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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22903

J.P. Morgan Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to:


Elizabeth A. Davin, Esq.		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: October 31

Date of reporting period: November 1, 2020 through October 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.

Annual Report

J.P. Morgan Exchange-Traded Funds

October 31, 2021


	Ticker	Listing Exchange
JPMorgan ActiveBuilders Emerging Markets Equity ETF (formerly known as JPMorgan Emerging Markets Equity Core ETF)	JEMA	Cboe BZX Exchange, Inc.
JPMorgan ActiveBuilders International Equity ETF	JIDA	NYSE Arca, Inc.
JPMorgan BetaBuilders Canada ETF	BBCA	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Developed Asia ex-Japan ETF	BBAX	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Europe ETF	BBEU	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders International Equity ETF	BBIN	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Japan ETF	BBJP	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Equity ETF	BBUS	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	BBMC	NYSE Arca
JPMorgan BetaBuilders U.S. Small Cap Equity ETF	BBSC	NYSE Arca
JPMorgan Carbon Transition U.S. Equity ETF	JCTR	NYSE Arca
JPMorgan Diversified Return Emerging Markets Equity ETF	JPEM	NYSE Arca
JPMorgan Diversified Return International Equity ETF	JPIN	NYSE Arca
JPMorgan Diversified Return U.S. Equity ETF	JPUS	NYSE Arca
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	JPME	NYSE Arca
JPMorgan Diversified Return U.S. Small Cap Equity ETF	JPSE	NYSE Arca
JPMorgan International Growth ETF	JIG	NYSE Arca
JPMorgan U.S. Dividend ETF	JDIV	NYSE Arca
JPMorgan U.S. Minimum Volatility ETF	JMIN	NYSE Arca
JPMorgan U.S. Momentum Factor ETF	JMOM	NYSE Arca
JPMorgan U.S. Quality Factor ETF	JQUA	NYSE Arca
JPMorgan U.S. Value Factor ETF	JVAL	NYSE Arca

CONTENTS


President’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan ActiveBuilders Emerging Markets Equity ETF (formerly known as JPMorgan Emerging Markets Equity Core ETF)			3

JPMorgan ActiveBuilders International Equity ETF			6

JPMorgan BetaBuilders Canada ETF			9

JPMorgan BetaBuilders Developed Asia ex-Japan ETF			11

JPMorgan BetaBuilders Europe ETF			13

JPMorgan BetaBuilders International Equity ETF			15

JPMorgan BetaBuilders Japan ETF			17

JPMorgan BetaBuilders U.S. Equity ETF			19

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF			21

JPMorgan BetaBuilders U.S. Small Cap Equity ETF			23

JPMorgan Carbon Transition U.S. Equity ETF			25

JPMorgan Diversified Return Emerging Markets Equity ETF			27

JPMorgan Diversified Return International Equity ETF			30

JPMorgan Diversified Return U.S. Equity ETF			33

JPMorgan Diversified Return U.S. Mid Cap Equity ETF			36

JPMorgan Diversified Return U.S. Small Cap Equity ETF			39

JPMorgan International Growth ETF			42

JPMorgan U.S. Dividend ETF			45

JPMorgan U.S. Minimum Volatility ETF			47

JPMorgan U.S. Momentum Factor ETF			49

JPMorgan U.S. Quality Factor ETF			51

JPMorgan U.S. Value Factor ETF			53

Schedules of Portfolio Investments			55

Financial Statements			205

Financial Highlights			228

Notes to Financial Statements			234

Report of Independent Registered Public Accounting Firm			270

Trustees			272

Officers			273

Schedule of Shareholder Expenses			274

Tax Letter			276

Board Approval of Initial Management Agreement			277

Special Shareholder Meeting Results			279

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 the Fund’s share price is lower than when you invested.

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

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

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

PRESIDENT’S LETTER

December 14, 2021 (Unaudited)

Dear Shareholder,

Equity markets generated strong returns as the global economy’s rebound from 2020 gained momentum on the back of mass vaccinations, continued support from leading central banks and a rising tide of consumer demand throughout the twelve months ended October 31, 2021. While supply chain bottlenecks, rising inflationary pressures and the emergence and spread of COVID-19 variants fed intermittent volatility in financials markets — particularly in the second half of the reporting period — the overall trajectory of the global economy remained positive.

“As 2022 approaches, the global economy appears poised to continue growing as the private sector rebuilds inventories and economic data show signs of building momentum.”

– Brian S. Shlissel

During the twelve-month period, J.P. Morgan Exchange Traded Funds extended its array of investment solutions with the launch of the our ActiveBuilders suite of ETFs, including JPMorgan ActiveBuilders International Equity ETF (JIDA) and JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA). Each ActiveBuilders ETF employs the expertise of the JPM Global Equities platform’s qualitative and quantitative insights. The ActiveBuilders core equity ETFs seek to improve investor returns and better manage risk across the U.S., international developed and emerging markets within a transparent ETF structure. Meanwhile, total net assets under management for all JPMorgan ETFs reached $68 billion at October 31, 2021.¹

¹	JPMorgan Asset Management, December 8, 2021.

As 2022 approaches, the global economy appears poised to continue growing as the private sector rebuilds inventories and economic data show signs of building momentum. However, uneven vaccination rates and the emergence of the omicron variant of COVID-19 are providing a headwind for global growth, while supply chain shortages and inflation may hasten the transition of leading central banks away from accommodative monetary policies.

Regardless of the economic environment, our diversified platform of innovative investment solutions is designed to equip investors with the tools to build durable portfolios that can serve to meet their financial goals.

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



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

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

Globally, equity markets outperformed fixed income markets by a wide margin amid a global economic rebound from the initial economic shock of the pandemic. While the development and distribution of multiple vaccines unleashed a sharp increase in economic activity in the first half of the period, uneven success against the pandemic, supply chain constraints and inflationary pressure weighed on growth in the latter part of the period. Overall, U.S. equity outperformed both developed market and emerging market equities.

For the twelve months ended October 31, 2021, the S&P 500 returned 42.91%; the MSCI EAFE Index returned 34.18% and the MSCI Emerging Markets Index returned 16.96%. Within fixed income, the Bloomberg U.S. Aggregate Index returned -0.48%, the Bloomberg U.S. High Yield Index returned 10.53% and the Bloomberg Emerging Markets Index returned 3.01% for the period.

At the start of the period, global equity prices began to rebound amid development of the first vaccines against COVID-19 and its leading variants. The rally in equity prices was largely led by investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of

2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on equity markets in June.

In the following months global economic growth was increasingly hindered by uneven progress against the pandemic, supply chain bottlenecks and rising prices for both commodities and finished goods. Energy prices rose sharply amid a rebound in demand, which helped petroleum exporting nations but weighed on the economies of net importers. Extended inflationary pressures led to modest divergence in central bank policies at the end of the period. Leading central banks maintained their ultra-low interest rate policies, while monetary authorities in select nations, including Brazil, Norway and New Zealand, raised rates to head off rising prices.

Global equity prices largely continued their upward trajectory in the final months of the period, with the exception of a modest retreat in September 2021. While developed markets equity and emerging markets equity generally provided positive returns, equity markets slumped in select nations facing political unrest and/or rapidly rising inflationary pressures. Notably, equity prices in China were weighed down by real estate company China Evergrande’s struggles to meet debt payments as investors worried about the potential impact on financial markets. Additionally, shares of large information technology companies in China were hurt by investor uncertainty over increased domestic regulatory scrutiny.



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

JPMorgan ActiveBuilders Emerging Markets Equity ETF

(formerly known as JPMorgan Emerging Markets Equity Core ETF)¹

FUND COMMENTARY

FOR THE PERIOD MARCH 10, 2021 (INCEPTION DATE) THROUGH OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		(0.17)%
Market Price**		0.35%
MSCI Emerging Markets Index		(3.00)%

Net Assets as of 10/31/2021	$	325,863,960
Fund Ticker		JEMA

INVESTMENT OBJECTIVE***

The JPMorgan ActiveBuilders Emerging Markets Equity ETF (the “Fund”) seeks to provide long term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities and equity-related instruments that are economically tied to emerging markets and seeks to outperform the MSCI Emerging Markets Index (the “Index”) over time while maintaining similar risk characteristics. The Fund allocates investments to the adviser’s actively managed emerging market equity strategies across countries, regions and styles and may invest across all market capitalizations.

HOW DID THE FUND PERFORM?

For the period from inception on March 10, 2021 to October 31, 2021, the Fund had a negative absolute return and outperformed the Index.

Relative to the Index, the Fund’s security selections in the information technology and consumer discretionary sectors were leading contributors to performance, while the Fund’s underweight positions in the energy and utilities sectors were leading detractors from relative performance.

By country, the Fund’s security selections in China and Taiwan were leading contributors to performance relative to the Index. The Fund’s underweight position in Saudi Arabia and its overweight position in Hong Kong were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Chailease Holding Co., its out-of-Index position in EPAM Systems Inc. and its

underweight position in Alibaba Group Holding Ltd. Shares of Chailease Holding, a Taiwan provider of financing and leasing, rose amid stable loan growth and improving asset quality during the period. Shares of EPAM Systems, a global provider of software development and digital platform services that largely operates from Belarus, rose amid several consecutive quarters of better-than-expected earnings during the period. Shares of Alibaba Group Holding, a Chinese electronic commerce conglomerate, fell amid tighter regulatory scrutiny of large technology companies in China as well as broader investor concerns about China Evergrande Group’s struggles to meet debt payments.

Leading individual detractors from relative performance included the Fund’s underweight positions in Infosys Ltd., Tata Consultancy Services Ltd. and BYD Co. Shares of Infosys, an Indian technology services and consulting company, rose after the company reported better-than-expected results for the first and second quarters of 2021. Shares of Tata Consultancy, an Indian technology services and consulting company, rose after the company reported strong earnings growth in the first and second quarters of 2021. Shares of BYD, a Chinese manufacturer of rechargeable batteries that was not held in the Fund, rose amid rising demand from electric vehicle manufacturers.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the financials and consumer staples sectors and its largest underweight allocations were to the materials and energy sectors. By country, the Fund’s largest overweight allocations were to Hong Kong, Russia and Taiwan and its largest underweight positions were in China and South Korea.

¹	Renamed, effective July 8, 2021.



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

JPMorgan ActiveBuilders Emerging Markets Equity ETF

(formerly known as JPMorgan Emerging Markets Equity Core ETF)

FUND COMMENTARY

FOR THE PERIOD MARCH 10, 2021 (INCEPTION DATE) THROUGH OCTOBER 31, 2021 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		5.3	%
	2.	Tencent Holdings Ltd. (China)		3.7
	3.	Alibaba Group Holding Ltd. (China)		3.1
	4.	Samsung Electronics Co. Ltd. (South Korea)		3.0
	5.	Infosys Ltd. (India)		1.6
	6.	Meituan (China)		1.5
	7.	China Merchants Bank Co. Ltd., Class H (China)		1.5
	8.	Housing Development Finance Corp. Ltd. (India)		1.5
	9.	Sberbank of Russia PJSC, ADR (Russia)		1.4
	10.	NetEase, Inc. (China)		1.1


PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
China		33.4	%
Taiwan		16.5
South Korea		10.8
India		10.8
Russia		6.6
Brazil		3.0
Mexico		2.9
South Africa		2.7
Hong Kong		2.1
Indonesia		1.6
United States		1.4
Saudi Arabia		1.4
Thailand		1.2
Others (each less than 1.0%)		4.1
Short-Term Investments		1.5

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 $47.92 as of October 31, 2021.

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of October 31, 2021, the closing price was $48.17.

***

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



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan ActiveBuilders Emerging Markets Equity ETF
Net Asset Value		March 10, 2021		(0.17)%
Market Price				0.35%

LIFE OF FUND PERFORMANCE (3/10/21 TO 10/31/21)

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 10, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders Emerging Markets Equity ETF and MSCI Emerging Markets Index from March 10, 2021 to October 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 Emerging Markets 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. MSCI Emerging Markets Index is a free float adjusted market capitalization-weighted index measuring emerging market equity performance. Investors cannot invest directly in an index.

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.

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.



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

JPMorgan ActiveBuilders International Equity ETF

FUND COMMENTARY

FOR THE PERIOD JULY 7, 2021 (INCEPTION DATE) THROUGH OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		2.15%
Market Price**		2.52%
MSCI EAFE Index		1.41%

Net Assets as of 10/31/2021	$	29,419,956
Fund Ticker		JIDA

INVESTMENT OBJECTIVE***

The JPMorgan ActiveBuilders International Markets Equity ETF (the “Fund”) seeks to provide long term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities and equity-related instruments across market capitalizations of foreign companies and seeks to outperform the MSCI EAFE Index (the “Index”) over time while maintaining similar risk characteristics. The Fund allocates investments opportunistically in the adviser’s actively managed international equity strategies, including country, region and styles strategies.

HOW DID THE FUND PERFORM?

For the period from inception on July 7, 2021 to October 31, 2021, the Fund had a positive absolute return and outperformed the Index.

Relative to the Index, the Fund’s security selections in the health care and information technology sectors were leading contributors to performance, while the Fund’s security selections in the consumer discretionary and materials sectors were leading detractors from relative performance.

By country, the Fund’s security selections in Japan and France were leading contributors to performance relative to the Index. The Fund’s out-of-Index position in China and its security selection in Australia were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Novo Nordisk A/S, Sea Ltd. and Capgemini SE. Shares of Novo Nordisk, a Danish

pharmaceuticals company, rose after the company reported earnings growth for the first quarter of 2021 and raised its 2021 forecast for earnings and revenue. Shares of Sea, a Singapore internet and mobile platform provider, rose as the company continued to increase its market share during the period. Shares of Capgemini, a French provider of technology consulting and outsourcing services, rose amid growth in revenue and earnings during the period.

Leading individual detractors from relative performance included the Fund’s out-of-Index positions in Samsung Electronics Co. and Alibaba Group Holding Ltd., and its overweight position in BHP Group Ltd. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer, fell amid a global shortage of semiconductors. Shares of Alibaba Group Holding, a Chinese electronic commerce conglomerate, fell amid tighter regulatory scrutiny of large technology companies in China as well as broader investor concerns about China Evergrande Group’s struggles to meet debt payments. Shares of BHP Group, an Australian mining and metals company, fell amid quarterly declines in production and news that the company was negotiating to sell its petroleum extraction business to Woodside Petroleum Ltd.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest overweight allocations relative to the Index were to the financials and industrials sectors and its largest underweight allocations were to the real estate and consumer staples sectors. By country, the Fund’s largest overweight allocations were to the Netherlands and Denmark and its largest underweight positions were in Australia and Japan.



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	ASML Holding NV (Netherlands)		2.8	%
	2.	Nestle SA (Registered) (Switzerland)		2.7
	3.	Novo Nordisk A/S, Class B (Denmark)		2.1
	4.	LVMH Moet Hennessy Louis Vuitton SE (France)		2.0
	5.	Diageo plc (United Kingdom)		1.5
	6.	Keyence Corp. (Japan)		1.4
	7.	Sony Group Corp. (Japan)		1.4
	8.	L’Oreal SA (France)		1.3
	9.	Novartis AG (Registered) (Switzerland)		1.2
	10.	Allianz SE (Registered) (Germany)		1.2


PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		19.3	%
United Kingdom		12.1
France		11.6
Switzerland		9.3
Germany		8.7
Netherlands		6.4
Australia		4.2
Denmark		4.1
Sweden		3.3
United States		2.6
Hong Kong		2.3
Spain		2.1
China		1.4
Taiwan		1.2
Italy		1.2
South Korea		1.1
Finland		1.1
Singapore		1.1
Others (each less than 1.0%)		5.0
Short-Term Investments		1.9

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $49.21.

***

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



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

JPMorgan ActiveBuilders International Equity ETF

FUND COMMENTARY

FOR THE PERIOD JULY 7, 2021 (INCEPTION DATE) THROUGH OCTOBER 31, 2021 (Unaudited) (continued)


TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan ActiveBuilders International Equity ETF
Net Asset Value		July 7, 2021		2.15%
Market Price				2.52%

LIFE OF FUND PERFORMANCE (7/7/21 TO 10/31/21)

Fund commenced operations on July 7, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders International Equity ETF and MSCI EAFE Index from July 7, 2021 to October 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 EAFE 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. MSCI EAFE Index is

a free float-adjusted market capitalization weighted index measuring equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

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



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		50.77%
Market Price**		50.84%
Morningstar^® Canada Target Market Exposure Index^SM		50.37%

Net Assets as of 10/31/2021	$	6,071,268,619
Fund Ticker		BBCA

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Canada ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Canada Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of stocks traded primarily on the Toronto Stock Exchange. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, the Fund performed in line with the Underlying Index, before considering the effects of differences in the timing of foreign exchange rate calculations, operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and energy sectors were leading contributors to absolute performance, while their exposures to the real estate and health care sectors were the smallest contributors and no sector detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and energy sectors and their smallest allocations were to the real estate and health care sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Shopify, Inc., Class A		7.5	%
	2.	Royal Bank of Canada		6.8
	3.	Toronto-Dominion Bank (The)		6.1
	4.	Brookfield Asset Management, Inc., Class A		4.0
	5.	Enbridge, Inc.		3.9
	6.	Canadian National Railway Co.		3.7
	7.	Bank of Nova Scotia (The)		3.6
	8.	Bank of Montreal		3.2
	9.	Canadian Imperial Bank of Commerce		2.5
	10.	TC Energy Corp.		2.4


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		34.8	%
Energy		13.5
Information Technology		10.9
Industrials		10.8
Materials		8.7
Consumer Staples		3.4
Consumer Discretionary		3.2
Utilities		3.0
Communication Services		2.7
Others (each less than 1.0%)		0.9
Short-Term Investments		8.1

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of October 31, 2021, the closing price was $67.98.

***

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



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

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan BetaBuilders Canada ETF
Net Asset Value		August 7, 2018		50.77	%		13.07	%
Market Price				50.84	%		13.16	%

LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/21)

LOGO

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar^® Canada Target Market Exposure Index^SM from August 7, 2018 to October 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 Morningstar^® Canada Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Canada Target Market Exposure Index^SM is a free float adjusted market

capitalization weighted index which consists of stocks traded primarily on the Toronto Stock Exchange. Investors cannot invest directly in an index.

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



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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*.		31.14%
Market Price**		31.26%
Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM		31.06%

Net Assets as of 10/31/2021	$	4,113,118,547
Fund Ticker		BBAX

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Developed Asia ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of equity securities from developed Asia Pacific countries other than Japan, including: Australia, Hong Kong, New Zealand and Singapore. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and real estate sectors were leading contributors to absolute performance, while their exposures to the utilities and consumer staples sectors were the smallest contributors and no sectors detracted from absolute performance. By country, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading contributors to absolute performance, while their exposures to Singapore and New Zealand were the smallest contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and materials sectors and their smallest allocations were to the information technology and energy sectors. The Fund and the Underlying Index were mainly invested in four equity markets during the

reporting period; the largest allocations were to Australia and Hong Kong, followed by Singapore and New Zealand.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	AIA Group Ltd. (Hong Kong)		6.6	%
	2.	Commonwealth Bank of Australia (Australia)		6.6
	3.	CSL Ltd. (Australia)		5.1
	4.	BHP Group Ltd. (Australia)		4.0
	5.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		3.5
	6.	National Australia Bank Ltd. (Australia)		3.5
	7.	Westpac Banking Corp. (Australia)		3.5
	8.	Australia & New Zealand Banking Group Ltd. (Australia)		3.0
	9.	Macquarie Group Ltd. (Australia)		2.5
	10.	Wesfarmers Ltd. (Australia)		2.4


PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Australia		59.2	%
Hong Kong		21.2
Singapore		9.6
New Zealand		2.4
China		1.2
Macau		1.0
Others (each less than 1.0%)		1.8
Short-Term Investments		3.6

***

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



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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Net Asset Value		August 7, 2018		31.14	%		7.51	%
Market Price				31.26	%		7.63	%

LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/21)

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia ex-Japan ETF and Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM from August 7, 2018 to October 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 Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM is a free float adjusted market capitalization-weighted index that consists of equity securities from

developed Asia-Pacific countries or regions other than Japan, including Australia, Hong Kong, New Zealand, and Singapore. Investors cannot invest directly in an index.



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

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		41.54%
Market Price**		41.77%
Morningstar^® Developed Europe Target Market Exposure Index^SM		41.39%

Net Assets as of 10/31/2021	$	9,427,453,378
Fund Ticker		BBEU

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of equity securities from developed European countries or regions, including Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the U.K. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

The Fund’s and the Underlying Index’s exposures to the financials and industrials sectors were leading contributors to absolute performance, while their exposures to the real estate and communication services sectors were the smallest contributors and no sector detracted from absolute performance.

By country, the Fund’s and the Underlying Index’s exposures to the U.K. and France were leading contributors to absolute performance, while their exposures to Poland and Portugal were the smallest contributors and no country detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and industrials sectors and their smallest allocations were to the real estate and communications services sectors. The Fund’s and the Underlying Index’s largest country allocations were to the U.K. and France and the smallest allocations were to Poland and Portugal.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)	3.2%
	2.	ASML Holding NV (Netherlands)	2.9
	3.	Roche Holding AG (Switzerland)	2.4
	4.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.8
	5.	Novartis AG (Registered) (Switzerland)	1.7
	6.	AstraZeneca plc (United Kingdom)	1.7
	7.	Novo Nordisk A/S, Class B (Denmark)	1.5
	8.	SAP SE (Germany)	1.4
	9.	Unilever plc (United Kingdom)	1.2
	10.	Siemens AG (Registered) (Germany)	1.1


PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
United Kingdom		18.6	%
France		15.2
Switzerland		14.3
Germany		12.5
Netherlands		8.2
Sweden		6.0
Denmark		4.1
Spain		3.7
Italy		3.3
Finland		2.1
United States		1.9
Australia		1.5
Belgium		1.4
Norway		1.1
Ireland		1.0
Others (each less than 1.0%)		3.4
Short-Term Investments		1.7

***

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



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

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan BetaBuilders Europe ETF
Net Asset Value		June 15, 2018		41.54	%		8.34	%
Market Price				41.77	%		8.44	%

LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/21)

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar^® Developed Europe Target Market Exposure Index^SM from June 15, 2018 to October 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 Morningstar^® Developed Europe Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Developed Europe Target Market Exposure Index^SM is a free float adjusted market capitalization-weighted index which consists of

equity securities from developed European countries or regions. Investors cannot invest directly in an index.



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

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value* .		34.26%
Market Price**		34.24%
Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM ..		34.15%

Net Assets as of 10/31/2021 .	$	3,680,140,678
Fund Ticker		BBIN

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of equity securities from developed countries outside the U.S. and Canada. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

The Fund’s and the Underlying Index’s exposures to the financials and industrials sectors were leading contributors to absolute performance, while their exposures to the utilities and communication services sectors were the smallest contributors and no sector detracted from absolute performance. The Fund’s and the Underlying Index’s exposures to the U.K. and Japan were leading contributors to absolute performance, while their exposures to Portugal and Poland were the smallest contributors and no country detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were to the financials and industrials sectors, while their smallest allocations were to the real estate and energy sectors. The Fund’s and the Underlying Index’s largest country allocations were to Japan and the U.K., while their smallest allocations were to Poland and Portugal.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		2.0	%
	2.	ASML Holding NV (Netherlands)		1.9
	3.	Roche Holding AG (Switzerland)		1.6
	4.	Toyota Motor Corp. (Japan)		1.2
	5.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.2
	6.	Novartis AG (Registered) (Switzerland)		1.1
	7.	AstraZeneca plc (United Kingdom)		1.1
	8.	Novo Nordisk A/S, Class B (Denmark)		1.0
	9.	SAP SE (Germany)		0.9
	10.	Sony Group Corp. (Japan)		0.8


PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		24.7	%
United Kingdom		12.0
France		9.7
Switzerland		9.2
Germany		8.0
Australia		7.5
Netherlands		5.2
Sweden		3.8
Denmark		2.6
Spain		2.4
Hong Kong		2.4
Italy		2.1
Finland		1.3
United States		1.3
Singapore		1.1
Others (each less than 1.0%)		5.2
Short-Term Investments		1.5

***

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



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

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan BetaBuilders International Equity ETF
Net Asset Value		December 3, 2019		34.26	%		12.66	%
Market Price				34.24	%		12.76	%

LIFE OF FUND PERFORMANCE (12/3/19 TO 10/31/21)

LOGO

Fund commenced operations on December 3, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM from December 3, 2019 to October 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 Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^®

Developed Markets ex-North America Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on equity markets in developed markets outside North America. Investors cannot invest directly in an index.

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some foreign markets may not be as politically and economically stable as the United States and other nations.



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		19.47%
Market Price**		18.98%
Morningstar^® Japan Target Market Exposure Index^SM		19.61%

Net Assets as of 10/31/2021	$	7,864,537,853
Fund Ticker .		BBJP

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Japan Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

The Fund’s and the Underlying Index’s exposures to the industrials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the utilities sector was the sole sector detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and consumer discretionary sectors and their smallest allocations were to the energy and utilities sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Toyota Motor Corp.		5.0	%
	2.	Sony Group Corp.		3.2
	3.	Keyence Corp.		2.5
	4.	Recruit Holdings Co. Ltd.		2.5
	5.	Tokyo Electron Ltd.		1.6
	6.	Shin-Etsu Chemical Co. Ltd.		1.6
	7.	Mitsubishi UFJ Financial Group, Inc.		1.6
	8.	SoftBank Group Corp.		1.5
	9.	Daikin Industries Ltd.		1.4
	10.	Nidec Corp.		1.3


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		23.3	%
Consumer Discretionary		20.1
Information Technology		13.2
Health Care		9.4
Financials		8.6
Communication Services		7.0
Consumer Staples		6.9
Materials		5.7
Real Estate		3.9
Utilities		1.0
Energy		0.7
Short-Term Investments		0.2

***

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



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

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan BetaBuilders Japan ETF
Net Asset Value		June 15, 2018		19.47	%		5.57	%
Market Price				18.98	%		5.60	%

LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/21)

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar^® Japan Target Market Exposure Index^SM from June 15, 2018 to October 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 Morningstar^® Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Japan Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Investors cannot invest directly in an index.



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

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*			43.02%
Market Price** .			42.97%
Morningstar^® US Target Market Exposure Index^SM .			43.09%

Net Assets as of 10/31/2021 .			$782,605,972
Fund Ticker .			BBUS

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of equity securities traded primarily in the U.S. It targets the top 85% of those stocks by market capitalization, and primarily includes large and mid-capitalization companies. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 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 exposures to the information technology and financials sectors were leading contributors to absolute performance, while their exposures to the utilities and materials sectors were the smallest contributors and no sector detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and health care sectors and their smallest allocations were to the energy and utilities sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.0	%
	2.	Apple, Inc.		5.7
	3.	Amazon.com, Inc.		3.5
	4.	Tesla, Inc.		2.2
	5.	Alphabet, Inc., Class A		2.2
	6.	Alphabet, Inc., Class C		2.0
	7.	Meta Platforms, Inc., Class A		1.9
	8.	NVIDIA Corp.		1.5
	9.	Berkshire Hathaway, Inc., Class B		1.3
	10.	JPMorgan Chase & Co.		1.2


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		28.5	%
Health Care		12.7
Consumer Discretionary		12.7
Financials		11.4
Communication Services		10.7
Industrials		7.9
Consumer Staples		5.4
Real Estate		2.8
Energy		2.6
Materials		2.4
Utilities		2.4
Short-Term Investments		0.5

***

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



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

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

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

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan BetaBuilders U.S. Equity ETF

Net Asset Value

March 12, 2019

43.02%

23.54%

Market Price

42.97%

23.52%

LIFE OF FUND PERFORMANCE (3/12/19 TO 10/31/2021)

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar^® US Target Market Exposure Index^SM from March 12, 2019 to October 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 Morningstar^® US Target Market Exposure Index^SM does not

reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® US Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the US Stock Exchange. Investors cannot invest directly in an index.

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



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

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*			47.15%
Market Price**			47.52%
Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM .			47.30%

Net Assets as of 10/31/2021			$1,698,624,114
Fund Ticker .			BBMC

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of mid capitalization equity securities traded primarily in the U.S. It targets those securities that fall between the 85^th and 95^th percentiles in market capitalization of the investible universe. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, the Fund had a positive absolute return and 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 exposures to the information technology and financials sectors were leading contributors to absolute performance, while their exposures to the communication services and utilities sectors were the smallest contributors and no sector detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and industrials sectors and their smallest allocations were to the utilities and energy sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Datadog, Inc., Class A		1.0	%
	2.	MongoDB, Inc.		0.9
	3.	Generac Holdings, Inc.		0.8
	4.	Enphase Energy, Inc.		0.8
	5.	Bill.com Holdings, Inc.		0.7
	6.	Devon Energy Corp.		0.6
	7.	Catalent, Inc.		0.6
	8.	Caesars Entertainment, Inc.		0.6
	9.	Monolithic Power Systems, Inc.		0.6
	10.	Charles River Laboratories International, Inc.		0.6


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		19.4	%
Industrials		15.2
Financials		13.2
Health Care		13.1
Consumer Discretionary		13.1
Real Estate		7.7
Materials		4.3
Energy		2.8
Consumer Staples		2.7
Communication Services		2.5
Utilities		1.8
Short-Term Investments		4.2

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $93.68.

***

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



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

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

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

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

Net Asset Value

April 14, 2020

47.15%

49.70%

Market Price

47.52%

49.80%

LIFE OF FUND PERFORMANCE (4/14/20 TO 10/31/21)

LOGO

Fund commenced operations on April 14, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF and Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM from April 14, 2020 to October 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 Morningstar^® US Mid Cap Target

Market Exposure Extended Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM is a free float adjusted market capitalization-weighted index that consists of mid cap U.S. equity securities. Investors cannot invest directly in an index.

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



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

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD NOVEMBER 16, 2020 (INCEPTION DATE) THROUGH OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		32.56%
Market Price**		32.70%
Morningstar^® US Small Cap Target Market Exposure Extended Index^SM		32.67%

Net Assets as of 10/31/2021	$	442,061,490
Fund Ticker		BBSC

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Small Cap Target Market Exposure Extended IndexSM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free float adjusted market-capitalization weighted index consisting of small capitalization equity securities traded primarily in the U.S. It targets those securities that fall between the 95th and 99th percentiles in market capitalization of the investible universe. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the period from inception on November 16, 2020 to October 31, 2021, the Fund had a positive absolute return and 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 exposures to the information technology and consumer discretionary were leading contributors to absolute performance, while their exposures to the utilities and consumer staples sectors were the smallest contributors and no sector detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the health care and information technology sectors and their smallest allocations were to the utilities and consumer staples sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	ZoomInfo Technologies, Inc., Class A		0.6	%
	2.	SoFi Technologies, Inc.		0.6
	3.	Asana, Inc., Class A		0.5
	4.	Ovintiv, Inc.		0.5
	5.	Intellia Therapeutics, Inc.		0.5
	6.	Apartment Income REIT Corp.		0.4
	7.	Macy’s, Inc.		0.4
	8.	Biohaven Pharmaceutical Holding Co. Ltd.		0.4
	9.	Saia, Inc.		0.4
	10.	Dick’s Sporting Goods, Inc.		0.4


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		16.8	%
Information Technology		15.3
Industrials		14.7
Financials		14.4
Consumer Discretionary		11.5
Real Estate		6.5
Energy		5.6
Materials		3.8
Communication Services		3.6
Consumer Staples		2.4
Utilities		1.5
Short-Term Investments		3.9

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $67.56.

***

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



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

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD NOVEMBER 16, 2020 (INCEPTION DATE) THROUGH OCTOBER 31, 2021 (Unaudited) (continued)


TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Net Asset Value		November 16, 2020		32.56%
Market Price				32.70%

LIFE OF FUND PERFORMANCE (11/16/20 TO 10/31/21)

LOGO

Fund commenced operations on November 16, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF and Morningstar^® US Small Cap Target Market Exposure Extended Index^SM from November 16, 2020 to October 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 Morningstar^® US Small Cap Target

Market Exposure Extended Index^SM does not reflect the deduction of expenses

associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® US Small Cap Target Market Exposure Extended Index^SM is a free float adjusted market capitalization weighted index that consists of small cap U.S. equity securities. Investors cannot invest directly in an index.

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



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

JPMorgan Carbon Transition U.S. Equity ETF

FUND COMMENTARY

FOR THE PERIOD DECEMBER 9, 2020 (INCEPTION DATE) THROUGH OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		27.68%
Market Price**		27.70%
JPMorgan Asset Management Carbon Transition U.S. Equity Index		27.88%
Russell 1000 Index		26.45%

Net Assets as of 10/31/2021	$	24,933,394
Fund Ticker		JCTR

INVESTMENT OBJECTIVE***

The JPMorgan Carbon Transition U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which primarily tracks U.S. large- and mid-cap equity securities of companies located in the U.S. and employs a rules-based process designed to capture the performance of companies that have been identified as better positioned to benefit from a transition to a lower carbon economy while also providing broader U.S. market exposure. Companies are evaluated on how they effectively manage emissions, resources and carbon-related risks.

HOW DID THE FUND PERFORM?

For the period from inception on December 9, 2020 to October 31, 2021, the Fund provided a positive absolute return and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

The Fund’s and the Underlying Index’s exposures to the information technology and financial sectors were leading contributors to absolute performance, while their exposures to the utilities and materials sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s exposures to the information technology and communication services sectors were leading contributors to performance, while their exposures to the health care and materials sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were to the information technology and health care sectors and the smallest allocations were to the utilities and energy sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.0	%
	2.	Apple, Inc.		5.6
	3.	Alphabet, Inc., Class A		4.2
	4.	Amazon.com, Inc.		3.6
	5.	Tesla, Inc.		1.7
	6.	NVIDIA Corp.		1.7
	7.	Meta Platforms, Inc., Class A		1.6
	8.	UnitedHealth Group, Inc.		1.3
	9.	Johnson & Johnson		1.2
	10.	Home Depot, Inc. (The)		1.2


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		29.2	%
Health Care		13.3
Consumer Discretionary		13.3
Financials		11.8
Communication Services		9.1
Industrials		7.5
Consumer Staples		5.2
Real Estate		3.3
Energy		2.8
Materials		2.4
Utilities		2.1
Short-Term Investments		0.0	(a)

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $62.34.

***

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%.



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

JPMorgan Carbon Transition U.S. Equity ETF

FUND COMMENTARY

FOR THE PERIOD DECEMBER 9, 2020 (INCEPTION DATE) THROUGH OCTOBER 31, 2021 (Unaudited) (continued)


TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Carbon Transition U.S. Equity ETF
Net Asset Value		December 9, 2020		27.68%
Market Price				27.70%

LIFE OF FUND PERFORMANCE (12/9/20 TO 10/31/21)

LOGO

Fund commenced operations on December 9, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Carbon Transition U.S. Equity ETF, the JPMorgan Asset Management Carbon Transition U.S. Equity Index and the Russell 1000 Index from December 9, 2020 to October 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 Asset Management Carbon Transition U.S. Equity Index and Russell 1000 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 Asset Management Carbon Transition U.S. Equity Index is a rules based, proprietary index built to achieve a meaningful reduction in carbon intensity without relying on exclusions or sector deviations. It is a proprietary index designed to reflect the performance of a subset of the U.S. large and mid-cap companies in developed markets that, based on the index rules, are determined to be best positioned to benefit from a transition to a low-carbon economy. The Russell 1000 Index is a market capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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



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

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		26.93%
Market Price**		27.80%
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes)		28.36%
FTSE Emerging Index (net of foreign withholding taxes)		17.06%

Net Assets as of 10/31/2021	$	153,882,748
Fund Ticker		JPEM

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return Emerging Markets Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides emerging markets large- and mid-cap equity exposure, diversified across emerging market regions, super-sectors and individual securities. The Underlying Index uses a proprietary multi-factor stock selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the twelve months ended October 31, 2021, and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index outperformed the FTSE Emerging Index, which is a more traditional market capitalization weighted index.

From a super-sector perspective, the Fund’s and the Underlying Index’s positions in the defensives and consumer super-sectors

were leading contributors to absolute performance, while their positions in the basic materials and industrials super-sectors were the smallest contributors and no super-sector detracted from absolute performance.

From a regional perspective, the Fund’s and the Underlying Index’s positions in the Latin America region and in the Europe, Middle East & Africa (EMEA) region were the largest contributors to absolute performance, while their positions in China and the Asia-Pacific, excluding China, region were the smallest contributors and no region detracted from absolute performance.

Relative to the FTSE Emerging Index, the Fund’s and Underlying Index’s multi-factor security selections in China and their multi-factor security selections in the consumer super-sector were leading contributors to performance, while their multi-factor security selections in the EMEA region and their multi-factor security selections in the defensives super-sector were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the defensives and consumer super-sectors, while their smallest allocations were to the basic materials and industrials super-sectors. The Fund’s and the Underlying Index’s largest regional allocations were to EMEA and China and their smallest allocations were to Latin America and the Asia-Pacific, excluding Japan.



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

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Infosys Ltd. (India)		1.9	%
	2.	Sberbank of Russia PJSC (Russia)		1.5
	3.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.4
	4.	Reliance Industries Ltd. (India)		1.3
	5.	Vale SA (Brazil)		1.2
	6.	LUKOIL PJSC (Russia)		1.0
	7.	Hindustan Unilever Ltd. (India)		0.9
	8.	Tata Consultancy Services Ltd. (India)		0.9
	9.	Al Rajhi Bank (Saudi Arabia)		0.8
	10.	Housing Development Finance Corp. Ltd. (India)		0.8


PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
China		24.2	%
Taiwan		11.7
India		11.3
Brazil		8.3
Russia		6.5
Mexico		5.8
South Africa		5.7
Saudi Arabia		3.7
Indonesia		3.5
Turkey		2.9
Thailand		2.8
Malaysia		2.4
United Arab Emirates		1.9
Kuwait		1.7
Qatar		1.6
Chile		1.1
Greece		1.0
Others (each less than 1.0%)		3.2
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. As of October 31, 2021, the closing price was $57.05.

***

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



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

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		26.93%		6.54%		4.82%
Market Price				27.80%		6.43%		4.84%

LIFE OF FUND PERFORMANCE (1/7/15 TO 10/31/21)

Fund commenced operations on January 7, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index and the FTSE Emerging Index from January 7, 2015 to October 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 JP Morgan Diversified Factor Emerging Markets Equity Index and the FTSE Emerging Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index. JP Morgan Diversified Factor Emerging Markets Equity Index is comprised of large- and mid-cap equity securities from emerging markets.

Holdings in this index are selected from the constituents of the FTSE Emerging Index. The FTSE Emerging Index is a market-capitalization weighted index and is part of the FTSE Global Equity Index Series. The series includes large- and mid-cap securities from advanced and secondary emerging markets, classified in accordance with FTSE’s transparent Country Classification Review Process. The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. Investors cannot invest directly in an index.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.



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

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		25.98%
Market Price**		26.08%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		26.37%
FTSE Developed ex North America Index (net of foreign withholding taxes)		33.73%

Net Assets as of 10/31/2021	$	842,016,222
Fund Ticker		JPIN

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large- and mid- cap equity securities in developed markets outside North America, diversified across sectors, international regions and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2021, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, as well as differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Developed ex North America Index, which is a more traditional market capitalization weighted index.

From a sector perspective, the Fund’s and the Underlying Index’s positions in the industrials and consumer discretionary sectors were leading contributors to absolute performance, while their positions in the telecommunications and health care sectors were the smallest contributors and no sector detracted from absolute performance.

From a regional perspective, the Fund’s and Underlying Index’s positions in Europe, excluding the U.K., and Asia Pacific, excluding Japan were the largest contributors to absolute performance, while their positions in Japan and the U.K. were the smallest contributors and no region detracted from absolute performance.

Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s multi-factor security selections in Europe, excluding the U.K., and in Japan were leading detractors from performance. The Fund’s and the Underlying Index’s overweight positions in the energy sector and their overweight positions in the U.K. were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer staples and consumer discretionary sectors, while their smallest allocations were to the energy and real estate sectors. By region, the Fund’s and the Underlying Index’s largest allocations were to Japan and their smallest allocations were to Norway.



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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Open House Co. Ltd. (Japan)		0.5	%
	2.	AstraZeneca plc (United Kingdom)		0.5
	3.	Royal Dutch Shell plc, Class A (Netherlands)		0.4
	4.	Ashtead Group plc (United Kingdom)		0.4
	5.	Sonova Holding AG (Registered) (Switzerland)		0.4
	6.	Diageo plc (United Kingdom)		0.4
	7.	Tokyo Electron Ltd. (Japan)		0.4
	8.	Ferguson plc (United States)		0.4
	9.	Capgemini SE (France)		0.4
	10.	NN Group NV (Netherlands)		0.4


PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		29.2	%
United Kingdom		15.4
Australia		9.9
South Korea		8.7
Sweden		4.3
Hong Kong		3.9
France		3.3
Netherlands		3.1
Germany		2.6
Singapore		2.0
Finland		2.0
Switzerland		2.0
Italy		1.6
Spain		1.5
China		1.2
Norway		1.0
Others (each less than 1.0%)		7.3
Short-Term Investments		1.0

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. As of October 31, 2021, the closing price was $61.08.

***

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



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

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		25.98%		7.15%		5.44%
Market Price				26.08%		7.10%		5.45%

LIFE OF FUND PERFORMANCE (11/5/14 TO 10/31/21)

Fund commenced operations on November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index and the FTSE Developed ex North America Index from November 5, 2014 to October 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 JP Morgan Diversified Factor International Equity Index and the FTSE Developed ex North America Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index. JP Morgan Diversified Factor International Equity Index is comprised of large- and mid-cap equity securities from developed global markets (excluding North

America). Holdings in this index are selected from the constituents of the FTSE Developed ex North America Index. The FTSE Developed ex North America Index is a market-capitalization weighted index representing the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. Investors cannot invest directly in an index.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.



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

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		40.36%
Market Price**		40.44%
JP Morgan Diversified Factor US Equity Index		40.63%
Russell 1000 Index		43.51%

Net Assets as of 10/31/2021	$	710,012,574
Fund Ticker		JPUS

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large- and mid-cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a rules based proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2021, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the

Russell 1000 Index, which is a more traditional market capitalization weighted index.

The Fund’s and the Underlying Index’s positions in the consumer discretionary and technology sectors were the leading contributors to absolute performance, while their positions in the telecommunications and consumer staples sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight positions in the utilities sector and their underweight positions in the technology sector were leading detractors from performance, while their overweight positions in the energy sector and their multi-factor security selections in the consumer discretionary sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the health care and utilities sectors and their smallest allocations were to the telecommunications and energy sectors.



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

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Coterra Energy, Inc.		0.7	%
	2.	Microsoft Corp.		0.5
	3.	Marathon Oil Corp.		0.5
	4.	Devon Energy Corp.		0.5
	5.	Apple, Inc.		0.5
	6.	NVIDIA Corp.		0.5
	7.	Quanta Services, Inc.		0.5
	8.	Thermo Fisher Scientific, Inc.		0.4
	9.	Lowe’s Cos., Inc.		0.4
	10.	UnitedHealth Group, Inc.		0.4


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Consumer Staples		13.0	%
Utilities		11.3
Health Care		11.1
Industrials		9.3
Technology		9.2
Financials		8.3
Basic Materials		8.2
Real Estate		8.0
Consumer Discretionary		7.4
Energy		5.8
Telecommunications		5.0
Short-Term Investments		3.4

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. As of October 31, 2021, the closing price was $101.46.

***

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		40.36%		14.39%		14.21%
Market Price				40.44%		14.39%		14.22%

LIFE OF FUND PERFORMANCE (9/29/15 TO 10/31/21)

Fund commenced operations on September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to October 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 JP Morgan Diversified Factor US Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Equity Index and developed the proprietary

factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the constituents of the Russell 1000 Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		44.52%
Market Price**		44.73%
JP Morgan Diversified Factor US Mid Cap Equity Index		44.91%
Russell Midcap Index		45.40%

Net Assets as of 10/31/2021	$	239,808,712
Fund Ticker		JPME

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks mid cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2021, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell

Midcap Index, which is a more traditional market capitalization weighted index.

The Fund’s and the Underlying Index’s positions in the consumer discretionary and energy sectors were leading contributors to absolute performance, while their positions in the telecommunications and consumer staples sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell Midcap Index, the Fund’s and the Underlying Index’s overweight positions in the utilities and consumer staples sectors were leading detractors from performance, while the Fund’s and Underlying Index’s overweight positions in the energy sector and their underweight positions in the consumer discretionary sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the health care and consumer discretionary sectors and their smallest allocations were to the telecommunications and energy sectors.



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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Coterra Energy, Inc.		0.9	%
	2.	Marathon Oil Corp.		0.5
	3.	Devon Energy Corp.		0.5
	4.	Targa Resources Corp.		0.5
	5.	Pioneer Natural Resources Co.		0.5
	6.	Enphase Energy, Inc.		0.5
	7.	Entegris, Inc.		0.5
	8.	Arthur J Gallagher & Co.		0.5
	9.	Jefferies Financial Group, Inc.		0.5
	10.	Olin Corp.		0.5


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		11.6	%
Industrials		11.1
Technology		10.4
Financials		9.8
Utilities		9.7
Consumer Staples		9.3
Real Estate		9.2
Basic Materials		8.7
Consumer Discretionary		8.0
Energy		6.7
Telecommunications		3.8
Short-Term Investments		1.7

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. As of October 31, 2021, the closing price was $92.30.

***

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



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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021 (Unaudited)
	INCEPTION DATE		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		44.52%		14.17%		13.54%
Market Price				44.73%		14.19%		13.55%

LIFE OF FUND PERFORMANCE (5/11/16 TO 10/31/21)

Fund commenced operations on May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index and the Russell Midcap Index from May 11, 2016 to October 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 JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the

proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The JP Morgan Diversified Factor US Mid Cap Equity Index is comprised of U.S. mid-cap equity securities. Holdings in this index are selected from the Russell Midcap Index. The Russell Midcap Index is a market-capitalization weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.



38	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		58.49%
Market Price**		58.25%
JP Morgan Diversified Factor US Small Cap Equity Index		58.69%
Russell 2000 Index		50.80%

Net Assets as of 10/31/2021	$	176,262,186
Fund Ticker		JPSE

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks small cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

Russell 2000 Index, which is a more traditional market capitalization weighted index.

The Fund’s and the Underlying Index’s positions in the consumer discretionary and energy sectors were leading contributors to absolute performance, while their positions in the consumer staples and telecommunications sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s overweight positions in the energy sector and underweight positions in the health care sector were leading contributors to performance, while their multi-factor security selections in consumer discretionary and financials sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer discretionary and technology sectors and their smallest allocations were to the telecommunications and utilities sectors.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	39

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	SM Energy Co.		0.5	%
	2.	Ranger Oil Corp.		0.4
	3.	Antero Resources Corp.		0.4
	4.	Ovintiv, Inc.		0.4
	5.	Calix, Inc.		0.4
	6.	Saia, Inc.		0.4
	7.	Kite Realty Group Trust		0.4
	8.	PDC Energy, Inc.		0.3
	9.	Medpace Holdings, Inc.		0.3
	10.	Tetra Tech, Inc.		0.3


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		10.8	%
Technology		10.3
Industrials		10.2
Real Estate		9.3
Health Care		9.2
Basic Materials		9.1
Energy		7.6
Consumer Discretionary		7.1
Consumer Staples		7.1
Utilities		4.7
Telecommunications		4.5
Short-Term Investments		10.1

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $45.24.

***

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



40	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

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

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan Diversified Return U.S. Small Cap Equity ETF

Net Asset Value

November 15, 2016

58.49%

13.96%

Market Price

58.25%

13.98%

LIFE OF FUND PERFORMANCE (11/15/16 TO 10/31/21)

Fund commenced operations on November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index and the Russell 2000 Index from November 15, 2016 to October 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 JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund��s adviser is a sponsor of the JP Morgan Diversified Factor US Small Cap Equity Index and developed the

proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The JP Morgan Diversified Factor US Small Cap Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the Russell 2000 Index. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	41

JPMorgan International Growth ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		25.63%
Market Price**		25.85%
MSCI ACWI ex USA Growth Index		22.73%

Net Assets as of 10/31/2021	$	61,291,950
Fund Ticker		JIG

INVESTMENT OBJECTIVE***

The JPMorgan International Growth ETF (the “Fund”) seeks long term capital appreciation.

INVESTMENT APPROACH

The Fund employs a fundamental bottom-up approach that seeks to identify companies with strong growth and quality characteristics.

HOW DID THE FUND PERFORM?

For twelve months ended October 31, 2021, the Fund outperformed the MSCI ACWI ex USA Growth Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selections in the health care and consumer staples sectors were leading contributors to performance, while the Fund’s security selections in the financials and industrials sectors were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Sea Ltd. and ASML Holdings NV and its out-of-Benchmark position in EPAM Systems Inc. Shares of Sea, a Singapore internet and mobile platform provider, rose as the company continued to increase its market share during the period. Shares of ASML Holdings, a

Dutch provider of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry. Shares of EPAM Systems, a global provider of software development and digital platform services that largely operates from Belarus, rose amid several consecutive quarters of better-than-expected earnings during the period.

Leading individual detractors from relative performance included the Fund’s overweight positions in Kuaishou Technology, Magazine Luiza SA and InPost SA. Shares of Kuaishou Technology, a Chinese provider of streaming services and mobile games, fell amid increased regulatory scrutiny of video gaming companies in China. Shares of Magazine Luiza, a Brazilian consumer goods retailer, fell amid the continued spread of COVID-19 in Brazil and the Brazilian central bank’s decision to sharply raise interest rates. Shares of InPost, a Luxembourg provider of e-commerce parcel delivery services, fell amid rising energy prices and reduced investor demand for stocks that had benefitted from pandemic travel restrictions.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were to the information technology and consumer discretionary sectors and the smallest allocations were to the real estate and utilities sectors. The Fund had no positions in the energy sector.



42	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		4.7	%
	2.	ASML Holding NV (Netherlands)		4.3
	3.	Nestle SA (Registered) (Switzerland)		3.9
	4.	LVMH Moet Hennessy Louis Vuitton SE (France)		3.3
	5.	Tencent Holdings Ltd. (China)		3.1
	6.	Novo Nordisk A/S, Class B (Denmark)		3.0
	7.	Keyence Corp. (Japan)		2.6
	8.	L’Oreal SA (France)		2.5
	9.	Diageo plc (United Kingdom)		2.4
	10.	Sony Group Corp. (Japan)		2.3


PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
China		10.6	%
Japan		10.6
United Kingdom		10.0
Switzerland		8.9
Netherlands		8.2
Taiwan		7.0
France		5.8
Germany		5.7
Hong Kong		5.7
Denmark		5.6
United States		5.0
Canada		4.2
Sweden		3.1
Indonesia		1.6
South Korea		1.6
Australia		1.3
India		1.2
Finland		1.2
Others (each less than 1.0%)		2.0
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. As of October 31, 2021, the closing price was $79.40.

***

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	43

JPMorgan International Growth ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

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

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan International Growth ETF

Net Asset Value

May 20, 2020

25.63%

33.90%

Market Price

25.85%

34.26%

LIFE OF FUND PERFORMANCE (5/20/20 TO 10/31/21)

Fund commenced operations on May 20, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Growth ETF and the MSCI ACWI ex USA Growth from May 20, 2020 to October 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 ACWI ex USA Growth does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The MSCI ACWI ex USA Growth measures

the performance of growth stocks in equity markets outside the U.S. Investors cannot invest directly in an index.

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.



44	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		44.70%
Market Price**		45.15%
JP Morgan US Dividend Index		44.80%
Russell 1000 Index		43.51%
Russell 1000 Value Index⁽¹⁾		43.76%

Net Assets as of 10/31/2021	$	48,842,278
Fund Ticker		JDIV

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Dividend ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large- and mid-cap U.S. equity securities selected to provide exposure to the highest dividend yielding sectors on a risk adjusted basis. The Underlying Index uses a proprietary selection process that seeks to identify companies within each sector that have higher dividend yields over a rolling twelve month period. Within each sector, individual equity securities are also weighted to diversify risk. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2021 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s positions in the consumer discretionary and energy sectors were leading contributors to performance, while their positions in the telecommunications and consumer staples sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the consumer discretionary sector and their overweight positions in the energy sector were leading contributors to performance, while their overweight positions in the utilities and consumer staples sectors were the leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the utilities and consumer

staples sectors and their smallest allocations were to the telecommunications and energy sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Olin Corp.		0.8	%
	2.	ONEOK, Inc.		0.7
	3.	KLA Corp.		0.7
	4.	Paychex, Inc.		0.7
	5.	UnitedHealth Group, Inc.		0.7
	6.	Edison International		0.7
	7.	General Mills, Inc.		0.7
	8.	CF Industries Holdings, Inc.		0.7
	9.	Exelon Corp.		0.7
	10.	Analog Devices, Inc.		0.7


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Consumer Staples		18.0	%
Utilities		17.7
Financials		8.6
Basic Materials		8.1
Health Care		8.0
Industrials		7.8
Real Estate		7.7
Telecommunications		7.4
Technology		5.9
Energy		5.8
Consumer Discretionary		4.8
Short-Term Investments		0.2

⁽¹⁾

Effective September 30, 2021, the Russell 1000 Value Index was included as an additional index. Relative performance to the Russell 1000 Value Index will be provided in future annual and semi-annual reports

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $32.59.

***

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	45

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

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

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan U.S. Dividend ETF

Net Asset Value

November 8, 2017

44.70%

10.78%

Market Price

45.15%

10.80%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/21)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, the Russell 1000 Index and the Russell 1000 Value Index from November 8, 2017 to October 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 JP Morgan US Dividend Index, Russell 1000 Index and Russell 1000 Value Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Dividend Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Dividend Index. The JP Morgan US Dividend Index contains U.S. large- and mid-cap equity securities

from the Russell 1000 Index using a rules-based factor selection process. The Underlying Index is designed to provide exposure to the highest dividend yielding sectors on a risk adjusted basis, meaning that the index will establish sector weights by considering both the yield of the sector and the relative volatility of sector returns. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.



46	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		28.87%
Market Price**		29.38%
JP Morgan US Minimum Volatility Index		29.01%
Russell 1000 Index		43.51%

Net Assets as of 10/31/2021	$	20,160,648
Fund Ticker		JMIN

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Minimum Volatility ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large- and mid-cap U.S. equity securities and is designed so that it targets lower volatility than the Russell 1000 Index. The Underlying Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rules-based process. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the twelve months ended October 31, 2021 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted equity index.

In terms of absolute performance, the Fund’s and the Underlying Index’s positions in the health care and energy sectors were leading contributors to performance, while their positions in the telecommunication and basic materials sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight positions in the utilities and consume staples sectors were leading detractors from performance, while their overweight positions in the energy sector and their security selections and underweight positions in the industrials sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the health care and consumer staples sectors and their smallest allocations were to the real estate and telecommunications sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		0.8	%
	2.	First Solar, Inc.		0.8
	3.	Thermo Fisher Scientific, Inc.		0.7
	4.	UnitedHealth Group, Inc.		0.7
	5.	Intuit, Inc.		0.7
	6.	Cheniere Energy, Inc.		0.7
	7.	Costco Wholesale Corp.		0.7
	8.	Republic Services, Inc.		0.7
	9.	Berkshire Hathaway, Inc., Class B		0.7
	10.	Brown & Brown, Inc.		0.7


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		20.1	%
Consumer Staples		19.8
Utilities		17.7
Energy		6.0
Technology		5.6
Financials		5.3
Consumer Discretionary		5.3
Industrials		5.1
Real Estate		5.0
Telecommunications		4.9
Basic Materials		4.8
Short-Term Investments		0.4

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $36.69.

***

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

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

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan U.S. Minimum Volatility ETF

Net Asset Value

November 8, 2017

28.87%

12.51%

Market Price

29.38%

12.54%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/21)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index and the Russell 1000 Index from November 8, 2017 to October 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 JP Morgan US Minimum Volatility Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Minimum Volatility Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Minimum Volatility Index. The JP Morgan

US Minimum Volatility Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based factor selection process. The Underlying Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rules-based process. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



48	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		42.68%
Market Price**		42.38%
JP Morgan US Momentum Factor Index		42.92%
Russell 1000 Index		43.51%
Russell 1000 Growth Index⁽¹⁾		43.21%

Net Assets as of 10/31/2021	$	221,858,171
Fund Ticker		JMOM

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Momentum Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of U.S. large- and mid-cap securities selected to represent positive momentum factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a momentum factor to identify the companies that have higher risk-adjusted returns relative to those of their sector peers over a twelve month period. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2021 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the technology and consumer discretionary sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the consumer staples and utilities sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the financials and consumer staples sectors were leading detractors from performance, while the Fund’s and Underlying Index’s security selections in the health care and technology sectors were the largest contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and Underlying Index’s largest allocations were to the technology and consumer discretionary sectors and their smallest allocations were to the basic materials and energy sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Tesla, Inc.		2.9	%
	2.	NVIDIA Corp.		2.2
	3.	Microsoft Corp.		2.1
	4.	Alphabet, Inc., Class A		1.8
	5.	Home Depot, Inc. (The)		1.8
	6.	Apple, Inc.		1.7
	7.	Adobe, Inc.		1.4
	8.	Procter & Gamble Co. (The)		1.2
	9.	PayPal Holdings, Inc.		1.2
	10.	Thermo Fisher Scientific, Inc.		1.2


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Technology		29.7	%
Consumer Discretionary		16.3
Industrials		12.7
Health Care		12.3
Financials		10.7
Consumer Staples		4.5
Real Estate		3.2
Telecommunications		2.8
Energy		2.8
Utilities		2.6
Basic Materials		1.5
Short-Term Investments		0.9

⁽¹⁾

Effective September 30, 2021, the Russell 1000 Growth Index was included as an additional index. Relative performance to the Russell 1000 Growth Index will be provided in future annual and semi-annual reports.

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $47.68.

***

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

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

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan U.S. Momentum Factor ETF

Net Asset Value

November 8, 2017

42.68%

18.90%

Market Price

42.38%

18.88%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/21)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, the Russell 1000 Index and the Russell 1000 Growth Index from November 8, 2017 to October 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 JP Morgan US Momentum Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Momentum Factor Index. The JP Morgan US Momentum Factor Index contains U.S. large- and

mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a momentum factor to identify companies that have had better recent performance compared to other securities without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.



50	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		39.97%
Market Price**		40.02%
JP Morgan US Quality Factor Index		40.12%
Russell 1000 Index		43.51%

Net Assets as of 10/31/2021	$	393,204,091
Fund Ticker		JQUA

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Quality Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large- and mid-cap U.S. equity securities selected to represent quality factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a quality factor to identify higher quality companies relative to their sector peers as measured by profitability, earnings quality and solvency/financial risk. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2021 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the technology and consumer discretionary sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the basic materials and utilities sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the financials and industrials sectors were leading detractors from performance. The Fund’s and the Underlying Index’s security selections in the technology and real estate sectors were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the technology and consumer discretionary sectors and their smallest allocations were to the basic materials and energy sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	NVIDIA Corp.		2.2	%
	2.	Microsoft Corp.		2.2
	3.	Alphabet, Inc., Class A		2.0
	4.	Apple, Inc.		1.9
	5.	Home Depot, Inc. (The)		1.8
	6.	Meta Platforms, Inc., Class A		1.7
	7.	Johnson & Johnson		1.6
	8.	Procter & Gamble Co. (The)		1.6
	9.	Visa, Inc., Class A		1.5
	10.	Adobe, Inc.		1.5


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Technology		29.3	%
Consumer Discretionary		15.6
Industrials		13.2
Health Care		11.9
Financials		10.5
Consumer Staples		4.4
Real Estate		3.3
Telecommunications		2.9
Energy		2.8
Utilities		2.5
Basic Materials		1.5
Short-Term Investments		2.1

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $43.48.

***

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

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

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan U.S. Quality Factor ETF

Net Asset Value

November 8, 2017

39.97%

16.89%

Market Price

40.02%

16.91%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/21)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index and the Russell 1000 Index from November 8, 2017 to October 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 JP Morgan US Quality Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and

governs the JP Morgan US Quality Factor Index. The JP Morgan US Quality Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a quality factor to identifying higher quality companies as measured by profitability, solvency, and earnings quality without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



52	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		51.38%
Market Price**		51.88%
JP Morgan US Value Factor Index		51.57%
Russell 1000 Index		43.51%
Russell 1000 Value Index⁽¹⁾		43.76%

Net Assets as of 10/31/2021	$	400,579,487
Fund Ticker		JVAL

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Value Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large- and mid-cap U.S. equity securities selected to represent value factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a relative valuation factor to identify companies with attractive prices relative to their sector peers based on fundamental characteristics of book yield, earnings yield, dividend yield and cash flow yield. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the twelve months ended October 31, 2021 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the technology and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the utilities and basic materials sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the consumer discretionary sector and the financials sector were leading contributors to performance. The Fund’s and the Underlying Index’s security selections in the health care and technology sectors were leading detractors from performance.

HOW WAS THE FUND POSITIONED?


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		2.2	%
	2.	Alphabet, Inc., Class A		2.0
	3.	UnitedHealth Group, Inc.		1.9
	4.	Apple, Inc.		1.9
	5.	Meta Platforms, Inc., Class A		1.7
	6.	Johnson & Johnson		1.6
	7.	salesforce.com, Inc.		1.1
	8.	Pfizer, Inc.		1.1
	9.	Broadcom, Inc.		1.1
	10.	Walmart, Inc.		1.1


PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Technology		29.0	%
Consumer Discretionary		15.7
Industrials		12.8
Health Care		12.3
Financials		10.8
Consumer Staples		4.5
Real Estate		3.1
Telecommunications		2.8
Energy		2.7
Utilities		2.5
Basic Materials		1.5
Short-Term Investments		2.3

⁽¹⁾

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $37.08.

***

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

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

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan U.S. Value Factor ETF

Net Asset Value

November 8, 2017

51.38%

13.24%

Market Price

51.88%

13.23%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/21)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, the Russell 1000 Index and the Russell 1000 Value Index from November 8, 2017 to October 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 JP Morgan US Value Factor Index, Russell 1000 Index and Russell 1000 Value Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor

Index. The JP Morgan US Value Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a value factor to identify companies with attractive valuations without undue concentration in individual securities. The Russell 1000 Index is a market capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.



54	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan ActiveBuilders Emerging Markets Equity ETF

(formerly known as JPMorgan Emerging Markets Equity Core ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.7%

Argentina — 0.7%

MercadoLibre, Inc.*		1,558		2,307,429


Brazil — 3.0%

Ambev SA		28,494		85,980

Atacadao SA		136,177		402,948

B3 SA — Brasil Bolsa Balcao		438,760		928,239

Banco Bradesco SA (Preference)*		115,464		408,148

Banco BTG Pactual SA*		37,528		150,609

Banco do Brasil SA		55,218		279,328

BB Seguridade Participacoes SA		48,416		189,759

Blau Farmaceutica SA*		10,549		71,382

Bradespar SA (Preference)		17,819		153,349

Caixa Seguridade Participacoes S/A*		55,896		86,263

CVC Brasil Operadora e Agencia de Viagens SA*		13,441		38,129

Gerdau SA (Preference)		30,005		143,810

Hapvida Participacoes e Investimentos SA (a)		64,465		131,699

Itau Unibanco Holding SA (Preference)		224,196		928,357

Itausa SA (Preference)		159,186		289,952

Localiza Rent a Car SA		58,550		468,292

Locaweb Servicos de Internet SA* (a)		69,694		226,970

Lojas Renner SA		124,832		711,550

Magazine Luiza SA*		208,351		399,440

Notre Dame Intermedica Participacoes SA		11,018		125,489

Petroleo Brasileiro SA, ADR		70,920		696,434

Porto Seguro SA		35,090		146,048

Raia Drogasil SA*		88,596		367,332

Rumo SA*		31,348		87,982

Sao Martinho SA		20,247		137,974

SLC Agricola SA		11,018		84,981

Sul America SA		20,537		94,356

Suzano SA*		29,042		252,814

TOTVS SA		12,659		73,593

Vale SA, ADR		78,931		1,004,792

WEG SA		60,938		398,530

XP, Inc., Receipts*		5,175		168,899

XP, Inc., Class A*		2,582		84,715


				9,818,143


Burkina Faso — 0.1%

Endeavour Mining plc		7,164		181,994


Canada — 0.1%

B2Gold Corp.		30,260		124,942

Ivanhoe Mines Ltd., Class A*		9,742		76,434


				201,376


INVESTMENTS	SHARES		VALUE($)


Chile — 0.2%

Banco Santander Chile		9,653,486		422,452

Falabella SA		31,806		87,954


				510,406


China — 33.5%

Advanced Micro-Fabrication Equipment, Inc., Class A*		6,200		151,317

Aier Eye Hospital Group Co. Ltd., Class A		54,088		408,521

Alibaba Group Holding Ltd.*		489,400		10,063,365

Amoy Diagnostics Co. Ltd., Class A		7,609		96,011

Angel Yeast Co. Ltd., Class A		12,900		112,045

Anhui Conch Cement Co. Ltd., Class H		67,000		331,309

ANTA Sports Products Ltd.		45,200		700,316

Bank of Ningbo Co. Ltd., Class A		20,500		122,054

Beijing Kingsoft Office Software, Inc., Class A		17,225		796,923

Bilibili, Inc., ADR* (b)		9,315		682,789

BOE Technology Group Co. Ltd., Class A		1,285,100		986,033

Bosideng International Holdings Ltd.		268,000		207,661

Brilliance China Automotive Holdings Ltd.* ‡		16,000		5,296

BTG Hotels Group Co. Ltd., Class A*		40,700		155,316

Budweiser Brewing Co. APAC Ltd. (a)		286,300		785,265

Centre Testing International Group Co. Ltd., Class A		8,400		36,162

Chacha Food Co. Ltd., Class A		48,300		429,654

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		2,000		71,366

China Construction Bank Corp., Class H		3,201,000		2,178,539

China Hongqiao Group Ltd.		135,500		150,548

China Lesso Group Holdings Ltd.		136,000		210,211

China Medical System Holdings Ltd.		61,000		103,286

China Meidong Auto Holdings Ltd.		26,000		134,312

China Merchants Bank Co. Ltd., Class H		579,000		4,852,103

China Molybdenum Co. Ltd., Class H		324,000		200,298

China Pacific Insurance Group Co. Ltd., Class H		258,800		791,378

China Petroleum & Chemical Corp., Class H		412,000		200,740

China Resources Beer Holdings Co. Ltd.		26,000		214,678

China Resources Land Ltd.		134,000		520,653

China Resources Mixc Lifestyle Services Ltd. (a)		154,600		813,251

China Tourism Group Duty Free Corp. Ltd., Class A		6,700		280,249

China Vanke Co. Ltd., Class H		151,400		353,736

China Yongda Automobiles Services Holdings Ltd.		66,500		105,806

Chongqing Brewery Co. Ltd., Class A*		35,000		820,016

Chongqing Fuling Zhacai Group Co. Ltd., Class A		16,400		89,254

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan ActiveBuilders Emerging Markets Equity ETF

(formerly known as JPMorgan Emerging Markets Equity Core ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — continued

Contemporary Amperex Technology Co. Ltd., Class A		13,504		1,350,961

Country Garden Services Holdings Co. Ltd.		197,000		1,516,601

ENN Energy Holdings Ltd.		58,600		1,009,589

ENN Natural Gas Co. Ltd., Class A		53,600		154,111

Flat Glass Group Co. Ltd., Class H		20,000		107,213

Foshan Haitian Flavouring & Food Co. Ltd., Class A		71,440		1,306,450

Fu Jian Anjoy Foods Co. Ltd., Class A		22,000		695,743

Fuyao Glass Industry Group Co. Ltd., Class H (a)		171,600		988,021

GF Securities Co. Ltd., Class H		271,800		461,005

Glodon Co. Ltd., Class A		26,400		306,065

Guangdong Haid Group Co. Ltd., Class A		6,800		69,576

Guangdong Investment Ltd.		268,000		336,973

Guangzhou Automobile Group Co. Ltd., Class H		292,000		275,636

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		6,800		121,891

Haier Smart Home Co. Ltd., Class H		804,600		2,996,084

Haitian International Holdings Ltd.		31,000		90,349

Hangzhou Tigermed Consulting Co. Ltd., Class A		20,300		539,703

Hangzhou Tigermed Consulting Co. Ltd., Class H (a)		7,000		136,525

Han’s Laser Technology Industry Group Co. Ltd., Class A		54,200		363,076

Hefei Meiya Optoelectronic Technology, Inc., Class A		129,900		820,409

Hongfa Technology Co. Ltd., Class A		14,000		161,776

Hualan Biological Engineering, Inc., Class A		13,800		64,014

Huayu Automotive Systems Co. Ltd., Class A		148,516		621,615

Huazhu Group Ltd.*		168,000		779,840

Hundsun Technologies, Inc., Class A		18,800		184,343

Industrial & Commercial Bank of China Ltd., Class H		136,000		74,550

Industrial Bank Co. Ltd., Class A		170,805		496,450

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		258,600		1,731,443

Jade Bird Fire Co. Ltd., Class A		18,173		89,825

JD Health International, Inc.* (a)		31,150		273,449

JD Logistics, Inc.* (a) (b)		62,000		243,661

JD.com, Inc., Class A*		14,000		548,058

Jiangsu Hengli Hydraulic Co. Ltd., Class A		56,500		723,592

Jiangsu Hengrui Medicine Co. Ltd., Class A		61,380		470,907

Jiangsu Hengshun Vinegar Industry Co. Ltd., Class A		28,400		71,507


INVESTMENTS	SHARES		VALUE($)


China — continued

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		6,600		191,232

Joinn Laboratories China Co. Ltd., Class H (a)		5,900		75,928

Joyoung Co. Ltd., Class A		41,100		149,772

Kangji Medical Holdings Ltd.		51,000		57,864

Kanzhun Ltd., ADR*		10,443		366,549

Kingdee International Software Group Co. Ltd.*		278,000		914,725

Kingsoft Corp. Ltd.		1,200		5,120

Kunlun Energy Co. Ltd.		134,000		122,045

Kweichow Moutai Co. Ltd., Class A		3,600		1,025,953

KWG Group Holdings Ltd.		331,000		288,537

Laobaixing Pharmacy Chain JSC, Class A		6,900		47,035

Lenovo Group Ltd.		270,000		293,211

Longfor Group Holdings Ltd. (a)		67,500		326,560

LONGi Green Energy Technology Co. Ltd., Class A		81,940		1,247,710

Maxscend Microelectronics Co. Ltd., Class A		7,780		375,615

Meituan* (a)		147,300		5,012,419

Midea Group Co. Ltd., Class A		164,912		1,766,641

Minth Group Ltd.		40,000		158,978

Montage Technology Co. Ltd., Class A		20,726		210,930

NetEase, Inc.		192,600		3,735,995

NIO, Inc., ADR*		1,951		76,889

Nongfu Spring Co. Ltd., Class H (a)		82,200		416,966

Oppein Home Group, Inc., Class A		24,000		476,886

Pharmaron Beijing Co. Ltd., Class H (a)		6,800		147,132

PICC Property & Casualty Co. Ltd., Class H		402,000		374,240

Pinduoduo, Inc., ADR*		13,597		1,209,045

Ping An Bank Co. Ltd., Class A		445,200		1,354,320

Ping An Insurance Group Co. of China Ltd., Class H		405,500		2,904,488

Poly Developments and Holdings Group Co. Ltd., Class A		118,900		233,049

Pop Mart International Group Ltd.* (a)		54,000		318,520

Postal Savings Bank of China Co. Ltd., Class H (a)		1,359,000		987,712

Proya Cosmetics Co. Ltd., Class A		4,000		125,382

Qingdao Haier Biomedical Co. Ltd., Class A		18,701		274,903

Sangfor Technologies, Inc., Class A		13,700		432,786

Sany Heavy Industry Co. Ltd., Class A		54,300		194,467

Seazen Holdings Co. Ltd., Class A		19,900		106,175

Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		21,000		81,896

Shanghai Baosight Software Co. Ltd., Class A		46,849		512,819

Shanghai Liangxin Electrical Co. Ltd., Class A		79,400		201,907

Shanghai M&G Stationery, Inc., Class A		8,300		82,160

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — continued

Shanghai Putailai New Energy Technology Co. Ltd., Class A		7,200		199,916

Shenzhen Inovance Technology Co. Ltd., Class A		56,000		569,830

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		7,300		427,205

Shenzhou International Group Holdings Ltd.		62,100		1,337,895

Sichuan Swellfun Co. Ltd., Class A		27,200		535,986

Silergy Corp.		8,000		1,321,641

SITC International Holdings Co. Ltd.		28,000		94,636

Skshu Paint Co. Ltd., Class A		20,140		350,332

StarPower Semiconductor Ltd., Class A		12,300		767,832

Sunny Optical Technology Group Co. Ltd.		55,300		1,483,890

TBEA Co. Ltd., Class A		88,200		372,902

Tencent Holdings Ltd.		197,800		12,032,133

Tingyi Cayman Islands Holding Corp.		406,000		757,793

Tongwei Co. Ltd., Class A		79,200		706,241

Topsports International Holdings Ltd. (a)		888,000		1,078,786

Trip.com Group Ltd., ADR*		5,714		163,192

Venustech Group, Inc., Class A		18,300		72,805

Wanhua Chemical Group Co. Ltd., Class A		27,000		445,577

Will Semiconductor Co. Ltd., Class A		5,000		207,467

Wuliangye Yibin Co. Ltd., Class A		32,200		1,086,666

Wuxi Biologics Cayman, Inc.* (a)		235,500		3,567,110

Xiamen C & D, Inc., Class A		68,100		85,071

Xinyi Solar Holdings Ltd.		832,000		1,728,281

XPeng, Inc., ADR*		2,035		94,892

Xtep International Holdings Ltd.		85,500		111,817

Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		21,200		168,530

Yonyou Network Technology Co. Ltd., Class A		20,200		100,135

Yum China Holdings, Inc.		21,624		1,234,298

Yunnan Energy New Material Co. Ltd.		20,500		933,705

Zai Lab Ltd.*		1,050		108,928

Zhejiang Dingli Machinery Co. Ltd., Class A		11,300		120,320

Zhejiang Supor Co. Ltd., Class A		103,800		858,066

Zhongsheng Group Holdings Ltd.		33,500		302,048

Zhuzhou Kibing Group Co. Ltd., Class A		176,840		438,305

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		176,800		127,346


				109,217,610


Egypt — 0.1%

Commercial International Bank Egypt SAE*		119,227		388,132


Ghana — 0.0% (c)

Kosmos Energy Ltd.*		23,221		83,596


INVESTMENTS	SHARES		VALUE($)


Greece — 0.1%

Hellenic Telecommunications Organization SA		13,533		240,262

OPAP SA		13,466		210,303


				450,565


Hong Kong — 2.1%

AIA Group Ltd.		149,400		1,674,327

Hang Seng Bank Ltd.		20,300		385,760

HKT Trust & HKT Ltd.		138,000		187,270

Hong Kong Exchanges & Clearing Ltd.		34,800		2,096,412

Man Wah Holdings Ltd.		160,000		247,623

Techtronic Industries Co. Ltd.		65,000		1,335,442

Vitasoy International Holdings Ltd. (b)		140,000		337,466

WH Group Ltd. (a)		182,577		127,989

Xinyi Glass Holdings Ltd.		132,000		371,969


				6,764,258


Hungary — 0.3%

OTP Bank Nyrt.*		15,706		943,733


India — 10.8%

ABB India Ltd.		5,788		164,112

ACC Ltd.		8,597		268,442

Ambuja Cements Ltd.		63,869		346,123

Apollo Hospitals Enterprise Ltd.		6,942		395,996

Asian Paints Ltd.		4,029		166,975

AU Small Finance Bank Ltd.* (a)		12,426		202,262

Axis Bank Ltd.*		60,560		602,630

Bajaj Auto Ltd.		4,012		198,937

Bharat Electronics Ltd.		115,939		320,842

Bharat Petroleum Corp. Ltd.		39,567		221,204

Bharti Airtel Ltd.*		50,460		462,887

Biocon Ltd.*		22,320		104,819

Britannia Industries Ltd.		6,787		333,879

Colgate-Palmolive India Ltd.		5,407		111,538

CRISIL Ltd.		3,645		136,534

Cummins India Ltd.		10,409		124,755

Dr Lal PathLabs Ltd. (a)		2,759		129,591

Eicher Motors Ltd.		2,603		86,638

Endurance Technologies Ltd. (a)		5,708		138,913

GAIL India Ltd.		167,364		333,021

HDFC Bank Ltd., ADR		40,659		2,923,789

HDFC Life Insurance Co. Ltd. (a)		168,885		1,535,896

Hindalco Industries Ltd.		27,729		170,871

Hindustan Unilever Ltd.		34,862		1,115,832

Housing Development Finance Corp. Ltd.		126,863		4,836,865

ICICI Bank Ltd.		116,448		1,253,808

IndusInd Bank Ltd.		11,052		169,061

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan ActiveBuilders Emerging Markets Equity ETF

(formerly known as JPMorgan Emerging Markets Equity Core ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

India — continued

Infosys Ltd.		226,715		5,073,613

ITC Ltd.		30,655		91,529

Jubilant Foodworks Ltd.		4,339		214,450

Kajaria Ceramics Ltd.		10,829		176,997

Kotak Mahindra Bank Ltd.		66,439		1,807,274

L&T Technology Services Ltd. (a)		2,960		187,274

Larsen & Toubro Infotech Ltd. (a)		1,227		109,771

Larsen & Toubro Ltd.		27,088		641,669

Maruti Suzuki India Ltd.		6,991		699,993

Mindtree Ltd.		8,394		505,050

Motilal Oswal Financial Services Ltd.		6,697		82,175

Petronet LNG Ltd.		34,417		105,656

Power Grid Corp. of India Ltd.		131,389		325,455

Reliance Industries Ltd.		51,437		1,745,523

Shriram Transport Finance Co. Ltd.		28,560		550,129

Tata Consultancy Services Ltd.		77,903		3,541,042

Tech Mahindra Ltd.		27,143		537,271

Titan Co. Ltd.		10,660		340,132

UltraTech Cement Ltd.		4,454		454,884

United Spirits Ltd.*		74,816		949,742

UPL Ltd.		15,599		154,645


				35,150,494


Indonesia — 1.6%

Astra International Tbk. PT		285,500		121,598

Bank Central Asia Tbk. PT		3,442,000		1,820,053

Bank Mandiri Persero Tbk. PT		299,200		151,267

Bank Negara Indonesia Persero Tbk. PT		217,600		107,608

Bank Rakyat Indonesia Persero Tbk. PT		5,855,270		1,757,658

Telkom Indonesia Persero Tbk. PT		4,691,800		1,254,051

Unilever Indonesia Tbk. PT		231,000		72,108


				5,284,343


Macau — 0.1%

Sands China Ltd.*		80,800		184,157


Malaysia — 0.3%

CIMB Group Holdings Bhd.		95,100		119,991

Hong Leong Bank Bhd.		19,500		88,623

Kuala Lumpur Kepong Bhd.		14,400		75,182

Malayan Banking Bhd.		61,400		119,360

Petronas Chemicals Group Bhd.		54,600		114,580

Press Metal Aluminium Holdings Bhd.		60,500		81,319

Public Bank Bhd.		428,300		431,299

Tenaga Nasional Bhd.		54,300		126,674


				1,157,028


INVESTMENTS	SHARES		VALUE($)


Mexico — 2.9%

America Movil SAB de CV, Series L		413,304		367,975

Arca Continental SAB de CV		25,178		153,247

Fomento Economico Mexicano SAB de CV		18,158		149,556

Grupo Aeroportuario del Pacifico SAB de CV, Class B*		62,428		788,385

Grupo Aeroportuario del Sureste SAB de CV, Class B		30,803		622,239

Grupo Financiero Banorte SAB de CV, Class O		409,426		2,588,046

Grupo Mexico SAB de CV, Series B		152,794		669,568

Kimberly-Clark de Mexico SAB de CV, Class A		354,211		559,842

Regional SAB de CV		30,853		161,009

Wal-Mart de Mexico SAB de CV		1,020,068		3,553,987


				9,613,854


Panama — 0.0% (c)

Copa Holdings SA, Class A*		1,498		110,792


Peru — 0.2%

Credicorp Ltd.		4,625		599,678


Philippines — 0.2%

Ayala Corp.		6,130		104,943

Ayala Land, Inc.		142,900		99,500

BDO Unibank, Inc.		34,670		85,330

International Container Terminal Services, Inc.		28,570		102,016

SM Investments Corp.		3,425		65,565

SM Prime Holdings, Inc.		122,200		80,385


				537,739


Poland — 0.3%

Allegro.eu SA* (a) (b)		69,700		788,256

Dino Polska SA* (a)		1,631		145,699

Powszechny Zaklad Ubezpieczen SA		18,854		188,634


				1,122,589


Portugal — 0.3%

Jeronimo Martins SGPS SA		39,575		896,675


Qatar — 0.2%

Qatar National Bank QPSC		118,040		664,603


Russia — 6.6%

Alrosa PJSC		537,405		948,803

Detsky Mir PJSC		1,214		2,347

Detsky Mir PJSC (a)		40,090		77,491

Gazprom PJSC, ADR		289,708		2,842,868

LUKOIL PJSC, ADR		31,077		3,167,707

Magnit PJSC, GDR (a)		9,520		176,310

Magnitogorsk Iron & Steel Works PJSC, GDR (a)		37,738		460,231

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Russia — continued

MMC Norilsk Nickel PJSC, ADR		45,561		1,423,823

Moscow Exchange MICEX-RTS PJSC		708,694		1,739,582

Novatek PJSC, GDR (a)		3,336		846,910

Novolipetsk Steel PJSC, GDR (a)		11,016		348,141

Polyus PJSC, GDR (a)		4,419		436,871

Rosneft Oil Co. PJSC, GDR (a)		150,217		1,337,373

Sberbank of Russia PJSC, ADR		227,257		4,557,647

Severstal PAO, GDR (a)		67,114		1,534,831

Tatneft PJSC, ADR		3,271		149,587

X5 Retail Group NV, GDR (a)		24,069		819,935

Yandex NV, Class A*		7,680		636,211


				21,506,668


Saudi Arabia — 1.4%

Al Rajhi Bank		44,210		1,633,610

Alinma Bank		42,639		285,897

Almarai Co. JSC		15,231		214,807

BinDawood Holding Co.		6,256		173,792

Dr Sulaiman Al Habib Medical Services Group Co.		3,331		147,239

Jarir Marketing Co.		2,038		110,189

Mouwasat Medical Services Co.		6,594		316,084

Saudi National Bank (The)		65,831		1,156,593

Saudi Telecom Co.		15,743		491,790


				4,530,001


South Africa — 2.7%

African Rainbow Minerals Ltd.		7,412		98,965

Anglo American plc		12,722		483,983

AVI Ltd.		73,983		383,113

Bid Corp. Ltd.		24,480		525,402

Bidvest Group Ltd. (The)		8,764		109,736

Capitec Bank Holdings Ltd.		12,723		1,421,628

Clicks Group Ltd.		43,250		789,514

Exxaro Resources Ltd.		10,336		113,172

FirstRand Ltd.		274,139		1,041,365

Foschini Group Ltd. (The)*		20,469		173,802

Gold Fields Ltd.		10,122		94,056

Impala Platinum Holdings Ltd.		41,013		530,805

Mr Price Group Ltd.		34,206		447,779

MTN Group Ltd.*		32,709		293,306

Naspers Ltd., Class N		3,894		659,464

Nedbank Group Ltd.		19,313		220,073

Sanlam Ltd.		16,463		67,630

Sasol Ltd.*		5,234		87,910

Shoprite Holdings Ltd.		21,961		260,930

Sibanye Stillwater Ltd.		36,313		127,086


INVESTMENTS	SHARES		VALUE($)


South Africa — continued

SPAR Group Ltd. (The)		13,543		172,872

Standard Bank Group Ltd.		6,993		61,968

Vodacom Group Ltd.		48,486		430,359

Woolworths Holdings Ltd.		45,494		160,140


				8,755,058


South Korea — 10.9%

AfreecaTV Co. Ltd.		2,857		473,323

BGF retail Co. Ltd.		474		65,848

CJ CheilJedang Corp.		1,019		331,179

Dentium Co. Ltd.		6,391		378,855

DL E&C Co. Ltd.*		2,618		303,106

DL Holdings Co. Ltd.		1,766		99,569

Dongjin Semichem Co. Ltd.		5,579		167,940

E-MART, Inc.		788		113,434

Green Cross Corp.		474		111,518

GS Engineering & Construction Corp.		3,399		120,610

GS Retail Co. Ltd.		8,229		227,193

Hana Financial Group, Inc.		33,593		1,295,341

Hankook Tire & Technology Co. Ltd.		12,716		450,545

Hanon Systems		25,974		321,768

Hugel, Inc.*		2,244		348,678

Hwaseung Enterprise Co. Ltd.		11,969		176,156

Hyundai Department Store Co. Ltd.		2,721		193,202

Hyundai Glovis Co. Ltd.		1,836		264,403

Hyundai Mobis Co. Ltd.		2,516		543,882

Hyundai Motor Co.		1,224		218,919

Industrial Bank of Korea		22,776		215,566

JYP Entertainment Corp.		14,143		636,088

Kakao Corp.		4,755		511,564

Kangwon Land, Inc.*		11,759		279,800

KB Financial Group, Inc.		8,837		427,745

KCC Corp.		681		194,696

Kia Corp.		14,767		1,077,582

KIWOOM Securities Co. Ltd.		3,649		328,963

Korea Electric Power Corp.		9,318		180,537

Korea Investment Holdings Co. Ltd.		4,899		366,403

Korea Zinc Co. Ltd.		417		191,995

Krafton, Inc.*		708		284,460

KT&G Corp.		3,599		249,982

LG Chem Ltd.		2,108		1,512,606

LG Household & Health Care Ltd.		852		852,755

Lotte Rental Co. Ltd.*		2,342		77,262

NAVER Corp.		4,078		1,417,850

NCSoft Corp.		2,054		1,103,630

Osstem Implant Co. Ltd.		679		71,975

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan ActiveBuilders Emerging Markets Equity ETF

(formerly known as JPMorgan Emerging Markets Equity Core ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

South Korea — continued

POSCO		3,320		842,058

Samsung Biologics Co. Ltd.* (a)		593		441,778

Samsung Electro-Mechanics Co. Ltd.		4,758		647,977

Samsung Electronics Co. Ltd.		161,780		9,686,275

Samsung Engineering Co. Ltd.*		6,111		129,975

Samsung Fire & Marine Insurance Co. Ltd.		1,970		390,499

Samsung Securities Co. Ltd.		4,964		201,804

Shinhan Financial Group Co. Ltd.		15,570		508,313

SK Hynix, Inc.		29,316		2,584,224

SK Innovation Co. Ltd.*		2,651		552,866

SK Materials Co. Ltd.		950		310,995

SK Telecom Co. Ltd.		3,022		800,185

SK, Inc.		2,039		425,514

SKC Co. Ltd.		1,635		251,368

S-Oil Corp.		9,247		809,091

Studio Dragon Corp.*		2,652		195,999

Wonik Materials Co. Ltd.		4,901		137,006

Yuhan Corp.		1,934		99,218

Zinus, Inc.		3,535		236,758


				35,438,831


Taiwan — 16.6%

Accton Technology Corp.		99,000		865,542

Advantech Co. Ltd.		141,000		1,844,000

ASE Technology Holding Co. Ltd.		212,000		758,328

ASPEED Technology, Inc.		10,000		1,003,142

AU Optronics Corp.		669,000		459,752

Cathay Financial Holding Co. Ltd.		389,000		810,868

Chailease Holding Co. Ltd.		364,900		3,494,849

Chicony Electronics Co. Ltd.		20,000		57,191

ChipMOS Technologies, Inc.		61,000		101,434

Delta Electronics, Inc.		170,000		1,500,655

E.Sun Financial Holding Co. Ltd.		132,394		126,505

Eclat Textile Co. Ltd.		68,000		1,486,015

Evergreen Marine Corp. Taiwan Ltd.		71,000		255,506

Far Eastern New Century Corp.		119,000		124,634

Feng TAY Enterprise Co. Ltd.		39,000		303,462

Formosa Plastics Corp.		134,000		519,044

Fubon Financial Holding Co. Ltd.		533,000		1,408,945

Global Unichip Corp.		63,000		1,359,626

Globalwafers Co. Ltd.		10,000		274,380

Hiwin Technologies Corp.		39,080		435,184

Hon Hai Precision Industry Co. Ltd.		209,000		806,811

Lite-On Technology Corp.		67,000		147,854

Lotes Co. Ltd.		22,000		458,374

Makalot Industrial Co. Ltd.		93,000		811,643


INVESTMENTS	SHARES		VALUE($)


Taiwan — continued

MediaTek, Inc.		53,000		1,744,373

Mega Financial Holding Co. Ltd.		136,000		163,437

Micro-Star International Co. Ltd.		20,000		100,931

momo.com, Inc.		1,600		103,104

Nanya Technology Corp.		169,000		405,216

Nien Made Enterprise Co. Ltd.		63,000		865,812

Novatek Microelectronics Corp.		47,000		704,950

Pegavision Corp.		6,000		117,796

Poya International Co. Ltd.		16,480		295,171

President Chain Store Corp.		94,000		950,062

Quanta Computer, Inc.		136,000		382,092

Realtek Semiconductor Corp.		92,000		1,654,864

Sea Ltd., ADR*		4,625		1,589,011

Silicon Motion Technology Corp., ADR		1,783		127,324

Sinbon Electronics Co. Ltd.		43,000		355,787

Taiwan Semiconductor Manufacturing Co. Ltd.		815,000		17,294,552

Taiwan Union Technology Corp.		23,000		79,308

Unimicron Technology Corp.		206,000		1,412,098

Uni-President Enterprises Corp.		207,000		496,577

United Microelectronics Corp.		913,000		1,895,366

Vanguard International Semiconductor Corp.		342,000		1,782,084

Wiwynn Corp.		31,000		993,100

Yageo Corp.		33,000		516,507

Yuanta Financial Holding Co. Ltd.		591,000		525,330


				53,968,596


Tanzania, United Republic of — 0.0% (c)

AngloGold Ashanti Ltd.		4,571		84,329


Thailand — 1.2%

Advanced Info Service PCL		33,800		192,757

Airports of Thailand PCL		136,000		265,037

Bangkok Dusit Medical Services PCL, Class F		210,700		149,854

BTS Group Holdings PCL		259,300		74,663

Central Retail Corp. PCL		68,500		71,850

CP ALL PCL		102,100		197,263

Delta Electronics Thailand PCL		6,200		77,834

Gulf Energy Development PCL		68,300		89,147

Minor International PCL*		115,400		113,980

PTT Exploration & Production PCL		278,200		984,092

PTT Global Chemical PCL		47,600		90,084

PTT PCL		190,400		218,591

Siam Cement PCL (The) (Registered)		61,300		729,703

Siam Commercial Bank PCL (The)		128,600		488,959

Thai Oil PCL		88,500		148,510


				3,892,324

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Turkey — 0.3%

BIM Birlesik Magazalar A/S		93,700		605,726

D-MARKET Elektronik Hizmetler ve Ticaret A/S, ADR*		40,494		184,248

Ford Otomotiv Sanayi A/S		10,337		199,558

Turk Telekomunikasyon A/S		87,037		68,170


				1,057,702


United Arab Emirates — 0.3%

Aldar Properties PJSC		178,102		195,964

Emaar Properties PJSC		390,315		427,290

First Abu Dhabi Bank PJSC		102,555		497,766


				1,121,020


United Kingdom — 0.1%

HSBC Holdings plc		12,000		72,240

Pepco Group NV* (a)		6,596		78,035

Prudential plc		4,009		81,815


				232,090


United States — 1.4%

EPAM Systems, Inc.*		3,474		2,338,836

FirstCash, Inc.		1,701		150,487

Globant SA*		3,061		977,041

JS Global Lifestyle Co. Ltd. (a)		42,000		77,779

NeoImmuneTech, Inc., Receipts*		2,881		24,392

Parade Technologies Ltd.		16,000		1,030,713


				4,599,248


Vietnam — 0.0% (c)

Vietnam Joint Stock Commercial Bank for Industry and Trade		91,662		126,815


Zambia — 0.1%

First Quantum Minerals Ltd.		8,223		194,678


Total Common Stocks (Cost $334,489,054)				321,696,554

	NO. OF WARRANTS
Warrants — 0.0% (c)

Thailand — 0.0% (c)

BTS Group Holdings PCL

expiring 9/5/2022, price 9.90 THB*		12,585		542

expiring 11/7/2024, price 11.90 THB*		25,170		—

expiring 11/20/2026, price 14.90 THB*		50,340		—


				542


Total Warrants (Cost $—)				542


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 1.5%

Investment Companies — 1.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $3,609,948)		3,608,143		3,609,948


Investment of Cash Collateral from Securities Loaned — 0.4%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $1,214,086)		1,214,086		1,214,086


Total Short-Term Investments (Cost $4,824,034)				4,824,034

Total Investments — 100.2% (Cost $339,313,088)				326,521,130

Liabilities in Excess of Other Assets — (0.2)%				(657,170)

NET ASSETS — 100.0%				325,863,960

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan ActiveBuilders Emerging Markets Equity ETF

(formerly known as JPMorgan Emerging Markets Equity Core ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Summary of Investments by Industry, October 31, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENT OF TOTAL INVESTMENTS

Banks		13.2	%

Semiconductors & Semiconductor Equipment		11.8

Internet & Direct Marketing Retail		6.5

Interactive Media & Services		4.7

Oil, Gas & Consumable Fuels		4.4

Technology Hardware, Storage & Peripherals		4.1

IT Services		4.1

Metals & Mining		3.3

Insurance		3.3

Food & Staples Retailing		3.2

Electronic Equipment, Instruments & Components		2.8

Food Products		2.6

Entertainment		2.5

Household Durables		2.4

Capital Markets		2.1

Beverages		2.0

Textiles, Apparel & Luxury Goods		1.7

Diversified Financial Services		1.6

Machinery		1.5

Real Estate Management & Development		1.5

Life Sciences Tools & Services		1.5

Thrifts & Mortgage Finance		1.5

Chemicals		1.4

Software		1.0

Hotels, Restaurants & Leisure		1.0

Auto Components		1.0

Others (each less than 1.0%)		11.8

Short-Term Investments		1.5

Abbreviations


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
JSC		Joint Stock Company
PJSC		Public Joint Stock Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT		Limited liability company
RTS		Russian Trading System
SGPS		Holding company
THB		Thai Baht

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $1,140,813.
(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 October 31, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan ActiveBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 97.6%

Australia — 4.2%

Australia & New Zealand Banking Group Ltd.		5,036		107,168

BHP Group Ltd.		10,274		282,196

Commonwealth Bank of Australia		683		54,136

CSL Ltd.		414		94,202

Fortescue Metals Group Ltd.		2,076		21,632

Goodman Group, REIT		2,703		44,753

IDP Education Ltd.		1,692		47,872

Macquarie Group Ltd.		175		25,835

National Australia Bank Ltd.		4,658		101,274

Rio Tinto Ltd.		844		57,825

Rio Tinto plc		2,912		181,567

South32 Ltd.		11,124		30,008

Wesfarmers Ltd.		850		36,776

Westpac Banking Corp.		5,470		106,420

Woolworths Group Ltd.		1,202		34,623


				1,226,287


Austria — 0.8%

BAWAG Group AG (a)		354		22,265

Erste Group Bank AG		2,756		118,193

OMV AG		730		44,197

Raiffeisen Bank International AG		866		25,304

Wienerberger AG		713		25,241


				235,200


Belgium — 0.9%

Ageas SA		379		18,438

Bekaert SA		771		33,771

bpost SA*		1,349		11,557

KBC Group NV		2,080		193,696


				257,462


Canada — 0.6%

Canadian National Railway Co.		589		78,280

Toronto-Dominion Bank (The)		1,228		89,143


				167,423


China — 1.4%

Alibaba Group Holding Ltd., ADR*		563		92,861

Bilibili, Inc., Class Z*		672		49,242

BOC Hong Kong Holdings Ltd.		9,500		30,104

Budweiser Brewing Co. APAC Ltd. (a)		8,600		23,588

Prosus NV*		359		31,622

Tencent Holdings Ltd., ADR		2,270		137,993

TI Fluid Systems plc (a)		4,876		17,667

Yangzijiang Shipbuilding Holdings Ltd.		34,200		36,107


				419,184


INVESTMENTS	SHARES		VALUE($)


Denmark — 4.0%

AP Moller — Maersk A/S, Class B		10		28,980

Carlsberg A/S, Class B		726		119,874

DSV A/S		144		33,468

Genmab A/S*		236		106,023

H+H International A/S, Class B*		759		29,959

Matas A/S		1,569		30,697

Novo Nordisk A/S, Class B		5,648		619,331

Orsted A/S (a)		1,200		169,491

Solar A/S, Class B		268		31,236

Spar Nord Bank A/S		1,807		23,279


				1,192,338


Finland — 1.1%

Caverion OYJ		3,527		27,867

Elisa OYJ		541		32,649

Kone OYJ, Class B		2,420		165,042

Nokia OYJ*		5,079		29,151

Nordea Bank Abp		5,087		62,300

Valmet OYJ		349		14,168


				331,177


France — 11.6%

Air Liquide SA		529		88,321

Airbus SE*		277		35,534

Arkema SA		191		26,128

AXA SA		5,449		158,528

BNP Paribas SA		3,196		213,931

Capgemini SE		1,399		326,195

Carrefour SA		731		13,234

Cie de Saint-Gobain		745		51,414

CNP Assurances		1,186		29,715

Credit Agricole SA		1,147		17,305

Dassault Systemes SE		517		30,110

Dassault Systemes SE		345		20,147

EssilorLuxottica SA		94		19,448

Fnac Darty SA		319		20,710

Gecina SA, REIT		160		22,390

IPSOS		605		28,355

Kering SA		175		131,344

L’Oreal SA		839		383,805

LVMH Moet Hennessy Louis Vuitton SE		750		588,091

Metropole Television SA		834		18,376

Pernod Ricard SA		480		110,429

Publicis Groupe SA		643		43,167

Quadient SA		503		12,025

Rothschild & Co.		781		34,353

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan ActiveBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Safran SA		1,196		160,969

Sanofi		734		73,726

Societe Generale SA		2,394		79,969

Sopra Steria Group SACA		140		27,527

Technip Energies NV*		1,471		22,639

Thales SA		179		16,518

TotalEnergies SE		6,723		336,654

Veolia Environnement SA		2,832		92,490

Vinci SA		1,626		173,836


				3,407,383


Germany — 8.6%

adidas AG		780		255,295

Allianz SE (Registered)		1,509		350,406

Aurubis AG		150		12,925

BASF SE		560		40,305

Bayer AG (Registered)		308		17,358

Bayerische Motoren Werke AG		431		43,546

Brenntag SE		298		28,351

Continental AG*		128		15,049

Covestro AG (a)		408		26,128

Daimler AG (Registered)		1,162		115,343

Deutsche Boerse AG		417		69,225

Deutsche Post AG (Registered)		2,723		168,573

Deutsche Telekom AG (Registered)		8,559		159,173

HeidelbergCement AG		299		22,516

Hornbach Holding AG & Co. KGaA		179		22,636

Infineon Technologies AG		1,407		65,892

JOST Werke AG (a)		241		13,958

Kloeckner & Co. SE*		1,716		23,055

Merck KGaA		212		50,101

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		517		153,077

RWE AG		2,395		92,188

SAP SE		582		84,280

Sartorius AG (Preference)		80		51,819

Siemens AG (Registered)		1,354		220,136

Symrise AG		792		109,551

Volkswagen AG (Preference)		976		219,045

Vonovia SE		499		30,271

Zalando SE* (a)		847		80,025


				2,540,227


Hong Kong — 2.3%

AIA Group Ltd.		29,600		331,727

Haitong International Securities Group Ltd.		62,000		14,252


INVESTMENTS	SHARES		VALUE($)


Hong Kong — continued

Hong Kong Exchanges & Clearing Ltd.		4,200		253,015

Hongkong Land Holdings Ltd.		5,300		29,268

Hysan Development Co. Ltd.		4,000		13,907

Sun Hung Kai Properties Ltd.		2,500		33,146


				675,315


India — 0.6%

HDFC Bank Ltd., ADR		2,288		164,530


Indonesia — 0.2%

Bank Central Asia Tbk. PT		90,500		47,854


Ireland — 0.3%

CRH plc		787		37,661

Kingspan Group plc		473		54,454


				92,115


Italy — 1.2%

Assicurazioni Generali SpA		1,536		33,447

Azimut Holding SpA		1,051		30,267

Enel SpA		4,676		39,147

Eni SpA		3,757		53,847

FinecoBank Banca Fineco SpA*		3,139		59,948

Intesa Sanpaolo SpA		23,617		67,124

Mediobanca Banca di Credito Finanziario SpA		1,157		13,806

UniCredit SpA		2,607		34,463

Unipol Gruppo SpA		4,001		22,979


				355,028


Japan — 19.2%

AGC, Inc.		1,100		54,775

Ajinomoto Co., Inc.		1,100		32,935

Asahi Group Holdings Ltd.		1,000		45,380

Asahi Kasei Corp.		3,100		32,567

Bridgestone Corp.		1,800		79,631

Brother Industries Ltd.		1,500		29,001

Central Japan Railway Co.		200		29,668

Cosmo Energy Holdings Co. Ltd.		800		16,354

Credit Saison Co. Ltd.		1,900		23,293

Dai-ichi Life Holdings, Inc.		2,600		54,700

Daiichi Sankyo Co. Ltd.		1,100		27,756

Daikin Industries Ltd.		700		153,310

Daiwa House Industry Co. Ltd.		400		13,196

Dentsu Group, Inc.		900		32,889

FANUC Corp.		300		59,286

Fujitsu Ltd.		200		34,566

Fuyo General Lease Co. Ltd.		400		25,997

Hitachi Ltd.		2,000		115,249

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Honda Motor Co. Ltd.		3,400		100,565

Hoya Corp.		1,800		264,975

Isuzu Motors Ltd.		3,100		41,704

ITOCHU Corp.		2,800		79,858

Japan Airlines Co. Ltd.*		600		12,913

Japan Post Holdings Co. Ltd.*		4,000		30,736

Japan Post Insurance Co. Ltd.		2,300		37,317

Kao Corp.		800		45,254

KDDI Corp.		3,000		91,740

Keyence Corp.		700		422,530

Konami Holdings Corp.		200		11,006

Kubota Corp.		3,000		63,909

Kyowa Kirin Co. Ltd.		4,400		144,708

Makita Corp.		2,000		92,824

Mitsubishi Chemical Holdings Corp.		5,500		45,526

Mitsubishi Corp.		3,200		101,754

Mitsubishi Electric Corp.		1,400		18,801

Mitsubishi UFJ Financial Group, Inc.		25,100		137,636

Mitsui & Co. Ltd.		2,900		66,365

Mitsui Fudosan Co. Ltd.		2,000		45,728

Mizuho Financial Group, Inc.		4,400		58,071

MS&AD Insurance Group Holdings, Inc.		1,400		45,230

Murata Manufacturing Co. Ltd.		400		29,671

Nidec Corp.		700		77,531

Nintendo Co. Ltd.		100		44,166

Nippon Express Co. Ltd.		200		12,519

Nippon Telegraph & Telephone Corp.		4,000		112,076

Nitori Holdings Co. Ltd.		100		18,371

Nomura Holdings, Inc.		6,500		30,956

Nomura Real Estate Holdings, Inc.		1,400		34,131

Nomura Research Institute Ltd.		600		24,020

Ono Pharmaceutical Co. Ltd.		400		8,393

ORIX Corp.		4,700		93,419

Otsuka Corp.		800		39,405

Recruit Holdings Co. Ltd.		2,300		152,994

Rohm Co. Ltd.		100		9,144

Ryohin Keikaku Co. Ltd.		500		9,853

SBI Holdings, Inc.		1,200		31,103

Sekisui House Ltd.		2,700		56,135

Seven & i Holdings Co. Ltd.		1,000		41,985

Shimadzu Corp.		500		20,314

Shimano, Inc.		300		83,704

Shin-Etsu Chemical Co. Ltd.		700		124,833

Shionogi & Co. Ltd.		200		13,040

SMC Corp.		300		179,030


INVESTMENTS	SHARES		VALUE($)


Japan — continued

SoftBank Corp.		5,700		77,803

SoftBank Group Corp.		600		32,482

Sojitz Corp.		2,120		34,978

Sompo Holdings, Inc.		800		34,694

Sony Group Corp.		3,600		416,867

Sumitomo Corp.		2,700		38,474

Sumitomo Metal Mining Co. Ltd.		200		7,758

Sumitomo Mitsui Financial Group, Inc.		3,400		110,329

Sumitomo Mitsui Trust Holdings, Inc.		1,200		39,473

Suzuki Motor Corp.		500		22,298

Sysmex Corp.		700		86,794

T&D Holdings, Inc.		2,000		25,651

Takeda Pharmaceutical Co. Ltd.		1,400		39,292

Terumo Corp.		500		22,058

Tokio Marine Holdings, Inc.		1,000		52,670

Tokyo Electron Ltd.		400		186,413

Toyota Motor Corp.		18,500		326,417

Yamato Holdings Co. Ltd.		1,200		29,500


				5,650,447


Luxembourg — 0.1%

ArcelorMittal SA		1,168		39,502


Malta — 0.0% (b)

Kindred Group plc, SDR		1,086		15,261


Netherlands — 6.4%

Adyen NV* (a)		70		211,212

Aegon NV		2,709		13,741

Akzo Nobel NV		488		56,079

Argenx SE*		85		23,494

Argenx SE*		26		7,827

ASML Holding NV		1,003		815,339

ASR Nederland NV		754		35,245

ING Groep NV		11,546		175,140

Koninklijke Ahold Delhaize NV		3,036		98,768

Koninklijke DSM NV		294		64,233

Koninklijke KPN NV		9,709		29,010

NN Group NV		1,987		106,219

PostNL NV		2,684		11,649

Randstad NV		389		27,949

Royal Dutch Shell plc, Class B		4,150		95,237

Signify NV (a)		455		22,048

Wolters Kluwer NV		783		81,994


				1,875,184


Norway — 0.7%

Bank Norwegian ASA		1,669		20,665

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan ActiveBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Norway — continued

DNB Bank ASA		1,280		30,460

Equinor ASA		2,423		61,395

Norsk Hydro ASA		4,600		33,789

Selvaag Bolig ASA		4,125		25,342

SpareBank 1 Nord Norge		2,902		35,189


				206,840


Poland — 0.1%

InPost SA*		2,062		29,441


Russia — 0.2%

Evraz plc		2,138		18,160

Sberbank of Russia PJSC, ADR		1,394		27,957


				46,117


Singapore — 1.0%

DBS Group Holdings Ltd.		9,100		212,648

Oversea-Chinese Banking Corp. Ltd.		6,000		52,451

United Overseas Bank Ltd.		2,200		43,732


				308,831


South Africa — 0.5%

Anglo American plc		4,207		160,047


South Korea — 1.1%

Delivery Hero SE* (a)		1,230		153,412

Samsung Electronics Co. Ltd., GDR (a)		121		181,178


				334,590


Spain — 2.1%

Banco Bilbao Vizcaya Argentaria SA		13,520		94,615

Banco Santander SA		17,074		64,763

CaixaBank SA		13,550		38,952

Cellnex Telecom SA (a)		474		29,151

Endesa SA		1,294		29,843

Iberdrola SA		15,191		179,383

Indra Sistemas SA*		2,986		36,114

Industria de Diseno Textil SA		2,785		100,885

Mediaset Espana Comunicacion SA*		2,486		12,932

Telefonica SA		7,030		30,536


				617,174


Sweden — 3.3%

Assa Abloy AB, Class B		3,961		116,226

Atlas Copco AB, Class A		3,965		255,341

Boliden AB		804		28,344

Industrivarden AB, Class A (c)		223		7,356

Intrum AB		457		12,972

Inwido AB		1,455		26,676


INVESTMENTS	SHARES		VALUE($)


Sweden — continued

Lundin Energy AB		1,504		59,398

Sandvik AB		671		17,016

Securitas AB, Class B		1,831		30,334

Skandinaviska Enskilda Banken AB, Class A		2,286		35,748

Skanska AB, Class B		1,099		27,943

SKF AB, Class B		1,920		44,592

SSAB AB, Class B*		3,611		18,048

Svenska Handelsbanken AB, Class A (c)		14,531		166,559

Telefonaktiebolaget LM Ericsson, Class B		1,409		15,380

Volvo AB, Class B		4,414		102,931


				964,864


Switzerland — 9.3%

ABB Ltd. (Registered)		1,406		46,515

Adecco Group AG (Registered)		379		19,094

Cie Financiere Richemont SA (Registered)		182		22,523

Givaudan SA (Registered)		12		56,543

Holcim Ltd.*		1,685		84,052

Julius Baer Group Ltd.		606		43,833

Lonza Group AG (Registered)		368		302,423

Nestle SA (Registered)		6,029		795,269

Novartis AG (Registered)		4,252		351,695

Partners Group Holding AG		42		73,372

Roche Holding AG		772		299,068

SGS SA (Registered)		47		139,144

Sika AG (Registered)		96		32,523

Straumann Holding AG (Registered)		45		93,676

Swiss Life Holding AG (Registered)		54		29,623

Swisscom AG (Registered)		58		31,582

UBS Group AG (Registered)		8,010		145,804

Zurich Insurance Group AG		376		166,651


				2,733,390


Taiwan — 1.2%

Sea Ltd., ADR*		577		198,240

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,380		156,906


				355,146


United Kingdom — 12.0%

3i Group plc		5,811		108,520

Allfunds Group plc*		1,312		26,521

Ashtead Group plc		561		47,017

AstraZeneca plc		1,383		173,015

Aviva plc		7,103		38,327

Barclays plc		20,165		55,645

Barratt Developments plc		1,818		16,504

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

Berkeley Group Holdings plc		718		42,828

BP plc		42,995		205,985

British American Tobacco plc		1,019		35,445

BT Group plc*		9,488		18,026

Centrica plc*		25,086		20,708

CK Hutchison Holdings Ltd.		6,000		40,227

DCC plc		362		30,205

Diageo plc		9,067		451,099

Drax Group plc		3,981		28,953

GlaxoSmithKline plc		10,534		218,695

Halfords Group plc		2,628		9,581

HSBC Holdings plc		27,152		163,595

InterContinental Hotels Group plc*		524		36,705

Intertek Group plc		1,040		69,647

ITV plc*		8,413		12,382

J Sainsbury plc		7,325		30,002

Kingfisher plc		7,198		33,036

Land Securities Group plc, REIT		1,165		10,945

Legal & General Group plc		18,465		72,822

Linde plc		682		219,424

Lloyds Banking Group plc		181,567		124,261

London Stock Exchange Group plc		1,217		118,467

M&G plc		8,689		23,739

Man Group plc		8,713		27,748

Marks & Spencer Group plc*		3,267		8,212

NatWest Group plc		9,102		27,444

Next plc		384		41,852

OSB Group plc		3,983		27,527

Persimmon plc		2,552		95,083

Prudential plc		5,922		120,856

Reach plc		4,292		18,614

Reckitt Benckiser Group plc		791		64,216

RELX plc		10,278		318,694

Smith & Nephew plc		1,664		28,737

Standard Chartered plc		6,335		42,844

Taylor Wimpey plc		8,971		18,981

Tesco plc		18,945		69,950

Unilever plc		1,641		87,862

WPP plc		3,427		49,536


				3,530,482


United States — 2.6%

Ferguson plc		1,930		290,394

Schneider Electric SE		2,032		350,354

Stellantis NV		5,703		113,857

				754,605


Total Common Stocks (Cost $28,236,150)				28,733,444


INVESTMENTS	SHARES		VALUE($)

Short-Term Investments — 1.9%

Investment Companies — 1.5%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $429,423)		429,423		429,423


Investment of Cash Collateral from Securities Loaned — 0.4%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $124,086)		124,086		124,086


Total Short-Term Investments (Cost $553,509)				553,509

Total Investments — 99.5% (Cost $28,789,659)				29,286,953
Other Assets Less Liabilities — 0.5%				133,003

NET ASSETS — 100.0%				29,419,956

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan ActiveBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Summary of Investments by Industry, October 31, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENT OF TOTAL INVESTMENTS

Banks		11.6	%

Pharmaceuticals		6.9

Insurance		6.7

Semiconductors & Semiconductor Equipment		4.2

Machinery		3.6

Capital Markets		3.5

Textiles, Apparel & Luxury Goods		3.5

Automobiles		3.3

Metals & Mining		3.2

Chemicals		3.1

Oil, Gas & Consumable Fuels		3.0

Food Products		2.8

Professional Services		2.8

Beverages		2.6

Trading Companies & Distributors		2.5

IT Services		2.4

Household Durables		2.2

Health Care Equipment & Supplies		1.9

Personal Products		1.8

Electrical Equipment		1.8

Electronic Equipment, Instruments & Components		1.6

Building Products		1.6

Diversified Telecommunication Services		1.5

Electric Utilities		1.4

Industrial Conglomerates		1.4

Internet & Direct Marketing Retail		1.2

Entertainment		1.0

Life Sciences Tools & Services		1.0

Food & Staples Retailing		1.0

Air Freight & Logistics		1.0

Others (each less than 1.0%)		12.0

Short-Term Investments		1.9

Abbreviations


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
OYJ		Public Limited Company
PJSC		Public Joint Stock Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT		Limited liability company
REIT		Real Estate Investment Trust
SDR		Swedish Depositary Receipt

(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)		Amount rounds to less than 0.1% of net assets.
(c)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $121,730.
(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 October 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.4%

Aerospace & Defense — 0.5%

CAE, Inc.* (a)		953,001		28,899,586


Airlines — 0.3%

Air Canada* (a)		1,011,744		18,140,433


Auto Components — 1.1%

Magna International, Inc.		841,255		68,430,140


Banks — 25.4%

Bank of Montreal (a)		1,949,217		211,632,424

Bank of Nova Scotia (The)		3,655,421		239,658,096

Canadian Imperial Bank of Commerce (a)		1,353,110		164,185,948

National Bank of Canada		1,015,392		84,063,562

Royal Bank of Canada		4,287,248		446,253,464

Toronto-Dominion Bank (The)		5,479,692		397,782,425


				1,543,575,919


Capital Markets — 5.3%

Brookfield Asset Management, Inc., Class A		4,388,584		264,960,404

CI Financial Corp.		550,734		12,557,946

IGM Financial, Inc.		244,352		9,702,212

Onex Corp.		229,774		17,123,510

TMX Group Ltd.		168,421		18,234,268


				322,578,340


Chemicals — 2.0%

Nutrien Ltd.		1,716,909		120,000,508


Commercial Services & Supplies — 2.4%

GFL Environmental, Inc. (a)		417,968		17,186,806

Ritchie Bros Auctioneers, Inc.		332,214		22,706,838

Waste Connections, Inc. (a)		783,814		106,653,424


				146,547,068


Construction & Engineering — 0.7%

SNC-Lavalin Group, Inc. (a)		528,183		14,207,508

WSP Global, Inc.		222,663		30,186,165


				44,393,673


Containers & Packaging — 0.4%

CCL Industries, Inc., Class B		444,631		24,304,531


Diversified Telecommunication Services — 1.3%

BCE, Inc. (a)		899,262		46,292,810

TELUS Corp.		1,351,051		30,992,516


				77,285,326


Electric Utilities — 2.0%

Emera, Inc. (a)		770,423		35,844,341

Fortis, Inc. (a)		1,417,700		63,106,895

Hydro One Ltd. (a) (b)		917,904		21,931,497


				120,882,733


INVESTMENTS	SHARES		VALUE($)


Equity Real Estate Investment Trusts (REITs) — 0.4%

Canadian Apartment Properties (a)		254,499		12,426,773

H&R		425,077		5,842,404

RioCan (a)		467,720		8,423,949


				26,693,126


Food & Staples Retailing — 3.4%

Alimentation Couche-Tard, Inc., Class B		2,543,085		95,386,236

Empire Co. Ltd., Class A		503,395		15,049,786

George Weston Ltd.		217,414		23,491,112

Loblaw Cos. Ltd. (a)		498,434		37,487,263

Metro, Inc.		735,689		37,016,285


				208,430,682


Food Products — 0.3%

Saputo, Inc.		721,785		17,239,790


Gas Utilities — 0.3%

AltaGas Ltd. (a)		842,842		17,447,974


Hotels, Restaurants & Leisure — 0.9%

Restaurant Brands International, Inc.		928,017		52,542,139


Independent Power and Renewable Electricity Producers — 0.3%

Brookfield Renewable Corp.		383,408		15,880,328


Insurance — 6.9%

Fairfax Financial Holdings Ltd.		81,186		32,881,773

Great-West Lifeco, Inc.		811,125		23,863,172

iA Financial Corp., Inc.		323,317		19,125,758

Intact Financial Corp.		529,776		71,020,634

Manulife Financial Corp.		5,843,179		113,832,454

Power Corp. of Canada (a)		1,721,264		57,329,106

Sun Life Financial, Inc. (a)		1,762,066		100,418,968


				418,471,865


IT Services — 9.1%

CGI, Inc.*		658,897		58,862,033

Shopify, Inc., Class A*		339,617		495,874,848


				554,736,881


Media — 0.8%

Quebecor, Inc., Class B (a)		500,797		12,762,716

Shaw Communications, Inc., Class B		1,347,226		38,796,974


				51,559,690


Metals & Mining — 7.0%

Agnico Eagle Mines Ltd.		734,850		39,004,765

Barrick Gold Corp. (a)		5,350,591		98,183,518

First Quantum Minerals Ltd.		1,663,159		39,375,047

Franco-Nevada Corp.		574,971		82,041,151

Kinross Gold Corp.		3,796,724		22,824,521

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Metals & Mining — continued

Kirkland Lake Gold Ltd.		799,513		33,702,806

Lundin Mining Corp.		1,934,530		16,834,913

Teck Resources Ltd., Class B		1,404,781		39,205,830

Wheaton Precious Metals Corp.		1,354,703		54,687,267


				425,859,818


Multiline Retail — 1.1%

Canadian Tire Corp. Ltd., Class A (a)		172,642		24,520,855

Dollarama, Inc.		873,474		39,481,364


				64,002,219


Multi-Utilities — 0.7%

Algonquin Power & Utilities Corp. (a)		1,857,958		26,782,459

Atco Ltd., Class I (a)		222,129		7,538,314

Canadian Utilities Ltd., Class A (a)		354,775		10,276,894


				44,597,667


Oil, Gas & Consumable Fuels — 14.6%

Cameco Corp.		1,196,698		29,076,203

Canadian Natural Resources Ltd.		3,569,154		151,694,813

Cenovus Energy, Inc. (a)		3,823,888		45,728,460

Enbridge, Inc.		6,094,724		255,292,899

Imperial Oil Ltd. (a)		675,466		22,868,476

Keyera Corp. (a)		664,977		17,043,528

Pembina Pipeline Corp. (a)		1,654,859		54,783,107

Suncor Energy, Inc.		4,485,723		117,978,574

TC Energy Corp.		2,946,072		159,372,593

Tourmaline Oil Corp. (a)		912,555		32,982,050


				886,820,703


Pharmaceuticals — 0.5%

Bausch Health Cos., Inc.*		865,522		24,260,632

Canopy Growth Corp.* (a)		741,476		9,376,292


				33,636,924


Professional Services — 1.0%

Thomson Reuters Corp.		507,130		61,002,297


Road & Rail — 6.6%

Canadian National Railway Co.		1,834,402		243,796,413

Canadian Pacific Railway Ltd. (a)		2,006,302		155,287,386


				399,083,799


Software — 2.7%

BlackBerry Ltd.* (a)		1,534,113		16,573,280

Constellation Software, Inc.		59,295		104,206,555

Open Text Corp.		816,970		41,152,157


				161,931,992


INVESTMENTS	SHARES		VALUE($)


Textiles, Apparel & Luxury Goods — 0.4%

Gildan Activewear, Inc.		597,273		21,939,262


Trading Companies & Distributors — 0.2%

Finning International, Inc.		485,651		14,378,032


Wireless Telecommunication Services — 0.8%

Rogers Communications, Inc., Class B		1,054,406		49,039,762


Total Common Stocks (Cost $4,394,807,173)				6,040,333,207


Short-Term Investments — 8.8%

Investment of Cash Collateral from Securities Loaned — 8.8%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		184,490,813		184,490,813

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		347,161,083		347,161,083


Total Investment Of Cash Collateral from Securities Loaned (Cost $531,651,896)				531,651,896

Total Investments — 108.2% (Cost $4,926,459,069)				6,571,985,103
Liabilities in Excess of Other Assets — (8.2)%				(500,716,484)

NET ASSETS — 100.0%				6,071,268,619

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $495,464,412.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT
($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P/TSX 60 Index

144

12/2021

CAD

29,330,575

874,945

Abbreviations


CAD		CanadianDollar
TSX		TorontoStock Exchange

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	71

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%

Australia — 61.0%

Afterpay Ltd.*		525,032		48,638,662

AGL Energy Ltd.		1,293,542		5,578,567

Alumina Ltd.		4,879,815		7,374,969

AMP Ltd.* (a)		6,781,084		5,547,944

Ampol Ltd.		494,760		11,444,430

APA Group		2,449,693		15,199,484

Aristocrat Leisure Ltd.		1,389,960		49,297,314

ASX Ltd.		401,942		25,277,257

Aurizon Holdings Ltd.		3,821,668		9,743,195

AusNet Services Ltd.		3,975,882		7,393,755

Australia & New Zealand Banking Group Ltd.		5,910,670		125,781,918

Bendigo & Adelaide Bank Ltd.		1,134,550		7,946,285

BHP Group Ltd. (a)		6,116,169		167,992,768

BlueScope Steel Ltd.		1,046,003		16,344,949

Boral Ltd.*		687,067		3,314,853

Brambles Ltd.		2,993,414		22,710,115

Challenger Ltd.		1,193,081		6,267,048

CIMIC Group Ltd. (a)		135,727		2,045,244

Cochlear Ltd.		136,499		22,831,106

Coles Group Ltd.		2,769,506		35,889,967

Commonwealth Bank of Australia		3,542,809		280,810,960

Computershare Ltd.		1,190,788		16,944,176

Crown Resorts Ltd.* (a)		745,137		5,616,846

CSL Ltd.		944,938		215,011,482

Dexus, REIT		2,233,089		18,317,550

Domino’s Pizza Enterprises Ltd.		131,134		13,451,480

Evolution Mining Ltd.		3,763,241		10,216,970

Fortescue Metals Group Ltd.		3,515,899		36,635,803

Goodman Group, REIT		3,490,425		57,790,590

GPT Group (The), REIT		3,977,119		15,526,865

Harvey Norman Holdings Ltd.		1,345,221		5,046,743

Incitec Pivot Ltd.		4,032,443		9,123,751

Insurance Australia Group Ltd.		5,118,038		18,545,077

LendLease Corp. Ltd.		1,429,639		11,325,896

Macquarie Group Ltd.		719,807		106,264,471

Magellan Financial Group Ltd.		297,644		7,829,848

Medibank Pvt Ltd.		5,717,854		14,369,711

Mirvac Group, REIT		8,185,762		17,469,773

National Australia Bank Ltd.		6,849,991		148,932,365

Newcrest Mining Ltd.		1,696,857		31,792,047

Northern Star Resources Ltd.		2,416,622		16,729,873

Orica Ltd.		846,077		9,712,362

Origin Energy Ltd.		3,656,626		14,004,802

Qantas Airways Ltd.*		1,918,745		7,770,994

QBE Insurance Group Ltd.		3,062,733		27,421,976


INVESTMENTS	SHARES		VALUE($)


Australia — continued

Ramsay Health Care Ltd.		384,913		20,572,101

REA Group Ltd.		106,978		12,983,788

Reece Ltd.		590,123		8,948,183

Rio Tinto Ltd.		770,718		52,804,021

Santos Ltd.		3,892,375		20,439,123

Scentre Group, REIT		10,776,256		24,579,402

SEEK Ltd.		734,080		18,244,000

Seven Group Holdings Ltd.		324,310		5,296,730

Sonic Healthcare Ltd.		992,557		30,118,638

South32 Ltd.		9,705,272		26,180,772

Stockland, REIT		4,956,243		17,083,872

Suncorp Group Ltd.		2,663,693		23,570,612

Sydney Airport*		2,745,486		17,025,967

Tabcorp Holdings Ltd.		4,612,522		17,367,772

Telstra Corp. Ltd.		8,642,499		24,980,968

TPG Telecom Ltd.		772,073		3,941,388

Transurban Group		6,316,508		64,359,882

Treasury Wine Estates Ltd.		1,498,700		13,076,952

Vicinity Centres, REIT		8,033,715		10,491,909

Washington H Soul Pattinson & Co. Ltd. (a)		258,454		6,364,870

Wesfarmers Ltd.		2,354,077		101,850,863

Westpac Banking Corp.		7,616,726		148,184,475

WiseTech Global Ltd.		337,312		13,146,328

Woodside Petroleum Ltd.		2,000,583		34,973,363

Woolworths Group Ltd.		2,516,370		72,483,574

Worley Ltd.		769,587		6,323,085


				2,508,674,879


China — 1.3%

Budweiser Brewing Co. APAC Ltd. (b)		3,574,200		9,803,327

China Evergrande New Energy Vehicle Group Ltd.* (a)		5,070,500		2,422,956

Chow Tai Fook Jewellery Group Ltd.		4,568,200		9,317,303

ESR Cayman Ltd.* (b)		2,987,200		9,666,176

Wilmar International Ltd.		6,545,700		20,927,544


				52,137,306


Hong Kong — 21.8%

AIA Group Ltd.		25,115,400		281,468,567

ASM Pacific Technology Ltd.		639,800		6,922,899

Bank of East Asia Ltd. (The)		3,030,200		4,976,407

Cathay Pacific Airways Ltd.*		1,995,636		1,841,088

CK Asset Holdings Ltd.		4,084,000		25,227,107

CK Infrastructure Holdings Ltd.		1,264,500		7,623,666

CLP Holdings Ltd.		3,463,000		33,905,955

Dairy Farm International Holdings Ltd.		618,200		2,208,718

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Hong Kong — continued

Hang Lung Properties Ltd.		3,828,000		8,884,230

Hang Seng Bank Ltd. (a)		1,508,400		28,664,028

Henderson Land Development Co. Ltd. (a)		2,715,700		11,371,133

HK Electric Investments & HK Electric Investments Ltd. (b)		4,769,500		4,750,803

HKT Trust & HKT Ltd.		7,547,000		10,241,528

Hong Kong & China Gas Co. Ltd. (a)		22,469,789		34,907,538

Hong Kong Exchanges & Clearing Ltd.		2,474,200		149,050,103

Jardine Matheson Holdings Ltd.		524,300		30,452,998

Link, REIT		4,343,200		38,478,318

MTR Corp. Ltd.		3,214,000		17,532,731

New World Development Co. Ltd.		2,955,250		12,818,189

Power Assets Holdings Ltd.		2,836,500		17,334,710

Sino Land Co. Ltd. (a)		6,444,000		8,469,901

Sun Hung Kai Properties Ltd.		3,189,000		42,280,829

Swire Pacific Ltd., Class A		1,034,000		6,500,335

Swire Pacific Ltd., Class B		1,857,500		1,951,290

Swire Properties Ltd.		2,186,000		5,860,594

Techtronic Industries Co. Ltd.		3,578,500		73,521,203

WH Group Ltd. (b)		16,249,191		11,390,917

Wharf Real Estate Investment Co. Ltd.		3,212,000		18,142,208


				896,777,993


Macau — 1.0%

Galaxy Entertainment Group Ltd.*		4,158,000		22,373,060

MGM China Holdings Ltd.*		1,725,828		1,266,276

Sands China Ltd.*		5,039,779		11,486,539

SJM Holdings Ltd.* (a)		4,364,000		3,245,595

Wynn Macau Ltd.* (a)		3,025,516		2,705,634


				41,077,104


New Zealand — 2.5%

a2 Milk Co. Ltd. (The)* (a)		1,543,676		7,271,411

Auckland International Airport Ltd.*		2,507,158		14,370,741

Contact Energy Ltd.		1,611,385		9,455,342

Fisher & Paykel Healthcare Corp. Ltd.		1,196,715		26,810,632

Fletcher Building Ltd.		1,704,874		8,768,710

Mercury NZ Ltd.		1,301,064		5,721,896

Meridian Energy Ltd.		2,500,145		8,956,262

Ryman Healthcare Ltd.		872,003		9,024,561

Spark New Zealand Ltd.		3,876,524		12,690,474


				103,070,029


Singapore — 9.9%

Ascendas, REIT		6,967,528		15,958,646

CapitaLand Integrated Commercial Trust, REIT		10,356,932		16,492,963


INVESTMENTS	SHARES		VALUE($)


Singapore — continued

Capitaland Investment Ltd.*		5,185,400		13,227,865

City Developments Ltd.		978,800		5,313,381

ComfortDelGro Corp. Ltd.		4,229,700		4,902,172

DBS Group Holdings Ltd.		3,760,700		87,879,517

Frasers Property Ltd.		1,697,200		1,473,878

Genting Singapore Ltd.		11,773,100		6,807,242

Great Eastern Holdings Ltd.		117,700		1,879,781

Jardine Cycle & Carriage Ltd.		205,200		3,430,373

Keppel, REIT		4,055,200		3,394,052

Keppel Corp. Ltd.		2,984,300		11,909,114

Mapletree Commercial Trust, REIT		4,551,100		7,361,512

Mapletree North Asia Commercial Trust, REIT (b)		4,490,900		3,402,876

Olam International Ltd.		1,838,700		2,317,884

Oversea-Chinese Banking Corp. Ltd.		8,330,900		72,827,350

SATS Ltd.*		1,394,600		4,337,393

Sembcorp Industries Ltd.		1,891,600		2,823,172

Singapore Airlines Ltd.*		2,770,000		10,670,177

Singapore Exchange Ltd.		1,709,000		12,265,003

Singapore Technologies Engineering Ltd.		3,171,000		9,005,090

Singapore Telecommunications Ltd.		14,741,100		27,348,233

Suntec, REIT		4,493,600		4,975,042

United Overseas Bank Ltd.		3,202,900		63,668,318

UOL Group Ltd.		981,900		5,266,351

Venture Corp. Ltd.		561,000		7,836,223


				406,773,608


United Kingdom — 0.9%

CK Hutchison Holdings Ltd.		5,591,500		37,487,779


United States — 0.9%

James Hardie Industries plc, CHDI		922,585		36,244,860

JS Global Lifestyle Co. Ltd. (b)		1,742,000		3,225,961


				39,470,821


Total Common Stocks (Cost $3,781,649,035)				4,085,469,519

Short-Term Investments — 3.7%

Investment of Cash Collateral from Securities Loaned — 3.7%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		110,984,304		110,984,304

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	73

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — continued

Investment of Cash Collateral from Securities Loaned — continued

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		41,285,887		41,285,887


Total Investment of Cash Collateral from Securities Loaned (Cost $152,270,191)				152,270,191

Total Investments — 103.0% (Cost $3,933,919,226)				4,237,739,710

Liabilities in Excess of Other Assets — (3.0)%				(124,621,163)

NET ASSETS — 100.0%				4,113,118,547

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENT OF TOTAL INVESTMENTS

Banks		22.9	%

Insurance		8.7

Metals & Mining		8.6

Capital Markets		7.1

Equity Real Estate Investment Trusts (REITs)		5.9

Biotechnology		5.1

Real Estate Management & Development		4.4

Hotels, Restaurants & Leisure		3.2

Food & Staples Retailing		2.7

Multiline Retail		2.5

Electric Utilities		2.4

Transportation Infrastructure		2.4

Industrial Conglomerates		1.9

Diversified Telecommunication Services		1.9

Machinery		1.7

Oil, Gas & Consumable Fuels		1.7

IT Services		1.5

Health Care Providers & Services		1.5

Gas Utilities		1.2

Health Care Equipment & Supplies		1.2

Others (each less than 1.0%)		7.9

Short-Term Investments		3.6

Abbreviations


APAC		Asia Pacific
CHDI		Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $143,997,226.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

MSCI Singapore Index

375

11/2021

SGD

10,241,935

(28,862

)

SPI 200 Index

125

12/2021

AUD

17,275,892

53,488

24,626

Abbreviations


AUD		AustralianDollar
MSCI		MorganStanley Capital International
SGD		SingaporeDollar
SPI		AustralianSecurities Exchange

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	75

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.4%

Australia — 1.5%

BHP Group plc		1,719,122		45,404,691

Glencore plc*		8,904,487		44,527,599

Rio Tinto plc		868,833		54,173,005


				144,105,295


Austria — 0.5%

ANDRITZ AG		58,235		3,307,662

BAWAG Group AG (a)		56,763		3,570,123

Erste Group Bank AG		241,393		10,352,311

EVN AG		30,981		873,863

Mondi plc		395,193		9,869,450

Oesterreichische Post AG		25,818		1,089,365

OMV AG		116,841		7,073,949

Raiffeisen Bank International AG		109,408		3,196,896

Strabag SE		11,628		499,233

Telekom Austria AG*		115,007		993,661

Verbund AG (b)		55,418		5,776,897

Vienna Insurance Group AG Wiener Versicherung Gruppe		29,754		868,490

voestalpine AG		90,100		3,422,096


				50,893,996


Belgium — 1.4%

Ackermans & van Haaren NV		18,172		3,124,968

Ageas SA		147,744		7,187,406

Anheuser-Busch InBev SA		689,139		42,152,727

Elia Group SA/NV		27,275		3,181,998

Etablissements Franz Colruyt NV		47,499		2,332,100

Groupe Bruxelles Lambert SA		86,848		10,077,079

KBC Group NV		274,725		25,583,214

Proximus SADP		126,172		2,376,016

Sofina SA		12,858		5,689,736

Solvay SA		59,485		7,071,113

Telenet Group Holding NV		38,795		1,393,750

UCB SA		102,895		12,298,596

Umicore SA		162,458		9,314,777


				131,783,480


Brazil — 0.1%

Yara International ASA		128,519		6,716,773


Chile — 0.1%

Antofagasta plc		280,860		5,478,241


China — 0.7%

Prosus NV*		708,891		62,441,239


Colombia — 0.0% (c)

Millicom International Cellular SA, SDR*		82,641		2,893,708


INVESTMENTS	SHARES		VALUE($)


Denmark — 4.1%

Ambu A/S, Class B		140,018		3,985,883

AP Moller — Maersk A/S, Class A (b)		2,499		6,861,403

AP Moller — Maersk A/S, Class B		4,783		13,860,886

Carlsberg A/S, Class B		81,738		13,496,238

Chr Hansen Holding A/S (b)		83,708		6,660,217

Coloplast A/S, Class B (b)		96,735		15,798,569

Danske Bank A/S (b)		554,391		9,381,199

Demant A/S* (b)		82,089		3,979,508

DSV A/S		173,851		40,405,963

Genmab A/S*		53,461		24,017,442

GN Store Nord A/S		112,452		6,833,396

H Lundbeck A/S		50,112		1,395,590

Novo Nordisk A/S, Class B		1,341,786		147,133,427

Novozymes A/S, Class B		170,908		12,571,796

Orsted A/S (a) (b)		154,006		21,752,207

Pandora A/S		81,423		11,393,980

Rockwool International A/S, Class A		4,812		1,930,608

Rockwool International A/S, Class B		5,715		2,613,559

Tryg A/S		293,093		6,956,009

Vestas Wind Systems A/S		822,000		35,534,749


				386,562,629


Finland — 2.1%

Elisa OYJ		122,604		7,399,186

Fortum OYJ		354,256		10,535,607

Huhtamaki OYJ		78,295		3,413,903

Kesko OYJ, Class A		76,435		2,332,674

Kesko OYJ, Class B		222,327		7,235,521

Kone OYJ, Class B		328,298		22,389,623

Konecranes OYJ		52,225		2,172,280

Metso Outotec OYJ		573,510		5,761,720

Neste OYJ		350,609		19,519,049

Nokia OYJ*		4,388,630		25,188,587

Nokian Renkaat OYJ		102,886		3,863,593

Nordea Bank Abp		2,900,910		35,526,923

Orion OYJ, Class A		24,737		1,066,630

Orion OYJ, Class B		86,401		3,741,478

Sampo OYJ, Class A		410,456		21,820,387

Stora Enso OYJ, Class R		498,470		8,294,304

UPM-Kymmene OYJ		434,422		15,331,157

Wartsila OYJ Abp		394,930		5,476,985


				201,069,607


France — 15.4%

Adevinta ASA*		225,792		3,729,690

Aeroports de Paris*		20,925		2,791,906

Air Liquide SA		385,597		64,378,448

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Airbus SE*		499,022		64,015,559

Alstom SA		239,108		8,521,282

Amundi SA (a)		49,649		4,423,586

Arkema SA		53,713		7,347,621

Atos SE (b)		80,332		4,191,139

AXA SA		1,673,762		48,694,747

BioMerieux		38,509		4,904,837

BNP Paribas SA (b)		935,901		62,646,623

Bollore SA		741,414		4,309,249

Bouygues SA		176,829		7,164,284

Bureau Veritas SA		235,637		7,489,730

Capgemini SE		127,771		29,791,478

Carrefour SA		513,205		9,290,997

Cie de Saint-Gobain		433,502		29,917,084

Cie Generale des Etablissements Michelin SCA		145,199		22,827,826

Covivio, REIT		38,466		3,331,693

Credit Agricole SA		1,132,574		17,087,114

Danone SA		559,733		36,486,644

Dassault Aviation SA		19,000		1,985,574

Dassault Systemes SE		562,800		32,866,066

Edenred		203,184		10,994,537

Eiffage SA		66,973		6,893,208

Electricite de France SA		385,532		5,681,956

Engie SA		1,447,030		20,584,222

EssilorLuxottica SA		244,508		50,588,062

Faurecia SE		105,620		5,516,325

Gecina SA, REIT		44,224		6,188,653

Getlink SE		353,659		5,443,211

Hermes International		28,358		45,030,101

Ipsen SA		32,762		3,390,668

Kering SA		60,036		45,059,118

Legrand SA		217,695		23,748,377

L’Oreal SA		199,755		91,378,880

LVMH Moet Hennessy Louis Vuitton SE		217,753		170,744,845

Orange SA (b)		1,537,273		16,763,892

Pernod Ricard SA		164,131		37,760,028

Publicis Groupe SA		191,729		12,871,427

Safran SA		285,178		38,382,048

Sanofi		935,843		93,999,981

Sartorius Stedim Biotech		19,484		10,739,020

SEB SA		27,017		4,233,278

Societe Generale SA		645,966		21,577,818

Sodexo SA*		67,240		6,541,732

Suez SA		312,247		7,105,449

Teleperformance		47,791		19,962,874


INVESTMENTS	SHARES		VALUE($)


France — continued

Thales SA		86,839		8,013,374

TotalEnergies SE		2,020,244		101,163,649

Ubisoft Entertainment SA*		74,423		3,897,071

Unibail-Rodamco-Westfield, REIT*		94,758		6,766,171

Valeo		186,883		5,491,010

Veolia Environnement SA		527,950		17,242,310

Vinci SA		423,208		45,245,272

Vivendi SE (b)		658,512		8,483,324

Worldline SA* (a)		203,221		11,851,072


				1,447,526,140


Germany — 12.7%

adidas AG		151,702		49,652,299

Allianz SE (Registered)		335,614		77,933,075

Aroundtown SA		788,152		5,477,276

BASF SE		747,624		53,809,239

Bayer AG (Registered)		799,674		45,067,778

Bayerische Motoren Werke AG		259,729		26,241,990

Bayerische Motoren Werke AG (Preference)		46,834		3,992,213

Beiersdorf AG		80,017		8,508,483

Brenntag SE		125,777		11,966,216

Commerzbank AG*		805,284		5,880,894

Continental AG*		87,930		10,338,059

Covestro AG (a)		157,280		10,072,003

Daimler AG (Registered)		679,203		67,419,339

Deutsche Bank AG (Registered)*		1,682,274		21,609,346

Deutsche Boerse AG		154,652		25,673,332

Deutsche Lufthansa AG (Registered)*		486,474		3,215,843

Deutsche Post AG (Registered)		806,820		49,947,833

Deutsche Telekom AG (Registered)		2,635,439		49,011,671

Deutsche Wohnen SE*		281,107		17,222,864

Deutsche Wohnen SE		35,736		1,830,534

E.ON SE		1,827,443		23,171,636

Evonik Industries AG		155,564		5,040,400

Fresenius Medical Care AG & Co. KGaA (b)		162,179		10,773,406

Fresenius SE & Co. KGaA		336,531		15,296,601

GEA Group AG		133,710		6,585,378

Hannover Rueck SE		49,075		8,960,306

HeidelbergCement AG		119,605		9,006,849

Henkel AG & Co. KGaA		80,362		6,711,218

Henkel AG & Co. KGaA (Preference)		145,025		12,992,431

HOCHTIEF AG		19,465		1,501,729

Infineon Technologies AG		1,062,998		49,781,641

KION Group AG		58,720		6,413,917

LANXESS AG		71,172		4,795,739

Merck KGaA		105,220		24,866,113

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	77

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Germany — continued

MTU Aero Engines AG		43,429		9,673,274

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		114,019		33,759,496

Porsche Automobil Holding SE (Preference)		124,639		12,971,988

Puma SE		83,533		10,362,259

RWE AG		550,431		21,187,010

SAP SE		889,964		128,876,733

Sartorius AG (Preference)		20,130		13,038,963

Siemens AG (Registered)		650,349		105,735,029

Siemens Energy AG*		325,295		9,336,161

Siemens Healthineers AG (a)		229,507		15,263,580

Symrise AG		104,697		14,481,911

Talanx AG		43,055		2,070,525

Telefonica Deutschland Holding AG		754,897		1,966,823

TUI AG* (b)		924,697		3,096,610

Uniper SE		74,234		3,281,638

United Internet AG (Registered)		83,439		3,078,933

Volkswagen AG (Preference)		149,403		33,530,747

Vonovia SE		468,256		28,405,741

Zalando SE* (a)		157,541		14,884,566


				1,195,769,638


Ireland — 1.0%

CRH plc		639,069		30,581,898

Flutter Entertainment plc*		124,185		23,509,040

Kerry Group plc, Class A		125,191		16,802,084

Kingspan Group plc		125,342		14,430,005

Smurfit Kappa Group plc		210,862		11,052,674


				96,375,701


Italy — 3.3%

A2A SpA		1,271,018		2,674,666

Amplifon SpA		75,559		3,845,067

Assicurazioni Generali SpA		990,941		21,577,952

Atlantia SpA* (b)		410,027		7,925,164

Banca Mediolanum SpA (b)		174,620		1,759,665

Banco BPM SpA		1,233,332		3,835,408

Brembo SpA		116,521		1,530,462

Buzzi Unicem SpA		76,549		1,785,386

Davide Campari-Milano NV		434,954		6,178,154

DiaSorin SpA (b)		15,969		3,610,016

Enel SpA		6,289,263		52,652,382

Eni SpA		2,054,384		29,444,346

Ferrari NV		104,177		24,719,846

FinecoBank Banca Fineco SpA*		496,659		9,485,093

Hera SpA		652,695		2,670,335

Infrastrutture Wireless Italiane SpA (a) (b)		288,299		3,185,159


INVESTMENTS	SHARES		VALUE($)


Italy — continued

Intesa Sanpaolo SpA		13,917,819		39,556,930

Leonardo SpA*		329,432		2,417,232

Mediobanca Banca di Credito Finanziario SpA*		585,012		6,980,794

Moncler SpA		171,550		12,345,493

Nexi SpA* (a)		372,515		6,476,978

Pirelli & C SpA (a)		360,199		2,215,348

Poste Italiane SpA (a)		372,104		5,314,331

Prysmian SpA		218,239		8,251,417

Recordati Industria Chimica e Farmaceutica SpA		81,767		5,123,274

Salvatore Ferragamo SpA*		54,804		1,166,126

Snam SpA		1,668,694		9,451,135

Telecom Italia SpA		4,935,033		1,876,175

Telecom Italia SpA		8,209,475		2,928,733

Terna — Rete Elettrica Nazionale (b)		1,145,288		8,533,313

UniCredit SpA		1,826,151		24,140,713

UnipolSai Assicurazioni SpA (b)		344,395		997,266


				314,654,359


Jordan — 0.1%

Hikma Pharmaceuticals plc		146,556		4,830,764


Luxembourg — 0.3%

ArcelorMittal SA		546,547		18,484,311

Eurofins Scientific SE		104,049		12,279,344

RTL Group SA		30,369		1,754,061


				32,517,716


Mexico — 0.0% (c)

Fresnillo plc		150,885		1,775,699


Netherlands — 8.3%

Adyen NV* (a)		24,808		74,853,436

Aegon NV		1,148,016		5,823,074

Akzo Nobel NV		152,600		17,536,335

Argenx SE*		1,844		509,682

Argenx SE*		39,599		11,921,636

ASML Holding NV		341,431		277,549,350

EXOR NV		92,487		8,724,388

GrandVision NV (a)		47,623		1,563,482

HAL Trust		70,612		12,329,725

Heineken Holding NV		82,057		7,604,637

Heineken NV (b)		192,239		21,278,768

ING Groep NV		3,177,753		48,203,040

JDE Peet’s NV		69,182		2,014,502

Koninklijke Ahold Delhaize NV		851,157		27,690,235

Koninklijke DSM NV		142,259		31,080,500

Koninklijke KPN NV		2,873,607		8,586,156

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Netherlands — continued

Koninklijke Philips NV		746,935		35,236,789

Koninklijke Vopak NV (b)		53,543		2,130,900

NN Group NV		258,743		13,831,567

Randstad NV		101,786		7,313,066

Royal Dutch Shell plc, Class A		3,338,227		76,475,043

Royal Dutch Shell plc, Class B		3,016,717		69,229,786

Wolters Kluwer NV		217,750		22,802,445


				784,288,542


Norway — 1.1%

Aker ASA, Class A		19,282		1,777,233

Aker BP ASA		88,108		3,380,874

DNB Bank ASA (b)		732,358		17,427,688

Equinor ASA		875,007		22,171,223

Gjensidige Forsikring ASA		154,652		3,850,627

Kongsberg Gruppen ASA		72,556		2,381,076

Leroy Seafood Group ASA		229,214		2,083,945

Mowi ASA		366,187		10,618,396

Norsk Hydro ASA		1,111,475		8,164,306

Orkla ASA		611,319		5,945,943

Salmar ASA		46,013		3,510,356

Schibsted ASA, Class A		62,047		3,205,671

Schibsted ASA, Class B		81,382		3,674,179

Storebrand ASA		379,626		4,071,541

Telenor ASA		523,986		8,279,245


				100,542,303


Poland — 0.6%

Allegro.eu SA* (a)		316,527		3,579,687

Bank Polska Kasa Opieki SA		142,662		4,713,567

CD Projekt SA		57,506		2,506,271

Cyfrowy Polsat SA		217,947		1,949,131

Dino Polska SA* (a)		39,001		3,484,004

Grupa Lotos SA*		71,128		1,105,687

ING Bank Slaski SA*		26,558		1,810,629

KGHM Polska Miedz SA		110,690		4,256,383

LPP SA		823		2,956,046

mBank SA*		10,778		1,525,378

Orange Polska SA*		524,805		1,024,051

PGE Polska Grupa Energetyczna SA*		658,239		1,619,778

Polski Koncern Naftowy ORLEN SA		236,546		5,101,556

Polskie Gornictwo Naftowe i Gazownictwo SA		1,324,575		1,997,223

Powszechna Kasa Oszczednosci Bank Polski SA*		699,815		8,568,457

Powszechny Zaklad Ubezpieczen SA		463,888		4,641,207

Santander Bank Polska SA		27,542		2,557,696


				53,396,751


INVESTMENTS	SHARES		VALUE($)


Portugal — 0.2%

EDP — Energias de Portugal SA		2,388,680		13,478,467

Galp Energia SGPS SA		370,366		3,847,341

Jeronimo Martins SGPS SA		199,793		4,526,830


				21,852,638


Russia — 0.1%

Coca-Cola HBC AG*		159,820		5,539,394

Evraz plc		416,914		3,541,267

Polymetal International plc		273,478		5,055,494


				14,136,155


South Africa — 0.4%

Anglo American plc		1,109,521		42,209,513


South Korea — 0.2%

Delivery Hero SE* (a)		154,197		19,232,235


Spain — 3.8%

Acciona SA		20,111		3,862,178

ACS Actividades de Construccion y Servicios SA		219,970		5,765,331

Aena SME SA* (a)		59,833		9,826,764

Amadeus IT Group SA*		366,665		24,529,132

Banco Bilbao Vizcaya Argentaria SA		5,427,391		37,981,594

Banco Santander SA (b)		14,114,679		53,538,201

CaixaBank SA		3,542,965		10,184,840

Cellnex Telecom SA (a)		464,455		28,563,851

EDP Renovaveis SA		195,473		5,445,800

Enagas SA		202,563		4,545,409

Endesa SA		258,546		5,962,773

Ferrovial SA		408,763		12,903,859

Grifols SA		239,363		5,477,348

Grifols SA (Preference), Class B		212,800		2,796,376

Iberdrola SA		4,715,393		55,681,907

Industria de Diseno Textil SA (b)		913,279		33,082,864

Mapfre SA		799,640		1,693,074

Naturgy Energy Group SA (b)		268,336		7,050,765

Red Electrica Corp. SA		352,658		7,342,957

Repsol SA		1,143,796		14,650,354

Siemens Gamesa Renewable Energy SA*		182,964		4,964,837

Telefonica SA		4,359,726		18,937,180


				354,787,394


Sweden — 6.1%

Alfa Laval AB		242,434		10,399,169

Assa Abloy AB, Class B		807,274		23,687,572

Atlas Copco AB, Class A		526,067		33,878,036

Atlas Copco AB, Class B		317,605		17,212,227

Axfood AB		85,853		2,104,958

Boliden AB		222,622		7,848,363

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	79

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Sweden — continued

Castellum AB (b)		185,042		4,932,040

Electrolux AB, Class B (b)		205,598		4,665,935

Elekta AB, Class B		282,034		3,284,127

Embracer Group AB* (b)		474,392		4,424,489

Epiroc AB, Class A		509,597		12,679,522

Epiroc AB, Class B		317,414		6,743,100

EQT AB		224,754		11,871,476

Essity AB, Class A		23,166		749,901

Essity AB, Class B		490,171		15,877,470

Evolution AB (a)		147,065		23,874,814

Fabege AB		220,787		3,737,159

Fastighets AB Balder, Class B*		85,582		6,205,381

Getinge AB, Class B		177,925		7,962,472

H & M Hennes & Mauritz AB, Class B (b)		606,340		11,406,974

Hexagon AB, Class B		1,598,761		25,729,981

Hexagon AB, Class B		4,803		77,179

Hexpol AB		211,332		2,473,148

Holmen AB, Class B		75,196		3,338,412

Husqvarna AB, Class A		20,389		292,581

Husqvarna AB, Class B (b)		336,769		4,799,266

ICA Gruppen AB		75,459		3,901,234

Industrivarden AB, Class A (b)		151,878		5,010,201

Industrivarden AB, Class C		136,855		4,451,699

Indutrade AB		216,340		6,306,627

Intrum AB		60,235		1,709,740

Investment AB Latour, Class B		110,849		4,026,415

Investor AB, Class A		466,829		10,800,349

Investor AB, Class B		1,483,003		34,218,728

Kinnevik AB, Class B*		197,110		7,736,729

L E Lundbergforetagen AB, Class B (b)		51,813		2,987,188

Lifco AB, Class B		172,473		5,029,022

Lundin Energy AB		155,942		6,158,684

Nibe Industrier AB, Class B		1,146,448		17,051,891

Nordnet AB publ		131,887		2,528,000

Saab AB, Class B		66,621		1,857,274

Sandvik AB		888,297		22,526,070

Securitas AB, Class B		263,375		4,363,249

Sinch AB* (a)		458,833		8,733,783

Skandinaviska Enskilda Banken AB, Class A		1,307,054		20,439,488

Skanska AB, Class B		325,735		8,282,106

SKF AB, Class A		12,406		292,317

SKF AB, Class B		307,661		7,145,487

SSAB AB, Class A*		180,166		1,026,647

SSAB AB, Class B*		513,892		2,568,514

Svenska Cellulosa AB SCA, Class A		25,160		397,166

Svenska Cellulosa AB SCA, Class B		487,949		7,624,238


INVESTMENTS	SHARES		VALUE($)


Sweden — continued

Svenska Handelsbanken AB, Class A (b)		1,250,520		14,333,885

Svenska Handelsbanken AB, Class B (b)		28,594		361,251

Swedbank AB, Class A (b)		755,571		16,387,356

Swedish Match AB		3,856		33,935

Swedish Match AB		1,282,208		11,305,482

Swedish Orphan Biovitrum AB*		157,932		4,291,854

Tele2 AB, Class B		407,642		5,761,354

Telefonaktiebolaget LM Ericsson, Class A		49,207		538,595

Telefonaktiebolaget LM Ericsson, Class B		2,350,789		25,659,820

Telia Co. AB (b)		2,030,588		7,998,175

Trelleborg AB, Class B		198,231		4,537,039

Volvo AB, Class A		155,233		3,669,885

Volvo AB, Class B		1,292,929		30,150,009


				572,457,238


Switzerland — 14.5%

ABB Ltd. (Registered)		1,453,909		48,100,011

Adecco Group AG (Registered)		132,768		6,688,860

Alcon, Inc.		406,754		33,727,469

Baloise Holding AG (Registered)		39,711		6,328,349

Barry Callebaut AG (Registered)		2,481		5,745,633

Chocoladefabriken Lindt & Spruengli AG		827		9,745,883

Chocoladefabriken Lindt & Spruengli AG (Registered)		85		10,202,599

Cie Financiere Richemont SA (Registered)		424,872		52,578,116

Credit Suisse Group AG (Registered)		2,049,736		21,320,763

EMS-Chemie Holding AG (Registered)		5,488		5,443,681

Geberit AG (Registered)		29,191		22,796,807

Givaudan SA (Registered)		6,458		30,429,690

Holcim Ltd.*		421,137		21,007,411

Julius Baer Group Ltd.		180,061		13,024,189

Kuehne + Nagel International AG (Registered)		41,271		12,998,322

Lonza Group AG (Registered)		60,588		49,791,244

Mediclinic International plc*		328,983		1,505,203

Nestle SA (Registered)		2,291,306		302,239,822

Novartis AG (Registered)		1,981,548		163,899,258

Partners Group Holding AG		18,491		32,302,946

Roche Holding AG		571,835		221,525,559

Roche Holding AG		22,138		9,522,064

Schindler Holding AG		33,141		8,629,505

Schindler Holding AG (Registered)		16,304		4,185,675

SGS SA (Registered)		4,933		14,604,246

Sika AG (Registered)		115,395		39,093,482

Sonova Holding AG (Registered)		44,037		18,247,690

STMicroelectronics NV		533,627		25,335,985

Straumann Holding AG (Registered)		9,328		19,418,084

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Switzerland — continued

Swatch Group AG (The)		23,557		6,483,939

Swatch Group AG (The) (Registered)		43,665		2,322,945

Swiss Life Holding AG (Registered)		25,646		14,068,542

Swisscom AG (Registered)		20,654		11,246,615

Temenos AG (Registered)		54,698		8,374,076

UBS Group AG (Registered)		3,013,653		54,856,589

Vifor Pharma AG		38,084		4,917,629

Zurich Insurance Group AG		122,495		54,292,328


				1,367,001,209


United Arab Emirates — 0.0%

NMC Health plc* ‡		23,176		—


United Kingdom — 18.8%

3i Group plc		792,148		14,793,375

abrdn plc		1,775,038		6,170,208

Admiral Group plc		219,978		8,641,213

Allfunds Group plc*		153,212		3,096,999

Ashtead Group plc		365,738		30,652,549

ASOS plc*		57,182		1,941,373

Associated British Foods plc		289,993		7,092,026

AstraZeneca plc		1,260,920		157,742,784

Auto Trader Group plc (a)		788,750		6,539,082

AVEVA Group plc		100,534		4,895,592

Aviva plc		3,198,225		17,257,363

BAE Systems plc		2,624,780		19,791,267

Barclays plc		12,973,047		35,798,798

Barratt Developments plc		829,702		7,532,099

Berkeley Group Holdings plc		91,447		5,454,683

BP plc		16,535,440		79,219,669

British American Tobacco plc		1,859,574		64,684,176

British Land Co. plc (The), REIT		763,483		5,155,020

BT Group plc*		7,140,069		13,564,914

Bunzl plc		274,549		10,147,358

Burberry Group plc		329,557		8,709,882

Centrica plc*		4,786,396		3,951,106

CNH Industrial NV		810,733		13,965,344

Coca-Cola Europacific Partners plc		162,874		8,575,316

Compass Group plc*		1,453,258		30,839,054

ConvaTec Group plc (a)		1,294,976		3,789,048

Croda International plc		115,985		15,011,993

DCC plc		82,465		6,880,910

Deliveroo plc* (a) (b)		320,919		1,187,141

Derwent London plc, REIT		91,314		4,223,800

Diageo plc		1,897,712		94,414,378

Direct Line Insurance Group plc		1,094,967		4,376,478

Dr. Martens plc*		405,703		2,047,669


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

DS Smith plc		1,117,944		5,864,373

easyJet plc* (b)		462,729		3,944,353

Entain plc*		476,646		13,356,157

Experian plc		789,147		36,183,320

GlaxoSmithKline plc		4,077,310		84,648,339

Halma plc		309,029		12,532,141

Harbour Energy plc*		458,086		2,192,561

Hargreaves Lansdown plc		289,526		6,092,480

Hiscox Ltd.		288,743		3,285,144

HSBC Holdings plc		16,889,889		101,764,460

Imperial Brands plc		772,793		16,306,836

Informa plc*		1,223,457		8,703,597

InterContinental Hotels Group plc*		152,824		10,704,876

Intertek Group plc		131,351		8,796,301

ITV plc*		2,950,978		4,343,247

J Sainsbury plc		1,423,556		5,830,682

JD Sports Fashion plc		403,031		6,007,131

Johnson Matthey plc		161,956		6,053,188

Kingfisher plc		1,718,679		7,888,036

Land Securities Group plc, REIT		611,508		5,744,799

Legal & General Group plc		4,859,274		19,163,919

Lloyds Banking Group plc		57,773,963		39,539,383

London Stock Exchange Group plc		263,631		25,662,822

M&G plc		2,116,224		5,781,738

Marks & Spencer Group plc*		1,593,822		4,006,465

Meggitt plc*		635,983		6,529,513

Melrose Industries plc		3,558,975		7,678,648

National Grid plc		3,155,121		40,396,780

NatWest Group plc		4,313,337		13,005,471

Next plc		108,243		11,797,344

Ocado Group plc*		525,559		12,971,106

Pearson plc		615,819		5,067,342

Persimmon plc		259,757		9,678,108

Phoenix Group Holdings plc		691,447		6,208,176

Prudential plc		2,235,485		45,621,649

Reckitt Benckiser Group plc		599,519		48,670,625

RELX plc		1,613,639		50,034,724

Rentokil Initial plc		1,513,424		12,181,470

Rightmove plc		712,700		6,736,844

Rolls-Royce Holdings plc*		6,810,948		12,292,675

Royal Mail plc		642,999		3,706,774

Sage Group plc (The)		912,273		8,872,325

Schroders plc		99,348		4,921,084

Schroders plc (Non-Voting)		40,817		1,379,550

Segro plc, REIT		976,955		17,267,239

Severn Trent plc		206,537		7,735,273

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	81

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

Smith & Nephew plc		717,998		12,399,879

Smiths Group plc		322,595		5,989,958

Spirax-Sarco Engineering plc		60,016		12,811,582

SSE plc		853,264		19,215,157

St. James’s Place plc		439,336		9,490,899

Standard Chartered plc		2,097,878		14,187,954

Subsea 7 SA		187,454		1,682,682

Tate & Lyle plc		381,338		3,382,827

Taylor Wimpey plc		2,968,174		6,280,089

Tesco plc		6,293,321		23,236,620

THG plc*		583,834		1,730,647

Travis Perkins plc		183,159		3,872,136

Unilever plc		2,140,095		114,584,708

United Utilities Group plc		555,047		7,888,958

Vodafone Group plc		21,813,963		32,150,563

Weir Group plc (The)		211,323		5,012,743

Whitbread plc*		163,963		7,335,339

WPP plc		1,039,880		15,031,223


				1,771,575,699


United States — 2.0%

Carnival plc*		127,400		2,571,651

Ferguson plc		188,995		28,436,832

QIAGEN NV*		187,910		10,337,688

Schneider Electric SE		463,139		79,853,583

Stellantis NV		1,809,789		36,131,454

Swiss Re AG		235,170		22,782,217

Tenaris SA		375,140		4,177,668


				184,291,093


Total Common Stocks (Cost $8,641,754,741)				9,371,165,755

Short-Term Investments — 1.7%

Investment of Cash Collateral from Securities Loaned — 1.7%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		110,100,856		110,100,856

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		53,626,708		53,626,708


Total Investment of Cash Collateral from Securities Loaned (Cost $163,727,564)				163,727,564

Total Investments — 101.1% (Cost $8,805,482,305)				9,534,893,319

Liabilities in Excess of Other Assets — (1.1)%				(107,439,941)

NET ASSETS — 100.0%				9,427,453,378

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENT OF TOTAL INVESTMENTS

Pharmaceuticals		10.3	%

Banks		7.6

Insurance		4.9

Textiles, Apparel & Luxury Goods		4.9

Oil, Gas & Consumable Fuels		4.7

Food Products		4.4

Semiconductors & Semiconductor Equipment		3.7

Chemicals		3.7

Machinery		2.7

Capital Markets		2.7

Metals & Mining		2.6

Beverages		2.5

Electric Utilities		2.3

Personal Products		2.2

Electrical Equipment		2.2

Automobiles		2.1

Health Care Equipment & Supplies		2.1

Software		2.0

Diversified Telecommunication Services		2.0

Professional Services		1.8

Aerospace & Defense		1.8

IT Services		1.7

Multi-Utilities		1.5

Industrial Conglomerates		1.4

Hotels, Restaurants & Leisure		1.3

Diversified Financial Services		1.2

Building Products		1.2

Internet & Direct Marketing Retail		1.1

Food & Staples Retailing		1.1

Air Freight & Logistics		1.0

Tobacco		1.0

Others (each less than 1.0%)		12.6

Short-Term Investments		1.7

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

Abbreviations


OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital
SDR		SwedishDepositary Receipt
SGPS		Holding 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)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $149,597,822.
(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 October 31, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

EURO STOXX 50 Index

988

12/2021

EUR

48,597,546

1,208,959

FTSE 100 Index

247

12/2021

GBP

24,458,295

537,931

1,746,890

Abbreviations


EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	83

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.1%

Australia — 7.6%

Afterpay Ltd.*		50,948		4,719,793

AGL Energy Ltd.		125,523		541,334

Alumina Ltd.		473,527		715,651

AMP Ltd.*		658,022		538,361

Ampol Ltd.		48,011		1,110,556

APA Group		237,713		1,474,926

Aristocrat Leisure Ltd.		134,906		4,784,673

ASX Ltd.		39,004		2,452,877

Aurizon Holdings Ltd.		370,847		945,460

AusNet Services Ltd.		385,811		717,474

Australia & New Zealand Banking Group Ltd.		573,559		12,205,613

Bendigo & Adelaide Bank Ltd.		110,096		771,102

BHP Group Ltd. (a)		593,500		16,301,660

BHP Group plc		425,520		11,238,646

BlueScope Steel Ltd.		101,502		1,586,081

Boral Ltd.*		66,672		321,669

Brambles Ltd.		290,475		2,203,745

Challenger Ltd.		115,774		608,141

CIMIC Group Ltd.		13,171		198,471

Cochlear Ltd.		13,245		2,215,386

Coles Group Ltd.		268,747		3,482,686

Commonwealth Bank of Australia		343,787		27,249,326

Computershare Ltd.		115,553		1,644,248

Crown Resorts Ltd.*		72,306		545,043

CSL Ltd.		91,695		20,864,308

Dexus, REIT		216,694		1,777,494

Domino’s Pizza Enterprises Ltd.		12,727		1,305,512

Evolution Mining Ltd.		365,177		991,433

Fortescue Metals Group Ltd.		340,820		3,551,357

Glencore plc*		2,204,011		11,021,333

Goodman Group, REIT		338,705		5,607,902

GPT Group (The), REIT		385,931		1,506,693

Harvey Norman Holdings Ltd.		130,537		489,724

Incitec Pivot Ltd.		391,301		885,352

Insurance Australia Group Ltd.		496,644		1,799,577

LendLease Corp. Ltd.		138,729		1,099,040

Macquarie Group Ltd.		69,848		10,311,598

Magellan Financial Group Ltd.		28,883		759,799

Medibank Pvt Ltd.		554,849		1,394,408

Mirvac Group, REIT		794,329		1,695,230

National Australia Bank Ltd.		664,711		14,452,133

Newcrest Mining Ltd.		164,659		3,085,025

Northern Star Resources Ltd.		234,504		1,623,432

Orica Ltd.		82,102		942,473

Origin Energy Ltd.		354,831		1,358,995


INVESTMENTS	SHARES		VALUE($)


Australia — continued

Qantas Airways Ltd.*		186,191		754,081

QBE Insurance Group Ltd.		297,202		2,660,978

Ramsay Health Care Ltd.		37,351		1,996,266

REA Group Ltd.		10,381		1,259,929

Reece Ltd.		57,265		868,324

Rio Tinto Ltd.		74,789		5,124,001

Rio Tinto plc		215,044		13,408,307

Santos Ltd.		377,708		1,983,370

Scentre Group, REIT		1,045,705		2,385,133

SEEK Ltd.		71,234		1,770,370

Seven Group Holdings Ltd.		31,470		513,978

Sonic Healthcare Ltd.		96,316		2,922,660

South32 Ltd.		941,781		2,540,532

Stockland, REIT		480,944		1,657,785

Suncorp Group Ltd.		258,480		2,287,250

Sydney Airport*		266,417		1,652,169

Tabcorp Holdings Ltd.		447,591		1,685,338

Telstra Corp. Ltd.		838,650		2,424,101

TPG Telecom Ltd.		74,920		382,462

Transurban Group		612,940		6,245,341

Treasury Wine Estates Ltd.		145,431		1,268,963

Vicinity Centres, REIT		779,575		1,018,113

Washington H Soul Pattinson & Co. Ltd.		25,080		617,638

Wesfarmers Ltd.		228,436		9,883,451

Westpac Banking Corp.		739,113		14,379,547

WiseTech Global Ltd.		32,732		1,275,690

Woodside Petroleum Ltd.		194,132		3,393,735

Woolworths Group Ltd.		244,176		7,033,445

Worley Ltd.		74,679		613,578


				279,102,275


Austria — 0.3%

ANDRITZ AG		14,457		821,136

BAWAG Group AG (b)		14,009		881,100

Erste Group Bank AG		59,748		2,562,336

EVN AG		7,610		214,651

Mondi plc		97,826		2,443,082

Oesterreichische Post AG		6,398		269,957

OMV AG		29,012		1,756,484

Raiffeisen Bank International AG		27,171		793,935

Strabag SE		2,895		124,293

Telekom Austria AG*		28,114		242,905

Verbund AG		13,721		1,430,308

Vienna Insurance Group AG Wiener Versicherung Gruppe		7,221		210,774

voestalpine AG		22,304		847,130


				12,598,091

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Belgium — 0.9%

Ackermans & van Haaren NV		4,522		777,631

Ageas SA		36,563		1,778,706

Anheuser-Busch InBev SA		170,569		10,433,234

Elia Group SA/NV		6,777		790,629

Etablissements Franz Colruyt NV		11,795		579,109

Groupe Bruxelles Lambert SA		21,457		2,489,682

KBC Group NV		68,001		6,332,457

Proximus SADP		31,327		589,936

Sofina SA		3,175		1,404,955

Solvay SA		14,720		1,749,799

Telenet Group Holding NV		9,625		345,788

UCB SA		25,472		3,044,558

Umicore SA		40,210		2,305,502


				32,621,986


Brazil — 0.0% (c)

Yara International ASA		31,818		1,662,900


Chile — 0.0% (c)

Antofagasta plc		69,517		1,355,946


China — 0.6%

Budweiser Brewing Co. APAC Ltd. (b)		346,900		951,478

China Evergrande New Energy Vehicle Group Ltd.*(a)		499,000		238,449

Chow Tai Fook Jewellery Group Ltd.		443,400		904,359

ESR Cayman Ltd.* (b)		289,800		937,754

Prosus NV*		175,466		15,455,570

Wilmar International Ltd.		635,200		2,030,826


				20,518,436


Colombia — 0.0% (c)

Millicom International Cellular SA, SDR*		20,461		716,450


Denmark — 2.6%

Ambu A/S, Class B		34,652		986,436

AP Moller — Maersk A/S, Class A		612		1,680,343

AP Moller — Maersk A/S, Class B		1,185		3,434,069

Carlsberg A/S, Class B		20,228		3,339,963

Chr Hansen Holding A/S		20,720		1,648,584

Coloplast A/S, Class B		23,935		3,909,017

Danske Bank A/S		137,226		2,322,088

Demant A/S* (a)		20,319		985,024

DSV A/S		43,034		10,001,842

Genmab A/S*		13,231		5,944,048

GN Store Nord A/S		27,838		1,691,638

H Lundbeck A/S		12,438		346,391

Novo Nordisk A/S, Class B		332,120		36,418,590

Novozymes A/S, Class B		42,310		3,112,275


INVESTMENTS	SHARES		VALUE($)


Denmark — continued

Orsted A/S (b)		38,112		5,383,038

Pandora A/S		20,148		2,819,423

Rockwool International A/S, Class A		1,191		477,837

Rockwool International A/S, Class B		1,413		646,187

Tryg A/S		72,541		1,721,624

Vestas Wind Systems A/S		203,457		8,795,369


				95,663,786


Finland — 1.4%

Elisa OYJ		30,342		1,831,148

Fortum OYJ		87,694		2,608,028

Huhtamaki OYJ		19,322		842,499

Kesko OYJ, Class A		18,927		577,622

Kesko OYJ, Class B		55,030		1,790,924

Kone OYJ, Class B		81,260		5,541,858

Konecranes OYJ		12,929		537,777

Metso Outotec OYJ		141,961		1,426,199

Neste OYJ		86,785		4,831,481

Nokia OYJ*		1,086,265		6,234,629

Nokian Renkaat OYJ		25,472		956,529

Nordea Bank Abp		718,030		8,793,584

Orion OYJ, Class A		6,136		264,577

Orion OYJ, Class B		21,382		925,918

Sampo OYJ, Class A		101,599		5,401,138

Stora Enso OYJ, Class R		123,380		2,052,985

UPM-Kymmene OYJ		107,532		3,794,904

Wartsila OYJ Abp		97,757		1,355,718


				49,767,518


France — 9.7%

Adevinta ASA*		55,889		923,189

Aeroports de Paris*		5,184		691,672

Air Liquide SA		95,448		15,935,793

Airbus SE*		123,521		15,845,526

Alstom SA		59,192		2,109,472

Amundi SA (b)		12,274		1,093,579

Arkema SA		13,296		1,818,814

Atos SE		19,944		1,040,533

AXA SA		414,279		12,052,616

BioMerieux		9,539		1,214,969

BNP Paribas SA		231,655		15,506,345

Bollore SA		184,085		1,069,939

Bouygues SA		43,770		1,773,356

Bureau Veritas SA		58,329		1,853,989

Capgemini SE		31,627		7,374,248

Carrefour SA		127,030		2,299,735

Cie de Saint-Gobain		107,294		7,404,634

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	85

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Cie Generale des Etablissements Michelin SCA		35,933		5,649,297

Covivio, REIT		9,527		825,171

Credit Agricole SA		280,327		4,229,286

Danone SA		138,539		9,030,776

Dassault Aviation SA		4,710		492,213

Dassault Systemes SE		139,297		8,134,585

Edenred		50,284		2,720,929

Eiffage SA		16,581		1,706,602

Electricite de France SA		95,431		1,406,458

Engie SA		358,165		5,094,952

EssilorLuxottica SA		60,520		12,521,429

Faurecia SE		26,141		1,365,293

Gecina SA, REIT		10,947		1,531,910

Getlink SE		87,539		1,347,324

Hermes International		7,019		11,145,577

Ipsen SA		8,105		838,818

Kering SA		14,862		11,154,451

Legrand SA		53,885		5,878,322

L’Oreal SA		49,420		22,607,415

LVMH Moet Hennessy Louis Vuitton SE		53,899		42,263,374

Orange SA		380,504		4,149,379

Pernod Ricard SA		40,625		9,346,200

Publicis Groupe SA		47,465		3,186,489

Safran SA		70,582		9,499,617

Sanofi		231,635		23,266,387

Sartorius Stedim Biotech		4,829		2,661,606

SEB SA		6,689		1,048,095

Societe Generale SA		159,894		5,341,092

Sodexo SA*		16,636		1,618,505

Suez SA		77,285		1,758,687

Teleperformance		11,834		4,943,204

Thales SA		21,493		1,983,342

TotalEnergies SE		500,049		25,039,936

Ubisoft Entertainment SA*		18,424		964,751

Unibail-Rodamco-Westfield, REIT*		23,455		1,674,798

Valeo		46,264		1,359,332

Veolia Environnement SA		131,035		4,279,470

Vinci SA		104,754		11,199,276

Vivendi SE (a)		162,998		2,099,832

Worldline SA* (b)		50,290		2,932,721


				358,305,310


Germany — 8.1%

adidas AG		37,551		12,290,500

Allianz SE (Registered)		83,065		19,288,560

Aroundtown SA		195,089		1,355,774


INVESTMENTS	SHARES		VALUE($)


Germany — continued

BASF SE		185,046		13,318,439

Bayer AG (Registered)		197,929		11,154,821

Bayerische Motoren Werke AG		64,282		6,494,799

Bayerische Motoren Werke AG (Preference)		11,624		990,850

Beiersdorf AG		19,800		2,105,402

Brenntag SE		31,128		2,961,466

Commerzbank AG*		199,327		1,455,662

Continental AG*		21,759		2,558,237

Covestro AG (b)		38,924		2,492,642

Daimler AG (Registered)		168,121		16,688,099

Deutsche Bank AG (Registered)*		416,395		5,348,727

Deutsche Boerse AG		38,279		6,354,586

Deutsche Lufthansa AG (Registered)*		120,428		796,091

Deutsche Post AG (Registered)		199,709		12,363,392

Deutsche Telekom AG (Registered)		652,318		12,131,260

Deutsche Wohnen SE*		72,508		4,442,420

Deutsche Wohnen SE		9,000		461,014

E.ON SE		452,324		5,735,384

Evonik Industries AG		38,493		1,247,204

Fresenius Medical Care AG & Co. KGaA		40,138		2,666,331

Fresenius SE & Co. KGaA		83,256		3,784,299

GEA Group AG		33,091		1,629,772

Hannover Rueck SE		12,148		2,218,030

HeidelbergCement AG		29,581		2,227,596

Henkel AG & Co. KGaA		19,890		1,661,060

Henkel AG & Co. KGaA (Preference)		35,894		3,215,655

HOCHTIEF AG		4,839		373,330

Infineon Technologies AG		263,106		12,321,611

KION Group AG		14,540		1,588,187

LANXESS AG		17,620		1,187,278

Merck KGaA		26,039		6,153,666

MTU Aero Engines AG		10,758		2,396,212

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		28,226		8,357,340

Porsche Automobil Holding SE (Preference)		30,852		3,210,967

Puma SE		20,662		2,563,119

RWE AG		136,238		5,244,028

SAP SE		220,281		31,899,151

Sartorius AG (Preference)		4,978		3,224,439

Siemens AG (Registered)		160,975		26,171,634

Siemens Energy AG*		80,518		2,310,915

Siemens Healthineers AG (b)		56,815		3,778,535

Symrise AG		25,920		3,585,309

Talanx AG		10,696		514,373

Telefonica Deutschland Holding AG		185,778		484,029

TUI AG* (a)		228,877		766,460

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Germany — continued

Uniper SE		18,434		814,906

United Internet AG (Registered)		20,715		764,392

Volkswagen AG (Preference)		36,976		8,298,581

Vonovia SE		115,897		7,030,642

Zalando SE* (b)		38,991		3,683,893


				296,161,069


Hong Kong — 2.4%

AIA Group Ltd.		2,437,200		27,313,727

ASM Pacific Technology Ltd.		62,100		671,948

Bank of East Asia Ltd. (The)		294,000		482,827

Cathay Pacific Airways Ltd.* (a)		194,636		179,563

CK Asset Holdings Ltd.		396,500		2,449,204

CK Infrastructure Holdings Ltd.		123,000		741,567

CLP Holdings Ltd.		336,000		3,289,749

Dairy Farm International Holdings Ltd.		61,000		217,942

Hang Lung Properties Ltd.		372,000		863,358

Hang Seng Bank Ltd.		146,400		2,782,030

Henderson Land Development Co. Ltd.		263,000		1,101,229

HK Electric Investments & HK Electric Investments Ltd. (b)		463,000		461,185

HKT Trust & HKT Ltd.		733,000		994,705

Hong Kong & China Gas Co. Ltd.		2,180,100		3,386,855

Hong Kong Exchanges & Clearing Ltd.		240,100		14,464,041

Jardine Matheson Holdings Ltd.		50,900		2,956,433

Link, REIT		421,500		3,734,254

MTR Corp. Ltd.		312,000		1,701,995

New World Development Co. Ltd.		287,000		1,244,842

Power Assets Holdings Ltd.		275,000		1,680,608

Sino Land Co. Ltd.		626,000		822,805

Sun Hung Kai Properties Ltd.		309,500		4,103,455

Swire Pacific Ltd., Class A		100,500		631,802

Swire Pacific Ltd., Class B		182,500		191,715

Swire Properties Ltd.		212,200		568,901

Techtronic Industries Co. Ltd.		347,000		7,129,204

WH Group Ltd. (b)		1,576,924		1,105,446

Wharf Real Estate Investment Co. Ltd.		312,000		1,762,257


				87,033,647


Ireland — 0.7%

CRH plc		158,167		7,568,897

Flutter Entertainment plc*		30,735		5,818,338

Kerry Group plc, Class A		30,993		4,159,620

Kingspan Group plc		31,033		3,572,676

Smurfit Kappa Group plc		52,186		2,735,414


				23,854,945


INVESTMENTS	SHARES		VALUE($)


Israel — 0.4%

Azrieli Group Ltd.		7,331		685,620

Bank Hapoalim BM		238,595		2,349,913

Bank Leumi Le-Israel BM		295,395		2,822,314

Bezeq The Israeli Telecommunication Corp. Ltd.*		411,427		516,079

Elbit Systems Ltd.		4,987		786,109

ICL Group Ltd.		138,738		1,188,985

Israel Discount Bank Ltd., Class A*		234,515		1,416,994

Mizrahi Tefahot Bank Ltd.		29,803		1,084,382

Nice Ltd.*		12,717		3,595,089

Teva Pharmaceutical Industries Ltd.*		222,098		1,958,507


				16,403,992


Italy — 2.1%

A2A SpA		315,594		664,120

Amplifon SpA		18,700		951,611

Assicurazioni Generali SpA		245,275		5,340,916

Atlantia SpA*		101,486		1,961,562

Banca Mediolanum SpA (a)		43,351		436,853

Banco BPM SpA		305,266		949,314

Brembo SpA		28,928		379,959

Buzzi Unicem SpA		19,017		443,542

Davide Campari-Milano NV		107,653		1,529,120

DiaSorin SpA		3,947		892,275

Enel SpA		1,556,693		13,032,305

Eni SpA		508,493		7,287,948

Ferrari NV		25,786		6,118,682

FinecoBank Banca Fineco SpA*		122,877		2,346,680

Hera SpA		161,828		662,078

Infrastrutture Wireless Italiane SpA (b)		71,577		790,791

Intesa Sanpaolo SpA		3,444,896		9,791,010

Leonardo SpA*		81,536		598,276

Mediobanca Banca di Credito Finanziario SpA*		144,798		1,727,836

Moncler SpA		42,458		3,055,465

Nexi SpA* (b)		92,205		1,603,183

Pirelli & C SpA (b)		88,647		545,210

Poste Italiane SpA (b)		92,099		1,315,343

Prysmian SpA		54,024		2,042,598

Recordati Industria Chimica e Farmaceutica SpA		20,224		1,267,175

Salvatore Ferragamo SpA*		13,604		289,468

Snam SpA		413,038		2,339,361

Telecom Italia SpA		1,214,419		461,691

Telecom Italia SpA		2,038,362		727,186

Terna — Rete Elettrica Nazionale		283,467		2,112,056

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	87

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Italy — continued

UniCredit SpA		452,008		5,975,297

UnipolSai Assicurazioni SpA (a)		85,515		247,626


				77,886,537


Japan — 24.8%

ABC-Mart, Inc.		6,300		302,803

Acom Co. Ltd.		91,500		305,164

Advance Residence Investment Corp., REIT		279		915,517

Advantest Corp.		40,200		3,295,915

Aeon Co. Ltd.		175,700		4,041,917

AEON Financial Service Co. Ltd.		22,600		287,136

Aeon Mall Co. Ltd.		19,300		282,739

AGC, Inc.		45,800		2,280,639

Air Water, Inc.		46,500		711,454

Aisin Corp.		36,800		1,346,614

Ajinomoto Co., Inc.		110,600		3,311,440

Alfresa Holdings Corp.		42,800		603,351

Alps Alpine Co. Ltd.		41,500		405,499

Amada Co. Ltd.		72,600		717,250

ANA Holdings, Inc.*		32,200		750,293

Aozora Bank Ltd.		23,800		544,425

Asahi Group Holdings Ltd.		102,100		4,633,327

Asahi Intecc Co. Ltd.		47,500		1,252,070

Asahi Kasei Corp.		280,800		2,949,902

Asics Corp.		38,300		954,491

Astellas Pharma, Inc.		375,100		6,323,728

Bandai Namco Holdings, Inc.		44,700		3,415,911

Bank of Kyoto Ltd. (The)		15,300		688,091

Benesse Holdings, Inc.		16,300		372,914

Bridgestone Corp.		122,200		5,406,041

Brother Industries Ltd.		52,900		1,022,765

Calbee, Inc.		23,200		597,760

Canon Marketing Japan, Inc.		10,900		215,933

Canon, Inc.		209,600		4,766,173

Casio Computer Co. Ltd.		46,600		659,442

Central Japan Railway Co.		41,500		6,156,137

Chiba Bank Ltd. (The)		149,500		926,633

Chubu Electric Power Co., Inc.		145,100		1,501,950

Chugai Pharmaceutical Co. Ltd.		128,500		4,804,536

Chugoku Electric Power Co., Inc. (The)		65,500		543,312

Coca-Cola Bottlers Japan Holdings, Inc.		30,300		416,976

Concordia Financial Group Ltd.		243,700		968,628

Cosmos Pharmaceutical Corp.		4,400		672,395

CyberAgent, Inc.		82,500		1,382,333

Dai Nippon Printing Co. Ltd.		55,600		1,377,494

Daicel Corp.		57,400		429,769


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Daifuku Co. Ltd.		25,500		2,347,516

Dai-ichi Life Holdings, Inc.		225,000		4,733,676

Daiichi Sankyo Co. Ltd.		368,700		9,303,179

Daikin Industries Ltd.		59,100		12,943,777

Daito Trust Construction Co. Ltd.		13,900		1,723,379

Daiwa House Industry Co. Ltd.		134,200		4,427,285

Daiwa House REIT Investment Corp., REIT		424		1,216,725

Daiwa Securities Group, Inc.		308,100		1,730,952

DeNA Co. Ltd.		16,900		312,180

Denso Corp.		104,800		7,597,494

Dentsu Group, Inc.		50,000		1,827,186

DIC Corp.		16,700		442,162

Disco Corp.		6,000		1,617,586

East Japan Railway Co.		76,100		4,740,003

Eisai Co. Ltd.		59,700		4,230,115

Electric Power Development Co. Ltd.		35,000		462,686

ENEOS Holdings, Inc.		650,800		2,624,189

Ezaki Glico Co. Ltd.		11,600		421,004

FANUC Corp.		38,600		7,628,178

Fast Retailing Co. Ltd.		13,200		8,762,394

Fuji Electric Co. Ltd.		30,100		1,471,819

Fuji Media Holdings, Inc.		9,600		99,509

FUJIFILM Holdings Corp.		80,900		6,251,743

Fujitsu Ltd.		37,100		6,411,984

Fukuoka Financial Group, Inc.		38,500		691,665

GLP J-REIT, REIT		905		1,476,109

GMO Payment Gateway, Inc.		8,900		1,127,597

Hakuhodo DY Holdings, Inc.		61,300		999,411

Hamamatsu Photonics KK		29,600		1,756,831

Hankyu Hanshin Holdings, Inc.		48,700		1,509,972

Harmonic Drive Systems, Inc.		10,100		457,851

Haseko Corp.		45,500		592,458

Hikari Tsushin, Inc.		4,100		632,032

Hino Motors Ltd.		57,900		547,716

Hirose Electric Co. Ltd.		6,700		1,120,447

Hisamitsu Pharmaceutical Co., Inc.		17,200		586,805

Hitachi Construction Machinery Co. Ltd.		20,800		663,644

Hitachi Ltd.		195,100		11,242,552

Hitachi Metals Ltd.*		40,800		772,371

Honda Motor Co. Ltd.		346,700		10,254,645

Hoshizaki Corp.		12,000		1,009,091

Hoya Corp.		74,500		10,967,037

Hulic Co. Ltd.		117,800		1,132,706

Ibiden Co. Ltd.		27,000		1,622,320

Idemitsu Kosan Co. Ltd.		49,800		1,360,153

Iida Group Holdings Co. Ltd.		36,200		892,493

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Inpex Corp.		218,000		1,817,972

Isetan Mitsukoshi Holdings Ltd.		79,900		584,145

Isuzu Motors Ltd.		125,500		1,688,327

ITOCHU Corp.		300,100		8,559,112

Itochu Techno-Solutions Corp.		19,300		609,673

Izumi Co. Ltd.		9,100		275,900

J Front Retailing Co. Ltd.		54,500		505,156

Japan Airlines Co. Ltd.*		29,100		626,273

Japan Airport Terminal Co. Ltd.*		18,800		932,622

Japan Exchange Group, Inc.		108,100		2,559,599

Japan Metropolitan Fund Invest, REIT		1,410		1,295,112

Japan Post Holdings Co. Ltd.*		242,900		1,866,421

Japan Post Insurance Co. Ltd.		41,000		665,213

Japan Prime Realty Investment Corp., REIT		193		707,906

Japan Real Estate Investment Corp., REIT		279		1,710,057

Japan Tobacco, Inc.		221,600		4,350,268

JFE Holdings, Inc.		116,500		1,780,173

JGC Holdings Corp.		52,200		490,540

JSR Corp.		43,400		1,574,100

JTEKT Corp.		49,800		440,811

Kajima Corp.		100,100		1,232,508

Kakaku.com, Inc.		26,300		872,764

Kamigumi Co. Ltd.		22,100		444,982

Kaneka Corp.		13,700		525,380

Kansai Electric Power Co., Inc. (The)		166,400		1,532,063

Kansai Paint Co. Ltd.		52,300		1,211,059

Kao Corp.		95,700		5,413,564

Kawasaki Heavy Industries Ltd.		33,800		685,885

KDDI Corp.		334,200		10,219,839

Keihan Holdings Co. Ltd.		21,700		570,853

Keikyu Corp.		55,600		627,525

Keio Corp.		24,600		1,241,752

Keisei Electric Railway Co. Ltd.		34,700		1,116,675

Kewpie Corp.		24,200		530,812

Keyence Corp.		38,700		23,359,892

Kikkoman Corp.		39,100		3,197,992

Kinden Corp.		26,700		438,164

Kintetsu Group Holdings Co. Ltd.*		38,400		1,208,756

Kirin Holdings Co. Ltd.		167,600		2,917,220

Kobayashi Pharmaceutical Co. Ltd.		11,700		936,772

Kobe Bussan Co. Ltd.		25,300		871,501

Koito Manufacturing Co. Ltd.		25,900		1,469,519

Komatsu Ltd.		196,000		5,133,499

Konami Holdings Corp.		20,200		1,111,618

Kose Corp.		7,000		812,881

K’s Holdings Corp.		39,400		406,715


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Kubota Corp.		231,300		4,927,387

Kuraray Co. Ltd.		71,500		647,008

Kurita Water Industries Ltd.		21,500		1,061,919

Kyocera Corp.		70,800		4,145,124

Kyowa Kirin Co. Ltd.		51,100		1,680,581

Kyushu Electric Power Co., Inc.		95,500		672,739

Kyushu Railway Co.		31,700		709,591

Lasertec Corp.		15,600		3,383,886

Lawson, Inc.		10,100		488,432

Lion Corp.		60,300		1,004,260

Lixil Corp.		58,700		1,507,997

M3, Inc.		86,200		5,079,795

Mabuchi Motor Co. Ltd.		11,500		396,500

Makita Corp.		56,400		2,617,633

Marubeni Corp.		350,300		2,972,408

Marui Group Co. Ltd.		45,200		886,992

Maruichi Steel Tube Ltd.		15,500		352,187

MatsukiyoCocokara & Co.		27,300		1,210,469

Mazda Motor Corp.*		120,900		1,087,407

McDonald’s Holdings Co. Japan Ltd.		15,000		670,373

Mebuki Financial Group, Inc.		237,500		486,285

Medipal Holdings Corp.		42,500		768,920

MEIJI Holdings Co. Ltd.		29,200		1,842,776

Mercari, Inc.*		22,400		1,212,051

MINEBEA MITSUMI, Inc.		81,800		2,070,934

MISUMI Group, Inc.		57,300		2,396,502

Mitsubishi Chemical Holdings Corp.		285,400		2,362,379

Mitsubishi Corp.		299,300		9,517,134

Mitsubishi Electric Corp.		432,600		5,809,576

Mitsubishi Estate Co. Ltd.		280,300		4,259,717

Mitsubishi Gas Chemical Co., Inc.		41,900		843,289

Mitsubishi HC Capital, Inc.		159,600		800,266

Mitsubishi Heavy Industries Ltd.		68,000		1,738,955

Mitsubishi Logistics Corp.		15,600		435,637

Mitsubishi Materials Corp.		26,500		514,438

Mitsubishi Motors Corp.*		138,200		442,312

Mitsubishi UFJ Financial Group, Inc.		2,599,700		14,255,451

Mitsui & Co. Ltd.		330,900		7,572,486

Mitsui Chemicals, Inc.		41,200		1,225,034

Mitsui Fudosan Co. Ltd.		194,500		4,447,017

Mitsui OSK Lines Ltd.		24,300		1,532,151

Mizuho Financial Group, Inc.		511,600		6,752,085

MonotaRO Co. Ltd.		49,500		1,128,193

MS&AD Insurance Group Holdings, Inc.		94,500		3,053,045

Murata Manufacturing Co. Ltd.		129,300		9,591,291

Nabtesco Corp.		24,400		791,867

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	89

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Nagoya Railroad Co. Ltd.*		39,600		654,299

Nankai Electric Railway Co. Ltd.		22,800		452,506

NEC Corp.		55,000		2,816,112

Nexon Co. Ltd.		92,900		1,581,265

NGK Insulators Ltd.		55,200		919,144

NGK Spark Plug Co. Ltd.		34,600		552,735

NH Foods Ltd.		20,700		727,971

Nidec Corp.		110,500		12,238,740

Nihon M&A Center Holdings, Inc.		60,100		1,845,334

Nikon Corp.		70,100		772,906

Nintendo Co. Ltd.		23,900		10,555,603

Nippon Building Fund, Inc., REIT		333		2,163,483

Nippon Express Co. Ltd.		17,400		1,089,144

Nippon Paint Holdings Co. Ltd.		291,300		3,116,863

Nippon Prologis REIT, Inc., REIT		520		1,736,818

Nippon Sanso Holdings Corp.		42,900		1,012,808

Nippon Shinyaku Co. Ltd.		12,300		985,432

Nippon Steel Corp.		191,600		3,359,278

Nippon Telegraph & Telephone Corp.		259,300		7,265,312

Nippon Television Holdings, Inc.		10,600		114,201

Nippon Yusen KK		34,300		2,471,565

Nissan Chemical Corp.		29,000		1,614,101

Nissan Motor Co. Ltd.*		484,700		2,467,056

Nisshin Seifun Group, Inc.		52,700		832,165

Nissin Foods Holdings Co. Ltd.		16,800		1,284,190

Nitori Holdings Co. Ltd.		17,500		3,214,934

Nitto Denko Corp.		30,200		2,359,833

Nomura Holdings, Inc.		618,900		2,947,522

Nomura Real Estate Holdings, Inc.		23,600		575,354

Nomura Real Estate Master Fund, Inc., REIT		950		1,422,593

Nomura Research Institute Ltd.		87,400		3,498,977

NSK Ltd.		98,800		663,882

NTT Data Corp.		130,000		2,607,907

Obayashi Corp.		145,400		1,227,502

Obic Co. Ltd.		13,400		2,477,977

Odakyu Electric Railway Co. Ltd.		69,800		1,513,223

Oji Holdings Corp.		204,400		1,013,157

Olympus Corp.		261,800		5,671,385

Omron Corp.		41,600		3,978,401

Ono Pharmaceutical Co. Ltd.		100,100		2,100,272

Oracle Corp.		6,700		633,984

Orient Corp.		121,200		166,327

Oriental Land Co. Ltd.		46,200		7,296,817

ORIX Corp.		246,100		4,891,559

Orix JREIT, Inc., REIT		556		922,463

Osaka Gas Co. Ltd.		83,900		1,352,299


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Otsuka Corp.		23,700		1,167,380

Otsuka Holdings Co. Ltd.		112,400		4,445,339

Pan Pacific International Holdings Corp.		107,300		2,252,967

Panasonic Corp.		469,700		5,808,326

Park24 Co. Ltd.		23,400		358,436

PeptiDream, Inc.*		21,000		507,616

Persol Holdings Co. Ltd.		38,200		1,026,765

Pigeon Corp.		24,500		567,327

Pola Orbis Holdings, Inc.		17,100		365,115

Rakuten Group, Inc.		184,200		2,016,628

Recruit Holdings Co. Ltd.		341,700		22,729,549

Renesas Electronics Corp.*		280,400		3,449,321

Resona Holdings, Inc.		489,300		1,838,104

Ricoh Co. Ltd.		150,100		1,461,650

Rinnai Corp.		8,000		821,380

Rohm Co. Ltd.		17,600		1,609,301

Ryohin Keikaku Co. Ltd.		53,200		1,048,372

Santen Pharmaceutical Co. Ltd.		80,700		1,137,463

SBI Holdings, Inc.		49,300		1,277,830

SCSK Corp.		30,900		625,326

Secom Co. Ltd.		43,200		2,945,050

Sega Sammy Holdings, Inc.		35,400		503,403

Seibu Holdings, Inc.*		54,700		597,518

Seiko Epson Corp.		62,800		1,118,221

Sekisui Chemical Co. Ltd.		89,300		1,467,085

Sekisui House Ltd.		131,000		2,723,593

Seria Co. Ltd.		9,300		307,027

Seven & i Holdings Co. Ltd.		160,700		6,746,954

Seven Bank Ltd.		147,300		311,385

SG Holdings Co. Ltd.		102,000		2,561,331

Sharp Corp.		43,200		509,552

Shimadzu Corp.		55,500		2,254,811

Shimamura Co. Ltd.		4,900		414,895

Shimano, Inc.		17,000		4,743,231

Shimizu Corp.		141,400		1,036,016

Shin-Etsu Chemical Co. Ltd.		79,700		14,213,146

Shinsei Bank Ltd.		25,600		422,776

Shionogi & Co. Ltd.		57,100		3,722,938

Shiseido Co. Ltd.		80,600		5,378,195

Shizuoka Bank Ltd. (The)		119,900		965,481

Showa Denko KK		36,800		922,945

SMC Corp.		12,500		7,459,565

SoftBank Corp.		559,400		7,635,630

SoftBank Group Corp.		253,400		13,718,418

Sohgo Security Services Co. Ltd.		17,500		748,715

Sojitz Corp.		43,380		715,729

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Sompo Holdings, Inc.		71,500		3,100,729

Sony Group Corp.		254,100		29,423,860

Square Enix Holdings Co. Ltd.		18,000		986,042

Stanley Electric Co. Ltd.		30,400		766,238

Subaru Corp.		124,000		2,432,234

SUMCO Corp.		64,500		1,232,505

Sumitomo Chemical Co. Ltd.		333,600		1,643,419

Sumitomo Corp.		252,100		3,592,341

Sumitomo Dainippon Pharma Co. Ltd.		38,700		547,279

Sumitomo Electric Industries Ltd.		160,000		2,123,658

Sumitomo Heavy Industries Ltd.		24,800		638,489

Sumitomo Metal Mining Co. Ltd.		55,100		2,137,456

Sumitomo Mitsui Financial Group, Inc.		276,900		8,985,310

Sumitomo Mitsui Trust Holdings, Inc.		75,600		2,486,776

Sumitomo Realty & Development Co. Ltd.		95,900		3,465,819

Sumitomo Rubber Industries Ltd.		37,700		464,618

Sundrug Co. Ltd.		13,700		400,945

Suntory Beverage & Food Ltd.		25,500		989,462

Suzuken Co. Ltd.		15,800		439,840

Suzuki Motor Corp.		98,900		4,410,633

Sysmex Corp.		34,200		4,240,489

T&D Holdings, Inc.		118,700		1,522,405

Taiheiyo Cement Corp.		24,600		522,658

Taisei Corp.		41,600		1,305,372

Taisho Pharmaceutical Holdings Co. Ltd.		11,500		617,103

Takeda Pharmaceutical Co. Ltd.		318,800		8,947,387

TBS Holdings, Inc.		7,100		112,305

TDK Corp.		78,300		2,846,439

Teijin Ltd.		39,900		535,567

Terumo Corp.		153,000		6,749,719

THK Co. Ltd.		24,800		533,290

TIS, Inc.		46,300		1,261,345

Tobu Railway Co. Ltd.		42,400		1,055,660

Toho Co. Ltd.		28,200		1,324,953

Toho Gas Co. Ltd.		20,000		592,449

Tohoku Electric Power Co., Inc.		101,300		657,248

Tokio Marine Holdings, Inc.		140,500		7,400,140

Tokyo Century Corp.		9,700		555,382

Tokyo Electric Power Co. Holdings, Inc.*		161,900		448,463

Tokyo Electron Ltd.		31,700		14,773,249

Tokyo Gas Co. Ltd.		82,600		1,433,353

Tokyo Tatemono Co. Ltd.		42,300		621,742

Tokyu Corp.		114,600		1,615,655

Tokyu Fudosan Holdings Corp.		122,100		707,498

TOPPAN, Inc.		70,500		1,138,021

Toray Industries, Inc.		328,900		2,049,545


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Toshiba Corp.		91,700		3,955,219

Tosoh Corp.		65,500		1,103,087

TOTO Ltd.		32,100		1,550,889

Toyo Seikan Group Holdings Ltd.		32,300		383,531

Toyo Suisan Kaisha Ltd.		20,600		887,635

Toyoda Gosei Co. Ltd.		14,900		304,889

Toyota Boshoku Corp.		20,400		392,232

Toyota Industries Corp.		41,400		3,519,522

Toyota Motor Corp.		2,596,500		45,813,076

Toyota Tsusho Corp.		47,800		2,073,383

Trend Micro, Inc.		28,400		1,605,179

Tsumura & Co.		13,900		433,199

Tsuruha Holdings, Inc.		8,100		999,096

Unicharm Corp.		90,100		3,643,898

United Urban Investment Corp., REIT		628		782,839

USS Co. Ltd.		44,800		722,100

Welcia Holdings Co. Ltd.		20,700		772,760

West Japan Railway Co.		48,300		2,280,033

Workman Co. Ltd.		4,800		255,215

Yakult Honsha Co. Ltd.		32,400		1,637,114

Yamada Holdings Co. Ltd.		146,100		558,292

Yamaha Corp.		33,200		2,097,512

Yamaha Motor Co. Ltd.		63,600		1,772,775

Yamato Holdings Co. Ltd.		69,700		1,713,449

Yamazaki Baking Co. Ltd.		35,900		545,350

Yaskawa Electric Corp.		53,700		2,325,860

Yokogawa Electric Corp.		48,200		963,145

Yokohama Rubber Co. Ltd. (The)		27,000		456,871

Z Holdings Corp.		524,500		3,256,107

ZOZO, Inc.		22,600		725,427


				912,953,521


Jordan — 0.0% (c)

Hikma Pharmaceuticals plc		36,273		1,195,627


Luxembourg — 0.2%

ArcelorMittal SA		135,254		4,574,313

Eurofins Scientific SE		25,753		3,039,241

RTL Group SA		7,483		432,205


				8,045,759


Macau — 0.1%

Galaxy Entertainment Group Ltd.*		403,000		2,168,433

MGM China Holdings Ltd.*		170,000		124,733

Sands China Ltd.*		489,200		1,114,972

SJM Holdings Ltd.*		424,000		315,337

Wynn Macau Ltd.*		298,400		266,851


				3,990,326

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	91

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Mexico — 0.0% (c)

Fresnillo plc		37,115		436,790


Netherlands — 5.3%

Adyen NV* (b)		6,136		18,514,217

Aegon NV		284,163		1,441,358

Akzo Nobel NV		37,767		4,340,071

Argenx SE*		793		219,185

Argenx SE*		9,471		2,851,330

ASML Holding NV		84,518		68,704,704

EXOR NV		22,822		2,152,821

GrandVision NV (b)		11,790		387,070

HAL Trust		17,473		3,051,001

Heineken Holding NV		20,310		1,882,231

Heineken NV		47,579		5,266,478

ING Groep NV		786,544		11,931,013

JDE Peet’s NV		17,175		500,117

Koninklijke Ahold Delhaize NV		210,682		6,854,005

Koninklijke DSM NV		35,215		7,693,712

Koninklijke KPN NV		711,267		2,125,221

Koninklijke Philips NV		184,828		8,719,293

Koninklijke Vopak NV		13,173		524,258

NN Group NV		64,045		3,423,639

Randstad NV		25,204		1,810,843

Royal Dutch Shell plc, Class A		826,276		18,929,058

Royal Dutch Shell plc, Class B		746,685		17,135,463

Wolters Kluwer NV		53,898		5,644,116


				194,101,204


New Zealand — 0.3%

a2 Milk Co. Ltd. (The)* (a)		149,795		705,602

Auckland International Airport Ltd.*		243,289		1,394,505

Contact Energy Ltd.		156,365		917,524

Fisher & Paykel Healthcare Corp. Ltd.		116,127		2,601,654

Fletcher Building Ltd.		165,437		850,895

Mercury NZ Ltd.		126,253		555,243

Meridian Energy Ltd.		242,609		869,097

Ryman Healthcare Ltd.		84,617		875,721

Spark New Zealand Ltd.		376,170		1,231,458


				10,001,699


Norway — 0.7%

Aker ASA, Class A		4,793		441,773

Aker BP ASA		21,766		835,203

DNB Bank ASA(a)		181,149		4,310,745

Equinor ASA		216,588		5,487,980

Gjensidige Forsikring ASA		38,279		953,096

Kongsberg Gruppen ASA		18,016		591,232


INVESTMENTS	SHARES		VALUE($)


Norway — continued

Leroy Seafood Group ASA		56,414		512,899

Mowi ASA		90,641		2,628,335

Norsk Hydro ASA		275,117		2,020,863

Orkla ASA		151,319		1,471,792

Salmar ASA		11,266		859,489

Schibsted ASA, Class A		15,365		793,836

Schibsted ASA, Class B		20,138		909,177

Storebrand ASA		94,250		1,010,844

Telenor ASA		129,696		2,049,263


				24,876,527


Poland — 0.4%

Allegro.eu SA* (b)		78,339		885,956

Bank Polska Kasa Opieki SA		35,429		1,170,578

CD Projekt SA		14,207		619,180

Cyfrowy Polsat SA		54,117		483,976

Dino Polska SA* (b)		9,679		864,636

Grupa Lotos SA*		17,506		272,131

ING Bank Slaski SA*		6,553		446,760

KGHM Polska Miedz SA		27,400		1,053,617

LPP SA		213		765,052

mBank SA*		2,646		374,480

Orange Polska SA*		129,556		252,803

PGE Polska Grupa Energetyczna SA*		161,983		398,604

Polski Koncern Naftowy ORLEN SA		58,596		1,263,732

Polskie Gornictwo Naftowe i Gazownictwo SA		325,964		491,496

Powszechna Kasa Oszczednosci Bank Polski SA*		173,768		2,127,596

Powszechny Zaklad Ubezpieczen SA		114,822		1,148,796

Santander Bank Polska SA		6,794		630,927


				13,250,320


Portugal — 0.1%

EDP — Energias de Portugal SA		591,234		3,336,122

Galp Energia SGPS SA		91,667		952,231

Jeronimo Martins SGPS SA		49,446		1,120,328


				5,408,681


Russia — 0.1%

Coca-Cola HBC AG*		39,563		1,371,262

Evraz plc		103,198		876,564

Polymetal International plc		67,739		1,252,218


				3,500,044


Singapore — 1.1%

Ascendas, REIT		674,300		1,544,438

CapitaLand Integrated Commercial Trust, REIT		1,004,837		1,600,159

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Singapore — continued

Capitaland Investment Ltd.*		507,300		1,294,113

City Developments Ltd.		94,700		514,076

ComfortDelGro Corp. Ltd.		412,500		478,083

DBS Group Holdings Ltd.		364,900		8,526,933

Frasers Property Ltd.		167,900		145,807

Genting Singapore Ltd.		1,142,400		660,539

Great Eastern Holdings Ltd.		11,600		185,263

Jardine Cycle & Carriage Ltd.		19,900		332,673

Keppel, REIT		393,500		329,345

Keppel Corp. Ltd.		289,600		1,155,674

Mapletree Commercial Trust, REIT		441,600		714,298

Mapletree North Asia Commercial Trust, REIT (b)		429,500		325,444

Olam International Ltd.		178,400		224,893

Oversea-Chinese Banking Corp. Ltd.		808,800		7,070,396

SATS Ltd.*		135,600		421,734

Sembcorp Industries Ltd.		182,600		272,527

Singapore Airlines Ltd.*		267,850		1,031,771

Singapore Exchange Ltd.		165,800		1,189,899

Singapore Technologies Engineering Ltd.		307,700		873,815

Singapore Telecommunications Ltd.		1,430,400		2,653,731

Suntec, REIT		436,100		482,823

United Overseas Bank Ltd.		311,000		6,182,162

UOL Group Ltd.		95,300		511,135

Venture Corp. Ltd.		54,400		759,876


				39,481,607


South Africa — 0.3%

Anglo American plc		274,627		10,447,636


South Korea — 0.1%

Delivery Hero SE* (b)		38,162		4,759,759


Spain — 2.4%

Acciona SA		4,973		955,030

ACS Actividades de Construccion y Servicios SA		54,453		1,427,193

Aena SME SA* (b)		14,808		2,432,015

Amadeus IT Group SA*		90,762		6,071,790

Banco Bilbao Vizcaya Argentaria SA		1,343,379		9,401,142

Banco Santander SA (a)		3,493,619		13,251,600

CaixaBank SA		876,950		2,520,938

Cellnex Telecom SA (b)		114,966		7,070,377

EDP Renovaveis SA		48,383		1,347,931

Enagas SA		50,144		1,125,205

Endesa SA		63,992		1,475,829

Ferrovial SA		101,177		3,193,963

Grifols SA		59,238		1,355,544


INVESTMENTS	SHARES		VALUE($)


Spain — continued

Grifols SA (Preference), Class B		52,669		692,116

Iberdrola SA		1,167,144		13,782,267

Industria de Diseno Textil SA (a)		226,048		8,188,423

Mapfre SA		198,540		420,368

Naturgy Energy Group SA		66,418		1,745,191

Red Electrica Corp. SA		87,209		1,815,844

Repsol SA		283,106		3,626,174

Siemens Gamesa Renewable Energy SA*		45,286		1,228,863

Telefonica SA		1,079,103		4,687,260


				87,815,063


Sweden — 3.9%

Alfa Laval AB		60,003		2,573,820

Assa Abloy AB, Class B		199,808		5,862,900

Atlas Copco AB, Class A		130,217		8,385,807

Atlas Copco AB, Class B		78,617		4,260,555

Axfood AB		21,141		518,339

Boliden AB		55,106		1,942,719

Castellum AB (a)		45,805		1,220,869

Electrolux AB, Class B (a)		50,896		1,155,057

Elekta AB, Class B (a)		69,804		812,828

Embracer Group AB*		117,414		1,095,080

Epiroc AB, Class A		126,133		3,138,374

Epiroc AB, Class B		78,569		1,669,109

EQT AB		55,637		2,938,739

Essity AB, Class A		5,687		184,092

Essity AB, Class B		121,319		3,929,728

Evolution AB (b)		36,404		5,909,895

Fabege AB		54,647		924,984

Fastighets AB Balder, Class B*		21,187		1,536,227

Getinge AB, Class B		44,037		1,970,737

H & M Hennes & Mauritz AB, Class B (a)		150,084		2,823,505

Hexagon AB, Class B		396,915		6,387,831

Hexpol AB		52,472		614,062

Holmen AB, Class B		18,665		828,654

Husqvarna AB, Class A		4,941		70,903

Husqvarna AB, Class B		83,363		1,187,999

ICA Gruppen AB		18,642		963,792

Industrivarden AB, Class A (a)		37,705		1,243,831

Industrivarden AB, Class C		33,867		1,101,646

Indutrade AB		53,550		1,561,061

Intrum AB		14,959		424,604

Investment AB Latour, Class B		27,441		996,751

Investor AB, Class A		115,545		2,673,198

Investor AB, Class B		367,066		8,469,660

Kinnevik AB, Class B*		48,787		1,914,930

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	93

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Sweden — continued

L E Lundbergforetagen AB, Class B		12,864		741,652

Lifco AB, Class B		42,695		1,244,914

Lundin Energy AB		38,596		1,524,288

Nibe Industrier AB, Class B		283,776		4,220,791

Nordnet AB publ		32,739		627,539

Saab AB, Class B		16,402		457,258

Sandvik AB		219,868		5,575,570

Securitas AB, Class B		65,188		1,079,949

Sinch AB* (b)		113,565		2,161,684

Skandinaviska Enskilda Banken AB, Class A		323,524		5,059,213

Skanska AB, Class B		80,633		2,050,167

SKF AB, Class A		2,905		68,449

SKF AB, Class B		76,151		1,768,622

SSAB AB, Class A*		44,738		254,932

SSAB AB, Class B*		127,193		635,731

Svenska Cellulosa AB SCA, Class A		6,248		98,629

Svenska Cellulosa AB SCA, Class B		120,781		1,887,212

Svenska Handelsbanken AB, Class A		309,533		3,547,973

Svenska Handelsbanken AB, Class B (a)		7,427		93,831

Swedbank AB, Class A (a)		187,015		4,056,113

Swedish Match AB		318,323		2,806,717

Swedish Orphan Biovitrum AB*		39,786		1,081,198

Tele2 AB, Class B		100,904		1,426,113

Telefonaktiebolaget LM Ericsson, Class A		12,338		135,046

Telefonaktiebolaget LM Ericsson, Class B		581,856		6,351,195

Telia Co. AB (a)		502,990		1,981,201

Trelleborg AB, Class B		48,873		1,118,587

Volvo AB, Class A		38,552		911,413

Volvo AB, Class B		320,030		7,462,828


				141,721,101


Switzerland — 9.2%

ABB Ltd. (Registered)		359,873		11,905,763

Adecco Group AG (Registered)		32,865		1,655,741

Alcon, Inc.		100,676		8,347,912

Baloise Holding AG (Registered)		9,832		1,566,829

Barry Callebaut AG (Registered)		608		1,408,039

Chocoladefabriken Lindt & Spruengli AG		213		2,510,125

Chocoladefabriken Lindt & Spruengli AG (Registered)		22		2,640,673

Cie Financiere Richemont SA (Registered)		105,167		13,014,467

Credit Suisse Group AG (Registered)		507,344		5,277,246

EMS-Chemie Holding AG (Registered)		1,368		1,356,953

Geberit AG (Registered)		7,228		5,644,730

Givaudan SA (Registered)		1,600		7,539,099

Holcim Ltd.*		104,237		5,199,613


INVESTMENTS	SHARES		VALUE($)


Switzerland — continued

Julius Baer Group Ltd.		44,570		3,223,841

Kuehne + Nagel International AG (Registered)		10,219		3,218,479

Lonza Group AG (Registered)		15,005		12,331,115

Mediclinic International plc*		81,693		373,772

Nestle SA (Registered)		567,138		74,809,601

Novartis AG (Registered)		490,463		40,567,537

Partners Group Holding AG		4,572		7,987,079

Roche Holding AG		141,545		54,833,711

Roche Holding AG		5,480		2,357,074

Schindler Holding AG		8,203		2,135,959

Schindler Holding AG (Registered)		4,054		1,040,771

SGS SA (Registered)		1,223		3,620,716

Sika AG (Registered)		28,567		9,677,919

Sonova Holding AG (Registered) (a)		10,898		4,515,824

STMicroelectronics NV		132,084		6,271,194

Straumann Holding AG (Registered)		2,307		4,802,478

Swatch Group AG (The)		5,831		1,604,952

Swatch Group AG (The) (Registered)		10,836		576,467

Swiss Life Holding AG (Registered)		6,354		3,485,593

Swisscom AG (Registered)		5,114		2,784,700

Temenos AG (Registered)		13,533		2,071,856

UBS Group AG (Registered)		745,927		13,577,877

Vifor Pharma AG		9,429		1,217,528

Zurich Insurance Group AG		30,313		13,435,351


				338,588,584


United Arab Emirates — 0.0%

NMC Health plc* ‡		300		—


United Kingdom — 12.0%

3i Group plc		196,070		3,661,610

abrdn plc		439,350		1,527,224

Admiral Group plc		54,455		2,139,111

Allfunds Group plc*		38,043		768,994

Ashtead Group plc		90,522		7,586,660

ASOS plc*		14,080		478,027

Associated British Foods plc		71,774		1,755,294

AstraZeneca plc		312,100		39,044,129

Auto Trader Group plc (b)		195,226		1,618,509

AVEVA Group plc		24,879		1,211,505

Aviva plc		791,613		4,271,480

BAE Systems plc		649,684		4,898,723

Barclays plc		3,211,056		8,860,829

Barratt Developments plc		205,362		1,864,292

Berkeley Group Holdings plc		22,635		1,350,146

BP plc		4,092,799		19,608,198

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

British American Tobacco plc		460,284		16,010,705

British Land Co. plc (The), REIT		188,974		1,275,948

BT Group plc*		1,767,286		3,357,542

Bunzl plc		67,955		2,511,624

Burberry Group plc		81,569		2,155,792

Centrica plc*		1,184,718		977,969

CK Hutchison Holdings Ltd.		542,500		3,637,149

CNH Industrial NV		200,666		3,456,588

Coca-Cola Europacific Partners plc		40,319		2,122,795

Compass Group plc*		359,706		7,633,189

ConvaTec Group plc (b)		320,523		937,837

Croda International plc		28,718		3,716,984

DCC plc		20,416		1,703,519

Deliveroo plc* (a) (b)		80,367		297,293

Derwent London plc, REIT		22,600		1,045,381

Diageo plc		469,711		23,368,916

Direct Line Insurance Group plc		271,021		1,083,245

Dr. Martens plc*		100,735		508,431

DS Smith plc		276,718		1,451,573

easyJet plc*		114,537		976,326

Entain plc*		117,981		3,305,960

Experian plc		195,329		8,956,065

GlaxoSmithKline plc		1,009,201		20,951,850

Halma plc		76,487		3,101,799

Harbour Energy plc*		113,745		544,424

Hargreaves Lansdown plc		71,671		1,508,169

Hiscox Ltd.		71,286		811,049

HSBC Holdings plc		4,180,541		25,188,472

Imperial Brands plc		191,275		4,036,126

Informa plc*		302,832		2,154,328

InterContinental Hotels Group plc*		37,820		2,649,181

Intertek Group plc		32,516		2,177,528

ITV plc*		729,901		1,074,268

J Sainsbury plc		352,316		1,443,036

JD Sports Fashion plc		99,765		1,486,986

Johnson Matthey plc		40,081		1,498,048

Kingfisher plc		425,405		1,952,435

Land Securities Group plc, REIT		151,368		1,422,023

Legal & General Group plc		1,202,759		4,743,420

Lloyds Banking Group plc		14,300,045		9,786,674

London Stock Exchange Group plc		65,254		6,352,067

M&G plc		523,804		1,431,086

Marks & Spencer Group plc*		394,499		991,671

Meggitt plc*		157,419		1,616,190

Melrose Industries plc		880,915		1,900,614

National Grid plc		780,954		9,998,991


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

NatWest Group plc		1,067,632		3,219,099

Next plc		26,785		2,919,282

Ocado Group plc*		130,086		3,210,599

Pearson plc		152,431		1,254,297

Persimmon plc		64,288		2,395,262

Phoenix Group Holdings plc		171,148		1,536,657

Prudential plc		553,318		11,292,082

Reckitt Benckiser Group plc		148,390		12,046,714

RELX plc		399,396		12,384,225

Rentokil Initial plc		374,601		3,015,144

Rightmove plc		176,401		1,667,442

Rolls-Royce Holdings plc*		1,685,831		3,042,656

Royal Mail plc		159,162		917,540

Sage Group plc (The)		225,805		2,196,070

Schroders plc		24,591		1,218,086

Schroders plc (Non-Voting)		10,132		342,446

Segro plc, REIT		241,815		4,273,971

Severn Trent plc		51,038		1,911,487

Smith & Nephew plc		178,274		3,078,805

Smiths Group plc		79,855		1,482,751

Spirax-Sarco Engineering plc		14,858		3,171,729

SSE plc		211,195		4,756,025

St. James’s Place plc		108,752		2,349,351

Standard Chartered plc		519,268		3,511,811

Subsea 7 SA		46,734		419,508

Tate & Lyle plc		94,382		837,257

Taylor Wimpey plc		734,673		1,554,428

Tesco plc		1,557,707		5,751,470

THG plc*		144,508		428,362

Travis Perkins plc		45,338		958,484

Unilever plc		529,714		28,361,883

United Utilities Group plc		137,379		1,952,586

Vodafone Group plc		5,399,324		7,957,807

Weir Group plc (The)		52,305		1,240,714

Whitbread plc*		40,582		1,815,548

WPP plc		257,176		3,717,419


				442,144,994


United States — 1.3%

Carnival plc*		31,529		636,433

Ferguson plc		46,777		7,038,227

James Hardie Industries plc, CHDI		89,568		3,518,787

JS Global Lifestyle Co. Ltd. (b)		169,000		312,966

QIAGEN NV*		46,505		2,558,428

Schneider Electric SE		114,643		19,766,537

Stellantis NV		447,954		8,943,158

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	95

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United States — continued

Swiss Re AG		58,209		5,639,028

Tenaris SA		92,759		1,032,991


				49,446,555


Total Common Stocks (Cost $3,038,064,392)				3,645,818,685

Short-Term Investments — 1.5%

Investment Companies — 0.6%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $20,389,345)		20,389,345		20,389,345


Investment of Cash Collateral from Securities Loaned — 0.9%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		30,493,852		30,493,852

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		4,253,477		4,253,477


Total Investment of Cash Collateral from Securities Loaned (Cost $34,747,329)				34,747,329


Total Short-Term Investments (Cost $55,136,674)				55,136,674

Total Investments — 100.6% (Cost $3,093,201,066)				3,700,955,359
Liabilities in Excess of Other Assets — (0.6)%				(20,814,681)

NET ASSETS — 100.0%				3,680,140,678

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENT OF TOTAL INVESTMENTS

Banks		8.7	%

Pharmaceuticals		8.0

Insurance		4.7

Chemicals		3.5

Oil, Gas & Consumable Fuels		3.3

Food Products		3.3

Automobiles		3.3

Machinery		3.2

Textiles, Apparel & Luxury Goods		3.2

Semiconductors & Semiconductor Equipment		3.2

Metals & Mining		2.9

Capital Markets		2.8

Health Care Equipment & Supplies		2.3

Electrical Equipment		1.9

Beverages		1.9

IT Services		1.9

Professional Services		1.9

Electric Utilities		1.9

Personal Products		1.8

Electronic Equipment, Instruments & Components		1.7

Diversified Telecommunication Services		1.7

Trading Companies & Distributors		1.6

Real Estate Management & Development		1.6

Industrial Conglomerates		1.5

Software		1.5

Household Durables		1.5

Food & Staples Retailing		1.4

Hotels, Restaurants & Leisure		1.4

Equity Real Estate Investment Trusts (REITs)		1.4

Building Products		1.3

Aerospace & Defense		1.2

Wireless Telecommunication Services		1.1

Auto Components		1.0

Diversified Financial Services		1.0

Others (each less than 1.0%)		13.9

Short-Term Investments		1.5

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

Abbreviations


APAC		Asia Pacific
CHDI		Clearing House Electronic Subregister System (CHESS) Depository Interest
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital
SDR		Swedish Depositary Receipt
SGPS		Holding company

(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $29,092,658.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		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 October 31, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

MSCI EAFE E-Mini Index

330

12/2021

USD

38,621,550

184,117

Abbreviations


EAFE		Europe, Australasia, and Far East
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	97

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.0%

Air Freight & Logistics — 0.5%

SG Holdings Co. Ltd.		867,900		21,793,915

Yamato Holdings Co. Ltd.		592,100		14,555,712


				36,349,627


Airlines — 0.1%

ANA Holdings, Inc.*		275,900		6,428,756

Japan Airlines Co. Ltd.*		244,600		5,264,137


				11,692,893


Auto Components — 2.7%

Aisin Corp.		311,700		11,405,968

Bridgestone Corp.		1,046,400		46,291,990

Denso Corp.		894,700		64,861,431

JTEKT Corp.		428,000		3,788,493

Koito Manufacturing Co. Ltd.		223,600		12,686,660

NGK Spark Plug Co. Ltd.		298,100		4,762,148

Stanley Electric Co. Ltd.		257,600		6,492,861

Sumitomo Electric Industries Ltd.		1,365,900		18,129,407

Sumitomo Rubber Industries Ltd.		318,400		3,923,986

Toyoda Gosei Co. Ltd.		127,000		2,598,715

Toyota Boshoku Corp.		174,100		3,347,430

Toyota Industries Corp.	��	354,800		30,162,474

Yokohama Rubber Co. Ltd. (The)		233,600		3,952,782


				212,404,345


Automobiles — 7.6%

Honda Motor Co. Ltd.		2,963,900		87,665,827

Isuzu Motors Ltd.		1,072,400		14,426,790

Mazda Motor Corp.*		1,033,800		9,298,278

Mitsubishi Motors Corp.*		1,184,700		3,791,658

Nissan Motor Co. Ltd.*		4,144,800		21,096,456

Subaru Corp.		1,019,600		19,999,244

Suzuki Motor Corp.		848,600		37,844,930

Toyota Motor Corp.		22,203,900		391,769,285

Yamaha Motor Co. Ltd.		541,700		15,099,247


				600,991,715


Banks — 4.4%

Aozora Bank Ltd.		204,000		4,666,499

Bank of Kyoto Ltd. (The)		129,600		5,828,533

Chiba Bank Ltd. (The)		1,279,400		7,929,997

Concordia Financial Group Ltd.		2,090,400		8,308,654

Fukuoka Financial Group, Inc.		327,000		5,874,662

Mebuki Financial Group, Inc.		2,038,200		4,173,249

Mitsubishi UFJ Financial Group, Inc.		22,118,900		121,288,951

Mizuho Financial Group, Inc.		4,373,800		57,725,315

Resona Holdings, Inc.		4,176,600		15,689,814


INVESTMENTS	SHARES		VALUE($)


Banks — continued

Seven Bank Ltd.		1,264,500		2,673,088

Shinsei Bank Ltd. (a)		220,300		3,638,185

Shizuoka Bank Ltd. (The)		1,023,800		8,244,031

Sumitomo Mitsui Financial Group, Inc.		2,370,500		76,921,911

Sumitomo Mitsui Trust Holdings, Inc.		650,600		21,400,743


				344,363,632


Beverages — 1.0%

Asahi Group Holdings Ltd.		870,000		39,480,847

Coca-Cola Bottlers Japan Holdings, Inc.		257,000		3,536,723

Kirin Holdings Co. Ltd.		1,430,400		24,897,321

Suntory Beverage & Food Ltd.		219,900		8,532,654


				76,447,545


Biotechnology — 0.1%

PeptiDream, Inc.*		175,200		4,234,969


Building Products — 2.0%

AGC, Inc.		388,600		19,350,572

Daikin Industries Ltd.		506,600		110,952,915

Lixil Corp.		505,100		12,975,964

TOTO Ltd.		274,100		13,242,949


				156,522,400


Capital Markets — 0.9%

Daiwa Securities Group, Inc.		2,636,400		14,811,692

Japan Exchange Group, Inc.		927,700		21,966,146

Nomura Holdings, Inc.		5,294,300		25,214,196

SBI Holdings, Inc.		422,500		10,950,974


				72,943,008


Chemicals — 4.5%

Air Water, Inc.		393,200		6,015,995

Asahi Kasei Corp.		2,399,200		25,204,433

Daicel Corp.		492,500		3,687,479

DIC Corp.		143,400		3,796,768

JSR Corp.		373,400		13,543,059

Kaneka Corp.		114,200		4,379,447

Kansai Paint Co. Ltd.		426,600		9,878,349

Kuraray Co. Ltd.		611,900		5,537,120

Mitsubishi Chemical Holdings Corp.		2,442,400		20,216,796

Mitsubishi Gas Chemical Co., Inc.		359,900		7,243,433

Mitsui Chemicals, Inc.		354,100		10,528,754

Nippon Paint Holdings Co. Ltd.		2,491,900		26,662,929

Nippon Sanso Holdings Corp.		368,500		8,699,761

Nissan Chemical Corp.		244,100		13,586,280

Nitto Denko Corp.		255,400		19,956,999

Shin-Etsu Chemical Co. Ltd.		680,700		121,391,321

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Chemicals — continued

Showa Denko KK		312,100		7,827,478

Sumitomo Chemical Co. Ltd.		2,854,900		14,064,136

Teijin Ltd.		341,500		4,583,866

Toray Industries, Inc.		2,807,700		17,496,226

Tosoh Corp.		561,100		9,449,499


				353,750,128


Commercial Services & Supplies — 0.7%

Dai Nippon Printing Co. Ltd.		474,400		11,753,292

Park24 Co. Ltd.		199,400		3,054,363

Secom Co. Ltd.		373,100		25,435,147

Sohgo Security Services Co. Ltd.		150,900		6,456,061

TOPPAN, Inc.		599,800		9,682,055


				56,380,918


Construction & Engineering — 0.6%

JGC Holdings Corp.		449,900		4,227,850

Kajima Corp.		861,000		10,601,290

Kinden Corp.		228,900		3,756,393

Obayashi Corp.		1,243,000		10,493,707

Shimizu Corp.		1,209,900		8,864,748

Taisei Corp.		357,400		11,214,906


				49,158,894


Construction Materials — 0.1%

Taiheiyo Cement Corp.		210,600		4,474,463


Consumer Finance — 0.1%

Acom Co. Ltd. (a)		786,000		2,621,410

AEON Financial Service Co. Ltd.		192,700		2,448,279

Orient Corp.		1,039,000		1,425,859


				6,495,548


Containers & Packaging — 0.0% (b)

Toyo Seikan Group Holdings Ltd.		276,800		3,286,734


Diversified Consumer Services — 0.0% (b)

Benesse Holdings, Inc.		140,100		3,205,234


Diversified Financial Services — 0.7%

Mitsubishi HC Capital, Inc.		1,362,300		6,830,846

ORIX Corp.		2,104,800		41,835,651

Tokyo Century Corp.		84,600		4,843,846


				53,510,343


Diversified Telecommunication Services — 0.8%

Nippon Telegraph & Telephone Corp.		2,201,200		61,675,299


Electric Utilities — 0.6%

Chubu Electric Power Co., Inc.		1,240,200		12,837,481

Chugoku Electric Power Co., Inc. (The)		562,500		4,665,848


INVESTMENTS	SHARES		VALUE($)


Electric Utilities — continued

Kansai Electric Power Co., Inc. (The)		1,420,200		13,075,941

Kyushu Electric Power Co., Inc.		815,200		5,742,583

Tohoku Electric Power Co., Inc. (a)		864,000		5,605,749

Tokyo Electric Power Co. Holdings, Inc.*		1,388,100		3,845,040


				45,772,642


Electrical Equipment — 2.2%

Fuji Electric Co. Ltd.		254,500		12,444,451

Mabuchi Motor Co. Ltd.		102,400		3,530,576

Mitsubishi Electric Corp.		3,700,600		49,696,989

Nidec Corp.		942,000		104,333,875


				170,005,891


Electronic Equipment, Instruments & Components — 5.7%

Alps Alpine Co. Ltd.		356,500		3,483,382

Canon Marketing Japan, Inc.		95,100		1,883,962

Hamamatsu Photonics KK		249,800		14,826,231

Hirose Electric Co. Ltd.		55,500		9,281,314

Ibiden Co. Ltd.		233,900		14,054,097

Keyence Corp.		329,000		198,589,265

Kyocera Corp.		602,700		35,286,250

Murata Manufacturing Co. Ltd.		1,105,000		81,967,339

Omron Corp.		356,700		34,112,875

Shimadzu Corp.		473,100		19,220,744

TDK Corp.		666,800		24,240,174

Yokogawa Electric Corp.		411,500		8,222,697


				445,168,330


Entertainment — 1.7%

DeNA Co. Ltd.		144,300		2,665,536

Konami Holdings Corp.		173,200		9,531,296

Nexon Co. Ltd.		794,400		13,521,602

Nintendo Co. Ltd.		203,700		89,965,536

Square Enix Holdings Co. Ltd.		156,400		8,567,605

Toho Co. Ltd.		242,200		11,379,565


				135,631,140


Equity Real Estate Investment Trusts (REITs) — 1.6%

Advance Residence Investment Corp.		2,422		7,947,603

Daiwa House REIT Investment Corp.		3,282		9,418,140

GLP J-REIT		7,755		12,648,866

Japan Metropolitan Fund Invest		12,087		11,102,139

Japan Prime Realty Investment Corp.		1,689		6,195,097

Japan Real Estate Investment Corp.		2,422		14,845,010

Nippon Building Fund, Inc.		2,863		18,600,755

Nippon Prologis REIT, Inc.		4,489		14,993,413

Nomura Real Estate Master Fund, Inc.		8,100		12,129,478

Orix JREIT, Inc.		4,744		7,870,796

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	99

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

United Urban Investment Corp.		5,350		6,669,093


				122,420,390


Food & Staples Retailing — 1.8%

Aeon Co. Ltd. (a)		1,499,700		34,500,078

Cosmos Pharmaceutical Corp.		34,700		5,302,755

Kobe Bussan Co. Ltd.		218,200		7,516,266

Lawson, Inc.		88,900		4,299,172

MatsukiyoCocokara & Co.		228,100		10,113,843

Seven & i Holdings Co. Ltd.		1,373,500		57,666,091

Sundrug Co. Ltd.		114,200		3,342,187

Tsuruha Holdings, Inc.		69,000		8,510,819

Welcia Holdings Co. Ltd.		174,000		6,495,666


				137,746,877


Food Products — 1.7%

Ajinomoto Co., Inc.		943,100		28,237,059

Calbee, Inc.		197,200		5,080,956

Ezaki Glico Co. Ltd.		103,300		3,749,117

Kewpie Corp.		207,200		4,544,800

Kikkoman Corp.		332,400		27,187,022

MEIJI Holdings Co. Ltd.		246,100		15,531,071

NH Foods Ltd.		174,400		6,133,244

Nisshin Seifun Group, Inc.		449,700		7,101,038

Nissin Foods Holdings Co. Ltd. (a)		144,700		11,060,848

Toyo Suisan Kaisha Ltd.		173,500		7,475,959

Yakult Honsha Co. Ltd.		277,100		14,001,366

Yamazaki Baking Co. Ltd. (a)		311,800		4,736,493


				134,838,973


Gas Utilities — 0.4%

Osaka Gas Co. Ltd.		722,300		11,642,021

Toho Gas Co. Ltd.		174,800		5,178,003

Tokyo Gas Co. Ltd.		708,800		12,299,764


				29,119,788


Health Care Equipment & Supplies — 3.1%

Asahi Intecc Co. Ltd.		405,000		10,675,543

Hoya Corp.		639,100		94,080,988

Olympus Corp.		2,241,100		48,549,050

Sysmex Corp.		294,600		36,527,723

Terumo Corp.		1,308,000		57,703,477


				247,536,781


Health Care Providers & Services — 0.2%

Alfresa Holdings Corp.		367,200		5,176,413

Medipal Holdings Corp.		364,900		6,601,855

Suzuken Co. Ltd.		134,900		3,755,341


				15,533,609


INVESTMENTS	SHARES		VALUE($)


Health Care Technology — 0.6%

M3, Inc.		733,500		43,225,405


Hotels, Restaurants & Leisure — 0.9%

McDonald’s Holdings Co. Japan Ltd. (a)		126,900		5,671,360

Oriental Land Co. Ltd.		391,900		61,896,592


				67,567,952


Household Durables — 4.7%

Casio Computer Co. Ltd.		394,700		5,585,443

Haseko Corp.		385,000		5,013,103

Iida Group Holdings Co. Ltd.		311,900		7,689,743

Nikon Corp.		596,500		6,576,866

Panasonic Corp.		4,017,600		49,681,779

Rinnai Corp.		68,400		7,022,800

Sekisui Chemical Co. Ltd.		764,100		12,553,190

Sekisui House Ltd.		1,122,800		23,343,891

Sharp Corp.		372,400		4,392,529

Sony Group Corp.		2,172,900		251,613,950


				373,473,294


Household Products — 0.6%

Lion Corp.		519,700		8,655,285

Pigeon Corp.		210,400		4,872,062

Unicharm Corp.		771,600		31,205,676


				44,733,023


Independent Power and Renewable Electricity Producers — 0.1%

Electric Power Development Co. Ltd.		302,600		4,000,250


Industrial Conglomerates — 1.7%

Hitachi Ltd.		1,667,300		96,077,432

Keihan Holdings Co. Ltd.		182,100		4,790,434

Toshiba Corp.		787,800		33,979,514


				134,847,380


Insurance — 2.4%

Dai-ichi Life Holdings, Inc.		1,922,900		40,455,051

Japan Post Holdings Co. Ltd.*		2,077,900		15,966,388

Japan Post Insurance Co. Ltd.		350,200		5,681,888

MS&AD Insurance Group Holdings, Inc.		805,000		26,007,423

Sompo Holdings, Inc.		609,500		26,432,088

T&D Holdings, Inc.		1,011,100		12,968,020

Tokio Marine Holdings, Inc.		1,205,600		63,498,999


				191,009,857


Interactive Media & Services — 0.4%

Kakaku.com, Inc.		226,600		7,519,710

Z Holdings Corp.		4,484,000		27,836,766


				35,356,476

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Internet & Direct Marketing Retail — 0.4%

Mercari, Inc.*		188,900		10,221,270

Rakuten Group, Inc.		1,575,400		17,247,532

ZOZO, Inc.		191,300		6,140,454


				33,609,256


IT Services — 2.4%

Fujitsu Ltd.		313,400		54,164,847

GMO Payment Gateway, Inc.		77,600		9,831,634

Itochu Techno-Solutions Corp.		169,300		5,348,065

NEC Corp.		468,200		23,972,795

Nomura Research Institute Ltd.		745,200		29,833,385

NTT Data Corp.		1,112,400		22,315,663

Obic Co. Ltd.		111,700		20,655,971

Otsuka Corp.		202,300		9,964,599

SCSK Corp.		262,400		5,310,213

TIS, Inc.		392,000		10,679,206


				192,076,378


Leisure Products — 1.2%

Bandai Namco Holdings, Inc.		381,500		29,153,694

Sega Sammy Holdings, Inc.		306,100		4,352,873

Shimano, Inc.		145,900		40,708,087

Yamaha Corp.		284,900		17,999,436


				92,214,090


Machinery — 5.1%

Amada Co. Ltd.		620,000		6,125,271

Daifuku Co. Ltd.		219,700		20,225,466

FANUC Corp.		328,300		64,879,036

Harmonic Drive Systems, Inc. (a)		88,700		4,020,925

Hino Motors Ltd.		497,300		4,704,300

Hitachi Construction Machinery Co. Ltd.		175,000		5,583,541

Hoshizaki Corp.		103,400		8,695,002

Kawasaki Heavy Industries Ltd.		289,700		5,878,724

Komatsu Ltd.		1,678,700		43,967,369

Kubota Corp.		1,974,500		42,062,800

Kurita Water Industries Ltd.		180,900		8,934,935

Makita Corp.		482,300		22,384,474

MINEBEA MITSUMI, Inc.		700,200		17,726,991

MISUMI Group, Inc.		490,600		20,518,738

Mitsubishi Heavy Industries Ltd.		585,500		14,972,917

Nabtesco Corp.		208,800		6,776,309

NGK Insulators Ltd.		470,200		7,829,374

NSK Ltd.		849,000		5,704,818

SMC Corp.		103,600		61,824,878

Sumitomo Heavy Industries Ltd.		212,700		5,476,070

THK Co. Ltd.		213,200		4,584,575


INVESTMENTS	SHARES		VALUE($)


Machinery — continued

Yaskawa Electric Corp.		456,000		19,750,316


				402,626,829


Marine — 0.4%

Mitsui OSK Lines Ltd.		207,900		13,108,404

Nippon Yusen KK		295,300		21,278,514


				34,386,918


Media — 0.5%

CyberAgent, Inc.		707,800		11,859,576

Dentsu Group, Inc.		429,100		15,680,909

Fuji Media Holdings, Inc.		82,000		849,971

Hakuhodo DY Holdings, Inc.		519,400		8,468,089

Nippon Television Holdings, Inc.		93,300		1,005,181

TBS Holdings, Inc.		59,500		941,144


				38,804,870


Metals & Mining — 1.0%

Hitachi Metals Ltd.*		348,400		6,595,443

JFE Holdings, Inc.		995,100		15,205,577

Maruichi Steel Tube Ltd.		132,000		2,999,271

Mitsubishi Materials Corp.		229,000		4,445,522

Nippon Steel Corp.		1,634,300		28,653,796

Sumitomo Metal Mining Co. Ltd.		469,200		18,201,346


				76,100,955


Multiline Retail — 0.6%

Isetan Mitsukoshi Holdings Ltd.		684,000		5,000,690

Izumi Co. Ltd.		78,800		2,389,116

J Front Retailing Co. Ltd.		465,600		4,315,609

Marui Group Co. Ltd.		381,200		7,480,560

Pan Pacific International Holdings Corp.		920,700		19,331,842

Ryohin Keikaku Co. Ltd.		450,600		8,879,634

Seria Co. Ltd.		81,200		2,680,711


				50,078,162


Oil, Gas & Consumable Fuels — 0.6%

ENEOS Holdings, Inc.		5,566,700		22,446,330

Idemitsu Kosan Co. Ltd.		419,152		11,448,008

Inpex Corp.		1,864,200		15,546,164


				49,440,502


Paper & Forest Products — 0.1%

Oji Holdings Corp.		1,754,100		8,694,614


Personal Products — 1.4%

Kao Corp.		816,800		46,204,799

Kobayashi Pharmaceutical Co. Ltd.		103,900		8,318,860

Kose Corp.		58,100		6,746,916

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	101

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Personal Products — continued

Pola Orbis Holdings, Inc.		147,200		3,142,979

Shiseido Co. Ltd.		688,900		45,968,217


				110,381,771


Pharmaceuticals — 5.4%

Astellas Pharma, Inc.		3,207,700		54,077,909

Chugai Pharmaceutical Co. Ltd.		1,098,400		41,068,500

Daiichi Sankyo Co. Ltd.		3,151,800		79,527,422

Eisai Co. Ltd.		514,900		36,483,858

Hisamitsu Pharmaceutical Co., Inc.		147,900		5,045,841

Kyowa Kirin Co. Ltd.		440,600		14,490,486

Nippon Shinyaku Co. Ltd.		104,700		8,388,189

Ono Pharmaceutical Co. Ltd.		859,400		18,031,709

Otsuka Holdings Co. Ltd.		937,300		37,069,542

Santen Pharmaceutical Co. Ltd.		689,600		9,719,879

Shionogi & Co. Ltd.		489,200		31,895,992

Sumitomo Dainippon Pharma Co. Ltd.		326,700		4,620,050

Taisho Pharmaceutical Holdings Co. Ltd.		102,400		5,494,896

Takeda Pharmaceutical Co. Ltd.		2,724,800		76,473,777

Tsumura & Co.		116,300		3,624,539


				426,012,589


Professional Services — 2.8%

Nihon M&A Center Holdings, Inc.		519,400		15,947,865

Persol Holdings Co. Ltd.		323,500		8,695,246

Recruit Holdings Co. Ltd.		2,924,800		194,554,825


				219,197,936


Real Estate Management & Development — 2.3%

Aeon Mall Co. Ltd.		168,400		2,467,012

Daito Trust Construction Co. Ltd.		116,000		14,382,156

Daiwa House Industry Co. Ltd.		1,144,100		37,744,086

Hulic Co. Ltd.		1,003,800		9,652,039

Mitsubishi Estate Co. Ltd.		2,394,400		36,387,675

Mitsui Fudosan Co. Ltd.		1,664,100		38,047,714

Nomura Real Estate Holdings, Inc.		200,100		4,878,316

Sumitomo Realty & Development Co. Ltd.		819,000		29,598,597

Tokyo Tatemono Co. Ltd.		362,700		5,331,111

Tokyu Fudosan Holdings Corp.		1,044,900		6,054,583


				184,543,289


Road & Rail — 2.9%

Central Japan Railway Co.		356,300		52,853,772

East Japan Railway Co.		653,400		40,698,000

Hankyu Hanshin Holdings, Inc.		416,400		12,910,725

Keikyu Corp.		475,500		5,366,695

Keio Corp.		210,800		10,640,705

Keisei Electric Railway Co. Ltd.		299,800		9,647,813


INVESTMENTS	SHARES		VALUE($)


Road & Rail — continued

Kintetsu Group Holdings Co. Ltd.*		326,100		10,264,984

Kyushu Railway Co.		270,300		6,050,552

Nagoya Railroad Co. Ltd.*		339,100		5,602,851

Nankai Electric Railway Co. Ltd.*		193,700		3,844,319

Nippon Express Co. Ltd.		150,400		9,414,215

Odakyu Electric Railway Co. Ltd.		593,200		12,860,228

Seibu Holdings, Inc.*		465,900		5,089,277

Tobu Railway Co. Ltd.		364,000		9,062,742

Tokyu Corp.		981,400		13,835,982

West Japan Railway Co.		413,000		19,495,932


				227,638,792


Semiconductors & Semiconductor Equipment — 3.2%

Advantest Corp.		343,600		28,171,053

Disco Corp.		48,400		13,048,525

Lasertec Corp.		132,500		28,741,339

Renesas Electronics Corp.*		2,393,800		29,447,161

Rohm Co. Ltd.		152,000		13,898,510

SUMCO Corp.		555,300		10,611,012

Tokyo Electron Ltd.		270,100		125,875,536


				249,793,136


Software — 0.2%

Oracle Corp.		55,800		5,280,048

Trend Micro, Inc.		242,600		13,711,847


				18,991,895


Specialty Retail — 1.6%

ABC-Mart, Inc.		51,900		2,494,520

Fast Retailing Co. Ltd.		109,800		72,887,187

Hikari Tsushin, Inc.		35,900		5,534,133

K’s Holdings Corp.		336,100		3,469,467

Nitori Holdings Co. Ltd.		151,500		27,832,142

Shimamura Co. Ltd.		37,700		3,192,150

USS Co. Ltd.		380,900		6,139,462

Workman Co. Ltd.		36,900		1,961,966

Yamada Holdings Co. Ltd.		1,249,800		4,775,862


				128,286,889


Technology Hardware, Storage & Peripherals — 1.6%

Brother Industries Ltd.		449,500		8,690,606

Canon, Inc.		1,791,800		40,744,409

FUJIFILM Holdings Corp.		691,700		53,452,792

Ricoh Co. Ltd.		1,281,300		12,477,095

Seiko Epson Corp.		534,800		9,522,686


				124,887,588

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Textiles, Apparel & Luxury Goods — 0.1%

Asics Corp.		324,500		8,087,004


Tobacco — 0.5%

Japan Tobacco, Inc.		1,898,100		37,261,930


Trading Companies & Distributors — 3.9%

ITOCHU Corp.		2,568,200		73,247,292

Marubeni Corp.		2,997,300		25,433,055

Mitsubishi Corp.		2,549,700		81,075,298

Mitsui & Co. Ltd.		2,829,100		64,742,578

MonotaRO Co. Ltd.		425,100		9,688,782

Sojitz Corp.		374,300		6,175,594

Sumitomo Corp.		2,158,000		30,750,777

Toyota Tsusho Corp.		407,900		17,693,156


				308,806,532


Transportation Infrastructure — 0.2%

Japan Airport Terminal Co. Ltd.*		155,200		7,699,088

Kamigumi Co. Ltd.		186,400		3,753,155

Mitsubishi Logistics Corp.		132,700		3,705,708


				15,157,951


Wireless Telecommunication Services — 3.4%

KDDI Corp.		2,860,600		87,477,170

SoftBank Corp.		4,785,900		65,325,991

SoftBank Group Corp.		2,170,500		117,505,237


				270,308,398


Total Common Stocks (Cost $7,318,796,650)				7,793,264,027


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.3%

Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		9,087,914		9,087,914

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		10,903,860		10,903,860


Total Investment of Cash Collateral from Securities Loaned (Cost $19,991,774)				19,991,774

Total Investments — 99.3% (Cost $7,338,788,424)				7,813,255,801

Other Assets Less Liabilities — 0.7%				51,282,052

NET ASSETS — 100.0%				7,864,537,853

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $10,857,812.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2021.
*		Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

TOPIX Index

419

12/2021

JPY

73,837,377

(731,179

)

Abbreviations


JPY		Japanese Yen
TOPIX		Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	103

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.6%

Aerospace & Defense — 1.4%

Boeing Co. (The)*		10,402		2,153,526

General Dynamics Corp.		4,374		886,828

HEICO Corp.		795		110,815

HEICO Corp., Class A		1,413		177,586

Howmet Aerospace, Inc.		7,285		216,292

Huntington Ingalls Industries, Inc.		757		153,466

L3Harris Technologies, Inc.		3,789		873,516

Lockheed Martin Corp.		4,652		1,545,953

Northrop Grumman Corp.		2,838		1,013,790

Raytheon Technologies Corp.		28,464		2,529,311

Textron, Inc.		4,234		312,681

TransDigm Group, Inc.*		985		614,463


				10,588,227


Air Freight & Logistics — 0.6%

CH Robinson Worldwide, Inc.		2,483		240,826

Expeditors International of Washington, Inc.		3,205		395,048

FedEx Corp.		4,643		1,093,566

United Parcel Service, Inc., Class B		13,749		2,934,999


				4,664,439


Airlines — 0.2%

Alaska Air Group, Inc.*		2,367		124,978

Delta Air Lines, Inc.*		12,080		472,690

Southwest Airlines Co.*		11,168		528,023

United Airlines Holdings, Inc.*		6,110		281,915


				1,407,606


Auto Components — 0.2%

Aptiv plc*		5,102		882,085

Autoliv, Inc. (Sweden)		1,486		143,919

BorgWarner, Inc.		4,523		203,851

Lear Corp.		1,127		193,675


				1,423,530


Automobiles — 2.5%

Ford Motor Co.*		74,069		1,265,099

General Motors Co.*		27,401		1,491,436

Tesla, Inc.*		15,314		17,059,796


				19,816,331


Banks — 4.1%

Bank of America Corp.		139,780		6,678,688

Citigroup, Inc.		38,262		2,646,200

Citizens Financial Group, Inc.		8,041		380,983

Comerica, Inc.		2,532		215,448

East West Bancorp, Inc.		2,674		212,529

Fifth Third Bancorp		13,038		567,544


INVESTMENTS	SHARES		VALUE($)


Banks — continued

First Republic Bank		3,329		720,163

Huntington Bancshares, Inc.		27,874		438,737

JPMorgan Chase & Co. (a)		56,404		9,582,475

KeyCorp		18,053		420,093

M&T Bank Corp.		2,428		357,207

PNC Financial Services Group, Inc. (The)		8,021		1,692,672

Regions Financial Corp.		18,020		426,714

SVB Financial Group*		1,108		794,879

Truist Financial Corp.		25,193		1,599,000

US Bancorp		25,469		1,537,563

Wells Fargo & Co.		77,518		3,965,821

Zions Bancorp NA		3,055		192,434


				32,429,150


Beverages — 1.4%

Brown-Forman Corp., Class A		1,057		67,680

Brown-Forman Corp., Class B		3,444		233,813

Coca-Cola Co. (The)		73,333		4,133,781

Constellation Brands, Inc., Class A		3,175		688,372

Keurig Dr Pepper, Inc.		13,916		502,228

Molson Coors Beverage Co., Class B		3,555		156,740

Monster Beverage Corp.*		7,087		602,395

PepsiCo, Inc.		26,087		4,215,659


				10,600,668


Biotechnology — 1.9%

AbbVie, Inc.		33,355		3,824,818

Alnylam Pharmaceuticals, Inc.*		2,243		357,893

Amgen, Inc.		10,723		2,219,339

Biogen, Inc.*		2,812		749,904

BioMarin Pharmaceutical, Inc.*		3,465		274,532

Exact Sciences Corp.*		3,241		308,608

Gilead Sciences, Inc.		23,665		1,535,385

Horizon Therapeutics plc*		4,265		511,416

Incyte Corp.*		3,543		237,310

Moderna, Inc.*		6,633		2,289,778

Neurocrine Biosciences, Inc.*		1,791		188,789

Regeneron Pharmaceuticals, Inc.*		1,987		1,271,561

Seagen, Inc.*		2,502		441,178

Vertex Pharmaceuticals, Inc.*		4,894		905,048


				15,115,559


Building Products — 0.5%

Allegion plc		1,692		217,084

Carrier Global Corp.		16,379		855,475

Fortune Brands Home & Security, Inc.		2,603		263,944

Johnson Controls International plc		13,442		986,240

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Building Products — continued

Lennox International, Inc.		641		191,838

Masco Corp.		4,665		305,791

Owens Corning		1,942		181,402

Trane Technologies plc		4,484		811,290


				3,813,064


Capital Markets — 3.3%

Ameriprise Financial, Inc.		2,142		647,162

Apollo Global Management, Inc.		3,954		304,260

Bank of New York Mellon Corp. (The)		14,995		887,704

BlackRock, Inc.		2,695		2,542,625

Blackstone, Inc.		12,952		1,792,816

Carlyle Group, Inc. (The)		2,609		146,495

Charles Schwab Corp. (The)		28,335		2,324,320

CME Group, Inc.		6,775		1,494,226

Franklin Resources, Inc.		5,320		167,527

Goldman Sachs Group, Inc. (The)		6,361		2,629,319

Intercontinental Exchange, Inc.		10,629		1,471,691

Invesco Ltd.		6,449		163,869

Jefferies Financial Group, Inc.		3,730		160,390

KKR & Co., Inc.		11,004		876,689

MarketAxess Holdings, Inc.		719		293,834

Moody’s Corp.		3,054		1,234,274

Morgan Stanley		27,552		2,831,795

MSCI, Inc.		1,553		1,032,559

Nasdaq, Inc.		2,211		464,023

Northern Trust Corp.		3,932		483,793

Raymond James Financial, Inc.		3,494		344,474

S&P Global, Inc.		4,545		2,155,057

SEI Investments Co.		2,025		127,656

State Street Corp.		6,902		680,192

T. Rowe Price Group, Inc.		4,284		929,114


				26,185,864


Chemicals — 1.6%

Air Products and Chemicals, Inc.		4,174		1,251,407

Albemarle Corp.		2,209		553,288

Axalta Coating Systems Ltd.*		4,084		127,380

Celanese Corp.		2,095		338,363

CF Industries Holdings, Inc.		4,062		230,722

Corteva, Inc.		13,854		597,800

Dow, Inc.		14,081		788,114

DuPont de Nemours, Inc.		9,873		687,161

Eastman Chemical Co.		2,565		266,837

Ecolab, Inc.		4,696		1,043,545

FMC Corp.		2,429		221,063

International Flavors & Fragrances, Inc.		4,699		692,868


INVESTMENTS	SHARES		VALUE($)


Chemicals — continued

Linde plc (United Kingdom)		9,744		3,110,285

LyondellBasell Industries NV, Class A		4,990		463,172

Mosaic Co. (The)		6,525		271,244

PPG Industries, Inc.		4,480		719,354

Sherwin-Williams Co. (The)		4,577		1,449,124

Westlake Chemical Corp.		625		60,837


				12,872,564


Commercial Services & Supplies — 0.4%

Cintas Corp.		1,653		715,914

Copart, Inc.*		4,023		624,732

Republic Services, Inc.		3,963		533,420

Rollins, Inc.		4,273		150,538

Stericycle, Inc.*		1,731		115,838

Waste Management, Inc.		7,310		1,171,281


				3,311,723


Communications Equipment — 0.8%

Arista Networks, Inc.*		1,060		434,271

Cisco Systems, Inc.		79,554		4,452,637

F5 Networks, Inc.*		1,137		240,078

Juniper Networks, Inc.		6,138		181,194

Motorola Solutions, Inc.		3,194		793,996

Ubiquiti, Inc.		122		37,275


				6,139,451


Construction & Engineering — 0.0% (b)

Quanta Services, Inc.		2,626		318,481


Construction Materials — 0.1%

Martin Marietta Materials, Inc.		1,174		461,194

Vulcan Materials Co.		2,500		475,300


				936,494


Consumer Finance — 0.6%

Ally Financial, Inc.		6,810		325,109

American Express Co.		12,144		2,110,384

Capital One Financial Corp.		8,418		1,271,371

Discover Financial Services		5,649		640,145

Synchrony Financial		10,756		499,616


				4,846,625


Containers & Packaging — 0.3%

Amcor plc		29,099		351,225

Avery Dennison Corp.		1,560		339,643

Ball Corp.		6,164		563,883

Crown Holdings, Inc.		2,476		257,479

International Paper Co.		7,381		366,614

Packaging Corp. of America		1,797		246,854

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	105

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Containers & Packaging — continued

Sealed Air Corp.		2,827		167,698

WestRock Co.		5,039		242,376


				2,535,772


Distributors — 0.1%

Genuine Parts Co.		2,698		353,735

LKQ Corp.*		5,099		280,853


				634,588


Diversified Financial Services — 1.3%

Berkshire Hathaway, Inc., Class B*		34,990		10,042,480

Equitable Holdings, Inc.		7,239		242,506

Voya Financial, Inc.		2,136		149,029


				10,434,015


Diversified Telecommunication Services — 1.0%

AT&T, Inc.		134,784		3,404,644

Lumen Technologies, Inc.		18,777		222,695

Verizon Communications, Inc.		78,150		4,141,169


				7,768,508


Electric Utilities — 1.5%

Alliant Energy Corp.		4,720		267,010

American Electric Power Co., Inc.		9,445		800,086

Avangrid, Inc.		1,315		69,300

Duke Energy Corp.		14,522		1,481,389

Edison International		7,162		450,705

Entergy Corp.		3,789		390,343

Evergy, Inc.		4,326		275,783

Eversource Energy		6,488		550,831

Exelon Corp.		18,456		981,675

FirstEnergy Corp.		10,270		395,703

NextEra Energy, Inc.		37,031		3,159,855

NRG Energy, Inc.		4,622		184,372

OGE Energy Corp.		3,775		128,614

PG&E Corp.*		28,480		330,368

Pinnacle West Capital Corp.		2,125		137,041

PPL Corp.		14,527		418,378

Southern Co. (The)		19,983		1,245,341

Xcel Energy, Inc.		10,168		656,751


				11,923,545


Electrical Equipment — 0.5%

AMETEK, Inc.		4,360		577,264

Eaton Corp. plc		7,520		1,238,995

Emerson Electric Co.		11,288		1,095,049

Hubbell, Inc.		1,021		203,557

Rockwell Automation, Inc.		2,192		700,125


INVESTMENTS	SHARES		VALUE($)


Electrical Equipment — continued

Sensata Technologies Holding plc*		2,989		164,694


				3,979,684


Electronic Equipment, Instruments & Components — 0.7%

Amphenol Corp., Class A		11,295		867,117

CDW Corp.		2,596		484,543

Cognex Corp.		3,336		292,200

Corning, Inc.		14,509		516,085

Flex Ltd.*		9,221		155,835

IPG Photonics Corp.*		680		108,127

Keysight Technologies, Inc.*		3,481		626,650

TE Connectivity Ltd.		6,189		903,594

Teledyne Technologies, Inc.*		882		396,212

Trimble, Inc.*		4,744		414,483

Zebra Technologies Corp., Class A*		1,004		536,086


				5,300,932


Energy Equipment & Services — 0.2%

Baker Hughes Co.		15,638		392,201

Halliburton Co.		16,806		419,982

Schlumberger NV		26,399		851,632


				1,663,815


Entertainment — 1.9%

Activision Blizzard, Inc.		14,681		1,147,907

Electronic Arts, Inc.		5,373		753,563

Live Nation Entertainment, Inc.*		2,483		251,156

Netflix, Inc.*		8,356		5,768,230

Playtika Holding Corp.*		1,929		54,552

Roku, Inc.*		2,199		670,475

Take-Two Interactive Software, Inc.*		2,201		398,381

Walt Disney Co. (The)*		34,297		5,798,594


				14,842,858


Equity Real Estate Investment Trusts (REITs) — 2.7%

Alexandria Real Estate Equities, Inc.		2,617		534,234

American Tower Corp.		8,590		2,422,122

AvalonBay Communities, Inc.		2,634		623,415

Boston Properties, Inc.		2,678		304,328

Camden Property Trust		1,896		309,238

Crown Castle International Corp.		8,160		1,471,248

Digital Realty Trust, Inc.		5,338		842,390

Duke Realty Corp.		7,138		401,441

Equinix, Inc.		1,693		1,417,160

Equity LifeStyle Properties, Inc.		3,223		272,376

Equity Residential		6,437		556,157

Essex Property Trust, Inc.		1,232		418,794

Extra Space Storage, Inc.		2,530		499,346

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Federal Realty Investment Trust		1,320		158,862

Healthpeak Properties, Inc.		10,177		361,385

Host Hotels & Resorts, Inc.*		13,473		226,751

Invitation Homes, Inc.		10,877		448,676

Iron Mountain, Inc.		5,460		249,195

Kimco Realty Corp.		11,579		261,686

Mid-America Apartment Communities, Inc.		2,192		447,628

Prologis, Inc.		13,954		2,022,772

Public Storage		2,873		954,353

Realty Income Corp.		7,345		524,653

Regency Centers Corp.		2,881		202,851

SBA Communications Corp.		2,067		713,797

Simon Property Group, Inc.		6,200		908,796

Sun Communities, Inc.		2,190		429,196

UDR, Inc.		5,264		292,310

Ventas, Inc.		7,184		383,410

VEREIT, Inc.		4,323		217,447

VICI Properties, Inc.		11,586		340,049

Vornado Realty Trust		3,000		127,890

Welltower, Inc.		7,978		641,431

Weyerhaeuser Co.		14,153		505,545

WP Carey, Inc.		3,481		268,420


				20,759,352


Food & Staples Retailing — 1.3%

Costco Wholesale Corp.		8,346		4,102,393

Kroger Co. (The)		12,836		513,697

Sysco Corp.		9,658		742,700

Walgreens Boots Alliance, Inc.		13,554		637,309

Walmart, Inc.		26,976		4,030,754


				10,026,853


Food Products — 0.8%

Archer-Daniels-Midland Co.		10,561		678,439

Bunge Ltd.		2,666		246,978

Campbell Soup Co.		3,837		153,288

Conagra Brands, Inc.		9,070		292,054

General Mills, Inc.		11,439		706,930

Hershey Co. (The)		2,748		481,862

Hormel Foods Corp.		5,325		225,354

Ingredion, Inc.		1,267		120,657

JM Smucker Co. (The)		2,045		251,249

Kellogg Co.		4,827		295,895

Kraft Heinz Co. (The)		12,699		455,767

Lamb Weston Holdings, Inc.		2,742		154,786

McCormick & Co., Inc. (Non-Voting)		4,701		377,161


INVESTMENTS	SHARES		VALUE($)


Food Products — continued

Mondelez International, Inc., Class A		26,388		1,602,807

Tyson Foods, Inc., Class A		5,566		445,113


				6,488,340


Gas Utilities — 0.1%

Atmos Energy Corp.		2,466		227,168

UGI Corp.		3,945		171,252


				398,420


Health Care Equipment & Supplies — 3.4%

Abbott Laboratories		33,466		4,313,433

ABIOMED, Inc.*		861		285,886

Align Technology, Inc.*		1,383		863,504

Baxter International, Inc.		9,439		745,303

Becton Dickinson and Co.		5,420		1,298,578

Boston Scientific Corp.*		26,873		1,159,032

Cooper Cos., Inc. (The)		930		387,736

Danaher Corp.		11,989		3,737,811

Dentsply Sirona, Inc.		4,124		235,934

Dexcom, Inc.*		1,828		1,139,228

Edwards Lifesciences Corp.*		11,764		1,409,562

Hologic, Inc.*		4,788		351,008

IDEXX Laboratories, Inc.*		1,610		1,072,485

Intuitive Surgical, Inc.*		6,732		2,431,127

Medtronic plc		25,365		3,040,249

Novocure Ltd.*		1,682		172,523

ResMed, Inc.		2,749		722,740

STERIS plc		1,882		439,899

Stryker Corp.		6,335		1,685,553

Teleflex, Inc.		886		316,249

West Pharmaceutical Services, Inc.		1,391		597,963

Zimmer Biomet Holdings, Inc.		3,940		563,893


				26,969,696


Health Care Providers & Services — 2.5%

agilon health, Inc.*		888		21,756

AmerisourceBergen Corp.		2,822		344,340

Anthem, Inc.		4,605		2,003,774

Cardinal Health, Inc.		5,473		261,664

Centene Corp.*		11,004		783,925

Cigna Corp.		6,415		1,370,308

CVS Health Corp.		24,910		2,223,965

DaVita, Inc.*		1,268		130,908

HCA Healthcare, Inc.		4,653		1,165,390

Henry Schein, Inc.*		2,635		201,182

Humana, Inc.		2,425		1,123,163

Laboratory Corp. of America Holdings*		1,827		524,386

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	107

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Health Care Providers & Services — continued

McKesson Corp.		2,923		607,633

Quest Diagnostics, Inc.		2,302		337,888

UnitedHealth Group, Inc.		17,802		8,197,287

Universal Health Services, Inc., Class B		1,435		178,084


				19,475,653


Health Care Technology — 0.2%

Cerner Corp.		5,580		414,538

Teladoc Health, Inc.*		3,004		449,369

Veeva Systems, Inc., Class A*		2,608		826,762


				1,690,669


Hotels, Restaurants & Leisure — 2.0%

Airbnb, Inc., Class A*		6,351		1,083,862

Aramark		4,819		175,797

Booking Holdings, Inc.*		773		1,871,263

Carnival Corp.*		15,073		334,018

Chipotle Mexican Grill, Inc.*		532		946,444

Darden Restaurants, Inc.		2,458		354,296

Domino’s Pizza, Inc.		698		341,301

DraftKings, Inc., Class A*		6,249		291,141

Expedia Group, Inc.*		2,745		451,305

Hilton Worldwide Holdings, Inc.*		5,258		756,889

Las Vegas Sands Corp.*		6,491		251,916

Marriott International, Inc., Class A*		5,166		826,663

McDonald’s Corp.		14,099		3,462,010

MGM Resorts International		7,554		356,247

Royal Caribbean Cruises Ltd.*		4,233		357,392

Starbucks Corp.		22,261		2,361,224

Vail Resorts, Inc.		759		261,635

Wynn Resorts Ltd.*		1,990		178,702

Yum! Brands, Inc.		5,581		697,290


				15,359,395


Household Durables — 0.3%

DR Horton, Inc.		6,152		549,189

Garmin Ltd.		2,864		411,271

Lennar Corp., Class A		5,187		518,337

Lennar Corp., Class B		296		24,296

Mohawk Industries, Inc.*		1,059		187,665

Newell Brands, Inc.		7,143		163,503

NVR, Inc.*		60		293,688

PulteGroup, Inc.		4,896		235,400

Whirlpool Corp.		1,180		248,779


				2,632,128


Household Products — 1.2%

Church & Dwight Co., Inc.		4,636		405,001


INVESTMENTS	SHARES		VALUE($)


Household Products — continued

Clorox Co. (The)		2,314		377,205

Colgate-Palmolive Co.		15,927		1,213,478

Kimberly-Clark Corp.		6,355		822,909

Procter & Gamble Co. (The)		45,818		6,551,516


				9,370,109


Independent Power and Renewable Electricity Producers — 0.1%

AES Corp. (The)		12,582		316,186

Vistra Corp.		9,109		178,445


				494,631


Industrial Conglomerates — 1.0%

3M Co.		10,926		1,952,257

General Electric Co.		20,716		2,172,487

Honeywell International, Inc.		13,032		2,849,056

Roper Technologies, Inc.		1,993		972,325


				7,946,125


Insurance — 1.9%

Aflac, Inc.		11,652		625,363

Alleghany Corp.*		258		168,056

Allstate Corp. (The)		5,581		690,202

American Financial Group, Inc.		1,251		170,186

American International Group, Inc.		16,146		954,067

Aon plc, Class A		4,262		1,363,499

Arch Capital Group Ltd.*		7,474		312,563

Arthur J Gallagher & Co.		3,903		654,416

Chubb Ltd.		8,277		1,617,160

Cincinnati Financial Corp.		2,828		343,433

Everest Re Group Ltd.		752		196,648

Fidelity National Financial, Inc.		5,386		258,043

Globe Life, Inc.		1,762		156,853

Hartford Financial Services Group, Inc. (The)		6,551		477,765

Lincoln National Corp.		3,335		240,620

Loews Corp.		3,840		215,309

Markel Corp.*		255		334,848

Marsh & McLennan Cos., Inc.		9,559		1,594,441

MetLife, Inc.		13,750		863,500

Principal Financial Group, Inc.		4,708		315,860

Progressive Corp. (The)		11,042		1,047,665

Prudential Financial, Inc.		7,299		803,255

Reinsurance Group of America, Inc.		1,285		151,733

Travelers Cos., Inc. (The)		4,706		757,101

Willis Towers Watson plc		2,435		589,952

WR Berkley Corp.		2,645		210,542


				15,113,080

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Interactive Media & Services — 6.5%

Alphabet, Inc., Class A*		5,688		16,841,713

Alphabet, Inc., Class C*		5,323		15,784,877

InterActiveCorp.*		1,570		239,221

Match Group, Inc.*		5,224		787,675

Meta Platforms, Inc., Class A*		44,999		14,560,326

Pinterest, Inc., Class A*		10,477		467,693

Snap, Inc., Class A*		19,769		1,039,454

Twitter, Inc.*		15,063		806,473

Zillow Group, Inc., Class A*		697		73,687

Zillow Group, Inc., Class C*		3,193		330,891


				50,932,010


Internet & Direct Marketing Retail — 4.0%

Amazon.com, Inc.*		8,220		27,721,375

DoorDash, Inc., Class A*		2,886		562,193

eBay, Inc.		12,271		941,431

Etsy, Inc.*		2,391		599,400

MercadoLibre, Inc. (Argentina)*		867		1,284,044

Wayfair, Inc., Class A* (c)		1,461		363,935


				31,472,378


IT Services — 5.1%

Accenture plc, Class A		11,967		4,293,640

Akamai Technologies, Inc.*		3,068		323,551

Automatic Data Processing, Inc.		7,987		1,793,002

Broadridge Financial Solutions, Inc.		2,195		391,610

Cloudflare, Inc., Class A*		4,975		968,732

Cognizant Technology Solutions Corp., Class A		9,918		774,497

DXC Technology Co.*		4,759		155,001

EPAM Systems, Inc.*		1,072		721,713

Fidelity National Information Services, Inc.		11,663		1,291,561

Fiserv, Inc.*		11,245		1,107,520

FleetCor Technologies, Inc.*		1,555		384,723

Gartner, Inc.*		1,574		522,426

Global Payments, Inc.		5,547		793,165

GoDaddy, Inc., Class A*		3,186		220,376

International Business Machines Corp.		16,920		2,116,692

Jack Henry & Associates, Inc.		1,397		232,573

Mastercard, Inc., Class A		16,441		5,516,284

Okta, Inc.*		2,364		584,333

Paychex, Inc.		6,040		744,611

PayPal Holdings, Inc.*		22,178		5,158,381

Snowflake, Inc., Class A*		4,303		1,522,573

Square, Inc., Class A*		7,498		1,908,241

Twilio, Inc., Class A*		3,152		918,367

VeriSign, Inc.*		1,839		409,490

Visa, Inc., Class A		31,855		6,745,933


INVESTMENTS	SHARES		VALUE($)


IT Services — continued

Western Union Co. (The)		7,668		139,711


				39,738,706


Leisure Products — 0.1%

Hasbro, Inc.		2,442		233,846

Peloton Interactive, Inc., Class A*		5,070		463,601

Polaris, Inc.		1,077		123,801


				821,248


Life Sciences Tools & Services — 1.3%

Agilent Technologies, Inc.		5,730		902,418

Avantor, Inc.*		11,024		445,149

Bio-Rad Laboratories, Inc., Class A*		404		321,051

Illumina, Inc.*		2,770		1,149,716

IQVIA Holdings, Inc.*		3,613		944,510

Mettler-Toledo International, Inc.*		433		641,221

PerkinElmer, Inc.		2,113		373,769

PPD, Inc.*		2,254		106,321

Thermo Fisher Scientific, Inc.		7,427		4,701,811

Waters Corp.*		1,156		424,888


				10,010,854


Machinery — 1.4%

Caterpillar, Inc.		10,339		2,109,259

Cummins, Inc.		2,715		651,165

Deere & Co.		5,360		1,834,781

Donaldson Co., Inc.		2,373		142,404

Dover Corp.		2,721		460,067

Fortive Corp.		6,762		511,951

IDEX Corp.		1,437		319,833

Illinois Tool Works, Inc.		5,410		1,232,777

Otis Worldwide Corp.		8,053		646,736

PACCAR, Inc.		6,551		587,101

Parker-Hannifin Corp.		2,435		722,197

Pentair plc		3,133		231,748

Snap-on, Inc.		1,014		206,075

Stanley Black & Decker, Inc.		3,071		551,951

Westinghouse Air Brake Technologies Corp.		3,567		323,634

Xylem, Inc.		3,398		443,745


				10,975,424


Media — 1.1%

Altice USA, Inc., Class A*		4,300		70,090

Charter Communications, Inc., Class A*		2,396		1,617,036

Comcast Corp., Class A		86,463		4,446,792

Discovery, Inc., Class A* (c)		3,190		74,774

Discovery, Inc., Class C*		5,735		129,382

DISH Network Corp., Class A*		4,696		192,865

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	109

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Media — continued

Fox Corp., Class A		6,107		242,692

Fox Corp., Class B		2,799		103,451

Interpublic Group of Cos., Inc. (The)		7,431		271,752

Liberty Broadband Corp., Class A*		460		73,954

Liberty Broadband Corp., Class C*		2,742		445,438

Liberty Media Corp.-Liberty SiriusXM, Class A*		1,490		74,172

Liberty Media Corp.-Liberty SiriusXM, Class C*		3,016		148,749

News Corp., Class A		7,388		169,185

News Corp., Class B		2,295		51,775

Omnicom Group, Inc.		4,050		275,724

Sirius XM Holdings, Inc. (c)		17,580		107,062

ViacomCBS, Inc.		11,431		414,031

ViacomCBS, Inc., Class A		170		6,618


				8,915,542


Metals & Mining — 0.4%

Freeport-McMoRan, Inc.		27,712		1,045,297

Newmont Corp.		15,084		814,536

Nucor Corp.		5,546		619,211

Southern Copper Corp. (Peru)		1,609		96,524

Steel Dynamics, Inc.		3,664		242,117


				2,817,685


Mortgage Real Estate Investment Trusts (REITs) — 0.0% (b)

AGNC Investment Corp.		9,906		157,703

Annaly Capital Management, Inc.		27,267		230,679


				388,382


Multiline Retail — 0.5%

Dollar General Corp.		4,459		987,758

Dollar Tree, Inc.*		4,373		471,234

Target Corp.		9,337		2,424,072


				3,883,064


Multi-Utilities — 0.7%

Ameren Corp.		4,853		409,059

CenterPoint Energy, Inc.		11,190		291,388

CMS Energy Corp.		5,464		329,752

Consolidated Edison, Inc.		6,672		503,069

Dominion Energy, Inc.		15,261		1,158,768

DTE Energy Co.		3,661		414,974

NiSource, Inc.		7,409		182,780

Public Service Enterprise Group, Inc.		9,541		608,716

Sempra Energy		6,024		768,843

WEC Energy Group, Inc.		5,954		536,217


				5,203,566


INVESTMENTS	SHARES		VALUE($)


Oil, Gas & Consumable Fuels — 2.4%

Cheniere Energy, Inc.*		4,453		460,440

Chevron Corp.		36,503		4,179,229

ConocoPhillips		25,279		1,883,033

Coterra Energy, Inc.		15,335		326,942

EOG Resources, Inc.		11,019		1,018,817

Exxon Mobil Corp.		79,920		5,152,442

Hess Corp.		5,203		429,612

Kinder Morgan, Inc.		36,797		616,350

Marathon Petroleum Corp.		12,050		794,457

Occidental Petroleum Corp.		16,744		561,426

ONEOK, Inc.		8,410		535,044

Phillips 66		8,263		617,907

Pioneer Natural Resources Co.		4,283		800,835

Texas Pacific Land Corp.		121		154,114

Valero Energy Corp.		7,712		596,369

Williams Cos., Inc. (The)		22,931		644,132


				18,771,149


Personal Products — 0.2%

Estee Lauder Cos., Inc. (The), Class A		4,372		1,417,971

Herbalife Nutrition Ltd.*		1,917		88,949


				1,506,920


Pharmaceuticals — 3.4%

Bristol-Myers Squibb Co.		41,941		2,449,354

Elanco Animal Health, Inc.*		8,929		293,586

Eli Lilly & Co.		14,992		3,819,362

Jazz Pharmaceuticals plc*		1,152		153,262

Johnson & Johnson		49,691		8,093,670

Merck & Co., Inc.		47,785		4,207,469

Perrigo Co. plc		2,528		114,139

Pfizer, Inc.		105,836		4,629,267

Royalty Pharma plc, Class A		6,691		264,495

Viatris, Inc.		22,802		304,407

Zoetis, Inc.		8,946		1,934,125


				26,263,136


Professional Services — 0.5%

Clarivate plc*		7,025		164,736

CoStar Group, Inc.*		7,455		641,503

Dun & Bradstreet Holdings, Inc.*		2,845		53,600

Equifax, Inc.		2,296		636,979

IHS Markit Ltd.		7,520		983,015

Jacobs Engineering Group, Inc.		2,458		345,152

Leidos Holdings, Inc.		2,669		266,847

Nielsen Holdings plc		6,769		137,072

TransUnion		3,611		416,312

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Professional Services — continued

Verisk Analytics, Inc.		3,042		639,641


				4,284,857


Real Estate Management & Development — 0.1%

CBRE Group, Inc., Class A*		6,337		659,555

Opendoor Technologies, Inc.*		7,194		170,570


				830,125


Road & Rail — 1.2%

CSX Corp.		42,560		1,539,395

JB Hunt Transport Services, Inc.		1,583		312,152

Kansas City Southern		1,715		532,079

Lyft, Inc., Class A*		5,480		251,368

Norfolk Southern Corp.		4,661		1,365,906

Old Dominion Freight Line, Inc.		1,766		602,824

Uber Technologies, Inc.*		30,586		1,340,278

Union Pacific Corp.		12,308		2,971,151

XPO Logistics, Inc.*		1,861		159,674


				9,074,827


Semiconductors & Semiconductor Equipment — 5.4%

Advanced Micro Devices, Inc.*		22,896		2,752,786

Analog Devices, Inc.		10,158		1,762,311

Applied Materials, Inc.		17,255		2,357,896

Broadcom, Inc.		7,748		4,119,379

Intel Corp.		76,586		3,752,714

KLA Corp.		2,878		1,072,803

Lam Research Corp.		2,685		1,513,185

Marvell Technology, Inc.		15,468		1,059,558

Microchip Technology, Inc.		10,350		766,832

Micron Technology, Inc.		21,248		1,468,237

NVIDIA Corp.		47,042		12,027,228

NXP Semiconductors NV (China)		5,006		1,005,505

Qorvo, Inc.*		2,095		352,442

QUALCOMM, Inc.		21,288		2,832,156

Skyworks Solutions, Inc.		3,120		521,446

Teradyne, Inc.		3,117		430,894

Texas Instruments, Inc.		17,430		3,267,776

Xilinx, Inc.		4,670		840,600


				41,903,748


Software — 10.6%

Adobe, Inc.*		8,989		5,846,086

ANSYS, Inc.*		1,649		625,927

AppLovin Corp., Class A*		511		50,206

Autodesk, Inc.*		4,150		1,318,081

Cadence Design Systems, Inc.*		5,224		904,327

CDK Global, Inc.		2,295		99,878


INVESTMENTS	SHARES		VALUE($)


Software — continued

Citrix Systems, Inc.		2,349		222,521

Coupa Software, Inc.*		1,383		314,909

Crowdstrike Holdings, Inc., Class A*		3,759		1,059,286

DocuSign, Inc.*		3,680		1,024,107

Fortinet, Inc.*		2,561		861,367

HubSpot, Inc.*		838		678,973

Intuit, Inc.		5,161		3,230,734

Microsoft Corp.		141,860		47,043,613

NortonLifeLock, Inc.		10,973		279,263

Oracle Corp.		31,094		2,983,158

Palantir Technologies, Inc., Class A*		29,587		765,712

Palo Alto Networks, Inc.*		1,840		936,726

Paycom Software, Inc.*		909		497,996

PTC, Inc.*		1,997		254,318

RingCentral, Inc., Class A*		1,534		373,958

salesforce.com, Inc.*		18,343		5,497,214

ServiceNow, Inc.*		3,738		2,608,227

Splunk, Inc.*		3,098		510,612

SS&C Technologies Holdings, Inc.		4,187		332,741

Synopsys, Inc.*		2,875		957,892

Trade Desk, Inc. (The), Class A*		8,194		613,813

VMware, Inc., Class A* (c)		1,516		229,977

Workday, Inc., Class A*		3,566		1,034,069

Zoom Video Communications, Inc., Class A*		4,081		1,120,847

Zscaler, Inc.*		1,475		470,318


				82,746,856


Specialty Retail — 2.2%

Advance Auto Parts, Inc.		1,239		279,419

AutoZone, Inc.*		405		722,860

Best Buy Co., Inc.		4,257		520,376

Burlington Stores, Inc.*		1,259		347,849

CarMax, Inc.*		3,070		420,344

Carvana Co.*		1,599		484,785

Home Depot, Inc. (The)		20,072		7,461,565

Lowe’s Cos., Inc.		13,346		3,120,562

O’Reilly Automotive, Inc.*		1,302		810,261

Ross Stores, Inc.		6,739		762,855

TJX Cos., Inc. (The)		22,770		1,491,207

Tractor Supply Co.		2,162		469,521

Ulta Beauty, Inc.*		1,038		381,320


				17,272,924


Technology Hardware, Storage & Peripherals — 6.0%

Apple, Inc.		296,437		44,406,264

Dell Technologies, Inc., Class C*		5,238		576,128

Hewlett Packard Enterprise Co.		24,646		361,064

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	111

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Technology Hardware, Storage & Peripherals — continued

HP, Inc.		22,677		687,793

NetApp, Inc.		4,231		377,828

Seagate Technology Holdings plc		3,950		351,827

Western Digital Corp.*		5,784		302,445


				47,063,349


Textiles, Apparel & Luxury Goods — 0.8%

Lululemon Athletica, Inc.*		2,236		1,041,998

NIKE, Inc., Class B		24,129		4,036,540

Tapestry, Inc.		5,261		205,074

Under Armour, Inc., Class A*		3,560		78,178

Under Armour, Inc., Class C*		3,933		74,255

VF Corp.		6,151		448,285


				5,884,330


Tobacco — 0.6%

Altria Group, Inc.		34,809		1,535,425

Philip Morris International, Inc.		29,419		2,781,272


				4,316,697


Trading Companies & Distributors — 0.2%

Fastenal Co.		10,846		619,090

United Rentals, Inc.*		1,363		516,727

Watsco, Inc.		619		179,250

WW Grainger, Inc.		821		380,213


				1,695,280


Water Utilities — 0.1%

American Water Works Co., Inc.		3,422		596,044


Wireless Telecommunication Services — 0.2%

T-Mobile US, Inc.*		11,067		1,273,037


Total Common Stocks (Cost $640,495,731)				778,920,082


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.4%

Investment Companies — 0.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $2,841,848)		2,841,848		2,841,848


Investment of Cash Collateral from Securities Loaned — 0.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $561,034)		561,034		561,034


Total Short-Term Investments (Cost $3,402,882)				3,402,882

Total Investments — 100.0% (Cost $643,898,613)				782,322,964
Other Assets Less Liabilities — 0.0% (b)				283,008

NET ASSETS — 100.0%				782,605,972

Percentages indicated are based on net assets.


(a)		Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $535,954.
(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 October 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Micro E-Mini S&P 500 Index

12/2021

USD

183,980

4,013

S&P 500 E-Mini Index

12/2021

USD

3,219,825

120,559

124,572

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%

Aerospace & Defense — 1.0%

Axon Enterprise, Inc.*		29,771		5,357,589

BWX Technologies, Inc.		43,144		2,447,991

Curtiss-Wright Corp.		18,533		2,366,293

Hexcel Corp.*		38,009		2,156,631

Mercury Systems, Inc.*		25,458		1,312,105

Moog, Inc., Class A		13,271		1,002,359

Spirit AeroSystems Holdings, Inc., Class A		47,791		1,973,290


				16,616,258


Airlines — 0.5%

Allegiant Travel Co.*		6,849		1,200,424

American Airlines Group, Inc.*		293,492		5,635,046

Frontier Group Holdings, Inc.*		13,673		213,983

JetBlue Airways Corp.*		144,159		2,022,551


				9,072,004


Auto Components — 1.0%

Adient plc*		42,709		1,777,549

Dana, Inc.		65,832		1,460,812

Fox Factory Holding Corp.*		19,085		3,071,731

Gentex Corp.		108,318		3,833,374

Luminar Technologies, Inc.* (a)		97,645		1,600,401

QuantumScape Corp.* (a)		105,089		3,041,276

Visteon Corp.*		12,685		1,435,688


				16,220,831


Automobiles — 0.3%

Harley-Davidson, Inc.		69,738		2,544,740

Thor Industries, Inc.		25,097		2,558,890


				5,103,630


Banks — 5.0%

Associated Banc-Corp.		69,340		1,544,895

Bank of Hawaii Corp.		18,349		1,550,490

Bank OZK		55,228		2,467,035

BankUnited, Inc.		42,076		1,706,603

BOK Financial Corp.		13,778		1,393,920

Commerce Bancshares, Inc.		48,182		3,397,313

Cullen/Frost Bankers, Inc.		25,679		3,325,430

First Citizens BancShares, Inc., Class A (a)		3,235		2,632,966

First Financial Bankshares, Inc.		58,079		2,945,767

First Hawaiian, Inc.		58,741		1,620,664

First Horizon Corp.		249,012		4,225,734

FNB Corp.		144,838		1,687,363

Glacier Bancorp, Inc.		49,116		2,715,624

Hancock Whitney Corp.		39,369		1,947,978

Home BancShares, Inc.		68,430		1,625,897

Investors Bancorp, Inc.		102,142		1,562,773


INVESTMENTS	SHARES		VALUE($)


Banks — continued

PacWest Bancorp		53,133		2,522,223

People’s United Financial, Inc.		193,992		3,325,023

Pinnacle Financial Partners, Inc.		34,500		3,331,665

Popular, Inc. (Puerto Rico)		36,561		2,977,528

Prosperity Bancshares, Inc.		42,125		3,172,434

Signature Bank		27,487		8,186,178

Sterling Bancorp		87,348		2,223,007

Synovus Financial Corp.		66,384		3,092,831

Texas Capital Bancshares, Inc.*		22,936		1,389,922

UMB Financial Corp.		19,505		1,927,484

Umpqua Holdings Corp.		99,786		2,040,624

United Bankshares, Inc.		58,568		2,166,430

Valley National Bancorp		184,316		2,444,030

Webster Financial Corp.		41,065		2,297,997

Western Alliance Bancorp		47,234		5,483,395

Wintrust Financial Corp.		25,857		2,288,344


				85,219,567


Beverages — 0.3%

Boston Beer Co., Inc. (The), Class A*		4,255		2,095,502

Celsius Holdings, Inc.*		17,216		1,661,688

National Beverage Corp.		10,574		596,374


				4,353,564


Biotechnology — 4.1%

ACADIA Pharmaceuticals, Inc.*		53,158		954,186

Acceleron Pharma, Inc.*		24,294		4,231,529

Agios Pharmaceuticals, Inc.*		26,722		1,255,934

Arrowhead Pharmaceuticals, Inc.*		47,261		3,016,197

Bluebird Bio, Inc.*		30,634		717,142

Blueprint Medicines Corp.*		26,552		2,986,834

Bridgebio Pharma, Inc.* (a)		49,559		2,447,223

ChemoCentryx, Inc.*		22,132		770,415

CRISPR Therapeutics AG (Switzerland)*		31,779		2,902,376

Denali Therapeutics, Inc.*		41,906		2,026,155

Exelixis, Inc.*		142,811		3,071,865

Fate Therapeutics, Inc.*		36,675		1,973,115

FibroGen, Inc.*		39,046		434,192

Global Blood Therapeutics, Inc.*		25,745		940,207

Halozyme Therapeutics, Inc.*		64,520		2,456,276

ImmunityBio, Inc.* (a)		29,584		231,643

Invitae Corp.* (a)		90,638		2,401,907

Ionis Pharmaceuticals, Inc.*		63,982		2,039,106

Iovance Biotherapeutics, Inc.*		61,140		1,486,313

Kodiak Sciences, Inc.*		15,160		1,775,084

Ligand Pharmaceuticals, Inc.*		7,560		1,103,306

Mirati Therapeutics, Inc.*		20,827		3,936,720

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	113

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Biotechnology — continued

Natera, Inc.*		39,536		4,529,640

Novavax, Inc.* (a)		33,764		5,025,096

Recursion Pharmaceuticals, Inc., Class A* (a)		11,533		220,857

Relay Therapeutics, Inc.*		34,084		1,133,293

Sage Therapeutics, Inc.*		23,460		946,846

Sana Biotechnology, Inc.* (a)		37,475		777,232

Sarepta Therapeutics, Inc.*		38,992		3,085,437

Twist Bioscience Corp.*		22,164		2,633,083

Ultragenyx Pharmaceutical, Inc.*		30,750		2,580,540

United Therapeutics Corp.*		20,350		3,881,966

Vir Biotechnology, Inc.*		33,156		1,250,976


				69,222,691


Building Products — 1.7%

Advanced Drainage Systems, Inc.		25,268		2,850,230

AO Smith Corp.		60,379		4,411,894

Armstrong World Industries, Inc.		21,578		2,279,716

AZEK Co., Inc. (The)*		50,503		1,852,955

Builders FirstSource, Inc.*		93,927		5,473,126

Carlisle Cos., Inc.		23,629		5,267,377

JELD-WEN Holding, Inc.*		41,757		1,144,559

Trex Co., Inc.*		52,286		5,563,230


				28,843,087


Capital Markets — 3.0%

Affiliated Managers Group, Inc.		18,679		3,135,830

Ares Management Corp.		74,096		6,278,895

Artisan Partners Asset Management, Inc., Class A		29,391		1,456,030

Coinbase Global, Inc., Class A* (a)		13,002		4,153,099

Evercore, Inc., Class A		17,976		2,729,476

FactSet Research Systems, Inc.		17,126		7,602,060

Federated Hermes, Inc.		44,222		1,473,035

Interactive Brokers Group, Inc., Class A		39,594		2,805,235

Janus Henderson Group plc		78,126		3,632,859

LPL Financial Holdings, Inc.		36,375		5,966,227

Morningstar, Inc.		10,737		3,400,945

Open Lending Corp., Class A*		46,333		1,460,416

Stifel Financial Corp.		47,500		3,461,325

Tradeweb Markets, Inc., Class A		47,737		4,253,367


				51,808,799


Chemicals — 1.9%

Amyris, Inc.*		85,096		1,261,123

Ashland Global Holdings, Inc.		25,603		2,458,144

Avient Corp.		41,385		2,229,824

Cabot Corp.		25,713		1,371,788


INVESTMENTS	SHARES		VALUE($)


Chemicals — continued

Diversey Holdings Ltd.*		20,483		356,404

Element Solutions, Inc.		98,756		2,242,749

Huntsman Corp.		95,571		3,113,703

Ingevity Corp.*		17,914		1,395,680

NewMarket Corp.		3,269		1,111,493

Olin Corp.		65,464		3,730,139

RPM International, Inc.		58,826		5,129,627

Scotts Miracle-Gro Co. (The)		18,465		2,741,314

Sensient Technologies Corp.		19,109		1,826,820

Valvoline, Inc.		81,939		2,782,648

Zymergen, Inc.* (a)		7,276		77,126


				31,828,582


Commercial Services & Supplies — 1.1%

ADT, Inc. (a)		66,038		551,417

Brink’s Co. (The)		22,571		1,554,690

Cimpress plc (Ireland)*		8,518		760,828

Clean Harbors, Inc.*		22,688		2,553,308

Driven Brands Holdings, Inc.*		25,037		812,951

Healthcare Services Group, Inc.		33,842		649,428

IAA, Inc.*		61,103		3,644,794

KAR Auction Services, Inc.*		54,026		792,561

MSA Safety, Inc.		16,521		2,528,209

Tetra Tech, Inc.		24,510		4,305,427


				18,153,613


Communications Equipment — 0.7%

Ciena Corp.*		70,156		3,808,769

CommScope Holding Co., Inc.*		92,565		991,371

Lumentum Holdings, Inc.*		34,405		2,841,165

NetScout Systems, Inc.*		33,583		908,756

ViaSat, Inc.*		33,239		1,984,036

Viavi Solutions, Inc.*		103,642		1,596,087


				12,130,184


Construction & Engineering — 0.9%

AECOM*		65,303		4,464,766

EMCOR Group, Inc.		24,367		2,960,347

MasTec, Inc.*		25,939		2,311,943

Valmont Industries, Inc.		9,616		2,297,839

WillScot Mobile Mini Holdings Corp.*		101,449		3,525,353


				15,560,248


Construction Materials — 0.2%

Eagle Materials, Inc.		18,985		2,816,615

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Consumer Finance — 1.2%

Credit Acceptance Corp.*		4,049		2,422,152

FirstCash, Inc.		18,337		1,622,274

Green Dot Corp., Class A*		24,768		1,049,172

LendingTree, Inc.* (a)		5,191		837,776

OneMain Holdings, Inc.		50,157		2,648,791

PRA Group, Inc.*		20,778		890,961

PROG Holdings, Inc.		30,144		1,219,325

SLM Corp.		138,622		2,543,714

Upstart Holdings, Inc.*		20,916		6,735,789


				19,969,954


Containers & Packaging — 0.9%

AptarGroup, Inc.		29,899		3,611,201

Berry Global Group, Inc.*		61,331		4,019,634

Graphic Packaging Holding Co.		128,050		2,552,037

O-I Glass, Inc.*		71,297		930,426

Silgan Holdings, Inc.		38,036		1,529,047

Sonoco Products Co.		44,571		2,582,889


				15,225,234


Distributors — 0.5%

Pool Corp.		18,178		9,364,578


Diversified Consumer Services — 1.4%

Bright Horizons Family Solutions, Inc.*		27,452		4,557,032

Chegg, Inc.*		64,339		3,824,310

Coursera, Inc.*		36,311		1,267,617

Frontdoor, Inc.*		38,869		1,449,036

Graham Holdings Co., Class B		1,830		1,072,106

Grand Canyon Education, Inc.*		20,483		1,632,495

H&R Block, Inc.		80,712		1,862,026

Service Corp. International		75,963		5,202,706

Terminix Global Holdings, Inc.*		56,521		2,287,970

Vivint Smart Home, Inc.*		17,976		163,042

WW International, Inc.*		24,072		417,890


				23,736,230


Electric Utilities — 0.6%

ALLETE, Inc.		23,693		1,458,067

Hawaiian Electric Industries, Inc.		49,551		2,009,789

IDACORP, Inc.		22,899		2,388,824

PNM Resources, Inc.		38,909		1,935,723

Portland General Electric Co.		40,527		1,998,386


				9,790,789


Electrical Equipment — 3.0%

Acuity Brands, Inc.		16,186		3,325,090

Array Technologies, Inc.*		54,112		1,155,291


INVESTMENTS	SHARES		VALUE($)


Electrical Equipment — continued

Bloom Energy Corp., Class A* (a)		66,100		2,066,286

ChargePoint Holdings, Inc.*		77,241		1,914,032

EnerSys		19,270		1,542,371

Generac Holdings, Inc.*		28,613		14,265,297

GrafTech International Ltd.		92,287		987,471

nVent Electric plc		76,203		2,701,396

Plug Power, Inc.* (a)		234,319		8,967,388

Regal Rexnord Corp.		30,690		4,675,008

Sunrun, Inc.* (a)		93,349		5,384,370

Vertiv Holdings Co.		127,804		3,282,007


				50,266,007


Electronic Equipment, Instruments & Components — 1.6%

Arrow Electronics, Inc.*		32,555		3,768,241

Avnet, Inc.		45,105		1,718,952

Belden, Inc.		20,332		1,224,190

Coherent, Inc.*		11,122		2,829,437

II-VI, Inc.*		47,544		2,876,887

Jabil, Inc.		66,105		3,963,656

Littelfuse, Inc.		11,159		3,286,883

National Instruments Corp.		60,280		2,560,092

SYNNEX Corp.		18,834		1,977,570

Vontier Corp.		76,574		2,590,498


				26,796,406


Energy Equipment & Services — 0.1%

NOV, Inc.*		177,106		2,483,026


Entertainment — 1.2%

AMC Entertainment Holdings, Inc., Class A* (a)		232,692		8,230,316

Liberty Media Corp.-Liberty Formula One, Class A*		10,658		555,815

Liberty Media Corp.-Liberty Formula One, Class C*		92,290		5,149,782

Lions Gate Entertainment Corp., Class A*		27,894		361,227

Lions Gate Entertainment Corp., Class B*		55,181		624,649

Madison Square Garden Sports Corp.*		7,725		1,463,965

Skillz, Inc.* (a)		116,715		1,304,874

Zynga, Inc., Class A*		465,256		3,433,589


				21,124,217


Equity Real Estate Investment Trusts (REITs) — 7.2%

American Campus Communities, Inc.		63,057		3,387,422

American Homes 4 Rent, Class A		124,148		5,040,409

Americold Realty Trust		118,347		3,487,686

Apple Hospitality REIT, Inc.		96,261		1,512,260

Brixmor Property Group, Inc.		134,620		3,155,493

CoreSite Realty Corp.		20,038		2,854,613

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	115

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Cousins Properties, Inc.		67,400		2,669,714

CubeSmart		91,462		5,031,325

CyrusOne, Inc.		56,218		4,611,000

DigitalBridge Group, Inc.* (a)		223,221		1,495,581

Douglas Emmett, Inc.		79,541		2,599,400

EastGroup Properties, Inc.		18,316		3,622,538

EPR Properties		33,909		1,702,571

Equity Commonwealth		55,275		1,433,281

First Industrial Realty Trust, Inc.		58,535		3,408,493

Gaming and Leisure Properties, Inc.		100,898		4,892,544

Healthcare Realty Trust, Inc.		65,969		2,180,935

Healthcare Trust of America, Inc., Class A		99,204		3,312,422

Highwoods Properties, Inc.		47,238		2,118,152

Hudson Pacific Properties, Inc.		69,118		1,779,788

JBG SMITH Properties		52,632		1,518,959

Kilroy Realty Corp.		47,510		3,201,224

Lamar Advertising Co., Class A		39,330		4,452,156

Life Storage, Inc.		35,501		4,750,389

Medical Properties Trust, Inc.		270,030		5,759,740

National Health Investors, Inc.		20,784		1,117,763

National Retail Properties, Inc.		79,599		3,610,611

Omega Healthcare Investors, Inc.		108,282		3,179,159

Outfront Media, Inc.		66,000		1,642,740

Paramount Group, Inc.		74,441		631,260

Park Hotels & Resorts, Inc.*		107,202		1,986,453

Pebblebrook Hotel Trust		59,556		1,337,628

Piedmont Office Realty Trust, Inc., Class A		56,270		999,355

PS Business Parks, Inc.		9,114		1,619,558

Rayonier, Inc.		64,063		2,391,472

Rexford Industrial Realty, Inc.		62,437		4,195,766

RLJ Lodging Trust		75,528		1,089,114

Ryman Hospitality Properties, Inc.*		24,961		2,135,164

Sabra Health Care REIT, Inc.		100,099		1,416,401

SITE Centers Corp.		81,315		1,292,095

SL Green Realty Corp. (a)		30,443		2,133,141

Spirit Realty Capital, Inc.		53,990		2,641,731

STAG Industrial, Inc.		73,452		3,197,366

STORE Capital Corp.		110,840		3,805,137

Sunstone Hotel Investors, Inc.*		99,292		1,225,263

Uniti Group, Inc.		105,803		1,514,041


				123,139,313


Food & Staples Retailing — 0.9%

BJ’s Wholesale Club Holdings, Inc.*		62,163		3,632,805

Casey’s General Stores, Inc.		16,783		3,214,616

Performance Food Group Co.*		69,662		3,150,812


INVESTMENTS	SHARES		VALUE($)


Food & Staples Retailing — continued

PriceSmart, Inc.		10,884		783,104

Sprouts Farmers Market, Inc.*		51,763		1,146,033

US Foods Holding Corp.*		100,864		3,496,955


				15,424,325


Food Products — 1.3%

Beyond Meat, Inc.* (a)		27,235		2,695,720

Darling Ingredients, Inc.*		73,466		6,209,346

Flowers Foods, Inc.		90,229		2,233,168

Freshpet, Inc.*		19,655		3,064,411

Hain Celestial Group, Inc. (The)*		37,971		1,703,759

Lancaster Colony Corp.		8,990		1,528,300

Pilgrim’s Pride Corp.*		22,092		622,111

Post Holdings, Inc.*		26,568		2,696,121

Seaboard Corp.		116		446,602

TreeHouse Foods, Inc.*		25,267		913,149


				22,112,687


Gas Utilities — 0.5%

National Fuel Gas Co.		41,332		2,373,697

New Jersey Resources Corp.		43,713		1,652,788

ONE Gas, Inc.		24,252		1,632,160

Southwest Gas Holdings, Inc.		26,787		1,855,000

Spire, Inc.		23,428		1,470,341


				8,983,986


Health Care Equipment & Supplies — 3.1%

Envista Holdings Corp.*		73,098		2,858,132

Globus Medical, Inc., Class A*		35,495		2,739,149

Haemonetics Corp.*		23,102		1,587,338

Hill-Rom Holdings, Inc.		29,835		4,621,442

ICU Medical, Inc.*		9,037		2,115,833

Inari Medical, Inc.*		14,412		1,304,574

Insulet Corp.*		31,221		9,679,134

Integra LifeSciences Holdings Corp.*		32,972		2,191,319

iRhythm Technologies, Inc.*		13,328		934,826

LivaNova plc*		24,118		1,850,333

Masimo Corp.*		22,961		6,510,362

Nevro Corp.*		15,805		1,797,661

NuVasive, Inc.*		23,420		1,249,691

Ortho Clinical Diagnostics Holdings plc*		51,161		1,011,453

Penumbra, Inc.* (a)		15,587		4,310,585

Quidel Corp.*		17,174		2,280,192

STAAR Surgical Co.*		21,485		2,545,113

Tandem Diabetes Care, Inc.*		28,571		3,895,084


				53,482,221

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Health Care Providers & Services — 2.3%

1Life Healthcare, Inc.*		52,471		1,136,522

Acadia Healthcare Co., Inc.*		40,735		2,525,570

Alignment Healthcare, Inc.*		12,734		252,897

Amedisys, Inc.*		14,792		2,504,877

Chemed Corp.		7,131		3,438,925

Encompass Health Corp.		45,105		2,866,874

Guardant Health, Inc.*		45,919		5,362,880

HealthEquity, Inc.*		37,800		2,501,604

Innovage Holding Corp.* (a)		7,986		52,867

LHC Group, Inc.*		14,356		1,932,174

Molina Healthcare, Inc.*		26,473		7,828,596

Patterson Cos., Inc.		39,085		1,221,797

Premier, Inc., Class A		55,424		2,158,765

Privia Health Group, Inc.*		9,107		234,050

R1 RCM, Inc.*		60,678		1,316,713

Signify Health, Inc., Class A*		10,664		171,370

Tenet Healthcare Corp.*		48,527		3,477,445


				38,983,926


Health Care Technology — 0.6%

American Well Corp., Class A* (a)		81,394		732,546

Certara, Inc.*		42,087		1,738,614

Change Healthcare, Inc.*		111,904		2,409,293

Inspire Medical Systems, Inc.*		12,362		3,332,548

Multiplan Corp.* (a)		115,086		496,021

Schrodinger, Inc.*		21,132		1,153,384


				9,862,406


Hotels, Restaurants & Leisure — 3.3%

Boyd Gaming Corp.*		37,136		2,368,534

Caesars Entertainment, Inc.*		96,748		10,590,036

Choice Hotels International, Inc.		14,878		2,092,144

Churchill Downs, Inc.		15,715		3,614,450

Cracker Barrel Old Country Store, Inc.		10,755		1,432,243

Hilton Grand Vacations, Inc.*		40,145		2,018,491

Hyatt Hotels Corp., Class A* (a)		21,837		1,860,512

Jack in the Box, Inc.		9,824		972,085

Marriott Vacations Worldwide Corp.		19,359		3,043,622

Norwegian Cruise Line Holdings Ltd.* (a)		167,734		4,314,119

Penn National Gaming, Inc.* (a)		75,280		5,390,048

Planet Fitness, Inc., Class A*		37,729		3,001,342

Scientific Games Corp.*		43,684		3,496,904

Six Flags Entertainment Corp.*		35,034		1,440,948

Texas Roadhouse, Inc.		31,654		2,811,192

Travel + Leisure Co.		39,119		2,125,727

Wendy’s Co. (The)		80,792		1,801,662

Wyndham Hotels & Resorts, Inc.		42,394		3,581,021


				55,955,080


INVESTMENTS	SHARES		VALUE($)


Household Durables — 0.8%

Leggett & Platt, Inc.		60,425		2,830,911

Tempur Sealy International, Inc.		89,072		3,961,032

Toll Brothers, Inc.		52,571		3,163,197

TopBuild Corp.*		14,929		3,836,305


				13,791,445


Household Products — 0.2%

Energizer Holdings, Inc.		28,514		1,039,906

Reynolds Consumer Products, Inc.		24,722		666,999

Spectrum Brands Holdings, Inc.		19,277		1,807,219


				3,514,124


Independent Power and Renewable Electricity Producers — 0.1%

Ormat Technologies, Inc. (a)		20,307		1,468,805


Insurance — 3.3%

American National Group, Inc.		5,850		1,109,803

Assurant, Inc.		26,660		4,300,525

Assured Guaranty Ltd.		33,073		1,838,197

Athene Holding Ltd., Class A*		59,174		5,148,730

Axis Capital Holdings Ltd.		34,968		1,820,784

Brighthouse Financial, Inc.*		37,674		1,892,365

Brown & Brown, Inc.		105,951		6,686,568

CNO Financial Group, Inc.		57,927		1,398,358

Enstar Group Ltd.*		5,629		1,299,061

Erie Indemnity Co., Class A		11,306		2,326,888

First American Financial Corp.		49,827		3,644,347

Hanover Insurance Group, Inc. (The)		16,185		2,039,310

Kemper Corp.		27,112		1,721,070

Lemonade, Inc.* (a)		17,259		1,072,819

Mercury General Corp.		12,048		656,495

Old Republic International Corp.		128,889		3,329,203

Oscar Health, Inc., Class A*		17,179		296,853

Primerica, Inc.		17,892		3,010,150

RenaissanceRe Holdings Ltd. (Bermuda)		21,353		3,027,855

RLI Corp.		18,041		1,954,021

Selective Insurance Group, Inc.		27,247		2,135,347

Selectquote, Inc.*		56,289		748,081

Unum Group		92,652		2,359,846

White Mountains Insurance Group Ltd.		1,408		1,485,426


				55,302,102


Interactive Media & Services — 0.5%

Bumble, Inc., Class A*		32,098		1,685,787

Cargurus, Inc.*		39,191		1,314,466

TripAdvisor, Inc.*		44,622		1,471,187

Yelp, Inc.*		31,346		1,210,896

Ziff Davis, Inc.*		21,851		2,802,828


				8,485,164

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	117

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Internet & Direct Marketing Retail — 0.3%

Chewy, Inc., Class A* (a)		39,215		2,972,497

Qurate Retail, Inc., Series A		166,431		1,737,540


				4,710,037


IT Services — 2.7%

Affirm Holdings, Inc.*		42,145		6,848,563

Alliance Data Systems Corp.		22,554		1,922,728

BigCommerce Holdings, Inc., Series 1*		26,754		1,236,302

Concentrix Corp.		19,409		3,448,591

DigitalOcean Holdings, Inc.*		7,785		759,738

Euronet Worldwide, Inc.*		23,945		2,686,390

Fastly, Inc., Class A* (a)		48,098		2,434,240

Genpact Ltd.		78,293		3,863,760

LiveRamp Holdings, Inc.*		30,789		1,647,519

Maximus, Inc.		27,865		2,356,543

MongoDB, Inc.*		29,301		15,274,318

Rackspace Technology, Inc.* (a)		28,246		375,389

SolarWinds Corp.		20,057		322,918

WEX, Inc.*		20,307		3,039,958


				46,216,957


Leisure Products — 0.6%

Brunswick Corp.		35,130		3,270,252

Hayward Holdings, Inc.*		18,856		437,271

Mattel, Inc.*		158,188		3,450,080

YETI Holdings, Inc.*		39,637		3,897,506


				11,055,109


Life Sciences Tools & Services — 2.7%

10X Genomics, Inc., Class A*		41,071		6,623,520

Adaptive Biotechnologies Corp.*		49,133		1,641,534

Berkeley Lights, Inc.*		18,752		435,984

Bio-Techne Corp.		17,630		9,231,950

Bruker Corp.		45,866		3,683,040

Charles River Laboratories International, Inc.*		22,845		10,250,095

Maravai LifeSciences Holdings, Inc., Class A*		49,445		2,091,029

Repligen Corp.*		23,177		6,732,918

Sotera Health Co.*		44,879		1,108,511

Syneos Health, Inc.*		46,909		4,378,486


				46,177,067


Machinery — 4.0%

AGCO Corp.		28,021		3,424,446

Allison Transmission Holdings, Inc.		47,939		1,599,245

Barnes Group, Inc.		21,092		884,598

Colfax Corp.*		58,716		3,030,920

Crane Co.		22,591		2,333,199


INVESTMENTS	SHARES		VALUE($)


Machinery — continued

Flowserve Corp.		59,048		1,985,194

Gates Industrial Corp. plc*		43,658		717,738

Graco, Inc.		76,944		5,784,650

Hyliion Holdings Corp.* (a)		50,988		412,493

Ingersoll Rand, Inc.*		183,664		9,873,777

ITT, Inc.		39,029		3,671,458

Kennametal, Inc.		37,903		1,506,644

Lincoln Electric Holdings, Inc.		26,920		3,833,408

Middleby Corp. (The)*		25,216		4,600,407

Nikola Corp.* (a)		92,069		1,086,414

Nordson Corp.		24,505		6,229,416

Oshkosh Corp.		31,113		3,329,091

RBC Bearings, Inc.*		12,883		3,013,720

Timken Co. (The)		31,457		2,231,874

Toro Co. (The)		48,532		4,633,350

Trinity Industries, Inc.		37,813		1,060,655

Woodward, Inc.		28,833		3,256,687


				68,499,384


Marine — 0.1%

Kirby Corp.*		27,247		1,428,015


Media — 0.8%

Advantage Solutions, Inc.*		44,767		382,310

Cable One, Inc.		2,244		3,839,955

John Wiley & Sons, Inc., Class A		19,729		1,068,720

Magnite, Inc.*		51,762		1,399,127

New York Times Co. (The), Class A		75,743		4,134,810

Nexstar Media Group, Inc., Class A		18,947		2,840,724


				13,665,646


Metals & Mining — 1.3%

Alcoa Corp.		84,706		3,892,241

Cleveland-Cliffs, Inc.* (a)		206,142		4,970,084

Compass Minerals International, Inc.		15,430		1,012,208

MP Materials Corp.* (a)		33,841		1,145,518

Reliance Steel & Aluminum Co.		28,777		4,206,046

Royal Gold, Inc.		29,740		2,944,855

United States Steel Corp.		122,449		3,231,429

Worthington Industries, Inc.		15,011		815,397


				22,217,778


Mortgage Real Estate Investment Trusts (REITs) — 0.6%

Blackstone Mortgage Trust, Inc., Class A		71,175		2,341,658

Chimera Investment Corp.		106,959		1,669,630

New Residential Investment Corp.		211,500		2,402,640

Starwood Property Trust, Inc.		130,676		3,328,318

Two Harbors Investment Corp.		155,882		1,000,762


				10,743,008

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Multiline Retail — 0.4%

Kohl’s Corp.		70,820		3,436,895

Nordstrom, Inc.* (a)		50,420		1,448,567

Ollie’s Bargain Outlet Holdings, Inc.* (a)		27,522		1,862,138


				6,747,600


Multi-Utilities — 0.4%

Avista Corp.		31,580		1,257,200

Black Hills Corp.		28,775		1,910,085

MDU Resources Group, Inc.		91,762		2,819,846


				5,987,131


Oil, Gas & Consumable Fuels — 2.7%

APA Corp.		171,357		4,491,267

Chesapeake Energy Corp.		44,384		2,829,036

CNX Resources Corp.* (a)		98,783		1,443,220

Continental Resources, Inc. (a)		26,658		1,301,177

Devon Energy Corp.		285,402		11,438,912

Diamondback Energy, Inc.		77,147		8,269,387

Equitrans Midstream Corp.		184,298		1,900,112

HollyFrontier Corp.		67,764		2,290,423

Marathon Oil Corp.		357,381		5,832,458

Targa Resources Corp.		103,649		5,666,491

World Fuel Services Corp.		28,785		878,806


				46,341,289


Paper & Forest Products — 0.2%

Domtar Corp.*		22,828		1,246,181

Louisiana-Pacific Corp.		43,166		2,543,772


				3,789,953


Personal Products — 0.1%

Coty, Inc., Class A*		151,676		1,286,212

Nu Skin Enterprises, Inc., Class A		22,726		912,449


				2,198,661


Pharmaceuticals — 0.9%

Axsome Therapeutics, Inc.* (a)		13,454		517,979

Catalent, Inc.*		77,216		10,644,998

Pacira BioSciences, Inc.*		20,151		1,053,494

Prestige Consumer Healthcare, Inc.*		22,692		1,361,293

Reata Pharmaceuticals, Inc., Class A*		12,371		1,187,740


				14,765,504


Professional Services — 1.8%

ASGN, Inc.*		23,980		2,869,447

Booz Allen Hamilton Holding Corp.		61,280		5,322,781

CACI International, Inc., Class A*		10,676		3,070,845

FTI Consulting, Inc.*		15,538		2,236,229


INVESTMENTS	SHARES		VALUE($)



Professional Services — continued

Insperity, Inc.		16,274		2,034,250

KBR, Inc.		63,817		2,708,393

ManpowerGroup, Inc.		24,584		2,376,044

Robert Half International, Inc.		50,756		5,738,981

Science Applications International Corp.		26,273		2,358,790

TriNet Group, Inc.*		18,210		1,843,762


				30,559,522


Real Estate Management & Development — 0.8%

Cushman & Wakefield plc*		67,803		1,246,897

eXp World Holdings, Inc.		29,868		1,541,189

Howard Hughes Corp. (The)*		18,741		1,632,903

Jones Lang LaSalle, Inc.*		22,983		5,934,900

Redfin Corp.*		47,557		2,441,577


				12,797,466


Road & Rail — 1.0%

AMERCO		4,444		3,275,184

Avis Budget Group, Inc.*		21,416		3,711,607

Knight-Swift Transportation Holdings, Inc.		75,237		4,265,186

Landstar System, Inc.		17,350		3,050,303

Ryder System, Inc.		24,376		2,070,741

TuSimple Holdings, Inc., Class A* (a)		15,098		590,634


				16,963,655


Semiconductors & Semiconductor Equipment — 5.3%

Allegro MicroSystems, Inc. (Japan)*		24,930		831,665

Brooks Automation, Inc.		33,679		3,921,920

Cirrus Logic, Inc.*		26,109		2,109,868

CMC Materials, Inc.		13,246		1,700,389

Enphase Energy, Inc.*		61,024		14,134,989

Entegris, Inc.		61,466		8,653,183

First Solar, Inc.*		44,821		5,360,143

Lattice Semiconductor Corp.*		61,823		4,292,989

MKS Instruments, Inc.		25,136		3,771,657

Monolithic Power Systems, Inc.		19,567		10,281,676

ON Semiconductor Corp.*		195,160		9,381,341

Silicon Laboratories, Inc.*		18,411		3,475,260

SolarEdge Technologies, Inc.*		23,694		8,403,788

Synaptics, Inc.*		15,957		3,104,754

Universal Display Corp.		19,651		3,600,063

Wolfspeed, Inc.*		52,343		6,286,918


				89,310,603


Software — 9.6%

ACI Worldwide, Inc.*		53,255		1,633,863

Alteryx, Inc., Class A*		26,963		1,973,422

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	119

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Software — continued

Anaplan, Inc.*		65,607		4,278,232

Aspen Technology, Inc.*		30,784		4,823,545

Avalara, Inc.*		39,127		7,028,774

Bill.com Holdings, Inc.*		40,019		11,777,992

Black Knight, Inc.*		71,000		4,977,810

Blackbaud, Inc.*		19,056		1,353,166

Blackline, Inc.*		24,094		3,056,806

C3.ai, Inc., Class A* (a)		31,706		1,430,575

Ceridian HCM Holding, Inc.* (a)		61,139		7,657,660

CommVault Systems, Inc.*		20,793		1,278,769

Datadog, Inc., Class A*		108,672		18,153,658

Datto Holding Corp.*		11,770		281,303

Digital Turbine, Inc.*		39,640		3,411,418

Dolby Laboratories, Inc., Class A		29,601		2,615,248

Dropbox, Inc., Class A*		130,212		3,970,164

Duck Creek Technologies, Inc.*		34,032		1,072,008

Dynatrace, Inc.*		88,918		6,668,850

Elastic NV*		32,353		5,613,569

Fair Isaac Corp.*		12,868		5,124,038

Five9, Inc.*		30,688		4,849,011

Guidewire Software, Inc.*		37,694		4,739,267

Jamf Holding Corp.* (a)		24,623		1,173,286

JFrog Ltd. (Israel)*		19,559		639,384

Mandiant Corp.*		108,426		1,890,949

Manhattan Associates, Inc.*		28,739		5,217,278

Marathon Digital Holdings, Inc.* (a)		45,096		2,355,815

McAfee Corp., Class A		33,199		709,463

nCino, Inc.*		25,524		1,854,574

New Relic, Inc.*		26,456		2,147,169

Nuance Communications, Inc.*		129,217		7,113,396

Nutanix, Inc., Class A*		92,619		3,177,758

Paylocity Holding Corp.*		17,820		5,437,595

Pegasystems, Inc.		18,462		2,191,809

Qualtrics International, Inc., Class A*		28,603		1,324,891

Smartsheet, Inc., Class A*		56,713		3,913,764

Tyler Technologies, Inc.*		18,514		10,057,175

Verint Systems, Inc.*		29,464		1,373,022

Zendesk, Inc.*		54,405		5,538,429


				163,884,905


Specialty Retail — 3.2%

American Eagle Outfitters, Inc. (a)		69,184		1,642,428

AutoNation, Inc.*		19,797		2,397,813

Bath & Body Works, Inc.		120,011		8,291,560

Five Below, Inc.*		25,382		5,007,869

Floor & Decor Holdings, Inc., Class A*		47,705		6,484,064


INVESTMENTS	SHARES		VALUE($)


Specialty Retail — continued

Foot Locker, Inc.		40,835		1,946,604

GameStop Corp., Class A* (a)		28,204		5,175,716

Gap, Inc. (The)		97,565		2,213,750

Leslie’s, Inc.*		59,216		1,224,587

Lithia Motors, Inc., Class A		13,713		4,377,464

Penske Automotive Group, Inc.		14,201		1,506,016

Petco Health & Wellness Co., Inc.*		36,959		913,996

RH* (a)		7,722		5,093,663

Urban Outfitters, Inc.*		29,867		953,653

Vroom, Inc.* (a)		57,635		1,102,557

Williams-Sonoma, Inc. (a)		34,051		6,324,292


				54,656,032


Technology Hardware, Storage & Peripherals — 0.3%

Pure Storage, Inc., Class A*		120,695		3,241,868

Xerox Holdings Corp.		62,299		1,108,922


				4,350,790


Textiles, Apparel & Luxury Goods — 1.8%

Capri Holdings Ltd.*		68,908		3,668,662

Carter’s, Inc.		19,950		1,965,474

Columbia Sportswear Co.		15,848		1,645,656

Crocs, Inc.*		28,280		4,565,806

Deckers Outdoor Corp.*		12,540		4,957,187

Hanesbrands, Inc.		158,270		2,696,921

PVH Corp.*		32,347		3,536,498

Ralph Lauren Corp.		22,043		2,803,208

Skechers U.S.A., Inc., Class A*		61,147		2,825,603

Wolverine World Wide, Inc.		37,268		1,236,180


				29,901,195


Thrifts & Mortgage Finance — 0.6%

Essent Group Ltd.		50,711		2,434,128

MGIC Investment Corp.		153,814		2,485,634

New York Community Bancorp, Inc.		210,799		2,620,232

Radian Group, Inc.		84,113		2,007,777

TFS Financial Corp.		21,625		420,823


				9,968,594


Tobacco — 0.0% (b)

Vector Group Ltd.		59,321		786,596


Trading Companies & Distributors — 0.8%

Air Lease Corp.		48,636		1,947,872

Beacon Roofing Supply, Inc.*		25,080		1,325,980

GATX Corp. (a)		16,092		1,526,326

MSC Industrial Direct Co., Inc., Class A		21,302		1,790,859

SiteOne Landscape Supply, Inc.*		20,194		4,744,782

Univar Solutions, Inc.*		77,472		1,981,734


				13,317,553

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Transportation Infrastructure — 0.0% (b)

Macquarie Infrastructure Holdings LLC		33,452		123,438


Water Utilities — 0.3%

Essential Utilities, Inc.		101,375		4,771,721


Wireless Telecommunication Services — 0.1%

Telephone and Data Systems, Inc.		44,807		839,683

United States Cellular Corp.*		6,820		208,488


				1,048,171


Total Common Stocks (Cost $1,424,117,276)				1,693,195,078

Short-Term Investments — 4.4%

Investment Companies — 0.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $4,743,180)		4,743,180		4,743,180


INVESTMENTS	SHARES		VALUE($)


Investment of Cash Collateral from Securities Loaned — 4.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		62,497,450		62,497,450

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		7,753,502		7,753,502


Total Investment of Cash Collateral from Securities Loaned (Cost $70,250,952)				70,250,952


Total Short-Term Investments (Cost $74,994,132)				74,994,132

Total Investments — 104.1% (Cost $1,499,111,408)				1,768,189,210

Liabilities in Excess of Other Assets — (4.1)%				(69,565,096)

NET ASSETS — 100.0%				1,698,624,114

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $69,113,144.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P Midcap 400 E-Mini Index

12/2021

USD

3,907,260

182,542

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	121

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — 98.6%

Aerospace & Defense — 0.9%

AAR Corp.*		7,556		267,256

Aerojet Rocketdyne Holdings, Inc.		16,910		744,209

AeroVironment, Inc.*		5,232		466,224

Kaman Corp.		6,322		226,264

Kratos Defense & Security Solutions, Inc.*		28,151		602,150

Maxar Technologies, Inc.		16,461		437,040

National Presto Industries, Inc.		1,153		95,872

PAE, Inc.*		14,160		140,467

Parsons Corp.*		6,052		209,641

Virgin Galactic Holdings, Inc.* (a)		40,308		755,775


				3,944,898


Air Freight & Logistics — 0.5%

Air Transport Services Group, Inc.*		13,144		327,154

Atlas Air Worldwide Holdings, Inc.*		6,132		497,428

Forward Air Corp.		6,157		619,148

Hub Group, Inc., Class A*		7,656		601,532


				2,045,262


Airlines — 0.3%

Hawaiian Holdings, Inc.*		11,630		225,041

SkyWest, Inc.*		11,438		492,177

Spirit Airlines, Inc.*		24,615		537,838

Sun Country Airlines Holdings, Inc.*		7,008		212,202


				1,467,258


Auto Components — 1.1%

American Axle & Manufacturing Holdings, Inc.*		25,896		235,136

Dorman Products, Inc.*		6,504		678,887

Gentherm, Inc.*		7,527		554,213

Goodyear Tire & Rubber Co. (The)*		63,807		1,219,990

LCI Industries		5,738		801,254

Patrick Industries, Inc.		5,109		398,042

Veoneer, Inc. (Sweden)*		22,883		805,482


				4,693,004


Automobiles — 0.4%

Canoo, Inc.* (a)		32,362		259,543

Fisker, Inc.* (a)		31,977		513,231

Lordstown Motors Corp.* (a)		25,268		130,635

Winnebago Industries, Inc.		7,630		516,475

Workhorse Group, Inc.* (a)		26,175		176,158


				1,596,042


Banks — 7.0%

1st Source Corp.		3,918		189,161

Ameris Bancorp		15,053		788,627

Atlantic Union Bankshares Corp.		17,461		626,326


INVESTMENTS	SHARES		VALUE($)



Banks — continued

BancFirst Corp.		4,321		280,908

Banner Corp.		7,846		453,185

Berkshire Hills Bancorp, Inc.		11,113		301,718

Brookline Bancorp, Inc.		17,754		284,952

Cadence Bank		44,875		1,302,258

Cathay General Bancorp		17,747		748,746

Central Pacific Financial Corp.		6,411		176,238

CIT Group, Inc.		22,513		1,115,069

City Holding Co.		3,495		278,132

Columbia Banking System, Inc.		17,655		602,565

Community Bank System, Inc.		12,242		877,384

Community Trust Bancorp, Inc.		3,442		150,347

CVB Financial Corp.		29,006		580,700

Dime Community Bancshares, Inc.		7,630		272,238

Eagle Bancorp, Inc.		7,256		410,617

Eastern Bankshares, Inc.		38,593		801,577

FB Financial Corp.		8,065		365,586

First BanCorp (Puerto Rico)		47,344		646,246

First Busey Corp.		11,629		296,423

First Commonwealth Financial Corp.		21,786		333,326

First Financial Bancorp		21,731		516,763

First Interstate BancSystem, Inc., Class A		7,863		326,865

First Merchants Corp.		12,254		509,521

First Midwest Bancorp, Inc.		25,955		499,634

Fulton Financial Corp.		37,033		596,231

Great Western Bancorp, Inc.		12,514		426,102

Heartland Financial USA, Inc.		9,112		456,693

Hilltop Holdings, Inc.		14,191		502,929

Hope Bancorp, Inc.		27,910		407,207

Independent Bank Corp.		7,501		633,835

Independent Bank Group, Inc.		8,431		609,477

International Bancshares Corp.		12,089		512,574

Live Oak Bancshares, Inc.		7,194		641,561

National Bank Holdings Corp., Class A		6,992		303,243

NBT Bancorp, Inc.		9,838		360,956

OFG Bancorp (Puerto Rico)		11,730		303,807

Old National Bancorp		37,629		642,703

Origin Bancorp, Inc.		4,963		221,350

Pacific Premier Bancorp, Inc.		21,493		902,491

Park National Corp.		3,299		424,218

Renasant Corp.		12,795		478,661

S&T Bancorp, Inc.		8,935		273,054

Sandy Spring Bancorp, Inc.		10,724		508,961

Seacoast Banking Corp. of Florida		12,589		458,617

ServisFirst Bancshares, Inc.		11,079		889,755

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Banks — continued

Silvergate Capital Corp., Class A*		6,019		942,696

Simmons First National Corp., Class A		24,588		734,935

SouthState Corp.		15,904		1,241,943

Tompkins Financial Corp.		2,713		222,764

Towne Bank		15,009		473,084

Triumph Bancorp, Inc.*		5,363		629,080

Trustmark Corp.		14,183		451,161

United Community Banks, Inc.		19,672		685,372

Washington Trust Bancorp, Inc.		3,933		214,978

WesBanco, Inc.		14,850		516,335

Westamerica BanCorp		6,102		340,248


				30,742,133


Beverages — 0.2%

Coca-Cola Consolidated, Inc.		1,054		423,075

Duckhorn Portfolio, Inc. (The)*		7,012		135,612

MGP Ingredients, Inc.		2,842		182,485


				741,172


Biotechnology — 7.7%

4D Molecular Therapeutics, Inc.*		4,676		112,364

Akero Therapeutics, Inc.*		5,219		112,156

Alector, Inc.*		13,225		287,511

Alkermes plc*		36,634		1,109,644

Allakos, Inc.*		7,972		801,824

Allogene Therapeutics, Inc.*		16,789		289,442

Allovir, Inc.*		6,656		159,811

ALX Oncology Holdings, Inc.*		4,751		266,246

Amicus Therapeutics, Inc.*		54,475		571,987

AnaptysBio, Inc.*		4,358		143,378

Annexon, Inc.*		5,822		94,957

Apellis Pharmaceuticals, Inc.*		16,199		497,957

Applied Molecular Transport, Inc.*		3,665		82,536

Arcus Biosciences, Inc.*		10,539		352,424

Arcutis Biotherapeutics, Inc.*		6,275		132,904

Arena Pharmaceuticals, Inc.*		13,868		795,884

Atara Biotherapeutics, Inc.*		19,091		295,529

Avidity Biosciences, Inc.*		9,528		214,380

Beam Therapeutics, Inc.*		9,944		882,729

BioAtla, Inc.* (a)		3,652		106,748

BioCryst Pharmaceuticals, Inc.*		40,617		606,412

Biohaven Pharmaceutical Holding Co. Ltd.*		13,153		1,871,935

Bioxcel Therapeutics, Inc.*		4,293		125,098

Black Diamond Therapeutics, Inc.*		5,094		39,020

Brooklyn ImmunoTherapeutics, Inc.*		6,344		54,051

C4 Therapeutics, Inc.*		8,362		371,440


INVESTMENTS	SHARES		VALUE($)



Biotechnology — continued

CareDx, Inc.*		11,948		609,348

CEL-SCI Corp.*		9,772		109,446

Cerevel Therapeutics Holdings, Inc.*		12,499		508,084

Coherus Biosciences, Inc.*		14,415		241,163

Cortexyme, Inc.* (a)		3,840		50,688

Cullinan Oncology, Inc.* (a)		5,436		120,788

Deciphera Pharmaceuticals, Inc.*		9,356		312,397

DermTech, Inc.*		5,783		158,165

Design Therapeutics, Inc.*		2,776		43,528

Dicerna Pharmaceuticals, Inc.*		15,710		326,925

Dynavax Technologies Corp.*		24,238		484,033

Dyne Therapeutics, Inc.*		5,591		81,125

Eagle Pharmaceuticals, Inc.*		2,617		137,052

Editas Medicine, Inc.*		15,501		569,197

Emergent BioSolutions, Inc.*		10,855		517,458

Enanta Pharmaceuticals, Inc.*		4,083		350,526

Epizyme, Inc.*		20,145		84,609

Forma Therapeutics Holdings, Inc.*		7,100		131,776

G1 Therapeutics, Inc.* (a)		8,077		117,036

Generation Bio Co.*		9,927		208,070

Gossamer Bio, Inc.*		11,733		145,724

Heron Therapeutics, Inc.*		23,143		254,804

IGM Biosciences, Inc.*		1,804		84,644

Immunovant, Inc.*		9,400		75,576

Inovio Pharmaceuticals, Inc.*		47,769		341,071

Insmed, Inc.*		26,169		788,995

Instil Bio, Inc.*		3,804		77,487

Intellia Therapeutics, Inc.*		15,520		2,063,850

Intercept Pharmaceuticals, Inc.*		6,334		106,791

Ironwood Pharmaceuticals, Inc.*		36,991		472,375

iTeos Therapeutics, Inc.*		4,546		121,605

Karuna Therapeutics, Inc.*		4,965		696,987

Karyopharm Therapeutics, Inc.*		15,604		85,198

Keros Therapeutics, Inc.*		2,970		123,908

Kinnate Biopharma, Inc.*		3,655		86,879

Kronos Bio, Inc.*		9,297		153,029

Kura Oncology, Inc.*		15,057		247,236

Kymera Therapeutics, Inc.*		8,000		471,040

MacroGenics, Inc.*		12,486		243,852

Madrigal Pharmaceuticals, Inc.*		2,716		211,169

MiMedx Group, Inc.*		18,556		127,109

Molecular Templates, Inc.*		9,680		50,530

Morphic Holding, Inc.*		5,879		338,042

Myovant Sciences Ltd.*		9,830		215,080

Myriad Genetics, Inc.*		17,722		545,306

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	123

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Biotechnology — continued

Nkarta, Inc.*		3,130		49,078

Nurix Therapeutics, Inc.*		9,077		303,626

Ocugen, Inc.* (a)		45,134		534,387

Olema Pharmaceuticals, Inc.*		6,649		179,523

OPKO Health, Inc.*		92,807		351,739

Organogenesis Holdings, Inc.*		14,305		157,069

ORIC Pharmaceuticals, Inc.*		7,144		104,588

Passage Bio, Inc.*		7,987		69,647

PMV Pharmaceuticals, Inc.*		6,138		144,980

Praxis Precision Medicines, Inc.*		7,934		165,027

Precigen, Inc.* (a)		21,587		104,265

Prelude Therapeutics, Inc.* (a)		2,907		51,105

PTC Therapeutics, Inc.*		16,034		608,170

Radius Health, Inc.*		10,733		231,833

REGENXBIO, Inc.*		8,516		301,807

Replimune Group, Inc.*		6,694		197,540

REVOLUTION Medicines, Inc.*		14,033		412,991

Rocket Pharmaceuticals, Inc.*		10,110		300,368

Rubius Therapeutics, Inc.*		9,376		133,233

Sangamo Therapeutics, Inc.*		27,390		222,407

Seres Therapeutics, Inc.*		14,577		88,628

Shattuck Labs, Inc.*		6,377		123,076

Silverback Therapeutics, Inc.*		4,994		43,098

Sorrento Therapeutics, Inc.*		67,694		464,381

SpringWorks Therapeutics, Inc.*		5,910		396,325

Stoke Therapeutics, Inc.*		4,922		112,369

Taysha Gene Therapies, Inc.*		5,164		80,765

TG Therapeutics, Inc.*		30,164		941,720

Turning Point Therapeutics, Inc.*		11,218		466,444

uniQure NV (Netherlands)*		8,161		248,666

Vaxcyte, Inc.*		7,111		166,397

Veracyte, Inc.*		16,092		770,485

Vericel Corp.*		10,591		487,398

Vor BioPharma, Inc.*		2,362		37,154

Xencor, Inc.*		13,242		523,854

Y-mAbs Therapeutics, Inc.*		7,816		191,961

Zentalis Pharmaceuticals, Inc.*		8,268		665,078


				34,099,250


Building Products — 1.6%

AAON, Inc.		9,400		673,510

American Woodmark Corp.*		3,812		262,037

Apogee Enterprises, Inc.		5,797		243,068

Cornerstone Building Brands, Inc.*		12,308		176,127

Gibraltar Industries, Inc.*		7,413		483,031

Griffon Corp.		10,812		286,410


INVESTMENTS	SHARES		VALUE($)



Building Products — continued

Masonite International Corp.*		5,470		656,455

Quanex Building Products Corp.		7,630		158,094

Resideo Technologies, Inc.*		32,740		807,368

Simpson Manufacturing Co., Inc.		9,862		1,046,259

UFP Industries, Inc.		14,043		1,149,139

View, Inc.*		13,800		73,692

Zurn Water Solutions Corp.		27,500		997,700


				7,012,890


Capital Markets — 2.0%

AssetMark Financial Holdings, Inc.*		4,295		110,124

BGC Partners, Inc., Class A		77,140		414,242

Blucora, Inc.*		11,053		182,596

Brightsphere Investment Group, Inc.		13,518		405,270

Cohen & Steers, Inc.		5,696		540,493

Cowen, Inc., Class A		6,590		248,641

Diamond Hill Investment Group, Inc.		726		157,440

Focus Financial Partners, Inc., Class A*		11,543		725,593

Freedom Holding Corp. (Kazakhstan)* (a)		3,784		252,355

Hamilton Lane, Inc., Class A		7,744		809,325

Houlihan Lokey, Inc.		11,505		1,289,480

Moelis & Co., Class A		13,853		1,007,667

Piper Sandler Cos.		3,248		534,913

PJT Partners, Inc., Class A		5,551		454,016

StepStone Group, Inc., Class A		9,159		430,290

Virtu Financial, Inc., Class A		20,260		504,069

Virtus Investment Partners, Inc.		1,635		523,200

WisdomTree Investments, Inc.		24,714		157,923


				8,747,637


Chemicals — 2.2%

American Vanguard Corp.		6,102		95,069

Balchem Corp.		7,351		1,125,365

Chemours Co. (The)		37,506		1,050,918

Danimer Scientific, Inc.* (a)		16,510		243,688

Ecovyst, Inc.		12,129		141,667

Ferro Corp.*		18,778		394,714

FutureFuel Corp.		5,865		41,407

GCP Applied Technologies, Inc.*		12,184		275,480

HB Fuller Co.		11,933		841,396

Innospec, Inc.		5,598		507,235

Koppers Holdings, Inc.*		4,849		170,151

Kraton Corp.*		7,299		333,199

Kronos Worldwide, Inc.		4,986		64,968

Livent Corp.*		36,682		1,035,166

Minerals Technologies, Inc.		7,629		541,201

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Chemicals — continued

PureCycle Technologies, Inc.*		16,788		224,791

Quaker Chemical Corp.		3,042		747,845

Stepan Co.		4,849		581,977

Tredegar Corp.		5,822		70,213

Trinseo plc		8,815		494,169

Tronox Holdings plc, Class A		25,821		602,146


				9,582,765


Commercial Services & Supplies — 1.6%

ABM Industries, Inc.		15,245		670,932

ACCO Brands Corp.		21,706		179,509

Brady Corp., Class A		11,019		573,980

BrightView Holdings, Inc.*		11,465		181,835

Casella Waste Systems, Inc., Class A*		11,442		992,250

CoreCivic, Inc., REIT*		27,315		235,182

Covanta Holding Corp.		26,878		542,398

Deluxe Corp.		9,660		344,572

Harsco Corp.*		17,980		307,458

Herman Miller, Inc.		17,103		665,649

HNI Corp.		9,963		372,616

Interface, Inc.		13,411		192,582

Matthews International Corp., Class A		7,181		246,811

Pitney Bowes, Inc.		37,551		260,604

Steelcase, Inc., Class A		20,572		244,807

UniFirst Corp.		3,463		685,536

US Ecology, Inc.*		7,158		230,416

Viad Corp.*		4,652		206,409


				7,133,546


Communications Equipment — 0.4%

ADTRAN, Inc.		11,028		203,798

Calix, Inc.*		12,402		776,241

Cambium Networks Corp.*		2,526		71,284

Infinera Corp.*		47,365		359,500

NETGEAR, Inc.*		6,939		200,051

Plantronics, Inc.*		9,608		257,110


				1,867,984


Construction & Engineering — 1.0%

API Group Corp.*		44,259		963,961

Arcosa, Inc.		10,990		568,513

Comfort Systems USA, Inc.		8,247		754,353

Dycom Industries, Inc.*		6,987		554,908

Fluor Corp.*		32,110		624,218

Granite Construction, Inc.		10,403		386,159

Primoris Services Corp.		12,198		328,736

Tutor Perini Corp.*		9,512		129,554


				4,310,402


INVESTMENTS	SHARES		VALUE($)



Construction Materials — 0.2%

Summit Materials, Inc., Class A*		26,802		955,491


Consumer Finance — 1.0%

Encore Capital Group, Inc.*		6,875		371,388

Enova International, Inc.*		8,373		271,620

Navient Corp.		38,115		750,866

Nelnet, Inc., Class A		4,700		388,361

SoFi Technologies, Inc.* (a)		133,536		2,682,738

World Acceptance Corp.*		955		177,047


				4,642,020


Containers & Packaging — 0.2%

Greif, Inc., Class A		6,029		389,956

Pactiv Evergreen, Inc.		9,654		134,287

TriMas Corp.*		9,747		325,062


				849,305


Diversified Consumer Services — 0.6%

2U, Inc.*		16,942		500,467

Adtalem Global Education, Inc.*		11,222		414,428

Houghton Mifflin Harcourt Co.*		28,988		411,340

Laureate Education, Inc., Class A*		22,936		397,252

OneSpaWorld Holdings Ltd. (Bahamas)*		12,984		140,227

Strategic Education, Inc.		5,140		350,599

Stride, Inc.*		9,433		334,871


				2,549,184


Diversified Financial Services — 0.1%

Cannae Holdings, Inc.*		18,984		647,354


Diversified Telecommunication Services — 0.8%

ATN International, Inc.		2,489		101,501

Bandwidth, Inc., Class A*		5,256		448,232

Cogent Communications Holdings, Inc.		9,632		737,715

EchoStar Corp., Class A*		9,363		219,656

Globalstar, Inc.*		150,645		248,564

Iridium Communications, Inc.*		29,961		1,214,919

Liberty Latin America Ltd., Class A (Chile)*		9,575		115,091

Liberty Latin America Ltd., Class C (Chile)*		35,251		424,070


				3,509,748


Electric Utilities — 0.3%

MGE Energy, Inc.		8,214		623,361

Otter Tail Corp.		9,433		584,940


				1,208,301


Electrical Equipment — 1.0%

Atkore, Inc.*		10,469		989,635

AZZ, Inc.		5,692		302,416

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	125

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Electrical Equipment — continued

Blink Charging Co.* (a)		8,235		261,873

Encore Wire Corp.		4,688		628,473

FTC Solar, Inc.*		4,402		41,995

FuelCell Energy, Inc.* (a)		73,234		585,140

Romeo Power, Inc.* (a)		21,151		91,795

Shoals Technologies Group, Inc., Class A*		23,150		717,418

TPI Composites, Inc.*		8,460		284,510

Vicor Corp.*		4,847		734,757


				4,638,012


Electronic Equipment, Instruments & Components — 2.4%

908 Devices, Inc.*		3,075		101,168

Advanced Energy Industries, Inc.		8,715		800,211

Aeva Technologies, Inc.*		20,641		160,174

Badger Meter, Inc.		6,627		677,611

Benchmark Electronics, Inc.		8,079		188,322

Fabrinet (Thailand)*		8,375		804,000

FARO Technologies, Inc.*		4,126		303,550

Insight Enterprises, Inc.*		7,916		749,645

Itron, Inc.*		10,273		798,931

Knowles Corp.*		20,886		435,264

Methode Electronics, Inc.		8,674		364,915

MicroVision, Inc.* (a)		37,423		284,789

Novanta, Inc.*		8,057		1,390,316

OSI Systems, Inc.*		3,800		353,818

Ouster, Inc.* (a)		15,755		97,051

Plexus Corp.*		6,418		560,420

Rogers Corp.*		4,254		855,564

Sanmina Corp.*		14,784		558,096

ScanSource, Inc.*		5,783		206,916

TTM Technologies, Inc.*		24,480		324,115

Velodyne Lidar, Inc.*		22,202		135,432

Vishay Intertechnology, Inc.		30,136		579,214


				10,729,522


Energy Equipment & Services — 1.2%

Archrock, Inc.		30,433		249,246

Cactus, Inc., Class A		13,181		573,373

ChampionX Corp.*		45,824		1,201,964

Core Laboratories NV		10,522		273,677

Dril-Quip, Inc.*		8,044		189,517

Expro Group Holdings NV*		6,638		113,833

Helix Energy Solutions Group, Inc.*		32,187		121,667

Helmerich & Payne, Inc.		24,504		760,604

Liberty Oilfield Services, Inc., Class A*		23,890		308,659

NexTier Oilfield Solutions, Inc.*		36,256		161,702


INVESTMENTS	SHARES		VALUE($)



Energy Equipment & Services — continued

Oceaneering International, Inc.*		22,664		308,230

Patterson-UTI Energy, Inc.		42,923		367,421

ProPetro Holding Corp.*		19,230		184,416

RPC, Inc.*		16,164		87,124

Transocean Ltd.* (a)		136,031		480,189


				5,381,622


Entertainment — 0.7%

Cinemark Holdings, Inc.*		24,178		454,546

IMAX Corp.*		11,331		213,589

Liberty Media Corp.-Liberty Braves, Class C*		8,469		251,699

Madison Square Garden Entertainment Corp.*		5,721		403,159

Warner Music Group Corp., Class A		22,037		1,090,611

World Wrestling Entertainment, Inc., Class A		10,252		626,295


				3,039,899


Equity Real Estate Investment Trusts (REITs) — 6.1%

Acadia Realty Trust		20,079		429,289

Agree Realty Corp.		15,649		1,112,018

Alexander & Baldwin, Inc.		16,466		403,911

Alexander’s, Inc.		486		135,487

American Assets Trust, Inc.		11,944		451,842

American Finance Trust, Inc.		26,755		221,531

Apartment Income REIT Corp.		35,643		1,910,821

Apartment Investment and Management Co., Class A		34,077		258,304

Brandywine Realty Trust		38,808		514,206

Broadstone Net Lease, Inc.		36,065		958,968

CareTrust REIT, Inc.		22,035		457,226

Centerspace		3,190		322,956

Columbia Property Trust, Inc.		26,090		500,145

Corporate Office Properties Trust		25,511		691,858

DiamondRock Hospitality Co.*		47,830		432,383

Diversified Healthcare Trust		54,127		197,022

Easterly Government Properties, Inc.		19,060		400,832

Empire State Realty Trust, Inc., Class A		32,107		310,796

Essential Properties Realty Trust, Inc.		26,856		800,040

Four Corners Property Trust, Inc.		17,304		501,816

Franklin Street Properties Corp.		21,947		98,762

GEO Group, Inc. (The) (a)		27,830		227,649

Getty Realty Corp.		8,835		283,780

Global Net Lease, Inc.		22,774		364,839

Independence Realty Trust, Inc.		23,869		564,024

Industrial Logistics Properties Trust		14,829		416,547

Innovative Industrial Properties, Inc.		5,432		1,429,105

iStar, Inc.		16,280		410,907

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Kite Realty Group Trust		49,587		1,006,616

Lexington Realty Trust		63,051		918,653

LTC Properties, Inc.		8,942		284,892

Macerich Co. (The)		48,367		874,959

Mack-Cali Realty Corp.*		18,176		330,621

Monmouth Real Estate Investment Corp.		22,323		420,789

National Storage Affiliates Trust		18,518		1,156,634

Office Properties Income Trust		10,975		281,180

Physicians Realty Trust		49,370		938,524

PotlatchDeltic Corp.		15,225		795,811

Retail Opportunity Investments Corp.		27,575		490,008

RPT Realty		18,435		245,001

Safehold, Inc.		3,025		225,968

Saul Centers, Inc.		2,949		136,834

Seritage Growth Properties, Class A*		8,226		126,680

Service Properties Trust		37,435		403,175

Summit Hotel Properties, Inc.*		24,173		241,730

Tanger Factory Outlet Centers, Inc. (a)		23,607		396,598

Terreno Realty Corp.		16,015		1,171,177

Universal Health Realty Income Trust		2,911		165,840

Urban Edge Properties		25,006		438,355

Urstadt Biddle Properties, Inc., Class A		6,836		134,259

Washington		19,214		487,075

Xenia Hotels & Resorts, Inc.*		25,934		461,625


				26,940,068


Food & Staples Retailing — 0.4%

Andersons, Inc. (The)		7,028		239,374

Grocery Outlet Holding Corp.*		19,819		439,784

Rite Aid Corp.* (a)		12,507		169,970

SpartanNash Co.		8,232		190,488

United Natural Foods, Inc.*		12,795		555,175

Weis Markets, Inc.		3,727		209,867


				1,804,658


Food Products — 1.0%

AppHarvest, Inc.* (a)		13,891		83,624

B&G Foods, Inc. (a)		14,721		433,386

Calavo Growers, Inc.		4,018		161,524

Cal-Maine Foods, Inc.		8,507		306,762

Fresh Del Monte Produce, Inc.		7,553		252,950

Hostess Brands, Inc.*		29,540		558,601

J&J Snack Foods Corp.		3,376		498,129

Sanderson Farms, Inc.		4,819		912,960

Simply Good Foods Co. (The)*		19,140		758,901

Tattooed Chef, Inc.* (a)		10,234		183,905


INVESTMENTS	SHARES		VALUE($)



Food Products — continued

Tootsie Roll Industries, Inc.		3,967		125,556

Utz Brands, Inc.		14,072		219,382

Vital Farms, Inc.*		5,357		87,962


				4,583,642


Gas Utilities — 0.3%

Chesapeake Utilities Corp.		3,993		523,362

Northwest Natural Holding Co.		6,963		313,962

South Jersey Industries, Inc.		25,537		581,222


				1,418,546


Health Care Equipment & Supplies — 2.8%

AtriCure, Inc.*		10,417		781,900

Atrion Corp.		316		230,048

Avanos Medical, Inc.*		10,926		344,606

Axogen, Inc.*		9,400		142,786

Axonics, Inc.*		10,476		768,415

BioLife Solutions, Inc.*		6,605		351,056

Butterfly Network, Inc.*		29,674		306,236

Cardiovascular Systems, Inc.*		9,119		319,894

CONMED Corp.		6,624		968,959

CryoPort, Inc.*		10,450		852,093

Eargo, Inc.*		5,188		45,654

Establishment Labs Holdings, Inc. (Costa Rica)*		4,904		399,872

Glaukos Corp.*		10,575		483,383

Inogen, Inc.*		4,619		183,143

Integer Holdings Corp.*		7,491		674,340

Meridian Bioscience, Inc.*		9,842		185,128

Merit Medical Systems, Inc.*		11,499		773,423

Natus Medical, Inc.*		7,748		194,087

Neogen Corp.*		24,406		1,032,618

Orthofix Medical, Inc.*		4,473		160,939

Outset Medical, Inc.*		9,149		487,367

Pulmonx Corp.*		7,819		304,394

Shockwave Medical, Inc.*		7,985		1,706,394

Silk Road Medical, Inc.*		7,876		462,400

SmileDirectClub, Inc.* (a)		23,751		122,318

Treace Medical Concepts, Inc.*		2,637		60,809

Varex Imaging Corp.*		8,948		240,254


				12,582,516


Health Care Providers & Services — 2.8%

Accolade, Inc.*		13,052		519,339

AdaptHealth Corp.*		21,700		591,325

Addus HomeCare Corp.*		3,613		337,816

AMN Healthcare Services, Inc.*		10,732		1,059,248

Apria, Inc.*		1,684		63,032

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	127

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Health Care Providers & Services — continued

Aveanna Healthcare Holdings, Inc.*		8,785		67,820

Brookdale Senior Living, Inc.*		42,050		273,325

Castle Biosciences, Inc.*		5,317		331,515

Clover Health Investments Corp.* (a)		45,526		341,445

Community Health Systems, Inc.*		28,190		369,289

CorVel Corp.*		2,145		393,007

Covetrus, Inc.*		23,440		473,254

Ensign Group, Inc. (The)		11,897		928,085

Fulgent Genetics, Inc.* (a)		4,355		361,117

Hanger, Inc.*		8,345		155,885

Hims & Hers Health, Inc.*		27,878		217,448

Magellan Health, Inc.*		5,287		501,366

MEDNAX, Inc.*		19,597		533,626

ModivCare, Inc.*		2,794		454,779

National HealthCare Corp.		3,081		215,485

National Research Corp.		3,119		135,053

Option Care Health, Inc.*		31,450		859,529

Owens & Minor, Inc.		17,138		614,911

Progyny, Inc.*		15,628		960,028

Select Medical Holdings Corp.		24,143		802,030

Surgery Partners, Inc.*		6,741		277,325

Tivity Health, Inc.*		10,034		251,051

Triple-S Management Corp. (Puerto Rico)*		5,401		190,601

US Physical Therapy, Inc.		2,932		316,246


				12,594,980


Health Care Technology — 1.3%

Allscripts Healthcare Solutions, Inc.*		28,389		391,200

Evolent Health, Inc., Class A*		18,032		527,797

GoodRx Holdings, Inc., Class A* (a)		14,556		649,198

Health Catalyst, Inc.*		11,547		607,834

Inovalon Holdings, Inc., Class A*		17,769		724,798

NextGen Healthcare, Inc.*		12,830		211,182

Omnicell, Inc.*		9,870		1,758,340

Phreesia, Inc.*		11,471		809,164

Tabula Rasa HealthCare, Inc.*		5,227		141,913


				5,821,426


Hotels, Restaurants & Leisure — 1.5%

Bally’s Corp.*		6,686		306,286

BJ’s Restaurants, Inc.*		5,291		176,296

Bloomin’ Brands, Inc.*		18,439		398,651

Brinker International, Inc.*		10,387		435,838

Cheesecake Factory, Inc. (The)*		11,020		447,853

Dave & Buster’s Entertainment, Inc.*		8,751		324,925

Dine Brands Global, Inc.*		3,900		329,589


INVESTMENTS	SHARES		VALUE($)



Hotels, Restaurants & Leisure — continued

El Pollo Loco Holdings, Inc.*		4,408		64,797

Papa John’s International, Inc.		7,391		917,075

Red Rock Resorts, Inc., Class A*		13,746		747,920

SeaWorld Entertainment, Inc.*		11,684		741,934

Shake Shack, Inc., Class A*		8,886		614,645

Wingstop, Inc.		6,753		1,164,690


				6,670,499


Household Durables — 2.6%

Cavco Industries, Inc.*		1,943		467,058

Century Communities, Inc.		6,745		452,320

GoPro, Inc., Class A*		28,403		244,550

Helen of Troy Ltd.*		5,472		1,230,926

Installed Building Products, Inc.		5,330		677,177

iRobot Corp.* (a)		6,372		531,552

KB Home		20,426		820,104

La-Z-Boy, Inc.		10,273		341,475

LGI Homes, Inc.*		4,918		734,257

M/I Homes, Inc.*		6,660		381,352

MDC Holdings, Inc.		12,829		628,364

Meritage Homes Corp.*		8,547		929,144

Purple Innovation, Inc.*		13,112		253,062

Skyline Champion Corp.*		11,985		758,890

Sonos, Inc.*		28,293		922,918

Taylor Morrison Home Corp.*		28,448		868,517

Tri Pointe Homes, Inc.*		25,837		624,997

Tupperware Brands Corp.*		11,331		252,001

Vizio Holding Corp., Class A* (a)		2,753		56,547

Vuzix Corp.* (a)		13,429		143,556


				11,318,767


Household Products — 0.3%

Central Garden & Pet Co.*		2,216		114,301

Central Garden & Pet Co., Class A*		9,119		421,298

WD-40 Co.		3,112		706,424


				1,242,023


Independent Power and Renewable Electricity Producers — 0.4%

Clearway Energy, Inc.		7,857		259,202

Clearway Energy, Inc., Class C		18,541		657,835

Sunnova Energy International, Inc.*		21,104		940,394


				1,857,431


Industrial Conglomerates — 0.1%

Raven Industries, Inc.*		8,157		471,638

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS		SHARES		VALUE($)

Common Stocks — continued

Insurance — 1.7%

Ambac Financial Group, Inc.*			10,495		177,470

American Equity Investment Life Holding Co.			18,699		595,937

AMERISAFE, Inc.			4,396		260,639

Argo Group International Holdings Ltd.			7,915		436,116

BRP Group, Inc., Class A*			11,771		429,641

eHealth, Inc.*			5,354		237,450

Employers Holdings, Inc.			6,428		248,121

Genworth Financial, Inc., Class A*	��		115,214		473,529

GoHealth, Inc., Class A*			14,574		78,699

Goosehead Insurance, Inc., Class A			4,402		635,209

Horace Mann Educators Corp.			9,420		369,076

James River Group Holdings Ltd.			8,466		270,489

Kinsale Capital Group, Inc.			4,865		910,485

MetroMile, Inc.*			16,118		49,482

Palomar Holdings, Inc.*			5,473		500,506

ProAssurance Corp.			12,257		280,808

Root, Inc., Class A*			19,448		90,239

Safety Insurance Group, Inc.			3,234		253,578

SiriusPoint Ltd. (Bermuda)*			19,879		186,863

Trupanion, Inc.*			7,764		795,034

United Fire Group, Inc.			4,903		100,168


					7,379,539


Interactive Media & Services — 1.0%

Angi, Inc.*			17,365		217,584

Cars.com, Inc.*			14,722		191,680

Eventbrite, Inc., Class A*			17,165		347,420

fuboTV, Inc.*			32,168		958,928

MediaAlpha, Inc., Class A*			4,757		83,390

ZoomInfo Technologies, Inc., Class A*			41,281		2,774,909


					4,573,911


Internet & Direct Marketing Retail — 0.8%

Groupon, Inc.*			4,693		99,586

Overstock.com, Inc.*			9,769		930,302

Porch Group, Inc.* (a)			17,064		358,856

Quotient Technology, Inc.*			20,087		129,360

RealReal, Inc. (The)*			18,297		238,410

Revolve Group, Inc.*			8,635		647,970

Shutterstock, Inc.			5,324		645,003

Stitch Fix, Inc., Class A*			16,309		564,291


					3,613,778


IT Services — 1.6%

Cass Information Systems, Inc.			2,731		111,944

Conduent, Inc.*			36,699		247,718

CSG Systems International, Inc.			7,437		372,222


INVESTMENTS	SHARES		VALUE($)



IT Services — continued

EVERTEC, Inc. (Puerto Rico)		13,563		613,183

ExlService Holdings, Inc.*		7,532		923,649

Paya Holdings, Inc.*		18,510		168,626

Perficient, Inc.*		7,481		924,652

Repay Holdings Corp.*		16,834		353,682

Sabre Corp.*		73,266		760,501

Shift4 Payments, Inc., Class A*		10,725		677,069

Switch, Inc., Class A		28,686		725,182

TTEC Holdings, Inc.		4,160		392,663

Unisys Corp.*		15,242		389,738

Verra Mobility Corp.*		30,234		449,882


				7,110,711


Leisure Products — 0.5%

Acushnet Holdings Corp.		7,888		401,815

Callaway Golf Co.*		26,603		719,611

Latham Group, Inc.*		4,647		71,564

Smith & Wesson Brands, Inc.		10,897		234,285

Sturm Ruger & Co., Inc.		3,997		315,283

Vista Outdoor, Inc.*		13,027		545,050


				2,287,608


Life Sciences Tools & Services — 1.3%

Bionano Genomics, Inc.* (a)		63,386		322,001

Medpace Holdings, Inc.*		6,506		1,473,934

NanoString Technologies, Inc.*		10,340		499,422

NeoGenomics, Inc.*		27,891		1,282,986

Pacific Biosciences of California, Inc.*		45,191		1,196,658

Personalis, Inc.*		8,067		158,274

Quanterix Corp.*		7,631		386,205

Seer, Inc.*		7,975		294,437


				5,613,917


Machinery — 4.3%

Alamo Group, Inc.		2,246		339,595

Albany International Corp., Class A		7,353		593,019

Altra Industrial Motion Corp.		14,713		767,283

Astec Industries, Inc.		5,166		275,761

Chart Industries, Inc.*		8,087		1,435,604

Columbus McKinnon Corp.		6,446		304,702

Desktop Metal, Inc., Class A*		33,740		235,843

Enerpac Tool Group Corp.		13,672		285,608

EnPro Industries, Inc.		4,677		419,340

ESCO Technologies, Inc.		5,915		500,172

Evoqua Water Technologies Corp.*		27,303		1,142,085

Federal Signal Corp.		13,882		594,288

Franklin Electric Co., Inc.		8,855		764,895

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	129

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Machinery — continued

Gorman-Rupp Co. (The)		5,160		219,403

Greenbrier Cos., Inc. (The)		7,352		301,579

Helios Technologies, Inc.		7,319		666,395

Hillenbrand, Inc.		16,587		754,045

Hydrofarm Holdings Group, Inc.*		8,078		266,332

Hyster-Yale Materials Handling, Inc.		2,213		106,313

Ideanomics, Inc.*		86,077		170,433

John Bean Technologies Corp.		7,217		1,066,312

Kadant, Inc.		2,629		583,954

Lindsay Corp.		2,479		361,116

Meritor, Inc.*		15,927		387,663

Mueller Industries, Inc.		12,982		683,373

Mueller Water Products, Inc., Class A		36,008		590,891

Omega Flex, Inc.		685		99,161

Proto Labs, Inc.*		6,304		377,042

SPX Corp.*		10,292		597,862

SPX FLOW, Inc.		9,454		706,308

Standex International Corp.		2,771		308,329

Tennant Co.		4,240		336,910

Terex Corp.		15,853		710,214

Wabash National Corp.		11,358		176,390

Watts Water Technologies, Inc., Class A		6,259		1,189,335

Welbilt, Inc.*		29,372		694,942


				19,012,497


Marine — 0.2%

Matson, Inc.		9,867		821,724


Media — 1.2%

AMC Networks, Inc., Class A*		6,631		263,847

Cardlytics, Inc.*		7,500		589,950

Clear Channel Outdoor Holdings, Inc.*		106,925		310,083

EW Scripps Co. (The), Class A		12,977		241,372

Gray Television, Inc.		20,132		471,894

iHeartMedia, Inc., Class A*		24,604		476,826

Loral Space & Communications, Inc. (Canada)		2,870		142,983

Meredith Corp.*		9,219		536,915

Scholastic Corp.		6,916		250,290

Sinclair Broadcast Group, Inc., Class A		11,039		288,449

TechTarget, Inc.*		5,755		542,754

TEGNA, Inc.		50,201		986,952


				5,102,315


Metals & Mining — 1.1%

Allegheny Technologies, Inc.*		28,896		465,226

Arconic Corp.*		24,836		730,675

Carpenter Technology Corp.		10,905		336,746


INVESTMENTS	SHARES		VALUE($)



Metals & Mining — continued

Century Aluminum Co.*		11,460		151,387

Coeur Mining, Inc.*		58,363		369,438

Commercial Metals Co.		27,386		881,281

Hecla Mining Co.		121,937		704,796

Kaiser Aluminum Corp.		3,600		349,704

Materion Corp.		4,639		334,843

Schnitzer Steel Industries, Inc., Class A		5,834		313,869

Warrior Met Coal, Inc.		11,671		279,754


				4,917,719


Mortgage Real Estate Investment Trusts (REITs) — 1.2%

Apollo Commercial Real Estate Finance, Inc.		29,861		452,096

Arbor Realty Trust, Inc.		32,287		649,292

ARMOUR Residential REIT, Inc.		18,870		198,512

Brightspire Capital, Inc.		21,215		208,119

Broadmark Realty Capital, Inc.		30,120		310,838

Franklin BSP Realty Trust, Inc.*		7,231		118,661

Hannon Armstrong Sustainable Infrastructure Capital, Inc.		17,853		1,078,321

Invesco Mortgage Capital, Inc.		65,780		206,549

KKR Real Estate Finance Trust, Inc.		9,169		199,059

Ladder Capital Corp.		25,515		306,180

MFA Financial, Inc.		90,087		406,292

New York Mortgage Trust, Inc.		86,151		378,203

PennyMac Mortgage Investment Trust		22,223		447,794

Redwood Trust, Inc.		25,672		348,112

TPG RE Finance Trust, Inc.		13,474		176,105


				5,484,133


Multiline Retail — 0.6%

Big Lots, Inc.		7,866		348,071

Dillard’s, Inc., Class A		1,011		233,683

Franchise Group, Inc.		6,123		225,326

Macy’s, Inc.		70,820		1,874,605


				2,681,685


Multi-Utilities — 0.1%

NorthWestern Corp.		11,706		665,603


Oil, Gas & Consumable Fuels — 4.5%

Antero Midstream Corp.		73,728		784,466

Antero Resources Corp.*		64,860		1,288,768

Arch Resources, Inc.*		3,474		316,412

Bonanza Creek Energy, Inc.		7,004		393,205

California Resources Corp.*		18,593		857,695

Callon Petroleum Co.*		8,935		462,208

Centennial Resource Development, Inc., Class A*		41,240		296,928

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Oil, Gas & Consumable Fuels — continued

Clean Energy Fuels Corp.*		38,483		354,813

Comstock Resources, Inc.*		20,619		203,509

CVR Energy, Inc.		6,622		126,944

Delek US Holdings, Inc.*		16,819		327,130

Denbury, Inc.*		11,381		963,515

EQT Corp.*		68,672		1,367,259

Extraction Oil & Gas, Inc.*		3,523		234,737

Gevo, Inc.* (a)		44,994		325,307

Kosmos Energy Ltd. (Ghana)*		92,656		333,562

Magnolia Oil & Gas Corp., Class A		32,250		673,380

Matador Resources Co.		24,972		1,045,078

Murphy Oil Corp.		32,963		917,360

Oasis Petroleum, Inc.		4,250		512,550

Ovintiv, Inc.		59,288		2,224,486

PBF Energy, Inc., Class A*		21,573		315,181

PDC Energy, Inc.		22,406		1,172,058

Range Resources Corp.*		58,990		1,375,647

Renewable Energy Group, Inc.*		11,410		730,240

SM Energy Co.		27,527		944,727

Southwestern Energy Co.*		153,734		750,222

Whiting Petroleum Corp.*		8,882		578,485


				19,875,872


Paper & Forest Products — 0.2%

Glatfelter Corp.		10,108		166,074

Mercer International, Inc. (Germany)		9,147		98,513

Neenah, Inc.		3,827		193,417

Resolute Forest Products, Inc.		10,779		126,761

Schweitzer-Mauduit International, Inc.		7,145		248,932


				833,697


Personal Products — 0.4%

Edgewell Personal Care Co.		12,345		431,951

elf Beauty, Inc.*		10,829		349,885

Inter Parfums, Inc.		4,028		372,107

Medifast, Inc.		2,665		523,059

USANA Health Sciences, Inc.*		2,729		264,877


				1,941,879


Pharmaceuticals — 1.3%

Aclaris Therapeutics, Inc.*		10,566		183,320

Aerie Pharmaceuticals, Inc.*		10,725		114,007

Amneal Pharmaceuticals, Inc.*		22,375		122,839

Arvinas, Inc.*		9,834		851,428

Atea Pharmaceuticals, Inc.*		12,023		139,948

Cassava Sciences, Inc.* (a)		8,539		368,287

Corcept Therapeutics, Inc.*		23,694		426,492


INVESTMENTS	SHARES		VALUE($)



Pharmaceuticals — continued

Edgewise Therapeutics, Inc.*		2,572		42,438

Endo International plc*		53,025		225,356

Esperion Therapeutics, Inc.* (a)		6,424		57,430

Innoviva, Inc.*		14,204		247,860

Intra-Cellular Therapies, Inc.*		16,809		723,964

Nektar Therapeutics*		41,739		632,763

NGM Biopharmaceuticals, Inc.*		8,431		155,721

Nuvation Bio, Inc.*		26,194		240,199

Phathom Pharmaceuticals, Inc.*		3,555		83,649

Pliant Therapeutics, Inc.*		4,978		79,299

Relmada Therapeutics, Inc.*		3,690		86,604

Revance Therapeutics, Inc.*		15,008		206,360

Supernus Pharmaceuticals, Inc.*		12,069		360,260

Theravance Biopharma, Inc.*		11,846		92,043

Zogenix, Inc.*		11,421		175,084


				5,615,351


Professional Services — 1.3%

CBIZ, Inc.*		11,969		439,382

Exponent, Inc.		11,822		1,357,166

Forrester Research, Inc.*		2,522		134,296

Huron Consulting Group, Inc.*		5,100		255,816

ICF International, Inc.		3,853		387,188

Kelly Services, Inc., Class A		8,182		147,521

Korn Ferry		12,638		975,780

ManTech International Corp., Class A		6,246		538,530

Skillsoft Corp.* (a)		14,808		179,621

TrueBlue, Inc.*		8,061		224,499

Upwork, Inc.*		27,240		1,283,549


				5,923,348


Real Estate Management & Development — 0.6%

Forestar Group, Inc.*		4,051		79,278

Kennedy-Wilson Holdings, Inc.		27,810		622,110

Marcus & Millichap, Inc.*		5,660		266,586

Newmark Group, Inc., Class A		37,208		553,655

RE/MAX Holdings, Inc., Class A		4,292		136,528

Realogy Holdings Corp.*		26,474		458,530

St. Joe Co. (The)		7,485		351,945


				2,468,632


Road & Rail — 0.7%

Heartland Express, Inc.		10,648		173,882

Marten Transport Ltd.		13,549		225,320

Saia, Inc.*		5,979		1,869,274

Schneider National, Inc., Class B		7,952		198,323

Werner Enterprises, Inc.		14,035		636,066


				3,102,865

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	131

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Semiconductors & Semiconductor Equipment — 3.0%

ACM Research, Inc., Class A*		2,768		293,879

Ambarella, Inc.*		8,241		1,531,425

Amkor Technology, Inc.		22,748		498,636

Diodes, Inc.*		10,210		981,079

FormFactor, Inc.*		17,640		701,719

Ichor Holdings Ltd.*		6,437		281,426

Kulicke & Soffa Industries, Inc. (Singapore)		14,070		801,990

MACOM Technology Solutions Holdings, Inc.*		10,933		763,342

MaxLinear, Inc.*		15,975		1,006,425

Onto Innovation, Inc.*		11,186		886,043

Power Integrations, Inc.		13,692		1,413,151

Rambus, Inc.*		24,730		575,467

Semtech Corp.*		14,745		1,253,767

SiTime Corp.*		2,900		768,181

SunPower Corp.* (a)		18,840		634,155

Ultra Clean Holdings, Inc.*		10,149		503,086

Veeco Instruments, Inc.*		11,431		277,659


				13,171,430


Software — 8.0%

8x8, Inc.*		25,441		576,493

Alarm.com Holdings, Inc.*		10,424		878,326

Altair Engineering, Inc., Class A*		10,577		822,785

Appfolio, Inc., Class A*		4,294		565,477

Appian Corp.*		8,990		893,696

Asana, Inc., Class A*		17,726		2,407,191

Avaya Holdings Corp.*		19,123		356,070

Bottomline Technologies DE, Inc.*		8,932		413,552

Box, Inc., Class A*		34,860		900,434

BTRS Holdings, Inc.* (a)		16,417		141,022

Cerence, Inc.*		8,630		907,272

E2open Parent Holdings, Inc.*		39,438		492,975

Ebix, Inc.		5,408		177,436

Envestnet, Inc.*		12,381		1,033,813

Everbridge, Inc.*		8,718		1,388,865

InterDigital, Inc.		6,971		466,708

LivePerson, Inc.*		14,734		758,948

MicroStrategy, Inc., Class A* (a)		1,766		1,262,796

Mimecast Ltd.*		13,883		1,047,334

Momentive Global, Inc.*		29,144		667,980

NCR Corp.*		29,837		1,179,755

ON24, Inc.*		1,998		38,222

PagerDuty, Inc.*		16,907		705,867

Ping Identity Holding Corp.*		11,182		316,786

Progress Software Corp.		9,935		510,758

PROS Holdings, Inc.*		9,067		272,010


INVESTMENTS	SHARES		VALUE($)



Software — continued

Q2 Holdings, Inc.*		12,821		1,005,936

Qualys, Inc.*		7,606		946,795

Rapid7, Inc.*		12,669		1,631,134

Riot Blockchain, Inc.*		18,740		510,103

SailPoint Technologies Holding, Inc.*		21,102		1,012,474

Sprout Social, Inc., Class A*		10,236		1,306,932

SPS Commerce, Inc.*		8,137		1,242,764

Sumo Logic, Inc.*		19,402		335,073

Telos Corp.*		11,970		310,143

Tenable Holdings, Inc.*		20,574		1,095,565

Teradata Corp.*		24,771		1,401,048

Varonis Systems, Inc.*		24,276		1,571,628

Vonage Holdings Corp.*		57,192		921,935

Workiva, Inc.*		9,769		1,460,954

Xperi Holding Corp.		23,789		426,299

Yext, Inc.*		25,803		324,860

Zuora, Inc., Class A*		25,294		552,927


				35,239,141


Specialty Retail — 3.2%

Aaron’s Co., Inc. (The)		7,421		173,577

Abercrombie & Fitch Co., Class A*		13,976		552,611

Academy Sports & Outdoors, Inc.*		19,694		842,509

Arko Corp.*		14,976		143,620

Asbury Automotive Group, Inc.*		4,390		859,167

Bed Bath & Beyond, Inc.*		23,730		333,169

Boot Barn Holdings, Inc.*		6,703		700,397

Buckle, Inc. (The)		6,672		277,689

Camping World Holdings, Inc., Class A		9,520		354,620

Children’s Place, Inc. (The)*		3,164		262,264

Citi Trends, Inc.*		2,109		163,152

Designer Brands, Inc., Class A*		13,904		188,121

Dick’s Sporting Goods, Inc.		14,880		1,848,245

Group 1 Automotive, Inc.		4,102		737,540

GrowGeneration Corp.*		11,892		250,683

Guess?, Inc.		8,844		183,159

Monro, Inc.		7,609		469,932

Murphy USA, Inc.		5,397		879,441

National Vision Holdings, Inc.*		18,487		1,139,539

ODP Corp. (The)*		10,778		466,687

Rent-A-Center, Inc.		13,736		731,579

Sally Beauty Holdings, Inc.*		25,667		391,679

Signet Jewelers Ltd.		11,957		1,066,325

Sleep Number Corp.*		5,367		474,121

Sonic Automotive, Inc., Class A		4,788		236,671

Zumiez, Inc.*		4,976		202,523


				13,929,020

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Technology Hardware, Storage & Peripherals — 0.3%

3D Systems Corp.*		28,441		800,898

Corsair Gaming, Inc.* (a)		7,458		182,348

Super Micro Computer, Inc.*		9,753		345,159


				1,328,405


Textiles, Apparel & Luxury Goods — 0.6%

G-III Apparel Group Ltd.*		9,885		283,304

Kontoor Brands, Inc.		10,871		576,163

Levi Strauss & Co., Class A		20,779		543,994

Oxford Industries, Inc.		3,604		334,163

PLBY Group, Inc.* (a)		4,635		130,151

Steven Madden Ltd.		17,490		788,799


				2,656,574


Thrifts & Mortgage Finance — 1.8%

Axos Financial, Inc.*		12,124		642,572

Capitol Federal Financial, Inc.		29,318		355,627

Columbia Financial, Inc.*		8,732		162,590

Flagstar Bancorp, Inc.		12,003		566,422

Kearny Financial Corp.		17,392		233,401

Merchants Bancorp		3,794		168,567

Meridian Bancorp, Inc.		11,945		277,124

Mr. Cooper Group, Inc.*		19,560		857,510

NMI Holdings, Inc., Class A*		19,463		472,562

Northfield Bancorp, Inc.		10,151		178,150

Northwest Bancshares, Inc.		28,813		397,619

PennyMac Financial Services, Inc.		7,610		472,277

Provident Financial Services, Inc.		17,679		437,732

Rocket Cos., Inc., Class A		30,992		510,748

TrustCo Bank Corp.		4,373		146,758

Walker & Dunlop, Inc.		6,650		864,966

Washington Federal, Inc.		15,428		545,534

WSFS Financial Corp.		10,795		559,289


				7,849,448


Tobacco — 0.1%

Turning Point Brands, Inc.		3,269		124,778

Universal Corp.		5,583		262,401


				387,179


Trading Companies & Distributors — 1.5%

Applied Industrial Technologies, Inc.		8,822		859,969

Boise Cascade Co.		8,932		505,730

Global Industrial Co.		3,597		145,966

GMS, Inc.*		9,784		484,601

H&E Equipment Services, Inc.		7,216		325,297

Herc Holdings, Inc.		5,652		1,028,890


INVESTMENTS	SHARES		VALUE($)



Trading Companies & Distributors — continued

McGrath RentCorp		5,506		397,203

NOW, Inc.*		25,104		181,251

Rush Enterprises, Inc., Class A		9,790		509,863

Triton International Ltd. (Bermuda)		15,306		951,880

WESCO International, Inc.*		10,069		1,304,540


				6,695,190


Water Utilities — 0.4%

American States Water Co.		8,386		761,784

California Water Service Group		11,700		712,296

SJW Group		6,225		410,352


				1,884,432


Wireless Telecommunication Services — 0.1%

Shenandoah Telecommunications Co.		11,348		313,659


Total Common Stocks (Cost $414,981,861)				435,922,157

Short-Term Investments — 4.0%

Investment Companies — 1.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $5,825,244)		5,825,244		5,825,244


Investment of Cash Collateral from Securities Loaned — 2.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $11,679,894)		11,679,894		11,679,894


Total Short-Term Investments (Cost $17,505,138)				17,505,138

Total Investments — 102.6% (Cost $432,486,999)				453,427,295
Liabilities in Excess of Other Assets — (2.6)%				(11,365,805)

NET ASSETS — 100.0%				442,061,490

Percentages indicated are based on net assets.

Abbreviations


REIT		RealEstate Investment Trust

(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $11,381,330.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2021.
*		Non-incomeproducing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	133

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

12/2021

USD

5,166,225

144,399

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



134	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan Carbon Transition U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — 99.9%

Aerospace & Defense — 0.2%

Hexcel Corp.*		83		4,709

L3Harris Technologies, Inc.		227		52,333


				57,042


Air Freight & Logistics — 0.5%

CH Robinson Worldwide, Inc.		148		14,354

Expeditors International of Washington, Inc.		189		23,296

FedEx Corp.		243		57,234

United Parcel Service, Inc., Class B		182		38,852


				133,736


Auto Components — 0.3%

Aptiv plc*		304		52,558

BorgWarner, Inc.		270		12,169


				64,727


Automobiles — 2.3%

Ford Motor Co.*		4,412		75,357

General Motors Co.*		1,228		66,840

Tesla, Inc.*		388		432,232


				574,429


Banks — 3.2%

Bank of America Corp.		5,929		283,288

Citigroup, Inc.		2,100		145,236

Comerica, Inc.		151		12,849

Fifth Third Bancorp		776		33,779

PNC Financial Services Group, Inc. (The)		481		101,505

Regions Financial Corp.		772		18,281

SVB Financial Group*		58		41,609

US Bancorp		1,514		91,400

Wells Fargo & Co.		1,520		77,763


				805,710


Beverages — 1.5%

Brown-Forman Corp., Class B		254		17,244

Coca-Cola Co. (The)		3,441		193,969

Keurig Dr Pepper, Inc.		788		28,439

PepsiCo, Inc.		813		131,381


				371,033


Biotechnology — 2.4%

AbbVie, Inc.		1,452		166,501

Amgen, Inc.		613		126,873

Biogen, Inc.*		168		44,802

Gilead Sciences, Inc.		1,416		91,870

Incyte Corp.*		208		13,932

Moderna, Inc.*		80		27,617


INVESTMENTS	SHARES			VALUE($)



Biotechnology — continued

Regeneron Pharmaceuticals, Inc.*		113			72,313

Vertex Pharmaceuticals, Inc.*		292			53,999


					597,907


Building Products — 0.7%

Carrier Global Corp.		860	��		44,918

Johnson Controls International plc		807			59,210

Lennox International, Inc.		35			10,475

Owens Corning		101			9,434

Trane Technologies plc		269			48,670


					172,707


Capital Markets — 4.7%

Bank of New York Mellon Corp. (The)		894			52,925

BlackRock, Inc.		140			132,085

Charles Schwab Corp. (The)		1,340			109,920

CME Group, Inc.		334			73,664

FactSet Research Systems, Inc.		43			19,087

Goldman Sachs Group, Inc. (The)		364			150,459

Intercontinental Exchange, Inc.		316			43,753

Invesco Ltd.		376			9,554

Lazard Ltd., Class A		49			2,401

LPL Financial Holdings, Inc.		90			14,762

Moody’s Corp.		185			74,768

Morgan Stanley		1,247			128,167

Morningstar, Inc.		27			8,552

MSCI, Inc.		91			60,504

Nasdaq, Inc.		129			27,073

Northern Trust Corp.		219			26,946

S&P Global, Inc.		273			129,446

State Street Corp.		388			38,237

T. Rowe Price Group, Inc.		255			55,304


					1,157,607


Chemicals — 1.7%

Air Products and Chemicals, Inc.		219			65,658

Albemarle Corp.		131			32,812

Ashland Global Holdings, Inc.		66			6,337

Axalta Coating Systems Ltd.*		233			7,267

Celanese Corp.		125			20,189

DuPont de Nemours, Inc.		231			16,078

Eastman Chemical Co.		153			15,917

Ecolab, Inc.		282			62,666

FMC Corp.		145			13,196

International Flavors & Fragrances, Inc.		281			41,433

NewMarket Corp.		6			2,040

PPG Industries, Inc.		267			42,872

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	135

JPMorgan Carbon Transition U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Chemicals — continued

Scotts Miracle-Gro Co. (The)		46		6,829

Sherwin-Williams Co. (The)		275		87,068

Valvoline, Inc.		203		6,894


				427,256


Commercial Services & Supplies — 0.5%

MSA Safety, Inc.		44		6,733

Republic Services, Inc.		236		31,766

Waste Management, Inc.		476		76,269


				114,768


Communications Equipment — 1.2%

Arista Networks, Inc.*		68		27,859

Ciena Corp.*		163		8,849

Cisco Systems, Inc.		3,643		203,899

CommScope Holding Co., Inc.*		189		2,024

Juniper Networks, Inc.		365		10,775

Motorola Solutions, Inc.		188		46,735


				300,141


Construction & Engineering — 0.0% (a)

AECOM*		135		9,230


Construction Materials — 0.1%

Vulcan Materials Co.		149		28,328


Consumer Finance — 0.9%

American Express Co.		733		127,381

Capital One Financial Corp.		504		76,119

Synchrony Financial		563		26,151


				229,651


Containers & Packaging — 0.4%

AptarGroup, Inc.		74		8,938

Avery Dennison Corp.		93		20,248

Ball Corp.		363		33,207

Berry Global Group, Inc.*		133		8,717

International Paper Co.		388		19,272

Sealed Air Corp.		148		8,779


				99,161


Diversified Financial Services — 0.7%

Berkshire Hathaway, Inc., Class B*		593		170,197

Voya Financial, Inc.		127		8,861


				179,058


Diversified Telecommunication Services — 1.2%

AT&T, Inc.		3,911		98,792

Lumen Technologies, Inc.		1,241		14,718

Verizon Communications, Inc.		3,548		188,009


				301,519


INVESTMENTS	SHARES		VALUE($)



Electric Utilities — 1.0%

Alliant Energy Corp.		247		13,973

Avangrid, Inc.		64		3,373

Edison International		420		26,431

Eversource Energy		387		32,856

FirstEnergy Corp.		613		23,619

IDACORP, Inc.		28		2,921

PG&E Corp.*		1,702		19,743

Pinnacle West Capital Corp.		111		7,158

PPL Corp.		763		21,974

Southern Co. (The)		1,047		65,249

Xcel Energy, Inc.		532		34,362


				251,659


Electrical Equipment — 0.8%

Acuity Brands, Inc.		40		8,217

Eaton Corp. plc		449		73,977

Emerson Electric Co.		673		65,288

Rockwell Automation, Inc.		131		41,842

Sunrun, Inc.*		197		11,363


				200,687


Electronic Equipment, Instruments & Components — 0.3%

Keysight Technologies, Inc.*		209		37,624

National Instruments Corp.		146		6,201

Trimble, Inc.*		282		24,638


				68,463


Energy Equipment & Services — 0.4%

Baker Hughes Co.		831		20,841

Halliburton Co.		999		24,965

NOV, Inc.*		434		6,085

Schlumberger NV		1,578		50,906


				102,797


Entertainment — 1.4%

Netflix, Inc.*		165		113,901

Walt Disney Co. (The)*		1,419		239,910


				353,811


Equity Real Estate Investment Trusts (REITs) — 3.1%

Alexandria Real Estate Equities, Inc.		164		33,479

American Tower Corp.		92		25,941

AvalonBay Communities, Inc.		157		37,159

Boston Properties, Inc.		175		19,887

Brixmor Property Group, Inc.		333		7,805

Crown Castle International Corp.		406		73,202

Douglas Emmett, Inc.		185		6,046

Duke Realty Corp.		419		23,564

SEE NOTES TO FINANCIAL STATEMENTS.



136	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Equity Residential		415		35,856

Essex Property Trust, Inc.		73		24,815

Extra Space Storage, Inc.		148		29,211

First Industrial Realty Trust, Inc.		145		8,443

Healthpeak Properties, Inc.		607		21,555

Hudson Pacific Properties, Inc.		180		4,635

Iron Mountain, Inc.		323		14,742

Kilroy Realty Corp.		131		8,827

Kimco Realty Corp.		464		10,486

Prologis, Inc.		831		120,462

Public Storage		61		20,263

Realty Income Corp.		421		30,072

Regency Centers Corp.		190		13,378

SBA Communications Corp.		122		42,130

Simon Property Group, Inc.		372		54,528

SL Green Realty Corp.		76		5,325

UDR, Inc.		332		18,436

Ventas, Inc.		421		22,469

Vornado Realty Trust		197		8,398

Welltower, Inc.		471		37,868

Weyerhaeuser Co.		164		5,858


				764,840


Food & Staples Retailing — 1.1%

Costco Wholesale Corp.		293		144,021

Kroger Co. (The)		740		29,615

Sysco Corp.		483		37,143

Walmart, Inc.		483		72,170


				282,949


Food Products — 0.8%

Archer-Daniels-Midland Co.		551		35,396

General Mills, Inc.		688		42,518

Hershey Co. (The)		136		23,848

McCormick & Co., Inc. (Non-Voting)		281		22,545

Mondelez International, Inc., Class A		1,380		83,821


				208,128


Gas Utilities — 0.1%

National Fuel Gas Co.		106		6,088

UGI Corp.		235		10,201


				16,289


Health Care Equipment & Supplies — 2.6%

Abbott Laboratories		1,376		177,353

Becton Dickinson and Co.		274		65,648

Boston Scientific Corp.*		1,600		69,008


INVESTMENTS	SHARES		VALUE($)



Health Care Equipment & Supplies — continued

Danaher Corp.		428		133,438

Edwards Lifesciences Corp.*		697		83,514

Insulet Corp.*		75		23,251

Intuitive Surgical, Inc.*		67		24,196

Medtronic plc		398		47,704

ResMed, Inc.		28		7,361

Stryker Corp.		23		6,120


				637,593


Health Care Providers & Services — 3.1%

AmerisourceBergen Corp.		165		20,133

Anthem, Inc.		268		116,615

Cardinal Health, Inc.		287		13,721

Cigna Corp.		378		80,745

CVS Health Corp.		1,484		132,492

Humana, Inc.		140		64,842

Quest Diagnostics, Inc.		121		17,760

UnitedHealth Group, Inc.		704		324,171


				770,479


Hotels, Restaurants & Leisure — 2.1%

Booking Holdings, Inc.*		46		111,356

Chipotle Mexican Grill, Inc.*		32		56,929

McDonald’s Corp.		715		175,568

Starbucks Corp.		1,277		135,451

Yum! Brands, Inc.		336		41,980


				521,284


Household Durables — 0.3%

DR Horton, Inc.		301		26,870

Garmin Ltd.		171		24,556

Newell Brands, Inc.		428		9,797

Toll Brothers, Inc.		126		7,581

Whirlpool Corp.		69		14,547


				83,351


Household Products — 1.4%

Church & Dwight Co., Inc.		243		21,229

Clorox Co. (The)		139		22,658

Colgate-Palmolive Co.		941		71,695

Procter & Gamble Co. (The)		1,664		237,935


				353,517


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

Brookfield Renewable Corp.		68		2,816


Industrial Conglomerates — 1.1%

3M Co.		572		102,205

General Electric Co.		1,232		129,200

Roper Technologies, Inc.		91		44,396


				275,801

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	137

JPMorgan Carbon Transition U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Insurance — 2.3%

Aflac, Inc.		749		40,199

Allstate Corp. (The)		333		41,182

Aon plc, Class A		252		80,620

Arthur J Gallagher & Co.		216		36,217

Assurant, Inc.		67		10,808

Brown & Brown, Inc.		14		883

Chubb Ltd.		494		96,518

Cincinnati Financial Corp.		169		20,523

First American Financial Corp.		120		8,777

Hartford Financial Services Group, Inc. (The)		392		28,588

Lincoln National Corp.		212		15,296

MetLife, Inc.		829		52,061

Principal Financial Group, Inc.		300		20,127

Prudential Financial, Inc.		436		47,982

Travelers Cos., Inc. (The)		284		45,690

Unum Group		228		5,807

WR Berkley Corp.		156		12,418


				563,696


Interactive Media & Services — 5.9%

Alphabet, Inc., Class A*		356		1,054,088

Meta Platforms, Inc., Class A*		1,265		409,316


				1,463,404


Internet & Direct Marketing Retail — 4.0%

Amazon.com, Inc.*		266		897,067

eBay, Inc.		735		56,389

Etsy, Inc.*		142		35,598

Qurate Retail, Inc., Series A		466		4,865


				993,919


IT Services — 4.7%

Accenture plc, Class A		502		180,113

Alliance Data Systems Corp.		56		4,774

Amdocs Ltd.		146		11,365

Automatic Data Processing, Inc.		12		2,694

Cognizant Technology Solutions Corp., Class A		594		46,385

Fidelity National Information Services, Inc.		699		77,407

Genpact Ltd.		206		10,166

Globant SA*		44		14,044

International Business Machines Corp.		825		103,208

Mastercard, Inc., Class A		683		229,160

PayPal Holdings, Inc.*		914		212,587

Square, Inc., Class A*		41		10,435

Switch, Inc., Class A		129		3,261

Visa, Inc., Class A		1,252		265,136


				1,170,735


INVESTMENTS	SHARES		VALUE($)



Leisure Products — 0.1%

Brunswick Corp.		87		8,099

Hasbro, Inc.		144		13,789


				21,888


Life Sciences Tools & Services — 2.1%

Agilent Technologies, Inc.		343		54,019

Charles River Laboratories International, Inc.*		49		21,985

Illumina, Inc.*		164		68,070

IQVIA Holdings, Inc.*		215		56,205

Mettler-Toledo International, Inc.*		26		38,503

PerkinElmer, Inc.		125		22,111

Thermo Fisher Scientific, Inc.		352		222,841

Waters Corp.*		69		25,361


				509,095


Machinery — 1.9%

Caterpillar, Inc.		618		126,078

Crane Co.		60		6,197

Cummins, Inc.		163		39,094

Deere & Co.		318		108,855

Dover Corp.		162		27,391

Flowserve Corp.		147		4,942

Fortive Corp.		368		27,861

Gates Industrial Corp. plc*		69		1,134

Illinois Tool Works, Inc.		355		80,894

ITT, Inc.		97		9,125

Middleby Corp. (The)*		62		11,311

Oshkosh Corp.		77		8,239

Timken Co. (The)		63		4,470

Xylem, Inc.		202		26,379


				481,970


Marine — 0.0% (a)

Kirby Corp.*		68		3,564


Media — 0.6%

Charter Communications, Inc., Class A*		12		8,099

Comcast Corp., Class A		2,026		104,197

Interpublic Group of Cos., Inc. (The)		442		16,164

Omnicom Group, Inc.		240		16,339


				144,799


Metals & Mining — 0.2%

Alcoa Corp.		185		8,501

Cleveland-Cliffs, Inc.*		451		10,874

Steel Dynamics, Inc.		192		12,687

United States Steel Corp.		181		4,776


				36,838

SEE NOTES TO FINANCIAL STATEMENTS.



138	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Multiline Retail — 0.6%

Target Corp.		563		146,166


Multi-Utilities — 0.8%

CenterPoint Energy, Inc.		655		17,056

CMS Energy Corp.		286		17,260

Consolidated Edison, Inc.		387		29,180

DTE Energy Co.		191		21,650

NiSource, Inc.		388		9,572

Public Service Enterprise Group, Inc.		568		36,238

Sempra Energy		356		45,436

WEC Energy Group, Inc.		312		28,099


				204,491


Oil, Gas & Consumable Fuels — 2.4%

Chevron Corp.		1,720		196,923

ConocoPhillips		751		55,942

Coterra Energy, Inc.		443		9,445

Devon Energy Corp.		760		30,461

EOG Resources, Inc.		658		60,839

EQT Corp.*		310		6,172

Exxon Mobil Corp.		1,677		108,116

Hess Corp.		313		25,844

Occidental Petroleum Corp.		953		31,954

ONEOK, Inc.		500		31,810

Pioneer Natural Resources Co.		244		45,623


				603,129


Paper & Forest Products — 0.0% (a)

Sylvamo Corp.*		35		986


Personal Products — 0.4%

Coty, Inc., Class A*		327		2,773

Estee Lauder Cos., Inc. (The), Class A		258		83,677

Herbalife Nutrition Ltd.*		116		5,382


				91,832


Pharmaceuticals — 3.2%

Bristol-Myers Squibb Co.		2,010		117,384

Eli Lilly & Co.		769		195,911

Johnson & Johnson		1,883		306,703

Merck & Co., Inc.		825		72,641

Organon & Co.		101		3,712

Pfizer, Inc.		2,118		92,641

Zoetis, Inc.		35		7,567


				796,559


Professional Services — 0.5%

Booz Allen Hamilton Holding Corp.		150		13,029

FTI Consulting, Inc.*		33		4,749


INVESTMENTS	SHARES		VALUE($)



Professional Services — continued

IHS Markit Ltd.		420		54,902

ManpowerGroup, Inc.		61		5,896

Nielsen Holdings plc		403		8,161

Verisk Analytics, Inc.		179		37,638


				124,375


Real Estate Management & Development — 0.2%

CBRE Group, Inc., Class A*		375		39,030

Howard Hughes Corp. (The)*		47		4,095

Jones Lang LaSalle, Inc.*		57		14,719


				57,844


Road & Rail — 0.9%

Uber Technologies, Inc.*		1,820		79,752

Union Pacific Corp.		597		144,116


				223,868


Semiconductors & Semiconductor Equipment — 5.4%

Advanced Micro Devices, Inc.*		1,360		163,513

Analog Devices, Inc.		373		64,712

Applied Materials, Inc.		1,013		138,426

Broadcom, Inc.		128		68,054

Cirrus Logic, Inc.*		71		5,738

Entegris, Inc.		92		12,952

First Solar, Inc.*		119		14,231

Intel Corp.		1,492		73,108

Lam Research Corp.		161		90,735

Micron Technology, Inc.		74		5,113

NVIDIA Corp.		1,679		429,270

QUALCOMM, Inc.		1,142		151,932

Teradyne, Inc.		188		25,989

Texas Instruments, Inc.		278		52,119

Xilinx, Inc.		277		49,860


				1,345,752


Software — 11.6%

Adobe, Inc.*		380		247,137

ANSYS, Inc.*		98		37,199

Atlassian Corp. plc, Class A*		148		67,803

Autodesk, Inc.*		248		78,767

Cadence Design Systems, Inc.*		309		53,491

Citrix Systems, Inc.		140		13,262

Dolby Laboratories, Inc., Class A		72		6,361

Intuit, Inc.		275		172,147

Microsoft Corp.		4,515		1,497,265

NortonLifeLock, Inc.		620		15,779

Oracle Corp.		1,784		171,157

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	139

JPMorgan Carbon Transition U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Software — continued

PTC, Inc.*		119		15,155

salesforce.com, Inc.*		785		235,257

ServiceNow, Inc.*		222		154,903

Synopsys, Inc.*		160		53,309

Teradata Corp.*		122		6,900

VMware, Inc., Class A*		91		13,805

Workday, Inc., Class A*		208		60,316


				2,900,013


Specialty Retail — 2.6%

Advance Auto Parts, Inc.		74		16,689

Best Buy Co., Inc.		282		34,472

Burlington Stores, Inc.*		39		10,775

CarMax, Inc.*		183		25,056

Home Depot, Inc. (The)		824		306,314

Lowe’s Cos., Inc.		757		177,002

TJX Cos., Inc. (The)		502		32,876

Tractor Supply Co.		129		28,015

Williams-Sonoma, Inc.		84		15,601


				646,800


Technology Hardware, Storage & Peripherals — 5.9%

Apple, Inc.		9,364		1,402,727

Dell Technologies, Inc., Class C*		277		30,467

HP, Inc.		1,359		41,219


				1,474,413


Textiles, Apparel & Luxury Goods — 1.0%

Capri Holdings Ltd.*		60		3,194

Hanesbrands, Inc.		390		6,646

NIKE, Inc., Class B		1,151		192,551

PVH Corp.*		80		8,746

Ralph Lauren Corp.		52		6,613

Tapestry, Inc.		315		12,279

Under Armour, Inc., Class A*		106		2,328

VF Corp.		365		26,601


				258,958


INVESTMENTS	SHARES		VALUE($)



Trading Companies & Distributors — 0.3%

United Rentals, Inc.*		81		30,708

Univar Solutions, Inc.*		205		5,244

WW Grainger, Inc.		52		24,082


				60,034


Water Utilities — 0.2%

American Water Works Co., Inc.		204		35,533

Essential Utilities, Inc.		252		11,861


				47,394


Wireless Telecommunication Services — 0.0% (a)

T-Mobile US, Inc.*		20		2,301


Total Common Stocks (Cost $20,438,856)				24,893,297

Short-Term Investments — 0.0% (a)

Investment Companies — 0.0% (a)

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $9,966)		9,966		9,966

Total Investments — 99.9% (Cost $20,448,822)				24,903,263
Other Assets Less Liabilities — 0.1%				30,131

NET ASSETS — 100.0%				24,933,394

Percentages indicated are based on net assets.


(a)		Amountrounds to less than 0.1% of net assets.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2021.
*		Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2021:

Description

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Micro E-Mini S&P 500 Index

12/2021

USD

22,998

1,055

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



140	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%

Bahrain — 0.2%

Ahli United Bank BSC		246,146		239,246


Brazil — 8.4%

Alpargatas SA (Preference)*		35,916		243,097

Ambev SA		190,411		574,560

Banco Bradesco SA (Preference)*		137,863		487,325

Banco BTG Pactual SA*		82,987		333,048

Banco do Brasil SA		52,406		265,104

Banco Santander Brasil SA		57,204		350,696

BB Seguridade Participacoes SA		25,934		101,644

Bradespar SA (Preference)		39,892		343,307

CCR SA		115,888		236,548

Centrais Eletricas Brasileiras SA		46,196		277,480

Cia de Saneamento Basico do Estado de Sao Paulo*		34,060		213,275

Cia de Transmissao de Energia Eletrica Paulista (Preference)		75,349		324,690

Cia Energetica de Minas Gerais (Preference)		160,898		364,913

Cia Energetica de Sao Paulo (Preference), Class B		37,693		169,972

Cia Paranaense de Energia (Preference)		295,155		310,645

Cia Siderurgica Nacional SA		16,565		67,243

Cielo SA		363,000		139,571

CPFL Energia SA		35,867		167,012

Dexco SA		93,033		253,526

EDP — Energias do Brasil SA		68,905		239,418

Embraer SA*		105,364		407,917

Energisa SA		25,843		180,825

Eneva SA*		89,997		229,146

Engie Brasil Energia SA		22,249		152,130

Equatorial Energia SA		67,919		274,863

Gerdau SA (Preference)		27,473		131,674

Getnet Adquirencia e Servicos para Meios de Pagamento SA*		14,301		11,149

Grendene SA		85,612		130,607

Hypera SA*		42,650		211,746

Itau Unibanco Holding SA (Preference)		118,075		488,928

Itausa SA (Preference)		137,681		250,781

Marfrig Global Foods SA		45,607		213,821

Neoenergia SA		6,538		17,956

Petroleo Brasileiro SA (Preference)		153,515		741,218

Porto Seguro SA		7,754		32,273

Qualicorp Consultoria e Corretora de Seguros SA		28,729		87,300

Sao Martinho SA		54,717		372,872

Telefonica Brasil SA		41,350		333,435

TIM SA*		93,129		184,482


INVESTMENTS	SHARES		VALUE($)


Brazil — continued

Transmissora Alianca de Energia Eletrica SA		46,954		305,495

Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		49,574		116,385

Vale SA		149,108		1,896,941

WEG SA		99,176		648,603


				12,883,621


Chile — 1.1%

AES Andes SA		1,166,711		119,898

Banco Santander Chile		2,445,416		107,015

CAP SA		7,949		78,679

Cencosud SA		213,341		312,078

Cia Cervecerias Unidas SA		19,083		159,882

Cia Sud Americana de Vapores SA		4,932,979		320,477

Colbun SA		1,554,939		107,231

Embotelladora Andina SA (Preference), Class B		68,011		140,453

Enel Americas SA		2,152,887		244,797

Enel Chile SA		1,233,264		50,528

Falabella SA		34,191		94,549


				1,735,587


China — 24.4%

Agile Group Holdings Ltd.		62,000		48,604

An Hui Wenergy Co. Ltd., Class A		154,100		105,577

Angang Steel Co. Ltd., Class H		313,800		168,676

Anhui Conch Cement Co. Ltd., Class H		86,000		425,262

Anhui Expressway Co. Ltd., Class A		79,700		72,270

ANTA Sports Products Ltd.		19,000		294,381

BAIC Motor Corp. Ltd., Class H (a)		101,500		33,622

Bank of China Ltd., Class H		3,187,000		1,127,885

Bank of Hangzhou Co. Ltd., Class A		111,300		247,931

Baoshan Iron & Steel Co. Ltd., Class A		228,700		254,219

Beijing Enterprises Holdings Ltd.		18,500		71,112

BGI Genomics Co. Ltd., Class A		8,200		113,930

Blue Sail Medical Co. Ltd., Class A		51,600		116,461

Bluestar Adisseo Co., Class A		12,700		25,949

Bosideng International Holdings Ltd. (b)		188,000		145,673

BYD Electronic International Co. Ltd.		53,000		157,336

CGN Power Co. Ltd., Class H (a)		1,036,000		278,889

China CITIC Bank Corp. Ltd., Class H		678,000		297,405

China Coal Energy Co. Ltd., Class H		68,000		41,486

China Communications Services Corp. Ltd., Class H		324,000		179,114

China Construction Bank Corp., Class H		1,522,000		1,035,844

China Everbright Bank Co. Ltd., Class H		260,000		91,432

China Feihe Ltd. (a)		165,000		273,949

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	141

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — continued

China Hongqiao Group Ltd.		255,500		283,874

China International Marine Containers Group Co. Ltd., Class A		107,600		295,030

China Lesso Group Holdings Ltd.		114,000		176,206

China Longyuan Power Group Corp. Ltd., Class H		149,000		348,517

China Medical System Holdings Ltd.		161,000		272,608

China Merchants Bank Co. Ltd., Class H		84,500		708,122

China Merchants Port Holdings Co. Ltd.		52,000		86,693

China Minsheng Banking Corp. Ltd., Class H		155,800		61,774

China National Building Material Co. Ltd., Class H		294,250		368,782

China National Chemical Engineering Co. Ltd., Class A		87,200		142,725

China National Nuclear Power Co. Ltd., Class A		222,500		238,149

China Petroleum & Chemical Corp., Class H		848,000		413,174

China Resources Cement Holdings Ltd.		180,000		151,363

China Resources Gas Group Ltd.		66,000		354,579

China Resources Land Ltd.		66,000		256,441

China Resources Pharmaceutical Group Ltd. (a)		145,000		69,752

China Resources Power Holdings Co. Ltd.		156,000		403,763

China Shenhua Energy Co. Ltd., Class H		244,500		525,747

China Vanke Co. Ltd., Class H		37,700		88,083

China Yangtze Power Co. Ltd., Class A		129,200		428,472

Chinese Universe Publishing and Media Group Co. Ltd., Class A		83,000		135,126

Chongqing Changan Automobile Co. Ltd., Class A		69,500		212,282

Chongqing Rural Commercial Bank Co. Ltd., Class H		68,000		24,461

CITIC Ltd.		231,000		231,415

Citic Pacific Special Steel Group Co. Ltd., Class A		62,976		187,433

COSCO SHIPPING Energy Transportation Co. Ltd., Class H		68,000		30,051

COSCO SHIPPING Holdings Co. Ltd., Class H* (b)		304,350		471,410

COSCO SHIPPING Ports Ltd.		134,000		111,540

Country Garden Services Holdings Co. Ltd.		31,000		238,653

Daan Gene Co. Ltd., Class A		55,860		167,816

Dali Foods Group Co. Ltd. (a)		317,000		176,417

Datang International Power Generation Co. Ltd., Class H		442,000		79,881

Dongguan Development Holdings Co. Ltd., Class A		90,300		143,487

ENN Energy Holdings Ltd.		45,900		790,787

Foshan Haitian Flavouring & Food Co. Ltd., Class A		18,126		331,477

Fosun International Ltd.		85,076		99,677


INVESTMENTS	SHARES		VALUE($)


China — continued

Fujian Sunner Development Co. Ltd., Class A		39,300		137,793

G-bits Network Technology Xiamen Co. Ltd., Class A		2,200		117,287

GD Power Development Co. Ltd., Class A		426,600		185,505

Great Wall Motor Co. Ltd., Class H		196,500		884,161

Guangdong Baolihua New Energy Stock Co. Ltd., Class A		263,300		235,454

Guangdong Investment Ltd.		236,000		296,738

Guangxi Guiguan Electric Power Co. Ltd., Class A		201,800		182,348

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		18,000		45,507

Guangzhou R&F Properties Co. Ltd., Class H (b)		70,800		44,289

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		15,800		187,141

Haitian International Holdings Ltd.		72,000		209,844

Heilongjiang Agriculture Co. Ltd., Class A		94,100		202,091

Hello Group, Inc., ADR		5,685		70,778

Henan Shuanghui Investment & Development Co. Ltd., Class A		26,800		123,336

Hopson Development Holdings Ltd.		23,320		63,280

Huabao Flavours & Fragrances Co. Ltd., Class A		27,000		175,702

Huadian Power International Corp. Ltd., Class H		360,000		132,960

Huadong Medicine Co. Ltd., Class A		34,900		198,988

Huaibei Mining Holdings Co. Ltd., Class A		77,800		153,498

Huapont Life Sciences Co. Ltd., Class A		198,200		191,777

Huaxin Cement Co. Ltd., Class B		108,500		192,696

Hubei Energy Group Co. Ltd., Class A		219,400		169,832

Hunan Valin Steel Co. Ltd., Class A		168,900		140,776

Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A		122,916		243,956

Industrial & Commercial Bank of China Ltd., Class H		1,836,000		1,006,426

Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		345,100		192,810

Inner Mongolia Yitai Coal Co. Ltd., Class B		34,200		29,657

Intco Medical Technology Co. Ltd., Class A		21,200		169,828

Jiangling Motors Corp. Ltd., Class A		55,500		134,734

Jiangsu Expressway Co. Ltd., Class A		31,100		41,253

Jiangsu Hengli Hydraulic Co. Ltd., Class A		21,656		277,347

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		37,700		207,375

Jiangsu Zhongnan Construction Group Co. Ltd., Class A		141,900		84,787

Jiangsu Zhongtian Technology Co. Ltd., Class A		93,700		147,887

SEE NOTES TO FINANCIAL STATEMENTS.



142	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — continued

Joincare Pharmaceutical Group Industry Co. Ltd., Class A		78,500		141,164

Jointo Energy Investment Co. Ltd. Hebei, Class A		175,100		139,784

Joyoung Co. Ltd., Class A		24,671		89,903

JOYY, Inc., ADR		2,078		104,710

Kingboard Holdings Ltd.		89,000		387,845

KingClean Electric Co. Ltd., Class A		39,918		155,743

Kingfa Sci & Tech Co. Ltd., Class A		47,400		86,830

Kunlun Energy Co. Ltd.		192,000		174,870

Kweichow Moutai Co. Ltd., Class A		4,000		1,139,948

LB Group Co. Ltd., Class A		61,600		273,483

Lens Technology Co. Ltd., Class A		31,100		103,343

Li Ning Co. Ltd.		109,000		1,202,822

Liuzhou Iron & Steel Co. Ltd., Class A		187,300		158,594

Livzon Pharmaceutical Group, Inc., Class A		23,700		129,895

Longfor Group Holdings Ltd. (a)		39,500		191,098

Maanshan Iron & Steel Co. Ltd., Class H		218,000		92,701

Nanjing Iron & Steel Co. Ltd., Class A		325,400		179,237

Pharmaron Beijing Co. Ltd., Class H (a)		14,800		320,228

Ping An Insurance Group Co. of China Ltd., Class H		123,500		884,597

Postal Savings Bank of China Co. Ltd., Class H (a)		583,000		423,721

Sansteel Minguang Co. Ltd. Fujian, Class A		120,300		128,708

Sany Heavy Industry Co. Ltd., Class A		65,900		236,011

SDIC Power Holdings Co. Ltd., Class A		199,900		329,002

Seazen Group Ltd.*		108,000		85,436

Seazen Holdings Co. Ltd., Class A		34,700		185,139

Shaanxi Coal Industry Co. Ltd., Class A		161,100		315,292

Shandong Buchang Pharmaceuticals Co. Ltd., Class A		45,900		125,286

Shandong Chenming Paper Holdings Ltd., Class A		190,800		210,510

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		66,040		320,768

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		136,000		231,653

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		14,900		27,270

Shanghai Shimao Co. Ltd., Class A		197,800		97,573

Shenzhen Gas Corp. Ltd., Class A		140,500		198,899

Shenzhen International Holdings Ltd.		35,544		42,792

Shenzhen Jinjia Group Co. Ltd., Class A		77,400		130,720

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		6,300		368,684

Shenzhen Overseas Chinese Town Co. Ltd., Class A		162,700		159,049


INVESTMENTS	SHARES		VALUE($)


China — continued

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A*		29,200		131,571

Shenzhou International Group Holdings Ltd.		32,700		704,495

Sinotruk Hong Kong Ltd.		128,500		177,365

Tangshan Jidong Cement Co. Ltd., Class A‡		70,500		127,878

TangShan Port Group Co. Ltd., Class A		459,900		191,610

Tian Di Science & Technology Co. Ltd., Class A		204,100		133,239

Tianhe Chemicals Group Ltd.* ‡		20,000		—

Topchoice Medical Corp., Class A*		5,100		189,506

Weichai Power Co. Ltd., Class A		115,556		272,453

Weifu High-Technology Group Co. Ltd., Class A		54,900		166,325

Wuliangye Yibin Co. Ltd., Class A		16,700		563,581

Xinhua Winshare Publishing and Media Co. Ltd., Class A		74,900		97,254

Xinxing Ductile Iron Pipes Co. Ltd., Class A		239,900		138,968

Xinyangfeng Agricultural Technology Co. Ltd., Class A		61,200		173,693

Yangzijiang Shipbuilding Holdings Ltd.		349,300		368,773

Yanzhou Coal Mining Co. Ltd., Class H (b)		236,000		350,049

Yintai Gold Co. Ltd., Class A		89,620		122,914

Yuexiu Property Co. Ltd.		60,400		53,073

Yunnan Baiyao Group Co. Ltd., Class A		10,300		144,005

Zhejiang Expressway Co. Ltd., Class H		168,000		149,204

Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A		222,100		269,536

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		70,280		260,153

Zhejiang Semir Garment Co. Ltd., Class A		117,500		137,794

Zhejiang Weixing New Building Materials Co. Ltd., Class A		47,297		132,726

Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		117,800		186,772

Zhongsheng Group Holdings Ltd.		44,500		401,228

Zhuzhou Kibing Group Co. Ltd., Class A		82,100		203,488

Zijin Mining Group Co. Ltd., Class H		222,000		308,724

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		262,200		188,858


				37,509,158


Colombia — 0.3%

Bancolombia SA (Preference)		35,733		320,254

Ecopetrol SA		63,561		48,155

Grupo Aval Acciones y Valores SA (Preference)		367,030		111,793


				480,202


Czech Republic — 0.3%

CEZ A/S		7,982		263,506

Moneta Money Bank A/S* (a)		24,264		94,854

O2 Czech Republic A/S		6,548		75,201


				433,561

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	143

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Egypt — 0.3%

Commercial International Bank Egypt SAE*		68,473		222,908

ElSewedy Electric Co.		271,173		149,043


				371,951


Greece — 1.0%

Hellenic Telecommunications Organization SA		25,839		458,741

JUMBO SA		16,774		249,670

Mytilineos SA		21,305		389,339

OPAP SA		27,558		430,382


				1,528,132


Hong Kong — 0.3%

Kingboard Laminates Holdings Ltd.		128,000		200,654

Nine Dragons Paper Holdings Ltd.		206,000		259,045


				459,699


Hungary — 0.8%

Magyar Telekom Telecommunications plc		61,933		85,356

MOL Hungarian Oil & Gas plc		14,822		126,659

OTP Bank Nyrt.*		11,128		668,653

Richter Gedeon Nyrt.		12,891		361,125


				1,241,793


India — 11.4%

Asian Paints Ltd.		1,715		71,075

Aurobindo Pharma Ltd.		12,136		111,889

Bajaj Auto Ltd.		5,630		279,166

Bajaj Holdings & Investment Ltd.*		585		37,794

Bharat Petroleum Corp. Ltd.		33,407		186,766

Cadila Healthcare Ltd.		11,433		76,914

Castrol India Ltd.		9,840		18,192

Cipla Ltd.		22,073		267,204

Colgate-Palmolive India Ltd.		4,018		82,885

Dabur India Ltd.		30,119		235,910

Divi’s Laboratories Ltd.		5,712		393,034

Dr Reddy’s Laboratories Ltd.		5,404		336,146

GAIL India Ltd.		13,958		27,774

Glenmark Pharmaceuticals Ltd.		9,001		60,640

HCL Technologies Ltd.		37,459		573,578

Hindalco Industries Ltd.		15,107		93,092

Hindustan Petroleum Corp. Ltd.		22,950		95,251

Hindustan Unilever Ltd.		43,453		1,390,805

Hindustan Zinc Ltd.*		9,822		40,951

Housing Development Finance Corp. Ltd.		34,008		1,296,612

ICICI Lombard General Insurance Co. Ltd. (a)		3,312		65,629

Indian Oil Corp. Ltd.		48,357		82,786

Indus Towers Ltd.		56,642		205,898

Infosys Ltd.		134,111		3,001,245


INVESTMENTS	SHARES		VALUE($)


India — continued

ITC Ltd.		187,393		559,512

Jindal Steel & Power Ltd.*		16,416		91,773

JSW Steel Ltd.		24,975		223,689

Motherson Sumi Systems Ltd.		38,498		115,368

Mphasis Ltd.		2,346		101,751

Muthoot Finance Ltd.		1,332		26,158

Nestle India Ltd.		1,472		374,021

NHPC Ltd.		178,485		73,247

NMDC Ltd.		47,365		90,902

NTPC Ltd.		133,125		236,354

Oil & Natural Gas Corp. Ltd.		86,280		171,692

Oil India Ltd.		9,790		29,431

Petronet LNG Ltd.		40,066		122,998

Piramal Enterprises Ltd.		3,336		116,283

Power Grid Corp. of India Ltd.		78,720		194,992

REC Ltd.		36,261		72,170

Reliance Industries Ltd.		59,045		2,003,702

Sun Pharmaceutical Industries Ltd.		22,804		242,489

Tata Consultancy Services Ltd.		29,904		1,359,272

Tata Power Co. Ltd. (The)		178,664		512,619

Tata Steel Ltd.		26,867		473,687

Tech Mahindra Ltd.		4,864		96,278

Titan Co. Ltd.		9,184		293,037

Torrent Power Ltd.		8,735		58,448

United Breweries Ltd.		1,653		36,644

UPL Ltd.		17,145		169,972

Vedanta Ltd.		61,406		249,891

Wipro Ltd.		39,270		340,061


				17,467,677


Indonesia — 3.5%

Adaro Energy Tbk. PT		2,670,500		316,332

Astra International Tbk. PT		1,125,800		479,493

Bank Central Asia Tbk. PT		1,808,500		956,295

Bank Rakyat Indonesia Persero Tbk. PT		2,981,294		894,936

Bukit Asam Tbk. PT		1,009,300		191,023

Charoen Pokphand Indonesia Tbk. PT		701,500		307,609

Gudang Garam Tbk. PT		55,300		131,005

Hanjaya Mandala Sampoerna Tbk. PT		1,476,900		108,069

Indofood CBP Sukses Makmur Tbk. PT		121,700		75,556

Indofood Sukses Makmur Tbk. PT		464,900		208,678

Kalbe Farma Tbk. PT		2,246,400		253,701

Media Nusantara Citra Tbk. PT		2,041,400		129,846

Perusahaan Gas Negara Tbk. PT*		292,300		31,175

Sarana Menara Nusantara Tbk. PT		2,849,300		233,540

Telkom Indonesia Persero Tbk. PT		3,036,000		811,479

SEE NOTES TO FINANCIAL STATEMENTS.



144	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Indonesia — continued

Unilever Indonesia Tbk. PT		243,900		76,135

XL Axiata Tbk. PT		1,026,500		223,523


				5,428,395


Kuwait — 1.7%

Agility Public Warehousing Co. KSC		144,902		481,576

Humansoft Holding Co. KSC		14,098		156,365

Kuwait Finance House KSCP		211,482		584,486

Mobile Telecommunications Co. KSCP		235,809		467,008

National Bank of Kuwait SAKP*		296,799		975,900


				2,665,335


Malaysia — 2.4%

AMMB Holdings Bhd.*		89,700		72,783

Astro Malaysia Holdings Bhd.		243,300		58,460

Axiata Group Bhd.		241,900		230,743

DiGi.Com Bhd.		225,000		230,264

Hartalega Holdings Bhd.		165,100		233,636

Hong Leong Financial Group Bhd.		6,500		28,799

Kuala Lumpur Kepong Bhd.		16,500		86,146

Malayan Banking Bhd.		32,608		63,389

Maxis Bhd.		276,600		312,202

Nestle Malaysia Bhd.		5,500		178,677

Petronas Dagangan Bhd.		6,700		32,945

Petronas Gas Bhd.		87,300		353,205

PPB Group Bhd.		75,660		332,166

Press Metal Aluminium Holdings Bhd.		114,900		154,439

RHB Bank Bhd.		76,200		102,816

Supermax Corp. Bhd.		252,800		117,212

Telekom Malaysia Bhd.		202,300		282,783

Tenaga Nasional Bhd.		247,600		577,613

Top Glove Corp. Bhd.		381,300		250,456


				3,698,734


Mexico — 5.8%

Alfa SAB de CV, Class A		397,417		287,041

Alpek SAB de CV		17,446		19,244

America Movil SAB de CV, Series L		734,052		653,544

Arca Continental SAB de CV		68,939		419,601

Cemex SAB de CV*		973,381		627,866

Coca-Cola Femsa SAB de CV		54,246		291,597

El Puerto de Liverpool SAB de CV, Class C1		14,904		66,195

Fibra Uno Administracion SA de CV, REIT		260,700		259,332

Fomento Economico Mexicano SAB de CV		17,618		145,108

Gruma SAB de CV, Class B		32,757		383,480

Grupo Aeroportuario del Centro Norte SAB de CV*		36,086		218,237


INVESTMENTS	SHARES		VALUE($)


Mexico — continued

Grupo Aeroportuario del Pacifico SAB de CV, Class B*		35,586		449,405

Grupo Aeroportuario del Sureste SAB de CV, Class B		25,386		512,813

Grupo Bimbo SAB de CV, Series A		162,146		481,996

Grupo Carso SAB de CV, Series A1		35,582		120,099

Grupo Financiero Banorte SAB de CV, Class O		163,702		1,034,786

Grupo Mexico SAB de CV, Series B		183,967		806,174

Kimberly-Clark de Mexico SAB de CV, Class A		161,267		254,888

Megacable Holdings SAB de CV		79,251		233,888

Orbia Advance Corp. SAB de CV		141,444		367,625

Promotora y Operadora de Infraestructura SAB de CV		29,075		214,165

Qualitas Controladora SAB de CV		19,428		89,610

Wal-Mart de Mexico SAB de CV		294,317		1,025,421


				8,962,115


Pakistan — 0.0% (c)

Oil & Gas Development Co. Ltd.		86,499		43,057


Philippines — 0.6%

Globe Telecom, Inc.		4,240		251,994

JG Summit Holdings, Inc.		5,291		6,319

Manila Electric Co.		31,950		182,027

Metro Pacific Investments Corp.		2,200,200		163,824

PLDT, Inc.		8,430		275,380

Puregold Price Club, Inc.		18,400		15,416

San Miguel Corp.		16,150		37,399


				932,359


Qatar — 1.6%

Barwa Real Estate Co.		11,004		9,541

Commercial Bank PSQC (The)		86,440		145,056

Industries Qatar QSC		148,723		647,829

Masraf Al Rayan QSC		195,273		256,091

Ooredoo QPSC		78,512		149,218

Qatar Electricity & Water Co. QSC		45,216		208,972

Qatar Fuel QSC		32,693		165,126

Qatar Gas Transport Co. Ltd.		459,469		410,918

Qatar International Islamic Bank QSC		31,881		85,722

Qatar National Bank QPSC		62,522		352,019

United Development Co. QSC		77,640		33,193


				2,463,685


Russia — 6.6%

Alrosa PJSC		168,930		298,250

Federal Grid Co. Unified Energy System PJSC		111,419,092		291,642

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	145

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES			VALUE($)
Common Stocks — continued

Russia — continued

Inter RAO UES PJSC		5,531,567			374,999

LUKOIL PJSC		15,591			1,591,091

M.Video PJSC		13,093			108,903

Magnit PJSC		6,959			635,090

Magnitogorsk Iron & Steel Works PJSC		304,361			284,414

MMC Norilsk Nickel PJSC		2,756			860,332

Mobile TeleSystems PJSC		105,004			460,115

Novolipetsk Steel PJSC		135,015			426,211

PhosAgro PJSC		1,573			124,302

Polyus PJSC		1,575			312,123

ROSSETI PJSC		7,477,739			146,943

Rostelecom PJSC		184,590			242,738

RusHydro PJSC		32,328,266			371,034

Sberbank of Russia PJSC		466,083			2,344,767

Severstal PAO		18,028			409,703

Sistema PJSFC		733,235			279,030

Surgutneftegas PJSC (Preference)		586,128	��		319,323

Tatneft PJSC		15,047			114,981

Unipro PJSC		3,386,841			130,401


					10,126,392


Saudi Arabia — 3.7%

Abdullah Al Othaim Markets Co.		1,743			53,811

Al Rajhi Bank		35,166			1,299,424

Almarai Co. JSC		21,180			298,708

Dr Sulaiman Al Habib Medical Services Group Co.		6,683			295,407

Etihad Etisalat Co.		52,000			419,366

Jarir Marketing Co.		8,091			437,456

Mobile Telecommunications Co. Saudi Arabia*		56,302			203,839

Mouwasat Medical Services Co.		2,301			110,299

Sahara International Petrochemical Co.		30,465			356,558

Saudi Airlines Catering Co.*		5,595			141,706

Saudi Cement Co.		15,734			248,328

Saudi Ground Services Co.*		19,394			192,859

Saudi Industrial Investment Group		24,649			249,139

Saudi Telecom Co.		27,820			869,060

Seera Group Holding*		32,104			198,569

United Electronics Co.		2,357			88,520

Yanbu Cement Co.		21,563			220,573


					5,683,622


South Africa — 5.7%

African Rainbow Minerals Ltd.		21,828			291,449

Anglo American Platinum Ltd.		3,534			357,079

AVI Ltd.		45,105			233,572


INVESTMENTS	SHARES		VALUE($)


South Africa — continued

Barloworld Ltd.		46,658		391,866

Bid Corp. Ltd.		4,300		92,289

Bidvest Group Ltd. (The)		36,317		454,732

Capitec Bank Holdings Ltd.		2,492		278,448

Clicks Group Ltd.		16,425		299,833

Exxaro Resources Ltd.		17,286		189,269

Foschini Group Ltd. (The)*		45,415		385,619

Kumba Iron Ore Ltd.		5,635		171,474

Mr Price Group Ltd.		29,638		387,981

MTN Group Ltd.*		48,058		430,942

MultiChoice Group		48,489		385,595

Naspers Ltd., Class N		6,911		1,170,404

Nedbank Group Ltd.		18,028		205,430

Netcare Ltd.*		32,233		35,683

Pepkor Holdings Ltd.* (a)		57,234		90,038

Pick n Pay Stores Ltd.		53,536		209,237

Shoprite Holdings Ltd.		42,315		502,766

Sibanye Stillwater Ltd.		133,268		466,405

SPAR Group Ltd. (The)		18,674		238,367

Telkom SA SOC Ltd.*		23,365		77,598

Tiger Brands Ltd.		19,136		241,370

Truworths International Ltd.		98,767		348,643

Vodacom Group Ltd.		56,878		504,846

Woolworths Holdings Ltd.		108,467		381,807


				8,822,742


Taiwan — 11.7%

Accton Technology Corp.		36,000		314,742

Asia Cement Corp.		175,000		278,735

Capital Securities Corp.		350,000		191,029

Cheng Shin Rubber Industry Co. Ltd.		259,000		317,881

Chicony Electronics Co. Ltd.		33,551		95,940

China Airlines Ltd.*		361,000		223,542

China Motor Corp.		46,000		114,593

China Steel Corp.		131,000		157,941

Chunghwa Telecom Co. Ltd.		224,000		888,889

CTBC Financial Holding Co. Ltd.		1,067,395		891,338

E.Sun Financial Holding Co. Ltd.		621,945		594,282

Eclat Textile Co. Ltd.		21,000		458,916

Far Eastern New Century Corp.		358,000		374,950

Far EasTone Telecommunications Co. Ltd.		145,000		319,062

Feng TAY Enterprise Co. Ltd.		35,000		272,338

First Financial Holding Co. Ltd.		545,743		449,319

Formosa Chemicals & Fibre Corp.		106,000		307,579

Formosa Petrochemical Corp.		74,000		266,422

Formosa Taffeta Co. Ltd.		177,000		191,089

SEE NOTES TO FINANCIAL STATEMENTS.



146	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Taiwan — continued

Fubon Financial Holding Co. Ltd.		187,700		496,171

Giant Manufacturing Co. Ltd.		27,000		313,585

Globalwafers Co. Ltd.		11,000		301,818

Hotai Motor Co. Ltd.		15,000		330,302

Lite-On Technology Corp.		148,000		326,604

Mega Financial Holding Co. Ltd.		555,233		667,246

momo.com, Inc.		8,400		541,298

Nan Ya Plastics Corp.		324,000		994,311

Nien Made Enterprise Co. Ltd.		27,000		371,062

Novatek Microelectronics Corp.		9,000		134,990

Pou Chen Corp.		343,000		420,661

President Chain Store Corp.		52,000		525,566

Realtek Semiconductor Corp.		30,000		539,629

SinoPac Financial Holdings Co. Ltd.		528,580		269,199

Taiwan Cooperative Financial Holding Co. Ltd.		511,650		416,008

Taiwan Fertilizer Co. Ltd.		176,000		430,401

Taiwan Mobile Co. Ltd.		152,000		536,131

Taiwan Semiconductor Manufacturing Co. Ltd.		102,000		2,164,472

Uni-President Enterprises Corp.		310,000		743,666

Yuanta Financial Holding Co. Ltd.		803,291		714,032

Yulon Motor Co. Ltd.		76,000		112,693


				18,058,432


Thailand — 2.9%

Advanced Info Service PCL		98,000		558,880

Bangkok Dusit Medical Services PCL, Class F		226,400		161,020

Bumrungrad Hospital PCL		30,400		133,518

Charoen Pokphand Foods PCL		305,800		232,813

Digital Telecommunications Infrastructure Fund, Class F		295,100		119,844

Electricity Generating PCL		42,600		229,578

Global Power Synergy PCL, NVDR		93,400		219,787

Home Product Center PCL		643,800		283,706

Intouch Holdings PCL, NVDR		100,000		226,860

Krung Thai Bank PCL		427,200		148,282

PTT Exploration & Production PCL		142,400		503,719

Ratch Group PCL		160,600		220,242

Siam Commercial Bank PCL (The)		163,000		619,754

Sri Trang Gloves Thailand PCL, NVDR		278,200		255,710

Thai Union Group PCL, Class F		435,100		274,048

Total Access Communication PCL, NVDR		153,300		176,777


				4,364,538


Turkey — 2.9%

Anadolu Efes Biracilik ve Malt Sanayii A/S		81,092		187,252

Arcelik A/S		90,174		316,363

Aselsan Elektronik Sanayi ve Ticaret A/S		160,692		274,617


INVESTMENTS	SHARES		VALUE($)


Turkey — continued

BIM Birlesik Magazalar A/S		51,721		334,352

Coca-Cola Icecek A/S		33,327		294,407

Enerjisa Enerji A/S (a)		248,890		304,446

Enka Insaat ve Sanayi A/S		207,096		239,132

Eregli Demir ve Celik Fabrikalari TAS		168,666		352,174

Ford Otomotiv Sanayi A/S		18,173		350,833

Haci Omer Sabanci Holding A/S		156,292		181,951

Koza Altin Isletmeleri A/S*		15,201		168,971

Tofas Turk Otomobil Fabrikasi A/S		68,117		416,609

Turk Hava Yollari AO*		112,388		171,285

Turk Telekomunikasyon A/S		317,935		249,017

Turkcell Iletisim Hizmetleri A/S		204,036		324,497

Turkiye Sise ve Cam Fabrikalari A/S		361,789		325,889


				4,491,795


United Arab Emirates — 1.9%

Abu Dhabi Commercial Bank PJSC		176,563		398,969

Abu Dhabi Islamic Bank PJSC		49,256		78,425

Aldar Properties PJSC		280,012		308,095

Dubai Islamic Bank PJSC		72,443		101,004

Emaar Malls PJSC*		89,249		48,715

Emirates NBD Bank PJSC		102,716		390,098

Emirates Telecommunications Group Co. PJSC		118,951		829,734

First Abu Dhabi Bank PJSC		148,500		720,767


				2,875,807


United States — 0.4%

JBS SA		90,072		625,132


Total Common Stocks (Cost $134,045,239)				153,592,767

Short-Term Investments — 0.7%

Investment Companies — 0.4%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $703,142)		703,142		703,142


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $449,126)		449,126		449,126


Total Short-Term Investments (Cost $1,152,268)				1,152,268

Total Investments — 100.6% (Cost $135,197,507)				154,745,035
Liabilities in Excess of Other Assets — (0.6)%				(862,287)

NET ASSETS — 100.0%				153,882,748

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	147

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Summary of Investments by Industry, October 31, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENT OF TOTAL INVESTMENTS

Banks		15.5	%

Metals & Mining		7.6

Oil, Gas & Consumable Fuels		6.3

Wireless Telecommunication Services		4.7

Food Products		4.5

Electric Utilities		3.9

Diversified Telecommunication Services		3.7

IT Services		3.6

Independent Power and Renewable Electricity Producers		3.4

Textiles, Apparel & Luxury Goods		2.9

Chemicals		2.8

Food & Staples Retailing		2.7

Beverages		2.6

Pharmaceuticals		2.1

Industrial Conglomerates		2.1

Semiconductors & Semiconductor Equipment		2.0

Specialty Retail		2.0

Automobiles		2.0

Transportation Infrastructure		1.7

Construction Materials		1.7

Machinery		1.7

Gas Utilities		1.3

Health Care Equipment & Supplies		1.3

Real Estate Management & Development		1.2

Household Products		1.1

Internet & Direct Marketing Retail		1.1

Insurance		1.1

Others (each less than 1.0%)		12.7

Short-Term Investments		0.7

Abbreviations


ADR		American Depositary Receipt
JSC		Joint Stock Company
NVDR		Non-Voting Depository Receipt
PJSC		Public Joint Stock Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT		Limited liability company
REIT		Real Estate Investment Trust

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $424,925.
(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 October 31, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

MSCI Emerging Markets E-Mini Index

12/2021

USD

189,285

(4,151

)

Abbreviations


MSCI		MorganStanley Capital International
USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



148	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.0%

Australia — 9.9%

AGL Energy Ltd.		534,781		2,306,312

Alumina Ltd.		1,432,077		2,164,329

Ampol Ltd.		117,044		2,707,377

Ansell Ltd.		109,026		2,610,370

APA Group		334,941		2,078,191

Aurizon Holdings Ltd.		115,399		294,205

AusNet Services Ltd.		1,107,563		2,059,681

Australia & New Zealand Banking Group Ltd.		26,726		568,742

Beach Energy Ltd.		479,001		503,194

BHP Group Ltd.		102,124		2,805,039

BHP Group plc		119,370		3,152,748

BlueScope Steel Ltd.		79,637		1,244,416

Charter Hall Group, REIT		37,144		487,326

Cochlear Ltd.		2,202		368,311

Coles Group Ltd.		204,901		2,655,308

Crown Resorts Ltd.*		8,281		62,422

CSL Ltd.		13,157		2,993,748

CSR Ltd.		499,330		2,241,591

Dexus, REIT		406,799		3,336,885

Endeavour Group Ltd.		37,410		192,230

Evolution Mining Ltd.		431,580		1,171,713

Fortescue Metals Group Ltd.		197,292		2,055,790

Glencore plc*		346,585		1,733,126

GPT Group (The), REIT		729,064		2,846,301

Harvey Norman Holdings Ltd.		473,353		1,775,835

JB Hi-Fi Ltd.		33,434		1,276,489

Macquarie Group Ltd.		2,466		364,053

Metcash Ltd.		647,002		1,994,036

Mirvac Group, REIT		951,308		2,030,249

Origin Energy Ltd.		396,096		1,517,040

Ramsay Health Care Ltd.		50,230		2,684,598

REA Group Ltd.		9,837		1,193,905

Rio Tinto Ltd.		36,866		2,525,792

Rio Tinto plc		42,320		2,638,714

Santos Ltd.		559,450		2,937,710

Sonic Healthcare Ltd.		106,588		3,234,359

Stockland, REIT		208,450		718,515

Tabcorp Holdings Ltd.		605,388		2,279,499

Telstra Corp. Ltd.		1,037,934		3,000,127

TPG Telecom Ltd.		134,198		685,073

Vicinity Centres, REIT		54,101		70,655

Wesfarmers Ltd.		82,047		3,549,823

Whitehaven Coal Ltd.*		293,841		581,510

Woodside Petroleum Ltd.		141,539		2,474,326

Woolworths Group Ltd.		104,622		3,013,617


				83,185,280


INVESTMENTS	SHARES		VALUE($)


Austria — 0.5%

Mondi plc		105,916		2,645,120

OMV AG		30,640		1,855,049


				4,500,169


Belgium — 0.6%

Etablissements Franz Colruyt NV		27,677		1,358,882

Groupe Bruxelles Lambert SA		12,368		1,435,074

Proximus SADP		107,671		2,027,613


				4,821,569


Brazil — 0.4%

Yara International ASA		64,122		3,351,200


Cambodia — 0.0% (a)

NagaCorp Ltd.		332,000		304,722


Chile — 0.3%

Antofagasta plc		142,552		2,780,511


China — 1.2%

Chow Tai Fook Jewellery Group Ltd.		212,600		433,619

Lenovo Group Ltd.		2,752,000		2,988,585

Tingyi Cayman Islands Holding Corp.		896,000		1,672,370

Uni-President China Holdings Ltd.		904,000		770,471

Want Want China Holdings Ltd.		2,411,000		1,869,841

Wilmar International Ltd.		852,500		2,725,565


				10,460,451


Denmark — 0.9%

Carlsberg A/S, Class B		9,198		1,518,736

DSV A/S		3,824		888,763

Genmab A/S*		4,706		2,114,178

Novo Nordisk A/S, Class B		30,845		3,382,306


				7,903,983


Finland — 2.0%

Elisa OYJ		45,678		2,756,680

Fortum OYJ		112,538		3,346,891

Kesko OYJ, Class B		83,945		2,731,948

Neste OYJ		46,461		2,586,570

Orion OYJ, Class B		12,773		553,117

Stora Enso OYJ, Class R		103,491		1,722,041

UPM-Kymmene OYJ		83,302		2,939,805


				16,637,052


France — 3.3%

Air Liquide SA		3,807		635,609

Arkema SA		18,791		2,570,498

Atos SE		19,008		991,699

Capgemini SE		15,472		3,607,499

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	149

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Covivio, REIT		7,127		617,298

Eiffage SA		24,992		2,572,306

Gecina SA, REIT		18,299		2,560,740

Klepierre SA, REIT		62,942		1,498,414

Orange SA (b)		124,846		1,361,440

Pernod Ricard SA		15,388		3,540,168

TotalEnergies SE		41,609		2,083,569

Unibail-Rodamco-Westfield, REIT*		33,500		2,392,059

Vinci SA		20,773		2,220,847

Vivendi SE (b)		86,567		1,115,205


				27,767,351


Germany — 2.6%

Aroundtown SA		98,138		682,012

Covestro AG (c)		12,531		802,469

Daimler AG (Registered)		29,454		2,923,676

Deutsche Telekom AG (Registered)		163,986		3,049,673

Evonik Industries AG		24,416		791,098

Fresenius Medical Care AG & Co. KGaA		30,766		2,043,758

Hannover Rueck SE		2,920		533,145

Hella GmbH & Co. KGaA (b)		13,357		928,585

Infineon Technologies AG		8,723		408,510

LEG Immobilien SE		5,973		888,442

Merck KGaA		6,961		1,645,058

ProSiebenSat.1 Media SE		71,334		1,194,898

SAP SE		19,227		2,784,284

Telefonica Deutschland Holding AG		557,779		1,453,248

Uniper SE		36,209		1,600,679


				21,729,535


Hong Kong — 3.9%

ASM Pacific Technology Ltd.		97,200		1,051,744

CK Asset Holdings Ltd.		377,000		2,328,751

CK Infrastructure Holdings Ltd.		448,500		2,704,005

CLP Holdings Ltd.		351,000		3,436,613

Hong Kong & China Gas Co. Ltd. (b)		2,200,393		3,418,381

Hutchison Port Holdings Trust		2,727,600		587,555

Hysan Development Co. Ltd.		96,000		333,757

Link, REIT		207,600		1,839,220

MTR Corp. Ltd.		306,500		1,671,992

New World Development Co. Ltd.		109,750		476,033

PCCW Ltd.		3,787,000		1,949,659

Power Assets Holdings Ltd. (b)		504,000		3,080,096

Sun Hung Kai Properties Ltd.		172,000		2,280,434

Techtronic Industries Co. Ltd.		155,500		3,194,787

WH Group Ltd. (c)		2,259,000		1,583,591

Xinyi Glass Holdings Ltd.		875,000		2,465,703

Yue Yuen Industrial Holdings Ltd.*		359,000		762,054


				33,164,375


INVESTMENTS	SHARES		VALUE($)


Indonesia — 0.1%

First Pacific Co. Ltd.		524,000		209,452

Golden Agri-Resources Ltd.		4,260,100		835,513


				1,044,965


Ireland — 0.5%

CRH plc		36,255		1,734,941

Flutter Entertainment plc*		9,312		1,757,239

Smurfit Kappa Group plc		18,888		990,045


				4,482,225


Italy — 1.6%

A2A SpA		296,846		624,668

Banca Mediolanum SpA		59,338		597,956

Davide Campari-Milano NV		140,126		1,990,371

Enel SpA		81,424		681,664

Eni SpA		4,114		58,964

Italgas SpA		329,126		2,091,098

Poste Italiane SpA (c)		142,800		2,039,447

Recordati Industria Chimica e Farmaceutica SpA		26,074		1,633,718

Snam SpA		355,103		2,011,229

Telecom Italia SpA		3,613,394		1,289,080

Terna — Rete Elettrica Nazionale		110,199		821,071


				13,839,266


Japan — 29.2%

Activia Properties, Inc., REIT		203		832,234

Advance Residence Investment Corp., REIT		229		751,445

Advantest Corp.		5,300		434,536

Aeon Co. Ltd.		83,300		1,916,288

Aeon Mall Co. Ltd.		42,400		621,148

AEON REIT Investment Corp., REIT		387		523,163

Ajinomoto Co., Inc.		109,200		3,269,523

Alfresa Holdings Corp.		46,900		661,149

Anritsu Corp.		133,300		2,210,441

Aozora Bank Ltd.		28,900		661,087

Asahi Group Holdings Ltd.		52,500		2,382,465

Astellas Pharma, Inc.		199,300		3,359,955

Brother Industries Ltd.		39,600		765,624

Canon Marketing Japan, Inc.		56,200		1,113,341

Capcom Co. Ltd.		69,100		1,859,856

Casio Computer Co. Ltd.		41,800		591,516

Chubu Electric Power Co., Inc.		270,200		2,796,877

Chugai Pharmaceutical Co. Ltd.		65,100		2,434,049

Chugoku Electric Power Co., Inc. (The)		95,200		789,669

COMSYS Holdings Corp.		95,500		2,364,680

Cosmo Energy Holdings Co. Ltd.		108,100		2,209,848

SEE NOTES TO FINANCIAL STATEMENTS.



150	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Cosmos Pharmaceutical Corp.		13,900		2,124,158

CyberAgent, Inc.		125,500		2,102,821

Dai Nippon Printing Co. Ltd.		45,500		1,127,266

Daito Trust Construction Co. Ltd.		23,100		2,864,033

Daiwa House REIT Investment Corp., REIT		281		806,367

Daiwa Securities Group, Inc.		459,400		2,580,978

Denka Co. Ltd.		12,400		405,966

DIC Corp.		44,200		1,170,273

Electric Power Development Co. Ltd.		169,400		2,239,400

ENEOS Holdings, Inc.		654,500		2,639,108

Fuji Media Holdings, Inc.		16,900		175,177

FUJIFILM Holdings Corp.		40,900		3,160,647

Fujitsu Ltd.		18,200		3,145,502

Fukuoka Financial Group, Inc.		22,500		404,220

GLP J-REIT, REIT		604		985,160

H.U. Group Holdings, Inc.		35,200		868,077

Hachijuni Bank Ltd. (The)		131,900		440,835

Hankyu Hanshin Holdings, Inc.		16,600		514,693

Hikari Tsushin, Inc.		9,100		1,402,802

Hoya Corp.		9,100		1,339,598

Idemitsu Kosan Co. Ltd.		67,637		1,847,322

Iida Group Holdings Co. Ltd.		98,400		2,426,004

Industrial & Infrastructure Fund Investment Corp., REIT		265		485,890

Inpex Corp.		369,800		3,083,881

ITOCHU Corp.		92,200		2,629,624

Itochu Techno-Solutions Corp.		32,300		1,020,334

Iwatani Corp.		35,100		2,073,197

Japan Metropolitan Fund Invest, REIT		1,566		1,438,401

Japan Post Holdings Co. Ltd.*		260,700		2,003,194

Japan Post Insurance Co. Ltd.		127,600		2,070,271

Japan Tobacco, Inc.		157,700		3,095,836

Kajima Corp.		113,500		1,397,499

Kaken Pharmaceutical Co. Ltd.		15,600		615,324

Kaneka Corp.		10,600		406,499

Kansai Electric Power Co., Inc. (The)		275,200		2,533,797

KDDI Corp.		109,000		3,333,221

Keisei Electric Railway Co. Ltd.		600		19,309

Kikkoman Corp.		22,800		1,864,814

Kinden Corp.		55,300		907,508

Kirin Holdings Co. Ltd.		53,500		931,213

K’s Holdings Corp.		165,600		1,709,443

Kyowa Kirin Co. Ltd.		26,900		884,689

Kyushu Electric Power Co., Inc.		165,000		1,162,324

Lawson, Inc.		14,300		691,543

Lintec Corp.		48,900		1,091,617


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Mani, Inc.		21,500		366,500

Marubeni Corp.		371,300		3,150,600

Matsui Securities Co. Ltd.		57,400		411,790

MatsukiyoCocokara & Co.		26,800		1,188,299

Mebuki Financial Group, Inc.		160,600		328,831

Medipal Holdings Corp.		94,600		1,711,525

MEIJI Holdings Co. Ltd.		21,500		1,356,839

Mitsubishi Corp.		32,600		1,036,614

Mitsubishi Estate Co. Ltd.		141,100		2,144,295

Mitsubishi Gas Chemical Co., Inc.		131,600		2,648,613

Mitsubishi HC Capital, Inc.		371,000		1,860,268

Mitsubishi UFJ Financial Group, Inc.		160,000		877,360

Mitsui & Co. Ltd.		129,900		2,972,698

Mitsui Chemicals, Inc.		70,300		2,090,289

Mitsui Fudosan Logistics Park, Inc., REIT		111		590,182

Morinaga Milk Industry Co. Ltd.		9,200		539,163

NH Foods Ltd.		27,200		956,561

Nifco, Inc.		8,300		264,766

Nintendo Co. Ltd.		5,600		2,473,279

Nippo Corp.		84,300		2,982,192

Nippon Electric Glass Co. Ltd.		42,400		1,082,597

Nippon Express Co. Ltd.		2,400		150,227

Nippon Shokubai Co. Ltd.		12,600		658,284

Nippon Telegraph & Telephone Corp.		124,300		3,482,755

Nippon Yusen KK		30,400		2,190,541

Nisshin Seifun Group, Inc.		41,000		647,415

Nissin Foods Holdings Co. Ltd.		22,900		1,750,473

Nitto Denko Corp.		36,500		2,852,116

NOF Corp.		9,200		461,717

Nomura Holdings, Inc.		431,500		2,055,026

Nomura Real Estate Holdings, Inc.		69,400		1,691,930

Nomura Research Institute Ltd.		84,600		3,386,882

Obayashi Corp.		115,900		978,456

Ono Pharmaceutical Co. Ltd.		91,000		1,909,339

Open House Co. Ltd.		62,000		3,953,930

ORIX Corp.		147,400		2,929,768

Orix JREIT, Inc., REIT		425		705,120

Osaka Gas Co. Ltd.		143,800		2,317,766

Penta-Ocean Construction Co. Ltd.		52,300		360,396

Rakuten Group, Inc.		216,000		2,364,775

Relo Group, Inc.		22,200		461,757

RENOVA, Inc.*		76,000		3,343,309

Resona Holdings, Inc.		474,500		1,782,507

Rinnai Corp.		4,800		492,828

Sankyo Co. Ltd.		28,700		696,604

Sawai Group Holdings Co. Ltd.		25,800		1,138,148

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	151

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

SBI Holdings, Inc.		65,700		1,702,909

SCSK Corp.		50,100		1,013,878

Sekisui Chemical Co. Ltd.		49,000		805,008

Sekisui House Ltd.		61,300		1,274,475

Sekisui House Reit, Inc., REIT		657		496,692

Shimamura Co. Ltd.		8,500		719,716

Shionogi & Co. Ltd.		42,000		2,738,413

Ship Healthcare Holdings, Inc.		20,000		525,327

Skylark Holdings Co. Ltd.*		67,000		907,823

SoftBank Corp.		221,600		3,024,769

SoftBank Group Corp.		46,500		2,517,389

Sojitz Corp.		151,220		2,494,986

Sony Group Corp.		30,800		3,566,528

Sugi Holdings Co. Ltd.		35,400		2,534,686

Sumitomo Chemical Co. Ltd.		532,500		2,623,263

Sumitomo Dainippon Pharma Co. Ltd.		109,300		1,545,673

Sumitomo Mitsui Financial Group, Inc.		56,500		1,833,406

Sumitomo Realty & Development Co. Ltd.		18,700		675,817

Suzuken Co. Ltd.		21,600		601,300

Taisho Pharmaceutical Holdings Co. Ltd.		7,100		380,994

Takeda Pharmaceutical Co. Ltd.		67,300		1,888,830

TDK Corp.		20,700		752,507

Teijin Ltd.		79,000		1,060,396

TIS, Inc.		5,400		147,112

Toho Gas Co. Ltd.		46,100		1,365,595

Tohoku Electric Power Co., Inc. (b)		280,800		1,821,868

Tokuyama Corp.		65,200		1,116,508

Tokyo Century Corp.		7,300		417,968

Tokyo Electron Ltd.		7,800		3,635,058

Tokyo Gas Co. Ltd.		124,300		2,156,970

Tokyo Tatemono Co. Ltd.		33,800		496,806

Tosoh Corp.		95,700		1,611,686

Toyo Suisan Kaisha Ltd.		57,700		2,486,241

Toyota Industries Corp.		26,200		2,227,330

Tsumura & Co.		57,800		1,801,361

Tsuruha Holdings, Inc.		12,000		1,480,142

Ube Industries Ltd.		79,500		1,481,193

Unicharm Corp.		59,100		2,390,170

USS Co. Ltd.		60,100		968,710

Welcia Holdings Co. Ltd.		41,000		1,530,588

Yamada Holdings Co. Ltd.		416,200		1,590,425

Yamaguchi Financial Group, Inc.		7,500		41,869

Yamaha Motor Co. Ltd.		109,600		3,054,970

Yokohama Rubber Co. Ltd. (The)		69,500		1,176,020

Zeon Corp.		62,000		735,568


				245,983,002


INVESTMENTS	SHARES		VALUE($)


Jordan — 0.4%

Hikma Pharmaceuticals plc		89,496		2,949,958


Luxembourg — 0.1%

RTL Group SA		21,777		1,257,802


Netherlands — 3.1%

ASML Holding NV		1,032		838,913

ASR Nederland NV		28,597		1,336,744

Heineken Holding NV		24,013		2,225,406

Koninklijke Ahold Delhaize NV		96,389		3,135,772

Koninklijke DSM NV		7,326		1,600,572

Koninklijke KPN NV		1,065,416		3,183,396

Koninklijke Philips NV		20,141		950,155

NN Group NV		67,411		3,603,575

Royal Dutch Shell plc, Class A		164,639		3,771,695

Universal Music Group NV		86,567		2,513,294

Wolters Kluwer NV		25,372		2,656,917


				25,816,439


New Zealand — 0.8%

Fisher & Paykel Healthcare Corp. Ltd.		142,816		3,199,581

Spark New Zealand Ltd.		853,734		2,794,846

Xero Ltd.*		9,379		1,069,420


				7,063,847


Norway — 1.0%

Aker BP ASA		16,618		637,665

Equinor ASA		86,123		2,182,214

Mowi ASA		37,513		1,087,772

Norsk Hydro ASA		65,311		479,740

Orkla ASA		196,236		1,908,673

Salmar ASA		12,976		989,946

Telenor ASA		70,195		1,109,116


				8,395,126


Poland — 0.1%

Polski Koncern Naftowy ORLEN SA		26,141		563,779


Portugal — 0.5%

EDP — Energias de Portugal SA		444,867		2,510,225

Galp Energia SGPS SA		7,150		74,274

Jeronimo Martins SGPS SA		58,612		1,328,007


				3,912,506


Russia — 0.7%

Coca-Cola HBC AG*		53,491		1,854,009

Evraz plc		382,850		3,251,927

Polymetal International plc		29,728		549,550


				5,655,486

SEE NOTES TO FINANCIAL STATEMENTS.



152	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Singapore — 2.0%

Ascendas, REIT		634,742		1,453,833

CapitaLand Integrated Commercial Trust, REIT		661,608		1,053,582

ComfortDelGro Corp. Ltd.		225,500		261,352

DBS Group Holdings Ltd.		108,400		2,533,076

Keppel Corp. Ltd.		420,300		1,677,244

Keppel DC, REIT		272,800		483,042

Mapletree Commercial Trust, REIT		821,200		1,328,310

Mapletree Logistics Trust, REIT		496,400		744,369

Mapletree North Asia Commercial Trust, REIT (c)		500,800		379,470

Sembcorp Industries Ltd.		1,581,100		2,359,758

Singapore Press Holdings Ltd.		187,000		276,855

Singapore Telecommunications Ltd.		512,800		951,366

Suntec, REIT		628,700		696,059

Venture Corp. Ltd.		203,700		2,845,345


				17,043,661


South Africa — 0.4%

Anglo American plc		81,984		3,118,918


South Korea — 8.8%

CJ CheilJedang Corp.		6,347		2,062,798

Daewoo Engineering & Construction Co. Ltd.*		75,793		405,789

DL Holdings Co. Ltd.		11,480		647,256

E-MART, Inc.		5,659		814,625

GS Engineering & Construction Corp.		66,531		2,360,780

GS Holdings Corp.		6,056		219,315

GS Retail Co. Ltd.		37,879		1,045,794

Hana Financial Group, Inc.		74,258		2,863,377

Hanwha Corp.		22,438		645,920

Hanwha Life Insurance Co. Ltd.		341,061		1,016,274

Hite Jinro Co. Ltd.		61,239		1,827,526

Hyundai Department Store Co. Ltd.		4,350		308,868

Hyundai Mobis Co. Ltd.		5,539		1,197,361

Industrial Bank of Korea		178,233		1,686,909

Kakao Corp.		25,692		2,764,060

KB Financial Group, Inc.		62,832		3,041,313

Kia Corp.		41,774		3,048,346

Korea Electric Power Corp.		143,606		2,782,379

Korea Gas Corp.*		61,580		2,339,398

Korea Investment Holdings Co. Ltd.		17,973		1,344,225

KT&G Corp.		37,768		2,623,319

Kumho Petrochemical Co. Ltd.		3,838		564,713

LG Corp.		38,395		3,001,626

LG Household & Health Care Ltd.		1,581		1,582,401

LG Uplus Corp.		153,192		1,885,359

LX Holdings Corp.*		18,041		136,767


INVESTMENTS	SHARES		VALUE($)


South Korea — continued

Mirae Asset Securities Co. Ltd.		118,445		883,665

NAVER Corp.		8,836		3,072,124

NH Investment & Securities Co. Ltd.		69,615		786,284

NongShim Co. Ltd.		403		97,717

Orion Corp.		13,879		1,403,638

POSCO		9,336		2,367,906

Samsung Electronics Co. Ltd.		52,836		3,163,457

Samsung Life Insurance Co. Ltd.		24,552		1,420,241

Samsung Securities Co. Ltd.		37,900		1,540,768

SK Hynix, Inc.		27,656		2,437,894

SK Innovation Co. Ltd.		14,430		3,009,378

SK Telecom Co. Ltd.		11,211		2,968,523

SKC Co. Ltd.		3,478		534,715

S-Oil Corp.		23,550		2,060,571

Woori Financial Group, Inc.		244,537		2,779,934

Yuhan Corp.		57,522		2,951,002


				73,694,315


Spain — 1.5%

Acciona SA		9,383		1,801,940

Enagas SA		99,992		2,243,769

Endesa SA		118,208		2,726,197

Iberdrola SA		240,788		2,843,355

Naturgy Energy Group SA		104,691		2,750,848


				12,366,109


Sweden — 4.3%

Boliden AB		83,471		2,942,705

Castellum AB (b)		87,523		2,332,805

Fastighets AB Balder, Class B*		14,077		1,020,695

H & M Hennes & Mauritz AB, Class B (b)		135,894		2,556,551

Hexagon AB, Class B		197,570		3,179,632

Husqvarna AB, Class B		56,174		800,531

ICA Gruppen AB		54,654		2,825,614

Investor AB, Class B*		2,179		50,212

Investor AB, Class B		144,076		3,324,402

Kinnevik AB, Class B*		55,604		2,182,503

Sagax AB, Class B		14,629		572,571

Securitas AB, Class B		157,425		2,608,009

Skanska AB, Class B		117,168		2,979,102

Swedish Match AB		369,707		3,259,780

Swedish Match AB		5,438		47,858

Tele2 AB, Class B		144,426		2,041,226

Telia Co. AB (b)		659,107		2,596,121

Trelleborg AB, Class B		47,943		1,097,302


				36,417,619

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	153

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Switzerland — 2.0%

Baloise Holding AG (Registered)		3,599		573,537

EMS-Chemie Holding AG (Registered)		348		345,190

Kuehne + Nagel International AG (Registered)		3,926		1,236,496

Logitech International SA (Registered)		26,364		2,205,428

Novartis AG (Registered)		29,164		2,412,234

Roche Holding AG		8,021		3,107,289

Sonova Holding AG (Registered)		8,970		3,716,915

Swisscom AG (Registered)		5,342		2,908,851


				16,505,940


United Kingdom — 15.4%

3i Group plc		190,009		3,548,421

abrdn plc		390,653		1,357,949

Admiral Group plc		71,853		2,822,542

Ashmore Group plc		161,106		744,364

Ashtead Group plc		44,479		3,727,791

Associated British Foods plc		76,360		1,867,449

AstraZeneca plc		30,708		3,841,612

Auto Trader Group plc (c)		346,216		2,870,282

AVEVA Group plc		49,157		2,393,744

Aviva plc		466,481		2,517,094

B&M European Value Retail SA		315,297		2,731,645

Barratt Developments plc		52,768		479,032

Bellway plc		22,932		1,040,514

Berkeley Group Holdings plc		31,223		1,862,407

BP plc		506,220		2,425,250

British American Tobacco plc		87,988		3,060,610

British Land Co. plc (The), REIT		226,677		1,530,518

BT Group plc*		1,320,551		2,508,822

Centrica plc*		3,017,475		2,490,885

CK Hutchison Holdings Ltd.		103,042		690,837

ConvaTec Group plc (c)		874,077		2,557,514

Croda International plc		27,670		3,581,341

Dechra Pharmaceuticals plc		9,020		632,029

Derwent London plc, REIT		52,113		2,410,528

Diageo plc		73,162		3,639,933

Direct Line Insurance Group plc		485,429		1,940,213

GlaxoSmithKline plc		129,692		2,692,514

Halma plc		45,595		1,849,027

IMI plc		79,827		1,782,686

Imperial Brands plc		121,911		2,572,465

Informa plc*		54,219		385,711

InterContinental Hotels Group plc*		15,514		1,086,711

Intertek Group plc		17,806		1,192,430

J Sainsbury plc		521,619		2,136,477

Johnson Matthey plc		20,620		770,683


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

Land Securities Group plc, REIT		143,651		1,349,526

Legal & General Group plc		881,349		3,475,849

M&G plc		315,087		860,850

National Grid plc		106,612		1,365,013

Next plc		25,704		2,801,465

Ocado Group plc*		32,750		808,289

Pearson plc		275,351		2,265,759

Pennon Group plc		144,487		2,304,647

Persimmon plc		41,899		1,561,086

Phoenix Group Holdings plc		235,635		2,115,655

Reckitt Benckiser Group plc		32,431		2,632,839

Rentokil Initial plc		187,288		1,507,471

Rightmove plc		132,668		1,254,053

Sage Group plc (The)		218,086		2,120,999

Schroders plc		9,796		485,233

Segro plc, REIT		196,469		3,472,501

Severn Trent plc		46,575		1,744,338

Smiths Group plc		54,303		1,008,300

Spirax-Sarco Engineering plc		12,321		2,630,157

SSE plc		148,028		3,333,530

St. James’s Place plc		50,178		1,083,987

Tate & Lyle plc		267,535		2,373,287

Taylor Wimpey plc		213,148		450,980

Tesco plc		861,843		3,182,154

Unilever plc		18,479		989,261

Unilever plc		46,691		2,499,924

United Utilities Group plc		231,120		3,284,940

Vodafone Group plc		1,355,275		1,997,475

WPP plc		77,770		1,124,147


				129,825,745


United States — 0.9%

Avast plc (c)		257,515		1,972,155

Ferguson plc		24,040		3,617,140

Schneider Electric SE		7,145		1,231,928

Sims Ltd.		46,920		510,773


				7,331,996


Total Common Stocks (Cost $774,634,656)				833,874,902

Short-Term Investments — 1.0%

Investment Companies — 0.0% (a)

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $332,532)		332,365		332,532

SEE NOTES TO FINANCIAL STATEMENTS.



154	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — continued

Investment of Cash Collateral from Securities Loaned — 1.0%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		6,757,673		6,757,673

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		1,350,975		1,350,975


Total Investment of Cash Collateral from Securities Loaned (Cost $8,108,648)				8,108,648


Total Short-Term Investments (Cost $8,441,180)				8,441,180

Total Investments — 100.0% (Cost $783,075,836)				842,316,082
Liabilities in Excess of Other Assets — 0.0% (a)				(299,860)

NET ASSETS — 100.0%				842,016,222

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY		PERCENT OF TOTAL INVESTMENTS

Pharmaceuticals			5.3	%

Electric Utilities			5.1

Oil, Gas & Consumable Fuels			5.0

Equity Real Estate Investment Trusts (REITs)			4.9

Diversified Telecommunication Services			4.6

Food & Staples Retailing			4.6

Chemicals			4.3

Metals & Mining			4.2

Food Products			4.1

Insurance			3.3

Gas Utilities			2.7

Construction & Engineering			2.4

Beverages			2.4

Real Estate Management & Development			2.4

Banks			2.3

Trading Companies & Distributors			2.3

Household Durables			2.3

Capital Markets			2.2

Wireless Telecommunication Services			1.9

Health Care Equipment & Supplies			1.8

Tobacco			1.7

Diversified Financial Services			1.6

IT Services			1.6

Electronic Equipment, Instruments & Components			1.5

Health Care Providers & Services			1.5

Technology Hardware, Storage & Peripherals			1.5

Multiline Retail			1.3

Interactive Media & Services			1.3

Specialty Retail			1.3

Software			1.2

Media	��		1.2

Multi-Utilities			1.1

Automobiles			1.1

Semiconductors & Semiconductor Equipment			1.0

Machinery			1.0

Others (each less than 1.0%)			11.0

Short-Term Investments			1.0

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	155

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Abbreviations


OYJ		Public Limited Company
REIT		Real Estate Investment Trust
SGPS		Holding company

(a)		Amount rounds to less than 0.1% of net assets.
(b)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $7,566,675.
(c)		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.
(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 October 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

MSCI EAFE E-Mini Index

12/2021

USD

7,373,205

75,489

Abbreviations


EAFE		Europe,Australasia, and Far East
MSCI		MorganStanley Capital International
USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



156	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.4%

Automobiles & Parts — 0.7%

Ford Motor Co.*		141,680		2,419,894

Gentex Corp.		69,019		2,442,583


				4,862,477


Banks — 2.1%

Bank of America Corp.		43,141		2,061,277

Bank of Hawaii Corp.		5,899		498,466

Citizens Financial Group, Inc.		10,501		497,537

Discover Financial Services		10,439		1,182,947

Fifth Third Bancorp		51,268		2,231,696

Huntington Bancshares, Inc.		130,425		2,052,889

KeyCorp		22,743		529,230

People’s United Financial, Inc.		34,175		585,760

Popular, Inc. (Puerto Rico)		15,422		1,255,968

Regions Financial Corp.		26,033		616,461

Truist Financial Corp.		33,790		2,144,651

US Bancorp		16,011		966,584


				14,623,466


Beverages — 2.2%

Brown-Forman Corp., Class B		26,675		1,810,966

Coca-Cola Co. (The)		49,500		2,790,315

Constellation Brands, Inc., Class A		10,017		2,171,786

Keurig Dr Pepper, Inc.		61,270		2,211,234

Molson Coors Beverage Co., Class B		44,335		1,954,730

Monster Beverage Corp.*		21,904		1,861,840

PepsiCo, Inc.		18,363		2,967,461


				15,768,332


Chemicals — 4.7%

Albemarle Corp.		11,601		2,905,702

Ashland Global Holdings, Inc.		17,357		1,666,446

Celanese Corp.		16,600		2,681,066

CF Industries Holdings, Inc.		51,482		2,924,178

Chemours Co. (The)		56,563		1,584,895

Dow, Inc.		40,475		2,265,386

Eastman Chemical Co.		21,650		2,252,249

Element Solutions, Inc.		82,852		1,881,569

FMC Corp.		2,762		251,370

Huntsman Corp.		89,134		2,903,986

LyondellBasell Industries NV, Class A		24,398		2,264,622

Mosaic Co. (The)		65,508		2,723,168

NewMarket Corp.		3,237		1,100,612

Olin Corp.		56,305		3,208,259

Scotts Miracle-Gro Co. (The)		4,540		674,008

Westlake Chemical Corp.		24,105		2,346,381


				33,633,897


INVESTMENTS	SHARES		VALUE($)



Construction & Materials — 1.8%

AO Smith Corp.		34,161		2,496,144

Carrier Global Corp.		10,638		555,623

Eagle Materials, Inc.		5,369		796,545

Fortune Brands Home & Security, Inc.		13,570		1,375,998

Masco Corp.		33,358		2,186,617

Quanta Services, Inc.		27,533		3,339,202

Trane Technologies plc		11,742		2,124,480


				12,874,609


Consumer Services — 0.4%

eBay, Inc. (a)		36,764		2,820,534

H&R Block, Inc.		15,053		347,273


				3,167,807


Electricity — 7.3%

AES Corp. (The)		92,660		2,328,546

Alliant Energy Corp.		35,648		2,016,607

Avangrid, Inc. (a)		39,895		2,102,466

Brookfield Renewable Corp.		10,509		435,178

CMS Energy Corp.		33,666		2,031,743

Consolidated Edison, Inc.		28,927		2,181,096

Dominion Energy, Inc.		32,158		2,441,757

DTE Energy Co.		19,079		2,162,605

Entergy Corp.		18,129		1,867,650

Evergy, Inc. (a)		41,066		2,617,957

Eversource Energy		25,875		2,196,787

Exelon Corp.		57,546		3,060,872

FirstEnergy Corp.		29,596		1,140,334

Hawaiian Electric Industries, Inc.		35,823		1,452,981

IDACORP, Inc.		21,250		2,216,800

NextEra Energy, Inc.		34,015		2,902,500

NRG Energy, Inc.		61,519		2,453,993

OGE Energy Corp.		62,694		2,135,985

Pinnacle West Capital Corp.		28,525		1,839,577

PPL Corp.		77,130		2,221,344

Public Service Enterprise Group, Inc.		41,323		2,636,407

Southern Co. (The)		42,013		2,618,250

Vistra Corp.		125,083		2,450,376

Xcel Energy, Inc.		35,847		2,315,358


				51,827,169


Electronic & Electrical Equipment — 1.0%

AMETEK, Inc.		10,678		1,413,767

Emerson Electric Co.		9,972		967,384

Hubbell, Inc.		6,455		1,286,933

IDEX Corp.		5,178		1,152,468

Rockwell Automation, Inc.		7,306		2,333,536


				7,154,088

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	157

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Finance & Credit Services — 1.0%

Ally Financial, Inc.		50,212		2,397,121

FactSet Research Systems, Inc.		1,537		682,259

Moody’s Corp.		1,160		468,814

OneMain Holdings, Inc.		14,746		778,736

Santander Consumer USA Holdings, Inc.		67,248		2,804,242


				7,131,172


Food Producers — 6.2%

Archer-Daniels-Midland Co.		35,247		2,264,267

Bunge Ltd.		27,842		2,579,283

Campbell Soup Co. (a)		50,497		2,017,355

Conagra Brands, Inc. (a)		63,690		2,050,818

Corteva, Inc.		48,094		2,075,256

Darling Ingredients, Inc.*		28,299		2,391,831

Flowers Foods, Inc.		76,756		1,899,711

General Mills, Inc.		39,935		2,467,983

Hain Celestial Group, Inc. (The)* (a)		31,090		1,395,008

Herbalife Nutrition Ltd.*		30,244		1,403,322

Hershey Co. (The)		14,607		2,561,337

Hormel Foods Corp.		46,297		1,959,289

Ingredion, Inc.		17,285		1,646,051

JM Smucker Co. (The) (a)		17,050		2,094,763

Kellogg Co. (a)		33,410		2,048,033

Kraft Heinz Co. (The)		58,679		2,105,989

Lamb Weston Holdings, Inc.		29,025		1,638,461

McCormick & Co., Inc. (Non-Voting)		22,198		1,780,946

Mondelez International, Inc., Class A		41,198		2,502,366

Pilgrim’s Pride Corp.*		12,880		362,701

Post Holdings, Inc.*		10,689		1,084,720

Tyson Foods, Inc., Class A		33,677		2,693,150

US Foods Holding Corp.*		30,977		1,073,973


				44,096,613


Gas, Water & Multi-utilities — 3.2%

Ameren Corp.		30,281		2,552,385

American Water Works Co., Inc.		15,461		2,692,997

CenterPoint Energy, Inc.		94,768		2,467,759

Duke Energy Corp.		27,268		2,781,609

Essential Utilities, Inc.		31,396		1,477,810

National Fuel Gas Co. (a)		41,702		2,394,946

NiSource, Inc.		79,791		1,968,444

Sempra Energy		16,589		2,117,254

UGI Corp.		48,010		2,084,114

WEC Energy Group, Inc.		25,438		2,290,946


				22,828,264


INVESTMENTS	SHARES		VALUE($)


General Industrials — 2.7%

Carlisle Cos., Inc.		3,067		683,696

Eaton Corp. plc		16,787		2,765,826

Honeywell International, Inc.		6,127		1,339,485

Illinois Tool Works, Inc.		9,779		2,228,341

ITT, Inc.		23,667		2,226,355

Packaging Corp. of America		10,729		1,473,843

Parker-Hannifin Corp.		4,440		1,316,859

PPG Industries, Inc.		15,384		2,470,209

RPM International, Inc.		26,563		2,316,293

Sherwin-Williams Co. (The)		8,053		2,549,660

Sonoco Products Co.		1,147		66,469


				19,437,036


Health Care Providers — 2.3%

Anthem, Inc.		7,011		3,050,696

Chemed Corp.		2,178		1,050,340

Cigna Corp.		10,782		2,303,143

DaVita, Inc.*		18,533		1,913,347

HCA Healthcare, Inc.		11,169		2,797,388

Humana, Inc.		898		415,918

UnitedHealth Group, Inc.		7,026		3,235,262

Universal Health Services, Inc., Class B		14,507		1,800,319


				16,566,413


Household Goods & Home Construction — 1.1%

Leggett & Platt, Inc.		22,680		1,062,558

Lennar Corp., Class A		26,232		2,621,364

NVR, Inc.*		221		1,081,751

PulteGroup, Inc.		1,011		48,609

Toll Brothers, Inc.		6,698		403,018

Whirlpool Corp. (a)		11,443		2,412,528


				7,629,828


Industrial Engineering — 0.6%

Caterpillar, Inc.		6,284		1,281,999

Cummins, Inc.		10,036		2,407,034

Otis Worldwide Corp.		5,483		440,340


				4,129,373


Industrial Materials — 0.7%

Avery Dennison Corp.		12,459		2,712,573

International Paper Co.		46,701		2,319,639

Sylvamo Corp.*		4,245		119,539


				5,151,751


Industrial Metals & Mining — 2.6%

Alcoa Corp.		8,236		378,444

Fastenal Co.		48,974		2,795,436

SEE NOTES TO FINANCIAL STATEMENTS.



158	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial Metals & Mining — continued

Freeport-McMoRan, Inc.		64,906		2,448,254

Nucor Corp.		23,957		2,674,799

Reliance Steel & Aluminum Co.		16,132		2,357,853

Southern Copper Corp. (Peru)		34,164		2,049,499

Steel Dynamics, Inc.		41,638		2,751,439

Timken Co. (The)		14,174		1,005,645

United States Steel Corp. (a)		78,759		2,078,450


				18,539,819


Industrial Support Services — 2.5%

Accenture plc, Class A		8,534		3,061,914

Booz Allen Hamilton Holding Corp.		18,055		1,568,257

Capital One Financial Corp.		16,909		2,553,766

MSC Industrial Direct Co., Inc., Class A		10,932		919,053

Robert Half International, Inc.		24,744		2,797,804

Synchrony Financial		56,570		2,627,677

Western Union Co. (The) (a)		85,782		1,562,948

WW Grainger, Inc.		5,261		2,436,422


				17,527,841


Industrial Transportation — 1.0%

CSX Corp.		32,654		1,181,095

Norfolk Southern Corp.		6,239		1,828,339

PACCAR, Inc.		9,150		820,023

Ryder System, Inc.		7,416		629,989

Schneider National, Inc., Class B		10,829		270,075

Union Pacific Corp.		9,324		2,250,814


				6,980,335


Investment Banking & Brokerage Services — 2.1%

Ameriprise Financial, Inc.		3,715		1,122,413

BlackRock, Inc.		1,644		1,551,048

Broadridge Financial Solutions, Inc.		13,974		2,493,101

Jefferies Financial Group, Inc.		23,209		997,987

Morgan Stanley		27,282		2,804,044

Nasdaq, Inc.		4,608		967,081

Raymond James Financial, Inc.		7,863		775,213

State Street Corp.		28,945		2,852,530

Virtu Financial, Inc., Class A		66,909		1,664,696


				15,228,113


Leisure Goods — 1.1%

Activision Blizzard, Inc.		19,910		1,556,763

Electronic Arts, Inc.		8,336		1,169,124

Garmin Ltd.		16,135		2,316,986

Harley-Davidson, Inc.		5,323		194,236

Pool Corp.		1,955		1,007,138

Take-Two Interactive Software, Inc.*		8,627		1,561,487


				7,805,734


INVESTMENTS	SHARES		VALUE($)


Life Insurance — 0.6%

Aflac, Inc.		27,343		1,467,499

Globe Life, Inc.		14,142		1,258,921

MetLife, Inc.		9,925		623,290

Principal Financial Group, Inc.		9,971		668,954

Prudential Financial, Inc.		5,079		558,944


				4,577,608


Media — 0.3%

Interpublic Group of Cos., Inc. (The)		56,650		2,071,690

Nexstar Media Group, Inc., Class A		901		135,087


				2,206,777


Medical Equipment & Services — 5.7%

Abbott Laboratories		22,741		2,931,087

Becton Dickinson and Co.		6,776		1,623,462

Bio-Rad Laboratories, Inc., Class A*		3,346		2,658,999

Bio-Techne Corp.		5,635		2,950,768

Danaher Corp.		8,854		2,760,412

Hill-Rom Holdings, Inc.		19,298		2,989,260

IDEXX Laboratories, Inc.*		4,192		2,792,459

Laboratory Corp. of America Holdings*		9,280		2,663,546

Medtronic plc		21,432		2,568,839

PerkinElmer, Inc.		14,232		2,517,498

Quest Diagnostics, Inc.		17,326		2,543,110

Quidel Corp.* (a)		10,332		1,371,780

STERIS plc		9,225		2,156,251

Stryker Corp.		6,298		1,675,709

Thermo Fisher Scientific, Inc.		5,179		3,278,670

West Pharmaceutical Services, Inc.		6,237		2,681,162


				40,163,012


Mortgage Real Estate Investment Trusts — 0.3%

Starwood Property Trust, Inc.		77,090		1,963,482


Non-life Insurance — 2.4%

Allstate Corp. (The)		7,931		980,827

Aon plc, Class A		8,093		2,589,112

Assurant, Inc.		7,560		1,219,504

Chubb Ltd.		7,163		1,399,507

Fidelity National Financial, Inc.		39,140		1,875,197

Hanover Insurance Group, Inc. (The)		4,142		521,892

Hartford Financial Services Group, Inc. (The)		32,244		2,351,555

Marsh & McLennan Cos., Inc.		12,507		2,086,168

Progressive Corp. (The)		26,496		2,513,940

WR Berkley Corp.		15,815		1,258,874


				16,796,576

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	159

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Non-Renewable Energy — 5.2%

Antero Midstream Corp.		209,132		2,225,165

Baker Hughes Co.		89,511		2,244,936

Chevron Corp.		11,486		1,315,032

Continental Resources, Inc. (a)		29,246		1,427,497

Coterra Energy, Inc.		254,491		5,425,748

Devon Energy Corp.		95,167		3,814,293

DT Midstream, Inc.		9,407		451,160

EOG Resources, Inc.		30,498		2,819,845

EQT Corp.*		33,800		672,958

Halliburton Co.		113,130		2,827,119

HollyFrontier Corp.		14,824		501,051

Marathon Oil Corp.		234,895		3,833,486

Pioneer Natural Resources Co.		13,714		2,564,244

Targa Resources Corp.		49,303		2,695,395

Texas Pacific Land Corp.		857		1,091,535

Williams Cos., Inc. (The)		104,485		2,934,984


				36,844,448


Personal Care, Drug & Grocery Stores — 4.3%

Albertsons Cos., Inc., Class A (a)		69,376		2,147,187

AmerisourceBergen Corp.		18,321		2,235,528

Casey’s General Stores, Inc.		7,896		1,512,400

Church & Dwight Co., Inc.		23,697		2,070,170

Clorox Co. (The)		12,562		2,047,732

Colgate-Palmolive Co.		27,252		2,076,330

CVS Health Corp.		32,484		2,900,172

Kimberly-Clark Corp.		15,273		1,977,701

Kroger Co. (The)		59,097		2,365,062

McKesson Corp.		11,263		2,341,352

Procter & Gamble Co. (The)		20,451		2,924,288

Spectrum Brands Holdings, Inc.		13,762		1,290,188

Sysco Corp.		26,567		2,043,002

Walgreens Boots Alliance, Inc.		55,296		2,600,018


				30,531,130


Personal Goods — 0.8%

Carter’s, Inc.		3,460		340,879

Estee Lauder Cos., Inc. (The), Class A		8,312		2,695,831

NIKE, Inc., Class B		17,405		2,911,683


				5,948,393


Pharmaceuticals, Biotechnology & Marijuana Producers — 3.4%

AbbVie, Inc.		22,853		2,620,554

Amgen, Inc.		10,394		2,151,246

Bristol-Myers Squibb Co.		37,236		2,174,582

Eli Lilly & Co.		11,122		2,833,441

Johnson & Johnson		17,013		2,771,077


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals, Biotechnology & Marijuana Producers — continued

Moderna, Inc.*		7,563		2,610,823

Pfizer, Inc.		63,088		2,759,469

United Therapeutics Corp.*		13,073		2,493,806

Vertex Pharmaceuticals, Inc.*		3,361		621,550

Zoetis, Inc.		13,866		2,997,829


				24,034,377


Precious Metals & Mining — 0.4%

Newmont Corp.		37,808		2,041,632

Royal Gold, Inc.		7,017		694,823


				2,736,455


Real Estate Investment & Services — 0.9%

CBRE Group, Inc., Class A*		25,106		2,613,033

CoStar Group, Inc.*		11,637		1,001,364

Jones Lang LaSalle, Inc.*		11,576		2,989,270


				6,603,667


Real Estate Investment Trusts — 7.3%

Alexandria Real Estate Equities, Inc.		6,344		1,295,064

American Homes 4 Rent, Class A		22,923		930,674

American Tower Corp.		6,343		1,788,536

Brixmor Property Group, Inc.		38,444		901,127

Camden Property Trust		1,402		228,666

CoreSite Realty Corp.		6,198		882,967

Crown Castle International Corp.		12,918		2,329,115

CubeSmart		18,543		1,020,050

Digital Realty Trust, Inc.		14,386		2,270,255

Duke Realty Corp.		27,628		1,553,799

Extra Space Storage, Inc.		13,799		2,723,509

First Industrial Realty Trust, Inc.		14,332		834,552

Gaming and Leisure Properties, Inc.		33,515		1,625,142

Healthpeak Properties, Inc.		61,199		2,173,176

Iron Mountain, Inc. (a)		46,772		2,134,674

Kimco Realty Corp.		95,820		2,165,532

Lamar Advertising Co., Class A		18,298		2,071,334

Life Storage, Inc.		16,082		2,151,932

Medical Properties Trust, Inc.		98,335		2,097,486

Omega Healthcare Investors, Inc.		25,368		744,804

Prologis, Inc.		20,559		2,980,233

Public Storage		8,217		2,729,523

Simon Property Group, Inc.		17,143		2,512,821

Spirit Realty Capital, Inc.		23,560		1,152,791

Ventas, Inc.		34,507		1,841,639

VICI Properties, Inc. (a)		78,425		2,301,774

Welltower, Inc.		28,189		2,266,396

SEE NOTES TO FINANCIAL STATEMENTS.



160	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Real Estate Investment Trusts — continued

Weyerhaeuser Co.		56,218		2,008,107

WP Carey, Inc.		23,970		1,848,327


				51,564,005


Renewable Energy — 0.8%

Enphase Energy, Inc.*		13,952		3,231,702

First Solar, Inc.*		22,073		2,639,710


				5,871,412


Retailers — 3.1%

Best Buy Co., Inc.		22,037		2,693,803

Dick’s Sporting Goods, Inc.		20,763		2,578,972

Foot Locker, Inc.		29,888		1,424,761

Kohl’s Corp.		36,713		1,781,682

Lowe’s Cos., Inc.		13,979		3,268,570

Qurate Retail, Inc., Series A		104,581		1,091,825

Target Corp.		11,511		2,988,486

Tractor Supply Co.		14,482		3,145,056

Williams-Sonoma, Inc. (a)		15,053		2,795,794


				21,768,949


Software & Computer Services — 3.9%

Alphabet, Inc., Class A*		1,060		3,138,575

Cadence Design Systems, Inc.*		17,250		2,986,147

Cognizant Technology Solutions Corp., Class A		20,290		1,584,446

Dolby Laboratories, Inc., Class A		6,133		541,851

Gartner, Inc.*		4,096		1,359,503

InterActiveCorp.*		7,955		1,212,103

International Business Machines Corp.		10,822		1,353,832

Intuit, Inc.		5,034		3,151,234

Leidos Holdings, Inc.		422		42,192

Meta Platforms, Inc., Class A*		8,113		2,625,123

Microsoft Corp.		11,563		3,834,522

Nuance Communications, Inc.*		42,862		2,359,553

Oracle Corp.		28,155		2,701,191

Vimeo, Inc.*		12,520		422,300


				27,312,572


Technology Hardware & Equipment — 5.6%

Amphenol Corp., Class A		26,360		2,023,657

Analog Devices, Inc.		17,383		3,015,777

Apple, Inc.		23,295		3,489,591

Applied Materials, Inc.		19,864		2,714,415

Broadcom, Inc.		4,968		2,641,336

Cirrus Logic, Inc.*		631		50,991

HP, Inc.		63,167		1,915,855

Intel Corp.		37,008		1,813,392


INVESTMENTS	SHARES		VALUE($)


Technology Hardware & Equipment — continued

KLA Corp.		8,208		3,059,614

Lam Research Corp.		4,295		2,420,533

NetApp, Inc.		23,736		2,119,625

NVIDIA Corp.		13,273		3,393,508

Skyworks Solutions, Inc.		13,536		2,262,272

SYNNEX Corp.		10,144		1,065,120

Teradyne, Inc.		19,161		2,648,817

Texas Instruments, Inc.		13,714		2,571,101

Xerox Holdings Corp.		19,664		350,019

Xilinx, Inc.		14,036		2,526,480


				40,082,103


Telecommunications Equipment — 2.4%

Arista Networks, Inc.*		6,636		2,718,703

Ciena Corp.*		35,128		1,907,099

Cisco Systems, Inc.		48,831		2,733,071

CommScope Holding Co., Inc.*		106,003		1,135,292

Juniper Networks, Inc.		78,942		2,330,368

Lumentum Holdings, Inc.*		24,976		2,062,518

Motorola Solutions, Inc.		11,609		2,885,881

Ubiquiti, Inc. (a)		3,314		1,012,527


				16,785,459


Telecommunications Service Providers — 2.8%

Altice USA, Inc., Class A*		56,380		918,994

AT&T, Inc.		88,268		2,229,650

Cable One, Inc.		541		925,764

Charter Communications, Inc., Class A*		3,383		2,283,153

Comcast Corp., Class A		48,075		2,472,497

DISH Network Corp., Class A*		48,362		1,986,227

Lumen Technologies, Inc. (a)		196,144		2,326,268

Roku, Inc.*		6,013		1,833,364

T-Mobile US, Inc.*		19,163		2,204,320

Verizon Communications, Inc.		51,279		2,717,274


				19,897,511


Tobacco — 0.7%

Altria Group, Inc.		47,481		2,094,387

Philip Morris International, Inc.		27,246		2,575,837


				4,670,224


Travel & Leisure — 0.1%

Travel + Leisure Co.		10,232		556,007


Waste & Disposal Services — 1.1%

Clean Harbors, Inc.*		11,236		1,264,499

Republic Services, Inc.		22,797		3,068,476

Stericycle, Inc.*		10,919		730,700

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	161

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Waste & Disposal Services — continued

Waste Management, Inc.		18,220		2,919,391


				7,983,066


Total Common Stocks (Cost $541,459,114)				705,861,370

Short-Term Investments — 3.5%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $1,191,071)		1,191,071		1,191,071


Investment of Cash Collateral from Securities Loaned — 3.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		20,205,079		20,205,079

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(b) (c)		3,486,227		3,486,227


Total Investment of Cash Collateral from Securities Loaned (Cost $23,691,306)				23,691,306


Total Short-Term Investments (Cost $24,882,377)				24,882,377

Total Investments — 102.9% (Cost $566,341,491)				730,743,747

Liabilities in Excess of Other Assets — (2.9%)				(20,731,173)

NET ASSETS — 100.0%				710,012,574

Percentages indicated are based on net assets.



(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $23,441,694.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

12/2021

USD

3,909,788

45,140

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



162	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%

Automobiles & Parts — 0.5%

BorgWarner, Inc.		8,208		369,935

Gentex Corp.		24,064		851,625


				1,221,560


Banks — 2.2%

Bank of Hawaii Corp.		2,136		180,492

Citizens Financial Group, Inc.		5,146		243,817

Comerica, Inc.		2,627		223,531

Commerce Bancshares, Inc.		603		42,518

Discover Financial Services		4,462		505,634

Fifth Third Bancorp		9,387		408,616

First Horizon Corp.		9,099		154,410

First Republic Bank		2,724		589,283

FNB Corp.		10,401		121,172

Huntington Bancshares, Inc.		51,292		807,336

KeyCorp		11,396		265,185

M&T Bank Corp.		1,652		243,042

People’s United Financial, Inc.		13,658		234,098

Popular, Inc. (Puerto Rico)		7,209		587,101

Prosperity Bancshares, Inc.		1,818		136,914

Regions Financial Corp.		14,137		334,764

Zions Bancorp NA		3,618		227,898


				5,305,811


Beverages — 0.6%

Brown-Forman Corp., Class B		10,180		691,120

Molson Coors Beverage Co., Class B		15,034		662,849


				1,353,969


Chemicals — 5.3%

Albemarle Corp.		4,041		1,012,149

Ashland Global Holdings, Inc.		7,959		764,144

Celanese Corp.		5,967		963,730

CF Industries Holdings, Inc.		17,618		1,000,702

Chemours Co. (The)		25,888		725,382

Eastman Chemical Co.		7,921		824,022

Element Solutions, Inc.		39,656		900,588

FMC Corp.		6,001		546,151

Huntsman Corp.		30,787		1,003,040

LyondellBasell Industries NV, Class A		8,483		787,392

Mosaic Co. (The)		19,548		812,610

NewMarket Corp.		1,306		444,053

Olin Corp.		19,272		1,098,119

Scotts Miracle-Gro Co. (The)		513		76,160

Valvoline, Inc.		26,503		900,042

Westlake Chemical Corp.		9,198		895,333


				12,753,617


INVESTMENTS	SHARES		VALUE($)


Construction & Materials — 2.2%

AO Smith Corp.		10,575		772,715

Eagle Materials, Inc.		1,745		258,888

Fortune Brands Home & Security, Inc.		8,427		854,498

Lennox International, Inc.		1,453		434,854

Masco Corp.		11,388		746,483

Owens Corning		3,536		330,298

Quanta Services, Inc.		7,940		962,963

Trane Technologies plc		4,857		878,777


				5,239,476


Consumer Services — 0.6%

Frontdoor, Inc.*		7,538		281,017

H&R Block, Inc.		9,450		218,012

IAA, Inc.*		6,373		380,149

Service Corp. International		7,562		517,921


				1,397,099


Electricity — 6.1%

AES Corp. (The)		33,055		830,672

Alliant Energy Corp.		12,825		725,510

Avangrid, Inc.		13,687		721,305

Brookfield Renewable Corp.		5,350		221,543

CMS Energy Corp.		11,573		698,431

Consolidated Edison, Inc.		10,693		806,252

DTE Energy Co.		7,865		891,498

Entergy Corp.		6,805		701,051

Evergy, Inc.		13,915		887,081

Eversource Energy		9,498		806,380

FirstEnergy Corp.		24,348		938,128

Hawaiian Electric Industries, Inc.		16,010		649,366

IDACORP, Inc.		7,986		833,100

NRG Energy, Inc.		20,817		830,390

OGE Energy Corp.		21,794		742,522

Pinnacle West Capital Corp.		9,766		629,809

PPL Corp.		30,904		890,035

Public Service Enterprise Group, Inc.		14,802		944,368

Vistra Corp.		42,752		837,512


				14,584,953


Electronic & Electrical Equipment — 2.1%

AMETEK, Inc.		6,260		828,824

Hubbell, Inc.		3,416		681,048

IDEX Corp.		3,741		832,634

Keysight Technologies, Inc.*		5,345		962,207

Pentair plc		4,165		308,085

Regal Rexnord Corp.		3,611		550,064

Rockwell Automation, Inc.		2,631		840,341


				5,003,203

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	163

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Finance & Credit Services — 1.0%

Ally Financial, Inc.		7,684		366,834

Morningstar, Inc.		1,621		513,452

OneMain Holdings, Inc.		12,506		660,442

Santander Consumer USA Holdings, Inc.		20,551		856,976


				2,397,704


Food Producers — 6.1%

Archer-Daniels-Midland Co.		12,726		817,518

Bunge Ltd.		9,430		873,595

Campbell Soup Co.		17,088		682,666

Conagra Brands, Inc.		22,533		725,563

Corteva, Inc.		21,524		928,761

Darling Ingredients, Inc.*		10,307		871,148

Flowers Foods, Inc.		29,816		737,946

Hain Celestial Group, Inc. (The)*		19,006		852,799

Herbalife Nutrition Ltd.*		13,868		643,475

Hershey Co. (The)		5,335		935,492

Hormel Foods Corp.		15,689		663,959

Ingredion, Inc.		8,105		771,839

JM Smucker Co. (The)		6,916		849,700

Kellogg Co.		11,494		704,582

Lamb Weston Holdings, Inc.		10,950		618,128

McCormick & Co., Inc. (Non-Voting)		8,093		649,301

Pilgrim’s Pride Corp.*		11,513		324,206

Post Holdings, Inc.*		5,341		542,005

Tyson Foods, Inc., Class A		12,053		963,878

US Foods Holding Corp.*		15,411		534,299


				14,690,860


Gas, Water & Multi-utilities — 2.8%

Ameren Corp.		10,665		898,953

American Water Works Co., Inc.		5,261		916,361

CenterPoint Energy, Inc.		33,536		873,278

Essential Utilities, Inc.		14,912		701,908

National Fuel Gas Co.		15,707		902,053

NiSource, Inc.		27,620		681,385

UGI Corp.		20,437		887,170

WEC Energy Group, Inc.		9,200		828,552


				6,689,660


General Industrials — 2.0%

AptarGroup, Inc.		3,371		407,149

Carlisle Cos., Inc.		895		199,513

ITT, Inc.		2,659		250,132

Packaging Corp. of America		4,775		655,942

Parker-Hannifin Corp.		2,101		623,136

PPG Industries, Inc.		5,399		866,918


INVESTMENTS	SHARES		VALUE($)


General Industrials — continued

RPM International, Inc.		9,141		797,095

Silgan Holdings, Inc.		7,935		318,987

Sonoco Products Co.		6,634		384,440

WestRock Co.		3,831		184,271


				4,687,583


Health Care Providers — 3.0%

Acadia Healthcare Co., Inc.*		8,991		557,442

Amedisys, Inc.*		2,689		455,355

Cerner Corp.		7,700		572,033

Chemed Corp.		1,436		692,511

DaVita, Inc.*		7,074		730,320

Encompass Health Corp.		8,923		567,146

IQVIA Holdings, Inc.*		3,716		971,437

Molina Healthcare, Inc.*		3,585		1,060,156

Universal Health Services, Inc., Class B		5,112		634,399

Veeva Systems, Inc., Class A*		2,940		932,009


				7,172,808


Household Goods & Home Construction — 1.3%

Leggett & Platt, Inc.		8,507		398,553

Lennar Corp., Class A		8,917		891,076

NVR, Inc.*		21		102,791

Toll Brothers, Inc.		14,281		859,288

Whirlpool Corp.		3,961		835,097


				3,086,805


Industrial Engineering — 1.6%

Cummins, Inc.		3,710		889,806

Graco, Inc.		11,273		847,504

Lincoln Electric Holdings, Inc.		3,578		509,507

Nordson Corp.		550		139,816

Snap-on, Inc.		3,686		749,106

Toro Co. (The)		8,433		805,099


				3,940,838


Industrial Materials — 0.7%

Avery Dennison Corp.		4,228		920,520

International Paper Co.		15,750		782,303

Sylvamo Corp.*		1,431		40,297


				1,743,120


Industrial Metals & Mining — 2.6%

Alcoa Corp.		17,674		812,120

Cleveland-Cliffs, Inc.* (a)		15,892		383,156

Fastenal Co.		17,168		979,950

Nucor Corp.		8,155		910,506

Reliance Steel & Aluminum Co.		5,570		814,111

SEE NOTES TO FINANCIAL STATEMENTS.



164	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Industrial Metals & Mining — continued

Steel Dynamics, Inc.		14,088		930,935

Timken Co. (The)		7,904		560,789

United States Steel Corp.		35,380		933,678


				6,325,245


Industrial Support Services — 1.5%

ADT, Inc.		8,989		75,058

Booz Allen Hamilton Holding Corp.		2,523		219,148

MSC Industrial Direct Co., Inc., Class A		6,030		506,942

Paychex, Inc.		5,018		618,619

Robert Half International, Inc.		5,039		569,760

Synchrony Financial		14,396		668,694

Western Union Co. (The)		8,328		151,736

WW Grainger, Inc.		1,720		796,549


				3,606,506


Industrial Transportation — 1.7%

Allison Transmission Holdings, Inc.		6,039		201,461

Expeditors International of Washington, Inc.		4,960		611,370

Kansas City Southern		2,414		748,944

Landstar System, Inc.		4,377		769,520

Old Dominion Freight Line, Inc.		2,689		917,890

PACCAR, Inc.		4,744		425,157

Ryder System, Inc.		3,736		317,373

Schneider National, Inc., Class B		5,651		140,936


				4,132,651


Investment Banking & Brokerage Services — 3.0%

Ameriprise Financial, Inc.		2,077		627,524

Broadridge Financial Solutions, Inc.		5,473		976,438

Invesco Ltd.		32,762		832,482

Jefferies Financial Group, Inc.		25,683		1,104,369

LPL Financial Holdings, Inc.		3,226		529,129

Nasdaq, Inc.		2,660		558,254

Raymond James Financial, Inc.		4,171		411,219

State Street Corp.		10,319		1,016,937

T. Rowe Price Group, Inc.		2,990		648,471

Virtu Financial, Inc., Class A		20,945		521,112


				7,225,935


Leisure Goods — 1.3%

Garmin Ltd.		5,481		787,072

Harley-Davidson, Inc.		1,398		51,013

Polaris, Inc.		3,012		346,229

Pool Corp.		1,928		993,228

Take-Two Interactive Software, Inc.*		4,591		830,971


				3,008,513


INVESTMENTS	SHARES		VALUE($)


Life Insurance — 0.3%

Globe Life, Inc.		3,081		274,270

Lincoln National Corp.		2,471		178,283

Principal Financial Group, Inc.		4,990		334,779


				787,332


Media — 0.8%

Discovery, Inc., Class A* (a)		15,857		371,688

Interpublic Group of Cos., Inc. (The)		25,877		946,322

Liberty Media Corp.-Liberty SiriusXM, Class A*		7,437		370,214

Nexstar Media Group, Inc., Class A		1,302		195,209


				1,883,433


Medical Equipment & Services — 7.0%

Agilent Technologies, Inc.		5,385		848,084

Bio-Rad Laboratories, Inc., Class A*		1,200		953,616

Bio-Techne Corp.		1,910		1,000,172

Bruker Corp.		10,093		810,468

Cooper Cos., Inc. (The)		159		66,290

Dentsply Sirona, Inc.		13,326		762,381

Envista Holdings Corp.*		21,340		834,394

Globus Medical, Inc., Class A*		8,735		674,080

Henry Schein, Inc.*		2,768		211,337

Hill-Rom Holdings, Inc.		6,603		1,022,805

Hologic, Inc.*		11,904		872,682

IDEXX Laboratories, Inc.*		1,437		957,243

Integra LifeSciences Holdings Corp.*		3,136		208,419

Laboratory Corp. of America Holdings*		3,155		905,548

Masimo Corp.*		2,578		730,966

PerkinElmer, Inc.		5,162		913,106

QIAGEN NV*		11,586		646,035

Quest Diagnostics, Inc.		5,918		868,644

Quidel Corp.*		3,478		461,774

ResMed, Inc.		3,312		870,758

STERIS plc		4,161		972,592

Teleflex, Inc.		493		175,971

West Pharmaceutical Services, Inc.		2,123		912,635


				16,680,000


Mortgage Real Estate Investment Trusts — 0.6%

Annaly Capital Management, Inc.		28,307		239,477

New Residential Investment Corp.		38,360		435,770

Starwood Property Trust, Inc.		31,488		801,999


				1,477,246


Non-life Insurance — 2.7%

American Financial Group, Inc.		4,333		589,461

Arch Capital Group Ltd.*		1,964		82,135

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	165

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Non-life Insurance — continued

Arthur J Gallagher & Co.		6,599		1,106,454

Assurant, Inc.		3,126		504,255

Assured Guaranty Ltd.		4,191		232,936

Axis Capital Holdings Ltd.		3,017		157,095

Brown & Brown, Inc.		12,799		807,745

CNA Financial Corp.		100		4,486

Everest Re Group Ltd.		1,156		302,294

Fidelity National Financial, Inc.		6,557		314,146

First American Financial Corp.		3,328		243,410

Hanover Insurance Group, Inc. (The)		1,723		217,098

Hartford Financial Services Group, Inc. (The)		12,120		883,912

Mercury General Corp.		1,337		72,853

Old Republic International Corp.		24,468		632,008

Reinsurance Group of America, Inc.		2,109		249,031

WR Berkley Corp.		1,775		141,290


				6,540,609


Non-Renewable Energy — 6.0%

Antero Midstream Corp.		98,575		1,048,838

Baker Hughes Co.		30,632		768,251

Continental Resources, Inc. (a)		22,194		1,083,289

Coterra Energy, Inc.		104,896		2,236,383

Devon Energy Corp.		32,568		1,305,326

Diamondback Energy, Inc.		7,042		754,832

DT Midstream, Inc.		3,407		163,400

Halliburton Co.		40,677		1,016,518

HollyFrontier Corp.		12,955		437,879

Marathon Oil Corp.		81,298		1,326,783

Marathon Petroleum Corp.		5,372		354,176

Pioneer Natural Resources Co.		6,288		1,175,730

Targa Resources Corp.		21,549		1,178,084

Texas Pacific Land Corp.		426		542,583

Williams Cos., Inc. (The)		36,480		1,024,723


				14,416,795


Personal Care, Drug & Grocery Stores — 2.7%

Albertsons Cos., Inc., Class A (a)		31,173		964,804

AmerisourceBergen Corp.		6,572		801,916

Casey’s General Stores, Inc.		3,484		667,326

Church & Dwight Co., Inc.		9,517		831,405

Clorox Co. (The)		4,321		704,366

Kroger Co. (The)		20,854		834,577

McKesson Corp.		4,190		871,017

Reynolds Consumer Products, Inc.		8,191		220,993

Spectrum Brands Holdings, Inc.		6,905		647,344


				6,543,748


INVESTMENTS	SHARES		VALUE($)


Personal Goods — 0.4%

Carter’s, Inc.		1,769		174,282

Tapestry, Inc.		17,713		690,453


				864,735


Pharmaceuticals, Biotechnology & Marijuana Producers — 1.8%

Cardinal Health, Inc.		10,027		479,391

Charles River Laboratories International, Inc.*		2,150		964,662

Horizon Therapeutics plc*		8,942		1,072,235

Jazz Pharmaceuticals plc*		4,223		561,828

Royalty Pharma plc, Class A		8,656		342,172

Sage Therapeutics, Inc.*		3,620		146,103

United Therapeutics Corp.*		4,421		843,350


				4,409,741


Precious Metals & Mining — 0.2%

Royal Gold, Inc.		5,672		561,641


Real Estate Investment & Services — 0.8%

CBRE Group, Inc., Class A*		9,828		1,022,898

Jones Lang LaSalle, Inc.*		3,904		1,008,130


				2,031,028


Real Estate Investment Trusts — 8.5%

Alexandria Real Estate Equities, Inc.		2,132		435,226

American Campus Communities, Inc.		1,439		77,303

American Homes 4 Rent, Class A		11,802		479,161

Brixmor Property Group, Inc.		29,132		682,854

Camden Property Trust		2,387		389,320

CoreSite Realty Corp.		4,710		670,987

CubeSmart		16,059		883,406

Duke Realty Corp.		16,900		950,456

Extra Space Storage, Inc.		5,113		1,009,153

First Industrial Realty Trust, Inc.		7,133		415,355

Gaming and Leisure Properties, Inc.		14,589		707,421

Healthpeak Properties, Inc.		22,720		806,787

Highwoods Properties, Inc.		6,959		312,042

Iron Mountain, Inc.		19,820		904,585

Kimco Realty Corp.		40,545		916,317

Lamar Advertising Co., Class A		8,314		941,145

Life Storage, Inc.		7,060		944,699

Medical Properties Trust, Inc.		34,343		732,536

Mid-America Apartment Communities, Inc.		4,943		1,009,410

National Retail Properties, Inc.		3,204		145,333

Omega Healthcare Investors, Inc.		16,626		488,139

Park Hotels & Resorts, Inc.*		29,169		540,502

Rayonier, Inc.		9,931		370,724

Simon Property Group, Inc.		7,039		1,031,777

SL Green Realty Corp.		5,692		398,838

SEE NOTES TO FINANCIAL STATEMENTS.



166	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Real Estate Investment Trusts — continued

Spirit Realty Capital, Inc.		9,164		448,394

Ventas, Inc.		12,869		686,818

VICI Properties, Inc.		23,368		685,851

Welltower, Inc.		10,416		837,446

Weyerhaeuser Co.		20,714		739,904

WP Carey, Inc.		8,352		644,023


				20,285,912


Renewable Energy — 0.8%

Enphase Energy, Inc.*		4,998		1,157,686

First Solar, Inc.*		5,825		696,612


				1,854,298


Retailers — 2.9%

AutoNation, Inc.*		8,790		1,064,645

Bath & Body Works, Inc.		2,085		144,053

Best Buy Co., Inc.		7,788		952,005

Dick’s Sporting Goods, Inc.		7,016		871,457

Foot Locker, Inc.		11,049		526,706

Gap, Inc. (The)		5,983		135,754

Kohl’s Corp.		12,994		630,599

Penske Automotive Group, Inc.		5,192		550,611

Tractor Supply Co.		4,977		1,080,855

Williams-Sonoma, Inc.		5,094		946,109


				6,902,794


Software & Computer Services — 5.3%

Amdocs Ltd.		11,096		863,713

ANSYS, Inc.*		2,436		924,657

Cadence Design Systems, Inc.*		5,893		1,020,137

Citrix Systems, Inc.		5,050		478,386

Dolby Laboratories, Inc., Class A		7,177		634,088

EPAM Systems, Inc.*		1,516		1,020,632

Fortinet, Inc.*		3,054		1,027,182

Gartner, Inc.*		1,688		560,264

InterActiveCorp.*		2,757		420,084

Leidos Holdings, Inc.		6,620		661,868

Manhattan Associates, Inc.*		5,827		1,057,834

Nuance Communications, Inc.*		17,509		963,870

Paycom Software, Inc.*		326		178,599

SS&C Technologies Holdings, Inc.		11,851		941,799

Synopsys, Inc.*		2,906		968,221

Tyler Technologies, Inc.*		1,472		799,620

Vimeo, Inc.*		4,357		146,962


				12,667,916


INVESTMENTS	SHARES		VALUE($)


Technology Hardware & Equipment — 5.3%

Amphenol Corp., Class A		12,577		965,536

CDW Corp.		4,768		889,947

Cirrus Logic, Inc.*		6,409		517,911

Corning, Inc.		16,862		599,782

Entegris, Inc.		8,023		1,129,478

HP, Inc.		16,194		491,164

Marvell Technology, Inc.		15,964		1,093,534

Microchip Technology, Inc.		6,756		500,552

Monolithic Power Systems, Inc.		1,928		1,013,087

National Instruments Corp.		1,408		59,798

NetApp, Inc.		8,070		720,651

ON Semiconductor Corp.*		7,749		372,495

Qorvo, Inc.*		5,057		850,739

Skyworks Solutions, Inc.		4,771		797,377

SYNNEX Corp.		5,505		578,025

Teradyne, Inc.		6,872		949,985

Xilinx, Inc.		6,057		1,090,260


				12,620,321


Telecommunications Equipment — 2.3%

Arista Networks, Inc.*		2,561		1,049,216

Ciena Corp.*		13,292		721,623

CommScope Holding Co., Inc.*		34,354		367,931

Juniper Networks, Inc.		32,658		964,064

Lumentum Holdings, Inc.*		9,125		753,543

Motorola Solutions, Inc.		3,937		978,699

Ubiquiti, Inc.		2,304		703,941


				5,539,017


Telecommunications Service Providers — 1.4%

Cable One, Inc.		388		663,949

DISH Network Corp., Class A*		21,712		891,712

Liberty Broadband Corp., Class C*		2,106		342,120

Lumen Technologies, Inc. (a)		76,944		912,556

Roku, Inc.*		2,126		648,217


				3,458,554


Travel & Leisure — 0.6%

Choice Hotels International, Inc.		1,886		265,209

Copa Holdings SA, Class A (Panama)* (a)		4,096		302,940

Travel + Leisure Co.		3,516		191,060

Wendy’s Co. (The)		1,014		22,612

Yum China Holdings, Inc. (China)		10,724		612,126


				1,393,947

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	167

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Waste & Disposal Services — 0.9%

Clean Harbors, Inc.*		6,537		735,674

Republic Services, Inc.		7,624		1,026,191

Stericycle, Inc.*		5,611		375,488


				2,137,353


Total Common Stocks (Cost $183,688,496)				238,624,336

Short-Term Investments — 1.8%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $356,647)		356,647		356,647


Investment of Cash Collateral from Securities Loaned — 1.7%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		200,580		200,580

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		3,674,212		3,674,212


Total Investment of Cash Collateral from Securities Loaned (Cost $3,874,812)				3,874,792


Total Short-term Investments (Cost $4,231,459)				4,231,439

Total Investments — 101.3% (Cost $187,919,955)				242,855,775
Liabilities in Excess of Other Assets — (1.3%)				(3,047,063)

NET ASSETS — 100.0%				239,808,712

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $3,726,508.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2021:

Description

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P Midcap 400 E-Mini Index

12/2021

USD

1,116,360

(1,497

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



168	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%

Aerospace & Defense — 0.1%

Moog, Inc., Class A		836		63,143

National Presto Industries, Inc.		1,130		93,960


				157,103


Automobiles & Parts — 0.4%

Dorman Products, Inc.*		3,095		323,056

Gentherm, Inc.*		5,860		431,472


				754,528


Banks — 5.2%

1st Source Corp.		1,088		52,529

Ameris Bancorp		6,261		328,014

Atlantic Union Bankshares Corp.		4,006		143,695

Axos Financial, Inc.*		3,870		205,110

BancFirst Corp.		728		47,327

Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		6,555		235,325

Banner Corp.		2,310		133,426

Brookline Bancorp, Inc.		5,811		93,267

Cadence Bank		9,247		268,345

Capital City Bank Group, Inc.		458		12,306

Capitol Federal Financial, Inc.		1,902		23,071

Cathay General Bancorp		6,581		277,652

Columbia Banking System, Inc.		3,917		133,687

Community Bank System, Inc. (a)		1,303		93,386

Community Trust Bancorp, Inc. (a)		1,640		71,635

First BanCorp (Puerto Rico)		10,182		138,984

First Busey Corp.		1,317		33,570

First Financial Bancorp		3,941		93,717

First Financial Bankshares, Inc.		8,936		453,234

First Financial Corp.		658		28,195

First Interstate BancSystem, Inc., Class A		2,921		121,426

First Merchants Corp.		1,882		78,254

First Midwest Bancorp, Inc.		4,637		89,262

Flagstar Bancorp, Inc.		6,260		295,409

Fulton Financial Corp.		8,180		131,698

Glacier Bancorp, Inc.		3,894		215,299

Hancock Whitney Corp.		3,622		179,217

Hilltop Holdings, Inc.		13,882		491,978

Home BancShares, Inc.		7,145		169,765

Hope Bancorp, Inc.		15,076		219,959

Independent Bank Group, Inc.		2,845		205,665

Investors Bancorp, Inc.		28,699		439,095

Lakeland Financial Corp.		1,487		106,871

NBT Bancorp, Inc.		1,859		68,207

OceanFirst Financial Corp.		8,172		181,173

OFG Bancorp (Puerto Rico)		5,090		131,831


INVESTMENTS	SHARES		VALUE($)


Banks — continued

Old National Bancorp		21,064		359,773

Renasant Corp.		5,096		190,641

Republic Bancorp, Inc., Class A		1,288		69,578

Sandy Spring Bancorp, Inc.		1,606		76,221

Simmons First National Corp., Class A		9,531		284,882

TrustCo Bank Corp.		1,411		47,353

Trustmark Corp.		8,607		273,789

UMB Financial Corp.		3,842		379,666

United Bankshares, Inc. (a)		11,140		412,069

United Community Banks, Inc.		5,601		195,139

Valley National Bancorp		34,109		452,285

Washington Federal, Inc.		5,103		180,442

WesBanco, Inc.		4,896		170,234

Westamerica BanCorp		1,123		62,619


				9,146,275


Beverages — 1.2%

Celsius Holdings, Inc.*		6,132		591,861

Coca-Cola Consolidated, Inc.		1,134		455,187

MGP Ingredients, Inc. (a)		3,318		213,049

National Beverage Corp. (a)		7,462		420,857

Primo Water Corp.		21,776		346,238


				2,027,192


Chemicals — 3.6%

AdvanSix, Inc.*		5,583		271,334

American Vanguard Corp.		7,701		119,982

Avient Corp.		10,107		544,565

Balchem Corp.		3,722		569,801

Cabot Corp.		2,758		147,139

GCP Applied Technologies, Inc.*		10,137		229,198

Ingevity Corp.*		4,995		389,160

Innospec, Inc.		4,249		385,002

Kraton Corp.*		12,277		560,445

Orion Engineered Carbons SA (Germany)*		17,805		334,734

Quaker Chemical Corp.		1,596		392,361

Rayonier Advanced Materials, Inc.* (a)		34,614		248,528

Sensient Technologies Corp.		5,954		569,202

Stepan Co.		3,376		405,187

Trinseo plc		9,959		558,302

Tronox Holdings plc, Class A		24,474		570,734


				6,295,674


Construction & Materials — 2.2%

American Woodmark Corp.*		1,143		78,570

Comfort Systems USA, Inc.		4,693		429,269

EMCOR Group, Inc.		3,320		403,347

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	169

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Construction & Materials — continued

Exponent, Inc.		2,804		321,899

Gibraltar Industries, Inc.*		1,433		93,374

GMS, Inc.*		3,803		188,362

Great Lakes Dredge & Dock Corp.*		3,182		48,430

Griffon Corp.		3,112		82,437

Installed Building Products, Inc.		2,035		258,547

JELD-WEN Holding, Inc.*		4,755		130,334

Masonite International Corp.*		2,013		241,580

Mueller Water Products, Inc., Class A		12,426		203,911

Patrick Industries, Inc.		2,447		190,646

Quanex Building Products Corp. (a)		4,208		87,190

Simpson Manufacturing Co., Inc.		3,671		389,456

Tetra Tech, Inc.		3,730		655,212


				3,802,564


Consumer Services — 0.5%

American Public Education, Inc.*		1,472		36,785

Carriage Services, Inc.		1,440		74,088

Laureate Education, Inc., Class A*		14,055		243,433

Perdoceo Education Corp.* (a)		9,748		103,524

Rent-A-Center, Inc.		8,358		445,147


				902,977


Electricity — 1.6%

ALLETE, Inc.		5,398		332,193

Clearway Energy, Inc., Class C		15,203		539,402

MGE Energy, Inc.		3,924		297,792

NorthWestern Corp.		7,862		447,033

Ormat Technologies, Inc. (a)		1,969		142,418

PNM Resources, Inc.		9,709		483,023

Portland General Electric Co.		8,099		399,362

Via Renewables, Inc. (a)		13,012		145,084


				2,786,307


Electronic & Electrical Equipment — 1.3%

Atkore, Inc.*		4,941		467,073

AZZ, Inc.		3,336		177,242

Badger Meter, Inc.		3,931		401,945

Brady Corp., Class A		3,510		182,836

Encore Wire Corp.		2,656		356,063

EnerSys		2,650		212,106

Watts Water Technologies, Inc., Class A		2,673		507,923


				2,305,188


Finance & Credit Services — 1.4%

Encore Capital Group, Inc.*		800		43,216

Enova International, Inc.*		5,601		181,696


INVESTMENTS	SHARES		VALUE($)



Finance & Credit Services — continued

Mr. Cooper Group, Inc.*		13,478		590,876

Navient Corp.		20,818		410,115

PennyMac Financial Services, Inc.		7,603		471,842

Radian Group, Inc.		18,319		437,275

Walker & Dunlop, Inc.		2,462		320,232


				2,455,252


Food Producers — 3.2%

Andersons, Inc. (The)		6,373		217,064

B&G Foods, Inc. (a)		12,030		354,163

Cal-Maine Foods, Inc.		5,377		193,895

Fresh Del Monte Produce, Inc.		11,693		391,599

GrowGeneration Corp.* (a)		10,905		229,877

Hostess Brands, Inc.* (a)		25,060		473,885

J&J Snack Foods Corp.		2,266		334,348

John B Sanfilippo & Son, Inc.		3,069		259,331

Lancaster Colony Corp.		2,314		393,380

Medifast, Inc.		1,634		320,705

Nature’s Sunshine Products, Inc.		2,317		36,585

Sanderson Farms, Inc.		2,632		498,632

Simply Good Foods Co. (The)*		10,594		420,052

Tattooed Chef, Inc.* (a)		13,451		241,714

Tootsie Roll Industries, Inc. (a)		11,109		351,600

TreeHouse Foods, Inc.* (a)		9,327		337,078

USANA Health Sciences, Inc.* (a)		4,098		397,752

Utz Brands, Inc.		6,695		104,375

Vital Farms, Inc.* (a)		4,090		67,158


				5,623,193


Gas, Water & Multi-utilities — 3.2%

American States Water Co.		5,124		465,464

Avista Corp.		9,400		374,214

Black Hills Corp.		6,715		445,742

Brookfield Infrastructure Corp., Class A (Canada)		6,133		371,905

California Water Service Group		6,425		391,154

Chesapeake Utilities Corp.		2,830		370,928

Evoqua Water Technologies Corp.*		13,560		567,215

Middlesex Water Co. (a)		2,836		312,300

New Jersey Resources Corp.		10,081		381,163

Northwest Natural Holding Co.		4,799		216,387

ONE Gas, Inc.		3,935		264,825

SJW Group		3,797		250,298

South Jersey Industries, Inc. (a)		14,938		339,989

Southwest Gas Holdings, Inc.		6,444		446,247

Spire, Inc.		5,872		368,527


				5,566,358

SEE NOTES TO FINANCIAL STATEMENTS.



170	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

General Industrials — 1.1%

Apogee Enterprises, Inc.		3,771		158,118

Barnes Group, Inc.		1,620		67,943

CSW Industrials, Inc.		1,180		163,572

Ferro Corp.*		3,721		78,215

Greif, Inc., Class A		2,934		189,771

HB Fuller Co.		7,821		551,459

Kronos Worldwide, Inc.		12,891		167,970

Myers Industries, Inc.		3,250		66,885

Otter Tail Corp.		4,193		260,008

Standex International Corp.		1,194		132,856

TriMas Corp.*		998		33,283


				1,870,080


Health Care Providers — 3.3%

Addus HomeCare Corp.*		1,816		169,796

Brookdale Senior Living, Inc.*		3,281		21,326

Community Health Systems, Inc.*		23,201		303,933

Computer Programs and Systems, Inc.* (a)		3,580		129,238

CorVel Corp.*		1,527		279,777

Ensign Group, Inc. (The)		6,256		488,031

Healthcare Services Group, Inc.		5,532		106,159

Inovalon Holdings, Inc., Class A*		11,099		452,728

LHC Group, Inc.*		2,301		309,692

Magellan Health, Inc.*		4,417		418,864

ModivCare, Inc.*		2,622		426,783

NextGen Healthcare, Inc.*		6,569		108,126

Omnicell, Inc.*		3,435		611,945

Option Care Health, Inc.*		5,676		155,125

Pennant Group, Inc. (The)*		4,829		123,478

RadNet, Inc.*		4,377		136,081

Select Medical Holdings Corp.		13,745		456,609

Surgery Partners, Inc.* (a)		9,160		376,842

Tenet Healthcare Corp.*		5,127		367,401

Tivity Health, Inc.* (a)		11,619		290,707

US Physical Therapy, Inc. (a)		1,324		142,807


				5,875,448


Household Goods & Home Construction — 1.7%

Beazer Homes USA, Inc.*		3,734		67,623

Central Garden & Pet Co., Class A*		5,409		249,896

CompX International, Inc.		1,239		26,762

Ethan Allen Interiors, Inc. (a)		14,495		336,429

Hamilton Beach Brands Holding Co., Class A		2,187		32,805

Herman Miller, Inc.		7,401		288,047

HNI Corp.		6,825		255,255

Interface, Inc.		20,613		296,003


INVESTMENTS	SHARES		VALUE($)



Household Goods & Home Construction — continued

La-Z-Boy, Inc.		11,734		390,038

LGI Homes, Inc.*		750		111,975

M/I Homes, Inc.*		5,182		296,721

MDC Holdings, Inc.		2,687		131,609

Sleep Number Corp.*		705		62,280

Steelcase, Inc., Class A		12,268		145,989

Taylor Morrison Home Corp.*		4,999		152,620

Tri Pointe Homes, Inc.*		4,838		117,031


				2,961,083


Industrial Engineering — 1.6%

Albany International Corp., Class A (a)		1,951		157,348

Astec Industries, Inc.		5,497		293,430

Chart Industries, Inc.*		2,834		503,092

Columbus McKinnon Corp.		5,628		266,036

EnPro Industries, Inc.		2,432		218,053

Franklin Electric Co., Inc.		4,444		383,873

Hillenbrand, Inc.		8,731		396,911

John Bean Technologies Corp.		1,488		219,852

Tennant Co.		1,428		113,469

Titan Machinery, Inc.* (a)		1,822		51,781

Zurn Water Solutions Corp.		6,848		248,445


				2,852,290


Industrial Materials — 2.7%

Boise Cascade Co.		8,940		506,183

Clearwater Paper Corp.*		8,509		355,931

Domtar Corp.*		9,525		519,970

Glatfelter Corp.		9,893		162,542

Koppers Holdings, Inc.*		8,769		307,704

Materion Corp.		5,324		384,286

Meta Materials, Inc.* (a)		111,213		522,701

Minerals Technologies, Inc.		6,006		426,066

Neenah, Inc.		5,538		279,891

Schweitzer-Mauduit International, Inc.		9,476		330,144

Tredegar Corp.		6,698		80,778

UFP Industries, Inc.		6,922		566,427

Verso Corp., Class A		13,798		304,660


				4,747,283


Industrial Metals & Mining — 3.3%

Arconic Corp.*		7,722		227,181

Carpenter Technology Corp.		12,677		391,466

Century Aluminum Co.*		22,830		301,584

Commercial Metals Co.		16,133		519,160

Compass Minerals International, Inc.		7,055		462,808

Constellium SE*		9,940		182,995

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	171

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial Metals & Mining — continued

Energy Fuels, Inc.* (a)		34,634		271,531

GrafTech International Ltd.		19,710		210,897

Haynes International, Inc.		5,515		221,317

Kaiser Aluminum Corp.		3,838		372,823

Mueller Industries, Inc.		9,040		475,866

Olympic Steel, Inc.		4,083		110,118

RBC Bearings, Inc.*		2,234		522,600

Schnitzer Steel Industries, Inc., Class A		9,706		522,183

TimkenSteel Corp.*		6,400		89,280

Uranium Energy Corp.*		37,936		141,122

US Silica Holdings, Inc.*		41,331		400,084

Worthington Industries, Inc.		7,873		427,661


				5,850,676


Industrial Support Services — 2.7%

ABM Industries, Inc.		5,053		222,382

ACI Worldwide, Inc.*		6,842		209,913

Applied Industrial Technologies, Inc.		5,511		537,212

ASGN, Inc.*		3,286		393,203

CoreCivic, Inc., REIT*		19,982		172,045

CRA International, Inc.		1,880		206,462

Deluxe Corp.		2,780		99,163

DXP Enterprises, Inc.*		701		23,105

EVERTEC, Inc. (Puerto Rico)		5,195		234,866

ExlService Holdings, Inc.*		2,373		291,001

Forrester Research, Inc.*		1,854		98,725

Heidrick & Struggles International, Inc.		1,337		62,679

Insperity, Inc.		1,955		244,375

Kelly Services, Inc., Class A		859		15,488

Korn Ferry		2,638		203,680

Lawson Products, Inc.*		1,052		53,336

Maximus, Inc.		5,722		483,910

Pitney Bowes, Inc.		21,218		147,253

Resources Connection, Inc.		3,254		56,652

TriNet Group, Inc.*		3,234		327,442

TrueBlue, Inc.*		1,865		51,940

TTEC Holdings, Inc.		3,680		347,355

UniFirst Corp.		1,428		282,687


				4,764,874


Industrial Transportation — 2.4%

ArcBest Corp.		3,333		299,470

Atlas Air Worldwide Holdings, Inc.*		5,555		450,622

DHT Holdings, Inc.		68,173		443,806

Echo Global Logistics, Inc.*		3,775		182,068

Federal Signal Corp.		4,166		178,346


INVESTMENTS	SHARES		VALUE($)



Industrial Transportation — continued

Forward Air Corp.		2,714		272,920

Frontline Ltd. (Norway)* (a)		26,834		236,408

GATX Corp. (a)		2,312		219,293

Hub Group, Inc., Class A*		925		72,677

Matson, Inc.		3,008		250,506

McGrath RentCorp		1,991		143,631

Meritor, Inc.*		3,445		83,851

Nordic American Tankers Ltd. (a)		7,444		17,493

Saia, Inc.*		2,218		693,436

Scorpio Tankers, Inc. (Monaco)		1,884		30,182

Triton International Ltd. (Bermuda)		9,561		594,599

Wabash National Corp.		6,811		105,775


				4,275,083


Investment Banking & Brokerage Services — 1.8%

Artisan Partners Asset Management, Inc., Class A		9,975		494,162

B. Riley Financial, Inc.		1,763		126,337

Brightsphere Investment Group, Inc.		11,829		354,633

Cannae Holdings, Inc.*		11,147		380,113

Cohen & Steers, Inc.		3,132		297,195

Cowen, Inc., Class A (a)		10,122		381,903

Federated Hermes, Inc.		10,155		338,263

Houlihan Lokey, Inc.		2,564		287,373

Moelis & Co., Class A		5,364		390,177

Virtus Investment Partners, Inc.		547		175,040


				3,225,196


Leisure Goods — 1.6%

Camping World Holdings, Inc., Class A (a)		11,954		445,287

Fox Factory Holding Corp.*		2,302		370,507

LCI Industries		1,824		254,703

Nautilus, Inc.* (a)		19,409		198,554

Smith & Wesson Brands, Inc.		21,537		463,046

Sonos, Inc.*		10,248		334,290

Sturm Ruger & Co., Inc.		6,688		527,549

Universal Electronics, Inc.*		3,419		140,794


				2,734,730


Life Insurance — 0.4%

American Equity Investment Life Holding Co.		7,425		236,635

CNO Financial Group, Inc.		20,577		496,729

National Western Life Group, Inc., Class A		140		30,101


				763,465


Media — 0.1%

Gray Television, Inc.		9,610		225,258

QuinStreet, Inc.*		1,955		27,370


				252,628

SEE NOTES TO FINANCIAL STATEMENTS.



172	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Medical Equipment & Services — 3.6%

Accuray, Inc.*		12,080		60,279

AdaptHealth Corp.*		10,445		284,626

Anika Therapeutics, Inc.* (a)		1,271		52,937

AtriCure, Inc.*		5,413		406,300

Atrion Corp.		53		38,584

Avanos Medical, Inc.*		3,974		125,340

CONMED Corp.		3,966		580,146

Fulgent Genetics, Inc.*		4,845		401,747

Inogen, Inc.* (a)		936		37,112

Integer Holdings Corp.*		4,109		369,892

Intersect ENT, Inc.*		1,484		40,024

Invacare Corp.*		7,512		37,109

Lantheus Holdings, Inc.*		6,479		151,544

Meridian Bioscience, Inc.*		17,948		337,602

Merit Medical Systems, Inc.*		7,101		477,613

Natus Medical, Inc.*		6,048		151,502

Neogen Corp.*		10,447		442,013

NeoGenomics, Inc.*		10,337		475,502

OraSure Technologies, Inc.*		23,987		255,941

Orthofix Medical, Inc.*		2,389		85,956

Owens & Minor, Inc.		12,120		434,866

Patterson Cos., Inc.		14,403		450,238

STAAR Surgical Co.*		3,462		410,109

Surmodics, Inc.*		2,801		155,904

Varex Imaging Corp.*		1,322		35,496

Zynex, Inc.* (a)		3,235		40,535


				6,338,917


Mortgage Real Estate Investment Trusts — 2.1%

Apollo Commercial Real Estate Finance, Inc.		16,038		242,815

Arbor Realty Trust, Inc. (a)		14,557		292,741

Blackstone Mortgage Trust, Inc., Class A(a)		9,926		326,566

Dynex Capital, Inc.		5,098		89,215

Ellington Financial, Inc.		14,040		255,247

Granite Point Mortgage Trust, Inc.		6,888		92,299

iStar, Inc. (a)		19,712		497,531

KKR Real Estate Finance Trust, Inc. (a)		10,614		230,430

Ladder Capital Corp.		16,327		195,924

MFA Financial, Inc.		108,781		490,602

New York Mortgage Trust, Inc.		69,318		304,306

PennyMac Mortgage Investment Trust		18,704		376,886

Redwood Trust, Inc.		21,597		292,855

TPG RE Finance Trust, Inc.		5,830		76,198


				3,763,615


INVESTMENTS	SHARES		VALUE($)



Non-life Insurance — 0.9%

Employers Holdings, Inc.		4,431		171,037

Enstar Group Ltd.*		866		199,855

Essent Group Ltd.		3,004		144,192

Horace Mann Educators Corp.		3,063		120,008

RLI Corp. (a)		1,261		136,579

Safety Insurance Group, Inc.		1,795		140,746

Selective Insurance Group, Inc.		3,257		255,251

Stewart Information Services Corp.		6,565		467,231


				1,634,899


Non-Renewable Energy — 7.4%

Antero Resources Corp.*		38,128		757,603

Archrock, Inc.		47,130		385,995

Berry Corp.		22,681		217,964

Bonanza Creek Energy, Inc. (a)		9,076		509,527

Brigham Minerals, Inc., Class A (a)		8,075		187,179

Cactus, Inc., Class A		13,787		599,735

Centennial Resource Development, Inc., Class A*		68,035		489,852

ChampionX Corp.*		9,887		259,336

CNX Resources Corp.* (a)		39,651		579,301

CONSOL Energy, Inc.*		18,990		522,415

DMC Global, Inc.*		6,165		257,574

Dril-Quip, Inc.*		4,229		99,635

Helix Energy Solutions Group, Inc.*		43,616		164,869

Liberty Oilfield Services, Inc., Class A*		19,618		253,465

Magnolia Oil & Gas Corp., Class A		29,947		625,293

Matador Resources Co.		12,250		512,663

Matrix Service Co.*		5,779		59,119

MRC Global, Inc.*		24,000		199,200

Nabors Industries Ltd.*		5,032		515,780

Newpark Resources, Inc.*		12,480		42,432

Northern Oil and Gas, Inc.		6,432		148,965

NOW, Inc.*		30,242		218,347

Oceaneering International, Inc.*		11,962		162,683

Oil States International, Inc.* (a)		5,555		33,663

Ovintiv, Inc.		19,620		736,142

Patterson-UTI Energy, Inc.		63,284		541,711

PDC Energy, Inc.		12,700		664,337

ProPetro Holding Corp.*		43,340		415,631

Ranger Oil Corp.*		24,982		825,405

RPC, Inc.*		29,155		157,145

SM Energy Co.		26,879		922,487

Solaris Oilfield Infrastructure, Inc., Class A		25,610		194,380

SunCoke Energy, Inc.		46,729		337,383

Warrior Met Coal, Inc.		3,589		86,028

World Fuel Services Corp.		14,447		441,067


				13,124,311

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	173

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Personal Care, Drug & Grocery Stores — 2.9%

ACCO Brands Corp.		20,328		168,113

Beauty Health Co. (The)* (a)		13,634		374,526

Chefs’ Warehouse, Inc. (The)* (a)		6,314		220,169

Edgewell Personal Care Co. (a)		9,468		331,285

Energizer Holdings, Inc.		8,927		325,568

Ingles Markets, Inc., Class A (a)		5,134		355,222

Nu Skin Enterprises, Inc., Class A		6,929		278,199

Performance Food Group Co.*		7,924		358,403

PetMed Express, Inc. (a)		12,566		357,251

PLBY Group, Inc.* (a)		12,380		347,631

Rite Aid Corp.* (a)		19,570		265,956

SpartanNash Co. (a)		12,215		282,655

Sprouts Farmers Market, Inc.*		14,115		312,506

United Natural Foods, Inc.*		10,180		441,710

Veru, Inc.*		35,013		286,056

WD-40 Co.		1,820		413,140


				5,118,390


Personal Goods — 0.7%

Movado Group, Inc.		896		29,837

Oxford Industries, Inc.		3,548		328,971

Signet Jewelers Ltd. (a)		5,564		496,197

Steven Madden Ltd. (a)		6,015		271,276

Vera Bradley, Inc.*		4,680		45,911


				1,172,192


Pharmaceuticals, Biotechnology & Marijuana Producers — 3.3%

ANI Pharmaceuticals, Inc.* (a)		2,548		95,244

Arcus Biosciences, Inc.*		4,904		163,990

Arrowhead Pharmaceuticals, Inc.*		7,947		507,178

Castle Biosciences, Inc.*		3,607		224,896

Catalyst Pharmaceuticals, Inc.*		3,654		21,559

Codexis, Inc.*		2,089		72,635

Collegium Pharmaceutical, Inc.* (a)		9,506		186,603

Corcept Therapeutics, Inc.*		10,760		193,680

Dicerna Pharmaceuticals, Inc.* (a)		9,583		199,422

Eagle Pharmaceuticals, Inc.*		604		31,631

Emergent BioSolutions, Inc.*		3,650		173,995

Halozyme Therapeutics, Inc.*		7,399		281,680

Heska Corp.*		996		222,636

Innoviva, Inc.*		9,878		172,371

Kodiak Sciences, Inc.* (a)		3,519		412,040

Ligand Pharmaceuticals, Inc.* (a)		1,154		168,415

Medpace Holdings, Inc.*		2,909		659,034

Myriad Genetics, Inc.*		5,500		169,235

Pacific Biosciences of California, Inc.*		16,978		449,577


INVESTMENTS	SHARES		VALUE($)



Pharmaceuticals, Biotechnology & Marijuana Producers — continued

Pacira BioSciences, Inc.*		6,530		341,388

PDL BioPharma, Inc.*‡ (a)		22,361		55,232

Prestige Consumer Healthcare, Inc.*		7,316		438,887

Supernus Pharmaceuticals, Inc.*		3,264		97,430

Travere Therapeutics, Inc.*		5,963		171,794

Vanda Pharmaceuticals, Inc.*		6,749		115,543

Xencor, Inc.*		3,486		137,906


				5,764,001


Precious Metals & Mining — 0.4%

Coeur Mining, Inc.*		43,121		272,956

Hecla Mining Co.		61,428		355,054

Novagold Resources, Inc. (Canada)*		20,328		148,597


				776,607


Real Estate Investment & Services — 1.1%

eXp World Holdings, Inc.		11,180		576,888

Kennedy-Wilson Holdings, Inc.		11,537		258,083

Newmark Group, Inc., Class A		27,252		405,510

Rafael Holdings, Inc., Class B* (a)		3,705		28,010

Realogy Holdings Corp.*		20,395		353,241

St. Joe Co. (The)		5,522		259,644


				1,881,376


Real Estate Investment Trusts — 9.3%

Agree Realty Corp.		6,207		441,069

American Assets Trust, Inc.		4,301		162,707

Apartment Investment and Management Co., Class A		28,700		217,546

Brandywine Realty Trust		16,061		212,808

Broadstone Net Lease, Inc.		15,684		417,038

CareTrust REIT, Inc.		16,553		343,475

Centerspace		2,690		272,336

Columbia Property Trust, Inc.		16,841		322,842

Community Healthcare Trust, Inc.		2,870		137,301

DiamondRock Hospitality Co.*		27,429		247,958

DigitalBridge Group, Inc.* (a)		54,102		362,483

Easterly Government Properties, Inc.		7,067		148,619

EastGroup Properties, Inc.		2,953		584,044

Essential Properties Realty Trust, Inc.		15,790		470,384

Four Corners Property Trust, Inc.		13,146		381,234

GEO Group, Inc. (The) (a)		67,609		553,042

Global Net Lease, Inc.		11,128		178,271

Hannon Armstrong Sustainable Infrastructure Capital, Inc.		7,610		459,644

Healthcare Realty Trust, Inc.		13,934		460,658

Independence Realty Trust, Inc.		12,921		305,323

SEE NOTES TO FINANCIAL STATEMENTS.



174	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Real Estate Investment Trusts — continued

Innovative Industrial Properties, Inc. (a)		2,161		568,537

Kite Realty Group Trust		33,765		685,429

Lexington Realty Trust (a)		36,351		529,634

LTC Properties, Inc.		8,088		257,684

Macerich Co. (The) (a)		22,064		399,138

Monmouth Real Estate Investment Corp.		10,657		200,884

National Health Investors, Inc.		5,594		300,845

National Storage Affiliates Trust		8,051		502,865

Office Properties Income Trust		6,336		162,328

Pebblebrook Hotel Trust		16,794		377,193

Physicians Realty Trust		23,138		439,853

Piedmont Office Realty Trust, Inc., Class A		20,493		363,956

PotlatchDeltic Corp.		7,610		397,775

PS Business Parks, Inc.		1,086		192,982

Retail Opportunity Investments Corp.		20,241		359,683

RLJ Lodging Trust		8,096		116,744

RPT Realty		15,109		200,799

Sabra Health Care REIT, Inc.		22,913		324,219

Safehold, Inc.		1,320		98,604

SITE Centers Corp.		24,337		386,715

STAG Industrial, Inc.		12,637		550,089

Summit Hotel Properties, Inc.*		23,011		230,110

Sunstone Hotel Investors, Inc.*		3,164		39,044

Tanger Factory Outlet Centers, Inc. (a)		28,341		476,129

Terreno Realty Corp.		7,076		517,468

Uniti Group, Inc.		26,922		385,254

Urban Edge Properties (a)		16,387		287,264

Washington		9,434		239,152

Xenia Hotels & Resorts, Inc.*		7,464		132,859


				16,402,018


Renewable Energy — 1.0%

Arcosa, Inc.		8,240		426,255

Green Plains, Inc.*		14,847		563,443

Renewable Energy Group, Inc.*		7,060		451,840

REX American Resources Corp.*		2,247		197,624

TPI Composites, Inc.*		1,979		66,554


				1,705,716


Retailers — 2.8%

Abercrombie & Fitch Co., Class A*		12,545		496,029

America’s Car-Mart, Inc.*		1,126		134,546

Asbury Automotive Group, Inc.*		627		122,710

Big 5 Sporting Goods Corp. (a)		12,574		304,039

Big Lots, Inc.		5,906		261,341

BJ’s Wholesale Club Holdings, Inc.*		5,386		314,758


INVESTMENTS	SHARES		VALUE($)



Retailers — continued

Buckle, Inc. (The) (a)		12,513		520,791

Caleres, Inc.		1,020		23,521

Citi Trends, Inc.*		3,628		280,662

Genesco, Inc.*		3,456		209,399

Global Industrial Co.		837		33,966

Group 1 Automotive, Inc.		1,657		297,929

Haverty Furniture Cos., Inc. (a)		9,391		269,522

Hibbett, Inc.		3,741		289,703

Lumber Liquidators Holdings, Inc.*		8,562		154,801

ODP Corp. (The)*		4,764		206,281

PriceSmart, Inc.		932		67,057

Shoe Carnival, Inc. (a)		13,637		461,885

Sportsman’s Warehouse Holdings, Inc.* (a)		11,659		201,234

Zumiez, Inc.*		8,717		354,782


				5,004,956


Software & Computer Services — 4.5%

Agilysys, Inc.*		4,227		201,712

Alarm.com Holdings, Inc.*		1,449		122,093

Appfolio, Inc., Class A*		2,441		321,455

Avaya Holdings Corp.* (a)		10,663		198,545

Avid Technology, Inc.*		6,664		190,857

Blackline, Inc.*		995		126,236

Cerence, Inc.* (a)		4,831		507,883

ChannelAdvisor Corp.*		13,868		353,773

Consensus Cloud Solutions, Inc.*		1,280		81,062

CSG Systems International, Inc.		6,013		300,951

Intelligent Systems Corp.* (a)		1,172		49,611

MicroStrategy, Inc., Class A*		768		549,166

Mitek Systems, Inc.*		6,028		113,507

Model N, Inc.*		598		19,381

NetScout Systems, Inc.*		9,300		251,658

OneSpan, Inc.*		6,760		138,039

Perficient, Inc.*		4,417		545,941

Progress Software Corp.		8,150		418,992

Qualys, Inc.*		3,559		443,024

SailPoint Technologies Holding, Inc.* (a)		2,527		121,246

Sapiens International Corp. NV (Israel)		2,861		99,935

Shutterstock, Inc.		4,542		550,263

Simulations Plus, Inc. (a)		3,697		186,699

SPS Commerce, Inc.*		3,901		595,800

Verint Systems, Inc.*		6,019		280,485

VirnetX Holding Corp.* (a)		11,962		46,054

Workiva, Inc.*		3,795		567,542

Ziff Davis, Inc.*		3,842		492,813


				7,874,723

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	175

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Technology Hardware & Equipment — 7.0%

Advanced Energy Industries, Inc.		4,100		376,462

Alpha & Omega Semiconductor Ltd.*		2,799		96,985

Amkor Technology, Inc.		19,077		418,168

Axcelis Technologies, Inc.*		10,403		571,437

Benchmark Electronics, Inc.		5,543		129,207

CEVA, Inc.*		3,201		145,998

CMC Materials, Inc.		2,715		348,525

Cohu, Inc.*		7,621		244,177

CTS Corp.		3,428		122,105

Daktronics, Inc.*		3,674		20,391

Diodes, Inc.*		5,445		523,210

DSP Group, Inc.* (a)		4,055		89,088

Fabrinet (Thailand)*		3,500		336,000

FormFactor, Inc.*		11,085		440,961

Ichor Holdings Ltd.*		6,409		280,201

Insight Enterprises, Inc.*		5,081		481,171

Kulicke & Soffa Industries, Inc. (Singapore)		7,182		409,374

Lattice Semiconductor Corp.*		8,652		600,795

MaxLinear, Inc.*		8,704		548,352

Methode Electronics, Inc. (a)		4,623		194,490

NeoPhotonics Corp.*		29,916		302,750

Novanta, Inc.*		2,384		411,383

Onto Innovation, Inc.*		6,234		493,795

PC Connection, Inc.		2,081		95,830

Photronics, Inc.*		9,969		129,497

Plexus Corp.*		3,588		313,304

Power Integrations, Inc. (a)		4,905		506,245

Rambus, Inc.*		19,076		443,899

Rogers Corp.*		689		138,572

ScanSource, Inc.*		3,866		138,325

Semtech Corp.*		5,266		447,768

SiTime Corp.*		1,569		415,612

SMART Global Holdings, Inc.*		4,404		235,438

Super Micro Computer, Inc.*		1,537		54,394

Synaptics, Inc.*		2,809		546,547

TTM Technologies, Inc.*		16,293		215,719

Ultra Clean Holdings, Inc.*		9,505		471,163

Vishay Intertechnology, Inc.		15,275		293,586

Xperi Holding Corp.		17,843		319,747


				12,350,671


Telecommunications Equipment — 2.6%

ADTRAN, Inc.		13,931		257,445

Akoustis Technologies, Inc.* (a)		6,626		49,828

Aviat Networks, Inc.*		5,194		148,548

Calix, Inc.*		11,097		694,561


INVESTMENTS	SHARES		VALUE($)



Telecommunications Equipment — continued

Cambium Networks Corp.*		7,223		203,833

Comtech Telecommunications Corp. (a)		8,381		180,778

EchoStar Corp., Class A*		11,846		277,907

Extreme Networks, Inc.*		30,446		299,284

Harmonic, Inc.* (a)		26,328		238,795

Inseego Corp.* (a)		12,666		78,529

InterDigital, Inc.		6,081		407,123

Loral Space & Communications, Inc. (Canada)(a)		3,561		177,409

NETGEAR, Inc.*		9,718		280,170

Plantronics, Inc.*		11,677		312,477

Ribbon Communications, Inc.*		1,005		5,497

Viavi Solutions, Inc.*		31,462		484,515

Vocera Communications, Inc.*		7,194		407,037


				4,503,736


Telecommunications Service Providers — 2.5%

Anterix, Inc.* (a)		570		36,537

Cogent Communications Holdings, Inc.		6,207		475,394

Consolidated Communications Holdings, Inc.*		39,210		290,154

fuboTV, Inc.* (a)		12,149		362,162

Globalstar, Inc.* (a)		220,571		363,942

Gogo, Inc.* (a)		31,794		516,971

IDT Corp., Class B*		11,893		575,264

Iridium Communications, Inc.*		11,908		482,869

Liberty Latin America Ltd., Class C (Chile)*		11,836		142,387

Shenandoah Telecommunications Co.		11,675		322,697

Telephone and Data Systems, Inc. (a)		16,881		316,350

Vonage Holdings Corp.*		35,487		572,051


				4,456,778


Tobacco — 0.6%

22nd Century Group, Inc.* (a)		49,296		135,071

Turning Point Brands, Inc.		6,778		258,716

Universal Corp.		6,580		309,260

Vector Group Ltd. (a)		29,268		388,094


				1,091,141


Travel & Leisure — 0.1%

Biglari Holdings, Inc., Class B*		123		20,446

Chuy’s Holdings, Inc.*		921		26,856

El Pollo Loco Holdings, Inc.* (a)		2,125		31,238

Ruth’s Hospitality Group, Inc.*		1,763		34,097


				112,637


Waste & Disposal Services — 0.4%

Casella Waste Systems, Inc., Class A*		4,194		363,704

Covanta Holding Corp.		21,284		429,511


				793,215


Total Common Stocks (Cost $148,492,973)				175,865,346

SEE NOTES TO FINANCIAL STATEMENTS.



176	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021



INVESTMENTS	NO. OF RIGHTS		VALUE($)

Rights — 0.0% (b)

Pharmaceuticals, Biotechnology & Marijuana Producers — 0.0% (b)

Achillion Pharmaceuticals, Inc., CVR*‡ (Cost $ —)		12,757		6,379


	SHARES

Short-Term Investments — 11.3%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $337,403)		337,403		337,403


Investment of Cash Collateral from Securities Loaned — 11.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		16,344,863		16,344,863

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		3,231,887		3,231,887


Total Investment of Cash Collateral from Securities Loaned (Cost $19,576,750)				19,576,750


Total Short-Term Investments (Cost $19,914,153)				19,914,153

Total Investments — 111.1% (Cost $168,407,126)				195,785,878
Liabilities in Excess of Other Assets — (11.1%)				(19,523,692)

NET ASSETS — 100.0%				176,262,186

Percentages indicated are based on net assets.

Abbreviations


CVR		Contingent Value Rights
REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $18,940,884.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2021:

Description

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

12/2021

USD

344,415

6,304

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	177

JPMorgan International Growth ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.2%

Argentina — 0.7%

MercadoLibre, Inc.*		302		447,268


Australia — 1.3%

IDP Education Ltd.		27,854		788,074


Brazil — 0.6%

Magazine Luiza SA*		200,350		384,101


Canada — 4.2%

Canadian National Railway Co.		9,362		1,244,232

Shopify, Inc., Class A*		929		1,356,433


				2,600,665


China — 10.6%

Bilibili, Inc., Class Z*		7,966		583,716

Country Garden Services Holdings Co. Ltd.		88,000		677,467

Kingdee International Software Group Co. Ltd.*		216,000		710,721

Meituan* (a)		16,200		551,264

Silergy Corp.		4,000		660,821

Tencent Holdings Ltd.		31,700		1,928,304

Weimob, Inc.* (a)		303,000		462,790

Wuxi Biologics Cayman, Inc.* (a)		61,000		923,965


				6,499,048


Denmark — 5.6%

Genmab A/S*		1,798		807,755

Novo Nordisk A/S, Class B		16,946		1,858,212

Orsted A/S (a)		5,532		781,354


				3,447,321


Finland — 1.2%

Kone OYJ, Class B		10,643		725,843


France — 5.8%

L’Oreal SA		3,369		1,541,165

LVMH Moet Hennessy Louis Vuitton SE		2,541		1,992,453


				3,533,618


Germany — 5.7%

adidas AG		3,670		1,201,197

Sartorius AG (Preference)		1,235		799,956

Symrise AG		5,728		792,309

Zalando SE* (a)		7,430		701,991


				3,495,453


Hong Kong — 5.7%

AIA Group Ltd.		121,400		1,360,531

Hong Kong Exchanges & Clearing Ltd.		19,600		1,180,738

Techtronic Industries Co. Ltd.		45,500		934,809


				3,476,078


INVESTMENTS	SHARES		VALUE($)


India — 1.2%

HDFC Bank Ltd., ADR		10,210		734,201


Indonesia — 1.6%

Bank Central Asia Tbk. PT		1,912,700		1,011,393


Japan — 10.6%

Daikin Industries Ltd.		4,300		941,764

Hoya Corp.		7,500		1,104,064

Keyence Corp.		2,600		1,569,398

Kyowa Kirin Co. Ltd.		21,300		700,516

Sony Group Corp.		12,300		1,424,296

Sysmex Corp.		5,900		731,546


				6,471,584


Netherlands — 8.2%

Adyen NV* (a)		450		1,357,790

Argenx SE*		1,888		568,399

Argenx SE*		579		160,036

ASML Holding NV		3,240		2,633,797

Pharvaris NV*		16,434		291,539


				5,011,561


Poland — 0.7%

InPost SA*		28,963		413,528


South Korea — 1.6%

Delivery Hero SE* (a)		7,992		996,803


Sweden — 3.1%

Assa Abloy AB, Class B		28,742		843,367

Atlas Copco AB, Class A		16,024		1,031,925


				1,875,292


Switzerland — 8.8%

Lonza Group AG (Registered)		1,440		1,183,393

Nestle SA (Registered)		18,076		2,384,355

Partners Group Holding AG		476		831,550

Straumann Holding AG (Registered)		492		1,024,196


				5,423,494


Taiwan — 7.0%

Sea Ltd., ADR*		3,993		1,371,875

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		25,520		2,901,625


				4,273,500


United Kingdom — 10.0%

Allfunds Group plc*		24,381		492,833

Diageo plc		29,384		1,461,904

Intertek Group plc		10,621		711,266

Linde plc		3,198		1,028,914

SEE NOTES TO FINANCIAL STATEMENTS.



178	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

London Stock Exchange Group plc		7,864		765,511

Oxford Nanopore Technologies plc*		61,006		466,290

RELX plc		38,287		1,187,661


				6,114,379


United States — 5.0%

Cadence Design Systems, Inc.*		4,000		692,440

EPAM Systems, Inc.*		1,518		1,021,978

Oatly Group AB, ADR*		18,868		243,209

Unity Software, Inc.*		7,230		1,093,971


				3,051,598


Total Common Stocks (Cost $49,824,943)				60,774,802

Short-Term Investments — 0.7%

Investment Companies — 0.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $446,263)		446,263		446,263

Total Investments — 99.9% (Cost $50,271,206)				61,221,065
Other Assets Less Liabilities — 0.1%				70,885

NET ASSETS — 100.0%				61,291,950

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENT OF TOTAL INVESTMENTS

Semiconductors & Semiconductor Equipment		10.1	%

IT Services		6.1

Health Care Equipment & Supplies		6.0

Capital Markets		5.3

Textiles, Apparel & Luxury Goods		5.2

Software		4.8

Pharmaceuticals		4.7

Internet & Direct Marketing Retail		4.4

Machinery		4.4

Food Products		4.3

Life Sciences Tools & Services		4.2

Entertainment		3.2

Interactive Media & Services		3.2

Professional Services		3.1

Chemicals		3.0

Building Products		2.9

Banks		2.9

Electronic Equipment, Instruments & Components		2.6

Personal Products		2.5

Biotechnology		2.5

Beverages		2.4

Household Durables		2.3

Insurance		2.2

Road & Rail		2.0

Diversified Consumer Services		1.3

Electric Utilities		1.3

Real Estate Management & Development		1.1

Others (each less than 1.0%)		1.3

Short-Term Investments		0.7

Abbreviations


ADR		American Depositary Receipt
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT		Limited liability 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)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	179

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common stocks — 99.1%

Aerospace & Defense — 0.4%

Lockheed Martin Corp.		625		207,700


Automobiles & Parts — 0.4%

Genuine Parts Co.		1,315		172,410


Banks — 2.5%

Comerica, Inc.		1,490		126,784

First Horizon Corp.		8,434		143,125

FNB Corp.		2,826		32,923

Huntington Bancshares, Inc.		12,988		204,431

New York Community Bancorp, Inc.		19,812		246,263

PacWest Bancorp		5,151		244,518

People’s United Financial, Inc.		12,985		222,563


				1,220,607


Beverages — 2.6%

Brown-Forman Corp., Class B		817		55,466

Coca-Cola Co. (The)		5,142		289,855

Constellation Brands, Inc., Class A		1,083		234,805

Keurig Dr Pepper, Inc.		7,208		260,137

Molson Coors Beverage Co., Class B		2,603		114,766

PepsiCo, Inc.		1,899		306,878


				1,261,907


Chemicals — 4.6%

Celanese Corp.		720		116,287

CF Industries Holdings, Inc.		5,616		318,989

Chemours Co. (The)		8,187		229,400

Dow, Inc.		4,489		251,249

Eastman Chemical Co.		2,407		250,400

Huntsman Corp.		8,330		271,392

LyondellBasell Industries NV, Class A		2,759		256,090

NewMarket Corp.		60		20,401

Olin Corp.		7,205		410,541

Scotts Miracle-Gro Co. (The)		292		43,350

Valvoline, Inc.		2,398		81,436


				2,249,535


Construction & Materials — 0.5%

MDU Resources Group, Inc.		7,915		243,228


Consumer Services — 0.3%

H&R Block, Inc.		5,429		125,247


Electricity — 12.9%

AES Corp. (The)		10,093		253,637

Alliant Energy Corp.		4,579		259,034

American Electric Power Co., Inc.		3,283		278,103

Avangrid, Inc.		3,481		183,449

CMS Energy Corp.		4,241		255,944


INVESTMENTS	SHARES		VALUE($)


Electricity — continued

Consolidated Edison, Inc.		3,911		294,889

Dominion Energy, Inc.		3,810		289,293

DTE Energy Co.		2,471		280,088

Edison International		5,092		320,440

Entergy Corp.		2,651		273,106

Evergy, Inc.		4,358		277,822

Eversource Energy		2,991		253,936

Exelon Corp.		5,994		318,821

FirstEnergy Corp.		7,541		290,555

Hawaiian Electric Industries, Inc.		4,175		169,338

IDACORP, Inc.		1,512		157,732

NRG Energy, Inc.		6,573		262,197

OGE Energy Corp.		7,022		239,240

Pinnacle West Capital Corp.		3,815		246,029

PPL Corp.		9,924		285,811

Public Service Enterprise Group, Inc.		4,655		296,989

Southern Co. (The)		4,505		280,752

Vistra Corp.		14,529		284,623

Xcel Energy, Inc.		3,553		229,488


				6,281,316


Electronic & Electrical Equipment — 1.2%

Emerson Electric Co.		2,819		273,471

Hubbell, Inc.		1,469		292,875


				566,346


Finance & Credit Services — 0.3%

OneMain Holdings, Inc.		2,732		144,277


Food Producers — 8.5%

Archer-Daniels-Midland Co.		4,135		265,632

Bunge Ltd.		3,215		297,838

Campbell Soup Co.		6,251		249,727

Conagra Brands, Inc.		7,389		237,926

Corteva, Inc.		5,517		238,059

Flowers Foods, Inc.		8,810		218,047

General Mills, Inc.		5,164		319,135

Hershey Co. (The)		1,438		252,153

Hormel Foods Corp.		5,783		244,737

Ingredion, Inc.		1,213		115,514

JM Smucker Co. (The)		2,065		253,706

Kellogg Co.		4,707		288,539

Kraft Heinz Co. (The)		8,331		299,000

Lamb Weston Holdings, Inc.		1,975		111,489

McCormick & Co., Inc. (Non-Voting)		2,811		225,526

Mondelez International, Inc., Class A		4,318		262,275

Tyson Foods, Inc., Class A		3,263		260,942


				4,140,245

SEE NOTES TO FINANCIAL STATEMENTS.



180	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Gas, Water & Multi-utilities — 4.6%

Ameren Corp.		2,129		179,453

Atmos Energy Corp.		1,975		181,937

CenterPoint Energy, Inc.		10,443		271,936

Duke Energy Corp.		2,824		288,076

Essential Utilities, Inc.		876		41,233

National Fuel Gas Co.		3,411		195,894

NiSource, Inc.		11,890		293,326

Sempra Energy		2,240		285,891

UGI Corp.		6,084		264,107

WEC Energy Group, Inc.		2,728		245,684


				2,247,537


General Industrials — 3.0%

3M Co.		1,461		261,051

Amcor plc		6,793		81,992

Eaton Corp. plc		1,783		293,767

Packaging Corp. of America		1,949		267,734

RPM International, Inc.		1,062		92,606

Sonoco Products Co.		3,590		208,041

WestRock Co.		5,010		240,981


				1,446,172


Health Care Providers — 1.0%

Encompass Health Corp.		2,512		159,663

UnitedHealth Group, Inc.		703		323,710


				483,373


Household Goods & Home Construction — 1.0%

Leggett & Platt, Inc.		3,681		172,455

Newell Brands, Inc.		7,955		182,090

Whirlpool Corp.		662		139,569


				494,114


Industrial Engineering — 0.8%

Caterpillar, Inc.		727		148,315

Cummins, Inc.		1,071		256,869


				405,184


Industrial Materials — 0.5%

International Paper Co.		4,760		236,429

Sylvamo Corp.*		428		12,053


				248,482


Industrial Metals & Mining — 2.5%

Fastenal Co.		2,347		133,967

Nucor Corp.		2,617		292,188

Reliance Steel & Aluminum Co.		1,233		180,215

Southern Copper Corp. (Peru)		3,953		237,140


INVESTMENTS	SHARES		VALUE($)



Industrial Metals & Mining — continued

Steel Dynamics, Inc.		4,472		295,510

Timken Co. (The)		1,330		94,364


				1,233,384


Industrial Support Services — 0.8%

Paychex, Inc.		2,630		324,226

Western Union Co. (The)		4,039		73,591


				397,817


Industrial Transportation — 1.0%

Ryder System, Inc.		2,313		196,489

United Parcel Service, Inc., Class B		1,480		315,936


				512,425


Investment Banking & Brokerage Services — 1.4%

Apollo Global Management, Inc.		1,568		120,658

Franklin Resources, Inc.		3,654		115,064

Invesco Ltd.		10,509		267,034

Lazard Ltd., Class A		3,790		185,672


				688,428


Leisure Goods — 0.7%

Garmin Ltd.		931		133,692

Harley-Davidson, Inc.		3,264		119,103

Hasbro, Inc.		995		95,281


				348,076


Life Insurance — 1.0%

Principal Financial Group, Inc.		1,767		118,548

Prudential Financial, Inc.		2,644		290,972

Unum Group		2,844		72,437


				481,957


Media — 0.3%

Nielsen Holdings plc		1,864		37,746

Omnicom Group, Inc.		1,361		92,657


				130,403


Medical Equipment & Services — 2.2%

Abbott Laboratories		2,305		297,092

Becton Dickinson and Co.		909		217,787

Medtronic plc		2,218		265,850

Quest Diagnostics, Inc.		1,889		277,267


				1,057,996


Mortgage Real Estate Investment Trusts — 2.2%

AGNC Investment Corp.		17,219		274,126

Annaly Capital Management, Inc.		30,789		260,475

New Residential Investment Corp.		23,341		265,154

Starwood Property Trust, Inc.		10,329		263,080


				1,062,835

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	181

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS		SHARES		VALUE($)

Common Stocks — continued

Non-life Insurance — 1.1%

Old Republic International Corp.			11,310		292,137

Progressive Corp. (The)			2,801		265,759


					557,896


Non-Renewable Energy — 5.8%

Antero Midstream Corp.			25,224		268,383

Chevron Corp.			2,691		308,093

DT Midstream, Inc.			333		15,971

Exxon Mobil Corp.			4,811		310,165

HollyFrontier Corp.			3,649		123,336

Kinder Morgan, Inc.			15,724		263,377

ONEOK, Inc.			5,610		356,908

Phillips 66			3,573		267,189

Targa Resources Corp.			5,579		305,004

Valero Energy Corp.			3,844		297,257

Williams Cos., Inc. (The)			10,957		307,782


					2,823,465


Personal Care, Drug & Grocery Stores — 5.8%

AmerisourceBergen Corp.			2,044		249,409

Casey’s General Stores, Inc.			160		30,646

Church & Dwight Co., Inc.			2,937		256,576

Clorox Co. (The)			1,462		238,321

Colgate-Palmolive Co.			3,177		242,056

CVS Health Corp.			3,415		304,891

Kimberly-Clark Corp.	��		1,894		245,254

Kroger Co. (The)			6,366		254,767

McKesson Corp.			380		78,994

Procter & Gamble Co. (The)			2,072		296,275

Spectrum Brands Holdings, Inc.			1,000		93,750

Sysco Corp.			3,252		250,079

Walgreens Boots Alliance, Inc.			5,822		273,751


					2,814,769


Personal Goods — 0.4%

Hanesbrands, Inc.			12,653		215,607


Pharmaceuticals, Biotechnology & Marijuana Producers — 4.8%

AbbVie, Inc.			2,673		306,513

Amgen, Inc.			1,043		215,870

Bristol-Myers Squibb Co.			4,474		261,281

Cardinal Health, Inc.			3,450		164,944

Eli Lilly & Co.			805		205,082

Gilead Sciences, Inc.			3,682		238,888

Johnson & Johnson			1,707		278,036

Merck & Co., Inc.			3,275		288,364

Perrigo Co. plc			2,879		129,987

Pfizer, Inc.			6,373		278,755


					2,367,720


INVESTMENTS	SHARES		VALUE($)



Precious Metals & Mining — 0.4%

Newmont Corp.		3,971		214,434


Real Estate Investment Trusts — 7.6%

Brixmor Property Group, Inc.		8,002		187,567

EPR Properties		3,756		188,589

Gaming and Leisure Properties, Inc.		5,052		244,971

Healthcare Trust of America, Inc., Class A		2,726		91,021

Healthpeak Properties, Inc.		7,143		253,648

Highwoods Properties, Inc.		623		27,935

Iron Mountain, Inc.		6,051		276,168

Kimco Realty Corp.		10,303		232,848

Medical Properties Trust, Inc.		9,710		207,114

National Retail Properties, Inc.		4,657		211,242

Omega Healthcare Investors, Inc.		8,495		249,413

Park Hotels & Resorts, Inc.*		9,718		180,075

Rayonier, Inc.		4,783		178,549

Simon Property Group, Inc.		2,063		302,395

SL Green Realty Corp.		789		55,285

Spirit Realty Capital, Inc.		4,617		225,910

Ventas, Inc.		1,135		60,575

Vornado Realty Trust		2,381		101,502

Welltower, Inc.		2,458		197,623

WP Carey, Inc.		3,275		252,535


				3,724,965


Retailers — 0.8%

Bath & Body Works, Inc.		2,664		184,056

Foot Locker, Inc.		1,411		67,262

Gap, Inc. (The)		2,103		47,717

Kohl’s Corp.		1,916		92,984


				392,019


Software & Computer Services — 1.0%

DXC Technology Co.*		91		2,964

Hewlett Packard Enterprise Co.		18,898		276,856

International Business Machines Corp.		1,806		225,930


				505,750


Technology Hardware & Equipment — 4.8%

Analog Devices, Inc.		1,837		318,701

Broadcom, Inc.		502		266,898

Corning, Inc.		3,082		109,627

HP, Inc.		9,118		276,549

Intel Corp.		4,625		226,625

KLA Corp.		873		325,419

Microchip Technology, Inc.		1,061		78,610

NetApp, Inc.		1,559		139,219

SEE NOTES TO FINANCIAL STATEMENTS.



182	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Technology Hardware & Equipment — continued

QUALCOMM, Inc.		2,010		267,410

Xerox Holdings Corp.		9,418		167,640

Xilinx, Inc.		911		163,980


				2,340,678


Telecommunications Equipment — 2.7%

Arista Networks, Inc.*		636		260,563

Ciena Corp.*		447		24,268

Cisco Systems, Inc.		5,022		281,081

Juniper Networks, Inc.		9,102		268,691

Lumentum Holdings, Inc.*		1,267		104,629

Motorola Solutions, Inc.		1,211		301,042

Ubiquiti, Inc.		160		48,885

ViaSat, Inc.*		349		20,832


				1,309,991


Telecommunications Service Providers — 4.6%

Altice USA, Inc., Class A*		693		11,296

AT&T, Inc.		10,832		273,616

Cable One, Inc.		71		121,496

Charter Communications, Inc., Class A*		365		246,335

Comcast Corp., Class A		4,838		248,818

DISH Network Corp., Class A*		4,099		168,346

Liberty Broadband Corp., Class C*		1,153		187,305

Lumen Technologies, Inc.		24,602		291,780

Roku, Inc.*		685		208,857

T-Mobile US, Inc.*		1,872		215,336

Verizon Communications, Inc.		5,383		285,245


				2,258,430


INVESTMENTS	SHARES		VALUE($)



Tobacco — 1.1%

Altria Group, Inc.		5,857		258,352

Philip Morris International, Inc.		2,798		264,523


				522,875


Travel & Leisure — 0.9%

Copa Holdings SA, Class A (Panama)*		1,739		128,616

Darden Restaurants, Inc.		502		72,358

Six Flags Entertainment Corp.*		3,819		157,076

Travel + Leisure Co.		1,829		99,388


				457,438


Waste & Disposal Services — 0.1%

Waste Management, Inc.		365		58,484


Total Common Stocks (Cost $46,891,431)				48,415,522

Short-Term Investments — 0.2%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $80,127)		80,127		80,127

Total Investments — 99.3% (Cost $46,971,558)				48,495,649

Other Assets Less Liabilities — 0.7%				346,629

NET ASSETS — 100.0%				48,842,278

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2021:

Description

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Micro E-Mini S&P 500 Index

12/2021

USD

390,958

3,782

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	183

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%

Aerospace & Defense — 1.0%

L3Harris Technologies, Inc.		479		110,428

Lockheed Martin Corp.		271		90,059


				200,487


Automobiles & Parts — 0.6%

Gentex Corp.		1,659		58,712

Genuine Parts Co.		536		70,275


				128,987


Banks — 0.1%

TFS Financial Corp.		1,478		28,762


Beverages — 3.7%

Brown-Forman Corp., Class B		1,394		94,639

Coca-Cola Co. (The)		2,072		116,798

Constellation Brands, Inc., Class A		484		104,936

Keurig Dr Pepper, Inc.		3,085		111,338

Molson Coors Beverage Co., Class B		2,174		95,852

Monster Beverage Corp.*		1,185		100,725

PepsiCo, Inc.		809		130,734


				755,022


Chemicals — 3.0%

Air Products and Chemicals, Inc.		384		115,127

Ashland Global Holdings, Inc.		1,108		106,379

Celanese Corp.		99		15,990

Ecolab, Inc.		470		104,443

FMC Corp.		292		26,575

International Flavors & Fragrances, Inc.		681		100,414

NewMarket Corp.		121		41,141

Scotts Miracle-Gro Co. (The)		603		89,521


				599,590


Consumer Services — 0.6%

Rollins, Inc.		527		18,566

Service Corp. International		1,476		101,091


				119,657


Electricity — 11.2%

Alliant Energy Corp.		1,807		102,222

American Electric Power Co., Inc.		1,292		109,445

Avangrid, Inc.		1,567		82,581

Brookfield Renewable Corp.		478		19,794

CMS Energy Corp.		1,776		107,182

Consolidated Edison, Inc.		1,346		101,488

Dominion Energy, Inc.		1,327		100,759

DTE Energy Co.		848		96,121

Edison International		1,745		109,813

Entergy Corp.		975		100,444


INVESTMENTS	SHARES		VALUE($)


Electricity — continued

Evergy, Inc.		1,597		101,809

Eversource Energy		1,188		100,861

Exelon Corp.		2,281		121,326

FirstEnergy Corp.		2,585		99,600

Hawaiian Electric Industries, Inc.		1,205		48,875

IDACORP, Inc.		639		66,660

NextEra Energy, Inc.		1,461		124,667

NRG Energy, Inc.		1,804		71,962

OGE Energy Corp.		2,801		95,430

Pinnacle West Capital Corp.		1,323		85,320

PPL Corp.		3,402		97,978

Public Service Enterprise Group, Inc.		1,857		118,477

Southern Co. (The)		1,683		104,885

Xcel Energy, Inc.		1,528		98,693


				2,266,392


Electronic & Electrical Equipment — 0.6%

Hubbell, Inc.		184		36,684

Waters Corp.*		207		76,083


				112,767


Finance & Credit Services — 0.1%

Morningstar, Inc.		65		20,589


Food Producers — 9.2%

Archer-Daniels-Midland Co.		1,811		116,339

Bunge Ltd.		1,320		122,285

Campbell Soup Co.		2,372		94,761

Conagra Brands, Inc.		3,053		98,307

Corteva, Inc.		2,283		98,511

Flowers Foods, Inc.		2,700		66,825

General Mills, Inc.		1,776		109,757

Hain Celestial Group, Inc. (The)*		895		40,159

Hershey Co. (The)		635		111,347

Hormel Foods Corp.		2,387		101,018

Ingredion, Inc.		1,052		100,182

JM Smucker Co. (The)		847		104,062

Kellogg Co.		1,612		98,816

Kraft Heinz Co. (The)		2,858		102,574

Lamb Weston Holdings, Inc.		1,226		69,208

McCormick & Co., Inc. (Non-Voting)		1,162		93,227

Mondelez International, Inc., Class A		1,799		109,271

Pilgrim’s Pride Corp.*		921		25,935

Post Holdings, Inc.*		843		85,548

Tyson Foods, Inc., Class A		1,309		104,681

US Foods Holding Corp.*		359		12,446


				1,865,259

SEE NOTES TO FINANCIAL STATEMENTS.



184	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Gas, Water & Multi-utilities — 5.1%

Ameren Corp.		1,256		105,868

American Water Works Co., Inc.		664		115,656	��

Atmos Energy Corp.		1,048		96,542

CenterPoint Energy, Inc.		2,295		59,762

Duke Energy Corp.		1,128		115,067

Essential Utilities, Inc.		1,951		91,834

National Fuel Gas Co.		1,451		83,331

NiSource, Inc.		4,112		101,443

Sempra Energy		770		98,275

UGI Corp.		1,606		69,716

WEC Energy Group, Inc.		1,081		97,355


				1,034,849


General Industrials — 1.6%

3M Co.		492		87,910

AptarGroup, Inc.		320		38,650

PPG Industries, Inc.		508		81,570

RPM International, Inc.		972		84,758

Silgan Holdings, Inc.		440		17,688

Sonoco Products Co.		85		4,926


				315,502


Health Care Providers — 1.6%

Cerner Corp.		1,238		91,971

Chemed Corp.		118		56,906

Encompass Health Corp.		439		27,903

IQVIA Holdings, Inc.*		15		3,921

UnitedHealth Group, Inc.		305		140,443


				321,144


Household Goods & Home Construction — 0.7%

Leggett & Platt, Inc.		972		45,538

NVR, Inc.*		18		88,107


				133,645


Industrial Materials — 0.7%

Avery Dennison Corp.		454		98,845

International Paper Co.		696		34,570

Sylvamo Corp.*		63		1,774


				135,189


Industrial Metals & Mining — 0.8%

Fastenal Co.		1,902		108,566

Reliance Steel & Aluminum Co.		306		44,725


				153,291


INVESTMENTS	SHARES		VALUE($)


Industrial Support Services — 0.9%

Automatic Data Processing, Inc.		462		103,714

Jack Henry & Associates, Inc.		295		49,112

Verisk Analytics, Inc.		127		26,704


				179,530


Industrial Transportation — 1.1%

Expeditors International of Washington, Inc.		828		102,059

United Parcel Service, Inc., Class B		604		128,936


				230,995


Investment Banking & Brokerage Services — 0.8%

Berkshire Hathaway, Inc., Class B*		457		131,164

Broadridge Financial Solutions, Inc.		155		27,653


				158,817


Leisure Goods — 1.0%

Electronic Arts, Inc.		149		20,897

Garmin Ltd.		697		100,089

Hasbro, Inc.		147		14,077

Pool Corp.		141		72,638


				207,701


Medical Equipment & Services — 12.8%

Abbott Laboratories		978		126,054

Agilent Technologies, Inc.		371		58,429

Baxter International, Inc.		1,125		88,830

Becton Dickinson and Co.		408		97,753

Bio-Rad Laboratories, Inc., Class A*		150		119,202

Bio-Techne Corp.		239		125,152

Boston Scientific Corp.*		2,696		116,278

Cooper Cos., Inc. (The)		269		112,151

Danaher Corp.		379		118,161

Edwards Lifesciences Corp.*		1,021		122,336

Henry Schein, Inc.*		1,231		93,987

Hill-Rom Holdings, Inc.		807		125,004

Hologic, Inc.*		703		51,537

IDEXX Laboratories, Inc.*		179		119,239

Integra LifeSciences Holdings Corp.*		254		16,881

Masimo Corp.*		358		101,507

Medtronic plc		932		111,710

PerkinElmer, Inc.		634		112,148

QIAGEN NV*		1,245		69,421

Quest Diagnostics, Inc.		787		115,516

STERIS plc		540		126,220

Stryker Corp.		383		101,905

Teleflex, Inc.		272		97,088

Thermo Fisher Scientific, Inc.		222		140,542

West Pharmaceutical Services, Inc.		265		113,918


				2,580,969

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	185

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Mortgage Real Estate Investment Trusts — 0.3%

AGNC Investment Corp.		413		6,575

Annaly Capital Management, Inc.		604		5,110

Starwood Property Trust, Inc.		1,565		39,860


				51,545


Non-life Insurance — 4.1%

Allstate Corp. (The)		919		113,653

American Financial Group, Inc.		161		21,902

Aon plc, Class A		138		44,149

Arch Capital Group Ltd.*		1,027		42,949

Arthur J Gallagher & Co.		599		100,434

Brown & Brown, Inc.		2,076		131,016

Markel Corp.*		43		56,465

Marsh & McLennan Cos., Inc.		776		129,437

RenaissanceRe Holdings Ltd. (Bermuda)		615		87,207

White Mountains Insurance Group Ltd.		49		51,695

WR Berkley Corp.		506		40,278


				819,185


Non-Renewable Energy — 5.2%

Baker Hughes Co.		4,416		110,753

Cheniere Energy, Inc.*		1,310		135,454

Chevron Corp.		1,079		123,535

ConocoPhillips		1,174		87,451

Coterra Energy, Inc.		5,733		122,228

DT Midstream, Inc.		415		19,903

Exxon Mobil Corp.		1,930		124,427

Kinder Morgan, Inc.		6,274		105,090

Phillips 66		1,472		110,076

Williams Cos., Inc. (The)		4,105		115,309


				1,054,226


Personal Care, Drug & Grocery Stores — 5.8%

Albertsons Cos., Inc., Class A (a)		1,741		53,884

AmerisourceBergen Corp.		818		99,812

Casey’s General Stores, Inc.		227		43,480

Church & Dwight Co., Inc.		1,213		105,968

Clorox Co. (The)		604		98,458

Colgate-Palmolive Co.		1,338		101,942

CVS Health Corp.		1,359		121,332

Grocery Outlet Holding Corp.*		1,131		25,097

Kimberly-Clark Corp.		759		98,283

Kroger Co. (The)		2,572		102,931

McKesson Corp.		509		105,811

Procter & Gamble Co. (The)		891		127,404

Walgreens Boots Alliance, Inc.		2,001		94,087


				1,178,489


INVESTMENTS	SHARES		VALUE($)


Personal Goods — 0.1%

Columbia Sportswear Co.		134		13,915

VF Corp.		215		15,669


				29,584


Pharmaceuticals, Biotechnology & Marijuana Producers — 5.7%

AbbVie, Inc.		1,126		129,119

Amgen, Inc.		442		91,481

Bristol-Myers Squibb Co.		1,666		97,294

Eli Lilly & Co.		486		123,813

Gilead Sciences, Inc.		1,460		94,725

Johnson & Johnson		744		121,183

Merck & Co., Inc.		1,388		122,213

Pfizer, Inc.		2,616		114,424

Regeneron Pharmaceuticals, Inc.*		179		114,549

United Therapeutics Corp.*		72		13,735

Zoetis, Inc.		592		127,990


				1,150,526


Precious Metals & Mining — 0.5%

Newmont Corp.		1,723		93,042


Real Estate Investment Trusts — 5.0%

Alexandria Real Estate Equities, Inc.		389		79,411

American Homes 4 Rent, Class A		677		27,486

American Tower Corp.		413		116,454

CoreSite Realty Corp.		178		25,358

Crown Castle International Corp.		620		111,786

CubeSmart		525		28,880

Digital Realty Trust, Inc.		643		101,472

Equinix, Inc.		133		111,330

Equity LifeStyle Properties, Inc.		64		5,409

Extra Space Storage, Inc.		336		66,316

First Industrial Realty Trust, Inc.		401		23,350

Healthcare Trust of America, Inc., Class A		664		22,171

Life Storage, Inc.		241		32,248

Mid-America Apartment Communities, Inc.		128		26,139

Public Storage		369		122,574

SBA Communications Corp.		336		116,031


				1,016,415


Renewable Energy — 0.8%

First Solar, Inc.*		1,294		154,750


Retailers — 1.3%

Costco Wholesale Corp.		272		133,699

Walmart, Inc.		844		126,110


				259,809

SEE NOTES TO FINANCIAL STATEMENTS.



186	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)

Common Stocks — continued

Software & Computer Services — 5.1%

Amdocs Ltd.		1,325		103,138

ANSYS, Inc.*		334		126,780

Black Knight, Inc.*		971		68,077

CDK Global, Inc.		1,273		55,401

Citrix Systems, Inc.		537		50,870

Cognizant Technology Solutions Corp., Class A		199		15,540

International Business Machines Corp.		435		54,418

Intuit, Inc.		222		138,970

Microsoft Corp.		508		168,463

Synopsys, Inc.*		366		121,944

Tyler Technologies, Inc.*		179		97,236

VeriSign, Inc.*		130		28,947


				1,029,784


Technology Hardware & Equipment — 0.4%

Texas Instruments, Inc.		413		77,429


Telecommunications Equipment — 1.7%

Cisco Systems, Inc.		1,941		108,638

Juniper Networks, Inc.		3,525		104,058

Motorola Solutions, Inc.		503		125,041


				337,737


Telecommunications Service Providers — 3.3%

AT&T, Inc.		3,821		96,518

Cable One, Inc.		13		22,246

Charter Communications, Inc., Class A*		153		103,258

Comcast Corp., Class A		1,908		98,128

Liberty Broadband Corp., Class C*		617		100,232

Lumen Technologies, Inc.		3,860		45,780

T-Mobile US, Inc.*		825		94,900

Verizon Communications, Inc.		1,989		105,397


				666,459


Tobacco — 1.0%

Altria Group, Inc.		2,092		92,278

Philip Morris International, Inc.		1,119		105,790


				198,068


Travel & Leisure — 0.9%

Choice Hotels International, Inc.		355		49,920

McDonald’s Corp.		524		128,668

Yum! Brands, Inc.		77		9,621


				188,209


Waste & Disposal Services — 1.3%

Republic Services, Inc.		979		131,773

Waste Management, Inc.		795		127,383


				259,156


Total Common Stocks (Cost $17,875,777)				20,113,557


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.4%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $24,381)		24,381		24,381


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		24,948		24,948

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		26,822		26,822


Total Investment of Cash Collateral from Securities Loaned (Cost $51,777)				51,770


Total Short-term Investments (Cost $76,158)				76,151

Total Investments — 100.1% (Cost $17,951,935)				20,189,708
Liabilities in Excess of Other Assets — (0.1%)				(29,060)

NET ASSETS — 100.0%				20,160,648

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $52,244.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	187

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Micro E-Mini S&P 500 Index

12/2021

USD

22,998

1,218

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



188	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%

Aerospace & Defense — 0.4%

Axon Enterprise, Inc.*		2,098		377,556

Howmet Aerospace, Inc.		7,872		233,720

Virgin Galactic Holdings, Inc.* (a)		13,982		262,162


				873,438


Automobiles & Parts — 3.2%

Gentex Corp.		12,202		431,829

Tesla, Inc.*		5,912		6,585,968


				7,017,797


Banks — 1.7%

Bank OZK		3,279		146,473

Discover Financial Services		2,283		258,710

East West Bancorp, Inc.		3,865		307,190

First Citizens BancShares, Inc., Class A		216		175,802

First Republic Bank		2,483		537,147

Pinnacle Financial Partners, Inc.		1,792		173,054

Popular, Inc. (Puerto Rico)		2,594		211,255

Regions Financial Corp.		18,749		443,976

Signature Bank		1,275		379,721

SVB Financial Group*		1,154		827,880

Western Alliance Bancorp		3,660		424,889


				3,886,097


Beverages — 0.3%

Monster Beverage Corp.*		7,309		621,265


Chemicals — 0.5%

Albemarle Corp.		2,002		501,441

Ashland Global Holdings, Inc.		711		68,263

Element Solutions, Inc.		7,026		159,561

Olin Corp.		5,097		290,427


				1,019,692


Construction & Materials — 2.3%

Advanced Drainage Systems, Inc.		2,186		246,581

AECOM*		7,195		491,922

Carrier Global Corp.		15,343		801,365

Eagle Materials, Inc.		1,679		249,096

Louisiana-Pacific Corp.		7,549		444,863

Masco Corp.		835		54,734

MasTec, Inc.*		3,852		343,329

Mohawk Industries, Inc.*		1,879		332,978

Quanta Services, Inc.		5,049		612,343

Trane Technologies plc		4,194		758,820

Trex Co., Inc.*		4,766		507,102

Watsco, Inc.		1,099		318,248


				5,161,381


INVESTMENTS	SHARES		VALUE($)


Consumer Services — 0.6%

AMERCO		165		121,604

Copart, Inc.*		4,839		751,448

H&R Block, Inc.		5,699		131,476

Rollins, Inc.		6,609		232,835


				1,237,363


Electricity — 1.5%

AES Corp. (The)		20,416		513,054

Eversource Energy		6,352		539,285

NextEra Energy, Inc.		22,268		1,900,129

Southern Co. (The)		6,342		395,233


				3,347,701


Electronic & Electrical Equipment — 1.7%

Johnson Controls International plc		12,197		894,894

Keysight Technologies, Inc.*		4,108		739,522

Mettler-Toledo International, Inc.*		481		712,303

Waters Corp.*		1,066		391,809

Xylem, Inc.		3,313		432,645

Zebra Technologies Corp., Class A*		1,215		648,749


				3,819,922


Finance & Credit Services — 1.5%

Ally Financial, Inc.		10,843		517,645

Moody’s Corp.		2,402		970,768

Morningstar, Inc.		645		204,304

MSCI, Inc.		1,402		932,162

OneMain Holdings, Inc.		4,809		253,963

SLM Corp.		22,648		415,591


				3,294,433


Food Producers — 1.8%

Archer-Daniels-Midland Co.		9,326		599,102

Beyond Meat, Inc.* (a)		1,782		176,382

Bunge Ltd.		6,815		631,342

Conagra Brands, Inc.		9,233		297,303

Corteva, Inc.		16,251		701,231

Darling Ingredients, Inc.*		7,310		617,841

Freshpet, Inc.*		1,163		181,323

Hain Celestial Group, Inc. (The)*		2,934		131,648

Herbalife Nutrition Ltd.*		4,339		201,330

Kraft Heinz Co. (The)		10,239		367,478

McCormick & Co., Inc. (Non-Voting)		1,182		94,832

Pilgrim’s Pride Corp.*		3,941		110,978


				4,110,790

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	189

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Gas, Water & Multi-utilities — 0.6%

American Water Works Co., Inc.		3,965		690,624

National Fuel Gas Co.		2,296		131,859

WEC Energy Group, Inc.		5,695		512,892


				1,335,375


General Industrials — 0.5%

AptarGroup, Inc.		1,280		154,598

Crown Holdings, Inc.		4,638		482,306

RPM International, Inc.		2,438		212,594

Valmont Industries, Inc.		949		226,773


				1,076,271


Health Care Providers — 1.9%

Acadia Healthcare Co., Inc.*		1,581		98,022

DaVita, Inc.*		3,662		378,065

HCA Healthcare, Inc.		1,551		388,463

Humana, Inc.		1,002		464,086

UnitedHealth Group, Inc.		4,582		2,109,874

Veeva Systems, Inc., Class A*		2,623		831,517


				4,270,027


Household Goods & Home Construction — 0.5%

DR Horton, Inc.		3,025		270,042

PulteGroup, Inc.		9,660		464,453

Tempur Sealy International, Inc.		6,647		295,592


				1,030,087


Industrial Engineering — 1.7%

AGCO Corp.		3,561		435,190

Caterpillar, Inc.		6,669		1,360,542

Deere & Co.		3,558		1,217,939

Generac Holdings, Inc.*		1,525		760,304


				3,773,975


Industrial Materials — 0.2%

Avery Dennison Corp.		2,566		558,669


Industrial Metals & Mining — 0.8%

Cleveland-Cliffs, Inc.* (a)		9,048		218,147

Fastenal Co.		2,956		168,729

Freeport-McMoRan, Inc.		16,992		640,938

Nucor Corp.		6,429		717,798


				1,745,612


Industrial Support Services — 3.4%

American Express Co.		3,620		629,083

Bill.com Holdings, Inc.*		2,125		625,409

Capital One Financial Corp.		6,797		1,026,551

Cintas Corp.		1,658		718,080


INVESTMENTS	SHARES		VALUE($)


Industrial Support Services — continued

Paylocity Holding Corp.*		1,833		559,322

PayPal Holdings, Inc.*		11,646		2,708,743

Square, Inc., Class A*		5,087		1,294,641


				7,561,829


Industrial Transportation — 2.7%

FedEx Corp.		3,483		820,351

JB Hunt Transport Services, Inc.		2,943		580,330

Kansas City Southern		2,060		639,115

Norfolk Southern Corp.		3,693		1,082,234

Old Dominion Freight Line, Inc.		2,380		812,413

Ryder System, Inc.		2,777		235,906

United Parcel Service, Inc., Class B		8,283		1,768,172


				5,938,521


Investment Banking & Brokerage Services — 6.0%

Affiliated Managers Group, Inc.		2,872		482,151

Ameriprise Financial, Inc.		1,806		545,647

Ares Management Corp.		3,938		333,706

BlackRock, Inc.		1,726		1,628,412

Blackstone, Inc.		9,570		1,324,679

Broadridge Financial Solutions, Inc.		3,065		546,827

Charles Schwab Corp. (The)		14,467		1,186,728

Evercore, Inc., Class A		3,163		480,270

Goldman Sachs Group, Inc. (The)		3,291		1,360,335

Interactive Brokers Group, Inc., Class A		655		46,407

Invesco Ltd.		16,714		424,703

Jefferies Financial Group, Inc.		13,782		592,626

KKR & Co., Inc.		11,840		943,293

LPL Financial Holdings, Inc.		3,451		566,033

Morgan Stanley		16,507		1,696,589

Nasdaq, Inc.		1,989		417,431

T. Rowe Price Group, Inc.		2,953		640,447


				13,216,284


Leisure Goods — 0.6%

Garmin Ltd.		3,864		554,870

Mattel, Inc.*		10,728		233,978

Pool Corp.		1,222		629,526


				1,418,374


Media — 0.6%

Interpublic Group of Cos., Inc. (The)		15,100		552,207

Trade Desk, Inc. (The), Class A*		9,316		697,862


				1,250,069

SEE NOTES TO FINANCIAL STATEMENTS.



190	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Medical Equipment & Services — 6.3%

10X Genomics, Inc., Class A* (a)		2,526		407,368

Agilent Technologies, Inc.		5,195		818,161

Bio-Rad Laboratories, Inc., Class A*		716		568,991

Bio-Techne Corp.		1,189		622,620

Danaher Corp.		7,002		2,183,013

Dexcom, Inc.*		1,485		925,467

IDEXX Laboratories, Inc.*		1,393		927,933

Insulet Corp.*		1,887		585,008

Intuitive Surgical, Inc.*		4,089		1,476,661

Masimo Corp.*		384		108,879

Quest Diagnostics, Inc.		3,803		558,204

Repligen Corp.*		1,972		572,866

ResMed, Inc.		2,751		723,265

STERIS plc		673		157,307

Thermo Fisher Scientific, Inc.		4,227		2,675,987

West Pharmaceutical Services, Inc.		1,595		685,659


				13,997,389


Non-life Insurance — 1.7%

American Financial Group, Inc.		1,139		154,950

Aon plc, Class A		3,212		1,027,583

Arthur J Gallagher & Co.		4,514		756,862

Brown & Brown, Inc.		8,941		564,266

Erie Indemnity Co., Class A		455		93,644

Marsh & McLennan Cos., Inc.		6,548		1,092,206


				3,689,511


Non-Renewable Energy — 2.2%

Antero Midstream Corp.		35,565		378,411

Baker Hughes Co.		11,937		299,380

Cheniere Energy, Inc.*		4,112		425,181

Chevron Corp.		11,829		1,354,302

Devon Energy Corp.		13,222		529,938

Hess Corp.		4,975		410,786

Pioneer Natural Resources Co.		2,550		476,799

Targa Resources Corp.		10,814		591,201

Texas Pacific Land Corp.		282		359,175


				4,825,173


Personal Care, Drug & Grocery Stores — 1.9%

Albertsons Cos., Inc., Class A (a)		4,963		153,605

Casey’s General Stores, Inc.		1,539		294,780

Church & Dwight Co., Inc.		1,125		98,280

Kroger Co. (The)		15,266		610,945

Procter & Gamble Co. (The)		19,058		2,725,103

Spectrum Brands Holdings, Inc.		2,478		232,313


				4,115,026


INVESTMENTS	SHARES		VALUE($)


Personal Goods — 2.4%

Capri Holdings Ltd.*		8,941		476,019

Deckers Outdoor Corp.*		1,299		513,508

Estee Lauder Cos., Inc. (The), Class A		3,337		1,082,289

NIKE, Inc., Class B		13,831		2,313,788

Tapestry, Inc.		13,152		512,665

Under Armour, Inc., Class A*		20,342		446,710


				5,344,979


Pharmaceuticals, Biotechnology & Marijuana Producers — 4.2%

Acceleron Pharma, Inc.*		3,307		576,013

Alnylam Pharmaceuticals, Inc.*		3,120		497,827

Bristol-Myers Squibb Co.		9,007		526,009

Catalent, Inc.*		4,484		618,164

Charles River Laboratories International, Inc.*		1,307		586,425

Eli Lilly & Co.		8,233		2,097,439

Guardant Health, Inc.*		200		23,358

Horizon Therapeutics plc*		5,746		689,003

Moderna, Inc.*		4,088		1,411,218

Seagen, Inc.*		3,335		588,061

United Therapeutics Corp.*		2,097		400,024

Zoetis, Inc.		6,221		1,344,980


				9,358,521


Real Estate Investment & Services — 0.5%

CBRE Group, Inc., Class A*		7,024		731,058

CoStar Group, Inc.*		1,026		88,287

Jones Lang LaSalle, Inc.*		1,581		408,262


				1,227,607


Real Estate Investment Trusts — 2.7%

Alexandria Real Estate Equities, Inc.		2,477		505,655

Crown Castle International Corp.		4,775		860,932

CubeSmart		3,805		209,313

Extra Space Storage, Inc.		3,408		672,637

Gaming and Leisure Properties, Inc.		5,657		274,308

Invitation Homes, Inc.		12,975		535,219

Iron Mountain, Inc.		10,693		488,029

Life Storage, Inc.		4,045		541,261

Medical Properties Trust, Inc.		4,547		96,987

Omega Healthcare Investors, Inc.		594		17,440

Prologis, Inc.		8,432		1,222,303

Weyerhaeuser Co.		17,456		623,528


				6,047,612


Renewable Energy — 0.5%

Enphase Energy, Inc.*		3,382		783,373

Plug Power, Inc.* (a)		10,098		386,450


				1,169,823

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	191

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Retailers — 6.6%

AutoNation, Inc.*		3,953		478,787

Bath & Body Works, Inc.		8,886		613,934

Burlington Stores, Inc.*		1,571		434,052

Costco Wholesale Corp.		4,523		2,223,235

Dick’s Sporting Goods, Inc.		3,662		454,857

Etsy, Inc.*		2,845		713,213

Five Below, Inc.*		2,265		446,885

GameStop Corp., Class A* (a)		2,707		496,762

Gap, Inc. (The)		14,886		337,763

Home Depot, Inc. (The)		10,610		3,944,161

Kohl’s Corp.		9,152		444,147

O’Reilly Automotive, Inc.*		576		358,456

Penske Automotive Group, Inc.		1,599		169,574

Qurate Retail, Inc., Series A		14,802		154,533

Target Corp.		6,273		1,628,596

TJX Cos., Inc. (The)		15,054		985,886

Victoria’s Secret & Co.*		2,630		132,736

Williams-Sonoma, Inc.		3,083		572,606


				14,590,183


Software & Computer Services — 18.0%

Adobe, Inc.*		4,821		3,135,386

Alphabet, Inc., Class A*		1,376		4,074,226

Anaplan, Inc.*		4,359		284,250

ANSYS, Inc.*		1,921		729,173

Atlassian Corp. plc, Class A*		2,351		1,077,064

Autodesk, Inc.*		3,515		1,116,399

Avalara, Inc.*		2,760		495,806

Cadence Design Systems, Inc.*		5,135		888,920

Ceridian HCM Holding, Inc.*		4,823		604,081

Cloudflare, Inc., Class A*		5,698		1,109,515

Crowdstrike Holdings, Inc., Class A*		3,148		887,106

Datadog, Inc., Class A*		5,278		881,690

Dell Technologies, Inc., Class C*		6,230		685,238

DocuSign, Inc.*		2,636		733,572

Dolby Laboratories, Inc., Class A		449		39,669

DXC Technology Co.*		9,425		306,972

Dynatrace, Inc.*		7,984		598,800

EPAM Systems, Inc.*		1,157		778,939

Everbridge, Inc.*		620		98,772

Five9, Inc.*		2,763		436,582

Fortinet, Inc.*		2,554		859,012

Gartner, Inc.*		2,109		699,998

HubSpot, Inc.*		1,012		819,953

InterActiveCorp.*		3,258		496,421

Intuit, Inc.		2,989		1,871,084


INVESTMENTS	SHARES		VALUE($)


Software & Computer Services — continued

Manhattan Associates, Inc.*		2,497		453,305

Match Group, Inc.*		3,816		575,377

Microsoft Corp.		14,409		4,778,313

MongoDB, Inc.*		1,107		577,068

NCR Corp.*		5,164		204,185

Nuance Communications, Inc.*		9,644		530,902

Okta, Inc.*		2,655		656,263

Palo Alto Networks, Inc.*		1,800		916,362

Paycom Software, Inc.*		1,209		662,351

Pegasystems, Inc.		2,799		332,297

Pinterest, Inc., Class A*		10,402		464,345

salesforce.com, Inc.*		4,136		1,239,518

ServiceNow, Inc.*		2,273		1,586,008

Smartsheet, Inc., Class A*		1,126		77,705

Synopsys, Inc.*		2,648		882,261

Twilio, Inc., Class A*		2,331		679,160

Twitter, Inc.*		1,511		80,899

Tyler Technologies, Inc.*		1,176		638,827

Vimeo, Inc.*		3,266		110,162

Zscaler, Inc.*		2,194		699,579


				39,853,515


Technology Hardware & Equipment — 12.1%

Advanced Micro Devices, Inc.*		14,885		1,789,624

Apple, Inc.		25,770		3,860,346

Applied Materials, Inc.		10,914		1,491,398

Broadcom, Inc.		4,270		2,270,231

CDW Corp.		3,185		594,480

Cirrus Logic, Inc.*		1,042		84,204

Corning, Inc.		16,037		570,436

Entegris, Inc.		4,592		646,462

HP, Inc.		11,474		348,006

KLA Corp.		2,598		968,430

Lam Research Corp.		1,867		1,052,185

Marvell Technology, Inc.		14,523		994,825

Monolithic Power Systems, Inc.		1,262		663,131

NVIDIA Corp.		19,001		4,857,986

NXP Semiconductors NV (China)		4,118		827,141

ON Semiconductor Corp.*		13,254		637,120

Qorvo, Inc.*		1,953		328,553

QUALCOMM, Inc.		6,851		911,457

Skyworks Solutions, Inc.		3,568		596,320

SYNNEX Corp.		1,746		183,330

Teradyne, Inc.		4,516		624,292

Texas Instruments, Inc.		9,899		1,855,865

Universal Display Corp.		317		58,074

Wolfspeed, Inc.*		4,516		542,417


				26,756,313

SEE NOTES TO FINANCIAL STATEMENTS.



192	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Telecommunications Equipment — 1.0%

Arista Networks, Inc.*		1,091		446,972

Cisco Systems, Inc.		13,388		749,326

Motorola Solutions, Inc.		3,259		810,155

Ubiquiti, Inc.		592		180,874


				2,187,327


Telecommunications Service Providers — 1.7%

Charter Communications, Inc., Class A*		1,689		1,139,889

Comcast Corp., Class A		12,899		663,396

Liberty Broadband Corp., Class C*		3,565		579,134

Roku, Inc.*		2,214		675,049

T-Mobile US, Inc.*		7,230		831,667


				3,889,135


Tobacco — 0.5%

Altria Group, Inc.		4,481		197,657

Philip Morris International, Inc.		10,850		1,025,759


				1,223,416


Travel & Leisure — 2.1%

Boyd Gaming Corp.*		7,856		501,056

Chipotle Mexican Grill, Inc.*		482		857,492

Choice Hotels International, Inc.		1,639		230,476

Hilton Worldwide Holdings, Inc.*		4,682		673,974

Peloton Interactive, Inc., Class A*		5,698		521,025

Starbucks Corp.		13,703		1,453,477

Yum China Holdings, Inc. (China)		8,734		498,537


				4,736,037


Waste & Disposal Services — 0.5%

Republic Services, Inc.		4,627		622,794

Waste Management, Inc.		2,553		409,067


				1,031,861


Total Common Stocks (Cost $172,745,486)				221,608,400


INVESTMENTS	SHARES		VALUE($)

Short-Term Investments — 0.8%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $155,476)		155,476		155,476


Investment of Cash Collateral from Securities Loaned — 0.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $1,686,209)		1,686,209		1,686,209


Total Short-term Investments (Cost $1,841,685)				1,841,685

Total Investments — 100.7% (Cost $174,587,171)				223,450,085
Liabilities in Excess of Other Assets — (0.7%)				(1,591,914)

NET ASSETS — 100.0%				221,858,171

Percentages indicated are based on net assets.



(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $1,660,608.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Micro E-Mini S&P 500 Index

12/2021

USD

183,980

8,904

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	193

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%

Aerospace & Defense — 0.5%

Lockheed Martin Corp.		5,725		1,902,532


Automobiles & Parts — 0.4%

Gentex Corp.		25,087		887,829

Genuine Parts Co.		5,188		680,199


				1,568,028


Banks — 0.6%

Bank of Hawaii Corp.		5,102		431,119

Commerce Bancshares, Inc.		10,827		763,412

US Bancorp		20,712		1,250,383


				2,444,914


Beverages — 0.5%

Brown-Forman Corp., Class B		9,586		650,794

Monster Beverage Corp.*		13,885		1,180,225


				1,831,019


Chemicals — 0.8%

Air Products and Chemicals, Inc.		4,457		1,336,253

Celanese Corp.		6,268		1,012,345

CF Industries Holdings, Inc.		9,618		546,303

NewMarket Corp.		1,239		421,272


				3,316,173


Construction & Materials — 0.8%

Acuity Brands, Inc.		3,414		701,338

AO Smith Corp.		8,448		617,295

Lennox International, Inc.		1,779		532,419

Louisiana-Pacific Corp.		4,808		283,335

Watsco, Inc.		3,037		879,455


				3,013,842


Consumer Services — 1.1%

Copart, Inc.*		8,775		1,362,670

eBay, Inc. (a)		20,791		1,595,086

Frontdoor, Inc.*		7,083		264,054

Grand Canyon Education, Inc.*		4,643		370,047

Rollins, Inc.		23,375		823,501


				4,415,358


Electricity — 1.3%

AES Corp. (The)		12,012		301,862

Evergy, Inc.		8,796		560,745

Hawaiian Electric Industries, Inc.		7,019		284,691

IDACORP, Inc.		5,361		559,259

NextEra Energy, Inc.		36,763		3,136,987

Pinnacle West Capital Corp.		345		22,249

Vistra Corp.		12,348		241,897


				5,107,690


INVESTMENTS	SHARES		VALUE($)


Electronic & Electrical Equipment — 1.9%

Allegion plc		6,299		808,162

Donaldson Co., Inc.		10,260		615,703

IDEX Corp.		4,608		1,025,602

Keysight Technologies, Inc.*		7,332		1,319,907

Mettler-Toledo International, Inc.*		873		1,292,808

Rockwell Automation, Inc.		4,175		1,333,495

Waters Corp.*		2,848		1,046,782


				7,442,459


Finance & Credit Services — 1.5%

FactSet Research Systems, Inc.		2,641		1,172,314

Moody’s Corp.		4,582		1,851,815

Morningstar, Inc.		1,184		375,032

S&P Global, Inc.		5,655		2,681,375


				6,080,536


Food Producers — 0.4%

Flowers Foods, Inc.		10,685		264,454

General Mills, Inc.		4,626		285,887

Hershey Co. (The)		5,115		896,915


				1,447,256


Gas, Water & Multi-utilities — 0.5%

National Fuel Gas Co.		9,878		567,293

UGI Corp.		7,010		304,304

WEC Energy Group, Inc.		10,911		982,645


				1,854,242


General Industrials — 1.2%

3M Co.		12,992		2,321,411

Honeywell International, Inc.		1,619		353,946

Illinois Tool Works, Inc.		8,373		1,907,955


				4,583,312


Health Care Providers — 0.7%

Cerner Corp.		15,142		1,124,899

Chemed Corp.		1,777		856,958

DaVita, Inc.*		6,883		710,601

Premier, Inc., Class A		5,677		221,119


				2,913,577


Industrial Engineering — 1.0%

Brunswick Corp.		5,572		518,698

Cummins, Inc.		5,054		1,212,151

Graco, Inc.		12,672		952,681

Lincoln Electric Holdings, Inc.		5,936		845,286

Toro Co. (The)		3,522		336,245


				3,865,061

SEE NOTES TO FINANCIAL STATEMENTS.



194	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial Metals & Mining — 0.3%

Fastenal Co.		5,689		324,728

Reliance Steel & Aluminum Co.		3,215		469,904

Southern Copper Corp. (Peru)		5,845		350,642


				1,145,274


Industrial Support Services — 6.9%

Accenture plc, Class A		12,710		4,560,221

Automatic Data Processing, Inc.		10,704		2,402,941

Cintas Corp.		3,169		1,372,494

Jack Henry & Associates, Inc. (a)		4,355		725,020

Mastercard, Inc., Class A		16,640		5,583,053

MSC Industrial Direct Co., Inc., Class A		5,957		500,805

Paychex, Inc.		11,926		1,470,237

Robert Half International, Inc.		9,329		1,054,830

Verisk Analytics, Inc.		5,835		1,226,926

Visa, Inc., Class A		29,133		6,169,495

Vontier Corp.		11,505		389,214

Western Union Co. (The) (a)		29,290		533,664

WW Grainger, Inc.		2,264		1,048,481


				27,037,381


Industrial Transportation — 1.2%

Allison Transmission Holdings, Inc.		12,669		422,638

Landstar System, Inc.		3,203		563,119

Union Pacific Corp.		14,269		3,444,537

United Parcel Service, Inc., Class B		1,532		327,036


				4,757,330


Investment Banking & Brokerage Services — 3.9%

Berkshire Hathaway, Inc., Class B*		18,628		5,346,422

BlackRock, Inc.		2,726		2,571,872

Broadridge Financial Solutions, Inc.		6,457		1,151,994

Cboe Global Markets, Inc.		4,812		634,895

Intercontinental Exchange, Inc.		11,221		1,553,660

MarketAxess Holdings, Inc.		1,299		530,862

Nasdaq, Inc.		5,839		1,225,431

SEI Investments Co.		10,418		656,751

T. Rowe Price Group, Inc.		6,432		1,394,972

Virtu Financial, Inc., Class A		14,516		361,158


				15,428,017


Leisure Goods — 1.1%

Electronic Arts, Inc.		9,468		1,327,887

Polaris, Inc.		3,444		395,888

Pool Corp.		2,208		1,137,473

Take-Two Interactive Software, Inc.*		2,490		450,690

YETI Holdings, Inc.*		9,172		901,883


				4,213,821


INVESTMENTS	SHARES		VALUE($)


Life Insurance — 0.5%

Aflac, Inc.		21,275		1,141,829

Globe Life, Inc.		7,126		634,357


				1,776,186


Media — 0.8%

Interpublic Group of Cos., Inc. (The)		27,318		999,019

Omnicom Group, Inc.		9,352		636,684

Sirius XM Holdings, Inc. (a)		112,492		685,077

World Wrestling Entertainment, Inc., Class A(a)		10,332		631,182


				2,951,962


Medical Equipment & Services — 1.8%

Abbott Laboratories		4,659		600,499

Bio-Techne Corp.		2,162		1,132,131

Edwards Lifesciences Corp.*		16,521		1,979,546

IDEXX Laboratories, Inc.*		2,512		1,673,344

Quidel Corp.*		4,094		543,560

ResMed, Inc.		4,985		1,310,606


				7,239,686


Mortgage Real Estate Investment Trusts — 0.1%

AGNC Investment Corp.		36,030		573,598


Non-life Insurance — 4.1%

Allstate Corp. (The)		10,553		1,305,089

Aon plc, Class A		6,329		2,024,774

Arch Capital Group Ltd.*		18,517		774,381

Arthur J Gallagher & Co.		8,273		1,387,134

Brown & Brown, Inc.		17,081		1,077,982

Chubb Ltd.		7,607		1,486,256

Erie Indemnity Co., Class A		3,047		627,103

Fidelity National Financial, Inc.		13,588		651,001

Hanover Insurance Group, Inc. (The)		1,715		216,090

Marsh & McLennan Cos., Inc.		13,180		2,198,424

Progressive Corp. (The)		17,403		1,651,197

RenaissanceRe Holdings Ltd. (Bermuda)		3,052		432,773

Travelers Cos., Inc. (The)		7,184		1,155,762

White Mountains Insurance Group Ltd.		184		194,118

WR Berkley Corp.		9,756		776,578


				15,958,662


Non-Renewable Energy — 2.7%

Antero Midstream Corp.		43,648		464,415

Chevron Corp.		29,721		3,402,757

Coterra Energy, Inc.		101,302		2,159,759

EOG Resources, Inc.		21,003		1,941,937

Kinder Morgan, Inc.		47,021		787,602

NOV, Inc.*		36,925		517,688

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	195

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Non-Renewable Energy — continued

Targa Resources Corp.		14,765		807,203

Texas Pacific Land Corp.		472		601,172


				10,682,533


Personal Care, Drug & Grocery Stores — 2.8%

Albertsons Cos., Inc., Class A (a)		9,774		302,505

Church & Dwight Co., Inc.		7,301		637,815

Clorox Co. (The)		5,314		866,235

Colgate-Palmolive Co.		21,899		1,668,485

Kimberly-Clark Corp.		400		51,796

McKesson Corp.		6,027		1,252,893

Procter & Gamble Co. (The)		44,817		6,408,383


				11,188,112


Personal Goods — 1.3%

Carter’s, Inc.		7,788		767,274

Deckers Outdoor Corp.*		2,352		929,769

Estee Lauder Cos., Inc. (The), Class A		5,166		1,675,489

NIKE, Inc., Class B		10,564		1,767,251


				5,139,783


Pharmaceuticals, Biotechnology & Marijuana Producers — 9.6%

AbbVie, Inc.		31,856		3,652,928

Amgen, Inc.		11,984		2,480,328

Biogen, Inc.*		3,387		903,245

CureVac NV (Germany)* (a)		6,301		252,481

Eli Lilly & Co.		15,297		3,897,064

Gilead Sciences, Inc.		26,990		1,751,111

Illumina, Inc.*		3,608		1,497,537

Johnson & Johnson		39,653		6,458,681

Merck & Co., Inc.		49,409		4,350,462

Moderna, Inc.*		7,391		2,551,447

Pfizer, Inc.		107,714		4,711,410

Regeneron Pharmaceuticals, Inc.*		2,004		1,282,440

Vertex Pharmaceuticals, Inc.*		8,111		1,499,967

Zoetis, Inc.		11,470		2,479,814


				37,768,915


Precious Metals & Mining — 0.4%

Newmont Corp.		18,413		994,302

Royal Gold, Inc.		5,504		545,006


				1,539,308
				��

Real Estate Investment & Services — 0.3%

CBRE Group, Inc., Class A*		12,593		1,310,679


Real Estate Investment Trusts — 3.0%

American Tower Corp.		9,772		2,755,411

Camden Property Trust		3,355		547,200


INVESTMENTS	SHARES		VALUE($)


Real Estate Investment Trusts — continued

CoreSite Realty Corp.		4,312		614,287

Equity LifeStyle Properties, Inc.		10,056		849,833

Equity Residential		6,390		552,096

Extra Space Storage, Inc.		6,168		1,217,378

Gaming and Leisure Properties, Inc.		7,322		355,044

Lamar Advertising Co., Class A		8,106		917,599

Life Storage, Inc.		4,385		586,757

Public Storage		4,818		1,600,443

Simon Property Group, Inc.		7,703		1,129,106

Weyerhaeuser Co.		18,940		676,537


				11,801,691


Renewable Energy — 0.1%

Shoals Technologies Group, Inc., Class A*		12,648		391,961


Retailers — 9.2%

Amazon.com, Inc.*		1,074		3,621,990

AutoZone, Inc.*		858		1,531,393

Best Buy Co., Inc.		10,731		1,311,757

Costco Wholesale Corp.		8,899		4,374,214

Dick’s Sporting Goods, Inc.		6,636		824,258

Dollar General Corp.		7,363		1,631,052

Etsy, Inc.*		5,610		1,406,371

Foot Locker, Inc.		13,094		624,191

Home Depot, Inc. (The)		19,726		7,332,943

Kohl’s Corp.		1,865		90,508

Lowe’s Cos., Inc.		452		105,687

Ollie’s Bargain Outlet Holdings, Inc.* (a)		8,387		567,464

O’Reilly Automotive, Inc.*		2,449		1,524,062

Ross Stores, Inc.		12,650		1,431,980

Target Corp.		11,300		2,933,706

TJX Cos., Inc. (The)		30,661		2,007,989

Tractor Supply Co.		5,731		1,244,601

Ulta Beauty, Inc.*		2,912		1,069,752

Victoria’s Secret & Co.*		12,929		652,527

Walmart, Inc.		5,890		880,084

Williams-Sonoma, Inc. (a)		5,577		1,035,816


				36,202,345


Software & Computer Services — 17.7%

Adobe, Inc.*		8,960		5,827,226

Akamai Technologies, Inc.*		7,889		831,974

Alphabet, Inc., Class A*		2,726		8,071,468

Amdocs Ltd.		6,897		536,862

Aspen Technology, Inc.*		5,435		851,610

Autodesk, Inc.*		6,296		1,999,673

Cadence Design Systems, Inc.*		9,190		1,590,881

SEE NOTES TO FINANCIAL STATEMENTS.



196	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Software & Computer Services — continued

CDK Global, Inc.		6,624		288,276

Citrix Systems, Inc.		5,783		547,824

Cognizant Technology Solutions Corp., Class A		17,186		1,342,055

Crowdstrike Holdings, Inc., Class A*		5,153		1,452,115

Dell Technologies, Inc., Class C*		8,070		887,619

Dolby Laboratories, Inc., Class A		9,107		804,603

DoorDash, Inc., Class A*		4,173		812,900

Dropbox, Inc., Class A*		16,641		507,384

Dynatrace, Inc.*		8,446		633,450

EPAM Systems, Inc.*		2,096		1,411,111

F5 Networks, Inc.*		2,817		594,810

Fortinet, Inc.*		4,630		1,557,254

Gartner, Inc.*		3,826		1,269,888

International Business Machines Corp.		18,495		2,313,725

Intuit, Inc.		5,547		3,472,367

Manhattan Associates, Inc.*		5,762		1,046,033

Meta Platforms, Inc., Class A*		20,837		6,742,228

Microsoft Corp.		26,037		8,634,390

NortonLifeLock, Inc.		22,534		573,490

Oracle Corp.		36,167		3,469,862

Palo Alto Networks, Inc.*		3,226		1,642,324

Paycom Software, Inc.*		2,066		1,131,858

ServiceNow, Inc.*		3,523		2,458,209

SS&C Technologies Holdings, Inc.		8,795		698,939

Synopsys, Inc.*		4,801		1,599,597

Teradata Corp.*		6,672		377,368

Tyler Technologies, Inc.*		303		164,596

VeriSign, Inc.*		4,547		1,012,481

VMware, Inc., Class A* (a)		6,696		1,015,783

Zoom Video Communications, Inc., Class A*		4,499		1,235,650


				69,407,883


Technology Hardware & Equipment — 12.1%

Amphenol Corp., Class A		7,881		605,024

Analog Devices, Inc.		13,565		2,353,392

Apple, Inc.		50,032		7,494,794

Applied Materials, Inc.		19,241		2,629,283

Broadcom, Inc.		8,128		4,321,414

CDW Corp.		4,199		783,743

Cirrus Logic, Inc.*		3,309		267,400

Intel Corp.		73,205		3,587,045

IPG Photonics Corp.*		2,785		442,843

KLA Corp.		4,439		1,654,682

Microchip Technology, Inc.		13,020		964,652

NetApp, Inc.		8,377		748,066

NVIDIA Corp.		34,344		8,780,730


INVESTMENTS		SHARES		VALUE($)


Technology Hardware & Equipment — continued

NXP Semiconductors NV (China)			5,794		1,163,783

Qorvo, Inc.*			5,863		986,332

QUALCOMM, Inc.			23,779		3,163,558

Skyworks Solutions, Inc.			5,202		869,410

SYNNEX Corp.			4,465		468,825

Teradyne, Inc.	��		8,511		1,176,561

Texas Instruments, Inc.			19,294		3,617,239

Xilinx, Inc.			9,019		1,623,420


					47,702,196


Telecommunications Equipment — 1.8%

Cisco Systems, Inc.			80,946		4,530,548

Lumentum Holdings, Inc.*			10,013		826,874

Motorola Solutions, Inc.			5,011		1,245,684

Ubiquiti, Inc.			2,066		631,225


					7,234,331


Telecommunications Service Providers — 1.1%

AT&T, Inc.			9,850		248,811

Cable One, Inc.			8		13,690

Verizon Communications, Inc.			78,492		4,159,291


					4,421,792


Tobacco — 0.9%

Altria Group, Inc.			44,324		1,955,132

Philip Morris International, Inc.			14,828		1,401,839


					3,356,971


Travel & Leisure — 2.1%

Copa Holdings SA, Class A (Panama)*			5,744		424,826

McDonald’s Corp.			14,422		3,541,322

Starbucks Corp. (a)			25,878		2,744,880

Yum! Brands, Inc.			10,830		1,353,100


					8,064,128


Waste & Disposal Services — 0.9%

Clean Harbors, Inc.*			2,775		312,299

Republic Services, Inc.			9,654		1,299,428

Stericycle, Inc.*			3,059		204,708

Waste Management, Inc.			11,004		1,763,171


					3,579,606


Total Common Stocks (Cost $328,329,696)					392,660,150

Short-term Investments — 2.1%

Investment Companies — 0.0% (b)

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $244,069)			244,069		244,069

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	197

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Short-term Investments — continued

Investment of Cash Collateral from Securities Loaned — 2.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		6,249,325		6,249,325

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		1,942,017		1,942,017


Total Investment Of Cash Collateral from Securities Loaned (Cost $8,191,342)				8,191,342


Total Short-term Investments (Cost $8,435,411)				8,435,411

Total Investments — 102.0% (Cost $336,765,107)				401,095,561
Liabilities in Excess of Other Assets — (2.0%)				(7,891,470)

NET ASSETS — 100.0%				393,204,091

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $7,965,279.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Micro E-Mini S&P 500 Index

12/2021

USD

275,970

15,477

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



198	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.6%

Aerospace & Defense — 1.7%

General Dynamics Corp.		6,061		1,228,868

Huntington Ingalls Industries, Inc.		2,503		507,433

L3Harris Technologies, Inc.		6,377		1,470,154

Northrop Grumman Corp.		3,640		1,300,281

Raytheon Technologies Corp.		18,790		1,669,679

Textron, Inc.		9,934		733,626


				6,910,041


Automobiles & Parts — 2.2%

BorgWarner, Inc.		22,471		1,012,768

Ford Motor Co.*		126,918		2,167,760

General Motors Co.*		33,642		1,831,134

Gentex Corp.		27,190		962,254

Genuine Parts Co.		8,134		1,066,449

Lear Corp.		4,225		726,066

LKQ Corp.*		20,215		1,113,442


				8,879,873


Banks — 5.4%

Bank OZK (a)		6,169		275,569

BOK Financial Corp. (a)		5,089		514,854

Citigroup, Inc.		44,916		3,106,391

Citizens Financial Group, Inc.		25,650		1,215,297

Comerica, Inc.		13,295		1,131,272

Fifth Third Bancorp		30,453		1,325,619

First Hawaiian, Inc.		19,320		533,039

First Horizon Corp.		59,333		1,006,881

FNB Corp.		73,439		855,564

KeyCorp		55,640		1,294,743

M&T Bank Corp.		8,483		1,248,019

New York Community Bancorp, Inc.		71,327		886,595

PacWest Bancorp		6,818		323,650

People’s United Financial, Inc.		34,250		587,045

Popular, Inc. (Puerto Rico)		11,724		954,803

Prosperity Bancshares, Inc.		3,793		285,651

Regions Financial Corp.		56,496		1,337,825

Synovus Financial Corp.		15,155		706,071

Truist Financial Corp.		31,090		1,973,282

Umpqua Holdings Corp.		24,534		501,720

US Bancorp		7,035		424,703

Webster Financial Corp.		5,957		333,354

Zions Bancorp NA		10,054		633,301


				21,455,248


Beverages — 0.1%

Molson Coors Beverage Co., Class B		12,219		538,736


INVESTMENTS	SHARES		VALUE($)


Chemicals — 0.7%

CF Industries Holdings, Inc.		10,351		587,937

Chemours Co. (The)		15,032		421,197

Eastman Chemical Co.		580		60,337

Huntsman Corp.		19,002		619,085

LyondellBasell Industries NV, Class A		11,143		1,034,293


				2,722,849


Construction & Materials — 0.7%

Acuity Brands, Inc.		2,920		599,855

MDU Resources Group, Inc.		15,094		463,839

Mohawk Industries, Inc.*		5,073		898,986

Owens Corning		9,831		918,314


				2,880,994


Consumer Services — 1.0%

AMERCO		306		225,519

eBay, Inc.		21,279		1,632,525

Grand Canyon Education, Inc.*		4,648		370,446

H&R Block, Inc.		33,547		773,929

Service Corp. International		15,243		1,043,993


				4,046,412


Electricity — 1.8%

Avangrid, Inc. (a)		7,437		391,930

Consolidated Edison, Inc.		12,718		958,937

DTE Energy Co.		7,349		833,009

Evergy, Inc.		9,820		626,025

Hawaiian Electric Industries, Inc.		11,352		460,437

OGE Energy Corp.		9,176		312,626

Pinnacle West Capital Corp.		12,226		788,455

PPL Corp.		37,496		1,079,885

Public Service Enterprise Group, Inc.		12,868		820,979

Southern Co. (The)		16,541		1,030,835


				7,303,118


Electronic & Electrical Equipment — 2.1%

Crane Co.		8,818		910,723

Emerson Electric Co.		16,845		1,634,133

Hubbell, Inc.		4,867		970,334

Johnson Controls International plc		22,592		1,657,575

MKS Instruments, Inc.		3,790		568,690

nVent Electric plc		26,286		931,839

Pentair plc		13,017		962,867

Regal Rexnord Corp.		5,959		907,734


				8,543,895

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	199

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Finance & Credit Services — 0.8%

Ally Financial, Inc.		18,488		882,617

MGIC Investment Corp.		37,568		607,099

OneMain Holdings, Inc.		15,745		831,493

Santander Consumer USA Holdings, Inc.		21,305		888,419


				3,209,628


Food Producers — 2.2%

Archer-Daniels-Midland Co.		9,288		596,661

Bunge Ltd.		2,157		199,825

Campbell Soup Co.		17,069		681,907

Conagra Brands, Inc. (a)		25,836		831,919

Flowers Foods, Inc.		25,891		640,802

General Mills, Inc.		21,025		1,299,345

Ingredion, Inc.		9,016		858,594

JM Smucker Co. (The) (a)		7,248		890,489

Kellogg Co.		10,069		617,230

Kraft Heinz Co. (The)		29,724		1,066,794

Tyson Foods, Inc., Class A		13,951		1,115,661


				8,799,227


Gas, Water & Multi-utilities — 0.7%

Duke Energy Corp.		18,821		1,919,930

National Fuel Gas Co.		8,083		464,207

UGI Corp.		11,067		480,418


				2,864,555


General Industrials — 3.2%

3M Co.		11,146		1,991,567

Amcor plc		52,618		635,099

Berry Global Group, Inc.*		8,268		541,885

Carlisle Cos., Inc.		4,665		1,039,922

Dover Corp.		6,977		1,179,671

DuPont de Nemours, Inc.		3,997		278,191

Eaton Corp. plc		11,390		1,876,617

Graphic Packaging Holding Co.		37,836		754,072

Packaging Corp. of America		6,711		921,890

Parker-Hannifin Corp.		4,661		1,382,406

Silgan Holdings, Inc.		15,032		604,286

Sonoco Products Co.		10,478		607,200

WestRock Co.		17,273		830,831


				12,643,637


Health Care Providers — 4.3%

Anthem, Inc.		5,841		2,541,594

Centene Corp.*		15,463		1,101,584

Cerner Corp.		11,156		828,779

Cigna Corp.		8,980		1,918,218


INVESTMENTS	SHARES		VALUE($)


Health Care Providers — continued

Encompass Health Corp.		4,867		309,347

Humana, Inc.		3,510		1,625,692

Premier, Inc., Class A		12,674		493,652

UnitedHealth Group, Inc.		16,971		7,814,636

Universal Health Services, Inc., Class B		5,800		719,780


				17,353,282


Household Goods & Home Construction — 1.7%

DR Horton, Inc.		13,941		1,244,513

Leggett & Platt, Inc.		17,623		825,638

Lennar Corp., Class A		12,036		1,202,757

Newell Brands, Inc.		37,428		856,727

PulteGroup, Inc.		19,215		923,857

Toll Brothers, Inc.		14,397		866,268

Whirlpool Corp.		4,653		980,992


				6,900,752


Industrial Engineering — 1.8%

AGCO Corp.		6,822		833,717

Brunswick Corp.		5,670		527,820

Caterpillar, Inc.		12,745		2,600,107

Cummins, Inc.		5,350		1,283,144

Snap-on, Inc.		4,182		849,908

Stanley Black & Decker, Inc.		6,592		1,184,780


				7,279,476


Industrial Materials — 0.2%

International Paper Co.		13,340		662,598

Sylvamo Corp.*		1,207		33,989


				696,587


Industrial Metals & Mining — 0.6%

Nucor Corp.		11,876		1,325,955

Reliance Steel & Aluminum Co.		5,735		838,228

Timken Co. (The)		5,518		391,502


				2,555,685


Industrial Support Services — 1.5%

ADT, Inc. (a)		50,932		425,282

Alliance Data Systems Corp.		6,215		529,829

Capital One Financial Corp.		12,455		1,881,079

ManpowerGroup, Inc.		7,446		719,656

MSC Industrial Direct Co., Inc., Class A		8,768		737,126

Robert Half International, Inc.		2,891		326,885

Synchrony Financial		22,363		1,038,761

Western Union Co. (The)		21,080		384,078


				6,042,696

SEE NOTES TO FINANCIAL STATEMENTS.



200	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial Transportation — 2.2%

Allison Transmission Holdings, Inc.		13,506		450,560

Knight-Swift Transportation Holdings, Inc.		9,653		547,229

Norfolk Southern Corp.		7,271		2,130,766

Oshkosh Corp.		7,358		787,306

PACCAR, Inc.		11,988		1,074,365

Ryder System, Inc.		10,078		856,126

Schneider National, Inc., Class B		16,215		404,402

Union Pacific Corp.		10,782		2,602,775


				8,853,529


Investment Banking & Brokerage Services — 1.5%

Bank of New York Mellon Corp. (The)		27,992		1,657,126

Franklin Resources, Inc.		17,608		554,476

Invesco Ltd.		37,609		955,645

Jefferies Financial Group, Inc.		25,445		1,094,135

State Street Corp.		14,081		1,387,682

Virtu Financial, Inc., Class A		8,212		204,315


				5,853,379


Leisure Goods — 1.1%

Garmin Ltd.		7,039		1,010,800

Harley-Davidson, Inc.		22,922		836,424

Hasbro, Inc.		10,147		971,677

Polaris, Inc.		7,548		867,643

Thor Industries, Inc.		7,893		804,770


				4,491,314


Life Insurance — 1.5%

Lincoln National Corp.		14,924		1,076,767

MetLife, Inc.		24,964		1,567,739

Principal Financial Group, Inc.		15,680		1,051,971

Prudential Financial, Inc.		14,018		1,542,681

Unum Group		32,749		834,117


				6,073,275


Media — 2.1%

Discovery, Inc., Class A* (a)		30,939		725,210

Fox Corp., Class A		27,016		1,073,616

Interpublic Group of Cos., Inc. (The)		27,927		1,021,290

Liberty Media Corp.-Liberty SiriusXM, Class C*		16,073		792,720

News Corp., Class A		23,669		542,020

Nexstar Media Group, Inc., Class A		6,180		926,567

Nielsen Holdings plc		43,975		890,494

Omnicom Group, Inc.		14,369		978,242

ViacomCBS, Inc.		29,050		1,052,191

World Wrestling Entertainment, Inc., Class A (a)		5,699		348,152


				8,350,502


INVESTMENTS	SHARES		VALUE($)


Medical Equipment & Services — 2.6%

Baxter International, Inc.		6,905		545,219

Becton Dickinson and Co.		6,714		1,608,607

Hill-Rom Holdings, Inc.		6,154		953,255

Laboratory Corp. of America Holdings*		2,744		787,583

Medtronic plc		28,234		3,384,127

PerkinElmer, Inc.		4,461		789,106

Quest Diagnostics, Inc.		7,163		1,051,385

Quidel Corp.* (a)		3,352		445,045

Zimmer Biomet Holdings, Inc.		5,313		760,397


				10,324,724


Mortgage Real Estate Investment Trusts — 0.8%

AGNC Investment Corp.		58,003		923,408

Annaly Capital Management, Inc.		115,509		977,206

New Residential Investment Corp.		38,131		433,168

Starwood Property Trust, Inc.		28,467		725,054


				3,058,836


Non-life Insurance — 1.2%

Assured Guaranty Ltd.		16,106		895,172

Everest Re Group Ltd.		2,070		541,305

First American Financial Corp.		12,667		926,464

Hartford Financial Services Group, Inc. (The)		7,450		543,329

Mercury General Corp.		7,217		393,254

Old Republic International Corp.		38,184		986,293

Reinsurance Group of America, Inc.		4,231		499,596


				4,785,413


Non-Renewable Energy — 2.8%

Antero Midstream Corp.		40,532		431,261

Baker Hughes Co.		18,389		461,196

Chevron Corp.		19,131		2,190,308

ConocoPhillips		3,789		282,243

Coterra Energy, Inc.		26,045		555,279

Exxon Mobil Corp.		50,639		3,264,696

HollyFrontier Corp.		12,855		434,499

Kinder Morgan, Inc.		69,245		1,159,854

ONEOK, Inc.		14,153		900,414

Valero Energy Corp.		6,480		501,098

Williams Cos., Inc. (The)		33,452		939,667


				11,120,515


Personal Care, Drug & Grocery Stores — 1.6%

Albertsons Cos., Inc., Class A (a)		26,477		819,463

CVS Health Corp.		30,352		2,709,826

Kroger Co. (The)		29,499		1,180,550

Spectrum Brands Holdings, Inc.		5,225		489,844

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	201

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Personal Care, Drug & Grocery Stores — continued

Walgreens Boots Alliance, Inc.		26,235		1,233,570


				6,433,253


Personal Goods — 0.8%

Carter’s, Inc.		4,621		455,261

Columbia Sportswear Co.		2,247		233,328

Hanesbrands, Inc.		42,154		718,304

PVH Corp.*		5,819		636,191

Ralph Lauren Corp.		4,216		536,149

Tapestry, Inc.		14,117		550,281


				3,129,514


Pharmaceuticals, Biotechnology & Marijuana Producers — 5.7%

Amgen, Inc.		9,923		2,053,763

Biogen, Inc.*		2,601		693,635

Bristol-Myers Squibb Co.		13,684		799,146

Cardinal Health, Inc.		11,843		566,214

Gilead Sciences, Inc.		28,156		1,826,761

Johnson & Johnson		39,978		6,511,617

Merck & Co., Inc.		47,629		4,193,733

Perrigo Co. plc		10,344		467,032

Pfizer, Inc.		103,716		4,536,538

Sage Therapeutics, Inc.*		9,400		379,384

United Therapeutics Corp.*		3,444		656,977


				22,684,800


Real Estate Investment & Services — 0.2%

Jones Lang LaSalle, Inc.*		2,720		702,386


Real Estate Investment Trusts — 2.9%

Brixmor Property Group, Inc.		5,149		120,693

Cousins Properties, Inc.		7,369		291,886

EPR Properties		5,728		287,603

Equity Residential		10,446		902,534

Highwoods Properties, Inc.		12,657		567,540

Iron Mountain, Inc. (a)		13,250		604,730

Kilroy Realty Corp.		7,184		484,058

Kimco Realty Corp.		45,703		1,032,888

Medical Properties Trust, Inc.		34,980		746,123

National Retail Properties, Inc.		10,815		490,568

Omega Healthcare Investors, Inc.		17,035		500,148

Regency Centers Corp.		8,465		596,021

Simon Property Group, Inc.		7,114		1,042,770

SL Green Realty Corp. (a)		12,428		870,830

Ventas, Inc.		11,942		637,345

VICI Properties, Inc.		20,683		607,046

Vornado Realty Trust		9,269		395,137

Welltower, Inc.		11,791		947,996

WP Carey, Inc.		7,690		592,976


				11,718,892


INVESTMENTS	SHARES		VALUE($)


Retailers — 6.4%

Advance Auto Parts, Inc.		5,096		1,149,250

AutoNation, Inc.*		8,302		1,005,538

Best Buy Co., Inc.		11,143		1,362,120

Dick’s Sporting Goods, Inc.		6,800		844,628

Dollar General Corp.		6,165		1,365,671

Dollar Tree, Inc.*		7,406		798,071

Foot Locker, Inc.		15,454		736,692

Gap, Inc. (The)		29,780		675,708

Home Depot, Inc. (The)		9,783		3,636,732

Kohl’s Corp.		16,753		813,023

Lithia Motors, Inc., Class A		2,936		937,230

Lowe’s Cos., Inc.		2,804		655,631

Penske Automotive Group, Inc.		9,634		1,021,686

Qurate Retail, Inc., Series A		80,480		840,211

Target Corp.		11,572		3,004,323

Tractor Supply Co.		5,257		1,141,663

Victoria’s Secret & Co.*		6,823		344,357

Walmart, Inc.		29,249		4,370,386

Williams-Sonoma, Inc.		5,732		1,064,604


				25,767,524


Software & Computer Services — 14.5%

Akamai Technologies, Inc.*		7,738		816,050

Alphabet, Inc., Class A*		2,771		8,204,709

Amdocs Ltd.		11,780		916,955

Aspen Technology, Inc.*		2,798		438,419

Black Knight, Inc.*		7,753		543,563

CACI International, Inc., Class A*		1,971		566,938

CDK Global, Inc.		11,561		503,135

Change Healthcare, Inc.*		26,478		570,071

Citrix Systems, Inc.		5,742		543,940

Cognizant Technology Solutions Corp., Class A		17,464		1,363,764

Dell Technologies, Inc., Class C*		9,190		1,010,808

Dolby Laboratories, Inc., Class A		5,183		457,918

Dun & Bradstreet Holdings, Inc.*		18,055		340,156

DXC Technology Co.*		17,517		570,529

F5 Networks, Inc.* (a)		3,574		754,650

Gartner, Inc.*		2,989		992,079

Hewlett Packard Enterprise Co.		68,128		998,075

InterActiveCorp.*		4,211		641,630

International Business Machines Corp.		18,063		2,259,681

Intuit, Inc.		4,987		3,121,812

Leidos Holdings, Inc.		8,765		876,325

Meta Platforms, Inc., Class A*		21,220		6,866,155

Microsoft Corp.		26,586		8,816,448

N-Able, Inc.*		8,995		119,627

SEE NOTES TO FINANCIAL STATEMENTS.



202	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Software & Computer Services — continued

NCR Corp.*		14,152		559,570

NortonLifeLock, Inc.		30,138		767,012

Oracle Corp.		36,411		3,493,271

PTC, Inc.*		4,322		550,407

Roper Technologies, Inc.		2,587		1,262,120

salesforce.com, Inc.*		15,618		4,680,558

Science Applications International Corp.		7,672		688,792

SolarWinds Corp. (a)		15,098		243,078

SS&C Technologies Holdings, Inc.		11,079		880,448

Synopsys, Inc.*		3,805		1,267,750

Teradata Corp.*		13,524		764,918

VMware, Inc., Class A* (a)		4,015		609,076


				58,060,437


Technology Hardware & Equipment — 14.9%

Amphenol Corp., Class A		15,114		1,160,302

Analog Devices, Inc.		13,848		2,402,489

Apple, Inc.		51,746		7,751,551

Applied Materials, Inc.		21,079		2,880,445

Arrow Electronics, Inc.*		4,882		565,091

Avnet, Inc.		18,914		720,813

Broadcom, Inc.		8,279		4,401,696

Brooks Automation, Inc.		5,744		668,889

CDW Corp.		6,180		1,153,497

Cirrus Logic, Inc.*		6,166		498,274

Corning, Inc.		25,996		924,678

Entegris, Inc.		8,769		1,234,500

HP, Inc.		45,510		1,380,318

Intel Corp.		82,207		4,028,143

IPG Photonics Corp.*		2,863		455,246

Jabil, Inc.		9,161		549,294

KLA Corp.		4,879		1,818,696

Lam Research Corp.		3,683		2,075,628

Marvell Technology, Inc.		23,526		1,611,531

Microchip Technology, Inc.		17,192		1,273,755

Micron Technology, Inc.		29,744		2,055,310

Monolithic Power Systems, Inc.		2,045		1,074,566

National Instruments Corp.		11,519		489,212

NetApp, Inc.		11,200		1,000,160

NXP Semiconductors NV (China)		6,594		1,324,471

ON Semiconductor Corp.*		24,520		1,178,676

Qorvo, Inc.*		6,177		1,039,157

QUALCOMM, Inc.		24,261		3,227,683

Skyworks Solutions, Inc.		6,898		1,152,863

SYNNEX Corp.		6,823		716,415

Teradyne, Inc.		8,983		1,241,810


INVESTMENTS	SHARES		VALUE($)


Technology Hardware & Equipment — continued

Texas Instruments, Inc.		19,581		3,671,046

Universal Display Corp.		2,543		465,878

Vertiv Holdings Co.		19,631		504,124

Western Digital Corp.*		15,432		806,939

Xerox Holdings Corp.		34,050		606,090

Xilinx, Inc.		9,199		1,655,820


				59,765,056


Telecommunications Equipment — 1.2%

Cisco Systems, Inc.		72,061		4,033,254

Juniper Networks, Inc.		24,803		732,185


				4,765,439


Telecommunications Service Providers — 1.7%

AT&T, Inc.		136,840		3,456,578

Comcast Corp., Class A		28,280		1,454,441

DISH Network Corp., Class A*		21,727		892,328

Lumen Technologies, Inc. (a)		66,856		792,912

Verizon Communications, Inc.		3,266		173,065


				6,769,324


Tobacco — 0.7%

Altria Group, Inc.		41,364		1,824,566

Philip Morris International, Inc.		8,777		829,778


				2,654,344


Travel & Leisure — 0.5%

Aramark		285		10,397

Copa Holdings SA, Class A (Panama)* (a)		8,328		615,939

Travel + Leisure Co.		13,525		734,949

Vail Resorts, Inc.		184		63,427

Wendy’s Co. (The)		20,215		450,794

Wyndham Hotels & Resorts, Inc.		1,656		139,882


				2,015,388


Total Common Stocks (Cost $390,021,122)				399,004,535

Short-Term Investments — 2.3%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $682,276)		682,276		682,276

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	203

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)


INVESTMENTS	SHARES		VALUE($)

Short-Term Investments — continued

Investment of Cash Collateral from Securities Loaned — 2.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		7,298,070		7,298,070

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		1,292,238		1,292,238


Total Investment of Cash Collateral from Securities Loaned (Cost $8,590,308)				8,590,308


Total Short-term Investments (Cost $9,272,584)				9,272,584

Total Investments — 101.9% (Cost $399,293,706)				408,277,119
Liabilities in Excess of Other Assets — (1.9%)				(7,697,632)

NET ASSETS — 100.0%				400,579,487

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $8,251,973.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of October 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of October 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

12/2021

USD

1,839,900

32,521

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



204	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021


	JPMorgan ActiveBuilders Emerging Markets Equity ETF (formerly known as JPMorgan Emerging Markets Equity Core ETF)			JPMorgan ActiveBuilders International Equity ETF		JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF
ASSETS:
Investments in non-affiliates, at value	$	321,697,096		$	28,733,444	$	6,040,333,207		$	4,085,469,519
Investments in affiliates, at value		3,609,948			429,423		—			—
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		1,214,086			124,086		531,651,896			152,270,191
Cash		237,372			54,408		246,683			4,318,183
Foreign currency, at value		287,326			62,311		15,466,705			21,043,020
Deposits at broker for futures contracts		—			—		1,544,926			1,898,554
Segregated cash balance with Authorized Participant for deposit securities		—			—		17,881,607			943,894
Receivables:
Due from custodian		—			82,189		—			—
Investment securities sold		—			558,506		—			—
Dividends from non-affiliates		230,677			50,829		14,358,186			1,004,667
Dividends from affiliates		7			1		—			—
Tax reclaims		1,030			3,719		2,196			183,091
Securities lending income (See Note 2.C.)		1,368			193		118,918			66,632
Variation margin on futures contracts		—			—		183,818			—
Due from Authorized Participant		—			—		17,030,102			—

Total Assets		327,278,910			30,099,109		6,638,818,244			4,267,197,751


LIABILITIES:
Payables:
Investment securities purchased		—			548,944		17,030,102			—
Collateral received on securities loaned (See Note 2.C.)		1,214,086			124,086		531,651,896			152,270,191
Variation margin on futures contracts		—			—		—			190,814
Collateral upon return of deposit securities		—			—		17,881,607			943,894
Accrued liabilities:
Management fees (See Note 3.A.)		91,434			6,123		986,020			674,305
Deferred foreign capital gains tax		109,430			—		—			—

Total Liabilities		1,414,950			679,153		567,549,625			154,079,204

Net Assets	$	325,863,960		$	29,419,956	$	6,071,268,619		$	4,113,118,547


NET ASSETS:
Paid-in-Capital	$	336,675,029		$	28,789,940	$	4,515,742,454		$	3,853,456,518
Total distributable earnings (loss)		(10,811,069	)		630,016		1,555,526,165			259,662,029

Total Net Assets	$	325,863,960		$	29,419,956	$	6,071,268,619		$	4,113,118,547

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		6,800,000			600,000		89,548,911	(a)		72,298,641	(a)

Net asset value, per share	$	47.92		$	49.03	$	67.80	(a)	$	56.89	(a)

Cost of investments in non-affiliates	$	334,489,054		$	28,236,150	$	4,394,807,173		$	3,781,649,035
Cost of investments in affiliates		3,609,948			429,423		—			—
Cost of foreign currency		282,453			62,290		15,013,297			20,491,381
Investment securities on loan, at value (See Note 2.C.)		1,140,813			121,730		495,464,412			143,997,226
Cost of investment of cash collateral (See Note 2.C.)		1,214,086			124,086		531,651,896			152,270,191

(a)	Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	205

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021 (continued)


	JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders International Equity ETF		JPMorgan BetaBuilders Japan ETF			JPMorgan BetaBuilders U.S. Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	9,371,165,755		$	3,645,818,685	$	7,793,264,027		$	769,337,607
Investments in affiliates, at value		—			20,389,345		—			12,424,323
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		163,727,564			34,747,329		19,991,774			561,034
Cash		3,958,564			—		—			83,626
Foreign currency, at value		18,493,127			—		6,333,286			—
Deposits at broker for futures contracts		6,231,995			—		3,304,347			263,000
Segregated cash balance with Authorized Participant for deposit securities		209,139,760			—		—			—
Receivables:
Investment securities sold		7,684,637			1,966,770		250,047,845			—
Dividends from non-affiliates		6,275,471			8,689,691		67,937,881			503,303
Dividends from affiliates		—			15		—			2
Tax reclaims		15,689,504			3,846,848		19,174			—
Securities lending income (See Note 2.C.)		98,120			32,097		36,330			876
Variation margin on futures contracts		526,409			1,988,884		—			9,035
Due from Authorized Participant		197,376,294			—		—			—

Total Assets		10,000,367,200			3,717,479,664		8,140,934,664			783,182,806


LIABILITIES:
Payables:
Due to Authorized Participant		—			—		147,133,145			—
Due to custodian		—			24,573		4,891,964			—
Foreign currency due to custodian, at value		—			1,855,638		—			—
Investment securities purchased		199,317,004			476,655		—			—
Collateral received on securities loaned (See Note 2.C.)		163,727,564			34,747,329		19,991,774			561,034
Fund shares redeemed		—			—		102,879,189			—
Variation margin on futures contracts		—			—		22,860			—
Collateral upon return of deposit securities		209,139,760			—		—			—
Accrued liabilities:
Management fees (See Note 3.A.)		729,494			234,791		1,477,879			15,800

Total Liabilities		572,913,822			37,338,986		276,396,811			576,834

Net Assets	$	9,427,453,378		$	3,680,140,678	$	7,864,537,853		$	782,605,972


NET ASSETS:
Paid-in-Capital	$	8,755,941,360		$	3,060,343,448	$	7,320,623,085		$	645,245,554
Total distributable earnings (loss)		671,512,018			619,797,230		543,914,768			137,360,418

Total Net Assets	$	9,427,453,378		$	3,680,140,678	$	7,864,537,853		$	782,605,972

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		157,799,596	(a)		60,800,000		137,597,548	(a)		9,300,000

Net asset value, per share	$	59.74	(a)	$	60.53	$	57.16	(a)	$	84.15

Cost of investments in non-affiliates	$	8,641,754,741		$	3,038,064,392	$	7,318,796,650		$	632,986,951
Cost of investments in affiliates		—			20,389,345		—			10,350,628
Cost of foreign currency		18,600,915			—		6,338,612			—
Investment securities on loan, at value (See Note 2.C.)		149,597,822			29,092,658		10,857,812			535,954
Cost of investment of cash collateral (See Note 2.C.)		163,727,564			34,747,329		19,991,774			561,034

(a)	Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.



206	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF		JPMorgan BetaBuilders U.S. Small Cap Equity ETF		JPMorgan Carbon Transition U.S. Equity ETF		JPMorgan Diversified Return Emerging Markets Equity ETF

ASSETS:
Investments in non-affiliates, at value	$	1,693,195,078	$	435,922,157	$	24,893,297	$	153,592,767
Investments in affiliates, at value		4,743,180		5,825,244		9,966		703,142
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		70,250,952		11,679,894		—		449,126
Cash		166		7,980		285		123,073
Foreign currency, at value		—		—		—		129,771
Deposits at broker for futures contracts		389,000		343,000		12,000		13,000
Receivables:
Investment securities sold		—		8,300,482		—		—
Dividends from non-affiliates		383,092		107,629		21,290		214,562
Dividends from affiliates		4		4		—		—
Tax reclaims		—		—		—		3,104
Securities lending income (See Note 2.C.)		16,109		25,135		—		408
Variation margin on futures contracts		4,200		2,242		63		—

Total Assets		1,768,981,781		462,213,767		24,936,901		155,228,953


LIABILITIES:
Payables:
Collateral received on securities loaned (See Note 2.C.)		70,250,952		11,679,894		—		449,126
Fund shares redeemed		—		8,436,328		—		—
Variation margin on futures contracts		—		—		—		2,730
Accrued liabilities:
Management fees (See Note 3.A.)		106,715		36,055		3,507		59,353
Deferred foreign capital gains tax		—		—		—		834,996

Total Liabilities		70,357,667		20,152,277		3,507		1,346,205

Net Assets	$	1,698,624,114	$	442,061,490	$	24,933,394	$	153,882,748


NET ASSETS:
Paid-in-Capital	$	1,436,789,217	$	426,354,262	$	20,484,833	$	165,789,199
Total distributable earnings (loss)		261,834,897		15,707,228		4,448,561		(11,906,451	)

Total Net Assets	$	1,698,624,114	$	442,061,490	$	24,933,394	$	153,882,748

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		18,150,000		6,550,000		400,000		2,700,000

Net asset value, per share	$	93.59	$	67.49	$	62.33	$	56.99

Cost of investments in non-affiliates	$	1,424,117,276	$	414,981,861	$	20,438,856	$	134,045,239
Cost of investments in affiliates		4,743,180		5,825,244		9,966		703,142
Cost of foreign currency		—		—		—		100,380
Investment securities on loan, at value (See Note 2.C.)		69,113,144		11,381,330		—		424,925
Cost of investment of cash collateral (See Note 2.C.)		70,250,952		11,679,894		—		449,126

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	207

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021 (continued)


	JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF		JPMorgan Diversified Return U.S. Mid Cap Equity ETF		JPMorgan Diversified Return U.S. Small Cap Equity ETF

ASSETS:
Investments in non-affiliates, at value	$	833,874,902		$	705,861,370	$	238,624,336	$	175,871,725
Investments in affiliates, at value		332,532			1,191,071		356,647		337,403
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		8,108,648			23,691,306		3,874,792		19,576,750
Cash		—			349		167		98,207
Foreign currency, at value		32,730			—		—		—
Deposits at broker for futures contracts		333,600			127,300		15,000		29,000
Receivables:
Investment securities sold		3,439,932			2,371,130		745,794		—
Dividends from non-affiliates		2,916,266			564,588		114,751		61,263
Dividends from affiliates		1			1		—		—
Tax reclaims		1,378,483			—		—		—
Securities lending income (See Note 2.C.)		7,471			2,062		691		6,157
Variation margin on futures contracts		—			4,749		473		150

Total Assets		850,424,565			733,813,926		243,732,651		195,980,655


LIABILITIES:
Payables:
Due to custodian		1,870			—		—		—
Collateral received on securities loaned (See Note 2.C.)		8,108,648			23,691,306		3,874,792		19,576,750
Variation margin on futures contracts		29,436			—		—		—
Other		—			—		—		98,201
Accrued liabilities:
Management fees (See Note 3.A.)		268,389			110,046		49,147		43,518

Total Liabilities		8,408,343			23,801,352		3,923,939		19,718,469

Net Assets	$	842,016,222		$	710,012,574	$	239,808,712	$	176,262,186


NET ASSETS:
Paid-in-Capital	$	877,549,532		$	576,476,313	$	197,316,941	$	159,570,612
Total distributable earnings (loss)		(35,533,310	)		133,536,261		42,491,771		16,691,574

Total Net Assets	$	842,016,222		$	710,012,574	$	239,808,712	$	176,262,186

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		13,800,000			7,000,000		2,600,000		3,900,000

Net asset value, per share	$	61.02		$	101.43	$	92.23	$	45.20

Cost of investments in non-affiliates	$	774,634,656		$	541,459,114	$	183,688,496	$	148,492,973
Cost of investments in affiliates		332,532			1,191,071		356,647		337,403
Cost of foreign currency		59,386			—		—		—
Investment securities on loan, at value (See Note 2.C.)		7,566,675			23,441,694		3,726,508		18,940,884
Cost of investment of cash collateral (See Note 2.C.)		8,108,648			23,691,306		3,874,812		19,576,750

SEE NOTES TO FINANCIAL STATEMENTS.



208	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	JPMorgan International Growth ETF		JPMorgan U.S. Dividend ETF			JPMorgan U.S. Minimum Volatility ETF

ASSETS:
Investments in non-affiliates, at value	$	60,774,802	$	48,415,522		$	20,113,557
Investments in affiliates, at value		446,263		80,127			24,381
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		—		—			51,770
Cash		54,619		3,852			1,156
Deposits at broker for futures contracts		—		9,630			4,000
Segregated cash balance with Authorized Participant for deposit securities		1,680,592		—			—
Receivables:
Investment securities sold		—		245,664			—
Fund shares sold		—		6,548,064			—
Dividends from non-affiliates		11,734		63,174			19,615
Tax reclaims		32,108		—			—
Securities lending income (See Note 2.C.)		—		4			10
Variation margin on futures contracts		—		396			60
Due from Authorized Participant		1,328,610		—			—

Total Assets		64,328,728		55,366,433			20,214,549


LIABILITIES:
Payables:
Investment securities purchased		1,328,610		6,519,700			—
Collateral received on securities loaned (See Note 2.C.)		—		—			51,770
Collateral upon return of deposit securities		1,680,592		—			—
Accrued liabilities:
Management fees (See Note 3.A.)		27,576		4,455			2,131

Total Liabilities		3,036,778		6,524,155			53,901

Net Assets	$	61,291,950	$	48,842,278		$	20,160,648


NET ASSETS:
Paid-in-Capital	$	49,762,364	$	49,208,712		$	21,368,332
Total distributable earnings (loss)		11,529,586		(366,434	)		(1,207,684	)

Total Net Assets	$	61,291,950	$	48,842,278		$	20,160,648

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		775,000		1,500,000			550,000

Net asset value, per share	$	79.09	$	32.56		$	36.66

Cost of investments in non-affiliates	$	49,824,943	$	46,891,431		$	17,875,777
Cost of investments in affiliates		446,263		80,127			24,381
Investment securities on loan, at value (See Note 2.C.)		—		—			52,244
Cost of investment of cash collateral (See Note 2.C.)		—		—			51,777

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	209

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021 (continued)


	JPMorgan U.S. Momentum Factor ETF		JPMorgan U.S. Quality Factor ETF		JPMorgan U.S. Value Factor ETF

ASSETS:
Investments in non-affiliates, at value	$	221,608,400	$	392,660,150	$	399,004,535
Investments in affiliates, at value		155,476		244,069		682,276
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		1,686,209		8,191,342		8,590,308
Cash		9		7,803		22,636
Deposits at broker for futures contracts		10,780		47,610		100,300
Receivables:
Investment securities sold		—		—		31,941,357
Fund shares sold		—		—		1,392
Dividends from non-affiliates		105,780		280,075		401,968
Securities lending income (See Note 2.C.)		281		4,568		4,327
Variation margin on futures contracts		536		778		2,838

Total Assets		223,567,471		401,436,395		440,751,937


LIABILITIES:
Payables:
Collateral received on securities loaned (See Note 2.C.)		1,686,209		8,191,342		8,590,308
Fund shares redeemed		—		—		31,527,356
Accrued liabilities:
Management fees (See Note 3.A.)		23,091		40,962		54,786

Total Liabilities		1,709,300		8,232,304		40,172,450

Net Assets	$	221,858,171	$	393,204,091	$	400,579,487


NET ASSETS:
Paid-in-Capital	$	177,657,692	$	336,796,248	$	412,984,976
Total distributable earnings (loss)		44,200,479		56,407,843		(12,405,489	)

Total Net Assets	$	221,858,171	$	393,204,091	$	400,579,487

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		4,650,000		9,050,000		10,800,000

Net asset value, per share	$	47.71	$	43.45	$	37.09

Cost of investments in non-affiliates	$	172,745,486	$	328,329,696	$	390,021,122
Cost of investments in affiliates		155,476		244,069		682,276
Investment securities on loan, at value (See Note 2.C.)		1,660,608		7,965,279		8,251,973
Cost of investment of cash collateral (See Note 2.C.)		1,686,209		8,191,342		8,590,308

SEE NOTES TO FINANCIAL STATEMENTS.



210	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2021


	JPMorgan ActiveBuilders Emerging Markets Equity ETF (formerly known as JPMorgan Emerging Markets Equity Core ETF) (a)			JPMorgan ActiveBuilders International Equity ETF (b)			JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	2		$	—		$	520		$	29
Interest income from affiliates		104			—			200			175
Dividend income from non-affiliates		3,170,816			226,675			144,483,171			127,043,537
Dividend income from affiliates		312			15			—			—
Non-cash dividend income from non-affiliates		216,228			15,682			—			23,452,941
Income from securities lending (net) (See Note 2.C.)		2,291			250			1,566,700			2,473,978
Foreign taxes withheld (net)		(334,461	)		(16,763	)		(19,902,907	)		(1,312,566	)

Total investment income		3,055,292			225,859			126,147,684			151,658,094


EXPENSES:
Management fees (See Note 3.A.)		418,749			22,839			9,726,400			6,484,147
Interest expense to non-affiliates		—			—			2,011			7,237
Interest expense to affiliates		2,549			8			1,235			929

Total expenses		421,298			22,847			9,729,646			6,492,313

Less expense reimbursements from affiliates (See Note 3.A.)		(45,162	)		—			—			—

Net expenses		376,136			22,847			9,729,646			6,492,313

Net investment income (loss)		2,679,156			203,012			116,418,038			145,165,781


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(623,842	)(c)		(67,008	)		(249,375	)		(35,204,314	)
In-kind redemptions of investments in non-affiliates (See Note 4)		—			—			47,674,992			28,234,941
Futures contracts		—			—			7,090,962			2,203,651
Foreign currency transactions		29,893			(2,339	)		899,529			(2,188,452	)

Net realized gain (loss)		(593,949	)		(69,347	)		55,416,108			(6,954,174	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(12,901,388	)(d)		497,294			1,734,162,516			397,222,305
Investments in affiliates		—			—			—			497
Futures contracts		—			—			2,012,182			52,662
Foreign currency translations		5,112			(943	)		80,920			694,408

Change in net unrealized appreciation/depreciation		(12,896,276	)		496,351			1,736,255,618			397,969,872

Net realized/unrealized gains (losses)		(13,490,225	)		427,004			1,791,671,726			391,015,698

Change in net assets resulting from operations	$	(10,811,069	)	$	630,016		$	1,908,089,764		$	536,181,479

(a)	Commencement of operations was March 10, 2021.

(b)	Commencement of operations was July 7, 2021.

(c)	Net of foreign capital gains tax of $(2,487).

(d)	Net of change in foreign capital gains tax of $(109,430).

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	211

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2021 (continued)


	JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders International Equity ETF			JPMorgan BetaBuilders Japan ETF			JPMorgan BetaBuilders U.S. Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	32		$	—
Interest income from affiliates		—			797			—			—
Dividend income from non-affiliates		180,399,801			93,155,569			180,305,093			6,475,934
Dividend income from affiliates		—			1,355			—			154,617
Non-cash dividend income from non-affiliates		29,562,130			10,665,551			—			—
Income from securities lending (net) (See Note 2.C.)		2,684,781			931,294			329,936			5,138
Foreign taxes withheld (net)		(19,979,073	)		(8,624,118	)		(17,914,655	)		—

Total investment income		192,667,639			96,130,448			162,720,406			6,635,689


EXPENSES:
Management fees (See Note 3.A.)		5,789,550			2,317,139			15,297,547			100,002
Interest expense to non-affiliates		44,084			3,726			11,017			36
Interest expense to affiliates		92,200			14,748			77,388			—

Total expenses		5,925,834			2,335,613			15,385,952			100,038

Net investment income (loss)		186,741,805			93,794,835			147,334,454			6,535,651


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(42,004,061	)		(5,974,529	)		(35,116,801	)		(1,496,850	)
Investments in affiliates		—			—			—			(30,116	)
In-kind redemptions of investments in non-affiliates (See Note 4)		209,312,151			60,231,634			494,504,581			16,343,718
In-kind redemptions of investments in affiliates (See Note 4)		—			—			—			114,531
Futures contracts		6,435,954			3,135,086			8,701,992			513,692
Foreign currency transactions		(570,344	)		22,522			(175,620	)		—

Net realized gain (loss)		173,173,700			57,414,713			467,914,152			15,444,975

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,262,720,099			604,286,203			441,266,669			121,525,682
Investments in affiliates		5,824			200			797			2,234,757
Futures contracts		3,528,984			808,312			899,693			163,903
Foreign currency translations		(542,117	)		(218,118	)		(1,908,838	)		—

Change in net unrealized appreciation/depreciation		1,265,712,790			604,876,597			440,258,321			123,924,342

Net realized/unrealized gains (losses)		1,438,886,490			662,291,310			908,172,473			139,369,317

Change in net assets resulting from operations	$	1,625,628,295		$	756,086,145		$	1,055,506,927		$	145,904,968

SEE NOTES TO FINANCIAL STATEMENTS.



212	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF			JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)			JPMorgan Carbon Transition U.S. Equity ETF (b)			JPMorgan Diversified Return Emerging Markets Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	2		$	—		$	84
Interest income from affiliates		—			—			—			49
Dividend income from non-affiliates		14,819,871			2,963,750			317,526			8,114,138
Dividend income from affiliates		1,361			787			8			12
Non-cash dividend income from non-affiliates		2,437,540			—			—			—
Income from securities lending (net) (See Note 2.C.)		183,272			98,940			—			1,910
Foreign taxes withheld (net)		—			—			—			(816,210	)

Total investment income		17,442,045			3,063,479			317,534			7,299,983


EXPENSES:
Management fees (See Note 3.A.)		1,099,041			258,599			33,812			888,150
Interest expense to non-affiliates		212			100			—			—
Interest expense to affiliates		—			—			—			50

Total expenses		1,099,253			258,699			33,812			888,200

Net investment income (loss)		16,342,792			2,804,780			283,722			6,411,783


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(10,936,145	)		(6,148,544	)		(53,095	)		6,065,122	(c)
In-kind redemptions of investments in non-affiliates (See Note 4)		202,142,718			16,887,846			1,351,715			6,900,303
Futures contracts		314,924			68,200			3,946			(74,672	)
Foreign currency transactions		—			—			—			(29,026	)

Net realized gain (loss)		191,521,497			10,807,502			1,302,566			12,861,727

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		307,897,935			20,940,296			4,454,441			35,130,987	(d)
Futures contracts		189,684			144,399			1,055			(4,151	)
Foreign currency translations		—			—			—			39,042

Change in net unrealized appreciation/depreciation		308,087,619			21,084,695			4,455,496			35,165,878

Net realized/unrealized gains (losses)		499,609,116			31,892,197			5,758,062			48,027,605

Change in net assets resulting from operations	$	515,951,908		$	34,696,977		$	6,041,784		$	54,439,388

(a)	Commencement of operations was November 16, 2020.

(b)	Commencement of operations was December 9, 2020.

(c)	Net of foreign capital gains tax of $(420,807).

(d)	Net of change in foreign capital gains tax of $(357,012).

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	213

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2021 (continued)


	JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF		JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	403,028		$	—	$	—		$	4
Interest income from affiliates		98			—		—			—
Dividend income from non-affiliates		29,809,884			13,385,820		4,441,169			2,377,406
Dividend income from affiliates		1,106			298		110			112
Non-cash dividend income from non-affiliates		3,565,000			—		—			—
Income from securities lending (net) (See Note 2.C.)		263,930			27,993		13,703			90,479
Foreign taxes withheld (net)		(2,860,124	)		—		—			—

Total investment income		31,182,922			13,414,111		4,454,982			2,468,001


EXPENSES:
Management fees (See Note 3.A.)		3,290,283			1,187,391		592,509			504,263
Interest expense to non-affiliates		1,390			266		—			—
Interest expense to affiliates		656			—		—			—

Total expenses		3,292,329			1,187,657		592,509			504,263

Net investment income (loss)		27,890,593			12,226,454		3,862,473			1,963,738


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		17,326,726			10,164,123		2,442,831			1,582,455
Investments in affiliates		(775	)		—		—			—
In-kind redemptions of investments in non-affiliates (See Note 4)		29,520,169			43,632,055		38,101,223			32,825,184
Futures contracts		1,438,378			318,234		74,541			145,732
Foreign currency transactions		33,469			—		—			—

Net realized gain (loss)		48,317,967			54,114,412		40,618,595			34,553,371

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		134,256,855			144,757,584		45,269,920			42,611,934
Investments in affiliates		273			701		(20	)		2,800
Futures contracts		339,987			74,479		(6,000	)		11,512
Foreign currency translations		(153,230	)		—		—			—

Change in net unrealized appreciation/depreciation		134,443,885			144,832,764		45,263,900			42,626,246

Net realized/unrealized gains (losses)		182,761,852			198,947,176		85,882,495			77,179,617

Change in net assets resulting from operations	$	210,652,445		$	211,173,630	$	89,744,968		$	79,143,355

SEE NOTES TO FINANCIAL STATEMENTS.



214	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	JPMorgan International Growth ETF			JPMorgan U.S. Dividend ETF		JPMorgan U.S. Minimum Volatility ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	133		$	—	$	—
Dividend income from non-affiliates		493,299			883,518		419,282
Dividend income from affiliates		74			14		10
Income from securities lending (net) (See Note 2.C.)		—			4,382		973
Foreign taxes withheld (net)		(46,173	)		—		—

Total investment income		447,333			887,914		420,265


EXPENSES:
Management fees (See Note 3.A.)		306,545			35,203		25,285
Interest expense to affiliates		109			—		—

Total expenses		306,654			35,203		25,285

Net investment income (loss)		140,679			852,711		394,980


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		483,880			73,796		329,028
In-kind redemptions of investments in non-affiliates (See Note 4)		2,685,734			4,137,788		1,384,970
Futures contracts		—			23,891		17,971
Foreign currency transactions		(3,792	)		—		—

Net realized gain (loss)		3,165,822			4,235,475		1,731,969

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		7,129,918			4,634,152		4,321,752
Investments in affiliates		—			60		43
Futures contracts		—			4,778		4,085
Foreign currency translations		(760	)		—		—

Change in net unrealized appreciation/depreciation		7,129,158			4,638,990		4,325,880

Net realized/unrealized gains (losses)		10,294,980			8,874,465		6,057,849

Change in net assets resulting from operations	$	10,435,659		$	9,727,176	$	6,452,829

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	215

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2021 (continued)


	JPMorgan U.S. Momentum Factor ETF		JPMorgan U.S. Quality Factor ETF			JPMorgan U.S. Value Factor ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	$	2		$	—
Dividend income from non-affiliates		1,642,421		6,255,135			11,906,334
Dividend income from affiliates		53		159			200
Non-cash dividend income from non-affiliates		—		354,708			—
Income from securities lending (net) (See Note 2.C.)		4,406		37,506			54,205

Total investment income		1,646,880		6,647,510			11,960,739


EXPENSES:
Management fees (See Note 3.A.)		214,553		475,911			678,193
Interest expense to non-affiliates		—		319			324

Total expenses		214,553		476,230			678,517

Net investment income (loss)		1,432,327		6,171,280			11,282,222


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		867,198		(2,085,692	)		(20,756,585	)
In-kind redemptions of investments in non-affiliates (See Note 4)		29,421,281		80,834,359			94,258,893
Futures contracts		77,221		219,930			161,976

Net realized gain (loss)		30,365,700		78,968,597			73,664,284

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		28,787,414		47,005,341			11,870,622
Investments in affiliates		50		350			100
Futures contracts		14,776		18,704			36,863

Change in net unrealized appreciation/depreciation		28,802,240		47,024,395			11,907,585

Net realized/unrealized gains (losses)		59,167,940		125,992,992			85,571,869

Change in net assets resulting from operations	$	60,600,267	$	132,164,272		$	96,854,091

SEE NOTES TO FINANCIAL STATEMENTS.



216	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan ActiveBuilders Emerging Markets Equity ETF (formerly known as JPMorgan Emerging Markets Equity Core ETF)			JPMorgan ActiveBuilders International Equity ETF
	Period Ended October 31, 2021 (a)			Period Ended October 31, 2021 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,679,156		$	203,012
Net realized gain (loss)		(593,949	)		(69,347	)
Change in net unrealized appreciation/depreciation		(12,896,276	)		496,351

Change in net assets resulting from operations		(10,811,069	)		630,016


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		336,675,029			28,789,940


NET ASSETS:
Change in net assets		325,863,960			29,419,956
Beginning of period		—			—

End of period	$	325,863,960		$	29,419,956


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	336,675,029		$	28,789,940

Total change in net assets resulting from capital transactions	$	336,675,029		$	28,789,940


SHARE TRANSACTIONS:
Issued		6,800,000			600,000

Net increase in shares from share transactions		6,800,000			600,000

(a)	Commencement of operations was March 10, 2021.

(b)	Commencement of operations was July 7, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	217

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan BetaBuilders Canada ETF						JPMorgan BetaBuilders Developed Asia ex-Japan ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	116,418,038		$	99,923,560		$	145,165,781		$	47,112,341
Net realized gain (loss)		55,416,108			(107,887,037	)		(6,954,174	)		(34,800,063	)
Change in net unrealized appreciation/depreciation		1,736,255,618			(214,935,256	)		397,969,872			(151,388,803	)

Change in net assets resulting from operations		1,908,089,764			(222,898,733	)		536,181,479			(139,076,525	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(113,624,161	)		(97,217,228	)		(130,441,819	)		(47,499,256	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		636,591,756			159,573,201			2,241,407,993			209,692,845


NET ASSETS:
Change in net assets		2,431,057,359			(160,542,760	)		2,647,147,653			23,117,064
Beginning of period		3,640,211,260			3,800,754,020			1,465,970,894			1,442,853,830

End of period	$	6,071,268,619		$	3,640,211,260		$	4,113,118,547		$	1,465,970,894


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	758,394,817		$	225,691,349		$	2,313,974,196		$	400,560,096
Cost of shares redeemed		(121,803,061	)		(66,118,148	)		(72,566,203	)		(190,867,251	)

Total change in net assets resulting from capital transactions	$	636,591,756		$	159,573,201		$	2,241,407,993		$	209,692,845


SHARE TRANSACTIONS:
Issued		12,300,000	(a)		4,700,000	(a)		41,000,000	(a)		9,000,000	(a)
Redeemed		(1,901,089	)(a)		(1,900,000	)(a)		(1,301,359	)(a)		(4,900,000	)(a)

Net increase in shares from share transactions		10,398,911			2,800,000			39,698,641			4,100,000

(a)	Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.



218	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	JPMorgan BetaBuilders Europe ETF						JPMorgan BetaBuilders International Equity ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Period Ended October 31, 2020 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	186,741,805		$	93,927,172		$	93,794,835		$	17,506,262
Net realized gain (loss)		173,173,700			(173,140,960	)		57,414,713			1,290,568
Change in net unrealized appreciation/depreciation		1,265,712,790			(679,859,114	)		604,876,597			2,882,633

Change in net assets resulting from operations		1,625,628,295			(759,072,902	)		756,086,145			21,679,463


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(162,749,406	)		(91,833,136	)		(83,978,586	)		(10,275,336	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,263,568,980			698,765,923			1,141,362,817			1,855,266,175


NET ASSETS:
Change in net assets		5,726,447,869			(152,140,115	)		1,813,470,376			1,866,670,302
Beginning of period		3,701,005,509			3,853,145,624			1,866,670,302			—

End of period	$	9,427,453,378		$	3,701,005,509		$	3,680,140,678		$	1,866,670,302


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	5,534,506,823		$	3,682,970,788		$	1,372,694,023		$	1,875,036,423
Cost of shares redeemed		(1,270,937,843	)		(2,984,204,865	)		(231,331,206	)		(19,770,248	)

Total change in net assets resulting from capital transactions	$	4,263,568,980		$	698,765,923		$	1,141,362,817		$	1,855,266,175


SHARE TRANSACTIONS:
Issued		96,500,000	(b)		81,000,000	(b)		24,400,000			40,800,000
Redeemed		(24,200,404	)(b)		(74,600,000	)(b)		(4,000,000	)		(400,000	)

Net increase in shares from share transactions		72,299,596			6,400,000			20,400,000			40,400,000

(a)	Commencement of operations was December 3, 2019.

(b)	Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	219

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan BetaBuilders Japan ETF						JPMorgan BetaBuilders U.S. Equity ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	147,334,454		$	73,146,812		$	6,535,651		$	2,534,659
Net realized gain (loss)		467,914,152			91,835,601			15,444,975			3,472,263
Change in net unrealized appreciation/depreciation		440,258,321			(118,967,461	)		123,924,342			11,499,386

Change in net assets resulting from operations		1,055,506,927			46,014,952			145,904,968			17,506,308


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(70,569,312	)		(102,501,216	)		(5,799,680	)		(2,245,984	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,556,564,791			1,060,999,792			404,128,109			176,703,126


NET ASSETS:
Change in net assets		2,541,502,406			1,004,513,528			544,233,397			191,963,450
Beginning of period		5,323,035,447			4,318,521,919			238,372,575			46,409,125

End of period	$	7,864,537,853		$	5,323,035,447		$	782,605,972		$	238,372,575


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	3,261,931,039		$	2,626,810,358		$	453,678,097		$	191,742,099
Cost of shares redeemed		(1,705,366,248	)		(1,565,810,566	)		(49,549,988	)		(15,038,973	)

Total change in net assets resulting from capital transactions	$	1,556,564,791		$	1,060,999,792		$	404,128,109		$	176,703,126


SHARE TRANSACTIONS:
Issued		57,400,000	(a)		56,200,000	(a)		6,000,000			3,400,000
Redeemed		(29,802,452	)(a)		(34,200,000	)(a)		(700,000	)		(250,000	)

Net increase in shares from share transactions		27,597,548			22,000,000			5,300,000			3,150,000

(a)	Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.



220	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF						JPMorgan BetaBuilders U.S. Small Cap Equity ETF
	Year Ended October 31, 2021			Period Ended October 31, 2020 (a)			Period Ended October 31, 2021 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,342,792		$	286,955		$	2,804,780
Net realized gain (loss)		191,521,497			920,825			10,807,502
Change in net unrealized appreciation/depreciation		308,087,619			(38,827,275	)		21,084,695

Change in net assets resulting from operations		515,951,908			(37,619,495	)		34,696,977


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(13,365,064	)		(34,041	)		(2,261,493	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		207,905,317			1,025,785,489			409,626,006


NET ASSETS:
Change in net assets		710,492,161			988,131,953			442,061,490
Beginning of period		988,131,953			—			—

End of period	$	1,698,624,114		$	988,131,953		$	442,061,490


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	1,062,480,424		$	1,030,410,313		$	537,840,503
Cost of shares redeemed		(854,575,107	)		(4,624,824	)		(128,214,497	)

Total change in net assets resulting from capital transactions	$	207,905,317		$	1,025,785,489		$	409,626,006


SHARE TRANSACTIONS:
Issued		12,750,000			15,475,000			8,500,000
Redeemed		(10,000,000	)		(75,000	)		(1,950,000	)

Net increase in shares from share transactions		2,750,000			15,400,000			6,550,000

(a)	Commencement of operations was April 14, 2020.

(b)	Commencement of operations was November 16, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	221

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Carbon Transition U.S. Equity ETF			JPMorgan Diversified Return Emerging Markets Equity ETF
	Period Ended October 31, 2021 (a)			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	283,722		$	6,411,783		$	8,829,220
Net realized gain (loss)		1,302,566			12,861,727			(17,873,066	)
Change in net unrealized appreciation/depreciation		4,455,496			35,165,878			(35,896,310	)

Change in net assets resulting from operations		6,041,784			54,439,388			(44,940,156	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(242,528	)		(6,292,381	)		(11,494,561	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		19,134,138			(108,024,401	)		(83,600,557	)


NET ASSETS:
Change in net assets		24,933,394			(59,877,394	)		(140,035,274	)
Beginning of period		—			213,760,142			353,795,416

End of period	$	24,933,394		$	153,882,748		$	213,760,142


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	28,088,814		$	—		$	11,220,073
Cost of shares redeemed		(8,954,676	)		(108,024,401	)		(94,820,630	)

Total change in net assets resulting from capital transactions	$	19,134,138		$	(108,024,401	)	$	(83,600,557	)


SHARE TRANSACTIONS:
Issued		550,000			—			200,000
Redeemed		(150,000	)		(1,900,000	)		(2,100,000	)

Net increase (decrease) in shares from share transactions		400,000			(1,900,000	)		(1,900,000	)

(a)	Commencement of operations was December 9, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



222	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	JPMorgan Diversified Return International Equity ETF						JPMorgan Diversified Return U.S. Equity ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,890,593		$	27,691,365		$	12,226,454		$	14,977,931
Net realized gain (loss)		48,317,967			(55,516,544	)		54,114,412			6,210,123
Change in net unrealized appreciation/depreciation		134,443,885			(83,197,859	)		144,832,764			(62,482,770	)

Change in net assets resulting from operations		210,652,445			(111,023,038	)		211,173,630			(41,294,716	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(25,542,042	)		(31,499,409	)		(11,091,933	)		(15,994,512	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(210,294,305	)		(273,144,732	)		(26,778,764	)		(208,627,128	)


NET ASSETS:
Change in net assets		(25,183,902	)		(415,667,179	)		173,302,933			(265,916,356	)
Beginning of period		867,200,124			1,282,867,303			536,709,641			802,625,997

End of period	$	842,016,222		$	867,200,124		$	710,012,574		$	536,709,641


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	12,477,390		$	45,178,764		$	90,741,445		$	80,338,258
Cost of shares redeemed		(222,771,695	)		(318,323,496	)		(117,520,209	)		(288,965,386	)

Total change in net assets resulting from capital transactions	$	(210,294,305	)	$	(273,144,732	)	$	(26,778,764	)	$	(208,627,128	)


SHARE TRANSACTIONS:
Issued		200,000			800,000			1,000,000			1,100,000
Redeemed		(3,800,000	)		(6,700,000	)		(1,300,000	)		(4,300,000	)

Net decrease in shares from share transactions		(3,600,000	)		(5,900,000	)		(300,000	)		(3,200,000	)

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	223

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Diversified Return U.S. Mid Cap Equity ETF						JPMorgan Diversified Return U.S. Small Cap Equity ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,862,473		$	3,866,579		$	1,963,738		$	2,310,675
Net realized gain (loss)		40,618,595			2,889,370			34,553,371			(7,848,200	)
Change in net unrealized appreciation/depreciation		45,263,900			(4,768,925	)		42,626,246			(10,763,787	)

Change in net assets resulting from operations		89,744,968			1,987,024			79,143,355			(16,301,312	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(3,596,501	)		(3,705,274	)		(2,069,847	)		(2,108,906	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(66,547,601	)		33,952,305			(49,484,147	)		26,739,716


NET ASSETS:
Change in net assets		19,600,866			32,234,055			27,589,361			8,329,498
Beginning of period		220,207,846			187,973,791			148,672,825			140,343,327

End of period	$	239,808,712		$	220,207,846		$	176,262,186		$	148,672,825


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	41,422,965		$	84,732,532		$	36,921,776		$	87,381,544
Cost of shares redeemed		(107,970,566	)		(50,780,227	)		(86,405,923	)		(60,641,828	)

Total change in net assets resulting from capital transactions	$	(66,547,601	)	$	33,952,305		$	(49,484,147	)	$	26,739,716


SHARE TRANSACTIONS:
Issued		500,000			1,400,000			850,000			2,900,000
Redeemed		(1,300,000	)		(800,000	)		(2,100,000	)		(2,300,000	)

Net increase (decrease) in shares from share transactions		(800,000	)		600,000			(1,250,000	)		600,000

SEE NOTES TO FINANCIAL STATEMENTS.



224	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	JPMorgan International Growth ETF						JPMorgan U.S. Dividend ETF
	Year Ended October 31, 2021			Period Ended October 31, 2020 (a)			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	140,679		$	21,045		$	852,711		$	1,377,581
Net realized gain (loss)		3,165,822			(56,298	)		4,235,475			165,880
Change in net unrealized appreciation/depreciation		7,129,158			3,819,857			4,638,990			(5,058,774	)

Change in net assets resulting from operations		10,435,659			3,784,604			9,727,176			(3,515,313	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(18,324	)		—			(743,457	)		(1,343,662	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		13,086,957			34,003,054			4,893,156			(807,147	)


NET ASSETS:
Change in net assets		23,504,292			37,787,658			13,876,875			(5,666,122	)
Beginning of period		37,787,658			—			34,965,403			40,631,525

End of period	$	61,291,950		$	37,787,658		$	48,842,278		$	34,965,403


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	22,434,133		$	34,003,054		$	33,651,535		$	9,833,249
Cost of shares redeemed		(9,347,176	)		—			(28,758,379	)		(10,640,396	)

Total change in net assets resulting from capital transactions	$	13,086,957		$	34,003,054		$	4,893,156		$	(807,147	)


SHARE TRANSACTIONS:
Issued		300,000			600,000			1,050,000			450,000
Redeemed		(125,000	)		—			(1,050,000	)		(450,000	)

Net increase in shares from share transactions		175,000			600,000			—			—

(a)	Commencement of operations was May 20, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	225

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan U.S. Minimum Volatility ETF						JPMorgan U.S. Momentum Factor ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	394,980		$	1,908,765		$	1,432,327		$	1,001,800
Net realized gain (loss)		1,731,969			751,473			30,365,700			(1,558,599	)
Change in net unrealized appreciation/depreciation		4,325,880			(6,876,405	)		28,802,240			21,209,006

Change in net assets resulting from operations		6,452,829			(4,216,167	)		60,600,267			20,652,207


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(383,526	)		(2,053,319	)		(1,301,587	)		(941,311	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(23,682,193	)		(63,201,634	)		27,816,405			58,411,601


NET ASSETS:
Change in net assets		(17,612,890	)		(69,471,120	)		87,115,085			78,122,497
Beginning of period		37,773,538			107,244,658			134,743,086			56,620,589

End of period	$	20,160,648		$	37,773,538		$	221,858,171		$	134,743,086


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	1,784,387		$	12,683,981		$	98,690,820		$	66,714,485
Cost of shares redeemed		(25,466,580	)		(75,885,615	)		(70,874,415	)		(8,302,884	)

Total change in net assets resulting from capital transactions	$	(23,682,193	)	$	(63,201,634	)	$	27,816,405		$	58,411,601


SHARE TRANSACTIONS:
Issued		50,000			450,000			2,300,000			2,300,000
Redeemed		(800,000	)		(2,700,000	)		(1,650,000	)		(250,000	)

Net increase (decrease) in shares from share transactions		(750,000	)		(2,250,000	)		650,000			2,050,000

SEE NOTES TO FINANCIAL STATEMENTS.



226	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	JPMorgan U.S. Quality Factor ETF						JPMorgan U.S. Value Factor ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,171,280		$	4,490,712		$	11,282,222		$	1,942,986
Net realized gain (loss)		78,968,597			12,907,095			73,664,284			828,438
Change in net unrealized appreciation/depreciation		47,024,395			9,761,565			11,907,585			(7,042,295	)

Change in net assets resulting from operations		132,164,272			27,159,372			96,854,091			(4,270,871	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(6,236,190	)		(3,901,856	)		(9,906,929	)		(1,990,064	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(117,395,200	)		254,345,821			251,164,170			1,879,448


NET ASSETS:
Change in net assets		8,532,882			277,603,337			338,111,332			(4,381,487	)
Beginning of period		384,671,209			107,067,872			62,468,155			66,849,642

End of period	$	393,204,091		$	384,671,209		$	400,579,487		$	62,468,155


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	173,997,583		$	318,973,804		$	1,140,325,211		$	23,462,558
Cost of shares redeemed		(291,392,783	)		(64,627,983	)		(889,161,041	)		(21,583,110	)

Total change in net assets resulting from capital transactions	$	(117,395,200	)	$	254,345,821		$	251,164,170		$	1,879,448


SHARE TRANSACTIONS:
Issued		4,500,000			10,650,000			32,750,000			900,000
Redeemed		(7,650,000	)		(2,050,000	)		(24,450,000	)		(850,000	)

Net increase (decrease) in shares from share transactions		(3,150,000	)		8,600,000			8,300,000			50,000

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	227

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

JPMorgan ActiveBuilders Emerging Markets Equity ETF (formerly known as JPMorgan Emerging Markets Equity Core ETF)
March 10, 2021 (f) through October 31, 2021	$	48.00	$	0.66	$	(0.74	)	$	(0.08	)	$	—

JPMorgan ActiveBuilders International Equity ETF
July 7, 2021 (f) through October 31, 2021		48.00		0.35		0.68			1.03			—

JPMorgan BetaBuilders Canada ETF
Year Ended October 31, 2021 (i)		45.99		1.38		21.78			23.16			(1.35	)
Year Ended October 31, 2020 (i)		49.78		1.29		(3.82	)		(2.53	)		(1.26	)
Year Ended October 31, 2019 (i)		45.19		1.31		4.47			5.78			(1.19	)
August 7, 2018 (f) through October 31, 2018 (i)		49.31		0.29		(4.31	)		(4.02	)		(0.10	)

JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Year Ended October 31, 2021 (i)		44.97		2.44		11.48			13.92			(2.00	)
Year Ended October 31, 2020 (i)		50.63		1.58		(5.65	)		(4.07	)		(1.59	)
Year Ended October 31, 2019 (i)		45.36		2.10		5.17			7.27			(2.00	)
August 7, 2018 (f) through October 31, 2018 (i)		50.73		0.44		(5.48	)		(5.04	)		(0.33	)

JPMorgan BetaBuilders Europe ETF
Year Ended October 31, 2021 (i)		43.29		1.67		16.19			17.86			(1.41	)
Year Ended October 31, 2020 (i)		48.71		1.08		(5.43	)		(4.35	)		(1.07	)
Year Ended October 31, 2019 (i)		45.19		1.79		3.28			5.07			(1.55	)
June 15, 2018 (f) through October 31, 2018 (i)		49.58		0.26		(4.58	)		(4.32	)		(0.07	)

JPMorgan BetaBuilders International Equity ETF
Year Ended October 31, 2021		46.20		1.67		14.10			15.77			(1.44	)
December 3, 2019 (f) through October 31, 2020		49.79		1.05		(4.26	)(l)		(3.21	)		(0.38	)

JPMorgan BetaBuilders Japan ETF
Year Ended October 31, 2021 (i)		48.39		1.04		8.36			9.40			(0.63	)
Year Ended October 31, 2020 (i)		49.07		0.84		(0.39	)		0.45			(1.13	)
Year Ended October 31, 2019 (i)		45.45		0.97		2.93			3.90			(0.28	)
June 15, 2018 (f) through October 31, 2018 (i)		49.58		0.48		(4.61	)		(4.13	)		—

JPMorgan BetaBuilders U.S. Equity ETF
Year Ended October 31, 2021		59.59		1.02		24.48			25.50			(0.94	)
Year Ended October 31, 2020		54.60		1.14		4.83			5.97			(0.98	)
March 12, 2019 (f) through October 31, 2019		50.14		0.68		4.29			4.97			(0.51	)

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Year Ended October 31, 2021		64.16		0.90		29.27			30.17			(0.74	)
April 14, 2020 (f) through October 31, 2020		50.78		0.33		13.32	(l)		13.65			(0.27	)

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(e)

Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.

(f)	Commencement of operations.

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

(h)	Does not include expenses of unaffiliated Underlying Funds.

(i)	Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

(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)

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.

SEE NOTES TO FINANCIAL STATEMENTS.



228	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 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)


$	47.92	$	48.17		(0.17	)%		0.35	%(g)	$	325,863,960		0.30	%(h)		2.11	%		0.33	%(h)		40	%


	49.03		49.21		2.15			2.52	(g)		29,419,956		0.25			2.23			0.25			9


	67.80		67.98		50.77			50.84			6,071,268,619		0.19			2.28			0.19			2
	45.99		46.10		(4.98	)		(4.81	)		3,640,211,260		0.19			2.74			0.19			4
	49.78		49.80		13.08			12.97			3,800,754,020		0.19			2.73			0.34	(j)		7
	45.19		45.24		(8.18	)		(8.05	)(g)		2,044,698,826		0.19	(k)		2.55			0.37	(j)(k)		1


	56.89		57.12		31.14			31.26			4,113,118,547		0.19			4.26			0.19			6
	44.97		45.10		(7.87	)		(7.45	)		1,465,970,894		0.19			3.40			0.19			6
	50.63		50.54		16.18			15.94			1,442,853,830		0.19			4.22			0.39	(j)		7
	45.36		45.38		(9.97	)		(9.93	)(g)		603,313,934		0.19	(k)		3.94			0.45	(j)(k)		2


	59.74		59.92		41.54			41.77			9,427,453,378		0.09			2.92			0.09			6
	43.29		43.34		(8.92	)		(8.90	)		3,701,005,509		0.09			2.33			0.09			5
	48.71		48.78		11.43			11.32			3,853,145,624		0.09			3.83			0.25	(j)		7
	45.19		45.28		(8.75	)		(8.55	)(g)		1,314,930,292		0.09	(k)		1.45			0.34	(j)(k)		2


	60.53		60.64		34.26			34.24			3,680,140,678		0.07			2.85			0.07			5
	46.20		46.29		(6.45	)		(6.27	)(g)		1,866,670,302		0.07			2.40			0.07			8


	57.16		57.21		19.47			18.98			7,864,537,853		0.19			1.83			0.19			3
	48.39		48.64		0.87			1.24			5,323,035,447		0.19			1.77			0.19			5
	49.07		49.14		8.74			9.07			4,318,521,919		0.19			2.14			0.33	(j)		4
	45.45		45.36		(8.35	)		(8.51	)(g)		2,336,087,667		0.19	(k)		2.63			0.37	(j)(k)		5


	84.15		84.11		43.02			42.97			782,605,972		0.02			1.34			0.02			4
	59.59		59.58		11.09			11.05			238,372,575		0.02			1.99			0.02			4
	54.60		54.61		9.95			9.97	(g)		46,409,125		0.02			2.01			0.02			3


	93.59		93.68		47.15			47.52			1,698,624,114		0.07			1.05			0.07			27
	64.16		64.06		26.91			26.71	(g)		988,131,953		0.07			0.91			0.07			7

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	229

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	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

JPMorgan BetaBuilders U.S. Small Cap Equity ETF
November 16, 2020 (f) through October 31, 2021	$	51.27	$	0.62	$	16.04		$	16.66		$	(0.44	)

JPMorgan Carbon Transition U.S. Equity ETF
December 9, 2020 (f) through October 31, 2021		49.29		0.63		12.95			13.58			(0.54	)

JPMorgan Diversified Return Emerging Markets Equity ETF
Year Ended October 31, 2021		46.47		1.81		10.70			12.51			(1.99	)
Year Ended October 31, 2020		54.43		1.46		(7.48	)		(6.02	)		(1.94	)
Year Ended October 31, 2019		50.91		2.07		2.97			5.04			(1.52	)
Year Ended October 31, 2018		57.15		1.59		(5.37	)		(3.78	)		(2.46	)
Year Ended October 31, 2017		48.68		1.50		7.56			9.06			(0.59	)

JPMorgan Diversified Return International Equity ETF
Year Ended October 31, 2021		49.84		1.91		11.03			12.94			(1.76	)
Year Ended October 31, 2020		55.06		1.35		(5.01	)		(3.66	)		(1.56	)
Year Ended October 31, 2019		53.10		1.77		1.90			3.67			(1.71	)
Year Ended October 31, 2018		59.18		1.51		(5.29	)		(3.78	)		(2.30	)
Year Ended October 31, 2017		50.00		1.43		8.57			10.00			(0.82	)

JPMorgan Diversified Return U.S. Equity ETF
Year Ended October 31, 2021		73.52		1.71		27.76			29.47			(1.56	)
Year Ended October 31, 2020		76.44		1.65		(2.82	)		(1.17	)		(1.75	)
Year Ended October 31, 2019		69.92		1.66		6.34			8.00			(1.48	)
Year Ended October 31, 2018		68.52		1.39		1.88			3.27			(1.87	)
Year Ended October 31, 2017		57.06		1.17		10.75			11.92			(0.46	)

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Year Ended October 31, 2021		64.77		1.30		27.36			28.66			(1.20	)
Year Ended October 31, 2020		67.13		1.18		(2.38	)		(1.20	)		(1.16	)
Year Ended October 31, 2019		62.24		1.18		4.78			5.96			(1.07	)
Year Ended October 31, 2018		62.06		1.06		0.59			1.65			(1.47	)
Year Ended October 31, 2017		51.65		0.89		10.02			10.91			(0.50	)

JPMorgan Diversified Return U.S. Small Cap Equity ETF
Year Ended October 31, 2021		28.87		0.46		16.35			16.81			(0.48	)
Year Ended October 31, 2020		30.84		0.44		(2.01	)		(1.57	)		(0.40	)
Year Ended October 31, 2019		29.58		0.42		1.22			1.64			(0.38	)
Year Ended October 31, 2018		28.95		0.33		0.73			1.06			(0.43	)
November 15, 2016 (f) through October 31, 2017		25.00		0.28		3.71			3.99			(0.04	)

(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)	Commencement of operations.

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

(h)	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.

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

SEE NOTES TO FINANCIAL STATEMENTS.



230	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 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)

$	67.49	$	67.56		32.56	%		32.70	%(g)	$	442,061,490		0.09	%		0.98	%		0.09	%		27	%


	62.33		62.34		27.68			27.70	(g)		24,933,394		0.15			1.26			0.15			27


	56.99		57.05		26.93			27.80			153,882,748		0.44			3.18			0.44			29
	46.47		46.21		(11.20	)		(11.80	)		213,760,142		0.44			2.97			0.44			26
	54.43		54.50		10.00			10.31			353,795,416		0.45			3.87			0.87	(h)		51
	50.91		50.83		(6.93	)		(7.43	)		213,804,252		0.45			2.80			0.96	(h)		53
	57.15		57.36		18.95			18.65			165,741,046		0.45			2.85			1.06	(h)		60


	61.02		61.08		26.00			26.08			842,016,222		0.37			3.14			0.37			35
	49.84		49.86		(6.72	)		(6.62	)		867,200,124		0.37			2.61			0.37			23
	55.06		55.02		7.05			7.23			1,282,867,303		0.38			3.27			0.41	(h)		25
	53.10		52.98		(6.72	)		(7.22	)		1,444,332,261		0.40			2.57			0.44	(h)		28
	59.18		59.36		20.35			20.30			1,159,887,006		0.43			2.63			0.51	(h)		29


	101.43		101.46		40.36			40.44			710,012,574		0.18			1.86			0.18			33
	73.52		73.50		(1.40	)		(1.44	)		536,709,641		0.18			2.26			0.18			21
	76.44		76.45		11.65			11.65			802,625,997		0.19			2.27			0.37	(h)		24
	69.92		69.93		4.74			4.70			559,362,329		0.19			1.95			0.41	(h)		32
	68.52		68.55		20.99			21.02			356,298,771		0.21			1.83			0.47	(h)		27


	92.23		92.30		44.51			44.73			239,808,712		0.24			1.57			0.24			34
	64.77		64.72		(1.66	)		(1.79	)		220,207,846		0.24			1.86			0.24			28
	67.13		67.17		9.73			9.78			187,973,791		0.24			1.82			0.43	(h)		25
	62.24		62.25		2.59			2.57			112,028,180		0.24			1.64			0.50	(h)		35
	62.06		62.08		21.25			21.31			62,063,250		0.26			1.54			0.62	(h)		31


	45.20		45.24		58.49			58.25			176,262,186		0.29			1.13			0.29			37
	28.87		28.94		(4.99	)		(4.85	)		148,672,825		0.29			1.54			0.29			30
	30.84		30.87		5.64			5.75			140,343,327		0.29			1.40			0.54	(h)		43
	29.58		29.58		3.61			3.43			96,135,254		0.29			1.08			0.61	(h)		30
	28.95		29.00		15.96			16.16	(g)		55,011,105		0.31	(i)		1.08			0.97	(h)(i)		24

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	231

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	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

JPMorgan International Growth ETF
Year Ended October 31, 2021	$	62.98	$	0.19	$	15.95		$	16.14		$	(0.03	)
May 20, 2020 (f) through October 31, 2020		51.83		0.05		11.10			11.15			—

JPMorgan U.S. Dividend ETF
Year Ended October 31, 2021		23.31		0.90		9.35			10.25			(1.00	)
Year Ended October 31, 2020		27.09		0.91		(3.79	)		(2.88	)		(0.90	)
Year Ended October 31, 2019		24.92		0.93		2.11			3.04			(0.87	)
November 8, 2017 (f) through October 31, 2018		25.00		0.96		(0.17	)		0.79			(0.87	)

JPMorgan U.S. Minimum Volatility ETF
Year Ended October 31, 2021		29.06		0.63		7.67			8.30			(0.70	)
Year Ended October 31, 2020		30.21		0.67		(1.10	)		(0.43	)		(0.72	)
Year Ended October 31, 2019		26.14		0.64		3.95			4.59			(0.52	)
November 8, 2017 (f) through October 31, 2018		25.00		0.59		1.08			1.67			(0.53	)

JPMorgan U.S. Momentum Factor ETF
Year Ended October 31, 2021		33.68		0.34		14.00			14.34			(0.31	)
Year Ended October 31, 2020		29.04		0.35		4.63			4.98			(0.34	)
Year Ended October 31, 2019		25.98		0.37		2.99			3.36			(0.30	)
November 8, 2017 (f) through October 31, 2018		25.00		0.35		0.95			1.30			(0.32	)

JPMorgan U.S. Quality Factor ETF
Year Ended October 31, 2021		31.53		0.60		11.91			12.51			(0.59	)
Year Ended October 31, 2020		29.74		0.56		1.70			2.26			(0.47	)
Year Ended October 31, 2019		26.56		0.58		3.11			3.69			(0.51	)
November 8, 2017 (f) through October 31, 2018		25.00		0.52		1.52			2.04			(0.48	)

JPMorgan U.S. Value Factor ETF
Year Ended October 31, 2021		24.99		0.72		12.03			12.75			(0.65	)
Year Ended October 31, 2020		27.29		0.77		(2.29	)		(1.52	)		(0.78	)
Year Ended October 31, 2019		25.21		0.75		1.97			2.72			(0.64	)
November 8, 2017 (f) through October 31, 2018		25.00		0.64		0.16			0.80			(0.59	)

(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)	Commencement of operations.

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

(h)	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.

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

SEE NOTES TO FINANCIAL STATEMENTS.



232	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 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)


$	79.09	$	79.40		25.63	%		25.85	%	$	61,291,950		0.55	%		0.25	%		0.55	%		37	%
	62.98		63.12		21.51			21.78	(g)		37,787,658		0.55			0.16			0.55			12


	32.56		32.59		44.70			45.15			48,842,278		0.12			2.92			0.12			32
	23.31		23.26		(10.50	)		(10.72	)		34,965,403		0.12			3.78			0.12			26
	27.09		27.10		12.57			12.69			40,631,525		0.12			3.59			0.63	(h)		20
	24.92		24.90		3.08			2.99	(g)		27,411,126		0.12	(i)		3.81			0.76	(h)(i)		24


	36.66		36.69		28.87			29.38			20,160,648		0.12			1.88			0.12			22
	29.06		28.97		(1.32	)		(1.69	)		37,773,538		0.12			2.29			0.12			23
	30.21		30.23		17.82			17.90			107,244,658		0.12			2.22			0.54	(h)		15
	26.14		26.14		6.69			6.69	(g)		27,445,770		0.12	(i)		2.33			0.76	(h)(i)		17


	47.71		47.68		42.72			42.38			221,858,171		0.12			0.80			0.12			44
	33.68		33.74		17.33			17.50			134,743,086		0.12			1.11			0.12			39
	29.04		29.05		13.06			13.06			56,620,589		0.12			1.35			0.55	(h)		52
	25.98		25.99		5.17			5.21	(g)		28,575,370		0.12	(i)		1.32			0.74	(h)(i)		44


	43.45		43.48		39.97			40.02			393,204,091		0.12			1.56			0.12			21
	31.53		31.54		7.72			7.68			384,671,209		0.12			1.81			0.12			20
	29.74		29.76		14.10			14.18			107,067,872		0.12			2.05			0.50	(h)		21
	26.56		26.56		8.15			8.15	(g)		29,215,267		0.12	(i)		2.01			0.74	(h)(i)		22


	37.09		37.08		51.38			51.88			400,579,487		0.12			2.01			0.12			34
	24.99		24.90		(5.39	)		(5.76	)		62,468,155		0.12			2.99			0.12			25
	27.29		27.30		11.01			11.05			66,849,642		0.12			2.90			0.52	(h)		22
	25.21		25.21		3.12			3.12	(g)		28,986,509		0.12	(i)		2.52			0.75	(h)(i)		26

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	233

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021

1. Organization

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

The following are 22 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


		Diversification Classification
JPMorgan ActiveBuilders Emerging Markets Equity ETF⁽¹⁾		Diversified
JPMorgan ActiveBuilders International Equity ETF⁽²⁾		Diversified
JPMorgan BetaBuilders Canada ETF		Diversified
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		Diversified
JPMorgan BetaBuilders Europe ETF		Diversified
JPMorgan BetaBuilders International Equity ETF		Diversified
JPMorgan BetaBuilders Japan ETF		Diversified
JPMorgan BetaBuilders U.S. Equity ETF		Diversified
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF		Diversified
JPMorgan BetaBuilders U.S. Small Cap Equity ETF⁽³⁾		Diversified
JPMorgan Carbon Transition U.S. Equity ETF⁽⁴⁾		Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF		Diversified
JPMorgan Diversified Return International Equity ETF		Diversified
JPMorgan Diversified Return U.S. Equity ETF		Diversified
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		Diversified
JPMorgan Diversified Return U.S. Small Cap Equity ETF		Diversified
JPMorgan International Growth ETF		Diversified
JPMorgan U.S. Dividend ETF		Diversified
JPMorgan U.S. Minimum Volatility ETF		Diversified
JPMorgan U.S. Momentum Factor ETF		Diversified
JPMorgan U.S. Quality Factor ETF		Diversified
JPMorgan U.S. Value Factor ETF		Diversified

⁽¹⁾	Commenced operations on March 10, 2021. Effective July 8, 2021, the JPMorgan Emerging Markets Equity Core ETF changed its name to JPMorgan ActiveBuilders Emerging Markets Equity ETF.

⁽²⁾	Commenced operations on July 7, 2021.

⁽³⁾	Commenced operations on November 16, 2020.

⁽⁴⁾	Commenced operations on December 9, 2020.

The investment objective of JPMorgan ActiveBuilders Emerging Markets Equity ETF (“ActiveBuilders Emerging Markets Equity ETF”), JPMorgan ActiveBuilders International Equity ETF (“ActiveBuilders International Equity ETF”) and JPMorgan International Growth ETF (“International Growth ETF”) is to seek long-term capital appreciation.

The investment objective of JPMorgan BetaBuilders Canada ETF (“BetaBuilders Canada ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Canada Target Market Exposure Index^SM.

The investment objective of JPMorgan BetaBuilders Developed Asia ex-Japan ETF (“BetaBuilders Developed Asia ex-Japan ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Asia ex-Japan Target Market Exposure Index^SM.

The investment objective of JPMorgan BetaBuilders Europe ETF (“BetaBuilders Europe ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM.

The investment objective of JPMorgan BetaBuilders International Equity ETF (“BetaBuilders International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM.

The investment objective of JPMorgan BetaBuilders Japan ETF (“BetaBuilders Japan ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Japan Target Market Exposure Index^SM.

The investment objective of JPMorgan BetaBuilders U.S. Equity ETF (“BetaBuilders U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Target Market Exposure Index^SM.

The investment objective of JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (“BetaBuilders U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM.



234	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

The investment objective of JPMorgan BetaBuilders U.S. Small Cap Equity ETF (“BetaBuilders U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Small Cap Target Market Exposure Extended Index^SM.

The investment objective of JPMorgan Carbon Transition U.S. Equity ETF (“Carbon Transition U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition US Equity Index.

The investment objective of JPMorgan Diversified Return Emerging Markets Equity ETF (“Emerging Markets Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index.

The investment objective of JPMorgan Diversified Return International Equity ETF (“International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index.

The investment objective of JPMorgan Diversified Return U.S. Equity ETF (“U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index.

The investment objective of JPMorgan Diversified Return U.S. Mid Cap Equity ETF (“U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index.

The investment objective of JPMorgan Diversified Return U.S. Small Cap Equity ETF (“U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index.

The investment objective of JPMorgan U.S. Dividend ETF (“U.S. Dividend ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index.

The investment objective of JPMorgan U.S. Minimum Volatility ETF (“U.S. Minimum Volatility ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index.

The investment objective of JPMorgan U.S. Momentum Factor ETF (“U.S. Momentum Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.

The investment objective of JPMorgan U.S. Quality Factor ETF (“U.S. Quality Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.

The investment objective of JPMorgan U.S. Value Factor ETF (“U.S. Value Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.

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

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


		Listing Exchange
ActiveBuilders Emerging Markets Equity ETF		Cboe BZX Exchange, Inc.
ActiveBuilders International Equity ETF		NYSE Arca, Inc.
BetaBuilders Canada ETF		Cboe BZX Exchange, Inc.
BetaBuilders Developed Asia ex-Japan ETF		Cboe BZX Exchange, Inc.
BetaBuilders Europe ETF		Cboe BZX Exchange, Inc.
BetaBuilders International Equity ETF		Cboe BZX Exchange, Inc.
BetaBuilders Japan ETF		Cboe BZX Exchange, Inc.
BetaBuilders U.S. Equity ETF		Cboe BZX Exchange, Inc.
BetaBuilders U.S. Mid Cap Equity ETF		NYSE Arca, Inc.
BetaBuilders U.S. Small Cap Equity ETF		NYSE Arca, Inc.
Carbon Transition U.S. Equity ETF		NYSE Arca, Inc.
Emerging Markets Equity ETF		NYSE Arca, Inc.
International Equity ETF		NYSE Arca, Inc.
International Growth ETF		NYSE Arca, Inc.
U.S. Dividend ETF		NYSE Arca, Inc.
U.S. Equity ETF		NYSE Arca, Inc.
U.S. Mid Cap Equity ETF		NYSE Arca, Inc.
U.S. Minimum Volatility ETF		NYSE Arca, Inc.
U.S. Momentum Factor ETF		NYSE Arca, Inc.
U.S. Quality Factor ETF		NYSE Arca, Inc.
U.S. Small Cap Equity ETF		NYSE Arca, Inc.
U.S. Value Factor ETF		NYSE Arca, Inc.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	235

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

Market prices for the Funds’ shares may be different from their net asset value (“NAV”).

Effective April 12, 2021, BetaBuilders Canada ETF, BetaBuilders Developed Asia-ex Japan ETF, BetaBuilders Europe ETF and BetaBuilders Japan 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
ActiveBuilders Emerging Markets Equity ETF		100,000
ActiveBuilders International Equity ETF		100,000
BetaBuilders Canada ETF		50,000
BetaBuilders Developed Asia ex-Japan ETF		100,000
BetaBuilders Europe ETF		100,000
BetaBuilders International Equity ETF		200,000
BetaBuilders Japan ETF		200,000
BetaBuilders U.S. Equity ETF		50,000
BetaBuilders U.S. Mid Cap Equity ETF		25,000
BetaBuilders U.S. Small Cap Equity ETF		25,000
Carbon Transition U.S. Equity ETF		50,000
Emerging Markets Equity ETF		100,000
International Equity ETF		100,000
International Growth ETF		25,000
U.S. Dividend ETF		50,000
U.S. Equity ETF		100,000
U.S. Mid Cap Equity ETF		100,000
U.S. Minimum Volatility ETF		50,000
U.S. Momentum Factor ETF		50,000
U.S. Quality Factor ETF		50,000
U.S. Small Cap Equity ETF		50,000
U.S. Value Factor ETF		50,000

Prior to April 12, 2021, the Shares per Creation Unit amounts for BetaBuilders Canada ETF, BetaBuilders Developed Asia-ex Japan ETF, BetaBuilders Europe ETF and BetaBuilders Japan ETF were 100,000, 200,000, 200,000 and 400,000, respectively. These amounts were reduced in connection with the reverse stock split mentioned above.

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.

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



236	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

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

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

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

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

•

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

•

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

•

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

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

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

ActiveBuilders Emerging Markets Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	2,307,429	$	—	$	—	$	2,307,429
Brazil		9,818,143		—		—		9,818,143
Burkina Faso		181,994		—		—		181,994
Canada		201,376		—		—		201,376
Chile		510,406		—		—		510,406
China		5,791,333		103,420,981		5,296		109,217,610
Egypt		—		388,132		—		388,132
Ghana		83,596		—		—		83,596
Greece		—		450,565		—		450,565
Hong Kong		—		6,764,258		—		6,764,258
Hungary		—		943,733		—		943,733
India		2,923,789		32,226,705		—		35,150,494



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	237

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

ActiveBuilders Emerging Markets Equity ETF (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Indonesia	$	—	$	5,284,343		$	—	$	5,284,343
Macau		—		184,157			—		184,157
Malaysia		829,044		327,984			—		1,157,028
Mexico		9,613,854		—			—		9,613,854
Panama		110,792		—			—		110,792
Peru		599,678		—			—		599,678
Philippines		372,024		165,715			—		537,739
Poland		933,955		188,634			—		1,122,589
Portugal		896,675		—			—		896,675
Qatar		664,603		—			—		664,603
Russia		3,503,253		18,003,415			—		21,506,668
Saudi Arabia		4,038,211		491,790			—		4,530,001
South Africa		4,786,201		3,968,857			—		8,755,058
South Korea		361,722		35,077,109			—		35,438,831
Taiwan		1,716,335		52,252,261			—		53,968,596
Tanzania, United Republic of		—		84,329			—		84,329
Thailand		3,673,733		218,591			—		3,892,324
Turkey		1,057,702		—			—		1,057,702
United Arab Emirates		—		1,121,020			—		1,121,020
United Kingdom		78,035		154,055			—		232,090
United States		3,466,364		1,132,884			—		4,599,248
Vietnam		—		126,815			—		126,815
Zambia		194,678		—			—		194,678

Total Common Stocks		58,714,925		262,976,333			5,296		321,696,554

Warrants
Thailand		542		—	(a)		—		542
Short-Term Investments
Investment Companies		3,609,948		—			—		3,609,948
Investment of Cash Collateral from Securities Loaned		1,214,086		—			—		1,214,086

Total Short-Term Investments		4,824,034		—			—		4,824,034

Total Investments in Securities	$	63,539,501	$	262,976,333		$	5,296	$	326,521,130

(a)	Value is zero.

ActiveBuilders International Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	1,226,287	$	—	$	1,226,287
Austria		—		235,200		—		235,200
Belgium		—		257,462		—		257,462
Canada		167,423		—		—		167,423
China		230,854		188,330		—		419,184
Denmark		115,171		1,077,167		—		1,192,338
Finland		—		331,177		—		331,177
France		82,839		3,324,544		—		3,407,383
Germany		13,958		2,526,269		—		2,540,227
Hong Kong		13,907		661,408		—		675,315
India		164,530		—		—		164,530



238	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

ActiveBuilders International Equity ETF (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Indonesia	$	—	$	47,854	$	—	$	47,854
Ireland		—		92,115		—		92,115
Italy		—		355,028		—		355,028
Japan		—		5,650,447		—		5,650,447
Luxembourg		—		39,502		—		39,502
Malta		—		15,261		—		15,261
Netherlands		—		1,875,184		—		1,875,184
Norway		46,007		160,833		—		206,840
Poland		—		29,441		—		29,441
Russia		—		46,117		—		46,117
Singapore		—		308,831		—		308,831
South Africa		—		160,047		—		160,047
South Korea		—		334,590		—		334,590
Spain		192,315		424,859		—		617,174
Sweden		—		964,864		—		964,864
Switzerland		—		2,733,390		—		2,733,390
Taiwan		355,146		—		—		355,146
United Kingdom		91,377		3,439,105		—		3,530,482
United States		—		754,605		—		754,605

Total Common Stocks		1,473,527		27,259,917		—		28,733,444

Short-Term Investments
Investment Companies		429,423		—		—		429,423
Investment of Cash Collateral from Securities Loaned		124,086		—		—		124,086

Total Short-Term Investments		553,509		—		—		553,509

Total Investments in Securities	$	2,027,036	$	27,259,917	$	—	$	29,286,953

BetaBuilders Canada ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,571,985,103	$	—	$	—	$	6,571,985,103

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	874,945	$	—	$	—	$	874,945

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

BetaBuilders Developed Asia ex-Japan ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	2,508,674,879	$	—	$	2,508,674,879
China		—		52,137,306		—		52,137,306
Hong Kong		4,750,803		892,027,190		—		896,777,993
Macau		—		41,077,104		—		41,077,104
New Zealand		—		103,070,029		—		103,070,029
Singapore		13,227,865		393,545,743		—		406,773,608
United Kingdom		—		37,487,779		—		37,487,779
United States		—		39,470,821		—		39,470,821

Total Common Stocks		17,978,668		4,067,490,851		—		4,085,469,519



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	239

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

BetaBuilders Developed Asia ex-Japan ETF (continued)


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Short-Term Investments
Investment of Cash Collateral from Securities Loaned	$	152,270,191		$	—	$	—	$	152,270,191

Total Investments in Securities	$	170,248,859		$	4,067,490,851	$	—	$	4,237,739,710

Appreciation in Other Financial Instruments
Futures Contracts	$	53,488		$	—	$	—	$	53,488

Depreciation in Other Financial Instruments
Futures Contracts		(28,862	)		—		—		(28,862	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	24,626		$	—	$	—	$	24,626

BetaBuilders Europe ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	144,105,295	$	—		$	144,105,295
Austria		2,831,718		48,062,278		—			50,893,996
Belgium		—		131,783,480		—			131,783,480
Brazil		—		6,716,773		—			6,716,773
Chile		—		5,478,241		—			5,478,241
China		—		62,441,239		—			62,441,239
Colombia		—		2,893,708		—			2,893,708
Denmark		6,660,217		379,902,412		—			386,562,629
Finland		3,399,304		197,670,303		—			201,069,607
France		7,105,449		1,440,420,691		—			1,447,526,140
Germany		—		1,195,769,638		—			1,195,769,638
Ireland		16,802,084		79,573,617		—			96,375,701
Italy		—		314,654,359		—			314,654,359
Jordan		—		4,830,764		—			4,830,764
Luxembourg		—		32,517,716		—			32,517,716
Mexico		—		1,775,699		—			1,775,699
Netherlands		1,563,482		782,725,060		—			784,288,542
Norway		3,674,179		96,868,124		—			100,542,303
Poland		19,867,515		33,529,236		—			53,396,751
Portugal		4,526,830		17,325,808		—			21,852,638
Russia		—		14,136,155		—			14,136,155
South Africa		—		42,209,513		—			42,209,513
South Korea		—		19,232,235		—			19,232,235
Spain		73,655,820		281,131,574		—			354,787,394
Sweden		9,966,779		562,490,459		—			572,457,238
Switzerland		19,948,482		1,347,052,727		—			1,367,001,209
United Arab Emirates		—		—		—	(a)		—	(a)
United Kingdom		23,809,647		1,747,766,052		—			1,771,575,699
United States		10,337,688		173,953,405		—			184,291,093

Total Common Stocks		204,149,194		9,167,016,561		—	(a)		9,371,165,755

Short-Term Investments
Investment of Cash Collateral from Securities Loaned		163,727,564		—		—			163,727,564

Total Investments in Securities	$	367,876,758	$	9,167,016,561	$	—	(a)	$	9,534,893,319

Appreciation in Other Financial Instruments
Futures Contracts	$	1,746,890	$	—	$	—		$	1,746,890

(a)	Value is zero.



240	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

BetaBuilders International Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	279,102,275	$	—		$	279,102,275
Austria		695,382		11,902,709		—			12,598,091
Belgium		—		32,621,986		—			32,621,986
Brazil		—		1,662,900		—			1,662,900
Chile		—		1,355,946		—			1,355,946
China		—		20,518,436		—			20,518,436
Colombia		—		716,450		—			716,450
Denmark		1,648,584		94,015,202		—			95,663,786
Finland		842,199		48,925,319		—			49,767,518
France		1,758,687		356,546,623		—			358,305,310
Germany		—		296,161,069		—			296,161,069
Hong Kong		461,185		86,572,462		—			87,033,647
Ireland		4,159,620		19,695,325		—			23,854,945
Israel		—		16,403,992		—			16,403,992
Italy		—		77,886,537		—			77,886,537
Japan		2,391,626		910,561,895		—			912,953,521
Jordan		—		1,195,627		—			1,195,627
Luxembourg		—		8,045,759		—			8,045,759
Macau		—		3,990,326		—			3,990,326
Mexico		—		436,790		—			436,790
Netherlands		387,070		193,714,134		—			194,101,204
New Zealand		—		10,001,699		—			10,001,699
Norway		909,177		23,967,350		—			24,876,527
Poland		4,949,290		8,301,030		—			13,250,320
Portugal		1,120,328		4,288,353		—			5,408,681
Russia		—		3,500,044		—			3,500,044
Singapore		1,294,113		38,187,494		—			39,481,607
South Africa		—		10,447,636		—			10,447,636
South Korea		—		4,759,759		—			4,759,759
Spain		18,230,933		69,584,130		—			87,815,063
Sweden		2,437,987		139,283,114		—			141,721,101
Switzerland		5,150,798		333,437,786		—			338,588,584
United Arab Emirates		—		—		—	(a)		—	(a)
United Kingdom		5,900,969		436,244,025		—			442,144,994
United States		2,558,428		46,888,127		—			49,446,555

Total Common Stocks		54,896,376		3,590,922,309		—	(a)		3,645,818,685

Short-Term Investments
Investment Companies		20,389,345		—		—			20,389,345
Investment of Cash Collateral from Securities Loaned		34,747,329		—		—			34,747,329

Total Short-Term Investments		55,136,674		—		—			55,136,674

Total Investments in Securities	$	110,033,050	$	3,590,922,309	$	—	(a)	$	3,700,955,359

Appreciation in Other Financial Instruments
Futures Contracts	$	184,117	$	—	$	—		$	184,117

(a)	Value is zero.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	241

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

BetaBuilders Japan ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Air Freight & Logistics	$	—	$	36,349,627	$	—	$	36,349,627
Airlines		—		11,692,893		—		11,692,893
Auto Components		—		212,404,345		—		212,404,345
Automobiles		—		600,991,715		—		600,991,715
Banks		—		344,363,632		—		344,363,632
Beverages		—		76,447,545		—		76,447,545
Biotechnology		—		4,234,969		—		4,234,969
Building Products		—		156,522,400		—		156,522,400
Capital Markets		—		72,943,008		—		72,943,008
Chemicals		—		353,750,128		—		353,750,128
Commercial Services & Supplies		—		56,380,918		—		56,380,918
Construction & Engineering		—		49,158,894		—		49,158,894
Construction Materials		—		4,474,463		—		4,474,463
Consumer Finance		—		6,495,548		—		6,495,548
Containers & Packaging		—		3,286,734		—		3,286,734
Diversified Consumer Services		—		3,205,234		—		3,205,234
Diversified Financial Services		—		53,510,343		—		53,510,343
Diversified Telecommunication Services		—		61,675,299		—		61,675,299
Electric Utilities		—		45,772,642		—		45,772,642
Electrical Equipment		—		170,005,891		—		170,005,891
Electronic Equipment, Instruments & Components		—		445,168,330		—		445,168,330
Entertainment		—		135,631,140		—		135,631,140
Equity Real Estate Investment Trusts (REITs)		20,596,469		101,823,921		—		122,420,390
Food & Staples Retailing		—		137,746,877		—		137,746,877
Food Products		—		134,838,973		—		134,838,973
Gas Utilities		—		29,119,788		—		29,119,788
Health Care Equipment & Supplies		—		247,536,781		—		247,536,781
Health Care Providers & Services		—		15,533,609		—		15,533,609
Health Care Technology		—		43,225,405		—		43,225,405
Hotels, Restaurants & Leisure		—		67,567,952		—		67,567,952
Household Durables		—		373,473,294		—		373,473,294
Household Products		—		44,733,023		—		44,733,023
Independent Power and Renewable Electricity Producers		—		4,000,250		—		4,000,250
Industrial Conglomerates		—		134,847,380		—		134,847,380
Insurance		—		191,009,857		—		191,009,857
Interactive Media & Services		—		35,356,476		—		35,356,476
Internet & Direct Marketing Retail		—		33,609,256		—		33,609,256
IT Services		—		192,076,378		—		192,076,378
Leisure Products		—		92,214,090		—		92,214,090
Machinery		—		402,626,829		—		402,626,829
Marine		—		34,386,918		—		34,386,918
Media		—		38,804,870		—		38,804,870
Metals & Mining		—		76,100,955		—		76,100,955
Multiline Retail		—		50,078,162		—		50,078,162
Oil, Gas & Consumable Fuels		—		49,440,502		—		49,440,502
Paper & Forest Products		—		8,694,614		—		8,694,614
Personal Products		—		110,381,771		—		110,381,771
Pharmaceuticals		—		426,012,589		—		426,012,589
Professional Services		—		219,197,936		—		219,197,936
Real Estate Management & Development		—		184,543,289		—		184,543,289



242	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

BetaBuilders Japan ETF (continued)


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Road & Rail	$	—		$	227,638,792	$	—	$	227,638,792
Semiconductors & Semiconductor Equipment		—			249,793,136		—		249,793,136
Software		—			18,991,895		—		18,991,895
Specialty Retail		—			128,286,889		—		128,286,889
Technology Hardware, Storage & Peripherals		—			124,887,588		—		124,887,588
Textiles, Apparel & Luxury Goods		—			8,087,004		—		8,087,004
Tobacco		—			37,261,930		—		37,261,930
Trading Companies & Distributors		—			308,806,532		—		308,806,532
Transportation Infrastructure		—			15,157,951		—		15,157,951
Wireless Telecommunication Services		—			270,308,398		—		270,308,398

Total Common Stocks		20,596,469			7,772,667,558		—		7,793,264,027

Short-Term Investments
Investment of Cash Collateral from Securities Loaned		19,991,774			—		—		19,991,774

Total Investments in Securities	$	40,588,243		$	7,772,667,558	$	—	$	7,813,255,801

Depreciation in Other Financial Instruments
Futures Contracts	$	(731,179	)	$	—	$	—	$	(731,179	)

BetaBuilders U.S. Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	782,322,964	$	—	$	—	$	782,322,964

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	124,572	$	—	$	—	$	124,572

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

BetaBuilders U.S. Mid Cap Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,768,189,210	$	—	$	—	$	1,768,189,210

Appreciation in Other Financial Instruments
Futures Contracts	$	182,542	$	—	$	—	$	182,542

(a)	Please refer to the SOI’s for specifics of portfolio holdings.

BetaBuilders U.S. Small Cap Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	453,427,295	$	—	$	—	$	453,427,295

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	144,399	$	—	$	—	$	144,399

(a)	Please refer to the SOI’s for specifics of portfolio holdings.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	243

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

Carbon Transition U.S. Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	24,903,263	$	—	$	—	$	24,903,263

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,055	$	—	$	—	$	1,055

(a)	Please refer to the SOI’s for specifics of portfolio holdings.

Emerging Markets Equity ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Bahrain	$	239,246		$	—	$	—	$	239,246
Brazil		12,883,621			—		—		12,883,621
Chile		1,735,587			—		—		1,735,587
China		3,360,484			34,020,796		127,878		37,509,158
Colombia		480,202			—		—		480,202
Czech Republic		433,561			—		—		433,561
Egypt		—			371,951		—		371,951
Greece		—			1,528,132		—		1,528,132
Hong Kong		—			459,699		—		459,699
Hungary		446,481			795,312		—		1,241,793
India		—			17,467,677		—		17,467,677
Indonesia		—			5,428,395		—		5,428,395
Kuwait		—			2,665,335		—		2,665,335
Malaysia		1,444,991			2,253,743		—		3,698,734
Mexico		8,962,115			—		—		8,962,115
Pakistan		—			43,057		—		43,057
Philippines		258,313			674,046		—		932,359
Qatar		1,801,061			662,624		—		2,463,685
Russia		10,126,392			—		—		10,126,392
Saudi Arabia		4,256,330			1,427,292		—		5,683,622
South Africa		5,250,099			3,572,643		—		8,822,742
Taiwan		—			18,058,432		—		18,058,432
Thailand		3,621,270			743,268		—		4,364,538
Turkey		2,767,512			1,724,283		—		4,491,795
United Arab Emirates		789,067			2,086,740		—		2,875,807
United States		625,132			—		—		625,132

Total Common Stocks		59,481,464			93,983,425		127,878		153,592,767

Short-Term Investments
Investment Companies		703,142			—		—		703,142
Investment of Cash Collateral from Securities Loaned		449,126			—		—		449,126

Total Short-Term Investments		1,152,268			—		—		1,152,268

Total Investments in Securities	$	60,633,732		$	93,983,425	$	127,878	$	154,745,035

Depreciation in Other Financial Instruments
Futures Contracts	$	(4,151	)	$	—	$	—	$	(4,151	)



244	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

There were no significant transfers into or out of level 3 for the year ended October 31, 2021.

International Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	83,185,280	$	—	$	83,185,280
Austria		—		4,500,169		—		4,500,169
Belgium		—		4,821,569		—		4,821,569
Brazil		—		3,351,200		—		3,351,200
Cambodia		—		304,722		—		304,722
Chile		—		2,780,511		—		2,780,511
China		—		10,460,451		—		10,460,451
Denmark		—		7,903,983		—		7,903,983
Finland		—		16,637,052		—		16,637,052
France		—		27,767,351		—		27,767,351
Germany		—		21,729,535		—		21,729,535
Hong Kong		333,757		32,830,618		—		33,164,375
Indonesia		209,452		835,513		—		1,044,965
Ireland		—		4,482,225		—		4,482,225
Italy		—		13,839,266		—		13,839,266
Japan		2,326,787		243,656,215		—		245,983,002
Jordan		—		2,949,958		—		2,949,958
Luxembourg		—		1,257,802		—		1,257,802
Netherlands		2,513,294		23,303,145		—		25,816,439
New Zealand		—		7,063,847		—		7,063,847
Norway		—		8,395,126		—		8,395,126
Poland		—		563,779		—		563,779
Portugal		1,328,007		2,584,499		—		3,912,506
Russia		—		5,655,486		—		5,655,486
Singapore		—		17,043,661		—		17,043,661
South Africa		—		3,118,918		—		3,118,918
South Korea		—		73,694,315		—		73,694,315
Spain		5,594,203		6,771,906		—		12,366,109
Sweden		2,923,684		33,493,935		—		36,417,619
Switzerland		—		16,505,940		—		16,505,940
United Kingdom		6,552,091		123,273,654		—		129,825,745
United States		1,972,155		5,359,841		—		7,331,996

Total Common Stocks		23,753,430		810,121,472		—		833,874,902

Short-Term Investments
Investment Companies		332,532		—		—		332,532
Investment of Cash Collateral from Securities Loaned		8,108,648		—		—		8,108,648

Total Short-Term Investments		8,441,180		—		—		8,441,180

Total Investments in Securities	$	32,194,610	$	810,121,472	$	—	$	842,316,082

Appreciation in Other Financial Instruments
Futures Contracts	$	75,489	$	—	$	—	$	75,489



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	245

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

International Growth ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	447,268	$	—	$	—	$	447,268
Australia		—		788,074		—		788,074
Brazil		384,101		—		—		384,101
Canada		2,600,665		—		—		2,600,665
China		—		6,499,048		—		6,499,048
Denmark		—		3,447,321		—		3,447,321
Finland		—		725,843		—		725,843
France		—		3,533,618		—		3,533,618
Germany		—		3,495,453		—		3,495,453
Hong Kong		—		3,476,078		—		3,476,078
India		734,201		—		—		734,201
Indonesia		—		1,011,393		—		1,011,393
Japan		—		6,471,584		—		6,471,584
Netherlands		291,539		4,720,022		—		5,011,561
Poland		—		413,528		—		413,528
South Korea		—		996,803		—		996,803
Sweden		—		1,875,292		—		1,875,292
Switzerland		—		5,423,494		—		5,423,494
Taiwan		4,273,500		—		—		4,273,500
United Kingdom		959,123		5,155,256		—		6,114,379
United States		3,051,598		—		—		3,051,598

Total Common Stocks		12,741,995		48,032,807		—		60,774,802

Short-Term Investment
Investment Companies		446,263		—		—		446,263

Total Investments in Securities	$	13,188,258	$	48,032,807	$	—	$	61,221,065

U.S. Dividend ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	48,495,649	$	—	$	—	$	48,495,649

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	3,782	$	—	$	—	$	3,782

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

U.S. Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	730,743,747	$	—	$	—	$	730,743,747

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	45,140	$	—	$	—	$	45,140

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



246	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

U.S. Mid Cap Equity ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	242,855,775		$	—	$	—	$	242,855,775

Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(1,497	)	$	—	$	—	$	(1,497	)

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

U.S. Minimum Volatility ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	20,189,708	$	—	$	—	$	20,189,708

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,218	$	—	$	—	$	1,218

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

U.S. Momentum Factor ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	223,450,085	$	—	$	—	$	223,450,085

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	8,904	$	—	$	—	$	8,904

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

U.S. Quality Factor ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	401,095,561	$	—	$	—	$	401,095,561

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	15,477	$	—	$	—	$	15,477

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

U.S. Small Cap Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	157,103	$	–	$	–	$	157,103
Automobiles & Parts		754,528		–		–		754,528
Banks		9,146,275		–		–		9,146,275
Beverages		2,027,192		–		–		2,027,192
Chemicals		6,295,674		–		–		6,295,674
Construction & Materials		3,802,564		–		–		3,802,564
Consumer Services		902,977		–		–		902,977



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	247

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

U.S. Small Cap Equity ETF (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Electricity	$	2,786,307	$	–	$	–	$	2,786,307
Electronic & Electrical Equipment		2,305,188		–		–		2,305,188
Finance & Credit Services		2,455,252		–		–		2,455,252
Food Producers		5,623,193		–		–		5,623,193
Gas, Water & Multi-utilities		5,566,358		–		–		5,566,358
General Industrials		1,870,080		–		–		1,870,080
Health Care Providers		5,875,448		–		–		5,875,448
Household Goods & Home Construction		2,961,083		–		–		2,961,083
Industrial Engineering		2,852,290		–		–		2,852,290
Industrial Materials		4,747,283		–		–		4,747,283
Industrial Metals & Mining		5,850,676		–		–		5,850,676
Industrial Support Services		4,764,874		–		–		4,764,874
Industrial Transportation		4,275,083		–		–		4,275,083
Investment Banking & Brokerage Services		3,225,196		–		–		3,225,196
Leisure Goods		2,734,730		–		–		2,734,730
Life Insurance		763,465		–		–		763,465
Media		252,628		–		–		252,628
Medical Equipment & Services		6,338,917		–		–		6,338,917
Mortgage Real Estate Investment Trusts		3,763,615		–		–		3,763,615
Non-life Insurance		1,634,899		–		–		1,634,899
Non-Renewable Energy		13,124,311		–		–		13,124,311
Personal Care, Drug & Grocery Stores		5,118,390		–		–		5,118,390
Personal Goods		1,172,192		–		–		1,172,192
Pharmaceuticals, Biotechnology & Marijuana Producers		5,708,769		–		55,232		5,764,001
Precious Metals & Mining		776,607		–		–		776,607
Real Estate Investment & Services		1,881,376		–		–		1,881,376
Real Estate Investment Trusts		16,402,018		–		–		16,402,018
Renewable Energy		1,705,716		–		–		1,705,716
Retailers		5,004,956		–		–		5,004,956
Software & Computer Services		7,874,723		–		–		7,874,723
Technology Hardware & Equipment		12,350,671		–		–		12,350,671
Telecommunications Equipment		4,503,736		–		–		4,503,736
Telecommunications Service Providers		4,456,778		–		–		4,456,778
Tobacco		1,091,141		–		–		1,091,141
Travel & Leisure		112,637		–		–		112,637
Waste & Disposal Services		793,215		–		–		793,215

Total Common Stocks		175,810,114		–		55,232		175,865,346

Rights		–		–		6,379		6,379
Short-Term Investments
Investment Companies		337,403		–		–		337,403
Short-Term Investment		19,576,750		–		–		19,576,750

Total Short-Term Investments		19,914,153		–		–		19,914,153

Total Investments in Securities	$	195,724,267	$	–	$	61,611	$	195,785,878

Appreciation in Other Financial Instruments
Futures Contracts	$	6,304	$	–	$	–	$	6,304

There were no significant transfers into or out of level 3 for the year ended October 31, 2021.



248	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

U.S. Value Factor ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	408,277,119	$	–	$	–	$	408,277,119

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	32,521	$	–	$	–	$	32,521

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

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

As of October 31, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

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

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

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

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of October 31, 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)
ActiveBuilders Emerging Markets Equity ETF	$	1,140,813	$	(1,140,813	)	$	—
ActiveBuilders International Equity ETF		121,730		(121,730	)**		—
BetaBuilders Canada ETF		495,464,412		(495,464,412	)		—
BetaBuilders Developed Asia ex-Japan ETF		143,997,226		(143,997,226	)		—
BetaBuilders Europe ETF		149,597,822		(149,597,822	)		—
BetaBuilders International Equity ETF		29,092,658		(29,092,658	)		—
BetaBuilders Japan ETF		10,857,812		(10,857,812	)		—
BetaBuilders U.S. Equity ETF		535,954		(535,954	)		—
BetaBuilders U.S. Mid Cap Equity ETF		69,113,144		(69,113,144	)		—



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	249

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)


	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 U.S. Small Cap Equity ETF	$	11,381,330	$	(11,381,330	)	$	—
Emerging Markets Equity ETF		424,925		(424,925	)		—
International Equity ETF		7,566,675		(7,566,675	)		—
U.S. Equity ETF		23,441,694		(23,441,694	)		—
U.S. Mid Cap Equity ETF		3,726,508		(3,726,508	)		—
U.S. Minimum Volatility ETF		52,244		(51,770	)**		474
U.S. Momentum Factor ETF		1,660,608		(1,660,608	)		—
U.S. Quality Factor ETF		7,965,279		(7,965,279	)		—
U.S. Small Cap Equity ETF		18,940,884		(18,940,884	)		—
U.S. Value Factor ETF		8,251,973		(8,251,973	)		—

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

**	Subsequent to October 31, 2021, additional collateral was received.

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

JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.12% to 0.06%. For the year ended October 31, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:


ActiveBuilders Emerging Markets Equity ETF	$	35
ActiveBuilders International Equity ETF		21
BetaBuilders Canada ETF		109,314
BetaBuilders Developed Asia ex-Japan ETF		5,941
BetaBuilders Europe ETF		14,054
BetaBuilders International Equity ETF		3,185
BetaBuilders Japan ETF		8,665
BetaBuilders U.S. Equity ETF		235
BetaBuilders U.S. Mid Cap Equity ETF		3,106
BetaBuilders U.S. Small Cap Equity ETF		2,210
Emerging Markets Equity ETF		160
International Equity ETF		1,540
U.S. Dividend ETF		50
U.S. Equity ETF		1,589
U.S. Mid Cap Equity ETF		1,187
U.S. Minimum Volatility ETF		77
U.S. Momentum Factor ETF		476
U.S. Quality Factor ETF		860
U.S. Small Cap Equity ETF		2,216
U.S. Value Factor ETF		1,339

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).

Carbon Transition U.S. Equity ETF and International Growth ETF did not lend out any securities during the year ended October 31, 2021. U.S. Dividend ETF did not have any securities out on loan at October 31, 2021.



250	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

D. 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.

ActiveBuilders Emerging Markets Equity ETF


	For the period ended October 31, 2021
Security Description	Value at March 10, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c)	$	—	$	8,851,841	$	5,241,893	$	—	$	—	$	3,609,948		3,608,143	$	312		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		—		2,167,078		952,992		—		—		1,214,086		1,214,086		41	*		—

Total	$	—	$	11,018,919	$	6,194,885	$	—	$	—	$	4,824,034			$	353		$	—

(a)	Commencement of operations was March 10, 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 October 31, 2021.

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

ActiveBuilders International Equity ETF


	For the period ended October 31, 2021
Security Description	Value at July 7, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)	$	—	$	636,293	$	206,870	$	—	$	—	$	429,423		429,423	$	15		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		—		5,147,393		5,023,307		—		—		124,086		124,086		3	*		—

Total	$	—	$	5,783,686	$	5,230,177	$	—	$	—	$	553,509			$	18		$	—

(a)	Commencement of operations was July 7, 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 October 31, 2021.

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	251

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

BetaBuilders Canada ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	242,096,062	$	3,052,125,000	$	3,109,700,000	$	(30,249	)*	$	—	$	184,490,813		184,490,813	$	291,205	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		42,762,729		7,193,550,741		6,889,152,387		—			—		347,161,083		347,161,083		49,353	*		—

Total	$	284,858,791	$	10,245,675,741	$	9,998,852,387	$	(30,249	)	$	—	$	531,651,896			$	340,558		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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

BetaBuilders Developed Asia ex-Japan ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	5,987,503	$	448,000,000	$	343,000,000	$	(3,696	)*	$	497	$	110,984,304		110,984,304	$	29,002	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,214,888		373,202,131		334,131,132		—			—		41,285,887		41,285,887		2,879	*		—

Total	$	8,202,391	$	821,202,131	$	677,131,132	$	(3,696	)	$	497	$	152,270,191			$	31,881		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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

BetaBuilders Europe ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	99,118,066	$	765,000,000	$	754,000,001	$	(23,033	)*	$	5,824	$	110,100,856		110,100,856	$	101,045	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		17,023,688		909,932,587		873,329,567		—			—		53,626,708		53,626,708		6,569	*		—

Total	$	116,141,754	$	1,674,932,587	$	1,627,329,568	$	(23,033	)	$	5,824	$	163,727,564			$	107,614		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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



252	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

BetaBuilders International Equity ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	19,997,201	$	316,000,000	$	305,500,000	$	(3,549	)*	$	200	$	30,493,852		30,493,852	$	25,578	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		112,058,043		91,668,698		—			—		20,389,345		20,389,345		587			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,320,963		233,112,624		231,180,110		—			—		4,253,477		4,253,477		1,329	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		5,136,138		66,572,818		71,708,956		—			—		—		—		768			—

Total	$	27,454,302	$	727,743,485	$	700,057,764	$	(3,549	)	$	200	$	55,136,674			$	28,262		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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

BetaBuilders Japan ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	3,989,013	$	526,100,000	$	520,999,999	$	(1,897	)*	$	797	$	9,087,914		9,087,914	$	40,717	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		1,126,935		475,550,956		465,774,031		—			—		10,903,860		10,903,860		3,615	*		—

Total	$	5,115,948	$	1,001,650,956	$	986,774,030	$	(1,897	)	$	797	$	19,991,774			$	44,332		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	253

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

BetaBuilders U.S. Equity ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. (a)	$	2,470,706	$	5,653,298	$	860,686	$	84,415		$	2,234,742	$	9,582,475		56,404	$	154,160		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		149,910		—		149,910		(15	)*		15		—		—		61	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		8,851,048		6,009,200		—			—		2,841,848		2,841,848		285			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		103,441		6,408,610		5,951,017		—			—		561,034		561,034		98	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		1,117,563		5,614,209		6,731,772		—			—		—		—		172			—

Total	$	3,841,620	$	26,527,165	$	19,702,585	$	84,400		$	2,234,757	$	12,985,357			$	154,776		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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

BetaBuilders U.S. Mid Cap Equity ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	—	$	244,000,000	$	181,500,000	$	(2,550	)*	$	—	$	62,497,450		62,497,450	$	25,143	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		57,136,451		52,393,271		—			—		4,743,180		4,743,180		927			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		12,084,091		129,698,618		134,029,207		—			—		7,753,502		7,753,502		1,414	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		2,909,004		50,434,232		53,343,236		—			—		—		—		434			—

Total	$	14,993,095	$	481,269,301	$	421,265,714	$	(2,550	)	$	—	$	74,994,132			$	27,918		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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



254	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

BetaBuilders U.S. Small Cap Equity ETF


	For the period ended October 31, 2021
Security Description	Value at November 16, 2020(a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)	$	—	$	23,358,545	$	17,533,301	$	—	$	—	$	5,825,244		5,825,244	$	787		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		—		63,204,621		51,524,727		—		—		11,679,894		11,679,894		1,121	*		—

Total	$	—	$	86,563,166	$	69,058,028	$	—	$	—	$	17,505,138			$	1,908		$	—

(a)	Commencement of operations was November 16, 2020.

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

(c)	The rate shown is the current yield as of October 31, 2021.

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

Carbon Transition U.S. Equity ETF


	For the period ended October 31, 2021
Security Description	Value at December 9, 2020 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)	$	—	$	656,586	$	646,620	$	—	$	—	$	9,966		9,966	$	8	$	—

(a)	Commencement of operations was December 9, 2020.

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

(c)	The rate shown is the current yield as of October 31, 2021.

Emerging Markets Equity ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	—	$	1,433,408	$	730,266	$	—	$	—	$	703,142		703,142	$	12		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		137,511		6,853,134		6,541,519		—		—		449,126		449,126		78	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		—		285,280		285,280		—		—		—		—		—			—

Total	$	137,511	$	8,571,822	$	7,557,065	$	—	$	—	$	1,152,268			$	90		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	255

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

International Equity ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	209,263	$	61,329,867	$	61,205,844	$	(775	)	$	21	$	332,532		332,365	$	1,106		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		2,258,649		100,999,999		96,500,000		(1,227	)*		252		6,757,673		6,757,673		7,844	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		1,193,251		88,560,677		88,402,953		—			—		1,350,975		1,350,975		600	*		—

Total	$	3,661,163	$	250,890,543	$	246,108,797	$	(2,002	)	$	273	$	8,441,180			$	9,550		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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

International Growth ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	469,916	$	4,648,628	$	4,672,281	$	—	$	—	$	446,263		446,263	$	74	$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

U.S. Dividend ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	399,910	$	—	$	399,910	$	(60	)*	$	60	$	—		—	$	87	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		930,438		850,311		—			—		80,127		80,127		8			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		218,497		1,601,017		1,819,514		—			—		—		—		11	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		83,190		1,029,560		1,112,750		—			—		—		—		6			—

Total	$	701,597	$	3,561,015	$	4,182,485	$	(60	)	$	60	$	80,127			$	112		$	—

(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.



256	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

(b)	The rate shown is the current yield as of October 31, 2021.

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

U.S. Equity ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	5,006,400	$	102,000,000	$	86,800,000	$	(2,022	)*	$	701	$	20,205,079		20,205,079	$	10,988	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		10,338,936		9,147,865		—			—		1,191,071		1,191,071		122			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		1,333,596		72,939,188		70,786,557		—			—		3,486,227		3,486,227		635	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		773,854		15,964,672		16,738,526		—			—		—		—		176			—

Total	$	7,113,850	$	201,242,796	$	183,472,948	$	(2,022	)	$	701	$	24,882,377			$	11,921		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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

U.S. Mid Cap Equity ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	500	$	26,200,000	$	26,000,000	$	100	*	$	(20	)	$	200,580		200,580	$	2,918	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		3,929,204		3,572,557		—			—			356,647		356,647		52			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,052,553		51,860,297		51,238,638		—			—			3,674,212		3,674,212		481	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		147,665		6,947,570		7,095,235		—			—			—		—		58			—

Total	$	3,200,718	$	88,937,071	$	87,906,430	$	100		$	(20	)	$	4,231,439			$	3,509		$	—

(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.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	257

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(b)	The rate shown is the current yield as of October 31, 2021.

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

U.S. Minimum Volatility ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	249,950	$	—	$	225,000	$	(45	)*	$	43	$	24,948		24,948	$	59	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		261,091		236,710		—			—		24,381		24,381		4			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		205,400		4,906,724		5,085,302		—			—		26,822		26,822		26	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		79,780		851,631		931,411		—			—		—		—		6			—

Total	$	535,130	$	6,019,446	$	6,478,423	$	(45	)	$	43	$	76,151			$	95		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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

U.S. Momentum Factor ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	399,860	$	—	$	399,860	$	(50	)*	$	50	$	—		—	$	71	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		3,300,162		3,144,686		—			—		155,476		155,476		25			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		800,674		16,384,636		15,499,101		—			—		1,686,209		1,686,209		208	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		205,755		3,127,882		3,333,637		—			—		—		—		28			—

Total	$	1,406,289	$	22,812,680	$	22,377,284	$	(50	)	$	50	$	1,841,685			$	332		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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



258	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

U.S. Quality Factor ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	2,749,650	$	32,500,000	$	29,000,000	$	(675	)*	$	350	$	6,249,325		6,249,325	$	3,637	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		4,159,014		3,914,945		—			—		244,069		244,069		58			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		530,051		53,914,945		52,502,979		—			—		1,942,017		1,942,017		342	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		104,552		7,992,202		8,096,754		—			—		—		—		101			—

Total	$	3,384,253	$	98,566,161	$	93,514,678	$	(675	)	$	350	$	8,435,411			$	4,138		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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

U.S. Small Cap Equity ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	15,997,497	$	70,250,000	$	69,900,000	$	(5,434	)*	$	2,800	$	16,344,863		16,344,863	$	22,094	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		4,226,667		3,889,264		—			—		337,403		337,403		56			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,483,386		70,441,593		69,693,092		—			—		3,231,887		3,231,887		892	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		224,874		7,869,127		8,094,001		—			—		—		—		56			—

Total	$	18,705,757	$	152,787,387	$	151,576,357	$	(5,434	)	$	2,800	$	19,914,153			$	23,098		$	—

(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.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	259

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(b)	The rate shown is the current yield as of October 31, 2021.

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

U.S. Value Factor ETF


	For the year ended October 31, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)	$	499,900	$	116,300,000	$	109,500,000	$	(1,930	)*	$	100	$	7,298,070		7,298,070	$	10,630	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		20,531,107		19,848,831		—			—		682,276		682,276		137			—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		249,858		68,964,466		67,922,086		—			—		1,292,238		1,292,238		577	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		104,469		10,391,448		10,495,917		—			—		—		—		63			—

Total	$	854,227	$	216,187,021	$	207,766,834	$	(1,930	)	$	100	$	9,272,584			$	11,407		$	—

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

(b)	The rate shown is the current yield as of October 31, 2021.

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

E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. Futures Contracts — The Funds, except for ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF and International Growth ETF, used index futures contracts to obtain long exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

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



260	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2021:


	BetaBuilders Canada ETF		BetaBuilders Developed Asia ex-Japan ETF		BetaBuilders Europe ETF		BetaBuilders International Equity ETF		BetaBuilders Japan ETF		BetaBuilders U.S. Equity ETF		BetaBuilders U.S. Mid Cap Equity ETF		BetaBuilders U.S. Small Cap Equity ETF		Carbon Transition U.S. Equity ETF		Emerging Markets Equity ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	25,806,554	$	21,503,502	$	42,075,116	$	18,879,808	$	55,966,610	$	2,395,023	$	4,409,515	$	2,996,860	$	29,934	$	160,958
Ending Notional Balance Long		29,330,575		27,517,827		73,055,841		38,621,550		73,837,377		3,403,805		3,907,260		5,166,225		22,998		189,285


	International Equity ETF		U.S. Dividend ETF		U.S. Equity ETF		U.S. Mid Cap Equity ETF		U.S. Minimum Volatility ETF		U.S. Momentum Factor ETF		U.S. Quality Factor ETF		U.S. Small Cap Equity ETF		U.S. Value Factor ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	6,129,797	$	104,047	$	1,544,579	$	430,276	$	48,116	$	206,449	$	727,016	$	418,587	$	1,150,753
Ending Notional Balance Long		7,373,205		390,958		3,909,788		1,116,360		22,998		183,980		275,970		344,415		1,839,900

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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.

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

J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF, BetaBuilders Japan ETF and International Growth ETF, for which distributions are generally declared and paid at least annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	261

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:


	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
ActiveBuilders Emerging Markets Equity ETF	$	—	$	48,077		$	(48,077	)
ActiveBuilders International Equity ETF		—		(578	)		578
BetaBuilders Canada ETF		49,950,891		1,214,717			(51,165,608	)
BetaBuilders Developed Asia ex-Japan ETF		30,449,313		(1,578,509	)		(28,870,804	)
BetaBuilders Europe ETF		212,117,598		1,049,573			(213,167,171	)
BetaBuilders International Equity ETF		60,030,089		322,227			(60,352,316	)
BetaBuilders Japan ETF		502,514,248		3,367,267			(505,881,515	)
BetaBuilders U.S. Equity ETF		16,466,384		(38,193	)		(16,428,191	)
BetaBuilders U.S. Mid Cap Equity ETF		202,137,172		(9,579	)		(202,127,593	)
BetaBuilders U.S. Small Cap Equity ETF		16,728,256		12,866			(16,741,122	)
Carbon Transition U.S. Equity ETF		1,350,695		—			(1,350,695	)
Emerging Markets Equity ETF		6,790,770		206,121			(6,996,891	)
International Equity ETF		29,363,174		2,841,081			(32,204,255	)
International Growth ETF		2,672,353		27,813			(2,700,166	)
U.S. Dividend ETF		4,328,996		(69,621	)		(4,259,375	)
U.S. Equity ETF		44,390,921		(509,499	)		(43,881,422	)
U.S. Mid Cap Equity ETF		38,438,722		(181,867	)		(38,256,855	)
U.S. Minimum Volatility ETF		1,686,680		(30,548	)		(1,656,132	)
U.S. Momentum Factor ETF		29,447,787		(57,891	)		(29,389,896	)
U.S. Quality Factor ETF		80,809,639		(1,104	)		(80,808,535	)
U.S. Small Cap Equity ETF		33,360,644		66,616			(33,427,260	)
U.S. Value Factor ETF		93,402,072		(7,320	)		(93,394,752	)

The reclassifications for the Funds relate primarily to investments in passive foreign investment companies (“PFICs”), foreign currency gains or losses, foreign taxes, redemptions in-kind, investments in real estate investment trusts (“REITs”).

3. Fees and Other Transactions with Affiliates

A. Management Fee — JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund’s respective average daily net assets at the following rate:


ActiveBuilders Emerging Markets Equity ETF	0.33	%
ActiveBuilders International Equity ETF	0.25
BetaBuilders Canada ETF	0.19
BetaBuilders Developed Asia ex-Japan ETF	0.19
BetaBuilders Europe ETF	0.09
BetaBuilders International Equity ETF	0.07
BetaBuilders Japan ETF	0.19
BetaBuilders U.S. Equity ETF	0.02
BetaBuilders U.S. Mid Cap Equity ETF	0.07
BetaBuilders U.S. Small Cap Equity ETF	0.09
Carbon Transition U.S. Equity ETF	0.15
Emerging Markets Equity ETF	0.44
International Equity ETF	0.37
International Growth ETF	0.55
U.S. Dividend ETF	0.12
U.S. Equity ETF	0.18
U.S. Mid Cap Equity ETF	0.24
U.S. Minimum Volatility ETF	0.12
U.S. Momentum Factor ETF	0.12
U.S. Quality Factor ETF	0.12
U.S. Small Cap Equity ETF	0.29
U.S. Value Factor ETF	0.12



262	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

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.

In the case of ActiveBuilders Emerging Markets Equity ETF, the Adviser has contractually agreed to waive fees through October 31, 2022 in the amount of the acquired fund fees and expenses for any unaffiliated investment company that the Fund invests in so that the total operating expenses do not exceed 0.33%.

B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.

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

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.

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

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

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

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

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

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

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 year ended October 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
ActiveBuilders Emerging Markets Equity ETF	$	269,811,241	$	71,764,728
ActiveBuilders International Equity ETF		26,283,468		2,561,360
BetaBuilders Canada ETF		101,019,587		86,566,637
BetaBuilders Developed Asia ex-Japan ETF		495,407,838		205,445,634
BetaBuilders Europe ETF		450,387,864		401,332,407
BetaBuilders International Equity ETF		186,306,592		163,684,644
BetaBuilders Japan ETF		295,547,268		242,484,952
BetaBuilders U.S. Equity ETF		19,061,037		21,559,909
BetaBuilders U.S. Mid Cap Equity ETF		409,143,442		422,896,281
BetaBuilders U.S. Small Cap Equity ETF		70,432,448		70,366,006
Carbon Transition U.S. Equity ETF		24,744,644		6,642,911
Emerging Markets Equity ETF		57,377,137		122,030,233



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	263

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
International Equity ETF	$	307,283,212	$	324,597,631
International Growth ETF		22,010,948		20,074,261
U.S. Dividend ETF		9,779,342		10,258,916
U.S. Equity ETF		210,295,885		212,724,038
U.S. Mid Cap Equity ETF		81,511,497		82,954,379
U.S. Minimum Volatility ETF		4,793,963		4,988,666
U.S. Momentum Factor ETF		76,797,397		77,429,260
U.S. Quality Factor ETF		81,371,221		85,173,827
U.S. Small Cap Equity ETF		62,287,175		62,832,332
U.S. Value Factor ETF		172,771,037		317,026,757

During the year ended October 31, 2021, there were no purchases or sales of U.S. Government securities.

For the year ended October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	In-Kind Creations		In-Kind Redemptions
ActiveBuilders Emerging Markets Equity ETF	$	137,064,093	$	—
ActiveBuilders International Equity ETF		4,584,503		—
BetaBuilders Canada ETF		752,794,507		121,190,748
BetaBuilders Developed Asia ex-Japan ETF		2,022,772,600		69,664,405
BetaBuilders Europe ETF		5,471,885,042		1,256,565,416
BetaBuilders International Equity ETF		1,335,079,745		223,304,627
BetaBuilders Japan ETF		3,255,491,184		1,688,822,089
BetaBuilders U.S. Equity ETF		449,473,055		43,305,689
BetaBuilders U.S. Mid Cap Equity ETF		1,044,513,026		820,388,436
BetaBuilders U.S. Small Cap Equity ETF		529,121,736		124,614,253
Carbon Transition U.S. Equity ETF		8,291,114		7,247,460
Emerging Markets Equity ETF		—		44,284,677
International Equity ETF		11,187,841		202,115,188
International Growth ETF		20,807,300		8,903,897
U.S. Dividend ETF		33,314,750		28,043,051
U.S. Equity ETF		89,767,576		114,637,165
U.S. Mid Cap Equity ETF		40,912,587		106,265,676
U.S. Minimum Volatility ETF		1,772,663		25,116,507
U.S. Momentum Factor ETF		97,293,601		68,506,352
U.S. Quality Factor ETF		172,577,909		285,525,764
U.S. Small Cap Equity ETF		36,589,663		85,246,553
U.S. Value Factor ETF		1,122,642,304		726,713,224

During the year ended October 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 October 31, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
ActiveBuilders Emerging Markets Equity ETF	$	340,916,310	$	14,788,476	$	29,183,656	$	(14,395,180	)
ActiveBuilders International Equity ETF		28,838,704		1,551,159		1,102,910		448,249
BetaBuilders Canada ETF		4,933,567,099		1,716,487,174		77,194,225		1,639,292,949
BetaBuilders Developed Asia ex-Japan ETF		4,002,898,582		405,840,548		170,974,794		234,865,754
BetaBuilders Europe ETF		8,836,107,079		1,006,453,620		305,920,490		700,533,130
BetaBuilders International Equity ETF		3,119,938,695		655,983,317		74,782,536		581,200,781
BetaBuilders Japan ETF		7,414,350,260		844,875,355		446,700,993		398,174,362
BetaBuilders U.S. Equity ETF		644,038,177		145,696,766		7,287,407		138,409,359



264	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders U.S. Mid Cap Equity ETF	$	1,498,644,914	$	343,877,285	$	74,150,447	$	269,726,838
BetaBuilders U.S. Small Cap Equity ETF		432,962,544		53,858,383		33,249,233		20,609,150
Carbon Transition U.S. Equity ETF		20,451,853		4,694,948		242,483		4,452,465
Emerging Markets Equity ETF		138,034,799		30,452,482		13,746,397		16,706,085
International Equity ETF		796,534,837		119,436,340		73,579,606		45,856,734
International Growth ETF		50,514,263		12,930,420		2,223,618		10,706,802
U.S. Dividend ETF		46,974,747		2,922,535		1,397,851		1,524,684
U.S. Equity ETF		566,525,575		178,705,691		14,442,379		164,263,312
U.S. Mid Cap Equity ETF		188,105,374		59,217,193		4,468,289		54,748,904
U.S. Minimum Volatility ETF		17,955,882		3,085,130		850,086		2,235,044
U.S. Momentum Factor ETF		174,636,261		50,972,153		2,149,425		48,822,728
U.S. Quality Factor ETF		336,920,716		70,880,231		6,689,909		64,190,322
U.S. Small Cap Equity ETF		168,522,944		35,955,999		8,686,761		27,269,238
U.S. Value Factor ETF		400,571,710		23,435,371		15,697,441		7,737,930

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in futures contracts, PFICs, partnerships, non-taxable dividends and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2021 was as follows:


	Ordinary Income*		Total Distributions Paid
BetaBuilders Canada ETF	$	113,624,161	$	113,624,161
BetaBuilders Developed Asia ex-Japan ETF		130,441,819		130,441,819
BetaBuilders Europe ETF		162,749,406		162,749,406
BetaBuilders International Equity ETF		83,978,586		83,978,586
BetaBuilders Japan ETF		70,569,312		70,569,312
BetaBuilders U.S. Equity ETF		5,799,680		5,799,680
BetaBuilders U.S. Mid Cap Equity ETF		13,365,064		13,365,064
BetaBuilders U.S. Small Cap Equity ETF		2,261,493		2,261,493
Carbon Transition U.S. Equity ETF		242,528		242,528
Emerging Markets Equity ETF		6,292,381		6,292,381
International Equity ETF		25,542,042		25,542,042
International Growth ETF		18,324		18,324
U.S. Dividend ETF		743,457		743,457
U.S. Equity ETF		11,091,933		11,091,933
U.S. Mid Cap Equity ETF		3,596,501		3,596,501
U.S. Minimum Volatility ETF		383,526		383,526
U.S. Momentum Factor ETF		1,301,587		1,301,587
U.S. Quality Factor ETF		6,236,190		6,236,190
U.S. Small Cap Equity ETF		2,069,847		2,069,847
U.S. Value Factor ETF		9,906,929		9,906,929

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2020 was as follows:


	Ordinary Income*		Total Distributions Paid
BetaBuilders Canada ETF	$	97,217,228	$	97,217,228
BetaBuilders Developed Asia ex-Japan ETF		47,499,256		47,499,256
BetaBuilders Europe ETF		91,833,136		91,833,136
BetaBuilders International Equity ETF		10,275,336		10,275,336
BetaBuilders Japan ETF		102,501,216		102,501,216
BetaBuilders U.S. Equity ETF		2,245,984		2,245,984
BetaBuilders U.S. Mid Cap Equity ETF		34,041		34,041



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	265

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)


	Ordinary Income*		Total Distributions Paid
Emerging Markets Equity ETF	$	11,494,561	$	11,494,561
International Equity ETF		31,499,409		31,499,409
U.S. Dividend ETF		1,343,662		1,343,662
U.S. Equity ETF		15,994,512		15,994,512
U.S. Mid Cap Equity ETF		3,705,274		3,705,274
U.S. Minimum Volatility ETF		2,053,319		2,053,319
U.S. Momentum Factor ETF		941,311		941,311
U.S. Quality Factor ETF		3,901,856		3,901,856
U.S. Small Cap Equity ETF		2,108,906		2,108,906
U.S. Value Factor ETF		1,990,064		1,990,064

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
ActiveBuilders Emerging Markets Equity ETF	$	3,688,429	$	—		$	(14,499,498	)
ActiveBuilders International Equity ETF		251,479		(68,769	)		447,306
BetaBuilders Canada ETF		23,103,515		(107,445,289	)		1,639,867,937
BetaBuilders Developed Asia ex-Japan ETF		63,600,517		(39,496,578	)		235,558,087
BetaBuilders Europe ETF		57,714,315		(87,244,679	)		701,042,378
BetaBuilders International Equity ETF		43,300,673		(4,525,044	)		581,021,601
BetaBuilders Japan ETF		209,454,927		(62,424,749	)		396,884,594
BetaBuilders U.S. Equity ETF		1,098,580		(2,147,526	)		138,409,359
BetaBuilders U.S. Mid Cap Equity ETF		1,975,110		(9,867,052	)		269,726,838
BetaBuilders U.S. Small Cap Equity ETF		556,153		(5,458,075	)		20,609,150
Carbon Transition U.S. Equity ETF		41,193		(45,097	)		4,452,465
Emerging Markets Equity ETF		1,740,014		(29,541,182	)		15,894,717
International Equity ETF		17,617,229		(98,954,888	)		45,804,352
International Growth ETF		426,138		397,492			10,705,958
U.S. Dividend ETF		158,207		(2,049,323	)		1,524,684
U.S. Equity ETF		1,683,513		(32,410,568	)		164,263,312
U.S. Mid Cap Equity ETF		531,645		(12,788,778	)		54,748,904
U.S. Minimum Volatility ETF		49,644		(3,492,372	)		2,235,044
U.S. Momentum Factor ETF		210,457		(4,832,703	)		48,822,728
U.S. Quality Factor ETF		703,682		(8,486,170	)		64,190,322
U.S. Small Cap Equity ETF		290,724		(10,868,388	)		27,269,238
U.S. Value Factor ETF		1,560,682		(21,704,104	)		7,737,930

The cumulative timing differences primarily consist of investments in PFICs, non-taxable dividends and wash sale loss deferrals.

As of October 31, 2021, the following Funds had net capital loss carryforwards as follows:


	Capital Loss Carryforward Character
	Short-Term		Long-Term
ActiveBuilders International Equity ETF	$	68,769	$	—
BetaBuilders Canada ETF		20,845,190		86,600,099
BetaBuilders Developed Asia ex-Japan ETF		18,171,779		21,324,799
BetaBuilders Europe ETF		27,609,126		59,635,553
BetaBuilders International Equity ETF		4,525,044		—
BetaBuilders Japan ETF		30,273,156		32,151,593
BetaBuilders U.S. Equity ETF		2,147,526		—
BetaBuilders U.S. Mid Cap Equity ETF		9,867,052		—



266	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	Capital Loss Carryforward Character
	Short-Term		Long-Term
BetaBuilders U.S. Small Cap Equity ETF	$	5,458,075	$	—
Carbon Transition U.S. Equity ETF		45,097		—
Emerging Markets Equity ETF		24,533,444		5,007,738
International Equity ETF		36,165,399		62,789,489
U.S. Dividend ETF		978,409		1,070,914
U.S. Equity ETF		20,891,686		11,518,882
U.S. Mid Cap Equity ETF		8,423,388		4,365,390
U.S. Minimum Volatility ETF		2,963,724		528,648
U.S. Momentum Factor ETF		4,832,703		—
U.S. Quality Factor ETF		7,102,747		1,383,423
U.S. Small Cap Equity ETF		7,633,472		3,234,916
U.S. Value Factor ETF		20,097,834		1,606,270

During the year ended October 31, 2021, the following Funds utilized capital loss carryforwards as follows:


	Capital Loss Utilized
	Short-Term		Long-Term
BetaBuilders Canada ETF	$	8,268,163	$	—
BetaBuilders International Equity ETF		—		120,369
BetaBuilders U.S. Equity ETF		—		254,472
BetaBuilders U.S. Mid Cap Equity ETF		—		24,134
Emerging Markets Equity ETF		615,867		4,743,289
International Equity ETF		—		17,034,366
International Growth ETF		52,976		—
U.S. Dividend ETF		242,692		—
U.S. Equity ETF		4,231,236		6,514,973
U.S. Mid Cap Equity ETF		1,644,600		769,407
U.S. Minimum Volatility ETF		148,103		180,118
U.S. Momentum Factor ETF		—		1,038,813
U.S. Small Cap Equity ETF		223,894		1,443,492

6. Capital Share Transactions

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

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

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for ActiveBuilders International Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, International Equity ETF and International Growth ETF, and plus at least 110% for ActiveBuilders Emerging Markets Equity ETF and Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

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.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	267

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

As of October 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
BetaBuilders International Equity ETF		—	%		88.3	%
BetaBuilders U.S. Mid Cap Equity ETF		55.8			39.4
BetaBuilders U.S. Small Cap Equity ETF		—			98.0

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

As of October 31, 2021, the Adviser owned shares representing more than 10% of net assets of the following Funds:


	% of Ownership
ActiveBuilders International Equity ETF		81	%
Carbon Transition U.S. Equity ETF		86

Significant shareholder transactions by the Adviser may impact the Funds’ performance and liquidity.

ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, International Equity ETF and International Growth ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of October 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:


	ActiveBuilders Emerging Markets Equity ETF			ActiveBuilders International Equity ETF			BetaBuilders Canada ETF			BetaBuilders Developed Asia ex-Japan ETF			BetaBuilders Europe ETF			BetaBuilders International Equity ETF			BetaBuilders Japan ETF			Emerging Markets Equity ETF			International Equity ETF			International Growth ETF
Australia		—	%		—	%		—	%		61.4	%		—	%		—	%		—	%		—	%		—	%		—	%
Canada		—			—			95.7			—			—			—			—			—			—			—
China		33.6			—			—			—			—			—			—			24.3			—			10.6
France		—			11.7			—			—			15.4			—			—			—			—			—
Germany		—			—			—			—			12.8			—			—			—			—			—
Hong Kong		—			—			—			22.0			—			—			—			—			—			—
India		10.8			—			—			—			—			—			—			11.3			—			—
Japan		—			19.4			—			—			—			24.9			100.0			—			29.5			10.6
South Korea		10.9			—			—			—			—			—			—			—			—			—
Switzerland		—			—			—			—			14.6			—			—			—			—			—
Taiwan		16.6			—			—			—			—			—			—			11.7			—			—
United Kingdom		—			12.1			—			—			18.9			12.1			—			—			15.6			—

As of October 31, 2021, a significant portion of the investments of ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, International Equity ETF and International Growth ETF consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.



268	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 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.

The Funds, except for ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF and International Growth 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.

Because the Funds may invest a significant portion of their assets in REITs, the Funds 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 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.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	269

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of each of the twenty-two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (twenty-two of the funds constituting J.P.Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.


JPMorgan ActiveBuilders Emerging Markets Equity ETF (formerly known as JPMorgan Emerging Markets Equity Core ETF) (1)	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (5)	JPMorgan International Growth ETF (8)
JPMorgan ActiveBuilders International Equity ETF (2)	JPMorgan BetaBuilders U.S. Small Cap Equity ETF (6)	JPMorgan U.S. Dividend ETF (3)
JPMorgan BetaBuilders Canada ETF (3)	JPMorgan Carbon Transition U.S. Equity ETF (7)	JPMorgan U.S. Minimum Volatility ETF (3)
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (3)	JPMorgan Diversified Return Emerging Markets Equity ETF (3)	JPMorgan U.S. Momentum Factor ETF (3)
JPMorgan BetaBuilders Europe ETF (3)	JPMorgan Diversified Return International Equity ETF (3)	JPMorgan U.S. Quality Factor ETF (3)
JPMorgan BetaBuilders International Equity ETF (4)	JPMorgan Diversified Return U.S. Equity ETF (3)	JPMorgan U.S. Value Factor ETF (3)
JPMorgan BetaBuilders Japan ETF (3)	JPMorgan Diversified Return U.S. Mid Cap Equity ETF (3)
JPMorgan BetaBuilders U.S. Equity ETF (3)	JPMorgan Diversified Return U.S. Small Cap Equity ETF (3)

(1)	Statement of operations and statement of changes in net assets for the period March 10, 2021 (commencement of operations) through October 31, 2021

(2)	Statement of operations and statement of changes in net assets for the period July 7, 2021 (commencement of operations) through October 31, 2021

(3)	Statement of operations for the year ended October 31, 2021 and statement of changes in net assets for the years ended October 31, 2021 and October 31, 2020

(4)	Statement of operations for the year ended October 31, 2021, and statement of changes in net assets for the year ended October 31, 2021 and the period December 3, 2019 (commencement of operations) through October 31, 2020

(5)	Statement of operations for the year ended October 31, 2021, and statement of changes in net assets for the year ended October 31, 2021 and the period April 14, 2020 (commencement of operations) through October 31, 2020

(6)	Statement of operations and statement of changes in net assets for the period November 16, 2020 (commencement of operations) through October 31, 2021

(7)	Statement of operations and statement of changes in net assets for the period December 9, 2020 (commencement of operations) through October 31, 2021

(8)	Statement of operations for the year ended October 31, 2021, and statement of changes in net assets for the year ended October 31, 2021 and the period May 20, 2020 (commencement of operations) through October 31, 2020

Basis for Opinions

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

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



270	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 22, 2021

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



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	271

TRUSTEES

(Unaudited)

The Funds’ Statements of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.


Name (Year of Birth; Positions With the Funds since)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee ⁽¹⁾		Other Directorships Held During the Past 5 Years
Independent Trustees

Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011–present); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011–2017).		39	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).

Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).		39	None.

Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		39	SEI family of funds — Independent Trustee of Advisors’ Inner Circle Fund III (20 portfolios) (from February 2014 to present); Independent Trustee of Winton Diversified Opportunities Fund (from December 2014 to 2018); Independent Trustee of Gallery Trust (from August 2015 to present); Independent Trustee of Schroder Series Trust (from February 2017 to present); Independent Trustee of Schroder Global Series Trust (from February 2017 to present); Independent Trustee of O’Connor EQUUS (May 2014-April 2016); Independent Trustee of Winton Series Trust (December 2014-March 2017); Independent Trustee of AXA Premier VIP Trust (2014-June 2017); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-March 2015); Symmetry Panoramic Trust (16 portfolios) (2018-present).

Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		39	Director, ICI Mutual Insurance Company (1999-2013).

Emily A. Youssouf (1951); Trustee of the Trust since 2014	Adjunct Professor (2011- present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019–present), Member of Related Parties Committee (2013–2018) and Member of the Enterprise Risk Committee (2015–2018), PennyMac Financial Services, Inc.; Board Member (2005–2018), Chair of Capital Committee (2006–2016), Chair of Audit Committee (2005–2018), Member of Finance Committee (2005–2018) and Chair of IT Committee (2016–2018), NYC Health and Hospitals Corporation.		39	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustee

Robert E. Deutsch ⁽²⁾ (1957); Chairman and Trustee of the Trust since 2014	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		39	Board of Directors of the JUST Capital Foundation (2017–present).

⁽¹⁾

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. Thirty six series of the Trust have commenced operations.

⁽²⁾	Mr. Deutsch is considered an interested trustee based on interests in JPMorgan Chase resulting from his prior employment at JPMorgan Asset Management.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



272	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2021)*		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2020), Assistant Treasurer (2019-2020)		Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.

Paul Shield (1960), Vice President and Assistant Treasurer (2016)		Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013.

Elizabeth A. Davin (1964), Secretary (2018)***		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.

Stephen M. Ungerman (1953), Chief Compliance Officer (2014)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Jessica K. Ditullio (1962), Assistant Secretary (2014)***		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2019)**		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.

Gregory S. Samuels (1980), Assistant Secretary (2014)**		Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan Lewis & Bockius (law firm) from 2012 to 2016.

Frederick J. Cavaliere (1978), Assistant Treasurer (2015)*		Executive Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been with JPMorgan since May 2006.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)		Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.

Shannon Gaines (1977), Assistant Treasurer (2019)***		Vice President, J.P. Morgan Investment Management Inc. since January 2014.

Nektarios E. Manolakakis (1972), Assistant Treasurer (2020)		Executive Director, J.P. Morgan Investment Management Inc. since February 2021; formerly Vice President, J.P. Morgan Investment Management Inc. since 2014; Vice President, J.P. Morgan Corporate & Investment Bank 2010-2014.

Todd McEwen (1981), Assistant Treasurer (2020)***		Vice President, J.P. Morgan Investment Management Inc. Mr. McEwen has been with J.P. Morgan Investment Management Inc. since 2010.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

**	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

***	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	273

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of ongoing costs: (1) transaction costs, including brokerage commissions on your purchases and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period May 1, 2021 and continued to hold your shares at the end of the reporting period, October 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 “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.


	Beginning Account Value May 1, 2021		Ending Account Value October 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan ActiveBuilders Emerging Markets Equity ETF
Actual (1)	$	1,000.00	$	969.60		0.30	%	$	1.49
Hypothetical (1)		1,000.00		1,023.69		0.30			1.53
JPMorgan ActiveBuilders International Equity ETF
Actual (2)		1,000.00		1,021.50		0.25			0.80
Hypothetical (1)		1,000.00		1,023.95		0.25			1.28
JPMorgan BetaBuilders Canada ETF
Actual (1)		1,000.00		1,110.80		0.19			1.01
Hypothetical (1)		1,000.00		1,024.25		0.19			0.97
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Actual (1)		1,000.00		993.60		0.19			0.95
Hypothetical (1)		1,000.00		1,024.25		0.19			0.97
JPMorgan BetaBuilders Europe ETF
Actual (1)		1,000.00		1,060.20		0.09			0.47
Hypothetical (1)		1,000.00		1,024.75		0.09			0.46
JPMorgan BetaBuilders International Equity ETF
Actual (1)		1,000.00		1,043.60		0.07			0.36
Hypothetical (1)		1,000.00		1,024.85		0.07			0.36
JPMorgan BetaBuilders Japan ETF
Actual (1)		1,000.00		1,022.40		0.19			0.97
Hypothetical (1)		1,000.00		1,024.25		0.19			0.97
JPMorgan BetaBuilders U.S. Equity ETF
Actual (1)		1,000.00		1,105.50		0.02			0.11
Hypothetical (1)		1,000.00		1,025.10		0.02			0.10
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Actual (1)		1,000.00		1,053.70		0.07			0.36
Hypothetical (1)		1,000.00		1,024.85		0.07			0.36
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Actual (1)		1,000.00		1,027.00		0.09			0.46
Hypothetical (1)		1,000.00		1,024.75		0.09			0.46
JPMorgan Carbon Transition U.S. Equity ETF
Actual (1)		1,000.00		1,116.30		0.15			0.80
Hypothetical (1)		1,000.00		1,024.45		0.15			0.77



274	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021


	Beginning Account Value May 1, 2021		Ending Account Value October 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual (1)	$	1,000.00	$	1,008.90		0.44	%	$	2.23
Hypothetical (1)		1,000.00		1,022.99		0.44			2.24
JPMorgan Diversified Return International Equity ETF
Actual (1)		1,000.00		1,000.70		0.37			1.87
Hypothetical (1)		1,000.00		1,023.34		0.37			1.89
JPMorgan Diversified Return U.S. Equity ETF
Actual (1)		1,000.00		1,076.60		0.18			0.94
Hypothetical (1)		1,000.00		1,024.30		0.18			0.92
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual (1)		1,000.00		1,072.50		0.24			1.25
Hypothetical (1)		1,000.00		1,024.00		0.24			1.22
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Actual (1)		1,000.00		1,057.10		0.29			1.50
Hypothetical (1)		1,000.00		1,023.74		0.29			1.48
JPMorgan International Growth ETF
Actual (1)		1,000.00		1,050.90		0.55			2.84
Hypothetical (1)		1,000.00		1,022.43		0.55			2.80
JPMorgan U.S. Dividend ETF
Actual (1)		1,000.00		1,022.10		0.12			0.61
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61
JPMorgan U.S. Minimum Volatility ETF
Actual (1)		1,000.00		1,060.50		0.12			0.62
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61
JPMorgan U.S. Momentum Factor ETF
Actual (1)		1,000.00		1,152.20		0.12			0.65
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61
JPMorgan U.S. Quality Factor ETF
Actual (1)		1,000.00		1,109.80		0.12			0.64
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61
JPMorgan U.S. Value Factor ETF
Actual (1)		1,000.00		1,052.40		0.12			0.62
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61

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

(2)	Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 116/365 (to reflect the actual period). The Fund commenced operations on July 7, 2021.



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	275

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2021:


	Dividends Received Deduction
BetaBuilders U.S. Equity ETF		100.00	%
BetaBuilders U.S. Mid Cap Equity ETF		99.84
BetaBuilders U.S. Small Cap Equity ETF		100.00
Carbon Transition U.S. Equity ETF		100.00
U.S. Dividend ETF		100.00
U.S. Equity ETF		100.00
U.S. Mid Cap Equity ETF		100.00
U.S. Minimum Volatility ETF		100.00
U.S. Momentum Factor ETF		100.00
U.S. Quality Factor ETF		96.28
U.S. Small Cap Equity ETF		76.49
U.S. Value Factor ETF		100.00

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2021:


	Qualified Dividend Income
ActiveBuilders Emerging Markets Equity ETF	$	363,638
ActiveBuilders International Equity ETF		17,269
BetaBuilders Canada ETF		127,923,606
BetaBuilders Developed Asia ex-Japan ETF		91,346,553
BetaBuilders Europe ETF		173,096,497
BetaBuilders International Equity ETF		84,453,236
BetaBuilders Japan ETF		87,692,010
BetaBuilders U.S. Equity ETF		5,799,680
BetaBuilders U.S. Mid Cap Equity ETF		13,365,064
BetaBuilders U.S. Small Cap Equity ETF		2,261,493
Carbon Transition U.S. Equity ETF		242,528
Emerging Markets Equity ETF		3,884,188
International Equity ETF		25,646,718
International Growth ETF		75,043
U.S. Dividend ETF		743,457
U.S. Equity ETF		11,091,933
U.S. Mid Cap Equity ETF		3,596,501
U.S. Minimum Volatility ETF		383,526


	Qualified Dividend Income
U.S. Momentum Factor ETF	$	1,301,587
U.S. Quality Factor ETF		6,125,233
U.S. Small Cap Equity ETF		1,618,210
U.S. Value Factor ETF		9,906,929

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2021, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are

as follows or amounts as finally determined:


	Total Foreign Source Income		Foreign Tax Credit
ActiveBuilders Emerging Markets Equity ETF	$	3,438,599	$	363,638
ActiveBuilders International Equity ETF		243,121		17,269
BetaBuilders Canada ETF		146,090,071		18,878,469
BetaBuilders Developed Asia ex-Japan ETF		150,491,191		1,307,290
BetaBuilders Europe ETF		210,426,500		16,144,751
BetaBuilders International Equity ETF		103,563,800		7,132,927
BetaBuilders Japan ETF		180,305,127		17,122,698
Emerging Markets Equity ETF		8,120,929		825,270
International Equity ETF		33,389,552		2,178,360
International Growth ETF		503,845		56,719



276	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT

(Unaudited)

JPMorgan ActiveBuilders International Equity ETF

On March 9-10, 2021, the Board of Trustees held meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan ActiveBuilders International Equity 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 with independent legal counsel in executive session at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under 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 to be 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 team;

(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 shareholders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	277

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 does not manage other accounts with a substantially similar investment strategy 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 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 other funds managed by the Adviser that are in the same Morningstar category as the Fund. 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 compared favorably with identified peer funds. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund’s proposed management fee was reasonable.



278	J.P. MORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees:

Trustees were elected by the shareholders of all of the series of the Trust (other than Funds that launched subsequent to the record date), including each of the Funds. The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		932,618
Withheld		6,740
Steven P. Fisher
In Favor		937,481
Withheld		1,877
Gary L. French
In Favor		936,344
Withheld		3,014
Kathleen Gallagher
In Favor		937,527
Withheld		1,831
Robert J. Grassi
In Favor		936,385
Withheld		2,973
Frankie D. Hughes
In Favor		937,172
Withheld		2,186
Raymond Kanner
In Favor		937,371
Withheld		1,987
Thomas P. Lemke
In Favor		936,312
Withheld		3,046
Lawrence R. Maffia
In Favor		935,575
Withheld		3,783
Mary E. Martinez
In Favor		937,595
Withheld		1,762
Marilyn McCoy
In Favor		937,226
Withheld		2,132
Robert A. Oden, Jr.
In Favor		932,572
Withheld		6,785
Marian U. Pardo
In Favor		937,464
Withheld		1,894
Emily A. Youssouf
In Favor		936,422
Withheld		2,936
Interested Nominee
Robert F. Deutsch
In Favor		936,144
Withheld		3,214
Nina A. Shenker
In Favor		937,258
Withheld		2,100



OCTOBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	279

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. October 2021.		AN-ETF-1021

ITEM 2. CODE OF ETHICS.

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

The audit committee financial experts are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia and Emily A. Youssouf, each of which is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

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

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

AUDIT FEES

2021 – $505,466

2020 – $404,500

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

AUDIT-RELATED FEES

2021 – $147,185

2020 – $118,091

Audit-related fees consist of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

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

TAX FEES

2021 – $224,838

2020 – $276,570

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2021 and 2020, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2021 – $0

2020 – $0

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

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

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

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

2021 – 0.0%

2020 – 0.0%

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

Not applicable.

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

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

2020 – $30.4 million

2019 – $32.2 million

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

U.S.C. 78c(a)(58)(B)), so state.

The registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia and Emily A. Youssouf.

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

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes -Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a -2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


J.P. Morgan Exchange-Traded Fund Trust

By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		December 30, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		December 30, 2021

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		December 30, 2021

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