J.P. Morgan Exchange - Traded Fund Trust - Betabuilders U S Treasury Bond 20+ Year Etf NCSRS Certified semi-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.		Jon S. Rand, Esq.
JPMorgan Chase & Co.		Dechert LLP
1111 Polaris Parkway		1095 Avenue of the Americas
Columbus, OH 43240		New York, NY 10036

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

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2021 through August 31, 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.

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

August 31, 2021 (Unaudited)


	Ticker	Listing Exchange
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	BBSA	Cboe BZX Exchange, Inc.
JPMorgan Core Plus Bond ETF	JCPB	Cboe BZX Exchange, Inc.
JPMorgan Corporate Bond Research Enhanced ETF	JIGB	NYSE Arca
JPMorgan High Yield Research Enhanced ETF	JPHY	Cboe BZX Exchange, Inc.
JPMorgan International Bond Opportunities ETF	JPIB	Cboe BZX Exchange, Inc.
JPMorgan Municipal ETF	JMUB	Cboe BZX Exchange, Inc.
JPMorgan Short Duration Core Plus ETF	JSCP	NYSE Arca
JPMorgan U.S. Aggregate Bond ETF	JAGG	NYSE Arca
JPMorgan Ultra-Short Income ETF	JPST	Cboe BZX Exchange, Inc.
JPMorgan Ultra-Short Municipal Income ETF	JMST	Cboe BZX Exchange, Inc.
JPMorgan USD Emerging Markets Sovereign Bond ETF	JPMB	NYSE Arca

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			12

JPMorgan Municipal ETF			15

JPMorgan Short Duration Core Plus ETF			17

JPMorgan U.S. Aggregate Bond ETF			19

JPMorgan Ultra-Short Income ETF			21

JPMorgan Ultra-Short Municipal Income ETF			23

JPMorgan USD Emerging Markets Sovereign Bond ETF			25

Schedules of Portfolio Investments			28

Financial Statements			412

Financial Highlights			428

Notes to Financial Statements			430

Schedule of Shareholder Expenses			456

Board Approval of Initial Management Agreement			457

Liquidity Risk Management Program			459

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.

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

October 8, 2021 (Unaudited)

Dear Shareholder,

Global financial markets largely continued to generate positive returns amid ultra-low interest rates and a global economic expansion during the six months ended August 31, 2021. Despite uneven progress in containing the pandemic and intermittent disruptions in global supply chains, U.S. corporate earnings reached record highs and consumer spending accelerated and broadened.

“As the economic cycle moves forward, our focus remains dedicated to providing tools that investors can use to build resilient portfolios from our diversified platform of innovative financial solutions.”

— Brian S. Shlissel

Throughout the six-month period, J.P. Morgan Exchange Traded Funds benefitted from continued investor demand. JPMorgan Short Duration Core Plus ETF (JSCP), which launched on March 1, 2021, has grown to more than $130 million in net assets.¹ At October 8, 2021, JPMorgan ETFs held $67 billion in net assets and four of our fixed income ETFs have each surpassed $1 billion in net assets.²

We expect the global economy to continue its strong rebound from the pandemic, though the path of the recovery will likely be determined by vaccination rates and the status of world-wide logistical and transport networks. However, recent economic data point to accelerating investment spending, large rebuilding of inventories and continued strength in consumer demand through the end of 2021.

As the economic cycle moves forward, our focus remains dedicated to providing tools that investors can use to build resilient portfolios from our diversified platform of innovative financial solutions.

Sincerely,

LOGO

Brian S. Shlissel

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

JPMorgan Asset Management, October 8, 2021.

Ibid.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)

Bond markets generally underperformed equity markets during the period amid continued low interest rates and investor demand for higher returns on investments. Within global fixed income markets, high yield bonds (also called “junk bonds”), emerging markets debt and lower quality investment grade bonds largely outperformed higher quality investment grade corporate bonds, U.S. Treasury bonds and other sovereign debt.

Throughout the period, the U.S. Federal Reserve (the “Fed”) held interest rates at historic lows and maintained the pace of its monthly $120 billion combined asset purchasing programs. However, the Fed said at its July 2021 meeting that it could begin tapering its bond buying by calendar year-end, but that it did not plan to raise interest rates by then. In late August, Fed Chairman Jerome Powell noted that the rate of inflation had increased but reiterated the Fed’s view that rising inflationary pressures should be temporary.

The Bank of England responded to rising domestic inflation by outlining its plan to eventually withdraw policy support for the economy. Amid a relatively sluggish economic rebound in the European Union, the European Central Bank pledged in July to hold interest rates at record lows for the time being. Notably, South Korea became the first Asian country to raise its interest rates — by 0.25% to 0.75% — amid rising inflation there.

While the global economic reopening continued over the period, the persistence of the pandemic and the emergence of new variants of COVID-19 slowed the pace of growth somewhat and put further strain on the global supply chain.

For the six months ended August 31, 2021, the Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index) returned 1.49% and the Bloomberg Global Multiverse Index (formerly Bloomberg Barclays Global Multiverse Index) returned 0.42%.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

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

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		0.32%
Market Price**		0.16%
Bloomberg Short-Term U.S. Aggregate Bond Index (formerly Bloomberg Barclays Short-Term U.S. Aggregate Bond Index)		0.36%

Net Assets as of 8/31/2021	$	65,983,365
Duration as of 8/31/2021		2.7 Years
Fund Ticker		BBSA

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 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 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 six months ended August 31, 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 corporate 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 government related bond sectors.


PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Treasury Obligations		55.7	%
Corporate Bonds		25.0
Mortgage-Backed Securities		8.6
Supranational		3.0
Commercial Mortgage-Backed Securities		2.4
U.S. Government Agency Securities		2.2
Foreign Government Securities		1.4
Others (each less than 1.0%)		1.0
Short-Term Investments		0.7

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $51.75 as of August 31, 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 August 31, 2021, the closing price was $51.77.

***

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



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

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

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR			SINCE INCEPTION
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Net Asset Value		March 12, 2019		0.32%		0.33	%		3.43%
Market Price				0.16%		(0.10	)%		3.44%

Not annualized.

LIFE OF FUND PERFORMANCE (3/12/19 TO 8/31/21)

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 Short-Term U.S. Aggregate Bond Index from March 12, 2019 to August 31, 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 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 Short-Term U.S. Aggregate Bond Index is an unmanaged index that represents securities that are 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 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	AUGUST 31, 2021

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		2.08%
Market Price**		2.06%
Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index)		1.49%

Net Assets as of 8/31/2021	$	170,118,586
Duration as of 8/31/2021		5.9 Years
Fund Ticker		JCPB

INVESTMENT OBJECTIVE***

The JPMorgan Core Plus Bond ETF (the “Fund”) seeks 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 adviser allocates 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 six months ended August 31, 2021, the Fund outperformed the Bloomberg U.S. Aggregate Bond Index (the “Index”).

Relative to the Index, the Fund’s overweight allocations to high yield corporate credit and securitized credit, including asset-backed securities, commercial mortgage-backed securities and non-agency residential mortgage-backed securities, were leading contributors to performance amid robust U.S. economic growth and supportive monetary policies across the globe.

The Fund’s shorter duration position was the leading detractor from relative performance as interest rates fell during the period. Generally, bonds with shorter duration will experience a smaller increase in price as interest rates fall, relative to bonds with longer duration.

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. They employed macro-economic analysis to determine asset allocations and positioning on the yield curve. The portfolio 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 corporate bonds and securitized debt, which includes agency and non-agency residential mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. The Fund’s smallest allocations were to emerging markets debt and U.S. government obligations, including Treasury bonds and agency debentures.


PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds		37.4	%
Asset-Backed Securities		18.4
Mortgage-Backed Securities		14.0
U.S. Treasury Obligations		11.2
Commercial Mortgage-Backed Securities		7.0
Collateralized Mortgage Obligations		4.7
Others (each less than 1.0%)		—	(a)
Short-Term Investments		7.3

***

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

(a)

Amounts rounds to less than 0.1%.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Core Plus Bond ETF
Net Asset Value		January 28, 2019		2.08	%		1.55	%		6.66	%
Market Price				2.06	%		1.88	%		6.78	%

Not annualized.

LIFE OF FUND PERFORMANCE (1/28/19 TO 8/31/21)

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 U.S. Aggregate Index from January 28, 2019 to August 31, 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 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 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	AUGUST 31, 2021

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		2.67%
Market Price**		2.90%
Bloomberg U.S. Corporate Bond Index (formerly Bloomberg Barclays U.S. Corporate Bond Index)		2.85%

Net Assets as of 8/31/2021	$	56,072,801
Duration as of 8/31/2021		8.8 Years
Fund Ticker		JIGB

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 U.S. Corporate Bond Index (the “Index”) while maintaining similar risk characteristics.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2021, the Fund underperformed the Index.

Relative to the Index, the Fund’s security selection within the communications sector was a leading detractor from performance amid investor uncertainty about mergers and acquisitions activity in the sector as well as investor concerns about corporate debt levels due to increased investment in spectrum auctions and 5G technology. The Fund’s overweight position in the utilities sector also detracted from relative performance amid investor concerns about potential for liabilities from wildfires in California.

The Fund’s security selection in consumer non-cyclical sector was a leading contributor to relative performance amid strong earnings in the sector.

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 allocation to the consumer cyclical sector and its largest overweight allocations to the consumer non-cyclical and communications sectors.


PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds		99.4	%
Others (each less than 1.0%)		0.2
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 August 31, 2021, the closing price was $56.37.

***

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



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)


	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Corporate Bond Research Enhanced ETF
Net Asset Value		December 12, 2018		2.67	%		1.88	%		8.69	%
Market Price				2.90	%		2.17	%		8.89	%

Not annualized.

LIFE OF FUND PERFORMANCE (12/12/18 TO 8/31/21)

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 U.S. Corporate Index from December 12, 2018 to August 31, 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 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 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	AUGUST 31, 2021

JPMorgan High Yield Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		3.49%
Market Price**		3.72%
Bloomberg U.S. Corporate High Yield – 2% Issuer Capped Index (formerly Bloomberg Barclays U.S. Corporate High Yield – 2% Issuer Capped Index		3.82%

Net Assets as of 8/31/2021	$	1,610,952,323
Duration as of 8/31/2021		3.8 Years
Fund Ticker		JPHY

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 six months ended August 31, 2021, the Fund posted a positive absolute performance and underperformed the Bloomberg U.S. Corporate High Yield – 2% Issuer Capped Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selection in the independent energy and metals & mining sectors were leading detractors from performance. The Fund’s underweight position in bonds rated CCC also detracted from performance as lower rated bonds generally outperformed bonds rated BB and single-B during the period. The Fund’s security selection in the cable/satellite TV and real estate investment trusts sectors enhanced performance during the period.

HOW WAS THE FUND POSITIONED?

During the period, the Fund was neutral to the Benchmark in terms of industry sectors and duration structure. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. The Fund was underweight in securities rated CCC or lower, overweight in securities rated BB and was neutral weight in bonds rated single B.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan High Yield Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY INDUSTRY AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Oil, Gas & Consumable Fuels		12.1	%
Hotels, Restaurants & Leisure		7.8
Media		7.3
Diversified Telecommunication Services		6.1
Health Care Providers & Services		5.5
Consumer Finance		4.4
Equity Real Estate Investment Trusts (REITs)		3.3
Commercial Services & Supplies		3.1
Pharmaceuticals		2.9
Metals & Mining		2.9
Aerospace & Defense		2.8
Food Products		2.7
Chemicals		2.4
Trading Companies & Distributors		2.2
Auto Components		2.2
Electric Utilities		2.2
Specialty Retail		2.2
Entertainment		1.9
Thrifts & Mortgage Finance		1.9
Containers & Packaging		1.7
Building Products		1.7
Food & Staples Retailing		1.6
Capital Markets		1.4
Technology Hardware, Storage & Peripherals		1.2
Airlines		1.2
Communications Equipment		1.1
Software		1.0
Others (each less than 1.0%)		11.3
Short-Term Investments		1.9

***

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



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan High Yield Research Enhanced ETF
Net Asset Value		September 14, 2016		3.49	%		7.62	%		5.79	%
Market Price				3.72	%		7.77	%		5.82	%

Not annualized.

LIFE OF FUND PERFORMANCE (9/14/16 TO 8/31/21)

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 U.S. Corporate High Yield — 2% Issuer Capped Index from September 14, 2016 to August 31, 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 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 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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan International Bond Opportunities ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*			2.07%
Market Price**			1.75%
Bloomberg Multiverse ex-USA (USD Hedged) Index (formerly Bloomberg Barclays Multiverse ex-USA (USD Hedged) Index)			1.76%
Bloomberg Multiverse Index (formerly Bloomberg Barclays Multiverse Index)			0.42%

Net Assets as of 8/31/2021			$298,648,681
Duration as of 8/31/2021			2.7 Years
Fund Ticker			JPIB

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 six months ended August 31, 2021, the Fund posted a positive return of 2.07%. 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 Multiverse ex-USA (USD Hedged) Index, which returned 1.76% for the period.

In terms of absolute performance, the Fund’s allocations to investment grade credit, corporate high yield debt (also known as “junk bonds”) and emerging markets debt (both sovereign debt and bonds denominated in local currencies) were leading

contributors to performance. The Fund’s investments in securitized debt also contributed to absolute performance. The Fund’s allocation to government interest rates, obtained through investments in government bonds and interest rate futures was the sole detractor from absolute performance though its impact was not significant.

Relative to the Bloomberg Multiverse ex-USA (USD Hedged) Index, the Fund’s overweight allocations to investment grade credit, corporate high yield bonds and emerging market debt contributed to performance.

HOW WAS THE FUND POSITIONED?

Since the start of March 2021, the Fund’s managers have increased their position in high yield corporate bonds while maintaining protection via short positions in the Credit Default Swap Index. The managers trimmed the Fund’s allocations to corporate investment grade bonds, emerging markets debt and securitized debt. The managers also reduced their long exposure to Australia and added to their long exposure to Canada. The managers reduced the Fund’s overall duration by increasing its short positions in U.S. Treasury bonds. The Fund’s duration decreased to 2.72 years at August 31, 2021 from 3.44 years at February 28, 2021.



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds		59.6	%
Foreign Government Securities		30.3
Commercial Mortgage-Backed Securities		2.1
Asset-Backed Securities		2.1
Collateralized Mortgage Obligations		1.2
Others (each less than 1.0%)		0.6
Short-Term Investments		4.1


PORTFOLIO COMPOSITION BY COUNTRY AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
United States		12.3	%
Italy		11.1
United Kingdom		9.5
France		8.8
Germany		6.7
Spain		5.4
Canada		5.4
China		3.0
Netherlands		3.0
Luxembourg		2.9
Australia		2.8
Portugal		2.5
Mexico		2.2
Switzerland		2.1
South Africa		1.5
Indonesia		1.5
Sweden		1.2
New Zealand		1.1
Belgium		1.1
Ireland		1.0
Others (each less than 1.0%)		10.8
Short-Term Investments		4.1

***

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



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan International Bond Opportunities ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan International Bond Opportunities ETF
Net Asset Value		April 5, 2017		2.07	%		4.61	%		4.60	%
Market Price				1.75	%		4.31	%		4.67	%

Not annualized.

LIFE OF FUND PERFORMANCE (4/5/17 TO 8/31/21)

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 and the Bloomberg Multiverse ex-USA (USD Hedged) Index from April 5, 2017 to August 31, 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 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 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. Investors cannot invest directly in an index.



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

JPMorgan Municipal ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		2.80%
Market Price**		2.80%
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index)		1.91%

Net Assets as of 8/31/2021	$	88,690,480
Duration as of 8/31/2021		5.4 Years
Fund Ticker		JMUB

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 portfolio of municipal securities, the income from which is exempt from federal income tax. The Fund seeks to maintain an average weighted maturity between three and twelve years.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2021, the Fund outperformed to the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Index”). Interest rates in the tax free bond sector edged lower during the period and the yield curve flattened. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

Relative to the Index, the Fund’s longer duration was a leading contributor to performance. Generally, bonds with longer duration will experience a greater increase in price compared with shorter duration bonds when interest rates fall. The Fund’s underweight allocation to bonds rated AA and higher and its overweight position in bonds rated single A and lower also contributed to relative performance. The Fund’s underweight allocation to pre-refunded bonds, which are generally highly rated, and its overweight positions in the education and special tax sectors also helped relative performance.

The Fund’s underweight allocations in the transportation sector and industrial development revenue/pollution control revenue bonds were leading detractors from performance relative to the Benchmark. The Fund’s underweight allocations to Illinois and New York state also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the period, the Fund was overweight in bonds rated single-A and BBB. The Fund’s duration was 5.4 years compared with 4.3 years for the Index.


PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Municipal Bonds		95.1	%
Short-Term Investments		4.9

***

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



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Municipal ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Municipal ETF
Net Asset Value		October 29, 2018		2.80	%		3.58	%		6.36	%
Market Price				2.80	%		3.43	%		6.36	%

Not annualized.

LIFE OF FUND PERFORMANCE (10/29/18 TO 8/31/21)

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 U.S. 1-15 Year Blend (1-17) Municipal Bond Index from October 29, 2018 to August 31, 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 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 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	AUGUST 31, 2021

JPMorgan Short Duration Core Plus ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		0.98%
Market Price**		1.14%
Bloomberg 1-5 Year Government/Credit Index (formerly Bloomberg Barclays 1-5 Year Government/Credit Index)		0.32%

Net Assets as of 8/31/2021	$	127,607,759
Duration as of 8/31/2021		2.3 Years
Fund Ticker		JSCP

INVESTMENT OBJECTIVE***

The JPMorgan Short Duration Core Plus Bond ETF (the “Fund”) seeks total return, consistent with preservation of capital.

INVESTMENT APPROACH

The Fund invests primarily in investment grade bonds, with the flexibility to invest up to 30% of its net assets in high yield debt (also known as “junk bonds”) and up to 25% of its net assets in foreign securities. The Fund’s portfolio managers seek to maintain a duration of three years or less. Duration is a measure of the price sensitivity of a bond or portfolio of bonds relative to changes in interest rates. The portfolio managers use both a top down and bottom up research process as well as a combination of fundamental and quantitative inputs to allocate the Fund’s assets among a range of sectors. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis to address the Fund’s dual objective of seeking total return and preservation of capital. Such analysis includes an evaluation of interest rate risk, credit risk, duration, liquidity, currency risk, legal provisions and the structure of the transaction.

HOW DID THE FUND PERFORM?

For the period from inception on March 1, 2021 to August 31, 2021, the Fund outperformed the Bloomberg 1-5 Year

Government/Credit Index (the “Index”).

Relative to the Index, the Fund’s out-of-Index allocations to high yield bonds and commercial mortgage-backed securities were the leading contributors to relative performance. The Fund’s shorter duration positioning was the leading detractor from relative performance as interest rates fell during the period. Generally, bonds with shorter duration will experience a smaller increase in price compared with longer duration bonds when interest rates fall.

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 portfolio managers used bottom-up research to construct, in their view, a portfolio of undervalued fixed income securities. The managers employ a macro-economic analysis to determine asset allocation and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.


PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds		34.6	%
U.S. Treasury Obligations		20.8
Asset-Backed Securities		15.8
Mortgage-Backed Securities		9.1
Commercial Mortgage-Backed Securities		6.6
Collateralized Mortgage Obligations		3.8
Foreign Government Securities		1.3
Others (each less than 1.0%)		0.3
Short-Term Investments		7.7

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 August 31, 2021, the closing price was $50.32.

***

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



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan Short Duration Core Plus ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*
JPMorgan Short Duration Core Plus ETF
Net Asset Value		March 1, 2021		0.98%
Market Price				1.14%

Not annualized.

LIFE OF FUND PERFORMANCE (3/1/21 TO 8/31/21)

LOGO

Fund commenced operations on March 1, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Short Duration Core Plus ETF and the Bloomberg 1-5 Year Government/Credit Index from March 1, 2021 to August 31, 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 1-5 Year Government/Credit 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 1-5 Year Government/Credit Index includes the Government and Credit portions of the Barclays Aggregate for securities of 1-5 year maturities. The Government portion includes treasuries and agencies. The Credit portion includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Investors cannot invest directly in an index.

Fund 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.



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		1.50%
Market Price**		1.59%
Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index)		1.49%

Net Assets as of 8/31/202	$	1,091,160,283
Duration as of 8/31/2021		6.2 Years
Fund Ticker		JAGG

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 adviser applies a systematic multi-factor screening process that seeks exposure to those debt issuers with attractive value, quality and momentum characteristics.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2021, the Fund outperformed the Bloomberg 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 contributed to performance, while the Fund’s security selection within agency mortgage-backed securities detracted from relative performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund applied a systemic multi-factor 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, corporate credit and mortgage-backed securities, and among its smallest allocations were agency debt and supranational debt.


PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Treasury Obligations		37.6	%
Mortgage-Backed Securities		26.8
Corporate Bonds		26.1
Commercial Mortgage-Backed Securities		2.0
Foreign Government Securities		1.8
U.S. Government Agency Securities		1.5
Supranational		1.4
Others (each less than 1.0%)		0.8
Short-Term Investments		2.0

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 August 31, 2021, the closing price was $54.87.

***

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



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Aggregate Bond ETF
Net Asset Value		December 12, 2018		1.50%		(0.36)%		5.76%
Market Price				1.59%		(0.27)%		5.78%

Not annualized.

LIFE OF FUND PERFORMANCE (12/12/18 TO 8/31/21)

LOGO

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 U.S, Aggregate Index from December 12, 2018 to August 31, 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 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 U.S. Aggregate Index is an unmanaged index that represents securities that are 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.



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		0.23%
Market Price**		0.25%
ICE BofAML 3-Month US Treasury Bill Index		0.02%

Net Assets as of 8/31/2021	$	17,737,707,377
Duration as of 8/31/2021		0.7 Years
Fund Ticker		JPST

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 six months ended August 31, 2021, the Fund outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

The Fund’s out-of-Index exposure to investment grade corporate bonds, collateralized loan obligations and money market securities were leading contributors to both absolute performance and performance relative to the Index. The Fund’s out-of-Index allocations to 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?

During the period, the Fund’s portfolio managers maintained a long duration position as the U.S. Federal Reserve (the “Fed”) maintained its ultra-accommodative monetary policy and left policy interest rates near zero. The portfolio managers took this opportunity to add duration through Treasuries and high quality securities.

Early in the period, the portfolio managers increased the Fund’s exposure to the corporate sector. Toward the end of the reporting period, the Fund’s duration and spread duration were reduced in anticipation of more hawkish communication from the Fed, including the possible start of asset tapering by year-end. In descending order, the Fund’s largest allocation at the end of the period were in corporate bonds, money market securities, collateralized loan obligations, mortgage-backed securities, asset-backed securities, U.S. Treasury bonds and non-corporate credit.


PORTFOLIO COMPOSITION BY SECTOR AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		45.9	%
Asset-Backed Securities		14.7
Utilities		4.1
Consumer Discretionary		3.3
Health Care		2.4
Consumer Staples		2.4
Commercial Mortgage-Backed Securities		2.0
Industrials		1.9
Communication Services		1.5
Energy		1.0
Others (each less than 1.0%)		2.5
Short-Term Investments		18.3

***

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



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Ultra-Short Income ETF
Net Asset Value		May 17, 2017		0.23%		0.64%		2.11%
Market Price				0.25%		0.58%		2.13%

Not annualized.

LIFE OF FUND PERFORMANCE (5/17/17 TO 8/31/21)

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 August 31, 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.



22	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		0.27%
Market Price**		0.27%
Bloomberg 1-Year Municipal Bond Index (formerly Bloomberg Barclays 1-Year Municipal Bond Index)		0.28%

Net Assets as of 8/31/2021	$	2,110,974,704
Duration as of 8/31/2021		0.7 Years
Fund Ticker		JMST

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 or the unrated equivalent, the income from which is exempt from federal income tax. The Fund invests in a portfolio of municipal securities with an average weighted maturity of two years or less.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2021, the Fund underperformed the Bloomberg 1-Year Municipal Bond Index (the “Index”). Interest rates edged lower during the period and lower rated bonds generally outperformed higher rated bonds.

Relative to the Index, the Fund’s shorter duration was a leading detractor from performance. Generally, bonds of shorter duration will experience a smaller increase in price compared with longer duration bonds when interest rates fall. The Fund’s out-of-Index allocation to variable rate demand notes, which generally do not benefit from price appreciation when interest rates fall, also detracted from relative performance. The Fund’s underweight position in bonds rated single A and BBB also hurt relative performance.

The Fund’s underweight allocation to pre-refunded bonds, which are generally higher rated, was a leading contributor to

performance relative to the Index. The Fund’s overweight allocations to the hospitals and leasing sectors, as well as its overweight allocations to Illinois and New Jersey also helped relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the period, the Fund’s duration was 0.7 years compared with 1.4 years for the Index.


PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Municipal Bonds		85.5	%
Short-Term Investments		14.5

***

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



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Ultra-Short Municipal Income ETF
Net Asset Value		October 16, 2018		0.27%		0.51%		1.79%
Market Price				0.27%		0.57%		1.82%

Not annualized.

LIFE OF FUND PERFORMANCE (10/16/18 TO 8/31/21)

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 1-Year Municipal Bond Index from October 16, 2018 to August 31, 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 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 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.



24	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		3.89%
Market Price**		4.16%
JPMorgan Emerging Markets Risk-Aware Bond Index		4.08%

Net Assets as of 8/31/2021	$	75,111,376
Duration as of 8/31/2021		8.2 Years
Fund Ticker		JPMB

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 based on 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 six months ended August 31, 2021, the Fund performed in line with the Underlying Index. The majority of the Fund’s deviation against the Underlying Index was due to operating expenses, fees and tax management of the Fund’s portfolio.

During the period, the Fund’s and the Underlying Index’s allocations to high yield bonds (also known as “junk bonds”) were leading contributors to performance amid increased investor demand for higher bond yields. The Fund’s and the Underlying Index risk filters screened out exposures to Ecuador and Sri Lanka, which detracted from performance amid investor expectations that both nations would benefit from potential interventions by the International Monetary Fund.

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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY COUNTRY AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Turkey		8.3	%
Brazil		7.1
Dominican Republic		6.3
Bahrain		5.8
South Africa		5.6
Oman		5.2
Ukraine		4.5
Mexico		3.7
Indonesia		3.1
Saudi Arabia		3.0
Nigeria		2.9
United Arab Emirates		2.8
Qatar		2.6
China		2.5
Russia		2.4
Philippines		2.2
Peru		2.0
Colombia		2.0
Panama		1.9
Kenya		1.9
Chile		1.9
Jamaica		1.9
Azerbaijan		1.8
Malaysia		1.7
Kazakhstan		1.6
Jordan		1.4
Uruguay		1.4
Costa Rica		1.3
Pakistan		1.2
Morocco		1.2
Paraguay		1.1
Iraq		1.1
Others (each less than 1.0%)		5.9
Short-Term Investments		0.7

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 August 31, 2021, the closing price was $50.27.

***

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



26	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan USD Emerging Markets Sovereign Bond ETF
Net Asset Value		January 29, 2018		3.89%		6.07%		4.67%
Market Price				4.16%		5.94%		4.76%

Not annualized.

LIFE OF FUND PERFORMANCE (1/29/18 TO 8/31/21)

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 August 31, 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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	27

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — 55.8%

U.S. Treasury Bonds 7.63%, 2/15/2025		150,000		186,633

U.S. Treasury Notes

2.00%, 2/15/2022		226,000		227,986

1.13%, 2/28/2022		350,000		351,859

1.88%, 2/28/2022		427,000		430,836

2.38%, 3/15/2022		190,000		192,368

1.75%, 6/30/2022		200,000		202,781

0.13%, 7/31/2022		240,000		240,113

1.50%, 8/15/2022		105,000		106,419

1.63%, 8/15/2022		482,000		489,079

1.50%, 9/15/2022		360,000		365,273

0.13%, 9/30/2022		334,000		334,130

1.88%, 9/30/2022		130,000		132,498

1.38%, 10/15/2022		900,000		912,832

2.00%, 10/31/2022		100,000		102,195

2.00%, 11/30/2022		655,000		670,403

1.63%, 12/15/2022		23,000		23,447

1.75%, 1/31/2023		600,000		613,664

2.00%, 2/15/2023		400,000		410,844

1.50%, 2/28/2023		705,000		719,320

1.50%, 3/31/2023		24,000		24,511

0.25%, 6/15/2023		2,642,000		2,645,406

0.13%, 7/15/2023		46,000		45,948

1.25%, 7/31/2023		326,000		332,584

2.75%, 7/31/2023		687,000		720,545

0.13%, 8/15/2023		801,000		799,905

0.25%, 11/15/2023		320,000		320,025

2.75%, 11/15/2023		1,229,000		1,296,595

2.63%, 12/31/2023		15,000		15,819

0.13%, 2/15/2024		64,000		63,750

2.75%, 2/15/2024		1,032,000		1,094,162

2.13%, 2/29/2024		16,000		16,728

2.38%, 2/29/2024		2,627,000		2,762,660

2.13%, 3/31/2024		70,000		73,254

0.38%, 4/15/2024		375,000		375,381

2.00%, 4/30/2024		480,000		501,263

2.25%, 4/30/2024		15,000		15,762

2.00%, 5/31/2024		335,000		350,075

1.75%, 6/30/2024		282,000		293,016

1.75%, 7/31/2024		717,000		745,568

2.38%, 8/15/2024		1,947,000		2,060,778

1.25%, 8/31/2024		222,000		227,619

1.50%, 9/30/2024		1,070,000		1,105,527

1.50%, 10/31/2024		280,000		289,384

1.50%, 11/30/2024		254,000		262,573

2.13%, 11/30/2024		185,000		194,915


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


1.75%, 12/31/2024		545,000		567,992

1.38%, 1/31/2025		451,000		464,354

0.50%, 3/31/2025		493,000		492,384

0.38%, 4/30/2025		1,008,000		1,001,464

0.25%, 5/31/2025		1,615,000		1,595,317

0.25%, 6/30/2025		382,000		377,106

2.75%, 6/30/2025		130,000		140,664

0.25%, 7/31/2025		135,000		133,154

2.00%, 8/15/2025		1,284,000		1,354,118

0.25%, 8/31/2025		1,092,000		1,075,961

0.25%, 9/30/2025		703,000		692,016

0.25%, 10/31/2025		1,519,000		1,493,723

2.25%, 11/15/2025		310,000		330,586

0.38%, 11/30/2025		373,000		368,454

0.38%, 12/31/2025		6,000		5,921

0.38%, 1/31/2026		625,000		616,211

0.75%, 3/31/2026		94,000		94,132

0.75%, 4/30/2026		1,002,000		1,002,939

0.75%, 5/31/2026		797,000		797,249

0.88%, 6/30/2026		281,000		282,559

0.63%, 7/31/2026		595,000		590,909


Total U.S. Treasury Obligations (Cost $36,495,667)				36,823,646


Corporate Bonds — 25.0%

Aerospace & Defense — 0.5%

Boeing Co. (The)

2.70%, 5/1/2022		35,000		35,529

4.88%, 5/1/2025		44,000		49,192

2.60%, 10/30/2025		10,000		10,399

2.75%, 2/1/2026		32,000		33,449

General Dynamics Corp.

2.25%, 11/15/2022		16,000		16,304

1.88%, 8/15/2023		10,000		10,271

2.38%, 11/15/2024		32,000		33,689

3.25%, 4/1/2025		15,000		16,203

1.15%, 6/1/2026 (a)		40,000		40,379

Leidos, Inc. 3.63%, 5/15/2025		15,000		16,259

Lockheed Martin Corp. 3.10%, 1/15/2023		5,000		5,167

Precision Castparts Corp. 3.25%, 6/15/2025		18,000		19,529

Raytheon Technologies Corp. 3.20%, 3/15/2024		15,000		15,932


				302,302


Air Freight & Logistics — 0.1%

FedEx Corp. 3.25%, 4/1/2026		15,000		16,380

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Air Freight & Logistics — continued

United Parcel Service, Inc.

2.35%, 5/16/2022		8,000		8,107

2.20%, 9/1/2024		21,000		21,970


				46,457


Airlines — 0.1%

Southwest Airlines Co. 5.25%, 5/4/2025		34,000		38,544


Auto Components — 0.0% (b)

Aptiv Corp. 4.15%, 3/15/2024		17,000		18,332


Automobiles — 0.0% (b)

Toyota Motor Corp. (Japan)

2.36%, 7/2/2024		5,000		5,246

1.34%, 3/25/2026		7,000		7,091


				12,337


Banks — 6.9%

Banco Bilbao Vizcaya Argentaria SA (Spain) 0.88%, 9/18/2023		200,000		200,978

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (c)		67,000		68,435

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		10,000		10,324

4.13%, 1/22/2024		65,000		70,519

4.20%, 8/26/2024		15,000		16,449

(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (c)		24,000		25,625

Series L, 3.95%, 4/21/2025		40,000		43,812

(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (c)		40,000		41,170

3.50%, 4/19/2026		62,000		68,268

(SOFR + 1.15%), 1.32%, 6/19/2026 (c)		114,000		114,366

(SOFR + 1.01%), 1.20%, 10/24/2026 (c)		39,000		38,833

Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c)		5,000		5,055

(SOFR + 0.96%), 1.73%, 7/22/2027 (c)		37,000		37,497

Bank of Montreal (Canada)

2.35%, 9/11/2022		32,000		32,704

Series E, 3.30%, 2/5/2024		5,000		5,334

2.50%, 6/28/2024		61,000		64,206

(USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (c)		12,000		12,829

Bank of Nova Scotia (The) (Canada)

2.00%, 11/15/2022		24,000		24,506

3.40%, 2/11/2024		17,000		18,145

2.20%, 2/3/2025		12,000		12,534


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Banks — continued

Barclays plc (United Kingdom) 3.65%, 3/16/2025		40,000		43,360

BNP Paribas SA (France) 3.25%, 3/3/2023		50,000		52,291

Canadian Imperial Bank of Commerce (Canada)

0.95%, 6/23/2023		9,000		9,083

2.25%, 1/28/2025		20,000		20,892

0.95%, 10/23/2025		133,000		132,788

Citigroup, Inc.

2.75%, 4/25/2022		16,000		16,227

4.05%, 7/30/2022		15,000		15,504

(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		50,000		50,544

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (c)		35,000		35,763

3.88%, 10/25/2023		7,000		7,524

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (c)		12,000		12,732

3.70%, 1/12/2026		6,000		6,631

(SOFR + 0.77%), 1.12%, 1/28/2027 (c)		63,000		62,503

(SOFR + 0.77%), 1.46%, 6/9/2027 (c)		109,000		109,179

Comerica, Inc. 3.70%, 7/31/2023		15,000		15,896

Fifth Third Bancorp

3.50%, 3/15/2022		25,000		25,373

4.30%, 1/16/2024		12,000		12,960

First Citizens BancShares, Inc. (SOFR + 2.47%), 3.38%, 3/15/2030 (c)		20,000		20,444

First Horizon Corp. 3.55%, 5/26/2023		24,000		25,138

HSBC Holdings plc (United Kingdom)

(SOFR + 1.40%), 2.63%, 11/7/2025 (c)		30,000		31,390

(SOFR + 1.29%), 1.59%, 5/24/2027 (c)		200,000		200,661

Huntington Bancshares, Inc.

2.63%, 8/6/2024		17,000		17,887

4.00%, 5/15/2025		8,000		8,856

Korea Development Bank (The) (South Korea) 0.40%, 6/19/2024		200,000		199,550

Kreditanstalt fuer Wiederaufbau (Germany)

2.00%, 10/4/2022		151,000		154,083

0.25%, 3/8/2024		75,000		74,797

1.38%, 8/5/2024		70,000		71,894

2.50%, 11/20/2024		13,000		13,826

0.38%, 7/18/2025		26,000		25,757

0.63%, 1/22/2026		51,000		50,769

Landwirtschaftliche Rentenbank (Germany)

3.13%, 11/14/2023		83,000		88,125

Series 40, 0.50%, 5/27/2025		39,000		38,813

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	29

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Corporate Bonds — continued

Banks — continued

0.88%, 3/30/2026		10,000		10,049

1.75%, 7/27/2026		5,000		5,222

M&T Bank Corp. 3.55%, 7/26/2023		45,000		47,628

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.67%, 7/25/2022		11,000		11,235

3.41%, 3/7/2024		21,000		22,448

3.78%, 3/2/2025		9,000		9,856

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		55,000		56,386

MUFG Union Bank NA 2.10%, 12/9/2022		20,000		20,431

Oesterreichische Kontrollbank AG (Austria)

2.88%, 3/13/2023		39,000		40,583

3.13%, 11/7/2023		90,000		95,436

1.50%, 2/12/2025		41,000		42,267

0.38%, 9/17/2025		20,000		19,743

0.50%, 2/2/2026		15,000		14,828

People’s United Financial, Inc. 3.65%, 12/6/2022		27,000		27,874

PNC Financial Services Group, Inc. (The)

3.30%, 3/8/2022		12,000		12,161

2.85%, 11/9/2022 (d)		12,000		12,370

3.50%, 1/23/2024		31,000		33,135

2.20%, 11/1/2024		70,000		73,542

Regions Financial Corp. 2.25%, 5/18/2025		15,000		15,662

Royal Bank of Canada (Canada)

1.95%, 1/17/2023		28,000		28,646

3.70%, 10/5/2023		15,000		16,022

0.43%, 1/19/2024		16,000		15,971

2.55%, 7/16/2024		20,000		21,090

Santander Holdings USA, Inc. 3.40%, 1/18/2023		26,000		26,950

Santander UK plc (United Kingdom) 4.00%, 3/13/2024		96,000		104,170

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.78%, 7/12/2022		10,000		10,222

3.10%, 1/17/2023		18,000		18,685

3.94%, 10/16/2023		18,000		19,315

3.78%, 3/9/2026		56,000		62,448

Synovus Financial Corp. 3.13%, 11/1/2022		16,000		16,385

Toronto-Dominion Bank (The) (Canada)

0.25%, 1/6/2023		46,000		46,015

3.25%, 3/11/2024		30,000		32,042

2.65%, 6/12/2024		11,000		11,628

0.75%, 1/6/2026		100,000		99,045


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Banks — continued

Truist Bank

3.00%, 2/2/2023		15,000		15,546

3.20%, 4/1/2024		10,000		10,667

Truist Financial Corp.

2.20%, 3/16/2023		30,000		30,838

3.75%, 12/6/2023		22,000		23,587

2.85%, 10/26/2024		12,000		12,813

3.70%, 6/5/2025		6,000		6,618

1.20%, 8/5/2025		29,000		29,383

(SOFR + 0.61%), 1.27%, 3/2/2027 (c)		22,000		22,064

US Bancorp

3.00%, 3/15/2022		50,000		50,627

2.95%, 7/15/2022		39,000		39,855

3.60%, 9/11/2024		7,000		7,607

Series V, 2.38%, 7/22/2026		91,000		96,799

Valley National Bancorp (SOFR + 2.36%), 3.00%, 6/15/2031 (c)		72,000		73,221

Wells Fargo & Co.

Series M, 3.45%, 2/13/2023		40,000		41,763

4.13%, 8/15/2023		15,000		16,042

3.75%, 1/24/2024		17,000		18,232

(SOFR + 1.60%), 1.65%, 6/2/2024 (c)		21,000		21,470

3.30%, 9/9/2024		17,000		18,306

3.00%, 2/19/2025		25,000		26,639

3.55%, 9/29/2025		14,000		15,357

(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (c)		50,000		51,885

3.00%, 4/22/2026		8,000		8,665

(SOFR + 2.00%), 2.19%, 4/30/2026 (c)		25,000		25,961

(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		5,000		5,411

Westpac Banking Corp. (Australia)

1.15%, 6/3/2026		28,000		28,181

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (c)		161,000		167,599


				4,527,455


Beverages — 0.2%

Anheuser-Busch InBev Finance, Inc. (Belgium) 3.65%, 2/1/2026		28,000		30,878

Coca-Cola Co. (The) 1.75%, 9/6/2024		15,000		15,609

Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		5,000		5,397

Keurig Dr Pepper, Inc.

3.13%, 12/15/2023		19,000		20,054

3.40%, 11/15/2025		5,000		5,453

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Corporate Bonds — continued

Beverages — continued

PepsiCo, Inc.

3.60%, 3/1/2024		20,000		21,419

2.85%, 2/24/2026		12,000		12,971


				111,781


Biotechnology — 0.6%

AbbVie, Inc.

3.25%, 10/1/2022		28,000		28,673

3.75%, 11/14/2023		40,000		42,697

3.85%, 6/15/2024		17,000		18,350

2.60%, 11/21/2024		37,000		39,008

3.80%, 3/15/2025		42,000		45,788

3.60%, 5/14/2025		65,000		70,685

Amgen, Inc.

2.70%, 5/1/2022		52,000		52,630

3.63%, 5/22/2024		15,000		16,100

1.90%, 2/21/2025		10,000		10,325

Baxalta, Inc. 4.00%, 6/23/2025		6,000		6,613

Gilead Sciences, Inc.

3.25%, 9/1/2022		10,000		10,250

2.50%, 9/1/2023		12,000		12,462

3.65%, 3/1/2026		13,000		14,333


				367,914


Building Products — 0.0% (b)

Carrier Global Corp. 2.24%, 2/15/2025		15,000		15,616


Capital Markets — 2.1%

Ameriprise Financial, Inc. 3.70%, 10/15/2024		10,000		10,920

Ares Capital Corp.

3.50%, 2/10/2023		5,000		5,175

2.15%, 7/15/2026		27,000		27,180

Bain Capital Specialty Finance, Inc. 2.95%, 3/10/2026		5,000		5,143

Bank of New York Mellon Corp. (The)

1.95%, 8/23/2022		15,000		15,264

(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (c)		42,000		42,704

1.60%, 4/24/2025		35,000		35,959

0.75%, 1/28/2026		42,000		41,719

BGC Partners, Inc. 3.75%, 10/1/2024		26,000		27,650

Brookfield Finance, Inc. (Canada) 4.00%, 4/1/2024		10,000		10,788

Charles Schwab Corp. (The)

4.20%, 3/24/2025		20,000		22,299

0.90%, 3/11/2026		32,000		31,887

1.15%, 5/13/2026		5,000		5,032


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Capital Markets — continued

CMEGroup, Inc. 3.00%, 9/15/2022		7,000		7,197

Deutsche Bank AG (Germany) 3.70%, 5/30/2024		76,000		81,313

Eaton Vance Corp. 3.63%, 6/15/2023		5,000		5,272

Franklin Resources, Inc. 2.85%, 3/30/2025		15,000		16,037

FS KKR Capital Corp. 3.40%, 1/15/2026		15,000		15,668

Goldman Sachs BDC, Inc. 2.88%, 1/15/2026		5,000		5,175

Goldman Sachs Group, Inc. (The)

3.20%, 2/23/2023		25,000		25,977

(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		36,000		36,676

3.85%, 7/8/2024		115,000		124,307

3.50%, 4/1/2025		50,000		54,118

3.75%, 5/22/2025		15,000		16,355

(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		20,000		21,426

3.75%, 2/25/2026		5,000		5,526

Series VAR, (SOFR + 0.79%), 1.09%, 12/9/2026 (c)		25,000		24,817

Golub Capital BDC, Inc. 2.50%, 8/24/2026		8,000		8,139

Intercontinental Exchange, Inc.

4.00%, 10/15/2023		25,000		26,806

3.75%, 12/1/2025		10,000		11,047

Invesco Finance plc 3.75%, 1/15/2026		18,000		19,906

Janus Capital Group, Inc. 4.88%, 8/1/2025		11,000		12,400

Moody’s Corp. 4.88%, 2/15/2024		10,000		10,936

Morgan Stanley

2.75%, 5/19/2022		78,000		79,411

3.13%, 1/23/2023		32,000		33,231

3.75%, 2/25/2023		40,000		41,991

(SOFR + 0.47%), 0.56%, 11/10/2023 (c)		63,000		63,095

(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		110,000		115,774

Series F, 3.88%, 4/29/2024		15,000		16,243

3.70%, 10/23/2024		30,000		32,668

(SOFR + 0.72%), 0.99%, 12/10/2026 (c)		12,000		11,857

(SOFR + 0.88%), 1.59%, 5/4/2027 (c)		15,000		15,148

Northern Trust Corp. 2.38%, 8/2/2022		30,000		30,607

State Street Corp.

(ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023 (c)		23,000		23,387

3.10%, 5/15/2023		21,000		21,985

3.70%, 11/20/2023		8,000		8,607

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	31

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Corporate Bonds — continued

Capital Markets — continued

(ICE LIBOR USD 3 Month + 0.77%), 3.78%, 12/3/2024 (c)		12,000		12,894

3.55%, 8/18/2025		24,000		26,524

(SOFR + 0.94%), 2.35%, 11/1/2025 (c)		48,000		50,446

Stifel Financial Corp. 4.25%, 7/18/2024		15,000		16,423


				1,411,109


Chemicals — 0.3%

Air Products and Chemicals, Inc. 1.50%, 10/15/2025		39,000		39,998

Celanese US Holdings LLC

3.50%, 5/8/2024		31,000		33,112

1.40%, 8/5/2026		7,000		6,988

DuPont de Nemours, Inc.

4.21%, 11/15/2023		33,000		35,535

4.49%, 11/15/2025		10,000		11,291

LYB International Finance BV 4.00%, 7/15/2023		10,000		10,641

Mosaic Co. (The) 4.25%, 11/15/2023		10,000		10,701

Nutrien Ltd. (Canada)

3.63%, 3/15/2024		8,000		8,533

3.00%, 4/1/2025		15,000		15,979

PPG Industries, Inc.

2.40%, 8/15/2024		15,000		15,719

1.20%, 3/15/2026		5,000		5,002


				193,499


Commercial Services & Supplies — 0.1%

Republic Services, Inc. 0.88%, 11/15/2025		34,000		33,725

Waste Management, Inc. 0.75%, 11/15/2025		15,000		14,890


				48,615


Communications Equipment — 0.1%

Cisco Systems, Inc. 2.20%, 9/20/2023		27,000		27,994

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


				42,984


Consumer Finance — 1.8%

AerCap Ireland Capital DAC (Ireland) 3.15%, 2/15/2024		150,000		156,818

Ally Financial, Inc.

4.13%, 2/13/2022		14,000		14,231

3.88%, 5/21/2024		87,000		93,804

American Express Co.

2.50%, 8/1/2022		30,000		30,567

2.65%, 12/2/2022		112,000		115,368

3.40%, 2/27/2023		26,000		27,111


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Consumer Finance — continued

3.70%, 8/3/2023		30,000		31,819

2.50%, 7/30/2024		30,000		31,589

American Honda Finance Corp.

3.63%, 10/10/2023		16,000		17,062

1.20%, 7/8/2025		15,000		15,140

1.00%, 9/10/2025		15,000		15,025

Capital One Financial Corp.

3.50%, 6/15/2023		6,000		6,322

3.90%, 1/29/2024		89,000		95,566

3.30%, 10/30/2024		54,000		58,049

Caterpillar Financial Services Corp.

2.85%, 6/1/2022		6,000		6,120

0.65%, 7/7/2023		28,000		28,176

3.30%, 6/9/2024		12,000		12,903

3.25%, 12/1/2024		6,000		6,516

1.45%, 5/15/2025		15,000		15,348

0.80%, 11/13/2025		22,000		21,962

Discover Financial Services 3.85%, 11/21/2022		25,000		26,037

General Motors Financial Co., Inc.

5.10%, 1/17/2024		55,000		60,223

2.90%, 2/26/2025		5,000		5,283

1.25%, 1/8/2026		140,000		138,993

John Deere Capital Corp.

2.70%, 1/6/2023		23,000		23,749

3.45%, 6/7/2023		23,000		24,264

0.70%, 7/5/2023		7,000		7,051

0.40%, 10/10/2023		5,000		5,007

2.65%, 6/24/2024		15,000		15,894

0.70%, 1/15/2026		20,000		19,838

1.05%, 6/17/2026		9,000		9,012

Navient Solutions LLC Zero Coupon, 10/3/2022		25,000		24,928

PACCAR Financial Corp. 0.35%, 8/11/2023		8,000		8,008

Toyota Motor Credit Corp.

0.50%, 8/14/2023		5,000		5,017

1.35%, 8/25/2023		18,000		18,346

0.45%, 1/11/2024		12,000		11,992

0.80%, 10/16/2025		5,000		4,968

0.80%, 1/9/2026		8,000		7,915


				1,216,021


Containers & Packaging — 0.0% (b)

Berry Global, Inc. 1.57%, 1/15/2026 (e)		10,000		10,086

WRKCo, Inc. 4.65%, 3/15/2026		5,000		5,701


				15,787

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Corporate Bonds — continued

Diversified Consumer Services — 0.0% (b)

Yale University Series 2020, 0.87%, 4/15/2025		5,000		5,039


Diversified Financial Services — 0.2%

Berkshire Hathaway, Inc. 3.13%, 3/15/2026		19,000		20,789

National Rural Utilities Cooperative Finance Corp.

1.00%, 6/15/2026		37,000		36,845

(ICE LIBOR USD 3 Month + 2.91%), 4.75%, 4/30/2043 (c)		23,000		24,035

ORIX Corp. (Japan) 4.05%, 1/16/2024		5,000		5,385

Private Export Funding Corp. Series II, 2.05%, 11/15/2022		5,000		5,099

Shell International Finance BV (Netherlands) 2.00%, 11/7/2024		23,000		23,980

Voya Financial, Inc. 3.13%, 7/15/2024		10,000		10,627


				126,760


Diversified Telecommunication Services — 0.3%

AT&T, Inc.

3.00%, 6/30/2022		10,000		10,178

4.45%, 4/1/2024		32,000		34,818

3.40%, 5/15/2025		22,000		23,885

4.13%, 2/17/2026		5,000		5,599

Verizon Communications, Inc.

0.75%, 3/22/2024		11,000		11,043

3.38%, 2/15/2025		22,000		23,833

0.85%, 11/20/2025		66,000		65,500


				174,856


Electric Utilities — 0.7%

American Electric Power Co., Inc. Series N, 1.00%, 11/1/2025		23,000		22,868

Avangrid, Inc. 3.20%, 4/15/2025		8,000		8,569

Duke Energy Corp.

3.75%, 4/15/2024		8,000		8,586

0.90%, 9/15/2025		24,000		23,816

Edison International 4.95%, 4/15/2025		25,000		27,663

Entergy Louisiana LLC

4.05%, 9/1/2023		15,000		15,934

0.62%, 11/17/2023		13,000		13,005

Eversource Energy

Series Q, 0.80%, 8/15/2025		5,000		4,949

Series U, 1.40%, 8/15/2026		7,000		7,022

Florida Power & Light Co. 3.25%, 6/1/2024		15,000		15,927

Georgia Power Co. Series A, 2.20%, 9/15/2024		10,000		10,415


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Electric Utilities — continued

NextEra Energy Capital Holdings, Inc.

3.15%, 4/1/2024		39,000		41,335

2.75%, 5/1/2025		10,000		10,613

Oncor Electric Delivery Co. LLC

2.75%, 6/1/2024		37,000		39,140

0.55%, 10/1/2025		89,000		87,322

Pacific Gas and Electric Co.

3.75%, 2/15/2024		23,000		23,891

3.40%, 8/15/2024		12,000		12,430

3.45%, 7/1/2025		15,000		15,532

2.95%, 3/1/2026		6,000		6,087

Public Service Co. of Colorado 2.25%, 9/15/2022		13,000		13,140

Public Service Co. of New Hampshire 3.50%, 11/1/2023		15,000		15,881

Public Service Electric and Gas Co.

2.38%, 5/15/2023		15,000		15,454

0.95%, 3/15/2026		12,000		11,994


				451,573


Electrical Equipment — 0.0% (b)

Eaton Corp. 2.75%, 11/2/2022		15,000		15,424

Legrand France SA (France) 8.50%, 2/15/2025		14,000		17,430


				32,854


Electronic Equipment, Instruments & Components — 0.1%

Arrow Electronics, Inc. 4.00%, 4/1/2025		10,000		10,821

Flex Ltd. 5.00%, 2/15/2023		8,000		8,477

Vontier Corp. 1.80%, 4/1/2026 (e)		19,000		19,041


				38,339


Energy Equipment & Services — 0.1%

Schlumberger Investment SA 3.65%, 12/1/2023		37,000		39,354


Entertainment — 0.1%

TWDC Enterprises 18 Corp.

2.35%, 12/1/2022		10,000		10,257

1.85%, 7/30/2026		18,000		18,664

Walt Disney Co. (The)

1.75%, 8/30/2024		31,000		32,081

1.75%, 1/13/2026		24,000		24,786


				85,788

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	33

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (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		5,000		5,218

3.30%, 7/15/2026		10,000		10,771

American Tower Corp.

3.38%, 5/15/2024		46,000		49,102

2.40%, 3/15/2025		8,000		8,351

1.30%, 9/15/2025		28,000		28,143

AvalonBay Communities, Inc.

4.20%, 12/15/2023		6,000		6,452

3.50%, 11/15/2024		9,000		9,712

3.45%, 6/1/2025		5,000		5,448

2.95%, 5/11/2026		6,000		6,484

Boston Properties LP

3.13%, 9/1/2023		15,000		15,689

3.65%, 2/1/2026		10,000		11,009

Brixmor Operating Partnership LP 3.65%, 6/15/2024		49,000		52,547

CC Holdings GS V LLC 3.85%, 4/15/2023		5,000		5,268

Corporate Office Properties LP 2.25%, 3/15/2026		35,000		36,075

Crown Castle International Corp. 1.35%, 7/15/2025		58,000		58,477

Equinix, Inc.

2.63%, 11/18/2024		8,000		8,407

1.00%, 9/15/2025		121,000		120,393

Essex Portfolio LP 3.50%, 4/1/2025		15,000		16,236

Federal Realty Investment Trust 1.25%, 2/15/2026		7,000		6,990

Office Properties Income Trust 4.25%, 5/15/2024		10,000		10,668

Public Storage 0.88%, 2/15/2026		26,000		25,823

Realty Income Corp.

3.88%, 4/15/2025		20,000		22,025

0.75%, 3/15/2026		27,000		26,521

Sabra Health Care LP 4.80%, 6/1/2024		21,000		22,941

Simon Property Group LP 3.50%, 9/1/2025		57,000		62,174

SL Green Operating Partnership LP 3.25%, 10/15/2022		15,000		15,402

Ventas Realty LP 3.13%, 6/15/2023		16,000		16,769

Welltower, Inc. 4.00%, 6/1/2025		17,000		18,700


				681,795


Food & Staples Retailing — 0.2%

Kroger Co. (The) 3.50%, 2/1/2026		5,000		5,509

Sysco Corp. 5.65%, 4/1/2025		20,000		23,068


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Food & Staples Retailing — continued

Walmart, Inc.

2.35%, 12/15/2022		6,000		6,155

2.55%, 4/11/2023		9,000		9,289

3.40%, 6/26/2023		16,000		16,874

2.65%, 12/15/2024		37,000		39,448

3.55%, 6/26/2025		5,000		5,503


				105,846


Food Products — 0.3%

Bunge Ltd. Finance Corp. 1.63%, 8/17/2025		17,000		17,274

Campbell Soup Co. 2.50%, 8/2/2022		6,000		6,121

Conagra Brands, Inc. 3.20%, 1/25/2023		6,000		6,188

Hershey Co. (The)

3.38%, 5/15/2023		15,000		15,731

0.90%, 6/1/2025		75,000		75,243

Kellogg Co. 3.25%, 4/1/2026		33,000		36,070

McCormick & Co., Inc. 0.90%, 2/15/2026		32,000		31,632

Mondelez International, Inc. 0.63%, 7/1/2022		9,000		9,028

Tyson Foods, Inc. 3.90%, 9/28/2023		30,000		32,017


				229,304


Gas Utilities — 0.0% (b)

Eastern Energy Gas Holdings LLC 3.55%, 11/1/2023		17,000		17,961

Southern California Gas Co. 3.15%, 9/15/2024		12,000		12,829


				30,790


Health Care Equipment & Supplies — 0.2%

Abbott Laboratories

2.55%, 3/15/2022		15,000		15,188

2.95%, 3/15/2025		5,000		5,356

DH Europe Finance II SARL 2.20%, 11/15/2024		18,000		18,798

Medtronic, Inc. 3.50%, 3/15/2025		16,000		17,484

Stryker Corp. 1.15%, 6/15/2025		35,000		35,194

Zimmer Biomet Holdings, Inc. 3.05%, 1/15/2026		14,000		15,069


				107,089


Health Care Providers & Services — 0.8%

Aetna, Inc. 2.75%, 11/15/2022		11,000		11,248

Anthem, Inc.

2.95%, 12/1/2022		7,000		7,213

3.50%, 8/15/2024		34,000		36,509

3.35%, 12/1/2024		15,000		16,195

1.50%, 3/15/2026		13,000		13,205

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Corporate Bonds — continued

Health Care Providers & Services — continued

Cardinal Health, Inc. 2.62%, 6/15/2022		14,000		14,226

Cigna Corp.

3.00%, 7/15/2023		31,000		32,350

3.50%, 6/15/2024		10,000		10,711

4.13%, 11/15/2025		5,000		5,589

1.25%, 3/15/2026		24,000		24,145

CommonSpirit Health 2.76%, 10/1/2024		16,000		16,847

CVS Health Corp.

3.70%, 3/9/2023		4,000		4,188

2.63%, 8/15/2024		17,000		17,914

3.88%, 7/20/2025		52,000		57,232

HCA, Inc.

4.75%, 5/1/2023		31,000		33,049

5.25%, 4/15/2025		9,000		10,273

Humana, Inc. 3.15%, 12/1/2022		15,000		15,415

Laboratory Corp. of America Holdings 3.60%, 2/1/2025		15,000		16,144

McKesson Corp.

2.70%, 12/15/2022		10,000		10,237

0.90%, 12/3/2025		88,000		87,098

UnitedHealth Group, Inc.

3.35%, 7/15/2022		22,000		22,597

2.75%, 2/15/2023		25,000		25,755

2.38%, 8/15/2024		15,000		15,804

1.25%, 1/15/2026		10,000		10,127


				514,071


Hotels, Restaurants & Leisure — 0.4%

Marriott International, Inc.

3.60%, 4/15/2024		5,000		5,333

Series EE, 5.75%, 5/1/2025		5,000		5,745

Series R, 3.13%, 6/15/2026		5,000		5,340

McDonald’s Corp.

3.35%, 4/1/2023		9,000		9,398

3.25%, 6/10/2024		15,000		16,060

1.45%, 9/1/2025		5,000		5,099

Sands China Ltd. (Macau) 5.13%, 8/8/2025		200,000		222,524

Starbucks Corp.

3.10%, 3/1/2023		15,000		15,582

3.85%, 10/1/2023		15,000		15,942


				301,023


Household Durables — 0.1%

DR Horton, Inc.

5.75%, 8/15/2023		6,000		6,517

2.50%, 10/15/2024		14,000		14,681

2.60%, 10/15/2025		6,000		6,336


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Household Durables — continued

Mohawk Industries, Inc. 3.85%, 2/1/2023		15,000		15,591


				43,125


Household Products — 0.2%

Kimberly-Clark Corp. 3.05%, 8/15/2025		16,000		17,382

Procter & Gamble Co. (The)

0.55%, 10/29/2025		84,000		83,392

1.00%, 4/23/2026		8,000		8,050


				108,824


Independent Power and Renewable Electricity Producers — 0.0% (b)

Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024		34,000		36,544


Industrial Conglomerates — 0.3%

3M Co.

1.75%, 2/14/2023		15,000		15,310

2.25%, 3/15/2023		6,000		6,168

2.65%, 4/15/2025		18,000		19,115

General Electric Co. 3.45%, 5/15/2024		16,000		17,065

Honeywell International, Inc.

2.15%, 8/8/2022		5,000		5,085

3.35%, 12/1/2023		10,000		10,648

2.30%, 8/15/2024		62,000		65,240

1.35%, 6/1/2025		21,000		21,428

Roper Technologies, Inc.

3.13%, 11/15/2022		10,000		10,262

3.65%, 9/15/2023		15,000		15,929


				186,250


Insurance — 0.5%

Aflac, Inc.

3.25%, 3/17/2025		20,000		21,645

1.13%, 3/15/2026		5,000		5,026

Allied World Assurance Co. Holdings Ltd. 4.35%, 10/29/2025		9,000		9,834

Allstate Corp. (The)

0.75%, 12/15/2025		77,000		76,509

Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (c)		6,000		6,507

American International Group, Inc.

4.88%, 6/1/2022		5,000		5,165

4.13%, 2/15/2024		27,000		29,247

Aon Corp. 2.20%, 11/15/2022		27,000		27,596

Aspen Insurance Holdings Ltd. (Bermuda) 4.65%, 11/15/2023		6,000		6,503

Chubb INA Holdings, Inc. 2.70%, 3/13/2023		15,000		15,548

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	35

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Corporate Bonds — continued

Insurance — continued

Kemper Corp. 4.35%, 2/15/2025		27,000		29,536

MetLife, Inc.

Series D, 4.37%, 9/15/2023 (d)		6,000		6,476

3.60%, 4/10/2024		5,000		5,394

Old Republic International Corp. 3.88%, 8/26/2026		6,000		6,713

Principal Financial Group, Inc. 3.13%, 5/15/2023		7,000		7,317

Prudential Financial, Inc.

1.50%, 3/10/2026		25,000		25,488

(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (c)		10,000		10,685

(ICE LIBOR USD 3 Month + 3.04%), 5.20%, 3/15/2044 (c)		14,000		15,095


				310,284


Interactive Media & Services — 0.1%

Alphabet, Inc.

3.38%, 2/25/2024		6,000		6,446

0.45%, 8/15/2025		51,000		50,523


				56,969


Internet & Direct Marketing Retail — 0.4%

Alibaba Group Holding Ltd. (China) 3.60%, 11/28/2024		200,000		215,594

Amazon.com, Inc.

0.40%, 6/3/2023		21,000		21,051

1.00%, 5/12/2026		5,000		5,025

eBay, Inc. 1.90%, 3/11/2025		10,000		10,340


				252,010


IT Services — 0.3%

DXC Technology Co. 4.13%, 4/15/2025		25,000		27,442

Fidelity National Information Services, Inc. 0.60%, 3/1/2024		10,000		10,001

Fiserv, Inc. 2.75%, 7/1/2024		18,000		19,019

Global Payments, Inc.

3.75%, 6/1/2023		15,000		15,710

1.20%, 3/1/2026		19,000		18,888

International Business Machines Corp. 1.88%, 8/1/2022		80,000		81,223

Mastercard, Inc. 3.38%, 4/1/2024		12,000		12,885

PayPal Holdings, Inc. 2.40%, 10/1/2024		18,000		18,969

Visa, Inc. 2.80%, 12/14/2022		20,000		20,580

Western Union Co. (The) 1.35%, 3/15/2026		5,000		4,967


				229,684


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Leisure Products — 0.0% (b)

Hasbro, Inc. 3.00%, 11/19/2024		7,000		7,438


Machinery — 0.2%

CNH Industrial Capital LLC

1.88%, 1/15/2026		13,000		13,282

1.45%, 7/15/2026		5,000		5,000

Cummins, Inc. 0.75%, 9/1/2025		94,000		93,655

nVent Finance SARL (United Kingdom) 3.95%, 4/15/2023		10,000		10,436


				122,373


Media — 0.4%

Charter Communications Operating LLC

Series USD, 4.50%, 2/1/2024		35,000		37,997

4.91%, 7/23/2025		10,000		11,324

Comcast Corp.

3.60%, 3/1/2024		6,000		6,458

3.70%, 4/15/2024		29,000		31,311

3.38%, 2/15/2025		13,000		14,057

3.10%, 4/1/2025		5,000		5,375

3.38%, 8/15/2025		20,000		21,777

3.95%, 10/15/2025		15,000		16,729

Discovery Communications LLC 3.90%, 11/15/2024		15,000		16,257

Fox Corp. 3.05%, 4/7/2025		14,000		14,967

Omnicom Group, Inc. 3.65%, 11/1/2024		15,000		16,260

TCI Communications, Inc. 7.88%, 2/15/2026		7,000		9,030

Time Warner Entertainment Co. LP 8.38%, 3/15/2023		12,000		13,418

ViacomCBS, Inc.

3.50%, 1/15/2025		9,000		9,678

4.00%, 1/15/2026		14,000		15,518


				240,156


Metals & Mining — 0.1%

ArcelorMittal SA (Luxembourg) 4.55%, 3/11/2026		5,000		5,649

Nucor Corp.

4.00%, 8/1/2023		7,000		7,417

2.00%, 6/1/2025		5,000		5,178

Reliance Steel & Aluminum Co. 1.30%, 8/15/2025		17,000		17,064

Rio Tinto Finance USA Ltd. (Australia) 3.75%, 6/15/2025		15,000		16,523

Southern Copper Corp. (Peru) 3.50%, 11/8/2022		5,000		5,166


				56,997

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Corporate Bonds — continued

Multiline Retail — 0.0% (b)

Target Corp. 2.25%, 4/15/2025		15,000		15,769


Multi-Utilities — 0.3%

Berkshire Hathaway Energy Co.

2.80%, 1/15/2023		15,000		15,468

3.75%, 11/15/2023		39,000		41,591

CenterPoint Energy, Inc. 3.85%, 2/1/2024		7,000		7,490

Delmarva Power & Light Co. 3.50%, 11/15/2023		35,000		37,132

Dominion Energy, Inc. 3.07%, 8/15/2024 (d)		33,000		35,007

NiSource, Inc. 0.95%, 8/15/2025		35,000		34,760

Sempra Energy

2.88%, 10/1/2022		12,000		12,234

4.05%, 12/1/2023		7,000		7,485


				191,167


Oil, Gas & Consumable Fuels — 1.6%

BP Capital Markets America, Inc.

2.75%, 5/10/2023		15,000		15,605

3.22%, 4/14/2024		21,000		22,315

3.41%, 2/11/2026		12,000		13,130

BP Capital Markets plc (United Kingdom)

2.75%, 5/10/2023		8,000		8,319

3.99%, 9/26/2023		43,000		46,160

Canadian Natural Resources Ltd. (Canada)

3.80%, 4/15/2024		6,000		6,413

3.90%, 2/1/2025		16,000		17,344

2.05%, 7/15/2025		5,000		5,148

Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		12,000		13,638

Chevron Corp.

1.14%, 5/11/2023		6,000		6,088

1.55%, 5/11/2025		35,000		35,914

Chevron USA, Inc.

0.33%, 8/12/2022		55,000		55,102

0.43%, 8/11/2023		49,000		49,124

3.90%, 11/15/2024		15,000		16,432

0.69%, 8/12/2025		5,000		4,973

ConocoPhillips Co. 3.35%, 11/15/2024		27,000		29,048

Energy Transfer LP

3.60%, 2/1/2023		5,000		5,169

4.90%, 2/1/2024		27,000		29,178

4.25%, 4/1/2024		16,000		17,166

2.90%, 5/15/2025		15,000		15,760

4.75%, 1/15/2026		7,000		7,855


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Oil, Gas & Consumable Fuels — continued

Enterprise Products Operating LLC

3.50%, 2/1/2022		19,000		19,256

3.75%, 2/15/2025		46,000		49,983

Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.88%, 8/16/2077 (c)		8,000		7,835

EOG Resources, Inc. 2.63%, 3/15/2023		25,000		25,755

Equinor ASA (Norway) 3.25%, 11/10/2024		7,000		7,557

Exxon Mobil Corp.

2.73%, 3/1/2023		20,000		20,641

3.18%, 3/15/2024		41,000		43,547

2.02%, 8/16/2024		15,000		15,644

2.99%, 3/19/2025		25,000		26,744

3.04%, 3/1/2026		9,000		9,758

Kinder Morgan Energy Partners LP

4.15%, 3/1/2022		15,000		15,282

4.15%, 2/1/2024		21,000		22,528

Marathon Petroleum Corp.

4.50%, 5/1/2023		7,000		7,420

4.70%, 5/1/2025		15,000		16,811

MPLX LP 4.88%, 12/1/2024		46,000		51,198

ONEOK Partners LP

3.38%, 10/1/2022		15,000		15,355

5.00%, 9/15/2023		24,000		25,765

ONEOK, Inc. 2.20%, 9/15/2025		30,000		30,831

Petroleos Mexicanos (Mexico) 6.84%, 1/23/2030 (f)		1		1

Phillips 66

3.85%, 4/9/2025		10,000		10,930

1.30%, 2/15/2026		19,000		18,994

Pioneer Natural Resources Co. 1.13%, 1/15/2026		20,000		19,836

Plains All American Pipeline LP 3.85%, 10/15/2023		15,000		15,809

Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		36,000		41,021

Suncor Energy, Inc. (Canada) 3.10%, 5/15/2025		26,000		27,728

TotalEnergies Capital International SA (France) 3.75%, 4/10/2024		11,000		11,912

Valero Energy Corp. 2.85%, 4/15/2025		20,000		21,103

Williams Cos., Inc. (The)

3.60%, 3/15/2022		5,000		5,059

4.50%, 11/15/2023		36,000		38,684

3.90%, 1/15/2025		25,000		27,126


				1,069,994

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	37

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Corporate Bonds — continued

Paper & Forest Products — 0.0% (b)

Fibria Overseas Finance Ltd. (Brazil) 4.00%, 1/14/2025		15,000		16,129

Georgia-Pacific LLC 8.00%, 1/15/2024		15,000		17,613


				33,742


Personal Products — 0.0% (b)

Estee Lauder Cos., Inc. (The) 2.00%, 12/1/2024		17,000		17,777


Pharmaceuticals — 0.6%

AstraZeneca plc (United Kingdom)

3.50%, 8/17/2023		5,000		5,293

3.38%, 11/16/2025		5,000		5,479

Bristol-Myers Squibb Co.

3.25%, 11/1/2023		15,000		15,926

2.90%, 7/26/2024		11,000		11,723

3.88%, 8/15/2025		8,000		8,869

0.75%, 11/13/2025		63,000		62,717

Eli Lilly & Co. 2.75%, 6/1/2025		15,000		15,983

GlaxoSmithKline Capital plc (United Kingdom) 3.00%, 6/1/2024		13,000		13,824

GlaxoSmithKline Capital, Inc. (United Kingdom) 3.38%, 5/15/2023		18,000		18,934

Johnson & Johnson

2.25%, 3/3/2022		5,000		5,044

3.38%, 12/5/2023		41,000		43,904

0.55%, 9/1/2025		98,000		97,158

Merck & Co., Inc.

2.40%, 9/15/2022		6,000		6,103

2.75%, 2/10/2025		35,000		37,228

0.75%, 2/24/2026		12,000		11,938

Mylan, Inc. 4.20%, 11/29/2023		15,000		16,034

Novartis Capital Corp. (Switzerland) 1.75%, 2/14/2025		5,000		5,162

Pfizer, Inc.

3.40%, 5/15/2024		15,000		16,170

2.75%, 6/3/2026		5,000		5,428


				402,917


Professional Services — 0.0% (b)

Verisk Analytics, Inc. 4.13%, 9/12/2022		17,000		17,618


Road & Rail — 0.2%

BNSF Funding Trust I (ICE LIBOR USD 3 Month + 2.35%), 6.61%, 12/15/2055 (c)		5,000		5,742

Burlington Northern Santa Fe LLC

3.00%, 3/15/2023		10,000		10,349

3.85%, 9/1/2023		4,000		4,246


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Road & Rail — continued

3.75%, 4/1/2024		8,000		8,600

3.65%, 9/1/2025		8,000		8,815

CSX Corp. 3.40%, 8/1/2024		20,000		21,507

JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		5,000		5,572

Norfolk Southern Corp. 3.85%, 1/15/2024		5,000		5,344

Ryder System, Inc.

3.75%, 6/9/2023		15,000		15,822

4.63%, 6/1/2025		8,000		8,991

Union Pacific Corp.

4.16%, 7/15/2022		22,000		22,530

3.75%, 7/15/2025		15,000		16,564


				134,082


Semiconductors & Semiconductor Equipment — 0.5%

Analog Devices, Inc. 3.13%, 12/5/2023		6,000		6,332

Broadcom Corp. 3.13%, 1/15/2025		25,000		26,587

Broadcom, Inc.

3.63%, 10/15/2024		62,000		67,050

4.70%, 4/15/2025		12,000		13,432

Intel Corp.

2.35%, 5/11/2022		9,000		9,118

2.70%, 12/15/2022		30,000		30,948

3.40%, 3/25/2025		20,000		21,751

Microchip Technology, Inc. 4.33%, 6/1/2023		5,000		5,302

NXP BV (China) 4.88%, 3/1/2024 (e)		17,000		18,616

QUALCOMM, Inc. 2.60%, 1/30/2023		39,000		40,231

Texas Instruments, Inc. 1.38%, 3/12/2025		66,000		67,317


				306,684


Software — 0.5%

Adobe, Inc. 1.90%, 2/1/2025		9,000		9,340

Citrix Systems, Inc. 1.25%, 3/1/2026		6,000		5,928

Microsoft Corp.

2.65%, 11/3/2022		34,000		34,846

3.63%, 12/15/2023		15,000		16,040

2.70%, 2/12/2025		25,000		26,643

3.13%, 11/3/2025		5,000		5,453

2.40%, 8/8/2026		34,000		36,361

Oracle Corp.

2.50%, 10/15/2022		16,000		16,389

2.40%, 9/15/2023		75,000		77,715

3.40%, 7/8/2024		16,000		17,128

2.95%, 11/15/2024		25,000		26,621

1.65%, 3/25/2026		14,000		14,225

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Corporate Bonds — continued

Software — continued

VMware, Inc. 2.95%, 8/21/2022		15,000		15,347


				302,036


Specialty Retail — 0.1%

Home Depot, Inc. (The)

2.70%, 4/1/2023		7,000		7,229

3.35%, 9/15/2025		5,000		5,471

Lowe’s Cos., Inc.

3.13%, 9/15/2024		30,000		32,049

3.38%, 9/15/2025		32,000		34,921


				79,670


Technology Hardware, Storage & Peripherals — 0.7%

Apple, Inc.

2.10%, 9/12/2022		15,000		15,269

2.85%, 2/23/2023		15,000		15,513

2.40%, 5/3/2023		7,000		7,250

0.75%, 5/11/2023		13,000		13,112

3.45%, 5/6/2024		10,000		10,786

2.85%, 5/11/2024		16,000		16,957

1.80%, 9/11/2024		18,000		18,661

2.75%, 1/13/2025		10,000		10,641

2.50%, 2/9/2025		20,000		21,150

1.13%, 5/11/2025		24,000		24,283

0.55%, 8/20/2025		51,000		50,554

0.70%, 2/8/2026		55,000		54,670

Dell International LLC

4.00%, 7/15/2024		15,000		16,283

5.85%, 7/15/2025		16,000		18,692

Hewlett Packard Enterprise Co.

1.45%, 4/1/2024		16,000		16,272

4.65%, 10/1/2024		15,000		16,636

1.75%, 4/1/2026		14,000		14,281

HP, Inc.

4.05%, 9/15/2022		12,000		12,445

2.20%, 6/17/2025		77,000		79,891

1.45%, 6/17/2026 (e)		43,000		42,963


				476,309


Textiles, Apparel & Luxury Goods — 0.0% (b)

NIKE, Inc. 2.40%, 3/27/2025		20,000		21,181


Tobacco — 0.2%

BAT Capital Corp. (United Kingdom) 2.79%, 9/6/2024		60,000		63,022


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Tobacco — continued

Philip Morris International, Inc.

2.63%, 3/6/2023		20,000		20,715

2.13%, 5/10/2023		25,000		25,678

1.50%, 5/1/2025		10,000		10,195

0.88%, 5/1/2026		8,000		7,909

Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025		11,000		12,196


				139,715


Trading Companies & Distributors — 0.4%

Air Lease Corp.

2.75%, 1/15/2023		23,000		23,657

3.00%, 9/15/2023		15,000		15,637

2.88%, 1/15/2026		26,000		27,328

Aircastle Ltd. 4.13%, 5/1/2024		6,000		6,396

BOC Aviation Ltd. (Singapore) 3.00%, 5/23/2022 (f)		200,000		202,493


				275,511


Water Utilities — 0.0% (b)

American Water Capital Corp. 3.40%, 3/1/2025		6,000		6,500


Wireless Telecommunication Services — 0.1%

T-Mobile USA, Inc. 3.50%, 4/15/2025		30,000		32,435

Vodafone Group plc (United Kingdom)

3.75%, 1/16/2024		15,000		16,157

4.13%, 5/30/2025		8,000		8,908


				57,500


Total Corporate Bonds (Cost $16,300,472)				16,492,060


Mortgage-Backed Securities — 8.6%

FHLMC Gold Pools, 15 Year

Pool # J14776, 3.00%, 3/1/2026		11,512		12,151

Pool # G14783, 3.50%, 10/1/2026		10,896		11,631

Pool # G14415, 2.50%, 4/1/2027		18,354		19,242

Pool # J20134, 3.00%, 8/1/2027		7,546		8,008

Pool # G18452, 2.50%, 12/1/2027		29,465		30,950

Pool # E04178, 2.50%, 2/1/2028		8,712		9,153

Pool # J22899, 2.00%, 3/1/2028		16,267		16,893

Pool # J23906, 2.50%, 5/1/2028		29,797		31,285

Pool # J24561, 2.50%, 6/1/2028		6,956		7,331

Pool # G15724, 4.00%, 1/1/2029		2,519		2,680

Pool # G16577, 4.00%, 1/1/2029		5,345		5,671

Pool # G18511, 2.50%, 5/1/2029		5,100		5,354

Pool # G18512, 3.00%, 5/1/2029		9,557		10,143

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	39

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Mortgage-Backed Securities — continued

Pool # G15164, 3.00%, 9/1/2029		4,475		4,753

Pool # G18533, 2.50%, 12/1/2029		8,502		8,930

Pool # G18549, 2.50%, 4/1/2030		24,008		25,220

Pool # G16749, 2.00%, 7/1/2030		7,770		8,061

Pool # G15520, 3.00%, 7/1/2030		11,239		11,939

Pool # G18568, 2.50%, 9/1/2030		11,332		11,897

Pool # J33012, 3.00%, 10/1/2030		28,190		29,998

Pool # G18587, 3.00%, 2/1/2031		12,113		12,855

Pool # G18600, 2.50%, 5/1/2031		8,390		8,813

Pool # G16028, 3.00%, 8/1/2031		6,756		7,175

Pool # G18611, 2.50%, 9/1/2031		15,282		16,052

Pool # J35495, 2.50%, 10/1/2031		26,395		27,932

Pool # G18620, 3.00%, 11/1/2031		9,162		9,726

Pool # G18626, 2.50%, 1/1/2032		51,903		54,524

Pool # G18632, 3.00%, 2/1/2032		8,845		9,380

Pool # J37147, 3.00%, 6/1/2032		9,713		10,341

Pool # G16207, 3.50%, 7/1/2032		9,049		9,843

Pool # J38058, 3.00%, 11/1/2032		30,941		33,157

Pool # J39602, 3.00%, 9/1/2033		16,709		17,833

Pool # J39722, 3.00%, 10/1/2033		8,312		8,841

Pool # G18713, 3.50%, 11/1/2033		15,965		17,026

Pool # G18715, 3.00%, 12/1/2033		6,284		6,640

Pool # G16756, 3.50%, 1/1/2034		7,812		8,406

Pool # G18720, 3.50%, 1/1/2034		4,349		4,653

Pool # G18723, 3.50%, 2/1/2034		4,111		4,400

Pool # G18726, 3.50%, 3/1/2034		3,692		3,951

FHLMC UMBS, 15 Year

Pool # ZK2607, 3.50%, 10/1/2025		2,496		2,665

Pool # ZK2904, 3.50%, 1/1/2026		7,383		7,881

Pool # ZS6596, 3.00%, 11/1/2027		6,194		6,593

Pool # ZK5208, 2.50%, 3/1/2028		20,705		21,797

Pool # ZA2838, 2.50%, 4/1/2028		7,730		8,124

Pool # ZK5814, 3.00%, 7/1/2028		19,655		20,925

Pool # ZK5986, 3.50%, 9/1/2028		5,954		6,384

Pool # ZK6024, 3.50%, 9/1/2028		15,589		16,842

Pool # ZK6594, 3.00%, 4/1/2029		5,185		5,506

Pool # ZK6713, 3.00%, 6/1/2029		13,081		13,916

Pool # ZK6827, 3.00%, 8/1/2029		6,977		7,415

Pool # ZS8598, 3.00%, 2/1/2031		14,649		15,542

Pool # ZS8617, 2.50%, 8/1/2031		18,367		19,289

Pool # ZS8622, 3.00%, 9/1/2031		16,271		17,286

Pool # SB0084, 3.00%, 2/1/2032		6,441		6,835

Pool # ZS7938, 2.50%, 1/1/2033		2,451		2,591

Pool # ZS7988, 3.50%, 2/1/2033		12,677		13,749

Pool # ZK9341, 3.00%, 3/1/2033		3,290		3,507

Pool # ZT0716, 3.00%, 10/1/2033		3,525		3,724


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Pool # SB0257, 4.00%, 11/1/2033		4,570		4,849

Pool # SB0194, 2.50%, 12/1/2033		7,164		7,511

Pool # ZT1725, 3.50%, 1/1/2034		2,131		2,292

Pool # ZT1799, 3.50%, 3/1/2034		1,969		2,107

Pool # SB8008, 2.50%, 8/1/2034		6,625		6,933

Pool # SB8013, 2.50%, 9/1/2034		4,277		4,477

Pool # SB8010, 2.50%, 10/1/2034		8,682		9,090

Pool # SB8012, 3.50%, 10/1/2034		4,675		5,011

Pool # SB0109, 2.50%, 11/1/2034		30,275		31,904

Pool # SB8017, 3.50%, 11/1/2034		8,118		8,672

Pool # SB8021, 3.00%, 12/1/2034		6,503		6,855

Pool # SB0260, 2.50%, 2/1/2035		11,883		12,440

Pool # SB0264, 2.50%, 2/1/2035		20,323		21,501

Pool # QN2057, 3.00%, 5/1/2035		14,706		15,801

Pool # SB0345, 2.00%, 6/1/2035		85,350		88,694

Pool # SB0401, 2.00%, 7/1/2035		23,208		24,030

Pool # SB0394, 2.50%, 7/1/2035		13,244		13,871

Pool # SB8501, 2.00%, 8/1/2035		96,886		100,638

Pool # SB0406, 2.50%, 8/1/2035		24,861		26,192

Pool # SB8067, 1.50%, 9/1/2035		27,568		28,021

Pool # SB8061, 2.00%, 9/1/2035		108,974		112,835

Pool # SB8062, 2.50%, 9/1/2035		55,984		58,646

Pool # RC1591, 1.50%, 10/1/2035		69,086		70,255

Pool # SB8068, 1.50%, 10/1/2035		21,674		22,035

Pool # SB0430, 2.00%, 10/1/2035		36,434		37,725

Pool # QN4391, 1.50%, 11/1/2035		99,158		100,912

Pool # QN4278, 2.00%, 11/1/2035		9,067		9,390

Pool # QN4490, 1.50%, 12/1/2035		100,010		101,745

Pool # SB0450, 2.00%, 12/1/2035		52,358		54,445

Pool # QN4861, 1.50%, 1/1/2036		81,189		82,560

Pool # SB8088, 1.50%, 2/1/2036		37,856		38,479

Pool # QN5598, 1.50%, 3/1/2036		146,572		149,209

Pool # SB8098, 2.00%, 4/1/2036		122,461		126,800

Pool # SB8110, 1.50%, 7/1/2036		69,118		70,254

Pool # RC2089, 2.00%, 7/1/2036		83,728		86,942

Pool # SB8118, 1.50%, 9/1/2036		65,000		66,069

FNMA UMBS, 15 Year

Pool # AE0988, 4.00%, 9/1/2025		2,986		3,167

Pool # AD5093, 3.50%, 10/1/2025		3,964		4,231

Pool # AL1168, 3.50%, 1/1/2026		3,250		3,469

Pool # AL0519, 4.00%, 3/1/2026		3,058		3,253

Pool # AH9695, 4.00%, 4/1/2026		4,161		4,423

Pool # AL4643, 4.00%, 7/1/2026		3,649		3,870

Pool # AB4086, 3.00%, 12/1/2026		15,437		16,297

Pool # 890405, 3.50%, 1/1/2027		16,164		17,265

Pool # AJ9357, 3.50%, 1/1/2027		7,940		8,481

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Mortgage-Backed Securities — continued

Pool # AW7396, 3.50%, 1/1/2027		7,886		8,420

Pool # AK3264, 3.00%, 2/1/2027		7,951		8,433

Pool # AW7395, 3.00%, 2/1/2027		7,422		7,822

Pool # AK5412, 3.00%, 3/1/2027		7,053		7,465

Pool # AL1746, 3.50%, 3/1/2027		4,419		4,720

Pool # AB5095, 3.00%, 5/1/2027		7,691		8,158

Pool # AO4079, 3.00%, 5/1/2027		11,863		12,584

Pool # AL2224, 3.50%, 7/1/2027		8,211		8,801

Pool # AQ5118, 2.50%, 11/1/2027		5,567		5,847

Pool # AQ1688, 2.00%, 12/1/2027		5,831		6,054

Pool # MA1277, 2.50%, 12/1/2027		47,106		49,476

Pool # AR1045, 2.50%, 1/1/2028		11,551		12,131

Pool # AL3041, 2.00%, 2/1/2028		8,093		8,401

Pool # AR3175, 2.50%, 2/1/2028		11,960		12,578

Pool # AR4180, 2.50%, 2/1/2028		26,689		28,086

Pool # AL3060, 3.00%, 2/1/2028		20,283		21,493

Pool # AT2769, 2.00%, 5/1/2028		10,796		11,209

Pool # AL3764, 3.50%, 5/1/2028		11,967		12,842

Pool # MA1467, 2.00%, 6/1/2028		6,257		6,481

Pool # BM3954, 2.50%, 12/1/2028		41,648		43,711

Pool # AV8783, 3.00%, 1/1/2029		12,732		13,514

Pool # AV4793, 3.50%, 5/1/2029		8,867		9,473

Pool # AW3641, 3.00%, 6/1/2029		12,049		12,781

Pool # AL8851, 2.50%, 9/1/2029		13,164		13,822

Pool # AW8317, 2.50%, 9/1/2029		6,769		7,108

Pool # AL7205, 3.50%, 12/1/2029		2,640		2,830

Pool # AX7696, 3.00%, 1/1/2030		19,215		20,376

Pool # BM4304, 3.00%, 2/1/2030		4,106		4,326

Pool # AS4489, 2.50%, 3/1/2030		2,561		2,700

Pool # AY6338, 2.50%, 3/1/2030		40,456		42,482

Pool # AL6583, 3.00%, 3/1/2030		5,477		5,831

Pool # AS4678, 3.00%, 3/1/2030		24,473		25,948

Pool # AS4860, 2.50%, 5/1/2030		19,910		20,977

Pool # AL9852, 3.00%, 9/1/2030		16,367		17,330

Pool # BC0035, 3.00%, 11/1/2030		39,318		41,699

Pool # BA6893, 2.50%, 2/1/2031		5,118		5,373

Pool # BC1973, 2.50%, 3/1/2031		18,203		19,090

Pool # BC9099, 2.50%, 3/1/2031		7,179		7,538

Pool # BC2482, 3.00%, 3/1/2031		16,658		17,600

Pool # AL9421, 4.00%, 3/1/2031		4,677		4,979

Pool # FM4246, 4.00%, 3/1/2031		10,206		10,837

Pool # AS7067, 3.50%, 4/1/2031		5,981		6,461

Pool # BD4574, 2.00%, 6/1/2031		2,065		2,143

Pool # FM1336, 3.50%, 6/1/2031		8,241		8,916

Pool # AS7467, 2.50%, 7/1/2031		9,127		9,580

Pool # AS7606, 2.50%, 7/1/2031		30,626		32,199


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Pool # AS7620, 2.50%, 7/1/2031		67,660		71,127

Pool # AS7657, 2.50%, 8/1/2031		15,708		16,517

Pool # MA2803, 2.50%, 11/1/2031		43,692		45,886

Pool # FM1324, 3.00%, 11/1/2031		18,122		19,210

Pool # FM1773, 3.00%, 12/1/2031		23,638		25,049

Pool # BE5622, 2.50%, 1/1/2032		4,131		4,338

Pool # MA3187, 2.50%, 11/1/2032		17,445		18,307

Pool # MA3188, 3.00%, 11/1/2032		4,268		4,523

Pool # 890822, 3.00%, 12/1/2032		53,646		57,209

Pool # BM3207, 3.00%, 12/1/2032		13,892		14,807

Pool # BM3276, 3.50%, 12/1/2032		12,033		12,984

Pool # BM5108, 3.00%, 2/1/2033		37,659		39,882

Pool # CA1089, 3.00%, 2/1/2033		9,435		10,077

Pool # FM1309, 2.00%, 3/1/2033		3,669		3,807

Pool # FM3937, 3.00%, 4/1/2033		10,422		11,081

Pool # MA3437, 3.00%, 8/1/2033		6,450		6,815

Pool # CA2407, 4.00%, 9/1/2033		10,362		11,052

Pool # FM4036, 2.50%, 12/1/2033		12,163		12,761

Pool # BN3975, 3.00%, 1/1/2034		1,281		1,352

Pool # MA3559, 3.50%, 1/1/2034		2,611		2,784

Pool # MA3588, 3.50%, 2/1/2034		10,265		10,965

Pool # MA3589, 4.00%, 2/1/2034		11,952		12,705

Pool # MA3631, 3.00%, 4/1/2034		11,497		12,139

Pool # FM1810, 4.00%, 4/1/2034		4,559		4,893

Pool # FM1071, 3.50%, 5/1/2034		9,982		10,877

Pool # MA3709, 2.50%, 6/1/2034		7,007		7,332

Pool # MA3729, 2.50%, 7/1/2034		2,353		2,463

Pool # MA3695, 3.00%, 7/1/2034		4,904		5,177

Pool # BJ5549, 3.00%, 8/1/2034		3,182		3,365

Pool # FM2403, 3.50%, 9/1/2034		11,543		12,408

Pool # FM5400, 2.50%, 10/1/2034		16,040		16,859

Pool # MA3797, 2.50%, 10/1/2034		4,503		4,712

Pool # BO4944, 2.50%, 11/1/2034		36,498		38,438

Pool # FM1900, 2.50%, 11/1/2034		10,108		10,650

Pool # MA3827, 2.50%, 11/1/2034		59,537		62,316

Pool # MA3828, 3.00%, 11/1/2034		11,227		11,859

Pool # FM4671, 3.50%, 1/1/2035		3,406		3,667

Pool # MA4012, 2.00%, 5/1/2035		115,851		120,186

Pool # MA4013, 2.50%, 5/1/2035		28,154		29,481

Pool # FM3493, 3.50%, 5/1/2035		9,951		10,763

Pool # BP5762, 2.50%, 6/1/2035		47,705		49,970

Pool # FM3654, 3.00%, 6/1/2035		32,131		34,329

Pool # MA4074, 2.00%, 7/1/2035		73,455		76,058

Pool # MA4075, Class 177, 2.50%, 7/1/2035		17,066		17,844

Pool # FM6000, 3.00%, 7/1/2035		17,289		18,364

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	41

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Mortgage-Backed Securities — continued

Pool # MA4095, 2.00%, 8/1/2035		83,410		86,365

Pool # FM3936, 2.50%, 8/1/2035		15,005		15,720

Pool # MA4099, 2.50%, 8/1/2035		21,438		22,423

Pool # MA4122, 1.50%, 9/1/2035		13,005		13,219

Pool # MA4123, 2.00%, 9/1/2035		78,102		80,869

Pool # MA4154, 1.50%, 10/1/2035		103,876		105,611

Pool # CA7497, 2.50%, 10/1/2035		12,327		13,000

Pool # FM4368, 1.50%, 11/1/2035		33,272		33,821

Pool # FM4850, 2.00%, 11/1/2035		45,211		46,886

Pool # MA4179, 2.00%, 11/1/2035		48,029		49,731

Pool # MA4180, 2.50%, 11/1/2035		28,464		29,824

Pool # FM5396, 2.00%, 12/1/2035		60,285		62,621

Pool # MA4206, 2.00%, 12/1/2035		13,130		13,595

Pool # CA8788, 2.00%, 1/1/2036		86,143		89,195

Pool # CA9418, 1.50%, 3/1/2036		63,259		64,415

Pool # FM6510, 2.00%, 3/1/2036		40,174		41,802

Pool # FM6512, 2.00%, 3/1/2036		42,877		44,562

Pool # MA4298, 2.50%, 3/1/2036		26,073		27,426

Pool # MA4301, 1.00%, 4/1/2036		43,278		42,917

Pool # FM7058, 2.00%, 4/1/2036		48,168		49,972

Pool # CB0302, 1.50%, 5/1/2036		63,066		64,175

Pool # FM7113, 2.00%, 5/1/2036		48,189		50,020

Pool # MA4329, 2.00%, 5/1/2036		135,762		140,572

Pool # BP3507, 2.00%, 6/1/2036		74,641		77,285

Pool # CB0747, 2.50%, 6/1/2036		24,348		25,590

Pool # MA4361, 2.50%, 6/1/2036		17,628		18,432

Pool # MA4383, 2.00%, 7/1/2036		221,444		229,289

Pool # MA4384, 2.50%, 7/1/2036		17,698		18,556

Pool # MA4441, 1.50%, 9/1/2036		48,000		48,789

GNMA II, 15 Year

Pool # 796502, 3.00%, 4/20/2022		1,304		1,357

Pool # MA1134, 3.00%, 7/20/2028		8,708		9,175

Pool # MA4559, 3.00%, 7/20/2032		8,544		9,023

Pool # MA7107, 2.50%, 1/20/2036		29,619		31,225


Total Mortgage-Backed Securities (Cost $5,647,194)				5,702,530


Supranational — 3.0%

African Development Bank (Supranational)

3.00%, 12/6/2021		5,000		5,038

1.63%, 9/16/2022		65,000		65,997

3.00%, 9/20/2023		9,000		9,500

0.88%, 7/22/2026		12,000		12,028

Asian Development Bank (Supranational)

0.63%, 4/7/2022		57,000		57,182

1.88%, 8/10/2022		45,000		45,746

2.75%, 3/17/2023		53,000		55,102

0.25%, 10/6/2023		51,000		50,973


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



1.50%, 10/18/2024		30,000		30,944

2.00%, 1/22/2025		23,000		24,128

0.63%, 4/29/2025		74,000		74,093

0.38%, 9/3/2025		14,000		13,843

Asian Infrastructure Investment Bank (The) (Supranational)

2.25%, 5/16/2024		101,000		105,969

0.50%, 5/28/2025		60,000		59,715

Corp. Andina de Fomento (Supranational) 3.75%, 11/23/2023		24,000		25,516

European Bank for Reconstruction & Development (Supranational)

1.50%, 2/13/2025		30,000		30,959

0.50%, 5/19/2025		5,000		4,980

0.50%, 11/25/2025		30,000		29,747

European Investment Bank (Supranational)

2.25%, 8/15/2022		58,000		59,178

1.38%, 9/6/2022		15,000		15,188

2.50%, 3/15/2023		140,000		144,997

3.25%, 1/29/2024		13,000		13,906

2.25%, 6/24/2024		48,000		50,462

2.50%, 10/15/2024		39,000		41,448

1.63%, 3/14/2025		61,000		63,258

0.38%, 12/15/2025		64,000		63,156

Inter-American Development Bank (Supranational)

1.75%, 9/14/2022		43,000		43,719

2.50%, 1/18/2023		26,000		26,843

0.50%, 5/24/2023		17,000		17,091

0.25%, 11/15/2023		54,000		53,950

3.00%, 2/21/2024		16,000		17,038

0.63%, 7/15/2025		143,000		142,982

International Bank for Reconstruction & Development (Supranational)

1.88%, 6/19/2023		8,000		8,239

2.50%, 3/19/2024		37,000		39,004

2.50%, 11/25/2024		15,000		15,961

2.13%, 3/3/2025		29,000		30,574

0.75%, 3/11/2025		16,000		16,100

0.63%, 4/22/2025		72,000		72,108

0.38%, 7/28/2025		250,000		247,513

2.50%, 7/29/2025		34,000		36,440

International Finance Corp. (Supranational)

1.38%, 10/16/2024		15,000		15,410

0.38%, 7/16/2025		15,000		14,859


Total Supranational (Cost $1,938,884)				1,950,884

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Mortgage-Backed Securities — 2.4%

Benchmark Mortgage Trust

Series 2018-B3, Class A3, 3.75%, 4/10/2051		25,000		26,871

Series 2019-B12, Class A2, 3.00%, 8/15/2052		7,000		7,351

Series 2020-B17, Class A2, 2.21%, 3/15/2053		50,000		51,549

CD Mortgage Trust Series 2017-CD6, Class ASB, 3.33%, 11/13/2050		50,000		53,904

CGMS Commercial Mortgage Trust Series 2017-B1, Class AAB, 3.24%, 8/15/2050		16,000		17,165

Citigroup Commercial Mortgage Trust

Series 2013-GC17, Class A4, 4.13%, 11/10/2046		20,000		21,399

Series 2015-GC35, Class AAB, 3.61%, 11/10/2048		34,582		36,421

Series 2016-C1, Class AAB, 3.00%, 5/10/2049		11,207		11,751

Series 2020-GC46, Class A2, 2.71%, 2/15/2053		20,000		20,825

Commercial Mortgage Trust

Series 2013-CR6, Class A4, 3.10%, 3/10/2046		15,000		15,490

Series 2014-CR16, Class A3, 3.78%, 4/10/2047		24,648		26,257

Series 2014-LC15, Class A4, 4.01%, 4/10/2047		20,000		21,503

Series 2014-UBS3, Class A3, 3.55%, 6/10/2047		42,968		45,502

Series 2014-UBS4, Class A5, 3.69%, 8/10/2047		50,000		53,704

Series 2015-CR25, Class A4, 3.76%, 8/10/2048		32,000		35,108

Series 2013-CR11, Class ASB, 3.66%, 8/10/2050		9,054		9,330

CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4, 3.72%, 8/15/2048		40,000		43,687

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K016, Class A2, 2.97%, 10/25/2021		7,946		7,962

Series K019, Class A2, 2.27%, 3/25/2022		14,611		14,707

Series K720, Class A2, 2.72%, 6/25/2022		15,000		15,169

Series K027, Class A2, 2.64%, 1/25/2023		26,000		26,646


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Series K028, Class A2, 3.11%, 2/25/2023		10,000		10,313

Series K042, Class A1, 2.27%, 6/25/2024		63,937		65,358

Series K044, Class A2, 2.81%, 1/25/2025		16,000		17,060

Series K046, Class A2, 3.21%, 3/25/2025		26,000		28,134

Series K733, Class A2, 3.75%, 8/25/2025		100,000		109,816

Series K737, Class A1, 2.12%, 6/25/2026		58,800		60,854

Series K077, Class A1, 3.70%, 3/25/2028		53,396		59,221

FNMA ACES

Series 2017-M10, Class AV2, 2.64%, 7/25/2024 (g)		13,171		13,741

Series 2017-M7, Class A1, 2.60%, 12/25/2026		14,304		14,560

Series 2019-M9, Class A1, 2.61%, 10/25/2028		96,208		102,886

GS Mortgage Securities Trust

Series 2014-GC18, Class A4, 4.07%, 1/10/2047		30,000		31,887

Series 2014-GC18, Class AS, 4.38%, 1/10/2047		17,000		17,747

Series 2015-GC32, Class A4, 3.76%, 7/10/2048		50,000		54,863

JPMBB Commercial Mortgage Securities Trust

Series 2013-C17, Class ASB, 3.71%, 1/15/2047		9,437		9,794

Series 2014-C19, Class C, 4.81%, 4/15/2047 ‡ (g)		10,000		10,593

Series 2014-C22, Class AS, 4.11%, 9/15/2047		15,000		16,104

Series 2014-C23, Class C, 4.63%, 9/15/2047 ‡ (g)		20,000		20,798

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2013-LC11, Class C, 3.96%, 4/15/2046 ‡ (g)		22,000		21,702

Series 2013-C10, Class AS, 3.37%, 12/15/2047 ‡		20,000		20,713

Series 2015-JP1, Class D, 4.39%, 1/15/2049 ‡ (g)		10,000		9,563

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2012-C5, Class A4, 3.18%, 8/15/2045		12,000		12,112

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	43

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Mortgage-Backed Securities — continued

Series 2014-C19, Class A3, 3.25%, 12/15/2047		5,774		6,139

Series 2015-C25, Class ASB, 3.38%, 10/15/2048		33,858		35,399

Series 2015-C25, Class B, 4.68%, 10/15/2048 ‡ (g)		20,000		22,125

Series 2015-C23, Class A3, 3.45%, 7/15/2050		43,773		47,233

UBS Commercial Mortgage Trust Series 2018-C13, Class A2, 4.21%, 10/15/2051		6,653		7,037

UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class A4, 3.24%, 4/10/2046		23,000		23,763

Wells Fargo Commercial Mortgage Trust

Series 2012-LC5, Class B, 4.14%, 10/15/2045 ‡		14,000		14,479

Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (g)		12,000		12,688

Series 2014-LC18, Class A5, 3.41%, 12/15/2047		15,000		16,141

Series 2015-C31, Class A4, 3.70%, 11/15/2048		24,000		26,375

Series 2019-C54, Class A2, 3.01%, 12/15/2052		35,000		36,851

WFRBS Commercial Mortgage Trust

Series 2012-C7, Class AS, 4.09%, 6/15/2045 (g)		32,000		32,464

Series 2012-C10, Class A3, 2.88%, 12/15/2045		12,000		12,278

Series 2012-C10, Class B, 3.74%, 12/15/2045 ‡		15,000		14,911

Series 2014-C20, Class A5, 4.00%, 5/15/2047		12,000		12,919


Total Commercial Mortgage-Backed Securities (Cost $1,577,908)				1,590,922


U.S. Government Agency Securities — 2.2%

FFCB Funding Corp.

3.00%, 10/19/2021		33,000		33,124

0.38%, 4/8/2022		42,000		42,075

0.13%, 11/23/2022		40,000		40,002

FHLB

2.38%, 9/10/2021		25,000		25,014

1.63%, 11/19/2021		20,000		20,067

2.25%, 3/11/2022		45,000		45,520

2.50%, 3/11/2022		70,000		70,891

2.50%, 2/13/2024		225,000		237,104

1.50%, 8/15/2024		60,000		61,943

0.50%, 4/14/2025		120,000		119,902


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



FHLMC

0.38%, 5/5/2023		5,000		5,018

0.25%, 6/26/2023		109,000		109,121

0.30%, 9/28/2023		50,000		49,995

0.38%, 3/25/2024		27,000		26,974

1.50%, 2/12/2025		62,000		64,094

0.38%, 7/21/2025		39,000		38,665

0.38%, 9/23/2025		50,000		49,490

FNMA

0.25%, 5/22/2023		145,000		145,230

2.88%, 9/12/2023		16,000		16,860

1.75%, 7/2/2024		5,000		5,190

2.63%, 9/6/2024		41,000		43,760

1.63%, 10/15/2024		40,000		41,461

1.63%, 1/7/2025		40,000		41,572

0.63%, 4/22/2025		40,000		40,119

0.50%, 6/17/2025		19,000		18,938

0.50%, 11/7/2025		15,000		14,903

Israel Government AID Bond (Israel) 5.50%, 4/26/2024		15,000		17,000

Tennessee Valley Authority 2.88%, 9/15/2024		10,000		10,728


Total U.S. Government Agency Securities (Cost $1,431,945)				1,434,760


Foreign Government Securities — 1.4%

Canada Government Bond (Canada) 0.75%, 5/19/2026		5,000		4,999

Export Development Canada (Canada)

2.50%, 1/24/2023		35,000		36,133

2.75%, 3/15/2023		25,000		25,977

2.63%, 2/21/2024		40,000		42,203

Hungary Government Bond (Hungary)

5.75%, 11/22/2023		7,000		7,805

5.38%, 3/25/2024		28,000		31,353

Italian Republic Government Bond (Italy) 6.88%, 9/27/2023		5,000		5,631

Oriental Republic of Uruguay (Uruguay) 8.00%, 11/18/2022		3,333		3,511

Province of Alberta (Canada) 1.00%, 5/20/2025		25,000		25,253

Province of British Columbia (Canada) 1.75%, 9/27/2024		24,000		24,906

Province of Ontario (Canada)

1.75%, 1/24/2023		7,000		7,151

3.05%, 1/29/2024		16,000		17,015

3.20%, 5/16/2024		15,000		16,097

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Foreign Government Securities — continued

0.63%, 1/21/2026		86,000		85,329

1.05%, 4/14/2026		5,000		5,045

Province of Quebec (Canada)

2.63%, 2/13/2023		7,000		7,245

2.50%, 4/9/2024		10,000		10,533

1.50%, 2/11/2025		10,000		10,294

0.60%, 7/23/2025		27,000		26,895

Republic of Panama (Panama) 7.13%, 1/29/2026		100,000		123,804

Republic of Peru (Peru) 2.39%, 1/23/2026		5,000		5,183

Republic of Philippines (Philippines) 10.63%, 3/16/2025		5,000		6,713

Republic of Poland (Poland) 4.00%, 1/22/2024		7,000		7,590

State of Israel Government Bond (Israel) 2.88%, 3/16/2026		200,000		215,664

Svensk Exportkredit AB (Sweden) 0.38%, 7/30/2024		200,000		199,247

United Mexican States (Mexico) 4.00%, 10/2/2023		6,000		6,451


Total Foreign Government Securities (Cost $951,177)				958,027


Asset-Backed Securities — 0.8%

American Express Credit Account Master Trust Series 2017-7, Class A, 2.35%, 5/15/2025		30,000		30,718

AmeriCredit Automobile Receivables Trust Series 2017-3, Class D, 3.18%, 7/18/2023		15,000		15,224

Capital One Multi-Asset Execution Trust Series 2019-A1, Class A1, 2.84%, 12/15/2024		30,000		30,364

Capital One Prime Auto Receivables Trust Series 2019-2, Class A4, 1.96%, 2/18/2025		32,000		32,735

CarMax Auto Owner Trust Series 2020-1, Class A3, 1.89%, 12/16/2024		30,000		30,447

Citibank Credit Card Issuance Trust Series 2018-A3, Class A3, 3.29%, 5/23/2025		33,000		34,704

Ford Credit Floorplan Master Owner Trust A

Series 2019-3, Class A1, 2.23%, 9/15/2024		40,000		40,828

Series 2018-2, Class A, 3.17%, 3/15/2025		15,000		15,659

Series 2019-2, Class A, 3.06%, 4/15/2026		8,000		8,506


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A4, 1.74%, 8/18/2025		22,000		22,577

Honda Auto Receivables Owner Trust Series 2020-3, Class A3, 0.37%, 10/18/2024		59,000		59,069

Santander Drive Auto Receivables Trust Series 2020-3, Class C, 1.12%, 1/15/2026		30,000		30,212

Synchrony Credit Card Master Note Trust Series 2018-2, Class A, 3.47%, 5/15/2026		15,000		15,797

Toyota Auto Receivables Owner Trust Series 2020-A, Class A3, 1.66%, 5/15/2024		26,000		26,288

Verizon Owner Trust Series 2020-A, Class A1A, 1.85%, 7/22/2024		60,000		60,900

World Omni Auto Receivables Trust

Series 2018-D, Class B, 3.67%, 12/16/2024		15,000		15,506

Series 2020-B, Class A4, 0.82%, 1/15/2026		50,000		50,451


Total Asset-Backed Securities (Cost $516,583)				519,985


Municipal Bonds — 0.2% (h)

California — 0.0% (b)

University of California, Taxable Series 2020BG, Rev., 0.88%, 5/15/2025		5,000		5,046

University of California, Taxable Fixed Rate Notes Series 2017AX, Rev., 3.06%, 7/1/2025		5,000		5,409


Total California				10,455


Florida — 0.1%

State Board of Administration Finance Corp. Series 2020A, Rev., 1.26%, 7/1/2025		50,000		50,528


Illinois — 0.0% (b)

State of Illinois, Taxable Pension GO, 4.95%, 6/1/2023		12,727		13,374


New Jersey — 0.1%

New Jersey Economic Development Authority, Pension Funding Series 1997B, Rev., AGM, Zero Coupon, 2/15/2024		65,000		63,791


New York — 0.0% (b)

Port Authority of New York and New Jersey, Taxable Consolidated Notes Series AAA, Rev., 1.09%, 7/1/2023		10,000		10,136


Total Municipal Bonds (Cost $147,316)				148,284

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	45

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES		VALUE ($)


Short-Term Investments — 0.7%

Investment Companies — 0.6%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (i) (j) (Cost $408,277)		408,277		408,277


Investment of Cash Collateral from Securities Loaned — 0.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (i) (j) (Cost $31,043)		31,043		31,043


Total Short-Term Investments (Cost $439,320)				439,320


Total Investments — 100.1% (Cost $65,446,466)				66,060,418

Liabilities in Excess of Other Assets — (0.1)%				(77,053)


NET ASSETS — 100.0%				65,983,365

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 August 31, 2021. The total value of securities on loan at August 31, 2021 is $30,284.
(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 August 31, 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 August 31, 2021.
(e)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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 August 31, 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 August 31, 2021.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — 39.1%

Aerospace & Defense — 0.8%

Boeing Co. (The)

1.17%, 2/4/2023		20,000		20,015

1.95%, 2/1/2024		18,000		18,456

1.43%, 2/4/2024		35,000		35,077

2.75%, 2/1/2026		20,000		20,904

2.20%, 2/4/2026		285,000		286,072

3.10%, 5/1/2026		35,000		37,129

2.70%, 2/1/2027		65,000		67,433

3.95%, 8/1/2059		40,000		41,609

5.93%, 5/1/2060		40,000		55,597

BWX Technologies, Inc. 4.13%, 4/15/2029 (a)		75,000		77,156

Howmet Aerospace, Inc.

5.13%, 10/1/2024		142,000		156,062

5.95%, 2/1/2037		14,000		17,658

Moog, Inc. 4.25%, 12/15/2027 (a)		20,000		20,550

Precision Castparts Corp. 4.38%, 6/15/2045		54,000		66,262

Raytheon Technologies Corp.

3.50%, 3/15/2027		40,000		44,211

1.90%, 9/1/2031		96,000		94,849

4.50%, 6/1/2042		40,000		50,045

3.13%, 7/1/2050		50,000		52,018

Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (a)		105,000		111,169

TransDigm, Inc. 6.25%, 3/15/2026 (a)		75,000		78,750

Triumph Group, Inc.

6.25%, 9/15/2024 (a)		10,000		10,111

7.75%, 8/15/2025		16,000		16,006


				1,377,139


Airlines — 0.1%

American Airlines, Inc. 5.50%, 4/20/2026 (a)		60,000		63,240

Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		31,896		33,714

Delta Air Lines, Inc. 4.75%, 10/20/2028 (a)		100,000		111,500

United Airlines Holdings, Inc.

5.00%, 2/1/2024		20,000		20,700

4.88%, 1/15/2025		16,000		16,380


				245,534


Auto Components — 0.4%

Allison Transmission, Inc. 3.75%, 1/30/2031 (a)		75,000		74,906


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Auto Components — continued

American Axle & Manufacturing, Inc.

6.25%, 4/1/2025		63,000		65,098

5.00%, 10/1/2029		75,000		74,977

Aptiv plc 5.40%, 3/15/2049		25,000		34,788

BorgWarner, Inc. 5.00%, 10/1/2025 (a)		20,000		22,962

Clarios Global LP 6.25%, 5/15/2026 (a)		67,000		70,601

Cooper-Standard Automotive, Inc.

13.00%, 6/1/2024 (a)		5,000		5,525

5.63%, 11/15/2026 (a)		30,000		25,238

Dana, Inc. 5.38%, 11/15/2027		60,000		63,300

Goodyear Tire & Rubber Co. (The)

5.00%, 5/31/2026		19,000		19,564

5.00%, 7/15/2029 (a)		55,000		58,155

Icahn Enterprises LP

6.38%, 12/15/2025		22,000		22,660

5.25%, 5/15/2027		125,000		129,838

Lear Corp. 5.25%, 5/15/2049		65,000		82,844


				750,456


Automobiles — 0.6%

Ford Motor Co.

8.50%, 4/21/2023		70,000		77,394

9.00%, 4/22/2025		95,000		116,061

9.63%, 4/22/2030		95,000		135,397

General Motors Co.

6.13%, 10/1/2025		50,000		58,969

5.15%, 4/1/2038		35,000		42,217

5.95%, 4/1/2049		25,000		34,035

Hyundai Capital America

1.50%, 6/15/2026 (a)		40,000		39,790

3.00%, 2/10/2027 (a)		200,000		211,959

1.80%, 1/10/2028 (a)		290,000		288,583


				1,004,405


Banks — 6.4%

ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (a) (b)		200,000		199,834

AIB Group plc (Ireland) 4.75%, 10/12/2023 (a)		200,000		215,990

Bank of America Corp.

3.88%, 8/1/2025		203,000		225,245

(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (b)		40,000		43,878

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (b)		236,000		262,934

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Banks — continued

(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (b)		170,000		188,435

(ICE LIBOR USD 3 Month + 1.37%), 3.59%, 7/21/2028 (b)		61,000		67,445

(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		169,000		185,609

(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (b)		135,000		152,316

(SOFR + 1.37%), 1.92%, 10/24/2031 (b)		50,000		48,981

Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (b)		180,000		186,587

(SOFR + 1.32%), 2.69%, 4/22/2032 (b)		340,000		353,349

(SOFR + 1.22%), 2.30%, 7/21/2032 (b)		95,000		95,565

(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (b)		82,000		96,574

(SOFR + 1.93%), 2.68%, 6/19/2041 (b)		150,000		147,788

(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 3/15/2050 (b)		86,000		107,502

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 3 Month + 2.65%), 4.65%, 10/12/2022 (b) (c) (d)		50,000		50,575

2.20%, 2/3/2025		12,000		12,534

Barclays plc (United Kingdom) 5.20%, 5/12/2026		200,000		229,756

Canadian Imperial Bank of Commerce (Canada)

(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (b)		49,000		49,968

3.10%, 4/2/2024		34,000		36,118

CIT Group, Inc.

5.25%, 3/7/2025		24,000		27,030

6.13%, 3/9/2028		45,000		55,196

Citigroup, Inc.

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (b) (c) (d)		137,000		140,939

(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (b)		350,000		389,784

(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (b)		30,000		33,248

(ICE LIBOR USD 3 Month + 1.19%), 4.07%, 4/23/2029 (b)		195,000		221,114

(SOFR + 1.42%), 2.98%, 11/5/2030 (b)		25,000		26,593


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Banks — continued

(SOFR + 3.91%), 4.41%, 3/31/2031 (b)		155,000		181,599

(SOFR + 1.17%), 2.56%, 5/1/2032 (b)		110,000		113,140

(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048 (b)		55,000		69,163

Citizens Financial Group, Inc. 2.50%, 2/6/2030		11,000		11,316

Comerica, Inc. 3.70%, 7/31/2023		28,000		29,678

Credit Agricole SA (France)

(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (b)		250,000		255,886

(SOFR + 0.89%), 1.25%, 1/26/2027 (a) (b)		250,000		247,572

(USD Swap Semi 5 Year + 1.64%), 4.00%, 1/10/2033 (a) (b)		250,000		272,063

HSBC Holdings plc (United Kingdom)

(SOFR + 1.29%), 1.59%, 5/24/2027 (b)		200,000		200,724

(SOFR + 1.73%), 2.01%, 9/22/2028 (b)		200,000		201,892

(SOFR + 1.29%), 2.21%, 8/17/2029 (b)		200,000		201,688

(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (b)		200,000		224,193

7.63%, 5/17/2032		143,000		202,658

6.10%, 1/14/2042		230,000		339,206

Intesa Sanpaolo SpA (Italy)

4.95%, 6/1/2042 (a)		200,000		207,229

Series XR, 4.70%, 9/23/2049 (a)		200,000		242,862

KeyCorp 2.25%, 4/6/2027		57,000		59,412

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.67%, 7/25/2022		70,000		71,492

3.78%, 3/2/2025		69,000		75,491

Natwest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (b)		200,000		201,230

PNC Financial Services Group, Inc. (The) 2.55%, 1/22/2030		99,000		103,977

Royal Bank of Canada (Canada) 4.65%, 1/27/2026		45,000		51,407

Santander UK Group Holdings plc (United Kingdom) (SOFR + 0.99%), 1.67%, 6/14/2027 (b)		200,000		200,664

Societe Generale SA (France)

4.25%, 4/14/2025 (a)		200,000		217,220

4.75%, 11/24/2025 (a)		200,000		222,702

4.00%, 1/12/2027 (a)		200,000		221,158

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Banks — continued

Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (a) (b)		200,000		199,614

Sumitomo Mitsui Financial Group, Inc. (Japan) 3.75%, 7/19/2023		53,000		56,275

Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.05%, 9/12/2025 (a)		60,000		59,761

Toronto-Dominion Bank (The) (Canada)

3.25%, 3/11/2024		33,000		35,235

2.65%, 6/12/2024		81,000		85,624

Truist Bank 4.05%, 11/3/2025		60,000		67,282

Truist Financial Corp. 2.85%, 10/26/2024		114,000		121,764

UniCredit SpA (Italy)

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (b)		200,000		200,174

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (a) (b)		200,000		203,846

US Bancorp 3.00%, 7/30/2029		97,000		105,654

Wells Fargo & Co.

3.55%, 9/29/2025		77,000		84,467

(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (b)		163,000		169,195

Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (b) (c) (d)		120,000		124,756

3.00%, 10/23/2026		285,000		308,138

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		501,000		555,790

4.15%, 1/24/2029		70,000		80,596

(SOFR + 2.53%), 3.07%, 4/30/2041 (b)		30,000		31,445

4.90%, 11/17/2045		25,000		32,428

4.75%, 12/7/2046		45,000		57,303

Westpac Banking Corp. (Australia) 2.85%, 5/13/2026		25,000		27,100


				10,882,956


Beverages — 0.7%

Anheuser-Busch Cos. LLC (Belgium)

4.70%, 2/1/2036		105,000		129,443

4.90%, 2/1/2046		65,000		82,936

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.00%, 4/13/2028		200,000		227,641

4.75%, 1/23/2029		205,000		243,726


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Beverages — continued

4.38%, 4/15/2038		45,000		53,701

4.44%, 10/6/2048		40,000		48,310

4.60%, 6/1/2060		60,000		74,787

Coca-Cola Femsa SAB de CV (Mexico) 2.75%, 1/22/2030		150,000		156,503

Constellation Brands, Inc. 4.65%, 11/15/2028		35,000		41,228

Keurig Dr Pepper, Inc.

3.40%, 11/15/2025		38,000		41,427

4.60%, 5/25/2028		50,000		58,676

3.80%, 5/1/2050		20,000		22,749

PepsiCo, Inc. 4.25%, 10/22/2044		72,000		90,290


				1,271,417


Biotechnology — 0.7%

AbbVie, Inc.

2.95%, 11/21/2026		73,000		78,675

3.20%, 11/21/2029		76,000		83,070

4.05%, 11/21/2039		184,000		216,194

4.63%, 10/1/2042		75,000		92,851

Amgen, Inc.

2.20%, 2/21/2027		14,000		14,591

3.15%, 2/21/2040		27,000		28,526

3.00%, 1/15/2052		45,000		45,043

Biogen, Inc.

2.25%, 5/1/2030		91,000		92,397

3.15%, 5/1/2050		7,000		6,918

Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)		50,000		48,750

Gilead Sciences, Inc.

2.95%, 3/1/2027		195,000		210,646

1.65%, 10/1/2030		63,000		61,456

2.60%, 10/1/2040		50,000		48,745

2.80%, 10/1/2050		50,000		48,573

Regeneron Pharmaceuticals, Inc. 2.80%, 9/15/2050		100,000		94,635


				1,171,070


Building Products — 0.1%

Griffon Corp. 5.75%, 3/1/2028		55,000		58,365

Standard Industries, Inc.

5.00%, 2/15/2027 (a)		20,000		20,675

4.75%, 1/15/2028 (a)		100,000		103,828

Summit Materials LLC 5.13%, 6/1/2025 (a)		25,000		25,350


				208,218

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Capital Markets — 3.0%

Ameriprise Financial, Inc. 4.00%, 10/15/2023		47,000		50,497

Bank of New York Mellon Corp. (The)

3.50%, 4/28/2023		42,000		44,204

2.10%, 10/24/2024		30,000		31,407

Charles Schwab Corp. (The)

0.90%, 3/11/2026		30,000		29,906

Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (b) (c) (d)		86,000		90,515

Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (b) (c) (d)		140,000		145,600

Credit Suisse Group AG (Switzerland) (SOFR + 3.73%), 4.19%, 4/1/2031 (a) (b)		250,000		283,216

Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		53,000		76,798

Goldman Sachs Group, Inc. (The)

3.50%, 4/1/2025		280,000		303,156

(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (b)		201,000		215,207

Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (b) (c) (d)		30,000		30,615

3.50%, 11/16/2026		211,000		229,697

3.85%, 1/26/2027		135,000		149,255

(SOFR + 0.80%), 1.43%, 3/9/2027 (b)		385,000		386,455

(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		220,000		244,365

(SOFR + 1.28%), 2.62%, 4/22/2032 (b)		160,000		165,140

(SOFR + 1.25%), 2.38%, 7/21/2032 (b)		170,000		171,865

(SOFR + 1.51%), 3.21%, 4/22/2042 (b)		60,000		63,414

Morgan Stanley

(SOFR + 1.15%), 2.72%, 7/22/2025 (b)		180,000		189,246

3.88%, 1/27/2026		170,000		189,546

3.13%, 7/27/2026		130,000		141,067

3.63%, 1/20/2027		190,000		211,381

(SOFR + 0.88%), 1.59%, 5/4/2027 (b)		210,000		211,975

(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		330,000		366,635


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Capital Markets — continued

(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030 (b)		123,000		143,385

(SOFR + 1.14%), 2.70%, 1/22/2031 (b)		70,000		73,296

(SOFR + 1.18%), 2.24%, 7/21/2032 (b)		80,000		80,211

(SOFR + 1.49%), 3.22%, 4/22/2042 (b)		135,000		144,723

MSCI, Inc. 4.00%, 11/15/2029 (a)		80,000		85,600

Northern Trust Corp. 3.95%, 10/30/2025		60,000		67,604

S&P Global, Inc. 3.25%, 12/1/2049		73,000		79,843

TD Ameritrade Holding Corp. 2.75%, 10/1/2029		46,000		49,058

UBS Group AG (Switzerland)

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a) (b)		200,000		199,757

(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (b)		200,000		216,196


				5,160,835


Chemicals — 0.6%

CF Industries, Inc. 4.95%, 6/1/2043		30,000		37,008

Chemours Co. (The) 5.75%, 11/15/2028 (a)		80,000		84,800

CVR Partners LP 9.25%, 6/15/2023 (a)		2,000		2,002

Ecolab, Inc. 3.25%, 12/1/2027		52,000		57,485

Element Solutions, Inc. 3.88%, 9/1/2028 (a)		60,000		61,200

International Flavors & Fragrances, Inc.

1.83%, 10/15/2027 (a)		36,000		36,273

3.27%, 11/15/2040 (a)		25,000		26,446

3.47%, 12/1/2050 (a)		13,000		14,135

LYB International Finance III LLC

3.38%, 5/1/2030		100,000		110,117

3.63%, 4/1/2051		45,000		48,862

NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027 (a)		95,000		101,501

Nutrien Ltd. (Canada) 2.95%, 5/13/2030		20,000		21,332

Olin Corp. 5.13%, 9/15/2027		13,000		13,504

Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		375,000		391,875

Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		10,000		10,200


				1,016,740

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Commercial Services & Supplies — 0.9%

ACCO Brands Corp. 4.25%, 3/15/2029 (a)		365,000		366,770

ADT Security Corp. (The)

4.13%, 6/15/2023		26,000		27,332

4.88%, 7/15/2032 (a)		20,000		20,299

Brink’s Co. (The) 4.63%, 10/15/2027 (a)		25,000		26,258

GFL Environmental, Inc. (Canada)

3.75%, 8/1/2025 (a)		105,000		108,150

3.50%, 9/1/2028 (a)		35,000		34,922

Madison IAQ LLC 4.13%, 6/30/2028 (a)		505,000		507,772

Nielsen Finance LLC 5.63%, 10/1/2028 (a)		80,000		84,100

Prime Security Services Borrower LLC 5.75%, 4/15/2026 (a)		67,000		72,483

Republic Services, Inc. 1.45%, 2/15/2031		30,000		28,576

Stericycle, Inc. 3.88%, 1/15/2029 (a)		245,000		249,339


				1,526,001


Communications Equipment — 0.2%

CommScope, Inc. 6.00%, 3/1/2026 (a)		172,000		180,462

Nokia OYJ (Finland) 4.38%, 6/12/2027		13,000		14,423

Plantronics, Inc. 4.75%, 3/1/2029 (a)		70,000		67,015


				261,900


Construction & Engineering — 0.2%

AECOM 5.13%, 3/15/2027		18,000		20,106

Dycom Industries, Inc. 4.50%, 4/15/2029 (a)		70,000		71,925

MasTec, Inc. 4.50%, 8/15/2028 (a)		75,000		78,937

Weekley Homes LLC 4.88%, 9/15/2028 (a)		95,000		98,444


				269,412


Consumer Finance — 0.9%

Ally Financial, Inc.

5.75%, 11/20/2025		64,000		73,321

8.00%, 11/1/2031		37,000		54,240

Avolon Holdings Funding Ltd. (Ireland)

5.25%, 5/15/2024 (a)		80,000		87,715

2.88%, 2/15/2025 (a)		28,000		28,874

5.50%, 1/15/2026 (a)		60,000		67,870

2.13%, 2/21/2026 (a)		75,000		74,837

4.25%, 4/15/2026 (a)		25,000		27,107

2.53%, 11/18/2027 (a)		157,000		155,862

Capital One Financial Corp.

3.20%, 1/30/2023		79,000		81,957

Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (b) (c) (d)		40,000		41,450


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Consumer Finance — continued

Ford Motor Credit Co. LLC

4.39%, 1/8/2026		200,000		214,500

3.63%, 6/17/2031		200,000		206,000

General Motors Financial Co., Inc.

3.60%, 6/21/2030		60,000		65,140

2.70%, 6/10/2031		25,000		25,412

John Deere Capital Corp. 2.65%, 6/10/2026		119,000		128,239

Navient Corp.

6.13%, 3/25/2024		50,000		54,188

5.88%, 10/25/2024		20,000		21,794

OneMain Finance Corp.

7.13%, 3/15/2026		59,000		68,956

6.63%, 1/15/2028		95,000		109,652

Park Aerospace Holdings Ltd. (Ireland)

4.50%, 3/15/2023 (a)		5,000		5,247

5.50%, 2/15/2024 (a)		8,000		8,778


				1,601,139


Containers & Packaging — 0.5%

Ardagh Packaging Finance plc 5.25%, 4/30/2025 (a)		200,000		209,250

Ball Corp. 5.25%, 7/1/2025		20,000		22,600

Berry Global, Inc. 4.88%, 7/15/2026 (a)		55,000		58,000

Crown Americas LLC 4.25%, 9/30/2026		13,000		14,007

Greif, Inc. 6.50%, 3/1/2027 (a)		63,000		66,163

LABL, Inc. 6.75%, 7/15/2026 (a)		50,000		52,500

Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a)		110,000		110,825

Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)		80,000		86,286

Reynolds Group Issuer, Inc. 4.00%, 10/15/2027 (a)		75,000		74,971

Sealed Air Corp.

5.50%, 9/15/2025 (a)		12,000		13,463

4.00%, 12/1/2027 (a)		60,000		64,350

WRKCo, Inc. 4.65%, 3/15/2026		30,000		34,189


				806,604


Distributors — 0.0%(e)

Wolverine Escrow LLC 9.00%, 11/15/2026 (a)		20,000		19,200


Diversified Consumer Services — 0.1%

Service Corp. International 5.13%, 6/1/2029		105,000		114,497

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Diversified Financial Services — 0.5%

AIG Global Funding 1.90%, 10/6/2021 (a)		33,000		33,053

EDP Finance BV (Portugal) 1.71%, 1/24/2028 (a)		250,000		247,970

GE Capital Funding LLC 4.05%, 5/15/2027		200,000		226,383

ORIX Corp. (Japan) 4.05%, 1/16/2024		62,000		66,883

Sabre GLBL, Inc. 9.25%, 4/15/2025 (a)		50,000		57,625

Shell International Finance BV (Netherlands)

3.63%, 8/21/2042		50,000		56,387

3.75%, 9/12/2046		41,000		47,306

3.13%, 11/7/2049		25,000		26,391


				761,998


Diversified Telecommunication Services — 1.9%

AT&T, Inc.

3.50%, 6/1/2041		20,000		21,074

3.10%, 2/1/2043		70,000		69,344

Bell Canada (The) (Canada) Series US-6, 3.20%, 2/15/2052		10,000		10,339

CCO Holdings LLC

5.75%, 2/15/2026 (a)		58,000		59,668

5.13%, 5/1/2027 (a)		25,000		26,120

5.00%, 2/1/2028 (a)		395,000		413,802

5.38%, 6/1/2029 (a)		100,000		109,250

4.75%, 3/1/2030 (a)		190,000		201,035

4.50%, 8/15/2030 (a)		199,000		207,927

Cincinnati Bell, Inc.

7.00%, 7/15/2024 (a)		20,000		20,375

8.00%, 10/15/2025 (a)		9,000		9,413

Embarq Corp. 8.00%, 6/1/2036		13,000		13,683

Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a)		65,000		69,484

Intelsat Jackson Holdings SA (Luxembourg)

8.00%, 2/15/2024 (a) (f) (g)		15,000		15,562

8.50%, 10/15/2024 (a) (g)		28,000		15,120

Level 3 Financing, Inc.

5.38%, 5/1/2025		20,000		20,460

5.25%, 3/15/2026		54,000		55,674

Lumen Technologies, Inc.

Series T, 5.80%, 3/15/2022		12,000		12,270

5.63%, 4/1/2025		17,000		18,398

5.13%, 12/15/2026 (a)		60,000		62,040

4.00%, 2/15/2027 (a)		265,000		271,956

Series G, 6.88%, 1/15/2028		3,000		3,372

Qwest Corp. 6.75%, 12/1/2021		25,000		25,368

Sprint Capital Corp. 8.75%, 3/15/2032		175,000		267,998


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Diversified Telecommunication Services — continued

Switch Ltd. 3.75%, 9/15/2028 (a)		45,000		45,783

Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034		24,000		27,293

Verizon Communications, Inc.

2.10%, 3/22/2028		45,000		46,193

4.02%, 12/3/2029		54,000		62,116

1.68%, 10/30/2030		95,000		91,740

2.55%, 3/21/2031		105,000		108,459

2.65%, 11/20/2040		145,000		140,685

3.40%, 3/22/2041		190,000		203,564

3.85%, 11/1/2042		125,000		142,817

2.88%, 11/20/2050		75,000		72,253

4.67%, 3/15/2055		49,000		63,905

3.70%, 3/22/2061		30,000		32,985

Virgin Media Secured Finance plc (United Kingdom)

5.50%, 5/15/2029 (a)		200,000		214,250


				3,251,775


Electric Utilities — 1.8%

Alabama Power Co. 3.13%, 7/15/2051		20,000		21,126

Baltimore Gas and Electric Co. 2.90%, 6/15/2050		50,000		50,845

Connecticut Light and Power Co. (The) 4.00%, 4/1/2048		46,000		56,045

Duke Energy Carolinas LLC 3.20%, 8/15/2049		34,000		36,292

Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		55,000		58,730

Duquesne Light Holdings, Inc. 2.53%, 10/1/2030 (a)		48,000		47,753

Edison International 5.75%, 6/15/2027		75,000		85,725

Emera US Finance LP (Canada)

2.64%, 6/15/2031 (a)		150,000		152,699

4.75%, 6/15/2046		50,000		59,468

Enel Finance International NV (Italy) 2.25%, 7/12/2031 (a)		200,000		199,255

Entergy Arkansas LLC

4.00%, 6/1/2028		13,000		14,874

2.65%, 6/15/2051		14,000		13,518

Entergy Louisiana LLC

2.40%, 10/1/2026		69,000		72,583

1.60%, 12/15/2030		10,000		9,723

Entergy Mississippi LLC 3.50%, 6/1/2051		20,000		22,595

Indiana Michigan Power Co. Series K, 4.55%, 3/15/2046		50,000		64,001

ITC Holdings Corp. 2.95%, 5/14/2030 (a)		185,000		196,698

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Electric Utilities — continued

Kentucky Utilities Co. 5.13%, 11/1/2040		74,000		97,479

MidAmerican Energy Co. 3.65%, 4/15/2029		46,000		52,229

Monongahela Power Co. 4.10%, 4/15/2024 (a)		100,000		107,394

NRG Energy, Inc.

6.63%, 1/15/2027		53,000		54,972

5.75%, 1/15/2028		65,000		69,469

OGE Energy Corp. 0.70%, 5/26/2023		15,000		15,009

Ohio Power Co. Series P, 2.60%, 4/1/2030		50,000		52,915

Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		5,000		5,002

Oncor Electric Delivery Co. LLC 3.10%, 9/15/2049		50,000		53,477

Pacific Gas and Electric Co.

(ICE LIBOR USD 3 Month + 1.38%), 1.50%, 11/15/2021 (b)		30,000		30,019

1.37%, 3/10/2023		50,000		49,851

3.45%, 7/1/2025		17,000		17,618

2.95%, 3/1/2026		10,000		10,152

3.30%, 3/15/2027		120,000		123,606

4.65%, 8/1/2028		100,000		108,331

4.20%, 6/1/2041		30,000		29,350

4.25%, 3/15/2046		78,000		75,654

PG&E Corp.

5.00%, 7/1/2028		40,000		39,700

5.25%, 7/1/2030		15,000		14,775

Public Service Electric and Gas Co. 3.00%, 5/15/2027		50,000		54,425

Southern California Edison Co.

Series C, 3.60%, 2/1/2045		35,000		35,379

Series C, 4.13%, 3/1/2048		88,000		95,156

Series 20A, 2.95%, 2/1/2051		80,000		73,005

Southwestern Electric Power Co. Series N, 1.65%, 3/15/2026		45,000		45,691

Southwestern Public Service Co.

3.30%, 6/15/2024		29,000		30,765

4.50%, 8/15/2041		74,000		92,210

Tucson Electric Power Co. 4.85%, 12/1/2048		72,000		95,051

Vistra Operations Co. LLC

5.50%, 9/1/2026 (a)		65,000		66,856

5.00%, 7/31/2027 (a)		55,000		57,068

4.30%, 7/15/2029 (a)		90,000		97,222


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Electric Utilities — continued

Wisconsin Public Service Corp. 4.75%, 11/1/2044		69,000		90,497


				3,002,257


Electrical Equipment — 0.1%

Eaton Corp. 4.00%, 11/2/2032		50,000		58,824

EnerSys

5.00%, 4/30/2023 (a)		26,000		27,040

4.38%, 12/15/2027 (a)		65,000		68,250

Sensata Technologies BV 5.00%, 10/1/2025 (a)		40,000		44,715


				198,829


Electronic Equipment, Instruments & Components — 0.1%

CDW LLC 4.25%, 4/1/2028		85,000		89,038

Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)		40,000		42,900


				131,938


Energy Equipment & Services — 0.3%

Baker Hughes a GE Co. LLC

4.49%, 5/1/2030		66,000		78,043

4.08%, 12/15/2047		30,000		34,417

Nabors Industries, Inc. 5.75%, 2/1/2025		15,000		12,656

Oceaneering International, Inc. 4.65%, 11/15/2024		60,000		61,127

Schlumberger Finance Canada Ltd. 1.40%, 9/17/2025		110,000		111,714

Schlumberger Holdings Corp. 3.90%, 5/17/2028 (a)		103,000		115,141

Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		14,740		14,593


				427,691


Entertainment — 0.5%

Activision Blizzard, Inc. 2.50%, 9/15/2050		209,000		186,609

Cinemark USA, Inc. 5.25%, 7/15/2028 (a)		40,000		38,000

Live Nation Entertainment, Inc.

5.63%, 3/15/2026 (a)		2,000		2,084

6.50%, 5/15/2027 (a)		10,000		11,025

4.75%, 10/15/2027 (a)		40,000		40,640

Netflix, Inc.

4.88%, 4/15/2028		155,000		181,157

5.88%, 11/15/2028		35,000		43,400

5.38%, 11/15/2029 (a)		40,000		49,193

4.88%, 6/15/2030 (a)		55,000		65,826

Walt Disney Co. (The)

2.00%, 9/1/2029		50,000		50,974

3.80%, 3/22/2030		90,000		103,757

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Entertainment — continued

WMGAcquisition Corp. 3.88%, 7/15/2030 (a)		100,000		105,377


				878,042


Equity Real Estate Investment Trusts (REITs) — 0.9%

Alexandria Real Estate Equities, Inc. 1.88%, 2/1/2033		53,000		50,879

American Tower Corp.

2.10%, 6/15/2030		205,000		202,726

2.95%, 1/15/2051		25,000		24,225

AvalonBay Communities, Inc. 3.35%, 5/15/2027		32,000		35,420

Camden Property Trust 3.15%, 7/1/2029		30,000		32,836

Corporate Office Properties LP 2.25%, 3/15/2026		94,000		96,950

Crown Castle International Corp. 2.90%, 4/1/2041		68,000		66,788

Duke Realty LP 1.75%, 7/1/2030		49,000		47,770

ERP Operating LP 3.25%, 8/1/2027		31,000		34,052

GLP Capital LP 4.00%, 1/15/2030		10,000		10,799

Healthcare Trust of America Holdings LP

3.75%, 7/1/2027		36,000		40,142

Healthpeak Properties, Inc. 3.00%, 1/15/2030		37,000		39,608

Iron Mountain, Inc. 4.88%, 9/15/2027 (a)		80,000		83,300

Life Storage LP 2.20%, 10/15/2030		88,000		88,156

MGM Growth Properties Operating Partnership LP

5.63%, 5/1/2024		67,000		73,030

4.50%, 9/1/2026		95,000		103,482

National Retail Properties, Inc. 3.60%, 12/15/2026		39,000		42,726

Office Properties Income Trust 4.50%, 2/1/2025		88,000		95,148

Realty Income Corp.

4.13%, 10/15/2026		44,000		49,912

3.25%, 1/15/2031		9,000		9,940

RHP Hotel Properties LP 4.75%, 10/15/2027		75,000		78,138

SBA Communications Corp. 3.13%, 2/1/2029 (a)		75,000		73,687

Simon Property Group LP 3.25%, 9/13/2049		31,000		31,854

VICI Properties LP

3.50%, 2/15/2025 (a)		90,000		92,250

4.25%, 12/1/2026 (a)		30,000		31,512

4.63%, 12/1/2029 (a)		20,000		21,750


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Equity Real Estate Investment Trusts (REITs) — continued

WP Carey, Inc. 2.25%, 4/1/2033		45,000		43,976


				1,601,056


Food & Staples Retailing — 0.5%

7-Eleven, Inc.

0.95%, 2/10/2026 (a)		15,000		14,797

1.30%, 2/10/2028 (a)		12,000		11,659

2.50%, 2/10/2041 (a)		14,000		13,151

Albertsons Cos., Inc.

5.75%, 3/15/2025		10,000		10,212

4.63%, 1/15/2027 (a)		285,000		301,744

4.88%, 2/15/2030 (a)		20,000		21,825

Alimentation Couche-Tard, Inc. (Canada)

3.44%, 5/13/2041 (a)		5,000		5,253

3.63%, 5/13/2051 (a)		10,000		10,660

Kroger Co. (The) 3.88%, 10/15/2046		40,000		44,894

Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		36,000		37,485

Rite Aid Corp. 8.00%, 11/15/2026 (a)		120,000		123,738

Sysco Corp.

2.40%, 2/15/2030		45,000		46,352

5.95%, 4/1/2030		60,000		77,333

3.30%, 2/15/2050		110,000		115,355


				834,458


Food Products — 0.3%

Campbell Soup Co. 4.15%, 3/15/2028		20,000		22,782

Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)		50,000		52,221

JBS USA LUX SA 6.50%, 4/15/2029 (a)		80,000		90,600

Kraft Heinz Foods Co. 3.00%, 6/1/2026		24,000		25,450

Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (a)		65,000		66,861

Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		64,000		71,801

Post Holdings, Inc.

5.75%, 3/1/2027 (a)		75,000		78,503

5.50%, 12/15/2029 (a)		25,000		26,781

4.63%, 4/15/2030 (a)		30,000		30,632

Tyson Foods, Inc. 4.35%, 3/1/2029		59,000		68,972


				534,603


Gas Utilities — 0.1%

AmeriGas Partners LP

5.50%, 5/20/2025		23,000		25,271

5.88%, 8/20/2026		10,000		11,250

Atmos Energy Corp. 5.50%, 6/15/2041		52,000		70,908

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Gas Utilities — continued

Boston Gas Co. 3.00%, 8/1/2029 (a)		37,000		39,061

Southern California Gas Co. Series XX, 2.55%, 2/1/2030		33,000		34,457


				180,947


Health Care Equipment & Supplies — 0.3%

Abbott Laboratories 1.15%, 1/30/2028		20,000		19,711

Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		110,000		116,314

Becton Dickinson and Co.

3.70%, 6/6/2027		125,000		139,423

3.79%, 5/20/2050		65,000		73,662

Hologic, Inc. 3.25%, 2/15/2029 (a)		30,000		30,741

Teleflex, Inc. 4.63%, 11/15/2027		20,000		20,950

Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		20,000		22,124


				422,925


Health Care Providers & Services — 2.1%

Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)		75,000		79,125

Centene Corp. 4.63%, 12/15/2029		280,000		307,129

Cigna Corp. 4.38%, 10/15/2028		200,000		233,371

CommonSpirit Health

1.55%, 10/1/2025		13,000		13,170

2.78%, 10/1/2030		13,000		13,598

3.91%, 10/1/2050		15,000		16,808

Community Health Systems, Inc. 5.63%, 3/15/2027 (a)		120,000		126,600

CVS Health Corp.

2.88%, 6/1/2026		10,000		10,729

4.30%, 3/25/2028		22,000		25,331

1.88%, 2/28/2031		75,000		73,466

4.78%, 3/25/2038		50,000		62,224

2.70%, 8/21/2040		50,000		49,099

DaVita, Inc. 4.63%, 6/1/2030 (a)		125,000		130,645

Encompass Health Corp.

4.50%, 2/1/2028		85,000		89,037

4.75%, 2/1/2030		40,000		42,650

Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		20,000		16,900

Hackensack Meridian Health, Inc. Series 2020, 2.68%, 9/1/2041		50,000		50,227

HCA, Inc.

5.25%, 6/15/2026		60,000		69,334

5.38%, 9/1/2026		155,000		178,800

4.50%, 2/15/2027		210,000		237,987


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Health Care Providers & Services — continued

5.63%, 9/1/2028		420,000		500,850

5.88%, 2/1/2029		25,000		30,313

3.50%, 9/1/2030		25,000		26,826

3.50%, 7/15/2051		105,000		107,224

MidMichigan Health Series 2020, 3.41%, 6/1/2050		10,000		11,171

MultiCare Health System 2.80%, 8/15/2050		10,000		10,207

New York and Presbyterian Hospital (The)

2.61%, 8/1/2060		5,000		4,818

Northwell Healthcare, Inc. 4.26%, 11/1/2047		110,000		132,943

Quest Diagnostics, Inc. 2.95%, 6/30/2030		15,000		16,051

Tenet Healthcare Corp.

4.63%, 9/1/2024 (a)		140,000		143,325

4.88%, 1/1/2026 (a)		125,000		129,662

5.13%, 11/1/2027 (a)		10,000		10,525

UnitedHealth Group, Inc.

3.38%, 4/15/2027		91,000		100,959

3.05%, 5/15/2041		90,000		95,468

4.63%, 11/15/2041		132,000		168,736

3.25%, 5/15/2051		105,000		115,032

Universal Health Services, Inc. 2.65%, 10/15/2030 (a)		75,000		76,417


				3,506,757


Hotels, Restaurants & Leisure — 0.6%

1011778 BC ULC (Canada)

5.75%, 4/15/2025 (a)		50,000		52,687

3.88%, 1/15/2028 (a)		17,000		17,213

Boyne USA, Inc. 4.75%, 5/15/2029 (a)		85,000		87,763

Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)		75,000		78,806

Carnival Corp. 9.88%, 8/1/2027 (a)		70,000		80,675

Cedar Fair LP 5.38%, 4/15/2027		50,000		51,250

Downstream Development Authority of the Quapaw Tribe of Oklahoma

10.50%, 2/15/2023 (a)		14,000		14,613

Hilton Domestic Operating Co., Inc.

5.38%, 5/1/2025 (a)		25,000		26,228

4.88%, 1/15/2030		60,000		64,500

Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		20,000		20,760

Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		6,000		6,205

MGM Resorts International 5.50%, 4/15/2027		41,000		44,626

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Hotels, Restaurants & Leisure — continued

Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (a)		10,000		11,512

Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		26,000		26,742

Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)		90,000		96,187

Starbucks Corp. 3.35%, 3/12/2050		5,000		5,348

Station Casinos LLC 5.00%, 10/1/2025 (a)		18,000		18,203

Travel + Leisure Co. 5.65%, 4/1/2024 (f)		25,000		26,934

Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		70,000		74,585

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		15,600

Yum! Brands, Inc. 7.75%, 4/1/2025 (a)		35,000		37,709


				937,646


Household Durables — 0.2%

Lennar Corp.

4.50%, 4/30/2024		6,000		6,519

4.75%, 11/29/2027		100,000		116,371

MDC Holdings, Inc.

3.85%, 1/15/2030		65,000		70,037

2.50%, 1/15/2031		76,000		74,354

Newell Brands, Inc.

4.70%, 4/1/2026 (f)		55,000		61,463

5.87%, 4/1/2036 (f)		50,000		62,625

Toll Brothers Finance Corp. 4.88%, 11/15/2025		13,000		14,641


				406,010


Household Products — 0.2%

Central Garden & Pet Co. 5.13%, 2/1/2028		145,000		153,831

Energizer Holdings, Inc. 4.38%, 3/31/2029 (a)		105,000		105,301

Kimberly-Clark Corp. 3.20%, 4/25/2029		39,000		43,473

Spectrum Brands, Inc.

5.75%, 7/15/2025		5,000		5,112

5.00%, 10/1/2029 (a)		95,000		99,750


				407,467


Independent Power and Renewable Electricity Producers — 0.1%

Calpine Corp.

5.25%, 6/1/2026 (a)		47,000		48,469

5.13%, 3/15/2028 (a)		55,000		55,962

Exelon Generation Co. LLC 3.25%, 6/1/2025		37,000		39,772


				144,203


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Industrial Conglomerates — 0.0% (e)

Roper Technologies, Inc. 1.75%, 2/15/2031		15,000		14,521


Insurance — 0.5%

Aflac, Inc. 3.25%, 3/17/2025		21,000		22,710

Allstate Corp. (The) 5.35%, 6/1/2033		23,000		30,034

Athene Global Funding

0.95%, 1/8/2024 (a)		30,000		30,179

1.45%, 1/8/2026 (a)		20,000		20,141

2.95%, 11/12/2026 (a)		44,000		47,162

Berkshire Hathaway Finance Corp.

4.25%, 1/15/2049		29,000		36,437

2.85%, 10/15/2050		60,000		60,456

F&G Global Funding 1.75%, 6/30/2026 (a)		10,000		10,167

Jackson National Life Global Funding 2.50%, 6/27/2022 (a)		47,000		47,861

Lincoln National Corp. 3.35%, 3/9/2025		30,000		32,473

Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		42,000		47,420

MetLife, Inc. 4.13%, 8/13/2042		79,000		95,617

New York Life Global Funding 3.00%, 1/10/2028 (a)		51,000		55,688

Pacific Life Insurance Co.

(ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (b)		27,000		31,511

Principal Financial Group, Inc. 3.70%, 5/15/2029		45,000		50,818

Progressive Corp. (The) 4.35%, 4/25/2044		42,000		53,162

Prudential Financial, Inc.

3.88%, 3/27/2028		32,000		36,685

3.91%, 12/7/2047		20,000		23,702

Travelers Cos., Inc. (The) 5.35%, 11/1/2040		46,000		64,973

W R Berkley Corp. 3.55%, 3/30/2052		45,000		49,097


				846,293


Internet & Direct Marketing Retail — 0.2%

Amazon.com, Inc.

3.15%, 8/22/2027		201,000		222,448

3.10%, 5/12/2051		40,000		43,093

Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		13,000		14,105


				279,646

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

IT Services — 0.2%

Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)		90,000		91,125

Gartner, Inc. 3.75%, 10/1/2030 (a)		70,000		73,248

Global Payments, Inc. 2.90%, 5/15/2030		40,000		42,038

International Business Machines Corp. 5.60%, 11/30/2039		66,000		92,969

Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)		75,000		77,625


				377,005


Leisure Products — 0.0%(e)

Mattel, Inc. 5.88%, 12/15/2027 (a)		65,000		70,931


Life Sciences Tools & Services — 0.1%

Thermo Fisher Scientific, Inc.

1.75%, 10/15/2028		20,000		20,181

2.60%, 10/1/2029		91,000		95,918

2.00%, 10/15/2031		30,000		29,952


				146,051


Machinery — 0.3%

Amsted Industries, Inc. 5.63%, 7/1/2027 (a)		65,000		68,087

Caterpillar, Inc. 4.30%, 5/15/2044		78,000		101,128

Otis Worldwide Corp. 2.06%, 4/5/2025		30,000		31,082

Parker-Hannifin Corp. 3.25%, 3/1/2027		92,000		100,178

TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		200,000		211,314


				511,789


Media — 1.6%

AMC Networks, Inc. 5.00%, 4/1/2024		4,000		4,050

Charter Communications Operating LLC

3.50%, 6/1/2041		35,000		35,384

3.70%, 4/1/2051		40,000		40,265

3.90%, 6/1/2052		25,000		25,808

Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (a)		97,000		99,847

Comcast Corp.

4.25%, 10/15/2030		94,000		110,899

3.90%, 3/1/2038		95,000		110,631

3.25%, 11/1/2039		133,000		144,687

3.40%, 7/15/2046		15,000		16,355

4.00%, 3/1/2048		45,000		52,914

2.45%, 8/15/2052		105,000		96,750

2.94%, 11/1/2056 (a)		298,000		295,182

Cox Communications, Inc.

1.80%, 10/1/2030 (a)		65,000		62,827

2.95%, 10/1/2050 (a)		25,000		23,698


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Media — continued

CSC Holdings LLC 5.50%, 4/15/2027 (a)		200,000		209,226

Diamond Sports Group LLC 5.38%, 8/15/2026 (a)		35,000		23,226

Discovery Communications LLC

3.63%, 5/15/2030		50,000		54,775

4.00%, 9/15/2055		60,000		64,234

DISH DBS Corp.

5.88%, 11/15/2024		146,000		156,950

7.75%, 7/1/2026		115,000		131,727

iHeartCommunications, Inc.

6.38%, 5/1/2026		25,000		26,406

8.38%, 5/1/2027		25,000		26,558

5.25%, 8/15/2027 (a)		75,000		78,585

Lamar Media Corp.

3.75%, 2/15/2028		40,000		41,097

4.00%, 2/15/2030		35,000		36,138

Meredith Corp. 6.50%, 7/1/2025 (a)		85,000		91,587

Midcontinent Communications 5.38%, 8/15/2027 (a)		15,000		15,635

News Corp. 3.88%, 5/15/2029 (a)		55,000		56,554

Nexstar Media, Inc. 5.63%, 7/15/2027 (a)		40,000		42,468

Outfront Media Capital LLC

6.25%, 6/15/2025 (a)		25,000		26,552

5.00%, 8/15/2027 (a)		21,000		21,651

Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)		70,000		70,368

Sinclair Television Group, Inc. 4.13%, 12/1/2030 (a)		65,000		63,538

Sirius XM Radio, Inc.

5.38%, 7/15/2026 (a)		30,000		30,806

5.00%, 8/1/2027 (a)		110,000		115,363

5.50%, 7/1/2029 (a)		65,000		71,175

TEGNA, Inc. 5.00%, 9/15/2029		25,000		26,466

ViacomCBS, Inc.

4.38%, 3/15/2043		30,000		35,075

5.85%, 9/1/2043		5,000		6,905

(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		18,000		18,225

Videotron Ltd. (Canada)

5.38%, 6/15/2024 (a)		37,000		40,746

5.13%, 4/15/2027 (a)		25,000		26,032


				2,727,365


Metals & Mining — 0.8%

Alcoa Nederland Holding BV 5.50%, 12/15/2027 (a)		200,000		215,250

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Metals & Mining — continued

Allegheny Technologies, Inc. 5.88%, 12/1/2027		60,000		62,925

Arconic Corp.

6.00%, 5/15/2025 (a)		40,000		42,342

6.13%, 2/15/2028 (a)		60,000		64,136

Cleveland-Cliffs, Inc. 6.75%, 3/15/2026 (a)		90,000		96,525

Commercial Metals Co. 4.88%, 5/15/2023		28,000		29,505

Freeport-McMoRan, Inc.

5.00%, 9/1/2027		45,000		47,362

5.40%, 11/14/2034		43,000		53,920

5.45%, 3/15/2043		150,000		191,802

Glencore Funding LLC (Australia)

1.63%, 9/1/2025 (a)		24,000		24,272

2.50%, 9/1/2030 (a)		37,000		36,922

2.85%, 4/27/2031 (a)		185,000		189,326

Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		85,000		88,188

Rio Tinto Finance USA Ltd. (Australia) 7.13%, 7/15/2028		59,000		79,562

Teck Resources Ltd. (Canada)

6.13%, 10/1/2035		20,000		25,803

5.40%, 2/1/2043		20,000		24,629

Vale Overseas Ltd. (Brazil)

3.75%, 7/8/2030		25,000		26,575

8.25%, 1/17/2034		45,000		66,861


				1,365,905


Multi-Utilities — 0.4%

Ameren Corp. 3.50%, 1/15/2031		211,000		233,353

Berkshire Hathaway Energy Co.

5.15%, 11/15/2043		94,000		124,401

2.85%, 5/15/2051		40,000		39,009

Consolidated Edison Co. of New York, Inc. Series A, 4.13%, 5/15/2049		41,000		48,527

Puget Sound Energy, Inc. 5.76%, 7/15/2040		90,000		124,422

San Diego Gas & Electric Co. 2.95%, 8/15/2051		30,000		30,098


				599,810


Oil, Gas & Consumable Fuels — 3.1%

Antero Midstream Partners LP 7.88%, 5/15/2026 (a)		80,000		88,100

Antero Resources Corp. 5.00%, 3/1/2025		85,000		86,700

Apache Corp. 3.25%, 4/15/2022		65,000		65,488


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Oil, Gas & Consumable Fuels — continued

BP Capital Markets America, Inc.

3.02%, 1/16/2027		106,000		114,695

3.94%, 9/21/2028		20,000		22,792

3.06%, 6/17/2041		130,000		133,696

3.00%, 2/24/2050		99,000		97,869

2.77%, 11/10/2050		55,000		52,296

2.94%, 6/4/2051		67,000		65,687

BP Capital Markets plc (United Kingdom)

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (b) (c) (d)		85,000		90,525

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (b) (c) (d)		155,000		170,861

Buckeye Partners LP

3.95%, 12/1/2026		10,000		10,315

4.13%, 12/1/2027		45,000		46,238

Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		50,000		56,754

Cheniere Corpus Christi Holdings LLC

5.88%, 3/31/2025		65,000		73,846

5.13%, 6/30/2027		75,000		87,225

Cheniere Energy Partners LP

5.63%, 10/1/2026		55,000		56,920

4.50%, 10/1/2029		45,000		48,487

Chevron Corp.

2.00%, 5/11/2027		21,000		21,788

2.98%, 5/11/2040		21,000		21,964

Chevron USA, Inc. 2.34%, 8/12/2050		160,000		147,545

Cimarex Energy Co. 3.90%, 5/15/2027		30,000		33,129

CNX Resources Corp. 7.25%, 3/14/2027 (a)		50,000		53,000

Comstock Resources, Inc. 7.50%, 5/15/2025 (a)		97,000		100,395

Continental Resources, Inc. 5.75%, 1/15/2031 (a)		75,000		91,406

DCP Midstream Operating LP 5.38%, 7/15/2025		85,000		93,606

Diamondback Energy, Inc. 3.25%, 12/1/2026		18,000		19,285

DT Midstream, Inc. 4.13%, 6/15/2029 (a)		110,000		112,750

Enable Midstream Partners LP

4.40%, 3/15/2027		40,000		44,494

4.15%, 9/15/2029		209,000		228,912

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

Energy Transfer LP

4.25%, 3/15/2023		340,000		355,456

5.50%, 6/1/2027		36,000		42,495

5.80%, 6/15/2038		100,000		123,336

5.35%, 5/15/2045		45,000		53,394

EnLink Midstream Partners LP

4.40%, 4/1/2024		8,000		8,322

5.60%, 4/1/2044		9,000		8,550

Enterprise Products Operating LLC 2.80%, 1/31/2030		37,000		39,266

EQM Midstream Partners LP 4.00%, 8/1/2024		85,000		86,913

EQT Corp. 6.63%, 2/1/2025 (f)		80,000		91,698

Exxon Mobil Corp.

2.99%, 3/19/2025		18,000		19,260

3.00%, 8/16/2039		65,000		68,095

3.10%, 8/16/2049		75,000		77,941

Flex Intermediate Holdco LLC

3.36%, 6/30/2031 (a)		15,000		15,349

4.32%, 12/30/2039 (a)		20,000		20,829

Gray Oak Pipeline LLC

2.00%, 9/15/2023 (a)		44,000		44,847

2.60%, 10/15/2025 (a)		22,000		22,644

Hess Midstream Operations LP 5.63%, 2/15/2026 (a)		75,000		77,878

HollyFrontier Corp.

2.63%, 10/1/2023		10,000		10,317

5.88%, 4/1/2026		5,000		5,740

Marathon Oil Corp. 3.85%, 6/1/2025		25,000		27,441

MEG Energy Corp. (Canada)

6.50%, 1/15/2025 (a)		6,000		6,195

7.13%, 2/1/2027 (a)		5,000		5,261

NGL Energy Operating LLC 7.50%, 2/1/2026 (a)		95,000		96,425

NGPL PipeCo LLC 3.25%, 7/15/2031 (a)		10,000		10,330

NuStar Logistics LP

5.75%, 10/1/2025		60,000		64,500

5.63%, 4/28/2027		20,000		21,270

Occidental Petroleum Corp. 6.63%, 9/1/2030		95,000		118,512

PBF Holding Co. LLC 6.00%, 2/15/2028		20,000		13,100

Pioneer Natural Resources Co. 1.13%, 1/15/2026		20,000		19,813

Range Resources Corp. 4.88%, 5/15/2025		45,000		46,575


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Oil, Gas & Consumable Fuels — continued

Sabine Pass Liquefaction LLC

5.88%, 6/30/2026		95,000		112,147

4.50%, 5/15/2030		69,000		79,927

Southwestern Energy Co.

7.50%, 4/1/2026		15,000		15,900

7.75%, 10/1/2027		55,000		59,606

Spectra Energy Partners LP 4.50%, 3/15/2045		15,000		17,729

Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		83,000		119,133

Sunoco LP 5.50%, 2/15/2026		22,000		22,603

Tallgrass Energy Partners LP

5.50%, 9/15/2024 (a)		8,000		8,127

6.00%, 12/31/2030 (a)		25,000		25,428

6.00%, 9/1/2031 (a)		40,000		40,050

Targa Resources Partners LP

5.88%, 4/15/2026		100,000		104,625

6.88%, 1/15/2029		165,000		185,493

TotalEnergies Capital International SA (France)

3.46%, 2/19/2029		135,000		150,961

3.46%, 7/12/2049		84,000		91,691

3.13%, 5/29/2050		30,000		31,053

TransCanada PipeLines Ltd. (Canada)

3.75%, 10/16/2023		90,000		95,296

5.10%, 3/15/2049		48,000		63,563

Valero Energy Corp. 2.15%, 9/15/2027		25,000		25,434

Western Midstream Operating LP 4.75%, 8/15/2028		30,000		33,009

Williams Cos., Inc. (The) 5.40%, 3/4/2044		50,000		63,699


				5,283,994


Personal Products — 0.1%

Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		70,000		74,113

Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030		83,000		88,325


				162,438


Pharmaceuticals — 0.8%

AstraZeneca plc (United Kingdom)

1.38%, 8/6/2030		60,000		57,719

2.13%, 8/6/2050		110,000		98,909

Bausch Health Americas, Inc.

9.25%, 4/1/2026 (a)		263,000		283,382

8.50%, 1/31/2027 (a)		8,000		8,604

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Pharmaceuticals — continued

Bausch Health Cos., Inc.

5.50%, 11/1/2025 (a)		55,000		56,259

5.75%, 8/15/2027 (a)		30,000		31,500

5.00%, 1/30/2028 (a)		30,000		28,612

5.00%, 2/15/2029 (a)		175,000		163,412

Bristol-Myers Squibb Co.

3.40%, 7/26/2029		40,000		44,986

1.45%, 11/13/2030		15,000		14,601

4.13%, 6/15/2039		164,000		199,594

2.35%, 11/13/2040		20,000		19,409

5.00%, 8/15/2045		33,000		45,439

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		80,000		81,000

Pfizer, Inc. 3.60%, 9/15/2028		186,000		212,127

Royalty Pharma plc

1.20%, 9/2/2025		16,000		15,959

1.75%, 9/2/2027		15,000		15,037

Zoetis, Inc. 2.00%, 5/15/2030		25,000		25,042


				1,401,591


Real Estate Management & Development — 0.0% (e)

Kennedy-Wilson, Inc. 4.75%, 3/1/2029		75,000		77,573


Road & Rail — 0.4%

Avis Budget Car Rental LLC 5.25%, 3/15/2025 (a)		51,000		51,892

Burlington Northern Santa Fe LLC

3.55%, 2/15/2050		48,000		54,513

3.05%, 2/15/2051		55,000		57,950

Canadian National Railway Co. (Canada) 2.45%, 5/1/2050		75,000		69,440

CSX Corp.

3.25%, 6/1/2027		20,000		21,897

2.50%, 5/15/2051		120,000		110,784

Norfolk Southern Corp.

3.95%, 10/1/2042		20,000		23,469

3.05%, 5/15/2050		55,000		56,223

Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (a)		46,000		45,760

Union Pacific Corp. 3.55%, 8/15/2039		130,000		146,597

XPO Logistics, Inc. 6.13%, 9/1/2023 (a)		40,000		40,000


				678,525


Semiconductors & Semiconductor Equipment — 0.2%

Amkor Technology, Inc. 6.63%, 9/15/2027 (a)		7,000		7,539

Analog Devices, Inc. 3.50%, 12/5/2026		25,000		27,665


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Semiconductors & Semiconductor Equipment — continued

Broadcom Corp. 3.88%, 1/15/2027		30,000		33,105

Broadcom, Inc. 4.11%, 9/15/2028		40,000		44,837

Intel Corp. 3.05%, 8/12/2051		95,000		97,939

Microchip Technology, Inc. 0.97%, 2/15/2024 (a)		25,000		25,030

NXP BV (China) 3.25%, 5/11/2041 (a)		45,000		47,399

ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		75,000		78,803

Qorvo, Inc. 4.38%, 10/15/2029		50,000		55,437


				417,754


Software — 0.6%

Nuance Communications, Inc. 5.63%, 12/15/2026		83,000		86,136

Open Text Corp. (Canada) 5.88%, 6/1/2026 (a)		14,000		14,452

Oracle Corp.

2.65%, 7/15/2026		233,000		246,777

2.30%, 3/25/2028		15,000		15,500

2.88%, 3/25/2031		70,000		73,728

3.65%, 3/25/2041		15,000		16,030

3.95%, 3/25/2051		115,000		127,005

4.38%, 5/15/2055		55,000		64,774

SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		40,000		42,358

VMware, Inc. 4.65%, 5/15/2027		230,000		265,871


				952,631


Specialty Retail — 0.5%

Bath & Body Works, Inc.

5.63%, 10/15/2023		10,000		11,012

7.50%, 6/15/2029		65,000		75,481

6.88%, 11/1/2035		60,000		77,024

Gap, Inc. (The) 8.63%, 5/15/2025 (a)		60,000		65,463

Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)		70,000		71,225

Home Depot, Inc. (The)

3.90%, 12/6/2028		112,000		130,018

4.25%, 4/1/2046		151,000		191,106

Lowe’s Cos., Inc. 1.70%, 10/15/2030		170,000		165,129

O’Reilly Automotive, Inc. 1.75%, 3/15/2031		23,000		22,311

Staples, Inc.

7.50%, 4/15/2026 (a)		35,000		35,437

10.75%, 4/15/2027 (a)		23,000		22,425


				866,631

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Technology Hardware, Storage & Peripherals — 0.4%

Apple, Inc.

2.20%, 9/11/2029		46,000		48,013

3.45%, 2/9/2045		65,000		73,300

4.38%, 5/13/2045		129,000		165,397

2.85%, 8/5/2061		85,000		84,851

Dell International LLC

4.90%, 10/1/2026		30,000		34,717

5.30%, 10/1/2029		25,000		30,436

EMCCorp. 3.38%, 6/1/2023		56,000		57,820

NCR Corp.

5.75%, 9/1/2027 (a)		50,000		52,875

6.13%, 9/1/2029 (a)		66,000		71,940

Western Digital Corp. 4.75%, 2/15/2026		71,000		79,343

Xerox Corp. 4.38%, 3/15/2023 (f)		13,000		13,614


				712,306


Textiles, Apparel & Luxury Goods — 0.0% (e)

Hanesbrands, Inc.

4.63%, 5/15/2024 (a)		13,000		13,796

4.88%, 5/15/2026 (a)		20,000		21,825


				35,621


Thrifts & Mortgage Finance — 0.3%

BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b)		250,000		251,381

Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (a)		13,000		13,162

Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a)		75,000		79,031

Quicken Loans LLC 3.63%, 3/1/2029 (a)		120,000		122,550


				466,124


Tobacco — 0.5%

Altria Group, Inc.

3.40%, 5/6/2030		162,000		173,625

2.45%, 2/4/2032		80,000		78,190

3.40%, 2/4/2041		15,000		14,419

3.88%, 9/16/2046		95,000		95,926

BAT Capital Corp. (United Kingdom)

3.56%, 8/15/2027		315,000		340,880

4.39%, 8/15/2037		100,000		108,726

Philip Morris International, Inc.

3.13%, 3/2/2028		49,000		53,062

4.38%, 11/15/2041		10,000		11,766


				876,594


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Trading Companies & Distributors — 0.8%

Air Lease Corp.

3.38%, 7/1/2025		92,000		98,493

1.88%, 8/17/2026		50,000		50,162

Aviation Capital Group LLC

4.13%, 8/1/2025 (a)		50,000		54,193

1.95%, 1/30/2026 (a)		50,000		50,274

Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		565,000		595,623

Imola Merger Corp. 4.75%, 5/15/2029 (a)		55,000		56,925

United Rentals North America, Inc. 5.25%, 1/15/2030		240,000		263,100

WESCO Distribution, Inc. 7.13%, 6/15/2025 (a)		105,000		112,947


				1,281,717


Transportation Infrastructure — 0.0% (e)

Transurban Finance Co. Pty. Ltd. (Australia)

2.45%, 3/16/2031 (a)		12,000		12,224


Wireless Telecommunication Services — 0.6%

Hughes Satellite Systems Corp. 6.63%, 8/1/2026		60,000		68,175

Sprint Corp.

7.88%, 9/15/2023		8,000		9,064

7.13%, 6/15/2024		30,000		34,500

7.63%, 3/1/2026		155,000		191,107

T-Mobile USA, Inc.

1.50%, 2/15/2026		110,000		110,723

4.75%, 2/1/2028		10,000		10,677

2.05%, 2/15/2028		80,000		81,448

3.88%, 4/15/2030		165,000		184,869

4.38%, 4/15/2040		75,000		87,377

3.30%, 2/15/2051		65,000		65,192

3.40%, 10/15/2052 (a)		95,000		96,410

Vodafone Group plc (United Kingdom)

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 3.25%, 6/4/2081 (b)		40,000		40,650


				980,192


Total Corporate Bonds (Cost $64,936,929)				66,461,356


Asset-Backed Securities — 19.3%

Affirm Asset Securitization Trust Series 2021-A, Class C, 1.66%, 8/15/2025 ‡ (a)		500,000		502,622

Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 ‡ (a) (f)		254,269		253,957

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Asset-Backed Securities — continued

American Credit Acceptance Receivables Trust Series 2020-2, Class C, 3.88%, 4/13/2026 (a)		280,000		292,917

American Homes 4 Rent

Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		150,000		162,554

Series 2015-SFR1, Class F, 5.89%, 4/17/2052 ‡ (a)		400,000		433,972

American Homes 4 Rent Trust

Series 2014-SFR3, Class B, 4.20%, 12/17/2036 ‡ (a)		125,000		133,038

Series 2015-SFR2, Class A, 3.73%, 10/17/2052 ‡ (a)		92,501		99,183

AmeriCredit Automobile Receivables Trust Series 2017-2, Class D, 3.42%, 4/18/2023		250,000		252,276

AMSR Trust

Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)		500,000		506,893

Series 2020-SFR2, Class E2, 4.28%, 7/17/2037 (a)		375,000		391,778

Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 ‡ (a)		350,000		352,261

Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 (a)		425,000		426,120

Aqua Finance Trust Series 2019-A, Class B, 3.47%, 7/16/2040 ‡ (a)		246,000		255,426

Avid Automobile Receivables Trust Series 2019-1, Class D, 4.03%, 7/15/2026 (a)		300,000		308,110

British Airways Pass-Through Trust (United Kingdom) Series 2013-1, Class A, 4.63%, 6/20/2024 (a)		169,098		179,027

Business Jet Securities LLC

Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (a)		534,375		540,700

Series 2021-1A, Class C, 5.07%, 4/15/2036 ‡ (a)		353,729		356,886

CarNow Auto Receivables Trust Series 2021-1A, Class C, 2.16%, 2/17/2026 (a)		200,000		200,966

Carvana Auto Receivables Trust

Series 2020-N1A, Class B, 2.01%, 3/17/2025 (a)		500,000		504,242

Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)		110,000		113,989

Cascade MH Asset Trust Series 2019-MH1, Class B, 5.00%, 11/25/2044 ‡ (a) (h)		401,843		396,976


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



CPSAuto Receivables Trust

Series 2017-C, Class D, 3.79%, 6/15/2023 (a)		23,888		24,017

Series 2020-B, Class C, 3.30%, 4/15/2026 (a)		400,000		408,774

Credit Acceptance Auto Loan Trust Series 2020-1A, Class C, 2.59%, 6/15/2029 (a)		750,000		772,042

Credit Suisse Mortgage Capital Certificates Series 2021-JR1, Class A1, 2.46%, 9/27/2066 (a) (h)		431,906		432,027

DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (a)		250,000		250,952

Delta Air Lines Pass-Through Trust Series 2019-1, Class AA, 3.20%, 4/25/2024		15,000		15,929

Diamond Resorts Owner Trust

Series 2021-1A, Class A, 1.51%, 11/21/2033 (a)		489,162		491,928

Series 2021-1A, Class D, 3.83%, 11/21/2033 ‡ (a)		429,090		436,987

Drive Auto Receivables Trust Series 2020-2, Class D, 3.05%, 5/15/2028		750,000		779,624

DT Auto Owner Trust Series 2020-2A, Class D, 4.73%, 3/16/2026 (a)		500,000		540,072

Exeter Automobile Receivables Trust

Series 2020-2A, Class C, 3.28%, 5/15/2025 (a)		250,000		257,052

Series 2020-2A, Class D, 4.73%, 4/15/2026 (a)		400,000		426,514

FHFTrust Series 2021-1A, Class A, 1.27%, 3/15/2027 (a)		458,461		458,432

Finance of America HECM Buyout

Series 2021-HB1, Class A, 0.88%, 2/25/2031 ‡ (a) (h)		398,261		398,252

Series 2021-HB1, Class M2, 2.08%, 2/25/2031 ‡ (a) (h)		150,000		150,062

First Investors Auto Owner Trust Series 2017-1A, Class D, 3.60%, 4/17/2023 (a)		70,428		70,513

FirstKey Homes Trust Series 2020-SFR1, Class F1, 3.64%, 8/17/2037 ‡ (a)		500,000		513,215

Flagship Credit Auto Trust Series 2020-4, Class D, 2.18%, 2/16/2027 (a)		280,000		286,497

FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		1,095,556		1,197,444

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Asset-Backed Securities — continued

Foundation Finance Trust

Series 2020-1A, Class B, 4.62%, 7/16/2040 ‡ (a)		300,000		326,121

Series 2020-1A, Class C, 5.75%, 7/16/2040 ‡ (a)		150,000		164,579

Series 2021-1A, Class C, 2.99%, 5/15/2041 ‡ (a)		536,000		540,110

FREED ABS Trust Series 2021-2, Class C, 1.94%, 6/19/2028 ‡ (a)		200,000		200,253

Genesis Private Label Amortizing Trust Series 2020-1, Class B, 2.83%, 7/20/2030 (a)		220,000		220,285

Genesis Sales Finance Master Trust Series 2020-AA, Class C, 2.99%, 9/22/2025 (a)		300,000		302,152

GLS Auto Receivables Trust Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)		35,376		35,541

Hilton Grand Vacations Trust Series 2020-AA, Class C, 6.42%, 2/25/2039 ‡ (a)		346,649		379,671

HIN Timeshare Trust Series 2020-A, Class D, 5.50%, 10/9/2039 ‡ (a)		147,625		153,827

Lendmark Funding Trust

Series 2018-2A, Class A, 4.23%, 4/20/2027 (a)		118,000		118,577

Series 2019-2A, Class C, 3.72%, 4/20/2028 ‡ (a)		100,000		102,310

Series 2019-2A, Class D, 5.24%, 4/20/2028 (a)		700,000		724,862

LL ABS Trust Series 2020-1A, Class B, 3.79%, 1/17/2028 ‡ (a)		350,000		359,001

LP LMS Asset Securitization Trust 6.17%, 10/15/2028		550,000		551,633

Mariner Finance Issuance Trust Series 2021-AA, Class D, 3.83%, 3/20/2036 ‡ (a)		351,000		363,590

Mercury Financial Credit Card Master Trust

Series 2021-1A, Class A, 1.54%, 3/20/2026 (a)		600,000		602,155

Series 2021-1A, Class B, 2.33%, 3/20/2026 (a)		200,000		198,735

MVW LLC

Series 2020-1A, Class C, 4.21%, 10/20/2037 ‡ (a)		247,379		262,163

Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		106,410		107,587

MVW Owner Trust Series 2019-1A, Class C, 3.33%, 11/20/2036 ‡ (a)		64,801		66,466


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Nationstar HECM Loan Trust Series 2020-1A, Class A1, 1.27%, 9/25/2030 (a) (h)		235,564		236,206

NMEF Funding LLC Series 2021-A, Class C, 2.58%, 12/15/2027 ‡ (a)		600,000		600,352

NRZ Excess Spread-Collateralized Notes

Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (a)		316,757		320,109

Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (a)		486,941		485,996

Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (a)		276,661		276,490

NRZ FHT Excess LLC Series 2020-FHT1, Class A, 4.21%, 11/25/2025 (a)		328,431		331,349

Octane Receivables Trust Series 2020-1A, Class C, 2.89%, 3/20/2026 ‡ (a)		350,000		358,703

Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (a)		188,520		189,252

Oportun Funding XIV LLC

Series 2021-A, Class A, 1.21%, 3/8/2028 (a)		100,000		100,343

Series 2021-A, Class C, 3.44%, 3/8/2028 ‡ (a)		380,000		385,693

Oportun Issuance Trust

Series 2021-B, Class B, 1.96%, 5/8/2031 ‡ (a)		400,000		402,127

Series 2021-B, Class C, 3.65%, 5/8/2031 ‡ (a)		100,000		100,713

Pagaya AI Debt Selection Trust Series 2021-1, Class B, 2.13%, 11/15/2027 ‡ (a)		500,000		504,117

Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (a)		115,000		117,879

Pretium Mortgage Credit Partners I LLC

Series 2020-NPL3, Class A1, 3.10%, 6/27/2060 ‡ (a) (f)		199,364		201,304

Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a) (f)		488,123		488,652

Progress Residential Series 2021-SFR3, Class E1, 2.54%, 5/17/2026 ‡ (a)		450,000		452,086

Progress Residential Trust

Series 2020-SFR3, Class E, 2.30%, 10/17/2027 ‡ (a)		300,000		298,819

Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (a)		100,000		100,057

Series 2020-SFR2, Class D, 3.87%, 6/17/2037 ‡ (a)		750,000		778,822

Series 2021-SFR2, Class E2, 2.65%, 4/19/2038 ‡ (a)		400,000		403,053

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Asset-Backed Securities — continued

Series 2021-SFR5, Class E1, 2.21%, 7/17/2038 ‡ (a)		450,000		448,805

Series 2021-SFR5, Class E2, 2.36%, 7/17/2038 ‡ (a)		270,000		269,284

ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 2.75%, 12/27/2044 (a) (h)		133,246		127,521

Regional Management Issuance Trust

Series 2020-1, Class C, 3.80%, 10/15/2030 ‡ (a)		300,000		307,517

Series 2021-1, Class D, 5.07%, 3/17/2031 ‡ (a)		500,000		514,239

Santander Drive Auto Receivables Trust

Series 2019-1, Class C, 3.42%, 4/15/2025		38,042		38,239

Series 2021-2, Class D, 1.35%, 7/15/2027		400,000		403,035

Santander Revolving Auto Loan Trust Series 2019-A, Class D, 3.45%, 1/26/2032 (a)		150,000		157,382

Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class D, 3.17%, 11/20/2037 ‡ (a)		578,997		583,873

Small Business Lending Trust Series 2020-A, Class A, 2.62%, 12/15/2026 (a)		65,454		65,627

Tricon American Homes Series 2020-SFR1, Class E, 3.54%, 7/17/2038 ‡ (a)		300,000		310,660

United Airlines Pass-Through Trust

Series 2014-1, Class A, 4.00%, 4/11/2026		133,909		141,771

Series 2016-2, Class A, 3.10%, 10/7/2028		8,150		8,101

Series 2018-1, Class A, 3.70%, 3/1/2030		13,252		13,640

US Airways Pass-Through Trust Series 2011-1, Class A, 7.13%, 10/22/2023		15,302		16,274

USASF Receivables LLC Series 2020-1A, Class B, 3.22%, 5/15/2024 (a)		500,000		508,993

VCAT LLC Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 ‡ (a) (f)		401,548		402,709

Veros Auto Receivables Trust Series 2021-1, Class B, 1.49%, 10/15/2026 (a)		300,000		300,495

VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (a) (f)		167,964		168,061

VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (f)		260,471		260,848


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Westgate Resorts LLC Series 2020-1A, Class C, 6.21%, 3/20/2034 ‡ (a)		208,655		219,621


Total Asset-Backed Securities (Cost $32,141,718)				32,752,661


Mortgage-Backed Securities — 14.6%

FHLMC Gold Pools, 30 Year Pool # G60855, 4.50%, 12/1/2045		104,774		116,835

FHLMC Gold Pools, Other Pool # N31271, 4.50%, 1/1/2036		17,852		19,267

FHLMC UMBS, 30 Year Pool # QA5045, 4.00%, 11/1/2049		86,927		93,108

FNMA UMBS, 20 Year Pool # MA3004, 4.00%, 5/1/2037		523,687		571,094

FNMA UMBS, 30 Year

Pool # AL2374, 4.00%, 12/1/2041		139,579		155,731

Pool # AL4244, 4.00%, 7/1/2042		154,181		173,463

Pool # BM1164, 3.50%, 12/1/2045		119,727		128,156

Pool # MA3073, 4.50%, 7/1/2047		32,437		35,386

Pool # BK4769, 5.00%, 8/1/2048		583,403		642,340

Pool # BN5013, 5.00%, 1/1/2049		153,662		170,687

Pool # BO1073, 4.50%, 6/1/2049		88,577		96,022

Pool # BO3039, 3.00%, 7/1/2049		172,819		182,310

Pool # BN6475, 4.00%, 7/1/2049		64,066		68,795

Pool # BO2562, 4.00%, 7/1/2049		126,099		135,542

Pool # BO4519, 4.00%, 8/1/2049		8,080		8,672

Pool # BO2203, 3.50%, 9/1/2049		401,107		424,119

FNMA, Other

Pool # AM8846, 2.68%, 5/1/2025		146,080		155,231

Pool # AM0414, 2.87%, 9/1/2027		400,000		437,640

Pool # AN7560, 2.90%, 12/1/2027		187,904		205,806

Pool # BL2367, 3.48%, 5/1/2029		549,025		623,592

Pool # BS1577, 1.82%, 2/1/2030		868,000		893,274

Pool # 387898, 3.71%, 8/1/2030		750,000		873,232

Pool # BL9645, 1.50%, 1/1/2031		100,000		100,092

Pool # BL9627, 1.56%, 1/1/2031		500,000		503,106

Pool # BS1731, 1.82%, 1/1/2031		995,173		1,022,194

Pool # BL6367, 1.82%, 4/1/2032		330,000		338,512

Pool # AN9725, 3.76%, 7/1/2033		104,885		123,205

Pool # MA1072, 3.50%, 5/1/2042		14,706		15,998

Pool # BF0230, 5.50%, 1/1/2058		540,752		646,685

Pool # BF0497, 3.00%, 7/1/2060		81,272		86,491

FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 10/25/2036 (i)		1,410,000		1,456,797

FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 10/25/2051 (i)		7,035,000		7,292,776

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Mortgage-Backed Securities — continued

GNMA II, 30 Year

Pool # AJ9020, 4.50%, 10/20/2044		34,876		36,874

Pool # BB3525, 4.00%, 9/20/2047		29,063		31,111

Pool # BM2418, 4.00%, 8/20/2049		37,720		40,903

Pool # BN7049, 4.50%, 8/20/2049		210,440		233,023

Pool # BP7160, 4.50%, 9/20/2049		89,187		98,874

Pool # CC9803, 4.00%, 4/20/2051		417,743		450,703

Pool # MA7534, 2.50%, 8/20/2051		5,950,000		6,176,972


Total Mortgage-Backed Securities (Cost $24,594,336)				24,864,618


U.S. Treasury Obligations — 11.7%

U.S. Treasury Bonds

4.50%, 8/15/2039		178,000		256,591

1.13%, 5/15/2040		240,000		213,806

4.38%, 5/15/2040		370,000		528,666

2.25%, 5/15/2041		476,000		509,320

3.75%, 11/15/2043		668,000		898,956

3.00%, 11/15/2045		673,000		818,615

3.38%, 11/15/2048		1,124,000		1,477,753

2.38%, 11/15/2049		486,000		534,467

2.00%, 2/15/2050		1,097,000		1,114,655

1.63%, 11/15/2050		700,000		651,301

1.88%, 2/15/2051		382,000		377,106

2.38%, 5/15/2051		1,410,000		1,557,169

U.S. Treasury Notes

2.13%, 2/29/2024		156,000		163,099

1.13%, 2/28/2025		565,000		576,918

1.50%, 8/15/2026		434,000		449,275

1.25%, 3/31/2028		180,000		182,545

1.25%, 4/30/2028		4,100,000		4,155,574

1.50%, 2/15/2030		780,000		798,434

0.88%, 11/15/2030		430,000		415,521

U.S. Treasury STRIPS Bonds

1.03%, 5/15/2033 (j)		1,467,000		1,215,883

1.15%, 8/15/2039 (j)		1,297,000		953,822

2.22%, 8/15/2041 (j)		207,000		138,973

2.17%, 11/15/2041 (j)		845,000		578,371

2.45%, 2/15/2042 (j)		718,000		475,479

1.36%, 2/15/2045 (j)		649,000		409,558

3.33%, 8/15/2048 (j)		876,000		514,776


Total U.S. Treasury Obligations (Cost $20,145,059)				19,966,633


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Mortgage-Backed Securities — 7.3%

ACRE Commercial Mortgage Ltd. (Cayman Islands) Series 2021-FL4, Class B, 1.49%, 12/18/2037 ‡ (a) (h)		250,000		249,383

BAMLL Re-REMIC Trust Series 2014-FRR5, Class AK37, 2.47%, 1/27/2047 (a) (h)		770,000		772,737

Bancorp Commercial Mortgage Trust Series 2019-CRE6, Class D, 2.46%, 9/15/2036‡(a) (h)		150,000		149,282

FHLMC, Multi-Family Structured Credit Risk

Series 2021-MN1, Class M1, 2.05%, 1/25/2051 (a) (h)		512,189		514,525

Series 2021-MN1, Class M2, 3.80%, 1/25/2051 (a) (h)		375,000		395,575

FHLMC, Multi-Family Structured Pass-Through Certificates

Series KJ08, Class A2, 2.36%, 8/25/2022		33,188		33,470

Series KW06, Class A2, 3.80%, 6/25/2028 (h)		1,750,000		2,021,591

Series K088, Class A2, 3.69%, 1/25/2029		350,000		405,521

Series KLU3, Class X1, IO, 2.08%, 1/25/2031 (h)		3,498,634		491,745

Series K128, Class X3, IO, 2.89%, 4/25/2031 (h)		550,000		120,556

Series K-1520, Class X1, IO, 0.47%, 2/25/2036 (h)		4,498,169		244,254

Series K-1520, Class X3, IO, 3.20%, 4/25/2039 (h)		550,000		184,337

Series Q014, Class X, IO, 2.80%, 10/25/2055 (h)		1,968,443		436,840

FNMA ACES

Series 2017-M3, Class A2, 2.56%, 12/25/2026 (h)		346,128		369,933

Series 2021-M11, Class A2, 1.51%, 3/25/2031 (h)		300,000		298,345

Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		114,672		114,355

Series 2021-M3, Class X1, IO, 2.12%, 11/25/2033 (h)		594,522		80,764

FREMF Mortgage Trust

Series 2015-K720, Class B, 3.51%, 7/25/2022 (a) (h)		180,000		183,826

Series 2018-KL3W, Class CW, 4.23%, 8/25/2025 (a) (h)		250,000		250,768

Series 2018-KBX1, Class B, 3.69%, 1/25/2026 (a) (h)		500,000		516,687

Series 2015-K44, Class B, 3.81%, 1/25/2048 (a) (h)		200,000		215,350

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Mortgage-Backed Securities — continued

Series 2015-K45, Class B, 3.71%, 4/25/2048 (a) (h)		100,000		107,861

Series 2015-K48, Class B, 3.77%, 8/25/2048 (a) (h)		200,000		217,161

Series 2015-K50, Class B, 3.91%, 10/25/2048 (a) (h)		200,000		217,929

Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (h)		175,000	��	192,267

Series 2016-K52, Class B, 4.06%, 1/25/2049 (a) (h)		250,000		275,034

Series 2016-K53, Class C, 4.16%, 3/25/2049 (a) (h)		70,000		75,151

Series 2017-K729, Class B, 3.80%, 11/25/2049 (a) (h)		300,000		322,255

FRR Re-REMIC Trust

Series 2018-C1, Class C720, 0.00%, 8/27/2047 ‡ (a) (h)		500,000		483,074

Series 2018-C1, Class CK43, 0.00%, 2/27/2048 ‡ (a) (h)		612,660		544,212

JPMCC Re-REMIC Trust Series 2015-FRR2, Class AK39, 2.81%, 8/27/2047 (a) (h)		944,000		960,124

MHC Commercial Mortgage Trust

Series 2021-MHC, Class F, 2.70%, 4/15/2038 ‡ (a) (h)		600,000		603,710

PFP Ltd. (Cayman Islands)

Series 2021-7, Class C, 1.75%, 4/14/2038 ‡ (a) (h)		164,992		164,373

Series 2021-7, Class D, 2.50%, 4/14/2038 ‡ (a) (h)		169,992		169,247


Total Commercial Mortgage-Backed Securities (Cost $12,053,883)				12,382,242


Collateralized Mortgage Obligations — 4.9%

Anchor Mortgage Trust Series 2021-1, Class A2, 3.65%, 10/25/2026 (a) (f)		476,191		481,800

Bayview Financing Trust Series 2021-2F, Class M2, 2.52%, 12/31/2049 ‡ (a) (h)		400,000		400,000

FHLMC, REMIC

Series 2708, Class ZD, 5.50%, 11/15/2033		119,978		136,546

Series 4302, Class PA, 4.00%, 12/15/2043		93,593		102,902

Series 4281, Class BC, 4.50%, 12/15/2043 (h)		126,315		142,083

FMC GMSR Issuer Trust Series 2021-GT1, Class B, 4.36%, 7/25/2026 (a) (h)		400,000		399,769

FNMA, REMIC

Series 2003-7, Class FA, 0.83%, 2/25/2033 (h)		118,181		120,229


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Series 2013-108, Class GU, 3.00%, 10/25/2033		545,000		589,086

Series 2005-110, Class TY, 5.50%, 12/25/2035		71,865		83,362

Series 2007-89, Class F, 0.66%, 9/25/2037 (h)		130,878		132,808

Series 2011-112, Class PB, 4.00%, 11/25/2041		165,451		180,514

GNMA

Series 2010-H24, Class FA, 0.45%, 10/20/2060 (h)		85,387		85,449

Series 2014-H03, Class FA, 0.70%, 1/20/2064 (h)		79,069		79,469

Series 2015-H05, Class FC, 0.58%, 2/20/2065 (h)		304,657		305,734

Home RE Ltd. (Bermuda) Series 2021-2, Class M1A, 1.30%, 1/25/2034 (a) (h)		235,000		235,258

LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (a) (h)		255,000		254,429

New Residential Mortgage Loan Trust Series 2020-RPL2, Class A1, 3.58%, 8/25/2025 (a) (h)		88,437		90,034

PMT Credit Risk Transfer Trust Series 2021-1R, Class A, 3.00%, 2/27/2024 (a) (h)		376,622		383,255

PRPM LLC Series 2021-2, Class A1, 2.12%, 3/25/2026 (a) (h)		228,898		229,441

Seasoned Credit Risk Transfer Trust

Series 2018-1, Class M60C, 3.50%, 5/25/2057		203,485		217,017

Series 2018-3, Class MA, 3.50%, 8/25/2057 ‡ (h)		88,790		93,371

Series 2018-3, Class M55D, 4.00%, 8/25/2057 (h)		347,298		380,511

Series 2018-2, Class M55D, 4.00%, 11/25/2057		412,800		449,395

Series 2019-1, Class MA, 3.50%, 7/25/2058 ‡		172,511		183,190

Series 2019-2, Class MA, 3.50%, 8/25/2058		195,374		206,213

Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		657,701		701,419

Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡		693,563		734,103

Series 2021-1, Class BXS, 15.58%, 9/25/2060 ‡ (a) (h)		150,000		145,476

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Collateralized Mortgage Obligations — continued

Towd Point Mortgage Trust Series 2021-R1, Class A2C, 3.31%, 11/30/2060 (a)		754,000		764,894


Total Collateralized Mortgage Obligations (Cost $8,189,144)				8,307,757


Municipal Bonds — 0.0% (e) (k)

Ohio — 0.0% (e)

Ohio State University (The), General Receipts Rev., 5.59%, 12/1/2114 (Cost $32,784)		25,000		38,495


	SHARES

Common Stocks — 0.0% (e)

Oil, Gas & Consumable Fuels — 0.0% (e)

Chesapeake Energy Corp.		23		1,284

EP Energy Corp. *		275		25,025

Oasis Petroleum, Inc.		109		9,438


				35,747


Professional Services — 0.0% (e)

NMG, Inc. *		1		132


Total Common Stocks (Cost $9,712)				35,879


	NO. OF WARRANTS

Warrants — 0.0% (e)

Diversified Telecommunication Services — 0.0% (e)

Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD * ‡		16		322


Media — 0.0% (e)

Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) * ‡		78		1,468


Oil, Gas & Consumable Fuels — 0.0% (e)

Chesapeake Energy Corp.

expiring 2/9/2026, price 27.27 USD *		71		2,147

expiring 2/9/2026, price 31.71 USD *		79		2,087

expiring 2/9/2026, price 35.71 USD *		44		1,038


				5,272


Total Warrants (Cost $1)				7,062


INVESTMENTS	SHARES		VALUE ($)


Preferred Stocks — 0.0% (e)

Internet & Direct Marketing Retail — 0.0% (e)

MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡ (Cost $2,753)		2,868		2,940


Short-Term Investments — 7.6%

Investment Companies — 7.6%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (l) (m) (Cost $12,989,024)		12,989,024		12,989,024


Total Investments — 104.5% (Cost $175,095,343)				177,808,667

Liabilities in Excess of Other Assets — (4.5)%				(7,690,081)


NET ASSETS — 100.0%				170,118,586

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)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


(c)		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 August 31, 2021.
(d)		Security is an interest bearing note with preferred security characteristics.
(e)		Amount rounds to less than 0.1% of net assets.
(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 August 31, 2021.
(g)		Defaulted security.


(h)		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 August 31, 2021.
(i)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)		The rate shown is the effective yield as of August 31, 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 August 31, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.


Futures contracts outstanding as of August 31, 2021:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note		35			12/2021		USD		7,711,758			5,674
U.S. Treasury 5 Year Note		13			12/2021		USD		1,608,242			2,411
U.S. Treasury Long Bond		14			12/2021		USD		2,282,875			(5,929	)

												2,156

Short Contracts
U.S. Treasury 5 Year Note		(1	)		12/2021		USD		(123,711	)		(189	)
U.S. Treasury 10 Year Note		(49	)		12/2021		USD		(6,537,672	)		(15,415	)
U.S. Treasury 10 Year Ultra Note		(4	)		12/2021		USD		(591,875	)		(1,993	)
U.S. Treasury Ultra Bond		(2	)		12/2021		USD		(395,000	)		(1,817	)

												(19,414	)

												(17,258	)

Abbreviations


USD		United States Dollar


Forward foreign currency exchange contracts outstanding as of August 31, 2021:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CNY	2,776,386	USD	428,211	BNP Paribas**		9/15/2021		1,275
ZAR	6,619,253	USD	454,777	Goldman Sachs International		9/15/2021		68

Total unrealized appreciation								1,343

KRW	528,889,952	USD	462,723	Citibank, NA**		9/15/2021		(6,386	)
MXN	9,644,855	USD	481,104	Citibank, NA		9/15/2021		(1,743	)

Total unrealized depreciation								(8,129	)

Net unrealized depreciation								(6,786	)

Abbreviations


CNY		China Yuan
KRW		Korean Republic Won
MXN		Mexican Peso
USD		United States Dollar
ZAR		South African Rand

**		Non-deliverable forward.

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — 98.8%

Aerospace & Defense — 4.6%

BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (a)		35,000		38,368

Boeing Co. (The)

4.51%, 5/1/2023		190,000		201,296

4.88%, 5/1/2025		189,000		211,274

5.04%, 5/1/2027		181,000		208,664

5.15%, 5/1/2030		126,000		149,079

3.60%, 5/1/2034		159,000		168,385

5.71%, 5/1/2040		105,000		135,981

3.75%, 2/1/2050		30,000		31,055

L3Harris Technologies, Inc. 4.40%, 6/15/2028		174,000		200,909

Leidos, Inc.

4.38%, 5/15/2030		238,000		273,024

2.30%, 2/15/2031		140,000		138,002

Northrop Grumman Corp.

3.25%, 1/15/2028		90,000		98,361

4.03%, 10/15/2047		41,000		49,135

Precision Castparts Corp. 3.25%, 6/15/2025		24,000		26,052

Raytheon Technologies Corp.

3.50%, 3/15/2027		63,000		69,633

3.13%, 5/4/2027		146,000		159,246

4.45%, 11/16/2038		107,000		130,522

3.75%, 11/1/2046		88,000		100,085

2.82%, 9/1/2051		60,000		59,083

Teledyne Technologies, Inc. 2.75%, 4/1/2031		130,000		135,574


				2,583,728


Air Freight & Logistics — 0.6%

FedEx Corp.

2.40%, 5/15/2031		60,000		61,685

3.25%, 5/15/2041		160,000		166,840

4.05%, 2/15/2048		90,000		104,494


				333,019


Auto Components — 0.4%

Lear Corp. 3.80%, 9/15/2027		190,000		211,525


Automobiles — 0.7%

General Motors Co. 6.13%, 10/1/2025		314,000		370,325


Banks — 17.1%

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (b)		527,000		544,127

(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (b)		146,000		152,464


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Banks — continued

(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (b)		30,000		31,406

(SOFR + 1.15%), 1.32%, 6/19/2026 (b)		60,000		60,200

(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (b)		154,000		168,931

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (b)		146,000		162,663

(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		275,000		302,027

(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (b)		237,000		243,703

(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038 (b)		156,000		185,155

(SOFR + 1.58%), 3.31%, 4/22/2042 (b)		70,000		75,475

(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049 (b)		50,000		58,954

(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (b)		78,000		94,156

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (b)		297,000		303,464

(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (b)		428,000		456,162

(SOFR + 2.84%), 3.11%, 4/8/2026 (b)		78,000		83,416

3.20%, 10/21/2026		297,000		323,391

(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (b)		76,000		84,228

(SOFR + 1.15%), 2.67%, 1/29/2031 (b)		107,000		111,173

(SOFR + 3.91%), 4.41%, 3/31/2031 (b)		156,000		182,771

(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (b)		87,000		101,082

4.65%, 7/23/2048		78,000		103,520

Citizens Financial Group, Inc.

4.30%, 12/3/2025		160,000		178,318

3.25%, 4/30/2030		200,000		217,611

HSBC Holdings plc (United Kingdom)

4.00%, 3/30/2022		167,000		170,630

(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (b)		200,000		224,193

Huntington Bancshares, Inc. 2.63%, 8/6/2024		63,000		66,319

Mitsubishi UFJ Financial Group, Inc. (Japan)

3.76%, 7/26/2023		388,000		412,475

3.68%, 2/22/2027		31,000		34,629

3.96%, 3/2/2028		119,000		135,368

3.74%, 3/7/2029		231,000		260,717

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Banks — continued

Natwest Group plc (United Kingdom)

6.13%, 12/15/2022		649,000		693,929

6.00%, 12/19/2023		229,000		255,136

5.13%, 5/28/2024		351,000		388,699

PNC Financial Services Group, Inc. (The)

3.90%, 4/29/2024		13,000		14,075

2.60%, 7/23/2026		253,000		270,721

3.15%, 5/19/2027		23,000		25,284

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.63%, 7/14/2026		288,000		306,745

3.36%, 7/12/2027		77,000		85,209

Truist Financial Corp. 1.13%, 8/3/2027		90,000		88,837

US Bancorp Series V, 2.38%, 7/22/2026		129,000		137,236

Wells Fargo & Co.

3.75%, 1/24/2024		146,000		156,442

(SOFR + 1.09%), 2.41%, 10/30/2025 (b)		88,000		91,957

(SOFR + 2.00%), 2.19%, 4/30/2026 (b)		107,000		111,137

3.00%, 10/23/2026		188,000		203,263

4.30%, 7/22/2027		88,000		100,864

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		276,000		306,184

(SOFR + 1.43%), 2.88%, 10/30/2030 (b)		202,000		214,800

3.90%, 5/1/2045		117,000		139,726

4.75%, 12/7/2046		68,000		86,591

Westpac Banking Corp. (Australia)

2.85%, 5/13/2026		241,000		261,240

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (b)		107,000		118,148


				9,584,951


Beverages — 2.7%

Anheuser-Busch Cos. LLC (Belgium)

3.65%, 2/1/2026		107,000		118,140

4.70%, 2/1/2036		77,000		94,925

4.90%, 2/1/2046		160,000		204,150

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.00%, 4/13/2028		49,000		55,772

4.90%, 1/23/2031		34,000		41,874

4.60%, 4/15/2048		213,000		261,928

4.44%, 10/6/2048		39,000		47,103

Coca-Cola Co. (The) 2.60%, 6/1/2050		106,000		104,983

Constellation Brands, Inc. 3.15%, 8/1/2029		66,000		71,314

Keurig Dr Pepper, Inc.

4.06%, 5/25/2023		89,000		94,386

3.80%, 5/1/2050		20,000		22,749


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Beverages — continued

Molson Coors Beverage Co. 4.20%, 7/15/2046		30,000		33,898

PepsiCo, Inc.

2.75%, 3/19/2030		107,000		115,901

3.50%, 3/19/2040		66,000		75,556

3.45%, 10/6/2046		68,000		77,022

3.63%, 3/19/2050		100,000		118,841


				1,538,542


Biotechnology — 3.7%

AbbVie, Inc.

3.45%, 3/15/2022		68,000		68,793

2.90%, 11/6/2022		205,000		210,967

3.60%, 5/14/2025		68,000		73,918

2.95%, 11/21/2026		122,000		131,484

4.25%, 11/14/2028		192,000		222,548

4.05%, 11/21/2039		161,000		189,170

4.70%, 5/14/2045		68,000		85,793

4.25%, 11/21/2049		73,000		88,555

Amgen, Inc.

2.20%, 2/21/2027		68,000		70,872

2.45%, 2/21/2030		63,000		65,130

3.15%, 2/21/2040		40,000		42,261

4.40%, 5/1/2045		20,000		24,622

3.38%, 2/21/2050		20,000		21,365

Biogen, Inc. 3.15%, 5/1/2050		180,000		177,880

Gilead Sciences, Inc.

3.65%, 3/1/2026		208,000		229,309

4.15%, 3/1/2047		247,000		295,845

Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		70,000		67,334


				2,065,846


Building Products — 0.0% (c)

Carrier Global Corp. 3.58%, 4/5/2050		20,000		21,762


Capital Markets — 5.0%

CME Group, Inc. 3.00%, 3/15/2025		109,000		116,788

Credit Suisse Group AG (Switzerland)

(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (a) (b)		250,000		264,825

Goldman Sachs Group, Inc. (The)

4.00%, 3/3/2024		242,000		262,013

3.50%, 4/1/2025		130,000		140,751

3.85%, 1/26/2027		91,000		100,609

(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (b)		249,000		285,081

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Capital Markets — continued

3.80%, 3/15/2030		226,000		254,818

(SOFR + 1.25%), 2.38%, 7/21/2032 (b)		130,000		131,426

(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (b)		193,000		225,838

Morgan Stanley

3.70%, 10/23/2024		68,000		74,068

(SOFR + 1.99%), 2.19%, 4/28/2026 (b)		178,000		185,003

3.63%, 1/20/2027		88,000		97,903

(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (b)		205,000		228,980

(SOFR + 1.14%), 2.70%, 1/22/2031 (b)		117,000		122,508

(SOFR + 3.12%), 3.62%, 4/1/2031 (b)		78,000		87,365

(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (b)		146,000		170,986

4.30%, 1/27/2045		29,000		36,104


				2,785,066


Chemicals — 1.5%

Air Products and Chemicals, Inc. 2.80%, 5/15/2050		40,000		40,893

Dow Chemical Co. (The)

2.10%, 11/15/2030		60,000		60,394

3.60%, 11/15/2050		60,000		65,827

Huntsman International LLC 4.50%, 5/1/2029		78,000		89,423

International Flavors & Fragrances, Inc.

5.00%, 9/26/2048		30,000		39,954

LYB International Finance III LLC

3.38%, 10/1/2040		160,000		169,166

3.63%, 4/1/2051		30,000		32,575

Sherwin-Williams Co. (The)

2.75%, 6/1/2022		4,000		4,059

3.45%, 6/1/2027		76,000		83,958

2.95%, 8/15/2029		254,000		273,241


				859,490


Consumer Finance — 1.1%

Capital One Financial Corp. 3.30%, 10/30/2024		182,000		195,730

General Motors Financial Co., Inc.

5.20%, 3/20/2023		228,000		243,472

4.35%, 1/17/2027		86,000		96,783

3.60%, 6/21/2030		70,000		75,996


				611,981


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Containers & Packaging — 0.1%

WRKCo, Inc. 4.65%, 3/15/2026		72,000		82,053


Diversified Consumer Services — 0.1%

University of Chicago (The) Series 20B, 2.76%, 4/1/2045		29,000		30,190

William Marsh Rice University 2.60%, 5/15/2050		28,000		27,909


				58,099


Diversified Financial Services — 1.0%

Equitable Holdings, Inc. 4.35%, 4/20/2028		80,000		91,885

Shell International Finance BV (Netherlands)

2.38%, 4/6/2025		49,000		51,443

3.25%, 5/11/2025		31,000		33,588

4.13%, 5/11/2035		243,000		289,563

4.38%, 5/11/2045		43,000		53,546

4.00%, 5/10/2046		29,000		34,656


				554,681


Diversified Telecommunication Services — 3.5%

AT&T, Inc.

4.30%, 2/15/2030		182,000		211,742

2.25%, 2/1/2032		222,000		220,609

4.50%, 5/15/2035		124,000		147,036

4.50%, 3/9/2048		136,000		161,069

3.50%, 9/15/2053 (a)		105,000		107,857

3.55%, 9/15/2055 (a)		60,000		61,395

3.65%, 9/15/2059 (a)		30,000		30,862

Verizon Communications, Inc.

3.38%, 2/15/2025		114,000		123,431

4.33%, 9/21/2028		45,000		52,546

1.68%, 10/30/2030		70,000		67,598

2.55%, 3/21/2031		120,000		123,953

4.40%, 11/1/2034		20,000		24,078

3.40%, 3/22/2041		440,000		471,412

2.99%, 10/30/2056		180,000		173,648


				1,977,236


Electric Utilities — 5.0%

Baltimore Gas and Electric Co. 2.90%, 6/15/2050		76,000		77,284

Commonwealth Edison Co. 3.00%, 3/1/2050		76,000		78,792

Duke Energy Corp.

3.75%, 4/15/2024		273,000		292,894

2.65%, 9/1/2026		18,000		19,137

3.30%, 6/15/2041		40,000		41,514

3.75%, 9/1/2046		117,000		127,112

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	71

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Electric Utilities — continued

Duke Energy Indiana LLC

Series YYY, 3.25%, 10/1/2049		20,000		21,356

2.75%, 4/1/2050		20,000		19,591

Edison International

3.13%, 11/15/2022		73,000		75,057

2.95%, 3/15/2023		195,000		200,333

4.13%, 3/15/2028		34,000		36,390

Emera US Finance LP (Canada) 4.75%, 6/15/2046		185,000		220,032

Entergy Louisiana LLC

4.00%, 3/15/2033		227,000		266,712

2.90%, 3/15/2051		67,000		67,567

Entergy Texas, Inc. 3.55%, 9/30/2049		44,000		48,415

Evergy, Inc.

2.45%, 9/15/2024		127,000		132,709

2.90%, 9/15/2029		102,000		108,983

Exelon Corp. 4.45%, 4/15/2046		20,000		24,697

Florida Power & Light Co.

3.95%, 3/1/2048		30,000		36,846

3.15%, 10/1/2049		88,000		96,004

Fortis, Inc. (Canada) 3.06%, 10/4/2026		148,000		159,850

Pacific Gas and Electric Co.

4.50%, 7/1/2040		116,000		117,051

4.95%, 7/1/2050		30,000		31,754

PPL Electric Utilities Corp. 3.00%, 10/1/2049		20,000		21,277

Southern California Edison Co.

2.25%, 6/1/2030		10,000		10,005

Series 13-A, 3.90%, 3/15/2043		6,000		6,334

Series C, 3.60%, 2/1/2045		111,000		112,200

4.00%, 4/1/2047		98,000		103,281

3.65%, 2/1/2050		14,000		14,267

Southern Co. (The) 4.40%, 7/1/2046		72,000		86,515

Virginia Electric and Power Co.

Series A, 3.15%, 1/15/2026		17,000		18,457

Series A, 3.50%, 3/15/2027		43,000		47,707

4.60%, 12/1/2048		30,000		39,652

2.45%, 12/15/2050		60,000		55,915


				2,815,690


Entertainment — 1.1%

Activision Blizzard, Inc. 2.50%, 9/15/2050		170,000		151,787

Electronic Arts, Inc. 1.85%, 2/15/2031		190,000		186,476

Walt Disney Co. (The)

2.65%, 1/13/2031		60,000		63,732

3.50%, 5/13/2040		104,000		116,971


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Entertainment — continued

2.75%, 9/1/2049		76,000		75,698


				594,664


Equity Real Estate Investment Trusts (REITs) — 2.6%

Alexandria Real Estate Equities, Inc.

2.75%, 12/15/2029		102,000		107,436

1.88%, 2/1/2033		60,000		57,599

American Tower Corp.

3.80%, 8/15/2029		150,000		167,353

3.10%, 6/15/2050		50,000		49,642

Boston Properties LP

4.50%, 12/1/2028		39,000		45,646

3.25%, 1/30/2031		120,000		129,267

Brixmor Operating Partnership LP 4.05%, 7/1/2030		200,000		226,376

Equinix, Inc. 3.20%, 11/18/2029		140,000		150,627

Healthcare Trust of America Holdings LP

2.00%, 3/15/2031		120,000		116,534

Healthpeak Properties, Inc. 2.88%, 1/15/2031		66,000		69,762

Simon Property Group LP

2.45%, 9/13/2029		78,000		80,556

3.25%, 9/13/2049		40,000		41,102

UDR, Inc. 3.00%, 8/15/2031		20,000		21,234

Welltower, Inc. 3.63%, 3/15/2024		185,000		197,556


				1,460,690


Food & Staples Retailing — 0.6%

Kroger Co. (The)

4.45%, 2/1/2047		45,000		54,802

3.95%, 1/15/2050		76,000		88,424

Sysco Corp.

3.30%, 7/15/2026		40,000		43,526

3.25%, 7/15/2027		40,000		43,533

Walmart, Inc.

3.70%, 6/26/2028		25,000		28,543

4.05%, 6/29/2048		47,000		59,501


				318,329


Food Products — 0.3%

Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		60,000		61,616

Conagra Brands, Inc. 4.85%, 11/1/2028		80,000		95,471


				157,087


Health Care Equipment & Supplies — 0.9%

Becton Dickinson and Co.

3.70%, 6/6/2027		66,000		73,615

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Health Care Equipment & Supplies — continued

4.69%, 12/15/2044		73,000		92,875

4.67%, 6/6/2047		49,000		62,178

Medtronic, Inc. 4.38%, 3/15/2035		200,000		251,063


				479,731


Health Care Providers & Services — 5.8%

Aetna, Inc.

2.80%, 6/15/2023		278,000		288,434

3.88%, 8/15/2047		70,000		79,453

AmerisourceBergen Corp. 2.70%, 3/15/2031		190,000		197,289

Anthem, Inc.

2.38%, 1/15/2025		150,000		156,950

4.65%, 8/15/2044		123,000		155,628

Cigna Corp.

3.25%, 4/15/2025		166,000		179,023

2.40%, 3/15/2030		30,000		30,914

4.80%, 8/15/2038		86,000		107,585

3.40%, 3/15/2051		60,000		64,072

CVS Health Corp.

3.70%, 3/9/2023		22,000		23,026

2.63%, 8/15/2024		10,000		10,545

4.30%, 3/25/2028		25,000		28,785

2.70%, 8/21/2040		256,000		251,386

5.05%, 3/25/2048		66,000		87,362

HCA, Inc.

5.00%, 3/15/2024		510,000		560,950

4.13%, 6/15/2029		90,000		101,823

UnitedHealth Group, Inc.

3.75%, 7/15/2025		86,000		95,494

3.50%, 8/15/2039		122,000		137,689

2.75%, 5/15/2040		261,000		268,275

3.25%, 5/15/2051		60,000		65,733

Universal Health Services, Inc.

2.65%, 10/15/2030 (a)		320,000		326,047

2.65%, 1/15/2032 (a)		60,000		60,361


				3,276,824


Hotels, Restaurants & Leisure — 1.3%

Expedia Group, Inc. 3.25%, 2/15/2030		70,000		72,594

McDonald’s Corp.

3.70%, 1/30/2026		214,000		236,803

2.13%, 3/1/2030		85,000		86,481

3.63%, 9/1/2049		176,000		197,723

Starbucks Corp. 3.50%, 11/15/2050		102,000		111,798


				705,399


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Household Durables — 0.4%

Lennar Corp. 4.75%, 11/29/2027		180,000		209,468


Industrial Conglomerates — 1.0%

General Electric Co.

3.63%, 5/1/2030		200,000		224,838

6.75%, 3/15/2032		40,000		55,550

4.35%, 5/1/2050		140,000		172,231

Roper Technologies, Inc. 1.75%, 2/15/2031		136,000		131,660


				584,279


Insurance — 2.3%

Aflac, Inc. 3.60%, 4/1/2030		160,000		181,849

American International Group, Inc.

2.50%, 6/30/2025		120,000		126,184

3.90%, 4/1/2026		28,000		31,118

3.40%, 6/30/2030		180,000		197,967

4.50%, 7/16/2044		116,000		143,750

Arch Capital Group Ltd. 3.64%, 6/30/2050		170,000		189,045

Berkshire Hathaway Finance Corp.

4.20%, 8/15/2048		146,000		181,574

4.25%, 1/15/2049		20,000		25,129

Northwestern Mutual Life Insurance Co. (The)

3.85%, 9/30/2047 (a)		20,000		23,109

Progressive Corp. (The) 4.13%, 4/15/2047		60,000		75,013

Prudential Financial, Inc.

3.91%, 12/7/2047		29,000		34,368

3.70%, 3/13/2051		68,000		79,198


				1,288,304


Internet & Direct Marketing Retail — 0.7%

Amazon.com, Inc.

3.88%, 8/22/2037		252,000		300,633

4.05%, 8/22/2047		10,000		12,359

2.50%, 6/3/2050		60,000		57,599


				370,591


IT Services — 1.0%

Global Payments, Inc.

3.20%, 8/15/2029		146,000		156,629

4.15%, 8/15/2049		12,000		13,794

International Business Machines Corp. 3.30%, 5/15/2026		150,000		165,137

Mastercard, Inc. 3.85%, 3/26/2050		80,000		97,650

VeriSign, Inc. 2.70%, 6/15/2031		130,000		133,720


				566,930

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	73

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Life Sciences Tools & Services — 0.4%

Thermo Fisher Scientific, Inc.

2.80%, 10/15/2041		180,000		183,933

4.10%, 8/15/2047		23,000		28,356


				212,289


Machinery — 0.3%

Caterpillar, Inc.

3.80%, 8/15/2042		20,000		23,874

3.25%, 4/9/2050		20,000		22,392

Otis Worldwide Corp.

2.06%, 4/5/2025		40,000		41,442

2.57%, 2/15/2030		40,000		41,791

3.36%, 2/15/2050		20,000		21,734


				151,233


Media — 3.5%

Charter Communications Operating LLC

4.46%, 7/23/2022		242,000		248,996

4.91%, 7/23/2025		270,000		305,504

2.80%, 4/1/2031		40,000		40,985

6.48%, 10/23/2045		21,000		29,285

5.38%, 5/1/2047		30,000		36,916

4.80%, 3/1/2050		107,000		124,967

3.70%, 4/1/2051		25,000		25,165

Comcast Corp.

3.70%, 4/15/2024		101,000		109,023

3.95%, 10/15/2025		105,000		117,158

3.15%, 3/1/2026		88,000		95,585

4.15%, 10/15/2028		101,000		117,179

3.40%, 4/1/2030		40,000		44,453

3.90%, 3/1/2038		150,000		174,680

3.75%, 4/1/2040		100,000		114,823

4.00%, 11/1/2049		30,000		35,661

3.45%, 2/1/2050		20,000		21,971

2.45%, 8/15/2052		20,000		18,429

Discovery Communications LLC

3.95%, 3/20/2028		76,000		84,898

5.00%, 9/20/2037		30,000		36,629

4.65%, 5/15/2050		91,000		107,970

4.00%, 9/15/2055		90,000		96,351


				1,986,628


Metals & Mining — 0.6%

Glencore Funding LLC (Australia) 4.13%, 5/30/2023 (a)		127,000		134,304

Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		192,000		230,582


				364,886


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Multiline Retail — 0.2%

Dollar General Corp. 3.50%, 4/3/2030		105,000		116,926


Multi-Utilities — 2.7%

Ameren Corp.

2.50%, 9/15/2024		141,000		147,716

3.50%, 1/15/2031		60,000		66,356

Berkshire Hathaway Energy Co.

4.45%, 1/15/2049		31,000		39,070

2.85%, 5/15/2051		106,000		103,375

CenterPoint Energy, Inc. 2.65%, 6/1/2031		345,000		358,297

Consolidated Edison Co. of New York, Inc. Series 20B, 3.95%, 4/1/2050		76,000		88,220

Dominion Energy, Inc. 3.90%, 10/1/2025		17,000		18,713

NiSource, Inc.

2.95%, 9/1/2029		35,000		37,286

3.60%, 5/1/2030		40,000		44,550

San Diego Gas & Electric Co. 2.95%, 8/15/2051		60,000		60,195

Sempra Energy

3.25%, 6/15/2027		40,000		43,369

3.80%, 2/1/2038		38,000		42,593

4.00%, 2/1/2048		98,000		110,847

Southern Co. Gas Capital Corp.

2.45%, 10/1/2023		205,000		212,659

Series 20-A, 1.75%, 1/15/2031		152,000		146,900


				1,520,146


Oil, Gas & Consumable Fuels — 7.0%

BP Capital Markets America, Inc.

4.23%, 11/6/2028		39,000		45,057

3.00%, 2/24/2050		203,000		200,681

BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027		187,000		206,381

Cameron LNG LLC

2.90%, 7/15/2031 (a)		30,000		32,301

3.30%, 1/15/2035 (a)		25,000		27,139

3.70%, 1/15/2039 (a)		5,000		5,633

Canadian Natural Resources Ltd. (Canada)

4.95%, 6/1/2047		30,000		37,547

Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		130,000		147,560

Chevron Corp.

1.55%, 5/11/2025		107,000		109,739

2.95%, 5/16/2026		88,000		95,402

Columbia Pipeline Group, Inc. 4.50%, 6/1/2025		192,000		214,799

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

ConocoPhillips 4.30%, 8/15/2028 (a)		190,000		220,200

Diamondback Energy, Inc. 3.50%, 12/1/2029		70,000		75,373

Enable Midstream Partners LP 4.95%, 5/15/2028		80,000		91,021

Energy Transfer LP

4.95%, 6/15/2028		32,000		37,066

5.40%, 10/1/2047		149,000		180,866

Exxon Mobil Corp.

2.99%, 3/19/2025		78,000		83,458

2.61%, 10/15/2030		205,000		217,028

3.00%, 8/16/2039		185,000		193,808

4.33%, 3/19/2050		20,000		25,032

3.45%, 4/15/2051		30,000		33,175

Kinder Morgan, Inc.

4.30%, 6/1/2025		110,000		121,812

2.00%, 2/15/2031		66,000		64,377

5.55%, 6/1/2045		81,000		105,105

Marathon Oil Corp. 4.40%, 7/15/2027		90,000		101,723

Marathon Petroleum Corp.

4.50%, 5/1/2023		320,000		339,050

4.75%, 9/15/2044		17,000		20,051

ONEOK, Inc. 4.55%, 7/15/2028		80,000		91,238

Phillips 66 4.88%, 11/15/2044		30,000		37,580

Pioneer Natural Resources Co. 1.90%, 8/15/2030		66,000		63,694

Plains All American Pipeline LP 3.55%, 12/15/2029		146,000		154,646

Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		140,000		159,544

TotalEnergies Capital International SA (France)

2.43%, 1/10/2025		88,000		92,421

2.83%, 1/10/2030		166,000		178,416

3.46%, 7/12/2049		20,000		21,831

3.13%, 5/29/2050		90,000		93,159


				3,923,913


Pharmaceuticals — 3.7%

AstraZeneca plc (United Kingdom)

3.38%, 11/16/2025		60,000		65,751

4.38%, 11/16/2045		68,000		87,693

2.13%, 8/6/2050		30,000		26,975

3.00%, 5/28/2051		110,000		116,983

Bristol-Myers Squibb Co.

3.40%, 7/26/2029		68,000		76,477


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Pharmaceuticals — continued

4.13%, 6/15/2039		70,000		85,192

4.35%, 11/15/2047		32,000		40,838

4.25%, 10/26/2049		88,000		112,033

2.55%, 11/13/2050		80,000		77,764

Eli Lilly & Co. 2.25%, 5/15/2050		204,000		190,435

Pfizer, Inc. 2.70%, 5/28/2050		174,000		176,320

Royalty Pharma plc

0.75%, 9/2/2023		220,000		220,961

3.30%, 9/2/2040		150,000		152,306

Shire Acquisitions Investments Ireland DAC

2.88%, 9/23/2023		156,000		162,890

3.20%, 9/23/2026		332,000		360,348

Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		90,000		99,760


				2,052,726


Road & Rail — 1.3%

Burlington Northern Santa Fe LLC

4.55%, 9/1/2044		25,000		31,968

4.15%, 4/1/2045		89,000		108,916

CSX Corp. 4.30%, 3/1/2048		45,000		55,669

Norfolk Southern Corp.

4.15%, 2/28/2048		106,000		126,525

3.16%, 5/15/2055		40,000		41,242

Union Pacific Corp.

2.89%, 4/6/2036 (a)		242,000		254,268

4.38%, 9/10/2038		50,000		61,173

3.25%, 2/5/2050		34,000		36,233


				715,994


Semiconductors & Semiconductor Equipment — 2.5%

Analog Devices, Inc. 3.50%, 12/5/2026		108,000		119,512

Broadcom Corp. 3.88%, 1/15/2027		141,000		155,595

Broadcom, Inc.

4.75%, 4/15/2029		68,000		78,988

3.50%, 2/15/2041 (a)		240,000		247,307

Intel Corp.

3.25%, 11/15/2049		154,000		164,482

3.05%, 8/12/2051		30,000		30,928

NVIDIA Corp. 3.50%, 4/1/2050		186,000		213,415

NXP BV (China)

4.30%, 6/18/2029 (a)		40,000		45,963

3.25%, 5/11/2041 (a)		190,000		200,130

QUALCOMM, Inc. 3.25%, 5/20/2050		20,000		21,952

Xilinx, Inc. 2.38%, 6/1/2030		130,000		133,559


				1,411,831

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	75

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Software — 2.2%

Microsoft Corp.

3.30%, 2/6/2027		30,000		33,454

3.45%, 8/8/2036		42,000		49,128

4.10%, 2/6/2037		88,000		109,972

3.70%, 8/8/2046		77,000		93,659

2.53%, 6/1/2050		76,000		75,817

2.92%, 3/17/2052		46,000		49,466

Oracle Corp.

2.50%, 4/1/2025		107,000		112,243

3.25%, 11/15/2027		71,000		77,433

2.95%, 4/1/2030		83,000		87,996

2.88%, 3/25/2031		60,000		63,196

3.80%, 11/15/2037		68,000		74,468

3.60%, 4/1/2040		138,000		146,499

4.00%, 7/15/2046		31,000		34,140

3.60%, 4/1/2050		186,000		194,002

3.95%, 3/25/2051		30,000		33,132


				1,234,605


Specialty Retail — 1.3%

AutoZone, Inc. 1.65%, 1/15/2031		174,000		167,321

Home Depot, Inc. (The)

2.70%, 4/15/2030		78,000		83,720

3.30%, 4/15/2040		110,000		121,927

4.20%, 4/1/2043		30,000		37,069

3.13%, 12/15/2049		63,000		67,555

3.35%, 4/15/2050		20,000		22,255

3.50%, 9/15/2056		20,000		22,925

Lowe’s Cos., Inc.

3.10%, 5/3/2027		40,000		43,704

3.70%, 4/15/2046		107,000		119,516

4.05%, 5/3/2047		40,000		46,787


				732,779


Technology Hardware, Storage & Peripherals — 2.2%

Apple, Inc.

3.25%, 2/23/2026		80,000		87,620

2.90%, 9/12/2027		89,000		97,182

1.65%, 5/11/2030		40,000		39,842

3.85%, 5/4/2043		20,000		23,855

3.45%, 2/9/2045		107,000		120,664

4.65%, 2/23/2046		153,000		203,556

2.65%, 5/11/2050		20,000		19,823

2.65%, 2/8/2051		180,000		178,213

Dell International LLC

5.45%, 6/15/2023		224,000		241,410


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Technology Hardware, Storage & Peripherals — continued

6.02%, 6/15/2026		152,000		181,534

5.30%, 10/1/2029		40,000		48,698


				1,242,397


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		204,139


Tobacco — 2.0%

Altria Group, Inc.

2.85%, 8/9/2022		127,000		130,053

4.80%, 2/14/2029		146,000		169,817

5.38%, 1/31/2044		79,000		95,010

5.95%, 2/14/2049		50,000		64,927

BAT Capital Corp. (United Kingdom)

3.22%, 8/15/2024		170,000		180,396

4.39%, 8/15/2037		274,000		297,909

4.54%, 8/15/2047		98,000		105,035

Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025		76,000		84,217


				1,127,364


Trading Companies & Distributors — 1.5%

Air Lease Corp.

3.00%, 9/15/2023		338,000		352,286

2.30%, 2/1/2025		146,000		150,875

2.88%, 1/15/2026		120,000		126,187

3.75%, 6/1/2026		78,000		85,222

3.25%, 10/1/2029		68,000		71,247

3.13%, 12/1/2030		60,000		61,504


				847,321


Water Utilities — 0.1%

American Water Capital Corp. 2.80%, 5/1/2030		63,000		67,380


Wireless Telecommunication Services — 1.8%

Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		47,000		49,895

T-Mobile USA, Inc.

3.50%, 4/15/2025		195,000		210,473

3.75%, 4/15/2027		117,000		129,492

3.88%, 4/15/2030		170,000		190,472

4.38%, 4/15/2040		25,000		29,126

4.50%, 4/15/2050		141,000		169,066

Vodafone Group plc (United Kingdom)

4.38%, 5/30/2028		68,000		79,106

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

Wireless Telecommunication Services — continued

4.25%, 9/17/2050		146,000		171,833


				1,029,463


Total Corporate Bonds (Cost $53,171,930)				55,408,310


U.S. Treasury Obligations — 0.1%

U.S. Treasury Bonds

2.25%, 5/15/2041		30,000		32,100

1.88%, 2/15/2051		30,000		29,616


Total U.S. Treasury Obligations (Cost $59,062)				61,716


Asset-Backed Securities — 0.1%

Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		25,392		25,808

United Airlines Pass-Through Trust Series 2019-2, Class AA, 2.70%, 5/1/2032		19,222		19,333


Total Asset-Backed Securities (Cost $43,935)				45,141


INVESTMENTS	SHARES		VALUE ($)


Short-Term Investments — 0.4%

Investment Companies — 0.4%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $208,379)		208,379		208,379


Total Investments — 99.4% (Cost $53,483,306)				55,723,546

Other Assets Less Liabilities — 0.6%				349,255


NET ASSETS — 100.0%				56,072,801

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 August 31, 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 August 31, 2021.


Futures contracts outstanding as of August 31, 2021:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 5 Year Note		9			12/2021		USD		1,113,398			1,669
U.S. Treasury Long Bond		15			12/2021		USD		2,445,938			(6,353	)

												(4,684	)

Short Contracts
U.S. Treasury 2 Year Note		(2	)		12/2021		USD		(440,672	)		(4	)
U.S. Treasury 10 Year Note		(4	)		12/2021		USD		(533,687	)		(1,258	)
U.S. Treasury 10 Year Ultra Note		(14	)		12/2021		USD		(2,071,563	)		(6,404	)
U.S. Treasury Ultra Bond		(3	)		12/2021		USD		(592,500	)		(2,725	)

												(10,391	)

												(15,075	)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	77

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 97.9%

Aerospace & Defense — 2.8%

Bombardier, Inc. (Canada)

7.50%, 12/1/2024 (a)		991,000		1,032,919

7.88%, 4/15/2027 (a)		4,021,000		4,215,818

6.00%, 2/15/2028 (a)		2,000,000		2,017,160

BWX Technologies, Inc. 4.13%, 6/30/2028 (a)		625,000		642,188

Howmet Aerospace, Inc.

6.88%, 5/1/2025		3,624,000		4,283,133

5.95%, 2/1/2037		2,583,000		3,257,809

Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027 (a)		975,000		1,069,282

Spirit AeroSystems, Inc.

7.50%, 4/15/2025 (a)		3,241,000		3,431,409

4.60%, 6/15/2028		756,000		738,925

TransDigm, Inc.

6.25%, 3/15/2026 (a)		15,500,000		16,275,000

5.50%, 11/15/2027		4,797,000		4,905,988

Triumph Group, Inc.

8.88%, 6/1/2024 (a)		1,485,000		1,635,356

7.75%, 8/15/2025		1,485,000		1,485,550


				44,990,537


Air Freight & Logistics — 0.0% (b)

Cargo Aircraft Management, Inc. 4.75%, 2/1/2028 (a)		588,000		608,092


Airlines — 1.2%

Air Canada (Canada) 3.88%, 8/15/2026 (a)		1,500,000		1,507,500

American Airlines, Inc.

5.50%, 4/20/2026 (a)		4,903,844		5,168,652

5.75%, 4/20/2029 (a)		4,903,844		5,295,489

Delta Air Lines, Inc. 7.38%, 1/15/2026		2,142,000		2,521,782

Hawaiian Brand Intellectual Property Ltd.

5.75%, 1/20/2026 (a)		1,000,000		1,053,130

United Airlines, Inc.

4.38%, 4/15/2026 (a)		1,470,000		1,524,978

4.63%, 4/15/2029 (a)		1,470,000		1,525,125


				18,596,656


Auto Components — 2.2%

Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)		1,225,000		1,258,687

Allison Transmission, Inc. 5.88%, 6/1/2029 (a)		2,612,000		2,873,200

American Axle & Manufacturing, Inc. 6.50%, 4/1/2027		3,062,000		3,215,100


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Auto Components — continued

Clarios Global LP

6.25%, 5/15/2026 (a)		1,716,000		1,808,235

8.50%, 5/15/2027 (a)		1,226,000		1,308,755

Cooper-Standard Automotive, Inc.

13.00%, 6/1/2024 (a)		629,000		695,045

5.63%, 11/15/2026 (a)		1,779,000		1,496,584

Dana, Inc. 5.38%, 11/15/2027		1,435,000		1,513,925

Goodyear Tire & Rubber Co. (The)

5.00%, 5/31/2026		1,806,000		1,859,620

4.88%, 3/15/2027		1,491,000		1,600,305

5.00%, 7/15/2029 (a)		2,940,000		3,108,639

Icahn Enterprises LP

4.75%, 9/15/2024		601,000		623,140

6.25%, 5/15/2026		3,000,000		3,161,250

5.25%, 5/15/2027		4,049,000		4,205,696

IHO Verwaltungs GmbH (Germany) 6.38% (cash), 5/15/2029 (a) (c)		1,750,000		1,905,242

Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a)		588,000		608,974

Tenneco, Inc.

5.00%, 7/15/2026		1,919,000		1,917,522

7.88%, 1/15/2029 (a)		1,003,000		1,128,375

ZF North America Capital, Inc. (Germany)

4.75%, 4/29/2025 (a)		1,000,000		1,087,500


				35,375,794


Automobiles — 0.3%

Ford Motor Co.

8.50%, 4/21/2023		1,501,000		1,659,543

7.45%, 7/16/2031		1,799,000		2,367,322

PM General Purchaser LLC 9.50%, 10/1/2028 (a)		1,530,000		1,663,722


				5,690,587


Banks — 0.6%

CIT Group, Inc. 6.13%, 3/9/2028		2,769,000		3,396,400

UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035 (a) (d)		5,500,000		6,078,663


				9,475,063


Beverages — 0.1%

Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a)		1,470,000		1,454,903

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Building Products — 1.7%

Builders FirstSource, Inc. 6.75%, 6/1/2027 (a)		2,636,000		2,813,930

Forterra Finance LLC 6.50%, 7/15/2025 (a)		1,240,000		1,328,350

Griffon Corp. 5.75%, 3/1/2028		2,429,000		2,577,631

James Hardie International Finance DAC 5.00%, 1/15/2028 (a)		1,900,000		2,009,250

JELD-WEN, Inc. 4.88%, 12/15/2027 (a)		2,986,000		3,112,905

Masonite International Corp. 5.38%, 2/1/2028 (a)		1,487,000		1,579,967

PGT Innovations, Inc. 6.75%, 8/1/2026 (a)		870,000		912,804

Standard Industries, Inc.

5.00%, 2/15/2027 (a)		577,000		596,474

4.75%, 1/15/2028 (a)		7,559,000		7,848,320

Summit Materials LLC

6.50%, 3/15/2027 (a)		2,150,000		2,257,500

5.25%, 1/15/2029 (a)		1,600,000		1,694,000


				26,731,131


Capital Markets — 1.4%

Deutsche Bank AG (Germany) (SOFR + 5.44%), 5.88%, 7/8/2031 (d)		7,000,000		8,246,296

LPL Holdings, Inc.

4.63%, 11/15/2027 (a)		4,042,000		4,188,522

4.00%, 3/15/2029 (a)		1,470,000		1,501,311

MSCI, Inc.

5.38%, 5/15/2027 (a)		1,484,000		1,583,873

4.00%, 11/15/2029 (a)		3,495,000		3,739,650

3.88%, 2/15/2031 (a)		3,020,000		3,223,850


				22,483,502


Chemicals — 2.4%

Avient Corp. 5.75%, 5/15/2025 (a)		1,173,000		1,238,102

Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)		2,400,000		2,519,904

CF Industries, Inc. 5.38%, 3/15/2044		1,190,000		1,548,630

Chemours Co. (The) 5.75%, 11/15/2028 (a)		3,015,000		3,195,900

Consolidated Energy Finance SA (Switzerland)

6.88%, 6/15/2025 (a)		600,000		619,500

CVR Partners LP

9.25%, 6/15/2023 (a)		310,000		310,387

6.13%, 6/15/2028 (a)		982,000		1,004,095

Element Solutions, Inc. 3.88%, 9/1/2028 (a)		1,964,000		2,003,280


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Chemicals — continued

Hexion, Inc. 7.88%, 7/15/2027 (a)		2,452,000		2,605,250

INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024 (a)		200,000		200,250

INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a)		1,000,000		1,012,500

Ingevity Corp. 3.88%, 11/1/2028 (a)		1,515,000		1,520,681

Methanex Corp. (Canada) 5.25%, 12/15/2029		1,738,000		1,895,863

OCI NV (Netherlands)

5.25%, 11/1/2024 (a)		1,205,000		1,242,656

4.63%, 10/15/2025 (a)		600,000		628,200

Olin Corp.

5.13%, 9/15/2027		868,000		901,635

5.63%, 8/1/2029		1,480,000		1,633,254

Rain CII Carbon LLC 7.25%, 4/1/2025 (a)		2,411,000		2,492,950

SCIH Salt Holdings, Inc. 4.88%, 5/1/2028 (a)		982,000		989,169

Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		938,000		980,210

Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		1,530,000		1,560,600

Tronox, Inc. 6.50%, 5/1/2025 (a)		3,338,000		3,521,590

Valvoline, Inc. 4.25%, 2/15/2030 (a)		1,470,000		1,525,125

Venator Finance SARL

9.50%, 7/1/2025 (a)		800,000		888,000

5.75%, 7/15/2025 (a)		1,000,000		943,750

W.R. Grace & Co.-Conn. 4.88%, 6/15/2027 (a)		868,000		900,550

WR Grace Holdings LLC 5.63%, 8/15/2029 (a)		1,000,000		1,041,250


				38,923,281


Commercial Services & Supplies — 3.1%

ACCO Brands Corp. 4.25%, 3/15/2029 (a)		997,000		1,001,835

ADT Security Corp. (The)

4.13%, 6/15/2023		1,219,000		1,281,474

4.88%, 7/15/2032 (a)		2,087,000		2,118,159

Allied Universal Holdco LLC

6.63%, 7/15/2026 (a)		5,018,000		5,362,987

9.75%, 7/15/2027 (a)		2,128,000		2,327,500

6.00%, 6/1/2029 (a)		2,000,000		1,999,820

Aramark Services, Inc.

6.38%, 5/1/2025 (a)		612,000		647,833

5.00%, 2/1/2028 (a)		612,000		636,368

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	79

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Commercial Services & Supplies — continued

Brink’s Co. (The) 4.63%, 10/15/2027 (a)		1,800,000		1,890,594

CoreCivic, Inc.

4.63%, 5/1/2023		982,000		997,388

8.25%, 4/15/2026		982,000		1,036,599

Covanta Holding Corp. 6.00%, 1/1/2027		612,000		633,420

Garda World Security Corp. (Canada)

4.63%, 2/15/2027 (a)		1,832,000		1,836,580

9.50%, 11/1/2027 (a)		2,107,000		2,294,502

GFL Environmental, Inc. (Canada)

4.25%, 6/1/2025 (a)		1,750,000		1,815,625

5.13%, 12/15/2026 (a)		2,696,000		2,844,280

Madison IAQ LLC 5.88%, 6/30/2029 (a)		2,476,000		2,534,805

Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (a)		1,531,000		1,569,275

Nielsen Finance LLC

5.63%, 10/1/2028 (a)		5,226,000		5,493,833

5.88%, 10/1/2030 (a)		1,967,000		2,112,066

Prime Security Services Borrower LLC

5.25%, 4/15/2024 (a)		1,851,000		1,971,315

5.75%, 4/15/2026 (a)		5,433,000		5,877,623

6.25%, 1/15/2028 (a)		1,485,000		1,538,831

Stericycle, Inc. 3.88%, 1/15/2029 (a)		612,000		622,839


				50,445,551


Communications Equipment — 1.1%

Avaya, Inc. 6.13%, 9/15/2028 (a)		991,000		1,045,505

CommScope Technologies LLC

6.00%, 6/15/2025 (a)		2,438,000		2,479,446

5.00%, 3/15/2027 (a)		4,000,000		3,938,150

CommScope, Inc.

6.00%, 3/1/2026 (a)		3,011,000		3,159,141

8.25%, 3/1/2027 (a)		4,205,000		4,432,911

Nokia OYJ (Finland)

4.38%, 6/12/2027		612,000		678,977

6.63%, 5/15/2039		612,000		853,795

Viasat, Inc. 6.50%, 7/15/2028 (a)		612,000		645,532


				17,233,457


Construction & Engineering — 0.5%

AECOM 5.13%, 3/15/2027		1,480,000		1,653,130

Artera Services LLC 9.03%, 12/4/2025 (a)		1,000,000		1,092,500

Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)		1,226,000		1,251,685

MasTec, Inc. 4.50%, 8/15/2028 (a)		1,470,000		1,547,175


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Construction & Engineering — continued

Pike Corp. 5.50%, 9/1/2028 (a)		1,000,000		1,016,250

Weekley Homes LLC 4.88%, 9/15/2028 (a)		982,000		1,017,598


				7,578,338


Consumer Finance — 4.4%

Ally Financial, Inc. 5.75%, 11/20/2025		1,000,000		1,145,642

Curo Group Holdings Corp. 7.50%, 8/1/2028 (a)		1,982,000		1,976,896

Ford Motor Credit Co. LLC

5.58%, 3/18/2024		7,950,000		8,605,875

5.13%, 6/16/2025		6,225,000		6,831,938

4.13%, 8/17/2027		17,950,000		19,206,500

4.00%, 11/13/2030		2,050,000		2,162,750

Global Aircraft Leasing Co. Ltd. (Cayman Islands) 7.25% (PIK), 9/15/2024 (a) (c)		2,967,282		2,839,730

Navient Corp.

7.25%, 9/25/2023		3,300,000		3,625,471

5.88%, 10/25/2024		3,531,000		3,847,730

OneMain Finance Corp.

6.13%, 3/15/2024		7,202,000		7,742,150

7.13%, 3/15/2026		10,790,000		12,610,813


				70,595,495


Containers & Packaging — 1.7%

Ardagh Metal Packaging Finance USA LLC

3.25%, 9/1/2028 (a)		600,000		604,500

4.00%, 9/1/2029 (a)		1,000,000		1,019,250

Ardagh Packaging Finance plc

5.25%, 4/30/2025 (a)		410,000		428,963

4.13%, 8/15/2026 (a)		1,500,000		1,559,550

5.25%, 8/15/2027 (a)		3,725,000		3,855,375

Ball Corp. 5.25%, 7/1/2025		612,000		691,560

Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a)		1,700,000		1,812,217

Graphic Packaging International LLC 4.75%, 7/15/2027 (a)		1,442,000		1,559,869

LABL, Inc. 6.75%, 7/15/2026 (a)		1,226,000		1,287,300

Mauser Packaging Solutions Holding Co.

5.50%, 4/15/2024 (a)		2,717,000		2,737,378

7.25%, 4/15/2025 (a)		3,644,000		3,602,276

Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)		2,171,000		2,341,597

Reynolds Group Issuer, Inc. 4.00%, 10/15/2027 (a)		2,322,000		2,321,094

Sealed Air Corp. 6.88%, 7/15/2033 (a)		1,500,000		1,962,000

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Containers & Packaging — continued

Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (e)		1,275,000		1,343,442


				27,126,371


Distributors — 0.3%

American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)		1,344,000		1,388,218

Wolverine Escrow LLC

8.50%, 11/15/2024 (a)		1,664,000		1,580,800

9.00%, 11/15/2026 (a)		1,882,000		1,806,720


				4,775,738


Diversified Consumer Services — 0.0% (b)

Service Corp. International 5.13%, 6/1/2029		585,000		637,913


Diversified Financial Services — 0.3%

MPH Acquisition Holdings LLC 5.75%, 11/1/2028 (a)		1,000,000		955,000

Sabre GLBL, Inc. 9.25%, 4/15/2025 (a)		2,452,000		2,825,930

Verscend Escrow Corp. 9.75%, 8/15/2026 (a)		982,000		1,037,237


				4,818,167


Diversified Telecommunication Services — 6.1%

Altice France Holding SA (Luxembourg)

10.50%, 5/15/2027 (a)		2,500,000		2,746,875

6.00%, 2/15/2028 (a)		3,750,000		3,717,187

Altice France SA (France)

7.38%, 5/1/2026 (a)		278,000		288,556

5.50%, 1/15/2028 (a)		9,110,000		9,371,912

5.13%, 1/15/2029 (a)		4,100,000		4,129,930

CCO Holdings LLC

5.75%, 2/15/2026 (a)		2,999,000		3,085,221

5.13%, 5/1/2027 (a)		5,506,000		5,752,724

5.38%, 6/1/2029 (a)		9,663,000		10,556,828

4.75%, 3/1/2030 (a)		14,753,000		15,609,854

Cincinnati Bell, Inc. 7.00%, 7/15/2024 (a)		1,231,000		1,254,081

Embarq Corp. 8.00%, 6/1/2036		2,393,000		2,518,633

Frontier Communications Holdings LLC

5.88%, 10/15/2027 (a)		2,723,000		2,910,833

5.00%, 5/1/2028 (a)		3,060,000		3,197,700

6.75%, 5/1/2029 (a)		982,000		1,050,936

Level 3 Financing, Inc. 4.63%, 9/15/2027 (a)		1,526,000		1,573,688


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — continued

Lumen Technologies, Inc.

Series Y, 7.50%, 4/1/2024		592,000		658,600

4.00%, 2/15/2027 (a)		2,500,000		2,565,625

Sprint Capital Corp.

6.88%, 11/15/2028		6,043,000		7,876,930

8.75%, 3/15/2032		3,060,000		4,686,145

Switch Ltd. 3.75%, 9/15/2028 (a)		1,750,000		1,780,467

Telecom Italia Capital SA (Italy)

6.00%, 9/30/2034		982,000		1,116,730

7.72%, 6/4/2038		3,000,000		3,892,050

Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		1,251,000		1,358,211

Virgin Media Secured Finance plc (United Kingdom)

5.50%, 5/15/2029 (a)		2,120,000		2,271,050

4.50%, 8/15/2030 (a)		2,465,000		2,500,250

Zayo Group Holdings, Inc.

4.00%, 3/1/2027 (a)		1,193,000		1,179,519

6.13%, 3/1/2028 (a)		750,000		763,125


				98,413,660


Electric Utilities — 2.2%

FirstEnergy Corp.

Series B, 4.75%, 3/15/2023 (e)		982,000		1,022,458

Series C, 7.38%, 11/15/2031		1,530,000		2,136,844

Series C, 5.35%, 7/15/2047 (e)		1,530,000		1,914,948

NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (a)		2,206,000		2,376,965

NRG Energy, Inc.

6.63%, 1/15/2027		1,295,000		1,343,200

5.75%, 1/15/2028		1,205,000		1,287,844

5.25%, 6/15/2029 (a)		5,857,000		6,358,945

3.63%, 2/15/2031 (a)		3,030,000		3,083,025

PG&E Corp. 5.25%, 7/1/2030		6,352,000		6,256,720

Vistra Operations Co. LLC

5.50%, 9/1/2026 (a)		918,000		944,209

5.63%, 2/15/2027 (a)		8,164,000		8,501,255


				35,226,413


Electrical Equipment — 0.1%

EnerSys 5.00%, 4/30/2023 (a)		1,168,000		1,214,720


Electronic Equipment, Instruments & Components — 0.4%

Sensata Technologies, Inc.

4.38%, 2/15/2030 (a)		3,959,000		4,246,028

3.75%, 2/15/2031 (a)		3,000,000		3,015,000


				7,261,028

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	81

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Energy Equipment & Services — 0.9%

Archrock Partners LP 6.88%, 4/1/2027 (a)		1,832,000		1,902,990

Nabors Industries Ltd. 7.25%, 1/15/2026 (a)		1,224,000		1,138,320

Nabors Industries, Inc. 5.75%, 2/1/2025		2,965,000		2,501,719

Oceaneering International, Inc. 4.65%, 11/15/2024		1,216,000		1,238,837

Precision Drilling Corp. (Canada) 7.13%, 1/15/2026 (a)		738,000		754,605

TechnipFMC plc (United Kingdom) 6.50%, 2/1/2026 (a)		2,125,000		2,257,415

Transocean Guardian Ltd. 5.88%, 1/15/2024 (a)		1,210,690		1,150,155

Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		1,001,650		991,634

Transocean, Inc. 11.50%, 1/30/2027 (a)		991,000		998,314

USA Compression Partners LP 6.88%, 4/1/2026		868,000		901,895

Weatherford International Ltd. 8.75%, 9/1/2024 (a)		1,216,457		1,265,115


				15,100,999


Entertainment — 1.9%

Cinemark USA, Inc.

8.75%, 5/1/2025 (a)		918,000		994,770

5.25%, 7/15/2028 (a)		1,750,000		1,662,500

Live Nation Entertainment, Inc.

4.88%, 11/1/2024 (a)		2,203,000		2,233,291

6.50%, 5/15/2027 (a)		4,455,000		4,911,638

Netflix, Inc.

5.88%, 2/15/2025		4,844,000		5,558,490

5.88%, 11/15/2028		10,605,000		13,150,200

WMG Acquisition Corp.

3.88%, 7/15/2030 (a)		1,201,000		1,265,578

3.00%, 2/15/2031 (a)		898,000		884,530


				30,660,997


Equity Real Estate Investment Trusts (REITs) — 3.3%

Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)		1,732,000		1,790,455

HAT Holdings I LLC

3.38%, 6/15/2026 (a)		1,500,000		1,528,575

3.75%, 9/15/2030 (a)		1,232,000		1,257,724

Iron Mountain, Inc. 4.88%, 9/15/2027 (a)		2,420,000		2,519,825

iStar, Inc. 4.75%, 10/1/2024		3,304,000		3,506,535


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Equity Real Estate Investment Trusts (REITs) — continued

MGM Growth Properties Operating Partnership LP

5.63%, 5/1/2024		3,665,000		3,994,850

5.75%, 2/1/2027		3,368,000		3,877,037

3.88%, 2/15/2029 (a)		1,964,000		2,081,840

MPT Operating Partnership LP 4.63%, 8/1/2029		5,069,000		5,419,610

Park Intermediate Holdings LLC

7.50%, 6/1/2025 (a)		982,000		1,050,740

5.88%, 10/1/2028 (a)		4,416,000		4,703,040

RHP Hotel Properties LP 4.75%, 10/15/2027		3,800,000		3,958,984

SBA Communications Corp. 3.88%, 2/15/2027		1,470,000		1,527,742

Uniti Group LP

7.88%, 2/15/2025 (a)		2,673,000		2,856,769

6.50%, 2/15/2029 (a)		3,467,000		3,613,238

VICI Properties LP

3.50%, 2/15/2025 (a)		893,000		915,325

4.25%, 12/1/2026 (a)		4,275,000		4,490,535

4.63%, 12/1/2029 (a)		3,641,000		3,959,587


				53,052,411


Food & Staples Retailing — 1.6%

Albertsons Cos., Inc.

4.63%, 1/15/2027 (a)		7,245,000		7,670,644

5.88%, 2/15/2028 (a)		3,325,000		3,566,062

4.88%, 2/15/2030 (a)		2,712,000		2,959,470

Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		4,455,000		4,638,769

Rite Aid Corp.

7.50%, 7/1/2025 (a)		635,000		653,065

8.00%, 11/15/2026 (a)		4,579,000		4,721,636

US Foods, Inc. 6.25%, 4/15/2025 (a)		849,000		894,634


				25,104,280


Food Products — 2.7%

B&G Foods, Inc.

5.25%, 4/1/2025		936,000		960,570

5.25%, 9/15/2027		2,419,000		2,512,132

JBS USA LUX SA

6.75%, 2/15/2028 (a)		3,866,000		4,235,203

6.50%, 4/15/2029 (a)		2,979,000		3,373,717

Kraft Heinz Foods Co.

3.88%, 5/15/2027		3,256,000		3,588,781

5.00%, 7/15/2035		1,000,000		1,239,951

4.38%, 6/1/2046		4,810,000		5,577,016

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Food Products — continued

Lamb Weston Holdings, Inc.

4.88%, 11/1/2026 (a)		577,000		593,518

4.88%, 5/15/2028 (a)		4,186,000		4,655,261

Pilgrim’s Pride Corp. 5.88%, 9/30/2027 (a)		2,336,000		2,493,143

Post Holdings, Inc.

5.75%, 3/1/2027 (a)		3,031,000		3,172,548

5.50%, 12/15/2029 (a)		10,897,000		11,673,411


				44,075,251


Gas Utilities — 0.4%

AmeriGas Partners LP 5.88%, 8/20/2026		2,400,000		2,700,000

Suburban Propane Partners LP 5.00%, 6/1/2031 (a)		1,964,000		2,022,920

Superior Plus LP (Canada) 4.50%, 3/15/2029 (a)		1,435,000		1,486,373


				6,209,293


Health Care Equipment & Supplies — 0.5%

Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		2,679,000		2,832,775

Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a)		628,000		657,830

Hologic, Inc. 3.25%, 2/15/2029 (a)		2,112,000		2,164,166

Teleflex, Inc. 4.25%, 6/1/2028 (a)		1,771,000		1,844,054


				7,498,825


Health Care Providers & Services — 5.5%

Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)		1,234,000		1,301,870

Centene Corp.

4.25%, 12/15/2027		5,104,000		5,391,100

4.63%, 12/15/2029		7,582,000		8,316,620

3.38%, 2/15/2030		3,060,000		3,197,700

Community Health Systems, Inc.

8.00%, 3/15/2026 (a)		2,421,000		2,591,559

5.63%, 3/15/2027 (a)		3,030,000		3,196,650

6.88%, 4/15/2029 (a)		1,000,000		1,038,750

DaVita, Inc.

4.63%, 6/1/2030 (a)		3,894,000		4,069,853

3.75%, 2/15/2031 (a)		1,530,000		1,511,969

Encompass Health Corp.

4.50%, 2/1/2028		1,530,000		1,602,675

4.75%, 2/1/2030		2,699,000		2,877,782

Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		827,000		698,815


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Providers & Services — continued

HCA, Inc.

5.38%, 9/1/2026		3,056,000		3,525,249

5.63%, 9/1/2028		7,533,000		8,983,102

5.88%, 2/1/2029		5,407,000		6,555,988

Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a)		608,000		606,480

MEDNAX, Inc. 6.25%, 1/15/2027 (a)		894,000		942,053

Molina Healthcare, Inc. 4.38%, 6/15/2028 (a)		2,806,000		2,942,792

Radiology Partners, Inc. 9.25%, 2/1/2028 (a)		1,204,000		1,291,290

RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a)		585,000		622,294

Select Medical Corp. 6.25%, 8/15/2026 (a)		916,000		968,670

Tenet Healthcare Corp.

6.75%, 6/15/2023		1,533,000		1,661,389

4.88%, 1/1/2026 (a)		3,982,000		4,130,529

6.25%, 2/1/2027 (a)		3,641,000		3,795,742

5.13%, 11/1/2027 (a)		11,494,000		12,097,435

4.63%, 6/15/2028 (a)		1,530,000		1,583,550

6.13%, 10/1/2028 (a)		1,530,000		1,615,152

6.88%, 11/15/2031		1,507,000		1,710,445


				88,827,503


Health Care Technology — 0.2%

IQVIA, Inc. 5.00%, 5/15/2027 (a)		3,176,000		3,318,698


Hotels, Restaurants & Leisure — 7.8%

1011778 BC ULC (Canada)

3.88%, 1/15/2028 (a)		4,535,000		4,591,688

4.38%, 1/15/2028 (a)		1,500,000		1,522,500

Boyd Gaming Corp. 4.75%, 12/1/2027		4,529,000		4,670,531

Caesars Resort Collection LLC

5.75%, 7/1/2025 (a)		3,357,000		3,527,368

5.25%, 10/15/2025 (a)		3,353,000		3,400,612

Carnival Corp.

11.50%, 4/1/2023 (a)		518,000		581,597

9.88%, 8/1/2027 (a)		7,948,000		9,160,070

Cedar Fair LP

5.50%, 5/1/2025 (a)		3,336,000		3,477,780

5.25%, 7/15/2029		1,379,000		1,412,620

Churchill Downs, Inc. 5.50%, 4/1/2027 (a)		1,174,000		1,219,492

Golden Nugget, Inc. 6.75%, 10/15/2024 (a)		982,000		984,259

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	83

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Hotels, Restaurants & Leisure — continued

Hilton Domestic Operating Co., Inc.

5.75%, 5/1/2028 (a)		1,470,000		1,587,865

4.88%, 1/15/2030		4,845,000		5,208,375

Hilton Grand Vacations Borrower Escrow LLC 5.00%, 6/1/2029 (a)		1,000,000		1,012,500

Hilton Worldwide Finance LLC 4.88%, 4/1/2027		3,488,000		3,618,486

International Game Technology plc

6.50%, 2/15/2025 (a)		3,230,000		3,601,450

5.25%, 1/15/2029 (a)		3,170,000		3,383,975

IRB Holding Corp. 7.00%, 6/15/2025 (a)		2,707,000		2,894,595

Life Time, Inc. 5.75%, 1/15/2026 (a)		982,000		1,006,550

Marriott Ownership Resorts, Inc.

6.13%, 9/15/2025 (a)		629,000		661,236

6.50%, 9/15/2026		214,000		221,298

4.75%, 1/15/2028		1,531,000		1,553,965

Melco Resorts Finance Ltd. (Hong Kong)

5.75%, 7/21/2028 (a)		750,000		781,312

5.38%, 12/4/2029 (a)		750,000		777,143

MGM China Holdings Ltd. (Macau) 5.88%, 5/15/2026 (a)		750,000		785,766

MGM Resorts International

6.00%, 3/15/2023		1,171,000		1,239,796

5.50%, 4/15/2027		3,337,000		3,632,158

Midwest Gaming Borrower LLC 4.88%, 5/1/2029 (a)		1,470,000		1,481,025

NCL Corp. Ltd.

12.25%, 5/15/2024 (a)		918,000		1,083,240

10.25%, 2/1/2026 (a)		982,000		1,134,406

Peninsula Pacific Entertainment LLC 8.50%, 11/15/2027 (a)		738,000		788,737

Premier Entertainment Sub LLC 5.63%, 9/1/2029 (a)		1,000,000		1,025,310

Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (a)		4,480,000		5,157,600

Scientific Games International, Inc.

5.00%, 10/15/2025 (a)		4,507,000		4,635,675

8.25%, 3/15/2026 (a)		1,480,000		1,574,169

7.25%, 11/15/2029 (a)		982,000		1,096,157

Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a)		1,803,000		1,866,105

Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)		2,394,000		2,558,587

Station Casinos LLC 4.50%, 2/15/2028 (a)		1,504,000		1,526,560


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hotels, Restaurants & Leisure — continued

Travel + Leisure Co.

6.63%, 7/31/2026 (a)		982,000		1,118,596

6.00%, 4/1/2027 (e)		889,000		983,456

Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		916,000		975,998

VOC Escrow Ltd. 5.00%, 2/15/2028 (a)		1,506,000		1,489,058

Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a)		982,000		1,016,066

Wynn Las Vegas LLC

4.25%, 5/30/2023 (a)		624,000		640,243

5.50%, 3/1/2025 (a)		4,633,000		4,910,980

5.25%, 5/15/2027 (a)		1,174,000		1,232,700

Wynn Macau Ltd. (Macau)

4.88%, 10/1/2024 (a)		1,000,000		1,005,500

5.63%, 8/26/2028 (a)		4,500,000		4,558,320

5.13%, 12/15/2029 (a)		1,000,000		993,750

Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)		3,358,000		3,492,320

Yum! Brands, Inc.

4.75%, 1/15/2030 (a)		10,206,000		11,264,872

6.88%, 11/15/2037		877,000		1,137,908


				125,262,325


Household Durables — 0.5%

Brookfield Residential Properties, Inc. (Canada) 6.25%, 9/15/2027 (a)		1,594,000		1,682,336

KB Home 4.80%, 11/15/2029		982,000		1,087,565

M/I Homes, Inc. 4.95%, 2/1/2028		594,000		622,215

Meritage Homes Corp. 5.13%, 6/6/2027		868,000		981,450

Newell Brands, Inc. 4.70%, 4/1/2026 (e)		982,000		1,097,385

Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (a)		1,171,000		1,326,157

Toll Brothers Finance Corp. 4.88%, 3/15/2027		868,000		984,095


				7,781,203


Household Products — 0.4%

Central Garden & Pet Co.

5.13%, 2/1/2028		590,000		625,931

4.13%, 10/15/2030		625,000		641,300

Energizer Holdings, Inc. 4.75%, 6/15/2028 (a)		2,838,000		2,916,045

Spectrum Brands, Inc. 5.50%, 7/15/2030 (a)		2,694,000		2,892,682


				7,075,958

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Independent Power and Renewable Electricity Producers — 0.4%

Calpine Corp.

5.25%, 6/1/2026 (a)		636,000		655,875

4.50%, 2/15/2028 (a)		4,831,000		4,975,930

Clearway Energy Operating LLC 4.75%, 3/15/2028 (a)		880,000		931,656


				6,563,461


Insurance — 0.6%

Alliant Holdings Intermediate LLC

4.25%, 10/15/2027 (a)		1,000,000		1,002,500

6.75%, 10/15/2027 (a)		1,982,000		2,061,280

HUB International Ltd. 7.00%, 5/1/2026 (a)		2,144,000		2,218,182

NFP Corp.

4.88%, 8/15/2028 (a)		600,000		610,500

6.88%, 8/15/2028 (a)		4,050,000		4,156,313


				10,048,775


Interactive Media & Services — 0.1%

Rackspace Technology Global, Inc.

3.50%, 2/15/2028 (a)		488,000		468,480

5.38%, 12/1/2028 (a)		488,000		482,988

TripAdvisor, Inc. 7.00%, 7/15/2025 (a)		982,000		1,038,563


				1,990,031


Internet & Direct Marketing Retail — 0.3%

Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (a)		914,000		963,539

Match Group Holdings II LLC 4.63%, 6/1/2028 (a)		612,000		639,050

Millennium Escrow Corp. 6.63%, 8/1/2026 (a)		750,000		770,408

Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		1,504,000		1,631,840

QVC, Inc. 4.75%, 2/15/2027		1,169,000		1,252,361


				5,257,198


IT Services — 0.9%

Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)		982,000		999,185

Arches Buyer, Inc.

4.25%, 6/1/2028 (a)		2,142,000		2,176,808

6.13%, 12/1/2028 (a)		2,142,000		2,210,822

Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)		918,000		929,475

Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (a)		1,226,000		1,263,712

Gartner, Inc. 4.50%, 7/1/2028 (a)		3,922,000		4,152,417


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


IT Services — continued

Presidio Holdings, Inc.

4.88%, 2/1/2027 (a)		2,079,000		2,151,765

8.25%, 2/1/2028 (a)		1,209,000		1,311,523


				15,195,707


Leisure Products — 0.1%

Mattel, Inc. 5.88%, 12/15/2027 (a)		1,009,000		1,101,071


Machinery — 0.5%

Hillenbrand, Inc. 3.75%, 3/1/2031		1,000,000		1,007,500

RBS Global, Inc. 4.88%, 12/15/2025 (a)		879,000		896,580

Terex Corp. 5.00%, 5/15/2029 (a)		1,226,000		1,288,832

Titan Acquisition Ltd. (Canada) 7.75%, 4/15/2026 (a)		1,000,000		1,027,700

TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		3,000,000		3,169,710


				7,390,322


Media — 7.3%

Altice Financing SA (Luxembourg)

5.00%, 1/15/2028 (a)		1,250,000		1,249,000

5.75%, 8/15/2029 (a)		1,000,000		1,026,910

AMC Networks, Inc.

5.00%, 4/1/2024		313,000		316,913

4.75%, 8/1/2025		1,000,000		1,025,000

4.25%, 2/15/2029		1,000,000		992,500

Clear Channel Outdoor Holdings, Inc. 7.50%, 6/1/2029 (a)		5,886,000		6,092,010

Clear Channel Worldwide Holdings, Inc.

5.13%, 8/15/2027 (a)		4,806,000		4,947,056

CSC Holdings LLC

5.50%, 4/15/2027 (a)		3,775,000		3,949,131

7.50%, 4/1/2028 (a)		2,000,000		2,190,000

6.50%, 2/1/2029 (a)		8,500,000		9,381,875

3.38%, 2/15/2031 (a)		3,050,000		2,901,496

DIRECTV Holdings LLC 5.88%, 8/15/2027 (a)		2,250,000		2,351,250

DISH DBS Corp.

5.88%, 11/15/2024		8,747,000		9,403,025

7.75%, 7/1/2026		2,413,000		2,763,971

7.38%, 7/1/2028		1,470,000		1,581,907

5.13%, 6/1/2029 (a)		1,000,000		994,980

Gray Television, Inc.

7.00%, 5/15/2027 (a)		1,122,000		1,203,345

4.75%, 10/15/2030 (a)		1,082,000		1,069,341

iHeartCommunications, Inc.

6.38%, 5/1/2026		4,248,067		4,487,021

8.38%, 5/1/2027		5,254,543		5,581,901

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	85

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Media — continued

Lamar Media Corp. 3.75%, 2/15/2028		1,009,000		1,036,667

LCPR Senior Secured Financing DAC

6.75%, 10/15/2027 (a)		2,905,000		3,104,719

5.13%, 7/15/2029 (a)		1,000,000		1,035,000

Liberty Interactive LLC 8.25%, 2/1/2030		982,000		1,104,750

Mav Acquisition Corp.

5.75%, 8/1/2028 (a)		750,000		747,187

8.00%, 8/1/2029 (a)		500,000		491,250

Meredith Corp.

6.50%, 7/1/2025 (a)		898,000		967,595

6.88%, 2/1/2026		3,124,000		3,237,245

National CineMedia LLC 5.88%, 4/15/2028 (a)		1,189,000		1,037,403

News Corp. 3.88%, 5/15/2029 (a)		1,964,000		2,019,483

Nexstar Media, Inc.

5.63%, 7/15/2027 (a)		4,536,000		4,815,871

4.75%, 11/1/2028 (a)		3,908,000		4,063,460

Outfront Media Capital LLC

6.25%, 6/15/2025 (a)		982,000		1,042,982

5.00%, 8/15/2027 (a)		1,615,000		1,665,049

Radiate Holdco LLC

4.50%, 9/15/2026 (a)		506,000		526,862

6.50%, 9/15/2028 (a)		506,000		516,120

Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)		1,485,000		1,492,811

Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)		3,220,000		3,305,459

Sinclair Television Group, Inc. 5.50%, 3/1/2030 (a)		883,000		865,252

Sirius XM Radio, Inc.

5.00%, 8/1/2027 (a)		2,997,000		3,143,104

5.50%, 7/1/2029 (a)		3,295,000		3,608,025

4.13%, 7/1/2030 (a)		3,592,000		3,677,184

Summer BC Bidco B LLC 5.50%, 10/31/2026 (a)		1,250,000		1,267,187

TEGNA, Inc. 5.00%, 9/15/2029		905,000		958,078

Univision Communications, Inc.

5.13%, 2/15/2025 (a)		918,000		934,065

6.63%, 6/1/2027 (a)		991,000		1,073,055

Ziggo Bond Co. BV (Netherlands) 5.13%, 2/28/2030 (a)		3,000,000		3,080,100

Ziggo BV (Netherlands) 5.50%, 1/15/2027 (a)		2,515,000		2,599,479


				116,924,074


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Metals & Mining — 2.9%

Alcoa Nederland Holding BV 6.13%, 5/15/2028 (a)		2,150,000		2,338,125

Allegheny Technologies, Inc.

7.88%, 8/15/2023 (e)		822,000		885,705

5.88%, 12/1/2027		2,696,000		2,827,430

Arconic Corp. 6.13%, 2/15/2028 (a)		3,132,000		3,347,920

Big River Steel LLC 6.63%, 1/31/2029 (a)		1,241,000		1,349,587

Carpenter Technology Corp. 6.38%, 7/15/2028		1,530,000		1,657,756

Cleveland-Cliffs, Inc.

9.88%, 10/17/2025 (a)		1,708,000		1,981,280

5.88%, 6/1/2027		1,435,000		1,499,575

4.63%, 3/1/2029 (a)		2,021,000		2,127,103

4.88%, 3/1/2031 (a)		1,000,000		1,075,000

Commercial Metals Co. 5.38%, 7/15/2027		868,000		917,511

Constellium SE 5.63%, 6/15/2028 (a)		2,500,000		2,643,750

FMG Resources August 2006 Pty. Ltd. (Australia)

5.13%, 5/15/2024 (a)		868,000		933,621

4.50%, 9/15/2027 (a)		868,000		941,780

Freeport-McMoRan, Inc.

4.55%, 11/14/2024		1,512,000		1,636,740

4.38%, 8/1/2028		3,060,000		3,243,600

4.63%, 8/1/2030		4,455,000		4,911,637

5.40%, 11/14/2034		2,970,000		3,724,217

5.45%, 3/15/2043		3,467,000		4,433,184

Kaiser Aluminum Corp.

4.63%, 3/1/2028 (a)		744,000		771,900

4.50%, 6/1/2031 (a)		744,000		770,970

Novelis Corp. 4.75%, 1/30/2030 (a)		1,500,000		1,597,500

United States Steel Corp. 6.25%, 3/15/2026		1,379,000		1,420,342


				47,036,233


Multiline Retail — 0.2%

NMG Holding Co., Inc. 7.13%, 4/1/2026 (a)		2,940,000		3,112,725


Oil, Gas & Consumable Fuels — 12.1%

Antero Midstream Partners LP

5.75%, 3/1/2027 (a)		3,426,000		3,528,780

5.75%, 1/15/2028 (a)		2,940,000		3,061,275

Antero Resources Corp.

8.38%, 7/15/2026 (a)		3,201,000		3,625,133

7.63%, 2/1/2029 (a)		1,320,000		1,452,000

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Oil, Gas & Consumable Fuels — continued

Apache Corp.

4.38%, 10/15/2028		1,724,000		1,860,179

5.10%, 9/1/2040		5,296,000		5,891,800

Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a)		1,524,000		1,493,520

Blue Racer Midstream LLC 7.63%, 12/15/2025 (a)		991,000		1,071,519

Buckeye Partners LP

4.15%, 7/1/2023		1,470,000		1,517,775

3.95%, 12/1/2026		2,450,000		2,527,273

4.50%, 3/1/2028 (a)		6,353,000		6,585,901

California Resources Corp. 7.13%, 2/1/2026 (a)		1,964,000		2,060,295

Cheniere Energy Partners LP 4.50%, 10/1/2029		11,044,000		11,899,910

Chesapeake Energy Corp. 5.50%, 2/1/2026 (a)		1,964,000		2,052,341

Comstock Resources, Inc. 6.75%, 3/1/2029 (a)		1,505,000		1,579,498

Continental Resources, Inc.

4.50%, 4/15/2023		982,000		1,023,735

5.75%, 1/15/2031 (a)		1,806,000		2,201,062

CQP Holdco LP 5.50%, 6/15/2031 (a)		1,250,000		1,289,063

Crestwood Midstream Partners LP 5.63%, 5/1/2027 (a)		1,481,000		1,495,810

DCP Midstream Operating LP

5.38%, 7/15/2025		1,527,000		1,681,609

5.13%, 5/15/2029		1,824,000		2,024,640

DT Midstream, Inc. 4.13%, 6/15/2029 (a)		5,166,000		5,295,150

Encino Acquisition Partners Holdings LLC

8.50%, 5/1/2028 (a)		982,000		985,574

Endeavor Energy Resources LP 6.63%, 7/15/2025 (a)		710,000		752,920

EnLink Midstream Partners LP

4.15%, 6/1/2025		1,224,000		1,260,695

5.45%, 6/1/2047		1,224,000		1,152,849

EQM Midstream Partners LP

4.75%, 7/15/2023		336,000		351,624

4.00%, 8/1/2024		2,457,000		2,512,283

6.00%, 7/1/2025 (a)		5,312,000		5,736,960

5.50%, 7/15/2028		6,092,000		6,647,773

4.50%, 1/15/2029 (a)		1,515,000		1,537,725

6.50%, 7/15/2048		1,818,000		2,053,067

EQT Corp. 3.90%, 10/1/2027		1,435,000		1,549,197


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Genesis Energy LP

6.50%, 10/1/2025		1,250,000		1,225,000

8.00%, 1/15/2027		2,250,000		2,234,317

Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a)		25,000		25,959

Hess Midstream Operations LP

5.63%, 2/15/2026 (a)		623,000		646,905

5.13%, 6/15/2028 (a)		622,000		651,545

Hilcorp Energy I LP 6.25%, 11/1/2028 (a)		987,000		1,019,956

ITT Holdings LLC 6.50%, 8/1/2029 (a)		991,000		1,010,820

Matador Resources Co. 5.88%, 9/15/2026		612,000		615,611

MEG Energy Corp. (Canada) 7.13%, 2/1/2027 (a)		982,000		1,033,319

Murphy Oil Corp.

5.75%, 8/15/2025		1,509,000		1,542,953

5.88%, 12/1/2027		622,000		646,880

6.37%, 12/1/2042 (e)		669,000		665,655

New Fortress Energy, Inc. 6.75%, 9/15/2025 (a)		1,982,000		2,011,730

NGL Energy Operating LLC 7.50%, 2/1/2026 (a)		3,000,000		3,045,000

NuStar Logistics LP

6.00%, 6/1/2026		1,500,000		1,623,420

5.63%, 4/28/2027		4,382,000		4,660,323

Occidental Petroleum Corp.

5.88%, 9/1/2025		1,435,000		1,614,461

3.40%, 4/15/2026		6,469,000		6,646,897

3.50%, 8/15/2029		2,500,000		2,590,725

6.45%, 9/15/2036		7,734,000		9,667,500

4.20%, 3/15/2048		1,791,000		1,754,070

Ovintiv Exploration, Inc. 5.38%, 1/1/2026		2,934,000		3,317,120

Ovintiv, Inc. 6.50%, 8/15/2034		2,594,000		3,447,703

PBF Holding Co. LLC 9.25%, 5/15/2025 (a)		1,520,000		1,466,800

PDC Energy, Inc. 6.13%, 9/15/2024		970,000		985,763

Range Resources Corp.

5.00%, 8/15/2022		440,000		448,644

9.25%, 2/1/2026		1,532,000		1,675,265

Rockies Express Pipeline LLC

4.95%, 7/15/2029 (a)		612,000		636,706

6.88%, 4/15/2040 (a)		612,000		674,730

SM Energy Co.

5.63%, 6/1/2025		1,633,000		1,638,258

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	87

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Oil, Gas & Consumable Fuels — continued

6.75%, 9/15/2026		2,138,000		2,148,690

6.63%, 1/15/2027		671,000		674,355

Southwestern Energy Co.

7.75%, 10/1/2027		590,000		639,412

8.38%, 9/15/2028		1,236,000		1,384,320

Sunoco LP 6.00%, 4/15/2027		2,734,000		2,856,784

Tallgrass Energy Partners LP

5.50%, 9/15/2024 (a)		2,000,000		2,031,800

5.50%, 1/15/2028 (a)		5,308,000		5,361,080

Targa Resources Partners LP

5.88%, 4/15/2026		2,809,000		2,938,916

6.88%, 1/15/2029		8,199,000		9,217,316

5.50%, 3/1/2030		4,260,000		4,696,650

TerraForm Power Operating LLC 4.75%, 1/15/2030 (a)		1,517,000		1,596,536

Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029 (a)		1,500,000		1,545,915

Vine Energy Holdings LLC 6.75%, 4/15/2029 (a)		1,470,000		1,587,600

Western Midstream Operating LP

4.35%, 2/1/2025 (e)		893,000		938,382

4.75%, 8/15/2028		4,000,000		4,401,200

5.30%, 2/1/2030 (e)		1,000,000		1,120,610

5.45%, 4/1/2044		2,500,000		2,843,125


				194,965,661


Personal Products — 0.3%

Coty, Inc. 5.00%, 4/15/2026 (a)		1,500,000		1,548,000

Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		2,708,000		2,867,095

Prestige Brands, Inc. 5.13%, 1/15/2028 (a)		632,000		662,020


				5,077,115


Pharmaceuticals — 2.9%

Bausch Health Americas, Inc. 8.50%, 1/31/2027 (a)		6,696,000		7,201,213

Bausch Health Cos., Inc.

6.13%, 4/15/2025 (a)		5,975,000		6,109,438

5.00%, 1/30/2028 (a)		7,812,000		7,450,695

7.25%, 5/30/2029 (a)		8,601,000		8,859,030

Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (a)		1,516,000		1,588,010

Endo Dac 9.50%, 7/31/2027 (a)		1,240,000		1,218,300

Jazz Securities DAC 4.38%, 1/15/2029 (a)		1,500,000		1,554,375


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — continued

Organon & Co.

4.13%, 4/30/2028 (a)		4,000,000		4,126,800

5.13%, 4/30/2031 (a)		4,000,000		4,195,840

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		4,816,000		4,876,200


				47,179,901


Professional Services — 0.2%

Dun & Bradstreet Corp. (The)

6.88%, 8/15/2026 (a)		878,000		925,193

10.25%, 2/15/2027 (a)		1,667,000		1,808,695

Science Applications International Corp.

4.88%, 4/1/2028 (a)		893,000		932,640


				3,666,528


Real Estate Management & Development — 0.2%

Kennedy-Wilson, Inc.

4.75%, 3/1/2029		2,000,000		2,068,610

5.00%, 3/1/2031		510,000		530,548


				2,599,158


Road & Rail — 0.5%

Avis Budget Car Rental LLC

5.25%, 3/15/2025 (a)		999,000		1,016,482

5.75%, 7/15/2027 (a)		2,552,000		2,663,650

First Student Bidco, Inc. 4.00%, 7/31/2029 (a)		750,000		744,270

NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a)		1,732,000		1,796,604

Uber Technologies, Inc. 6.25%, 1/15/2028 (a)		1,250,000		1,340,625

XPO Logistics, Inc. 6.25%, 5/1/2025 (a)		1,000,000		1,056,250


				8,617,881


Semiconductors & Semiconductor Equipment — 0.3%

ams AG (Austria) 7.00%, 7/31/2025 (a)		1,000,000		1,072,500

Entegris, Inc. 4.38%, 4/15/2028 (a)		908,000		960,383

Microchip Technology, Inc. 4.25%, 9/1/2025		1,176,000		1,239,905

ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		1,230,000		1,292,373


				4,565,161


Software — 1.0%

Ascend Learning LLC 6.88%, 8/1/2025 (a)		928,000		944,240

BY Crown Parent LLC 4.25%, 1/31/2026 (a)		886,000		932,515

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Software — continued

CDK Global, Inc. 5.25%, 5/15/2029 (a)		920,000		1,000,242

Clarivate Science Holdings Corp.

3.88%, 7/1/2028 (a)		1,750,000		1,781,010

4.88%, 7/1/2029 (a)		1,750,000		1,805,073

Fair Isaac Corp.

5.25%, 5/15/2026 (a)		884,000		1,008,900

4.00%, 6/15/2028 (a)		597,000		617,895

LogMeIn, Inc. 5.50%, 9/1/2027 (a)		738,000		765,675

Open Text Corp. (Canada) 3.88%, 2/15/2028 (a)		868,000		905,975

Open Text Holdings, Inc. (Canada) 4.13%, 2/15/2030 (a)		868,000		913,874

PTC, Inc. 4.00%, 2/15/2028 (a)		1,224,000		1,265,310

SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		4,000,000		4,235,800


				16,176,509


Specialty Retail — 2.2%

Asbury Automotive Group, Inc. 4.50%, 3/1/2028		1,500,000		1,559,640

Bath & Body Works, Inc.

7.50%, 6/15/2029		3,028,000		3,516,265

6.88%, 11/1/2035		5,987,000		7,685,662

Gap, Inc. (The) 8.63%, 5/15/2025 (a)		2,427,000		2,647,978

Lithia Motors, Inc.

4.63%, 12/15/2027 (a)		1,470,000		1,558,200

3.88%, 6/1/2029 (a)		1,000,000		1,048,550

LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026 (a)		588,000		613,108

Michaels Cos., Inc. (The) 5.25%, 5/1/2028 (a)		982,000		1,007,777

PetSmart, Inc.

4.75%, 2/15/2028 (a)		3,500,000		3,644,375

7.75%, 2/15/2029 (a)		3,000,000		3,296,250

SRS Distribution, Inc.

4.63%, 7/1/2028 (a)		1,226,000		1,263,393

6.13%, 7/1/2029 (a)		488,000		506,300

Staples, Inc.

7.50%, 4/15/2026 (a)		3,366,000		3,408,075

10.75%, 4/15/2027 (a)		1,811,000		1,765,725

White Cap Buyer LLC 6.88%, 10/15/2028 (a)		1,435,000		1,526,481


				35,047,779


Technology Hardware, Storage & Peripherals — 1.2%

Dell, Inc. 6.50%, 4/15/2038		1,799,000		2,374,194

Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (a)		2,000,000		2,197,500


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Technology Hardware, Storage & Peripherals — continued

NCR Corp.

5.75%, 9/1/2027 (a)		4,273,000		4,518,697

6.13%, 9/1/2029 (a)		5,408,000		5,894,720

Seagate HDD Cayman 4.88%, 6/1/2027		2,398,000		2,682,763

Xerox Corp. 6.75%, 12/15/2039		612,000		683,298

Xerox Holdings Corp.

5.00%, 8/15/2025 (a)		612,000		645,469

5.50%, 8/15/2028 (a)		612,000		639,356


				19,635,997


Textiles, Apparel & Luxury Goods — 0.2%

Hanesbrands, Inc.

4.63%, 5/15/2024 (a)		597,000		633,566

4.88%, 5/15/2026 (a)		567,000		618,739

William Carter Co. (The) 5.63%, 3/15/2027 (a)		1,184,000		1,237,280


				2,489,585


Thrifts & Mortgage Finance — 1.9%

Ladder Capital Finance Holdings LLLP REIT, 4.25%, 2/1/2027 (a)		5,130,000		5,155,650

Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028 (a)		8,737,000		9,075,559

Quicken Loans LLC 3.88%, 3/1/2031 (a)		3,434,000		3,512,853

Radian Group, Inc. 4.88%, 3/15/2027		3,633,000		4,002,476

Rocket Mortgage LLC 5.25%, 1/15/2028 (a)		7,863,000		8,295,465


				30,042,003


Trading Companies & Distributors — 2.2%

Beacon Roofing Supply, Inc. 4.50%, 11/15/2026 (a)		1,470,000		1,532,475

H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a)		3,190,000		3,203,398

Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		3,286,000		3,464,101

Imola Merger Corp. 4.75%, 5/15/2029 (a)		3,678,000		3,806,730

United Rentals North America, Inc.

4.88%, 1/15/2028		6,868,000		7,280,080

5.25%, 1/15/2030		4,904,000		5,376,010

WESCO Distribution, Inc.

7.13%, 6/15/2025 (a)		3,928,000		4,225,311

7.25%, 6/15/2028 (a)		6,000,000		6,673,140


				35,561,245

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	89

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Wireless Telecommunication Services — 0.8%

Connect Finco SARL (United Kingdom) 6.75%, 10/1/2026 (a)		1,612,000		1,672,450

Hughes Satellite Systems Corp. 6.63%, 8/1/2026		2,859,000		3,248,539

Ligado Networks LLC 15.50% (PIK), 11/1/2023 (a) (c) (f)		991,836		899,637

Sprint Corp. 7.13%, 6/15/2024		1,032,000		1,186,800

T-Mobile USA, Inc. 3.50%, 4/15/2031		2,000,000		2,129,500

Vodafone Group plc (United Kingdom) (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (d)		3,080,000		3,803,925


				12,940,851


Total Corporate Bonds (Cost $1,558,768,136)				1,576,809,111


	SHARES

Short-Term Investments — 1.9%

Investment Companies — 1.9%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (g) (h) (Cost $30,698,273)		30,698,273		30,698,273


Total Investments — 99.8% (Cost $1,589,466,409)				1,607,507,384

Other Assets Less Liabilities — 0.2%				3,444,939


NET ASSETS — 100.0%				1,610,952,323

Percentages indicated are based on net assets.

Abbreviations


OYJ		Public Limited Company
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital
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)		Amount rounds to less than 0.1% of net assets.
(c)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2021.
(e)		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 August 31, 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 August 31, 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 August 31, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 58.0%

Australia — 0.3%

APT Pipelines Ltd. 2.00%, 7/15/2030 (a)	EUR	150,000		194,452

Glencore Finance Europe Ltd. 6.00%, 4/3/2022 (a) (b)	GBP	100,000		141,759

Glencore Funding LLC 2.50%, 9/1/2030 (c)		462,000		461,025

Westpac Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (d)		75,000		82,814


				880,050


Austria — 0.3%

ams AG 6.00%, 7/31/2025 (a)	EUR	700,000		887,142


Belgium — 1.0%

Anheuser-Busch Cos. LLC

4.70%, 2/1/2036		170,000		209,575

4.90%, 2/1/2046		85,000		108,455

Anheuser-Busch InBev SA/NV 3.70%, 4/2/2040 (a)	EUR	200,000		322,275

Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/6/2048		114,000		137,684

KBC Group NV

(EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024 (a) (d) (e) (f)	EUR	400,000		506,138

(EUR Swap Annual 5 Year + 1.25%), 1.63%, 9/18/2029 (a) (d)	EUR	300,000		369,032

Sarens Finance Co. NV 5.75%, 2/21/2027 (a)	EUR	200,000		236,150

Solvay Finance SACA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (a) (d) (e) (f)	EUR	100,000		129,704

Solvay SA (EUR Swap Annual 5 Year + 3.92%), 4.25%, 12/4/2023 (a) (d) (e) (f)	EUR	700,000		885,415

Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (a)	EUR	200,000		244,710


				3,149,138


Brazil — 0.4%

Gerdau Trade, Inc. 4.88%, 10/24/2027 (a)		200,000		227,250

Guara Norte SARL 5.20%, 6/15/2034 (c)		319,244		327,034


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Brazil — continued

Klabin Austria GmbH 7.00%, 4/3/2049 (a)		200,000		252,538

Suzano Austria GmbH

3.75%, 1/15/2031		48,000		50,364

7.00%, 3/16/2047 (a)		200,000		269,662

Vale Overseas Ltd. 3.75%, 7/8/2030		142,000		150,944


				1,277,792


Canada — 0.3%

Emera US Finance LP

2.64%, 6/15/2031 (c)		272,000		276,895

4.75%, 6/15/2046		160,000		190,297

Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (d)		236,000		280,034

Enbridge, Inc. 3.13%, 11/15/2029		150,000		160,855

Transcanada Trust Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (d)		57,000		63,911


				971,992


Chile — 0.1%

Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050 (c)		200,000		242,225

Kenbourne Invest SA 6.88%, 11/26/2024 (c)		200,000		211,510


				453,735


China — 0.5%

Alibaba Group Holding Ltd. 3.40%, 12/6/2027		200,000		217,200

Huarong Finance 2017 Co. Ltd. 4.25%, 11/7/2027 (a)		200,000		193,000

Huarong Finance 2019 Co. Ltd. (ICE LIBOR USD 3 Month + 1.13%), 1.25%, 2/24/2023 (a) (d)		200,000		187,500

2.13%, 9/30/2023 (a)		200,000		190,000

NXP BV 3.25%, 5/11/2041 (c)		300,000		315,994

Tencent Holdings Ltd. 3.98%, 4/11/2029 (a)		200,000		221,850

Yuzhou Group Holdings Co. Ltd. 8.38%, 10/30/2024 (a)		200,000		175,225


				1,500,769


Colombia — 0.2%

AI Candelaria Spain SLU 5.75%, 6/15/2033 (c)		250,000		253,638

Ecopetrol SA 5.88%, 5/28/2045		400,000		427,690


				681,328

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	91

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Denmark — 0.3%

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		203,097

DKT Finance ApS 7.00%, 6/17/2023 (a)	EUR	300,000		360,654

Nykredit Realkredit A/S Series CCE, 1.00%, 10/1/2050 (a)	DKK	605,552		93,246

TDC A/S 5.00%, 3/2/2022 (b)	EUR	200,000		241,426


				898,423


Finland — 0.2%

Nokia OYJ 2.00%, 3/15/2024 (a)	EUR	425,000		523,053

Nordea Bank Abp (EUR Swap Annual 5 Year + 1.30%), 1.00%, 6/27/2029 (a) (d)	EUR	100,000		120,788


				643,841


France — 8.6%

Accor SA 3.62%, 9/17/2023 (a) (b)	EUR	500,000		629,729

Airbus SE 1.63%, 6/9/2030 (a)	EUR	700,000		907,738

Altice France SA 3.38%, 1/15/2028 (a)	EUR	1,100,000		1,259,860

AXA SA (EURIBOR 3 Month + 3.75%), 3.38%, 7/6/2047 (a) (d)	EUR	600,000		814,419

Banijay Entertainment SASU 3.50%, 3/1/2025 (a)	EUR	375,000		448,073

Banijay Group SAS 6.50%, 3/1/2026 (a)	EUR	200,000		245,018

BPCE SA 5.15%, 7/21/2024 (c)		600,000		667,035

(EURIBOR 3 Month + 1.00%), 0.50%, 9/15/2027 (a) (d)	EUR	400,000		476,418

(EUR Swap Annual 5 Year + 2.37%), 2.75%, 11/30/2027 (a) (d)	EUR	400,000		488,457

Burger King France SAS 6.00%, 5/1/2024 (a)	EUR	100,000		120,314

Casino Guichard Perrachon SA

4.56%, 1/25/2023 (a) (b)	EUR	700,000		851,142

4.50%, 3/7/2024 (a) (b)	EUR	200,000		239,433

CGG SA

7.75%, 4/1/2027 (c)	EUR	184,000		212,895

7.75%, 4/1/2027 (a)	EUR	150,000		173,555

Chrome Bidco SASU

3.50%, 5/31/2028 (c)	EUR	239,000		287,843


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


France — continued

3.50%, 5/31/2028 (a)	EUR	100,000		120,437

CMA CGM SA 5.25%, 1/15/2025 (a)	EUR	150,000		180,212

Credit Agricole SA

3.25%, 10/4/2024 (c)		376,000		402,191

(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (c) (d) (e) (f)		875,000		1,064,219

2.00%, 3/25/2029 (a)	EUR	200,000		258,293

(EUR Swap Annual 5 Year + 1.90%), 1.62%, 6/5/2030 (a) (d)	EUR	500,000		615,174

Credit Mutuel Arkea SA (EURIBOR ICE Swap Rate 5 Year + 1.45%), 1.88%, 10/25/2029 (a) (d)	EUR	300,000		370,345

Electricite de France SA (EUR Swap Annual 6 Year + 3.44%), 4.00%, 7/4/2024 (a) (d) (e) (f)	EUR	300,000		379,021

(EUR Swap Annual 5 Year + 4.00%), 3.37%, 6/15/2030 (a) (d) (e) (f)	EUR	600,000		750,071

Elis SA 1.63%, 4/3/2028 (a)	EUR	500,000		595,305

Faurecia SE

3.13%, 6/15/2026 (a)	EUR	700,000		850,312

2.38%, 6/15/2027 (a)	EUR	600,000		720,589

3.75%, 6/15/2028 (a)	EUR	100,000		124,132

La Financiere Atalian SASU

4.00%, 5/15/2024 (a)	EUR	250,000		290,444

5.13%, 5/15/2025 (a)	EUR	100,000		117,012

Loxam SAS 2.88%, 4/15/2026 (a)	EUR	300,000		354,239

Orange SA

(EUR Swap Annual 5 Year + 2.36%), 2.38%, 1/15/2025 (a) (d) (e) (f)	EUR	200,000		249,256

(EUR Swap Annual 5 Year + 3.99%), 5.00%, 10/1/2026 (a) (d) (e) (f)	EUR	400,000		566,760

(EURIBOR ICE Swap Rate 5 Year + 2.18%), 1.75%, 12/19/2026 (a) (d) (e) (f)	EUR	200,000		245,649

Orano SA 3.13%, 3/20/2023 (a)	EUR	800,000		980,763

Paprec Holding SA 3.50%, 7/1/2028 (c)	EUR	223,000		265,161

Parts Europe SA 6.50%, 7/16/2025 (a)	EUR	300,000		371,936

Quatrim SASU 5.88%, 1/15/2024 (a)	EUR	500,000		613,252

Renault SA

2.00%, 9/28/2026 (a)	EUR	800,000		950,268

1.13%, 10/4/2027 (a)	EUR	100,000		112,015

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

France — continued

Rexel SA 2.75%, 6/15/2026 (a)	EUR	600,000		724,390

Societe Generale SA (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (c) (d) (e) (f)		200,000		236,270

(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		1,434,313

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.65%, 7/8/2035 (c) (d)		200,000		209,201

SPIE SA

3.13%, 3/22/2024 (a)	EUR	200,000		247,839

2.63%, 6/18/2026 (a)	EUR	500,000		618,300

Tereos Finance Groupe I SA 4.13%, 6/16/2023 (a)	EUR	200,000		239,928

TotalEnergies Capital International SA 3.13%, 5/29/2050		50,000		51,755

TotalEnergies SE (EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022 (a) (d) (e) (f)	EUR	100,000		121,049

(EUR Swap Annual 5 Year + 1.77%), 1.75%, 4/4/2024 (a) (d) (e) (f)	EUR	850,000		1,032,492

Valeo 3.25%, 1/22/2024 (a)	EUR	800,000		1,015,694

Vallourec SA 8.50%, 6/30/2026 (a)	EUR	300,000		368,282


				25,668,498


Germany — 6.5%

Adler Pelzer Holding GmbH 4.13%, 4/1/2024 (a)	EUR	300,000		343,421

ADLER Real Estate AG

1.88%, 4/27/2023 (a)	EUR	100,000		117,132

2.13%, 2/6/2024 (a)	EUR	350,000		409,780

Bertelsmann SE & Co. KGaA (EUR Swap Annual 5 Year + 2.64%), 3.00%, 4/23/2075 (a) (d)	EUR	200,000		244,826

BK LC Lux Finco1 SARL 5.25%, 4/30/2029 (a)	EUR	350,000		428,140

CeramTec BondCo GmbH 5.25%, 12/15/2025 (a)	EUR	100,000		120,593

Cheplapharm Arzneimittel GmbH 4.38%, 1/15/2028 (a)	EUR	550,000		675,902

Commerzbank AG (EUR Swap Annual 5 Year + 6.74%), 6.50%, 10/9/2029 (a) (d) (e) (f)	EUR	200,000		280,838


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Germany — continued

(EUR Swap Annual 5 Year + 4.35%), 4.00%, 12/5/2030 (a) (d)	EUR	500,000		653,052

CT Investment GmbH

5.50%, 4/15/2026 (a)	EUR	150,000		182,036

5.50%, 4/15/2026 (c)	EUR	106,000		128,639

Deutsche Bank AG

4.25%, 10/14/2021		100,000		100,445

(SOFR + 2.16%), 2.22%, 9/18/2024 (d)		1,075,000		1,103,132

Douglas GmbH 6.00%, 4/8/2026 (c)	EUR	550,000		656,342

Hapag-Lloyd AG 2.50%, 4/15/2028 (a)	EUR	350,000		430,309

IHO Verwaltungs GmbH

3.75% (cash), 9/15/2026 (a) (g)	EUR	125,000		150,515

3.88% (cash), 5/15/2027 (a) (g) (h)	EUR	500,000		608,914

Kirk Beauty SUN GmbH 8.25% (cash), 10/1/2026 (c) (g) (h)	EUR	250,000		291,661

Nidda BondCo GmbH 5.00%, 9/30/2025 (a)	EUR	675,000		798,999

Nidda Healthcare Holding GmbH 3.50%, 9/30/2024 (a)	EUR	225,000		266,255

ProGroup AG 3.00%, 3/31/2026 (a)	EUR	200,000		239,669

Renk AG

5.75%, 7/15/2025 (a)	EUR	200,000		247,131

5.75%, 7/15/2025 (c)	EUR	100,000		123,565

Schaeffler AG

2.88%, 3/26/2027 (a)	EUR	450,000		582,369

3.38%, 10/12/2028 (a)	EUR	400,000		537,924

Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a)	EUR	250,000		304,014

Techem Verwaltungsgesellschaft 675 mbH 2.00%, 7/15/2025 (a)	EUR	700,000		825,698

thyssenkrupp AG

1.38%, 3/3/2022 (a)	EUR	650,000		768,715

1.88%, 3/6/2023 (a)	EUR	150,000		178,873

2.50%, 2/25/2025 (a)	EUR	100,000		121,364

TK Elevator Midco GmbH 4.38%, 7/15/2027 (a)	EUR	500,000		619,785

Traton Finance Luxembourg SA 0.75%, 3/24/2029 (a)	EUR	200,000		241,010

TUI Cruises GmbH 6.50%, 5/15/2026 (a)	EUR	250,000		301,585

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	93

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Germany — continued

Vantage Towers AG 0.38%, 3/31/2027 (a)	EUR	300,000		357,052

Vertical Holdco GmbH 6.63%, 7/15/2028 (a)	EUR	300,000		378,929

Volkswagen International Finance NV

(EUR Swap Annual 10 Year + 3.35%), 5.12%, 9/4/2023 (a) (d) (e) (f)	EUR	53,000		68,301

(EUR Swap Annual 5 Year + 3.75%), 3.50%, 6/17/2025 (a) (d) (e) (f)	EUR	200,000		254,681

(EUR Swap Annual 12 Year + 2.97%), 4.62%, 3/24/2026 (a) (d) (e) (f)	EUR	600,000		804,976

(EUR Swap Annual 10 Year + 3.98%), 4.62%, 6/27/2028 (a) (d) (e) (f)	EUR	400,000		552,482

3.25%, 11/18/2030 (a)	EUR	600,000		872,279

Vonovia Finance BV 2.25%, 4/7/2030 (a)	EUR	500,000		672,683

WEPA Hygieneprodukte GmbH 2.88%, 12/15/2027 (a)	EUR	250,000		289,963

ZF Europe Finance BV

2.00%, 2/23/2026 (a)	EUR	700,000		845,122

2.50%, 10/23/2027 (a)	EUR	300,000		367,724

ZF Finance GmbH 3.75%, 9/21/2028 (a)	EUR	600,000		784,963


				19,331,788


Greece — 0.3%

Alpha Bank SA 2.50%, 2/5/2023 (a)	EUR	780,000		949,790


India — 0.1%

Greenko Dutch BV 3.85%, 3/29/2026 (c)		200,000		203,912

NTPC Ltd. 3.75%, 4/3/2024 (a)		200,000		210,913


				414,825


Indonesia — 0.4%

Indonesia Asahan Aluminium Persero PT 5.45%, 5/15/2030 (c)		200,000		232,975

Pertamina Persero PT 3.65%, 7/30/2029 (c)		400,000		433,200

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

4.13%, 5/15/2027 (a)		200,000		219,376

4.38%, 2/5/2050 (a)		320,000		333,360


				1,218,911


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ireland — 1.0%

AerCap Ireland Capital DAC 4.63%, 7/1/2022		330,000		341,189

AIB Group plc

(EUR Swap Annual 5 Year + 2.15%), 1.88%, 11/19/2029 (a) (d)	EUR	750,000		910,447

Avolon Holdings Funding Ltd.

3.95%, 7/1/2024 (c)		126,000		134,407

2.13%, 2/21/2026 (c)		440,000		439,045

4.25%, 4/15/2026 (c)		140,000		151,799

4.38%, 5/1/2026 (c)		60,000		65,198

eircom Finance DAC 3.50%, 5/15/2026 (a)	EUR	800,000		967,523


				3,009,608


Israel — 0.3%

Energean Israel Finance Ltd.

4.88%, 3/30/2026 (a)		156,000		159,775

5.38%, 3/30/2028 (a)		164,000		166,952

Leviathan Bond Ltd.

6.13%, 6/30/2025 (a)		200,000		217,350

6.50%, 6/30/2027 (a)		200,000		220,288


				764,365


Italy — 4.9%

Assicurazioni Generali SpA

2.43%, 7/14/2031 (a)	EUR	200,000		257,762

(EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (a) (d)	EUR	200,000		292,826

Atlantia SpA

1.63%, 2/3/2025 (a)	EUR	300,000		364,427

1.88%, 7/13/2027 (a)	EUR	200,000		246,481

1.88%, 2/12/2028 (a)	EUR	400,000		491,806

Autostrade per l’Italia SpA

1.63%, 6/12/2023	EUR	200,000		240,665

1.75%, 2/1/2027 (a)	EUR	1,450,000		1,775,503

2.00%, 12/4/2028 (a)	EUR	400,000		498,088

Brunello Bidco SpA 3.50%, 2/15/2028 (a)	EUR	300,000		353,428

Enel Finance International NV 3.50%, 4/6/2028 (c)		200,000		220,469

Enel SpA Series 63.5, (EUR Swap Annual 5 Year + 2.58%), 3.37%, 8/24/2026 (a) (d) (e) (f)	EUR	800,000		1,052,436

Eni SpA 4.25%, 5/9/2029 (c)		250,000		287,608

Gamma Bidco SpA

5.13%, 7/15/2025 (a)	EUR	250,000		302,387

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Italy — continued

5.13%, 7/15/2025 (c)	EUR	132,000		159,661

Guala Closures SpA 3.25%, 6/15/2028 (c)	EUR	284,000		335,752

Infrastrutture Wireless Italiane SpA 1.88%, 7/8/2026 (a)	EUR	300,000		369,336

Intesa Sanpaolo SpA

3.93%, 9/15/2026 (a)	EUR	150,000		200,049

4.95%, 6/1/2042 (c)		200,000		207,229

Kedrion SpA

3.38%, 5/15/2026 (a)	EUR	250,000		293,361

3.38%, 5/15/2026 (c)	EUR	225,000		264,024

Leonardo SpA 4.88%, 3/24/2025	EUR	800,000		1,078,410

Nexi SpA 1.63%, 4/30/2026 (a)	EUR	250,000		297,697

Pro-Gest SpA 3.25%, 12/15/2024 (a)	EUR	100,000		114,592

Rossini SARL 6.75%, 10/30/2025 (a)	EUR	200,000		245,915

Saipem Finance International BV 2.63%, 1/7/2025 (a)	EUR	250,000		302,936

Telecom Italia SpA

3.63%, 1/19/2024 (a)	EUR	100,000		126,300

2.88%, 1/28/2026 (a)	EUR	100,000		125,159

3.63%, 5/25/2026 (a)	EUR	825,000		1,080,023

2.38%, 10/12/2027 (a)	EUR	1,450,000		1,782,489

UniCredit SpA

(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (a) (d) (e) (f)	EUR	400,000		562,587

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (c) (d)		200,000		200,174

(EURIBOR ICE Swap Rate 5 Year + 4.74%), 4.87%, 2/20/2029 (a) (d)	EUR	200,000		256,476

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (c) (d)		200,000		203,846


				14,589,902


Japan — 0.5%

Sumitomo Mitsui Financial Group, Inc. 1.47%, 7/8/2025		460,000		466,658

Takeda Pharmaceutical Co. Ltd.

1.00%, 7/9/2029	EUR	600,000		740,244

3.03%, 7/9/2040		270,000		278,939


				1,485,841


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kazakhstan — 0.2%

KazMunayGas National Co. JSC 5.75%, 4/19/2047 (a)		380,000		474,050


Kuwait — 0.1%

MEGlobal Canada ULC 5.00%, 5/18/2025 (c)		200,000		222,950


Luxembourg — 2.8%

Altice Finco SA 4.75%, 1/15/2028 (a)	EUR	500,000		574,050

Altice France Holding SA

8.00%, 5/15/2027 (a)	EUR	350,000		441,286

8.00%, 5/15/2027 (c)	EUR	123,000		155,080

4.00%, 2/15/2028 (a)	EUR	500,000		563,808

ArcelorMittal SA 1.75%, 11/19/2025 (a)	EUR	625,000		780,892

ARD Finance SA

5.00% (cash), 6/30/2027 (a) (g) (h)	EUR	100,000		121,603

5.00% (cash), 6/30/2027 (c) (g)	EUR	100,000		121,603

Herens Midco SARL

5.25%, 5/15/2029 (c)	EUR	303,000		343,904

5.25%, 5/15/2029 (a)	EUR	200,000		226,999

INEOS Finance plc

3.38%, 3/31/2026 (a)	EUR	400,000		487,574

3.38%, 3/31/2026 (c)	EUR	147,000		179,184

Matterhorn Telecom SA

3.13%, 9/15/2026 (a)	EUR	375,000		444,995

3.13%, 9/15/2026 (c)	EUR	100,000		118,665

Monitchem HoldCo 3 SA 5.25%, 3/15/2025 (a)	EUR	300,000		363,081

PLT VII Finance SARL 4.63%, 1/5/2026 (a)	EUR	550,000		673,532

SELP Finance SARL REIT, 0.88%, 5/27/2029 (a)	EUR	200,000		239,384

SES SA

(EUR Swap Annual 5 Year + 5.40%), 5.63%, 1/29/2024 (a) (d) (e) (f)	EUR	400,000		516,923

(EUR Swap Annual 5 Year + 3.19%), 2.87%, 5/27/2026 (a) (d) (e) (f)	EUR	500,000		599,756

0.88%, 11/4/2027 (a)	EUR	450,000		547,888

Summer BC Holdco A SARL 9.25%, 10/31/2027 (a)	EUR	180,211		230,913

Summer BC Holdco B SARL 5.75%, 10/31/2026 (a)	EUR	500,000		618,418


				8,349,538

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	95

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Malaysia — 0.1%

Petronas Capital Ltd. 3.40%, 4/28/2061 (c)		436,000		456,178


Mexico — 1.0%

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		206,162

BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (c) (d)		200,000		207,560

Bimbo Bakeries USA, Inc. 4.00%, 5/17/2051 (c)		400,000		442,700

Cemex SAB de CV

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.13%, 6/8/2026 (c) (d) (e) (f)		488,000		509,472

3.88%, 7/11/2031 (c)		377,000		387,839

Fomento Economico Mexicano SAB de CV 3.50%, 1/16/2050		150,000		159,263

Petroleos Mexicanos

6.75%, 9/21/2047		825,000		724,762

6.95%, 1/28/2060		510,000		446,097


				3,083,855


Morocco — 0.1%

OCP SA 6.88%, 4/25/2044 (a)		200,000		243,350


Netherlands — 2.9%

ABN AMRO Bank NV

4.75%, 7/28/2025 (c)		200,000		223,660

(EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025 (a) (d) (e) (f)	EUR	800,000		1,023,710

4.80%, 4/18/2026 (c)		200,000		226,908

Cooperatieve Rabobank UA

(EUR Swap Annual 5 Year + 3.70%), 3.25%, 12/29/2026 (a) (d) (e) (f)	EUR	200,000		245,891

(EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (a) (d) (e) (f)	EUR	600,000		794,350

ING Groep NV

(EUR Swap Annual 5 Year + 2.85%), 3.00%, 4/11/2028 (d)	EUR	400,000		494,215

(EUR Swap Annual 5 Year + 1.20%), 1.00%, 11/13/2030 (a) (d)	EUR	300,000		359,859


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Netherlands — continued

Nobel Bidco BV 3.13%, 6/15/2028 (c)	EUR	136,000		159,780

OCI NV

3.13%, 11/1/2024 (a)	EUR	200,000		240,311

3.63%, 10/15/2025 (c)	EUR	118,000		144,992

Q-Park Holding I BV 2.00%, 3/1/2027 (a)	EUR	400,000		447,485

Sigma Holdco BV 5.75%, 5/15/2026 (a)	EUR	625,000		711,182

Sunshine Mid BV 6.50%, 5/15/2026 (a)	EUR	600,000		733,175

Titan Holdings II BV 5.13%, 7/15/2029 (c)	EUR	168,000		201,837

Trivium Packaging Finance BV 3.75%, 8/15/2026 (a) (b)	EUR	400,000		481,651

United Group BV 4.88%, 7/1/2024 (a)	EUR	200,000		238,474

UPC Holding BV 3.88%, 6/15/2029 (a)	EUR	400,000		484,372

Ziggo Bond Co. BV 3.38%, 2/28/2030 (a)	EUR	1,100,000		1,292,331

Ziggo BV 4.25%, 1/15/2027 (a)	EUR	160,000		194,599


				8,698,782


Peru — 0.1%

Southern Copper Corp. 5.88%, 4/23/2045		140,000		194,670


Portugal — 0.8%

EDP — Energias de Portugal SA (EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (a) (d)	EUR	1,200,000		1,437,082

EDP Finance BV

3.63%, 7/15/2024 (c)		675,000		723,492

1.50%, 11/22/2027 (a)	EUR	200,000		255,510


				2,416,084


Qatar — 0.1%

ABQ Finance Ltd. 3.50%, 2/22/2022 (a)		200,000		202,508


Spain — 5.3%

Abertis Infraestructuras Finance BV (EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025 (a) (d) (e) (f)	EUR	600,000		730,575

Banco Bilbao Vizcaya Argentaria SA

(EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024 (a) (d) (e) (f)	EUR	400,000		517,310

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Spain — continued

(EUR Swap Annual 5 Year + 6.46%), 6.00%, 1/15/2026 (a) (d) (e) (f)	EUR	400,000		541,759

Banco de Sabadell SA (EUR Swap Annual 1 Year + 0.97%), 0.63%, 11/7/2025 (a) (d)	EUR	300,000		358,525

Banco Santander SA 2.13%, 2/8/2028 (a)	EUR	200,000		257,611

CaixaBank SA (EUR Swap Annual 5 Year + 6.22%), 6.37%, 9/19/2023 (a) (d) (e) (f)	EUR	400,000		514,091

(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024 (a) (d) (e) (f)	EUR	200,000		266,765

(EUR Swap Annual 5 Year + 3.62%), 3.75%, 2/15/2029 (a) (d)	EUR	800,000		1,017,533

Cellnex Telecom SA

2.88%, 4/18/2025 (a)	EUR	1,100,000		1,403,412

1.00%, 4/20/2027 (a)	EUR	100,000		117,392

1.88%, 6/26/2029	EUR	100,000		120,894

Cirsa Finance International SARL 4.75%, 5/22/2025 (a)	EUR	550,000		646,425

ContourGlobal Power Holdings SA

4.13%, 8/1/2025 (a)	EUR	400,000		482,218

3.13%, 1/1/2028 (c)	EUR	100,000		120,647

eDreams ODIGEO SA 5.50%, 9/1/2023 (a)	EUR	300,000		350,515

Grifols SA

1.63%, 2/15/2025 (c)	EUR	100,000		119,118

2.25%, 11/15/2027 (c)	EUR	100,000		120,295

2.25%, 11/15/2027 (a)	EUR	800,000		962,358

Grupo Antolin-Irausa SA

3.50%, 4/30/2028 (c)	EUR	225,000		261,763

3.50%, 4/30/2028 (a)	EUR	200,000		232,679

Iberdrola International BV

(EUR Swap Annual 5 Year + 2.06%), 2.63%, 3/26/2024 (a) (d) (e) (f)	EUR	800,000		995,665

(EUR Swap Annual 5 Year + 2.97%), 3.25%, 11/12/2024 (a) (d) (e) (f)	EUR	100,000		128,214

Lorca Telecom Bondco SA

4.00%, 9/18/2027 (a)	EUR	600,000		724,206

4.00%, 9/18/2027 (c)	EUR	116,000		140,013

Naturgy Finance BV (EUR Swap Annual 9 Year + 3.08%), 3.38%, 4/24/2024 (a) (d) (e) (f)	EUR	200,000		250,704


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Spain — continued

Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075 (a) (d)	EUR	1,000,000		1,289,532

Telefonica Emisiones SA 5.21%, 3/8/2047		150,000		188,163

Telefonica Europe BV

(EUR Swap Annual 5 Year + 2.33%), 2.63%, 3/7/2023 (a) (d) (e) (f)	EUR	200,000		240,899

Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023 (a) (d) (e) (f)	EUR	1,300,000		1,586,780

(EUR Swap Annual 8 Year + 2.97%), 3.87%, 6/22/2026 (a) (d) (e) (f)	EUR	800,000		1,024,513


				15,710,574


Sweden — 1.1%

Dometic Group AB 3.00%, 5/8/2026 (a)	EUR	450,000		565,959

Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (a) (d) (e) (f)		200,000		214,298

Verisure Holding AB

3.88%, 7/15/2026 (a)	EUR	275,000		334,346

3.25%, 2/15/2027 (a)	EUR	950,000		1,127,815

Verisure Midholding AB 5.25%, 2/15/2029 (c)	EUR	219,000		266,060

Volvo Car AB

2.00%, 1/24/2025 (a)	EUR	600,000		743,408

2.50%, 10/7/2027 (a)	EUR	100,000		129,304


				3,381,190


Switzerland — 2.1%

Argentum Netherlands for Zurich Insurance Co. Ltd. (EURIBOR 3 Month + 3.95%), 3.50%, 10/1/2046 (a) (d)	EUR	700,000		947,265

Credit Suisse Group AG

(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (c) (d) (e) (f)		450,000		495,590

(EURIBOR ICE Swap Rate 1 Year + 3.50%), 3.25%, 4/2/2026 (a) (d)	EUR	200,000		260,601

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027 (c) (d) (e) (f)		620,000		649,760

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	97

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Switzerland — continued

4.28%, 1/9/2028 (c)		550,000		614,920

(SOFR + 3.73%), 4.19%, 4/1/2031 (c) (d)		540,000		611,747

(SOFR + 1.73%), 3.09%, 5/14/2032 (c) (d)		295,000		307,708

Dufry One BV 2.50%, 10/15/2024 (a)	EUR	300,000		349,974

Kongsberg Actuation Systems BV 5.00%, 7/15/2025 (a)	EUR	300,000		358,701

Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049 (c) (d)		200,000		229,700

UBS Group AG

(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (a) (d) (e) (f)	EUR	200,000		241,464

(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (d) (e) (f)		200,000		229,500

(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (a) (d) (e) (f)		200,000		228,750

(EUR Swap Annual 1 Year + 0.77%), 0.25%, 11/5/2028 (a) (d)	EUR	300,000		352,642

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (c) (d)		280,000		276,540


				6,154,862


Taiwan — 0.1%

Competition Team Technologies Ltd. 3.75%, 3/12/2024 (a)		200,000		213,600


United Kingdom — 8.3%

Barclays plc

(U.K. Government Bonds 5 Year Note Generic Bid Yield + 6.02%), 6.37%, 12/15/2025 (a) (d) (e) (f)	GBP	200,000		306,935

BAT Capital Corp. 4.39%, 8/15/2037		309,000		335,963

Boparan Finance plc 7.63%, 11/30/2025 (a)	GBP	104,000		126,550

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		217,260


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United Kingdom — continued

(EUR Swap Annual 5 Year + 3.88%), 3.25%, 3/22/2026 (a) (d) (e) (f)	EUR	600,000		759,820

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (d) (e) (f)		94,000		103,619

British Telecommunications plc (EURIBOR ICE Swap Rate 5 Year + 2.13%), 1.87%, 8/18/2080 (a) (d)	EUR	100,000		115,678

Centrica plc 4.38%, 3/13/2029 (a)	GBP	200,000		327,730

CK Hutchison Group Telecom Finance SA 1.13%, 10/17/2028 (a)	EUR	850,000		1,048,653

Constellation Automotive Financing plc 4.88%, 7/15/2027 (c)	GBP	169,000		231,745

EC Finance plc 2.38%, 11/15/2022 (a)	EUR	300,000		354,490

eG Global Finance plc 4.38%, 2/7/2025 (a)	EUR	700,000		816,003

Eversholt Funding plc 2.74%, 6/30/2040 (a)	GBP	779,488		1,134,101

FCE Bank plc 1.13%, 2/10/2022 (a)	EUR	300,000		355,465

Heathrow Funding Ltd.

6.75%, 12/3/2026 (a)	GBP	300,000		517,747

1.50%, 2/11/2030 (a)	EUR	300,000		368,840

1.88%, 3/14/2034 (a)	EUR	250,000		312,993

5.88%, 5/13/2041 (a)	GBP	100,000		203,087

HSBC Holdings plc

(SOFR + 1.54%), 1.64%, 4/18/2026 (d)		490,000		496,128

5.75%, 12/20/2027 (a)	GBP	200,000		335,025

(SOFR + 1.73%), 2.01%, 9/22/2028 (d)		520,000		524,919

(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (d)		250,000		280,241

Iceland Bondco plc 4.63%, 3/15/2025 (a)	GBP	400,000		535,690

INEOS Quattro Finance 2 plc 2.50%, 1/15/2026 (c)	EUR	200,000		239,102

INEOS Styrolution Group GmbH 2.25%, 1/16/2027 (a)	EUR	300,000		349,911

International Consolidated Airlines Group SA 1.50%, 7/4/2027 (a)	EUR	300,000		318,200

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

United Kingdom — continued

Jaguar Land Rover Automotive plc

2.20%, 1/15/2024 (a)	EUR	400,000		470,143

4.50%, 1/15/2026 (a)	EUR	475,000		584,283

Lloyds Banking Group plc (EURIBOR ICE Swap Rate 5 Year + 5.29%), 4.95%, 6/27/2025 (a) (d) (e) (f)	EUR	200,000		260,946

4.58%, 12/10/2025		200,000		225,292

Motion Finco SARL 7.00%, 5/15/2025 (a)	EUR	150,000		186,641

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		1,154,874

Natwest Group plc

(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (d)		235,000		239,979

(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (d)		780,000		845,449

(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.99%), 5.13%, 5/12/2027 (d) (e) (f)	GBP	684,000		1,019,156

NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (a) (d)	EUR	900,000		1,090,511

Pinnacle Bidco plc 5.50%, 2/15/2025 (a)	EUR	500,000		606,764

Punch Finance plc

6.13%, 6/30/2026 (c)	GBP	138,000		193,521

6.13%, 6/30/2026 (a)	GBP	100,000		140,232

Rolls-Royce plc 0.88%, 5/9/2024 (a)	EUR	400,000		467,072

RSA Insurance Group Ltd. (U.K. Government Bonds 5 Year Note Generic Bid Yield + 3.85%), 5.12%, 10/10/2045 (a) (d)	GBP	600,000		938,720

Santander UK Group Holdings plc (SOFR + 0.99%), 1.67%, 6/14/2027 (d)		400,000		401,329

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		219,610


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United Kingdom — continued

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (c) (d)		680,000		794,794

Synthomer plc 3.88%, 7/1/2025 (a)	EUR	300,000		368,727

Virgin Media Finance plc 3.75%, 7/15/2030 (a)	EUR	625,000		741,732

Vodafone Group plc

5.25%, 5/30/2048		180,000		239,777

4.88%, 6/19/2049		121,000		155,459

(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (a) (d)	EUR	700,000		938,519

(EUR Swap Annual 5 Year + 2.67%), 3.10%, 1/3/2079 (a) (d)	EUR	300,000		368,470

(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (d)		429,000		529,832

Series NC10, (EUR Swap Annual 5 Year + 3.23%), 3.00%, 8/27/2080 (a) (d)	EUR	625,000		760,613

Wheel Bidco Ltd. 6.75%, 7/15/2026 (c)	GBP	100,000		139,375


				24,797,715


United States — 6.7%

Adient Global Holdings Ltd. 3.50%, 8/15/2024 (a)	EUR	300,000		361,667

AES Corp. (The)

3.30%, 7/15/2025 (c)		31,000		33,122

3.95%, 7/15/2030 (c)		42,000		46,826

2.45%, 1/15/2031		21,000		21,190

Albertsons Cos., Inc. 5.75%, 3/15/2025		4,000		4,085

Alexander Funding Trust 1.84%, 11/15/2023 (c)		70,000		71,338

American Express Co.

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (d) (e) (f)		181,000		184,167

Ardagh Metal Packaging Finance USA LLC

2.00%, 9/1/2028 (c)	EUR	175,000		208,698

3.00%, 9/1/2029 (a)	EUR	150,000		177,527

3.00%, 9/1/2029 (c)	EUR	129,000		152,673

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	99

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

United States — continued

Ardagh Packaging Finance plc

2.13%, 8/15/2026 (a)	EUR	200,000		236,493

2.13%, 8/15/2026 (c)	EUR	100,000		118,246

Bank of America Corp.

Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (d)		560,000		580,493

(SOFR + 1.32%), 2.69%, 4/22/2032 (d)		290,000		301,386

(SOFR + 1.22%), 2.30%, 7/21/2032 (d)		470,000		472,793

Capital One Financial Corp.

Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (d) (e) (f)		442,000		458,022

CCO Holdings LLC 5.13%, 5/1/2027 (c)		140,000		146,273

CenterPoint Energy, Inc. 2.95%, 3/1/2030		280,000		298,311

Charles Schwab Corp. (The)

Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (d) (e) (f)		312,000		328,380

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		332,800

Citigroup, Inc.

Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (d) (e) (f)		29,000		31,097

Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (d) (e) (f)		155,000		170,112

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		166,000

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (d) (e) (f)		550,000		565,813

Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (d) (e) (f)		200,000		232,500

(SOFR + 1.17%), 2.56%, 5/1/2032 (d)		320,000		329,134


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Constellium SE 4.25%, 2/15/2026 (a)	EUR	100,000		119,792

Diebold Nixdorf Dutch Holding BV 9.00%, 7/15/2025 (a)	EUR	250,000		322,805

Discovery Communications LLC 3.63%, 5/15/2030		350,000		383,424

Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (c)		140,000		142,096

Fidelity National Information Services, Inc. 2.00%, 5/21/2030	EUR	200,000		264,500

Fiserv, Inc. 1.63%, 7/1/2030	EUR	100,000		128,549

Ford Motor Credit Co. LLC

3.25%, 9/15/2025	EUR	150,000		190,877

3.63%, 6/17/2031		870,000		896,100

Freeport-McMoRan, Inc.

5.40%, 11/14/2034		288,000		361,136

5.45%, 3/15/2043		100,000		127,868

GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		245,000		297,384

General Electric Co.

1.50%, 5/17/2029	EUR	100,000		126,378

4.13%, 9/19/2035 (a)	EUR	100,000		162,835

General Motors Co. 6.13%, 10/1/2025		21,000		24,767

General Motors Financial Co., Inc.

3.95%, 4/13/2024		40,000		42,895

2.75%, 6/20/2025		39,000		40,963

Gilead Sciences, Inc.

1.65%, 10/1/2030		110,000		107,305

2.60%, 10/1/2040		160,000		155,984

2.80%, 10/1/2050		85,000		82,574

Goldman Sachs Group, Inc. (The)

Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (d) (e) (f)		115,000		117,357

(SOFR + 1.28%), 2.62%, 4/22/2032 (d)		290,000		299,316

(SOFR + 1.25%), 2.38%, 7/21/2032 (d)		190,000		192,085

Gray Oak Pipeline LLC 2.60%, 10/15/2025 (c)		50,000		51,464

HCA, Inc.

5.25%, 6/15/2049		120,000		156,617

3.50%, 7/15/2051		150,000		153,177

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

United States — continued

Hyundai Capital America

3.50%, 11/2/2026 (c)		555,000		600,778

3.50%, 11/2/2026 (a)		150,000		162,373

International Game Technology plc

3.50%, 6/15/2026 (a)	EUR	400,000		484,107

2.38%, 4/15/2028 (a)	EUR	250,000		289,461

IQVIA, Inc. 2.25%, 1/15/2028 (a)	EUR	150,000		179,061

Kroger Co. (The) 3.88%, 10/15/2046		82,000		92,033

Lennar Corp. 4.75%, 11/29/2027		225,000		261,835

Lkq Italia Bondco Di Lkq Italia Bondco Gp SRL E C SAPA

3.88%, 4/1/2024 (a)	EUR	200,000		255,259

Morgan Stanley

(SOFR + 0.88%), 1.59%, 5/4/2027 (d)		690,000		696,488

(SOFR + 1.18%), 2.24%, 7/21/2032 (d)		220,000		220,581

Netflix, Inc.

3.63%, 5/15/2027	EUR	100,000		136,653

3.88%, 11/15/2029 (a)	EUR	450,000		642,919

5.38%, 11/15/2029 (c)		357,000		439,049

Novelis Sheet Ingot GmbH

3.38%, 4/15/2029 (a)	EUR	150,000		183,790

3.38%, 4/15/2029 (c)	EUR	100,000		122,526

Oracle Corp.

2.88%, 3/25/2031		60,000		63,195

3.95%, 3/25/2051		280,000		309,231

Pacific Gas and Electric Co. 3.30%, 3/15/2027		366,000		376,999

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c)		9,000		9,113

Silgan Holdings, Inc. 3.25%, 3/15/2025	EUR	300,000		357,324

Swiss Re Finance UK plc (EUR Swap Annual 1 Year + 3.75%), 2.71%, 6/4/2052 (a) (d)	EUR	100,000		131,386

TI Automotive Finance plc

3.75%, 4/15/2029 (a)	EUR	300,000		363,329

3.75%, 4/15/2029 (c)	EUR	105,000		127,165

T-Mobile USA, Inc. 3.00%, 2/15/2041		210,000		208,592

Transocean, Inc. 11.50%, 1/30/2027 (c)		25,000		25,185

UGI International LLC 3.25%, 11/1/2025 (a)	EUR	250,000		300,944


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Upjohn Finance BV 1.91%, 6/23/2032 (a)	EUR	150,000		188,631

Verizon Communications, Inc.

2.55%, 3/21/2031		330,000		340,871

2.65%, 11/20/2040		60,000		58,214

3.40%, 3/22/2041		255,000		273,204

2.88%, 11/20/2050		75,000		72,253

3.55%, 3/22/2051		145,000		157,543

VMware, Inc. 2.20%, 8/15/2031		290,000		288,060

Wells Fargo & Co. Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (d) (e) (f)		340,000		353,474

WMG Acquisition Corp. 2.25%, 8/15/2031 (c)	EUR	162,000		192,082


				19,941,102


Total Corporate Bonds (Cost $170,755,538)				173,318,746

Foreign Government Securities — 29.5%

Angola — 0.1%

Republic of Angola

8.00%, 11/26/2029 (a)		210,000		220,671


Australia — 2.5%

Commonwealth of Australia

5.50%, 4/21/2023 (a)	AUD	6,868,000		5,474,611

3.00%, 3/21/2047 (a)	AUD	2,140,000		1,884,543


				7,359,154


Bahrain — 0.3%

Kingdom of Bahrain

5.45%, 9/16/2032 (c)		289,000		283,220

6.00%, 9/19/2044 (a)		335,000		313,078

7.50%, 9/20/2047 (a)		260,000		274,674


				870,972


Canada — 4.9%

Canada Government Bond

1.50%, 6/1/2023	CAD	2,731,000		2,207,464

0.50%, 9/1/2025	CAD	6,758,000		5,299,056

0.50%, 12/1/2030	CAD	9,655,000		7,169,334


				14,675,854


China — 2.4%

People’s Republic of China 3.02%, 5/27/2031	CNY	46,000,000		7,217,146

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	101

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Colombia — 0.2%

Republic of Colombia 3.13%, 4/15/2031		210,000		204,986

Titulos de Tesoreria 7.00%, 6/30/2032	COP	1,694,600,000		439,252


				644,238


Czech Republic — 0.3%

Czech Republic 2.00%, 10/13/2033	CZK	18,250,000		861,956


Dominican Republic — 0.5%

Dominican Republic Government Bond

6.88%, 1/29/2026 (c)		280,000		325,902

4.88%, 9/23/2032 (c)		240,000		251,520

5.30%, 1/21/2041 (c)		165,000		168,382

6.40%, 6/5/2049 (a)		184,000		201,170

5.88%, 1/30/2060 (c)		414,000		421,970


				1,368,944


Egypt — 0.5%

Arab Republic of Egypt

5.75%, 5/29/2024 (c)		200,000		212,537

7.60%, 3/1/2029 (c)		280,000		306,390

5.88%, 2/16/2031 (c)		386,000		379,245

7.05%, 1/15/2032 (c)		230,000		237,734

8.70%, 3/1/2049 (a)		300,000		315,713


				1,451,619


El Salvador — 0.1%

Republic of El Salvador

5.88%, 1/30/2025 (a)		195,000		172,087

6.38%, 1/18/2027 (a)		195,000		168,675


				340,762


Ethiopia — 0.1%

Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)		400,000		354,825


Ghana — 0.2%

Republic of Ghana

7.63%, 5/16/2029 (a)		320,000		319,760

8.63%, 6/16/2049 (a)		220,000		210,279


				530,039


Hungary — 0.1%

Hungary Government Bond 7.63%, 3/29/2041		150,000		254,981


Indonesia — 1.1%

Republic of Indonesia

7.00%, 9/15/2030	IDR	4,152,000,000		309,308


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indonesia — continued

6.50%, 2/15/2031	IDR	13,887,000,000		1,003,369

8.38%, 3/15/2034	IDR	720,000,000		58,054

7.50%, 4/15/2040	IDR	24,102,000,000		1,806,488


				3,177,219


Israel — 0.2%

State of Israel Government Bond 3.38%, 1/15/2050		570,000		619,982


Italy — 5.9%

Buoni Poliennali del Tesoro

0.00%, 4/1/2026 (a)	EUR	2,120,000		2,503,451

0.95%, 9/15/2027 (a)	EUR	3,940,000		4,862,432

0.25%, 3/15/2028 (a)	EUR	3,770,000		4,443,371

0.95%, 12/1/2031 (a)	EUR	288,000		346,665

Italian Republic Government Bond

0.88%, 5/6/2024		962,000		960,984

2.38%, 10/17/2024		3,295,000		3,428,401

2.88%, 10/17/2029		1,135,000		1,196,583


				17,741,887


Ivory Coast — 0.3%

Republic of Cote d’Ivoire

6.38%, 3/3/2028 (a)		270,000		300,594

6.88%, 10/17/2040 (c)	EUR	460,000		606,897


				907,491


Jamaica — 0.1%

Jamaica Government Bond 7.88%, 7/28/2045		200,000		282,475


Jordan — 0.3%

Hashemite Kingdom of Jordan

6.13%, 1/29/2026 (a)		200,000		218,225

5.85%, 7/7/2030 (c)		440,000		463,100

7.38%, 10/10/2047 (a)		210,000		225,264


				906,589


Kazakhstan — 0.1%

Republic of Kazakhstan 1.50%, 9/30/2034 (c)	EUR	370,000		445,970


Kenya — 0.2%

Republic of Kenya

6.88%, 6/24/2024 (a)		400,000		439,575

6.30%, 1/23/2034 (c)		293,000		302,156


				741,731


Lebanon — 0.0% (i)

Lebanese Republic

6.65%, 4/22/2024 (a) (j)		227,000		28,375

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Lebanon — continued

6.65%, 11/3/2028 (a) (j)		226,000		28,250


				56,625


Malaysia — 0.3%

Malaysia Government Bond 3.83%, 7/5/2034	MYR	3,920,000		943,057


Mexico — 1.1%

Mex Bonos Desarr Fix Rt Series M 20, 8.50%, 5/31/2029	MXN	17,000,000		926,857

7.75%, 5/29/2031	MXN	23,780,000		1,248,409

United Mexican States

3.77%, 5/24/2061		392,000		373,576

3.75%, 4/19/2071		853,000		795,049


				3,343,891


Morocco — 0.1%

Kingdom of Morocco

1.50%, 11/27/2031 (c)	EUR	180,000		199,823

3.00%, 12/15/2032 (c)		200,000		193,500


				393,323


New Zealand — 1.1%

New Zealand Government Bond

4.50%, 4/15/2027 (a)	NZD	952,000		781,735

2.75%, 4/15/2037 (a)	NZD	3,201,000		2,407,791


				3,189,526


Nigeria — 0.4%

Federal Republic of Nigeria

7.63%, 11/21/2025 (a)		300,000		335,400

7.88%, 2/16/2032 (a)		320,000		343,660

7.63%, 11/28/2047 (a)		400,000		401,700


				1,080,760


Pakistan — 0.2%

Islamic Republic of Pakistan

6.00%, 4/8/2026 (c)		353,000		354,804

7.38%, 4/8/2031 (c)		216,000		218,724


				573,528


Paraguay — 0.2%

Republic of Paraguay 5.00%, 4/15/2026 (a)		420,000		475,991


Philippines — 0.1%

Republic of Philippines 2.95%, 5/5/2045		330,000		331,815


Portugal — 1.6%

Portuguese Republic 5.13%, 10/15/2024 (a)		4,260,000		4,830,925


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Qatar — 0.2%

State of Qatar

5.10%, 4/23/2048 (a)		245,000		329,341

4.40%, 4/16/2050 (c)		200,000		248,000


				577,341


Romania — 0.2%

Romania Government Bond

2.63%, 12/2/2040 (c)	EUR	148,000		172,348

4.63%, 4/3/2049 (c)	EUR	276,000		410,679


				583,027


Senegal — 0.3%

Republic of Senegal

6.25%, 5/23/2033 (a)		660,000		710,449

6.75%, 3/13/2048 (a)		260,000		270,124


				980,573


Serbia — 0.3%

Republic of Serbia

1.50%, 6/26/2029 (c)	EUR	410,000		493,136

1.65%, 3/3/2033 (c)	EUR	316,000		369,852


				862,988


South Africa — 1.5%

Republic of South Africa

4.30%, 10/12/2028		240,000		247,770

Series R213, 7.00%, 2/28/2031	ZAR	21,130,000		1,261,745

8.88%, 2/28/2035	ZAR	33,080,000		2,091,754

6.25%, 3/8/2041		100,000		109,956

5.75%, 9/30/2049		710,000		714,349


				4,425,574


Ukraine — 0.4%

Ukraine Government Bond

7.75%, 9/1/2026 (a)		560,000		622,580

7.38%, 9/25/2032 (a)		430,000		459,509


				1,082,089


United Arab Emirates — 0.1%

United Arab Emirates Government Bond 4.00%, 7/28/2050 (c)		400,000		363,500


United Kingdom — 0.9%

United Kingdom of Great Britain and Northern Ireland 3.75%, 9/7/2021 (a)	GBP	1,938,092		2,666,105

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	103

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Uruguay — 0.1%

Oriental Republic of Uruguay 5.10%, 6/18/2050		250,000		332,937


Total Foreign Government Securities (Cost $88,019,381)				88,068,080

Commercial Mortgage-Backed Securities — 2.1%

United States — 2.1%

BAMLL Re-REMIC Trust Series 2014-FRR4, Class BK29, PO, 4/27/2023 (c)		400,000		383,945

Banc of America Commercial Mortgage Trust Series 2007-5, Class AJ, 6.02%, 2/10/2051 (h)		329,563		338,364

BANK

Series 2019-BN16, Class C, 4.79%, 2/15/2052 ‡ (h)		23,000		25,859

Series 2018-BN10, Class C, 4.16%, 2/15/2061 ‡ (h)		70,000		75,528

Series 2018-BN13, Class C, 4.71%, 8/15/2061 ‡ (h)		118,000		132,018

Series 2019-BN20, Class C, 3.77%, 9/15/2062 ‡ (h)		176,000		185,441

Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 ‡ (h)		315,000		335,332

CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.54%, 11/15/2050 (h)		28,000		30,775

CD Mortgage Trust Series 2016-CD2, Class C, 4.13%, 11/10/2049 ‡ (h)		21,000		21,794

Citigroup Commercial Mortgage Trust

Series 2014-GC23, Class C, 4.58%, 7/10/2047 (h)		21,000		22,387

Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (c)		205,000		195,842

CSAIL Commercial Mortgage Trust Series 2021-C20, Class C, 3.85%, 3/15/2054 ‡ (h)		119,000		128,262

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K033, Class X1, IO, 0.40%, 7/25/2023 (h)		3,780,965		18,672

Series K739, Class X1, IO, 1.39%, 9/25/2027 (h)		2,198,206		143,457

Series K153, Class X3, IO, 3.90%, 4/25/2035 (h)		340,000		106,219

Series K036, Class X3, IO, 2.18%, 12/25/2041 (h)		2,640,000		116,545

Series K720, Class X3, IO, 1.38%, 8/25/2042 (h)		6,800,000		77,813


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Series K041, Class X3, IO, 1.70%, 11/25/2042 (h)		3,470,000		163,600

Series K718, Class X3, IO, 1.48%, 2/25/2043 (h)		10,025,000		55,636

Series K054, Class X3, IO, 1.65%, 4/25/2043 (h)		1,365,000		87,973

Series K050, Class X3, IO, 1.61%, 10/25/2043 (h)		1,010,000		57,368

Series K051, Class X3, IO, 1.67%, 10/25/2043 (h)		1,395,000		83,853

Series K052, Class X3, IO, 1.67%, 1/25/2044 (h)		750,000		47,200

Series K726, Class X3, IO, 2.21%, 7/25/2044 (h)		2,890,000		154,922

Series K067, Class X3, IO, 2.19%, 9/25/2044 (h)		1,385,000		156,031

Series K072, Class X3, IO, 2.21%, 12/25/2045 (h)		400,000		47,883

Series K089, Class X3, IO, 2.37%, 1/25/2046 (h)		850,000		127,749

Series K078, Class X3, IO, 2.29%, 6/25/2046 (h)		1,820,000		243,105

Series K088, Class X3, IO, 2.42%, 2/25/2047 (h)		980,000		152,490

FREMF Series 2018-KF46, Class B, 2.04%, 3/25/2028 (c) (h)		418,474		407,492

FREMF Mortgage Trust

Series 2017-KF31, Class B, 2.99%, 4/25/2024 (c) (h)		38,243		37,875

Series 2017-KF36, Class B, 2.74%, 8/25/2024 (c) (h)		39,502		39,502

Series 2017-KF38, Class B, 2.59%, 9/25/2024 (c) (h)		34,898		34,898

Series 2018-KF47, Class B, 2.09%, 5/25/2025 (c) (h)		12,723		12,495

Series 2018-KF49, Class B, 1.99%, 6/25/2025 (c) (h)		220,388		216,666

Series 2017-K728, Class B, 3.76%, 11/25/2050 (c) (h)		190,000		203,117

Series 2017-K728, Class C, 3.76%, 11/25/2050 (c) (h)		105,000		110,830

GNMA Series 2017-23, IO, 0.62%, 5/16/2059 (h)		362,229		16,692

GS Mortgage Securities Trust

Series 2012-GCJ9, Class D, 4.90%, 11/10/2045‡(c) (h)		320,000		323,346

Series 2015-GC30, Class C, 4.21%, 5/10/2050 (h)		36,000		38,240

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

United States — continued

JPMBB Commercial Mortgage Securities Trust

Series 2015-C30, Class C, 4.41%, 7/15/2048 ‡ (h)		62,000		65,194

Series 2015-C31, Class C, 4.77%, 8/15/2048 ‡ (h)		23,000		24,538

JPMDB Commercial Mortgage Securities Trust Series 2017-C7, Class C, 4.30%, 10/15/2050 (h)		39,000		42,515

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2016-JP4, Class C, 3.55%, 12/15/2049 ‡ (h)		28,000		28,217

LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.10%, 7/15/2044 (h)		18,289		18,060

LB-UBS Commercial Mortgage Trust

Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (h)		227,626		121,780

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2014-C14, Class C, 5.22%, 2/15/2047 ‡ (h)		21,000		22,448

Series 2015-C24, Class C, 4.49%, 5/15/2048 ‡ (h)		36,000		38,030

Morgan Stanley Capital I Trust

Series 2005-HQ7, Class E, 5.50%, 11/14/2042 ‡ (h)		42,929		42,428

Series 2015-MS1, Class B, 4.17%, 5/15/2048 ‡ (h)		28,000		30,111

Series 2020-L4, Class C, 3.54%, 2/15/2053 (h)		113,000		117,934

UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 ‡ (h)		106,000		118,637

Velocity Commercial Capital Loan Trust

Series 2018-2, Class A, 4.05%, 10/26/2048 (c) (h)		143,181		148,441

Series 2019-1, Class M1, 3.94%, 3/25/2049 ‡ (c) (h)		159,769		166,444

Wells Fargo Commercial Mortgage Trust

Series 2016-C35, Class C, 4.18%, 7/15/2048 ‡ (h)		23,000		23,865

Series 2019-C49, Class C, 4.87%, 3/15/2052 ‡ (h)		59,000		66,767


Total Commercial Mortgage-Backed Securities (Cost $6,113,817)				6,232,625


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — 2.0%

United States — 2.0%

Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 ‡ (c)		146,131		154,038

Chase Funding Trust

Series 2003-6, Class 1A7, 5.28%, 11/25/2034 ‡ (b)		80,812		85,124

Credit Acceptance Auto Loan Trust Series 2018-3A, Class B, 3.89%, 10/15/2027 (c)		35,880		35,940

Credit-Based Asset Servicing and Securitization LLC

Series 2004-CB5, Class M1, 1.00%, 1/25/2034 ‡ (h)		93,388		92,289

Drive Auto Receivables Trust Series 2018-3, Class D, 4.30%, 9/16/2024		176,714		179,963

DT Auto Owner Trust

Series 2018-3A, Class C, 3.79%, 7/15/2024 (c)		30,248		30,290

Series 2019-1A, Class D, 3.87%, 11/15/2024 (c)		65,000		66,841

Series 2019-1A, Class E, 4.94%, 2/17/2026 (c)		100,000		105,359

Exeter Automobile Receivables Trust Series 2018-3A, Class D, 4.35%, 6/17/2024 (c)		201,177		205,646

Flagship Credit Auto Trust

Series 2017-4, Class D, 3.58%, 1/15/2024 (c)		280,000		286,263

Series 2017-2, Class E, 5.55%, 7/15/2024 (c)		380,000		387,801

GLS Auto Receivables Issuer Trust Series 2019-2A, Class B, 3.32%, 3/15/2024 (c)		160,929		162,587

JetBlue Pass-Through Trust

Series 2019-1, Class B, 8.00%, 11/15/2027		168,849		198,869

Series 2019-1, Class A, 2.95%, 5/15/2028		46,952		47,970

Series 2020-1, Class B, 7.75%, 11/15/2028		44,548		52,476

Lendmark Funding Trust Series 2019-2A, Class C, 3.72%, 4/20/2028 ‡ (c)		580,000		593,397

Marlette Funding Trust

Series 2018-2A, Class C, 4.37%, 7/17/2028 (c)		117,328		117,738

OneMain Direct Auto Receivables Trust

Series 2018-1A, Class B, 3.71%, 4/14/2025 (c)		100,000		100,793

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	105

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

United States — continued

Series 2018-1A, Class D, 4.40%, 1/14/2028 (c)		160,000		161,203

Onemain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029 ‡ (c)		100,000		102,242

PNMAC GMSR Issuer Trust

Series 2018-GT2, Class A, 2.73%, 8/25/2025 (c) (h)		210,000		209,703

Progress Residential Trust Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (c)		262,000		262,150

Santander Revolving Auto Loan Trust

Series 2019-A, Class C, 3.00%, 1/26/2032 (c)		150,000		157,957

Series 2019-A, Class D, 3.45%, 1/26/2032 (c)		650,000		681,989

Structured Asset Investment Loan Trust

Series 2004-8, Class M3, 1.06%, 9/25/2034 ‡ (h)		58,392		58,345

Series 2005-HE3, Class M1, 0.80%, 9/25/2035 ‡ (h)		52,883		52,745

US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (c)		1,125,000		1,125,189

Westlake Automobile Receivables Trust

Series 2018-2A, Class E, 4.86%, 1/16/2024 (c)		310,000		315,922


Total Asset-Backed Securities (Cost $5,920,391)				6,030,829

Collateralized Mortgage Obligations — 1.1%

United Kingdom — 0.0% (i)

Brass NO 8 plc Series 8A, Class A1, 0.82%, 11/16/2066 (c) (h)		91,397		91,826


United States — 1.1%

Alternative Loan Trust

Series 2004-25CB, Class A1, 6.00%, 12/25/2034		118,050		119,211

Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		70,825		70,099

Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		85,366		86,794

Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037		135,697		105,036

Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 2.45%, 2/25/2037 (h)		19,272		19,464


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037		51,236		35,296

COLT Mortgage Loan Trust Series 2019-4, Class A1, 2.58%, 11/25/2049 (c) (h)		52,269		52,356

Deephaven Residential Mortgage Trust

Series 2020-1, Class A1, 2.34%, 1/25/2060 (c) (h)		77,326		77,693

FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 2.38%, 9/25/2030 (h)		46,314		46,908

FHLMC, REMIC

Series 2916, Class S, IF, IO, 7.15%, 1/15/2035 (h)		1,581,599		321,233

Series 4305, Class SK, IF, IO, 6.50%, 2/15/2044 (h)		537,030		106,460

Series 4689, Class SD, IF, IO, 6.05%, 6/15/2047 (h)		378,782		84,415

Series 4714, Class SA, IF, IO, 6.05%, 8/15/2047 (h)		307,854		66,300

Series 5022, IO, 3.00%, 9/25/2050		531,415		76,629

Series 5023, Class MI, IO, 3.00%, 10/25/2050		903,153		150,298

Series 4839, Class WS, IF, IO, 6.00%, 8/15/2056 (h)		2,300,104		521,410

FNMA, Connecticut Avenue Securities

Series 2015-C03, Class 2M2, 5.08%, 7/25/2025 (h)		24,257		24,487

Series 2016-C06, Class 1M2, 4.33%, 4/25/2029 (h)		43,440		44,870

Series 2018-C05, Class 1M2, 2.43%, 1/25/2031 (h)		7,711		7,800

Series 2018-C06, Class 1M2, 2.08%, 3/25/2031 (h)		71,738		72,206

Series 2018-C06, Class 2M2, 2.18%, 3/25/2031 (h)		20,298		20,454

FNMA, REMIC

Series 2010-57, Class ID, IO, 4.00%, 6/25/2025		108,952		2,146

Series 2012-146, Class AI, IO, 3.00%, 1/25/2028		1,058,489		61,964

Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		726,937		61,532

Series 2012-93, Class SE, IF, IO, 6.02%, 9/25/2042 (h)		108,600		23,010

Series 2012-124, Class UI, IO, 4.00%, 11/25/2042		112,794		14,983

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued

United States — continued

Series 2012-133, Class NS, IF, IO, 6.07%, 12/25/2042 (h)		195,924		40,044

Series 2015-40, Class LS, IF, IO, 6.09%, 6/25/2045 (h)		276,923		54,927

Series 2016-75, Class SC, IF, IO, 6.02%, 10/25/2046 (h)		676,429		127,432

Series 2017-31, Class SG, IF, IO, 6.02%, 5/25/2047 (h)		990,455		201,793

Series 2017-39, Class ST, IF, IO, 6.02%, 5/25/2047 (h)		297,142		64,766

Series 2017-69, Class SH, IF, IO, 6.12%, 9/25/2047 (h)		431,987		96,093

Series 2019-42, Class SK, IF, IO, 5.97%, 8/25/2049 (h)		757,185		141,408

FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (h)		144,177		8,731

GNMA

Series 2017-107, Class KS, IF, IO, 6.11%, 7/20/2047 (h)		276,280		50,802

Series 2019-42, Class SJ, IF, IO, 5.96%, 4/20/2049 (h)		652,845		99,963

Series 2015-H13, Class GI, IO, 1.58%, 4/20/2065 (h)		178,757		6,884

Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 0.64%, 7/25/2029 (h)		68,054		67,016

Structured Adjustable Rate Mortgage Loan Trust

Series 2004-8, Class 3A, 2.62%, 7/25/2034 (h)		15,664		16,844


				3,249,757


Total Collateralized Mortgage Obligations (Cost $3,339,979)				3,341,583


Supranational — 0.5%

African Export-Import Bank (The) 5.25%, 10/11/2023 (a)		200,000		216,500

European Union 0.10%, 10/4/2040 (a)	EUR	1,070,000		1,214,185


Total Supranational (Cost $1,417,547)				1,430,685


INVESTMENTS	SHARES		VALUE ($)

Common Stocks — 0.0% (i)

United States — 0.0% (i)

Oasis Petroleum, Inc. (Cost $46,454)		1,711		148,156


	NO. OF WARRANTS

Warrants — 0.0% (i)

United States — 0.0% (i)

Windstream Holdings, Inc.

Expiring 12/31/2049, price 10.75 USD * ‡ (Cost $—)		16		322


	SHARES

Short-Term Investments — 4.0%

Investment Companies — 4.0%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (k) (l) (Cost $11,856,250)		11,856,250		11,856,250

Total Investments — 97.2% (Cost $287,469,357)				290,427,276
Other Assets Less Liabilities — 2.8%				8,221,405

NET ASSETS — 100.0%				298,648,681

Percentages indicated are based on net assets.

Abbreviations


AUD		Australian Dollar
CAD		Canadian Dollar
CNY		China Yuan
COP		Colombian Peso
CZK		Czech Republic Koruna
DKK		Danish Krone
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
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 August 31, 2021. The rate may be subject to a cap and floor.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	107

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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
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
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
Re-REMIC		Combined Real Estate Mortgage Investment Conduit
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

(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 August 31, 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 August 31, 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 August 31, 2021.
(f)		Security is an interest bearing note with preferred security characteristics.
(g)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(h)		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 August 31, 2021.
(i)		Amount rounds to less than 0.1% of net assets.
(j)		Defaulted security.
(k)		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.
(l)		The rate shown is the current yield as of August 31, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of August 31, 2021:


DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 5 Year Note		9		12/2021		USD		1,113,398		1,669

Short Contracts
Euro-Bobl		(10)		09/2021		EUR		(1,593,776)		4,468
Euro-Buxl		(43)		09/2021		EUR		(10,784,026)		(442,966)
U.S. Treasury 5 Year Note		(18)		12/2021		USD		(2,226,797)		(3,411)
U.S. Treasury 10 Year Note		(4)		12/2021		USD		(533,687)		(1,258)
U.S. Treasury 10 Year Ultra Note		(155)		12/2021		USD		(22,935,156)		(60,013)
U.S. Treasury Long Bond		(12)		12/2021		USD		(1,956,750)		5,037
U.S. Treasury Ultra Bond		(56)		12/2021		USD		(11,060,000)		(50,873)

										(549,016)

										(547,347)

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


Abbreviations
EUR		Euro
USD		United States Dollar


Forward foreign currency exchange contracts outstanding as of August 31, 2021:
CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	USD	117,456,418	EUR	98,683,403	BNP Paribas		9/3/2021		933,876
	USD	455,386	EUR	383,638	Merrill Lynch International		9/3/2021		2,396
	USD	7,475,304	GBP	5,359,080	State Street Corp.		9/3/2021		107,356
	CLP	1,144,969,197	USD	1,472,326	Citibank, NA**		9/29/2021		5,629
	COP	3,435,703,196	USD	897,441	BNP Paribas**		9/29/2021		12,790
	CZK	45,259,890	USD	2,091,647	BNP Paribas		9/29/2021		9,923
	EUR	1,798,862	USD	2,119,633	Merrill Lynch International		9/29/2021		5,582
	EUR	1,200,000	USD	1,415,322	State Street Corp.		9/29/2021		2,384
	IDR	14,327,440,428	USD	989,717	Citibank, NA**		9/29/2021		15,783
	INR	426,645,647	USD	5,719,724	Goldman Sachs International**		9/29/2021		108,790
	KRW	357,447,893	USD	305,281	Barclays Bank plc**		9/29/2021		3,075
	KRW	4,896,300,266	USD	4,184,157	Citibank, NA**		9/29/2021		39,690
	PLN	10,955,609	USD	2,812,884	BNP Paribas		9/29/2021		47,657
	USD	10,092,941	AUD	13,743,635	BNP Paribas		9/29/2021		37,057
	USD	15,508,566	CAD	19,412,925	Goldman Sachs International		9/29/2021		122,300
	USD	2,213,054	CAD	2,769,287	Royal Bank of Canada		9/29/2021		18,176
	USD	2,759,451	GBP	2,000,315	Barclays Bank plc		9/29/2021		9,103
	USD	69,911,245	EUR	59,072,264	BNP Paribas		10/5/2021		113,524
	USD	50,713,519	EUR	42,845,475	HSBC Bank, NA		10/5/2021		88,805
	USD	7,386,586	GBP	5,359,080	HSBC Bank, NA		10/5/2021		17,984

	Total unrealized appreciation								1,701,880


	EUR	59,072,264	USD	69,867,236	BNP Paribas		9/3/2021		(116,394	)
	EUR	42,845,475	USD	50,681,728	HSBC Bank, NA		9/3/2021		(91,015	)
	EUR	228,267	USD	270,957	Royal Bank of Canada		9/3/2021		(1,426	)
	GBP	5,359,080	USD	7,385,951	HSBC Bank, NA		9/3/2021		(18,003	)
	USD	258,080	EUR	220,096	Citibank, NA		9/3/2021		(1,803	)
	USD	987,268	EUR	838,000	Royal Bank of Canada		9/3/2021		(2,219	)
	USD	2,362,814	EUR	2,020,869	State Street Corp.		9/3/2021		(23,370	)
	MXN	9,254,865	USD	463,039	BNP Paribas		9/29/2021		(3,982	)
	USD	7,120,055	CNY	46,331,350	Citibank, NA**		9/29/2021		(38,979	)
	USD	350,195	CNY	2,274,210	Royal Bank of Canada**		9/29/2021		(1,212	)
	USD	1,339,820	COP	5,189,656,890	BNP Paribas**		9/29/2021		(35,092	)
	USD	24,969,105	EUR	21,249,814	Citibank, NA		9/29/2021		(135,887	)
	USD	879,323	MYR	3,732,608	BNP Paribas**		9/29/2021		(17,422	)
	USD	6,301,310	NZD	8,997,112	Barclays Bank plc		9/29/2021		(38,505	)
	USD	3,387,223	ZAR	50,637,368	Citibank, NA	��	9/29/2021		(85,312	)

	Total unrealized depreciation								(610,621	)

	Net unrealized appreciation								1,091,259

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	109

JPMorgan International Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


Abbreviations

AUD		Australian Dollar
CAD		Canadian Dollar
CLP		Chile Peso
CNY		China Yuan
COP		Colombian Peso
CZK		Czech Republic Koruna
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
INR		Indian Rupee
KRW		Korean Republic Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
PLN		Polish Zloty
USD		United States Dollar
ZAR		South African Rand

**		Non-deliverable forward.


Centrally Cleared Credit default swap contracts outstanding — buy protection (a) as of August 31, 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 ($)
CDX.NA.EM.35-V1	1.00		Quarterly		6/20/2026		1.52		USD 1,801,000		49,002			(9,657	)		39,345
CDX.NA.EM.35-V1	1.00		Quarterly		6/20/2026		1.52		USD 1,819,000		51,580			(11,842	)		39,738
CDX.NA.EM.35-V1	1.00		Quarterly		6/20/2026		1.52		USD 2,810,000		100,487			(39,099	)		61,388

											201,069			(60,598	)		140,471

iTraxx.Europe.Main.35-V1	1.00		Quarterly		6/20/2026		0.45		EUR 3,560,000		(92,927	)		(27,883	)		(120,810	)

											108,142			(88,481	)		19,661

Centrally Cleared Credit default swap contracts outstanding — sell protection (e) as of August 31, 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.Crossover.35-V1

5.00

Quarterly

6/20/2026

2.28

EUR 1,250,000

149,660

45,904

195,564

(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).

(e)

The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make 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.

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

Centrally Cleared Interest rate swap contracts outstanding as of August 31, 2021:

FLOATING RATE INDEX (a)

FIXED RATE

PAY/RECEIVE
FLOATING RATE

MATURITY
DATE

NOTIONAL
AMOUNT

UPFRONT
PAYMENTS
(RECEIPTS)
($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)

6 month EURIBOR semi-annually

0.11 annually

Pay

5/28/2031

EUR

5,500,000

—

114,342

3 month LIBOR quarterly

0.94 semi-annually

Pay

6/24/2026

USD

14,900,000

—

97,548

—

211,890

1 day SONIA annually

0.76 annually

Receive

5/26/2031

GBP

5,000,000

—

(97,730)

3 month LIBOR quarterly

1.80 semi-annually

Receive

6/24/2051

USD

2,850,000

—

(113,634)

—

(211,364)

—

526


Abbreviations

CDX		Credit Default Swap Index
EUR		Euro
EURIBOR		Euro Interbank Offered Rate
GBP		British Pound
LIBOR		London Interbank Offered Rate
SONIA		Sterling Overnight Index Average
USD		United States Dollar

(a)	Value of floating rate index at August 31, 2021 was as follows:


FLOATING RATE INDEX	VALUE
1 Day SONIA		0.05	%
3 Month LIBOR		0.12
6 Month EURIBOR		0.52

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	111

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 94.3% (a)

Alabama — 1.9%

Black Belt Energy Gas District, Gas Prepay Project No. 5 Series 2020A-1, Rev., 4.00%, 10/1/2026 (b)		250,000		290,282

Black Belt Energy Gas District, Gas Supply Series 2017A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/10/2021 (b)		30,000		30,815

City of Pell City, Warrants Series A, GO, 5.00%, 2/1/2025		100,000		115,660

Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.37%, 6/16/2025 (b)		100,000		103,471

Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b)		25,000		27,166

Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b)		780,000		963,698

University of Alabama (The), Huntsville General Fee Series B-2, Rev., 5.00%, 9/1/2031		95,000		119,884


Total Alabama				1,650,976


Alaska — 0.6%

Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 5.00%, 10/1/2024		200,000		226,610

Alaska Municipal Bond Bank Authority

Series 3, Rev., 5.00%, 10/1/2025		20,000		22,806

Series 3, Rev., 5.00%, 12/1/2028		225,000		273,690


Total Alaska				523,106


Arizona — 3.1%

Arizona Industrial Development Authority, Cadence Campus Project

Series 2020A, Rev., 4.00%, 7/15/2030 (c)		125,000		138,735

Series 2020A, Rev., 4.00%, 7/15/2040 (c)		125,000		136,270

Arizona Industrial Development Authority, Equitable School Revolving Fund Series A, Rev., 5.00%, 11/1/2044		250,000		299,535

Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 5.00%, 1/1/2036		250,000		262,704

Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2051		125,000		143,949


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

Arizona Industrial Development Authority, Phoenix Children’s Hospital

Series 2020A, Rev., 5.00%, 2/1/2024		55,000		61,258

Series 2020A, Rev., 5.00%, 2/1/2025		70,000		81,014

Series 2020A, Rev., 5.00%, 2/1/2031		150,000		196,691

Series 2020A, Rev., 5.00%, 2/1/2032		200,000		261,610

City of Mesa

GO, 5.00%, 7/1/2030		185,000		248,127

City of Mesa, Excise Tax

Rev., 5.00%, 7/1/2030		95,000		126,942

Rev., 5.00%, 7/1/2031		75,000		99,698

Rev., 5.00%, 7/1/2032		185,000		245,069

City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2017D, Rev., 5.00%, 7/1/2026		160,000		194,400

Maricopa County School District No. 3 Tempe Elementary, School Improvement, Project of 2016 Series A, GO, 5.00%, 7/1/2027		30,000		37,323

Maricopa County Unified School District No. 95, Queen Creek, School Improvement

GO, 4.00%, 7/1/2027		40,000		47,737

GO, 4.00%, 7/1/2028		50,000		60,657

Salt Verde Financial Corp.

Rev., 5.25%, 12/1/2026		100,000		121,887


Total Arizona				2,763,606


Arkansas — 0.1%

City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2024		75,000		85,126

University of Arkansas, Various Facility UAMS Campus Rev., 5.00%, 11/1/2021		40,000		40,322


Total Arkansas				125,448


California — 7.3%

Baldwin Park Financing Authority, Rail Crossings Safety Improvements Project Rev., 5.00%, 6/1/2024		100,000		113,387

Brentwood Infrastructure Financing Authority, Civic Center Project Rev., 5.00%, 10/1/2025		45,000		53,044

California Health Facilities Financing Authority, Kaiser Permanente Series 2006C, Rev., 5.00%, 11/1/2029 (b)		300,000		396,088

California Health Facilities Financing Authority, On Lok Senior Health Service

Rev., 3.00%, 8/1/2023		100,000		104,775

Rev., 5.00%, 8/1/2040		100,000		125,543

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039		150,000		177,585

California Municipal Finance Authority, Sewer Project Rev., AGM, 5.00%, 8/1/2024		100,000		114,167

California Public Finance Authority, Enso Village Project, Green Bond Series 2021B-1, Rev., 3.13%, 5/15/2029 (c)		200,000		203,693

California State Public Works Board, Various Capital Projects Series 2020D, Rev., 5.00%, 11/1/2028		355,000		459,835

California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 5.00%, 4/1/2030		150,000		197,581

Chula Vista Municipal Financing Authority Rev., 4.00%, 5/1/2026		60,000		69,455

Chula Vista Municipal Financing Authority, Green Bond Series 2017B, Rev., 4.00%, 12/1/2028		45,000		55,524

City of Los Angeles Department of Airports, International Airport Senior

Series A, Rev., AMT, 5.00%, 5/15/2022		125,000		129,270

Series A, Rev., AMT, 5.00%, 5/15/2033		100,000		115,607

City of Los Angeles Department of Airports, International Airport Subordinate Series 2019E, Rev., AMT, 5.00%, 5/15/2026		10,000		12,133

City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2025		70,000		82,840

City of Santa Rosa, Courthouse Square Project and Lease COP, 4.00%, 10/1/2024		90,000		100,080

City of South Pasadena Rev., 5.00%, 10/1/2024		110,000		126,421

County of Santa Clara, Election of 2008 Series 2017C, GO, 5.00%, 8/1/2033		40,000		49,695

CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim Series 2021A-1, Rev., 2.88%, 8/1/2041 (c)		255,000		263,345

Cucamonga Valley Water District Financing Authority

Series 2021B, Rev., 5.00%, 9/1/2032		190,000		260,319

Series 2021B, Rev., 4.00%, 9/1/2033		150,000		188,654

El Centro Financing Authority Series 2021B, Rev., 4.00%, 10/1/2023		210,000		225,430

El Monte City School District, Election of 2014 Series A, GO, 5.00%, 8/1/2025		55,000		64,618


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series A-1, Rev., 5.00%, 6/1/2032		250,000		311,033

Hermosa Beach City School District, Election of 2016 Series A, GO, 4.00%, 8/1/2023		15,000		16,103

Huntington Beach Public Financing Authority Series 2020A, Rev., 5.00%, 5/1/2030		400,000		532,764

Lodi Public Financing Authority Rev., AGM, 5.00%, 9/1/2027		350,000		437,330

Metropolitan Water District of Southern California, Waterworks Series 2019A, Rev., 5.00%, 7/1/2034		25,000		32,239

Municipal Improvement Corp. of Los Angeles, Real Property Series 2014-A, Rev., 5.00%, 5/1/2023 (d)		20,000		21,622

Northern California Power Agency, Hydroelectric Project Series 2019A, Rev., 5.00%, 7/1/2022		20,000		20,816

Salinas Facilities Financing Authority Series 2020A-1, Rev., AGM, 4.00%, 11/1/2027		100,000		118,884

San Diego Community College District GO, 5.00%, 8/1/2022 (d)		50,000		52,242

San Dieguito Union High School District, Election of 2012 Series A-2, GO, 5.00%, 8/1/2024		150,000		163,989

San Francisco City and County Airport Commission, San Francisco International Airport

Series 2016A, Rev., 5.00%, 5/1/2023		105,000		113,475

Series 2016A, Rev., 5.00%, 5/1/2026		95,000		115,069

San Jose Evergreen Community College District Series A, GO, 5.00%, 9/1/2022		100,000		104,915

San Jose Evergreen Community College District, Election of 2010 Series C, GO, 5.00%, 9/1/2024 (d)		105,000		120,189

San Ramon Valley Fire Protection District, Public Safety Complex and Fire Training Facility Projects

COP, 4.00%, 8/1/2023		55,000		58,913

COP, 4.00%, 8/1/2032		125,000		153,553

Santa Cruz County Capital Financing Authority Series 2020A, Rev., 4.00%, 6/1/2025		100,000		113,114

Sequoia Union High School District GO, 5.00%, 7/1/2027		25,000		30,536

Sierra View Local Health Care District Rev., 4.00%, 7/1/2023		165,000		175,393

Yosemite Community College District GO, 5.00%, 8/1/2022 (d)		100,000		104,484


Total California				6,485,752

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	113

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Colorado — 4.2%

Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2036		85,000		96,194

Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2051 (c)		150,000		166,827

Colorado Health Facilities Authority, Boulder Community Health Project

Rev., 5.00%, 10/1/2021		100,000		100,381

Rev., 5.00%, 10/1/2022		125,000		131,359

Rev., 5.00%, 10/1/2023		175,000		191,325

Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2026 (d)		210,000		253,399

Colorado Higher Education, Capital Construction, Lease Purchase Financing Program Series 2014A, COP, 5.00%, 11/1/2025		10,000		11,823

Crystal Valley Metropolitan District No. 2, Limited Tax

Series 2020A, GO, AGM, 5.00%, 12/1/2022		50,000		52,970

Series 2020A, GO, AGM, 5.00%, 12/1/2023		135,000		149,078

Series 2020A, GO, AGM, 5.00%, 12/1/2024		175,000		200,576

El Paso County School District No. 49 Falcon COP, 5.00%, 12/15/2028		170,000		217,516

Regional Transportation District, Denver Transit Partners

Rev., 5.00%, 7/15/2029		130,000		166,691

Rev., 5.00%, 1/15/2030		170,000		220,181

Rev., 5.00%, 7/15/2030		115,000		150,258

Rev., 5.00%, 1/15/2031		250,000		330,018

Rev., 4.00%, 7/15/2036		185,000		221,746

Regional Transportation District, Sales Tax, Fastracks Project Series 2013A, Rev., 5.00%, 11/1/2029		215,000		284,458

Southlands Metropolitan District No. 1 Series A-1, GO, 5.00%, 12/1/2037		250,000		287,669

State of Colorado Series 2018A, COP, 5.00%, 12/15/2030		115,000		147,280

STC Metropolitan District No. 2, Limited Tax Improvement Series 2019A, GO, 5.00%, 12/1/2038		300,000		329,253

University of Colorado, Enterprise System Series A-2, Rev., 5.00%, 6/1/2026		40,000		48,579


Total Colorado				3,757,581


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Connecticut — 0.9%

Connecticut State Health and Educational Facilities Authority, Sacred Heart University Series K, Rev., 5.00%, 7/1/2022		250,000		259,895

Connecticut State Health and Educational Facilities Authority, Yale University Series A-2, Rev., 5.00%, 7/1/2022 (b)		100,000		104,078

State of Connecticut Series A, GO, 5.00%, 4/15/2033		135,000		164,331

State of Connecticut, Special Tax Transportation Infrastructure Purposes

Series 2020A, Rev., 5.00%, 5/1/2023		200,000		216,248

Series B, Rev., 5.00%, 8/1/2023		75,000		81,995


Total Connecticut				826,547


Delaware — 0.1%

Delaware Transportation Authority, Transportation System Rev., 5.00%, 7/1/2022		40,000		41,638


District of Columbia — 2.1%

District of Columbia, Income Tax

Series C, Rev., 5.00%, 12/1/2021		25,000		25,304

Series F, Rev., 5.00%, 12/1/2021		50,000		50,608

Series 2020C, Rev., 5.00%, 5/1/2033		1,000,000		1,320,025

District of Columbia, International School

Rev., 5.00%, 7/1/2028		115,000		142,397

Rev., 5.00%, 7/1/2039		125,000		152,603

District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039		100,000		114,696

District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series B, Rev., 5.00%, 10/1/2025		65,000		77,343


Total District of Columbia				1,882,976


Florida — 3.3%

City of Cape Coral, Water & Sewer Rev., 5.00%, 10/1/2022		25,000		26,283

City of Miami Beach, Water & Sewer Rev., 5.00%, 9/1/2033		25,000		30,938

City of Orlando, Capital Improvement

Series D, Rev., 5.00%, 10/1/2022		75,000		78,975

Series B, Rev., 5.00%, 10/1/2024		60,000		68,757

City of Tampa, H. Lee Moffitt Cancer Center Project

Series 2020B, Rev., 5.00%, 7/1/2022		50,000		51,988

Series 2020B, Rev., 5.00%, 7/1/2023		50,000		54,347

Series 2020B, Rev., 5.00%, 7/1/2024		50,000		56,539

County of Broward, Port Facilities Series 2019A, Rev., 5.00%, 9/1/2030		50,000		65,076

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Florida — continued

County of Collier, Special Obligation Rev., 5.00%, 10/1/2021		55,000		55,218

County of Hillsborough, Communications Services Tax Rev., 5.00%, 10/1/2024		40,000		45,864

County of Okaloosa, Sales Tax Rev., 5.00%, 10/1/2024		30,000		34,348

County of Osceola, Sales Tax Series 2016A, Rev., 4.00%, 10/1/2023		10,000		10,754

County of Palm Beach, Palm Beach Atlantic University

Rev., 5.00%, 4/1/2029 (c)		100,000		115,094

Rev., 5.00%, 4/1/2039 (c)		100,000		116,339

County of Seminole, Special Obligation Rev., 4.00%, 10/1/2024		90,000		100,374

East Central Regional Wastewater Treatment Facilities Operation Board, Biosolids Project Rev., 5.00%, 10/1/2024		30,000		34,348

Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2032		250,000		320,225

Florida Department of Environmental Protection Series 2017A, Rev., 5.00%, 7/1/2024		45,000		51,076

Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects Rev., 4.00%, 7/1/2035		325,000		358,531

Florida Development Finance Corp., The Glenridge on Palmer Ranch Project Rev., 3.00%, 6/1/2023		115,000		118,648

Monroe County School District Series 2018A, COP, 4.00%, 6/1/2025		45,000		50,740

Orange County School Board Series 2015D, COP, 5.00%, 8/1/2025		25,000		29,468

Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Rev., 5.00%, 11/15/2032		240,000		286,128

Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029		125,000		145,222

Reedy Creek Improvement District, Ad Valorem Tax Series 2016-A, GO, 5.00%, 6/1/2026		50,000		60,357

Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, 6/15/2036 (c)		155,000		178,262


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

State of Florida Board of Education, Public Education Capital Outlay

Series B, GO, 5.00%, 6/1/2024		30,000		33,963

Series B, GO, 5.00%, 6/1/2026		20,000		24,311

Series B, GO, 5.00%, 6/1/2031		75,000		93,112

State of Florida, State Board of Education, Lottery

Series 2016B, Rev., 5.00%, 7/1/2023		40,000		43,555

Series A, Rev., 5.00%, 7/1/2026		75,000		91,406

Tampa Bay Water, Regional Water Supply Authority, Utility System Series C, Rev., 5.00%, 10/1/2025		55,000		65,297

Tampa-Hillsborough County Expressway Authority Series B, Rev., 5.00%, 7/1/2031		40,000		50,750

Tohopekaliga Water Authority, Utility System Rev., 5.00%, 10/1/2025		10,000		11,899


Total Florida				2,958,192


Georgia — 2.5%

Albany-Dougherty Inner City Authority, State University Projects Rev., 5.00%, 7/1/2023		410,000		444,621

Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2024		200,000		221,545

Clayton County Development Authority, Clayton State University Rev., 5.00%, 7/1/2034		225,000		298,704

Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project Series 2020B, Rev., 5.00%, 4/1/2022		150,000		154,144

County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026		25,000		30,963

Forsyth County Water and Sewerage Authority Rev., 5.00%, 4/1/2032		145,000		188,275

Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2037		255,000		302,434

Milledgeville and Baldwin County Development Authority, Georgia College and State University Projects Rev., 5.00%, 6/15/2029		435,000		565,122

Richmond County Hospital Authority, University Health Services, Inc., Project Rev., 5.00%, 1/1/2022		20,000		20,318


Total Georgia				2,226,126

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	115

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Hawaii — 0.2%

City and County of Honolulu, Tax-Exempt Series D, GO, 5.00%, 9/1/2032		45,000		55,648

State of Hawaii

Series EE, GO, 5.00%, 11/1/2022 (d)		15,000		15,851

Series EP, GO, 5.00%, 8/1/2023		40,000		43,714

Series FK, GO, 5.00%, 5/1/2033		30,000		36,843

State of Hawaii, Highway Fund Series B, Rev., 5.00%, 1/1/2027		25,000		30,389


Total Hawaii				182,445


Illinois — 3.8%

Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2027		45,000		53,917

Chicago O’Hare International Airport, General Airport, Senior Lien Series 2017B, Rev., 5.00%, 1/1/2034		40,000		48,504

City of Decatur, Green Bond GO, 5.00%, 3/1/2027		130,000		155,652

Cook and DuPage Counties, Village of Elk Grove GO, 5.00%, 1/1/2029		25,000		30,651

Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2032		35,000		42,786

Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2024		135,000		148,464

Illinois State Toll Highway Authority

Series D, Rev., 5.00%, 1/1/2024		25,000		27,750

Series A, Rev., 5.00%, 1/1/2036		250,000		317,845

Kane McHenry Cook and De Kalb Counties Unit School District No. 300 GO, 5.00%, 1/1/2024		35,000		38,754

Kendall and Kane Counties Community Unit School District No. 115 Series 2017B, GO, 5.00%, 1/1/2027		25,000		30,333

Lake and McHenry Counties Community Unit, School District No 118 Wauconda GO, 5.00%, 1/1/2022		50,000		50,791

Lake County Forest Preserve District GO, 5.00%, 12/15/2028		165,000		210,293

McLean and Woodford Counties Community Unit School District No. 5 Normal Series 2017A, GO, 4.00%, 12/1/2023		80,000		86,103

Northern Illinois University, Auxiliary Facilities System Series 2020B, Rev., 5.00%, 4/1/2034		200,000		253,825

Northern Illinois University, Board of Trustees, Auxiliary Facilities System

Rev., 5.00%, 10/1/2029		300,000		383,302

Rev., 5.00%, 10/1/2030		325,000		422,402


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Southwestern Illinois Development Authority, Flood Prevention District Council Project Rev., 5.00%, 4/15/2030		625,000		809,560

State of Illinois

GO, 5.00%, 4/1/2024		30,000		33,506

Series A, GO, 5.00%, 10/1/2024		30,000		34,101

Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		125,000		154,738

Will & Kendall Counties Community Consolidated School District 202 Plainfield GO, 4.00%, 1/1/2023		10,000		10,497


Total Illinois				3,343,774


Indiana — 2.9%

Adams Central Elementary School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2027		20,000		24,385

Ball State University, Student Fee Series R, Rev., 5.00%, 7/1/2024		35,000		39,673

City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c)		250,000		248,741

Decatur County, Jail Building Corp. Rev., 5.00%, 7/15/2028		250,000		311,674

Hamilton Southeastern Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2026		25,000		30,277

Indiana Finance Authority

Series C, Rev., 5.00%, 12/1/2025		35,000		41,884

Series 2016C, Rev., 5.00%, 6/1/2027		220,000		270,607

Indiana Finance Authority, Educational Facilities, Valparaiso University Rev., 4.00%, 10/1/2035		215,000		250,180

Indiana Finance Authority, Indiana University Health Obligated Group Series 2016A, Rev., 5.00%, 12/1/2022		10,000		10,604

Indiana Finance Authority, Rose-Hulman Institute of Technology Project

Rev., 5.00%, 6/1/2032		140,000		180,251

Rev., 4.00%, 6/1/2034		115,000		136,882

Indiana Finance Authority, State Revolving Fund Program Series 2021A, Rev., 5.00%, 2/1/2031		500,000		679,041

Indiana State University, Housing and Dining System Rev., 5.00%, 4/1/2031		75,000		91,360

Indiana State University, Student Fee Series R, Rev., 5.00%, 10/1/2022		10,000		10,513

Indiana University Series A, Rev., 5.00%, 6/1/2022		25,000		25,919

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Indiana — continued

Indiana University, Student Fee Series Y, Rev., 5.00%, 8/1/2028		25,000		31,203

IPS Multi-School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 7/15/2029		50,000		64,502

Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2025		35,000		40,693

Portage Township Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Refunding Rev., 5.00%, 7/15/2028		75,000		94,927


Total Indiana				2,583,316


Iowa — 1.6%

City of Cedar Rapids, Sewer Series 2018D, Rev., 5.00%, 6/1/2022		70,000		72,552

City of West Des Moines, Urban Renewal Series 2016B, GO, 5.00%, 6/1/2024		35,000		39,603

Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2027		30,000		37,741

University of Iowa Facilities Corp. Rev., 4.00%, 6/1/2032		1,000,000		1,228,766


Total Iowa				1,378,662


Kansas — 0.1%

Johnson County Water District No. 1 Series 2017A, Rev., 5.00%, 1/1/2025		50,000		57,928


Kentucky — 1.5%

Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2029		165,000		203,630

Kentucky Public Energy Authority, Gas Supply

Series 2018C-1, Rev., 4.00%, 6/1/2025 (b)		580,000		651,527

Series 2019C, Rev., 4.00%, 2/1/2028 (b)		300,000		355,347

Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016-A, Rev., 4.00%, 10/1/2036		65,000		73,097

Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System

Series B, Rev., 5.00%, 5/15/2024		25,000		28,193

Series 2017A, Rev., 5.00%, 5/15/2027		40,000		49,068


Total Kentucky				1,360,862


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Louisiana — 1.3%

City of Shreveport, Water and Sewer, Junior Lien Series 2019B, Rev., AGM, 5.00%, 12/1/2032		200,000		254,741

Louisiana Local Government Environmental Facilities and Community Development Authority, Calcasieu Parish Projects Rev., 5.00%, 12/1/2030		250,000		323,508

Louisiana Public Facilities Authority, Tulane University Project

Series 2020A, Rev., 5.00%, 4/1/2029		220,000		284,387

Series 2020A, Rev., 5.00%, 4/1/2030		135,000		177,952

State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026		30,000		35,106

State of Louisiana Gasoline and Fuels Tax Series 2012A-1, Rev., 5.00%, 5/1/2022 (d)		55,000		56,788


Total Louisiana				1,132,482


Maine — 0.6%

Maine Health and Higher Educational Facilities Authority, Birch Bay Retirement Village

Series 2020A, Rev., 4.00%, 7/1/2022		225,000		232,117

Series 2020A, Rev., 5.00%, 7/1/2023		125,000		135,916

Maine Municipal Bond Bank

Series C, Rev., 5.00%, 11/1/2024		75,000		86,217

Series 2018A, Rev., GAN, 5.00%, 9/1/2026		45,000		55,006


Total Maine				509,256


Maryland — 4.3%

County of Baltimore, Consolidated Public Improvement GO, 5.00%, 8/1/2022 (d)		100,000		104,465

County of Baltimore, Metropolitan District, 83rd Issue GO, 5.00%, 3/1/2031		1,000,000		1,369,223

County of Queen Anne’s, Public Facilities GO, 5.00%, 7/15/2029		1,000,000		1,317,334

County of St. Mary’s, Public Improvement GO, 4.00%, 7/15/2027		70,000		83,783

Maryland Economic Development Corp., Bowie State University Project Rev., 4.00%, 7/1/2040		200,000		231,048

Maryland Health and Higher Educational Facilities Authority, Stevenson University Project

Rev., 5.00%, 6/1/2033		200,000		262,228

Rev., 4.00%, 6/1/2046		250,000		290,343

State of Maryland Department of Transportation Rev., 5.00%, 9/1/2026		75,000		92,010

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	117

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Maryland — continued

State of Maryland, State and Local Facilities Loan of 2017 Series A, GO, 5.00%, 8/1/2025		45,000		53,216

Washington Suburban Sanitary District, Consolidated Public Improvement Rev., GTD, 5.00%, 6/15/2030		40,000		49,670


Total Maryland				3,853,320


Massachusetts — 2.1%

City of Boston Series 2017A, GO, 5.00%, 4/1/2025		10,000		11,693

Commonwealth of Massachusetts Series C, GO, 5.00%, 10/1/2026		25,000		30,706

Massachusetts Bay Transportation Authority, Sales Tax Series A, Rev., 5.00%, 7/1/2022		20,000		20,817

Massachusetts Development Finance Agency, Mass General Brigham Issue Series 2020A-1, Rev., 5.00%, 1/31/2030 (b)		500,000		652,126

Massachusetts Development Finance Agency, Milford Regional Medical Center Series G, Rev., 5.00%, 7/15/2037 (c)		245,000		304,725

Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue Series 2021G, Rev., 5.00%, 7/1/2035		200,000		263,851

Massachusetts Development Finance Agency, Wellforce Issue

Series 2020C, Rev., AGM, 5.00%, 10/1/2030		175,000		232,168

Series 2020C, Rev., AGM, 5.00%, 10/1/2031		215,000		283,919

Massachusetts State College Building Authority Series D, Rev., 5.00%, 5/1/2027		45,000		55,964

Town of Hopkinton, Municipal Purpose Loan GO, 5.00%, 11/15/2024		30,000		34,589


Total Massachusetts				1,890,558


Michigan — 0.6%

Berrien Springs Public Schools, School Building & Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2030		250,000		328,500

City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2030		30,000		39,888

Michigan State Hospital Finance Authority, Trinity Health Credit Group Series C, Rev., 5.00%, 12/1/2025		25,000		29,859


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Western Michigan University, Tax Exempt Series 2021A, Rev., AGM, 5.00%, 11/15/2031		125,000		167,578


Total Michigan				565,825


Minnesota — 0.6%

Alexandria Lake Area Sanitation District, Sanitary Sewer Board Series 2015A, GO, 5.00%, 2/1/2022		30,000		30,613

Bloomington Independent School District No. 271, Bloomington Public Schools Series 2019A, GO, 5.00%, 2/1/2028		25,000		30,748

City of Hopkins Series 2017B, GO, 4.00%, 2/1/2025		20,000		22,476

City of Woodbury, Charter School Lease Series 2021A, Rev., 4.00%, 7/1/2031		175,000		198,062

Duluth Economic Development Authority, Benedictine Health System Series 2021A, Rev., 3.00%, 7/1/2024		100,000		105,223

State of Minnesota Series 2012B, Rev., 5.00%, 3/1/2024		130,000		133,143

University of Minnesota Series B, Rev., 5.00%, 12/1/2025		15,000		17,943


Total Minnesota				538,208


Mississippi — 0.3%

Mississippi State University Educational Building Corp., New Facilities and Refinancing Project Rev., 5.00%, 8/1/2025		35,000		41,076

State of Mississippi

Series B, GO, 5.00%, 12/1/2025		20,000		23,896

Series 2015F, GO, 5.00%, 11/1/2028		35,000		41,455

Series A, GO, 5.00%, 11/1/2031		60,000		73,241

University of Mississippi Educational Building Corp., Facilities Refinancing Project Series 2016A, Rev., 5.00%, 10/1/2030		40,000		48,296


Total Mississippi				227,964


Missouri — 1.5%

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2024		40,000		45,537

City of Kansas, Sanitary Sewer System

Series 2018A, Rev., 5.00%, 1/1/2022		25,000		25,404

Series B, Rev., 5.00%, 1/1/2033		25,000		31,138

Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030		200,000		250,281

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

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		189,768

Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Health System, Inc. Rev., 5.00%, 11/15/2029		300,000		358,561

Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital Rev., 5.00%, 9/1/2026		200,000		235,478

Metropolitan St. Louis Sewer District, Wastewater System Improvement

Series 2012A, Rev., 5.00%, 5/1/2022 (d)		125,000		129,064

Series 2017A, Rev., 5.00%, 5/1/2027		45,000		56,277

Missouri Development Finance Board, Fulton State Hospital Project Rev., 5.00%, 10/1/2025		25,000		28,648


Total Missouri				1,350,156


Montana — 0.1%

County of Missoula GO, 4.00%, 7/1/2025		50,000		56,887


Nebraska — 1.3%

Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030		320,000		413,373

City of Lincoln, Electric System

Rev., 5.00%, 9/1/2026		85,000		103,712

Rev., 5.00%, 9/1/2028		50,000		61,793

City of Omaha, Sanitary Sewerage System Rev., 5.00%, 4/1/2027		50,000		60,188

Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group Series 2019A, Rev., 4.00%, 1/1/2033		250,000		284,322

Omaha Public Power District, Electric System

Series B, Rev., 5.00%, 2/1/2025		20,000		22,757

Series 2016A, Rev., 5.00%, 2/1/2026		40,000		47,981

Series A, Rev., 5.00%, 2/1/2027		30,000		35,895

Omaha School District, Omaha Public Schools GO, 5.00%, 12/15/2026		30,000		37,127

University of Nebraska Facilities Corp., UNMC Global Center Project Rev., 5.00%, 12/15/2025		35,000		41,939


Total Nebraska				1,109,087


Nevada — 0.7%

City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 9/10/2021 (c)		65,000		66,113


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Nevada — continued

Clark County School District, Limited Tax

Series A, GO, 5.00%, 6/15/2032		95,000		118,285

Series A, GO, 4.00%, 6/15/2035		90,000		105,131

County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax Rev., 5.00%, 7/1/2028		25,000		31,182

County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033		155,000		199,934

Truckee Meadows Water Authority Rev., 5.00%, 7/1/2029		50,000		62,288


Total Nevada				582,933


New Hampshire — 0.4%

New Hampshire Business Finance Authority, Springpoint Senior Living Project Rev., 4.00%, 1/1/2025		290,000		322,158


New Jersey — 3.5%

Burlington County Bridge Commission, Governmental Leasing Program Rev., 5.00%, 4/1/2029		250,000		324,013

City of New Brunswick GO, 4.00%, 3/15/2024		10,000		10,946

City of North Wildwood GO, 5.00%, 8/1/2022		10,000		10,438

New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2028		260,000		311,779

New Jersey Economic Development Authority, School Facilities Construction Series II, Rev., 5.00%, 3/1/2022 (d)		115,000		117,801

New Jersey Transportation Trust Fund Authority Series 2020AA, Rev., 4.00%, 6/15/2035		130,000		155,588

New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., 4.00%, 12/15/2031		250,000		296,966

New Jersey Turnpike Authority Series D, Rev., 5.00%, 1/1/2028		200,000		240,676

Passaic County Improvement Authority (The), City of Paterson Project Rev., 5.00%, 6/15/2025		10,000		11,719

State of New Jersey, COVID-19 Emergency Bonds GO, 5.00%, 6/1/2028		1,000,000		1,273,176

Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		265,000		329,169


Total New Jersey				3,082,271

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	119

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New Mexico — 0.9%

City of Albuquerque, General Purpose Series 2016A, GO, 5.00%, 7/1/2023		75,000		81,666

City of Albuquerque, Gross Receipts Tax Series 2015A, Rev., 5.00%, 7/1/2026		240,000		282,078

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund

Series 2016C, Rev., 5.00%, 6/1/2022		30,000		31,101

Series 2016E, Rev., 5.00%, 6/1/2024		25,000		28,265

New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2108A, Rev., 5.00%, 6/15/2027		100,000		124,971

New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Series 2015A, Rev., 5.00%, 8/1/2025		25,000		29,468

University of New Mexico (The), Subordinate Lien System Improvement Rev., 5.00%, 6/1/2028		140,000		173,153


Total New Mexico				750,702


New York — 6.6%

Build NYC Resource Corp., New World Preparatory Charter School Project

Series 2021A, Rev., 4.00%, 6/15/2041		100,000		111,476

Series 2021A, Rev., 4.00%, 6/15/2051		150,000		164,501

City of New York, Fiscal Year 2008 Series 2008L, Subseries L-5, GO, 5.00%, 4/1/2034		300,000		398,516

City of New York, Fiscal Year 2013

Series 2013J, GO, 5.00%, 8/1/2023		40,000		43,722

Series I, GO, 5.00%, 8/1/2023		25,000		27,327

City of New York, Fiscal Year 2014 Series 2014E, GO, 5.00%, 8/1/2027		35,000		38,179

City of New York, Fiscal Year 2017 Series C, GO, 4.00%, 8/1/2022		10,000		10,357

County of Onondaga GO, 5.00%, 3/15/2026		20,000		22,495

Erie County Water Authority Rev., 5.00%, 12/1/2027		30,000		37,014

Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2025		175,000		206,667

Metropolitan Transportation Authority Series 2018C, Subseries 2018C-2, Rev., BAN, 5.00%, 9/1/2021		350,000		350,000

Metropolitan Transportation Authority, Dedicated Tax Fund Series 2016A, Rev., 5.00%, 11/15/2023		315,000		348,386

Monroe County Industrial Development Corp., Highland Hospital of Rochester Project Rev., 5.00%, 7/1/2022		195,000		202,701


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Monroe County Industrial Development Corp., Rochester Schools Modernization Project Rev., 5.00%, 5/1/2030		80,000		92,528

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 Series S-2A, Rev., 5.00%, 7/15/2025		50,000		59,066

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015

Series C, Rev., 5.00%, 11/1/2022		25,000		26,420

Series 2015A-1, Rev., 5.00%, 8/1/2029		50,000		56,801

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017E1, Rev., 5.00%, 2/1/2030		150,000		183,978

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 1, Rev., 5.00%, 11/1/2026		25,000		30,783

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019C-1, Rev., 5.00%, 11/1/2034		110,000		141,636

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2013

Series 2013H, Rev., 5.00%, 11/1/2023		50,000		54,062

Series 2013G, Rev., 5.00%, 11/1/2026		30,000		32,390

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		33,429

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		148,250

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2017

Series C, Rev., 4.00%, 11/1/2024		45,000		50,374

Subseries A-1, Rev., 5.00%, 5/1/2029		65,000		78,396

Series B, Subseries B-1, Rev., 5.00%, 8/1/2030		195,000		236,269

New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2038		25,000		31,405

New York State Dormitory Authority, Cornell University, Green Bonds Series 2019D, Rev., 5.00%, 7/1/2033		135,000		192,660

New York State Dormitory Authority, Maimonides Medical Center, FHA-Insured Mortgage Hospital Rev., FHA, 5.00%, 8/1/2024		275,000		314,045

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New York — continued

New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., 4.00%, 9/1/2050		100,000		113,778

New York State Dormitory Authority, State Personal Income Tax, General Purpose

Series 2015E, Rev., 5.00%, 3/15/2022		25,000		25,662

Series 2015A, Rev., 4.00%, 3/15/2023 (d)		25,000		26,484

Series 2018A, Rev., 5.00%, 3/15/2031		25,000		32,009

New York State Dormitory Authority, State University Dormitory Facilities Series 2018A, Rev., 5.00%, 7/1/2024		300,000		340,144

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		131,488

New York State Urban Development Corp., State Personal Income Tax, General Purpose

Series 2016A, Rev., 5.00%, 3/15/2026		45,000		54,270

Series 2017A, Rev., 5.00%, 3/15/2026		125,000		150,749

Series 2020C, Rev., 5.00%, 3/15/2026		45,000		54,270

Series 2016A, Rev., 5.00%, 3/15/2027		30,000		36,023

Series 2013A-1, Rev., 5.00%, 3/15/2028		25,000		26,825

Series 2016A, Rev., 5.00%, 3/15/2028		75,000		89,945

Series 2017-A, Rev., 5.00%, 3/15/2028		150,000		185,668

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		203,055

Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023		200,000		204,209

Port Authority of New York and New Jersey, Consolidated Series 205, Rev., 5.00%, 11/15/2028		30,000		37,896

Smithtown Central School District GO, 5.00%, 8/1/2022		70,000		73,147

Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 5.13%, 11/1/2041 (c)		340,000		357,358


Total New York				5,866,813


North Carolina — 1.4%

County of Davidson GO, 5.00%, 6/1/2027		35,000		43,717

County of Randolph, Limited Obligation Rev., 5.00%, 10/1/2030		245,000		328,525


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

County of Wayne, Limited Obligation Rev., 5.00%, 6/1/2024		25,000		28,243

North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (b)		300,000		359,270

North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024		400,000		443,566

State of North Carolina, Build NC Programs, Limited Obligation Series C, Rev., 5.00%, 5/1/2024		25,000		28,213


Total North Carolina				1,231,534


North Dakota — 0.0% (e)

North Dakota Public Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 10/1/2021		25,000		25,099


Ohio — 4.8%

American Municipal Power, Inc., Greenup Hydroelectric Projects Series 2016A, Rev., 5.00%, 2/15/2030		25,000		29,588

Bowling Green State University, General Receipts Series 2016A, Rev., 5.00%, 6/1/2024		25,000		28,162

Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2048		250,000		287,124

City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt Series 2020A, Rev., 4.00%, 8/1/2022		150,000		155,148

City of Reynoldsburg, Limited Tax, Capital Facilities GO, 5.00%, 12/1/2026		15,000		18,411

County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series A, Rev., 4.00%, 7/1/2033		205,000		242,358

Ohio Higher Educational Facility Commission, Denison University Project Series A, Rev., 5.00%, 11/1/2025		75,000		88,984

Ohio Higher Educational Facility Commission, Tiffin University 2019 Project Rev., 5.00%, 11/1/2034		125,000		145,738

Ohio Higher Educational Facility Commission, University of Findlay 2019 Project

Rev., 5.00%, 3/1/2027		55,000		64,613

Rev., 5.00%, 3/1/2034		160,000		190,079

Ohio Higher Educational Facility Commission, Xavier University 2020 Project

Rev., 5.00%, 5/1/2023		195,000		209,719

Rev., 5.00%, 5/1/2024		245,000		274,188

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	121

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Ohio — continued

Ohio Turnpike and Infrastructure Commission, Junior Lien Series A, Rev., 5.00%, 2/15/2027		135,000		166,658

Ohio Water Development Authority, Drinking Water Assistance

Rev., 5.25%, 12/1/2021		10,000		10,128

Series 2021A, Rev., 5.00%, 12/1/2033		625,000		849,604

Ohio Water Development Authority, Fresh Water Series 2016B, Rev., 5.00%, 6/1/2026		30,000		36,450

Ohio Water Development Authority, Water Pollution Control Loan Fund Series A, Rev., 5.00%, 12/1/2026		45,000		55,599

South-Western City School District, School Facilities Construction and Improvement GO, 5.00%, 6/1/2022 (d)		160,000		165,842

State of Ohio, Capital Facilities Lease Appropriation Mental Health Facilities Improvement Fund Projects Series 2018A, Rev., 5.00%, 6/1/2025		25,000		29,359

State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2028		25,000		31,736

State of Ohio, Infrastructure Improvement Series A, GO, 5.00%, 9/1/2028		25,000		32,292

State of Ohio, Natural Resources Series V, GO, 5.00%, 10/1/2027		35,000		44,160

Youngstown State University, General Receipts Rev., AGM, 4.00%, 12/15/2031		875,000		1,101,217


Total Ohio				4,257,157


Oklahoma — 0.5%

Cleveland County Educational Facilities Authority, Norman Public Schools Project Rev., 5.00%, 6/1/2025		150,000		175,298

Oklahoma Capitol Improvement Authority, Capitol Repair Project

Series C, Rev., 5.00%, 1/1/2030		10,000		12,397

Series 2018C, Rev., 5.00%, 1/1/2036		45,000		55,033

Oklahoma Capitol Improvement Authority, State Highway, Capital Improvement

Rev., 5.00%, 10/1/2021		50,000		50,197

Rev., 5.00%, 7/1/2024		100,000		113,290

Oklahoma Water Resources Board, Clean Water Program Rev., 5.00%, 4/1/2023		35,000		37,691


Total Oklahoma				443,906


Oregon — 1.2%

County of Multnomah Series 2021A, GO, 5.00%, 6/15/2029		750,000		987,490


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oregon — continued

Hillsboro School District No. 1J GO, 5.00%, 6/15/2028		25,000		31,354

Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax Series A, Rev., 5.00%, 9/1/2030		45,000		56,411


Total Oregon				1,075,255


Pennsylvania — 5.0%

Aliquippa School District, Limited Tax GO, 3.88%, 12/1/2037		200,000		226,549

Berks County Industrial Development Authority, The Highlands at Wyomissing Series 2017A, Rev., 5.00%, 5/15/2037		250,000		293,612

Bucks County Community College Authority Series 2019A, Rev., GTD, 5.00%, 6/15/2033		35,000		43,797

Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2024		35,000		39,097

Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2035		225,000		276,264

County of Chester GO, 5.00%, 11/15/2027		30,000		38,101

County of Lehigh, Lehigh Valley Health Network Hospital Series A, Rev., 4.00%, 7/1/2035		175,000		197,440

Delaware Valley Regional Finance Authority, Local Government Series 2021A, Rev., 2.00%, 10/1/2029		125,000		132,484

Erie City Water Authority Series 2019D, Rev., 5.00%, 12/1/2027		65,000		81,069

Geisinger Authority, Health System

Series 2020B, Rev., 5.00%, 2/15/2027 (b)		250,000		302,985

Series 2020A, Rev., 4.00%, 4/1/2039		335,000		392,896

Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc., Project Rev., 5.00%, 3/1/2040		250,000		287,534

Montgomery County Higher Education and Health Authority, Arcadia University Rev., 5.00%, 4/1/2034		250,000		314,093

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2038		135,000		155,680

Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2027		185,000		219,759

Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series 2017AU-1, Rev., 5.00%, 6/15/2026		70,000		84,636

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Pennsylvania — continued

Pennsylvania Turnpike Commission

Series A-1, Rev., 5.00%, 12/1/2029		105,000		132,421

Series A-1, Rev., 5.00%, 12/1/2031		60,000		74,741

Series 2020B, Rev., 5.00%, 12/1/2033		280,000		371,937

Seneca Valley School District Series 2015C, GO, 5.00%, 3/1/2028		30,000		34,836

State Public School Building Authority, Delaware County Community College Project Rev., 5.00%, 10/1/2027		25,000		30,344

Township of Palmer

Series 2020C, GO, 4.00%, 11/15/2031		300,000		358,217

Series 2020C, GO, 4.00%, 11/15/2032		275,000		326,912

Township of Upper St. Clair Series A, GO, 4.00%, 6/1/2025		20,000		22,671


Total Pennsylvania				4,438,075


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		95,462


South Carolina — 0.5%

Charleston County Airport District Rev., 5.00%, 7/1/2035		250,000		320,892

South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033		125,000		137,812

South Carolina Jobs-Economic Development Authority, Wofford College Project Rev., 5.00%, 4/1/2029		10,000		12,676


Total South Carolina				471,380


South Dakota — 0.1%

City of Rapid City, Sales Tax Rev., 5.00%, 12/1/2023		25,000		27,667

South Dakota Board of Regents, Housing and Auxiliary Facility System Rev., 5.00%, 4/1/2027		35,000		42,410

South Dakota Conservancy District, State Revolving Fund Program Rev., 5.00%, 8/1/2025		35,000		41,315


Total South Dakota				111,392


Tennessee — 1.6%

City of Johnson City Series 2016A, GO, 5.00%, 6/1/2023		15,000		16,271

City of Memphis, Sanitary Sewerage System Series 2020B, Rev., 5.00%, 10/1/2033		535,000		714,086

City of Murfreesboro GO, 4.00%, 4/1/2025		25,000		27,412


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Tennessee — continued

County of Maury GO, 5.00%, 4/1/2027		40,000		49,681

County of Montgomery, Public Improvement GO, 5.00%, 4/1/2027		25,000		31,066

County of Robertson GO, 5.00%, 6/1/2025		25,000		29,359

County of Sullivan GO, 5.00%, 5/1/2026		30,000		36,306

County of Washington Series 2016A, GO, 4.00%, 6/1/2027		50,000		58,106

County of Williamson GO, 5.00%, 4/1/2024		20,000		22,488

Metropolitan Government of Nashville and Davidson County

GO, 5.00%, 7/1/2022 (d)		20,000		20,803

Series 2015A, GO, 5.00%, 7/1/2025		10,000		11,778

Metropolitan Government of Nashville and Davidson County, Electric System Series 2017A, Rev., 5.00%, 5/15/2024		10,000		11,295

Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project

Series 2019A, Rev., 5.00%, 10/1/2029		150,000		160,769

Series 2019A, Rev., 5.50%, 10/1/2034		150,000		163,135

State of Tennessee Series A, GO, 5.00%, 9/1/2024 (d)		25,000		28,584

Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 (b)		20,000		21,124


Total Tennessee				1,402,263


Texas — 6.6%

Alamo Community College District, Limited Tax GO, 5.00%, 2/15/2024		75,000		83,843

Board of Regents of the University of Texas System, Financing System

Series 2016D, Rev., 5.00%, 8/15/2024		50,000		56,983

Series 2020A, Rev., 5.00%, 8/15/2030		250,000		336,611

Brushy Creek Regional Utility Authority, Inc., Brushy Creek Regional Water Treatment and Distribution Project Rev., 5.00%, 8/1/2026		85,000		102,714

City of Austin, Airport System Series 2019B, Rev., AMT, 5.00%, 11/15/2029		240,000		313,371

City of Corpus Christi, Certificates of Obligation Series 2016A, GO, 4.00%, 3/1/2026		200,000		230,786

City of Houston, Combined Utility System, First Lien Series 2018D, Rev., 5.00%, 11/15/2030		45,000		57,582

City of Hutto, Waterworks and Sewer System GO, 5.00%, 8/1/2026		80,000		96,801

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	123

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

City of League City, Combination Tax, Certificates of Obligation GO, 5.00%, 2/15/2027		20,000		23,981

City of Pflugerville, Limited Tax GO, 5.00%, 8/1/2026		25,000		30,413

City of San Angelo GO, 5.00%, 2/15/2027		20,000		24,630

City of San Antonio, General Improvement GO, 5.00%, 2/1/2022 (d)		75,000		76,520

City of San Marcos, Combination Tax, Certificates of Obligation GO, 5.00%, 8/15/2031		170,000		210,893

Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc.

Rev., PSF-GTD, 5.00%, 4/1/2029		100,000		129,775

Rev., PSF-GTD, 5.00%, 4/1/2030		185,000		244,927

Rev., PSF-GTD, 4.00%, 4/1/2031		175,000		214,607

Clint Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2024		25,000		27,915

County of Fort Bend, Unlimited Tax Series 2016B, GO, 5.00%, 3/1/2022		35,000		35,855

County of Harris, Unlimited Tax Series 2017A, GO, 5.00%, 10/1/2026		25,000		30,621

County of Hays, Limited Tax GO, 5.00%, 2/15/2026		20,000		23,942

County of Montgomery, Unlimited Tax GO, 5.00%, 3/1/2025		25,000		29,077

County of Williamson, Limited Tax GO, 5.00%, 2/15/2026		40,000		48,138

Cypress-Fairbanks Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025		20,000		23,246

Dallas Fort Worth International Airport Rev., 5.00%, 11/1/2022		100,000		105,657

Laredo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2024		25,000		28,424

Los Fresnos Consolidated Independent School District GO, PSF-GTD, 5.00%, 8/15/2026		520,000		632,193

Lower Colorado River Authority, LCRA Transmission Services Corp. Project Rev., 5.00%, 5/15/2035		155,000		193,019

Metropolitan Transit Authority of Harris County Sales and Use Tax, Contractual Obligations Series B, Rev., 5.00%, 11/1/2029		25,000		31,237

Metropolitan Transit Authority of Harris County, Sales and Use Tax Series 2017A, Rev., 5.00%, 11/1/2025		45,000		53,637


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

North East Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2025		20,000		23,634

North Texas Municipal Water District, Wastewater System Rev., 5.00%, 6/1/2027		20,000		24,981

Northside Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024		65,000		74,202

Old Spanish Trail-Alemda Corridors Redevelopment Authority Rev., 5.00%, 9/1/2028		125,000		156,233

Pearland Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2023		25,000		26,746

Permanent University Fund — University of Texas System Series A, Rev., 5.00%, 7/1/2024		85,000		96,477

Prosper Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2037		25,000		31,290

San Antonio Water System, Junior Lien Series A, Rev., 5.00%, 5/15/2025		25,000		29,302

Sherman Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2030		25,000		31,626

Socorro Independent School District, Unlimited Tax Series 2017A, GO, PSF-GTD, 5.00%, 8/15/2028		50,000		62,404

State of Texas, Transportation Commission Mobility Fund Series 2015-A, GO, 5.00%, 10/1/2024		50,000		57,314

Stephen F Austin State University, Financing System Series 2019A, Rev., 5.00%, 10/15/2026		60,000		73,201

Tarrant Regional, Water Control and Improvement District, Water System

Rev., 5.00%, 3/1/2025		25,000		29,172

Texas A&M University, Financing System Series E, Rev., 5.00%, 5/15/2030		155,000		191,056

Texas Public Finance Authority, Midwestern State University Series 2016A, Rev., 5.00%, 12/1/2025		100,000		118,552

Texas Tech University System Series A, Rev., 5.00%, 2/15/2024		35,000		39,090

Texas Water Development Board, State Revolving Fund Rev., 5.00%, 8/1/2027		150,000		188,209

Texas Water Development Board, Water Implementation Fund

Series 2017A, Rev., 5.00%, 4/15/2028		40,000		50,577

Series 2018A, Rev., 5.00%, 10/15/2028		235,000		299,687

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

Trinity River Authority, Central Regional Wastewater System Rev., 5.00%, 8/1/2034		145,000		179,805

Trinity River Authority, Water Project Rev., 5.00%, 2/1/2026		60,000		71,738

Uptown Development Authority, Tax Increment Contract Rev., 4.00%, 9/1/2032		400,000		482,468


Total Texas				5,835,162


Utah — 2.6%

City of Park City, Sales Tax Rev., 5.00%, 6/15/2022		30,000		31,141

City of South Jordan, Sales Tax Rev., 5.00%, 8/15/2029		45,000		59,267

County of Summit, Sales Tax Rev., 5.00%, 12/15/2023		70,000		77,762

Jordan Valley Water Conservancy District Series 2019A, Rev., 5.00%, 10/1/2029		25,000		30,495

Military Installation Development Authority, Tax Allocation and Hotel Tax Series 2021A-1, Rev., 4.00%, 6/1/2041		125,000		131,017

Snyderville Basin Special Recreation District GO, 4.00%, 12/15/2025		100,000		115,342

University of Utah (The)

Series B, Rev., 5.00%, 8/1/2023 (d)		25,000		27,291

Series 2020A, Rev., 5.00%, 8/1/2031		830,000		1,110,349

Utah Charter School Finance Authority, Summit Academy Incorporated Series A, Rev., 5.00%, 4/15/2030		110,000		136,388

Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., 5.00%, 6/15/2041 (c)		150,000		174,995

Utah Transit Authority, Sales Tax Series A, Rev., BHAC-CR, MBIA, 5.00%, 6/15/2035		295,000		411,053

Washington County Water Conservancy District Series 2017A, Rev., 5.00%, 10/1/2021		10,000		10,040


Total Utah				2,315,140


Vermont — 0.0% (e)

Vermont Municipal Bond Bank, Local Investment Bonds Series 2019-2, Rev., 5.00%, 12/1/2025		25,000		29,917


Virginia — 1.0%

City of Richmond, Public Improvement Series B, GO, 5.00%, 7/15/2027		175,000		220,001

Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2030		25,000		32,051


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

County of Spotsylvania, Public Improvement GO, 5.00%, 7/15/2029		85,000		109,231

Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2010D, Rev., 5.00%, 7/1/2030 (b)		200,000		261,248

Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2017B, Rev., 5.00%, 2/1/2024		75,000		83,804

Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program Series 2014A, Rev., 5.00%, 9/1/2024 (d)		100,000		114,337

Virginia Commonwealth Transportation Board, Capital Projects Rev., 5.00%, 5/15/2023		35,000		37,915

Virginia Public Building Authority, Public Facilities Series A, Rev., 5.00%, 8/1/2022		25,000		26,124

Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2013-C, Rev., 5.00%, 11/1/2023		35,000		38,647


Total Virginia				923,358


Washington — 2.8%

Benton County School District No. 17 Kennewick, Unlimited Tax GO, 5.00%, 12/1/2024		45,000		51,829

Central Puget Sound Regional Transit Authority, Sales and Use Tax, Green Bond Series 2015S-1, Rev., 5.00%, 11/1/2024		30,000		34,507

City of Bonney Lake, Water & Sewer System Rev., 4.00%, 12/1/2030		10,000		11,501

City of Richland, Waterworks Utility

Rev., 4.00%, 11/1/2022		10,000		10,457

City of Seattle, Drainage and Wastewater System Improvement Rev., 4.00%, 4/1/2026		20,000		23,253

City of Seattle, Water System Rev., 5.00%, 8/1/2024		35,000		39,903

City of University Place, Limited Tax GO, 5.00%, 12/1/2026		85,000		102,385

Clark County School District No. 101 La Center, Unlimited Tax GO, 5.00%, 12/1/2029		50,000		63,775

County of King, Limited Tax

Series A, GO, 5.00%, 7/1/2025		50,000		57,864

Series B, GO, 5.00%, 12/1/2025		20,000		22,157

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	125

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Washington — continued

County of Snohomish, Limited Tax GO, 5.00%, 12/1/2025		10,000		11,723

Energy Northwest Series 2017A, Rev., 5.00%, 7/1/2028		55,000		68,708

Energy Northwest, Bonneville Power Administrator Series 2016-A, Rev., 5.00%, 7/1/2028		25,000		30,268

Franklin County School District No. 1 Pasco, Unlimited Tax GO, 5.00%, 12/1/2030		175,000		221,117

King County Public Hospital District No. 2, Evergreen Healthcare GO, 5.00%, 12/1/2031		105,000		120,162

King County School District No. 403 Renton, Unlimited Tax GO, 5.00%, 12/1/2022		100,000		103,669

King County School District No. 405 Bellevue, Unlimited Tax

GO, 5.00%, 12/1/2021		30,000		30,365

GO, 5.00%, 12/1/2026		20,000		24,652

King County School District No. 411 Issaquah, Unlimited Tax GO, 5.00%, 12/1/2024		35,000		40,385

Mason County School District No. 309 Shelton, Unlimited Tax GO, 5.00%, 12/1/2029		45,000		56,118

Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2027		65,000		77,928

Pierce County School District No. 3 Puyallup, Unlimited Tax GO, 5.00%, 12/1/2031		305,000		375,824

Pierce County School District No. 416 White River, Unlimited Tax GO, 5.00%, 12/1/2025		50,000		59,718

Snohomish County School District No. 15 Edmonds, Unlimited Tax

GO, 5.00%, 12/1/2025		25,000		29,870

GO, 5.00%, 12/1/2027		25,000		29,824

Snohomish County School District No. 4 Lake Stevens, Unlimited Tax GO, 5.00%, 12/1/2024		25,000		28,767

Spokane County School District No. 354, Unlimited Tax GO, 5.00%, 12/1/2024		20,000		23,063

State of Washington, Motor Vehicle Fuel Tax Series 2016C, GO, 5.00%, 7/1/2026		100,000		119,767

State of Washington, State and Local Agency Real and Personal Property Series 2015-C, COP, 5.00%, 1/1/2029		55,000		65,117

State of Washington, Various Purpose Series 2015G, GO, 5.00%, 7/1/2026		125,000		144,502


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2028		30,000		38,591

Washington Higher Education Facilities Authority, Seattle University Project

Rev., 5.00%, 5/1/2022		200,000		206,126

Rev., 5.00%, 5/1/2023		125,000		134,284


Total Washington				2,458,179


West Virginia — 1.5%

West Virginia Parkways Authority, Senior Lien Turnpike Toll Rev., 5.00%, 6/1/2034		1,000,000		1,341,549


Wisconsin — 3.6%

City of Milwaukee, Promissory Notes Series N4 & B5, GO, 5.00%, 4/1/2023		85,000		91,451

Hamilton School District, School Building and Improvement GO, 5.00%, 4/1/2025		60,000		70,089

Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 4.00%, 11/15/2037		300,000		353,053

Public Finance Authority, Blue Ridge Healthcare Facilities

Series 2020A, Rev., 5.00%, 1/1/2022		175,000		177,755

Series 2020A, Rev., 5.00%, 1/1/2023		300,000		318,916

Public Finance Authority, Piedmont Community Charter School Rev., 5.00%, 6/15/2039		200,000		237,259

Public Finance Authority, Scotland Healthcare System Series 2021A, Rev., 5.00%, 10/1/2027		770,000		950,289

Public Finance Authority, Ultimate Medical Academy Project Series 2019A, Rev., 5.00%, 10/1/2029 (c)		150,000		188,124

State of Wisconsin

Series B, GO, 4.00%, 5/1/2023		40,000		42,592

Series 1, GO, 5.00%, 11/1/2024		40,000		46,023

Series 2, GO, 5.00%, 11/1/2026		50,000		60,640

State of Wisconsin, Clean Water Fund Leveraged Loan Portfolio

Series 1, Rev., 5.00%, 6/1/2023 (d)		25,000		27,092

Rev., 5.00%, 6/1/2024 (d)		65,000		73,505

State of Wisconsin, Environmental Improvement Fund

Series A, Rev., 5.00%, 6/1/2025		35,000		41,203

Series A, Rev., 5.00%, 6/1/2026		20,000		24,321

Village of Pleasant Prairie GO, 4.00%, 8/1/2024		10,000		11,052

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Wisconsin — continued

Wisconsin Department of Transportation

Series 2, Rev., 5.00%, 7/1/2031		180,000		222,634

Series 2, Rev., 5.00%, 7/1/2032		50,000		61,726

Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019A, Rev., 5.00%, 11/1/2029		150,000		168,105


Total Wisconsin				3,165,829


Total Municipal Bonds (Cost $80,376,727)				83,608,212


	SHARES
Short-term Investments — 4.8%

Investment Companies — 4.8%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02%(f) (g) (Cost $4,303,907)		4,301,791		4,303,941

Total Investments — 99.1% (Cost $84,680,634)				87,912,153
Other Assets Less Liabilities — 0.9%				778,327

NET ASSETS — 100.0%				88,690,480

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 August 31, 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.
(f)		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.
(g)		The rate shown is the current yield as of August 31, 2021.

Futures contracts outstanding as of August 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Short Contracts

U.S. Treasury 10 Year Ultra Note

(16

)

12/2021

USD

(2,367,500

)

(7,924

)

Abbreviations

USD

United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	127

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 36.7%

Aerospace & Defense — 0.5%

Boeing Co. (The)

4.88%, 5/1/2025		200,000		223,571

2.20%, 2/4/2026		125,000		125,470

BWX Technologies, Inc.

4.13%, 6/30/2028 (a)		45,000		46,237

4.13%, 4/15/2029 (a)		60,000		61,725

Howmet Aerospace, Inc. 5.90%, 2/1/2027		50,000		58,922

Moog, Inc. 4.25%, 12/15/2027 (a)		25,000		25,688

TransDigm, Inc. 6.25%, 3/15/2026 (a)		60,000		63,000


				604,613


Airlines — 0.1%

American Airlines, Inc.

5.50%, 4/20/2026 (a)		12,000		12,648

5.75%, 4/20/2029 (a)		24,750		26,727

Delta Air Lines, Inc. 4.75%, 10/20/2028 (a)		35,000		39,025

United Airlines, Inc. 4.38%, 4/15/2026 (a)		53,000		54,982


				133,382


Auto Components — 0.3%

Allison Transmission, Inc. 5.88%, 6/1/2029 (a)		40,000		44,000

American Axle & Manufacturing, Inc.

6.50%, 4/1/2027 (b)		50,000		52,500

5.00%, 10/1/2029		30,000		29,991

Clarios Global LP

6.75%, 5/15/2025 (a)		60,000		63,525

6.25%, 5/15/2026 (a)		36,000		37,935

Dana, Inc. 5.38%, 11/15/2027		50,000		52,750

Goodyear Tire & Rubber Co. (The) 5.25%, 4/30/2031		39,000		41,681

Icahn Enterprises LP 5.25%, 5/15/2027		40,000		41,548


				363,930


Automobiles — 1.1%

BMW US Capital LLC (Germany) 3.90%, 4/9/2025 (a)		150,000		164,824

Ford Motor Co. 9.63%, 4/22/2030		165,000		235,163

Hyundai Capital America

4.13%, 6/8/2023 (a)		150,000		158,777

2.65%, 2/10/2025 (a)		250,000		261,201

1.80%, 10/15/2025 (a)		200,000		202,475

Nissan Motor Co. Ltd. (Japan) 3.52%, 9/17/2025 (a)		200,000		213,947

Volkswagen Group of America Finance LLC (Germany) 3.35%, 5/13/2025 (a)		200,000		215,359


				1,451,746


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Banks — 9.9%

ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		200,000		223,660

AIB Group plc (Ireland)

(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a) (c)		200,000		214,855

Australia & New Zealand Banking Group Ltd. (Australia)

4.40%, 5/19/2026 (a)		250,000		282,600

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.29%), 2.95%, 7/22/2030 (a) (c)		200,000		208,979

Banco Continental SAECA (Paraguay) 2.75%, 12/10/2025 (a)		150,000		148,688

Banco Santander SA (Spain)

2.75%, 5/28/2025		400,000		421,746

5.18%, 11/19/2025		200,000		229,004

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (c)		200,000		212,002

(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (c)		250,000		257,465

(SOFR + 0.96%), 1.73%, 7/22/2027 (c)		230,000		233,069

Banque Centrale de Tunisie International Bond (Tunisia) 5.75%, 1/30/2025 (d)		200,000		176,250

Barclays plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (c)		200,000		203,800

(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c)		600,000		646,615

BNP Paribas SA (France)

(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (a) (c)		200,000		217,673

4.38%, 9/28/2025 (a)		200,000		221,243

CIT Group, Inc. 6.13%, 3/9/2028		35,000		42,930

Citigroup, Inc.

(SOFR + 0.67%), 0.98%, 5/1/2025 (c)		85,000		85,383

(SOFR + 2.84%), 3.11%, 4/8/2026 (c)		200,000		213,888

(SOFR + 0.77%), 1.12%, 1/28/2027 (c)		85,000		84,253

Citizens Bank NA 2.25%, 4/28/2025		250,000		261,613

Credit Agricole SA (France)

4.38%, 3/17/2025 (a)		200,000		219,492

(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (c)		250,000		255,886

Danske Bank A/S (Denmark)

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.03%), 1.17%, 12/8/2023 (a) (c)		200,000		201,017

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Banks — continued

Federation des Caisses Desjardins du Quebec (Canada) 2.05%, 2/10/2025 (a)		200,000		207,042

HSBC Holdings plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		200,000		211,453

(SOFR + 0.53%), 0.73%, 8/17/2024 (c)		270,000		270,462

(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025 (c)		250,000		268,078

(SOFR + 1.54%), 1.64%, 4/18/2026 (c)		200,000		202,501

ING Groep NV (Netherlands) (SOFR + 1.01%), 1.73%, 4/1/2027 (c)		200,000		203,009

Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (c)		200,000		208,338

Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025		200,000		208,026

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (c)		200,000		201,276

Mizuho Financial Group Cayman 3 Ltd. (Japan) 4.60%, 3/27/2024 (a)		300,000		326,577

Mizuho Financial Group, Inc. (Japan)

(SOFR + 1.25%), 1.24%, 7/10/2024 (c)		200,000		202,483

(SOFR + 1.24%), 2.84%, 7/16/2025 (c)		200,000		211,008

4.35%, 10/20/2025 (a)		200,000		222,278

Natwest Group plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (c)		200,000		204,238

(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c)		200,000		213,545

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (c)		210,000		211,292

Santander UK Group Holdings plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.08%), 3.37%, 1/5/2024 (c)		200,000		207,151

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (c)		650,000		653,078

Societe Generale SA (France)

3.88%, 3/28/2024 (a)		200,000		214,584

4.25%, 4/14/2025 (a)		400,000		434,441


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a)(c)		200,000		198,932

Standard Chartered plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a)(c)		200,000		209,411

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (a)(c)		250,000		249,518

(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a)(c)		200,000		209,001

Sumitomo Mitsui Financial Group, Inc. (Japan)

4.44%, 4/2/2024 (a)		400,000		434,138

2.35%, 1/15/2025		200,000		208,836

Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.85%, 3/25/2024 (a)		200,000		200,959

UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a)(c)		200,000		200,174

Wells Fargo & Co. (ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (c)		150,000		155,701

Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (c)		150,000		156,098


				12,565,739


Beverages — 0.2%

Constellation Brands, Inc. 4.25%, 5/1/2023		150,000		158,961

Keurig Dr Pepper, Inc. 0.75%, 3/15/2024		85,000		85,102


				244,063


Biotechnology — 0.0% (e)

Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)		35,000		34,125


Building Products — 0.2%

Builders FirstSource, Inc. 6.75%, 6/1/2027 (a)		25,000		26,687

Griffon Corp. 5.75%, 3/1/2028		50,000		53,060

Standard Industries, Inc. 4.75%, 1/15/2028 (a)		90,000		93,445

Summit Materials LLC 5.25%, 1/15/2029 (a)		35,000		37,056


				210,248

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	129

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Capital Markets — 2.8%

Credit Suisse Group AG (Switzerland)

(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c)		250,000		260,219

(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)		250,000		256,489

Deutsche Bank AG (Germany)

(SOFR + 2.16%), 2.22%, 9/18/2024 (c)		150,000		153,925

1.69%, 3/19/2026		150,000		151,901

Goldman Sachs Group, Inc. (The)

(SOFR + 0.57%), 0.67%, 3/8/2024 (c)		200,000	��	200,326

3.50%, 1/23/2025		200,000		215,444

3.50%, 4/1/2025		100,000		108,270

Macquarie Bank Ltd. (Australia) 2.30%, 1/22/2025 (a)		150,000		156,921

Macquarie Group Ltd. (Australia)

(SOFR + 0.91%), 1.63%, 9/23/2027 (a) (c)		140,000		140,603

Morgan Stanley

(SOFR + 0.62%), 0.73%, 4/5/2024 (c)		160,000		160,494

(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		200,000		210,526

(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		150,000		155,901

(SOFR + 0.86%), 1.51%, 7/20/2027 (c)		335,000		336,332

MSCI, Inc. 4.00%, 11/15/2029 (a)		35,000		37,450

Nomura Holdings, Inc. (Japan)

1.85%, 7/16/2025		200,000		204,483

1.65%, 7/14/2026		200,000		200,188

UBS Group AG (Switzerland)

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 1.01%, 7/30/2024 (a) (c)		400,000		402,560

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a) (c)		270,000		269,673


				3,621,705


Chemicals — 0.7%

Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)		150,000		157,494

Braskem Netherlands Finance BV (Brazil) 4.50%, 1/31/2030 (d)		200,000		213,895

Celanese US Holdings LLC 1.40%, 8/5/2026		75,000		74,872


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Chemicals — continued

CF Industries, Inc. 4.95%, 6/1/2043		85,000		104,855

Chemours Co. (The)

5.38%, 5/15/2027		30,000		32,581

5.75%, 11/15/2028 (a)		40,000		42,400

Element Solutions, Inc. 3.88%, 9/1/2028 (a)		70,000		71,400

NOVA Chemicals Corp. (Canada)

5.00%, 5/1/2025 (a)		35,000		37,187

4.25%, 5/15/2029 (a)		30,000		30,150

Olin Corp. 5.63%, 8/1/2029		30,000		33,107

Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		40,000		41,800


				839,741


Commercial Services & Supplies — 0.5%

ACCO Brands Corp. 4.25%, 3/15/2029 (a)		35,000		35,170

Allied Universal Holdco LLC 6.63%, 7/15/2026 (a)		35,000		37,406

Aramark Services, Inc. 5.00%, 2/1/2028 (a)		35,000		36,394

Brink’s Co. (The) 4.63%, 10/15/2027 (a)		35,000		36,761

Garda World Security Corp. (Canada) 4.63%, 2/15/2027 (a)		60,000		60,150

GFL Environmental, Inc. (Canada)

3.75%, 8/1/2025 (a)		55,000		56,650

3.50%, 9/1/2028 (a)		25,000		24,944

Madison IAQ LLC 4.13%, 6/30/2028 (a)		80,000		80,439

Nielsen Finance LLC 5.63%, 10/1/2028 (a)		55,000		57,819

Prime Security Services Borrower LLC 5.75%, 4/15/2026 (a)		100,000		108,184

Stericycle, Inc. 3.88%, 1/15/2029 (a)		60,000		61,063


				594,980


Communications Equipment — 0.1%

CommScope, Inc. 6.00%, 3/1/2026 (a)		65,000		68,198

Plantronics, Inc. 4.75%, 3/1/2029 (a)		35,000		33,508


				101,706


Construction & Engineering — 0.1%

Dycom Industries, Inc. 4.50%, 4/15/2029 (a)		25,000		25,687

MasTec, Inc. 4.50%, 8/15/2028 (a)		45,000		47,363

Weekley Homes LLC 4.88%, 9/15/2028 (a)		40,000		41,450


				114,500

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Consumer Finance — 1.7%

AerCap Ireland Capital DAC (Ireland)

4.88%, 1/16/2024		200,000		217,071

2.88%, 8/14/2024		200,000		208,588

Avolon Holdings Funding Ltd. (Ireland)

5.25%, 5/15/2024 (a)		200,000		219,287

5.50%, 1/15/2026 (a)		125,000		141,396

Capital One Financial Corp. 3.20%, 2/5/2025		150,000		161,324

Ford Motor Credit Co. LLC 4.27%, 1/9/2027		225,000		240,750

General Motors Financial Co., Inc.

1.05%, 3/8/2024		75,000		75,472

3.95%, 4/13/2024		400,000		428,952

4.00%, 1/15/2025		150,000		163,119

Navient Corp. 7.25%, 9/25/2023		35,000		38,452

OneMain Finance Corp. 7.13%, 3/15/2026		45,000		52,594

Park Aerospace Holdings Ltd. (Ireland)

4.50%, 3/15/2023 (a)		100,000		104,945

5.50%, 2/15/2024 (a)		150,000		164,590


				2,216,540


Containers & Packaging — 0.4%

Ardagh Packaging Finance plc 4.13%, 8/15/2026 (a)		200,000		207,940

Ball Corp. 4.88%, 3/15/2026		35,000		39,287

Graphic Packaging International LLC 1.51%, 4/15/2026 (a)		70,000		70,037

Greif, Inc. 6.50%, 3/1/2027 (a)		45,000		47,259

LABL, Inc. 6.75%, 7/15/2026 (a)		40,000		42,000

Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a)		45,000		45,337

Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)		25,000		26,965

Reynolds Group Issuer, Inc. 4.00%, 10/15/2027 (a)		55,000		54,979

Sealed Air Corp. 4.00%, 12/1/2027 (a)		30,000		32,175


				565,979


Diversified Consumer Services — 0.0% (e)

Service Corp. International 5.13%, 6/1/2029		45,000		49,070


Diversified Financial Services — 0.3%

Element Fleet Management Corp. (Canada)

1.60%, 4/6/2024 (a)		145,000		147,187

3.85%, 6/15/2025 (a)		200,000		215,860

Sabre GLBL, Inc. 9.25%, 4/15/2025 (a)		50,000		57,625


				420,672


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — 1.1%

Altice France SA (France) 5.13%, 7/15/2029 (a)		200,000		202,204

CCO Holdings LLC

5.00%, 2/1/2028 (a)		245,000		256,662

4.75%, 3/1/2030 (a)		210,000		222,197

Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a)		40,000		42,759

Level 3 Financing, Inc. 4.63%, 9/15/2027 (a)		70,000		72,187

Lumen Technologies, Inc. 4.00%, 2/15/2027 (a)		180,000		184,725

NBN Co. Ltd. (Australia) 1.45%, 5/5/2026 (a)		200,000		201,343

Sprint Capital Corp. 8.75%, 3/15/2032		75,000		114,857

Switch Ltd. 4.13%, 6/15/2029 (a)		55,000		56,719

Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033		35,000		41,124

Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (a)		45,000		44,491


				1,439,268


Electric Utilities — 1.2%

Enel Finance International NV (Italy) 1.38%, 7/12/2026 (a)		200,000		200,557

Eskom Holdings SOC Ltd. (South Africa) 6.75%, 8/6/2023 (d)		200,000		208,700

NextEra Energy Capital Holdings, Inc. 0.65%, 3/1/2023		115,000		115,444

NRG Energy, Inc.

3.75%, 6/15/2024 (a)		200,000		213,309

6.63%, 1/15/2027		80,000		82,978

Pacific Gas and Electric Co. 1.37%, 3/10/2023		130,000		129,614

PG&E Corp. 5.00%, 7/1/2028		40,000		39,700

Southern California Edison Co. 1.10%, 4/1/2024		150,000		150,601

Vistra Operations Co. LLC

3.55%, 7/15/2024 (a)		350,000		370,229

5.50%, 9/1/2026 (a)		45,000		46,285

4.38%, 5/1/2029 (a)		29,000		29,435


				1,586,852


Electrical Equipment — 0.0% (e)

EnerSys 4.38%, 12/15/2027 (a)		25,000		26,250


Electronic Equipment, Instruments & Components — 0.1%

CDW LLC 4.25%, 4/1/2028		35,000		36,662

Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)		40,000		42,900


				79,562

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	131

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Energy Equipment & Services — 0.0% (e)

Oceaneering International, Inc. 4.65%, 11/15/2024		25,000		25,469


Entertainment — 0.2%

Cinemark USA, Inc. 5.25%, 7/15/2028 (a)		30,000		28,500

Live Nation Entertainment, Inc. 4.75%, 10/15/2027 (a)		55,000		55,880

Netflix, Inc. 4.88%, 6/15/2030 (a)		90,000		107,715

WMG Acquisition Corp. 3.88%, 7/15/2030 (a)		60,000		63,226


				255,321


Equity Real Estate Investment Trusts (REITs) — 0.7%

American Tower Corp. 2.40%, 3/15/2025		150,000		156,706

Corporate Office Properties LP 2.00%, 1/15/2029		140,000		138,815

Iron Mountain, Inc. 4.88%, 9/15/2027 (a)		30,000		31,238

MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		50,000		54,500

Office Properties Income Trust

2.65%, 6/15/2026		150,000		153,084

2.40%, 2/1/2027		200,000		200,046

RHP Hotel Properties LP 4.75%, 10/15/2027		50,000		52,092

SBA Communications Corp. 3.13%, 2/1/2029 (a)		45,000		44,212

VICI Properties LP 3.50%, 2/15/2025 (a)		65,000		66,625


				897,318


Food & Staples Retailing — 0.3%

Albertsons Cos., Inc. 4.63%, 1/15/2027 (a)		190,000		201,162

Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		50,000		52,063

Rite Aid Corp. 8.00%, 11/15/2026 (a)		65,000		67,025


				320,250


Food Products — 0.3%

Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a)		50,000		55,605

Post Holdings, Inc. 5.63%, 1/15/2028 (a)		75,000		78,938

Viterra Finance BV (Netherlands) 2.00%, 4/21/2026 (a)		200,000		202,074


				336,617


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Gas Utilities — 0.2%

AmeriGas Partners LP 5.88%, 8/20/2026		55,000		61,875

CenterPoint Energy Resources Corp. 0.70%, 3/2/2023		250,000		250,035


				311,910


Health Care Equipment & Supplies — 0.1%

Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		60,000		63,444

Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a)		40,000		41,900

Hologic, Inc. 3.25%, 2/15/2029 (a)		40,000		40,988


				146,332


Health Care Providers & Services — 1.2%

Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)		65,000		68,575

AdaptHealth LLC 4.63%, 8/1/2029 (a)		60,000		60,168

Centene Corp. 4.63%, 12/15/2029		265,000		290,676

Community Health Systems, Inc.

6.00%, 1/15/2029 (a)		75,000		79,969

4.75%, 2/15/2031 (a)		85,000		86,709

CVS Health Corp. 4.10%, 3/25/2025		150,000		165,301

DaVita, Inc. 4.63%, 6/1/2030 (a)		75,000		78,387

Encompass Health Corp. 4.75%, 2/1/2030		45,000		47,981

HCA, Inc.

5.38%, 9/1/2026		175,000		201,871

5.63%, 9/1/2028		65,000		77,513

Highmark, Inc. 1.45%, 5/10/2026 (a)		130,000		130,148

Tenet Healthcare Corp.

5.13%, 11/1/2027 (a)		155,000		163,137

4.25%, 6/1/2029 (a)		110,000		112,397


				1,562,832


Hotels, Restaurants & Leisure — 0.8%

1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a)		50,000		50,625

Boyd Gaming Corp. 8.63%, 6/1/2025 (a)		25,000		27,120

Boyne USA, Inc. 4.75%, 5/15/2029 (a)		40,000		41,300

Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)		45,000		47,284

Carnival Corp. 9.88%, 8/1/2027 (a)		50,000		57,625

Cedar Fair LP

5.50%, 5/1/2025 (a)		30,000		31,275

5.38%, 4/15/2027		30,000		30,750

Gohl Capital Ltd. (Malaysia) 4.25%, 1/24/2027 (d)		200,000		211,788

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Hotels, Restaurants & Leisure — continued

Hilton Worldwide Finance LLC 4.88%, 4/1/2027		50,000		51,870

Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a)		40,000		40,396

MGM Resorts International 5.50%, 4/15/2027		40,000		43,538

Royal Caribbean Cruises Ltd. 9.13%, 6/15/2023 (a)		50,000		54,500

Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		45,000		46,285

Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		55,000		55,595

Station Casinos LLC 5.00%, 10/1/2025 (a)		65,000		65,731

Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		35,000		37,292

Wynn Resorts Finance LLC 7.75%, 4/15/2025 (a)		50,000		53,125

Yum! Brands, Inc.

7.75%, 4/1/2025 (a)		30,000		32,322

4.63%, 1/31/2032		8,000		8,695


				987,116


Household Durables — 0.4%

Lennar Corp. 4.75%, 5/30/2025		150,000		167,643

Newell Brands, Inc. 4.70%, 4/1/2026 (f)		40,000		44,700

PulteGroup, Inc. 5.50%, 3/1/2026		150,000		174,870

Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)		60,000		61,500


				448,713


Household Products — 0.2%

Central Garden & Pet Co. 4.13%, 4/30/2031 (a)		35,000		35,525

Energizer Holdings, Inc.

4.75%, 6/15/2028 (a)		45,000		46,238

4.38%, 3/31/2029 (a)		50,000		50,143

Spectrum Brands, Inc. 5.00%, 10/1/2029 (a)		50,000		52,500


				184,406


Independent Power and Renewable Electricity Producers — 0.1%

Calpine Corp. 4.50%, 2/15/2028 (a)		65,000		66,950


Insurance — 1.0%

Athene Global Funding

0.95%, 1/8/2024 (a)		350,000		352,095

0.91%, 8/19/2024 (a)		295,000		295,475

2.50%, 1/14/2025 (a)		200,000		209,350

Equitable Financial Life Global Funding 0.80%, 8/12/2024 (a)		230,000		230,462


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — continued

Jackson National Life Global Funding 3.88%, 6/11/2025 (a)		150,000		164,962


				1,252,344


IT Services — 0.3%

Arches Buyer, Inc. 4.25%, 6/1/2028 (a)		55,000		55,894

Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)		65,000		65,812

Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (a)		35,000		36,077

Gartner, Inc.

3.63%, 6/15/2029 (a)		45,000		46,317

3.75%, 10/1/2030 (a)		30,000		31,392

Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)		50,000		51,750

Square, Inc.

2.75%, 6/1/2026 (a)		17,000		17,489

3.50%, 6/1/2031 (a)		42,000		43,680


				348,411


Leisure Products — 0.0% (e)

Mattel, Inc.

3.38%, 4/1/2026 (a)		14,000		14,543

3.75%, 4/1/2029 (a)		30,000		31,494


				46,037


Life Sciences Tools & Services — 0.0% (e)

Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)		40,000		41,234


Machinery — 0.1%

RBS Global, Inc. 4.88%, 12/15/2025 (a)		60,000		61,200


Media — 1.2%

Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028 (a)		30,000		31,275

Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (a)		30,000		30,880

CSC Holdings LLC 6.50%, 2/1/2029 (a)		200,000		220,750

DIRECTV Holdings LLC 5.88%, 8/15/2027 (a)		55,000		57,475

DISH DBS Corp.

5.88%, 11/15/2024		50,000		53,750

7.75%, 7/1/2026		310,000		355,089

iHeartCommunications, Inc.

8.38%, 5/1/2027		25,000		26,558

5.25%, 8/15/2027 (a)		40,000		41,912

Lamar Media Corp. 4.00%, 2/15/2030		60,000		61,952

Meredith Corp. 6.88%, 2/1/2026		50,000		51,813

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	133

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Media — continued

News Corp. 3.88%, 5/15/2029 (a)		29,000		29,819

Nexstar Media, Inc. 5.63%, 7/15/2027 (a)		70,000		74,319

Outfront Media Capital LLC 6.25%, 6/15/2025 (a)		22,000		23,366

Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)		40,000		40,210

Sinclair Television Group, Inc. 4.13%, 12/1/2030 (a)		35,000		34,213

Sirius XM Radio, Inc.

5.00%, 8/1/2027 (a)		55,000		57,681

5.50%, 7/1/2029 (a)		120,000		131,400

TEGNA, Inc. 5.00%, 9/15/2029		30,000		31,760

Univision Communications, Inc. 4.50%, 5/1/2029 (a)		59,000		59,850

Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a)		45,000		46,856


				1,460,928


Metals & Mining — 0.6%

Alcoa Nederland Holding BV 6.13%, 5/15/2028 (a)		200,000		217,500

Allegheny Technologies, Inc. 5.88%, 12/1/2027		30,000		31,462

Arconic Corp. 6.13%, 2/15/2028 (a)		85,000		90,860

Cleveland-Cliffs, Inc.

6.75%, 3/15/2026 (a)		40,000		42,900

4.63%, 3/1/2029 (a)		20,000		21,050

FMG Resources August 2006 Pty. Ltd. (Australia)

4.50%, 9/15/2027 (a)		30,000		32,550

Freeport-McMoRan, Inc.

4.38%, 8/1/2028		80,000		84,800

4.63%, 8/1/2030		100,000		110,250

Glencore Funding LLC (Australia) 1.63%, 9/1/2025 (a)		90,000		91,021

Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		30,000		31,125

Novelis Corp. 4.75%, 1/30/2030 (a)		35,000		37,275


				790,793


Multiline Retail — 0.0% (e)

Nordstrom, Inc. 2.30%, 4/8/2024		20,000		20,131


Multi-Utilities — 0.0% (e)

Puget Energy, Inc. 2.38%, 6/15/2028 (a)		50,000		50,655


Oil, Gas & Consumable Fuels — 2.8%

Antero Midstream Partners LP

7.88%, 5/15/2026 (a)		20,000		22,025

5.38%, 6/15/2029 (a)		30,000		30,711


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Antero Resources Corp. 7.63%, 2/1/2029 (a)		35,000		38,500

Apache Corp. 4.88%, 11/15/2027		45,000		49,178

APT Pipelines Ltd. (Australia) 4.20%, 3/23/2025 (a)		350,000		384,076

Buckeye Partners LP 4.13%, 12/1/2027		40,000		41,100

Cheniere Corpus Christi Holdings LLC 5.13%, 6/30/2027		150,000		174,450

Cheniere Energy Partners LP 4.50%, 10/1/2029		50,000		53,875

Chesapeake Energy Corp. 5.88%, 2/1/2029 (a)		40,000		42,700

CNX Resources Corp. 6.00%, 1/15/2029 (a)		60,000		62,480

Continental Resources, Inc. 5.75%, 1/15/2031 (a)		35,000		42,656

DCP Midstream Operating LP 5.63%, 7/15/2027		40,000		45,453

DT Midstream, Inc. 4.13%, 6/15/2029 (a)		55,000		56,375

Ecopetrol SA (Colombia) 5.38%, 6/26/2026		100,000		109,925

Endeavor Energy Resources LP 5.50%, 1/30/2026 (a)		40,000		41,409

Energean Israel Finance Ltd. (Israel)

4.50%, 3/30/2024 (d)		12,000		12,216

4.88%, 3/30/2026 (d)		10,000		10,242

Energy Transfer LP 4.05%, 3/15/2025		105,000		113,741

EnLink Midstream Partners LP 4.15%, 6/1/2025		40,000		41,199

EQM Midstream Partners LP

4.00%, 8/1/2024		30,000		30,675

6.00%, 7/1/2025 (a)		40,000		43,200

EQT Corp. 3.90%, 10/1/2027		60,000		64,775

Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a)		150,000		154,391

Greenko Dutch BV (India) 3.85%, 3/29/2026 (a)		200,000		203,913

Hess Midstream Operations LP 5.63%, 2/15/2026 (a)		70,000		72,686

Indigo Natural Resources LLC 5.38%, 2/1/2029 (a)		45,000		46,462

Leviathan Bond Ltd. (Israel) 6.13%, 6/30/2025 (d)		50,000		54,338

Lundin Energy Finance BV (Netherlands) 2.00%, 7/15/2026 (a)		200,000		201,554

MPLX LP 4.88%, 12/1/2024		150,000		166,903

NGL Energy Operating LLC 7.50%, 2/1/2026 (a)		30,000		30,450

SEE NOTES TO FINANCIAL STATEMENTS.



134	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Oil, Gas & Consumable Fuels — continued

NuStar Logistics LP 5.63%, 4/28/2027		60,000		63,811

Occidental Petroleum Corp.

5.88%, 9/1/2025		45,000		50,628

6.13%, 1/1/2031		130,000		157,196

Petroleos Mexicanos (Mexico)

4.25%, 1/15/2025		100,000		101,550

4.50%, 1/23/2026		100,000		101,100

6.88%, 8/4/2026		30,000		32,691

Range Resources Corp.

4.88%, 5/15/2025		40,000		41,400

9.25%, 2/1/2026		20,000		21,870

Southwestern Energy Co. 7.50%, 4/1/2026		55,000		58,300

Sunoco LP 5.88%, 3/15/2028		45,000		47,531

Tallgrass Energy Partners LP

5.50%, 9/15/2024 (a)		60,000		60,954

7.50%, 10/1/2025 (a)		25,000		26,937

6.00%, 12/31/2030 (a)		85,000		86,455

Targa Resources Partners LP 6.88%, 1/15/2029		150,000		168,630

Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026 (a)		25,000		28,038

Western Midstream Operating LP 4.75%, 8/15/2028		55,000		60,517


				3,549,266


Paper & Forest Products — 0.1%

Fibria Overseas Finance Ltd. (Brazil) 5.50%, 1/17/2027		100,000		115,455


Personal Products — 0.1%

Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		35,000		37,056

Prestige Brands, Inc. 5.13%, 1/15/2028 (a)		40,000		41,900


				78,956


Pharmaceuticals — 0.6%

Bausch Health Americas, Inc.

9.25%, 4/1/2026 (a)		310,000		334,025

8.50%, 1/31/2027 (a)		120,000		129,054

Bausch Health Cos., Inc. 4.88%, 6/1/2028 (a)		95,000		97,612

Jazz Securities DAC 4.38%, 1/15/2029 (a)		200,000		207,250

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		50,000		50,625


				818,566


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Real Estate Management & Development — 0.0% (e)

Kennedy-Wilson, Inc. 4.75%, 3/1/2029		50,000		51,715


Road & Rail — 0.4%

Avis Budget Car Rental LLC

5.75%, 7/15/2027 (a) (b)		45,000		46,969

4.75%, 4/1/2028 (a)		35,000		36,083

Triton Container International Ltd. (Bermuda)

1.15%, 6/7/2024 (a)		200,000		199,975

2.05%, 4/15/2026 (a)		184,000		185,642

XPO Logistics, Inc. 6.25%, 5/1/2025 (a)		50,000		52,813


				521,482


Semiconductors & Semiconductor Equipment — 0.3%

Broadcom Corp. 3.88%, 1/15/2027		150,000		165,527

Marvell Technology, Inc. 1.65%, 4/15/2026 (a)		125,000		125,835

ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		40,000		42,028


				333,390


Software — 0.1%

CDK Global, Inc. 4.88%, 6/1/2027		35,000		36,750

Fair Isaac Corp. 4.00%, 6/15/2028 (a)		35,000		36,225

Nuance Communications, Inc. 5.63%, 12/15/2026		30,000		31,134

SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		35,000		37,063


				141,172


Specialty Retail — 0.5%

Asbury Automotive Group, Inc. 4.50%, 3/1/2028		40,000		41,590

Bath & Body Works, Inc.

5.25%, 2/1/2028		45,000		50,400

7.50%, 6/15/2029		20,000		23,225

6.75%, 7/1/2036		25,000		31,852

Gap, Inc. (The) 8.88%, 5/15/2027 (a)		30,000		34,462

Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)		55,000		55,963

Lithia Motors, Inc.

4.63%, 12/15/2027 (a)		35,000		37,100

4.38%, 1/15/2031 (a)		35,000		37,975

Penske Automotive Group, Inc.

3.50%, 9/1/2025		30,000		31,038

3.75%, 6/15/2029		25,000		25,438

PetSmart, Inc. 4.75%, 2/15/2028 (a)		250,000		260,312

Staples, Inc. 7.50%, 4/15/2026 (a)		45,000		45,563


				674,918

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	135

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Technology Hardware, Storage & Peripherals — 0.1%

NCR Corp.

5.13%, 4/15/2029 (a)		9,000		9,332

6.13%, 9/1/2029 (a)		55,000		59,950

Seagate HDD Cayman 4.88%, 6/1/2027		50,000		55,937

Western Digital Corp. 4.75%, 2/15/2026		25,000		27,937


				153,156


Textiles, Apparel & Luxury Goods — 0.0% (e)

William Carter Co. (The) 5.63%, 3/15/2027 (a)		35,000		36,575


Thrifts & Mortgage Finance — 1.1%

BPCE SA (France)

5.70%, 10/22/2023 (a)		400,000		439,429

2.38%, 1/14/2025 (a)		250,000		259,817

4.50%, 3/15/2025 (a)		200,000		221,166

Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a)		50,000		52,687

Nationwide Building Society (United Kingdom)

(ICE LIBOR USD 3 Month + 1.06%), 3.77%, 3/8/2024 (a) (c)		200,000		209,113

(ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024 (a) (c)		200,000		213,367

Quicken Loans LLC 3.63%, 3/1/2029 (a)		50,000		51,063


				1,446,642


Tobacco — 0.3%

Imperial Brands Finance plc (United Kingdom) 3.13%, 7/26/2024 (a)		200,000		210,878

Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025		150,000		166,218


				377,096


Trading Companies & Distributors — 0.9%

Air Lease Corp.

4.25%, 2/1/2024		150,000		161,580

2.30%, 2/1/2025		200,000		206,678

Aviation Capital Group LLC

4.38%, 1/30/2024 (a)		200,000		214,416

5.50%, 12/15/2024 (a)		150,000		169,045

Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		60,000		63,252

Imola Merger Corp. 4.75%, 5/15/2029 (a)		82,000		84,870

United Rentals North America, Inc. 4.88%, 1/15/2028		155,000		164,300

WESCO Distribution, Inc. 7.25%, 6/15/2028 (a)		70,000		77,853


				1,141,994


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wireless Telecommunication Services — 0.4%

Hughes Satellite Systems Corp. 6.63%, 8/1/2026		40,000		45,450

Sprint Corp. 7.63%, 3/1/2026		120,000		147,954

T-Mobile USA, Inc.

3.50%, 4/15/2025		150,000		161,902

2.25%, 2/15/2026		60,000		61,275

4.75%, 2/1/2028		75,000		80,078


				496,659


Total Corporate Bonds (Cost $46,579,005)				46,816,680

U.S. Treasury Obligations — 22.0%

U.S. Treasury Notes

0.13%, 1/31/2023		190,000		189,970

0.13%, 2/28/2023		1,860,000		1,859,273

0.13%, 4/30/2023		260,000		259,827

0.13%, 5/31/2023		3,390,000		3,387,087

0.13%, 6/30/2023		870,000		869,354

0.13%, 7/31/2023		8,445,000		8,435,104

0.13%, 1/15/2024		2,640,000		2,629,894

0.13%, 2/15/2024		2,060,000		2,051,551

0.38%, 4/15/2024		25,000		25,025

0.25%, 5/15/2024		700,000		698,113

0.25%, 6/15/2024		930,000		927,094

0.38%, 7/15/2024		3,480,000		3,479,456

0.38%, 8/15/2024		2,710,000		2,707,883

0.50%, 2/28/2026		15,000		14,864

0.75%, 4/30/2026		400,000		400,313

0.75%, 5/31/2026		80,000		80,022

1.25%, 5/31/2028		100,000		101,313


Total U.S. Treasury Obligations (Cost $28,098,551)				28,116,143

Asset-Backed Securities — 16.8%

ACC Auto Trust Series 2021-A, Class A, 1.08%, 4/15/2027 (a)		412,396		412,873

ACC Trust Series 2020-A, Class A, 6.00%, 3/20/2023 (a)		99,643		101,618

Affirm Asset Securitization Trust Series 2020-A, Class A, 2.10%, 2/18/2025 (a)		225,000		226,272

AIMCO CLO Ltd. (Cayman Islands) Series 2019-10A, Class AR, 1.17%, 7/22/2032 (a) (g)		350,000		350,000

Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (a)		263,000		264,411

SEE NOTES TO FINANCIAL STATEMENTS.



136	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 1.22%, 4/22/2031 (a) (g)		200,000		199,950

Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 1.10%, 7/20/2030 (a) (g)		337,000		336,915

Ballyrock CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R, 1.16%, 7/15/2032 (a) (g)		250,000		249,937

Business Jet Securities LLC Series 2021-1A, Class A, 2.16%, 4/15/2036 (a)		354,464		356,857

CarMax Auto Owner Trust Series 2018-1, Class D, 3.37%, 7/15/2024		185,000		187,393

CarNow Auto Receivables Trust Series 2021-1A, Class C, 2.16%, 2/17/2026 (a)		196,000		196,946

CIFC Funding Ltd. (Cayman Islands)

Series 2012-2RA, Class A1, 0.93%, 1/20/2028 (a) (g)		198,284		198,149

Series 2019-1A, Class AR, 1.23%, 4/20/2032 (a) (g)		250,000		250,330

Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-HP1, Class B, 3.48%, 12/15/2026 ‡ (a)		200,000		203,889

CPS Auto Receivables Trust Series 2021-C, Class C, 1.21%, 6/15/2027 (a)		244,000		243,980

Credit Acceptance Auto Loan Trust Series 2021-3A, Class C, 1.63%, 9/16/2030 (a)		250,000		250,609

Crossroads Asset Trust Series 2021-A, Class C, 1.44%, 1/20/2026 ‡ (a)		125,000		125,150

Dryden Senior Loan Fund (Cayman Islands) Series 2017-49A, Class AR, 1.08%, 7/18/2030 (a) (g)		500,000		500,625

DT Auto Owner Trust

Series 2018-2A, Class E, 5.54%, 6/16/2025 (a)		185,000		192,690

Series 2020-1A, Class D, 2.55%, 11/17/2025 (a)		190,000		195,654

Series 2021-1A, Class D, 1.16%, 11/16/2026 (a)		250,000		249,942

Series 2021-3A, Class D, 1.31%, 5/17/2027 (a)		200,000		199,447

Exeter Automobile Receivables Trust

Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		195,000		201,904

Series 2021-2A, Class D, 1.40%, 4/15/2027		210,000		210,407


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


FCI Funding LLC Series 2021-1A, Class A, 1.13%, 4/15/2033 (a)		140,211		140,363

FHF Trust

Series 2021-2A, Class A, 0.83%, 12/15/2026 (a)		424,000		423,976

Series 2021-1A, Class A, 1.27%, 3/15/2027 (a)		162,545		162,535

First Investors Auto Owner Trust Series 2017-3A, Class D, 3.44%, 3/15/2024 (a)		163,000		165,669

Flagship Credit Auto Trust

Series 2021-1, Class D, 1.27%, 3/15/2027 (a)		225,000		223,435

Series 2021-3, Class C, 1.46%, 9/15/2027 (a)		143,000		143,277

Foundation Finance Trust Series 2021-1A, Class A, 1.27%, 5/15/2041 (a)		174,672		174,068

Foursight Capital Automobile Receivables Trust

Series 2018-1, Class F, 6.82%, 4/15/2025 (a)		160,000		162,727

Series 2018-2, Class F, 6.48%, 6/15/2026 (a)		145,000		150,389

FREED ABS Trust Series 2021-1CP, Class B, 1.41%, 3/20/2028 ‡ (a)		185,000		185,727

FRTKL Series 2021-SFR1, Class D, 2.17%, 9/17/2038 (a)		238,000		237,876

Galaxy CLO Ltd. (Cayman Islands)

Series 2015-19A, Class A1RR, 1.08%, 7/24/2030 (a) (g)		250,000		249,937

Series 2015-21A, Class AR, 1.15%, 4/20/2031 (a) (g)		250,000		250,093

GLS Auto Receivables Issuer Trust Series 2019-4A, Class C, 3.06%, 8/15/2025 (a)		175,000		180,826

Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051 (a)		250,000		249,110

LCM LP (Cayman Islands) Series 14A, Class AR, 1.17%, 7/20/2031 (a) (g)		400,000		400,546

LCM Ltd. (Cayman Islands) Series 26A, Class A1, 1.20%, 1/20/2031 (a) (g)		250,000		250,139

Lendingpoint Asset Securitization Trust Series 2021-A, Class B, 1.46%, 12/15/2028 (a)		203,000		203,203

Lendmark Funding Trust Series 2019-2A, Class A, 2.78%, 4/20/2028 (a)		225,000		230,892

LL ABS Trust

Series 2019-1A, Class B, 3.52%, 3/15/2027 ‡ (a)		163,019		164,063

Series 2021-1A, Class A, 1.07%, 5/15/2029 (a)		289,000		288,987

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	137

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

LMREC LLC Series 2021-CRE4, Class A, 1.19%, 4/22/2037 (a) (g)		184,000		184,023

Longfellow Place CLO Ltd. (Cayman Islands) Series 2013-1A, Class AR3, 1.13%, 4/15/2029 (a) (g)		236,254		236,194

Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)		192,000		193,945

Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (a)		284,000		285,020

Mission Lane Credit Card Master Trust Series 2021-A, Class A, 1.59%, 9/15/2026 (a)		355,000		355,265

MVW LLC

Series 2021-1WA, Class A, 1.14%, 1/22/2041 (a)		218,994		219,454

Series 2021-1WA, Class B, 1.44%, 1/22/2041 ‡ (a)		93,989		94,215

Neuberger Berman CLO Ltd. Series 13-15A, Class A1R2, 0.00%, 10/15/2029 (a) (g) (h)		608,000		608,000

Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2020-37A, Class AR, 1.10%, 7/20/2031 (a) (g)		354,000		353,911

NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027 ‡ (a)		178,000		177,986

NRZ Excess Spread-Collateralized Notes Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (a)		157,592		157,286

Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (a)		172,000		172,591

Pagaya AI Debt Selection Trust

Series 2021-1, Class A, 1.18%, 11/15/2027 (a)		173,809		174,258

Series 2021-HG1, Class A, 1.22%, 1/16/2029 (a)		349,345		349,853

Palmer Square Loan Funding Ltd. (Cayman Islands)

Series 2020-1A, Class A1, 0.93%, 2/20/2028 (a) (g)		142,691		142,169

Series 2021-2A, Class A1, 0.93%, 5/20/2029 (a) (g)		185,056		185,010

PRET LLC Series 2021-NPL3, Class A1, 1.87%, 7/25/2051 (a) (f)		237,063		237,121

Pretium Mortgage Credit Partners I LLC

Series 2021-NPL2, Class A1, 1.99%, 6/27/2060 (a) (g)		260,509		260,534

Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a)(f)		221,874		222,115


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Progress Residential Series 2021-SFR3, Class E1, 2.54%, 5/17/2026 ‡ (a)		200,000		200,927

Progress Residential Trust Series 2021-SFR8, Class E1, 2.38%, 9/17/2038 (a)		350,000		350,243

Republic FInance Issuance Trust Series 2019-A, Class A, 3.43%, 11/22/2027 (a)		175,000		176,629

Santander Drive Auto Receivables Trust

Series 2021-1, Class D, 1.13%, 11/16/2026		190,000		190,961

Series 2021-3, Class D, 1.33%, 9/15/2027		300,000		300,996

Skopos Auto Receivables Trust Series 2019-1A, Class C, 3.63%, 9/16/2024 (a)		175,000		178,076

SoFi Consumer Loan Program Trust Series 2018-4, Class D, 4.76%, 11/26/2027 ‡ (a)		175,000		180,771

Sound Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class AR, 1.19%, 1/20/2032 (a) (g)		400,000		399,900

Symphony CLO Ltd. (Cayman Islands) Series 2016-18A, Class A1RR, 1.25%, 7/23/2033 (a) (g)		250,000		249,937

Upstart Pass-Through Trust

Series 2021-ST4, Class A, 2.00%, 7/20/2027 (a)		205,685		205,679

Series 2021-ST5, Class A, 2.00%, 7/20/2027 (a)		237,785		237,692

Upstart Securitization Trust

Series 2019-3, Class B, 3.83%, 1/21/2030 ‡ (a)		250,000		253,844

Series 2020-1, Class B, 3.09%, 4/22/2030 (a)		200,000		204,021

Series 2021-2, Class B, 1.75%, 6/20/2031‡(a)		275,000		275,796

Series 2021-3, Class A, 0.83%, 7/20/2031 (a)		250,000		250,172

US Auto Funding

Series 2021-1A, Class A, 0.79%, 7/15/2024 (a)		103,000		103,038

Series 2021-1A, Class B, 1.49%, 3/17/2025 (a)		142,000		141,965

VCAT LLC Series 2021-NPL3, Class A1, 1.74%, 5/25/2051 (a) (f)		228,297		228,091

Venture CLO Ltd. (Cayman Islands)

Series 2018-32A, Class A2A, 1.20%, 7/18/2031 (a) (g)		150,000		150,058

SEE NOTES TO FINANCIAL STATEMENTS.



138	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Veros Auto Receivables Trust Series 2021-1, Class A, 0.92%, 10/15/2026 (a)		166,419		166,449

VOLT CIII LLC Series 2021-CF1, Class A1, 1.99%, 8/25/2051 (a) (f)		398,000		398,249

VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a) (f)		167,478		167,935

VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (f)		140,624		140,768

VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (f)		174,973		175,118

VOLT XCVIII LLC Series 2021-NPL7, Class A1, 2.12%, 4/25/2051 (a) (f)		141,162		141,566

Westlake Automobile Receivables Trust

Series 2019-3A, Class E, 3.59%, 3/17/2025 (a)		100,000		103,602

Series 2020-1A, Class D, 2.80%, 6/16/2025 (a)		175,000		180,464

Series 2021-1A, Class C, 0.95%, 3/16/2026 (a)		260,000		260,264

Series 2021-1A, Class D, 1.23%, 4/15/2026 (a)		250,000		250,716


Total Asset-Backed Securities (Cost $21,397,026)				21,416,663

Mortgage-Backed Securities — 9.7%

FHLMC Gold Pools, 30 Year

Pool # G08878, 4.50%, 5/1/2049		456,469		493,778

FHLMC UMBS, 15 Year

Pool # ZS6689, 2.50%, 4/1/2028		298,246		313,469

FNMA UMBS, 15 Year

Pool # FM2072, 3.00%, 12/1/2031		379,211		401,836

Pool # MA4360, 2.00%, 6/1/2036		488,160		505,455

Pool # MA4383, 2.00%, 7/1/2036		98,419		101,906

Pool # MA4403, 2.00%, 8/1/2036		2,512,768		2,601,795

Pool # MA4442, 2.00%, 9/1/2036 (h)		300,000		310,629

FNMA UMBS, 30 Year Pool # BM1285, 4.50%, 5/1/2047		239,155		261,750

FNMA/FHLMC UMBS, Single Family, 15 Year

TBA, 1.50%, 9/25/2036 (h)		1,220,000		1,239,522

TBA, 2.00%, 9/25/2036 (h)		2,860,000		2,959,390

TBA, 2.50%, 9/25/2036 (h)		1,030,000		1,077,087

FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 3.00%, 9/25/2051 (h)		200,000		209,211

GNMA II, 30 Year

Pool # MA7257, 3.50%, 3/20/2051		188,334		199,967

Pool # MA7419, 3.00%, 6/20/2051		593,878		622,252

Pool # MA7472, 2.50%, 7/20/2051		458,471		475,634


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # MA7534, 2.50%, 8/20/2051		100,000		103,815

Pool # MA7535, 3.00%, 8/20/2051		460,000		482,731


Total Mortgage-Backed Securities (Cost $12,348,457)				12,360,227

Commercial Mortgage-Backed Securities — 7.0%

Beast Mortgage Trust Series 2021-1818, Class B, 1.70%, 3/15/2036 ‡ (a) (g)		179,000		179,462

Citigroup Commercial Mortgage Trust

Series 2014-GC19, Class D, 5.26%, 3/10/2047 ‡ (a) (g)		250,000		266,430

Series 2014-GC23, Class C, 4.58%, 7/10/2047 (g)		200,000		213,208

Series 2015-GC27, Class B, 3.77%, 2/10/2048 ‡		200,000		210,927

Series 2015-GC27, Class C, 4.57%, 2/10/2048 ‡ (g)		440,000		464,276

Series 2015-GC29, Class C, 4.29%, 4/10/2048 ‡ (g)		400,000		429,792

Series 2015-GC31, Class C, 4.19%, 6/10/2048 ‡ (g)		250,000		262,019

COMM Mortgage Trust

Series 2013-CR10, Class AM, 4.52%, 8/10/2046 (a) (g)		200,000		213,349

Series 2015-CR26, Class B, 4.69%, 10/10/2048 ‡ (g)		200,000		220,165

Series 2015-PC1, Class B, 4.46%, 7/10/2050 ‡ (g)		200,000		217,915

Commercial Mortgage Trust Series 2014-CR20, Class C, 4.65%, 11/10/2047 ‡ (g)		100,000		103,703

CSAIL Commercial Mortgage Trust

Series 2015-C4, Class E, 3.71%, 11/15/2048 (g)		325,000		322,321

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K068, Class X1, IO, 0.56%, 8/25/2027 (g)		3,657,260		88,017

Series K028, Class X3, IO, 1.72%, 6/25/2041 (g)		4,629,000		122,908

Series K111, Class X3, IO, 3.29%, 4/25/2048 (g)		405,000		96,727

Series K110, Class X3, IO, 3.52%, 6/25/2048 (g)		380,000		95,473

Series K119, Class X3, IO, 2.82%, 9/25/2048 (g)		460,000		97,280

Series K115, Class X3, IO, 3.06%, 9/25/2048 (g)		430,000		94,914

Series K125, Class X3, IO, 2.75%, 2/25/2049 (g)		460,000		96,387

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	139

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

FREMF Mortgage Trust

Series 2018-K732, Class C, 4.20%, 5/25/2025 (a) (g)		200,000		214,299

Series 2016-K57, Class C, 4.05%, 8/25/2049 (a) (g)		185,000		199,446

Series 2016-K58, Class C, 3.87%, 9/25/2049 (a) (g)		110,000		117,623

Series 2017-K62, Class C, 4.00%, 1/25/2050 (a) (g)		200,000		215,679

GS Mortgage Securities Trust

Series 2016-GS2, Class B, 3.76%, 5/10/2049 (g)		100,000		107,622

Series 2016-GS3, Class C, 4.13%, 10/10/2049 ‡ (g)		165,000		174,147

Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (a) (g)		250,000		245,221

Independence Plaza Trust

Series 2018-INDP, Class A, 3.76%, 7/10/2035 (a)		175,000		185,105

Series 2018-INDP, Class C, 4.16%, 7/10/2035 ‡ (a)		150,000		157,175

JPMBB Commercial Mortgage Securities Trust

Series 2015-C31, Class C, 4.77%, 8/15/2048 ‡ (g)		150,000		160,031

Series 2016-C1, Class D1, 4.40%, 3/15/2049 ‡ (a) (g)		400,000		416,029

JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class D, 4.76%, 3/15/2050 ‡ (a) (g)		275,000		281,759

KKR Industrial Portfolio Trust

Series 2021-KDIP, Class D, 1.35%, 12/15/2037 ‡ (a) (g)		175,000		174,671

Life Mortgage Trust Series 2021-BMR, Class C, 1.20%, 3/15/2038 ‡ (a) (g)		195,000		195,184

MHC Commercial Mortgage Trust

Series 2021-MHC, Class D, 1.70%, 4/15/2038 ‡ (a) (g)		250,000		250,773

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2014-C14, Class D, 5.22%, 2/15/2047 ‡ (a) (g)		175,023		182,207

Series 2015-C24, Class D, 3.26%, 5/15/2048 ‡ (a)		220,000		215,353

Multi-Family Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.78%, 10/15/2049 ‡ (a) (g)		170,785		170,011

PFP Ltd. (Cayman Islands)

Series 2021-7, Class C, 1.75%, 4/14/2038 ‡ (a) (g)		166,492		165,867


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048 ‡		225,000		237,243

Velocity Commercial Capital Loan Trust

Series 2021-2, Class A, 1.52%, 8/25/2051 (a) (g)		368,421		370,984

Wells Fargo Commercial Mortgage Trust Series 2015-LC22, Class D, 4.71%, 9/15/2058 (g)		205,000		209,939

WFRBS Commercial Mortgage Trust

Series 2013-C11, Class C, 4.33%, 3/15/2045 (g)		117,000		120,723

Series 2014-C25, Class B, 4.24%, 11/15/2047 (g)		160,000		171,481

Series 2014-C22, Class C, 3.91%, 9/15/2057 ‡ (g)		225,000		234,816


Total Commercial Mortgage-Backed Securities (Cost $8,951,636)				8,968,661

Collateralized Mortgage Obligations — 4.0%

FHLMC STACR REMIC Trust Series 2020-DNA1, Class M2, 1.78%, 1/25/2050 (a) (g)		224,729		225,676

FHLMC Structured Agency Credit Risk Debt Notes

Series 2021-DNA2, Class M2, 2.35%, 8/25/2033 (a) (g)		100,000		102,281

FHLMC, REMIC

Series 3993, Class BC, 3.50%, 1/15/2027		425,000		459,652

Series 2673, Class PE, 5.50%, 9/15/2033		150,572		172,514

Series 4718, Class DA, 3.00%, 2/15/2047		413,888		433,983

Series 4937, Class MS, IF, IO, 5.97%, 12/25/2049 (g)		410,435		76,460

Series 5021, Class MI, IO, 3.00%, 10/25/2050		567,861		89,660

FHLMC, STRIPS Series 311, Class S1, IF, IO, 5.85%, 8/15/2043 (g)		552,636		93,166

FNMA, Connecticut Avenue Securities

Series 2017-C07, Class 2M2, 2.58%, 5/25/2030 (g)		119,746		121,141

Series 2018-C05, Class 1M2, 2.43%, 1/25/2031 (g)		192,783		194,998

FNMA, REMIC Series 2012-136, Class DL, 3.50%, 12/25/2042		270,000		287,879

GNMA

Series 2021-9, Class MI, IO, 2.50%, 1/20/2051		295,004		35,694

SEE NOTES TO FINANCIAL STATEMENTS.



140	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued

Legacy Mortgage Asset Trust Series 2021-GS3, Class A1, 1.75%, 7/25/2061 (a) (f)		140,714		141,071

LHOME Mortgage Trust

Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (a) (g)		188,000		187,579

NYMT Loan Trust Series 2021-SP1, Class A1, 1.67%, 8/25/2061 (a)		338,000		338,000

PRPM LLC

Series 2021-2, Class A1, 2.12%, 3/25/2026 (a) (g)	��	169,385		169,786

Series 2021-5, Class A1, 1.79%, 6/25/2026 (a) (f)		232,116		232,493

Series 2021-6, Class A1, 1.79%, 7/25/2026 (a) (f)		362,965		362,695

Series 2021-7, Class A1, 1.87%, 8/25/2026 (a) (f)		324,000		324,158

RCO VII Mortgage LLC Series 2021-1, Class A1, 1.87%, 5/25/2026 (a) (f)		131,935		131,875

VCAT LLC

Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (a) (f)		217,810		218,481

Series 2021-NPL4, Class A1, 1.87%, 8/25/2051 (a) (f)		325,000		325,147

Verus Securitization Trust Series 2021-2, Class M1, 2.19%, 2/25/2066 ‡ (a) (g)		144,000		144,713

ZH Trust

Series 2021-1, Class A, 2.25%, 2/18/2027 (a)		205,883		205,974


Total Collateralized Mortgage Obligations (Cost $5,092,923)				5,075,076

Foreign Government Securities — 1.4%

Arab Republic of Egypt (Egypt) 3.88%, 2/16/2026 (a)		200,000		196,000

Dominican Republic Government Bond (Dominican Republic) 6.00%, 7/19/2028 (d)		150,000		171,750

Federal Republic of Nigeria (Nigeria) 6.50%, 11/28/2027 (d)		200,000		210,600

Hashemite Kingdom of Jordan (Jordan) 4.95%, 7/7/2025 (a)		200,000		209,250

Republic of Costa Rica (Costa Rica) 4.38%, 4/30/2025 (d)		200,000		206,850

Republic of Cote d’Ivoire (Ivory Coast) 5.75%, 12/31/2032 (d) (f)		68,195		68,996

Republic of El Salvador (El Salvador) 5.88%, 1/30/2025 (d)		60,000		52,950

Republic of Ghana (Ghana) Zero Coupon, 4/7/2025 (a)		200,000		156,975


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Republic of Iraq (Iraq) 6.75%, 3/9/2023 (d)		200,000		202,912

Republic of Kenya (Kenya) 7.00%, 5/22/2027 (d)		200,000		219,725

Ukraine Government Bond (Ukraine) 7.75%, 9/1/2024 (d)		100,000		109,644


Total Foreign Government SecuritieS (Cost $1,825,708)				1,805,652

Supranational — 0.2%

Africa Finance Corp. (Supranational) 4.38%, 4/17/2026 (d) (Cost $218,805)		200,000		219,481

Municipal Bonds — 0.1%

California — 0.1%

California Housing Finance Series 2021-1, Class X, Rev., 0.80%, 9/20/2021 (g) (Cost $145,687)		2,194,820		150,344


	SHARES

Short-Term Investments — 8.2%

Investment Companies — 7.9%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (i) (j) (Cost $10,110,981)		10,105,928		10,110,981


Investment of Cash Collateral from Securities Loaned — 0.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (i) (j) (Cost $66,775)		66,775		66,775

	PRINCIPAL AMOUNT ($)

U.S. Treasury Obligations — 0.2%

U.S. Treasury Bills 0.04%, 12/23/2021 (k) (l) (Cost $227,968)		228,000		227,966


Total Short-Term Investments (Cost $10,405,724)				10,405,722


Total Investments — 106.1% (Cost $135,063,522)				135,334,649

Liabilities in Excess of Other Assets — (6.1)%				(7,726,890)


NET ASSETS — 100.0%				127,607,759

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	141

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

Abbreviations


ABS		Asset-Backed Securities
CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
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 August 31, 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.
LIBOR		London Interbank Offered Rate
REMIC		Real Estate Mortgage Investment Conduit
Rev.		Revenue
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)		The security or a portion of this security is on loan at August 31, 2021. The total value of securities on loan at August 31, 2021 is $63,969.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2021.
(d)		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.
(e)		Amount rounds to less than 0.1% of net assets.
(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 August 31, 2021.
(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 August 31, 2021.
(h)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(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 August 31, 2021.
(k)		All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(l)		The rate shown is the effective yield as of August 31, 2021.
‡		Value determined using significant unobservable inputs.


Futures contracts outstanding as of August 31, 2021:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note		18			12/2021		USD		3,966,047			2,918

Short Contracts
U.S. Treasury 5 Year Note		(4	)		12/2021		USD		(494,844	)		(758	)
U.S. Treasury 10 Year Note		(36	)		12/2021		USD		(4,803,188	)		(11,326	)
U.S. Treasury 10 Year Ultra Note		(15	)		12/2021		USD		(2,219,531	)		(7,422	)

												(19,506	)

												(16,588	)


Abbreviations

USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



142	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


Centrally Cleared Credit default swap contracts outstanding — sell protection (a) as of August 31, 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 ($)
CDX.NA.HY.36-V1		5.00		Quarterly		6/20/2026		2.77	USD	990,000		92,356		14,478		106,834
CDX.NA.HY.36-V1		5.00		Quarterly		6/20/2026		2.77	USD	215,000		23,117		85		23,202

												115,473		14,563		130,036

(a)

(b)

(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).


Abbreviations

CDX		Credit Default Swap Index
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	143

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — 38.2%

U.S. Treasury Bonds

7.63%, 11/15/2022		6,464,000		7,045,255

7.50%, 11/15/2024		4,598,000		5,635,065

6.88%, 8/15/2025		638,000		794,210

6.63%, 2/15/2027		1,950,000		2,551,453

6.38%, 8/15/2027		4,000,000		5,268,750

6.13%, 11/15/2027		2,819,000		3,698,616

5.25%, 11/15/2028		2,000,000		2,579,688

6.13%, 8/15/2029		2,100,000		2,900,297

5.38%, 2/15/2031		3,169,000		4,340,045

4.50%, 2/15/2036		3,204,000		4,478,591

4.75%, 2/15/2037		206,000		297,927

5.00%, 5/15/2037		4,740,000		7,038,900

4.50%, 5/15/2038		1,209,000		1,724,147

3.50%, 2/15/2039		4,178,000		5,347,187

4.25%, 5/15/2039		20,000		27,984

4.50%, 8/15/2039		996,000		1,435,174

4.38%, 11/15/2039		356,000		506,354

4.63%, 2/15/2040		2,621,000		3,845,908

1.13%, 5/15/2040		5,587,000		4,978,541

4.38%, 5/15/2040		679,000		970,015

1.13%, 8/15/2040		259,000		229,984

1.38%, 11/15/2040		4,139,400		3,833,472

1.88%, 2/15/2041		7,587,000		7,647,459

1.75%, 8/15/2041		271,000		266,723

3.13%, 2/15/2042		1,963,000		2,405,902

2.50%, 2/15/2045		3,395,000		3,782,242

3.00%, 5/15/2045		50,000		60,680

2.50%, 5/15/2046		10,713,000		11,975,125

2.25%, 8/15/2046		1,126,000		1,202,005

3.00%, 2/15/2047		164,000		200,721

3.00%, 2/15/2049		1,782,000		2,199,935

2.25%, 8/15/2049		2,615,000		2,801,319

2.38%, 11/15/2049		3,744,000		4,120,740

1.25%, 5/15/2050		22,959,400		19,483,203

1.38%, 8/15/2050		3,298,000		2,886,781

U.S. Treasury Notes

2.50%, 1/15/2022		7,703,000		7,772,508

1.38%, 1/31/2022		251,000		252,363

1.88%, 1/31/2022		457,000		460,428

1.13%, 2/28/2022		1,559,000		1,567,282

2.25%, 4/15/2022		3,458,000		3,504,872

0.13%, 4/30/2022		2,545,000		2,545,994

0.13%, 6/30/2022		1,112,000		1,112,521

0.13%, 7/31/2022		1,074,000		1,074,503

0.13%, 9/30/2022		9,133,000		9,136,568


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


1.38%, 10/15/2022		50,000		50,713

0.25%, 6/15/2023		6,853,000		6,861,834

1.25%, 7/31/2023		1,541,000		1,572,121

0.13%, 8/15/2023		1,000,000		998,633

1.38%, 8/31/2023		360,000		368,339

1.38%, 9/30/2023		15,802,000		16,179,767

0.13%, 10/15/2023		2,960,000		2,953,294

0.25%, 11/15/2023		38,555,000		38,558,012

2.88%, 11/30/2023		2,077,000		2,198,861

2.25%, 12/31/2023		60,000		62,756

2.63%, 12/31/2023		621,000		654,912

2.25%, 1/31/2024		10,000		10,473

2.50%, 1/31/2024		3,600,000		3,791,531

2.13%, 2/29/2024		10,000		10,455

2.38%, 2/29/2024		3,723,000		3,915,258

2.13%, 3/31/2024		40,000		41,859

2.50%, 5/15/2024		100,000		105,813

2.00%, 5/31/2024		3,850,000		4,023,250

1.75%, 6/30/2024		1,967,000		2,043,836

1.75%, 7/31/2024		10,000		10,398

2.38%, 8/15/2024		2,800,000		2,963,625

1.25%, 8/31/2024		3,403,000		3,489,138

1.88%, 8/31/2024		259,000		270,392

1.50%, 9/30/2024		100,000		103,320

1.50%, 10/31/2024		993,000		1,026,281

1.50%, 11/30/2024		9,437,000		9,755,499

1.75%, 12/31/2024		142,000		147,991

1.38%, 1/31/2025		1,860,000		1,915,073

2.50%, 1/31/2025		450,000		480,586

2.00%, 2/15/2025		530,000		557,121

1.13%, 2/28/2025		1,153,000		1,177,231

0.50%, 3/31/2025		10,632,000		10,618,710

0.38%, 4/30/2025		497,000		493,777

0.25%, 5/31/2025		103,300		102,041

2.88%, 5/31/2025		12,000,000		13,023,750

0.25%, 6/30/2025		1,802,000		1,778,912

0.25%, 7/31/2025		1,696,000		1,672,813

2.00%, 8/15/2025		600,000		632,766

0.25%, 9/30/2025		1,242,000		1,222,594

0.25%, 10/31/2025		6,329,000		6,223,682

2.25%, 11/15/2025		530,000		565,195

0.38%, 11/30/2025		500,000		493,906

0.38%, 12/31/2025		89,000		87,832

2.63%, 12/31/2025		3,319,000		3,595,151

0.38%, 1/31/2026		5,394,000		5,318,147

1.63%, 2/15/2026		516,000		536,922

SEE NOTES TO FINANCIAL STATEMENTS.



144	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

0.50%, 2/28/2026		23,450,000		23,239,317

2.50%, 2/28/2026		136,000		146,838

2.13%, 5/31/2026		200,000		212,906

0.63%, 7/31/2026		4,134,000		4,105,579

1.50%, 8/15/2026		507,000		524,864

1.38%, 8/31/2026		398,000		409,722

1.63%, 10/31/2026		7,151,000		7,449,890

1.63%, 11/30/2026		1,407,000		1,465,588

1.75%, 12/31/2026		3,276,000		3,433,913

2.25%, 2/15/2027		1,300,000		1,397,297

0.63%, 3/31/2027		2,171,000		2,142,675

0.50%, 4/30/2027		507,800		497,049

0.38%, 7/31/2027		9,238,000		8,950,034

2.25%, 8/15/2027		2,000,000		2,154,063

0.50%, 8/31/2027		42,000		40,937

0.50%, 10/31/2027		4,776,000		4,643,168

2.25%, 11/15/2027		400,000		431,125

0.63%, 11/30/2027		3,717,000		3,637,433

0.63%, 12/31/2027		1,227,000		1,199,488

0.75%, 1/31/2028		8,768,000		8,628,260

1.13%, 2/29/2028		2,001,000		2,015,695

2.88%, 5/15/2028		400,000		447,813

2.88%, 8/15/2028		800,000		897,125

1.63%, 8/15/2029		5,982,000		6,194,174

1.75%, 11/15/2029		17,682,000		18,480,453

0.63%, 5/15/2030		1,835,000		1,742,963

0.63%, 8/15/2030		365,000		345,780

0.88%, 11/15/2030		1,470,000		1,420,847

1.25%, 8/15/2031		1,472,000		1,464,410


Total U.S. Treasury Obligations (Cost $414,212,179)				416,371,413

Mortgage-Backed Securities — 27.2%

FHLMC Gold Pools, 15 Year

Pool # G14541, 2.50%, 8/1/2022		4,737		4,954

Pool # J10548, 4.00%, 8/1/2024		25,490		27,034

Pool # J15449, 4.00%, 5/1/2026		109,155		116,167

Pool # G14781, 3.50%, 3/1/2027		61,062		65,216

Pool # G15201, 4.00%, 5/1/2027		24,740		26,256

Pool # J20129, 2.50%, 8/1/2027		97,756		102,678

Pool # G15438, 4.00%, 9/1/2027		18,462		19,591

Pool # G15602, 2.50%, 11/1/2027		72,668		76,034

Pool # E09028, 2.00%, 3/1/2028		111,166		115,445

Pool # J23362, 2.00%, 4/1/2028		107,039		111,161

Pool # G18466, 2.00%, 5/1/2028		15,609		16,209

Pool # G18465, 2.50%, 5/1/2028		30,133		31,654

Pool # G15601, 2.50%, 1/1/2029		68,316		71,507


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # G14957, 3.50%, 1/1/2029		140,435		151,106

Pool # G16570, 4.00%, 7/1/2029		16,824		17,843

Pool # G18540, 2.50%, 2/1/2030		39,036		41,003

Pool # G18556, 2.50%, 6/1/2030		49,011		51,483

Pool # V60840, 3.00%, 6/1/2030		12,979		13,813

Pool # G16622, 3.00%, 11/1/2030		49,421		52,425

Pool # G16019, 3.50%, 12/1/2030		24,204		25,852

Pool # G16044, 2.50%, 1/1/2032		131,559		138,122

Pool # J36524, 3.00%, 3/1/2032		143,876		152,646

Pool # J36660, 3.00%, 3/1/2032		62,108		65,569

Pool # J38270, 2.50%, 1/1/2033		393,675		413,225

Pool # G16568, 2.50%, 4/1/2033		172,169		180,143

FHLMC Gold Pools, 30 Year

Pool # V81680, 4.50%, 12/1/2034		94,790		104,564

Pool # A30892, 5.00%, 1/1/2035		67,495		75,252

Pool # A39210, 5.50%, 10/1/2035		37,930		44,011

Pool # V83754, 5.50%, 1/1/2036		45,221		52,162

Pool # A82255, 5.50%, 9/1/2036		117,822		131,520

Pool # G03381, 5.50%, 9/1/2037		30,700		35,569

Pool # A89760, 4.50%, 12/1/2039		26,113		28,972

Pool # A92197, 5.00%, 5/1/2040		81,167		92,413

Pool # G06856, 6.00%, 5/1/2040		5,306		6,296

Pool # A93359, 4.00%, 8/1/2040		9,142		9,912

Pool # G06222, 4.00%, 1/1/2041		257,305		281,937

Pool # G07794, 5.50%, 6/1/2041		13,664		15,899

Pool # Q03514, 4.50%, 9/1/2041		93,946		105,345

Pool # Q03516, 4.50%, 9/1/2041		31,747		35,599

Pool # Q04088, 3.50%, 10/1/2041		28,444		30,803

Pool # Q04688, 4.00%, 11/1/2041		4,155		4,609

Pool # G08477, 3.50%, 2/1/2042		10,257		11,107

Pool # Q06771, 3.00%, 3/1/2042		45,948		48,990

Pool # C03858, 3.50%, 4/1/2042		118,240		128,772

Pool # Q08646, 3.50%, 6/1/2042		32,604		35,500

Pool # G60737, 4.50%, 8/1/2042		134,795		151,581

Pool # Q11220, 3.50%, 9/1/2042		112,756		122,103

Pool # Q13477, 3.00%, 12/1/2042		143,811		153,427

Pool # Q14321, 3.00%, 12/1/2042		36,230		38,673

Pool # C04420, 3.00%, 1/1/2043		214,441		228,954

Pool # Q14694, 3.00%, 1/1/2043		1,643,439		1,775,331

Pool # G61723, 3.50%, 1/1/2043		87,443		96,328

Pool # C09031, 2.50%, 2/1/2043		119,908		125,647

Pool # V80026, 3.00%, 4/1/2043		62,608		66,819

Pool # Q17374, 4.00%, 4/1/2043		114,107		128,416

Pool # G62033, 4.00%, 11/1/2043		173,150		191,207

Pool # Z40090, 4.50%, 9/1/2044		42,122		47,067

Pool # G60183, 4.00%, 12/1/2044		42,486		46,273

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	145

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # G61769, 4.50%, 12/1/2044		89,375		100,128

Pool # G61617, 4.50%, 1/1/2045		28,945		32,780

Pool # V81760, 4.00%, 5/1/2045		22,968		25,080

Pool # G08651, 4.00%, 6/1/2045		138,627		151,620

Pool # G08653, 3.00%, 7/1/2045		63,452		67,124

Pool # Q35223, 4.00%, 8/1/2045		15,239		16,570

Pool # G08669, 4.00%, 9/1/2045		42,605		46,493

Pool # G60238, 3.50%, 10/1/2045		899,435		979,717

Pool # G60480, 4.50%, 11/1/2045		98,488		109,121

Pool # G60506, 3.50%, 4/1/2046		51,888		56,147

Pool # G08710, 3.00%, 6/1/2046		44,546		47,095

Pool # Q41024, 3.00%, 6/1/2046		652,691		699,902

Pool # Q42045, 3.50%, 7/1/2046		32,471		35,084

Pool # G08724, 2.50%, 9/1/2046		15,700		16,393

Pool # G61070, 3.00%, 9/1/2046		539,399		575,481

Pool # G61730, 3.00%, 9/1/2046		163,210		174,064

Pool # Q42921, 3.50%, 9/1/2046		115,658		124,966

Pool # G61235, 4.50%, 9/1/2046		32,489		36,176

Pool # G08736, 2.50%, 12/1/2046		15,841		16,544

Pool # Q45872, 3.00%, 1/1/2047		470,103		496,106

Pool # G08747, 3.00%, 2/1/2047		217,976		231,580

Pool # G61623, 3.00%, 4/1/2047		31,611		33,429

Pool # G60985, 3.00%, 5/1/2047		114,720		122,814

Pool # G60996, 3.50%, 5/1/2047		10,049		10,888

Pool # Q47884, 4.00%, 5/1/2047		30,035		32,440

Pool # V83233, 4.00%, 6/1/2047		138,385		150,912

Pool # Q49796, 3.50%, 8/1/2047		142,177		154,992

Pool # G08775, 4.00%, 8/1/2047		49,500		53,100

Pool # Q50152, 4.00%, 8/1/2047		121,601		131,417

Pool # Q51268, 3.50%, 10/1/2047		65,394		69,581

Pool # G08787, 3.00%, 11/1/2047		401,564		422,668

Pool # G61681, 3.00%, 12/1/2047		9,284		9,764

Pool # Q52866, 3.00%, 12/1/2047		27,232		29,296

Pool # G08793, 4.00%, 12/1/2047		45,417		48,909

Pool # Q53751, 3.50%, 1/1/2048		121,376		128,805

Pool # G08812, 3.00%, 4/1/2048		14,345		15,076

Pool # G61866, 4.00%, 6/1/2048		33,293		36,619

Pool # G61607, 4.50%, 9/1/2048		159,178		177,215

Pool # G08842, 4.00%, 10/1/2048		20,475		21,902

Pool # G61885, 4.50%, 11/1/2048		41,242		44,706

Pool # G08862, 4.00%, 2/1/2049		33,304		35,655

Pool # Q61487, 4.00%, 2/1/2049		50,796		55,570

Pool # G08876, 3.50%, 5/1/2049		62,055		65,573

FHLMC UMBS, 15 Year

Pool # ZS5890, 4.00%, 7/1/2024		161,943		171,881

Pool # ZK2080, 4.00%, 1/1/2025		51,304		54,407


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # ZA2587, 4.00%, 9/1/2025		13,784		14,624

Pool # ZK2723, 3.50%, 11/1/2025		24,992		26,677

Pool # ZK3540, 3.00%, 9/1/2026		106,402		112,633

Pool # ZS8460, 3.00%, 4/1/2027		26,206		27,804

Pool # SB0031, 3.50%, 10/1/2027		46,088		49,182

Pool # ZS7140, 2.00%, 1/1/2029		281,694		292,369

Pool # ZS7751, 3.00%, 1/1/2029		162,076		171,667

Pool # SB0071, 2.50%, 5/1/2030		40,584		42,602

Pool # ZS7331, 3.00%, 12/1/2030		35,298		37,550

Pool # ZK9070, 3.00%, 11/1/2032		935,924		994,970

Pool # ZS7938, 2.50%, 1/1/2033		95,108		100,536

Pool # SB0256, 4.00%, 11/1/2033		142,412		151,032

Pool # SB0077, 3.50%, 10/1/2034		79,827		85,449

Pool # QN1148, 2.50%, 12/1/2034		89,122		93,961

Pool # SB8031, 2.50%, 2/1/2035		210,716		220,625

Pool # SB0302, 3.00%, 4/1/2035		704,705		754,087

Pool # QN2407, 2.00%, 6/1/2035		174,839		181,033

Pool # SB8500, 2.50%, 7/1/2035		488,352		516,016

Pool # SB0424, 2.00%, 10/1/2035		1,273,603		1,322,091

Pool # RC1712, 1.50%, 12/1/2035		1,452,034		1,478,561

Pool # SB8090, 2.50%, 2/1/2036		1,450,647		1,520,060

Pool # QN6095, 2.00%, 5/1/2036		200,375		207,501

Pool # QN6718, 2.00%, 6/1/2036		350,312		362,724

Pool # QN7057, 2.00%, 7/1/2036		199,541		206,611

FHLMC UMBS, 20 Year

Pool # ZA2277, 3.00%, 9/1/2032		98,903		105,536

Pool # ZJ9491, 3.50%, 12/1/2032		23,792		25,486

Pool # ZS9164, 3.00%, 9/1/2033		577,878		616,544

Pool # SC0107, 3.50%, 11/1/2034		1,378,126		1,499,200

Pool # ZA2463, 3.50%, 6/1/2037		45,850		49,358

Pool # RB5026, 2.50%, 11/1/2039		53,773		56,045

Pool # QK0157, 2.50%, 1/1/2040		17,040		17,714

Pool # RB5032, 2.50%, 2/1/2040		43,666		45,392

Pool # RB5037, 2.50%, 3/1/2040		143,484		149,155

Pool # RB5043, 2.50%, 4/1/2040		103,446		107,570

Pool # RB5048, 2.50%, 5/1/2040		123,683		128,805

Pool # SC0131, 1.50%, 3/1/2041		244,543		244,280

Pool # SC0134, 1.50%, 3/1/2041		246,382		246,116

Pool # RB5117, 1.50%, 7/1/2041		694,079		695,481

FHLMC UMBS, 30 Year

Pool # ZI3765, 5.50%, 11/1/2035		42,263		48,615

Pool # ZS2546, 5.00%, 2/1/2039		24,115		27,626

Pool # ZJ0449, 4.00%, 9/1/2040		28,264		31,061

Pool # ZL3548, 3.50%, 8/1/2042		125,217		135,514

Pool # ZA4209, 3.00%, 4/1/2043		986,635		1,052,808

Pool # ZS3712, 3.50%, 4/1/2043		199,009		219,530

SEE NOTES TO FINANCIAL STATEMENTS.



146	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # ZS4077, 3.50%, 1/1/2044		27,682		30,125

Pool # ZS4592, 4.00%, 11/1/2044		709,789		777,000

Pool # ZS4609, 3.00%, 4/1/2045		52,098		55,049

Pool # ZS9809, 4.50%, 9/1/2045		35,266		39,213

Pool # ZS9589, 4.50%, 12/1/2045		52,318		57,877

Pool # ZS9618, 3.50%, 3/1/2046		621,591		676,869

Pool # ZA4628, 4.00%, 3/1/2046		51,515		56,983

Pool # SD0073, 4.50%, 6/1/2046		76,890		85,496

Pool # ZM1621, 4.50%, 9/1/2046		128,795		143,214

Pool # SD0146, 3.00%, 11/1/2046		178,251		188,307

Pool # ZM2209, 3.50%, 12/1/2046		338,062		360,374

Pool # ZM3134, 3.50%, 5/1/2047		103,920		112,681

Pool # SD0388, 3.50%, 6/1/2047		618,062		676,946

Pool # ZS4729, 3.00%, 8/1/2047		407,525		430,563

Pool # ZM4635, 4.00%, 11/1/2047		612,919		662,333

Pool # SD0225, 3.00%, 12/1/2047		770,386		818,927

Pool # ZT0534, 3.50%, 12/1/2047		409,631		444,709

Pool # ZS4750, 3.00%, 1/1/2048		33,992		35,679

Pool # SD0343, 3.00%, 3/1/2048		1,021,600		1,107,648

Pool # SI2002, 4.00%, 3/1/2048		791,311		851,591

Pool # ZM6887, 3.00%, 5/1/2048		69,223		72,452

Pool # ZM7669, 3.50%, 8/1/2048		94,780		102,703

Pool # ZN4476, 3.50%, 12/1/2048		413,468		438,442

Pool # ZA6286, 4.00%, 2/1/2049		205,033		222,145

Pool # ZT1776, 3.50%, 3/1/2049		37,327		39,435

Pool # ZN5087, 4.00%, 4/1/2049		183,155		198,161

Pool # ZT1864, 4.00%, 4/1/2049		5,378		5,756

Pool # ZT1951, 3.50%, 5/1/2049		12,374		13,073

Pool # ZT1952, 4.00%, 5/1/2049		85,530		91,479

Pool # QA4907, 3.00%, 6/1/2049		185,311		194,961

Pool # ZT2086, 3.50%, 6/1/2049		69,620		73,558

Pool # SD7502, 3.50%, 7/1/2049		185,123		198,856

Pool # SD8001, 3.50%, 7/1/2049		24,565		25,953

Pool # SD7501, 4.00%, 7/1/2049		113,251		124,533

Pool # QA1997, 3.00%, 8/1/2049		26,539		27,782

Pool # RA1202, 3.50%, 8/1/2049		625,359		670,417

Pool # SD8005, 3.50%, 8/1/2049		87,318		92,247

Pool # SD8006, 4.00%, 8/1/2049		58,414		62,481

Pool # SD8023, 2.50%, 11/1/2049		11,924		12,395

Pool # QA4509, 3.00%, 11/1/2049		554,385		581,697

Pool # SD8025, 3.50%, 11/1/2049		253,092		267,392

Pool # SD8029, 2.50%, 12/1/2049		221,265		230,010

Pool # RA1878, 3.50%, 12/1/2049		205,369		216,959

Pool # SD8037, 2.50%, 1/1/2050		582,949		605,989

Pool # QA7416, 3.00%, 2/1/2050		526,569		552,116

Pool # QA7554, 3.00%, 2/1/2050		2,118,417		2,263,026


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # RA2116, 3.00%, 2/1/2050		802,812		852,588

Pool # SD0303, 2.50%, 4/1/2050		913,058		951,976

Pool # QA9653, 3.50%, 5/1/2050		199,802		211,077

Pool # SD8080, 2.00%, 6/1/2050		76,653		77,749

Pool # QB1691, 2.00%, 7/1/2050		1,017,968		1,032,523

Pool # SD8089, 2.50%, 7/1/2050		2,278,399		2,368,450

Pool # SD8083, 2.50%, 8/1/2050		1,673,276		1,739,410

Pool # RA3727, 2.00%, 10/1/2050		2,450,955		2,490,075

Pool # SD8104, 1.50%, 11/1/2050		1,416,002		1,392,542

Pool # RA4197, 2.50%, 12/1/2050		719,297		747,727

Pool # RA4349, 2.50%, 1/1/2051		469,873		488,445

Pool # QB8583, 1.50%, 2/1/2051		1,369,035		1,346,325

Pool # RA4530, 2.50%, 2/1/2051		589,357		621,967

Pool # SD8129, 2.50%, 2/1/2051		916,017		952,222

Pool # SD8140, 2.00%, 4/1/2051		468,957		475,662

Pool # SD8142, 3.00%, 4/1/2051		1,552,139		1,628,034

Pool # SD8145, 1.50%, 5/1/2051		1,180,156		1,160,579

Pool # QC2565, 2.00%, 6/1/2051		1,970,399		1,998,571

Pool # QC3259, 2.00%, 6/1/2051		1,758,941		1,802,037

Pool # SD8155, 2.00%, 7/1/2051		1,490,356		1,511,665

Pool # SD8156, 2.50%, 7/1/2051		743,226		772,601

Pool # SD8163, 3.50%, 8/1/2051		200,273		211,858

Pool # SD8168, 3.00%, 9/1/2051		300,000		314,370

FNMA UMBS, 15 Year

Pool # AC8711, 4.00%, 12/1/2024		276,518		293,427

Pool # AC7007, 4.50%, 1/1/2025		29,482		31,228

Pool # AL9580, 4.00%, 3/1/2025		20,920		22,185

Pool # 932724, 4.00%, 4/1/2025		10,103		10,725

Pool # AE0971, 4.00%, 5/1/2025		42,165		44,714

Pool # AE0939, 3.50%, 2/1/2026		55,382		59,096

Pool # FM2968, 4.00%, 5/1/2026		16,745		17,781

Pool # AJ6632, 3.00%, 11/1/2026		65,137		68,948

Pool # AJ9357, 3.50%, 1/1/2027		136,842		146,175

Pool # AK4047, 3.00%, 2/1/2027		26,450		28,053

Pool # AL4586, 4.00%, 2/1/2027		58,913		62,662

Pool # AO0527, 3.00%, 5/1/2027		37,036		39,324

Pool # AO4400, 2.50%, 7/1/2027		79,114		83,011

Pool # AB5823, 3.50%, 8/1/2027		114,651		122,936

Pool # AL8138, 4.00%, 9/1/2027		34,599		36,800

Pool # AB6811, 2.50%, 10/1/2027		19,261		20,230

Pool # AQ9442, 2.00%, 12/1/2027		39,385		40,891

Pool # AB8447, 2.50%, 2/1/2028		33,152		34,820

Pool # AR4180, 2.50%, 2/1/2028		18,238		19,192

Pool # AL3802, 3.00%, 2/1/2028		104,061		110,313

Pool # AB8787, 2.00%, 3/1/2028		109,856		114,064

Pool # AP6059, 2.00%, 6/1/2028		13,372		13,883

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	147

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # BM5381, 3.00%, 6/1/2028		110,767		117,564

Pool # BM1892, 2.50%, 9/1/2028		34,551		36,281

Pool # AS0761, 3.00%, 10/1/2028		41,586		44,123

Pool # AU6961, 3.00%, 10/1/2028		79,063		83,879

Pool # AL6132, 4.50%, 3/1/2029		13,308		13,982

Pool # FM1105, 2.50%, 6/1/2029		68,831		72,234

Pool # AS3345, 2.00%, 7/1/2029		16,073		16,674

Pool # MA2061, 3.00%, 10/1/2029		93,832		99,578

Pool # FM1465, 3.00%, 5/1/2030		177,424		188,227

Pool # 890666, 2.00%, 6/1/2030		38,633		40,078

Pool # MA2684, 3.00%, 7/1/2031		165,302		175,410

Pool # AL9418, 3.50%, 8/1/2031		57,873		62,552

Pool # BD5647, 2.00%, 11/1/2031		22,214		23,065

Pool # 890776, 3.50%, 11/1/2031		41,016		43,837

Pool # BM5490, 3.50%, 11/1/2031		28,546		30,574

Pool # BM4993, 3.50%, 3/1/2032		64,573		69,239

Pool # BM4741, 3.00%, 4/1/2032		19,375		20,537

Pool # FM1645, 3.00%, 4/1/2032		213,853		227,427

Pool # MA3124, 2.50%, 9/1/2032		55,045		57,759

Pool # FM3099, 3.50%, 9/1/2032		80,685		86,108

Pool # CA0775, 2.50%, 11/1/2032		39,756		41,707

Pool # MA3188, 3.00%, 11/1/2032		29,877		31,660

Pool # BH7081, 2.50%, 12/1/2032		65,247		68,494

Pool # BH8720, 3.50%, 12/1/2032		49,239		53,050

Pool # FM1161, 2.50%, 1/1/2033		60,137		63,217

Pool # FM1691, 2.50%, 1/1/2033		23,721		24,887

Pool # FM2549, 2.50%, 1/1/2033		124,156		130,529

Pool # CA9078, 3.00%, 9/1/2033		832,473		882,001

Pool # FM1123, 4.00%, 9/1/2033		189,624		203,221

Pool # FM2153, 4.00%, 11/1/2033		290,221		307,989

Pool # MA3547, 3.00%, 12/1/2033		10,340		10,920

Pool # BD9105, 4.00%, 1/1/2034		42,083		44,847

Pool # BM5306, 4.00%, 1/1/2034		8,618		9,249

Pool # FM1733, 3.50%, 5/1/2034		912,155		983,216

Pool # FM1842, 3.50%, 6/1/2034		247,832		265,360

Pool # FM6946, 3.00%, 7/1/2034		611,123		647,834

Pool # BO1822, 3.50%, 7/1/2034		102,214		109,495

Pool # MA3764, 2.50%, 9/1/2034		13,741		14,381

Pool # MA3910, 2.00%, 1/1/2035		37,223		38,542

Pool # FM3569, 3.00%, 1/1/2035		182,570		194,134

Pool # FM2708, 3.00%, 3/1/2035		100,408		106,660

Pool # MA4075, Class 177, 2.50%, 7/1/2035		574,773		600,977

Pool # FM4035, 2.50%, 8/1/2035		95,570		100,061

Pool # MA4123, 2.00%, 9/1/2035		169,852		175,870

Pool # CA7497, 2.50%, 10/1/2035		1,672,896		1,764,305


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # FM5396, 2.00%, 12/1/2035		965,495		1,002,905

Pool # BR3349, 1.50%, 1/1/2036		1,731,914		1,767,633

Pool # BR1309, 2.00%, 1/1/2036		952,717		986,471

Pool # FM5537, 2.00%, 1/1/2036		961,538		995,605

Pool # FM5797, 2.00%, 1/1/2036		985,051		1,019,952

Pool # FM5367, 1.50%, 2/1/2036		1,902,581		1,934,114

Pool # MA4261, 2.00%, 2/1/2036		952,295		986,035

Pool # CB0305, 1.50%, 5/1/2036		1,071,115		1,089,693

Pool # FM7843, 1.50%, 6/1/2036		394,732		401,710

Pool # BP3507, 2.00%, 6/1/2036		399,722		413,884

Pool # FM8292, 2.00%, 7/1/2036		350,226		362,898

Pool # MA4430, 1.00%, 8/1/2036		198,841		197,287

Pool # MA4417, 1.50%, 9/1/2036		400,000		406,578

Pool # MA4441, 1.50%, 9/1/2036		300,000		304,934

Pool # MA4418, 2.00%, 9/1/2036		200,000		207,086

FNMA UMBS, 20 Year

Pool # AE6799, 4.50%, 11/1/2030		3,026		3,301

Pool # MA0885, 3.50%, 10/1/2031		41,733		44,351

Pool # AB4853, 3.00%, 4/1/2032		42,093		44,905

Pool # MA1058, 3.00%, 5/1/2032		17,586		18,765

Pool # MA1165, 3.00%, 9/1/2032		98,197		104,477

Pool # MA2079, 4.00%, 11/1/2034		20,462		22,361

Pool # AL7654, 3.00%, 9/1/2035		82,272		87,676

Pool # MA2472, 3.00%, 12/1/2035		16,871		17,812

Pool # FM1133, 4.00%, 6/1/2036		41,456		44,975

Pool # MA2996, 3.50%, 5/1/2037		760,844		819,467

Pool # MA3099, 4.00%, 8/1/2037		128,557		139,455

Pool # BM5330, 2.50%, 12/1/2037		54,607		56,765

Pool # FM3204, 4.00%, 10/1/2038		50,233		55,127

Pool # MA4072, 2.50%, 7/1/2040		209,499		217,839

Pool # MA4128, 2.00%, 9/1/2040		1,997,443		2,046,850

Pool # MA4204, 2.00%, 12/1/2040		1,054,285		1,073,231

Pool # CA9019, 2.00%, 2/1/2041		450,950		462,121

Pool # MA4310, 1.50%, 4/1/2041		880,695		877,307

Pool # MA4422, 2.00%, 9/1/2041		450,000		461,150

Pool # MA4446, 2.00%, 9/1/2041		450,000		461,150

FNMA UMBS, 30 Year

Pool # 254447, 6.00%, 9/1/2032		29,602		35,164

Pool # 711215, 5.50%, 6/1/2033		23,339		26,295

Pool # AA1005, 5.00%, 12/1/2033		17,136		19,542

Pool # 725232, 5.00%, 3/1/2034		13,959		15,894

Pool # 725228, 6.00%, 3/1/2034		72,417		84,092

Pool # 790003, 6.00%, 8/1/2034		17,546		20,493

Pool # 735503, 6.00%, 4/1/2035		50,679		58,548

Pool # 190360, 5.00%, 8/1/2035		37,940		43,240

Pool # 904601, 6.00%, 11/1/2036		49,343		58,607

SEE NOTES TO FINANCIAL STATEMENTS.



148	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # 888538, 5.50%, 1/1/2037		27,507		31,911

Pool # AB0284, 6.00%, 2/1/2037		57,097		67,826

Pool # AL2627, 5.00%, 7/1/2037		25,411		28,933

Pool # 956965, 6.50%, 12/1/2037		19,174		21,932

Pool # BH7907, 6.50%, 12/1/2037		25,833		30,717

Pool # 961793, 5.00%, 3/1/2038		100,492		114,791

Pool # 985661, 5.50%, 6/1/2038		14,056		15,926

Pool # AU7519, 3.50%, 9/1/2038		47,721		50,715

Pool # AA7402, 4.50%, 6/1/2039		146,089		163,398

Pool # AC2638, 5.00%, 10/1/2039		192,828		220,910

Pool # AL0100, 6.00%, 10/1/2039		69,455		81,389

Pool # AC4886, 5.00%, 11/1/2039		36,953		41,280

Pool # 190399, 5.50%, 11/1/2039		110,853		130,626

Pool # AB1143, 4.50%, 6/1/2040		118,360		134,144

Pool # AD6938, 4.50%, 6/1/2040		149,425		167,515

Pool # AD5479, 5.00%, 6/1/2040		36,782		41,702

Pool # AB1259, 5.00%, 7/1/2040		44,644		50,468

Pool # AB1292, 5.00%, 8/1/2040		14,717		16,282

Pool # AL5437, 5.00%, 8/1/2040		130,450		148,929

Pool # AB1421, 5.00%, 9/1/2040		55,471		63,550

Pool # AE4142, 5.00%, 9/1/2040		33,292		37,779

Pool # AE3857, 5.00%, 10/1/2040		893,026		1,010,052

Pool # AE8289, 4.00%, 12/1/2040		130,539		143,693

Pool # MA0622, 3.50%, 1/1/2041		40,027		43,574

Pool # AH2312, 5.00%, 1/1/2041		119,281		136,473

Pool # AE0828, 3.50%, 2/1/2041		24,228		26,286

Pool # AH3804, 4.00%, 2/1/2041		25,618		28,157

Pool # MA0639, 4.00%, 2/1/2041		45,502		50,012

Pool # AB2676, 3.50%, 4/1/2041		130,628		142,223

Pool # AL0241, 4.00%, 4/1/2041		75,258		82,848

Pool # AI1887, 4.50%, 5/1/2041		305,700		342,666

Pool # BM3118, 6.00%, 7/1/2041		108,520		128,634

Pool # AJ2293, 4.00%, 9/1/2041		30,577		33,838

Pool # AL0933, 5.00%, 10/1/2041		115,428		131,220

Pool # AW8154, 3.50%, 1/1/2042		27,663		30,109

Pool # AX5318, 4.50%, 1/1/2042		93,399		104,620

Pool # BD4480, 4.50%, 1/1/2042		376,886		422,938

Pool # AL1998, 4.00%, 3/1/2042		127,964		141,565

Pool # AO4134, 3.50%, 6/1/2042		16,630		18,107

Pool # AO8694, 4.50%, 7/1/2042		37,348		40,929

Pool # AP4258, 3.00%, 8/1/2042		107,150		113,765

Pool # AB6632, 3.50%, 10/1/2042		154,529		167,298

Pool # AB6633, 3.50%, 10/1/2042		31,566		34,271

Pool # AL3344, 4.50%, 10/1/2042		175,674		197,320

Pool # AB6828, 3.50%, 11/1/2042		149,364		162,623

Pool # AL3182, 3.50%, 12/1/2042		24,766		27,296


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # AQ9316, 2.50%, 1/1/2043		69,162		72,519

Pool # AB7580, 3.00%, 1/1/2043		163,343		174,273

Pool # AQ1104, 3.00%, 1/1/2043		41,523		44,425

Pool # AR0168, 3.00%, 2/1/2043		70,003		75,064

Pool # AB7964, 3.50%, 2/1/2043		91,363		100,742

Pool # AR2271, 3.50%, 2/1/2043		442,675		478,946

Pool # BM4751, 3.50%, 3/1/2043		42,509		46,109

Pool # AB8742, 4.00%, 3/1/2043		19,748		22,218

Pool # AR6770, 4.00%, 3/1/2043		21,068		23,313

Pool # AT2015, 3.00%, 4/1/2043		44,516		47,495

Pool # AT2016, 3.00%, 4/1/2043		676,718		724,278

Pool # AB9194, 3.50%, 5/1/2043		155,194		168,961

Pool # FM4462, 3.50%, 5/1/2043		1,388,114		1,505,940

Pool # AU1629, 3.00%, 7/1/2043		105,465		112,838

Pool # BM3785, 3.50%, 7/1/2043		164,992		179,466

Pool # AS0241, 4.00%, 8/1/2043		1,045,162		1,152,340

Pool # BM3704, 3.00%, 9/1/2043		46,169		49,226

Pool # AT2612, 3.50%, 9/1/2043		111,611		121,666

Pool # AU4256, 3.50%, 9/1/2043		45,956		50,001

Pool # AU4283, 3.50%, 9/1/2043		25,328		27,575

Pool # AL4062, 4.00%, 9/1/2043		35,142		39,209

Pool # BM4635, 2.50%, 10/1/2043		198,572		208,190

Pool # AS1121, 4.00%, 11/1/2043		42,617		46,678

Pool # AV0022, 4.00%, 11/1/2043		604,610		662,329

Pool # AL7696, 3.00%, 12/1/2043		73,566		78,422

Pool # AV6103, 4.00%, 1/1/2044		244,040		268,639

Pool # BC1737, 4.00%, 1/1/2044		108,192		119,097

Pool # BM5365, 4.00%, 3/1/2044		92,099		101,244

Pool # FM1744, 3.50%, 5/1/2044		41,379		45,567

Pool # AS2700, 4.00%, 6/1/2044		54,548		60,162

Pool # AW6233, 4.50%, 6/1/2044		2,369,412		2,661,817

Pool # AS2947, 4.00%, 7/1/2044		52,571		57,860

Pool # AL9072, 5.00%, 7/1/2044		96,918		111,969

Pool # AL9569, 5.00%, 8/1/2044		154,485		176,471

Pool # AX0152, 4.50%, 9/1/2044		37,325		41,481

Pool # BM4620, 3.00%, 10/1/2044		118,617		126,954

Pool # AS3710, 4.00%, 11/1/2044		38,162		42,199

Pool # AS3867, 4.00%, 11/1/2044		14,166		15,567

Pool # FM1746, 3.50%, 1/1/2045		128,961		141,569

Pool # FM0015, 4.00%, 2/1/2045		130,018		144,897

Pool # MA2193, 4.50%, 2/1/2045		20,968		22,992

Pool # FM3414, 4.00%, 3/1/2045		865,116		950,221

Pool # BM3398, 3.50%, 4/1/2045		18,532		20,171

Pool # BM5471, 3.50%, 6/1/2045		403,839		439,315

Pool # AS5570, 3.50%, 8/1/2045		45,408		48,512

Pool # CA2709, 4.00%, 9/1/2045		1,461,910		1,607,638

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	149

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)			VALUE ($)
Mortgage-Backed Securities — continued

Pool # AS5851, 4.50%, 9/1/2045		18,118			19,865

Pool # AS6184, 3.50%, 11/1/2045		175,740			193,454

Pool # BA0315, 3.50%, 11/1/2045		447,944			486,474

Pool # FM1869, 4.00%, 11/1/2045		92,268			100,535

Pool # BM4833, 3.00%, 12/1/2045		743,308			784,700

Pool # FM1708, 3.00%, 12/1/2045		50,872			54,512

Pool # BC0066, 3.50%, 12/1/2045		39,181			42,289

Pool # FM3413, 4.00%, 1/1/2046		111,499			123,638

Pool # MA2512, 4.00%, 1/1/2046		23,344			25,544

Pool # FM2323, 4.00%, 2/1/2046		55,006			60,448

Pool # AL9128, 4.50%, 2/1/2046		27,839			30,968

Pool # AS6811, 3.00%, 3/1/2046		42,220			44,634

Pool # BM4834, 3.00%, 3/1/2046		36,641			39,448

Pool # FM1782, 4.00%, 3/1/2046		17,020	��		18,795

Pool # FM2195, 4.00%, 3/1/2046		42,159			46,256

Pool # AS7003, 3.00%, 4/1/2046		55,522			58,660

Pool # FM1224, 3.50%, 4/1/2046		136,280			146,722

Pool # AL8936, 4.50%, 5/1/2046		21,916			24,310

Pool # AS7198, 4.50%, 5/1/2046		147,501			161,864

Pool # BD0166, 2.50%, 6/1/2046		138,386			144,343

Pool # BM5168, 2.50%, 6/1/2046		31,124			32,634

Pool # AS7343, 3.00%, 6/1/2046		167,634			177,156

Pool # BC6105, 3.50%, 6/1/2046		1,199,533			1,289,590

Pool # AS7510, 4.00%, 7/1/2046		799,870			867,680

Pool # FM1780, 4.00%, 7/1/2046		885,917			976,559

Pool # AS7660, 2.50%, 8/1/2046		306,568			319,876

Pool # MA2730, 2.50%, 8/1/2046		47,834			49,735

Pool # BD7968, 3.50%, 9/1/2046		465,432			508,699

Pool # FM3810, 3.00%, 10/1/2046		135,360			145,048

Pool # AL9385, 3.00%, 11/1/2046		69,199			73,903

Pool # MA2806, 3.00%, 11/1/2046		217,409			228,793

Pool # BM3288, 3.50%, 12/1/2046		30,135			32,627

Pool # FM2321, 3.50%, 12/1/2046		118,772			127,317

Pool # BM4990, 2.50%, 1/1/2047		14,937			15,659

Pool # FM2807, 3.00%, 1/1/2047		105,608			113,653

Pool # 890856, 3.50%, 1/1/2047		164,594			179,107

Pool # FM3374, 3.50%, 1/1/2047		209,816			226,984

Pool # FM0041, 3.00%, 2/1/2047		764,921			819,063

Pool # BM5955, 4.00%, 2/1/2047		52,667			58,185

Pool # BM5270, 4.50%, 2/1/2047		23,025			25,681

Pool # BM4350, 3.00%, 3/1/2047		1,019,122			1,099,564

Pool # MA2920, 3.00%, 3/1/2047		10,414			11,028

Pool # FM3107, 3.50%, 3/1/2047		374,826			401,745

Pool # AS9313, 4.00%, 3/1/2047		23,934			26,219

Pool # FM4735, 3.00%, 4/1/2047		197,435			212,293

Pool # FM6073, 4.00%, 4/1/2047		1,721,833			1,895,215


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # AS9480, 4.50%, 4/1/2047		48,623		53,505

Pool # BM5220, 3.50%, 5/1/2047		39,065		41,547

Pool # FM1772, 4.50%, 5/1/2047		23,050		25,707

Pool # AS9937, 3.00%, 7/1/2047		773,345		819,101

Pool # AS9946, 3.50%, 7/1/2047		58,931		63,762

Pool # BM1568, 3.50%, 7/1/2047		89,011		98,295

Pool # AS9988, 4.50%, 7/1/2047		29,617		32,258

Pool # BH7375, 3.50%, 8/1/2047		68,988		73,475

Pool # CA0148, 4.50%, 8/1/2047		24,320		26,423

Pool # CA0850, 3.00%, 9/1/2047		50,484		53,040

Pool # BH9317, 3.50%, 9/1/2047		133,521		143,341

Pool # MA3147, 3.00%, 10/1/2047		56,850		59,825

Pool # BH9394, 3.50%, 10/1/2047		224,734		244,682

Pool # BM2003, 4.00%, 10/1/2047		249,066		268,981

Pool # BH9392, 3.50%, 11/1/2047		20,917		22,178

Pool # CA0681, 3.50%, 11/1/2047		295,648		325,749

Pool # FM0028, 3.00%, 12/1/2047		60,923		65,255

Pool # MA3209, 3.00%, 12/1/2047		390,178		409,724

Pool # FM1420, 3.50%, 12/1/2047		293,158		318,658

Pool # CA4015, 3.00%, 1/1/2048		12,778		13,455

Pool # BJ6154, 3.50%, 1/1/2048		880,148		940,948

Pool # MA3238, 3.50%, 1/1/2048		73,957		78,648

Pool # BJ5910, 3.50%, 2/1/2048		260,065		287,556

Pool # MA3305, 3.50%, 3/1/2048		314,681		334,267

Pool # FM3494, 2.50%, 4/1/2048		15,167		15,814

Pool # BM3899, 4.00%, 4/1/2048		464,192		504,452

Pool # CA2687, 3.00%, 5/1/2048		27,994		29,931

Pool # FM2177, 3.50%, 5/1/2048		287,941		311,641

Pool # BM4054, 4.00%, 5/1/2048		140,305		153,362

Pool # MA3425, 3.00%, 6/1/2048		49,208		51,627

Pool # BM4757, 3.50%, 7/1/2048		56,649		60,761

Pool # FM3438, 3.00%, 8/1/2048		898,852		957,325

Pool # BM2007, 4.00%, 9/1/2048		7,278		7,796

Pool # CA2368, 4.00%, 9/1/2048		47,009		51,157

Pool # MA3472, 5.00%, 9/1/2048		17,656		19,383

Pool # CA4655, 3.50%, 10/1/2048		125,212		135,771

Pool # MA3495, 4.00%, 10/1/2048		49,852		53,407

Pool # CA2432, 4.50%, 10/1/2048		81,915		90,441

Pool # FM1248, 4.50%, 11/1/2048		31,086		33,755

Pool # FM2275, 4.50%, 11/1/2048		42,866		47,115

Pool # CA2797, 4.50%, 12/1/2048		933,384		1,039,661

Pool # FM0030, 3.00%, 2/1/2049		69,843		73,647

Pool # FM6237, 3.50%, 4/1/2049		747,539		810,798

Pool # MA3637, 3.50%, 4/1/2049		30,052		31,779

Pool # MA3638, 4.00%, 4/1/2049		28,830		30,882

Pool # BN5418, 4.50%, 4/1/2049		32,059		35,525

SEE NOTES TO FINANCIAL STATEMENTS.



150	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # MA3664, 4.00%, 5/1/2049		15,639		16,746

Pool # FM4074, 4.50%, 5/1/2049		449,093		492,285

Pool # CA4358, 3.50%, 7/1/2049		23,369		24,705

Pool # FM1672, 4.50%, 7/1/2049		977,211		1,095,294

Pool # MA3745, 3.50%, 8/1/2049		140,786		148,731

Pool # MA3746, 4.00%, 8/1/2049		23,507		25,180

Pool # FM1385, 5.00%, 8/1/2049		566,793		642,450

Pool # BO4012, 3.00%, 9/1/2049		137,343		148,329

Pool # FM1449, 3.50%, 9/1/2049		220,696		233,362

Pool # FM4430, 3.50%, 9/1/2049		870,777		929,861

Pool # MA3775, 3.50%, 9/1/2049		14,013		14,814

Pool # FM3572, 4.50%, 9/1/2049		122,477		134,917

Pool # MA3803, 3.50%, 10/1/2049		69,855		73,797

Pool # MA3833, 2.50%, 11/1/2049		181,245		188,409

Pool # BK0350, 3.00%, 11/1/2049		1,383,771		1,465,253

Pool # MA3870, 2.50%, 12/1/2049		274,243		285,082

Pool # FM2095, 3.00%, 1/1/2050		852,030		896,140

Pool # FM2363, 3.00%, 1/1/2050		2,641,670		2,831,300

Pool # MA3905, 3.00%, 1/1/2050		1,357,972		1,420,591

Pool # CA5021, 3.50%, 1/1/2050		65,104		68,825

Pool # FM5922, 3.50%, 1/1/2050		486,681		516,095

Pool # MA3906, 3.50%, 1/1/2050		66,832		70,664

Pool # CA5135, 2.50%, 2/1/2050		161,136		169,629

Pool # MA3936, 2.50%, 2/1/2050		204,953		213,053

Pool # FM2733, 2.50%, 3/1/2050		132,824		138,352

Pool # FM4883, 2.50%, 3/1/2050		2,280,768		2,406,283

Pool # FM4372, 3.50%, 3/1/2050		927,032		988,131

Pool # BP2403, 3.50%, 4/1/2050		498,397		529,396

Pool # BP5001, 2.50%, 5/1/2050		789,673		820,884

Pool # FM3257, 3.00%, 5/1/2050		324,935		349,907

Pool # BK2753, 2.50%, 7/1/2050		1,278,743		1,329,285

Pool # MA4078, 2.50%, 7/1/2050		483,838		502,962

Pool # BP6626, 2.00%, 8/1/2050		2,777,645		2,817,360

Pool # MA4100, 2.00%, 8/1/2050		1,363,987		1,383,489

Pool # BP9500, 2.50%, 8/1/2050		115,914		120,496

Pool # BQ0723, 3.50%, 8/1/2050		1,490,078		1,577,575

Pool # FM5750, 4.00%, 8/1/2050		620,841		663,552

Pool # MA4119, 2.00%, 9/1/2050		182,257		184,863

Pool # BK3044, 2.50%, 9/1/2050		1,010,081		1,050,004

Pool # BP6702, 2.50%, 9/1/2050		683,448		712,604

Pool # FM8260, 4.00%, 9/1/2050		800,122		879,765

Pool # MA4158, 2.00%, 10/1/2050		2,102,172		2,132,228

Pool # MA4159, 2.50%, 10/1/2050		777,619		808,353

Pool # MA4182, 2.00%, 11/1/2050		2,195,614		2,227,007

Pool # CA7603, 2.50%, 11/1/2050		446,215		463,851

Pool # MA4183, 2.50%, 11/1/2050		3,537,944		3,677,778


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # CA8222, 1.50%, 12/1/2050		1,683,286		1,655,387

Pool # MA4209, 1.50%, 12/1/2050		1,461,204		1,437,035

Pool # BQ5160, 2.00%, 12/1/2050		3,050,499		3,104,371

Pool # FM5849, 2.00%, 12/1/2050		981,591		999,328

Pool # MA4208, 2.00%, 12/1/2050		563,010		571,060

Pool # BR2807, 2.50%, 12/1/2050		1,588,426		1,651,279

Pool # MA4210, 2.50%, 12/1/2050		1,968,069		2,045,855

Pool # FM5597, 2.00%, 1/1/2051		244,023		248,481

Pool # FM6241, 2.00%, 1/1/2051		4,454,339		4,518,027

Pool # FM5854, 2.50%, 1/1/2051		246,318		256,963

Pool # MA4254, 1.50%, 2/1/2051		387,212		380,799

Pool # CA9190, 2.00%, 2/1/2051		980,149		994,752

Pool # FM6037, 2.00%, 2/1/2051		2,018,565		2,068,128

Pool # FM6126, 2.00%, 2/1/2051		243,735		247,758

Pool # MA4255, 2.00%, 2/1/2051		5,584,314		5,664,157

Pool # BR3515, 2.50%, 2/1/2051		200,384		209,560

Pool # FM6244, 2.00%, 3/1/2051		966,177		981,366

Pool # FM6523, 2.50%, 3/1/2051		391,033		406,516

Pool # FM6764, 2.50%, 3/1/2051		1,067,538		1,117,631

Pool # FM6537, 2.00%, 4/1/2051		4,455,305		4,547,210

Pool # MA4306, 2.50%, 4/1/2051		311,602		323,918

Pool # FM7099, 3.00%, 4/1/2051		1,467,319		1,575,866

Pool # MA4325, 2.00%, 5/1/2051		2,654,559		2,692,513

Pool # FM7066, 2.50%, 5/1/2051		1,064,709		1,123,980

Pool # MA4355, 2.00%, 6/1/2051		494,291		501,359

Pool # CB0727, 2.50%, 6/1/2051		1,691,648		1,762,904

Pool # FM7418, 2.50%, 6/1/2051		1,073,298		1,121,759

Pool # FM8194, 2.00%, 7/1/2051		397,537		405,430

Pool # MA4378, 2.00%, 7/1/2051		2,384,162		2,418,250

Pool # MA4379, 2.50%, 7/1/2051		743,246		772,622

Pool # MA4380, 3.00%, 7/1/2051		298,123		312,769

Pool # FM8278, 3.50%, 7/1/2051		590,516		630,266

Pool # MA4398, 2.00%, 8/1/2051		299,038		303,314

Pool # BR2237, 2.50%, 8/1/2051		600,000		623,714

Pool # MA4399, 2.50%, 8/1/2051		1,693,093		1,760,010

Pool # MA4401, 3.50%, 8/1/2051		199,719		212,061

Pool # MA4414, 2.50%, 9/1/2051		600,000		623,714

Pool # MA4438, 2.50%, 9/1/2051		600,000		623,714

FNMA/FHLMC UMBS, Single Family, 30 Year

TBA, 2.00%, 9/25/2051 (a)		400,000		405,485

TBA, 3.00%, 9/25/2051 (a)		3,000,000		3,138,164

Freddie Mac Pool, 15 Year

Pool # ZS7888, 2.50%, 10/1/2032		400,168		421,001

Pool # SB8111, 2.00%, 7/1/2036		400,349		414,534

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	151

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

GNMA I, 30 Year

Pool # 704155, 5.50%, 1/15/2039		23,491		27,451

Pool # 726769, 5.00%, 9/15/2039		17,850		20,009

Pool # 721340, 5.00%, 12/15/2039		49,599		55,628

Pool # 754439, 3.50%, 12/15/2041		138,601		148,944

Pool # 711674, 3.00%, 9/15/2042		50,428		54,778

Pool # 783748, 3.50%, 4/15/2043		81,682		87,800

Pool # 784660, 4.00%, 4/15/2043		7,817		8,647

Pool # AC2224, 3.50%, 6/15/2043		62,196		66,877

Pool # 785088, 3.50%, 7/15/2043		69,599		76,410

Pool # AJ4151, 4.00%, 9/15/2044		303,717		339,846

Pool # AL9314, 3.00%, 3/15/2045		55,281		58,275

Pool # 784664, 4.00%, 4/15/2045		30,208		33,543

Pool # AO0544, 3.00%, 8/15/2045		32,490		34,225

Pool # 627030, 3.00%, 12/15/2045		24,487		26,599

Pool # 784429, 3.00%, 8/15/2046		104,336		110,183

Pool # 784652, 4.00%, 11/15/2047		667,276		739,356

Pool # 784766, 3.50%, 3/15/2048		860,068		927,729

GNMA II, 15 Year

Pool # MA0513, 2.50%, 11/20/2027		92,585		95,896

Pool # MA4625, 3.50%, 8/20/2032		32,279		34,572

Pool # MA6906, 2.50%, 10/20/2035		599,691		631,057

GNMA II, 30 Year

Pool # 711773, 3.50%, 6/20/2033		63,688		67,063

Pool # 3459, 5.50%, 10/20/2033		62,493		71,891

Pool # AQ5932, 3.50%, 1/20/2036		93,142		98,028

Pool # 4222, 6.00%, 8/20/2038		11,956		14,074

Pool # 709148, 4.50%, 2/20/2039		30,201		32,241

Pool # 4446, 4.50%, 5/20/2039		3,738		4,133

Pool # 4467, 4.00%, 6/20/2039		17,106		18,708

Pool # 4468, 4.50%, 6/20/2039		3,309		3,658

Pool # 4494, 4.00%, 7/20/2039		18,101		19,786

Pool # 4495, 4.50%, 7/20/2039		14,427		15,953

Pool # 4519, 4.50%, 8/20/2039		5,340		5,905

Pool # 4558, 4.50%, 10/20/2039		4,460		4,932

Pool # 4576, 4.00%, 11/20/2039		8,568		9,384

Pool # 4598, 4.50%, 12/20/2039		8,746		9,671

Pool # 4617, 4.50%, 1/20/2040		4,745		5,247

Pool # 4636, 4.50%, 2/20/2040		6,802		7,521

Pool # 4656, 4.00%, 3/20/2040		13,570		14,869

Pool # 4677, 4.00%, 4/20/2040		38,124		41,763

Pool # 4678, 4.50%, 4/20/2040		1,657		1,832

Pool # 4695, 4.00%, 5/20/2040		4,119		4,505

Pool # 4696, 4.50%, 5/20/2040		1,650		1,824

Pool # 4712, 4.00%, 6/20/2040		6,025		6,601

Pool # 4800, 4.00%, 9/20/2040		6,644		7,267


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # 737727, 4.00%, 12/20/2040		53,394		58,611

Pool # 4945, 4.00%, 2/20/2041		14,228		15,587

Pool # 759342, 4.50%, 2/20/2041		573,443		638,514

Pool # 4950, 5.50%, 2/20/2041		25,730		30,221

Pool # 4976, 3.50%, 3/20/2041		14,844		15,913

Pool # 4977, 4.00%, 3/20/2041		25,959		28,439

Pool # 5016, 4.00%, 4/20/2041		10,280		11,263

Pool # 5054, 4.00%, 5/20/2041		15,731		17,234

Pool # 5114, 4.00%, 7/20/2041		2,048		2,240

Pool # 779497, 3.50%, 10/20/2041		11,915		12,691

Pool # 5233, 4.00%, 11/20/2041		2,506		2,746

Pool # 5258, 3.50%, 12/20/2041		150,422		162,979

Pool # 5259, 4.00%, 12/20/2041		9,589		10,507

Pool # 5279, 3.50%, 1/20/2042		28,053		30,273

Pool # 5330, 3.00%, 3/20/2042		17,344		18,439

Pool # 754406, 3.50%, 5/20/2042		63,344		68,020

Pool # MA0220, 3.50%, 7/20/2042		11,925		12,869

Pool # MA0318, 3.50%, 8/20/2042		167,763		181,825

Pool # 796468, 4.00%, 9/20/2042		27,237		29,266

Pool # AA6040, 3.00%, 1/20/2043		117,179		123,983

Pool # AD1584, 3.00%, 1/20/2043		161,278		170,482

Pool # AD2125, 3.50%, 1/20/2043		112,695		122,413

Pool # AA6054, 3.00%, 2/20/2043		237,159		254,977

Pool # AD1744, 3.00%, 2/20/2043		20,341		21,871

Pool # 783755, 3.00%, 4/20/2043		166,432		177,478

Pool # 783976, 3.50%, 4/20/2043		27,720		29,876

Pool # MA1012, 3.50%, 5/20/2043		141,570		152,724

Pool # MA1157, 3.50%, 7/20/2043		28,179		30,409

Pool # MA1284, 3.00%, 9/20/2043		22,309		23,770

Pool # 785065, 3.50%, 10/20/2043		307,441		329,870

Pool # MA1376, 4.00%, 10/20/2043		139,985		151,149

Pool # AI7106, 4.00%, 6/20/2044		51,059		54,322

Pool # 784026, 3.50%, 12/20/2044		206,062		236,624

Pool # MA2678, 3.50%, 3/20/2045		192,494		206,307

Pool # MA2679, 4.00%, 3/20/2045		62,491		68,355

Pool # MA2753, 3.00%, 4/20/2045		98,194		104,072

Pool # 626942, 3.00%, 5/20/2045		174,285		189,748

Pool # MA2825, 3.00%, 5/20/2045		249,366		264,292

Pool # MA2829, 5.00%, 5/20/2045		35,102		39,639

Pool # 784800, 3.00%, 6/20/2045		42,129		44,692

Pool # AM9881, 3.00%, 6/20/2045		26,383		27,983

Pool # MA3247, 5.00%, 11/20/2045		31,458		35,440

Pool # AO9442, 3.50%, 12/20/2045		24,774		26,781

Pool # 784119, 3.00%, 2/20/2046		211,866		225,175

Pool # MA3458, 5.50%, 2/20/2046		45,405		53,388

Pool # MA3520, 3.00%, 3/20/2046		594,059		629,569

SEE NOTES TO FINANCIAL STATEMENTS.



152	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # MA3596, 3.00%, 4/20/2046		183,634		194,160

Pool # MA3735, 3.00%, 6/20/2046		406,721		429,340

Pool # AS5902, 3.50%, 6/20/2046		79,567		84,895

Pool # AT7138, 3.50%, 6/20/2046		398,106		425,718

Pool # MA3935, 2.50%, 9/20/2046		102,655		106,925

Pool # 784768, 3.00%, 9/20/2046		105,783		114,011

Pool # AT8215, 3.00%, 9/20/2046		29,300		31,307

Pool # MA4002, 2.50%, 10/20/2046		561,631		583,779

Pool # AW0199, 3.00%, 10/20/2046		96,346		101,461

Pool # MA4003, 3.00%, 10/20/2046		87,663		92,742

Pool # MA4068, 3.00%, 11/20/2046		17,265		18,216

Pool # MA4072, 5.00%, 11/20/2046		34,055		38,456

Pool # MA4125, 2.50%, 12/20/2046		513,096		534,884

Pool # MA4126, 3.00%, 12/20/2046		80,313		84,911

Pool # MA4127, 3.50%, 12/20/2046		39,191		41,845

Pool # MA4260, 2.50%, 2/20/2047		85,489		89,000

Pool # AZ3119, 3.50%, 3/20/2047		42,179		44,689

Pool # MA4323, 4.50%, 3/20/2047		323,049		347,994

Pool # AZ7084, 3.50%, 4/20/2047		290,115		305,601

Pool # 675725, 3.50%, 6/20/2047		5,344		5,672

Pool # MA4511, 4.00%, 6/20/2047		273,637		293,485

Pool # BA5041, 5.00%, 6/20/2047		130,279		142,177

Pool # MA4584, 2.50%, 7/20/2047		97,058		100,806

Pool # MA4718, 3.00%, 9/20/2047		11,312		11,930

Pool # MA4721, 4.50%, 9/20/2047		51,528		55,454

Pool # MA4836, 3.00%, 11/20/2047		554,971		584,731

Pool # BC2742, 3.50%, 11/20/2047		663,349		703,759

Pool # BD6940, 3.50%, 12/20/2047		378		402

Pool # MA4900, 3.50%, 12/20/2047		142,383		151,119

Pool # MA4962, 3.50%, 1/20/2048		368,945		392,022

Pool # MA5019, 3.50%, 2/20/2048		370,079		392,106

Pool # 784899, 4.00%, 2/20/2048		40,292		43,008

Pool # MA5077, 3.50%, 3/20/2048		55,088		58,512

Pool # MA5138, 4.50%, 4/20/2048		23,737		25,410

Pool # 785033, 3.50%, 5/20/2048		283,368		314,266

Pool # MA5194, 5.00%, 5/20/2048		150,197		162,150

Pool # MA5329, 3.50%, 7/20/2048		13,128		13,902

Pool # MA5468, 5.00%, 9/20/2048		11,848		12,766

Pool # MA5527, 3.50%, 10/20/2048		49,522		52,386

Pool # MA5595, 4.00%, 11/20/2048		62,957		66,818

Pool # BJ6759, 4.50%, 11/20/2048		544,491		590,916

Pool # MA5650, 3.50%, 12/20/2048		19,725		20,843

Pool # MA5651, 4.00%, 12/20/2048		298,465		317,396

Pool # MA5709, 3.50%, 1/20/2049		138,210		146,734

Pool # BI6473, 4.00%, 1/20/2049		1,437,570		1,553,867

Pool # BJ9901, 3.00%, 2/20/2049		58,151		63,326


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # MA5930, 3.50%, 5/20/2049		19,285		20,308

Pool # MA5983, 2.50%, 6/20/2049		174,769		182,200

Pool # MA5985, 3.50%, 6/20/2049		76,989		81,071

Pool # MA5987, 4.50%, 6/20/2049		71,079		75,885

Pool # MA5988, 5.00%, 6/20/2049		14,835		15,977

Pool # MA6039, 3.50%, 7/20/2049		130,188		137,085

Pool # BM5450, 4.50%, 7/20/2049		103,188		112,920

Pool # MA6220, 4.00%, 10/20/2049		365,889		388,334

Pool # BR4627, 3.00%, 11/20/2049		590,692		634,204

Pool # 785067, 3.50%, 12/20/2049		600,278		634,481

Pool # MA6339, 3.50%, 12/20/2049		313,775		329,708

Pool # MA6409, 3.00%, 1/20/2050		171,840		179,771

Pool # MA6478, 5.00%, 2/20/2050		46,836		50,679

Pool # MA6542, 3.50%, 3/20/2050		456,813		480,009

Pool # MA6545, 5.00%, 3/20/2050		56,026		60,528

Pool # BV1348, 2.50%, 6/20/2050		121,961		124,385

Pool # MA6709, 2.50%, 6/20/2050		1,054,160		1,093,655

Pool # MA6818, 2.00%, 8/20/2050		1,770,284		1,808,046

Pool # BY8818, 2.00%, 10/20/2050		642,463		656,327

Pool # 785401, 2.50%, 10/20/2050		885,871		923,509

Pool # MA6994, 2.00%, 11/20/2050		1,877,823		1,917,911

Pool # BY8832, 2.50%, 11/20/2050		626,127		649,758

Pool # MA7051, 2.00%, 12/20/2050		2,894,526		2,955,579

Pool # CA4485, 2.50%, 12/20/2050		805,724		835,232

Pool # MA7052, 2.50%, 12/20/2050		1,396,457		1,449,000

Pool # MA7055, 4.00%, 12/20/2050		455,667		482,487

Pool # MA7135, 2.00%, 1/20/2051		3,280,439		3,350,660

Pool # MA7254, 2.00%, 3/20/2051		1,390,124		1,419,972

Pool # MA7256, 3.00%, 3/20/2051		200,218		209,459

Pool # MA7311, 2.00%, 4/20/2051		3,238,505		3,308,208

Pool # 785449, 3.00%, 4/20/2051		1,348,700		1,434,975

Pool # MA7367, 2.50%, 5/20/2051		1,918,423		1,990,003

Pool # MA7368, 3.00%, 5/20/2051		650,085		680,796

Pool # MA7417, 2.00%, 6/20/2051		3,673,449		3,754,980

Pool # MA7418, 2.50%, 6/20/2051		2,038,064		2,115,364

Pool # MA7420, 3.50%, 6/20/2051		600,078		636,555

Pool # MA7471, 2.00%, 7/20/2051		1,395,739		1,425,478

Pool # MA7472, 2.50%, 7/20/2051		550,165		570,761

Pool # MA7473, 3.00%, 7/20/2051		649,604		679,847

Pool # MA7533, 2.00%, 8/20/2051 (a)		1,200,000		1,226,012

GNMA II, 30 Year, Single Family

TBA, 2.50%, 9/15/2051 (a)		5,600,000		5,807,375

TBA, 3.00%, 9/15/2051 (a)		1,800,000		1,881,773


Total Mortgage-Backed Securities (Cost $295,661,049)				296,323,382

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	153

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 26.4%

Aerospace & Defense — 0.2%

Huntington Ingalls Industries, Inc.

3.84%, 5/1/2025		883,000		962,605

3.48%, 12/1/2027		536,000		584,894

4.20%, 5/1/2030		163,000		186,881


				1,734,380


Auto Components — 0.3%

Aptiv Corp. 4.15%, 3/15/2024		379,000		408,705

Aptiv plc

4.25%, 1/15/2026		44,000		49,519

4.40%, 10/1/2046		216,000		259,400

5.40%, 3/15/2049		100,000		139,479

Lear Corp.

3.80%, 9/15/2027		465,000		517,470

4.25%, 5/15/2029		168,000		190,577

5.25%, 5/15/2049 (b)		1,207,000		1,537,327


				3,102,477


Automobiles — 0.1%

Stellantis NV 5.25%, 4/15/2023		719,000		770,253


Banks — 1.3%

Canadian Imperial Bank of Commerce (Canada)

0.95%, 6/23/2023		63,000		63,582

3.10%, 4/2/2024		657,000		697,777

2.25%, 1/28/2025 (b)		741,000		774,037

Discover Bank

4.25%, 3/13/2026		636,000		715,831

3.45%, 7/27/2026		90,000		98,225

4.65%, 9/13/2028		660,000		774,510

First Republic Bank 2.50%, 6/6/2022		250,000		253,662

Intesa Sanpaolo SpA (Italy) 5.25%, 1/12/2024		400,000		439,602

Kreditanstalt fuer Wiederaufbau (Germany)

2.13%, 6/15/2022		175,000		177,785

2.38%, 12/29/2022		190,000		195,606

2.63%, 2/28/2024		36,000		38,024

2.50%, 11/20/2024		75,000		79,762

0.38%, 7/18/2025		198,000		196,150

0.63%, 1/22/2026		78,000		77,647

1.75%, 9/14/2029		95,000		98,975

Zero Coupon, 4/18/2036		228,000		177,599

Zero Coupon, 6/29/2037		872,000		663,894

Landwirtschaftliche Rentenbank (Germany)

3.13%, 11/14/2023		31,000		32,914


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

2.00%, 1/13/2025		629,000		659,141

2.38%, 6/10/2025		75,000		79,836

Oesterreichische Kontrollbank AG (Austria)

2.88%, 3/13/2023		130,000		135,277

1.50%, 2/12/2025		160,000		164,942

0.50%, 2/2/2026		130,000		128,510

Royal Bank of Canada (Canada)

1.60%, 4/17/2023		10,000		10,211

0.43%, 1/19/2024		72,000		71,871

2.55%, 7/16/2024		222,000		234,101

2.25%, 11/1/2024		2,582,000		2,707,931

1.15%, 6/10/2025 (b)		238,000		239,502

SVB Financial Group

3.50%, 1/29/2025		681,000		735,594

2.10%, 5/15/2028		472,000		482,432

3.13%, 6/5/2030		1,219,000		1,320,160

Synovus Financial Corp. 3.13%, 11/1/2022		1,354,000		1,386,585


				13,911,675


Beverages — 0.0% (c)

Brown-Forman Corp.

3.50%, 4/15/2025		36,000		39,300

4.00%, 4/15/2038		93,000		110,962

4.50%, 7/15/2045		269,000		351,527


				501,789


Biotechnology — 0.6%

Biogen, Inc.

4.05%, 9/15/2025		400,000		444,570

2.25%, 5/1/2030		420,000		424,499

5.20%, 9/15/2045		1,429,000		1,924,353

3.15%, 5/1/2050		2,170,000		2,144,317

Regeneron Pharmaceuticals, Inc.

1.75%, 9/15/2030		418,000		402,264

2.80%, 9/15/2050		1,262,000		1,195,642


				6,535,645


Building Products — 0.2%

Allegion plc 3.50%, 10/1/2029		365,000		401,131

Johnson Controls International plc

3.62%, 7/2/2024 (d)		10,000		10,730

1.75%, 9/15/2030		873,000		858,036

4.63%, 7/2/2044 (d)		1,000,000		1,247,825


				2,517,722

SEE NOTES TO FINANCIAL STATEMENTS.



154	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Capital Markets — 4.3%

Affiliated Managers Group, Inc.

4.25%, 2/15/2024		410,000		445,145

3.30%, 6/15/2030		211,000		228,997

Ameriprise Financial, Inc.

3.70%, 10/15/2024		310,000		338,509

2.88%, 9/15/2026		1,117,000		1,203,984

BGC Partners, Inc. 3.75%, 10/1/2024		1,866,000		1,984,420

BlackRock, Inc.

3.38%, 6/1/2022		278,000		284,600

3.20%, 3/15/2027		578,000		638,192

3.25%, 4/30/2029		250,000		278,621

2.40%, 4/30/2030		1,177,000		1,235,316

1.90%, 1/28/2031		383,000		386,022

Charles Schwab Corp. (The)

2.65%, 1/25/2023		18,000		18,558

4.20%, 3/24/2025		200,000		222,986

3.85%, 5/21/2025		300,000		331,132

3.20%, 1/25/2028		109,000		120,155

3.25%, 5/22/2029		2,327,000		2,574,764

4.63%, 3/22/2030		703,000		858,171

CME Group, Inc.

3.00%, 9/15/2022		429,000		441,087

3.00%, 3/15/2025		311,000		333,213

3.75%, 6/15/2028		327,000		374,315

5.30%, 9/15/2043		489,000		702,517

Deutsche Bank AG (Germany)

3.95%, 2/27/2023		600,000		628,657

3.70%, 5/30/2024		689,000		737,355

(SOFR + 1.13%), 1.45%, 4/1/2025 (e)		855,000		861,379

(SOFR + 2.58%), 3.96%, 11/26/2025 (e)		150,000		162,838

4.10%, 1/13/2026		1,877,000		2,060,702

(SOFR + 1.87%), 2.13%, 11/24/2026 (e)		1,798,000		1,836,202

Franklin Resources, Inc.

2.80%, 9/15/2022		25,000		25,648

2.85%, 3/30/2025		194,000		207,412

1.60%, 10/30/2030		1,032,000		996,974

Goldman Sachs Group, Inc. (The)

Series FXD, 0.48%, 1/27/2023		250,000		250,076

Series VAR, (SOFR + 0.54%), 0.63%, 11/17/2023 (e)		1,326,000		1,327,862

3.85%, 7/8/2024		10,000		10,809

(SOFR + 0.51%), 0.66%, 9/10/2024 (e)		186,000		185,852


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

3.50%, 1/23/2025		25,000		26,936

(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (e)		75,000		80,347

3.75%, 2/25/2026		38,000		41,999

Series VAR, (SOFR + 0.79%), 1.09%, 12/9/2026 (e)		262,000		260,079

(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (e)		1,704,000		1,953,691

4.80%, 7/8/2044		235,000		306,807

Janus Capital Group, Inc. 4.88%, 8/1/2025		562,000		633,512

Jefferies Financial Group, Inc. 5.50%, 10/18/2023		10,000		10,685

Jefferies Group LLC

5.13%, 1/20/2023		215,000		228,262

4.15%, 1/23/2030		314,000		355,931

2.75%, 10/15/2032		580,000		592,333

6.25%, 1/15/2036		1,849,000		2,507,862

6.50%, 1/20/2043		50,000		69,909

Lazard Group LLC

3.75%, 2/13/2025		1,314,000		1,428,022

3.63%, 3/1/2027		539,000		592,900

4.50%, 9/19/2028		378,000		439,027

4.38%, 3/11/2029		475,000		545,231

Legg Mason, Inc.

4.75%, 3/15/2026		320,000		370,431

5.63%, 1/15/2044		111,000		157,967

Morgan Stanley

(SOFR + 0.46%), 0.53%, 1/25/2024 (e)		4,523,000		4,527,071

(SOFR + 0.72%), 0.99%, 12/10/2026 (e)		15,000		14,821

(SOFR + 1.03%), 1.79%, 2/13/2032 (e)		50,000		48,414

Nasdaq, Inc.

4.25%, 6/1/2024		267,000		290,813

3.85%, 6/30/2026 (b)		1,291,000		1,443,695

1.65%, 1/15/2031		19,000		18,103

2.50%, 12/21/2040		250,000		234,657

3.25%, 4/28/2050		711,000		729,628

Raymond James Financial, Inc.

4.65%, 4/1/2030		190,000		228,376

4.95%, 7/15/2046		110,000		144,308

S&P Global, Inc.

4.00%, 6/15/2025		510,000		565,501

2.95%, 1/22/2027 (b)		375,000		406,004

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	155

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Capital Markets — continued

2.50%, 12/1/2029		858,000		908,718

1.25%, 8/15/2030		880,000		838,296

3.25%, 12/1/2049		387,000		422,676

Stifel Financial Corp.

4.25%, 7/18/2024		467,000		511,293

4.00%, 5/15/2030		486,000		544,435

TD Ameritrade Holding Corp.

3.75%, 4/1/2024		327,000		352,999

3.63%, 4/1/2025		417,000		455,422

3.30%, 4/1/2027		1,197,000		1,321,195

2.75%, 10/1/2029		71,000		76,019


				46,976,845


Chemicals — 0.2%

EI du Pont de Nemours and Co.

1.70%, 7/15/2025		1,008,000		1,034,303

2.30%, 7/15/2030		103,000		106,426

Huntsman International LLC 4.50%, 5/1/2029		335,000		384,114

NewMarket Corp. 2.70%, 3/18/2031		694,000		704,186

Syngenta Finance NV (Switzerland) 3.13%, 3/28/2022		6,000		6,075


				2,235,104


Communications Equipment — 0.1%

Juniper Networks, Inc.

2.00%, 12/10/2030		297,000		287,318

5.95%, 3/15/2041		572,000		770,875


				1,058,193


Construction Materials — 0.1%

Eagle Materials, Inc. 2.50%, 7/1/2031		653,000		658,715


Consumer Finance — 2.2%

Ally Financial, Inc.

1.45%, 10/2/2023		1,110,000		1,126,876

3.88%, 5/21/2024		1,608,000		1,733,754

5.13%, 9/30/2024		1,597,000		1,795,047

4.63%, 3/30/2025		55,000		61,415

5.80%, 5/1/2025		1,536,000		1,777,366

8.00%, 11/1/2031		435,000		628,338

American Express Co.

3.40%, 2/27/2023		22,000		22,940

3.70%, 8/3/2023		685,000		726,525

3.40%, 2/22/2024		834,000		889,521

3.00%, 10/30/2024		232,000		248,502

4.20%, 11/6/2025		1,100,000		1,248,177


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Consumer Finance — continued

3.13%, 5/20/2026		240,000		261,971

4.05%, 12/3/2042		1,069,000		1,298,727

American Express Credit Corp. 3.30%, 5/3/2027		726,000		804,486

Capital One Financial Corp.

2.60%, 5/11/2023		10,000		10,354

3.50%, 6/15/2023		229,000		241,268

3.30%, 10/30/2024		324,000		348,296

3.20%, 2/5/2025		715,000		768,892

3.80%, 1/31/2028		60,000		67,385

Discover Financial Services

5.20%, 4/27/2022		314,000		323,751

3.85%, 11/21/2022		789,000		821,743

3.95%, 11/6/2024		1,192,000		1,297,836

3.75%, 3/4/2025		44,000		47,789

4.50%, 1/30/2026		20,000		22,591

4.10%, 2/9/2027		418,000		470,277

Synchrony Financial

2.85%, 7/25/2022		3,437,000		3,508,088

4.38%, 3/19/2024		487,000		527,385

4.50%, 7/23/2025		142,000		158,054

3.70%, 8/4/2026		852,000		933,914

5.15%, 3/19/2029		1,273,000		1,511,884


				23,683,152


Containers & Packaging — 0.0% (c)

Avery Dennison Corp. 4.88%, 12/6/2028		434,000		520,847


Diversified Financial Services — 0.1%

Private Export Funding Corp. Series PP, 1.40%, 7/15/2028		345,000		347,297

Synchrony Bank 3.00%, 6/15/2022		450,000		458,305


				805,602


Diversified Telecommunication Services — 0.7%

Koninklijke KPN NV (Netherlands) 8.38%, 10/1/2030		603,000		864,971

Verizon Communications, Inc.

3.38%, 2/15/2025		50,000		54,166

0.85%, 11/20/2025		464,000		460,482

4.13%, 3/16/2027		425,000		485,623

3.00%, 3/22/2027		20,000		21,630

4.33%, 9/21/2028		300,000		349,981

3.88%, 2/8/2029		581,000		662,261

1.68%, 10/30/2030		624,000		602,350

7.75%, 12/1/2030		55,000		80,272

SEE NOTES TO FINANCIAL STATEMENTS.



156	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Diversified Telecommunication Services — continued

1.75%, 1/20/2031		595,000		575,283

2.55%, 3/21/2031		10,000		10,326

4.40%, 11/1/2034		80,000		96,435

4.27%, 1/15/2036		175,000		208,929

4.81%, 3/15/2039		133,000		168,938

5.01%, 4/15/2049		61,000		81,549

4.67%, 3/15/2055		664,000		863,109

2.99%, 10/30/2056		1,577,000		1,521,167

3.00%, 11/20/2060		377,000		362,616


				7,470,088


Electric Utilities — 1.2%

Baltimore Gas and Electric Co. 2.90%, 6/15/2050		250,000		254,159

Enel Americas SA (Chile) 4.00%, 10/25/2026 (b)		731,000		800,897

Enel Chile SA (Chile) 4.88%, 6/12/2028		401,000		462,896

Exelon Corp.

4.05%, 4/15/2030		1,239,000		1,420,553

4.70%, 4/15/2050		2,692,000		3,448,682

Georgia Power Co. Series A, 3.25%, 3/15/2051		806,000		837,627

Hydro-Quebec (Canada)

Series IO, 8.05%, 7/7/2024		35,000		42,113

8.50%, 12/1/2029		50,000		75,566

Iberdrola International BV (Spain)

5.81%, 3/15/2025 (b)		30,000		34,775

6.75%, 7/15/2036		178,000		273,702

Public Service Electric and Gas Co. 3.65%, 9/1/2042 (b)		195,000		224,643

Southern Co. (The)

2.95%, 7/1/2023		79,000		82,289

Series A, 3.70%, 4/30/2030		3,424,000		3,817,191

4.40%, 7/1/2046		80,000		96,181

Union Electric Co.

8.45%, 3/15/2039		60,000		103,502

3.90%, 9/15/2042		800,000		933,459


				12,908,235


Electrical Equipment — 0.1%

Rockwell Automation, Inc.

3.50%, 3/1/2029		25,000		28,196

4.20%, 3/1/2049		883,000		1,123,886


				1,152,082


Electronic Equipment, Instruments & Components — 0.1%

Allegion US Holding Co., Inc. 3.20%, 10/1/2024		525,000		557,795


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electronic Equipment, Instruments & Components — continued

Amphenol Corp.

2.05%, 3/1/2025		674,000		699,111

4.35%, 6/1/2029		51,000		59,759

2.80%, 2/15/2030		177,000		187,666


				1,504,331


Energy Equipment & Services — 0.0% (c)

Helmerich & Payne, Inc.

4.65%, 3/15/2025		91,000		101,220

4.65%, 3/15/2025 (f)		30,000		33,369


				134,589


Entertainment — 0.3%

Activision Blizzard, Inc.

3.40%, 9/15/2026		134,000		147,595

3.40%, 6/15/2027		220,000		243,800

1.35%, 9/15/2030		259,000		243,561

4.50%, 6/15/2047		857,000		1,064,719

2.50%, 9/15/2050		1,011,000		902,846

Electronic Arts, Inc. 4.80%, 3/1/2026		400,000		459,694

Tencent Music Entertainment Group (China) 1.38%, 9/3/2025		337,000		332,989


				3,395,204


Food & Staples Retailing — 0.1%

Ahold Finance USA LLC (Netherlands) 6.88%, 5/1/2029		124,000		166,817

Koninklijke Ahold Delhaize NV (Netherlands) 5.70%, 10/1/2040		491,000		681,956


				848,773


Food Products — 0.0% (c)

Flowers Foods, Inc. 3.50%, 10/1/2026		101,000		110,269


Gas Utilities — 0.2%

National Fuel Gas Co.

3.75%, 3/1/2023 (b)		681,000		706,016

5.50%, 1/15/2026		624,000		721,696

3.95%, 9/15/2027		61,000		65,977

4.75%, 9/1/2028		536,000		607,012


				2,100,701


Health Care Equipment & Supplies — 0.5%

Danaher Corp.

3.35%, 9/15/2025		50,000		54,706

2.60%, 10/1/2050		280,000		273,284

DENTSPLY SIRONA, Inc. 3.25%, 6/1/2030		708,000		766,970

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	157

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Health Care Equipment & Supplies — continued

DH Europe Finance II SARL

2.20%, 11/15/2024		98,000		102,345

2.60%, 11/15/2029		277,000		291,903

Edwards Lifesciences Corp. 4.30%, 6/15/2028		803,000		932,812

Koninklijke Philips NV (Netherlands)

6.88%, 3/11/2038		263,000		399,980

5.00%, 3/15/2042		982,000		1,307,507

STERIS Irish FinCo. UnLtd Co. 3.75%, 3/15/2051		725,000		795,677


				4,925,184


Health Care Providers & Services — 0.2%

AmerisourceBergen Corp.

3.40%, 5/15/2024		525,000		557,952

3.25%, 3/1/2025		255,000		272,876

3.45%, 12/15/2027		429,000		470,910

4.25%, 3/1/2045		350,000		411,985

4.30%, 12/15/2047		175,000		206,522


				1,920,245


Household Durables — 0.1%

Harman International Industries, Inc. 4.15%, 5/15/2025		100,000		110,192

Whirlpool Corp.

4.75%, 2/26/2029		100,000		118,640

4.60%, 5/15/2050 (b)		707,000		892,666


				1,121,498


Household Products — 0.1%

Church & Dwight Co., Inc.

3.15%, 8/1/2027		61,000		66,722

3.95%, 8/1/2047		659,000		791,563


				858,285


Independent Power and Renewable Electricity Producers — 0.5%

Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024		784,000		842,666

PSEG Power LLC

3.85%, 6/1/2023		2,050,000		2,163,739

8.63%, 4/15/2031		356,000		560,400

Southern Power Co.

0.90%, 1/15/2026		497,000		489,843

Series F, 4.95%, 12/15/2046		810,000		996,112


				5,052,760


Industrial Conglomerates — 0.0% (c)

Pentair Finance SARL 4.50%, 7/1/2029		234,000		272,370


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — 0.1%

Loews Corp.

3.20%, 5/15/2030		180,000		196,259

4.13%, 5/15/2043		469,000		565,440


				761,699


Interactive Media & Services — 0.8%

Alphabet, Inc.

3.38%, 2/25/2024		1,858,000		1,996,014

0.45%, 8/15/2025		2,685,000		2,659,920

2.00%, 8/15/2026 (b)		1,674,000		1,759,973

1.10%, 8/15/2030		471,000		451,831

1.90%, 8/15/2040		476,000		441,490

2.05%, 8/15/2050		823,000		746,560

2.25%, 8/15/2060		751,000		682,978


				8,738,766


Internet & Direct Marketing Retail — 0.8%

Alibaba Group Holding Ltd. (China)

3.60%, 11/28/2024		1,000,000		1,077,969

4.50%, 11/28/2034		200,000		235,754

4.00%, 12/6/2037		835,000		933,913

4.20%, 12/6/2047		750,000		867,867

3.15%, 2/9/2051		846,000		828,353

4.40%, 12/6/2057		1,600,000		1,907,721

3.25%, 2/9/2061		540,000		522,698

JD.com, Inc. (China)

3.88%, 4/29/2026		420,000		460,889

4.13%, 1/14/2050		1,670,000		1,817,517


				8,652,681


IT Services — 0.1%

Amdocs Ltd. 2.54%, 6/15/2030		1,302,000		1,318,139


Leisure Products — 0.3%

Hasbro, Inc.

3.00%, 11/19/2024		162,000		172,130

3.55%, 11/19/2026		62,000		67,991

3.50%, 9/15/2027		133,000		146,046

3.90%, 11/19/2029		10,000		11,181

6.35%, 3/15/2040		1,787,000		2,503,047

5.10%, 5/15/2044		137,000		168,120


				3,068,515


Life Sciences Tools & Services — 0.1%

Agilent Technologies, Inc.

3.88%, 7/15/2023		334,000		352,651

3.05%, 9/22/2026		50,000		53,921

2.75%, 9/15/2029		245,000		258,796

SEE NOTES TO FINANCIAL STATEMENTS.



158	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Life Sciences Tools & Services — continued

PerkinElmer, Inc. 3.30%, 9/15/2029 (b)		100,000		108,517


				773,885


Machinery — 0.2%

IDEX Corp. 3.00%, 5/1/2030		1,022,000		1,088,432

Oshkosh Corp. 3.10%, 3/1/2030		850,000		907,507

Snap-on, Inc. 4.10%, 3/1/2048		228,000		284,355


				2,280,294


Media — 0.5%

Charter Communications Operating LLC

6.38%, 10/23/2035		26,000		34,725

5.13%, 7/1/2049		3,060,000		3,688,557

4.40%, 12/1/2061		898,000		982,532

Interpublic Group of Cos., Inc. (The) 4.75%, 3/30/2030		878,000		1,050,492


				5,756,306


Metals & Mining — 1.8%

Newmont Corp.

3.50%, 3/15/2022		12,000		12,104

2.80%, 10/1/2029		589,000		619,394

2.25%, 10/1/2030		684,000		689,452

5.88%, 4/1/2035		323,000		437,410

6.25%, 10/1/2039		534,000		771,677

4.88%, 3/15/2042		626,000		802,605

5.45%, 6/9/2044		843,000		1,169,768

Rio Tinto Alcan, Inc. (Canada)

7.25%, 3/15/2031		622,000		889,326

6.13%, 12/15/2033		639,000		903,289

Rio Tinto Finance USA plc (Australia)

4.75%, 3/22/2042		43,000		57,029

4.13%, 8/21/2042		1,719,000		2,129,478

Southern Copper Corp. (Peru)

3.50%, 11/8/2022		139,000		143,618

3.88%, 4/23/2025		1,299,000		1,414,896

6.75%, 4/16/2040		100,000		142,650

5.25%, 11/8/2042		178,000		228,277

5.88%, 4/23/2045		1,745,000		2,426,754

Vale Overseas Ltd. (Brazil)

6.25%, 8/10/2026		2,103,000		2,537,216

3.75%, 7/8/2030		354,000		377,234

6.88%, 11/21/2036		451,000		633,142

6.88%, 11/10/2039		436,000		624,425

Vale SA (Brazil) 5.63%, 9/11/2042		2,111,000		2,721,166


				19,730,910


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Multiline Retail — 0.2%

Dollar General Corp.

4.15%, 11/1/2025		168,000		187,596

3.88%, 4/15/2027		224,000		251,818

4.13%, 5/1/2028		230,000		264,787

3.50%, 4/3/2030		570,000		635,507

4.13%, 4/3/2050		763,000		913,395


				2,253,103


Multi-Utilities — 0.3%

Ameren Corp.

2.50%, 9/15/2024		691,000		724,145

3.65%, 2/15/2026		80,000		87,641

1.75%, 3/15/2028		222,000		221,061

3.50%, 1/15/2031		642,000		710,316

Public Service Enterprise Group, Inc.

2.88%, 6/15/2024		262,000		277,018

1.60%, 8/15/2030		123,000		117,600

Southern Co. Gas Capital Corp.

3.25%, 6/15/2026		62,000		67,051

Series 20-A, 1.75%, 1/15/2031		729,000		704,246

4.40%, 5/30/2047		213,000		255,338


				3,164,416


Oil, Gas & Consumable Fuels — 2.9%

Boardwalk Pipelines LP

5.95%, 6/1/2026		19,000		22,429

4.80%, 5/3/2029		418,000		483,543

3.40%, 2/15/2031		59,000		63,042

Burlington Resources LLC

7.20%, 8/15/2031		179,000		257,870

7.40%, 12/1/2031		250,000		368,731

5.95%, 10/15/2036		376,000		523,497

Canadian Natural Resources Ltd. (Canada)

2.95%, 1/15/2023		82,000		84,592

2.05%, 7/15/2025		2,572,000		2,647,825

3.85%, 6/1/2027		105,000		115,696

2.95%, 7/15/2030		215,000		224,134

5.85%, 2/1/2035		1,990,000		2,574,714

6.25%, 3/15/2038		250,000		337,643

4.95%, 6/1/2047 (b)		1,200,000		1,506,054

Cimarex Energy Co.

3.90%, 5/15/2027		75,000		82,879

4.38%, 3/15/2029		249,000		283,319

Conoco Funding Co. 7.25%, 10/15/2031		201,000		292,531

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	159

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Oil, Gas & Consumable Fuels — continued

ConocoPhillips

3.75%, 10/1/2027 (f)		267,000		300,226

5.90%, 10/15/2032		323,000		433,812

5.90%, 5/15/2038		30,000		41,797

6.50%, 2/1/2039		1,153,000		1,699,210

ConocoPhillips Co.

4.95%, 3/15/2026		818,000		948,066

6.95%, 4/15/2029		82,000		110,961

5.95%, 3/15/2046 (b)		33,000		49,540

Devon Energy Corp.

4.50%, 1/15/2030 (f)		2,797,000		3,055,779

5.60%, 7/15/2041		1,785,000		2,234,295

4.75%, 5/15/2042		50,000		56,927

Eni USA, Inc. (Italy) 7.30%, 11/15/2027 (b)		104,000		135,699

EOG Resources, Inc.

2.63%, 3/15/2023		64,000		65,932

4.15%, 1/15/2026		211,000		236,752

4.38%, 4/15/2030		721,000		851,895

4.95%, 4/15/2050		313,000		421,971

Equinor ASA (Norway) 4.25%, 11/23/2041		200,000		245,800

Hess Corp.

4.30%, 4/1/2027		25,000		27,792

7.30%, 8/15/2031		1,272,000		1,729,564

5.60%, 2/15/2041		2,666,000		3,327,205

5.80%, 4/1/2047		30,000		39,059

HollyFrontier Corp.

5.88%, 4/1/2026		582,000		668,742

4.50%, 10/1/2030		973,000		1,046,479

Magellan Midstream Partners LP

5.00%, 3/1/2026		10,000		11,483

3.25%, 6/1/2030		571,000		615,071

5.15%, 10/15/2043		323,000		401,596

4.25%, 9/15/2046 (b)		272,000		309,489

4.20%, 10/3/2047		200,000		225,585

3.95%, 3/1/2050		704,000		769,908

Pioneer Natural Resources Co.

1.13%, 1/15/2026		458,000		454,239

4.45%, 1/15/2026		494,000		555,002

1.90%, 8/15/2030		770,000		743,471

Suncor Energy, Inc. (Canada) 3.60%, 12/1/2024		65,000		70,671

Tosco Corp. 8.13%, 2/15/2030		65,000		93,964


				31,846,481


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Personal Products — 0.2%

Estee Lauder Cos., Inc. (The)

2.00%, 12/1/2024		805,000		841,782

3.15%, 3/15/2027		185,000		204,031

2.38%, 12/1/2029		153,000		160,934

2.60%, 4/15/2030		58,000		61,715

6.00%, 5/15/2037 (b)		130,000		188,098

4.38%, 6/15/2045		191,000		244,512

4.15%, 3/15/2047		175,000		223,301

3.13%, 12/1/2049		681,000		754,704


				2,679,077


Pharmaceuticals — 1.0%

Johnson & Johnson

0.55%, 9/1/2025		27,000		26,768

2.45%, 3/1/2026		61,000		65,036

2.95%, 3/3/2027		429,000		470,187

0.95%, 9/1/2027		985,000		974,724

2.90%, 1/15/2028		220,000		240,291

6.95%, 9/1/2029		50,000		69,743

3.63%, 3/3/2037		267,000		314,178

5.95%, 8/15/2037		25,000		36,942

3.40%, 1/15/2038		458,000		525,281

5.85%, 7/15/2038		125,000		184,618

4.50%, 9/1/2040		73,000		95,671

4.50%, 12/5/2043		25,000		32,944

3.70%, 3/1/2046		1,699,000		2,047,038

3.75%, 3/3/2047		228,000		278,443

3.50%, 1/15/2048		838,000		990,498

2.25%, 9/1/2050		43,000		41,233

2.45%, 9/1/2060		251,000		243,715

Zoetis, Inc.

3.25%, 2/1/2023		844,000		872,336

4.50%, 11/13/2025		10,000		11,337

3.00%, 9/12/2027		625,000		678,833

3.90%, 8/20/2028		630,000		718,353

2.00%, 5/15/2030		1,429,000		1,437,146

4.70%, 2/1/2043		205,000		266,518

3.95%, 9/12/2047		381,000		457,125

4.45%, 8/20/2048		201,000		260,805


				11,339,763


Professional Services — 0.3%

Thomson Reuters Corp. (Canada)

3.35%, 5/15/2026		1,465,000		1,599,024

5.50%, 8/15/2035		76,000		100,761

5.85%, 4/15/2040		25,000		35,022

SEE NOTES TO FINANCIAL STATEMENTS.



160	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Professional Services — continued

5.65%, 11/23/2043 (b)		1,201,000		1,666,513


				3,401,320


Semiconductors & Semiconductor Equipment — 1.0%

Maxim Integrated Products, Inc. 3.45%, 6/15/2027		160,000		177,510

Micron Technology, Inc.

2.50%, 4/24/2023		792,000		817,402

4.64%, 2/6/2024		669,000		728,035

4.98%, 2/6/2026		698,000		803,281

4.19%, 2/15/2027		125,000		142,037

5.33%, 2/6/2029		110,000		133,088

4.66%, 2/15/2030		220,000		257,723

NVIDIA Corp.

3.20%, 9/16/2026		175,000		192,535

2.85%, 4/1/2030		956,000		1,035,170

3.50%, 4/1/2040		780,000		888,246

3.50%, 4/1/2050		538,000		617,633

3.70%, 4/1/2060		1,333,000		1,588,635

Texas Instruments, Inc.

2.25%, 5/1/2023		190,000		195,361

2.63%, 5/15/2024		40,000		42,113

2.90%, 11/3/2027		230,000		251,635

2.25%, 9/4/2029		50,000		52,238

1.75%, 5/4/2030		552,000		552,038

3.88%, 3/15/2039		1,028,000		1,243,271

4.15%, 5/15/2048		1,384,000		1,752,165


				11,470,116


Software — 0.2%

Cadence Design Systems, Inc. 4.38%, 10/15/2024		865,000		948,486

Citrix Systems, Inc.

1.25%, 3/1/2026		638,000		630,328

4.50%, 12/1/2027		577,000		657,774

3.30%, 3/1/2030		201,000		211,777


				2,448,365


Specialty Retail — 0.4%

Advance Auto Parts, Inc.

1.75%, 10/1/2027		425,000		426,501

3.90%, 4/15/2030		1,584,000		1,770,984

Best Buy Co., Inc.

4.45%, 10/1/2028		800,000		932,468

1.95%, 10/1/2030		291,000		287,365

Tractor Supply Co. 1.75%, 11/1/2030		794,000		773,014


				4,190,332


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Technology Hardware, Storage & Peripherals — 0.5%

HP, Inc.

2.20%, 6/17/2025		748,000		776,084

1.45%, 6/17/2026 (f)		1,383,000		1,381,801

3.00%, 6/17/2027		2,010,000		2,163,480

3.40%, 6/17/2030		201,000		215,171

2.65%, 6/17/2031 (f)		91,000		91,246

6.00%, 9/15/2041		942,000		1,238,199


				5,865,981


Tobacco — 0.7%

Altria Group, Inc.

5.95%, 2/14/2049		4,236,000		5,513,882

4.45%, 5/6/2050		1,807,000		1,971,006

3.70%, 2/4/2051		212,000		205,854

4.00%, 2/4/2061		10,000		9,823


				7,700,565


Trading Companies & Distributors — 0.2%

WW Grainger, Inc.

1.85%, 2/15/2025		1,099,000		1,135,726

4.60%, 6/15/2045		469,000		617,871

4.20%, 5/15/2047		212,000		266,773


				2,020,370


Total Corporate Bonds (Cost $281,836,944)				288,248,097

Commercial Mortgage-Backed Securities — 2.0%

Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class A4, 3.57%, 2/15/2050		20,000		22,203

BANK

Series 2017-BNK4, Class ASB, 3.42%, 5/15/2050		30,000		32,160

Series 2019-BN16, Class A4, 4.01%, 2/15/2052		60,000		69,182

Series 2019-BN21, Class A5, 2.85%, 10/17/2052		60,000		64,722

Series 2019-BN23, Class A3, 2.92%, 12/15/2052		142,000		153,899

Series 2018-BN10, Class A5, 3.69%, 2/15/2061		20,000		22,479

Series 2018-BN10, Class AS, 3.90%, 2/15/2061 (g)		180,000		200,793

Series 2019-BN19, Class A3, 3.18%, 8/15/2061		100,000		110,000

Series 2018-BN13, Class C, 4.71%, 8/15/2061 ‡ (g)		500,000		569,841

Series 2019-BN22, Class A4, 2.98%, 11/15/2062		260,000		282,835

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	161

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

BBCMS Mortgage Trust Series 2018-C2, Class A5, 4.31%, 12/15/2051		40,000		46,697

Benchmark Mortgage Trust

Series 2018-B1, Class A5, 3.67%, 1/15/2051 (g)		50,000		56,155

Series 2018-B2, Class B, 4.34%, 2/15/2051 ‡ (g)		20,000		22,651

Series 2018-B5, Class A4, 4.21%, 7/15/2051		110,000		127,762

Series 2018-B6, Class A2, 4.20%, 10/10/2051		38,516		40,411

Series 2018-B8, Class A5, 4.23%, 1/15/2052		40,000		46,609

Series 2020-B16, Class AM, 2.94%, 2/15/2053 ‡ (g)		180,000		191,930

Series 2019-B13, Class A3, 2.70%, 8/15/2057		450,000		475,567

Cantor Commercial Real Estate Lending Series 2019-CF2, Class AS, 3.12%, 11/15/2052		75,000		80,025

CD Mortgage Trust

Series 2017-CD6, Class ASB, 3.33%, 11/13/2050		20,000		21,562

Series 2017-CD6, Class AM, 3.71%, 11/13/2050 (g)		30,000		33,006

CFCRE Commercial Mortgage Trust

Series 2017-C8, Class A4, REIT, 3.57%, 6/15/2050		30,000		33,049

Series 2016-C7, Class ASB, 3.64%, 12/10/2054		20,000		21,439

Citigroup Commercial Mortgage Trust

Series 2014-GC21, Class AAB, 3.48%, 5/10/2047		10,775		11,166

Series 2014-GC23, Class B, 4.17%, 7/10/2047 ‡ (g)		30,000		32,303

Series 2015-GC29, Class C, 4.29%, 4/10/2048 ‡ (g)		40,000		43,014

Series 2016-C1, Class AAB, 3.00%, 5/10/2049		93,390		97,924

Commercial Mortgage Trust

Series 2013-CR9, Class A4, 4.39%, 7/10/2045 (g)		120,000		127,009

Series 2013-CR6, Class A4, 3.10%, 3/10/2046		20,000		20,653

Series 2013-CR7, Class A4, 3.21%, 3/10/2046		10,995		11,383

Series 2013-CR13, Class B, 5.04%, 11/10/2046 ‡ (g)		364,000		392,959

Series 2014-UBS5, Class AM, 4.19%, 9/10/2047 (g)		40,000		43,412


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2014-CR20, Class A3, 3.33%, 11/10/2047		41,500		43,852

Series 2014-UBS6, Class A4, 3.38%, 12/10/2047		140,000		149,366

Series 2015-LC19, Class A4, 3.18%, 2/10/2048		750,000		803,537

Series 2015-LC21, Class AM, 4.04%, 7/10/2048 (g)		30,000		32,603

Series 2015-CR25, Class A4, 3.76%, 8/10/2048		30,000		32,914

CSAIL Commercial Mortgage Trust

Series 2015-C3, Class A4, 3.72%, 8/15/2048		30,000		32,765

Series 2015-C3, Class B, 4.27%, 8/15/2048 ‡ (g)		500,000		527,669

Series 2016-C5, Class A5, 3.76%, 11/15/2048		27,000		29,735

Series 2019-C15, Class A4, 4.05%, 3/15/2052		210,000		240,371

DBGS Mortgage Trust Series 2018-C1, Class A4, 4.47%, 10/15/2051		20,000		23,525

DBJPM Mortgage Trust Series 2017-C6, Class A5, 3.33%, 6/10/2050		20,000		22,058

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K029, Class A2, 3.32%, 2/25/2023 (g)		150,000		155,423

Series K036, Class A2, 3.53%, 10/25/2023 (g)		162,000		171,592

Series K725, Class AM, 3.10%, 2/25/2024 (g)		50,000		52,640

Series K728, Class A2, 3.06%, 8/25/2024 (g)		50,000		53,055

Series K040, Class A2, 3.24%, 9/25/2024		70,000		75,142

Series K731, Class A2, 3.60%, 2/25/2025 (g)		50,000		53,807

Series K733, Class A2, 3.75%, 8/25/2025		500,000		549,082

Series K051, Class A2, 3.31%, 9/25/2025		40,000		43,717

Series K734, Class A2, 3.21%, 2/25/2026		370,000		403,019

Series K735, Class A2, 2.86%, 5/25/2026		50,000		54,024

Series K057, Class A2, 2.57%, 7/25/2026		63,000		67,518

Series K063, Class A1, 3.05%, 8/25/2026		41,941		44,266

SEE NOTES TO FINANCIAL STATEMENTS.



162	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

Series K072, Class A2, 3.44%, 12/25/2027		400,000		453,106

Series K084, Class A2, 3.78%, 10/25/2028 (g)		500,000		579,131

Series K085, Class A2, 4.06%, 10/25/2028 (g)		840,000		988,353

Series K096, Class A2, 2.52%, 7/25/2029		295,000		320,127

Series K099, Class A2, 2.60%, 9/25/2029		100,000		109,232

Series K100, Class A2, 2.67%, 9/25/2029		400,000		439,047

Series K159, Class A2, 3.95%, 11/25/2030 (g)		400,000		478,088

Series K-1512, Class A2, 2.99%, 5/25/2031		75,000		82,825

Series K153, Class A3, 3.12%, 10/25/2031 (g)		450,000		502,495

Series K156, Class A3, 3.70%, 6/25/2033 (g)		91,000		108,000

Series K-1512, Class A3, 3.06%, 4/25/2034		150,000		169,268

Series K-1513, Class A3, 2.80%, 8/25/2034		325,000		358,061

Series K-1514, Class A2, 2.86%, 10/25/2034		400,000		443,905

Series K-1518, Class A2, 1.86%, 10/25/2035		300,000		299,670

FNMA ACES

Series 2014-M2, Class A2, 3.51%, 12/25/2023 (g)		30,590		32,589

Series 2014-M3, Class A2, 3.50%, 1/25/2024 (g)		26,868		28,349

Series 2017-M10, Class AV2, 2.64%, 7/25/2024 (g)		47,039		49,074

Series 2016-M6, Class A1, 2.14%, 5/25/2026		26,212		26,789

Series 2016-M11, Class A1, 2.08%, 7/25/2026		41,501		42,727

Series 2017-M1, Class A2, 2.50%, 10/25/2026 (g)		178,536		189,513

Series 2017-M2, Class A2, 2.89%, 2/25/2027 (g)		442,540		479,733

Series 2017-M7, Class A2, 2.96%, 2/25/2027 (g)		730,000		793,265

Series 2017-M12, Class A2, 3.18%, 6/25/2027 (g)		186,318		205,600

Series 2018-M10, Class A2, 3.48%, 7/25/2028 (g)		40,000		45,446


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2018-M14, Class A2, 3.70%, 8/25/2028 (g)		450,000		517,181

Series 2019-M1, Class A2, 3.67%, 9/25/2028 (g)		85,000		97,201

Series 2019-M22, Class A2, 2.52%, 8/25/2029		650,000		706,563

Series 2018-M13, Class A1, 3.82%, 3/25/2030 (g)		28,454		32,053

GS Mortgage Securities Trust

Series 2012-GCJ9, Class A3, 2.77%, 11/10/2045		77,671		79,115

Series 2014-GC24, Class AAB, 3.65%, 9/10/2047		15,032		15,671

Series 2014-GC24, Class AS, 4.16%, 9/10/2047 (g)		170,000		184,026

Series 2015-GC28, Class A4, 3.14%, 2/10/2048		38,765		40,763

Series 2015-GC30, Class A4, 3.38%, 5/10/2050		25,000		27,050

Series 2018-GS9, Class A4, 3.99%, 3/10/2051 (g)		790,000		901,722

Series 2019-GSA1, Class A4, 3.05%, 11/10/2052		260,000		282,014

JPMBB Commercial Mortgage Securities Trust

Series 2013-C12, Class C, 4.24%, 7/15/2045 ‡ (g)		26,000		26,993

Series 2015-C29, Class B, 4.12%, 5/15/2048 ‡ (g)		40,000		42,221

Series 2015-C31, Class A3, 3.80%, 8/15/2048		40,000		43,634

JPMDB Commercial Mortgage Securities Trust

Series 2016-C2, Class B, 3.99%, 6/15/2049 (g)		20,000		20,945

Series 2017-C5, Class B, 4.01%, 3/15/2050 ‡ (g)		20,000		22,001

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2012-C8, Class A3, 2.83%, 10/15/2045		7,260		7,397

Series 2012-LC9, Class A5, 2.84%, 12/15/2047		15,583		15,933

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2013-C9, Class A4, 3.10%, 5/15/2046		30,000		31,128

Series 2015-C22, Class AS, 3.56%, 4/15/2048 ‡		40,000		42,326

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	163

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

Series 2015-C25, Class ASB, 3.38%, 10/15/2048		42,323		44,249

Series 2015-C25, Class A5, 3.64%, 10/15/2048		40,000		43,798

Series 2016-C31, Class A5, 3.10%, 11/15/2049		450,000		486,185

Series 2016-C32, Class A4, 3.72%, 12/15/2049		295,000		328,042

Morgan Stanley Capital I Trust

Series 2016-UB12, Class A3, 3.34%, 12/15/2049		850,000		910,920

Series 2017-H1, Class C, 4.28%, 6/15/2050 ‡ (g)		25,000		27,131

Series 2019-L2, Class A4, 4.07%, 3/15/2052		50,000		57,718

Series 2019-L3, Class A4, 3.13%, 11/15/2052		100,000		109,287

UBS Commercial Mortgage Trust

Series 2017-C2, Class A4, 3.49%, 8/15/2050		700,000		773,106

Series 2017-C4, Class ASB, 3.37%, 10/15/2050		40,000		43,136

Series 2017-C5, Class AS, 3.78%, 11/15/2050 (g)		70,000		77,411

Series 2017-C7, Class AS, 4.06%, 12/15/2050 (g)		50,000		56,076

UBS-Barclays Commercial Mortgage Trust

Series 2013-C5, Class A4, 3.18%, 3/10/2046		40,000		41,286

Series 2012-C2, Class A4, 3.53%, 5/10/2063		20,000		20,302

Wells Fargo Commercial Mortgage Trust

Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (g)		300,000		317,208

Series 2015-C27, Class A4, 3.19%, 2/15/2048		40,270		42,305

Series 2015-C28, Class A4, 3.54%, 5/15/2048		20,000		21,725

Series 2015-C29, Class A4, 3.64%, 6/15/2048		120,000		130,928

Series 2018-C45, Class A3, 3.92%, 6/15/2051		44,942		50,735

Series 2019-C51, Class A3, 3.06%, 6/15/2052		500,000		541,692

Series 2019-C53, Class A4, 3.04%, 10/15/2052		125,000		136,245

Series 2020-C55, Class A5, 2.73%, 2/15/2053		240,000		255,876


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


WFRBS Commercial Mortgage Trust

Series 2012-C9, Class AS, 3.39%, 11/15/2045		60,000		61,734

Series 2012-C10, Class A3, 2.88%, 12/15/2045		40,000		40,926

Series 2014-C22, Class A4, 3.49%, 9/15/2057		40,000		42,282

Series 2014-C22, Class A5, 3.75%, 9/15/2057		25,000		26,996


Total Commercial Mortgage-Backed Securities (Cost $21,795,944)				22,214,109

Foreign Government Securities — 1.8%

Canada Government Bond (Canada)

2.63%, 1/25/2022		140,000		141,420

1.63%, 1/22/2025		765,000		793,585

Export Development Canada (Canada)

2.00%, 5/17/2022		25,000		25,335

1.75%, 7/18/2022		60,000		60,861

2.50%, 1/24/2023		120,000		123,885

2.63%, 2/21/2024		370,000		390,376

Export-Import Bank of Korea (South Korea) 2.50%, 6/29/2041		402,000		407,861

FMS Wertmanagement AoeR (Germany)

2.00%, 8/1/2022		405,000		411,911

2.75%, 1/30/2024		200,000		211,441

Hungary Government Bond (Hungary)

5.38%, 2/21/2023		196,000		210,256

5.75%, 11/22/2023		168,000		187,311

Italian Republic Government Bond (Italy)

1.25%, 2/17/2026		400,000		397,256

5.38%, 6/15/2033		427,000		547,760

Japan Bank for International Cooperation (Japan)

1.63%, 10/17/2022		200,000		203,132

1.75%, 1/23/2023		200,000		204,225

0.50%, 4/15/2024		200,000		200,045

3.00%, 5/29/2024 (b)		201,000		214,516

2.50%, 5/28/2025		220,000		234,045

2.88%, 6/1/2027		202,000		221,547

2.88%, 7/21/2027		218,000		239,302

3.50%, 10/31/2028		650,000		748,035

Oriental Republic of Uruguay (Uruguay)

8.00%, 11/18/2022		19,333		20,365

4.50%, 8/14/2024		140,000		151,274

4.38%, 10/27/2027		80,000		92,700

5.10%, 6/18/2050		159,000		212,512

SEE NOTES TO FINANCIAL STATEMENTS.



164	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

4.98%, 4/20/2055		55,000		72,533

Province of Alberta (Canada)

2.20%, 7/26/2022		255,000		259,664

3.35%, 11/1/2023		100,000		106,398

2.95%, 1/23/2024		50,000		53,004

1.00%, 5/20/2025		100,000		101,012

3.30%, 3/15/2028		25,000		28,173

Province of British Columbia (Canada)

1.75%, 9/27/2024		100,000		103,777

2.25%, 6/2/2026 (b)		299,000		318,632

1.30%, 1/29/2031 (b)		165,000		162,596

Province of Ontario (Canada)

2.25%, 5/18/2022 (b)		100,000		101,483

2.45%, 6/29/2022		250,000		254,742

2.20%, 10/3/2022		24,000		24,525

1.75%, 1/24/2023		346,000		353,461

3.40%, 10/17/2023		267,000		284,355

3.05%, 1/29/2024		155,000		164,836

2.50%, 4/27/2026		129,000		138,642

2.30%, 6/15/2026		30,000		31,979

1.05%, 5/21/2027 (b)		10,000		9,992

2.00%, 10/2/2029		25,000		26,161

Province of Quebec (Canada)

2.63%, 2/13/2023 (b)		453,000		468,845

1.50%, 2/11/2025		415,000		427,190

0.60%, 7/23/2025		428,000		426,343

2.50%, 4/20/2026		122,000		131,260

1.35%, 5/28/2030		326,000		322,823

Republic of Colombia (Colombia) 3.00%, 1/30/2030 (b)		336,000		329,470

Republic of Indonesia (Indonesia)

4.45%, 2/11/2024		200,000		218,097

1.85%, 3/12/2031		200,000		194,865

3.50%, 2/14/2050		200,000		208,943

3.35%, 3/12/2071		200,000		196,179

Republic of Korea (South Korea)

5.63%, 11/3/2025		200,000		238,427

2.75%, 1/19/2027		207,000		224,663

1.00%, 9/16/2030		306,000		293,850

4.13%, 6/10/2044		200,000		261,956

Republic of Panama (Panama)

7.13%, 1/29/2026		100,000		123,804

8.88%, 9/30/2027		33,000		45,664

9.38%, 4/1/2029		126,000		186,932

2.25%, 9/29/2032		264,000		257,584

6.70%, 1/26/2036		96,000		131,795

4.50%, 4/1/2056		200,000		228,637


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Republic of Peru (Peru)

1.86%, 12/1/2032		285,000		268,155

3.23%, 7/28/2121		939,000		825,785

Republic of Philippines (Philippines)

7.50%, 9/25/2024		250,000		286,371

9.50%, 10/21/2024		125,000		159,284

10.63%, 3/16/2025		72,000		96,665

9.50%, 2/2/2030		47,000		74,378

2.95%, 5/5/2045		444,000		445,885

Republic of Poland (Poland)

3.00%, 3/17/2023		12,000		12,499

3.25%, 4/6/2026		325,000		358,488

State of Israel Government Bond (Israel)

3.15%, 6/30/2023		200,000		209,912

2.88%, 3/16/2026		200,000		215,664

4.50%, 4/3/2120		201,000		260,601

United Mexican States (Mexico)

8.00%, 9/24/2022		26,000		28,234

4.00%, 10/2/2023		46,000		49,456

3.90%, 4/27/2025		452,000		501,174

4.50%, 4/22/2029		280,000		320,816

6.75%, 9/27/2034		265,000		358,288

5.55%, 1/21/2045		200,000		246,502

4.60%, 1/23/2046		200,000		219,890

5.75%, 10/12/2110		394,000		481,233


Total Foreign Government Securities (Cost $19,196,369)				19,583,528

U.S. Government Agency Securities — 1.5%

FFCB Funding Corp.

0.53%, 1/18/2022		88,000		88,124

0.25%, 6/2/2022		140,000		140,109

1.85%, 8/5/2022		34,000		34,556

0.13%, 11/23/2022		1,050,000		1,050,061

0.57%, 7/2/2024		45,000		44,976

1.30%, 3/30/2027		820,000		822,940

FHLB

1.88%, 12/9/2022		10,000		10,222

3.00%, 12/9/2022		70,000		72,508

1.38%, 2/17/2023		95,000		96,760

2.13%, 3/10/2023		75,000		77,236

3.38%, 12/8/2023		100,000		106,969

2.50%, 2/13/2024		890,000		937,877

1.50%, 8/15/2024		10,000		10,324

2.88%, 9/13/2024		130,000		139,620

2.75%, 12/13/2024		100,000		107,391

2.38%, 3/14/2025		35,000		37,195

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	165

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — continued

3.25%, 11/16/2028		1,400,000		1,602,940

2.13%, 9/14/2029		100,000		106,216

5.63%, 3/14/2036		50,000		74,567

5.50%, 7/15/2036		35,000		52,321

FHLMC

0.13%, 7/25/2022		1,489,000		1,489,651

0.38%, 4/20/2023		1,305,000		1,309,681

0.38%, 5/5/2023		600,000		602,155

2.75%, 6/19/2023		282,000		294,972

0.25%, 6/26/2023		210,000		210,233

0.25%, 8/24/2023		650,000		650,567

1.50%, 2/12/2025		379,000		391,803

0.38%, 7/21/2025		73,000		72,373

0.38%, 9/23/2025		10,000		9,898

2.62%, 12/14/2029 (h)		80,000		70,623

6.25%, 7/15/2032		120,000		178,084

FNMA

1.38%, 9/6/2022		72,000		72,952

2.38%, 1/19/2023		121,000		124,717

0.25%, 7/10/2023		10,000		10,011

0.30%, 8/3/2023		1,022,000		1,022,638

2.88%, 9/12/2023		400,000		421,490

2.50%, 2/5/2024		161,000		169,638

2.63%, 9/6/2024		254,000		271,100

1.63%, 10/15/2024		10,000		10,365

0.63%, 4/22/2025		120,000		120,357

0.50%, 6/17/2025		455,000		453,504

2.13%, 4/24/2026		175,000		186,121

1.88%, 9/24/2026		103,000		108,538

6.25%, 5/15/2029		310,000		424,472

7.13%, 1/15/2030		31,000		45,299

0.88%, 8/5/2030		960,000		919,458

6.63%, 11/15/2030		108,000		156,857

6.21%, 8/6/2038		45,000		72,748

Tennessee Valley Authority

1.88%, 8/15/2022		79,000		80,343

0.75%, 5/15/2025		50,000		50,263

7.13%, 5/1/2030		166,000		243,354

Series B, 4.70%, 7/15/2033		612,000		803,284

6.15%, 1/15/2038		35,000		54,013

3.50%, 12/15/2042		95,000		114,314

5.38%, 4/1/2056		39,000		64,339

4.25%, 9/15/2065		51,000		74,034


Total U.S. Government Agency Securities (Cost $16,783,032)				16,967,161


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Supranational — 1.4%

African Development Bank (Supranational)

0.75%, 4/3/2023		540,000		544,714

3.00%, 9/20/2023		100,000		105,553

Asian Development Bank (Supranational)

1.75%, 9/13/2022		173,000		175,888

1.63%, 1/24/2023		125,000		127,552

2.75%, 3/17/2023		64,000		66,539

2.63%, 1/30/2024		150,000		158,247

1.50%, 10/18/2024		60,000		61,888

2.00%, 1/22/2025		100,000		104,902

0.63%, 4/29/2025		100,000		100,126

0.50%, 2/4/2026 (b)		535,000		529,267

2.50%, 11/2/2027		164,000		178,533

2.75%, 1/19/2028		100,000		110,502

3.13%, 9/26/2028		80,000		90,850

1.88%, 1/24/2030		93,000		97,531

0.75%, 10/8/2030		263,000		250,259

Asian Infrastructure Investment Bank (The) (Supranational)

2.25%, 5/16/2024		30,000		31,476

0.50%, 5/28/2025		84,000		83,601

0.50%, 1/27/2026		400,000		395,703

Council of Europe Development Bank (Supranational)

2.63%, 2/13/2023		471,000		487,649

1.38%, 2/27/2025		291,000		299,008

European Bank for Reconstruction & Development (Supranational) 0.50%, 5/19/2025		221,000		220,092

European Investment Bank (Supranational)

1.38%, 9/6/2022		70,000		70,880

2.00%, 12/15/2022		137,000		140,266

2.50%, 3/15/2023		1,284,000		1,329,827

0.25%, 9/15/2023		258,000		257,975

3.25%, 1/29/2024		420,000		449,284

2.63%, 3/15/2024		40,000		42,286

1.88%, 2/10/2025		479,000		500,735

0.63%, 7/25/2025		86,000		85,986

0.38%, 12/15/2025		1,086,000		1,071,676

0.38%, 3/26/2026		2,506,000		2,465,093

1.63%, 10/9/2029 (b)		130,000		134,323

0.75%, 9/23/2030		234,000		223,101

Inter-American Development Bank (Supranational)

2.50%, 1/18/2023		214,000		220,937

SEE NOTES TO FINANCIAL STATEMENTS.



166	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Supranational — continued

0.88%, 4/3/2025		150,000		151,536

7.00%, 6/15/2025		91,000		112,118

0.63%, 7/15/2025		100,000		99,987

2.00%, 6/2/2026		100,000		105,620

3.13%, 9/18/2028		109,000		123,650

2.25%, 6/18/2029		167,000		179,891

3.20%, 8/7/2042		53,000		62,916

4.38%, 1/24/2044		321,000		450,688

International Bank for Reconstruction & Development (Supranational)

2.13%, 2/13/2023		25,000		25,708

3.00%, 9/27/2023		240,000		253,555

2.50%, 3/19/2024		110,000		115,957

2.50%, 11/25/2024		50,000		53,203

1.63%, 1/15/2025		150,000		155,508

0.63%, 4/22/2025		350,000		350,527

2.50%, 7/29/2025		70,000		75,024

3.13%, 11/20/2025		70,000		77,120

1.88%, 10/27/2026		89,000		93,586

2.50%, 11/22/2027		30,000		32,700

1.75%, 10/23/2029		331,000		344,388

0.88%, 5/14/2030		507,000		490,473

4.75%, 2/15/2035		240,000		325,986

International Finance Corp. (Supranational) 2.00%, 10/24/2022		343,000		350,252


Total Supranational (Cost $15,089,927)				15,242,642

Municipal Bonds — 0.5% (i)

California — 0.2%

Bay Area Toll Authority, Toll Bridge

Series 2010S-1, Rev., 6.92%, 4/1/2040		40,000		61,371

Series 2009F-2, Rev., 6.26%, 4/1/2049		100,000		163,782

East Bay Municipal Utility District, Water System Series 2010B, Rev., 5.87%, 6/1/2040		155,000		226,134

Los Angeles Unified School District, Build America Bonds

GO, 5.75%, 7/1/2034		20,000		27,049

Series 2010RY, GO, 6.76%, 7/1/2034		105,000		151,360

Regents of the University of California Medical Center Pooled

Series H, Rev., 6.55%, 5/15/2048		40,000		62,465

Series 2020N, Rev., 3.71%, 5/15/2120		165,000		180,522


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Santa Clara Valley Transportation Authority, Measure A Sales Tax, Build America Bonds Series 2010A, Rev., 5.88%, 4/1/2032		215,000		269,664

State of California, Build America Bonds

GO, 7.50%, 4/1/2034		245,000		385,287

GO, 7.55%, 4/1/2039		100,000		171,629

GO, 7.60%, 11/1/2040		25,000		44,442

University of California, Taxable Series 2020BG, Rev., 1.61%, 5/15/2030		300,000		298,284


Total California				2,041,989


Connecticut — 0.0% (c)

State of Connecticut, Teachers Retirement FD Series A, GO, 5.85%, 3/15/2032		75,000		99,667


Florida — 0.1%

State Board of Administration Finance Corp. Series 2020A, Rev., 1.26%, 7/1/2025		775,000		783,184


Illinois — 0.1%

Chicago O’Hare International Airport, General Airport, Senior Lien Series 2018C, Rev., 4.47%, 1/1/2049		25,000		33,016

Metropolitan Water Reclamation District of Greater Chicago, Build America Bonds GO, 5.72%, 12/1/2038		55,000		78,502

Sales Tax Securitization Corp. Series 2019A, Rev., 4.64%, 1/1/2040		60,000		73,410

State of Illinois, Taxable Pension

GO, 4.95%, 6/1/2023		38,182		40,123

GO, 5.10%, 6/1/2033 (b)		410,000		485,260


Total Illinois				710,311


Missouri — 0.0% (c)

Health and Educational Facilities Authority of the State of Missouri, The Washington University Series 2017A, Rev., 3.65%, 8/15/2057		45,000		55,563


Nebraska — 0.0% (c)

University of Nebraska Facilities Corp., Taxable Series 2019A, Rev., 3.04%, 10/1/2049		50,000		54,209

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	167

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New Jersey — 0.0% (c)

New Jersey Economic Development Authority, Pension Funding Series 1997A, Rev., NATL-RE, 7.43%, 2/15/2029		35,000		45,268

New Jersey Transportation Trust Fund Authority, Transportation System, Build America Bonds Series 2010C, Rev., 5.75%, 12/15/2028		25,000		30,106

New Jersey Turnpike Authority, Build America Bonds Series F, Rev., 7.41%, 1/1/2040		10,000		16,669

Rutgers The State University of New Jersey Series 2019P, Rev., 3.92%, 5/1/2119		55,000		63,984


Total New Jersey				156,027


New York — 0.0% (c)

City of New York, Fiscal Year 2010 Series A-2, GO, 5.21%, 10/1/2031		25,000		30,757

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2010, Build America Bonds Series GG, Rev., 5.72%, 6/15/2042		40,000		60,730

New York State Urban Development Corp., State Personal Income Tax, Build America Bonds Series 2009E, Rev., 5.77%, 3/15/2039		25,000		31,452

New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2019B, Rev., 3.90%, 3/15/2033		65,000		73,815

Port Authority of New York and New Jersey, Consolidated

Series 182, Rev., 5.31%, 8/1/2046		60,000		67,129

Series 192, Rev., 4.81%, 10/15/2065		120,000		169,241


Total New York				433,124


Ohio — 0.0% (c)

American Municipal Power, Inc., Combined Hydroelectric Projects Series 2010B, Rev., 7.83%, 2/15/2041		25,000		41,876


Oregon — 0.0% (c)

State of Oregon

GO, 5.76%, 6/1/2023		18,887		20,210

GO, 5.89%, 6/1/2027		55,000		66,679


Total Oregon				86,889


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — 0.1%

City of Houston GO, 3.96%, 3/1/2047		40,000		47,613

Grand Parkway Transportation Corp., System Toll Series 2020B, Rev., 3.24%, 10/1/2052		100,000		103,163

Permanent University Fund — Texas A&M University System Series B, Rev., 3.66%, 7/1/2047		20,000		21,739

State of Texas, Transportation Commission Highway Improvement Series 2010A, GO, 4.68%, 4/1/2040		45,000		60,275

State of Texas, Transportation Commission Mobility Fund Series 2009A, GO, 5.52%, 4/1/2039		120,000		173,533

Texas Transportation Commission State Highway Fund, First Tier Series 2010B, Rev., 5.18%, 4/1/2030		125,000		155,145


Total Texas				561,468


Virginia — 0.0% (c)

University of Virginia, Federally Taxable Rev., 2.26%, 9/1/2050		340,000		317,801


Total Municipal Bonds (Cost $5,165,717)				5,342,108

Asset-Backed Securities — 0.3%

AmeriCredit Automobile Receivables Trust Series 2018-1, Class C, 3.50%, 1/18/2024		15,000		15,242

Capital One Multi-Asset Execution Trust

Series 2019-A1, Class A1, 2.84%, 12/15/2024		50,000		50,607

Series 2017-A6, Class A6, 2.29%, 7/15/2025		10,000		10,218

Series 2019-A3, Class A3, 2.06%, 8/15/2028		400,000		421,018

CarMax Auto Owner Trust

Series 2018-1, Class A4, 2.64%, 6/15/2023		25,000		25,176

Series 2019-3, Class A3, 2.18%, 8/15/2024		429,443		435,223

Citibank Credit Card Issuance Trust

Series 2018-A6, Class A6, 3.21%, 12/7/2024		50,000		51,888

Series 2018-A7, Class A7, 3.96%, 10/13/2030		100,000		117,618

Discover Card Execution Note Trust Series 2018-A1, Class A1, 3.03%, 8/15/2025		18,000		18,728

Ford Credit Floorplan Master Owner Trust A Series 2019-3, Class A1, 2.23%, 9/15/2024		75,000		76,553

SEE NOTES TO FINANCIAL STATEMENTS.



168	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — 0.3%

GM Financial Automobile Leasing Trust Series 2020-3, Class A3, 0.45%, 8/21/2023		885,000		886,771

Honda Auto Receivables Owner Trust Series 2019-4, Class A3, 1.83%, 1/18/2024		466,081		470,527

Mercedes-Benz Auto Lease Trust Series 2020-A, Class A3, 1.84%, 12/15/2022		27,059		27,217

Santander Drive Auto Receivables Trust Series 2018-4, Class D, 3.98%, 12/15/2025		95,000		97,209

Synchrony Credit Card Master Note Trust Series 2018-2, Class A, 3.47%, 5/15/2026		50,000		52,657

Toyota Auto Receivables Owner Trust Series 2019-D, Class A3, 1.92%, 1/16/2024		47,508		47,991

World Omni Select Auto Trust Series 2019-A, Class D, 2.59%, 12/15/2025		182,000		186,135


Total Asset-Backed Securities (Cost $2,961,217)				2,990,778

	SHARES
Short-Term Investments — 2.0%

Investment Companies — 1.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (j) (k) (Cost $14,709,012)		14,709,012		14,709,012


Investment of Cash Collateral from Securities Loaned — 0.7%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.07% (j) (k)		6,498,550		6,498,550

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (j) (k)		1,092,432		1,092,432


Total Investment of Cash Collateral from Securities Loaned (Cost $7,590,982)				7,590,982


Total Short-Term Investments (Cost $22,299,994)				22,299,994


Total Investments — 101.3% (Cost $1,095,002,372)				1,105,583,212

Liabilities in Excess of Other Assets — (1.3)%				(14,422,929)


NET ASSETS — 100.0%				1,091,160,283

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
TBA		To Be Announced; Security is subject to delayed delivery.
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar

(a)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(b)		The security or a portion of this security is on loan at August 31, 2021. The total value of securities on loan at August 31, 2021 is $7,214,058.
(c)		Amount rounds to less than 0.1% of net assets.
(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 August 31, 2021.
(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2021.
(f)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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 August 31, 2021.
(h)		The rate shown is the effective yield as of August 31, 2021.
(i)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(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 August 31, 2021.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	169

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 64.7%

Aerospace & Defense — 0.7%

Boeing Co. (The) 4.51%, 5/1/2023		31,519,000		33,392,929

Leidos, Inc. 2.95%, 5/15/2023		46,063,000		47,674,744

Raytheon Technologies Corp. 3.20%, 3/15/2024 (a)		5,792,000		6,153,435

Teledyne Technologies, Inc. 0.65%, 4/1/2023		39,910,000		39,906,588


				127,127,696


Automobiles — 3.0%

BMW US Capital LLC (Germany)

2.95%, 4/14/2022 (b)		18,360,000		18,668,093

3.80%, 4/6/2023 (b)		72,574,000		76,386,688

2.25%, 9/15/2023 (a) (b)		18,130,000		18,748,745

(SOFR + 0.53%), 0.58%, 4/1/2024 (b) (c)		22,838,000		23,100,409

Daimler Finance North America LLC (Germany)

2.85%, 1/6/2022 (b)		2,066,000		2,084,513

(ICE LIBOR USD 3 Month + 0.90%), 1.02%, 2/15/2022 (b) (c)		57,847,000		58,077,462

(ICE LIBOR USD 3 Month + 0.88%), 1.01%, 2/22/2022 (b) (c)		28,500,000		28,610,423

2.55%, 8/15/2022 (b)		9,996,000		10,208,787

0.75%, 3/1/2024 (a) (b)		22,758,000		22,819,315

Hyundai Capital America

3.10%, 4/5/2022 (a) (b)		2,303,000		2,337,816

2.85%, 11/1/2022 (a) (b)		10,000,000		10,260,463

1.15%, 11/10/2022 (b)		27,058,000		27,225,625

0.80%, 4/3/2023 (b)		42,540,000		42,578,529

5.75%, 4/6/2023 (b)		10,021,000		10,804,093

0.88%, 6/14/2024 (b)		30,000,000		29,890,290

Kia Corp. (South Korea) 1.00%, 4/16/2024 (b)		12,580,000		12,626,295

Volkswagen Group of America Finance LLC (Germany)

4.00%, 11/12/2021 (b)		2,195,000		2,210,688

2.90%, 5/13/2022 (b)		29,836,000		30,349,620

2.70%, 9/26/2022 (b)		9,928,000		10,171,137

0.75%, 11/23/2022 (b)		7,436,000		7,459,416

3.13%, 5/12/2023 (b)		22,136,000		23,052,275

4.25%, 11/13/2023 (a) (b)		9,666,000		10,382,579

0.88%, 11/22/2023 (b)		45,500,000		45,755,555


				523,808,816


Banks — 27.6%

ANZ New Zealand Int’l Ltd. (New Zealand)

2.88%, 1/25/2022 (b)		2,585,000		2,612,623

1.90%, 2/13/2023 (a) (b)		3,630,000		3,718,282


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

ASB Bank Ltd. (New Zealand) (ICE LIBOR USD 3 Month + 0.97%), 1.09%, 6/14/2023 (b) (c)		1,441,000		1,461,746

Australia & New Zealand Banking Group Ltd. (Australia)

(ICE LIBOR USD 3 Month + 0.87%), 1.00%, 11/23/2021 (b) (c)		1,470,000		1,472,840

2.55%, 11/23/2021		375,000		377,006

2.63%, 5/19/2022		11,522,000		11,723,150

2.63%, 11/9/2022		16,021,000		16,479,581

2.05%, 11/21/2022		12,527,000		12,809,254

Banco Santander SA (Spain)

3.50%, 4/11/2022		29,407,000		29,974,977

(ICE LIBOR USD 3 Month + 1.09%), 1.22%, 2/23/2023 (c)		6,000,000		6,075,419

3.13%, 2/23/2023		2,200,000		2,283,533

(ICE LIBOR USD 3 Month + 1.12%), 1.24%, 4/12/2023 (c)		4,000,000		4,050,419

3.85%, 4/12/2023		12,600,000		13,264,235

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.70%, 6/30/2024 (c)		46,600,000		46,732,603

2.75%, 5/28/2025		10,000,000		10,543,641

Bank of America Corp.

2.50%, 10/21/2022		1,006,000		1,009,048

3.30%, 1/11/2023		1,473,000		1,533,934

(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (c)		2,515,000		2,568,966

4.10%, 7/24/2023		1,101,000		1,178,759

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		17,197,000		17,755,903

(BSBY3M + 0.43%), 0.53%, 5/28/2024 (c)		59,820,000		59,851,705

(SOFR + 0.41%), 0.52%, 6/14/2024 (c)		49,982,000		49,936,330

(SOFR + 0.73%), 0.78%, 10/24/2024 (a) (c)		37,500,000		37,863,888

(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (c)		2,392,000		2,553,334

(SOFR + 0.69%), 0.98%, 4/22/2025 (a) (c)		42,672,000		42,912,916

Bank of Montreal (Canada)

(ICE LIBOR USD 3 Month + 0.40%), 0.53%, 9/10/2021 (c)		25,665,000		25,667,516

(ICE LIBOR USD 3 Month + 0.57%), 0.72%, 3/26/2022 (c)		30,500,000		30,587,515

2.90%, 3/26/2022		8,690,000		8,824,126

2.35%, 9/11/2022		5,511,000		5,631,539

2.05%, 11/1/2022		5,930,000		6,054,311

SEE NOTES TO FINANCIAL STATEMENTS.



170	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Banks — continued

(SOFR + 0.27%), 0.32%, 4/14/2023 (a) (c)		90,125,000		90,228,295

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 3 Month + 0.64%), 0.77%, 3/7/2022 (c)		10,108,000		10,138,975

2.70%, 3/7/2022		11,850,000		12,001,877

2.45%, 9/19/2022		5,887,000		6,029,874

1.95%, 2/1/2023		11,814,000		12,088,193

1.63%, 5/1/2023		2,850,000		2,912,282

0.80%, 6/15/2023 (a)		5,025,000		5,059,351

(SOFR + 0.28%), 0.33%, 6/23/2023 (c)		62,385,000		62,431,164

0.70%, 4/15/2024 (a)		78,350,000		78,505,303

Banque Federative du Credit Mutuel SA (France)

2.70%, 7/20/2022 (a) (b)		10,055,000		10,274,521

2.13%, 11/21/2022 (b)		17,217,000		17,608,390

3.75%, 7/20/2023 (b)		4,865,000		5,161,084

Barclays Bank plc (United Kingdom) 1.70%, 5/12/2022		23,728,000		23,944,337

Barclays plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.63%), 1.74%, 1/10/2023 (c)		27,550,000		27,696,117

3.68%, 1/10/2023		1,800,000		1,821,091

(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (c)		60,917,000		62,074,376

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (a) (c)		29,647,000		29,779,503

BNP Paribas SA (France)

2.95%, 5/23/2022 (b)		8,058,000		8,211,664

3.50%, 3/1/2023 (b)		108,656,000		113,546,164

3.80%, 1/10/2024 (b)		42,459,000		45,408,366

3.38%, 1/9/2025 (b)		17,041,000		18,277,311

BNZ International Funding Ltd. (New Zealand)

(ICE LIBOR USD 3 Month + 0.98%), 1.10%, 9/14/2021 (b) (c)		21,969,000		21,975,675

2.10%, 9/14/2021 (b)		7,705,000		7,710,264

2.65%, 11/3/2022 (a) (b)		4,855,000		4,990,110

3.38%, 3/1/2023 (b)		13,260,000		13,841,979

Canadian Imperial Bank of Commerce (Canada)

2.55%, 6/16/2022		740,000		754,044

0.45%, 6/22/2023		88,143,000		88,132,640

0.95%, 6/23/2023		57,416,000		57,954,259


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (c)		12,898,000		13,152,817

(SOFR + 0.40%), 0.45%, 12/14/2023 (c)		50,032,000		50,266,520

Capital One NA 2.15%, 9/6/2022		24,273,000		24,684,784

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		91,206,000		92,204,246

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (c)		2,097,000		2,142,638

(SOFR + 1.67%), 1.68%, 5/15/2024 (c)		500,000		510,102

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (a) (c)		1,937,000		2,054,506

(SOFR + 0.67%), 0.72%, 5/1/2025 (c)		39,581,000		39,768,756

Citizens Bank NA

(ICE LIBOR USD 3 Month + 0.72%), 0.84%, 2/14/2022 (c)		13,543,000		13,576,148

3.25%, 2/14/2022		21,626,000		21,868,103

2.65%, 5/26/2022		14,375,000		14,599,848

Commonwealth Bank of Australia (Australia)

(ICE LIBOR USD 3 Month + 0.70%), 0.83%, 3/10/2022 (b) (c)		2,348,000		2,356,151

2.75%, 3/10/2022 (a) (b)		1,452,000		1,471,596

2.50%, 9/18/2022 (b)		13,980,000		14,312,715

1.63%, 10/17/2022 (b)		25,290,000		25,684,583

Cooperatieve Rabobank UA (Netherlands)

(ICE LIBOR USD 3 Month + 0.83%), 0.95%, 1/10/2022 (c)		3,700,000		3,711,004

2.75%, 1/10/2022 (a)		420,000		423,834

3.88%, 2/8/2022		18,176,000		18,465,445

3.88%, 9/26/2023 (a) (b)		6,490,000		6,934,989

(SOFR + 0.30%), 0.35%, 1/12/2024 (c)		62,834,000		62,919,418

Credit Agricole Corporate & Investment Bank SA (France) 0.78%, 6/28/2024		47,585,000		47,614,878

Credit Agricole SA (France)

3.38%, 1/10/2022 (b)		3,801,000		3,843,135

3.75%, 4/24/2023 (b)		99,892,000		105,319,461

Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 3.80%, 9/15/2022		50,062,000		51,831,665

DBS Group Holdings Ltd. (Singapore) 2.85%, 4/16/2022 (a) (b)		44,859,000		45,511,434

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	171

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Banks — continued

DNB Bank ASA (Norway) 2.15%, 12/2/2022 (b)		35,121,000		35,978,650

Federation des Caisses Desjardins du Quebec (Canada)

1.95%, 9/26/2022 (b)		25,000,000		25,450,467

(SOFR + 0.43%), 0.48%, 5/21/2024 (b) (c)		41,345,000		41,447,122

0.70%, 5/21/2024 (a) (b)		66,044,000		66,043,958

Fifth Third Bancorp

2.60%, 6/15/2022		33,996,000		34,556,221

1.63%, 5/5/2023		18,545,000		18,906,285

3.65%, 1/25/2024 (a)		23,511,000		25,157,856

Fifth Third Bank NA 2.88%, 10/1/2021		20,518,000		20,518,000

First Republic Bank (SOFR + 0.62%), 1.91%, 2/12/2024 (c)		592,000		603,992

HSBC Holdings plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023 (c)		13,106,000		13,310,288

3.60%, 5/25/2023		12,181,000		12,844,805

(SOFR + 0.53%), 0.73%, 8/17/2024 (c)		48,545,000		48,628,100

(SOFR + 0.71%), 0.98%, 5/24/2025 (c)		59,681,000		59,711,132

Huntington National Bank (The)

3.13%, 4/1/2022		2,128,000		2,159,166

2.50%, 8/7/2022		16,029,000		16,339,104

1.80%, 2/3/2023		500,000		510,017

ING Groep NV (Netherlands)

(ICE LIBOR USD 3 Month + 1.15%), 1.30%, 3/29/2022 (c)		28,625,000		28,763,700

3.15%, 3/29/2022		58,170,000		59,144,555

4.10%, 10/2/2023		3,730,000		4,003,459

Intesa Sanpaolo SpA (Italy) 3.13%, 7/14/2022 (b)		30,183,000		30,871,303

KeyBank NA

2.40%, 6/9/2022		965,000		981,246

2.30%, 9/14/2022		5,119,000		5,230,443

1.25%, 3/10/2023		500,000		507,175

(SOFR + 0.32%), 0.37%, 6/14/2024 (c)		27,458,000		27,489,216

(SOFR + 0.32%), 0.43%, 6/14/2024 (c)		68,003,000		68,041,237

Lloyds Banking Group plc (United Kingdom)

3.00%, 1/11/2022		7,896,000		7,974,456


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023 (c)		78,163,000		79,212,006

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023 (c)		15,176,000		15,283,015

4.05%, 8/16/2023		22,633,000		24,164,040

(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (c)		3,334,000		3,425,658

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.70%, 5/11/2024 (c)		45,000,000		45,164,124

Mitsubishi UFJ Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 1.06%), 1.18%, 9/13/2021 (c)		6,387,000		6,389,108

2.19%, 9/13/2021		1,877,000		1,878,182

(ICE LIBOR USD 3 Month + 0.92%), 1.05%, 2/22/2022 (c)		4,789,000		4,808,922

3.00%, 2/22/2022		42,869,000		43,432,381

(ICE LIBOR USD 3 Month + 0.70%), 0.83%, 3/7/2022 (c)		22,890,000		22,962,915

3.22%, 3/7/2022		3,842,000		3,900,748

2.62%, 7/18/2022 (a)		24,117,000		24,617,154

2.67%, 7/25/2022		10,807,000		11,037,392

3.46%, 3/2/2023		351,000		367,374

(ICE LIBOR USD 3 Month + 0.86%), 0.99%, 7/26/2023 (c)		1,594,000		1,614,843

3.76%, 7/26/2023		2,493,000		2,650,255

Mizuho Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 0.94%), 1.06%, 2/28/2022 (a) (c)		1,765,000		1,772,764

2.60%, 9/11/2022 (a)		14,686,000		15,036,309

3.55%, 3/5/2023		3,942,000		4,127,878

(ICE LIBOR USD 3 Month + 0.84%), 0.97%, 7/16/2023 (c)		9,601,000		9,655,552

(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023 (c)		4,363,000		4,452,790

(ICE LIBOR USD 3 Month + 0.85%), 0.97%, 9/13/2023 (c)		107,214,000		107,852,727

(ICE LIBOR USD 3 Month + 0.63%), 0.76%, 5/25/2024 (c)		10,000,000		10,054,621

(SOFR + 1.25%), 1.24%, 7/10/2024 (c)		15,000,000		15,186,223

(SOFR + 0.87%), 0.85%, 9/8/2024 (c)		29,700,000		29,837,750

(ICE LIBOR USD 3 Month + 1.00%), 3.92%, 9/11/2024 (c)		8,066,000		8,598,233

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		9,413,000		9,652,281

SEE NOTES TO FINANCIAL STATEMENTS.



172	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Banks — continued

MUFG Bank Ltd. (Japan) 4.10%, 9/9/2023 (b)		200,000		214,822

MUFG Union Bank NA

3.15%, 4/1/2022		1,220,000		1,237,876

(SOFR + 0.71%), 0.76%, 12/9/2022 (c)		24,750,000		24,915,692

National Australia Bank Ltd. (Australia)

3.38%, 9/20/2021		6,250,000		6,259,688

(ICE LIBOR USD 3 Month + 0.71%), 0.83%, 11/4/2021 (b) (c)		18,111,000		18,134,748

3.70%, 11/4/2021		250,000		251,517

2.50%, 5/22/2022		8,967,000		9,119,436

1.88%, 12/13/2022 (a)		7,765,000		7,933,965

3.00%, 1/20/2023		5,600,000		5,813,816

2.88%, 4/12/2023		3,345,000		3,482,519

National Bank of Canada (Canada)

2.15%, 10/7/2022 (a) (b)		13,125,000		13,386,844

2.10%, 2/1/2023		43,700,000		44,760,245

(SOFR + 0.30%), 0.35%, 5/16/2023 (a) (c)		51,913,000		51,934,395

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.77%), 0.90%, 8/15/2023 (c)		15,000,000		15,074,231

Natwest Group plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.47%), 1.59%, 5/15/2023 (c)		83,064,000		83,780,088

(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (c)		9,400,000		9,599,182

3.88%, 9/12/2023		40,000,000		42,571,958

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.15%), 2.36%, 5/22/2024 (c)		133,000		136,687

(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c)		10,045,000		10,887,865

NatWest Markets plc (United Kingdom)

3.63%, 9/29/2022 (b)		25,670,000		26,584,920

2.38%, 5/21/2023 (b)		10,000,000		10,337,444

(SOFR + 0.53%), 0.58%, 8/12/2024 (b) (c)		20,000,000		20,074,695

Nordea Bank Abp (Finland)

1.00%, 6/9/2023 (a) (b)		15,826,000		16,020,517

3.75%, 8/30/2023 (b)		1,534,000		1,633,020

0.63%, 5/24/2024 (a) (b)		10,838,000		10,862,145

PNC Bank NA

(ICE LIBOR USD 3 Month + 0.42%), 2.03%, 12/9/2022 (a) (c)		3,610,000		3,627,023

(ICE LIBOR USD 3 Month + 0.32%), 1.74%, 2/24/2023 (c)		2,405,000		2,421,697


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

PNC Financial Services Group, Inc. (The) 2.85%, 11/9/2022 (d)		1,465,000		1,509,696

Royal Bank of Canada (Canada)

(ICE LIBOR USD 3 Month + 0.73%), 0.85%, 2/1/2022 (c)		1,333,000		1,336,861

2.75%, 2/1/2022		12,939,000		13,076,443

1.95%, 1/17/2023 (a)		479,000		490,146

1.60%, 4/17/2023		26,338,000		26,905,176

(SOFR + 0.45%), 0.50%, 10/26/2023 (c)		62,070,000		62,381,754

Santander UK plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.66%), 0.78%, 11/15/2021 (a) (c)		20,219,000		20,244,439

2.10%, 1/13/2023 (a)		21,152,000		21,664,513

Skandinaviska Enskilda Banken AB (Sweden)

1.88%, 9/13/2021		22,200,000		22,211,928

3.05%, 3/25/2022 (b)		13,760,000		13,969,702

2.20%, 12/12/2022 (b)		10,957,000		11,226,542

Societe Generale SA (France)

4.25%, 9/14/2023 (b)		16,840,000		18,034,332

3.88%, 3/28/2024 (b)		46,589,000		49,986,365

2.63%, 10/16/2024 (b)		20,595,000		21,485,240

2.63%, 1/22/2025 (b)		5,000,000		5,216,720

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.04%, 6/18/2025 (a) (b) (c)		75,000,000		74,665,825

Standard Chartered plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.20%), 1.33%, 9/10/2022 (a) (b) (c)		40,825,000		40,834,269

(ICE LIBOR USD 3 Month + 1.20%), 2.74%, 9/10/2022 (b) (c)		40,600,000		40,620,169

(ICE LIBOR USD 3 Month + 1.15%), 1.28%, 1/20/2023 (b) (c)		9,712,000		9,750,124

(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (b) (c)		41,232,000		41,828,605

(SOFR + 1.25%), 1.30%, 10/14/2023 (b) (c)		21,479,000		21,690,550

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (b) (c)		16,742,000		16,868,003

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (b) (c)		10,000,000		9,980,722

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	173

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Banks — continued

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.88%), 1.21%, 3/23/2025 (b) (c)		12,000,000		12,045,183

Sumitomo Mitsui Banking Corp. (Japan) 3.20%, 7/18/2022 (a)		24,653,000		25,296,659

Sumitomo Mitsui Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 1.14%), 1.27%, 10/19/2021 (c)		5,067,000		5,074,649

2.44%, 10/19/2021		29,688,000		29,775,954

(ICE LIBOR USD 3 Month + 0.97%), 1.09%, 1/11/2022 (c)		19,000,000		19,064,373

2.85%, 1/11/2022		262,000		264,483

2.78%, 7/12/2022		45,567,000		46,563,726

2.78%, 10/18/2022		6,875,000		7,068,669

3.10%, 1/17/2023		184,000		190,990

Svenska Handelsbanken AB (Sweden) 1.88%, 9/7/2021		4,537,000		4,537,925

Toronto-Dominion Bank (The) (Canada)

1.90%, 12/1/2022		3,189,000		3,255,808

0.25%, 1/6/2023 (a)		78,100,000		78,117,677

(SOFR + 0.24%), 0.29%, 1/6/2023 (c)		73,141,000		73,296,452

(SOFR + 0.48%), 0.53%, 1/27/2023 (c)		29,380,000		29,546,846

(SOFR + 0.22%), 0.26%, 6/2/2023 (c)		84,848,000		84,923,515

0.75%, 6/12/2023		33,955,000		34,207,325

0.45%, 9/11/2023		48,000		48,040

Truist Financial Corp.

2.70%, 1/27/2022		271,000		273,179

3.05%, 6/20/2022		17,689,000		18,046,902

(SOFR + 0.40%), 0.45%, 6/9/2025 (c)		84,100,000		84,262,360

US Bancorp (ICE LIBOR USD 3 Month + 0.64%), 0.77%, 1/24/2022 (c)		54,000		54,109

US Bank NA

3.45%, 11/16/2021		279,000		280,092

1.80%, 1/21/2022		500,000		502,462

2.65%, 5/23/2022		2,081,000		2,114,086

(BSBY3M + 0.17%), 0.26%, 6/2/2023 (c)		122,220,000		122,096,924

Wells Fargo & Co.

3.75%, 1/24/2024		4,790,000		5,132,588

(SOFR + 1.60%), 1.65%, 6/2/2024 (c)		24,600,000		25,118,518


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(SOFR + 0.51%), 0.81%, 5/19/2025 (a) (c)		19,800,000		19,884,528

Wells Fargo Bank NA

(ICE LIBOR USD 3 Month + 0.51%), 0.65%, 10/22/2021 (c)		445,000		445,202

3.55%, 8/14/2023		41,330,000		43,820,959

Westpac Banking Corp. (Australia)

(ICE LIBOR USD 3 Month + 0.85%), 0.97%, 1/11/2022 (c)		4,524,000		4,537,776

2.50%, 6/28/2022		8,763,000		8,933,154

2.00%, 1/13/2023		1,140,000		1,167,944


				4,900,586,498


Beverages — 0.6%

Coca-Cola Europacific Partners plc (United Kingdom) 0.50%, 5/5/2023 (b)		52,288,000		52,252,612

Heineken NV (Netherlands) 2.75%, 4/1/2023 (b)		6,250,000		6,458,621

Keurig Dr Pepper, Inc. 0.75%, 3/15/2024		53,588,000		53,651,969


				112,363,202


Biotechnology — 0.8%

AbbVie, Inc.

3.38%, 11/14/2021		8,000,000		8,050,828

(ICE LIBOR USD 3 Month + 0.46%), 0.59%, 11/19/2021 (c)		19,800,000		19,816,632

2.15%, 11/19/2021		38,122,000		38,279,260

5.00%, 12/15/2021		7,500,000		7,513,041

3.45%, 3/15/2022		9,930,000		10,045,852

Gilead Sciences, Inc.

(ICE LIBOR USD 3 Month + 0.15%), 0.27%, 9/17/2021 (c)		29,439,000		29,440,536

3.25%, 9/1/2022		22,641,000		23,207,081


				136,353,230


Capital Markets — 5.6%

Bank of New York Mellon Corp. (The)

2.60%, 2/7/2022		383,000		386,251

1.85%, 1/27/2023 (a)		1,210,000		1,236,225

2.95%, 1/29/2023		396,000		410,036

3.50%, 4/28/2023		818,000		860,919

(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (c)		5,401,000		5,491,718

Charles Schwab Corp. (The)

3.23%, 9/1/2022		300,000		308,786

2.65%, 1/25/2023		3,499,000		3,606,251

SEE NOTES TO FINANCIAL STATEMENTS.



174	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Capital Markets — continued

(SOFR + 0.50%), 0.55%, 3/18/2024 (c)		1,642,000		1,653,340

Credit Suisse AG (Switzerland)

(SOFR + 0.45%), 0.50%, 2/4/2022 (c)		5,878,000		5,886,817

2.80%, 4/8/2022		67,624,000		68,694,993

1.00%, 5/5/2023		8,715,000		8,804,321

Series FXD, 0.52%, 8/9/2023		75,930,000		76,091,133

(SOFR + 0.39%), 0.44%, 2/2/2024 (c)		40,999,000		41,008,840

Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022 (a) (b)		2,583,000		2,627,883

Deutsche Bank AG (Germany) 0.90%, 5/28/2024 (a)		24,100,000		24,109,536

Goldman Sachs Group, Inc. (The)

(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		21,529,000		21,615,483

(SOFR + 0.41%), 0.46%, 1/27/2023 (c)		25,368,000		25,379,514

(ICE LIBOR USD 3 Month + 1.05%), 1.18%, 6/5/2023 (c)		9,896,000		9,957,322

(ICE LIBOR USD 3 Month + 1.00%), 1.13%, 7/24/2023 (c)		1,343,000		1,352,547

Series VAR, (SOFR + 0.54%), 0.63%, 11/17/2023 (c)		33,389,000		33,436,200

(SOFR + 0.57%), 0.67%, 3/8/2024 (c)		77,500,000		77,626,325

Intercontinental Exchange, Inc. 2.35%, 9/15/2022		2,115,000		2,155,923

Macquarie Bank Ltd. (Australia)

(ICE LIBOR USD 3 Month + 0.45%), 0.58%, 11/24/2021 (b) (c)		47,038,000		47,086,297

2.10%, 10/17/2022 (b)		4,920,000		5,022,889

0.44%, 12/16/2022 (b)		85,955,000		86,060,552

Moody’s Corp. 4.50%, 9/1/2022		2,048,000		2,110,335

Morgan Stanley

2.63%, 11/17/2021		24,860,000		24,986,546

2.75%, 5/19/2022		36,682,000		37,348,269

(SOFR + 0.70%), 0.75%, 1/20/2023 (c)		18,323,000		18,365,510

3.13%, 1/23/2023		18,075,000		18,775,406

(SOFR + 0.47%), 0.56%, 11/10/2023 (c)		21,754,000		21,790,183

(SOFR + 0.46%), 0.53%, 1/25/2024 (c)		8,363,000		8,366,997

(SOFR + 0.62%), 0.73%, 4/5/2024 (c)		38,073,000		38,190,500

(SOFR + 0.53%), 0.79%, 5/30/2025 (c)		25,000,000		24,945,326


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

State Street Corp. (SOFR + 2.69%), 2.82%, 3/30/2023 (c)		15,059,000		15,282,996

UBS AG (Switzerland)

1.75%, 4/21/2022 (b)		48,121,000		48,544,228

0.38%, 6/1/2023 (a) (b)		36,814,000		36,788,421

(SOFR + 0.36%), 0.41%, 2/9/2024 (b) (c)		23,894,000		24,059,585

(SOFR + 0.45%), 0.50%, 8/9/2024 (b) (c)		38,693,000		38,899,621

UBS Group AG (Switzerland)

(ICE LIBOR USD 3 Month + 1.22%), 1.35%, 5/23/2023 (b) (c)		5,805,000		5,851,325

3.49%, 5/23/2023 (b)		290,000		296,477

(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (b) (c)		35,380,000		36,192,996

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 1.01%, 7/30/2024 (b) (c)		36,500,000		36,733,628


				988,398,450


Chemicals — 0.4%

Air Liquide Finance SA (France) 1.75%, 9/27/2021 (b)		20,860,000		20,882,813

Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023 (b)		4,703,000		4,919,227

International Flavors & Fragrances, Inc. 0.70%, 9/15/2022 (b)		15,000,000		15,040,263

Nutrien Ltd. (Canada) 1.90%, 5/13/2023 (a)		22,880,000		23,383,237

Westlake Chemical Corp. 0.88%, 8/15/2024		4,583,000		4,586,162


				68,811,702


Construction Materials — 0.1%

Martin Marietta Materials, Inc. 0.65%, 7/15/2023		12,964,000		12,994,160


Consumer Finance — 3.5%

AerCap Ireland Capital DAC (Ireland) 4.13%, 7/3/2023		20,510,000		21,658,428

American Express Co.

(ICE LIBOR USD 3 Month + 0.60%), 0.72%, 11/5/2021 (c)		12,004,000		12,010,139

2.75%, 5/20/2022		117,000		118,863

2.50%, 8/1/2022		8,699,000		8,862,476

2.65%, 12/2/2022		885,000		911,674

3.40%, 2/27/2023		4,933,000		5,143,065

3.70%, 8/3/2023		3,130,000		3,318,944

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	175

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Consumer Finance — continued

American Express Credit Corp.

(ICE LIBOR USD 3 Month + 0.70%), 0.83%, 3/3/2022 (c)		235,000		235,653

American Honda Finance Corp.

(ICE LIBOR USD 3 Month + 0.15%), 0.28%, 2/22/2023 (c)		99,001,000		99,116,526

0.35%, 4/20/2023 (a)		22,306,000		22,302,743

0.88%, 7/7/2023 (a)		9,506,000		9,585,436

Avolon Holdings Funding Ltd. (Ireland) 3.63%, 5/1/2022 (b)		26,415,000		26,879,610

Capital One Financial Corp.

(ICE LIBOR USD 3 Month + 0.95%), 1.07%, 3/9/2022 (c)		8,214,000		8,245,386

2.60%, 5/11/2023		62,346,000		64,551,463

Caterpillar Financial Services Corp.

(ICE LIBOR USD 3 Month + 0.28%), 0.41%, 9/7/2021 (c)		5,838,000		5,838,262

(ICE LIBOR USD 3 Month + 0.22%), 0.36%, 1/6/2022 (c)		1,730,000		1,731,538

1.95%, 11/18/2022		7,500,000		7,658,114

2.55%, 11/29/2022		9,656,000		9,930,914

General Motors Financial Co., Inc.

(SOFR + 1.20%), 1.25%, 11/17/2023 (c)		23,000,000		23,366,389

1.05%, 3/8/2024		18,436,000		18,551,910

John Deere Capital Corp.

(ICE LIBOR USD 3 Month + 0.26%), 0.39%, 9/10/2021 (c)		300,000		300,021

3.15%, 10/15/2021		7,600,000		7,625,679

3.20%, 1/10/2022		189,000		191,057

(ICE LIBOR USD 3 Month + 0.38%), 0.51%, 3/7/2022 (c)		145,000		145,282

2.75%, 3/15/2022		1,000,000		1,014,136

2.80%, 1/27/2023		573,000		593,313

Toyota Motor Credit Corp.

(ICE LIBOR USD 3 Month + 0.15%), 0.27%, 2/14/2022 (c)		30,437,000		30,455,436

0.45%, 7/22/2022		4,299,000		4,308,560

0.35%, 10/14/2022		30,417,000		30,459,587

(SOFR + 0.20%), 0.25%, 2/13/2023 (c)		74,615,000		74,604,096

0.40%, 4/6/2023		60,127,000		60,242,839

(SOFR + 0.33%), 0.38%, 1/11/2024 (a) (c)		61,779,000		61,955,696


				621,913,235


Diversified Financial Services — 1.8%

AIG Global Funding

1.90%, 10/6/2021 (b)		11,007,000		11,024,571


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Financial Services — continued

2.70%, 12/15/2021 (b)		412,000		414,798

2.30%, 7/1/2022 (b)		2,125,000		2,159,959

0.80%, 7/7/2023 (b)		8,310,000		8,382,772

(SOFR + 0.38%), 0.43%, 12/15/2023 (b) (c)		48,943,000		49,045,779

Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024		33,597,000		33,461,522

CK Hutchison International 16 Ltd. (United Kingdom) 1.88%, 10/3/2021 (b)		38,819,000		38,864,806

CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022 (b)		3,245,000		3,290,106

Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024 (b)		9,954,000		10,104,155

National Rural Utilities Cooperative Finance Corp. 2.30%, 9/15/2022		2,070,000		2,110,951

Series D, (ICE LIBOR USD 3 Month + 0.07%), 0.19%, 2/16/2023 (c)		65,911,000		65,802,234

NTT Finance Corp. (Japan) 0.37%, 3/3/2023 (b)		40,004,000		40,007,576

ORIX Corp. (Japan) 2.90%, 7/18/2022		147,000		150,264

Siemens Financieringsmaatschappij NV (Germany) 1.70%, 9/15/2021 (b)		1,805,000		1,806,019

(ICE LIBOR USD 3 Month + 0.61%), 0.73%, 3/16/2022 (b) (c)		1,227,000		1,231,197

0.40%, 3/11/2023 (b)		14,889,000		14,939,536

(SOFR + 0.43%), 0.48%, 3/11/2024 (b) (c)		31,468,000		31,696,033


				314,492,278


Diversified Telecommunication Services — 1.0%

AT&T, Inc. (SOFR + 0.64%), 0.69%, 3/25/2024 (a) (c)		24,755,000		24,808,965

Bell Canada (The) (Canada)

Series US-3, 0.75%, 3/17/2024 (a)		108,200,000		108,597,354

Deutsche Telekom International Finance BV (Germany) 2.49%, 9/19/2023 (b)		15,070,000		15,633,629

Telstra Corp. Ltd. (Australia) 4.80%, 10/12/2021 (b)		700,000		703,493

Verizon Communications, Inc.

(ICE LIBOR USD 3 Month + 1.00%), 1.12%, 3/16/2022 (c)		28,319,000		28,467,587


				178,211,028

SEE NOTES TO FINANCIAL STATEMENTS.



176	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Electric Utilities — 1.7%

American Electric Power Co., Inc. Series M, 0.75%, 11/1/2023		9,684,000		9,684,886

Duke Energy Corp. 2.40%, 8/15/2022		29,257,000		29,798,983

Duke Energy Progress LLC Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.30%, 2/18/2022 (c)		15,373,000		15,373,245

Emera US Finance LP (Canada) 0.83%, 6/15/2024 (b)		11,121,000		11,060,199

Entergy Louisiana LLC 0.62%, 11/17/2023		34,117,000		34,131,531

Eversource Energy

Series T, (SOFR + 0.25%), 0.30%, 8/15/2023 (c)		22,322,000		22,348,563

Series N, 3.80%, 12/1/2023		174,000		186,307

Mississippi Power Co. Series A, (SOFR + 0.30%), 0.35%, 6/28/2024 (c)		19,771,000		19,832,920

NextEra Energy Capital Holdings, Inc.

(ICE LIBOR USD 3 Month + 0.72%), 0.85%, 2/25/2022 (c)		42,944,000		43,073,346

2.90%, 4/1/2022		4,780,000		4,852,473

1.95%, 9/1/2022		30,000,000		30,491,102

(ICE LIBOR USD 3 Month + 0.27%), 0.40%, 2/22/2023 (c)		29,947,000		29,949,869

0.65%, 3/1/2023		15,975,000		16,036,692

PECO Energy Co. 1.70%, 9/15/2021		1,250,000		1,250,711

Southern Co. (The) Series 21-A, 0.60%, 2/26/2024		34,448,000		34,433,150


				302,503,977


Electrical Equipment — 0.0% (e)

ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		1,400,000		1,424,976

Eaton Corp. 2.75%, 11/2/2022		4,062,000		4,176,752


				5,601,728


Electronic Equipment, Instruments & Components — 0.2%

SYNNEX Corp. 1.25%, 8/9/2024 (b)		42,522,000		42,555,167


Entertainment — 0.2%

TWDC Enterprises 18 Corp.

2.55%, 2/15/2022		3,453,000		3,490,446

2.35%, 12/1/2022 (a)		5,400,000		5,539,130

Walt Disney Co. (The)

(ICE LIBOR USD 3 Month + 0.25%), 0.38%, 9/1/2021 (a) (c)		6,678,000		6,678,000

1.65%, 9/1/2022		19,999,000		20,282,663

3.00%, 9/15/2022		5,500,000		5,650,294


				41,640,533


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Food & Staples Retailing — 0.7%

7-Eleven, Inc.

(ICE LIBOR USD 3 Month + 0.45%), 0.58%, 8/10/2022 (b) (c)		52,108,000		52,124,706

0.63%, 2/10/2023 (b)		62,391,000		62,324,715

Kroger Co. (The) 2.95%, 11/1/2021		9,610,000		9,631,045


				124,080,466


Food Products — 0.5%

Cargill, Inc. 3.30%, 3/1/2022 (b)		3,075,000		3,098,999

Conagra Brands, Inc. 0.50%, 8/11/2023		23,177,000		23,165,996

Mondelez International Holdings Netherlands BV

2.00%, 10/28/2021 (b)		36,765,000		36,814,720

2.13%, 9/19/2022 (b)		20,385,000		20,783,564

Mondelez International, Inc. 0.63%, 7/1/2022		7,039,000		7,059,017

Nestle Holdings, Inc. 3.10%, 9/24/2021 (b)		451,000		451,325

Unilever Capital Corp. (United Kingdom) 3.00%, 3/7/2022		1,541,000		1,563,223


				92,936,844


Gas Utilities — 1.9%

Atmos Energy Corp.

(ICE LIBOR USD 3 Month + 0.38%), 0.50%, 3/9/2023 (c)		87,431,000		87,359,778

0.63%, 3/9/2023		55,468,000		55,473,468

CenterPoint Energy Resources Corp.

(ICE LIBOR USD 3 Month + 0.50%), 0.63%, 3/2/2023 (c)		27,945,000		27,953,558

0.70%, 3/2/2023 (a)		25,216,000		25,219,530

ONE Gas, Inc.

(ICE LIBOR USD 3 Month + 0.61%), 0.73%, 3/11/2023 (c)		60,795,000		60,802,803

0.85%, 3/11/2023		82,093,000		82,099,929

Southern Natural Gas Co. LLC 0.63%, 4/28/2023 (b)		4,600,000		4,603,356


				343,512,422


Health Care Equipment & Supplies — 0.0% (e)

Abbott Laboratories 2.55%, 3/15/2022		143,000		144,787

DH Europe Finance II SARL 2.05%, 11/15/2022		1,000,000		1,021,345


				1,166,132

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	177

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Health Care Providers & Services — 0.7%

AmerisourceBergen Corp. 0.74%, 3/15/2023		39,580,000		39,644,891

Anthem, Inc.

3.13%, 5/15/2022		22,700,000		23,151,074

3.30%, 1/15/2023		2,946,000		3,062,330

Cigna Corp.

(ICE LIBOR USD 3 Month + 0.89%), 1.02%, 7/15/2023 (c)		14,963,000		15,165,949

0.61%, 3/15/2024		19,803,000		19,806,981

Humana, Inc. 0.65%, 8/3/2023		16,792,000		16,804,060

UnitedHealth Group, Inc.

3.38%, 11/15/2021		1,051,000		1,053,575

2.88%, 12/15/2021		1,265,000		1,274,589

2.88%, 3/15/2022		4,716,000		4,751,634

3.35%, 7/15/2022		2,251,000		2,313,386


				127,028,469


Hotels, Restaurants & Leisure — 0.4%

McDonald’s Corp. 2.63%, 1/15/2022		52,053,000		52,487,916

Starbucks Corp. 1.30%, 5/7/2022		10,231,000		10,297,857


				62,785,773


Household Products — 0.2%

Church & Dwight Co., Inc. 2.45%, 8/1/2022		5,800,000		5,910,627

Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a) (b)		30,205,000		30,679,772


				36,590,399


Industrial Conglomerates — 0.2%

3M Co.

1.75%, 2/14/2023		205,000		209,118

2.25%, 3/15/2023		5,202,000		5,346,378

Honeywell International, Inc.

2.15%, 8/8/2022		3,051,000		3,102,242

0.48%, 8/19/2022 (a)		4,401,000		4,401,660

Roper Technologies, Inc.

2.80%, 12/15/2021		9,603,000		9,648,014

0.45%, 8/15/2022		5,216,000		5,224,964


				27,932,376


Insurance — 5.8%

AIA Group Ltd. (Hong Kong)

(ICE LIBOR USD 3 Month + 0.52%), 0.65%, 9/20/2021 (b) (c)		10,683,000		10,679,314

American International Group, Inc. 4.88%, 6/1/2022		291,000		300,847


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — continued

Athene Global Funding

1.20%, 10/13/2023 (b)		62,010,000		62,804,895

0.95%, 1/8/2024 (b)		33,070,000		33,267,952

1.00%, 4/16/2024 (a) (b)		28,370,000		28,556,086

(SOFR + 0.70%), 0.75%, 5/24/2024 (b) (c)		43,521,000		43,754,708

Brighthouse Financial Global Funding

0.60%, 6/28/2023 (b)		11,451,000		11,460,858

(SOFR + 0.76%), 0.81%, 4/12/2024 (b) (c)		7,494,000		7,547,175

1.00%, 4/12/2024 (b)		7,007,000		7,062,841

Equitable Financial Life Global Funding

(SOFR + 0.39%), 0.44%, 4/6/2023 (b) (c)		63,649,000		63,787,527

Guardian Life Global Funding

2.50%, 5/8/2022 (b)		5,994,000		6,087,028

3.40%, 4/25/2023 (b)		500,000		524,995

Jackson National Life Global Funding

3.30%, 2/1/2022 (b)		4,970,000		5,033,699

2.50%, 6/27/2022 (b)		2,091,000		2,129,294

2.38%, 9/15/2022 (b)		900,000		919,908

(SOFR + 0.60%), 0.65%, 1/6/2023 (a) (b) (c)		22,504,000		22,626,454

3.25%, 1/30/2024 (b)		21,256,000		22,587,025

MassMutual Global Funding II

(SOFR + 0.22%), 0.26%, 6/2/2023 (a) (b) (c)		110,062,000		110,198,551

0.85%, 6/9/2023 (b)		39,446,000		39,833,261

Met Tower Global Funding 0.55%, 7/13/2022 (a) (b)		35,928,000		36,041,317

Metropolitan Life Global Funding I

1.95%, 9/15/2021 (b)		7,177,000		7,181,756

3.45%, 10/9/2021 (b)		7,975,000		8,002,054

3.38%, 1/11/2022 (b)		850,000		859,731

3.00%, 1/10/2023 (b)		243,000		251,793

0.90%, 6/8/2023 (b)		16,933,000		17,101,098

New York Life Global Funding

2.30%, 6/10/2022 (b)		1,650,000		1,677,382

0.40%, 9/20/2022 (b)		52,840,000		52,994,423

1.10%, 5/5/2023 (a) (b)		15,873,000		16,067,001

(SOFR + 0.19%), 0.24%, 6/30/2023 (b) (c)		38,671,000		38,682,481

Principal Life Global Funding II

(ICE LIBOR USD 3 Month + 0.40%), 0.54%, 10/6/2021 (b) (c)		40,392,000		40,406,339

2.38%, 11/21/2021 (b)		485,000		487,134

1.25%, 5/11/2023 (a) (b)		84,951,000		86,198,075

SEE NOTES TO FINANCIAL STATEMENTS.



178	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Insurance — continued

Protective Life Global Funding

0.33%, 12/9/2022 (b)		180,705,000		180,660,835

1.08%, 6/9/2023 (b)		8,062,000		8,169,713

Reliance Standard Life Global Funding II

2.63%, 7/22/2022 (b)		9,073,000		9,261,615

2.15%, 1/21/2023 (b)		9,976,000		10,197,483

2.50%, 10/30/2024 (b)		2,780,000		2,898,677

Suncorp-Metway Ltd. (Australia) 2.80%, 5/4/2022 (b)		145,000		147,404

Swiss Re Treasury U.S. Corp. (Switzerland) 2.88%, 12/6/2022 (b)		35,796,000		36,781,304


				1,033,230,033


IT Services — 0.0% (e)

International Business Machines Corp.

1.88%, 8/1/2022		1,775,000		1,802,570

2.88%, 11/9/2022		2,215,000		2,282,062


				4,084,632


Metals & Mining — 0.1%

Glencore Funding LLC (Australia) 4.13%, 5/30/2023 (b)		5,620,000		5,943,206

Newmont Corp. 3.50%, 3/15/2022 (a)		13,848,000		13,968,282


				19,911,488


Multi-Utilities — 0.5%

Berkshire Hathaway Energy Co. 3.75%, 11/15/2023		2,000,000		2,132,126

CenterPoint Energy, Inc.

(SOFR + 0.65%), 0.70%, 5/13/2024 (c)		35,739,000		35,791,179

Dominion Energy, Inc. Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.65%, 9/15/2023 (c)		31,071,000		31,075,253

Engie SA (France) 2.88%, 10/10/2022 (b)		2,000,000		2,053,376

WEC Energy Group, Inc. 0.55%, 9/15/2023		15,845,000		15,846,508


				86,898,442


Oil, Gas & Consumable Fuels — 1.1%

APT Pipelines Ltd. (Australia) 4.20%, 3/23/2025 (b)		12,446,000		13,657,733

Enbridge, Inc. (Canada)

(SOFR + 0.40%), 0.45%, 2/17/2023 (c)		22,769,000		22,819,319


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Equinor ASA (Norway) 2.45%, 1/17/2023		1,130,000		1,163,410

Exxon Mobil Corp.

1.90%, 8/16/2022		10,747,000		10,926,498

1.57%, 4/15/2023		48,100,000		49,071,038

Phillips 66 4.30%, 4/1/2022		1,068,000		1,092,658

Pioneer Natural Resources Co. 0.75%, 1/15/2024		23,563,000		23,397,064

Saudi Arabian Oil Co. (Saudi Arabia)

2.75%, 4/16/2022 (a) (b)		4,800,000		4,860,600

1.25%, 11/24/2023 (b)		8,000,000		8,064,000

Suncor Energy, Inc. (Canada) 2.80%, 5/15/2023		3,473,000		3,602,085

TransCanada PipeLines Ltd. (Canada)

2.50%, 8/1/2022		23,608,000		24,081,618

3.75%, 10/16/2023		25,013,000		26,484,809


				189,220,832


Pharmaceuticals — 1.0%

AstraZeneca plc (United Kingdom) 0.30%, 5/26/2023		105,524,000		105,407,050

Bristol-Myers Squibb Co.

3.55%, 8/15/2022		503,000		519,005

0.54%, 11/13/2023		1,180,000		1,180,626

EMD Finance LLC (Germany) 2.95%, 3/19/2022 (b)		27,788,000		28,077,789

GlaxoSmithKline Capital plc (United Kingdom)

2.85%, 5/8/2022		15,098,000		15,368,002

2.88%, 6/1/2022		4,285,000		4,361,109

Pfizer, Inc.

3.00%, 9/15/2021		221,000		221,231

2.80%, 3/11/2022		247,000		250,415

Takeda Pharmaceutical Co. Ltd. (Japan) 4.40%, 11/26/2023 (a)		1,125,000		1,215,071

Viatris, Inc. 1.13%, 6/22/2022 (b)		17,844,000		17,941,409


				174,541,707


Road & Rail — 0.5%

ERAC USA Finance LLC 2.60%, 12/1/2021 (b)		2,225,000		2,232,901

JB Hunt Transport Services, Inc. 3.30%, 8/15/2022		15,483,000		15,838,397

Penske Truck Leasing Co. LP

3.38%, 2/1/2022 (b)		10,521,000		10,598,201

4.88%, 7/11/2022 (b)		11,895,000		12,339,899

4.25%, 1/17/2023 (b)		677,000		710,836

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	179

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Road & Rail — continued

2.70%, 3/14/2023 (b)		5,895,000		6,076,568

4.13%, 8/1/2023 (b)		2,500,000		2,657,396

Ryder System, Inc. 2.88%, 6/1/2022		6,291,000		6,396,494

Triton Container International Ltd. (Bermuda) 0.80%, 8/1/2023 (b)		22,739,000		22,732,974


				79,583,666


Semiconductors & Semiconductor Equipment — 0.1%

Analog Devices, Inc. 2.50%, 12/5/2021		7,784,000		7,815,329

Intel Corp. 3.30%, 10/1/2021		1,011,000		1,013,566


				8,828,895


Software — 0.4%

Oracle Corp.

1.90%, 9/15/2021		2,136,000		2,137,290

2.50%, 5/15/2022		6,980,000		7,063,470

2.50%, 10/15/2022		17,209,000		17,621,759

VMware, Inc.

2.95%, 8/21/2022		25,197,000		25,774,129

0.60%, 8/15/2023		25,574,000		25,602,195


				78,198,843


Specialty Retail — 0.0% (e)

AutoZone, Inc. 2.88%, 1/15/2023		3,700,000		3,798,942


Technology Hardware, Storage & Peripherals — 0.1%

Apple, Inc. 1.70%, 9/11/2022 (a)		21,091,000		21,417,066


Thrifts & Mortgage Finance — 2.1%

BPCE SA (France)

2.75%, 12/2/2021		10,782,000		10,851,079

(ICE LIBOR USD 3 Month + 0.30%), 0.43%, 1/14/2022 (b) (c)		86,643,000		86,732,054

(SOFR + 0.44%), 0.49%, 2/17/2022 (b) (c)		53,697,000		53,762,678

(ICE LIBOR USD 3 Month + 1.22%), 1.35%, 5/22/2022 (b) (c)		2,490,000		2,508,272

3.00%, 5/22/2022 (b)		11,561,000		11,787,721

(ICE LIBOR USD 3 Month + 0.88%), 1.00%, 5/31/2022 (c)		27,250,000		27,428,369

2.75%, 1/11/2023 (b)		5,000,000		5,168,256

Nationwide Building Society (United Kingdom)

2.00%, 1/27/2023 (a) (b)		55,589,000		56,927,027

(ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023 (b) (c)		55,942,000		57,099,845

0.55%, 1/22/2024 (b)		60,158,000		60,054,178


				372,319,479


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Tobacco — 0.4%

Philip Morris International, Inc.

2.38%, 8/17/2022		11,000,000		11,202,863

2.50%, 8/22/2022		160,000		163,524

2.50%, 11/2/2022		2,620,000		2,681,276

Reynolds American, Inc. (United Kingdom) 4.85%, 9/15/2023		45,368,000		49,321,800


				63,369,463


Trading Companies & Distributors — 0.5%

Air Lease Corp.

(ICE LIBOR USD 3 Month + 0.35%), 0.49%, 12/15/2022 (c)		78,375,000		78,438,145

2.75%, 1/15/2023		8,829,000		9,088,119

Aviation Capital Group LLC 2.88%, 1/20/2022 (b)		2,986,000		3,006,441

BOC Aviation Ltd. (Singapore) 2.38%, 9/15/2021 (b)		6,200,000		6,203,100


				96,735,805


Wireless Telecommunication Services — 0.3%

America Movil SAB de CV (Mexico) 3.13%, 7/16/2022		14,788,000		15,096,552

Rogers Communications, Inc. (Canada)

(ICE LIBOR USD 3 Month + 0.60%), 0.73%, 3/22/2022 (a) (c)		41,534,000		41,653,493


				56,750,045


Total Corporate Bonds (Cost $11,438,237,112)				11,482,283,919

Asset-Backed Securities — 14.9%

522 Funding CLO Ltd. (Cayman Islands) Series 2019-4A, Class AR, 1.21%, 4/20/2030 (b) (f)		50,000,000		49,987,400

AIMCO CLO (Cayman Islands) Series 2015-AA, Class AR, 0.98%, 1/15/2028 (b) (f)		20,229,598		20,229,355

AIMCO CLO Ltd. (Cayman Islands) Series 2019-10A, Class AR, 1.17%, 7/22/2032 (b) (f)		30,000,000		30,000,000

Anchorage Capital CLO Ltd. (Cayman Islands) Series 2016-9A, Class AR2, 1.24%, 7/15/2032 (b) (f)		12,000,000		12,000,000

Apidos CLO (Cayman Islands)

Series 2015-21A, Class A1R, 1.06%, 7/18/2027 (b) (f)		14,104,786		14,109,892

Series 2016-24A, Class A1AL, 1.08%, 10/20/2030 (b) (f)		60,000,000		59,984,880

Series 2019-31A, Class A1R, 1.23%, 4/15/2031 (b) (f)		46,415,000		46,403,303

SEE NOTES TO FINANCIAL STATEMENTS.



180	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 1.22%, 4/22/2031 (b) (f)		24,675,000		24,668,782

Atrium IX (Cayman Islands) Series 9A, Class AR2, 1.11%, 5/28/2030 (b) (f)		1,500,000		1,499,625

Avery Point CLO Ltd. (Cayman Islands)

Series 2015-6A, Class AR2, 1.02%, 8/5/2027 (b) (f)		51,497,306		51,491,590

Series 2015-7A, Class AR2, 1.09%, 1/15/2028 (b) (f)		28,204,022		28,218,575

Bain Capital Credit CLO (Cayman Islands) Series 2019-1A, Class X, 0.96%, 4/19/2034 (b) (f)		5,700,000		5,699,989

Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2016-2A, Class ARR, 1.10%, 1/15/2029 (b) (f)		75,650,289		75,624,643

Ballyrock CLO Ltd. (Cayman Islands)

Series 2020-2A, Class A1, 1.45%, 10/20/2031 (b) (f)		1,000,000		1,003,227

Series 2019-1A, Class A1R, 1.16%, 7/15/2032 (b) (f)		42,764,000		42,753,223

Barings CLO Ltd. (Cayman Islands) Series 2013-IA, Class AR, 0.93%, 1/20/2028 (b) (f)		54,794,460		54,819,227

Benefit Street Partners CLO Ltd. (Cayman Islands)

Series 2013-IIA, Class A1R2, 1.00%, 7/15/2029 (b) (f)		24,939,203		24,932,918

Series 2013-IIIA, Class A1R2, 1.13%, 7/20/2029 (b) (f)		59,446,000		59,431,020

Series 2016-10A, Class X, 0.73%, 4/20/2034 (b) (f)		1,387,500		1,387,152

Series 2015-VIBR, Class X, 0.83%, 7/20/2034 (b) (f)		3,000,000		2,999,997

BlueMountain CLO Ltd. (Cayman Islands)

Series 2012-2A, Class AR2, 1.18%, 11/20/2028 (b) (f)		7,384,481		7,391,482

Series 2013-1A, Class A1R2, 1.36%, 1/20/2029 (b) (f)		1,711,712		1,712,405

Buckhorn Park CLO Ltd. (Cayman Islands) Series 2019-1A, Class XR, 0.76%, 7/18/2034 (b) (f)		5,000,000		5,000,320

Capital One Prime Auto Receivables Trust Series 2020-1, Class A3, 1.60%, 11/15/2024		16,100,000		16,282,180


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


CarMax Auto Owner Trust

Series 2020-4, Class A2, 0.31%, 1/16/2024		26,296,958		26,310,201

Series 2018-3, Class A4, 3.27%, 3/15/2024		15,600,000		15,971,219

Series 2021-2, Class A2A, 0.27%, 6/17/2024		30,969,000		30,990,852

CBAM Ltd. (Cayman Islands) Series 2017-2A, Class XR, 0.83%, 7/17/2034 (b) (f)		5,000,000		4,999,990

Cedar Funding CLO Ltd. (Cayman Islands) Series 2020-12A, Class X, 0.78%, 10/25/2032 (b) (f)		3,500,000		3,499,997

CIFC Funding Ltd. (Cayman Islands)

Series 2012-2RA, Class A1, 0.93%, 1/20/2028 (b) (f)		4,068,792		4,066,025

Series 2017-1A, Class AR, 1.14%, 4/23/2029 (b) (f)		5,745,991		5,749,220

Series 2017-5A, Class A1, 1.31%, 11/16/2030 (b) (f)		36,840,000		36,860,778

Series 2019-1A, Class AR, 1.23%, 4/20/2032 (b) (f)		1,000,000		1,001,318

Clear Creek CLO (Cayman Islands) Series 2015-1A, Class X, 1.13%, 10/20/2030 ‡ (b) (f)		17,188		17,183

Cloud Pass-Through Trust Series 2019-1A, Class CLOU, 3.55%, 12/5/2022 (b) (f)		4,217,247		4,234,486

Dorchester Park CLO DAC Series 2015-1A, Class AR, 1.03%, 4/20/2028 (b) (f)		3,815,389		3,814,435

Drive Auto Receivables Trust Series 2021-2, Class A2, 0.36%, 5/15/2024		73,749,000		73,747,724

Dryden Senior Loan Fund (Cayman Islands)

Series 2017-47A, Class A1R, 1.11%, 4/15/2028 (b) (f)		40,000,000		39,989,920

Series 2013-30A, Class AR, 0.94%, 11/15/2028 (b) (f)		61,843,907		61,868,088

Series 2014-36A, Class AR3, 1.15%, 4/15/2029 (b) (f)		70,815,333		70,890,751

Series 2017-49A, Class AR, 1.08%, 7/18/2030 (b) (f)		80,000,000		80,100,080

Elmwood CLO Ltd. (Cayman Islands) Series 2021-3A, Class A, 1.13%, 10/20/2034 (b) (f)		37,684,000		37,674,579

Exeter Automobile Receivables Trust

Series 2021-1A, Class A2, 0.30%, 6/15/2023		5,847,902		5,848,356

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	181

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Series 2021-2A, Class A2, 0.27%, 1/16/2024		23,836,093		23,840,702

Series 2021-1A, Class A3, 0.34%, 3/15/2024		4,283,000		4,283,415

Series 2021-2A, Class A3, 0.30%, 10/15/2024		10,937,000		10,942,068

Series 2021-3A, Class A3, 0.35%, 2/18/2025		24,529,000		24,528,078

Ford Credit Auto Owner Trust Series 2020-C, Class A2, 0.25%, 10/15/2023		28,397,238		28,409,302

Galaxy CLO Ltd. (Cayman Islands)

Series 2013-15A, Class ARR, 1.10%, 10/15/2030 (b) (f)		32,560,000		32,578,462

Series 2016-22A, Class XRR, 1.03%, 4/16/2034 (b) (f)		4,000,000		3,999,992

GM Financial Automobile Leasing Trust Series 2020-3, Class A2A, 0.35%, 11/21/2022		12,395,934		12,401,201

GM Financial Consumer Automobile Receivables Trust Series 2020-4, Class A2, 0.26%, 11/16/2023		3,674,277		3,675,560

Goldentree Loan Management US CLO Ltd. (Cayman Islands) Series 2020-7A, Class XR, 0.63%, 4/20/2034 (b) (f)		4,375,000		4,374,996

Harriman Park CLO Ltd. (Cayman Islands) Series 2020-1A, Class XR, 0.73%, 4/20/2034 (b) (f)		5,000,000		5,008,990

Hyundai Auto Receivables Trust Series 2020-C, Class A2, 0.26%, 9/15/2023		44,029,096		44,042,472

ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class XRR, 1.03%, 4/29/2034 (b) (f)		3,789,474		3,789,466

KKR CLO Ltd. (Cayman Islands)

Series 13, Class A1R, 0.93%, 1/16/2028 (b) (f)		7,601,258		7,581,077

Series 28A, Class A, 1.26%, 3/15/2031 (b) (f)		12,379,544		12,409,960

Series 32A, Class A1, 1.45%, 1/15/2032 (b) (f)		18,000,000		18,060,174

Series 24, Class A1R, 1.21%, 4/20/2032 (b) (f)		40,000,000		39,989,920

Series 16, Class X, 10/20/2034 (b) (f) (g)		7,000,000		7,000,000

LCM LP (Cayman Islands)

Series 20A, Class AR, 1.17%, 10/20/2027 (b) (f)		13,552,579		13,554,435

Series 14A, Class AR, 1.17%, 7/20/2031 (b) (f)		12,980,000		12,997,718


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


LCM Ltd. (Cayman Islands)

Series 24A, Class AR, 1.11%, 3/20/2030 (b) (f)		52,944,000		52,943,894

Series 29A, Class AR, 1.20%, 4/15/2031 (b) (f)		50,000,000		49,952,700

LMREC LLC Series 2021-CRE4, Class A, 1.19%, 4/22/2037 (b) (f)		29,419,000		29,422,748

Longfellow Place CLO Ltd. (Cayman Islands) Series 2013-1A, Class AR3, 1.13%, 4/15/2029 (b) (f)		23,625,401		23,619,448

Magnetite Ltd. (Cayman Islands)

Series 2012-7A, Class A1R2, 0.93%, 1/15/2028 (b) (f)		29,853,987		29,881,393

Series 2015-16A, Class AR, 0.93%, 1/18/2028 (b) (f)		12,312,524		12,271,905

Series 2016-18A, Class AR, 1.20%, 11/15/2028 (b) (f)		8,449,000		8,451,526

Series 2020-25A, Class A, 1.33%, 1/25/2032 (b) (f)		20,250,000		20,258,181

Series 2020-27A, Class A1, 1.68%, 7/20/2033 (b) (f)		22,058,000		22,052,485

Series 2017-19A, Class X, 0.83%, 4/17/2034 (b) (f)		5,000,000		4,999,990

Marathon CLO Ltd. (Cayman Islands) Series 2019-1A, Class AANR, 1.45%, 4/15/2032 (b) (f)		35,000,000		35,000,000

MP CLO III Ltd. (Cayman Islands) Series 2013-1A, Class AR, 1.38%, 10/20/2030 (b) (f)		9,000,000		9,007,533

Neuberger Berman CLO Ltd.

Series 13-15A, Class A1R2, 0.00%, 10/15/2029 (b) (f) (g)		20,266,666		20,266,666

Series 2013-14A, Class AR2, 1.16%, 1/28/2030 (b) (f)		16,000,000		16,000,544

Series 2017-16SA, Class XR, 0.93%, 4/15/2034 (b) (f)		5,000,000		4,999,990

Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2020-37A, Class AR, 1.10%, 7/20/2031 (b) (f)		44,247,000		44,235,850

Newark BSL CLO 2 Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 1.10%, 7/25/2030 (b) (f)		50,619,000		50,606,244

Newark BSL CLO Ltd. (Cayman Islands) Series 2016-1A, Class A1R, 1.23%, 12/21/2029 (b) (f)		32,778,479		32,789,493

OCP CLO Ltd. (Cayman Islands)

Series 2015-9A, Class A1R, 0.93%, 7/15/2027 (b) (f)		4,963,537		4,964,167

Series 2016-12A, Class A1R, 1.25%, 10/18/2028 (b) (f)		788,156		788,176

SEE NOTES TO FINANCIAL STATEMENTS.



182	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Series 2017-13A, Class A1AR, 1.08%, 7/15/2030 (b) (f) (g)		32,631,000		32,631,000

Series 2020-8RA, Class A1, 1.35%, 1/17/2032 (b) (f)		35,000,000		34,991,145

Series 2019-17A, Class XR, 0.78%, 7/20/2032 (b) (f)		375,000		375,000

Series 2019-17A, Class A1R, 1.17%, 7/20/2032 (b) (f)		60,500,000		60,484,754

Series 2020-19A, Class XR, 1.00%, 10/20/2034 (b) (f)		1,250,000		1,250,000

Octagon Investment Partners 30 Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 1.13%, 3/17/2030 (b) (f)		70,000,000		70,015,260

Octagon Investment Partners 35 Ltd. (Cayman Islands) Series 2018-1A, Class A1A, 1.19%, 1/20/2031 (b) (f)		35,000,000		35,000,945

OHA Credit Funding Ltd. (Cayman Islands) Series 2020-7A, Class X, 0.73%, 10/19/2032 (b) (f)		1,750,000		1,749,998

OHA Credit Partners Ltd. (Cayman Islands) Series 2016-13A, Class XR, 1.00%, 10/25/2034 (b) (f)		2,000,000		1,999,998

Palmer Square Loan Funding Ltd. (Cayman Islands)

Series 2018-4A, Class A1, 1.02%, 11/15/2026 (b) (f)		473,736		473,396

Series 2018-5A, Class A1, 0.98%, 1/20/2027 (b) (f)		2,391,977		2,394,190

Series 2019-2A, Class A1, 1.10%, 4/20/2027 (b) (f)		4,802,651		4,802,444

Series 2019-4A, Class A1, 1.03%, 10/24/2027 (b) (f)		16,719,937		16,690,727

Series 2020-1A, Class A1, 0.93%, 2/20/2028 (b) (f)		11,884,482		11,840,973

Series 2020-2A, Class A1, 1.13%, 4/20/2028 (b) (f)		12,354,479		12,358,704

Series 2020-4A, Class A1, 1.13%, 11/25/2028 (b) (f)		54,700,620		54,715,061

Series 2021-1A, Class A1, 1.03%, 4/20/2029 (b) (f)		43,857,645		43,846,593

Series 2021-2A, Class A1, 0.93%, 5/20/2029 (b) (f)		37,011,251		37,001,961

Series 2021-3A, Class A1, 0.97%, 7/20/2029 (b) (f)		48,275,000		48,262,787

Santander Drive Auto Receivables Trust

Series 2020-3, Class A2, 0.46%, 9/15/2023		3,398,714		3,399,109

Series 2021-2, Class A2, 0.28%, 4/15/2024		25,801,345		25,811,508


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2021-2, Class A3, 0.34%, 2/18/2025		14,986,000		15,008,403

Sculptor CLO Ltd. (Cayman Islands) Series 27A, Class X, 2.62%, 7/20/2034 (b) (f)		4,000,000		3,999,968

Shackleton CLO Ltd. (Cayman Islands)

Series 2015-8A, Class A1R, 1.05%, 10/20/2027 (b) (f)		16,676,076		16,689,284

Series 2015-8A, Class A2R, 1.05%, 10/20/2027 (b) (f)		6,152,755		6,144,793

Sound Point CLO II Ltd. (Cayman Islands) Series 2013-1A, Class A1R, 1.20%, 1/26/2031 (b) (f)		2,430,000		2,430,100

Sound Point CLO Ltd. (Cayman Islands)

Series 2018-2A, Class A, 1.23%, 7/26/2031 (b) (f)		11,000,000		11,004,697

Series 2019-1A, Class AR, 1.19%, 1/20/2032 (b) (f)		19,268,000		19,263,164

Symphony CLO Ltd. (Cayman Islands)

Series 2014-14A, Class AR, 1.08%, 7/14/2026 (b) (f)		18,943,907		18,960,654

Series 2018-20A, Class X, 1.13%, 1/16/2032 (b) (f)		1,250,000		1,250,000

Series 2020-24A, Class A, 1.34%, 1/23/2032 (b) (f)		28,550,000		28,597,307

Tesla Auto Lease Trust Series 2020-A, Class A3, 0.68%, 12/20/2023 (b)		5,184,000		5,208,594

THL Credit Wind River CLO Ltd. (Cayman Islands) Series 2014-2A, Class AR, 1.27%, 1/15/2031 (b) (f)		5,500,000		5,501,853

Treman Park CLO Ltd. (Cayman Islands) Series 2015-1A, Class ARR, 1.20%, 10/20/2028 (b) (f)		14,939,031		14,951,983

Venture CLO Ltd. (Cayman Islands)

Series 2016-25A, Class ARR, 1.15%, 4/20/2029 (b) (f)		2,177,368		2,178,468

Series 2018-33A, Class A1LR, 1.19%, 7/15/2031 (b) (f)		31,836,000		31,827,977

Series 2019-36A, Class XR, 0.83%, 4/20/2032 (b) (f)		5,041,667		5,041,657

Series 2021-43A, Class X, 1.19%, 4/15/2034 (b) (f)		5,000,000		4,999,975

Voya CLO Ltd. (Cayman Islands) Series 2020-3A, Class X, 0.78%, 10/20/2031 (b) (f)		4,000,000		3,999,996

Wind River CLO Ltd. (Cayman Islands) Series 2016-1A, Class AR, 1.18%, 7/15/2028 (b) (f)		10,475,822		10,473,182


Total Asset-Backed Securities (Cost $2,636,426,012)				2,638,874,916

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	183

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — 2.0%

ACRE Commercial Mortgage Ltd. (Cayman Islands) Series 2021-FL4, Class A, 0.92%, 12/18/2037 (b) (f)		12,000,000		11,970,732

Benchmark Mortgage Trust

Series 2018-B3, Class A2, 3.85%, 4/10/2051		5,500,000		5,718,032

Series 2018-B5, Class A2, 4.08%, 7/15/2051		5,000,000		5,254,134

BX Commercial Mortgage Trust

Series 2020-BXLP, Class A, 0.90%, 12/15/2036 (b) (f)		21,684,084		21,712,514

Series 2020-VKNG, Class A, 1.03%, 10/15/2037 (b) (f)		31,775,700		31,835,441

Series 2021-SOAR, Class A, 0.77%, 6/15/2038 (b) (f)		23,686,305		23,724,255

BX Trust Series 2021-LBA, Class AJV, 0.90%, 2/15/2036 (b) (f)		39,712,098		39,787,559

BXMT Ltd. (Cayman Islands) Series 2020-FL3, Class A, 1.56%, 3/15/2037 (b) (f)		45,000,000		45,082,620

Citigroup Commercial Mortgage Trust

Series 2014-GC25, Class B, 4.34%, 10/10/2047 ‡ (f)		8,626,000		9,309,478

Series 2018-B2, Class A2, 3.79%, 3/10/2051		6,000,000		6,196,613

Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class A, 1.08%, 5/15/2036 (b) (f)		28,000,000		28,082,172

CSAIL Commercial Mortgage Trust Series 2017-CX9, Class A2, 3.05%, 9/15/2050		2,500,000		2,547,973

DBGS Mortgage Trust Series 2018-BIOD, Class A, 0.90%, 5/15/2035 (b) (f)		26,753,605		26,790,980

GS Mortgage Securities Corp. Trust Series 2021-RENT, Class A, 0.79%, 11/21/2035 (b) (f)		5,000,052		5,006,753

Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 7/10/2035 (b)		10,000,000		10,577,437

KNDL Mortgage Trust Series 2019-KNSQ, Class A, 0.90%, 5/15/2036 (b) (f)		5,600,000		5,606,991

Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C8, Class A3, 2.86%, 12/15/2048		6,689,472		6,779,937

Morgan Stanley Capital I Trust Series 2018-H3, Class A2, 4.00%, 7/15/2051		6,250,000		6,572,174


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


UBS Commercial Mortgage Trust

Series 2018-C8, Class A2, 3.71%, 2/15/2051		6,569,000		6,789,478

Series 2018-C11, Class A2, 3.99%, 6/15/2051		4,647,000		4,829,435

Wells Fargo Commercial Mortgage Trust

Series 2021-SAVE, Class A, 1.25%, 2/15/2040 (b) (f)		31,490,985		31,650,028

Series 2018-C46, Class A2, 4.06%, 8/15/2051		11,750,000		12,278,959

WFRBS Commercial Mortgage Trust

Series 2013-UBS1, Class AS, 4.31%, 3/15/2046 (f)		6,584,641		7,067,001

Series 2014-C22, Class AS, 4.07%, 9/15/2057 (f)		6,901,000		7,451,359


Total Commercial Mortgage-Backed Securities (Cost $362,446,514)				362,622,055


U.S. Treasury Obligations — 0.6%

U.S. Treasury Notes

1.13%, 9/30/2021		72,000,000		72,061,484

2.88%, 10/15/2021		29,200,000		29,299,250


Total U.S. Treasury Obligations (Cost $101,353,532)				101,360,734


Certificates of Deposit — 0.2%

UBS AG (Switzerland) 0.46%, 12/2/2022 (Cost $40,092,000)		40,092,000		40,219,923


Foreign Government Securities — 0.2%

Svensk Exportkredit AB (Sweden) (SOFR + 1.00%), 1.05%, 5/25/2023 (c) (Cost $28,783,317)		28,420,000		28,848,859

Short-Term Investments — 18.5%

Certificates of Deposit — 4.8%

Bank of Montreal (Canada) 0.20%, 8/19/2022		47,336,000		47,337,384

Bank of Nova Scotia (The) (Canada)

(SOFR + 0.17%), 0.22%, 2/25/2022 (c)		47,281,000		47,296,773

(SOFR + 0.16%), 0.21%, 2/28/2022 (c)		27,241,000		27,249,074

Credit Agricole Corporate and Investment Bank (France) (ICE LIBOR USD 3 Month + 0.48%), 0.60%, 9/17/2021 (c)		33,446,000		33,453,017

Credit Suisse AG (Switzerland) 0.31%, 9/16/2021		50,000,000		50,004,147

SEE NOTES TO FINANCIAL STATEMENTS.



184	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Short-Term Investments — continued

Certificates of Deposit — continued

DZ Bank AG (Germany) (ICE LIBOR USD 3 Month + 0.20%), 0.32%, 2/17/2022 (c)		19,025,000		19,035,202

First Abu Dhabi Bank USA NV

(ICE LIBOR USD 3 Month + 0.17%), 0.29%, 12/14/2021 (c)		53,300,000		53,310,295

Kookmin Bank (South Korea)

(ICE LIBOR USD 3 Month + 0.27%), 0.40%, 10/29/2021 (c)		17,452,000		17,458,172

(ICE LIBOR USD 1 Month + 0.29%), 0.38%, 12/20/2021 (c)		49,869,000		49,892,447

Lloyds Bank Corporate Markets plc (United Kingdom) 0.24%, 2/22/2022		63,514,000		63,542,637

Lloyds Bank plc (United Kingdom) (SOFR + 0.30%), 0.35%, 11/16/2021 (c)		27,890,000		27,902,761

Natixis SA (France) 0.22%, 2/2/2022		44,000,000		44,018,349

Norinchukin Bank (The) (Japan)

0.37%, 12/1/2021		132,661,000		132,748,677

0.37%, 12/3/2021		108,726,000		108,799,420

Shinhan Bank (South Korea)

0.47%, 11/3/2021		29,452,000		29,470,245

0.44%, 1/10/2022		32,416,000		32,448,729

Sumitomo Mitsui Banking Corp. (Japan)

(ICE LIBOR USD 3 Month + 0.32%), 0.45%, 11/22/2021 (c)		47,564,000		47,603,432

(SOFR + 0.18%), 0.23%, 8/2/2022 (c)		23,400,000		23,402,302


Total Certificates of Deposit (Cost $854,585,585)				854,973,063


Commercial Paper — 6.8%

ABN AMRO Funding USA LLC (Netherlands) 0.18%, 10/8/2021 (b) (h)		3,100,000		3,099,542

American Electric Power Co., Inc. 0.27%, 11/16/2021 (b) (h)		72,152,000		72,122,524

AT&T, Inc.

0.38%, 11/16/2021 (b) (h)		16,021,000		16,014,798

0.40%, 12/14/2021 (b) (h)		64,420,000		64,385,240

Banco del Estado de Chile (Chile) 0.41%, 11/26/2021 (b) (h)		50,000,000		49,984,533

Banco Del Estado De Chile (Chile) 0.25%, 8/8/2022 (b) (h)		40,000,000		39,906,140

Banco Santander SA (Spain) 0.47%, 9/2/2021 (b) (h)		17,673,000		17,672,921


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Paper — continued

Barclays Bank plc (United Kingdom)

0.30%, 2/9/2022 (b) (h)		9,892,000		9,884,700

0.30%, 2/10/2022 (b) (h)		10,901,000		10,892,905

BP Capital Markets plc (United Kingdom)

0.30%, 1/11/2022 (b) (h)		15,302,000		15,293,916

0.29%, 1/28/2022 (b) (h)		4,450,000		4,447,033

Caisse des Depots et Consignations (France) 0.19%, 1/26/2022 (b) (h)		4,500,000		4,497,613

Cigna Corporate Services LLC 0.28%, 2/15/2022 (b) (h)		52,400,000		52,342,290

Credit Industriel et Commercial (France) 0.24%, 3/31/2022 (b) (h)		1,500,000		1,498,843

Enbridge US, Inc. 0.35%, 9/13/2021 (b) (h)		54,569,000		54,566,438

Enel Finance America LLC

0.40%, 4/6/2022 (b) (h)		49,000,000		48,924,929

0.41%, 4/21/2022 (b) (h)		35,000,000		34,941,556

0.33%, 5/19/2022 (b) (h)		8,500,000		8,483,546

Eni Finance USA, Inc. (Italy)

0.58%, 10/18/2021 (b) (h)		23,300,000		23,294,843

0.58%, 10/20/2021 (b) (h)		22,600,000		22,594,664

0.57%, 10/29/2021 (b) (h)		19,500,000		19,493,992

0.45%, 2/28/2022 (b) (h)		28,500,000		28,458,445

0.45%, 3/4/2022 (b) (h)		27,290,000		27,249,050

First Abu Dhabi Bank PJSC (United Arab Emirates) 0.25%, 6/29/2022 (b) (h)		169,935,000		169,678,398

Glencore Funding LLC (Australia) 0.30%, 1/12/2022 (b) (h)		51,150,000		51,090,027

HSBC USA, Inc.

0.30%, 11/3/2021 (b) (h)		29,000,000		28,988,606

0.30%, 11/9/2021 (b) (h)		50,000,000		49,978,320

Keurig Dr Pepper, Inc. 0.23%, 12/30/2021 (b) (h)		33,000,000		32,976,597

LVMH Moet Hennessy Louis Vuitton SE (France) 0.28%, 9/23/2021 (b) (h)		84,120,000		84,116,023

Societe Generale SA (France) 0.31%, 12/2/2021 (b) (h)		29,850,000		29,842,212

Telstra Corp. Ltd. (Australia)

0.40%, 10/27/2021 (b) (h)		45,743,000		45,732,281

0.30%, 2/7/2022 (b) (h)		21,244,000		21,225,777

Viatris, Inc. 0.56%, 1/26/2022 (b) (h)		26,000,000		25,948,587

Waste Management, Inc. 0.45%, 9/17/2021 (b) (h)		42,068,000		42,065,358


Total Commercial Paper (Cost $1,211,222,992)				1,211,692,647

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	185

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — continued

Investment Companies — 6.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(i) (j) (Cost $1,078,423,018)		1,078,423,018		1,078,423,018


Investment of Cash Collateral from Securities Loaned — 0.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.07% (i) (j)		28,732,982		28,732,982

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (i) (j)		3,539,520		3,539,520


Total Investment of Cash Collateral from Securities Loaned (Cost $32,272,502)				32,272,502


	PRINCIPAL AMOUNT ($)

Repurchase Agreements — 0.6%

Wells Fargo Securities LLC, 0.60%, dated 8/31/2021, due 12/22/2021, repurchase price $100,188,333, collateralized by Asset-Backed Securities, 0.68% — 4.73%, due 4/17/2023 — 4/25/2065, with the value of $106,318,000. (Cost $100,000,000)		100,000,000		100,000,000


Total Short-Term Investments (Cost $3,276,504,097)				3,277,361,230

Total Investments — 101.1% (Cost $17,883,842,584)				17,931,571,636
Liabilities in Excess of Other Assets — (1.1)%				(193,864,259)

NET ASSETS — 100.0%				17,737,707,377

Percentages indicated are based on net assets.

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)		The security or a portion of this security is on loan at August 31, 2021. The total value of securities on loan at August 31, 2021 is $31,428,789.
(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 August 31, 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 August 31, 2021.
(e)		Amount rounds to less than 0.1% of net assets.
(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 August 31, 2021.
(g)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)		The rate shown is the effective yield as of August 31, 2021.
(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 August 31, 2021.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of August 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Short Contracts

U.S. Treasury 5 Year Note

(1,836)

12/2021

USD

(227,133,280

)

(347,858

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



186	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 86.1% (a)

Alabama — 0.5%

Alabama Drinking Water Finance Authority, Revolving Fund Loan

Series 2015A, Rev., 5.00%, 8/15/2022		25,000		26,172

Series 2013-A, Rev., 3.00%, 8/15/2023		50,000		52,705

Alabama Federal Aid Highway Finance Authority

Rev., GAN, 4.00%, 9/1/2021		180,000		180,000

Rev., 5.00%, 9/1/2021		25,000		25,000

Series 2012A, Rev., GAN, 5.00%, 9/1/2021		365,000		365,000

Series 2012A, Rev., GAN, 5.00%, 9/1/2022		40,000		41,966

Series A, Rev., 5.00%, 9/1/2022		160,000		167,865

Series A, Rev., 5.00%, 9/1/2023		25,000		27,410

Alabama Highway Finance Corp., Special Obligation Series 2020A, Rev., 5.00%, 8/1/2023		75,000		81,995

Alabama Incentives Financing Authority, Special Obligation Series 2012-A, Rev., 3.75%, 9/1/2022 (b)		80,000		82,746

Alabama Municipal Electric Authority, Power Supply System Series 2013A, Rev., 4.50%, 9/1/2021 (b)		20,000		20,000

Alabama Public Health Care Authority (The), Publica Health Facilities Rev., 5.00%, 9/1/2023		100,000		109,578

Alabama Public School and College Authority, Capital Improvement

Series 2013-C, Rev., 5.00%, 9/1/2021		30,000		30,000

Series 2014B, Rev., 5.00%, 1/1/2022		420,000		426,839

Series 2014-A, Rev., 5.00%, 2/1/2022		20,000		20,408

Rev., 5.00%, 3/1/2022		265,000		271,488

Series 2015A, Rev., 5.00%, 5/1/2022		135,000		139,402

Series 2015B, Rev., 5.00%, 5/1/2022		20,000		20,652

Series 2015C, Rev., 5.00%, 6/1/2022		60,000		62,202

Series C, Rev., 5.00%, 9/1/2022		95,000		99,650

Series 2020A, Rev., 5.00%, 11/1/2022		160,000		169,148

Series 2014-B, Rev., 5.00%, 1/1/2023		155,000		165,053


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Alabama — continued

Series 2013-C, Rev., 5.00%, 9/1/2023		25,000		27,426

Series 2013A, Rev., 3.25%, 6/1/2024		20,000		21,039

Alabama Public School and College Authority, Tax-Exempt Series 2012A, Rev., 5.00%, 3/1/2022		30,000		30,734

Alabama Special Care Facilities Financing Authority-Birmingham, Children’s Hospital Health Care Facility Rev., 5.00%, 6/1/2023		340,000		368,361

Albertville Board of Education, School Tax Warrants

Series 2014A, Rev., AGM, 3.50%, 2/1/2022 (b)		30,000		30,412

Series 2014A, Rev., AGM, 3.75%, 2/1/2022 (b)		20,000		20,295

Auburn University, General Fee

Series 2015B, Rev., 4.00%, 6/1/2022		25,000		25,723

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		30,000		31,095

Series 2015A, Rev., 5.00%, 6/1/2022		25,000		25,910

Series 2016A, Rev., 5.00%, 6/1/2022		35,000		36,274

Series 2020A, Rev., 5.00%, 6/1/2022		50,000		51,819

Auburn Water Works Board

Series 2020A, Rev., 3.00%, 9/1/2021		325,000		325,000

Series 2020A, Rev., 3.00%, 9/1/2022		55,000		56,540

Autauga County Board of Education Rev., 5.00%, 4/1/2024		30,000		33,574

Birmingham-Jefferson Civic Center Authority, Capital Appreciation NATL-RE, Zero Coupon, 9/1/2022 (b)		90,000		89,731

Black Belt Energy Gas District, Gas Prepay Series 2018A, Rev., 4.00%, 12/1/2023 (c)		220,000		236,792

City of Auburn, Warrant

GO, 3.00%, 5/1/2022		20,000		20,373

Series 2014A, GO, 5.00%, 12/1/2022		20,000		21,222

City of Daphne, Warrants GO, 3.00%, 4/1/2022		35,000		35,565

City of Decatur, Sewer, Warrant

Rev., 3.00%, 5/1/2022 (b)		50,000		50,935

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	187

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Alabama — continued

Rev., 3.50%, 5/1/2022 (b)		110,000		112,422

Rev., 3.00%, 8/15/2022 (b)		20,000		20,544

Rev., 3.38%, 8/15/2022 (b)		30,000		30,924

City of Greenville, Warrants GO, 2.15%, 1/1/2022		20,000		20,138

City of Homewood, Warrant GO, 5.00%, 9/1/2022 (b)		30,000		31,471

City of Huntsville, Capital Improvement, Warrants

GO, 5.00%, 9/1/2021 (b)		115,000		115,000

Series 2014C, GO, 5.00%, 9/1/2021		310,000		310,000

Series 2020B, GO, 5.00%, 9/1/2023		30,000		32,905

City of Huntsville, Electric System, Warrants Rev., 5.00%, 12/1/2021 (b)		45,000		45,545

City of Huntsville, Warrants

Series 2020A, GO, 5.00%, 9/1/2021		55,000		55,000

Series 2016A, GO, 5.00%, 5/1/2022		50,000		51,620

City of Mobile Series 2018A, GO, 5.00%, 2/15/2022		40,000		40,894

City of Montgomery, Warrants GO, 3.00%, 2/1/2022		30,000		30,356

City of Opelika, Warrants

GO, 4.00%, 11/1/2021 (b)		100,000		100,639

GO, 4.13%, 11/1/2021 (b)		35,000		35,231

GO, 5.00%, 11/1/2021 (b)		50,000		50,401

City of Orange Beach, Warrants

GO, 5.00%, 2/1/2022		25,000		25,499

GO, 5.00%, 8/1/2022 (b)		60,000		62,679

City of Oxford, Warrants

Series 2015A, GO, 5.00%, 9/1/2022		20,000		20,917

GO, 3.25%, 10/1/2022 (b)		25,000		25,836

City of Trussville, Warrants

Series 2014A, GO, 5.00%, 10/1/2021		120,000		120,471

Series 2014A, GO, 5.00%, 10/1/2023 (b)		25,000		27,512

City of Tuscaloosa, Warrants

Series 2012B, GO, 5.00%, 1/1/2022		70,000		71,119

Series 2012-A, GO, 5.00%, 5/15/2022 (b)		50,000		51,721

Series 2014A, GO, 5.00%, 7/1/2022		25,000		26,000

Series 2020A, GO, 3.00%, 10/1/2022		20,000		20,597

City of Tuscumbia, Warrants Series 2021B, GO, 3.00%, 11/1/2023		280,000		295,464


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Alabama — continued

County of Baldwin, Warrants GO, 5.00%, 5/1/2022		75,000		77,451

County of Cullman Rev., 3.00%, 5/1/2023 (b)		35,000		36,609

County of DeKalb, Warrants GO, 3.25%, 11/1/2021 (b)		250,000		251,261

County of Houston, Warrants Series 2020B, GO, 4.00%, 2/1/2022		25,000		25,391

County of Jefferson, Warrants Rev., 5.00%, 9/15/2022		35,000		36,749

County of Madison Series 2019C, GO, 5.00%, 9/1/2022		25,000		26,200

County of Mobile Series 2014A, GO, 5.00%, 6/1/2022		40,000		41,456

County of Mobile, Warrants

Series 2020B, GO, 4.00%, 8/1/2022		45,000		46,591

Series 2012C, GO, 4.50%, 8/1/2022 (b)		80,000		83,193

Series 2012C, GO, 5.00%, 8/1/2022 (b)		35,000		36,563

Series 2020B, GO, 4.00%, 8/1/2023		25,000		26,824

County of Montgomery, Warrants GO, 5.00%, 3/1/2023		45,000		48,245

Decatur City Board of Education, Special Tax Rev., 5.00%, 2/1/2022		35,000		35,715

Foley Utilities Board Rev., 5.00%, 5/1/2022 (b)		180,000		185,780

Homewood Board of Education 3.00%, 10/1/2021		100,000		100,228

Homewood Educational Building Authority, Educational Facilities, Samford University Series 2013A, Rev., AGM, 4.75%, 12/1/2022 (b)		190,000		200,714

Hoover City Board of Education, Special Tax School Warrants

4.00%, 2/15/2022		30,000		30,534

5.00%, 8/15/2022 (b)		50,000		52,328

Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project

Series 2008, Rev., 2.90%, 12/12/2023 (c)		1,810,000		1,914,204

Series 2007A, Rev., 1.00%, 6/26/2025 (c)		100,000		101,684

Limestone County Water and Sewer Authority Rev., 5.00%, 12/1/2022		115,000		121,847

Lower Alabama Gas District (The), Gas Project Rev., 4.00%, 12/1/2022		35,000		36,617

SEE NOTES TO FINANCIAL STATEMENTS.



188	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Alabama — continued

Madison County Board of Education, Capital Outlay Rev., AGM, 4.50%, 9/1/2021 (b)		40,000		40,000

Madison Water and Wastewater Board Rev., 5.00%, 12/1/2022		55,000		58,346

Mobile County Board of School Commissioners, Capital Outlay School Warrants Series 2012, 2.50%, 3/1/2022		25,000		25,278

Montgomery County Public Education Cooperative District, Public Schools Project Rev., 5.00%, 4/1/2023		200,000		214,650

Montgomery Water Works and Sanitary Sewer Board Rev., 5.00%, 3/1/2022 (b)		40,000		40,974

Morgan County Board of Education Rev., 5.00%, 8/1/2022 (b)		40,000		41,786

Oxford Public Building Authority, Oxford Project Series 2015A, Rev., 5.00%, 10/1/2022		25,000		26,314

Saraland Board of Education Series 2015A, AGM, 4.00%, 8/1/2022 (b)		40,000		41,402

State of Alabama

Series 2016C, GO, 5.00%, 8/1/2022		30,000		31,348

Series 2016A, GO, 5.00%, 11/1/2022		50,000		52,859

State of Alabama, Capital Improvement Series 2013B, GO, 5.00%, 8/1/2022		45,000		47,023

Tuscaloosa County Board of Education, Special Tax School 5.00%, 2/1/2022		25,000		25,505

UAB Medicine Finance Authority Series 2016B, Rev., 5.00%, 9/1/2023		135,000		147,902

University of Alabama (The)

Series 2019B, Rev., 4.00%, 7/1/2022		35,000		36,125

Series 2014B, Rev., 5.00%, 7/1/2022		20,000		20,809

Series 2019A, Rev., 5.00%, 7/1/2022		30,000		31,213

Series 2017A, Rev., 5.00%, 7/1/2024		20,000		22,676

University of Alabama at Birmingham

Series 2013-A2, Rev., 5.00%, 10/1/2021		50,000		50,197

Series 2015A, Rev., 5.00%, 10/1/2021		40,000		40,157

Series 2019A, Rev., 4.00%, 10/1/2022		165,000		171,890


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Alabama — continued

Series 2015A, Rev., 5.00%, 10/1/2022		25,000		26,314

Warrior River Water Authority Rev., 3.00%, 8/1/2022		50,000		51,162

Water Works Board of the City of Birmingham (The)

Series 2015A, Rev., 5.00%, 1/1/2022		65,000		66,061

Series 2015B, Rev., 5.00%, 1/1/2022		30,000		30,489

Series 2013B, Rev., 5.00%, 1/1/2023 (b)		25,000		26,618

Series 2015A, Rev., 5.00%, 1/1/2023		25,000		26,590

Series 2016A, Rev., 5.00%, 1/1/2023		20,000		21,272

Series 2012A, Rev., 3.50%, 1/1/2028		50,000		50,557

Series 2012A, Rev., 4.00%, 1/1/2034		25,000		25,322


Total Alabama				10,962,027


Alaska — 0.5%

Alaska Housing Finance Corp., General Mortgage

Series 2016A, Rev., 1.30%, 12/1/2021		35,000		35,097

Series A, Rev., 1.50%, 6/1/2024		305,000		312,740

Alaska Housing Finance Corp., State Capital Project

Rev., 5.00%, 12/1/2021		100,000		101,208

Series 2013A, Rev., 5.00%, 12/1/2021		95,000		96,148

Series 2014D, Rev., 5.00%, 12/1/2021		1,305,000		1,320,634

Series 2017A, Rev., 5.00%, 12/1/2021		425,000		430,134

Rev., 5.00%, 6/1/2022 (b)		55,000		56,997

Series 2013A, Rev., 5.00%, 6/1/2022		130,000		134,730

Series 2015A, Rev., 5.00%, 12/1/2022		25,000		26,518

Series 2018B, Rev., 5.00%, 12/1/2022		25,000		26,495

Alaska Industrial Development and Export Authority, Greater Fairbanks Community Hospital Foundation Project Rev., 5.00%, 4/1/2022		200,000		205,526

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	189

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Alaska — continued

Alaska Municipal Bond Bank Authority

Series 2012-2, Rev., 4.00%, 9/1/2021		305,000		305,000

Series ONE, Rev., 2.25%, 10/1/2021		25,000		25,043

Series 2017A, Rev., 3.00%, 10/1/2021		65,000		65,148

Series 2015, Rev., 5.00%, 10/1/2021		25,000		25,098

Series THREE, Rev., 5.00%, 10/1/2021		305,000		306,196

Series 2016-3, Rev., 4.00%, 12/1/2021		190,000		191,817

Series 1, Rev., 5.00%, 12/1/2021		1,375,000		1,391,542

Series 2013-1, Rev., 4.00%, 2/1/2022		35,000		35,558

Series ONE, Rev., 5.00%, 3/1/2022		95,000		97,292

Series TWO, Rev., 5.00%, 3/1/2022 (b)		415,000		424,895

Series THREE, Rev., 5.00%, 7/1/2022		200,000		208,053

Series ONE, Rev., 5.00%, 10/1/2022		40,000		42,093

Series TWO, Rev., 5.00%, 9/1/2024		135,000		138,140

Series 2015A, Rev., 5.00%, 3/1/2026		200,000		231,481

Borough of Fairbanks North Star Series 2011-Q, GO, 5.00%, 9/1/2021		75,000		75,000

Borough of Matanuska-Susitna

Series 2014B, GO, 5.00%, 11/1/2021		170,000		171,353

Series 2012D, GO, 4.00%, 4/1/2022		40,000		40,897

Series 2016A, GO, 5.00%, 7/1/2022		20,000		20,805

Series 2014B, GO, 5.00%, 11/1/2022		30,000		31,694

Borough of Matanuska-Susitna, Goose Creek Correctional Center Project

Rev., 5.00%, 9/1/2021		770,000		770,000

Rev., 5.00%, 9/1/2022		125,000		130,796

Series 2016, Rev., 5.00%, 9/1/2024		285,000		322,808

Rev., 5.00%, 9/1/2025		40,000		46,711

Rev., 5.25%, 9/1/2026		45,000		52,856

Borough of Matanuska-Susitna, Transportation System

Series 2015C, GO, 5.00%, 11/1/2021		90,000		90,716

Series 2012D, GO, 4.50%, 4/1/2022 (b)		30,000		30,766


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Alaska — continued

Borough of North Slope

Series 2014B, GO, 5.00%, 10/30/2021		35,000		35,275

Series 2012A, GO, 5.00%, 6/30/2022		20,000		20,808

Series 2016A, GO, 5.00%, 6/30/2022		175,000		182,068

Series 2020A, GO, 5.00%, 6/30/2025		35,000		41,205

Borough of North Slope, General Purpose Series 2019A, GO, 5.00%, 6/30/2023		40,000		43,542

Municipality of Anchorage

Series 2007B, GO, NATL-RE, 5.00%, 9/1/2021		85,000		85,000

Series C, GO, 5.00%, 9/1/2021		345,000		345,000

Series D, GO, 5.00%, 9/1/2021		250,000		250,000

GO, TAN, 1.50%, 12/15/2021		325,000		326,341

Series 2018D, GO, 4.00%, 9/1/2022		110,000		114,276

Series D, GO, 5.00%, 9/1/2022		70,000		73,419

Municipality of Anchorage, General Purpose

Series 2018B, GO, 5.00%, 9/1/2021		435,000		435,000

Series B, GO, 5.00%, 9/1/2021		100,000		100,000

Series A, GO, 5.00%, 8/1/2022		20,000		20,895

Series 2018A, GO, 5.00%, 9/1/2022		50,000		52,442

Series 2108B, GO, 5.00%, 9/1/2022		55,000		57,686

Series B, GO, 5.00%, 9/1/2022		125,000		131,106

State of Alaska Series 2013B, GO, 5.00%, 8/1/2024		40,000		42,714

State of Alaska, Native Tribal Health Consortium COP, 4.00%, 6/1/2022		470,000		483,198

University of Alaska

Series 2011Q, Rev., 4.00%, 10/1/2021 (b)		135,000		135,419

Series 2015T, Rev., 5.00%, 10/1/2021		310,000		311,103


Total Alaska				11,304,482


Arizona — 0.9%

Arizona Board of Regents

Series C, COP, 3.00%, 6/1/2022 (b)		40,000		40,854

Series 2015A, COP, 5.00%, 6/1/2022		205,000		212,381

Series 2020B, Rev., 5.00%, 7/1/2022		65,000		67,662

SEE NOTES TO FINANCIAL STATEMENTS.



190	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Arizona — continued

Arizona Department of Transportation State Highway Fund

Series 2013A, Rev., 4.00%, 7/1/2022 (b)		25,000		25,807

Series 2013A, Rev., 5.00%, 7/1/2022 (b)		440,000		457,842

Arizona Health Facilities Authority, Banner Health

Series 2012A, Rev., 3.75%, 1/1/2022 (b)		50,000		50,598

Series 2012A, Rev., 4.00%, 1/1/2022 (b)		25,000		25,322

Series 2012A, Rev., 5.00%, 1/1/2022 (b)		50,000		50,809

Series 2015A, Rev., 5.00%, 1/1/2022		325,000		330,226

Series 2015A, Rev., 5.00%, 1/1/2023		40,000		42,578

Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals

Series 2014A, Rev., 5.00%, 12/1/2021		70,000		70,844

Rev., 5.00%, 12/1/2023		170,000		188,377

Series 2014A, Rev., 5.00%, 12/1/2025		40,000		45,915

Arizona Industrial Development Authority, Equitable School Revolving Fund

Series 2019A, Rev., 5.00%, 11/1/2021		190,000		191,497

Series 2019A, Rev., 5.00%, 11/1/2022		450,000		475,074

Series 2019A, Rev., 5.00%, 11/1/2024		95,000		107,724

Arizona School Facilities Board

Series 2015A, COP, 5.00%, 9/1/2021 (b)		255,000		255,000

Series 2015A, COP, 5.00%, 9/1/2023 (b)		20,000		21,908

Arizona State University

Series 2012A, Rev., 3.00%, 7/1/2022		45,000		46,084

Series 2013A, Rev., 4.00%, 7/1/2022		35,000		36,134

Series 2015A, Rev., 5.00%, 7/1/2022		60,000		62,442

Series 2016A, Rev., 5.00%, 7/1/2022		25,000		26,018


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

Series 2016B, Rev., 5.00%, 7/1/2022		25,000		26,017

Series 2017A, Rev., 5.00%, 7/1/2022		45,000		46,831

Arizona State University, Excise Tax, Maricopa County Regional Area Road Fund

Rev., 5.00%, 7/1/2022		165,000		171,701

Rev., 5.00%, 7/1/2025		40,000		47,113

Arizona Transportation Board

Rev., GAN, 5.00%, 7/1/2022		25,000		26,015

Series 2017A, Rev., GAN, 5.00%, 7/1/2022		25,000		26,015

Series 2019A, Rev., GAN, 5.00%, 7/1/2022		65,000		67,640

Arizona Transportation Board, Excise Tax

Rev., 5.00%, 7/1/2022		30,000		31,218

Rev., 5.00%, 7/1/2023		80,000		87,110

Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund

Rev., 5.00%, 7/1/2022		75,000		78,046

Rev., 5.00%, 7/1/2023		85,000		92,554

Arizona Water Infrastructure Finance Authority

Series 2012A, Rev., 4.00%, 10/1/2021		50,000		50,158

Series 2012A, Rev., 5.00%, 10/1/2021 (b)		125,000		125,483

Series 2012A, Rev., 5.00%, 10/1/2022		60,000		63,174

Arizona Water Infrastructure Finance Authority, Water Quality

Series 2012A, Rev., 5.00%, 10/1/2021		30,000		30,119

Series 2014A, Rev., 5.00%, 10/1/2021		225,000		225,894

Central Arizona Water Conservation District, Central Arizona Project Rev., 5.00%, 1/1/2022		25,000		25,408

Chandler Industrial Development Authority, Intel Corp. Project Rev., 2.40%, 8/14/2023 (c)		2,740,000		2,848,446

City of Avondale GO, 5.00%, 7/1/2022		80,000		83,269

City of Buckeye, Excise Tax

Rev., 5.00%, 7/1/2022		20,000		20,818

Rev., 5.00%, 7/1/2023		25,000		27,183

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	191

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Arizona — continued

City of Bullhead, Excise Tax Rev., 4.00%, 7/1/2022		25,000		25,808

City of Casa Grande, Excise Tax Rev., 4.50%, 4/1/2022		45,000		46,158

City of Chandler GO, 5.00%, 7/1/2023		55,000		59,909

City of Flagstaff, Road Repair, Street Improvement Project Rev., 4.00%, 7/1/2023		20,000		21,381

City of Glendale, Water and Sewer Rev., 5.00%, 7/1/2022		85,000		88,452

City of Goodyear GO, 5.00%, 7/1/2023		35,000		38,090

City of Mesa GO, 2.00%, 7/1/2022		30,000		30,476

City of Mesa, Excise Tax Rev., 5.00%, 7/1/2022 (b)		45,000		46,807

City of Mesa, Utility System Rev., 5.00%, 7/1/2022		50,000		52,009

City of Phoenix

GO, 2.25%, 7/1/2022		275,000		279,961

GO, 4.00%, 7/1/2022		20,000		20,651

Series 2012C, GO, 4.00%, 7/1/2022		220,000		227,164

City of Phoenix Civic Improvement Corp., Excise Tax Series 2017B, Rev., 5.00%, 7/1/2022		135,000		140,482

City of Phoenix Civic Improvement Corp., Junior Lien, Airport System

Rev., 5.00%, 7/1/2022		95,000		98,874

Series 2017D, Rev., 5.00%, 7/1/2022		110,000		114,439

Series 2017D, Rev., 5.00%, 7/1/2023		25,000		27,207

Series 2017D, Rev., 5.00%, 7/1/2024		450,000		510,626

City of Phoenix Civic Improvement Corp., Junior Lien, Wastewater System

Rev., 5.00%, 7/1/2022		125,000		130,098

Series 2017B, Rev., 5.00%, 7/1/2022		30,000		31,223

Series 2018B, Rev., 5.00%, 7/1/2022		25,000		26,020

Series 2014B, Rev., 5.00%, 7/1/2023		25,000		27,231

City of Phoenix Civic Improvement Corp., Junior Lien, Water System Rev., 5.00%, 7/1/2022		50,000		52,039

City of Phoenix Civic Improvement Corp., Senior Lien, Airport System Series 2017B, Rev., 5.00%, 7/1/2022		30,000		31,216


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

City of Scottsdale

GO, 3.00%, 7/1/2022		25,000		25,609

GO, 5.00%, 7/1/2022		100,000		104,095

City of Scottsdale, Project 2004-Preserve ACQ Series 2017B, GO, 5.00%, 7/1/2022		20,000		20,819

City of Surprise Rev., 5.00%, 7/1/2022		25,000		26,011

City of Surprise, Utility System, Senior Lien Rev., 5.00%, 7/1/2022		110,000		114,448

City of Tempe Series 2014C, GO, 4.00%, 7/1/2022		25,000		25,801

City of Tempe, Excise Tax Rev., 5.00%, 7/1/2022		30,000		31,211

City of Tucson COP, AGM, 3.00%, 7/1/2022		60,000		61,451

City of Tucson, Water System Rev., 5.00%, 7/1/2022		25,000		26,020

Cochise County Unified School District No. 68-Sierra Vista, School Improvement Series 2019B, GO, 3.00%, 7/1/2022		25,000		25,581

County of Maricopa COP, 5.00%, 7/1/2022		570,000		593,343

County of Pima

Series 2020A, COP, 5.00%, 12/1/2021		175,000		177,132

GO, 4.00%, 7/1/2022		40,000		41,302

GO, 5.00%, 7/1/2022		205,000		206,551

County of Pima, Sewer System

Rev., 5.00%, 7/1/2022		120,000		124,904

Rev., 5.00%, 7/1/2023		25,000		27,232

County of Pima, Street and Highway Rev., 3.00%, 7/1/2022		45,000		46,092

County of Pinal

Rev., 2.00%, 8/1/2022		50,000		50,854

Rev., 5.00%, 8/1/2022		25,000		26,112

Rev., 5.00%, 8/1/2023		35,000		38,229

Gila County Unified School District No. 10-Payson

GO, 5.00%, 7/1/2022		35,000		36,415

GO, 5.00%, 7/1/2023		20,000		21,708

Gilbert Water Resource Municipal Property Corp., Senior Lien Rev., 5.00%, 7/1/2022		45,000		46,839

Glendale Municipal Property Corp., Senior Lien Series B, Rev., 5.00%, 7/1/2022		75,000		78,001

SEE NOTES TO FINANCIAL STATEMENTS.



192	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Arizona — continued

Glendale Union High School District No. 205, Arizona School Improvement, Project of 2015 Series 2019C, GO, 5.00%, 7/1/2022		160,000		166,401

Goodyear Community Facilities Utilities District No. 1 GO, 3.00%, 7/15/2022		35,000		35,811

Goodyear Public Improvement Corp., Municipal Facilities

Series 2011A, Rev., 5.00%, 7/1/2022 (b)		350,000		364,204

Series A, Rev., 5.25%, 7/1/2022 (b)		50,000		52,133

Highlands Fire District COP, 4.00%, 7/1/2022		125,000		128,720

Kyrene Elementary School District No. 28

GO, 4.00%, 7/1/2022		120,000		123,908

GO, 4.00%, 7/1/2023		20,000		21,389

Kyrene Elementary School District No. 28, School Improvement Project

Series 2016A, GO, 5.00%, 7/1/2022		45,000		46,839

Series 2020B, GO, 5.00%, 7/1/2022		30,000		31,226

Madison Elementary School District No. 38, School Improvement, Project of 2014

Series 2017B, GO, 5.00%, 7/1/2022		20,000		20,817

Series 2019C, GO, 5.00%, 7/1/2023		25,000		27,208

Madison Elementary School District No. 38, School Improvement, Project of 2019

Series 2020A, GO, 5.00%, 7/1/2022		120,000		124,904

Series 2020A, GO, 5.00%, 7/1/2023		45,000		48,973

Maricopa County Community College District, Project of 2004 Series 2011D, GO, 4.00%, 7/1/2022		180,000		180,570

Maricopa County Elementary School District No. 92 Pendergast Elementary, School Improvement, Project of 2016 Series 2018B, GO, 5.00%, 7/1/2022		60,000		62,442

Maricopa County Industrial Development Authority, Banner Health

Series 2016A, Rev., 5.00%, 1/1/2022		35,000		35,563

Series B, Rev., 5.00%, 10/18/2022 (c)		575,000		606,122

Series C, Rev., 5.00%, 10/18/2024 (c)		315,000		361,510


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

Maricopa County Industrial Development Authority, HonorHealth

Series 2019A, Rev., 5.00%, 9/1/2021		150,000		150,000

Series 2019A, Rev., 5.00%, 9/1/2022		30,000		31,456

Series 2019A, Rev., 5.00%, 9/1/2023		135,000		147,987

Maricopa County School District No. 3 Tempe Elementary

GO, 4.00%, 7/1/2022		25,000		25,814

GO, 4.00%, 7/1/2023		35,000		37,418

Maricopa County Special Health Care District, Integrated Health Services Series 2018C, GO, 5.00%, 7/1/2022		75,000		78,059

Maricopa County Unified School District No. 4 Mesa, School Improvement, Project of 2012 Series 2014B, GO, 3.00%, 7/1/2022		50,000		51,213

Maricopa County Unified School District No. 69 Paradise Valley, School Improvement, Project of 2015

Series 2017B, GO, 5.00%, 7/1/2022		35,000		36,433

Series 2018C, GO, 5.00%, 7/1/2022		40,000		41,638

Series 2018D, GO, 5.00%, 7/1/2022		55,000		57,253

Maricopa County Unified School District No. 80 Chandler GO, 5.00%, 7/1/2022		20,000		20,819

Maricopa County Unified School District No. 80 Chandler, School Improvement, Project of 2015 Series 2017B, GO, 3.50%, 7/1/2022		25,000		25,712

Maricopa County Unified School District No. 80 Chandler, School Improvement, Project of 2019 Series 2020A, GO, 5.00%, 7/1/2022		65,000		67,662

Maricopa County Unified School District No. 95, Queen Creek, School Improvement GO, 5.00%, 7/1/2022		45,000		46,800

Maricopa County Unified School District No. 97 Deer Valley, School Improvement, Project of 2013 Series 2017C, GO, 5.00%, 7/1/2022		30,000		31,221

Maricopa County Unified School District No. 97-Deer Valley GO, 3.00%, 7/1/2022		60,000		61,446

Maricopa County Union High School District No. 210 Phoenix, School Improvement

GO, 3.00%, 7/1/2022		30,000		30,723

GO, 5.00%, 7/1/2022		55,000		57,248

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	193

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Arizona — continued

Maricopa County Union High School District No. 210 Phoenix, School Improvement, Project of 2011 Series 2014C, GO, 3.00%, 7/1/2022		25,000		25,607

Maricopa County Union High School District No. 210 Phoenix, School Improvement, Project of 2011 and 2017 GO, 5.00%, 7/1/2022		25,000		26,022

Maricopa County Union High School District No. 210-Phoenix, School Improvement Project of 2017 Series 2019B, GO, 5.00%, 7/1/2022		55,000		57,248

Maricopa County Union High School District No. 216 Agua Fria, School Improvement Series 2014B, GO, 3.00%, 7/1/2023		30,000		31,553

Maricopa County Union High School District No. 216 Agua Fria, School Improvement, Project of 2011 Series 2012A, GO, 3.00%, 7/1/2022		25,000		25,602

Maricopa County Union High School District No. 216 Agua Fria, School Improvement, Project of 2015 Series 2017B, GO, 5.00%, 7/1/2022		25,000		26,017

Mohave County Unified School District No. 1 Lake Havasu, School Improvement, Project of 2016 Series 2017A, GO, 4.00%, 7/1/2023		80,000		85,526

Northern Arizona University COP, 5.00%, 9/1/2021		150,000		150,000

Northern Arizona University, Stimulus Plan For Economic and Educational Development Series 2020B, Rev., AGM, 5.00%, 8/1/2025		100,000		116,852

Peoria Municipal Development Authority, Inc. Rev., 4.00%, 7/1/2022		25,000		25,812

Pima County Regional Transportation Authority, Excise Tax

Rev., 5.00%, 6/1/2022		195,000		202,111

Rev., 5.00%, 6/1/2024		60,000		67,855

Pima County Unified School District No. 6 Marana, School Improvement, Project of 2014 Series 2017C, GO, 5.00%, 7/1/2022		25,000		25,979

Pinal County School District No. 1 Florence GO, 5.00%, 7/1/2023		20,000		21,708

Prescott Municipal Property Corp. Rev., 5.00%, 7/1/2022		25,000		25,987


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund

Rev., 5.25%, 7/1/2022		180,000		187,745

Rev., 5.25%, 7/1/2023		25,000		27,336

Salt River Project Agricultural Improvement and Power District

Series 2016A, Rev., 5.00%, 1/1/2022		25,000		25,406

Series 2011A, Rev., 5.00%, 12/1/2026		150,000		151,797

Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project

Series 2015A, Rev., 5.00%, 12/1/2021		290,000		293,526

Series 2011A, Rev., 5.00%, 12/1/2022		425,000		430,092

Series 2015A, Rev., 5.00%, 12/1/2022		25,000		26,527

Series 2016A, Rev., 5.00%, 1/1/2023		30,000		31,950

Series 2011A, Rev., 5.00%, 12/1/2023		215,000		217,576

Series 2011A, Rev., 5.00%, 12/1/2024		270,000		273,235

Scottsdale Municipal Property Corp., Excise Tax Rev., 5.00%, 7/1/2022		30,000		31,226

State of Arizona

COP, 5.00%, 9/1/2021		70,000		70,000

COP, 5.00%, 10/1/2021 (b)		65,000		65,256

Series B, COP, 5.00%, 10/1/2021		40,000		40,159

COP, 5.00%, 9/1/2022		45,000		47,189

COP, 5.00%, 10/1/2022 (b)		30,000		31,580

COP, 5.00%, 9/1/2026		50,000		58,996

State of Arizona Lottery Rev., 5.00%, 7/1/2022 (b)		85,000		88,450

Town of Queen Creek, Excise Tax

Rev., 4.00%, 8/1/2022		40,000		41,377

Rev., 5.00%, 8/1/2022		45,000		46,959

Series 2018A, Rev., 5.00%, 8/1/2023		40,000		43,609

University Medical Center Corp., Hospital

Rev., 4.25%, 7/1/2023 (b)		100,000		107,396

Rev., 5.63%, 7/1/2023 (b)		30,000		32,972

University of Arizona (The) Rev., 5.00%, 6/1/2022		20,000		20,732

SEE NOTES TO FINANCIAL STATEMENTS.



194	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Arizona — continued

University of Arizona (The), Stimulus Plan for Economic and Educational Development Rev., 5.00%, 8/1/2022		300,000		313,430

Yuma Municipal Property Corp., Senior Lien Road Tax and Subordinate Lien Excise Tax Rev., 5.00%, 7/1/2022		100,000		104,001


Total Arizona				18,293,432


Arkansas — 0.2%

Arkansas Development Finance Authority, Cancer Research Project Rev., AMBAC, Zero Coupon, 7/1/2023		75,000		74,430

Arkansas State Community Water System Public Water Authority Series A, Rev., 4.00%, 10/1/2022 (b)		25,000		26,033

Bearden School District No. 53 GO, 2.00%, 2/1/2022		25,000		25,161

Booneville School District No. 65 GO, 2.00%, 2/1/2022		45,000		45,349

City of Fayetteville, Sales & Use Tax Series 2019A, Rev., 5.00%, 11/1/2022		85,000		89,819

City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2021		120,000		120,469

City of Little Rock, Capital Improvement Rev., 3.00%, 10/1/2021		55,000		55,123

City of Rogers Rev., 4.00%, 11/1/2021		50,000		50,314

Greene County Technical School District No. T-1 GO, 3.00%, 4/1/2022		95,000		96,467

Greenwood School District No. 25 GO, 2.00%, 12/1/2021		425,000		426,857

Lake Hamilton School District No. 5 of Garland County GO, 3.25%, 10/1/2022 (b)		30,000		30,987

Little Rock School District GO, 3.00%, 2/1/2022		25,000		25,297

Northwest Arkansas Conservation Authority Rev., 3.00%, 3/1/2022		90,000		91,268

Pulaski County Public Facilities Board, Baptist Health

Rev., 5.00%, 12/1/2022		50,000		52,983

Rev., 5.00%, 12/1/2024 (b)		305,000		351,287

Pulaski County Public Facilities Board, Carti Project Rev., 5.50%, 7/1/2023 (b)		250,000		273,471


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arkansas — continued

Rogers School District No. 30 GO, 5.00%, 2/1/2022		285,000		290,749

Springdale School District No. 50 GO, 5.00%, 6/1/2022		45,000		46,624

State of Arkansas, Federal Highway

GO, 5.00%, 10/1/2021		130,000		130,512

GO, 5.00%, 4/1/2022		100,000		102,834

GO, 3.00%, 10/1/2022		125,000		128,885

GO, 5.00%, 10/1/2023		45,000		49,524

State of Arkansas, Waste Disposal and Pollution Abatement Facilities GO, 5.00%, 7/1/2023		30,000		32,660

State of Arkansas, Waste Water and Pollution Abatement Series 2012B, GO, 3.00%, 7/1/2022 (b)		35,000		35,831

University of Arkansas Student Fee, UALR Campus Rev., 5.00%, 10/1/2022		45,000		47,365

University of Arkansas, Athletic Facility Fayetteville Campus Series 2015A, Rev., 5.00%, 9/15/2022		25,000		26,268

University of Arkansas, Auxiliary Enterprises, UALR Campus Rev., 5.00%, 10/1/2022		25,000		26,314

University of Arkansas, Capital Improvement UALR Campus Series 2012A, Rev., 4.00%, 5/1/2022 (b)		25,000		25,647

University of Arkansas, Capital Improvement, UALR Energy Conservation Series 2013C, Rev., 5.00%, 10/1/2021		50,000		50,198

University of Arkansas, Student Fee, Capital Improvement, UALR Energy Conservation Project Series 2013C, Rev., 5.00%, 10/1/2022		25,000		26,322

University of Arkansas, Student Fee, Community College

Rev., 4.00%, 5/1/2022		30,000		30,771

Rev., 4.00%, 5/1/2023		60,000		63,732

University of Arkansas, Student Fee, ULAR Project Series 2013A, Rev., 5.00%, 12/1/2021		40,000		40,485

University of Arkansas, Various Facility Fayetteville Campus

Series 2012A, Rev., 4.00%, 11/1/2021		65,000		65,416

Rev., 4.13%, 11/1/2021 (b)		25,000		25,165

Series 2011A, Rev., 4.63%, 11/1/2021 (b)		25,000		25,185

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	195

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Arkansas — continued

Rev., 5.00%, 11/1/2021		420,000		423,369

Series 2011A, Rev., 5.00%, 11/1/2021 (b)		230,000		231,846

Series 2016A, Rev., 5.00%, 11/1/2021		25,000		25,200

Series 2012B, Rev., 5.00%, 5/1/2022 (b)		340,000		351,053

Series 2013A, Rev., 5.00%, 9/15/2022		55,000		57,790

Rev., 5.00%, 11/1/2022		50,000		52,853

Series 2012A, Rev., 5.00%, 11/1/2022		25,000		26,426

Series 2016A, Rev., 5.00%, 11/1/2022		220,000		232,472

Series 2019A, Rev., 5.00%, 11/1/2022		30,000		31,712

Series 2019A, Rev., 5.00%, 9/15/2023		35,000		38,378

University of Arkansas, Various Facility Pine Bluff Campus Rev., 4.00%, 12/1/2022		35,000		36,702

University of Arkansas, Various Facility UAMS Campus

Rev., 5.00%, 11/1/2021		125,000		126,005

Series 2020A, Rev., 5.00%, 12/1/2021		235,000		237,839

Rev., 5.00%, 11/1/2022		35,000		36,997

Van Buren School District No. 42

GO, 3.50%, 10/1/2021		130,000		130,348

GO, 5.00%, 4/1/2022		90,000		92,546


Total Arkansas				5,237,338


California — 5.8%

Abag Finance Authority for Nonprofit Corps., Episcopal Senior Community Series 2012B, Rev., 5.00%, 7/1/2022		25,000		25,957

Abag Finance Authority for Nonprofit Corps., Odd Fellows Home Series 2012A, Rev., 5.00%, 4/1/2022		30,000		30,832

Acalanes Union High School District GO, 4.00%, 8/1/2022		70,000		72,514

Alameda Corridor Transportation Authority, Senior Lien

Series 2013A, Rev., 5.00%, 10/1/2021		50,000		50,190

Series 2013A, Rev., 5.00%, 10/1/2022		125,000		131,345


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Alameda County Joint Powers Authority, Multiple Capital Projects

Series 2013A, Rev., 5.00%, 12/1/2021		145,000		146,770

Series 2013A, Rev., 5.00%, 12/1/2022		125,000		132,556

Alameda County Transportation Commission, Sales Tax Rev., 4.00%, 3/1/2022		95,000		96,858

Alameda Unified School District-Alameda County, Election of 2014 Series C, GO, 4.00%, 8/1/2022		25,000		25,898

Alhambra Unified School District Series 2016B, GO, 5.00%, 8/1/2022		50,000		52,253

Alta Loma School District, Capital Appreciation Series 1999A, GO, NATL-RE, Zero Coupon, 8/1/2022		125,000		124,740

Alvord Unified School District, Election of 2012 Series A, GO, AGM, Zero Coupon, 8/1/2022		200,000		199,475

Anaheim City School District Series 2014A, GO, 5.00%, 8/1/2022		40,000		41,794

Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System

Series 2016A, Rev., 5.00%, 10/1/2021 (b)		125,000		125,486

Series 2020A, Rev., 5.00%, 10/1/2024		160,000		182,978

Anaheim Public Financing Authority, Electric Distribution System Series 2012A, Rev., 5.00%, 10/1/2021		20,000		20,079

Anaheim Public Financing Authority, Publica Improvement Project Series 2019A, Rev., 5.00%, 9/1/2022		25,000		26,095

Anaheim Union High School District GO, 5.00%, 8/1/2022		50,000		52,253

Antelope Valley Community College District Series B, GO, 4.00%, 8/1/2022		35,000		36,257

Antelope Valley-East Kern Water Agency Rev., 5.00%, 6/1/2022		20,000		20,737

Arcadia Unified School District, Election of 2006 GO, 3.25%, 8/1/2022 (b)		50,000		51,429

Bay Area Toll Authority, Toll Bridge

Series F-1, Rev., 3.00%, 4/1/2022 (b)		20,000		20,335

SEE NOTES TO FINANCIAL STATEMENTS.



196	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Series F-1, Rev., 4.00%, 4/1/2022 (b)		50,000		51,138

Rev., 5.00%, 4/1/2022		125,000		128,580

Series F-1, Rev., 5.00%, 4/1/2022 (b)		1,350,000		1,388,543

Series 2013S-4, Rev., 5.00%, 4/1/2023 (b)		170,000		183,124

Series S-4, Rev., 5.00%, 4/1/2023 (b)		25,000		26,930

Series 2013S-4, Rev., 5.25%, 4/1/2023 (b)		70,000		75,680

Beardsley School District Series 2021, GO, 2.00%, 5/1/2022		210,000		212,274

Belmont Joint Powers Financing Authority Rev., 4.00%, 8/1/2022		50,000		51,796

Belmont-Redwood Shores School District GO, 5.00%, 8/1/2022		90,000		93,995

Berkeley Unified School District GO, 5.00%, 8/1/2022		65,000		67,928

Brentwood Infrastructure Financing Authority

Rev., 5.00%, 7/1/2022		55,000		57,252

Series 2012A, AGM, 3.25%, 9/2/2022		50,000		51,554

Series 2012A, AGM, 3.50%, 9/2/2023		50,000		51,646

Brentwood Infrastructure Financing Authority, Civic Center Project

Rev., 4.00%, 10/1/2022		25,000		25,997

Rev., 5.00%, 10/1/2024		40,000		45,585

Burbank Redevelopment Agency Successor Agency Rev., 5.00%, 12/1/2023		50,000		55,369

Burlingame Financing Authority, Water & Wastewater Rev., 5.00%, 4/1/2022		75,000		77,130

Burlingame School District, Election of 2012 Series 2013A, GO, 4.00%, 8/1/2023 (b)		20,000		21,483

Burlingame School District, Election of 2020 Series A, GO, 3.00%, 8/1/2022		20,000		20,536

Butte-Glenn Community College District

Series B, GO, 4.00%, 8/1/2022		25,000		25,898

GO, 5.00%, 8/1/2022		20,000		20,901

Cabrillo Community College District

GO, 4.00%, 8/1/2022 (b)		40,000		41,429

GO, 5.00%, 8/1/2022		70,000		73,145


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp. Series 2020A, Rev., 5.00%, 6/1/2022		100,000		103,541

California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.

Series 2020A, Rev., 4.00%, 6/1/2022		700,000		719,610

Series 2020A, Rev., 4.00%, 6/1/2023		350,000		372,682

California County Tobacco Securitization Agency, Merced County Tobacco Funding Corp.

Rev., 4.00%, 6/1/2022		150,000		154,193

Rev., 4.00%, 6/1/2023		460,000		489,581

Rev., 5.00%, 6/1/2025		240,000		280,142

California County Tobacco Securitization Agency, Sonoma County Securitization Corp.

Rev., 4.00%, 6/1/2022		375,000		385,396

Rev., 4.00%, 6/1/2023		530,000		563,795

California Educational Facilities Authority, Claremont McKenna College Rev., 5.00%, 4/1/2022		35,000		36,000

California Educational Facilities Authority, Loyola Marymount University Rev., 4.00%, 10/1/2021		140,000		140,420

California Educational Facilities Authority, Loyola Marymount University, Green Bond Series 2018B, Rev., 5.00%, 10/1/2022		25,000		26,272

California Educational Facilities Authority, Pepperdine University Series 2017B, Rev., 4.00%, 9/1/2022		25,000		25,975

California Educational Facilities Authority, Santa Clara University Rev., 5.00%, 4/1/2022		100,000		102,858

California Enterprise Development Authority, Riverside County, Library Facility Project Rev., 4.00%, 11/1/2023		200,000		216,026

California Enterprise Development Authority, The Thacher School Project Rev., 4.00%, 9/1/2021		65,000		65,000

California Health Facilities Financing Authority, Adventist Health System

Series 2016A, Rev., 4.00%, 3/1/2022		75,000		76,441

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	197

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

Series 2013A, Rev., 5.00%, 3/1/2022		65,000		66,571

Series 2011A, Rev., 3.00%, 3/1/2024 (c)		305,000		319,617

California Health Facilities Financing Authority, Cedars-Sinai Medical Center

Series A, Rev., 5.00%, 9/10/2021		80,000		83,757

Series B, Rev., 5.00%, 8/15/2022		35,000		36,644

Rev., 5.00%, 11/15/2022		110,000		116,511

Rev., 5.00%, 11/15/2024		250,000		288,676

California Health Facilities Financing Authority, Children’s Hospital Rev., 5.00%, 11/1/2021		300,000		302,418

California Health Facilities Financing Authority, Chinese Hospital Rev., 5.00%, 6/1/2022		25,000		25,908

California Health Facilities Financing Authority, City of Hope Series 2012A, Rev., 5.00%, 11/15/2021		200,000		201,990

California Health Facilities Financing Authority, EL Camilo Hospital Rev., 5.00%, 2/1/2022		45,000		45,908

California Health Facilities Financing Authority, Kaiser Permanente

Series 2017B, Rev., 5.00%, 11/1/2022 (c)		120,000		126,745

Series C, Rev., 5.00%, 11/1/2022 (c)		1,145,000		1,209,354

Series D, Rev., 5.00%, 11/1/2022 (c)		100,000		105,620

California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford Series 2016A, Rev., 5.00%, 8/15/2022		30,000		31,373

California Health Facilities Financing Authority, Marshall Medical Center Rev., 5.00%, 11/1/2021		80,000		80,638

California Health Facilities Financing Authority, Memorial Health Service

Series 2012A, Rev., 4.00%, 10/1/2021		505,000		506,586

Series 2012A, Rev., 5.00%, 10/1/2021		95,000		95,375

Series 2012A, Rev., 5.00%, 10/1/2023		350,000		368,276

Series 2012A, Rev., 5.00%, 10/1/2026		300,000		315,463


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

California Health Facilities Financing Authority, Providence Health and Services

Series 2014A, Rev., 5.00%, 10/1/2021		65,000		65,257

Series 2014A, Rev., 5.00%, 10/1/2022		70,000		73,702

Series 2014A, Rev., 5.00%, 10/1/2024 (b)		30,000		34,410

California Health Facilities Financing Authority, Providence St. Joseph Health

Series 2016B-2, Rev., 4.00%, 10/1/2024 (c)		35,000		39,138

Rev., 2.00%, 10/1/2025 (c)		125,000		133,387

Series 2019C, Rev., 5.00%, 10/1/2025 (c)		690,000		820,102

California Health Facilities Financing Authority, St. Joseph Health System

Series 2009D, Rev., 1.70%, 10/18/2022 (c)		730,000		742,470

Series 2009C, Rev., 5.00%, 10/18/2022 (c)		330,000		347,900

California Health Facilities Financing Authority, Stanford Health Clinic Series 2008A-3, Rev., 5.50%, 11/15/2021 (b)		100,000		101,094

California Health Facilities Financing Authority, Sutter Health

Series 2018A, Rev., 5.00%, 11/15/2021		50,000		50,494

Series 2018A, Rev., 5.00%, 11/15/2022		75,000		79,383

California Housing Finance, Santa & Tower, Multi-Family Series 2020F, Rev., 1.45%, 4/1/2022 (c)		320,000		321,124

California Infrastructure & Economic Development Bank

Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 0.37%, 9/9/2021 (d)		5,250,000		5,260,655

Rev., 5.00%, 10/1/2022		35,000		36,859

Series 2014A, Rev., 5.00%, 10/1/2023 (b)		25,000		27,529

California Infrastructure & Economic Development Bank, Academy of Motion Picture Arts & Sciences Obligated Group Series 2015A, Rev., 5.00%, 11/1/2022		100,000		105,669

SEE NOTES TO FINANCIAL STATEMENTS.



198	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

California Infrastructure & Economic Development Bank, Bay Area Toll Authority, Toll Bridge Series 2003A, Rev., AGM, 5.00%, 7/1/2022 (b)		25,000		26,019

California Infrastructure & Economic Development Bank, Infrastructure State Revolving Fund Series 2015A, Rev., 5.00%, 10/1/2021 (b)		25,000		25,099

California Infrastructure & Economic Development Bank, J David Gladstone Institution Series A, Rev., 5.25%, 10/1/2021 (b)		25,000		25,101

California Infrastructure & Economic Development Bank, State Revolving Fund, Green Bond

Rev., 5.00%, 10/1/2021		80,000		80,318

Rev., 4.00%, 10/1/2022		25,000		26,058

California Infrastructure and Economic Development Bank, Academy of Motion Picture Arts and Sciences Obligated Group Series 2015A, Rev., 5.00%, 11/1/2021		40,000		40,324

California Infrastructure and Economic Development Bank, Clean Water State Revolving

Rev., 5.00%, 10/1/2021		45,000		45,179

Rev., 5.00%, 10/1/2022		25,000		26,328

California Municipal Finance Authority Series 2018A, Rev., 4.00%, 12/1/2022		50,000		52,445

California Municipal Finance Authority, Anaheim Water System Project

Series 2015-A, Rev., 4.00%, 10/1/2021		50,000		50,159

Series 2015-A, Rev., 5.00%, 10/1/2022		25,000		26,333

California Municipal Finance Authority, California Lutheran University Rev., 5.00%, 10/1/2021		125,000		125,465

California Municipal Finance Authority, City of Anaheim Electric Utility Distribution System

Rev., 5.00%, 10/1/2021		20,000		20,079

Series 2015-B, Rev., 5.00%, 10/1/2022		20,000		21,055

California Municipal Finance Authority, Civic Center Infrastructure Improvement Program Rev., 5.00%, 6/1/2023		75,000		81,173


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

California Municipal Finance Authority, Community Medical Center

Series 2017A, Rev., 5.00%, 2/1/2022		120,000		122,390

Series 2017A, Rev., 5.00%, 2/1/2026		1,000,000		1,197,568

California Municipal Finance Authority, Jurupa Valley Pavement Rehabilitation Project COP, AGM, 4.00%, 6/1/2022		50,000		51,385

California Municipal Finance Authority, Multi-Family Housing, Pacific Meadows Apartments Series A, Rev., VRDO, LIQ: FHLMC, 0.03%, 9/1/2021 (c)		5,595,000		5,595,000

California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project Series 2010A, Rev., VRDO, 0.01%, 9/1/2021 (c)		1,700,000		1,700,000

California Municipal Finance Authority, St. John’s Well Child & Family Center Rev., 4.00%, 12/1/2022		110,000		115,350

California Municipal Finance Authority, University of La Verne Series 2017A, Rev., 5.00%, 6/1/2022		25,000		25,900

California Municipal Finance Authority, University of San Diego Series 2011A, Rev., 5.00%, 10/1/2021 (b)		140,000		140,547

California Public Finance Authority, Henry Mayo Newhall Hospital

Rev., 4.00%, 10/15/2021		210,000		210,868

Rev., 4.00%, 10/15/2022		240,000		249,247

Rev., 4.00%, 10/15/2023		290,000		310,795

Rev., 4.00%, 10/15/2024		380,000		419,167

California Public Finance Authority, ORO Loma Sanitary District Rev., 3.00%, 10/1/2021		25,000		25,059

California School Cash Reserve Program Authority Series 2020-2021L, Rev., TRAN, 2.00%, 1/31/2022		75,000		75,579

California State Public Works Board

Series B, Rev., 5.00%, 10/1/2021		35,000		35,138

Series E, Rev., 4.00%, 9/1/2022 (b)		25,000		25,972

Series G, Rev., 5.00%, 5/1/2023		25,000		27,027

California State Public Works Board, California State University, Various Capital Projects

Series 2013-I, Rev., 4.00%, 11/1/2021		225,000		226,441

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	199

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

Series 2012A, Rev., 5.00%, 4/1/2022		670,000		688,929

Series 2017B, Rev., 5.00%, 10/1/2022		280,000		294,809

Series 2013-I, Rev., 5.00%, 11/1/2022		50,000		52,847

Series 2021A, Rev., 5.00%, 2/1/2023 (e)		5,000,000		5,311,248

Series 2013-I, Rev., 5.00%, 11/1/2025		265,000		292,190

California State Public Works Board, Department of Corrections & Rehabilitation

Series 2013G, Rev., 5.00%, 9/1/2021		205,000		205,000

Series E, Rev., 5.00%, 9/1/2021		25,000		25,000

Series 2015A, Rev., 5.00%, 6/1/2022		70,000		72,563

Rev., 5.00%, 9/1/2022		25,000		26,221

Series 2014C, Rev., 4.00%, 10/1/2022		35,000		36,473

Series 2016E, Rev., 5.00%, 10/1/2025		175,000		207,919

Series 2012C, Rev., 4.00%, 6/1/2028		260,000		267,492

California State Public Works Board, Department of Corrections & Rehabilitation, Various Correctional Facilities

Series 2014A, Rev., 2.50%, 9/1/2021		25,000		25,000

Series 2014A, Rev., 5.00%, 9/1/2021		70,000		70,000

Series 2014A, Rev., 5.00%, 9/1/2022		65,000		68,175

Series 2014A, Rev., 5.00%, 9/1/2023		65,000		71,267

California State Public Works Board, Department of Corrections and Rehabilitation

Series 2011C, Rev., 5.00%, 10/1/2021		140,000		140,554

Series 2015H, Rev., 5.00%, 12/1/2021		160,000		161,941

Series 2011C, Rev., 5.25%, 10/1/2024		140,000		140,569

California State Public Works Board, Department of State Hospital

Series 2013E, Rev., 5.00%, 6/1/2022		115,000		119,211


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Series 2013E, Rev., 5.00%, 6/1/2023		30,000		32,552

California State Public Works Board, Forwards Delivery Series A, Rev., 5.00%, 2/1/2022 (e)		2,365,000		2,398,827

California State Public Works Board, Judicial Council Project

Series 2011D, Rev., 5.00%, 12/1/2021		235,000		237,786

Series A, Rev., 4.00%, 3/1/2022		50,000		50,971

Series A, Rev., 5.00%, 3/1/2023		50,000		53,652

Series A, Rev., 5.00%, 3/1/2024		25,000		26,814

Series 2011D, Rev., 5.25%, 12/1/2026		50,000		50,624

California State Public Works Board, Office of Emergency Services Series 2017F, Rev., 5.00%, 9/1/2021		45,000		46,281

California State Public Works Board, State Office Buildings Series 2015F, Rev., 5.00%, 5/1/2022		205,000		211,671

California State Public Works Board, The Regents of the University of California

Series C, Rev., NATL-RE, 4.00%, 9/1/2021 (b)		25,000		25,000

Series 2011G, Rev., 5.25%, 12/1/2021 (b)		200,000		202,545

Series A, Rev., NATL-RE, 5.25%, 6/1/2022 (b)		70,000		72,697

California State Public Works Board, Trustees of The California State University

Series 2011B, Rev., 5.00%, 10/1/2021 (b)		100,000		100,395

Series B, Rev., 5.25%, 10/1/2021 (b)		30,000		30,124

California State Public Works Board, Various Capital Projects

Series 2014E, Rev., 5.00%, 9/1/2021		100,000		100,000

Series 2012G, Rev., 5.00%, 11/1/2021		60,000		60,483

Series 2016C, Rev., 5.00%, 11/1/2021		75,000		75,603

Series 2019C, Rev., 5.00%, 11/1/2021		35,000		35,282

Series 2016D, Rev., 4.00%, 4/1/2022		40,000		40,906

SEE NOTES TO FINANCIAL STATEMENTS.



200	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Series 2019B, Rev., 5.00%, 5/1/2022		65,000		67,115

Series 2016C, Rev., 5.00%, 11/1/2022		20,000		21,139

Series B, Rev., 5.00%, 10/1/2023		45,000		49,514

Series 2012A, Rev., 5.00%, 4/1/2025		2,365,000		2,431,816

Series H, Rev., 5.00%, 12/1/2025		150,000		172,710

Series 2011A, Rev., 5.25%, 10/1/2026		825,000		828,353

California State Public Works Board, Various Capital Projects, Regents University California Series 2011G, Rev., 5.00%, 12/1/2021 (b)		150,000		151,816

California State University, Systemwide

Series 2011A, Rev., 5.00%, 11/1/2021 (b)		25,000		25,199

Series 2013A, Rev., 5.00%, 11/1/2021		350,000		352,833

Series 2015A, Rev., 5.00%, 11/1/2021		100,000		100,809

Series 2017A, Rev., 5.00%, 11/1/2021		45,000		45,364

Series 2018A, Rev., 5.00%, 11/1/2021		25,000		25,202

Series 2012A, Rev., 3.25%, 11/1/2022 (b)		20,000		20,726

Series 2012A, Rev., 4.00%, 11/1/2022 (b)		155,000		162,030

Series 2012A, Rev., 5.00%, 11/1/2022 (b)		160,000		169,117

Series 2015A, Rev., 5.00%, 11/1/2022		50,000		52,865

Series 2016A, Rev., 5.00%, 11/1/2022		100,000		105,729

Series 2017A, Rev., 5.00%, 11/1/2022		50,000		52,865

Series 2019A, Rev., 5.00%, 11/1/2022		25,000		26,432

Series A, Rev., 5.00%, 11/1/2023		35,000		38,680

California Statewide Communities Development Authority, American Baptist Homes of The Westenloe Medical Center Rev., 5.00%, 10/1/2021		20,000		20,074

California Statewide Communities Development Authority, City of Glendora Series A, Rev., AGM, 4.00%, 10/1/2022		25,000		26,058


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

California Statewide Communities Development Authority, Enloe Medical Center Rev., 5.00%, 8/15/2022		75,000		78,478

California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital Series 2014A, Rev., AGM, 5.25%, 10/1/2024 (b)		400,000		459,203

California Statewide Communities Development Authority, Installment Sales Series 2012B, COP, 5.00%, 6/1/2022 (b)		25,000		25,897

California Statewide Communities Development Authority, Rady Children’s Hospital

Series 2016A, Rev., 5.00%, 8/15/2023		75,000		82,057

Series 2016B, Rev., 5.00%, 8/15/2025		125,000		147,321

California Statewide Communities Development Authority, Redlands Community Hospital Rev., 5.00%, 10/1/2022		40,000		42,057

California Statewide Communities Development Authority, Southern California Edison Co. Series D, Rev., 2.63%, 12/1/2023 (c)		100,000		105,139

California Statewide Communities Development Authority, The Terraces at San Joaquin Gardens Project Rev., 5.63%, 10/1/2022 (b)		1,000,000		1,058,526

California Statewide Communities Development Authority, Trinity Health Credit Group Rev., 5.00%, 12/1/2021 (b)		80,000		80,969

Camarillo Community Development Commission Successor Agency, Camarillo Corridor Project Rev., AGM, 5.00%, 9/1/2023		25,000		27,336

Campbell Union High School District GO, 4.00%, 8/1/2022		25,000		25,898

Capistrano Unified School District Community Facilities District No. 90-2, Special Tax Rev., AGM, 3.75%, 9/1/2022		80,000		82,878

Capistrano Unified School District Community Facilities District, Special Tax Rev., 5.00%, 9/1/2021		85,000		85,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	201

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

Carlsbad Unified School District

GO, 5.00%, 8/1/2022		20,000		20,897

Series 2009B, GO, 6.00%, 5/1/2024		100,000		115,191

Carlsbad Unified School District, Election of 2018 Series 2018A, GO, 5.00%, 8/1/2022		70,000		73,140

Carlsbad Unified School District, School Financing Project COP, 5.00%, 10/1/2022		25,000		26,325

Carpinteria Valley Water District Series 2016A, Rev., 5.00%, 7/1/2022		100,000		103,855

Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon, 8/1/2023		45,000		44,649

Castro Valley Unified School District COP, AGM, 4.00%, 9/1/2021		55,000		55,000

Centinela Valley Union High School District, Capital Appreciation Series 2009A, GO, AGM, Zero Coupon, 8/1/2022		20,000		19,946

Central School District, Election of 2012 Series C, GO, 2.00%, 8/1/2022		25,000		25,437

Cerritos Community College District Series A, GO, 5.00%, 8/1/2022		90,000		94,055

Chabot-Las Positas Community College District GO, 5.00%, 8/1/2022		25,000		26,124

Chaffey Joint Union High School District, Election of 2008 Series A, GO, 5.00%, 8/1/2023 (b)		30,000		32,798

Chino Basin Regional Financing Authority Series 2020A, Rev., 5.00%, 6/1/2022		40,000		41,459

Chino Valley Unified School District, Election of 2002 Series 2012A, GO, 5.00%, 8/1/2022 (b)		30,000		31,345

Chula Vista Elementary School District

Series 2013A, COP, AGM, 5.00%, 9/1/2021		25,000		25,000

Rev., BAN, Zero Coupon, 8/1/2023		20,000		19,889

Chula Vista Municipal Financing Authority

Series 2015B, Rev., 5.00%, 9/1/2023		45,000		49,045

Rev., 5.00%, 5/1/2024		10,000		11,242

Chula Vista Redevelopment Agency Successor Agency Rev., 4.00%, 10/1/2022		30,000		31,130


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Citrus Community College District Series 2015A, GO, 5.00%, 8/1/2022		55,000		57,478

City & County of San Francisco

Series 2011-R1, GO, 5.00%, 6/15/2022		100,000		101,401

Series 2015-R1, GO, 5.00%, 6/15/2022		205,000		212,930

Series 2018C, GO, 5.00%, 6/15/2022		25,000		25,967

Series 2021-R1, GO, 5.00%, 6/15/2022		50,000		51,934

Series R1, GO, 5.00%, 6/15/2024		25,000		25,351

Series 2011-R1, GO, 5.00%, 6/15/2025		55,000		55,771

City & County of San Francisco, Moscon Center

Series 2017B, COP, 5.00%, 4/1/2022		45,000		46,275

Series 2011A, COP, 5.00%, 9/1/2022		115,000		115,452

City & County of San Francisco, Multi-Family, Eastern Park Apartments Series 2019K, Rev., 1.30%, 1/1/2023 (c)		320,000		323,220

City and County of San Francisco, City Office Buildings — Multiple Properties Project Series 2015-R1, COP, 5.00%, 9/1/2022		25,000		26,224

City and County of San Francisco, Juvenile Hall Project Series 2014-R2, COP, 5.00%, 4/1/2022		90,000		92,572

City and County of San Francisco, Moscone Center South Project Series 2011A, COP, 5.00%, 9/1/2021		60,000		60,000

City and County of San Francisco, Multiple Capital Improvement Projects COP, 5.00%, 4/1/2022		25,000		25,715

City of Azusa, Water System

Rev., 5.00%, 7/1/2022		70,000		72,867

Series 2012A, Rev., 5.00%, 7/1/2022		50,000		52,047

City of Bakersfield, Wastewater Series 2015A, Rev., 5.00%, 9/15/2021		25,000		25,045

City of Berkeley, Election of 2008 Series B, GO, 5.00%, 9/1/2021		25,000		25,000

City of Beverly Hills Rev., 3.00%, 9/1/2021		25,000		25,000

SEE NOTES TO FINANCIAL STATEMENTS.



202	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

City of Brea, Water Utility Rev., 4.00%, 7/1/2022		75,000		77,449

City of Burbank, Wastewater Treatment Rev., 5.00%, 6/1/2022		35,000		36,290

City of Calistoga, Water & Wastewater COP, AGM, 4.00%, 10/1/2021		40,000		40,125

City of El Cerrito COP, AGM, 3.00%, 1/15/2022		50,000		50,464

City of Gilroy, Wastewater Rev., 5.00%, 8/1/2022		25,000		26,126

City of Glendora, Waterworks Series 2016A, Rev., 5.00%, 10/1/2022		25,000		26,331

City of Lincoln, Community Facilities District No. 2003-1, Lincoln Crossing Project, Special Tax Rev., 4.00%, 9/1/2022		30,000		31,099

City of Livingston, Sewer Series 2016A, Rev., 4.00%, 3/1/2022		20,000		20,391

City of Long Beach Harbor Series 2014B, Rev., 5.00%, 5/15/2023		50,000		54,147

City of Long Beach Harbor, Private Activity

Series 2020A, Rev., 4.00%, 5/15/2024		20,000		22,073

Rev., 4.00%, 5/15/2025		155,000		176,405

Rev., 5.00%, 5/15/2025		115,000		135,117

City of Los Angeles

Series 2000-A, GO, 5.00%, 9/1/2021 (b)		105,000		105,000

Series 2011-B, GO, 5.00%, 9/1/2021		90,000		90,000

Series 2012A, GO, 5.00%, 9/1/2022		40,000		40,159

City of Los Angeles Department of Airports, International Airport Subordinate

Series 2019C, Rev., 5.00%, 5/15/2022		40,000		41,381

Series C, Rev., 5.00%, 5/15/2022		25,000		25,863

Series 2018E, Rev., 5.00%, 5/15/2024		15,000		16,937

City of Los Angeles, Solid Waste Resources Series 2015-A, Rev., 5.00%, 2/1/2022		20,000		20,409

City of Los Angeles, Wastewater System

Series 2013B, Rev., 4.00%, 6/1/2022		45,000		46,322


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Series 2012B, Rev., 5.00%, 6/1/2022		25,000		25,917

Series 2013-B, Rev., 5.00%, 6/1/2022		360,000		373,267

Series C, Rev., 5.00%, 6/1/2022		80,000		82,936

Subseries B, Rev., 5.00%, 6/1/2023		110,000		119,277

City of Malibu Series 2016A, COP, 4.00%, 11/1/2021		40,000		40,252

City of Manhattan Beach, Police and Fire Facility COP, 3.00%, 1/1/2023		25,000		25,954

City of Merced, Water System Rev., 5.00%, 10/1/2021		20,000		20,079

City of Napa Rev., 5.00%, 5/1/2022		25,000		25,819

City of Newark COP, 5.00%, 6/1/2023		45,000		48,655

City of Oakland Series 2015A, GO, 5.00%, 1/15/2022		95,000		96,722

City of Oakland, Sewer Series 2014A, Rev., 5.00%, 6/15/2023		35,000		38,062

City of Oceanside Series 2020A, Rev., 4.00%, 5/1/2022		45,000		46,175

City of Orange, Community Facilities District Rev., 2.00%, 10/1/2021		50,000		50,059

City of Pacifica COP, 5.00%, 1/1/2022		105,000		106,685

City of Palo Alto, Avenue Parking Garage Series 2019A, COP, 5.00%, 11/1/2023		50,000		55,257

City of Pasadena

Series 2015A, COP, 5.00%, 2/1/2022		20,000		20,400

Series 2011A, Rev., 4.00%, 6/1/2022		60,000		61,759

Series 2012A, Rev., 4.00%, 6/1/2022		20,000		20,586

City of Redding, Electric System Rev., 5.00%, 6/1/2022		175,000		181,449

City of Richmond, Wastewater, Capital Appreciation Rev., FGIC, Zero Coupon, 8/1/2023 (b)		200,000		198,552

City of Riverside Series 2019A, Rev., 5.00%, 10/1/2022		40,000		42,129

City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2022		40,000		41,768

City of Sacramento, Wastewater Rev., 5.00%, 9/1/2021		75,000		75,000

City of Salinas, Sanitary Sewer System Rev., 4.00%, 8/1/2022 (b)		50,000		51,785

City of San Francisco, Public Utilities Commission

Subseries 2011A, Rev., 4.25%, 11/1/2021 (b)		35,000		35,238

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	203

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

Subseries 2011A, Rev., 4.50%, 11/1/2021 (b)		135,000		135,973

Series 2016A, Rev., 5.00%, 11/1/2021		25,000		25,202

Subseries 2011A, Rev., 5.00%, 11/1/2021 (b)		375,000		378,010

Subseries 2011-A, Rev., 5.00%, 11/1/2021 (b)		60,000		60,481

Subseries A, Rev., 5.00%, 11/1/2021 (b)		270,000		272,167

Series 2012A, Rev., 4.00%, 5/1/2022 (b)		420,000		430,925

Series 2012A, Rev., 5.00%, 5/1/2022 (b)		205,000		211,693

Subseries A, Rev., 5.00%, 5/1/2022 (b)		145,000		149,734

Series 2016A, Rev., 5.00%, 11/1/2022		75,000		79,297

Series 2015A, Rev., 5.00%, 11/1/2023		20,000		22,089

City of San Francisco, Public Utilities Commission, Local Water Main Subseries C, Rev., 5.00%, 11/1/2021 (b)		45,000		45,361

City of San Mateo, Library Improvement Project GO, 4.00%, 8/1/2022		20,000		20,718

City of Santa Ana, Gas Tax Rev., 4.00%, 1/1/2022		95,000		96,233

City of Santa Barbara COP, 4.00%, 10/1/2021		50,000		50,154

City of Santa Clara, Electric Power Supply, Silicon Valley Power Series 2013A, Rev., 5.00%, 7/1/2022		105,000		109,291

City of Santa Rosa, Wastewater Series 2014A, Rev., 5.00%, 9/1/2022		20,000		20,983

City of Sausalito, 2016 Financing Project COP, 4.00%, 5/1/2023		50,000		53,214

City of South Lake Tahoe, Road Improvement Projects COP, 4.00%, 9/1/2022		50,000		51,801

City of Susanville, Natural Gas Enterprise Rev., AGM, 3.00%, 6/1/2023		20,000		20,853

City of Torrance COP, 4.00%, 11/1/2021		45,000		45,284

City of Tulare, Sewer System Rev., AGM, 5.00%, 11/15/2022		30,000		31,693


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Cloverdale Unified School District, Election of 2018 Series B, GO, 4.00%, 8/1/2022		35,000		36,250

Clovis Unified School District, Election of 2012

Series 2012A, GO, Zero Coupon, 8/1/2022 (b)		150,000		87,819

Series 2012A, GO, 5.00%, 8/1/2022 (b)		30,000		31,345

Series C, GO, 5.00%, 8/1/2022		65,000		67,928

Coachella Redevelopment Agency Successor Agency, Merged Project Areas Series A, Rev., AGM, 5.00%, 9/1/2022		25,000		26,172

Coachella Valley Unified School District, Election of 2005

Series 2012D, GO, AGM, 4.00%, 8/1/2022 (b)		25,000		25,893

Series 2012D, GO, AGM, 4.13%, 8/1/2022 (b)		25,000		25,921

Coast Community College District Series A, GO, 5.00%, 8/1/2022		160,000		167,208

Coast Community College District, Election of 2012

Series A, GO, 4.00%, 8/1/2023 (b)		20,000		21,483

Series 2013A, GO, 5.00%, 8/1/2023 (b)		30,000		32,798

Colton Joint Unified School District, Election of 2008

Series 2016D, GO, 4.00%, 8/1/2022		25,000		25,881

Series 2010B, GO, AGM, 5.80%, 8/21/2026 (b)		25,000		31,580

Contra Costa Community College District GO, 4.00%, 8/1/2022 (b)		40,000		41,428

Contra Costa Community College District, Election of 2014 Series 2019B-2, GO, 4.00%, 8/1/2022		140,000		145,015

Contra Costa County Public Financing Authority, Capital Projects Series B, Rev., 5.00%, 6/1/2022		30,000		31,099

Contra Costa County Transportation Authority, Sales Tax Series 2015A, Rev., 5.00%, 3/1/2022		25,000		25,610

Contra Costa Water District

Series T, Rev., 5.00%, 10/1/2021 (b)		35,000		35,137

Series 2012Q, Rev., 5.00%, 10/1/2022		30,000		31,590

SEE NOTES TO FINANCIAL STATEMENTS.



204	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Corona Utility Authority, Water Projects Rev., 5.00%, 9/1/2022		30,000		31,475

Coronado Community Development Agency Successor Agency, Tax Allocation Series 2018A, Rev., 5.00%, 9/1/2021		130,000		130,000

Coronado Unified School District GO, 5.00%, 8/1/2022		50,000		52,253

Corona-Norco Unified School District, Election of 2014 Series B, GO, 4.00%, 8/1/2022		25,000		25,893

County of Los Angeles, Disney Concert Hall Parking Garage

COP, 5.00%, 9/1/2021		55,000		55,000

COP, 5.00%, 3/1/2022		470,000		481,005

COP, 5.00%, 9/1/2022		140,000		146,549

COP, 5.00%, 3/1/2023		250,000		267,361

County of Marin, 2015 Financing Project COP, 5.00%, 11/1/2022		50,000		52,816

County of Monterey, Public Facilities Refinancing COP, 5.00%, 10/1/2022		25,000		26,305

County of Napa COP, 5.00%, 6/1/2022		80,000		82,893

County of Orange Series 2019A, Rev., 5.00%, 7/1/2022		150,000		156,091

County of San Bernardino, Arrowhead Project

Series 2019A, COP, 5.00%, 10/1/2021		395,000		396,549

Series 2019A, COP, 5.00%, 10/1/2022		25,000		26,311

County of San Diego, Edgemoor and RCS Series A, COP, 3.00%, 10/15/2021		20,000		20,070

County of San Diego, Sanford Burnham Prebys Medical Discovery Institute Series 2015A, Rev., 5.00%, 11/1/2022		25,000		26,399

County of Santa Clara, Election of 2008 Series 2013B, GO, 5.00%, 8/1/2022		25,000		26,126

County of Solano COP, 5.00%, 11/1/2022		50,000		52,847

County of Sonoma, Measure F Sales Tax, Limited Tax, Agricultural Preservation and Open Space

Rev., 5.00%, 9/1/2021		55,000		55,000

Rev., 5.00%, 9/1/2022		20,000		20,973

County of Yuba, Community Facilities District No. 2004-1, Edgewater, Special Tax Rev., AGM, 3.00%, 9/1/2021		100,000		100,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Cucamonga Valley Water District Financing Authority Rev., 5.00%, 9/1/2021		30,000		30,000

Cupertino Union School District

Series 2012A, GO, 4.00%, 8/1/2022		25,000		25,898

GO, 5.00%, 8/1/2022		25,000		26,126

Cutler-Orosi Joint Unified School District, Capital Improvement COP, 5.00%, 5/1/2022		30,000		30,937

Desert Community College District GO, 5.00%, 8/1/2022		95,000		99,280

Desert Hot Springs Redevelopment Agency Successor Agency, Subordinate Tax Rev., 5.00%, 9/1/2022		30,000		31,379

Desert Sands Unified School District

COP, 5.00%, 3/1/2022		75,000		76,783

Series 2013A, GO, 5.00%, 6/1/2022		45,000		46,651

GO, 5.00%, 8/1/2022		25,000		26,122

Desert Water Agency Rev., 4.00%, 5/1/2022		100,000		102,611

Downey Public Finance Authority

Rev., 5.00%, 12/1/2022		40,000		42,314

Rev., 5.00%, 12/1/2023		75,000		82,910

Dry Creek Joint Elementary School District GO, 4.00%, 8/1/2022		30,000		31,077

Duarte Unified School District, Election of 2010 Series 2011B, GO, 3.25%, 8/1/2022		25,000		25,694

Dublin Unified School District

GO, 4.00%, 8/1/2022		25,000		25,898

GO, 5.00%, 8/1/2022		90,000		94,054

Dublin Unified School District, Election of 2016 GO, 5.00%, 8/1/2022		55,000		57,478

East Bay Municipal Utility District, Wastewater System Series 2017A, Rev., 5.00%, 6/1/2022		25,000		25,916

East Bay Municipal Utility District, Water System Series 2012B, Rev., 5.00%, 6/1/2022		90,000		93,296

East Bay Regional Park District Series A-1, GO, 5.00%, 9/1/2021		30,000		30,000

East Side Union High School District GO, 4.00%, 8/1/2022		25,000		25,898

East Side Union High School District, Election of 2008

Series D, GO, 4.00%, 8/1/2022 (b)		30,000		31,071

Series D, GO, 5.00%, 8/1/2022 (b)		20,000		20,897

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	205

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

East Side Union High School District, Election of 2012 Series B, GO, 5.00%, 8/1/2022		65,000		67,928

Eastern Municipal Water District, Water and Wastewater System Series 2016A, Rev., 5.00%, 7/1/2022		20,000		20,816

El Camino Community College District Foundation (The) GO, 5.00%, 8/1/2022		105,000		109,720

El Centro Financing Authority Rev., AGM, 4.00%, 10/1/2021		55,000		55,167

El Dorado Union High School District, 2021 Energy Efficiency Projects COP, AGM, 2.00%, 12/1/2022		160,000		163,288

El Monte City School District, Election of 2004 Series 2008C, GO, AGC, Zero Coupon, 8/1/2023		600,000		580,562

Elsinore Valley Municipal Water District Financing Authority Series 2016A, Rev., 5.00%, 7/1/2022		95,000		98,850

Emeryville Redevelopment Agency, Successor Agency Tax Allocation Series A, Rev., AGM, 5.00%, 9/1/2022		150,000		156,955

Etiwanda School District Public Financing Authority Series 2018A, Rev., 5.00%, 9/1/2022		35,000		36,720

Evergreen School District GO, 4.00%, 9/1/2021		25,000		25,000

Exeter Unified School District GO, 4.00%, 8/1/2022		25,000		25,858

Fairfield Community Facilities District, Special Tax Rev., 4.00%, 9/1/2022		40,000		41,567

Fallbrook Union High School District, 2016 Election Series 2020B, GO, 4.00%, 8/1/2022		50,000		51,744

Fontana Redevelopment Agency, Successor Agency, Tax Allocation

Series 2017A, Rev., 5.00%, 10/1/2021		190,000		190,748

Series 2017A, Rev., 5.00%, 10/1/2023		30,000		33,003

Fontana Unified School District GO, 3.13%, 8/1/2022 (b)		20,000		20,549

Foothill-De Anza Community College District

GO, 5.00%, 8/1/2022		85,000		88,824

Series 2003B, GO, 6.00%, 8/1/2022		50,000		52,709


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



California — continued

Fremont Public Financing Authority Series 2017B, Rev., 5.00%, 10/1/2023		25,000		27,469

Fremont Unified School District GO, 5.00%, 8/1/2022 (b)		50,000		52,242

Fremont Unified School District, Election 2014 Series D, GO, 4.00%, 8/1/2022		25,000		25,896

Fremont Union High School District GO, 5.00%, 8/1/2022		80,000		83,604

Fullerton Joint Union High School District GO, 5.00%, 8/1/2022		25,000		26,124

Garden Grove Agency Community Development Successor Agency, Tax Allocation Rev., 5.00%, 10/1/2023		20,000		21,945

Garden Grove Sanitary District Rev., 5.00%, 6/15/2022		90,000		93,489

Glendale Community College District, Election of 2002 Series 2013F, GO, 3.00%, 8/1/2022 (b)		50,000		51,315

Glendale Unified School District

Series 2015A, GO, 5.00%, 9/1/2021		35,000		35,000

GO, 4.25%, 9/1/2022 (b)		30,000		31,241

Glendora Unified School District, Capital Appreciation Series 2003B, GO, NATL-RE, Zero Coupon, 8/1/2022		20,000		19,958

Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement

Series 2018A, Rev., 3.00%, 6/1/2022		100,000		102,093

Series 2015A, Rev., 5.00%, 6/1/2022		25,000		25,896

Series 2018A, Rev., 5.00%, 6/1/2022		670,000		694,019

Series 2017A-1, Rev., 5.00%, 6/1/2023		625,000		676,010

Golden Valley Unified School District, 2021 School Financing Project COP, 3.00%, 9/1/2022		275,000		282,169

Grossmont Healthcare District

Series D, GO, 5.00%, 7/15/2022		20,000		20,852

Series C, GO, 5.00%, 7/15/2024		25,000		28,381

Grossmont Union High School District GO, 5.00%, 8/1/2022		45,000		47,027

Grossmont Union High School District, Election of 2008 Series G-2, GO, 5.00%, 8/1/2022		30,000		31,352

SEE NOTES TO FINANCIAL STATEMENTS.



206	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Grossmont-Cuyamaca Community College District GO, 5.00%, 8/1/2022		95,000		99,280

Harmony Union School District, Election of 2018 Series B, GO, 3.00%, 8/1/2022		30,000		30,767

Hemet Unified School District COP, AGM, 4.00%, 10/1/2022		200,000		207,907

Hermosa Beach Public Financing Authority Rev., 4.00%, 11/1/2024		25,000		27,901

Hesperia Unified School District Series 2013A, COP, 4.00%, 2/1/2023 (b)		30,000		31,604

Hollister Redevelopment Agency Successor Agency, Hollister Community Development Project Rev., 5.00%, 10/1/2021		25,000		25,089

Hollister School District, Election of 2016 Series 2019B, GO, 4.00%, 9/1/2022		20,000		20,780

Huntington Beach City School District COP, 4.00%, 7/1/2022		35,000		36,107

Huntington Beach Public Financing Authority, Capital Improvement Refinancing Project Series 2011A, Rev., 3.00%, 9/1/2021 (b)		25,000		25,000

Huntington Beach Union High School District GO, 5.00%, 8/1/2023 (b)		55,000		60,074

Imperial Beach Redevelopment Agency Successor Agency, Palm Avenue Commercial Redevelopment Project Rev., 5.00%, 6/1/2022		35,000		36,270

Imperial Community College District GO, AGM, 5.00%, 8/1/2022 (b)		25,000		26,109

Imperial Community College District, Election of 2010 Series 2014A, GO, AGM, 4.63%, 8/1/2023 (b)		30,000		32,553

Imperial Irrigation District Electric System Series C, Rev., 5.00%, 11/1/2021		30,000		30,242

Imperial Public Financing Authority, Water Facility Rev., 3.50%, 10/15/2022		25,000		25,921

Inglewood Public Financing Authority Rev., Zero Coupon, 8/1/2022 (b)		150,000		79,479

Irvine Ranch Water District COP, 5.00%, 3/1/2022		30,000		30,733

Irvine Unified School District, No. 01-1 South Irvine Communities, Special Tax Rev., 5.00%, 9/1/2021		50,000		50,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Irvine Unified School District, School Facilities Improvement District No. 1 Series 2016A, GO, 5.00%, 9/1/2022		25,000		26,229

Jefferson Elementary School District, Election of 2018 Series 2020B, GO, 3.00%, 9/1/2022		50,000		51,461

Jefferson Union High School District GO, 5.00%, 8/1/2022		60,000		62,703

Jefferson Union High School District, Election of 2012 Series A, GO, 4.00%, 8/1/2022		45,000		46,608

Jurupa Unified School District GO, AGM, 5.00%, 8/1/2022		25,000		26,067

Kentfield School District, Election of 2014 Series B, GO, 4.00%, 8/1/2022		25,000		25,898

Kern Community College District Series 2014B, GO, 5.00%, 11/1/2021		25,000		25,201

Kern Community College District, Election of 2016, Facilities Improvement District No. 1 Series 2018B, GO, 5.00%, 8/1/2023		25,000		27,316

Kern High School District GO, 5.00%, 8/1/2022		165,000		172,433

La Mirada Public Financing Authority Rev., 5.00%, 5/1/2022		25,000		25,812

Lake Elsinore Recreation Authority, Public Facilities Project Rev., 4.00%, 2/1/2022		35,000		35,566

Lake Tahoe Unified School District GO, 4.00%, 8/1/2022		25,000		25,877

Liberty Union High School District GO, 5.00%, 8/1/2022		35,000		36,577

Liberty Union High School District, Election of 2016 Series B, GO, 4.00%, 8/1/2022		25,000		25,898

Local Public Schools Funding Authority School Improvement District No. 2016-1 Series 2020A, GO, 5.00%, 8/1/2022		45,000		47,002

Lodi Public Financing Authority

Series 2020A, Rev., 4.00%, 6/1/2022		40,000		41,157

Rev., AGM, 5.00%, 9/1/2022		25,000		26,226

Lodi Unified School District GO, AGM, 5.00%, 8/1/2023		240,000		250,445

Loma Prieta Joint Union Elementary School District GO, 4.00%, 8/1/2022		75,000		77,630

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	207

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

Long Beach Bond Finance Authority, Natural Gas Series 2007A, Rev., 5.25%, 11/15/2021		20,000		20,203

Long Beach Community College District Series 2017G, GO, 5.00%, 8/1/2022		25,000		26,126

Long Beach Community College District, Election of 2002 Series A, GO, 5.00%, 5/1/2022 (b)		40,000		41,306

Long Beach Community College District, Election of 2008

Series 2012B, GO, 4.00%, 8/1/2022 (b)		40,000		41,428

Series 2012B, GO, 5.00%, 8/1/2022 (b)		115,000		120,157

Long Beach Unified School District, Election of 2016 Series B, GO, 5.00%, 8/1/2022		30,000		31,346

Los Alamitos Unified School District, Election of 2018 GO, 5.00%, 8/1/2022		30,000		31,352

Los Altos Elementary School District GO, 4.00%, 8/1/2022		20,000		20,718

Los Angeles Community College District

Series 2015A, GO, 5.00%, 8/1/2022		75,000		78,365

Series 2015C, GO, 5.00%, 8/1/2022		90,000		94,037

Los Angeles Community College District, Election of 2008 Series J, GO, 3.00%, 8/1/2022		65,000		66,729

Los Angeles County Metropolitan Transportation Authority, Measure R Senior Sales Tax Series 2016A, Rev., 5.00%, 6/1/2022		30,000		31,103

Los Angeles County Metropolitan Transportation Authority, Proposition A First Tier Senior Sales Tax

Series 2017A, Rev., 5.00%, 7/1/2022		30,000		31,226

Series 2017-B, Rev., 5.00%, 7/1/2022		145,000		150,926

Series 2019A, Rev., 5.00%, 7/1/2022		75,000		78,065

Los Angeles County Metropolitan Transportation Authority, Proposition C Senior Sales Tax

Series 2013-B, Rev., 5.00%, 7/1/2022		75,000		78,065

Series 2017A, Rev., 5.00%, 7/1/2022		90,000		93,678

Series 2018A, Rev., 5.00%, 7/1/2022		215,000		223,786


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Series 2019C, Rev., 5.00%, 7/1/2022		25,000		26,022

Series 2012-B, Rev., 5.00%, 7/1/2024		100,000		104,052

Los Angeles County Metropolitan Transportation Authority, R Senior Sales Tax Series 2016A, Rev., 5.00%, 7/1/2022		75,000		78,065

Los Angeles County Metropolitan Transportation Authority, Union Station Gateway Project Rev., 5.00%, 7/1/2022		145,000		150,926

Los Angeles County Public Works Financing Authority

Series 2019E1, Rev., 3.00%, 12/1/2021		50,000		50,361

Series 2015B, Rev., 5.00%, 12/1/2021		65,000		65,790

Series 2019E1, Rev., 4.00%, 12/1/2023		85,000		92,444

Los Angeles County Public Works Financing Authority, MLK Hospital Project Series 2016D, Rev., 5.00%, 12/1/2022		75,000		79,592

Los Angeles County Public Works Financing Authority, Multiple Capital Projects

Series 2015A, Rev., 5.00%, 12/1/2021		25,000		25,304

Series 2015A, Rev., 5.00%, 12/1/2022		25,000		26,531

Los Angeles County Public Works Financing Authority, Multiple Capital Projects II

Rev., 5.00%, 8/1/2022		155,000		161,953

Rev., 5.00%, 8/1/2023		25,000		26,105

Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency, CRA/LA Bunker Hill Project Rev., 5.00%, 12/1/2022		50,000		52,860

Los Angeles County Sanitation Districts Financing Authority Series 2016A, Rev., 5.00%, 10/1/2022		25,000		26,328

Los Angeles County Schools, Transportation Pooled Financing Program

Series C, Rev., 2.00%, 9/1/2021		85,000		85,543

Series C, Rev., 2.00%, 12/30/2021		50,000		50,319

SEE NOTES TO FINANCIAL STATEMENTS.



208	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Los Angeles Department of Water and Power, Power System

Series 2018B, Rev., 5.00%, 1/1/2022		365,000		369,445

Series 2016A, Rev., 4.00%, 7/1/2022		65,000		67,117

Series 2013A, Rev., 5.00%, 7/1/2022		50,000		52,043

Series 2013B, Rev., 5.00%, 7/1/2022		50,000		52,043

Series 2016B, Rev., 5.00%, 7/1/2022		30,000		31,226

Series 2018B, Rev., 5.00%, 1/1/2023		75,000		79,589

Series 2012A, Rev., 5.00%, 7/1/2024		20,000		20,809

Los Angeles Department of Water and Power, Water System

Series 2021A-2, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/3/2021 (c)		500,000		500,000

Series 2013B, Rev., 5.00%, 7/1/2022		30,000		31,226

Series 2017A, Rev., 5.00%, 7/1/2022		70,000		72,861

Los Angeles Unified School District

Series 2015A, GO, 5.00%, 7/1/2022		80,000		83,276

Series C, GO, 5.00%, 7/1/2022		170,000		176,962

Series C, GO, 5.00%, 7/1/2023		60,000		65,379

Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax

Series 2016A, GO, 5.00%, 7/1/2022		30,000		31,229

Series 2017A, GO, 5.00%, 7/1/2022		130,000		135,324

Series 2019A, GO, 5.00%, 7/1/2022		55,000		57,252

Series 2017A, GO, 5.00%, 7/1/2023		45,000		49,034

Los Angeles Unified School District, Election of 2008 Series 2018B-1, GO, 5.00%, 7/1/2023		50,000		54,482

Los Angeles Unified School District, Headquarters Building Projects Series 2012A, COP, 5.00%, 10/1/2022		45,000		47,314

Los Banos Unified School District COP, 3.13%, 8/1/2022		35,000		35,928

Los Gatos Union School District GO, 4.00%, 8/1/2022		30,000		31,077

Los Rios Community College District GO, 5.00%, 8/1/2023		40,000		41,786


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Los Rios Community College District, Election of 2002 Series F, GO, 4.00%, 8/1/2022		30,000		31,075

Lucia Mar Unified School District GO, NATL-RE, 5.25%, 8/1/2022		55,000		57,603

Madera County Board of Education COP, 4.00%, 10/1/2023		20,000		21,500

Madera Unified School District GO, 5.00%, 8/1/2022		55,000		57,348

Manteca Redevelopment Agency Successor Agency Series 2020A, Rev., 4.00%, 10/1/2022		130,000		135,140

March Joint Powers Redevelopment Agency Successor Agency, March Air Force Base Redevelopment Project Series 2016A, Rev., 4.00%, 8/1/2022		20,000		20,640

Marin Community College District

GO, 3.00%, 8/1/2022 (b)		30,000		30,789

GO, 5.00%, 8/1/2022		20,000		20,901

Marina Joint Powers Financing Authority, Multi-Family Housing, Abrams B Apartments Project Rev., LOC: FNMA, 2.00%, 11/15/2023		25,000		25,829

Marysville Joint Unified School District, Refunding and Capital Projects COP, AGM, Zero Coupon, 6/1/2022		300,000		155,379

McFarland Unified School District, Election of 2020 Series A, GO, 4.00%, 11/1/2022		25,000		26,082

Menlo Park City School District GO, 5.00%, 7/1/2022 (b)		25,000		26,019

Merced Union High School District GO, AGM, Zero Coupon, 2/18/2025 (b)		350,000		111,835

Metropolitan Water District of Southern California, Waterworks

Series 2011C, Rev., 5.00%, 10/1/2021		275,000		276,085

Rev., 5.00%, 1/1/2022		20,000		20,327

Series 2018A, Rev., 5.00%, 7/1/2022		25,000		26,026

Middletown Unified School District, Election of 2018 Series 2019A, GO, 4.00%, 8/1/2023		25,000		26,729

Midpeninsula Regional Open Space District Series A, GO, 4.00%, 9/1/2021		30,000		30,000

Milpitas Redevelopment Agency Successor Agency, Redevelopment Project Area No. 1

Rev., 5.00%, 9/1/2021		80,000		80,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	209

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

Rev., 5.00%, 9/1/2022		100,000		104,534

Milpitas Unified School District GO, 5.00%, 8/1/2022		60,000		62,692

Modesto Irrigation District, Domestic Water Project Series 2013G, Rev., AGM, 5.00%, 9/1/2021		25,000		25,000

Modesto Irrigation District, Electrical System

Rev., 5.00%, 10/1/2021		220,000		220,870

Series 2012A, Rev., 5.00%, 7/1/2022		30,000		31,221

Series 2015B, Rev., 5.00%, 10/1/2022		25,000		26,314

Mojave Water Agency Public Facilities Corp.

Series 2014A, Rev., 5.00%, 9/1/2021		30,000		30,000

Series 2017A, Rev., 5.00%, 6/1/2022		35,000		36,290

Mojave Water Agency Public Facilities Corp., Morongo Basin Pipeline Project, Election of 1990 GO, 4.00%, 9/1/2022		25,000		25,957

Morgan Hill Redevelopment Agency Successor Agency

Series 2013A, Rev., 5.00%, 9/1/2021 (b)		25,000		25,000

Series 2013A, Rev., 5.00%, 9/1/2022 (b)		50,000		52,441

Morongo Unified School District Series 2018A, GO, 4.00%, 8/1/2022		20,000		20,715

Morongo Unified School District, Election of 2005 Series 2012C, GO, Zero Coupon, 8/15/2022 (b)		95,000		36,181

Moulton-Niguel Water District Rev., 5.00%, 9/1/2021		100,000		100,000

Mount Diablo Unified School District, Election of 2010 Series 2012E, GO, 4.00%, 8/1/2022		25,000		25,893

Mount San Antonio Community College District

GO, 5.00%, 6/1/2022		40,000		41,471

Series 2013A, GO, 5.00%, 9/1/2022		20,000		20,981

Mount San Antonio Community College District, Election of 2018 Series 2019A, GO, 4.00%, 8/1/2022		20,000		20,716

Municipal Improvement Corp. of Los Angeles, Capital Equipment

Series 2016A, Rev., 5.00%, 11/1/2021		75,000		75,606


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Series 2012-A, Rev., 5.00%, 3/1/2022 (b)		25,000		25,611

Series 2016A, Rev., 5.00%, 11/1/2022		30,000		31,719

Series 2018A, Rev., 5.00%, 11/1/2023		50,000		55,257

Municipal Improvement Corp. of Los Angeles, Real Property

Series 2016B, Rev., 4.00%, 11/1/2021		350,000		352,254

Series 2016B, Rev., 5.00%, 11/1/2021		790,000		796,381

Series C, Rev., 5.00%, 3/1/2022 (b)		20,000		20,489

Series 2016B, Rev., 5.00%, 11/1/2022		30,000		31,719

Series 2020-B, Rev., 5.00%, 11/1/2022		75,000		79,297

Series 2016B, Rev., 5.00%, 11/1/2023		25,000		27,628

Napa Sanitation District Series 2012A, COP, 4.00%, 8/1/2022		40,000		41,437

Natomas Unified School District, Election of 2002 Series 2004-B, GO, NATL-RE, Zero Coupon, 9/1/2022 (b)		30,000		29,902

Norco Community Redevelopment Agency Successor Agency, Redevelopment Project Area #1 Series 2017A, Rev., 4.00%, 3/1/2023		20,000		21,100

North Lake Tahoe Public Financing Authority Rev., 5.00%, 12/1/2021		25,000		25,305

North Orange County Community College District, Capital Appreciation, Election of 2002 Series 2003B, GO, NATL-RE, Zero Coupon, 8/1/2022		25,000		24,959

North Orange County Community College District, Election of 2014 Series 2014B, GO, 4.00%, 8/1/2022		30,000		31,077

Northern California Power Agency, Hydroelectric Project

Series 2018A, Rev., 5.00%, 7/1/2022		30,000		31,224

Series 2019A, Rev., 5.00%, 7/1/2023		25,000		27,207

Novato Sanitary District, Wastewater Rev., 5.00%, 2/1/2022		45,000		45,919

Novato Unified School District

GO, 5.00%, 8/1/2022		25,000		26,126

Series 2014A, GO, 5.00%, 8/1/2023		90,000		98,412

SEE NOTES TO FINANCIAL STATEMENTS.



210	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Oak Grove School District

Series 2016A, GO, 1.30%, 8/1/2022		40,000		40,391

GO, 5.00%, 8/1/2022		25,000		26,089

Oakland Joint Powers Financing Authority Rev., 5.00%, 11/1/2021		240,000		241,939

Oakland Unified School District

GO, 5.00%, 8/1/2022		25,000		26,093

Series A, GO, 5.00%, 8/1/2022		50,000		52,187

Oakley Union Elementary School District Series 2017A, GO, 4.00%, 8/1/2022		30,000		31,072

Oceanside Redevelopment Agency Successor Agency Series A, Rev., 5.00%, 9/1/2021		25,000		25,000

Oceanside Unified School District GO, 5.00%, 8/1/2022		30,000		31,346

Ohlone Community College District GO, 5.00%, 8/1/2022		210,000		219,441

Olivenhain Municipal Water District Series 2016A, Rev., 5.00%, 6/1/2022		50,000		51,835

Ontario Public Financing Authority Rev., AGM, 5.00%, 11/1/2023		100,000		110,169

Orange County Local Transportation Authority, Measure M2 Sales Tax and Limited Tax Rev., 5.00%, 2/15/2022		25,000		25,559

Orange County Sanitation District, Wastewater

Series 2014A, Rev., 5.00%, 2/1/2022		25,000		25,510

Series 2016A, Rev., 5.00%, 2/1/2022		40,000		40,815

Orange County Water District

Series 2019A, COP, 2.00%, 8/15/2023		60,000		61,635

Series 2003B, COP, NATL-RE, 4.75%, 8/15/2023 (b)		25,000		27,257

Series 2013A, Rev., 5.00%, 8/15/2023 (b)		25,000		27,379

Orange Redevelopment Agency Successor Agency, Merged and Amended Redevelopment Project Area 2014 Tax Allocation Series 2014A, Rev., 5.00%, 9/1/2021		25,000		25,000

Orange Redevelopment Agency, Orange Merged and Amended Redevelopment Project Series 2014A, Rev., AGM, 5.00%, 9/1/2023		90,000		98,620


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Orchard School District GO, 5.00%, 8/1/2023		25,000		27,342

Oxnard Financing Authority Rev., 5.00%, 6/1/2022		20,000		20,720

Oxnard Union High School District, Election of 2018

Series 2018A, GO, 4.00%, 8/1/2022		20,000		20,718

Series B, GO, 4.00%, 8/1/2022		25,000		25,898

Pacific Grove Unified School District Series 2015A, GO, 5.00%, 8/1/2022		55,000		57,478

Padre Dam Municipal Water District Series 2017A, COP, 5.00%, 10/1/2024		50,000		57,380

Pajaro Valley Water Management Agency Rev., AGM, 5.00%, 3/1/2022		50,000		51,176

Palm Springs Community Redevelopment Agency Successor Agency Rev., 5.00%, 9/1/2021		85,000		85,000

Palm Springs Financing Authority, Convention Center Project

Series 2012A, Rev., 3.00%, 11/1/2021		150,000		150,665

Series 2012A, Rev., 3.13%, 11/1/2022		25,000		25,819

Series 2012A, Rev., 3.25%, 11/1/2023		65,000		67,185

Palm Springs Financing Authority, Downtown Revitalization Project Series 2012B, Rev., 4.00%, 6/1/2022 (b)		140,000		144,034

Palmdale Community Redevelopment Agency Successor Agency

Series 2016B, Rev., 5.00%, 9/1/2022		35,000		36,562

Series 2016A, Rev., 5.00%, 9/1/2023		25,000		27,336

Palmdale Elementary School District, Election of 2012 Series A, GO, 3.25%, 8/1/2023 (b)		30,000		31,777

Palomar Community College District

GO, 5.00%, 5/1/2022		25,000		25,817

GO, 5.00%, 5/1/2024		50,000		56,369

Panama-Buena Vista Union School District, 2006 School Construction Project COP, 5.00%, 9/1/2021		20,000		20,000

Paramount Unified School District, Election of 2006

Series 2020C, GO, 4.00%, 8/1/2022		20,000		20,698

GO, Zero Coupon, 8/1/2023 (b)		165,000		22,546

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	211

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

GO, 4.50%, 8/1/2023 (b)		20,000		21,674

Pasadena Public Financing Authority, Rose Bowl Renovation Project

Series 2016A, Rev., 5.00%, 4/1/2022		50,000		51,432

Series 2016A, Rev., 5.00%, 4/1/2023		105,000		112,709

Pasadena Unified School District, Election of 2008

GO, 4.13%, 5/1/2022 (b)		25,000		25,671

GO, 5.00%, 5/1/2022 (b)		110,000		113,591

Peralta Community College District, Election of 2018 Series 2020A, GO, 5.00%, 8/1/2022		25,000		26,122

Perris Elementary School District COP, 4.00%, 9/1/2021		25,000		25,000

Perris Union High School District, Election of 2018 Series 2019A, GO, AGM, 5.00%, 9/1/2022		50,000		52,437

Pico Rivera Public Financing Authority

Rev., 4.00%, 9/1/2021		40,000		40,000

Rev., 4.00%, 9/1/2022		30,000		31,169

Pismo Beach Public Financing Agency, Beach Municipal Pier Project Rev., 5.00%, 12/1/2023		30,000		33,272

Pismo Beach Public Financing Authority, Wastewater Project Rev., 5.00%, 12/1/2021		30,000		30,365

Pittsburg Unified School District

Rev., AGM, Zero Coupon, 9/1/2021 (b)		175,000		48,599

GO, 5.00%, 8/1/2022		50,000		52,229

Placentia-Yorba Linda Unified School District

COP, AGM, 4.25%, 10/1/2021 (b)		25,000		25,082

COP, AGM, 6.00%, 10/1/2021		20,000		20,094

Series 2016A, COP, AGM, 5.00%, 10/1/2022		70,000		73,514

Placer Union High School District, Capital Appreciation Series 2000A, GO, NATL-RE, Zero Coupon, 8/1/2022		20,000		19,949

Pleasanton Unified School District GO, 4.00%, 8/1/2022		25,000		25,898

Port of Los Angeles, Harbor Department Series 2014C, Rev., 3.00%, 8/1/2022		25,000		25,658


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Poway Unified School District Public Financing Authority, Community Facility District, Special Tax Series 2017A, Rev., 4.00%, 9/1/2021		30,000		30,000

Poway Unified School District, School Facilities Improvement Districts No. 2002-1 GO, 5.00%, 8/1/2022		35,000		36,570

Puente Basin Water Agency, Walnut Valley Water District Project Series 2013A, Rev., 5.00%, 6/1/2023 (b)		25,000		27,106

Rancho Cucamonga Redevelopment Agency Successor Agency

Rev., 4.00%, 9/1/2021		165,000		165,000

Rev., AGM, 5.00%, 9/1/2022		55,000		57,550

Rancho Santiago Community College District

GO, 4.00%, 9/1/2021		50,000		50,000

GO, 4.00%, 9/1/2022		25,000		25,980

Ravenswood City School District GO, 5.00%, 8/1/2022		20,000		20,901

Redondo Beach Unified School District, Election of 2000 Series C,D&E, GO, AGM, 3.70%, 8/1/2022 (b)		40,000		41,308

Redwood City School District GO, AGM, 5.00%, 8/1/2022		25,000		26,126

Regents of the University of California Medical Center Pooled

Series 2016L, Rev., 5.00%, 5/15/2022		165,000		170,707

Series 2016L, Rev., 5.00%, 5/15/2023		25,000		27,078

Series 2016L, Rev., 4.00%, 5/15/2025		20,000		22,675

Rialto Redevelopment Agency, Merged Project Area Series 2014A, Rev., 5.00%, 9/1/2022		50,000		52,318

Rio Elementary School District, Election of 2018 Series A, GO, AGM, 4.00%, 8/1/2022		30,000		31,077

Riverside County Asset Leasing Corp., County Administrative Center Rev., 5.00%, 11/1/2021		50,000		50,397

Riverside County Asset Leasing Corp., Defender/ Probation Building Series 2013A, Rev., 5.00%, 11/1/2022		40,000		42,287

Riverside County Office of Education Pooled Notes

Series A, Rev., TRAN, 2.00%, 12/1/2021		40,000		40,195

SEE NOTES TO FINANCIAL STATEMENTS.



212	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Series B, Rev., TRAN, 2.00%, 12/31/2021		25,000		25,161

Riverside County Public Financing Authority Rev., 5.00%, 11/1/2023		75,000		82,764

Riverside County Public Financing Authority, Tax Allocation, Project Area No. 1 Series 2015A, Rev., 5.00%, 10/1/2022		75,000		78,547

Riverside County Transportation Commission, Sales Tax

Series 2017A, Rev., 4.00%, 6/1/2022		20,000		20,585

Series 2013A, Rev., 5.00%, 6/1/2022		25,000		25,918

Series 2016A, Rev., 5.00%, 6/1/2022		135,000		139,954

Series 2018A, Rev., 5.00%, 6/1/2022		40,000		41,468

Series 2013A, Rev., 5.00%, 6/1/2023		40,000		43,410

Series 2017A, Rev., 5.00%, 6/1/2023		25,000		27,131

Riverside Redevelopment Agency Successor Agency Series 2018A, Rev., 5.00%, 9/1/2022		40,000		41,855

Riverside Unified School District Financing Authority, Superior Lien Series A, Rev., 5.00%, 9/1/2022		75,000		78,539

Rocklin Public Financing Authority Rev., 5.00%, 11/1/2022		25,000		26,432

Rocklin Unified School District Community Facilities District, Capital Appreciation Rev., AMBAC, Zero Coupon, 9/10/2021		170,000		169,563

Roseville Joint Union High School District GO, 4.00%, 8/1/2022		75,000		77,694

Rowland Unified School District

GO, 5.00%, 8/1/2022		25,000		26,126

Sacramento Area Flood Control Agency, Natomas Basin Local Assessment

5.00%, 10/1/2021		50,000		50,199

Sacramento City Financing Authority, EPA Building Series 2013A, Rev., 5.00%, 5/1/2022		405,000		418,180

Sacramento City Financing Authority, Master Lease Program Facilities

Series 2015A, Rev., 3.00%, 12/1/2021		25,000		25,181

Series E, Rev., AMBAC, 5.25%, 12/1/2022		35,000		37,252


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Sacramento City Unified School District, Election of 2012 Series C, GO, 5.00%, 8/1/2023		60,000		65,112

Sacramento County Sanitation Districts Financing Authority

Rev., 5.00%, 12/1/2021		40,000		40,483

Series 2011A, Rev., 5.00%, 12/1/2021 (b)		100,000		101,211

Sacramento Municipal Utility District

Series 2016D, Rev., 5.00%, 8/15/2022		55,000		57,572

Series 2019B, Rev., 5.00%, 10/15/2025 (c)		35,000		40,817

Sacramento Municipal Utility District, Electric

Series 2018F, Rev., 5.00%, 8/15/2022		75,000		78,507

Series E, Rev., 5.00%, 8/15/2022		60,000		62,806

Series 2019A, Rev., 5.00%, 10/17/2023 (c)		805,000		866,454

Sacramento Municipal Utility District, Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2022		275,000		286,262

Sacramento Transportation Authority, Measure A Sales Tax Rev., 5.00%, 10/1/2023		210,000		220,848

Saddleback Valley Unified School District GO, 4.00%, 8/1/2022		25,000		25,898

San Bernardino Community College District Series A, GO, 4.00%, 8/1/2023 (b)		50,000		53,708

San Diego Community College District GO, 5.00%, 8/1/2022		470,000		491,092

San Diego Community College District, Election of 2006

GO, 4.00%, 8/1/2022		30,000		31,078

GO, 5.00%, 8/1/2023 (b)		40,000		43,730

San Diego Convention Center Expansion Financing Authority Series 2012A, Rev., 5.00%, 4/15/2022 (b)		25,000		25,754

San Diego County Regional Transportation Commission Series 2016A, Rev., 5.00%, 4/1/2022		30,000		30,857

San Diego County Regional Transportation Commission, Sales Tax Series 2012A, Rev., 5.00%, 4/1/2022		65,000		66,858

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	213

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

San Diego County Water Authority

Rev., 5.00%, 5/1/2022		100,000		103,275

Series 2013A, Rev., 5.00%, 5/1/2023		20,000		21,129

San Diego Public Facilities Financing Authority

Rev., 5.00%, 5/15/2022		305,000		315,572

Series 2012A, Rev., 5.00%, 8/1/2022 (b)		85,000		88,772

Series 2016B, Rev., 5.00%, 8/1/2022		25,000		26,126

Series 2020A, Rev., 5.00%, 8/1/2022		30,000		31,352

Series 2016B, Rev., 5.00%, 8/1/2023		20,000		21,865

San Diego Public Facilities Financing Authority, Ballpark Refunding Rev., 5.00%, 10/15/2022		125,000		131,876

San Diego Public Facilities Financing Authority, Capital Improvement Projects

Series B, Rev., 5.00%, 10/15/2021		45,000		45,265

Series 2012A, Rev., 5.00%, 4/15/2022 (b)		60,000		61,828

San Diego Redevelopment Agency Successor Agency

Series 2017A, Rev., 5.00%, 9/1/2022		30,000		31,391

Series A, Rev., 5.00%, 9/1/2022		25,000		26,159

San Diego Redevelopment Agency Successor Agency, Tax Allocation Series A, Rev., 5.00%, 9/1/2024		100,000		114,166

San Diego Regional Building Authority, County Operations Center Series 2016A, Rev., 5.00%, 10/15/2022		25,000		26,378

San Diego Unified Port District Series A, Rev., 5.00%, 9/1/2022		25,000		26,216

San Diego Unified School District

Series 2014R-3, GO, 5.00%, 7/1/2022		25,000		26,024

Series 2020M-2, GO, 5.00%, 7/1/2022		65,000		67,662

San Diego Unified School District, Election of 1998 Series D-1, GO, NATL-RE, 5.50%, 7/1/2022		50,000		52,255

San Diego Unified School District, Election of 2008 Series 2020D-2, GO, 5.00%, 7/1/2022		130,000		135,324


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

San Dieguito Union High School District Series A-2, GO, 5.00%, 8/1/2022		25,000		26,124

San Elijo Joint Powers Authority, Clean Water Projects Rev., 3.00%, 3/1/2022		85,000		86,240

San Francisco Bay Area Rapid Transit District, Election of 2004 Series D, GO, 3.00%, 8/1/2022		70,000		71,875

San Francisco Bay Area Rapid Transit District, Sales Tax

Series 2012A, Rev., 5.00%, 7/1/2022		125,000		130,060

Series 2015A, Rev., 5.00%, 7/1/2022		40,000		41,638

San Francisco City and County Airport Commission, San Francisco International Airport

Series 2016A, Rev., 5.00%, 5/1/2022 (b)		155,000		160,060

Series 2016A, Rev., 4.00%, 5/1/2023		75,000		79,808

Series 2016A, Rev., 5.00%, 5/1/2023		75,000		81,054

Series 2019D, Rev., 5.00%, 5/1/2024		45,000		50,720

Series 2016A, Rev., 4.00%, 5/1/2025		25,000		28,362

Series B, Rev., 5.00%, 5/1/2026		125,000		128,982

San Francisco City and County Public Utilities Commission Wastewater

Series 2010A, Rev., 5.00%, 10/1/2021		30,000		30,119

Series 2018A, Rev., 5.00%, 10/1/2022		30,000		31,594

San Francisco County Transportation Authority, Sales Tax Rev., 3.00%, 2/1/2022		160,000		161,944

San Francisco State Building Authority and Oakland State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022		25,000		26,531

San Francisco Unified School District, Proposition A, Election of 2011 Series 2014B, GO, 5.00%, 6/15/2022		150,000		155,790

San Jacinto Unified School District COP, 4.00%, 9/1/2021		25,000		25,000

San Joaquin County Transportation Authority, Measure K Sales Tax

Rev., 5.00%, 3/1/2022		20,000		20,491

SEE NOTES TO FINANCIAL STATEMENTS.



214	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Rev., 5.00%, 3/1/2023		20,000		21,454

San Joaquin Delta Community College District Series 2015A, GO, 5.00%, 8/1/2022		30,000		31,352

San Joaquin Hills Transportation Corridor Agency, Toll Road, Senior Lien Rev., Zero Coupon, 1/1/2025 (b)		120,000		118,808

San Jose Evergreen Community College District

GO, 5.00%, 9/1/2021		155,000		155,000

GO, 5.00%, 9/1/2022		40,000		41,966

San Jose Evergreen Community College District, Election of 2010 Series B, GO, 5.00%, 8/1/2022 (b)		35,000		36,569

San Jose Evergreen Community College District, Election of 2016

Series A, GO, 4.00%, 9/1/2022		20,000		20,784

Series B, GO, 4.00%, 9/1/2022		25,000		25,979

San Jose Financing Authority, Civic Center Project

Series 2013A, Rev., 5.00%, 6/1/2022 (b)		90,000		93,265

Series 2013A, Rev., 5.00%, 6/1/2023 (b)		80,000		86,738

San Jose Redevelopment Agency Successor Agency Series B, Rev., 5.00%, 8/1/2022		40,000		41,776

San Jose Unified School District GO, 5.00%, 8/1/2022		30,000		31,352

San Jose Unified School District, Election of 2012 Series C, GO, 5.00%, 8/1/2022		25,000		26,126

San Juan Unified School District, Election of 2002

GO, 3.00%, 8/1/2022 (b)		60,000		61,581

GO, 4.00%, 8/1/2022 (b)		45,000		46,607

GO, 3.00%, 8/1/2023		25,000		26,366

San Juan Unified School District, Election of 2012 Series N, GO, 4.00%, 8/1/2022		25,000		25,889

San Juan Water District Rev., 5.00%, 2/1/2025		45,000		52,381

San Leandro Unified School District Series A, GO, 4.00%, 8/1/2022		75,000		77,630

San Lorenzo Unified School District GO, 5.00%, 8/1/2023		25,000		27,321

San Lorenzo Valley Unified School District, Election of 2020 Series A, GO, 4.00%, 8/1/2022		75,000		77,694


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

San Luis Obispo County Financing Authority, Nacimiento Water Project Series 2015A, Rev., 5.00%, 9/1/2021		25,000		25,000

San Marcos Public Financing Authority Series 1994A, Rev., 6.25%, 9/2/2022 (b)		90,000		95,456

San Marcos Unified School, District No. 4, Community Facilities, Special Tax Rev., 4.00%, 9/1/2023		25,000		26,917

San Mateo County Transit District

Series 2015A, Rev., 4.00%, 6/1/2022		20,000		20,587

Series 2015A, Rev., 5.00%, 6/1/2022		110,000		114,054

San Mateo Foster City School District GO, 5.00%, 8/15/2022		90,000		94,227

San Mateo Foster City School District, Election of 2008 Series 2012C, GO, 5.00%, 8/1/2022		40,000		41,802

San Mateo Joint Powers Financing Authority, Maple Street Correctional Center Series 2014A, Rev., 5.00%, 6/15/2022		25,000		25,965

San Mateo Union High School District Series 2016C, GO, 5.00%, 9/1/2022		65,000		68,195

San Rafael Joint Powers Financing Authority, Public Safety Facilities Project Rev., 4.00%, 6/1/2022		95,000		97,791

San Ramon Valley Unified School District

GO, 4.00%, 8/1/2022 (b)		65,000		67,321

GO, 5.00%, 8/1/2022 (b)		275,000		287,354

Santa Ana College Improvement District #1 Rancho Santiago Community College District, Election of 2012

Series 2019C, GO, 4.00%, 8/1/2022		45,000		46,616

Series 2014A, GO, 5.00%, 8/1/2022		20,000		20,901

Santa Barbara Unified School District Series A, GO, 5.00%, 8/1/2022		30,000		31,352

Santa Clara County Board of Education COP, 5.00%, 4/1/2022		30,000		30,845

Santa Clara County Financing Authority

Series 2018A, Rev., 5.00%, 4/1/2022		25,000		25,713

Series 2018A, Rev., 5.00%, 11/15/2022		100,000		105,894

Santa Clara Valley Transportation Authority, Measure A Sales Tax Series 2015A, Rev., 5.00%, 4/1/2022		30,000		30,859

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	215

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

Santa Clara Valley Transportation Authority, Sales Tax Series 2017B, Rev., 5.00%, 6/1/2023		25,000		27,141

Santa Clarita Community College District GO, 4.00%, 8/1/2022		35,000		36,257

Santa Cruz City High School District, Election of 2016 Series B, GO, 5.00%, 8/1/2022		25,000		26,126

Santa Margarita Water District, Community Facilities District No. 99-1, Special Tax

Series 2017A, Rev., 4.00%, 9/1/2021		40,000		40,000

Series 2017A, Rev., 3.00%, 9/1/2022		50,000		51,303

Santa Margarita-Dana Point Authority Series 2020A, Rev., 5.00%, 6/1/2022		45,000		46,658

Santa Monica Community College District, Election of 2008 Series 2014B, GO, 5.00%, 8/1/2022		35,000		36,577

Santa Monica-Malibu Unified School District

Series 2016A, GO, 4.00%, 7/1/2022		65,000		67,122

GO, 4.00%, 8/1/2022		50,000		51,796

Santa Rosa Elementary School District GO, 3.25%, 8/1/2022 (b)		30,000		30,843

Santa Rosa High School District GO, 4.00%, 8/1/2022		85,000		88,029

Santa Rosa Regional Resources Authority, Facilities Acquisition and Improvement Projects Series 2017A, Rev., 5.00%, 8/1/2022		25,000		26,126

Savanna School District, Election of 2012 Series 2012A, GO, AGM, 4.00%, 8/1/2022 (b)		145,000		150,178

Seaside Redevelopment Agency Successor Agency, Tax Allocation Rev., 5.00%, 8/1/2022		65,000		67,714

Sequoia Union High School District GO, 5.00%, 7/1/2024 (b)		40,000		45,490

Shasta-Tehama-Trinity Joint Community College District GO, 5.00%, 8/1/2022		50,000		52,219

Signal Hill Redevelopment Agency Successor Agency, Tax Allocation Series A, Rev., 5.00%, 10/1/2022		25,000		26,258

Silicon Valley Clean Water, Wastewater

Rev., 5.00%, 2/1/2022 (b)		25,000		25,509

Rev., 5.00%, 8/1/2022 (b)		135,000		141,045


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Series A, Rev., 3.00%, 3/1/2024		180,000		189,846

Simi Valley Public Financing Authority, Public Facilities Series 2014A, Rev., 5.00%, 10/1/2022		110,000		115,855

Simi Valley Unified School District GO, 4.00%, 8/1/2022		30,000		31,077

Simi Valley Unified School District, Election of 2016 Series C, GO, 4.00%, 8/1/2022		25,000		25,898

Solano County Community College District Series 2014A, GO, 5.00%, 8/1/2023		40,000		43,730

Sonoma County Community Redevelopment Agency Successor Agency Rev., 4.00%, 8/1/2023		20,000		21,411

Sonoma County Junior College District, Election of 2014

Series A, GO, 4.00%, 8/1/2022		35,000		36,257

Series B, GO, 4.00%, 8/1/2023		55,000		59,100

Sonoma County Transportation Authority, Limited Tax

Rev., 5.00%, 12/1/2021		45,000		45,549

Rev., 5.00%, 12/1/2022		60,000		63,681

Rev., 5.00%, 12/1/2023		45,000		49,908

Sonoma County Water and Wastewater Financing Authority Rev., 4.00%, 8/1/2022		25,000		25,893

Sonoma-Marin Area Rail Transit District, Measure Q Sales Tax Series 2011A, Rev., 5.00%, 3/1/2022 (b)		55,000		56,345

Sonoma-Marin Area Rail Transit District, Sales Tax Series 2011A, Rev., 5.00%, 3/1/2022 (b)		125,000		128,057

South Gate Utility Authority Series 2019A, Rev., 4.00%, 10/1/2021		25,000		25,078

South Orange County Public Financing Authority Rev., 5.00%, 4/1/2022		75,000		77,036

South Placer Wastewater Authority Rev., 5.00%, 11/1/2021		45,000		45,363

South San Francisco Public Facilities Financing Authority, Police Station Project Series 2020A, Rev., 5.00%, 6/1/2023		40,000		43,418

South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax Rev., NATL-RE, 5.25%, 9/15/2022		60,000		63,219

SEE NOTES TO FINANCIAL STATEMENTS.



216	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Southern California Public Power Authority

Series 2015A, Rev., 4.00%, 7/1/2022		85,000		87,761

Series 2007A, Rev., 5.25%, 11/1/2022		65,000		68,881

Southern California Public Power Authority, Milford Wind Corridor Phase-1 Project Rev., 5.00%, 7/1/2022		40,000		41,631

Southern California Public Power Authority, Southern Transmission Project Series 2018A, Rev., 5.00%, 7/1/2022		140,000		145,709

State Center Community College District GO, 5.00%, 8/1/2022		30,000		31,343

State of California Series 2004A-9, GO, VRDO, LOC: State Street Bank & Trust, 0.01%, 9/9/2021 (c)		3,075,000		3,075,000

State of California Department of Water Resources, Central Valley Project, Water System

Series AJ, Rev., 5.00%, 12/1/2021		255,000		258,074

Series AM, Rev., 5.00%, 12/1/2021		140,000		141,705

Series AQ, Rev., 5.00%, 12/1/2021		20,000		20,244

Series AS, Rev., 5.00%, 12/1/2021		110,000		111,340

Series AW, Rev., 5.00%, 12/1/2021		40,000		40,487

Series BA, Rev., 5.00%, 12/1/2021		65,000		65,792

State of California Department of Water Resources, Central Valley Project, Water System, Tax-Exempt

Rev., 5.00%, 12/1/2021		60,000		60,731

Series AJ, Rev., 5.00%, 12/1/2021 (b)		25,000		25,303

Series AX, Rev., 5.00%, 12/1/2021		45,000		45,549

State of California Department of Water Resources, Power Supply

Series 2015O, Rev., 4.00%, 5/1/2022 (b)		125,000		128,251

Series 2015O, Rev., 5.00%, 5/1/2022 (b)		675,000		697,037

State of California, Various Purpose

GO, 3.25%, 9/1/2021		270,000		270,000

GO, 4.00%, 9/1/2021		50,000		50,000

GO, 5.00%, 9/1/2021		650,000		650,000

GO, 5.00%, 9/10/2021		620,000		621,632

GO, 5.25%, 9/14/2021		30,000		30,051

GO, 3.50%, 10/1/2021		150,000		150,414


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

GO, 5.00%, 10/1/2021		575,000		577,283

GO, 4.00%, 11/1/2021		70,000		70,451

GO, 5.00%, 11/1/2021		845,000		851,825

GO, 3.00%, 12/1/2021		35,000		35,253

GO, 5.00%, 12/1/2021		195,000		197,376

GO, 5.00%, 2/1/2022		570,000		581,595

GO, 3.00%, 3/1/2022		710,000		720,289

GO, 5.00%, 3/1/2022		20,000		20,489

GO, 5.00%, 4/1/2022		55,000		56,569

GO, 5.00%, 8/1/2022		840,000		877,683

GO, 3.00%, 9/1/2022		50,000		51,451

GO, 4.00%, 9/1/2022		75,000		77,924

GO, 5.00%, 9/1/2022		305,000		319,929

GO, 5.25%, 9/1/2022		160,000		168,230

GO, 5.00%, 10/1/2022		245,000		257,985

GO, 5.25%, 10/1/2022		55,000		58,064

GO, 5.00%, 11/1/2022		160,000		169,128

GO, 3.00%, 12/1/2022		25,000		25,904

GO, 4.00%, 12/1/2022		85,000		89,134

GO, 5.00%, 12/1/2022		40,000		42,444

GO, 3.00%, 3/1/2023		50,000		52,157

GO, 5.00%, 3/1/2023		25,000		26,810

GO, 5.00%, 4/1/2023		60,000		64,624

GO, 5.00%, 11/1/2025		40,000		44,150

GO, 5.00%, 12/1/2025		50,000		55,381

Stockton Public Financing Authority, Wastewater Rev., BAN, 1.40%, 6/1/2022		4,040,000		4,047,701

Suisun City Redevelopment Agency, Redevelopment Project Series B, Rev., 5.00%, 10/1/2023		40,000		43,889

Sulphur Springs Union School District, Community Facilities District No. 2002-1, Special Tax Series 2014A, Rev., 3.00%, 9/1/2023 (b)		25,000		26,389

Sunnyvale Elementary School District GO, 5.00%, 9/1/2022		25,000		26,229

Sunnyvale School District, Election of 2013 Series 2019C, GO, 4.00%, 9/1/2021		50,000		50,000

Sutter Butte Flood Agency Rev., 5.00%, 10/1/2021		25,000		25,095

Sweetwater Authority Series 2016A, Rev., 4.00%, 4/1/2022		20,000		20,457

Tahoe-Truckee Sanitation Agency, Wastewater Rev., 5.00%, 7/1/2024		30,000		34,133

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	217

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

California — continued

Tahoe-Truckee Unified School District, Election of 2014, School Facilities Improvement District No. 2 Series B, GO, 5.00%, 8/1/2022		75,000		78,379

Tamalpais Union High School District GO, 4.00%, 8/1/2022		30,000		31,077

Temecula Valley Unified School District Financing Authority, Special Tax Rev., 5.00%, 9/1/2022		65,000		68,081

Tobacco Securitization Authority of Northern California

Series 2021A, Class 1, Rev., 5.00%, 6/1/2024		105,000		118,441

Class 1, Rev., 5.00%, 6/1/2025		105,000		122,946

Tobacco Securitization Authority of Southern California

Series 2019A, Class I, Rev., 5.00%, 6/1/2023		150,000		162,285

Series 2019A, Class 1, Rev., 5.00%, 6/1/2025		55,000		64,222

Torrance Unified School District, Election of 2008 GO, 5.00%, 8/1/2022 (b)		25,000		26,121

Tracy Community Development Agency, Successor Agency, Tax Allocation Rev., AGM, 5.00%, 8/1/2022		70,000		72,988

Tracy Unified School District School Facilities Improvement District No. 3, Election of 2014 GO, 4.00%, 8/1/2022		30,000		31,077

Tuolumne Wind Project Authority, Tuolumne Wind Project Series 2016A, Rev., 5.00%, 1/1/2022		35,000		35,571

Turlock Irrigation District, First Priority Rev., 5.00%, 1/1/2022		50,000		50,807

Turlock Public Financing Authority, Sewer Rev., 4.00%, 9/15/2022		25,000		26,017

Tustin Unified School District, Community Facilities District No. 88-10F Rev., 5.00%, 9/1/2022		75,000		78,485

Tustin Unified School District, School Facilities Improvement Districts No. 2002-1

GO, 5.00%, 6/1/2022		35,000		36,290

GO, 5.00%, 8/1/2022		30,000		31,351

Tustin Unified School District, School Facilities Improvement Districts No. 2002-1 and 2008-1 GO, 5.00%, 8/1/2025		30,000		35,452


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Twin Rivers Unified School District

Series A, GO, AGM, 5.00%, 8/1/2022		50,000		52,177

Series 2014A, GO, Zero Coupon, 2/1/2024 (b)		350,000		169,899

Union City Community Redevelopment Agency Successor Agency, Community Redevelopment Project, Tax Allocation Series 2017B, Rev., 5.00%, 10/1/2021		170,000		170,674

University of California

Series 2015AO, Rev., 4.00%, 5/15/2022		20,000		20,551

Series 2015AO, Rev., 5.00%, 5/15/2022		190,000		196,572

Series 2018AZ, Rev., 5.00%, 5/15/2022		50,000		51,730

Series 2020BE, Rev., 5.00%, 5/15/2022		65,000		67,248

Series 2013AF, Rev., 5.00%, 5/15/2023 (b)		20,000		21,624

Series 2015AO, Rev., 5.00%, 5/15/2023		20,000		21,666

Series AK, Rev., 5.00%, 5/15/2023 (c)		585,000		633,517

Series S, Rev., 5.00%, 5/15/2023 (e)		3,000,000		3,183,477

Series S, Rev., 5.00%, 5/15/2025 (e)		4,000,000		4,582,223

Series S, Rev., 5.00%, 5/15/2026 (e)		1,520,000		1,797,701

University of California, Limited Project

Series 2012G, Rev., 5.00%, 5/15/2022		50,000		51,730

Series 2015-I, Rev., 5.00%, 5/15/2022		200,000		206,918

Series 2015-I, Rev., 5.00%, 5/15/2024		135,000		152,555

Upper Santa Clara Valley Joint Powers Authority Series 2015A, Rev., 5.00%, 8/1/2022 (b)		25,000		26,121

Ventura County Public Financing Authority

Series 2013B, Rev., 5.00%, 11/1/2022		25,000		26,432

Series 2013B, Rev., 5.00%, 11/1/2023		20,000		22,103

Series 2016A, Rev., 5.00%, 11/1/2024		25,000		28,782

SEE NOTES TO FINANCIAL STATEMENTS.



218	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

California — continued

Ventura Unified School District GO, 5.00%, 8/1/2022		30,000		31,346

Victor Valley Union High School District Series 2016A, GO, 5.00%, 8/1/2022		30,000		31,326

Vista Joint Powers Financing Authority Rev., 5.00%, 5/1/2022		125,000		129,076

Vista Unified School District GO, 5.00%, 8/1/2022 (b)		40,000		41,794

Vista Unified School District, 2018 Election Series 2019A, GO, 5.00%, 8/1/2022		25,000		26,122

Walnut Valley Unified School District GO, 5.00%, 8/1/2022		20,000		20,901

West Basin Municipal Water District Series 2012A, Rev., 5.00%, 8/1/2023		40,000		40,801

West Contra Costa Unified School District GO, 5.00%, 8/1/2022 (b)		95,000		99,215

West Hollywood Public Financing Authority, Hollywood Park Phase II Rev., 5.00%, 4/1/2024		75,000		84,142

West Sacramento Area Flood Control Agency Rev., 5.00%, 9/1/2021 (b)		25,000		25,000

West Sonoma County Union High School District, Election of 2018 Series A, GO, 4.00%, 8/1/2022		35,000		36,250

West Stanislaus Irrigation District COP, AGM, 5.00%, 1/1/2023 (b)		60,000		63,825

West Valley-Mission Community College District Series B, GO, 5.00%, 8/1/2022		25,000		26,126

West Valley-Mission Community College District, Election of 2012 Series A, GO, 5.00%, 8/1/2022		25,000		26,126

West Valley-Mission Community College District, Election of 2012, Tax Exempt Series 2017C, GO, 4.00%, 8/1/2022		25,000		25,898

Western Riverside Water and Wastewater Financing Authority, Eastern Municipal Water District, Local Agency Series A-1, Rev., 5.00%, 9/1/2022		30,000		31,410

Westlands Water District Series 2016A, Rev., AGM, 5.00%, 9/1/2022		70,000		73,433

Westminster School District, Election of 2016 Series A, GO, 5.00%, 8/1/2022		30,000		31,352

Westminster School District, Refinancing of 2015 Energy Conservation Projects COP, 4.00%, 5/1/2023		35,000		37,171


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Whittier Union High School District Series 2015C, GO, 4.00%, 8/1/2022		75,000		77,694

William S Hart Union High School District

GO, 4.00%, 9/1/2021		30,000		30,000

GO, 4.00%, 9/1/2022		50,000		51,954

Yorba Linda Redevelopment Agency, Tax Allocation Series 2017A, Rev., 5.00%, 9/1/2021		75,000		75,000

Yosemite Community College District

GO, 3.00%, 8/1/2022 (b)		30,000		30,789

GO, 5.00%, 8/1/2022 (b)		60,000		62,690

Yountville Finance Authority Rev., 5.00%, 12/1/2021		25,000		25,305

Yuba City Unified School District, School Facilities Improvement District No 2004-1 GO, AGM, 4.00%, 9/1/2021		25,000		25,000

Yuba City Unified School District, School Facilities Project COP, AGM, 5.00%, 10/1/2023		25,000		27,387

Yuba Community College District Series 2015B, GO, 4.00%, 8/1/2022		50,000		51,791


Total California				123,436,674


Colorado — 1.7%

Adams & Arapahoe Joint School District 28J Aurora

Series 2017A, GO, 5.00%, 12/1/2021		25,000		25,304

GO, Zero Coupon, 12/1/2022		25,000		24,954

GO, 5.00%, 12/1/2024		25,000		26,511

Adams 12 Five Star Schools, The City & County of Broomfield

GO, 4.00%, 12/15/2022		75,000		78,760

Series A, GO, 5.00%, 12/15/2022		25,000		26,575

GO, 5.50%, 12/15/2022		25,000		26,735

GO, 5.00%, 12/15/2024		30,000		31,865

Adams County School District No. 1, Mapleton Public Schools GO, 4.00%, 12/1/2022		25,000		26,222

Apex Park and Recreation District

GO, 2.00%, 12/1/2021		25,000		25,118

GO, 3.00%, 12/1/2024		50,000		54,342

Arapahoe County School District No. 5 Cherry Creek

Series 2012B, GO, 3.00%, 12/15/2021		25,000		25,209

GO, 5.00%, 12/15/2021		130,000		131,833

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	219

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Colorado — continued

Arapahoe County School District No. 6 Littleton

GO, 5.00%, 12/1/2021		105,000		106,268

Series 2019A, GO, 5.00%, 12/1/2022		25,000		26,521

Arapahoe County Water & Wastewater Public Improvement District, Water & Wastewater GO, 3.00%, 12/1/2022		25,000		25,895

Aspen Valley Hospital District GO, 5.00%, 12/1/2021		40,000		40,487

Board of Governors of Colorado State University System Series 2015A, Rev., 5.00%, 3/1/2025 (b)		45,000		52,250

Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J

Series 2016C, GO, 4.00%, 12/15/2021		30,000		30,337

GO, 5.00%, 12/15/2021		50,000		50,705

GO, 4.00%, 12/15/2022		50,000		50,562

Series 2011-B, GO, 5.00%, 12/15/2022		140,000		148,874

Series 2016B, GO, 5.00%, 12/15/2022		50,000		53,169

Boulder Valley School District No. Re-2 Boulder Series 2019A, GO, 6.00%, 12/1/2022		30,000		32,211

Brush School District No. RE-2J GO, 3.00%, 12/1/2022		25,000		25,895

City & County of Broomfield, Sales and Use Tax

Series A, Rev., 5.00%, 12/1/2021		20,000		20,244

Rev., 3.00%, 12/1/2022		25,000		25,907

Series A, Rev., 4.50%, 12/1/2022		25,000		26,375

City & County of Denver

Series 2016A, Rev., 5.00%, 8/1/2022		200,000		208,783

Series 2019C, GO, 5.00%, 8/1/2022		40,000		41,795

City & County of Denver, Airport System

Series 2020A-2, Rev., 5.00%, 11/15/2021		140,000		141,396

Series 2012B, Rev., 5.00%, 11/15/2022 (b)		335,000		354,432

Series 2020A-2, Rev., 5.00%, 11/15/2022		20,000		21,179

Series B, Rev., 5.00%, 11/15/2022		105,000		111,189

Series 2016A, Rev., 5.00%, 11/15/2023		195,000		215,629

Series B, Rev., 5.00%, 11/15/2024		125,000		143,904


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Colorado — continued

Series B, Rev., 5.00%, 11/15/2025		510,000		539,739

City & County of Denver, convention Center Expansion Project Series A, COP, 5.00%, 6/1/2022		250,000		258,982

City & County of Denver, Justice System Facility GO, Zero Coupon, 1/29/2022		40,000		39,983

City of Arvada, Sales & Use Tax Rev., 5.00%, 12/1/2021		25,000		25,305

City of Aurora

COP, 5.00%, 12/1/2021		75,000		75,895

Series 2017B, COP, 5.00%, 12/1/2021		25,000		25,298

COP, 5.00%, 12/1/2022		100,000		106,006

City of Boulder, Capital Improvement Projects Rev., 4.00%, 10/1/2021		25,000		25,079

City of Boulder, Water & Sewer System Rev., 5.00%, 12/1/2021		50,000		50,609

City of Colorado Springs, Utilities System Improvement

Series 2007A, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/9/2021 (c)		10,000,000		10,000,000

Series 2012C-2, Rev., 4.00%, 11/15/2021		70,000		70,553

Series 2011-A, Rev., 5.00%, 11/15/2021 (b)		225,000		227,211

Series 2012B, Rev., 5.00%, 11/15/2021		170,000		171,688

Series 2013B-2, Rev., 5.00%, 11/15/2021		100,000		100,993

Series 2020A, Rev., 5.00%, 11/15/2021		50,000		50,496

Series 2020B, Rev., 5.00%, 11/15/2021		35,000		35,348

Series A-1, Rev., 5.00%, 11/15/2021		25,000		25,248

Series B-1, Rev., 5.00%, 11/15/2021		20,000		20,199

Series 2012B, Rev., 5.00%, 11/15/2022		30,000		31,761

Series 2020B, Rev., 5.00%, 11/15/2022		20,000		21,174

Series 2020C, Rev., 5.00%, 11/15/2022		75,000		79,402

Series A-3, Rev., 5.00%, 11/15/2022		50,000		52,934

City of Grand Junction COP, 3.00%, 12/1/2022		25,000		25,863

City of Greeley COP, 4.00%, 12/1/2022		25,000		26,158

SEE NOTES TO FINANCIAL STATEMENTS.



220	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Colorado — continued

City of Longmon

Series A, COP, 5.00%, 12/1/2022		25,000		26,521

Series A, COP, 4.00%, 12/1/2023		100,000		108,544

City of Longmont, Electric & Broadband Utility Rev., AGM, 5.00%, 12/1/2021		25,000		25,294

City of Longmont, Sales and Use Tax Rev., AGM, 4.25%, 11/15/2021		1,075,000		1,083,774

City of Longmont, Storm Drainage Rev., 5.00%, 12/1/2021		25,000		25,304

City of Longmont, Wastewater Rev., 5.00%, 11/1/2023		25,000		27,617

City of Northglenn COP, 5.00%, 12/1/2022		100,000		105,993

City of Sheridan GO, 5.00%, 12/1/2021		25,000		25,301

City of Thornton COP, AMBAC, 4.00%, 12/1/2022		30,000		31,428

City of Westminster, Sales & Use Tax

Rev., 5.00%, 12/1/2021		160,000		161,949

Series 2017A, Rev., 5.00%, 12/1/2022		25,000		26,518

Colorado Educational and Cultural Facilities Authority, Johnson and Wales University Project

Series B, Rev., 5.00%, 4/1/2022 (b)		25,000		25,688

Series B, Rev., 5.00%, 4/1/2023 (b)		215,000		230,957

Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project Rev., 7.25%, 6/1/2023 (b)		260,000		291,341

Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group

Rev., 5.00%, 11/15/2021		200,000		201,974

Rev., 5.00%, 11/15/2022		450,000		476,241

Rev., 5.00%, 11/20/2025 (c)		65,000		77,582

Colorado Health Facilities Authority, Catholic Health Initiatives

Series 2009B-1, Rev., 4.00%, 11/9/2022 (b)		400,000		417,656

Series 2009B-1, Rev., 5.00%, 11/9/2022 (b)		95,000		100,317

Series 2013A, Rev., 5.25%, 1/1/2023 (b)		870,000		927,850

Colorado Health Facilities Authority, Children’s Hospital Colorado Project

Series 2013A, Rev., 5.00%, 12/1/2022		75,000		79,485


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Colorado — continued

Series C, Rev., 5.00%, 12/1/2022		25,000		26,495

Series C, Rev., 5.00%, 12/1/2024		20,000		23,014

Colorado Health Facilities Authority, Covenant Retirement Communities, Inc.

Series 2012C, Rev., 5.00%, 12/1/2021 (b)		75,000		75,898

Rev., 4.00%, 12/1/2022 (b)		250,000		261,924

Series 2012A, Rev., 5.00%, 12/1/2022 (b)		200,000		212,030

Colorado Health Facilities Authority, NCMC, Inc. Project Rev., 4.00%, 5/15/2026 (b)		20,000		23,219

Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project

Series 2015A, Rev., 4.00%, 9/1/2022		80,000		82,873

Rev., 5.00%, 9/1/2022		170,000		177,795

Rev., 5.00%, 9/1/2023		270,000		294,495

Colorado Health Facilities Authority, Retirement Facility, Liberty Heights Project Rev., Zero Coupon, 7/15/2022 (b)		80,000		79,833

Colorado Health Facilities Authority, School Health System

Series 2019A, Rev., 5.00%, 1/1/2022		705,000		716,336

Series 2019A, Rev., 5.00%, 1/1/2023		245,000		260,789

Series 2019A, Rev., 5.00%, 1/1/2025		145,000		167,413

Series 2019A, Rev., 5.00%, 1/1/2026		100,000		119,529

Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2022 (b)		685,000		710,011

Colorado Higher Education, Capital Construction, Lease Purchase Financing Program

Series 2014A, COP, 5.00%, 11/1/2021		790,000		796,248

Series 2014A, COP, 5.00%, 11/1/2022		175,000		184,815

Series 2014A, COP, 5.00%, 11/1/2023		30,000		32,982

Colorado Housing and Finance Authority, Multi-Family Project

Series 2019B-2, Class 1, Rev., 1.35%, 2/1/2022		110,000		110,059

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	221

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Colorado — continued

Series 2020A-2, Class I, Rev., 1.55%, 4/1/2023		100,000		100,550

Colorado Mesa University

Series 2009A, Rev., 5.00%, 5/15/2022		35,000		36,160

Series 2009A, Rev., 5.00%, 5/15/2023		25,000		26,984

Colorado Springs School District No. 11 Facilities Corp. GO, 4.00%, 12/1/2021		35,000		35,340

Colorado State Board for Community Colleges and Occupational Educational System Series 2017A, Rev., 3.00%, 11/1/2023		20,000		21,171

Colorado Water Resources and Power Development Authority, Clean Water Series 2013A, Rev., 5.00%, 3/1/2022		50,000		51,222

Colorado Water Resources and Power Development Authority, Drinking Water

Series 2019A, Rev., 5.00%, 9/1/2021		30,000		30,000

Series 2019A, Rev., 5.00%, 9/1/2022		25,000		26,224

Colorado Water Resources and Power Development Authority, State Revolving Fund

Series 2019A, Rev., 5.00%, 9/1/2021		150,000		150,000

Series 2019A, Rev., 5.00%, 9/1/2022		35,000		36,713

Conservatory Metropolitan District, Limited Tax GO, 4.00%, 12/1/2022		20,000		20,926

Counties of Gunnison, Watershed School District No. 1 Series 2014A, GO, 3.00%, 12/1/2021		100,000		100,724

County of Adams

COP, 5.00%, 12/1/2022		25,000		26,502

COP, 5.00%, 12/1/2023		740,000		818,932

County of Boulder, Open Space Capital Improvement Trust Rev., 5.00%, 12/15/2021		40,000		40,564

County of Eagle COP, 5.00%, 12/1/2021		245,000		247,929

County of El Paso, Pikes Peak Regional Development Center Project COP, 5.00%, 12/1/2022		25,000		26,501

County of El Paso, Terry R. Harris Judicial Complex Project COP, AGM, 5.00%, 12/1/2022		50,000		53,003


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Colorado — continued

County of Gunnison Series 2020B, COP, 5.00%, 12/1/2022		25,000		26,453

County of Jefferson COP, 5.00%, 12/1/2021		25,000		25,301

County of Larimer, Jail Facilities Project COP, 5.00%, 12/1/2021		40,000		40,478

County of Pueblo, Building Acquisition Project

Series 2021B, COP, 4.00%, 9/15/2021		120,000		120,161

Series 2021B, COP, 4.00%, 9/15/2022		100,000		103,846

Series 2021B, COP, 4.00%, 9/15/2024		220,000		243,614

County of Pueblo, County Judicial Complex Project COP, AGM, 5.00%, 9/15/2021 (b)		25,000		25,044

Dawson Ridge Metropolitan District No. 1, Limited Tax

Series 1992-B, GO, Zero Coupon, 10/1/2022 (b)		155,000		154,666

Series A, GO, Zero Coupon, 10/1/2022 (b)		200,000		199,568

Denver City and County School District No. 1

Series 2012B, GO, 4.00%, 12/1/2021		50,000		50,487

GO, 5.00%, 12/1/2021		260,000		263,174

Series 2010C, GO, 5.00%, 12/1/2021		155,000		156,892

Series 2005A, GO, NATL-RE, 5.25%, 12/1/2021		25,000		25,320

Series 2017A, COP, 2.00%, 12/1/2022		50,000		51,135

Series 2010C, GO, 4.00%, 12/1/2022		50,000		52,445

Series 2012B, GO, 4.00%, 12/1/2022		50,000		52,445

GO, 5.00%, 12/1/2022		60,000		63,681

Denver Urban Renewal Authority, Stapleton Senior Tax Increment Series 2013A-1, Rev., 5.00%, 12/1/2021		25,000		25,294

Denver Wastewater Management Division Department of Public Works

Rev., 4.00%, 11/1/2021		20,000		20,129

Rev., 5.00%, 11/1/2021		40,000		40,324

Douglas County Libraries COP, 4.00%, 12/1/2021		25,000		25,236

SEE NOTES TO FINANCIAL STATEMENTS.



222	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Colorado — continued

Douglas County School District No. Re-1 Douglas and Elbert Counties

GO, 4.50%, 12/15/2021		495,000		501,270

GO, 5.00%, 12/15/2021		55,000		55,775

GO, 5.25%, 12/15/2021		585,000		593,665

GO, 5.00%, 12/15/2022		85,000		90,388

E-470 Public Highway Authority, Capital Appreciation

Series B, Rev., NATL-RE, Zero Coupon, 9/1/2021		45,000		45,000

Series B, Rev., NATL-RE, Zero Coupon, 9/1/2022		155,000		154,570

Eagle County School District No. RE-50J GO, 5.00%, 12/1/2021		25,000		25,305

El Paso County School District No. 20 Academy

GO, 4.00%, 12/15/2021		25,000		25,280

GO, 5.00%, 12/15/2022		50,000		51,921

El Paso County School District No. 3 Widefield GO, 5.00%, 12/1/2022		25,000		26,518

Garfield County School District No. RE-2 Garfield GO, 5.00%, 12/1/2022		75,000		79,563

Garfield Pitkin and Eagle Counties School District No. RE-1 Roaring Fork GO, 5.00%, 12/15/2021 (b)		50,000		50,701

Grand County School District No. 2 East Grand GO, 5.00%, 12/1/2021		60,000		60,731

Jefferson County School District R-1

GO, 5.00%, 12/15/2021		150,000		152,110

GO, 4.00%, 12/15/2022 (b)		30,000		31,495

GO, 5.00%, 12/15/2022		140,000		148,818

Larimer County School District No. R-1 Poudre

GO, 5.00%, 12/15/2021		25,000		25,352

GO, 4.00%, 12/15/2022		135,000		141,819

GO, 5.00%, 12/15/2022		30,000		31,897

Larimer Weld and Boulder County School District, R-2J Thompson GO, 3.25%, 12/15/2022		55,000		57,242

Mesa County Valley School District No. 51 Grand Junction

GO, 4.00%, 12/1/2021		85,000		85,826

COP, 5.00%, 12/1/2022		100,000		105,876

GO, 5.00%, 12/1/2022		110,000		116,749

Metro Wastewater Reclamation District Series 2012A, Rev., 5.00%, 4/1/2022 (b)		65,000		66,848


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Colorado — continued

Moffat County School District No. Re001 Craig GO, 3.00%, 12/1/2022		25,000		25,825

North Weld County Water District Rev., AGM, 3.00%, 11/1/2021		25,000		25,120

Park Creek Metropolitan District, Senior Limited Property Tax, Tax-Exempt Series 2016A, Rev., NATL-RE, 5.00%, 12/1/2021		25,000		25,282

Parker Water and Sanitation District

Rev., 5.00%, 11/1/2021		50,000		50,404

GO, 4.00%, 8/1/2022		25,000		25,896

GO, 4.50%, 8/1/2022 (b)		50,000		51,957

Platte River Power Authority Series JJ, Rev., 5.00%, 6/1/2022		25,000		25,921

Pueblo County School District No. 70 GO, 4.00%, 12/1/2022		25,000		26,222

Regional Transportation District

Series 2013A, COP, 5.00%, 6/1/2022		310,000		321,400

Series 2014A, COP, 5.00%, 6/1/2026		35,000		37,727

Regional Transportation District Sales Tax

Series 2012A, Rev., 5.00%, 11/1/2022 (b)		60,000		63,405

Series 2007A, Rev., 5.25%, 11/1/2022		110,000		116,622

Regional Transportation District Sales Tax, FasTracks Project Series 2012A, Rev., 5.00%, 11/1/2022 (b)		755,000		797,838

Rio Blanco County School District No. Re-1 Meeker GO, 4.00%, 12/1/2021		50,000		50,486

Routt County School District Re-2 Steamboat Springs GO, 5.00%, 12/1/2021		50,000		50,609

San Miguel County School District R-1 Telluride GO, 5.00%, 12/1/2021		25,000		25,305

South Suburban Park and Recreation District GO, 3.00%, 12/15/2021		30,000		30,250

State of Colorado

Series 2018A, COP, 5.00%, 12/15/2021		110,000		111,554

Series 2020A, COP, 5.00%, 12/15/2021		200,000		202,825

Series 2011H, COP, 4.00%, 3/15/2022		25,000		25,516

Series 2010A, COP, 5.00%, 9/1/2022		25,000		26,224

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	223

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Colorado — continued

Series 2018A, COP, 5.00%, 12/15/2022		115,000		122,243

Series 2020A, COP, 5.00%, 12/15/2024		100,000		115,411

Series 2020A, COP, 5.00%, 12/15/2025		65,000		77,611

State of Colorado Department of Transportation, Headquarters Facilities Lease Purchase Agreement COP, 5.00%, 6/15/2022		40,000		41,515

State of Colorado, Building Excellent Schools Today

Series 2011H, COP, 3.25%, 3/15/2022 (b)		170,000		172,842

Series 2018M, COP, 5.00%, 3/15/2022		100,000		102,601

State of Colorado, UCDHSC Fitzsimons Academic Series 2013A, COP, 5.00%, 11/1/2026		25,000		27,445

State of Colorado, UCDHSC FITZSIMONS Academic Projects Series A, COP, 5.00%, 11/1/2021		70,000		70,567

Summit County School District No. Re-1 Summit GO, 4.00%, 12/1/2021		70,000		70,680

Tallyn’s Reach Metropolitan District No. 3 GO, 4.00%, 12/1/2022 (b)		250,000		260,800

Teller County School District Re-1 Cripple Creek-Victor GO, 3.00%, 12/1/2021		50,000		50,348

Thornton Development Authority, Tax Increment, North Washington Street Corridor Project Series N, Rev., 5.00%, 12/1/2022		50,000		52,893

Town of Castle Rock, Sales and Use Tax Rev., 4.00%, 6/1/2022		25,000		25,721

Town of Castle Rock, Water and Sewer Enterprise Rev., 5.00%, 12/1/2022		30,000		31,833

Town of Winter Park COP, 4.00%, 12/1/2021		50,000		50,465

University of Colorado Hospital Authority

Series 2017C-2, Rev., 5.00%, 9/20/2021 (c)		1,255,000		1,266,519

Series 2012A, Rev., 4.00%, 11/15/2021		50,000		50,398

Series 2012A, Rev., 5.00%, 11/15/2022		25,000		26,477

University of Colorado Hospital Authority, Health System Series 2019C, Rev., 5.00%, 11/15/2024 (c)		425,000		477,929


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Colorado — continued

University of Colorado, Enterprise System

Series 2012A-1, Rev., 4.00%, 6/1/2022		100,000		102,879

Series 2011B, Rev., 5.00%, 6/1/2022		175,000		181,436

Series 2012A-1, Rev., 5.00%, 6/1/2022 (b)		50,000		51,816

Series 2012A-2, Rev., 5.00%, 6/1/2022 (b)		25,000		25,903

Series 2016B-1, Rev., 5.00%, 6/1/2022		40,000		41,471

Series A, Rev., 5.00%, 6/1/2023		50,000		54,235

Weld County School District No. RE-2 Eaton GO, 4.00%, 12/1/2022		25,000		26,222

Weld County School District No. RE-3J GO, 4.00%, 12/15/2021		45,000		45,506

West Metro Fire Protection District GO, 3.00%, 12/1/2021		30,000		30,217

Westminster Public Schools District No. 50 GO, 4.00%, 12/1/2022 (b)		60,000		62,900


Total Colorado				35,549,579


Connecticut — 2.4%

City of Bridgeport

GO, GAN, 1.50%, 12/9/2021		4,200,000		4,210,399

Series 2012A, GO, 5.00%, 2/15/2022		50,000		51,078

City of Groton Series A, GO, 4.00%, 10/1/2021		40,000		40,123

City of Hartford Series 2013B, GO, GTD, 4.00%, 4/1/2022		30,000		30,675

City of Meriden

GO, 5.00%, 3/1/2022		25,000		25,598

Series 2016B, GO, 5.00%, 5/15/2022		50,000		51,690

GO, 4.00%, 3/1/2024		200,000		203,823

City of Middletown GO, 4.00%, 4/1/2022		50,000		51,139

City of Milford GO, 5.00%, 11/1/2021		80,000		80,641

City of New Britain Series 2017C, GO, AGM, 5.00%, 3/1/2023 (b)		25,000		26,683

City of New Haven Series 2012A, GO, AGM, 3.00%, 11/1/2021		120,000		120,542

City of Stamford Series 2010B, GO, 5.00%, 7/1/2022		50,000		52,026

City of Stamford, Water Pollution Control System and Facility Rev., 5.00%, 9/15/2022		25,000		26,263

SEE NOTES TO FINANCIAL STATEMENTS.



224	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Connecticut — continued

City of Waterbury

GO, AGM, 3.38%, 9/1/2021 (b)		50,000		50,000

GO, 5.00%, 8/1/2022		50,000		52,224

Connecticut Housing Finance Authority, Housing Mortgage Finance Program

Subseries 2018C-3, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/10/2021 (c)		5,040,000		5,040,000

Subseries A-4, Rev., 1.85%, 11/15/2021		70,000		70,237

Series 2012F, Subseries F-1, Rev., 2.10%, 11/15/2021		150,000		150,583

Series 2012G-1, Rev., 2.10%, 11/15/2021		145,000		145,564

Subseries A-4, Rev., 2.10%, 11/15/2022		90,000		91,784

Subseries C-1, Rev., 2.50%, 11/15/2022		20,000		20,514

Connecticut State Health and Educational Facilities Authority, Bridgeport Hospital Series D, Rev., 5.00%, 7/1/2023		20,000		20,797

Connecticut State Health and Educational Facilities Authority, Connecticut State University System

Series L, Rev., 4.00%, 11/1/2021		125,000		125,774

Series M, Rev., 5.00%, 11/1/2021		450,000		453,521

Series L, Rev., 4.00%, 11/1/2023		100,000		104,316

Connecticut State Health and Educational Facilities Authority, Quinnipiac University Series L, Rev., 5.00%, 7/1/2022		150,000		156,091

Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group

Rev., 5.00%, 12/1/2021		175,000		177,132

Rev., 3.00%, 12/1/2023		100,000		106,327

Connecticut State Health and Educational Facilities Authority, University System Issue

Series L, Rev., 3.00%, 9/1/2021		120,000		123,304

Series Q-2, Rev., 5.00%, 9/10/2021		25,000		26,387

Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Series E, Rev., 5.00%, 7/1/2022		340,000		353,807

Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Issue

Series V-1, Rev., VRDO, 0.01%, 9/3/2021 (c)		100,000		100,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Connecticut — continued

Series D, Rev., VRDO, 0.01%, 9/8/2021 (c)		5,000,000		5,000,000

Series 2010A3, Rev., 0.25%, 2/9/2024 (c)		80,000		79,963

Connecticut State Health and Educational Facilities Authority, Yale University

Series U-1, Rev., 2.00%, 2/8/2022 (c)		785,000		791,482

Series 2014A, Rev., 1.10%, 2/7/2023 (c)		455,000		460,955

Series X-2, Rev., 0.25%, 2/9/2024 (c)		465,000		464,557

Metropolitan District (The) Series 2016C, GO, AGM, 5.00%, 11/1/2021		100,000		100,806

Metropolitan District (The), Clean Water Project

Series 2020A, Rev., 5.00%, 10/1/2021		195,000		195,773

Series 2013A, Rev., 5.00%, 4/1/2022 (b)		100,000		102,843

Regional School District No. 17 GO, 4.00%, 5/15/2022		25,000		25,678

South Central Connecticut Regional Water Authority, Water System

Rev., 5.00%, 8/1/2022 (b)		60,000		62,679

Series B, Rev., 5.00%, 8/1/2022		75,000		78,329

State of Connecticut

Series 2013A, GO, (SIFMA Municipal Swap Index Yield + 0.99%), 1.01%, 9/9/2021 (d)		175,000		178,645

Series 2018E, GO, 5.00%, 9/15/2021		280,000		280,500

Series 2013A, GO, 5.00%, 10/15/2021		110,000		110,649

Series 2016E, GO, 5.00%, 10/15/2021		50,000		50,295

Series 2011D, GO, 3.00%, 11/1/2021		25,000		25,120

Series 2011D, GO, 4.00%, 11/1/2021		270,000		271,743

Series 2011D, GO, 5.00%, 11/1/2021		1,380,000		1,390,961

Series G, GO, 5.00%, 11/1/2021		810,000		816,556

Series F, GO, 4.00%, 11/15/2021		140,000		141,118

Series H, GO, 5.00%, 11/15/2021		70,000		70,701

Series 2021A, GO, 3.00%, 1/15/2022		1,290,000		1,303,994

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	225

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Connecticut — continued

Series 2020B, GO, 5.00%, 1/15/2022		105,000		106,915

Series 2019B, GO, 5.00%, 2/15/2022		25,000		25,559

Series 2015A, GO, 4.00%, 3/15/2022		25,000		25,527

Series 2016A, GO, 5.00%, 3/15/2022		75,000		76,984

Series 2012B, GO, 3.00%, 4/15/2022		100,000		101,811

Series 2017B, GO, 3.00%, 4/15/2022		175,000		178,169

Series 2012B, GO, 5.00%, 4/15/2022		110,000		113,354

Series 2018B, GO, 5.00%, 4/15/2022		25,000		25,762

Series 2019A, GO, 5.00%, 4/15/2022		875,000		901,682

Series A, GO, 5.00%, 4/15/2022		150,000		154,574

Series 2016B, GO, 5.00%, 5/15/2022		125,000		129,315

Series 2020C, GO, 3.00%, 6/1/2022		290,000		296,311

Series 2012C, GO, 5.00%, 6/1/2022		265,000		274,725

Series 2018C, GO, 5.00%, 6/15/2022		125,000		129,825

Series 2013E, GO, 5.00%, 8/15/2022		145,000		151,781

Series 2014E, GO, 5.00%, 9/1/2022		50,000		52,447

Series 2012E, GO, 5.00%, 9/15/2022		25,000		26,271

Series 2018F, GO, 5.00%, 9/15/2022		105,000		110,338

Series E, GO, 5.00%, 10/15/2022		100,000		105,489

Series F, GO, 5.00%, 11/15/2022		105,000		111,189

Series H, GO, 5.00%, 11/15/2022		180,000		190,609

Series 2014C, GO, 5.00%, 12/15/2022		110,000		116,928

Series 2021A, GO, 3.00%, 1/15/2023		1,230,000		1,278,779

Series 2020A, GO, 5.00%, 1/15/2023		80,000		85,362

Series 2017A, GO, 5.00%, 4/15/2023		150,000		161,865

Series 2018B, GO, 5.00%, 4/15/2023		175,000		188,783

Series 2019A, GO, 5.00%, 4/15/2023		105,000		113,305

Series 2012C, GO, 5.00%, 6/1/2023		175,000		181,398


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Connecticut — continued

Series 2016D, GO, 5.00%, 8/15/2023		55,000		60,232

Series 2014E, GO, 5.00%, 9/1/2023		350,000		384,040

Series 2012E, GO, 5.00%, 9/15/2023		165,000		173,326

Series 2013A, GO, 5.00%, 10/15/2023		340,000		375,032

Series 2016A, GO, 5.00%, 3/15/2024		145,000		162,735

Series 2014D, GO, 5.00%, 6/15/2024		100,000		113,389

Series 2013E, GO, 5.00%, 8/15/2024		40,000		43,798

Series 2012B, GO, 5.00%, 4/15/2025		810,000		834,305

Series 2012B, GO, AGM-CR, 5.00%, 4/15/2025		875,000		901,348

Series 2017A, GO, 5.00%, 4/15/2025		1,325,000		1,549,971

Series 2016B, GO, 5.00%, 5/15/2025		200,000		234,662

Series 2012C, GO, 5.00%, 6/1/2025		20,000		20,723

Series 2021A, GO, 4.00%, 1/15/2026		60,000		69,356

Series 2013A, GO, 5.00%, 10/15/2026		50,000		55,055

State of Connecticut Clean Water Fund, State Revolving Fund

Series 2015A, Rev., 5.00%, 3/1/2022		35,000		35,855

Series 2015A, Rev., 5.00%, 3/1/2023		25,000		26,830

State of Connecticut Special Tax Series A, Rev., 5.00%, 9/1/2023		50,000		54,863

State of Connecticut, Special Tax Transportation Infrastructure Purposes

Series 2014A, Rev., 5.00%, 9/1/2021		85,000		85,000

Series 2016A, Rev., 5.00%, 9/1/2021		120,000		120,000

Series 2013A, Rev., 5.00%, 10/1/2021		245,000		245,975

Series 2018B, Rev., 5.00%, 10/1/2021		825,000		828,283

Series 2011A, Rev., 5.00%, 12/1/2021		185,000		187,259

Series B, Rev., 5.00%, 12/1/2021		30,000		30,366

Rev., 5.00%, 1/1/2022		180,000		182,937

SEE NOTES TO FINANCIAL STATEMENTS.



226	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Connecticut — continued

Series 2018A, Rev., 5.00%, 1/1/2022		1,335,000		1,356,783

Series A, Rev., 5.00%, 1/1/2022		25,000		25,408

Series 2020A, Rev., 5.00%, 5/1/2022		75,000		77,446

Series A, Rev., 5.00%, 8/1/2022		55,000		57,457

Series B, Rev., 5.00%, 8/1/2022		40,000		41,795

Series A, Rev., 5.00%, 9/1/2022		355,000		372,376

Series B, Rev., 5.00%, 9/1/2022		105,000		110,139

Series A, Rev., 5.00%, 10/1/2022		180,000		189,540

Series 2011B, Rev., 3.00%, 12/1/2022		150,000		151,049

Series A, Rev., 5.00%, 1/1/2023		110,000		117,165

Series 2021A, Rev., 4.00%, 5/1/2023		60,000		63,877

Rev., 5.00%, 1/1/2024		375,000		399,166

Series 2016A, Rev., 5.00%, 9/1/2024		135,000		154,386

Series 2018B, Rev., 5.00%, 10/1/2024		195,000		223,719

Series A, Rev., 5.00%, 1/1/2025		110,000		117,135

Series A, Rev., 5.00%, 10/1/2025		50,000		55,016

Series 2011A, Rev., 5.00%, 12/1/2025		30,000		30,359

Series A, Rev., 5.00%, 9/1/2026		50,000		57,067

Town of Cromwell Series 2016A, GO, 4.00%, 8/1/2022		25,000		25,893

Town of Darien

Series 2020A, GO, 5.00%, 8/1/2022		25,000		26,122

Series 2020A, GO, 5.00%, 8/1/2025		300,000		354,772

Town of East Lyme

GO, 5.00%, 7/15/2022		20,000		20,845

GO, 5.00%, 8/15/2023		35,000		38,293

Town of Groton

Series 2021B, GO, 5.00%, 4/15/2022		50,000		51,512

Series 2020A, GO, 5.00%, 10/15/2022		25,000		26,367

Town of Middlebury GO, 4.00%, 9/15/2021		65,000		65,092

Town of Monroe

GO, 4.00%, 4/15/2022		40,000		40,972

Series 2019, GO, 5.00%, 5/1/2022		25,000		25,815

Town of North Branford GO, 5.00%, 8/1/2022		50,000		52,219

Town of North Haven GO, 5.00%, 10/1/2021 (b)		25,000		25,099


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Connecticut — continued

Town of Oxford GO, BAN, 1.50%, 10/14/2021		100,000		100,157

Town of Plainville GO, 4.00%, 9/1/2022		50,000		51,913

Town of Plymouth GO, 4.00%, 10/15/2021		25,000		25,116

Town of South Windsor Series 2017B, GO, 3.00%, 8/15/2023		30,000		31,678

Town of Southington GO, 3.38%, 1/15/2022 (b)		40,000		40,479

Town of Stratford

GO, 5.00%, 1/1/2022		30,000		30,468

GO, 5.00%, 12/15/2022 (b)		200,000		212,405

Town of Trumbull

Series 2020A, GO, 4.00%, 9/1/2021		25,000		25,000

Series 2014B, GO, 5.00%, 9/1/2021		25,000		25,000

GO, 4.00%, 9/1/2022		25,000		25,967

Town of West Hartford

Series 2019B, GO, 5.00%, 10/1/2021		40,000		40,159

GO, 4.75%, 1/15/2022		45,000		45,779

Town of Westbrook GO, 5.00%, 7/1/2022		30,000		31,229

Town of Wethersfield GO, 4.00%, 3/1/2022		20,000		20,390

Town of Windham

Series B, GO, BAN, 2.00%, 9/30/2021		7,250,000		7,260,637

Series A, GO, 5.00%, 8/15/2023		355,000		386,795

University of Connecticut

Series 2014A, Rev., 5.00%, 2/15/2022		100,000		102,225

Series 2016A, Rev., 5.00%, 3/15/2022		45,000		46,185

Series 2018A, Rev., 5.00%, 4/15/2022		30,000		30,913

Series 2019A, Rev., 5.00%, 11/1/2022		60,000		63,423

Series 2020A, Rev., 5.00%, 2/15/2023		35,000		37,487

Series 2020A, Rev., 5.00%, 2/15/2024		165,000		184,367

Series 2016A, Rev., 5.00%, 3/15/2025		75,000		87,354

Series 2015A, Rev., 5.00%, 2/15/2026		25,000		28,927

University of Connecticut, Special Obligation Student Fee

Series 2012A, Rev., 5.00%, 11/15/2021		35,000		35,350

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	227

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Connecticut — continued

Series 2012A, Rev., 5.00%, 11/15/2023		400,000		422,624


Total Connecticut				50,277,697


Delaware — 0.1%

City of Newark GO, 3.00%, 9/15/2022		30,000		30,907

City of Wilmington

Series 2013A, GO, 4.00%, 10/1/2021		30,000		30,095

GO, 4.00%, 6/1/2022		25,000		25,733

County of New Castle

Series 2012B, GO, 4.00%, 7/15/2022		35,000		36,193

GO, 5.00%, 4/1/2024		25,000		28,110

County of Sussex Series 2020A, GO, 5.00%, 3/15/2022		30,000		30,793

Delaware Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (c)		715,000		731,305

Delaware River and Bay Authority Series B, Rev., 5.00%, 1/1/2022		25,000		25,399

Delaware Transportation Authority

Rev., 5.00%, 9/1/2021		45,000		45,000

Rev., 5.00%, 9/1/2025		100,000		117,904

Delaware Transportation Authority, Transportation System Rev., 5.00%, 7/1/2022		255,000		265,443

State of Delaware

Series 2009C, GO, 5.00%, 10/1/2021		120,000		120,477

Series 2018A, GO, 5.00%, 2/1/2022		75,000		76,529

GO, 3.00%, 3/1/2022 (b)		100,000		101,426

GO, 5.00%, 3/1/2022		40,000		40,979

Series 2016D, GO, 5.00%, 7/1/2022		65,000		67,651

Series 2018A, GO, 5.00%, 2/1/2023		20,000		21,383

Sustainable Energy Utility, Inc., Energy Efficiency Rev., 5.00%, 9/15/2021 (b)		25,000		25,044

University of Delaware

Rev., 5.00%, 9/1/2021		755,000		761,086

Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/3/2021 (c)		400,000		400,000

Series 2013A, Rev., 5.00%, 5/1/2023 (b)		25,000		27,014

Wilmington Parking Authority (The) Rev., GTD, 5.00%, 3/15/2022		75,000		76,984


Total Delaware				3,085,455


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


District of Columbia — 0.5%

District of Columbia

Series 2013A, GO, 5.00%, 6/1/2022		200,000		207,340

Series 2014D, GO, 5.00%, 6/1/2022		40,000		41,468

Series 2015A, GO, 5.00%, 6/1/2022		20,000		20,734

Series 2016A, GO, 5.00%, 6/1/2022		125,000		129,587

Series 2016D, GO, 5.00%, 6/1/2022		30,000		31,101

Series 2017A, GO, 5.00%, 6/1/2022		70,000		72,569

Series 2017D, GO, 5.00%, 6/1/2022		115,000		119,220

Series 2018A, GO, 5.00%, 6/1/2022		25,000		25,917

Series 2018B, GO, 5.00%, 6/1/2022		50,000		51,835

District of Columbia Housing Finance Agency, Multi-Family Development Program

Series 2019B-2, Rev., FHA, 1.70%, 3/1/2023		165,000		168,060

Series 2019B-1, Rev., FHA, 1.75%, 9/1/2023 (c)		445,000		456,104

District of Columbia Housing Finance Agency, Strand Residence Project Rev., 1.45%, 8/1/2022 (c)		1,300,000		1,313,895

District of Columbia Water and Sewer Authority, Public Utility, Subordinate Lien

Series 2018B, Rev., 5.00%, 10/1/2021		55,000		55,219

Series 2014C, Rev., 5.00%, 10/1/2022		75,000		78,984

Series A, Rev., 5.00%, 10/1/2022		65,000		68,452

District of Columbia, Association of American Medical Colleges Issue Series 2011B, Rev., 4.50%, 10/1/2021 (b)		110,000		110,390

District of Columbia, Children’s Hospital Obligated Group

Rev., 5.00%, 7/15/2022		680,000		708,415

Rev., 5.00%, 7/15/2023		525,000		571,806

District of Columbia, Deed Tax Series 2012A, Rev., 5.00%, 6/1/2022		70,000		72,515

District of Columbia, Federal Highway

Rev., 5.00%, 12/1/2021		25,000		25,301

Rev., 5.00%, 12/1/2024		495,000		540,030

District of Columbia, Gallery Place Project Rev., 5.00%, 6/1/2024		100,000		100,396

District of Columbia, Income Tax

Series 2019C, Rev., 5.00%, 10/1/2021		265,000		266,050

Series 2020B, Rev., 5.00%, 10/1/2021		60,000		60,238

SEE NOTES TO FINANCIAL STATEMENTS.



228	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

District of Columbia — continued

Series 2011A, Rev., 4.00%, 12/1/2021		60,000		60,581

Series 2012A, Rev., 4.00%, 12/1/2021		60,000		60,581

Series 2012C, Rev., 4.00%, 12/1/2021		125,000		126,211

Series F, Rev., 4.00%, 12/1/2021		125,000		126,211

Series 2011A, Rev., 5.00%, 12/1/2021 (b)		75,000		75,908

Series 2012A, Rev., 5.00%, 12/1/2021		400,000		404,863

Series 2014A, Rev., 5.00%, 12/1/2021		255,000		258,100

Series C, Rev., 5.00%, 12/1/2021		75,000		75,912

Series F, Rev., 5.00%, 12/1/2021		85,000		86,033

Series G, Rev., 5.00%, 12/1/2021 (b)		125,000		126,514

Series 2019C, Rev., 5.00%, 10/1/2022		30,000		31,590

Series 2020B, Rev., 5.00%, 10/1/2022		30,000		31,590

Series F, Rev., 4.00%, 12/1/2022		60,000		60,580

Series 2014A, Rev., 5.00%, 12/1/2022		85,000		90,193

Series 2020B, Rev., 5.00%, 10/1/2023		45,000		49,544

Series 2012A, Rev., 5.00%, 12/1/2023		25,000		26,511

Series 2012C, Rev., 5.00%, 12/1/2023		25,000		26,511

Series 2014A, Rev., 5.00%, 12/1/2023		25,000		27,720

Series 2012A, Rev., 5.00%, 12/1/2026		200,000		211,934

District of Columbia, The Catholic University of America Issue Rev., 5.00%, 10/1/2022		25,000		26,244

District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien

Series 2017B, Rev., 5.00%, 10/1/2022		50,000		52,656

Rev., AGM, 5.50%, 10/1/2023		210,000		222,584

District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien

Series 2015A, Rev., 4.00%, 10/1/2021		125,000		125,396

Series 2014C, Rev., 5.00%, 10/1/2021		105,000		105,418


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


District of Columbia — continued

Series 2014C, Rev., 5.00%, 10/1/2024		25,000		28,682

Metropolitan Washington Airports Authority Aviation

Series 2010F-1, Rev., 5.00%, 10/1/2021		40,000		40,159

Series 2016B, Rev., 5.00%, 10/1/2021		100,000		100,396

Metropolitan Washington Airports Authority Dulles Toll Road, Capital Appreciation

Series 2009B, Rev., AGC, Zero Coupon, 10/1/2021		25,000		24,997

Series 2009B, Rev., AGC, Zero Coupon, 10/1/2022		20,000		19,946

Washington Convention and Sports Authority, Senior Lien Dedicated Tax Series 2018A, Rev., 5.00%, 10/1/2021		1,290,000		1,294,963

Washington Metropolitan Area Transit Authority

Series 2017B, Rev., 5.00%, 7/1/2022		275,000		286,097

Series A-1, Rev., 5.00%, 7/1/2022		20,000		20,807

Series 2017B, Rev., 5.00%, 7/1/2023		100,000		108,733

Series 2017B, Rev., 5.00%, 7/1/2024		20,000		22,664


Total District of Columbia				9,732,455



Florida — 6.0%

Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics Series 2019B-1, Rev., 5.00%, 12/1/2022		50,000		52,938

Alachua County School Board COP, 5.00%, 7/1/2024		225,000		253,947

Board of Governors State University System of Florida, University System Improvement

Series 2014A, Rev., 5.00%, 7/1/2022		165,000		171,658

Series 2014A, Rev., 5.00%, 7/1/2023		80,000		86,940

Brevard County Health Facilities Authority, Health First, Inc., Project Rev., 5.00%, 4/1/2022		50,000		51,393

Brevard County School District COP, 5.00%, 7/1/2022		25,000		26,011

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	229

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Florida — continued

Broward County Water & Sewer Utility Series B, Rev., 5.00%, 10/1/2021		20,000		20,079

Capital Trust Agency, Inc., Council Towers Apartments Project Series 2020A, Rev., 0.80%, 3/1/2022 (c)		10,450,000		10,477,276

Capital Trust Agency, Inc., Multi-Family Housing, Mission Springs Apartments Project Series A, Rev., 4.25%, 12/1/2022 (b)		595,000		653,311

Capital Trust Agency, Inc., Multi-Family, GMF Jacksonville Pool Project Series 2012A, Rev., 3.75%, 12/1/2022 (b)		195,000		202,031

Central Florida Expressway Authority, Senior Lien

Rev., 5.00%, 7/1/2022		85,000		88,401

Rev., 5.00%, 7/1/2023		25,000		27,183

Series 2016B, Rev., 5.00%, 7/1/2025		25,000		29,435

Charlotte County, Utility System Series 2011, Rev., AGM, 5.25%, 10/1/2021 (b)		100,000		100,411

City of Apopka, Utility System

Rev., 4.00%, 10/1/2021		20,000		20,063

Rev., 5.00%, 10/1/2023		30,000		31,583

City of Bradenton, Special Obligation Rev., 4.00%, 9/1/2022		25,000		25,951

City of Cape Coral, Water & Sewer

Rev., AGM, 5.00%, 10/1/2021 (b)		190,000		190,742

Series 2011A, Rev., AGM, 5.00%, 10/1/2021 (b)		105,000		105,414

City of Clearwater, Stormwater System

Rev., 4.00%, 11/1/2021		30,000		30,193

Rev., 4.75%, 11/1/2022		35,000		36,899

City of Clearwater, Water & Sewer

Rev., 5.00%, 12/1/2021		560,000		566,817

Rev., 5.00%, 12/1/2022		50,000		53,061

City of Cocoa, Water and Sewer System Series 2018A, Rev., 3.00%, 10/1/2021		50,000		50,118

City of Fort Myers, Utility System Series 2019A, Rev., 4.00%, 10/1/2023		100,000		107,673

City of Gainesville, Utilities System

Series 2017A, Rev., 5.00%, 9/1/2021		170,000		178,915

Series A, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 9/3/2021 (c)		2,885,000		2,885,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Series 2017A, Rev., 5.00%, 10/1/2021		25,000		25,098

Series 2012A, Rev., 2.50%, 10/1/2023		230,000		235,687

Series 2012A, Rev., 5.00%, 10/1/2024		100,000		105,233

City of Hallandale Beach, Capital Improvement Rev., 5.00%, 10/1/2023		25,000		27,414

City of Hollywood, Water and Sewer Rev., 5.00%, 10/1/2021		25,000		25,099

City of Jacksonville

Rev., 5.00%, 10/1/2021		780,000		783,097

Series 2010B, Rev., 5.00%, 10/1/2021		560,000		562,224

Series 2011A, Rev., 5.00%, 10/1/2021 (b)		220,000		220,868

Series 2011B, Rev., 5.00%, 10/1/2021		65,000		65,258

Series 2012B, Rev., 5.00%, 10/1/2021		565,000		567,244

Series 2012C, Rev., 5.00%, 10/1/2021		250,000		250,993

Series 2019A, Rev., 5.00%, 10/1/2021		50,000		50,199

Series 2012A, Rev., 4.25%, 10/1/2022 (b)		60,000		62,642

Series 2012A, Rev., 5.00%, 10/1/2022 (b)		350,000		368,242

Series 2012B, Rev., 5.00%, 10/1/2022		155,000		163,215

Series 2020A, Rev., 5.00%, 10/1/2022		250,000		263,250

Series C, Rev., 5.00%, 10/1/2024		25,000		26,300

Series 2012C, Rev., 5.00%, 10/1/2025		350,000		368,158

City of Jacksonville, Better Jacksonville Sales Tax

Rev., 5.00%, 10/1/2022		525,000		552,826

Rev., 5.00%, 10/1/2025		50,000		52,639

City of Jacksonville, Health Care Facilities, Baptist Medical Center

Series 2019B, Rev., VRDO, 0.02%, 9/10/2021 (c)		1,395,000		1,395,000

Series 2019A, Rev., 4.00%, 8/15/2023		265,000		283,961

City of Jacksonville, Sales Tax Rev., 5.00%, 10/1/2024		200,000		210,555

SEE NOTES TO FINANCIAL STATEMENTS.



230	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Florida — continued

City of Kissimmee, Capital Improvement, Sales Tax Rev., 5.00%, 10/1/2021		50,000		50,199

City of Lakeland, Department of Electric Utilities

Rev., 5.00%, 10/1/2021		480,000		481,902

Rev., 5.00%, 10/1/2026		20,000		23,969

City of Lakeland, Lakeland Regional Health Systems

Rev., 5.00%, 11/15/2021		125,000		126,249

Rev., 5.00%, 11/15/2022		50,000		52,922

City of Lakeland, Water & Wastewater Series 2012A, Rev., 5.00%, 10/1/2021		25,000		25,099

City of Lauderhill GO, 4.00%, 1/1/2022		25,000		25,316

City of Miami Beach, Stormwater

Series 2011A, Rev., 4.13%, 9/1/2021 (b)		100,000		100,000

Series 2011A, Rev., 4.75%, 9/1/2021 (b)		110,000		110,000

Series 2011A, Rev., 5.00%, 9/1/2021		125,000		125,000

Series 2011A, Rev., 5.25%, 9/1/2021 (b)		100,000		100,000

Rev., 5.00%, 9/1/2022		220,000		230,655

City of Miramar, Utility System

Rev., 5.00%, 10/1/2021		40,000		40,159

Rev., 5.00%, 10/1/2022		40,000		42,120

City of Mount Dora, Capital Improvement Rev., 4.00%, 11/1/2021		100,000		100,625

City of Oakland Park, Water and Sewer, Green Bonds Rev., 5.00%, 9/1/2022		30,000		31,453

City of Ocoee, Capital Improvement

Rev., 4.00%, 10/1/2021		45,000		45,137

Rev., 5.00%, 10/1/2022		60,000		63,086

City of Ocoee, Water and Sewer System Rev., 4.00%, 10/1/2021		100,000		100,308

City of Orlando, Capital Improvement

Series 2016B, Rev., 5.00%, 10/1/2021		115,000		115,457

Series C, Rev., 5.00%, 10/1/2022		25,000		26,325

Series 2018B, Rev., 5.00%, 10/1/2023		50,000		55,005

Series 2016B, Rev., 5.00%, 10/1/2024		25,000		28,648

City of Orlando, Development Tax

Series 2014A, Rev., 5.00%, 11/1/2021 (b)		35,000		35,281


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Series 2014A, Rev., 5.00%, 5/1/2024 (b)		20,000		22,566

City of Orlando, Waste Water System Rev., 5.00%, 10/1/2021		50,000		50,199

City of Palm Coast Rev., 5.00%, 10/1/2021		195,000		195,758

City of Panama City Beach, Utility System Rev., 5.00%, 6/1/2022		35,000		36,271

City of Pembroke Pines, Capital Improvement Rev., AGM, 5.00%, 12/1/2021		100,000		101,206

City of Pompano Beach, John Knox Village Project Rev., 3.25%, 9/1/2022		145,000		149,271

City of Port Orange GO, 4.00%, 4/1/2022		25,000		25,562

City of Port St. Lucie, Utility System

Rev., 5.00%, 9/1/2021		50,000		50,000

Rev., NATL-RE, 5.25%, 9/1/2021		235,000		235,000

Rev., 5.00%, 9/1/2022		130,000		136,190

City of Sarasota, St. Armands Paid Parking Area Improvements

Series 2017B, Rev., 3.00%, 10/1/2022		25,000		25,785

Series 2017A, Rev., 4.00%, 10/1/2023		25,000		26,929

City of Sarasota, Water and Sewer System Rev., 5.00%, 10/1/2021		50,000		50,199

City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group

Rev., 5.00%, 8/15/2022		65,000		67,976

Rev., 5.00%, 8/15/2023		35,000		38,214

City of St. Petersburg, Public Service Tax

Series 2016A, Rev., 4.00%, 10/1/2022		45,000		46,879

Series 2016A, Rev., 4.00%, 10/1/2023		35,000		37,785

City of St. Petersburg, Public Utility

Rev., 3.00%, 10/1/2021		25,000		25,058

Rev., 5.00%, 10/1/2021		45,000		45,177

Series 2014B, Rev., 5.00%, 10/1/2021		50,000		50,196

Series 2013A, Rev., 3.00%, 10/1/2022		30,000		30,929

Series 2014B, Rev., 5.00%, 10/1/2022		20,000		21,051

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	231

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Florida — continued

City of Tallahassee

Rev., 5.00%, 10/1/2021		70,000		70,277

Rev., 5.00%, 10/1/2022		85,000		89,486

Rev., 5.00%, 10/1/2024		200,000		210,555

City of Tallahassee, Energy System

Rev., 5.00%, 10/1/2021		190,000		190,750

Rev., 5.00%, 10/1/2022		30,000		31,583

City of Tallahassee, Utility System

Rev., 5.00%, 10/1/2021		275,000		276,088

Rev., 5.00%, 10/1/2023		30,000		32,996

City of Tampa, Baycare Health System Issue

Series 2012A, Rev., 5.00%, 11/15/2024		245,000		253,262

Series 2012A, Rev., 5.00%, 11/15/2025		315,000		325,440

City of Tampa, Capital Improvement Cigarette Tax Allocation, H. Lee Moffitt Cancer Center Project

Rev., 5.00%, 9/1/2021		300,000		300,000

Series 2012A, Rev., 5.00%, 9/1/2021		40,000		40,000

Series 2012A, Rev., 5.00%, 9/1/2022		25,000		26,188

City of Tampa, Sales Tax Rev., 5.00%, 10/1/2022		225,000		236,799

City of Tampa, Utilities Tax Series 2012B, Rev., 5.00%, 10/1/2021 (b)		140,000		140,552

City of Tampa, Water and Sewer Improvement System

Rev., 4.00%, 10/1/2021 (b)		40,000		40,126

Rev., 5.00%, 10/1/2021 (b)		365,000		366,440

City of Venice, Transportation Improvement GO, 5.00%, 2/1/2022		35,000		35,713

City of Venice, Utility System Rev., 5.00%, 12/1/2022 (b)		50,000		53,040

City of West Palm Beach, Parks and Recreation Projects GO, 5.00%, 4/1/2022		30,000		30,857

City of West Palm Beach, Utility System

Series 2012A, Rev., 4.00%, 10/1/2021		50,000		50,159

Series 2011A, Rev., 5.00%, 10/1/2021		200,000		200,794

Series 2017C, Rev., 5.00%, 10/1/2022		25,000		26,325


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Clay County School Board COP, AGM, 5.00%, 7/1/2022		100,000		103,992

County of Bay, Wholesale Water System Rev., 5.00%, 9/1/2022		30,000		31,453

County of Brevard, Water and Wastewater Utility Rev., 5.00%, 9/1/2022		80,000		83,916

County of Broward, Airport System

Series Q-1, Rev., 4.00%, 10/1/2021		20,000		20,063

Series 2013C, Rev., 5.00%, 10/1/2021		100,000		100,395

Series 2013C, Rev., 5.00%, 10/1/2022		95,000		100,025

Series P-2, Rev., 5.00%, 10/1/2022		25,000		26,322

Series Q-1, Rev., 5.00%, 10/1/2022		50,000		52,639

Series P-2, Rev., 5.00%, 10/1/2023		140,000		147,279

Series Q-1, Rev., 5.00%, 10/1/2024		230,000		241,907

County of Citrus, Capital Improvement Rev., 5.00%, 10/1/2022		45,000		47,234

County of Citrus, Non-Ad Valorem Rev., 4.00%, 10/1/2021		50,000		50,158

County of Citrus, Water and Wastewater System Rev., 5.00%, 10/1/2021		40,000		40,157

County of Collier, Special Obligation

Rev., 5.00%, 10/1/2021		315,000		316,251

Series 2010B, Rev., 5.00%, 10/1/2021		30,000		30,119

Rev., 5.00%, 10/1/2023		115,000		115,454

Rev., 4.00%, 10/1/2025		200,000		208,282

County of Hillsborough, Capital Improvement Rev., 5.00%, 8/1/2022		65,000		67,879

County of Hillsborough, Communications Services Tax Rev., 5.00%, 10/1/2024		35,000		40,131

County of Hillsborough, Community Investment Tax

Rev., 5.00%, 11/1/2021		105,000		105,834

Rev., 5.00%, 11/1/2022		130,000		137,307

Series 2012B, Rev., 5.00%, 11/1/2022		55,000		58,091

Rev., 5.00%, 11/1/2023		175,000		192,195

Rev., 5.00%, 11/1/2025		25,000		29,502

County of Lee County, Water and Sewer

Series 2013A, Rev., 5.00%, 10/1/2021		40,000		40,158

Series 2013B, Rev., 5.00%, 10/1/2021		120,000		120,475

SEE NOTES TO FINANCIAL STATEMENTS.



232	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Florida — continued

Series 2013B, Rev., 5.00%, 10/1/2022		55,000		57,909

County of Lee, Non-Ad valorem Rev., 5.00%, 10/1/2023		100,000		109,943

County of Lee, Tourist Development Tax

Series 2019A, Rev., 3.00%, 10/1/2021		50,000		50,117

Series 2019A, Rev., 5.00%, 10/1/2024		25,000		28,616

County of Lee, Transportation Facilities

Rev., AGM, 5.00%, 10/1/2021		150,000		150,579

Rev., AGM, 5.00%, 10/1/2022		40,000		42,053

Rev., AGM, 5.00%, 10/1/2024		200,000		227,862

County of Manatee Rev., 5.00%, 10/1/2021		55,000		55,218

County of Manatee, Public Utilities

Rev., 5.00%, 10/1/2021		135,000		135,536

Rev., 5.00%, 10/1/2022		50,000		52,650

County of Manatee, Transportation Projects Rev., 5.00%, 10/1/2022		25,000		26,325

County of Martin, Consolidated Utilities System Series 2016A, Rev., 5.00%, 10/1/2021		40,000		40,159

County of Martin, Half-Cent Sales Tax Rev., 5.00%, 7/1/2022		30,000		31,223

County of Miami-Dade Series 2011C, GO, 4.75%, 10/1/2022		20,000		20,074

County of Miami-Dade, Aviation

Series B, Rev., 4.00%, 10/1/2023		225,000		234,271

Series 2012B, Rev., 5.00%, 10/1/2024		380,000		399,757

County of Miami-Dade, Building Better Communities Program

Series 2013A, GO, 5.00%, 7/1/2022		125,000		130,087

Series 2015-D, GO, 5.00%, 7/1/2022		70,000		72,849

Series 2016A, GO, 5.00%, 7/1/2022		90,000		93,662

Series 2016A, GO, 5.00%, 7/1/2024		30,000		34,033

County of Miami-Dade, Capital Asset Acquisition

Series 2013A, Rev., 5.00%, 4/1/2022		80,000		82,277

Series 2016B, Rev., 5.00%, 4/1/2022		335,000		344,535

Series 2017A, Rev., 5.00%, 4/1/2022		120,000		123,416

County of Miami-Dade, Parks Program

Series 2011B, GO, 4.00%, 11/1/2021		30,000		30,193


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Series 2015A, GO, 5.00%, 11/1/2021		40,000		40,323

Series 2011B, GO, 3.50%, 11/1/2022		30,000		30,168

Series 2015A, GO, 5.00%, 11/1/2022		90,000		95,157

County of Miami-Dade, Public Health Trust Program

Series 2016A, GO, 5.00%, 7/1/2022		45,000		46,839

Series 2016A, GO, 2.50%, 7/1/2023		215,000		224,365

County of Miami-Dade, Seaport Department Series 2011C, GO, 4.75%, 10/1/2021		125,000		125,463

County of Miami-Dade, Subordinate Special Obligation

Series 2012B, Rev., 5.00%, 10/1/2022 (b)		760,000		800,037

Series A, Rev., 5.00%, 10/1/2022 (b)		35,000		36,844

County of Miami-Dade, Transit System, Sales Surtax

Rev., 5.00%, 7/1/2022 (b)		550,000		572,170

Rev., 5.00%, 7/1/2023		320,000		346,896

County of Miami-Dade, Water and Sewer System

Rev., 5.00%, 10/1/2021		55,000		55,218

Series 2008B, Rev., AGM, 5.25%, 10/1/2021		300,000		301,247

Rev., 5.00%, 10/1/2022		180,000		189,520

Series 2013A, Rev., 5.00%, 10/1/2022 (b)		45,000		47,371

Series A, Rev., 5.00%, 10/1/2022 (b)		290,000		305,277

Series 2008B, Rev., AGM, 5.25%, 10/1/2022		75,000		79,169

Rev., 5.00%, 10/1/2023		20,000		21,984

Series 2013B, Rev., 5.00%, 10/1/2023 (b)		50,000		55,024

Rev., 5.00%, 10/1/2024		40,000		45,771

County of Okaloosa, Sales Tax

Rev., 5.00%, 10/1/2021		100,000		100,398

Rev., 5.00%, 10/1/2022		85,000		89,505

Rev., 5.00%, 10/1/2023		25,000		27,486

County of Orange, Capital Improvement Rev., 5.00%, 10/1/2021		105,000		105,416

County of Orange, Sales Tax

Series 2012B, Rev., 5.00%, 1/1/2022 (b)		120,000		121,942

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	233

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Florida — continued

Series 2012C, Rev., 5.00%, 1/1/2022		260,000		264,225

County of Osceola, Infrastructure Sales Surtax

Rev., 5.00%, 10/1/2021		400,000		401,539

Rev., 5.00%, 10/1/2022		135,000		141,943

County of Osceola, Sales Tax Series 2016A, Rev., 4.00%, 10/1/2021		165,000		165,502

County of Palm Beach, Public Improvement

Rev., 5.00%, 6/1/2022 (b)		55,000		57,009

Series 2014A, Rev., 5.00%, 11/1/2022		30,000		31,712

County of Palm Beach, Public Improvement, Convention Center Project Rev., 5.00%, 11/1/2021 (b)		455,000		458,653

County of Palm Beach, Recreational and Cultural Facilities GO, 5.00%, 7/1/2022		100,000		104,078

County of Palm Beach, Water and Sewer

Rev., 4.00%, 10/1/2021		230,000		230,725

Rev., 5.00%, 10/1/2023 (b)		25,000		27,512

County of Palm Beach, Water and Sewer, FPL Reclaimed Water Project Rev., 5.00%, 10/1/2022		35,000		36,851

County of Pasco, Fire-Rescue Projects Series 2019B, GO, 5.00%, 10/1/2023		35,000		38,503

County of Pasco, Half-Cent Sales Tax and Improvement

Series 2013A, Rev., 5.00%, 12/1/2021		35,000		35,421

Series 2013A, Rev., 5.00%, 12/1/2022		95,000		100,743

County of Pasco, Water and Sewer Series 2014A, Rev., 5.00%, 10/1/2022		25,000		26,311

County of Pinellas, Sewer Rev., 5.00%, 10/1/2022		60,000		63,127

County of Polk, Utility System Rev., 5.00%, 10/1/2022		135,000		142,155

County of Sarasota, Infrastructure Sales Surtax Rev., 5.00%, 10/1/2022		100,000		105,300

County of Sarasota, Infrastructure Sales Surtax

Rev., 4.00%, 10/1/2021		200,000		200,633

Rev., 5.00%, 10/1/2021		170,000		170,675

Rev., 5.00%, 10/1/2022		125,000		131,626


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

County of Sarasota, Utility System Rev., 5.00%, 10/1/2022		40,000		42,120

County of Seminole, Water and Sewer

Series 2015B, Rev., 5.00%, 10/1/2021		25,000		25,099

Series 2015B, Rev., 5.00%, 10/1/2022		75,000		78,992

County of St. Johns, Sales Tax Rev., AGM, 5.00%, 10/1/2023		25,000		27,530

County of St. Johns, Water and Sewer Rev., 5.00%, 6/1/2022		55,000		57,018

County of St. Lucie, Florida Power and Light Co., Project Rev., VRDO, 0.01%, 9/3/2021 (c)		20,750,000		20,750,000

County of St. Lucie, Non-Ad Valorem Rev., 5.00%, 10/1/2023		75,000		81,849

County of St. Lucie, Sales Tax Series A, Rev., AGM, 5.00%, 10/1/2021		70,000		70,272

Escambia County Housing Finance Authority, Multi County Program Series 2019B, Rev., GNMA COLL, 1.65%, 4/1/2023		90,000		91,601

Escambia County School Board, Sales Tax

Rev., 5.00%, 9/1/2022		115,000		120,534

Rev., 5.00%, 9/1/2023		125,000		136,577

Florida Atlantic University Finance Corp., Student Housing Project Series 2019A, Rev., 5.00%, 7/1/2022		210,000		218,402

Florida Atlantic University Housing System Series 2016A, Rev., 5.00%, 7/1/2022		35,000		36,397

Florida Department of Children and Families, Civil Commitment Center Financing Corp. Project COP, 5.00%, 10/1/2021		100,000		100,395

Florida Department of Children and Families, South Florida Evaluation Treatment Center Financing Corp. Project Series 2021A, COP, 5.00%, 10/1/2021		25,000		25,099

Florida Department of Environmental Protection

Series 2012A, Rev., 5.00%, 7/1/2022		115,000		119,700

Series 2014A, Rev., 5.00%, 7/1/2022		25,000		26,022

Series 2016A, Rev., 5.00%, 7/1/2022		115,000		119,700

SEE NOTES TO FINANCIAL STATEMENTS.



234	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Florida — continued

Series 2017A, Rev., 5.00%, 7/1/2022		25,000		26,021

Series 2018A, Rev., 5.00%, 7/1/2022		145,000		150,926

Series 2012A, Rev., 5.00%, 7/1/2023		85,000		88,452

Series 2014A, Rev., 5.00%, 7/1/2023		140,000		152,469

Florida Department of Environmental Protection, Everglades Restoration

Series 2019A, Rev., 5.00%, 7/1/2022		25,000		26,022

Series 2013A, Rev., 4.00%, 7/1/2025		200,000		206,295

Florida Department of Management Services

Series 2015A, COP, 5.00%, 8/1/2022		340,000		355,188

Series 2018A, COP, 5.00%, 11/1/2022		135,000		142,653

Series 2015A, COP, 5.00%, 8/1/2023		140,000		152,944

Series 2018A, COP, 5.00%, 11/1/2026		20,000		24,580

Florida Department of Management Services, Florida Facilities Pool Series 2017A, Rev., 5.00%, 9/1/2023		70,000		76,704

Florida Governmental Utility Authority Rev., 4.00%, 10/1/2021		20,000		20,061

Florida Gulf Coast University Financing Corp., Housing Project

Series A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/1/2021 (c)		10,600,000		10,600,000

Rev., 5.00%, 2/1/2022		215,000		219,191

Series 2020A, Rev., 5.00%, 2/1/2022		150,000		152,924

Series 2017A, Rev., 5.00%, 8/1/2022		100,000		104,297

Series 2020A, Rev., 5.00%, 2/1/2023		120,000		127,946

Series 2020A, Rev., 5.00%, 2/1/2024		125,000		138,487

Series 2020A, Rev., 5.00%, 2/1/2025		115,000		132,163

Florida Higher Educational Facilities Financial Authority, Nova Southeastern University Project Series 2012A, Rev., 5.00%, 4/1/2022 (b)		95,000		97,673


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Florida Higher Educational Facilities Financial Authority, Rollins College Project

Series 2012B, Rev., 3.00%, 12/1/2021		100,000		100,671

Series 2012A, Rev., 2.63%, 12/1/2022 (b)		30,000		30,902

Series 2012B, Rev., 3.00%, 12/1/2022		50,000		51,681

Series 2012A, Rev., 3.50%, 12/1/2022 (b)		55,000		57,260

Florida Higher Educational Facilities Financial Authority, University of Tampa Project Series 2012A, Rev., AGM, 4.50%, 4/1/2022 (b)		100,000		102,523

Florida Housing Finance Corp., Multi-Family Housing, Azure Estates Series 2019J, Rev., 1.45%, 3/1/2022 (c)		125,000		125,730

Florida Housing Finance Corp., Multi-Family Mortgage, Parrish Oaks Series 2020A, Rev., 1.25%, 2/1/2022 (c)		555,000		557,587

Florida Municipal Loan Council

Series B, Rev., AGM, GTD, 4.38%, 9/3/2021		20,000		20,002

Rev., GTD, NATL-RE, 3.00%, 10/1/2021		60,000		60,133

Series 2012A, Rev., AGM, 5.00%, 5/1/2025		200,000		206,304

Florida Municipal Loan Council, Lighthouse Point Series 2019A, Rev., 5.00%, 8/1/2022		30,000		31,323

Florida Municipal Power Agency, All-Requirements Power Supply Project

Series 2016A, Rev., 5.00%, 10/1/2021		1,145,000		1,149,471

Series 2016A, Rev., 5.00%, 10/1/2022		100,000		105,222

Series 2016A, Rev., 5.00%, 10/1/2023		90,000		98,909

Series 2016A, Rev., 5.00%, 10/1/2024		255,000		291,622

Series 2017A, Rev., 5.00%, 10/1/2025		50,000		59,115

Florida Municipal Power Agency, St. Lucie Project Series 2012A, Rev., 5.00%, 10/1/2026		80,000		84,170

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	235

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (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		395,000		396,543

Series 2012A, Rev., 5.00%, 10/1/2022		70,000		73,655

Series 2012A, Rev., 5.00%, 10/1/2023		420,000		441,601

Florida Ports Financing Commission, State Transportation Trust Fund Series 2011A, Rev., 5.00%, 10/1/2021 (b)		230,000		230,907

Florida State Board of Governors, University of Florida Student Activity Series 2013A, Rev., 5.00%, 7/1/2022		45,000		46,816

FSU Financial Assistance, Inc.

Series 2012A, Rev., 3.00%, 10/1/2021		75,000		75,167

Series 2012C, Rev., 3.00%, 10/1/2025		100,000		102,523

Greater Orlando Aviation Authority, Airport Facilities

Series 2016B, Rev., 5.00%, 10/1/2021		35,000		35,139

Series 2016B, Rev., 5.00%, 10/1/2022		50,000		52,656

Hillsborough County Industrial Development Authority, Baycare Health System Issues Series 2020D, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/3/2021 (c)		125,000		125,000

Hillsborough County School Board

Series 2016A, COP, 5.00%, 7/1/2022		25,000		25,998

Series 2017A, COP, 5.00%, 7/1/2022		40,000		41,597

Hillsborough County School Board, Master Lease Program

COP, 5.00%, 7/1/2022		75,000		77,994

Series 2012A, COP, 5.00%, 7/1/2022 (b)		280,000		291,363

Hillsborough County School Board, Sales Tax Series 2015B, Rev., AGM, 5.00%, 10/1/2023		40,000		43,881

Inland Protection Financing Corp.

Series 2019A, Rev., 5.00%, 7/1/2022		50,000		52,039

Series 2019A, Rev., 5.00%, 7/1/2023		30,000		32,655


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Jacksonville Transportation Authority, Senior Lien Gas Tax Rev., 5.00%, 8/1/2024		25,000		28,330

JEA Electric System

Series 2014A, Rev., 5.00%, 10/1/2021		195,000		195,763

Series 2013A, Rev., 5.00%, 10/1/2022		175,000		184,158

JEA FL Bulk Power Supply System Series 2014A, Rev., 2.25%, 10/1/2021		50,000		50,085

JEA Water and Sewer System

Series 2013A, Rev., 5.00%, 9/1/2021 (b)		15,000		15,782

Series 2008A-1, Rev., VRDO, LIQ: U.S. Bank NA, 0.01%, 9/3/2021 (c)		15,000,000		15,000,000

Series 2017A, Rev., 5.00%, 10/1/2021 (b)		635,000		637,453

Series 2013A, Rev., 5.00%, 10/1/2022 (b)		75,000		78,892

Lee County School Board (The)

Series 2012B, COP, 3.00%, 8/1/2022		405,000		409,828

Series 2012B, COP, 4.00%, 8/1/2022		100,000		103,545

Lee Memorial Health System

Series 2019A-1, Rev., 5.00%, 4/1/2022		265,000		272,322

Series A-1, Rev., 5.00%, 4/1/2025		160,000		185,351

Leon County School District, Sales Tax Rev., 5.00%, 9/1/2022		40,000		41,925

Martin County Health Facilities Authority, Martin Memorial Medical Center

Rev., 5.00%, 11/15/2022 (b)		25,000		26,450

Rev., 4.25%, 11/15/2024 (b)		105,000		118,389

Miami Beach Health Facilities Authority, Mount Sinai Medical Center

Rev., 5.00%, 11/15/2021		175,000		176,640

Rev., 5.00%, 11/15/2022 (b)		225,000		238,051

Miami-Dade County Educational Facilities Authority, University of Miami Series B, Rev., AMBAC, 5.25%, 4/1/2022		60,000		61,709

Miami-Dade County Expressway Authority, Toll System Series 2014B, Rev., 5.00%, 7/1/2022		75,000		77,936

Miami-Dade County Housing Finance Authority, Cabana Club Apartments Rev., 1.40%, 4/1/2022 (c)		905,000		905,995

SEE NOTES TO FINANCIAL STATEMENTS.



236	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Florida — continued

Miami-Dade County Housing Finance Authority, Liberty Square Phase Two Project Rev., 1.42%, 5/1/2022 (c)		325,000		327,466

Miami-Dade County Housing Finance Authority, Riverwalk II Apartments Rev., 0.60%, 12/1/2021 (c)		425,000		425,083

Monroe County School District, Sales Tax

Rev., AGM, 3.00%, 10/1/2021		25,000		25,055

Rev., AGM, 5.00%, 10/1/2022		100,000		105,121

New Smyrna Beach Utilities Commission Rev., 5.00%, 10/1/2022		65,000		68,445

Orange County Convention Center, Tourist Development Tax

Rev., 5.00%, 10/1/2021		630,000		632,470

Rev., 5.00%, 10/1/2022		20,000		21,049

Rev., 5.00%, 10/1/2023		25,000		27,420

Orange County Health Facilities Authority, Orlando Health Obligated Group

Series 2012A, Rev., 5.00%, 4/1/2022 (b)		85,000		87,391

Series 2016A, Rev., 5.00%, 10/1/2023		115,000		126,334

Series 2019B, Rev., 5.00%, 10/1/2024		75,000		85,771

Orange County School Board Series 2015D, COP, 5.00%, 8/1/2023		200,000		218,248

Orlando Utilities Commission, Utility System

Series 2011C, Rev., 4.00%, 10/1/2021		155,000		155,491

Series 2011B, Rev., 5.00%, 10/1/2021		290,000		291,147

Series 2011C, Rev., 5.00%, 10/1/2021		230,000		230,913

Series 2013A, Rev., 5.00%, 10/1/2021		130,000		130,516

Series 2016A, Rev., 5.00%, 10/1/2021		120,000		120,477

Series 2010C, Rev., 5.25%, 10/1/2021		25,000		25,104

Series 2011C, Rev., 4.00%, 10/1/2022		55,000		57,327

Series 2011C, Rev., 5.00%, 10/1/2022		220,000		231,685

Series 2013A, Rev., 5.00%, 10/1/2022		245,000		258,013

Series 2010C, Rev., 5.25%, 10/1/2022		120,000		126,698


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Series 2013A, Rev., 5.00%, 10/1/2023		85,000		93,602

Series 2016A, Rev., 5.00%, 10/1/2023		25,000		27,530

Orlando-Orange County Expressway Authority

Rev., 5.00%, 7/1/2022		530,000		551,387

Rev., AGM, 5.00%, 7/1/2022 (b)		140,000		145,622

Series 2013B, Rev., 5.00%, 7/1/2022		220,000		228,877

Series 2013B, Rev., 5.00%, 7/1/2023		20,000		21,727

Osceola County School Board Series 2013A, COP, 4.00%, 6/1/2022		50,000		51,439

Palm Beach County Health Facilities Authority, Baptist Health South Florida Obligated Group

Rev., 5.00%, 8/15/2022		395,000		413,084

Rev., 5.00%, 8/15/2024		560,000		636,426

Palm Beach County School District

Series 2012A, COP, 5.00%, 8/1/2022 (b)		175,000		182,814

Series 2015D, COP, 5.00%, 8/1/2022		25,000		26,114

Series 2017B, COP, 5.00%, 8/1/2022		25,000		26,115

Series 2018A, COP, 5.00%, 8/1/2022		105,000		109,681

Series 2018C, COP, 5.00%, 8/1/2022		120,000		125,349

Series 2018B, COP, 5.00%, 8/1/2023		20,000		21,829

Series 2017B, COP, 5.00%, 8/1/2025		40,000		47,115

Palm Beach County Solid Waste Authority

Rev., 4.00%, 10/1/2021		25,000		25,075

Rev., 5.00%, 10/1/2021		595,000		597,318

Pasco County School Board Series 2013A, COP, 5.00%, 8/1/2022		475,000		495,905

Pasco County School Board, Sales Tax

Rev., 5.00%, 10/1/2021		100,000		100,389

Rev., 5.00%, 10/1/2022		120,000		126,239

Peace River Manasota Regional Water Supply Authority, Utility System

Rev., 5.00%, 10/1/2021		100,000		100,393

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	237

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Florida — continued

Rev., 4.00%, 10/1/2022		55,000		57,291

Pinellas County Housing Finance Authority, Multi-Family Housing, Lexington Club at Renaissance Square Apartments Rev., 0.30%, 4/1/2022 (c)		845,000		845,073

Polk County School District Rev., 5.00%, 10/1/2023		25,000		27,491

Polk County School District, Sales Tax

Rev., 5.00%, 10/1/2022		255,000		268,516

Rev., 5.00%, 10/1/2024		30,000		34,348

Port St. Lucie Community Redevelopment Agency Rev., 5.00%, 1/1/2023		170,000		180,837

Reedy Creek Improvement District, Ad Valorem Tax Series A, GO, 5.00%, 6/1/2022		65,000		67,360

Riviera Beach Utility Special District Rev., 5.00%, 10/1/2021		25,000		25,097

Santa Rosa County School Board COP, 5.00%, 2/1/2023		25,000		26,681

Sarasota County Public Hospital District, Sarasota Memorial Hospital Series 1998B, Rev., NATL-RE, 5.25%, 7/1/2024		650,000		721,488

School Board of Miami-Dade County (The)

Series 2006C, COP, AMBAC, 5.00%, 10/1/2021		570,000		572,268

Series 2014D, COP, 5.00%, 11/1/2021		145,000		146,174

Series 2015D, COP, 5.00%, 2/1/2022		135,000		137,752

GO, 5.00%, 3/15/2022		155,000		159,057

Series 2015A, COP, 5.00%, 5/1/2022		210,000		216,848

Series 2014D, COP, 5.00%, 11/1/2022		20,000		21,144

Series 2015D, COP, 5.00%, 2/1/2023		440,000		470,371

Series 2015A, COP, 5.00%, 5/1/2023		150,000		161,845

Series A, COP, 5.00%, 5/1/2023 (b)		25,000		26,970

Series 2014D, COP, 5.00%, 11/1/2023		170,000		187,053

Series 2015D, COP, 5.00%, 2/1/2024		300,000		333,442

Series 2014A, COP, 5.00%, 5/1/2024 (c)		300,000		336,421


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Series 2014D, COP, 5.00%, 11/1/2024		20,000		22,882

Series 2015D, COP, 5.00%, 2/1/2025		25,000		28,860

GO, 5.00%, 3/15/2025		205,000		238,453

Series 2015A, COP, 5.00%, 5/1/2025		395,000		459,980

Series 2015C, COP, 5.00%, 5/1/2025		160,000		186,321

Series 2014D, COP, 5.00%, 11/1/2025		25,000		28,645

Series 2015A, COP, 5.00%, 5/1/2026		280,000		325,950

School District of Broward County

GO, 5.00%, 7/1/2022		25,000		26,017

Series 2012A, COP, 5.00%, 7/1/2022 (b)		55,000		57,185

Series 2015A, COP, 5.00%, 7/1/2022		495,000		515,186

Series 2015B, COP, 5.00%, 7/1/2022		50,000		52,039

Series A, COP, 5.00%, 7/1/2022		100,000		104,078

Series C, COP, 5.00%, 7/1/2022		160,000		166,525

Series 2015A, COP, 5.00%, 7/1/2023		50,000		54,338

Series 2015B, COP, 5.00%, 7/1/2023		160,000		173,880

Series A, COP, 5.00%, 7/1/2023		60,000		65,205

Series C, COP, 5.00%, 7/1/2023		75,000		81,506

Series 2012A, COP, 5.00%, 7/1/2024		225,000		233,771

Series 2015B, COP, 5.00%, 7/1/2024		115,000		130,179

Series A, COP, 5.00%, 7/1/2024		55,000		62,176

Series C, COP, 5.00%, 7/1/2024		30,000		33,914

Series 2015A, COP, 5.00%, 7/1/2026		135,000		158,669

Seminole County School Board Series 2012B, COP, 5.00%, 7/1/2022 (b)		195,000		202,830

South Broward Hospital District, Memorial Healthcare System

Rev., 5.00%, 5/1/2022		620,000		640,007

Rev., 5.00%, 5/1/2023		130,000		140,448

Rev., 5.00%, 5/1/2024		190,000		213,877

Rev., 4.00%, 5/1/2026		25,000		29,040

South Florida Water Management District

COP, 5.00%, 10/1/2021		410,000		411,608

SEE NOTES TO FINANCIAL STATEMENTS.



238	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Florida — continued

COP, 5.00%, 10/1/2022		420,000		442,025

COP, 5.00%, 10/1/2023		20,000		21,998

St. Johns County Industrial Development Authority, Vicar’s Landing Project

Series 2021A, Rev., 4.00%, 12/15/2021		100,000		100,874

Series 2021A, Rev., 4.00%, 12/15/2022		110,000		114,234

Series 2021A, Rev., 4.00%, 12/15/2023		120,000		127,805

Series 2021A, Rev., 4.00%, 12/15/2024		145,000		157,699

St. Johns County School Board Series 2020A, COP, 5.00%, 7/1/2023		20,000		21,735

St. Johns River Power Park Series 24, Rev., 4.00%, 10/1/2021 (b)		75,000		75,229

St. Lucie County School Board, Sales Tax Rev., AGM, 5.00%, 10/1/2025		150,000		176,347

State of Florida Board of Education, Public Education Capital Outlay

Series 2012C, GO, 5.00%, 6/1/2022		62,000		64,280

Series 2013A, GO, 5.00%, 6/1/2022		75,000		77,758

Series 2014A, GO, 5.00%, 6/1/2022		20,000		20,735

Series 2015A, GO, 5.00%, 6/1/2022		65,000		67,390

Series 2015B, GO, 5.00%, 6/1/2022		230,000		238,458

Series 2016C, GO, 5.00%, 6/1/2022		95,000		98,494

Series 2016E, GO, 5.00%, 6/1/2022		95,000		98,494

Series 2017A, GO, GTD, 5.00%, 6/1/2022		55,000		57,023

Series 2020C, GO, 5.00%, 6/1/2022		75,000		77,758

Series 2014A, GO, 5.00%, 6/1/2023		25,000		27,136

State of Florida Department of Education

Series 2018A, Rev., 5.00%, 7/1/2022		25,000		25,994

Series 2018A, Rev., 5.00%, 7/1/2024		140,000		158,223

State of Florida Department of Transportation

Rev., 5.00%, 7/1/2022		26,000		27,051

Rev., 5.00%, 7/1/2024		35,000		39,705

State of Florida Department of Transportation Turnpike System

Series 2012A, Rev., 5.00%, 7/1/2022		340,000		353,895

Series 2013C, Rev., 5.00%, 7/1/2022		25,000		26,022


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Series 2014A, Rev., 5.00%, 7/1/2022		30,000		31,226

Series 2016A, Rev., 5.00%, 7/1/2022		195,000		202,969

Series 2016B, Rev., 5.00%, 7/1/2022		125,000		130,108

Series 2017A, Rev., 5.00%, 7/1/2022		20,000		20,817

Series 2019A, Rev., 5.00%, 7/1/2022		85,000		88,474

Series 2012A, Rev., 5.00%, 7/1/2023		30,000		31,216

Series 2016C, Rev., 5.00%, 7/1/2023		25,000		27,231

Series 2013A, Rev., 5.00%, 7/1/2025		35,000		38,084

Series 2016B, Rev., 2.50%, 7/1/2026		20,000		21,523

State of Florida, Department of Transportation, Right-of- Way Acquisition and Bridge Construction GO, 5.00%, 7/1/2022		90,000		93,655

State of Florida, State Board of Education, Lottery

Series 2012A, Rev., 5.00%, 7/1/2022		25,000		26,021

Series 2016A, Rev., 5.00%, 7/1/2022		295,000		307,056

Series 2021A, Rev., 5.00%, 7/1/2022		368,000		383,039

Series 2012A, Rev., 4.00%, 7/1/2026		300,000		309,275

Sunshine State Governmental Financing Commission, Coral Gables Program

Series 2018B, Rev., 5.00%, 10/1/2021		40,000		40,159

Series 2018B, Rev., 5.00%, 10/1/2022		35,000		36,855

Tampa Bay Water, Regional Water Supply Authority, Utility System

Rev., 5.00%, 10/1/2021		50,000		50,199

Rev., NATL-RE, 5.50%, 10/1/2021		405,000		406,775

Rev., NATL-RE, 5.50%, 10/1/2022		50,000		52,925

Tampa-Hillsborough County Expressway Authority

Series 2012A, Rev., 4.00%, 7/1/2022 (b)		140,000		144,460

Series A, Rev., 5.00%, 7/1/2022 (b)		120,000		124,818

Series B, Rev., 5.00%, 7/1/2022 (b)		45,000		46,807

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	239

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Florida — continued

Tohopekaliga Water Authority, Utility System

Rev., 4.00%, 10/1/2021		205,000		205,649

Series 2011A, Rev., 5.00%, 10/1/2021 (b)		40,000		40,158

Rev., 4.00%, 10/1/2022		30,000		31,266

Town of Davie, Water and Sewer Rev., AGM, 5.00%, 10/1/2021 (b)		100,000		100,395

Town of Palm Beach, Public Improvement Series 2016A, Rev., 5.00%, 1/1/2023		25,000		26,625

University of Central Florida, Housing Facility

Series 2012A, Rev., 5.00%, 10/1/2021		305,000		306,193

Series 2018A, Rev., 5.00%, 10/1/2021		90,000		90,353

University of Florida, Department of Housing and Residence Education Housing System Series 2013A, Rev., 5.00%, 7/1/2022		25,000		26,009

USF Financing Corp., Capital Improvement, Marshall Center Project Rev., 5.00%, 7/1/2024		20,000		22,567

Volusia County Educational Facility Authority, Embry Riddle Aeronautical University, Inc., Project

Rev., AGM, 4.13%, 10/15/2021 (b)		25,000		25,117

Series 2020A, Rev., 4.00%, 10/15/2022		75,000		78,148

Volusia County School Board

COP, 5.00%, 8/1/2022		140,000		146,201

COP, 5.00%, 8/1/2023		150,000		163,656

Volusia County School Board, Master Lease Program

Series 2014B, COP, 5.00%, 8/1/2022		115,000		120,094

Series 2014B, COP, 5.00%, 8/1/2025		100,000		113,445

Volusia County School Board, Sales Tax Rev., 5.00%, 10/1/2022		55,000		57,866

Walton County District School Board COP, 5.00%, 7/1/2022		60,000		62,416

West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area Rev., 5.00%, 3/1/2022		50,000		51,189


Total Florida				125,682,403


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Georgia — 1.1%

Albany-Dougherty Inner City Authority, State University Projects Rev., 5.00%, 7/1/2022		375,000		389,682

Athens-Clarke County Unified Government Development Authority, UGAREF CCRC Building Project Rev., 5.00%, 12/15/2021 (b)		25,000		25,350

Athens-Clarke County Unified Government Development Authority, UGAREF Central Precincts LLC Project

Rev., 5.00%, 6/15/2022		35,000		36,340

Rev., 5.00%, 6/15/2023		125,000		135,420

Athens-Clarke County Unified Government Development Authority, UGAREF Pac Parking Dec LLC Project Rev., 4.00%, 6/15/2022		175,000		180,324

Athens-Clarke County Unified Government, Sales Tax GO, 5.00%, 12/1/2022		30,000		31,837

Atlanta and Fulton County Recreation Authority, Park Improvement

Series 2014A, Rev., 5.00%, 12/1/2021		525,000		531,316

Series 2014A, Rev., 5.00%, 12/1/2022		20,000		21,209

Series A, Rev., 5.00%, 12/1/2023		25,000		27,696

Atlanta Development Authority, Panther Place LLC Project Series 2017A, Rev., 5.00%, 7/1/2023		275,000		298,751

Atlanta Public Safety & Judicial Facilities Authority, Public Safety Facilities Project Rev., 2.00%, 12/1/2022		25,000		25,596

Atlanta Urban Residential Finance Authority, Multi-Family Rev., 0.44%, 3/1/2023 (c)		490,000		491,129

Augusta Urban Redevelopment Agency, Municipal Building Renovation Project Rev., GTD, 5.00%, 10/1/2021		150,000		150,596

Barrow County School District GO, 4.00%, 2/1/2022		20,000		20,323

Bartow County Development Authority, Georgia Power Co., PLT Bowen Project Rev., 2.05%, 11/19/2021 (c)		180,000		180,676

Bartow County School District

GO, 5.00%, 10/1/2021		125,000		125,491

GO, 3.00%, 10/1/2022		25,000		25,774

GO, 5.00%, 10/1/2022		50,000		52,628

SEE NOTES TO FINANCIAL STATEMENTS.



240	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Georgia — continued

Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The), Gas Utility Rev., 5.00%, 3/1/2022		50,000		51,143

Braselton Urban Redevelopment Agency, Municipal Facilities Project Rev., GTD, 4.00%, 7/1/2024		30,000		33,043

Brookhaven Development Authority, Children’s Health care Series 2019A, Rev., 5.00%, 7/1/2022		25,000		26,015

Butts County School District, Sales Tax GO, 4.00%, 9/1/2021		100,000		100,000

Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 5.00%, 7/1/2023		20,000		21,781

Chatham County Hospital Authority, Memorial Health University Series 2012A, Rev., 4.00%, 1/1/2022 (b)		50,000		50,627

Cherokee County Board of Education, School System GO, 5.00%, 8/1/2022		55,000		57,462

Cherokee County Water & Sewer Authority Rev., 5.00%, 8/1/2022		50,000		52,219

City of Atlanta Series 2014A, GO, 5.00%, 12/1/2021		150,000		151,827

City of Atlanta, Airport Passenger Facility, Subordinate Lien Series 2019F, Rev., 5.00%, 7/1/2022		35,000		36,418

City of Atlanta, Beltline Project Series B, Rev., 5.00%, 1/1/2022		25,000		25,399

City of Atlanta, Department of Aviation Series 2014B, Rev., AMT, 5.00%, 1/1/2022		625,000		635,092

City of Atlanta, Public Improvement GO, 5.00%, 12/1/2021		60,000		60,731

City of Atlanta, Water & Wastewater

Rev., 4.00%, 11/1/2021		40,000		40,258

Series 2013B, Rev., 5.00%, 11/1/2021		225,000		226,817

Rev., 5.00%, 11/1/2022		140,000		148,004

Series 2018B, Rev., 5.00%, 11/1/2022		125,000		132,147

City of Barnesville, Tax-Exempt Series 2011A, Rev., 4.25%, 9/1/2021 (b)		300,000		300,000

City of Cartersville, Water & Sewer Rev., 5.00%, 6/1/2022		175,000		181,355

City of Decatur GO, 2.00%, 1/1/2022		100,000		100,637


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Georgia — continued

Clarke County Board of Education, Sales Tax

GO, 3.00%, 9/1/2021		50,000		50,000

GO, 5.00%, 9/1/2021		205,000		205,000

GO, 5.00%, 9/1/2022		85,000		89,152

Clarke County Hospital Authority, Piedmont Healthcare, Inc. Project Series 2016A, Rev., 5.00%, 7/1/2022		200,000		207,985

Clayton County Development Authority, Clayton State University

Rev., 5.00%, 7/1/2022		100,000		103,872

Rev., 5.00%, 7/1/2023		100,000		108,752

Rev., 5.00%, 7/1/2024		100,000		113,169

Rev., 5.00%, 7/1/2026		50,000		60,484

Clayton County Urban Redevelopment Agency, Georgia Project Rev., GTD, 5.00%, 2/1/2022		35,000		35,702

Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project

Rev., 4.00%, 4/1/2022		265,000		270,785

Rev., 5.00%, 4/1/2022		260,000		267,184

Series 2020B, Rev., 5.00%, 4/1/2022		150,000		154,144

Series 2020B, Rev., 5.00%, 4/1/2023		175,000		188,079

Series 2020B, Rev., 5.00%, 4/1/2024		120,000		134,429

Cobb-Marietta Coliseum and Exhibit Hall Authority, Performing Arts Center Project

Rev., GTD, 5.00%, 1/1/2022		100,000		101,629

Rev., GTD, 4.00%, 1/1/2024		25,000		26,288

Colquitt County Development Authority, Southern Care Corp. Series 1991C, Rev., Zero Coupon, 12/1/2021 (b)		190,000		189,930

Columbia County School District GO, 3.00%, 10/1/2021		65,000		65,153

Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019A, Rev., 5.00%, 7/1/2026 (c)		155,000		183,510

County of Barrow GO, 5.00%, 10/1/2021		25,000		25,099

County of Carroll, Sales Tax GO, 4.00%, 6/1/2022		30,000		30,879

County of Cobb, Water and Sewerage Rev., 5.00%, 7/1/2022		50,000		52,039

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	241

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Georgia — continued

County of DeKalb, Special Transportation, Parks and Greenspace and Libraries Tax

GO, 5.00%, 12/1/2021		130,000		131,587

GO, 5.00%, 12/1/2025		40,000		47,793

County of DeKalb, Water and Sewerage

Rev., 5.00%, 10/1/2021		150,000		150,597

Series 2011A, Rev., 5.00%, 10/1/2021		20,000		20,079

County of Henry, Sales Tax GO, 5.00%, 5/1/2022		35,000		36,141

DeKalb Newton and Gwinnett Counties Joint Development Authority, GPC Real Estate Student Support I, LLC Project Rev., 5.00%, 6/1/2022		25,000		25,908

Development Authority for Fulton County, Piedmont Healthcare, Inc., Project

Series 2016A, Rev., 5.00%, 7/1/2022		110,000		114,391

Series 2016A, Rev., 5.00%, 7/1/2023		145,000		157,607

Development Authority for Fulton County, Spelman College Rev., 5.00%, 6/1/2022		75,000		77,689

Development Authority for Fulton County, Tech Foundation Campus Recreation Center Project Series 2011A, Rev., 5.00%, 11/1/2021		50,000		50,403

Development Authority for Fulton County, Tech Foundation Technology Square Project Series 2012A, Rev., 5.00%, 11/1/2021		175,000		176,411

Development Authority of Gwinnett County, Public School Project COP, NATL-RE, 5.25%, 1/1/2022		205,000		208,500

Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project Rev., 2.05%, 11/19/2021 (c)		165,000		165,620

Downtown Savannah Authority, City of Savannah Projects

Rev., GTD, 4.00%, 8/1/2022		90,000		93,215

Series 2018A, Rev., 5.00%, 8/1/2022		25,000		26,122

Dublin School District GO, 3.00%, 4/1/2022		20,000		20,340

Fayette County School District, Sales Tax GO, 5.25%, 9/1/2021		150,000		150,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Georgia — continued

Floyd County Hospital Authority, Medical Center Project Rev., GTD, 5.00%, 7/1/2022 (b)		25,000		26,004

Forsyth County School District GO, 5.00%, 2/1/2022		55,000		56,121

Forsyth County Water and Sewerage Authority Rev., GTD, 4.00%, 4/1/2023		25,000		25,078

Fulton County Urban Redevelopment Agency Rev., 3.00%, 8/1/2022		50,000		51,330

Gainesville and Hall County Development Authority, Hall County Facilities Project Rev., 5.00%, 5/1/2024		20,000		22,542

Gainesville and Hall County Development Authority, Oakwood Sewer Facilities Project Rev., AGM, GTD, 3.00%, 8/1/2022		25,000		25,630

Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project

Rev., GTD, 5.00%, 2/15/2022		80,000		81,765

Series 2020A, Rev., 5.00%, 2/15/2023		100,000		106,908

Rev., GTD, 5.00%, 2/15/2025		330,000		384,183

Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 5.00%, 6/15/2022		200,000		207,412

Georgia Housing and Finance Authority, Single Family Mortgage Series A-4, Rev., 2.60%, 12/1/2021		200,000		201,195

Georgia Municipal Association, Inc., City of Atlanta Public Safety Projects COP, 5.00%, 12/1/2021		45,000		45,537

Georgia State Road and Tollway Authority

Series 2011B, Rev., GTD, 5.00%, 10/1/2021		350,000		351,390

Series 2017-A, Rev., 5.00%, 6/1/2022		30,000		31,094

Georgia State Road and Tollway Authority, Federal Highway Reimbursement Series 2017-A, Rev., 5.00%, 6/1/2022		25,000		25,916

Gwinnett County School District GO, 5.00%, 2/1/2022		140,000		142,854

Gwinnett County School District, Sales Tax

GO, 5.00%, 2/1/2022		45,000		45,917

SEE NOTES TO FINANCIAL STATEMENTS.



242	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Georgia — continued

GO, 5.00%, 8/1/2022		135,000		141,069

Gwinnett County Water and Sewerage Authority Rev., 5.00%, 8/1/2022		25,000		26,124

Hall County School District

GO, 5.00%, 11/1/2021		25,000		25,201

GO, 5.00%, 11/1/2022		80,000		84,555

Henry County School District GO, 4.50%, 8/1/2022		55,000		57,211

Houston County School District, Sales Tax

GO, 5.00%, 9/1/2021		40,000		40,000

GO, 5.00%, 9/1/2022		50,000		52,442

Jackson County Industrial Development Authority, Economic Development Project Rev., 5.00%, 7/1/2023		55,000		59,867

LaGrange-Troup County Hospital Authority Rev., 5.00%, 4/1/2023		325,000		349,290

Lowndes County Board of Education GO, 5.00%, 2/1/2022		25,000		25,507

Main Street Natural Gas, Inc., Gas Supply

Series 2018B, Rev., (ICE LIBOR USD 1 Month + 0.75%), 0.81%, 10/2/2021 (d)		300,000		301,473

Series 2006B, Rev., 5.00%, 3/15/2022		20,000		20,501

Series 2019B, Rev., 4.00%, 6/1/2022		450,000		462,740

Series 2019B, Rev., 4.00%, 12/1/2022		345,000		361,201

Series 2019B, Rev., 4.00%, 6/1/2023		240,000		255,662

Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (c)		580,000		620,202

Series 2018C, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/1/2023 (c)		450,000		484,893

Subseries C, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/1/2023		100,000		107,851

Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2018A, Rev., 3.00%, 7/1/2022		50,000		51,209

Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Third Indenture

Series 2012A, Rev., 3.00%, 7/1/2022 (b)		50,000		51,165

Series 2012A, Rev., 4.00%, 7/1/2022 (b)		45,000		46,434

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		110,000		114,464


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Georgia — continued

Series 2014A, Rev., 5.00%, 7/1/2022		125,000		130,098

Series 2007A, Rev., NATL-RE, 5.25%, 7/1/2023		40,000		43,714

Milton Public Buildings and Facilities Authority Rev., 5.00%, 12/1/2021		20,000		20,244

Municipal Electric Authority of Georgia, Project One

Series 2012C, Rev., 5.00%, 1/1/2022		30,000		30,473

Series 2016A, Rev., 5.00%, 1/1/2022		30,000		30,472

Oconee County School District, Sales Tax GO, 2.50%, 3/1/2022		25,000		25,299

Private Colleges and Universities Authority, Emory University

Series 2011A, Rev., 5.00%, 9/10/2021 (b)		275,000		275,000

Series 2020B, Rev., 5.00%, 9/1/2025		980,000		1,161,886

Richmond County Board of Education, Sales Tax

GO, 5.00%, 10/1/2021		135,000		135,532

GO, 5.00%, 10/1/2022		50,000		52,633

Richmond County Hospital Authority, University Health Services, Inc., Project Rev., 5.00%, 1/1/2022		175,000		177,784

Sandy Springs Public Facilities Authority, City of Sandy Springs City Center Project Rev., 5.00%, 5/1/2022		410,000		423,371

Savannah Economic Development Authority, Southern Care Corp. Rev., Zero Coupon, 12/1/2021 (b)		195,000		194,904

South Regional Joint Development Authority, Valdosta State University Parking and Student Service Center Project Rev., 5.00%, 8/1/2025		1,095,000		1,284,167

South Regional Joint Development Authority, Valdosta State University Student Union Project Rev., 5.00%, 8/1/2025		215,000		252,142

State of Georgia

Series 2012C, GO, 4.00%, 9/1/2021 (b)		520,000		520,000

Series 2011E-2, GO, 5.00%, 9/1/2021 (b)		60,000		60,000

Series 2013C, GO, 5.00%, 10/1/2021		330,000		331,311

Series 2013H, GO, 5.00%, 12/1/2021		40,000		40,487

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	243

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Georgia — continued

Series 2016E, GO, 5.00%, 12/1/2021		45,000		45,548

Series 2013D, GO, 5.00%, 2/1/2022		35,000		35,713

Series 2014A, GO, 5.00%, 2/1/2022		95,000		96,936

Series 2018A, GO, 5.00%, 7/1/2022		45,000		46,839

Series 2021A, GO, 5.00%, 7/1/2022		65,000		67,656

Series 2012C, GO, 4.00%, 9/1/2022		140,000		145,472

Series 2011-I, GO, 4.00%, 11/1/2022		25,000		25,160

Series 2011J-2, GO, 4.50%, 11/1/2022		80,000		80,579

Series C, GO, 5.00%, 9/1/2023		20,000		20,974

Series 2012A, GO, 5.00%, 7/1/2024		50,000		52,018

Series 2011I, GO, 4.00%, 11/1/2024		150,000		150,943

Series 2013A, GO, 5.00%, 1/1/2025		50,000		53,209

Telfair County School District, Sales Tax GO, 5.00%, 8/1/2022		30,000		31,286

Tift County Hospital Authority

Rev., GTD, 4.00%, 12/1/2022 (b)		120,000		125,801

Rev., GTD, 5.00%, 12/1/2022		25,000		26,517

Valdosta & Lowndes County Hospital Authority Series 2019A, Rev., 5.00%, 10/1/2021		75,000		75,295

Valdosta & Lowndes County Hospital Authority, South Georgia Medical Center Project

Series 2011B, Rev., GTD, 4.50%, 10/1/2021 (b)		125,000		125,443

Series 2011B, Rev., GTD, 5.00%, 10/1/2021 (b)		480,000		481,894

Walker County School District, Sales Tax GO, 5.00%, 10/1/2021		200,000		200,776

Warner Robins Public Facilities Authority, City of Warner Robins Projects Rev., 5.00%, 7/1/2022		25,000		26,020

Wayne County School District, Sales Tax GO, 4.00%, 9/1/2021		125,000		125,000


Total Georgia				22,295,313


Hawaii — 0.8%

City & County Honolulu, First Bond Resolution, Wastewater System

Series 2012B, Rev., 3.00%, 7/1/2022 (b)		20,000		20,475

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		50,000		52,029

Series A, Rev., 5.00%, 7/1/2022 (b)		25,000		26,014


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hawaii — continued

City & County Honolulu, Wastewater System

Series A, Rev., 5.00%, 7/1/2022		20,000		20,817

Series B, Rev., 5.00%, 7/1/2022		25,000		26,022

City & County of Honolulu

Series 2018B, GO, 5.00%, 9/1/2021		75,000		75,000

Series 2016B, GO, 4.00%, 10/1/2021		25,000		25,078

Series A, GO, 5.00%, 10/1/2021		85,000		85,334

Series B, GO, 5.00%, 10/1/2021		50,000		50,197

Series C, GO, 5.00%, 10/1/2021		145,000		145,570

Series 2012B, GO, 5.00%, 11/1/2021		25,000		25,200

Series 2018A, GO, 4.00%, 9/1/2022		115,000		119,436

Series A, GO, 5.00%, 9/1/2022		25,000		26,213

Series A, GO, 5.00%, 10/1/2022		60,000		63,153

Series B, GO, 5.00%, 10/1/2022		60,000		63,153

Series 2012A, GO, 5.00%, 11/1/2022 (b)		60,000		63,404

Series C, GO, 5.00%, 10/1/2023		40,000		44,021

Series 2012B, GO, 5.00%, 11/1/2023		25,000		26,411

Series A, GO, 5.00%, 11/1/2023 (e)		2,375,000		2,503,056

Series 2012B, GO, 5.00%, 11/1/2024		140,000		147,852

Series A, GO, 5.00%, 11/1/2024 (e)		2,875,000		3,149,385

Series 2012C, GO, 3.00%, 11/1/2025		175,000		180,459

Series 2012B, GO, 5.00%, 11/1/2025		35,000		36,942

Series A, GO, 5.00%, 11/1/2025 (e)		3,000,000		3,401,072

Series A, GO, 5.00%, 11/1/2026 (e)		3,500,000		4,082,860

City & County of Honolulu, Wastewater System

Rev., 4.00%, 7/1/2022		100,000		103,214

Series 2012B, Rev., 4.00%, 7/1/2022 (b)		25,000		25,796

Rev., 5.00%, 7/1/2022		25,000		26,022

Series B, Rev., 5.00%, 7/1/2022		70,000		72,861

Series B, Rev., 5.00%, 7/1/2023		75,000		81,666

Series B, Rev., 5.00%, 7/1/2024		25,000		28,368

City and County of Honolulu, Tax-Exempt

Series 2012C, GO, 4.00%, 11/1/2021		60,000		60,381

Series 2017B, GO, 5.00%, 9/1/2022		40,000		41,941

Series 2016C, GO, 5.00%, 10/1/2022		45,000		47,365

SEE NOTES TO FINANCIAL STATEMENTS.



244	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Hawaii — continued

Series 2012A, GO, 5.00%, 11/1/2022 (b)		20,000		21,135

County of Hawaii

Series 2017D, GO, 5.00%, 9/1/2021		30,000		30,000

Series 2013B, GO, 5.00%, 9/1/2022		45,000		47,207

Series A, GO, 5.00%, 9/1/2022		130,000		136,377

Honolulu City and County Board of Water Supply, Water System Series 2012A, Rev., 5.00%, 7/1/2022 (b)		140,000		145,689

State of Hawaii

Series FE, GO, 3.00%, 10/1/2021		25,000		25,059

Series ET, GO, 4.00%, 10/1/2021		25,000		25,079

Series 2020GA, GO, 5.00%, 10/1/2021		110,000		110,438

Series EY, GO, 5.00%, 10/1/2021		195,000		195,776

Series EZ, GO, 5.00%, 10/1/2021		85,000		85,338

Series FG, GO, 5.00%, 10/1/2021		130,000		130,517

Series FN, GO, 5.00%, 10/1/2021		35,000		35,139

Series EE, GO, 5.00%, 11/1/2021		60,000		60,486

Series EF, GO, 5.00%, 11/1/2021		435,000		438,521

Series DZ, GO, 3.75%, 12/1/2021 (b)		25,000		25,224

Series EA, GO, 4.00%, 12/1/2021		25,000		25,243

Series 2017-DZ, GO, 5.00%, 12/1/2021		30,000		30,366

Series EA, GO, 5.00%, 12/1/2021		30,000		30,366

Series 2018FT, GO, 5.00%, 1/1/2022		90,000		91,466

Series FK, GO, 4.00%, 5/1/2022		160,000		164,167

Series EH, GO, 4.00%, 8/1/2022		50,000		51,791

Series EP, GO, 5.00%, 8/1/2022		25,000		26,124

Series FE, GO, 5.00%, 10/1/2022		45,000		47,390

Series FG, GO, 5.00%, 10/1/2022		30,000		31,594

Series FH, GO, 5.00%, 10/1/2022		95,000		100,046

Series FN, GO, 5.00%, 10/1/2022		25,000		26,328

Series 2012EE, GO, 4.00%, 11/1/2022 (b)		40,000		41,805

Series EF, GO, 5.00%, 11/1/2022		35,000		37,001

Series EA, GO, 4.00%, 12/1/2022		65,000		65,629

Series EA, GO, 5.00%, 12/1/2022		50,000		50,607

Series FB, GO, 5.00%, 4/1/2023		35,000		37,703

Series EL, GO, 3.00%, 8/1/2023		50,000		52,732

Series EZ, GO, 5.00%, 10/1/2023		25,000		27,519

Series EF, GO, 5.00%, 11/1/2023		80,000		84,525


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hawaii — continued

State of Hawaii Department of Budget and Finance Series 2015A, Rev., 5.00%, 7/1/2022		30,000		31,203

State of Hawaii, Department of Hawaiian Home Lands, Kapolei Office Facility Series 2017A, COP, 4.00%, 11/1/2022		25,000		26,120

State of Hawaii, Highway Fund Series 2011A, Rev., 5.00%, 1/1/2024		100,000		101,601


Total Hawaii				17,640,078


Idaho — 0.4%

Ada and Boise Counties Independent School District Boise City

GO, 4.00%, 8/1/2022		175,000		181,269

Series 2012B, GO, 5.00%, 8/1/2022		20,000		20,899

Ada and Canyon Counties Joint School District No. 2 Meridian, Sales Tax Guaranty Program Series 2018A, GO, 5.00%, 9/15/2021		25,000		25,044

Boise-Kuna Irrigation District, Hydroelectric Project Rev., 4.00%, 6/1/2022		25,000		25,694

Canyon County School District No. 131 Nampa GO, 5.00%, 8/15/2022		25,000		26,167

County of Blaine GO, 4.00%, 8/1/2022		20,000		20,698

Idaho Bond Bank Authority

Series 2012D, Rev., 4.00%, 9/15/2021		20,000		20,028

Series 2012B, Rev., 5.00%, 9/15/2021		25,000		25,044

Series A, Rev., 5.00%, 9/15/2022		25,000		26,255

Idaho Health Facilities Authority, Ada County Coroner Project Rev., 5.00%, 9/1/2021		70,000		70,000

Idaho Health Facilities Authority, Trinity Health Credit Group Series 2015D, Rev., 5.00%, 12/1/2022		150,000		159,164

Idaho Housing and Finance Association, Federal Highway Trust

Series 2015A, Rev., GRAN, 5.00%, 7/15/2022		775,000		807,384

Series 2017A, Rev., 5.00%, 7/15/2022		40,000		41,671

Series 2017A, Rev., GRAN, 5.00%, 7/15/2023		135,000		147,036

Series 2015A, Rev., GRAN, 5.00%, 7/15/2024		80,000		90,673

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	245

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Idaho — continued

Series A, Rev., GRAN, 5.00%, 7/15/2025		30,000		35,219

Series A, Rev., GRAN, 5.00%, 7/15/2026		20,000		24,222

Idaho Housing and Finance Association, Idaho Arts Charter School Series 2012A, Rev., 6.00%, 12/1/2022 (b)		100,000		107,090

Idaho Housing and Finance Association, Single Family Mortgage

Series 2009A, Class I, Rev., VRDO, 0.09%, 9/7/2021 (c)		5,950,000		5,950,000

Series 2019A, Rev., GNMA COLL, 1.60%, 9/10/2021		110,000		111,096

Idaho State Building Authority Rev., 5.00%, 9/1/2022 (b)		30,000		31,459

Idaho State Building Authority, Eastern Idaho Technical College Project Rev., 4.00%, 9/1/2022		400,000		415,428

Idaho State Building Authority, Prison Facilities Project Series 2018C, Rev., 5.00%, 9/10/2021		45,000		45,000

Kootenai County School District No. 271, Coeur d’Alene Sales Tax and Enhancement Guaranty Series 2012B, GO, 4.00%, 9/15/2021		25,000		25,035

Twin Falls County School District No. 411 Twin Falls Series C, GO, 5.00%, 9/15/2022		20,000		21,017


Total Idaho				8,452,592


Illinois — 5.2%

Bolingbrook Park District Series 2013C, GO, 4.00%, 12/30/2021		30,000		30,372

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		24,993

Central Lake County Joint Action Water Agency

Rev., 4.00%, 5/1/2024		615,000		673,387

Rev., 4.00%, 5/1/2025		725,000		815,704

Rev., 4.00%, 5/1/2026		750,000		864,445

Champaign & Piatt Counties Community Unit School District No. 3 Series 2016A, GO, AGM, 5.00%, 10/1/2021		50,000		50,182


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Chicago O’Hare International Airport, General Airport, Senior Lien

Rev., 5.00%, 1/1/2022 (b)		670,000		680,847

Series 2013B, Rev., 5.00%, 1/1/2022 (b)		150,000		152,428

Series 2013D, Rev., 5.00%, 1/1/2022 (b)		250,000		254,047

Series 2016C, Rev., 5.00%, 1/1/2022		525,000		533,424

Series C, Rev., 5.00%, 1/1/2022		300,000		304,814

Series B, Rev., 5.00%, 1/1/2023		175,000		186,253

Series C, Rev., 5.00%, 1/1/2023		555,000		590,689

Series B, Rev., 5.00%, 1/1/2024		160,000		177,837

Series C, Rev., 5.00%, 1/1/2024		45,000		50,017

Series 2013B, Rev., 5.00%, 1/1/2025		75,000		79,750

Series B, Rev., 5.00%, 1/1/2025		185,000		213,663

Series C, Rev., 5.00%, 1/1/2025		85,000		98,169

Series 2020B, Rev., 5.00%, 1/1/2026		40,000		47,811

Series B, Rev., 5.00%, 1/1/2026		795,000		877,484

Series C, Rev., 5.00%, 1/1/2026		50,000		59,764

Chicago O’Hare International Airport, Senior Lien

Series D, Rev., 5.00%, 1/1/2022		110,000		111,765

Series E, Rev., 5.00%, 1/1/2025		200,000		230,987

Series E, Rev., 5.00%, 1/1/2026		30,000		35,859

Chicago Transit Authority Sales Tax Receipts Fund

Rev., 5.00%, 12/1/2021 (b)		95,000		96,150

Rev., 5.25%, 12/1/2021 (b)		1,055,000		1,068,426

City of Aurora GO, 3.00%, 12/30/2021		75,000		75,692

City of Batavia GO, 3.00%, 1/1/2022		25,000		25,234

City of Chicago Series 2015C, GO, 5.00%, 1/1/2023 (b)		165,000		175,450

City of Chicago, Capital Appreciation Series 1998A, Rev., NATL-RE, Zero Coupon, 1/1/2022		60,000		59,936

City of Chicago, Sales Tax Series 2011-A, Rev., 5.25%, 1/1/2022 (b)		110,000		111,872

City of Chicago, Wastewater Transmission, Second Lien

Rev., 4.00%, 11/1/2021		50,000		50,312

Rev., 5.00%, 11/1/2021		25,000		25,197

City of Chicago, Waterworks, Second Lien

Rev., 5.00%, 11/1/2022		100,000		105,572

SEE NOTES TO FINANCIAL STATEMENTS.



246	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Illinois — continued

Series 2008C, Rev., 5.00%, 1/1/2023		25,000		26,590

City of Elgin Series 2015A, GO, 2.00%, 12/15/2021		40,000		40,208

City of Fairview Heights GO, 3.00%, 12/1/2021		25,000		25,168

City of Lockport GO, 5.00%, 12/30/2021		100,000		101,568

City of North Chicago Series 2014A, GO, AGM, 4.00%, 11/1/2021		50,000		50,284

City of Rock Island, Green Bonds GO, 4.00%, 12/1/2021		200,000		201,862

City of Rockford, Sales Tax Series 2016A, GO, 5.00%, 12/15/2022		25,000		26,508

City of Springfield, Electric System, Senior Lien Rev., 5.00%, 3/1/2022		95,000		97,186

City of St. Charles, Corporate Purpose GO, 5.00%, 12/1/2021		25,000		25,295

Coles Christian Clark Etc Counties Community College District No. 517 Lake Land Series 2018B, GO, 5.00%, 12/1/2021		25,000		25,301

Cook & Will Counties Community College District No. 515, Limited Community College GO, 5.00%, 12/1/2022		60,000		62,869

Cook and DuPage Counties, Village of Elk Grove GO, 4.00%, 1/1/2022		25,000		25,317

Cook County Community College District No. 504 Triton, Alternate Revenue Source GO, 5.00%, 6/1/2022		100,000		103,562

Cook County Community College District No. 527 Morton, Limited Tax GO, 5.00%, 12/15/2021		25,000		25,341

Cook County Community College District No. 535 Oakton, Limited Tax

GO, 3.25%, 12/1/2021 (b)		25,000		25,194

GO, 5.00%, 12/1/2021		40,000		40,482

Cook County Community Consolidated School District No. 15 Palatine, Limited Tax GO, 5.00%, 12/1/2021		45,000		45,536

Cook County Community Consolidated School District No. 59 Elk Grove, Limited Tax GO, 4.00%, 3/1/2022		60,000		61,165

Cook County Community Consolidated School District No. 62 Des Plaines GO, 5.00%, 12/1/2021		35,000		35,411

Cook County Community High School District No. 218, Oak Lawn, Limited Tax Series 2016B, GO, 5.00%, 12/1/2021		25,000		25,297


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Cook County Community High School District No. 234, Ridgewood GO, 4.00%, 12/1/2022		30,000		31,420

Cook County Community Unit School District No. 401, Elmwood Park

GO, 3.00%, 12/1/2021		715,000		719,979

GO, 3.00%, 12/1/2022		500,000		517,449

Cook County Consolidated High School District No. 230, Limited Tax GO, 4.00%, 12/1/2021		30,000		30,289

Cook County Forest Preserve District, Unlimited Tax Series 2012A, GO, 5.00%, 11/15/2021		80,000		80,786

Cook County High School District No. 205, Thornton Township, Limited Tax Series 2017C, GO, 5.00%, 12/1/2022		125,000		131,506

Cook County School District No. 102, La Grange Series A, GO, 2.00%, 12/1/2021		40,000		40,166

Cook County School District No. 109, Indian Springs, Limited Tax GO, 3.00%, 12/1/2022		35,000		36,061

Cook County School District No. 111, Burbank GO, AGM, 4.00%, 12/1/2022		60,000		62,717

Cook County School District No. 123 Oak Lawn, Capital Appreciation

GO, NATL-RE, Zero Coupon, 12/1/2022		50,000		49,513

GO, FGIC, Zero Coupon, 12/1/2022 (b)		20,000		19,925

Cook County School District No. 159, Matteson-Richton Park, Capital Appreciation GO, AGM, Zero Coupon, 12/1/2022		150,000		148,704

Cook County School District No. 163, Park Forest, Limited Tax

Series 2011A, GO, AGM, 4.50%, 12/15/2021 (b)		20,000		20,249

Series 2011A, GO, AGM, 5.00%, 12/15/2021 (b)		50,000		50,693

Cook County School District No. 23, Prospect Heights GO, 4.00%, 12/15/2021		25,000		25,273

Cook County School District No. 30 Northbrook-Glenview GO, 5.00%, 12/1/2021		20,000		20,242

Cook County School District No. 81, Schiller Park, School GO, 4.00%, 12/1/2021		80,000		80,739

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	247

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Illinois — continued

Cook County School District No. 83, Mannheim

Series 2011D, GO, 5.13%, 12/1/2021 (b)		50,000		50,621

Series 2011D, GO, 5.25%, 12/1/2021 (b)		50,000		50,636

Cook County Township High School District No. 225, Glenbrook Series 2016A, GO, 5.00%, 12/1/2022		25,000		26,524

Cook County Township High School District No. 227, Rich Township GO, 4.00%, 12/1/2021		50,000		50,404

County of Cook Series A, GO, 5.00%, 11/15/2021		25,000		25,248

County of Cook, Sales Tax Rev., 5.00%, 11/15/2021		50,000		50,501

County of DeKalb GO, 5.00%, 1/15/2023		90,000		95,633

County of Kendall GO, 5.00%, 12/15/2022		55,000		58,339

County of Lake, Sales Tax GO, 5.00%, 11/30/2022		25,000		26,498

County of Lake, Water and Sewer System Series 2016A, Rev., 5.00%, 12/1/2021		50,000		50,583

County of Rock Island GO, 3.00%, 12/1/2022		100,000		103,362

County of St. Clair, Highway Series 2013A, Rev., 3.63%, 1/1/2023 (b)		50,000		52,302

County of Will, ExxonMobil Project Rev., VRDO, 0.02%, 9/10/2021 (c)		900,000		900,000

De Witt Ford and Livingston ETC Counties Community College District No. 540 Heartland GO, 4.00%, 12/1/2021 (b)		30,000		30,289

DeKalb County Community Unit School District No. 428 DeKalb GO, 4.00%, 1/1/2023		35,000		36,752

Du Page and Will Counties Community School District No. 204 Indian Prairie

Series 2015A, GO, 4.00%, 12/30/2021		25,000		25,320

Series 2007A, GO, NATL-RE, 6.25%, 12/30/2021		35,000		35,706

Du Page Cook and Will Counties Community College District No. 502 Series 2011B, GO, 4.75%, 1/1/2022		30,000		30,456


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

DuPage and Cook Counties Community Unit School District No. 205 Elmhurst

GO, NATL-RE, Zero Coupon, 1/1/2022		65,000		64,920

GO, 5.00%, 1/1/2023		290,000		308,704

DuPage County Community High School District No. 94 West Chicago GO, 4.00%, 1/1/2022		100,000		101,261

DuPage County Community Unit School District No. 202 Lisle GO, 5.00%, 12/30/2021		45,000		45,724

DuPage County Forest Preserve District, Limited Tax GO, 4.00%, 11/1/2021		25,000		25,159

DuPage County School District No. 2 Bensenville GO, 5.00%, 5/1/2025		75,000		87,278

Fox Valley Park District

Series 2015B, GO, 4.00%, 12/15/2021		55,000		55,605

Series 2015B, GO, 4.00%, 12/15/2022		30,000		31,476

Godfrey Fire Protection District GO, 3.00%, 12/1/2022		20,000		20,683

Greene Jersey and Macoupin Counties Community Unit School District No. 9 Southweste GO, 2.70%, 12/1/2022		50,000		51,216

Grundy Kendall and Will Counties Community Consolidated School District No. 201 Minooka GO, 5.00%, 10/15/2023		50,000		54,748

Grundy Kendall and Will Counties Community Consolidated School District No. 201 Minooka, Capital Appreciation Series 2010B, GO, Zero Coupon, 10/15/2022		85,000		84,401

Illinois Finance Authority, Advocate Health and Hospital Corp. Obligated Group

Rev., 5.00%, 6/1/2022 (b)		325,000		336,859

Series 2003C, Rev., 1.60%, 11/15/2022		165,000		166,729

Illinois Finance Authority, Advocate Health Care Network

Rev., 5.00%, 5/1/2022		425,000		438,526

Rev., 5.00%, 8/1/2022		725,000		757,319

Illinois Finance Authority, Ann and Robert H Lurie Children’s Hospital Obligated Group

Rev., 5.00%, 8/15/2023		20,000		21,882

Rev., 5.00%, 8/15/2025		255,000		301,525

SEE NOTES TO FINANCIAL STATEMENTS.



248	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Illinois — continued

Illinois Finance Authority, Centegra Health System Series 2014A, Rev., 5.00%, 9/10/2021 (b)		115,000		120,532

Illinois Finance Authority, Chicago Symphony Orchestra Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/9/2021 (c)		10,000,000		10,000,000

Illinois Finance Authority, Clean Water Initiative Revolving Fund

Rev., 5.00%, 1/1/2022		25,000		25,407

Rev., 5.00%, 7/1/2022		185,000		192,560

Rev., 5.00%, 7/1/2023		505,000		550,175

Illinois Finance Authority, Community Unit District, Local Government Project Rev., 2.00%, 12/1/2021		135,000		135,644

Illinois Finance Authority, Downers Grove Community High School District Number 99 Project Rev., 3.00%, 12/15/2021		45,000		45,370

Illinois Finance Authority, Iowa Finance Authority Health Facilities, Unitypoint Health Series 2016D, Rev., 5.00%, 2/15/2022		45,000		45,987

Illinois Finance Authority, Memorial Health System

Rev., 5.00%, 9/1/2021		50,000		53,779

Rev., 5.00%, 4/1/2022		200,000		205,585

Series 2014A, Rev., 5.00%, 7/1/2023		340,000		369,692

Illinois Finance Authority, North Shore School Day Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.05%, 9/8/2021 (c)		9,500,000		9,500,000

Illinois Finance Authority, Northwestern Memorial Healthcare

Series 2021C, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 9/3/2021 (c)		11,000,000		11,000,000

Rev., 5.00%, 7/15/2022		360,000		375,302

Series 2017B, Rev., 5.00%, 12/15/2022 (c)		45,000		47,774

Illinois Finance Authority, OSF Healthcare System

Series 2012A, Rev., 4.25%, 5/15/2022 (b)		415,000		426,946

Series 2012A, Rev., 5.00%, 5/15/2022 (b)		390,000		403,268

Series 2018A, Rev., 5.00%, 5/15/2022		100,000		103,343


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Series 2015A, Rev., 5.00%, 11/15/2024		100,000		114,708

Illinois Finance Authority, Presence Health Network

Series 2016C, Rev., 5.00%, 2/15/2022		185,000		189,090

Series 2016C, Rev., 5.00%, 2/15/2023		225,000		240,884

Illinois Finance Authority, Regency Park at Lincolnwood Series 1991A, Rev., Zero Coupon, 7/15/2023 (b)		45,000		44,698

Illinois Finance Authority, Riverside Health System

Rev., 5.00%, 11/15/2023		155,000		170,890

Rev., 5.00%, 11/15/2024		100,000		114,363

Illinois Finance Authority, Rush Medical Center Obligated Group Series 2015A, Rev., 5.00%, 11/15/2025		25,000		29,111

Illinois Finance Authority, Social Bonds-Learn Chapter School Project

Rev., 4.00%, 11/1/2022		125,000		130,124

Rev., 4.00%, 11/1/2023		135,000		144,662

Illinois Finance Authority, Swedish Covenant Hospital Series 2016A, Rev., 5.00%, 8/15/2026 (b)		155,000		188,824

Illinois Finance Authority, The University of Chicago

Rev., VRDO, 0.02%, 9/10/2021 (c)		9,807,000		9,807,000

Series 2012A, Rev., 4.00%, 10/1/2021		100,000		100,313

Series 2012A, Rev., 5.00%, 10/1/2021		150,000		150,592

Series 2014A, Rev., 5.00%, 10/1/2022		50,000		52,633

Series A, Rev., 4.00%, 4/1/2023 (b)		170,000		180,217

Series 2021A, Rev., 5.00%, 10/1/2023		1,400,000		1,539,517

Series 2021A, Rev., 5.00%, 10/1/2025		3,500,000		4,155,238

Illinois Finance Authority, The University of Chicago Medical Center

Series 2012A, Rev., 5.00%, 8/15/2022 (b)		1,025,000		1,071,707

Series A, Rev., 5.00%, 8/15/2022		150,000		156,985

Series 2016B, Rev., 5.00%, 8/15/2023		740,000		810,088

Series A, Rev., 5.00%, 8/15/2023		130,000		142,313

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	249

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Illinois — continued

Series 2016A, Rev., 5.00%, 8/15/2024		235,000		268,042

Illinois Finance Authority, Trinity Health Credit Group

Series 2011-IL, Rev., 5.00%, 12/1/2021 (b)		50,000		50,605

Series 2011-L, Rev., 5.00%, 12/1/2021 (b)		460,000		465,570

Illinois Finance Authority, Unitypoint Health

Series 2016D, Rev., 5.00%, 2/15/2023		160,000		171,198

Series 2016D, Rev., 5.00%, 2/15/2024		230,000		256,455

Illinois Housing Development Authority Series 2019A, Rev., GNMA/FNMA/FHLMC, 2.00%, 4/1/2023		90,000		92,082

Illinois Housing Development Authority, Heather Ridge Rev., 1.90%, 10/1/2021 (c)		270,000		270,376

Illinois Municipal Electric Agency, Power Supply System

Series 2015A, Rev., 5.00%, 2/1/2022		380,000		387,553

Series 2015A, Rev., 5.00%, 2/1/2023		25,000		26,689

Series 2015A, Rev., 5.00%, 2/1/2024		180,000		199,881

Series 2015A, Rev., 5.00%, 2/1/2026		175,000		206,201

Illinois State Toll Highway Authority

Series 2014A, Rev., 5.00%, 12/1/2021		360,000		364,358

Series 2014D, Rev., 5.00%, 1/1/2022		295,000		299,774

Series 2018A, Rev., 5.00%, 1/1/2022		75,000		76,214

Series 2014D, Rev., 5.00%, 1/1/2023		65,000		69,216

Series D, Rev., 5.00%, 1/1/2024		55,000		61,049

Joliet Regional Port District GO, 4.00%, 12/30/2021		135,000		136,625

Kane and DeKalb Counties Community Unit School District No. 302 Kaneland GO, NATL-RE, Zero Coupon, 2/1/2023		20,000		19,750

Kane Cook and DuPage Counties School District No. U-46 Elgin Series 2012B, GO, 4.50%, 1/1/2023		45,000		45,647


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Kane Cook and DuPage etc. Counties Community College District No. 509, Elgin Community College

GO, 2.25%, 12/15/2021		25,000		25,154

Series 2013A, GO, 4.00%, 12/15/2021		55,000		55,613

Kane County Community Unit School District No. 101 Batavia GO, 5.00%, 1/1/2022		95,000		96,511

Kane County Forest Preserve District

Series 2016C, GO, 5.00%, 12/15/2021		85,000		86,186

Series 2016C, GO, 5.00%, 12/15/2022		70,000		74,343

Kane County School District No. 131 Aurora East Side

Series 2020A, GO, AGM, 3.00%, 12/1/2021		100,000		100,624

Series 2020C, GO, 5.00%, 12/1/2021		140,000		141,564

Series 2020C, GO, 5.00%, 12/1/2022		160,000		168,739

Kane Kendall Etc. Counties Community College District No. 516, Waubonsee Community College Series 2012A, GO, 5.00%, 12/15/2021 (b)		160,000		162,242

Kankakee and Will Counties Community Unit School District No. 5 GO, 4.00%, 12/1/2022		35,000		36,572

Kankakee River Metropolitan Agency, Senior Lien Treatment Facility Rev., AGM, 4.00%, 5/1/2022		30,000		30,751

Kendall County Community Unit School District No. 88 Plano GO, AMBAC, Zero Coupon, 12/1/2021 (b)		20,000		19,990

Lake and McHenry Counties Community Unit, School District No 118 Wauconda GO, 5.00%, 1/1/2022		135,000		137,134

Lake County Community Consolidated School District No. 41 Lake Villa GO, 4.00%, 11/1/2021		25,000		25,155

Lake County Community Consolidated School District No. 46 Grayslake GO, 5.00%, 11/1/2022		25,000		26,423

Lake County Community High School District No. 115 Lake Forest

GO, 4.00%, 11/1/2021		25,000		25,160

GO, 4.00%, 11/1/2022		45,000		47,038	��

SEE NOTES TO FINANCIAL STATEMENTS.



250	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Illinois — continued

Lake County Community Unit School District No. 116 Round Lake GO, 3.00%, 1/15/2023		100,000		102,794

Lake County Consolidated High School District No. 120 Mundelein GO, 5.00%, 12/1/2022		20,000		21,219

Lake County School District No. 76-Diamond Lake, School Building

GO, 5.00%, 1/1/2022		25,000		25,398

GO, 5.00%, 1/1/2023		35,000		37,057

Lake County Township High School District No. 121 Warren Series 2016A, GO, 3.00%, 1/1/2024 (b)		370,000		394,165

Lincoln Land Community College District No. 526 GO, 4.00%, 12/15/2021 (b)		210,000		212,342

Macon and De Witt Counties Community Unit, School District No. 2 Maroa-Forsyth Series 2017C, GO, 3.00%, 12/1/2021		50,000		50,336

Macoupin County Community Unit School District No. 7 Gillespie, School Building GO, AGC, 6.00%, 12/1/2021 (b)		50,000		50,720

Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community GO, 5.00%, 11/1/2022		35,000		36,836

McHenry and Lake Counties Community High School District No. 156 McHenry, School Building GO, 5.00%, 2/1/2023		50,000		53,127

McHenry County Conservation District GO, 5.00%, 2/1/2022		50,000		51,000

McHenry Kane Lake and Boone Counties Community College District No. 528, Limited Tax Rev., 4.00%, 2/1/2022		25,000		25,386

McLean and Woodford Counties Community Unit School District No. 5 Normal

Series 2017A, GO, 4.00%, 12/1/2021		120,000		121,138

Series 2017A, GO, 4.00%, 12/1/2022		95,000		99,522

Series 2017A, GO, 4.00%, 12/1/2023		30,000		32,289

Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series A, Rev., NATL-RE, Zero Coupon, 6/15/2022 (b)		30,000		29,908


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Metropolitan Water Reclamation District of Greater Chicago

Series 2014B, GO, 4.00%, 12/1/2021		50,000		50,484

Series 2007A, GO, 5.00%, 12/1/2021		145,000		146,763

Series 2014D, GO, 5.00%, 12/1/2021		85,000		86,033

Metropolitan Water Reclamation District of Greater Chicago, Limited Tax

Series 2011B, GO, 3.00%, 12/1/2021		100,000		100,721

Series 2011B, GO, 5.00%, 12/1/2021		50,000		50,608

Series 2011B, GO, 5.00%, 12/1/2022		40,000		40,477

Monroe and St. Clair Counties, Community Unit School District No. 5 Waterloo

GO, 5.00%, 4/15/2022		75,000		77,220

GO, 5.00%, 4/15/2023		35,000		37,579

Northern Illinois Municipal Power Agency, Prairie State Project

Series 2016A, Rev., 5.00%, 12/1/2021		130,000		131,498

Series 2016A, Rev., 5.00%, 12/1/2024		430,000		491,643

Peoria Metropolitan Airport Authority Series 2017D, GO, 5.00%, 12/1/2023		75,000		83,089

Peoria Tazewell Etc Counties Community College District No. 514 Series 2014A, GO, 5.00%, 12/1/2021		35,000		35,416

Piatt and Dewitt Counties Community Unit School District No. 57 Deland-Weldon GO, 3.13%, 12/1/2022		20,000		20,508

Plainfield Township Park District GO, 3.00%, 12/30/2021		45,000		45,411

Railsplitter Tobacco Settlement Authority

Rev., 5.00%, 6/1/2022		250,000		259,039

Rev., 5.00%, 6/1/2023		205,000		222,100

Rev., 5.00%, 6/1/2024		525,000		592,339

Regional Transportation Authority

Series 2003A, Rev., NATL-RE, 5.50%, 7/1/2022		105,000		109,655

Series 2017A, Rev., 5.00%, 7/1/2023		80,000		87,017

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	251

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Illinois — continued

Rock Island County Community Unit School District No. 40 Moline GO, 3.00%, 2/1/2022		30,000		30,349

Sangamon County Community Unit School District No. 5, Ball-Chatham Series B, GO, 5.00%, 1/1/2022		30,000		30,477

South Suburban College Community School District No. 510 GO, AGC, Zero Coupon, 12/1/2023		25,000		24,645

Southwestern Illinois Development Authority, Memorial Group Inc. Rev., 7.13%, 11/1/2023 (b)		100,000		114,780

State of Illinois

GO, 5.00%, 2/1/2022		20,000		20,396

Series 2021A, GO, 5.00%, 3/1/2022		2,625,000		2,687,387

Series 2013A, GO, 5.00%, 4/1/2022		125,000		128,465

GO, 5.00%, 5/1/2022		55,000		56,741

Series 2018A, GO, 5.25%, 5/1/2022		65,000		67,165

GO, 5.00%, 7/1/2022		50,000		51,973

GO, AGM, 5.00%, 8/1/2022		95,000		99,215

Series 2017D, GO, 5.00%, 11/1/2022		7,500,000		7,911,936

Series 2019A, GO, 5.00%, 11/1/2022		95,000		100,218

Series 2021A, GO, 5.00%, 3/1/2023		2,600,000		2,781,195

GO, 5.00%, 2/1/2024		115,000		127,636

Series 2021A, GO, 5.00%, 3/1/2024		935,000		1,041,269

State of Illinois Sales Tax Series 2016C, Rev., 5.00%, 6/15/2022		430,000		446,210

Tender Option Bond Trust Receipts/Certificates Series 2017-XF2500, Rev., VRDO, LIQ: Citibank NA, 0.07%, 9/10/2021 (c) (f)		10,220,000		10,220,000

Township of Campton

GO, 5.00%, 12/15/2021		65,000		65,889

GO, 5.00%, 12/15/2022		25,000		26,538

University of Illinois, Auxiliary Facilities System Series 2013A, Rev., 5.00%, 4/1/2022		55,000		56,552

Village of Bellwood Series 2016A, GO, AGM, 4.00%, 12/1/2021		20,000		20,181

Village of Bolingbrook

Series 2018A, GO, AGM, 5.00%, 1/1/2022		25,000		25,395

Series 1999A, GO, NATL-RE, 5.25%, 1/1/2023 (b)		20,000		21,361


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Village of Carpentersville

GO, 4.00%, 12/30/2021		80,000		80,979

Series 2015B, GO, 4.00%, 12/30/2021		30,000		30,367

Village of Channahon

GO, 3.00%, 12/1/2021		40,000		40,275

GO, 4.00%, 12/1/2022 (b)		25,000		26,208

Village of Glendale Heights GO, 5.00%, 12/15/2021		155,000		157,139

Village of Glenview

Series 2012A, GO, 4.00%, 12/1/2021		190,000		191,821

Series 2012B, GO, 4.00%, 12/1/2021		80,000		80,767

Village of Hoffman Estates Series 2015B, GO, 4.00%, 12/1/2021		25,000		25,230

Village of Lyons Series 2014B, GO, AGM, 4.00%, 12/1/2022		35,000		36,576

Village of McCook Series 2019A, GO, AGM, 4.00%, 12/1/2021		135,000		136,094

Village of Midlothian

GO, AGM, 4.00%, 1/1/2022		15,000		15,172

GO, AGM, 4.00%, 1/1/2023		15,000		15,683

GO, AGM, 4.00%, 1/1/2024		70,000		75,767

GO, AGM, 4.00%, 1/1/2025		40,000		44,591

Village of Morton Grove GO, 5.00%, 12/15/2021		25,000		25,341

Village of Oak Park, Corporate Purpose Series 2020B, GO, 5.00%, 1/1/2023		660,000		700,793

Village of Rantoul GO, 4.00%, 1/1/2025		350,000		390,170

Village of Sauk Village Series 2019C, GO, 4.00%, 12/1/2021		150,000		151,400

Village of Schaumburg

Series 2012A, GO, 4.00%, 12/1/2022		25,000		26,126

Series 2020B, GO, 2.00%, 12/1/2023		325,000		335,673

Village of South Holland Series 2015B, GO, 4.00%, 12/15/2022		90,000		93,809

Village of Western Springs GO, 3.00%, 12/1/2022		50,000		51,700

Village of Wheeling GO, 5.00%, 12/1/2021		25,000		25,295

Wheaton Park District Series 2019A, GO, 5.00%, 12/15/2021		25,000		25,342

White Oak Library District GO, 5.00%, 1/1/2022		100,000		101,547

SEE NOTES TO FINANCIAL STATEMENTS.



252	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Illinois — continued

Will & Kendall Counties Community Consolidated School District 202 Plainfield GO, 4.00%, 1/1/2022		20,000		20,250

Will & Kendall Counties Community Consolidated School District 202 Plainfield, Limited Tax Series 2019A, Rev., 5.00%, 1/1/2023		30,000		31,887

Will County Community High School District No. 210 Lincoln-Way GO, AGM, Zero Coupon, 1/1/2022 (b)		70,000		69,912

Will County Community School District No. 161 Summit Hill GO, 3.00%, 1/1/2022		40,000		40,372

Will County Community Unit School District No. 365-U Valley View GO, AGM, Zero Coupon, 11/1/2022		125,000		124,718

Will County Community Unit School District No. 365-U Valley View, Limited School Bonds

GO, AGM, Zero Coupon, 11/1/2021 (b)		40,000		39,990

Series 2011A, GO, 5.63%, 11/1/2021 (b)		255,000		257,308

Series 2011A, GO, 5.75%, 11/1/2021 (b)		110,000		111,018

Will County Forest Preserve District, Limited Tax Series 2016A, GO, 2.00%, 12/15/2022		100,000		102,352

Will County Forest Preserve District, Unlimited Tax GO, 5.00%, 12/15/2021		35,000		35,488

Will County School District No. 122, Capital Appreciation

Series B, GO, AGM, Zero Coupon, 11/1/2021 (b)		85,000		84,979

GO, AGM, Zero Coupon, 11/1/2022		60,000		59,629

Will County School District No. 88 Chaney-Monge, School Building GO, AGM, 5.00%, 12/1/2023 (b)		135,000		149,489

Will County Township High School District No. 204 Joliet, Limited Tax

GO, 4.00%, 1/1/2022		25,000		25,313

Series 2013A, GO, 2.75%, 1/1/2023		35,000		36,062

Winnebago and Boone Counties School District No. 205 Rockford GO, Zero Coupon, 2/1/2022		50,000		49,888


Total Illinois				108,878,711


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — 1.3%

Allen County War Memorial Coliseum Additions Building Corp.

Series 2016A, Rev., 4.00%, 11/1/2021		75,000		75,458

Series 2016A, Rev., 4.00%, 11/1/2022		50,000		52,163

Anderson School Building Corp., First Mortgage

Rev., 5.00%, 1/20/2022		335,000		341,180

Rev., 5.00%, 7/20/2022		175,000		182,429

Rev., 5.00%, 1/20/2023		45,000		47,981

Rev., 5.00%, 7/20/2023		20,000		21,717

Avon Community School Building Corp., Ad Valorem Property Tax First Mortgage

Rev., 5.00%, 7/15/2022		60,000		62,507

Rev., 5.00%, 7/15/2023		20,000		21,728

Rev., 4.00%, 7/15/2024		25,000		27,501

Rev., 5.00%, 7/15/2024		110,000		124,135

Ball State University, Housing & Dining System

Rev., 5.00%, 7/1/2022		85,000		88,430

Rev., 5.00%, 7/1/2024		25,000		27,053

Brownsburg 1999 School Building Corp., Ad Valorem Property Tax First Mortgage

Series 2015B, Rev., 5.00%, 7/15/2022		45,000		46,864

Rev., 4.00%, 7/15/2023		65,000		69,482

Series 2015B, Rev., 5.00%, 7/15/2024		30,000		33,965

Carmel Clay Public Library GO, 3.00%, 1/15/2023		615,000		638,439

Carmel Local Public Improvement Bond Bank, Waterworks Rev., 5.00%, 6/1/2022		50,000		51,800

Carmel Redevelopment Authority, Option Income Tax Lease Rental

Series 2014B, Rev., 5.00%, 7/1/2022		25,000		26,022

Series 2014B, Rev., 5.00%, 1/1/2024		35,000		38,728

Series 2014B, Rev., 5.00%, 7/1/2024		70,000		79,069

Center Grove School Building Corp., First Mortgage Series 2013A, Rev., 5.00%, 1/15/2022		75,000		76,325

City of Fort Wayne, Sewage Works Rev., 3.00%, 8/1/2022		50,000		51,023

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	253

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Indiana — continued

Series 2020B, Rev., 4.00%, 8/1/2024		150,000		163,581

City of Indianapolis Department of Public Utilities Gas Utility

Series 2020A, Rev., 5.00%, 8/15/2022		230,000		240,734

Series 2020A, Rev., 5.00%, 8/15/2023		795,000		868,329

City of Indianapolis, Energy System, First Lien

Series 2016A, Rev., 5.00%, 10/1/2021		125,000		125,484

Series 2016A, Rev., 5.00%, 10/1/2022		60,000		63,106

Series 2016A, Rev., 5.00%, 10/1/2023		20,000		21,866

City of Knox, Sewage Works

Rev., 4.00%, 12/1/2021		65,000		65,582

Rev., 4.00%, 12/1/2022		65,000		67,719

City of Lafayette, Sewage Works

Rev., 5.00%, 7/1/2022		25,000		25,994

Rev., 5.00%, 1/1/2023		40,000		42,550

City of Martinsville, Waterworks Rev., AGM, 3.00%, 7/1/2022		25,000		25,518

City of Rockport, AEP Generating Co. Project Series A, Rev., 1.35%, 9/1/2022 (c)		50,000		50,528

Clark Pleasant Middle School Corp., Ad Valorem Property Tax First Mortgage

Rev., 4.00%, 1/15/2022		130,000		131,817

Rev., 4.00%, 1/15/2025		35,000		38,909

Clark-Pleasant School Building Corp., First Mortgage Rev., 5.00%, 7/15/2022		35,000		36,450

Columbus Multi-High School Building Corp., Unlimited Ad Valorem Property Tax Rev., 5.00%, 7/15/2022		25,000		26,045

Concord Community Schools Building Corp., First Mortgage

Rev., 4.00%, 1/15/2022		30,000		30,419

Rev., 5.00%, 7/15/2023		25,000		27,185

County of Elkhart GO, 4.00%, 6/1/2022		25,000		25,714

County of Johnson, Local Income Tax Series 2020A, Rev., 4.00%, 7/15/2023		25,000		26,724

County of Lake

GO, AGM, 2.00%, 7/15/2022		25,000		25,417


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Series 2014B, GO, 2.60%, 7/15/2022		50,000		51,052

Decatur Township Multi-School Building Corp., First Mortgage, Ad Valorem Property Tax Rev., 5.00%, 1/15/2022		25,000		25,437

East Allen Multi School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage

Rev., 4.00%, 7/15/2022		25,000		25,819

Rev., 4.00%, 1/15/2024		40,000		43,397

East Porter County School Building Corp., First Mortgage Rev., 4.00%, 7/15/2022		75,000		77,523

Fishers Industrial Redevelopment District, Income Tax Rev., 4.00%, 1/15/2024		25,000		27,061

Fishers Redevelopment Authority, Nickel Plate Trail Project Rev., 4.00%, 1/15/2022		75,000		76,062

Fishers Redevelopment Authority, State Road 37 Project Rev., 4.00%, 7/15/2022		25,000		25,830

Fishers Redevelopment District Series 2017A1, Rev., 4.00%, 7/15/2022		50,000		51,660

Fishers Town Hall Building Corp., Amphitheater Project Rev., 4.00%, 7/15/2022		100,000		103,230

Fort Wayne Community School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage Series 2017B, Rev., 5.00%, 1/15/2023		70,000		74,611

Fort Wayne Redevelopment Authority Lease Rental Rev., 4.00%, 2/1/2022		50,000		50,789

Franklin Township-Marion County Multiple School Building Corp., Ad Valorem Property Tax First Mortgage Series 2015B, Rev., 5.00%, 7/15/2022		175,000		182,101

GCS School Building Corp. One, Unlimited Ad Valorem Property Tax First Mortgage

Rev., 4.00%, 7/15/2022		75,000		77,463

Rev., 4.00%, 1/15/2023		75,000		78,841

Rev., 5.00%, 1/15/2026		45,000		53,340

Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage

Rev., 4.00%, 7/15/2022		60,000		61,965

SEE NOTES TO FINANCIAL STATEMENTS.



254	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Indiana — continued

Rev., 5.00%, 7/15/2023		30,000		32,615

Hamilton County Public Building Corp., First Mortgage Rev., 5.00%, 2/1/2023		75,000		78,326

Hamilton Southeastern Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage

Series 2015B, Rev., 4.00%, 1/15/2022		25,000		25,356

Series 2015D, Rev., 4.00%, 1/15/2022		50,000		50,712

Series 2015D, Rev., 5.00%, 1/15/2022		55,000		55,986

Series 2014A, Rev., 5.00%, 7/15/2022		25,000		26,054

Series B, Rev., 5.00%, 7/15/2022		35,000		36,475

Rev., 4.00%, 1/15/2024		25,000		27,192

Hammond Multi-School Building Corp., Ad Valorem Property Tax First Mortgage

Rev., 5.00%, 7/15/2024		100,000		110,874

Rev., 5.00%, 1/15/2025		100,000		115,111

Highland Sanitation District

4.00%, 2/1/2022		250,000		253,809

Series 2016B, 2.00%, 8/1/2022		50,000		50,767

Hobart Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2023		35,000		38,086

Indiana Bond Bank, Special Program, Adams County Memorial Hospital Project

Series 2012D, Rev., 3.00%, 2/1/2022 (b)		140,000		141,633

Series 2012D, Rev., 5.00%, 2/1/2022 (b)		40,000		40,802

Indiana Finance Authority

Series 2016C, Rev., 5.00%, 12/1/2021		380,000		384,639

Series 2012M, Rev., 5.00%, 7/1/2022 (b)		175,000		182,102

Series 2010A, Rev., 5.00%, 12/1/2022		80,000		84,888

Series 2016C, Rev., 5.00%, 12/1/2022		50,000		53,055

Indiana Finance Authority, Ascension Senior Credit Group Series 2006B-3, Rev., 1.75%, 11/2/2021 (c)		330,000		330,890


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Indiana Finance Authority, Beacon Health System Obligation Group

Series 2013A, Rev., 5.00%, 8/15/2022		200,000		209,255

Series 2013A, Rev., 5.00%, 8/15/2023		250,000		273,523

Indiana Finance Authority, Community Foundation of Northwest Indiana Obligated Group

Rev., 4.00%, 9/1/2021		200,000		200,000

Rev., 5.00%, 3/1/2022 (b)		150,000		153,653

Rev., 5.00%, 9/1/2022		100,000		104,843

Indiana Finance Authority, Community Health Network Project

Series 2012A, Rev., 5.00%, 5/1/2022		100,000		103,193

Series 2012A, Rev., 5.00%, 5/1/2023		175,000		188,911

Indiana Finance Authority, First Lien Wastewater, CWA Authority Project

Rev., 4.00%, 10/1/2021		40,000		40,126

Series 2011A, Rev., 5.00%, 10/1/2021 (b)		310,000		311,210

Series 2014A, Rev., 5.00%, 10/1/2021		85,000		85,336

Series 2015A, Rev., 5.00%, 10/1/2021		80,000		80,316

Series 2019A, Rev., 5.00%, 10/1/2021		25,000		25,099

Series 2011A, Rev., 5.25%, 10/1/2021		910,000		913,736

Series 2014A, Rev., 5.00%, 10/1/2022		100,000		105,289

Series 2016A, Rev., 5.00%, 10/1/2022		50,000		52,645

Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group

Rev., 5.00%, 11/1/2022		170,000		179,596

Rev., 5.00%, 11/1/2023		160,000		176,453

Series 2016B, Rev., 5.00%, 11/1/2024		345,000		396,008

Indiana Finance Authority, Indiana University Health Obligated Group

Series 2016A, Rev., 5.00%, 12/1/2021		120,000		121,444

Series C, Rev., 5.00%, 12/1/2021		65,000		65,782

Series 2011 I, Rev., 1.65%, 1/1/2022 (b) (c)		250,000		251,230

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	255

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Indiana — continued

Series H, Rev., 1.65%, 1/1/2022 (b) (c)		1,000,000		1,004,921

Rev., 5.00%, 12/1/2022		400,000		424,179

Series 2014A, Rev., 5.00%, 12/1/2022		195,000		206,787

Series 2016A, Rev., 5.00%, 12/1/2022		115,000		121,952

Rev., 5.00%, 12/1/2024		75,000		86,408

Series B, Rev., 2.25%, 7/1/2025 (c)		100,000		105,942

Indiana Finance Authority, Lease Appropriation, Convention Center Expansion Project Series 2019B, Rev., 5.00%, 2/1/2025		90,000		104,494

Indiana Finance Authority, Lease Appropriation, Stadium Project Series 2015A, Rev., 5.00%, 2/1/2022		1,000,000		1,020,342

Indiana Finance Authority, National Collegiate Athletic Association Project Rev., 5.00%, 5/1/2022		75,000		77,451

Indiana Finance Authority, Parkview Health System, Inc.

Series 2017A, Rev., 5.00%, 11/1/2021		310,000		312,478

Series 2012A, Rev., 5.00%, 5/1/2022		25,000		25,804

Series 2017A, Rev., 5.00%, 11/1/2022		110,000		116,222

Series 2012A, Rev., 4.00%, 5/1/2023		180,000		184,595

Series 2017A, Rev., 5.00%, 11/1/2023		125,000		137,940

Series 2012A, Rev., 5.00%, 5/1/2024		100,000		103,357

Series 2017A, Rev., 5.00%, 11/1/2024		55,000		63,151

Indiana Finance Authority, Second Lien Wastewater, CWA Authority Project Series 2011B, Rev., 5.25%, 10/1/2021		250,000		251,026

Indiana Finance Authority, State Revolving Fund Program

Series 2012C, Rev., 4.00%, 2/1/2022		25,000		25,405

Rev., 5.00%, 2/1/2022		85,000		86,729

Series 2011A, Rev., 5.00%, 2/1/2022 (b)		50,000		51,013

Series 2012A, Rev., 5.00%, 2/1/2022 (b)		80,000		81,622


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Series 2013A, Rev., 5.00%, 2/1/2022		55,000		56,119

Series 2016B, Rev., 5.00%, 2/1/2022		20,000		20,407

Series 2017B, Rev., 5.00%, 2/1/2022		25,000		25,508

Indiana Health Facility Financing Authority, Ascension Health Credit Group

Rev., 4.00%, 10/1/2021		160,000		160,501

Rev., 4.00%, 10/1/2025		30,000		34,350

Indiana Municipal Power Agency, Power Supply System

Series 2014A, Rev., 5.00%, 1/1/2022		55,000		55,871

Series 2016C, Rev., 5.00%, 1/1/2022		50,000		50,792

Series 2017A, Rev., 5.00%, 1/1/2022		310,000		314,911

Series 2019A, Rev., 5.00%, 1/1/2022		145,000		147,297

Series 2014A, Rev., 5.00%, 1/1/2023		320,000		340,000

Series 2017A, Rev., 5.00%, 1/1/2023		165,000		175,313

Series 2019A, Rev., 5.00%, 1/1/2023		275,000		292,188

Series 2013A, Rev., 5.25%, 7/1/2023 (b)		30,000		32,767

Indiana State University, Housing and Dining System Rev., 5.00%, 4/1/2022		150,000		154,144

Indiana State University, Student Fee

Series R, Rev., 5.00%, 10/1/2021		55,000		55,211

Series S, Rev., 5.00%, 10/1/2021		25,000		25,096

Indiana Transportation Finance Authority Series 2004B, Rev., NATL-RE, 5.75%, 12/1/2022		160,000		171,292

Indiana Transportation Museum, Inc. Series 2004B, Rev., NATL-RE, 5.75%, 12/1/2021		315,000		319,421

Indiana University Series A, Rev., 5.00%, 6/1/2022		60,000		62,206

Indiana University, Lease Purchase Series 2020A, Rev., 5.00%, 6/1/2022		30,000		31,103

Indiana University, Student Fee

Series Z-1, Rev., 3.00%, 8/1/2022		60,000		61,601

Series U, Rev., 3.20%, 8/1/2022		200,000		200,503

SEE NOTES TO FINANCIAL STATEMENTS.



256	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Indiana — continued

Series X, Rev., 4.00%, 8/1/2022		60,000		62,149

Series W-2, Rev., 5.00%, 8/1/2022		35,000		36,574

Series X, Rev., 5.00%, 8/1/2023		30,000		32,780

Indianapolis Local Public Improvement Bond Bank

Series 2014C, Rev., 4.00%, 2/1/2022		25,000		25,407

Series 2021A, Rev., 5.00%, 6/1/2022		50,000		51,781

Series 2016B, Rev., 4.00%, 2/1/2023		25,000		26,369

Indianapolis Local Public Improvement Bond Bank, Ad Valorem Property Tax Funded Project Series 2017A, Rev., 5.00%, 1/15/2022		35,000		35,638

Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project Series 2019A, Rev., 5.00%, 2/1/2023		65,000		69,506

Indianapolis Local Public Improvement Bond Bank, Indyroads Series 2019E, Rev., 5.00%, 1/1/2022		30,000		30,490

Indianapolis Local Public Improvement Bond Bank, Stormwater Project

Series 2013D, Rev., 5.00%, 1/1/2022		40,000		40,653

Series 2013D, Rev., 3.25%, 1/1/2025		100,000		103,507

Indianapolis Local Public Improvement Bond Bank, Waterworks Project Series 2007B, Rev., NATL-RE, 5.25%, 7/1/2022		60,000		62,577

Indianapolis-Marion County Public Library GO, 5.00%, 1/1/2023		60,000		60,963

IPS Multi-School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage Rev., 3.00%, 7/15/2022		25,000		25,611

Ivy Tech Community College of Indiana, Student Fee

Series R-1, Rev., 5.00%, 7/1/2022		40,000		41,624

Series T, Rev., 5.00%, 7/1/2022		25,000		26,015

Series V, Rev., 5.00%, 7/1/2022		110,000		114,467

Series W, Rev., 5.00%, 7/1/2022		75,000		78,046

Series 2004J, Rev., AMBAC, 5.00%, 7/1/2023		75,000		81,666

Series R-1, Rev., 5.00%, 7/1/2023		35,000		38,111

Series T, Rev., 5.00%, 7/1/2024		100,000		113,229


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Jackson County Building Corp.

Rev., 2.00%, 1/15/2023		120,000		122,867

Rev., 2.00%, 7/15/2023		125,000		129,033

Rev., 2.00%, 1/15/2024		125,000		129,185

Rev., 2.00%, 7/15/2024		125,000		129,880

Rev., 2.00%, 1/15/2025		125,000		130,385

Jasper Hospital Authority, Memorial Health and Health Center Project Rev., 5.00%, 11/1/2022		25,000		26,366

Jennings County School Building Corp., First Mortgage

Series 2019A, Rev., 2.00%, 1/15/2022		90,000		90,594

Series 2019B, Rev., 3.00%, 1/15/2022		40,000		40,411

Series 2019A, Rev., 2.00%, 1/15/2023		60,000		61,425

Kankakee Valley Middle School Building Corp., Ad Valorem Property Tax Rev., 3.00%, 1/15/2022		85,000		85,919

La Porte County Public Library Leasing Corp. GO, 3.00%, 1/15/2022		25,000		25,257

Lake Central Multi-District School Building Corp., First Mortgage Series 2012B, Rev., 5.00%, 1/15/2023 (b)		100,000		106,661

LaPorte Multi School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 7/15/2023		90,000		97,953

Lebanon Middle School Building Corp., Ad Valorem Property Tax, First Mortgage Series 2017B, Rev., 5.00%, 7/10/2022		60,000		62,420

Lincoln Center Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 4.00%, 8/1/2022		285,000		294,514

Merrillville Multi School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 7/15/2023		40,000		43,543

Metropolitan School District Washington Township

GO, 3.00%, 1/15/2022		30,000		30,320

GO, 3.00%, 1/15/2023		35,000		36,358

Michigan City School Building Corp. Series 2016A, Rev., 5.00%, 7/15/2022		30,000		30,920

Middlebury Schools Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 7/15/2022		35,000		36,450

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	257

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Indiana — continued

Mishawaka School Building Corp., Indiana First Mortgage Rev., 3.00%, 1/15/2022		45,000		45,454

MSD of Wabash County Multi-School Building Corp., First Mortgage Rev., 3.40%, 7/15/2022		25,000		25,059

MSD of Wash Township School Building Corp., First Mortgage, Unlimited Property Tax Rev., 5.00%, 7/15/2022		30,000		31,270

Mt. Vernon School Building Corp., First Mortgage, Ad Valorem Property Tax Series 2016B, Rev., 5.00%, 1/15/2025		100,000		115,293

Muncie Sanitary District Series 2016A, Rev., NATL-RE, 2.00%, 1/1/2022		70,000		70,378

New Albany-Floyd County School Building Corp., First Mortgage Rev., 5.00%, 1/15/2023		45,000		47,913

New Palestine Multi-School Building Corp., First Mortgage, Ad Valorem Property Tax

Rev., 4.00%, 7/15/2022		25,000		25,841

Rev., 4.00%, 1/15/2023		45,000		47,362

New Prairie United School District Building Corp., First Mortgage Rev., 4.00%, 1/15/2025		35,000		39,108

North Adams Community Schools Renovation Building Corp., First Mortgage, Ad Valorem Property Tax

Rev., 5.00%, 1/15/2023		20,000		21,281

Rev., 5.00%, 7/15/2023		35,000		38,065

North Vermillion School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 4.00%, 7/15/2022		55,000		56,806

North Webster Community Public Library GO, 4.00%, 1/15/2022		75,000		76,023

North West Hendricks Multi-Building Corp., First Mortgage Series 2016A, Rev., 5.00%, 7/15/2022		50,000		52,134

Northwest Allen Multi-School Building Corp., First Mortgage, Unlimited Ad Valorem Property Tax Rev., 4.00%, 7/15/2022		20,000		20,673

Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, 7/15/2022		25,000		25,819

Pike Township Multi-School Building Corp., First Mortgage

Rev., 5.00%, 1/15/2024		320,000		355,521


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Rev., 5.00%, 7/15/2024		350,000		396,694

Rev., 5.00%, 1/15/2025		335,000		386,841

Plainfield High School Building Corp., Ad Valorem Property Tax First Mortgage Refunding Series 2019A, Rev., 5.00%, 7/15/2023		35,000		38,155

Purdue University, Student Facilities System Series 2015A, Rev., 5.00%, 7/1/2022		25,000		26,022

Purdue University, Student Fee Series AA, Rev., 5.00%, 7/1/2022		20,000		20,817

South Bend Community School Building Corp., First Mortgage

Rev., 4.00%, 1/15/2022		60,000		60,854

Rev., 4.00%, 7/15/2022		30,000		31,004

Rev., 4.00%, 1/15/2023		30,000		31,575

Rev., 5.00%, 7/15/2023		90,000		98,095

South Bend Redevelopment Authority Rev., 3.00%, 2/1/2022		25,000		25,293

South Gibson School Building Corp., First Mortgage Rev., 4.00%, 1/10/2025		40,000		44,763

South Madison Middle School Building Corp., First Mortgage Rev., 5.00%, 7/15/2022		25,000		26,036

South Vermillion Middle School Building Corp., First Mortgage Series 2016A, Rev., 3.00%, 1/15/2024		50,000		53,007

Southeast Dubois County School Building Corp., First Mortgage Series 2012A, Rev., 3.00%, 7/15/2022		640,000		650,622

Southmont School Building Corp. Rev., 4.00%, 7/15/2022		45,000		46,530

Southmont School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2025		20,000		23,073

Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2022		75,000		76,353

Twin Lakes School Building Corp., First Mortgage Rev., 4.00%, 7/15/2024		35,000		38,512

Valparaiso Middle School Building Corp., AD Valorem Property Tax First Mortgage Series 2012A, Rev., 3.00%, 7/15/2022		100,000		101,027

Vigo County Building Corp. Rev., 4.00%, 7/15/2022		50,000		51,637

Wa-Nee Community Schools GO, 3.00%, 1/15/2023		125,000		128,909

SEE NOTES TO FINANCIAL STATEMENTS.



258	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Indiana — continued

Warsaw Multi-School Building Corp., First Mortgage

Rev., 4.00%, 7/15/2022		100,000		103,275

Rev., 5.00%, 1/15/2023		85,000		90,502

Washington Township Building Corp., Indiana Lease Rental Bonds Rev., 4.00%, 7/15/2024		100,000		110,034

Wayne Township School Building Corp. Rev., 4.00%, 7/15/2022		400,000		413,241

Wayne Township School Building Corp., Ad Valorem Property Tax First Mortgage

Series 2015A, Rev., 4.00%, 1/15/2022		200,000		202,795

Rev., 5.00%, 7/15/2022		30,000		31,254

West Clark 2000 School Building Corp., First Mortgage

Rev., 4.00%, 1/15/2023		45,000		47,298

Rev., 5.00%, 1/15/2023		25,000		26,619

West Lafayette School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2022		80,000		83,386

West Lafayette School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 7/15/2023		35,000		38,086

Westfield High School Building Corp., Unlimited Ad Valorem Property Tax, First Mortgage Series 2018B, Rev., 4.00%, 1/15/2022		25,000		25,329

Whitestown Redevelopment Authority Rev., 3.00%, 1/15/2024		25,000		26,510

Whiting Sanitation District GO, 3.00%, 1/15/2022		50,000		50,501

Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project

Rev., 4.00%, 1/15/2022		35,000		35,476

Rev., 4.00%, 7/15/2022		35,000		36,115

Rev., 4.00%, 1/15/2023		130,000		136,474

Rev., 4.00%, 7/15/2023		85,000		90,745

Rev., 4.00%, 1/15/2024		85,000		92,219

Rev., 4.00%, 7/15/2024		35,000		38,565

Rev., 4.00%, 1/15/2025		145,000		162,070

Rev., 4.00%, 7/15/2025		145,000		164,250

Rev., 4.00%, 1/15/2026		150,000		172,054

Zionsville Community Schools Building Corp., Capital Appreciation Series 2003Z, Rev., NATL-RE, Zero Coupon, 1/15/2025		25,000		24,448


Total Indiana				27,453,979


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Iowa — 0.4%

Ames Community School District GO, 5.00%, 6/1/2023		25,000		27,108

Ankeny Community School District

Series 2015A, GO, 4.00%, 6/1/2022		145,000		149,205

Series 2021A, GO, 5.00%, 6/1/2022		55,000		57,006

City of Ankeny Series 2017A, GO, 5.00%, 6/1/2022		60,000		62,207

City of Ankeny, Capital Loan Series 2014G, GO, 5.00%, 6/1/2022		20,000		20,736

City of Bettendorf

Series 2017D, GO, 5.00%, 6/1/2022		90,000		93,212

Series 2013A, GO, 4.00%, 6/1/2023		50,000		53,236

City of Cedar Falls Rev., 5.00%, 12/1/2023		100,000		110,714

City of Cedar Rapids Series 2017A, GO, 5.00%, 6/1/2022		80,000		82,936

City of Cedar Rapids, Sewer Series 2018C, Rev., 5.00%, 6/1/2022		20,000		20,729

City of Des Moines

Series 2016B, GO, 5.00%, 6/1/2022		40,000		41,465

Series 2016B, GO, 4.00%, 6/1/2023		25,000		26,686

City of Des Moines, Capital Loan Notes

Series 2014E, GO, 5.00%, 6/1/2022		85,000		88,113

Series 2018A, GO, 5.00%, 6/1/2022		25,000		25,915

City of Des Moines, Stormwater Management Utility Series 2016C, Rev., 5.00%, 6/1/2022		25,000		25,916

City of North Liberty, Urban Renewal Series 2017B, GO, 2.00%, 6/1/2022		50,000		50,700

City of Urbandale, Urban Renewal Series 2019B, GO, 4.00%, 6/1/2022		100,000		102,877

City of West Des Moines Series 2017E, GO, 5.00%, 6/1/2022		80,000		82,886

City of West Des Moines, Urban Renewal

Series 2016D, GO, 4.00%, 6/1/2022		35,000		36,001

Series 2017D, GO, 5.00%, 6/1/2023		55,000		59,598

County of Scott, Solid Waste Disposal Series 2015A, GO, 4.00%, 6/1/2023		25,000		26,536

Des Moines Waterworks Board Series 2012B, Rev., 3.00%, 12/1/2021		50,000		50,359

Iowa City Community School District

GO, 5.00%, 6/1/2022		190,000		196,973

Rev., 5.00%, 6/1/2022		340,000		352,110

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	259

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Iowa — continued

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program

Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/10/2021 (c)		4,015,000		4,015,000

Series 2017C, Rev., GNMA/FNMA/FHLMC, 1.70%, 1/1/2023		165,000		167,932

Iowa Finance Authority, State Revolving Fund

Rev., 5.00%, 8/1/2022		145,000		151,533

Series 2019A, Rev., 5.00%, 8/1/2022		25,000		26,126

Iowa Finance Authority, Unitypoint Health

Series 2016E, Rev., 5.00%, 8/15/2022		240,000		251,059

Series 2018B, Rev., 5.00%, 2/15/2025		340,000		393,404

Iowa State University of Science and Technology, Academic Building Series 2016ISU, Rev., 3.00%, 7/1/2022		25,000		25,602

Iowa State University of Science and Technology, Recreational System Facilities

Series 2017A, Rev., 3.00%, 7/1/2022		50,000		51,179

Series 2017A, Rev., 3.00%, 7/1/2023		50,000		52,475

Iowa State University of Science and Technology, Utility System Series ISU, Rev., 4.00%, 11/1/2021		50,000		50,315

Kirkwood Community College

Series 2020A, GO, 4.00%, 6/1/2022		80,000		82,283

Series 2020A, GO, 4.00%, 6/1/2023		70,000		74,619

Kirkwood Community College, Merged Area X Series 2020C, GO, 4.00%, 6/1/2022		20,000		20,571

Monticello Community School District GO, 5.00%, 5/1/2022		25,000		25,791

State of Iowa Board of Regents, University of Iowa, Hospitals and Clinics

Rev., 1.25%, 9/1/2021		25,000		25,000

Rev., 4.00%, 9/1/2021 (b)		80,000		80,000

Series 2021A, Rev., 5.00%, 9/1/2022		20,000		20,973

Rev., 4.00%, 10/1/2022 (b)		100,000		103,815

Series 2016SUI, Rev., 5.00%, 9/1/2023		65,000		71,294


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Iowa — continued

Series 2019SUI, Rev., 5.00%, 9/1/2025		25,000		29,607

State of Iowa, IJOBS Program, Special Obligation

Series 2016A, Rev., 5.00%, 6/1/2022		295,000		305,849

Series 2020A, GO, 5.00%, 6/1/2022		25,000		25,919

State of Iowa, Special Obligation

Rev., 5.00%, 6/15/2022		35,000		36,354

Rev., 5.00%, 6/15/2023		25,000		27,154

University of Iowa (The), Academic Building Series 2016SUI, Rev., 3.00%, 7/1/2023		135,000		141,936

University of Iowa (The), Recreational Facilities

Series 2017SUI, Rev., 5.00%, 7/1/2022		70,000		72,849

Series 2017B, Rev., 4.00%, 7/1/2023		20,000		21,400

Waukee Community School District

GO, 5.00%, 6/1/2022		35,000		36,282

Series 2014C, GO, 5.00%, 6/1/2022		110,000		114,028

Series 2016B, GO, 5.00%, 6/1/2022		165,000		171,042

Series 2019A, GO, 5.00%, 6/1/2022		20,000		20,733

Waukee Community School District, Capital Loan Notes Series 2016A, GO, 4.00%, 6/1/2022		60,000		61,749

Webster City Community School District Series 2010-A, GO, 4.00%, 6/1/2022		35,000		35,959


Total Iowa				8,633,056


Kansas — 0.6%

Blue Valley Recreation Commission Series A, COP, AGM, 5.00%, 10/1/2022		25,000		26,300

Butler County Public Building Commission, Public Facilities Project Series 2018A, Rev., 4.00%, 10/1/2021		25,000		25,078

Butler County Unified School District No. 206 Remington GO, AGM, 5.00%, 9/1/2022		40,000		41,880

Chase County Unified School District No. 284 Cottonwood Falls GO, 4.00%, 9/1/2021		25,000		25,000

City of Derby Series 2019-A, GO, 5.00%, 12/1/2022		30,000		31,802

City of Goddard Series 2019-1, GO, 3.00%, 12/1/2022		125,000		125,887

SEE NOTES TO FINANCIAL STATEMENTS.



260	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Kansas — continued

City of Lawrence

Series 2013A, GO, 4.00%, 9/1/2021		95,000		95,000

Series 2017D, GO, 5.00%, 9/1/2021		20,000		20,000

Series 2016-A, GO, 5.00%, 11/1/2021		25,000		25,202

Series 2015-A, GO, 3.00%, 9/1/2022		30,000		30,877

Series 2017D, GO, 5.00%, 9/1/2022		60,000		62,949

City of Lawrence, Water & Sewage System Series 2016-A, Rev., 5.00%, 11/1/2022		50,000		52,865

City of Lenexa Series 2014A, GO, 5.00%, 9/1/2021		25,000		25,000

City of Manhattan Series B, GO, 3.00%, 11/1/2021		20,000		20,095

City of Manhattan, Mercy Regional Health Center, Inc. Rev., 5.00%, 11/15/2021 (b)		50,000		50,486

City of Manhattan, Temporary Notes Series 2020-03, GO, 0.75%, 6/15/2024		220,000		220,088

City of Olathe

Series 222, GO, 3.00%, 10/1/2021		25,000		25,057

Series 233, GO, 3.00%, 10/1/2021		60,000		60,140

Series 228, GO, 4.00%, 10/1/2021		70,000		70,219

Series 230, GO, 5.00%, 10/1/2021		75,000		75,295

Series 233, GO, 3.00%, 10/1/2022		75,000		77,331

Series 230, GO, 5.00%, 10/1/2022		115,000		121,057

Series 230, GO, 5.00%, 10/1/2023		75,000		82,540

City of Shawnee, Internal Improvement Series 2019A, GO, 5.00%, 12/1/2021		50,000		50,609

City of Wichita

Series 2012A, GO, 5.00%, 9/1/2021		165,000		165,000

Series 2017A, GO, 5.00%, 12/1/2021		110,000		111,340

Series 811, GO, 5.00%, 6/1/2022		60,000		62,207

Series 818, GO, 5.00%, 6/1/2022		60,000		62,206

Series 2012A, GO, 4.00%, 9/1/2022		25,000		25,977

GO, 5.00%, 12/1/2022		55,000		58,375

City of Wichita, Christi Health System, Inc. Rev., 5.00%, 11/15/2021 (b)		25,000		25,243

City of Wichita, Sales Tax

GO, 5.00%, 10/1/2021		50,000		50,199

GO, 5.00%, 10/1/2022		160,000		168,498

City of Wichita, Water & Sewer Utility

Series 2020C, Rev., 3.50%, 10/1/2021		125,000		125,340


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kansas — continued

Series 2014A, Rev., 5.00%, 10/1/2021		50,000		50,197

County of Johnson Series 2014B, GO, 5.00%, 9/1/2021		150,000		150,000

County of Johnson, Internal Improvement

Series 2012A, GO, 4.00%, 9/1/2021		50,000		50,000

Series 2015A, GO, 5.00%, 9/1/2022		20,000		20,981

Series 2018A, GO, 5.00%, 9/1/2022		20,000		20,981

County of Shawnee COP, 3.00%, 9/1/2024		35,000		37,619

County of Shawnee, Public Building Commission, Kansas Expocentre Project Rev., 4.00%, 9/1/2022		25,000		25,939

Douglas County Unified School District No. 348, Baldwin City GO, 3.00%, 9/1/2021		100,000		100,000

Douglas County Unified School District No. 491 Eudora Series 2011A, GO, AGC, 5.00%, 9/1/2021 (b)		50,000		50,000

Douglas County Unified School District No. 497 Lawrence Series 2016-A, GO, 5.00%, 9/1/2021		40,000		40,000

Ford County Unified School District No. 443 Dodge City Series 2015A, GO, 2.00%, 3/1/2022		25,000		25,222

Johnson County Community College Foundation, Inc., Student Common and Parking System Rev., 4.00%, 11/15/2022		100,000		104,556

Johnson County Park and Recreation District

Series 2019A, COP, 5.00%, 9/1/2021		245,000		245,000

Series 2013A, COP, 5.00%, 9/1/2022		25,000		25,841

Johnson County Public Building Commission Series 2012A, Rev., 3.00%, 9/1/2022		25,000		25,725

Johnson County Public Building Commission, Court House and Medical Examiners Facilities Rev., 5.00%, 9/1/2021		225,000		225,000

Johnson County Unified School District No. 229 Blue Valley Series 2020A, GO, 3.00%, 10/1/2021		125,000		125,294

Johnson County Unified School District No. 232 De Soto Series 2015-A, GO, 5.00%, 9/1/2021		25,000		25,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	261

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Kansas — continued

Johnson County Unified School District No. 233 Olathe

Series 2016C, GO, 5.00%, 9/1/2021		175,000		175,000

Series 2017B, GO, 3.00%, 9/1/2022		30,000		30,861

Series 2016A, GO, 4.00%, 9/1/2022		35,000		36,354

Series 2017A, GO, 4.00%, 9/1/2022		40,000		41,547

Series 2016B, GO, 5.00%, 9/1/2022		100,000		104,905

Series 2016C, GO, 5.00%, 9/1/2022		60,000		62,918

Series 2016C, GO, 5.00%, 9/1/2023		50,000		54,810

Johnson County Unified School District No. 512 Shawnee Mission

Series 2016B, GO, 2.00%, 10/1/2021		145,000		145,227

Series 2016B, GO, 4.00%, 10/1/2021		45,000		45,143

Johnson County Water District No. 1 Rev., 3.00%, 1/1/2023		50,000		51,921

Kansas Development Finance Authority Series 2019F, Rev., 5.00%, 11/1/2022		135,000		142,653

Kansas Development Finance Authority, Kansas Department of Commerce Impact Program

Series 2020T, Rev., 5.00%, 6/1/2022		70,000		72,509

Series 2020T, Rev., 5.00%, 12/1/2022		105,000		111,238

Kansas Development Finance Authority, Kansas Department of Health and Environment Rev., 5.00%, 5/1/2022		140,000		144,556

Kansas Development Finance Authority, Kansas State University Housing Projects

Series 2014D-2, Rev., 5.00%, 4/1/2024		125,000		128,431

Series 2014D-2, Rev., 5.00%, 4/1/2025		350,000		359,503

Kansas Development Finance Authority, National Bio and Agro-Defense Facility

Series 2015G, Rev., 5.00%, 4/1/2022		150,000		154,252

Series 2015G, Rev., 5.00%, 4/1/2023		100,000		107,623

Series 2015G, Rev., 5.00%, 4/1/2025		40,000		42,996

Series 2015G, Rev., 5.00%, 4/1/2026		125,000		134,363


INVESTMENTS	PRINCIPAL AMOUNT ($)			VALUE ($)


Kansas — continued

Kansas Development Finance Authority, State of Kansas Project

Series 2019F, Rev., 5.00%, 11/1/2021		315,000			317,523

Series 2020R, Rev., 5.00%, 11/1/2021		175,000			176,402

Series 2020R, Rev., 5.00%, 11/1/2022		150,000			158,503

Kansas Development Finance Authority, University Housing Projects Rev., 5.00%, 4/1/2022		350,000			359,920

Kansas Development Finance Authority, University Project

Series 2014C, Rev., 5.00%, 5/1/2022		100,000			103,261

Series 2017A, Rev., 5.00%, 5/1/2022		105,000			108,424

Kansas Independent College Finance Authority, Ottawa University Series 2021C, Rev., RAN, 4.13%, 5/1/2022		1,250,000			1,269,257

Kansas Power Pool, Dogwood Energy Facility Series 2012A, Rev., 5.00%, 12/1/2021		425,000			429,962

Kansas Turnpike Authority

Series 2020A, Rev., 3.00%, 9/1/2021		180,000			180,000

Series 2020A, Rev., 3.00%, 9/1/2022		70,000			72,017

Reno County Unified School District No. 310 GO, 3.00%, 9/1/2022		25,000			25,687

Reno County Unified School District No. 313 Buhler Series A, GO, 4.00%, 9/1/2022 (b)		220,000			228,392

Saline County Unified School District No. 305 Salina GO, 5.00%, 9/1/2021		25,000			25,000

Sedgwick County Unified School District No. 259 Wichita

Series 2013A, GO, 5.00%, 10/1/2021		90,000			90,355

Series 2017-A, GO, 3.00%, 10/1/2022		420,000			433,144

Series 2017A, GO, 4.00%, 10/1/2023		70,000	��		75,569

Sedgwick County Unified School District No. 261 Haysville GO, 4.00%, 11/1/2022		50,000			52,193

SEE NOTES TO FINANCIAL STATEMENTS.



262	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Kansas — continued

Sedgwick County Unified School District No. 262 Valley Center GO, 5.00%, 9/1/2021		50,000		50,000

Sedgwick County Unified School District No. 266 Maize

Series 2019-B, GO, 3.00%, 9/1/2021		125,000		125,000

Series 2015B, GO, 5.00%, 9/1/2021		95,000		95,000

Seward County Unified School District No. 480 Liberal GO, 5.00%, 9/1/2022 (b)		55,000		57,674

State of Kansas Department of Transportation

Series 2015A, Rev., 5.00%, 9/1/2021		390,000		390,000

Series 2018A, Rev., 5.00%, 9/1/2021		50,000		50,000

Series 2012B, Rev., 5.00%, 9/1/2022		50,000		52,442

Series 2012C, Rev., 5.00%, 9/1/2022		20,000		20,977

Series 2015A, Rev., 5.00%, 9/1/2022		335,000		351,362

Series 2015A, Rev., 5.00%, 9/1/2023		30,000		32,880

University of Kansas Hospital Authority, Health System Series 2019B, Rev., 5.00%, 3/1/2022		40,000		40,971

Wyandotte County-Kansas City Unified Government Utility System Series 2012A, Rev., 5.00%, 9/1/2022 (b)		25,000		26,203

Wyandotte County-Kansas City Unified Government Utility System Improvement

Series 2011-A, Rev., 5.00%, 9/1/2021 (b)		50,000		50,000

Series 2014A, Rev., 5.00%, 9/1/2021		710,000		710,000

Series 2014A, Rev., 5.00%, 9/1/2022		110,000		115,135

Series 2014A, Rev., 5.00%, 9/1/2024		100,000		113,586

Series 2016-A, Rev., 5.00%, 9/1/2024		100,000		113,586

Wyandotte County-Kansas City Unified Government Utility System, Public Utilities Series 2012A, Rev., 3.25%, 9/1/2022 (b)		25,000		25,759


Total Kansas				12,315,491


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kentucky — 0.7%

Augusta Independent School District Finance Corp. Rev., 2.00%, 2/1/2023		45,000		46,064

Barren County School District Finance Corp. Rev., 5.00%, 8/1/2022		30,000		31,306

Bullitt County School District Finance Corp. Series 2, Rev., 2.60%, 7/1/2022		40,000		40,787

Campbell Kenton and Boone Counties Sanitation District No. 1 Rev., 5.00%, 8/1/2022		60,000		62,680

Carter County School District Finance Corp., School Building Rev., 2.50%, 2/1/2022		20,000		20,183

City of Ashland, Public Improvement Rev., 2.00%, 4/1/2022		100,000		101,006

City of Berea, Berea College Project Series 2003B, Rev., VRDO, 0.01%, 9/3/2021 (c)		200,000		200,000

City of Bowling Green Series 2016C, GO, 3.00%, 6/1/2022		25,000		25,523

City of Bowling Green, Water & Sewer System Rev., 2.38%, 12/1/2022		25,000		25,134

City of Owensboro, Electric Light and Power System

Rev., 4.00%, 1/1/2022		85,000		86,046

Series 2019B, Rev., 5.00%, 1/1/2022		200,000		203,121

County of Campbell GO, 2.00%, 12/1/2022		85,000		86,271

County of Kenton, Limited Tax

Series B, GO, 5.00%, 10/1/2021		215,000		215,852

Series 2017A, GO, 5.00%, 4/1/2022		25,000		25,715

County of Rowan GO, 3.00%, 6/1/2023		50,000		52,177

Daviess County School District Finance Corp., School Building

Rev., 5.00%, 5/1/2022		30,000		30,949

Series 2015B, Rev., 2.00%, 6/1/2022		20,000		20,265

Eastern Kentucky University, General Receipts Series 2012A, Rev., 5.00%, 4/1/2023		35,000		37,564

Fayette County School District Finance Corp.

Series 2013A, Rev., 5.00%, 10/1/2021		50,000		50,193

Series 2012A, Rev., 4.00%, 4/1/2022		20,000		20,440

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	263

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Kentucky — continued

Fort Thomas Independent School District Finance Corp., School Building Rev., 3.00%, 4/1/2022		30,000		30,484

Gallatin County School District Finance Corp., School Building Rev., 2.40%, 10/1/2021		50,000		50,086

Glasgow Electric Plant Board, Electric System Series 2014B, Rev., 2.75%, 12/1/2022		25,000		25,721

Harlan County School District Finance Corp. Rev., 2.00%, 8/1/2022		25,000		25,416

Jefferson County School District Finance Corp., School Building Series 2015B, Rev., 4.00%, 12/1/2021		35,000		35,328

Kenton County Public Properties Corp., Court Facilities Project

Rev., 3.00%, 3/1/2023		150,000		155,803

Rev., 3.00%, 3/1/2024		500,000		530,948

Kenton County School District Finance Corp., School Building

Rev., 2.13%, 2/1/2022		60,000		60,462

Series 2013B, Rev., 2.25%, 5/1/2022		25,000		25,327

Kentucky Asset Liability Commission, Federal Highway Trust Fund

Series 2015A, Rev., 3.00%, 9/1/2021		25,000		25,000

Rev., 5.00%, 9/1/2021		460,000		460,000

Series 2013A, Rev., 5.00%, 9/1/2021		1,035,000		1,035,000

Series 2015A, Rev., 5.00%, 9/1/2022		175,000		183,457

Series 2013A, Rev., 5.25%, 9/1/2022		200,000		210,164

Series A-1, Rev., 5.00%, 9/1/2023		55,000		60,175

Kentucky Bond Development Corp., St. Elizabeth Medical Center, Inc. Rev., 5.00%, 5/1/2022		40,000		41,293

Kentucky Economic Development Finance Authority, Catholic Health Initiatives

Series 2009B, Rev., 2.70%, 11/10/2021 (c)		200,000		200,890

Series 2013A, Rev., 5.25%, 1/1/2023 (b)		100,000		106,665

Kentucky Housing Corp., Dudley Court Project Series 2020A, Rev., 0.30%, 8/1/2022 (c)		400,000		400,409


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kentucky — continued

Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund

Series 2012A, Rev., 4.00%, 2/1/2022		25,000		25,407

Series 2018A, Rev., 3.00%, 2/1/2024		25,000		26,668

Kentucky Public Energy Authority, Gas Supply Series 2018B, Rev., 4.00%, 1/1/2025 (c)		1,065,000		1,178,533

Kentucky State Property and Building Commission, Judicial Branch Agency, Project No. 109 Rev., 2.10%, 10/1/2021		25,000		25,041

Kentucky State Property and Building Commission, Project No. 108

Series B, Rev., 5.00%, 8/1/2022		130,000		135,832

Series B, Rev., 5.00%, 8/1/2026		125,000		151,454

Kentucky State Property and Building Commission, Project No. 112 Series B, Rev., 5.00%, 11/1/2022		50,000		52,853

Kentucky State Property and Building Commission, Project No. 119 Rev., 5.00%, 5/1/2022		215,000		222,011

Kentucky State Property and Building Commission, Project No. 122 Series C, Rev., 5.00%, 11/1/2021		485,000		488,917

Kentucky State Property and Building Commission, State Fair Board, Project No. 104 Rev., 5.00%, 11/1/2022		25,000		26,378

Kentucky State Property and Buildings Commission, Project No. 106 Series 2013A, Rev., 5.00%, 10/1/2021		220,000		220,874

Kentucky State Property and Buildings Commission, Project No. 112

Series B, Rev., 5.00%, 11/1/2021		270,000		272,181

Series B, Rev., 5.00%, 11/1/2023		55,000		60,580

Kentucky Turnpike Authority, Revitalization Projects

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		100,000		104,058

Series 2013A, Rev., 5.00%, 7/1/2022		50,000		51,962

Series 2016A, Rev., 5.00%, 7/1/2022		155,000		161,082

Series A, Rev., 5.00%, 7/1/2022		120,000		124,709

Series B, Rev., 5.00%, 7/1/2022		195,000		202,651

Series B, Rev., 5.00%, 7/1/2023		40,000		43,393

SEE NOTES TO FINANCIAL STATEMENTS.



264	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Kentucky — continued

Series 2014A, Rev., 5.00%, 7/1/2024		35,000		39,524

Series B, Rev., 5.00%, 7/1/2025		95,000		111,181

Letcher County School District Finance Corp. Rev., 3.00%, 6/1/2022		25,000		25,508

Lexington-Fayette Urban County Government, Various Purpose

Series 2017A, GO, 5.00%, 9/1/2021		90,000		90,000

Series 2013C, GO, 4.00%, 10/1/2021		25,000		25,079

Series 2018A, GO, 5.00%, 10/1/2021		70,000		70,278

Series 2016D, GO, 5.00%, 5/1/2022		25,000		25,815

Series 2017A, GO, 5.00%, 9/1/2022		50,000		52,447

Series 2018A, GO, 5.00%, 10/1/2022		30,000		31,590

Series 2012B, GO, 3.00%, 7/1/2024		100,000		100,228

Lincoln County School District Finance Corp. Rev., 2.25%, 8/1/2022		20,000		20,360

Louisville and Jefferson County Metropolitan Government

GO, 5.00%, 12/1/2021		70,000		70,851

Series 2014D, GO, 5.00%, 12/1/2021		25,000		25,304

Series 2016A, GO, 5.00%, 12/1/2021		180,000		182,188

Series 2017A, GO, 5.00%, 12/1/2021		20,000		20,241

Louisville and Jefferson County Metropolitan Government, Catholic Health Initiatives

Series 2012A, Rev., 4.00%, 6/1/2022 (b)		75,000		77,121

Series 2012A, Rev., 4.25%, 6/1/2022		5,000		5,150

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		90,000		93,217

Louisville and Jefferson County Metropolitan Government, Center City Project Series 2012A, Rev., 5.00%, 12/1/2021 (b)		45,000		45,533

Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc.

Series 2016A, Rev., 5.00%, 10/1/2023		165,000		181,225

Series 2020B, Rev., 5.00%, 10/1/2023 (c)		420,000		461,300


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kentucky — continued

Series 2016A, Rev., 5.00%, 10/1/2024		660,000		753,692

Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System

Rev., 5.00%, 5/15/2022		125,000		129,279

Series 2016C, Rev., 5.00%, 5/15/2022		70,000		72,396

Series 2016C, Rev., 5.00%, 5/15/2023		25,000		27,055

Series 2011A, Rev., 5.00%, 5/15/2025		160,000		161,572

Madison County School District Finance Corp. Rev., 5.00%, 5/1/2022		30,000		30,950

Murray State University Series 2011B, Rev., 3.75%, 9/1/2021		60,000		60,000

Northern Kentucky Water District

Rev., 5.00%, 2/1/2022		135,000		137,746

Series 2016A, Rev., 5.00%, 2/1/2022		50,000		51,017

Oldham County School District Finance Corp. Rev., 2.00%, 9/1/2022		25,000		25,391

Paducah Electric Plant Board Rev., 5.00%, 10/1/2021		250,000		250,921

Scott County School District Finance Corp.

Rev., 2.00%, 5/1/2023		100,000		102,631

Rev., 5.00%, 6/1/2025		20,000		23,284

Shelby County School District Finance Corp. Rev., 3.00%, 2/1/2022		25,000		25,283

Trigg County Public Justice Center Corp., Judicial Center Project Rev., 3.00%, 9/1/2021		25,000		25,000

University of Kentucky, General Receipt Series 2014D, Rev., 5.00%, 10/1/2021		70,000		70,275

University of Kentucky, General Receipts

Series 2015B, Rev., 5.00%, 10/1/2021		25,000		25,098

Series 2017B, Rev., 3.00%, 10/1/2023		25,000		26,459

University of Louisville, General Receipts

Series 2016C, Rev., 4.00%, 9/1/2022		120,000		124,493

Series 2021B, Rev., 5.00%, 9/1/2025		895,000		1,050,578

Series 2021B, Rev., 5.00%, 9/1/2026		945,000		1,142,133

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	265

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Kentucky — continued

Versailles Public Properties, Inc., KCTCS Project Rev., 5.00%, 12/1/2022		100,000		105,850

Warren County Justice Center Expansion Corp., First Mortgage, AOC Judicial Facility Rev., 3.00%, 9/1/2021		150,000		150,000

Warren County School District Finance Corp., School Building Rev., 3.00%, 4/1/2022		30,000		30,476

Western Kentucky University, General Receipts Series 2013A, Rev., 3.00%, 9/1/2021		40,000		40,000


Total Kentucky				15,014,207


Louisiana — 0.7%

Ascension Parish School Board GO, 3.00%, 3/1/2022		25,000		25,364

Central Community School System, Sales Tax Rev., 5.00%, 1/1/2022		100,000		101,581

City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2023 (b)		50,000		54,028

City of Hammond, Sales and Use Tax Rev., 4.00%, 12/1/2022		40,000		41,945

City of Lafayette, Publica Improvement, Sales & Use Tax Series 2011ST-D, Rev., 5.00%, 5/1/2022		25,000		25,805

City of Lafayette, Utility Rev., 5.00%, 11/1/2025		35,000		36,959

City of Shreveport, Water and Sewer Improvement GO, 5.00%, 9/1/2022		25,000		26,110

City of West Monroe, Sales & Use Tax Rev., 2.00%, 12/1/2022		20,000		20,474

Evangeline Parish Road and Drain Sales Tax District No. 1 Rev., AGM, 4.00%, 12/1/2021		50,000		50,454

Greater Ouachita Water Co., Waterworks and Sewer Rev., 5.00%, 9/1/2021		30,000		30,000

Jefferson Parish School Board, Sales and Use Tax Rev., 4.00%, 2/1/2022		125,000		126,999

Lafayette Consolidated Government

GO, 5.00%, 3/1/2022		35,000		35,846

Rev., AGM, 5.00%, 11/1/2022		25,000		26,408

Lafayette Public Power Authority Rev., 5.00%, 11/1/2022		25,000		26,396

Lafourche Parish School Board GO, 4.00%, 3/1/2022		25,000		25,456

Louisiana Housing Corp., Valencia Park Project Rev., 0.35%, 11/1/2022 (c)		2,000,000		2,002,457


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Louisiana — continued

Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Public

Series 2015A, Rev., 5.00%, 11/1/2021		55,000		55,434

Rev., 5.00%, 11/1/2023		100,000		110,215

Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson CPZ Beautification Rev., 4.00%, 10/1/2025		130,000		148,283

Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Projects Rev., 5.00%, 4/1/2023		100,000		107,474

Louisiana Local Government Environmental Facilities and Community Development Authority, Parish of East Baton Rough Road Improvements Project Rev., 5.00%, 8/1/2022		25,000		26,091

Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project Series 2017A, Rev., 3.00%, 10/1/2022		75,000		77,231

Louisiana Office Facilities Corp., State Capitol Complex Program

Rev., 5.00%, 11/1/2021		65,000		65,505

Rev., 5.00%, 11/1/2022		75,000		79,134

Rev., 5.00%, 11/1/2023		125,000		137,453

Louisiana Public Facilities Authority, Franciscan Missionaries of Our Lady Health System

Rev., 4.00%, 7/1/2022 (b)		170,000		175,416

Rev., 5.00%, 7/1/2022 (b)		480,000		499,274

Louisiana Public Facilities Authority, Lafayette General Health System Project

Rev., 4.00%, 11/1/2025 (b)		605,000		697,015

Rev., 5.00%, 11/1/2025 (b)		160,000		190,947

Louisiana Public Facilities Authority, Loyola University Project

Series 2011, Rev., 5.00%, 10/1/2021		25,000		25,097

Series 2011, Rev., 5.25%, 10/1/2021 (b)		100,000		100,410

SEE NOTES TO FINANCIAL STATEMENTS.



266	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Louisiana — continued

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project

Series 2002B, Rev., 5.50%, 5/15/2022 (b)		75,000		77,790

Rev., 5.00%, 5/15/2023		200,000		215,907

Louisiana Public Facilities Authority, Tulane University Project

Rev., 5.00%, 12/15/2022		25,000		26,521

Rev., 5.00%, 12/15/2026		130,000		159,280

Louisiana State Citizens Property Insurance Corp. Rev., AGM, 5.00%, 6/1/2022 (b)		125,000		129,516

Louisiana State University, Agricultural and Mechanical College, Auxiliary Facilities System

Rev., 5.00%, 7/1/2022		25,000		25,970

Series 2016A, Rev., 5.00%, 7/1/2022		25,000		25,970

Parish of Plaquemines Rev., 5.00%, 3/1/2025		100,000		114,763

Richland Parish School District No. 4 GO, AGM, 4.00%, 3/1/2023		50,000		52,734

St. Charles Parish School Board Rev., 5.00%, 8/1/2022		20,000		20,852

St. Charles Parish School District No. 1 GO, 5.00%, 3/1/2022		50,000		51,209

St. Tammany Parish Hospital Service District No. 2 GO, 3.00%, 3/1/2022		25,000		25,340

State of Louisiana

Rev., 5.00%, 9/1/2021		35,000		35,000

Series 2012C, GO, 5.00%, 7/15/2022		265,000		276,312

Series 2012-C, GO, 5.00%, 7/15/2022 (b)		160,000		166,797

Series 2013-C, GO, 5.00%, 7/15/2022		345,000		359,726

Series 2012-A, GO, 5.00%, 8/1/2022		460,000		480,599

Series 2016-B, GO, 5.00%, 8/1/2022		40,000		41,794

Series 2019A, Rev., 5.00%, 9/1/2022		20,000		20,981

Series 2013A, Rev., 5.00%, 6/15/2023 (b)		105,000		114,080

Series 2016-B, GO, 5.00%, 8/1/2026		70,000		85,308


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Louisiana — continued

State of Louisiana Gasoline and Fuels Tax

Series 2012A-1, Rev., 4.00%, 5/1/2022		50,000		51,299

Series 2012A-1, Rev., 5.00%, 5/1/2022		80,000		82,603

Series B, Rev., 5.00%, 5/1/2022		50,000		51,631

Series 2012A-1, Rev., 5.00%, 5/1/2023		25,000		25,811

State of Louisiana Gasoline and Fuels Tax, Second Lien

Series 2017D, Rev., 0.55%, 5/1/2022 (c)		5,140,000		5,141,469

Series 2017A, Rev., 0.60%, 5/1/2023 (c)		855,000		855,876


Total Louisiana				13,866,399


Maine — 0.2%

City of Augusta Series 2015B, GO, 3.00%, 5/1/2022		25,000		25,458

City of Lewiston, Public Improvement GO, 4.00%, 4/15/2023		25,000		26,573

City of Portland GO, 5.00%, 4/1/2022		25,000		25,712

City of South Portland Series 2020A, GO, 5.00%, 8/15/2022		50,000		52,338

Maine Governmental Facilities Authority, Lease Rental

Series 2011-A, Rev., 4.25%, 10/1/2021 (b)		100,000		100,334

Series 2017A, Rev., 5.00%, 10/1/2021		55,000		55,216

Series 2015B, Rev., 5.00%, 10/1/2022		30,000		31,577

Series 2020A, Rev., 5.00%, 10/1/2022		45,000		47,365

Maine Health and Higher Educational Facilities Authority Series 2020B, Rev., 4.00%, 7/1/2024		150,000		163,970

Maine Health and Higher Educational Facilities Authority, Birch Bay Retirement Village Series 2020A, Rev., 5.00%, 7/1/2023		600,000		652,398

Maine Health and Higher Educational Facilities Authority, Bridgton Hospital Series 2017A, Rev., 5.00%, 7/1/2023		80,000		86,986

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	267

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Maine — continued

Maine Health and Higher Educational Facilities Authority, Goodwill Industrials of Northern New England Series 2014A, Rev., 5.00%, 7/1/2023		170,000		184,518

Maine Municipal Bond Bank

Series 2014A, Rev., 5.00%, 9/1/2021		35,000		35,000

Series 2011C, Rev., 4.88%, 11/1/2021 (b)		25,000		25,196

Series 2010C, Rev., 5.00%, 11/1/2021		145,000		146,169

Series 2014C, Rev., 5.00%, 11/1/2021		160,000		161,290

Series 2015A, Rev., 5.00%, 11/1/2021		25,000		25,201

Series 2016B, Rev., 5.00%, 11/1/2021		25,000		25,201

Series 2017A, Rev., 5.00%, 11/1/2021		120,000		120,967

Series 2018B, Rev., 5.00%, 11/1/2021		335,000		337,700

Series 2019A, Rev., 5.00%, 11/1/2021		45,000		45,363

Series 2020A, Rev., 5.00%, 11/1/2021		50,000		50,403

Series D, Rev., 5.00%, 11/1/2021		130,000		131,048

Series 2016A, Rev., 3.00%, 11/1/2022		20,000		20,673

Series B, Rev., 4.00%, 11/1/2022		50,000		52,265

Series 2010C, Rev., 5.00%, 11/1/2022		115,000		121,547

Series 2012B, Rev., 5.00%, 11/1/2022		30,000		31,708

Series 2015A, Rev., 5.00%, 11/1/2022		50,000		52,847

Series 2016B, Rev., 5.00%, 11/1/2022		30,000		31,708

Series 2019A, Rev., 5.00%, 11/1/2022		50,000		52,847

Series C, Rev., 5.00%, 11/1/2022		25,000		26,423

Series D, Rev., 5.00%, 11/1/2022		145,000		153,255

Series 2020A, Rev., 5.00%, 9/1/2023		40,000		43,873

Series 2016C, Rev., 4.00%, 11/1/2023		25,000		27,083

Maine Municipal Bond Bank, Transcap Program

Series 2011A, Rev., 3.50%, 9/1/2021		105,000		105,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maine — continued

Series 2011A, Rev., 5.00%, 9/1/2021		1,200,000		1,200,000

Series 2015A, Rev., 5.00%, 9/1/2021		100,000		100,000

Series 2015A, Rev., 5.00%, 9/1/2022		185,000		194,017

Maine School Administrative District No. 51 GO, 4.00%, 8/1/2025		50,000		57,059

Maine Turnpike Authority Series 2012A, Rev., 3.00%, 7/1/2025		100,000		102,259

Regional School Unit No. 1 Lower Kennebec Region School Unit GO, 5.00%, 11/1/2022		75,000		79,261

State of Maine

Series 2014B, GO, 5.00%, 6/1/2022		75,000		77,758

Series 2016B, GO, 5.00%, 6/1/2022		30,000		31,103

Series 2017B, GO, 5.00%, 6/1/2022		50,000		51,839

Town of Gorham Series 2016B, GO, 5.00%, 10/1/2021		25,000		25,099

Town of Scarborough GO, 5.00%, 11/1/2022		25,000		26,423

Town of Yarmouth GO, 5.00%, 11/15/2021		20,000		20,200

University of Maine System Rev., 5.00%, 3/1/2025		55,000		63,886


Total Maine				5,304,116


Maryland — 0.9%

City of Annapolis, Public Improvement Series 2017B, GO, 5.00%, 8/1/2022		25,000		26,122

City of Baltimore, Consolidated Public Improvement

Series 2011A, GO, 5.00%, 10/15/2021 (b)		60,000		60,351

Series 2013B, GO, 5.00%, 10/15/2021		80,000		80,467

Series 2013A, GO, 4.00%, 10/15/2022 (b)		35,000		36,518

Series 2013A, GO, 5.00%, 10/15/2022		40,000		42,182

City of Baltimore, Wastewater Projects

Series 2013C, Rev., 5.00%, 7/1/2022		25,000		26,013

Series 2013C, Rev., 5.00%, 7/1/2023		30,000		32,655

SEE NOTES TO FINANCIAL STATEMENTS.



268	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Maryland — continued

City of Baltimore, Water Projects

Series 2013A, Rev., 5.00%, 7/1/2022		100,000		104,052

Series 2013B, Rev., 5.00%, 7/1/2022		25,000		26,013

County of Anne Arundel, Arundel Mills Project Rev., GTD, 5.00%, 7/1/2023		50,000		54,463

County of Anne Arundel, Consolidated General Improvements

GO, 5.00%, 10/1/2021		30,000		30,119

GO, 5.00%, 4/1/2022		195,000		200,562

County of Baltimore, Consolidated Public Improvement

Series 2014B, GO, 4.50%, 9/1/2021		30,000		30,000

GO, 5.00%, 2/1/2022		55,000		56,122

GO, 5.00%, 8/1/2022 (b)		125,000		130,582

Series 2014B, GO, 5.00%, 8/1/2022		25,000		26,126

GO, 5.00%, 3/1/2023		70,000		75,146

County of Baltimore, Equipment Acquisition Program

COP, 5.00%, 10/1/2021		240,000		240,953

COP, 5.00%, 3/1/2022		420,000		430,261

COP, 5.00%, 10/1/2022		125,000		131,625

County of Baltimore, Health and Social Services Building Project COP, 3.00%, 10/1/2021		50,000		50,118

County of Baltimore, Metropolitan District GO, 5.00%, 8/1/2022		50,000		52,252

County of Baltimore, Metropolitan District, 74th Issue GO, 4.00%, 2/1/2022		30,000		30,489

County of Baltimore, Metropolitan District, Public Improvement Series 2014C, GO, 4.00%, 9/1/2022		25,000		25,980

County of Calvert, Consolidated Public Improvement

GO, 4.00%, 4/1/2022		25,000		25,570

GO, 5.00%, 5/1/2022		30,000		30,978

GO, 5.00%, 7/1/2022		80,000		83,262

County of Carroll, Consolidated Public Improvement

GO, 3.00%, 11/1/2021		40,000		40,193

GO, 4.00%, 11/1/2021		25,000		25,161

GO, 5.00%, 11/1/2021		65,000		65,526

Series 2019A, GO, 4.00%, 11/1/2022		40,000		41,827

GO, 5.00%, 11/1/2022		30,000		31,719


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maryland — continued

County of Cecil, Consolidated Public Improvement GO, 4.00%, 2/1/2022		75,000		76,218

County of Charles, Consolidated Public Improvement

GO, 5.00%, 10/1/2021		20,000		20,080

GO, 5.00%, 11/1/2021		20,000		20,162

GO, 5.00%, 10/1/2022		50,000		52,650

County of Charles, Tax Exempt GO, 4.00%, 2/1/2022		25,000		25,406

County of Frederick, Public Facilities Series 2016A, GO, 5.00%, 8/1/2022		25,000		26,122

County of Harford, Consolidated Public Improvement GO, 5.00%, 9/15/2022	��	175,000		183,878

County of Howard Series 2015A, GO, 3.38%, 2/15/2023 (b)		20,000		20,930

County of Montgomery, Consolidated Public Improvement

Series 2017D, GO, 3.00%, 11/1/2021		185,000		185,891

Series 2013A, GO, 5.00%, 11/1/2021		150,000		151,214

Series 2014A, GO, 5.00%, 11/1/2021		30,000		30,243

Series 2017C, GO, 5.00%, 10/1/2022		25,000		26,331

Series 2017D, GO, 3.00%, 11/1/2022		50,000		51,702

Series 2017A, GO, 5.00%, 11/1/2022		25,000		26,432

Series 2016A, GO, 5.00%, 12/1/2022		25,000		26,534

Series 2015B, GO, 5.00%, 12/1/2023		35,000		38,817

County of Montgomery, Metrorail Garage Project Rev., 5.00%, 6/1/2022		75,000		75,190

County of Montgomery, Montgomery College

Series 2016A, COP, 5.00%, 11/1/2021		25,000		25,202

Series 2016A, COP, 5.00%, 11/1/2022		30,000		31,719

County of Prince George’s, Consolidated Public Improvement

Series 2011A, GO, 5.00%, 9/15/2021 (b)		205,000		205,363

Series 2011B, GO, 5.00%, 9/15/2021 (b)		25,000		25,044

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	269

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Maryland — continued

Series 2013B, GO, 4.00%, 3/1/2022		70,000		71,362

Series 2019A, GO, 5.00%, 7/15/2022		40,000		41,707

Series 2013C, GO, 5.00%, 8/1/2022		175,000		182,851

County of Prince George’s, Dimensions Healthcare System COP, 5.00%, 10/15/2021		50,000		50,291

County of Prince George’s, Public Safety Communications Center COP, 5.00%, 10/1/2021		150,000		150,594

County of Queen Anne’s, Public Facilities

GO, 5.00%, 7/1/2022		25,000		26,015

GO, 5.00%, 1/15/2023		50,000		53,330

County of St. Mary’s, Consolidated Public Improvement GO, 5.00%, 8/1/2022		65,000		67,897

County of Washington

GO, 4.00%, 1/1/2022		45,000		45,585

GO, 4.00%, 1/1/2023		40,000		42,074

County of Washington, Consolidated Public Improvement GO, 4.00%, 7/1/2023		30,000		32,118

County of Washington, Public Improvement GO, 3.00%, 7/1/2022 (b)		40,000		40,949

County of Wicomico, Public Improvement

GO, 5.00%, 10/1/2022		25,000		26,325

GO, 5.00%, 11/1/2022		50,000		52,859

Maryland Community Development Administration, Housing and Community Development

Series 2020D, Rev., 0.30%, 9/10/2021		105,000		105,064

Series 2020D, Rev., 0.25%, 3/1/2022		435,000		435,142

Series 2019B, Rev., 1.70%, 3/1/2022		25,000		25,176

Series 2018A, Rev., 2.55%, 3/1/2022		15,000		15,171

Series 2018A, Rev., 2.60%, 9/1/2022		85,000		86,981

Series 2019A, Rev., 2.10%, 3/1/2024		25,000		25,945

Maryland Economic Development Corp., Howard Hughes Medical Institute Series 2008A, Rev., VRDO, 0.01%, 9/8/2021 (c)		2,690,000		2,690,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maryland — continued

Maryland Environmental Service, Mid-Shore II Regional Landfill Project Rev., 4.00%, 11/1/2021		50,000		50,322

Maryland Health and Higher Educational Facilities Authority, Johns Hopkins University Issue

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		25,000		26,015

Series 2013B, Rev., 5.00%, 7/1/2022		125,000		130,108

Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue

Rev., 5.00%, 7/1/2022		50,000		51,996

Rev., 5.00%, 7/1/2023		160,000		173,973

Rev., 5.00%, 7/1/2025		45,000		52,608

Maryland Health and Higher Educational Facilities Authority, Loyola University Issue Series 2012A, Rev., 3.00%, 10/1/2022		50,000		51,465

Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program Series B, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/10/2021 (c)		5,000,000		5,000,000

Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Issue

Series 2013A, Rev., 4.00%, 7/1/2022 (b)		100,000		103,228

Series 2013A, Rev., 5.00%, 7/1/2022 (b)		25,000		26,015

Maryland Health and Higher Educational Facilities Authority, University of Pittsburgh Medical Center Series 2020B, Rev., 5.00%, 4/15/2022		255,000		262,744

Maryland Industrial Development Financing Authority, McDonogh School Facility Rev., 5.00%, 9/1/2022		55,000		57,613

Maryland National Capital Park and Planning Commission, Park Acquisition and Development Project

Series 2016B, Rev., GTD, 4.00%, 11/1/2021		25,000		25,161

Series PGC-2015A, GO, 5.00%, 1/15/2022		35,000		35,637

Series MC-2021A, Rev., GTD, 5.00%, 12/1/2022 (b)		50,000		53,040

SEE NOTES TO FINANCIAL STATEMENTS.



270	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Maryland — continued

Maryland Stadium Authority, Baltimore City Public Schools Rev., 5.00%, 5/1/2022		110,000		113,512

Maryland Stadium Authority, Montgomery County Conference Center

Rev., 5.00%, 6/15/2022		30,000		31,148

Rev., 5.00%, 6/15/2023		65,000		70,565

Maryland State Transportation Authority, Transportation Facilities Projects, Tax Exempt Rev., 5.00%, 7/1/2022		35,000		36,433

Maryland Water Quality Financing Administration Revolving Loan Fund Rev., 5.00%, 3/1/2022		45,000		46,097

Montgomery County Housing Opportunities Commission, Multi-Family Housing Series 2011A, Rev., VRDO, GNMA/FNMA/FHLMC, LOC: TD Bank NA, 0.03%, 9/9/2021 (c)		1,150,000		1,150,000

St. Mary’s College of Maryland Series 2018A, Rev., 4.00%, 9/1/2022		40,000		41,502

State of Maryland

Series 2014A, GO, 5.00%, 3/1/2022		50,000		51,224

GO, 5.00%, 8/1/2022		50,000		52,248

Series 2012C, GO, 4.00%, 8/15/2022		75,000		77,801

State of Maryland Department of Transportation

Rev., 5.00%, 10/1/2021		75,000		75,298

Rev., 5.00%, 11/1/2021		145,000		146,174

Rev., 5.00%, 12/1/2021		120,000		121,465

Rev., 5.00%, 12/15/2021		180,000		182,543

Rev., 5.00%, 2/1/2022		35,000		35,715

Rev., 5.00%, 6/1/2022		55,000		57,027

Rev., 5.00%, 10/1/2022		140,000		147,436

Rev., 5.00%, 2/15/2023		135,000		144,592

Rev., 5.00%, 10/1/2023		40,000		44,057

Rev., 5.00%, 11/1/2023		40,000		44,214

Rev., 5.00%, 12/15/2023		25,000		27,778

State of Maryland, State and Local Facilities Loan of 2014

Series 2014-2-C, GO, 5.00%, 8/1/2022		140,000		146,294

Series 2014B, GO, 5.00%, 8/1/2022 (b)		85,000		88,795

Series B, GO, 5.00%, 8/1/2022 (b)		55,000		57,456


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maryland — continued

State of Maryland, State and Local Facilities Loan of 2015

Series 2015A, GO, 5.00%, 3/1/2022		35,000		35,857

Series A, GO, 5.00%, 8/1/2023		50,000		54,673

State of Maryland, State and Local Facilities Loan of 2016 Series 1, GO, 5.00%, 6/1/2022		50,000		51,839

State of Maryland, State and Local Facilities Loan of 2017

Series 2014A, GO, 5.00%, 3/1/2022 (b)		85,000		87,070

Series 2017A, GO, 5.00%, 8/1/2022		125,000		130,608

Series 2017B, GO, 5.00%, 8/1/2022		145,000		151,518

Series 2017A, GO, 5.00%, 8/1/2023		30,000		32,804

State of Maryland, State and Local Facilities Loan of 2018 Series 2018B, GO, 5.00%, 8/1/2022		165,000		172,418

Town of Ocean City, Mayor and City Council, Municipal Purpose

GO, 4.00%, 10/1/2021		25,000		25,079

GO, 5.00%, 12/1/2021		50,000		50,609

GO, 4.00%, 10/1/2022		50,000		52,110

University System of Maryland, Auxiliary Facility and Tuition

Series 2012D, Rev., 5.00%, 10/1/2021		155,000		155,611

Series 2017B, Rev., 5.00%, 4/1/2022		85,000		87,409

Washington Suburban Sanitary Commission, Consolidated Public Improvement Rev., GTD, 5.00%, 6/1/2022		45,000		46,658

Washington Suburban Sanitary District, Consolidated Public Improvement

Rev., GTD, 3.00%, 6/1/2022		130,000		132,849

Rev., GTD, 5.00%, 6/1/2022		75,000		77,764

Rev., GTD, 5.00%, 6/1/2023		35,000		37,984


Total Maryland				18,408,130


Massachusetts — 2.6%

Acton & Boxborough Regional School District GO, 5.00%, 3/1/2022		35,000		35,859

Berkshire Hills Regional School District

GO, 5.00%, 10/15/2021		20,000		20,117

GO, 5.00%, 10/15/2022		55,000		58,007

Boston Water & Sewer Commission

Series 2012A, Rev., 4.00%, 11/1/2021		120,000		120,773

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	271

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Massachusetts — continued

Series 2016A, Rev., 5.00%, 11/1/2021		260,000		262,100

Series B, Rev., 5.00%, 11/1/2021		50,000		50,404

Series A, Rev., 5.00%, 11/1/2022		25,000		26,429

City of Amesbury GO, 4.00%, 9/1/2022		25,000		25,977

City of Beverly GO, 5.00%, 1/15/2023		50,000		53,330

City of Beverly, Municipal Purpose Loan GO, 3.00%, 9/1/2022		40,000		41,148

City of Boston

Series 2012D, GO, 4.00%, 10/1/2021		55,000		55,175

Series 2014A, GO, 5.00%, 3/1/2022		40,000		40,981

Series 2012A, GO, 5.00%, 4/1/2022		125,000		128,580

Series 2010B, GO, 3.00%, 4/1/2023		40,000		41,839

City of Fall River

GO, 5.00%, 12/1/2021		30,000		30,362

GO, 4.00%, 3/1/2022		100,000		101,926

GO, 4.00%, 7/15/2022		35,000		36,174

City of Framingham, Municipal Purpose Loan

GO, 4.00%, 11/1/2021		25,000		25,161

Series 2012A, GO, 3.00%, 12/1/2021		45,000		45,326

GO, 5.00%, 12/1/2021		85,000		86,035

GO, 5.00%, 11/1/2022		45,000		47,573

GO, 5.00%, 12/1/2022		20,000		21,225

GO, 5.00%, 12/15/2022		45,000		47,840

City of Holyoke GO, BAN, 2.00%, 9/24/2021		2,952,146		2,955,427

City of Lawrence GO, 5.00%, 2/1/2022		50,000		51,013

City of Lowell GO, 4.00%, 9/1/2022		40,000		41,551

City of Marlborough, Municipal Purpose Loan

GO, 4.00%, 6/15/2022		25,000		25,770

GO, 5.00%, 6/15/2022		20,000		20,774

City of Methuen, State Qualified Deficit Financing GO, BAN, 2.00%, 9/1/2021		3,235,000		3,235,000

City of Northampton GO, 5.00%, 9/1/2021		20,000		20,000

City of Northampton, Municipal Purpose Loan GO, 5.00%, 5/15/2022		50,000		51,719

City of Peabody, Municipal Purpose Loan

GO, 4.00%, 10/1/2021		35,000		35,108

Series 2015A, GO, 5.00%, 11/15/2021		75,000		75,737

GO, 4.00%, 10/1/2022		35,000		36,450


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

City of Revere GO, 5.00%, 9/1/2021		500,000		500,000

City of Revere, Qualified Municipal Purpose Loan of 2015 GO, 4.00%, 12/1/2021		50,000		50,479

City of Salem, Municipal Purpose Loan GO, 5.00%, 9/15/2022		25,000		26,271

City of Somerville, District Improvement Financing GO, 5.00%, 5/15/2022		25,000		25,863

City of Somerville, Municipal Purpose Loan of 2013 GO, 5.00%, 10/1/2022		70,000		73,710

City of Springfield GO, 4.00%, 9/1/2022		80,000		83,102

City of Taunton Series B, GO, BAN, 1.25%, 12/16/2021		1,450,000		1,454,236

City of Taunton, State Qualified Municipal Purpose Loan GO, 3.00%, 9/1/2021		60,000		60,000

City of Waltham, Municipal Purpose Loan GO, 4.10%, 2/1/2023		35,000		35,113

City of Westfield, Municipal Purpose Loan GO, 5.00%, 2/15/2022		55,000		56,198

City of Woburn, Municipal Purpose Loan

GO, 4.00%, 11/15/2022		20,000		20,936

GO, 2.63%, 11/15/2025		100,000		102,536

City of Worcester, Municipal Purpose Loan

Series 2014A, GO, 3.00%, 11/1/2022 (b)		45,000		46,491

Series 2014A, GO, 4.00%, 11/1/2022		50,000		52,253

Commonwealth of Massachusetts

Series 2018C, GO, 5.00%, 9/1/2021		50,000		50,000

Series 2006B, GO, AGM, 5.25%, 9/1/2021		25,000		25,000

Series 2016C, GO, 5.00%, 10/1/2021		440,000		441,755

Series 2004C, GO, AGM, 5.50%, 12/1/2021		35,000		35,471

Series 2016C, GO, 5.00%, 4/1/2022		205,000		210,884

Series 2016D, GO, 5.00%, 4/1/2022		50,000		51,435

Series 2019C, GO, 5.00%, 5/1/2022		30,000		30,985

Series 2016A, GO, 5.00%, 7/1/2022		30,000		31,231

Series 2016B, GO, 5.00%, 7/1/2022		100,000		104,104

Series 2019A, GO, 5.00%, 7/1/2022		50,000		52,052

Series C, GO, 5.00%, 7/1/2022 (b)		60,000		62,451

Series 2013B, GO, 5.00%, 8/1/2022		90,000		94,063

Series C, GO, 5.00%, 8/1/2022		75,000		78,386

SEE NOTES TO FINANCIAL STATEMENTS.



272	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Massachusetts — continued

Series 2004A, GO, 5.25%, 8/1/2022		295,000		308,991

Series B, GO, 5.25%, 8/1/2022		275,000		288,043

Series B, GO, NATL-RE-IBC, 5.25%, 8/1/2022		120,000		125,691

Series B, GO, AGM, 5.25%, 9/1/2022		40,000		42,070

Series C, GO, 5.00%, 10/1/2022		55,000		57,934

Series 2017E, GO, 5.00%, 11/1/2022		45,000		47,584

Series F, GO, 5.00%, 11/1/2022 (b)		140,000		147,944

Series 2004C, GO, AGM, 5.50%, 12/1/2022		40,000		42,698

Series C, GO, AMBAC, 5.50%, 12/1/2022		35,000		37,370

Series 2019C, GO, 5.00%, 5/1/2023		30,000		32,437

Series 2020A, GO, 5.00%, 6/1/2023 (c)		400,000		433,807

Series 2016A, GO, 5.00%, 7/1/2023		20,000		21,785

Series 2016B, GO, 5.00%, 7/1/2023		70,000		76,248

Series 2017D, GO, 5.00%, 7/1/2023		45,000		49,017

Series B, GO, 5.25%, 8/1/2023		20,000		21,961

Series C, GO, 5.00%, 10/1/2023		25,000		27,524

Commonwealth of Massachusetts Federal Highway, Accelerated Bridge Program

Rev., GAN, 5.00%, 6/15/2022 (b)		320,000		332,261

Series 2014A, Rev., GAN, 5.00%, 6/15/2022		95,000		98,667

Series 2013A, Rev., GAN, 5.00%, 6/15/2023		25,000		25,953

Commonwealth of Massachusetts Transportation Fund, Rail Enhancement Program Series 2015A, Rev., 5.00%, 6/1/2022		455,000		471,697

Commonwealth of Massachusetts, Consolidated Loan of 2011

Series 2011D, GO, 3.00%, 10/1/2021 (b)		225,000		225,522

Series 2011D, GO, 4.25%, 10/1/2021 (b)		250,000		250,835

Series 2011D, GO, 5.00%, 10/1/2021 (b)		890,000		893,511

Commonwealth of Massachusetts, Consolidated Loan of 2014

Series 2014A, GO, 4.00%, 12/1/2021 (b)		175,000		176,686

Series 2014A, GO, 4.50%, 12/1/2021 (b)		420,000		424,566


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Series 2014A, GO, 5.00%, 12/1/2021 (b)		645,000		652,810

Series C, GO, 5.00%, 7/1/2022 (b)		420,000		437,045

Subseries D-2, GO, 1.70%, 8/1/2022 (c)		635,000		643,938

Series F, GO, 5.00%, 11/1/2022 (b)		75,000		79,256

Commonwealth of Massachusetts, Consolidated Loan of 2014, Green Bonds

Series E, GO, 2.00%, 9/1/2021		25,000		25,000

Series E, GO, 4.00%, 9/1/2021		25,000		25,000

Series E, GO, 2.00%, 9/1/2022		100,000		101,936

Series E, GO, 5.00%, 9/1/2022 (b)		110,000		115,348

Commonwealth of Massachusetts, Consolidated Loan of 2015 Series 2015A, GO, 5.00%, 5/1/2022		30,000		30,984

Commonwealth of Massachusetts, Consolidated Loan of 2016

Series 2016A, GO, 5.00%, 3/1/2022		395,000		404,711

Series 2016H, GO, 5.00%, 12/1/2022		20,000		21,229

Commonwealth of Massachusetts, Consolidated Loan of 2017

Series 2017E, GO, 5.00%, 11/1/2021		325,000		327,636

Series 2017C, GO, 5.00%, 2/1/2022		45,000		45,921

Commonwealth of Massachusetts, Special Obligation Dedicated Tax Rev., NATL-RE, 5.50%, 1/1/2022		205,000		208,524

Concord & Carlisle Regional School District, Unlimited Tax GO, 5.00%, 3/15/2022		25,000		25,659

Gateway Regional School District, State Qualified School GO, 4.00%, 12/1/2021		50,000		50,487

Massachusetts Bay Transportation Authority Assessment

Series 2021A, Rev., 4.00%, 7/1/2022		80,000		82,605

Series 2012A, Rev., 5.00%, 7/1/2022		275,000		286,239

Massachusetts Bay Transportation Authority Sales Tax Series 2008B, Rev., 5.00%, 7/1/2022		25,000		26,022

Massachusetts Bay Transportation Authority, Sales Tax

Rev., BAN, 4.00%, 12/1/2021		1,610,000		1,625,594

Series 2005A, Rev., 5.00%, 7/1/2022		290,000		301,851

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	273

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Massachusetts — continued

Series 2015A, Rev., 5.00%, 7/1/2022		60,000		62,452

Series 2020B-2, Rev., 5.00%, 7/1/2022		190,000		197,765

Series A, Rev., 5.00%, 7/1/2022		75,000		78,065

Series 2003C, Rev., 5.25%, 7/1/2022		25,000		26,074

Series 2006A, Rev., 5.25%, 7/1/2022		100,000		104,294

Series 2006B, Rev., 5.25%, 7/1/2022		20,000		20,859

Series B, Rev., 5.25%, 7/1/2022		90,000		93,865

Series 2004C, Rev., 5.50%, 7/1/2022		355,000		370,981

Massachusetts Clean Energy Cooperative Corp., Municipal Lighting Plant Cooperative Rev., 5.00%, 7/1/2022		25,000		25,953

Massachusetts Clean Water Trust (The), Revolving Funds

Series 21, Rev., 4.00%, 8/1/2022		25,000		25,895

Rev., 5.00%, 8/1/2022		210,000		219,441

Series 2012B, Rev., 5.00%, 8/1/2022		25,000		26,124

Massachusetts Department of Transportation, Capital Appreciation Series 1997-C, Rev., NATL-RE, Zero Coupon, 1/1/2022		115,000		114,878

Massachusetts Development Finance Agency, Babson College Issue

Rev., 5.00%, 10/1/2021		25,000		25,095

Series 2015A, Rev., 5.00%, 10/1/2022		80,000		84,070

Massachusetts Development Finance Agency, Berklee College of Music Rev., 5.25%, 10/1/2021 (b)		255,000		256,057

Massachusetts Development Finance Agency, Boston University Issue Series 2019DD-1, Rev., 5.00%, 4/1/2024 (c)		625,000		684,125

Massachusetts Development Finance Agency, Caregroup Issue

Series 2015 H-1, Rev., 5.00%, 7/1/2022		40,000		41,590

Series 2018J-1, Rev., 5.00%, 7/1/2022		25,000		25,994

Series 2015H-1, Rev., 5.00%, 7/1/2023		25,000		27,169

Series 2015H-1, Rev., 5.00%, 7/1/2025		35,000		41,034


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Massachusetts Development Finance Agency, College of the Holy Cross

Series 2016A, Rev., 5.00%, 9/1/2021		55,000		55,000

Series 2016A, Rev., 5.00%, 9/1/2022		45,000		47,184

Massachusetts Development Finance Agency, Commonwealth Contract Assistance Series 2014A, Rev., 5.00%, 5/1/2022 (b)		155,000		160,039

Massachusetts Development Finance Agency, Harvard University Series 2016A, Rev., 5.00%, 7/15/2022		30,000		31,289

Massachusetts Development Finance Agency, Multi-Family, Lyman Terrace Phase II Issue Rev., 1.39%, 2/1/2022 (c)		634,000		636,926

Massachusetts Development Finance Agency, North Hill Community Issue Series 2013A, Rev., 6.50%, 11/15/2023 (b) (f)		250,000		284,361

Massachusetts Development Finance Agency, Northeastern University Issue Series 2020A, Rev., 5.00%, 10/1/2022		45,000		47,350

Massachusetts Development Finance Agency, Partners Healthcare System Issue

Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.52%, 9/9/2021 (d)		250,000		250,457

Rev., 5.00%, 7/1/2022		100,000		104,052

Series 2014M-4, Rev., 5.00%, 7/1/2022		50,000		52,026

Series 2016Q, Rev., 5.00%, 7/1/2022		25,000		26,013

Series 2014M-4, Rev., 5.00%, 7/1/2023 (b)		30,000		32,659

Series 2017S-4, Rev., 5.00%, 1/25/2024 (c)		200,000		222,861

Series 2016S-2, Rev., 5.00%, 1/30/2025 (c)		60,000		69,478

Massachusetts Development Finance Agency, Suffolk University Issue Rev., 5.00%, 7/1/2023		115,000		124,755

Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group Issue Series I, Rev., 5.00%, 7/1/2022		245,000		254,487

SEE NOTES TO FINANCIAL STATEMENTS.



274	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Massachusetts — continued

Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 5.00%, 10/1/2022		50,000		52,544

Massachusetts Development Finance Agency, Williams College Series 2013P, Rev., 5.00%, 7/1/2022		145,000		150,901

Massachusetts Health and Educational Facilities Authority, Harvard University

Series 2010A, Rev., 4.00%, 12/15/2021		40,000		40,452

Series A, Rev., 5.00%, 12/15/2021		435,000		441,157

Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series 2002K, Rev., 5.50%, 7/1/2022		85,000		88,819

Massachusetts Health and Educational Facilities Authority, Northeastern University Series 2010A, Rev., 5.00%, 10/1/2021		275,000		276,074

Massachusetts Housing Finance Agency Series 2015D, Rev., 2.60%, 12/1/2022		50,000		51,350

Massachusetts Housing Finance Agency, Multi-Family Conduit, Chestnut Park Project Series 2018A, Rev., 2.40%, 12/1/2021 (c)		200,000		201,121

Massachusetts Housing Finance Agency, Single Family Social Bonds Series 220, Rev., GNMA/FNMA/FHLMC, 5.00%, 6/1/2023		295,000		319,770

Massachusetts Housing Finance Agency, Sustainability Bonds

Series C2, Rev., FHA, 0.40%, 12/1/2022		650,000		650,499

Series 2020C-2, Rev., FHA, 0.50%, 6/1/2023		765,000		765,488

Series 2020A-3, Rev., FHA, 0.88%, 12/1/2023		300,000		301,179

Massachusetts Port Authority Series C, Rev., 5.00%, 7/1/2022 (b)		20,000		20,803

Massachusetts School Building Authority, Dedicated Sales Tax

Series 2011B, Rev., 4.00%, 10/15/2021		150,000		150,704

Series 2011B, Rev., 5.00%, 10/15/2021 (b)		1,960,000		1,971,484


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Series 2011B, Rev., 5.25%, 10/15/2021 (b)		135,000		135,830

Series 2012A, Rev., 4.00%, 8/15/2022 (b)		45,000		46,666

Series 2012B, Rev., 4.00%, 8/15/2022 (b)		50,000		51,852

Series 2012A, Rev., 5.00%, 8/15/2022		1,120,000		1,172,268

Series 2012B, Rev., 5.00%, 8/15/2022 (b)		885,000		926,199

Series 2012A, Rev., 5.00%, 8/15/2023		25,000		26,173

Series 2012A, Rev., 5.00%, 8/15/2024		145,000		151,653

Massachusetts State College Building Authority

Series 2012B, Rev., 3.75%, 5/1/2022 (b)		25,000		25,600

Series 2012A, Rev., 5.00%, 5/1/2022 (b)		75,000		77,438

Series 2012B, Rev., 5.00%, 5/1/2022 (b)		40,000		41,301

Massachusetts Transportation Trust Fund Metropolitan Highway System

Series 2019A, Rev., 5.00%, 1/1/2022		175,000		177,820

Series 2019A, Rev., 5.00%, 1/1/2024		95,000		105,496

Series 2019A, Rev., 5.00%, 1/1/2025		75,000		86,566

Massachusetts Water Resources Authority

Series 2012-A, Rev., 5.00%, 8/1/2022 (b)		50,000		52,221

Series 2013A, Rev., 5.00%, 8/1/2022		25,000		26,121

Series 2017C, Rev., 5.00%, 8/1/2022		30,000		31,346

Series 2002J, Rev., AGM, 5.50%, 8/1/2022		25,000		26,236

Series 2013A, Rev., 5.00%, 8/1/2023		25,000		27,331

Mendon Upton Regional School District GO, 3.00%, 6/1/2022		25,000		25,531

Merrimack Valley Regional Transit Authority Rev., RAN, 1.00%, 6/24/2022		8,400,000		8,448,651

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	275

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Massachusetts — continued

Metrowest Regional Transit Authority Rev., RAN, 1.50%, 9/17/2021		4,770,000		4,772,465

Minuteman Regional Vocational Technical School District GO, 5.00%, 10/15/2022		25,000		26,349

Monomoy Regional School District GO, 5.00%, 9/15/2022		25,000		26,274

Onset Fire District GO, 5.00%, 10/15/2022		55,000		57,949

Springfield Water and Sewer Commission

Series 2017B, Rev., 5.00%, 4/15/2022		75,000		77,244

Series 2014C, Rev., 5.00%, 7/15/2022		60,000		62,529

Town of Andover, Municipal Purpose Loan

GO, 5.00%, 9/1/2021		50,000		50,000

GO, 3.00%, 9/15/2021		20,000		20,021

GO, 4.00%, 6/15/2022		30,000		30,925

Town of Arlington, Municipal Purpose Loan GO, 4.00%, 11/1/2021		30,000		30,193

Town of Ashland, Municipal Purpose Loan GO, 5.00%, 5/15/2022		25,000		25,865

Town of Barnstable GO, 4.00%, 6/15/2022		30,000		30,925

Town of Bedford GO, 5.00%, 8/15/2022		25,000		26,169

Town of Belmont, Municipal Purpose Loan of 2018 GO, 3.00%, 5/1/2022		30,000		30,580

Town of Belmont, Unlimited Tax GO, 5.00%, 8/15/2022		25,000		26,169

Town of Bourne GO, 2.00%, 7/15/2022		25,000		25,418

Town of Bourne, Municipal Purpose Loan

GO, 5.00%, 11/15/2021		90,000		90,901

GO, 5.00%, 12/1/2021		80,000		80,977

GO, 5.00%, 5/15/2022		30,000		31,038

Town of Braintree, Municipal Purpose Loan

GO, 3.50%, 10/15/2021		145,000		145,589

GO, 4.00%, 10/15/2022		45,000		46,961

Town of Chelmsford GO, 5.00%, 4/1/2022		20,000		20,570

Town of Chelmsford, Municipal Purpose Loan GO, 4.00%, 6/15/2022		50,000		51,533


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Town of Danvers, Municipal Purpose Loan Series 2019A, GO, 5.00%, 8/15/2022		85,000		88,992

Town of Dracut, Municipal Purpose Loan GO, 5.00%, 9/15/2021		25,000		25,044

Town of Duxbury, Municipal Purpose Loan GO, 4.00%, 9/1/2022		25,000		25,977

Town of Eastham, Municipal Purpose Loan GO, 5.00%, 11/1/2021		30,000		30,240

Town of Fairhaven GO, 3.00%, 12/15/2021		50,000		50,417

Town of Falmouth, Municipal Purpose Loan

GO, 3.00%, 3/1/2022		30,000		30,435

Series 2014A, GO, 4.00%, 7/15/2022		20,000		20,680

Town of Franklin

GO, 4.00%, 3/1/2022		80,000		81,549

GO, 4.00%, 3/15/2022		40,000		40,835

Town of Grafton

GO, 3.00%, 4/1/2022 (b)		25,000		25,409

GO, 4.00%, 4/1/2022		40,000		40,913

Town of Great Barrington, Municipal Purpose Loan GO, 4.00%, 6/15/2022		25,000		25,769

Town of Groton, Municipal Purpose Loan GO, 4.00%, 2/15/2022		50,000		50,886

Town of Hanover, Municipal Purpose Loan

GO, 4.00%, 9/1/2021		45,000		45,000

GO, 5.00%, 5/15/2022		25,000		25,854

Town of Harwich, Municipal Purpose Loan GO, 4.00%, 10/1/2021		25,000		25,079

Town of Holliston, Municipal Purpose Loan GO, 5.00%, 4/1/2022		60,000		61,718

Town of Lexington GO, 4.00%, 2/1/2022		40,000		40,650

Town of Lexington, Municipal Purpose Loan

GO, 4.00%, 2/15/2022		25,000		25,444

GO, 4.00%, 6/15/2022		20,000		20,615

Town of Longmeadow, Municipal Purpose Loan GO, 5.00%, 4/1/2022		25,000		25,706

Town of Marblehead GO, 4.00%, 8/15/2023		50,000		50,154

Town of Marblehead, Municipal Purpose Loan GO, 5.00%, 7/15/2022		35,000		36,491

SEE NOTES TO FINANCIAL STATEMENTS.



276	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Massachusetts — continued

Town of Marshfield, Municipal Purpose Loan GO, 5.00%, 9/15/2021		40,000		40,071

Town of Mendon, Municipal Purpose Loan GO, 3.00%, 2/15/2022		50,000		50,655

Town of Merrimac, Municipal Purpose Loan GO, 5.00%, 9/15/2021		25,000		25,045

Town of Middleborough, Municipal Purpose Loan

GO, 2.00%, 10/1/2021		25,000		25,039

GO, 5.00%, 10/1/2021		40,000		40,158

Town of Milford GO, 2.00%, 1/15/2022		25,000		25,176

Town of Millis, Municipal Purpose Loan GO, 5.00%, 11/1/2022		25,000		26,420

Town of Milton GO, 3.00%, 1/15/2022		100,000		101,081

Town of Nantucket, Municipal Purpose Loan GO, 5.00%, 12/1/2021		65,000		65,792

Town of North Reading, Municipal Purpose Loan GO, 5.00%, 5/15/2022		180,000		186,174

Town of Norwood, Municipal Purpose Loan GO, 4.00%, 7/15/2022		25,000		25,845

Town of Oak Bluffs, Municipal Purpose Loan GO, 5.00%, 9/1/2021		25,000		25,000

Town of Orleans, Municipal Purpose Loan

GO, 5.00%, 9/15/2021		90,000		90,160

GO, 5.00%, 2/1/2022		30,000		30,613

Town of Randolph, Municipal Purpose Loan

GO, 5.00%, 9/15/2021		35,000		35,062

GO, 4.00%, 5/15/2022		25,000		25,678

Town of Reading, Municipal Purpose Loan GO, 4.00%, 6/15/2022		20,000		20,615

Town of Rockland, State Qualified Municipal Purpose Loan GO, 3.00%, 7/1/2022		25,000		25,607

Town of Salisbury, Municipal Purpose Loan GO, 4.00%, 8/1/2022		25,000		25,893

Town of Scituate, Municipal Purpose Loan GO, 5.00%, 9/15/2021		20,000		20,036

Town of South Hadley, Golf Course Series 2017B, GO, 4.00%, 8/15/2022		70,000		72,580

Town of Stockbridge GO, 3.00%, 10/15/2021		50,000		50,176

Town of Stockbridge, Highway Garage GO, 3.00%, 6/1/2022		40,000		40,858

Town of Stoughton, Municipal Purpose Loan GO, 5.00%, 10/15/2022		35,000		36,917


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Town of Sturbridge, Municipal Purpose Loan GO, 4.00%, 11/15/2021 (b)		40,000		40,312

Town of Tewksbury, Unlimited Tax GO, 5.00%, 6/1/2022		35,000		36,284

Town of Topsfield, Municipal Purpose Loan GO, 5.00%, 3/1/2022		35,000		35,859

Town of Tyngsborough, Municipal Purpose Loan GO, 4.00%, 10/15/2021		70,000		70,328

Town of Watertown, Municipal Purpose Loan

GO, 4.00%, 1/15/2022		20,000		20,290

GO, 3.00%, 5/15/2022		30,000		30,614

GO, 5.00%, 6/15/2022		25,000		25,965

Town of Wayland, Municipal Purpose Loan GO, 5.00%, 11/1/2022		75,000		79,288

Town of Wellesley, Municipal Purpose Loan

GO, 4.00%, 12/1/2021		85,000		85,823

GO, 4.00%, 6/1/2022		70,000		72,046

Town of West Bridgewater GO, BAN, 2.00%, 11/26/2021		1,713,832		1,720,672

Town of West Springfield, Municipal Purpose Loan GO, 4.00%, 9/15/2022		75,000		78,004

Town of Westborough, Municipal Purpose Loan GO, 5.00%, 8/15/2022		85,000		88,992

Town of Weston GO, 4.00%, 12/1/2022		25,000		26,219

Town of Weston, Municipal Purpose Loan GO, 4.00%, 2/1/2022		50,000		50,158

Town of Wilmington, School

GO, 3.50%, 3/15/2022 (b)		45,000		45,812

GO, 5.00%, 3/15/2022 (b)		75,000		76,976

Town of Winchester, Municipal Purpose Loan GO, 5.00%, 7/1/2022		35,000		36,427

Town of Winthrop, Municipal Purpose Loan GO, 4.00%, 11/15/2022		50,000		52,359

Town of Winthrop, School GO, 4.00%, 9/1/2021		25,000		25,000

Town of Yarmouth, Municipal Purpose Loan GO, 5.00%, 12/15/2021		55,000		55,774

University of Massachusetts Building Authority

Series 2014-3, Rev., 5.00%, 11/1/2021		30,000		30,243

Series 2015-2, Rev., 5.00%, 11/1/2022		150,000		158,594

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	277

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Massachusetts — continued

Series 2021-1, Rev., 5.00%, 11/1/2022		90,000		95,157

University of Massachusetts Building Authority Project Series 2013-1, Rev., 5.00%, 11/1/2022 (b)		25,000		26,418

Wachusett Regional School District, State Qualified School GO, 4.00%, 12/1/2022		20,000		20,908

Woods Hole, Martha’s Vineyard and Nantucket Steamship Authority Series 2015A, Rev., GTD, 5.00%, 3/1/2022		100,000		102,438


Total Massachusetts				55,057,965


Michigan — 3.1%

Algonac Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022		60,000		61,489

Anchor Bay School District, Unlimited Tax

Series 2017-I, GO, Q-SBLF, 3.00%, 11/1/2021		100,000		100,463

GO, Q-SBLF, 3.00%, 5/1/2022		50,000		50,937

Ann Arbor School District

GO, Q-SBLF, 4.00%, 5/1/2022		25,000		25,648

GO, Q-SBLF, 5.00%, 5/1/2022 (b)		155,000		160,039

GO, 5.00%, 5/1/2022		35,000		36,139

Ann Arbor School District, Unlimited Tax

GO, 5.00%, 5/1/2022		75,000		77,441

GO, Q-SBLF, 5.00%, 5/1/2022		80,000		82,603

Avondale School District, Unlimited Tax GO, Q-SBLF, 5.00%, 11/1/2021		175,000		176,413

Big Walnut Local School District, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022		25,000		25,643

Birmingham City School District, Unlimited Tax

GO, 4.00%, 5/1/2022		40,000		41,039

GO, 5.00%, 5/1/2022		70,000		72,283

Brighton Area School District, School Building and Site Series 2013-II, GO, Q-SBLF, 5.00%, 5/1/2022		300,000		309,537

Buchanan Community Schools GO, Q-SBLF, 3.00%, 5/1/2022		25,000		25,482

Caledonia Community Schools, Unlimited Tax Series 2020-I, GO, Q-SBLF, 4.00%, 5/1/2022		50,000		51,285

Center Line Public Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022		25,000		25,631


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Central Michigan University Rev., 5.00%, 10/1/2021		245,000		245,949

Charlotte Public School District GO, Q-SBLF, 5.00%, 5/1/2022		45,000		46,455

Charter Township of Canton, Limited Tax GO, 5.00%, 10/1/2022		65,000		68,365

Charter Township of Commerce, Limited Tax Series 2016A, GO, 5.00%, 4/1/2023		95,000		102,210

Charter Township of Lyon Series 2006-A, GO, XLCA, 4.13%, 11/1/2023		45,000		45,297

Chippewa Valley Schools GO, Q-SBLF, 5.00%, 5/1/2022		90,000		92,910

Chippewa Valley Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2023		20,000		21,261

City of Ann Arbor, Sewage Disposal System Rev., 3.00%, 7/1/2022		20,000		20,484

City of Dearborn Capital Improvement GO, 3.00%, 5/1/2022		25,000		25,465

City of Detroit, Sewage Disposal System Series 2012A, Rev., AGM, 5.00%, 7/1/2022 (b)		50,000		52,029

City of Farmington Hills, Capital Improvement GO, 3.00%, 10/1/2021		20,000		20,047

City of Frankenmuth, Capital Improvement, Limited Tax GO, 3.00%, 5/1/2022		40,000		40,744

City of Grand Rapids, Capital Improvement, Limited Tax GO, 5.00%, 4/1/2024		50,000		56,122

City of Grand Rapids, Limited Tax

GO, 5.00%, 5/1/2022		45,000		46,452

GO, 5.00%, 10/1/2022		25,000		26,297

City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2022		115,000		116,849

City of Grand Rapids, Water Supply System Rev., 5.00%, 1/1/2023		30,000		31,912

City of Kalamazoo, Capital Improvement, Limited Tax GO, 4.00%, 4/1/2022		25,000		25,556

City of Kalamazoo, Wastewater System Rev., 3.15%, 10/1/2022		25,000		25,060

City of Kalamazoo, Water Supply System Rev., 4.00%, 9/1/2021		25,000		25,000

City of Lansing, Sewage Disposal System Rev., 5.00%, 5/1/2022		55,000		56,752

City of Marquette, Capital Improvement GO, 4.00%, 5/1/2023		200,000		212,544

SEE NOTES TO FINANCIAL STATEMENTS.



278	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Michigan — continued

GO, 4.00%, 5/1/2024		210,000		230,467

GO, 4.00%, 5/1/2025		290,000		327,636

City of Marquette, Limited Tax GO, 4.00%, 10/1/2021		65,000		65,201

City of Marquette, Transportation Fund , Limited Tax

GO, 4.00%, 5/1/2023		170,000		180,662

GO, 4.00%, 5/1/2024		125,000		137,183

GO, 4.00%, 5/1/2025		105,000		118,627

City of Novi GO, 4.00%, 10/1/2021		60,000		60,185

City of Port Huron, Limited Tax

GO, 4.00%, 10/1/2025		520,000		591,549

GO, 4.00%, 10/1/2026		305,000		354,638

City of Romulus, Limited Tax, Capital Improvement Series 2017A, GO, 4.00%, 11/1/2022		25,000		26,106

City of Royal Oak, Limited Tax, Capital Improvement

GO, 3.00%, 10/1/2021		110,000		110,250

GO, 3.00%, 10/1/2022		25,000		25,757

City of South Haven, Limited Tax GO, 4.00%, 12/1/2021		50,000		50,470

City of Southfield, Street Improvement, Unlimited Tax GO, 3.00%, 5/1/2023		20,000		20,922

City of Southfield, Water and Sewer Capital Improvement, Limited Tax GO, 3.00%, 5/1/2023		85,000		88,920

City of Sterling Heights, Capital Improvement GO, 5.00%, 4/1/2022		45,000		46,270

City of Warren, Limited Tax, Capital Improvement GO, AGM, 3.00%, 5/1/2022		25,000		25,472

Clintondale Community Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		110,000		113,587

Coldwater Community Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		115,000		118,719

County of Grand Traverse, Limited Tax GO, 3.00%, 6/1/2022		50,000		51,050

County of Ingham, Limited Tax Rev., 4.00%, 5/1/2022		50,000		51,289

County of Jackson, Transportation

GO, 2.00%, 5/1/2022		115,000		116,376

GO, 2.00%, 5/1/2024		250,000		261,250

County of Kalamazoo, Juvenile Home Facilities GO, 5.00%, 4/1/2022		25,000		25,709


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

County of Livingston, Limited Tax GO, 3.00%, 5/1/2023 (b)		25,000		26,171

County of Macomb, Limited Tax GO, 4.00%, 5/1/2023		35,000		37,262

County of Ottawa GO, 5.00%, 11/1/2021		100,000		100,801

County of Saginaw, Limited Tax GO, 4.00%, 11/1/2021		50,000		50,312

Crestwood School District, Unlimited Tax GO, Q-SBLF, 3.00%, 5/1/2022		50,000		50,930

Davison Community Schools, Unlimited Tax GO, 3.00%, 5/1/2022		30,000		30,554

De Witt Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023		50,000		53,966

Dearborn School District, Limited Tax GO, 3.00%, 5/1/2022		915,000		932,697

Detroit City School District, Unlimited Tax Series 2012A, GO, Q-SBLF, 5.00%, 5/1/2022		25,000		25,800

Detroit Wayne County Stadium Authority Rev., AGM, 5.00%, 10/1/2021		3,000,000		3,011,567

Dexter Community Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022		290,000		297,533

Dundee Community Schools, Unlimited Tax GO, Q-SBLF, 3.00%, 5/1/2023		50,000		52,289

East Grand Rapids Public School District, Unlimited Tax Series 2020A, GO, Q-SBLF, 4.00%, 5/1/2022		60,000		61,538

East Lansing School District, Unlimited Tax

GO, Q-SBLF, 5.00%, 5/1/2022		75,000		77,441

Series 2020-II, GO, Q-SBLF, 4.00%, 5/1/2023		180,000		191,476

Farmington Public School District, School Building Site, Unlimited Tax GO, 4.00%, 5/1/2023		20,000		21,279

Ferndale Public Schools GO, Q-SBLF, 4.00%, 5/1/2022		25,000		25,643

Forest Hills Public Schools, Unlimited Tax

Series I, GO, 3.00%, 5/1/2022		100,000		101,914

GO, 4.00%, 5/1/2022		30,000		30,773

Fraser Public School District, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023		35,000		37,788

Gerald R Ford International Airport Authority, Limited Tax Rev., GTD, 5.00%, 1/1/2023		20,000		21,303

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	279

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Michigan — continued

Grand Blanc Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022 (b)		100,000		102,520

Grand Haven Area Public Schools, School Building and Site, Unlimited Tax GO, 5.00%, 11/1/2021		35,000		35,280

Grand Ledge Public Schools, School Building and Site, Unlimited Tax Series 2021-II, GO, Q-SBLF, 4.00%, 5/1/2023		95,000		101,008

Grand Rapids Community College, Limited Tax GO, 3.00%, 5/1/2022		30,000		30,558

Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 5/1/2022		25,000		25,807

Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group

Series 2019A, Rev., 5.00%, 7/1/2022		60,000		62,416

Series 2019A, Rev., 5.00%, 7/1/2024		130,000		147,237

Grand Valley State University

Series 2014B, Rev., 5.00%, 12/1/2021		110,000		111,309

Series 2015A, Rev., 5.00%, 12/1/2021		200,000		202,093

Series 2016A, Rev., 5.00%, 12/1/2021		435,000		440,178

Rev., 5.00%, 12/1/2022		20,000		21,196

Series 2014B, Rev., 5.00%, 12/1/2023		310,000		342,327

Series 2016A, Rev., 5.00%, 12/1/2024		670,000		769,089

Grosse Ile Township School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		50,000		51,593

Grosse Pointe Public Library GO, 5.00%, 4/1/2022		110,000		113,131

Healthsource Saginaw, Inc., Unlimited Tax GO, 4.00%, 5/1/2023		50,000		51,263

Holton Public Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022		25,000		25,648

Houghton-Portage Township School District, Unlimited Tax Series 2016A, GO, Q-SBLF, 3.00%, 5/1/2022		25,000		25,485

Howell Public Schools, Unlimited Tax

GO, Q-SBLF, 4.00%, 5/1/2022 (b)		65,000		66,660

GO, Q-SBLF, 5.00%, 5/1/2022		25,000		25,796


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Huron School District Series 2015A, GO, Q-SBLF, 4.00%, 5/1/2022		30,000		30,757

Huron School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		50,000		51,593

Kalamazoo Hospital Finance Authority, Bronson Healthcare Group

Rev., 5.00%, 5/15/2023		185,000		199,978

Rev., 5.00%, 5/15/2024		100,000		112,685

Karegnondi Water Authority, Water Supply System, Karegnondi Water Pipeline Rev., 5.00%, 11/1/2021		85,000		85,651

Kenowa Hills Public Schools, School Building and Site Series 2018-II, GO, Q-SBLF, 4.00%, 11/1/2022		65,000		67,898

Kent Hospital Finance Authority, Spectrum Health System Series 2011A, Rev., 5.00%, 11/15/2021 (b)		600,000		605,958

Lake Orion Community School District GO, Q-SBLF, 5.00%, 5/1/2022		50,000		51,593

Lakeview School District, School Building and Site, Unlimited Tax Series B, GO, VRDO, LOC: TD Bank NA, 0.02%, 9/9/2021 (c)		9,300,000		9,300,000

L’Anse Creuse Public Schools, School Building and Site GO, VRDO, Q-SBLF, LOC: TD Bank NA, 0.02%, 9/10/2021 (c)		625,000		625,000

Lansing Community College, Building and Site

GO, 5.00%, 5/1/2022		60,000		61,932

GO, 5.00%, 5/1/2024		150,000		154,861

Linden Community School District, School Building and Site, Unlimited Tax Series 2021-I, GO, Q-SBLF, 4.00%, 5/1/2025		30,000		33,835

Linden Community School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		25,000		25,810

Livonia Municipal Building Authority Rev., 4.00%, 5/1/2024		40,000		43,898

Livonia Public Schools, Unlimited Tax GO, 5.00%, 5/1/2022		100,000		103,193

Ludington Area School District GO, Q-SBLF, 5.00%, 11/1/2021		115,000		115,919

Macomb Interceptor Drain Drainage District, Limited Tax Series 2017A, GTD, 5.00%, 5/1/2022		80,000		82,603

Macomb Township Building Authority Rev., 5.00%, 4/1/2022		25,000		25,704

SEE NOTES TO FINANCIAL STATEMENTS.



280	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Michigan — continued

Manchester Community Schools, Unlimited Tax Series 2016A, GO, Q-SBLF, 4.00%, 5/1/2022		85,000		87,110

Marquette Board of Light and Power Series 2016A, Rev., 5.00%, 7/1/2023		25,000		27,058

Michigan Center School District GO, AGM, 2.00%, 11/1/2023		50,000		51,895

Michigan Finance Authority, Ascension Senior Credit Group

Series 2016B, Rev., 5.00%, 10/1/2022		40,000		42,120

Series 2016E-1, Rev., 4.00%, 8/15/2024 (c)		60,000		66,615

Michigan Finance Authority, Beaumont Health Credit Group

Rev., 5.00%, 11/1/2021		35,000		35,282

Series 2015A, Rev., 5.00%, 8/1/2022		250,000		260,979

Rev., 5.00%, 11/1/2023		225,000		237,782

Series 2015A, Rev., 5.00%, 8/1/2025		40,000		45,453

Rev., 5.00%, 11/1/2026		115,000		121,492

Michigan Finance Authority, Bronson Healthcare Group, Inc.

Series 2020A, Rev., 4.00%, 5/15/2022		100,000		102,663

Series B, Rev., 3.50%, 11/15/2022 (c)		905,000		937,005

Michigan Finance Authority, Charter County of Wayne Criminal Justice Center Project Rev., 5.00%, 11/1/2022		40,000		42,147

Michigan Finance Authority, Clean Water Revolving Fund

Rev., 5.00%, 10/1/2021		345,000		346,366

Rev., 5.00%, 10/1/2022 (b)		65,000		68,424

Series 2018B, Rev., 5.00%, 10/1/2022		55,000		57,915

Series 2016B, Rev., 5.00%, 10/1/2024		150,000		172,092

Michigan Finance Authority, Critenton Hospital Medical Center Series 2012A, Rev., 5.00%, 6/1/2022 (b)		25,000		25,903

Michigan Finance Authority, Detroit School District

Series 2015A, Rev., Q-SBLF, 5.00%, 5/1/2022		115,000		118,680


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Series 2015A, Rev., Q-SBLF, 5.00%, 5/1/2023		390,000		421,002

Michigan Finance Authority, Detroit State Aid Fourth Lien Series 2016C-3, Rev., 5.00%, 4/1/2023		490,000		526,622

Michigan Finance Authority, Drinking Water Revolving Fund

Rev., 4.00%, 10/1/2021		20,000		20,064

Rev., 5.00%, 10/1/2021		525,000		527,084

Michigan Finance Authority, Henry Ford Health System

Rev., 5.00%, 11/15/2021		315,000		318,076

Rev., 5.00%, 11/15/2022		1,000,000		1,057,687

Rev., 5.00%, 11/15/2024		420,000		482,789

Michigan Finance Authority, Holland Community Hospital Series 2016A, Rev., 4.00%, 1/1/2022		35,000		35,438

Michigan Finance Authority, Local Government Loan Program, Detroit Regional Convention Facility Authority Local Project Series 2014H-1, Rev., 5.00%, 10/1/2022		120,000		120,470

Michigan Finance Authority, Local Government Loan Program, Detroit Water and Sewerage Department Water Supply System Local Project

Series D-1, Rev., 5.00%, 7/1/2022		275,000		285,861

Rev., AGM, 5.00%, 7/1/2024		715,000		807,853

Michigan Finance Authority, Local Government Loan Program, Muskegon Heights Public Schools State Qualified Unlimited Tax Project Series 2016A, Rev., Q-SBLF, 5.00%, 5/1/2022		40,000		41,277

Michigan Finance Authority, McLaren Health Care Corp. Series 20105A, Rev., 5.00%, 5/15/2022		400,000		413,518

Michigan Finance Authority, Mid Michigan Health Rev., 4.00%, 6/1/2024 (b)		570,000		629,808

Michigan Finance Authority, Sparrow Obligated Group

Rev., 4.00%, 11/15/2021		65,000		65,503

Rev., 5.00%, 11/15/2021		150,000		151,465

Rev., 4.00%, 11/15/2022		40,000		41,827

Michigan Finance Authority, Tobacco Settlement Asset-Backed Series 2020A, Class 1, Rev., 4.00%, 6/1/2023		1,000,000		1,063,945

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	281

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Michigan — continued

Michigan Finance Authority, Trinity Health Credit Group

Series 2016MI-2, Rev., (SIFMA Municipal Swap Index Yield + 0.48%), 0.50%, 9/9/2021 (d)		145,000		145,021

Rev., 5.00%, 12/1/2021		735,000		743,952

Series 2011MI, Rev., 5.00%, 12/1/2021 (b)		100,000		101,211

Series 2015MI, Rev., 5.00%, 12/1/2021		495,000		501,030

Series 2015MI, Rev., 5.00%, 6/1/2022 (b)		185,000		191,755

Rev., 5.00%, 12/1/2022 (b)		365,000		387,200

Series 2017A-MI, Rev., 5.00%, 12/1/2022		670,000		710,935

Rev., 5.00%, 12/1/2023		270,000		299,187

Series 2017A, Rev., 5.00%, 12/1/2023		345,000		382,212

Series 2019MI-1, Rev., 5.00%, 12/1/2023		100,000		110,786

Series 2017A, Rev., 5.00%, 12/1/2024		240,000		276,843

Series 2019MI-2, Rev., 5.00%, 2/1/2025 (c)		785,000		907,063

Michigan State Building Authority, Facilities Program

Series 2011I-A, Rev., 5.00%, 9/10/2021 (b)		110,000		110,643

Rev., 5.00%, 10/15/2021		150,000		150,879

Series 2011II-A, Rev., 5.00%, 10/15/2021 (b)		350,000		352,047

Series 2013I-A, Rev., 5.00%, 10/15/2021		200,000		201,173

Series 2016-I, Rev., 5.00%, 10/15/2021		310,000		311,818

Series 2011I-A, Rev., 5.13%, 10/15/2021 (b)		1,500,000		1,508,999

Series 2011I-A, Rev., 5.20%, 10/15/2021 (b)		150,000		150,913

Series 2011I-A, Rev., 5.50%, 10/15/2021 (b)		195,000		196,257

Series 2015 I, Rev., 5.00%, 4/15/2022		85,000		87,581

Series 2016 I, Rev., 5.00%, 4/15/2022		25,000		25,759

Series 2013 1-A, Rev., 5.00%, 10/15/2022		100,000		105,478

Series 2016-I, Rev., 5.00%, 4/15/2026		50,000		60,475


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Michigan State Building Authority, Multi Modal Program Rev., VRDO, 0.06%, 9/7/2021 (c)		5,235,000		5,235,000

Michigan State Hospital Finance Authority, Ascension Health Credit Group

Series 2005A-3, Rev., 4.00%, 11/1/2021		900,000		905,735

Series 2005A-3, Rev., 4.00%, 11/1/2022		160,000		167,210

Series 2005A-4, Rev., 5.00%, 11/1/2022		190,000		200,771

Series F-5, Rev., 2.40%, 3/15/2023 (c)		340,000		351,429

Series 2010 F-1, Rev., 4.00%, 6/1/2023 (c)		50,000		53,354

Series 2005A-3, Rev., 4.00%, 11/1/2023		100,000		108,194

Series 2005A-3, Rev., 4.00%, 11/1/2024		50,000		55,853

Michigan State Hospital Finance Authority, McLaren Health Care Corp.

Series 2012A, Rev., 5.00%, 6/1/2022		30,000		31,078

Series 2012A, Rev., 5.00%, 6/1/2025		165,000		170,877

Series 2012A, Rev., 5.00%, 6/1/2026		100,000		103,546

Michigan State Hospital Finance Authority, Trinity Health Credit Group

Rev., 4.00%, 6/1/2022 (b)		135,000		138,869

Series 2009C, Rev., 4.00%, 6/1/2022 (b)		100,000		102,828

Rev., 5.00%, 6/1/2022 (b)		425,000		440,377

Series 2012MI, Rev., 5.00%, 6/1/2022 (b)		25,000		25,913

Series 2008C, Rev., 5.00%, 12/1/2024		255,000		294,056

Series C, Rev., 5.00%, 12/1/2025		200,000		238,870

Michigan State Housing Development Authority, Rental Housing Series A, Rev., 2.40%, 10/1/2021		250,000		250,406

Michigan State Housing Development Authority, Single Family Mortgage Series 2018A, Rev., 2.20%, 6/1/2022		25,000		25,336

Michigan State University

Series 2013A, Rev., 5.00%, 8/15/2022		20,000		20,933

SEE NOTES TO FINANCIAL STATEMENTS.



282	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Michigan — continued

Series 2019C, Rev., 5.00%, 8/15/2022		180,000		188,400

Series 2020A, Rev., 5.00%, 8/15/2022		25,000		26,167

Michigan Strategic Fund, Community Colleges Skilled Trades Equipment Program Rev., 5.00%, 3/1/2024		280,000		311,655

Michigan Strategic Fund, Rare isotope Beams Project Rev., 5.00%, 3/1/2022		150,000		153,642

Michigan Strategic Fund, The Detroit Edison Co.

Series 2008ET-2, Rev., VRDO, 1.45%, 9/1/2021 (c)		300,000		300,000

Series CC, Rev., VRDO, 1.45%, 9/1/2021 (c)		1,050,000		1,050,000

Milan Area Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		40,000		41,263

Mount Clemens Community School District, Unlimited Tax Series 2017A, GO, Q-SBLF, 5.00%, 5/1/2022		85,000		87,743

Mount Pleasant School District, Unlimited Tax Series 2016-I, GO, 4.00%, 5/1/2022		50,000		51,285

Muskegon Local Development Finance Authority Rev., AGM, GTD, 3.00%, 11/1/2022		50,000		50,229

New Buffalo Area Schools GO, 2.50%, 11/1/2021		100,000		100,396

New Haven Community Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		55,000		56,797

North Kent Sewer Authority, State of Michigan, Sanitary Sewer System, Limited Tax of Constituent Municipalities

Rev., 4.00%, 11/1/2021		60,000		60,385

Rev., 4.00%, 11/1/2022		50,000		52,271

Northern Michigan University Series 2018A, Rev., 5.00%, 12/1/2022		20,000		21,196

Northview Public Schools, Unlimited Tax

Series 2020-III, GO, 4.00%, 5/1/2022		385,000		394,896

GO, Q-SBLF, 5.00%, 5/1/2023		70,000		75,552

Northville Public Schools, School Building and Site Series 2020-III, GO, 4.00%, 5/1/2025		30,000		33,777


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Novi Community School District, Unlimited Tax

GO, Q-SBLF, 4.00%, 5/1/2022		25,000		25,648

GO, Q-SBLF, 5.00%, 5/1/2022		35,000		36,139

Oakland County Building Authority Series 2012A, Rev., 3.00%, 11/1/2022		30,000		31,017

Oakland County Building Authority, Limited Tax Series 2020A, Rev., 5.00%, 11/1/2022		35,000		37,001

Oakland University Rev., 5.00%, 3/1/2022		20,000		20,478

Plymouth-Canton Community School District GO, Q-SBLF, 5.00%, 5/1/2023		45,000		48,648

Plymouth-Canton Community School District, School Building and Site Series 2013A, GO, 5.00%, 5/1/2022		20,000		20,651

Portage Public Schools, School Building and Site GO, 5.00%, 5/1/2022		40,000		41,296

Roseville Community Schools, Energy Conservation Improvement GO, 3.00%, 5/1/2022		55,000		55,971

Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group

Series 2014D, Rev., 5.00%, 9/1/2021		285,000		285,000

Rev., 5.00%, 9/1/2022		75,000		78,594

Rev., 5.00%, 9/1/2023		575,000		628,617

Royal Oak School District, School Building and Site, Unlimited Tax

GO, 4.00%, 5/1/2022		55,000		56,425

GO, 5.00%, 5/1/2022		75,000		77,441

Saginaw City School District, Unlimited Tax

GO, Q-SBLF, 5.00%, 5/1/2022		25,000		25,796

GO, Q-SBLF, 5.00%, 5/1/2024		35,000		39,359

Saginaw Hospital Finance Authority, Covenant Medical Center Series 2020J, Rev., 5.00%, 7/1/2022		20,000		20,798

Saginaw Township Community School District GO, Q-SBLF, 4.00%, 5/1/2022		30,000		30,773

Saline Area Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		85,000		87,737

Sault Ste Marie Area Public Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 3.00%, 5/1/2022		55,000		56,023

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	283

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Michigan — continued

Schoolcraft Community College District, Limited Tax GO, 3.00%, 5/1/2024		115,000		123,001

South Lake Schools, School Building and Site GO, Q-SBLF, 4.00%, 11/1/2024		25,000		27,347

Southfield Library Building Authority, Limited Tax Rev., 5.00%, 5/1/2023		40,000		43,173

St. Joseph School District GO, Q-SBLF, 5.00%, 5/1/2022		30,000		30,970

State of Michigan

Rev., GAN, 5.00%, 3/15/2022		445,000		456,428

Rev., GAN, 5.00%, 3/15/2023		210,000		225,260

Rev., GAN, 5.00%, 3/15/2025		200,000		232,944

State of Michigan Comprehensive Transportation Rev., AGM, 5.25%, 5/15/2022		50,000		51,792

State of Michigan, Environmental Program

Series 2016B, GO, 5.00%, 11/1/2021		150,000		151,201

Series 2011A, GO, 5.00%, 12/1/2021		45,000		45,544

Series 2015A, GO, 5.00%, 12/1/2021		55,000		55,664

Series 2016A, GO, 5.00%, 12/1/2021		255,000		258,081

Series 2015A, GO, 5.00%, 12/1/2022		20,000		21,214

Series 2016A, GO, 5.00%, 12/1/2022		70,000		74,250

State of Michigan, Trunk Line Fund

Rev., AGM, 5.25%, 11/1/2021		55,000		55,467

Rev., AGM, 5.50%, 11/1/2021		185,000		186,649

Rev., 5.00%, 11/15/2021		995,000		1,004,964

Rev., 5.00%, 11/15/2022		600,000		635,439

Sturgis Public School District Series 2015A, GO, Q-SBLF, 5.00%, 5/1/2022		20,000		20,643

Township of Scio, Limited Tax GO, 3.00%, 11/1/2021		20,000		20,092

Traverse City Area Public Schools, School Building and Site, Unlimited Tax Series 2021-II, GO, 3.00%, 5/1/2026		2,815,000		3,122,359

Troy School District, School Building and Site

GO, Q-SBLF, 5.00%, 5/1/2022		85,000		87,766

GO, Q-SBLF, 5.00%, 5/1/2023		25,000		27,009


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

University of Michigan

Series 2014A, Rev., 5.00%, 4/1/2022		65,000		66,858

Series 2018A, Rev., 5.00%, 4/1/2022		40,000		41,143

Van Dyke Public Schools, Unlimited Tax

Series 2017C, GO, Q-SBLF, 4.00%, 9/10/2021		25,000		25,637

Series 2017A, GO, Q-SBLF, 4.00%, 5/1/2022		70,000		71,785

Walled Lake Consolidated School District GO, Q-SBLF, 5.00%, 11/1/2023 (b)		45,000		49,651

Warren Consolidated Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2022		100,000		102,536

Waterford School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023		20,000		21,586

Wayne State University

Series 2018A, Rev., 5.00%, 11/15/2021		50,000		50,494

Series 2013A, Rev., 5.00%, 11/15/2024		100,000		110,112

Series 2019A, Rev., 5.00%, 11/15/2024		210,000		241,031

Webberville Community Schools, Unlimited Tax Series A, GO, Q-SBLF, 4.00%, 5/1/2023		50,000		53,067

West Bloomfield School District, Unlimited Tax School Building and Site GO, AGM, 5.00%, 5/1/2022		25,000		25,793

West Ottawa Public Schools, School Building and Site, Unlimited Tax

Series 2018-II, GO, 5.00%, 11/1/2021		100,000		100,805

Series 2014-1, GO, 5.00%, 5/1/2022		65,000		67,115

GO, 4.00%, 5/1/2023		20,000		21,282

West Ottawa Public Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 11/1/2021		125,000		125,801

Western Michigan University

Series 2015A, Rev., 5.00%, 11/15/2021		65,000		65,641

Rev., 5.00%, 11/15/2022		50,000		52,916

Western Michigan University, Tax Exempt

Rev., 5.00%, 11/15/2021		135,000		136,332

Series 2019A, Rev., 5.00%, 11/15/2022		30,000		31,750

SEE NOTES TO FINANCIAL STATEMENTS.



284	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Michigan — continued

Western Township Utilities Authority, Sewage Disposal System , Limited Tax Rev., GTD, 5.00%, 1/1/2022		60,000		60,955

Wyandotte City School District, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022		45,000		46,443

Yale Public Schools, Unlimited Tax GO, Q-SBLF, 3.00%, 5/1/2022		25,000		25,485

Ypsilanti Community Utilities Authority, Charter Township of Ypsilanti, Limited Tax Rev., 4.00%, 5/1/2022		65,000		66,644

Ypsilanti Community Utilities Authority, Limited Tax Rev., 4.00%, 4/1/2022		50,000		51,109

Ypsilanti Community Utilities Authority, Water Supply System No. 7, Charter Township Ypsilanti, Limited Tax Rev., 4.00%, 4/1/2023		175,000		185,436

Zeeland Public Schools, Unlimited Tax

GO, Q-SBLF, 4.00%, 5/1/2022		50,000		51,261

GO, 5.00%, 5/1/2022		25,000		25,797


Total Michigan				66,180,536


Minnesota — 1.6%

Alexandria Lake Area Sanitation District, Sanitary Sewer Board Series 2015A, GO, 5.00%, 2/1/2023		25,000		26,685

Anoka County Regional Railroad Authority, Limited Tax Series 2015A, GO, 2.50%, 2/1/2022		50,000		50,504

Buffalo-Hanover-Montrose Independent School District No. 877 Series 2012A, GO, 4.00%, 2/1/2022		215,000		218,493

Byron Independent School District No. 531 Series 2017A, GO, 3.00%, 2/1/2022		50,000		50,597

Centennial Independent School District No. 12 Series 2017A, GO, 3.00%, 2/1/2022		70,000		70,848

City of Cambridge Series 2016A, GO, 3.00%, 2/1/2022		30,000		30,358

City of Carver Series 2015B, GO, 4.00%, 2/1/2022		25,000		25,399

City of Circle Pines Series 2016B, GO, 3.00%, 2/1/2022		25,000		25,299

City of Columbia Heights

Series 2015A, GO, 3.00%, 2/1/2022		25,000		25,298

Series 2017B, GO, 3.00%, 2/1/2023		35,000		36,397

City of Crystal, General Improvement Series 2017A, GO, 3.00%, 2/1/2022		25,000		25,299


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Minnesota — continued

City of Duluth Series 2012A, GO, 2.00%, 2/1/2022		30,000		30,234

City of Duluth, Capital Equipment Notes Series 2018C, GO, 3.00%, 2/1/2022		25,000		25,299

City of Duluth, State Aid Street Improvement Series 2020C, GO, 1.50%, 2/1/2022		755,000		759,331

City of Mankato

Series 2012A, GO, 3.00%, 2/1/2022		75,000		75,911

Series 2014A, GO, 5.00%, 2/1/2022		25,000		25,511

City of Minneapolis & St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System

Rev., 5.00%, 11/15/2022		100,000		105,831

Rev., 5.00%, 11/15/2023		100,000		110,509

Rev., 5.00%, 11/15/2025		70,000		83,285

City of Minneapolis, Health Care System, Fairview Health Services

Series 2015A, Rev., 5.00%, 11/15/2021		95,000		95,908

Series 2015A, Rev., 5.00%, 11/15/2022		25,000		26,411

City of Minneapolis, University Gateway Project Rev., 4.00%, 12/1/2022		75,000		78,657

City of Mound Series 2018A, GO, 4.00%, 2/1/2022		75,000		76,190

City of New Ulm, Public Utility Series 2017A, GO, 3.00%, 12/1/2021		30,000		30,215

City of Oak Park Heights, Multi-Family Housing, Boutwells Landing Project Rev., VRDO, LIQ: FHLMC, 0.02%, 9/9/2021 (c)		8,000,000		8,000,000

City of Prior Lake Series 2016A, GO, 2.00%, 12/15/2021		250,000		251,350

City of Red Wing Series 2017A, GO, 3.00%, 2/1/2023		35,000		36,321

City of Rochester, Health Care Facilities, Mayo Clinic Series 2011C, Rev., 4.50%, 11/15/2021 (c)		1,700,000		1,714,878

City of Rochester, Waste Water Series 2012A, GO, 4.00%, 2/1/2022		100,000		101,613

City of Roseville Series 2012A, GO, 4.00%, 3/1/2022		25,000		25,489

City of Sauk Centre GO, 2.00%, 9/1/2022		45,000		45,839

City of St. Cloud, Centracare Health System Series 2014B, Rev., 5.00%, 5/1/2022		230,000		237,265

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	285

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Minnesota — continued

City of St. Cloud, Infrastructure Management Fund Series 2013A, GO, 3.00%, 2/1/2025		45,000		45,100

City of St. Louis Park, Oak Park Village Apartments Project Series 2020A, Rev., VRDO, 0.95%, 9/1/2022 (c)		350,000		350,000

City of St. Paul Minnesota, Housing and Redevelopment Authority, Fairview Health Services Series 2017A, Rev., 5.00%, 11/15/2022		215,000		227,134

City of St. Paul, Capital Improvement Series 2016A, GO, 5.00%, 9/1/2022		25,000		26,213

City of St. Paul, Green Bonds Series 2020D, Rev., 4.00%, 12/1/2022		50,000		52,406

City of St. Paul, Street Improvement, Special Assessment

Series 2014B, GO, 5.00%, 11/1/2021		25,000		25,200

Series 2016F, GO, 5.00%, 5/1/2022		25,000		25,808

City of Wayzata Series 2017A, GO, 3.00%, 12/1/2022		30,000		31,074

County of Anoka Series 2013A, GO, 3.00%, 2/1/2022		60,000		60,729

County of Anoka, Capital Improvement

Series 2017A, GO, 5.00%, 2/1/2022		50,000		51,021

Series 2020A, GO, 5.00%, 2/1/2024		40,000		44,624

County of Blue Earth Series 2015A, GO, 2.00%, 12/1/2022		30,000		30,670

County of Clay Series 2017A, GO, 5.00%, 2/1/2025		50,000		57,941

County of Hennepin

Series 2014B, GO, 5.00%, 12/1/2021		35,000		35,427

Series 2014B, GO, 5.00%, 12/1/2022		50,000		53,068

Series 2016A, GO, 5.00%, 12/1/2022		30,000		31,841

Series 2017C, GO, 5.00%, 12/1/2022		30,000		31,841

County of Hennepin, Sales Tax

Series 2017A, Rev., 5.00%, 12/15/2021		70,000		70,989

Series 2020C, GO, 5.00%, 12/15/2021		50,000		50,706

Series 2020C, GO, 5.00%, 12/15/2022		20,000		21,265

County of Kandiyohi, Water and Sewer Series 2019A, GO, 4.00%, 2/1/2022		25,000		25,401


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Minnesota — continued

County of Mille Lacs, Drainage Series 2019B, GO, 3.00%, 2/1/2024		45,000		47,822

County of Olmsted

Series 2020A, GO, 3.00%, 2/1/2022		35,000		35,418

Series 2012A, GO, 4.00%, 2/1/2022		115,000		116,849

County of Otter Tail, Capital Improvement Series 2019A, GO, 5.00%, 2/1/2023		55,000		58,731

County of Ramsey, Capital Improvement Series 2016B, GO, 5.00%, 2/1/2022		30,000		30,613

County of Ramsey, Library Series 2014A, GO, 5.00%, 2/1/2022		20,000		20,409

County of Rice, Shattuck-St. Mary’s School Project Series A, Rev., 5.00%, 8/1/2022 (b) (f)		750,000		782,781

County of Scott, Capital Improvement Series 2014B, GO, 5.00%, 12/1/2022		65,000		68,904

County of Sherburne, Capital Improvement Series 2017A, GO, 3.00%, 2/1/2023		25,000		25,961

County of St. Louis, Capital Improvement

Series 2013D, GO, 3.00%, 12/1/2021		100,000		100,684

Series 2015C, GO, 3.00%, 12/1/2022		25,000		25,911

Series 2016B, GO, 5.00%, 12/1/2023		35,000		38,783

County of Stearns, Capital Improvement Crossover Series 2014A, GO, 4.00%, 12/1/2021		30,000		30,288

County of Washington, Capital Improvement Plan Series 2014A, GO, 5.00%, 2/1/2022		50,000		51,021

County of Wright Series 2019A, COP, 5.00%, 12/1/2022		40,000		42,402

County of Wright, Jail

Series 2017A, GO, 4.00%, 12/1/2021		25,000		25,239

Series 2017A, GO, 4.00%, 12/1/2022		140,000		146,755

Deer River Independent School District No. 317, Deer River, Facilities Maintenance Series 2019A, GO, 5.00%, 2/1/2022		100,000		102,043

Duluth Economic Development Authority, Benedictine Health System Series 2021A, Rev., 3.00%, 7/1/2023		205,000		212,911

SEE NOTES TO FINANCIAL STATEMENTS.



286	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Minnesota — continued

Duluth Independent School District No. 709

Series 2019C, COP, 5.00%, 2/1/2022		130,000		132,336

Series A, COP, 5.00%, 2/1/2022		200,000		203,595

Series 2016A, COP, 5.00%, 2/1/2023		100,000		106,035

Series 2016A, COP, 5.00%, 2/1/2025		400,000		456,337

East Grand Forks Independent School District No. 595, School Building Series 2016A, GO, 5.00%, 2/1/2022		25,000		25,504

Farmington Independent School District No. 192, School Building Series 2020A, GO, 5.00%, 2/1/2023		35,000		37,359

Hennepin County Regional Railroad Authority Series 2019A, GO, 5.00%, 12/1/2021		25,000		25,305

Hopkins Independent School District No. 270, Alternative Facilities Series 2015A, GO, 3.00%, 2/1/2022		55,000		55,666

Hutchinson Utilities Commission Series 2017B, Rev., 4.00%, 12/1/2022		25,000		26,187

Iron Range Resources and Rehabilitation Commissioner, Educational Facilities, MN SD Credit Enhancement Program Rev., 3.00%, 10/1/2021		25,000		25,058

Lakeville Independent School District No. 194 Series 2016A, GO, 5.00%, 2/1/2022		40,000		40,812

Metropolitan Council, Minneapolis St. Paul Metropolitan Area

Series 2012E, GO, 5.00%, 9/1/2021		175,000		175,000

Series 2012-I, GO, 4.00%, 3/1/2022		75,000		76,467

Series 2020D, GO, 5.00%, 3/1/2022		35,000		35,859

Series 2012B, GO, 5.00%, 9/1/2022		150,000		157,110

Series 2012E, GO, 5.00%, 9/1/2022		220,000		230,427

Minneapolis Special School District No. 1

Series 2020A, COP, 5.00%, 4/1/2023		125,000		134,570

Series 2014D, COP, 5.00%, 2/1/2025		30,000		32,031

Minneapolis-St. Paul Metropolitan Airports Commission

Series 2016B, Rev., 5.00%, 1/1/2022		1,135,000		1,152,406

Series 2016C, Rev., 5.00%, 1/1/2022		100,000		101,605


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Minnesota — continued

Series A, Rev., 5.00%, 1/1/2022		75,000		76,203

Series 2019C, Rev., 5.00%, 1/1/2023		150,000		159,646

Series B, Rev., 5.00%, 1/1/2023		185,000		196,896

Series B, Rev., 5.00%, 1/1/2024		35,000		38,876

Minnesota Higher Education Facilities Authority, Carleton College

Rev., 5.00%, 3/1/2022		25,000		25,613

Rev., 5.00%, 3/1/2023		195,000		208,481

Minnesota Higher Education Facilities Authority, Hamline University Series 7-K2, Rev., 6.00%, 10/1/2021 (b)		375,000		376,744

Minnesota Higher Education Facilities Authority, Macalester College Series 20158-J, Rev., 5.00%, 3/1/2022		25,000		25,602

Minnesota Housing Finance Agency, Residential Housing Finance

Series 2013C, Rev., AMT, GNMA/FNMA/FHLMC, 2.55%, 1/1/2022		125,000		125,873

Series C, Rev., AMT, GNMA/FNMA/FHLMC, 2.55%, 1/1/2023		25,000		25,359

Minnesota Municipal Power Agency

Rev., 5.00%, 10/1/2021		390,000		391,517

Series 2014A, Rev., 5.00%, 10/1/2022		25,000		26,283

Minnesota Public Facilities Authority Series 2010A, Rev., 5.00%, 3/1/2023		50,000		53,668

Minnesota State Colleges and Universities Foundation

Series 2011A, Rev., 4.25%, 10/1/2021		50,000		50,165

Rev., 4.00%, 10/1/2022		125,000		130,220

Minnetonka Independent School District No. 276

Series E, COP, 3.00%, 10/1/2021		155,000		155,320

Series 2019B, GO, 5.00%, 7/1/2022		25,000		26,007

Series E, COP, 3.00%, 10/1/2022		85,000		87,342

Series E, COP, 4.00%, 10/1/2023		115,000		124,124

Northeastern Metropolitan Intermediate School District No. 916 Series 2013A, COP, 4.00%, 2/1/2022		25,000		25,381

Orono Independent School District No. 278

Series 2016A, GO, 4.00%, 2/1/2022		25,000		25,406

Series 2017A, GO, 4.00%, 2/1/2022		50,000		50,812

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	287

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Minnesota — continued

Plymouth Intermediate District No. 287 Series 2016A, COP, 3.00%, 5/1/2022		55,000		55,993

Princeton Independent School District No. 477, Facilities Maintainance Series 2019A, GO, 5.00%, 2/1/2022		30,000		30,612

Prior Lake-Savage Independent School District No. 719 Series 2018B, GO, Zero Coupon, 2/1/2023		115,000		114,541

Robbinsdale Independent School District No. 281, Alternative Facilities Series 2016B, GO, 5.00%, 2/1/2022		25,000		25,506

Rochester Independent School District No. 535

Series 2020A, GO, 4.00%, 2/1/2022		20,000		20,325

Series 2016C, GO, 5.00%, 2/1/2022		25,000		25,510

Series 2014A, COP, 3.00%, 2/1/2024		25,000		25,952

Rosemount-Apple Valley-Eagan Independent School District No. 196

Series 2013A, GO, 3.00%, 2/1/2022		75,000		75,908

Series 2013B, COP, 3.00%, 2/1/2022		50,000		50,586

Series 2016A, GO, 5.00%, 2/1/2022		25,000		25,510

Series 2016A, GO, 5.00%, 2/1/2025		35,000		40,611

Shakopee Independent School District No. 720 Series 2020D, GO, 5.00%, 2/1/2022		400,000		408,052

Southern Minnesota Municipal Power Agency

Series A, Rev., 5.00%, 1/1/2022		25,000		25,387

Series 2015A, Rev., 5.00%, 1/1/2023		125,000		132,691

Southern Minnesota Municipal Power Agency, Capital Appreciation Series 1994A, Rev., NATL-RE, Zero Coupon, 1/1/2022		7,625,000		7,620,913

St. Louis County Independent School District No. 2142 Series 2019A, COP, 5.00%, 2/1/2022		65,000		66,245

St. Louis Park Independent School District No. 283, School Building Series 2014A, GO, 3.00%, 2/1/2022		25,000		25,297

St. Michael-Albertville Independent School District No. 885, School Building Series 2016A, GO, 5.00%, 2/1/2023		65,000		69,400

St. Paul Independent School District No. 625 Series 2017C, COP, 5.00%, 2/1/2022		25,000		25,499


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Minnesota — continued

St. Paul Port Authority, Limited Tax Series 2017-1, Rev., 5.00%, 3/1/2022		25,000		25,613

St. Paul Port Authority, State of Minnesota Freeman Office Building

Series 2013-2, Rev., 5.00%, 12/1/2021		765,000		774,319

Series 2013-2, Rev., 5.00%, 12/1/2022		150,000		159,204

Staples United Hospital District GO, 3.00%, 12/1/2022		40,000		41,370

State of Minnesota

Series 2017E, GO, 4.00%, 10/1/2021		80,000		80,253

Series 2011A, GO, 5.00%, 10/1/2021 (b)		25,000		25,099

Series 2017A, GO, 5.00%, 10/1/2021		25,000		25,099

Series 2012B, Rev., 5.00%, 3/1/2022		465,000		476,361

Series A, Rev., 5.00%, 6/1/2022		75,000		77,752

Series 2013A, GO, 5.00%, 8/1/2022		20,000		20,899

Series 2019A, GO, 5.00%, 8/1/2022		45,000		47,023

Series 2014A, Rev., 5.00%, 6/1/2023		25,000		27,136

Series 2012B, Rev., 5.00%, 3/1/2025		50,000		51,209

Series 2012B, Rev., 4.00%, 3/1/2026		90,000		91,712

State of Minnesota, Trunk Highway

GO, 5.00%, 10/1/2021 (b)		200,000		200,789

Series 2011B, GO, 5.00%, 10/1/2021 (b)		280,000		281,105

Series 2013E, GO, 5.00%, 10/1/2021		75,000		75,298

Series 2014B, GO, 5.00%, 8/1/2022		85,000		88,821

Series 2018B, GO, 5.00%, 8/1/2022		40,000		41,798

Series 2018B, GO, 5.00%, 8/1/2023		25,000		27,332

State of Minnesota, Various Purpose

Series 2011A, GO, 5.00%, 10/1/2021 (b)		95,000		95,375

Series 2013D, GO, 5.00%, 10/1/2021		75,000		75,298

Series 2013F, GO, 5.00%, 10/1/2021		285,000		286,132

Series 2014A, GO, 5.00%, 8/1/2022		95,000		99,271

Series 2015A, GO, 5.00%, 8/1/2022		40,000		41,798

Series 2016D, GO, 5.00%, 8/1/2022		120,000		125,394

SEE NOTES TO FINANCIAL STATEMENTS.



288	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Minnesota — continued

Series 2019D, GO, 5.00%, 8/1/2022		25,000		26,124

Series 2013D, GO, 5.00%, 10/1/2022		60,000		63,187

Series 2017D, GO, 5.00%, 10/1/2022		55,000		57,921

Three Rivers Park District Series 2015B, GO, 3.00%, 2/1/2023		20,000		20,798

Tri-City United Public Schools Independent School District No. 2905, School Building Series 2018A, GO, 4.00%, 2/1/2025		235,000		264,094

University of Minnesota

Series 2011D, Rev., 5.00%, 12/1/2021 (b)		150,000		151,816

Series 2017B, Rev., 5.00%, 12/1/2021		365,000		369,446

Series 2013A, Rev., 5.00%, 2/1/2022		25,000		25,511

Waterville-Elysian-Morristown Independent School District No. 2143, School Building Series 2019A, GO, 5.00%, 2/1/2025		150,000		173,657

White Bear Lake Independent School District No. 624 Series 2020A, GO, 4.00%, 2/1/2022		30,000		30,481


Total Minnesota				34,877,447


Mississippi — 0.3%

Alcorn State University Educational Building Corp. (The), Refinancing Project Rev., 3.00%, 9/1/2022		100,000		102,759

City of Ridgeland GO, 4.00%, 8/1/2024		25,000		27,699

City of Southaven, Combined Water and Sewer System Rev., 5.00%, 2/1/2022		25,000		25,495

City of Starkville, Water and Sewer System Rev., 4.00%, 5/1/2023		55,000		58,440

County of DeSoto GO, 5.00%, 7/1/2022		95,000		98,801

County of Madison, Road and Bridge GO, 4.00%, 11/1/2023		50,000		54,063

Jackson State University Educational Building Corp.

Series 2015A, Rev., 5.00%, 3/1/2022		65,000		66,595

Series 2015A, Rev., 5.00%, 3/1/2023		150,000		160,370

Madison County School District GO, 5.00%, 3/1/2024		25,000		27,919


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Mississippi — continued

Medical Center Educational Building Corp., Capital Improvements and Refinancing Project Rev., 5.00%, 6/1/2022		35,000		36,276

Mississippi Business Finance Corp., Power Company Project Rev., 2.75%, 12/9/2021 (c)		100,000		100,644

Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Bonds Project Rev., 5.00%, 8/1/2026		35,000		42,031

Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project Rev., 5.00%, 8/1/2025		295,000		344,338

Mississippi Development Bank, Desoto County Highway Construction Project Rev., 5.00%, 1/1/2022		75,000		76,206

Mississippi Development Bank, East Mississippi Community College District Capital Improvement Project Rev., 5.00%, 1/1/2022		50,000		50,791

Mississippi Development Bank, Gulfport School District Bond Project Rev., 5.00%, 4/1/2022		25,000		25,698

Mississippi Development Bank, Hinds Community College Rev., AGM, 3.00%, 10/1/2021		250,000		250,549

Mississippi Development Bank, Hinds County, Mississippi General Obligation Bond Project Rev., 5.00%, 11/1/2021		25,000		25,200

Mississippi Development Bank, Jackson Public School District Bond Project Rev., 5.00%, 10/1/2021		275,000		276,035

Mississippi Development Bank, Jackson Public School District General Obligation Refunding Bond Project

Series 2015A, Rev., 5.00%, 4/1/2022		150,000		154,189

Series 2015A, Rev., 5.00%, 4/1/2025		25,000		28,980

Mississippi Development Bank, Jackson Sales Tax Infrastructure Project Rev., 5.00%, 9/1/2021		200,000		200,000

Mississippi Development Bank, Madison County Highway Project Series 2013C, Rev., 5.00%, 1/1/2022		40,000		40,643

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	289

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Mississippi — continued

Mississippi Development Bank, Madison County, Mississippi Highway Refunding Project Series 2013C, Rev., 5.00%, 1/1/2024		20,000		22,160

Mississippi Development Bank, Marshall County Industrial Development Authority Rev., 5.00%, 1/1/2022 (b)		175,000		177,833

Mississippi Development Bank, Rankin County School District Project

Rev., 5.00%, 6/1/2022		315,000		326,366

Rev., 5.00%, 6/1/2023		60,000		65,027

Rev., 5.00%, 6/1/2024		30,000		33,883

Mississippi Development Bank, Southhaven Mississippi General Obligation Bond Project Rev., 3.00%, 1/1/2022		135,000		136,279

Mississippi Development Bank, Special Obligation, Tupelo Project Rev., 5.00%, 11/1/2022		30,000		31,693

Mississippi Development Bank, Starkville Parks and Recreation Bond Project Series 2020B, Rev., 3.00%, 3/1/2022		40,000		40,560

Mississippi Home Corp., Single Family Mortgage Series A, Rev., GNMA/FNMA/FHLMC COLL, 1.80%, 12/1/2022		30,000		30,542

Mississippi Hospital Equipment and Facilities Authority, North Mississippi Health Services

Series 2020-I, Rev., 5.00%, 10/1/2021		995,000		998,861

Rev., 5.00%, 10/1/2023		225,000		246,581

Series 2020-I, Rev., 5.00%, 10/1/2025		140,000		164,652

Mississippi State University Educational Building Corp., Campus Improvement Project Rev., 5.00%, 11/1/2021		25,000		25,202

Mississippi State University Educational Building Corp., New Facilities and Refinancing Project

Rev., 4.00%, 8/1/2022		100,000		103,367

Series 2014A, Rev., 5.00%, 8/1/2023		50,000		54,592

Rankin County School District, Limited Tax GO, 3.00%, 8/1/2023		75,000		75,163


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Mississippi — continued

State of Mississippi

Series 2015C, GO, 5.00%, 10/1/2021		20,000		20,080

Series 2009F, GO, 5.25%, 10/1/2021		75,000		75,313

Series 2012F, GO, 5.00%, 11/1/2021		30,000		30,242

Series A, GO, 5.25%, 11/1/2021		165,000		166,400

Series 2012H, GO, 4.00%, 12/1/2021		250,000		252,428

Series 2015C, GO, 5.00%, 10/1/2022		65,000		68,452

Series 2009F, GO, 5.25%, 10/1/2022		25,000		26,395

Series 2012F, GO, 4.00%, 11/1/2022		130,000		135,936

Series 2012F, GO, 5.00%, 11/1/2022 (b)		25,000		26,419

State of Mississippi, Gaming Tax Series 2015E, Rev., 5.00%, 10/15/2021		50,000		50,279

State of Mississippi, Nissan North America Project Series 2012B, GO, 5.00%, 11/1/2021		35,000		35,283

University of Mississippi Educational Building Corp., Campus Improvement Project Series 2015A, Rev., 3.00%, 11/1/2021		50,000		50,236

University of Mississippi Educational Building Corp., Facilities Refinancing Project

Rev., 3.00%, 10/1/2021		20,000		20,046

Series 2016A, Rev., 3.00%, 10/1/2021		55,000		55,128

Rev., 3.00%, 10/1/2022		195,000		201,038

Series 2016A, Rev., 5.00%, 10/1/2022		30,000		31,577

Rev., 5.00%, 10/1/2023		270,000		296,134

Rev., 5.00%, 10/1/2024		195,000		222,488

University of Southern Mississippi Educational Building Corp., Facilities Refinancing Project

Rev., 4.00%, 9/1/2021		100,000		100,000

Rev., 3.00%, 3/1/2023		50,000		51,919

Vicksburg Warren School District, Limited Tax GO, 5.00%, 3/1/2022		35,000		35,766


Total Mississippi				6,758,041

SEE NOTES TO FINANCIAL STATEMENTS.



290	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Missouri — 1.5%

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Combine Lien Mass Transit Sales Tax

Series 2013A, Rev., 5.00%, 10/1/2021		460,000		461,766

Series 2013A, Rev., 5.00%, 10/1/2022		205,000		215,521

Cape Girardeau County Industrial Development Authority, Health Care Facilities

Series 2013A, Rev., 5.00%, 6/1/2033		250,000		258,935

Series 2013A, Rev., 4.00%, 6/1/2043		235,000		241,646

Cape Girardeau School District No. 63 GO, 4.00%, 3/1/2025		25,000		28,180

City of Belton COP, 5.00%, 3/1/2023		100,000		106,976

City of Brentwood COP, 3.00%, 10/1/2022		70,000		72,059

City of Chesterfield COP, 5.00%, 12/1/2023		25,000		27,679

City of Columbia, Water and Electric System

Rev., 5.00%, 10/1/2021		170,000		170,661

Rev., 5.00%, 10/1/2022		30,000		31,560

City of Gladstone Series A, COP, 2.00%, 6/1/2022		25,000		25,338

City of Kansas City

Series 2005F, Rev., AGM, 4.00%, 12/1/2021 (b)		25,000		25,241

Series 2019A, Rev., 5.00%, 12/1/2021		20,000		20,242

Series 2012A, GO, 4.00%, 2/1/2022		80,000		81,290

Series 2013B, Rev., 3.25%, 8/1/2022 (b)		150,000		154,189

Series 2013B, Rev., 4.50%, 8/1/2022 (b)		25,000		25,990

Series 2013B, Rev., 5.00%, 8/1/2022		45,000		46,976

Series 2014A, Rev., 4.00%, 12/1/2022		35,000		36,693

Series 2019A, Rev., 5.00%, 12/1/2022		40,000		42,434

Series 2019A, Rev., 5.00%, 12/1/2023		35,000		38,733

Series 2012A, GO, 4.50%, 2/1/2024		190,000		193,364

City of Kansas City, Special Obligation

Series 2017C, Rev., 5.00%, 9/1/2022		55,000		57,636


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Missouri — continued

Series B, Rev., 5.00%, 9/1/2022		90,000		94,312

City of Kansas City, Special Obligation, Capital Appreciation

Series 2009E, Rev., Zero Coupon, 2/1/2023		45,000		44,430

Series E, Rev., Zero Coupon, 2/1/2024		275,000		268,279

City of Kansas, Sanitary Sewer System

Series 2016A, Rev., 4.00%, 1/1/2022		25,000		25,322

Series 2011A, Rev., 5.00%, 1/1/2022		225,000		225,887

Series 2018A, Rev., 5.00%, 1/1/2022		25,000		25,405

City of Kirkwood COP, 3.00%, 9/1/2023		105,000		110,419

City of O’Fallon, Special Obligation Rev., 3.00%, 11/1/2021		25,000		25,116

City of Sedalia COP, 3.00%, 9/15/2022		25,000		25,714

City of Springfield, Public Utility

Rev., 5.00%, 8/1/2022		230,000		240,361

Rev., 5.00%, 8/1/2023		25,000		27,342

City of Springfield, Public Utility, Lease Purchase Agreement

COP, 5.00%, 12/1/2021		145,000		146,766

Rev., 5.00%, 9/1/2022		100,000		104,802

City of Springfield, Special Obligation Series 2016A, Rev., 2.00%, 5/1/2022		45,000		45,566

City of St. Charles

Series 2020B, COP, 4.00%, 2/1/2022		25,000		25,393

COP, 4.00%, 4/1/2022		55,000		56,210

COP, 5.00%, 4/1/2023		150,000		161,285

City of St. Louis, St. Louis Lambert International Airport Series A, Rev., AGM, 5.00%, 7/1/2022		30,000		31,208

City of St. Peters COP, 4.00%, 5/1/2023		170,000		180,545

City of Washington

COP, 5.00%, 3/1/2022		30,000		30,700

COP, 5.00%, 3/1/2023		320,000		341,873

City of Willard, Combined Waterworks and Sewerage System Project COP, 5.00%, 5/1/2022		30,000		30,931

Columbia School District GO, 5.00%, 3/1/2022		25,000		25,613

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	291

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Missouri — continued

County of Clay

Series 2018A, COP, 4.00%, 5/1/2022		40,000		41,014

Series 2018A, COP, 4.00%, 5/1/2024		30,000		32,865

County of Dunklin

Rev., 3.00%, 12/1/2021		225,000		226,445

Rev., 3.00%, 12/1/2022		200,000		206,610

Rev., 3.00%, 12/1/2023		360,000		381,112

Rev., 3.00%, 12/1/2024		330,000		356,291

Rev., 3.00%, 12/1/2025		250,000		274,340

Rev., 3.00%, 12/1/2026		400,000		443,852

County of Greene, Capital Projects Series 2021A, COP, 4.00%, 3/1/2024		30,000		32,726

County of Greene, Dan Kinney Park Project Series 2011B, Rev., 4.00%, 11/1/2021 (b)		25,000		25,160

County of Jackson, Harry S. Truman Sports Complex Project

Rev., 5.00%, 12/1/2021		200,000		202,108

Rev., 5.00%, 12/1/2024		200,000		225,767

County of Jackson, Truman Medical Center Project Series 2011B, Rev., 4.50%, 12/1/2025		100,000		100,936

Curators of the University of Missouri (The), System Facilities Bonds

Rev., 5.00%, 11/1/2021 (b)		25,000		25,201

Series 2014A, Rev., 5.00%, 11/1/2021 (b)		35,000		35,281

Series 2014A, Rev., 5.00%, 11/1/2022 (b)		105,000		110,957

Eureka Fire Protection District GO, 4.00%, 3/1/2022		70,000		71,352

Ferguson Reorganized School District No. R-2 GO, 4.00%, 5/1/2022		25,000		25,651

Florissant Valley Fire Protection District GO, 3.00%, 3/1/2022		25,000		25,358

Fort Zumwalt School District, Missouri Direct Deposit Program GO, Zero Coupon, 3/1/2022		200,000		199,728

Health and Educational Facilities Authority of the State of Missouri, BJC Health System

Series C, Rev., VRDO, LIQ: BJC Health System, 0.02%, 9/10/2021 (c)		13,610,000		13,610,000

Rev., 5.00%, 1/1/2022		175,000		177,838

Rev., 5.00%, 1/1/2023		105,000		111,825


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Missouri — continued

Series 2021B, Rev., 4.00%, 5/1/2026 (c)		50,000		57,979

Health and Educational Facilities Authority of the State of Missouri, Coxhealth and Obligated Group Series 2013A, Rev., 5.00%, 11/15/2022		105,000		110,991

Health and Educational Facilities Authority of the State of Missouri, Mercy Health

Rev., 3.00%, 11/15/2021		25,000		25,143

Series 2018A, Rev., 5.00%, 6/1/2026		155,000		187,187

Health and Educational Facilities Authority of the State of Missouri, Mosaic Health System Series 2019A, Rev., 5.00%, 2/15/2022		275,000		280,991

Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Series 2014A, Rev., 5.00%, 6/1/2025		25,000		28,185

Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Episcopal-Presbyterian Hospitals Rev., 4.00%, 12/1/2021 (b)		150,000		151,389

Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Health System, Inc.

Rev., 5.00%, 11/15/2021		330,000		333,222

Rev., 5.00%, 11/15/2022		170,000		179,807

Rev., 5.00%, 11/15/2023		175,000		193,063

Health and Educational Facilities Authority of the State of Missouri, The Children’s Mercy Hospital Rev., 5.00%, 5/15/2022		170,000		175,745

Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital Rev., 5.00%, 9/1/2021		230,000		230,000

Hickman Mills C-1 School District Series 2020C-1, GO, 4.00%, 3/1/2023		25,000		26,460

Jackson County Reorganized School District No. 7, Lee’s Summit R-7 GO, 3.00%, 3/1/2025		250,000		253,253

Kirkwood School District Educational Facilities Authority, Leasehold Rev., 3.00%, 2/15/2022		25,000		25,331

SEE NOTES TO FINANCIAL STATEMENTS.



292	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Missouri — continued

Ladue School District GO, 4.00%, 3/1/2022		85,000		86,650

Metropolitan St. Louis Sewer District, Wastewater System Improvement

Series 2012A, Rev., 5.00%, 5/1/2022 (b)		60,000		61,951

Series 2012B, Rev., 5.00%, 5/1/2022 (b)		30,000		30,975

Series 2013B, Rev., 5.00%, 5/1/2022		50,000		51,637

Missouri Development Finance Board, Cultural Facilities, Nelson-Atkins Museum of Art Series 2012A, Rev., 5.00%, 12/1/2023		120,000		132,456

Missouri Development Finance Board, Fulton State Hospital Project

Rev., 5.00%, 10/1/2021		20,000		20,079

Rev., 5.00%, 10/1/2023		75,000		82,523

Missouri Development Finance Board, Infrastructure Facilities, Tax Exempt Series 2011-A, Rev., 4.00%, 12/1/2022		25,000		25,220

Missouri Highway and Transportation Commission, First Lien Series 2014A, Rev., 5.00%, 5/1/2022		290,000		299,457

Missouri Highway and Transportation Commission, Senior Lien Series 2010C, Rev., 5.00%, 9/10/2021		25,000		25,509

Missouri Highway and Transportation Commission, Third Lien Series 2019B, Rev., 5.00%, 11/1/2021		325,000		327,620

Missouri Joint Municipal Electric Utility Commission Power Supply System, Mopep Facilities

Rev., 5.00%, 12/1/2021		50,000		50,589

Rev., 5.00%, 12/1/2022		300,000		317,705

Missouri Joint Municipal Electric Utility Commission, IATAN 2 Project

Series 2014A, Rev., 5.00%, 1/1/2022		1,190,000		1,208,813

Series 2014A, Rev., 5.00%, 1/1/2023		180,000		191,350

Series 2014A, Rev., 5.00%, 1/1/2024		235,000		260,615

Missouri Joint Municipal Electric Utility Commission, Prairie State Project

Series 2015A, Rev., 5.00%, 12/1/2021		660,000		667,773


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Missouri — continued

Series 2015A, Rev., 5.00%, 12/1/2022		105,000		111,197

Series 2015A, Rev., 5.00%, 6/1/2023		260,000		281,497

Series 2015A, Rev., 5.00%, 12/1/2023		125,000		138,154

Series 2015A, Rev., 5.00%, 6/1/2024		150,000		169,284

Series 2015A, Rev., 5.00%, 6/1/2025		305,000		357,558

Missouri State Board of Public Buildings

Series 2014A, Rev., 5.00%, 10/1/2021		50,000		50,198

Series 2016A, Rev., 4.00%, 4/1/2022		25,000		25,568

Series 2015B, Rev., 5.00%, 4/1/2022		55,000		56,569

Series 2017A, Rev., 5.00%, 4/1/2022		40,000		41,141

Series 2014A, Rev., 5.00%, 10/1/2022		110,000		115,830

Series 2014A, Rev., 4.00%, 10/1/2023		70,000		72,926

Series 2015B, Rev., 5.00%, 4/1/2024		100,000		112,410

Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water

Rev., 4.00%, 1/1/2022		25,000		25,325

Rev., 5.00%, 1/1/2022 (b)		50,000		50,810

Series 2020A, Rev., 5.00%, 1/1/2023		25,000		26,628

Series 2013A, Rev., 5.00%, 7/1/2024		60,000		65,367

Park Hill School District of Platte County, Missouri Direct Deposit Program

GO, 5.00%, 3/1/2022		50,000		51,224

GO, 5.00%, 3/1/2023		40,000		42,934

Plaza at Noah’s Ark Community Improvement District

Rev., 3.00%, 5/1/2022		125,000		126,091

Rev., 3.00%, 5/1/2023		150,000		153,035

Poplar Bluff R-I School District COP, AGM, 5.00%, 3/1/2022		60,000		61,411

Raytown C-2 School District Series 2018B, COP, 5.00%, 4/1/2022 (b)		35,000		35,964

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	293

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Missouri — continued

Republic School District No. R-3, Missouri Direct Deposit Program GO, 4.00%, 3/1/2022		25,000		25,488

Rock Township Ambulance District GO, 4.00%, 3/1/2022		25,000		25,478

School of the Osage Series C, GO, 5.00%, 3/1/2022		25,000		25,612

Shelby County School District No. R-IV COP, 3.00%, 4/15/2022		60,000		60,977

St. Charles Community College GO, 3.00%, 2/15/2022		120,000		121,562

St. Charles County Public Water Supply District No. 2

Series 2016B, COP, 5.00%, 12/1/2021		510,000		516,058

COP, 5.00%, 12/1/2022		80,000		84,670

St. Joseph Industrial Development Authority, Sewer System Improvements Project Series 2015B, Rev., 5.00%, 4/1/2023		20,000		21,498

St. Louis County Industrial Development Authority, Friendship Village Chesterfield Rev., 5.00%, 9/1/2022 (b)		30,000		31,443

St. Louis County School District C-2 Parkway Series 2012-A, GO, 5.00%, 3/1/2022		25,000		25,612

St. Louis Junior College District Building Corp. Rev., 3.00%, 4/1/2022		50,000		50,106


Total Missouri				30,858,298


Montana — 0.3%

City of Billings Series 2012A, GO, 3.00%, 7/1/2023		35,000		35,081

Gallatin County High School District No. 7 Bozeman GO, 4.00%, 6/1/2022		25,000		25,723

Missoula County Elementary School District No. 1, School Building GO, 4.00%, 7/1/2022		25,000		25,801

Montana Facility Finance Authority, Billings Clinic Obligated Group Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.55%), 0.57%, 9/9/2021 (d)		5,195,000		5,201,355

Montana Facility Finance Authority, SCL Health System Series 2019A, Rev., 5.00%, 1/1/2022		75,000		76,206


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Montana — continued

Montana State Board of Regents, Montana State University Series 2017D, Rev., 5.00%, 11/15/2022		50,000		52,866

Yellowstone County School District No. 2 Billings, School Building GO, 5.00%, 6/15/2022		45,000		46,704


Total Montana				5,463,736


Nebraska — 0.6%

Central Plains Energy Project Rev., LIQ: Royal Bank of Canada, 4.00%, 8/1/2023		200,000		214,311

Central Plains Energy Project, Gas Project No. 1 Series 2007A, Rev., 5.25%, 12/1/2021		25,000		25,312

Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 1/1/2024 (c)		305,000		335,669

City of Columbus, Sales Tax Rev., 5.00%, 9/15/2021		50,000		50,084

City of Fremont, Combined Utility System Rev., 3.00%, 10/15/2021		65,000		65,216

City of Grand Island, Sewer System Rev., 4.00%, 9/15/2021 (b)		25,000		25,035

City of Lincoln, Electric System

Rev., 5.00%, 9/1/2021		230,000		230,000

Rev., 5.00%, 9/1/2022		140,000		146,795

City of Lincoln, Sanitary Sewer Rev., 4.00%, 6/15/2022		35,000		36,065

City of Lincoln, Stormwater Drainage and Flood Management System GO, 3.00%, 12/15/2023		40,000		42,591

City of Lincoln, Water Rev., 3.00%, 8/15/2022		25,000		25,683

City of Omaha

Series 2011A, GO, 3.00%, 11/15/2021 (b)		30,000		30,175

Series 2012A, GO, 3.00%, 11/15/2021		25,000		25,148

Series 2012B, GO, 3.00%, 11/15/2021		40,000		40,238

Series 2011A, GO, 5.00%, 11/15/2021 (b)		100,000		100,993

Series 2014B, GO, 5.00%, 11/15/2022		75,000		79,439

City of Omaha, Convention Center GO, 5.25%, 4/1/2022		60,000		61,806

SEE NOTES TO FINANCIAL STATEMENTS.



294	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Nebraska — continued

City of Omaha, Sanitary Sewerage System

Rev., 5.00%, 11/15/2021 (b)		295,000		297,936

Rev., 4.00%, 4/1/2022		25,000		25,571

Series 2020A, Rev., 4.00%, 4/1/2022		20,000		20,457

Rev., 3.25%, 11/15/2022 (b)		25,000		25,931

Rev., 4.00%, 11/15/2022 (b)		50,000		52,331

Rev., 5.00%, 11/15/2022 (b)		75,000		79,411

City of Omaha, Various Purpose

Series A, GO, 4.00%, 11/15/2021		85,000		85,677

Series 2018A, GO, 5.00%, 1/15/2022		50,000		50,912

City of Papillion, Water System Series 2020A, Rev., 2.00%, 12/15/2021		25,000		25,134

County of Douglas, Creighton University Projects Rev., 5.00%, 7/1/2022		140,000		145,529

Douglas County Hospital Authority No. 2, Children’s Hospital Obligated Group Series 2020A, Rev., 5.00%, 11/15/2021		50,000		50,488

Douglas County School District No. 17, Millard Public School Series 2015B, GO, 5.00%, 6/15/2022		165,000		171,369

Lincoln County Hospital Authority No. 1, Great Plains Regional Medical Center Project Rev., 4.00%, 11/1/2021 (b)		150,000		150,933

Lincoln-Lancaster County Public Building Commission, Tax Supported Lease Rental Rev., 4.00%, 12/1/2021		35,000		35,340

Metropolitan Community College Area, Fort Omaha Campus Project COP, 5.00%, 3/1/2022		25,000		25,601

Metropolitan Utilities District of Omaha Water System Rev., 5.00%, 12/1/2022		25,000		26,518

Municipal Energy Agency of Nebraska, Power Supply System Series 2013A, Rev., 4.00%, 4/1/2022		75,000		76,646

Nebraska Cooperative Republican Platte Enhancement Project

Rev., AGM, 4.00%, 5/1/2022 (b)		110,000		112,771

Series 2020A, Rev., 2.00%, 12/15/2022		445,000		453,728

Series 2020A, Rev., 2.00%, 12/15/2023		905,000		935,812


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Nebraska — continued

Nebraska Investment Finance Authority, Single Family Housing

Series 2019D, Rev., GNMA/FNMA/FHLMC, 1.45%, 9/1/2021		25,000		25,000

Series 2016A, Rev., 1.60%, 9/1/2021		5,000		5,000

Series 2019D, Rev., GNMA/FNMA/FHLMC, 1.50%, 3/1/2022		25,000		25,133

Series 2019A, Rev., GNMA/FNMA/FHLMC, 1.80%, 3/1/2022		35,000		35,255

Series 2018C, Rev., 2.13%, 9/1/2022		55,000		55,917

Nebraska Public Power District

Rev., 5.00%, 1/1/2022		190,000		193,004

Series 2012A, Rev., 5.00%, 1/1/2022		470,000		477,430

Series 2012B, Rev., 5.00%, 1/1/2022		30,000		30,474

Series 2014A, Rev., 5.00%, 1/1/2022		280,000		284,437

Series 2017B, Rev., 5.00%, 1/1/2022		185,000		187,925

Series 2019A, Rev., 5.00%, 1/1/2022		175,000		177,767

Series C, Rev., 5.00%, 1/1/2022		40,000		40,632

Rev., 5.00%, 7/1/2022		100,000		101,576

Series 2021A, Rev., 5.00%, 1/1/2023 (e)		1,500,000		1,584,222

Series 2021B, Rev., 5.00%, 1/1/2023 (e)		450,000		475,267

Series A-2, Rev., 5.00%, 1/1/2023		125,000		126,956

Series C, Rev., 5.00%, 1/1/2023		20,000		21,258

Series 2020A, Rev., 0.60%, 7/1/2023 (c)		585,000		587,563

Series 2021A, Rev., 5.00%, 1/1/2025 (e)		525,000		597,415

Series A-1, Rev., 5.00%, 1/1/2025		35,000		40,360

Series 2021A, Rev., 5.00%, 1/1/2027 (e)		400,000		482,667

Northeast Community College Area, Limited Tax GO, 3.00%, 7/15/2022		50,000		51,203

Omaha Public Facilities Corp., Omaha Baseball Stadium Project Series 2016A, Rev., 5.00%, 6/1/2023		25,000		27,081

Omaha Public Power District Nebraska City Station Unit 2

Series 2015A, Rev., 5.00%, 2/1/2022		20,000		20,399

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	295

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Nebraska — continued

Series 2016A, Rev., 5.00%, 2/1/2022		40,000		40,799

Omaha Public Power District, Electric System

Series 2012B, Rev., 4.00%, 2/1/2022 (b)		35,000		35,565

Series 2015B, Rev., 4.00%, 2/1/2022		65,000		66,039

Series 2012A, Rev., 5.00%, 2/1/2022 (b)		100,000		102,027

Series A, Rev., 5.00%, 2/1/2022 (b)		25,000		25,507

Series B, Rev., 5.00%, 2/1/2025		125,000		142,233

Omaha-Douglas Public Building Commission, Limited Tax GO, 5.00%, 5/1/2022 (b)		30,000		30,975

Papillion-La Vista School District No. 27

GO, 2.00%, 12/1/2021		45,000		45,205

Series 2019B, GO, 3.00%, 12/1/2022		25,000		25,872

Series 2020B, GO, 4.00%, 12/1/2023		35,000		37,941

Papio-Missouri River Natural Resource District, Nebraska Flood Protection and Water Quality Enhancement

GO, 4.00%, 6/15/2022 (b)		60,000		61,834

GO, 5.00%, 6/15/2022 (b)		30,000		31,152

Public Power Generation Agency, Whelan Energy Center Unit 2 Rev., 5.00%, 1/1/2022		125,000		126,934

Scotts Bluff County School District No. 16, Gering Public Schools GO, 5.00%, 5/30/2022 (b)		20,000		20,721

Southern Public Power District Rev., 4.00%, 12/15/2021		260,000		262,891

State of Nebraska

Series 2020A, COP, 2.00%, 9/1/2021		400,000		400,000

Series 2017C, COP, 4.00%, 11/1/2021		25,000		25,156

University of Nebraska Facilities Corp.

Rev., 4.00%, 7/15/2022		25,000		25,852

Rev., 5.00%, 7/15/2022		20,000		20,856

University of Nebraska Facilities Corp., University System Facilities, Tax Exempt Series 2019B, Rev., 4.00%, 10/1/2022		35,000		36,477

University of Nebraska Facilities Corp., UNMC Global Center Project Rev., 5.00%, 12/15/2021		240,000		243,383


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Nebraska — continued

University of Nebraska, Kearney Student Housing Project Rev., 3.00%, 7/1/2022 (b)		25,000		25,593

University of Nebraska, Lincoln Student Fees and Facilities Rev., 5.00%, 1/1/2022 (b)		210,000		213,400

University of Nebraska, OMAHA Student Housing Project Rev., 3.25%, 5/15/2024 (b)		60,000		64,930

West Haymarket Joint Public Agency Facility GO, 5.00%, 12/15/2021 (b)		50,000		50,701


Total Nebraska				12,198,639


Nevada — 0.7%

City of Henderson, Sewer Series 2012A, GO, 5.00%, 6/1/2023		25,000		26,499

City of Las Vegas, City Hall Series 2015C, GO, 5.00%, 9/1/2024		125,000		142,587

City of Las Vegas, Limited Tax

Series 2014A, GO, 5.00%, 5/1/2022		85,000		87,772

Series 2019C, GO, 5.00%, 6/1/2022		50,000		51,839

Clark County School District, Limited Tax

Series 2016A, GO, 5.00%, 6/15/2022		170,000		176,549

Series 2017A, GO, 5.00%, 6/15/2022		420,000		436,179

Series 2017C, GO, 5.00%, 6/15/2022		25,000		25,963

Clark County School District, Limited Tax, Various Purpose Series 2016F, GO, 3.00%, 6/15/2026		100,000		100,718

Clark County Water Reclamation District, Limited Tax GO, 5.00%, 7/1/2023		20,000		21,766

County of Clark Department of Aviation, Subordinate Lien Series 2019D, Rev., 5.00%, 7/1/2022		50,000		52,022

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		305,000		317,333

County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien

Series 2019D, Rev., 5.00%, 7/1/2023		760,000		827,251

Series 2019D, Rev., 5.00%, 7/1/2024		400,000		453,768

SEE NOTES TO FINANCIAL STATEMENTS.



296	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Nevada — continued

Series 2019D, Rev., 5.00%, 7/1/2025		40,000		47,097

Series A-2, Rev., 5.00%, 7/1/2025		75,000		84,944

County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport Series 2019A, Rev., 5.00%, 7/1/2023		140,000		152,388

County of Clark, Flood Control, Limited Tax

GO, 5.00%, 11/1/2021		50,000		50,403

GO, 5.00%, 11/1/2022		265,000		280,151

GO, 5.00%, 11/1/2023		50,000		55,142

County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax Rev., 5.00%, 7/1/2025		710,000		835,966

County of Clark, Las Vegas Convention and Visitors Authority, Limited Tax GO, 5.00%, 7/1/2023		20,000		21,747

County of Clark, Limited Tax

Series 2016B, GO, 5.00%, 11/1/2021		115,000		115,927

Series 2016A, GO, 5.00%, 11/1/2022		55,000		58,144

Series 2016B, GO, 5.00%, 11/1/2022		455,000		481,014

Series 2016B, GO, 5.00%, 11/1/2023		25,000		27,571

Series 2016B, GO, 5.00%, 11/1/2024		45,000		51,653

County of Clark, Limited Tax, Lending Project Series 2016A, GO, 5.00%, 11/1/2021		325,000		327,620

County of Clark, Nevada Highway, Motor Vehicle Fuel Tax

Rev., 5.00%, 7/1/2022		45,000		46,820

Rev., 5.00%, 7/1/2023		180,000		195,893

County of Clark, Park Improvement, Limited Tax GO, 5.00%, 12/1/2024		25,000		28,785

County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2022		50,000		52,013

County of Clark, Transportation Improvement, Limited Tax

Series 2018B, GO, 5.00%, 12/1/2025		35,000		41,737

Series 2019B, GO, 5.00%, 6/1/2026		300,000		363,553


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Nevada — continued

County of Washoe, Fuel Tax Rev., 5.00%, 2/1/2022		35,000		35,706

County of Washoe, Limited Tax

Series 2012B, GO, 3.00%, 3/1/2023		125,000		126,773

Series 2012B, GO, 3.00%, 3/1/2025		335,000		339,595

County of Washoe, Limited Tax, Various Purpose Series 2012A, GO, 3.00%, 3/1/2024		50,000		50,707

Las Vegas Valley Water District

Series 2015B, GO, 5.00%, 12/1/2021		145,000		146,759

Series 2012B, GO, 5.00%, 6/1/2022		175,000		181,409

Series 2015A, GO, 5.00%, 6/1/2022		275,000		285,071

Series 2017A, GO, 5.00%, 6/1/2022		210,000		217,690

Series 2018B, GO, 5.00%, 6/1/2022		190,000		196,958

Series 2016A, GO, 5.00%, 6/1/2023		45,000		48,811

Series 2012B, GO, 5.00%, 6/1/2025		385,000		398,654

Nevada System of Higher Education

Rev., 4.00%, 7/1/2022		140,000		144,547

Series 2013B, Rev., 5.00%, 7/1/2022		220,000		228,972

Rev., 5.00%, 7/1/2023		25,000		27,202

Series 2013B, Rev., 5.00%, 7/1/2024		100,000		108,772

State of Nevada Series 2013D-1, GO, 5.00%, 3/1/2023		50,000		53,613

State of Nevada Highway Improvement, Motor Vehicle Fuel Tax

Rev., 5.00%, 12/1/2021		595,000		602,249

Series 2020A, Rev., 5.00%, 12/1/2021		50,000		50,609

Series 2020B, Rev., 5.00%, 12/1/2021		30,000		30,366

Series 2020A, Rev., 5.00%, 12/1/2022		35,000		37,138

State of Nevada, Capital Improvement and Cultural Affairs

Series 2013D-1, GO, 5.00%, 3/1/2022		310,000		317,589

Series 2014A, GO, 5.00%, 4/1/2022		40,000		41,143

GO, 5.00%, 8/1/2022		25,000		26,122

Series 2015B, GO, 5.00%, 11/1/2022		85,000		89,860

Series 2015B, GO, 5.00%, 11/1/2024		25,000		28,756

State of Nevada, Capital Improvement, Limited Tax Series 2017A, GO, 5.00%, 5/1/2022		20,000		20,652

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	297

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Nevada — continued

State of Nevada, Historic Preservation Series 2018A, GO, 5.00%, 4/1/2022		40,000		41,143

State of Nevada, Limited Tax

Series 2015D, GO, 5.00%, 4/1/2022		45,000		46,286

Series 2015C, GO, 5.00%, 11/1/2022		25,000		26,430

State of Nevada, Municipal Bond Bank Project No. 80, Limited Tax Series 2012-A, GO, 4.00%, 11/1/2024		325,000		333,319

State of Nevada, Natural Resources, Limited Tax Series 2012C, GO, 5.00%, 8/1/2022		35,000		36,570

State of Nevada, Open Space Parks and Natural Resources, Limited Tax Series 2012-D, GO, 5.00%, 6/1/2022		50,000		51,835

State of Nevada, Water Pollution Control GO, 5.00%, 8/1/2022		25,000		26,122

Tender Option Bond Trust Receipts/Certificates Series 2020-XF2858, COP, VRDO, LIQ: Barclays Bank plc, 0.05%, 9/9/2021 (c) (f)		3,775,000		3,775,000

Truckee Meadows Water Authority Rev., 5.00%, 7/1/2022		40,000		41,635

Washoe County School District, Limited Tax

GO, 5.00%, 10/1/2022		25,000		26,317

Series 2017D, GO, 5.00%, 6/1/2023		175,000		189,597


Total Nevada				14,468,791


New Hampshire — 0.1%

Bedford School District Series 2014A, GO, 5.00%, 7/15/2022		35,000		36,494

City of Concord GO, 4.00%, 7/15/2022		40,000		41,360

City of Keene GO, 4.00%, 11/1/2022		30,000		31,356

City of Manchester

Series 2011C, GO, 3.50%, 12/1/2021 (b)		55,000		55,459

Series 2011C, GO, 3.75%, 12/1/2021 (b)		70,000		70,628

City of Nashua GO, 5.00%, 9/15/2022		25,000		26,271

County of Merrimack

GO, 5.00%, 11/15/2021		25,000		25,249

GO, TAN, 2.00%, 12/30/2021		45,000		45,282


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Hampshire — continued

New Hampshire Health and Education Facilities Authority Act, Concord Hospital

Series 2013A, Rev., 4.00%, 10/1/2021		150,000		150,469

Series 2011, Rev., 5.25%, 10/1/2021 (b)		150,000		150,609

Series 2013A, Rev., 4.00%, 10/1/2022 (b)		410,000		426,717

New Hampshire Health and Education Facilities Authority Act, Southern New Hampshire University Rev., 5.00%, 1/1/2023 (b)		40,000		42,561

New Hampshire Municipal Bond Bank

Series 2011E, Rev., 3.00%, 1/15/2022		20,000		20,215

Series 2011E, Rev., 4.13%, 1/15/2022 (b)		20,000		20,297

Series 2017A, Rev., 5.00%, 2/15/2022		20,000		20,445

Series 2019A, Rev., 5.00%, 2/15/2022		75,000		76,669

Series 2012C, Rev., 4.00%, 8/15/2022		35,000		36,304

Series 2016D, Rev., 4.00%, 8/15/2022		25,000		25,931

New Hampshire State Turnpike System Series 2012B, Rev., 5.00%, 2/1/2022		25,000		25,505

State of New Hampshire

Series 2020A, GO, 5.00%, 12/1/2021		45,000		45,547

Series 2011B, GO, 3.50%, 2/1/2022 (b)		25,000		25,349

Series 2011B, GO, 4.00%, 2/1/2022		25,000		25,405

Series 2014A, GO, 5.00%, 3/1/2022		25,000		25,611

Series 2018A, GO, 5.00%, 12/1/2022		25,000		26,527

State of New Hampshire, Capital Improvement Series 2020C, GO, 5.00%, 12/1/2021		115,000		116,398

Town of Stratham GO, AMBAC, 4.25%, 1/15/2022		25,000		25,383


Total New Hampshire				1,618,041


New Jersey — 6.6%

Atlantic County Improvement Authority (The), Atlantic City Campus Project Series 2016A, Rev., AGM, 5.00%, 7/1/2023		30,000		32,407

SEE NOTES TO FINANCIAL STATEMENTS.



298	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New Jersey — continued

Bergen County Improvement Authority (The)

Rev., GTD, 4.38%, 12/1/2021 (b)		25,000		25,264

Series 2014B, Rev., GTD, 5.00%, 2/15/2022		25,000		25,556

Series 2016C, Rev., GTD, 4.00%, 8/15/2022		35,000		36,304

Bergen County Improvement Authority (The), Bergen New Bridge Medical Center Series 2020A, Rev., GTD, 3.00%, 8/15/2022		265,000		271,959

Bergen County Improvement Authority (The), Englewood Board of Education Rev., GTD, 5.00%, 4/1/2022		50,000		51,426

Bergen County Improvement Authority (The), Fort Lee Project Rev., GTD, 5.00%, 10/15/2021		35,000		35,206

Bergen County Improvement Authority (The), Guaranteed Governmental Loan Rev., GTD, 5.00%, 10/15/2022		30,000		31,647

Bergen County Improvement Authority (The), Saddle Brook Project

Rev., GTD, 5.00%, 8/1/2022		30,000		31,346

Rev., GTD, 5.00%, 9/1/2022		35,000		36,713

Borough of Allendale GO, BAN, 1.25%, 9/24/2021		500,000		500,354

Borough of Chatham GO, BAN, 1.25%, 5/20/2022		3,649,000		3,675,554

Borough of Cresskill GO, 2.00%, 3/1/2022		20,000		20,181

Borough of Edgewater, General Improvement and Marina Utility GO, 4.00%, 2/15/2022		40,000		40,711

Borough of Fair Haven GO, 4.00%, 10/1/2022		25,000		26,019

Borough of Florham Park, Water & Sewer Utility GO, BAN, 1.50%, 11/12/2021		2,621,000		2,627,208

Borough of Harrington Park GO, BAN, 1.50%, 5/18/2022		3,830,000		3,863,930

Borough of Hasbrouck Heights, General Improvement GO, 4.00%, 9/15/2021		25,000		25,034

Borough of Hightstown GO, 5.00%, 4/1/2022		50,000		51,369

Borough of Lakehurst GO, 2.50%, 12/1/2022		40,000		40,934

Borough of Lebanon, General Improvement GO, 4.00%, 2/1/2022		30,000		30,446


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Borough of Oakland, General Improvement GO, 3.00%, 12/1/2022		25,000		25,869

Borough of Old Tappan GO, BAN, 2.00%, 10/8/2021		1,149,100		1,151,144

Borough of Palisades Park GO, BAN, 1.50%, 3/18/2022		4,268,000		4,296,991

Borough of Point Pleasant, General Improvement GO, 4.00%, 7/15/2022		20,000		20,662

Borough of Ramsey, Water & Sewer Utilities GO, BAN, 1.25%, 6/3/2022		11,360,000		11,442,499

Borough of Ringwood GO, BAN, 1.50%, 4/8/2022		5,650,223		5,692,495

Borough of South Plainfield, General Improvement GO, 4.00%, 4/1/2022		100,000		102,248

Borough of South River, General Improvement

GO, 3.00%, 12/1/2021		170,000		171,188

GO, 3.00%, 12/1/2022		25,000		25,879

GO, 4.00%, 12/1/2022		40,000		41,904

Borough of Spotswood, Water & Sewer Utilities GO, 2.25%, 12/1/2022		25,000		25,617

Borough of Westwood GO, BAN, 1.50%, 12/17/2021		1,074,000		1,077,862

Bridgewater-Raritan Regional School District GO, 4.50%, 5/1/2022		90,000		92,606

Burlington County Bridge Commission, Governmental Leasing Program

Rev., 5.00%, 10/1/2021		25,000		25,098

Rev., 5.00%, 4/15/2022		25,000		25,755

Burlington County Bridge Commission, Governmental Loan Program

Rev., GTD, 4.00%, 10/15/2021		35,000		35,162

Rev., GTD, 5.00%, 12/1/2021		170,000		172,049

Rev., GTD, 5.00%, 8/1/2022		25,000		26,110

Rev., GTD, 5.00%, 12/1/2022		20,000		21,212

Burlington County Bridge Commission, Guaranteed Bridge System

Rev., GTD, 5.00%, 10/1/2021		20,000		20,079

Rev., GTD, 5.00%, 10/1/2022		50,000		52,622

Burlington Township Board of Education GO, 1.75%, 7/15/2022		50,000		50,700

Camden County Improvement Authority (The)

Series 2011A, Rev., GTD, 4.00%, 9/1/2021		95,000		95,000

Series 2012A, Rev., GTD, 5.00%, 9/1/2021		50,000		50,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	299

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New Jersey — continued

Series 2015A, Rev., GTD, 5.00%, 9/1/2021		55,000		55,000

Series 2014A, Rev., GTD, 4.00%, 12/15/2021		225,000		227,463

Rev., GTD, 5.00%, 1/15/2022		30,000		30,536

Series 2017B, Rev., GTD, 4.00%, 1/15/2024		25,000		27,216

Series 2015A, Rev., GTD, 5.00%, 9/1/2024		25,000		28,485

Camden County Improvement Authority (The), Camden County College Project Rev., GTD, 5.00%, 1/15/2023		50,000		53,272

Camden County Improvement Authority (The), City Hall Project Rev., GTD, 5.00%, 12/1/2022		75,000		79,504

Camden County Improvement Authority (The), County Capital Program Rev., GTD, 5.00%, 1/15/2022		315,000		320,625

Camden County Improvement Authority (The), Open Space Preservation Trust Fund Rev., GTD, 5.00%, 6/1/2023		50,000		51,797

Carlstadt School District GO, 5.00%, 5/1/2022		30,000		30,968

Chathams District Board of Education Series 2014A, GO, 5.00%, 7/15/2022		25,000		26,067

City of Brigantine GO, 4.00%, 10/15/2022		25,000		26,018

City of Clifton GO, 4.00%, 10/15/2022		35,000		36,493

City of Elizabeth GO, AGM, 2.50%, 4/1/2022		25,000		25,344

City of Elizabeth, General Improvement

GO, AGM, 3.00%, 4/1/2022		25,000		25,417

GO, 4.00%, 8/15/2022		50,000		51,838

City of Elizabeth, Improvement and Sewer Utility GO, 3.00%, 4/1/2022		50,000		50,834

City of Hoboken, Packaging Utility GO, 5.00%, 1/1/2023		25,000		26,625

City of Jersey City Series 2021A, GO, BAN, 1.50%, 1/12/2022		35,000		35,180

City of Jersey, General Improvement Series 2012A-B, GO, AGM, 3.00%, 9/1/2021		50,000		50,000

City of Lambertville GO, 5.00%, 3/1/2022		35,000		35,857

City of New Brunswick, General Improvement, Sewer Utility Bonds and Water Utility GO, 5.00%, 2/15/2022		50,000		51,117


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

City of New Brunswick, Redevelopment Area, Cultural Center Project GO, AGM, 4.00%, 9/15/2022		34,000		35,362

City of Newark

Series 2020B, GO, 5.00%, 10/1/2021		250,000		250,888

Series 2020C, GO, BAN, 2.00%, 10/5/2021		150,000		150,255

City of Ocean City, General Improvement

GO, 4.00%, 9/15/2021		25,000		25,036

GO, 4.00%, 9/15/2023		120,000		129,324

City of Plainfield, General Improvement GO, 4.00%, 8/15/2022		60,000		62,141

City of Rahway

GO, 4.00%, 4/15/2022		25,000		25,576

GO, 4.00%, 8/1/2023		25,000		26,804

City of Union City GO, 5.00%, 11/1/2021		40,000		40,292

City of Ventnor City GO, 3.00%, 12/1/2021		30,000		30,210

Clifton Board of Education GO, 4.00%, 3/1/2022		50,000		50,940

County of Atlantic, State Aid College GO, 0.05%, 6/1/2022		580,000		578,634

County of Atlantic, Vocational School GO, 3.00%, 10/1/2021		95,000		95,211

County of Bergen

GO, 5.00%, 10/15/2021		25,000		25,147

GO, 5.00%, 10/15/2022		65,000		68,591

County of Burlington, General Improvement

Series 2016A-1, GO, 4.00%, 9/1/2021		230,000		230,000

Series 2016A-1, GO, 4.00%, 9/1/2022		75,000		77,885

County of Camden, College GO, 3.00%, 2/1/2022		25,000		25,292

County of Cumberland GO, BAN, 2.00%, 10/7/2021		85,000		85,145

County of Essex

Series A, GO, 2.00%, 9/1/2022		25,000		25,474

GO, 3.00%, 8/1/2023		25,000		26,356

County of Essex, Vocational School Bonds Series 2017B, GO, 5.00%, 9/1/2022		35,000		36,709

County of Gloucester

Series 2017B, GO, 3.00%, 10/15/2021		30,000		30,101

SEE NOTES TO FINANCIAL STATEMENTS.



300	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New Jersey — continued

GO, 4.00%, 1/15/2022		100,000		101,409

County of Hudson

GO, 5.00%, 9/1/2021		30,000		30,000

GO, 5.00%, 12/1/2021		60,000		60,723

GO, 5.00%, 7/1/2022		25,000		26,011

Series B, GO, 5.00%, 7/1/2022		50,000		52,022

GO, 5.00%, 12/1/2022		125,000		132,572

GO, 4.00%, 2/15/2023		50,000		52,797

GO, 5.00%, 12/1/2023		25,000		27,673

County of Mercer, County College GO, 4.00%, 6/1/2022		25,000		25,723

County of Middlesex, Civic Square II Redevelopment Associates LLC COP, 4.00%, 6/15/2023		25,000		26,686

County of Middlesex, Civic Square III Redevelopment Associates LLC COP, 4.00%, 6/15/2023		100,000		106,742

County of Middlesex, Civic Square IV Redevelopment Associates LLC

COP, 5.00%, 10/15/2021		45,000		45,259

COP, 5.00%, 10/15/2022		50,000		52,686

County of Middlesex, General Improvement GO, 3.00%, 1/15/2022		50,000		50,539

County of Middlesex, Vocational Technical School GO, 3.00%, 6/1/2022		30,000		30,653

County of Monmouth, Various Purpose Series 2015C, GO, 5.00%, 7/15/2022		30,000		31,281

County of Ocean

GO, 5.00%, 12/1/2021		50,000		50,607

Series 2015A, GO, 4.00%, 8/1/2022		25,000		25,891

GO, 5.00%, 8/1/2022		25,000		26,119

County of Ocean, General Improvement GO, 5.00%, 11/1/2021		45,000		45,362

County of Passaic Series AC, GO, 2.00%, 11/1/2021		1,700,000		1,705,347

County of Passaic, Consisting of General Improvement and College GO, 5.00%, 4/1/2023		25,000		26,914

County of Passaic, Vocational School Series 2018B, GO, 4.00%, 12/1/2024		165,000		184,370

County of Somerset GO, 3.00%, 8/1/2022		25,000		25,651

County of Somerset, General Improvement Series 2013A/B, GO, 2.50%, 10/1/2022		100,000		102,458


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

County of Sussex GO, 4.00%, 9/1/2022		25,000		25,946

County of Union, Vocational Technical School

GO, 3.00%, 3/1/2022		45,000		45,652

GO, 5.00%, 3/1/2022		40,000		40,977

GO, 5.00%, 3/1/2023		45,000		48,287

Cumberland County Improvement Authority (The), Solid Waste Series 2015A, Rev., AGM, GTD, 5.00%, 1/1/2022		20,000		20,319

Dover Board of Education GO, 4.00%, 4/1/2022		50,000		51,080

Edgewater Borough Board of Education GO, 4.00%, 9/1/2021		70,000		70,000

Essex County Improvement Authority

Rev., AMBAC, GTD, 5.25%, 12/15/2021		210,000		213,104

Series 2006, Rev., AMBAC, GTD, 5.25%, 12/15/2021		95,000		96,407

Rev., AMBAC, GTD, 5.25%, 12/15/2022		115,000		122,628

Essex County Improvement Authority, County Guaranteed Project Rev., GTD, 5.00%, 10/1/2022		50,000		52,656

Flemington Raritan Regional Board of Education GO, 4.00%, 6/15/2022		80,000		82,460

Franklin Township Board of Education GO, 3.00%, 2/1/2022		40,000		40,481

Freehold Township Board of Education GO, 5.00%, 7/15/2023		25,000		26,056

Garden State Preservation Trust, Open Space and Farmland Preservation

Series 2012A, Rev., 4.00%, 11/1/2021		635,000		638,495

Series 2012A, Rev., 5.00%, 11/1/2021		125,000		125,892

Series 2005C, Rev., AGM, 5.25%, 11/1/2021		170,000		171,426

Series 2012A, Rev., 5.00%, 11/1/2022		20,000		21,008

Gloucester County Improvement Authority (The), County Capital Program Rev., GTD, 5.00%, 4/1/2022		25,000		25,715

Gloucester County Improvement Authority (The), GCSSSD/GCVTSD Project Rev., 4.00%, 5/15/2023		35,000		37,246

Gloucester County Improvement Authority (The), Shady Lane Nursing Home Project Rev., GTD, 4.00%, 12/1/2022		480,000		501,185

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	301

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New Jersey — continued

Greater Egg Harbor Regional High School District GO, AGM, 5.00%, 2/1/2022		20,000		20,397

Green Brook Township School District GO, 3.50%, 5/15/2023		80,000		81,857

Haddonfield Public Schools District GO, 4.00%, 2/15/2022 (b)		75,000		76,324

Hainesport Township School District GO, 5.00%, 1/15/2024		35,000		38,885

Highland Park School District GO, 4.50%, 3/1/2022 (b)		35,000		35,748

Hopewell Valley Regional School District GO, 3.25%, 1/15/2025		25,000		27,317

Hudson County Improvement Authority, Capital Appreciation Series 2006A-1, Rev., GTD, NATL-RE, Zero Coupon, 12/15/2022		125,000		124,505

Hudson County Improvement Authority, Guttenberg Project Rev., GTD, 5.00%, 8/1/2023		50,000		54,552

Hudson County Improvement Authority, Special Acquisition Bonds Rev., GTD, 4.00%, 11/15/2021 (b)		55,000		55,429

Hudson County Improvement Authority, Vocational — Technical School Project

Rev., 5.00%, 5/1/2023		140,000		151,080

Rev., 5.00%, 5/1/2024		65,000		73,095

Jackson Township School District

GO, 4.00%, 2/1/2022		30,000		30,481

GO, 5.00%, 6/15/2025		50,000		58,387

Kingsway Regional School District GO, 3.00%, 3/1/2022		50,000		50,689

Lenape Regional High School District

GO, 5.00%, 4/1/2022		30,000		30,854

GO, 5.00%, 3/15/2023		20,000		21,444

Leonia Board of Education GO, 4.00%, 7/15/2022		140,000		144,697

Logan Township School District GO, 2.00%, 3/15/2022		30,000		30,306

Lumberton Township School District GO, 2.00%, 7/15/2022		60,000		60,907

Mainland Regional High School District GO, 4.00%, 10/15/2022		25,000		26,049

Medford Township Board of Education GO, 5.00%, 3/1/2022		120,000		122,926

Middlesex County Improvement Authority, Capital Equipment and Improvement

Rev., GTD, 3.00%, 9/1/2021		20,000		20,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Rev., GTD, 4.00%, 9/15/2021		175,000		175,248

Rev., GTD, 4.00%, 10/15/2021		20,000		20,094

Rev., GTD, 2.00%, 9/15/2022		125,000		127,472

Middlesex County Improvement Authority, Educational Services Commission of New Jersey Project Rev., GTD, 5.00%, 7/15/2022		25,000		26,067

Middlesex County Improvement Authority, Perth Amboy Franchise Acquisit Series 1999B, Rev., AMBAC, GTD, Zero Coupon, 9/1/2022		35,000		34,847

Millburn Township Board of Education GO, 3.50%, 8/1/2022		30,000		30,935

Millstone Township School District GO, 4.00%, 7/15/2022		85,000		87,776

Monmouth County Improvement Authority (The), Governmental Pooled Loan Project

Rev., GTD, 5.00%, 12/1/2021		35,000		35,428

Series 2017B, Rev., GTD, 5.00%, 7/15/2022		30,000		31,289

Series 2016B, Rev., GTD, 4.00%, 8/1/2022		35,000		36,260

Rev., GTD, 5.00%, 12/1/2022		145,000		153,916

Series 2019B, Rev., GTD, 5.00%, 12/1/2022		25,000		26,537

Monroe Township Board of Education

GO, 5.00%, 3/1/2022		105,000		107,544

GO, 4.00%, 8/1/2022		95,000		98,349

Montgomery Township Board of Education GO, 5.00%, 4/1/2022		60,000		61,711

Morris County Improvement Authority Series 2012A, Rev., GTD, 3.00%, 2/1/2022 (b)		40,000		40,475

Morris County Improvement Authority, Guaranteed Authority Pooled Program Rev., GTD, 4.00%, 9/1/2021		20,000		20,000

Morris County Improvement Authority, Guaranteed Loan Lincoln Park Refunding Project Rev., GTD, 4.00%, 3/15/2022		25,000		25,523

Morris County Improvement Authority, Morris Hills Regional District Project Rev., GTD, 5.00%, 10/1/2022 (b)		35,000		36,844

Morris County Improvement Authority, Rockaway Borough Board of Education Project Rev., GTD, 5.00%, 12/1/2022		100,000		106,097

SEE NOTES TO FINANCIAL STATEMENTS.



302	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New Jersey — continued

Mount Olive Township Board of Education GO, 4.00%, 7/15/2022		30,000		31,014

Mountain Lakes School District GO, 5.00%, 1/15/2022		25,000		25,454

Mountainside School District GO, 3.00%, 8/15/2022		30,000		30,826

New Brunswick Parking Authority, Tax-Exempt

Series 2020B, Rev., GTD, 5.00%, 9/1/2021		70,000		70,000

Series 2020B, Rev., GTD, 5.00%, 9/1/2022		350,000		365,905

Series 2020B, Rev., GTD, 5.00%, 9/1/2023		335,000		365,111

New Jersey Building Authority Series 2013A, Rev., 5.00%, 6/15/2022		35,000		36,309

New Jersey Economic Development Authority, Cigarette Tax Rev., 5.00%, 6/15/2022		200,000		206,960

New Jersey Economic Development Authority, College Avenue Redevelopment Project

Rev., 5.00%, 6/15/2022		70,000		72,651

Rev., 5.00%, 6/15/2023 (b)		175,000		189,969

New Jersey Economic Development Authority, New Jersey Transit Corporation Project Series B, Rev., 5.00%, 11/1/2021		50,000		50,390

New Jersey Economic Development Authority, School Facilities Construction

Series 2011GG, Rev., 5.00%, 9/1/2021		125,000		125,000

Series 2005K, Rev., NATL-RE, 5.25%, 12/15/2021		30,000		30,430

Series 2005K, Rev., AGC-ICC, FGIC, 5.25%, 12/15/2021		20,000		20,292

Series 2012-II, Rev., 5.00%, 3/1/2022		555,000		568,136

Series 2013NN, Rev., 5.00%, 3/1/2022		195,000		199,615

Series KK, Rev., 5.00%, 3/1/2022		30,000		30,710

Rev., 5.00%, 6/15/2022		100,000		103,739

Series KK, Rev., 5.00%, 9/1/2022 (b)		40,000		41,945

Series 2013 NN, Rev., 5.00%, 3/1/2023		35,000		37,480

Rev., 5.00%, 6/15/2023		110,000		119,273


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Series 2012-II, Rev., 3.00%, 3/1/2024		240,000		243,047

Series NN, Rev., 5.00%, 3/1/2024		100,000		107,208

Series 2005N1, Rev., AMBAC, 5.50%, 9/1/2024		1,375,000		1,587,083

Series 2012-II, Rev., 5.00%, 3/1/2025		200,000		204,724

Series 2005N1, Rev., AGM, 5.50%, 9/1/2025		75,000		90,020

Series II, Rev., 5.00%, 3/1/2026		130,000		133,070

New Jersey Educational Facilities Authority, Capital Improvement Series 2016B, Rev., 5.00%, 9/1/2021		100,000		100,000

New Jersey Educational Facilities Authority, College of New Jersey Rev., 5.00%, 7/1/2022 (b)		225,000		234,131

New Jersey Educational Facilities Authority, Higher Education Facilities Trust Fund Rev., 5.00%, 6/15/2022		50,000		51,869

New Jersey Educational Facilities Authority, Princeton University Series 2017B, Rev., 5.00%, 7/1/2022		30,000		31,226

New Jersey Educational Facilities Authority, Seton Hall University Series 2013D, Rev., 3.50%, 7/1/2023		25,000		26,357

New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp.

Rev., 5.00%, 7/1/2022		590,000		613,858

Rev., 5.00%, 7/1/2025		125,000		147,020

New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group

Series 2012A, Rev., 4.00%, 9/10/2021 (b)		100,000		103,228

Series 2019B-1, Rev., 5.00%, 7/1/2024 (c)		800,000		904,197

Rev., 5.00%, 7/1/2026 (c)		220,000		265,313

New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group

Rev., 5.00%, 7/1/2022		735,000		764,595

Rev., 5.00%, 7/1/2023		20,000		21,762

Series 2017A, Rev., 5.00%, 7/1/2025		190,000		223,471

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	303

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New Jersey — continued

New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Rev., 2.00%, 7/1/2022		350,000		355,117

New Jersey Health Care Facilities Financing Authority, Meridian Health System Obligated Group

Series 2003A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/9/2021 (c)		5,300,000		5,300,000

Rev., 5.00%, 7/1/2023		20,000		20,802

Rev., 5.00%, 7/1/2024		355,000		368,929

New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue

Series 2012A, Rev., 5.00%, 7/1/2022		595,000		619,158

Series 2016A, Rev., 5.00%, 7/1/2022		225,000		234,137

Series 2019B-2, Rev., 5.00%, 7/1/2025 (c)		130,000		152,086

New Jersey Health Care Facilities Financing Authority, Valley Health System

Rev., 5.00%, 7/1/2022		25,000		25,998

Rev., 5.00%, 7/1/2024		200,000		226,519

Rev., 5.00%, 7/1/2026		50,000		60,564

New Jersey Health Care Facilities Financing Authority, Virtua Health, Inc.

Rev., 5.00%, 7/1/2023		215,000		233,900

Rev., 5.00%, 7/1/2025		20,000		22,165

Rev., 5.00%, 7/1/2026		135,000		149,515

New Jersey Higher Education Student Assistance Authority, Senior Student Loan

Series 2019A, Rev., 5.00%, 12/1/2022		40,000		42,366

Series A, Rev., 5.00%, 12/1/2024		40,000		45,846

New Jersey Housing and Mortgage Finance Agency, Multi-Family, Post Road Gardens Series 2020A, Rev., 0.75%, 6/1/2022 (c)		100,000		100,354

New Jersey Housing and Mortgage Finance Agency, Riverside Senior Apartments Project Series 2019D, Rev., 1.35%, 6/1/2022 (c)		300,000		302,403

New Jersey Infrastructure Bank, Environmental Infrastructure

Series 2016A-R, Rev., GTD, 4.00%, 9/1/2021		75,000		75,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Series 2017A-R2, Rev., GTD, 4.00%, 9/1/2021		65,000		65,000

Series 2007-C, Rev., 5.00%, 9/1/2021		130,000		130,000

Series 2016A-R2, Rev., GTD, 5.00%, 9/1/2021		35,000		35,000

Series 2020A-1, Rev., 5.00%, 9/1/2021		25,000		25,000

Series 2007-A, Rev., 5.25%, 9/1/2021		30,000		30,000

Series 2020A-R1, Rev., 3.00%, 9/1/2022		60,000		61,741

Series 2012A-R, Rev., GTD, 4.00%, 9/1/2022		225,000		233,771

Series 2017A-R2, Rev., GTD, 4.00%, 9/1/2022		95,000		98,703

Series 2007A, Rev., GTD, 5.00%, 9/1/2022		70,000		73,426

Series 2014A, Rev., GTD, 5.00%, 9/1/2022		25,000		26,224

Series 2016A-1, Rev., GTD, 5.00%, 9/1/2022		35,000		36,713

Series 2020A-R1, Rev., 3.00%, 9/1/2023		40,000		42,287

Series 2012A-R, Rev., GTD, 4.00%, 9/1/2023		75,000		80,799

Rev., GTD, 5.00%, 9/1/2024		35,000		40,037

New Jersey Sports and Exposition Authority, Convention Center Rev., NATL-RE, 5.50%, 3/1/2022 (b)		35,000		35,921

New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2018A, Rev., 5.00%, 6/15/2022		120,000		124,506

New Jersey Transportation Trust Fund Authority, Transportation Program

Series 2013AA, Rev., 5.00%, 6/15/2022		150,000		155,608

Series 2014AA, Rev., 5.00%, 6/15/2022		30,000		31,122

Series 2015AA, Rev., 5.00%, 6/15/2022		50,000		51,869

New Jersey Transportation Trust Fund Authority, Transportation System

Series 2006A, Rev., 5.25%, 12/15/2021		170,000		172,438

SEE NOTES TO FINANCIAL STATEMENTS.



304	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New Jersey — continued

Series 2005B, Rev., NATL-RE, 5.50%, 12/15/2021		95,000		96,430

Series 2006A, Rev., 5.50%, 12/15/2021		660,000		669,937

Series 2006A, Rev., AGM-CR, 5.50%, 12/15/2022		165,000		176,297

Series 2008A, Rev., Zero Coupon, 12/15/2023		140,000		137,781

New Jersey Turnpike Authority

Series 2012A, Rev., 5.00%, 1/1/2022 (b)		165,000		167,671

Series 2012B, Rev., 5.00%, 1/1/2022 (b)		30,000		30,486

Series 2014C, Rev., 5.00%, 1/1/2022 (b)		35,000		35,567

Series 2013A, Rev., 3.00%, 7/1/2022 (b)		100,000		102,373

Series 2013A, Rev., 5.00%, 7/1/2022 (b)		1,390,000		1,446,410

Series 2012B, Rev., 3.50%, 1/1/2023 (b)		25,000		26,109

Series 2012B, Rev., 5.00%, 1/1/2023 (b)		350,000		372,652

Series 2013F, Rev., 5.00%, 1/1/2023 (b)		100,000		106,472

Series 2017E, Rev., 5.00%, 1/1/2025		50,000		57,639

Series 2004C-2, Rev., AMBAC, 5.50%, 1/1/2025		90,000		105,237

New Jersey Water Supply Authority, Manasquan Reservoir Water Supply System Rev., 5.00%, 8/1/2022		20,000		20,878

North Bergen Township Board of Education COP, 4.00%, 12/15/2022		75,000		78,561

North Hudson Sewerage Authority, Senior Lien

Series 2012A, COP, 5.00%, 6/1/2022 (b)		105,000		108,793

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		50,000		51,807

Northern Burlington County Regional School District

GO, 3.00%, 9/1/2021		35,000		35,000

GO, 5.00%, 3/1/2023		20,000		21,370

Northern Valley Regional High School District GO, 4.00%, 2/1/2022		30,000		30,487

Paramus School District GO, 5.00%, 4/1/2022		50,000		51,426


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Passaic County Improvement Authority (The), City of Paterson Project

Rev., 4.00%, 6/15/2022		25,000		25,757

Rev., 5.00%, 6/15/2023		25,000		27,107

Passaic County Improvement Authority (The), Preakness Healthcare Center Expansion Project Rev., GTD, 2.63%, 5/1/2023		100,000		101,526

Passaic County Utilities Authority, Solid Waste Disposal Rev., GTD, 4.50%, 3/1/2024		75,000		82,925

Passaic Valley Sewerage Commission, Sewer System Series G, Rev., 5.75%, 12/1/2022		100,000		106,548

Pennsauken Township School District GO, 3.00%, 7/15/2022		55,000		56,319

Pequannock Township Board of Education

GO, 4.00%, 1/15/2024		65,000		70,682

GO, 4.00%, 1/15/2025		50,000		56,065

Ramsey School District GO, 3.13%, 1/15/2023		25,000		26,031

Rancocas Valley Regional High School District GO, 5.00%, 2/1/2023		40,000		42,655

Ridgewood Board of Education Series 2016A, GO, 4.00%, 3/15/2022		80,000		81,679

River Dell Regional School District GO, 4.00%, 3/1/2022		20,000		20,388

River Edge School District

GO, 4.00%, 10/15/2021		45,000		45,210

GO, 3.00%, 2/1/2023		50,000		50,522

Rumson Boro School District GO, 4.00%, 9/1/2021		20,000		20,000

Rumson-Fair Haven Regional High School District GO, 3.25%, 2/1/2022		40,000		40,516

Rutgers The State University of New Jersey

Series 2013J, Rev., 5.00%, 5/1/2022		20,000		20,640

Series 2018N, Rev., 4.00%, 5/1/2023		25,000		26,520

Somerdale School District GO, 3.38%, 9/1/2022		40,000		41,249

Somerset County Improvement Authority, Bridgewater, Hillsborough and Bernards Property Acquisition Project Rev., GTD, 4.00%, 10/1/2022		25,000		26,055

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	305

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New Jersey — continued

Somerset County Improvement Authority, County Guaranteed Lease, Somerset Board of Social Services Project Rev., GTD, 5.00%, 2/15/2022		50,000			51,115

Somerset County Improvement Authority, County Guaranteed Lease, Township of Montgomery Project Rev., GTD, 5.00%, 9/1/2022		35,000			36,713

Somerset Hills School District GO, 5.00%, 3/15/2022		30,000			30,790

South Brunswick Township Board of Education

GO, 3.00%, 12/1/2021		195,000			196,407

GO, 4.00%, 8/1/2022		25,000			25,891

GO, 5.00%, 8/1/2024		45,000			49,958

South Harrison Township School District GO, 4.00%, 1/15/2023		25,000			26,220

South Orange and Maplewood School District

GO, 4.00%, 1/15/2023		25,000			26,295

GO, 5.00%, 1/15/2023		25,000			26,636

Southampton School District GO, 2.13%, 9/1/2022		40,000			40,727

State of New Jersey

Series 2016T, GO, 5.00%, 6/1/2022		180,000			186,481

GO, 5.25%, 8/1/2022		100,000			104,629

State of New Jersey, COVID-19 Emergency Bonds GO, 4.00%, 6/1/2023		1,440,000	��		1,534,494

State of New Jersey, Various Purpose

GO, 5.00%, 6/1/2022		355,000			367,781

GO, 5.00%, 6/1/2026		65,000			75,843

Sussex County Municipal Utilities Authority (The), Capital Appreciation Series 2008-B, Rev., AGM, GTD, Zero Coupon, 12/1/2021		20,000			19,996

Tobacco Settlement Financing Corp.

Series A, Rev., 5.00%, 6/1/2022		1,055,000			1,092,360

Series A, Rev., 5.00%, 6/1/2023		1,740,000			1,882,191

Series A, Rev., 5.00%, 6/1/2024		125,000			140,804

Series A, Rev., 5.00%, 6/1/2025		655,000			765,340

Series A, Rev., 5.00%, 6/1/2026		105,000			126,722

Town of Dover Series A, GO, BAN, 1.25%, 5/26/2022		10,350,000			10,426,294

Town of Guttenberg GO, BAN, 2.00%, 10/21/2021		7,450,000			7,467,488


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Town of Hammonton GO, 4.00%, 3/1/2023		30,000		30,576

Town of Newton GO, 5.00%, 4/1/2024		50,000		56,026

Town of Westfield, General Improvement GO, 2.00%, 9/15/2022		40,000		40,770

Township of Barnegat GO, BAN, 1.25%, 5/26/2022		11,000,000		11,081,899

Township of Bloomfield GO, 4.00%, 6/1/2022		30,000		30,877

Township of Bloomfield, General Improvement and Water Utility GO, 5.00%, 2/1/2024		40,000		44,521

Township of Brick

GO, 4.00%, 11/1/2021		35,000		35,225

GO, 4.00%, 11/1/2022		25,000		26,139

Township of Bridgewater GO, 3.00%, 9/1/2021		25,000		25,000

Township of Bridgewater, General Improvement GO, 5.00%, 8/1/2022		50,000		52,243

Township of Cherry Hill, General Improvement and Sewer Utility GO, 4.00%, 5/1/2022		30,000		30,779

Township of East Amwell GO, 4.00%, 2/15/2023		25,000		26,338

Township of East Brunswick GO, 3.00%, 3/15/2023		25,000		26,086

Township of East Greenwich GO, BAN, 2.00%, 12/9/2021		2,505,000		2,515,976

Township of Edison, General Improvement and Sewer Utility GO, 4.00%, 6/1/2022		115,000		118,361

Township of Evesham, General Improvement and Golf Utility GO, 4.00%, 5/1/2023		25,000		26,551

Township of Franklin, Open Space Trust GO, 4.00%, 1/15/2022		25,000		25,357

Township of Hamilton, Sewer Utility GO, 5.00%, 8/1/2022		20,000		20,878

Township of Hopewell GO, 3.00%, 2/1/2022 (b)		25,000		25,297

Township of Jackson GO, 4.00%, 12/1/2021		30,000		30,291

Township of Lakewood, General Improvement GO, 3.00%, 11/1/2022		30,000		30,978

Township of Little Falls, General Improvement GO, 4.00%, 8/15/2023		25,000		26,840

SEE NOTES TO FINANCIAL STATEMENTS.



306	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New Jersey — continued

Township of Livingston GO, 3.00%, 7/15/2022		30,000		30,746

Township of Lopatcong GO, 4.00%, 9/1/2023		30,000		32,163

Township of Maplewood, General Improvement

GO, 5.00%, 10/15/2021		30,000		30,173

GO, 5.00%, 2/15/2023		40,000		42,793

Township of Marlboro GO, 4.00%, 10/15/2021		25,000		25,116

Township of Medford GO, 4.00%, 7/15/2022		25,000		25,828

Township of Mine Hill GO, BAN, 2.00%, 4/29/2022		1,861,750		1,883,045

Township of Monroe, Water Sewer Utility GO, 5.00%, 6/1/2022		25,000		25,902

Township of Montclair, General Improvement Series 2017A, GO, 3.00%, 3/1/2022		25,000		25,364

Township of Montclair, School

GO, 5.00%, 3/1/2022		25,000		25,612

Series 2016B, GO, 4.00%, 10/1/2022		50,000		52,110

Township of Montville GO, 5.00%, 11/1/2022		30,000		31,682

Township of Moorestown, General Improvement and Water Sewer Utility

GO, 5.00%, 9/1/2021		45,000		45,000

GO, 5.00%, 2/1/2023		25,000		26,718

Township of Mount Olive, General Improvement and Water Sewer Utility GO, 4.00%, 8/15/2022		35,000		36,269

Township of North Bergen GO, BAN, 2.00%, 4/27/2022		155,000		156,912

Township of North Brunswick, General Improvement GO, 2.00%, 7/15/2022		40,000		40,647

Township of Parsippany-Troy Hills GO, 5.00%, 7/15/2023		40,000		41,689

Township of Parsippany-Troy Hills, Golf Recreation Utility GO, 3.00%, 6/1/2023		35,000		36,649

Township of Pemberton GO, BAN, 1.25%, 6/2/2022		9,776,774		9,850,473

Township of Pequannock, Sewer Utility GO, 4.00%, 4/1/2022		25,000		25,568

Township of Randolph, Various Purpose GO, 3.00%, 10/15/2022		45,000		46,443


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Township of Readington, General Improvement GO, 5.00%, 1/15/2025		25,000		28,869

Township of River Vale GO, 4.00%, 6/15/2023		35,000		37,360

Township of South Brunswick

GO, 4.00%, 3/1/2022		20,000		20,390

GO, 5.00%, 9/1/2022		30,000		31,469

Township of South Hackensack GO, BAN, 1.50%, 12/16/2021		1,461,500		1,467,049

Township of Stafford Series 2014B, GO, 5.00%, 2/1/2023		30,000		32,031

Township of Toms River

GO, 5.00%, 3/1/2022		45,000		46,102

GO, 4.00%, 12/1/2022		25,000		26,219

Township of Toms River General Improvement Series AB, GO, 5.00%, 11/15/2021		25,000		25,250

Township of Toms River, General Improvement GO, 4.00%, 6/15/2023		40,000		42,734

Township of Toms River, General Improvement, Golf Utility Improvement Series 2011A, GO, 3.00%, 12/15/2023		45,000		47,819

Township of Union, General Improvement GO, 4.00%, 2/1/2023		25,000		26,347

Township of Voorhees GO, 1.75%, 9/15/2022		25,000		25,403

Township of Wayne, General Improvement GO, 3.00%, 2/15/2022		75,000		75,973

Township of West Deptford GO, 3.00%, 9/1/2026		100,000		107,087

Township of West Orange, General Improvement GO, 2.00%, 8/1/2022		35,000		35,588

Township of West Orange, Tax Appeal GO, BAN, 1.50%, 12/15/2021		9,608,441		9,644,014

Township of Westampton Series A, GO, BAN, 1.25%, 5/31/2022		3,405,655		3,431,233

Township of Willingboro, General Improvement

GO, AGM, 2.25%, 8/1/2022		50,000		50,987

GO, AGM, 4.00%, 8/1/2022		35,000		36,251

Township of Woodbridge, General Improvement GO, 3.00%, 8/15/2022		55,000		56,525

Township of Woodbridge, General Sewer Utility GO, BAN, 2.00%, 9/1/2021		60,000		60,138

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	307

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New Jersey — continued

Union County Improvement Authority, City of Linden Omnibus Project Rev., AGM, GTD, 4.00%, 11/1/2021		20,000		20,129

Union County Improvement Authority, College Cranford Facility Rev., 3.00%, 12/1/2022		50,000		51,815

Union County Improvement Authority, County College Facility Project Series 2014A, Rev., 4.00%, 2/1/2022		25,000		25,406

Union Township Board of Education GO, 4.00%, 1/1/2022		55,000		55,695

Village of Ridgewood, General Improvement and Water Utility GO, 4.00%, 8/1/2022		40,000		41,429

West Essex Regional School District GO, 5.00%, 11/1/2022		40,000		42,287

West Orange School District GO, 5.00%, 11/1/2021		25,000		25,196

West Windsor-Plainsboro Regional School District GO, 4.00%, 9/15/2021		20,000		20,028

Woodbridge Township Board of Education, School Building GO, 2.00%, 7/15/2022		25,000		25,404

Woodland Park School District GO, 5.00%, 4/15/2023		100,000		107,316


Total New Jersey				138,509,021


New Mexico — 0.3%

Albuquerque Bernalillo County Water Utility Authority, Senior Lien, Joint Water & Sewer System Improvement

Rev., 5.00%, 7/1/2022		100,000		104,059

Series 2014A, Rev., 5.00%, 7/1/2022		25,000		26,017

Albuquerque Metropolitan Arroyo Flood Control Authority GO, 5.00%, 8/1/2023		50,000		54,582

Albuquerque Municipal School District No. 12

Series 2014B, GO, 5.00%, 8/1/2022		75,000		78,350

Series 2017A, GO, 5.00%, 8/1/2022		25,000		26,117

Bloomfield School District No. 6 GO, 2.00%, 10/1/2022		25,000		25,477

City of Albuquerque, General Purpose

Series 2014A, GO, 5.00%, 7/1/2022		200,000		208,173

Series 2019A, GO, 5.00%, 7/1/2022		55,000		57,248

City of Las Cruces GO, 5.00%, 8/1/2022		35,000		36,573


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Mexico — continued

City of Roswell Rev., 4.00%, 8/1/2022		50,000		51,693

City of Roswell, Joint Water and Sewer Series B, Rev., 5.00%, 6/1/2022		25,000		25,910

City of Santa Fe GO, 4.00%, 8/1/2022		25,000		25,896

County of Los Alamos, Gross Receipts Tax Rev., 5.00%, 6/1/2022		40,000		41,440

County of Santa Fe GO, 5.00%, 7/1/2022		75,000		78,059

County of Santa Fe, Gross Receipts Tax Rev., 5.00%, 6/1/2022		100,000		103,670

Las Cruces School District No. 2 Series 2017A, GO, 5.00%, 8/1/2022		50,000		52,177

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund

Rev., 5.00%, 6/1/2022		40,000		41,468

Series 2014B, Rev., 5.00%, 6/1/2022		25,000		25,917

Series 2016A, Rev., 5.00%, 6/1/2022		25,000		25,918

Series 2016C, Rev., 5.00%, 6/1/2022		25,000		25,917

Series 2016D, Rev., 5.00%, 6/1/2022		30,000		31,101

Series 2016F, Rev., 5.00%, 6/1/2022		100,000		103,670

Series 2017A, Rev., 5.00%, 6/1/2022		135,000		139,954

Series 2017E, Rev., 5.00%, 6/1/2022		250,000		259,174

Series 2019B, Rev., 5.00%, 6/1/2022		45,000		46,651

Series 2020A, Rev., 5.00%, 6/1/2022		255,000		264,358

Series 2017A, Rev., 5.00%, 6/1/2023		55,000		59,669

Series 2016C, Rev., 5.00%, 6/1/2024		25,000		28,266

New Mexico Finance Authority, State Transportation, Senior Lien

Rev., 4.00%, 6/15/2022		245,000		252,533

Rev., 5.00%, 6/15/2022		295,000		306,388

New Mexico Finance Authority, State Transportation, Subordinate Lien

Series 2018A, Rev., 5.00%, 6/15/2022		120,000		124,603

Series B-2, Rev., 5.00%, 6/15/2022		25,000		25,959

Series 2018A, Rev., 5.00%, 6/15/2023		240,000		260,774

SEE NOTES TO FINANCIAL STATEMENTS.



308	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New Mexico — continued

New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund Series 2015D, Rev., 5.00%, 6/15/2022		25,000		25,965

New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt

Rev., 5.00%, 6/15/2022		205,000		212,914

Series 2017D, Rev., 5.00%, 6/15/2022		25,000		25,965

Series 2017D, Rev., 5.00%, 6/15/2023		100,000		108,674

Series 2019C-1, Rev., 5.00%, 6/15/2023		40,000		43,470

Series 2017B, Rev., 3.50%, 6/15/2024		50,000		54,538

Series 2018C-1, Rev., 4.00%, 6/15/2024		30,000		33,139

New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services

Series 2012A, Rev., 5.00%, 8/1/2022 (b)		170,000		177,591

Series 2015A, Rev., 5.00%, 8/1/2022		520,000		543,082

Series 2015A, Rev., 5.00%, 8/1/2024		185,000		210,337

Series 2019B, Rev., 5.00%, 8/1/2025 (c)		75,000		87,831

New Mexico State University Series B, Rev., 5.00%, 4/1/2022		25,000		25,686

Rio Rancho Public School District No. 94 GO, 5.00%, 8/1/2022		45,000		46,964

Santa Fe Public School District GO, 5.00%, 8/1/2022		260,000		271,516

State of New Mexico

GO, 5.00%, 3/1/2022		20,000		20,490

Series 2017B, GO, 5.00%, 3/1/2022		75,000		76,836

State of New Mexico Severance Tax Permanent Fund

Series 2015A, Rev., 5.00%, 7/1/2022		65,000		67,656

Series 2016D, Rev., 5.00%, 7/1/2022		70,000		72,861

State of New Mexico, Severance Tax Permanent Fund

Series 2016B, Rev., 4.00%, 7/1/2022		635,000		655,679

Series 2016B, Rev., 4.00%, 7/1/2023		20,000		21,420


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Mexico — continued

Series 2015B, Rev., 5.00%, 7/1/2023		100,000		108,926

Series A, Rev., 5.00%, 7/1/2023		25,000		27,231

University of New Mexico (The), Subordinate Lien System Series 2014C, Rev., 5.00%, 6/1/2022		55,000		57,001

University of New Mexico (The), Subordinate Lien System Improvement Rev., 5.00%, 6/1/2022		50,000		51,819


Total New Mexico				6,045,352


New York — 10.3%

Albany Municipal Water Finance Authority, Second Resolution Series 2011A, Rev., 5.00%, 12/1/2021 (b)		215,000		217,603

Ardsley Union Free School District GO, 4.00%, 1/15/2022		30,000		30,436

Arlington Central School District

GO, 4.00%, 12/15/2021		25,000		25,276

GO, 5.00%, 5/15/2022		25,000		25,854

Ausable Valley Central School District GO, AGM, 2.00%, 6/15/2022		50,000		50,708

Ballston Spa Central School District Series 2020B, GO, BAN, 1.50%, 9/17/2021		1,888,000		1,888,950

Battery Park City Authority

Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/9/2021 (c)		2,485,000		2,485,000

Series 2013A, Rev., 4.00%, 11/1/2022		30,000		31,363

Series 2013A, Rev., 5.00%, 11/1/2022		45,000		47,567

Battery Park City Authority, Tax-Exempt Series 2013A, Rev., 5.00%, 11/1/2021		135,000		136,095

Bay Shore Fire District GO, 3.00%, 4/15/2022		25,000		25,437

Bay Shore Union Free School District

GO, 5.00%, 12/1/2021		55,000		55,665

GO, 5.00%, 1/15/2022		25,000		25,451

Bedford Central School District, Boces Project Bonds GO, 3.00%, 11/15/2023		25,000		25,867

Brentwood Union Free School District GO, 4.50%, 11/15/2021		55,000		55,495

Brighton Central School District GO, 4.00%, 6/1/2022		40,000		41,151

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	309

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New York — continued

Broadalbin-Perth Central School District GO, 2.00%, 6/15/2022		340,000		344,706

Brookhaven-Comsewogue Union Free School District

GO, 3.75%, 6/15/2022		50,000		51,359

GO, 4.00%, 7/15/2022		25,000		25,805

Buffalo Municipal Water Finance Authority

Series 2015-A, Rev., 4.00%, 7/1/2022		100,000		103,265

Series 2019B, Rev., 5.00%, 7/1/2022		25,000		26,024

Build NYC Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2023 (b)		55,000		59,779

Build NYC Resource Corp., United Jewish Appeal-Federation of Jewish Philanthropies of New York, Inc., Project Rev., 5.00%, 7/1/2022		50,000		52,043

Byram Hills Central School District GO, 4.00%, 11/15/2021		90,000		90,719

Carle Place Union Free School District GO, 1.63%, 8/15/2022		50,000		50,056

Central Square Central School District GO, 4.00%, 6/15/2023		25,000		26,718

Chappaqua Central School District GO, 5.00%, 1/15/2022		50,000		50,912

City of Binghamton, Public Improvement GO, 2.13%, 1/15/2022		25,000		25,180

City of Buffalo, General Improvement

Series 2018A, GO, 5.00%, 10/1/2021		70,000		70,279

Series B, GO, 4.00%, 11/15/2021		60,000		60,479

City of Cortland, Public Improvement GO, 5.00%, 6/1/2022		75,000		77,677

City of Glens Falls, Public Improvement GO, AGM, 4.00%, 1/15/2022		30,000		30,423

City of Ithaca, Public Improvement GO, 4.00%, 1/15/2023		25,000		26,298

City of New York

Subseries A-1, GO, 4.00%, 10/1/2021		75,000		75,237

Series I, Subseries 1-I, GO, 5.00%, 3/1/2022		70,000		71,710

Series G, Subseries G-1, GO, 5.00%, 4/1/2022 (b)		375,000		385,684

Series 2012E, GO, 4.00%, 8/1/2022		25,000		25,405

Series B, GO, 4.00%, 8/1/2022		210,000		217,503


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series B, GO, 5.00%, 8/1/2022		200,000		208,964

Series C, GO, 5.00%, 8/1/2022		235,000		245,542

Series D, GO, 5.00%, 8/1/2022		35,000		36,570

Series E, GO, 5.00%, 8/1/2022		120,000		125,383

Series H, GO, 5.00%, 8/1/2022		135,000		141,056

Series I, GO, 5.00%, 8/1/2022 (b)		30,000		31,343

Series B, Subseries B-5, GO, NATL-RE, 5.00%, 8/15/2022		25,000		26,169

Subseries A-1, GO, 5.00%, 10/1/2022 (b)		80,000		84,223

Series F, Subseries F-1, GO, 5.00%, 3/1/2023 (b)		60,000		64,369

Series C, GO, 5.00%, 8/1/2023		25,000		26,112

Series 2012F, GO, 5.00%, 8/1/2024		20,000		20,406

Series 2013J, GO, 5.00%, 8/1/2024		320,000		349,650

Series B, GO, 5.00%, 8/1/2024		25,000		26,119

Series E, GO, 5.00%, 8/1/2024		75,000		80,155

Series I, GO, 5.00%, 8/1/2024		125,000		130,596

Series B, GO, 5.00%, 8/1/2025		140,000		146,267

Series C, GO, 5.00%, 8/1/2025		145,000		156,969

Series J, GO, 5.00%, 8/1/2025		30,000		34,146

City of New York, Fiscal Year 1994 Series 1994A, GO, 5.00%, 8/1/2023		150,000		150,588

City of New York, Fiscal Year 2006

Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (c)		500,000		500,000

Series H, Subseries 2006 HH-A, GO, 4.00%, 1/1/2022		195,000		197,524

City of New York, Fiscal Year 2008 Series 2008J, Subseries J-3, GO, 5.00%, 8/1/2022		25,000		26,122

City of New York, Fiscal Year 2012

Subseries D-1, GO, 4.00%, 10/1/2021		25,000		25,079

Series 2012F, GO, 4.00%, 8/1/2022		25,000		25,405

Series 2012F, GO, 5.00%, 8/1/2023		80,000		81,611

Series 2012-I, GO, 5.00%, 8/1/2023		280,000		292,450

Series 2012F, GO, 5.00%, 8/1/2026		210,000		214,263

City of New York, Fiscal Year 2012, Tax-Exempt

Series G, Subseries G-1, GO, 5.00%, 4/1/2022 (b)		1,155,000		1,187,273

Series 2012B, GO, 4.00%, 8/1/2022		50,000		50,158

Series I, GO, 5.00%, 8/1/2022		150,000		156,726

Series 2012D, Subseries D-1, GO, 5.00%, 10/1/2024		70,000		70,277

SEE NOTES TO FINANCIAL STATEMENTS.



310	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New York — continued

Series I, GO, 5.00%, 8/1/2025		115,000		120,148

City of New York, Fiscal Year 2013

Series 2013D, GO, 5.00%, 8/1/2022		80,000		83,574

Series 2013I, GO, 5.00%, 8/1/2022		70,000		73,140

Series 2013J, GO, 5.00%, 8/1/2022		485,000		506,758

Series 2013E, GO, 4.50%, 8/1/2023		55,000		58,394

Series H, GO, 5.00%, 8/1/2023		75,000		81,979

City of New York, Fiscal Year 2013, Tax-Exempt

Series G, GO, 5.00%, 8/1/2022		55,000		57,467

Series F, Subseries F-1, GO, 5.00%, 3/1/2024		50,000		53,637

Series H, GO, 5.00%, 8/1/2025		50,000		54,602

City of New York, Fiscal Year 2014

Series 2014J, GO, 5.00%, 8/1/2022		305,000		318,683

Series B, GO, 5.00%, 8/1/2022		70,000		73,140

Series 2014E, GO, 5.25%, 8/1/2022		460,000		481,686

Series I, Subseries 2014I-1, GO, 5.00%, 3/1/2023		25,000		26,828

Series 2013G, GO, 5.00%, 8/1/2023		355,000		388,036

Series 2014E, GO, 5.00%, 8/1/2023		95,000		103,841

Series 2014J, GO, 5.00%, 8/1/2023		140,000		153,028

Series 2014I-1, GO, 5.00%, 3/1/2024		75,000		84,018

Series D, Subseries D-1, GO, 5.00%, 8/1/2025		95,000		103,745

City of New York, Fiscal Year 2015

Series 2015B, GO, 3.00%, 8/1/2022		25,000		25,665

Series 2015-1, GO, 5.00%, 8/1/2022		150,000		156,729

Series 2015C, GO, 5.00%, 8/1/2022		45,000		47,019

Series A, GO, 5.00%, 8/1/2022		50,000		52,243

Series 1, GO, 5.00%, 8/1/2023		240,000		262,335

Series 2015A, GO, 5.00%, 8/1/2024		225,000		256,380

Series 2012I, GO, 5.00%, 8/1/2025		85,000		92,824

Series A, GO, 5.00%, 8/1/2025		25,000		28,455

Series A, GO, 5.00%, 8/1/2026		30,000		34,099

City of New York, Fiscal Year 2016

Series A, GO, 5.00%, 8/1/2024		235,000		267,774

Series E, GO, 5.00%, 8/1/2024		90,000		102,552

City of New York, Fiscal Year 2017

Series C, GO, 5.00%, 8/1/2022		285,000		297,785

Series 2017B-1, GO, 5.00%, 12/1/2022		30,000		31,833

City of New York, Fiscal Year 2018

Series 2018-1, GO, 4.00%, 8/1/2022		120,000		124,287


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2018-1, GO, 5.00%, 8/1/2022		20,000		20,897

Series 2018A, GO, 5.00%, 8/1/2022		100,000		104,486

Series C, GO, 5.00%, 8/1/2022		80,000		83,589

Series 2018C, GO, 5.00%, 8/1/2023		60,000		65,584

Series 2018D, GO, 5.00%, 8/1/2023		800,000		874,448

Series 2018F-1, GO, 4.00%, 4/1/2025		30,000		33,965

City of New York, Fiscal Year 2019

Series D, Subseries D-4, GO, VRDO, LIQ: Barclays Bank plc, 0.01%, 9/3/2021 (c)		5,000,000		5,000,000

Series 2019A, GO, 5.00%, 8/1/2022		25,000		26,122

Series 2019B, GO, 3.00%, 8/1/2023		125,000		131,855

City of New York, Fiscal Year 2020 Series 2020C-1, GO, 5.00%, 8/1/2023		100,000		109,306

City of New York, Tax-Exempt

Series B, GO, 5.00%, 8/1/2022 (b)		25,000		26,118

Subseries A-1, GO, 4.00%, 10/1/2022 (b)		60,000		62,520

City of Niagara Falls GO, 5.00%, 5/15/2022		50,000		51,610

City of North Tonawanda, Various Purpose GO, 5.00%, 6/1/2022		25,000		25,881

City of Rochester Series 2018-II, GO, 4.00%, 8/1/2022		75,000		77,623

City of Schenectady, Public Improvement

GO, 3.25%, 5/15/2022		40,000		40,849

GO, AGM, 5.00%, 5/15/2022		25,000		25,838

City of Syracuse, Public Improvement

Series 2020B, GO, 5.00%, 5/15/2022		35,000		36,168

Series 2015B, GO, 4.00%, 11/1/2022		45,000		46,957

City of Yonkers

Series 2017A, GO, 4.00%, 9/1/2021		30,000		30,000

Series 2011B, GO, 4.50%, 10/1/2021		35,000		35,124

Series 2011A, GO, AGM, 5.00%, 10/1/2021		130,000		130,511

Series 2017C, GO, 5.00%, 10/1/2021		230,000		230,904

Series 2017A, GO, 5.00%, 9/1/2022		25,000		26,200

Series 2014D, GO, AGM, 3.00%, 10/15/2023		150,000		154,694

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	311

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New York — continued

Clarence Central School District GO, 5.00%, 6/15/2022		25,000		25,965

Cohoes City School District GO, 5.00%, 4/15/2022		40,000		41,197

Commack Union Free School District GO, 4.00%, 11/15/2021		300,000		302,359

Connetquot Central School District of Islip

GO, 4.25%, 1/15/2022		45,000		45,696

GO, 5.00%, 7/15/2022		40,000		41,711

Cornwall Central School District GO, 5.00%, 10/15/2021		25,000		25,146

County of Albany

GO, 5.00%, 9/15/2021		25,000		25,044

Series 2020A, GO, 5.00%, 9/15/2022		50,000		52,526

County of Albany, Various Purpose

Series 2019A, GO, 5.00%, 9/15/2022		20,000		21,010

GO, 5.00%, 4/1/2023		40,000		43,069

County of Dutchess, Public Improvement

Series 2018A, GO, 3.00%, 3/1/2022		25,000		25,351

Series 2018B, GO, 3.25%, 3/1/2022		60,000		60,917

GO, 5.00%, 5/1/2022		40,000		41,277

County of Erie, Public Improvement

Series 2014A, GO, AGM, 5.00%, 9/15/2021		80,000		80,142

Series A, GO, 5.00%, 9/15/2022		45,000		47,288

County of Livingston, Public Improvement

GO, 4.00%, 5/15/2022		25,000		25,689

GO, 3.00%, 5/15/2023		80,000		83,704

GO, 4.00%, 2/1/2024		35,000		38,043

County of Monroe GO, 5.00%, 6/1/2022		180,000		186,564

County of Monroe, Public Improvement GO, 5.00%, 6/1/2022		55,000		57,006

County of Nassau

Series 2021A, GO, TAN, 2.00%, 9/15/2021		40,000		40,030

Series 2021A, GO, RAN, 2.00%, 12/10/2021		100,000		100,523

Series 2021B, GO, TAN, 2.00%, 12/10/2021		595,000		598,162

Series 2017B, GO, 5.00%, 4/1/2022		85,000		87,424

Series 2016B, GO, 5.00%, 10/1/2022		215,000		226,396


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2017C, GO, 5.00%, 10/1/2024		250,000		285,904

County of Nassau, General Improvement

Series 2016B, GO, 5.00%, 10/1/2021		495,000		496,962

Series 2017C, GO, 5.00%, 10/1/2021		325,000		326,288

Series 2016A, GO, 5.00%, 1/1/2022		135,000		137,193

Series 2017A, GO, 5.00%, 1/15/2022		85,000		86,543

Series 2013B, GO, 5.00%, 4/1/2022		25,000		25,713

Series C, GO, 5.00%, 10/1/2022		400,000		421,201

Series 2015B, GO, 5.00%, 4/1/2023		350,000		377,029

Series 2017C, GO, 5.00%, 10/1/2023		255,000		280,300

Series A, GO, 5.00%, 1/1/2025		50,000		57,675

County of Oneida, Public Improvement

GO, 5.00%, 3/15/2022		50,000		51,314

GO, 3.00%, 4/15/2022		200,000		203,597

County of Onondaga

GO, 5.00%, 2/1/2022		25,000		25,507

GO, 4.00%, 5/1/2022		25,000		25,646

County of Orange Series 2012B, GO, 5.00%, 7/1/2022		55,000		57,238

County of Rensselaer, Public Improvement GO, 5.00%, 8/15/2022		25,000		26,172

County of Suffolk

Series 2015B, GO, AGM, 5.00%, 10/1/2021		60,000		60,233

Series B, GO, AGM, 4.00%, 10/15/2021		50,000		50,228

Series A, GO, AGM, 4.00%, 2/1/2022		150,000		152,367

Series 2020B, GO, AGM, 5.00%, 5/15/2022		3,000,000		3,101,382

Series 2015B, GO, AGM, 5.00%, 10/1/2022		20,000		21,038

Series B, GO, AGM, 4.00%, 10/15/2022		100,000		104,255

County of Suffolk, Public Improvement

Series 2013B, GO, AGM, 4.00%, 10/15/2021 (b)		25,000		25,113

Series 2019B, GO, AGM, 5.00%, 10/15/2021		150,000		150,863

County of Sullivan, Public Improvement

GO, 3.00%, 11/15/2021		50,000		50,281

SEE NOTES TO FINANCIAL STATEMENTS.



312	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New York — continued

GO, 3.00%, 5/15/2022		60,000		61,168

GO, 5.00%, 7/15/2022		25,000		26,036

County of Tompkins, Public Improvement GO, 3.00%, 2/1/2022		25,000		25,298

County of Ulster, Public Improvement

GO, 4.50%, 11/15/2021		35,000		35,310

GO, 5.00%, 11/15/2021		170,000		171,678

County of Wake, Public Improvement GO, 4.00%, 12/1/2021		30,000		30,292

County of Warren, Public Improvement

Series A, GO, 3.00%, 2/1/2022		30,000		30,365

GO, AGM, 5.00%, 7/15/2022		75,000		78,208

County of Wayne GO, 5.00%, 12/1/2022		155,000		164,510

County of Wayne, Public Improvement GO, 4.50%, 6/1/2022		25,000		25,826

County of Westchester

Series 2015B, GO, 5.00%, 11/15/2021		40,000		40,400

Series 2018A, GO, 5.00%, 12/1/2021		200,000		202,436

Series 2016A, GO, 5.00%, 1/1/2022		155,000		157,524

Series 2019A, GO, 5.00%, 1/15/2022		25,000		25,455

Series 2012B, GO, 5.00%, 7/1/2022		25,000		26,022

Depew Union Free School District GO, 5.00%, 6/1/2022		55,000		57,010

Dutchess County Local Development Corp., Marist College Project Series 2015A, Rev., 5.00%, 7/1/2022		50,000		52,039

Dutchess County Local Development Corp., Nuvance Health Issue Series 2019B, Rev., 5.00%, 7/1/2023		400,000		433,930

East Greenbush Central School District Series 2019A, GO, 5.00%, 12/15/2022		30,000		31,894

East Irondequoit Central School District GO, 4.00%, 6/15/2022		35,000		36,051

East Islip Union Free School District, Unlimited Tax Series 2010B, GO, 3.25%, 3/15/2022		40,000		40,679

East Syracuse-Minoa Central School District GO, 5.00%, 12/15/2021		40,000		40,559

Edgemont Union Free School District at Greenburgh GO, 4.00%, 8/15/2022		25,000		25,934


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured

Series 2017D, Rev., 5.00%, 9/1/2021		20,000		20,000

Series 2011C, Rev., 5.00%, 12/1/2021 (b)		245,000		247,967

Series 2013A, Rev., 5.00%, 3/15/2022		45,000		46,190

Series 2016A, Rev., 5.00%, 5/15/2022		65,000		67,253

Rev., 5.00%, 9/1/2022		25,000		26,229

Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project

Series 2012A, Rev., 5.00%, 5/1/2022		120,000		123,905

Series 2015A, Rev., 5.00%, 5/1/2022		220,000		227,160

Rev., 5.00%, 5/1/2023		150,000		162,160

Series A, Rev., 5.00%, 5/1/2023		110,000		113,560

Rev., 5.00%, 5/1/2024		50,000		56,326

Erie County Water Authority Rev., 5.00%, 12/1/2022		55,000		58,375

Fairport Central School District

GO, 3.00%, 3/1/2022		30,000		30,432

GO, 4.00%, 6/15/2022		50,000		51,529

Fayetteville-Manlius Central School District GO, 2.60%, 7/15/2022		135,000		137,649

Fillmore Central School District GO, AGM, 5.00%, 6/15/2022		50,000		51,930

Freeport Union Free School District

GO, 5.00%, 12/1/2021		50,000		50,610

GO, 5.00%, 4/1/2022		60,000		61,719

GO, 5.00%, 12/1/2022		50,000		53,068

Friendship Central School District GO, AGM, 2.00%, 6/15/2023		260,000		268,597

Garden City Union Free School District GO, 2.00%, 1/15/2022		25,000		25,179

Goshen Central School District GO, 2.00%, 12/1/2022		35,000		35,839

Grand Island Central School District

GO, 5.00%, 12/1/2021		75,000		75,906

GO, 5.00%, 12/1/2022		70,000		74,250

Greece Central School District GO, 4.00%, 12/15/2021		50,000		50,550

Half Hollow Hills Central School District Series 2013B, GO, 4.00%, 8/15/2022		20,000		20,745

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	313

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New York — continued

Hammondsport Central School District GO, 2.00%, 6/15/2023		75,000		77,248

Harborfields Central School District GO, 5.00%, 3/1/2022		45,000		46,104

Haverstraw-Stony Point Central School District GO, 5.00%, 10/15/2022		50,000		52,721

Hicksville Water District GO, 5.00%, 12/15/2021		25,000		25,353

Hudson Yards Infrastructure Corp., Second Indenture

Series 2017A, Rev., 3.00%, 2/15/2022		85,000		86,075

Series 2017A, Rev., 5.00%, 2/15/2022		145,000		148,145

Rev., 5.00%, 2/15/2023		100,000		106,923

Island Trees Union Free School District GO, 4.00%, 8/1/2023		25,000		25,890

Islip Union Free School District GO, 2.25%, 3/1/2022		50,000		50,531

Ithaca City School District

GO, AGM, 2.00%, 7/1/2022		45,000		45,699

GO, 4.00%, 7/1/2022		105,000		108,348

Katonah-Lewisboro Union Free School District Series 2016A, GO, 5.00%, 11/15/2021		45,000		45,451

Kings Park Central School District GO, 2.25%, 8/1/2022		70,000		71,389

Lakeland Central School District GO, 5.00%, 10/15/2021		35,000		35,206

Lancaster Central School District GO, 5.00%, 6/1/2022		35,000		36,287

Lindenhurst Union Free School District GO, 2.25%, 9/1/2021		75,000		75,000

Long Island Power Authority, Electric System

Series 2016B, Rev., 5.00%, 9/1/2021 (b)		25,000		25,000

Rev., AGM, Zero Coupon, 6/1/2022		480,000		478,405

Series 2015B, Rev., 5.00%, 9/1/2022		75,000		78,648

Series 2016B, Rev., 5.00%, 9/1/2022		55,000		57,675

Series B, Rev., 5.00%, 9/1/2022		20,000		20,973

Series 2016B, Rev., 5.00%, 9/1/2023		220,000		241,211

Series 2020B, Rev., 0.85%, 9/1/2025 (c)		125,000		125,569

Rev., 1.00%, 9/1/2025		290,000		293,440


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series B, Rev., 5.00%, 9/1/2026		200,000		209,624

Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2022		65,000		67,509

Madison County Capital Resource Corp., Colgate University Project Series 2013A, Rev., 5.00%, 7/1/2022		50,000		52,039

Maine-Endwell Central School District

GO, BAN, 2.00%, 10/1/2021		1,487,680		1,489,938

GO, 4.00%, 6/15/2022		35,000		36,039

Manhasset Union Free School District Series 2016B, GO, 5.00%, 1/15/2022		25,000		25,456

Marlboro Central School District GO, 5.00%, 12/15/2021		40,000		40,553

Metropolitan Transportation Authority

Series 2018C, Subseries 2018C-2, Rev., BAN, 5.00%, 9/1/2021		355,000		355,000

Series 2011D, Rev., 4.00%, 11/15/2021 (b)		175,000		176,383

Series 2012H, Rev., 4.00%, 11/15/2021 (b)		435,000		438,438

Series 2013A, Rev., 4.00%, 11/15/2021 (b)		35,000		35,277

Series 2018B, Rev., 4.00%, 11/15/2021		315,000		317,436

Series 2011D, Rev., 4.50%, 11/15/2021 (b)		75,000		75,669

Series 2011A, Rev., AGM, 5.00%, 11/15/2021 (b)		45,000		45,447

Series 2011A, Rev., 5.00%, 11/15/2021 (b)		310,000		313,079

Series 2011C, Rev., 5.00%, 11/15/2021 (b)		340,000		343,374

Series 2011C, Rev., AGM, 5.00%, 11/15/2021 (b)		40,000		40,397

Series 2011D, Rev., 5.00%, 11/15/2021 (b)		755,000		762,479

Series 2012B, Rev., 5.00%, 11/15/2021		150,000		151,470

Series 2012C, Rev., 5.00%, 11/15/2021		100,000		100,980

Series 2012D, Rev., 5.00%, 11/15/2021		310,000		313,038

Series 2012E, Rev., 5.00%, 11/15/2021		45,000		45,441

Series 2012F, Rev., 5.00%, 11/15/2021		830,000		838,135

SEE NOTES TO FINANCIAL STATEMENTS.



314	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New York — continued

Series 2013D, Rev., 5.00%, 11/15/2021		100,000		100,980

Series 2013E, Rev., 5.00%, 11/15/2021		125,000		126,225

Series 2014B, Rev., 5.00%, 11/15/2021		40,000		40,392

Series 2014C, Rev., 5.00%, 11/15/2021		25,000		25,245

Series 2015F, Rev., 5.00%, 11/15/2021		150,000		151,470

Series 2016B, Rev., 5.00%, 11/15/2021		70,000		70,686

Series 2016D, Rev., 5.00%, 11/15/2021		130,000		131,274

Series 2017B, Rev., 5.00%, 11/15/2021		100,000		100,980

Series C-1, Rev., 5.00%, 11/15/2021		190,000		191,862

Subseries A-1, Rev., 5.00%, 11/15/2021		190,000		191,862

Series 2003B, Rev., FGIC, NATL-RE, 5.25%, 11/15/2021		95,000		95,970

Series 2020A-2S, Rev., BAN, 4.00%, 2/1/2022		105,000		106,627

Series 2019B-1, Rev., BAN, 5.00%, 5/15/2022		740,000		764,818

Series 2019D-1, Rev., BAN, 5.00%, 9/1/2022		120,000		125,611

Series 2012C, Rev., 5.00%, 11/15/2022 (b)		55,000		58,232

Series 2012E, Rev., 5.00%, 11/15/2022 (b)		120,000		127,051

Series 2013A, Rev., 5.00%, 5/15/2023 (b)		40,000		43,269

Metropolitan Transportation Authority, Dedicated Tax Fund

Series 2019A, Rev., BAN, 5.00%, 9/10/2021		1,580,000		1,617,799

Subseries 2002B-1, Rev., 2.00%, 11/1/2021		50,000		50,155

Series 2008B, Subseries 2008B-4, Rev., 5.00%, 11/15/2021		325,000		328,226

Series 2011A, Rev., 5.00%, 11/15/2021		65,000		65,645

Series 2012A, Rev., 5.00%, 11/15/2021		285,000		287,829

Series 2017A, Rev., 5.00%, 11/15/2021		70,000		70,695


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Subseries 2016B-1, Rev., 5.00%, 11/15/2021		90,000		90,893

Subseries B-4, Rev., 5.00%, 11/15/2021 (b)		85,000		85,844

Series 2002B-1, Rev., 3.00%, 11/1/2022		30,000		31,001

Series B-1, Rev., 4.00%, 11/15/2022		70,000		73,256

Series 2012A, Rev., 5.00%, 11/15/2022		60,000		63,512

Series 2016A, Rev., 5.00%, 11/15/2022		150,000		158,779

Series 2016A, Rev., 5.00%, 11/15/2023		100,000		110,599

Series 2012A, Rev., 5.00%, 11/15/2024		590,000		623,648

Series 2013B-1, Rev., 5.00%, 11/15/2024		125,000		137,986

Middletown City School District

GO, 5.00%, 9/15/2021		65,000		65,114

GO, 4.00%, 6/15/2022		25,000		25,757

Minisink Valley Central School District

GO, 5.00%, 12/1/2021		120,000		121,465

GO, 4.00%, 4/15/2022		55,000		56,340

GO, 4.00%, 6/15/2022		65,000		67,009

Monroe County Industrial Development Corp., Rochester Schools Modernization Project

Rev., 5.00%, 5/1/2022		50,000		51,597

Series 2012A, Rev., 5.00%, 5/1/2022		25,000		25,798

Monroe County Industrial Development Corp., University of Rochester Project

Series 2013B, Rev., 5.00%, 7/1/2022		25,000		26,021

Series 2015A, Rev., 5.00%, 7/1/2022		75,000		78,065

Series 2017C, Rev., 5.00%, 7/1/2023		70,000		76,262

Mount Sinai Union Free School District GO, 5.00%, 1/15/2022		55,000		56,003

Mount Vernon City School District

GO, 5.00%, 12/1/2021		25,000		25,289

GO, 5.00%, 12/1/2022		30,000		31,743

GO, 5.00%, 9/15/2023		25,000		27,391

Nanuet Union Free School District GO, 5.00%, 9/15/2021		50,000		50,089

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	315

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New York — continued

Nassau County Interim Finance Authority, Sales Tax

Series 2012A, Rev., 4.00%, 11/15/2021 (b)		110,000		110,848

Series 2015A, Rev., 5.00%, 11/15/2021 (b)		540,000		545,363

Series 2012A, Rev., 4.00%, 11/15/2022 (b)		35,000		36,592

Series 2015A, Rev., 5.00%, 11/15/2022 (b)		70,000		74,113

Nassau County Local Economic Assistance Corp., Winthrop-University Hospital Association Project Rev., 5.00%, 7/1/2022 (b)		50,000		52,033

New Hyde Park-Garden City Park Union Free School District GO, 5.00%, 11/15/2021		45,000		45,451

New Rochelle City School District

GO, 5.00%, 9/1/2021		45,000		45,000

GO, 5.00%, 9/1/2022		65,000		68,135

New York City Health and Hospitals Corp., Health System

Series 2013A, Rev., 5.00%, 2/15/2022		600,000		613,183

Series 2013A, Rev., 5.00%, 2/15/2023		285,000		304,990

Series 2020A, Rev., 3.00%, 2/15/2024		300,000		320,082

New York City Transitional Finance Authority Building Aid Series S-1, Rev., 5.00%, 7/15/2022		240,000		250,201

New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2003

Series 21-B, Rev., 4.00%, 11/1/2022		25,000		26,130

Series 21-A, Rev., 5.00%, 11/1/2022		95,000		100,397

Subseries 13, Rev., 5.00%, 11/1/2022		40,000		42,272

New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2007 Series 2007A, Subseries A-3, Rev., 5.00%, 8/1/2023		50,000		54,643

New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2012

Series 2012A, Rev., 5.00%, 11/1/2021		30,000		30,241


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2012C, Rev., 5.00%, 11/1/2021		35,000		35,283

Series 2012D, Subseries D-1, Rev., 5.00%, 11/1/2021		35,000		35,281

Series 2012E, Subseries E-1, Rev., 4.00%, 2/1/2022		40,000		40,650

New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2018

Series 2018B, Subseries B-1, Rev., 5.00%, 8/1/2022		35,000		36,570

Series 2018-1, Rev., 5.00%, 11/1/2022		50,000		52,841

New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2021 Series 2021C, Subseries C-1, Rev., 3.00%, 5/1/2022		140,000		142,717

New York City Transitional Finance Authority Future Tax Secured, Tax-Exempt, Fiscal Year 2013

Series B, Rev., 5.00%, 11/1/2021		610,000		614,937

Subseries E, Rev., 5.00%, 11/1/2021		30,000		30,243

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2013

Series 2013S-1, Rev., 4.00%, 7/15/2022		25,000		25,845

Series 2013S-1, Rev., 5.00%, 7/15/2023		90,000		93,809

Series 2013S-1, Rev., 5.00%, 7/15/2024		155,000		161,602

Series 2013S-1, Rev., 5.00%, 7/15/2025		90,000		93,825

Series 2013S-1, Rev., 5.00%, 7/15/2026		55,000		57,333

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015

Series S-1, Rev., 5.00%, 7/15/2022 (b)		200,000		208,514

Series S-1, Rev., 5.00%, 7/15/2023		50,000		54,537

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016 Series 2016S-1, Rev., 5.00%, 7/15/2023 (b)		25,000		27,268

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018

Series 2018S-4A, Rev., 3.00%, 7/15/2022		100,000		102,513

SEE NOTES TO FINANCIAL STATEMENTS.



316	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New York — continued

Series 2018S-4, Rev., 5.00%, 7/15/2023 (b)		65,000		70,896

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019

Series 2019S-1, Rev., 5.00%, 7/15/2022		25,000		26,063

Series 2019S-3, Subseries S-3A, Rev., 5.00%, 7/15/2023		120,000		130,888

Series 2019S-3, Subseries S-3A, Rev., 5.00%, 7/15/2024		50,000		56,890

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2021 Series 2020S-1, Rev., 5.00%, 7/15/2022		100,000		104,251

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003

Series A-1, Rev., 5.00%, 11/1/2021		350,000		352,816

Subseries 13, Rev., 5.00%, 11/1/2021		115,000		115,931

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012

Series 2012C, Rev., 3.00%, 11/1/2021		250,000		251,204

Series 2012A, Rev., 5.00%, 11/1/2021		325,000		327,614

Subseries 2012D-1, Rev., 5.00%, 11/1/2021		120,000		120,963

Series 2012E-1, Rev., 5.00%, 2/1/2022		50,000		51,019

Series E, Subseries 2012E-1, Rev., 5.00%, 2/1/2025		455,000		464,198

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013

Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/1/2021 (c)		1,955,000		1,955,000

Series 2013I, Rev., 5.00%, 5/1/2022		135,000		139,412

Series 2013D, Rev., 5.00%, 11/1/2022		85,000		89,829

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014

Subseries 2014C, Rev., 5.00%, 11/1/2021		195,000		196,578


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2014A-1, Rev., 5.00%, 11/1/2022		125,000		132,101

Subseries 2014C, Rev., 5.00%, 11/1/2022		185,000		195,510

Series 2014C, Rev., 5.00%, 11/1/2023		40,000		44,187

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015

Subseries A-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (c)		725,000		725,000

Series 2015C, Rev., 5.00%, 11/1/2021		180,000		181,457

Series 2015E-1, Rev., 5.00%, 2/1/2022		145,000		147,956

Series B, Subseries B-1, Rev., 5.00%, 8/1/2022		20,000		20,897

Subseries 2015A-1, Rev., 5.00%, 8/1/2022		20,000		20,897

Series C, Rev., 5.00%, 11/1/2022		55,000		58,125

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Series 2016A-1, Rev., 4.00%, 8/1/2023		25,000		26,844

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Subseries F-1, Rev., 5.00%, 5/1/2023		20,000		21,618

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 2018A-1, Rev., 5.00%, 8/1/2022		235,000		245,542

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Subseries B-1, Rev., 5.00%, 8/1/2022		150,000		156,729

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		30,980

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021

Series 2021A, Rev., 5.00%, 11/1/2021		720,000		725,827

Series 2021A, Rev., 3.00%, 11/1/2022		315,000		325,570

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	317

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New York — continued

Series 2021-1, Rev., 5.00%, 11/1/2025		40,000		47,732

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt

Series F-1, Rev., 5.00%, 2/1/2022		165,000		168,363

Subseries F-1, Rev., 5.00%, 5/1/2022		135,000		139,412

Series 2013B, Rev., 5.00%, 11/1/2022		150,000		158,521

Series F-1, Rev., 5.00%, 2/1/2023		220,000		235,153

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2012

Series D, Subseries D-1, Rev., 5.00%, 11/1/2021		30,000		30,241

Series E, Subseries E-1, Rev., 5.00%, 2/1/2023		45,000		45,908

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2013

Rev., 2.00%, 11/1/2021		25,000		25,080

Series 2013H, Rev., 5.00%, 11/1/2021		30,000		30,243

Series 2013G, Rev., 4.00%, 11/1/2022		25,000		26,130

Series B, Rev., 5.00%, 11/1/2023		25,000		26,423

Series D, Rev., 5.00%, 11/1/2023		25,000		26,423

Series 2013C, Subseries C-1, Rev., 5.00%, 11/1/2025		140,000		147,936

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2016

Series 2016C, Rev., 5.00%, 11/1/2021		145,000		146,173

Subseries E-1, Rev., 5.00%, 2/1/2022		40,000		40,815

Series 2016C, Rev., 5.00%, 11/1/2022		70,000		73,977

Series 2016E-1, Rev., 5.00%, 2/1/2025		25,000		29,045

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2017

Series C, Rev., 5.00%, 11/1/2021		125,000		126,012

Series 2017B, Subseries B-1, Rev., 5.00%, 8/1/2022		25,000		26,122

Series C, Rev., 5.00%, 11/1/2022		25,000		26,420


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020

Series 2020B-1, Rev., 5.00%, 11/1/2021		95,000		95,769

Subseries A-1, Rev., 5.00%, 5/1/2022		175,000		180,719

New York City Water and Sewer System, Fiscal Year 2012

Subseries A-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (c)		3,500,000		3,500,000

Subseries A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (c)		655,000		655,000

New York City Water and Sewer System, Second General Resolution Rev., 5.00%, 6/15/2022 (b)		75,000		77,887

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2009 Series 2009BB-1, Rev., VRDO, LIQ: UBS AG, 0.01%, 9/10/2021 (c)		4,485,000		4,485,000

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series 2010CC, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 9/1/2021 (c)		25,000,000		25,000,000

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012

Series FF, Rev., 5.00%, 9/10/2021 (b)		30,000		31,155

Series 2012EE, Rev., 4.00%, 6/15/2022 (b)		100,000		103,064

Series 2012EE, Rev., 5.00%, 6/15/2022 (b)		80,000		83,079

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2013

Series AA, Subseries AA-1, Rev., VRDO, LIQ: PNC Bank NA, 0.03%, 9/9/2021 (c)		8,815,000		8,815,000

Series 2013CC, Rev., 5.00%, 6/15/2023 (b)		25,000		27,143

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series 2014DD, Rev., 5.00%, 6/15/2022 (b)		280,000		290,778

SEE NOTES TO FINANCIAL STATEMENTS.



318	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New York — continued

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2017 Series 2017CC, Rev., 5.00%, 6/15/2023		955,000		968,338

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019

Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 0.07%, 9/9/2021 (c)		22,450,000		22,450,000

Series 2019DD-2, Rev., 5.00%, 9/10/2021		35,000		37,200

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series 2020CC-2, Rev., 5.00%, 6/15/2022 (b)		100,000		103,849

New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured Series 2016B, Rev., 5.00%, 11/15/2022		30,000		31,551

New York Local Government Assistance Corp., Subordinate Lien Series 2012A, Rev., 5.00%, 4/1/2022 (b)		30,000		30,837

New York Municipal Bond Bank Agency, Prior Year Claims

Series 2012A, Rev., 5.00%, 12/1/2021		280,000		283,418

Series 2012A, Rev., 5.00%, 12/1/2022		40,000		42,454

New York Power Authority Series 2011A, Rev., 5.00%, 11/15/2022 (b)		175,000		185,283

New York State Dormitory Authority, Barnard College Series 2015A, Rev., 5.00%, 7/1/2022		150,000		156,117

New York State Dormitory Authority, Bidding Group 1 Bonds Series 2018C, Rev., 5.00%, 3/15/2022		30,000		30,794

New York State Dormitory Authority, Columbia University

Series 2012A, Rev., 5.00%, 9/1/2021		125,000		125,497

Series 2011A, Rev., 5.00%, 10/1/2021		45,000		45,179

Series 2016B, Rev., 5.00%, 10/1/2021		170,000		170,677

Series 2012A, Rev., 5.00%, 10/1/2022		180,000		189,581

Series B, Rev., 5.00%, 10/1/2022		70,000		73,726


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

New York State Dormitory Authority, Cornell University Series 2019A, Rev., 4.00%, 7/1/2022		20,000		20,653

New York State Dormitory Authority, Court Facility Lease

Rev., AMBAC, 5.50%, 5/15/2022		265,000		275,117

Rev., 5.00%, 8/1/2022		140,000		146,161

New York State Dormitory Authority, Department of Health

Series 2016A, Rev., 5.00%, 7/1/2022		245,000		255,034

Series 2016A, Rev., 5.00%, 7/1/2023		25,000		27,207

New York State Dormitory Authority, Fordham University

Series 2016A, Rev., 4.00%, 7/1/2022		100,000		103,248

Rev., 5.00%, 7/1/2023		200,000		217,968

New York State Dormitory Authority, Harborfields Public Library Rev., 4.00%, 7/1/2022		40,000		41,306

New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai

Series 2015A, Rev., 5.00%, 7/1/2022		100,000		104,078

Rev., 5.00%, 7/1/2023		225,000		244,997

Series 2015A, Rev., 5.00%, 7/1/2024		260,000		294,712

Series 2015A, Rev., 5.00%, 7/1/2025		35,000		41,078

New York State Dormitory Authority, Master Boces Program Lease Rev., 5.00%, 8/15/2022		60,000		62,806

New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center

Series 2012-1, Rev., 4.00%, 1/1/2022 (b)		25,000		25,323

Series 2012-1, Rev., 4.38%, 1/1/2022 (b)		285,000		289,035

Rev., 5.00%, 1/1/2022 (b)		50,000		50,811

Series 2012-1, Rev., 5.00%, 1/1/2022 (b)		270,000		274,380

Rev., NATL-RE, 5.50%, 7/1/2023		655,000		702,258

New York State Dormitory Authority, Mount Sinai School of Medical Series 1994A, Rev., NATL-RE, 5.15%, 7/1/2024		100,000		108,741

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	319

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New York — continued

New York State Dormitory Authority, Municipal Health Facilities Improvement Program Series 2018-1, Rev., 5.00%, 1/15/2025		200,000		230,440

New York State Dormitory Authority, New York University

Series 2012A, Rev., 3.75%, 7/1/2022 (b)		50,000		51,502

Series 2015A, Rev., 5.00%, 7/1/2022		95,000		98,882

Series 2017A, Rev., 5.00%, 7/1/2022		230,000		239,400

Series 2016A, Rev., 5.00%, 7/1/2023		95,000		103,406

Series 2017A, Rev., 5.00%, 7/1/2023		35,000		38,097

New York State Dormitory Authority, New York University Hospitals Center, Langone Hospitals Obligated Group

Series 2016A, Rev., 4.00%, 7/1/2022		55,000		56,716

Rev., 5.00%, 7/1/2022		405,000		420,996

Rev., 5.00%, 7/1/2023		295,000		320,478

Rev., 5.00%, 7/1/2024		790,000		893,551

Rev., 5.00%, 7/1/2026		465,000		524,402

New York State Dormitory Authority, Northwell Health Obligated Group

Series 2019A, Rev., 5.00%, 5/1/2022		305,000		314,655

Series 2019B-1, Rev., 5.00%, 5/1/2022 (c)		6,565,000		6,615,711

Rev., 5.00%, 5/1/2023		200,000		215,759

Series 2015A, Rev., 5.00%, 5/1/2023		565,000		609,519

Series 2019B2, Rev., 5.00%, 5/1/2024 (c)		85,000		93,585

Rev., 5.00%, 5/1/2025		300,000		349,709

New York State Dormitory Authority, NYSARC, Inc. Rev., 5.00%, 7/1/2022		145,000		150,938

New York State Dormitory Authority, Rochester Institute of Technology

Rev., 4.00%, 7/1/2022 (b)		140,000		144,472

Rev., 5.00%, 7/1/2022 (b)		50,000		52,012

New York State Dormitory Authority, School Districts Financing Program

Series 2016H, Rev., 1.25%, 10/1/2021		125,000		125,120


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2017A, Rev., 4.00%, 10/1/2021		25,000		25,079

Series 2018C-1, Rev., 4.00%, 10/1/2021		25,000		25,079

Series B, Rev., 4.00%, 10/1/2021		135,000		135,429

Series 2011A, Rev., 5.00%, 10/1/2021		325,000		326,293

Series 2011H, Rev., AGM, 5.00%, 10/1/2021		75,000		75,299

Series 2013A, Rev., AGM, 5.00%, 10/1/2021		30,000		30,116

Series 2014A, Rev., AGM, 5.00%, 10/1/2021		95,000		95,378

Series 2017F, Rev., 5.00%, 10/1/2021		750,000		752,972

Series 2018A, Rev., 5.00%, 10/1/2021		710,000		712,825

Series 2019A, Rev., 5.00%, 10/1/2021		215,000		215,854

Series 2020A, Rev., AGM, 5.00%, 10/1/2021		135,000		135,537

Series A, Rev., 5.00%, 10/1/2021		80,000		80,317

Series E, Rev., 5.00%, 10/1/2021		45,000		45,178

Series 2015A, Rev., AGM, 4.00%, 4/1/2022		20,000		20,456

Series A, Rev., 5.00%, 4/1/2022		50,000		51,417

Rev., 4.00%, 10/1/2022		125,000		130,206

Series 2018C, Rev., 4.00%, 10/1/2022		45,000		46,849

Series A, Rev., 4.00%, 10/1/2022		75,000		78,124

Series C, Rev., 4.00%, 10/1/2022		45,000		46,689

Series 2013E, Rev., AGM, 5.00%, 10/1/2022		25,000		26,291

Series 2014A, Rev., AGM, 5.00%, 10/1/2022		20,000		20,986

Series 2014E, Rev., AGM, 5.00%, 10/1/2022		50,000		52,583

Series 2015B, Rev., AGM, 5.00%, 10/1/2022		65,000		68,329

Series 2017G, Rev., 5.00%, 10/1/2022		35,000		36,863

Series 2018A, Rev., 5.00%, 10/1/2022		125,000		131,653

Series 2019A, Rev., 5.00%, 10/1/2022		230,000		242,242

Series A, Rev., 5.00%, 10/1/2022		160,000		167,980

Series H, Rev., 5.00%, 10/1/2022		30,000		31,597

Series 2017G, Rev., 4.00%, 10/1/2023		20,000		21,561

SEE NOTES TO FINANCIAL STATEMENTS.



320	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New York — continued

Series 2012D, Rev., AGM, 5.00%, 10/1/2023		300,000		315,699

Series 2014A, Rev., AGM, 5.00%, 10/1/2023		50,000		54,719

Series 2015D, Rev., 5.00%, 10/1/2023		20,000		21,888

Series 2016G, Rev., 5.00%, 10/1/2023		40,000		43,872

Series 2017F, Rev., 5.00%, 10/1/2023		150,000		163,632

Series 2017G, Rev., 5.00%, 10/1/2023		30,000		32,963

Series 2019A, Rev., 5.00%, 10/1/2023		235,000		258,005

Series 2015D, Rev., 5.00%, 10/1/2024		165,000		187,441

Series C, Rev., 5.00%, 10/1/2024		100,000		105,098

Series 2017G, Rev., 5.00%, 10/1/2025		1,375,000		1,626,277

Series H, Rev., 5.00%, 10/1/2025		135,000		141,898

New York State Dormitory Authority, Smithtown Special Library Rev., 5.00%, 7/1/2022		215,000		223,786

New York State Dormitory Authority, St. John’s University

Series 2012B, Rev., 5.00%, 7/1/2022 (b)		25,000		26,006

Series 2007C, Rev., NATL-RE, 5.25%, 7/1/2023		60,000		65,607

New York State Dormitory Authority, State Personal Income Tax

Series 2012A, Rev., 4.00%, 12/15/2021		50,000		50,563

Series 2018A, Rev., 5.00%, 3/15/2022		25,000		25,661

Series 2005B, Rev., AMBAC, 5.50%, 3/15/2022		35,000		36,018

Series 2011E, Rev., 4.00%, 8/15/2022		140,000		140,442

Series 2012A, Rev., 5.00%, 12/15/2022		450,000		478,311

Series 2013A, Rev., 5.00%, 2/15/2023 (b)		25,000		26,767

Series 2017A, Rev., 5.00%, 2/15/2023 (b)		20,000		21,402

Series 2017B, Rev., 5.00%, 2/15/2023 (b)		595,000		636,751

Series 2005B, Rev., AMBAC, 5.50%, 3/15/2023		30,000		32,473


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2012A, Rev., 5.00%, 12/15/2023		95,000		100,971

Series 2015B, Rev., 5.00%, 2/15/2024		20,000		22,370

Series B, Rev., AMBAC, 5.50%, 3/15/2024		100,000		113,503

New York State Dormitory Authority, State Personal Income Tax, General Purpose

Series 2020A, Rev., 5.00%, 9/15/2021		375,000		375,668

Series 2012A, Rev., 5.00%, 12/15/2021		1,100,000		1,115,538

Series 2012D, Rev., 2.00%, 2/15/2022		40,000		40,350

Series 2014E, Rev., 4.00%, 2/15/2022		20,000		20,356

Series 2014A, Rev., 5.00%, 2/15/2022		365,000		373,155

Series 2014E, Rev., 5.00%, 2/15/2022		190,000		194,245

Series 2016D, Rev., 5.00%, 2/15/2022		135,000		138,004

Series 2017A, Rev., 5.00%, 2/15/2022		490,000		500,948

Series 2012B, Rev., 5.00%, 3/15/2022		95,000		97,513

Series 2014C, Rev., 5.00%, 3/15/2022		375,000		384,919

Series 2015A, Rev., 5.00%, 3/15/2022		290,000		297,671

Series 2015E, Rev., 5.00%, 3/15/2022		180,000		184,761

Series 2012A, Rev., 4.00%, 12/15/2022 (b)		85,000		89,248

Series 2013A, Rev., 5.00%, 2/15/2023		50,000		53,537

Series 2015B, Rev., 5.00%, 2/15/2023		120,000		128,490

Series 2016D, Rev., 5.00%, 2/15/2023 (b)		105,000		112,419

Series A, Rev., 5.00%, 2/15/2023 (b)		30,000		32,120

Series 2015A, Rev., 5.00%, 3/15/2023 (b)		75,000		80,603

Series 2015E, Rev., 5.00%, 3/15/2023 (b)		190,000		204,195

Series A, Rev., 5.00%, 3/15/2023 (b)		45,000		48,362

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	321

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New York — continued

Series 2014A, Rev., 4.00%, 2/15/2024 (b)		35,000		38,298

Series 2012E, Rev., 5.00%, 2/15/2024		400,000		408,863

Series 2019D, Rev., 5.00%, 2/15/2024		40,000		44,740

Series 2018A, Rev., 5.00%, 3/15/2024 (b)		525,000		589,429

Series 2012A, Rev., 5.00%, 12/15/2025		110,000		116,795

New York State Dormitory Authority, State Sales Tax

Series 2013A, Rev., 5.00%, 3/15/2022		305,000		313,067

Series 2014A, Rev., 5.00%, 3/15/2022		200,000		205,290

Series 2015A, Rev., 5.00%, 3/15/2022		80,000		82,116

Series 2015B, Rev., 5.00%, 3/15/2022		100,000		102,645

Series 2018A, Rev., 5.00%, 3/15/2022		50,000		51,323

Series 2018E, Rev., 5.00%, 3/15/2022		25,000		25,661

Series 2013A, Rev., 5.00%, 3/15/2023		145,000		155,837

Series 2015A, Rev., 5.00%, 3/15/2023		125,000		134,345

Series 2015B, Rev., 5.00%, 3/15/2023		25,000		26,869

Series 2017A, Rev., 5.00%, 3/15/2023		25,000		26,869

Series A, Rev., 5.00%, 3/15/2023		90,000		96,728

Series 2013A, Rev., 5.00%, 3/15/2024		340,000		365,417

Series 2016A, Rev., 5.00%, 3/15/2024		50,000		56,119

New York State Dormitory Authority, State University Dormitory Facilities

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		125,000		130,084

Series 2013A, Rev., 5.00%, 7/1/2022 (b)		25,000		26,017

Series 2015A, Rev., 5.00%, 7/1/2022 (b)		185,000		192,444

Series 2013A, Rev., 5.00%, 7/1/2023		75,000		81,535

Series 2013A, Rev., 5.00%, 7/1/2024		315,000		342,233


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		29,944

New York State Dormitory Authority, Third General Resolution, State University Educational Facilities

Series 2012A, Rev., 4.00%, 5/15/2022		205,000		210,622

Series 2012A, Rev., 5.00%, 5/15/2022		295,000		305,161

Series 2012A, Rev., 5.00%, 5/15/2023		750,000		775,795

Series 2005A, Rev., NATL-RE, 5.50%, 5/15/2023		30,000		32,749

Rev., 5.00%, 5/15/2024		535,000		553,351

New York State Energy Research and Development Authority, Electric and Gas Corp. Project Series 2004C, Rev., 2.63%, 7/3/2023 (c)		270,000		279,682

New York State Environmental Facilities Corp., Master Financing Program

Rev., 5.00%, 11/15/2021		20,000		20,200

Series 2016B, Rev., 5.00%, 2/15/2022		25,000		25,557

Series 2015B, Rev., 5.00%, 3/15/2022		120,000		123,168

New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution

Series 2017E, Rev., 4.00%, 6/15/2022		30,000		30,925

Series 2012A, Rev., 5.00%, 6/15/2022		25,000		25,967

Series 2012D, Rev., 5.00%, 6/15/2022		25,000		25,967

Series 2020A, Rev., 5.00%, 6/15/2022		35,000		36,354

Series 2015A, Rev., 5.00%, 6/15/2023		20,000		21,746

Series 2012A, Rev., 5.00%, 6/15/2025		25,000		25,959

New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program

Series 2013B, Rev., 5.00%, 5/15/2022		25,000		25,865

SEE NOTES TO FINANCIAL STATEMENTS.



322	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New York — continued

Series 2012D, Rev., 5.00%, 9/15/2022		50,000		52,547

New York State Housing Finance Agency, 160 Madison Avenue LLC Series 2013A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.01%, 9/3/2021 (c)		20,000,000		20,000,000

New York State Housing Finance Agency, Affordable Housing, Green Bond Series 2018I, Rev., 2.35%, 9/1/2021		50,000		51,223

New York State Thruway Authority

Series K, Rev., 4.00%, 1/1/2022		125,000		126,589

Series I, Rev., 5.00%, 1/1/2022 (b)		1,400,000		1,422,647

Series J, Rev., 5.00%, 1/1/2022		180,000		182,882

Series K, Rev., 5.00%, 1/1/2022		280,000		284,483

Series L, Rev., 5.00%, 1/1/2022		65,000		66,041

Series I, Rev., 5.00%, 1/1/2023		75,000		76,189

Series K, Rev., 5.00%, 1/1/2023		155,000		164,881

Series L, Rev., 5.00%, 1/1/2023		205,000		218,068

Series J, Rev., 5.00%, 1/1/2024		70,000		77,786

Series J, Rev., 5.00%, 1/1/2026		55,000		61,077

New York State Thruway Authority, Highway and Bridge Trust Fund

Series 2012A, Rev., 4.00%, 4/1/2022		25,000		25,569

Series 2012A, Rev., 5.00%, 4/1/2022		575,000		591,435

Series 2012A, Rev., 5.00%, 4/1/2024		45,000		46,281

New York State Thruway Authority, State Personal Income Tax, Transportation

Series 2012A, Rev., 5.00%, 9/15/2021		70,000		70,122

Series 2012A, Rev., 5.00%, 3/15/2022		190,000		195,015

Series 2013A, Rev., 5.00%, 3/15/2022		75,000		76,980

Series A, Rev., 5.00%, 3/15/2023		25,000		26,869

New York State Urban Development Corp., State Personal Income Tax Series 2013D, Rev., 5.00%, 3/15/2024		110,000		118,170

New York State Urban Development Corp., State Personal Income Tax, General Purpose

Series 2013C, Rev., 5.00%, 3/15/2022		55,000		56,452


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2013D, Rev., 5.00%, 3/15/2022		350,000		359,238

Series 2013E-A, Rev., 5.00%, 3/15/2022		135,000		138,563

Series 2014A-A, Rev., 5.00%, 3/15/2022		270,000		277,127

Series 2015A, Rev., 5.00%, 3/15/2022		100,000		102,639

Series A, Rev., 5.00%, 3/15/2022		345,000		354,012

Series A-1, Rev., 5.00%, 3/15/2022		155,000		159,091

Series A-2, Rev., NATL-RE, 5.50%, 3/15/2022		40,000		41,163

Series 2013C, Rev., 5.00%, 3/15/2023		25,000		26,869

Series 2013D, Rev., 5.00%, 3/15/2023		45,000		48,364

Series 2016A, Rev., 5.00%, 3/15/2023		160,000		171,961

Series 2020C, Rev., 5.00%, 3/15/2023		25,000		26,869

Series A-1, Rev., 5.00%, 3/15/2023		30,000		32,243

Series 2014A, Rev., 5.00%, 3/15/2024		60,000		67,343

New York State Urban Development Corp., State Sales Tax Series 2019A, Rev., 5.00%, 3/15/2022		55,000		56,452

Niskayuna Central School District GO, 4.00%, 4/15/2022		120,000		122,840

North Salem Central School District GO, 3.00%, 6/15/2022		45,000		46,012

Oyster Bay-East Norwich Central School District

GO, 4.00%, 9/15/2021		50,000		50,071

GO, 4.00%, 9/15/2022		65,000		67,631

Patchogue-Medford Union Free School District Series 2012B, GO, AGM, 5.00%, 7/1/2022		30,000		31,213

Pelham Union Free School District GO, 5.00%, 8/15/2022		20,000		20,937

Penfield Central School District GO, 4.00%, 6/15/2022		20,000		20,604

Penn Yan Central School District GO, 2.00%, 12/15/2021		75,000		75,383

Pittsford Central School District

GO, 4.00%, 10/1/2021		105,000		105,333

Series 2012B, GO, 4.00%, 12/15/2021		25,000		25,282

GO, 4.00%, 10/1/2022		25,000		26,058

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	323

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New York — continued

Port Authority of New York and New Jersey, Consolidated

Rev., 5.00%, 9/1/2021		65,000		65,000

Series 194, Rev., 5.00%, 10/15/2021		60,000		60,350

Series 173, Rev., 4.00%, 12/1/2021		230,000		232,205

Series 175, Rev., 5.00%, 12/1/2021		305,000		308,677

Series 179, Rev., 5.00%, 12/1/2021		325,000		328,918

Series 189, Rev., 5.00%, 5/1/2022		415,000		428,420

Series 209, Rev., 5.00%, 7/15/2022		65,000		67,751

Series 194, Rev., 5.00%, 10/15/2022		75,000		79,082

Series 205, Rev., 5.00%, 11/15/2022		75,000		79,383

Series 173, Rev., 4.00%, 12/1/2022		180,000		185,191

Series 175, Rev., 5.00%, 12/1/2022		195,000		206,812

Series 179, Rev., 5.00%, 12/1/2022		95,000		100,755

Series 189, Rev., 5.00%, 5/1/2023		40,000		43,201

Series 209, Rev., 5.00%, 7/15/2023		20,000		21,807

Series 173, Rev., 4.00%, 12/1/2023		250,000		257,189

Series 179, Rev., 5.00%, 12/1/2023		35,000		38,783

Series 189, Rev., 5.00%, 5/1/2025		45,000		52,708

Series 173, Rev., 4.00%, 12/1/2025		35,000		35,997

Putnam Valley Central School District GO, 5.00%, 6/15/2022		100,000		103,868

Riverhead Central School District GO, 3.00%, 3/15/2022		25,000		25,392

Roslyn Union Free School District

GO, BAN, 2.00%, 9/3/2021		1,174,407		1,174,521

GO, 4.00%, 10/15/2021		25,000		25,116

Rye City School District GO, 2.00%, 8/15/2022		90,000		90,138

Sachem Central School District GO, 5.00%, 10/15/2021		65,000		65,383

Sales Tax Asset Receivable Corp., Fiscal Year 2015

Series 2015A, Rev., 4.00%, 10/15/2021 (b)		145,000		145,675

Series 2015A, Rev., 5.00%, 10/15/2021 (b)		650,000		653,802

Series 2015A, Rev., 4.00%, 10/15/2022 (b)		135,000		140,874

Series 2015A, Rev., 5.00%, 10/15/2022 (b)		235,000		247,852

Series A, Rev., 5.00%, 10/15/2024 (b)		20,000		22,991

Saratoga County Water Authority Rev., 5.00%, 9/1/2021		75,000		75,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2022		100,000		101,625

Shenendehowa Central School District

GO, 3.00%, 6/15/2022		120,000		122,737

GO, 4.00%, 6/15/2022		20,000		20,614

GO, 3.00%, 6/15/2023		65,000		68,332

Shoreham-Wading River Central School District GO, 2.00%, 6/15/2022		45,000		45,680

Smithtown Central School District

GO, 5.00%, 10/15/2021		45,000		45,266

GO, 5.00%, 10/15/2022		25,000		26,375

Somers Central School District

GO, 5.00%, 9/15/2021		20,000		20,036

GO, 5.00%, 8/1/2022		25,000		26,124

South Country Central School District at Brookhaven

GO, 5.00%, 10/15/2021		75,000		75,442

GO, 4.00%, 10/15/2022		25,000		26,096

South Orangetown Central School District GO, 5.00%, 12/1/2021		50,000		50,610

State of New York

Series 2011E, GO, 3.50%, 12/15/2021 (b)		25,000		25,242

Series 2011E, GO, 4.00%, 12/15/2021 (b)		65,000		65,725

Series 2011E, GO, 5.00%, 12/15/2021 (b)		205,000		207,879

Series 2013A, GO, 4.00%, 3/1/2023		35,000		37,038

State of New York, Tax-Exempt Series 2018A, GO, 5.00%, 2/15/2022		25,000		25,559

Suffern Central School District

GO, 5.00%, 10/15/2021		55,000		55,324

GO, 5.00%, 10/15/2022		70,000		73,851

Suffolk County Water Authority, Water System

Rev., 3.00%, 12/1/2021 (b)		50,000		50,356

Rev., 4.00%, 12/1/2021 (b)		100,000		100,963

Rev., 5.00%, 12/1/2021 (b)		100,000		101,211

Syracuse Industrial Development Agency, School District Project Series 2021A, Rev., 5.00%, 5/1/2022		65,000		67,124

Three Village Central School District Brookhaven & Smithtown

GO, 4.00%, 5/1/2022		25,000		25,651

SEE NOTES TO FINANCIAL STATEMENTS.



324	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

New York — continued

GO, 5.00%, 5/15/2022		40,000		41,384

GO, 4.00%, 12/15/2022		35,000		36,759

Town of Amherst, Public Improvement

Series 2019A, GO, 3.00%, 11/1/2021		100,000		100,472

GO, 5.00%, 11/1/2021		25,000		25,200

Town of Brookhaven

GO, 5.00%, 11/15/2021		30,000		30,300

GO, 4.00%, 3/15/2022		30,000		30,633

GO, 5.00%, 3/15/2022		60,000		61,587

Town of Carmel, Public Improvement GO, 5.00%, 10/1/2021		35,000		35,139

Town of Cheektowaga, Various Purpose GO, 5.00%, 7/1/2022		20,000		20,817

Town of Clarkstown, Public Improvement

GO, 4.00%, 10/15/2021		50,000		50,230

GO, 2.00%, 6/15/2022		25,000		25,360

GO, 3.00%, 6/15/2022		100,000		102,225

Town of Colonie, Public Improvement GO, 4.00%, 5/1/2022		25,000		25,615

Town of Cornwall, Public Improvement GO, 3.50%, 3/1/2023		40,000		40,105

Town of Deerfield, Public Improvement GO, 5.00%, 9/1/2022		50,000		52,257

Town of Greenburgh Public Improvement GO, 3.00%, 5/15/2022		20,000		20,411

Town of Greenburgh, Public Improvement

GO, 5.00%, 4/15/2022		25,000		25,764

GO, 5.00%, 10/1/2022		35,000		36,859

Town of Harrison, Public Improvement GO, 5.00%, 12/1/2022		35,000		37,143

Town of Hempstead, Public Improvement

Series 2014A, GO, 3.00%, 1/1/2022		25,000		25,239

GO, 5.00%, 4/15/2022		25,000		25,756

Town of Henrietta, Public Improvement GO, 3.13%, 12/15/2021		45,000		45,380

Town of Huntington, Public Improvement GO, 3.00%, 9/1/2021		150,000		150,000

Town of Islip, Public Improvement Series 2016B, GO, 4.00%, 10/15/2021		55,000		55,259

Town of Islip, Various Purpose Series 2018A, GO, 5.00%, 5/15/2022		30,000		31,038


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Town of Lewisboro Series 2021A, GO, BAN, 1.50%, 4/14/2022		1,311,500		1,321,583

Town of North Hempstead Series 2014A, GO, 5.00%, 2/1/2022		65,000		66,328

Town of North Hempstead, Public Improvement

Series 2016B, GO, 2.00%, 9/15/2021		25,000		25,017

Series 2019A, GO, 5.00%, 3/15/2022		25,000		25,661

Series 2017C, GO, 2.00%, 9/15/2022		30,000		30,600

Town of Oyster Bay, Public Improvement

GO, 2.00%, 11/1/2021		1,255,000		1,258,595

Series 2018B, GO, 3.00%, 2/1/2022		225,000		227,554

GO, 4.00%, 11/1/2022		560,000		584,294

Town of Riverhead, Public Improvement GO, 4.00%, 6/1/2022		25,000		25,721

Town of Southampton, Erosion Control District GO, 4.00%, 9/1/2021		20,000		20,000

Town of West Seneca, Various Purpose GO, 5.00%, 12/15/2021		25,000		25,351

Triborough Bridge and Tunnel Authority

Series 2002E, Rev., NATL-RE, 5.50%, 11/15/2021		295,000		298,210

Series 1997A, Rev., 5.25%, 1/1/2022 (b)		195,000		198,325

Series 2012A, Rev., 5.00%, 11/15/2022 (b)		40,000		42,350

Triborough Bridge and Tunnel Authority, General Purpose Series 1999-B, Rev., 5.50%, 1/1/2022 (b)		140,000		142,503

Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels

Series 2012B, Rev., 4.00%, 11/15/2021		300,000		302,390

Series 2014A, Rev., 4.00%, 11/15/2021		90,000		90,717

Series 2012B, Rev., 5.00%, 11/15/2021		195,000		196,949

Series 2013B, Rev., 5.00%, 11/15/2021		100,000		100,999

Series 2011A, Rev., 5.00%, 1/1/2022		605,000		614,825

Series 2012B, Rev., 5.00%, 11/15/2022		85,000		90,010

Series 2013A, Rev., 5.00%, 11/15/2022		30,000		31,749

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	325

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

New York — continued

Subseries 2008B-1, Rev., 5.00%, 11/15/2022		25,000		26,473

Series 2012B, Rev., 5.00%, 11/15/2023		60,000		63,484

Series 2013A, Rev., 5.00%, 11/15/2023		70,000		75,293

Series 2012B, Rev., 5.00%, 11/15/2024		110,000		116,359

Series 2012B, Rev., 4.00%, 11/15/2025		170,000		177,741

Series 2013A, Rev., 5.00%, 11/15/2025		35,000		37,771

Trust for Cultural Resources of City of New York (The), Carnegie Hall Rev., 5.00%, 12/1/2022		55,000		58,160

Trust for Cultural Resources of City of New York (The), The Museum of Modern Art

Series 2016-1-E, Rev., 4.00%, 2/1/2023		555,000		584,642

Series 2012A, Rev., 5.00%, 4/1/2023		125,000		134,383

TSASC, Inc., Tobacco Settlement Series A, Rev., 5.00%, 6/1/2023		100,000		108,202

Union Free School District of The Tarrytowns Series 2015A, GO, 5.00%, 1/15/2022		50,000		50,904

Utility Debt Securitization Authority

Series 2016B, Rev., 5.00%, 12/15/2023		125,000		126,755

Series 2016B, Rev., 5.00%, 6/15/2024		85,000		88,274

Series 2016A, Rev., 5.00%, 6/15/2025		25,000		27,159

Valley Stream Union Free School District No. 13 GO, 5.00%, 9/1/2022		200,000		209,810

Village of Dobbs Ferry, Public Improvement GO, 5.00%, 9/1/2021		30,000		30,000

Village of Frankfort, Public Improvement GO, AGM, 3.00%, 11/15/2023		25,000		26,432

Village of Manlius GO, AGM, 3.00%, 4/15/2022		30,000		30,526

Village of Ossining GO, BAN, 1.25%, 9/24/2021		7,107,446		7,111,973

Village of Tarrytown, Public Improvement

GO, 3.13%, 10/15/2021 (b)		100,000		100,359

GO, 3.00%, 6/15/2022		25,000		25,574


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Wappingers Central School District GO, 3.00%, 12/1/2021		40,000		40,275

Webster Central School District GO, 4.00%, 10/1/2021		20,000		20,063

Westchester County Healthcare Corp., Senior Lien

Series 2000A, Rev., 5.00%, 11/1/2021 (b)		25,000		25,199

Series 2011B, Rev., 5.13%, 11/1/2021 (b)		50,000		50,407

Western Nassau County Water Authority, Water System Series 2015B, Rev., 5.00%, 4/1/2022		55,000		56,565

Williamsville Central School District GO, 5.00%, 6/1/2022		45,000		46,655

Yorktown Central School District GO, 2.00%, 10/1/2022		110,000		112,279


Total New York				218,547,065


North Carolina — 1.4%

Appalachian State University

Rev., 4.00%, 10/1/2021 (b)		35,000		35,110

Rev., 4.25%, 10/1/2021 (b)		110,000		110,367

Rev., 4.50%, 10/1/2021 (b)		45,000		45,159

Rev., 5.00%, 10/1/2021 (b)		85,000		85,335

Series A, Rev., 5.00%, 10/1/2022		40,000		42,080

Charlotte-Mecklenburg Hospital Authority (The), Atrium Healthcare System

Series 2018A, Rev., 5.00%, 1/15/2022 (b)		50,000		50,905

Series 2018C, Rev., 5.00%, 3/1/2023 (c)		645,000		690,498

Charlotte-Mecklenburg Hospital Authority (The), Carolinas Healthcare System

Series 2013A, Rev., 4.00%, 1/15/2022		25,000		25,359

Series 2016A, Rev., 5.00%, 1/15/2022		30,000		30,542

Series 2016A, Rev., 4.00%, 1/15/2023		75,000		78,947

Series 2016A, Rev., 5.00%, 1/15/2025		340,000		393,483

Series 2016A, Rev., 5.00%, 1/15/2026		65,000		77,823

City of Asheville, Limited Obligation Rev., 5.00%, 4/1/2022		40,000		41,143

SEE NOTES TO FINANCIAL STATEMENTS.



326	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

North Carolina — continued

City of Asheville, Special Obligation Rev., 4.00%, 10/1/2021		30,000		30,095

City of Burlington, Combined Enterprise System Series 2011, Rev., 4.00%, 2/1/2022		25,000		25,406

City of Charlotte

Series 2020A, GO, 4.00%, 6/1/2022		50,000		51,469

Series 2012A, GO, 5.00%, 7/1/2022 (b)		20,000		20,811

GO, 5.00%, 12/1/2022		30,000		31,841

Series 2013C, COP, 5.00%, 6/1/2023		25,000		27,127

City of Charlotte, Airport Special Facilities Series 2017A, Rev., 5.00%, 7/1/2024		35,000		39,726

City of Charlotte, Convention Facility Project

COP, 5.00%, 12/1/2021		125,000		126,519

Series 2016A, COP, 5.00%, 12/1/2021		75,000		75,912

Series 2019A, COP, 5.00%, 6/1/2024		60,000		67,855

City of Charlotte, Equipment Acquisition and Public Facilities

Series 2012A, COP, 4.00%, 12/1/2021		40,000		40,388

COP, 5.00%, 12/1/2021		40,000		40,486

Series 2016A, COP, 5.00%, 12/1/2023		30,000		33,236

City of Charlotte, Storm Water

Rev., 4.00%, 12/1/2021		50,000		50,487

Rev., 5.00%, 12/1/2021		25,000		25,305

City of Charlotte, Water & Sewer System Rev., 5.00%, 12/1/2021		35,000		35,427

City of Concord, Limited Obligation Series 2014A, Rev., 5.00%, 6/1/2022		50,000		51,835

City of Durham

GO, 5.00%, 9/1/2021		75,000		75,000

GO, 5.00%, 9/1/2022		20,000		20,979

City of Durham, Parking Project Series 2017B, Rev., 5.00%, 10/1/2021		50,000		50,197

City of Goldsboro GO, 4.00%, 5/1/2022		25,000		25,649

City of Goldsboro, Public Improvement GO, 5.00%, 5/1/2023		25,000		27,005

City of Greensboro, Combined Water and Sewer System, Green Bond

Series B, Rev., 5.00%, 12/1/2021		65,000		65,792


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

Rev., 5.25%, 6/1/2022		35,000		36,350

City of High Point, Combined Water & Sewer System Rev., 5.00%, 11/1/2022		25,000		26,429

City of Jacksonville, Enterprise System Rev., 4.00%, 5/1/2022		35,000		35,904

City of Raleigh Series 2011A, GO, 4.00%, 9/1/2021		25,000		25,000

City of Raleigh, Combined Enterprise System

Series 2015B, Rev., 5.00%, 12/1/2021		70,000		70,853

Series 2012A, Rev., 5.00%, 3/1/2022 (b)		55,000		56,339

City of Raleigh, Limited Obligation

Series A, Rev., 4.00%, 10/1/2022		25,000		26,055

Rev., 5.00%, 2/1/2024		50,000		55,779

City of Raleigh, Public Improvement GO, 3.00%, 6/1/2022		25,000		25,544

City of Sanford, Public Improvement GO, 4.00%, 2/1/2022		50,000		50,812

City of Winston, Limited Obligation Series C, Rev., 5.00%, 6/1/2022		50,000		51,835

County of Alamance, Public Improvement GO, 5.00%, 5/1/2022		60,000		61,965

County of Beaufort, Limited Obligation Rev., 5.00%, 6/1/2022 (b)		30,000		31,072

County of Brunswick GO, 5.00%, 8/1/2022		45,000		47,019

County of Brunswick, Enterprise Systems Series 2012A, Rev., 5.00%, 4/1/2022 (b)		35,000		35,995

County of Buncombe, Limited Obligation

Rev., 5.00%, 6/1/2022 (b)		105,000		108,834

Series 2020A, Rev., 5.00%, 6/1/2022		20,000		20,734

Series A, Rev., 5.00%, 6/1/2022		190,000		196,972

County of Cabarrus, Installment Financing Contract Rev., 5.00%, 6/1/2022		50,000		51,835

County of Carteret Series 2015B, GO, 5.00%, 11/1/2022		20,000		21,143

County of Catawba Rev., 5.00%, 10/1/2023		100,000		100,392

County of Chatham, Limited Obligation

Rev., 4.00%, 11/1/2021		55,000		55,353

Rev., 5.00%, 11/1/2021		140,000		141,129

Rev., 5.00%, 11/1/2022		25,000		26,411

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	327

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

North Carolina — continued

County of Chatham, Public Facility Corp. Rev., GTD, 5.00%, 12/1/2022		20,000		21,209

County of Dare Series 2012B, Rev., 5.00%, 6/1/2022		25,000		25,910

County of Dare, Limited Obligation

Series 2013A, Rev., 4.00%, 6/1/2022		25,000		25,721

Series 2020D, Rev., 5.00%, 6/1/2022 (b)		35,000		36,278

County of Davidson, Limited Obligation Rev., 5.00%, 6/1/2022		35,000		36,284

County of Durham

GO, 5.00%, 10/1/2021		105,000		105,418

GO, 4.00%, 11/1/2021		25,000		25,161

GO, 5.00%, 4/1/2022		25,000		25,716

County of Forsyth, Limited Tax Rev., 4.00%, 4/1/2022 (b)		35,000		35,792

County of Gaston

GO, 5.00%, 2/1/2022		25,000		25,510

GO, 5.00%, 3/1/2022		25,000		25,612

County of Granville GO, 4.00%, 6/1/2022		25,000		25,731

County of Guilford Series 2016A, GO, 5.00%, 2/1/2022		45,000		45,917

County of Guilford, Public Improvement

Series 2012A, GO, 3.50%, 3/1/2022 (b)		25,000		25,419

Series 2012A, GO, 5.00%, 3/1/2022		180,000		184,407

Series 2017A, GO, 5.00%, 5/1/2022		40,000		41,304

County of Iredell, Limited Obligation Rev., 5.00%, 6/1/2022		25,000		25,916

County of Johnson, Limited Obligation

Series 2017A, Rev., 5.00%, 4/1/2022		35,000		36,003

Series 2020A, Rev., 5.00%, 4/1/2022		35,000		36,002

County of Mecklenburg

Series 2016A, GO, 5.00%, 9/1/2021		105,000		105,000

Series 2013A, GO, 5.00%, 12/1/2021		245,000		247,985

Series 2016A, GO, 5.00%, 9/1/2022		50,000		52,452

County of Mecklenburg, Limited Obligation

Series 2015A, Rev., 5.00%, 10/1/2021		215,000		215,854

Series 2015A, Rev., 5.00%, 10/1/2022		120,000		126,374


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

County of Mecklenburg, Public Improvement Series 2016B, GO, 5.00%, 12/1/2021		30,000		30,366

County of Moore GO, 5.00%, 12/1/2021		50,000		50,607

County of New Hanover GO, 5.00%, 9/1/2021		70,000		70,000

County of New Hanover, Community College Bonds Series 2013A, GO, 5.00%, 6/1/2022		25,000		25,917

County of New Hanover, Limited Obligation Rev., 4.00%, 12/1/2021		35,000		35,339

County of New Hanover, New Hanover Regional Medical Center Rev., 5.00%, 10/1/2021 (b)		220,000		220,832

County of Onslow GO, 5.00%, 10/1/2021		25,000		25,099

County of Onslow, Limited Obligation

Rev., 4.00%, 10/1/2021		50,000		50,158

Rev., 4.00%, 10/1/2022		25,000		26,055

County of Orange

Series 2017B, GO, 5.00%, 2/1/2022		25,000		25,508

GO, 5.00%, 8/1/2022		30,000		31,346

County of Orange, Limited Obligation

Rev., 5.00%, 10/1/2021		25,000		25,099

Series 2019B, Rev., 5.00%, 10/1/2021		55,000		55,218

County of Pender GO, 5.00%, 9/1/2021		25,000		25,000

County of Pender, Limited Obligation

Rev., 4.00%, 6/1/2022		25,000		25,721

Rev., 4.50%, 6/1/2022 (b)		30,000		30,984

County of Pitt COP, 5.00%, 4/1/2022 (b)		25,000		25,703

County of Pitt, Limited Obligation Series 2016B, Rev., 5.00%, 4/1/2022		35,000		35,992

County of Randolph, Limited Obligation Series 2019B, Rev., 5.00%, 10/1/2021		250,000		250,987

County of Rutherford, Limited Obligation Rev., 4.00%, 3/1/2022		25,000		25,475

County of Sampson, Limited Obligation

Rev., 5.00%, 12/1/2021		25,000		25,298

Rev., 5.00%, 12/1/2022		35,000		37,098

County of Union Series 2013A, GO, 5.00%, 3/1/2022		25,000		25,612

SEE NOTES TO FINANCIAL STATEMENTS.



328	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

North Carolina — continued

County of Union, Limited Obligation Rev., 4.00%, 12/1/2021		100,000		100,971

County of Wake, Hospital System Rev., NATL-RE, 5.13%, 10/1/2026 (b)		145,000		162,865

County of Wake, Limited Obligation

Rev., 5.00%, 9/1/2021		75,000		75,000

Series 2016A, Rev., 5.00%, 12/1/2021		25,000		25,305

Rev., 5.00%, 9/1/2022		50,000		52,453

County of Wake, Public Improvement Series 2017B, GO, 5.00%, 3/1/2022		65,000		66,595

County of Watauga, North Carolina Limited Obligation Bonds Rev., 5.00%, 6/1/2022		30,000		31,101

Durham Capital Financing Corp., Limited Obligation

Rev., 5.00%, 12/1/2021		65,000		65,792

Rev., 2.00%, 6/1/2022		50,000		50,714

Rev., GTD, 4.00%, 6/1/2022		30,000		30,877

Rev., GTD, 5.00%, 6/1/2022 (b)		80,000		82,921

Durham Housing Authority, Multi-Family Housing, JFK Towers Project Series 2012A, Rev., 5.00%, 12/1/2022 (b)		565,000		597,263

Jacksonville Public Facilities Corp. Rev., 5.00%, 4/1/2023		20,000		21,521

Mecklenburg County Public Facilities Corp. Rev., 3.00%, 2/1/2022		75,000		75,908

North Carolina Capital Facilities Finance Agency, Duke University Project

Series 2014C, Rev., 5.00%, 4/1/2022 (b)		50,000		51,422

Series 2015B, Rev., 5.00%, 10/1/2025 (b)		20,000		23,800

North Carolina Eastern Municipal Power Agency

Series 1987A, Rev., 4.50%, 1/1/2022 (b)		65,000		65,945

Series 1993B, Rev., NATL-RE-IBC, 6.00%, 1/1/2022 (b)		750,000		764,569

Series 1993B, Rev., 6.00%, 1/1/2022 (b)		55,000		56,068

Series 2012D, Rev., 5.00%, 7/1/2022 (b)		50,000		52,029

Series A, Rev., 5.00%, 7/1/2022 (b)		50,000		52,029

North Carolina Housing Finance Agency, Homeownership Series 44, Rev., 1.50%, 7/1/2024		250,000		256,500


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (c)		155,000		185,623

North Carolina Medical Care Commission, Duke University Health System

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		225,000		233,218

Series 2016A, Rev., 5.00%, 6/1/2023		200,000		216,867

Rev., 5.00%, 6/1/2025		120,000		140,434

Series 2016A, Rev., 5.00%, 6/1/2026		125,000		151,153

North Carolina Medical Care Commission, Health Care Facilities, Wakemed Series 2012A, Rev., 5.00%, 10/1/2022		230,000		241,804

North Carolina Medical Care Commission, Novant Health Series 2013A, Rev., 5.00%, 11/1/2024		160,000		168,838

North Carolina Medical Care Commission, Vidant Health Series 2012A, Rev., 5.00%, 6/1/2022 (b)		105,000		108,821

North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group

Series 2019B, Rev., 2.20%, 12/1/2022 (c)		6,180,000		6,267,283

Series 2012B, Rev., 5.00%, 12/1/2023		140,000		148,063

North Carolina Municipal Power Agency No. 1, Catawba Electric

Series 2016A, Rev., 4.00%, 1/1/2022		25,000		25,314

Series 2015E, Rev., 5.00%, 1/1/2022		90,000		91,429

Series 2012B, Rev., 5.00%, 1/1/2023		250,000		253,887

Series B, Rev., 5.00%, 1/1/2023		325,000		345,312

Series A, Rev., 5.00%, 1/1/2025		85,000		97,894

North Carolina State University at Raleigh

Series 2013A, Rev., 5.00%, 10/1/2021		30,000		30,119

Rev., 5.00%, 10/1/2022		20,000		21,060

Series 2020A, Rev., 5.00%, 10/1/2022		25,000		26,325

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	329

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (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		805,000		892,676

Orange County Public Facilities Co., Limited Obligation

Rev., 5.00%, 10/1/2021		80,000		80,316

Rev., 4.75%, 10/1/2022 (b)		25,000		26,250

Rev., 5.00%, 10/1/2022		25,000		26,314

Orange Water and Sewer Authority Rev., 5.00%, 6/1/2022		75,000		77,752

Raleigh Durham Airport Authority Series 2020B, Rev., 5.00%, 5/1/2022		20,000		20,654

State of North Carolina

Series 2011B, Rev., 5.00%, 11/1/2021		50,000		50,397

Rev., 5.00%, 3/1/2022		375,000		384,143

Series 2013C, GO, 4.00%, 5/1/2022		25,000		25,651

Series 2010-C, GO, 5.00%, 5/1/2022		50,000		51,634

Series 2014C, Rev., 5.00%, 5/1/2022		40,000		41,307

Series 2013D, GO, 4.00%, 6/1/2022		25,000		25,729

Series 2013B, GO, 5.00%, 6/1/2022		35,000		36,287

Series 2015A, GO, 5.00%, 6/1/2022		25,000		25,920

Rev., 5.00%, 3/1/2023		105,000		112,670

Series 2014B, Rev., 5.00%, 6/1/2023		25,000		27,136

Rev., 5.00%, 3/1/2024		20,000		22,410

Rev., 5.00%, 3/1/2026		75,000		87,050

State of North Carolina, Build NC Programs, Limited Obligation Series 2017B, Rev., 5.00%, 9/10/2021		25,000		25,817

State of North Carolina, Limited Obligation

Series 2011B, Rev., 5.00%, 11/1/2021		350,000		352,827

Series 2013A, Rev., 5.00%, 5/1/2022		70,000		72,288

Series 2019A, Rev., 5.00%, 5/1/2022		35,000		36,144

Series 2014B, Rev., 5.00%, 6/1/2022		220,000		228,090

State of North Carolina, Public Improvement

Series 2018A, GO, 5.00%, 6/1/2022		105,000		108,862

Series 2019B, GO, 5.00%, 6/1/2022		185,000		191,803


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

Town of Apex, Wastewater System GO, 4.00%, 6/1/2022 (b)		30,000		30,871

Town of Cary Combined Utility Systems Rev., 5.00%, 12/1/2021		45,000		45,548

Town of Cary, Public Improvement Series 2019A, GO, 5.00%, 9/1/2021		25,000		25,000

Town of Chapel Hill, Limited Obligation Rev., 5.00%, 6/1/2022 (b)		80,000		82,890

Town of Mooresville, Enterprise System Rev., 5.00%, 5/1/2022		45,000		46,468

University of North Carolina Series 2011C, Rev., 4.00%, 10/1/2021 (b)		50,000		50,155

University of North Carolina at Chapel Hill

Series 2003 B, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/9/2021 (c)		6,115,000		6,115,000

Series 2009-A, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/10/2021 (c)		425,000		425,000

University of North Carolina at Charlotte (The)

Rev., 5.00%, 10/1/2021		130,000		130,511

Series 2012A, Rev., 5.00%, 4/1/2022 (b)		25,000		25,711

University of North Carolina at Greensboro

Rev., 5.00%, 4/1/2022		30,000		30,841

Series 2012A, Rev., 5.00%, 4/1/2022 (b)		75,000		77,110

University of North Carolina at Wilmington Series 2019B, Rev., 5.00%, 9/10/2021		150,000		157,883

University of North Carolina, School of the Arts

Rev., 5.00%, 2/1/2023		185,000		196,923

Rev., 5.00%, 2/1/2024		150,000		166,184

Rev., 5.00%, 2/1/2025		295,000		339,026

Watauga Public Facilities Corp. Series 2012A, Rev., 4.00%, 6/1/2022 (b)		20,000		20,581

Watauga Public Facilities Corp., Limited Obligation Series 2012A, Rev., 5.00%, 6/1/2022 (b)		25,000		25,913


Total North Carolina				29,378,275


North Dakota — 0.1%

Bismarck Public School District No. 1 GO, 5.00%, 5/1/2022		65,000		67,080

City of Bismarck Series 2108N, GO, 5.00%, 5/1/2023		50,000		54,001

SEE NOTES TO FINANCIAL STATEMENTS.



330	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

North Dakota — continued

City of El Paso, Water and Sewer System Series 2015A, GO, 5.00%, 5/1/2022		420,000		433,668

City of Fargo

Series 2014E, GO, 4.00%, 5/1/2022		100,000		102,591

Series 2016A, GO, 5.00%, 7/1/2022		25,000		26,017

City of Fargo, NSDU Development Foundation Project Series 2012A, Rev., 3.00%, 12/1/2021		50,000		50,115

City of Grand Forks Series 2012B, Rev., GTD, 2.00%, 9/1/2021		50,000		50,000

City of West Fargo

Series 2013B, GO, 3.00%, 5/1/2022 (b)		25,000		25,459

Series 2014B, GO, 5.00%, 5/1/2022		50,000		51,590

Series 2015B, GO, 5.00%, 5/1/2022		25,000		25,800

County of Burleigh, St. Alexius Medical Center Project Series 2012A, Rev., 5.00%, 7/1/2022 (b)		270,000		280,264

Fargo Public School District No. 1, Limited Tax, School Building Series 2016B, GO, 5.00%, 8/1/2022		45,000		46,980

North Dakota Building Authority Series 2020A, Rev., 5.00%, 12/1/2022		35,000		37,129

North Dakota Housing Finance Agency, Home Mortgage Finance Program

Series 2020D, Rev., 2.15%, 7/1/2022		30,000		30,443

Series 2020B, Rev., 1.05%, 7/1/2026		125,000		125,762

North Dakota Public Finance Authority, Capital Financing Program Series A, Rev., 1.75%, 11/1/2023		430,000		437,831

North Dakota Public Finance Authority, State Revolving Fund Program

Series 2011A, Rev., 5.00%, 10/1/2021		50,000		50,198

Series 2018A, Rev., 5.00%, 10/1/2021		50,000		50,198

Series 2016A, Rev., 5.00%, 10/1/2022		20,000		21,060

West Fargo Public School District No. 6, School Building GO, 4.00%, 8/1/2024		40,000		44,380


Total North Dakota				2,010,566


Ohio — 2.9%

Akron Bath Copley Joint Township Hospital District, Akron General Health System Rev., 3.80%, 1/1/2022 (b)		445,000		450,245


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

American Municipal Power, Inc., AMP Fremont Energy Series 2017A, Rev., 5.00%, 2/15/2023		70,000		74,867

American Municipal Power, Inc., Combined Hydroelectric Projects

Series 2016A, Rev., 5.00%, 2/15/2022		530,000		541,670

Series 2016A, Rev., 5.00%, 2/15/2023		210,000		224,601

American Municipal Power, Inc., Greenup Hydroelectric Projects

Series 2016A, Rev., 5.00%, 2/15/2022		30,000		30,661

Series 2016A, Rev., 5.00%, 2/15/2024		150,000		167,410

American Municipal Power, Inc., Prairie State Energy Campus Project

Series 2015A, Rev., 5.00%, 2/15/2022		385,000		393,477

Rev., 5.25%, 2/15/2022 (b)		105,000		107,447

Series 2015A, Rev., 5.25%, 2/15/2022 (b)		75,000		76,748

Series 2017A, Rev., 5.00%, 2/15/2024		125,000		139,508

Series 2019B, Rev., 5.00%, 2/15/2025		390,000		451,695

Series 2015A, Rev., 5.00%, 2/15/2026		50,000		55,582

American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2023		225,000		240,576

Anthony Wayne Local School District, Unlimited Tax Series 2017A, GO, 3.00%, 12/1/2021		25,000		25,178

Apollo Joint Vocational School District, Various Purpose

GO, 5.00%, 12/1/2021 (b)		25,000		25,303

GO, 5.25%, 12/1/2021 (b)		120,000		121,527

Avon Local School District, School Facilities Improvement Series A, GO, 3.50%, 12/1/2021 (b)		35,000		35,288

Beavercreek City School District, Unlimited Tax GO, 3.00%, 12/1/2021		75,000		75,541

Bellbrook-Sugarcreek Local School District, School Improvement, Unlimited Tax

GO, 4.00%, 12/1/2021		30,000		30,290

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	331

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Ohio — continued

GO, 4.00%, 12/1/2022		50,000		52,425

Berea City School District COP, 2.00%, 10/1/2022		25,000		25,411

Big Walnut Local School District, Unlimited Tax Series 2021A, GO, 4.00%, 12/1/2022		35,000		36,675

Bowling Green State University, General Receipts Series 2016A, Rev., 5.00%, 6/1/2022		140,000		144,933

Brunswick City School District COP, 3.00%, 12/1/2021		30,000		30,202

Buckeye Tobacco Settlement Financing Authority, Capital Appreciation Series A-3, Rev., 6.25%, 6/1/2022 (b)		705,000		737,212

Buckeye Valley Local School District, Unlimited Tax Series 2016B, GO, 5.00%, 12/1/2021		25,000		25,303

Carey Exempted Village School District GO, 5.38%, 11/1/2021 (b)		100,000		100,856

Central Ohio Solid Waste Authority GO, 5.00%, 12/1/2021		45,000		45,548

Central Ohio Solid Waste Authority, Solid Waste Facilities, Limited Tax GO, 5.00%, 12/1/2023		45,000		49,886

Champion Local School District, Classroom Facilities Series 2016-2, GO, 1.75%, 12/1/2022		35,000		35,624

City of Akron, Income Tax Rev., 5.00%, 12/1/2021		250,000		252,894

City of Akron, Income Tax, Community Learning Centers

Series 2012A, Rev., 5.00%, 12/1/2021		30,000		30,347

Rev., 5.00%, 12/1/2022		35,000		37,016

Series 2012A, Rev., 5.00%, 12/1/2022		25,000		25,863

City of Akron, Various Purpose

GO, 2.00%, 12/1/2021		425,000		426,804

Series 2015A, GO, 2.00%, 12/1/2021		50,000		50,213

GO, 2.00%, 12/1/2022		565,000		576,683

Series 2015A, GO, 2.25%, 12/1/2022		50,000		51,227

Series 2017A, GO, 4.00%, 12/1/2022		25,000		26,139

City of Avon, Street Improvement, Limited Tax GO, 2.00%, 12/1/2021		100,000		100,474


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

City of Avon, Various Purpose Series 2012A, GO, 3.00%, 12/1/2021		40,000		40,289

City of Cincinnati, Baldwin 300 Project Series 2016D, Rev., 4.00%, 11/1/2021		110,000		110,688

City of Cincinnati, Unlimited Tax Series 2012D, GO, 4.00%, 12/1/2021		25,000		25,241

City of Cincinnati, Unlimited Tax, Various Purpose

Series 2016A, GO, 4.00%, 12/1/2021		50,000		50,482

Series 2014A, GO, 5.00%, 12/1/2021		25,000		25,302

Series 2015A, GO, 5.00%, 12/1/2021		45,000		45,545

Series 2016C, GO, 5.00%, 12/1/2021		120,000		121,453

Series 2014A, GO, 5.00%, 6/1/2022 (b)		55,000		57,008

Series 2015A, GO, 5.00%, 12/1/2022		75,000		79,563

City of Cincinnati, Water System

Series 2011A, Rev., 4.00%, 12/1/2021		30,000		30,290

Series 2011A, Rev., 5.00%, 12/1/2021 (b)		200,000		202,425

Series 2012A, Rev., 5.00%, 12/1/2021 (b)		90,000		91,090

City of Cleveland

Series 2016B, Rev., AGM, 5.00%, 1/1/2022		60,000		60,965

GO, AMBAC, 5.50%, 10/1/2022		35,000		37,036

Series 2016B, Rev., AGM, 5.00%, 1/1/2023		55,000		58,544

City of Cleveland, Airport System Series 2016A, Rev., AGM, 5.00%, 1/1/2022		330,000		335,306

City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements

Series 2017A-1, Rev., 4.00%, 10/1/2022		45,000		46,874

Series 2014B-1, Rev., 5.00%, 10/1/2022 (b)		20,000		21,054

City of Cleveland, Subordinate Lien, Income Tax

Series 2017A-2, Rev., 4.00%, 10/1/2021		30,000		30,094

SEE NOTES TO FINANCIAL STATEMENTS.



332	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Ohio — continued

Rev., 5.00%, 5/15/2022		200,000		206,831

Series 2014B-1, Rev., 5.00%, 10/1/2022		35,000		36,835

Rev., 5.00%, 5/15/2023		195,000		211,033

Series 2015A-2, Rev., 5.00%, 10/1/2023 (b)		25,000		27,512

City of Cleveland, Various Purpose

Series 2019A, GO, 4.00%, 12/1/2021		325,000		328,132

GO, 5.00%, 12/1/2022		55,000		58,346

GO, 5.00%, 12/1/2026		200,000		245,476

City of Columbus, Various Purpose, Limited Tax

Series 2019B, GO, 5.00%, 4/1/2022		30,000		30,858

Series 2012-4, GO, 5.00%, 8/15/2022		95,000		99,452

City of Columbus, Various Purpose, Unlimited Tax

Series 2012A, GO, 5.00%, 2/15/2022		25,000		25,557

Series 2019A, GO, 5.00%, 4/1/2022		25,000		25,715

Series 2015A, GO, 3.00%, 7/1/2022		20,000		20,485

GO, 4.00%, 7/1/2022		25,000		25,814

Series 2013-1, GO, 5.00%, 7/1/2022		25,000		26,022

Series 2016A, GO, 2.00%, 8/15/2022		125,000		127,288

Series 2012A, GO, 5.00%, 8/15/2022 (b)		85,000		88,957

Series 2013A, GO, 5.00%, 8/15/2022		50,000		52,343

Series 2013-1, GO, 5.00%, 7/1/2023		85,000		92,568

City of Dayton, Various Purpose, Limited Tax GO, 4.00%, 12/1/2021		50,000		50,479

City of Delaware, Capital Tax, Limited Tax GO, 4.00%, 12/1/2021		25,000		25,241

City of Dublin, Limited Tax, Capital Facilities Improvement GO, 3.00%, 12/1/2022		210,000		211,512

City of Dublin, Various Purpose

Series 2018A, GO, 5.00%, 12/1/2021		50,000		50,609

GO, 5.00%, 12/1/2022		25,000		26,531

City of Dublin, Various Purpose, Limited Tax Series 2018B, GO, 5.00%, 12/1/2021		25,000		25,305

City of Fairfield, Various Purpose, Limited tax GO, 4.00%, 12/1/2021		35,000		35,331


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

City of Hilliard, Limited Tax Series A, GO, 4.00%, 12/1/2021		20,000		20,190

City of Hilliard, Limited Tax, Various Purpose

GO, 4.00%, 12/1/2021		35,000		35,332

Series 2019A, GO, 5.00%, 12/1/2022		20,000		21,196

City of Huber Heights, Limited Tax, Various Purpose GO, 4.00%, 12/1/2021		25,000		25,242

City of Lakewood, Limited Tax GO, 5.00%, 12/1/2021		40,000		40,485

City of Lakewood, Various Purpose Improvement GO, 5.00%, 12/1/2021		20,000		20,243

City of Lancaster, Wastewater System Rev., 4.00%, 12/1/2021		25,000		25,233

City of Lima, Sanitary Sewer System Rev., 5.00%, 12/1/2021		25,000		25,289

City of Lima, Sanitary Sewer System, Green Bond Rev., 3.00%, 12/1/2022		35,000		36,199

City of Lima, Various Improvement, Limited Tax GO, AGM, 3.00%, 12/1/2021		125,000		125,842

City of Marysville, Limited Tax GO, 2.25%, 12/1/2022		60,000		61,534

City of Medina, Limited Tax Series 2013A, GO, 3.00%, 12/1/2021		100,000		100,227

City of Mentor, Limited tax, Various Purpose GO, 3.00%, 12/1/2022		25,000		25,872

City of Middleburg Heights, Southwest General Health Center Project Series 2012A, Rev., 5.00%, 8/1/2022 (b)		225,000		235,047

City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt Series 2020A, Rev., 4.00%, 8/1/2022		100,000		103,432

City of North Olmsted, Unlimited Tax GO, 3.00%, 12/1/2022		20,000		20,713

City of Parma, Various Purpose GO, 3.00%, 12/1/2021		25,000		25,178

City of Sharonville, Special Obligation Rev., 4.00%, 12/1/2022		50,000		52,156

City of Springboro, Various Purpose, Limited Tax GO, 2.25%, 12/1/2022		25,000		25,633

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	333

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Ohio — continued

City of Tiffin, Limited Tax, Capital Improvement GO, 2.00%, 12/1/2022		50,000		51,059

City of Toledo, Sewerage System Rev., 5.00%, 11/15/2022		25,000		26,461

City of Toledo, Water System Rev., 5.00%, 11/15/2021		25,000		25,249

City of Upper Arlington GO, 4.00%, 12/1/2021		25,000		25,243

City of Wauseon GO, AGM, 4.25%, 9/9/2021		60,000		60,047

City of Westerville, Limited Tax Series 2012A, GO, 4.00%, 12/1/2021		30,000		30,288

City of Westerville, Special Obligation Rev., 5.00%, 12/1/2022		65,000		68,946

City of Whitehall, Special Obligation Nontax Rev., 1.00%, 12/8/2021		1,000,000		1,001,837

Cleveland Department of Public Utilities Division of Public Power Rev., AGM, 5.00%, 11/15/2023		100,000		110,345

Cleveland Department of Public Utilities Division of Water

Series 2017CC, Rev., 5.00%, 1/1/2022		20,000		20,326

Series 2019DD, Rev., 5.00%, 1/1/2022		35,000		35,570

Coldwater Exempted Village School District GO, 3.00%, 12/1/2023		380,000		402,627

Columbus City School District, Ohio School Facilities Construction and Improvement, Unlimited Tax GO, 4.00%, 12/1/2021		50,000		50,483

Columbus City School District, Various Purpose, Unlimited Tax Series 2014A, GO, 5.00%, 12/1/2021		140,000		141,698

Columbus Metropolitan Library, Ohio Library Facilities, Special Obligation Rev., 4.00%, 12/1/2024		20,000		22,348

County of Allen, Hospital Facilities and Improvement Bonds, Catholic Health Partners

Series 2012A, Rev., 4.00%, 5/1/2022 (b)		265,000		271,857

Series 2012A, Rev., 5.00%, 5/1/2022		420,000		433,410

County of Allen, Hospital Facilities, Mercy Health Series 2017A, Rev., 5.00%, 8/1/2024		570,000		647,529


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

County of Ashtabula, Nontax, Lodge and Conference Center Project Rev., 4.00%, 12/1/2022		55,000		56,351

County of Butler, Hospital Facilities, UC Health

Rev., 5.00%, 11/15/2021		225,000		227,150

Rev., 4.00%, 11/15/2022		160,000		167,111

County of Cuyahoga, Capital Improvement, Limited Tax

Series 2020A, GO, 4.00%, 12/1/2021		25,000		25,241

Series 2020A, GO, 4.00%, 12/1/2022		55,000		57,661

County of Cuyahoga, Ohio Economic Development

Series 2020D, Rev., 3.00%, 12/1/2021		140,000		141,007

Series 2020D, Rev., 4.00%, 12/1/2022		30,000		31,451

Series 2020D, Rev., 4.00%, 12/1/2024		50,000		55,870

County of Cuyahoga, Sports Facilities Improvement Project, Excise Tax Rev., 5.00%, 12/1/2022 (b)		50,000		53,040

County of Cuyahoga, Various Purpose, Sales Tax Rev., 5.00%, 12/1/2021		75,000		75,910

County of Delaware, Sanitary Sewer System Improvement Rev., 4.00%, 12/1/2022		25,000		26,219

County of Franklin, Hospital Facilities, Nationwide Children’s Hospital Project Rev., 5.00%, 11/1/2021		25,000		25,202

County of Franklin, Hospital Facilities, OhioHealth Corp.

Series 2011A, Rev., 5.00%, 11/15/2021 (b)		210,000		212,085

Rev., 5.00%, 5/15/2022		150,000		155,167

County of Franklin, Hospital Improvement, Nationwide Children’s Hospital Project Series 2012A, Rev., 5.00%, 11/1/2022		115,000		118,743

County of Franklin, Various Purpose, Limited Tax GO, 5.00%, 12/1/2021		40,000		40,487

County of Geauga, South Franklin Circle Project Rev., 8.00%, 12/31/2022 (b) (c)		4,945,000		5,548,004

County of Greene, Sewer System, Limited Tax GO, 5.00%, 12/1/2021		150,000		151,827

County of Hamilton Rev., 3.00%, 6/1/2022		50,000		51,039

SEE NOTES TO FINANCIAL STATEMENTS.



334	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Ohio — continued

County of Hamilton, Riverfront Infrastructure Improvement, Limited Tax GO, 5.00%, 12/1/2021 (b)		115,000		116,392

County of Hamilton, Sales Tax

Series 2016A, Rev., 4.00%, 12/1/2021		140,000		141,310

Series 2016A, Rev., 5.00%, 12/1/2021		25,000		25,296

Series 2016A, Rev., 5.00%, 12/1/2022		20,000		21,191

Series 2016A, Rev., 5.00%, 12/1/2023		105,000		116,074

County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati

Series 2014A, Rev., 5.00%, 12/1/2021		65,000		65,787

Series A, Rev., 5.00%, 12/1/2021		115,000		116,393

Series 2013A, Rev., 5.00%, 12/1/2022		55,000		58,346

Series 2014A, Rev., 5.00%, 12/1/2022		60,000		63,650

Series 2014A, Rev., 5.00%, 12/1/2023		35,000		38,775

County of Lake, Various Purpose GO, 3.50%, 12/1/2022		50,000		52,120

County of Lorain, Various Purpose, Limited Tax GO, 3.00%, 12/1/2022		55,000		56,933

County of Lucas Series 2011D, Rev., 5.25%, 11/15/2021 (b)		125,000		126,279

County of Lucas, Promedica Healthcare Rev., 5.00%, 11/15/2021 (b)		100,000		100,972

County of Mahoning, Various Purpose, Limited Tax GO, AGM, 2.00%, 12/1/2022		25,000		25,542

County of Montgomery, Catholic Health Initiatives Series 2008D-2, Rev., 5.45%, 11/13/2023 (b)		140,000		155,909

County of Portage, Various Purpose, Limited Tax GO, 2.00%, 12/1/2021		25,000		25,036

County of Stark, Communication System, Limited Tax GO, 2.50%, 12/1/2022		50,000		51,472

County of Summit, Various Purpose

GO, 4.00%, 12/1/2021		75,000		75,728

GO, 4.50%, 12/1/2022		60,000		63,300

County of Union, Memorial Hospital, Various Purpose GO, 4.00%, 12/1/2022		80,000		83,777


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

County of Warren, Jail Construction & Improvement, Limited Tax

GO, 3.00%, 12/1/2021		255,000		256,846

GO, 3.00%, 6/1/2023		25,000		26,246

Cuyahoga Community College District, Facilities Construction and Improvement GO, 3.00%, 12/1/2021		20,000		20,142

Cuyahoga Community College District, General Receipts

Series 2016E, Rev., 1.35%, 2/1/2022		35,000		35,178

Series 2016E, Rev., 4.00%, 8/1/2022		60,000		62,121

Dayton Metro Library, Library Improvement, Tax-Exempt Series 2013A, GO, 4.00%, 12/1/2021		25,000		25,238

Defiance City School District, Various Purpose GO, 5.00%, 12/1/2022 (b)		45,000		47,736

Delaware County Finance Authority, Columbus Outlets Public Improvements Project

Rev., 4.00%, 12/1/2021		345,000		348,159

Rev., 5.00%, 12/1/2023		355,000		376,320

Dublin City School District, Construction and Improvement

GO, 4.00%, 12/1/2022		35,000		36,702

GO, 4.00%, 12/1/2024		20,000		22,424

Dublin City School District, Unlimited Tax GO, 5.00%, 12/1/2021		40,000		40,486

Dublin City School District, Various Purpose Series 2013A, GO, 5.00%, 12/1/2022		20,000		21,216

Dublin City School District, Various Purpose, Unlimited Tax GO, Zero Coupon, 12/1/2021		35,000		34,985

Eastwood Local School District COP, 3.00%, 6/1/2023		30,000		31,322

Edgewood City School District GO, 5.00%, 12/1/2022		45,000		47,726

Forest Hills Local School District, School Improvement GO, 4.00%, 12/1/2022		40,000		41,914

Franklin City School District GO, AMBAC, Zero Coupon, 12/1/2022		30,000		29,874

Franklin County Convention Facilities Authority, Tax Lease

Rev., 5.00%, 12/1/2023 (b)		50,000		55,426

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	335

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Ohio — continued

Rev., 5.00%, 12/1/2024 (b)		75,000		86,646

Gahanna-Jefferson City School District GO, 3.00%, 12/1/2022		75,000		77,723

Granville Exempted Village School District GO, 5.00%, 12/1/2021		25,000		25,303

Greater Cleveland Regional Transit Authority, Sales Tax Supported Capital Improvement

Rev., 5.00%, 12/1/2021		360,000		364,386

Rev., 5.00%, 12/1/2022		25,000		26,530

Series A, Rev., 5.00%, 12/1/2022		110,000		116,735

Greene County Vocational School District, School Facilities Construction and Improvement GO, 5.00%, 12/1/2021		250,000		253,033

Hamilton City School District, Various Purpose, Unlimited Tax GO, 5.00%, 12/1/2022		25,000		26,482

Highland Local School District, Medina County GO, 5.00%, 12/1/2022		20,000		21,219

Hilliard School District Series 2013A, GO, 5.00%, 12/1/2022		30,000		31,833

Johnstown-Monroe Local School District, School Facilities Construction and Improvement GO, Zero Coupon, 12/1/2021		200,000		199,916

Kent State University, General Receipts

Rev., 4.00%, 5/1/2022		80,000		82,029

Series 2012A, Rev., 4.00%, 5/1/2022		25,000		25,634

Series 2012A, Rev., 5.00%, 5/1/2022 (b)		155,000		160,039

Series 2014A, Rev., 5.00%, 5/1/2022 (b)		85,000		87,764

Lake County Community College District COP, 4.00%, 10/1/2022		80,000		83,163

Lake Local School District GO, 3.00%, 12/1/2022		50,000		51,675

Lakewood City School District, School Facilities Improvement, Unlimited Tax

Series 2017B, GO, Zero Coupon, 11/1/2021		35,000		34,987

GO, 4.00%, 12/1/2021		160,000		161,546

Series 2014A, GO, 5.00%, 11/1/2022 (b)		45,000		47,553

Lakota Local School District

GO, 3.00%, 12/1/2022		30,000		31,074

GO, 5.00%, 12/1/2022		45,000		47,749


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Lakota Local School District, Ohio Permanent Improvement Levy Series 2014B, Rev., TAN, 5.00%, 12/1/2021		25,000		25,304

Lancaster City School District, School Facilities Construction and Improvement

GO, 3.75%, 10/1/2022 (b)		25,000		25,971

GO, 4.00%, 10/1/2022		35,000		36,458

Lancaster Port Authority, Gas Supply

Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 2/1/2022		190,000		193,777

Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 2/1/2025 (c)		575,000		660,896

Liberty Center Local School District, Classroom Facilities School Improvement GO, 4.00%, 11/1/2021 (b)		30,000		30,192

Licking County Career and Technology Education Centers GO, 3.13%, 12/1/2023		50,000		50,356

Lucas-Plaza Housing Development Corp. Rev., FHA, Zero Coupon, 6/1/2024 (b)		810,000		800,278

Maple Heights City School District, Unlimited Tax, School Facilities Improvement GO, Zero Coupon, 1/15/2023		50,000		49,740

Mason City School District

GO, NATL-RE, 5.25%, 12/1/2021		95,000		96,214

GO, 5.00%, 12/1/2022		25,000		26,527

Miami Trace Local School District GO, 4.00%, 12/1/2023		110,000		119,166

Miami University, General Receipts

Rev., 4.00%, 9/1/2021		175,000		175,000

Rev., 5.00%, 9/1/2021		175,000		175,000

Rev., 5.00%, 9/1/2022		40,000		41,962

Rev., 4.00%, 9/1/2023		260,000		270,043

Miami Valley Career Technology Center, Various Purpose School Improvement, Unlimited Tax GO, 4.00%, 12/1/2021		25,000		25,242

Miamisburg City School District

COP, 2.00%, 12/1/2021		35,000		35,148

GO, 3.25%, 12/1/2021 (b)		50,000		50,387

GO, 2.00%, 12/1/2022		25,000		25,561

Middletown City School District GO, 5.25%, 12/1/2022 (b)		25,000		26,598

SEE NOTES TO FINANCIAL STATEMENTS.



336	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Ohio — continued

New Albany Plain Local School District, Various Purpose GO, 4.00%, 12/1/2022		25,000		26,216

New Boston Local School District, Unlimited Tax GO, 3.00%, 11/1/2021		45,000		45,216

North Ridgeville City School District, School Facilities Improvement

GO, Zero Coupon, 12/1/2021		150,000		149,933

Series 2014A, GO, 3.00%, 12/1/2021		50,000		50,350

Northeast Ohio Regional Sewer District, Wastewater Improvement

Rev., 5.00%, 11/15/2021		175,000		176,749

Rev., 5.00%, 5/15/2023 (b)		125,000		135,306

Northmont City School District, School Improvement

Series 2012A, GO, 4.00%, 11/1/2021 (b)		60,000		60,383

Series 2012A, Class A, GO, 4.13%, 11/1/2021 (b)		195,000		196,286

Northridge Local School District, School Improvement, Unlimited Tax GO, 4.00%, 10/1/2021		50,000		50,152

Northwest Local School District, Unlimited Tax

GO, 5.00%, 12/1/2022		30,000		31,829

GO, 5.00%, 12/1/2023 (b)		45,000		49,830

Ohio Higher Educational Facility Commission, Case Western University Project

Series 2012A, Rev., 5.00%, 12/1/2021		220,000		222,652

Rev., 5.00%, 12/1/2023		45,000		49,865

Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group

Series 2012A, Rev., 4.00%, 1/1/2022 (b)		500,000		506,358

Rev., 5.00%, 1/1/2022 (b)		455,000		462,339

Series 2012A, Rev., 5.00%, 1/1/2022 (b)		500,000		508,010

Ohio Higher Educational Facility Commission, Denison University Project

Rev., 5.00%, 11/1/2021		25,000		25,201

Series 2017A, Rev., 5.00%, 11/1/2021		100,000		100,804


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Ohio Higher Educational Facility Commission, Ohio Wesleyan University 2019 Project Rev., 5.00%, 10/1/2021		25,000		25,093

Ohio Higher Educational Facility Commission, University of Dayton 2013 Project Rev., 5.00%, 12/1/2021		95,000		96,085

Ohio Housing Finance Agency, Mortgage — Backed Securities Program Series 2019B, Rev., 1.45%, 9/1/2021		120,000		120,000

Ohio Housing Finance Agency, Park Eden Apartments Series 2020A, Rev., GNMA/FHA, 0.40%, 9/1/2022 (c)		700,000		700,916

Ohio State Building Authority, State Facilities Adult Correctional Building Fund Projects Series 2011B, Rev., 5.00%, 10/1/2021		30,000		30,119

Ohio State University (The), General Receipts

Series 2010D, Rev., 5.00%, 12/1/2021		340,000		344,125

Series 2014A, Rev., 5.00%, 12/1/2021		50,000		50,607

Series 2012A, Rev., 4.00%, 6/1/2022		25,000		25,729

Series 2020A, Rev., 5.00%, 12/1/2022		90,000		95,487

Series 2010D, Rev., 5.00%, 12/1/2023		40,000		44,362

Series 2020A, Rev., 5.00%, 12/1/2023		25,000		27,726

Ohio State University (The), Multiyear Debt Issuance Program

Rev., 5.00%, 12/1/2021		165,000		167,002

Rev., 5.00%, 12/1/2022		80,000		84,877

Ohio Turnpike and Infrastructure Commission

Series 2017A, Rev., 3.00%, 2/15/2022		80,000		81,056

Series 2017A, Rev., 5.00%, 2/15/2023		40,000		42,842

Ohio Turnpike and Infrastructure Commission, Junior Lien, Infrastructure Projects

Series A-1, Rev., 5.00%, 2/15/2023 (b)		75,000		80,231

Series 2013A-1, Rev., 5.00%, 2/15/2025		100,000		106,984

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	337

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Ohio — continued

Ohio University, General Receipts

Rev., 4.00%, 12/1/2021		45,000		45,431

Rev., 4.00%, 12/1/2022 (b)		40,000		41,934

Rev., 5.00%, 12/1/2022		25,000		26,518

Ohio Water Development Authority Water Pollution Control Loan Fund

Series 2014B, Rev., 2.00%, 12/1/2021		50,000		50,240

Rev., 5.00%, 12/1/2021		240,000		242,930

Rev., 5.00%, 6/1/2022		150,000		155,504

Series 2014B, Rev., 5.00%, 6/1/2022		50,000		51,835

Series 2015A, Rev., 5.00%, 6/1/2023		75,000		81,394

Ohio Water Development Authority, Drinking Water Assistance

Rev., 5.00%, 12/1/2021		95,000		96,160

Rev., 5.00%, 12/1/2022		145,000		153,859

Ohio Water Development Authority, Fresh Water

Series 2013A, Rev., 5.00%, 12/1/2021		25,000		25,305

Series 2013A, Rev., 5.00%, 6/1/2022		100,000		103,670

Rev., 5.50%, 12/1/2022		35,000		37,356

Ohio Water Development Authority, Water Pollution Control Loan Fund

Rev., 5.00%, 12/1/2021		65,000		65,793

Series 2014B, Rev., 5.00%, 12/1/2021		210,000		212,564

Rev., 5.50%, 12/1/2022		80,000		85,386

Olentangy Local School District, Unlimited Tax

GO, 3.00%, 12/1/2021		25,000		25,180

Series 2013B, GO, 4.00%, 12/1/2021		20,000		20,194

Series 2020A, GO, 4.00%, 12/1/2022		30,000		31,467

Patrick Henry Local School District, Ohio School Facilities Project Series A, COP, 4.00%, 12/1/2021		50,000		50,448

Penta Career Center, Ohio School Facilities Project COP, 5.00%, 4/1/2022		50,000		51,384

Perry Local School District, Lake County COP, 4.00%, 12/1/2021		100,000		100,921

Perrysburg Exempted Village School District, Unlimited Tax GO, 5.00%, 12/1/2023		30,000		33,093


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Pike-Delta-York Local School District GO, 2.25%, 11/1/2021		30,000		30,100

Port of Greater Cincinnati Development Authority, Mariemont City School District Project, Tax-Exempt

Rev., 5.00%, 12/1/2022		50,000		53,049

Rev., 5.00%, 12/1/2024		200,000		229,929

Princeton City School District GO, 5.00%, 12/1/2021		45,000		45,546

Revere Local School District, School Facilities Improvement Series 2017A, GO, 5.00%, 6/1/2022 (b)		225,000		233,215

Reynoldsburg City School District, Unlimited Tax

GO, 5.00%, 12/1/2021		160,000		161,941

GO, 5.00%, 12/1/2022		20,000		21,219

Sandusky City School District, Classroom Facilities and School Improvement Series 2017-1, GO, 5.00%, 5/1/2022 (b)		220,000		227,152

Shaker Heights Public Library COP, 2.00%, 12/1/2022		85,000		86,919

Shelby City School District, School Facilities Improvement GO, 4.00%, 11/1/2022 (b)		40,000		41,756

South-Western City School District, School Facilities Construction and Improvement

GO, 4.00%, 12/1/2021		75,000		75,725

Series 2019A, GO, 4.00%, 12/1/2021		670,000		676,473

GO, 4.50%, 6/1/2022 (b)		35,000		36,147

South-Western City School District, Unlimited Tax GO, 5.00%, 12/1/2021		100,000		101,213

Stark County Library District, Library Facilities

Rev., 4.00%, 12/1/2021		25,000		25,231

Rev., 4.00%, 12/1/2022		50,000		52,290

State of Ohio

Series 2013A, Rev., 5.00%, 10/1/2021		50,000		50,198

Series 2015A, Rev., 5.00%, 10/1/2021		50,000		50,199

Series 2012A, GO, 5.00%, 11/1/2021		45,000		45,363

Series 2018-1, Rev., 5.00%, 12/15/2021		100,000		101,410

SEE NOTES TO FINANCIAL STATEMENTS.



338	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Ohio — continued

Series 2014A, GO, 5.00%, 5/1/2022 (b)		30,000		30,975

Series R, GO, 5.00%, 5/1/2022		35,000		36,146

Series 2012-1, Rev., 5.00%, 6/15/2022 (b)		25,000		25,950

Series 2011A, GO, 5.00%, 8/1/2022		30,000		31,349

Series 2012C, GO, 5.00%, 8/1/2022		75,000		78,372

COP, 5.00%, 9/1/2022		30,000		31,465

Series 2014A, GO, 5.00%, 9/15/2022		75,000		78,821

Series 2016A, Rev., 5.00%, 10/1/2022		135,000		142,110

Series 2016A, GO, 5.00%, 12/15/2023		35,000		38,864

State of Ohio Department of Administrative Services, Admin Knowledge System Project COP, 5.00%, 9/1/2021		25,000		25,000

State of Ohio, Bureau of Criminal Investigation Records System Project COP, 4.00%, 3/1/2022		30,000		30,584

State of Ohio, Capital Facilities Lease Appropriation Adult Correctional Building Fund Projects

Rev., 5.00%, 10/1/2021		85,000		85,338

Series 2016A, Rev., 5.00%, 10/1/2021		35,000		35,139

Series 2019A, Rev., 5.00%, 10/1/2021		75,000		75,298

Series 2012A, Rev., 5.00%, 4/1/2022		145,000		149,110

Series 2015B, Rev., 5.00%, 10/1/2022 (b)		75,000		78,951

Rev., 5.00%, 10/1/2023		35,000		38,526

Series 2017B, Rev., 5.00%, 10/1/2023		75,000		82,557

State of Ohio, Capital Facilities Lease Appropriation Cultural and Sports Facilities Building Fund Projects

Series 2013A, Rev., 5.00%, 4/1/2022		25,000		25,709

Series 2019A, Rev., 5.00%, 4/1/2022		105,000		107,976

Series 2016A, Rev., 5.00%, 10/1/2023		50,000		55,038

State of Ohio, Capital Facilities Lease Appropriation Mental Health Facilities Improvement Fund Projects

Rev., 5.00%, 2/1/2022		130,000		132,628


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Series 2016A, Rev., 5.00%, 6/1/2022		25,000		25,912

Rev., 5.00%, 6/1/2023		50,000		54,235

Series 2016A, Rev., 5.00%, 6/1/2023		50,000		54,235

Series 2015A, Rev., 5.00%, 2/1/2024		170,000		189,781

State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects

Series 2015A, Rev., 5.00%, 2/1/2022		85,000		86,718

Series 2016B, Rev., 4.00%, 8/1/2022		140,000		144,963

Series 2020A, Rev., 5.00%, 12/1/2022		135,000		143,195

State of Ohio, Capital Facilities Lease Appropriation Transportation Building Fund Projects

Series 2013A, Rev., 5.00%, 1/15/2022		230,000		234,124

Series 2018A, Rev., 5.00%, 4/1/2022		25,000		25,709

State of Ohio, Capital Facilities Lease Appropriation, Administrative Building Fund Projects

Series 2012A, Rev., 4.00%, 4/1/2022		35,000		35,789

Series 2019A, Rev., 5.00%, 10/1/2022		85,000		89,477

State of Ohio, Capital Facilities Lease Appropriation, Cultural and Sports Facilities Building Fund Projects

Series 2016A, Rev., 5.00%, 10/1/2021		20,000		20,079

Series 2017A, Rev., 5.00%, 10/1/2022		25,000		26,317

State of Ohio, Capital Facilities Lease Appropriation, Parks and Recreation Improvement Fund Projects

Series 2016C, Rev., 4.00%, 12/1/2021		190,000		191,845

Series 2018A, Rev., 5.00%, 12/1/2021		105,000		106,279

State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2022		25,000		25,405

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	339

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Ohio — continued

State of Ohio, Common Schools

Series 2011B, GO, 4.00%, 9/15/2021		130,000		130,184

Series 2010A, GO, 5.00%, 9/15/2021		205,000		205,365

Series 2011A, GO, 5.00%, 9/15/2021		70,000		70,125

Series 2011C, GO, 5.00%, 9/15/2021		60,000		60,107

Series 2012A, GO, 5.00%, 9/15/2021		130,000		130,231

Series 2012B, GO, 5.00%, 9/15/2021 (b)		25,000		25,044

Series 2012C, GO, 5.00%, 9/15/2021		75,000		75,134

Series 2013A, GO, 5.00%, 9/15/2021		205,000		205,365

Series 2014A, GO, 5.00%, 9/15/2021		175,000		175,312

Series 2013B, GO, 5.00%, 6/15/2022		50,000		51,934

Series 2015B, GO, 5.00%, 6/15/2022 (b)		460,000		477,669

Series 2010C, GO, 4.25%, 9/15/2022		110,000		114,750

Series 2012A, GO, 5.00%, 9/15/2022		115,000		120,859

Series 2012C, GO, 5.00%, 9/15/2022		30,000		31,528

Series 2013A, GO, 5.00%, 9/15/2022		105,000		110,349

Series 2016A, GO, 5.00%, 12/15/2022		100,000		106,312

State of Ohio, Conservation Project

Series 2011A, GO, 5.00%, 9/1/2021		60,000		60,000

Series 2015A, GO, 5.00%, 9/1/2022		40,000		41,962

State of Ohio, Department of Administrative Services Enterprise Data Center Solutions Project

COP, 5.00%, 9/1/2021		75,000		75,000

COP, 5.00%, 9/1/2022		125,000		131,105

COP, 5.00%, 9/1/2023		100,000		109,684

State of Ohio, Department of Administrative Services, Administrative Knowledge System and Enterprise Data Center Solutions Project COP, 5.00%, 9/1/2022		230,000		241,234


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

State of Ohio, Department of Administrative Services, Multi-Agency Radio Communication System Project COP, 5.00%, 9/1/2021 (b)		225,000		225,000

State of Ohio, Higher Education

Series 2018A, GO, 5.00%, 2/1/2022		45,000		45,917

Series 2014A, GO, 5.00%, 5/1/2022 (b)		25,000		25,813

Series 2011B, GO, 5.00%, 8/1/2022		30,000		31,348

Series 2015C, GO, 5.00%, 11/1/2022		40,000		42,287

Series 2014A, GO, 4.00%, 5/1/2024		50,000		55,070

State of Ohio, Highway Capital Improvements Series T, GO, 5.00%, 11/1/2021		105,000		105,850

State of Ohio, Infrastructure Improvement

Series 2016B, GO, 3.00%, 9/1/2021		120,000		120,000

Series 2013A, GO, 3.00%, 2/1/2022		50,000		50,606

Series 2020C, GO, 4.00%, 3/1/2022		30,000		30,585

Series 2014A, GO, 5.00%, 3/1/2022 (b)		120,000		122,922

Series 2015A, GO, 5.00%, 9/1/2022		25,000		26,226

Series 2015B, GO, 5.00%, 9/1/2022		25,000		26,226

Series 2015B, GO, 5.00%, 9/1/2023		25,000		27,432

Series 2017B, GO, 5.00%, 9/1/2025		30,000		35,581

State of Ohio, Major New Infrastructure Project

Series 2012-1, Rev., 4.00%, 12/15/2021		110,000		111,236

Series 2019-1, Rev., 4.00%, 12/15/2021		65,000		65,730

Rev., 5.00%, 12/15/2021		75,000		76,057

Series 2012-1, Rev., 5.00%, 12/15/2021		45,000		45,634

Series 2016-1, Rev., 5.00%, 12/15/2021		50,000		50,705

Series 2012-1, Rev., 5.00%, 6/15/2022 (b)		105,000		108,991

Rev., 5.00%, 12/15/2022		40,000		42,503

Series 2016-1, Rev., 5.00%, 12/15/2022		50,000		53,129

Series 2018-1, Rev., 5.00%, 12/15/2022		135,000		143,448

Series 2019-1, Rev., 5.00%, 12/15/2022		125,000		132,823

Series 2014-1A, Rev., 5.00%, 12/15/2023		40,000		44,416

SEE NOTES TO FINANCIAL STATEMENTS.



340	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Ohio — continued

Series 2016-1, Rev., 5.00%, 12/15/2023		25,000		27,760

Series 2018-1, Rev., 5.00%, 12/15/2023		70,000		77,728

State of Ohio, Natural Resources

Series P, GO, 3.00%, 10/1/2021		70,000		70,165

Series Q, GO, 4.00%, 4/1/2022		50,000		51,139

Series T, GO, 5.00%, 4/1/2022 (b)		30,000		30,853

State of Ohio, Third Frontier Research and Development, Tax-Exempt GO, 4.00%, 11/1/2022		60,000		62,733

State of Ohio, Treasury Management System Project Series 2014A, COP, 5.00%, 9/1/2021		30,000		30,000

State of Ohio, University Hospitals Health System, Inc.

Series B, Rev., VRDO, 0.09%, 9/7/2021 (c)		5,500,000		5,500,000

Series 2013A, Rev., 4.00%, 1/15/2025		220,000		230,793

Series 2013A, Rev., 4.13%, 1/15/2026		95,000		99,671

Strongsville City School District, Unlimited Tax Improvement GO, 4.00%, 12/1/2022		45,000		47,183

Sylvania City School District, School Improvement, Unlimited Tax

GO, 5.00%, 12/1/2021		25,000		25,295

GO, 2.25%, 12/1/2022		25,000		25,626

Tender Option Bond Trust Receipts/Certificates

Series C, Rev., VRDO, LIQ: Citibank NA, 0.09%, 9/10/2021 (c) (f)		4,000,000		4,000,000

Series 2018-XF2703, GO, VRDO, LIQ: Barclays Bank plc, 0.10%, 9/10/2021 (c) (f)		4,000,000		4,000,000

Toledo City School District, School Facilities Improvement GO, 5.00%, 12/1/2023 (b)		20,000		22,170

Township of Sylvania, Various Purpose Improvement GO, 2.00%, 12/1/2021		50,000		50,071

University of Akron (The), General Receipts

Series 2015A, Rev., 5.00%, 1/1/2022		100,000		101,564

Series 2015A, Rev., 5.00%, 1/1/2023		125,000		132,778


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

University of Cincinnati, General Receipts

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		70,000		72,556

Series 2013C, Rev., 5.00%, 12/1/2023 (b)		235,000		260,503

Village of Bluffton, Ohio Hospital Facilities, Blanchard Valley Health System Rev., 5.00%, 12/1/2021		245,000		247,885

Village of Hebron, Water System Mortgage, Green Bond Rev., 5.00%, 12/1/2022		95,000		100,312

Westerville City School District, Unlimited Tax

GO, 4.00%, 12/1/2021		95,000		95,920

GO, 4.00%, 12/1/2022		25,000		26,216

Westlake City School District, Unlimited Tax GO, 4.00%, 12/1/2022		30,000		30,289

Willoughby-Eastlake City School District, School Improvement, Unlimited Tax GO, 2.00%, 12/1/2021		25,000		25,107

Worthington City School District, School Facilities Construction and Improvement, Unlimited Tax

Series 2019A, GO, 4.00%, 12/1/2021		155,000		156,501

GO, 4.00%, 12/1/2022		60,000		62,918


Total Ohio				61,778,797


Oklahoma — 0.7%

Canadian County Educational Facilities Authority, Mustang Public Schools Project

Rev., 4.00%, 9/1/2021		420,000		420,000

Rev., 4.00%, 9/1/2024		1,100,000		1,220,559

Rev., 4.00%, 9/1/2025		1,175,000		1,340,911

Canadian County Independent School District No. 27 Yukon GO, 3.00%, 10/1/2021		75,000		75,168

Canadian County Independent School District No. 69 Mustang

GO, 3.00%, 4/1/2022		45,000		45,740

GO, 2.00%, 6/1/2023		45,000		46,417

City of Norman

GO, 4.00%, 6/1/2022		100,000		102,885

Series 2016A, GO, 5.00%, 6/1/2022		100,000		103,631

GO, 4.00%, 6/1/2023		60,000		64,013

City of Oklahoma City

GO, 3.00%, 3/1/2022		95,000		96,382

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	341

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Oklahoma — continued

GO, 5.00%, 3/1/2022		90,000		92,203

Cleveland County Educational Facilities Authority, Lexington Public Schools Project Rev., 4.00%, 9/1/2022		125,000		129,783

Cleveland County Educational Facilities Authority, Moore Public Schools Project Rev., 5.00%, 6/1/2023		45,000		48,795

Cleveland County Educational Facilities Authority, Norman Public Schools Project

Rev., 5.00%, 6/1/2022		240,000		248,678

Rev., 5.00%, 6/1/2024		450,000		507,719

Rev., 5.00%, 6/1/2025		150,000		175,298

Cleveland County Independent School District No. 2 Moore, Combined Purpose

GO, 2.00%, 3/1/2022		115,000		116,060

GO, 3.50%, 3/1/2023		25,000		26,246

Cleveland County Independent School District No. 29 Norman, Combined Purpose

GO, 3.00%, 3/1/2022		70,000		71,000

Series 2019B, GO, 2.00%, 5/1/2022		25,000		25,311

Comanche County Independent School District No. 8 Lawton, Combined Purpose Series 2019A, GO, 2.00%, 3/1/2022		25,000		25,227

Grand River Dam Authority

Series 2016A, Rev., 5.00%, 6/1/2022		195,000		202,126

Series 2016A, Rev., 5.00%, 6/1/2023		25,000		27,122

McClain County Economic Development Authority, Educational Facilities, Blanchard Public Schools Project

Rev., 4.00%, 9/1/2021		35,000		35,000

Rev., 4.00%, 9/1/2022		285,000		295,380

Oklahoma Capitol Improvement Authority Series 2014A, Rev., 5.00%, 7/1/2023		20,000		21,774

Oklahoma Capitol Improvement Authority, Department of Transportation Project

Series 2020B, Rev., 5.00%, 7/1/2022		40,000		41,621

Series 2020A, Rev., 5.00%, 7/1/2023		100,000		108,868


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oklahoma — continued

Oklahoma Capitol Improvement Authority, Office of Juvenile Affairs Project Series 2019B, Rev., 5.00%, 7/1/2023		20,000		21,774

Oklahoma Capitol Improvement Authority, Oklahoma Conservation Commission Project Series 2019A, Rev., 5.00%, 7/1/2022		40,000		41,621

Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project

Rev., 5.00%, 7/1/2022		330,000		343,373

Rev., 5.00%, 7/1/2025		140,000		164,545

Oklahoma Capitol Improvement Authority, State Highway, Capital Improvement Rev., 5.00%, 10/1/2021 (b)		25,000		25,099

Oklahoma City Public Property Authority, Hotel Tax Rev., 5.00%, 10/1/2021		65,000		65,252

Oklahoma County Finance Authority, Educational Facilities, Bethany Public Schools Project Rev., 4.00%, 9/1/2021		75,000		75,000

Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project

Rev., 5.00%, 10/1/2022		230,000		241,830

Rev., 5.00%, 10/1/2025		30,000		35,309

Oklahoma County Finance Authority, Western Heights Public Schools Project Series 2018A, Rev., 5.00%, 9/1/2024		200,000		226,852

Oklahoma County Independent School District No. 12 Edmond GO, 2.00%, 8/1/2022		40,000		40,687

Oklahoma County Independent School District No. 12 Edmond, Combined Purpose

GO, 2.00%, 3/1/2022		95,000		95,890

GO, 3.00%, 3/1/2022		125,000		126,793

Oklahoma County Independent School District No. 89 Oklahoma City Series 2020A, GO, 2.50%, 7/1/2023		50,000		52,140

Oklahoma County Independent School District No. 89 Oklahoma City, Combined Purpose

Series 2017C, GO, 3.00%, 7/1/2022		80,000		81,907

Series 2019A, GO, 3.00%, 7/1/2023		95,000		99,935

SEE NOTES TO FINANCIAL STATEMENTS.



342	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Oklahoma — continued

Oklahoma Department of Transportation

Series 2018A, Rev., GAN, 5.00%, 9/1/2021		110,000		110,000

Series 2018A, Rev., GAN, 5.00%, 9/1/2022		20,000		20,969

Oklahoma Development Finance Authority, Health System, Integris Obligated Group Series 2015A, Rev., 5.00%, 8/15/2022		80,000		83,584

Oklahoma Development Finance Authority, St. John Health System Rev., 5.00%, 2/15/2022 (b)		135,000		137,962

Oklahoma Development Finance Authority, State System of Higher Education Master Real Property Lease Series 2014C, Rev., 5.00%, 6/1/2024		145,000		163,598

Oklahoma Development Finance Authority, System of Higher Education, Master Equipment Lease Series 2014A, Rev., 3.00%, 6/1/2022		25,000		25,534

Oklahoma Development Finance Authority, System of Higher Education, Master Real Property

Series 2013A, Rev., 3.00%, 6/1/2022		5,000		5,107

Series 2020A, Rev., 4.00%, 6/1/2022		500,000		514,423

Series 2020A, Rev., 4.00%, 6/1/2023		260,000		277,393

Series 2020A, Rev., 4.00%, 6/1/2024		895,000		982,742

Oklahoma Housing Finance Agency, Deer Park and Apple Run Apartments Rev., 1.60%, 1/1/2022 (c)		630,000		633,055

Oklahoma Municipal Power Authority

Series 2014B, Rev., 5.00%, 1/1/2022		130,000		132,090

Series 2019A, Rev., 5.00%, 1/1/2022		370,000		375,950

Series 2013B, Rev., 5.00%, 1/1/2023 (b)		80,000		85,122

Series 2019A, Rev., 5.00%, 1/1/2023		460,000		489,643

Series B, Rev., 5.00%, 1/1/2023		20,000		21,289

Series 2014B, Rev., 5.00%, 1/1/2025		120,000		138,160


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oklahoma — continued

Oklahoma Turnpike Authority, Second Senior Series 2017C, Rev., 5.00%, 1/3/2022 (b)		585,000		594,630

Oklahoma Water Resources Board, Master Trust

Rev., 5.00%, 4/1/2022		50,000		51,420

Series 2012B, Rev., 5.00%, 4/1/2022 (b)		25,000		25,711

Oklahoma Water Resources Board, Student Loan Program Series 2020A, Rev., 4.00%, 10/1/2023		60,000		64,826

Pontotoc County Educational Facilities Authority Rev., 5.00%, 9/1/2022		75,000		78,462

Sallisaw Municipal Authority Rev., 3.00%, 1/1/2023		25,000		25,896

Sapulpa Municipal Authority Rev., AGM, 4.00%, 7/1/2022 (b)		200,000		206,371

Tulsa County Independent School District No. 1, Combined Purpose

Series 2017A, GO, 3.00%, 3/1/2022		25,000		25,357

Series 2019B, GO, 2.00%, 8/1/2022		180,000		183,077

Series 2018B, GO, 3.00%, 8/1/2023		35,000		36,885

Tulsa County Independent School District No. 3 Broken Arrow, Combined Purpose GO, 3.00%, 4/1/2022		35,000		35,590

Tulsa County Independent School District No. 5, Jenks Public Schools, Combined Purpose GO, 4.00%, 6/1/2022		25,000		25,729

Tulsa County Independent School District No. 9, Union Board of Education Building

GO, 1.00%, 4/1/2022		75,000		75,394

GO, 2.00%, 4/1/2022		25,000		25,276

Tulsa County Industrial Authority Educational Facilities Lease, Broken Arrow Public Schools Project

Rev., 3.00%, 9/1/2022		50,000		51,430

Rev., 4.00%, 9/1/2022		285,000		295,993

Rev., 5.00%, 9/1/2022		25,000		26,213

Rev., 5.00%, 9/1/2023		60,000		65,747

Rev., 5.00%, 9/1/2025		35,000		38,264

Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project

Rev., 5.00%, 9/1/2021		225,000		225,000

Rev., 5.00%, 9/1/2022		55,000		57,669

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	343

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Oklahoma — continued

Rev., 5.00%, 9/1/2023		75,000		82,184

Rev., 3.00%, 9/1/2024		300,000		324,407

Tulsa County Industrial Authority, Owasso Public School Project Rev., 5.00%, 9/1/2021		90,000		90,000

Tulsa Metropolitan Utility Authority

Rev., 3.00%, 10/1/2021		25,000		25,059

Series 2016C, Rev., 5.00%, 10/1/2021		115,000		115,456

Series 2019A, Rev., 5.00%, 4/1/2022		35,000		35,998

Series 2020A, Rev., 1.00%, 7/1/2022		35,000		35,265

Tulsa Public Facilities Authority, Capital Improvement

Rev., 5.00%, 6/1/2022		280,000		290,167

Rev., 3.00%, 6/1/2023		110,000		115,440

Rev., 5.00%, 6/1/2023		275,000		298,192

Rev., 5.00%, 6/1/2024		120,000		135,462

University of Oklahoma (The)

Series 2014C, Rev., 5.00%, 7/1/2022		100,000		104,053

Series 2016A, Rev., 5.00%, 7/1/2022		35,000		36,418

Series 2016A, Rev., 5.00%, 7/1/2023		250,000		272,170

University of Oklahoma (The), Tax Exempt Series 2013A, Rev., 2.00%, 7/1/2022		20,000		20,312

Wagoner County School Development Authority, Wagoner Public Schools Project Rev., 4.00%, 9/1/2021		30,000		30,000


Total Oklahoma				15,874,068


Oregon — 0.8%

City of Beaverton Series 2020A, Rev., 5.00%, 6/1/2023		30,000		32,502

City of Bend, Bridge Creek Project

Rev., 5.00%, 9/1/2021		45,000		47,761

Rev., 5.00%, 12/1/2021		50,000		50,609

City of Eugene, Electric Utility System Rev., 4.00%, 8/1/2024		140,000		144,858

City of Hermiston, Water & Sewer System Rev., AGM, 4.00%, 11/1/2021		25,000		25,157

City of Lake Oswego Series 2015A, GO, 5.00%, 6/1/2022		35,000		36,287


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oregon — continued

City of Medford, Limited Tax GO, 5.00%, 7/15/2022		25,000		26,058

City of Portland, 4th and Montgomery and Streetcar Projects GO, 5.00%, 2/1/2022		50,000		51,019

City of Portland, Limited Tax, Green Bonds-Lighting Efficiency Project GO, 5.00%, 4/1/2022		75,000		77,144

City of Portland, Limited Tax, Sellwood Bridge and Archives Space Projects GO, 5.00%, 4/1/2022		20,000		20,572

City of Portland, Sewer System, First Lien

Series A, Rev., 5.00%, 10/1/2021		125,000		125,496

Series 2016A, Rev., 5.00%, 6/15/2022		35,000		36,351

Series 2014A, Rev., 5.00%, 10/1/2022		35,000		36,855

City of Portland, Sewer System, Second Lien

Series 2013A, Rev., 5.00%, 10/1/2021		50,000		50,198

Series 2019A, Rev., 5.00%, 3/1/2022		25,000		25,611

Series 2019A, Rev., 5.00%, 5/1/2022		135,000		139,403

Series 2016B, Rev., 5.00%, 6/15/2022		380,000		394,669

Series 2016B, Rev., 5.00%, 6/15/2023		40,000		43,462

City of Portland, Water System, First Lien Series 2012A, Rev., 3.00%, 4/1/2022		25,000		25,424

City of Portland, Water System, Second Lien

Series 2013A, Rev., 4.00%, 10/1/2021		50,000		50,158

Rev., 5.00%, 10/1/2022		50,000		52,650

Clackamas County School District No. 7J Lake Oswego

GO, AGM, 5.25%, 6/1/2022		55,000		57,125

GO, AGM, 5.25%, 6/1/2023		80,000		87,170

Clackamas County Service District No. 1

Rev., 5.00%, 12/1/2021		70,000		70,853

Rev., 5.00%, 12/1/2022		35,000		37,147

County of Deschutes GO, 4.00%, 12/1/2022		45,000		45,436

County of Multnomah, Full Faith and Credit GO, 5.00%, 6/1/2022		25,000		25,919

SEE NOTES TO FINANCIAL STATEMENTS.



344	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Oregon — continued

County of Yamhill, Linfield University Project

Rev., 4.00%, 10/1/2021		165,000		165,460

Rev., 4.00%, 10/1/2022		250,000		259,303

Deschutes County Administrative School District No. 1 Bend-La Pine GO, 5.00%, 6/15/2022		25,000		25,965

Hillsboro School District No. 1J GO, 4.00%, 9/1/2021 (b)		25,000		25,764

Hood River County School District GO, 4.00%, 6/15/2022		30,000		30,913

Hospital Facilities Authority of Multnomah County Oregon, Adventist Health System Rev., 5.00%, 3/1/2025 (c)		205,000		231,018

Jackson County School District No. 549C Medford GO, 5.00%, 12/15/2021		25,000		25,349

Klamath Falls City Schools Series 2015A, GO, 5.00%, 6/15/2023		30,000		32,557

Lane County School District No. 4J Eugene GO, 5.00%, 6/15/2022		25,000		25,967

Metro Series 2012A, GO, 5.00%, 6/1/2022		25,000		25,919

Metro, Oregon Convention Center Hotel Project Rev., 5.00%, 6/15/2025		20,000		23,437

Metropolitan Wastewater Management Commission Rev., 5.00%, 11/1/2021		50,000		50,404

Multnomah County School District No. 1 Portland

GO, 5.00%, 6/15/2022		20,000		20,774

Series 2013B, GO, 5.00%, 6/15/2022		35,000		36,354

Oregon Health and Science University

Series 2012E, Rev., 4.00%, 7/1/2022 (b)		295,000		304,524

Series 2012A, Rev., 5.00%, 7/1/2022		50,000		52,000

Series 2012E, Rev., 5.00%, 7/1/2022 (b)		200,000		208,117

Series 2012A, Rev., 5.00%, 7/1/2023		100,000		103,906

Series 2012A, Rev., 5.00%, 7/1/2026		40,000		41,517

Oregon State Facilities Authority, Legacy Health Project Series 2016A, Rev., 5.00%, 6/1/2022		180,000		186,467


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oregon — continued

Oregon State Facilities Authority, Providence Health and Services

Series 2013A, Rev., 5.00%, 10/1/2021		40,000		40,158

Series 2013A, Rev., 5.00%, 10/1/2022		85,000		89,496

Oregon State Lottery

Series 2016-XF2290, Rev., VRDO, LIQ: Citibank NA, 0.08%, 9/9/2021 (c) (f)		8,000,000		8,000,000

Series 2014C, Rev., 5.00%, 9/10/2021		145,000		149,136

Series 2013A, Rev., 5.00%, 4/1/2022		115,000		118,280

Series 2014B, Rev., 5.00%, 4/1/2022		85,000		87,424

Series 2015C, Rev., 5.00%, 4/1/2022		25,000		25,713

Series A, Rev., 5.00%, 4/1/2022		30,000		30,856

Series C, Rev., 5.00%, 4/1/2022		40,000		41,141

Portland Community College District GO, 5.00%, 6/15/2022		145,000		150,609

Salem Hospital Facility Authority, Salem Health Project Series 2019A, Rev., 4.00%, 5/15/2022		165,000		169,418

State of Oregon

Series P, GO, 4.00%, 11/1/2021 (b)		20,000		20,128

Series L, GO, 5.00%, 11/1/2021		45,000		45,363

Series 2011N, GO, 5.00%, 12/1/2021		20,000		20,243

Series 2012K, GO, 5.00%, 5/1/2022		25,000		25,815

Series 2013F, GO, 5.00%, 5/1/2022		35,000		36,141

Series 2015F, GO, 5.00%, 5/1/2022		25,000		25,815

Series C, GO, 3.00%, 8/1/2022 (b)		50,000		51,306

Series I, GO, 5.00%, 8/1/2022		75,000		78,365

State of Oregon Department of Transportation

Series 2017C, Rev., 5.00%, 11/15/2021		30,000		30,300

Series 2012A, Rev., 5.00%, 11/15/2022 (b)		30,000		31,759

State of Oregon, Article XI-M and XI-N Seismic Projects Series 2021E, GO, 5.00%, 6/1/2022		30,000		31,101

State of Oregon, Article XI-M Seismic Projects Series 2017C, GO, 5.00%, 6/1/2022		20,000		20,734

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	345

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Oregon — continued

State of Oregon, Article XI-Q State Projects

Series 2019M, GO, 5.00%, 11/1/2021		45,000		45,363

Series 2017A, GO, 5.00%, 5/1/2022		100,000		103,261

Series 2017A, GO, 5.00%, 5/1/2023		25,000		27,031

Series 2019A, GO, 5.00%, 5/1/2023		45,000		48,656

State of Oregon, Department of Transportation Highway User Senior Lien

Series 2013A, Rev., 5.00%, 11/15/2021		170,000		171,702

Series 2014A, Rev., 5.00%, 11/15/2021		60,000		60,601

Series 2017A, Rev., 5.00%, 11/15/2021		70,000		70,701

Series 2014A, Rev., 4.00%, 11/15/2022		25,000		26,179

Series 2012A, Rev., 5.00%, 11/15/2022 (b)		55,000		58,225

Series 2014A, Rev., 5.00%, 11/15/2022		20,000		21,184

Series A, Rev., 5.00%, 11/15/2022		20,000		21,179

State of Oregon, Housing and Community Services Department, Sha Rad Group II Apartment Projects Rev., 1.45%, 9/10/2021 (c)		460,000		464,720

State of Oregon, Housing and Community Services Department, Single-Family Mortgage Program

Series 2020A, Rev., 0.88%, 1/1/2024		405,000		408,017

Series 2014A, Rev., 3.00%, 1/1/2024		235,000		246,674

Series 2020A, Rev., 0.90%, 7/1/2024		550,000		554,893

State of Oregon, Variable Rate Veterans Welfare Series 2020K, GO, 0.50%, 6/1/2022		55,000		55,129

Tri-County Metropolitan Transportation District of Oregon Series 2018A, Rev., 5.00%, 10/1/2022		35,000		36,820

Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax Series 2018A, Rev., 5.00%, 9/1/2021		25,000		25,000

Tri-County Metropolitan Transportation District of Oregon, Tax Exempt

Series A, Rev., 4.00%, 10/1/2021		25,000		25,077


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oregon — continued

Series 2011A, Rev., 5.00%, 10/1/2021 (b)		500,000		501,949

Series A, Rev., 5.00%, 10/1/2021 (b)		30,000		30,117

Series 2017A, Rev., 5.00%, 10/1/2022		520,000		547,036

Tualatin Hills Park and Recreation District GO, 5.00%, 6/1/2022		25,000		25,919

Washington and Clackamas Counties School District No. 23J Tigard GO, NATL-RE, 5.00%, 6/15/2022		85,000		88,288

Washington and Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 6/15/2022		335,000		347,959

Washington County Clean Water Services, Senior Lien Rev., 5.00%, 10/1/2022		25,000		26,322

Washington County Clean Water Services, Senior Lien Sewer

Series 2011A, Rev., 5.00%, 10/1/2021 (b)		120,000		120,473

Series 2011B, Rev., 5.00%, 10/1/2021 (b)		25,000		25,099


Total Oregon				17,194,484


Pennsylvania — 3.8%

Abington School District, Federally Tax Exempt Series 2021AA, GO, 3.00%, 9/15/2021		100,000		100,105

Albert Gallatin Area School District Series 2018B, GO, AGM, 4.00%, 9/1/2021		25,000		25,000

Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2012A, Rev., 5.00%, 3/1/2024		30,000		30,709

Allegheny County Higher Education Building Authority, Duquesne University Series 2014A, Rev., 5.00%, 3/1/2022		20,000		20,466

Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 5.00%, 4/1/2022		100,000		102,763

Allegheny County Hospital Development Authority, Pittsburgh Medical Center

Series 2011A, Rev., 5.00%, 10/15/2021		405,000		407,361

Series 2021B, Rev., 5.00%, 10/15/2021		425,000		427,492

SEE NOTES TO FINANCIAL STATEMENTS.



346	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Pennsylvania — continued

Series 2019A, Rev., 5.00%, 7/15/2022		450,000		469,168

Series 2021B, Rev., 5.00%, 10/15/2022		175,000		184,586

Series 1997B, Rev., NATL-RE, 6.00%, 7/1/2023		190,000		210,136

Series 2021B, Rev., 5.00%, 10/15/2023		950,000		1,044,680

Series 2021B, Rev., 5.00%, 10/15/2024		705,000		807,414

Rev., 5.00%, 7/15/2025		110,000		129,320

Series 2021B, Rev., 5.00%, 10/15/2025		740,000		877,350

Allegheny County Sanitary Authority, Sewer

Rev., 5.00%, 12/1/2021		615,000		622,367

Rev., 5.00%, 12/1/2022		250,000		265,047

Allegheny-Clarion Valley School District GO, AGM, 4.00%, 3/15/2023		190,000		200,745

Bensalem Township School District GO, 5.00%, 8/15/2022		50,000		52,289

Bethel Park School District GO, 5.00%, 8/1/2022		90,000		93,952

Bethlehem Area School District

GO, 5.00%, 10/15/2022		75,000		79,073

Series 2016A, GO, AGM, 5.00%, 2/1/2024		125,000		139,449

Bethlehem Authority Rev., GTD, 5.00%, 11/15/2021		20,000		20,196

Borough of Columbia GO, 3.00%, 6/15/2022 (b)		50,000		51,123

Borough of Franklin Park

GO, 2.00%, 9/1/2021		100,000		100,000

GO, 4.00%, 9/1/2023		40,000		42,984

Borough of Steelton GO, AGM, 2.00%, 12/1/2022 (b)		200,000		204,330

Borough of West Chester GO, 4.00%, 11/15/2022		25,000		26,105

Borough of West Reading GO, AGM, 2.00%, 10/1/2021		65,000		65,095

Boyertown Area School District GO, 2.00%, 10/1/2022		200,000		203,903

Bristol Township School District GO, 5.00%, 6/1/2022		25,000		25,869

Bucks County Water & Sewer Authority, Sewer System

Rev., AGM, 3.50%, 12/1/2021 (b)		50,000		50,417

Rev., 2.75%, 6/1/2022		25,000		25,471


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Bucks County Water & Sewer Authority, Water System Rev., AGM, 5.00%, 12/1/2021 (b)		95,000		96,150

Butler Area Sewer Authority

Rev., 5.00%, 7/1/2022		20,000		20,790

Series 2020A, Rev., 5.00%, 7/1/2022		505,000		524,945

Carlisle Area School District, Limited Tax GO, 3.00%, 9/1/2024		25,000		26,979

Central Bradford Progress Authority, Guthrie Healthcare System Rev., 4.00%, 12/1/2021		380,000		383,547

Central Bucks School District GO, FGIC, NATL-RE, 5.00%, 5/15/2022 (b)		35,000		36,204

Central Dauphin School District Series 2016A, GO, 5.00%, 11/15/2021		50,000		50,489

Central York School District GO, 4.00%, 11/15/2022		90,000		94,111

Centre County Hospital Authority, Mount Nittany Medical Center Project Rev., 6.00%, 11/15/2021 (b)		200,000		202,383

Chartiers Valley School District

Series 2015A, GO, 5.00%, 10/15/2021		75,000		75,432

Series A, GO, 5.00%, 10/15/2022		100,000		105,373

Cheltenham Township School District

GO, 4.00%, 2/15/2022		25,000		25,432

Series 2021A, GO, 2.00%, 9/15/2022		20,000		20,375

Series 2019A, GO, 4.00%, 2/15/2025		20,000		22,478

Chester County Health and Education Facilities Authority, Main Line Health System Series 2020B, Rev., 5.00%, 6/1/2022		20,000		20,711

Chester Water Authority Rev., 5.00%, 12/1/2021		30,000		30,365

City of New Castle GO, AGM, 3.00%, 11/1/2022		25,000		25,699

City of Philadelphia

Series 2019B, GO, 5.00%, 2/1/2022		25,000		25,507

Series 2014A, GO, 5.00%, 7/15/2022		100,000		104,260

GO, 5.00%, 8/1/2022		25,000		26,119

Series 2017A, GO, 5.00%, 8/1/2022		45,000		47,015

Series 2019B, GO, 5.00%, 2/1/2023		55,000		58,796

Series 2014A, GO, 5.00%, 1/15/2024 (b)		100,000		111,315

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	347

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Pennsylvania — continued

City of Philadelphia, Airport System Series 2017A, Rev., 5.00%, 7/1/2022		80,000		83,221

City of Philadelphia, Water and Wastewater System

Series 2018A, Rev., 5.00%, 10/1/2021		50,000		50,198

Series 2013A, Rev., 5.00%, 1/1/2022		140,000		142,270

Series 2015B, Rev., 5.00%, 7/1/2022		140,000		145,697

Rev., 5.00%, 11/1/2022 (b)		70,000		73,929

Series 2013A, Rev., 5.00%, 1/1/2023		135,000		143,775

City of Pittsburgh

GO, 3.00%, 9/1/2021		110,000		110,000

Series 2012A, GO, 5.00%, 9/1/2022 (b)		145,000		152,007

Series 2012B, GO, 5.00%, 9/1/2022 (b)		110,000		115,348

GO, 4.00%, 9/1/2023		175,000		187,873

GO, 5.00%, 9/1/2025		100,000		117,124

Colonial School District Series 2017B, GO, 4.00%, 5/15/2022		45,000		46,205

Commonwealth Financing Authority, Tax-Exempt

Series B, Rev., 5.00%, 6/1/2022 (b)		85,000		88,104

Series B-1, Rev., 5.00%, 6/1/2022		50,000		51,823

Series B-1, Rev., 5.00%, 6/1/2024		200,000		226,183

Commonwealth Financing Authority, Tobacco Master Settlement Payment

Rev., 5.00%, 6/1/2022		1,000,000		1,035,773

Rev., 5.00%, 6/1/2023		520,000		562,802

Rev., 5.00%, 6/1/2024		415,000		467,497

Rev., 5.00%, 6/1/2025		40,000		46,665

Rev., 5.00%, 6/1/2026		250,000		301,003

Commonwealth of Pennsylvania

Series 2016-1, GO, 5.00%, 9/15/2021		75,000		75,134

Series 2016-2, GO, 5.00%, 9/15/2021		190,000		190,339

Series 2013-2, GO, 5.00%, 10/15/2021		70,000		70,413

Series 2011, GO, 5.00%, 11/15/2021 (b)		1,040,000		1,050,337

Series 2016-2, GO, 5.00%, 1/15/2022		410,000		417,476

GO, 5.00%, 3/1/2022		75,000		76,840


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Series 2013, GO, 5.00%, 4/1/2022		660,000		678,903

Series 2012, GO, 4.00%, 6/1/2022 (b)		185,000		190,373

Series 2012, GO, 5.00%, 6/1/2022 (b)		825,000		855,123

Series 2012, GO, AGM-CR, 5.00%, 6/1/2022 (b)		50,000		51,826

Series 2014-1, GO, 5.00%, 6/15/2022		200,000		207,753

GO, 5.00%, 7/1/2022		305,000		317,490

Series 2011, GO, 5.00%, 7/1/2022		135,000		140,529

Series 2012-1, GO, 5.00%, 7/1/2022		535,000		556,910

Series 2018A, COP, 5.00%, 7/1/2022		25,000		25,949

GO, 5.00%, 7/15/2022		75,000		78,215

GO, AGM-CR, 5.00%, 8/15/2022		75,000		78,515

Series 2015-1, GO, 5.00%, 8/15/2022		210,000		219,842

GO, 5.00%, 9/15/2022		130,000		136,623

Series 2013-2, GO, 5.00%, 10/15/2022		135,000		142,426

Series 2017-1, GO, 5.00%, 1/1/2023		490,000		521,917

Series 2016-2, GO, 5.00%, 1/15/2023		175,000		186,729

GO, 5.00%, 3/15/2023		135,000		145,136

Series 2014-1, GO, 5.00%, 6/15/2023		45,000		48,920

Series 2015-1, GO, 5.00%, 8/15/2023		145,000		158,793

GO, 5.00%, 1/1/2024		35,000		38,902

Series 2014-1, GO, 5.00%, 6/15/2024		40,000		45,296

GO, 5.00%, 7/1/2024		25,000		28,360

GO, 5.00%, 10/15/2024		50,000		55,152

Series 2018A, COP, 5.00%, 7/1/2025		100,000		115,999

GO, 5.00%, 9/15/2026		20,000		24,475

Conestoga Valley School District GO, 4.00%, 2/1/2022		25,000		25,397

Conewago Valley School District GO, 2.00%, 9/1/2021		25,000		25,000

Cornwall Lebanon School District GO, 4.00%, 2/15/2022		45,000		45,777

Council Rock School District

GO, 4.00%, 11/15/2021		100,000		100,757

SEE NOTES TO FINANCIAL STATEMENTS.



348	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Pennsylvania — continued

Series 2017A, GO, 5.00%, 8/15/2022		70,000		73,205

GO, 4.00%, 11/15/2022		205,000		214,161

Series 2019A, GO, 4.00%, 11/15/2025		35,000		40,092

County of Adams

Series 2017B, GO, 4.00%, 11/15/2021		70,000		70,555

Series 2017B, GO, 5.00%, 11/15/2023		25,000		27,580

County of Allegheny

GO, 4.00%, 11/1/2021		50,000		50,317

Series C-67, GO, 5.00%, 11/1/2021 (b)		40,000		40,321

Series C-68, GO, 5.00%, 11/1/2021 (b)		20,000		20,161

Series C-69, GO, 5.00%, 12/1/2021 (b)		75,000		75,908

Series C-69, GO, 5.00%, 12/1/2022 (b)		50,000		53,022

Series C-70, GO, 5.00%, 12/1/2022 (b)		60,000		63,648

County of Blair GO, 4.00%, 10/1/2021		25,000		25,075

County of Bucks

GO, 5.00%, 5/1/2022		50,000		51,631

GO, 5.00%, 12/1/2022		45,000		47,749

County of Chester

GO, 4.00%, 11/15/2021 (b)		20,000		20,158

GO, 5.00%, 11/15/2021 (b)		105,000		106,043

GO, 5.00%, 7/15/2022		45,000		46,921

County of Dauphin

GO, 5.00%, 11/15/2021		145,000		146,419

Series 2016A, GO, 4.00%, 11/15/2022		75,000		78,435

Series 2016C, GO, 4.00%, 10/1/2023		25,000		26,978

GO, 4.00%, 11/15/2023		35,000		37,877

County of Fayette GO, AGM, 2.63%, 11/15/2021		70,000		70,317

County of Lancaster

GO, 5.00%, 5/1/2022		25,000		25,783

Series 2016A, GO, 5.00%, 5/1/2022		155,000		159,853

Series 2016B, GO, 3.00%, 11/1/2022		105,000		108,398

Series 2017C, GO, 4.00%, 11/1/2022		20,000		20,841

GO, 5.00%, 5/1/2023		25,000		26,931


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Series 2020C, GO, 4.00%, 11/1/2023		50,000		53,815

County of Montgomery

Series 2019C, GO, 5.00%, 9/1/2021		25,000		25,000

GO, 5.00%, 5/1/2022		125,000		129,085

Series 2009C, GO, 5.00%, 12/15/2023		25,000		25,100

County of Somerset Series A, GO, 5.00%, 10/1/2021		20,000		20,075

County of Westmoreland Series 2013A, GO, 5.00%, 12/1/2021		235,000		237,714

County of York

Series A, GO, 4.00%, 6/1/2022		205,000		210,835

GO, 5.00%, 6/1/2022		45,000		46,617

GO, 4.00%, 12/1/2022		30,000		31,424

Series 2016A, GO, 3.00%, 12/1/2023		30,000		31,786

Crawford Central School District GO, 4.00%, 2/1/2022		35,000		35,552

Cumberland County Municipal Authority, Dickinson College Project Rev., 5.00%, 5/1/2022		25,000		25,783

Cumberland Valley School District Series 2015A, GO, 4.00%, 11/15/2021		30,000		30,233

Dauphin County General Authority, Pinnacle Health System Project Series 2016A, Rev., 5.00%, 6/1/2022		140,000		145,084

Deer Lakes School District Series 2011A, GO, AGM, 5.00%, 10/1/2021		25,000		25,095

Delaware County Authority, Neumann University Rev., 4.00%, 10/1/2021		180,000		180,480

Delaware County Authority, Villanova University Rev., 5.00%, 12/1/2021		145,000		146,711

Delaware County Regional Water Quality Control Authority Rev., NATL-RE, 5.25%, 5/1/2022		100,000		103,393

Delaware River Joint Toll Bridge Commission, Bridge System

Rev., 5.00%, 7/1/2022		40,000		41,586

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		90,000		93,614

Delaware River Port Authority

Series 2018B, Rev., 5.00%, 1/1/2022		100,000		101,605

Series 2018B, Rev., 5.00%, 1/1/2023		90,000		95,762

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	349

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Pennsylvania — continued

Delaware Valley Regional Finance Authority, Local Government

Series 2020D, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (c)		14,155,000		14,155,000

Series 2020B, Rev., 5.00%, 11/1/2024		150,000		171,156

Delaware Valley School District GO, 4.00%, 11/1/2021		75,000		75,475

Derry Township Industrial and Commercial Development Authority, Derry Township Municipal Center Project Rev., 1.00%, 11/15/2023		160,000		161,450

Donegal School District, Limited Tax GO, 4.00%, 6/1/2022		55,000		56,603

East Penn School District GO, 4.00%, 11/15/2022		25,000		26,142

Easton Area School District

Series 2018B, GO, 4.00%, 4/1/2022		50,000		51,124

Series 2020A, GO, 4.00%, 4/1/2022		25,000		25,562

Series 2013A, GO, 5.00%, 4/1/2022		30,000		30,118

Elizabeth Forward School District

Series 2021B, GO, AGM, 2.00%, 12/1/2021 (e)		30,000		30,096

Series 2021C, GO, AGM, 2.00%, 12/1/2021 (e)		25,000		25,080

Series 2021B, GO, AGM, 2.00%, 12/1/2022 (e)		20,000		20,374

Series 2021C, GO, AGM, 2.00%, 12/1/2022 (e)		15,000		15,280

Series 2021B, GO, AGM, 2.00%, 12/1/2023 (e)		20,000		20,632

Series 2021C, GO, AGM, 2.00%, 12/1/2023 (e)		10,000		10,316

Ephrata Borough Authority Rev., GTD, 2.00%, 11/1/2021 (b)		50,000		50,148

Exeter Township School District Series 2020A, GO, 5.00%, 5/15/2022		215,000		222,344

Franklin Regional School District GO, 3.00%, 5/1/2023		75,000		78,472

Garnet Valley School District

GO, 4.00%, 4/1/2022		25,000		25,562

GO, 4.00%, 4/1/2023		20,000		21,180

Geisinger Authority, Health System

Rev., 5.00%, 4/1/2022		1,210,000		1,244,224

Series 2020B, Rev., 5.00%, 2/15/2027 (c)		95,000		115,134


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

General Authority of Southcentral Pennsylvania, AICUP Financing Program, York College of Pennsylvania Project Series 2017 PP4, Rev., 3.00%, 11/1/2022		25,000		25,756

General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2019A, Rev., 5.00%, 6/1/2022		60,000		62,206

Gettysburg Area School District GO, 5.00%, 1/15/2024		20,000		22,135

Governor Mifflin School District Series 2012A, GO, 4.00%, 4/1/2023 (b)		30,000		31,803

Great Valley School District GO, 2.00%, 11/1/2021		25,000		25,038

Greater Latrobe School Authority Rev., 4.00%, 10/1/2021 (b)		50,000		50,157

Hamburg Area School District

GO, 5.00%, 4/1/2022		85,000		87,374

GO, 5.00%, 4/1/2023		20,000		21,511

Hampton Township School District

GO, 2.00%, 11/15/2021		25,000		25,092

Series A, GO, 5.00%, 11/15/2021		35,000		35,342

Hatboro-Horsham School District GO, 4.00%, 9/15/2022		50,000		51,971

Haverford Township School District

GO, 5.00%, 9/1/2021		65,000		65,000

GO, 4.00%, 9/15/2021		25,000		25,035

Hempfield Area School District Series 2016B, GO, 5.00%, 3/15/2022		50,000		51,265

Hempfield School District Series 2019A, GO, 4.00%, 8/1/2022		225,000		232,828

Hollidaysburg Area School District GO, 1.00%, 7/15/2022		100,000		100,705

Interboro School District GO, 3.50%, 8/15/2022 (b)		50,000		51,575

Lancaster County Hospital Authority, Health Center, Masonic Villages Project Rev., 2.13%, 11/1/2021		255,000		255,724

Lancaster County Hospital Authority, University of Pennsylvania Health System Series 2016B, Rev., 5.00%, 8/15/2022		120,000		125,612

Lancaster Higher Education Authority, Harrisburg Area Community College Project

Series 2016A, Rev., 5.00%, 10/1/2021		65,000		65,255

SEE NOTES TO FINANCIAL STATEMENTS.



350	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Pennsylvania — continued

Series 2016A, Rev., 5.00%, 10/1/2022		30,000		31,573

Lancaster Industrial Development Authority, Garden Spot Village Project Rev., 5.38%, 5/1/2023 (b)		20,000		21,718

Lehigh County Authority Rev., 3.00%, 11/1/2022		50,000		51,684

Lehigh County General Purpose Authority, Muhlenberg College Project Rev., 2.25%, 2/1/2022		65,000		65,534

Ligonier Valley School District Series 2016A, GO, 5.00%, 3/1/2022		25,000		25,598

Lower Lackawanna Valley Sanitary Authority Rev., AGM, 4.00%, 9/15/2022		25,000		25,964

Lower Merion School District, Capital Project Series 2009B, GO, 4.00%, 4/1/2022		50,000		51,139

Manheim Township School District GO, 3.00%, 6/1/2022		35,000		35,735

Marple Newtown School District

GO, 5.00%, 6/1/2022		20,000		20,729

GO, 5.00%, 6/1/2023		30,000		32,541

Mars Area School District GO, AGM, 4.13%, 3/1/2022 (b)		25,000		25,494

Methacton School District GO, 4.00%, 3/1/2022		60,000		61,137

Middletown Area School District

Series 2017A, GO, 3.00%, 3/1/2022		55,000		55,772

Series 2014A, GO, 5.00%, 3/1/2022 (b)		35,000		35,852

Monroeville Finance Authority, University of Pittsburg Medical Center

Rev., 5.00%, 2/15/2022		145,000		148,219

Series 2013B, Rev., 5.00%, 7/1/2022		175,000		182,122

Series 2013B, Rev., 3.50%, 7/1/2023		230,000		243,874

Rev., 5.00%, 2/15/2025		85,000		98,478

Rev., 5.00%, 2/15/2026		20,000		23,903

Montgomery County Higher Education and Health Authority, Abington Memorial Hospital Obligated Group

Series 2012A, Rev., 5.00%, 9/10/2021 (b)		90,000		93,217

Rev., 5.00%, 6/1/2022 (b)		125,000		129,468

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024		100,000		113,298


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project

Rev., 4.00%, 12/1/2021		100,000		100,890

Rev., 4.00%, 12/1/2022		100,000		104,426

Rev., 4.00%, 12/1/2023		125,000		134,829

Moon Area School District

Series 2015A, GO, 5.00%, 11/15/2021		75,000		75,709

Series 2015A, GO, 5.00%, 11/15/2022		170,000		179,488

Series 2015A, GO, 5.00%, 11/15/2023		35,000		38,417

Moshannon Valley School District GO, AGM, 2.38%, 12/1/2021		50,000		50,259

Mount Lebanon School District GO, 5.00%, 2/15/2022		20,000		20,441

Muhlenberg School District

GO, 1.50%, 5/15/2022		350,000		353,229

GO, 4.00%, 5/15/2022		20,000		20,536

Newtown Township Sewer Authority Rev., GTD, 4.00%, 9/1/2021		65,000		65,000

Norristown Area School District

GO, 5.00%, 9/1/2021		30,000		30,000

GO, 5.00%, 9/1/2022		55,000		57,607

North Hills School District

GO, 4.00%, 10/15/2021		275,000		276,254

Series 2016B, GO, 5.00%, 12/15/2021		100,000		101,377

North Penn School District Series 2019A, GO, 3.00%, 1/15/2025		30,000		32,635

North Penn Water Authority Rev., 5.00%, 11/1/2021		30,000		30,238

North Wales Water Authority, Water and Sewer System Rev., 4.00%, 11/1/2022		50,000		52,241

Northampton County General Purpose Authority, St. Luke’s University Health Network Project Series 2016A, Rev., 5.00%, 8/15/2022		130,000		135,926

Northeastern School District Series 2021B, GO, 2.00%, 9/1/2022		200,000		203,406

Oxford Area School District

Series 2014A, GO, 5.00%, 2/15/2022		40,000		40,872

GO, 2.50%, 8/1/2022		25,000		25,539

Series 2019A, GO, 4.00%, 9/1/2022		35,000		36,346

Series 2019A, GO, 4.00%, 9/1/2023		40,000		42,901

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	351

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Pennsylvania — continued

Parkland School District

GO, 5.00%, 4/15/2022		120,000		123,575

Series 2020A, GO, 4.00%, 1/15/2023		55,000		57,856

Penn Delco School District Series 2013A, GO, 4.13%, 6/1/2023 (b)		25,000		26,670

Penn Manor School District

GO, 4.00%, 3/1/2022		40,000		40,768

GO, 4.00%, 3/1/2023		55,000		58,161

Pennridge School District

Series 2014A, GO, 3.00%, 2/15/2022 (b)		90,000		91,148

Series 2014B, GO, 5.00%, 2/15/2022 (b)		150,000		153,292

Pennsbury School District GO, 5.00%, 1/15/2022		100,000		101,782

Pennsylvania Economic Development Financing Authority, Capital Region Parking System Series C-1, Rev., AGM, GTD, 5.00%, 1/1/2022		50,000		50,748

Pennsylvania Economic Development Financing Authority, PPL Electric Utilities Corporation Project Rev., 0.40%, 10/1/2023		800,000		801,030

Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center

Series 2017A, Rev., 4.00%, 11/15/2021		615,000		619,874

Series 2014A, Rev., 5.00%, 2/1/2022		900,000		918,269

Rev., 5.00%, 3/15/2022		285,000		292,491

Series 2017A, Rev., 4.00%, 11/15/2022		175,000		183,190

Series 2014A, Rev., 5.00%, 2/1/2023		140,000		149,622

Series 2017A, Rev., 5.00%, 11/15/2023		30,000		33,125

Series 2014A, Rev., 5.00%, 2/1/2024		75,000		83,534

Series 2014A, Rev., 5.00%, 2/1/2025		50,000		56,769

Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project

Series 2004A, Rev., 2.15%, 11/1/2021		25,000		25,081

Rev., 2.80%, 12/1/2021 (c)		455,000		458,001


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Pennsylvania Higher Educational Facilities Authority, AICUP Financing Program — Messiah College Project Series 2012 LL3, Rev., 4.00%, 11/1/2021		30,000		30,173

Pennsylvania Higher Educational Facilities Authority, BRYN MAWR College

Series 2012A, Rev., 4.00%, 12/1/2022		115,000		120,593

Rev., 5.00%, 12/1/2023		25,000		27,679

Rev., 5.00%, 12/1/2024		70,000		80,647

Pennsylvania Higher Educational Facilities Authority, Drexel University Rev., 5.00%, 5/1/2022		35,000		36,113

Pennsylvania Higher Educational Facilities Authority, Philadelphia University Rev., 5.00%, 6/1/2023 (b)		20,000		21,674

Pennsylvania Higher Educational Facilities Authority, State System of Higher Education

Rev., 5.00%, 6/15/2022		40,000		41,541

Series AQ, Rev., 5.00%, 6/15/2022		25,000		25,963

Pennsylvania Higher Educational Facilities Authority, Temple University Series 2012, Rev., 5.00%, 4/1/2022 (b)		380,000		390,804

Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University Rev., 5.00%, 3/1/2022		25,000		25,582

Pennsylvania Higher Educational Facilities Authority, Trustees of the University

Series 2011A, Rev., 5.00%, 9/1/2021		40,000		40,000

Series A, Rev., 5.00%, 10/1/2021		30,000		30,119

Series B, Rev., 5.00%, 10/1/2021		75,000		75,297

Series 2015C, Rev., 5.00%, 10/1/2022		90,000		94,770

Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System

Rev., 5.00%, 8/15/2022		30,000		31,403

Series 2012A, Rev., 5.00%, 8/15/2022		30,000		31,403

Series 2016C, Rev., 5.00%, 8/15/2022		260,000		272,160

Series 2016C, Rev., 5.00%, 8/15/2023		90,000		98,561

SEE NOTES TO FINANCIAL STATEMENTS.



352	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Pennsylvania — continued

Series 2012A, Rev., 3.25%, 8/15/2025		250,000		257,279

Pennsylvania Higher Educational Facilities Authority, University of The Sciences in Philadelphia Series 2015A, Rev., 5.00%, 11/1/2021		350,000		352,704

Pennsylvania Higher Educational Facilities Authority, Widener University Rev., 5.00%, 7/15/2022		100,000		103,999

Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2019-130A, Rev., 1.40%, 4/1/2024		260,000		265,805

Pennsylvania Intergovernmental Cooperation Authority, City of Philadelphia Funding Program

Rev., 5.00%, 6/15/2022		115,000		119,392

5.00%, 6/15/2022		75,000		77,865

Pennsylvania State University (The)

Series A, Rev., 5.00%, 9/1/2021		50,000		50,000

Series B, Rev., 5.00%, 9/1/2021		50,000		50,000

Series 2020E, Rev., 5.00%, 3/1/2022		35,000		35,859

Series 2015B, Rev., 5.00%, 9/1/2022		50,000		52,452

Series 2019A, Rev., 5.00%, 9/1/2022		275,000		288,489

Series B, Rev., 5.00%, 9/1/2022		35,000		36,717

Series 2016B, Rev., 5.00%, 9/1/2023		35,000		38,389

Pennsylvania Turnpike Commission

Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.62%, 9/9/2021 (d)		25,000		25,185

Series 2019-2, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/10/2021 (c)		14,095,000		14,095,000

Series 2011B, Rev., 4.00%, 12/1/2021 (b)		25,000		25,241

Series 2012A, Rev., 4.25%, 12/1/2021 (b)		125,000		126,282

Rev., 5.00%, 12/1/2021		840,000		850,127

Series 2011A, Rev., 5.00%, 12/1/2021 (b)		30,000		30,363

Series 2011E, Rev., 5.00%, 12/1/2021 (b)		90,000		91,090

Series 2012A, Rev., 5.00%, 12/1/2021 (b)		130,000		131,574


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Series 2013C, Rev., 5.00%, 12/1/2021		110,000		111,326

Series 2014C, Rev., 5.00%, 12/1/2021		50,000		50,603

Series A, Rev., 5.00%, 12/1/2021		190,000		192,290

Series E, Rev., 5.00%, 12/1/2021 (b)		25,000		25,303

Series 2016B, Rev., 5.00%, 6/1/2022		25,000		25,908

Series 2010C-3, Rev., Zero Coupon, 12/1/2022		30,000		29,826

Series 2021A, Rev., 3.00%, 12/1/2022		75,000		77,675

Rev., 5.00%, 12/1/2022		80,000		84,846

Series 2012B, Rev., AGM, 5.00%, 12/1/2022 (b)		45,000		47,736

Series A, Rev., 5.00%, 12/1/2022		85,000		90,149

Series A-1, Rev., 5.00%, 12/1/2022		125,000		132,572

Series 2011A, Rev., 5.00%, 12/1/2023		35,000		38,792

Series A-1, Rev., 5.00%, 12/1/2023		25,000		27,708

Pennsylvania Turnpike Commission, Motor License Fund-Enhanced

Rev., 5.00%, 12/1/2021 (b)		290,000		293,511

Series 2012A, Rev., 5.00%, 12/1/2021 (b)		45,000		45,545

Series B, Rev., 5.00%, 12/1/2021 (b)		50,000		50,606

Rev., 5.00%, 12/1/2022 (b)		75,000		79,511

Rev., 5.00%, 12/1/2023		290,000		321,210

Pennsylvania Turnpike Commission, Oil Franchise Tax

Series 2013A, Rev., 5.00%, 12/1/2021		125,000		126,519

Series A, Rev., 5.00%, 12/1/2022		60,000		63,666

Series 2016A, Rev., 5.00%, 12/1/2023		50,000		55,453

Pennsylvania Turnpike Commission, Registration Fee Series 2005A, Rev., AGM, 5.25%, 7/15/2022		30,000		31,335

Pennsylvania Turnpike Commission, Senior Lien

Series 2012A, Rev., 5.00%, 12/1/2022 (b)		300,000		318,209

Series 2012A, Rev., 5.00%, 12/1/2023		150,000		159,085

Perkasie Regional Authority. Water and Sewer System Rev., 4.00%, 2/1/2022		55,000		55,870

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	353

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Pennsylvania — continued

Perkiomen Valley School District

GO, 5.00%, 3/1/2023		25,000		26,807

GO, 5.00%, 3/1/2024		25,000		27,979

Peters Township School District Washington County GO, 5.00%, 1/15/2026		20,000		23,764

Philadelphia Authority for Industrial Development

Rev., 5.00%, 9/10/2021		50,000		51,417

Rev., 5.00%, 10/1/2022		350,000		367,571

Philadelphia Authority for Industrial Development, Gift of Life Donor Program Project Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/9/2021 (c)		700,000		700,000

Philadelphia Authority for Industrial Development, National Board of Medical Examiners Project Rev., 5.00%, 5/1/2025		160,000		185,813

Philadelphia Gas Works Co., 1998 General Ordinance

Rev., 5.00%, 10/1/2021		145,000		145,565

Rev., 5.00%, 10/1/2022		190,000		199,857

Rev., 5.00%, 8/1/2023		50,000		54,562

Philipsburg-Osceola Area School District GO, 4.00%, 10/15/2022		25,000		26,052

Pittsburgh School District

Series 2012A, GO, 5.00%, 9/1/2021		25,000		25,000

Series 2017A, GO, 5.00%, 9/1/2022		35,000		36,706

Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2022		20,000		20,938

Pocono Mountain School District GO, AGM, 4.00%, 6/15/2022		50,000		51,477

Pottstown Borough Authority

Rev., GTD, 5.00%, 11/1/2021		35,000		35,277

Rev., GTD, 5.00%, 6/15/2022		50,000		51,889

Quaker Valley School District

GO, 5.00%, 10/1/2021		125,000		125,487

GO, 5.00%, 10/1/2023		25,000		27,486

Reading Area Water Authority

Rev., 5.00%, 12/1/2021 (b)		150,000		151,778

Rev., 5.25%, 12/1/2021 (b)		30,000		30,374

Riverside School District

GO, 3.00%, 10/15/2023		125,000		131,906

GO, 4.00%, 10/15/2024		320,000		355,188

GO, 4.00%, 10/15/2025		275,000		312,655

Riverview School District Series 2020A, GO, AGM, 4.00%, 8/15/2022		25,000		25,894


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Robinson Township Municipal Authority Rev., AGM, 3.00%, 5/15/2022		35,000		35,716

Rose Tree Media School District GO, 4.00%, 2/1/2022		45,000		45,703

School District of Philadelphia (The) Series 2015A, GO, 5.00%, 9/1/2021		65,000		65,000

Somerset Area School District GO, AGM, 2.00%, 2/15/2022		160,000		161,315

Souderton Area School District GO, 2.00%, 11/1/2022		40,000		40,816

South Fayette Township School District Series 2014A, GO, AGM, 4.00%, 9/15/2022		50,000		51,023

South Wayne County Water and Sewer Authority Rev., 4.00%, 2/15/2022		25,000		25,427

Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2024		300,000		341,859

Southcentral General Authority, Wellspan Health Obligated Group Series 2014A, Rev., 5.00%, 6/1/2024		200,000		226,420

Southeastern Pennsylvania Transportation Authority

Rev., 5.00%, 3/1/2022		60,000		61,469

Rev., 5.00%, 6/1/2022		155,000		160,688

Rev., 4.00%, 3/1/2023		120,000		126,729

Rev., 5.00%, 6/1/2023		145,000		157,175

Rev., 5.00%, 3/1/2025		45,000		52,202

Southern Fulton School District GO, 3.00%, 9/15/2021		50,000		50,051

Southern Lehigh School District Series A, GO, 5.00%, 9/1/2023		35,000		38,271

Springfield School District GO, 4.00%, 9/1/2021		50,000		50,000

Spring-Ford Area School District

Series 2016A, GO, 4.00%, 3/1/2022		75,000		76,444

Series 2016A, GO, 5.00%, 3/1/2023		50,000		53,629

St. Mary Hospital Authority, Catholic Health East Issue Series 2012A, Rev., 4.00%, 5/15/2022 (b)		35,000		35,959

State College Area School District

Series 2015B, GO, 5.00%, 5/15/2022		50,000		51,719

GO, 5.00%, 3/15/2023		50,000		53,738

State Public School Building Authority, Community College Project Rev., 5.00%, 3/1/2022		20,000		20,470

SEE NOTES TO FINANCIAL STATEMENTS.



354	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Pennsylvania — continued

State Public School Building Authority, Dauphin County Technical School Project Rev., 5.00%, 9/15/2022		60,000		63,012

State Public School Building Authority, Delaware County Community College Project Rev., 5.00%, 10/1/2022		75,000		78,815

State Public School Building Authority, Harrisburg Area Community College

Rev., 5.00%, 10/1/2021		40,000		40,157

Series A, Rev., AGM, 5.00%, 10/1/2021		45,000		45,179

State Public School Building Authority, Jefferson County-Dubois Area Vocational Technical School Rev., AGM, 2.85%, 2/1/2022		25,000		25,267

State Public School Building Authority, The School District of the City of Harrisburg Project Series 2016A, Rev., AGM, 4.00%, 12/1/2026 (b)		15,000		17,656

Steel Valley School District, Capital Appreciation GO, AGM, Zero Coupon, 11/1/2022		40,000		39,706

Susquehanna Township School District GO, 4.00%, 5/15/2022		155,000		159,150

Swarthmore Borough Authority, Swarthmore College

Series B, Rev., 5.00%, 9/15/2021		45,000		45,080

Series 2016B, Rev., 5.00%, 9/15/2022		50,000		52,547

Towanda Area School District GO, AGM, 4.00%, 3/15/2022		50,000		50,994

Township of Derry GO, 2.00%, 11/15/2022		25,000		25,091

Township of Dover GO, 3.00%, 9/1/2021		25,000		25,000

Township of East Brandywine GO, 3.00%, 6/1/2022 (b)		50,000		51,068

Township of East Lampeter GO, 5.00%, 11/15/2021		195,000		196,843

Township of Hampden GO, 4.00%, 5/15/2022		50,000		51,278

Township of Hampton GO, 4.00%, 1/1/2023		65,000		68,271

Township of Hempfield GO, 5.00%, 10/15/2023		35,000		38,527

Township of Lower Paxton

Series 2020A, GO, 2.00%, 4/1/2022		35,000		35,346

GO, 4.00%, 4/1/2024		30,000		32,804


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Township of Milford GO, 5.00%, 3/1/2022		50,000		51,224

Township of Moon GO, 5.00%, 11/15/2021 (b)		30,000		30,298

Township of North Londonderry GO, 4.00%, 9/1/2023		70,000		75,193

Township of Palmer

Series 2020D, GO, 3.00%, 11/15/2021		50,000		50,287

Series 2020A, GO, 5.00%, 11/15/2023		30,000		33,026

Township of Radnor

GO, 3.63%, 11/1/2022 (b)		40,000		41,616

GO, 3.88%, 11/1/2022 (b)		35,000		36,516

GO, 4.00%, 11/1/2022 (b)		65,000		67,932

Township of Solebury GO, 5.00%, 4/1/2022		35,000		35,982

Township of Susquehanna GO, 3.00%, 10/1/2021		25,000		25,059

Township of West Whiteland GO, 2.00%, 8/15/2022		25,000		25,205

Tredyffrin Easttown School District GO, 4.00%, 2/15/2022		50,000		50,886

Troy Area School District Bradford County GO, 4.00%, 3/1/2023		20,000		21,134

Tunkhannock Area School District GO, 4.00%, 1/15/2022		100,000		101,409

Union County Higher Educational Facilities Financing Authority, Bucknell University Series B, Rev., 5.00%, 4/1/2023		100,000		107,358

Unionville-Chadds Ford School District

GO, 4.00%, 6/1/2022		50,000		51,458

Series 2019A, GO, 4.00%, 6/1/2022		20,000		20,583

United School District Series 2016A, GO, AGM, 2.00%, 11/15/2021		50,000		50,183

Upper Moreland Township School District GO, 2.00%, 8/15/2022		140,000		142,481

Upper St. Clair Township School District GO, 4.00%, 7/15/2022		100,000		103,239

Warwick School District GO, 4.00%, 2/1/2022		40,000		40,640

Washington County Industrial Development Authority, A.W. Beattie Career Center Project Rev., 5.00%, 10/15/2021		100,000		100,575

West Allegheny School District

GO, 5.00%, 3/1/2022 (b)		100,000		102,435

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	355

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Pennsylvania — continued

Series 2017A, GO, 4.00%, 9/1/2022		60,000		62,278

West Chester Area School District

GO, 5.00%, 3/15/2022		110,000		112,904

Series 2012AA, GO, 4.00%, 5/15/2022		25,000		25,687

West Jefferson Hills School District

Series 2017A, GO, 5.00%, 8/1/2023		30,000		32,767

GO, 3.00%, 8/1/2024		25,000		26,974

West Shore School District Series 2017A, GO, 5.00%, 11/15/2021		25,000		25,244

West View Municipal Authority, Water Rev., 4.00%, 11/15/2021		25,000		25,194

Westmoreland County Industrial Development Authority Health System, Tax Exempt Series 2020A, Rev., 4.00%, 7/1/2022		350,000		360,504

York County School of Technology Authority, School Lease Series 2017A, Rev., 5.00%, 2/15/2022		20,000		20,435

Yough School District Series 2019A, GO, 4.00%, 10/1/2022		50,000		51,971


Total Pennsylvania				79,766,029


Rhode Island — 0.7%

Narragansett Bay Commission, Wastewater System

Series 2013C, Rev., 5.00%, 9/1/2021		70,000		70,000

Series C, Rev., 5.00%, 9/1/2022		25,000		26,211

Rhode Island Commerce Corp. Series 2016A, Rev., 5.00%, 6/15/2023		20,000		21,716

Rhode Island Commerce Corp., Department of Transportation

Series 2016-A, Rev., GAN, 5.00%, 6/15/2022		1,420,000		1,474,240

Series 2017A, Rev., 5.00%, 6/15/2023		85,000		92,245

Rev., 5.00%, 5/15/2025		225,000		263,178

Series 2016B, Rev., 5.00%, 6/15/2025		240,000		281,738

Rhode Island Convention Center Authority Series 2015A, Rev., 5.00%, 5/15/2022		1,000,000		1,034,052

Rhode Island Health and Educational Building Corp.

Series B, Rev., 4.00%, 9/15/2021		100,000		100,140


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Rhode Island — continued

Series 2016B, Rev., 5.00%, 9/15/2021		50,000		50,088

Series 2016A, Rev., 4.00%, 5/15/2022		25,000		25,680

Series A, Rev., 5.00%, 5/15/2024		100,000		112,166

Rhode Island Health and Educational Building Corp., Auxiliary Enterprise Series 2013D, Rev., 5.00%, 9/15/2021		50,000		50,088

Rhode Island Health and Educational Building Corp., Bong Fing Program Series 2013C, Rev., 5.00%, 5/15/2022 (b)		35,000		36,204

Rhode Island Health and Educational Building Corp., Higher Education Facilities, Brown University

Rev., 5.00%, 9/1/2021		420,000		420,000

Series A, Rev., 4.50%, 9/10/2021		50,000		50,000

Rev., 5.00%, 9/1/2022		135,000		141,608

Rhode Island Health and Educational Building Corp., Higher Education Facilities, Bryant University Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (c)		6,310,000		6,310,000

Rhode Island Health and Educational Building Corp., Providence College Series 2012B, Rev., 5.00%, 11/1/2023		105,000		110,751

Rhode Island Health and Educational Building Corp., Public School Financing Program

Series 2016A, Rev., 5.00%, 9/15/2021		25,000		25,044

Rev., 5.00%, 5/15/2022		375,000		387,836

Rhode Island Health and Educational Building Corp., Town of East Greenwich Series 2012A, Rev., GTD, 5.00%, 5/15/2022 (b)		35,000		36,204

Rhode Island Health and Educational Building Corp., Town of Lincoln Series 2020B, Rev., 4.00%, 5/15/2023		90,000		95,902

Rhode Island Health and Educational Building Corp., Town of Narragansett Series 2017B, Rev., GTD, 4.00%, 5/15/2022		25,000		25,682

Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity

Series 72-A, Rev., 0.40%, 10/1/2021		115,000		115,025

SEE NOTES TO FINANCIAL STATEMENTS.



356	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Rhode Island — continued

Series 70, Rev., GNMA COLL, 1.65%, 10/1/2022		25,000		25,366

Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund

Series 2017B, Rev., 4.00%, 10/1/2021		20,000		20,064

Series 2018A, Rev., 4.00%, 10/1/2021		100,000		100,305

Series 2012B, Rev., 5.00%, 10/1/2021		50,000		50,198

Series 2013A, Rev., 5.00%, 10/1/2021		50,000		50,198

Series C, Rev., 5.00%, 10/1/2021		30,000		30,119

Series 2012A, Rev., 4.00%, 10/1/2022		35,000		36,477

Series 2013A, Rev., 4.00%, 10/1/2022 (b)		25,000		26,047

Series 2013A, Rev., 5.00%, 10/1/2022		115,000		121,086

Series 2017B, Rev., 5.00%, 10/1/2022		45,000		47,380

Rhode Island Infrastructure Bank, Municipal Road and Bridge Series 2019A, Rev., 5.00%, 10/1/2022		150,000		157,681

Rhode Island Infrastructure Bank, Safe Drinking Water Series 2012A, Rev., 5.00%, 10/1/2022 (b)		25,000		26,317

Rhode Island Infrastructure Bank, Safe Drinking Water Revolving Fund

Series 2013A, Rev., 4.00%, 10/1/2021		30,000		30,095

Series 2012A, Rev., 5.00%, 10/1/2022 (b)		70,000		73,687

Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax

Series 2019A, Rev., 5.00%, 10/1/2021		50,000		50,190

Series 2016A, Rev., 4.00%, 10/1/2022		220,000		228,795

State of Rhode Island and Providence Plantations Consolidated Capital Development Loan

Series 2013A, GO, 5.00%, 10/15/2021		50,000		50,294

Series 2014B, GO, 5.00%, 11/1/2021		50,000		50,403

Series 2017A, GO, 5.00%, 5/1/2022		25,000		25,815

Series 2012A, GO, 5.00%, 8/1/2022		90,000		94,038


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Rhode Island — continued

Series 2013A, GO, 5.00%, 10/15/2022 (b)		25,000		26,364

Series 2014B, GO, 5.00%, 11/1/2022 (b)		45,000		47,553

Series 2014D, GO, 5.00%, 8/1/2023		30,000		32,798

State of Rhode Island and Providence Plantations Lease Participation Certificates, Kent County Courthouse Project Series 2013A, COP, 5.00%, 10/1/2021		150,000		150,575

State of Rhode Island and Providence Plantations Lease Participation Certificates, Pastore Center Energy Conservation Project Series A, COP, 5.00%, 11/1/2021		25,000		25,195

State of Rhode Island and Providence Plantations Lease Participation Certificates, School for The Deaf Project Series 2017D, COP, 5.00%, 4/1/2022		200,000		205,514

State of Rhode Island, Consolidated Capital Development Loan Series 2012A, GO, 4.00%, 8/1/2022 (b)		30,000		31,066

State of Rhode Island, Eleanor Slater Hospital Project Series 2018B, COP, 5.00%, 11/1/2022		100,000		105,511

Tobacco Settlement Financing Corp.

Series A, Rev., 5.00%, 6/1/2022		35,000		36,240

Series A, Rev., 5.00%, 6/1/2024		175,000		196,978

Town of Lincoln Series 2015A, GO, 5.00%, 8/1/2022		245,000		255,921

Town of Westerly Series 2014A, GO, 5.00%, 7/1/2023		20,000		21,758


Total Rhode Island				13,785,826


South Carolina — 0.7%

Aiken County Consolidated School District

Series 2017A, GO, SCSDE, 4.00%, 4/1/2022		60,000		61,360

Series 2018B, GO, SCSDE, 5.00%, 4/1/2022		30,000		30,854

Series 2019A, GO, SCSDE, 5.00%, 4/1/2022		25,000		25,711

Anderson County School District No. 1 GO, SCSDE, 5.00%, 3/1/2022		55,000		56,346

Anderson County School District No. 4 Series 2018A, GO, SCSDE, 5.00%, 3/1/2022		80,000		81,963

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	357

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

South Carolina — continued

Anderson County School District No. 5 GO, SCSDE, 5.00%, 3/1/2022		25,000		25,613

Beaufort County School District GO, SCSDE, 5.00%, 3/1/2024		30,000		33,599

Berkeley County School District Series 2013B, GO, SCSDE, 5.00%, 3/1/2022		50,000		51,227

Charleston Educational Excellence Finance Corp.

Rev., 5.00%, 12/1/2021		20,000		20,241

Series 2013B, Rev., 5.00%, 12/1/2021		85,000		86,027

Rev., 5.00%, 12/1/2022		45,000		47,732

Series 2013B, Rev., 5.00%, 12/1/2025		35,000		38,738

Charleston Public Facilities Corp., City of Charleston Project Series 2017A, Rev., 5.00%, 9/1/2021		120,000		120,000

City of Charleston Rev., 5.00%, 1/1/2022		25,000		25,406

City of Charleston, Stormwater System Rev., 5.00%, 1/1/2022		40,000		40,650

City of Columbia, City Stormwater Improvements, Green Bond Rev., 5.00%, 2/1/2022		40,000		40,815

City of Columbus, Water & Sewerage

Rev., 4.00%, 2/1/2022		50,000		50,812

Rev., 3.00%, 2/1/2023		40,000		41,614

City of North Charleston, Limited Obligation, Tax Increment Pledge Rev., 5.00%, 10/1/2021		225,000		225,873

City of Rock Hill, Combined Utility System Series 2019A, Rev., 5.00%, 1/1/2022		125,000		126,968

Clemson University Series 2015B, Rev., 5.00%, 5/1/2023		40,000		43,173

Clemson University, Higher Education Bonds Rev., 5.00%, 5/1/2023		140,000		151,104

Coastal Carolina University, Higher Education Rev., 5.00%, 6/1/2022		200,000		205,974

County of Aiken, Administration Building Project GO, 3.63%, 3/1/2022 (b)		25,000		25,428

County of Charleston Series 2013A, GO, 5.00%, 11/1/2021		25,000		25,202

County of Charleston, Capital Improvement, Transportation Sales Tax

GO, 4.00%, 11/1/2021 (b)		385,000		387,459

GO, 5.00%, 11/1/2021 (b)		100,000		100,803


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


South Carolina — continued

County of Charleston, Transportation Sales Tax GO, 5.00%, 11/1/2021		210,000		211,696

County of Dorchester Series 2013B, GO, 5.00%, 4/1/2022		25,000		25,715

County of Dorchester, Waterworks and Sewer System Rev., 5.00%, 10/1/2022		25,000		26,325

County of Florence, McLeod Medical Center Project

Rev., 5.00%, 11/1/2021		45,000		45,360

Rev., 5.00%, 11/1/2022		245,000		258,889

County of Greenwood Series 2012B, Rev., 4.00%, 10/1/2021		50,000		50,153

County of Richland, Library Projects Series 2016B, GO, 5.00%, 3/1/2022		25,000		25,611

County of York GO, 5.00%, 4/1/2022		25,000		25,715

County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 9/10/2021		75,000		75,729

Dorchester County School District No. 2, Growth Installment Purchase Series 2013B, Rev., 5.00%, 12/1/2021		40,000		40,488

Florence Public Facilities Corp., Installment Purchase, City of Florence Project Series 2020B, Rev., 5.00%, 11/1/2021		25,000		25,193

Fort Mill School District No. 4 Series 2016D, GO, SCSDE, 5.00%, 3/1/2022		60,000		61,457

Greenville County School District, Building Equity Sooner for Tomorrow Installment Purchase

Rev., 5.00%, 12/1/2021		275,000		278,357

Rev., 5.00%, 12/1/2022		60,000		63,682

Greenville Health System Rev., 5.00%, 5/1/2023		120,000		123,728

Greenwood Metropolitan District, Sewer System Rev., 5.00%, 10/1/2021		75,000		75,295

Horry County School District Rev., 5.00%, 3/1/2022		25,000		25,611

Joint Municipal Water and Sewer Commission, System Improvement Series 2019B, Rev., 5.00%, 6/1/2022		50,000		51,835

Kershaw County School District, South Carolina, Projects, Public Schools Foundation Installment Purchase Rev., 5.00%, 12/1/2021		80,000		80,956

SEE NOTES TO FINANCIAL STATEMENTS.



358	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

South Carolina — continued

Laurens County School District No. 055, Installment Purchase, South Carolina Project Rev., 5.00%, 12/1/2021		100,000		101,198

Lexington County Health Services District, Inc., LexMed Obligated Group

Rev., 5.00%, 11/1/2021		695,000		700,485

Rev., 5.00%, 11/1/2022		200,000		211,168

Lexington County School District No. 1

Series 2011C, GO, SCSDE, 4.00%, 2/1/2022 (b)		30,000		30,484

Series 2011C, GO, SCSDE, 5.00%, 2/1/2022 (b)		135,000		137,736

Series 2013B, GO, SCSDE, 5.00%, 2/1/2022		60,000		61,226

Series 2015A, GO, SCSDE, 5.00%, 2/1/2022		25,000		25,511

Series 2013A, GO, SCSDE, 5.00%, 3/1/2022		25,000		25,613

Series 2013B, GO, SCSDE, 4.13%, 2/1/2023 (b)		25,000		26,407

Series 2013B, GO, SCSDE, 4.25%, 2/1/2023 (b)		25,000		26,451

Lexington One School Facilities Corp., Lexington County School District No. 1 Rev., 5.00%, 12/1/2022		35,000		37,138

Lexington School District No. 2 Educational Facilities Corp. Series 2015B, Rev., 5.00%, 12/1/2021		170,000		172,028

Newberry Investing in Children’s Education, School District of Newberry County Rev., 5.00%, 12/1/2021		25,000		25,299

North Charleston Public Facilities Corp. Rev., 5.00%, 6/1/2022 (b)		25,000		25,903

Oconee County School District GO, SCSDE, 5.00%, 3/1/2022		500,000		512,216

Orangeburg County School District No. 4 GO, SCSDE, 3.00%, 2/1/2022		35,000		35,400

Piedmont Municipal Power Agency

Subseries A-2, Rev., NATL-RE, Zero Coupon, 1/1/2023		20,000		19,844

Series 2012B, Rev., 4.00%, 1/1/2023		360,000		364,554

Series 2017B, Rev., 5.00%, 1/1/2024		115,000		127,678

Series 2015A, Rev., 5.00%, 1/1/2025		360,000		415,257

Renewable Water Resources Rev., 5.00%, 1/1/2022 (b)		55,000		55,890


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


South Carolina — continued

Richland County School District No. 1 Series 2011A, GO, SCSDE, 4.00%, 9/1/2021 (b)		100,000		100,000

Richland County School District No. 2

Series 2015A, GO, SCSDE, 5.00%, 2/1/2022		45,000		45,917

GO, SCSDE, 5.00%, 3/1/2022		190,000		194,652

Series 2013B, GO, SCSDE, 5.00%, 5/1/2022		25,000		25,815

SCAGO Educational Facilities Corp. for Colleton School District Rev., 5.00%, 12/1/2021		165,000		166,906

SCAGO Educational Facilities Corp. for Pickens School District

Rev., 5.00%, 12/1/2021		635,000		642,414

Rev., 5.00%, 12/1/2022		30,000		31,763

Rev., 5.00%, 12/1/2025		140,000		163,231

Scago Educational Facilities Corp. for Union School District Rev., 5.00%, 12/1/2022		20,000		21,082

South Carolina Jobs-Economic Development Authority, Anmed Health Project Rev., 5.00%, 2/1/2023		125,000		133,480

South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc. Rev., 5.00%, 10/1/2025 (c)		300,000		354,557

South Carolina Jobs-Economic Development Authority, Conway Hospital, Inc., Project Rev., 4.00%, 7/1/2022 (b)		70,000		72,230

South Carolina Jobs-Economic Development Authority, Hospital Refunding and Improvement, Mcleod Health Projects Rev., 5.00%, 11/1/2022		390,000		412,109

South Carolina Public Service Authority

Series 2011B, Rev., 5.00%, 12/1/2021 (b)		110,000		111,318

Series 2014C, Rev., 5.00%, 12/1/2021		145,000		146,748

Series A, Rev., 5.00%, 12/1/2021 (b)		30,000		30,360

Series C, Rev., 5.00%, 12/1/2021		560,000		566,751

South Carolina Public Service Authority, Santee Cooper

Series 2011B, Rev., 4.00%, 12/1/2021 (b)		25,000		25,238

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	359

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

South Carolina — continued

Series 2011B, Rev., 5.00%, 12/1/2021 (b)		80,000		80,948

Series 2012-D, Rev., 5.00%, 6/1/2022 (b)		935,000		969,139

South Carolina State Fiscal Accountability Authority Rev., 5.00%, 10/1/2021		25,000		25,099

South Carolina Transportation Infrastructure Bank

Series 2012A, Rev., 4.00%, 10/1/2021		200,000		200,620

Series 2012A, Rev., 5.00%, 10/1/2021 (b)		720,000		722,824

Series 2012B, Rev., 5.00%, 10/1/2021		25,000		25,097

Series 2016A, Rev., 5.00%, 10/1/2022		25,000		26,300

Series 2015A, Rev., 5.00%, 10/1/2023		20,000		22,006

Series 2015A, Rev., 5.00%, 10/1/2024		25,000		28,657

State of South Carolina, University of South Carolina Series 2015B, GO, 5.00%, 4/1/2022		45,000		46,286

Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2022		50,000		52,219

Town of Lexington, Waterworks and Sewer System Combined Rev., 5.00%, 6/1/2022		25,000		25,908

Town of Summerville, Hospitality Fee Pledge Series 2015B, Rev., 5.00%, 10/1/2023		300,000		328,380

University of South Carolina, Athletic Facilities

Rev., 5.00%, 5/1/2022		25,000		25,814

Series 2017B, Rev., 5.00%, 5/1/2022		30,000		30,976

Series 2017B, Rev., 5.00%, 5/1/2024		410,000		460,941

Series 2017B, Rev., 5.00%, 5/1/2025		530,000		617,398

University of South Carolina, Higher Education Facilities

Rev., 5.00%, 5/1/2022		165,000		170,370

Rev., 5.00%, 5/1/2023		90,000		97,296

Rev., 5.00%, 5/1/2024		25,000		25,776

Rev., 5.00%, 5/1/2025		70,000		81,934


Total South Carolina				14,188,532


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


South Dakota — 0.4%

Bon Homme School District No. 4-2, Limited Tax GO, 2.00%, 12/1/2022		50,000		51,135

City of Rapid City, Sales Tax Rev., 4.00%, 12/1/2021 (b)		35,000		35,337

City of Sioux Falls, Sales Tax

Series 2012A, Rev., 4.00%, 11/15/2021		180,000		181,419

Series 2017A, Rev., 5.00%, 11/15/2021		120,000		121,189

Series 2012A, Rev., 4.00%, 11/15/2022		85,000		88,967

Series 2017A, Rev., 5.00%, 11/15/2022		125,000		132,336

Series 2020A, Rev., 5.00%, 11/15/2022		25,000		26,468

Codington Grant etc Counties School District No. 14-4 Watertown GO, 5.00%, 6/15/2022		650,000		673,985

County of Minnehaha, Limited Tax Series 2014A, COP, 5.00%, 12/1/2021		125,000		126,479

County of Pennington, Limited Tax

Series 2017A, COP, 3.00%, 12/1/2021		225,000		226,488

Series 2017A, COP, 3.00%, 6/1/2023		25,000		26,124

Rapid City Area School District No. 51-4, Limited Tax, Capital Outlay

Series 2017B, GO, 5.00%, 1/1/2022		40,000		40,643

GO, 4.00%, 8/1/2023		630,000		675,456

South Dakota Health and Educational Facilities Authority, Regional Health

Rev., 5.00%, 9/1/2021		35,000		35,000

Rev., 5.00%, 9/1/2022		210,000		220,062

South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group

Series B, Rev., 4.00%, 11/1/2021		50,000		50,314

Series B, Rev., 5.00%, 11/1/2022		40,000		42,238

South Dakota Health and Educational Facilities Authority, Sanford Obligated Group

Rev., 5.00%, 11/1/2025		75,000		89,018

Rev., 5.00%, 11/1/2026		250,000		295,817

South Dakota Health and Educational Facilities Authority, Vocational Education Program

Rev., 5.00%, 8/1/2022		20,000		20,880

SEE NOTES TO FINANCIAL STATEMENTS.



360	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

South Dakota — continued

Series 2015B, Rev., 5.00%, 8/1/2022		25,000		26,101

South Dakota Housing Development Authority, Homeownership Mortgage

Series 2020C, Rev., GNMA/FNMA/FHLMC COLL, 0.35%, 11/1/2022		530,000		530,651

Series 2019A, Rev., 1.90%, 11/1/2022		55,000		56,032

South Dakota State Building Authority

Series 2011A, Rev., 5.00%, 9/1/2021		60,000		60,000

Series 2017A, Rev., 4.00%, 6/1/2022		50,000		51,404

Series 2018A, Rev., 4.00%, 6/1/2022		25,000		25,702

Series 2019A, Rev., 4.00%, 6/1/2022		50,000		51,404

Series 2013B, Rev., 5.00%, 6/1/2022		80,000		82,843

Series 2015B, Rev., 5.00%, 6/1/2022		35,000		36,244

Series A, Rev., 5.00%, 6/1/2022		50,000		51,777

Series E, Rev., 5.00%, 6/1/2022		25,000		25,889

Series 2012A, Rev., 5.00%, 9/1/2022 (b)		200,000		209,724

Series 2014D, Rev., 5.00%, 9/1/2022		80,000		83,792

Series 2019A, Rev., 4.00%, 6/1/2024		30,000		32,976

Series 2014D, Rev., 5.00%, 9/1/2024		25,000		28,437

Tender Option Bond Trust Receipts/Certificates Series 2020-XG0302, Rev., VRDO, LIQ: Barclays Bank plc, 0.10%, 9/10/2021 (c) (f)		3,680,000		3,680,000


Total South Dakota				8,192,331


Tennessee — 1.2%

Chattanooga Health Educational and Housing Facility Board, Catholic Health Initiatives Series 2013A, Rev., 5.25%, 1/1/2023 (b)		1,635,000		1,742,837

City of Chattanooga

GO, 5.00%, 10/1/2021		50,000		50,198

GO, 3.13%, 10/1/2025		140,000		144,491

City of Chattanooga, Electric System

Series 2015A, Rev., 5.00%, 9/1/2021		230,000		230,000

Series C, Rev., 5.00%, 9/1/2021		25,000		25,000

Series A, Rev., 5.00%, 9/1/2022		75,000		78,679


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Tennessee — continued

City of Clarksville, Electric System Rev., 2.00%, 9/1/2022		50,000		50,958

City of Clarksville, Water Sewer and Gas

Rev., 5.00%, 2/1/2022 (b)		50,000		51,014

Rev., 5.00%, 2/1/2023		30,000		32,066

City of Franklin, Public Improvement GO, 5.00%, 4/1/2022		50,000		51,432

City of Kingsport

GO, 5.00%, 3/1/2022		25,000		25,613

Series 2017A, GO, 5.00%, 3/1/2022		150,000		153,680

City of Knoxville, Wastewater System

Series 2015A, Rev., 5.00%, 4/1/2022		25,000		25,708

Series 2017A, Rev., 5.00%, 4/1/2022		25,000		25,709

City of Memphis, Electric System Rev., 5.00%, 12/1/2021		65,000		65,792

City of Memphis, General Improvement

GO, 5.00%, 9/7/2021		155,000		155,104

GO, 5.00%, 5/1/2022		30,000		30,968

GO, 5.00%, 6/1/2022		75,000		77,724

GO, 5.00%, 5/1/2023		35,000		37,807

City of Memphis, Sanitary Sewerage System

Rev., 5.00%, 10/1/2021		290,000		291,152

Rev., 4.00%, 7/1/2022		50,000		51,628

Rev., 5.00%, 10/1/2022		45,000		47,390

City of Morristown GO, 4.00%, 10/1/2021		100,000		100,310

City of Murfreesboro

GO, 5.00%, 9/1/2021		50,000		51,843

Series 2020C, GO, 3.00%, 2/1/2022		35,000		35,425

Columbia Housing and Redevelopment Corp., Multi-Family Housing, Northridge Project Rev., VRDO, 2.40%, 9/1/2021 (c)		150,000		150,000

County of Hamilton GO, 3.00%, 3/1/2022		25,000		25,361

County of Knox Series 2020A, GO, 5.00%, 8/1/2022		30,000		31,349

County of Madison

GO, 5.00%, 4/1/2022		100,000		102,817

GO, 5.00%, 4/1/2023		50,000		53,803

County of Maury GO, 5.00%, 4/1/2024		30,000		33,698

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	361

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Tennessee — continued

County of Montgomery, Public Improvement GO, 4.00%, 4/1/2022		20,000		20,454

County of Putnam GO, 5.00%, 4/1/2022		25,000		25,713

County of Rutherford

GO, 3.00%, 4/1/2022 (b)		20,000		20,333

GO, 5.00%, 4/1/2022		100,000		102,840

Series 2013A, GO, 5.00%, 4/1/2022		40,000		41,136

County of Shelby

Series 2012A, GO, 4.00%, 3/1/2022		120,000		122,347

Series A, GO, 5.00%, 3/1/2022		50,000		51,227

Series 2015A, GO, 5.00%, 4/1/2022		50,000		51,432

Series 2019B, GO, 5.00%, 4/1/2022		50,000		51,432

County of Shelby, Public Improvement

Series 2017A, GO, 5.00%, 4/1/2022		30,000		30,859

Series 2019A, GO, 5.00%, 4/1/2022		50,000		51,432

County of Sullivan Series 2015A, GO, 5.00%, 4/1/2022		25,000		25,713

County of Sumner, School and Public Improvement

GO, 5.00%, 12/1/2021		20,000		20,243

GO, 5.00%, 12/1/2022		125,000		132,670

County of Williamson GO, 5.00%, 4/1/2022 (b)		60,000		61,711

County of Williamson, School and Public Improvement Series 2015B, GO, 2.00%, 4/1/2022		100,000		101,117

Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group

Series 2018A, Rev., 5.00%, 7/1/2022		45,000		46,789

Series 2018A, Rev., 5.00%, 7/1/2025		120,000		130,225

Greeneville Health and Educational Facilities Board, People RD Portfolio Project Rev., 1.45%, 12/1/2021 (c)		25,000		25,080

Hallsdale-Powell Utility District, Water and Sewer Rev., 5.00%, 4/1/2023		45,000		48,430

Health Educational and Housing Facility Board of the City of Memphis (The), Burkle and Main Apartments Project Rev., 1.40%, 5/1/2022 (c)		125,000		125,932

Johnson City Energy Authority, Electric System Rev., 5.00%, 5/1/2022		50,000		51,634

Knox County Health Educational and Housing Facility Board, Covenant Village Project Rev., 0.30%, 8/1/2022 (c)		475,000		475,485


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Tennessee — continued

Mallory Valley Utility District, Waterworks System Rev., 5.00%, 9/1/2023		75,000		82,215

Memphis Center City Revenue Finance Corp., Pyramid and Pinch District Redevelopment Rev., AGM, 4.50%, 11/1/2021 (b)		100,000		100,721

Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project

Series 2021B, Rev., 4.00%, 10/1/2023		130,000		139,131

Series 2021B, Rev., 4.00%, 10/1/2024		170,000		187,056

Series 2021B, Rev., 4.00%, 10/1/2025		170,000		191,484

Metropolitan Government Nashville and Davidson County, Health and Educational Facilities, Belmont University Project Rev., 4.00%, 11/1/2021		75,000		75,433

Metropolitan Government Nashville and Davidson County, Health and Educational Facilities, The Vanderbilt University Series 2012D, Rev., 4.00%, 10/3/2022 (b)		130,000		135,328

Metropolitan Government Nashville and Davidson County, Sports Authority, Public Improvement Rev., 5.00%, 7/1/2023		85,000		92,439

Metropolitan Government of Nashville and Davidson County

Series 2013A, GO, 5.00%, 1/1/2022		20,000		20,326

Series 2021C, GO, 5.00%, 1/1/2022		50,000		50,814

GO, 5.00%, 7/1/2022		375,000		390,268

Series 2015A, GO, 5.00%, 7/1/2022		165,000		171,743

Series 2015C, GO, 5.00%, 7/1/2022		200,000		208,173

Metropolitan Government of Nashville and Davidson County, Electric System Series 2015A, Rev., 5.00%, 5/15/2022		20,000		20,692

Metropolitan Government of Nashville and Davidson County, Water and Sewer

Series A, Rev., AGM, 5.25%, 1/1/2022 (b)		25,000		25,426

Series 2017A, Rev., 4.00%, 7/1/2022		50,000		51,628

Rev., 5.00%, 7/1/2022		70,000		72,861

SEE NOTES TO FINANCIAL STATEMENTS.



362	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Tennessee — continued

Series 2020B, Rev., 5.00%, 7/1/2022		50,000		52,043

Series 2017B, Rev., 5.00%, 7/1/2023		25,000		27,236

Series 2020B, Rev., 5.00%, 7/1/2023		35,000		38,131

Metropolitan Nashville Airport Authority (The) Series 2015A, Rev., 4.00%, 7/1/2022		70,000		72,274

Pigeon Forge Industrial Development Board, Public Facility Rev., 5.00%, 9/10/2021		75,000		75,081

Public Building Authority of Sevier County, Local Government Public Improvement Rev., VRDO, GTD, LOC: Bank of America NA, 0.02%, 9/8/2021 (c)		13,365,000		13,365,000

Rutherford County Consolidated Utility District Rev., 4.00%, 2/1/2022		75,000		76,215

Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare

Series 2017A, Rev., 5.00%, 5/1/2022		35,000		36,118

Series 2017A, Rev., 5.00%, 5/1/2023		150,000		161,924

Series 2017A, Rev., 5.00%, 5/1/2025		160,000		185,497

Shelby County Health Educational and Housing Facilities Board, The Village of Germantown

Rev., 5.00%, 12/1/2022 (b)		325,000		342,371

Rev., 5.38%, 12/1/2022 (b)		80,000		85,134

State of Tennessee

Series 2011A, GO, 5.00%, 10/1/2021		125,000		125,497

Series A, GO, 5.00%, 10/1/2021		50,000		50,197

Series 2009B, GO, 5.00%, 11/1/2021		200,000		201,619

Tennergy Corp., Gas Supply Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 10/1/2024 (c)		50,000		56,809

Tennessee Energy Acquisition Corp., Gas Project

Series 2006A, Rev., 5.25%, 9/1/2021		1,000,000		1,000,000

Series 2006A, Rev., 5.25%, 9/1/2022		50,000		52,484


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Tennessee — continued

Tennessee State School Bond Authority, Higher Educational Facilities Second Program

Rev., 5.00%, 11/1/2021		100,000		100,808

Series 2014B, Rev., 5.00%, 11/1/2021		335,000		337,706

Series 2015B, Rev., 5.00%, 11/1/2021		135,000		136,090

Rev., 5.00%, 11/1/2022		115,000		121,575

Series 2013A, Rev., 5.00%, 11/1/2022		55,000		58,113

Series 2018A, Rev., 5.00%, 11/1/2022		65,000		68,716

Series B, Rev., 5.00%, 11/1/2022		20,000		21,144

Series B, Rev., 5.00%, 11/1/2024		20,000		23,005

Town of Collierville Series 2015A, GO, 5.00%, 1/1/2022		75,000		76,224

Town of Collierville, Water and Sewer System GO, 4.00%, 11/1/2021		30,000		30,193

Wilson County Tenth Special School District, Limited Obligation School GO, 4.00%, 4/1/2022		40,000		40,902


Total Tennessee				24,877,634


Texas — 8.5%

Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2022		55,000		56,229

Addicks Utility District, Waterworks & Sewer System, Unlimited Tax GO, AGM, 4.00%, 9/1/2023		495,000		530,692

Alamo Community College District, Financing System Senior Lien

Series 2012A, Rev., 5.00%, 11/1/2021		120,000		120,971

Series 2012A, Rev., 5.00%, 11/1/2022		35,000		37,010

Alamo Community College District, Maintenance Tax

GO, 4.00%, 2/15/2022		95,000		96,653

GO, 5.50%, 2/15/2022		85,000		87,092

Alamo Regional Mobility Authority, Vehicle Registration Fee Senior Lien

Rev., 5.00%, 6/15/2022		115,000		119,449

Rev., 5.00%, 6/15/2023		50,000		54,356

Aledo Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 2/15/2022		85,000		84,922

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	363

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

Alief Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,444

Allen Economic Development Corp., Sales Tax Series 2017A, Rev., 4.00%, 9/1/2021		135,000		135,000

Allen Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022 (b)		40,000		40,887

Alvin Independent School District, Unlimited Tax Series 2014A, GO, PSF-GTD, 5.00%, 2/15/2022		100,000		102,206

Arlington Higher Education Finance Corp.

Series 2021A, Rev., 5.00%, 8/15/2022		60,000		62,352

Series 2021A, Rev., 5.00%, 8/15/2023		155,000		167,085

Arlington Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,447

Aubrey Independent School District, Capital Appreciation, Unlimited Tax GO, PSF-GTD, Zero Coupon, 2/15/2023		25,000		24,901

Austin Community College District Public Facility Corp., Hays New Campus Project Rev., 4.00%, 8/1/2022 (b)		25,000		25,888

Austin Community College District Public Facility Corp., Highland Campus — Building 3000 Project Rev., 5.00%, 8/1/2023		25,000		27,291

Austin Community College District Public Facility Corp., Round Rock Campus Rev., 5.00%, 8/1/2022		25,000		26,112

Austin Community College District, Combined Fee Series 2016A, Rev., 4.00%, 2/1/2023		125,000		131,826

Austin Community College District, Limited Tax

GO, 5.00%, 8/1/2022		20,000		20,892

GO, 5.00%, 8/1/2023		35,000		38,243

Austin Independent School District, Unlimited Tax Series 2014B, GO, 5.00%, 8/1/2022		20,000		20,899

Barbers Hill Independent School District, Unlimited Tax

GO, 5.00%, 2/15/2022		165,000		168,686

GO, PSF-GTD, 5.00%, 2/15/2023		35,000		37,434

GO, 5.00%, 2/15/2023		40,000		42,696


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Series 2014A, GO, PSF-GTD, 5.00%, 2/15/2023		35,000		37,434

Bastrop Independent School District, Unlimited Tax Series 2013A, GO, PSF-GTD, 3.00%, 2/15/2023		140,000		143,858

Bay City Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2025		40,000		46,403

Belton Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022 (b)		85,000		86,885

Bexar County Hospital District GO, 5.00%, 2/15/2022		85,000		86,868

Bexar County Hospital District, Limited Tax

GO, 5.00%, 2/15/2022		55,000		56,208

GO, 5.00%, 2/15/2023		200,000		214,028

Birdville Independent School District, Unlimited Tax Series 2015B, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,559

Board of Regents of the University of Texas System, Financing System

Series 2016G-1, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.05%, 9/9/2021 (c)		1,485,000		1,485,000

Series 2012A, Rev., 5.00%, 9/10/2021		55,000		57,578

Series 2012A, Rev., 5.00%, 2/15/2022 (b)		35,000		35,776

Series 2010B, Rev., 5.00%, 8/15/2022		180,000		188,436

Series 2012B, Rev., 5.00%, 8/15/2022 (b)		255,000		266,871

Series 2016C, Rev., 5.00%, 8/15/2022		30,000		31,406

Series 2016D, Rev., 5.00%, 8/15/2022		25,000		26,172

Series 2016E, Rev., 5.00%, 8/15/2022		80,000		83,749

Series 2016-I, Rev., 5.00%, 8/15/2022		340,000		355,935

Series 2016J, Rev., 5.00%, 8/15/2022		80,000		83,749

Series 2016D, Rev., 5.00%, 8/15/2023		75,000		82,134

Series 2017C, Rev., 5.00%, 8/15/2023		25,000		27,378

SEE NOTES TO FINANCIAL STATEMENTS.



364	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

Boerne Public Facilities Corp., Liv at Boerne Senior Apartments Rev., 2.75%, 11/1/2021 (c)		250,000		251,065

Brazoria County Municipal Utility District No. 17, Unlimited Tax GO, AGM, 4.00%, 9/1/2023		50,000		53,605

Brazosport Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		50,000		51,108

Brazosport Water Authority, Water Supply System Series 2015C, Rev., 4.00%, 9/1/2022		25,000		25,939

Brock Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022		55,000		57,583

Bryan Independent School District, Unlimited Tax

GO, PSF-GTD, 3.00%, 2/15/2022		25,000		25,330

GO, PSF-GTD, 4.00%, 2/15/2023		120,000		126,712

Buna Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 2.25%, 8/15/2023		80,000		82,164

Calhoun County Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,447

Canadian River Municipal Water Authority Corp., Conjunctive Use Groundwater Supply Project Rev., 5.00%, 2/15/2023		150,000		153,170

Canyon Regional Water Authority, Wells Ranch I Project Rev., 5.00%, 8/1/2022		30,000		31,349

Capital Area Housing Finance Corp., Multi-Family Housing, Mission Trail at El Camino Real Apartments Rev., 2.10%, 9/1/2022 (c)		125,000		125,111

Carrizo Springs Consolidated Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/15/2022 (b)		60,000		62,193

Carroll Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022		40,000		40,890

GO, PSF-GTD, 5.00%, 2/15/2023		35,000		37,487

Carrollton-Farmers Branch Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022		155,000		158,455

GO, PSF-GTD, 5.00%, 2/15/2023		25,000		26,768


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Center Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023		45,000		48,108

Central Texas Regional Mobility Authority, Senior Lien Rev., 5.00%, 1/1/2022		20,000		20,315

Central Texas Regional Mobility Authority, Subordinated Lien

Rev., BAN, 4.00%, 1/1/2022		180,000		180,607

Rev., 5.00%, 1/1/2023 (b)		305,000		324,739

Series 2020F, Rev., BAN, 5.00%, 1/1/2025		670,000		755,249

Central Texas Turnpike System

Series 2002-A, Rev., AMBAC, Zero Coupon, 8/15/2022		40,000		39,898

Series 2002-A, Rev., AGM-CR, AMBAC, Zero Coupon, 8/15/2022		30,000		29,952

Series 2012-A, Rev., 5.00%, 8/15/2022 (b)		705,000		737,820

Series C, Rev., 5.00%, 8/15/2022		150,000		155,487

Cinco Southwest Municipal Utility District No. 1 Rev., GTD, 3.00%, 12/1/2021		100,000		100,701

City of Abilene

GO, 4.00%, 2/15/2022		275,000		279,836

GO, 5.00%, 2/15/2022 (b)		105,000		107,328

GO, 4.00%, 2/15/2023		105,000		110,889

GO, 5.00%, 2/15/2024		25,000		27,863

City of Abilene, Combination Tax

GO, 4.00%, 2/15/2022		85,000		86,495

GO, 5.00%, 2/15/2022		130,000		132,874

City of Albany, Combination Tax GO, AGM, 4.00%, 2/1/2023		30,000		31,433

City of Alice Series A, GO, AGM, 3.00%, 2/1/2022		100,000		101,106

City of Amarillo, Waterworks and Sewer System Rev., 5.00%, 4/1/2022		20,000		20,573

City of Arlington, Permanent Improvement

Series B, GO, 3.00%, 8/15/2022		25,000		25,688

GO, 5.00%, 8/15/2023		25,000		27,368

City of Arlington, Water & Wastewater System Series 2013B, Rev., 3.00%, 6/1/2022		50,000		51,073

City of Austin GO, 5.00%, 9/1/2021		30,000		30,000

City of Austin, Electric Utility System

Series 2015A, Rev., 5.00%, 11/15/2021		265,000		267,642

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	365

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

Series 2015A, Rev., 5.00%, 11/15/2022		85,000		90,010

City of Austin, Public Improvement

GO, 5.00%, 9/1/2021		745,000		745,000

Series 2013A, GO, 5.00%, 9/1/2021		70,000		70,000

GO, 5.00%, 9/1/2022		110,000		115,384

GO, 5.00%, 11/1/2022		25,000		26,426

GO, 5.00%, 9/1/2023		70,000		76,808

City of Austin, Public Property Finance Contractual Obligations GO, 5.00%, 11/1/2021		170,000		171,370

City of Austin, Public Property Financing GO, 5.00%, 11/1/2022		65,000		68,708

City of Austin, Water & Wastewater System

Series 2015A, Rev., 5.00%, 11/15/2021		25,000		25,249

Rev., 5.00%, 11/15/2022		100,000		105,881

Rev., 5.00%, 11/15/2023		20,000		21,176

Rev., 5.00%, 11/15/2024		50,000		50,496

Rev., 5.00%, 11/15/2026		280,000		282,775

City of Baytown

GO, 5.00%, 2/1/2022		170,000		173,458

GO, 5.00%, 2/1/2023		60,000		64,115

City of Beaumont Series 2020A, GO, 5.00%, 3/1/2022		65,000		66,578

City of Beaumont, Waterworks & Sewer System

Series 2014A, Rev., AGM, 5.00%, 9/1/2021		200,000		200,000

Rev., 5.00%, 9/1/2022 (b)		55,000		57,674

Series A, Rev., AGM, 5.00%, 9/1/2022		105,000		109,988

City of Boerne GO, 4.00%, 3/1/2022		100,000		101,931

City of Brownsville GO, 4.00%, 2/15/2022		265,000		269,538

City of Brownsville, Utilities System

Rev., AGM, 5.00%, 9/1/2022		125,000		130,809

Series 2013A, Rev., 5.00%, 9/1/2024		100,000		109,135

City of Bryan

GO, 3.00%, 8/15/2022		30,000		30,823

GO, 4.00%, 8/15/2022		50,000		51,848

City of Bryan, Rural Electric System Rev., 5.00%, 7/1/2022		105,000		109,003

City of Buda GO, 5.00%, 8/15/2024		20,000		22,768


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Buda, Combination Tax GO, 5.00%, 8/15/2022		105,000		109,859

City of Burleson GO, 4.00%, 3/1/2022		35,000		35,667

City of Cedar Hill

GO, 5.00%, 2/15/2022		90,000		91,990

GO, 5.00%, 2/15/2023		25,000		26,704

City of Cedar Park

GO, 4.00%, 2/15/2022		75,000		76,319

GO, 5.00%, 2/15/2022		50,000		51,106

GO, 5.00%, 2/15/2023		30,000		32,100

GO, 5.00%, 2/15/2025		40,000		46,402

City of Cedar Park, Utility System Rev., 3.00%, 8/15/2022		25,000		25,686

City of Cleveland GO, 3.00%, 3/1/2022		40,000		40,556

City of College Station

GO, 5.00%, 2/15/2022		65,000		66,434

GO, 5.00%, 2/15/2023		50,000		53,515

City of Conroe

Series 2018B, GO, 5.00%, 11/15/2024		25,000		28,755

Series 2019A, GO, 5.00%, 3/1/2025		35,000		40,668

City of Conroe, Certificates of Obligation Series 2020C, GO, 5.00%, 11/15/2021		165,000		166,652

City of Conroe, Water & Sewer System Series 2011, Rev., 3.00%, 11/15/2021		40,000		40,229

City of Coppell, Combination Tax and Limited Surplus GO, 5.00%, 2/1/2023		50,000		53,436

City of Corpus Christi, General Improvement

GO, 5.00%, 3/1/2022		300,000		307,253

GO, 5.00%, 3/1/2023		40,000		42,897

Series 2020A, GO, 5.00%, 3/1/2023		35,000		37,534

City of Corpus Christi, Junior Lien Utility System Rev., 5.00%, 7/15/2022		120,000		125,079

City of Crowley, Combination Tax GO, 3.00%, 2/1/2022		25,000		25,286

City of Dallas

GO, 5.00%, 2/15/2022		195,000		199,330

Series 2019A, GO, 5.00%, 2/15/2022		145,000		148,220

GO, 5.00%, 2/15/2023		685,000		709,414

GO, 5.00%, 2/15/2025		200,000		213,975

City of Dallas Housing Finance Corp., Multi-Family, Palladium Redbird Rev., 1.50%, 4/1/2022 (c)		2,715,000		2,734,917

SEE NOTES TO FINANCIAL STATEMENTS.



366	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

City of Dallas, Waterworks & Sewer System

Rev., 5.00%, 10/1/2021		35,000		35,139

Series 2012A, Rev., 5.00%, 10/1/2021		60,000		60,239

Rev., 5.00%, 10/1/2022 (b)		75,000		75,289

Series 2020C, Rev., 5.00%, 10/1/2022		70,000		73,679

City of Deer Park, Certificates of Obligation

GO, 3.00%, 3/15/2022		50,000		50,765

GO, 3.00%, 3/15/2024		25,000		26,747

City of Denton

GO, 2.00%, 2/15/2022		115,000		115,929

GO, 4.00%, 2/15/2022		65,000		66,113

GO, 5.00%, 2/15/2022		65,000		66,407

GO, 5.00%, 2/15/2023		25,000		26,720

City of Denton, Certificates of Obligation GO, 5.00%, 2/15/2022		205,000		209,533

City of Denton, Utility System Rev., 5.00%, 12/1/2022		1,230,000		1,302,752

City of Eagle Pass, Limited Tax GO, 4.00%, 3/1/2022		75,000		76,433

City of Edinburg GO, 5.00%, 3/1/2022		45,000		46,074

City of El Campo, Certificates of Obligation Series 2015A, GO, 4.00%, 2/1/2022		100,000		101,557

City of El Paso

GO, 5.00%, 8/15/2022		135,000		141,314

Series 2019A, GO, 5.00%, 8/15/2022		105,000		109,910

Series 2014A, GO, 5.00%, 8/15/2023		50,000		54,736

City of El Paso Municipal Drainage Utility System

Rev., 4.00%, 3/1/2022 (b)		25,000		25,478

Rev., 5.00%, 3/1/2022		135,000		138,298

City of El Paso, Certificates of Obligations, Combination Tax GO, 5.00%, 8/15/2022		85,000		88,975

City of El Paso, Water and Sewer System

Rev., 4.00%, 3/1/2022		25,000		25,487

Series 2012A, Rev., 4.00%, 3/1/2022 (b)		40,000		40,775

Rev., 5.00%, 3/1/2022		180,000		184,394

Series 2012A, Rev., 5.00%, 3/1/2022 (b)		25,000		25,609

Rev., 5.00%, 3/1/2023		50,000		53,660


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Farmers Branch GO, 4.00%, 2/15/2025		35,000		39,389

City of Farmers Branch, Combination Tax GO, 5.00%, 2/15/2023		30,000		32,081

City of Fort Worth, Water and Sewer System Improvement

Rev., 5.00%, 2/15/2022		50,000		51,112

Series 2020A, Rev., 5.00%, 2/15/2022		180,000		184,005

Series 2015A, GO, 5.00%, 3/1/2022		470,000		481,459

City of Friendswood, Waterworks & Sewer System Rev., 4.00%, 3/1/2022		100,000		101,916

City of Frisco

GO, 5.00%, 2/15/2022		230,000		235,085

Series 2015A, GO, 5.00%, 2/15/2022		80,000		81,769

GO, 5.00%, 2/15/2023		40,000		42,824

Series 2011, GO, 5.00%, 2/15/2023		45,000		45,176

GO, 5.00%, 2/15/2025		35,000		40,668

City of Frisco, Combination Tax & Surplus GO, 3.00%, 2/15/2022		20,000		20,261

City of Garland

GO, 5.00%, 2/15/2022		80,000		81,772

GO, 5.00%, 2/15/2023		35,000		37,476

Series 2015A, GO, 5.00%, 2/15/2023		25,000		26,769

City of Garland, Combination Tax GO, 5.00%, 2/15/2022		110,000		112,437

City of Garland, Electric Utility System

Rev., 5.00%, 3/1/2022		30,000		30,713

Series 2019A, Rev., 5.00%, 3/1/2022		660,000		675,688

Rev., 5.00%, 3/1/2023		350,000		374,744

Series 2016B, Rev., 5.00%, 3/1/2023		335,000		358,683

Series 2019A, Rev., 5.00%, 3/1/2023		510,000		546,055

Rev., 5.00%, 3/1/2025		250,000		287,657

Series 2019A, Rev., 5.00%, 3/1/2025		3,480,000		4,004,186

Rev., 5.00%, 3/1/2026		250,000		297,124

Series 2019A, Rev., 5.00%, 3/1/2026		240,000		285,240

City of Georgetown GO, 5.00%, 8/15/2022		40,000		41,859

City of Georgetown, Combination Tax GO, 5.00%, 8/15/2022		25,000		26,162

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	367

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

City of Granbury, Combination Tax GO, 5.00%, 8/15/2022		35,000		36,623

City of Grand Prairie, Combination Tax

GO, 4.00%, 2/15/2022		55,000		55,977

Series 2019A, GO, 4.00%, 2/15/2022		35,000		35,622

City of Grapevine

GO, 5.00%, 2/15/2022		55,000		56,211

GO, 5.00%, 2/15/2023		40,000		42,787

City of Grapevine, Combination Tax

GO, 3.00%, 2/15/2022		25,000		25,324

GO, 5.00%, 2/15/2022		85,000		86,871

Series 2015A, GO, 5.00%, 8/15/2022		170,000		177,867

City of Heath, Certificates of Obligation, Combination Tax and Surplus

GO, 4.00%, 2/15/2022		35,000		35,615

GO, 5.00%, 2/15/2025		40,000		46,328

City of Houston Series 2019C, GO, 5.00%, 3/1/2022		110,000		112,687

City of Houston, Airport System, Subordinate Lien

Series 2012B, Rev., 5.00%, 7/1/2022 (b)		95,000		98,815

Series 2018B, Rev., 5.00%, 7/1/2022		180,000		187,263

Series 2018D, Rev., 5.00%, 7/1/2022		45,000		46,816

Series 2018D, Rev., 5.00%, 7/1/2026		45,000		54,675

Series 2020B, Rev., 5.00%, 7/1/2026		35,000		42,525

City of Houston, Combined Utility System, Capital Appreciation Rev., AGM, Zero Coupon, 12/1/2022		60,000		59,883

City of Houston, Combined Utility System, First Lien

Series 2011D, Rev., 4.00%, 11/15/2021		25,000		25,199

Series 2012F, Rev., 4.00%, 11/15/2021 (b)		150,000		151,186

Series 2013B, Rev., 4.00%, 11/15/2021		70,000		70,558

Series 2017B, Rev., 4.00%, 11/15/2021		35,000		35,279

Series 2019B, Rev., 4.00%, 11/15/2021		145,000		146,155


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Series 2011D, Rev., 5.00%, 11/15/2021 (b)		690,000		696,860

Series 2011E, Rev., 5.00%, 11/15/2021		25,000		25,250

Series 2011F, Rev., 5.00%, 11/15/2021 (b)		75,000		75,745

Series 2012D, Rev., 5.00%, 11/15/2021		255,000		257,548

Series 2012F, Rev., 5.00%, 11/15/2021 (b)		100,000		100,993

Series 2014D, Rev., 5.00%, 11/15/2021		125,000		126,249

Series 2016B, Rev., 5.00%, 11/15/2021		270,000		272,692

Series 2018D, Rev., 5.00%, 11/15/2021		25,000		25,250

Series 2014C, Rev., 5.00%, 5/15/2022		550,000		568,985

Series 2012D, Rev., 4.00%, 11/15/2022 (b)		80,000		83,680

Series 2012D, Rev., 5.00%, 11/15/2022 (b)		40,000		42,345

Series 2014D, Rev., 5.00%, 11/15/2022		230,000		243,556

Series 2016B, Rev., 5.00%, 11/15/2022		250,000		264,735

Series 2018D, Rev., 5.00%, 11/15/2022		180,000		190,609

Series 2014C, Rev., 5.00%, 5/15/2023		60,000		64,987

Series 2002C, Rev., 5.00%, 11/15/2023		25,000		27,680

Series 2014D, Rev., 5.00%, 11/15/2023		30,000		33,216

City of Houston, Combined Utility System, Junior Lien, Capital Appreciation

Series A, Rev., AGM, Zero Coupon, 12/1/2021 (b)		295,000		294,890

Series A, Rev., AGM, Zero Coupon, 12/1/2024		85,000		83,931

City of Houston, Demolition Program Series 2013A, GO, 5.00%, 3/1/2023		30,000		32,196

City of Houston, Public Improvement

Series 2012A, GO, 4.00%, 3/1/2022		25,000		25,487

Series 2012A, GO, 5.00%, 3/1/2022 (b)		230,000		235,586

Series 2014A, GO, 5.00%, 3/1/2022		25,000		25,611

Series 2014A, GO, 5.00%, 3/1/2023		20,000		21,464

SEE NOTES TO FINANCIAL STATEMENTS.



368	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

Series 2017A, GO, 5.00%, 3/1/2023		55,000		59,026

Series 2017A, GO, 5.00%, 3/1/2024		90,000		100,821

City of Hutto Series 2019A, GO, 5.00%, 8/1/2025		20,000		23,455

City of Irving, Waterworks & Sewer System

Rev., 5.00%, 8/15/2022		25,000		26,169

Series 2017B, Rev., 5.00%, 8/15/2022		20,000		20,936

City of Kenedy, Combination Tax, Certificates of Obligation GO, 4.00%, 5/1/2025		25,000		28,264

City of Kyle GO, 4.00%, 8/15/2022		35,000		36,273

City of Lakeway GO, 4.00%, 2/1/2024		45,000		48,947

City of Laredo

GO, 4.00%, 2/15/2022		70,000		71,215

GO, 5.00%, 2/15/2022		70,000		71,531

GO, 5.00%, 2/15/2023		160,000		171,028

GO, 5.00%, 2/15/2024		25,000		27,856

City of Laredo, Combination Tax, Certificates of Obligation GO, 5.00%, 2/15/2025		40,000		46,298

City of Laredo, Toll Bridge Rev., 5.00%, 10/1/2021		500,000		501,924

City of Laredo, Waterworks & Sewer System

Rev., AGM, 3.50%, 3/1/2022 (b)		300,000		305,023

Rev., AGM, 3.63%, 3/1/2022 (b)		215,000		218,734

City of League City Series 2011A, GO, 5.00%, 2/15/2022		25,000		25,550

City of Leander, Combination Tax GO, 4.00%, 8/15/2022		25,000		25,904

City of Lewisville GO, 5.00%, 2/15/2022		50,000		51,113

City of Longview GO, 5.00%, 6/1/2022		60,000		62,183

City of Lubbock

GO, 5.00%, 2/15/2022		270,000		275,983

Series 2016A, GO, 4.00%, 2/15/2023		35,000		36,968

City of Lubbock, Certificates of Obligation GO, 5.00%, 2/15/2022		50,000		51,108

City of Lubbock, Combination Tax GO, 5.00%, 2/15/2022		55,000		56,219

City of Lubbock, Electric Light and Power System

Rev., 5.00%, 4/15/2022		175,000		180,292

Rev., 5.00%, 4/15/2024		400,000		449,797

Rev., 5.00%, 4/15/2025		125,000		145,879


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Lubbock, Tax and Waterworks System

GO, 4.00%, 2/15/2022		20,000		20,352

GO, 5.00%, 2/15/2022		115,000		117,548

Series 2018A, GO, 5.00%, 2/15/2022		30,000		30,665

City of Mansfield, Combination Tax, Certificates of Obligation

GO, 4.00%, 2/15/2022		45,000		45,791

GO, 2.00%, 2/15/2024		25,000		25,205

City of McAllen GO, 5.00%, 2/15/2022		50,000		51,117

City of McAllen, Limited Tax GO, 5.00%, 2/15/2023		25,000		26,731

City of McAllen, Water & Sewer Rev., 5.00%, 2/1/2023		25,000		26,678

City of McKinney

GO, 5.00%, 8/15/2022		95,000		99,443

GO, 5.00%, 8/15/2025		25,000		29,550

City of McKinney, Waterworks & Sewer System Rev., 5.00%, 3/15/2022		25,000		25,652

City of Mesquite

GO, 4.00%, 2/15/2022		45,000		45,792

GO, 5.00%, 2/15/2023		30,000		32,113

City of Mesquite, Combination Tax, Certificates of Obligation GO, 3.00%, 2/15/2022		55,000		55,718

City of Mesquite, Waterworks & Sewer System

Rev., 3.00%, 3/1/2022		140,000		142,008

Rev., 3.00%, 3/1/2023		45,000		46,920

City of Midland

GO, 5.00%, 3/1/2022		25,000		25,606

Series 2018A, GO, 5.00%, 3/1/2025		70,000		81,363

City of Midland, Certificates of Obligation GO, 5.00%, 3/1/2025		40,000		46,493

City of Midlothian GO, 5.00%, 2/1/2022		20,000		20,402

City of Midlothian, Combination Tax, Navarro College District GO, 3.00%, 8/15/2024		25,000		27,006

City of Missouri

GO, 5.00%, 6/15/2022		50,000		51,902

GO, 4.00%, 8/15/2022		100,000		103,685

GO, 5.00%, 6/15/2023		35,000		38,003

GO, 5.00%, 6/15/2024		30,000		33,900

City of Missouri, Combination Tax Series 2018A, GO, 5.00%, 6/15/2022		20,000		20,761

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	369

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

City of Mont Belvieu GO, 5.00%, 8/15/2023		50,000		54,643

City of New Braunfels GO, 5.00%, 2/1/2022		115,000		117,320

City of New Braunfels, Certificates of Obligation GO, 4.00%, 2/1/2022		35,000		35,561

City of New Braunfels, Combination Tax, Certificates of Obligation

GO, 3.00%, 2/1/2022		30,000		30,357

Series 2014A, GO, 3.00%, 2/1/2022		50,000		50,595

GO, 5.00%, 2/1/2023		60,000		64,115

GO, 5.00%, 2/1/2025		40,000		46,412

City of New Braunfels, Utility System

Rev., 5.00%, 7/1/2022		25,000		26,011

Rev., 5.00%, 7/1/2023		20,000		21,770

City of Odessa GO, 4.00%, 3/1/2023		100,000		105,530

City of Pasadena

Series 2016A, GO, 5.00%, 2/15/2022		25,000		25,559

Series 2012A, GO, 5.00%, 2/15/2024		55,000		55,218

City of Pearland, Permanent Improvement

GO, 3.00%, 3/1/2022		525,000		532,422

GO, 4.00%, 3/1/2022		25,000		25,478

Series 2016B, GO, 5.00%, 3/1/2022		105,000		107,528

GO, 5.00%, 3/1/2024		40,000		44,639

Series 2016B, GO, 5.00%, 3/1/2024		25,000		27,899

City of Pearland, Waterworks and Sewer System Series 2017C, Rev., 5.00%, 9/1/2021		25,000		25,000

City of Pflugerville, Limited Tax GO, 5.00%, 8/1/2022		35,000		36,564

City of Plano

GO, 5.00%, 9/1/2021		75,000		75,000

GO, 5.00%, 9/1/2022		130,000		136,363

GO, 5.00%, 9/1/2023		30,000		32,930

City of Plano, Waterworks and Sewer System Rev., 4.00%, 5/1/2022		30,000		30,765

City of Port Aransas, Combination Tax, Certificates of Obligation GO, 4.00%, 2/1/2025		25,000		28,113

City of Portland, Combination Tax, Certificates of Obligation GO, 4.00%, 8/15/2023		25,000		26,840

City of Richardson Series 2016A, GO, 5.00%, 2/15/2022		40,000		40,892


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Richardson, Combination Tax, Certificates of Obligation GO, 3.00%, 2/15/2023		25,000		26,039

City of Richland Hills, Combination Tax, Certificates of Obligation GO, 4.00%, 8/15/2022		25,000		25,921

City of Round Rock

GO, 3.00%, 8/15/2022		70,000		71,948

GO, 5.00%, 8/15/2022		20,000		20,937

City of Round Rock, Utility System Rev., 5.00%, 8/1/2022		60,000		62,697

City of Rowlett GO, 5.00%, 2/15/2022		110,000		112,407

City of Sachse, Combination Tax and Limited Surplus Series 2017A, GO, 4.00%, 2/15/2025		65,000		72,888

City of San Antonio GO, 5.00%, 8/1/2022		30,000		31,349

City of San Antonio, Certificates of Obligation, Combination Tax GO, 5.00%, 8/1/2022		65,000		67,922

City of San Antonio, Electric and Gas Systems

Series B, Rev., 2.00%, 12/1/2021 (c)		400,000		400,609

Rev., 5.00%, 2/1/2022		1,220,000		1,244,607

Rev., 5.00%, 2/1/2023		480,000		508,357

Rev., 3.00%, 2/1/2024		175,000		179,508

Rev., 5.25%, 2/1/2024		80,000		89,749

City of San Antonio, General Improvement GO, 5.00%, 2/1/2022 (b)		25,000		25,507

City of San Antonio, Municipal Drainage Utility System Rev., 5.00%, 2/1/2022		40,000		40,815

City of San Marcos GO, 3.00%, 8/15/2022		75,000		77,043

City of San Marcos, Combination Tax, Certificates of Obligation

GO, 5.00%, 8/15/2023		40,000		43,756

GO, 5.00%, 8/15/2024		35,000		39,910

City of Sealy, Combination Tax, Certificates of Obligation GO, AGM, 5.00%, 9/1/2021		380,000		380,000

City of Seguin GO, 4.00%, 9/1/2022		25,000		25,939

City of Sherman, Combination Tax, Certificates of Obligation

GO, 5.00%, 8/15/2022		25,000		26,159

GO, 5.00%, 8/15/2024		25,000		28,468

SEE NOTES TO FINANCIAL STATEMENTS.



370	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

City of Sugar Land

GO, 5.00%, 2/15/2022		55,000		56,216

GO, 5.00%, 2/15/2023		45,000		48,191

City of Sugar Land, Combination Tax, Certificates of Obligation Series 2019A, GO, 4.00%, 2/15/2022		30,000		30,528

City of Sugar Land, Waterworks and Sewer System

Rev., 4.00%, 8/15/2022		70,000		72,566

Rev., 5.00%, 8/15/2022		60,000		62,771

City of Temple

GO, 4.00%, 8/1/2022		35,000		36,251

GO, 5.00%, 8/1/2022		120,000		125,383

City of Temple, Combination Tax, Certificates of Obligation

GO, 2.00%, 8/1/2022		50,000		50,845

GO, 4.00%, 8/1/2022		20,000		20,703

GO, 5.00%, 8/1/2022		25,000		26,108

City of The Colony, Combination Tax, Certificates of Obligation

GO, 5.00%, 2/15/2022		20,000		20,436

GO, 5.00%, 8/15/2023		60,000		65,546

City of Tyler, Water and Sewer System Series 2015B, Rev., 2.75%, 9/1/2021		25,000		25,000

City of Victoria GO, 5.00%, 8/15/2022		35,000		36,640

City of Victoria, Utility System Rev., 5.00%, 12/1/2022		65,000		68,946

City of Waco, Combination Tax, Certificates of Obligation

GO, 5.00%, 2/1/2022		405,000		413,238

GO, 5.00%, 2/1/2023		145,000		154,966

GO, 5.00%, 2/1/2024		20,000		22,306

GO, 5.00%, 2/1/2025		30,000		34,787

City of Waxahachie, Combination Tax, Certificates of Obligation GO, 4.00%, 8/1/2024		25,000		27,714

City of Weatherford GO, 3.00%, 3/1/2022		100,000		101,419

City of Weatherford, Utility System Rev., AGM, 5.00%, 9/1/2022		30,000		31,447

City of Wichita Falls

Series 2015A, GO, 4.00%, 9/1/2021		50,000		50,000

Series 2018A, GO, 4.00%, 9/1/2021		70,000		70,000

City of Wichita Falls, Water & Sewer System Rev., 5.00%, 8/1/2022		25,000		26,088


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Windcrest Series 2019B, GO, 5.00%, 2/15/2023		75,000		80,090

City of Wylie

GO, 4.00%, 2/15/2022		50,000		50,879

GO, 5.00%, 2/15/2023		50,000		53,500

City of Wylie, Combination Tax GO, 4.00%, 2/15/2023		40,000		42,183

Clear Creek Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022		105,000		107,336

Series 2012B, GO, 5.00%, 2/15/2022 (b)		1,105,000		1,129,508

Clear Lake City Water Authority

GO, 4.00%, 3/1/2022		105,000		106,937

GO, 4.00%, 3/1/2023		145,000		152,996

Clifton Higher Education Finance Corp., Idea Public Schools Rev., PSF-GTD, 4.00%, 8/15/2023		25,000		26,865

Collin County Community College District, Limited Tax GO, 5.00%, 8/15/2022		30,000		31,406

Colorado Independent School District GO, PSF-GTD, 4.38%, 8/15/2023 (b)		25,000		27,033

Columbia-Brazoria Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 2/1/2025		200,000		216,346

Comal Independent School District, Unlimited Tax

Series 2015A, GO, PSF-GTD, 5.00%, 2/1/2022		40,000		40,807

GO, PSF-GTD, 5.00%, 2/1/2025		55,000		63,756

Series B, GO, PSF-GTD, 5.00%, 2/1/2025		25,000		27,838

Community Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 2/15/2023		45,000		46,864

Conroe Independent School District, School Building, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022		40,000		40,894

Series 2014A, GO, PSF-GTD, 5.00%, 2/15/2022		50,000		51,117

Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2022		50,000		51,117

Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2023		35,000		37,460

Conroe Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		60,000		61,341

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	371

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

Coppell Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 8/15/2022		45,000		47,113

Series 2019A, GO, 5.00%, 8/15/2022		45,000		47,109

Corpus Christi Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 8/15/2022		35,000		35,964

County of Bexar, Combination Tax

Series 2013B, GO, 5.00%, 6/15/2022		35,000		36,354

Series 2016B, GO, 5.00%, 6/15/2022		30,000		31,160

County of Bexar, Flood Control Tax

GO, 5.00%, 6/15/2022		20,000		20,774

GO, 5.00%, 6/15/2024		45,000		50,998

County of Brazoria, Unlimited Tax GO, 4.00%, 3/1/2022		50,000		50,976

County of Brazos, Limited Tax

GO, 5.00%, 9/1/2021		105,000		105,000

GO, 5.00%, 9/1/2022		20,000		20,971

County of Cameron, State Highway 550 Project GO, 5.00%, 2/15/2022 (b)		25,000		25,554

County of Collin, Permanent Improvement, Limited Tax GO, 5.00%, 2/15/2023		130,000		139,217

County of Collin, Unlimited Tax GO, 5.00%, 2/15/2022		85,000		86,899

County of Comal, Combination Tax

GO, 5.00%, 2/1/2022		50,000		51,011

Series 2017A, GO, 3.00%, 2/1/2023		25,000		25,943

County of Comal, Limited Tax

GO, 3.00%, 2/1/2023		35,000		36,321

GO, 4.00%, 2/1/2025		35,000		39,333

County of Crane GO, AGM, 3.00%, 2/15/2022		85,000		86,040

County of Denton, Permanent Improvement

GO, 4.00%, 7/15/2022		30,000		31,020

GO, 5.00%, 7/15/2022		65,000		67,774

County of Ector GO, 5.00%, 2/15/2022		400,000		408,659

County of El Paso GO, 5.00%, 2/15/2022		20,000		20,447

County of Ellis GO, 5.00%, 2/1/2022		105,000		107,123

County of Falls GO, 5.00%, 9/1/2022		25,000		26,159

County of Fort Bend GO, 5.00%, 3/1/2022		35,000		35,855


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

County of Fort Bend, Unlimited Tax

GO, 5.00%, 3/1/2022		50,000		51,222

Series 2016B, GO, 5.00%, 3/1/2022		35,000		35,855

GO, 5.00%, 3/1/2023		25,000		26,830

County of Fort Bend, Unlimited Tax and Subordinate Lien Toll Road GO, 5.00%, 3/1/2022		220,000		225,367

County of Galveston, Limited Tax

GO, 4.00%, 2/1/2022		120,000		121,955

GO, 5.00%, 2/1/2024		50,000		55,612

County of Grayson, Pass-Through Toll, Limited Tax

GO, 5.00%, 1/1/2022		20,000		20,326

GO, 4.50%, 1/1/2023		35,000		36,999

County of Harris GO, 5.13%, 8/15/2024		80,000		87,772

County of Harris, Permanent Improvement

Series 2011A, GO, 5.00%, 10/1/2021		330,000		331,306

Series 2017A, GO, 5.00%, 10/1/2021		75,000		75,299

Series 2020A, GO, 5.00%, 10/1/2021		3,080,000		3,092,282

County of Harris, Subordinated Lien

GO, 5.00%, 8/15/2022		85,000		88,975

Series 2007C, GO, 5.25%, 8/15/2024		280,000		321,429

County of Harris, Toll Road, Senior Lien

Series 2015B, Rev., 5.00%, 8/15/2022		355,000		371,602

Series 2016A, Rev., 5.00%, 8/15/2022		305,000		319,264

Series 2016A, Rev., 5.00%, 8/15/2023		165,000		180,696

Series 2016A, Rev., 5.00%, 8/15/2024		60,000		68,475

Series 2012C, Rev., 5.00%, 8/15/2025		150,000		156,926

County of Harris, Unlimited Tax

Series 2014A, GO, 5.00%, 10/1/2021		60,000		60,239

Series 2019A, GO, 5.00%, 10/1/2021		55,000		55,219

Series 2019A, GO, 5.00%, 10/1/2022		45,000		47,385

Series 2012A, GO, 5.00%, 10/1/2024		25,000		26,320

SEE NOTES TO FINANCIAL STATEMENTS.



372	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

County of Hays, Limited Tax

GO, 5.00%, 2/15/2022		65,000		66,452

GO, 5.00%, 2/15/2025		35,000		40,576

County of Hays, Pass-Through, Unlimited Tax GO, 3.00%, 2/15/2022		35,000		35,465

County of Jefferson GO, 5.00%, 8/1/2022		75,000		77,299

County of Kendall, Limited Tax GO, 4.00%, 3/1/2023		25,000		26,379

County of Lubbock

GO, 5.00%, 2/15/2022		105,000		107,336

GO, 5.00%, 2/15/2023		50,000		53,553

County of Montgomery, Pass-Through Toll, Limited Tax GO, 5.00%, 3/1/2022 (b)		75,000		76,801

County of Montgomery, Unlimited Tax

GO, 5.00%, 3/1/2022		45,000		46,086

Series 2016A, GO, 5.00%, 3/1/2022		50,000		51,206

Series 2018B, GO, 5.00%, 3/1/2022		30,000		30,724

Series 2016A, GO, 5.00%, 3/1/2023		40,000		42,890

County of Nueces, Limited Tax GO, 4.00%, 2/15/2022		370,000		376,353

County of Parker, Unlimited Tax GO, 4.00%, 2/15/2022 (b)		50,000		50,882

County of Taylor, Limited Tax

GO, 5.00%, 2/15/2022		110,000		112,432

GO, 5.00%, 2/15/2025		30,000		34,712

County of Titus, Unlimited Tax Series 2012-A, GO, 5.00%, 3/1/2022 (b)		50,000		51,205

County of Tom Green, Combination Tax & Limited Surplus

GO, 5.00%, 2/1/2022		30,000		30,600

GO, 5.00%, 2/1/2025		35,000		40,365

County of Travis, Limited Tax

GO, 3.50%, 3/1/2022		30,000		30,508

GO, 5.00%, 3/1/2022		105,000		107,560

GO, 5.00%, 3/1/2024		100,000		111,810

County of Travis, Unlimited Tax Road

GO, 3.00%, 3/1/2022		70,000		71,011

GO, 5.00%, 3/1/2022		100,000		102,438

County of Williamson, Limited Tax GO, 5.00%, 2/15/2022		45,000		46,001

County of Williamson, Unlimited Tax

GO, 4.00%, 2/15/2022		45,000		45,798

GO, 5.00%, 2/15/2023		80,000		85,684


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Crandall Independent School District, Unlimited Tax Series 2017B, GO, PSF-GTD, 3.00%, 8/15/2022		30,000		30,838

Cypress-Fairbanks Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022		135,000		137,978

Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2022		165,000		168,656

Dallas Area Rapid Transit, Sales Tax, Senior Lien

Series 2016B, Rev., 4.00%, 12/1/2021		50,000		50,485

Series 2014A, Rev., 5.00%, 12/1/2021		370,000		374,507

Series 2016B, Rev., 5.00%, 12/1/2021		175,000		177,132

Series 2016B, Rev., 4.00%, 12/1/2022		30,000		31,463

Rev., 5.00%, 12/1/2022 (b)		215,000		228,072

Series 2014A, Rev., 5.00%, 12/1/2022		225,000		238,776

Series 2016B, Rev., 5.00%, 12/1/2022		215,000		228,164

Series 2020A, Rev., 5.00%, 12/1/2022		25,000		26,531

Dallas County Hospital District, Limited Tax GO, 5.00%, 8/15/2022		125,000		130,735

Dallas County Utility and Reclamation District, Unlimited Tax

GO, 5.00%, 2/15/2022		235,000		240,022

GO, 5.00%, 2/15/2023		25,000		26,704

GO, 5.00%, 2/15/2024		115,000		127,599

GO, 5.00%, 2/15/2025		55,000		63,189

Dallas Fort Worth International Airport

Series 2013D, Rev., 5.00%, 11/1/2021		295,000		297,358

Series 2013F, Rev., 5.00%, 11/1/2021		100,000		100,799

Series 2013G, Rev., 5.00%, 11/1/2021		405,000		408,237

Series 2014E, Rev., 5.00%, 11/1/2021		255,000		257,038

Series 2020B, Rev., 5.00%, 11/1/2021		180,000		181,439

Rev., 5.00%, 11/1/2022		110,000		116,222

Series 2013F, Rev., 5.00%, 11/1/2022		25,000		26,414

Series 2013G, Rev., 5.00%, 11/1/2022		35,000		36,980

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	373

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

Series 2013D, Rev., 5.25%, 11/1/2022		75,000		75,628

Series 2014E, Rev., 5.00%, 11/1/2023		170,000		179,514

Series 2014C, Rev., 5.00%, 11/1/2024		175,000		192,876

Series F, Rev., 5.00%, 11/1/2024		520,000		573,354

Series 2013D, Rev., 5.25%, 11/1/2024		100,000		100,829

Series 2020B, Rev., 5.00%, 11/1/2025		30,000		35,744

Series 2013F, Rev., 5.13%, 11/1/2025		505,000		558,177

Series 2013D, Rev., 5.25%, 11/1/2025		165,000		166,367

Dallas Independent School District, Unlimited Tax

Series 2021A, GO, PSF-GTD, 4.00%, 2/15/2022		50,000		50,886

GO, PSF-GTD, 5.00%, 2/15/2022 (b)		55,000		56,207

GO, PSF-GTD, 4.00%, 8/15/2022 (b)		30,000		31,111

Series 2019B, GO, PSF-GTD, 5.00%, 2/15/2023		45,000		48,197

Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2023		80,000		87,610

Deer Park Independent School District, Limited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,446

Del Mar College District, Limited Tax

GO, 3.50%, 8/15/2022		45,000		46,427

GO, 4.00%, 8/15/2023		20,000		21,480

Denton County Fresh Water Supply District No. 10, Unlimited Tax

GO, 3.00%, 9/1/2021		550,000		550,000

GO, 3.00%, 9/1/2022		90,000		92,437

Denton County Fresh Water Supply District No. 6, Unlimited Tax GO, 4.00%, 2/15/2022		160,000		162,703

Denton County Fresh Water Supply District No. 7, Unlimited Tax GO, AGM, 2.00%, 2/15/2022		100,000		100,785

Denton Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022		30,000		31,409

Dripping Springs Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2022		35,000		35,782


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Edgewood Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,547

Edinburg Consolidated Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		70,000		71,551

El Paso County Hospital District GO, 5.00%, 8/15/2023		55,000		59,870

El Paso Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2023		75,000		82,103

Ferris Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 8/15/2023		25,000		26,328

Floresville Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 2/1/2025		35,000		38,034

Flour Bluff Independent School District GO, PSF-GTD, 5.00%, 8/15/2022 (b)		150,000		156,983

Fort Bend County Levee Improvement District No. 10, Levee Improvement, Unlimited Tax GO, 3.00%, 9/1/2022		25,000		25,675

Fort Bend County Levee Improvement District No. 7, Unlimited Tax GO, AGM, 4.00%, 3/1/2022		65,000		66,153

Fort Bend County Municipal Utility District No. 134C, Unlimited Tax GO, 3.00%, 9/1/2021		75,000		75,000

Fort Bend County Municipal Utility District No. 143, Unlimited Tax Series 2017A, GO, AGM, 3.00%, 9/1/2022		50,000		51,329

Fort Bend County Municipal Utility District No. 161, Unlimited Tax GO, 4.50%, 9/1/2021		120,000		120,000

Fort Bend County Municipal Utility District No. 169

Rev., AGM, 3.00%, 12/1/2021		100,000		100,679

Series 2021A, GO, AGM, 4.00%, 12/1/2022 (e)		195,000		203,756

Series 2021A, GO, AGM, 4.00%, 12/1/2023 (e)		220,000		237,041

Fort Bend County Municipal Utility District No. 169, Road Facilities Series 2015A, Rev., AGM, 4.13%, 12/1/2022		100,000		104,646

Fort Bend County Water Control and Improvement District No. 2, Unlimited Tax GO, 4.00%, 9/1/2021		100,000		100,000

SEE NOTES TO FINANCIAL STATEMENTS.



374	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

Fort Bend Grand Parkway Toll Road Authority, Subordinate Lien Rev., 5.00%, 3/1/2022		140,000		143,349

Fort Bend Independent School District, Unlimited Tax

Series 2015C, GO, PSF-GTD, 5.00%, 2/15/2022		75,000		76,665

Series 2019B, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,555

Series 2020A, GO, PSF-GTD, 4.00%, 8/15/2022		40,000		41,486

Series 2016A, GO, PSF-GTD, 5.00%, 8/15/2022		55,000		57,567

Series 2019C, GO, PSF-GTD, 5.00%, 8/15/2022		20,000		20,933

Fort Bend Municipal Utility District No. 159, Unlimited Tax GO, 2.00%, 9/1/2022		40,000		40,661

Fort Worth Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		150,000		153,344

Frenship Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022 (b)		50,000		51,109

Friendswood Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		100,000		102,234

Frisco Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 8/15/2022		20,000		20,937

Galena Park Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 5.00%, 8/15/2022		100,000		104,697

Galveston County Municipal Utility District No. 68, Unlimited Tax GO, 3.00%, 9/1/2022		125,000		128,309

Galveston Public Facility Corp., The Oleanders at Broadway Rev., 0.47%, 8/1/2024 (c)		3,700,000		3,703,472

Garland Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,445

Garland Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 5.00%, 2/15/2022		100,000		102,225

Grand Parkway Transportation Corp., System Toll Series 2013B, Rev., 5.00%, 10/1/2023 (b)		150,000		165,074


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Grand Prairie Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/15/2023		150,000		161,160

Grapevine-Colleyville Independent School District, Unlimited Tax, School Building Series 2013B, GO, 5.00%, 8/15/2022		25,000		26,169

Grayson County Junior College District GO, 4.00%, 2/15/2022		25,000		25,445

Gregory-Portland Independent School District Series 2021A, GO, PSF-GTD, 5.00%, 2/15/2023		35,000		37,471

Harris County Cultural Education Facilities Finance Corp., Baylor Medical Project

Rev., 5.00%, 11/15/2021		620,000		625,809

Rev., 5.00%, 11/15/2022		50,000		52,772

Series 2012A, Rev., 5.00%, 11/15/2022 (b)		470,000		497,558

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System

Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 0.59%, 9/9/2021 (d)		490,000		492,091

Rev., 5.00%, 12/1/2021		255,000		258,074

Series 2019A, Rev., 5.00%, 12/1/2021		1,950,000		1,973,509

Rev., 5.00%, 12/1/2022		320,000		339,390

Series 2013A, Rev., 5.00%, 12/1/2022 (b)		125,000		132,437

Series 2019A, Rev., 5.00%, 12/1/2022		25,000		26,515

Series 2013A, Rev., 5.00%, 12/1/2023		220,000		232,727

Rev., 5.00%, 12/1/2024 (c)		185,000		212,150

Series 2019A, Rev., 5.00%, 12/1/2024		25,000		28,794

Series 2014A, Rev., 5.00%, 12/1/2025		50,000		57,325

Harris County Cultural Education Facilities Finance Corp., Teco Project

Rev., 5.00%, 11/15/2021		25,000		25,243

Rev., 5.00%, 11/15/2022		100,000		105,706

Harris County Cultural Education Facilities Finance Corp., Texas Children’s Hospital

Series 2015-1, Rev., 5.00%, 10/1/2021		250,000		250,985

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	375

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

Series 2015-1, Rev., 5.00%, 10/1/2022		55,000		57,897

Rev., 5.00%, 10/1/2023		20,000		21,993

Series 2019A, Rev., 5.00%, 10/1/2025		110,000		130,396

Series 2015-1, Rev., 5.00%, 10/1/2026		50,000		58,959

Harris County Flood Control District Series 2008A, Rev., 5.25%, 10/1/2021		115,000		115,480

Harris County Hospital District, Combination Tax

GO, 5.00%, 2/15/2022		50,000		51,099

GO, 5.00%, 2/15/2023		45,000		48,156

GO, 5.00%, 2/15/2024		50,000		55,595

Harris County Improvement District No. 18, Unlimited Tax GO, AGM, 3.00%, 9/1/2022		55,000		56,490

Harris County Municipal Utility District No. 104, Waterworks and Sewer System Combination Unlimited Tax Series 2016A, GO, NATL-RE, 2.00%, 4/1/2022		25,000		25,250

Harris County Municipal Utility District No. 24, Waterworks and Sewer System Combination Unlimited Tax GO, AGM, Zero Coupon, 3/1/2022		85,000		84,918

Harris County Municipal Utility District No. 433, Unlimited Tax GO, NATL-RE, 2.25%, 9/1/2021		30,000		30,000

Harris County Municipal Utility District No. 457, Unlimited Tax GO, 4.50%, 9/1/2021		100,000		100,000

Harris County Municipal Utility District No. 502, Unlimited Tax GO, AGM, 4.00%, 9/1/2023		165,000		176,897

Harris County Municipal Utility District No. 530, Unlimited Tax GO, 5.50%, 9/1/2021		25,000		25,000

Harris County Toll Road Authority (The), Senior Lien Series 2018A, Rev., 5.00%, 8/15/2022		575,000		601,891

Harris County-Houston Sports Authority, Taxable Senior Lien Series A, Rev., 5.00%, 11/15/2021 (b)		140,000		141,361

Harris Montgomery Counties Municipal Utility District No. 386, Unlimited Tax

GO, 2.00%, 9/1/2021		470,000		470,000

GO, 3.00%, 9/1/2021		25,000		25,000

GO, 3.00%, 9/1/2022		20,000		20,560


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Hays Consolidated Independent School District, Unlimited Tax

GO, PSF-GTD, 3.00%, 2/15/2022		25,000		25,331

Series 2018B, GO, PSF-GTD, 2.70%, 8/15/2022 (b) (c)		35,000		35,748

Series 2018B, GO, PSF-GTD, 2.70%, 8/15/2023 (c)		65,000		66,171

Hidalgo County Drain District No. 1, Unlimited Tax GO, 5.00%, 9/1/2022		100,000		104,853

Hitchcock Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2023 (b)		320,000		337,679

Housing Options, Inc., Brooks Manor — The Oaks Project Rev., 0.50%, 3/1/2025 (c)		6,250,000		6,251,114

Houston Community College System, Combined Fee Rev., 5.00%, 4/15/2022		65,000		66,974

Houston Community College System, Limited Tax

GO, 5.00%, 2/15/2022		225,000		229,996

GO, 5.00%, 2/15/2023 (b)		200,000		214,064

Houston Community College System, Maintenance Tax GO, 5.00%, 2/15/2022		20,000		20,444

Houston Independent School District, Limited Tax GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,445

Houston Independent School District, Limited Tax Schoolhouse

GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,556

Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2022		150,000		153,338

GO, PSF-GTD, 5.00%, 2/15/2023		30,000		32,132

Series A, GO, PSF-GTD, 5.00%, 2/15/2023		60,000		64,254

GO, PSF-GTD, 5.00%, 2/15/2025		25,000		29,095

Hudson Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2022		200,000		203,517

Humble Independent School District, Unlimited Tax School Building

Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,559

Series 2016B, GO, PSF-GTD, 5.00%, 2/15/2022		145,000		148,240

Series 2016C, GO, 5.00%, 2/15/2022		50,000		51,117

SEE NOTES TO FINANCIAL STATEMENTS.



376	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2025		35,000		40,694

Hurst-Euless-Bedford Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022		45,000		47,082

Irving Hospital Authority Series 2017A, Rev., 5.00%, 10/15/2021		25,000		25,141

Irving Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,445

Jefferson County Drain District No. 7, Maintenance Tax Notes Rev., 4.00%, 3/1/2022		100,000		101,931

Katy Independent School District, School Building

Series 2012A, GO, PSF-GTD, 3.00%, 2/15/2022		50,000		50,660

Series 2012A, GO, PSF-GTD, 5.00%, 2/15/2022 (b)		55,000		56,220

Series 2014B, GO, PSF-GTD, 5.00%, 2/15/2022		30,000		30,667

Series 2015A, GO, PSF-GTD, 3.00%, 2/15/2023		50,000		52,101

Series 2016-D, GO, PSF-GTD, 5.00%, 2/15/2023		70,000		74,974

Keller Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 8/15/2022		45,000		47,109

Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2022		75,000		78,515

Kerrville Independent School District GO, PSF-GTD, 2.00%, 8/15/2022		35,000		35,644

Klein Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/1/2022		200,000		204,060

Series 2015A, GO, PSF-GTD, 5.00%, 8/1/2024		65,000		74,045

La Grange Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 5.00%, 8/15/2022		125,000		130,871

La Joya Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,546

GO, PSF-GTD, 4.00%, 8/15/2022 (b)		50,000		51,827

La Porte Independent School District, Unlimited Tax

GO, 5.00%, 2/15/2022		90,000		92,011

GO, 5.00%, 2/15/2023		90,000		94,729


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Lake Travis Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		30,000		30,670

Lamar Consolidated Independent School District

GO, PSF-GTD, 5.00%, 2/15/2022		35,000		35,782

Series 2012B, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,559

Lasara Independent School District GO, PSF-GTD, 3.00%, 2/15/2022		30,000		30,371

Leander Independent School District, Unlimited Tax

Series 2018A, GO, PSF-GTD, 5.00%, 8/15/2022		65,000		68,053

Series 2013A, GO, PSF-GTD, 5.00%, 8/15/2023 (b)		40,000		43,657

Series 2013B, GO, 5.00%, 8/15/2023		85,000		92,963

Lewisville Independent School District, Unlimited Tax

Series 2013A, GO, PSF-GTD, 3.00%, 8/15/2022		20,000		20,558

Series 2013E, GO, PSF-GTD, 3.00%, 8/15/2022		50,000		51,396

GO, PSF-GTD, 5.00%, 8/15/2022		280,000		293,150

Series 2016B, GO, 5.00%, 8/15/2022		65,000		68,053

GO, PSF-GTD, 5.00%, 8/15/2023		25,000		27,378

Lone Star College System, Limited Tax

Series 2015B, GO, 5.00%, 2/15/2022		20,000		20,443

GO, 5.00%, 2/15/2024		40,000		40,887

Love Field Airport Modernization Corp., Southwest Airlines Co. Project Rev., 5.25%, 9/28/2021		1,565,000		1,570,702

Lower Colorado River Authority

Rev., 5.00%, 5/15/2024		125,000		140,784

Rev., 5.13%, 5/15/2024		100,000		108,398

Rev., 5.00%, 5/15/2025		750,000		875,447

Lower Colorado River Authority, LCRA Transmission Services Corp. Project

Rev., 5.00%, 5/15/2022		400,000		413,720

Series 2019A, Rev., 5.00%, 5/15/2022		215,000		222,375

Rev., 5.00%, 5/15/2023		400,000		432,744

Rev., 5.00%, 5/15/2024		100,000		112,627

Rev., 5.00%, 5/15/2025		3,515,000		3,959,186

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	377

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Series 2002A, Rev., VRDO, 0.01%, 9/1/2021 (c)		425,000		425,000

Lufkin Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 8/15/2022		60,000		61,675

Magnolia Independent School District, Unlimited Tax

GO, 5.00%, 8/15/2022		50,000		52,344

GO, PSF-GTD, 5.00%, 8/15/2022		20,000		20,939

Manor Independent School District, Unlimited Tax School Building Series 2017A, GO, PSF-GTD, 5.00%, 8/1/2023		20,000		21,825

Mansfield Independent School District Series 2013B, GO, PSF-GTD, 5.00%, 2/15/2022		20,000		20,434

McAllen Independent School District, Maintenance Tax Series 2020, GO, 5.00%, 2/15/2022		50,000		51,117

Mckinney Municipal Utility District No. 1 of Collin County, Unlimited Tax GO, 4.00%, 9/1/2021		100,000		100,000

McLennan County Junior College District, Limited Tax GO, 5.00%, 8/15/2022		200,000		209,275

Mesquite Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022 (b)		35,000		36,629

Metropolitan Transit Authority of Harris County Sales and Use Tax Series 2011A, Rev., 5.00%, 11/1/2021 (b)		45,000		45,361

Metropolitan Transit Authority of Harris County Sales and Use Tax, Contractual Obligations

Rev., 5.00%, 11/1/2021		50,000		50,397

Series 2015B, Rev., 5.00%, 11/1/2021		35,000		35,278

Series B, Rev., 5.00%, 11/1/2021		35,000		35,278

Rev., 5.00%, 11/1/2022		220,000		232,338

Series 2015B, Rev., 5.00%, 11/1/2022		100,000		105,609

Series 2017B, Rev., 5.00%, 11/1/2022		20,000		21,122

Series 2015B, Rev., 5.00%, 11/1/2023		25,000		27,611


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Metropolitan Transit Authority of Harris County, Sales and Use Tax

Series 2011A, Rev., 5.00%, 11/1/2021 (b)		1,515,000		1,527,131

Series 2016A, Rev., 5.00%, 11/1/2021		85,000		85,675

Series 2017A, Rev., 5.00%, 11/1/2021		25,000		25,199

Series 2016A, Rev., 5.00%, 11/1/2022		50,000		52,804

Series 2017A, Rev., 5.00%, 11/1/2022		30,000		31,683

Series 2017A, Rev., 5.00%, 11/1/2023		35,000		38,655

Midland College District

GO, 5.00%, 2/15/2022		55,000		56,229

GO, 5.00%, 2/15/2023		85,000		86,828

Midland County Fresh Water Supply District No. 1, Midland Project Rev., 5.00%, 9/15/2022 (b)		80,000		84,041

Midway Independent School District, McLennan County, Unlimited Tax

GO, PSF-GTD, 5.00%, 8/1/2022		90,000		94,054

GO, PSF-GTD, 5.00%, 8/15/2022 (b)		25,000		26,164

Montgomery County Health Facilities Development Co., Heritage Manor-Woodlands Project Rev., AGM-CR, Zero Coupon, 7/15/2023 (b)		235,000		233,425

Montgomery County Municipal Utility District No. 46, Unlimited Tax GO, 3.00%, 3/1/2022		25,000		25,350

Mount Pleasant Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 2/15/2023		55,000		57,172

Mustang Special Utility District

Series 2018A, Rev., 5.00%, 9/1/2021		45,000		45,000

Rev., 3.00%, 9/1/2022		25,000		25,700

New Hope Cultural Education Facilities Finance Corp., Children’s Health System Series 2017A, Rev., 5.00%, 8/15/2022		55,000		57,545

New Hope Cultural Education Facilities Finance Corp., Collegiate Housing Corpus Christi Project Rev., 5.00%, 4/1/2024 (b)		245,000		274,510

SEE NOTES TO FINANCIAL STATEMENTS.



378	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

North Central Texas Health Facility Development Corp., Children’s Medical Center of Dallas Project

Rev., 4.13%, 8/15/2022 (b)		100,000		103,773

Rev., 5.00%, 8/15/2022 (b)		25,000		26,152

North East Independent School District, Unlimited Tax

GO, PSF-GTD, 2.50%, 8/1/2022 (b)		30,000		30,644

GO, PSF-GTD, 4.00%, 8/1/2022 (b)		125,000		129,440

GO, PSF-GTD, 5.00%, 8/1/2022		80,000		83,604

North Fort Bend Water Authority Series 2011, Rev., AGM, 5.00%, 12/15/2021		360,000		364,959

North Harris County Regional Water Authority, Senior Lien Rev., 5.00%, 12/15/2021		270,000		273,679

North Texas Education Finance Corp., Uplift Education Series 2012A, Rev., 5.25%, 6/1/2022 (b)		150,000		155,641

North Texas Municipal Water District Water System

Rev., 5.00%, 9/1/2021		65,000		65,000

Series 2019A, Rev., 3.00%, 9/1/2024		40,000		43,317

North Texas Municipal Water District Water System, Refunding and Improvement

Rev., 5.00%, 9/1/2021		30,000		30,000

Rev., 5.25%, 9/1/2022		125,000		128,200

Rev., 5.00%, 9/1/2024		30,000		34,279

North Texas Municipal Water District, Regional Solid Waste Disposal System Rev., 5.00%, 9/1/2022		25,000		26,219

North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System

Rev., 5.00%, 6/1/2022		35,000		36,281

Rev., 5.00%, 6/1/2023		25,000		27,127

North Texas Municipal Water District, Wastewater System Rev., 5.00%, 6/1/2022		30,000		31,099

North Texas Tollway Authority, First Tier

Series 2012B, Rev., 5.00%, 1/1/2022 (b)		495,000		502,930

Series 2016A, Rev., 5.00%, 1/1/2022		280,000		284,493

Series A, Rev., 5.00%, 1/1/2022		80,000		81,284

Series A, Rev., 4.00%, 1/1/2023		100,000		105,102


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Series 2017A, Rev., 5.00%, 1/1/2023		330,000		351,220

Series 2017A, Rev., 5.00%, 1/1/2024		285,000		303,287

Series 2016A, Rev., 5.00%, 1/1/2025		55,000		61,159

Series 2017A, Rev., 5.00%, 1/1/2025		190,000		202,138

Series A, Rev., 5.00%, 1/1/2025		55,000		61,158

North Texas Tollway Authority, Second Tier

Series B, Rev., 5.00%, 1/1/2023		25,000		26,597

Series B, Rev., 5.00%, 1/1/2025		100,000		106,389

Series 2017B, Rev., 5.00%, 1/1/2026		50,000		53,173

North Texas Tollway Authority, Special Projects System

Series 2011A, Rev., 4.00%, 9/1/2021 (b)		50,000		50,000

Series 2011A, Rev., 5.00%, 9/1/2021 (b)		100,000		100,000

Series 2011D, Rev., 5.00%, 9/1/2021 (b)		50,000		50,000

Series 2011D, Rev., 5.25%, 9/1/2021 (b)		400,000		400,000

Series 2011A, Rev., 5.50%, 9/1/2021 (b)		400,000		400,000

Northside Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 6/15/2022		50,000		51,938

GO, PSF-GTD, 5.00%, 8/15/2022		45,000		47,114

Northwest Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022 (b)		55,000		56,202

Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2022		50,000		51,117

Nueces River Authority, City of Christi Lake Texana Project Rev., 5.00%, 7/15/2022		80,000		83,386

Oak Point Water Control and Improvement District No. 4, Unlimited Tax GO, AGM, 4.50%, 9/1/2021		165,000		165,000

Olmos Park Higher Education Facilities Corp., Improvement and Refunding, University of the Incarnate Word Rev., 5.00%, 12/1/2021 (b)		50,000		50,586

Palestine Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,554

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	379

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

Pasadena Independent School District, School Building, Unlimited Tax Series 2012A, GO, PSF-GTD, 5.00%, 2/15/2022 (b)		20,000		20,444

Permanent University Fund — Texas A&M University System Series 2009A, Rev., 5.00%, 7/1/2022		20,000		20,817

Permanent University Fund — University of Texas System

Series 2015B, Rev., 5.00%, 7/1/2022		30,000		31,226

Series 2016A, Rev., 5.00%, 7/1/2022		55,000		57,247

Series 2016B, Rev., 5.00%, 7/1/2022		25,000		26,022

Series 2006B, Rev., 5.25%, 7/1/2022		140,000		146,012

Series 2006B, Rev., 5.25%, 7/1/2023		30,000		32,809

Pflugerville Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2022 (b)		55,000		56,220

Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,559

Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2023		30,000		32,122

Plano Independent School District Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2022		25,000		25,554

Plano Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		30,000		30,665

Plano Independent School District, Unlimited Tax School Building

GO, PSF-GTD, 5.00%, 2/15/2022		160,000		163,545

Series 2016B, GO, PSF-GTD, 5.00%, 2/15/2022		35,000		35,776

Port Aransas Public Facilities Corp., Multifamily Housing, Palladium Port Aransas Apartments Rev., 0.70%, 1/1/2023 (c)		375,000		375,782

Port Authority of Houston of Harris County Texas Series A, GO, 5.00%, 10/1/2022		110,000		115,793

Red River Education Finance Corp., Christian University Project Rev., 5.00%, 3/15/2025		20,000		23,156

Red River Education Finance Corp., Higher Education Christian University Rev., 5.00%, 3/15/2022		20,000		20,524


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Rockwall Independent School District GO, VRDO, PSF-GTD, LIQ: Wells Fargo Bank NA, 0.02%, 9/9/2021 (c)		1,200,000		1,200,000

Rockwall Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/15/2023		25,000		26,746

GO, PSF-GTD, Zero Coupon, 2/15/2025		50,000		49,309

Rolling Creek Utility District GO, AGM, 4.00%, 9/1/2023		50,000		53,605

Round Rock Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 8/1/2022		40,000		41,779

Series 2019A, GO, PSF-GTD, 5.00%, 8/1/2022		25,000		26,112

Sam Rayburn Municipal Power Agency, Texas Power Supply System Rev., 5.00%, 10/1/2021		300,000		301,164

San Antonio Education Facilities Corp., Trinity University Project Rev., 5.00%, 6/1/2023 (b)		50,000		54,230

San Antonio Housing Trust Finance Corp., Multi-Family Housing, Alsbury Park Apartments Rev., VRDO, FHA, 1.37%, 9/1/2021 (c)		1,270,000		1,270,000

San Antonio Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022		55,000		56,224

San Antonio Municipal Facilities Corp., Public Safety Answering Point Project Rev., 4.00%, 8/15/2023		25,000		25,078

San Antonio Public Facilities Corp., Convention Center Rev., 5.00%, 9/15/2022		20,000		20,965

San Antonio Public Facilities Corp., Convention Center Refinancing and Expansion Project Rev., 5.00%, 9/15/2024		35,000		36,644

San Antonio Water System, Junior Lien

Series 2013E, Rev., 5.00%, 5/15/2022		135,000		139,670

Series 2015B, Rev., 5.00%, 5/15/2022		45,000		46,557

Series 2016A, Rev., 5.00%, 5/15/2022		45,000		46,556

Series 2017A, Rev., 5.00%, 5/15/2022		25,000		25,865

Series 2018A, Rev., 5.00%, 5/15/2022		80,000		82,767

SEE NOTES TO FINANCIAL STATEMENTS.



380	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

Series 2020A, Rev., 5.00%, 5/15/2022		30,000		31,038

Series 2019C, Rev., 5.00%, 5/15/2023		25,000		27,078

Series 2016A, Rev., 5.00%, 5/15/2024		25,000		28,229

San Jacinto Community College District, Limited Tax

GO, 5.00%, 2/15/2022		85,000		86,860

Series 2016A, GO, 5.00%, 2/15/2022		55,000		56,203

Series 2016B, GO, 5.00%, 2/15/2022 (b)		60,000		61,316

Series 2019A, GO, 5.00%, 2/15/2022		165,000		168,610

Series 2019A, GO, 5.00%, 2/15/2023		25,000		26,731

Series 2019B, GO, 5.00%, 2/15/2023		25,000		26,731

San Marcos Consolidated Independent School District, Unlimited Tax

GO, PSF-GTD, 4.00%, 8/1/2022		50,000		51,782

GO, PSF-GTD, 5.00%, 8/1/2023 (b)		25,000		27,291

Santa Maria Independent School District GO, PSF-GTD, 4.00%, 2/15/2023		65,000		68,479

Seguin Independent School District GO, PSF-GTD, 5.00%, 8/15/2022		50,000		52,348

Seguin Independent School District, Unlimited Tax Series 2016A, GO, PSF-GTD, 5.00%, 8/1/2022		50,000		52,253

Sienna Plantation Levee Improvement District, Limited Tax Series 2015A, GO, 5.00%, 9/1/2021		30,000		30,000

Sienna Plantation Levee Improvement District, Unlimited Tax GO, 4.00%, 9/1/2022		50,000		51,877

Socorro Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/15/2022 (b)		25,000		25,926

Somerset Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022		75,000		78,522

Southlake Community Enhancement & Development Corp. Rev., 5.00%, 2/15/2023		100,000		106,348

Southmost Regional Water Authority, Desalination Plant Project Rev., AGM, 5.00%, 9/1/2021		25,000		25,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Southwest Higher Education Authority, Inc., Southern Methodist University Project

Series 2016A, Rev., 5.00%, 10/1/2021		300,000		301,167

Rev., 5.00%, 10/1/2022		110,000		115,719

Spring Branch Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 2/1/2022		75,000		76,532

GO, PSF-GTD, 5.00%, 2/1/2023		35,000		37,411

Spring Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 8/15/2023		35,000		38,286

GO, PSF-GTD, 5.00%, 8/15/2024		50,000		56,983

State of Texas, Public Finance Authority

Series 2011, GO, 5.00%, 10/1/2021		165,000		165,657

Series 2018A, GO, 5.00%, 10/1/2021		130,000		130,517

Series 2017A, GO, 5.00%, 10/1/2022		150,000		157,984

Series 2018A, GO, 5.00%, 10/1/2023		35,000		38,550

State of Texas, Transportation Commission Highway Improvement

GO, 5.00%, 10/1/2021		45,000		45,179

GO, 5.00%, 4/1/2022 (b)		130,000		133,708

Series 2012A, GO, 5.00%, 4/1/2022 (b)		310,000		318,818

Series 2016A, GO, 5.00%, 4/1/2023		80,000		86,178

State of Texas, Transportation Commission Mobility Fund

Series 2015A, GO, 5.00%, 9/10/2021		95,000		95,378

Series 2014-A, GO, 5.00%, 10/1/2021		200,000		200,796

Series A, GO, 5.00%, 10/1/2022		100,000		105,323

GO, 5.00%, 10/1/2023		60,000		66,085

State of Texas, Veterans

Series 2013A, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/8/2021 (c)		11,240,000		11,240,000

Series 2011B, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/10/2021 (c)		2,760,000		2,760,000

Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/10/2021 (c)		18,335,000		18,335,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	381

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

State of Texas, Veterans Housing Assistance Program

Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/10/2021 (c)		3,435,000		3,435,000

GO, VRDO, LIQ: FHLB, 0.04%, 9/10/2021 (c)		8,000,000		8,000,000

State of Texas, Water Financial Assistance

Series 2015D, GO, 5.00%, 5/15/2022		60,000		62,080

Series 2013A, GO, 4.00%, 8/1/2022		20,000		20,718

Series 2011B, GO, 5.00%, 8/1/2022		120,000		120,477

Series 2012G, GO, 5.00%, 8/1/2023		50,000		52,228

Stephen F Austin State University

Rev., 4.00%, 10/15/2021		135,000		135,601

Rev., 5.00%, 10/15/2022		80,000		84,224

Stephen F Austin State University, Financing System Series 2019A, Rev., 5.00%, 10/15/2021		50,000		50,282

Sugar Land 4B Corp., Sales Tax Rev., 3.00%, 2/15/2022		225,000		227,732

Tarrant County Cultural Education Facilities Finance Corp., Baylor Healthcare System Project

Series 2011A, Rev., 5.00%, 11/15/2021 (b)		120,000		121,192

Series 2013A, Rev., 4.00%, 5/15/2023 (b)		400,000		425,824

Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center Rev., 5.00%, 9/1/2022		55,000		57,579

Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center

Rev., 4.00%, 12/1/2021		360,000		363,460

Rev., 5.00%, 12/1/2022		20,000		21,214

Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project

Rev., 5.00%, 10/1/2022		310,000		326,257

Rev., 5.00%, 10/1/2023		455,000		500,042

Rev., 5.00%, 10/1/2025		465,000		510,111

Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Rev., 5.00%, 2/15/2024		365,000		407,365


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Tarrant County Hospital District, Senior Lien Rev., 5.00%, 8/15/2023		100,000		104,496

Tarrant Regional, Water Control and Improvement District, Water System

Rev., 5.00%, 3/1/2022 (b)		525,000		537,788

Series 2016A, Rev., 5.00%, 3/1/2022		45,000		46,100

Rev., 4.00%, 9/1/2022 (b)		160,000		166,185

Rev., 5.00%, 3/1/2023		50,000		53,660

Tatum Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 2/15/2022		25,000		25,327

Temple Independent School District, Unlimited Tax

GO, PSF-GTD, 5.00%, 9/10/2021		25,000		25,511

GO, PSF-GTD, 3.00%, 2/1/2022		30,000		30,364

Texas A&M University, Financing System

Series 2013A, Rev., 5.00%, 5/15/2022		145,000		150,026

Series 2013B, Rev., 5.00%, 5/15/2022		75,000		77,600

Series 2015A, Rev., 5.00%, 5/15/2022		105,000		108,640

Series 2016C, Rev., 5.00%, 5/15/2022		20,000		20,693

Series 2017C, Rev., 5.00%, 5/15/2022		20,000		20,693

Series B, Rev., 5.00%, 5/15/2022		65,000		67,253

Texas Department of Housing and Community Affairs, Fishpond at Corpus Christi Apartments Rev., 0.50%, 6/1/2023 (c)		750,000		752,574

Texas Department of Housing and Community Affairs, Multi-Family Housing, Scott Street Lofts Rev., 0.70%, 8/1/2023 (c)		200,000		200,267

Texas Public Finance Authority, Midwestern State University

Series 2016A, Rev., 5.00%, 12/1/2021		275,000		278,211

Series 2016A, Rev., 5.00%, 12/1/2025		135,000		160,045

Texas Southmost College District

Series 2014A, GO, 5.00%, 2/15/2022		80,000		81,743

Series 2014B, GO, 5.00%, 2/15/2023		20,000		21,375

SEE NOTES TO FINANCIAL STATEMENTS.



382	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

Texas State Technical College, Financing System Improvement Rev., AGM, 5.00%, 10/15/2022		35,000		36,848

Texas State University System

Rev., 4.10%, 3/15/2022 (b)		30,000		30,643

Rev., 5.00%, 3/15/2022		20,000		20,526

Series 2015A, Rev., 5.00%, 3/15/2022		170,000		174,469

Series 2017A, Rev., 5.00%, 3/15/2022		250,000		256,571

Series 2015A, Rev., 5.00%, 3/15/2023		20,000		21,498

Series 2017A, Rev., 5.00%, 3/15/2023		205,000		220,358

Series 2021A, Rev., 5.00%, 3/15/2023		25,000		26,873

Series 2017A, Rev., 5.00%, 3/15/2025		60,000		69,837

Texas Transportation Commission State Highway Fund, First Tier

Series 2016-A, Rev., 3.00%, 10/1/2021		105,000		105,248

Series 2016-B, Rev., 4.00%, 10/1/2021 (c)		2,085,000		2,091,481

Rev., 5.00%, 10/1/2021		100,000		100,397

Series 2016-A, Rev., 5.00%, 10/1/2021		55,000		55,218

Series 2014A, Rev., 5.00%, 4/1/2022		315,000		323,985

Rev., 5.00%, 10/1/2022		110,000		115,830

Rev., 5.00%, 10/1/2023		40,000		44,048

Texas Water Development Board, State Revolving Fund Rev., 5.00%, 8/1/2022		65,000		67,916

Texas Water Development Board, Water Implementation Fund

Series 2018B, Rev., 5.00%, 10/15/2021		115,000		115,675

Series 2019A, Rev., 5.00%, 10/15/2021		50,000		50,294

Series 2018B, Rev., 3.00%, 4/15/2022		25,000		25,451

Series 2017A, Rev., 5.00%, 4/15/2022		60,000		61,826

Series 2018B, Rev., 5.00%, 4/15/2022		25,000		25,761

Series 2018B, Rev., 4.00%, 10/15/2022		45,000		46,967


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Series 2018B, Rev., 5.00%, 10/15/2022		25,000		26,372

Series 2018A, Rev., 5.00%, 10/15/2023		50,000		55,152

Series 2018A, Rev., 5.00%, 10/15/2024		50,000		57,398

Texas Woman’s University, Financing System

Rev., 4.00%, 7/1/2022		25,000		25,076

Series 2021A, Rev., 4.00%, 7/1/2022		25,000		25,789

Rev., 4.00%, 7/1/2023		20,000		21,351

Tidehaven Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 3.00%, 2/15/2022 (b)		25,000		25,325

Tomball Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2025		35,000		40,694

Town of Addison

GO, 4.00%, 2/15/2022		30,000		30,525

GO, 4.00%, 2/15/2023		20,000		21,116

Town of Little Elm GO, 4.00%, 8/1/2022		25,000		25,884

Town of Prosper GO, 5.00%, 2/15/2022		30,000		30,662

Town of Prosper, Combination Tax and Surplus GO, 4.00%, 2/15/2022		50,000		50,877

Travis County Housing Finance Corp., Multi-Family Housing, Cascades at Onion Creek Apartments Rev., 0.35%, 2/1/2023 (c)		165,000		165,146

Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2022		50,000		52,248

Trinity River Authority Ten Mile Creek System Rev., 5.00%, 8/1/2022		100,000		104,354

Trinity River Authority, Central Regional Wastewater System

Rev., 5.00%, 8/1/2022		280,000		292,587

Rev., 5.00%, 8/1/2023		30,000		32,786

Trinity River Authority, Denton Creek Wastewater Treatment System

Rev., 5.00%, 2/1/2022		30,000		30,601

Rev., 5.00%, 2/1/2023		100,000		106,755

Rev., 5.00%, 2/1/2024		40,000		44,521

Trinity River Authority, Mountain Creek Regional Wastewater System Rev., 5.00%, 8/1/2022		75,000		78,372

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	383

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Texas — continued

Trinity River Authority, Red Oak Creek System Rev., 5.00%, 2/1/2026		150,000		178,404

Trinity River Authority, Water Project

Rev., 3.00%, 2/1/2022		110,000		111,295

Rev., 4.00%, 2/1/2022		45,000		45,716

Rev., 5.00%, 2/1/2024		25,000		27,825

Rev., 5.00%, 2/1/2025		75,000		86,718

Troy Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 8/1/2023		30,000		31,562

Tyler Independent School District GO, PSF-GTD, 5.00%, 2/15/2022		30,000		30,670

Tyler Independent School District, Unlimited Tax

GO, 5.00%, 2/15/2022		40,000		40,894

GO, PSF-GTD, 5.00%, 2/15/2023 (b)		25,000		26,762

University of Houston

Series 2013A, Rev., 4.00%, 2/15/2022		50,000		50,891

Series 2011A, Rev., 5.00%, 2/15/2022		50,000		50,199

Series 2016A, Rev., 5.00%, 2/15/2022		200,000		204,468

Series 2017A, Rev., 5.00%, 2/15/2022		40,000		40,894

Series 2020A, Rev., 5.00%, 2/15/2022		250,000		255,586

Series 2020A, Rev., 5.00%, 2/15/2023		50,000		53,552

Series 2017A, Rev., 5.00%, 2/15/2025		45,000		52,220

University of North Texas System

Series 2012A, Rev., 4.50%, 4/15/2022 (b)		50,000		51,362

Rev., 5.00%, 4/15/2022		30,000		30,907

Series 2015A, Rev., 5.00%, 4/15/2022		30,000		30,907

Series 2017A, Rev., 5.00%, 4/15/2022		60,000		61,815

Series 2017A, Rev., 5.00%, 4/15/2023		70,000		75,394

Series 2018A, Rev., 5.00%, 4/15/2023		55,000		59,238

Upper Trinity Regional Water District, Regional Treated Water Supply System

Rev., 4.00%, 8/1/2022		110,000		113,858

Rev., 5.00%, 8/1/2022		395,000		412,458


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Valwood Improvement Authority, Unlimited Tax GO, 4.00%, 9/1/2022		100,000		103,806

Via Metropolitan Transit Advanced Transportation District, Sales Tax Rev., 5.00%, 7/15/2022		55,000		57,353

Via Metropolitan Transit, Sales Tax Rev., 5.00%, 7/15/2024		110,000		124,337

Vidor Independent School District GO, PSF-GTD, Zero Coupon, 2/15/2022		100,000		99,813

Viridian Municipal Management District, Road Improvement, Unlimited Tax GO, AGM, 4.00%, 12/1/2021		75,000		75,679

Waco Educational Finance Corp., Baylor University Issue Rev., 5.00%, 3/1/2022 (b)		510,000		522,290

Waco Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022		25,000		26,174

Weatherford Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 2/15/2025		50,000		49,309

Weslaco Housing Opportunities Corp., Primrose Village Apartments Rev., 1.42%, 1/1/2022 (c)		610,000		612,311

West Harris County Municipal Utility District No. 2, Unlimited Tax GO, 3.00%, 8/1/2022		105,000		107,626

West Harris County Regional Water Authority Rev., 4.00%, 12/15/2022		500,000		505,564

West Travis County Municipal Utility District No. 6, Unlimited Tax GO, 4.00%, 8/1/2022		50,000		51,697

West Travis County Public Utility Agency Rev., 5.00%, 8/15/2022		100,000		104,539

Williamson County Water Sewer Irrigation and Drainage District No. 3, Unlimited Tax Series 2015A, GO, 3.38%, 9/1/2021		100,000		100,000

Wink-Loving Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2023 (b)		35,000		37,468

Wood County Central Hospital District, East Texas Medical Center Quitman Project Rev., 6.00%, 11/1/2021 (b)		1,100,000		1,110,408

Woodlands Road Utility District No. 1 GO, 2.00%, 10/1/2021		555,000		555,814

Woodridge Municipal Utility District GO, AGM, 4.00%, 9/1/2021		100,000		100,000

SEE NOTES TO FINANCIAL STATEMENTS.



384	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Texas — continued

Ysleta Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022		30,000		31,409


Total Texas				179,356,812


Utah — 0.5%

Alpine School District, School Building GO, 5.00%, 3/15/2022		85,000		87,253

Central Utah Water Conservancy District

Series 2016A, Rev., 5.00%, 10/1/2022		20,000		21,060

Series 2017B, Rev., 5.00%, 10/1/2022		30,000		31,590

Central Utah Water Conservancy District, Limited Tax Series 2011C, GO, 5.00%, 4/1/2022		110,000		113,138

City of Draper, Sales Tax Series 2012A, Rev., 4.00%, 5/1/2022 (b)		25,000		25,647

City of Murray, IHC Health Services, Inc. Series 2005D, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.01%, 9/3/2021 (c)		2,600,000		2,600,000

City of Ogden City, Franchise Tax Rev., 3.00%, 1/15/2022		270,000		272,929

City of Park City GO, 5.00%, 5/1/2022		25,000		25,817

City of Provo Series 2015A, Rev., 5.00%, 2/1/2022		25,000		25,511

City of Provo, Wastewater Series 2015A, Rev., 5.00%, 2/1/2023		25,000		26,711

City of Riverton Rev., 3.00%, 9/1/2022		35,000		35,078

City of Sandy City, Sales Tax

Rev., 5.00%, 3/1/2024		25,000		27,999

City of South Jordan, Daybreak Assessment Area No. 1

4.00%, 11/1/2021		695,000		699,475

3.00%, 11/1/2022		40,000		41,361

City of St. George Rev., AGM, 5.00%, 6/1/2024		150,000		168,975

City of St. George, Excise Tax GO, 4.00%, 8/1/2023		75,000		75,234

City of St. George, Franchise Tax

Rev., 5.00%, 12/1/2021		110,000		111,340

Rev., 5.00%, 12/1/2022		115,000		122,056

County of Salt Lake, Crossover GO, 4.00%, 12/15/2022		75,000		78,780

County of Salt Lake, Sales Tax Series 2012A, Rev., 5.00%, 2/1/2022		55,000		56,123


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Utah — continued

County of Salt Lake, Westminster College Rev., 4.00%, 10/1/2021		35,000		35,099

County of Summit, Sales Tax Rev., 5.00%, 12/15/2022		50,000		53,163

County of Utah, IHC Health Services, Inc.

Series 2016B, Rev., 5.00%, 5/15/2022		220,000		227,546

Series 2018B-1, Rev., 5.00%, 8/1/2022 (c)		250,000		257,777

Series 2018B-2, Rev., 5.00%, 8/1/2024 (c)		420,000		467,898

Series 2020B-1, Rev., 5.00%, 8/1/2024 (c)		195,000		221,399

Series 2020B-2, Rev., 5.00%, 8/1/2026 (c)		595,000		721,132

County of Weber GO, 5.00%, 1/15/2022		70,000		71,276

Davis School District, School District Bond Guaranty Program

GO, 5.00%, 6/1/2022		20,000		20,736

Series 2019B, GO, 5.00%, 6/1/2023		25,000		27,131

Intermountain Power Agency, Subordinated Power Supply Series 2018A, Rev., 5.00%, 7/1/2022		335,000		348,575

Jordan Valley Water Conservancy District

Series 2013A, Rev., 4.00%, 10/1/2021		20,000		20,063

Series B, Rev., 5.00%, 10/1/2022		40,000		42,120

Magna Water District GO, 5.00%, 6/1/2023		50,000		54,125

Metropolitan Water District of Salt Lake and Sandy Series 2012A, Rev., 4.00%, 7/1/2022		85,000		87,768

Midtown Redevelopment Authority, Tax Increment and Sales Tax Rev., 4.00%, 5/1/2022		25,000		25,651

Mountain Regional Water Special Service District Series 2014A, Rev., AGM, 3.00%, 12/15/2022		75,000		77,727

Nebo School District Series 2017B, GO, 5.00%, 7/1/2022		30,000		31,221

Ogden City School District Municipal Building Authority Rev., 5.00%, 1/15/2022		305,000		310,539

Salt Lake City Corp., Sales and Excise Tax Series 2016A, Rev., 4.00%, 10/1/2023		30,000		32,380

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	385

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Utah — continued

Southern Utah University, Auxiliary System and Student Building Rev., 4.00%, 5/1/2022		50,000		51,261

State of Utah

GO, 4.00%, 7/1/2022 (b)		80,000		82,583

GO, 5.00%, 7/1/2022		215,000		223,768

Series 2020B, GO, 5.00%, 7/1/2022		25,000		26,019

GO, 5.00%, 7/1/2024		75,000		85,219

Summit County, Transportation Sales Tax Rev., 5.00%, 12/15/2021		75,000		76,057

University of Utah (The)

Series 2013A, Rev., 5.00%, 8/1/2022		35,000		36,567

Series 2014B, Rev., 5.00%, 8/1/2022 (b)		50,000		52,233

Series 2015B, Rev., 5.00%, 8/1/2022 (b)		265,000		276,833

Series 2016B-1, Rev., 5.00%, 8/1/2022		30,000		31,343

Series 2017A, Rev., 5.00%, 8/1/2022		55,000		57,462

Series 2017B-2, Rev., 5.00%, 8/1/2022		20,000		20,895

Series 2018A, Rev., 5.00%, 8/1/2022		35,000		36,567

Series A-2, Rev., 5.00%, 8/1/2022		25,000		26,119

Utah Associated Municipal Power Systems, Payson Power Project Rev., 5.00%, 10/1/2021 (b)		670,000		672,643

Utah Charter School Finance Authority, Providence Hall Elementary School and High School Projects Series 2013A, Rev., 4.00%, 10/15/2021 (b)		20,000		20,090

Utah Charter School Finance Authority, Summit Academy Incorporated

Series A, Rev., 5.00%, 4/15/2022		130,000		133,642

Series A, Rev., 5.00%, 4/15/2023		80,000		85,448

Utah Infrastructure Agency, Tax-Exempt Telecommunications

Series A, Rev., AGM, 5.00%, 10/15/2021 (b)		25,000		25,145

Series A, Rev., AGM, 5.25%, 10/15/2021 (b)		20,000		20,122

Utah State Board of Regents Series B, Rev., AGM, 4.00%, 6/1/2024		50,000		54,989

Utah State Board of Regents, Auxiliary and Campus Facilities Rev., 5.00%, 4/1/2022 (b)		25,000		25,711


INVESTMENTS	PRINCIPAL AMOUNT ($)			VALUE ($)


Utah — continued

Utah State Building Ownership Authority, Facilities Master Lease Program

Rev., 5.00%, 5/15/2022		170,000			175,770

Rev., 5.00%, 5/15/2023		30,000			32,450

Utah State University Series 2015B, Rev., 5.00%, 12/1/2022		30,000			31,829

Utah State University, Student Building Fee Rev., 4.00%, 4/1/2022		30,000			30,680

Utah Transit Authority, Sales Tax

Rev., 5.00%, 6/15/2022 (b)		50,000	��		51,920

Series 2008A, Rev., 5.25%, 6/15/2022		95,000			98,862

Series 2008A, Rev., 5.25%, 6/15/2023		150,000			163,596

Utah Transit Authority, Subordinate Sales Tax Series 2015A, Rev., 5.00%, 6/15/2023		100,000			108,618

Washington County School District Board of Education, School Building and Refunding, Utah School Bond Guaranty Program Series 2016B, GO, 5.00%, 3/1/2023		30,000			32,196

Washington County School District Board of Education, Utah School District Bond Guaranty Program Series 2021A, GO, 5.00%, 3/1/2022		95,000			97,326

Washington County Water Conservancy District Rev., 5.00%, 10/1/2022		25,000			25,706

Washington County, St. George Interlocal Agency Series 2012A, Rev., 2.00%, 12/1/2021		25,000			25,110

Weber Basin Water Conservancy District

Series 2015A, Rev., 5.00%, 10/1/2021		55,000			55,218

Series 2017A, Rev., 5.00%, 10/1/2021		70,000			70,278

Series 2013B, Rev., 4.25%, 4/1/2023 (b)		20,000			21,297

Weber School District, School Building GO, 5.00%, 6/15/2022		110,000			114,255


Total Utah					11,035,230


Vermont — 0.0% (g)

State of Vermont, Green Bonds Series 2015A, GO, 5.00%, 8/15/2022		25,000			26,167

State of Vermont, Transportation Infrastructure Series 2013A, Rev., 4.00%, 6/15/2022		45,000			46,380

SEE NOTES TO FINANCIAL STATEMENTS.



386	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Vermont — continued

University of Vermont and State Agricultural College Rev., 5.00%, 10/1/2021		105,000		105,412

Vermont Educational and Health Buildings Financing Agency, The University of Vermont Medical Center Project Series 2016A, Rev., 5.00%, 12/1/2021		140,000		141,656

Vermont Municipal Bond Bank

Series 2018-1, Rev., 4.00%, 12/1/2021		45,000		45,435

Series 4, Rev., 4.00%, 12/1/2021		25,000		25,242

Series 1, Rev., 5.00%, 12/1/2021		175,000		177,123

Series 4, Rev., 5.00%, 12/1/2021		40,000		40,479

Series 5, Rev., 5.00%, 12/1/2021 (b)		250,000		253,028

Series 6, Rev., 5.00%, 12/1/2021		25,000		25,300

Series 2016-2, Rev., 5.00%, 12/1/2022		45,000		47,743

Series 3, Rev., 5.00%, 12/1/2022		50,000		53,048

Vermont Municipal Bond Bank, State Colleges System Bonds Series 2017A, Rev., 5.00%, 10/1/2022		55,000		57,909


Total Vermont				1,044,922


Virginia — 1.1%

Arlington County Industrial Development Authority

Series 2013A, Rev., 5.00%, 12/15/2021		25,000		25,351

Rev., 5.00%, 2/15/2023		35,000		37,439

City of Alexandria, Capital Improvement

Series 2014B, GO, 5.00%, 1/15/2022		25,000		25,455

Series 2012B, GO, 5.00%, 6/15/2022		30,000		31,158

Series 2016A, GO, 5.00%, 7/15/2023		25,000		27,278

City of Chesapeake, Transportation Series A, Rev., 5.00%, 7/15/2022		40,000		41,636

City of Fairfax GO, 5.00%, 7/15/2022		25,000		26,067

City of Hampton, Public Improvement

Series 2015A, GO, 5.00%, 9/1/2021		75,000		75,000

Series 2019A, GO, 5.00%, 3/1/2022		50,000		51,224

Series 2012A, GO, 5.00%, 4/1/2022 (b)		85,000		87,417

Series 2015B, GO, 5.00%, 9/1/2022		30,000		31,468


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

City of Harrisonburg, Public Improvement

Series 2014B, GO, 5.00%, 7/15/2022		25,000		26,065

GO, 3.00%, 8/1/2022		25,000		25,058

City of Lynchburg, Publica Improvement

Series 2020B, GO, 5.00%, 12/1/2021		25,000		25,305

GO, 5.00%, 6/1/2022		25,000		25,917

City of Manassas, Public Improvement GO, 5.00%, 7/1/2022		50,000		52,026

City of Newport News, General Improvement

Series 2012C, GO, 5.00%, 9/1/2021 (b)		50,000		50,000

Series 2014A, GO, 5.00%, 7/15/2022		50,000		52,143

City of Norfolk

Series 2017C, GO, 5.00%, 9/1/2021		45,000		45,000

Series 2016A, GO, 5.00%, 10/1/2021		70,000		70,279

Series A, GO, 5.00%, 10/1/2021		70,000		70,278

Rev., 5.00%, 11/1/2021		185,000		186,454

Series A, GO, 5.00%, 10/1/2022		25,000		26,322

City of Poquoson GO, 5.00%, 2/15/2022		45,000		46,003

City of Portsmouth, Public Improvement Series 2013A, GO, 5.00%, 2/1/2022		120,000		122,421

City of Portsmouth, Tax Exempt

Series 2015A, GO, 4.00%, 8/1/2022		25,000		25,884

Series 2016A, GO, 5.00%, 8/1/2022		50,000		52,224

City of Richmond, Public Improvement

Series 2012A, GO, 5.00%, 3/1/2022		85,000		87,085

Series 2017B, GO, 5.00%, 7/15/2022		25,000		26,072

Series B, GO, 5.00%, 7/15/2022		20,000		20,857

City of Richmond, Public Utility Rev., 5.00%, 1/15/2022		175,000		178,191

City of Roanoke, Public Improvement Series 2013A, GO, 4.00%, 7/15/2022		25,000		25,843

City of Suffolk GO, 5.00%, 2/1/2022		75,000		76,529

City of Suffolk, Tax-Exempt Series 2016A, GO, 5.00%, 2/1/2022		55,000		56,121

City of Virginia Beach, Public Improvement Series 2015B, GO, 5.00%, 9/15/2021		50,000		50,089

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	387

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Virginia — continued

City of Winchester, Public Improvement GO, 5.00%, 9/1/2022 (b)		50,000		52,431

Commonwealth of Virginia

Series 2013B, GO, 4.00%, 6/1/2022		100,000		102,913

Series 2015B, GO, 5.00%, 6/1/2022		35,000		36,275

County of Arlington Series 2012A, GO, 5.00%, 8/1/2022		125,000		130,631

County of Chesterfield COP, 4.00%, 11/1/2023		100,000		104,388

County of Chesterfield, Public Improvement Series 2015A, GO, 5.00%, 1/1/2022		45,000		45,734

County of Culpeper GO, 5.00%, 1/15/2024		25,000		27,819

County of Fairfax, Public Improvement

Series 2013B, GO, 4.00%, 10/1/2021		120,000		120,379

Series 2014A, GO, 4.00%, 10/1/2021		250,000		250,790

Series 2013A, GO, 5.00%, 10/1/2021 (b)		245,000		245,967

Series 2015A, GO, 5.00%, 10/1/2021		75,000		75,297

Series 2015C, GO, 5.00%, 10/1/2021		125,000		125,495

County of Fairfax, Sewer Series 2016A, Rev., 5.00%, 7/15/2022		25,000		26,067

County of Hanover, Public Improvement Series A, GO, 4.13%, 1/15/2023		50,000		50,162

County of Henrico, Public Improvement GO, 4.00%, 8/1/2022		25,000		25,898

County of Henrico, Water and Sewer Rev., 5.00%, 5/1/2022		20,000		20,655

County of James City GO, 5.00%, 12/15/2021		50,000		50,705

County of Loudoun

Series 2020B, GO, 5.00%, 12/1/2021		30,000		30,365

Series 2018A, GO, 5.00%, 12/1/2022		25,000		26,531

County of Loudoun, Public Improvement

Series 2013A, GO, 4.00%, 12/1/2021		120,000		121,165

Series 2012A, GO, 5.00%, 12/1/2021		70,000		70,853

Series 2013A, GO, 5.00%, 12/1/2021		40,000		40,487

Series 2014B, GO, 5.00%, 12/1/2021		30,000		30,366


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

Series 2015A, GO, 5.00%, 12/1/2021		50,000		50,609

Series 2016A, GO, 5.00%, 12/1/2021		50,000		50,609

County of Prince William

COP, 5.00%, 10/1/2021		120,000		120,467

COP, 5.00%, 10/1/2022		100,000		105,188

County of Pulaski GO, 5.00%, 2/1/2024		40,000		44,572

County of Smyth GO, 5.00%, 11/1/2022		25,000		26,429

County of Spotsylvania, Public Improvement GO, 5.00%, 1/15/2022		50,000		50,904

Culpeper County Economic Development Authority, Capital Projects Rev., 5.00%, 6/1/2024		30,000		33,857

Economic Development Authority, Capital Project Rev., 4.00%, 7/15/2023		55,000		58,782

Fairfax County Economic Development Authority, County Facilities Project Series 2014A, Rev., 5.00%, 10/1/2021		30,000		30,119

Fairfax County Economic Development Authority, Joint Public Uses Complex Project Rev., 5.00%, 5/15/2022		155,000		160,350

Fairfax County Economic Development Authority, Route 28 Project Series 2016B, Rev., 3.00%, 4/1/2022		25,000		25,424

Fairfax County Economic Development Authority, Silver Line Phase I Project Rev., 5.00%, 4/1/2022		55,000		56,572

Fairfax County Industrial Development Authority, Inova Health System Project Series 2012B, Rev., 5.00%, 5/15/2022		30,000		31,025

Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project

Rev., 4.00%, 5/15/2022		275,000		282,462

Series 2016A, Rev., 5.00%, 5/15/2022		150,000		155,123

Series 2018B, Rev., 5.00%, 5/15/2023 (c)		40,000		43,239

Fairfax County Water Authority Rev., 5.00%, 4/1/2022 (b)		150,000		154,272

SEE NOTES TO FINANCIAL STATEMENTS.



388	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Virginia — continued

Hampton Roads Sanitation District, Wastewater

Series 2018A, Rev., 5.00%, 10/1/2021		40,000		40,159

Series 2014A, Rev., 5.00%, 7/1/2022		100,000		104,095

Series 2016A, Rev., 5.00%, 8/1/2022		20,000		20,901

Hampton Roads Transportation Accountability Commission, Transportation Fund, Intermediate Lien Series 2019A, Rev., BAN, 5.00%, 7/1/2022		790,000		821,878

Henry County Industrial Development Authority Rev., GAN, 2.00%, 11/1/2023		1,040,000		1,042,854

Loudoun County Economic Development Authority, Public Facilities Project

Rev., 5.00%, 12/1/2021		65,000		65,787

Series 2016A, Rev., 5.00%, 12/1/2021		95,000		96,150

Series 2016B, Rev., 5.00%, 12/1/2021		90,000		91,090

Louisa Industrial Development Authority, Electric and Power Co. Project Series 2008B, Rev., 0.75%, 9/2/2025 (c)		100,000		100,489

Norfolk Economic Development Authority, Sentara Healthcare Series 2012B, Rev., 4.00%, 11/1/2021		25,000		25,160

Peninsula Ports Authority, Dominion Terminal Associates Project — DETC Issue Rev., 1.70%, 10/1/2022 (c)		1,300,000		1,318,715

Powhatan County Economic Development Authority, Capital Projects Rev., 5.00%, 10/15/2022		25,000		26,335

Prince William County Industrial Development Authority, Novant Health Obligation Group Series 2013B, Rev., 3.25%, 11/1/2022 (b)		30,000		31,063

Rappahannock Regional Jail Authority Rev., 4.00%, 10/1/2021		100,000		100,317

Town of Leesburg GO, 5.00%, 1/15/2022		20,000		20,365

University of Virginia Rev., 4.00%, 9/1/2021 (b)		75,000		75,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

Virginia Beach Development Authority, Public Facility

Series A, Rev., 5.00%, 12/1/2021		25,000		25,305

Series 2018A, Rev., 5.00%, 4/1/2022		40,000		41,143

Series 2020A, Rev., 5.00%, 4/15/2022		50,000		51,525

Virginia Beach Development Authority, Westminster-Canterbury on Chesapeake Bay Rev., 5.00%, 9/1/2022		35,000		36,587

Virginia Biotechnology Research Partnership Authority, Consolidated Laboratories Project Rev., 5.00%, 9/1/2021		45,000		45,000

Virginia College Building Authority, 21st Century College and Equipment Programs

Series 2012B, Rev., 3.00%, 2/1/2022 (b)		25,000		25,297

Series 2012A, Rev., 4.00%, 2/1/2022 (b)		25,000		25,403

Series A, Rev., 5.00%, 2/1/2022		25,000		25,511

Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs

Series 2012B, Rev., 4.00%, 2/1/2022 (b)		30,000		30,484

Rev., 5.00%, 2/1/2022		440,000		448,974

Series 2009E-1, Rev., 5.00%, 2/1/2022		305,000		311,230

Series 2009E-2, Rev., 5.00%, 2/1/2022		110,000		112,247

Series 2012A, Rev., 5.00%, 2/1/2022 (b)		40,000		40,811

Series 2014A, Rev., 5.00%, 2/1/2022		235,000		239,800

Series 2015A, Rev., 5.00%, 2/1/2022		25,000		25,511

Series 2015D, Rev., 5.00%, 2/1/2022		80,000		81,634

Series 2016A, Rev., 5.00%, 2/1/2022		290,000		295,924

Series 2017C, Rev., 5.00%, 2/1/2022		35,000		35,715

Series 2018A, Rev., 5.00%, 2/1/2022		155,000		158,166

Series 2019A, Rev., 5.00%, 2/1/2022		45,000		45,919

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	389

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Virginia — continued

Series 2019C, Rev., 5.00%, 2/1/2022		135,000		137,757

Series 2013A, Rev., 5.00%, 2/1/2023		20,000		21,380

Series 2015A, Rev., 5.00%, 2/1/2023		25,000		26,726

Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program

Rev., 5.00%, 9/1/2021 (b)		75,000		75,000

Series 2012A, Rev., 5.00%, 9/1/2021 (b)		115,000		115,000

Series 2012-A, Rev., 5.00%, 9/1/2021		60,000		60,000

Series 2012B, Rev., 5.00%, 9/1/2021		20,000		20,000

Series A, Rev., 5.00%, 9/1/2021		25,000		25,000

Series 2012-A, Rev., 5.00%, 9/1/2022 (b)		70,000		73,367

Series 2014B, Rev., 5.00%, 9/1/2022		35,000		36,720

Series 2016A, Rev., 5.00%, 9/1/2022		60,000		62,949

Series A, Rev., 5.00%, 9/1/2022		70,000		73,441

Series B, Rev., 5.00%, 9/1/2023		30,000		32,931

Virginia College Building Authority, Public Higher Education Financing Program

Series 2011A, Rev., 4.00%, 9/1/2021 (b)		30,000		30,000

Series 2011A, Rev., 5.00%, 9/1/2021 (b)		3,000,000		3,000,000

Virginia Commonwealth Transportation Board

Series 2012A, Rev., GAN, 5.00%, 3/15/2022 (b)		30,000		30,788

Rev., GAN, 5.00%, 9/15/2022		25,000		26,273

Rev., GAN, 5.00%, 9/15/2023		45,000		49,401

Virginia Commonwealth Transportation Board, Capital Projects

Rev., 5.00%, 5/15/2022 (b)		180,000		186,220

Series 2017A, Rev., 5.00%, 5/15/2022		25,000		25,865

Rev., 5.00%, 5/15/2023		25,000		27,082

Rev., 5.00%, 5/15/2024		35,000		39,501

Series 2017A, Rev., 5.00%, 5/15/2025		40,000		46,868


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

Virginia Commonwealth Transportation Board, Federal Transportation

Rev., GAN, 5.00%, 9/15/2021		155,000		155,276

Series 2012B-G, Rev., GAN, 5.00%, 9/15/2021		40,000		40,071

Series 2012A, Rev., GAN, 4.50%, 3/15/2022		65,000		66,541

Rev., GAN, 5.00%, 3/15/2022 (b)		175,000		179,602

Series 2012B-G, Rev., GAN, 5.00%, 3/15/2022		30,000		30,792

Rev., GAN, 5.00%, 9/15/2022		145,000		152,387

Series 2012B, Rev., GAN, 5.00%, 9/15/2022		25,000		26,274

Rev., GAN, 5.00%, 3/15/2023		90,000		96,771

Series 2013A, Rev., GAN, 5.00%, 3/15/2023 (b)		140,000		150,437

Series 2013-A, Rev., GAN, 5.00%, 3/15/2023		120,000		129,029

Rev., GAN, 5.00%, 3/15/2025		30,000		34,942

Virginia Commonwealth Transportation Board, Oak Grove Connector Series A, Rev., 5.00%, 5/15/2022		90,000		93,113

Virginia Commonwealth Transportation Board, Transportation Capital Project Rev., 5.00%, 5/15/2022 (b)		125,000		129,302

Virginia Commonwealth Transportation Board, Transportation District Program Rev., 5.00%, 5/15/2022		20,000		20,692

Virginia Commonwealth University Health System Authority Rev., 5.00%, 7/1/2025		45,000		52,852

Virginia Housing Development Authority, Commonwealth Mortgage Series 2012C-4, Rev., 2.49%, 1/1/2022		200,000		201,457

Virginia Public Building Authority, Public Facilities

Series 2014A, Rev., 5.00%, 8/1/2022		55,000		57,472

Series 2015B, Rev., 5.00%, 8/1/2022		25,000		26,124

Series 2017A, Rev., 5.00%, 8/1/2022		50,000		52,248

Series A, Rev., 5.00%, 8/1/2022		390,000		407,533

Series B, Rev., 5.00%, 8/1/2022		110,000		114,945

Series C, Rev., 5.00%, 8/1/2022		115,000		120,170

Series C, Rev., 4.00%, 8/1/2026		25,000		27,735

SEE NOTES TO FINANCIAL STATEMENTS.



390	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Virginia — continued

Virginia Public School Authority, School Financing 1997 Resolution

Rev., 3.00%, 8/1/2022 (b)		45,000		46,175

Series 2012C, Rev., 3.25%, 8/1/2022 (b)		80,000		82,271

Rev., 5.00%, 8/1/2022 (b)		35,000		36,563

Series 2012A, Rev., 5.00%, 8/1/2022 (b)		295,000		308,074

Series 2012B, Rev., 5.00%, 8/1/2022 (b)		75,000		78,349

Series 2014B, Rev., 5.00%, 8/1/2022		75,000		78,365

Series 2015B, Rev., 5.00%, 8/1/2022		25,000		26,121

Rev., 5.00%, 8/1/2023		50,000		54,653

Series 2014C, Rev., 5.00%, 8/1/2023		25,000		27,326

Series 2015A, Rev., 5.00%, 8/1/2024		25,000		28,479

Virginia Public School Authority, School Technology and Security Notes

Series VI, Rev., 5.00%, 4/15/2022		110,000		113,348

Series VIII, Rev., 5.00%, 4/15/2022		140,000		144,260

Series VI, Rev., 5.00%, 4/15/2023		80,000		86,328

Virginia Public School Authority, Special Obligation School Montgomery County Rev., 5.00%, 2/1/2022		125,000		127,543

Virginia Resources Authority, Clean Water State Revolving Fund

Rev., 5.00%, 10/1/2021		25,000		25,099

Rev., 5.00%, 10/1/2022		30,000		31,594

Virginia Resources Authority, Infrastructure Moral Obligation

Rev., 5.00%, 11/1/2021		70,000		70,561

Series A, Rev., 5.00%, 11/1/2021		20,000		20,161

Rev., 4.00%, 11/1/2022		25,000		26,124

Series 2012B, Rev., 4.00%, 11/1/2022 (b)		30,000		31,335

Series 2012B, Rev., 4.00%, 11/1/2024		15,000		15,682

Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program

Rev., 4.00%, 11/1/2021		105,000		105,669

Series 2014B, Rev., 5.00%, 11/1/2021		80,000		80,641

Series 2014D, Rev., 5.00%, 11/1/2021		25,000		25,200


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

Series 2015B, Rev., 5.00%, 11/1/2021		20,000		20,162

Series 2019C, Rev., 5.00%, 11/1/2021		110,000		110,881

Rev., 5.00%, 11/1/2022		60,000		63,409

Series 2020C, Rev., 5.00%, 11/1/2022		75,000		79,243

Virginia Resources Authority, Infrastructure Pooled Financing Program

Rev., 3.00%, 11/1/2021		25,000		25,120

Series 2015C, Rev., 4.00%, 11/1/2021		40,000		40,258

Series 2012B, Rev., 5.00%, 11/1/2021		40,000		40,323

Series 2014B, Rev., 5.00%, 11/1/2021		65,000		65,525

Series 2016A, Rev., 5.00%, 11/1/2021		30,000		30,242

Series 2017A, Rev., 5.00%, 11/1/2021		40,000		40,323

Series 2017C, Rev., 5.00%, 11/1/2021		75,000		75,606

Rev., 5.00%, 11/1/2022		25,000		26,429

Series 2012A, Rev., 5.00%, 11/1/2022		100,000		105,691

Series 2012B, Rev., 5.00%, 11/1/2022		25,000		26,430

Series 2016B, Rev., 5.00%, 11/1/2022		30,000		31,715

Series 2017A, Rev., 5.00%, 11/1/2022		25,000		26,429

Series 2010A, Rev., 5.00%, 11/1/2023		5,000		5,020

Virginia Small Business Financing Authority, Hampton University Rev., 5.00%, 10/1/2021		25,000		25,093

Virginia Small Business Financing Authority, Sentara Healthcare Rev., 4.00%, 11/1/2021		55,000		55,352

Western Regional Jail Authority, Regional Jail Facility

Rev., 4.00%, 12/1/2022		50,000		52,367

Rev., 5.00%, 12/1/2024		1,285,000		1,471,900

Wise County Industrial Development Authority, Electric and Power Co. Project Series 2010A, Rev., 1.20%, 5/31/2024 (c)		1,750,000		1,788,946


Total Virginia				23,719,998

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	391

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Washington — 2.0%

Adams County Joint Consolidated School District No. 147-163-55, Unlimited Tax GO, 2.50%, 12/1/2021		25,000		25,142

Auburn School District No. 408 of King & Pierce Counties

GO, 4.00%, 12/1/2021		25,000		25,243

GO, 4.00%, 12/1/2023		50,000		52,418

Auburn School District No. 408 of King & Pierce Counties, Unlimited Tax GO, 5.00%, 12/1/2024		25,000		28,829

Benton County School District No. 17 Kennewick, Unlimited Tax GO, 5.00%, 12/1/2022		40,000		42,413

Benton County School District No. 400 Richland

GO, 3.00%, 12/1/2021		50,000		50,362

GO, 5.00%, 12/1/2021		120,000		121,462

Cascade Water Alliance Rev., 5.00%, 9/1/2022		25,000		26,226

Central Puget Sound Regional Transit Authority, Sales and Motor Vehicle Excise Tax, Green Bond Series 2016S-1, Rev., 5.00%, 11/1/2021		100,000		100,808

Central Puget Sound Regional Transit Authority, Sales and Use Tax

Series 2012S-1, Rev., 5.00%, 11/1/2021		25,000		25,202

Series 2012S-1, Rev., 5.00%, 11/1/2022		20,000		21,146

Central Washington University

Rev., 5.00%, 5/1/2022		45,000		46,409

Rev., AGM, 5.00%, 5/1/2024		360,000		404,217

Chelan County Public Utility District No. 1, Capital Appreciation Series 1997A, Rev., NATL-RE, Zero Coupon, 6/1/2023		20,000		19,904

Chelan County School District No. 228 Cascade, Unlimited Tax GO, 5.00%, 12/1/2021		20,000		20,239

City of Auburn, Utility System Rev., 5.00%, 12/1/2021		70,000		70,830

City of Bellevue, Limited Tax GO, 5.00%, 12/1/2022		30,000		31,837

City of Bonney Lake, Water & Sewer System Rev., 4.00%, 12/1/2022		25,000		26,222

City of Camas, Water & Sewer Rev., 5.00%, 12/1/2021		50,000		50,590


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

City of Edmonds, Water and Sewer Rev., 5.00%, 12/1/2023		25,000		27,104

City of Everett, Water & Sewer Rev., 5.00%, 12/1/2022		145,000		153,859

City of Gig Harbor, Water and Sewer Rev., 4.00%, 10/1/2022		50,000		52,021

City of Kent, Limited Tax GO, 5.00%, 12/1/2021		65,000		65,792

City of Lynnwood, Limited Tax GO, AGM, 4.00%, 12/1/2021		25,000		25,242

City of Lynnwood, Utility System Rev., 4.00%, 12/1/2021		50,000		50,484

City of Marysville, Water & Sewer Rev., 5.00%, 4/1/2022		155,000		159,439

City of Olympia, Limited Tax

GO, 5.00%, 12/1/2021		35,000		35,427

GO, 5.00%, 12/1/2024		25,000		28,811

City of Olympia, Unlimited Tax GO, 5.00%, 12/1/2022		45,000		47,761

City of Puyallup, Limited Tax GO, 4.00%, 12/1/2021		250,000		252,365

City of Redmond GO, 5.00%, 12/1/2021		20,000		20,244

City of Renton, Limited Tax

GO, 5.00%, 12/1/2021		20,000		20,244

Series A, GO, 4.00%, 12/1/2022		50,000		52,393

GO, 5.00%, 12/1/2022		30,000		31,841

City of Richland

Series 2019A, Rev., 4.00%, 11/1/2021		30,000		30,184

Series 2013A, GO, 4.00%, 12/1/2021		40,000		40,389

Rev., 5.00%, 11/1/2022		45,000		47,578

City of Richland, Waterworks Utility Rev., 4.00%, 11/1/2021		90,000		90,579

City of Seattle

Series 2013A, GO, 4.00%, 10/1/2021		30,000		30,095

GO, 5.00%, 12/1/2021		20,000		20,244

City of Seattle, Drainage and Wastewater System Improvement

Rev., 5.00%, 9/1/2021		225,000		225,000

Rev., 5.00%, 4/1/2022		45,000		46,283

Rev., 5.00%, 5/1/2022		80,000		82,609

Rev., 5.00%, 9/1/2022		20,000		20,488

Rev., 5.00%, 9/1/2024		45,000		46,086

SEE NOTES TO FINANCIAL STATEMENTS.



392	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Washington — continued

City of Seattle, Limited Tax

GO, 5.00%, 9/1/2021		25,000		25,000

GO, 5.00%, 5/1/2022		20,000		20,654

Series 2017A, GO, 5.00%, 11/1/2022		150,000		158,576

City of Seattle, Municipal Light and Power Improvement

Rev., 5.00%, 9/1/2021		115,000		115,000

Series 2018A, Rev., 5.00%, 1/1/2022		40,000		40,647

Series 2019B, Rev., 5.00%, 2/1/2022		25,000		25,506

Series 2016B, Rev., 5.00%, 4/1/2022		45,000		46,278

Series 2015A, Rev., 5.00%, 5/1/2022		80,000		82,598

Series 2012A, Rev., 5.00%, 6/1/2022		20,000		20,731

Rev., 5.00%, 7/1/2022		65,000		67,640

Rev., 5.00%, 9/1/2022		160,000		167,798

Series 2017C, Rev., 5.00%, 9/1/2022		25,000		26,219

Series 2012A, Rev., 5.00%, 6/1/2024		25,000		25,912

City of Seattle, Solid Waste System Rev., 5.00%, 5/1/2022		25,000		25,810

City of Seattle, Water System

Rev., 5.00%, 9/1/2021		70,000		70,000

Rev., 5.00%, 5/1/2022		25,000		25,815

Rev., 5.00%, 9/1/2022		180,000		188,810

Rev., 5.00%, 9/1/2023		50,000		52,425

City of Shelton, Limited Tax

GO, 4.00%, 12/1/2021		150,000		151,347

GO, 4.00%, 12/1/2022		150,000		156,678

City of Spokane, Unlimited Tax

GO, 5.00%, 12/1/2021		105,000		106,279

GO, 5.00%, 12/1/2022		85,000		90,216

City of Spokane, Water and Wastewater System Rev., 5.00%, 12/1/2021		45,000		45,548

City of Tacoma Series 2015A, Rev., 5.00%, 12/1/2022		20,000		21,209

City of Tacoma, Electric System Series 2013B, Rev., 5.00%, 1/1/2022		225,000		228,633

City of Tacoma, Solid Waste Utility, Green Bond Rev., 4.00%, 12/1/2021		25,000		25,236


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Washington — continued

City of University Place, Limited Tax GO, 4.00%, 12/1/2023		35,000		37,991

City of Vancouver Downtown Redevelopment Authority, Conference Center Project Rev., GTD, 5.00%, 1/1/2023		100,000		106,444

City of Yakima, Water & Sewer Rev., 4.00%, 11/1/2021		25,000		25,155

Clark & Skamania Counties School District No. 112-6 Washougal

GO, 4.00%, 12/1/2021		30,000		30,289

GO, 4.00%, 12/1/2022		30,000		31,451

Clark County Fire Protection District No. 6 GO, 4.00%, 12/1/2021		25,000		25,233

Clark County Public Utility District No. 1 Rev., 5.00%, 1/1/2024		15,000		16,639

Clark County Public Utility District No. 1, Electric System

Rev., 5.00%, 1/1/2022		80,000		81,300

Rev., 5.00%, 1/1/2023		75,000		79,885

Clark County Public Utility District No. 1, Generating System

Series A, Rev., 4.00%, 1/1/2022		145,000		146,877

Rev., 5.00%, 1/1/2024		100,000		110,925

Clark County School District No. 117 Camas, Unlimited Tax

GO, 4.00%, 12/1/2021		190,000		191,845

GO, 2.00%, 12/1/2022		30,000		30,712

Clark County School District No. 37 Vancouver, Unlimited Tax

GO, 5.00%, 12/1/2021		85,000		86,029

GO, 3.00%, 12/1/2022		30,000		31,078

GO, 5.00%, 12/1/2023		30,000		33,264

Clark County, Vancouver School District No. 37, Unlimited Tax GO, 3.00%, 12/1/2023		25,000		26,599

Clark Regional Wastewater District Rev., 5.00%, 12/1/2022		25,000		26,501

COB Properties, City Hall Project Rev., 5.00%, 12/1/2021		25,000		25,305

County of Clark, Limited Tax GO, 5.00%, 12/1/2021		75,000		75,914

County of King, Limited Tax

Series 2015B, GO, 5.00%, 12/1/2021		50,000		50,609

GO, 5.00%, 1/1/2022		25,000		25,406

GO, 5.25%, 1/1/2022		20,000		20,342

Series 2019A, GO, 5.00%, 6/1/2022		50,000		51,835

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	393

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Washington — continued

Series 2012B, GO, 5.00%, 7/1/2022 (b)		50,000		52,029

Series 2019B, GO, 5.00%, 7/1/2022		30,000		31,224

Series 2012E, GO, 3.00%, 12/1/2022		30,000		31,085

Series 2014C, GO, 5.00%, 12/1/2022		35,000		37,138

County of King, Sewer

Series 2011C, Rev., 4.00%, 1/1/2022		35,000		35,453

Series 2012C, Rev., 5.00%, 1/1/2022		50,000		50,813

Series 2020A, Rev., 0.63%, 1/1/2024 (c)		1,175,000		1,177,520

County of King, Sewer, Junior Lien Series B, Rev., 0.88%, 1/1/2026 (c)		60,000		60,334

County of King, Unlimited Tax GO, 5.00%, 12/1/2021		50,000		50,609

County of Kitsap Rev., 5.00%, 12/1/2021		30,000		30,366

County of Kitsap, Limited Tax GO, 4.00%, 12/1/2022		45,000		47,200

County of Kitsap, Sewer Rev., 5.00%, 12/1/2022		25,000		26,534

County of Pierce, Limited Tax GO, 5.00%, 7/1/2022		30,000		31,226

County of Pierce, Sewer Rev., 4.00%, 8/1/2022 (b)		135,000		139,795

County of Skagit, Limited Tax

GO, 5.00%, 12/1/2021		190,000		192,315

GO, 5.00%, 12/1/2024		60,000		69,189

County of Snohomish, Limited Tax

Series 2011B, GO, 4.00%, 12/1/2021		25,000		25,243

GO, 5.00%, 12/1/2022		50,000		53,068

County of Spokane, Limited Tax GO, 5.00%, 12/1/2021		60,000		60,731

Douglas County School District No. 206, Eastmont Ltd. GO, 2.00%, 12/1/2021		155,000		155,739

East Columbia Basin Irrigation District Rev., 5.00%, 6/1/2022		50,000		51,816

East Wenatchee Water District Rev., 4.00%, 8/1/2023		25,000		26,779

Eastern Washington University, Services and Activities Fee

Series 2016A, Rev., 5.00%, 10/1/2021		50,000		50,189


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

Series 2016B, Rev., 5.00%, 10/1/2021		755,000		757,855

Energy Northwest Series 2018C, Rev., 5.00%, 7/1/2025		25,000		29,488

Energy Northwest, Columbia Generating Station

Rev., 5.00%, 7/1/2022		25,000		25,987

Series 2014A, Rev., 5.00%, 7/1/2022		210,000		218,564

Series 2018A, Rev., 5.00%, 7/1/2022		210,000		218,564

Series 2021A, Rev., 5.00%, 7/1/2022		315,000		327,819

Series 2014A, Rev., 5.00%, 7/1/2023		75,000		81,651

Franklin County School District No. 1 Pasco, Unlimited Tax GO, 4.00%, 12/1/2021		150,000		151,445

FYI Properties, State of Washington District Project — Green Bonds Rev., 5.00%, 6/1/2023		45,000		48,506

Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project

Series 2012A, Rev., 5.00%, 1/1/2022 (b)		75,000		76,214

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		105,000		109,261

Grays Harbor County Public Utility District No. 1

Series 2015A, Rev., 5.00%, 1/1/2022		75,000		76,198

Series 2015A, Rev., 5.00%, 1/1/2025		100,000		114,954

Grays Harbor County School District No. 66 Montesano, Unlimited Tax GO, 3.00%, 12/1/2021		75,000		75,509

King and Snohomish Counties School District No. 417 Northshore, Unlimited Tax

GO, 5.00%, 12/1/2021		75,000		75,916

GO, 5.00%, 12/1/2022		30,000		31,833

GO, 5.00%, 12/1/2024		25,000		28,829

King County Fire Protection District No. 39, Unlimited Tax Series 2015A, GO, 5.00%, 12/1/2024		40,000		46,112

King County Housing Authority Rev., 3.00%, 6/1/2022		55,000		56,113

SEE NOTES TO FINANCIAL STATEMENTS.



394	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Washington — continued

King County Public Hospital District No. 1, Valley Medical Center, Limited Tax

GO, 4.00%, 12/1/2021		75,000		75,700

GO, 4.00%, 12/1/2022		25,000		26,152

GO, 5.00%, 12/1/2022		225,000		238,162

King County Public Hospital District No. 2, Evergreen Healthcare GO, 5.00%, 12/1/2021		120,000		121,457

King County Rural Library District, Unlimited Tax

GO, 4.00%, 12/1/2021		170,000		171,651

GO, 4.00%, 12/1/2022		65,000		68,178

King County School District No. 210 Federal Way, Unlimited Tax GO, 5.00%, 12/1/2021		25,000		25,303

King County School District No. 400 Mercer Island, Unlimited Tax GO, 5.00%, 12/1/2021		50,000		50,610

King County School District No. 401 Highline, Unlimited Tax

GO, 4.00%, 12/1/2021		955,000		964,298

GO, 5.00%, 6/1/2022		35,000		36,290

Series 2012B, GO, 3.25%, 12/1/2022		25,000		25,989

GO, 4.00%, 12/1/2022		35,000		36,711

Series 2012B, GO, 5.00%, 12/1/2024		125,000		132,458

King County School District No. 403 Renton, Unlimited Tax

GO, 4.00%, 12/1/2021		25,000		25,243

GO, 5.00%, 12/1/2021		450,000		455,482

King County School District No. 405 Bellevue, Unlimited Tax

GO, 5.00%, 12/1/2021		220,000		222,675

GO, 5.00%, 12/1/2022		110,000		116,721

GO, 5.00%, 12/1/2024		210,000		242,163

King County School District No. 410 Snoqualmie Valley, Unlimited Tax GO, 4.00%, 12/1/2022		75,000		78,657

King County School District No. 411 Issaquah, Unlimited Tax

GO, 4.00%, 12/1/2021		140,000		141,363

GO, 3.00%, 12/1/2022		35,000		36,275

King County School District No. 414 Lake Washington

GO, 4.00%, 12/1/2021		50,000		50,485

GO, 5.00%, 12/1/2021		130,000		131,584


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

GO, 5.00%, 12/1/2022		130,000		137,960

Kitsap County Public Utility District No. 1

Rev., 4.00%, 12/1/2021		30,000		30,276

Rev., 4.00%, 12/1/2022		40,000		41,796

Kitsap County School District No. 401 Central Kitsap, Unlimited Tax

GO, 4.00%, 12/1/2021		80,000		80,777

GO, 5.00%, 12/1/2022		35,000		37,138

Kitsap County Water District No. 16 Silverdale Rev., 3.00%, 9/1/2021		25,000		25,000

Lewis County Public Utility District No. 1, Cowlitz Falls Hydro Electric Project

Rev., 5.00%, 10/1/2021		180,000		180,713

Rev., 5.00%, 10/1/2022		25,000		26,325

Rev., 5.00%, 10/1/2023		100,000		110,032

North Thurston Public Schools GO, 5.00%, 12/1/2021		25,000		25,305

Pierce County School District No. 3 Puyallup, Unlimited Tax

Series 2012A, GO, 4.00%, 12/1/2021		20,000		20,194

GO, 5.00%, 12/1/2021		190,000		192,315

Series 2012A, GO, 4.00%, 12/1/2022		95,000		99,621

GO, 5.00%, 12/1/2022		25,000		25,915

Series 2012A, GO, 5.00%, 12/1/2025		50,000		52,996

Pierce County School District No. 320 Sumner, Unlimited Tax

GO, 5.00%, 12/1/2021		50,000		50,609

GO, 3.00%, 12/1/2022		25,000		25,904

GO, 5.00%, 12/1/2022		25,000		26,528

Pierce County School District No. 400 Clover Park GO, 4.00%, 12/1/2021		50,000		50,486

Pierce County School District No. 403 Bethel, Unlimited Tax

GO, 4.00%, 12/1/2021		75,000		75,726

GO, 4.00%, 12/1/2022		70,000		73,405

Pierce County School District No. 83 University Place, Unlimited Tax GO, 3.00%, 12/1/2022		55,000		56,990

Pierce County, School District No. 401 Peninsula, Unlimited Tax GO, 5.00%, 12/1/2021		45,000		45,548

Port of Bellingham Rev., 4.00%, 12/1/2022		50,000		52,040

Port of Seattle Series 2013A, GO, 4.00%, 11/1/2023		50,000		52,224

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	395

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Washington — continued

Port of Seattle Intermediate Lien

Series 2012A, Rev., 5.00%, 8/1/2022		65,000		67,904

Series 2012A, Rev., 5.00%, 8/1/2026		75,000		78,272

Port of Seattle, Intermediate Lien

Series 2015B, Rev., 5.00%, 3/1/2022		195,000		199,744

Series 2012A, Rev., 4.00%, 8/1/2022		295,000		305,485

Series B, Rev., 5.00%, 3/1/2023		125,000		134,111

Series A, Rev., 5.00%, 4/1/2023		165,000		177,687

Series 2012A, Rev., 5.00%, 8/1/2023		110,000		114,881

Series B, Rev., 5.00%, 3/1/2025		150,000		170,862

Port of Tacoma, Limited Tax Series 2016A, GO, 4.00%, 12/1/2022		30,000		31,467

Public Utility District No. 1 of Cowlitz County, Electric Distribution System

Rev., 5.00%, 9/1/2021		95,000		95,000

Series 2015B, Rev., 5.00%, 9/1/2021		75,000		75,000

Public Utility District No. 1 of Cowlitz County, Production System Rev., 5.00%, 9/1/2021		130,000		130,000

Snohomish County Public Transportation Benefit Area Corp., Limited Sales Tax Rev., 5.00%, 8/1/2022		155,000		161,968

Snohomish County Public Utility District No. 1, Electric System

Rev., 5.00%, 12/1/2021		105,000		106,274

Rev., 5.00%, 12/1/2022		60,000		63,681

Snohomish County Public Utility District No. 1, Generation System Series 2020A, Rev., 5.00%, 12/1/2022		110,000		116,749

Snohomish County School District No. 2 Everett, Unlimited Tax

GO, 4.00%, 12/1/2021		25,000		25,243

GO, 5.00%, 12/1/2021		25,000		25,305

GO, 3.00%, 12/1/2022		25,000		25,908

Snohomish County School District No. 25 Marysville GO, 5.00%, 12/1/2021		25,000		25,303

Snohomish County School District No. 332 Granite Falls, Unlimited Tax Series 2015A, GO, 5.00%, 12/1/2023		50,000		55,393


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

South Correctional Entity Facility Public Development Authority Rev., 4.00%, 12/1/2023		115,000		124,555

Southwest Suburban Sewer District Rev., 5.00%, 5/1/2022		20,000		20,637

Spokane & Whitman Counties School District No. 360 Cheney, Unlimited Tax GO, 5.00%, 12/1/2022		25,000		26,521

Spokane County School District No. 354 Mead GO, 5.00%, 12/1/2022		20,000		21,217

Spokane County School District No. 81 Spokane, Unlimited Tax GO, 5.00%, 12/1/2021		90,000		91,096

State of Washington, Motor Vehicle Fuel Tax

Series 2013E, GO, 5.00%, 2/1/2022		55,000		56,121

Series 2019D, GO, 5.00%, 6/1/2022		45,000		46,655

Series 2021B, GO, 5.00%, 6/1/2022		85,000		88,126

GO, 5.00%, 7/1/2022		205,000		213,378

Series B, GO, 5.00%, 7/1/2022		140,000		145,721

Series R-2012D, GO, 5.00%, 7/1/2022		25,000		26,022

Series R-2015F, GO, 5.00%, 7/1/2022		225,000		234,195

Series R-2020D, GO, 5.00%, 7/1/2022		105,000		109,291

Series 2013B-2, GO, 4.00%, 8/1/2022		25,000		25,896

Series 2018B, GO, 5.00%, 8/1/2022		40,000		41,798

Series R-2013D, GO, 5.00%, 7/1/2023		20,000		21,789

Series R-2021A, GO, 5.00%, 6/1/2024		500,000		566,049

GO, 5.00%, 7/1/2025		250,000		260,088

Series R-2012D, GO, 5.00%, 7/1/2025		240,000		249,684

State of Washington, Motor Vehicle Fuel Tax Related Fees

Series 2014E, GO, 5.25%, 2/1/2022		50,000		51,071

Series 2020E, GO, 5.00%, 6/1/2022		35,000		36,287

Series R-2012D, GO, 5.00%, 7/1/2024		25,000		26,009

State of Washington, Motor Vehicle Fuel Tax, Senior 520 Corridor Program-Toll Revenue Series 2017C, GO, 5.00%, 6/1/2022		20,000		20,736

State of Washington, Senior 520 Corridor Program

Rev., 5.00%, 9/1/2021		1,075,000		1,075,000

SEE NOTES TO FINANCIAL STATEMENTS.



396	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Washington — continued

Series 2012F, Rev., 5.00%, 9/1/2021		200,000		200,000

Series 2012F, Rev., 5.00%, 9/1/2022		1,240,000		1,300,693

Series 2014C, Rev., 5.00%, 9/1/2022		245,000		256,992

Series 2012F, Rev., 5.00%, 9/1/2023		85,000		89,095

Series 2012F, Rev., 5.00%, 9/1/2024		850,000		890,727

State of Washington, State and Local Agency Personal Property

Series 2014A, COP, 4.00%, 7/1/2022		50,000		51,615

Series 2013A, COP, 5.00%, 7/1/2022		165,000		171,701

Series 2014B, COP, 5.00%, 7/1/2024		50,000		56,751

State of Washington, State and Local Agency Real and Personal Property

Series 2012A, COP, 3.00%, 7/1/2022		35,000		35,840

Series 2013B, COP, 4.00%, 7/1/2022		125,000		129,039

COP, 5.00%, 7/1/2022		185,000		192,513

Series 2017A, COP, 5.00%, 7/1/2022		270,000		280,965

Series 2018C, COP, 5.00%, 7/1/2022		50,000		52,030

Series 2019A, COP, 5.00%, 7/1/2022		130,000		135,279

Series 2019D, COP, 5.00%, 7/1/2022		175,000		182,107

Series 2015C, COP, 5.00%, 7/1/2023		55,000		59,877

Series 2016A, COP, 5.00%, 7/1/2023		35,000		38,104

Series 2017A, COP, 5.00%, 7/1/2023		95,000		103,425

Series 2019B, COP, 5.00%, 7/1/2023		30,000		32,660

Series 2019D, COP, 5.00%, 7/1/2023		40,000		43,547

Series 2018C, COP, 5.00%, 7/1/2024		35,000		39,726

Series 2011D, COP, 4.50%, 1/1/2025		50,000		50,715

State of Washington, Various Purpose

Series 2012D, GO, 5.00%, 2/1/2022		70,000		71,422


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

Series 2013D, GO, 5.00%, 2/1/2022		40,000		40,815

Series 2017D, GO, 5.00%, 2/1/2022		25,000		25,510

Series R-2012C, GO, 4.00%, 7/1/2022		365,000		376,886

Series R-2015G, GO, 4.00%, 7/1/2022		25,000		25,814

Series R-2013A, GO, 5.00%, 7/1/2022		75,000		78,065

Series R-2015A, GO, 5.00%, 7/1/2022		35,000		36,430

Series R-2015E, GO, 5.00%, 7/1/2022		175,000		182,152

Series R-2016B, GO, 5.00%, 7/1/2022		70,000		72,861

Series R-2020C, GO, 5.00%, 7/1/2022		65,000		67,656

Series R-C, GO, 5.00%, 7/1/2022		25,000		26,022

Series 2013A, GO, 5.00%, 8/1/2022 (b)		25,000		26,116

Series 2014A, GO, 5.00%, 8/1/2022		35,000		36,573

Series R-2017A, GO, 5.00%, 8/1/2022		50,000		52,248

Series R-2017C, GO, 5.00%, 8/1/2022		25,000		26,124

Series R-2018C, GO, 5.00%, 8/1/2022		30,000		31,349

Series 2021B-R, GO, 5.00%, 1/1/2023		30,000		31,958

Series 2014D, GO, 5.00%, 2/1/2023		55,000		58,813

Series R-2015C, GO, 5.00%, 7/1/2023		55,000		59,920

Series R-2016B, GO, 5.00%, 7/1/2023		75,000		81,709

Series 2015E, GO, 5.00%, 7/1/2024		25,000		28,399

Series R-2013A, GO, 4.00%, 7/1/2025		60,000		61,904

Series R-2012C, GO, 5.00%, 7/1/2025		40,000		41,614

Tacoma Metropolitan Park District, Unlimited Tax

GO, 4.00%, 12/1/2021		25,000		25,243

GO, 5.00%, 12/1/2021		200,000		202,437

Series B, GO, 5.00%, 12/1/2021		25,000		25,305

GO, 5.00%, 12/1/2022		25,000		26,534

Series B, GO, 5.00%, 12/1/2022		40,000		42,454

Thurston and Pierce Counties Community Schools, Unlimited Tax GO, 5.00%, 12/1/2024		95,000		109,383

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	397

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Washington — continued

Thurston County School District No. 111 Olympia, Unlimited Tax, Washington State School District Credit Enhancement Program GO, 5.00%, 12/1/2021		120,000		121,462

Thurston County School District No. 33 Tumwater, Unlimited Tax GO, 5.00%, 12/1/2021		35,000		35,426

Tobacco Settlement Authority

Rev., 5.00%, 6/1/2022		25,000		25,885

Rev., 5.00%, 6/1/2024		225,000		243,238

University of Washington

Series 2015C, Rev., 5.00%, 12/1/2021		25,000		25,304

Series 2015B, Rev., 5.00%, 6/1/2022		25,000		25,917

Series 2012A, Rev., 5.00%, 7/1/2022 (b)		25,000		26,015

Series A, Rev., 5.00%, 12/1/2022		55,000		58,360

Vancouver Wash Housing Authority Rev., VRDO, LIQ: FHLMC, 0.03%, 9/9/2021 (c)		9,900,000		9,900,000

Washington Biomedical Research Properties

Series 2015A, Rev., 5.00%, 1/1/2022		55,000		55,898

Series 2015A, Rev., 5.00%, 1/1/2023		20,000		21,286

Washington Economic Development Finance Authority, Washington Biomedical Research Properties II Series A, Rev., 5.00%, 6/1/2022		250,000		259,194

Washington Health Care Facilities Authority, Catholic Health Initiatives Series 2013A, Rev., 5.25%, 1/1/2023 (b)		190,000		202,664

Washington Health Care Facilities Authority, Multi-care Health System

Series 2017B, Rev., 5.00%, 8/15/2022		130,000		136,028

Series A, Rev., 5.00%, 8/15/2022		40,000		41,855

Series B, Rev., 5.00%, 8/15/2024		95,000		108,237

Washington Health Care Facilities Authority, Peacehealth Series 2014A, Rev., 5.00%, 11/15/2022 (b)		25,000		26,419

Washington Health Care Facilities Authority, Providence Health and Services

Series 2011B, Rev., 3.50%, 10/1/2021		25,000		25,069


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

Series 2011B, Rev., 5.00%, 10/1/2021		25,000		25,099

Series 2012A, Rev., 5.00%, 10/1/2021		50,000		50,198

Series B, Rev., 5.00%, 10/1/2021 (c)		695,000		697,720

Series 2012A, Rev., 5.00%, 10/1/2022		60,000		63,173

Series 2012A, Rev., 5.00%, 10/1/2026		175,000		184,177

Washington Health Care Facilities Authority, Seattle Children’s Hospital

Series 2010B, Rev., 5.00%, 10/1/2021		225,000		225,886

Series 2017A, Rev., 5.00%, 10/1/2022		330,000		347,380

Washington State University

Rev., 5.00%, 10/1/2021 (b)		25,000		25,099

Rev., 5.00%, 4/1/2022		25,000		25,709

Series 2012B, Rev., 5.00%, 4/1/2022		25,000		25,708

Rev., 5.00%, 10/1/2022		25,000		26,314

Yakima County School District No. 203 Highland, Unlimited Tax GO, 4.00%, 12/1/2022		25,000		26,222


Total Washington				41,567,135


West Virginia — 0.2%

Morgantown Utility Board, Inc., Combined Utility System Series 2016A, Rev., AGM, 5.00%, 12/1/2021		125,000		126,428

State of West Virginia GO, 5.00%, 11/1/2021		100,000		100,806

West Virginia Commissioner of Highways, Surface Transportation Improvements

Series 2017A, Rev., 5.00%, 9/1/2022		290,000		303,985

Series 2018A, Rev., 5.00%, 9/1/2022		185,000		193,921

Series 2017A, Rev., 5.00%, 9/1/2023		25,000		27,400

West Virginia Commissioner of Highways, Surface Transportation Improvements Notes Series 2017A, Rev., 5.00%, 9/1/2021		115,000		115,000

West Virginia Economic Development Authority, Limited Obligation Lottery Rev., 5.00%, 6/15/2022		75,000		77,695

SEE NOTES TO FINANCIAL STATEMENTS.



398	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

West Virginia — continued

West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities

Rev., 5.00%, 6/1/2022		1,000,000		1,035,465

Series 2012A, Rev., 5.00%, 6/1/2024		125,000		129,462

Rev., 5.00%, 6/1/2025		155,000		160,533

West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project

Series 2009-B, Rev., 2.63%, 6/1/2022 (c)		500,000		508,601

Rev., 0.63%, 12/15/2025 (c)		100,000		99,721

West Virginia Hospital Finance Authority, Charleston Area Medical Center Series 2014A, Rev., 5.00%, 9/1/2025		115,000		129,484

West Virginia Hospital Finance Authority, United Health System Series 2016A, Rev., 5.00%, 6/1/2022		20,000		20,711

West Virginia Hospital Finance Authority, Valley Health System Obligation Group Rev., 5.00%, 1/1/2022		50,000		50,795

West Virginia Housing Development Fund Series 2020B, Rev., 0.30%, 11/1/2022		20,000		20,036

West Virginia State School Building Authority, Lottery Series 2015A, Rev., 5.00%, 7/1/2022		70,000		72,843

West Virginia State School Building Authority, Lottery Capital Improvement

Series 2013A, Rev., 5.00%, 7/1/2022		30,000		31,218

Series 2012A, Rev., 5.00%, 7/1/2023		100,000		104,061

Series 2013A, Rev., 5.00%, 7/1/2023		75,000		81,477

West Virginia University, University Improvement, West Virginia University Project

Series 2011B, Rev., 4.50%, 10/1/2021 (b)		25,000		25,088

Series 2011B, Rev., 5.00%, 10/1/2021 (b)		80,000		80,316

Series 2013A, Rev., 5.00%, 10/1/2022 (b)		50,000		52,634


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


West Virginia — continued

Series 2019A, Rev., 5.00%, 10/1/2022		275,000		289,298

West Virginia Water Development Authority, Infrastructure and Jobs Development Council Program Rev., 5.00%, 10/1/2021		520,000		522,001

West Virginia Water Development Authority, Loan Program II

Series 2013A-II, Rev., 5.00%, 11/1/2021		30,000		30,235

Series A-II, Rev., 5.00%, 11/1/2022		70,000		73,884

Series 2016A-II, Rev., 5.00%, 11/1/2023		250,000		275,135


Total West Virginia				4,738,233


Wisconsin — 2.2%

Beaver Dam Unified School District Series 2017B, GO, 4.00%, 4/1/2023		35,000		37,064

Beloit School District, School Improvement GO, 3.00%, 4/1/2023 (b)		25,000		26,096

City of Appleton

Series 2019A, GO, 3.00%, 4/1/2022		25,000		25,418

Series 2018A, GO, 5.00%, 4/1/2022		25,000		25,709

City of Appleton, Sewerage System Rev., 5.00%, 5/1/2022		25,000		25,798

City of Appleton, Water System Rev., 4.00%, 1/1/2022		45,000		45,569

City of De Pere, Promissory Notes Series 2019A, GO, 3.00%, 9/1/2021		25,000		25,000

City of Flagstaff, Road Repair, Street Improvement Project Series 2020A, GO, 2.00%, 3/1/2022		50,000		50,456

City of Green Bay, Water System Rev., 3.00%, 11/1/2021		80,000		80,369

City of Janesville, Promissory Notes GO, 3.00%, 2/1/2022		35,000		35,408

City of Kaukauna, Promissory Note GO, 4.00%, 9/1/2022		100,000		100,308

City of Kenosha, Promissory Notes

Series 2017B, GO, 2.00%, 9/1/2022		50,000		50,932

Series 2018C, GO, 3.00%, 11/1/2022		50,000		51,672

City of La Crosse Series 2011-C, GO, 3.00%, 10/1/2021		100,000		100,224

City of Lake Mills, Capital Purpose Bond Series 2014B, GO, 4.00%, 9/1/2022		140,000		145,256

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	399

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Wisconsin — continued

City of Madison, Corporate Purpose

Series 2020B, GO, 2.00%, 10/1/2021		30,000		30,047

Series 2017C, GO, 3.00%, 10/1/2021		50,000		50,118

City of Madison, Promissory Notes

Series 2014A, GO, 3.00%, 10/1/2021		100,000		100,221

Series 2013-A, GO, 4.00%, 10/1/2021		60,000		60,184

Series 2017A, GO, 4.00%, 10/1/2022		25,000		26,055

Series 2018A, GO, 4.00%, 10/1/2022		60,000		62,532

City of Madison, Sewer System

Series 2018E, Rev., 4.00%, 12/1/2021		30,000		30,289

Series 2014C, Rev., 5.00%, 12/1/2021		20,000		20,242

City of Madison, Water Utility

Series 2019A, Rev., 5.00%, 1/1/2022		25,000		25,404

Rev., 5.00%, 1/1/2023		50,000		53,243

Rev., BAN, 1.50%, 11/1/2024		1,075,000		1,075,534

City of Manitowoc

Rev., 2.00%, 6/1/2022		785,000		788,693

GO, 2.00%, 2/1/2023		320,000		327,794

City of Merrill

Series 2019A, GO, 3.00%, 10/1/2021		60,000		60,129

Series 2019A, GO, 3.00%, 10/1/2022		60,000		61,693

City of Milwaukee, Promissory Notes

Series 2017N4, GO, 5.00%, 4/1/2022		120,000		123,366

Series 2018N4, GO, 5.00%, 4/1/2022		1,125,000		1,156,551

Series 2019N3, GO, 5.00%, 4/1/2022		20,000		20,561

Series 2020N4, GO, 5.00%, 4/1/2022		50,000		51,402

Series 2012N2, GO, 5.00%, 5/1/2022		80,000		82,565

Series N2, GO, 5.00%, 5/15/2022		50,000		51,697

Series N4 & B5, GO, 5.00%, 4/1/2023		30,000		32,277

City of Milwaukee, Sewerage System Series 2013S-5, Rev., 5.00%, 6/1/2022		120,000		124,330


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

City of Oak Creek Series 2021B, Rev., 2.00%, 9/10/2021		5,020,000		5,147,408

City of Oshkosh, Street Improvement

Series A, GO, 0.05%, 12/1/2022		70,000		69,845

Series A, GO, 2.00%, 12/1/2023		200,000		207,436

City of Racine GO, 3.00%, 12/1/2022		25,000		25,895

City of Shawano, Promissory Notes GO, 3.00%, 4/1/2022		140,000		142,253

City of Superior, Corporate Purpose GO, 4.00%, 12/1/2021		55,000		55,515

City of Verona, Corporate Purpose Series 2019A, GO, 4.00%, 9/1/2021		135,000		135,000

City of Waukesha, Promissory Notes

Series 2019C, GO, 3.00%, 10/1/2021		20,000		20,047

Series 2020A, GO, 3.00%, 10/1/2021		110,000		110,255

Series 2015A, GO, 4.00%, 10/1/2021		75,000		75,234

Series 2021B, GO, 2.00%, 10/1/2022		130,000		132,651

Series 2019C, GO, 3.00%, 10/1/2022		20,000		20,619

City of Waupun, Swimming Pool Series 2013A, GO, 2.25%, 12/1/2021		30,000		30,150

City of Wauwatosa, Waterworks System Rev., 3.00%, 1/1/2022		100,000		100,954

City of Wisconsin Rapids Series 2020A, GO, 3.00%, 5/1/2022		80,000		81,450

Coleman School District GO, 4.00%, 3/1/2022		50,000		50,928

County of Dane Series 2018A, GO, 3.00%, 6/1/2022		25,000		25,548

County of Kenosha

Series 2015C, GO, 4.00%, 9/1/2021		25,000		25,000

Series 2018A, GO, 4.00%, 9/1/2022		75,000		77,916

County of La Crosse, Corporate Purpose GO, 3.00%, 10/1/2021		25,000		25,059

County of Milwaukee Series 2018A, GO, 5.00%, 8/1/2023		25,000		27,291

County of Milwaukee, Airport Series 2019A, Rev., 5.00%, 12/1/2021		125,000		126,501

County of Milwaukee, Corporate Purpose

Series 2017A, GO, 2.00%, 9/1/2021		300,000		300,000

Series 2015A, GO, 2.00%, 10/1/2021		40,000		40,060

SEE NOTES TO FINANCIAL STATEMENTS.



400	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Wisconsin — continued

Series 2018D, GO, 3.00%, 8/1/2024		100,000		107,653

County of Rusk GO, 3.00%, 3/1/2022		25,000		25,342

County of Taylor Series 2021A, GO, 2.00%, 10/1/2022		85,000		86,649

County of Waupaca, Highway Facility Building Series 2018A, GO, 5.00%, 3/1/2023		35,000		37,518

County of Winnebago GO, 4.00%, 4/1/2022		25,000		25,555

County of Wood Rev., 0.75%, 3/7/2022		4,000,000		4,005,524

DeForest Area School District GO, 5.00%, 4/1/2023		60,000		64,524

Denmark School District, School Improvement GO, 3.00%, 3/1/2022		60,000		60,815

Ellsworth Community School District GO, 4.00%, 4/1/2022		70,000		71,557

Fox Valley Technical College District Series 2012C, GO, 3.00%, 12/1/2022 (b)		25,000		25,887

Fox Valley Technical College District, Promissory Notes

Series 2019A, GO, 3.00%, 12/1/2021		195,000		196,392

Series 2018A, GO, 4.00%, 12/1/2022		60,000		62,895

Gibraltar Area School District, Promissory Notes GO, 4.00%, 3/1/2022		50,000		50,953

Glendale Community Development Authority, Bayshore Public Parking Facility Rev., 2.30%, 10/1/2022 (b)		20,000		20,440

Grafton School District, School Building and Improvement

GO, 5.00%, 4/1/2022		50,000		51,414

GO, 5.00%, 4/1/2023		20,000		21,515

Green Bay Area Public School District, School Building GO, 4.00%, 4/1/2022		55,000		56,237

Hamilton School District, School Building and Improvement GO, 5.00%, 4/1/2022		80,000		82,263

Holmen School District, School Improvement GO, 3.00%, 4/1/2022		20,000		20,334

Kaukauna Area School District, Promissory Notes GO, 3.00%, 3/1/2022		25,000		25,340

Kenosha Unified School District No. 1 GO, 4.00%, 4/1/2022		55,000		56,237


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

Madison Area Technical College, Promissory Notes Series E, GO, 2.00%, 3/1/2022		50,000		50,461

Marinette School District, Promissory Notes

GO, 3.00%, 3/1/2022		75,000		76,019

GO, 3.00%, 3/1/2023		30,000		31,206

Middleton-Cross Plains Area School District, School Building and Improvement Series 2019A, GO, 5.00%, 3/1/2022		40,000		40,969

Milwaukee Area Technical College District Series 2018-2019C, GO, 4.00%, 6/1/2022		200,000		205,831

Milwaukee Metropolitan Sewerage District Series 2005A, GO, 5.25%, 10/1/2021		20,000		20,083

Milwaukee Metropolitan Sewerage District, Green Bonds GO, 4.00%, 10/1/2021		20,000		20,063

Milwaukee Redevelopment Authority, Public Schools

Rev., 5.00%, 11/15/2022		415,000		438,940

Rev., NATL-RE, 4.00%, 8/1/2023		400,000		429,260

Rev., 5.00%, 11/15/2023		130,000		143,085

Series 2016A, Rev., 5.00%, 11/15/2023		40,000		44,026

Rev., 5.00%, 11/15/2024		125,000		142,954

Northeast Wisconsin Technical College District, Promissory Notes Series 2017B, GO, 4.00%, 4/1/2022		45,000		46,009

Northern Ozaukee School District GO, 4.00%, 3/1/2022		185,000		188,432

Oak Creek-Franklin Joint School District GO, 5.00%, 4/1/2022		40,000		41,129

Oconomowoc Area School District, Corporate Purpose GO, 4.00%, 4/1/2022		40,000		40,897

Pewaukee School District

Series 2019B, GO, 5.00%, 9/1/2021		50,000		50,000

Series 2019B, GO, 5.00%, 9/1/2023		40,000		43,772

Public Finance Authority, Blue Ridge Healthcare Facilities Series 2020A, Rev., 5.00%, 1/1/2022		50,000		50,787

Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2025		315,000		351,499

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	401

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Wisconsin — continued

Public Finance Authority, KU Campus Development Corp. — Central District Development Project

Rev., 5.00%, 3/1/2022		50,000		51,201

Rev., 5.00%, 3/1/2023		145,000		154,844

Rev., 5.00%, 3/1/2025		160,000		185,124

Public Finance Authority, Renown Regional Medical Center Project Series 2015A, Rev., 5.00%, 6/1/2025		145,000		169,514

Public Finance Authority, Retirement Housing Foundation, Distribution System Series 2017B, Rev., 5.00%, 11/15/2022		25,000		26,364

Public Finance Authority, Searstone CCRC Project Series 2020A, Rev., 8.63%, 6/1/2022 (b)		1,295,000		1,374,785

Public Finance Authority, Voyager Foundation Inc., Project Series 2012A, Rev., 6.20%, 10/1/2022 (b)		325,000		346,037

Richland School District GO, 2.50%, 10/1/2022		25,000		25,579

River Falls School District, School Building and Improvement Series 2019A, GO, 3.00%, 4/1/2023		25,000		26,101

Sevastopol School District, Promissory Notes

GO, 4.00%, 3/1/2024		985,000		1,076,827

GO, 4.00%, 3/1/2025		625,000		703,345

State of Wisconsin

Series 2, GO, 4.00%, 11/1/2021		100,000		100,644

Series 2, GO, 5.00%, 11/1/2021 (b)		255,000		257,052

Series 2016-1, GO, 5.00%, 11/1/2021		180,000		181,454

Series 3, GO, 5.00%, 11/1/2021		385,000		388,110

Series 1, GO, 2.45%, 5/1/2022 (b)		25,000		25,383

Series 2014A, GO, 3.00%, 5/1/2022 (b)		25,000		25,476

Series 2013A, GO, 4.00%, 5/1/2022 (b)		20,000		20,517

Series 2013-1, GO, 5.00%, 5/1/2022		75,000		77,451

Series 2013A, GO, 5.00%, 5/1/2022 (b)		75,000		77,438

Series 2014B, GO, 5.00%, 5/1/2022 (b)		70,000		72,276

Series 2015C, GO, 5.00%, 5/1/2022		55,000		56,797

Series 2016B, GO, 5.00%, 5/1/2022		30,000		30,980


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

Series 2016D, GO, 5.00%, 5/1/2022		50,000		51,634

Series 2, GO, 4.00%, 11/1/2022		130,000		135,921

Series 2014-3, GO, 4.00%, 11/1/2022		30,000		31,366

GO, 5.00%, 11/1/2022		270,000		285,437

Series 2, GO, 5.00%, 11/1/2022		75,000		79,288

Series 2014-3, GO, 5.00%, 11/1/2022 (b)		180,000		190,222

Series 2016-1, GO, 5.00%, 11/1/2022		40,000		42,287

Series 2013-1, GO, 5.00%, 5/1/2023		25,000		27,035

State of Wisconsin, Clean Water Fund Leveraged Loan Portfolio

Series 2013-1, Rev., 4.00%, 6/1/2022 (b)		100,000		102,866

Series 2012-2, Rev., 5.00%, 6/1/2022 (b)		20,000		20,723

State of Wisconsin, Environmental Improvement Fund Series 2017A, Rev., 5.00%, 6/1/2022		35,000		36,290

State of Wisconsin, Master Lease

Series 2018A, COP, 5.00%, 9/1/2021		300,000		300,000

Series 2018A, COP, 3.00%, 9/1/2022		25,000		25,058

Series 2018A, COP, 3.00%, 3/1/2023		100,000		100,229

Series 2014A, COP, 5.00%, 3/1/2023		75,000		75,292

Tender Option Bond Trust Receipts/Certificates

Series 2020-XL0147, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.06%, 9/10/2021 (c) (f)		5,320,000		5,320,000

Series 2020-XL0148, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.06%, 9/10/2021 (c) (f)		2,250,000		2,250,000

Town of Liberty Grove, Promissory Notes GO, 4.00%, 9/1/2022		20,000		20,722

University of Wisconsin, Hospitals and Clinics

Series 2013A, Rev., 4.00%, 4/1/2023 (b)		575,000		610,029

Series 2013A, Rev., 5.00%, 4/1/2025		450,000		483,856

Village of Ephraim, Street Improvement Series 2018A, GO, 5.00%, 3/1/2022		30,000		30,728

SEE NOTES TO FINANCIAL STATEMENTS.



402	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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

Wisconsin — continued

Village of Fox Crossing, Corporate Purpose GO, 3.00%, 4/1/2024		185,000		198,040

Village of Howard Rev., 4.00%, 12/1/2022		160,000		161,515

Village of Menomonee Falls, Corporate Purpose

Series B, GO, 3.50%, 2/1/2022		150,000		152,045

Series B, GO, 3.50%, 2/1/2023		155,000		162,031

Series B, GO, 3.50%, 2/1/2024		245,000		264,164

Village of Pleasant Prairie Series 2014A, GO, 5.00%, 9/1/2021		190,000		190,000

Waterford Graded Joint School District No. 1, Promissory Notes GO, 3.00%, 4/1/2023		25,000		26,052

Waukesha County Area Technical College District, Promissory Notes Series 2021B, GO, 1.13%, 4/1/2022 (e)		510,000		512,732

Wauwatosa School District, School Building and Improvement Series 2019B, GO, 5.00%, 9/1/2022		90,000		94,405

West Salem School District GO, 1.25%, 4/1/2022		200,000		200,173

Western Technical College District Series 2017B, GO, 3.00%, 4/1/2022		50,000		50,831

Whitnall School District, Promissory Notes GO, 4.00%, 3/1/2022		25,000		25,480

Wisconsin Center District, Capital Appreciation Series 1996A, Rev., NATL-RE, Zero Coupon, 12/15/2022		90,000		89,517

Wisconsin Department of Transportation

Series 2014-1, Rev., 4.50%, 7/1/2022 (b)		25,000		25,911

Series 1, Rev., 5.00%, 7/1/2022 (b)		315,000		327,859

Series 2, Rev., 5.00%, 7/1/2022		190,000		197,734

Series 2014-1, Rev., 5.00%, 7/1/2022 (b)		35,000		36,420

Series 2015A, Rev., 5.00%, 7/1/2022		20,000		20,817

Series 2017-1, Rev., 5.00%, 7/1/2022		260,000		270,625

Series 2, Rev., 5.00%, 7/1/2023		20,000		21,785

Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group

Series 2018B-1, Rev., 5.00%, 1/26/2022 (c)		455,000		463,424

Series 2018B-2, Rev., 5.00%, 1/25/2023 (c)		390,000		415,014


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

Series 2018B-3, Rev., 5.00%, 1/31/2024 (c)		1,075,000		1,195,662

Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.

Rev., 5.00%, 7/1/2022		55,000		57,196

Rev., 5.00%, 7/1/2023		300,000		326,141

Wisconsin Health and Educational Facilities Authority, Ascension Health Alliance Senior Credit Group

Series 2013A, Rev., 5.00%, 11/15/2021 (b)		195,000		196,916

Series 2013A, Rev., 4.50%, 11/15/2023 (b)		275,000		300,913

Series 2013B-5, Rev., 5.00%, 12/3/2024 (c)		105,000		121,032

Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group Series 2019A, Rev., 5.00%, 11/15/2024		250,000		287,981

Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group

Rev., 5.00%, 8/15/2022		40,000		41,831

Rev., 5.00%, 8/15/2023		100,000		109,038

Rev., 5.00%, 8/15/2024		100,000		113,142

Rev., 5.00%, 8/15/2025		100,000		117,041

Wisconsin Health and Educational Facilities Authority, Gundersen Lutheran Series 2011A, Rev., 5.25%, 10/15/2021		60,000		60,365

Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Obligated Group

Rev., 5.00%, 11/15/2021		340,000		343,327

Rev., 5.00%, 11/15/2022		325,000		343,789

Series 2014A, Rev., 5.00%, 11/15/2023		40,000		44,194

Rev., 5.00%, 11/15/2025		355,000		407,949

Series 2014A, Rev., 5.00%, 11/15/2026		65,000		74,650

Wisconsin Health and Educational Facilities Authority, Marquette University Rev., 5.00%, 10/1/2022		45,000		47,239

Wisconsin Health and Educational Facilities Authority, Mercy Alliance, Inc.

Rev., 5.00%, 6/1/2022		180,000		186,467

Rev., 5.00%, 6/1/2026		120,000		124,007

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	403

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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

Wisconsin — continued

Wisconsin Health and Educational Facilities Authority, The Monroe Clinic, Inc.

Rev., 3.00%, 8/15/2025 (b)		25,000		27,474

Rev., 4.00%, 8/15/2025 (b)		30,000		34,181

Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2023		120,000		132,897

Wisconsin Health and Educational Facilities Authority, Unity Point Health

Series 2014A, Rev., 5.00%, 12/1/2021		770,000		779,224

Series 2014A, Rev., 5.00%, 12/1/2024		135,000		154,960

Series 2014A, Rev., 5.00%, 12/1/2025		260,000		298,263

Wisconsin Housing and Economic Development Authority Series 2019A, Rev., 1.55%, 11/1/2021 (c)		100,000		100,114

WPPI Energy Power Supply System

Series 2018A, Rev., 5.00%, 7/1/2022		20,000		20,768

Series 2013A, Rev., 5.00%, 7/1/2024		300,000		326,720

Series 2018A, Rev., 5.00%, 7/1/2024		90,000		101,280

Wrightstown Community School District GO, 5.00%, 3/1/2022		25,000		25,601


Total Wisconsin				45,982,905


Wyoming — 0.0% (g)

Carbon County School District No. 1 Rawlins GO, 3.38%, 6/15/2022 (b)		25,000		25,625

University of Wyoming, Facilities Improvement

Series 2012A, Rev., 5.00%, 6/1/2022 (b)		75,000		77,738

Series 2012B, Rev., 5.00%, 6/1/2022 (b)		25,000		25,913

Wyoming State Loan and Investment Board, Capital Facilities

Series 2012A, Rev., 4.00%, 10/1/2021		40,000		40,125

Series 2012A, Rev., 4.00%, 10/1/2022		25,000		26,044


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wyoming — continued

Series 2012A, Rev., 5.00%, 10/1/2023		30,000		31,560


Total Wyoming				227,005


Total Municipal Bonds (Cost $1,812,861,038)				1,817,125,328


	SHARES
Short-Term Investments — 14.5%

Investment Companies — 14.5%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (h) (i) (Cost $307,065,562)		306,918,039		307,071,498


Total Investments — 100.6% (Cost $2,119,926,600)				2,124,196,826

Liabilities in Excess of Other Assets — (0.6)%				(13,222,122)


NET ASSETS — 100.0%				2,110,974,704

Percentages indicated are based on net assets.

Abbreviations


AGC		Insuredby Assured Guaranty Corp.
AGM		Insuredby Assured Guaranty Municipal Corp.
AMBAC		Insuredby American Municipal Bond Assurance Corp.
BAN		BondAnticipation Note
BHAC		Insuredby Berkshire Hathaway Assurance Corp.
COLL		Collateral
COP		Certificateof Participation
CR		CustodialReceipts
FGIC		Insuredby Financial Guaranty Insurance Co.
FHA		FederalHousing Administration
FHLB		FederalHome Loan Bank
FHLMC		FederalHome Loan Mortgage Corp.
FNMA		FederalNational Mortgage Association
GAN		GrantAnticipation Note
GNMA		GovernmentNational Mortgage Association
GO		GeneralObligation
GRAN		GrantRevenue Anticipation Note
GTD		Guaranteed
IBC		InsuredBond Certificates
ICC		InsuredCustody Certificates
ICE		IntercontinentalExchange
LIBOR		LondonInterbank Offered Rate
LIQ		LiquidityAgreement
LOC		Letterof Credit
MTA		MetropolitanTransportation Authority
NATL		Insuredby National Public Finance Guarantee Corp.
PSF-GTD		PermanentSchool Fund Guaranteed
Q-SBLF		QualifiedSchool Bond Loan Fund

SEE NOTES TO FINANCIAL STATEMENTS.



404	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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
USD		United States Dollar
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 August 31, 2021.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2021.
(e)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(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 August 31, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	405

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — 86.6%

Azerbaijan — 1.1%

Republic of Azerbaijan

4.75%, 3/18/2024 (a)		600,000		649,238

3.50%, 9/1/2032 (a)		179,000		186,026

3.50%, 9/1/2032 (b)		1,000		1,039


				836,303


Bahrain — 5.4%

CBB International Sukuk Programme Co. SPC

6.25%, 11/14/2024 (a)		470,000		509,744

4.50%, 3/30/2027 (b)		389,000		408,037

3.95%, 9/16/2027 (a)		311,000		316,442

Kingdom of Bahrain

6.13%, 8/1/2023 (a)		480,000		512,190

7.00%, 1/26/2026 (a)		189,000		211,125

7.00%, 1/26/2026 (b)		121,000		135,165

7.00%, 10/12/2028 (b)		680,000		748,850

6.75%, 9/20/2029 (a)		200,000		216,913

5.63%, 9/30/2031 (a)		568,000		566,331

5.45%, 9/16/2032 (a)		244,000		239,120

6.00%, 9/19/2044 (a)		228,000		213,080


				4,076,997


Brazil — 6.6%

Federative Republic of Brazil

8.88%, 4/15/2024		180,000		220,871

4.25%, 1/7/2025		427,000		462,174

6.00%, 4/7/2026		381,000		443,937

4.63%, 1/13/2028		933,000		1,005,774

4.50%, 5/30/2029		310,000		327,980

8.25%, 1/20/2034		450,000		616,584

7.13%, 1/20/2037		346,000		432,889

5.63%, 1/7/2041		340,000		361,101

5.00%, 1/27/2045		265,000		260,909

5.63%, 2/21/2047		542,000		577,332

4.75%, 1/14/2050		271,000		256,654


				4,966,205


Chile — 1.0%

Republic of Chile

2.45%, 1/31/2031		6,000		6,159

2.55%, 1/27/2032		272,000		279,446

3.86%, 6/21/2047		200,000		226,475

3.50%, 4/15/2053		200,000		214,412

3.10%, 1/22/2061		1,000		976


				727,468


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


China — 0.9%

People’s Republic of China

1.95%, 12/3/2024 (a)		200,000		208,412

3.50%, 10/19/2028 (a)		200,000		227,725

2.13%, 12/3/2029 (a)		200,000		210,288


				646,425


Colombia — 2.0%

Republic of Colombia

4.50%, 3/15/2029		240,000		261,120

3.00%, 1/30/2030		222,000		217,186

3.25%, 4/22/2032		200,000		195,100

7.38%, 9/18/2037		100,000		129,206

5.63%, 2/26/2044		205,000		228,934

5.00%, 6/15/2045		437,000		456,610


				1,488,156


Costa Rica — 1.3%

Republic of Costa Rica

6.13%, 2/19/2031 (a)		200,000		212,225

7.16%, 3/12/2045 (a)		753,000		784,908


				997,133


Croatia — 0.4%

Republic of Croatia 6.00%, 1/26/2024 (b) (c)		265,000		298,340


Dominican Republic — 6.3%

Dominican Republic Government Bond

5.50%, 1/27/2025 (a)		100,000		109,363

6.88%, 1/29/2026 (a)		298,000		346,853

5.95%, 1/25/2027 (a)		547,000		620,161

5.95%, 1/25/2027 (b)		198,000		224,483

6.00%, 7/19/2028 (b)		208,000		238,160

6.00%, 7/19/2028 (a)		49,000		56,105

4.50%, 1/30/2030 (a)		160,000		166,280

4.88%, 9/23/2032 (a)		424,000		444,352

5.30%, 1/21/2041 (a)		152,000		155,116

7.45%, 4/30/2044 (b)		302,000		370,195

7.45%, 4/30/2044 (a)		168,000		205,937

6.85%, 1/27/2045 (b)		557,000		638,914

Series REGS, 6.85%, 1/27/2045 (a)		104,000		119,295

6.40%, 6/5/2049 (a)		458,000		500,737

6.40%, 6/5/2049 (b)		305,000		333,460

5.88%, 1/30/2060 (a)		165,000		168,176


				4,697,587

SEE NOTES TO FINANCIAL STATEMENTS.



406	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Egypt — 0.0% (d)

Arab Republic of Egypt

5.58%, 2/21/2023 (a)		1,000		1,047

7.50%, 1/31/2027 (a)		25,000		27,708


				28,755


Ethiopia — 0.2%

Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (b)		200,000		177,412


Gabon — 0.3%

Gabonese Republic 6.63%, 2/6/2031 (a)		200,000		202,912


Ghana — 0.3%

Republic of Ghana 10.75%, 10/14/2030 (a)		200,000		249,913


Guatemala — 0.5%

Republic of Guatemala 6.13%, 6/1/2050 (a)		320,000		383,460


Hungary — 0.7%

Hungary Government Bond

5.75%, 11/22/2023		300,000		334,744

7.63%, 3/29/2041		130,000		220,984


				555,728


India — 0.4%

Export-Import Bank of India 3.25%, 1/15/2030 (a)		249,000		256,893


Indonesia — 1.9%

Perusahaan Penerbit SBSN Indonesia III 4.15%, 3/29/2027 (b)		200,000		224,912

Republic of Indonesia

3.50%, 1/11/2028		200,000		220,537

4.10%, 4/24/2028		200,000		227,663

8.50%, 10/12/2035 (a)		142,000		227,937

6.63%, 2/17/2037 (b)		145,000		203,299

6.75%, 1/15/2044 (b)		200,000		299,850


				1,404,198


Iraq — 1.1%

Republic of Iraq

5.80%, 1/15/2028 (a)		674,375		647,737

5.80%, 1/15/2028 (b)		188,938		181,475

5.80%, 1/15/2028 (b)		14,188		13,627


				842,839


Ivory Coast — 0.3%

Republic of Cote d’Ivoire 6.13%, 6/15/2033 (b)		210,000		230,121


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Jamaica — 1.9%

Jamaica Government Bond

6.75%, 4/28/2028		294,000		343,980

8.00%, 3/15/2039		108,000		151,200

7.88%, 7/28/2045		641,000		905,332


				1,400,512


Jordan — 1.4%

Hashemite Kingdom of Jordan

6.13%, 1/29/2026 (b)		346,000		377,529

5.75%, 1/31/2027 (a)		220,000		239,291

5.85%, 7/7/2030 (a)		7,000		7,368

7.38%, 10/10/2047 (a)		420,000		450,529


				1,074,717


Kazakhstan — 0.9%

Republic of Kazakhstan

3.88%, 10/14/2024 (b)		350,000		380,625

6.50%, 7/21/2045 (b)		200,000		295,600


				676,225


Kenya — 1.9%

Republic of Kenya

6.88%, 6/24/2024 (a)		502,000		551,667

7.25%, 2/28/2028 (b) (c)		355,000		398,332

8.00%, 5/22/2032 (a)		200,000		228,225

8.25%, 2/28/2048 (a)		203,000		229,491


				1,407,715


Kuwait — 0.6%

State of Kuwait 3.50%, 3/20/2027 (b)		400,000		448,075


Malaysia — 0.4%

Malaysia Sovereign Sukuk Bhd. 3.04%, 4/22/2025 (a)		302,000		323,102


Mexico — 2.0%

United Mexican States

4.00%, 10/2/2023		8,000		8,604

4.13%, 1/21/2026		461,000		521,852

2.66%, 5/24/2031		235,000		232,400

6.05%, 1/11/2040		126,000		160,713

4.60%, 1/23/2046		200,000		219,413

3.75%, 4/19/2071		200,000		186,412

5.75%, 10/12/2110		118,000		143,392


				1,472,786


Morocco — 1.1%

Kingdom of Morocco

3.00%, 12/15/2032 (a)		200,000		193,500

4.00%, 12/15/2050 (a)		713,000		661,307


				854,807

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	407

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Nigeria — 2.9%

Federal Republic of Nigeria

6.50%, 11/28/2027 (a)		703,000		740,259

7.14%, 2/23/2030 (a)		407,000		427,172

7.70%, 2/23/2038 (a)		975,000		996,816


				2,164,247


Oman — 5.2%

Oman Sovereign Sukuk SAOC

4.40%, 6/1/2024 (a)		546,000		569,314

5.93%, 10/31/2025 (a)		333,000		368,382

Sultanate of Oman Government Bond

4.13%, 1/17/2023 (a)		205,000		209,266

4.75%, 6/15/2026 (b)		268,000		277,514

5.38%, 3/8/2027 (b)		581,000		613,064

5.63%, 1/17/2028 (a)		200,000		211,500

6.00%, 8/1/2029 (b)		221,000		236,373

6.25%, 1/25/2031 (a)		350,000		380,625

6.50%, 3/8/2047 (b)		454,000		454,511

6.75%, 1/17/2048 (a)		350,000		357,394

7.00%, 1/25/2051 (a)		200,000		208,000


				3,885,943


Pakistan — 1.2%

Islamic Republic of Pakistan

8.25%, 4/15/2024 (a)		270,000		289,541

6.88%, 12/5/2027 (a)		481,000		491,913

6.88%, 12/5/2027 (b)		142,000		145,222


				926,676


Panama — 1.9%

Republic of Panama

3.88%, 3/17/2028		407,000		450,320

3.16%, 1/23/2030		200,000		211,538

6.70%, 1/26/2036		125,000		171,078

4.30%, 4/29/2053		296,000		331,113

4.50%, 4/1/2056		237,000		270,076


				1,434,125


Paraguay — 1.1%

Republic of Paraguay

4.95%, 4/28/2031 (a)		208,000		240,864

6.10%, 8/11/2044 (a)		262,000		330,005

5.40%, 3/30/2050 (a)		235,000		279,694


				850,563


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Peru — 1.5%

Republic of Peru

7.35%, 7/21/2025		117,000		142,908

7.35%, 7/21/2025		100,000		122,144

2.39%, 1/23/2026		30,000		31,084

4.13%, 8/25/2027		160,000		179,580

2.78%, 1/23/2031		36,000		36,794

1.86%, 12/1/2032		4,000		3,758

6.55%, 3/14/2037		54,000		74,564

5.63%, 11/18/2050		80,000		110,990

2.78%, 12/1/2060		316,000		282,978

3.23%, 7/28/2121		140,000		122,833


				1,107,633


Philippines — 2.2%

Republic of Philippines

10.63%, 3/16/2025		204,000		273,335

9.50%, 2/2/2030		20,000		31,679

2.46%, 5/5/2030		1,000		1,053

6.38%, 1/15/2032		278,000		385,777

6.38%, 10/23/2034		196,000		278,357

3.95%, 1/20/2040		200,000		227,600

3.70%, 3/1/2041		214,000		236,309

3.70%, 2/2/2042		200,000		221,037


				1,655,147


Poland — 0.6%

Republic of Poland

3.00%, 3/17/2023		28,000		29,134

4.00%, 1/22/2024		200,000		216,713

3.25%, 4/6/2026		159,000		175,029


				420,876


Qatar — 2.6%

State of Qatar

3.88%, 4/23/2023 (b)		215,000		227,336

3.38%, 3/14/2024 (a)		450,000		480,740

9.75%, 6/15/2030 (a)		48,000		76,524

4.63%, 6/2/2046 (b)		708,000		897,523

5.10%, 4/23/2048 (a)		200,000		268,850


				1,950,973


Romania — 0.9%

Romania Government Bond

4.38%, 8/22/2023 (a)		108,000		115,682

4.88%, 1/22/2024 (a)		114,000		124,851

3.00%, 2/14/2031 (a)		100,000		104,300

5.13%, 6/15/2048 (b)		130,000		162,240

4.00%, 2/14/2051 (a)		172,000		182,298


				689,371

SEE NOTES TO FINANCIAL STATEMENTS.



408	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Russia — 2.4%

Russian Federation

4.88%, 9/16/2023 (a)		200,000		216,700

12.75%, 6/24/2028 (a)		109,000		182,289

7.50%, 3/31/2030 (a) (e)		133,048		152,448

5.10%, 3/28/2035 (a)		400,000		486,700

5.10%, 3/28/2035 (b)		200,000		243,350

5.63%, 4/4/2042 (a)		200,000		265,350

5.25%, 6/23/2047 (b)		200,000		258,538


				1,805,375


Saudi Arabia — 3.0%

Kingdom of Saudi Arabia

2.88%, 3/4/2023 (a)		28,000		28,927

4.00%, 4/17/2025 (a)		278,000		305,591

3.63%, 3/4/2028 (a)		310,000		342,802

4.50%, 4/17/2030 (b)		282,000		334,752

2.25%, 2/2/2033 (a)		200,000		196,750

4.63%, 10/4/2047 (b)		247,000		296,116

4.50%, 4/22/2060 (a)		270,000		327,847

3.45%, 2/2/2061 (a)		204,000		205,020

KSA Sukuk Ltd. 3.63%, 4/20/2027 (a)		200,000		220,770


				2,258,575


South Africa — 4.1%

Republic of South Africa

4.67%, 1/17/2024		101,000		108,499

5.88%, 9/16/2025		262,000		295,945

4.88%, 4/14/2026		388,000		421,417

4.30%, 10/12/2028		393,000		405,724

4.85%, 9/30/2029		400,000		422,700

5.88%, 6/22/2030		256,000		290,768

5.00%, 10/12/2046		704,000		658,592

5.65%, 9/27/2047		221,000		221,939

5.75%, 9/30/2049		274,000		275,678


				3,101,262


Trinidad and Tobago — 0.3%

Republic of Trinidad and Tobago 4.50%, 8/4/2026 (a)		200,000		213,475


Turkey — 8.3%

Hazine Mustesarligi Varlik Kiralama A/S

5.00%, 4/6/2023 (a)		400,000		409,075

4.49%, 11/25/2024 (b)		1,000		1,015

Republic of Turkey

3.25%, 3/23/2023		234,000		235,287

7.25%, 12/23/2023		200,000		216,600


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Turkey — continued

5.75%, 3/22/2024		275,000		285,966

7.38%, 2/5/2025		369,000		402,510

4.25%, 4/14/2026		256,000		249,088

4.88%, 10/9/2026		226,000		223,853

6.00%, 3/25/2027		870,000		898,710

7.63%, 4/26/2029		200,000		223,162

11.88%, 1/15/2030		389,000		547,226

5.95%, 1/15/2031		200,000		200,500

5.88%, 6/26/2031		485,000		482,575

8.00%, 2/14/2034		368,000		421,544

6.88%, 3/17/2036		141,000		145,873

7.25%, 3/5/2038		63,000		67,717

6.75%, 5/30/2040		397,000		398,439

4.88%, 4/16/2043		202,000		166,309

6.63%, 2/17/2045		455,000		446,128

5.75%, 5/11/2047		219,000		194,335


				6,215,912


Ukraine — 4.4%

Ukraine Government Bond

7.75%, 9/1/2023 (b)		350,000		377,125

7.75%, 9/1/2024 (b)		355,000		389,235

7.75%, 9/1/2025 (a)		108,000		119,232

7.75%, 9/1/2026 (a)		100,000		111,175

7.75%, 9/1/2026 (b)		5,000		5,559

7.75%, 9/1/2027 (b)		438,000		487,768

7.75%, 9/1/2027 (a)		318,000		354,133

7.38%, 9/25/2032 (b)		385,000		411,420

7.38%, 9/25/2032 (a)		208,000		222,274

7.25%, 3/15/2033 (a)		804,000		851,888


				3,329,809


United Arab Emirates — 1.4%

Sharjah Sukuk Program Ltd. 4.23%, 3/14/2028 (a)		200,000		216,663

United Arab Emirates Government Bond

3.13%, 10/11/2027 (a)		300,000		330,712

3.13%, 4/16/2030 (a)		200,000		220,200

3.13%, 9/30/2049 (b)		265,000		273,000


				1,040,575


Uruguay — 1.4%

Oriental Republic of Uruguay

4.38%, 10/27/2027		186,000		215,272

4.38%, 1/23/2031		8,000		9,429

7.63%, 3/21/2036		192,000		293,316

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	409

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Uruguay — continued

5.10%, 6/18/2050		66,000		87,896

4.98%, 4/20/2055		341,000		448,585


				1,054,498


Vietnam — 0.3%

Socialist Republic of Vietnam 4.80%, 11/19/2024 (b)		200,000		222,037


Total Foreign Government Securities (Cost $62,803,277)				65,051,856


Corporate Bonds — 12.0%

Azerbaijan — 0.6%

Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)		393,000		465,287


Bahrain — 0.3%

Oil and Gas Holding Co. BSCC (The) 7.50%, 10/25/2027 (b)		203,000		224,480


Brazil — 0.4%

Banco Nacional de Desenvolvimento Economico e Social 5.75%, 9/26/2023 (b)		280,000		308,053


Chile — 0.9%

Corp. Nacional del Cobre de Chile

4.50%, 9/16/2025 (a)		300,000		334,838

3.70%, 1/30/2050 (a)		320,000		341,060


				675,898


China — 1.6%

CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (a)		200,000		218,350

Sinopec Group Overseas Development 2017 Ltd. 3.63%, 4/12/2027 (b)		200,000		220,572

Sinopec Group Overseas Development 2018 Ltd. 2.30%, 1/8/2031 (a)		301,000		302,185

Sinopec Group Overseas Development Ltd. 2.70%, 5/13/2030 (a)		240,000		248,520

State Grid Overseas Investment BVI Ltd.

3.50%, 5/4/2027 (a)		200,000		220,725

3.50%, 5/4/2027 (b)		2,000		2,207


				1,212,559


Indonesia — 1.2%

Indonesia Asahan Aluminium Persero PT 5.45%, 5/15/2030 (a)		200,000		232,975

Pertamina Persero PT 1.40%, 2/9/2026 (a)		238,000		235,073

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

6.15%, 5/21/2048 (a)		201,000		254,165


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indonesia — continued

4.00%, 6/30/2050 (a) (c)		200,000		199,287


				921,500


Kazakhstan — 0.7%

KazMunayGas National Co. JSC

4.75%, 4/19/2027 (a)		200,000		226,800

6.38%, 10/24/2048 (a)		210,000		275,806


				502,606


Malaysia — 1.2%

Petronas Capital Ltd.

3.50%, 4/21/2030 (a)		200,000		220,623

4.50%, 3/18/2045 (a)		243,000		300,378

4.55%, 4/21/2050 (a)		320,000		401,660


				922,661


Mexico — 1.7%

Mexico City Airport Trust 5.50%, 7/31/2047 (a)		209,000		217,007

Petroleos Mexicanos

4.88%, 1/18/2024		126,000		131,182

6.49%, 1/23/2027		50,000		52,850

6.50%, 3/13/2027		148,000		156,658

5.95%, 1/28/2031		51,000		50,077

6.63%, 6/15/2035		346,000		335,042

6.75%, 9/21/2047		16,000		14,056

6.35%, 2/12/2048		78,000		65,707

7.69%, 1/23/2050		16,000		15,276

6.95%, 1/28/2060		245,000		214,302


				1,252,157


Peru — 0.6%

Petroleos del Peru SA

4.75%, 6/19/2032 (a)		200,000		207,350

5.63%, 6/19/2047 (b)		200,000		207,755


				415,105


South Africa — 1.4%

Eskom Holdings SOC Ltd.

6.75%, 8/6/2023 (a)		247,000		257,744

6.75%, 8/6/2023 (b)		2,000		2,087

7.13%, 2/11/2025 (b)		327,000		345,353

7.13%, 2/11/2025 (a)		200,000		211,225

6.35%, 8/10/2028 (b)		240,000		266,544


				1,082,953

SEE NOTES TO FINANCIAL STATEMENTS.



410	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — continued

United Arab Emirates — 1.4%

Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (a)		222,000		266,400

DP World Ltd. 6.85%, 7/2/2037 (a)		260,000		351,130

MDGH — GMTN BV

2.88%, 11/7/2029 (a)		200,000		211,787

2.88%, 5/21/2030 (a)		201,000		213,035


				1,042,352


Total Corporate Bonds (Cost $8,776,467)				9,025,611


	SHARES

Short-Term Investments — 0.8%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (f) (g) (Cost $95,930)		95,930		95,930


Investment of Cash Collateral from Securities Loaned — 0.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (f) (g) (Cost $482,012)		482,012		482,012


Total Short-Term Investments (Cost $577,942)				577,942

Total Investments — 99.4% (Cost $72,157,686)				74,655,409
Other Assets Less Liabilities — 0.6%				455,967

NET ASSETS — 100.0%				75,111,376

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 August 31, 2021. The total value of securities on loan at August 31, 2021 is $471,796.
(d)		Amount rounds to less than 0.1% of net assets.


(e)		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 August 31, 2021.
(f)		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.
(g)		The rate shown is the current yield as of August 31, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	411

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2021 (Unaudited)


	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	$	65,621,098		$	164,819,643	$	55,515,167
Investments in affiliates, at value		408,277			12,989,024		208,379
Investments of cash collateral received from securities loaned, at value (See Note 2.E.)		31,043			—		—
Cash		3,111			572		6
Deposits at broker for futures contracts		—			246,000		56,000
Receivables:
Investment securities sold		1,108,937			5,181		164,663
Investment securities sold — delayed delivery securities		—			8,763,327		—
Interest from non-affiliates		212,251			899,963		505,905
Dividends from non-affiliates		—			8		—
Dividends from affiliates		—			9		—
Securities lending income (See Note 2.E.)		56			—		—
Variation margin on futures contracts		—			2,438		2,168
Unrealized appreciation on forward foreign currency exchange contracts		—			1,343		—

Total Assets		67,384,773			187,727,508		56,452,288


LIABILITIES:
Payables:
Investment securities purchased		1,367,609			98,510		372,840
Investment securities purchased — delayed delivery securities		—			17,444,731		—
Collateral received on securities loaned (See Note 2.E.)		31,043			—		—
Unrealized depreciation on forward foreign currency exchange contracts		—			8,129		—
Variation margin on centrally cleared swaps		—			362		—
Accrued liabilities:
Management fees (See Note 3.A.)		2,756			57,190		6,647

Total Liabilities		1,401,408			17,608,922		379,487

Net Assets	$	65,983,365		$	170,118,586	$	56,072,801


NET ASSETS:
Paid-in-Capital	$	65,146,027		$	167,121,941	$	53,275,690
Total distributable earnings (loss)		837,338			2,996,645		2,797,111

Total Net Assets	$	65,983,365		$	170,118,586	$	56,072,801


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		1,274,946	(a)		3,100,000		1,000,000

Net asset value, per share	$	51.75	(a)	$	54.88	$	56.07


Cost of investments in non-affiliates	$	65,007,146		$	162,106,319	$	53,274,927
Cost of investments in affiliates		408,277			12,989,024		208,379
Investment securities on loan, at value (See Note 2.E.)		30,284			—		—
Cost of investment of cash collateral (See Note 2.E.)		31,043			—		—

(a)	Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.



412	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


	JPMorgan High Yield Research Enhanced ETF		JPMorgan International Bond Opportunities ETF			JPMorgan Municipal ETF
ASSETS:
Investments in non-affiliates, at value	$	1,576,809,111	$	278,571,026		$	83,608,212
Investments in affiliates, at value		30,698,273		11,856,250			4,303,941
Cash		425		—			2,544
Foreign currency, at value		—		1,098,766			—
Deposits at broker for futures contracts		—		1,437,000			45,000
Deposits at broker for centrally cleared swaps		—		720,000			—
Receivables:
Investment securities sold		6,218,035		235,483			451,979
Investment securities sold — delayed delivery securities		—		—			1,886,948
Interest from non-affiliates		21,732,679		3,139,661			840,784
Dividends from affiliates		21		8			62
Tax reclaims		—		3,046			—
Variation margin on futures contracts		—		574,895			4,998
Variation margin on centrally cleared swaps (net upfront payments of $0, $257,802 and $0, respectively)		—		57,797			—
Unrealized appreciation on forward foreign currency exchange contracts		—		1,701,880			—

Total Assets		1,635,458,544		299,395,812			91,144,468


LIABILITIES:
Payables:
Due to custodian		—		6,786			—
Investment securities purchased		24,183,014		—			578,926
Investment securities purchased — delayed delivery securities		—		—			1,861,651
Unrealized depreciation on forward foreign currency exchange contracts		—		610,621			—
Accrued liabilities:
Management fees (See Note 3.A.)		323,207		125,205			13,411
Deferred foreign capital gains tax		—		4,519			—

Total Liabilities		24,506,221		747,131			2,453,988

Net Assets	$	1,610,952,323	$	298,648,681		$	88,690,480


NET ASSETS:
Paid-in-Capital	$	1,587,485,341	$	299,129,579		$	85,015,953
Total distributable earnings (loss)		23,466,982		(480,898	)		3,674,527

Total Net Assets	$	1,610,952,323	$	298,648,681		$	88,690,480


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		30,800,000		5,800,000			1,600,000

Net asset value, per share	$	52.30	$	51.49		$	55.43


Cost of investments in non-affiliates	$	1,558,768,136	$	275,613,107		$	80,376,727
Cost of investments in affiliates		30,698,273		11,856,250			4,303,907
Cost of foreign currency		—		1,157,267			—

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	413

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2021 (Unaudited) (continued)


	JPMorgan Short Duration Core Plus ETF		JPMorgan U.S. Aggregate Bond ETF			JPMorgan Ultra-Short Income ETF
ASSETS:
Investments in non-affiliates, at value	$	125,156,893	$	1,083,283,218		$	16,720,876,116
Investments in affiliates, at value		10,110,981		14,709,012			1,078,423,018
Investments of cash collateral received from securities loaned, at value (See Note 2.E.)		66,775		7,590,982			32,272,502
Repurchase agreements, at value		—		—			100,000,000
Deposits at broker for futures contracts		—		—			1,556,400
Segregated cash balance with Authorized Participant for deposit securities		—		2,498,238			—
Receivables:
Due from custodian		—		—			8,708,777
Investment securities sold		—		31,178,086			—
Interest from non-affiliates		547,848		5,030,412			50,344,372
Dividends from affiliates		18		10			768
Tax reclaims		—		299			—
Securities lending income (See Note 2.E.)		87		808			5,371
Variation margin on futures contracts		8,767		—			28,679
Due from Authorized Participant		—		881,908			—

Total Assets		135,891,369		1,145,172,973			17,992,216,003


LIABILITIES:
Payables:
Due to custodian		2,084		1,348			—
Investment securities purchased		1,785,979		31,403,271			159,661,745
Investment securities purchased — delayed delivery securities		6,396,199		12,455,063			59,897,666
Collateral received on securities loaned (See Note 2.E.)		66,775		7,590,982			32,272,502
Variation margin on centrally cleared swaps (net upfront payments of 115,473, 0 and 0, respectively)		42		—			—
Collateral upon return of deposit securities		—		2,498,238			—
Accrued liabilities:
Management fees (See Note 3.A.)		32,531		63,788			2,676,713

Total Liabilities		8,283,610		54,012,690			254,508,626

Net Assets	$	127,607,759	$	1,091,160,283		$	17,737,707,377


NET ASSETS:
Paid-in-Capital	$	127,415,960	$	1,075,499,098		$	17,676,600,274
Total distributable earnings (loss)		191,799		15,661,185			61,107,103

Total Net Assets	$	127,607,759	$	1,091,160,283		$	17,737,707,377


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		2,540,000		19,898,203	(a)		349,800,000

Net asset value, per share	$	50.24	$	54.84	(a)	$	50.71


Cost of investments in non-affiliates	$	124,885,766	$	1,072,702,378		$	16,673,147,064
Cost of investments in affiliates		10,110,981		14,709,012			1,078,423,018
Cost of repurchase agreements		—		—			100,000,000
Investment securities on loan, at value (See Note 2.B.)		63,969		7,214,058			31,428,789
Cost of investment of cash collateral (See Note 2.B.)		66,775		7,590,982			32,272,502

(a)	Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.



414	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


	JPMorgan Ultra- Short Municipal Income ETF			JPMorgan USD Emerging Markets Sovereign Bond ETF
ASSETS:
Investments in non-affiliates, at value	$	1,817,125,328		$	74,077,467
Investments in affiliates, at value		307,071,498			95,930
Investments of cash collateral received from securities loaned, at value (See Note 2.E.)		—			482,012
Cash		—			4,753
Receivables:
Investment securities sold		—			994,947
Fund shares sold		20,435,569			—
Interest from non-affiliates		15,055,186			988,575
Dividends from affiliates		4,566			—
Securities lending income (See Note 2.E.)		—	��		201

Total Assets		2,159,692,147			76,643,885


LIABILITIES:
Payables:
Due to custodian		1,072			—
Investment securities purchased		14,001,430			1,023,451
Investment securities purchased — delayed delivery securities		34,414,819			—
Collateral received on securities loaned (See Note 2.E.)		—			482,012
Accrued liabilities:
Management fees (See Note 3.A.)		300,122			27,046

Total Liabilities		48,717,443			1,532,509

Net Assets	$	2,110,974,704		$	75,111,376


NET ASSETS:
Paid-in-Capital	$	2,106,691,035		$	75,733,257
Total distributable earnings (loss)		4,283,669			(621,881	)

Total Net Assets	$	2,110,974,704		$	75,111,376


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		41,350,000			1,500,000

Net asset value, per share	$	51.05		$	50.07


Cost of investments in non-affiliates	$	1,812,861,038		$	71,579,744
Cost of investments in affiliates		307,065,562			95,930
Investment securities on loan, at value (See Note 2.E.)		—			471,796
Cost of investment of cash collateral (See Note 2.E.)		—			482,012

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	415

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


	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	$	345,474		$	1,948,621		$	726,169
Dividend income from non-affiliates		—			1,211			—
Dividend income from affiliates		24			1,851			30
Income from securities lending (net) (See Note 2.E.)		213			—			—

Total investment income		345,711			1,951,683			726,199


EXPENSES:
Management fees (See Note 3.A.)		16,171			323,233			38,805

Total expenses		16,171			323,233			38,805

Net investment income (loss)		329,540			1,628,450			687,394


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		106,861			(286,975	)		193,492
Futures contracts		—			(66,895	)		(20,407	)
Forward foreign currency exchange contracts		—			23,646			—

Net realized gain (loss)		106,861			(330,224	)		173,085

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(234,086	)		2,136,424			588,931
Futures contracts		—			(11,134	)		(8,497	)
Forward foreign currency exchange contracts		—			14,163			—

Change in net unrealized appreciation/depreciation		(234,086	)		2,139,453			580,434

Net realized/unrealized gains (losses)		(127,225	)		1,809,229			753,519

Change in net assets resulting from operations	$	202,315		$	3,437,679		$	1,440,913

SEE NOTES TO FINANCIAL STATEMENTS.



416	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


	JPMorgan High Yield Research Enhanced ETF		JPMorgan International Bond Opportunities ETF			JPMorgan Municipal ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	32,095,961	$	3,693,833		$	714,540
Interest income from affiliates		—		104			—
Dividend income from non-affiliates		—		8,769			—
Dividend income from affiliates		1,953		980			372
Foreign taxes withheld (net)		—		(10,469	)		—

Total investment income		32,097,914		3,693,217			714,912


EXPENSES:
Management fees (See Note 3.A.)		1,935,177		695,522			75,885
Interest expense to non-affiliates		—		1,828			2
Interest expense to affiliates		—		1,805			—

Total expenses		1,935,177		699,155			75,887

Net investment income (loss)		30,162,737		2,994,062			639,025


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,622,246		289,699			183,559
Investments in affiliates		—		—			(170	)
In-kind redemptions of investments in non-affiliates (See Note 4)		5,389,726		—			—
Futures contracts		—		(687,220	)		(32,719	)
Foreign currency transactions		—		306,397			—
Forward foreign currency exchange contracts		—		2,051,283			—
Swaps		—		466,813			—

Net realized gain (loss)		8,011,972		2,426,972			150,670

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		16,485,218		196,040	(a)		1,338,834
Investments in affiliates		—		—			34
Futures contracts		—		(832,628	)		(7,924	)
Foreign currency translations		—		(23,867	)		—
Forward foreign currency exchange contracts		—		903,572			—
Swaps		—		(221,100	)		—

Change in net unrealized appreciation/depreciation		16,485,218		22,017			1,330,944

Net realized/unrealized gains (losses)		24,497,190		2,448,989			1,481,614

Change in net assets resulting from operations	$	54,659,927	$	5,443,051		$	2,120,639

(a)	Net of change in foreign capital gains tax of $(4,075).

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	417

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)


	JPMorgan Short Duration Core Plus ETF (a)			JPMorgan U.S. Aggregate Bond ETF			JPMorgan Ultra-Short Income ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	583,641		$	6,913,324		$	67,251,727
Interest income from affiliates		—			3,387			5,991
Dividend income from affiliates		2,839			1,027			55,228
Income from securities lending (net) (See Note 2.E.)		301			6,475			32,959

Total investment income		586,781			6,924,213			67,345,905


EXPENSES:
Management fees (See Note 3.A.)		134,034			366,439			15,185,019
Interest expense to non-affiliates		39			—			676
Interest expense to affiliates		—			—			1,550

Total expenses		134,073			366,439			15,187,245

Net investment income (loss)		452,708			6,557,774			52,158,660


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		8,512			(381,196	)		6,458,899
Investments in affiliates		(1,045	)		—			—
In-kind redemptions of investments in non-affiliates (See Note 4)		—			3,337,113			—
Futures contracts		(143,771	)		—			962,538
Swaps		20,613			—			—

Net realized gain (loss)		(115,691	)		2,955,917			7,421,437

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		271,127			7,718,775			(22,229,150	)
Futures contracts		(16,588	)		—			(579,953	)
Swaps		14,563			—			—

Change in net unrealized appreciation/depreciation		269,102			7,718,775			(22,809,103	)

Net realized/unrealized gains (losses)		153,411			10,674,692			(15,387,666	)

Change in net assets resulting from operations	$	606,119		$	17,232,466		$	36,770,994

(a)	Commencement of operations was March 1, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



418	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


	JPMorgan Ultra-Short Municipal Income ETF			JPMorgan USD Emerging Markets Sovereign Bond ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	3,558,263		$	1,826,438
Dividend income from affiliates		19,466			34
Income from securities lending (net) (See Note 2.E.)		—			1,945

Total investment income		3,577,729			1,828,417


EXPENSES:
Management fees (See Note 3.A.)		1,512,973			157,698
Interest expense to non-affiliates		18			—

Total expenses		1,512,991			157,698

Net investment income (loss)		2,064,738			1,670,719


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(31,280	)		276,842
Investments in affiliates		(17,965	)		—
In-kind redemptions of investments in non-affiliates (See Note 4)		—			559,812

Net realized gain (loss)		(49,245	)		836,654

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,674,778			343,250
Investments in affiliates		16,499			—

Change in net unrealized appreciation/depreciation		1,691,277			343,250

Net realized/unrealized gains (losses)		1,642,032			1,179,904

Change in net assets resulting from operations	$	3,706,770		$	2,850,623

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	419

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
	Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021			Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	329,540		$	716,867		$	1,628,450		$	1,807,769
Net realized gain (loss)		106,861			231,940			(330,224	)		1,575,548
Change in net unrealized appreciation/depreciation		(234,086	)		(139,324	)		2,139,453			(1,608,798	)

Change in net assets resulting from operations		202,315			809,483			3,437,679			1,774,519


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(340,487	)		(876,578	)		(1,621,344	)		(3,118,840	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		6,467,131			22,226,417			21,654,141			93,823,607


NET ASSETS:
Change in net assets		6,328,959			22,159,322			23,470,476			92,479,286
Beginning of period		59,654,406			37,495,084			146,648,110			54,168,824

End of period	$	65,983,365		$	59,654,406		$	170,118,586		$	146,648,110


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	6,469,923		$	23,516,563		$	21,654,141		$	121,700,097
Cost of shares redeemed		(2,792	)		(1,290,146	)		—			(27,876,490	)

Total change in net assets resulting from capital transactions	$	6,467,131		$	22,226,417		$	21,654,141		$	93,823,607


SHARE TRANSACTIONS:
Issued		125,000	(a)		450,000	(a)		400,000			2,200,000
Redeemed		(54	)(a)		(25,000	)(a)		—			(500,000	)

Net increase in shares from share transactions		124,946			425,000			400,000			1,700,000

(a)	Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.



420	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


	JPMorgan Corporate Bond Research Enhanced ETF						JPMorgan High Yield Research Enhanced ETF
	Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021			Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	687,394		$	1,233,443		$	30,162,737		$	14,454,452
Net realized gain (loss)		173,085			713,341			8,011,972			(8,100,330	)
Change in net unrealized appreciation/depreciation		580,434			(1,314,078	)		16,485,218			2,918,296

Change in net assets resulting from operations		1,440,913			632,706			54,659,927			9,272,418


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(700,750	)		(1,836,138	)		(33,767,384	)		(10,833,216	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		—			21,365,676			30,425,725			1,390,157,529


NET ASSETS:
Change in net assets		740,163			20,162,244			51,318,268			1,388,596,731
Beginning of period		55,332,638			35,170,394			1,559,634,055			171,037,324

End of period	$	56,072,801		$	55,332,638		$	1,610,952,323		$	1,559,634,055


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	—		$	21,365,676		$	170,214,762		$	1,434,265,618
Cost of shares redeemed		—			—			(139,789,037	)		(44,108,089	)

Total change in net assets resulting from capital transactions	$	—		$	21,365,676		$	30,425,725		$	1,390,157,529


SHARE TRANSACTIONS:
Issued		—			375,000			3,300,000			27,800,000
Redeemed		—			—			(2,700,000	)		(1,000,000	)

Net increase in shares from share transactions		—			375,000			600,000			26,800,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	421

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan International Bond Opportunities ETF						JPMorgan Municipal ETF
	Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021			Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,994,062		$	5,090,780		$	639,025		$	1,089,715
Net realized gain (loss)		2,426,972			(1,729,914	)		150,670			237,244
Distributions of capital gains received from investment company affiliates		—			—			—			3
Change in net unrealized appreciation/depreciation		22,017			1,326,192			1,330,944			(1,230,683	)

Change in net assets resulting from operations		5,443,051			4,687,058			2,120,639			96,279


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(3,205,216	)		(4,888,166	)		(638,627	)		(1,149,619	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		46,313,563			80,369,552			11,088,163			24,782,763


NET ASSETS:
Change in net assets		48,551,398			80,168,444			12,570,175			23,729,423
Beginning of period		250,097,283			169,928,839			76,120,305			52,390,882

End of period	$	298,648,681		$	250,097,283		$	88,690,480		$	76,120,305


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	46,313,563		$	107,768,383		$	19,293,124		$	35,363,968
Cost of shares redeemed		—			(27,398,831	)		(8,204,961	)		(10,581,205	)

Total change in net assets resulting from capital transactions	$	46,313,563		$	80,369,552		$	11,088,163		$	24,782,763


SHARE TRANSACTIONS:
Issued		900,000			2,100,000			350,000			650,000
Redeemed		—			(600,000	)		(150,000	)		(200,000	)

Net increase in shares from share transactions		900,000			1,500,000			200,000			450,000

SEE NOTES TO FINANCIAL STATEMENTS.



422	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


	JPMorgan Short Duration Core Plus ETF			JPMorgan U.S. Aggregate Bond ETF
	Six Months Ended August 31, 2021 (Unaudited) (a)			Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	452,708		$	6,557,774		$	10,965,812
Net realized gain (loss)		(115,691	)		2,955,917			6,093,367
Change in net unrealized appreciation/depreciation		269,102			7,718,775			(17,084,303	)

Change in net assets resulting from operations		606,119			17,232,466			(25,124	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(414,320	)		(6,471,437	)		(13,077,795	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		127,415,960			253,609,924			296,821,303


NET ASSETS:
Change in net assets		127,607,759			264,370,953			283,718,384
Beginning of period		—			826,789,330			543,070,946

End of period	$	127,607,759		$	1,091,160,283		$	826,789,330


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	127,415,960		$	443,634,822		$	364,516,514
Cost of shares redeemed		—			(190,024,898	)		(67,695,211	)

Total change in net assets resulting from capital transactions	$	127,415,960		$	253,609,924		$	296,821,303


SHARE TRANSACTIONS:
Issued		2,540,000			8,200,000	(b)		6,550,000	(b)
Redeemed		—			(3,501,797	)(b)		(1,250,000	)(b)

Net increase in shares from share transactions		2,540,000			4,698,203			5,300,000

(a)	Commencement of operations was March 1, 2021.

(b)	Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	423

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Ultra-Short Income ETF						JPMorgan Ultra-Short Municipal Income ETF
	Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021			Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	52,158,660		$	152,746,891		$	2,064,738		$	4,108,100
Net realized gain (loss)		7,421,437			6,803,585			(49,245	)		(34,811	)
Distributions of capital gains received from investment company affiliates		—			—			—			178
Change in net unrealized appreciation/depreciation		(22,809,103	)		26,207,768			1,691,277			1,918,118

Change in net assets resulting from operations		36,770,994			185,758,244			3,706,770			5,991,585


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(59,177,558	)		(148,089,858	)		(2,563,611	)		(3,476,451	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,616,076,228			4,514,879,823			699,520,387			1,200,610,442


NET ASSETS:
Change in net assets		1,593,669,664			4,552,548,209			700,663,546			1,203,125,576
Beginning of period		16,144,037,713			11,591,489,504			1,410,311,158			207,185,582

End of period	$	17,737,707,377		$	16,144,037,713		$	2,110,974,704		$	1,410,311,158


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	1,621,147,727		$	6,937,280,585		$	699,520,387		$	1,200,610,442
Cost of shares redeemed		(5,071,499	)		(2,422,400,762	)		—			—

Total change in net assets resulting from capital transactions	$	1,616,076,228		$	4,514,879,823		$	699,520,387		$	1,200,610,442


SHARE TRANSACTIONS:
Issued		31,950,000			136,900,000			13,700,000			23,550,000
Redeemed		(100,000	)		(48,450,000	)		—			—

Net increase in shares from share transactions		31,850,000			88,450,000			13,700,000			23,550,000

SEE NOTES TO FINANCIAL STATEMENTS.



424	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


	JPMorgan USD Emerging Markets Sovereign Bond ETF
	Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,670,719		$	3,794,025
Net realized gain (loss)		836,654			(3,655,748	)
Change in net unrealized appreciation/depreciation		343,250			(131,088	)

Change in net assets resulting from operations		2,850,623			7,189


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,720,778	)		(3,496,716	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(9,769,132	)		(4,473,264	)


NET ASSETS:
Change in net assets		(8,639,287	)		(7,962,791	)
Beginning of period		83,750,663			91,713,454

End of period	$	75,111,376		$	83,750,663


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	14,777,605		$	19,156,204
Cost of shares redeemed		(24,546,737	)		(23,629,468	)

Total change in net assets resulting from capital transactions	$	(9,769,132	)	$	(4,473,264	)


SHARE TRANSACTIONS:
Issued		300,000			400,000
Redeemed		(500,000	)		(500,000	)

Net decrease in shares from share transactions		(200,000	)		(100,000	)

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	425

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


	JPMorgan Core Plus Bond ETF
INCREASE (DECREASE) IN CASH

Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	3,437,679

Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(132,903,736	)
Proceeds from disposition of investment securities		91,371,853
Purchases of short-term investments — affiliates, net		19,850,251
Change in unrealized (appreciation)/depreciation on investments		(2,136,424	)
Net realized (gain)/loss on investments in non-affiliates		286,975
Net amortization (accretion) of income		240,339
Increase in interest receivable from non-affiliates		(183,821	)
Decrease in dividends receivable from affiliates		621
Increase in dividends receivable from non-affiliates		(8	)
Increase in variation margin receivable		(2,438	)
Decrease in unrealized appreciation on forward foreign currency exchange contracts		18,777
Decrease in unrealized depreciation on forward foreign currency exchange contracts		(32,940	)
Decrease in variation margin payable		(88	)
Increase in management fees payable		15,095

Net cash provided (used) by operating activities		(20,037,865	)


Cash flows provided (used) by financing activities:
Proceeds from units issued		21,654,141
Cash distributions paid to shareholders (net of reinvestments of $0)		(1,621,344	)

Net cash provided (used) by financing activities		20,032,797


Cash:
Net increase (decrease) in unrestricted and restricted cash and deposits at broker		(5,068	)
Restricted and unrestricted cash and deposits at broker at beginning of period		251,640

Restricted and unrestricted cash and deposits at broker at end of period	$	246,572

Supplemental

disclosure of cash flow information:

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

Reconciliation of restricted and unrestricted cash and deposits at broker at the end of period to the Statement of Assets and Liabilities:


	February 28, 2021		August 31, 2021
Cash	$	5,640	$	572
Deposits at broker:
Futures contracts		246,000		246,000

	$	251,640	$	246,572

SEE NOTES TO FINANCIAL STATEMENTS.



426	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	427

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
Six Months Ended August 31, 2021 (Unaudited) (f)	$	51.87	$	0.26	$	(0.15	)	$	0.11		$	(0.23	)	$	—		$	(0.23	)
Year Ended February 28, 2021 (f)		51.72		0.85		0.34			1.19			(0.83	)		(0.21	)		(1.04	)
March 12, 2019 (g) through February 29, 2020 (f)		50.00		1.17		1.76			2.93			(1.21	)		—			(1.21	)

JPMorgan Core Plus Bond ETF
Six Months Ended August 31, 2021 (Unaudited)		54.31		0.54		0.57			1.11			(0.54	)		—			(0.54	)
Year Ended February 28, 2021		54.17		0.97		0.70	(i)		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 (g) through February 28, 2019		50.00		0.13		0.36			0.49			(0.13	)		—			(0.13	)

JPMorgan Corporate Bond Research Enhanced ETF
Six Months Ended August 31, 2021 (Unaudited)		55.33		0.69		0.75			1.44			(0.70	)		—			(0.70	)
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 (g) through February 28, 2019		50.00		0.44		1.19			1.63			(0.44	)		—			(0.44	)

JPMorgan High Yield Research Enhanced ETF
Six Months Ended August 31, 2021 (Unaudited)		51.64		0.97		0.78			1.75			(1.09	)		—			(1.09	)
Year Ended February 28, 2021		50.31		2.12		1.31	(i)		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 (g) through February 28, 2017		50.00		1.14		0.96			2.10			(1.14	)		—	(m)		(1.14	)

JPMorgan International Bond Opportunities ETF
Six Months Ended August 31, 2021 (Unaudited)		51.04		0.55		0.50			1.05			(0.60	)		—			(0.60	)
Year Ended February 28, 2021		49.98		1.45		1.00	(i)		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 (g) through February 28, 2018		50.00		1.83		0.05	(i)		1.88			(1.34	)		—			(1.34	)

JPMorgan Municipal ETF
Six Months Ended August 31, 2021 (Unaudited)		54.37		0.43		1.07			1.50			(0.44	)		—			(0.44	)
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 (g) through February 28, 2019		50.00		0.46		1.90			2.36			(0.44	)		—			(0.44	)

JPMorgan Short Duration Core Plus ETF
March 1, 2021 (g) through August 31, 2021 (Unaudited)		50.00		0.27		0.22			0.49			(0.25	)		—			(0.25	)

JPMorgan U.S. Aggregate Bond ETF
Six Months Ended August 31, 2021 (Unaudited) (f)		54.39		0.34		0.40			0.74			(0.29	)		—			(0.29	)
Year Ended February 28, 2021 (f)		54.86		0.89		(0.32	)		0.57			(0.85	)		(0.19	)		(1.04	)
Year Ended February 29, 2020 (f)		50.63		1.39		4.35			5.74			(1.44	)		(0.07	)		(1.51	)
December 12, 2018 (g) through February 28, 2019 (f)		50.00		0.36		0.58			0.94			(0.31	)		—			(0.31	)

JPMorgan Ultra-Short Income ETF
Six Months Ended August 31, 2021 (Unaudited)		50.78		0.16		(0.05	)		0.11			(0.18	)		—			(0.18	)
Year Ended February 28, 2021		50.51		0.58		0.28			0.86			(0.59	)		—	(m)		(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	)(i)		1.33			(1.14	)		—			(1.14	)
May 17, 2017 (g) through February 28, 2018		50.00		0.70		(0.08	)		0.62			(0.61	)		—			(0.61	)

JPMorgan Ultra-Short Municipal Income ETF
Six Months Ended August 31, 2021 (Unaudited)		51.01		0.06		0.06			0.12			(0.08	)		—			(0.08	)
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 (g) through February 28, 2019		50.00		0.35		0.23			0.58			(0.32	)		—			(0.32	)

JPMorgan USD Emerging Markets Sovereign Bond ETF
Six Months Ended August 31, 2021 (Unaudited)		49.27		1.03		0.83			1.86			(1.06	)		—			(1.06	)
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 (g) 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)	Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

(g)	Commencement of operations.

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

(i)

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

(j)	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.

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

(l)	Amount rounds to less than 0.5%

(m)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



428	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 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)


$	51.75	$	51.77		0.30	%		0.16	%	$	65,983,365		0.05	%		1.01	%		0.05	%		17	%
	51.87		51.96		2.32			2.55			59,654,406		0.05			1.62			0.05			40
	51.72		51.68		5.93			5.85	(h)		37,495,084		0.05			2.38			0.05			56


	54.88		55.05		2.06			2.06			170,118,586		0.39			1.97			0.39			59
	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	(j)		91
	50.36		50.48		0.97			1.21	(h)		25,178,102		0.38	(k)		2.96			5.38	(j)(k)		—	(l)


	56.07		56.37		2.63			2.90			56,072,801		0.14			2.47			0.14			20
	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	(j)		67
	51.19		51.30		3.26			3.48	(h)		25,595,493		0.14	(k)		3.98			2.13	(j)(k)		12


	52.30		52.42		3.43			3.72			1,610,952,323		0.24			3.72			0.24			23
	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	(j)		128
	49.86		49.82		4.66			4.00			154,570,385		0.40			5.01			0.57	(j)		23
	50.09		50.36		3.00			3.12			105,191,308		0.40			4.78			0.98	(j)		23
	50.96		51.16		4.24			4.64	(h)		30,574,068		0.39	(k)		4.99			1.74	(j)(k)		8


	51.49		51.63		2.07			1.75			298,648,681		0.50			2.14			0.50			26
	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	(j)		88
	48.75		48.83		2.09			2.13			180,357,231		0.54			3.92			0.82	(j)		73
	50.54		50.60		3.76			3.88	(h)		151,634,232		0.53	(k)		3.98			1.10	(j)(k)		52


	55.43		55.43		2.77			2.80			88,690,480		0.18			1.56			0.18			35
	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	(j)		51
	51.92		52.01		4.74			4.92	(h)		31,153,558		0.23	(k)		2.65			1.06	(j)(k)		15


	50.24		50.32		0.98			1.14	(h)		127,607,759		0.32			1.09			0.32			71


	54.84		54.87		1.48			1.59			1,091,160,283		0.07			1.24			0.07			33
	54.39		54.36		1.04			0.85			826,789,330		0.07			1.60			0.07			64
	54.86		54.92		11.46			11.49			543,070,946		0.07			2.61			0.20	(j)		57
	50.63		50.68		1.90			1.98	(h)		98,730,082		0.07	(k)		3.26			1.14	(j)(k)		53


	50.71		50.74		0.21			0.25			17,737,707,377		0.18			0.61			0.18			30
	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	(j)		46
	50.20		50.23		2.68			2.66			5,703,062,275		0.17			2.74			0.28	(j)		43
	50.01		50.05		1.25			1.33	(h)		200,051,266		0.16	(k)		1.77			0.55	(j)(k)		25


	51.05		51.09		0.23			0.27			2,110,974,704		0.17			0.23			0.17			20
	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	(j)		153
	50.26		50.29		1.16			1.22	(h)		57,799,591		0.17	(k)		1.88			0.79	(j)(k)		61


	50.07		50.27		3.82			4.16			75,111,376		0.39			4.13			0.39			20
	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	(j)		53
	47.52		47.62		2.29			2.23			61,776,747		0.39			4.96			0.87	(j)		28
	48.83		48.95		(2.03	)		(1.79	)(h)		53,713,929		0.35	(k)		4.79			2.74	(j)(k)		2

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	429

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited)

1. Organization

The following are 11 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		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		Diversified
JPMorgan Municipal ETF		Diversified
JPMorgan Short Duration Core Plus ETF⁽¹⁾		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 1, 2021.

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 Short-Term U.S. Aggregate Bond Index (formerly 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 (“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 Short Duration Core Plus ETF (“Short Duration Core Plus ETF”) is to seek total return, consistent with preservation of capital.

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.



430	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 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.
Short Duration Core Plus ETF		NYSE Arca, 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”).

Effective April 12, 2021, BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and U.S. Aggregate Bond ETF each underwent a 1:2 reverse stock split which resulted in a decrease to each Fund’s shares outstanding and an increase to each Fund’s NAV per share. There was no change to the net assets of each Fund or the value of a shareholder’s investment as a result of this reverse stock split, except to the extent that shareholders held quantities of shares that were not an exact multiple of the reverse split ratio as described below.

The historical share transactions presented in the Statements of Changes in Net Assets and the per share data presented in the Financial Highlights have been adjusted accordingly to give effect to the reverse stock splits.

For shareholders who held quantities of shares that were not an exact multiple of the reverse split ratio (for example, not a multiple of two for a 1:2 reverse split), the reverse split resulted in the creation of a fractional share. Post-split fractional shares were redeemed for cash and sent to the broker of record.

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		25,000
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
Short Duration Core Plus ETF		10,000
U.S. Aggregate Bond ETF		25,000
Ultra-Short Income ETF		50,000
Ultra-Short Municipal Income ETF		50,000
USD Emerging Markets Sovereign Bond ETF		100,000

Prior to April 12, 2021, the Shares per Creation Unit amounts for BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and U.S. Aggregate Bond ETF were 50,000 and 50,000, respectively. These amounts were reduced in connection with the reverse stock split mentioned above.

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”).

Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if a 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 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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	431

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

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 market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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

Investments in open-end investment companies (“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. 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, International Bond Opportunities ETF and Short Duration Core Plus ETF at August 31, 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.



432	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 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	$	—		$	519,985		$	—	$	519,985
Commercial Mortgage-Backed Securities		—			1,456,038			134,884		1,590,922
Corporate Bonds		—			16,492,060			—		16,492,060
Foreign Government Securities		—			958,027			—		958,027
Mortgage-Backed Securities		—			5,702,530			—		5,702,530
Municipal Bonds		—			148,284			—		148,284
Supranational		—			1,950,884			—		1,950,884
U.S. Government Agency Securities		—			1,434,760			—		1,434,760
U.S. Treasury Obligations		—			36,823,646			—		36,823,646
Short-Term Investments
Investment Companies		408,277			—			—		408,277
Investment of Cash Collateral from Securities Loaned		31,043			—			—		31,043

Total Short-Term Investments		439,320			—			—		439,320

Total Investments in Securities	$	439,320		$	65,486,214		$	134,884	$	66,060,418


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	$	—		$	17,098,338		$	15,654,323	$	32,752,661
Collateralized Mortgage Obligations		—			6,050,198			2,257,559		8,307,757
Commercial Mortgage-Backed Securities		—			10,018,961			2,363,281		12,382,242
Common Stocks
Oil, Gas & Consumable Fuels		10,722			25,025			—		35,747
Professional Services		—			132			—		132

Total Common Stocks		10,722			25,157			—		35,879

Corporate Bonds		—			66,461,356			—		66,461,356
Mortgage-Backed Securities		—			24,864,618			—		24,864,618
Municipal Bonds		—			38,495			—		38,495
Preferred Stocks		—			—			2,940		2,940
U.S. Treasury Obligations		—			19,966,633			—		19,966,633
Warrants
Diversified Telecommunication Services		—			—			322		322
Media		—			—			1,468		1,468
Oil, Gas & Consumable Fuels		5,272			—			—		5,272

Total Warrants		5,272			—			1,790		7,062

Short-Term Investments
Investment Companies		12,989,024			—			—		12,989,024

Total Investments in Securities	$	13,005,018		$	144,523,756		$	20,279,893	$	177,808,667

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,343		$	—	$	1,343
Futures Contracts		8,085			—			—		8,085
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(8,129	)		—		(8,129	)
Futures Contracts		(25,343	)		—			—		(25,343	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(17,258	)	$	(6,786	)	$	—	$	(24,044	)



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	433

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (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	$	—		$	45,141		$	—	$	45,141
Corporate Bonds		—			55,408,310			—		55,408,310
U.S. Treasury Obligations		—			61,716			—		61,716
Short-Term Investments
Investment Companies		208,379			—			—		208,379

Total Investments in Securities	$	208,379		$	55,515,167		$	—	$	55,723,546

Appreciation in Other Financial Instruments
Futures Contracts	$	1,669		$	—		$	—	$	1,669
Depreciation in Other Financial Instruments
Futures Contracts		(16,744	)		—			—		(16,744	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(15,075	)	$	—		$	—	$	(15,075	)


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	$	—		$	1,576,809,111		$	—	$	1,576,809,111
Short-Term Investments
Investment Companies		30,698,273			—			—		30,698,273

Total Investments in Securities	$	30,698,273		$	1,576,809,111		$	—	$	1,607,507,384


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	$	—		$	4,630,499		$	1,400,330	$	6,030,829
Collateralized Mortgage Obligations		—			3,501,363			—		3,501,363
Commercial Mortgage-Backed Securities		—			4,060,744			2,171,881		6,232,625
Common Stocks		148,156			—			—		148,156
Corporate Bonds		—			173,158,966			—		173,158,966
Foreign Government Securities		—			88,068,080			—		88,068,080
Supranational		—			1,430,685			—		1,430,685
Warrants		—			—			322		322
Short-Term Investments
Investment Companies		11,856,250			—			—		11,856,250

Total Investments in Securities	$	12,004,406		$	274,850,337		$	3,572,533	$	290,427,276

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,701,880		$	—	$	1,701,880
Futures Contracts		11,174			—			—		11,174
Swaps		—			257,794			—		257,794
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(610,621	)		—		(610,621	)
Futures Contracts		(558,521	)		—			—		(558,521	)
Swaps		—			(299,845	)		—		(299,845	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(547,347	)	$	1,049,208		$	—	$	501,861



434	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


Municipal ETF
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—		$	83,608,212	$	—	$	83,608,212
Short-Term Investments
Investment Companies		4,303,941			—		—		4,303,941

Total Investments in Securities	$	4,303,941		$	83,608,212	$	—	$	87,912,153

Depreciation in Other Financial Instruments
Futures Contracts	$	(7,924	)	$	—	$	—	$	(7,924	)


Short Duration Core Plus ETF
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	19,554,295	$	1,862,368	$	21,416,663
Collateralized Mortgage Obligations		—			4,930,363		144,713		5,075,076
Commercial Mortgage-Backed Securities		—			3,353,485		5,615,176		8,968,661
Corporate Bonds		—			46,816,680		—		46,816,680
Foreign Government Securities		—			1,805,652		—		1,805,652
Mortgage-Backed Securities		—			12,360,227		—		12,360,227
Municipal Bonds		—			150,344		—		150,344
Supranational		—			219,481		—		219,481
U.S. Treasury Obligations		—			28,116,143		—		28,116,143
Short-Term Investments
Investment Companies		10,110,981			—		—		10,110,981
Investment of Cash Collateral from Securities Loaned		66,775			—		—		66,775
U.S. Treasury Obligations		—			227,966		—		227,966

Total Short-Term Investments		10,177,756			227,966		—		10,405,722

Total Investments in Securities	$	10,177,756		$	117,534,636	$	7,622,257	$	135,334,649

Appreciation in Other Financial Instruments
Futures Contracts	$	2,918		$	—	$	—	$	2,918
Swaps		—			14,563		—		14,563
Depreciation in Other Financial Instruments
Futures Contracts		(19,506	)		—		—		(19,506	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(16,588	)	$	14,563	$	—	$	(2,025	)



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	435

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


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	$	—	$	2,990,778	$	—	$	2,990,778
Commercial Mortgage-Backed Securities		—		20,273,070		1,941,039		22,214,109
Corporate Bonds		—		288,248,097		—		288,248,097
Foreign Government Securities		—		19,583,528		—		19,583,528
Mortgage-Backed Securities		—		296,323,382		—		296,323,382
Municipal Bonds		—		5,342,108		—		5,342,108
Supranational		—		15,242,642		—		15,242,642
U.S. Government Agency Securities		—		16,967,161		—		16,967,161
U.S. Treasury Obligations		—		416,371,413		—		416,371,413
Short-Term Investments
Investment Companies		14,709,012		—		—		14,709,012
Investment of Cash Collateral from Securities Loaned		7,590,982		—		—		7,590,982

Total Short-Term Investments		22,299,994		—		—		22,299,994

Total Investments in Securities	$	22,299,994	$	1,081,342,179	$	1,941,039	$	1,105,583,212

There were no significant transfers into or out of level 3 for the six months ended August 31, 2021.



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	$	—		$	2,638,857,733	$	17,183	$	2,638,874,916
Certificates of Deposit		—			40,219,923		—		40,219,923
Commercial Mortgage-Backed Securities		—			353,312,577		9,309,478		362,622,055
Corporate Bonds		—			11,482,283,919		—		11,482,283,919
Foreign Government Securities		—			28,848,859		—		28,848,859
U.S. Treasury Obligations		—			101,360,734		—		101,360,734
Short-Term Investments
Certificates of Deposit		—			854,973,063		—		854,973,063
Commercial Paper		—			1,211,692,647		—		1,211,692,647
Investment Companies		1,078,423,018			—		—		1,078,423,018
Investment of Cash Collateral from Securities Loaned		32,272,502			—		—		32,272,502
Repurchase Agreements		—			100,000,000		—		100,000,000

Total Short-Term Investments		1,110,695,520			2,166,665,710		—		3,277,361,230

Total Investments in Securities	$	1,110,695,520		$	16,811,549,455	$	9,326,661	$	17,931,571,636

Depreciation in Other Financial Instruments
Futures Contracts	$	(347,858	)	$	—	$	—	$	(347,858	)


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	$	—		$	1,817,125,328	$	—	$	1,817,125,328
Short-Term Investments
Investment Companies		307,071,498			—		—		307,071,498

Total Investments in Securities	$	307,071,498		$	1,817,125,328	$	—	$	2,124,196,826



436	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


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	$	—	$	9,025,611	$	—	$	9,025,611
Foreign Government Securities		—		65,051,856		—		65,051,856
Short-Term Investments
Investment Companies		95,930		—		—		95,930
Investment of Cash Collateral from Securities Loaned		482,012		—		—		482,012

Total Short-Term Investments		577,942		—		—		577,942

Total Investments in Securities	$	577,942	$	74,077,467	$	—	$	74,655,409

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 28, 2021		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 August 31, 2021
Investments in Securities:
Asset-Backed Securities	$	9,701,506	$	—	$	55,928		$	(414	)	$	7,249,653	$	(1,921,319	)	$	1,387,620	$	(818,651	)	$	15,654,323
Collateralized Mortgage Obligations		2,224,016		—		5,394			(843	)		547,296		(277,936	)		—		(240,368	)		2,257,559
Commercial Mortgage-Backed Securities		148,523		—		30,225			867			1,933,982		(16	)		249,700		—			2,363,281
Preferred Stocks		4,467		24		(1,034	)		—			—		(517	)		—		—			2,940
Warrants		223		—		1,567			—			—		—			—		—			1,790

Total	$	12,078,735	$	24	$	92,080		$	(390	)	$	9,730,931	$	(2,199,788	)	$	1,637,320	$	(1,059,019	)	$	20,279,893

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.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended August 31, 2021.


International Bond Opportunities ETF	Balance as of February 28, 2021		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 August 31, 2021
Investments in Securities:
Asset-Backed Securities	$	1,699,878	$	253		$	(9,320	)	$	208	$	—	$	(290,689	)	$	—	$	—		$	1,400,330
Collateralized Mortgage Obligations		154,490		6			(4,496	)		—		—		(150,000	)		—		—			—
Commercial Mortgage-Backed Securities		2,040,140		(2	)		48,756			427		301,133		(36,773	)		66,449		(248,249	)		2,171,881
Warrants		222		—			100			—		—		—			—		—			322

Total	$	3,894,730	$	257		$	35,040		$	635	$	301,133	$	(477,462	)	$	66,449	$	(248,249	)	$	3,572,533

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.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2021.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	437

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)


Short Duration Core Plus ETF	Balance as of March 1, 2021*		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 August 31, 2021
Investments in Securities:
Asset-Backed Securities	$	—	$	—	$	(6,408	)	$	(1,438	)	$	1,913,794	$	(43,580	)	$	—	$	—	$	1,862,368
Collateralized Mortgage Obligations		—		—		715			—			143,998		—			—		—		144,713
Commercial Mortgage-Backed Securities		—		19		148			(4,790	)		5,651,672		(31,873	)		—		—		5,615,176

Total	$	—	$	19	$	(5,545	)	$	(6,228	)	$	7,709,464	$	(75,453	)	$	—	$	—	$	7,622,257

*	Commencement of operations was March 1, 2021.

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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2021, which were valued using significant unobservable inputs (level 3) were as follows:



Core Plus Bond ETF	$	94,273
International Bond Opportunities ETF		43,666
Short Duration Core Plus ETF		(5,545	)

These amounts are included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

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 Fund

Quantitative Information about Level 3 Fair Value Measurements #


	Fair Value at August 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	14,975,786	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 60.00% (14.26%)
				Constant Default Rate		0.00% - 1.00% (0.03%)
				Yield (Discount Rate of Cash Flows)		0.88% - 5.36% (2.63%)

Asset-Backed Securities		14,975,786

		1,857,559	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
				Constant Default Rate		0.00% - 0.50% (0.20%)
				Yield (Discount Rate of Cash Flows)		1.09% - 5.81% (1.63%)

Collateralized Mortgage Obligations		1,857,559

		149,282	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (100.00%)
				Yield (Discount Rate of Cash Flows)		2.89% (2.89%)

Commercial Mortgage-Backed Securities		149,282

		322	Market Comparable Companies	EBITDA Multiple (b)		5.5x (5.5x)

Warrants		322

Total	$	16,982,949

The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2021, the value of these investments was $ 3,296,944. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.



438	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

(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 August 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	1,400,330	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (18.21%)
				Constant Default Rate		0.00% - 3.20% (0.57%)
				Yield (Discount Rate of Cash Flows)		1.16% - 4.78% (2.68%)

Asset-Backed Securities		1,400,330

		2,050,101	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (8.12%)
				Constant Default Rate		0.00% - 2.00% (0.16%)
				Yield (Discount Rate of Cash Flows)		1.98% - 32.46% (3.65%)

Commercial Mortgage-Backed Securities		2,050,101

		322	Market Comparable Companies	EBITDA Multiple (b)		5.5x (5.5x)

Warrants		322

Total	$	3,450,753

The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2021, the value of these investments was $121,780. The inputs for these investments 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.

Short Duration Core Plus ETF

Quantitative Information about Level 3 Fair Value Measurements #


	Fair Value at August 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	1,115,422	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (14.21%)
				Yield (Discount Rate of Cash Flows)		1.19% - 2.42% (1.68%)

Asset-Backed Securities		1,115,422

		0	Discounted Cash Flow	Constant Prepayment Rate		25.00% (25.00%)
				Yield (Discount Rate of Cash Flows)		2.08% (2.08%)

Collateralized Mortgage Obligations		0

		5,269,847	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		1.78% - 4.15% (2.69%)

Commercial Mortgage-Backed Securities		5,269,847

Total	$	6,385,269

The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2021, the value of these investments was $1,236,988. The inputs for these investments 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. 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 August 31, 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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	439

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

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, Municipal ETF, Short Duration Core Plus ETF, U.S. Aggregate Bond 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. 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, Municipal ETF, Short Duration Core Plus ETF, U.S. Aggregate Bond ETF, Ultra-Short Income ETF and Ultra-Short Municipal Income ETF had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 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 August 31, 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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

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

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

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



440	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

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 August 31, 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	$	30,284	$	(30,284	)	$	—
Short Duration Core Plus ETF		63,969		(63,969	)		—
U.S. Aggregate Bond ETF		7,214,058		(7,214,058	)		—
Ultra-Short Income ETF		31,428,789		(31,428,789	)		—
USD Emerging Markets Sovereign Bond ETF		471,796		(471,796	)		—

*	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.

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 0.12% to 0.06%. For the six months ended August 31, 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	$	43
Short Duration Core Plus ETF		14
U.S. Aggregate Bond ETF		553
Ultra-Short Income ETF		1,813
USD Emerging Markets Sovereign Bond ETF		444

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).

Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, High Yield Research Enhanced ETF, Municipal ETF and Ultra-Short Municipal Income ETF did not lend out any securities during the six months ended August 31, 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 purchases at cost amounts in the tables below.

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


For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)	$	—	$	1,235,121	$	826,844	$	—	$	—	$	408,277		408,277	$	8		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)		104,878		2,126,379		2,200,214		—		—		31,043		31,043		17	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)		514,056		3,134,157		3,648,213		—		—		—		—		16			—

Total	$	618,934	$	6,495,657	$	6,675,271	$	—	$	—	$	439,320			$	41		$	—

(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 August 31, 2021. * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	441

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)



Core Plus Bond ETF
For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)	$	—	$	19,626,838	$	6,637,814	$	—	$	—	$	12,989,024		12,989,024	$	780	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)		32,839,275		27,582,992		60,422,267		—		—		—		—		1,071		—

Total	$	32,839,275	$	47,209,830	$	67,060,081	$	—	$	—	$	12,989,024			$	1,851	$	—

(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 August 31, 2021.



Corporate Bond Research Enhanced ETF
For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)	$	—	$	1,848,530	$	1,640,151	$	—	$	—	$	208,379		208,379	$	14	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)		194,411		2,715,027		2,909,438		—		—		—		—		16		—

Total	$	194,411	$	4,563,557	$	4,549,589	$	—	$	—	$	208,379			$	30	$	—

(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 August 31, 2021.

High Yield Research Enhanced ETF
For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)	$	—	$	129,595,623	$	98,897,350	$	—	$	—	$	30,698,273		30,698,273	$	1,606	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)		13,965,910		117,035,547		131,001,457		—		—		—		—		347		—

Total	$	13,965,910	$	246,631,170	$	229,898,807	$	—	$	—	$	30,698,273			$	1,953	$	—

(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 August 31, 2021.



442	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021



International Bond Opportunities ETF
For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)	$	—	$	34,494,716	$	22,638,466	$	—	$	—	$	11,856,250		11,856,250	$	665	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)		12,234,929		29,764,741		41,999,670		—		—		—		—		315		—

Total	$	12,234,929	$	64,259,457	$	64,638,136	$	—	$	—	$	11,856,250			$	980	$	—

(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 August 31, 2021.



Municipal ETF
For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02%(a)(b)	$	—	$	28,045,041	$	23,740,964	$	(170	)	$	34	$	4,303,941		4,301,791	$	372		$	—

(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 August 31, 2021.

Short Duration Core Plus ETF
For the six months ended August 31, 2021
Security Description	Value at March 1, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07%(b)(c)	$	—	$	67,191,802	$	57,079,776	$	(1,045	)	$	—	$	10,110,981		10,105,928	$	2,839		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(b)(c)		—		105,765		38,990		—			—		66,775		66,775		7	*		—

Total	$	—	$	67,297,567	$	57,118,766	$	(1,045	)	$	—	$	10,177,756			$	2,846		$	—

(a) Commencement of operations was March 1, 2021. (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 August 31, 2021. * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	443

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)



U.S. Aggregate Bond ETF
For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.07%(a)(b)	$	18,499,300	$	20,000,000	$	32,000,000	$	(750	)*	$	—	$	6,498,550		6,498,550	$	3,622	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)		—		50,013,223		35,304,211		—			—		14,709,012		14,709,012		739			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)		866,055		27,372,603		27,146,226		—			—		1,092,432		1,092,432		209	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)		5,811,837		115,870,903		121,682,740		—			—		—		—		288			—

Total	$	25,177,192	$	213,256,729	$	216,133,177	$	(750	)	$	—	$	22,299,994			$	4,858		$	—

(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 August 31, 2021.

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



Ultra-Short Income ETF
For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.07%(a)(b)	$	32,735,455	$	159,000,000	$	163,000,000	$	(2,473	)*	$	—	$	28,732,982		28,732,982	$	16,686	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)		—		2,349,525,193		1,271,102,175		—			—		1,078,423,018		1,078,423,018		33,920			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)		5,643,500		71,716,152		73,820,132		—			—		3,539,520		3,539,520		774	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)		763,604,992		2,315,202,492		3,078,807,484		—			—		—		—		21,308			—

Total	$	801,983,947	$	4,895,443,837	$	4,586,729,791	$	(2,473	)	$	—	$	1,110,695,520			$	72,688		$	—

(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 August 31, 2021. * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



444	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021



Ultra-Short Municipal Income ETF
For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02%(a)(b)	$	139,089,852	$	998,901,848	$	830,918,736	$	(17,965	)	$	16,499	$	307,071,498		306,918,039	$	19,466	$	—

(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 August 31, 2021.



USD Emerging Markets Sovereign Bond ETF
For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)	$	—	$	1,277,472	$	1,181,542	$	—	$	—	$	95,930		95,930	$	13		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)		1,878,630		8,559,882		9,956,500		—		—		482,012		482,012		170	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)		776,784		6,686,244		7,463,028		—		—		—		—		21			—

Total	$	2,655,414	$	16,523,598	$	18,601,070	$	—	$	—	$	577,942			$	204		$	—

(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 August 31, 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 — Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, International Bond Opportunities ETF, Short Duration Core Plus ETF, Municipal ETF and Ultra-Short Income ETF used derivative instruments including 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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	445

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

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 H(1) — H(3) below describe the various derivatives used by the Funds.

(1). Futures Contracts — Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, International Bond Opportunities ETF, Municipal ETF, Short Duration Core Plus 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).

(2). 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).



446	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Swaps — International Bond Opportunities ETF and Short Duration Core Plus ETF engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks 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.

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.

Credit Default Swaps

International Bond Opportunities ETF and Short Duration Core Plus 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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	447

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

(4). Summary of Derivatives Information

The following tables present the value of derivatives held as of August 31, 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			Municipal ETF			Short Duration Core Plus ETF			Ultra-Short Income ETF
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	1,343		$	—		$	1,701,880		$	—		$	—		$	—
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(8,129	)		—			(610,621	)		—			—			—

Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		8,085			1,669			11,174			—			2,918			—
Swaps at Value (Assets)**		—			—			211,890			—			—			—
Unrealized Depreciation on Futures Contracts*		(25,343	)		(16,744	)		(558,521	)		(7,924	)		(19,506	)		(347,858	)
Swaps at Value (Liabilities)**		—			—			(211,364	)		—			—			—

Credit Risk Exposure:
Swaps at Value (Assets)**		—			—			336,035			—			130,036			—
Swaps at Value (Liabilities)**		—			—			(120,810	)		—			—			—

Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		(17,258	)		(15,075	)		(547,347	)		(7,924	)		(16,588	)		(347,858	)
Swaps at Value**		—			—			215,751			—			130,036			—
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		(6,786	)		—			1,091,259			—			—			—

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.

The following tables present 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 August 31, 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	$	12,178	$	(12,178	)	$	—	$	—
BNP Paribas		1,154,827		(172,890	)		—		981,937
Citibank, NA		61,102		(61,102	)		—		—
Goldman Sachs International		231,090		—			—		231,090
HSBC Bank, NA		106,789		(106,789	)		—		—
Merrill Lynch International		7,978		—			—		7,978
Royal Bank of Canada		18,176		(4,857	)		—		13,319
State Street Corp.		109,740		(23,370	)		—		86,370

Total	$	1,701,880	$	(381,186	)	$	—	$	1,320,694



448	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021



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	$	38,505	$	(12,178	)	$	—	$	26,327
BNP Paribas		172,890		(172,890	)		—		—
Citibank, NA		261,981		(61,102	)		—		200,879
HSBC Bank, NA		109,018		(106,789	)		—		2,229
Royal Bank of Canada		4,857		(4,857	)		—		—
State Street Corp.		23,370		(23,370	)		—		—

Total	$	610,621	$	(381,186	)	$	—	$	229,435

(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.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended August 31, 2021, by primary underlying risk exposure:


	Core Plus Bond ETF			Corporate Bond Research Enhanced ETF			International Bond Opportunities ETF			Municipal ETF			Short Duration Core Plus 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	$	23,646		$	—		$	2,051,283		$	—		$	—		$	—

Interest Rate Risk Exposure:
Futures Contracts		(66,895	)		(20,407	)		(687,220	)		(32,719	)		(143,771	)		962,538
Swap Contracts		—			—			396,145			—			—			—

Credit Risk Exposure:
Swap Contracts		—			—			70,668			—			20,613			—

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		14,163			—			903,572			—			—			—

Interest Rate Risk Exposure:
Futures Contracts		(11,134	)		(8,497	)		(832,628	)		(7,924	)		(16,588	)		(579,953	)
Swap Contracts		—			—			(272,108	)		—			—			—

Credit Risk Exposure:
Swap Contracts		—			—			51,008			—			14,563			—



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	449

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended August 31, 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			Municipal ETF			Short Duration Core Plus ETF		Ultra-Short Income ETF
Futures Contracts — Interest:
Average Notional Balance Long	$	11,152,750	$	3,774,591	$	3,278,389			—		$	4,672,355		—
Average Notional Balance Short		5,880,060		3,907,632		46,222,339		$	2,179,500	(b)		8,828,038	$	220,647,097
Ending Notional Balance Long		11,602,875		3,559,336		1,113,398			—			3,966,047		—
Ending Notional Balance Short		7,648,258		3,638,422		51,090,192			2,367,500			7,517,563		227,133,280

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		1,998,401		—		63,112,095			—			—		—
Average Settlement Value Sold		183,353		—		246,431,557			—			—		—
Ending Settlement Value Purchased		1,826,815		—		150,677,043			—			—		—
Ending Settlement Value Sold		—		—		331,927,663			—			—		—

Credit Default Swaps:
Average Notional Balance — Buy Protection		—		—		8,347,025			—			—		—
Average Notional Balance — Sell Protection		—		—		5,074,102			—			1,097,500		—
Ending Notional Balance — Buy Protection		—		—		10,633,470			—			—		—
Ending Notional Balance — Sell Protection		—		—		1,475,938			—			1,205,000		—

Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed rate		—		—		6,073,669			—			—		—
Average Notional Balance — Receives Fixed rate		—		—		17,736,775	(a)		—			—		—
Ending Notional Balance — Pays Fixed Rate		—		—		9,724,250			—			—		—
Ending Notional Balance — Receives Fixed Rate		—		—		21,394,125			—			—		—

(a)	For the period May 1, 2021 through August 31, 2021.

(b)	For the period June 1, 2021 through August 31, 2021.

The Funds’ derivatives contracts held at August 31, 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 August 31, 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.



450	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

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.

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 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	0.18	⁽¹⁾
Short Duration Core Plus ETF	0.33
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

⁽¹⁾	Prior to March 31, 2021, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.24% of the Fund’s average daily net assets.

Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds’ 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.

B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.

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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	451

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

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 six months ended August 31, 2021, Core Plus Bond ETF, International Bond Opportunities ETF, Municipal ETF, Short Duration Core Plus ETF and Ultra-Short 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.

4. Investment Transactions

During the six months ended August 31, 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	$	8,242,613	$	7,172,514	$	4,800,957	$	3,967,498
Core Plus Bond ETF		115,283,143		87,612,626		7,615,300		3,029,387
Corporate Bond Research Enhanced ETF		10,616,261		10,111,335		493,516		856,158
High Yield Research Enhanced ETF		397,915,011		365,324,973		—		—
International Bond Opportunities ETF		113,716,911		66,289,187		—		—
Municipal ETF		35,611,080		27,065,870		—		—
Short Duration Core Plus ETF		125,287,718		28,302,887		56,280,101		28,179,611
U.S. Aggregate Bond ETF		388,691,217		323,551,939		41,254,218		14,368,616
Ultra-Short Income ETF		6,397,815,513		3,819,137,767		262,679,766		374,168,586
Ultra-Short Municipal Income ETF		800,073,276		242,087,789		—		—
USD Emerging Markets Sovereign Bond ETF		21,012,978		15,655,933		—		—

For the six months ended August 31, 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	$	4,814,228	$	—
High Yield Research Enhanced ETF		125,738,392		121,609,729
U.S. Aggregate Bond ETF		297,806,554		127,220,068
USD Emerging Markets Sovereign Bond ETF		9,771,217		24,036,568

During the six months ended August 31, 2021, the Funds delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 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	$	65,446,466	$	738,408	$	124,456	$	613,952
Core Plus Bond ETF		175,095,343		3,559,481		870,201		2,689,280
Corporate Bond Research Enhanced ETF		53,483,306		2,419,343		194,178		2,225,165
High Yield Research Enhanced ETF		1,589,466,409		23,860,986		5,820,011		18,040,975
International Bond Opportunities ETF		287,727,159		7,912,686		4,452,906		3,459,780
Municipal ETF		84,680,634		3,257,664		34,069		3,223,595
Short Duration Core Plus ETF		135,178,995		422,502		153,400		269,102
U.S. Aggregate Bond ETF		1,095,002,372		15,416,745		4,835,905		10,580,840
Ultra-Short Income ETF		17,883,842,584		50,662,610		3,281,416		47,381,194
Ultra-Short Municipal Income ETF		2,119,926,600		4,590,426		320,200		4,270,226
USD Emerging Markets Sovereign Bond ETF		72,157,686		2,939,106		441,383		2,497,723



452	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 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 Fund 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 the Funds, of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

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

7. 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 August 31, 2021, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, each 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		47.7	%		26.3	%
U.S. Aggregate Bond ETF		—			47.5

Significant shareholder transactions by this/these shareholders may impact the Funds’ performance and liquidity.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	453

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

As of August 31, 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		37	%
Corporate Bond Research Enhanced ETF		49
Municipal ETF		20
Short Duration Core Plus ETF		38
USD Emerging Markets Sovereign Bond ETF		50

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

The Funds 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 U.S. 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 Fund is intended for investors who are able and willing to assume a high degree of risk.

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

As of August 31, 2021, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:


	International Bond Opportunities ETF			Ultra-Short Income ETF
Cayman Islands		—	%		12.6	%
Italy		11.1			—

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.



454	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

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.

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. Other Matters

The Trust is seeking to achieve a unified board with common membership across the Trust and the following open-end registered investment companies also advised by J.P. Morgan Investment Management Inc.:

JPMorgan Trust I, JPMorgan Trust II, JPMorgan Trust IV, J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Investment Trust, JPMorgan Insurance Trust, Undiscovered Managers Funds and JPMorgan Institutional Trust (collectively with the Trust, the “J.P. Morgan Funds”).

At special shareholder meetings expected to take place on or about October 27, 2021, shareholders of the J.P. Morgan Funds are being asked to elect the same sixteen individuals (“Nominees”) to serve on their respective boards:

John F. Finn, Stephen P. Fisher, Gary L. French, Kathleen M. Gallagher, Robert J. Grassi, Frankie D. Hughes, Raymond Kanner, Thomas P. Lemke, Lawrence R. Maffia, Mary E. Martinez, Marilyn McCoy, Dr. Robert A. Oden, Jr., Marian U. Pardo, Emily A. Youssouf, Robert F. Deutsch, and Nina O. Shenker (the “Nominees”).

If shareholder approval is obtained for all of the J.P. Morgan Funds, this will result in a unified board structure across all of the J.P. Morgan Funds.

Information about the proposal, including the qualifications of each of the Nominees, is contained in the Trust’s proxy statement, which you can access from the EDGAR Database on the SEC’s website at http://www.sec.gov.

9. Subsequent Event

Subsequent to August 31, 2021, the Adviser sold $24,318,921 from BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, which represented 37% of the Fund’s net assets as of August 31, 2021.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	455

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, March 1, 2021 and continued to hold your shares at the end of the reporting period, August 31, 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 March 1, 2021		Ending Account Value August 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Actual*	$	1,000.00	$	1,003.00		0.05	%	$	0.25
Hypothetical*		1,000.00		1,024.95		0.05			0.26
JPMorgan Core Plus Bond ETF
Actual*		1,000.00		1,020.60		0.39			1.99
Hypothetical*		1,000.00		1,023.24		0.39			1.99
JPMorgan Corporate Bond Research Enhanced ETF
Actual*		1,000.00		1,026.30		0.14			0.72
Hypothetical*		1,000.00		1,024.50		0.14			0.71
JPMorgan High Yield Research Enhanced ETF
Actual*		1,000.00		1,034.30		0.24			1.23
Hypothetical*		1,000.00		1,024.00		0.24			1.22
JPMorgan International Bond Opportunities ETF
Actual*		1,000.00		1,020.70		0.50			2.55
Hypothetical*		1,000.00		1,022.68		0.50			2.55
JPMorgan Municipal ETF
Actual*		1,000.00		1,027.70		0.18			0.92
Hypothetical*		1,000.00		1,024.30		0.18			0.92
JPMorgan Short Duration Core Plus ETF
Actual**		1,000.00		1,009.80		0.32			1.61
Hypothetical*		1,000.00		1,023.59		0.32			1.63
JPMorgan U.S. Aggregate Bond ETF
Actual*		1,000.00		1,014.80		0.07			0.36
Hypothetical*		1,000.00		1,024.85		0.07			0.36
JPMorgan Ultra-Short Income ETF
Actual*		1,000.00		1,002.10		0.18			0.91
Hypothetical*		1,000.00		1,024.30		0.18			0.92
JPMorgan Ultra-Short Municipal Income ETF
Actual*		1,000.00		1,002.30		0.17			0.86
Hypothetical*		1,000.00		1,024.35		0.17			0.87
JPMorgan USD Emerging Markets Sovereign Bond ETF
Actual*		1,000.00		1,038.20		0.39			2.00
Hypothetical*		1,000.00		1,023.24		0.39			1.99

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

**	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the actual period). Commencement of operations was March 1, 2021.



456	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT

(Unaudited)

On December 7-8, 2020, the Board of Trustees held meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan Short Duration Core Plus 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. The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to the Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement in executive session 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 and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under the Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:

(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 to be 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, steps the Adviser and its affiliates would be taking to provide services to the Fund during the COVID-19 pandemic and the Adviser’s and its affiliates’ success in continuing to provide services to the other J.P. Morgan ETFs and their shareholders throughout this period.

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”) 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 proposed unitary management fee schedule for the Fund does not contain breakpoints. The Trustees considered that share-



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	457

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT

(Unaudited) (continued)

holders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to 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, 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 manages one other account with substantially similar investment strategies as that of the Fund. The Trustees concluded that the fees to be 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, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Management Fees and Expense Ratios

The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all of the expenses of the Fund (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared the rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also compared the management fee for the Fund to fees charged to a mutual fund with similar investment objectives and in a similar asset class managed by the Adviser. The Trustees also considered the fees paid to JPMCB, an affiliate of the Adviser, for custody, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.

The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge and noted that the Fund’s proposed management fee was in line with identified peer funds. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund’s proposed management fee was reasonable.



458	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Exchange-Traded Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Liquidity Risk for each applicable J.P. Morgan Exchange-Traded Funds (each a “Fund”; collectively, the “Funds”). “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on March 9, 2021, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Exchange-Traded Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity

Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “illiquid investments” (as defined under the Liquidity Rule)); (4) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including oversight during the COVID-19 pandemic; (5) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule); (6) whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (7) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (8) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily classifications of each Fund’s investments; and (2) perform additional stress testing. The Report summarized the daily liquidity monitoring of premium/discount levels during March 2020, noting these levels did not have a material impact on the efficiency of the arbitrage functions. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	459

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. August 2021.		SAN-FIETF-821

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

August 31, 2021 (Unaudited)


	Ticker	Listing Exchange
JPMorgan BetaBuilders MSCI US REIT ETF	BBRE	Cboe BZX Exchange, Inc.

CONTENTS


President’s Letter			1

Fund Commentary			2

Schedule of Portfolio Investments			4

Financial Statements			7

Financial Highlights			10

Notes to Financial Statements			12

Schedule of Shareholder Expenses			18

Liquidity Risk Management Program			19

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.

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

October 8, 2021 (Unaudited)

Dear Shareholder,

— Brian S. Shlissel

Sincerely,

LOGO

Brian S. Shlissel

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

JPMorgan Asset Management, October 8, 2021.

Ibid.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		24.90%
Market Price**		24.65%
MSCI US REIT Custom Capped Index		24.98%
MSCI US REIT Index		24.98%

Net Assets as of 8/31/2021	$	1,457,771,716
Fund Ticker		BBRE

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 outperformed the broader equity market as the U.S. economy continued to rebound from 2020. Within real estate equity, the housing, industrial and self-storage sectors generally outperformed other sectors amid strong consumer spending and continued low interest rates. Meanwhile, the hotels sector underperformed as the persistence of the pandemic, particularly the spread of the delta variant of COVID-19, weighed on the tourism industry during the period. For the six months ended August 31, 2021, the S&P 500 Index returned 19.52% and the MSCI US REIT Index returned 24.98%

HOW DID THE FUND PERFORM?

For the six months ended August 31, 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 self-storage and housing REIT sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s exposures to the hotel REIT sector was the sole detractor 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.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF AUGUST 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Prologis, Inc.		8.0	%
	2.	Equinix, Inc.		6.1
	3.	Public Storage		4.1
	4.	Digital Realty Trust, Inc.		3.7
	5.	Simon Property Group, Inc.		3.5
	6.	Welltower, Inc.		2.9
	7.	AvalonBay Communities, Inc.		2.6
	8.	Equity Residential		2.4
	9.	Alexandria Real Estate Equities, Inc.		2.3
	10.	Realty Income Corp.		2.2


PORTFOLIO COMPOSITION BY SECTOR AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Apartments		23.5	%
Diversified		18.5
Industrial		12.2
Health Care		10.0
Office		9.9
Storage		9.2
Shopping Centers		4.5
Regional Malls		4.0
Hotels		3.6
Short-Term Investments		4.6

***

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



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders MSCI US REIT ETF
Net Asset Value		June 15, 2018		24.90%		40.36%		12.74%
Market Price				24.65%		40.15%		12.71%

*	Not annualized.

LIFE OF FUND PERFORMANCE (6/15/18 TO 8/31/21)

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 and the MSCI US REIT Custom Capped Index from June 15, 2018 to August 31, 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 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 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.

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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%

Apartments — 24.5%
Agree Realty Corp., REIT		78,052		5,818,777
American Campus Communities, Inc., REIT		167,758		8,530,494
American Homes 4 Rent, Class A, REIT		352,814		14,797,019
Apartment Income REIT Corp., REIT		190,825		9,697,727
Apartment Investment and Management Co., Class A, REIT		182,604		1,311,097
AvalonBay Communities, Inc., REIT		169,869		38,998,525
Camden Property Trust, REIT		118,862		17,834,055
Centerspace, REIT		16,084		1,627,379
Equity LifeStyle Properties, Inc., REIT		210,748		17,928,332
Equity Residential, REIT		432,342		36,346,992
Essential Properties Realty Trust, Inc., REIT (a)		142,970		4,633,658
Essex Property Trust, Inc., REIT (a)		79,092		26,158,888
Four Corners Property Trust, Inc., REIT		92,687		2,651,775
Getty Realty Corp., REIT		45,929		1,452,734
Independence Realty Trust, Inc., REIT		124,291		2,545,480
Invitation Homes, Inc., REIT		690,726		28,444,097
Mid-America Apartment Communities, Inc., REIT		139,311		26,799,257
National Retail Properties, Inc., REIT		213,645		10,171,638
NETSTREIT Corp., REIT		47,947		1,239,909
NexPoint Residential Trust, Inc., REIT		27,515		1,782,697
Realty Income Corp., REIT		454,500		32,823,990
Spirit Realty Capital, Inc., REIT		139,888		7,242,002
STORE Capital Corp., REIT		296,230		10,685,016
Sun Communities, Inc., REIT		136,074		27,417,550
UDR, Inc., REIT		361,194		19,511,700


				356,450,788


Diversified — 19.2%
Alexander & Baldwin, Inc., REIT		88,182		1,841,240
American Finance Trust, Inc., REIT		132,448		1,141,702
Armada Hoffler Properties, Inc., REIT		73,387		985,587
Broadstone Net Lease, Inc., REIT		177,427		4,861,500
CoreSite Realty Corp., REIT		52,305		7,760,493
CyrusOne, Inc., REIT		149,103		11,477,949
Digital Realty Trust, Inc., REIT		342,639		56,161,958
DigitalBridge Group, Inc., REIT* (a)		591,883		4,083,993
Duke Realty Corp., REIT		456,288		23,959,683
EPR Properties, REIT (a)		90,980		4,617,235
Equinix, Inc., REIT		109,006		91,941,111
Gaming and Leisure Properties, Inc., REIT		269,100		13,266,630
GEO Group, Inc. (The), REIT (a)		148,001		1,147,008
Gladstone Commercial Corp., REIT		44,287		1,002,215
Global Net Lease, Inc., REIT		116,076		1,973,292
iStar, Inc., REIT (a)		89,117		2,357,145
Lexington Realty Trust, REIT (a)		337,824		4,570,759
One Liberty Properties, Inc., REIT (a)		20,178		642,467
PS Business Parks, Inc., REIT		25,122		3,949,932
Safehold, Inc., REIT (a)		19,442		1,742,198


INVESTMENTS	SHARES		VALUE($)


Diversified — continued
UMH Properties, Inc., REIT		54,976		1,302,931
VICI Properties, Inc., REIT (a)		653,478		20,199,005
Washington, REIT (a)		102,922		2,587,459
WP Carey, Inc., REIT		216,554		16,917,198


				280,490,690


Health Care — 10.4%
CareTrust REIT, Inc., REIT		117,770		2,589,762
Community Healthcare Trust, Inc., REIT		28,229		1,369,389
Diversified Healthcare Trust, REIT		289,924		1,087,215
Global Medical REIT, Inc., REIT (a)		70,272		1,083,594
Healthcare Realty Trust, Inc., REIT		172,374		5,176,391
Healthcare Trust of America, Inc., Class A, REIT		266,271		8,076,000
Healthpeak Properties, Inc., REIT		655,778		23,608,008
LTC Properties, Inc., REIT		47,898		1,652,960
Medical Properties Trust, Inc., REIT		715,731		14,658,171
National Health Investors, Inc., REIT		53,001		3,170,520
Omega Healthcare Investors, Inc., REIT		286,387		9,602,556
Physicians Realty Trust, REIT		262,188		4,853,100
Sabra Health Care REIT, Inc., REIT		262,749		4,203,984
Universal Health Realty Income Trust, REIT		16,753		992,280
Ventas, Inc., REIT		456,475		25,535,212
Welltower, Inc., REIT		508,046		44,469,266


				152,128,408


Hotels — 3.8%
Apple Hospitality REIT, Inc., REIT		258,538		3,821,192
Chatham Lodging Trust, REIT*		59,159		709,908
DiamondRock Hospitality Co., REIT*		255,840		2,312,794
Host Hotels & Resorts, Inc., REIT*		859,176		14,227,954
MGM Growth Properties LLC, Class A, REIT		186,642		7,738,177
Park Hotels & Resorts, Inc., REIT*		287,767		5,507,860
Pebblebrook Hotel Trust, REIT		159,872		3,521,980
RLJ Lodging Trust, REIT		200,677		2,895,769
Ryman Hospitality Properties, Inc., REIT*		63,655		5,287,821
Service Properties Trust, REIT		200,556		2,292,355
Summit Hotel Properties, Inc., REIT*		129,130		1,203,492
Sunstone Hotel Investors, Inc., REIT*		263,118		3,049,538
Xenia Hotels & Resorts, Inc., REIT*		138,475		2,412,234


				54,981,074


Industrial — 12.7%
Americold Realty Trust, REIT		307,292		11,289,908
EastGroup Properties, Inc., REIT		48,702		8,779,022
First Industrial Realty Trust, Inc., REIT		157,122		8,797,261
Industrial Logistics Properties Trust, REIT		79,462		2,179,643
Innovative Industrial Properties, Inc., REIT (a)		29,113		7,159,178

SEE NOTES TO FINANCIAL STATEMENTS.



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial — continued
Monmouth Real Estate Investment Corp., REIT		113,637		2,156,830
Prologis, Inc., REIT		900,166		121,216,353
Rexford Industrial Realty, Inc., REIT		163,120		10,102,022
STAG Industrial, Inc., REIT		194,307		8,209,471
Terreno Realty Corp., REIT		84,647		5,655,266


				185,544,954


Office — 10.3%
Alexandria Real Estate Equities, Inc., REIT		170,513		35,188,768
American Assets Trust, Inc., REIT		62,547		2,490,621
Boston Properties, Inc., REIT		180,417		20,385,317
Brandywine Realty Trust, REIT		207,900		2,885,652
City Office REIT, Inc., REIT		52,808		843,344
Columbia Property Trust, Inc., REIT		139,777		2,337,071
Corporate Office Properties Trust, REIT		136,678		3,851,586
Cousins Properties, Inc., REIT		180,884		6,974,887
Douglas Emmett, Inc., REIT (a)		213,513		7,048,064
Easterly Government Properties, Inc., REIT		102,053		2,180,873
Empire State Realty Trust, Inc., Class A, REIT (a)		177,823		1,826,242
Equity Commonwealth, REIT		148,358		3,907,750
Franklin Street Properties Corp., REIT		124,068		595,526
Highwoods Properties, Inc., REIT		126,612		5,784,902
Hudson Pacific Properties, Inc., REIT (a)		183,681		4,845,505
JBG SMITH Properties, REIT		144,008		4,338,961
Kilroy Realty Corp., REIT		127,528		8,372,213
Mack-Cali Realty Corp., REIT*		88,320		1,579,162
Office Properties Income Trust, REIT		58,792		1,559,752
Paramount Group, Inc., REIT		213,141		1,888,429
Piedmont Office Realty Trust, Inc., Class A, REIT		150,918		2,689,359
SL Green Realty Corp., REIT (a)		84,388		5,913,911
VEREIT, Inc., REIT		278,809		14,088,219
Vornado Realty Trust, REIT		198,030		8,293,496


				149,869,610


Regional Malls — 4.1%
Macerich Co. (The), REIT (a)		251,297		4,292,153
Simon Property Group, Inc., REIT		399,765		53,748,404
Tanger Factory Outlet Centers, Inc., REIT (a)		122,663		2,050,925


				60,091,482


Shopping Centers — 4.7%
Acadia Realty Trust, REIT		105,022		2,228,567
Alexander’s, Inc., REIT		2,797		744,841
Brixmor Property Group, Inc., REIT		361,340		8,473,423
Federal Realty Investment Trust, REIT		85,155		10,369,324
Kimco Realty Corp., REIT		709,984		15,470,551
Kite Realty Group Trust, REIT		102,806		2,082,850


INVESTMENTS	SHARES		VALUE($)


Shopping Centers — continued
Regency Centers Corp., REIT		186,022		12,764,830
Retail Opportunity Investments Corp., REIT		144,530		2,613,102
Retail Properties of America, Inc., Class A, REIT		261,288		3,454,227
RPT Realty, REIT		98,766		1,278,032
Saul Centers, Inc., REIT		17,156		790,549
Seritage Growth Properties, Class A, REIT*		46,827		757,193
SITE Centers Corp., REIT		205,428		3,309,445
Urban Edge Properties, REIT (a)		142,397		2,696,999
Urstadt Biddle Properties, Inc., Class A, REIT		36,623		698,767


				67,732,700


Storage — 9.6%
CubeSmart, REIT		245,209		13,118,681
Extra Space Storage, Inc., REIT		162,723		30,414,556
Iron Mountain, Inc., REIT (a)		351,328		16,775,912
Life Storage, Inc., REIT		93,516		11,637,131
National Storage Affiliates Trust, REIT		100,900		5,776,525
Public Storage, REIT		191,626		62,012,090


				139,734,895

Total Common Stocks (Cost $1,298,209,178)				1,447,024,601


Short-Term Investments — 4.8%

Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $11,801,317)		11,801,317		11,801,317


Investment of Cash Collateral From Securities Loaned — 4.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.07% (b) (c)		51,798,872		51,798,872
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		6,815,695		6,815,695

Total Investment of Cash Collateral From Securities Loaned (Cost $58,615,447)				58,614,567

Total Short-Term Investments (Cost $70,416,764)				70,415,884

Total Investments — 104.1% (Cost $1,368,625,942)				1,517,440,485
Liabilities in Excess of Other Assets — (4.1)%				(59,668,769	)

NET ASSETS — 100.0%				1,457,771,716

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at August 31, 2021. The total value of securities on loan at August 31, 2021 is $57,652,120.
(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 August 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of August 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

DJ US Real Estate Index

239

09/2021

USD

10,133,600

512,870

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

STATEMENT OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2021 (Unaudited)


	JPMorgan BetaBuilders MSCI US REIT ETF
ASSETS:
Investments in non-affiliates, at value	$	1,447,024,601
Investments in affiliates, at value		11,801,317
Investments of cash collateral received from securities loaned, at value (See Note 2.B.)		58,614,567
Cash		236
Deposits at broker for futures contracts		1,169,000
Receivables:
Investment securities sold		7,570,075
Fund shares sold		20,496,037
Dividends from non-affiliates		707,732
Dividends from affiliates		8
Securities lending income (See Note 2.B.)		4,852
Variation margin on futures contracts		101,532

Total Assets		1,547,489,957


LIABILITIES:
Payables:
Investment securities purchased		30,970,243
Collateral received on securities loaned (See Note 2.B.)		58,614,567
Accrued liabilities:
Management fees (See Note 3.A.)		133,431

Total Liabilities		89,718,241

Net Assets	$	1,457,771,716


NET ASSETS:
Paid-in-Capital	$	1,265,644,536
Total distributable earnings (loss)		192,127,180

Total Net Assets	$	1,457,771,716


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		14,225,000

Net asset value, per share	$	102.48


Cost of investments in non-affiliates	$	1,298,209,178
Cost of investments in affiliates		11,801,317
Investment securities on loan, at value (See Note 2.B.)		57,652,120
Cost of investment of cash collateral (See Note 2.B.)		58,615,447

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)


	JPMorgan BetaBuilders MSCI US REIT ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	16,929,110
Dividend income from affiliates		766
Income from securities lending (net) (See Note 2.B.)		50,009

Total investment income		16,979,885


EXPENSES:
Management fees (See Note 3.A.)		774,205
Interest expense to non-affiliates		1,373

Total expenses		775,578

Net investment income (loss)		16,204,307


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,797,758
In-kind redemptions of investments in non-affiliates (See Note 4)		43,619,051
Futures contracts		1,844,471

Net realized gain (loss)		49,261,280

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		233,550,703
Investments in affiliates		(880	)
Futures contracts		223,073

Change in net unrealized appreciation/depreciation		233,772,896

Net realized/unrealized gains (losses)		283,034,176

Change in net assets resulting from operations	$	299,238,483

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan BetaBuilders MSCI US REIT ETF
	Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,204,307		$	26,168,486
Net realized gain (loss)		49,261,280			(56,950,563	)
Change in net unrealized appreciation/depreciation		233,772,896			(1,730,474	)

Change in net assets resulting from operations		299,238,483			(32,512,551	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(7,103,636	)		(32,859,372	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		221,513,954			(196,802,655	)


NET ASSETS:
Change in net assets		513,648,801			(262,174,578	)
Beginning of period		944,122,915			1,206,297,493

End of period	$	1,457,771,716		$	944,122,915


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	475,855,299		$	405,994,191
Cost of shares redeemed		(254,341,345	)		(602,796,846	)

Total change in net assets resulting from capital transactions	$	221,513,954		$	(196,802,655	)


SHARE TRANSACTIONS:
Issued		5,425,000			5,500,000
Redeemed		(2,650,000	)		(8,650,000	)

Net increase (decrease) in shares from share transactions		2,775,000			(3,150,000	)

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

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
Six Months Ended August 31, 2021 (Unaudited)	$	82.46	$	1.09	$	19.39		$	20.48	$	(0.46	)	$	—		$	(0.46	)
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)

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 on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(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.



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 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)


$	102.48	$	102.40		24.90	%		24.65	%	$	1,457,771,716		0.11	%		2.30	%		0.11	%		2	%
	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.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited)

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).



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 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)	$	1,517,440,485	$	—	$	—	$	1,517,440,485

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	512,870	$	—	$	—	$	512,870

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

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

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 August 31, 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)
$	57,652,120	$	(57,652,120	)	$	—

*	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 0.12% to 0.06%. For the six months ended August 31, 2021, JPMIM waived fees associated with the Fund’s investment in the JPMorgan U.S. Government Money Market Fund as follows:


		$	2,309

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).



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

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


For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2021		Shares at August 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.07% (a)(b)	$	36,809,152	$	191,000,000	$	176,000,000	$	(9,400	)*	$	(880	)	$	51,798,872		51,798,872	$	31,441	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		—		19,457,111		7,655,794		—			—			11,801,317		11,801,317		491			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		3,725,951		52,780,905		49,691,161		—			—			6,815,695		6,815,695		1,016	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		9,743,503		18,745,011		28,488,514		—			—			—		—		275			—

Total	$	50,278,606	$	281,983,027	$	261,835,469	$	(9,400	)	$	(880	)	$	70,415,884			$	33,223		$	—

(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 August 31, 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).



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended August 31, 2021:


Futures Contracts — Equity:
Average Notional Balance Long	$	9,974,386
Ending Notional Balance Long		10,133,600

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income 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 August 31, 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, or since inception if shorter, 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.

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 is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through the Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to the Adviser, the Adviser will reimburse the Fund for such amount.

B. Administration Fee — JPMIM provides administration services to the Fund. Pursuant to the Management Agreement for the Fund, JPMIM is compensated as described in Note 3.A.

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

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Fund. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.

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

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

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



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

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 six months ended August 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:


Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	42,735,532	$	28,097,553

During the six months ended August 31, 2021, there were no purchases or sales of U.S. Government securities.

For the six months ended August 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


In-Kind Creations		In-Kind Redemptions
$	469,126,195	$	250,844,902

During the six months ended August 31, 2021, the Fund delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2021 were as follows:


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	1,368,625,942	$	206,870,201	$	57,542,788	$	149,327,413

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.



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

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.

As of August 31, 2021, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:


JPMorgan SmartRetirement Blend Funds			JPMorgan SmartRetirement Funds
	45.3	%		24.7	%

Significant shareholder transactions by these shareholders may impact the Fund’s performance and liquidity.

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 invests 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.

8. Other Matters

If shareholder approval is obtained for all of the J.P. Morgan Funds, this will result in a unified board structure across all of the J.P. Morgan Funds.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

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 March 1, 2021 and continued to hold your shares at the end of the reporting period, August 31, 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 March 1, 2021		Ending Account Value August 31, 2021		Annualized Expense Ratio*			Expenses Paid During the Period
JPMorgan BetaBuilders MSCI US REIT ETF
Actual	$	1,000.00	$	1,249.00		0.11	%	$	0.62
Hypothetical		1,000.00		1,024.65		0.11			0.56

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



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Fund has adopted the J.P. Morgan Exchange-Traded Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Liquidity Risk for each of the applicable J.P. Morgan Exchange-Traded Funds (each, a “Fund”; collectively, the “Funds”). “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on March 9, 2021, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of an HLIM, if any, for a particular Fund. There were no material changes to the Program during the Program Reporting Period.

Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “illiquid investments” (as defined under the Liquidity Rule)); (4) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including oversight during the COVID-19 pandemic; (5) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule); (6) whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (7) whether the Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (8) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily classifications of each Fund’s investments; and (2) perform additional stress testing. The Report summarized the daily liquidity monitoring of premium/discount levels during March 2020, noting these levels did not have a material impact on the efficiency of the arbitrage functions. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.



AUGUST 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

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. August 2021.		SAN-RETF-821

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.

Not applicable to a semi-annual 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.

(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)).

(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 to a semi-annual report.

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.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

U.S.C. 78c(a)(58)(B)), so state.

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

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant`s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(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.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(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.

(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/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		November 1, 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/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		November 1, 2021

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		November 1, 2021

J.P. Morgan Exchange - Traded Fund Trust - Betabuilders U S Treasury Bond 20+ Year Etf (BBLB) N-CSRSCertified semi-annual shareholder report (management investment company)