$	61,311,071	$	711,115,287	$	722,152,104	$	4,352		$	—	$	50,278,606			$	278,239		$	—

(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 February 28, 2021.

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

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

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

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

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

The table below discloses the volume of the Fund’s futures contracts activity during the year ended February 28, 2021:


Futures Contracts — Equity:
Average Notional Balance Long	$	6,915,950
Ending Notional Balance Long		6,653,400



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

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. 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. Dividend income 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. 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 February 28, 2021, 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.

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

The following amounts were reclassified within the capital accounts:


Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	(45,488,279	)	$	(25,953	)	$	45,514,232

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

3. Fees and Other Transactions with Affiliates

A. Management Fee — JPMIM manages the investments of the Fund pursuant to the Management Agreement. For such services, JPMIM is paid a fee, which is accrued daily and paid no more frequently than monthly at an annual rate of 0.11% of the Fund’s average daily net assets. Under the Management Agreement, JPMIM is responsible for substantially all expenses of the Fund, (including expenses of the Trust relating to the Fund), except for the management fee, payments under the Fund’s 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through the Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to the Adviser, the Adviser will reimburse the Fund for such amount.

B. Administration Fee — JPMIM provides administration services to the Fund. Pursuant to the Management Agreement for the Fund, JPMIM is compensated as described in Note 3.A.

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

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Fund. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.

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.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2021 (continued)

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

E. Waivers and Reimbursements — The Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds are covered under the Management Agreement as described in Note 3.A.

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

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

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

4. Investment Transactions

During the year ended February 28, 2021, purchases and sales of investments (excluding short-term investments) were as follows:


Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	74,689,600	$	65,633,204

During the year ended February 28, 2021, there were no purchases or sales of U.S. Government securities.

For the year ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:


In-Kind Creations		In-Kind Redemptions
$	397,742,814	$	593,249,998

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2021 were as follows:


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	1,077,816,377	$	26,267,132	$	115,584,820	$	(89,317,688	)

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

The tax character of distributions paid during the year ended February 28, 2021 was as follows:


Ordinary Income*		Total Distributions Paid
$	32,859,372	$	32,859,372

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended February 29, 2020 was as follows:


Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	13,846,312	$	1,246,639	$	15,092,951

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of February 28, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	566,889	$	(9,894,049	)	$	(89,317,688	)



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

The cumulative timing differences primarily consist of late year ordinary loss deferrals and wash sale loss deferrals.

As of February 28, 2021, the Fund had net capital loss carryforwards which are available to offset future realized gains:


Capital Loss Carryforward Character
Short-Term		Long-Term
$	9,894,049	$	—

Late year ordinary losses incurred after December 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 February 28, 2021, the Fund deferred to March 1, 2021 the following net capital losses of:


		Late Year Ordinary Loss Deferral
		$	1,362,819

6. Capital Share Transactions

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

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

7. 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.


JPMorgan SmartRetirement Blend Funds			JPMorgan SmartRetirement Funds
	52.4	%		17.7	%

Significant shareholder transactions by these shareholders may impact the Fund’s performance and liquidity.

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

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

The Fund may not track the return of its underlying index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, the Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, the Fund’s return may differ from the return of the underlying index.

Because the Fund may invest a significant portion of its assets in real estate investment trusts (“REITs”), the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

The Fund is subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, negatively impact the Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan BetaBuilders MSCI US REIT ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan BetaBuilders MSCI US REIT ETF (one of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statements of changes in net assets for each of the two years in the period ended February 28, 2021, including the related notes, and the financial highlights for each of the two years in the period ended February 28, 2021 and for the period June 15, 2018 (commencement of operations) through February 28, 2019 (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 February 28, 2021, 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 February 28, 2021 and the financial highlights for each of the two years in the period ended February 28, 2021 and for the period June 15, 2018 (commencement of operations) through February 28, 2019 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.

/s/PricewaterhouseCoopers LLP

New York, New York

April 23, 2021

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



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

TRUSTEES

(Unaudited)


Name (Year of Birth; Positions With the Funds since)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee ⁽¹⁾		Other Directorships Held During the Past 5 Years
Independent Trustees

Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011–present); Consultant to the Mutual Fund Industry (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011–2017).		36	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).

Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).		36	None.

Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		36	SEI family of funds — Independent Trustee of Advisors’ Inner Circle Fund III (20 portfolios) (from February 2014 to present); Independent Trustee of Winton Diversified Opportunities Fund (from December 2014 to 2018); Independent Trustee of Gallery Trust (from August 2015 to present); Independent Trustee of Schroder Series Trust (from February 2017 to present); Independent Trustee of Schroder Global Series Trust (from February 2017 to present); Independent Trustee of O’Connor EQUUS (May 2014-April 2016); Independent Trustee of Winton Series Trust (December 2014-March 2017); Independent Trustee of AXA Premier VIP Trust (2014-June 2017); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-March 2015); Symmetry Panoramic Trust (16 portfolios) (2018-present).

Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		36	Director, ICI Mutual Insurance Company (1999-2013).

Emily A. Youssouf (1951); Trustee of the Trust since 2014	Clinical Professor, NYU Schack Institute of Real Estate (2009–present); Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019–present), Member of Related Parties Committee (2013–2018) and Member of the Enterprise Risk Committee (2015–2018), PennyMac Financial Services, Inc.; Board Member (2005–2018), Chair of Capital Committee (2006–2016), Chair of Audit Committee (2005–2018), Member of Finance Committee (2005–2018) and Chair of IT Committee (2016–2018), NYC Health and Hospitals Corporation.		36	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustee

Robert E. Deutsch ⁽²⁾ (1957); Chairman and Trustee of the Trust since 2014	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		36	Board of Directors of the JUST Capital Foundation (2017–present).

⁽¹⁾

⁽²⁾	Mr. Deutsch is an interested trustee because he was an employee of the Adviser until August 2017.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Joanna Gallegos (1975), President and Principal Executive Officer (2017)		Managing Director, Global Head of ETF Strategy. Previously, Head of J.P. Morgan Asset Management’s U.S. Exchange Traded Funds business from July 2017 to December 2019 and Head of J.P. Morgan Asset Management’s ETF Product Development team from August 2013 to July 2017.

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2020), Assistant Treasurer (2019-2020)		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.

Brian S. Shlissel (1964), Vice President (2016)*		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014.

Paul Shield (1960), Vice President and Assistant Treasurer (2016)		Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013.

Elizabeth A. Davin (1964), Secretary (2018)***		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.

Stephen M. Ungerman (1953), Chief Compliance Officer (2014)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Jessica K. Ditullio (1962), Assistant Secretary (2014)***		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2019)**		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.

Gregory S. Samuels (1980), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan Lewis & Bockius (law firm) from 2012 to 2016.

Frederick J. Cavaliere (1978), Assistant Treasurer (2015)*		Executive Director, J.P. Morgan Investment Management Inc. since February 2016; formerly, Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2010 to February 2016. Mr. Cavaliere has been with JPMorgan since May 2006.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.

Shannon Gaines (1977), Assistant Treasurer (2019)***		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Nektarios E. Manolakakis (1972), Assistant Treasurer (2020)		Executive Director, J.P. Morgan Investment Management Inc. since February 2021; formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Vice President, J.P. Morgan Corporate & Investment Bank 2010-2014.

Todd McEwen (1981), Assistant Treasurer (2020)***		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) Mr. McEwen has been with J.P. Morgan Investment Management Inc. since 2010.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

**	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

***	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



22	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period September 1, 2020 and continued to hold your shares at the end of the reporting period, February 28, 2021.

Actual Expenses

then multiply the result by the number under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes


	Beginning Account Value September 1, 2020		Ending Account Value February 28, 2021		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan BetaBuilders MSCI US REIT ETF
Actual	$	1,000.00	$	1,123.80		0.11	%	$	0.58
Hypothetical		1,000.00		1,024.25		0.11			0.55

(1)	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	23

BOARD APPROVAL OF MANAGEMENT AGREEMENT

(Unaudited)

JPMorgan BetaBuilders MSCI US REIT ETF

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of management agreements at each meeting. The Board also meets specifically to consider management agreement annual renewals. The Board of Trustees held meetings on November 5, 2020 and December 7-8, 2020, at which the Trustees considered the continuation of the management agreement (the “Management Agreement”) for JPMorgan BetaBuilders MSCI US REIT ETF (the “Fund”). The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. In connection with the meetings, the Board reviewed and considered performance, expense and other information individually for the Fund. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreement or any of their affiliates, approved the continuation of the Management Agreement.

As part of their review of the Management Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information included the Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of the Fund’s performance. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, and met with representatives of Broadridge. Before voting on the Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreement. The Trustees also discussed the Management Agreement in executive sessions with independent legal counsel 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 over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. As part of their review process, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from the Fund under the Management Agreement was fair and reasonable and that

the continuance of the Management Agreement was in the best interests of the Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

(i)	The background and experience of the Adviser’s senior management and investment personnel;

(ii)	The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund;

(iii)

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

(iv)	Information about the structure and distribution strategy of the Fund and how it fits within the Trust’s other fund offerings;

(v)	The administration services provided by the Adviser under the Management Agreement;

(vi)	Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;

(vii)

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

(viii)

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

(ix)	Their overall confidence in the Adviser’s integrity;

(x)	The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and

(xi)	The Adviser’s business continuity plan and steps the Adviser and its affiliates were taking to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to the Fund and its shareholders throughout this period.

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

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

The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of

providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by



24	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Management Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that under the Management Agreement, the Adviser earns fees from the Fund for providing administrative services and considered fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, transfer agency and other related services for the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships 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 receives as the result of JPMCB’s roles as custodian, fund accountant and transfer agent for the Fund.

Economies of Scale

The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that the management fee schedule for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund was new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. 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 requested and received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies and/or institutional accounts advised by the Adviser in the same asset class as the Fund. The Trustees noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Fund. The Trustees

concluded that the fees charged to the Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees considered the Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees reviewed the Fund’s performance against its benchmark and considered the Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that the Fund’s performance was consistent with its investment objective.

Management Fees and Expense Ratios

The Trustees considered the contractual management fee rate paid by the Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Morningstar category as the Fund. This review included ranking of the Fund within an expense universe made up of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable. The Trustees also reviewed information about other expenses and the total expense ratio for the Fund. The Trustees compared the management fee for the Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds. The Trustees considered how the Fund is positioned against peer funds, as identified by management and/or Broadridge and noted that the Fund’s management fee was appropriate when compared to identify peer funds. The Trustees’ determinations as a result of the review of the Fund’s management fees and expense ratios are summarized below:

The Trustees noted that the Fund’s net management fee was in the third and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.



FEBRUARY 28, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	25

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended February 28, 2021. 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, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Section 199A Income

The Fund had the following amount, or maximum allowable amount, of ordinary income distributions treated as section 199A dividends for the period ended February 28, 2021:



		$	24,239,441



26	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2021

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

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

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

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

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

LOGO

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


		^© JPMorgan Chase & Co., 2021. All rights reserved. February 2021.		AN-RETF-221

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:

(i)

Has at least one audit committee financial expert serving on its audit committee; or

(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.

(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:

(i)

Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(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, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia and EmilyA. Youssouf, each of which is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(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

2021 – $526,980

2020 – $646,000

(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

2021 – $59,892

2020 – $64,752

Audit-related fees consist 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

2021 – $145,359

2020 – $156,012

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 February 28, 2021 and 2020, 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

2021 – $0

2020 – $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.

(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.

2021 – 0.0%

2020 – 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:

2020 – $30.2 million

2019 – $27.9 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 subadviser 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.

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.

The registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia and Emily A. Youssouf.

(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.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(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 registrant’s second fiscal quarter of 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 last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(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).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) 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.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

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/ Joanna M. Gallegos
		Joanna M. Gallegos
		President and Principal Executive Officer
		April 30, 2021

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/ Joanna M. Gallegos
		Joanna M. Gallegos
		President and Principal Executive Officer
		April 30, 2021

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		April 30, 2021

J P Morgan Exchange-Traded Fund Trust - High Yield Municipal Etf Fund (JMHI) N-CSRCertified annual shareholder report (management investment company)