J.P. Morgan Exchange-Traded Fund Trust

0001193125-20-284056.txt : 20201102 0001193125-20-284056.hdr.sgml : 20201102 20201102171712 ACCESSION NUMBER: 0001193125-20-284056 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 23 CONFORMED PERIOD OF REPORT: 20200831 FILED AS OF DATE: 20201102 DATE AS OF CHANGE: 20201102 EFFECTIVENESS DATE: 20201102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: J.P. Morgan Exchange-Traded Fund Trust CENTRAL INDEX KEY: 0001485894 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22903 FILM NUMBER: 201281296 BUSINESS ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: (800) 480-4111 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172

0001485894 S000054488 JPMorgan High Yield Research Enhanced ETF

C000171065 JPMorgan High Yield Research Enhanced ETF JPHY

0001485894 S000054790 JPMorgan Ultra-Short Income ETF

C000172198 JPMorgan Ultra-Short Income ETF JPST

0001485894 S000054802 JPMorgan International Bond Opportunities ETF

C000172241 JPMorgan International Bond Opportunities ETF JPIB

0001485894 S000060180 JPMorgan USD Emerging Markets Sovereign Bond ETF

C000196949 JPMorgan USD Emerging Markets Sovereign Bond ETF JPMB

0001485894 S000061996 JPMorgan BetaBuilders MSCI U.S. REIT ETF

C000200807 JPMorgan BetaBuilders MSCI U.S. REIT ETF BBRE

0001485894 S000063265 JPMorgan Core Plus Bond ETF

C000205212 JPMorgan Core Plus Bond ETF JCPB

0001485894 S000063268 JPMorgan Municipal ETF

C000205215 JPMorgan Municipal ETF JMUB

0001485894 S000063269 JPMorgan Ultra-Short Municipal Income ETF

C000205216 JPMorgan Ultra-Short Municipal Income ETF JMST

0001485894 S000063667 JPMorgan Corporate Bond Research Enhanced ETF

C000206281 JPMorgan Corporate Bond Research Enhanced ETF JIGB

0001485894 S000063668 JPMorgan U.S. Aggregate Bond ETF

C000206282 JPMorgan U.S. Aggregate Bond ETF JAGG

0001485894 S000064871 JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

C000209991 JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF BBSA

N-CSRS 1 d867985dncsrs.htm J.P. MORGAN EXCHANGE-TRADED FUND TRUST J.P. Morgan Exchange-Traded Fund Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22903

J.P. Morgan Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to:

Elizabeth A. Davin, Esq.

JPMorgan Chase & Co.

1111 Polaris Parkway

Columbus, OH 43240

Jon S. Rand, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

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

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2020 through August 31, 2020

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.

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).

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

August 31, 2020 (Unaudited)

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

JPMorgan Core Plus Bond ETF

JPMorgan Corporate Bond Research Enhanced ETF

JPMorgan High Yield Research Enhanced ETF

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

JPMorgan Municipal ETF

JPMorgan U.S. Aggregate Bond ETF

JPMorgan Ultra-Short Income ETF

JPMorgan Ultra-Short Municipal Income ETF

JPMorgan USD Emerging Markets Sovereign Bond ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan).

Alternatively, you may elect to receive paper copies of all future reports free of charge by contacting your financial intermediary. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS


President’s Letter			1

Market Overview			2

Fund Commentaries:

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

JPMorgan Core Plus Bond ETF			5

JPMorgan Corporate Bond Research Enhanced ETF			7

JPMorgan High Yield Research Enhanced ETF			9

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

JPMorgan Municipal ETF			15

JPMorgan U.S. Aggregate Bond ETF			17

JPMorgan Ultra-Short Income ETF			19

JPMorgan Ultra-Short Municipal Income ETF			21

JPMorgan USD Emerging Markets Sovereign Bond ETF			23

Schedules of Portfolio Investments			26

Financial Statements			218

Financial Highlights			230

Notes to Financial Statements			232

Schedule of Shareholder Expenses			254

Liquidity Risk Management Program			255

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Funds.

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

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

PRESIDENT’S LETTER

October 6, 2020 (Unaudited)

Dear Shareholder,

While the U.S. economy has suffered from a severe contraction and historically high job losses, financial markets have managed to rebound from lows reached in March 2020, backed by unprecedented central bank support, strength in corporate earnings in select sectors and investor optimism about efforts to contain the spread of COVID-19.

“While the economic and financial market environments may remain challenging, J.P. Morgan Exchange-Traded Funds will continue to seek to provide innovative and quality solutions to help investors build durable portfolios.”

– Brian S. Shlissel

The six month reporting period that ended August 31, 2020, began amid a sharp sell-off in financial markets as the World Health Organization declared the novel coronavirus a pandemic and large sectors of national economies across the globe closed down. The U.S. Federal Reserve (the Fed) responded by cutting interest rates and headed off a potential liquidity crisis in financial markets by creating an array of lending and asset purchase programs in the second half of March 2020. In the following months, financial market volatility subsided and asset prices generally began to rebound.

Meanwhile, the U.S. Congress also responded with a $2.2 trillion fiscal stimulus package that included direct payments to individuals, increased unemployment compensation and aid to state and local governments and businesses. However, the

stimulus program ended in July 2020 and negotiations for further stimulus remained deadlocked at the end of the reporting period. Over the course of the period, U.S. unemployment fell from a high of 14.7% in April to 8.4% in August. By the end of the second quarter of 2020, U.S. gross domestic product had decreased 31.4%.

However, financial markets largely provided positive returns for the reporting period despite investor uncertainty over the trajectory of the pandemic and the outcome of U.S. elections. For the six months ended August 31, 2020, the S&P 500 Index returned 19.6% and the Bloomberg Barclays U.S. Aggregate Index returned 2.9%.

While the economic and financial market environments may remain challenging, J.P. Morgan Exchange-Traded Funds will continue to seek to provide innovative and quality solutions to help investors build durable portfolios.

Sincerely,

LOGO

Brian S. Shlissel

Interim President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

The reporting period began amid a steep sell-off in global financial markets as COVID-19 was declared a pandemic and economic activity was sharply curtailed. However, from April 2020 through the end of August 2020, financial markets largely rebounded amid unprecedented support from leading central banks and the efforts of national governments to both provide fiscal stimulus and limit the spread of COVID-19.

Investor uncertainty about the impact of the global response to the pandemic led to a sharp decline in global asset prices in February and March 2020 and increased demand for U.S. Treasury bonds and sovereign debt from other developed market nations. A potential liquidity crisis in U.S. credit markets was headed off by the U.S. Federal Reserve, which slashed interest rates and unleashed an array of programs in mid-March designed to ensure the flow of credit in the private and public sectors. Globally, leading central banks also responded with lower interest rates and/or asset purchasing programs.

In the subsequent months, bond markets recovered somewhat and issuance of new bonds increased. Investment grade corporate debt and high yield debt (also known as “junk bonds”) rallied as investors sought higher yields amid falling interest rates and historically low yields on U.S. Treasury bonds. While emerging markets debt also rebounded somewhat during the reporting period, select emerging market nations were hurt by a record drop in global oil prices while others faced rising pandemic infection rates. Overall, higher quality bonds outperformed lower quality bonds within each sector of the market during the reporting period and bonds of shorter duration underperformed longer duration bonds. Generally, bonds of longer duration experience a larger increase in price when interest rates fall. For the six months ended August 31, 2020, the Bloomberg Barclays U.S. Aggregate Index returned 2.98% and the Bloomberg Barclays Multiverse Index returned 3.98%.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

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

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		2.27%
Market Price**		2.82%
Bloomberg Barclays Short-Term U.S. Aggregate Bond Index		2.32%

Net Assets as of 8/31/2020	$	41,951,397
Duration as of 8/31/2020		2.7 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

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

HOW WAS THE FUND POSITIONED?

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


PORTFOLIO COMPOSITION****
U.S. Treasury Obligations	54.8	%
Corporate Bonds	25.7
Mortgage-Backed Securities	7.4
Supranational	3.3
U.S. Government Agency Securities	3.3
Commercial Mortgage-Backed Securities	2.4
Foreign Government Securities	1.4
Others (each less than 1.0%)	1.0
Short-Term Investments	0.7

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $26.22 as of August 31, 2020.

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2020, the closing price was $26.34.

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

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

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Net Asset Value		March 12, 2019		2.27	%		4.61	%		5.60	%
Market Price				2.82	%		5.01	%		5.92	%

Not annualized.

LIFE OF FUND PERFORMANCE (3/12/19 TO 8/31/20)

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

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and the Bloomberg Barclays Short-Term U.S. Aggregate Bond Index from March 12, 2019 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays Short-Term U.S. Aggregate Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of

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

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

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



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		3.62%
Market Price**		3.05%
Bloomberg Barclays U.S. Aggregate Index		2.98%

Net Assets as of 8/31/2020	$	105,830,165
Duration as of 8/31/2020		5.9 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund invests primarily in investment grade bonds, with the flexibility to invest up to 35% in high yield debt (also known as “junk bonds”). Up to 35% of the Fund’s assets may be invested in foreign securities. The portfolio managers allocate the Fund’s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, currency risk, legal provisions and the structure of the transactions.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Index”).

Relative to the Benchmark, the Fund’s overweight allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities were leading detractors from performance as those securities did not fully rebound from the sell-off in March 2020.

The Fund’s underweight allocation to investment grade debt was a leading contributor to relative performance as the sector did not fully rebound from the sell-off in March 2020.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on security selection and relative value, which seeks to take advantage of pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers employed macro-economic

analysis to determine asset allocations and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers used bottom-up research and top-down macro perspective to construct a diversified portfolio of fixed income securities. As a result of this process, the Fund’s largest sector allocations at the end of the reporting period were to corporate bonds and mortgage-backed securities and its smallest allocations were to emerging markets debt and commercial mortgage-backed securities.


PORTFOLIO COMPOSITION****
Corporate Bonds	25.0	%
Mortgage-Backed Securities	21.2
U.S. Treasury Obligations	13.1
Asset-Backed Securities	11.8
Collateralized Mortgage Obligations	2.5
Commercial Mortgage-Backed Securities	2.2
Others (each less than 1.0%)	0.0	(a)
Short-Term Investments	24.2

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.

(a)

Amount rounds to less than 0.1%



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Core Plus Bond ETF
Net Asset Value		January 28, 2019		3.62	%		7.00	%		10.01	%
Market Price				3.05	%		6.72	%		9.98	%

Not annualized.

LIFE OF FUND PERFORMANCE (1/28/19 TO 8/31/20)

Fund commenced operations on January 28, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Core Plus Bond ETF and the Bloomberg Barclays U.S. Aggregate Index from January 28, 2019 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the

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



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*			3.02%
Market Price**			2.81%
Bloomberg Barclays U.S. Corporate Bond Index			3.11%

Net Assets as of 8/31/2020			$42,921,995
Duration as of 8/31/2020			8.6 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund underperformed the Index.

Relative to the Index, the Fund’s security selection within the information technology sector was a leading detractor from performance. Specifically, the Fund’s allocation to Dell Technologies Inc., a provider of hardware, software and services, detracted from performance as the company reduced its debts and reported lower-than-expected earnings during the reporting period. In the energy sector, the Fund’s overweight allocation to Occidental Petroleum Corp. also detracted from relative performance as the company’s bonds were downgraded to below investment grade in March 2020.

The Fund’s security selection within the financials sector, specifically within banking sub-sector, was a leading contributor to performance. The Fund’s overweight position in T-Mobile US Inc. was the largest individual contributor to performance due to the company’s better-than-expected second quarter earnings.

HOW WAS THE FUND POSITIONED?

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


PORTFOLIO COMPOSITION****
Corporate Bonds	99.1	%
Others (each less than 1.0%)	0.6
Short-Term Investments	0.3

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of August 31, 2020, the closing price was $57.36.

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Corporate Bond Research Enhanced ETF
Net Asset Value		December 12, 2018		3.02	%		7.15	%		12.86	%
Market Price				2.81	%		7.19	%		13.00	%

Not annualized.

LIFE OF FUND PERFORMANCE (12/12/18 TO 8/31/20)

LOGO

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Corporate Bond Research Enhanced ETF and the Bloomberg Barclays U.S. Corporate Bond Index from December 12, 2018 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Corporate Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain

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



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan High Yield Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		3.03%
Market Price**		2.43%
Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index		3.04%

Net Assets as of 8/31/2020	$	212,771,481
Duration as of 8/31/2020		3.4 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund posted a positive absolute performance and underperformed the Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index (the “Benchmark”).

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

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

HOW WAS THE FUND POSITIONED?

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



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan High Yield Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY INDUSTRY****
Oil, Gas & Consumable Fuels	12.0	%
Hotels, Restaurants & Leisure	8.2
Health Care Providers & Services	6.5
Media	6.0
Diversified Telecommunication Services	6.0
Chemicals	3.3
Equity Real Estate Investment Trusts (REITs)	2.8
Consumer Finance	2.8
Metals & Mining	2.7
Entertainment	2.5
Pharmaceuticals	2.5
Food Products	2.5
Trading Companies & Distributors	2.4
Wireless Telecommunication Services	2.4
Commercial Services & Supplies	2.2
Auto Components	2.2
Specialty Retail	2.2
Thrifts & Mortgage Finance	2.1
Containers & Packaging	1.9
Electric Utilities	1.7
Building Products	1.6
Aerospace & Defense	1.4
Food & Staples Retailing	1.4
Household Durables	1.4
Technology Hardware, Storage & Peripherals	1.2
Software	1.1
Communications Equipment	1.1
Others (each less than 1.0%)	11.8
Short-Term Investments	4.1

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan High Yield Research Enhanced ETF
Net Asset Value		September 14, 2016		3.03	%		3.66	%		5.33	%
Market Price				2.43	%		3.57	%		5.33	%

Not annualized.

LIFE OF FUND PERFORMANCE (9/14/16 TO 8/31/20)

Fund commenced operations on September 14, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan High Yield Research Enhanced ETF, the Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index from September 14, 2016 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Capped Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

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

Fund performance reflects the partial waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF )¹

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*			2.49%
Market Price**			3.35%
Bloomberg Barclays Multiverse Index			3.98%

Net Assets as of 8/31/2020			$167,176,599
Duration as of 8/31/2020			4.5 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund posted a positive return of 2. 49%. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. While the Fund is not managed to a benchmark, its return is compared to the Bloomberg Barclays Multiverse Index, which returned 3.98% for the reporting period.

In terms of absolute performance, the Fund’s allocation to investment grade corporate credit was the leading contributor to absolute performance. The Fund’s allocation to corporate high yield debt (also known as “junk bonds”) also contributed to absolute performance. The Fund’s investments in securitized debt provided flat returns overall for the Fund.

Relative to the Bloomberg Barclays Multiverse Index, the Fund’s shorter overall duration detracted from performance as interest rates fell during the period. Generally, bonds with shorter duration will experience smaller price appreciation when interest rates fall, compared with bonds of longer duration.

HOW WAS THE FUND POSITIONED?

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

The managers increased the length of the Fund’s overall duration through an increase in high quality government bonds, as well as longer duration investment grade debt during March. The managers subsequently reduced duration to 4.54 years at August 31, 2020 from 5.19 years at February 29, 2020.

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



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


PORTFOLIO COMPOSITION BY COUNTRY****
United States	50.6	%
Italy	3.8
United Kingdom	3.6
France	3.1
China	2.7
Indonesia	2.2
Spain	1.9
New Zealand	1.7
Switzerland	1.6
Mexico	1.6
Greece	1.5
Russia	1.4
Australia	1.4
Portugal	1.2
Netherlands	1.0
Germany	1.0
Luxembourg	1.0
Others (each less than 1.0%)	16.8
Short-Term Investments	1.9

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF )

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan International Bond Opportunities ETF
Net Asset Value		April 5, 2017		2.49	%		3.63	%		4.60	%
Market Price				3.35	%		3.90	%		4.77	%

*	Not annualized.

LIFE OF FUND PERFORMANCE (4/5/17 TO 8/31/20)

Fund commenced operations on April 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Bond Opportunities ETF and the Bloomberg Barclays Multiverse Index from April 5, 2017 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays Multiverse Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

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



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan Municipal ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		(0.23)%
Market Price**		0.06%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		0.76%

Net Assets as of 8/31/2020	$	59,962,002
Duration as of 8/31/2020		5.9 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund underperformed to the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Index”). Interest rates in the tax free bond sector fell during the reporting period and higher rated bonds generally outperformed lower rated bonds.

Relative to the Index, the Fund’s overweight allocations to bonds rated BBB and BB were leading detractors from performance. The Fund’s underweight allocations to water & sewer bonds and general obligation bonds and its security selection in education bonds also detracted from relative performance.

The Fund’s underweight allocation and security selection in New York State bonds were leading contributors to relative performance. The Fund’s underweight allocation to housing and transportation bonds, and its overweight allocation to durations of 10 years and longer also contributed to relative

performance. Generally, bonds with longer duration will experience a larger increase in price when interest rates fall compared with shorter duration bonds.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocations were to revenue bonds and general obligation bonds. In terms of quality, the Fund was overweight in bonds rated single-A and BBB. The Fund’s overall duration was 5.9 years compared with 4.4 years for the Index.


PORTFOLIO COMPOSITION****
Municipal Bonds	96.9	%
Short-Term Investments	3.1

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Municipal ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Municipal ETF
Net Asset Value		October 29, 2018		(0.23	)%		3.05	%		7.91	%
Market Price				0.06	%		3.16	%		7.99	%

Not annualized.

LIFE OF FUND PERFORMANCE (10/29/18 TO 8/31/20)

Fund commenced operations on October 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Municipal ETF and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index from October 29, 2018 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses associated with an

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



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		2.88%
Market Price**		2.73%
Bloomberg Barclays U.S. Aggregate Index		2.98%

Net Assets as of 8/31/2020	$	685,606,171
Duration as of 8/31/2020		5.9 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Index”). During the reporting period, interest rates generally declined and higher quality bonds outperformed lower quality bonds.

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

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund applied a multi-factor credit screening process to the corporate sub-sectors of the Index that sought exposure to corporate debt issuers that the Fund’s portfolio managers believed had attractive value, quality and momentum characteristics. The Fund’s and the Index’s largest allocations at the end of the reporting period were to government bonds and corporate bonds and their smallest allocations were to agency debt and municipal bonds.


PORTFOLIO COMPOSITION****
U.S. Treasury Obligations	36.7	%
Corporate Bonds	27.9
Mortgage-Backed Securities	26.7
Commercial Mortgage-Backed Securities	2.1
Foreign Government Securities	1.8
U.S. Government Agency Securities	1.6
Supranational	1.5
Others (each less than 1.0%)	0.9
Short-Term Investments	0.8

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of August 31, 2020, the closing price was $27.98.

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan U.S. Aggregate Bond ETF
Net Asset Value		December 12, 2018		2.88	%		6.30	%		9.49	%
Market Price				2.73	%		5.98	%		9.46	%

Not annualized.

LIFE OF FUND PERFORMANCE (12/12/18 TO 8/31/20)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Aggregate Bond ETF and the Bloomberg Barclays U.S, Aggregate Index from December 12, 2018 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

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



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		1.31%
Market Price**		1.35%
ICE BofAML 3-Month US Treasury Bill Index		0.34%

Net Assets as of 8/31/2020	$	13,902,104,552
Duration as of 8/31/2020		0.94 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”). Interest rates fell during the reporting period and higher rated bonds generally outperformed lower rated bonds.

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

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

HOW WAS THE FUND POSITIONED?

Early in the reporting period, the Fund’s portfolio managers increased the Fund’s duration in anticipation of a decision by the U.S. Federal Reserve (the “Fed”) to cut interest rates in response to the COVID-19 pandemic’s impact on the economy. Generally, bonds with longer duration will experience a larger increase in price when interest rates fall compared with shorter duration bonds. The portfolio managers also reduced the Fund’s exposure to longer-dated credit securities and increased the Fund’s allocation to money market securities and U.S. Treasury securities in

response to decreased liquidity and increased volatility in credit markets. In the latter part of March, the Fed launched several programs to bolster liquidity and shore up credit markets. In response, the portfolio managers reallocated some assets into corporate bonds.

At the end of the reporting period, the portfolio managers’ outlook for bond markets remained positive given the unprecedented levels of Fed support for financial markets. The portfolio managers were focused on adding high quality securities to the Fund and limiting exposure to issuers at the lower end of the investment grade spectrum in an effort to insulate the portfolio from further potential volatility in markets. In descending order, the Fund’s largest allocations were in corporate bonds, money market securities, collateralized loan obligations, mortgage-backed securities, asset-backed securities and non-corporate credit.


PORTFOLIO COMPOSITION BY SECTOR****
Financials	52.5	%
Asset-Backed Security	4.7
Utilities	3.6
Health Care	3.2
Energy	2.6
Consumer Staples	2.5
Consumer Discretionary	2.5
Industrials	2.2
Communication Services	2.1
Information Technology	2.0
Commercial Mortgage-Backed Securities	1.0
Others (each less than 1.0%)	1.8
Short-Term Investments	19.3

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Ultra-Short Income ETF
Net Asset Value		May 17, 2017		1.31	%		2.70	%		2.57	%
Market Price				1.35	%		2.76	%		2.60	%

Not annualized.

LIFE OF FUND PERFORMANCE (5/17/17 TO 8/31/20)

Fund commenced operations on May 17, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Income ETF and the ICE BofAML 3-Month US Treasury Bill Index from May 17, 2017 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the

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



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		1.39%
Market Price**		1.33%
Bloomberg Barclays 1-Year Municipal Bond Index		0.98%

Net Assets as of 8/31/2020	$	583,777,535
Duration as of 8/31/2020		0.7 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund outperformed the Bloomberg Barclays 1-Year Municipal Bond Index (the “Index”). Interest rates fell during the reporting period and higher quality bonds generally outperformed lower quality bonds.

Relative to the Index, the Fund’s overweight allocation to local general obligation bonds and its underweight allocation to state general obligation bonds were leading contributors to performance. The Fund’s security selection in the leasing and hospital bonds sectors, its underweight allocation and security selection in bonds rated single-A and BBB also helped relative performance.

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

do not generally benefit from falling interest rates. The Fund’s allocation to non-rated securities, which were not held in the Index, also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

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


PORTFOLIO COMPOSITION****
Municipal Bonds	83.5	%
Short-Term Investments	16.5

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Ultra-Short Municipal Income ETF
Net Asset Value		October 16, 2018		1.39	%		2.20	%		2.48	%
Market Price				1.33	%		2.16	%		2.49	%

Not annualized.

LIFE OF FUND PERFORMANCE (10/16/18 TO 8/31/20)

Fund commenced operations on October 16, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Municipal Income ETF and the Bloomberg Barclays 1-Year Municipal Bond Index from October 16, 2018 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays 1-Year Municipal Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg

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

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



22	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		(1.29)%
Market Price**		(1.19)%
JPMorgan Emerging Markets Risk-Aware Bond Index		(0.81)%

Net Assets as of 8/31/2020	$	83,806,913
Duration as of 8/31/2020		7.6 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2020, the Fund performed in line with the Underlying Index. The majority of the Fund’s deviation against the Underlying Index was due to operating expenses, fees and tax management of the Fund’s portfolio.

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

HOW WAS THE FUND POSITIONED?

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



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY COUNTRY****
Brazil	7.8	%
Turkey	7.3
Dominican Republic	6.7
Oman	6.3
Egypt	6.2
Bahrain	5.7
Ukraine	5.6
South Africa	5.4
Mexico	3.0
Indonesia	2.8
Saudi Arabia	2.5
Azerbaijan	2.5
Qatar	2.3
Kenya	2.3
Russia	2.3
Philippines	2.1
China	2.0
United Arab Emirates	1.9
Colombia	1.9
Panama	1.8
Kazakhstan	1.7
Pakistan	1.6
Chile	1.6
Uruguay	1.5
Iraq	1.5
Peru	1.5
Ivory Coast	1.4
Jordan	1.4
Others (each less than 1.0%)	6.7
Short-Term Investments	2.7

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of August 31, 2020, the closing price was $49.55.

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



24	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan USD Emerging Markets Sovereign Bond ETF
Net Asset Value		January 29, 2018		(1.29	)%		1.08	%		4.13	%
Market Price				(1.19	)%		1.05	%		4.31	%

Not annualized.

LIFE OF FUND PERFORMANCE (1/29/18 TO 8/31/20)

Fund commenced operations on January 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan USD Emerging Markets Sovereign Bond ETF and the JPMorgan Emerging Markets Risk-Aware Bond Index from January 29, 2018 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JPMorgan Emerging Markets Risk-Aware Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The JPMorgan Emerging Markets Risk-Aware Bond Index (the “index”) is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology and is owned by J.P. Morgan Investment Inc., the Fund’s adviser (the “Adviser”). The Index is maintained and calculated by J.P. Morgan Securities LLC (“JPMS” or the “Index Provider”), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The Index Provider and the Adviser are both wholly-owned subsidiaries of JPMorgan Chase & Co., a publicly-held financial services holding company. The Index

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



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	25

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — 54.8%

U.S. Treasury Notes

1.13%, 9/30/2021		614,000		620,500

2.00%, 12/31/2021		4,378,000		4,486,082

1.75%, 6/30/2022		200,000		205,867

1.50%, 8/15/2022		105,000		107,793

1.63%, 8/15/2022		482,000		495,952

1.50%, 9/15/2022		360,000		370,012

1.88%, 9/30/2022		130,000		134,672

1.38%, 10/15/2022		900,000		923,555

2.00%, 11/30/2022		655,000		682,326

1.63%, 12/15/2022		23,000		23,783

1.75%, 1/31/2023		600,000		623,297

2.00%, 2/15/2023		400,000		418,187

1.50%, 2/28/2023		705,000		728,849

1.50%, 3/31/2023		24,000		24,840

0.25%, 6/15/2023		1,750,000		1,755,059

0.13%, 7/15/2023		131,000		130,918

1.25%, 7/31/2023		467,000		481,922

2.75%, 7/31/2023		687,000		738,901

0.13%, 8/15/2023		864,000		863,392

2.75%, 11/15/2023		600,000		649,547

2.63%, 12/31/2023		15,000		16,222

2.75%, 2/15/2024		16,000		17,420

2.38%, 2/29/2024		2,627,000		2,827,924

2.13%, 3/31/2024		70,000		74,845

2.00%, 4/30/2024		480,000		511,762

2.25%, 4/30/2024		15,000		16,129

2.00%, 5/31/2024		335,000		357,560

1.75%, 6/30/2024		282,000		298,656

1.75%, 7/31/2024		695,000		736,809

1.50%, 9/30/2024		1,070,000		1,125,841

1.50%, 11/30/2024		15,000		15,809

1.75%, 12/31/2024		545,000		580,723

1.38%, 1/31/2025		451,000		473,550

0.38%, 4/30/2025		839,000		843,850

0.25%, 5/31/2025		349,000		348,973

0.25%, 6/30/2025		281,000		280,890


Total U.S. Treasury Obligations (Cost $22,207,996)				22,992,417

Corporate Bonds — 25.7%

Aerospace & Defense — 0.4%

Boeing Co. (The) 2.35%, 10/30/2021		17,000		17,150

2.13%, 3/1/2022		8,000		8,045

2.70%, 5/1/2022		6,000		6,117

4.88%, 5/1/2025		18,000		19,592


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Aerospace & Defense — continued

General Dynamics Corp. 2.25%, 11/15/2022		16,000		16,596

3.25%, 4/1/2025		15,000		16,682

Howmet Aerospace, Inc. 6.88%, 5/1/2025		20,000		22,721

Leidos, Inc. 3.63%, 5/15/2025 (a)		15,000		16,735

Lockheed Martin Corp. 3.10%, 1/15/2023		5,000		5,298

Northrop Grumman Corp. 2.55%, 10/15/2022		15,000		15,672

Precision Castparts Corp. 3.25%, 6/15/2025		18,000		20,102

Raytheon Technologies Corp. 2.80%, 3/15/2022 (a)		19,000		19,644


				184,354


Air Freight & Logistics — 0.1%

FedEx Corp. 4.00%, 1/15/2024		10,000		11,091

3.80%, 5/15/2025		10,000		11,311

United Parcel Service, Inc. 2.35%, 5/16/2022		8,000		8,260

2.20%, 9/1/2024		15,000		15,898


				46,560


Airlines — 0.1%

Southwest Airlines Co. 5.25%, 5/4/2025		19,000		20,692


Auto Components — 0.1%

Aptiv Corp. 4.15%, 3/15/2024		17,000		18,743

Magna International, Inc. (Canada) 3.63%, 6/15/2024		10,000		11,056


				29,799


Automobiles — 0.2%

General Motors Co. 4.88%, 10/2/2023		15,000		16,377

Toyota Motor Corp. (Japan) 2.36%, 7/2/2024		76,000		81,051


				97,428


Banks — 7.0%

Bank of America Corp.

(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (b)		15,000		15,558

(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (b)		17,000		17,697

4.13%, 1/22/2024		15,000		16,761

(SOFR + 1.46%), 1.49%, 5/19/2024 (b)		7,000		7,166

(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (b)		24,000		26,209

Series L, 3.95%, 4/21/2025		40,000		44,968

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Banks — continued

(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (b)		40,000		41,706

(SOFR + 1.15%), 1.32%, 6/19/2026 (b)		114,000		115,459

Bank of Montreal (Canada) 2.35%, 9/11/2022		24,000		24,994

Series E, 3.30%, 2/5/2024		5,000		5,455

2.50%, 6/28/2024		18,000		19,260

(USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (b)		25,000		27,113

Bank of Nova Scotia (The) (Canada) 2.70%, 3/7/2022		15,000		15,553

2.00%, 11/15/2022		24,000		24,826

3.40%, 2/11/2024		17,000		18,589

2.20%, 2/3/2025		12,000		12,753

Barclays plc (United Kingdom) 3.65%, 3/16/2025		40,000		43,763

BNP Paribas SA (France) 3.25%, 3/3/2023		20,000		21,406

Canadian Imperial Bank of Commerce (Canada) 0.95%, 6/23/2023		18,000		18,200

2.25%, 1/28/2025		20,000		21,235

Citigroup, Inc. 2.90%, 12/8/2021		24,000		24,712

2.75%, 4/25/2022		16,000		16,571

4.05%, 7/30/2022		15,000		15,970

(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (b)		92,000		95,161

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (b)		20,000		20,833

3.88%, 10/25/2023		7,000		7,716

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (b)		12,000		13,055

Comerica, Inc. 3.70%, 7/31/2023		15,000		16,267

Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		59,000		61,991

Fifth Third Bancorp 3.50%, 3/15/2022		25,000		26,093

4.30%, 1/16/2024		12,000		13,275

First Horizon National Corp. 3.55%, 5/26/2023		24,000		25,192

First Niagara Financial Group, Inc. 7.25%, 12/15/2021		20,000		21,570

HSBC Holdings plc (United Kingdom) 4.88%, 1/14/2022		20,000		21,183

4.00%, 3/30/2022		45,000		47,417

(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025 (b)		30,000		31,518


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

Huntington Bancshares, Inc. 2.63%, 8/6/2024		17,000		18,214

4.00%, 5/15/2025		8,000		9,120

Kreditanstalt fuer Wiederaufbau (Germany) 2.63%, 1/25/2022		18,000		18,606

2.50%, 2/15/2022		16,000		16,530

2.00%, 10/4/2022		194,000		201,201

1.38%, 8/5/2024		70,000		72,956

2.50%, 11/20/2024		13,000		14,185

0.38%, 7/18/2025		26,000		26,002

Landwirtschaftliche Rentenbank (Germany) 3.13%, 11/14/2023		54,000		58,899

Series 40, 0.50%, 5/27/2025		22,000		22,095

Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		35,000		35,705

M&T Bank Corp. 3.55%, 7/26/2023		22,000		23,958

Mitsubishi UFJ Financial Group, Inc. (Japan) 3.00%, 2/22/2022		40,000		41,485

2.67%, 7/25/2022		40,000		41,592

3.41%, 3/7/2024		33,000		35,917

3.78%, 3/2/2025		27,000		30,316

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		5,000		5,272

MUFG Union Bank NA 2.10%, 12/9/2022		20,000		20,687

Natwest Group plc (United Kingdom) 6.13%, 12/15/2022		15,000		16,445

6.10%, 6/10/2023		15,000		16,649

6.00%, 12/19/2023		50,000		56,309

Oesterreichische Kontrollbank AG (Austria) 3.13%, 11/7/2023		103,000		112,114

1.50%, 2/12/2025		17,000		17,803

People’s United Financial, Inc. 3.65%, 12/6/2022		27,000		28,653

PNC Financial Services Group, Inc. (The) 3.30%, 3/8/2022		20,000		20,842

2.85%, 11/9/2022 (c)		12,000		12,628

3.50%, 1/23/2024		31,000		33,970

2.20%, 11/1/2024		20,000		21,291

Regions Financial Corp. 3.80%, 8/14/2023		15,000		16,364

Royal Bank of Canada (Canada) 2.75%, 2/1/2022		8,000		8,278

1.95%, 1/17/2023		28,000		29,016

3.70%, 10/5/2023		15,000		16,467

2.55%, 7/16/2024		20,000		21,498

Santander Holdings USA, Inc.

4.45%, 12/3/2021		38,000		39,546

3.40%, 1/18/2023		26,000		27,250

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	27

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Banks — continued

Santander UK plc (United Kingdom) 4.00%, 3/13/2024		55,000		61,118

Sumitomo Mitsui Financial Group, Inc. (Japan) 2.44%, 10/19/2021		40,000		40,896

3.10%, 1/17/2023		18,000		19,088

3.94%, 10/16/2023		33,000		36,359

Toronto-Dominion Bank (The) (Canada) 3.25%, 3/11/2024		30,000		32,772

2.65%, 6/12/2024		20,000		21,513

Truist Bank

(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022 (b)		20,000		20,550

3.20%, 4/1/2024		10,000		10,930

Truist Financial Corp. 3.20%, 9/3/2021		27,000		27,718

2.20%, 3/16/2023		7,000		7,305

3.75%, 12/6/2023		22,000		24,241

2.85%, 10/26/2024		12,000		13,109

3.70%, 6/5/2025		6,000		6,838

US Bancorp

Series V, 2.63%, 1/24/2022		28,000		28,846

3.00%, 3/15/2022		50,000		51,951

2.95%, 7/15/2022		20,000		20,934

3.60%, 9/11/2024		7,000		7,786

Wells Fargo & Co. 2.63%, 7/22/2022		15,000		15,598

Series M, 3.45%, 2/13/2023		40,000		42,523

4.13%, 8/15/2023		15,000		16,408

3.75%, 1/24/2024		17,000		18,576

(SOFR + 1.60%), 1.65%, 6/2/2024 (b)		15,000		15,342

3.30%, 9/9/2024		41,000		44,994

3.00%, 2/19/2025		25,000		27,153

(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (b)		50,000		52,162

Westpac Banking Corp. (Australia) 2.00%, 8/19/2021		17,000		17,284

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (b)		57,000		59,015


				2,926,067


Beverages — 0.5%

Anheuser-Busch InBev Finance, Inc. (Belgium) 3.70%, 2/1/2024		15,000		16,515

Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.15%, 1/23/2025		20,000		22,727


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Beverages — continued

Beam Suntory, Inc. (Japan) 3.25%, 5/15/2022		10,000		10,344

Coca-Cola Co. (The) 3.30%, 9/1/2021		20,000		20,613

2.20%, 5/25/2022		15,000		15,501

Constellation Brands, Inc. 2.65%, 11/7/2022		15,000		15,634

Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022		22,000		22,921

8.00%, 9/15/2022		10,000		11,473

Keurig Dr Pepper, Inc. 3.13%, 12/15/2023		19,000		20,459

Molson Coors Beverage Co. 3.50%, 5/1/2022		7,000		7,310

PepsiCo, Inc. 2.25%, 5/2/2022		8,000		8,249

3.10%, 7/17/2022		17,000		17,803

3.60%, 3/1/2024		20,000		22,004


				211,553


Biotechnology — 0.5%

AbbVie, Inc. 3.75%, 11/14/2023		40,000		43,831

3.85%, 6/15/2024 (a)		17,000		18,740

2.60%, 11/21/2024 (a)		37,000		39,603

3.80%, 3/15/2025 (a)		27,000		30,173

3.60%, 5/14/2025		15,000		16,737

Amgen, Inc. 2.70%, 5/1/2022		7,000		7,236

3.63%, 5/22/2024		15,000		16,550

1.90%, 2/21/2025		10,000		10,510

Baxalta, Inc. 4.00%, 6/23/2025		6,000		6,872

Gilead Sciences, Inc. 1.95%, 3/1/2022		23,000		23,524

3.25%, 9/1/2022		10,000		10,531


				224,307


Building Products — 0.0% (d)

Carrier Global Corp. 2.24%, 2/15/2025 (a)		15,000		15,722


Capital Markets — 2.1%

Ameriprise Financial, Inc. 3.70%, 10/15/2024		10,000		11,249

Ares Capital Corp. 3.50%, 2/10/2023		18,000		18,446

Bank of New York Mellon Corp. (The) 1.95%, 8/23/2022		15,000		15,490

(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (b)		42,000		43,565

1.60%, 4/24/2025		35,000		36,517

BGC Partners, Inc. 3.75%, 10/1/2024		15,000		15,016

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Capital Markets — continued

Brookfield Finance, Inc. (Canada) 4.00%, 4/1/2024		15,000		16,549

Charles Schwab Corp. (The) 4.20%, 3/24/2025		20,000		23,185

CME Group, Inc. 3.00%, 9/15/2022		20,000		21,077

Deutsche Bank AG (Germany)

Series D, 5.00%, 2/14/2022		20,000		21,010

3.70%, 5/30/2024		28,000		29,878

Franklin Resources, Inc. 2.85%, 3/30/2025		15,000		16,429

FS KKR Capital Corp. 4.63%, 7/15/2024		15,000		15,070

Goldman Sachs Group, Inc. (The) 3.20%, 2/23/2023		25,000		26,604

(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (b)		83,000		86,217

3.85%, 7/8/2024		15,000		16,576

3.50%, 4/1/2025		50,000		55,446

(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (b)		20,000		21,779

Intercontinental Exchange, Inc. 4.00%, 10/15/2023		10,000		11,048

Janus Capital Group, Inc. (United Kingdom) 4.88%, 8/1/2025		16,000		18,240

Main Street Capital Corp. 5.20%, 5/1/2024		15,000		15,581

Moody’s Corp. 4.88%, 2/15/2024		17,000		19,239

Morgan Stanley 2.63%, 11/17/2021		15,000		15,397

2.75%, 5/19/2022		15,000		15,578

3.13%, 1/23/2023		32,000		33,923

(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (b)		60,000		64,841

Series F, 3.88%, 4/29/2024		15,000		16,680

3.70%, 10/23/2024		30,000		33,513

Northern Trust Corp. 2.38%, 8/2/2022		30,000		31,177

Oaktree Specialty Lending Corp. 3.50%, 2/25/2025		15,000		15,101

State Street Corp.

(ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023 (b)		23,000		23,902

3.10%, 5/15/2023		15,000		16,059

3.70%, 11/20/2023		8,000		8,841

(ICE LIBOR USD 3 Month + 0.77%), 3.78%, 12/3/2024 (b)		12,000		13,227

(SOFR + 0.94%), 2.35%, 11/1/2025 (b)		31,000		33,049


				875,499


Chemicals — 0.4%

Dow Chemical Co. (The) 3.50%, 10/1/2024		10,000		10,965


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Chemicals — continued

DuPont de Nemours, Inc. 4.21%, 11/15/2023		25,000		27,624

Eastman Chemical Co. 3.60%, 8/15/2022		18,000		18,854

Ecolab, Inc. 4.35%, 12/8/2021		16,000		16,769

LYB International Finance BV 4.00%, 7/15/2023		15,000		16,333

Nutrien Ltd. (Canada) 3.63%, 3/15/2024		16,000		17,451

PPG Industries, Inc. 2.40%, 8/15/2024		15,000		15,955

Praxair, Inc. 2.70%, 2/21/2023		15,000		15,723

Syngenta Finance NV (Switzerland) 3.13%, 3/28/2022		36,000		36,633


				176,307


Commercial Services & Supplies — 0.1%

Cintas Corp. No. 2 2.90%, 4/1/2022		5,000		5,182

Republic Services, Inc. 2.50%, 8/15/2024		10,000		10,681

Waste Management, Inc. 2.90%, 9/15/2022		12,000		12,527


				28,390


Communications Equipment — 0.1%

Cisco Systems, Inc. 2.20%, 9/20/2023		27,000		28,458

Motorola Solutions, Inc. 3.75%, 5/15/2022		6,000		6,332


				34,790


Consumer Finance — 1.4%

Ally Financial, Inc. 4.13%, 2/13/2022		14,000		14,521

3.88%, 5/21/2024		35,000		37,248

American Express Co. 2.50%, 8/1/2022		15,000		15,569

2.65%, 12/2/2022		12,000		12,601

3.40%, 2/27/2023		26,000		27,819

2.50%, 7/30/2024		30,000		32,111

American Honda Finance Corp. 2.60%, 11/16/2022		25,000		26,147

3.63%, 10/10/2023		16,000		17,463

1.20%, 7/8/2025		15,000		15,147

Capital One Financial Corp. 3.05%, 3/9/2022		15,000		15,542

3.50%, 6/15/2023		6,000		6,437

3.90%, 1/29/2024		32,000		35,005

3.30%, 10/30/2024		15,000		16,329

Caterpillar Financial Services Corp. 2.85%, 6/1/2022		12,000		12,523

0.65%, 7/7/2023		28,000		28,194

3.30%, 6/9/2024		12,000		13,189

3.25%, 12/1/2024		6,000		6,635

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	29

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Consumer Finance — continued

Discover Financial Services 3.85%, 11/21/2022		25,000		26,674

General Motors Financial Co., Inc.

3.45%, 1/14/2022		15,000		15,387

5.10%, 1/17/2024		55,000		60,426

2.90%, 2/26/2025		28,000		29,056

John Deere Capital Corp. 3.15%, 10/15/2021		18,000		18,567

3.45%, 6/7/2023		23,000		24,915

0.70%, 7/5/2023		7,000		7,060

2.65%, 6/24/2024		15,000		16,169

Synchrony Financial 3.75%, 8/15/2021		19,000		19,414

Toyota Motor Credit Corp. 2.63%, 1/10/2023		18,000		18,906

1.35%, 8/25/2023		18,000		18,472


				587,526


Diversified Financial Services — 0.4%

Berkshire Hathaway, Inc. 3.40%, 1/31/2022		30,000		31,342

National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 2.91%), 4.75%, 4/30/2043 (b)		15,000		15,355

ORIX Corp. (Japan) 4.05%, 1/16/2024		15,000		16,469

Private Export Funding Corp.

Series II, 2.05%, 11/15/2022		38,000		39,365

Shell International Finance BV (Netherlands) 1.75%, 9/12/2021		11,000		11,162

3.40%, 8/12/2023		10,000		10,869

2.00%, 11/7/2024		23,000		24,269

Voya Financial, Inc. 3.13%, 7/15/2024		15,000		16,156


				164,987


Diversified Telecommunication Services — 0.3%

AT&T, Inc. 3.00%, 6/30/2022		35,000		36,506

4.45%, 4/1/2024		32,000		35,903

Verizon Communications, Inc. 5.15%, 9/15/2023		20,000		22,784

3.38%, 2/15/2025		22,000		24,607


				119,800


Electric Utilities — 0.6%

Avangrid, Inc. 3.20%, 4/15/2025		8,000		8,835

Duke Energy Corp. 3.75%, 4/15/2024		8,000		8,814

Duke Energy Florida LLC 3.10%, 8/15/2021		27,000		27,531

Entergy Louisiana LLC 4.05%, 9/1/2023		15,000		16,435


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electric Utilities — continued

Florida Power & Light Co. 3.25%, 6/1/2024		15,000		16,281

Georgia Power Co. Series A, 2.20%, 9/15/2024		10,000		10,574

Hydro-Quebec (Canada) Series HY, 8.40%, 1/15/2022		17,000		18,843

NextEra Energy Capital Holdings, Inc. 3.15%, 4/1/2024		15,000		16,288

2.75%, 5/1/2025		10,000		10,881

Oncor Electric Delivery Co. LLC 2.75%, 6/1/2024		20,000		21,565

Pacific Gas and Electric Co. 1.75%, 6/16/2022		15,000		15,049

3.45%, 7/1/2025		15,000		15,812

PPL Capital Funding, Inc. 3.50%, 12/1/2022		15,000		15,862

Public Service Co. of Colorado 2.25%, 9/15/2022		18,000		18,535

Public Service Co. of New Hampshire 3.50%, 11/1/2023		15,000		16,291

Public Service Electric and Gas Co. 2.38%, 5/15/2023		15,000		15,696

Southern California Edison Co.

Series A, 2.90%, 3/1/2021		8,000		8,099


				261,391


Electrical Equipment — 0.2%

ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		24,000		24,965

3.38%, 4/3/2023		16,000		17,096

Eaton Corp. 2.75%, 11/2/2022		15,000		15,757

Emerson Electric Co. 2.63%, 12/1/2021		6,000		6,159

Legrand France SA (France) 8.50%, 2/15/2025		19,000		25,237


				89,214


Electronic Equipment, Instruments & Components — 0.1%

Arrow Electronics, Inc. 4.00%, 4/1/2025		10,000		10,864

Flex Ltd. 5.00%, 2/15/2023		8,000		8,741

Tyco Electronics Group SA (Switzerland) 3.50%, 2/3/2022		15,000		15,535


				35,140


Energy Equipment & Services — 0.1%

Halliburton Co. 3.25%, 11/15/2021		15,000		15,377

Schlumberger Investment SA 3.65%, 12/1/2023		15,000		16,264


				31,641

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Entertainment — 0.1%

TWDC Enterprises 18 Corp. 2.45%, 3/4/2022		20,000		20,622

2.35%, 12/1/2022		10,000		10,428

Walt Disney Co. (The)

1.75%, 8/30/2024		8,000		8,335


				39,385


Equity Real Estate Investment Trusts (REITs) — 0.8%

Alexandria Real Estate Equities, Inc. 4.00%, 1/15/2024		15,000		16,577

American Campus Communities Operating Partnership LP 3.75%, 4/15/2023		16,000		16,776

American Tower Corp. 4.70%, 3/15/2022		6,000		6,383

3.38%, 5/15/2024		15,000		16,368

2.40%, 3/15/2025		8,000		8,523

AvalonBay Communities, Inc. 4.20%, 12/15/2023		6,000		6,627

Boston Properties LP 3.13%, 9/1/2023		15,000		15,876

Brixmor Operating Partnership LP 3.65%, 6/15/2024		15,000		15,712

CC Holdings GS V LLC 3.85%, 4/15/2023		24,000		25,925

Equinix, Inc. 2.63%, 11/18/2024		8,000		8,562

ERP Operating LP 4.63%, 12/15/2021		15,000		15,639

GLP Capital LP 3.35%, 9/1/2024		16,000		16,175

Healthpeak Properties, Inc. 3.88%, 8/15/2024		15,000		16,704

Kimco Realty Corp. 3.40%, 11/1/2022		6,000		6,338

Office Properties Income Trust 4.25%, 5/15/2024		15,000		15,240

Prologis LP 4.25%, 8/15/2023		15,000		16,740

Realty Income Corp. 3.88%, 4/15/2025		20,000		22,661

Sabra Health Care LP 4.80%, 6/1/2024		21,000		21,826

Simon Property Group LP 3.75%, 2/1/2024		25,000		27,109

Ventas Realty LP 3.13%, 6/15/2023		16,000		16,678


				312,439


Food & Staples Retailing — 0.3%

Costco Wholesale Corp. 2.30%, 5/18/2022		6,000		6,208

Kroger Co. (The) 2.95%, 11/1/2021		16,000		16,433

Sysco Corp. 5.65%, 4/1/2025		20,000		23,661

Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		15,000		15,404

Walmart, Inc. 2.35%, 12/15/2022		24,000		25,070

2.55%, 4/11/2023		9,000		9,473

3.40%, 6/26/2023		16,000		17,337


				113,586


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Food Products — 0.2%

Campbell Soup Co. 2.50%, 8/2/2022		6,000		6,213

Conagra Brands, Inc. 3.20%, 1/25/2023		10,000		10,544

General Mills, Inc. 3.15%, 12/15/2021		15,000		15,408

Kellogg Co. 3.13%, 5/17/2022		10,000		10,431

Mondelez International, Inc. 3.63%, 5/7/2023		20,000		21,602

Tyson Foods, Inc. 2.25%, 8/23/2021		10,000		10,170


				74,368


Gas Utilities — 0.1%

Dominion Energy Gas Holdings LLC 3.55%, 11/1/2023		17,000		18,411

ONE Gas, Inc. 3.61%, 2/1/2024		8,000		8,759


				27,170


Health Care Equipment & Supplies — 0.3%

Abbott Laboratories 2.55%, 3/15/2022		15,000		15,512

Becton Dickinson and Co. 3.13%, 11/8/2021		7,000		7,206

2.89%, 6/6/2022		15,000		15,561

Boston Scientific Corp. 3.38%, 5/15/2022		15,000		15,712

Medtronic, Inc. 3.15%, 3/15/2022		12,000		12,518

3.63%, 3/15/2024		20,000		21,960

Stryker Corp. 1.15%, 6/15/2025		30,000		30,487

Zimmer Biomet Holdings, Inc. 3.15%, 4/1/2022		10,000		10,363


				129,319


Health Care Providers & Services — 0.7%

Aetna, Inc. 2.75%, 11/15/2022		11,000		11,478

Anthem, Inc. 2.95%, 12/1/2022		7,000		7,371

3.50%, 8/15/2024		15,000		16,507

Cardinal Health, Inc. 2.62%, 6/15/2022		20,000		20,666

Cigna Corp. 4.00%, 2/15/2022		8,000		8,251

3.00%, 7/15/2023		20,000		21,351

3.50%, 6/15/2024		10,000		10,960

CommonSpirit Health 2.76%, 10/1/2024		16,000		16,772

CVS Health Corp. 3.70%, 3/9/2023		10,000		10,767

4.10%, 3/25/2025		5,000		5,702

3.88%, 7/20/2025		33,000		37,403

HCA, Inc. 4.75%, 5/1/2023		18,000		19,780

Humana, Inc. 3.15%, 12/1/2022		15,000		15,777

Laboratory Corp. of America Holdings 3.75%, 8/23/2022		7,000		7,376

3.60%, 2/1/2025		15,000		16,737

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	31

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Health Care Providers & Services — continued

McKesson Corp. 2.70%, 12/15/2022		10,000		10,416

UnitedHealth Group, Inc. 3.35%, 7/15/2022		37,000		39,093

2.38%, 8/15/2024		15,000		16,055


				292,462


Hotels, Restaurants & Leisure — 0.2%

Las Vegas Sands Corp. 2.90%, 6/25/2025		18,000		17,898

Marriott International, Inc.

Series N, 3.13%, 10/15/2021		5,000		5,099

3.60%, 4/15/2024		15,000		15,536

McDonald’s Corp. 2.63%, 1/15/2022		17,000		17,511

Starbucks Corp. 3.85%, 10/1/2023		15,000		16,406


				72,450


Household Durables — 0.1%

DR Horton, Inc. 5.75%, 8/15/2023		6,000		6,777

2.50%, 10/15/2024		4,000		4,253

Whirlpool Corp. 4.00%, 3/1/2024		10,000		11,002


				22,032


Household Products — 0.1%

Colgate-Palmolive Co. 2.10%, 5/1/2023		15,000		15,702

Procter & Gamble Co. (The) 3.10%, 8/15/2023		17,000		18,419


				34,121


Independent Power and Renewable Electricity Producers — 0.1%

Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024		39,000		42,820

Southern Power Co. Series E, 2.50%, 12/15/2021		17,000		17,435


				60,255


Industrial Conglomerates — 0.3%

3M Co. 2.25%, 3/15/2023		6,000		6,275

2.65%, 4/15/2025		18,000		19,588

General Electric Co. 3.10%, 1/9/2023		17,000		17,926

3.45%, 5/15/2024		16,000		17,206

Honeywell International, Inc. 2.15%, 8/8/2022		5,000		5,168

3.35%, 12/1/2023		10,000		10,927

1.35%, 6/1/2025		21,000		21,640

Roper Technologies, Inc. 3.13%, 11/15/2022		10,000		10,497


				109,227


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — 0.4%

Aflac, Inc. 3.25%, 3/17/2025		20,000		22,290

American International Group, Inc. 4.88%, 6/1/2022		23,000		24,751

4.13%, 2/15/2024		13,000		14,486

Aon Corp. 2.20%, 11/15/2022		15,000		15,565

Aspen Insurance Holdings Ltd. (Bermuda) 4.65%, 11/15/2023		11,000		11,950

Assurant, Inc. 4.00%, 3/15/2023		3,000		3,185

Chubb INA Holdings, Inc. 2.70%, 3/13/2023		15,000		15,840

Marsh & McLennan Cos., Inc. 2.75%, 1/30/2022		15,000		15,457

MetLife, Inc.

Series D, 4.37%, 9/15/2023 (c)		12,000		13,409

3.60%, 4/10/2024		5,000		5,560

Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.04%), 5.20%, 3/15/2044 (b)		19,000		20,145

Trinity Acquisition plc 3.50%, 9/15/2021		5,000		5,122


				167,760


Interactive Media & Services — 0.0% (d)

Alphabet, Inc. 3.38%, 2/25/2024		6,000		6,620


Internet & Direct Marketing Retail — 0.3%

Amazon.com, Inc. 2.50%, 11/29/2022		10,000		10,446

2.80%, 8/22/2024		17,000		18,510

0.80%, 6/3/2025		11,000		11,143

eBay, Inc. 3.80%, 3/9/2022		12,000		12,580

2.60%, 7/15/2022		7,000		7,240

1.90%, 3/11/2025		15,000		15,737

Expedia Group, Inc. 4.50%, 8/15/2024		34,000		35,578


				111,234


IT Services — 0.5%

DXC Technology Co. 4.13%, 4/15/2025		15,000		16,241

Fiserv, Inc. 2.75%, 7/1/2024		18,000		19,328

Global Payments, Inc. 3.75%, 6/1/2023		15,000		16,118

International Business Machines Corp. 1.88%, 8/1/2022		80,000		82,358

Mastercard, Inc. 3.38%, 4/1/2024		12,000		13,266

PayPal Holdings, Inc. 2.40%, 10/1/2024		18,000		19,226

Visa, Inc. 2.80%, 12/14/2022		20,000		21,083


				187,620


Leisure Products — 0.0% (d)

Hasbro, Inc. 3.00%, 11/19/2024		15,000		15,830

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Life Sciences Tools & Services — 0.0% (d)

Thermo Fisher Scientific, Inc. 3.00%, 4/15/2023		11,000		11,678


Machinery — 0.1%

CNH Industrial NV (United Kingdom) 4.50%, 8/15/2023		25,000		26,863

nVent Finance SARL (United Kingdom) 3.95%, 4/15/2023		15,000		15,830


				42,693


Media — 0.5%

Charter Communications Operating LLC 4.50%, 2/1/2024		35,000		39,037

4.91%, 7/23/2025		15,000		17,461

Comcast Corp. 3.00%, 2/1/2024		18,000		19,449

3.70%, 4/15/2024		29,000		32,178

Discovery Communications LLC 3.90%, 11/15/2024		15,000		16,653

Fox Corp. 3.05%, 4/7/2025		20,000		21,928

Time Warner Entertainment Co. LP 8.38%, 3/15/2023		12,000		14,244

ViacomCBS, Inc. 3.38%, 3/1/2022		7,000		7,232

3.50%, 1/15/2025		20,000		22,111

WPP Finance 2010 (United Kingdom) 3.63%, 9/7/2022		6,000		6,301

3.75%, 9/19/2024		15,000		16,445


				213,039


Metals & Mining — 0.1%

BHP Billiton Finance USA Ltd. (Australia) 3.25%, 11/21/2021		25,000		25,837

Nucor Corp. 4.00%, 8/1/2023		7,000		7,636

Rio Tinto Finance USA Ltd. (Australia) 3.75%, 6/15/2025		15,000		16,994


				50,467


Multiline Retail — 0.1%

Kohl’s Corp. 4.25%, 7/17/2025 (e)		15,000		14,944

Target Corp. 2.90%, 1/15/2022		16,000		16,570


				31,514


Multi-Utilities — 0.3%

Berkshire Hathaway Energy Co. 3.75%, 11/15/2023		15,000		16,431

CenterPoint Energy, Inc. 3.85%, 2/1/2024		15,000		16,461

Delmarva Power & Light Co. 3.50%, 11/15/2023		35,000		38,114

Dominion Energy, Inc. 3.07%, 8/15/2024 (c)		10,000		10,847


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Multi-Utilities — continued

DTE Energy Co. Series D, 3.70%, 8/1/2023		18,000		19,553

San Diego Gas & Electric Co. 3.00%, 8/15/2021		21,000		21,525

Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		10,000		10,243


				133,174


Oil, Gas & Consumable Fuels — 1.9%

BP Capital Markets America, Inc. 3.22%, 4/14/2024		21,000		22,707

BP Capital Markets plc (United Kingdom) 2.75%, 5/10/2023		8,000		8,433

3.99%, 9/26/2023		43,000		47,420

Canadian Natural Resources Ltd. (Canada) 3.90%, 2/1/2025		16,000		17,497

Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		12,000		13,848

Chevron Corp. 1.14%, 5/11/2023		6,000		6,124

1.55%, 5/11/2025		35,000		36,431

Ecopetrol SA (Colombia) 5.88%, 9/18/2023		17,000		18,796

4.13%, 1/16/2025		26,000		27,508

Enbridge Energy Partners LP 4.20%, 9/15/2021		15,000		15,439

Energy Transfer Operating LP 4.90%, 2/1/2024		27,000		29,151

2.90%, 5/15/2025		15,000		15,424

Enterprise Products Operating LLC 3.75%, 2/15/2025		20,000		22,357

EOG Resources, Inc. 2.63%, 3/15/2023		25,000		26,280

Equinor ASA (Norway) 2.75%, 11/10/2021		19,000		19,541

3.15%, 1/23/2022		9,000		9,348

7.75%, 6/15/2023		15,000		17,866

2.88%, 4/6/2025		26,000		28,506

Exxon Mobil Corp. 3.18%, 3/15/2024		22,000		23,880

2.02%, 8/16/2024 (e)		15,000		15,824

2.99%, 3/19/2025		25,000		27,482

Kinder Morgan Energy Partners LP 5.00%, 10/1/2021		15,000		15,532

4.15%, 2/1/2024		21,000		23,035

Marathon Petroleum Corp. 4.70%, 5/1/2025		15,000		17,103

MPLX LP 4.88%, 12/1/2024		46,000		51,897

Newfield Exploration Co. 5.75%, 1/30/2022		16,000		16,372

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	33

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Oil, Gas & Consumable Fuels — continued

Noble Energy, Inc. 3.90%, 11/15/2024		15,000		16,667

ONEOK Partners LP 5.00%, 9/15/2023		24,000		26,064

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

Phillips 66 3.85%, 4/9/2025		10,000		11,190

Plains All American Pipeline LP 3.85%, 10/15/2023		15,000		15,898

Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		20,000		23,275

Suncor Energy, Inc. (Canada) 3.10%, 5/15/2025		20,000		21,971

Sunoco Logistics Partners Operations LP 4.25%, 4/1/2024		16,000		16,997

Total Capital International SA (France) 2.88%, 2/17/2022		10,000		10,368

3.75%, 4/10/2024		20,000		22,226

Valero Energy Corp. 2.85%, 4/15/2025		20,000		21,394

Williams Cos., Inc. (The) 3.60%, 3/15/2022		15,000		15,580

3.90%, 1/15/2025		25,000		27,524


				802,956


Paper & Forest Products — 0.1%

Fibria Overseas Finance Ltd. (Brazil) 5.25%, 5/12/2024		5,000		5,448

4.00%, 1/14/2025		15,000		15,757

Georgia-Pacific LLC 8.00%, 1/15/2024		15,000		18,585


				39,790


Personal Products — 0.0% (d)

Estee Lauder Cos., Inc. (The) 2.00%, 12/1/2024		17,000		18,002


Pharmaceuticals — 0.7%

AstraZeneca plc (United Kingdom) 3.50%, 8/17/2023		15,000		16,268

Bristol-Myers Squibb Co. 3.25%, 11/1/2023		15,000		16,335

3.63%, 5/15/2024		20,000		22,105

2.90%, 7/26/2024		16,000		17,425

Eli Lilly and Co. 2.75%, 6/1/2025		15,000		16,491

GlaxoSmithKline Capital plc (United Kingdom) 3.00%, 6/1/2024		18,000		19,555

GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023		10,000		10,609

Johnson & Johnson 2.25%, 3/3/2022		20,000		20,571

2.63%, 1/15/2025		19,000		20,697


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — continued

Merck & Co., Inc. 2.40%, 9/15/2022		6,000		6,228

2.75%, 2/10/2025		35,000		38,200

Mylan, Inc. 4.20%, 11/29/2023		15,000		16,470

Novartis Capital Corp. (Switzerland) 2.40%, 5/17/2022		37,000		38,350

Pfizer, Inc. 3.00%, 9/15/2021		21,000		21,600

3.40%, 5/15/2024		15,000		16,556

Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021		9,000		9,174


				306,634


Road & Rail — 0.2%

Burlington Northern Santa Fe LLC 3.00%, 3/15/2023		15,000		15,937

3.85%, 9/1/2023		4,000		4,372

3.75%, 4/1/2024		8,000		8,856

CSX Corp. 4.25%, 6/1/2021		4,000		4,075

3.40%, 8/1/2024		4,000		4,417

Norfolk Southern Corp. 3.85%, 1/15/2024		13,000		14,280

Ryder System, Inc. 2.50%, 9/1/2022		8,000		8,288

3.75%, 6/9/2023		15,000		16,159

Union Pacific Corp. 2.95%, 3/1/2022		6,000		6,239

4.16%, 7/15/2022		15,000		15,915


				98,538


Semiconductors & Semiconductor Equipment — 0.4%

Analog Devices, Inc. 3.13%, 12/5/2023		6,000		6,469

Broadcom Corp. 3.13%, 1/15/2025		25,000		26,816

Broadcom, Inc. 3.63%, 10/15/2024		12,000		13,160

Intel Corp. 2.35%, 5/11/2022		16,000		16,530

2.70%, 12/15/2022		15,000		15,829

3.40%, 3/25/2025		20,000		22,433

Microchip Technology, Inc. 4.33%, 6/1/2023		5,000		5,393

NXP BV (Netherlands) 4.88%, 3/1/2024 (a)		15,000		16,892

QUALCOMM, Inc. 2.60%, 1/30/2023		30,000		31,515

Texas Instruments, Inc. 1.38%, 3/12/2025		16,000		16,591


				171,628


Software — 0.6%

Adobe, Inc. 1.90%, 2/1/2025		9,000		9,534

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Software — continued

Microsoft Corp. 2.38%, 2/12/2022		58,000		59,694

2.70%, 2/12/2025		25,000		27,288

Oracle Corp. 1.90%, 9/15/2021		30,000		30,469

2.50%, 5/15/2022		10,000		10,330

2.40%, 9/15/2023		39,000		41,195

3.40%, 7/8/2024		16,000		17,583

2.95%, 11/15/2024		25,000		27,285

VMware, Inc. 2.95%, 8/21/2022		15,000		15,648


				239,026


Specialty Retail — 0.2%

Advance Auto Parts, Inc. 4.50%, 1/15/2022		15,000		15,644

AutoZone, Inc. 2.88%, 1/15/2023		10,000		10,468

Home Depot, Inc. (The) 3.25%, 3/1/2022 (e)		15,000		15,672

2.70%, 4/1/2023		15,000		15,828

Lowe’s Cos., Inc. 3.80%, 11/15/2021		6,000		6,193

3.13%, 9/15/2024		8,000		8,746

TJX Cos., Inc. (The) 3.50%, 4/15/2025		25,000		27,899


				100,450


Technology Hardware, Storage & Peripherals — 0.6%

Apple, Inc. 2.50%, 2/9/2022		10,000		10,298

2.10%, 9/12/2022		15,000		15,531

2.85%, 2/23/2023		15,000		15,876

2.40%, 5/3/2023		15,000		15,834

3.45%, 5/6/2024		10,000		11,064

2.85%, 5/11/2024		16,000		17,316

1.80%, 9/11/2024		18,000		18,917

2.75%, 1/13/2025		10,000		10,917

2.50%, 2/9/2025		20,000		21,680

1.13%, 5/11/2025		24,000		24,628

Dell International LLC 4.00%, 7/15/2024 (a)		15,000		16,226

5.85%, 7/15/2025 (a)		16,000		18,773

Hewlett Packard Enterprise Co. 4.40%, 10/15/2022 (c)		3,000		3,215

1.45%, 4/1/2024		16,000		16,192

4.65%, 10/1/2024		15,000		16,961

HP, Inc. 4.05%, 9/15/2022		12,000		12,807

Seagate HDD Cayman 4.88%, 3/1/2024		16,000		17,527


				263,762


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Textiles, Apparel & Luxury Goods — 0.1%

NIKE, Inc. 2.40%, 3/27/2025		20,000		21,568


Tobacco — 0.3%

Altria Group, Inc. 2.85%, 8/9/2022		15,000		15,657

3.80%, 2/14/2024		23,000		25,240

BAT Capital Corp. (United Kingdom) 2.76%, 8/15/2022		22,000		22,868

2.79%, 9/6/2024		15,000		15,970

Philip Morris International, Inc. 2.13%, 5/10/2023		25,000		26,029

1.50%, 5/1/2025		10,000		10,345

Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025		16,000		18,215


				134,324


Trading Companies & Distributors — 0.2%

Air Lease Corp. 2.75%, 1/15/2023		15,000		15,139

3.00%, 9/15/2023		15,000		15,164

2.30%, 2/1/2025		8,000		7,815

Aircastle Ltd. 5.50%, 2/15/2022		15,000		15,321

International Lease Finance Corp. 5.88%, 8/15/2022		31,000		33,511


				86,950


Wireless Telecommunication Services — 0.1%

T-Mobile USA, Inc. 3.50%, 4/15/2025 (a)		30,000		33,169

Vodafone Group plc (United Kingdom)

3.75%, 1/16/2024		20,000		21,931


				55,100


Total Corporate Bonds (Cost $10,409,470)				10,758,338

Mortgage-Backed Securities — 7.4%

FHLMC Gold Pools, 15 Year

Pool # J14776, 3.00%, 3/1/2026		18,526		19,465

Pool # G14783, 3.50%, 10/1/2026		17,336		18,352

Pool # J20134, 3.00%, 8/1/2027		11,204		11,789

Pool # G18452, 2.50%, 12/1/2027		43,326		45,467

Pool # E04178, 2.50%, 2/1/2028		12,033		12,647

Pool # J23906, 2.50%, 5/1/2028		44,400		46,636

Pool # J23582, 3.00%, 5/1/2028		15,659		16,557

Pool # G15724, 4.00%, 1/1/2029		4,029		4,287

Pool # G16577, 4.00%, 1/1/2029		8,794		9,353

Pool # G18511, 2.50%, 5/1/2029		8,524		8,967

Pool # G18512, 3.00%, 5/1/2029		14,236		15,047

Pool # G15164, 3.00%, 9/1/2029		5,951		6,293

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	35

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # G18549, 2.50%, 4/1/2030		35,578		37,456

Pool # G16749, 2.00%, 7/1/2030		11,139		11,593

Pool # G18568, 2.50%, 9/1/2030		16,882		17,773

Pool # J33012, 3.00%, 10/1/2030		34,270		36,486

Pool # G18587, 3.00%, 2/1/2031		18,019		18,995

Pool # G18600, 2.50%, 5/1/2031		12,741		13,406

Pool # G18611, 2.50%, 9/1/2031		22,836		24,029

Pool # J35495, 2.50%, 10/1/2031		35,661		37,854

Pool # G18620, 3.00%, 11/1/2031		13,823		14,573

Pool # G18626, 2.50%, 1/1/2032		74,065		77,936

Pool # G18632, 3.00%, 2/1/2032		14,132		14,898

Pool # J37147, 3.00%, 6/1/2032		11,405		12,177

Pool # G16207, 3.50%, 7/1/2032		11,832		12,851

Pool # J38058, 3.00%, 11/1/2032		37,582		40,364

Pool # J39722, 3.00%, 10/1/2033		12,634		13,435

Pool # G18715, 3.00%, 12/1/2033		12,291		12,913

Pool # G18720, 3.50%, 1/1/2034		8,981		9,479

Pool # G18726, 3.50%, 3/1/2034		7,455		7,880

FHLMC UMBS, 15 Year

Pool # ZK2607, 3.50%, 10/1/2025		4,044		4,284

Pool # ZK7463, 3.50%, 3/1/2027		9,340		9,892

Pool # ZS8020, 3.00%, 9/1/2027		17,538		18,459

Pool # ZS6596, 3.00%, 11/1/2027		8,858		9,339

Pool # ZK5814, 3.00%, 7/1/2028		26,331		27,847

Pool # ZK5986, 3.50%, 9/1/2028		9,207		9,821

Pool # ZK6024, 3.50%, 9/1/2028		19,345		20,636

Pool # ZK6594, 3.00%, 4/1/2029		7,882		8,333

Pool # ZK6827, 3.00%, 8/1/2029		9,709		10,292

Pool # ZS8622, 3.00%, 9/1/2031		24,454		25,776

Pool # ZS8628, 2.00%, 11/1/2031		4,155		4,346

Pool # ZS7938, 2.50%, 1/1/2033		9,792		10,408

Pool # ZS7988, 3.50%, 2/1/2033		16,612		18,001

Pool # ZK9341, 3.00%, 3/1/2033		4,691		5,002

Pool # ZT0716, 3.00%, 10/1/2033		6,925		7,273

Pool # SB0257, 4.00%, 11/1/2033		7,466		7,939

Pool # SB0194, 2.50%, 12/1/2033		11,397		11,976

Pool # ZT1725, 3.50%, 1/1/2034		6,812		7,294

Pool # ZT1799, 3.50%, 3/1/2034		3,976		4,205

Pool # SB8008, 2.50%, 8/1/2034		13,891		14,562

Pool # SB8013, 2.50%, 9/1/2034		8,698		9,118

Pool # SB8010, 2.50%, 10/1/2034		16,822		17,635

Pool # SB8012, 3.50%, 10/1/2034		8,056		8,519

Pool # SB0109, 2.50%, 11/1/2034		44,415		46,924

Pool # SB8015, 2.50%, 11/1/2034		30,513		31,988

Pool # SB8017, 3.50%, 11/1/2034		17,033		18,012

Pool # SB8021, 3.00%, 12/1/2034		12,529		13,145


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # SB0260, 2.50%, 2/1/2035		20,051		21,020

Pool # SB0264, 2.50%, 2/1/2035		24,110		25,567

Pool # SB8036, 3.00%, 3/1/2035		46,786		49,086

Pool # QN2057, 3.00%, 5/1/2035		15,705		16,858

Pool # SB0394, 2.50%, 7/1/2035		17,808		18,706

Pool # SB8062, 2.50%, 9/1/2035		28,000		29,411

FNMA UMBS, 15 Year

Pool # AE0988, 4.00%, 9/1/2025		5,260		5,589

Pool # AL1168, 3.50%, 1/1/2026		5,428		5,751

Pool # AH9695, 4.00%, 4/1/2026		6,628		7,050

Pool # AL4643, 4.00%, 7/1/2026		6,294		6,688

Pool # AJ9357, 3.50%, 1/1/2027		11,493		12,176

Pool # AW7396, 3.50%, 1/1/2027		12,113		12,833

Pool # AK3264, 3.00%, 2/1/2027		12,259		12,878

Pool # AW7395, 3.00%, 2/1/2027		11,009		11,564

Pool # AK5412, 3.00%, 3/1/2027		11,261		11,849

Pool # AL1746, 3.50%, 3/1/2027		6,668		7,064

Pool # AB5095, 3.00%, 5/1/2027		11,082		11,681

Pool # AL2224, 3.50%, 7/1/2027		11,770		12,550

Pool # AQ5118, 2.50%, 11/1/2027		7,948		8,339

Pool # AQ1688, 2.00%, 12/1/2027		8,472		8,814

Pool # MA1277, 2.50%, 12/1/2027		69,082		72,483

Pool # AR1045, 2.50%, 1/1/2028		16,397		17,204

Pool # AL3041, 2.00%, 2/1/2028		11,755		12,230

Pool # AR4180, 2.50%, 2/1/2028		35,526		37,422

Pool # AL3060, 3.00%, 2/1/2028		31,039		32,652

Pool # AT2769, 2.00%, 5/1/2028		15,128		15,743

Pool # BM3954, 2.50%, 12/1/2028		57,994		60,904

Pool # AV8783, 3.00%, 1/1/2029		29,256		30,926

Pool # AV4793, 3.50%, 5/1/2029		9,832		10,487

Pool # AW3641, 3.00%, 6/1/2029 (g)		18,088		19,112

Pool # AW8317, 2.50%, 9/1/2029		9,821		10,328

Pool # AL7205, 3.50%, 12/1/2029		3,836		4,092

Pool # AX7696, 3.00%, 1/1/2030		28,154		29,749

Pool # AS4489, 2.50%, 3/1/2030		3,201		3,379

Pool # AY6338, 2.50%, 3/1/2030		53,542		56,358

Pool # AS4678, 3.00%, 3/1/2030		39,373		41,504

Pool # AS5237, 2.50%, 6/1/2030		11,241		11,832

Pool # AL9852, 3.00%, 9/1/2030		24,879		26,226

Pool # BA6893, 2.50%, 2/1/2031		7,458		7,850

Pool # BC9099, 2.50%, 3/1/2031		11,486		12,090

Pool # BC2482, 3.00%, 3/1/2031		28,598		30,137

Pool # AL9421, 4.00%, 3/1/2031		7,128		7,583

Pool # BM3754, 3.50%, 4/1/2031		4,583		4,887

Pool # FM1336, 3.50%, 6/1/2031		11,536		12,320

Pool # AS7467, 2.50%, 7/1/2031		15,398		16,199

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # AS7606, 2.50%, 7/1/2031		39,924		42,294

Pool # AS7620, 2.50%, 7/1/2031		91,294		96,472

Pool # MA2774, 2.00%, 10/1/2031		2,282		2,387

Pool # BM3174, 3.50%, 5/1/2032		5,971		6,409

Pool # 890822, 3.00%, 12/1/2032		72,234		77,008

Pool # BM3207, 3.00%, 12/1/2032		18,718		19,978

Pool # BM3276, 3.50%, 12/1/2032		17,252		18,482

Pool # CA1089, 3.00%, 2/1/2033		12,929		13,867

Pool # BJ9052, 3.50%, 2/1/2033		7,357		7,988

Pool # FM1309, 2.00%, 3/1/2033		5,065		5,297

Pool # MA3312, 3.00%, 3/1/2033		5,401		5,671

Pool # MA3437, 3.00%, 8/1/2033		12,182		12,793

Pool # FM4036, 2.50%, 12/1/2033		19,000		19,967

Pool # BN3975, 3.00%, 1/1/2034		8,021		8,423

Pool # MA3559, 3.50%, 1/1/2034		5,156		5,441

Pool # MA3588, 3.50%, 2/1/2034		21,239		22,411

Pool # MA3589, 4.00%, 2/1/2034		22,884		24,277

Pool # MA3631, 3.00%, 4/1/2034		26,819		28,137

Pool # CA3440, 3.50%, 4/1/2034		2,979		3,213

Pool # FM1810, 4.00%, 4/1/2034		7,488		8,084

Pool # MA3657, 3.00%, 5/1/2034		15,908		16,689

Pool # FM1071, 3.50%, 5/1/2034		13,004		14,118

Pool # FM1112, 4.00%, 5/1/2034		4,713		5,104

Pool # MA3682, 3.50%, 6/1/2034		4,459		4,715

Pool # FM1111, 4.00%, 6/1/2034		12,179		13,225

Pool # BO0130, 2.50%, 7/1/2034		10,122		10,620

Pool # MA3729, 2.50%, 7/1/2034		16,457		17,249

Pool # MA3695, 3.00%, 7/1/2034		10,432		10,945

Pool # BJ5549, 3.00%, 8/1/2034		5,078		5,338

Pool # MA3797, 2.50%, 10/1/2034		9,176		9,618

Pool # FM1900, 2.50%, 11/1/2034		13,812		14,641

Pool # MA4012, 2.00%, 5/1/2035		38,753		40,345

Pool # MA4013, 2.50%, 5/1/2035		47,944		50,357

Pool # FM3493, 3.50%, 5/1/2035		14,174		15,240

Pool # BP5762, 2.50%, 6/1/2035		59,120		62,095

Pool # MA4074, 2.00%, 7/1/2035		101,623		105,797

Pool # MA4075, Class 177, 2.50%, 7/1/2035		24,619		25,858

Pool # MA4095, 2.00%, 8/1/2035		116,261		121,036

Pool # MA4099, 2.50%, 8/1/2035		55,608		58,406

Pool # MA4122, 1.50%, 9/1/2035		16,000		16,375

Pool # MA4123, 2.00%, 9/1/2035		103,000		107,230

GNMA II, 15 Year

Pool # 796502, 3.00%, 4/20/2022		7,734		8,134

Pool # MA1134, 3.00%, 7/20/2028		12,684		13,321

Pool # MA4559, 3.00%, 7/20/2032		14,421		15,186


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # MA4625, 3.50%, 8/20/2032		10,167		10,756

Pool # MA5791, 3.50%, 3/20/2034		6,649		7,046

Pool # MA6256, 3.50%, 12/20/2034		12,796		13,559


Total Mortgage-Backed Securities (Cost $3,021,932)				3,110,757

Supranational — 3.3%

African Development Bank (Supranational)

1.63%, 9/16/2022		36,000		37,015

3.00%, 9/20/2023		15,000		16,245

Asian Development Bank (Supranational)

2.13%, 11/24/2021		10,000		10,232

1.88%, 2/18/2022		15,000		15,360

0.63%, 4/7/2022		93,000		93,596

1.88%, 8/10/2022		29,000		29,920

1.50%, 10/18/2024		30,000		31,458

0.63%, 4/29/2025		18,000		18,189

Asian Infrastructure Investment Bank (The) (Supranational)

2.25%, 5/16/2024		21,000		22,475

Corp. Andina de Fomento (Supranational)

2.13%, 9/27/2021		15,000		15,202

3.75%, 11/23/2023		22,000		23,810

Council of Europe Development Bank (Supranational)

1.63%, 3/16/2021		12,000		12,091

European Bank for Reconstruction & Development (Supranational)

1.50%, 11/2/2021		32,000		32,469

2.13%, 3/7/2022		43,000		44,222

European Investment Bank (Supranational)

2.25%, 8/15/2022		54,000		56,142

2.50%, 3/15/2023		145,000		153,352

3.25%, 1/29/2024		8,000		8,811

2.25%, 6/24/2024		48,000		51,570

2.50%, 10/15/2024		17,000		18,524

1.63%, 3/14/2025		61,000		64,464

Inter-American Development Bank (Supranational)

1.75%, 4/14/2022		70,000		71,716

1.75%, 9/14/2022		43,000		44,322

2.50%, 1/18/2023		36,000		37,924

0.50%, 5/24/2023		17,000		17,124

0.63%, 7/15/2025		43,000		43,459

International Bank for Reconstruction & Development (Supranational)

1.38%, 9/20/2021		24,000		24,289

2.00%, 1/26/2022		115,000		117,849

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	37

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Supranational — continued

2.13%, 7/1/2022		35,000		36,215

2.50%, 3/19/2024		18,000		19,406

2.50%, 11/25/2024		15,000		16,360

0.75%, 3/11/2025		22,000		22,370

0.63%, 4/22/2025		25,000		25,280

0.38%, 7/28/2025		58,000		57,930

2.50%, 7/29/2025		18,000		19,834

International Finance Corp. (Supranational)

2.88%, 7/31/2023		30,000		32,289

1.38%, 10/16/2024		15,000		15,644

0.38%, 7/16/2025		15,000		14,997


Total Supranational (Cost $1,340,152)				1,372,155

U.S. Government Agency Securities — 3.2%

FFCB 1.63%, 12/27/2021		25,000		25,434

1.55%, 1/28/2022		133,000		135,544

1.85%, 3/3/2022		27,000		27,003

0.73%, 12/3/2024		19,000		19,002

FHLB 1.13%, 7/14/2021		85,000		85,727

2.38%, 9/10/2021		25,000		25,564

2.50%, 3/11/2022		70,000		72,489

2.13%, 6/10/2022		20,000		20,697

2.50%, 2/13/2024		15,000		16,160

1.50%, 8/15/2024		60,000		62,940

FHLMC 2.38%, 1/13/2022		234,000		241,140

0.25%, 6/26/2023		98,000		98,020

1.50%, 2/12/2025		62,000		65,050

0.38%, 7/21/2025		39,000		38,916

FNMA 1.25%, 8/17/2021		35,000		35,371

1.38%, 10/7/2021		34,000		34,458

2.63%, 1/11/2022		50,000		51,687

2.00%, 10/5/2022		35,000		36,325

0.74%, 4/27/2023		15,000		15,014

0.25%, 5/22/2023		12,000		12,009

1.75%, 7/2/2024		15,000		15,828

2.63%, 9/6/2024		15,000		16,407

1.63%, 10/15/2024		40,000		42,117

1.63%, 1/7/2025		40,000		42,171

0.63%, 4/22/2025		40,000		40,388

0.50%, 6/17/2025		32,000		32,119

Israel Government AID Bond (Israel) 5.50%, 4/26/2024		15,000		17,821


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Tennessee Valley Authority 1.88%, 8/15/2022		10,000		10,308

2.88%, 9/15/2024		20,000		21,926


Total U.S. Government Agency Securities (Cost $1,338,374)				1,357,635

Commercial Mortgage-Backed Securities — 2.4%

Benchmark Mortgage Trust Series 2019-B12, Class A2, 3.00%, 8/15/2052		7,000		7,331

CD Mortgage Trust Series 2017-CD6, Class ASB, 3.33%, 11/13/2050		22,000		23,980

CGMS Commercial Mortgage Trust Series 2017-B1, Class AAB, 3.24%, 8/15/2050		16,000		17,358

Citigroup Commercial Mortgage Trust

Series 2013-GC17, Class A4, 4.13%, 11/10/2046		20,000		21,740

Series 2016-C1, Class AAB, 3.00%, 5/10/2049		12,000		12,679

Series 2020-GC46, Class A2, 2.71%, 2/15/2053		20,000		20,826

Commercial Mortgage Trust

Series 2013-CR6, Class A4, 3.10%, 3/10/2046		15,000		15,665

Series 2014-CR16, Class A3, 3.78%, 4/10/2047		24,969		26,859

Series 2014-LC15, Class A4, 4.01%, 4/10/2047		20,000		21,823

Series 2014-UBS4, Class A5, 3.69%, 8/10/2047		50,000		54,456

Series 2013-CR11, Class ASB, 3.66%, 8/10/2050		13,435		13,970

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K016, Class A2, 2.97%, 10/25/2021		27,522		27,899

Series K019, Class A2, 2.27%, 3/25/2022		15,626		15,905

Series K020, Class A2, 2.37%, 5/25/2022		10,000		10,169

Series K720, Class A2, 2.72%, 6/25/2022		15,000		15,380

Series K027, Class A2, 2.64%, 1/25/2023		26,000		27,161

Series K028, Class A2, 3.11%, 2/25/2023		10,000		10,560

Series K044, Class A2, 2.81%, 1/25/2025		16,000		17,387

Series K733, Class A2, 3.75%, 8/25/2025		100,000		112,798

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

Series K737, Class A1, 2.12%, 6/25/2026		59,615		62,382

FNMA ACES

Series 2017-M10, Class AV2, 2.64%, 7/25/2024 (h)		14,000		14,892

Series 2017-M7, Class A1, 2.60%, 12/25/2026		56,494		59,246

GS Mortgage Securities Trust

Series 2013-GC12, Class C, 4.18%, 6/10/2046 ‡ (h)		25,000		22,597

Series 2014-GC18, Class A4, 4.07%, 1/10/2047		30,000		32,662

Series 2014-GC18, Class AS, 4.38%, 1/10/2047		17,000		18,484

J.P. Morgan Chase Commercial Mortgage Securities Trust Series 2013-LC11, Class C, 3.96%, 4/15/2046 ‡ (h)		22,000		17,614

JP Morgan Chase Commercial Mortgage Securities Trust Series 2013-C10, Class AS, 3.37%, 12/15/2047 ‡		20,000		20,879

JPMBB Commercial Mortgage Securities Trust

Series 2013-C17, Class ASB, 3.71%, 1/15/2047		13,804		14,454

Series 2014-C19, Class C, 4.83%, 4/15/2047 ‡ (h)		10,000		9,588

Series 2014-C22, Class AS, 4.11%, 9/15/2047		15,000		16,248

Series 2014-C23, Class C, 4.62%, 9/15/2047 ‡ (h)		20,000		19,945

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2012-C5, Class A4, 3.18%, 8/15/2045		12,000		12,408

Series 2014-C19, Class A3, 3.25%, 12/15/2047		6,385		6,816

Series 2015-C25, Class ASB, 3.38%, 10/15/2048		40,000		42,216

Morgan Stanley Capital I Trust Series 2011-C3, Class A4, 4.12%, 7/15/2049		3,995		4,053

UBS Commercial Mortgage Trust Series 2018-C13, Class A2, 4.21%, 10/15/2051		9,841		10,519

UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class A4, 3.24%, 4/10/2046		23,000		24,177

Wells Fargo Commercial Mortgage Trust

Series 2012-LC5, Class B, 4.14%, 10/15/2045 ‡		14,000		14,536


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (h)		12,000		12,877

Series 2019-C54, Class A2, 3.01%, 12/15/2052		35,000		36,730

WFRBS Commercial Mortgage Trust

Series 2012-C7, Class AS, 4.09%, 6/15/2045 (h)		32,000		33,190

Series 2012-C10, Class A3, 2.88%, 12/15/2045		12,000		12,411

Series 2012-C10, Class B, 3.74%, 12/15/2045 ‡		15,000		13,093

Series 2014-C20, Class A5, 4.00%, 5/15/2047		12,000		13,118


Total Commercial Mortgage-Backed Securities (Cost $1,012,855)				1,019,081

Foreign Government Securities — 1.4%

Canada Government Bond (Canada)

2.63%, 1/25/2022		10,000		10,337

2.00%, 11/15/2022		50,000		51,938

1.63%, 1/22/2025		10,000		10,546

Export Development Canada (Canada)

2.75%, 3/15/2023		25,000		26,554

2.63%, 2/21/2024		20,000		21,615

Hungary Government Bond (Hungary)

5.38%, 2/21/2023		18,000		19,892

5.75%, 11/22/2023		20,000		22,983

Italian Republic Government Bond (Italy)

6.88%, 9/27/2023		36,000		42,008

Oriental Republic of Uruguay (Uruguay)

4.50%, 8/14/2024		7,000		7,717

Province of Alberta (Canada)

2.20%, 7/26/2022		22,000		22,757

1.00%, 5/20/2025		10,000		10,162

Province of British Columbia (Canada)

2.65%, 9/22/2021		16,000		16,404

2.00%, 10/23/2022		15,000		15,551

1.75%, 9/27/2024		24,000		25,293

Province of Ontario (Canada)

2.50%, 9/10/2021		15,000		15,332

2.25%, 5/18/2022		21,000		21,689

2.45%, 6/29/2022		15,000		15,576

3.05%, 1/29/2024		16,000		17,394

3.20%, 5/16/2024		15,000		16,478

Province of Quebec (Canada)

2.63%, 2/13/2023		20,000		21,092

2.50%, 4/9/2024		15,000		16,100

1.50%, 2/11/2025		10,000		10,423

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	39

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Republic of Colombia (Colombia)

8.13%, 5/21/2024		20,000		24,308

Republic of Philippines (Philippines)

9.50%, 10/21/2024		5,000		6,729

10.63%, 3/16/2025		33,000		46,964

Republic of Poland (Poland)

3.00%, 3/17/2023		12,000		12,751

4.00%, 1/22/2024		7,000		7,813

United Mexican States (Mexico)

3.63%, 3/15/2022		24,000		25,145


Total Foreign Government Securities (Cost $542,658)				561,551

Asset-Backed Securities — 0.9%

Ally Auto Receivables Trust Series 2018-3, Class A4, 3.12%, 7/17/2023		10,000		10,337

American Express Credit Account Master Trust Series 2017-7, Class A, 2.35%, 5/15/2025		30,000		31,279

AmeriCredit Automobile Receivables Trust Series 2017-3, Class D, 3.18%, 7/18/2023		15,000		15,459

Capital One Multi-Asset Execution Trust Series 2019-A1, Class A1, 2.84%, 12/15/2024		30,000		31,100

CarMax Auto Owner Trust

Series 2016-3, Class B, 1.90%, 4/15/2022		7,000		7,012

Series 2020-1, Class A3, 1.89%, 12/16/2024		30,000		30,833

Citibank Credit Card Issuance Trust Series 2018-A3, Class A3, 3.29%, 5/23/2025		33,000		35,586

Ford Credit Auto Lease Trust Series 2018-B, Class A3, 3.19%, 12/15/2021		5,235		5,264

Ford Credit Auto Owner Trust

Series 2018-A, Class A3, 3.03%, 11/15/2022		3,211		3,254

Series 2017-A, Class C, 2.41%, 7/15/2023		6,000		6,026

Ford Credit Floorplan Master Owner Trust A

Series 2018-2, Class A, 3.17%, 3/15/2025		15,000		16,004

Series 2019-2, Class A, 3.06%, 4/15/2026		8,000		8,627

GM Financial Automobile Leasing Trust

Series 2018-3, Class A3, 3.18%, 6/21/2021		2,675		2,683

Series 2019-3, Class A3, 2.03%, 6/20/2022		24,000		24,310


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


GM Financial Consumer Automobile Receivables Trust

Series 2018-1, Class A3, 2.32%, 7/18/2022		4,511		4,544

Series 2020-1, Class A3, 1.84%, 9/16/2024		10,000		10,236

Series 2020-2, Class A4, 1.74%, 8/18/2025		22,000		22,890

Hyundai Auto Receivables Trust Series 2018-B, Class A3, 3.20%, 12/15/2022		7,375		7,504

Nissan Auto Lease Trust Series 2019-A, Class A3, 2.76%, 3/15/2022		7,000		7,084

Santander Drive Auto Receivables Trust

Series 2020-1, Class B, 3.03%, 11/15/2024		16,000		16,732

Series 2019-1, Class C, 3.42%, 4/15/2025		10,000		10,270

Synchrony Credit Card Master Note Trust Series 2018-2, Class A, 3.47%, 5/15/2026		15,000		16,069

Toyota Auto Receivables Owner Trust

Series 2018-C, Class A3, 3.02%, 12/15/2022		12,000		12,202

Series 2019-D, Class A3, 1.92%, 1/16/2024		8,000		8,196

Series 2020-A, Class A3, 1.66%, 5/15/2024		26,000		26,610

World Omni Auto Receivables Trust Series 2018-D, Class B, 3.67%, 12/16/2024		15,000		15,955


Total Asset-Backed Securities (Cost $377,944)				386,066

Municipal Bonds — 0.1% (i)

Illinois — 0.0% (d)

State of Illinois, Taxable Pension Series 2003, GO, 4.95%, 6/1/2023		17,727		18,000


New Jersey — 0.1%

New Jersey Economic Development Authority, Cityscape Schools., Inc. Series B, Rev., AGM, Zero Coupon, 2/15/2021		10,000		9,962

New Jersey Economic Development Authority, Pension Funding Series 1997B, Rev., AGM, Zero Coupon, 2/15/2024		31,000		29,762


Total New Jersey				39,724


Total Municipal Bonds (Cost $57,625)				57,724

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	SHARES		Value ($)
Short-Term Investments — 0.7%
Investment Companies — 0.6%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (j) (k) (Cost $269,143)		269,143		269,143

Investment of Cash Collateral from Securities Loaned — 0.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (j) (k)		14,996		15,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (j) (k)		29,450		29,450


Total Investment of Cash Collateral from Securities Loaned (Cost $44,450)				44,450


Total Short-Term Investments (Cost $313,593)				313,593


Total Investments — 99.9% (Cost $40,622,599)				41,929,317

Other Assets Less Liabilities — 0.1%				22,080


NET ASSETS — 100.0%				41,951,397

Percentages indicated are based on net assets.

Abbreviations


ACES		Alternative Credit Enhancement Securities
AGM		Insured by Assured Guaranty Municipal Corp.
FFCB		Federal Farm Credit Bank
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2020.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		The security or a portion of this security is on loan at August 31, 2020. The total value of securities on loan at August 31, 2020 is $43,344.
(f)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(g)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(i)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(j)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)		The rate shown is the current yield as of August 31, 2020.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	41

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 29.4%

Aerospace & Defense — 0.6%

Boeing Co. (The)

3.60%, 5/1/2034		20,000		19,419

3.25%, 2/1/2035		20,000		18,744

Bombardier, Inc. (Canada) 5.75%, 3/15/2022 (a)		10,000		8,925

Howmet Aerospace, Inc. 5.13%, 10/1/2024		142,000		152,313

5.95%, 2/1/2037		14,000		15,831

Lockheed Martin Corp. 4.09%, 9/15/2052		68,000		87,828

Moog, Inc. 4.25%, 12/15/2027 (a)		20,000		20,650

Precision Castparts Corp. 4.38%, 6/15/2045		33,000		41,062

Raytheon Technologies Corp. 3.50%, 3/15/2027 (a)		40,000		45,287

4.13%, 11/16/2028		85,000		101,117

Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (a)		105,000		105,984

TransDigm, Inc. 6.25%, 3/15/2026 (a)		25,000		26,381

Triumph Group, Inc. 6.25%, 9/15/2024 (a)		10,000		8,180

7.75%, 8/15/2025		16,000		9,480


				661,201


Air Freight & Logistics — 0.0% (b)

XPO Logistics, Inc. 6.13%, 9/1/2023 (a)		40,000		40,650


Airlines — 0.1%

Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		29,678		27,776

United Airlines Holdings, Inc. 5.00%, 2/1/2024		20,000		18,050

4.88%, 1/15/2025		16,000		13,720


				59,546


Auto Components — 0.3%

Adient US LLC 7.00%, 5/15/2026 (a)		15,000		16,114

Allison Transmission, Inc. 5.00%, 10/1/2024 (a)		18,000		18,181

American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		73,000		75,281

Cooper-Standard Automotive, Inc. 13.00%, 6/1/2024 (a)		5,000		5,300

5.63%, 11/15/2026 (a)		30,000		16,935

Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (a)		15,000		15,806

Dana, Inc. 5.38%, 11/15/2027		60,000		63,635

Delphi Technologies plc 5.00%, 10/1/2025 (a)		52,000		59,605


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Auto Components — continued

Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		19,000		19,063

Icahn Enterprises LP 6.38%, 12/15/2025		22,000		22,825


				312,745


Automobiles — 0.1%

Ford Motor Co. 8.50%, 4/21/2023		70,000		77,379

9.00%, 4/22/2025		20,000		23,405


				100,784


Banks — 5.0%

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (c)		61,000		62,351

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		239,000		251,878

(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (c)		215,000		234,929

3.88%, 8/1/2025		125,000		142,698

(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (c)		235,000		248,980

(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (c)		40,000		44,962

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (c)		52,000		59,129

(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		20,000		22,665

(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (c)		135,000		155,675

(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (c)		47,000		56,665

(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		100,000		101,717

(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 3/15/2050 (c)		61,000		78,904

Bank of Nova Scotia (The) (Canada) 1.63%, 5/1/2023		26,000		26,767

BNP Paribas SA (France) 3.25%, 3/3/2023		27,000		28,934

Canadian Imperial Bank of Commerce (Canada)

(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (c)		37,000		38,440

3.10%, 4/2/2024		61,000		66,070

CIT Group, Inc. 5.25%, 3/7/2025		24,000		26,160

Citigroup, Inc. 2.75%, 4/25/2022		115,000		119,146

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (c)		160,000		174,158

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Banks — continued

(ICE LIBOR USD 3 Month + 1.19%), 4.07%, 4/23/2029 (c)		93,000		108,146

(SOFR + 1.42%), 2.98%, 11/5/2030 (c)		25,000		27,145

(SOFR + 3.91%), 4.41%, 3/31/2031 (c)		155,000		188,246

(SOFR + 2.11%), 2.57%, 6/3/2031 (c)		60,000		63,403

(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048 (c)		27,000		34,992

Citizens Financial Group, Inc. 2.50%, 2/6/2030		7,000		7,405

Comerica, Inc. 3.70%, 7/31/2023		19,000		20,599

HSBC Holdings plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023 (c)		650,000		675,968

7.63%, 5/17/2032		87,000		120,554

6.10%, 1/14/2042		123,000		180,457

KeyCorp 2.25%, 4/6/2027		33,000		34,899

Mitsubishi UFJ Financial Group, Inc. (Japan) 2.67%, 7/25/2022		53,000		55,097

3.78%, 3/2/2025		35,000		39,348

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		12,000		12,631

Natwest Group plc (United Kingdom) 6.10%, 6/10/2023		19,000		21,130

3.88%, 9/12/2023		200,000		217,018

PNC Financial Services Group, Inc. (The) 2.55%, 1/22/2030		116,000		125,988

Royal Bank of Canada (Canada) 4.65%, 1/27/2026		27,000		31,972

Sumitomo Mitsui Financial Group, Inc. (Japan) 2.85%, 1/11/2022		43,000		44,391

3.75%, 7/19/2023		30,000		32,689

Toronto-Dominion Bank (The) (Canada) 3.25%, 3/11/2024		23,000		25,086

2.65%, 6/12/2024		49,000		52,685

Truist Bank 4.05%, 11/3/2025		31,000		36,079

Truist Financial Corp. 2.85%, 10/26/2024		79,000		86,304

1.95%, 6/5/2030		15,000		15,464

US Bancorp 3.00%, 7/30/2029		54,000		59,732

Wells Fargo & Co. 3.55%, 9/29/2025		49,000		54,851

(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (c)		59,000		61,535

3.00%, 10/23/2026		184,000		203,011

(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		185,000		202,514


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (c)		212,000		237,479

(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031 (c)		105,000		110,140

4.90%, 11/17/2045		25,000		31,778

4.75%, 12/7/2046		15,000		18,915

Westpac Banking Corp. (Australia) 3.65%, 5/15/2023		58,000		62,935

2.85%, 5/13/2026		17,000		18,877


				5,259,691


Beverages — 0.3%

Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046		45,000		55,341

Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		90,000		109,898

4.90%, 1/23/2031		25,000		31,848

Coca-Cola Co. (The) 2.60%, 6/1/2050		25,000		25,332

Keurig Dr Pepper, Inc. 3.40%, 11/15/2025		23,000		25,830

4.60%, 5/25/2028		23,000		27,780

PepsiCo, Inc. 4.25%, 10/22/2044		44,000		56,892


				332,921


Biotechnology — 0.8%

AbbVie, Inc. 2.60%, 11/21/2024 (a)		225,000		241,135

2.95%, 11/21/2026 (a)		85,000		93,485

3.20%, 11/21/2029 (a)		33,000		36,523

4.05%, 11/21/2039 (a)		88,000		102,639

4.63%, 10/1/2042 (a)		55,000		67,394

Amgen, Inc. 2.20%, 2/21/2027		7,000		7,408

2.30%, 2/25/2031		100,000		104,985

3.15%, 2/21/2040		13,000		13,726

Biogen, Inc. 3.15%, 5/1/2050		20,000		20,240

Gilead Sciences, Inc. 2.95%, 3/1/2027		123,000		137,608


				825,143


Building Products — 0.2%

American Woodmark Corp. 4.88%, 3/15/2026 (a)		20,000		20,350

Griffon Corp. 5.75%, 3/1/2028		50,000		53,063

Standard Industries, Inc. 6.00%, 10/15/2025 (a)		32,000		33,001

5.00%, 2/15/2027 (a)		20,000		20,884

Summit Materials LLC 5.13%, 6/1/2025 (a)		25,000		25,250


				152,548

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	43

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Capital Markets — 2.2%

Ameriprise Financial, Inc. 4.00%, 10/15/2023		33,000		36,631

Bank of New York Mellon Corp. (The) 3.50%, 4/28/2023		32,000		34,692

2.10%, 10/24/2024		21,000		22,381

Goldman Sachs Group, Inc. (The)

(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c)		184,000		191,501

3.63%, 2/20/2024		60,000		65,460

3.50%, 4/1/2025		280,000		310,233

(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (c)		130,000		141,601

3.50%, 11/16/2026		111,000		123,791

3.85%, 1/26/2027		73,000		83,123

(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		70,000		79,320

Morgan Stanley 3.75%, 2/25/2023		146,000		157,577

(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		65,000		70,230

(SOFR + 1.15%), 2.72%, 7/22/2025 (c)		180,000		192,538

3.88%, 1/27/2026		76,000		87,243

3.13%, 7/27/2026		130,000		145,056

3.63%, 1/20/2027		65,000		73,839

(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (c)		80,000		90,340

4.38%, 1/22/2047		49,000		65,119

Northern Trust Corp. 3.95%, 10/30/2025		41,000		47,538

S&P Global, Inc. 3.25%, 12/1/2049		50,000		57,795

State Street Corp. 3.10%, 5/15/2023		40,000		42,761

TD Ameritrade Holding Corp. 2.75%, 10/1/2029		28,000		31,404

UBS Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (c)		200,000		221,992


				2,372,165


Chemicals — 0.7%

CF Industries, Inc. 4.95%, 6/1/2043		30,000		35,400

Chemours Co. (The) 6.63%, 5/15/2023		65,000		65,324

7.00%, 5/15/2025		22,000		22,495

CVR Partners LP 9.25%, 6/15/2023 (a)		15,000		14,737

Dow Chemical Co. (The) 3.50%, 10/1/2024		20,000		21,874

Ecolab, Inc. 3.25%, 12/1/2027		31,000		34,927


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Chemicals — continued

NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027 (a)		55,000		53,213

Olin Corp. 5.13%, 9/15/2027		13,000		12,805

Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		375,000		401,228

Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		10,000		10,028

Valvoline, Inc. 4.38%, 8/15/2025		10,000		10,377


				682,408


Commercial Services & Supplies — 0.3%

ACCO Brands Corp. 5.25%, 12/15/2024 (a)		23,000		23,522

ADT Security Corp. (The) 4.13%, 6/15/2023		26,000		27,170

4.88%, 7/15/2032 (a)		20,000		21,400

Aramark Services, Inc. 4.75%, 6/1/2026		25,000		24,855

Brink’s Co. (The) 4.63%, 10/15/2027 (a)		25,000		25,961

GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025 (a)		105,000		105,651

Nielsen Finance LLC 5.00%, 4/15/2022 (a)		25,000		25,024

Prime Security Services Borrower LLC 5.25%, 4/15/2024 (a)		25,000		26,500

5.75%, 4/15/2026 (a)		42,000		46,410


				326,493


Communications Equipment — 0.1%

CommScope, Inc. 6.00%, 3/1/2026 (a)		62,000		65,875

Nokia OYJ (Finland) 4.38%, 6/12/2027		13,000		14,229

Plantronics, Inc. 5.50%, 5/31/2023 (a)		20,000		18,880


				98,984


Construction & Engineering — 0.0% (b)

AECOM 5.13%, 3/15/2027		18,000		19,738


Consumer Finance — 0.4%

Ally Financial, Inc. 5.75%, 11/20/2025		64,000		71,842

8.00%, 11/1/2031		37,000		50,264

Avolon Holdings Funding Ltd. (Ireland) 5.25%, 5/15/2024 (a)		50,000		48,489

Capital One Financial Corp. 3.20%, 1/30/2023		60,000		63,426

Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		8,000		6,600

John Deere Capital Corp. 2.65%, 6/10/2026		74,000		81,993

Navient Corp. 5.88%, 10/25/2024		20,000		20,575

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Consumer Finance — continued

OneMain Finance Corp. 7.13%, 3/15/2026		59,000		67,702


				410,891


Containers & Packaging — 0.4%

Ardagh Packaging Finance plc 5.25%, 4/30/2025 (a)		200,000		212,231

Ball Corp. 5.25%, 7/1/2025		20,000		22,665

Berry Global, Inc. 4.88%, 7/15/2026 (a)		55,000		58,437

Crown Americas LLC 4.25%, 9/30/2026		13,000		13,821

Greif, Inc. 6.50%, 3/1/2027 (a)		25,000		26,625

Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a)		40,000		40,600

Sealed Air Corp. 5.50%, 9/15/2025 (a)		12,000		13,440


				387,819


Distributors — 0.0% (b)

Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		11,000		11,468

Wolverine Escrow LLC 9.00%, 11/15/2026 (a)		20,000		15,400


				26,868


Diversified Consumer Services — 0.0% (b)

Service Corp. International 5.38%, 5/15/2024		12,000		12,220


Diversified Financial Services — 0.4%

AIG Global Funding 1.90%, 10/6/2021 (a)		25,000		25,428

CNG Holdings, Inc. 12.50%, 6/15/2024 (a)		8,000		7,120

MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		3,000		3,046

National Rural Utilities Cooperative Finance Corp. 3.40%, 2/7/2028		46,000		53,491

4.40%, 11/1/2048		46,000		60,741

ORIX Corp. (Japan) 4.05%, 1/16/2024		38,000		41,694

Sabre GLBL, Inc. 9.25%, 4/15/2025 (a)		15,000		16,687

Shell International Finance BV (Netherlands) 3.25%, 5/11/2025		100,000		111,709

3.63%, 8/21/2042		34,000		37,651

3.75%, 9/12/2046		39,000		44,345

3.13%, 11/7/2049		25,000		26,213


				428,125


Diversified Telecommunication Services — 1.1%

AT&T, Inc. 1.65%, 2/1/2028		110,000		111,486


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — continued

2.25%, 2/1/2032		100,000		101,359

3.10%, 2/1/2043		35,000		34,735

4.75%, 5/15/2046		20,000		23,876

CCO Holdings LLC 5.75%, 2/15/2026 (a)		114,000		119,479

5.13%, 5/1/2027 (a)		25,000		26,626

5.88%, 5/1/2027 (a)		30,000		31,537

5.00%, 2/1/2028 (a)		40,000		42,300

4.75%, 3/1/2030 (a)		75,000		80,576

CenturyLink, Inc.

Series T, 5.80%, 3/15/2022		12,000		12,539

5.63%, 4/1/2025		17,000		18,339

5.13%, 12/15/2026 (a)		10,000		10,370

4.00%, 2/15/2027 (a)		15,000		15,242

Series G, 6.88%, 1/15/2028		3,000		3,300

Cincinnati Bell, Inc. 7.00%, 7/15/2024 (a)		20,000		20,675

8.00%, 10/15/2025 (a)		9,000		9,620

Embarq Corp. 8.00%, 6/1/2036		13,000		15,590

Frontier Communications Corp. 6.88%, 1/15/2025 (d)		35,000		13,960

Intelsat Jackson Holdings SA (Luxembourg) 8.00%, 2/15/2024 (a) (d) (e)		15,000		15,300

8.50%, 10/15/2024 (a) (d)		28,000		19,040

Level 3 Financing, Inc. 5.38%, 5/1/2025		20,000		20,598

5.25%, 3/15/2026		54,000		56,300

Qwest Corp. 6.75%, 12/1/2021		25,000		26,497

Sprint Capital Corp. 8.75%, 3/15/2032		45,000		67,970

Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034		24,000		29,160

Verizon Communications, Inc. 4.02%, 12/3/2029		33,000		39,599

3.85%, 11/1/2042		75,000		89,244

4.67%, 3/15/2055		49,000		66,558

Windstream Services LLC 8.63%, 10/31/2025 (a) (d) (e)		15,000		9,085


				1,130,960


Electric Utilities — 1.7%

Alabama Power Co. Series 13-A, 3.55%, 12/1/2023		35,000		38,260

Arizona Public Service Co. 3.15%, 5/15/2025		21,000		23,161

Commonwealth Edison Co. 3.70%, 8/15/2028		100,000		116,571

Connecticut Light and Power Co. (The) 4.00%, 4/1/2048		35,000		44,573

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	45

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Electric Utilities — continued

Duke Energy Carolinas LLC 3.20%, 8/15/2049		32,000		35,997

Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		42,000		46,891

Edison International 5.75%, 6/15/2027		75,000		85,236

Entergy Arkansas LLC 4.00%, 6/1/2028		5,000		5,909

Entergy Louisiana LLC 2.40%, 10/1/2026		44,000		47,989

3.05%, 6/1/2031		125,000		142,638

FirstEnergy Corp. Series B, 3.90%, 7/15/2027		25,000		27,410

Indiana Michigan Power Co.

Series K, 4.55%, 3/15/2046		34,000		43,400

Kentucky Utilities Co. 5.13%, 11/1/2040		45,000		60,824

MidAmerican Energy Co. 3.65%, 4/15/2029		23,000		27,410

Monongahela Power Co. 4.10%, 4/15/2024 (a)		93,000		102,259

NextEra Energy Capital Holdings, Inc. 2.75%, 11/1/2029		50,000		54,612

2.25%, 6/1/2030		86,000		90,082

NRG Energy, Inc. 6.63%, 1/15/2027		59,000		63,142

5.75%, 1/15/2028		35,000		38,062

Ohio Power Co. Series P, 2.60%, 4/1/2030		31,000		33,996

Pacific Gas and Electric Co. 3.75%, 2/15/2024		100,000		105,469

3.30%, 3/15/2027		120,000		122,845

Public Service Electric and Gas Co. 3.00%, 5/15/2027		31,000		34,382

Southern California Edison Co.

Series C, 3.60%, 2/1/2045		35,000		35,963

Series C, 4.13%, 3/1/2048		56,000		61,898

Southwestern Public Service Co. 3.30%, 6/15/2024		29,000		31,470

4.50%, 8/15/2041		46,000		58,207

Tucson Electric Power Co. 3.05%, 3/15/2025		30,000		32,664

4.85%, 12/1/2048		46,000		61,889

Vistra Operations Co. LLC 5.50%, 9/1/2026 (a)		19,000		19,950

5.00%, 7/31/2027 (a)		55,000		58,326

Wisconsin Public Service Corp. 4.75%, 11/1/2044		42,000		54,754


				1,806,239


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electrical Equipment — 0.1%

EnerSys 5.00%, 4/30/2023 (a)		26,000		26,980

Sensata Technologies BV 5.00%, 10/1/2025 (a)		40,000		43,468


				70,448


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

CDW LLC 5.00%, 9/1/2025		12,000		12,435

4.25%, 4/1/2028		30,000		31,350


				43,785


Energy Equipment & Services — 0.1%

Baker Hughes a GE Co. LLC 4.49%, 5/1/2030		20,000		23,413

4.08%, 12/15/2047		10,000		10,534

Nabors Industries, Inc. 5.75%, 2/1/2025		15,000		4,312

Schlumberger Holdings Corp. 3.90%, 5/17/2028 (a)		83,000		90,622

Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		17,160		15,367


				144,248


Entertainment — 0.5%

Cinemark USA, Inc. 4.88%, 6/1/2023		15,000		13,803

Live Nation Entertainment, Inc. 5.63%, 3/15/2026 (a)		2,000		1,970

6.50%, 5/15/2027 (a)		10,000		10,925

4.75%, 10/15/2027 (a)		40,000		37,837

NBCUniversal Media LLC 2.88%, 1/15/2023		88,000		93,173

Netflix, Inc. 4.88%, 4/15/2028		100,000		115,750

5.88%, 11/15/2028		35,000		42,962

4.88%, 6/15/2030 (a)		55,000		63,731

Walt Disney Co. (The) 2.00%, 9/1/2029		29,000		30,152

3.80%, 3/22/2030		50,000		59,233


				469,536


Equity Real Estate Investment Trusts (REITs) — 0.7%

Alexandria Real Estate Equities, Inc. 1.88%, 2/1/2033		30,000		29,656

American Tower Corp. 2.10%, 6/15/2030		125,000		127,571

AvalonBay Communities, Inc. 3.35%, 5/15/2027		18,000		20,169

Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)		24,000		19,560

Crown Castle International Corp. 3.25%, 1/15/2051		25,000		25,815

Duke Realty LP 1.75%, 7/1/2030		30,000		30,074

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Equity Real Estate Investment Trusts (REITs) — continued

ERP Operating LP 3.25%, 8/1/2027		17,000		18,936

ESH Hospitality, Inc. 4.63%, 10/1/2027 (a)		25,000		24,999

GLP Capital LP 4.00%, 1/15/2030		10,000		10,376

Healthpeak Properties, Inc. 3.00%, 1/15/2030		20,000		21,738

MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		12,000		12,960

4.50%, 9/1/2026		35,000		36,750

National Retail Properties, Inc. 3.60%, 12/15/2026		20,000		21,676

Prologis LP 2.13%, 10/15/2050		110,000		100,509

Realty Income Corp. 4.13%, 10/15/2026		27,000		31,320

3.25%, 1/15/2031		5,000		5,556

RHP Hotel Properties LP 4.75%, 10/15/2027		25,000		22,750

Simon Property Group LP 2.75%, 6/1/2023		65,000		67,976

3.50%, 9/1/2025		48,000		52,773

3.25%, 9/13/2049		31,000		28,992

VICI Properties LP 4.25%, 12/1/2026 (a)		30,000		30,675

4.63%, 12/1/2029 (a)		20,000		20,800


				761,631


Food & Staples Retailing — 0.3%

Albertsons Cos., Inc. 6.63%, 6/15/2024		18,000		18,579

5.75%, 3/15/2025		60,000		61,650

4.63%, 1/15/2027 (a)		20,000		21,133

4.88%, 2/15/2030 (a)		20,000		21,500

New Albertsons LP 8.00%, 5/1/2031		10,000		11,500

Sysco Corp. 5.95%, 4/1/2030		90,000		113,471

Walmart, Inc. 3.63%, 12/15/2047		15,000		18,350


				266,183


Food Products — 0.4%

JBS USA LUX SA 5.75%, 6/15/2025 (a)		50,000		51,625

Kraft Heinz Foods Co. 3.00%, 6/1/2026		25,000		26,065

4.63%, 1/30/2029		35,000		39,623

5.00%, 6/4/2042		50,000		55,157

Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (a)		65,000		68,015

Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		35,000		40,692


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Food Products — continued

Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (a)		16,000		16,440

Post Holdings, Inc. 5.50%, 12/15/2029 (a)		25,000		27,405

4.63%, 4/15/2030 (a)		30,000		31,312

Tyson Foods, Inc. 4.35%, 3/1/2029		31,000		37,401


				393,735


Gas Utilities — 0.1%

AmeriGas Partners LP 5.50%, 5/20/2025		23,000		25,243

5.88%, 8/20/2026		10,000		11,332

Atmos Energy Corp. 5.50%, 6/15/2041		29,000		40,944

Boston Gas Co. 3.00%, 8/1/2029 (a)		22,000		24,432

Brooklyn Union Gas Co. (The) 3.87%, 3/4/2029 (a)		10,000		11,658

Southern California Gas Co. Series XX, 2.55%, 2/1/2030		20,000		21,793


				135,402


Health Care Equipment & Supplies — 0.2%

Abbott Laboratories 1.15%, 1/30/2028		10,000		10,114

Becton Dickinson and Co. 3.70%, 6/6/2027		60,000		67,994

Boston Scientific Corp. 4.70%, 3/1/2049		50,000		66,463

Medtronic, Inc. 4.63%, 3/15/2045		38,000		52,167

Teleflex, Inc. 4.63%, 11/15/2027		20,000		21,250


				217,988


Health Care Providers & Services — 1.2%

Centene Corp. 5.25%, 4/1/2025 (a)		24,000		24,900

5.38%, 6/1/2026 (a)		54,000		57,105

4.63%, 12/15/2029		85,000		93,146

Community Health Systems, Inc. 6.25%, 3/31/2023		25,000		25,063

CVS Health Corp.

2.88%, 6/1/2026		10,000		10,887

1.30%, 8/21/2027		140,000		139,119

4.30%, 3/25/2028		10,000		11,773

2.70%, 8/21/2040		30,000		29,213

Encompass Health Corp.

4.50%, 2/1/2028		15,000		15,381

Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		20,000		8,800

HCA, Inc. 5.25%, 6/15/2026		174,000		205,340

5.38%, 9/1/2026		155,000		175,925

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Health Care Providers & Services — continued

5.88%, 2/1/2029		25,000		30,367

3.50%, 9/1/2030		25,000		26,218

MultiCare Health System 2.80%, 8/15/2050		10,000		10,034

New York and Presbyterian Hospital (The) 2.61%, 8/1/2060		5,000		4,890

Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (a) (f)		5,000		5,081

Team Health Holdings, Inc. 6.38%, 2/1/2025 (a)		23,000		15,640

Tenet Healthcare Corp. 4.63%, 9/1/2024 (a)		140,000		143,850

4.88%, 1/1/2026 (a)		20,000		20,800

5.13%, 11/1/2027 (a)		10,000		10,550

UnitedHealth Group, Inc. 3.38%, 4/15/2027		58,000		66,540

2.00%, 5/15/2030		10,000		10,469

2.75%, 5/15/2040		57,000		60,118

4.63%, 11/15/2041		78,000		103,388


				1,304,597


Hotels, Restaurants & Leisure — 0.5%

1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a)		17,000		17,425

Boyne USA, Inc. 7.25%, 5/1/2025 (a)		19,000		20,140

CCM Merger, Inc. 6.00%, 3/15/2022 (a)		10,000		9,950

Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		14,000		12,740

Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		7,000		7,665

Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		79,000		81,570

Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		20,000		20,675

Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		20,000		20,775

MGM Resorts International 5.50%, 4/15/2027		41,000		43,357

Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		26,000		25,724

Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)		30,000		32,466

Starbucks Corp. 3.35%, 3/12/2050		25,000		25,475

Station Casinos LLC 5.00%, 10/1/2025 (a)		25,000		24,703

Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		70,000		74,988

Wyndham Destinations, Inc. 5.40%, 4/1/2024(e)		25,000		25,495


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hotels, Restaurants & Leisure — continued

Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)		25,000		24,750

Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)		15,000		14,625

Yum! Brands, Inc. 7.75%, 4/1/2025 (a)		35,000		39,069


				521,592


Household Durables — 0.3%

Lennar Corp. 4.75%, 11/15/2022 (e)		20,000		21,000

4.75%, 5/30/2025		30,000		32,850

5.25%, 6/1/2026		20,000		22,571

Newell Brands, Inc. 4.70%, 4/1/2026 (e)		55,000		59,541

5.87%, 4/1/2036 (e)		50,000		56,259

Tempur Sealy International, Inc. 5.50%, 6/15/2026		80,000		83,700

Toll Brothers Finance Corp. 4.88%, 11/15/2025		13,000		14,500


				290,421


Household Products — 0.1%

Central Garden & Pet Co. 5.13%, 2/1/2028		20,000		21,200

Energizer Holdings, Inc. 6.38%, 7/15/2026 (a)		30,000		31,800

Kimberly-Clark Corp. 3.20%, 4/25/2029		23,000		26,405

Spectrum Brands, Inc. 5.75%, 7/15/2025		70,000		72,275


				151,680


Independent Power and Renewable Electricity Producers — 0.1%

AES Corp. (The) 5.50%, 4/15/2025		79,000		81,377

Calpine Corp. 5.25%, 6/1/2026 (a)		10,000		10,438

Exelon Generation Co. LLC 3.25%, 6/1/2025		22,000		24,247


				116,062


Industrial Conglomerates — 0.0% (b)

General Electric Co. 4.38%, 9/16/2020		3,000		3,005

4.13%, 10/9/2042		30,000		30,088


				33,093


Insurance — 0.4%

Aflac, Inc. 3.25%, 3/17/2025		12,000		13,392

Allstate Corp. (The) 5.35%, 6/1/2033		12,000		16,507

Athene Global Funding 2.95%, 11/12/2026 (a)		26,000		27,386

Berkshire Hathaway Finance Corp. 4.25%, 1/15/2049		24,000		31,026

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Insurance — continued

Jackson National Life Global Funding 2.50%, 6/27/2022 (a)		36,000		37,299

Lincoln National Corp. 3.35%, 3/9/2025		17,000		18,610

Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		29,000		34,444

MetLife, Inc. 4.13%, 8/13/2042		50,000		61,050

New York Life Global Funding 3.00%, 1/10/2028 (a)		32,000		35,855

Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		19,000		19,994

Principal Financial Group, Inc. 3.70%, 5/15/2029		23,000		26,783

Progressive Corp. (The) 4.35%, 4/25/2044		23,000		29,955

Prudential Financial, Inc. 3.88%, 3/27/2028		27,000		31,928

Travelers Cos., Inc. (The) 5.35%, 11/1/2040		25,000		34,929


				419,158


Interactive Media & Services — 0.0% (b)

Alphabet, Inc. 2.25%, 8/15/2060		20,000		18,996


Internet & Direct Marketing Retail — 0.3%

Amazon.com, Inc. 3.15%, 8/22/2027		124,000		141,965

2.50%, 6/3/2050		47,000		47,276

2.70%, 6/3/2060		30,000		30,626

Expedia Group, Inc. 7.00%, 5/1/2025 (a)		35,000		38,047

Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		13,000		11,948


				269,862


IT Services — 0.2%

Gartner, Inc. 5.13%, 4/1/2025 (a)		50,000		51,985

Global Payments, Inc. 2.90%, 5/15/2030		25,000		26,943

International Business Machines Corp. 5.60%, 11/30/2039		50,000		71,522

Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)		20,000		20,500


				170,950


Leisure Products — 0.1%

Mattel, Inc. 6.75%, 12/31/2025 (a)		53,000		56,246


Life Sciences Tools & Services — 0.1%

Avantor, Inc. 6.00%, 10/1/2024 (a)		20,000		20,950

Thermo Fisher Scientific, Inc. 2.60%, 10/1/2029		50,000		54,153


				75,103


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Machinery — 0.3%

ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (a)		15,000		15,172

Caterpillar, Inc. 4.30%, 5/15/2044		47,000		59,944

Colfax Corp. 6.00%, 2/15/2024 (a)		5,000		5,187

Parker-Hannifin Corp. 3.25%, 3/1/2027		54,000		59,586

Tennant Co. 5.63%, 5/1/2025		10,000		10,387

Vertical US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)		200,000		208,250


				358,526


Media — 1.5%

AMC Networks, Inc. 4.75%, 12/15/2022		20,000		20,050

5.00%, 4/1/2024		12,000		12,225

Charter Communications Operating LLC 4.80%, 3/1/2050		60,000		68,229

Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024		30,000		29,400

5.13%, 8/15/2027 (a)		47,000		47,484

Comcast Corp. 2.35%, 1/15/2027		100,000		107,370

4.25%, 10/15/2030		43,000		53,113

3.90%, 3/1/2038		70,000		83,672

3.25%, 11/1/2039		72,000		79,583

4.75%, 3/1/2044		150,000		197,795

3.40%, 7/15/2046		15,000		16,572

4.00%, 3/1/2048		45,000		54,278

2.45%, 8/15/2052		50,000		47,588

2.65%, 8/15/2062		45,000		43,157

CSC Holdings LLC 5.50%, 4/15/2027 (a)		200,000		213,292

Diamond Sports Group LLC 5.38%, 8/15/2026 (a)		35,000		27,300

DISH DBS Corp. 6.75%, 6/1/2021		20,000		20,500

5.88%, 11/15/2024		66,000		69,760

iHeartCommunications, Inc. 6.38%, 5/1/2026		25,000		26,000

8.38%, 5/1/2027		25,000		25,125

Lamar Media Corp. 5.75%, 2/1/2026		24,000		25,027

3.75%, 2/15/2028 (a)		40,000		39,950

Midcontinent Communications 5.38%, 8/15/2027 (a)		15,000		15,508

Nexstar Broadcasting, Inc. 5.63%, 7/15/2027 (a)		40,000		42,200

Outfront Media Capital LLC 5.00%, 8/15/2027 (a)		21,000		20,626

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Media — continued

Sirius XM Radio, Inc. 5.38%, 7/15/2026 (a)		30,000		31,388

5.00%, 8/1/2027 (a)		55,000		58,337

ViacomCBS, Inc. 4.20%, 5/19/2032		47,000		53,342

(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (c)		18,000		18,669

Videotron Ltd. (Canada) 5.38%, 6/15/2024 (a)		37,000		40,278

5.13%, 4/15/2027 (a)		25,000		26,438


				1,614,256


Metals & Mining — 0.4%

Allegheny Technologies, Inc. 7.88%, 8/15/2023 (e)		30,000		31,521

Arconic Corp. 6.00%, 5/15/2025 (a)		40,000		42,400

6.13%, 2/15/2028 (a)		35,000		36,925

Commercial Metals Co. 4.88%, 5/15/2023		28,000		29,120

Freeport-McMoRan, Inc. 5.45%, 3/15/2043		30,000		33,736

Glencore Funding LLC (Australia) 1.63%, 9/1/2025 (a)		10,000		9,975

2.50%, 9/1/2030 (a)		30,000		29,450

Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		85,000		84,075

Rio Tinto Finance USA Ltd. (Australia) 7.13%, 7/15/2028		36,000		50,954

Steel Dynamics, Inc. 4.13%, 9/15/2025		13,000		13,298

United States Steel Corp. 12.00%, 6/1/2025 (a)		20,000		21,200


				382,654


Multiline Retail — 0.0% (b)

Neiman Marcus Group Ltd. LLC 14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (a) (d) (f)		14,361		3,877


Multi-Utilities — 0.3%

Ameren Corp. 3.50%, 1/15/2031		14,000		16,047

Berkshire Hathaway Energy Co. 3.25%, 4/15/2028		36,000		40,883

5.15%, 11/15/2043		56,000		77,091

3.80%, 7/15/2048		15,000		17,836

Consolidated Edison Co. of New York, Inc.

Series A, 4.13%, 5/15/2049		41,000		50,481

Puget Sound Energy, Inc. 5.76%, 7/15/2040		55,000		74,926


				277,264


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — 2.1%

Antero Resources Corp. 5.13%, 12/1/2022		13,000		11,294

Apache Corp. 3.25%, 4/15/2022		65,000		64,884

Blue Racer Midstream LLC 6.13%, 11/15/2022 (a)		19,000		18,905

BP Capital Markets America, Inc. 3.02%, 1/16/2027		57,000		62,492

4.23%, 11/6/2028		190,000		226,311

3.00%, 2/24/2050		76,000		74,761

2.77%, 11/10/2050		30,000		28,288

BP Capital Markets plc (United Kingdom)

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (c) (g) (h)		85,000		89,250

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (c) (g) (h)		80,000		87,376

Buckeye Partners LP 3.95%, 12/1/2026		10,000		9,911

4.13%, 12/1/2027		15,000		15,000

Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		50,000		50,877

Cheniere Energy Partners LP 5.25%, 10/1/2025		12,000		12,279

5.63%, 10/1/2026		10,000		10,482

Chesapeake Energy Corp. 11.50%, 1/1/2025 (a)(d)		15,000		1,943

Chevron Corp. 2.00%, 5/11/2027		12,000		12,722

2.24%, 5/11/2030		10,000		10,658

2.98%, 5/11/2040		12,000		12,936

Chevron USA, Inc. 2.34%, 8/12/2050		50,000		47,650

Comstock Resources, Inc. 7.50%, 5/15/2025 (a)		20,000		19,847

Continental Resources, Inc. 5.00%, 9/15/2022		80,000		79,940

DCP Midstream Operating LP 5.38%, 7/15/2025		20,000		21,486

EnLink Midstream Partners LP 4.40%, 4/1/2024		8,000		7,400

5.60%, 4/1/2044		9,000		5,940

Enterprise Products Operating LLC 2.80%, 1/31/2030		30,000		32,018

EP Energy LLC 9.38%, 5/1/2024 (a) (d)		10,000		1

8.00%, 11/29/2024 (a) (d)		17,000		17

7.75%, 5/15/2026 (a) (d)		25,000		5,437

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Oil, Gas & Consumable Fuels — continued

EQM Midstream Partners LP 4.00%, 8/1/2024		85,000		85,425

EQT Corp. 7.88%, 2/1/2025 (e)		80,000		91,834

Exxon Mobil Corp. 2.99%, 3/19/2025		14,000		15,372

2.61%, 10/15/2030		36,000		39,103

3.10%, 8/16/2049		35,000		36,582

Gulfport Energy Corp. 6.63%, 5/1/2023		5,000		3,050

6.00%, 10/15/2024		10,000		5,950

Hilcorp Energy I LP 5.00%, 12/1/2024 (a)		26,000		24,635

MEG Energy Corp. (Canada) 6.50%, 1/15/2025 (a)		8,000		8,160

7.13%, 2/1/2027 (a)		5,000		4,784

NGPL PipeCo LLC 4.38%, 8/15/2022 (a)		5,000		5,184

Noble Energy, Inc. 3.85%, 1/15/2028		95,000		107,760

NuStar Logistics LP 5.63%, 4/28/2027		20,000		20,100

Oasis Petroleum, Inc. 6.25%, 5/1/2026 (a)		10,000		1,800

Occidental Petroleum Corp. 2.70%, 8/15/2022		40,000		39,327

Parsley Energy LLC 5.38%, 1/15/2025 (a)		10,000		10,187

5.25%, 8/15/2025 (a)		5,000		5,135

PBF Holding Co. LLC 6.00%, 2/15/2028 (a)		20,000		16,865

Range Resources Corp. 5.00%, 8/15/2022		6,000		6,030

4.88%, 5/15/2025		5,000		4,662

Southwestern Energy Co. 6.45%, 1/23/2025 (e)		10,000		10,045

7.50%, 4/1/2026		15,000		15,075

Spectra Energy Partners LP 4.50%, 3/15/2045		15,000		17,529

Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		46,000		62,472

Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		45,000		43,012

Sunoco LP 5.50%, 2/15/2026		22,000		22,668

Tallgrass Energy Partners LP 5.50%, 9/15/2024 (a)		12,000		11,760

Targa Resources Partners LP 5.13%, 2/1/2025		73,000		74,553

6.88%, 1/15/2029		25,000		27,625

Total Capital International SA (France) 3.46%, 2/19/2029		105,000		120,940

3.46%, 7/12/2049		63,000		69,851

3.13%, 5/29/2050		30,000		31,412


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		57,000		62,190

5.10%, 3/15/2049		40,000		53,134

WPX Energy, Inc. 5.75%, 6/1/2026		85,000		86,781


				2,261,097


Personal Products — 0.1%

Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		15,000		16,012

Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030		50,000		54,904

Prestige Brands, Inc. 6.38%, 3/1/2024 (a)		30,000		30,969


				101,885


Pharmaceuticals — 1.1%

Advanz Pharma Corp. Ltd. (Canada) 8.00%, 9/6/2024		23,000		22,655

AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030		45,000		44,076

2.13%, 8/6/2050		85,000		78,692

Bausch Health Americas, Inc. 9.25%, 4/1/2026 (a)		8,000		8,870

8.50%, 1/31/2027 (a)		8,000		8,800

Bausch Health Cos., Inc. 7.00%, 3/15/2024 (a)		55,000		57,143

5.50%, 11/1/2025 (a)		55,000		56,771

5.75%, 8/15/2027 (a)		30,000		32,221

5.00%, 1/30/2028 (a)		30,000		29,550

Bristol-Myers Squibb Co. 3.40%, 7/26/2029		40,000		46,679

4.13%, 6/15/2039		93,000		118,976

5.00%, 8/15/2045		29,000		41,280

4.25%, 10/26/2049		15,000		19,911

Eli Lilly and Co. 2.25%, 5/15/2050		25,000		23,693

4.15%, 3/15/2059		39,000		51,171

2.50%, 9/15/2060		20,000		18,973

Merck & Co., Inc. 2.45%, 6/24/2050		25,000		24,935

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		10,000		10,675

Pfizer, Inc. 3.60%, 9/15/2028		115,000		135,967

2.63%, 4/1/2030		30,000		33,477

2.70%, 5/28/2050		50,000		51,885

Royalty Pharma plc 1.20%, 9/2/2025 (a)		5,000		4,986

1.75%, 9/2/2027 (a)		5,000		4,986

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Pharmaceuticals — continued

Takeda Pharmaceutical Co. Ltd. (Japan) 3.18%, 7/9/2050		200,000		203,214

Upjohn, Inc. 1.65%, 6/22/2025 (a)		25,000		25,678

2.30%, 6/22/2027 (a)		20,000		20,818


				1,176,082


Professional Services — 0.0% (b)

AMN Healthcare, Inc. 5.13%, 10/1/2024 (a)		35,000		35,612


Road & Rail — 0.2%

Avis Budget Car Rental LLC 5.25%, 3/15/2025 (a)		11,000		10,497

Burlington Northern Santa Fe LLC 4.70%, 9/1/2045		45,000		60,555

3.55%, 2/15/2050		31,000		36,785

CSX Corp. 3.80%, 4/15/2050		25,000		29,884

Norfolk Southern Corp. 3.05%, 5/15/2050		25,000		26,364

Union Pacific Corp. 3.25%, 2/5/2050		25,000		27,390


				191,475


Semiconductors & Semiconductor Equipment — 0.3%

Amkor Technology, Inc. 6.63%, 9/15/2027 (a)		7,000		7,612

Broadcom Corp. 3.88%, 1/15/2027		65,000		72,029

ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		25,000		26,087

Qorvo, Inc. 5.50%, 7/15/2026		95,000		100,781

QUALCOMM, Inc. 1.30%, 5/20/2028 (a)		105,000		105,230

3.25%, 5/20/2050		25,000		28,112


				339,851


Software — 0.5%

CDK Global, Inc. 5.88%, 6/15/2026		80,000		84,030

Microsoft Corp. 3.50%, 2/12/2035		20,000		24,632

3.70%, 8/8/2046		45,000		56,029

2.68%, 6/1/2060		33,000		34,677

Nuance Communications, Inc. 5.63%, 12/15/2026		33,000		34,980

Open Text Corp. (Canada) 5.88%, 6/1/2026 (a)		14,000		14,700

Oracle Corp. 2.65%, 7/15/2026		141,000		154,654

2.95%, 4/1/2030		50,000		55,953

4.38%, 5/15/2055		77,000		96,517


				556,172


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Specialty Retail — 0.4%

Home Depot, Inc. (The) 3.90%, 12/6/2028		68,000		81,428

4.25%, 4/1/2046		71,000		90,689

3.13%, 12/15/2049		25,000		27,371

3.50%, 9/15/2056		20,000		23,694

L Brands, Inc. 5.63%, 10/15/2023		10,000		10,427

6.88%, 11/1/2035		15,000		15,341

Lowe’s Cos., Inc. 4.05%, 5/3/2047		25,000		29,714

Penske Automotive Group, Inc. 5.50%, 5/15/2026		80,000		83,300

PetSmart, Inc. 7.13%, 3/15/2023 (a)		24,000		24,177

Staples, Inc. 7.50%, 4/15/2026 (a)		35,000		31,157

10.75%, 4/15/2027 (a)		23,000		15,985


				433,283


Technology Hardware, Storage & Peripherals — 0.5%

Apple, Inc. 3.35%, 2/9/2027		35,000		40,055

2.20%, 9/11/2029		28,000		30,262

1.65%, 5/11/2030		10,000		10,353

3.85%, 5/4/2043		15,000		18,389

3.45%, 2/9/2045		45,000		52,278

4.38%, 5/13/2045		70,000		91,874

2.40%, 8/20/2050		75,000		74,284

2.55%, 8/20/2060		60,000		58,601

EMC Corp. 3.38%, 6/1/2023		56,000		57,820

Hewlett Packard Enterprise Co. 1.45%, 4/1/2024		20,000		20,257

NCR Corp. 5.75%, 9/1/2027 (a)		50,000		52,500

6.13%, 9/1/2029 (a)		21,000		22,523

Western Digital Corp. 4.75%, 2/15/2026		16,000		17,314

Xerox Corp. 4.12%, 3/15/2023 (e)		13,000		13,344


				559,854


Textiles, Apparel & Luxury Goods — 0.0% (b)

Hanesbrands, Inc. 4.63%, 5/15/2024 (a)		13,000		13,650

4.88%, 5/15/2026 (a)		20,000		21,775


				35,425


Thrifts & Mortgage Finance — 0.0% (b)

Ladder Capital Finance Holdings LLLP

REIT, 5.25%, 10/1/2025 (a)		13,000		12,350

Quicken Loans LLC 5.75%, 5/1/2025 (a)		20,000		20,600


				32,950

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Tobacco — 0.6%

Altria Group, Inc. 3.40%, 5/6/2030		112,000		123,370

3.88%, 9/16/2046		70,000		72,642

BAT Capital Corp. (United Kingdom) 3.56%, 8/15/2027		215,000		235,012

4.39%, 8/15/2037		10,000		10,888

Philip Morris International, Inc. 3.13%, 3/2/2028		29,000		32,455

2.10%, 5/1/2030		100,000		103,630

4.38%, 11/15/2041		10,000		12,236


				590,233


Trading Companies & Distributors — 0.1%

Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		20,000		8,300

Air Lease Corp. 3.38%, 7/1/2025		40,000		40,706

United Rentals North America, Inc. 4.63%, 10/15/2025		77,000		78,732

WESCO Distribution, Inc. 5.38%, 6/15/2024		13,000		13,358


				141,096


Wireless Telecommunication Services — 0.6%

Hughes Satellite Systems Corp. 5.25%, 8/1/2026		45,000		49,275

6.63%, 8/1/2026		15,000		16,987

Sprint Corp. 7.88%, 9/15/2023		8,000		9,305

7.13%, 6/15/2024		30,000		34,866

7.63%, 3/1/2026		25,000		30,746

T-Mobile USA, Inc. 6.38%, 3/1/2025		50,000		51,063

5.13%, 4/15/2025		59,000		60,482

4.75%, 2/1/2028		10,000		10,775

2.05%, 2/15/2028 (a)		60,000		61,457

3.88%, 4/15/2030 (a)		115,000		131,435

2.55%, 2/15/2031 (a)		50,000		52,282

4.38%, 4/15/2040 (a)		50,000		60,133

4.50%, 4/15/2050 (a)		25,000		30,537


				599,343


Total Corporate Bonds (Cost $29,737,080)				31,069,790

Mortgage-Backed Securities — 24.9%

FHLMC Gold Pools, 30 Year Pool # G60855, 4.50%, 12/1/2045		157,841		176,485

FHLMC Gold Pools, Other Pool # N31271, 4.50%, 1/1/2036		24,468		26,305


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


FHLMC UMBS, 30 Year Pool # QA5045, 4.00%, 11/1/2049		154,140		164,267

FNMA UMBS, 20 Year Pool # MA3004, 4.00%, 5/1/2037		832,865		901,126

FNMA UMBS, 30 Year

Pool # AL2374, 4.00%, 12/1/2041		187,029		210,635

Pool # AL4244, 4.00%, 7/1/2042		193,508		220,004

Pool # BM1164, 3.50%, 12/1/2045		229,378		244,430

Pool # MA3073, 4.50%, 7/1/2047		61,906		67,195

Pool # BK4769, 5.00%, 8/1/2048		1,042,701		1,147,931

Pool # BN5013, 5.00%, 1/1/2049		202,628		229,737

Pool # BO1073, 4.50%, 6/1/2049		118,407		127,969

Pool # BO3039, 3.00%, 7/1/2049		274,778		292,394

Pool # BN6475, 4.00%, 7/1/2049		159,309		170,277

Pool # BO2562, 4.00%, 7/1/2049		197,702		211,253

Pool # BO4519, 4.00%, 8/1/2049		17,909		19,134

Pool # BO2203, 3.50%, 9/1/2049		768,871		810,408

FNMA, Other

Pool # AN3099, 2.53%, 10/1/2024		93,923		99,759

Pool # AM8846, 2.68%, 5/1/2025		149,463		161,067

Pool # AN7560, 2.90%, 12/1/2027		190,000		213,569

Pool # AN9917, 3.80%, 7/1/2028		344,997		404,885

Pool # AN8227, 3.13%, 2/1/2030		150,000		172,879

Pool # AN3609, 3.14%, 12/1/2031		125,000		143,057

Pool # BL6367, 1.82%, 4/1/2032		330,000		347,591

Pool # AN9725, 3.76%, 7/1/2033		106,637		127,071

Pool # MA1072, 3.50%, 5/1/2042		23,266		24,849

FNMA/FHLMC UMBS, Single Family, 30 Year

TBA, 2.50%, 9/25/2050 (i)		3,513,365		3,697,954

TBA, 2.00%, 10/25/2050 (i)		12,500,000		12,860,492

TBA, 2.50%, 10/25/2050 (i)		2,336,635		2,454,954

GNMA II, 30 Year

Pool # AJ9020, 4.50%, 10/20/2044		73,019		77,813

Pool # BB3525, 4.00%, 9/20/2047		57,495		61,949

Pool # BM2418, 4.00%, 8/20/2049		49,590		53,914

Pool # BN7049, 4.50%, 8/20/2049		246,133		274,109

Pool # BP7160, 4.50%, 9/20/2049		135,485		150,766


Total Mortgage-Backed Securities (Cost $26,036,555)				26,346,228

U.S. Treasury Obligations — 15.3%

U.S. Treasury Bonds 5.00%, 5/15/2037		192,000		310,155

1.13%, 5/15/2040		29,100		28,568

4.38%, 5/15/2040		370,000		577,778

3.75%, 11/15/2043		668,000		985,561

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

3.00%, 11/15/2045		83,000		110,724

3.00%, 2/15/2047		338,000		454,016

3.38%, 11/15/2048		1,069,000		1,547,043

2.00%, 2/15/2050		1,097,000		1,234,639

U.S. Treasury Notes 0.50%, 3/15/2023		662,000		668,025

2.88%, 11/30/2023		522,000		567,634

2.63%, 12/31/2023		1,785,000		1,929,962

2.13%, 2/29/2024		156,000		166,536

1.13%, 2/28/2025		565,000		587,379

1.50%, 8/15/2026		434,000		462,278

0.50%, 5/31/2027		1,297,000		1,299,331

1.50%, 2/15/2030		594,000		639,107

U.S. Treasury STRIPS Bonds 1.02%, 5/15/2033 (j)		1,467,000		1,281,658

1.03%, 8/15/2039 (j)		744,000		592,064

2.17%, 8/15/2041 (j)		207,000		152,268

2.13%, 11/15/2041 (j)		845,000		634,606

2.40%, 2/15/2042 (j)		718,000		522,654

1.35%, 2/15/2045 (j)		649,000		449,173

3.23%, 8/15/2048 (j)		1,558,000		1,010,921


Total U.S. Treasury Obligations (Cost $15,408,066)				16,212,080

Asset-Backed Securities — 13.9%

American Credit Acceptance Receivables Trust Series 2020-2, Class C, 3.88%, 4/13/2026 (a)		280,000		294,115

American Homes 4 Rent Series 2015-SFR1, Class E, 5.64%, 4/17/2052‡ (a)		150,000		164,929

American Homes 4 Rent Trust

Series 2014-SFR3, Class B, 4.20%, 12/17/2036 (a)		125,000		135,105

Series 2015-SFR2, Class A, 3.73%, 10/17/2052‡ (a)		94,405		102,668

AmeriCredit Automobile Receivables Trust Series 2017-2, Class D, 3.42%, 4/18/2023		250,000		256,273

AMSR Trust

Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)		500,000		508,432

Series 2020-SFR2, Class E2, 4.28%, 7/17/2037‡ (a)		375,000		388,982

Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (a)		350,000		350,139

Aqua Finance Trust Series 2019-A, Class B, 3.47%, 7/16/2040‡ (a)		246,000		253,102


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Avid Automobile Receivables Trust Series 2019-1, Class D, 4.03%, 7/15/2026 (a)		300,000		305,035

B2R Mortgage Trust Series 2016-1, Class B, 3.87%, 6/15/2049 ‡ (a)		100,000		100,846

Carvana Auto Receivables Trust

Series 2020-N1A, Class B, 2.01%, 3/17/2025 (a)		500,000		509,050

Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)		110,000		112,271

CPS Auto Receivables Trust

Series 2015-C, Class D, 4.63%, 8/16/2021 (a)		24,022		24,181

Series 2017-C, Class D, 3.79%, 6/15/2023 (a)		100,000		101,586

Series 2020-B, Class C, 3.30%, 4/15/2026 (a)		400,000		413,501

Credit Acceptance Auto Loan Trust Series 2020-1A, Class C, 2.59%, 6/15/2029 (a)		750,000		749,013

Delta Air Lines Pass-Through Trust

Series 2007-1, Class A, 6.82%, 8/10/2022		733		732

Series 2019-1, Class AA, 3.20%, 4/25/2024		15,000		14,919

Drive Auto Receivables Trust Series 2020-2, Class D, 3.05%, 5/15/2028		750,000		777,846

DT Auto Owner Trust

Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		55,531		55,961

Series 2020-2A, Class D, 4.73%, 3/16/2026 (a)		500,000		538,085

Exeter Automobile Receivables Trust

Series 2020-2A, Class C, 3.28%, 5/15/2025 (a)		250,000		260,330

Series 2020-2A, Class D, 4.73%, 4/15/2026 (a)		400,000		428,386

First Investors Auto Owner Trust

Series 2016-2A, Class D, 3.35%, 11/15/2022 (a)		90,000		91,264

Series 2017-1A, Class D, 3.60%, 4/17/2023 (a)		81,000		82,379

FirstKey Homes Trust Series 2020-SFR1, Class F1, 3.64%, 9/17/2025 (a)		500,000		507,581

Flagship Credit Auto Trust Series 2017-2, Class C, 2.96%, 7/15/2023 (a)		85,000		85,766

FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		598,143		658,099

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Foundation Finance Trust

Series 2020-1A, Class B, 4.62%, 7/16/2040 ‡ (a)		300,000		308,026

Series 2020-1A, Class C, 5.75%, 7/16/2040 ‡ (a)		150,000		150,058

Genesis Private Label Amortizing Trust Series 2020-1, Class B, 2.83%, 7/20/2030 (a)		220,000		221,131

Genesis Sales Finance Master Trust Series 2019-AA, Class A, 4.68%, 8/20/2023 (a)		250,000		251,520

GLS Auto Receivables Trust Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)		150,000		152,702

Hertz Vehicle Financing II LP Series 2019-3A, Class B, 3.03%, 12/26/2025 (a)		101,000		100,398

Hilton Grand Vacations Trust Series 2020-AA, Class C, 6.42%, 2/25/2039‡ (a)		463,343		494,580

Lendmark Funding Trust

Series 2018-2A, Class A, 4.23%, 4/20/2027 (a)		118,000		119,229

Series 2019-2A, Class C, 3.72%, 4/20/2028 ‡ (a)		100,000		92,895

MVW LLC

Series 2020-1A, Class C, 4.21%, 10/20/2037 ‡ (a)		344,361		357,065

Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		162,647		163,415

MVW Owner Trust Series 2019-1A, Class C, 3.33%, 11/20/2036 ‡ (a)		109,896		110,811

Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (a)		115,000		117,813

Pretium Mortgage Credit Partners I LLC Series 2019-CFL1, Class A1, 3.72%, 1/25/2059 ‡ (a) (e)		227,562		226,381

Progress Residential Trust

Series 2017-SFR1, Class A, 2.77%, 8/17/2034 (a)		99,458		101,241

Series 2017-SFR1, Class D, 3.57%, 8/17/2034 ‡ (a)		150,000		152,851

Series 2020-SFR2, Class D, 3.87%, 6/17/2037‡ (a)		750,000		784,594

ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 2.75%, 12/27/2044 (a) (k)		168,100		156,547

Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (a)		164,484		164,646


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Santander Drive Auto Receivables Trust Series 2019-1, Class C, 3.42%, 4/15/2025		90,000		92,436

Santander Revolving Auto Loan Trust Series 2019-A, Class D, 3.45%, 1/26/2032 (a)		150,000		156,175

Small Business Lending Trust Series 2020-A, Class A, 2.62%, 12/15/2026 (a)		257,553		253,222

Tricon American Homes Series 2020-SFR1, Class E, 3.54%, 7/17/2038 ‡ (a)		300,000		311,639

Upstart Securitization Trust Series 2018-1, Class C, 5.00%, 8/20/2025 ‡ (a)		116,024		115,961

US Airways Pass-Through Trust Series 2011-1, Class A, 7.13%, 10/22/2023		17,547		14,511

USASF Receivables LLC Series 2020-1A, Class B, 3.22%, 5/15/2024 (a)		500,000		501,976

Vericrest Opportunity Loan Trust Series 2019-NPL4, Class A1B, 4.15%, 8/25/2049 ‡ (a) (e)		200,000		193,322

VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049 (a) (e)		250,000		241,418

Westgate Resorts LLC Series 2020-1A, Class C, 6.21%, 3/20/2034 ‡ (a)		294,288		304,227


Total Asset-Backed Securities (Cost $14,283,814)				14,681,366

Collateralized Mortgage Obligations — 3.0%

FHLMC, REMIC

Series 2708, Class ZD, 5.50%, 11/15/2033		164,267		188,410

Series 4302, Class PA, 4.00%, 12/15/2043		149,310		165,412

Series 4281, Class BC, 4.50%, 12/15/2043 (k)		194,438		220,138

FNMA, REMIC

Series 2003-7, Class FA, 0.93%, 2/25/2033 (k)		155,991		157,745

Series 2013-108, Class GU, 3.00%, 10/25/2033		545,000		605,722

Series 2005-110, Class TY, 5.50%, 12/25/2035		87,016		102,118

Series 2007-89, Class F, 0.76%, 9/25/2037 (k)		169,687		171,221

Series 2011-112, Class PB, 4.00%, 11/25/2041		200,000		229,829

GNMA

Series 2010-H24, Class FA, 0.51%, 10/20/2060 (k)		100,190		99,864

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued

Series 2014-H03, Class FA, 0.76%, 1/20/2064 (k)		109,424		109,710

Series 2015-H05, Class FC, 0.64%, 2/20/2065 (k)		338,820		338,216

New Residential Mortgage Loan Trust Series 2020-RPL2, Class A1, 3.58%, 8/25/2025 (a) (k)		100,000		100,006

Seasoned Credit Risk Transfer Trust

Series 2018-3, Class MA, 3.50%, 8/25/2057 ‡		122,704		132,161

Series 2019-1, Class MA, 3.50%, 7/25/2058 ‡		230,522		249,046

Series 2019-2, Class MA, 3.50%, 8/25/2058 ‡		247,682		268,214


Total Collateralized Mortgage Obligations (Cost $2,977,156)				3,137,812

Commercial Mortgage-Backed Securities — 2.6%

Bancorp Commercial Mortgage Trust Series 2019-CRE6, Class D, 2.46%, 9/15/2036 ‡ (a) (k)		150,000		136,150

FHLMC, Multi-Family Structured Pass-Through Certificates

Series KJ08, Class A2, 2.36%, 8/25/2022		48,607		49,581

Series K088, Class A2, 3.69%, 1/25/2029		350,000		418,730

FNMA ACES Series 2017-M3, Class A2, 2.57%, 12/25/2026 (k)		350,000		378,535

FREMF Mortgage Trust

Series 2015-K720, Class B, 3.51%, 7/25/2022 (a) (k)		180,000		185,773

Series 2015-K44, Class B, 3.81%, 1/25/2048 (a) (k)		200,000		213,968

Series 2015-K45, Class B, 3.71%, 4/25/2048 (a) (k)		100,000		106,971

Series 2015-K48, Class B, 3.76%, 8/25/2048 (a) (k)		200,000		214,436

Series 2015-K50, Class B, 3.91%, 10/25/2048 (a) (k)		200,000		216,162

Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (k)		175,000		190,786

Series 2016-K52, Class B, 4.06%, 1/25/2049 (a) (k)		250,000		275,366

Series 2016-K53, Class C, 4.16%, 3/25/2049 (a) (k)		50,000		53,076

Series 2017-K729, Class B, 3.80%, 11/25/2049 (a) (k)		300,000		318,013


Total Commercial Mortgage-Backed Securities (Cost $2,572,512)				2,757,547


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 0.0% (b)

Ohio — 0.0% (b)

Ohio State University, General Receipts Rev., 5.59%, 12/1/2114 (Cost $32,791)		25,000		37,199


	SHARES
Preferred Stocks — 0.0% (b)

Internet & Direct Marketing Retail — 0.0% (b)

MYT Holding Co., 10.00%, 6/7/2029 (a) (Cost $3,213)		3,382		3,027

Short-Term Investments — 28.4%

Investment Companies — 28.4%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (l) (m) (Cost $30,087,297)		30,087,297		30,087,297


Total Investments — 117.5% (Cost $121,138,484)				124,332,346

Liabilities in Excess of Other Assets — (17.5)%				(18,502,181)


NET ASSETS — 100.0%				105,830,165

Percentages indicated are based on net assets.

Abbreviations


ACES		Alternative Credit Enhancement Securities
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
OYJ		Public Limited Company
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
Rev.		Revenue
SCA		Limited partnership with share capital
SOFR		Secured Overnight Financing Rate
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA		To Be Announced; Security is subject to delayed delivery
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


(d)		Defaulted security.
(e)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2020.
(f)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(g)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of August 31, 2020.
(h)		Security is an interest bearing note with preferred security characteristics.


(i)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)		The rate shown is the effective yield as of August 31, 2020.
(k)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(l)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(m)		The rate shown is the current yield as of August 31, 2020.
‡		Value determined using significant unobservable inputs.


Futures contracts outstanding as of August 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note		18			12/2020		USD		3,976,875			1,652
U.S. Treasury 5 Year Note		29			12/2020		USD		3,654,000			2,442
U.S. Treasury 10 Year Ultra Note		5			12/2020		USD		795,938			(659	)
U.S. Treasury Long Bond		7			12/2020		USD		1,226,313			(5,703	)
U.S. Treasury Ultra Bond		2			12/2020		USD		438,812			(5,512	)

												(7,780	)

Short Contracts
U.S. Treasury 10 Year Note		(14	)		12/2020		USD		(1,948,188	)		(1,482	)
U.S. Treasury Ultra Bond		(1	)		12/2020		USD		(219,406	)		2,068

												586

												(7,194	)


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 98.8%

Aerospace & Defense — 4.4%

BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (a)		35,000		39,386

Boeing Co. (The) 4.51%, 5/1/2023		150,000		158,408

4.88%, 5/1/2025		149,000		162,080

5.04%, 5/1/2027		141,000		155,147

5.15%, 5/1/2030		102,000		114,206

3.60%, 5/1/2034		127,000		123,313

5.71%, 5/1/2040		35,000		40,580

5.81%, 5/1/2050		20,000		23,892

L3Harris Technologies, Inc. 4.40%, 6/15/2028		34,000		40,546

Leidos, Inc. 4.38%, 5/15/2030 (a)		190,000		222,353

Lockheed Martin Corp. 3.55%, 1/15/2026		34,000		38,809

4.09%, 9/15/2052		109,000		140,783

Northrop Grumman Corp.

3.25%, 1/15/2028		74,000		83,674

4.03%, 10/15/2047		121,000		147,358

Precision Castparts Corp. 3.25%, 6/15/2025		24,000		26,800

Raytheon Technologies Corp.

3.50%, 3/15/2027 (a)		63,000		71,327

3.13%, 5/4/2027		114,000		126,203

4.45%, 11/16/2038		83,000		102,356

3.75%, 11/1/2046		72,000		82,923


				1,900,144


Banks — 16.9%

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(b)		415,000		437,362

(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(b)		114,000		122,034

(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025(b)		30,000		31,785

(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027(b)		122,000		137,134

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028(b)		114,000		129,629

(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(b)		155,000		173,212

(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031(b)		83,000		87,460

(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(b)		124,000		151,067

(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049(b)		20,000		24,421


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (b)		62,000		77,182

Bank of Nova Scotia (The) (Canada) 2.70%, 3/7/2022		83,000		86,219

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(b)		233,000		242,821

(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (b)		52,000		56,566

(SOFR + 2.75%), 3.11%, 4/8/2026(b)		62,000		67,267

3.20%, 10/21/2026		233,000		259,402

(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (b)		60,000		67,741

(SOFR + 1.15%), 2.67%, 1/29/2031 (b)		83,000		88,376

(SOFR + 3.91%), 4.41%, 3/31/2031 (b)		124,000		150,596

(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (b)		71,000		84,297

4.65%, 7/23/2048		62,000		83,025

Citizens Financial Group, Inc. 4.30%, 12/3/2025		128,000		147,253

Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		61,000		64,110

HSBC Holdings plc (United Kingdom) 4.00%, 3/30/2022		135,000		142,283

(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (b)		200,000		227,386

Huntington Bancshares, Inc.

2.30%, 1/14/2022		186,000		190,660

2.63%, 8/6/2024		47,000		50,314

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.67%, 7/25/2022		103,000		107,076

3.76%, 7/26/2023		308,000		335,557

3.68%, 2/22/2027		31,000		35,280

3.96%, 3/2/2028		39,000		45,409

3.74%, 3/7/2029		183,000		210,979

Natwest Group plc (United Kingdom)

6.13%, 12/15/2022		395,000		433,631

6.00%, 12/19/2023		181,000		204,067

5.13%, 5/28/2024		201,000		222,485

PNC Financial Services Group, Inc. (The)

3.90%, 4/29/2024		13,000		14,406

2.60%, 7/23/2026		197,000		216,250

3.15%, 5/19/2027		23,000		25,887

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.78%, 7/12/2022		83,000		86,548

2.63%, 7/14/2026		72,000		78,219

3.36%, 7/12/2027		61,000		68,474

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Banks — continued

US Bancorp Series V, 2.38%, 7/22/2026		105,000		114,989

Wells Fargo & Co.

2.63%, 7/22/2022		248,000		257,986

3.75%, 1/24/2024		114,000		124,544

(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (b)		72,000		75,852

(SOFR + 2.00%), 2.19%, 4/30/2026 (b)		83,000		86,732

3.00%, 10/23/2026		148,000		163,292

4.30%, 7/22/2027		72,000		82,773

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		146,000		163,547

(ICE LIBOR USD 3 Month + 1.17%), 2.88%, 10/30/2030 (b)		162,000		174,143

3.90%, 5/1/2045		93,000		108,954

4.75%, 12/7/2046		52,000		65,572

Westpac Banking Corp. (Australia)

2.75%, 1/11/2023		72,000		75,957

2.85%, 5/13/2026		193,000		214,309

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (b)		83,000		93,690


				7,266,210


Beverages — 2.2%

Anheuser-Busch Cos. LLC (Belgium)

3.65%, 2/1/2026		83,000		93,750

4.70%, 2/1/2036		61,000		72,752

4.90%, 2/1/2046		128,000		157,414

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.00%, 4/13/2028		41,000		47,498

4.90%, 1/23/2031		26,000		33,122

4.60%, 4/15/2048		126,000		149,873

4.44%, 10/6/2048		31,000		35,991

Keurig Dr Pepper, Inc.

4.06%, 5/25/2023		137,000		149,685

3.80%, 5/1/2050		20,000		23,095

PepsiCo, Inc.

2.75%, 3/19/2030		83,000		92,987

3.45%, 10/6/2046		52,000		60,787

3.63%, 3/19/2050		20,000		24,215


				941,169


Biotechnology — 3.0%

AbbVie, Inc.

3.45%, 3/15/2022 (a)		52,000		54,044

2.90%, 11/6/2022		165,000		173,600


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Biotechnology — continued

2.60%, 11/21/2024 (a)		47,000		50,370

3.60%, 5/14/2025		52,000		58,034

2.95%, 11/21/2026 (a)		98,000		107,783

4.25%, 11/14/2028		98,000		116,660

4.05%, 11/21/2039 (a)		129,000		150,459

4.70%, 5/14/2045		52,000		64,855

4.25%, 11/21/2049 (a)		57,000		68,606

Amgen, Inc.

2.20%, 2/21/2027		52,000		55,030

2.45%, 2/21/2030		47,000		50,068

4.40%, 5/1/2045		20,000		24,833

3.38%, 2/21/2050		20,000		21,825

Gilead Sciences, Inc.

3.65%, 3/1/2026		72,000		82,241

4.15%, 3/1/2047		169,000		216,303


				1,294,711


Building Products — 0.1%

Carrier Global Corp. 3.58%, 4/5/2050 (a)		20,000		21,191


Capital Markets — 5.7%

Bank of New York Mellon Corp. (The)

2.20%, 8/16/2023		62,000		65,044

(ICE LIBOR USD 3 Month + 1.07%), 3.44%, 2/7/2028(b)		116,000		134,067

CME Group, Inc. 3.00%, 3/15/2025		85,000		93,136

Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (a) (b)		250,000		271,724

Goldman Sachs Group, Inc. (The)

5.75%, 1/24/2022		210,000		225,411

4.00%, 3/3/2024		194,000		214,934

3.85%, 1/26/2027		75,000		85,401

(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029(b)		107,000		125,692

3.80%, 3/15/2030		124,000		144,441

(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (b)		153,000		180,195

Morgan Stanley

2.75%, 5/19/2022		188,000		195,236

3.70%, 10/23/2024		52,000		58,050

(SOFR + 1.99%), 2.19%, 4/28/2026 (b)		40,000		42,078

3.63%, 1/20/2027		72,000		81,791

(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (b)		165,000		189,513

(SOFR + 1.14%), 2.70%, 1/22/2031 (b)		93,000		100,218

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Capital Markets — continued

(SOFR + 3.12%), 3.62%, 4/1/2031 (b)		62,000		72,002

(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(b)		114,000		136,980

4.30%, 1/27/2045		21,000		27,390


				2,443,303


Chemicals — 1.8%

Dow Chemical Co. (The) 3.50%, 10/1/2024		88,000		96,246

DuPont de Nemours, Inc.

4.21%, 11/15/2023		170,000		187,818

4.73%, 11/15/2028		109,000		133,243

Huntsman International LLC 4.50%, 5/1/2029		62,000		69,229

Nutrien Ltd. (Canada) 4.20%, 4/1/2029		100,000		119,224

Sherwin-Williams Co. (The)

2.75%, 6/1/2022		4,000		4,151

3.45%, 6/1/2027		60,000		68,040

2.95%, 8/15/2029		100,000		109,950


				787,901


Commercial Services & Supplies — 0.1%

Waste Management, Inc. 4.15%, 7/15/2049		32,000		40,176


Consumer Finance — 1.9%

American Express Co. 3.70%, 8/3/2023		62,000		67,531

Capital One Financial Corp.

3.30%, 10/30/2024		142,000		154,670

3.80%, 1/31/2028		124,000		138,483

Discover Financial Services 4.10%, 2/9/2027		129,000		143,608

General Motors Financial Co., Inc. 3.20%, 7/6/2021		159,000		161,656

John Deere Capital Corp.

1.20%, 4/6/2023		21,000		21,462

2.60%, 3/7/2024		103,000		110,398


				797,808


Containers & Packaging — 0.5%

International Paper Co.

4.40%, 8/15/2047		72,000		86,464

4.35%, 8/15/2048		40,000		47,832

WRKCo, Inc. 4.65%, 3/15/2026		56,000		65,866


				200,162


Diversified Consumer Services — 0.1%

University of Chicago (The) Series 20B, 2.76%, 4/1/2045		21,000		22,183


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Consumer Services — continued

William Marsh Rice University 2.60%, 5/15/2050		20,000		20,427


				42,610


Diversified Financial Services — 1.3%

GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		200,000		200,806

ORIX Corp. (Japan) 2.90%, 7/18/2022		10,000		10,396

Shell International Finance BV (Netherlands)

2.38%, 4/6/2025		41,000		44,040

3.25%, 5/11/2025		23,000		25,693

4.13%, 5/11/2035		165,000		204,528

4.38%, 5/11/2045		35,000		43,358

4.00%, 5/10/2046		21,000		24,906

3.25%, 4/6/2050		21,000		22,612


				576,339


Diversified Telecommunication Services — 3.1%

AT&T, Inc.

3.00%, 6/30/2022		154,000		160,750

4.30%, 2/15/2030		142,000		169,642

2.25%, 2/1/2032		130,000		131,766

4.50%, 5/15/2035		100,000		119,540

5.25%, 3/1/2037		67,000		84,371

4.50%, 3/9/2048		193,000		226,053

Verizon Communications, Inc.

3.38%, 2/15/2025		90,000		100,715

4.33%, 9/21/2028		45,000		54,513

4.02%, 12/3/2029		40,000		47,999

4.40%, 11/1/2034		20,000		24,957

4.27%, 1/15/2036		168,000		205,414


				1,325,720


Electric Utilities — 5.7%

Commonwealth Edison Co. 3.00%, 3/1/2050		60,000		64,388

Duke Energy Corp.

3.75%, 4/15/2024		217,000		239,145

2.65%, 9/1/2026		18,000		19,648

3.75%, 9/1/2046		93,000		106,855

Duke Energy Indiana LLC

Series YYY, 3.25%, 10/1/2049		20,000		22,329

2.75%, 4/1/2050		20,000		20,525

Edison International

3.13%, 11/15/2022		57,000		59,350

2.95%, 3/15/2023		155,000		159,572

4.13%, 3/15/2028		26,000		27,136

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Electric Utilities — continued

Emera US Finance LP (Canada) 4.75%, 6/15/2046		101,000		125,218

Entergy Louisiana LLC

4.00%, 3/15/2033		179,000		224,668

2.90%, 3/15/2051		7,000		7,388

Entergy Texas, Inc. 3.55%, 9/30/2049		36,000		40,679

Evergy, Inc.

2.45%, 9/15/2024		103,000		109,291

2.90%, 9/15/2029		78,000		84,354

FirstEnergy Corp.

2.65%, 3/1/2030		24,000		24,677

Series C, 4.85%, 7/15/2047		52,000		63,825

Florida Power & Light Co.

3.95%, 3/1/2048		30,000		38,284

3.15%, 10/1/2049		72,000		81,645

Fortis, Inc. (Canada) 3.06%, 10/4/2026		116,000		126,756

NextEra Energy Capital Holdings, Inc.

1.95%, 9/1/2022		80,000		82,112

3.15%, 4/1/2024		30,000		32,554

2.75%, 11/1/2029		93,000		101,579

Pacific Gas and Electric Co. 4.50%, 7/1/2040		210,000		220,275

PPL Electric Utilities Corp. 3.00%, 10/1/2049		20,000		21,504

Southern California Edison Co.

2.25%, 6/1/2030		10,000		10,163

Series 13-A, 3.90%, 3/15/2043		6,000		6,464

Series C, 3.60%, 2/1/2045		87,000		89,394

4.00%, 4/1/2047		52,000		56,591

3.65%, 2/1/2050		14,000		14,863

Southern Co. (The) 4.40%, 7/1/2046		56,000		66,767

Virginia Electric & Power Co.

Series A, 3.15%, 1/15/2026		17,000		18,947

Series A, 3.50%, 3/15/2027		43,000		48,887

4.60%, 12/1/2048		30,000		41,357


				2,457,190


Electronic Equipment, Instruments & Components — 0.2%

Corning, Inc. 5.45%, 11/15/2079		62,000		77,471


Entertainment — 0.6%

Walt Disney Co. (The)

2.00%, 9/1/2029		50,000		51,987

2.65%, 1/13/2031		40,000		43,280

3.50%, 5/13/2040		80,000		89,913

2.75%, 9/1/2049		60,000		58,834


				244,014


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Equity Real Estate Investment Trusts (REITs) — 3.9%

Alexandria Real Estate Equities, Inc. 2.75%, 12/15/2029		78,000		84,759

American Tower Corp.

3.38%, 10/15/2026		134,000		150,713

3.55%, 7/15/2027		163,000		183,730

3.80%, 8/15/2029		83,000		95,893

3.10%, 6/15/2050		20,000		20,557

Boston Properties LP 4.50%, 12/1/2028		31,000		36,650

Crown Castle International Corp.

3.80%, 2/15/2028		52,000		59,359

3.30%, 7/1/2030		88,000		97,662

2.25%, 1/15/2031		50,000		51,108

Healthpeak Properties, Inc.

4.00%, 6/1/2025		341,000		384,232

2.88%, 1/15/2031		50,000		53,341

Prologis LP 3.75%, 11/1/2025		155,000		177,633

Simon Property Group LP

2.45%, 9/13/2029		62,000		61,988

3.25%, 9/13/2049		40,000		37,410

UDR, Inc. 3.00%, 8/15/2031		20,000		21,934

Welltower, Inc. 3.63%, 3/15/2024		145,000		156,766


				1,673,735


Food & Staples Retailing — 0.7%

Costco Wholesale Corp. 1.60%, 4/20/2030		70,000		71,656

Kroger Co. (The)

4.45%, 2/1/2047		45,000		55,078

3.95%, 1/15/2050		60,000		69,800

Walmart, Inc.

3.70%, 6/26/2028		25,000		29,632

4.05%, 6/29/2048		51,000		65,788


				291,954


Gas Utilities — 0.1%

Atmos Energy Corp. 4.13%, 10/15/2044		31,000		38,382


Health Care Equipment & Supplies — 1.6%

Becton Dickinson and Co.

2.89%, 6/6/2022		303,000		314,561

3.70%, 6/6/2027		50,000		56,662

4.69%, 12/15/2044		57,000		71,814

4.67%, 6/6/2047		41,000		51,495

3.79%, 5/20/2050		21,000		23,580

DH Europe Finance II SARL 3.25%, 11/15/2039		83,000		93,128

Medtronic, Inc. 3.50%, 3/15/2025		52,000		58,513


				669,753

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Health Care Providers & Services — 4.1%

Aetna, Inc.

2.80%, 6/15/2023		222,000		234,071

3.88%, 8/15/2047		40,000		46,437

Anthem, Inc. 4.65%, 8/15/2044		99,000		126,065

Cigna Corp.

3.25%, 4/15/2025		134,000		147,993

2.40%, 3/15/2030		30,000		31,477

4.80%, 8/15/2038		70,000		88,068

CVS Health Corp.

3.70%, 3/9/2023		50,000		53,821

2.63%, 8/15/2024		10,000		10,726

4.30%, 3/25/2028		94,000		110,663

2.70%, 8/21/2040		200,000		194,755

5.05%, 3/25/2048		50,000		64,904

HCA, Inc.

4.50%, 2/15/2027		72,000		82,205

5.25%, 6/15/2049		135,000		168,618

UnitedHealth Group, Inc.

3.75%, 7/15/2025		70,000		80,094

3.50%, 8/15/2039		98,000		113,556

2.75%, 5/15/2040		205,000		216,215


				1,769,668


Hotels, Restaurants & Leisure — 0.7%

McDonald’s Corp. 2.13%, 3/1/2030		15,000		15,586

3.63%, 9/1/2049		114,000		127,205

Starbucks Corp. 3.50%, 11/15/2050		130,000		137,734


				280,525


Industrial Conglomerates — 0.9%

General Electric Co. 2.70%, 10/9/2022		165,000		172,516

6.75%, 3/15/2032		32,000		40,080

5.88%, 1/14/2038		146,000		168,602

4.13%, 10/9/2042		8,000		8,024


				389,222


Insurance — 1.3%

Aflac, Inc. 3.60%, 4/1/2030		40,000		46,834

American International Group, Inc. 3.90%, 4/1/2026		28,000		32,030

4.50%, 7/16/2044		70,000		82,112

Berkshire Hathaway Finance Corp. 4.20%, 8/15/2048		114,000		145,813

4.25%, 1/15/2049		20,000		25,855


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — continued

Marsh & McLennan Cos., Inc. 4.38%, 3/15/2029		30,000		36,488

MetLife, Inc. 4.13%, 8/13/2042		20,000		24,420

New York Life Global Funding 2.88%, 4/10/2024 (a)		62,000		66,957

Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047 (a)		20,000		22,734

Prudential Financial, Inc.

3.91%, 12/7/2047		21,000		23,767

3.70%, 3/13/2051		52,000		57,878


				564,888


Internet & Direct Marketing Retail — 0.7%

Amazon.com, Inc. 3.88%, 8/22/2037		228,000		284,823

4.05%, 8/22/2047		10,000		12,927


				297,750


IT Services — 2.2%

Fidelity National Information Services, Inc. 3.00%, 8/15/2026		197,000		220,244

Global Payments, Inc. 3.20%, 8/15/2029		114,000		124,849

4.15%, 8/15/2049		12,000		14,100

International Business Machines Corp. 3.00%, 5/15/2024		100,000		108,706

3.30%, 5/15/2026		300,000		340,552

Mastercard, Inc. 2.95%, 6/1/2029		35,000		39,604

3.35%, 3/26/2030		10,000		11,728

Visa, Inc. 3.15%, 12/14/2025		72,000		80,955

3.65%, 9/15/2047		20,000		24,530


				965,268


Life Sciences Tools & Services — 0.2%

Thermo Fisher Scientific, Inc. 3.00%, 4/15/2023		72,000		76,450

4.10%, 8/15/2047		23,000		29,376


				105,826


Machinery — 0.6%

Caterpillar, Inc. 3.80%, 8/15/2042		20,000		24,493

Deere & Co. 2.75%, 4/15/2025		20,000		21,885

3.75%, 4/15/2050		88,000		107,971

Otis Worldwide Corp. 2.06%, 4/5/2025 (a)		40,000		42,175

2.57%, 2/15/2030 (a)		40,000		42,676

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Machinery — continued

3.36%, 2/15/2050 (a)		20,000		21,865


				261,065


Media — 4.0%

Charter Communications Operating LLC 4.46%, 7/23/2022		194,000		206,724

2.80%, 4/1/2031		40,000		42,026

6.48%, 10/23/2045		65,000		86,828

4.80%, 3/1/2050		83,000		94,384

3.70%, 4/1/2051		25,000		24,778

Comcast Corp.

3.70%, 4/15/2024		173,000		192,080

3.95%, 10/15/2025		81,000		93,381

3.15%, 3/1/2026		72,000		80,763

4.15%, 10/15/2028		77,000		93,275

3.40%, 4/1/2030		40,000		46,239

3.90%, 3/1/2038		118,000		141,047

4.60%, 10/15/2038		184,000		235,843

4.00%, 11/1/2049		30,000		36,227

3.45%, 2/1/2050		20,000		22,422

2.45%, 8/15/2052		20,000		19,035

Discovery Communications LLC

3.95%, 3/20/2028		60,000		67,871

5.00%, 9/20/2037		30,000		35,351

4.65%, 5/15/2050		97,000		110,794

ViacomCBS, Inc. 4.95%, 5/19/2050		60,000		69,646


				1,698,714


Metals & Mining — 0.7%

Glencore Funding LLC (Australia) 4.13%, 5/30/2023 (a)		103,000		110,789

Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		142,000		168,767


				279,556


Multi-Utilities — 2.1%

Ameren Corp. 2.50%, 9/15/2024		109,000		116,344

Berkshire Hathaway Energy Co.

4.50%, 2/1/2045		83,000		106,068

3.80%, 7/15/2048		60,000		71,345

4.45%, 1/15/2049		31,000		39,837

Dominion Energy, Inc. 3.90%, 10/1/2025		17,000		19,432

NiSource, Inc. 2.95%, 9/1/2029		35,000		38,361

3.60%, 5/1/2030		40,000		46,066

San Diego Gas & Electric Co. Series TTT, 4.10%, 6/15/2049		31,000		37,916


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Multi-Utilities — continued

Sempra Energy

3.25%, 6/15/2027		40,000		44,349

3.80%, 2/1/2038		38,000		43,145

4.00%, 2/1/2048		52,000		60,241

Southern Co. Gas Capital Corp.

2.45%, 10/1/2023		165,000		173,419

Series 20-A, 1.75%, 1/15/2031		120,000		118,820


				915,343


Oil, Gas & Consumable Fuels — 6.1%

BP Capital Markets America, Inc.

4.23%, 11/6/2028		31,000		36,924

3.63%, 4/6/2030		52,000		59,744

3.00%, 2/24/2050		67,000		65,908

BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027		217,000		242,197

Cameron LNG LLC 2.90%, 7/15/2031 (a)		30,000		32,809

3.30%, 1/15/2035 (a)		25,000		28,120

3.70%, 1/15/2039 (a)		5,000		5,581

Chevron Corp. 1.55%, 5/11/2025		83,000		86,349

2.95%, 5/16/2026		72,000		80,142

Columbia Pipeline Group, Inc. 4.50%, 6/1/2025		152,000		176,913

Concho Resources, Inc. 4.30%, 8/15/2028		60,000		67,704

Enbridge, Inc. (Canada) 4.25%, 12/1/2026		63,000		72,811

Energy Transfer Operating LP 4.95%, 6/15/2028		32,000		34,274

Enterprise Products Operating LLC 3.13%, 7/31/2029		21,000		22,914

5.10%, 2/15/2045		44,000		52,455

4.20%, 1/31/2050		36,000		39,165

Exxon Mobil Corp. 2.99%, 3/19/2025		62,000		68,075

2.61%, 10/15/2030		165,000		179,221

3.00%, 8/16/2039		145,000		155,475

4.33%, 3/19/2050		20,000		25,545

Hess Corp. 4.30%, 4/1/2027		52,000		55,339

Kinder Morgan, Inc. 4.30%, 6/1/2025		86,000		97,628

2.00%, 2/15/2031		50,000		48,865

5.55%, 6/1/2045		65,000		80,184

Marathon Petroleum Corp. 4.75%, 9/15/2044		17,000		18,989

MPLX LP 4.25%, 12/1/2027		28,000		31,253

4.00%, 3/15/2028		34,000		37,434

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Oil, Gas & Consumable Fuels — continued

4.50%, 4/15/2038		62,000		65,637

5.50%, 2/15/2049		20,000		23,615

Plains All American Pipeline LP 3.55%, 12/15/2029		60,000		59,718

Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		93,000		108,230

Sunoco Logistics Partners Operations LP 5.40%, 10/1/2047		117,000		114,596

Total Capital International SA (France) 2.43%, 1/10/2025		72,000		77,226

2.83%, 1/10/2030		134,000		148,822

3.46%, 7/12/2049		20,000		22,175

TransCanada PipeLines Ltd. (Canada) 4.63%, 3/1/2034		84,000		100,912


				2,622,949


Pharmaceuticals — 4.1%

AstraZeneca plc (United Kingdom) 4.38%, 11/16/2045		52,000		68,450

Bristol-Myers Squibb Co. 3.40%, 7/26/2029		52,000		60,683

4.35%, 11/15/2047		72,000		95,986

4.25%, 10/26/2049		72,000		95,574

Eli Lilly and Co. 2.25%, 5/15/2050		124,000		117,518

Merck & Co., Inc. 2.75%, 2/10/2025		103,000		112,218

3.40%, 3/7/2029		30,000		35,023

Novartis Capital Corp. (Switzerland) 2.75%, 8/14/2050		20,000		21,145

Pfizer, Inc. 4.00%, 12/15/2036		40,000		49,093

2.55%, 5/28/2040		30,000		31,319

4.40%, 5/15/2044		20,000		26,559

2.70%, 5/28/2050		100,000		103,771

Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021		76,000		77,528

2.88%, 9/23/2023		124,000		132,037

3.20%, 9/23/2026		260,000		291,164

Upjohn, Inc. 1.13%, 6/22/2022 (a)		90,000		90,809

1.65%, 6/22/2025 (a)		25,000		25,678

2.30%, 6/22/2027 (a)		20,000		20,818

2.70%, 6/22/2030 (a)		80,000		83,453

3.85%, 6/22/2040 (a)		20,000		21,672

4.00%, 6/22/2050 (a)		25,000		27,221

Zoetis, Inc. 3.00%, 9/12/2027		83,000		92,584

4.70%, 2/1/2043		40,000		52,803


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — continued

3.00%, 5/15/2050		40,000		43,180


				1,776,286


Road & Rail — 2.5%

Burlington Northern Santa Fe LLC 4.55%, 9/1/2044		25,000		32,969

4.15%, 4/1/2045		73,000		91,998

CSX Corp. 3.25%, 6/1/2027		190,000		214,847

4.25%, 3/15/2029		40,000		48,203

4.10%, 3/15/2044		20,000		24,411

4.30%, 3/1/2048		59,000		74,367

3.80%, 4/15/2050		10,000		11,954

Norfolk Southern Corp.

4.15%, 2/28/2048		134,000		166,530

3.16%, 5/15/2055 (a)		40,000		41,798

Union Pacific Corp.

3.95%, 9/10/2028		122,000		144,961

3.70%, 3/1/2029		72,000		84,232

4.38%, 9/10/2038		42,000		52,090

4.30%, 3/1/2049		52,000		66,870

3.25%, 2/5/2050		26,000		28,486


				1,083,716


Semiconductors & Semiconductor Equipment — 1.9%

Analog Devices, Inc. 3.50%, 12/5/2026		84,000		95,503

Broadcom Corp.

3.63%, 1/15/2024		114,000		123,094

3.88%, 1/15/2027		193,000		213,870

Broadcom, Inc.

3.15%, 11/15/2025		81,000		87,686

4.75%, 4/15/2029		52,000		60,828

Intel Corp.

3.73%, 12/8/2047		30,000		35,583

3.25%, 11/15/2049		100,000		111,313

4.75%, 3/25/2050		20,000		27,419

NXP BV (Netherlands) 4.30%, 6/18/2029 (a)		40,000		46,551

QUALCOMM, Inc. 3.25%, 5/20/2050		20,000		22,489


				824,336


Software — 2.3%

Microsoft Corp.

3.30%, 2/6/2027		30,000		34,321

3.45%, 8/8/2036		72,000		86,415

4.10%, 2/6/2037		72,000		92,673

3.70%, 8/8/2046		141,000		175,558

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Software — continued

2.53%, 6/1/2050		60,000		62,771

Oracle Corp.

2.50%, 4/1/2025		83,000		89,472

3.25%, 11/15/2027		55,000		62,087

2.95%, 4/1/2030		67,000		74,978

3.80%, 11/15/2037		52,000		60,206

3.60%, 4/1/2040		62,000		69,878

4.00%, 7/15/2046		31,000		36,340

3.60%, 4/1/2050		124,000		138,383


				983,082


Specialty Retail — 2.0%

AutoZone, Inc. 1.65%, 1/15/2031		90,000		88,835

Home Depot, Inc. (The)

2.70%, 4/15/2030		62,000		68,650

4.20%, 4/1/2043		30,000		37,588

3.13%, 12/15/2049		47,000		51,457

3.35%, 4/15/2050		20,000		22,754

3.50%, 9/15/2056		20,000		23,694

Lowe’s Cos., Inc.

3.10%, 5/3/2027		40,000		44,543

3.70%, 4/15/2046		83,000		93,715

4.05%, 5/3/2047		40,000		47,542

O’Reilly Automotive, Inc. 3.60%, 9/1/2027		255,000		293,485

TJX Cos., Inc. (The) 3.50%, 4/15/2025		83,000		92,637


				864,900


Technology Hardware, Storage & Peripherals — 2.1%

Apple, Inc.

2.40%, 5/3/2023		80,000		84,443

3.25%, 2/23/2026		64,000		72,309

2.90%, 9/12/2027		73,000		82,089

1.65%, 5/11/2030		40,000		41,412

3.85%, 5/4/2043		20,000		24,519

3.45%, 2/9/2045		83,000		96,424

4.65%, 2/23/2046		121,000		165,617

Dell International LLC

4.42%, 6/15/2021 (a)		52,000		53,347

5.45%, 6/15/2023 (a)		176,000		194,361

6.02%, 6/15/2026 (a)		40,000		47,092

5.30%, 10/1/2029 (a)		40,000		45,620


				907,233


Textiles, Apparel & Luxury Goods — 0.3%

NIKE, Inc.

3.25%, 3/27/2040		30,000		33,664


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Textiles, Apparel & Luxury Goods — continued

3.38%, 3/27/2050		90,000		103,004


				136,668


Thrifts & Mortgage Finance — 0.5%

Nationwide Building Society (United Kingdom) (ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023 (a) (b)		200,000		209,131


Tobacco — 2.2%

Altria Group, Inc.

2.85%, 8/9/2022		103,000		107,518

4.80%, 2/14/2029		114,000		136,336

5.80%, 2/14/2039		52,000		66,040

5.38%, 1/31/2044		83,000		102,580

5.95%, 2/14/2049		20,000		27,028

BAT Capital Corp. (United Kingdom)

4.39%, 8/15/2037		186,000		202,524

4.54%, 8/15/2047		52,000		56,611

Philip Morris International, Inc. 3.88%, 8/21/2042		40,000		45,892

Reynolds American, Inc. (United Kingdom)

4.00%, 6/12/2022		127,000		134,569

4.45%, 6/12/2025		60,000		68,305


				947,403


Trading Companies & Distributors — 1.2%

Air Lease Corp. 3.00%, 9/15/2023		266,000		267,431

2.30%, 2/1/2025		114,000		112,250

3.75%, 6/1/2026		62,000		63,766

3.25%, 10/1/2029		52,000		50,747


				494,194


Water Utilities — 0.2%

American Water Capital Corp.

2.80%, 5/1/2030		47,000		51,439

3.45%, 5/1/2050		40,000		45,362


				96,801


Wireless Telecommunication Services — 2.0%

Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		83,000		95,135

T-Mobile USA, Inc.

3.50%, 4/15/2025 (a)		155,000		171,244

3.75%, 4/15/2027 (a)		93,000		105,175

3.88%, 4/15/2030 (a)		40,000		45,716

4.38%, 4/15/2040 (a)		25,000		30,067

4.50%, 4/15/2050 (a)		67,000		81,839

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Wireless Telecommunication Services — continued

Vodafone Group plc (United Kingdom)

3.75%, 1/16/2024		134,000		146,876

4.38%, 5/30/2028		52,000		62,233

4.25%, 9/17/2050		92,000		106,800

				845,085


Total Corporate Bonds (Cost $38,938,598)				42,409,552

U.S. Treasury Obligations — 0.5%

U.S. Treasury Bonds 2.38%, 11/15/2049 (Cost $188,612)		158,300		192,310

Asset-Backed Securities — 0.1%

Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		26,928		25,034

United Airlines Pass-Through Trust Series 2019-2, Class AA, 2.70%, 5/1/2032		20,000		18,442


Total Asset-Backed Securities (Cost $46,148)				43,476


INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 0.3%
Investment Companies — 0.3%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $147,739)		147,739		147,739

Total Investments — 99.7% (Cost $39,321,097)				42,793,077
Other Assets Less Liabilities — 0.3%				128,918

NET ASSETS — 100.0%				42,921,995

Percentages indicated are based on net assets.


Abbreviations
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(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 August 31, 2020.


Futures contracts outstanding as of August 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts

U.S. Treasury 5 Year Note		2			12/2020		USD		252,000			168

U.S. Treasury Long Bond		16			12/2020		USD		2,803,000			(13,034	)

												(12,866	)

Short Contracts

U.S. Treasury 10 Year Note		(8	)		12/2020		USD		(1,113,250	)		(525	)

U.S. Treasury 10 Year Ultra Note		(9	)		12/2020		USD		(1,432,687	)		1,692

U.S. Treasury Ultra Bond		(3	)		12/2020		USD		(658,219	)		8,267

												9,434

												(3,432	)


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 97.3%

Aerospace & Defense — 1.4%

BWX Technologies, Inc. 5.38%, 7/15/2026 (a)		136,000		142,460

Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (a)		429,000		433,020

TransDigm, Inc. 6.25%, 3/15/2026 (a)		1,892,000		1,996,457

5.50%, 11/15/2027		503,000		491,029


				3,062,966


Air Freight & Logistics — 0.8%

XPO Logistics, Inc. 6.50%, 6/15/2022 (a)		332,000		333,021

6.75%, 8/15/2024 (a)		840,000		893,214

6.25%, 5/1/2025 (a)		535,000		571,112


				1,797,347


Auto Components — 2.2%

Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)		200,000		187,500

Adient US LLC 7.00%, 5/15/2026 (a)		429,000		460,845

Allison Transmission, Inc. 5.00%, 10/1/2024 (a)		166,000		167,665

5.88%, 6/1/2029 (a)		112,000		122,640

American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		440,000		453,750

6.50%, 4/1/2027		349,000		358,598

Clarios Global LP 6.25%, 5/15/2026 (a)		490,000		519,706

8.50%, 5/15/2027 (a)		264,000		280,312

Cooper-Standard Automotive, Inc. 13.00%, 6/1/2024 (a)		173,000		183,380

5.63%, 11/15/2026 (a)		108,000		60,966

Dana, Inc. 5.50%, 12/15/2024		250,000		255,000

5.38%, 11/15/2027		192,000		203,633

5.63%, 6/15/2028		106,000		111,830

Delphi Technologies plc 5.00%, 10/1/2025 (a)		221,000		253,321

Icahn Enterprises LP 4.75%, 9/15/2024		106,000		109,445

6.25%, 5/15/2026		420,000		448,350

5.25%, 5/15/2027		420,000		446,250

Tenneco, Inc. 5.00%, 7/15/2026		140,000		102,550


				4,725,741


Automobiles — 0.3%

Ford Motor Co. 8.50%, 4/21/2023		216,000		238,768

7.45%, 7/16/2031		257,000		299,483


				538,251


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — 0.5%

CIT Group, Inc. 6.13%, 3/9/2028		852,000		1,004,295


Building Products — 1.7%

American Woodmark Corp. 4.88%, 3/15/2026 (a)		35,000		35,613

Builders FirstSource, Inc. 6.75%, 6/1/2027 (a)		431,000		469,790

Griffon Corp. 5.75%, 3/1/2028		349,000		370,376

JELD-WEN, Inc. 4.88%, 12/15/2027 (a)		426,000		443,040

Masonite International Corp. 5.38%, 2/1/2028 (a)		37,000		39,590

PGT Innovations, Inc. 6.75%, 8/1/2026 (a)		108,000		115,290

Standard Industries, Inc. 6.00%, 10/15/2025 (a)		575,000		592,997

5.00%, 2/15/2027 (a)		127,000		132,612

4.75%, 1/15/2028 (a)		683,000		718,858

Summit Materials LLC 6.50%, 3/15/2027 (a)		560,000		597,800


				3,515,966


Capital Markets — 0.9%

LPL Holdings, Inc. 5.75%, 9/15/2025 (a)		502,000		522,080

4.63%, 11/15/2027 (a)		311,000		323,440

MSCI, Inc. 5.38%, 5/15/2027 (a)		356,000		384,379

4.00%, 11/15/2029 (a)		730,000		781,100


				2,010,999


Chemicals — 3.4%

Ashland LLC 4.75%, 8/15/2022(b)		11,000		11,522

Avient Corp. 5.75%, 5/15/2025 (a)		160,000		170,000

Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)		500,000		523,750

Blue Cube Spinco LLC 9.75%, 10/15/2023		112,000		115,595

CF Industries, Inc. 3.45%, 6/1/2023		89,000		92,534

4.95%, 6/1/2043		38,000		44,840

5.38%, 3/15/2044		284,000		352,870

Chemours Co. (The) 6.63%, 5/15/2023		483,000		485,410

7.00%, 5/15/2025		363,000		371,168

5.38%, 5/15/2027		362,000		363,810

CVR Partners LP 9.25%, 6/15/2023 (a)		292,000		286,890

Element Solutions, Inc. 5. 88%, 12/1/2025 (a)		77,000		79,984

Hexion, Inc. 7.88%, 7/15/2027 (a)		401,000		402,002

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Chemicals — continued

INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024 (a)		200,000		202,433

Methanex Corp. (Canada) 5.25%, 12/15/2029		193,000		194,682

OCI NV (Netherlands) 6.63%, 4/15/2023 (a)		271,000		281,162

Olin Corp. 9.50%, 6/1/2025 (a)		158,000		182,885

5.13%, 9/15/2027		60,000		59,100

5.63%, 8/1/2029		200,000		200,000

Rain CII Carbon LLC 7.25%, 4/1/2025 (a)		355,000		350,563

Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		150,000		160,491

Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		451,000		452,263

Tronox, Inc. 6.50%, 5/1/2025 (a)		158,000		169,455

6.50%, 4/15/2026 (a)		609,000		627,064

Valvoline, Inc. 4.38%, 8/15/2025		140,000		145,278

4.25%, 2/15/2030 (a)		66,000		70,043

Venator Finance SARL 9.50%, 7/1/2025 (a)		173,000		181,650

W.R. Grace & Co.-Conn. 4.88%, 6/15/2027 (a)		612,000		641,070


				7,218,514


Commercial Services & Supplies — 2.3%

ACCO Brands Corp. 5.25%, 12/15/2024 (a)		246,000		251,587

ADT Security Corp. (The) 3.50%, 7/15/2022		452,000		463,092

4.13%, 6/15/2023		313,000		327,090

4.88%, 7/15/2032 (a)		200,000		214,000

Allied Universal Holdco LLC 6.63%, 7/15/2026 (a)		522,000		559,845

9.75%, 7/15/2027 (a)		278,000		307,885

Brink’s Co. (The) 4.63%, 10/15/2027 (a)		170,000		176,536

Garda World Security Corp. (Canada) 4.63%, 2/15/2027 (a)		206,000		211,665

9.50%, 11/1/2027 (a)		376,000		407,960

GFL Environmental, Inc. (Canada) 4.25%, 6/1/2025 (a)		431,000		439,081

8.50%, 5/1/2027 (a)		284,000		308,955

Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (a)		15,000		15,263

Nielsen Finance LLC 5.00%, 4/15/2022 (a)		141,000		141,134


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Services & Supplies — continued

Prime Security Services Borrower LLC 5.25%, 4/15/2024 (a)		220,000		233,200

5.75%, 4/15/2026 (a)		688,000		760,240


				4,817,533


Communications Equipment — 1.1%

CommScope Technologies LLC 6.00%, 6/15/2025 (a)		670,000		686,891

5.00%, 3/15/2027 (a)		219,000		217,357

CommScope, Inc. 5.50%, 3/1/2024 (a)		188,000		194,110

6.00%, 3/1/2026 (a)		553,000		587,562

8.25%, 3/1/2027 (a)		532,000		575,885

ViaSat, Inc. 5.63%, 4/15/2027 (a)		18,000		19,080


				2,280,885


Construction & Engineering — 0.5%

AECOM 5.88%, 10/15/2024		562,000		625,928

5.13%, 3/15/2027		333,000		365,151


				991,079


Consumer Finance — 2.8%

Ally Financial, Inc. 5.75%, 11/20/2025		547,000		614,024

Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		127,000		104,775

Ford Motor Credit Co. LLC 5.88%, 8/2/2021		700,000		714,924

5.58%, 3/18/2024		1,100,000		1,172,765

OneMain Finance Corp. 6.13%, 5/15/2022		579,000		607,950

6.13%, 3/15/2024		897,000		972,590

7.13%, 3/15/2026		1,639,000		1,880,744


				6,067,772


Containers & Packaging — 1.9%

Ardagh Packaging Finance plc 5.25%, 4/30/2025 (a)		200,000		212,231

4.13%, 8/15/2026 (a)		200,000		208,640

5.25%, 8/15/2027 (a)		200,000		208,076

Ball Corp. 4.00%, 11/15/2023		68,000		72,250

5.25%, 7/1/2025		326,000		369,446

4.88%, 3/15/2026		78,000		87,360

Berry Global, Inc. 4.88%, 7/15/2026 (a)		537,000		570,562

Graphic Packaging International LLC 4.88%, 11/15/2022		99,000		103,702

4.75%, 7/15/2027 (a)		54,000		59,660

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Containers & Packaging — continued

Greif, Inc. 6.50%, 3/1/2027 (a)		139,000		148,035

LABL Escrow Issuer LLC 6.75%, 7/15/2026 (a)		236,000		253,110

Mauser Packaging Solutions Holding Co.

5.50%, 4/15/2024 (a)		402,000		408,030

7.25%, 4/15/2025 (a)		544,000		528,882

Owens-Brockway Glass Container, Inc. 5.88%, 8/15/2023 (a)		158,000		168,073

6.63%, 5/13/2027 (a)		158,000		173,800

Sealed Air Corp. 4.00%, 12/1/2027 (a)		162,000		172,935

6.88%, 7/15/2033 (a)		150,000		191,136

Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (b)		200,000		210,924


				4,146,852


Distributors — 0.6%

American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)		429,000		441,870

Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		595,000		620,287

Wolverine Escrow LLC 8.50%, 11/15/2024 (a)		181,000		139,370

9.00%, 11/15/2026 (a)		102,000		78,540


				1,280,067


Diversified Consumer Services — 0.1%

Service Corp. International 5.38%, 5/15/2024		66,000		67,208

4.63%, 12/15/2027		30,000		32,325

5.13%, 6/1/2029		135,000		149,562


				249,095


Diversified Financial Services — 0.5%

CNG Holdings, Inc. 12.50%, 6/15/2024 (a)		149,000		132,610

MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		393,000		399,013

Sabre GLBL, Inc. 5.38%, 4/15/2023 (a)		358,000		361,580

9.25%, 4/15/2025 (a)		252,000		280,350


				1,173,553


Diversified Telecommunication Services — 6.1%

Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a)		700,000		802,375

Altice France SA (France) 7.38%, 5/1/2026 (a)		630,000		668,839

5.50%, 1/15/2028 (a)		1,050,000		1,102,500


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — continued

CCO Holdings LLC 5.75%, 2/15/2026 (a)		2,247,000		2,354,991

5.50%, 5/1/2026 (a)		47,000		49,115

5.13%, 5/1/2027 (a)		1,358,000		1,446,297

5.38%, 6/1/2029 (a)		485,000		533,001

4.75%, 3/1/2030 (a)		1,192,000		1,280,625

CenturyLink, Inc.

Series T, 5.80%, 3/15/2022		397,000		414,831

Series Y, 7.50%, 4/1/2024		72,000		81,630

Series U, 7.65%, 3/15/2042		34,000		39,233

Cincinnati Bell, Inc. 7.00%, 7/15/2024 (a)		323,000		333,901

Embarq Corp. 8.00%, 6/1/2036		181,000		217,061

Level 3 Financing, Inc. 4.63%, 9/15/2027 (a)		231,000		241,972

Sprint Capital Corp. 6.88%, 11/15/2028		633,000		809,759

8.75%, 3/15/2032		404,000		610,217

Telecom Italia Capital SA (Italy) 7.72%, 6/4/2038		734,000		1,022,631

Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		251,000		277,094

Virgin Media Secured Finance plc (United Kingdom) 5.50%, 8/15/2026 (a)		200,000		210,750

4.50%, 8/15/2030 (a)		250,000		263,188

Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (a)		127,000		125,571


				12,885,581


Electric Utilities — 1.7%

DPL, Inc. 4.35%, 4/15/2029		98,000		107,387

NextEra Energy Operating Partners LP 4.25%, 7/15/2024 (a)		35,000		37,357

4.50%, 9/15/2027 (a)		252,000		275,310

NRG Energy, Inc. 6.63%, 1/15/2027		459,000		491,222

5.75%, 1/15/2028		299,000		325,162

5.25%, 6/15/2029 (a)		273,000		297,570

PG&E Corp. 5.25%, 7/1/2030		877,000		874,755

Vistra Operations Co. LLC 5.50%, 9/1/2026 (a)		544,000		571,200

5.63%, 2/15/2027 (a)		672,000		710,640


				3,690,603


Electrical Equipment — 0.1%

EnerSys 5.00%, 4/30/2023 (a)		155,000		160,845

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Electrical Equipment — continued

Sensata Technologies BV 4.88%, 10/15/2023 (a)		25,000		26,375

5.00%, 10/1/2025 (a)		28,000		30,428


				217,648


Electronic Equipment, Instruments & Components — 0.8%

CDW LLC 5.50%, 12/1/2024		15,000		16,645

4.13%, 5/1/2025		216,000		225,228

5.00%, 9/1/2025		67,000		69,429

3.25%, 2/15/2029		420,000		428,980

MTS Systems Corp. 5.75%, 8/15/2027 (a)		110,000		111,417

Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)		773,000		815,515


				1,667,214


Energy Equipment & Services — 0.3%

Archrock Partners LP 6.88%, 4/1/2027 (a)		136,000		140,080

6.25%, 4/1/2028 (a)		6,000		6,029

Precision Drilling Corp. (Canada) 5.25%, 11/15/2024		221,000		155,253

7.13%, 1/15/2026 (a)		161,000		109,480

Transocean Guardian Ltd. 5.88%, 1/15/2024 (a)		76,440		61,627

Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)		46,800		41,910

Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		24,700		21,736


				536,115


Entertainment — 2.6%

Cinemark USA, Inc. 4.88%, 6/1/2023		296,000		272,379

8.75%, 5/1/2025 (a)		300,000		321,750

Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (a)		384,000		377,318

6.50%, 5/15/2027 (a)		825,000		901,288

4.75%, 10/15/2027 (a)		450,000		425,671

Netflix, Inc. 5.50%, 2/15/2022		65,000		68,412

5.88%, 2/15/2025		716,000		826,980

5.88%, 11/15/2028		1,567,000		1,923,493

WMG Acquisition Corp. 5.50%, 4/15/2026 (a)		193,000		200,720

3.88%, 7/15/2030 (a)		109,000		114,178


				5,432,189


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Equity Real Estate Investment Trusts (REITs) — 2.9%

Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)		170,000		138,550

CoreCivic, Inc. 4.63%, 5/1/2023		210,000		199,500

ESH Hospitality, Inc. 5.25%, 5/1/2025 (a)		504,000		511,560

4.63%, 10/1/2027 (a)		631,000		630,987

HAT Holdings I LLC 5.25%, 7/15/2024 (a)		66,000		69,115

Iron Mountain, Inc. 4.88%, 9/15/2027 (a)		183,000		189,862

iStar, Inc. 4.75%, 10/1/2024		257,000		255,073

MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		325,000		351,000

5.75%, 2/1/2027		718,000		794,288

RHP Hotel Properties LP 4.75%, 10/15/2027		535,000		486,850

SBA Communications Corp. 3.88%, 2/15/2027 (a)		420,000		435,939

Uniti Group LP 6.00%, 4/15/2023 (a)		457,000		461,684

8.25%, 10/15/2023		265,000		262,350

VICI Properties LP 3.50%, 2/15/2025 (a)		127,000		127,224

4.25%, 12/1/2026 (a)		641,000		655,422

4.63%, 12/1/2029 (a)		541,000		562,640


				6,132,044


Food & Staples Retailing — 1.4%

Albertsons Cos., Inc. 6.63%, 6/15/2024		505,000		521,261

4.63%, 1/15/2027 (a)		853,000		901,314

5.88%, 2/15/2028 (a)		414,000		447,120

4.88%, 2/15/2030 (a)		257,000		276,275

Rite Aid Corp. 7.50%, 7/1/2025 (a)		179,000		179,000

8.00%, 11/15/2026 (a)		523,000		529,537

Safeway, Inc. 7.25%, 2/1/2031		33,000		36,960

US Foods, Inc. 5.88%, 6/15/2024 (a)		76,000		77,140

6.25%, 4/15/2025 (a)		76,000		80,560


				3,049,167


Food Products — 2.5%

B&G Foods, Inc. 5.25%, 4/1/2025		252,000		260,747

5.25%, 9/15/2027		449,000		480,147

Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)		101,000		107,186

Dole Food Co., Inc. 7.25%, 6/15/2025 (a)		90,000		90,000

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Food Products — continued

JBS USA LUX SA 5.75%, 6/15/2025 (a)		384,000		396,480

6.50%, 4/15/2029 (a)		434,000		492,672

5.50%, 1/15/2030 (a)		267,000		296,616

Lamb Weston Holdings, Inc. 4.63%, 11/1/2024 (a)		136,000		141,922

4.88%, 11/1/2026 (a)		127,000		132,890

4.88%, 5/15/2028 (a)		494,000		543,605

Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (a)		252,000		258,930

5.88%, 9/30/2027 (a)		8,000		8,500

Post Holdings, Inc. 5.00%, 8/15/2026 (a)		612,000		635,134

5.75%, 3/1/2027 (a)		489,000		516,506

5.50%, 12/15/2029 (a)		869,000		952,598


				5,313,933


Gas Utilities — 0.5%

AmeriGas Partners LP 5.50%, 5/20/2025		332,000		364,370

5.88%, 8/20/2026		571,000		647,054


				1,011,424


Health Care Equipment & Supplies — 0.2%

Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a)		84,000		87,827

Hologic, Inc. 4.38%, 10/15/2025 (a)		151,000		154,118

4.63%, 2/1/2028 (a)		59,000		62,642

Teleflex, Inc. 4.63%, 11/15/2027		168,000		178,500


				483,087


Health Care Providers & Services — 6.6%

Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		461,000		466,763

Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (a)		89,000		87,795

Centene Corp. 5.25%, 4/1/2025 (a)		318,000		329,925

5.38%, 6/1/2026 (a)		1,248,000		1,319,760

5.38%, 8/15/2026 (a)		342,000		362,093

4.25%, 12/15/2027		818,000		858,900

4.63%, 12/15/2029		826,000		905,164

3.38%, 2/15/2030		150,000		156,000

Community Health Systems, Inc. 6.25%, 3/31/2023		221,000		221,552

8.00%, 3/15/2026 (a)		567,000		587,554

DaVita, Inc. 4.63%, 6/1/2030 (a)		952,000		1,000,790


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Providers & Services — continued

Encompass Health Corp. 4.50%, 2/1/2028		689,000		706,480

4.75%, 2/1/2030		181,000		188,839

Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		267,000		117,480

HCA, Inc. 5.38%, 2/1/2025		910,000		1,024,796

5.38%, 9/1/2026		200,000		227,000

5.63%, 9/1/2028		1,107,000		1,316,572

5.88%, 2/1/2029		385,000		467,650

MEDNAX, Inc. 6.25%, 1/15/2027 (a)		46,000		48,760

Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (a) (c)		45,000		45,731

RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a)		135,000		146,298

Select Medical Corp. 6.25%, 8/15/2026 (a)		316,000		339,469

Tenet Healthcare Corp. 6.75%, 6/15/2023		236,000		251,340

4.88%, 1/1/2026 (a)		463,000		481,520

6.25%, 2/1/2027 (a)		541,000		568,050

5.13%, 11/1/2027 (a)		1,485,000		1,566,675

6.88%, 11/15/2031		222,000		220,890

US Renal Care, Inc. 10.63%, 7/15/2027 (a)		83,000		89,640


				14,103,486


Health Care Technology — 0.3%

IQVIA, Inc. 5.00%, 5/15/2027 (a)		591,000		622,090


Hotels, Restaurants & Leisure — 8.4%

1011778 BC ULC (Canada) 4.25%, 5/15/2024 (a)		920,000		937,250

5.00%, 10/15/2025 (a)		667,000		684,949

3.88%, 1/15/2028 (a)		419,000		429,475

Boyd Gaming Corp. 6.38%, 4/1/2026		322,000		335,688

4.75%, 12/1/2027		613,000		610,701

Boyne USA, Inc. 7.25%, 5/1/2025 (a)		112,000		118,720

Caesars Resort Collection LLC 5.25%, 10/15/2025 (a)		505,000		483,472

Carnival Corp. 11.50%, 4/1/2023 (a)		1,014,000		1,131,158

10.50%, 2/1/2026 (a)		300,000		315,000

Cedar Fair LP 5.50%, 5/1/2025 (a)		492,000		507,990

5.25%, 7/15/2029		113,000		109,511

Churchill Downs, Inc. 5.50%, 4/1/2027 (a)		333,000		349,650

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	71

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Hotels, Restaurants & Leisure — continued

Colt Merger Sub, Inc. 5.75%, 7/1/2025 (a)		325,000		340,437

Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a)		124,000		105,400

Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		112,000		122,640

Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024 (a)		70,000		58,800

Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		707,000		729,999

4.88%, 1/15/2030		341,000		351,230

Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		73,000		75,464

Hilton Worldwide Finance LLC 4.63%, 4/1/2025		214,000		216,140

4.88%, 4/1/2027		415,000		425,375

International Game Technology plc 6.50%, 2/15/2025 (a)		600,000		652,500

5.25%, 1/15/2029 (a)		400,000		410,000

IRB Holding Corp. 7.00%, 6/15/2025 (a)		394,000		420,595

6.75%, 2/15/2026 (a)		122,000		123,982

KFC Holding Co. 5.00%, 6/1/2024 (a)		141,000		145,481

5.25%, 6/1/2026 (a)		758,000		786,425

4.75%, 6/1/2027 (a)		60,000		63,000

Marriott Ownership Resorts, Inc. 6.13%, 9/15/2025 (a)		173,000		183,812

6.50%, 9/15/2026		174,000		180,743

4.75%, 1/15/2028		89,000		83,924

MGM Resorts International 6.00%, 3/15/2023		342,000		360,810

5.50%, 4/15/2027		949,000		1,003,567

Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (a)		543,000		629,831

Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		862,000		852,846

Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a)		173,000		168,675

Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)		343,000		371,195

Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		303,000		322,998

Station Casinos LLC 4.50%, 2/15/2028 (a)		140,000		133,084

Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		140,000		149,975

Wyndham Destinations, Inc. 4.25%, 3/1/2022		60,000		60,583


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Hotels, Restaurants & Leisure — continued

6.35%, 10/1/2025(b)		35,000		36,750

5.75%, 4/1/2027(b)		89,000		91,225

Wyndham Hotels & Resorts, Inc. 5.38%, 4/15/2026 (a)		28,000		29,050

Wynn Las Vegas LLC 4.25%, 5/30/2023 (a)		100,000		98,127

5.50%, 3/1/2025 (a)		552,000		546,480

5.25%, 5/15/2027 (a)		295,000		287,330

Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)		346,000		337,350

Yum! Brands, Inc. 4.75%, 1/15/2030 (a)		516,000		568,890

6.88%, 11/15/2037		199,000		241,536


				17,779,813


Household Durables — 1.4%

KB Home 4.80%, 11/15/2029		210,000		227,325

Lennar Corp. 4.13%, 1/15/2022		516,000		527,610

4.50%, 4/30/2024		450,000		482,625

5.25%, 6/1/2026		450,000		507,838

4.75%, 11/29/2027		262,000		298,680

Newell Brands, Inc. 4.70%, 4/1/2026 (b)		267,000		289,046

PulteGroup, Inc. 5.50%, 3/1/2026		135,000		155,085

6.38%, 5/15/2033		97,000		121,966

Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (a)		158,000		177,425

Tempur Sealy International, Inc. 5.50%, 6/15/2026		230,000		240,638


				3,028,238


Household Products — 0.8%

Central Garden & Pet Co. 5.13%, 2/1/2028		140,000		148,400

Energizer Holdings, Inc. 6.38%, 7/15/2026 (a)		288,000		305,280

4.75%, 6/15/2028 (a)		568,000		592,708

Spectrum Brands, Inc. 5.75%, 7/15/2025		393,000		405,773

5.00%, 10/1/2029 (a)		290,000		301,600


				1,753,761


Independent Power and Renewable Electricity Producers — 0.4%

AES Corp. (The) 5.13%, 9/1/2027		166,000		179,195

Calpine Corp. 5.25%, 6/1/2026 (a)		291,000		303,760

4.50%, 2/15/2028 (a)		290,000		300,626

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Independent Power and Renewable Electricity Producers — continued

Clearway Energy Operating LLC 5.75%, 10/15/2025		140,000		148,400


				931,981


Insurance — 0.2%

HUB International Ltd. 7.00%, 5/1/2026 (a)		323,000		335,113


Internet & Direct Marketing Retail — 0.3%

Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (a)		138,000		146,625

Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)		165,000		151,645

QVC, Inc. 4.38%, 3/15/2023		384,000		400,320


				698,590


IT Services — 0.7%

Gartner, Inc. 5.13%, 4/1/2025 (a)		485,000		504,254

4.50%, 7/1/2028 (a)		325,000		339,625

Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)		344,000		352,600

8.25%, 2/1/2028 (a)		127,000		132,715

Science Applications International Corp. 4.88%, 4/1/2028 (a)		127,000		131,604


				1,460,798


Leisure Products — 0.3%

Mattel, Inc. 6.75%, 12/31/2025 (a)		283,000		300,334

5.88%, 12/15/2027 (a)		157,000		170,753

5.45%, 11/1/2041		140,000		127,575

Vista Outdoor, Inc. 5.88%, 10/1/2023		66,000		67,072


				665,734


Life Sciences Tools & Services — 0.1%

Avantor, Inc. 6.00%, 10/1/2024 (a)		244,000		255,590


Machinery — 0.7%

Amsted Industries, Inc. 5.63%, 7/1/2027 (a)		34,000		36,125

EnPro Industries, Inc. 5.75%, 10/15/2026		295,000		308,275

Hillman Group, Inc. (The) 6.38%, 7/15/2022 (a)		117,000		114,660

Mueller Water Products, Inc. 5.50%, 6/15/2026 (a)		160,000		166,800

RBS Global, Inc. 4.88%, 12/15/2025 (a)		201,000		205,774

Tennant Co. 5.63%, 5/1/2025		108,000		112,185

Terex Corp. 5.63%, 2/1/2025 (a)		66,000		66,820

TriMas Corp. 4.88%, 10/15/2025 (a)		112,000		113,820


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Machinery — continued

Vertical US Newco, Inc. (Germany)

5.25%, 7/15/2027 (a)		300,000		312,375


				1,436,834


Media — 6.1%

AMC Networks, Inc. 5.00%, 4/1/2024		299,000		304,606

Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024		833,000		816,340

5.13%, 8/15/2027 (a)		453,000		457,666

CSC Holdings LLC 5.50%, 4/15/2027 (a)		1,200,000		1,279,752

6.50%, 2/1/2029 (a)		1,025,000		1,155,047

5.75%, 1/15/2030 (a)		900,000		981,000

Diamond Sports Group LLC 5.38%, 8/15/2026 (a)		216,000		168,480

DISH DBS Corp. 6.75%, 6/1/2021		14,000		14,350

5.00%, 3/15/2023		231,000		239,085

5.88%, 11/15/2024		537,000		567,594

7.75%, 7/1/2026		360,000		412,200

Gray Television, Inc. 7.00%, 5/15/2027 (a)		77,000		83,545

iHeartCommunications, Inc. 6.38%, 5/1/2026		341,967		355,646

8.38%, 5/1/2027		759,267		763,063

Lamar Media Corp. 5.00%, 5/1/2023		61,000		61,686

5.75%, 2/1/2026		151,000		157,463

3.75%, 2/15/2028 (a)		151,000		150,811

LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (a)		230,000		246,675

Meredith Corp. 6.88%, 2/1/2026		557,000		483,859

Nexstar Broadcasting, Inc. 5.63%, 8/1/2024 (a)		197,000		202,130

5.63%, 7/15/2027 (a)		703,000		741,665

Outfront Media Capital LLC 5.00%, 8/15/2027 (a)		77,000		75,630

Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)		260,000		260,000

Sinclair Television Group, Inc. 5.50%, 3/1/2030 (a)		117,000		114,332

Sirius XM Radio, Inc. 4.63%, 7/15/2024 (a)		613,000		637,520

5.00%, 8/1/2027 (a)		393,000		416,847

5.50%, 7/1/2029 (a)		585,000		642,494

TEGNA, Inc. 5.00%, 9/15/2029 (a)		57,000		57,334

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	73

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Media — continued

ViacomCBS, Inc.

(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057(d)		13,000		13,483

(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(d)		27,000		30,105

Ziggo BV (Netherlands) 5.50%, 1/15/2027 (a)		1,100,000		1,156,111


				13,046,519


Metals & Mining — 2.7%

Alcoa Nederland Holding BV 6.75%, 9/30/2024 (a)		624,000		645,453

6.13%, 5/15/2028 (a)		911,000		983,880

Allegheny Technologies, Inc. 7.88%, 8/15/2023(b)		312,000		327,819

Arconic Corp. 6.00%, 5/15/2025 (a)		433,000		458,980

6.13%, 2/15/2028 (a)		367,000		387,185

Constellium SE 6.63%, 3/1/2025 (a)		266,000		273,980

Freeport-McMoRan, Inc. 4.55%, 11/14/2024		378,000		407,628

4.63%, 8/1/2030		262,000		280,010

5.40%, 11/14/2034		396,000		447,634

5.45%, 3/15/2043		382,000		429,574

Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		361,000		357,072

Novelis Corp. 5.88%, 9/30/2026 (a)		457,000		477,474

United States Steel Corp. 12.00%, 6/1/2025 (a)		288,000		305,280


				5,781,969


Multiline Retail — 0.2%

Macy’s, Inc. 8.38%, 6/15/2025 (a)		316,000		331,680


Oil, Gas & Consumable Fuels — 12.2%

Antero Midstream Partners LP 5.38%, 9/15/2024		49,000		45,202

5.75%, 3/1/2027 (a)		193,000		172,253

Apache Corp. 3.25%, 4/15/2022		509,000		508,094

4.38%, 10/15/2028		400,000		396,984

5.10%, 9/1/2040		1,477,000		1,436,663

Blue Racer Midstream LLC 6.13%, 11/15/2022 (a)		230,000		228,850

Buckeye Partners LP 4.15%, 7/1/2023		200,000		200,000

3.95%, 12/1/2026		198,000		196,248

4.50%, 3/1/2028 (a)		940,000		959,589


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Cenovus Energy, Inc. (Canada) 3.00%, 8/15/2022		127,000		129,050

3.80%, 9/15/2023		189,000		188,285

6.75%, 11/15/2039		236,000		244,504

Cheniere Energy Partners LP 5.25%, 10/1/2025		517,000		529,015

4.50%, 10/1/2029		738,000		767,203

CNX Resources Corp. 5.88%, 4/15/2022		23,000		23,097

7.25%, 3/14/2027 (a)		66,000		68,640

Comstock Resources, Inc. 9.75%, 8/15/2026		698,000		738,142

Continental Resources, Inc. 4.50%, 4/15/2023		516,000		519,225

3.80%, 6/1/2024		127,000		125,217

Crestwood Midstream Partners LP

5.63%, 5/1/2027 (a)		343,000		314,703

DCP Midstream Operating LP 4.75%, 9/30/2021 (a)		168,000		171,360

5.38%, 7/15/2025		867,000		931,418

5.13%, 5/15/2029		713,000		755,787

EnLink Midstream Partners LP 4.15%, 6/1/2025		141,000		125,662

5.45%, 6/1/2047		223,000		145,797

EQM Midstream Partners LP 4.75%, 7/15/2023		485,000		494,220

4.00%, 8/1/2024		288,000		289,440

5.50%, 7/15/2028		909,000		941,869

EQT Corp. 3.00%, 10/1/2022		565,000		558,632

7.88%, 2/1/2025(b)		750,000		860,948

Genesis Energy LP 6.00%, 5/15/2023		156,000		145,911

6.50%, 10/1/2025		197,000		170,346

Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a)		25,000		26,011

Hess Midstream Operations LP 5.63%, 2/15/2026 (a)		99,000		103,004

5.13%, 6/15/2028 (a)		34,000		34,956

Hilcorp Energy I LP 5.75%, 10/1/2025 (a)		117,000		109,980

6.25%, 11/1/2028 (a)		74,000		69,560

Jagged Peak Energy LLC 5.88%, 5/1/2026		109,000		111,180

MEG Energy Corp. (Canada) 7.00%, 3/31/2024 (a)		174,000		172,695

7.13%, 2/1/2027 (a)		450,000		430,547

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Oil, Gas & Consumable Fuels — continued

Murphy Oil Corp. 5.75%, 8/15/2025		165,000		158,194

5.88%, 12/1/2027		59,000		56,676

6.37%, 12/1/2042(b)		83,000		70,965

NuStar Logistics LP 6.00%, 6/1/2026		30,000		31,397

5.63%, 4/28/2027		154,000		154,770

Oasis Petroleum, Inc. 6.88%, 3/15/2022		582,000		113,126

6.25%, 5/1/2026 (a)		195,000		35,100

Occidental Petroleum Corp. 2.70%, 8/15/2022		782,000		768,843

2.90%, 8/15/2024		487,000		448,040

6.45%, 9/15/2036		805,000		789,415

4.20%, 3/15/2048		127,000		96,203

Parsley Energy LLC 5.38%, 1/15/2025 (a)		776,000		790,550

5.63%, 10/15/2027 (a)		381,000		394,335

PBF Holding Co. LLC 9.25%, 5/15/2025 (a)		230,000		251,850

PBF Logistics LP 6.88%, 5/15/2023		66,000		65,465

Rockies Express Pipeline LLC 3.60%, 5/15/2025 (a)		131,000		128,647

4.95%, 7/15/2029 (a)		131,000		131,492

SM Energy Co. 5.63%, 6/1/2025		43,000		21,930

6.75%, 9/15/2026		118,000		57,820

6.63%, 1/15/2027		121,000		59,290

Southwestern Energy Co. 6.45%, 1/23/2025 (b)		173,000		173,786

7.75%, 10/1/2027		57,000		58,288

Sunoco LP 4.88%, 1/15/2023		170,000		172,772

6.00%, 4/15/2027		122,000		129,868

Tallgrass Energy Partners LP 5.50%, 9/15/2024 (a)		417,000		408,660

5.50%, 1/15/2028 (a)		365,000		333,975

Targa Resources Partners LP 4.25%, 11/15/2023		390,000		392,449

5.88%, 4/15/2026		1,165,000		1,226,163

6.88%, 1/15/2029		1,067,000		1,179,035

5.50%, 3/1/2030 (a)		206,000		217,265

TerraForm Power Operating LLC 5.00%, 1/31/2028 (a)		260,000		288,895

Western Midstream Operating LP 4.00%, 7/1/2022		127,000		129,222

4.10%, 2/1/2025(b)		127,000		126,698

5.05%, 2/1/2030(b)		561,000		575,137


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

WPX Energy, Inc. 8.25%, 8/1/2023		33,000		37,089

5.25%, 9/15/2024		1,133,000		1,155,093

4.50%, 1/15/2030		265,000		253,075


				25,921,865


Personal Products — 0.3%

Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		395,000		421,666

Prestige Brands, Inc. 6.38%, 3/1/2024 (a)		247,000		254,976


				676,642


Pharmaceuticals — 2.5%

Bausch Health Americas, Inc. 8.50%, 1/31/2027 (a)		688,000		756,800

Bausch Health Cos., Inc. 6.13%, 4/15/2025 (a)		2,175,000		2,237,531

5.00%, 1/30/2028 (a)		918,000		904,230

7.25%, 5/30/2029 (a)		520,000		570,700

Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (a)		226,000		238,430

Elanco Animal Health, Inc. 5.90%, 8/28/2028(b)		66,000		78,746

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		586,000		625,555


				5,411,992


Professional Services — 0.5%

Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (a)		205,000		222,425

10.25%, 2/15/2027 (a)		148,000		168,720

Jaguar Holding Co. II 5.00%, 6/15/2028 (a)		544,000		576,640


				967,785


Real Estate Management & Development — 0.1%

Kennedy-Wilson, Inc. 5.88%, 4/1/2024		211,000		213,570


Road & Rail — 0.3%

Avis Budget Car Rental LLC 5.25%, 3/15/2025 (a)		193,000		184,170

10.50%, 5/15/2025 (a)		396,000		459,051


				643,221


Semiconductors & Semiconductor Equipment — 0.3%

Entegris, Inc. 4.63%, 2/10/2026 (a)		325,000		335,663

Microchip Technology, Inc. 4.25%, 9/1/2025 (a)		343,000		357,159


				692,822

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	75

JPMorgan High Yield Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Software — 1.1%

ACI Worldwide, Inc. 5.75%, 8/15/2026 (a)		35,000		36,789

Ascend Learning LLC 6.88%, 8/1/2025 (a)		244,000		251,320

CDK Global, Inc. 4.88%, 6/1/2027		290,000		305,950

5.25%, 5/15/2029 (a)		22,000		24,000

Change Healthcare Holdings LLC 5.75%, 3/1/2025 (a)		316,000		322,320

Fair Isaac Corp. 5.25%, 5/15/2026 (a)		206,000		236,550

Nuance Communications, Inc. 5.63%, 12/15/2026		176,000		186,560

PTC, Inc. 4.00%, 2/15/2028 (a)		322,000		333,367

Solera LLC 10.50%, 3/1/2024 (a)		97,000		101,729

SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		581,000		622,309


				2,420,894


Specialty Retail — 2.2%

Gap, Inc. (The) 8.63%, 5/15/2025 (a)		282,000		314,782

8.88%, 5/15/2027 (a)		469,000		528,798

L Brands, Inc. 5.63%, 2/15/2022		71,000		72,953

5.63%, 10/15/2023		33,000		34,409

6.88%, 7/1/2025 (a)		526,000		569,121

7.50%, 6/15/2029		267,000		284,355

6.88%, 11/1/2035		765,000		782,366

Penske Automotive Group, Inc. 5.50%, 5/15/2026		76,000		79,135

PetSmart, Inc. 7.13%, 3/15/2023 (a)		663,000		667,900

5.88%, 6/1/2025 (a)		446,000		458,822

Staples, Inc. 7.50%, 4/15/2026 (a)		765,000		681,003

10.75%, 4/15/2027 (a)		250,000		173,750


				4,647,394


Technology Hardware, Storage & Peripherals — 1.2%

Dell International LLC 7.13%, 6/15/2024 (a)		257,000		266,841

Dell, Inc. 6.50%, 4/15/2038		257,000		298,891

Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (a)		262,000		281,650

NCR Corp. 5.00%, 7/15/2022		200,000		199,654

6.38%, 12/15/2023		5,000		5,100

5.75%, 9/1/2027 (a)		447,000		469,350

6.13%, 9/1/2029 (a)		1,001,000		1,073,572


				2,595,058


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Textiles, Apparel & Luxury Goods — 0.2%

Hanesbrands, Inc. 4.63%, 5/15/2024 (a)		117,000		122,850

4.88%, 5/15/2026 (a)		35,000		38,106

William Carter Co. (The) 5.63%, 3/15/2027 (a)		166,000		176,355


				337,311


Thrifts & Mortgage Finance — 2.1%

Ladder Capital Finance Holdings LLLP

REIT, 5.25%, 3/15/2022 (a)		210,000		207,900

REIT, 4.25%, 2/1/2027 (a)		784,000		719,320

Nationstar Mortgage Holdings, Inc. 9.13%, 7/15/2026 (a)		788,000		857,202

5.50%, 8/15/2028 (a)		416,000		437,528

Quicken Loans LLC 5.75%, 5/1/2025 (a)		704,000		725,120

5.25%, 1/15/2028 (a)		599,000		638,687

Radian Group, Inc. 4.88%, 3/15/2027		913,000		915,611


				4,501,368


Trading Companies & Distributors — 2.5%

AerCap Holdings NV (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079 (d)		400,000		323,084

Beacon Roofing Supply, Inc. 4.88%, 11/1/2025 (a)		212,000		210,170

H&E Equipment Services, Inc. 5.63%, 9/1/2025		67,000		69,513

Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		469,000		491,278

United Rentals North America, Inc. 5.88%, 9/15/2026		231,000		245,853

5.50%, 5/15/2027		287,000		307,047

4.88%, 1/15/2028		1,269,000		1,349,226

5.25%, 1/15/2030		823,000		914,020

WESCO Distribution, Inc. 5.38%, 6/15/2024		257,000		264,067

7.13%, 6/15/2025 (a)		484,000		531,882

7.25%, 6/15/2028 (a)		484,000		539,999


				5,246,139


Wireless Telecommunication Services — 2.5%

Hughes Satellite Systems Corp. 6.63%, 8/1/2026		67,000		75,877

Sprint Communications, Inc. 6.00%, 11/15/2022		220,000		238,700

Sprint Corp. 7.88%, 9/15/2023		2,281,000		2,653,088

7.13%, 6/15/2024		288,000		334,717

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Wireless Telecommunication Services — continued

T-Mobile USA, Inc. 6.50%, 1/15/2026		1,152,000		1,206,000

4.50%, 2/1/2026		231,000		238,464

4.75%, 2/1/2028		232,000		249,980

United States Cellular Corp. 6.70%, 12/15/2033		102,000		132,348

Vodafone Group plc (United Kingdom) (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079(d)		85,000		102,267


				5,231,441


Total Corporate Bonds (Cost $203,317,964)				207,039,618


	SHARES
Short-Term Investments — 4.2%

Investment Companies — 4.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (e) (f) (Cost $8,904,727)		8,904,727		8,904,727

Total Investments — 101.5% (Cost $212,222,691)				215,944,345
Liabilities in Excess of Other Assets — (1.5)%				(3,172,864)

NET ASSETS — 100.0%				212,771,481

Percentages indicated are based on net assets.


Abbreviations
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2020.
(c)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(e)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(f)		The rate shown is the current yield as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	77

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 54.0%

Argentina — 0.1%

Agua y Saneamientos Argentinos SA 6.63%, 2/1/2023 (a)		280,000		163,537


Australia — 0.3%

Glencore Finance Europe Ltd. 6.00%, 4/3/2022 (a) (b)	GBP	100,000		143,123

Glencore Funding LLC 2.50%, 9/1/2030 (c)		100,000		98,166

Transurban Finance Co. Pty. Ltd. 2.00%, 8/28/2025 (a)	EUR	150,000		187,720

Westpac Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (d)		75,000		84,660


				513,669


Azerbaijan — 0.2%

State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023 (a)		260,000		273,260


Belgium — 0.8%

Anheuser-Busch Cos. LLC

4.70%, 2/1/2036		20,000		23,853

4.90%, 2/1/2046		85,000		104,533

Anheuser-Busch InBev Worldwide, Inc.

4.90%, 1/23/2031		95,000		121,022

4.44%, 10/6/2048		114,000		132,353

5.55%, 1/23/2049		180,000		242,919

KBC Group NV (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024 (a) (d) (e) (f)	EUR	400,000		498,563

Solvay Finance SACA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (a) (d) (e) (f)	EUR	100,000		130,521

Solvay SA (EUR Swap Annual 5 Year + 3.92%), 4.25%, 12/4/2023 (a) (d) (e) (f)	EUR	100,000		126,440


				1,380,204


Brazil — 0.4%

Braskem Netherlands Finance BV 4.50%, 1/31/2030 (a)		200,000		190,300

Gerdau Trade, Inc. 4.88%, 10/24/2027 (a)		200,000		217,000

Petrobras Global Finance BV 6.90%, 3/19/2049		250,000		285,134


				692,434


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Canada — 0.6%

1011778 BC ULC

4.25%, 5/15/2024 (c)		25,000		25,469

5.00%, 10/15/2025 (c)		15,000		15,403

Advanz Pharma Corp. Ltd. 8.00%, 9/6/2024		45,000		44,325

ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (c)		13,000		13,149

Bombardier, Inc.

6.00%, 10/15/2022 (c)		10,000		8,500

7.50%, 12/1/2024 (c)		35,000		26,250

7.88%, 4/15/2027 (c)		37,000		26,814

Cenovus Energy, Inc. 5.38%, 7/15/2025		55,000		55,965

Emera US Finance LP 4.75%, 6/15/2046		110,000		136,376

Enbridge, Inc. 3.13%, 11/15/2029		180,000		193,798

Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		36,000		30,240

MEG Energy Corp. 6.50%, 1/15/2025 (c)		21,000		21,420

NOVA Chemicals Corp.

4.88%, 6/1/2024 (c)		80,000		79,400

5.00%, 5/1/2025 (c)		19,000		19,000

5.25%, 6/1/2027 (c)		45,000		43,537

Open Text Corp. 5.88%, 6/1/2026 (c)		40,000		42,000

Precision Drilling Corp.

7.75%, 12/15/2023		65,000		50,700

7.13%, 1/15/2026 (c)		6,000		4,080

Quebecor Media, Inc. 5.75%, 1/15/2023		32,000		34,320

Stars Group Holdings BV 7.00%, 7/15/2026 (c)		14,000		14,924

Transcanada Trust

Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (d)		57,000		62,278

Videotron Ltd. 5.13%, 4/15/2027 (c)		40,000		42,300


				990,248


Chile — 0.3%

Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050 (c)		200,000		249,000

Kenbourne Invest SA 6.88%, 11/26/2024 (c)		200,000		207,437


				456,437

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

China — 1.0%

Alibaba Group Holding Ltd. 3.40%, 12/6/2027		200,000		225,272

China Evergrande Group 8.75%, 6/28/2025 (a)		290,000		243,904

CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (a)		200,000		222,062

GCL New Energy Holdings Ltd. 7.10%, 1/30/2021 (a)		200,000		102,500

Huarong Finance 2017 Co. Ltd. 4.25%, 11/7/2027 (a)		200,000		218,312

New Metro Global Ltd. 6.50%, 4/23/2021 (a)		200,000		202,022

Tencent Holdings Ltd. 3.98%, 4/11/2029 (a)		200,000		230,188

Yuzhou Group Holdings Co. Ltd. 8.38%, 10/30/2024 (a)		200,000		210,063


				1,654,323


Colombia — 0.3%

Ecopetrol SA 5.88%, 5/28/2045		400,000		453,920


Denmark — 0.3%

Danske Bank A/S (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.73%), 5.00%, 1/12/2023 (c) (d)		200,000		210,255

Nykredit Realkredit A/S Series CCE, 1.00%, 10/1/2050 (a)	DKK	645,472		102,880

TDC A/S 5.00%, 3/2/2022 (b)	EUR	200,000		249,523


				562,658


Finland — 0.1%

Nokia OYJ 2.00%, 3/15/2024 (a)	EUR	100,000		125,257


France — 3.1%

Altice France SA

7.38%, 5/1/2026 (c)		200,000		212,330

3.38%, 1/15/2028 (c)	EUR	100,000		117,871

Banijay Entertainment SASU 3.50%, 3/1/2025 (a)	EUR	125,000		147,215

BPCE SA

3.00%, 5/22/2022 (c)		250,000		259,727

5.15%, 7/21/2024 (c)		600,000		674,451

(EUR Swap Annual 5 Year + 2.37%), 2.75%, 11/30/2027 (a) (d)	EUR	200,000		250,359

Burger King France SAS 6.00%, 5/1/2024 (a)	EUR	100,000		120,562

Casino Guichard Perrachon SA 4.56%, 1/25/2023 (a) (b)	EUR	200,000		217,249


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


France — continued

Credit Agricole SA

(EUR Swap Annual 5 Year + 5.12%), 6.50%, 6/23/2021 (a) (d) (e) (f)	EUR	300,000		368,300

3.25%, 10/4/2024 (c)		376,000		409,587

(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (c) (d) (e) (f)		400,000		474,000

Elis SA 1.88%, 2/15/2023 (a)	EUR	300,000		359,938

Europcar Mobility Group 4.13%, 11/15/2024 (a)	EUR	100,000		58,332

Faurecia SE 3.13%, 6/15/2026 (a)	EUR	100,000		119,785

La Financiere Atalian SASU 4.00%, 5/15/2024 (a)	EUR	100,000		101,435

Orano SA 3.13%, 3/20/2023 (a)	EUR	100,000		123,810

Quatrim SASU 5.88%, 1/15/2024 (a)	EUR	100,000		119,108

Rexel SA 2.63%, 6/15/2024 (a)	EUR	300,000		361,537

Societe Generale SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.65%, 7/8/2035 (c) (d)		200,000		205,375

SPIE SA 3.13%, 3/22/2024 (a)	EUR	200,000		245,878

Total Capital International SA 3.13%, 5/29/2050		50,000		52,354

TOTAL SE (EUR Swap Annual 5 Year + 3.78%), 3.87%, 5/18/2022 (a) (d) (e) (f)	EUR	100,000		125,289


				5,124,492


Germany — 1.0%

Bayer Capital Corp. BV 2.13%, 12/15/2029 (a)	EUR	100,000		132,125

Deutsche Bank AG 4.25%, 10/14/2021		100,000		103,319

IHO Verwaltungs GmbH 3.75% (cash), 9/15/2026 (a) (g)	EUR	125,000		152,540

Nidda BondCo GmbH 5.00%, 9/30/2025 (a)	EUR	225,000		265,937

Nidda Healthcare Holding GmbH 3.50%, 9/30/2024 (a)	EUR	100,000		118,733

Rebecca Bidco GmbH 5.75%, 7/15/2025 (c)	EUR	100,000		121,513

Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a)	EUR	250,000		310,253

thyssenkrupp AG

1.38%, 3/3/2022 (a)	EUR	300,000		349,771

2.50%, 2/25/2025 (a)	EUR	100,000		113,010


				1,667,201


Greece — 0.6%

Alpha Bank AE 2.50%, 2/5/2023 (a)	EUR	780,000		971,017

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	79

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Guatemala — 0.1%

Comunicaciones Celulares SA 6.88%, 2/6/2024 (a)		200,000		203,375


Hong Kong — 0.1%

Metropolitan Light Co. Ltd. 5.50%, 11/21/2022 (c)		151,000		152,887


India — 0.2%

Adani Ports & Special Economic Zone Ltd. 3.95%, 1/19/2022 (a)		200,000		204,063

NTPC Ltd. 3.75%, 4/3/2024 (a)		200,000		208,000


				412,063


Indonesia — 0.5%

Indonesia Asahan Aluminium Persero PT 5.45%, 5/15/2030 (c)		200,000		235,000

Pertamina Persero PT 3.65%, 7/30/2029 (c)		400,000		426,375

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027 (a)		200,000		218,250


				879,625


Ireland — 0.9%

AerCap Ireland Capital DAC 4.63%, 7/1/2022		330,000		338,150

Allied Irish Banks plc (EUR Swap Annual 5 Year + 3.95%), 4.13%, 11/26/2025 (a) (d)	EUR	100,000		120,263

Avolon Holdings Funding Ltd.

3.95%, 7/1/2024 (c)		126,000		116,402

4.38%, 5/1/2026 (c)		60,000		55,255

eircom Finance DAC 3.50%, 5/15/2026 (a)	EUR	200,000		241,243

Park Aerospace Holdings Ltd. 5.50%, 2/15/2024 (c)		129,000		127,175

Smurfit Kappa Acquisitions ULC 2.38%, 2/1/2024 (a)	EUR	350,000		431,543


				1,430,031


Israel — 0.3%

Leviathan Bond Ltd.

6.13%, 6/30/2025 (a)		200,000		207,540

6.50%, 6/30/2027 (a)		200,000		208,688


				416,228


Italy — 1.3%

Atlantia SpA 1.63%, 2/3/2025 (a)	EUR	100,000		116,772

Autostrade per l’Italia SpA 1.63%, 6/12/2023	EUR	100,000		117,956

Enel Finance International NV 3.50%, 4/6/2028 (c)		200,000		222,322


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Italy — continued

Leonardo SpA 4.88%, 3/24/2025	EUR	100,000		134,341

Rossini SARL 6.75%, 10/30/2025 (a)	EUR	100,000		127,629

Saipem Finance International BV

3.75%, 9/8/2023 (a)	EUR	125,000		155,613

2.63%, 1/7/2025 (a)	EUR	150,000		178,452

Telecom Italia Capital SA

6.00%, 9/30/2034		30,000		36,450

7.20%, 7/18/2036		135,000		177,525

Telecom Italia SpA

5.25%, 2/10/2022 (a)	EUR	100,000		127,257

3.25%, 1/16/2023 (a)	EUR	200,000		250,723

3.63%, 1/19/2024 (a)	EUR	100,000		126,662

3.63%, 5/25/2026 (a)	EUR	225,000		291,132

2.38%, 10/12/2027 (a)	EUR	150,000		180,828


				2,243,662


Japan — 0.2%

Takeda Pharmaceutical Co. Ltd. 3.03%, 7/9/2040		270,000		279,536


Kazakhstan — 0.2%

KazMunayGas National Co. JSC 4.75%, 4/19/2027 (a)		355,000		400,617


Kuwait — 0.1%

MEGlobal Canada ULC 5.00%, 5/18/2025 (c)		200,000		217,875


Luxembourg — 1.0%

Altice Financing SA 7.50%, 5/15/2026 (c)		200,000		213,440

Altice Finco SA 4.75%, 1/15/2028 (a)	EUR	200,000		224,990

Altice France Holding SA

8.00%, 5/15/2027	EUR	150,000		194,314

8.00%, 5/15/2027 (c)	EUR	123,000		159,338

ARD Finance SA 5.00% (cash), 6/30/2027 (c) (g)	EUR	100,000		119,092

Intelsat Jackson Holdings SA

5.50%, 8/1/2023 (h)		80,000		53,200

8.50%, 10/15/2024 (c) (h)		99,000		67,320

9.75%, 7/15/2025 (c) (h)		120,000		82,800

Matterhorn Telecom SA 3.13%, 9/15/2026 (c)	EUR	100,000		114,883

Monitchem HoldCo 3 SA 5.25%, 3/15/2025 (a)	EUR	100,000		122,808

SES SA (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022 (a) (d) (e) (f)	EUR	250,000		304,254


				1,656,439

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Mexico — 0.8%

Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022 (c) (d) (e) (f)		200,000		200,938

BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (c) (d)		200,000		191,000

Fomento Economico Mexicano SAB de CV 3.50%, 1/16/2050		150,000		160,030

Petroleos Mexicanos

6.75%, 9/21/2047		575,000		477,911

6.95%, 1/28/2060 (c)		410,000		340,772


				1,370,651


Morocco — 0.2%

OCP SA 6.88%, 4/25/2044 (a)		200,000		255,625


Netherlands — 1.0%

ABN AMRO Bank NV 4.75%, 7/28/2025 (c)		200,000		225,781

ING Groep NV (EUR Swap Annual 5 Year + 2.85%), 3.00%, 4/11/2028 (d)	EUR	100,000		126,124

Nouryon Holding BV 6.50%, 10/1/2026 (a)	EUR	125,000		155,938

OCI NV 3.13%, 11/1/2024 (a)	EUR	100,000		119,340

Sigma Holdco BV 5.75%, 5/15/2026 (a)	EUR	125,000		148,915

Sunshine Mid BV 6.50%, 5/15/2026 (a)	EUR	200,000		247,842

UPCB Finance IV Ltd. 4.00%, 1/15/2027 (a)	EUR	180,000		218,928

Ziggo Bond Co. BV 3.38%, 2/28/2030 (a)	EUR	200,000		234,217

Ziggo BV 4.25%, 1/15/2027 (a)	EUR	180,000		223,334


				1,700,419


Peru — 0.1%

Hudbay Minerals, Inc. 7.25%, 1/15/2023 (c)		20,000		20,250

Southern Copper Corp. 5.88%, 4/23/2045		140,000		192,762


				213,012


Portugal — 0.2%

EDP Finance BV 2.38%, 3/23/2023 (a)	EUR	200,000		252,972


Qatar — 0.1%

ABQ Finance Ltd. 3.50%, 2/22/2022 (a)		200,000		205,375


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Qatar — continued

Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (a)		14,125		14,125


				219,500


Russia — 0.2%

Gazprom PJSC 3.25%, 2/25/2030 (a)		200,000		203,000

Lukoil Securities BV 3.88%, 5/6/2030 (a)		200,000		212,938


				415,938


Spain — 1.5%

AI Candelaria Spain SLU 7.50%, 12/15/2028 (a)		250,000		274,377

CaixaBank SA

(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024 (a) (d) (e) (f)	EUR	200,000		248,002

(EUR Swap Annual 5 Year + 3.35%), 3.50%, 2/15/2027 (a) (d)	EUR	200,000		245,438

Grifols SA

1.63%, 2/15/2025 (c)	EUR	100,000		118,371

3.20%, 5/1/2025 (a)	EUR	200,000		241,360

2.25%, 11/15/2027 (c)	EUR	100,000		119,617

Grupo Antolin-Irausa SA

3.25%, 4/30/2024 (a)	EUR	100,000		105,892

Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075 (a) (d)	EUR	200,000		253,330

Telefonica Europe BV (EUR Swap Annual 5 Year + 3.86%), 3.75%, 3/15/2022 (a) (d) (e) (f)	EUR	300,000		363,426

(EUR Swap Annual 5 Year + 2.33%), 2.63%, 3/7/2023 (a) (d) (e) (f)	EUR	200,000		236,657

Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023 (a) (d) (e) (f)	EUR	300,000		356,914


				2,563,384


Sweden — 0.2%

Telefonaktiebolaget LM Ericsson

1.88%, 3/1/2024 (a)	EUR	125,000		155,311

Verisure Midholding AB

5.75%, 12/1/2023 (a)	EUR	200,000		240,417


				395,728

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	81

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Switzerland — 1.6%

Credit Suisse AG 2.95%, 4/9/2025		260,000		285,615

Credit Suisse Group AG

(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (c) (d) (e) (f)		450,000		499,487

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027 (c) (d) (e) (f)		200,000		203,750

(SOFR + 3.73%), 4.19%, 4/1/2031 (c) (d)		290,000		338,300

Dufry One BV

2.50%, 10/15/2024 (a)	EUR	100,000		100,699

UBS Group AG

(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (a) (d) (e) (f)	EUR	600,000		748,969

(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (d) (e) (f)		200,000		226,000

(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (a) (d) (e) (f)		200,000		221,292


				2,624,112


Taiwan — 0.1%

Competition Team Technologies Ltd. 3.75%, 3/12/2024 (a)		200,000		213,813


United Arab Emirates — 0.0% (i)

Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (c)		39,000		14,820


United Kingdom — 3.3%

BAT Capital Corp.

4.70%, 4/2/2027		50,000		57,922

3.56%, 8/15/2027		520,000		568,400

4.39%, 8/15/2037		115,000		125,217

4.54%, 8/15/2047		130,000		141,528

BP Capital Markets plc

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (d) (e) (f)		204,000		214,200

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (d) (e) (f)		94,000		102,667

eG Global Finance plc 4.38%, 2/7/2025 (a)		EUR 200,000		225,703


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United Kingdom — continued

FCE Bank plc

1.88%, 6/24/2021 (a)	EUR	100,000		118,477

1.13%, 2/10/2022 (a)	EUR	300,000		352,387

Fiat Chrysler Finance Europe SENC

4.75%, 3/22/2021 (a)	EUR	100,000		121,908

4.75%, 7/15/2022 (a)	EUR	100,000		126,049

Iceland Bondco plc 4.63%, 3/15/2025 (a)	GBP	100,000		125,548

Lloyds Banking Group plc 4.58%, 12/10/2025		200,000		225,144

Natwest Group plc

(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (d) (e) (f)		200,000		210,234

(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (d)		235,000		245,165

6.10%, 6/10/2023		30,000		33,363

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (d) (e) (f)		322,000		339,217

Sky Ltd.

1.50%, 9/15/2021 (a)	EUR	200,000		242,584

2.25%, 11/17/2025 (a)	EUR	200,000		265,513

Standard Chartered plc

(USD Swap Semi 5 Year + 5.72%), 7.75%, 4/2/2023 (c) (d) (e) (f)		200,000		216,864

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 4.64%, 4/1/2031 (c) (d)		200,000		234,424

Synlab Unsecured Bondco plc 8.25%, 7/1/2023 (a)	EUR	200,000		244,207

Virgin Media Secured Finance plc 5.50%, 5/15/2029 (c)		200,000		216,250

Vodafone Group plc

5.25%, 5/30/2048		180,000		235,049

4.88%, 6/19/2049		121,000		150,818

(EUR Swap Annual 5 Year + 2.67%), 3.10%, 1/3/2079 (a) (d)	EUR	300,000		366,426


				5,505,264


United States — 30.7%

Abbott Ireland Financing DAC 1.50%, 9/27/2026 (a)	EUR	200,000		256,785

AbbVie, Inc.

3.20%, 11/21/2029 (c)		270,000		298,828

4.05%, 11/21/2039 (c)		165,000		192,447

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

United States — continued

4.70%, 5/14/2045		90,000		112,250

4.45%, 5/14/2046		50,000		60,271

Acadia Healthcare Co., Inc. 6.50%, 3/1/2024		54,000		55,620

ACCO Brands Corp. 5.25%, 12/15/2024 (c)		120,000		122,725

Adient Global Holdings Ltd. 3.50%, 8/15/2024 (a)	EUR	100,000		110,368

Adient US LLC 9.00%, 4/15/2025 (c)		110,000		122,100

AES Corp. (The) 5.50%, 4/15/2025		15,000		15,451

Ahern Rentals, Inc. 7.38%, 5/15/2023 (c)		30,000		12,450

Air Lease Corp.

3.25%, 3/1/2025		45,000		45,726

2.88%, 1/15/2026		102,000		101,346

3.25%, 10/1/2029		140,000		136,626

Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (c)		30,000		29,594

Air Products and Chemicals, Inc. 2.05%, 5/15/2030		60,000		63,336

Albertsons Cos., Inc.

6.63%, 6/15/2024		40,000		41,288

5.75%, 3/15/2025		25,000		25,687

Alexandria Real Estate Equities, Inc. REIT, 1.88%, 2/1/2033		60,000		59,311

Allison Transmission, Inc.

5.00%, 10/1/2024 (c)		20,000		20,201

4.75%, 10/1/2027 (c)		50,000		52,250

5.88%, 6/1/2029 (c)		60,000		65,700

Ally Financial, Inc.

4.63%, 5/19/2022		74,000		77,891

5.75%, 11/20/2025		80,000		89,802

Altria Group, Inc.

1.70%, 6/15/2025	EUR	300,000		375,637

2.20%, 6/15/2027	EUR	250,000		320,852

3.40%, 5/6/2030		230,000		253,349

Amazon.com, Inc. 2.70%, 6/3/2060		60,000		61,252

AMC Entertainment Holdings, Inc.

10.50%, 4/24/2026 (c)		45,000		38,700

12.00% (PIK), 6/15/2026 (c) (g)		121,000		43,504

AMC Networks, Inc. 5.00%, 4/1/2024		119,000		121,231

Ameren Corp. 3.50%, 1/15/2031		160,000		183,398

American Airlines Group, Inc. 5.00%, 6/1/2022 (c)		15,000		9,675

American Axle & Manufacturing, Inc.

6.25%, 4/1/2025		11,000		11,344

6.50%, 4/1/2027		7,000		7,192


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

American Tower Corp.

REIT, 5.00%, 2/15/2024		570,000		649,912

REIT, 1.38%, 4/4/2025	EUR	140,000		174,512

REIT, 2.10%, 6/15/2030		160,000		163,291

American Water Capital Corp. 2.80%, 5/1/2030		28,000		30,644

American Woodmark Corp. 4.88%, 3/15/2026 (c)		95,000		96,662

AmeriGas Partners LP 5.50%, 5/20/2025		35,000		38,412

Amkor Technology, Inc. 6.63%, 9/15/2027 (c)		12,000		13,050

AMN Healthcare, Inc. 5.13%, 10/1/2024 (c)		21,000		21,367

Amsted Industries, Inc. 5.63%, 7/1/2027 (c)		9,000		9,562

ANGI Group LLC 3.88%, 8/15/2028 (c)		55,000		55,714

Antero Resources Corp. 5.13%, 12/1/2022		134,000		116,412

Apple, Inc.

3.85%, 5/4/2043		70,000		85,817

2.40%, 8/20/2050		240,000		237,708

2.55%, 8/20/2060		195,000		190,453

Aramark International Finance SARL 3.13%, 4/1/2025 (a)	EUR	100,000		113,437

Aramark Services, Inc. 5.00%, 2/1/2028 (c)		80,000		80,100

Archrock Partners LP 6.88%, 4/1/2027 (c)		11,000		11,330

Arconic Corp. 6.00%, 5/15/2025 (c)		57,000		60,420

Ardagh Packaging Finance plc

2.13%, 8/15/2026 (c)	EUR	100,000		118,933

4.13%, 8/15/2026 (c)		200,000		208,640

AT&T, Inc.

2.95%, 7/15/2026		42,000		46,292

2.30%, 6/1/2027		100,000		106,045

2.25%, 2/1/2032		230,000		233,125

4.75%, 5/15/2046		75,000		89,538

Avantor, Inc. 6.00%, 10/1/2024 (c)		65,000		68,087

Avis Budget Car Rental LLC

6.38%, 4/1/2024 (c)		45,000		44,100

5.25%, 3/15/2025 (c)		42,000		40,078

5.75%, 7/15/2027 (c)		14,000		13,421

B&G Foods, Inc. 5.25%, 4/1/2025		49,000		50,701

Ball Corp. 4.38%, 12/15/2023	EUR	150,000		197,345

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	83

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

United States — continued

Bank of America Corp.

Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (d) (e) (f)		29,000		32,763

Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (d) (e) (f)		230,000		265,963

3.25%, 10/21/2027		290,000		322,802

(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030 (d)		190,000		206,502

(SOFR + 1.53%), 1.90%, 7/23/2031 (d)		180,000		181,602

(SOFR + 1.93%), 2.68%, 6/19/2041 (d)		25,000		25,429

Bank of New York Mellon Corp. (The) Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025 (d) (e) (f)		56,000		60,816

Bausch Health Cos., Inc.

4.50%, 5/15/2023	EUR	100,000		118,993

5.88%, 5/15/2023 (c)		15,000		15,000

7.00%, 3/15/2024 (c)		100,000		103,896

6.13%, 4/15/2025 (c)		525,000		540,094

5.50%, 11/1/2025 (c)		70,000		72,254

Beacon Roofing Supply, Inc. 4.88%, 11/1/2025 (c)		20,000		19,827

Becton Dickinson and Co.

1.40%, 5/24/2023	EUR	100,000		122,423

2.82%, 5/20/2030		195,000		211,560

3.79%, 5/20/2050		55,000		61,758

Belden, Inc. 3.38%, 7/15/2027 (a)	EUR	100,000		118,055

Berry Global, Inc.

5.13%, 7/15/2023		21,000		21,263

4.50%, 2/15/2026 (c)		13,000		13,255

4.88%, 7/15/2026 (c)		50,000		53,125

5.63%, 7/15/2027 (c)		3,000		3,172

Biogen, Inc. 2.25%, 5/1/2030		70,000		71,745

Black Knight InfoServ LLC 3.63%, 9/1/2028 (c)		55,000		55,705

Blue Racer Midstream LLC 6.13%, 11/15/2022 (c)		155,000		154,225

Boeing Co. (The)

4.88%, 5/1/2025		210,000		228,434

5.04%, 5/1/2027		260,000		286,088

3.50%, 3/1/2039		135,000		121,212

5.71%, 5/1/2040		65,000		75,363


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Boyd Gaming Corp. 6.38%, 4/1/2026		58,000		60,466

Boyne USA, Inc. 7.25%, 5/1/2025 (c)		93,000		98,580

BP Capital Markets America, Inc.

3.63%, 4/6/2030		180,000		206,808

2.77%, 11/10/2050		70,000		66,005

Brink’s Co. (The) 4.63%, 10/15/2027 (c)		42,000		43,615

Bristol-Myers Squibb Co. 2.90%, 7/26/2024		242,000		263,687

Broadcom, Inc.

2.25%, 11/15/2023		240,000		249,673

4.25%, 4/15/2026		175,000		198,420

BWX Technologies, Inc. 5.38%, 7/15/2026 (c)		10,000		10,475

BY Crown Parent LLC 4.25%, 1/31/2026 (c)		90,000		91,903

Caesars Resort Collection LLC 5.25%, 10/15/2025 (c)		25,000		23,934

Callon Petroleum Co.

6.25%, 4/15/2023		47,000		16,627

6.13%, 10/1/2024		38,000		12,410

Calpine Corp.

5.25%, 6/1/2026 (c)		69,000		72,026

Catalent Pharma Solutions, Inc.

4.88%, 1/15/2026 (c)		35,000		35,700

CCO Holdings LLC

5.75%, 2/15/2026 (c)		391,000		409,791

5.13%, 5/1/2027 (c)		160,000		170,403

5.00%, 2/1/2028 (c)		155,000		163,913

5.38%, 6/1/2029 (c)		16,000		17,584

4.75%, 3/1/2030 (c)		181,000		194,457

CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (c)		24,000		25,680

CDK Global, Inc. 5.25%, 5/15/2029 (c)		35,000		38,182

CDW LLC

4.25%, 4/1/2028		145,000		151,525

3.25%, 2/15/2029		21,000		21,449

Cedar Fair LP 5.25%, 7/15/2029		4,000		3,876

Centene Corp.

5.25%, 4/1/2025 (c)		28,000		29,050

4.63%, 12/15/2029		305,000		334,231

CenterPoint Energy, Inc. 2.95%, 3/1/2030		79,000		86,857

Central Garden & Pet Co. 6.13%, 11/15/2023		20,000		20,425

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

United States — continued

CenturyLink, Inc.

Series T, 5.80%, 3/15/2022		80,000		83,593

Series W, 6.75%, 12/1/2023		15,000		16,613

Series Y, 7.50%, 4/1/2024		65,000		73,694

CF Industries, Inc. 4.50%, 12/1/2026 (c)		190,000		215,722

Charter Communications Operating LLC

2.80%, 4/1/2031		170,000		178,611

5.38%, 5/1/2047		68,000		81,835

3.70%, 4/1/2051		125,000		123,888

Chemours Co. (The)

6.63%, 5/15/2023		40,000		40,200

7.00%, 5/15/2025		73,000		74,642

4.00%, 5/15/2026	EUR	100,000		114,263

Cheniere Energy Partners LP 5.25%, 10/1/2025		30,000		30,697

Chesapeake Energy Corp. 11.50%, 1/1/2025 (c) (h)		93,000		12,044

Chevron Corp.

1.55%, 5/11/2025		250,000		260,087

2.24%, 5/11/2030		110,000		117,232

Chevron USA, Inc. 2.34%, 8/12/2050		40,000		38,120

Cigna Corp. 3.40%, 3/15/2050		85,000		90,997

Cincinnati Bell, Inc.

7.00%, 7/15/2024 (c)		29,000		29,979

8.00%, 10/15/2025 (c)		4,000		4,275

Cinemark USA, Inc. 4.88%, 6/1/2023		38,000		34,968

Citigroup, Inc.

Series Q, (ICE LIBOR USD 3 Month + 4.10%), 4.38%, 11/15/2020 (d) (e) (f)		183,000		182,112

(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (d)		100,000		103,473

Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (d) (e) (f)		170,000		169,150

Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (d) (e) (f)		190,000		205,162

(SOFR + 2.75%), 3.11%, 4/8/2026 (d)		140,000		151,894

Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (d) (e) (f)		200,000		227,000

(SOFR + 3.91%), 4.41%, 3/31/2031 (d)		305,000		370,419

(SOFR + 2.11%), 2.57%, 6/3/2031 (d)		370,000		390,982


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Clarios Global LP 6.25%, 5/15/2026 (c)		65,000		68,941

Clean Harbors, Inc. 4.88%, 7/15/2027 (c)		25,000		26,228

Clear Channel Worldwide Holdings, Inc.

9.25%, 2/15/2024		85,000		83,300

5.13%, 8/15/2027 (c)		155,000		156,596

Clearwater Paper Corp. 4.50%, 2/1/2023		37,000		37,296

Clearway Energy Operating LLC 5.00%, 9/15/2026		44,000		46,176

Clorox Co. (The) 1.80%, 5/15/2030		30,000		30,674

CNO Financial Group, Inc. 5.25%, 5/30/2025		15,000		17,114

CNX Midstream Partners LP 6.50%, 3/15/2026 (c)		20,000		20,030

Cogent Communications Group, Inc. 5.38%, 3/1/2022 (c)		25,000		25,750

Comcast Corp.

3.95%, 10/15/2025		250,000		288,212

3.90%, 3/1/2038		40,000		47,813

3.75%, 4/1/2040		94,000		110,863

4.60%, 8/15/2045		105,000		136,338

Commercial Metals Co. 4.88%, 5/15/2023		15,000		15,600

CommScope Technologies LLC 6.00%, 6/15/2025 (c)		191,000		195,815

CommScope, Inc.

6.00%, 3/1/2026 (c)		45,000		47,812

8.25%, 3/1/2027 (c)		48,000		51,960

Community Health Systems, Inc.

6.25%, 3/31/2023		21,000		21,052

8.63%, 1/15/2024 (c)		37,000		38,665

Comstock Resources, Inc. 7.50%, 5/15/2025 (c)		38,000		37,710

Concho Resources, Inc. 3.75%, 10/1/2027		53,000		58,132

Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (c)		21,000		17,850

Constellium SE 4.25%, 2/15/2026 (a)	EUR	100,000		118,652

Coty, Inc. 6.50%, 4/15/2026 (c)		50,000		41,184

Covanta Holding Corp. 5.88%, 7/1/2025		14,000		14,607

Crestwood Midstream Partners LP 5.75%, 4/1/2025		60,000		57,400

Crown Castle International Corp.

REIT, 3.30%, 7/1/2030		155,000		172,018

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	85

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

United States — continued

REIT, 4.15%, 7/1/2050		20,000		23,484

Crown European Holdings SA

4.00%, 7/15/2022 (a)	EUR	250,000		313,254

2.63%, 9/30/2024 (a)	EUR	125,000		155,562

CSC Holdings LLC

5.88%, 9/15/2022		20,000		21,200

5.25%, 6/1/2024		215,000		232,737

CSX Corp. 2.40%, 2/15/2030		350,000		369,884

Curo Group Holdings Corp. 8.25%, 9/1/2025 (c)		110,000		90,750

CVR Partners LP 9.25%, 6/15/2023 (c)		98,000		96,285

CVS Health Corp.

3.25%, 8/15/2029		103,000		114,249

1.75%, 8/21/2030		150,000		148,148

4.13%, 4/1/2040		100,000		116,192

Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (c)		105,000		110,644

DaVita, Inc. 3.75%, 2/15/2031 (c)		42,000		41,455

DCP Midstream Operating LP 3.88%, 3/15/2023		74,000		74,925

Deere & Co.

3.10%, 4/15/2030		50,000		57,002

3.75%, 4/15/2050		205,000		251,523

Delek Logistics Partners LP 6.75%, 5/15/2025		29,000		26,752

Dell International LLC

7.13%, 6/15/2024 (c)		37,000		38,417

6.02%, 6/15/2026 (c)		270,000		317,873

Diamond Sports Group LLC 5.38%, 8/15/2026(c)		93,000		72,540

Diamondback Energy, Inc. 5.38%, 5/31/2025		40,000		41,657

Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (c)		15,000		16,125

Discovery Communications LLC 4.65%, 5/15/2050		75,000		85,665

DISH DBS Corp.

6.75%, 6/1/2021		10,000		10,250

5.88%, 11/15/2024		300,000		317,092

7.75%, 7/1/2026		235,000		269,075

Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		39,000		39,000

Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		60,000		54,600


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Duke Energy Ohio, Inc. 2.13%, 6/1/2030		120,000		126,844

Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (c)		13,000		14,105

Edgewell Personal Care Co.

4.70%, 5/24/2022		25,000		26,125

5.50%, 6/1/2028 (c)		20,000		21,350

Edison International 3.55%, 11/15/2024		150,000		159,758

Embarq Corp. 8.00%, 6/1/2036		70,000		83,946

Encompass Health Corp.

5.75%, 11/1/2024		70,000		70,349

5.75%, 9/15/2025		105,000		108,602

Energizer Holdings, Inc.

7.75%, 1/15/2027 (c)		65,000		71,194

4.75%, 6/15/2028 (c)		131,000		136,698

EnLink Midstream Partners LP

4.40%, 4/1/2024		20,000		18,500

4.15%, 6/1/2025		20,000		17,824

5.60%, 4/1/2044		20,000		13,200

Entegris, Inc. 4.63%, 2/10/2026 (c)		65,000		67,133

Entercom Media Corp. 7.25%, 11/1/2024 (c)		20,000		16,000

Enterprise Development Authority (The) 12.00%, 7/15/2024 (c)		63,000		68,985

Envision Healthcare Corp. 8.75%, 10/15/2026 (c)		93,000		40,920

EP Energy LLC

9.38%, 5/1/2024 (c) (h)		40,000		4

8.00%, 11/29/2024 (c) (h)		37,000		37

7.75%, 5/15/2026 (c) (h)		36,000		7,830

EQM Midstream Partners LP 4.00%, 8/1/2024		44,000		44,220

EQT Corp. 3.90%, 10/1/2027		75,000		72,108

ESH Hospitality, Inc.

REIT, 5.25%, 5/1/2025 (c)		130,000		131,950

REIT, 4.63%, 10/1/2027 (c)		18,000		18,000

Evergy Metro, Inc. Series 2020, 2.25%, 6/1/2030		119,000		126,786

Exela Intermediate LLC 10.00%, 7/15/2023 (c)		56,000		16,240

FirstCash, Inc. 5.38%, 6/1/2024 (c)		15,000		15,404

FirstEnergy Corp.

Series B, 3.90%, 7/15/2027		364,000		399,094

2.65%, 3/1/2030		110,000		113,103

Series B, 2.25%, 9/1/2030		53,000		52,701

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

United States — continued

Ford Motor Co. 9.00%, 4/22/2025		325,000		380,336

Ford Motor Credit Co. LLC 5.13%, 6/16/2025		320,000		336,234

Fox Corp. 3.50%, 4/8/2030		180,000		202,557

Freeport-McMoRan, Inc. 5.40%, 11/14/2034		50,000		56,519

Frontier Communications Corp.

7.63%, 4/15/2024 (h)		15,000		6,225

6.88%, 1/15/2025 (h)		35,000		13,960

Gartner, Inc. 4.50%, 7/1/2028 (c)		130,000		135,850

General Electric Co. 1.50%, 5/17/2029	EUR	100,000		115,220

General Motors Co. 5.15%, 4/1/2038		30,000		31,837

Genesis Energy LP

5.63%, 6/15/2024		20,000		17,650

6.25%, 5/15/2026		15,000		12,681

Global Partners LP 7.00%, 6/15/2023		25,000		25,000

Goldman Sachs Group, Inc. (The)

(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		205,000		213,606

(ICE LIBOR USD 3 Month + 1.60%), 1.86%, 11/29/2023 (d)		130,000		134,222

3.50%, 4/1/2025		385,000		426,571

3.85%, 1/26/2027		159,000		181,050

(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		35,000		41,221

Gray Television, Inc. 7.00%, 5/15/2027 (c)		95,000		103,075

Griffon Corp. 5.75%, 3/1/2028		70,000		74,287

Gulfport Energy Corp. 6.00%, 10/15/2024		78,000		46,410

H&E Equipment Services, Inc. 5.63%, 9/1/2025		15,000		15,562

HCA, Inc.

5.88%, 5/1/2023		82,000		89,790

5.38%, 2/1/2025		130,000		146,400

5.88%, 2/15/2026		360,000		412,200

4.50%, 2/15/2027		140,000		159,842

5.63%, 9/1/2028		119,000		141,528

Herc Holdings, Inc. 5.50%, 7/15/2027 (c)		89,000		93,227

Hertz Corp. (The)

7.63%, 6/1/2022 (c) (h)		4,000		3,480

5.50%, 10/15/2024 (c) (h)		128,000		51,840

7.13%, 8/1/2026 (c) (h)		15,000		6,075


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Hilcorp Energy I LP

5.00%, 12/1/2024 (c)		23,000		21,792

6.25%, 11/1/2028 (c)		25,000		23,500

Hill-Rom Holdings, Inc. 5.00%, 2/15/2025 (c)		15,000		15,490

Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		12,000		12,390

Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		15,000		15,506

Hilton Worldwide Finance LLC

4.63%, 4/1/2025		88,000		88,880

4.88%, 4/1/2027		113,000		115,825

Hologic, Inc. 4.38%, 10/15/2025 (c)		15,000		15,310

Home Depot, Inc. (The) 2.70%, 4/15/2030		120,000		132,871

Howmet Aerospace, Inc. 5.90%, 2/1/2027		60,000		67,842

Hughes Satellite Systems Corp. 6.63%, 8/1/2026		15,000		16,988

Hyundai Capital America 3.50%, 11/2/2026 (a)		150,000		162,000

Icahn Enterprises LP 6.38%, 12/15/2025		25,000		25,938

iHeartCommunications, Inc. 5.25%, 8/15/2027 (c)		50,000		49,875

International Business Machines Corp.

2.85%, 5/15/2040		100,000		105,824

2.95%, 5/15/2050		100,000		102,890

International Game Technology plc 4.75%, 2/15/2023 (a)	EUR	100,000		123,350

IQVIA, Inc.

3.25%, 3/15/2025 (a)	EUR	200,000		242,098

5.00%, 5/15/2027 (c)		200,000		210,521

IRB Holding Corp. 6.75%, 2/15/2026 (c)		39,000		39,634

Iron Mountain, Inc. REIT, 4.88%, 9/15/2029 (c)		70,000		72,730

ITC Holdings Corp.

3.35%, 11/15/2027		140,000		156,912

2.95%, 5/14/2030 (c)		280,000		303,811

JBS USA LUX SA

5.88%, 7/15/2024 (c)		3,000		3,060

5.75%, 6/15/2025 (c)		6,000		6,195

6.50%, 4/15/2029 (c)		43,000		48,813

JELD-WEN, Inc. 4.63%, 12/15/2025 (c)		70,000		70,350

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	87

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

United States — continued

Kennedy-Wilson, Inc. 5.88%, 4/1/2024		14,000		14,171

Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		140,000		157,065

Kroger Co. (The) 2.65%, 10/15/2026		135,000		147,398

L Brands, Inc.

5.63%, 10/15/2023		45,000		46,922

5.25%, 2/1/2028		18,000		17,280

L3Harris Technologies, Inc. 4.85%, 4/27/2035		185,000		244,612

LABL Escrow Issuer LLC 6.75%, 7/15/2026 (c)		120,000		128,700

Lamar Media Corp.

5.75%, 2/1/2026		65,000		67,782

Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (c)		95,000		99,406

Lennar Corp. 5.88%, 11/15/2024		48,000		53,640

Level 3 Financing, Inc.

5.38%, 5/1/2025		25,000		25,747

5.25%, 3/15/2026		61,000		63,599

4.63%, 9/15/2027 (c)		140,000		146,650

Liberty Mutual Group, Inc. 3.95%, 10/15/2050 (c)		15,000		16,731

Live Nation Entertainment, Inc.

4.88%, 11/1/2024 (c)		95,000		93,347

5.63%, 3/15/2026 (c)		19,000		18,715

LKQ European Holdings BV 3.63%, 4/1/2026 (a)	EUR	100,000		122,336

LKQ Italia Bondco SpA 3.88%, 4/1/2024 (a)	EUR	200,000		251,054

Lowe’s Cos., Inc. 5.13%, 4/15/2050		110,000		151,568

LPL Holdings, Inc. 5.75%, 9/15/2025 (c)		38,000		39,520

Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		29,000		30,124

Martin Midstream Partners LP

10.00%, 2/29/2024 (c)		8,735		9,071

11.50%, 2/28/2025 (c)		39,674		35,409

Matador Resources Co. 5.88%, 9/15/2026		21,000		18,270

Mattel, Inc.

3.15%, 3/15/2023		10,000		9,827

6.75%, 12/31/2025 (c)		170,000		180,413


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (c)		125,000		126,875

McDonald’s Corp. 3.30%, 7/1/2025		59,000		65,949

Meredith Corp.

6.50%, 7/1/2025 (c)		75,000		77,625

6.88%, 2/1/2026		35,000		30,404

MetLife, Inc.

6.40%, 12/15/2036		130,000		162,449

MGM Resorts International

6.00%, 3/15/2023		315,000		332,325

4.63%, 9/1/2026		43,000		43,752

5.50%, 4/15/2027		85,000		89,888

Microchip Technology, Inc. 4.25%, 9/1/2025 (c)		225,000		234,288

MidAmerican Energy Co. 4.25%, 5/1/2046		55,000		70,144

Midcontinent Communications 5.38%, 8/15/2027 (c)		9,000		9,305

Morgan Stanley

Series J, (ICE LIBOR USD 3 Month + 3.81%), 4.08%, 10/15/2020 (d) (e) (f)		321,000		316,488

(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (d)		15,000		17,228

(SOFR + 3.12%), 3.62%, 4/1/2031 (d)		310,000		360,009

(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (d)		240,000		288,380

MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (c)		79,000		80,209

MPLX LP

4.13%, 3/1/2027		101,000		111,717

4.00%, 3/15/2028		74,000		81,474

MSCI, Inc. 5.38%, 5/15/2027 (c)		34,000		36,710

MTS Systems Corp. 5.75%, 8/15/2027 (c)		14,000		14,180

Nabors Industries, Inc. 5.75%, 2/1/2025		90,000		25,875

NCR Corp.

5.75%, 9/1/2027 (c)		15,000		15,750

5.00%, 10/1/2028 (c)		18,000		18,135

6.13%, 9/1/2029 (c)		152,000		163,020

Netflix, Inc.

4.38%, 11/15/2026		17,000		18,916

3.63%, 5/15/2027	EUR	200,000		261,308

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

United States — continued

4.88%, 4/15/2028		85,000		98,387

5.88%, 11/15/2028		45,000		55,238

4.88%, 6/15/2030 (c)		53,000		61,414

New Albertsons LP 8.00%, 5/1/2031		103,000		118,450

Newell Brands, Inc. 4.70%, 4/1/2026 (b)		90,000		97,431

Nexstar Broadcasting, Inc. 5.63%, 7/15/2027 (c)		35,000		36,925

NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030		200,000		209,494

NextEra Energy Operating Partners LP 4.25%, 9/15/2024 (c)		10,000		10,650

Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c)		30,000		30,525

Nielsen Finance LLC 5.00%, 4/15/2022 (c)		38,000		38,036

NIKE, Inc. 3.38%, 3/27/2050		15,000		17,167

Noble Energy, Inc. 3.85%, 1/15/2028		354,000		401,547

Novelis Corp. 5.88%, 9/30/2026 (c)		74,000		77,315

NRG Energy, Inc. 6.63%, 1/15/2027		45,000		48,159

Nuance Communications, Inc. 5.63%, 12/15/2026		58,000		61,480

NuStar Logistics LP 5.63%, 4/28/2027		30,000		30,150

Oasis Petroleum, Inc.

6.88%, 1/15/2023		125,000		23,984

6.25%, 5/1/2026 (c)		33,000		5,940

Occidental Petroleum Corp.

3.50%, 6/15/2025		65,000		59,150

8.88%, 7/15/2030		65,000		73,450

6.63%, 9/1/2030		45,000		46,238

ON Semiconductor Corp. 3.88%, 9/1/2028 (c)		106,000		110,609

OneMain Finance Corp.

5.63%, 3/15/2023		60,000		63,600

7.13%, 3/15/2026		32,000		36,720

Oracle Corp. 2.95%, 4/1/2030		290,000		324,531

Owens-Brockway Glass Container, Inc. 5.38%, 1/15/2025 (c)		68,000		71,740

Pacific Gas and Electric Co.

3.85%, 11/15/2023		305,000		323,341

3.75%, 2/15/2024		94,000		99,141

2.95%, 3/1/2026		60,000		61,258

4.60%, 6/15/2043		100,000		102,783

4.75%, 2/15/2044		86,000		90,282

4.25%, 3/15/2046		30,000		29,744


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

PacifiCorp

2.70%, 9/15/2030		120,000		132,772

3.30%, 3/15/2051		27,000		30,491

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c)		9,000		9,608

Parsley Energy LLC 4.13%, 2/15/2028 (c)		34,000		32,895

PBF Holding Co. LLC 7.25%, 6/15/2025		22,000		20,889

Penske Automotive Group, Inc.

5.75%, 10/1/2022		35,000		35,025

5.50%, 5/15/2026		48,000		49,980

PetSmart, Inc.

7.13%, 3/15/2023 (c)		75,000		75,554

5.88%, 6/1/2025 (c)		101,000		103,904

Pfizer, Inc.

2.55%, 5/28/2040		60,000		62,638

2.70%, 5/28/2050		110,000		114,148

Philip Morris International, Inc.

1.50%, 5/1/2025		100,000		103,457

2.10%, 5/1/2030		60,000		62,178

Phillips 66 2.15%, 12/15/2030		51,000		49,967

Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (c)		40,000		36,762

Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (c)		63,000		64,733

Plantronics, Inc. 5.50%, 5/31/2023 (c)		53,000		50,032

Polaris Intermediate Corp.

8.50% (cash), 12/1/2022 (c) (g)		25,000		25,406

Post Holdings, Inc.

5.75%, 3/1/2027 (c)		50,000		52,812

5.63%, 1/15/2028 (c)		50,000		53,453

5.50%, 12/15/2029 (c)		20,000		21,924

Prime Security Services Borrower LLC

5.25%, 4/15/2024 (c)		16,000		16,960

5.75%, 4/15/2026 (c)		16,000		17,680

QEP Resources, Inc.

5.38%, 10/1/2022		38,000		33,250

5.63%, 3/1/2026		5,000		3,213

Qorvo, Inc. 5.50%, 7/15/2026		52,000		55,164

Quicken Loans LLC 5.75%, 5/1/2025 (c)		53,000		54,590

Radian Group, Inc. 4.50%, 10/1/2024		25,000		25,125

Rain CII Carbon LLC 7.25%, 4/1/2025 (c)		50,000		49,375

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	89

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

United States — continued

Raytheon Technologies Corp.

3.70%, 12/15/2023 (c)		325,000		354,748

3.20%, 3/15/2024 (c)		400,000		432,318

3.95%, 8/16/2025		17,000		19,446

4.13%, 11/16/2028		200,000		237,923

3.75%, 11/1/2046		115,000		132,447

RBS Global, Inc. 4.88%, 12/15/2025 (c)		14,000		14,333

Realty Income Corp. REIT, 3.00%, 1/15/2027		170,000		183,705

Refinitiv US Holdings, Inc.

6.25%, 5/15/2026 (c)		21,000		22,549

8.25%, 11/15/2026 (c)		9,000		9,967

RHP Hotel Properties LP REIT, 4.75%, 10/15/2027		9,000		8,190

Rite Aid Corp.

7.50%, 7/1/2025 (c)		60,000		60,000

8.00%, 11/15/2026 (c)		84,000		85,050

Sabre GLBL, Inc. 7.38%, 9/1/2025 (c)		55,000		57,456

San Diego Gas & Electric Co. Series UUU, 3.32%, 4/15/2050		40,000		44,314

SBA Communications Corp.

REIT, 4.88%, 9/1/2024		25,000		25,680

REIT, 3.88%, 2/15/2027 (c)		80,000		83,036

Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		130,000		139,092

Sealed Air Corp. 5.13%, 12/1/2024 (c)		94,000		103,400

Sempra Energy 3.80%, 2/1/2038		145,000		164,635

Sensata Technologies BV

4.88%, 10/15/2023 (c)		85,000		89,675

5.00%, 10/1/2025 (c)		14,000		15,214

Sensata Technologies, Inc. 3.75%, 2/15/2031 (c)		89,000		88,778

Service Corp. International 7.50%, 4/1/2027		70,000		84,700

5.13%, 6/1/2029		70,000		77,551

Silgan Holdings, Inc. 3.25%, 3/15/2025	EUR	200,000		242,181

Sinclair Television Group, Inc. 5.63%, 8/1/2024 (c)		61,000		61,000

Sirius XM Radio, Inc.

5.38%, 7/15/2026 (c)		2,000		2,092

5.00%, 8/1/2027 (c)		162,000		171,830

5.50%, 7/1/2029 (c)		14,000		15,376

4.13%, 7/1/2030 (c)		45,000		47,363


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Six Flags Entertainment Corp.

4.88%, 7/31/2024 (c)		10,000		9,697

5.50%, 4/15/2027 (c)		7,000		6,825

Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (c)		52,000		56,274

SM Energy Co. 6.13%, 11/15/2022		75,000		58,535

Solera LLC 10.50%, 3/1/2024 (c)		36,000		37,755

Southern California Edison Co.

Series A, 4.20%, 3/1/2029		120,000		138,554

2.25%, 6/1/2030		28,000		28,455

Series 13-A, 3.90%, 3/15/2043		37,000		39,864

3.65%, 2/1/2050		79,000		83,867

Southwestern Energy Co. 6.45%, 1/23/2025 (b)		87,000		87,395

Spectrum Brands, Inc.

5.75%, 7/15/2025		165,000		170,363

5.00%, 10/1/2029 (c)		40,000		41,600

Sprint Capital Corp. 8.75%, 3/15/2032		202,000		305,108

Sprint Corp.

7.63%, 2/15/2025		376,000		450,260

7.63%, 3/1/2026		65,000		79,938

SS&C Technologies, Inc. 5.50%, 9/30/2027 (c)		150,000		160,665

Standard Industries, Inc.

6.00%, 10/15/2025 (c)		24,000		24,751

4.75%, 1/15/2028 (c)		60,000		63,150

Staples, Inc.

7.50%, 4/15/2026 (c)		140,000		124,628

10.75%, 4/15/2027 (c)		46,000		31,970

Starbucks Corp. 2.55%, 11/15/2030		340,000		360,290

State Street Corp. (SOFR + 2.60%), 2.90%, 3/30/2026 (c) (d)		20,000		21,885

Station Casinos LLC 5.00%, 10/1/2025 (c)		21,000		20,751

Summit Midstream Holdings LLC 5.75%, 4/15/2025		20,000		11,400

Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		130,000		124,257

Tallgrass Energy Partners LP 5.50%, 9/15/2024 (c)		28,000		27,440

Targa Resources Partners LP

4.25%, 11/15/2023		62,000		62,389

6.75%, 3/15/2024		170,000		173,111

5.88%, 4/15/2026		80,000		84,200

Target Corp. 2.65%, 9/15/2030		90,000		99,751

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

United States — continued

Team Health Holdings, Inc. 6.38%, 2/1/2025 (c)		53,000		36,040

Tempur Sealy International, Inc.

5.63%, 10/15/2023		110,000		111,925

5.50%, 6/15/2026		155,000		162,169

Tenet Healthcare Corp.

6.75%, 6/15/2023		170,000		181,050

4.63%, 9/1/2024 (c)		6,000		6,165

5.13%, 5/1/2025		75,000		76,500

4.88%, 1/1/2026 (c)		55,000		57,200

6.25%, 2/1/2027 (c)		35,000		36,750

5.13%, 11/1/2027 (c)		96,000		101,280

Tennant Co. 5.63%, 5/1/2025		33,000		34,279

Tenneco, Inc. 5.00%, 7/15/2026		65,000		47,613

TerraForm Power Operating LLC

4.25%, 1/31/2023 (c)		17,000		17,598

Texas Instruments, Inc. 1.75%, 5/4/2030		70,000		72,107

T-Mobile USA, Inc.

6.38%, 3/1/2025		129,000		131,741

6.50%, 1/15/2026		240,000		251,250

4.50%, 2/1/2026		50,000		51,615

3.75%, 4/15/2027 (c)		525,000		593,728

3.88%, 4/15/2030 (c)		170,000		194,295

4.50%, 4/15/2050 (c)		100,000		122,148

TransDigm, Inc. 6.25%, 3/15/2026 (c)		70,000		73,865

Transocean Pontus Ltd. 6.13%, 8/1/2025 (c)		16,380		14,669

Transocean Poseidon Ltd. 6.88%, 2/1/2027 (c)		10,000		8,300

Transocean Proteus Ltd. 6.25%, 12/1/2024 (c)		31,200		27,456

Transocean, Inc. 7.50%, 1/15/2026 (c)		55,000		17,050

Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c)		28,000		28,078

TripAdvisor, Inc. 7.00%, 7/15/2025 (c)		45,000		47,475

Triumph Group, Inc. 7.75%, 8/15/2025		75,000		44,438

Tronox Finance plc 5.75%, 10/1/2025 (c)		8,000		8,102

Tronox, Inc. 6.50%, 4/15/2026 (c)		19,000		19,564

Truist Financial Corp. Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (d) (e) (f)		160,000		175,600


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

United Airlines Holdings, Inc.

5.00%, 2/1/2024		25,000		22,562

4.88%, 1/15/2025		13,000		11,148

United Rentals North America, Inc. 5.50%, 5/15/2027		199,000		212,900

United States Cellular Corp. 6.70%, 12/15/2033		143,000		185,547

Uniti Group LP REIT, 6.00%, 4/15/2023 (c)		85,000		85,871

Verizon Communications, Inc. 4.86%, 8/21/2046		75,000		100,682

Vista Outdoor, Inc. 5.88%, 10/1/2023		85,000		86,381

Vistra Operations Co. LLC

5.50%, 9/1/2026 (c)		55,000		57,750

5.63%, 2/15/2027 (c)		25,000		26,438

Wabash National Corp. 5.50%, 10/1/2025 (c)		55,000		54,450

Welbilt, Inc. 9.50%, 2/15/2024		25,000		25,375

Wells Fargo & Co.

(SOFR + 2.10%), 2.39%, 6/2/2028 (d)		230,000		240,237

(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031 (d)		165,000		173,077

4.90%, 11/17/2045		150,000		190,665

WESCO Distribution, Inc.

5.38%, 6/15/2024		17,000		17,467

7.13%, 6/15/2025 (c)		60,000		65,936

Whiting Petroleum Corp.

5.75%, 3/15/2021 (h)		85,000		19,125

6.63%, 1/15/2026 (h)		21,000		4,935

William Carter Co. (The) 5.63%, 3/15/2027 (c)		8,000		8,499

Williams Cos., Inc. (The) 4.00%, 9/15/2025		166,000		185,527

Windstream Services LLC 8.63%, 10/31/2025 (b) (c) (h)		15,000		9,085

WMG Acquisition Corp.

3.00%, 2/15/2031 (c)		25,000		24,875

Wolverine Escrow LLC 9.00%, 11/15/2026 (c)		70,000		53,900

WPX Energy, Inc.

8.25%, 8/1/2023		41,000		46,080

5.88%, 6/15/2028		60,000		60,900

Wyndham Destinations, Inc.

5.40%, 4/1/2024 (b)		4,000		4,079

6.35%, 10/1/2025 (b)		13,000		13,650

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	91

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

United States — continued

5.75%, 4/1/2027 (b)		17,000		17,425

Wynn Las Vegas LLC 5.50%, 3/1/2025 (c)		121,000		119,790

Xcel Energy, Inc. 3.40%, 6/1/2030		40,000		46,049

Zoetis, Inc.

2.00%, 5/15/2030		100,000		103,912

3.00%, 5/15/2050		40,000		43,179


				51,263,358


Total Corporate Bonds (Cost $87,166,634)				90,329,591

Foreign Government Securities — 23.0%

Australia — 1.0%

Commonwealth of Australia 3.00%, 3/21/2047 (a)	AUD	1,860,000		1,711,449


Austria — 0.3%

Republic of Austria 0.85%, 6/30/2120 (a)	EUR	365,000		472,705


Bahrain — 0.2%

Kingdom of Bahrain 6.00%, 9/19/2044 (a)		335,000		331,441


Benin — 0.2%

Benin Government Bond 5.75%, 3/26/2026 (c)	EUR	320,000		365,642


Brazil — 0.2%

Federative Republic of Brazil

3.88%, 6/12/2030		280,000		287,420


China — 1.7%

People’s Republic of China 2.68%, 5/21/2030	CNY	20,000,000		2,827,988


Colombia — 0.4%

Republic of Colombia

3.13%, 4/15/2031		210,000		217,035

5.00%, 6/15/2045		200,000		238,750

4.13%, 5/15/2051		200,000		214,000


				669,785


Cyprus — 0.6%

Republic of Cyprus

2.75%, 6/27/2024 (a)	EUR	230,000		300,717

2.38%, 9/25/2028 (a)	EUR	400,000		537,455

2.75%, 2/26/2034 (a)	EUR	180,000		254,877


				1,093,049


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Czech Republic — 0.5%

Czech Republic 2.00%, 10/13/2033	CZK	15,770,000		785,414


Dominican Republic — 0.5%

Dominican Republic Government Bond

9.75%, 6/5/2026 (c)	DOP	14,000,000		236,957

6.40%, 6/5/2049 (a)		184,000		186,530

5.88%, 1/30/2060 (c)		414,000		395,629


				819,116


Egypt — 0.4%

Arab Republic of Egypt

5.75%, 5/29/2024 (c)		200,000		206,125

7.60%, 3/1/2029 (c)		280,000		294,087

7.05%, 1/15/2032 (c)		230,000		228,563


				728,775


El Salvador — 0.4%

Republic of El Salvador

7.75%, 1/24/2023 (a)		82,000		82,385

5.88%, 1/30/2025 (a)		195,000		183,239

6.38%, 1/18/2027 (a)		195,000		181,228

7.12%, 1/20/2050 (c)		227,000		195,220


				642,072


Ethiopia — 0.1%

Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)		200,000		202,000


Ghana — 0.3%

Republic of Ghana

7.63%, 5/16/2029 (a)		320,000		305,000

8.63%, 6/16/2049 (a)		220,000		199,375


				504,375


Greece — 0.8%

Hellenic Republic

3.38%, 2/15/2025 (a)	EUR	396,000		532,642

1.88%, 7/23/2026 (a)	EUR	466,000		596,762

3.88%, 3/12/2029 (a)	EUR	190,000		279,862


				1,409,266


Hungary — 0.3%

Hungary Government Bond

1.00%, 11/26/2025	HUF	72,850,000		235,970

7.63%, 3/29/2041		150,000		265,638


				501,608

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Indonesia — 1.6%

Republic of Indonesia

8.13%, 5/15/2024	IDR	10,251,000,000		769,397

7.00%, 9/15/2030	IDR	21,517,000,000		1,487,166

6.63%, 2/17/2037 (a)		340,000		485,669


				2,742,232


Israel — 0.4%

State of Israel Government Bond 3.38%, 1/15/2050		570,000		628,425


Italy — 2.4%

Buoni Poliennali del Tesoro 3.85%, 9/1/2049 (a)	EUR	885,000		1,475,498

Italian Republic Government Bond

2.38%, 10/17/2024		1,345,000		1,391,020

2.88%, 10/17/2029		1,135,000		1,162,994


				4,029,512


Ivory Coast — 0.4%

Republic of Cote d’Ivoire

6.38%, 3/3/2028 (a)		270,000		280,125

6.88%, 10/17/2040 (c)	EUR	310,000		354,679


				634,804


Jamaica — 0.2%

Jamaica Government Bond 7.88%, 7/28/2045		200,000		262,500


Jordan — 0.3%

Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (c)		440,000		444,400


Kazakhstan — 0.3%

Republic of Kazakhstan 1.50%, 9/30/2034 (c)	EUR	370,000		434,916


Kenya — 0.1%

Republic of Kenya 6.88%, 6/24/2024 (a)		200,000		205,500


Lebanon — 0.0% (i)

Lebanese Republic

6.65%, 4/22/2024 (a) (h)		227,000		36,604

6.65%, 11/3/2028 (a) (h)		226,000		35,312


				71,916


Mexico — 0.7%

Mex Bonos Desarr Fix Rt

Series M 20, 8.50%, 5/31/2029	MXN	15,000,000		808,651

7.75%, 5/29/2031	MXN	8,090,000		417,365


				1,226,016


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Morocco — 0.4%

Kingdom of Morocco

1.50%, 11/27/2031 (c)	EUR	180,000		208,695

5.50%, 12/11/2042 (a)		320,000		409,200


				617,895


New Zealand — 1.7%

New Zealand Government Bond

4.50%, 4/15/2027 (a)	NZD	2,030,000		1,740,943

2.75%, 4/15/2037 (a)	NZD	1,267,000		1,075,604


				2,816,547


Nigeria — 0.2%

Federal Republic of Nigeria 7.63%, 11/21/2025 (a)		300,000		317,344


Panama — 0.4%

Republic of Panama

4.50%, 4/1/2056		200,000		260,000

3.87%, 7/23/2060		400,000		473,500


				733,500


Paraguay — 0.3%

Republic of Paraguay 5.00%, 4/15/2026 (a)		420,000		483,394


Peru — 0.5%

Bonos de la Tesoreria 5.40%, 8/12/2034	PEN	1,219,000		371,515

Republic of Peru

2.78%, 1/23/2031		390,000		425,295

6.95%, 8/12/2031 (a)	PEN	358,000		127,053


				923,863


Philippines — 0.2%

Republic of Philippines 2.95%, 5/5/2045		330,000		348,459


Poland — 0.5%

Republic of Poland 1.25%, 10/25/2030	PLN	3,040,000		811,569


Portugal — 1.0%

Obrigacoes do Tesouro 0.48%, 10/18/2030 (a)	EUR	650,000		779,621

Portuguese Republic 5.13%, 10/15/2024 (a)		740,000		862,316


				1,641,937


Qatar — 0.4%

State of Qatar

5.10%, 4/23/2048 (a)		245,000		346,369

4.40%, 4/16/2050 (c)		200,000		259,500


				605,869

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	93

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Romania — 0.1%

Romania Government Bond 4.63%, 4/3/2049 (c)	EUR	156,000		216,356


Russia — 1.2%

Russian Federation

6.00%, 10/6/2027	RUB	13,330,000		183,006

7.65%, 4/10/2030	RUB	46,710,000		705,242

7.25%, 5/10/2034	RUB	21,393,000		314,273

7.70%, 3/16/2039	RUB	11,860,000		183,996

5.88%, 9/16/2043 (a)		400,000		564,000


				1,950,517


Senegal — 0.1%

Republic of Senegal 6.25%, 5/23/2033 (a)		200,000		205,750


Serbia — 0.2%

Republic of Serbia 1.50%, 6/26/2029 (c)	EUR	230,000		264,864


South Africa — 0.4%

Republic of South Africa 8.88%, 2/28/2035	ZAR	14,320,000		722,401


Spain — 0.3%

Bonos and Obligaciones del Estado

1.85%, 7/30/2035 (a)	EUR	70,000		96,702

1.20%, 10/31/2040 (a)	EUR	300,000		371,690


				468,392


Ukraine — 0.3%

Ukraine Government Bond

7.75%, 9/1/2026 (a)		270,000		285,120

7.38%, 9/25/2032 (a)		230,000		232,645


				517,765


United Arab Emirates — 0.3%

United Arab Emirates Government Bond 4.00%, 7/28/2050 (c)		400,000		427,500


Uruguay — 0.2%

Oriental Republic of Uruguay 5.10%, 6/18/2050		250,000		345,859


Total Foreign Government Securities (Cost $36,875,568)				38,452,107

Asset-Backed Securities — 7.0%

United States — 7.0%

ACC Trust Series 2019-1, Class A, 3.75%, 5/20/2022 (c)		36,139		36,395

Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 ‡ (c)		187,405		190,591


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

American Credit Acceptance Receivables Trust

Series 2016-4, Class D, 4.11%, 4/12/2023 (c)		29,888		29,979

Series 2019-3, Class B, 2.59%, 8/14/2023 (c)		290,000		292,983

Series 2018-3, Class C, 3.75%, 10/15/2024 (c)		38,934		39,299

Series 2019-3, Class C, 2.76%, 9/12/2025 (c)		96,000		97,674

Series 2019-3, Class D, 2.89%, 9/12/2025 (c)		97,000		98,827

Business Jet Securities LLC Series 2018-2, Class C, 6.66%, 6/15/2033 (c)		124,033		124,189

Chase Funding Trust Series 2003-6, Class 1A7, 4.99%, 11/25/2034 ‡ (b)		108,423		113,054

Conn’s Receivables Funding LLC

Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (c)		72,112		71,946

Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (c)		65,556		63,162

CPS Auto Receivables Trust Series 2018-A, Class D, 3.66%, 12/15/2023 (c)		400,000		408,864

Credit Acceptance Auto Loan Trust

Series 2018-1A, Class C, 3.77%, 6/15/2027 (c)		250,000		253,904

Series 2018-3A, Class B, 3.89%, 10/15/2027 (c)		250,000		258,170

Credit-Based Asset Servicing & Securitization LLC Series 2004-CB5, Class M1, 1.09%, 1/25/2034 ‡ (j)		102,065		99,371

Drive Auto Receivables Trust

Series 2018-3, Class D, 4.30%, 9/16/2024		256,000		267,292

Series 2018-4, Class C, 3.66%, 11/15/2024		182,480		184,786

DT Auto Owner Trust

Series 2018-3A, Class C, 3.79%, 7/15/2024 (c)		260,000		265,584

Series 2019-1A, Class D, 3.87%, 11/15/2024 (c)		65,000		67,177

Series 2019-1A, Class E, 4.94%, 2/17/2026 (c)		100,000		101,388

Exeter Automobile Receivables Trust

Series 2018-3A, Class C, 3.71%, 6/15/2023 (c)		99,000		100,341

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

United States — continued

Series 2017-3A, Class C, 3.68%, 7/17/2023 (c)		180,000		183,564

Series 2016-3A, Class D, 6.40%, 7/17/2023 (c)		350,000		360,627

Series 2018-2A, Class D, 4.04%, 3/15/2024 (c)		60,000		61,254

Series 2018-3A, Class D, 4.35%, 6/17/2024 (c)		210,000		217,610

Flagship Credit Auto Trust

Series 2018-3, Class A, 3.07%, 2/15/2023 (c)		69,578		70,083

Series 2017-4, Class D, 3.58%, 1/15/2024 (c)		280,000		287,326

Series 2017-2, Class E, 5.55%, 7/15/2024 (c)		380,000		396,703

Series 2018-3, Class C, 3.79%, 12/16/2024 (c)		170,000		175,343

FREED ABS Trust

Series 2018-1, Class A, 3.61%, 7/18/2024 (c)		7,579		7,587

Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (c)		100,000		100,176

GLS Auto Receivables Issuer Trust

Series 2019-2A, Class B, 3.32%, 3/15/2024 (c)		200,000		206,145

Series 2019-1A, Class C, 3.87%, 12/16/2024 (c)		155,000		160,217

Lendmark Funding Trust

Series 2019-2A, Class C, 3.72%, 4/20/2028 ‡ (c)		580,000		538,792

Marlette Funding Trust

Series 2018-1A, Class C, 3.69%, 3/15/2028 (c)		66,668		66,938

Series 2018-2A, Class B, 3.61%, 7/17/2028 ‡ (c)		111,783		112,072

Series 2018-2A, Class C, 4.37%, 7/17/2028 (c)		280,000		277,519

MFA LLC

Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (b) (c)		158,184		158,825

Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (b) (c)		109,570		109,538

Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class B1, 2.80%, 9/25/2034 ‡ (j)		192,614		194,141

OneMain Direct Auto Receivables Trust

Series 2018-1A, Class B, 3.71%, 4/14/2025 (c)		100,000		102,263


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Series 2018-1A, Class D, 4.40%, 1/14/2028 (c)		160,000		164,849

Onemain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029 ‡ (c)		100,000		101,861

PNMAC GMSR Issuer Trust Series 2018-GT2, Class A, 2.83%, 8/25/2025 (c) (j)		210,000		200,685

Prestige Auto Receivables Trust Series 2018-1A, Class C, 3.75%, 10/15/2024 (c)		440,000		450,663

Pretium Mortgage Credit Partners I LLC Series 2019-NPL2, Class A2, 5.93%, 12/27/2058 ‡ (b) (c)		250,000		248,899

Progress Residential Trust Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (c)		262,000		270,611

Santander Drive Auto Receivables Trust Series 2018-4, Class D, 3.98%, 12/15/2025		350,000		360,913

Santander Revolving Auto Loan Trust

Series 2019-A, Class C, 3.00%, 1/26/2032 (c)		150,000		157,451

Series 2019-A, Class D, 3.45%, 1/26/2032 (c)		650,000		676,757

SoFi Consumer Loan Program Trust Series 2018-1, Class B, 3.65%, 2/25/2027 (c)		100,000		102,896

Structured Asset Investment Loan Trust

Series 2004-8, Class M3, 1.15%, 9/25/2034 ‡ (j)		69,659		68,626

Series 2005-HE3, Class M1, 0.90%, 9/25/2035 ‡ (j)		75,829		75,227

Tricolor Auto Securitization Trust Series 2018-2A, Class C, 5.75%, 5/16/2022 (c)		380,888		382,083

VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09%, 10/25/2049 (b) (c)		675,000		651,829

VOLT LXXXIII LLC Series 2019-NPL9, Class A1B, 4.09%, 11/26/2049 ‡ (b) (c)		580,000		565,895

Westlake Automobile Receivables Trust Series 2018-2A, Class E, 4.86%, 1/16/2024 (c)		310,000		321,028


Total Asset-Backed Securities (Cost $11,630,600)				11,751,972

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	95

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — 5.6%

United Kingdom — 0.3%

Brass NO 8 plc Series 8A, Class A1, 0.98%, 11/16/2066 (c) (j)		189,661		189,783

Lanark Master Issuer plc Series 2019-1A, Class 1A1, 1.13%, 12/22/2069 (c) (j)		140,000		140,138

Permanent Master Issuer plc Series 2018-1A, Class 1A1, 0.65%, 7/15/2058 (c) (j)		63,750		63,722


				393,643


United States — 5.3%

Alternative Loan Trust

Series 2004-25CB, Class A1, 6.00%, 12/25/2034		143,264		145,850

Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		87,715		87,703

Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		118,184		120,297

Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037		156,551		124,505

Angel Oak Mortgage Trust Series 2019-5, Class A1, 2.59%, 10/25/2049 (c) (j)		524,049		528,536

Antler Mortgage Trust Series 2019-RTL1, Class A2, 4.95%, 8/25/2022 (c) (j)		600,000		614,395

Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 3.78%, 2/25/2037 (j)		29,426		28,845

CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037		62,381		47,720

CIM Trust Series 2019-INV3, Class A11, 1.12%, 8/25/2049 (c) (j)		213,084		211,978

COLT Mortgage Loan Trust Series 2019-4, Class A1, 2.58%, 11/25/2049 (c) (j)		130,407		131,217

Deephaven Residential Mortgage Trust

Series 2019-4A, Class A1, 2.79%, 10/25/2059 (c) (j)		212,531		215,521

Series 2020-1, Class A1, 2.34%, 1/25/2060 (c) (j)		145,287		146,729

FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 2.48%, 9/25/2030 (j)		47,843		46,884

FHLMC, REMIC

Series 2916, Class S, IF, IO, 7.09%, 1/15/2035 (j)		2,034,075		476,022


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Series 4305, Class SK, IF, IO, 6.44%, 2/15/2044 (j)		746,453		171,337

Series 4689, Class SD, IF, IO, 5.99%, 6/15/2047 (j)		565,957		108,649

Series 4714, Class SA, IF, IO, 5.99%, 8/15/2047 (j)		439,570		94,076

Series 4839, Class WS, IF, IO, 5.94%, 8/15/2056 (j)		2,875,424		744,426

Flagstar Mortgage Trust Series 2020-1INV, Class A11, 1.03%, 3/25/2050 (c) (j)		142,579		142,038

FNMA, Connecticut Avenue Securities

Series 2015-C03, Class 2M2, 5.18%, 7/25/2025 (j)		94,195		96,160

Series 2016-C06, Class 1M2, 4.43%, 4/25/2029 (j)		48,837		50,181

Series 2018-C05, Class 1M2, 2.53%, 1/25/2031 (j)		7,954		7,844

Series 2018-C06, Class 1M2, 2.18%, 3/25/2031 (j)		74,101		72,336

Series 2018-C06, Class 2M2, 2.28%, 3/25/2031 (j)		20,909		20,380

FNMA, REMIC

Series 2010-57, Class ID, IO, 4.00%, 6/25/2025		249,978		8,340

Series 2012-146, Class AI, IO, 3.00%, 1/25/2028		1,569,735		96,295

Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		948,733		79,024

Series 2012-93, Class SE, IF, IO, 5.92%, 9/25/2042 (j)		137,841		32,665

Series 2012-124, Class UI, IO, 4.00%, 11/25/2042		173,882		22,539

Series 2012-133, Class NS, IF, IO, 5.97%, 12/25/2042 (j)		254,479		61,176

Series 2015-40, Class LS, IF, IO, 5.99%, 6/25/2045 (j)		394,453		93,202

Series 2016-75, Class SC, IF, IO, 5.92%, 10/25/2046 (j)		837,282		176,862

Series 2017-31, Class SG, IF, IO, 5.92%, 5/25/2047 (j)		1,433,360		278,887

Series 2017-39, Class ST, IF, IO, 5.92%, 5/25/2047 (j)		398,334		90,686

Series 2017-69, Class SH, IF, IO, 6.02%, 9/25/2047 (j)		635,086		136,632

Series 2019-42, Class SK, IF, IO, 5.87%, 8/25/2049 (j)		1,107,294		203,382

FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (j)		220,329		16,444

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Collateralized Mortgage Obligations — continued

United States — continued

GCAT Trust Series 2020-NQM1, Class A1, 2.25%, 1/25/2060 (b) (c)		485,814		493,766

GNMA

Series 2017-107, Class KS, IF, IO, 6.04%, 7/20/2047 (j)		452,104		82,249

Series 2019-42, Class SJ, IF, IO, 5.89%, 4/20/2049 (j)		1,166,844		169,023

Series 2015-H13, Class GI, IO, 1.61%, 4/20/2065 (j)		228,231		10,022

Series 2017-H14, Class FG, 1.59%, 6/20/2067 (j)		366,057		374,316

Homeward Opportunities Fund I Trust

Series 2018-1, Class A1, 3.77%, 6/25/2048 (c) (j)		43,648		43,663

Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (c) (j)		150,000		150,353

Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 0.73%, 7/25/2029 (j)		78,803		74,906

OBX Trust

Series 2019-EXP1, Class 2A1B, 1.13%, 1/25/2059 (c) (j)		206,000		201,875

Series 2019-EXP3, Class 2A1B, 1.08%, 10/25/2059 (c) (j)		130,000		130,174

PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024 (b) (c)		425,053		428,101

Starwood Mortgage Residential Trust Series 2020-1, Class A1, 2.27%, 2/25/2050 (c) (j)		210,672		214,087

Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 3.11%, 7/25/2034 (j)		18,402		18,844

Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (b)(c)		120,000		121,171

Verus Securitization Trust

Series 2018-2, Class A1, 3.68%, 6/1/2058(c) (j)		100,862		102,015

Series 2019-1, Class A1, 3.84%, 2/25/2059(c) (j)		155,790		158,705

Series 2019-INV3, Class A1, 2.69%, 11/25/2059(c) (j)		349,331		353,756


				8,856,789


Total Collateralized Mortgage Obligations (Cost $8,979,361)				9,250,432

Commercial Mortgage-Backed Securities — 4.1%

United States — 4.1%

BAMLL Re-REMIC Trust Series 2014-FRR4, Class BK29, PO, 4/27/2023(c)		400,000		326,460


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


United States — continued

Banc of America Commercial Mortgage Trust Series 2007-5, Class AJ, 6.02%, 2/10/2051 (j)		336,812		357,229

BANK Series 2020-BN25, Class XA, IO, 0.89%, 1/15/2063 (j)		4,594,476		314,165

BX Commercial Mortgage Trust Series 2018-BIOA, Class D, 1.48%, 3/15/2037 ‡ (c) (j)		485,000		475,281

BXMT Ltd. Series 2017-FL1, Class D, 2.86%, 6/15/2035 ‡ (c) (j)		210,000		205,275

Citigroup Commercial Mortgage Trust Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (c)		205,000		157,300

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K033, Class X1, IO, 0.41%, 7/25/2023 (j)		3,874,254		29,352

Series K078, Class X3, IO, 2.29%, 10/25/2028 (j)		1,820,000		255,077

Series K153, Class X3, IO, 3.90%, 4/25/2035 (j)		340,000		101,796

Series K036, Class X3, IO, 2.18%, 12/25/2041 (j)		2,640,000		162,107

Series K720, Class X3, IO, 1.38%, 8/25/2042 (j)		6,800,000		142,933

Series K041, Class X3, IO, 1.70%, 11/25/2042 (j)		3,470,000		210,784

Series K718, Class X3, IO, 1.48%, 2/25/2043 (j)		10,025,000		168,531

Series K054, Class X3, IO, 1.65%, 4/25/2043 (j)		1,365,000		103,715

Series K050, Class X3, IO, 1.61%, 10/25/2043 (j)		1,010,000		69,076

Series K051, Class X3, IO, 1.67%, 10/25/2043 (j)		1,395,000		100,733

Series K052, Class X3, IO, 1.67%, 1/25/2044 (j)		750,000		56,086

Series K726, Class X3, IO, 2.21%, 7/25/2044 (j)		2,890,000		200,125

Series K067, Class X3, IO, 2.19%, 9/25/2044 (j)		1,385,000		171,754

Series K072, Class X3, IO, 2.21%, 12/25/2045 (j)		400,000		52,090

Series K089, Class X3, IO, 2.37%, 1/25/2046 (j)		850,000		133,394

Series K088, Class X3, IO, 2.42%, 2/25/2047 (j)		980,000		157,495

FREMF Series 2018-KF46, Class B, 2.10%, 3/25/2028 (c) (j)		512,663		497,414

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	97

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

United States — continued

FREMF Mortgage Trust

Series 2017-KF31, Class B, 3.05%, 4/25/2024 (c) (j)		38,243		37,277

Series 2017-KF36, Class B, 2.80%, 8/25/2024 (c) (j)		58,397		56,797

Series 2017-KF38, Class B, 2.65%, 9/25/2024 (c) (j)		46,262		44,485

Series 2018-KF47, Class B, 2.15%, 5/25/2025 (c) (j)		35,305		33,475

Series 2018-KF49, Class B, 2.05%, 6/25/2025 (c) (j)		425,024		403,985

Series 2017-K728, Class B, 3.76%, 11/25/2050 (c) (j)		190,000		204,192

Series 2017-K728, Class C, 3.76%, 11/25/2050 (c) (j)		105,000		109,610

GNMA Series 2017-23, IO, 0.72%, 5/16/2059 (j)		552,131		27,789

GS Mortgage Securities Trust Series 2012-GCJ9, Class D, 4.90%, 11/10/2045 ‡ (c) (j)		320,000		287,846

LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044 (j)		19,302		19,066

LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (j)		231,572		133,386

Morgan Stanley Capital I Trust Series 2005-HQ7, Class E, 5.54%, 11/14/2042 ‡ (j)		47,974		47,414

Velocity Commercial Capital Loan Trust

Series 2018-2, Class A, 4.05%, 10/26/2048 (c) (j)		198,587		201,862

Series 2019-1, Class A, 3.76%, 3/25/2049 (c) (j)		472,443		475,250

Series 2019-1, Class M1, 3.94%, 3/25/2049 ‡ (c) (j)		222,608		220,731


Total Commercial Mortgage-Backed Securities (Cost $6,911,792)				6,751,337

U.S. Treasury Obligations — 2.7%

U.S. Treasury Bonds 3.00%, 2/15/2048		50,000		67,543

U.S. Treasury Notes 0.25%, 6/30/2025		4,420,000		4,417,583


Total U.S. Treasury Obligations (Cost $4,476,818)				4,485,126

Supranational — 0.1%

African Export-Import Bank (The) 5.25%, 10/11/2023(a) (Cost $211,304)		200,000		217,000


INVESTMENTS	SHARES		VALUE ($)
Preferred Stocks — 0.0% (i)

United States — 0.0% (i)

Wells Fargo & Co., Series Z, 4.75%, 3/15/2025 ($25 par value) (k) (Cost $27,168)		1,175		29,128


	NO. OF WARRANTS
Warrants — 0.0% (i)

United States — 0.0% (i)

Ultra Petroleum Corp.expiring 7/14/2025, price 1.00 USD * (Cost $—)		2,450		86


	SHARES
Short-Term Investments — 1.8%

Investment Companies — 1.8%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (l) (m) (Cost $3,063,953)		3,063,953		3,063,953

Total Investments — 98.3% (Cost $159,343,198)				164,330,732
Other Assets Less Liabilities — 1.7%				2,845,867

NET ASSETS — 100.0%				167,176,599

Percentages indicated are based on net assets.

Abbreviations


ABS		Asset-backed securities
AUD		Australian Dollar
CNY		China Yuan
CZK		Czech Republic Koruna
DKK		Danish Krone
DOP		Dominican Republic Peso
EUR		Euro
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GNMA		Government National Mortgage Association
HUF		Hungarian Forint
ICE		Intercontinental Exchange
IDR		Indonesian Rupiah
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. The rate may be subject to a cap and floor.

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC		Joint Stock Company
LIBOR		London Interbank Offered Rate
MXN		Mexican Peso
NZD		New Zealand Dollar
OYJ		Public Limited Company
PEN		Peruvian Nuevo Sol
PJSC		Public Joint Stock Company
PLN		Polish Zloty
PO		Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
PT		Limited liability company
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
Re-REMIC		Combined Real Estate Mortgage Investment Conduit
RUB		Russian Ruble
SCA		Limited partnership with share capital
SOFR		Secured Overnight Financing Rate
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD		United States Dollar
ZAR		South African Rand

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.


(b)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2020.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(e)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of August 31, 2020.
(f)		Security is an interest bearing note with preferred security characteristics.
(g)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(h)		Defaulted security.
(i)		Amount rounds to less than 0.1% of net assets.
(j)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(k)		The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of August 31, 2020.
(l)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(m)		The rate shown is the current yield as of August 31, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.


Futures contracts outstanding as of August 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Long Contracts

Australia 10 Year Bond		8		09/2020		AUD		870,123		2,540

Euro-Bobl		56		09/2020		EUR		8,995,663		(16,923	)

Euro-BTP		4		09/2020		EUR		697,919		17,244

Euro-Bund		57		09/2020		EUR		11,936,316		(53,584	)

U.S. Treasury 2 Year Note		23		12/2020		USD		5,081,563		2,111

U.S. Treasury 5 Year Note		53		12/2020		USD		6,678,000		4,456

U.S. Treasury 10 Year Note		19		12/2020		USD		2,643,969		1,655

U.S. Treasury 10 Year Ultra Note		28		12/2020		USD		4,457,250		(3,668	)

U.S. Treasury Ultra Bond		4		12/2020		USD		877,625		(11,040	)


										(57,209	)

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	99

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Short Contracts

Euro-Buxl		(36)		09/2020		EUR		(9,289,800	)		40,288

Euro-OAT		(28)		09/2020		EUR		(5,594,473	)		7,090

U.S. Treasury 5 Year Note		(19)		12/2020		USD		(2,394,000	)		(1,671	)

U.S. Treasury 10 Year Note		(136)		12/2020		USD		(18,925,250	)		(17,168	)

U.S. Treasury 10 Year Ultra Note		(50)		12/2020		USD		(7,959,375	)		8,543

U.S. Treasury Long Bond		(2)		12/2020		USD		(350,375	)		1,621

U.S. Treasury Ultra Bond		(3)		12/2020		USD		(658,219	)		8,267


											46,970


											(10,239	)


Abbreviations
AUD		Australian Dollar
EUR		Euro
USD		United States Dollar


Forward foreign currency exchange contracts outstanding as of August 31, 2020:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	91,536	USD	107,455	Goldman Sachs International		9/2/2020		1,779
EUR	104,985	USD	125,281	State Street Corp.		9/2/2020		3
EUR	17,739,752	USD	21,136,647	TD Bank Financial Group		9/2/2020		33,087
GBP	195,157	USD	259,720	State Street Corp.		9/2/2020		1,155
CLP	526,506,000	USD	660,691	Goldman Sachs International^* *		9/23/2020		16,453
CLP	139,957,632	USD	177,148	Merrill Lynch International^* *		9/23/2020		2,853
COP	3,215,786,313	USD	839,129	Citibank, NA^* *		9/23/2020		19,254
CZK	20,369,616	USD	921,116	HSBC Bank, NA		9/23/2020		4,404
EUR	1,095,421	USD	1,291,859	Merrill Lynch International		9/23/2020		15,975
MXN	19,148,164	USD	859,097	Citibank, NA		9/23/2020		13,718
NZD	423,009	USD	277,946	HSBC Bank, NA		9/23/2020		6,984
NZD	204,422	USD	134,918	Merrill Lynch International		9/23/2020		2,776
PEN	1,890,255	USD	527,827	Merrill Lynch International^* *		9/23/2020		5,602
PLN	82,882	USD	22,263	HSBC Bank, NA		9/23/2020		245
RUB	13,282,639	USD	176,561	Citibank, NA^* *		9/23/2020		2,020

Total unrealized appreciation								126,308

USD	259,108	EUR	220,064	BNP Paribas		9/2/2020		(3,505	)
USD	103,114	EUR	87,839	Citibank, NA		9/2/2020		(1,709	)
USD	20,869,568	EUR	17,628,370	State Street Corp.		9/2/2020		(167,247	)
USD	255,960	GBP	195,157	State Street Corp.		9/2/2020		(4,915	)
BRL	4,449,965	USD	824,893	Goldman Sachs International^* *		9/23/2020		(13,164	)
EUR	704,403	USD	842,861	Citibank, NA		9/23/2020		(1,868	)
HUF	171,250,532	USD	585,758	Citibank, NA		9/23/2020		(11,027	)
KRW	964,891,234	USD	813,774	Barclays Bank plc^* *		9/23/2020		(1,341	)
RUB	8,362,459	USD	113,526	Goldman Sachs International^* *		9/23/2020		(1,095	)
USD	1,707,221	AUD	2,389,175	BNP Paribas		9/23/2020		(55,050	)
USD	1,575,910	CAD	2,086,350	Citibank, NA		9/23/2020		(23,727	)
USD	2,871,168	CNY	20,000,000	State Street Corp.^* *		9/23/2020		(43,307	)
USD	10,722,583	EUR	9,072,519	Barclays Bank plc		9/23/2020		(109,184	)
USD	15,574	EUR	13,177	HSBC Bank, NA		9/23/2020		(158	)

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	11,335	EUR	9,607	Royal Bank of Canada		9/23/2020		(134	)
USD	153,845	MXN	3,400,842	Goldman Sachs International		9/23/2020		(1,173	)
USD	270,660	MXN	5,992,410	Royal Bank of Canada		9/23/2020		(2,488	)
USD	2,974,350	NZD	4,551,074	BNP Paribas		9/23/2020		(91,153	)
USD	1,731,586	NZD	2,623,441	Merrill Lynch International		9/23/2020		(35,505	)
USD	368,672	PEN	1,310,886	Citibank, NA^* *		9/23/2020		(1,260	)
USD	1,571,283	TRY	11,784,980	BNP Paribas		9/23/2020		(24,069	)
USD	728,982	ZAR	12,791,927	HSBC Bank, NA		9/23/2020		(23,806	)
USD	21,151,905	EUR	17,739,752	TD Bank Financial Group		10/5/2020		(33,563	)
USD	259,775	GBP	195,157	State Street Corp.		10/5/2020		(1,162	)

Total unrealized depreciation								(651,610	)

Net unrealized depreciation								(525,302	)


Abbreviations

AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CLP		Chilean Peso
CNY		China Yuan
COP		Colombian Peso
CZK		Czech Republic Koruna
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
KRW		Korean Republic Won
MXN		Mexican Peso
NZD		New Zealand Dollar
PEN		Peruvian Sol
PLN		Polish Zloty
RUB		Russian Ruble
TRY		Turkish Lira
USD		United States Dollar
ZAR		South African Rand

*	* Non-deliverable forward.


Over-the-Counter (“OTC”) Credit default swap contracts outstanding — buy protection ^(a) as of August 31, 2020:
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) ^(b)		NOTIONAL AMOUNT ^(c)		UPFRONT PAYMENTS (RECEIPTS) ($) ^(d)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.EM.32-V3	1.00		Quarterly		Goldman Sachs International		12/20/2024		1.58	USD	3,700,000		337,816		(261,759	)		76,057
CDX.NA.EM.33-V2	1.00		Quarterly		Morgan Stanley		6/20/2025		1.74	USD	1,610,000		74,544		(25,675	)		48,869

													412,360		(287,434	)		124,926

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	101

JPMorgan International Bond Opportunities ETF

(formerly known as JPMorgan Global Bond Opportunities ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


Centrally Cleared Credit default swap contracts outstanding — buy protection ^(a) as of August 31, 2020:
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) ^(b)		NOTIONAL AMOUNT ^(c)		UPFRONT PAYMENTS (RECEIPTS) ($) ^(d)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)

CDX.NA.HY.34-V8	5.00		Quarterly		6/20/2025		3.64	USD	1,246,000		58,689			(137,463	)		(78,774	)

iTraxx.Europe.Crossover.33-V1	5.00		Quarterly		6/20/2025		3.19	EUR	1,500,000		(70,503	)		(85,500	)		(156,003	)

iTraxx.Europe.Crossover.33-V1	5.00		Quarterly		6/20/2025		3.19	EUR	1,975,000		148,520			(353,924	)		(205,404	)

iTraxx.Europe.Crossover.33-V1	5.00		Quarterly		6/20/2025		3.19	EUR	460,000		(1,239	)		(46,602	)		(47,841	)


											76,778			(486,026	)		(409,248	)


											135,467			(623,489	)		(488,022	)

^(a)

The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

^(b)

Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

^(c)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

^(d)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).


Abbreviations

CDX		CreditDefault Swap Index
EUR		Euro
USD		UnitedStates Dollar


Summary of total OTC swap contracts outstanding as of August 31, 2020:
	NET UPFRONT PAYMENTS (RECEIPTS) ($)	VALUE ($)
Assets

OTC Credit default swap contracts outstanding—buy protection	412,360		124,926

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 97.8% (a)

Alabama — 1.9%

Alabama Federal Aid Highway Finance Authority Series 2016A, Rev., 5.00%, 9/1/2034		75,000		92,133

Black Belt Energy Gas District Series 2020A-1, Rev., 4.00%, 10/1/2026 (b)		250,000		290,642

Black Belt Energy Gas District, Gas Supply Series 2017A, Rev., LIQ: Royal Bank of Canada, 4.00%, 7/1/2022 (b)		30,000		31,785

City of Pell City Series A, GO, 5.00%, 2/1/2025		100,000		119,296

Selma Industrial Development Board, International Paper Company Project Series 2020A, Rev., 1.37%, 6/16/2025 (b)		100,000		101,796

Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b)		25,000		27,620

University of Alabama (The) Series B-2, Rev., 5.00%, 9/1/2031		95,000		121,908

University of South Alabama Rev., AGM, 5.00%, 4/1/2030		250,000		331,778


Total Alabama				1,116,958


Alaska — 0.9%

Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 5.00%, 10/1/2024		200,000		233,296

Alaska Municipal Bond Bank Authority

Series 3, Rev., 5.00%, 10/1/2025		20,000		23,374

Series 3, Rev., 5.00%, 12/1/2028		225,000		275,762


Total Alaska				532,432


Arizona — 2.9%

Arizona Industrial Development Authority Series 2020A, Rev., 4.00%, 7/15/2040 (c)		125,000		121,320

Arizona Industrial Development Authority, Cadence Campus Project Series 2020A, Rev., 4.00%, 7/15/2030 (c)		125,000		129,040

Arizona Industrial Development Authority, Equitable School Revolving Funds Series A, Rev., 5.00%, 11/1/2044		250,000		301,967

Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 5.00%, 1/1/2036		250,000		238,640


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

Arizona Industrial Development Authority, Phoenix Children’s Hospital

Series 2020A, Rev., 5.00%, 2/1/2024		55,000		63,374

Series 2020A, Rev., 5.00%, 2/1/2025		70,000		83,541

Series 2020A, Rev., 5.00%, 2/1/2031		150,000		196,875

Series 2020A, Rev., 5.00%, 2/1/2032		200,000		260,520

City of Phoenix Civic Improvement Corp., Junior Lien, Airport Special Obligation Series 2017D, Rev., 5.00%, 7/1/2026		160,000		195,019

Maricopa County School District No. 3 Tempe Elementary, School Improvement Series A, GO, 5.00%, 7/1/2027		30,000		38,551

Salt Verde Financial Corp. Rev., 5.25%, 12/1/2026		100,000		123,248


Total Arizona				1,752,095


Arkansas — 0.2%

City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2024		75,000		88,213

University of Arkansas, UAMS Campus Rev., 5.00%, 11/1/2021		40,000		42,255


Total Arkansas				130,468


California — 8.0%

Baldwin Park Financing Authority, Rail Crossings Safety Improvements Project Rev., 5.00%, 6/1/2024		100,000		118,006

Brentwood Infrastructure Financing Authority, Civic Center Project Rev., 5.00%, 10/1/2025		45,000		54,456

California Health Facilities Financing Authority, Kaiser Permanente Series 2006C, Rev., 5.00%, 11/1/2029 (b)		300,000		400,734

California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039		150,000		163,243

California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 5.00%, 4/1/2030		150,000		199,701

Chula Vista Municipal Financing Authority Rev., 4.00%, 5/1/2026		60,000		71,120

Chula Vista Municipal Financing Authority, Green Bonds Series 2017B, Rev., 4.00%, 12/1/2028		45,000		57,064

City of Livermore Series 2020B, COP, 4.00%, 10/1/2030		200,000		254,932

City of Los Angeles Department of Airports Series A, Rev., AMT, 5.00%, 5/15/2022		125,000		134,059

Series A, Rev., AMT, 5.00%, 5/15/2033		100,000		115,883

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	103

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

California — continued

City of Los Angeles Department of Airports, International Airport Subordinate

Series 2019E, Rev., AMT, 5.00%, 5/15/2026		10,000		12,396

City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2025		70,000		86,012

City of Santa Rosa, Courthouse Square Project and Lease COP, 4.00%, 10/1/2024		90,000		103,135

County of Santa Clara Series 2017C, GO, 5.00%, 8/1/2033		40,000		51,042

El Monte City School District, Election 2014 Series A, GO, 5.00%, 8/1/2025		55,000		66,979

Golden State Tobacco Securitization Corp., Tobacco Settlement Series A-1, Rev., 5.00%, 6/1/2032		250,000		305,885

Hermosa Beach City School District, Election of 2016 Series A, GO, 4.00%, 8/1/2023		15,000		16,664

Los Angeles County Metropolitan Transportation Authority, Green Bond

Series 2020A, Rev., 5.00%, 6/1/2032		1,000,000		1,354,300

Metropolitan Water District of Southern California, Waterworks Series 2019A, Rev., 5.00%, 7/1/2034		25,000		33,014

Municipal Improvement Corp. of Los Angeles, Real Property Series 2014-A, Rev., 5.00%, 5/1/2023		20,000		22,513

Northern California Power Agency Series 2019A, Rev., 5.00%, 7/1/2022		20,000		21,466

Salinas Facilities Financing Authority Series 2020A-1, Rev., AGM, 4.00%, 11/1/2027		100,000		122,717

San Dieguito Union High School District Series A-2, GO, 5.00%, 8/1/2024		150,000		170,997

San Francisco City and County Airport Commission, International Airport, Governmental Purpose Series 2016A, Rev., 5.00%, 5/1/2026		95,000		117,048

San Francisco City and County Airport Comm-San Francisco International Airport Series 2016A, Rev., 5.00%, 5/1/2023		105,000		117,508

San Jose Evergreen Community College District Series A, GO, 5.00%, 9/1/2022		100,000		109,711

Santa Cruz County Capital Financing Authority Series 2020A, Rev., 4.00%, 6/1/2025		100,000		114,960

Sequoia Union High School District GO, 5.00%, 7/1/2027		25,000		31,617

Sierra View Local Health Care District

Rev., 4.00%, 7/1/2021 (d)		150,000		153,851

Rev., 4.00%, 7/1/2023 (d)		165,000		178,538


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

State of California, Various Purpose GO, 5.00%, 11/1/2020		25,000		25,198


Total California				4,784,749


Colorado — 2.0%

Colorado Health Facilities Authority, Boulder Community Health Project

Rev., 5.00%, 10/1/2021		100,000		104,787

Rev., 5.00%, 10/1/2022		225,000		245,268

Rev., 5.00%, 10/1/2023		175,000		197,626

Southlands Metropolitan District No. 1 Series A-1, GO, 5.00%, 12/1/2037		250,000		266,410

State of Colorado, Higher Education Capital Construction, Lease Purchase Financing Program Series 2014A, COP, 5.00%, 11/1/2025		10,000		12,242

STC Metropolitan District No. 2 Series 2019A, GO, 5.00%, 12/1/2038		300,000		306,738

University of Colorado, University Enterprise Series A-2, Rev., 5.00%, 6/1/2026		40,000		49,950


Total Colorado				1,183,021


Connecticut — 1.0%

Connecticut State Health and Educational Facilities Authority, Yale University Issue

Series A-2, Rev., 5.00%, 7/1/2022 (b)		100,000		108,740

State of Connecticut Series A, GO, 5.00%, 4/15/2033		135,000		164,897

State of Connecticut Special Tax

Series 2020A, Rev., 5.00%, 5/1/2023		200,000		224,618

State of Connecticut, Special Tax Transportation Infrastructure Purposes

Series B, Rev., 5.00%, 8/1/2023		75,000		85,076

Town of Trumbull Series 2012A, GO, 4.00%, 9/1/2020 (e)		10,000		10,000


Total Connecticut				593,331


Delaware — 0.1%

Delaware Transportation Authority

Rev., 5.00%, 7/1/2022		40,000		43,553


District of Columbia — 2.9%

District of Columbia

Series F, Rev., 5.00%, 12/1/2021		50,000		53,021

Rev., 4.00%, 7/1/2039		100,000		108,506

District of Columbia, Income Tax

Series C, Rev., 5.00%, 12/1/2021		25,000		26,510

Series 2020C, Rev., 5.00%, 5/1/2033		1,000,000		1,348,040

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

District of Columbia — continued

District of Columbia, International School Issue Rev., 5.00%, 7/1/2039		125,000		144,255

District of Columbia, Water and Sewer Authority Series B, Rev., 5.00%, 10/1/2025		65,000		80,303


Total District of Columbia				1,760,635


Florida — 3.8%

City of Cape Coral, Water and Sewer Rev., 5.00%, 10/1/2022		25,000		27,411

City of Miami Beach, Water and Sewer Rev., 5.00%, 9/1/2033		25,000		31,353

City of Orlando Series 2010B, Rev., 5.00%, 10/1/2020		10,000		10,039

City of Orlando, Capital Improvement

Series D, Rev., 5.00%, 10/1/2022		75,000		82,380

Series B, Rev., 5.00%, 10/1/2024		60,000		71,372

City of Tampa, H. Lee Moffitt Cancer Center Project

Series 2020B, Rev., 5.00%, 7/1/2022		50,000		53,846

Series 2020B, Rev., 5.00%, 7/1/2023		50,000		55,792

Series 2020B, Rev., 5.00%, 7/1/2024		50,000		57,744

County of Broward Series 2019A, Rev., 5.00%, 9/1/2030		50,000		63,447

County of Hillsborough Rev., 5.00%, 10/1/2024		40,000		47,689

County of Lee Rev., 5.00%, 10/1/2025		40,000		47,526

County of Okaloosa Rev., 5.00%, 10/1/2024		30,000		35,686

County of Osceola, Sales Tax Series 2016A, Rev., 4.00%, 10/1/2023		10,000		11,089

County of Palm Beach, Atlantic University

Rev., 5.00%, 4/1/2029 (c)		100,000		104,150

Rev., 5.00%, 4/1/2039 (c)		100,000		99,636

County of Seminole, Special Obligation Rev., 4.00%, 10/1/2024		90,000		102,939

East Central Regional Wastewater Treatment Facilities Operation Board, Green Bonds, Bio Solids Project Rev., 5.00%, 10/1/2024		30,000		35,686

Escambia County School Board Rev., 5.00%, 9/1/2020		10,000		10,000

Florida Atlantic University Finance Corp. Series 2019B, Rev., 5.00%, 7/1/2032		250,000		306,897

Florida State Board of Education, Public Education Capital Outlay Series B, GO, 5.00%, 6/1/2024		30,000		35,340

Series B, GO, 5.00%, 6/1/2026		20,000		25,207

Series B, GO, 5.00%, 6/1/2031		75,000		95,847


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Monroe County School District Series 2018A, COP, 4.00%, 6/1/2025		45,000		52,188

Orange County School Board Series 2015D, COP, 5.00%, 8/1/2025		25,000		30,256

Palm Beach County Health Facilities Authority, ACTS Retirement Life Communities Inc. Obligated Group Rev., 5.00%, 11/15/2032		240,000		279,970

Palm Beach County School District Series 2015B, COP, 5.00%, 8/1/2021		10,000		10,435

Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029		125,000		138,303

Reedy Creek Improvement District Series 2016-A, GO, 5.00%, 6/1/2026		50,000		62,405

State of Florida, State Board of Education, Lottery

Series 2016B, Rev., 5.00%, 7/1/2023		40,000		45,321

Series A, Rev., 5.00%, 7/1/2026		75,000		94,357

Tampa Bay Water Utility System Series C, Rev., 5.00%, 10/1/2025		55,000		67,730

Tampa-Hillsborough County Expressway Authority Series B, Rev., 5.00%, 7/1/2031		40,000		51,184

Tohopekaliga Water Authority, Utility System Rev., 5.00%, 10/1/2025		10,000		12,332


Total Florida				2,255,557


Georgia — 1.7%

Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2024		200,000		226,938

City of Atlanta, Water and Wastewater Series 2013B, Rev., 5.00%, 11/1/2020		45,000		45,358

Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc. Project

Series 2020B, Rev., 5.00%, 4/1/2022(d)		150,000		157,824

Series 2020A, Rev., 5.00%, 4/1/2050		200,000		246,844

County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026		25,000		31,929

Glynn-Brunswick Memorial Hospital Authority Rev., 4.00%, 8/1/2037		255,000		288,058

Richmond County Hospital Authority, University Health Services, Inc. Project Rev., RAN, 5.00%, 1/1/2022		20,000		21,178

State of Georgia Series 2011J-1, GO, 4.50%, 7/1/2022		25,000		25,902


Total Georgia				1,044,031

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	105

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Hawaii — 0.3%

City and County of Honolulu, Tax-Exempt Series D, GO, 5.00%, 9/1/2032		45,000		56,817

State of Hawaii

Series EE, GO, 5.00%, 11/1/2022 (e)		15,000		16,547

Series EP, GO, 5.00%, 8/1/2023		40,000		45,473

Series FK, GO, 5.00%, 5/1/2033		30,000		37,326

State of Hawaii, Highway Fund Series B, Rev., 5.00%, 1/1/2027		25,000		31,192


Total Hawaii				187,355


Illinois — 4.5%

Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2027		45,000		55,354

Chicago O’Hare International Airport, Third Lien Series 2017B, Rev., 5.00%, 1/1/2034		40,000		47,377

City of Decatur GO, 5.00%, 3/1/2027		130,000		158,691

Cook and DuPage Counties, Village of Elk Grove GO, 5.00%, 1/1/2029		25,000		31,535

Grundy & Will Counties Community Unit School District No. 1 Coal City GO, 5.00%, 2/1/2027		225,000		275,402

Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2032		35,000		43,554

Illinois State Toll Highway Authority

Series D, Rev., 5.00%, 1/1/2024		25,000		28,672

Series A, Rev., 5.00%, 1/1/2036		250,000		317,002

Kane McHenry Cook and De Kalb Counties Unit School District No. 300, School Bonds GO, 5.00%, 1/1/2024		35,000		40,266

Kendall and Kane Counties Community Unit School District No. 115 Series 2017B, GO, 5.00%, 1/1/2027		25,000		31,079

Lake and McHenry Counties Community Unit School District No. 118 Wauconda GO, 5.00%, 1/1/2022		50,000		53,118

Lake County Forest Preserve District GO, 5.00%, 12/15/2028		165,000		217,110

McLean & Woodford Counties Community Unit School District No. 5 Normal Series 2017A, GO, 4.00%, 12/1/2023		80,000		88,593

Northern Illinois University Series 2020B, Rev., 5.00%, 4/1/2034		200,000		250,224

Southwestern Illinois Development Authority Rev., 5.00%, 4/15/2030		625,000		833,963

State of Illinois GO, 5.00%, 4/1/2024		30,000		32,689


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Series A, GO, 5.00%, 10/1/2024		30,000		33,008

Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		125,000		154,624

Will & Kendall Counties Community Consolidated School District 202 Plainfield GO, 4.00%, 1/1/2023		10,000		10,807


Total Illinois				2,703,068


Indiana — 1.4%

Adams Central Elementary School Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2027		20,000		25,154

Ball State University, Student Fee Series R, Rev., 5.00%, 7/1/2024		35,000		40,882

Decatur County Jail Building Corp. Rev., 5.00%, 7/15/2028		250,000		314,565

Hamilton Southeastern Consolidated School Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2026		25,000		31,289

Indiana Finance Authority Series 2016A, Rev., 5.00%, 12/1/2022		10,000		10,985

Indiana Finance Authority, Highway Series C, Rev., 5.00%, 12/1/2025		35,000		43,258

Indiana State University, Housing and Dining System Rev., 5.00%, 4/1/2031		75,000		91,432

Indiana State University, Student Fee Series R, Rev., 5.00%, 10/1/2022		10,000		10,936

Indiana University

Series A, Rev., 5.00%, 6/1/2022		25,000		27,110

Series Y, Rev., 5.00%, 8/1/2028		25,000		32,231

IPS Multi-School Building Corp., Indiana Unlimited Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2029		50,000		66,500

Perry Township Multi School Building Corp. Rev., 5.00%, 7/15/2025		35,000		42,094

Portage Township Multi-School Building Corp. Rev., 5.00%, 7/15/2028		75,000		97,592


Total Indiana				834,028


Iowa — 0.3%

City of Cedar Rapids Series 2018D, Rev., 5.00%, 6/1/2022		70,000		75,844

City of West Des Moines, Urban Renewal Series 2016B, GO, 5.00%, 6/1/2024		35,000		41,187

Iowa Finance Authority, State Revolving Fund, Green Bonds Rev., 5.00%, 8/1/2027		30,000		39,012


Total Iowa				156,043

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Kansas — 0.1%

Johnson County Water District No. 1 Series 2017A, Rev., 5.00%, 1/1/2025		50,000		60,197

Seward County Unified School District No. 480 Liberal GO, 5.00%, 9/1/2020		10,000		10,000


Total Kansas				70,197


Kentucky — 2.3%

Kentucky Asset Liability Commission, Project Notes, Federal Highway Trust Series 2015A, Rev., 5.00%, 9/1/2020		10,000		10,000

Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2029		165,000		201,001

Kentucky Public Energy Authority Series 2019C, Rev., 4.00%, 2/1/2028 (b)		300,000		352,371

Kentucky Public Energy Authority, Gas Supply Series 2018C-1, Rev., 4.00%, 6/1/2025 (b)		605,000		684,176

Louisville & Jefferson County Metropolitan Government, Health System, Norton Healthcare, Inc. Series 2016-A, Rev., 4.00%, 10/1/2036		65,000		71,985

Louisville & Jefferson County Metropolitan Sewer and Drainage District Rev., BAN, 3.00%, 10/23/2020		10,000		10,035

Louisville & Jefferson County Metropolitan Sewer District, Sewer and Drainage System

Series B, Rev., 5.00%, 5/15/2024		25,000		29,338

Series 2017A, Rev., 5.00%, 5/15/2027		40,000		50,769


Total Kentucky				1,409,675


Louisiana — 1.9%

City of Shreveport, Water and Sewer, Junior Lien Series 2019B, Rev., AGM, 5.00%, 12/1/2032		200,000		253,058

Louisiana Local Government Environmental Facilities and Community Development Authority Rev., 5.00%, 12/1/2030		250,000		332,573

Louisiana Public Facilities Authority, Tulane University of Louisiana Project

Series 2020A, Rev., 5.00%, 4/1/2029		220,000		290,851

Series 2020A, Rev., 5.00%, 4/1/2030		135,000		182,039

State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026		30,000		35,642

State of Louisiana, Gas and Fuels Tax Series 2012A-1, Rev., 5.00%, 5/1/2022 (e)		55,000		59,335


Total Louisiana				1,153,498


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maine — 1.8%

Maine Health and Higher Educational Facilities Authority

Series 2020A, Rev., 4.00%, 7/1/2021		150,000		154,281

Series 2020A, Rev., 4.00%, 7/1/2022		225,000		239,076

Series 2020A, Rev., 5.00%, 7/1/2023		125,000		140,417

Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2027		300,000		377,307

Maine Municipal Bond Bank

Series C, Rev., 5.00%, 11/1/2024		75,000		89,240

Series 2018A, Rev., GAN, 5.00%, 9/1/2026		45,000		56,423


Total Maine				1,056,744


Maryland — 1.0%

County of Baltimore GO, 5.00%, 8/1/2023		100,000		109,182

County of Spotsylvania, Commissioners of St. Mary’s, Public Improvement GO, 4.00%, 7/15/2027		70,000		85,887

Maryland Economic Development Corp. Rev., 4.00%, 7/1/2040		200,000		201,076

State of Maryland Department of Transportation Rev., 5.00%, 9/1/2026		75,000		95,097

State of Maryland, State and Local Facilities Loan of 2017 Series A, GO, 5.00%, 8/1/2025		45,000		55,343

Washington Suburban Sanitary District Rev., GTD, 5.00%, 6/15/2030		40,000		51,114


Total Maryland				597,699


Massachusetts — 2.7%

City of Boston Series 2017A, GO, 5.00%, 4/1/2025		10,000		12,157

Commonwealth of Massachusetts Series C, GO, 5.00%, 10/1/2026		25,000		31,744

Massachusetts Bay Transportation Authority, Sales Tax Series A, Rev., 5.00%, 7/1/2022		20,000		21,749

Massachusetts Development Finance Agency, Mass General Brigham Issue Series 2020A-1, Rev., 5.00%, 1/31/2030(b)		500,000		653,990

Massachusetts Development Finance Agency, Milford Regional Medical Center Series G, Rev., 5.00%, 7/15/2037(c)		245,000		281,106

Massachusetts Development Finance Agency, Wellforce Issue

Series 2020C, Rev., AGM, 5.00%, 10/1/2030		175,000		232,832

Series 2020C, Rev., AGM, 5.00%, 10/1/2031		215,000		284,140

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	107

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Massachusetts — continued

Massachusetts State College Building Authority Series D, Rev., 5.00%, 5/1/2027		45,000		57,739

Springfield Water & Sewer Commission Series C, Rev., 5.00%, 7/15/2023		10,000		11,342

Town of Hopkinton GO, 5.00%, 11/15/2024		30,000		35,980


Total Massachusetts				1,622,779


Michigan — 1.1%

Berrien Springs Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2030		250,000		334,603

City of Grand Rapids, Sanitary Sewer System Improvement Rev., 5.00%, 1/1/2030		30,000		40,611

Marquette Board of Light and Power, Electric Utility System Series 2016A, Rev., 5.00%, 7/1/2026		185,000		228,790

Michigan State Hospital Finance Authority, Trinity Health Credit Group Series C, Rev., 5.00%, 12/1/2025		25,000		30,333


Total Michigan				634,337


Minnesota — 0.6%

Alexandria Lake Area Sanitation District, Sanitary Sewer Board Series 2015A, GO, 5.00%, 2/1/2022		30,000		32,050

Bloomington Independent School District No. 271 Series 2019A, GO, 5.00%, 2/1/2028		25,000		31,813

City of Apple Valley, Minnesota Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		250,000		251,567

City of Hopkins Series 2017B, GO, 4.00%, 2/1/2025		20,000		23,159

Minnesota State Colleges And Universities Foundation Series 2017A, Rev., 3.00%, 10/1/2020		10,000		10,021

University of Minnesota Series 2017B, Rev., 5.00%, 12/1/2020		10,000		10,119

University of Minnesota, Board of Regents Series B, Rev., 5.00%, 12/1/2025		15,000		18,513


Total Minnesota				377,242


Mississippi — 0.4%

Mississippi Development Bank, Special Obligation, Hinds County School District Project Rev., 4.00%, 3/1/2031		25,000		28,661

Mississippi State University Educational Building Corp., New Facilities and Refinancing Project Rev., 5.00%, 8/1/2025		35,000		42,472


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Mississippi — continued

State of Mississippi

Series B, GO, 5.00%, 12/1/2025		20,000		24,765

Series 2015F, GO, 5.00%, 11/1/2028		35,000		42,682

Series A, GO, 5.00%, 11/1/2031		60,000		74,836

University of Mississippi Educational Building Corp. Series 2016A, Rev., 5.00%, 10/1/2030		40,000		48,751


Total Mississippi				262,167


Missouri — 1.6%

Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2024		40,000		47,385

City of Kansas, Sanitary Sewer System Series B, Rev., 5.00%, 1/1/2033		25,000		31,517

Health and Educational Facilities Authority of the State of Missouri Rev., 5.00%, 9/1/2026		200,000		235,678

Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030		200,000		239,636

Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Episcopal-Presbyterian Hospitals Series 2015B, Rev., 5.00%, 12/1/2026		165,000		194,548

Metropolitan St. Louis Sewer District, Wastewater System Series 2012A, Rev., 5.00%, 5/1/2022 (e)		125,000		134,961

Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2027		45,000		58,180

Missouri Development Finance Board, Fulton State Hospital Project Series 2016, Rev., 5.00%, 10/1/2025		25,000		29,679


Total Missouri				971,584


Montana — 0.1%

County of Missoula Series 2016, GO, 4.00%, 7/1/2025		50,000		58,656


Nebraska — 1.9%

Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030		320,000		411,770

City of Lincoln, Electric System

Rev., 5.00%, 9/1/2026		85,000		107,203

Rev., 5.00%, 9/1/2028		50,000		63,506

City of Omaha, Sewer Rev., 5.00%, 4/1/2027		50,000		62,197

Douglas County School District, Omaha Public School GO, 5.00%, 12/15/2026		30,000		38,302

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Nebraska — continued

Nebraska Educational Health Cultural and Social Services Finance Authority

Series 2019A, Rev., 4.00%, 1/1/2033		250,000		282,580

Omaha Public Power District, Electric System Series B, Rev., 5.00%, 2/1/2025		20,000		23,640

Series 2016A, Rev., 5.00%, 2/1/2026		40,000		49,680

Series A, Rev., 5.00%, 2/1/2027		30,000		37,147

University of Nebraska Facilities Corp., UNMC Global Center Project Series 2017, Rev., 5.00%, 12/15/2025		35,000		43,369


Total Nebraska				1,119,394


Nevada — 1.0%

City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (c)		90,000		89,291

Clark County Rev., 5.00%, 7/1/2028		25,000		31,087

Clark County School District, Limited Tax

Series A, GO, 5.00%, 6/15/2032		95,000		117,680

Series A, GO, 4.00%, 6/15/2035		90,000		103,724

County of Clark NV Passenger Facility Charge Series 2019E, Rev., 5.00%, 7/1/2033		155,000		197,056

Truckee Meadows Water Authority Rev., 5.00%, 7/1/2029		50,000		63,348


Total Nevada				602,186


New Hampshire — 0.0% (f)

State of New Hampshire Rev., 5.00%, 9/1/2020		10,000		10,000


New Jersey — 1.5%

City of New Brunswick Series 2015, GO, 4.00%, 3/15/2024		10,000		11,293

City of North Wildwood GO, 5.00%, 8/1/2022		10,000		10,898

City of Wildwood GO, 4.00%, 9/15/2020		100,000		100,123

County of Gloucester GO, 4.00%, 10/1/2020		10,000		10,031

Manalapan-Englishtown Regional Board of Education GO, 4.00%, 10/1/2020		15,000		15,046

New Jersey Economic Development Authority, School Facilities Construction Series II, Rev., 5.00%, 3/1/2022 (e)		115,000		123,248

New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., 4.00%, 12/15/2031		250,000		272,755

Passaic County Improvement Authority, City of Paterson Project Series 2017, Rev., 5.00%, 6/15/2025		10,000		12,154

Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		265,000		332,127


Total New Jersey				887,675


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



New Mexico — 1.4%

City of Albuquerque, General Purpose Series 2016A, GO, 5.00%, 7/1/2023		75,000		84,999

City of Albuquerque, Gross Receipts Series 2015A, Rev., 5.00%, 7/1/2026		240,000		291,996

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund

Series 2016C, Rev., 5.00%, 6/1/2022		30,000		32,527

Series 2016E, Rev., 5.00%, 6/1/2024		25,000		29,378

New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2108A, Rev., 5.00%, 6/15/2027		100,000		127,968

New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Series 2015A, Rev., 5.00%, 8/1/2025		25,000		29,841

State of New Mexico, Severance Tax Permanent Fund Series 2016B, Rev., 4.00%, 7/1/2021		80,000		82,515

University of New Mexico (The) Rev., 5.00%, 6/1/2028		140,000		177,086


Total New Mexico				856,310


New York — 11.7%

Buffalo Fiscal Stability Authority Series 2015A, Rev., 5.00%, 9/1/2020		10,000		10,000

City of New York Series 2014E, GO, 5.00%, 8/1/2027		35,000		39,614

City of New York, Fiscal Year 2013

Series 2013J, GO, 5.00%, 8/1/2023		40,000		45,223

Series I, GO, 5.00%, 8/1/2023		25,000		28,265

City of New York, Fiscal Year 2017 Series C, GO, 4.00%, 8/1/2022		10,000		10,714

County of Onondaga GO, 5.00%, 3/15/2026		20,000		23,443

Erie County Water Authority Rev., 5.00%, 12/1/2027		30,000		38,153

Farmingdale Union Free School District GO, 5.00%, 9/15/2020		10,000		10,018

Longwood Central School District Suffolk County GO, 5.00%, 6/15/2025		175,000		214,742

Metropolitan Transportation Authority Series 2018C, Subseries C-1, Rev., BAN, 5.00%, 9/1/2020		360,000		360,000

Series 2014B, Rev., 5.00%, 11/15/2020		200,000		201,176

Series 2018C, Subseries 2018C-2, Rev., BAN, 5.00%, 9/1/2021		350,000		358,389

Series 2016A, Rev., 5.00%, 11/15/2023		315,000		353,216

Monroe County IDA, School Facility, Rochester School Modernization Project Rev., 5.00%, 5/1/2030		80,000		95,162

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	109

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

New York — continued

New York City Transitional Finance Authority Future Tax Secured

Series 2013G, Rev., 5.00%, 11/1/2026		30,000		33,599

Subseries B-1, Rev., 5.00%, 11/1/2029		125,000		151,824

Series 2017E1, Rev., 5.00%, 2/1/2030		150,000		186,613

New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2015 Series 2015A-1, Rev., 5.00%, 8/1/2029		50,000		58,304

New York City Transitional Finance Authority Future Tax Secured, Tax-Exempt, Fiscal Year 2013 Series 2013H, Rev., 5.00%, 11/1/2023		50,000		56,283

New York City Transitional Finance Authority Future Tax Secured, Tax-Exempt, Fiscal Year 2014 Series D, Subseries D-1, Rev., 5.00%, 2/1/2026		30,000		34,523

New York City Transitional Finance Authority Future Tax Secured, Tax-Exempt, Fiscal Year 2017

Series C, Rev., 4.00%, 11/1/2024		45,000		51,607

Subseries A-1, Rev., 5.00%, 5/1/2029		65,000		80,166

Series B, Subseries B-1, Rev., 5.00%, 8/1/2030		195,000		241,281

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 Series S-2A, Rev., 5.00%, 7/15/2025		50,000		60,891

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Series C, Rev., 5.00%, 11/1/2022		25,000		27,523

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 1, Rev., 5.00%, 11/1/2026		25,000		31,442

New York State Dormitory Authority

Series 2015E, Rev., 5.00%, 3/15/2022		25,000		26,836

Series 2015A, Rev., 4.00%, 3/15/2023		25,000		27,343

Series 2018A, Rev., 5.00%, 7/1/2024		300,000		348,804

Series 2018A, Rev., 5.00%, 3/15/2031		25,000		32,128

Series 2019D, Rev., 5.00%, 7/1/2033		135,000		196,021

Series 2020A, Rev., AGM, 3.00%, 9/1/2050		150,000		154,890

Series 2020A, Rev., 4.00%, 9/1/2050		100,000		107,951

New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2038		25,000		31,673

New York State Dormitory Authority, Maimonides Medical Center, FHA-Insured Mortgage Hospital Rev., FHA, 5.00%, 8/1/2024		275,000		322,182


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

New York State Environmental Facilities Corp. Series 2019B, Rev., 5.00%, 6/15/2031		100,000		134,877

New York State Urban Development Corp.

Series 2016A, Rev., 5.00%, 3/15/2026		45,000		55,742

Series 2016A, Rev., 5.00%, 3/15/2027		30,000		36,712

Series 2013A-1, Rev., 5.00%, 3/15/2028		25,000		27,825

Series 2016A, Rev., 5.00%, 3/15/2028		75,000		91,688

New York State Urban Development Corp., State Personal Income Tax, General Purpose

Series 2017A, Rev., 5.00%, 3/15/2026		125,000		154,837

Series 2020C, Rev., 5.00%, 3/15/2026		45,000		55,742

Series 2017-A, Rev., 5.00%, 3/15/2028		150,000		188,658

New York State Urban Development Corp., State Personal Income Tax, General Purpose, Tax-Exempt Series 2020C, Rev., 5.00%, 3/15/2029		1,275,000		1,684,428

New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022		200,000		206,258

Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023		200,000		203,082

Port Authority of New York and New Jersey, Consolidated Series 205, Rev., 5.00%, 11/15/2028		30,000		38,075

Smithtown Central School District GO, 5.00%, 8/1/2022		70,000		76,500


Total New York				7,004,423


North Carolina — 0.3%

County of Davidson GO, 5.00%, 6/1/2027		35,000		44,876

County of Onslow Rev., 5.00%, 12/1/2027		25,000		30,162

County of Wayne Rev., 5.00%, 6/1/2024		25,000		29,297

North Carolina Turnpike Authority Rev., 5.00%, 1/1/2021		20,000		20,297

State of North Carolina, Limited Obligation Series C, Rev., 5.00%, 5/1/2024		25,000		29,284


Total North Carolina				153,916


North Dakota — 0.0% (f)

North Dakota Public Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 10/1/2021		25,000		26,295


Ohio — 5.1%

American Municipal Power, Inc., Greenup Hydro-Electric Project Series 2016A, Rev., 5.00%, 2/15/2030		25,000		30,274

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Ohio — continued

Bowling Green State University Series 2016A, Rev., 5.00%, 6/1/2024		25,000		28,841

Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class I, Rev., 4.00%, 6/1/2048		500,000		552,205

City of Middleburg Heights, General Health Center Project

Series 2020A, Rev., 4.00%, 8/1/2021		125,000		128,820

Series 2020A, Rev., 4.00%, 8/1/2022		150,000		159,511

City of Reynoldsburg GO, 5.00%, 12/1/2026		15,000		19,024

County of Warren, Otterbein Homes Series A, Rev., 4.00%, 7/1/2033		205,000		230,088

Ohio Higher Educational Facility Commission

Rev., 5.00%, 3/1/2027		55,000		60,644

Rev., 5.00%, 11/1/2034		125,000		138,465

Ohio Higher Educational Facility Commission, Denison University Series A, Rev., 5.00%, 11/1/2025		75,000		91,477

Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034		160,000		173,893

Ohio Higher Educational Facility Commission, Xavier University 2020 Project

Rev., 5.00%, 5/1/2023		195,000		217,181

Rev., 5.00%, 5/1/2024		245,000		282,711

Ohio Turnpike and Infrastructure Commission Series A, Rev., 5.00%, 2/15/2027		135,000		169,293

Ohio Water Development Authority Rev., 5.25%, 12/1/2021		20,000		21,023

Ohio Water Development Authority, Fresh Water Series 2016B, Rev., 5.00%, 6/1/2026		30,000		37,675

Ohio Water Development Authority, Water Pollution Control Loan Fund Series A, Rev., 5.00%, 12/1/2026		45,000		57,325

South-Western City School District, School Facilities Construction and Improvement Bonds GO, 5.00%, 6/1/2022 (e)		160,000		173,242

State of Ohio, Capital Facilities Lease-Appropriation Series 2018A, Rev., 5.00%, 6/1/2025		25,000		30,345

State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2028		25,000		32,264

State of Ohio, Highway Capital Improvements Bonds, Full Faith and Credit/Highway User Receipts Series R, GO, 5.00%, 5/1/2021		20,000		20,646

State of Ohio, Infrastructure Improvement Bonds Series A, GO, 5.00%, 9/1/2028		25,000		33,313


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

State of Ohio, Natural Resources Series V, GO, 5.00%, 10/1/2027		35,000		45,689

University of Akron (The), General Receipts Series 2019A, Rev., 5.00%, 1/1/2030		250,000		328,545


Total Ohio				3,062,494


Oklahoma — 0.7%

Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2025		150,000		178,567

Edmond Public Works Authority Rev., 4.00%, 7/1/2021		10,000		10,317

Oklahoma Capitol Improvement Authority

Series C, Rev., 5.00%, 1/1/2030		10,000		12,450

Series 2018C, Rev., 5.00%, 1/1/2036		45,000		54,648

Oklahoma Capitol Improvement Authority, State Highway Rev., 5.00%, 7/1/2024		100,000		117,346

Oklahoma Water Resources Board, Clean Water Program Rev., 5.00%, 4/1/2023		35,000		39,292


Total Oklahoma				412,620


Oregon — 0.1%

Hillsboro School District No. 1J GO, 5.00%, 6/15/2028		25,000		32,144

Tri-County Metropolitan Transportation District of Oregon Series A, Rev., 5.00%, 9/1/2030		45,000		57,817


Total Oregon				89,961


Pennsylvania — 7.1%

Aliquippa School District GO, 3.88%, 12/1/2037		200,000		225,284

Berks County Industrial Development Authority, Healthcare Facilities Series 2017A, Rev., 5.00%, 5/15/2037		250,000		267,898

Bucks County Community College Authority Series 2019A, Rev., GTD, 5.00%, 6/15/2033		35,000		44,925

Central Dauphin School District Series 2016A, GO, 4.00%, 11/15/2020		10,000		10,078

Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2024		35,000		40,438

Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2035		225,000		278,082

County of Chester GO, 5.00%, 11/15/2027		30,000		39,334

County of Lehigh, Health Network Hospital Series A, Rev., 4.00%, 7/1/2035		175,000		194,808

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	111

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Pennsylvania — continued

Erie City Water Authority Series 2019D, Rev., 5.00%, 12/1/2027		65,000		83,830

Geisinger Authority, Health System Series 2020B, Rev., 5.00%, 2/15/2027 (b)		250,000		306,700

Series 2020A, Rev., 4.00%, 4/1/2039		335,000		389,933

Lancaster County Hospital Authority Rev., 5.00%, 3/1/2040		250,000		257,855

Montgomery County Higher Education and Health Authority, Arcadia University

Rev., 5.00%, 4/1/2034		250,000		279,645

Rev., 4.00%, 4/1/2035		205,000		209,865

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2038		135,000		149,195

Northampton County General Purpose Authority, Moravian College Project Series 2016, Rev., 5.00%, 10/1/2027		185,000		203,263

Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series 2017AU-1, Rev., 5.00%, 6/15/2026		70,000		86,070

Pennsylvania Turnpike Commission

Series A-1, Rev., 5.00%, 12/1/2029		105,000		132,702

Series A-1, Rev., 5.00%, 12/1/2031		60,000		75,027

Seneca Valley School District Series 2015C, GO, 5.00%, 3/1/2028		30,000		35,976

State Public School Building Authority Rev., 5.00%, 10/1/2027		25,000		30,720

Township of Palmer

Series 2020C, GO, 4.00%, 11/15/2031		300,000		352,332

Series 2020C, GO, 4.00%, 11/15/2032		275,000		320,991

Township of Upper St. Clair Series A, GO, 4.00%, 6/1/2025		20,000		23,297

West Mifflin School District GO, 3.00%, 4/1/2034		200,000		221,198


Total Pennsylvania				4,259,446


Rhode Island — 0.2%

State of Rhode Island Series 2014A, GO, 3.00%, 11/1/2020		10,000		10,047

State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2018 Series 2018A, GO, 5.00%, 4/1/2029		75,000		96,640


Total Rhode Island				106,687


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


South Carolina — 0.8%

Charleston County Airport District Rev., 5.00%, 7/1/2035		250,000		312,325

South Carolina Jobs-Economic Development Authority Rev., 5.00%, 4/1/2029		10,000		12,220

South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Homes Series 2018A, Rev., 5.00%, 4/1/2033		125,000		134,346


Total South Carolina				458,891


South Dakota — 0.2%

City of Rapid City, Sales Tax Rev., 5.00%, 12/1/2023		25,000		28,784

South Dakota Board of Regents, Housing and Auxiliary Facility System Rev., 5.00%, 4/1/2027		35,000		43,019

South Dakota Conservancy District, State Revolving Fund Program Series 2018, Rev., 5.00%, 8/1/2025		35,000		43,006


Total South Dakota				114,809


Tennessee — 1.2%

City of Chattanooga Series A, Rev., 5.00%, 9/1/2020		10,000		10,000

City of Johnson City Series 2016A, GO, 5.00%, 6/1/2023		15,000		16,938

City of Murfreesboro GO, 4.00%, 4/1/2025		25,000		28,234

County of Maury GO, 5.00%, 4/1/2027		40,000		51,236

County of Robertson GO, 5.00%, 6/1/2025		25,000		30,280

County of Sullivan GO, 5.00%, 5/1/2026		30,000		37,452

County of Washington Series 2016A, GO, 4.00%, 6/1/2027		50,000		59,435

County of Williamson GO, 5.00%, 4/1/2024		20,000		23,399

County of Wilson GO, 4.00%, 4/1/2021		20,000		20,447

Metropolitan Government of Nashville & Davidson County GO, 5.00%, 7/1/2022 (e)		20,000		21,734

Series 2015A, GO, 5.00%, 7/1/2025		10,000		12,231

Metropolitan Government of Nashville and Davidson County, Electric System Series 2014A, Rev., 5.00%, 5/15/2024		10,000		11,739

Montgomery County, Public Improvement GO, 5.00%, 4/1/2027		25,000		31,819

Shelby County Health Educational & Housing Facilities Board

Series 2019A, Rev., 5.00%, 10/1/2029		150,000		150,159

Series 2019A, Rev., 5.50%, 10/1/2034		150,000		149,556

State of Tennessee Series A, GO, 5.00%, 9/1/2025		25,000		29,726

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Tennessee — continued

Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 (b)		20,000		21,604


Total Tennessee				705,989


Texas — 8.5%

Alamo Community College District, Limited Tax GO, 5.00%, 2/15/2024		75,000		87,076

Arlington Higher Education Finance Corp., Uplift Education Project

Series 2020A, Rev., PSF-GTD, 4.00%, 12/1/2023		200,000		223,126

Series 2020A, Rev., PSF-GTD, 4.00%, 12/1/2024		325,000		373,272

Brushy Creek Regional Utility Authority, Inc., Water Treatment And Distribution Project Rev., 5.00%, 8/1/2026		85,000		106,062

City of Austin, Airport System Series 2019B, Rev., AMT, 5.00%, 11/15/2029		240,000		310,142

City of Austin, Public Improvement Series 2012A, GO, 4.00%, 9/1/2026		25,000		26,813

City of Corpus Christi Series 2016A, GO, 4.00%, 3/1/2026		200,000		236,852

City of Houston, Combined Utility System, First Lien Series 2018D, Rev., 5.00%, 11/15/2030		45,000		59,549

City of Hutto GO, 5.00%, 8/1/2026		80,000		99,982

City of League City GO, 5.00%, 2/15/2027		20,000		24,661

City of Pflugerville GO, 5.00%, 8/1/2026		25,000		31,327

City of San Angelo GO, 5.00%, 2/15/2027		20,000		24,896

City of San Antonio, General Improvement GO, 5.00%, 2/1/2022 (e)		75,000		80,081

City of San Marcos GO, 5.00%, 8/15/2031		170,000		214,501

Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc.

Rev., PSF-GTD, 5.00%, 4/1/2029		100,000		132,013

Rev., PSF-GTD, 5.00%, 4/1/2030		185,000		249,262

Rev., PSF-GTD, 4.00%, 4/1/2031		175,000		216,688

Clint Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2024		25,000		28,988

County of Fort Bend Series 2016B, GO, 5.00%, 3/1/2022		35,000		37,483

County of Hays, Limited Tax GO, 5.00%, 2/15/2026		20,000		24,734

County of Montgomery, Unlimited Tax GO, 5.00%, 3/1/2025		25,000		30,141

County of Williamson, Limited Tax GO, 5.00%, 2/15/2026		40,000		49,857


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Cypress-Fairbanks Independent School District, School Building Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025		20,000		24,095

Danbury Higher Education Authority, Inc. Series 2019A, Rev., 5.00%, 8/15/2039		250,000		260,497

Harris County, Unlimited Tax Series 2017A, GO, 5.00%, 10/1/2026		25,000		31,675

Laredo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2024		25,000		29,534

Lower Colorado River Authority, Transmission Contract, LCRA Transmission Services Corp. Project Rev., 5.00%, 5/15/2035		155,000		195,094

Metropolitan Transit Authority of Harris County

Series 2017A, Rev., 5.00%, 11/1/2025		45,000		55,194

Series B, Rev., 5.00%, 11/1/2029		25,000		32,032

Metropolitan Transit Authority of Harris County Sales & Use Tax Series 2017B, Rev., 5.00%, 11/1/2020		10,000		10,078

North East Independent School District GO, PSF-GTD, 5.00%, 8/1/2025		20,000		24,443

North Texas Municipal Water District, Water System Rev., 5.00%, 6/1/2027		20,000		25,811

Northside Independent School District GO, PSF-GTD, 5.00%, 8/15/2024		65,000		77,156

Old Spanish Trail-Alemda Corridors Redevelopment Authority Rev., 5.00%, 9/1/2028		125,000		160,516

Pearland Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2023		25,000		27,911

Permanent University Fund — Texas A&M University System Series A, Rev., 5.00%, 7/1/2024		85,000		100,064

Prosper Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2037		25,000		31,602

Regents of the University of Texas

Series A, Rev., 5.00%, 2/15/2024		35,000		40,584

San Antonio Water System Series A, Rev., 5.00%, 5/15/2025		25,000		30,470

Sherman Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2030		25,000		32,356

Socorro Independent School District, Unlimited Tax Series 2017A, GO, PSF-GTD, 5.00%, 8/15/2028		50,000		64,134

State of Texas, Transportation Commission Mobility Series 2015-A, GO, 5.00%, 10/1/2024		50,000		59,589

Stephen F Austin State University Series 2019A, Rev., 5.00%, 10/15/2026		60,000		72,880

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	113

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Texas — continued

Tarrant Regional Water District Rev., 5.00%, 3/1/2025		125,000		150,270

Texas A&M University, Financing System Series E, Rev., 5.00%, 5/15/2030		155,000		197,521

Texas Water Development Board

Series 2017A, Rev., 5.00%, 4/15/2028		40,000		52,164

Series 2018A, Rev., 5.00%, 10/15/2028		235,000		310,155

Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2034		145,000		182,707

Trinity River Authority LLC, Tarrant County Water Project Rev., 5.00%, 2/1/2026		60,000		73,978

University of Texas (The), Board of Regents, Financing System Series 2016D, Rev., 5.00%, 8/15/2024		50,000		59,416


Total Texas				5,079,432


Utah — 1.5%

City of Park City Rev., 5.00%, 6/15/2022		30,000		32,572

City of South Jordan Rev., 5.00%, 8/15/2029		45,000		61,141

County of Summit, Sales Tax Rev., 5.00%, 12/15/2023		70,000		79,241

Jordan Valley Water Conservancy District Series 2019A, Rev., 5.00%, 10/1/2029		25,000		31,386

Snyderville Basin Special Recreation District Series 2017, GO, 4.00%, 12/15/2025		100,000		118,747

Utah Charter School Finance Authority Series A, Rev., 5.00%, 4/15/2030		110,000		139,771

Utah State Board of Regents, University of Utah (The) Series B, Rev., 5.00%, 8/1/2023 (e)		25,000		28,422

Utah Transit Authority Series A, Rev., BHAC-CR, 5.00%, 6/15/2035		295,000		412,900

Washington County Water Conservancy District Series 2017A, Rev., 5.00%, 10/1/2021		10,000		10,523


Total Utah				914,703


Vermont — 0.0% (f)

Vermont Municipal Bond Bank Series 2019-2, Rev., 5.00%, 12/1/2025		25,000		31,001


Virginia — 1.7%

City of Richmond Series B, GO, 5.00%, 7/15/2027		175,000		227,836

Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2030		25,000		33,151

County of Spotsylvania, Public Improvement GO, 5.00%, 7/15/2029		85,000		112,884


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

Hampton Roads Sanitation District, Wastewater Series 2014A, Rev., 5.00%, 7/1/2021		15,000		15,604

Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2010D, Rev., 5.00%, 7/1/2030 (b)		200,000		263,450

Virginia College Building Authority, 21st Century College and Equipment Programs Series 2017B, Rev., 5.00%, 2/1/2024		75,000		87,168

Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program Series 2011A, Rev., 5.00%, 9/1/2020 (e)		20,000		20,000

Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/2023		35,000		39,531

Virginia Public Building Authority, Public Facilities Series A, Rev., 5.00%, 8/1/2022		25,000		27,332

Virginia Public School Authority Series 2018B, Rev., 5.00%, 8/1/2021		125,000		130,535

Virginia Resources Authority, Infrastructure, Pooled Financing Program Series 2013-C, Rev., 5.00%, 11/1/2023		35,000		40,261


Total Virginia				997,752


Washington — 3.7%

Benton County School District No. 17 Kennewick GO, 5.00%, 12/1/2024		45,000		53,868

Central Puget Sound Regional Transit Authority, Sales Tax Series 2015S-1, Rev., 5.00%, 11/1/2024		30,000		35,765

City of Bonney Lake, Water & Sewer System Rev., 4.00%, 12/1/2030		10,000		11,535

City of Richland Rev., 4.00%, 11/1/2022		10,000		10,775

City of Seattle, Drainage and Wastewater System Improvement Rev., 4.00%, 4/1/2026		20,000		23,897

City of Seattle, Municipal Light and Power Improvement Series 2011A, Rev., 5.00%, 2/1/2021 (e)		20,000		20,396

City of Seattle, Wastewater System Improvement Rev., 5.00%, 8/1/2024		35,000		41,423

City of University Place, Limited Tax GO, 5.00%, 12/1/2026		85,000		105,817

Clark County School District No. 101 La Center, Unlimited Tax GO, 5.00%, 12/1/2029		50,000		65,354

County of King, Limited Tax Series A, GO, 5.00%, 7/1/2025		50,000		59,984

Series B, GO, 5.00%, 12/1/2025		20,000		23,048

County of Snohomish, Limited Tax GO, 5.00%, 12/1/2025		10,000		12,159

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Washington — continued

Energy Northwest, Electric

Series 2016-A, Rev., 5.00%, 7/1/2028		25,000		31,273

Series 2017A, Rev., 5.00%, 7/1/2028		55,000		70,757

King County Public Hospital District No. 2, EvergreenHealth GO, 5.00%, 12/1/2031		105,000		124,034

King County School District No. 403 Renton GO, 5.00%, 12/1/2022		100,000		108,333

King County School District No. 405 Bellevue, Credit Enhancement Program

GO, 5.00%, 12/1/2021		30,000		31,808

GO, 5.00%, 12/1/2026		20,000		25,478

King County School District No. 411 Issaquah GO, 5.00%, 12/1/2024		35,000		41,963

Mason County School District No. 309 Shelton, Unlimited Tax GO, 5.00%, 12/1/2029		45,000		56,986

Pasco School District No. 1, Franklin County, Unlimited Tax GO, 5.00%, 12/1/2030		35,000		44,917

Pend Oreille County Public Utility District No. 1 Box Canyon Rev., 5.00%, 1/1/2027		65,000		74,733

Pierce County School District No. 3, Unlimited Tax, Washington State SD Credit Enhancement Program GO, 5.00%, 12/1/2031		305,000		383,065

Pierce County, White River School District No. 416 GO, 5.00%, 12/1/2025		50,000		61,914

Snohomish County School District No. 15 Edmonds

GO, 5.00%, 12/1/2025		25,000		30,972

GO, 5.00%, 12/1/2027		25,000		30,752

Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/1/2024		25,000		29,868

Spokane County, Mead School District No. 354 GO, 5.00%, 12/1/2024		20,000		23,895

State of Washington

Series 2015G, GO, 5.00%, 7/1/2026		125,000		149,776

Series 2015-C, COP, 5.00%, 1/1/2029		55,000		67,720

Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2028		30,000		38,830

Washington Higher Education Facilities Authority, Seattle University Project

Rev., 5.00%, 5/1/2022		200,000		212,240

Rev., 5.00%, 5/1/2023		125,000		137,161


Total Washington				2,240,496


Wisconsin — 3.7%

City of Milwaukee, Promissory Notes Series N4 & B5, GO, 5.00%, 4/1/2023		85,000		95,307

Hamilton School District, School Building Improvement GO, 5.00%, 4/1/2025		60,000		72,788


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

Public Finance Authority Series 2019A, Rev., 5.00%, 10/1/2029 (c)		150,000		163,950

Public Finance Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2020A, Rev., 4.00%, 11/15/2037		300,000		333,414

Public Finance Authority, Blue Ridge Healthcare Facilities

Series 2020A, Rev., 5.00%, 1/1/2022		175,000		184,971

Series 2020A, Rev., 5.00%, 1/1/2023		300,000		329,085

Public Finance Authority, Piedmont Community Charter School Rev., 5.00%, 6/15/2039		200,000		230,532

State of Wisconsin

Series B, GO, 4.00%, 5/1/2023		40,000		44,021

Series 1, GO, 5.00%, 11/1/2024		40,000		47,852

Series 2, GO, 5.00%, 11/1/2026		50,000		62,993

State of Wisconsin Environmental Improvement Fund

Series A, Rev., 5.00%, 6/1/2025		35,000		42,761

Series A, Rev., 5.00%, 6/1/2026		20,000		25,207

State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio

Series 1, Rev., 5.00%, 6/1/2023 (e)		25,000		28,227

Rev., 5.00%, 6/1/2024 (e)		65,000		76,348

Village of Pleasant Prairie GO, 4.00%, 8/1/2024		10,000		11,388

Wisconsin Department of Transportation

Series 2, Rev., 5.00%, 7/1/2031		180,000		228,350

Series 2, Rev., 5.00%, 7/1/2032		50,000		63,076

Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019A, Rev., 5.00%, 11/1/2029		150,000		164,856


Total Wisconsin				2,205,126


Total Municipal Bonds (Cost $56,432,557)				58,631,508

	SHARES
Short-Term Investments — 3.1%

Investment Companies — 3.1%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (g) (h) (Cost $1,894,612)		1,893,358		1,894,684


Total Investments — 100.9% (Cost $58,327,169)				60,526,192

Liabilities in Excess of Other Assets — (0.9)%				(564,190)


NET ASSETS — 100.0%				59,962,002

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	115

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


Abbreviations
AGM		Insured by Assured Guaranty Municipal Corp.
AMT		Alternative Minimum Tax
BAN		Bond Anticipation Note
BHAC		Insured by Berkshire Hathaway Assurance Corp.
COP		Certificate of Participation
CR		Custodial Receipts
FHA		Federal Housing Administration
GAN		Grant Anticipation Note
GO		General Obligation
GTD		Guaranteed
IDA		Industrial Development Authority
LIQ		Liquidity Agreement
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
RAN		Revenue Anticipation Note
Rev.		Revenue



(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(e)		Security is prerefunded or escrowed to maturity.
(f)		Amount rounds to less than 0.1% of net assets.
(g)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(h)		The rate shown is the current yield as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — 36.5%

U.S. Treasury Bonds

8.13%, 8/15/2021		2,852,000		3,068,017

8.00%, 11/15/2021		8,280,000		9,056,897

6.75%, 8/15/2026		1,391,000		1,914,255

6.63%, 2/15/2027		2,750,000		3,836,895

6.38%, 8/15/2027		4,380,000		6,155,953

6.13%, 11/15/2027		3,495,000		4,895,184

5.50%, 8/15/2028		160,000		221,775

5.25%, 11/15/2028		2,210,000		3,043,584

6.13%, 8/15/2029		150,000		222,398

6.25%, 5/15/2030		410,000		626,467

4.75%, 2/15/2037		256,000		403,080

5.00%, 5/15/2037		2,230,000		3,613,994

4.38%, 2/15/2038		600,000		922,594

4.50%, 5/15/2038		2,074,000		3,236,412

3.50%, 2/15/2039		3,082,000		4,318,171

4.25%, 5/15/2039		526,000		805,520

4.50%, 8/15/2039		1,283,000		2,024,534

4.38%, 11/15/2039		356,000		555,026

4.63%, 2/15/2040		2,660,000		4,275,950

2.88%, 5/15/2043		926,000		1,206,549

3.00%, 11/15/2044		100,000		133,453

2.50%, 2/15/2045		3,415,000		4,198,316

3.00%, 5/15/2045		2,368,000		3,167,200

3.00%, 11/15/2045		66,000		88,584

2.25%, 8/15/2046		2,971,000		3,506,244

3.00%, 2/15/2047		1,424,000		1,925,737

3.00%, 5/15/2047		21,000		28,429

3.00%, 2/15/2048		2,000,000		2,719,062

3.38%, 11/15/2048		359,000		522,794

3.00%, 2/15/2049		1,936,000		2,649,598

2.25%, 8/15/2049		3,753,000		4,470,175

2.38%, 11/15/2049		3,863,000		4,724,328

2.00%, 2/15/2050		2,549,000		2,888,336

1.25%, 5/15/2050		2,196,000		2,086,200

U.S. Treasury Notes

1.50%, 8/31/2021		375,000		380,098

1.13%, 9/30/2021		3,164,000		3,197,494

2.88%, 10/15/2021		4,000,000		4,122,344

1.50%, 11/30/2021		1,100,000		1,118,605

2.63%, 12/15/2021		522,000		538,659

2.00%, 12/31/2021		8,779,000		8,995,732

2.13%, 12/31/2021		100,000		102,629

1.50%, 1/31/2022		5,305,000		5,406,334

1.88%, 2/28/2022		112,000		114,896

0.13%, 5/15/2023		1,174,000		1,173,450


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


1.63%, 5/31/2023		600,000		624,328

0.25%, 6/15/2023		15,000,000		15,043,359

0.13%, 7/15/2023		551,000		550,656

1.25%, 7/31/2023		5,200,000		5,366,156

1.38%, 8/31/2023		360,000		373,163

1.38%, 9/30/2023		15,431,000		16,009,662

2.88%, 9/30/2023		700,000		758,406

2.88%, 11/30/2023		2,077,000		2,259,062

2.25%, 12/31/2023		267,000		285,440

2.63%, 12/31/2023		621,000		671,602

2.25%, 1/31/2024		653,000		699,118

2.50%, 1/31/2024		3,854,000		4,159,008

2.13%, 2/29/2024		500,000		533,906

2.38%, 2/29/2024		10,212,000		10,993,058

2.13%, 3/31/2024		1,397,000		1,493,699

2.50%, 5/15/2024		100,000		108,531

2.00%, 5/31/2024		3,850,000		4,109,273

1.75%, 6/30/2024		1,967,000		2,083,176

1.75%, 7/31/2024		410,000		434,664

1.25%, 8/31/2024		800,000		833,125

1.88%, 8/31/2024		3,961,000		4,223,726

1.50%, 9/30/2024		100,000		105,219

1.50%, 11/30/2024		1,255,000		1,322,652

1.75%, 12/31/2024		142,000		151,308

1.38%, 1/31/2025		1,860,000		1,953,000

2.50%, 1/31/2025		450,000		494,719

2.00%, 2/15/2025		530,000		571,365

1.13%, 2/28/2025		1,153,000		1,199,030

0.50%, 3/31/2025		58,000		58,680

2.13%, 5/15/2025		163,000		177,262

2.88%, 5/31/2025		12,000,000		13,484,063

0.25%, 6/30/2025		1,802,000		1,801,296

2.00%, 8/15/2025		600,000		650,859

2.25%, 11/15/2025		104,000		114,489

2.63%, 12/31/2025		2,231,000		2,504,123

1.63%, 2/15/2026		4,739,000		5,071,470

2.50%, 2/28/2026		136,000		152,139

2.25%, 3/31/2026		408,000		451,191

2.13%, 5/31/2026		200,000		220,141

1.88%, 7/31/2026		383,000		416,722

1.50%, 8/15/2026		507,000		540,351

1.38%, 8/31/2026		788,000		834,295

1.63%, 9/30/2026		150,000		161,121

1.63%, 10/31/2026		7,371,000		7,920,370

1.63%, 11/30/2026		1,820,000		1,956,500

1.75%, 12/31/2026		2,300,000		2,491,547

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	117

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

2.25%, 2/15/2027		1,800,000		2,008,828

0.63%, 3/31/2027		300,000		303,516

2.38%, 5/15/2027		1,900,000		2,141,359

0.38%, 7/31/2027		25,000		24,832

2.25%, 8/15/2027		2,000,000		2,243,125

2.25%, 11/15/2027		400,000		449,750

2.75%, 2/15/2028		29,000		33,740

2.88%, 5/15/2028		400,000		470,625

2.88%, 8/15/2028		55,000		64,934

3.13%, 11/15/2028		1,060,000		1,276,969

2.63%, 2/15/2029		1,746,000		2,038,455

1.63%, 8/15/2029		1,562,000		1,698,431

1.50%, 2/15/2030		404,000		435,373

0.63%, 5/15/2030		8,259,000		8,216,415


Total U.S. Treasury Obligations (Cost $237,277,186)				250,485,334

Corporate Bonds — 27.9%

Aerospace & Defense — 0.4%

Huntington Ingalls Industries, Inc.

3.48%, 12/1/2027		436,000		475,322

4.20%, 5/1/2030 (a)		120,000		137,843

L3Harris Technologies, Inc.

3.85%, 6/15/2023		573,000		622,587

3.83%, 4/27/2025		40,000		44,970

4.40%, 6/15/2028		300,000		359,113

2.90%, 12/15/2029		470,000		516,105

4.85%, 4/27/2035		109,000		142,812

5.05%, 4/27/2045		25,000		33,515

Lockheed Martin Corp.

3.10%, 1/15/2023		174,000		184,364

4.07%, 12/15/2042		33,000		41,724


				2,558,355


Banks — 2.7%

Canadian Imperial Bank of Commerce (Canada)

2.55%, 6/16/2022		300,000		311,854

(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (b)		280,000		290,973

3.50%, 9/13/2023		386,000		421,545

3.10%, 4/2/2024		370,000		400,547

2.25%, 1/28/2025		742,000		787,829

Capital One NA

2.95%, 7/23/2021		200,000		204,081

2.25%, 9/13/2021		200,000		203,439


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

Comerica, Inc.

3.70%, 7/31/2023		203,000		220,147

4.00%, 2/1/2029		25,000		28,908

Discover Bank 4.20%, 8/8/2023		250,000		275,382

4.25%, 3/13/2026		636,000		721,550

3.45%, 7/27/2026		90,000		98,762

4.65%, 9/13/2028		350,000		410,809

First Republic Bank

2.50%, 6/6/2022		250,000		257,499

(SOFR + 0.62%), 1.91%, 2/12/2024 (b)		300,000		308,762

Huntington Bancshares, Inc.

2.63%, 8/6/2024		740,000		792,845

4.00%, 5/15/2025		248,000		282,707

2.55%, 2/4/2030		625,000		655,888

Huntington National Bank (The)

3.13%, 4/1/2022		334,000		347,195

2.50%, 8/7/2022		300,000		311,467

3.55%, 10/6/2023		110,000		119,997

Intesa Sanpaolo SpA (Italy) 5.25%, 1/12/2024		400,000		444,739

Kreditanstalt fuer Wiederaufbau (Germany) 2.38%, 8/25/2021		25,000		25,527

1.75%, 9/15/2021		30,000		30,474

2.63%, 1/25/2022		65,000		67,188

2.50%, 2/15/2022		50,000		51,656

2.13%, 3/7/2022 (c)		125,000		128,626

2.13%, 6/15/2022		158,000		163,375

2.38%, 12/29/2022		190,000		199,491

2.13%, 1/17/2023		200,000		209,005

1.63%, 2/15/2023		33,000		34,125

2.63%, 2/28/2024		36,000		38,950

2.50%, 11/20/2024		60,000		65,470

2.00%, 5/2/2025 (c)		183,000		196,902

2.88%, 4/3/2028		311,000		362,772

1.75%, 9/14/2029		47,000		50,976

Zero Coupon, 4/18/2036		91,000		74,720

Zero Coupon, 6/29/2037		537,000		434,975

Landesbank Baden-Wuerttemberg (Germany) 7.63%, 2/1/2023		25,000		29,171

Landwirtschaftliche Rentenbank (Germany) 2.25%, 10/1/2021		76,000		77,658

Series 36, 2.00%, 12/6/2021		100,000		102,197

3.13%, 11/14/2023		31,000		33,812

2.00%, 1/13/2025		25,000		26,736

2.38%, 6/10/2025		75,000		81,870

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Banks — continued

Lloyds Bank plc (United Kingdom) 2.25%, 8/14/2022		382,000		394,834

Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		727,000		816,138

4.38%, 3/22/2028		794,000		939,875

4.55%, 8/16/2028		401,000		479,987

(ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/7/2028 (b)		300,000		334,928

National Bank of Canada (Canada) 2.10%, 2/1/2023		652,000		675,021

Oesterreichische Kontrollbank AG (Austria) 2.88%, 9/7/2021		97,000		99,560

2.38%, 10/1/2021		25,000		25,570

2.63%, 1/31/2022		25,000		25,834

2.88%, 3/13/2023		120,000		127,791

1.50%, 2/12/2025		150,000		157,086

Royal Bank of Canada (Canada)

2.75%, 2/1/2022		150,000		155,219

2.80%, 4/29/2022		235,000		244,504

1.95%, 1/17/2023		385,000		398,970

1.60%, 4/17/2023		120,000		123,641

3.70%, 10/5/2023		64,000		70,257

2.55%, 7/16/2024		262,000		281,622

2.25%, 11/1/2024		1,570,000		1,671,541

SVB Financial Group

3.50%, 1/29/2025		681,000		733,026

3.13%, 6/5/2030		267,000		297,696


				18,435,701


Beverages — 0.1%

Brown-Forman Corp.

3.50%, 4/15/2025		56,000		62,432

4.00%, 4/15/2038		93,000		112,333

4.50%, 7/15/2045		269,000		356,913


				531,678


Biotechnology — 0.8%

Biogen, Inc. 3.63%, 9/15/2022		62,000		65,937

4.05%, 9/15/2025 (c)		136,000		156,837

2.25%, 5/1/2030		680,000		702,233

5.20%, 9/15/2045		1,429,000		1,942,583

3.15%, 5/1/2050		400,000		405,932

Gilead Sciences, Inc.

2.50%, 9/1/2023		1,828,000		1,934,124

4.00%, 9/1/2036		38,000		47,517


				5,255,163


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Building Products — 0.1%

Allegion plc 3.50%, 10/1/2029		138,000		150,519

Lennox International, Inc.

3.00%, 11/15/2023		70,000		73,660

1.35%, 8/1/2025		350,000		353,278


				577,457



Capital Markets — 3.8%

Affiliated Managers Group, Inc.

4.25%, 2/15/2024		410,000		451,952

3.30%, 6/15/2030		108,000		115,692

Ameriprise Financial, Inc.

3.00%, 3/22/2022		636,000		661,114

4.00%, 10/15/2023		331,000		367,583

3.70%, 10/15/2024		86,000		96,744

2.88%, 9/15/2026		541,000		598,060

BGC Partners, Inc. 4.38%, 12/15/2025 (a)		685,000		691,610

BlackRock, Inc.

2.40%, 4/30/2030		1,063,000		1,162,465

1.90%, 1/28/2031		977,000		1,019,280

Brookfield Asset Management, Inc. (Canada) 4.00%, 1/15/2025		436,000		487,295

Brookfield Finance LLC (Canada) 3.45%, 4/15/2050		312,000		310,256

Brookfield Finance, Inc. (Canada)

3.90%, 1/25/2028		153,000		173,382

4.85%, 3/29/2029		70,000		83,361

4.70%, 9/20/2047		847,000		996,944

Cboe Global Markets, Inc. 3.65%, 1/12/2027		284,000		325,294

Charles Schwab Corp. (The)

2.65%, 1/25/2023		461,000		485,401

3.85%, 5/21/2025		83,000		94,708

3.20%, 1/25/2028		29,000		33,038

3.25%, 5/22/2029		1,311,000		1,512,494

4.63%, 3/22/2030 (c)		560,000		713,807

CME Group, Inc.

3.00%, 9/15/2022		170,000		179,156

3.00%, 3/15/2025		100,000		109,704

3.75%, 6/15/2028		190,000		225,507

5.30%, 9/15/2043		87,000		127,014

4.15%, 6/15/2048		524,000		689,365

Deutsche Bank AG (Germany)

4.25%, 10/14/2021		107,000		110,594

3.70%, 5/30/2024		400,000		427,699

4.10%, 1/13/2026		1,637,000		1,764,918

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	119

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Capital Markets — continued

E*TRADE Financial Corp.

2.95%, 8/24/2022		772,000		806,449

3.80%, 8/24/2027		60,000		67,200

4.50%, 6/20/2028		45,000		52,734

Eaton Vance Corp.

3.63%, 6/15/2023		145,000		155,131

3.50%, 4/6/2027		142,000		156,740

Franklin Resources, Inc.

2.80%, 9/15/2022		25,000		26,109

2.85%, 3/30/2025		94,000		102,954

Intercontinental Exchange, Inc.

2.35%, 9/15/2022		445,000		460,863

3.45%, 9/21/2023		139,000		150,780

4.00%, 10/15/2023		125,000		138,104

3.10%, 9/15/2027		164,000		182,513

3.75%, 9/21/2028		711,000		828,609

2.10%, 6/15/2030		96,000		99,893

4.25%, 9/21/2048		669,000		841,576

3.00%, 6/15/2050		128,000		134,571

Janus Capital Group, Inc. (United Kingdom) 4.88%, 8/1/2025		142,000		161,881

Lazard Group LLC

3.75%, 2/13/2025		1,109,000		1,197,599

3.63%, 3/1/2027 (c)		539,000		580,019

4.50%, 9/19/2028		280,000		323,463

4.38%, 3/11/2029		352,000		404,463

Legg Mason, Inc.

4.75%, 3/15/2026		400,000		476,175

5.63%, 1/15/2044		61,000		83,302

Nasdaq, Inc.

4.25%, 6/1/2024		423,000		472,946

3.85%, 6/30/2026		350,000		403,063

3.25%, 4/28/2050		206,000		221,496

Raymond James Financial, Inc.

3.63%, 9/15/2026		333,000		383,061

4.65%, 4/1/2030		90,000		110,045

4.95%, 7/15/2046		110,000		140,726

S&P Global, Inc.

4.00%, 6/15/2025		30,000		34,362

2.95%, 1/22/2027		384,000		428,093

2.50%, 12/1/2029		462,000		502,882

1.25%, 8/15/2030		29,000		28,667

3.25%, 12/1/2049		661,000		772,735

Stifel Financial Corp. 4.25%, 7/18/2024		325,000		358,091


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

TD Ameritrade Holding Corp.

2.95%, 4/1/2022		445,000		461,679

3.75%, 4/1/2024		144,000		159,652

3.63%, 4/1/2025		167,000		187,853

3.30%, 4/1/2027		55,000		62,247

2.75%, 10/1/2029		100,000		111,760


				26,284,923


Chemicals — 0.4%

Air Products and Chemicals, Inc.

3.00%, 11/3/2021 (c)		92,000		94,793

3.35%, 7/31/2024		259,000		284,278

Ecolab, Inc.

2.38%, 8/10/2022		429,000		445,100

3.25%, 1/14/2023		53,000		56,224

3.25%, 12/1/2027		155,000		175,646

4.80%, 3/24/2030		57,000		72,338

5.50%, 12/8/2041		60,000		86,520

3.95%, 12/1/2047		1,002,000		1,277,188

LYB International Finance BV

5.25%, 7/15/2043		26,000		31,842

4.88%, 3/15/2044		26,000		30,923

NewMarket Corp. 4.10%, 12/15/2022		223,000		238,440


				2,793,292


Commercial Services & Supplies — 0.2%

RELX Capital, Inc. (United Kingdom) 3.50%, 3/16/2023		94,000		100,436

4.00%, 3/18/2029		44,000		51,944

3.00%, 5/22/2030		798,000		876,603


				1,028,983


Consumer Finance — 1.5%

American Express Co.

3.70%, 11/5/2021		69,000		71,542

2.75%, 5/20/2022		120,000		124,569

2.50%, 8/1/2022		202,000		209,668

2.65%, 12/2/2022		82,000		86,103

3.40%, 2/27/2023		40,000		42,799

3.70%, 8/3/2023		300,000		326,830

3.40%, 2/22/2024		329,000		360,559

3.00%, 10/30/2024		28,000		30,517

4.20%, 11/6/2025		100,000		117,039

3.13%, 5/20/2026		240,000		269,583

4.05%, 12/3/2042		1,166,000		1,478,860

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Consumer Finance — continued

American Express Credit Corp.

2.70%, 3/3/2022		95,000		98,209

3.30%, 5/3/2027		336,000		384,343

Capital One Financial Corp.

3.05%, 3/9/2022		543,000		562,612

3.50%, 6/15/2023		229,000		245,684

3.20%, 2/5/2025		270,000		294,557

3.80%, 1/31/2028		60,000		67,069

Discover Financial Services

5.20%, 4/27/2022		464,000		496,718

3.85%, 11/21/2022		744,000		793,829

3.95%, 11/6/2024		82,000		90,051

3.75%, 3/4/2025		44,000		48,054

4.50%, 1/30/2026		20,000		22,941

4.10%, 2/9/2027		274,000		305,346

Navient Solutions LLC

Zero Coupon, 10/3/2022		50,000		49,519

Synchrony Financial

2.85%, 7/25/2022		667,000		689,841

4.38%, 3/19/2024		283,000		304,813

3.70%, 8/4/2026		378,000		394,979

5.15%, 3/19/2029		1,769,000		2,026,294


				9,992,928


Containers & Packaging — 0.0% (d)

Avery Dennison Corp. 4.88%, 12/6/2028 (c)		174,000		215,566


Diversified Financial Services — 0.1%

Private Export Funding Corp. Series BB, 4.30%, 12/15/2021		27,000		28,328

Synchrony Bank 3.00%, 6/15/2022		450,000		464,948


				493,276


Diversified Telecommunication Services — 0.6%

Verizon Communications, Inc.

2.95%, 3/15/2022		249,000		259,064

2.45%, 11/1/2022		299,000		311,225

3.50%, 11/1/2024		202,000		224,538

3.38%, 2/15/2025		50,000		55,925

2.63%, 8/15/2026		85,000		93,678

4.33%, 9/21/2028		50,000		60,529

3.88%, 2/8/2029		411,000		486,292

4.02%, 12/3/2029		160,000		192,038

3.15%, 3/22/2030		278,000		314,505

7.75%, 12/1/2030 (c)		80,000		124,085

4.50%, 8/10/2033		193,000		244,518


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — continued

4.40%, 11/1/2034		137,000		171,463

4.27%, 1/15/2036		155,000		190,050

5.25%, 3/16/2037		111,000		150,421

4.81%, 3/15/2039		255,000		336,735

3.85%, 11/1/2042		280,000		333,085

5.01%, 4/15/2049		84,000		117,712

4.00%, 3/22/2050		214,000		268,373

4.67%, 3/15/2055		212,000		290,750


				4,224,986


Electric Utilities — 1.6%

AEP Texas, Inc. 3.95%, 6/1/2028		74,000		85,751

AEP Transmission Co. LLC 3.15%, 9/15/2049		100,000		107,784

American Electric Power Co., Inc.

Series F, 2.95%, 12/15/2022		188,000		197,326

Series J, 4.30%, 12/1/2028		56,000		66,096

3.25%, 3/1/2050		30,000		31,414

Avangrid, Inc.

3.15%, 12/1/2024		279,000		305,353

3.20%, 4/15/2025		52,000		57,430

3.80%, 6/1/2029		175,000		204,224

Enel Americas SA (Chile) 4.00%, 10/25/2026 (c)		286,000		313,692

Enel Chile SA (Chile) 4.88%, 6/12/2028		401,000		482,913

FirstEnergy Corp.

Series B, 4.25%, 3/15/2023		445,000		473,084

Series A, 1.60%, 1/15/2026		36,000		35,900

Gulf Power Co. Series A, 3.30%, 5/30/2027		291,000		328,339

Hydro-Quebec (Canada)

Series IO, 8.05%, 7/7/2024		35,000		44,523

8.50%, 12/1/2029		50,000		80,223

Iberdrola International BV (Spain)

5.81%, 3/15/2025		30,000		35,751

6.75%, 7/15/2036		178,000		254,253

Indiana Michigan Power Co. 6.05%, 3/15/2037		240,000		337,802

Series K, 4.55%, 3/15/2046		150,000		191,612

Interstate Power and Light Co. 6.25%, 7/15/2039		202,000		291,530

NextEra Energy Capital Holdings, Inc.

2.40%, 9/1/2021		172,000		175,592

3.20%, 2/25/2022		148,000		154,147

2.90%, 4/1/2022		124,000		128,840

3.30%, 8/15/2022		120,000		126,541

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	121

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Electric Utilities — continued

2.80%, 1/15/2023		378,000		397,602

3.15%, 4/1/2024		300,000		325,754

3.25%, 4/1/2026		610,000		686,682

3.55%, 5/1/2027		156,000		178,826

3.50%, 4/1/2029		150,000		171,921

2.75%, 11/1/2029		1,226,000		1,341,479

Ohio Power Co.

Series P, 2.60%, 4/1/2030		83,000		90,893

4.15%, 4/1/2048		25,000		31,125

Oklahoma Gas & Electric Co.

3.30%, 3/15/2030		420,000		472,621

Southwestern Electric Power Co.

6.20%, 3/15/2040		39,000		53,067

Series J, 3.90%, 4/1/2045		65,000		73,284

Union Electric Co. 3.90%, 9/15/2042		908,000		1,085,856

Xcel Energy, Inc.

2.60%, 12/1/2029		1,402,000		1,517,571

3.50%, 12/1/2049		50,000		56,817


				10,993,618


Electrical Equipment — 0.0% (d)

Legrand France SA (France) 8.50%, 2/15/2025		154,000		204,555


Electronic Equipment, Instruments & Components — 0.2%

Allegion US Holding Co., Inc.

3.20%, 10/1/2024		214,000		227,217

3.55%, 10/1/2027		126,000		136,655

Amphenol Corp.

3.20%, 4/1/2024		56,000		60,399

2.05%, 3/1/2025		570,000		600,276

2.80%, 2/15/2030		127,000		139,754


				1,164,301


Energy Equipment & Services — 0.0% (d)

Helmerich & Payne, Inc.

4.65%, 3/15/2025		176,000		193,546

4.65%, 3/15/2025 (a)		30,000		32,991


				226,537


Entertainment — 0.4%

Activision Blizzard, Inc.

2.30%, 9/15/2021		87,000		88,633

2.60%, 6/15/2022		222,000		230,764

3.40%, 9/15/2026		310,000		354,545

3.40%, 6/15/2027		200,000		225,451

4.50%, 6/15/2047		221,000		285,219

2.50%, 9/15/2050		288,000		270,187


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Entertainment — continued

Electronic Arts, Inc. 4.80%, 3/1/2026		787,000		935,289


				2,390,088


Equity Real Estate Investment Trusts (REITs) — 0.2%

American Tower Corp.

4.70%, 3/15/2022		150,000		159,574

3.50%, 1/31/2023		79,000		84,502

3.38%, 5/15/2024		336,000		366,636

1.30%, 9/15/2025		70,000		71,110

3.13%, 1/15/2027		288,000		317,197

3.80%, 8/15/2029		36,000		41,669


				1,040,688


Food & Staples Retailing — 0.6%

Ahold Finance USA LLC (Netherlands) 6.88%, 5/1/2029		94,000		132,403

Koninklijke Ahold Delhaize NV (Netherlands) 5.70%, 10/1/2040		491,000		689,863

Sysco Corp.

2.60%, 6/12/2022		53,000		54,797

3.55%, 3/15/2025		155,000		169,082

5.65%, 4/1/2025		25,000		29,577

3.75%, 10/1/2025		298,000		328,803

3.30%, 7/15/2026		317,000		343,994

3.25%, 7/15/2027		614,000		660,826

2.40%, 2/15/2030		265,000		265,826

5.38%, 9/21/2035		316,000		389,325

6.60%, 4/1/2040		328,000		436,256

4.85%, 10/1/2045		125,000		139,401

4.50%, 4/1/2046		25,000		26,628

4.45%, 3/15/2048		50,000		54,242

3.30%, 2/15/2050		446,000		413,010

6.60%, 4/1/2050		59,000		81,201


				4,215,234


Food Products — 0.1%

Flowers Foods, Inc.

4.38%, 4/1/2022		36,000		37,360

3.50%, 10/1/2026		101,000		108,869

Hormel Foods Corp. 1.80%, 6/11/2030		374,000		387,505


				533,734


Gas Utilities — 0.2%

Dominion Energy Gas Holdings LLC

3.55%, 11/1/2023		48,000		51,985

3.60%, 12/15/2024		25,000		27,769

Series B, 3.00%, 11/15/2029		72,000		79,675

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Gas Utilities — continued

National Fuel Gas Co.

3.75%, 3/1/2023		244,000		252,823

5.20%, 7/15/2025		50,000		55,348

5.50%, 1/15/2026		622,000		681,807

3.95%, 9/15/2027		350,000		356,096


				1,505,503


Health Care Equipment & Supplies — 0.4%

Baxter International, Inc.

1.70%, 8/15/2021		26,000		26,316

2.60%, 8/15/2026		360,000		394,809

3.50%, 8/15/2046		120,000		136,189

Danaher Corp. 3.35%, 9/15/2025		50,000		55,882

DH Europe Finance II SARL

2.05%, 11/15/2022		142,000		146,644

2.20%, 11/15/2024		25,000		26,474

2.60%, 11/15/2029		267,000		290,785

Edwards Lifesciences Corp. 4.30%, 6/15/2028		495,000		596,911

Koninklijke Philips NV (Netherlands)

6.88%, 3/11/2038		263,000		399,209

5.00%, 3/15/2042		682,000		893,580


				2,966,799


Health Care Providers & Services — 0.2%

AmerisourceBergen Corp.

3.40%, 5/15/2024		500,000		543,552

3.25%, 3/1/2025		55,000		60,525

3.45%, 12/15/2027		429,000		490,601

4.25%, 3/1/2045		76,000		86,767

4.30%, 12/15/2047		175,000		204,174


				1,385,619


Hotels, Restaurants & Leisure — 0.1%

Choice Hotels International, Inc.

3.70%, 12/1/2029		315,000		329,583

3.70%, 1/15/2031		292,000		308,005


				637,588


Household Durables — 0.1%

Harman International Industries, Inc. 4.15%, 5/15/2025		100,000		110,963
NVR, Inc.

3.95%, 9/15/2022		230,000		242,964

3.00%, 5/15/2030		147,000		159,535


				513,462


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Household Products — 0.3%

Church & Dwight Co., Inc.

2.45%, 8/1/2022		109,000		112,646

2.88%, 10/1/2022 (c)		102,000		106,819

3.15%, 8/1/2027		312,000		343,764

3.95%, 8/1/2047		240,000		285,591

Clorox Co. (The)

3.80%, 11/15/2021		36,000		37,448

3.05%, 9/15/2022		234,000		244,997

3.50%, 12/15/2024		685,000		762,754

3.90%, 5/15/2028		42,000		49,756


				1,943,775


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

Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024		224,000		245,943


Industrial Conglomerates — 0.1%

Carlisle Cos., Inc.

3.75%, 11/15/2022		217,000		227,400

3.50%, 12/1/2024		100,000		109,006

3.75%, 12/1/2027		298,000		337,096

2.75%, 3/1/2030		179,000		189,851

Pentair Finance SARL 4.50%, 7/1/2029		129,000		145,224


				1,008,577


Interactive Media & Services — 0.2%

Alphabet, Inc. 3.38%, 2/25/2024		422,000		465,580

2.00%, 8/15/2026		1,130,000		1,214,205


				1,679,785


Internet & Direct Marketing Retail — 0.7%

Alibaba Group Holding Ltd. (China)

2.80%, 6/6/2023		200,000		211,529

4.50%, 11/28/2034		200,000		252,791

4.00%, 12/6/2037		835,000		990,805

4.40%, 12/6/2057		1,600,000		2,172,949

Booking Holdings, Inc.

2.75%, 3/15/2023		385,000		405,445

3.65%, 3/15/2025		126,000		139,984

4.10%, 4/13/2025		26,000		29,544

3.60%, 6/1/2026		59,000		66,252

3.55%, 3/15/2028		110,000		122,640

4.63%, 4/13/2030		70,000		84,617

JD.com, Inc. (China) 4.13%, 1/14/2050		450,000		508,905


				4,985,461

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	123

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

IT Services — 0.4%

Broadridge Financial Solutions, Inc. 3.40%, 6/27/2026		336,000		377,367

2.90%, 12/1/2029		126,000		137,418

Mastercard, Inc.

2.00%, 11/21/2021		100,000		101,990

3.38%, 4/1/2024		86,000		95,071

2.00%, 3/3/2025		350,000		373,622

2.95%, 11/21/2026		75,000		84,808

3.50%, 2/26/2028		110,000		128,485

2.95%, 6/1/2029		153,000		173,155

3.35%, 3/26/2030		126,000		148,061

3.80%, 11/21/2046		702,000		863,273

3.95%, 2/26/2048		180,000		227,908

3.65%, 6/1/2049		48,000		58,427


				2,769,585


Leisure Products — 0.2%

Hasbro, Inc.

3.00%, 11/19/2024		26,000		27,438

3.55%, 11/19/2026		141,000		148,590

3.50%, 9/15/2027		188,000		193,908

3.90%, 11/19/2029		30,000		31,479

6.35%, 3/15/2040		585,000		690,768


				1,092,183


Life Sciences Tools & Services — 0.1%

Agilent Technologies, Inc.

3.20%, 10/1/2022		178,000		186,790

3.88%, 7/15/2023		309,000		335,401

3.05%, 9/22/2026		40,000		44,240

2.75%, 9/15/2029		260,000		281,631


				848,062


Machinery — 0.1%

IDEX Corp.

4.20%, 12/15/2021		50,000		51,711

3.00%, 5/1/2030		295,000		323,154

Oshkosh Corp.

3.10%, 3/1/2030		125,000		132,064


				506,929


Metals & Mining — 2.3%

Barrick Gold Corp. (Canada)

6.45%, 10/15/2035		95,000		129,709

5.25%, 4/1/2042		127,000		174,116


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Metals & Mining — continued

Barrick North America Finance LLC (Canada)

5.70%, 5/30/2041		192,000		270,637

5.75%, 5/1/2043		971,000		1,411,474

Barrick PD Australia Finance Pty. Ltd. (Canada) 5.95%, 10/15/2039		97,000		138,586

Kinross Gold Corp. (Canada)

5.13%, 9/1/2021		205,000		211,668

5.95%, 3/15/2024		75,000		85,861

4.50%, 7/15/2027		330,000		376,683

Newmont Corp.

3.50%, 3/15/2022		372,000		386,034

3.70%, 3/15/2023		302,000		320,430

2.80%, 10/1/2029		338,000		366,887

2.25%, 10/1/2030		579,000		605,124

5.88%, 4/1/2035		314,000		451,711

6.25%, 10/1/2039		101,000		149,593

4.88%, 3/15/2042		233,000		321,182

5.45%, 6/9/2044		400,000		563,651

Reliance Steel & Aluminum Co. 4.50%, 4/15/2023		168,000		181,107

Rio Tinto Alcan, Inc. (Canada)

7.25%, 3/15/2031		476,000		704,297

6.13%, 12/15/2033		90,000		131,560

5.75%, 6/1/2035		71,000		103,730

Rio Tinto Finance USA Ltd. (Australia) 5.20%, 11/2/2040		480,000		684,910

Rio Tinto Finance USA plc (Australia)

4.75%, 3/22/2042		61,000		83,178

4.13%, 8/21/2042		1,370,000		1,755,328

Southern Copper Corp. (Peru)

3.88%, 4/23/2025		527,000		583,353

5.25%, 11/8/2042		228,000		292,042

5.88%, 4/23/2045		1,214,000		1,686,945

Vale Overseas Ltd. (Brazil)

6.25%, 8/10/2026		554,000		660,520

6.88%, 11/21/2036		125,000		165,861

6.88%, 11/10/2039		263,000		354,594

Vale SA (Brazil) 5.63%, 9/11/2042		2,066,000		2,474,534


				15,825,305


Multiline Retail — 0.2%

Dollar General Corp. 3.25%, 4/15/2023		427,000		453,422

4.15%, 11/1/2025		259,000		299,433

3.88%, 4/15/2027		120,000		138,501

4.13%, 5/1/2028		230,000		271,451

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Multiline Retail — continued

3.50%, 4/3/2030		325,000		372,147

4.13%, 4/3/2050		75,000		90,603


				1,625,557


Multi-Utilities — 0.3%

Ameren Corp.

2.50%, 9/15/2024		349,000		372,806

3.50%, 1/15/2031		61,000		70,139

Dominion Energy, Inc.

Series C, 2.00%, 8/15/2021		26,000		26,359

Series B, 2.75%, 9/15/2022		300,000		311,093

3.90%, 10/1/2025		25,000		28,567

Series D, 2.85%, 8/15/2026		55,000		60,550

4.25%, 6/1/2028		25,000		29,469

Series C, 3.38%, 4/1/2030		267,000		303,870

Series E, 6.30%, 3/15/2033		127,000		172,213

Series F, 5.25%, 8/1/2033		25,000		31,656

Series B, 5.95%, 6/15/2035		50,000		68,695

Series C, 4.90%, 8/1/2041		94,000		121,180

Series A, 4.60%, 3/15/2049		127,000		169,951


				1,766,548


Oil, Gas & Consumable Fuels — 3.2%

Burlington Resources LLC

7.20%, 8/15/2031		39,000		56,329

7.40%, 12/1/2031		60,000		88,543

5.95%, 10/15/2036		376,000		525,130

CNOOC Petroleum North America ULC (China)

7.88%, 3/15/2032		135,000		210,576

5.88%, 3/10/2035		29,000		41,798

6.40%, 5/15/2037		122,000		179,306

7.50%, 7/30/2039		40,000		67,215

Conoco Funding Co. 7.25%, 10/15/2031		151,000		225,829

ConocoPhillips

5.90%, 10/15/2032		123,000		171,199

6.50%, 2/1/2039		50,000		75,545

ConocoPhillips Co.

2.40%, 12/15/2022		435,000		452,264

3.35%, 11/15/2024		197,000		217,747

4.95%, 3/15/2026		300,000		360,770

6.95%, 4/15/2029		132,000		184,821

4.30%, 11/15/2044		947,000		1,196,480

5.95%, 3/15/2046		33,000		49,974


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Ecopetrol SA (Colombia)

4.13%, 1/16/2025		119,000		125,902

7.38%, 9/18/2043		114,000		148,300

5.88%, 5/28/2045		87,000		98,738

Eni USA, Inc. (Italy) 7.30%, 11/15/2027		160,000		202,516

EOG Resources, Inc.

2.63%, 3/15/2023		39,000		40,997

4.15%, 1/15/2026		600,000		695,224

4.38%, 4/15/2030 (c)		700,000		839,634

3.90%, 4/1/2035		25,000		29,308

4.95%, 4/15/2050		162,000		207,182

Equinor ASA (Norway)

3.15%, 1/23/2022		60,000		62,318

2.45%, 1/17/2023		63,000		66,027

2.65%, 1/15/2024		154,000		164,726

3.70%, 3/1/2024		40,000		44,525

3.63%, 9/10/2028 (c)		40,000		46,857

3.95%, 5/15/2043		39,000		45,732

3.25%, 11/18/2049		74,000		79,691

3.70%, 4/6/2050		58,000		67,400

HollyFrontier Corp. 5.88%, 4/1/2026		785,000		862,826

Magellan Midstream Partners LP

5.00%, 3/1/2026		650,000		760,109

3.25%, 6/1/2030		25,000		27,003

5.15%, 10/15/2043		26,000		30,411

4.25%, 9/15/2046		100,000		107,343

4.20%, 10/3/2047		50,000		53,403

3.95%, 3/1/2050		1,000,000		1,053,959
Petroleos Mexicanos (Mexico) 6.95%, 1/28/2060 (a)		21,000		17,523

Phillips

66 4.30%, 4/1/2022		879,000		931,360

3.70%, 4/6/2023		200,000		215,280

3.90%, 3/15/2028 (c)		1,142,000		1,298,277

2.15%, 12/15/2030		572,000		562,372

4.65%, 11/15/2034		465,000		570,312

5.88%, 5/1/2042		162,000		217,496

4.88%, 11/15/2044		240,000		291,393
Pioneer Natural Resources Co. 4.45%, 1/15/2026		368,000		427,930

Suncor Energy, Inc. (Canada)

5.95%, 5/15/2035		850,000		1,057,536
4.00%, 11/15/2047		2,211,000		2,391,074
Tosco Corp. 8.13%, 2/15/2030		26,000		38,335

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	125

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Oil, Gas & Consumable Fuels — continued

Valero Energy Corp.

2.70%, 4/15/2023		333,000		347,711

3.65%, 3/15/2025 (c)		519,000		570,910

2.85%, 4/15/2025		150,000		160,456

3.40%, 9/15/2026		905,000		996,753

4.35%, 6/1/2028		224,000		256,250

4.00%, 4/1/2029		191,000		214,823

7.50%, 4/15/2032		147,000		210,396

6.63%, 6/15/2037		210,000		282,887

4.90%, 3/15/2045		136,000		161,314

Valero Energy Partners LP

4.38%, 12/15/2026		287,000		330,171

4.50%, 3/15/2028		302,000		346,649


				21,860,865



Personal Products — 0.1%

Estee Lauder Cos., Inc. (The)

2.00%, 12/1/2024		50,000		52,948

3.15%, 3/15/2027		160,000		181,041

2.38%, 12/1/2029		27,000		29,009

2.60%, 4/15/2030		43,000		47,131

6.00%, 5/15/2037		130,000		189,755

4.38%, 6/15/2045		191,000		246,216

4.15%, 3/15/2047 (c)		125,000		159,062

3.13%, 12/1/2049		81,000		90,765


				995,927


Pharmaceuticals — 1.2%

Bristol-Myers Squibb Co.

3.40%, 7/26/2029		25,000		29,187

4.13%, 6/15/2039		212,000		272,189

3.25%, 8/1/2042		401,000		471,681

4.55%, 2/20/2048		34,000		46,776

4.25%, 10/26/2049		621,000		830,165

Johnson & Johnson

2.25%, 3/3/2022		83,000		85,370

2.05%, 3/1/2023		44,000		45,763

2.63%, 1/15/2025		108,000		117,647

0.55%, 9/1/2025		36,000		36,099

2.45%, 3/1/2026		29,000		31,834

2.90%, 1/15/2028		220,000		249,164

6.95%, 9/1/2029		50,000		73,450

4.38%, 12/5/2033		227,000		297,592

3.55%, 3/1/2036		192,000		230,066

3.63%, 3/3/2037		170,000		207,893


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — continued

5.95%, 8/15/2037		25,000		38,549

3.40%, 1/15/2038		286,000		338,801

4.50%, 9/1/2040		73,000		99,026

4.50%, 12/5/2043		25,000		34,541

3.70%, 3/1/2046		699,000		871,627

3.75%, 3/3/2047		87,000		108,971

3.50%, 1/15/2048		796,000		983,064

Zoetis, Inc.

3.25%, 8/20/2021		43,000		44,184

3.25%, 2/1/2023		522,000		553,243

4.50%, 11/13/2025		45,000		53,010

3.00%, 9/12/2027 (c)		625,000		695,634

3.90%, 8/20/2028		497,000		589,951

2.00%, 5/15/2030		25,000		26,015

4.70%, 2/1/2043		219,000		289,167

3.95%, 9/12/2047		154,000		190,132

4.45%, 8/20/2048		135,000		177,664

3.00%, 5/15/2050		173,000		186,702


				8,305,157


Professional Services — 0.6%

Thomson Reuters Corp. (Canada)

4.30%, 11/23/2023		139,000		152,723

3.35%, 5/15/2026		600,000		665,854

5.50%, 8/15/2035		100,000		129,626

5.85%, 4/15/2040		25,000		33,437

5.65%, 11/23/2043		1,343,000		1,770,807

Verisk Analytics, Inc.

4.13%, 9/12/2022		100,000		106,569

4.00%, 6/15/2025		325,000		372,079

3.63%, 5/15/2050		562,000		644,800


				3,875,895


Semiconductors & Semiconductor Equipment — 1.0%

Maxim Integrated Products, Inc.

3.38%, 3/15/2023		98,000		104,009

3.45%, 6/15/2027		160,000		177,099

Micron Technology, Inc.

2.50%, 4/24/2023		544,000		567,596

4.64%, 2/6/2024		421,000		468,766

4.98%, 2/6/2026		398,000		464,094

4.19%, 2/15/2027		125,000		143,473

5.33%, 2/6/2029		100,000		119,973

4.66%, 2/15/2030		210,000		244,683

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Semiconductors & Semiconductor Equipment — continued

NVIDIA Corp.

3.20%, 9/16/2026		175,000		197,854

2.85%, 4/1/2030		559,000		621,475

3.50%, 4/1/2040		209,000		240,782

3.50%, 4/1/2050		257,000		291,736

3.70%, 4/1/2060		1,170,000		1,367,956

Texas Instruments, Inc.

1.85%, 5/15/2022		25,000		25,622

2.25%, 5/1/2023		65,000		68,048

2.63%, 5/15/2024		40,000		43,000

2.90%, 11/3/2027		230,000		258,617

2.25%, 9/4/2029		50,000		53,752

1.75%, 5/4/2030		62,000		63,965

3.88%, 3/15/2039		754,000		947,038

4.15%, 5/15/2048		469,000		617,952


				7,087,490


Software — 0.3%

Cadence Design Systems, Inc. 4.38%, 10/15/2024		194,000		218,558

Citrix Systems, Inc.

4.50%, 12/1/2027		385,000		442,756

3.30%, 3/1/2030		208,000		221,803

Intuit, Inc.

0.65%, 7/15/2023		757,000		763,268

1.35%, 7/15/2027		324,000		331,216


				1,977,601



Specialty Retail — 0.6%

Best Buy Co., Inc. 4.45%, 10/1/2028		602,000		711,674

Ross Stores, Inc.

4.60%, 4/15/2025		25,000		28,853

4.70%, 4/15/2027		535,000		628,488

4.80%, 4/15/2030		120,000		144,753

5.45%, 4/15/2050		314,000		404,952

TJX Cos., Inc. (The)

2.50%, 5/15/2023		645,000		675,615

2.25%, 9/15/2026		440,000		469,993

3.75%, 4/15/2027		100,000		115,135

3.88%, 4/15/2030		447,000		531,693

4.50%, 4/15/2050		311,000		396,408


				4,107,564


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Technology Hardware, Storage & Peripherals — 0.3%

Seagate HDD Cayman

4.75%, 6/1/2023		97,000		104,602

4.88%, 3/1/2024		1,050,000		1,150,198

4.75%, 1/1/2025		107,000		116,546

4.88%, 6/1/2027		182,000		203,158

5.75%, 12/1/2034		378,000		430,217


				2,004,721


Textiles, Apparel & Luxury Goods — 0.2%

NIKE, Inc.

2.25%, 5/1/2023		72,000		75,140

2.40%, 3/27/2025		44,000		47,450

2.38%, 11/1/2026		125,000		136,407

2.85%, 3/27/2030		25,000		27,929

3.63%, 5/1/2043		306,000		361,353

3.88%, 11/1/2045		80,000		97,119

3.38%, 11/1/2046		566,000		642,139

3.38%, 3/27/2050		100,000		114,925


				1,502,462


Trading Companies & Distributors — 0.2%

WW Grainger, Inc. 1.85%, 2/15/2025		400,000		419,800

4.60%, 6/15/2045		499,000		644,104


				1,063,904


Wireless Telecommunication Services — 0.5%

T-Mobile USA, Inc.

3.88%, 4/15/2030 (a)		1,338,000		1,533,130

4.38%, 4/15/2040 (a)		770,000		926,811

4.50%, 4/15/2050 (a)		1,000,000		1,221,272


				3,681,213


Total Corporate Bonds (Cost $182,683,722)				190,930,543

Mortgage-Backed Securities — 26.6%

FHLMC Gold Pools, 15 Year

Pool # G14541, 2.50%, 8/1/2022		14,063		14,719

Pool # J10548, 4.00%, 8/1/2024		45,269		48,109

Pool # J15449, 4.00%, 5/1/2026		167,114		177,798

Pool # G14781, 3.50%, 3/1/2027		95,378		100,968

Pool # G15201, 4.00%, 5/1/2027		41,319		43,911

Pool # J20129, 2.50%, 8/1/2027		145,378		152,561

Pool # G15438, 4.00%, 9/1/2027		30,310		32,238

Pool # G15602, 2.50%, 11/1/2027		105,564		111,032

Pool # E09028, 2.00%, 3/1/2028		156,032		162,398

Pool # J23362, 2.00%, 4/1/2028		151,399		157,575

Pool # G18466, 2.00%, 5/1/2028		22,601		23,523

Pool # G18465, 2.50%, 5/1/2028		43,609		45,806

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	127

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # G16762, 3.50%, 12/1/2028		42,151		44,569

Pool # G15601, 2.50%, 1/1/2029		93,816		98,883

Pool # G14957, 3.50%, 1/1/2029		197,831		211,048

Pool # G15093, 3.00%, 4/1/2029		238,408		252,164

Pool # G16570, 4.00%, 7/1/2029		29,522		31,374

Pool # G18540, 2.50%, 2/1/2030		59,833		62,991

Pool # G18556, 2.50%, 6/1/2030		71,650		75,432

Pool # V60840, 3.00%, 6/1/2030		17,702		18,847

Pool # G16622, 3.00%, 11/1/2030		72,073		75,992

Pool # G16019, 3.50%, 12/1/2030		37,158		39,336

Pool # J33545, 3.00%, 1/1/2031		181,507		193,853

Pool # G16044, 2.50%, 1/1/2032		188,642		198,500

Pool # J36524, 3.00%, 3/1/2032		212,406		223,753

Pool # J36660, 3.00%, 3/1/2032		129,890		138,680

Pool # J38270, 2.50%, 1/1/2033		648,495		681,581

Pool # G16568, 2.50%, 4/1/2033		273,098		287,031

Pool # G18706, 3.00%, 9/1/2033		24,040		25,258

Pool # G18736, 3.00%, 6/1/2034		70,315		73,730

FHLMC Gold Pools, 20 Year

Pool # K90941, 3.50%, 8/1/2033		32,858		35,542

FHLMC Gold Pools, 30 Year

Pool # V81680, 4.50%, 12/1/2034		130,738		147,060

Pool # A30892, 5.00%, 1/1/2035		145,019		167,565

Pool # A39210, 5.50%, 10/1/2035		43,506		51,251

Pool # V83754, 5.50%, 1/1/2036		59,096		69,222

Pool # A82255, 5.50%, 9/1/2036		124,596		145,944

Pool # G03381, 5.50%, 9/1/2037		39,677		46,580

Pool # A89760, 4.50%, 12/1/2039		44,282		49,809

Pool # A92197, 5.00%, 5/1/2040		116,494		132,999

Pool # G06856, 6.00%, 5/1/2040		7,069		8,400

Pool # A93359, 4.00%, 8/1/2040		20,177		22,245

Pool # G06222, 4.00%, 1/1/2041		468,167		516,178

Pool # G07794, 5.50%, 6/1/2041		18,319		21,437

Pool # Q03514, 4.50%, 9/1/2041		125,242		140,695

Pool # Q03516, 4.50%, 9/1/2041		47,044		52,848

Pool # Q04088, 3.50%, 10/1/2041		50,088		54,401

Pool # Q04688, 4.00%, 11/1/2041		6,201		6,851

Pool # G08477, 3.50%, 2/1/2042		18,220		19,789

Pool # Q06771, 3.00%, 3/1/2042		69,656		74,771

Pool # C03858, 3.50%, 4/1/2042		153,352		167,210

Pool # Q08646, 3.50%, 6/1/2042		47,015		51,054

Pool # G60737, 4.50%, 8/1/2042		191,475		214,838

Pool # Q11220, 3.50%, 9/1/2042		185,916		201,885

Pool # Q13477, 3.00%, 12/1/2042		204,604		219,629

Pool # Q14321, 3.00%, 12/1/2042		56,154		60,278

Pool # C04420, 3.00%, 1/1/2043		293,902		315,495


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # Q14694, 3.00%, 1/1/2043		2,069,881		2,264,188

Pool # G61723, 3.50%, 1/1/2043		107,378		120,798

Pool # Q15020, 4.00%, 1/1/2043		45,220		49,967

Pool # C09031, 2.50%, 2/1/2043		182,735		195,333

Pool # C09029, 3.00%, 3/1/2043		321,650		345,269

Pool # Q17370, 3.00%, 4/1/2043		226,247		248,832

Pool # V80026, 3.00%, 4/1/2043		88,934		95,419

Pool # Q17374, 4.00%, 4/1/2043		134,216		153,319

Pool # Q20542, 3.00%, 7/1/2043		77,758		83,428

Pool # C09044, 3.50%, 7/1/2043		34,492		37,360

Pool # G62033, 4.00%, 11/1/2043		244,273		271,350

Pool # G08599, 3.50%, 8/1/2044		94,913		102,017

Pool # Q27903, 4.00%, 8/1/2044		156,649		171,412

Pool # Z40090, 4.50%, 9/1/2044		63,073		70,348

Pool # G60183, 4.00%, 12/1/2044		58,033		64,470

Pool # G61769, 4.50%, 12/1/2044		125,148		140,417

Pool # Q30868, 3.50%, 1/1/2045		89,864		96,590

Pool # G61617, 4.50%, 1/1/2045		37,371		42,368

Pool # Q33006, 3.50%, 4/1/2045		49,343		52,902

Pool # V81760, 4.00%, 5/1/2045		38,236		41,781

Pool # Q34508, 3.50%, 6/1/2045		940,873		1,008,650

Pool # G08651, 4.00%, 6/1/2045		237,846		259,898

Pool # Q33685, 4.00%, 6/1/2045		63,955		69,881

Pool # G08653, 3.00%, 7/1/2045		115,891		123,094

Pool # Q35223, 4.00%, 8/1/2045		24,607		26,588

Pool # G08669, 4.00%, 9/1/2045		399,409		436,424

Pool # G60480, 4.50%, 11/1/2045		155,317		173,244

Pool # G08697, 3.00%, 3/1/2046		960,668		1,015,796

Pool # Q39432, 3.50%, 3/1/2046		775,691		843,694

Pool # G60506, 3.50%, 4/1/2046		80,959		88,174

Pool # Q39844, 3.50%, 4/1/2046		303,232		323,983

Pool # G08703, 4.00%, 4/1/2046		172,994		186,754

Pool # G61260, 4.50%, 4/1/2046		45,873		51,276

Pool # G08706, 3.50%, 5/1/2046		573,731		608,975

Pool # G08710, 3.00%, 6/1/2046		84,522		89,372

Pool # Q41024, 3.00%, 6/1/2046		18,215		19,675

Pool # Q42045, 3.50%, 7/1/2046		50,195		54,063

Pool # G08724, 2.50%, 9/1/2046		28,439		30,107

Pool # G61070, 3.00%, 9/1/2046		746,988		801,392

Pool # G61730, 3.00%, 9/1/2046		254,265		272,783

Pool # Q42921, 3.50%, 9/1/2046		172,415		185,701

Pool # G61235, 4.50%, 9/1/2046		51,043		57,308

Pool # Q44608, 4.00%, 10/1/2046		131,400		141,843

Pool # Q43892, 4.50%, 10/1/2046		132,954		151,748

Pool # G08736, 2.50%, 12/1/2046		24,766		26,219

Pool # G08747, 3.00%, 2/1/2047		363,800		384,677

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # G61623, 3.00%, 4/1/2047		54,507		57,890

Pool # G60985, 3.00%, 5/1/2047		151,982		164,156

Pool # G60996, 3.50%, 5/1/2047		15,330		16,674

Pool # Q47884, 4.00%, 5/1/2047		50,876		54,550

Pool # V83233, 4.00%, 6/1/2047		231,038		251,733

Pool # Q49796, 3.50%, 8/1/2047		217,431		237,140

Pool # G08775, 4.00%, 8/1/2047		97,343		104,372

Pool # Q51268, 3.50%, 10/1/2047		125,243		132,442

Pool # G08791, 3.00%, 12/1/2047		361,979		381,400

Pool # G61681, 3.00%, 12/1/2047		18,720		19,724

Pool # Q52866, 3.00%, 12/1/2047		30,239		32,837

Pool # G08793, 4.00%, 12/1/2047		89,264		95,709

Pool # G08795, 3.00%, 1/1/2048		563,798		594,046

Pool # Q53670, 3.50%, 1/1/2048		217,083		229,562

Pool # Q53751, 3.50%, 1/1/2048		254,099		268,706

Pool # Q53872, 4.00%, 1/1/2048		127,701		138,879

Pool # G08799, 3.00%, 2/1/2048		703,176		740,902

Pool # G08800, 3.50%, 2/1/2048		14,704		15,550

Pool # G08812, 3.00%, 4/1/2048		27,171		28,618

Pool # Q55484, 3.50%, 4/1/2048		811,663		857,690

Pool # G61866, 4.00%, 6/1/2048		53,852		59,238

Pool # G08829, 3.00%, 7/1/2048		97,996		103,215

Pool # Q57420, 4.50%, 7/1/2048		83,530		90,688

Pool # Q58587, 3.50%, 9/1/2048		16,037		16,947

Pool # G08837, 4.50%, 9/1/2048		13,704		14,819

Pool # G61607, 4.50%, 9/1/2048		236,229		262,028

Pool # G08855, 3.00%, 10/1/2048		117,249		123,494

Pool # G08841, 3.50%, 10/1/2048		47,845		50,558

Pool # G08842, 4.00%, 10/1/2048		49,933		53,173

Pool # G61737, 3.50%, 11/1/2048		458,281		496,309

Pool # V84897, 4.00%, 11/1/2048		91,805		98,181

Pool # G61885, 4.50%, 11/1/2048		77,687		84,009

Pool # Q59805, 4.50%, 11/1/2048		158,628		171,537

Pool # G08853, 4.50%, 12/1/2048		49,266		53,275

Pool # Q62234, 4.50%, 12/1/2048		266,956		290,876

Pool # G67718, 4.00%, 1/1/2049		25,579		27,713

Pool # G08862, 4.00%, 2/1/2049		78,012		83,075

Pool # Q61487, 4.00%, 2/1/2049		77,200		83,386

Pool # G08875, 3.00%, 3/1/2049		79,394		83,623

Pool # V85252, 3.50%, 3/1/2049		196,727		209,028

Pool # Q62004, 4.00%, 3/1/2049		87,831		95,246

Pool # Q63195, 3.00%, 4/1/2049		123,407		130,078

Pool # Q63081, 3.50%, 4/1/2049		481,509		509,390

Pool # G08874, 5.00%, 4/1/2049		31,868		35,044

Pool # Q63756, 3.00%, 5/1/2049		178,705		191,671

Pool # G08876, 3.50%, 5/1/2049		157,810		166,104

Pool # G08887, 3.00%, 6/1/2049		115,729		121,784


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


FHLMC UMBS, 15 Year

Pool # ZS8368, 4.50%, 3/1/2024		418		435

Pool # ZS5890, 4.00%, 7/1/2024		289,994		308,177

Pool # ZK2080, 4.00%, 1/1/2025		105,895		112,535

Pool # ZA2587, 4.00%, 9/1/2025		22,915		24,385

Pool # ZK2723, 3.50%, 11/1/2025		39,696		42,059

Pool # ZK3540, 3.00%, 9/1/2026		166,575		175,181

Pool # ZS8460, 3.00%, 4/1/2027		38,692		40,702

Pool # SB0031, 3.50%, 10/1/2027		73,513		77,889

Pool # ZS7751, 3.00%, 1/1/2029		229,003		242,103

Pool # SB0071, 2.50%, 5/1/2030		60,028		62,984

Pool # ZS7331, 3.00%, 12/1/2030		45,230		48,150

Pool # ZS7938, 2.50%, 1/1/2033		126,637		134,615

Pool # SB0256, 4.00%, 11/1/2033		254,751		270,725

Pool # SB0077, 3.50%, 10/1/2034		157,656		166,385

Pool # QN1148, 2.50%, 12/1/2034		115,659		122,452

Pool # SB8031, 2.50%, 2/1/2035		397,649		416,865

Pool # QN2407, 2.00%, 6/1/2035		234,789		244,433

Pool # SB8500, 2.50%, 7/1/2035		599,643		638,525

FHLMC UMBS, 20 Year

Pool # ZA2277, 3.00%, 9/1/2032		139,267		147,788

Pool # ZJ9491, 3.50%, 12/1/2032		29,326		31,748

Pool # ZA2463, 3.50%, 6/1/2037		86,245		91,735

Pool # RB5001, 3.50%, 7/1/2039		55,232		58,204

Pool # QK0054, 3.00%, 8/1/2039		59,836		63,292

Pool # RB5026, 2.50%, 11/1/2039		123,810		130,170

Pool # QK0157, 2.50%, 1/1/2040		220,334		231,653

Pool # RB5032, 2.50%, 2/1/2040		88,388		92,929

Pool # QK0167, 3.00%, 2/1/2040		101,843		107,969

Pool # RB5037, 2.50%, 3/1/2040		289,717		304,601

Pool # RB5043, 2.50%, 4/1/2040		228,497		240,842

Pool # RB5048, 2.50%, 5/1/2040		214,237		225,811

FHLMC UMBS, 30 Year

Pool # ZI3765, 5.50%, 11/1/2035		48,362		56,951

Pool # ZS2546, 5.00%, 2/1/2039		34,786		39,788

Pool # ZJ0449, 4.00%, 9/1/2040		43,836		48,328

Pool # ZL3548, 3.50%, 8/1/2042		188,385		204,566

Pool # ZS3712, 3.50%, 4/1/2043		245,122		275,806

Pool # ZS4077, 3.50%, 1/1/2044		36,298		40,259

Pool # ZL8869, 3.50%, 12/1/2044		50,789		55,320

Pool # ZS4596, 3.50%, 12/1/2044		20,556		22,099

Pool # ZS4598, 3.00%, 1/1/2045		25,170		26,852

Pool # ZL9010, 3.50%, 1/1/2045		26,022		28,343

Pool # ZS4609, 3.00%, 4/1/2045		97,021		103,021

Pool # ZM0037, 3.50%, 8/1/2045		311,179		333,535

Pool # ZS9809, 4.50%, 9/1/2045		48,724		54,327

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	129

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # ZS9589, 4.50%, 12/1/2045		87,134		97,154

Pool # ZA4628, 4.00%, 3/1/2046		76,386		84,871

Pool # ZS9743, 4.00%, 5/1/2046		1,498,146		1,636,446

Pool # SD0073, 4.50%, 6/1/2046		126,457		141,289

Pool # ZM1621, 4.50%, 9/1/2046		195,451		227,401

Pool # SD0146, 3.00%, 11/1/2046		342,705		362,277

Pool # ZM2209, 3.50%, 12/1/2046		419,900		451,255

Pool # ZA4816, 4.00%, 2/1/2047		57,583		63,010

Pool # ZM3134, 3.50%, 5/1/2047		195,949		212,161

Pool # ZT0132, 4.00%, 5/1/2047		417,059		450,865

Pool # SD0225, 3.00%, 12/1/2047		1,104,057		1,177,638

Pool # ZS4750, 3.00%, 1/1/2048		71,035		74,823

Pool # ZM6887, 3.00%, 5/1/2048		157,122		165,401

Pool # ZS4777, 3.50%, 7/1/2048		17,081		18,037

Pool # ZM7669, 3.50%, 8/1/2048		160,931		174,148

Pool # ZA5677, 4.00%, 9/1/2048		80,334		85,917

Pool # ZT1597, 3.00%, 12/1/2048		52,995		55,787

Pool # ZA6286, 4.00%, 2/1/2049		442,156		474,454

Pool # ZT1776, 3.50%, 3/1/2049		95,071		100,091

Pool # ZN5087, 4.00%, 4/1/2049		324,888		349,541

Pool # ZT1864, 4.00%, 4/1/2049		12,803		13,643

Pool # ZT1951, 3.50%, 5/1/2049		31,468		33,130

Pool # ZT1952, 4.00%, 5/1/2049		198,164		211,173

Pool # QA4907, 3.00%, 6/1/2049		288,893		304,809

Pool # ZT2086, 3.50%, 6/1/2049		171,987		181,069

Pool # ZT2087, 4.00%, 6/1/2049		80,322		85,595

Pool # SD0040, 3.00%, 7/1/2049		101,607		107,037

Pool # SD7502, 3.50%, 7/1/2049		334,206		357,728

Pool # SD8001, 3.50%, 7/1/2049		60,592		63,792

Pool # SD7501, 4.00%, 7/1/2049		179,959		197,694

Pool # QA1790, 3.00%, 8/1/2049		175,637		185,023

Pool # QA1997, 3.00%, 8/1/2049		58,704		61,841

Pool # SD8005, 3.50%, 8/1/2049		216,475		227,907

Pool # SD8006, 4.00%, 8/1/2049		122,309		130,339

Pool # SD8014, 5.00%, 8/1/2049		370,084		406,424

Pool # SD8016, 3.00%, 10/1/2049		66,974		70,553

Pool # SD8023, 2.50%, 11/1/2049		23,485		24,690

Pool # SD8025, 3.50%, 11/1/2049		575,487		605,878

Pool # QA7416, 3.00%, 2/1/2050		1,693,272		1,789,133

Pool # RA2116, 3.00%, 2/1/2050		1,188,004		1,261,763

Pool # QA8174, 4.50%, 3/1/2050		663,690		745,826

Pool # SD0303, 2.50%, 4/1/2050		1,215,227		1,293,515

Pool # SD8080, 2.00%, 6/1/2050		98,845		102,025

Pool # SD8089, 2.50%, 7/1/2050		2,975,888		3,133,651

Pool # SD8083, 2.50%, 8/1/2050		2,261,214		2,381,089


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


FNMA UMBS, 15 Year

Pool # AC8711, 4.00%, 12/1/2024		434,537		461,746

Pool # AC7007, 4.50%, 1/1/2025		46,168		48,371

Pool # AL9580, 4.00%, 3/1/2025		37,162		39,489

Pool # 932724, 4.00%, 4/1/2025		15,966		16,980

Pool # AE0971, 4.00%, 5/1/2025		75,849		80,599

Pool # AE0939, 3.50%, 2/1/2026		89,406		94,723

Pool # FM2968, 4.00%, 5/1/2026		25,728		27,361

Pool # AJ6632, 3.00%, 11/1/2026		90,768		95,452

Pool # AJ9357, 3.50%, 1/1/2027		198,092		209,856

Pool # AK4047, 3.00%, 2/1/2027		39,749		41,754

Pool # AL4586, 4.00%, 2/1/2027		93,169		99,083

Pool # AB5095, 3.00%, 5/1/2027		35,539		37,458

Pool # AO0527, 3.00%, 5/1/2027		49,369		51,975

Pool # AO4400, 2.50%, 7/1/2027		98,820		103,868

Pool # AB5823, 3.50%, 8/1/2027		178,222		190,031

Pool # AL8138, 4.00%, 9/1/2027		53,836		57,253

Pool # AB6811, 2.50%, 10/1/2027		27,652		29,013

Pool # AQ9442, 2.00%, 12/1/2027		54,410		56,612

Pool # AB8447, 2.50%, 2/1/2028		50,016		52,478

Pool # AR4180, 2.50%, 2/1/2028		24,276		25,572

Pool # AL3802, 3.00%, 2/1/2028		153,050		161,005

Pool # AB8787, 2.00%, 3/1/2028		159,483		165,962

Pool # AP6059, 2.00%, 6/1/2028		23,223		24,166

Pool # BM5381, 3.00%, 6/1/2028		163,415		171,909

Pool # BM1892, 2.50%, 9/1/2028		48,688		51,188

Pool # AU6682, 3.00%, 9/1/2028		28,346		29,845

Pool # AS0761, 3.00%, 10/1/2028		62,694		66,009

Pool # AU6961, 3.00%, 10/1/2028		114,580		120,640

Pool # AL6132, 4.50%, 3/1/2029		23,381		24,537

Pool # FM1105, 2.50%, 6/1/2029		99,482		104,379

Pool # AS3345, 2.00%, 7/1/2029		18,216		18,956

Pool # MA2061, 3.00%, 10/1/2029		126,250		133,401

Pool # AL7205, 3.50%, 12/1/2029		233,333		248,881

Pool # BM4202, 3.50%, 12/1/2029		145,486		155,181

Pool # FM1465, 3.00%, 5/1/2030		284,637		300,992

Pool # 890666, 2.00%, 6/1/2030		55,275		57,520

Pool # MA2684, 3.00%, 7/1/2031		223,224		235,234

Pool # AL9418, 3.50%, 8/1/2031		82,210		88,056

Pool # BD5647, 2.00%, 11/1/2031		28,283		29,579

Pool # 890776, 3.50%, 11/1/2031		59,932		63,921

Pool # BM5490, 3.50%, 11/1/2031		41,532		44,296

Pool # BM4993, 3.50%, 3/1/2032		96,357		102,742

Pool # BM4741, 3.00%, 4/1/2032		30,131		31,725

Pool # FM1645, 3.00%, 4/1/2032		316,771		333,525

Pool # BE8694, 3.50%, 7/1/2032		83,889		90,244

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # MA3124, 2.50%, 9/1/2032		93,716		98,486

Pool # FM3099, 3.50%, 9/1/2032		125,886		133,239

Pool # CA0775, 2.50%, 11/1/2032		56,830		60,100

Pool # MA3188, 3.00%, 11/1/2032		51,420		54,148

Pool # BH7081, 2.50%, 12/1/2032		100,051		105,143

Pool # BH8720, 3.50%, 12/1/2032		66,236		71,523

Pool # FM1161, 2.50%, 1/1/2033		81,613		86,457

Pool # FM1691, 2.50%, 1/1/2033		34,464		36,243

Pool # FM2549, 2.50%, 1/1/2033		165,890		175,221

Pool # MA3353, 4.00%, 4/1/2033		41,189		43,698

Pool # BM5716, 4.00%, 6/1/2033		163,355		175,150

Pool # MA3393, 4.00%, 6/1/2033		263,754		279,818

Pool # FM1123, 4.00%, 9/1/2033		291,829		314,017

Pool # FM2153, 4.00%, 11/1/2033		501,856		533,280

Pool # MA3547, 3.00%, 12/1/2033		19,473		20,450

Pool # BD9105, 4.00%, 1/1/2034		130,126		139,701

Pool # BM5306, 4.00%, 1/1/2034		14,506		15,661

Pool # FM1842, 3.50%, 6/1/2034		467,906		494,239

Pool # MA3764, 2.50%, 9/1/2034		28,781		30,167

Pool # MA3910, 2.00%, 1/1/2035		52,058		54,168

Pool # FM3569, 3.00%, 1/1/2035		239,225		256,280

Pool # FM2708, 3.00%, 3/1/2035		138,863		147,810

Pool # MA3985, 3.00%, 4/1/2035		427,573		451,767

Pool # MA4014, 3.00%, 5/1/2035		256,505		271,026

Pool # BP8801, 2.00%, 7/1/2035		950,940		989,995

Pool # MA4075, Class 177, 2.50%, 7/1/2035		829,180		870,904

Pool # MA4076, 3.00%, 7/1/2035		294,681		311,367

Pool # FM4035, 2.50%, 8/1/2035		129,000		135,212

Pool # MA4123, 2.00%, 9/1/2035		224,000		233,200

FNMA UMBS, 20 Year

Pool # AE6799, 4.50%, 11/1/2030		3,841		4,215

Pool # MA0885, 3.50%, 10/1/2031		58,944		63,500

Pool # AB4853, 3.00%, 4/1/2032		60,747		64,465

Pool # MA1058, 3.00%, 5/1/2032		25,578		27,143

Pool # MA1165, 3.00%, 9/1/2032		144,738		153,595

Pool # MA2079, 4.00%, 11/1/2034		29,973		32,894

Pool # AL8620, 3.00%, 2/1/2035		40,368		42,803

Pool # AS4442, 3.00%, 2/1/2035		115,861		122,850

Pool # MA2287, 3.00%, 6/1/2035		77,547		82,018

Pool # AL6970, 3.50%, 7/1/2035		48,988		52,479

Pool # AL7654, 3.00%, 9/1/2035		133,406		141,098

Pool # MA2472, 3.00%, 12/1/2035		28,611		30,261

Pool # FM1133, 4.00%, 6/1/2036		61,922		67,957

Pool # MA3099, 4.00%, 8/1/2037		225,961		241,758

Pool # BM5330, 2.50%, 12/1/2037		100,334		105,571


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # FM3204, 4.00%, 10/1/2038		84,111		91,380

Pool # MA3519, 4.00%, 11/1/2038		36,959		39,526

Pool # MA3958, 3.00%, 3/1/2040		91,961		97,236

Pool # MA4046, 3.00%, 6/1/2040		24,619		26,031

Pool # MA4072, 2.50%, 7/1/2040		297,522		313,549

Pool # MA4128, 2.00%, 9/1/2040		2,402,000		2,481,682

FNMA UMBS, 30 Year

Pool # 254447, 6.00%, 9/1/2032		37,696		43,970

Pool # 708506, 5.50%, 5/1/2033		61,899		72,477

Pool # 711215, 5.50%, 6/1/2033		24,704		28,926

Pool # AA1005, 5.00%, 12/1/2033		20,057		23,010

Pool # 725232, 5.00%, 3/1/2034		18,218		20,900

Pool # 725228, 6.00%, 3/1/2034		93,304		109,390

Pool # 790003, 6.00%, 8/1/2034		23,168		27,433

Pool # 735503, 6.00%, 4/1/2035		64,111		75,619

Pool # 190360, 5.00%, 8/1/2035		51,606		59,610

Pool # 904601, 6.00%, 11/1/2036		60,294		71,726

Pool # 888538, 5.50%, 1/1/2037		36,166		42,593

Pool # AB0284, 6.00%, 2/1/2037		71,113		84,333

Pool # AL2627, 5.00%, 7/1/2037		33,521		38,456

Pool # 956965, 6.50%, 12/1/2037		21,076		23,452

Pool # BH7907, 6.50%, 12/1/2037		29,440		35,808

Pool # 961793, 5.00%, 3/1/2038		136,500		156,005

Pool # 985661, 5.50%, 6/1/2038		24,427		28,573

Pool # AU7519, 3.50%, 9/1/2038		59,045		63,942

Pool # AA7402, 4.50%, 6/1/2039		204,215		229,673

Pool # AL0100, 6.00%, 10/1/2039		88,555		105,223

Pool # AC4886, 5.00%, 11/1/2039		48,634		55,551

Pool # 190399, 5.50%, 11/1/2039		152,326		178,181

Pool # AS4787, 3.00%, 4/1/2040		262,617		278,865

Pool # AB1143, 4.50%, 6/1/2040		144,754		164,104

Pool # AD6938, 4.50%, 6/1/2040		192,853		216,339

Pool # AD5479, 5.00%, 6/1/2040		58,051		66,244

Pool # AB1259, 5.00%, 7/1/2040		72,232		82,425

Pool # AB1292, 5.00%, 8/1/2040		30,807		35,155

Pool # AL5437, 5.00%, 8/1/2040		176,241		201,113

Pool # AB1421, 5.00%, 9/1/2040		69,669		80,007

Pool # AE4142, 5.00%, 9/1/2040		41,650		47,528

Pool # AE8289, 4.00%, 12/1/2040		217,966		240,313

Pool # MA0622, 3.50%, 1/1/2041		59,224		64,338

Pool # AH2312, 5.00%, 1/1/2041		122,879		140,220

Pool # AE0828, 3.50%, 2/1/2041		40,227		43,700

Pool # BM3090, 3.50%, 2/1/2041		243,068		260,507

Pool # AH3804, 4.00%, 2/1/2041		43,617		48,089

Pool # MA0639, 4.00%, 2/1/2041		73,417		80,944

Pool # AB2676, 3.50%, 4/1/2041		166,055		181,671

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	131

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # AL0241, 4.00%, 4/1/2041		115,692		127,553

Pool # BM3118, 6.00%, 7/1/2041		137,414		162,990

Pool # AJ2293, 4.00%, 9/1/2041		48,577		53,760

Pool # AL0933, 5.00%, 10/1/2041		169,401		193,350

Pool # AW8154, 3.50%, 1/1/2042		39,875		43,300

Pool # AX5318, 4.50%, 1/1/2042		135,146		151,785

Pool # BD4480, 4.50%, 1/1/2042		501,832		563,620

Pool # AB4698, 4.00%, 3/1/2042		127,531		145,885

Pool # AL1998, 4.00%, 3/1/2042		186,355		206,241

Pool # AK7028, 4.00%, 4/1/2042		135,504		149,700

Pool # AO4134, 3.50%, 6/1/2042		23,140		25,223

Pool # AO8694, 4.50%, 7/1/2042		38,531		42,436

Pool # AP4258, 3.00%, 8/1/2042		212,169		227,703

Pool # AL2417, 3.50%, 8/1/2042		160,570		174,313

Pool # AO9798, 3.50%, 8/1/2042		51,562		55,975

Pool # AP2424, 4.00%, 8/1/2042		178,842		197,578

Pool # AP3958, 3.00%, 9/1/2042		552,901		593,380

Pool # AB6632, 3.50%, 10/1/2042		268,657		291,651

Pool # AB6633, 3.50%, 10/1/2042		51,733		56,161

Pool # AL3344, 4.50%, 10/1/2042		224,660		257,165

Pool # AB6828, 3.50%, 11/1/2042		212,485		231,615

Pool # AL3182, 3.50%, 12/1/2042		31,009		34,631

Pool # AQ9316, 2.50%, 1/1/2043		97,110		103,749

Pool # AB7580, 3.00%, 1/1/2043		213,598		229,236

Pool # AQ1104, 3.00%, 1/1/2043		61,523		66,031

Pool # AR0168, 3.00%, 2/1/2043		86,354		93,447

Pool # AR4239, 3.00%, 2/1/2043		63,224		67,818

Pool # AB7964, 3.50%, 2/1/2043		111,947		125,910

Pool # BM4751, 3.50%, 3/1/2043		62,148		67,467

Pool # AB8742, 4.00%, 3/1/2043		25,943		29,640

Pool # AR6770, 4.00%, 3/1/2043		27,521		30,575

Pool # AT2015, 3.00%, 4/1/2043		71,033		76,194

Pool # AT2016, 3.00%, 4/1/2043		1,081,618		1,160,207

Pool # AT2035, 3.50%, 4/1/2043		109,933		119,050

Pool # AR8293, 3.00%, 5/1/2043		483,835		518,989

Pool # AT2723, 3.00%, 5/1/2043		109,983		117,974

Pool # AB9194, 3.50%, 5/1/2043		213,786		233,080

Pool # AS0021, 3.00%, 7/1/2043		126,117		135,281

Pool # AT8912, 3.00%, 7/1/2043		73,274		78,598

Pool # AU1629, 3.00%, 7/1/2043		166,091		178,159

Pool # BM3785, 3.50%, 7/1/2043		216,547		238,038

Pool # BM3704, 3.00%, 9/1/2043		70,539		75,664

Pool # AT2612, 3.50%, 9/1/2043		152,854		165,530

Pool # AU4256, 3.50%, 9/1/2043		59,064		64,394

Pool # AU4283, 3.50%, 9/1/2043		35,035		38,520

Pool # AL4062, 4.00%, 9/1/2043		55,574		62,622


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # AS0560, 4.50%, 9/1/2043		30,920		34,542

Pool # BM4635, 2.50%, 10/1/2043		280,367		299,336

Pool # AS1121, 4.00%, 11/1/2043		86,684		95,363

Pool # AL7696, 3.00%, 12/1/2043		111,423		119,519

Pool # AS1557, 4.00%, 1/1/2044		92,724		102,007

Pool # AV6103, 4.00%, 1/1/2044		386,584		425,285

Pool # BC1737, 4.00%, 1/1/2044		193,629		213,482

Pool # BM5365, 4.00%, 3/1/2044		141,341		155,832

Pool # FM1744, 3.50%, 5/1/2044		50,570		56,877

Pool # AS2700, 4.00%, 6/1/2044		84,697		94,066

Pool # AW6233, 4.50%, 6/1/2044		619,320		695,008

Pool # AS2947, 4.00%, 7/1/2044		82,980		90,847

Pool # AL9072, 5.00%, 7/1/2044		134,782		153,836

Pool # AS3133, 3.50%, 8/1/2044		40,346		44,289

Pool # AL9569, 5.00%, 8/1/2044		308,464		352,072

Pool # AX0152, 4.50%, 9/1/2044		45,713		50,621

Pool # BM4620, 3.00%, 10/1/2044		174,223		186,979

Pool # AL5926, 3.50%, 10/1/2044		164,983		183,363

Pool # AS3611, 3.50%, 10/1/2044		25,727		28,242

Pool # AS3470, 4.00%, 10/1/2044		47,250		51,686

Pool # AX2491, 4.00%, 10/1/2044		16,584		18,141

Pool # AS3710, 4.00%, 11/1/2044		55,597		60,868

Pool # AS3867, 4.00%, 11/1/2044		23,946		26,216

Pool # AX4855, 4.00%, 11/1/2044		173,018		189,262

Pool # AS3935, 3.50%, 12/1/2044		867,117		951,862

Pool # AS4012, 3.50%, 12/1/2044		111,240		121,266

Pool # FM1746, 3.50%, 1/1/2045		165,925		184,696

Pool # AS4402, 3.50%, 2/1/2045		115,158		127,410

Pool # AS4457, 3.50%, 2/1/2045		284,647		305,881

Pool # AX7699, 3.50%, 2/1/2045		86,896		93,378

Pool # AY3671, 3.50%, 2/1/2045		93,077		104,509

Pool # FM0015, 4.00%, 2/1/2045		171,865		193,871

Pool # MA2193, 4.50%, 2/1/2045		41,641		46,434

Pool # AS4541, 3.00%, 3/1/2045		127,713		138,031

Pool # AS4571, 3.50%, 3/1/2045		110,985		120,168

Pool # FM3414, 4.00%, 3/1/2045		193,994		212,387

Pool # AZ1682, 3.50%, 4/1/2045		50,290		53,898

Pool # BM3398, 3.50%, 4/1/2045		24,220		26,346

Pool # AY8617, 3.00%, 5/1/2045		24,160		25,655

Pool # BM5471, 3.50%, 6/1/2045		566,603		622,976

Pool # AZ5985, 3.00%, 7/1/2045		155,014		169,332

Pool # AS5570, 3.50%, 8/1/2045		125,196		134,449

Pool # FM1476, 3.50%, 8/1/2045		159,103		172,720

Pool # AS5806, 3.00%, 9/1/2045		292,191		310,268

Pool # AS5778, 3.50%, 9/1/2045		37,274		39,948

Pool # AZ2947, 4.00%, 9/1/2045		42,068		45,951

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # AS5851, 4.50%, 9/1/2045		32,925		36,739

Pool # AY8859, 4.00%, 10/1/2045		448,622		490,035

Pool # AS6184, 3.50%, 11/1/2045		248,183		275,872

Pool # AS6196, 3.50%, 11/1/2045		44,880		48,100

Pool # FM1869, 4.00%, 11/1/2045		145,843		159,537

Pool # FM1708, 3.00%, 12/1/2045		66,219		71,658

Pool # BA3077, 3.50%, 12/1/2045		41,303		44,970

Pool # BC0066, 3.50%, 12/1/2045		46,988		50,461

Pool # BC0676, 3.50%, 12/1/2045		82,925		88,874

Pool # FM1923, 3.50%, 1/1/2046		87,675		93,965

Pool # FM3413, 4.00%, 1/1/2046		209,923		233,216

Pool # MA2512, 4.00%, 1/1/2046		39,662		43,323

Pool # AS6654, 3.50%, 2/1/2046		36,582		39,206

Pool # FM2323, 4.00%, 2/1/2046		86,495		95,553

Pool # AL9128, 4.50%, 2/1/2046		41,826		46,976

Pool # AS6811, 3.00%, 3/1/2046		80,119		84,704

Pool # BM4834, 3.00%, 3/1/2046		46,190		50,252

Pool # FM1782, 4.00%, 3/1/2046		24,960		27,326

Pool # FM2195, 4.00%, 3/1/2046		68,208		75,351

Pool # AS7003, 3.00%, 4/1/2046		99,765		105,474

Pool # FM1370, 3.00%, 4/1/2046		34,836		36,991

Pool # FM1224, 3.50%, 4/1/2046		228,757		245,169

Pool # BC1863, 2.50%, 5/1/2046		129,524		137,093

Pool # AL8936, 4.50%, 5/1/2046		32,811		36,587

Pool # AS7198, 4.50%, 5/1/2046		238,799		265,082

Pool # BD0166, 2.50%, 6/1/2046		286,585		303,332

Pool # BM5168, 2.50%, 6/1/2046		44,569		47,616

Pool # AS7343, 3.00%, 6/1/2046		317,309		335,465

Pool # AS7376, 3.00%, 6/1/2046		498,720		527,258

Pool # AS7386, 3.50%, 6/1/2046		31,087		32,988

Pool # BM5587, 4.00%, 6/1/2046		96,412		106,064

Pool # AS7660, 2.50%, 8/1/2046		506,844		536,461

Pool # MA2730, 2.50%, 8/1/2046		82,529		87,352

Pool # AS8185, 3.00%, 10/1/2046		441,823		467,105

Pool # FM3810, 3.00%, 10/1/2046		179,174		193,650

Pool # AL9385, 3.00%, 11/1/2046		93,935		100,666

Pool # MA2806, 3.00%, 11/1/2046		392,200		414,642

Pool # BM3288, 3.50%, 12/1/2046		44,169		48,032

Pool # FM2321, 3.50%, 12/1/2046		218,354		234,019

Pool # BM4990, 2.50%, 1/1/2047		21,179		22,612

Pool # FM2807, 3.00%, 1/1/2047		138,800		150,793

Pool # 890856, 3.50%, 1/1/2047		240,539		262,722

Pool # FM3374, 3.50%, 1/1/2047		349,699		379,629

Pool # AS8823, 4.00%, 2/1/2047		133,048		143,597

Pool # BM5955, 4.00%, 2/1/2047		77,920		85,307

Pool # BM5270, 4.50%, 2/1/2047		36,334		40,807


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # MA2920, 3.00%, 3/1/2047		16,981		17,953

Pool # FM3107, 3.50%, 3/1/2047		706,285		756,957

Pool # AS9313, 4.00%, 3/1/2047		38,741		42,210

Pool # FM1511, 3.00%, 4/1/2047		200,552		212,960

Pool # AS9480, 4.50%, 4/1/2047		79,386		88,499

Pool # BM2000, 3.50%, 5/1/2047		1,181,755		1,254,032

Pool # BM5220, 3.50%, 5/1/2047		65,037		69,015

Pool # BE0628, 4.50%, 5/1/2047		92,523		100,781

Pool # FM1772, 4.50%, 5/1/2047		34,078		38,273

Pool # AS9946, 3.50%, 7/1/2047		98,698		106,864

Pool # BM1568, 3.50%, 7/1/2047		110,956		124,605

Pool # AS9988, 4.50%, 7/1/2047		59,602		64,653

Pool # BH7375, 3.50%, 8/1/2047		138,846		146,786

Pool # CA0110, 3.50%, 8/1/2047		37,487		39,672

Pool # CA0553, 4.00%, 8/1/2047		221,563		237,539

Pool # CA0148, 4.50%, 8/1/2047		49,431		53,620

Pool # CA0850, 3.00%, 9/1/2047		107,206		112,968

Pool # BH9317, 3.50%, 9/1/2047		235,868		251,383

Pool # CA0407, 3.50%, 9/1/2047		212,308		224,680

Pool # MA3147, 3.00%, 10/1/2047		118,347		124,708

Pool # BH9394, 3.50%, 10/1/2047		256,389		273,254

Pool # BH9392, 3.50%, 11/1/2047		47,094		49,744

Pool # CA0681, 3.50%, 11/1/2047		752,584		829,306

Pool # FM0028, 3.00%, 12/1/2047		79,906		86,361

Pool # MA3209, 3.00%, 12/1/2047		755,949		796,578

Pool # FM1420, 3.50%, 12/1/2047		431,184		473,385

Pool # MA3210, 3.50%, 12/1/2047		327,477		346,203

Pool # BJ5376, 4.50%, 12/1/2047		83,717		91,134

Pool # CA4015, 3.00%, 1/1/2048		21,794		22,965

Pool # MA3237, 3.00%, 1/1/2048		618,010		651,225

Pool # MA3238, 3.50%, 1/1/2048		154,407		163,236

Pool # BM3475, 4.00%, 1/1/2048		53,083		59,250

Pool # MA3275, 3.00%, 2/1/2048		209,684		220,954

Pool # BJ5910, 3.50%, 2/1/2048		285,692		319,555

Pool # BM5526, 3.50%, 2/1/2048		556,593		588,422

Pool # CA4155, 3.50%, 2/1/2048		39,968		42,253

Pool # MA3304, 3.00%, 3/1/2048		119,373		125,789

Pool # BM3990, 4.00%, 3/1/2048		48,221		51,698

Pool # FM3494, 2.50%, 4/1/2048		26,344		27,883

Pool # FM3232, 3.50%, 4/1/2048		166,892		176,436

Pool # BM3899, 4.00%, 4/1/2048		715,123		766,689

Pool # FM1936, 4.00%, 4/1/2048		116,338		124,727

Pool # CA2687, 3.00%, 5/1/2048		40,972		44,109

Pool # FM2177, 3.50%, 5/1/2048		1,243,903		1,352,706

Pool # BM4054, 4.00%, 5/1/2048		227,820		246,844

Pool # MA3425, 3.00%, 6/1/2048		90,843		95,666

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	133

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # BM4757, 3.50%, 7/1/2048		112,075		118,930

Pool # FM1911, 3.50%, 7/1/2048		217,331		232,923

Pool # FM2997, 4.00%, 8/1/2048		214,357		231,323

Pool # MA3443, 4.00%, 8/1/2048		48,731		51,895

Pool # BK4769, 5.00%, 8/1/2048		30,238		33,124

Pool # BM2007, 4.00%, 9/1/2048		16,503		17,575

Pool # CA2368, 4.00%, 9/1/2048		90,980		98,280

Pool # FM1247, 4.00%, 9/1/2048		59,823		64,137

Pool # MA3472, 5.00%, 9/1/2048		31,998		35,051

Pool # CA4655, 3.50%, 10/1/2048		183,536		198,720

Pool # MA3495, 4.00%, 10/1/2048		119,505		127,264

Pool # FM2510, 3.00%, 11/1/2048		242,163		255,179

Pool # BM4678, 4.00%, 11/1/2048		337,322		364,388

Pool # FM1248, 4.50%, 11/1/2048		62,916		68,247

Pool # FM2275, 4.50%, 11/1/2048		63,926		70,961

Pool # FM1148, 3.50%, 12/1/2048		105,062		110,997

Pool # FM1866, 4.00%, 12/1/2048		372,443		396,623

Pool # MA3536, 4.00%, 12/1/2048		155,035		165,100

Pool # MA3577, 3.00%, 1/1/2049		43,528		45,839

Pool # BM5256, 4.50%, 1/1/2049		104,348		114,073

Pool # FM0030, 3.00%, 2/1/2049		117,363		124,079

Pool # FM1527, 3.00%, 2/1/2049		178,739		188,966

Pool # MA3603, 3.00%, 2/1/2049		22,036		23,206

Pool # BM5446, 3.50%, 2/1/2049		30,533		32,258

Pool # MA3592, 4.00%, 2/1/2049		8,652		9,214

Pool # MA3593, 4.50%, 2/1/2049		192,283		207,925

Pool # BN4380, 3.00%, 3/1/2049		25,675		27,046

Pool # MA3614, 3.50%, 3/1/2049		17,389		18,310

Pool # FM0017, 4.00%, 3/1/2049		140,644		149,775

Pool # MA3637, 3.50%, 4/1/2049		76,530		80,582

Pool # MA3638, 4.00%, 4/1/2049		64,365		68,580

Pool # BN5418, 4.50%, 4/1/2049		46,333		51,046

Pool # MA3639, 4.50%, 4/1/2049		15,465		16,693

Pool # MA3664, 4.00%, 5/1/2049		35,404		37,722

Pool # MA3665, 4.50%, 5/1/2049		50,024		53,998

Pool # CA3528, 5.00%, 5/1/2049		28,496		31,296

Pool # MA3686, 3.50%, 6/1/2049		446,257		469,884

Pool # MA3687, 4.00%, 6/1/2049		375,366		399,945

Pool # FM1389, 4.50%, 6/1/2049		23,726		25,656

Pool # MA3688, 4.50%, 6/1/2049		13,921		15,027

Pool # FM1198, 3.00%, 7/1/2049		81,609		86,345

Pool # BO1169, 3.50%, 7/1/2049		140,875		148,333

Pool # CA4358, 3.50%, 7/1/2049		53,792		56,640

Pool # BO1766, 4.50%, 7/1/2049		201,726		217,752

Pool # FM1672, 4.50%, 7/1/2049		262,083		294,352

Pool # FM1241, 3.50%, 8/1/2049		140,458		150,369


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # MA3746, 4.00%, 8/1/2049		51,427		54,794

Pool # MA3747, 4.50%, 8/1/2049		29,604		31,956

Pool # BO4012, 3.00%, 9/1/2049		154,817		166,223

Pool # MA3774, 3.00%, 9/1/2049		1,090,367		1,148,589

Pool # BO2200, 3.50%, 9/1/2049		502,731		529,377

Pool # MA3775, 3.50%, 9/1/2049		33,007		34,755

Pool # FM3572, 4.50%, 9/1/2049		204,232		224,792

Pool # MA3803, 3.50%, 10/1/2049		163,027		171,658

Pool # MA3818, 5.00%, 10/1/2049		41,025		45,056

Pool # MA3833, 2.50%, 11/1/2049		371,475		390,482

Pool # BO5017, 3.50%, 12/1/2049		421,882		444,218

Pool # MA3905, 3.00%, 1/1/2050		3,219,369		3,391,274

Pool # CA5021, 3.50%, 1/1/2050		126,693		134,313

Pool # MA3906, 3.50%, 1/1/2050		154,783		162,978

Pool # MA3936, 2.50%, 2/1/2050		407,487		428,338

Pool # FM2482, 3.00%, 2/1/2050		827,089		872,656

Pool # FM2733, 2.50%, 3/1/2050		192,617		204,420

Pool # BP4015, 3.00%, 3/1/2050		255,439		270,130

Pool # CA5306, 3.00%, 3/1/2050		1,147,056		1,212,744

Pool # BP1358, 3.50%, 3/1/2050		714,538		757,996

Pool # MA3972, 4.50%, 3/1/2050		266,304		287,460

Pool # MA3998, 4.50%, 4/1/2050		253,519		275,385

Pool # BP5001, 2.50%, 5/1/2050		1,276,336		1,343,978

Pool # FM3257, 3.00%, 5/1/2050		372,800		406,085

Pool # MA4026, 4.00%, 5/1/2050		169,900		182,411

Pool # BK2753, 2.50%, 7/1/2050		1,845,765		1,943,586

Pool # MA4078, 2.50%, 7/1/2050		694,997		731,830

Pool # BP7217, 3.00%, 7/1/2050		777,114		846,499

Pool # MA4079, 3.00%, 7/1/2050		297,334		314,194

Pool # MA4100, 2.00%, 8/1/2050		1,642,114		1,694,950

Pool # BP9500, 2.50%, 8/1/2050		149,000		156,897

Pool # MA4097, 3.00%, 8/1/2050		273,670		289,187

Pool # BK3044, 2.50%, 9/1/2050		2,848,000		2,998,936

GNMA I, 30 Year

Pool # 704155, 5.50%, 1/15/2039		29,752		34,308

Pool # 726769, 5.00%, 9/15/2039		26,957		29,872

Pool # 721340, 5.00%, 12/15/2039		51,219		55,334

Pool # 754439, 3.50%, 12/15/2041		195,594		212,708

Pool # 711674, 3.00%, 9/15/2042		65,197		68,794

Pool # AD7257, 3.50%, 3/15/2043		187,731		205,405

Pool # 783748, 3.50%, 4/15/2043		109,299		118,376

Pool # 784660, 4.00%, 4/15/2043		11,000		12,096

Pool # AC2224, 3.50%, 6/15/2043		87,562		94,433

Pool # 785088, 3.50%, 7/15/2043		91,000		100,025

Pool # AL2280, 3.00%, 3/15/2045		49,112		51,817

Pool # AL9314, 3.00%, 3/15/2045		94,127		99,311

SEE NOTES TO FINANCIAL STATEMENTS.



134	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # 784664, 4.00%, 4/15/2045		45,924		50,499

Pool # 670030, 3.00%, 7/15/2045		84,373		89,020

Pool # AM8960, 4.00%, 7/15/2045		29,884		32,516

Pool # AO0544, 3.00%, 8/15/2045		53,031		55,953

Pool # 784371, 4.00%, 8/15/2045		109,786		121,275

Pool # 627030, 3.00%, 12/15/2045		28,213		29,823

Pool # 784429, 3.00%, 8/15/2046		155,958		164,999

Pool # AF8266, 3.50%, 10/15/2048		97,684		103,575

GNMA II, 15 Year

Pool # MA0513, 2.50%, 11/20/2027		133,938		141,288

Pool # MA4625, 3.50%, 8/20/2032		50,835		53,778

GNMA II, 30 Year

Pool # 3330, 4.50%, 12/20/2032		35		38

Pool # 711773, 3.50%, 6/20/2033		72,909		77,879

Pool # 3459, 5.50%, 10/20/2033		79,258		90,417

Pool # AQ5932, 3.50%, 1/20/2036		237,275		249,720

Pool # 4222, 6.00%, 8/20/2038		15,882		18,605

Pool # 709148, 4.50%, 2/20/2039		31,293		34,919

Pool # 4446, 4.50%, 5/20/2039		5,484		6,119

Pool # 4467, 4.00%, 6/20/2039		24,813		27,539

Pool # 4468, 4.50%, 6/20/2039		4,980		5,557

Pool # 4494, 4.00%, 7/20/2039		28,205		31,303

Pool # 4495, 4.50%, 7/20/2039		21,306		23,775

Pool # 4519, 4.50%, 8/20/2039		8,048		8,980

Pool # 4558, 4.50%, 10/20/2039		6,539		7,297

Pool # 4576, 4.00%, 11/20/2039		12,663		14,055

Pool # 4598, 4.50%, 12/20/2039		13,046		14,557

Pool # 4617, 4.50%, 1/20/2040		7,135		7,962

Pool # 4636, 4.50%, 2/20/2040		9,907		11,055

Pool # 4656, 4.00%, 3/20/2040		19,190		21,236

Pool # 4677, 4.00%, 4/20/2040		54,395		60,194

Pool # 4678, 4.50%, 4/20/2040		2,416		2,703

Pool # 4695, 4.00%, 5/20/2040		6,110		6,762

Pool # 4696, 4.50%, 5/20/2040		2,527		2,826

Pool # 4712, 4.00%, 6/20/2040		9,106		10,077

Pool # 4800, 4.00%, 9/20/2040		10,235		11,326

Pool # 737727, 4.00%, 12/20/2040		68,784		76,117

Pool # 4945, 4.00%, 2/20/2041		20,957		23,191

Pool # 4950, 5.50%, 2/20/2041		35,495		40,333

Pool # 4976, 3.50%, 3/20/2041		22,703		24,674

Pool # 4977, 4.00%, 3/20/2041		38,323		42,416

Pool # 5016, 4.00%, 4/20/2041		14,544		16,097

Pool # 5054, 4.00%, 5/20/2041		22,665		25,085

Pool # 5114, 4.00%, 7/20/2041		3,092		3,422

Pool # 779497, 3.50%, 10/20/2041		20,576		22,362

Pool # 5233, 4.00%, 11/20/2041		3,647		4,036


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # 5258, 3.50%, 12/20/2041		222,669		242,000

Pool # 5259, 4.00%, 12/20/2041		13,840		15,318

Pool # 5279, 3.50%, 1/20/2042		41,750		45,374

Pool # 5330, 3.00%, 3/20/2042		27,193		28,990

Pool # 754406, 3.50%, 5/20/2042		83,492		90,740

Pool # MA0220, 3.50%, 7/20/2042		17,865		19,379

Pool # MA0318, 3.50%, 8/20/2042		251,937		273,289

Pool # 796468, 4.00%, 9/20/2042		44,980		49,595

Pool # MA0462, 3.50%, 10/20/2042		157,734		171,102

Pool # AA6040, 3.00%, 1/20/2043		121,009		129,112

Pool # AD1584, 3.00%, 1/20/2043		281,678		300,301

Pool # AA6054, 3.00%, 2/20/2043		308,431		338,883

Pool # AD1744, 3.00%, 2/20/2043		25,302		27,800

Pool # 783755, 3.00%, 4/20/2043		248,689		265,264

Pool # 783976, 3.50%, 4/20/2043		40,744		44,197

Pool # MA1157, 3.50%, 7/20/2043		40,974		44,268

Pool # AE7804, 3.00%, 8/20/2043		22,551		24,055

Pool # MA1284, 3.00%, 9/20/2043		33,244		35,459

Pool # 785065, 3.50%, 10/20/2043		424,307		458,413

Pool # MA1376, 4.00%, 10/20/2043		217,763		238,962

Pool # MA1995, 3.50%, 6/20/2044		165,213		177,546

Pool # AI7106, 4.00%, 6/20/2044		108,813		119,234

Pool # MA2223, 3.50%, 9/20/2044		131,257		141,055

Pool # MA2444, 3.00%, 12/20/2044		34,958		37,086

Pool # 784026, 3.50%, 12/20/2044		257,660		276,893

Pool # AK6860, 3.00%, 1/20/2045		68,813		74,530

Pool # MA2677, 3.00%, 3/20/2045		49,645		52,521

Pool # MA2678, 3.50%, 3/20/2045		328,130		351,269

Pool # MA2679, 4.00%, 3/20/2045		89,327		97,882

Pool # MA2753, 3.00%, 4/20/2045		406,133		429,657

Pool # MA2754, 3.50%, 4/20/2045		15,746		16,857

Pool # 626942, 3.00%, 5/20/2045		215,283		228,369

Pool # MA2825, 3.00%, 5/20/2045		442,443		468,070

Pool # MA2829, 5.00%, 5/20/2045		50,416		57,696

Pool # 784800, 3.00%, 6/20/2045		51,701		55,147

Pool # AM9881, 3.00%, 6/20/2045		27,080		28,873

Pool # MA2891, 3.00%, 6/20/2045		18,001		19,043

Pool # AN2972, 4.00%, 9/20/2045		91,995		99,928

Pool # 784623, 3.50%, 10/20/2045		107,962		116,640

Pool # AO8403, 3.50%, 10/20/2045		52,352		56,044

Pool # MA3247, 5.00%, 11/20/2045		45,921		52,552

Pool # AO9442, 3.50%, 12/20/2045		32,318		35,112

Pool # MA3375, 3.00%, 1/20/2046		99,649		105,421

Pool # 784119, 3.00%, 2/20/2046		369,314		390,705

Pool # MA3458, 5.50%, 2/20/2046		61,086		66,364

Pool # AS2837, 3.50%, 3/20/2046		313,117		333,399

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	135

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # MA3523, 4.50%, 3/20/2046		23,343		26,049

Pool # MA3596, 3.00%, 4/20/2046		745,704		788,738

Pool # MA3597, 3.50%, 4/20/2046		279,103		297,182

Pool # MA3662, 3.00%, 5/20/2046		254,093		268,756

Pool # MA3735, 3.00%, 6/20/2046		749,889		793,164

Pool # AS5902, 3.50%, 6/20/2046		88,041		94,867

Pool # AT7138, 3.50%, 6/20/2046		44,819		47,959

Pool # MA3736, 3.50%, 6/20/2046		225,335		239,931

Pool # MA3935, 2.50%, 9/20/2046		196,628		208,367

Pool # 784768, 3.00%, 9/20/2046		142,472		153,199

Pool # AT8215, 3.00%, 9/20/2046		42,045		45,211

Pool # AX8668, 3.50%, 9/20/2046		176,608		188,047

Pool # MA4002, 2.50%, 10/20/2046		968,411		1,026,228

Pool # AV8383, 3.00%, 10/20/2046		60,131		63,626

Pool # AW0199, 3.00%, 10/20/2046		98,853		104,575

Pool # MA4003, 3.00%, 10/20/2046		157,030		166,092

Pool # MA4068, 3.00%, 11/20/2046		30,921		32,705

Pool # MA4072, 5.00%, 11/20/2046		49,954		57,071

Pool # MA4125, 2.50%, 12/20/2046		850,811		901,607

Pool # MA4126, 3.00%, 12/20/2046		142,712		150,948

Pool # MA4127, 3.50%, 12/20/2046		64,273		68,436

Pool # MA4260, 2.50%, 2/20/2047		131,490		139,340

Pool # AZ3119, 3.50%, 3/20/2047		43,259		46,314

Pool # 675725, 3.50%, 6/20/2047		11,187		11,722

Pool # 784801, 3.50%, 6/20/2047		107,143		115,755

Pool # BA5041, 5.00%, 6/20/2047		180,302		196,999

Pool # MA4584, 2.50%, 7/20/2047		137,321		145,519

Pool # MA4718, 3.00%, 9/20/2047		20,953		22,106

Pool # MA4721, 4.50%, 9/20/2047		95,825		103,444

Pool # MA4836, 3.00%, 11/20/2047		30,060		31,715

Pool # BD5420, 3.50%, 12/20/2047		314,179		345,610

Pool # BD6940, 3.50%, 12/20/2047		704		750

Pool # MA4900, 3.50%, 12/20/2047		276,551		294,627

Pool # MA4961, 3.00%, 1/20/2048		133,078		140,403

Pool # MA4962, 3.50%, 1/20/2048		729,894		777,601

Pool # 784474, 3.50%, 2/20/2048		240,204		261,445

Pool # 784899, 4.00%, 2/20/2048		81,845		87,911

Pool # BF6382, 3.00%, 3/20/2048		148,186		153,315

Pool # MA5077, 3.50%, 3/20/2048		108,078		114,569

Pool # MA5137, 4.00%, 4/20/2048		923,209		988,154

Pool # MA5138, 4.50%, 4/20/2048		48,993		52,889

Pool # 785033, 3.50%, 5/20/2048		350,468		384,552

Pool # MA5191, 3.50%, 5/20/2048		68,896		73,034

Pool # MA5264, 4.00%, 6/20/2048		89,796		96,113

Pool # MA5329, 3.50%, 7/20/2048		25,622		27,161

Pool # MA5330, 4.00%, 7/20/2048		74,967		80,241


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # BG8682, 3.00%, 9/20/2048		569,603		592,493

Pool # BK1677, 4.50%, 9/20/2048		299,053		325,155

Pool # MA5468, 5.00%, 9/20/2048		23,355		25,446

Pool # MA5527, 3.50%, 10/20/2048		101,571		107,671

Pool # MA5528, 4.00%, 10/20/2048		54,962		58,828

Pool # BJ6774, 4.00%, 11/20/2048		83,090		88,780

Pool # MA5595, 4.00%, 11/20/2048		131,811		141,083

Pool # BJ6759, 4.50%, 11/20/2048		930,347		1,005,879

Pool # MA5650, 3.50%, 12/20/2048		39,394		41,759

Pool # MA5651, 4.00%, 12/20/2048		621,256		664,959

Pool # MA5709, 3.50%, 1/20/2049		250,445		266,814

Pool # BI6473, 4.00%, 1/20/2049		1,464,397		1,567,412

Pool # BJ9901, 3.00%, 2/20/2049		59,514		62,980

Pool # MA5763, 4.00%, 2/20/2049		183,667		196,587

Pool # MA5815, 3.00%, 3/20/2049		227,144		239,122

Pool # MA5816, 3.50%, 3/20/2049		381,210		404,105

Pool # 784900, 4.00%, 4/20/2049		489,741		524,193

Pool # MA5876, 4.00%, 4/20/2049		117,161		124,760

Pool # MA5930, 3.50%, 5/20/2049		43,095		45,305

Pool # MA5931, 4.00%, 5/20/2049		380,211		404,873

Pool # MA5983, 2.50%, 6/20/2049		270,669		286,829

Pool # MA5984, 3.00%, 6/20/2049		284,693		299,707

Pool # MA5985, 3.50%, 6/20/2049		170,195		178,921

Pool # MA5986, 4.00%, 6/20/2049		97,878		104,226

Pool # MA5987, 4.50%, 6/20/2049		143,615		154,262

Pool # MA5988, 5.00%, 6/20/2049		31,630		34,463

Pool # MA6039, 3.50%, 7/20/2049		290,741		305,648

Pool # MA6040, 4.00%, 7/20/2049		61,516		65,507

Pool # BM5450, 4.50%, 7/20/2049		188,843		205,603

Pool # MA6089, 3.00%, 8/20/2049		73,546		77,360

Pool # MA6090, 3.50%, 8/20/2049		288,278		303,058

Pool # BP4603, 3.50%, 9/20/2049		49,171		53,191

Pool # BP8717, 3.50%, 9/20/2049		294,735		318,835

Pool # MA6154, 3.50%, 9/20/2049		89,865		94,473

Pool # MA6155, 4.00%, 9/20/2049		857,056		912,646

Pool # BQ7205, 3.50%, 10/20/2049		561,432		615,769

Pool # MA6219, 3.50%, 10/20/2049		855,693		899,567

Pool # MA6220, 4.00%, 10/20/2049		788,237		839,364

Pool # MA6221, 4.50%, 10/20/2049		249,101		267,569

Pool # BR4627, 3.00%, 11/20/2049		683,437		736,942

Pool # MA6283, 3.00%, 11/20/2049		367,363		386,417

Pool # MA6284, 3.50%, 11/20/2049		122,597		128,883

Pool # BR2455, 3.00%, 12/20/2049		916,246		951,200

Pool # MA6338, 3.00%, 12/20/2049		1,666,626		1,753,067

Pool # MA6339, 3.50%, 12/20/2049		792,420		833,049

Pool # BS1714, 4.00%, 12/20/2049		434,100		462,257

SEE NOTES TO FINANCIAL STATEMENTS.



136	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # MA6341, 4.50%, 12/20/2049		590,943		634,754

Pool # BT1382, 3.00%, 1/20/2050		299,245		327,006

Pool # MA6409, 3.00%, 1/20/2050		977,762		1,028,474

Pool # MA6410, 3.50%, 1/20/2050		399,487		419,970

Pool # BR2145, 3.00%, 2/20/2050		258,945		274,290

Pool # MA6474, 3.00%, 2/20/2050		236,124		249,226

Pool # MA6478, 5.00%, 2/20/2050		112,414		122,825

Pool # BT3619, 3.00%, 3/20/2050		102,110		107,777

Pool # MA6542, 3.50%, 3/20/2050		460,262		483,861

Pool # MA6545, 5.00%, 3/20/2050		143,927		157,256

Pool # BU6116, 2.50%, 4/20/2050		596,866		618,166

Pool # BT6608, 3.00%, 4/20/2050		239,087		247,393

Pool # MA6599, Class 357, 3.00%, 4/20/2050		341,173		360,105

Pool # MA6656, 3.00%, 5/20/2050		118,972		125,574

Pool # MA6657, 3.50%, 5/20/2050		118,422		124,494

Pool # MA6709, 2.50%, 6/20/2050		1,133,239		1,194,932

Pool # MA6769, 4.50%, 7/20/2050		251,157		271,362

Pool # MA6820, 3.00%, 8/20/2050		350,000		369,422

GNMA II, 30 Year, Single Family

Pool # MA1012, 3.50%, 5/20/2043		203,633		220,001

Pool # MA5194, 5.00%, 5/20/2048		300,609		328,447


Total Mortgage-Backed Securities (Cost $178,685,670)				182,213,414

Commercial Mortgage-Backed Securities — 2.1%

Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class A4, 3.57%, 2/15/2050		20,000		22,502

BANK

Series 2017-BNK4, Class ASB, 3.42%, 5/15/2050		30,000		32,579

Series 2019-BN16, Class A4, 4.01%, 2/15/2052		60,000		70,824

Series 2019-BN21, Class A5, 2.85%, 10/17/2052		60,000		66,127

Series 2019-BN23, Class A3, 2.92%, 12/15/2052		142,000		157,415

Series 2018-BN10, Class A5, 3.69%, 2/15/2061		20,000		22,883

Series 2018-BN10, Class AS, 3.90%, 2/15/2061 (e)		180,000		203,016

Series 2019-BN19, Class A3, 3.18%, 8/15/2061		100,000		112,476

Series 2019-BN22, Class A4, 2.98%, 11/15/2062		260,000		289,771

BBCMS Mortgage Trust Series 2018-C2, Class A5, 4.31%, 12/15/2051		40,000		47,741


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Benchmark Mortgage Trust

Series 2018-B1, Class A5, 3.67%, 1/15/2051 (e)		50,000		57,288

Series 2018-B2, Class B, 4.34%, 2/15/2051 ‡ (e)		20,000		21,664

Series 2018-B5, Class A4, 4.21%, 7/15/2051		110,000		131,011

Series 2018-B6, Class A2, 4.20%, 10/10/2051		50,000		53,625

Series 2018-B8, Class A5, 4.23%, 1/15/2052		40,000		47,887

Series 2020-B16, Class AM, 2.94%, 2/15/2053 ‡ (e)		180,000		194,498

Cantor Commercial Real Estate Lending

Series 2019-CF2, Class AS, 3.12%, 11/15/2052		75,000		80,941

CD Mortgage Trust

Series 2017-CD3, Class A4, 3.63%, 2/10/2050		50,000		56,716

Series 2017-CD6, Class ASB, 3.33%, 11/13/2050		20,000		21,800

Series 2017-CD6, Class AM, 3.71%, 11/13/2050 (e)		30,000		32,168

CFCRE Commercial Mortgage Trust

Series 2017-C8, Class A4, REIT, 3.57%, 6/15/2050		30,000		33,911

Series 2016-C7, Class ASB, 3.64%, 12/10/2054		20,000		21,771

Citigroup Commercial Mortgage Trust

Series 2014-GC21, Class AAB, 3.48%, 5/10/2047		15,263		15,974

Series 2014-GC23, Class B, 4.17%, 7/10/2047 ‡ (e)		30,000		32,319

Series 2014-GC25, Class AAB, 3.37%, 10/10/2047		24,389		25,542

Series 2015-GC29, Class C, 4.30%, 4/10/2048 ‡ (e)		40,000		39,132

Series 2016-C1, Class AAB, 3.00%, 5/10/2049		100,000		105,662

Series 2016-P5, Class A2, 2.40%, 10/10/2049		50,000		50,602

Series 2017-P7, Class A2, 3.21%, 4/14/2050		407,000		415,213

Series 2019-GC43, Class A4, 3.04%, 11/10/2052		50,000		55,686

Commercial Mortgage Trust

Series 2013-CR9, Class A4, 4.36%, 7/10/2045 (e)		120,000		129,800

Series 2012-CR3, Class A3, 2.82%, 10/15/2045		159,394		163,256

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	137

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

Series 2012-CR4, Class A3, 2.85%, 10/15/2045		24,848		25,685

Series 2013-CR6, Class A4, 3.10%, 3/10/2046		20,000		20,887

Series 2013-CR7, Class A4, 3.21%, 3/10/2046		48,255		50,624

Series 2014-CR14, Class C, 4.77%, 2/10/2047 ‡ (e)		30,000		29,700

Series 2014-UBS4, Class C, 4.80%, 8/10/2047 ‡ (e)		54,000		52,953

Series 2014-UBS5, Class AM, 4.19%, 9/10/2047 (e)		40,000		43,370

Series 2014-CR20, Class A3, 3.33%, 11/10/2047		45,000		48,374

Series 2014-UBS6, Class A4, 3.38%, 12/10/2047		140,000		151,402

Series 2015-LC19, Class A4, 3.18%, 2/10/2048		200,000		216,279

Series 2015-LC21, Class AM, 4.04%, 7/10/2048 (e)		30,000		32,632

Series 2015-CR25, Class A4, 3.76%, 8/10/2048		30,000		33,399

CSAIL Commercial Mortgage Trust

Series 2015-C3, Class A4, 3.72%, 8/15/2048		30,000		33,140

Series 2015-C3, Class B, 4.24%, 8/15/2048 ‡ (e)		70,000		62,315

Series 2016-C5, Class A5, 3.76%, 11/15/2048		27,000		30,134

Series 2019-C15, Class A4, 4.05%, 3/15/2052		210,000		247,522

DBGS Mortgage Trust Series 2018-C1, Class A4, 4.47%, 10/15/2051		20,000		24,083

DBJPM Mortgage Trust Series 2017-C6, Class A5, 3.33%, 6/10/2050		20,000		22,430

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K027, Class A2, 2.64%, 1/25/2023		267,000		278,927

Series K028, Class A2, 3.11%, 2/25/2023		100,000		105,601

Series K029, Class A2, 3.32%, 2/25/2023		150,000		159,306

Series K033, Class A2, 3.06%, 7/25/2023 (e)		220,000		234,522

Series K036, Class A2, 3.53%, 10/25/2023 (e)		162,000		175,808

Series K725, Class AM, 3.10%, 2/25/2024 (e)		50,000		53,793


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Series K728, Class A2, 3.06%, 8/25/2024 (e)		50,000		54,256

Series K040, Class A2, 3.24%, 9/25/2024		70,000		76,918

Series K731, Class A2, 3.60%, 2/25/2025 (e)		50,000		55,234

Series K051, Class A2, 3.31%, 9/25/2025		40,000		44,849

Series K734, Class A2, 3.21%, 2/25/2026		370,000		413,673

Series K735, Class A2, 2.86%, 5/25/2026		50,000		55,367

Series K057, Class A2, 2.57%, 7/25/2026		63,000		68,828

Series K063, Class A1, 3.05%, 8/25/2026		44,830		48,239

Series K084, Class A2, 3.78%, 10/25/2028 (e)		500,000		594,487

Series K085, Class A2, 4.06%, 10/25/2028 (e)		120,000		145,031

Series K096, Class A2, 2.52%, 7/25/2029		295,000		329,226

Series K100, Class A2, 2.67%, 9/25/2029		400,000		452,436

Series K-1512, Class A2, 2.99%, 5/25/2031		75,000		88,179

Series K156, Class A3, 3.70%, 6/25/2033 (e)		91,000		112,301

Series K-1512, Class A3, 3.06%, 4/25/2034		150,000		178,012

Series K-1513, Class A3, 2.80%, 8/25/2034		325,000		372,411

Series K-1514, Class A2, 2.86%, 10/25/2034		400,000		461,525

FNMA ACES

Series 2012-M1, Class A2, 2.73%, 10/25/2021		29,022		29,331

Series 2014-M2, Class A2, 3.51%, 12/25/2023 (e)		38,734		42,163

Series 2014-M3, Class A2, 3.50%, 1/25/2024 (e)		36,016		39,252

Series 2017-M10, Class AV2, 2.64%, 7/25/2024 (e)		50,000		53,186

Series 2016-M6, Class A1, 2.14%, 5/25/2026		43,828		45,492

Series 2016-M11, Class A1, 2.08%, 7/25/2026		47,965		49,711

Series 2017-M1, Class A2, 2.50%, 10/25/2026 (e)		200,000		216,605

SEE NOTES TO FINANCIAL STATEMENTS.



138	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

Series 2017-M7, Class A2, 2.96%, 2/25/2027 (e)		200,000		222,334

Series 2017-M12, Class A1, 2.75%, 6/25/2027		31,007		32,596

Series 2017-M12, Class A2, 3.18%, 6/25/2027 (e)		202,756		228,855

Series 2018-M10, Class A2, 3.48%, 7/25/2028 (e)		40,000		46,569

Series 2018-M14, Class A2, 3.70%, 8/25/2028 (e)		450,000		531,930

Series 2019-M1, Class A2, 3.67%, 9/25/2028 (e)		85,000		100,330

Series 2018-M13, Class A1, 3.82%, 3/25/2030 (e)		34,489		39,898

GS Mortgage Securities Trust

Series 2012-GCJ9, Class A3, 2.77%, 11/10/2045		78,273		80,247

Series 2014-GC24, Class AAB, 3.65%, 9/10/2047		20,161		21,235

Series 2014-GC24, Class AS, 4.16%, 9/10/2047 (e)		170,000		185,300

Series 2015-GC28, Class A4, 3.14%, 2/10/2048		40,000		43,036

Series 2016-GS4, Class A2, 2.91%, 11/10/2049		500,000		509,964

Series 2015-GC30, Class A4, 3.38%, 5/10/2050		25,000		27,290

Series 2019-GSA1, Class A4, 3.05%, 11/10/2052		260,000		288,777

JP Morgan Chase Commercial Mortgage Securities Trust

Series 2012-C8, Class A3, 2.83%, 10/15/2045		7,260		7,477

Series 2012-LC9, Class A5, 2.84%, 12/15/2047		19,879		20,521

JPMBB Commercial Mortgage Securities Trust

Series 2013-C12, Class C, 4.24%, 7/15/2045 ‡ (e)		240,000		236,202

Series 2015-C29, Class B, 4.12%, 5/15/2048 ‡ (e)		40,000		39,729

Series 2015-C31, Class A3, 3.80%, 8/15/2048		40,000		44,573

JPMDB Commercial Mortgage Securities Trust

Series 2016-C2, Class B, 3.99%, 6/15/2049 (e)		20,000		19,542

Series 2017-C5, Class B, 4.01%, 3/15/2050‡ (e)		20,000		21,191


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Morgan Stanley Bank of America Merrill Lynch Trust

Series 2012-C5, Class A4, 3.18%, 8/15/2045		20,000		20,681

Series 2013-C9, Class A4, 3.10%, 5/15/2046		30,000		31,471

Series 2013-C11, Class AS, 4.50%, 8/15/2046 ‡ (e)		120,000		129,349

Series 2015-C22, Class AS, 3.56%, 4/15/2048 ‡		40,000		42,575

Series 2015-C25, Class ASB, 3.38%, 10/15/2048		50,000		52,770

Series 2015-C25, Class A5, 3.64%, 10/15/2048		40,000		44,311

Series 2016-C32, Class A4, 3.72%, 12/15/2049		295,000		333,901

Morgan Stanley Capital I Trust

Series 2012-C4, Class A4, 3.24%, 3/15/2045		38,000		38,871

Series 2017-H1, Class C, 4.28%, 6/15/2050 ‡ (e)		25,000		24,292

Series 2019-L2, Class A4, 4.07%, 3/15/2052		50,000		59,351

Series 2019-L3, Class A4, 3.13%, 11/15/2052		100,000		111,807

UBS Commercial Mortgage Trust

Series 2012-C1, Class A3, 3.40%, 5/10/2045		122,004		125,646

Series 2017-C1, Class A2, 2.98%, 6/15/2050		30,000		30,662

Series 2017-C4, Class ASB, 3.37%, 10/15/2050		40,000		43,541

Series 2017-C5, Class AS, 3.78%, 11/15/2050 (e)		70,000		76,406

Series 2017-C7, Class AS, 4.06%, 12/15/2050 (e)		50,000		56,737

UBS-Barclays Commercial Mortgage Trust

Series 2013-C5, Class A4, 3.18%, 3/10/2046		40,000		41,750

Series 2012-C2, Class A4, 3.53%, 5/10/2063		20,000		20,752

Wells Fargo Commercial Mortgage Trust

Series 2012-LC5, Class A3, 2.92%, 10/15/2045		72,342		74,702

Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (e)		300,000		321,922

Series 2015-C27, Class A4, 3.19%, 2/15/2048		42,549		45,504

Series 2015-C28, Class A4, 3.54%, 5/15/2048		20,000		22,046

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	139

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

Series 2015-C29, Class A4, 3.64%, 6/15/2048		120,000		132,921

Series 2018-C45, Class A3, 3.92%, 6/15/2051		45,000		52,402

Series 2019-C53, Class A4, 3.04%, 10/15/2052		125,000		139,680

Series 2020-C55, Class A5, 2.73%, 2/15/2053		240,000		261,461

WFRBS Commercial Mortgage Trust

Series 2012-C9, Class AS, 3.39%, 11/15/2045		60,000		62,368

Series 2012-C10, Class A3, 2.88%, 12/15/2045		40,000		41,370

Series 2013-C15, Class AS, 4.36%, 8/15/2046 (e)		190,000		203,655

Series 2014-C22, Class A4, 3.49%, 9/15/2057		40,000		42,908

Series 2014-C22, Class A5, 3.75%, 9/15/2057		25,000		27,428


Total Commercial Mortgage-Backed Securities (Cost $13,929,673)				14,432,234

Foreign Government Securities — 1.8%

Canada Government Bond (Canada)

2.63%, 1/25/2022		350,000		361,794

1.63%, 1/22/2025		35,000		36,911

Export Development Canada (Canada)

2.00%, 5/17/2022		25,000		25,751

1.75%, 7/18/2022		60,000		61,688

2.50%, 1/24/2023		120,000		126,437

2.63%, 2/21/2024		55,000		59,441

FMS Wertmanagement AoeR (Germany) 2.75%, 1/30/2024		200,000		216,686

Hungary Government Bond (Hungary)

5.38%, 2/21/2023		142,000		156,927

5.75%, 11/22/2023		50,000		57,457

5.38%, 3/25/2024		26,000		29,943

Italian Republic Government Bond (Italy)

6.88%, 9/27/2023		44,000		51,343

5.38%, 6/15/2033		163,000		204,884

Japan Bank for International Cooperation (Japan)

1.63%, 10/17/2022		200,000		205,186

1.75%, 1/23/2023		200,000		206,401

2.50%, 5/28/2025		220,000		239,639

2.88%, 6/1/2027		202,000		228,941

2.88%, 7/21/2027		218,000		247,233


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oriental Republic of Uruguay (Uruguay)

8.00%, 11/18/2022		25,000		27,155

4.50%, 8/14/2024		140,000		154,341

4.38%, 10/27/2027		80,000		92,946

5.10%, 6/18/2050 (c)		101,000		140,221

4.98%, 4/20/2055		55,000		76,108

Province of Alberta (Canada)

2.20%, 7/26/2022		90,000		93,097

3.35%, 11/1/2023		100,000		108,982

2.95%, 1/23/2024		50,000		54,111

1.88%, 11/13/2024		52,000		54,776

3.30%, 3/15/2028		25,000		29,159

1.30%, 7/22/2030		57,000		57,359

Province of British Columbia (Canada)

2.65%, 9/22/2021		117,000		119,954

2.00%, 10/23/2022		144,000		149,286

1.75%, 9/27/2024		100,000		105,388

2.25%, 6/2/2026		49,000		53,541

Province of Manitoba (Canada)

8.88%, 9/15/2021		58,000		62,935

2.13%, 5/4/2022		33,000		33,968

Province of Ontario (Canada)

2.50%, 9/10/2021		410,000		419,079

2.40%, 2/8/2022		95,000		97,831

2.55%, 4/25/2022		297,000		307,825

1.75%, 1/24/2023		150,000		154,994

3.40%, 10/17/2023		95,000		103,721

3.05%, 1/29/2024		55,000		59,791

2.50%, 4/27/2026		30,000		32,963

2.30%, 6/15/2026		30,000		32,627

2.00%, 10/2/2029		25,000		26,978

Province of Quebec (Canada)

2.75%, 8/25/2021		26,000		26,617

2.38%, 1/31/2022		235,000		241,737

1.50%, 2/11/2025 (c)		120,000		125,072

2.50%, 4/20/2026		55,000		60,512

Republic of Chile (Chile)

3.25%, 9/14/2021		102,000		105,079

2.55%, 1/27/2032		150,000		159,055

Republic of Colombia (Colombia)

8.13%, 5/21/2024		93,000		113,033

4.50%, 1/28/2026 (c)		200,000		222,343

4.50%, 3/15/2029		90,000		101,786

10.38%, 1/28/2033		76,000		120,229

5.00%, 6/15/2045		200,000		239,914

SEE NOTES TO FINANCIAL STATEMENTS.



140	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Republic of Indonesia (Indonesia)

5.35%, 2/11/2049		200,000		271,513

3.50%, 2/14/2050		200,000		213,453

Republic of Korea (South Korea)

5.63%, 11/3/2025		200,000		249,230

2.75%, 1/19/2027		207,000		226,710

3.88%, 9/20/2048		200,000		274,763

Republic of Panama (Panama)

7.13%, 1/29/2026		100,000		127,200

8.88%, 9/30/2027		33,000		47,575

9.38%, 4/1/2029		80,000		124,402

6.70%, 1/26/2036		37,000		55,010

4.50%, 4/1/2056		200,000		259,407

Republic of Peru (Peru)

7.35%, 7/21/2025		80,000		102,904

2.39%, 1/23/2026		45,000		47,347

8.75%, 11/21/2033		75,000		127,801

6.55%, 3/14/2037 (c)		25,000		38,979

5.63%, 11/18/2050		80,000		132,767

Republic of Philippines (Philippines)

7.50%, 9/25/2024		250,000		299,495

9.50%, 10/21/2024		125,000		168,215

10.63%, 3/16/2025		72,000		102,467

9.50%, 2/2/2030		47,000		77,352

2.95%, 5/5/2045		200,000		213,221

Republic of Poland (Poland)

5.00%, 3/23/2022		151,000		161,984

3.25%, 4/6/2026		85,000		96,060

State of Israel Government Bond (Israel)

3.15%, 6/30/2023		200,000		214,366

2.88%, 3/16/2026		200,000		219,996

Svensk Exportkredit AB (Sweden)

0.75%, 4/6/2023 (c)		292,000		295,061

United Mexican States (Mexico)

3.63%, 3/15/2022		240,000		251,447

8.00%, 9/24/2022		51,000		57,996

4.00%, 10/2/2023		36,000		39,279

4.50%, 4/22/2029		280,000		315,935

6.75%, 9/27/2034		25,000		34,259

5.55%, 1/21/2045		200,000		249,564

4.60%, 1/23/2046		200,000		221,824

5.75%, 10/12/2110		394,000		483,766


Total Foreign Government Securities (Cost $12,038,128)				12,482,523


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — 1.6%

FFCB

1.95%, 11/2/2021		44,000		44,788

1.63%, 12/27/2021		240,000		244,170

0.53%, 1/18/2022		309,000		310,387

0.38%, 4/8/2022		290,000		290,982

1.85%, 8/5/2022		34,000		34,935

0.57%, 7/2/2024		45,000		45,122

0.73%, 12/3/2024		292,000		292,037

2.50%, 2/4/2031		43,000		43,410

FHLB

3.00%, 10/12/2021		30,000		30,953

1.63%, 11/19/2021		25,000		25,450

1.88%, 11/29/2021		80,000		81,721

2.63%, 12/10/2021		140,000		144,371

2.38%, 6/10/2022		25,000		25,981

3.00%, 12/9/2022		70,000		74,292

1.38%, 2/17/2023		95,000		97,787

3.38%, 12/8/2023		100,000		109,967

2.50%, 2/13/2024		180,000		193,915

2.88%, 9/13/2024		130,000		142,986

2.75%, 12/13/2024		100,000		110,018

2.38%, 3/14/2025		35,000		38,069

3.25%, 11/16/2028		850,000		1,014,891

2.13%, 9/14/2029		100,000		109,421

5.63%, 3/14/2036		50,000		77,779

5.50%, 7/15/2036		35,000		54,594

FHLMC

1.13%, 8/12/2021		60,000		60,562

2.38%, 1/13/2022		330,000		340,070

0.25%, 6/8/2022		350,000		350,668

0.35%, 6/30/2022		95,000		94,973

0.13%, 7/25/2022		500,000		499,517

0.38%, 5/5/2023		600,000		602,708

2.75%, 6/19/2023		282,000		301,796

0.25%, 6/26/2023		200,000		200,040

1.50%, 2/12/2025		379,000		397,646

0.38%, 7/21/2025		263,000		262,435

2.55%, 12/14/2029 (f)		80,000		70,787

6.25%, 7/15/2032		80,000		125,138

FNMA

1.25%, 8/17/2021		35,000		35,371

1.38%, 10/7/2021		48,000		48,646

2.00%, 1/5/2022		310,000		317,757

2.25%, 4/12/2022		68,000		70,320

1.38%, 9/6/2022		62,000		63,496

2.38%, 1/19/2023		121,000		127,233

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	141

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — continued

0.50%, 5/25/2023		129,000		129,047

2.88%, 9/12/2023		400,000		431,822

2.50%, 2/5/2024		161,000		173,394

2.63%, 9/6/2024		55,000		60,160

0.63%, 4/22/2025		120,000		121,163

0.50%, 6/17/2025		445,000		446,659

2.13%, 4/24/2026		165,000		180,243

1.88%, 9/24/2026		83,000		89,606

6.25%, 5/15/2029		300,000		433,513

7.13%, 1/15/2030		31,000		47,959

6.63%, 11/15/2030		98,000		150,589

6.21%, 8/6/2038		45,000		76,691

Israel Government AID Bond (Israel)

5.50%, 12/4/2023		145,000		169,479

Tennessee Valley Authority

3.88%, 2/15/2021		20,000		20,328

1.88%, 8/15/2022		129,000		132,978

7.13%, 5/1/2030		166,000		255,450

Series B, 4.70%, 7/15/2033		252,000		348,634

6.15%, 1/15/2038		35,000		56,849

3.50%, 12/15/2042		50,000		63,227

5.38%, 4/1/2056		55,000		91,458

4.25%, 9/15/2065		35,000		50,954


Total U.S. Government Agency Securities (Cost $10,816,185)				11,137,392

Supranational — 1.5%

African Development Bank (Supranational)

0.50%, 4/22/2022		37,000		37,158

0.75%, 4/3/2023		240,000		243,102

3.00%, 9/20/2023		50,000		54,151

Asian Development Bank (Supranational)

1.88%, 2/18/2022		147,000		150,530

0.63%, 4/7/2022		360,000		362,308

1.75%, 9/13/2022		273,000		281,362

1.63%, 1/24/2023		100,000		103,309

2.75%, 3/17/2023		25,000		26,587

2.63%, 1/30/2024		150,000		161,920

1.50%, 10/18/2024		60,000		62,915

2.00%, 1/22/2025		100,000		107,038

0.63%, 4/29/2025		100,000		101,047

2.50%, 11/2/2027		80,000		90,203

2.75%, 1/19/2028		100,000		114,877

3.13%, 9/26/2028		80,000		94,634

1.88%, 1/24/2030		93,000		101,700


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Supranational — continued

Asian Infrastructure Investment Bank (The) (Supranational)

2.25%, 5/16/2024		30,000		32,107

0.50%, 5/28/2025		84,000		84,217

Corp. Andina de Fomento (Supranational)

2.13%, 9/27/2021		60,000		60,806

4.38%, 6/15/2022		320,000		338,594

3.75%, 11/23/2023		25,000		27,057

Council of Europe Development Bank (Supranational)

2.63%, 2/13/2023		49,000		51,814

1.38%, 2/27/2025		191,000		199,297

European Bank for Reconstruction & Development (Supranational)

1.50%, 11/2/2021		200,000		202,932

2.13%, 3/7/2022		25,000		25,710

0.50%, 5/19/2025		350,000		351,723

European Investment Bank (Supranational)

1.38%, 9/15/2021		120,000		121,432

2.88%, 12/15/2021		30,000		31,026

2.25%, 3/15/2022		30,000		30,941

2.63%, 5/20/2022		26,000		27,073

2.38%, 6/15/2022		67,000		69,589

1.38%, 9/6/2022		85,000		86,987

2.00%, 12/15/2022		200,000		208,165

2.50%, 3/15/2023		395,000		417,751

3.25%, 1/29/2024		420,000		462,583

2.63%, 3/15/2024		40,000		43,305

1.88%, 2/10/2025 (c)		200,000		213,357

0.63%, 7/25/2025		86,000		87,024

2.38%, 5/24/2027 (c)		41,000		45,805

1.63%, 10/9/2029		130,000		139,401

Inter-American Development Bank (Supranational)

2.50%, 1/18/2023		314,000		330,783

7.00%, 6/15/2025		91,000		117,802

2.00%, 6/2/2026		100,000		108,341

2.38%, 7/7/2027		26,000		28,976

3.13%, 9/18/2028		109,000		129,230

2.25%, 6/18/2029		95,000		106,495

3.20%, 8/7/2042		320,000		411,895

4.38%, 1/24/2044		300,000		458,361

International Bank for Reconstruction & Development (Supranational)

1.38%, 9/20/2021		588,000		595,074

2.13%, 12/13/2021		30,000		30,730

2.00%, 1/26/2022		440,000		450,899

2.13%, 2/13/2023		25,000		26,153

SEE NOTES TO FINANCIAL STATEMENTS.



142	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Supranational — continued

2.50%, 3/19/2024		110,000		118,594

2.50%, 11/25/2024		50,000		54,533

1.63%, 1/15/2025		100,000		105,388

0.63%, 4/22/2025		300,000		303,359

2.50%, 7/29/2025		70,000		77,131

3.13%, 11/20/2025		70,000		79,715

1.88%, 10/27/2026		89,000		96,110

2.50%, 11/22/2027		30,000		33,884

1.75%, 10/23/2029		283,000		306,109

0.75%, 8/26/2030		26,000		25,710

4.75%, 2/15/2035		100,000		146,923

International Finance Corp. (Supranational)

2.00%, 10/24/2022		60,000		62,275

Nordic Investment Bank (Supranational)

2.13%, 2/1/2022		200,000		205,313


Total Supranational (Cost $9,544,669)				9,861,320

Municipal Bonds — 0.6% (g)

California — 0.3%

Bay Area Toll Authority Series 2009F-2, Rev., 6.26%, 4/1/2049		100,000		171,394

Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Series 2010S-1, Rev., 6.92%, 4/1/2040		40,000		62,848

California State University

Series 2020B, Rev., 2.98%, 11/1/2051		25,000		26,473

East Bay Municipal Utility District, Water System, Build America Bonds

Series 2010B, Rev., 5.87%, 6/1/2040		155,000		236,677

Los Angeles Unified School District

GO, 5.75%, 7/1/2034		20,000		27,733

Series 2010RY, GO, 6.76%, 7/1/2034		105,000		156,037

Regents of the University of California Medical Center Pooled

Series H, Rev., 6.55%, 5/15/2048		40,000		64,240

Santa Clara Valley Transportation Authority

Rev., 5.88%, 4/1/2032		215,000		274,159

State of California

GO, 7.50%, 4/1/2034		245,000		405,451

GO, 7.60%, 11/1/2040		25,000		45,652

State of California Department of Water Resources Power Supply Series 2016P, Rev., 2.00%, 5/1/2022		35,000		35,818

State of California, Various Purpose

GO, 5.70%, 11/1/2021		50,000		53,114

GO, 7.55%, 4/1/2039 (c)		100,000		175,813


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

University of California Series 2017AX, Rev., 3.06%, 7/1/2025		55,000		60,951


Total California				1,796,360


Connecticut — 0.0% (d)

State of Connecticut Series A, GO, 5.85%, 3/15/2032		75,000		104,343


Illinois — 0.1%

Chicago O’Hare International Airport, Senior Lien Series 2018C, Rev., 4.47%, 1/1/2049		25,000		32,338

City of Chicago Series 2015B, GO, 7.75%, 1/1/2025 (h)		100,000		130,342

Metropolitan Water Reclamation District of Greater Chicago, Build America Bonds GO, 5.72%, 12/1/2038		55,000		80,361

Sales Tax Securitization Corp.

Series 2019A, Rev., 4.64%, 1/1/2040		60,000		71,921

State of Illinois GO, 5.10%, 6/1/2033		345,000		349,468

State of Illinois, Taxable Pension Series 2003, GO, 4.95%, 6/1/2023		53,182		54,002


Total Illinois				718,432


Massachusetts — 0.0% (d)

Commonwealth of Massachusetts, Consolidated Loan of 2010, Build America Bonds Series 2010E, GO, 4.20%, 12/1/2021		40,000		41,245


Missouri — 0.0% (d)

Health and Educational Facilities Authority of the State of Missouri, Educational Facilities, The Washington University Series 2017A, Rev., 3.65%, 8/15/2057		45,000		57,499


Nebraska — 0.0% (d)

University of Nebraska Facilities Corp.

Series 2019A, Rev., 3.04%, 10/1/2049		50,000		54,440


New Jersey — 0.0% (d)

New Jersey Economic Development Authority, Pension Funding

Series 1997B, Rev., AGM, Zero Coupon, 2/15/2023		40,000		38,873

Series 1997A, Rev., NATL-RE, 7.43%, 2/15/2029		35,000		43,597

New Jersey Transportation Trust Fund Authority, Build America Bonds

Series C, Rev., 6.10%, 12/15/2020(h)		145,000		147,371

Series 2010C, Rev., 5.75%, 12/15/2028		155,000		172,701

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	143

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

New Jersey — continued

New Jersey Turnpike Authority

Series F, Rev., 7.41%, 1/1/2040		10,000		17,082


Total New Jersey				419,624


New York — 0.1%

City of New York, Build America Bonds Series H-1, GO, 6.25%, 10/9/2020		25,000		25,111

City of New York, Fiscal Year 2010, Build America Bonds Subseries A-2, GO, 5.21%, 10/1/2031		25,000		31,768

New York City Water and Sewer System Series GG, Rev., 5.72%, 6/15/2042		40,000		62,420

New York State Urban Development Corp., State Personal Income Tax, Build America Bonds Series 2009E, Rev., 5.77%, 3/15/2039		25,000		31,838

New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2019B, Rev., 3.90%, 3/15/2033		65,000		74,100

Port Authority of New York and New Jersey, Consolidated

Series 182, Rev., 5.31%, 8/1/2046		60,000		68,267

Rev., 4.81%, 10/15/2065		120,000		164,233


Total New York				457,737


Ohio — 0.0% (d)

American Municipal Power, Inc., Combined Hydroelectric Projects Series 2010B, Rev., 7.83%, 2/15/2041		25,000		40,288


Oregon — 0.0% (d)

State of Oregon

GO, 5.76%, 6/1/2023		26,806		29,389

GO, 5.89%, 6/1/2027		55,000		69,397


Total Oregon				98,786


Texas — 0.1%

City of Houston GO, 3.96%, 3/1/2047		40,000		49,294

Grand Parkway Transportation Corp. Series 2020B, Rev., 3.24%, 10/1/2052		100,000		104,709

Permanent University Fund—Texas A&M University System Series B, Rev., 3.66%, 7/1/2047		20,000		21,893

State of Texas Series 2009A, GO, 5.52%, 4/1/2039		120,000		176,970

State of Texas, Transportation Commission Highway Improvement Series 2010A, GO, 4.68%, 4/1/2040		45,000		61,670


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Texas Transportation Commission State Highway Fund Rev., 5.18%, 4/1/2030		125,000		163,243


Total Texas				577,779


Total Municipal Bonds (Cost $4,225,930)				4,366,533

Asset-Backed Securities — 0.3%

AmeriCredit Automobile Receivables Trust Series 2018-1, Class C, 3.50%, 1/18/2024		15,000		15,617

Capital One Multi-Asset Execution Trust

Series 2016-A5, Class A5, 1.66%, 6/17/2024		20,000		20,266

Series 2019-A1, Class A1, 2.84%, 12/15/2024		50,000		51,833

Series 2017-A6, Class A6, 2.29%, 7/15/2025		10,000		10,393

Series 2019-A3, Class A3, 2.06%, 8/15/2028		400,000		429,226

CarMax Auto Owner Trust

Series 2018-1, Class A4, 2.64%, 6/15/2023		25,000		25,747

Series 2019-1, Class A3, 3.05%, 3/15/2024		120,000		123,422

Series 2018-1, Class D, 3.37%, 7/15/2024		50,000		51,236

Citibank Credit Card Issuance Trust

Series 2018-A6, Class A6, 3.21%, 12/7/2024		50,000		53,173

Series 2018-A7, Class A7, 3.96%, 10/13/2030		100,000		121,469

Discover Card Execution Note Trust Series 2018-A1, Class A1, 3.03%, 8/15/2025		18,000		19,178

Ford Credit Auto Owner Trust Series 2019-A, Class A3, 2.78%, 9/15/2023		120,000		123,120

Ford Credit Floorplan Master Owner Trust A

Series 2019-1, Class A, 2.84%, 3/15/2024		120,000		124,168

Series 2019-3, Class A1, 2.23%, 9/15/2024		75,000		77,482

GM Financial Consumer Automobile Receivables Trust Series 2019-2, Class A3, 2.65%, 2/16/2024		120,000		122,707

Honda Auto Receivables Owner Trust Series 2019-2, Class A3, 2.52%, 6/21/2023		90,000		92,414

SEE NOTES TO FINANCIAL STATEMENTS.



144	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Mercedes-Benz Auto Lease Trust Series 2020-A, Class A3, 1.84%, 12/15/2022		75,000		76,317

Nissan Auto Receivables Owner Trust

Series 2019-A, Class A3, 2.90%, 10/16/2023		25,000		25,653

Series 2019-B, Class A3, 2.50%, 11/15/2023		180,000		184,682

Synchrony Credit Card Master Note Trust Series 2018-2, Class A, 3.47%, 5/15/2026		50,000		53,562

Toyota Auto Receivables Owner Trust Series 2019-D, Class A3, 1.92%, 1/16/2024		50,000		51,225

World Omni Auto Receivables Trust Series 2018-D, Class A3, 3.33%, 4/15/2024		70,000		71,950

World Omni Select Auto Trust Series 2019-A, Class D, 2.59%, 12/15/2025		182,000		183,413


Total Asset-backed Securities (Cost $2,058,931)				2,108,253


	SHARES
Short-Term Investments — 0.8%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (i) (j) (Cost $1,428,775)		1,428,775		1,428,775


Investment of Cash Collateral from Securities Loaned — 0.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (i) (j)		3,498,950		3,500,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (i) (j)		505,230		505,230


Total Investment of Cash Collateral from Securities Loaned (Cost $4,005,230)				4,005,230


Total Short-Term Investments (Cost $5,434,005)				5,434,005


Total Investments — 99.7% (Cost $656,694,099)				683,451,551

Other Assets Less Liabilities — 0.3%				2,154,620


Net Assets — 100.0%				685,606,171

Percentages indicated are based on net assets.


Abbreviations
ACES		Alternative Credit Enhancement Securities
AGM		Insured by Assured Guaranty Municipal Corp.
FFCB		Federal Farm Credit Bank
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
NATL		Insured by National Public Finance Guarantee Corp.
RE		Reinsured
REIT		Real Estate Investment Trust
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(c)		The security or a portion of this security is on loan at August 31, 2020. The total value of securities on loan at August 31, 2020 is $3,838,768.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(f)		The rate shown is the effective yield as of August 31, 2020.
(g)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(h)		Security is prerefunded or escrowed to maturity.
(i)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(j)		The rate shown is the current yield as of August 31, 2020.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	145

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 74.8%

Aerospace & Defense — 0.7%

Boeing Co. (The) 4.51%, 5/1/2023		31,519,000		33,285,730

General Dynamics Corp.

(ICE LIBOR USD 3 Month + 0.38%), 0.63%, 5/11/2021 (a)		7,055,000		7,070,104

3.25%, 4/1/2025		2,578,000		2,864,528

Leidos, Inc. 2.95%, 5/15/2023 (b)		30,973,000		32,576,008

Northrop Grumman Corp.

2.55%, 10/15/2022 (c)		5,000,000		5,230,386

2.93%, 1/15/2025		4,099,000		4,472,372

Raytheon Technologies Corp.

2.50%, 12/15/2022 (b)		3,131,000		3,259,592

3.20%, 3/15/2024 (b)		5,792,000		6,259,966


				95,018,686


Automobiles — 2.2%

BMW US Capital LLC (Germany)

(ICE LIBOR USD 3 Month + 0.41%), 0.68%, 4/12/2021 (a) (b)		12,300,000		12,314,710

3.10%, 4/12/2021 (b)		6,383,000		6,488,195

(ICE LIBOR USD 3 Month + 0.50%), 0.75%, 8/13/2021 (a) (b)		979,000		979,994

2.95%, 4/14/2022 (b) (c)		18,360,000		19,104,255

Daimler Finance North America LLC (Germany)

(ICE LIBOR USD 3 Month + 0.43%), 0.69%, 2/12/2021 (a) (b)		3,400,000		3,398,421

(ICE LIBOR USD 3 Month + 0.45%), 0.71%, 2/22/2021 (a) (b)		15,023,000		15,025,316

(ICE LIBOR USD 3 Month + 0.55%), 0.80%, 5/4/2021 (a) (b)		1,658,000		1,657,563

(ICE LIBOR USD 3 Month + 0.90%), 1.18%, 2/15/2022 (a) (b)		24,697,000		24,758,869

(ICE LIBOR USD 3 Month + 0.88%), 1.14%, 2/22/2022 (a) (b)		28,500,000		28,556,883

3.40%, 2/22/2022 (b) (c)		15,649,000		16,258,651

2.55%, 8/15/2022 (b)		3,106,000		3,216,131

Hyundai Capital America

2.75%, 9/18/2020 (b)		1,170,000		1,169,269

3.00%, 10/30/2020 (b) (c)		7,778,000		7,809,598

3.45%, 3/12/2021 (b)		14,976,000		15,163,200

3.00%, 3/18/2021 (b)		5,245,000		5,299,705

2.45%, 6/15/2021 (b) (c)		10,000,000		10,111,000

(ICE LIBOR USD 3 Month + 0.94%), 1.22%, 7/8/2021 (a) (b)		8,250,000		8,248,322

3.10%, 4/5/2022 (b)		2,303,000		2,368,492


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Automobiles — continued

2.85%, 11/1/2022 (b)		10,000,000		10,344,400

5.75%, 4/6/2023 (b)		10,021,000		11,154,626

Volkswagen Group of America Finance LLC (Germany)

(ICE LIBOR USD 3 Month + 0.77%), 1.02%, 11/13/2020 (a) (b)		1,173,000		1,174,485

3.88%, 11/13/2020(b)		203,000		204,349

(ICE LIBOR USD 3 Month + 0.86%), 1.16%, 9/24/2021 (a) (b)		20,965,000		20,978,955

(ICE LIBOR USD 3 Month + 0.94%), 1.20%, 11/12/2021 (a) (b)		7,106,000		7,109,593

4.00%, 11/12/2021 (b)		12,228,000		12,721,265

2.90%, 5/13/2022 (b) (c)		29,836,000		30,958,931

2.70%, 9/26/2022 (b)		9,928,000		10,320,851

3.13%, 5/12/2023 (b)		22,136,000		23,488,370


				310,384,399


Banks — 33.3%

ABN AMRO Bank NV (Netherlands)

(ICE LIBOR USD 3 Month + 0.41%), 0.68%, 1/19/2021 (a) (b)		4,400,000		4,405,764

2.65%, 1/19/2021 (b)		21,596,000		21,777,389

(ICE LIBOR USD 3 Month + 0.57%), 0.82%, 8/27/2021 (a) (b)		12,765,000		12,819,124

3.40%, 8/27/2021 (b)		28,298,000		29,084,741

ANZ New Zealand Int’l Ltd. (New Zealand)

2.75%, 1/22/2021 (b)		10,611,000		10,710,075

2.75%, 2/3/2021 (b)		1,635,000		1,651,274

(ICE LIBOR USD 3 Month + 1.01%), 1.26%, 7/28/2021 (a) (b)		13,356,000		13,472,472

2.13%, 7/28/2021 (b)		8,095,000		8,231,640

2.88%, 1/25/2022 (b)		2,585,000		2,675,278

1.90%, 2/13/2023 (b)		3,630,000		3,751,495

3.40%, 3/19/2024 (b)		10,500,000		11,433,326

Australia & New Zealand Banking Group Ltd. (Australia)

(ICE LIBOR USD 3 Month + 0.32%), 0.56%, 11/9/2020 (a) (b)		4,341,000		4,343,717

2.25%, 11/9/2020		1,110,000		1,114,052

(ICE LIBOR USD 3 Month + 0.46%), 0.74%, 5/17/2021 (a) (b)		2,300,000		2,306,926

(ICE LIBOR USD 3 Month + 0.99%), 1.34%, 6/1/2021 (a) (b)		2,850,000		2,870,066

2.30%, 6/1/2021		1,150,000		1,167,740

(ICE LIBOR USD 3 Month + 0.87%), 1.13%, 11/23/2021 (a) (b)		1,470,000		1,483,280

SEE NOTES TO FINANCIAL STATEMENTS.



146	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Banks — continued

2.55%, 11/23/2021		375,000		385,356

2.63%, 5/19/2022 (c)		11,522,000		11,980,635

2.63%, 11/9/2022		16,021,000		16,839,982

2.05%, 11/21/2022		12,527,000		12,986,118

Banco Santander SA (Spain)

3.50%, 4/11/2022		7,600,000		7,923,556

3.85%, 4/12/2023		6,400,000		6,885,593

2.75%, 5/28/2025		10,000,000		10,629,185

Bank of America Corp.

5.00%, 5/13/2021		3,000,000		3,098,408

(ICE LIBOR USD 3 Month + 0.63%), 2.33%, 10/1/2021 (a)		2,458,000		2,461,843

(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022 (a)		29,591,000		29,857,977

(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (a)		8,560,000		8,749,614

(ICE LIBOR USD 3 Month + 0.65%), 0.95%, 6/25/2022 (a)		10,680,000		10,727,724

2.50%, 10/21/2022		1,006,000		1,029,770

3.30%, 1/11/2023		1,473,000		1,571,329

(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (a)		313,000		324,016

(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (a)		8,532,000		8,846,678

(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (a)		2,515,000		2,617,540

4.10%, 7/24/2023		1,101,000		1,214,137

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (a)		4,611,000		4,859,463

4.13%, 1/22/2024		693,000		774,955

(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (a)		41,517,000		44,442,735

4.00%, 4/1/2024		625,000		697,521

(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (a)		18,545,000		20,172,956

(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (a)		2,392,000		2,613,721

Bank of Montreal (Canada)

(ICE LIBOR USD 3 Month + 0.40%), 0.66%, 1/22/2021 (a)		51,605,000		51,675,230

Series D, (ICE LIBOR USD 3 Month + 0.46%), 0.73%, 4/13/2021 (a)		3,635,000		3,645,893

Series D, 3.10%, 4/13/2021		2,099,000		2,136,240

(ICE LIBOR USD 3 Month + 0.79%), 1.04%, 8/27/2021 (a)		525,000		528,904

1.90%, 8/27/2021		5,975,000		6,084,353


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.40%), 0.71%, 9/10/2021 (a)		25,665,000		25,742,046

(ICE LIBOR USD 3 Month + 0.57%), 0.85%, 3/26/2022 (a)		30,500,000		30,702,678

2.90%, 3/26/2022		8,690,000		9,038,683

2.35%, 9/11/2022 (c)		5,511,000		5,743,050

2.05%, 11/1/2022		5,930,000		6,136,564

Series E, 3.30%, 2/5/2024		4,833,000		5,272,159

1.85%, 5/1/2025		8,037,000		8,438,489

Bank of New Zealand (New Zealand)

3.50%, 2/20/2024 (b)		10,515,000		11,470,857

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 3 Month + 0.29%), 0.57%, 1/8/2021 (a)		125,000		125,122

2.50%, 1/8/2021		8,413,000		8,479,994

2.45%, 3/22/2021		1,909,000		1,932,855

(ICE LIBOR USD 3 Month + 0.44%), 0.71%, 4/20/2021 (a)		221,000		221,586

3.13%, 4/20/2021		3,243,000		3,302,431

2.80%, 7/21/2021		315,000		322,148

(ICE LIBOR USD 3 Month + 0.64%), 0.96%, 3/7/2022 (a)		10,108,000		10,184,575

2.70%, 3/7/2022 (c)		11,850,000		12,309,616

2.45%, 9/19/2022 (c)		5,887,000		6,147,605

1.95%, 2/1/2023 (c)		11,814,000		12,231,566

1.63%, 5/1/2023		2,850,000		2,934,054

0.80%, 6/15/2023		29,206,000		29,385,808

3.40%, 2/11/2024 (c)		2,682,000		2,930,920

2.20%, 2/3/2025		11,499,000		12,205,291

1.30%, 6/11/2025		23,200,000		23,737,962

Banque Federative du Credit Mutuel SA (France)

2.75%, 10/15/2020 (b)		33,112,000		33,212,922

2.50%, 4/13/2021 (b)		4,724,000		4,786,324

1.96%, 7/21/2021 (b)		55,575,000		56,377,656

2.70%, 7/20/2022 (b) (c)		10,055,000		10,458,723

2.13%, 11/21/2022 (b)		17,217,000		17,806,610

3.75%, 7/20/2023 (b) (c)		4,865,000		5,288,074

2.38%, 11/21/2024 (b)		14,071,000		14,992,156

Barclays Bank plc (United Kingdom)

1.70%, 5/12/2022		23,728,000		24,164,719

Barclays plc (United Kingdom)

3.25%, 1/12/2021		4,567,000		4,611,939

(ICE LIBOR USD 3 Month + 2.11%), 2.35%, 8/10/2021 (a)		21,100,000		21,456,084

3.20%, 8/10/2021		42,609,000		43,611,164

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	147

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Banks — continued

BBVA USA

(ICE LIBOR USD 3 Month + 0.73%), 1.04%, 6/11/2021 (a) (c)		9,511,000		9,537,269

3.50%, 6/11/2021		37,394,000		38,158,030

BNP Paribas SA (France)

5.00%, 1/15/2021		13,409,000		13,643,921

(ICE LIBOR USD 3 Month + 0.39%), 0.63%, 8/7/2021 (a) (b)		34,808,000		34,889,287

2.95%, 5/23/2022(b)		8,058,000		8,375,547

3.50%, 3/1/2023 (b)		9,132,000		9,724,273

3.38%, 1/9/2025 (b)		5,000,000		5,466,643

BNZ International Funding Ltd. (New Zealand)

2.75%, 3/2/2021 (b)		750,000		759,057

(ICE LIBOR USD 3 Month + 0.98%), 1.29%, 9/14/2021 (a) (b)		21,969,000		22,131,142

2.10%, 9/14/2021 (b)		7,705,000		7,837,107

2.65%, 11/3/2022 (b)		4,855,000		5,075,863

3.38%, 3/1/2023 (b)		13,260,000		14,158,512

Canadian Imperial Bank of Commerce (Canada)

(ICE LIBOR USD 3 Month + 0.32%), 0.57%, 2/2/2021 (a)		1,689,000		1,691,059

2.70%, 2/2/2021 (c)		2,324,000		2,348,062

2.55%, 6/16/2022		740,000		769,693

0.95%, 6/23/2023 (c)		40,429,000		40,918,239

(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (a)		12,898,000		13,400,015

3.50%, 9/13/2023 (c)		14,238,000		15,582,330

3.10%, 4/2/2024		6,532,000		7,074,927

2.25%, 1/28/2025 (c)		11,181,000		11,836,109

Capital One Bank USA NA (SOFR + 0.62%), 2.01%, 1/27/2023 (a)		2,246,000		2,288,458

Capital One NA

2.95%, 7/23/2021		4,410,000		4,495,842

2.25%, 9/13/2021		9,212,000		9,364,131

2.15%, 9/6/2022 (c)		24,273,000		25,019,207

Citibank NA

2.13%, 10/20/2020		2,100,000		2,102,730

(ICE LIBOR USD 3 Month + 0.35%), 0.61%, 2/12/2021 (a)		1,050,000		1,051,217

2.85%, 2/12/2021		9,828,000		9,920,808

(ICE LIBOR USD 3 Month + 0.57%), 0.83%, 7/23/2021 (a)		4,545,000		4,562,664

3.40%, 7/23/2021		850,000		871,919


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.53%), 0.80%, 2/19/2022 (a)		31,435,000		31,479,422

(ICE LIBOR USD 3 Month + 0.53%), 3.16%, 2/19/2022 (a)		22,000,000		22,285,557

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 1.31%), 1.55%, 10/26/2020 (a)		650,000		651,112

(ICE LIBOR USD 3 Month + 1.38%), 1.69%, 3/30/2021 (a)		9,735,000		9,805,049

2.70%, 3/30/2021		3,754,000		3,806,383

(ICE LIBOR USD 3 Month + 1.19%), 1.44%, 8/2/2021 (a) (c)		7,950,000		8,020,096

(ICE LIBOR USD 3 Month + 1.07%), 1.39%, 12/8/2021 (a)		7,645,000		7,727,446

2.90%, 12/8/2021		4,511,000		4,645,666

2.75%, 4/25/2022		7,335,000		7,599,473

(SOFR + 0.87%), 2.31%, 11/4/2022 (a)		6,152,000		6,275,939

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (a)		2,097,000		2,185,392

(SOFR + 1.67%), 1.68%, 5/15/2024 (a)		500,000		512,705

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (a)		1,937,000		2,108,403

(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (a)		21,891,000		23,813,316

Citizens Bank NA

2.25%, 10/30/2020		28,030,000		28,073,033

2.55%, 5/13/2021		16,676,000		16,903,409

(ICE LIBOR USD 3 Month + 0.72%), 0.98%, 2/14/2022 (a)		13,543,000		13,592,827

3.25%, 2/14/2022		15,501,000		16,087,167

2.65%, 5/26/2022		5,954,000		6,157,888

Comerica Bank 2.50%, 7/23/2024 (c)		725,000		774,018

Commonwealth Bank of Australia (Australia)

2.20%, 11/9/2020 (b)		1,000,000		1,003,584

(ICE LIBOR USD 3 Month + 0.70%), 1.01%, 3/10/2022 (a) (b)		2,348,000		2,367,724

2.75%, 3/10/2022 (b)		1,452,000		1,506,513

2.50%, 9/18/2022 (b) (c)		13,980,000		14,575,337

1.63%, 10/17/2022 (b)		25,290,000		25,956,418

3.45%, 3/16/2023 (b) (c)		1,553,000		1,668,677

3.35%, 6/4/2024 (b) (c)		1,060,000		1,163,446

Cooperatieve Rabobank UA (Netherlands)

4.50%, 1/11/2021		1,886,000		1,914,593

SEE NOTES TO FINANCIAL STATEMENTS.



148	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Banks — continued

2.50%, 1/19/2021		3,950,000		3,983,421

(ICE LIBOR USD 3 Month + 0.43%), 0.67%, 4/26/2021 (a)		7,490,000		7,510,987

3.13%, 4/26/2021		13,515,000		13,771,937

(ICE LIBOR USD 3 Month + 0.83%), 1.10%, 1/10/2022 (a)		3,700,000		3,737,252

2.75%, 1/10/2022		420,000		434,116

3.88%, 2/8/2022		18,176,000		19,102,580

2.75%, 1/10/2023		2,089,000		2,203,235

3.88%, 9/26/2023 (b)		6,490,000		7,134,106

Credit Agricole Corporate & Investment Bank SA (France)

(ICE LIBOR USD 3 Month + 0.63%), 0.92%, 10/3/2021 (a)		32,889,000		32,902,433

Credit Agricole SA (France)

3.75%, 4/24/2023 (b)		10,180,000		10,988,618

3.25%, 10/4/2024 (b)		4,458,000		4,856,219

Credit Suisse Group Funding Guernsey Ltd. (Switzerland)

3.13%, 12/10/2020		51,883,000		52,290,704

(ICE LIBOR USD 3 Month + 2.29%), 2.56%, 4/16/2021 (a)		6,956,000		7,048,932

3.45%, 4/16/2021		17,850,000		18,187,827

DBS Group Holdings Ltd. (Singapore)

2.85%, 4/16/2022 (b)		44,859,000		46,288,428

DNB Bank ASA (Norway)

(ICE LIBOR USD 3 Month + 0.37%), 0.67%, 10/2/2020 (a) (b)		8,050,000		8,052,708

2.13%, 10/2/2020(b)		87,271,000		87,412,218

2.38%, 6/2/2021 (b)		7,871,000		7,991,418

2.15%, 12/2/2022 (b)		35,121,000		36,451,724

Federation des Caisses Desjardins du Quebec (Canada)

(ICE LIBOR USD 3 Month + 0.33%), 0.60%, 10/30/2020 (a) (b)		5,967,000		5,971,146

2.25%, 10/30/2020 (b)		102,391,000		102,710,460

2.05%, 2/10/2025 (b) (c)		5,200,000		5,428,753

Fifth Third Bancorp

1.63%, 5/5/2023		18,545,000		19,026,739

3.65%, 1/25/2024		23,511,000		25,716,084

2.38%, 1/28/2025		1,056,000		1,121,509

Fifth Third Bank NA

(ICE LIBOR USD 3 Month + 0.25%), 0.52%, 10/30/2020 (a)		10,655,000		10,657,469

2.20%, 10/30/2020 (c)		9,340,000		9,354,144

(ICE LIBOR USD 3 Month + 0.44%), 0.68%, 7/26/2021 (a)		14,045,000		14,091,580


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

First Republic Bank

(SOFR + 0.62%), 1.91%, 2/12/2024 (a)		592,000		609,434

HSBC Holdings plc (United Kingdom)

(ICE LIBOR USD 3 Month + 1.66%), 1.91%, 5/25/2021 (a)		13,153,000		13,295,447

2.95%, 5/25/2021		69,745,000		71,078,473

(ICE LIBOR USD 3 Month + 0.65%), 0.97%, 9/11/2021 (a)		14,857,000		14,858,749

2.65%, 1/5/2022 (c)		1,241,000		1,277,281

4.00%, 3/30/2022		1,530,000		1,612,543

HSBC USA, Inc.

5.00%, 9/27/2020		2,661,000		2,669,806

3.50%, 6/23/2024		5,000,000		5,500,190

Huntington Bancshares, Inc.

3.15%, 3/14/2021		5,019,000		5,083,414

2.63%, 8/6/2024 (c)		23,250,000		24,889,267

Huntington National Bank (The)

(ICE LIBOR USD 3 Month + 0.55%), 0.80%, 2/5/2021 (a)		11,594,000		11,613,687

3.25%, 5/14/2021		7,344,000		7,478,164

3.13%, 4/1/2022		2,128,000		2,212,211

2.50%, 8/7/2022		16,029,000		16,644,282

1.80%, 2/3/2023		500,000		514,855

3.55%, 10/6/2023		1,640,000		1,790,952

ING Groep NV (Netherlands)

(ICE LIBOR USD 3 Month + 1.15%), 1.46%, 3/29/2022 (a)		21,325,000		21,559,815

3.15%, 3/29/2022		58,170,000		60,510,111

4.10%, 10/2/2023		3,730,000		4,116,976

KeyBank NA

2.40%, 6/9/2022		965,000		997,636

2.30%, 9/14/2022		5,119,000		5,310,977

1.25%, 3/10/2023		500,000		509,999

KeyCorp

2.90%, 9/15/2020		21,166,000		21,185,473

5.10%, 3/24/2021		12,301,000		12,632,369

Lloyds Bank plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.49%), 0.73%, 5/7/2021 (a)		2,101,000		2,106,127

Lloyds Banking Group plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.80%), 1.11%, 6/21/2021 (a)		300,000		301,458

3.10%, 7/6/2021		1,445,000		1,478,322

3.00%, 1/11/2022		7,896,000		8,165,626

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	149

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Banks — continued

(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023 (a) (c)		320,000		330,614

4.05%, 8/16/2023 (c)		2,116,000		2,314,398

(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (a)		3,334,000		3,485,237

Manufacturers & Traders Trust Co.

2.63%, 1/25/2021		265,000		266,975

2.50%, 5/18/2022		250,000		258,625

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.95%, 3/1/2021		3,584,000		3,631,254

(ICE LIBOR USD 3 Month + 0.65%), 0.89%, 7/26/2021 (a)		9,060,000		9,098,617

3.54%, 7/26/2021		17,367,000		17,853,874

(ICE LIBOR USD 3 Month + 1.06%), 1.37%, 9/13/2021 (a)		6,387,000		6,441,945

2.19%, 9/13/2021		1,877,000		1,911,833

(ICE LIBOR USD 3 Month + 0.92%), 1.18%, 2/22/2022 (a)		4,789,000		4,837,135

3.00%, 2/22/2022		42,869,000		44,479,691

(ICE LIBOR USD 3 Month + 0.70%), 1.02%, 3/7/2022 (a)		22,890,000		23,045,694

2.62%, 7/18/2022		20,517,000		21,341,885

2.67%, 7/25/2022		10,807,000		11,234,656

3.46%, 3/2/2023		351,000		375,186

3.76%, 7/26/2023		2,493,000		2,716,049

2.19%, 2/25/2025 (c)		5,619,000		5,909,861

1.41%, 7/17/2025		10,000,000		10,174,192

Mizuho Bank Ltd. (Japan) 3.20%, 3/26/2025 (b)		600,000		658,377

Mizuho Financial Group, Inc. (Japan)

2.63%, 4/12/2021 (b)		54,552,000		55,321,178

(ICE LIBOR USD 3 Month + 1.14%), 1.45%, 9/13/2021 (a)		15,690,000		15,844,044

(ICE LIBOR USD 3 Month + 0.94%), 1.20%, 2/28/2022 (a)		6,865,000		6,929,958

(ICE LIBOR USD 3 Month + 0.88%), 1.19%, 9/11/2022 (a)		6,000,000		6,059,040

2.60%, 9/11/2022		6,986,000		7,274,365

3.55%, 3/5/2023		3,942,000		4,219,771

(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023 (a)		4,363,000		4,524,182

(ICE LIBOR USD 3 Month + 0.99%), 1.24%, 7/10/2024 (a)		15,000,000		15,182,692

(ICE LIBOR USD 3 Month + 1.00%), 3.92%, 9/11/2024 (a)		8,066,000		8,779,031


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		9,413,000		9,908,099

MUFG Bank Ltd. (Japan) 4.10%, 9/9/2023 (b)		200,000		220,089

MUFG Union Bank NA

3.15%, 4/1/2022		1,220,000		1,272,212

(SOFR + 0.71%), 0.78%, 12/9/2022 (a)		24,750,000		24,796,238

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 3 Month + 0.35%), 0.62%, 1/12/2021 (a) (b)		7,670,000		7,679,995

2.50%, 1/12/2021		1,735,000		1,747,613

2.63%, 1/14/2021		1,048,000		1,057,048

(ICE LIBOR USD 3 Month + 1.00%), 1.27%, 7/12/2021 (a) (b) (c)		4,750,000		4,787,439

1.88%, 7/12/2021		3,895,000		3,949,491

3.38%, 9/20/2021		6,250,000		6,451,500

(ICE LIBOR USD 3 Month + 0.71%), 0.96%, 11/4/2021 (a) (b)		18,111,000		18,243,836

3.70%, 11/4/2021		250,000		257,155

2.50%, 5/22/2022		8,967,000		9,308,021

1.88%, 12/13/2022		7,765,000		8,035,144

3.00%, 1/20/2023		5,600,000		5,930,321

2.88%, 4/12/2023 (c)		3,345,000		3,539,244

National Bank of Canada (Canada)

2.20%, 11/2/2020		3,148,000		3,152,871

(ICE LIBOR USD 3 Month + 0.40%), 0.71%, 3/21/2021 (a) (b)		60,000,000		60,050,361

2.15%, 10/7/2022 (b)		13,125,000		13,569,023

2.10%, 2/1/2023		43,700,000		45,241,504

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.77%), 0.90%, 8/15/2023 (a) (c)		15,000,000		15,088,916

Natwest Group plc (United Kingdom)

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.15%), 2.36%, 5/22/2024 (a)		133,000		137,691

(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (a)		10,045,000		11,041,806

Nordea Bank Abp (Finland)

2.50%, 9/17/2020 (b)		4,505,000		4,509,413

4.88%, 1/14/2021 (b)		4,908,000		4,991,681

(ICE LIBOR USD 3 Month + 0.99%), 1.24%, 5/27/2021 (a) (b)		4,600,000		4,634,246

2.25%, 5/27/2021 (b) (c)		46,490,000		47,154,089

1.00%, 6/9/2023(b)		15,826,000		16,029,587

SEE NOTES TO FINANCIAL STATEMENTS.



150	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Banks — continued

0.75%, 8/28/2025 (b) (c)		20,000,000		19,933,005

PNC Bank NA

2.45%, 11/5/2020		6,833,000		6,846,681

(ICE LIBOR USD 3 Month + 0.25%), 0.51%, 1/22/2021 (a)		1,850,000		1,850,935

2.15%, 4/29/2021		10,230,000		10,344,007

(ICE LIBOR USD 3 Month + 0.44%), 2.23%, 7/22/2022 (a)		6,211,000		6,313,931

(ICE LIBOR USD 3 Month + 0.42%), 2.03%, 12/9/2022 (a)		3,610,000		3,682,317

(ICE LIBOR USD 3 Month + 0.00%), 1.74%, 2/24/2023 (a)		2,405,000		2,451,846

PNC Financial Services Group, Inc. (The) 2.85%, 11/9/2022 (d)		1,465,000		1,541,481

Regions Financial Corp. 2.25%, 5/18/2025		1,680,000		1,783,603

Royal Bank of Canada (Canada)

(ICE LIBOR USD 3 Month + 0.24%), 0.48%, 10/26/2020 (a)		269,000		269,119

2.15%, 10/26/2020		28,753,000		28,837,780

2.50%, 1/19/2021		215,000		216,861

(ICE LIBOR USD 3 Month + 0.40%), 0.64%, 1/25/2021 (a)		11,147,000		11,165,482

(ICE LIBOR USD 3 Month + 0.39%), 0.66%, 4/30/2021 (a)		8,135,000		8,156,094

(ICE LIBOR USD 3 Month + 0.73%), 0.98%, 2/1/2022 (a)		1,333,000		1,345,508

1.95%, 1/17/2023		479,000		496,410

1.60%, 4/17/2023		43,938,000		45,383,151

3.70%, 10/5/2023		7,562,000		8,298,147

2.25%, 11/1/2024		10,000,000		10,659,876

1.15%, 6/10/2025 (c)		25,000,000		25,449,423

Santander UK Group Holdings plc (United Kingdom)

2.88%, 10/16/2020		9,770,000		9,800,385

3.13%, 1/8/2021		54,211,000		54,731,342

2.88%, 8/5/2021		4,092,000		4,184,199

Santander UK plc (United Kingdom)

2.13%, 11/3/2020		6,923,000		6,944,407

2.50%, 1/5/2021		5,590,000		5,632,259

(ICE LIBOR USD 3 Month + 0.62%), 0.97%, 6/1/2021 (a) (c)		3,000,000		3,011,671

3.40%, 6/1/2021		6,638,000		6,792,924

(ICE LIBOR USD 3 Month + 0.66%), 0.94%, 11/15/2021 (a) (c)		6,288,000		6,325,439

2.10%, 1/13/2023 (c)		26,835,000		27,784,358


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

2.88%, 6/18/2024 (c)		2,200,000		2,380,481

Skandinaviska Enskilda Banken AB (Sweden)

2.63%, 11/17/2020 (b)		457,000		459,289

(ICE LIBOR USD 3 Month + 0.43%), 0.71%, 5/17/2021 (a) (b)		200,000		200,549

3.25%, 5/17/2021 (b)		41,540,000		42,353,436

1.88%, 9/13/2021		22,200,000		22,572,693

3.05%, 3/25/2022 (b)		13,760,000		14,307,510

2.20%, 12/12/2022 (b)		10,957,000		11,391,634

0.55%, 9/1/2023 (b)		21,337,000		21,331,026

Societe Generale SA (France)

2.63%, 9/16/2020 (b) (c)		6,562,000		6,568,115

(ICE LIBOR USD 3 Month + 1.33%), 1.61%, 4/8/2021 (a) (b)		5,150,000		5,187,455

2.50%, 4/8/2021 (b) (c)		20,365,000		20,625,425

5.20%, 4/15/2021 (b)		60,174,000		61,995,094

4.25%, 9/14/2023 (b)		5,300,000		5,750,098

2.63%, 1/22/2025 (b)		5,000,000		5,231,429

1.38%, 7/8/2025 (b) (c)		50,000,000		51,152,207

Standard Chartered plc (United Kingdom) 3.05%, 1/15/2021 (b) (c)		39,774,000		40,134,393

(ICE LIBOR USD 3 Month + 1.20%), 2.74%, 9/10/2022 (a) (b) (c)		4,300,000		4,377,765

(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023 (a) (b)		12,157,000		12,646,268

Sumitomo Mitsui Banking Corp. (Japan) 3.20%, 7/18/2022		2,203,000		2,310,993

Sumitomo Mitsui Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 1.68%), 1.99%, 3/9/2021 (a)		6,353,000		6,404,780

2.93%, 3/9/2021		6,815,000		6,908,046

(ICE LIBOR USD 3 Month + 1.11%), 1.38%, 7/14/2021 (a)		5,404,000		5,447,714

2.06%, 7/14/2021		1,582,000		1,604,799

(ICE LIBOR USD 3 Month + 1.14%), 1.41%, 10/19/2021 (a)		5,067,000		5,122,045

2.44%, 10/19/2021		29,688,000		30,371,632

(ICE LIBOR USD 3 Month + 0.97%), 1.24%, 1/11/2022 (a) (c)		19,000,000		19,165,813

2.85%, 1/11/2022		262,000		270,476

2.78%, 7/12/2022		34,567,000		36,044,638

2.78%, 10/18/2022		6,875,000		7,200,083

3.10%, 1/17/2023		184,000		195,115

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	151

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Banks — continued

2.70%, 7/16/2024		3,728,000		4,000,237

2.35%, 1/15/2025		5,701,000		6,054,020

1.47%, 7/8/2025		15,000,000		15,321,081

Svenska Handelsbanken AB (Sweden)

1.95%, 9/8/2020		11,736,000		11,739,197

2.40%, 10/1/2020		18,947,000		18,980,348

2.45%, 3/30/2021		12,529,000		12,689,650

(ICE LIBOR USD 3 Month + 0.47%), 0.73%, 5/24/2021 (a)		45,347,000		45,498,459

3.35%, 5/24/2021		68,161,000		69,688,576

1.88%, 9/7/2021		4,537,000		4,609,877

0.63%, 6/30/2023 (b) (c)		33,026,000		33,140,335

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 3 Month + 0.93%), 1.24%, 12/14/2020 (a)		2,401,000		2,407,534

(ICE LIBOR USD 3 Month + 0.24%), 0.48%, 1/25/2021 (a) (c)		350,000		350,306

2.55%, 1/25/2021		1,100,000		1,110,108

(ICE LIBOR USD 3 Month + 0.27%), 0.57%, 3/17/2021 (a)		4,905,000		4,913,020

(ICE LIBOR USD 3 Month + 1.00%), 1.28%, 4/7/2021 (a)		52,000		52,308

(ICE LIBOR USD 3 Month + 0.43%), 0.74%, 6/11/2021 (a)		2,435,000		2,441,823

3.25%, 6/11/2021		11,301,000		11,569,223

(ICE LIBOR USD 3 Month + 0.90%), 1.17%, 7/13/2021 (a)		5,890,000		5,934,264

1.80%, 7/13/2021		980,000		993,164

1.90%, 12/1/2022		3,189,000		3,298,674

(SOFR + 0.48%), 0.55%, 1/27/2023 (a)		29,380,000		29,444,695

0.75%, 6/12/2023 (c)		33,955,000		34,298,377

2.65%, 6/12/2024 (c)		7,132,000		7,668,290

1.15%, 6/12/2025 (c)		24,000,000		24,509,407

Truist Bank

2.85%, 4/1/2021		4,492,000		4,548,055

(ICE LIBOR USD 3 Month + 0.50%), 0.74%, 10/26/2021 (a)		1,940,000		1,941,396

(ICE LIBOR USD 3 Month + 0.50%), 3.53%, 10/26/2021 (a)		31,321,000		31,467,404

Truist Financial Corp.

(ICE LIBOR USD 3 Month + 0.22%), 0.47%, 2/1/2021 (a)		10,007,000		10,013,535

2.15%, 2/1/2021		1,000,000		1,006,181

2.90%, 3/3/2021		8,319,000		8,411,016

3.20%, 9/3/2021		1,300,000		1,334,849


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

2.70%, 1/27/2022		271,000		279,286

3.05%, 6/20/2022		17,689,000		18,479,307

3.75%, 12/6/2023		8,520,000		9,387,763

4.00%, 5/1/2025		21,109,000		24,092,773

US Bancorp

2.35%, 1/29/2021		9,682,000		9,748,142

(ICE LIBOR USD 3 Month + 0.64%), 0.90%, 1/24/2022 (a)		54,000		54,372

3.38%, 2/5/2024 (c)		20,000,000		21,867,900

1.45%, 5/12/2025		24,500,000		25,373,305

US Bank NA

(ICE LIBOR USD 3 Month + 0.31%), 0.56%, 2/4/2021 (a)		21,496,000		21,521,227

3.00%, 2/4/2021		910,000		918,411

(ICE LIBOR USD 3 Month + 0.32%), 0.56%, 4/26/2021 (a)		1,831,000		1,834,253

(ICE LIBOR USD 3 Month + 0.38%), 0.66%, 11/16/2021 (a)		9,732,000		9,761,104

3.45%, 11/16/2021		279,000		288,929

(ICE LIBOR USD 3 Month + 0.18%), 0.45%, 1/21/2022 (a)		82,771,000		82,876,766

1.80%, 1/21/2022		500,000		510,542

2.65%, 5/23/2022		2,081,000		2,162,137

2.05%, 1/21/2025		894,000		948,205

2.80%, 1/27/2025		4,210,000		4,593,460

Wells Fargo & Co.

(ICE LIBOR USD 3 Month + 1.01%), 1.33%, 12/7/2020 (a)		4,393,000		4,403,948

(ICE LIBOR USD 3 Month + 1.34%), 1.67%, 3/4/2021 (a)		5,595,000		5,629,208

(ICE LIBOR USD 3 Month + 1.03%), 1.27%, 7/26/2021 (a)		260,000		262,173

2.10%, 7/26/2021		9,698,000		9,848,780

(ICE LIBOR USD 3 Month + 0.93%), 1.18%, 2/11/2022 (a)		11,657,000		11,696,187

2.63%, 7/22/2022		13,919,000		14,479,442

3.75%, 1/24/2024		4,790,000		5,233,052

(SOFR + 1.60%), 1.65%, 6/2/2024 (a)		24,600,000		25,149,924

3.30%, 9/9/2024		14,904,000		16,329,771

3.00%, 2/19/2025		5,000,000		5,428,182

Wells Fargo Bank NA

(ICE LIBOR USD 3 Month + 0.51%), 0.77%, 10/22/2021 (a)		445,000		446,810

(ICE LIBOR USD 3 Month + 0.61%), 2.90%, 5/27/2022 (a)		1,900,000		1,934,524

SEE NOTES TO FINANCIAL STATEMENTS.



152	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Banks — continued

(ICE LIBOR USD 3 Month + 0.65%), 2.08%, 9/9/2022 (a)		14,699,000		14,929,902

3.55%, 8/14/2023		16,330,000		17,736,582

Westpac Banking Corp. (Australia)

(ICE LIBOR USD 3 Month + 0.36%), 0.71%, 9/1/2020 (a) (b)		950,000		950,000

2.60%, 11/23/2020		8,727,000		8,773,593

2.65%, 1/25/2021 (c)		9,058,000		9,145,084

(ICE LIBOR USD 3 Month + 1.00%), 1.25%, 5/13/2021 (a)		430,000		432,949

(ICE LIBOR USD 3 Month + 0.85%), 1.12%, 8/19/2021 (a)		1,750,000		1,763,085

(ICE LIBOR USD 3 Month + 0.85%), 1.12%, 1/11/2022 (a)		4,524,000		4,568,121

2.50%, 6/28/2022		8,763,000		9,114,766

2.00%, 1/13/2023		1,140,000		1,182,790

3.65%, 5/15/2023		11,504,000		12,482,857

2.35%, 2/19/2025		54,950,000		58,733,614


				4,626,984,535


Beverages — 0.7%

Anheuser-Busch InBev Finance, Inc. (Belgium) (ICE LIBOR USD 3 Month + 1.26%), 1.51%, 2/1/2021 (a)		100,000		100,478

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

3.50%, 1/12/2024		3,325,000		3,622,549

4.15%, 1/23/2025		9,151,000		10,411,502

Coca-Cola Co. (The) 3.15%, 11/15/2020		1,149,000		1,155,899

Constellation Brands, Inc. (ICE LIBOR USD 3 Month + 0.70%), 0.98%, 11/15/2021 (a)		14,460,000		14,460,835

Diageo Capital plc (United Kingdom) 2.63%, 4/29/2023		5,799,000		6,097,578

Heineken NV (Netherlands) 2.75%, 4/1/2023 (b)		6,250,000		6,585,465

Keurig Dr Pepper, Inc.

3.55%, 5/25/2021		43,023,000		44,034,081

3.20%, 11/15/2021		2,505,000		2,570,794

PepsiCo, Inc. 3.10%, 7/17/2022 (c)		7,570,000		7,926,826


				96,966,007


Biotechnology — 0.7%

AbbVie, Inc.

2.30%, 5/14/2021 (c)		10,248,000		10,372,475


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Biotechnology — continued

(ICE LIBOR USD 3 Month + 0.35%), 0.60%, 5/21/2021 (a) (b)		100,000		100,131

(ICE LIBOR USD 3 Month + 0.46%), 0.73%, 11/19/2021 (a) (b)		19,800,000		19,862,429

2.15%, 11/19/2021 (b)		38,122,000		38,893,354

5.00%, 12/15/2021 (b)		7,500,000		7,837,333

3.80%, 3/15/2025 (b)		1,332,000		1,489,062

Gilead Sciences, Inc.

2.55%, 9/1/2020		7,233,000		7,233,000

3.25%, 9/1/2022		11,140,000		11,710,770

3.70%, 4/1/2024		2,780,000		3,068,270

3.50%, 2/1/2025		500,000		560,489


				101,127,313


Capital Markets — 5.8%

Ameriprise Financial, Inc.

4.00%, 10/15/2023		1,606,000		1,782,702

3.00%, 4/2/2025		1,853,000		2,028,578

Bank of New York Mellon Corp. (The)

4.15%, 2/1/2021		2,340,000		2,377,315

2.50%, 4/15/2021		798,000		807,598

2.05%, 5/3/2021		3,892,000		3,932,659

2.60%, 2/7/2022		383,000		395,037

1.85%, 1/27/2023 (c)		9,380,000		9,697,475

2.95%, 1/29/2023		396,000		419,624

3.50%, 4/28/2023		818,000		886,817

(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (a)		5,401,000		5,598,215

2.20%, 8/16/2023		515,000		540,286

3.40%, 5/15/2024 (c)		1,240,000		1,369,453

3.25%, 9/11/2024 (c)		1,972,000		2,176,190

1.60%, 4/24/2025		19,650,000		20,494,450

Brookfield Asset Management, Inc. (Canada) 4.00%, 1/15/2025		4,046,000		4,463,503

Charles Schwab Corp. (The)

(ICE LIBOR USD 3 Month + 0.32%), 0.57%, 5/21/2021 (a)		11,272,000		11,292,662

3.23%, 9/1/2022		300,000		317,279

2.65%, 1/25/2023		3,499,000		3,684,669

4.20%, 3/24/2025		86,000		99,589

Credit Suisse AG (Switzerland)

2.80%, 4/8/2022		64,724,000		67,242,277

1.00%, 5/5/2023		31,313,000		31,776,020

Goldman Sachs Group, Inc. (The)

2.60%, 12/27/2020		19,729,000		19,867,643

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	153

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Capital Markets — continued

(ICE LIBOR USD 3 Month + 1.77%), 2.02%, 2/25/2021 (a)		13,319,000		13,426,903

(ICE LIBOR USD 3 Month + 1.36%), 1.60%, 4/23/2021 (a)		3,240,000		3,261,056

2.63%, 4/25/2021		1,673,000		1,695,014

5.25%, 7/27/2021		10,950,000		11,433,012

(ICE LIBOR USD 3 Month + 1.17%), 1.45%, 11/15/2021 (a)		11,881,000		11,905,735

5.75%, 1/24/2022		21,568,000		23,150,752

(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (a)		4,870,000		4,997,028

ING Bank NV (Netherlands)

2.75%, 3/22/2021 (b)		24,459,000		24,799,188

5.00%, 6/9/2021 (b)		15,208,000		15,759,257

Intercontinental Exchange, Inc.

2.35%, 9/15/2022 (c)		2,115,000		2,187,946

Macquarie Bank Ltd. (Australia)

2.85%, 1/15/2021 (b)		16,688,000		16,840,279

(ICE LIBOR USD 3 Month + 0.45%), 0.70%, 8/6/2021 (a) (b)		40,914,000		41,019,686

(ICE LIBOR USD 3 Month + 0.45%), 0.71%, 11/24/2021 (a) (b)		47,038,000		47,243,581

2.10%, 10/17/2022 (b)		4,920,000		5,091,484

2.30%, 1/22/2025 (b) (c)		8,275,000		8,813,424

Macquarie Group Ltd. (Australia)

6.25%, 1/14/2021 (b)		6,778,000		6,924,552

Moody’s Corp.

4.50%, 9/1/2022		2,048,000		2,195,989

3.75%, 3/24/2025		6,340,000		7,163,626

Morgan Stanley

5.75%, 1/25/2021		11,152,000		11,391,696

(ICE LIBOR USD 3 Month + 1.40%), 1.67%, 4/21/2021 (a)		11,354,000		11,452,464

2.50%, 4/21/2021		500,000		507,033

5.50%, 7/28/2021		7,295,000		7,629,528

2.63%, 11/17/2021		24,860,000		25,530,024

(ICE LIBOR USD 3 Month + 1.18%), 1.45%, 1/20/2022 (a)		5,320,000		5,341,403

2.75%, 5/19/2022		26,535,000		27,556,364

3.13%, 1/23/2023		18,075,000		19,164,044

Series F, 3.88%, 4/29/2024		1,805,000		2,007,317

3.70%, 10/23/2024		6,500,000		7,256,306

Nomura Holdings, Inc. (Japan)

2.65%, 1/16/2025		1,000,000		1,054,089

1.85%, 7/16/2025		22,000,000		22,415,003


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

State Street Corp.

1.95%, 5/19/2021		315,000		318,867

(SOFR + 2.69%), 2.82%, 3/30/2023 (a) (b)		15,059,000		15,604,926

(ICE LIBOR USD 3 Month + 0.77%), 3.78%, 12/3/2024 (a)		12,695,000		13,989,686

UBS AG (Switzerland) 1.75%, 4/21/2022 (b)		77,443,000		79,021,216

UBS Group AG (Switzerland)

(ICE LIBOR USD 3 Month + 1.78%), 2.05%, 4/14/2021 (a) (b)		1,400,000		1,414,732

3.00%, 4/15/2021 (b) (c)		54,932,000		55,849,792

(ICE LIBOR USD 3 Month + 1.53%), 1.78%, 2/1/2022 (a) (b)		15,805,000		16,096,247

3.49%, 5/23/2023 (b)		290,000		304,150

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 1.01%, 7/30/2024 (a) (b)		40,000,000		40,219,206


				803,282,646


Chemicals — 0.4%

Air Liquide Finance SA (France)

1.75%, 9/27/2021 (b)		20,860,000		21,155,605

Chevron Phillips Chemical Co. LLC

3.30%, 5/1/2023 (b)		4,703,000		4,990,139

DuPont de Nemours, Inc. (ICE LIBOR USD 3 Month + 0.71%), 0.99%, 11/15/2020 (a) (c)		7,099,000		7,107,755

Ecolab, Inc. 4.35%, 12/8/2021		4,200,000		4,411,752

Nutrien Ltd. (Canada) 1.90%, 5/13/2023 (c)		22,880,000		23,693,416

PPG Industries, Inc. 2.40%, 8/15/2024		270,000		287,352


				61,646,019


Consumer Finance — 4.0%

American Express Co.

(ICE LIBOR USD 3 Month + 0.33%), 0.60%, 10/30/2020 (a)		1,051,000		1,051,221

2.20%, 10/30/2020		47,469,000		47,536,650

3.00%, 2/22/2021		15,608,000		15,770,533

(ICE LIBOR USD 3 Month + 0.53%), 0.81%, 5/17/2021 (a)		7,803,000		7,827,441

3.38%, 5/17/2021		1,500,000		1,528,913

(ICE LIBOR USD 3 Month + 0.60%), 0.85%, 11/5/2021 (a)		12,004,000		12,071,235

SEE NOTES TO FINANCIAL STATEMENTS.



154	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Consumer Finance — continued

2.75%, 5/20/2022		117,000		121,442

2.50%, 8/1/2022		8,699,000		9,029,655

2.65%, 12/2/2022		885,000		928,932

3.40%, 2/27/2023 (c)		4,933,000		5,279,219

3.70%, 8/3/2023		3,130,000		3,409,229

3.40%, 2/22/2024		230,000		251,501

3.00%, 10/30/2024		2,500,000		2,725,372

American Express Credit Corp. (ICE LIBOR USD 3 Month + 0.70%), 1.04%, 3/3/2022 (a)		235,000		236,712

American Honda Finance Corp. 0.88%, 7/7/2023		37,111,000		37,450,118

Avolon Holdings Funding Ltd. (Ireland)

3.63%, 5/1/2022 (b)		26,415,000		25,565,653

Capital One Financial Corp.

3.45%, 4/30/2021		41,973,000		42,718,572

(ICE LIBOR USD 3 Month + 0.95%), 1.26%, 3/9/2022 (a)		8,214,000		8,280,007

2.60%, 5/11/2023		25,000,000		26,214,098

Caterpillar Financial Services Corp.

(ICE LIBOR USD 3 Month + 0.30%), 0.62%, 3/8/2021 (a)		40,629,000		40,681,536

(ICE LIBOR USD 3 Month + 0.23%), 0.54%, 3/15/2021 (a)		60,425,000		60,486,218

Series I, (ICE LIBOR USD 3 Month + 0.39%), 0.67%, 5/17/2021 (a)		402,000		403,059

(ICE LIBOR USD 3 Month + 0.28%), 0.60%, 9/7/2021 (a)		5,838,000		5,850,227

(ICE LIBOR USD 3 Month + 0.22%), 0.50%, 1/6/2022 (a)		1,730,000		1,732,597

0.95%, 5/13/2022 (c)		25,206,000		25,469,170

1.95%, 11/18/2022		7,500,000		7,755,186

2.55%, 11/29/2022		9,656,000		10,126,630

John Deere Capital Corp.

(ICE LIBOR USD 3 Month + 0.17%), 0.44%, 10/9/2020 (a)		455,000		455,101

(ICE LIBOR USD 3 Month + 0.16%), 0.44%, 1/8/2021 (a)		100,000		100,047

2.80%, 3/4/2021		6,778,000		6,862,749

(ICE LIBOR USD 3 Month + 0.26%), 0.57%, 9/10/2021 (a)		300,000		300,436

3.15%, 10/15/2021		7,600,000		7,851,420

3.20%, 1/10/2022		189,000		196,576

(ICE LIBOR USD 3 Month + 0.38%), 0.70%, 3/7/2022 (a)		145,000		145,517

2.75%, 3/15/2022		1,000,000		1,036,967

2.80%, 1/27/2023		573,000		605,404


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Consumer Finance — continued

PACCAR Financial Corp.

(ICE LIBOR USD 3 Month + 0.20%), 0.45%, 11/13/2020 (a)		11,340,000		11,343,862

(ICE LIBOR USD 3 Month + 0.26%), 0.50%, 5/10/2021 (a)		1,099,000		1,100,237

0.80%, 6/8/2023		7,324,000		7,417,338

0.35%, 8/11/2023		26,872,000		26,872,449

Toyota Motor Credit Corp.

(SOFR + 0.40%), 0.47%, 10/23/2020 (a)		27,217,000		27,225,643

(ICE LIBOR USD 3 Month + 0.13%), 0.38%, 8/13/2021 (a)		14,319,000		14,331,950

(ICE LIBOR USD 3 Month + 0.15%), 0.41%, 2/14/2022 (a)		30,437,000		30,451,082

0.45%, 7/22/2022 (c)		13,171,000		13,185,645


				549,983,549


Diversified Financial Services — 1.0%

AIG Global Funding

(ICE LIBOR USD 3 Month + 0.65%), 0.91%, 1/22/2021 (a) (b)		25,952,000		25,990,154

1.90%, 10/6/2021 (b)		11,007,000		11,195,395

2.70%, 12/15/2021 (b)		412,000		424,591

2.30%, 7/1/2022 (b)		2,125,000		2,190,327

0.80%, 7/7/2023 (b)		8,310,000		8,372,870

Berkshire Hathaway, Inc. 2.20%, 3/15/2021		1,898,000		1,915,168

CK Hutchison International 16 Ltd. (United Kingdom)

1.88%, 10/3/2021 (b)		38,819,000		39,182,928

CK Hutchison International 17 II Ltd. (United Kingdom)

2.25%, 9/29/2020 (b)		12,996,000		13,030,521

CK Hutchison International 17 Ltd. (United Kingdom)

2.88%, 4/5/2022 (b)		3,245,000		3,330,613

National Rural Utilities Cooperative Finance Corp.

2.30%, 9/15/2022		2,070,000		2,145,401

2.95%, 2/7/2024		887,000		952,877

ORIX Corp. (Japan) 2.90%, 7/18/2022		147,000		152,816

Siemens Financieringsmaatschappij NV (Germany)

1.70%, 9/15/2021 (b)		1,805,000		1,831,687

(ICE LIBOR USD 3 Month + 0.61%), 0.93%, 3/16/2022 (a) (b)		1,227,000		1,235,907

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	155

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Diversified Financial Services — continued

2.00%, 9/15/2023 (b)		10,000,000		10,446,019

3.13%, 3/16/2024 (b)		17,407,000		18,930,441


				141,327,715


Diversified Telecommunication Services — 0.3%

Telstra Corp. Ltd. (Australia)

4.80%, 10/12/2021 (b)		700,000		732,492

Verizon Communications, Inc.

3.45%, 3/15/2021		5,603,000		5,697,717

(ICE LIBOR USD 3 Month + 1.00%), 1.32%, 3/16/2022 (a)		28,319,000		28,728,933

3.38%, 2/15/2025 (c)		1,754,000		1,962,813


				37,121,955


Electric Utilities — 3.1%

American Electric Power Co., Inc. 2.15%, 11/13/2020		49,378,000		49,557,508

Appalachian Power Co. 4.60%, 3/30/2021		16,917,000		17,161,238

Duke Energy Corp.

(ICE LIBOR USD 3 Month + 0.50%), 0.76%, 5/14/2021 (a) (b)		17,301,000		17,352,170

3.55%, 9/15/2021		5,959,000		6,106,257

2.40%, 8/15/2022		1,279,000		1,324,928

3.75%, 4/15/2024		10,000,000		11,020,497

Duke Energy Progress LLC

Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.43%, 2/18/2022 (a)		15,373,000		15,376,121

Electricite de France SA (France)

2.35%, 10/13/2020 (b)		7,100,000		7,111,105

Entergy Corp. 0.90%, 9/15/2025		10,000,000		9,994,684

Eversource Energy

Series N, 3.80%, 12/1/2023		174,000		191,161

Exelon Corp.

5.15%, 12/1/2020		3,434,000		3,446,725

2.45%, 4/15/2021		7,911,000		8,001,378

Florida Power & Light Co.

(ICE LIBOR USD 3 Month + 0.38%), 0.64%, 7/28/2023 (a)		76,259,000		76,332,274

NextEra Energy Capital Holdings, Inc.

(ICE LIBOR USD 3 Month + 0.48%), 0.73%, 5/4/2021 (a) (c)		485,000		485,888

2.40%, 9/1/2021		25,763,000		26,307,676

(ICE LIBOR USD 3 Month + 0.72%), 0.97%, 2/25/2022 (a)		42,944,000		43,289,195

2.90%, 4/1/2022		4,780,000		4,966,144

2.75%, 5/1/2025		13,157,000		14,308,339


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electric Utilities — continued

PECO Energy Co. 1.70%, 9/15/2021		1,250,000		1,264,960

Pinnacle West Capital Corp. 1.30%, 6/15/2025		49,286,000		50,300,760

PPL Capital Funding, Inc. 3.95%, 3/15/2024		1,449,000		1,589,253

Progress Energy, Inc. 4.40%, 1/15/2021		1,601,000		1,609,063

Public Service Electric and Gas Co. 3.05%, 11/15/2024		6,000,000		6,515,054

Southern Co. (The) 2.35%, 7/1/2021		33,111,000		33,592,320

Tampa Electric Co. 5.40%, 5/15/2021		5,014,000		5,179,834

Wisconsin Electric Power Co. 2.95%, 9/15/2021		11,716,000		11,955,577

Xcel Energy, Inc. 2.40%, 3/15/2021		650,000		655,882


				424,995,991


Electrical Equipment — 0.0% (e)

ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		1,400,000		1,455,638

Eaton Corp. 2.75%, 11/2/2022		4,062,000		4,266,524


				5,722,162


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

ABB Treasury Center USA, Inc. (Switzerland) 4.00%, 6/15/2021 (b)		1,000,000		1,028,211


Energy Equipment & Services — 0.0% (e)

Schlumberger Investment SA 3.30%, 9/14/2021 (b)		7,324,000		7,467,279


Entertainment — 0.6%

TWDC Enterprises 18 Corp.

2.30%, 2/12/2021 (c)		5,436,000		5,484,689

3.75%, 6/1/2021		1,475,000		1,514,058

2.75%, 8/16/2021		484,000		495,432

2.55%, 2/15/2022		3,453,000		3,563,609

2.35%, 12/1/2022 (c)		5,400,000		5,631,812

Walt Disney Co. (The)

(ICE LIBOR USD 3 Month + 0.25%), 0.60%, 9/1/2021 (a)		6,678,000		6,689,715

1.65%, 9/1/2022		19,999,000		20,499,168

3.00%, 9/15/2022		5,500,000		5,788,761

1.75%, 8/30/2024 (c)		8,582,000		8,935,109

3.35%, 3/24/2025		18,710,000		20,889,789


				79,492,142

SEE NOTES TO FINANCIAL STATEMENTS.



156	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Equity Real Estate Investment Trusts (REITs) — 0.5%

Scentre Group Trust 1 (Australia) 2.38%, 4/28/2021 (b)		7,774,000		7,823,691

WEA Finance LLC (France) 3.25%, 10/5/2020 (b)		66,249,000		66,298,119


				74,121,810


Food Products — 0.8%

Archer-Daniels-Midland Co. 2.75%, 3/27/2025		8,910,000		9,703,126

Cargill, Inc.

3.05%, 4/19/2021 (b)		3,285,000		3,345,876

4.31%, 5/14/2021 (b)		2,700,000		2,768,092

3.30%, 3/1/2022 (b)		3,075,000		3,182,995

1.38%, 7/23/2023 (b) (c)		18,124,000		18,552,815

General Mills, Inc.

(ICE LIBOR USD 3 Month + 0.54%), 0.81%, 4/16/2021 (a)		18,608,000		18,656,537

3.20%, 4/16/2021		7,098,000		7,241,555

Mondelez International Holdings Netherlands BV

2.13%, 9/19/2022 (b)		18,605,000		19,213,217

2.25%, 9/19/2024 (b)		3,916,000		4,139,228

Mondelez International, Inc.

0.63%, 7/1/2022 (c)		7,039,000		7,071,073

1.50%, 5/4/2025		14,732,000		15,250,773

Nestle Holdings, Inc. 3.10%, 9/24/2021 (b)		451,000		463,169

Unilever Capital Corp. (United Kingdom)

1.38%, 7/28/2021		347,000		350,456

3.00%, 3/7/2022		1,541,000		1,605,040


				111,543,952


Gas Utilities — 0.0% (e)

Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		1,385,000		1,388,975


Health Care Equipment & Supplies — 0.1%

Abbott Laboratories 2.55%, 3/15/2022		143,000		147,900

Covidien International Finance SA 2.95%, 6/15/2023 (c)		4,800,000		5,103,716

DH Europe Finance II SARL

2.05%, 11/15/2022		1,000,000		1,034,132

2.20%, 11/15/2024		7,713,000		8,175,289

Medtronic, Inc. 3.63%, 3/15/2024		570,000		626,654

Zimmer Biomet Holdings, Inc.

(ICE LIBOR USD 3 Month + 0.75%), 1.07%, 3/19/2021 (a)		1,510,000		1,510,380


				16,598,071


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Providers & Services — 1.0%

Cigna Corp. 3.20%, 9/17/2020		40,318,000		40,367,085

(ICE LIBOR USD 3 Month + 0.65%), 0.95%, 9/17/2021 (a)		1,510,000		1,510,334

CVS Health Corp.

(ICE LIBOR USD 3 Month + 0.72%), 1.03%, 3/9/2021 (a)		1,858,000		1,864,105

3.35%, 3/9/2021		26,406,000		26,820,862

2.13%, 6/1/2021		8,193,000		8,296,024

4.10%, 3/25/2025		2,754,000		3,140,555

Express Scripts Holding Co.

(ICE LIBOR USD 3 Month + 0.75%), 1.01%, 11/30/2020 (a)		3,400,000		3,400,725

2.60%, 11/30/2020		18,314,000		18,415,574

Laboratory Corp. of America Holdings

2.30%, 12/1/2024		23,704,000		25,196,792

McKesson Corp. 3.65%, 11/30/2020		1,560,000		1,572,445

UnitedHealth Group, Inc.

3.38%, 11/15/2021		1,051,000		1,081,277

2.88%, 12/15/2021		1,265,000		1,306,788

2.88%, 3/15/2022		6,495,000		6,712,771

3.35%, 7/15/2022 (c)		2,251,000		2,376,629


				142,061,966


Hotels, Restaurants & Leisure — 0.1%

Starbucks Corp. 1.30%, 5/7/2022 (c)		10,231,000		10,391,703


Household Products — 0.3%

Church & Dwight Co., Inc. 2.45%, 8/1/2022		5,800,000		5,996,883

Kimberly-Clark Corp. 3.88%, 3/1/2021		247,000		251,419

Reckitt Benckiser Treasury Services plc (United Kingdom)

2.38%, 6/24/2022 (b)		30,205,000		31,208,708


				37,457,010


Industrial Conglomerates — 0.9%

3M Co.

1.75%, 2/14/2023		205,000		211,794

2.25%, 3/15/2023		5,202,000		5,445,194

2.65%, 4/15/2025		16,333,000		17,781,518

Honeywell International, Inc.

2.15%, 8/8/2022		3,051,000		3,153,348

0.48%, 8/19/2022		75,000,000		75,168,834

1.35%, 6/1/2025		10,000,000		10,297,673

Ingersoll-Rand Global Holding Co. Ltd.

2.90%, 2/21/2021		2,150,000		2,176,757

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	157

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Industrial Conglomerates — continued

Roper Technologies, Inc. 0.45%, 8/15/2022		5,216,000		5,218,231


				119,453,349


Insurance — 6.9%

AIA Group Ltd. (Hong Kong)

(ICE LIBOR USD 3 Month + 0.52%), 0.83%, 9/20/2021 (a) (b)		10,683,000		10,618,401

American International Group, Inc.

6.40%, 12/15/2020		5,739,000		5,836,443

3.30%, 3/1/2021		19,967,000		20,210,311

4.88%, 6/1/2022 (c)		291,000		313,065

2.50%, 6/30/2025		20,400,000		21,813,958

Athene Global Funding 4.00%, 1/25/2022 (b)		21,796,000		22,730,670

Chubb INA Holdings, Inc.

2.30%, 11/3/2020		77,000		77,138

3.35%, 5/15/2024		8,600,000		9,460,166

3.15%, 3/15/2025		9,215,000		10,266,957

Guardian Life Global Funding

2.00%, 4/26/2021 (b)		800,000		809,005

2.50%, 5/8/2022 (b)		5,994,000		6,208,247

3.40%, 4/25/2023 (b)		500,000		538,357

Jackson National Life Global Funding

(ICE LIBOR USD 3 Month + 0.30%), 0.57%, 10/15/2020 (a) (b)		32,768,000		32,777,830

2.60%, 12/9/2020 (b)		3,319,000		3,339,512

(ICE LIBOR USD 3 Month + 0.31%), 0.63%, 3/16/2021 (a) (b)		40,046,000		40,093,901

2.25%, 4/29/2021 (b)		23,984,000		24,293,208

(ICE LIBOR USD 3 Month + 0.48%), 0.79%, 6/11/2021 (a) (b)		837,000		839,512

3.30%, 2/1/2022 (b)		4,970,000		5,165,945

2.50%, 6/27/2022 (b)		2,091,000		2,166,440

2.38%, 9/15/2022 (b)		900,000		928,936

(SOFR + 0.60%), 0.67%, 1/6/2023 (a) (b)		19,908,000		19,893,914

3.25%, 1/30/2024 (b)		46,148,000		49,733,803

3.88%, 6/11/2025 (b)		6,953,000		7,836,476

Marsh & McLennan Cos., Inc.

3.50%, 12/29/2020		135,000		136,417

(ICE LIBOR USD 3 Month + 1.20%), 1.51%, 12/29/2021 (a)		1,000,000		1,000,770

MassMutual Global Funding II

2.00%, 4/15/2021 (b)		200,000		202,212

0.85%, 6/9/2023 (b)		49,446,000		50,030,712

0.48%, 8/28/2023 (b)		56,050,000		56,008,869

2.75%, 6/22/2024 (b)		3,350,000		3,605,444


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — continued

Met Tower Global Funding 0.55%, 7/13/2022 (b)		35,928,000		35,972,026

Metropolitan Life Global Funding I

(ICE LIBOR USD 3 Month + 0.23%), 0.51%, 1/8/2021 (a) (b)		18,947,000		18,959,977

2.40%, 1/8/2021 (b)		21,905,000		22,068,485

(SOFR + 0.50%), 0.57%, 5/28/2021 (a) (b)		1,460,000		1,462,713

1.95%, 9/15/2021 (b)		7,177,000		7,302,850

3.45%, 10/9/2021 (b)		7,975,000		8,250,620

3.38%, 1/11/2022 (b)		850,000		885,028

3.00%, 1/10/2023 (b)		243,000		257,485

0.90%, 6/8/2023 (b)		16,933,000		17,141,999

0.45%, 9/1/2023 (b)		40,993,000		40,878,308

New York Life Global Funding

2.95%, 1/28/2021 (b)		430,000		434,680

2.00%, 4/13/2021 (b)		450,000		454,717

(ICE LIBOR USD 3 Month + 0.32%), 0.57%, 8/6/2021 (a) (b)		2,417,000		2,424,083

3.25%, 8/6/2021 (b)		335,000		344,331

(ICE LIBOR USD 3 Month + 0.28%), 0.55%, 1/21/2022 (a) (b)		19,500,000		19,549,277

2.30%, 6/10/2022 (b)		1,650,000		1,709,008

0.40%, 9/20/2022 (b)		52,840,000		53,019,526

1.10%, 5/5/2023 (b) (c)		15,873,000		16,176,469

0.95%, 6/24/2025 (b)		35,855,000		36,277,216

Pricoa Global Funding I

2.55%, 11/24/2020 (b)		600,000		602,600

2.20%, 6/3/2021 (b)		6,025,000		6,109,982

Principal Life Global Funding II

2.63%, 11/19/2020 (b)		294,000		295,466

(ICE LIBOR USD 3 Month + 0.33%), 0.67%, 3/2/2021 (a) (b)		9,572,000		9,580,931

(ICE LIBOR USD 3 Month + 0.40%), 0.70%, 10/6/2021 (a) (b)		40,392,000		40,391,987

2.38%, 11/21/2021 (b)		485,000		496,595

1.25%, 5/11/2023 (b)		84,951,000		85,064,429

Protective Life Global Funding

2.16%, 9/25/2020 (b)		2,458,000		2,461,044

2.70%, 11/25/2020 (b)		7,952,000		7,997,998

(ICE LIBOR USD 3 Month + 0.52%), 0.83%, 6/28/2021 (a) (b)		6,490,000		6,513,722

3.40%, 6/28/2021 (b)		15,246,000		15,670,158

1.08%, 6/9/2023 (b) (c)		20,009,000		20,294,762

1.17%, 7/15/2025 (b)		20,000,000		20,147,562

SEE NOTES TO FINANCIAL STATEMENTS.



158	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Insurance — continued

Prudential Financial, Inc. 4.50%, 11/15/2020		725,000		731,352

Reliance Standard Life Global Funding II

3.05%, 1/20/2021 (b)		9,470,000		9,538,423

2.15%, 1/21/2023 (b)		9,976,000		10,235,438

Suncorp-Metway Ltd. (Australia)

2.38%, 11/9/2020 (b)		2,866,000		2,877,036

2.80%, 5/4/2022 (b) (c)		145,000		150,342

Swiss Re Treasury U.S. Corp. (Switzerland)

2.88%, 12/6/2022 (b)		35,796,000		36,797,156


				966,462,400


Internet & Direct Marketing Retail — 0.2%

Alibaba Group Holding Ltd. (China)

3.13%, 11/28/2021		2,039,000		2,091,667

Amazon.com, Inc. 0.40%, 6/3/2023		25,518,000		25,607,041


				27,698,708


IT Services — 0.7%

IBM Credit LLC

(ICE LIBOR USD 3 Month + 0.47%), 0.73%, 11/30/2020 (a)		515,000		515,623

(ICE LIBOR USD 3 Month + 0.26%), 0.53%, 1/20/2021 (a) (c)		2,440,000		2,442,654

1.80%, 1/20/2021		103,000		103,634

(ICE LIBOR USD 3 Month + 0.16%), 0.41%, 2/5/2021 (a) (c)		650,000		650,433

3.60%, 11/30/2021 (c)		300,000		312,571

2.20%, 9/8/2022		9,193,000		9,560,979

International Business Machines Corp.

(ICE LIBOR USD 3 Month + 0.40%), 0.65%, 5/13/2021 (a)		37,803,000		37,906,962

2.85%, 5/13/2022		37,561,000		39,166,287

1.88%, 8/1/2022		1,775,000		1,829,822

2.88%, 11/9/2022		2,215,000		2,338,645

3.63%, 2/12/2024		1,140,000		1,257,473

3.00%, 5/15/2024		2,320,000		2,521,991


				98,607,074


Life Sciences Tools & Services — 0.2%

Thermo Fisher Scientific, Inc. 4.13%, 3/25/2025 (c)		30,709,000		35,236,659


Machinery — 0.2%

Caterpillar, Inc. 3.90%, 5/27/2021		2,746,000		2,819,301


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Machinery — continued

Otis Worldwide Corp.

(ICE LIBOR USD 3 Month + 0.45%), 0.75%, 4/5/2023 (a) (b)		15,000,000		14,990,323

Stanley Black & Decker, Inc. 2.90%, 11/1/2022		3,975,000		4,189,612


				21,999,236


Media — 0.7%

Comcast Corp.

(ICE LIBOR USD 3 Month + 0.33%), 0.63%, 10/1/2020 (a)		13,984,000		13,988,626

2.75%, 3/1/2023		6,327,000		6,691,522

3.00%, 2/1/2024		601,000		649,575

3.60%, 3/1/2024 (c)		5,000,000		5,543,486

3.38%, 2/15/2025		3,000,000		3,343,873

3.10%, 4/1/2025 (c)		1,130,000		1,252,748

Omnicom Group, Inc.

3.63%, 5/1/2022		9,683,000		10,171,094

ViacomCBS, Inc. 3.88%, 4/1/2024		50,000,000		54,573,604


				96,214,528


Metals & Mining — 0.2%

Newmont Corp. 3.63%, 6/9/2021		16,929,000		17,240,745

Nucor Corp. 2.00%, 6/1/2025		10,000,000		10,489,537


				27,730,282


Multi-Utilities — 0.6%

Berkshire Hathaway Energy Co.

2.38%, 1/15/2021		312,000		314,330

3.75%, 11/15/2023		2,000,000		2,197,051

3.50%, 2/1/2025		1,555,000		1,730,008

CenterPoint Energy, Inc. 3.60%, 11/1/2021		9,921,000		10,275,000

Consolidated Edison Co. of New York, Inc. Series C, (ICE LIBOR USD 3 Month + 0.40%), 0.70%, 6/25/2021 (a)		2,631,000		2,638,400

Dominion Energy, Inc. 2.72%, 8/15/2021 (d)		20,166,000		20,581,824

Integrys Holding, Inc. 4.17%, 11/1/2020		6,785,000		6,824,226

NiSource, Inc. 0.95%, 8/15/2025		24,700,000		24,761,874

Public Service Enterprise Group, Inc.

2.88%, 6/15/2024 (c)		250,000		269,948

Sempra Energy

2.85%, 11/15/2020		545,000		546,509

(ICE LIBOR USD 3 Month + 0.50%), 0.78%, 1/15/2021 (a)		2,867,000		2,868,080

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	159

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Multi-Utilities — continued

(ICE LIBOR USD 3 Month + 0.45%), 0.76%, 3/15/2021 (a)		4,488,000		4,494,741


				77,501,991


Oil, Gas & Consumable Fuels — 2.5%

BG Energy Capital plc (United Kingdom) 4.00%, 12/9/2020 (b)		6,673,000		6,742,922

BP Capital Markets America, Inc.

4.50%, 10/1/2020		4,183,000		4,196,984

4.74%, 3/11/2021		7,072,000		7,239,310

Chevron Corp. 1.55%, 5/11/2025		19,663,000		20,456,403

Chevron USA, Inc.

0.33%, 8/12/2022 (c)		16,407,000		16,432,264

0.43%, 8/11/2023		20,348,000		20,402,787

0.69%, 8/12/2025 (c)		19,075,000		19,084,885

Enbridge Energy Partners LP 4.20%, 9/15/2021		2,363,000		2,432,713

Enterprise Products Operating LLC

5.20%, 9/1/2020		23,600,000		23,600,000

2.80%, 2/15/2021		2,554,000		2,582,192

EOG Resources, Inc. 4.10%, 2/1/2021		1,630,000		1,654,310

Equinor ASA (Norway)

2.90%, 11/8/2020		3,070,000		3,085,262

2.45%, 1/17/2023		1,130,000		1,183,685

2.88%, 4/6/2025		3,649,000		4,000,997

Exxon Mobil Corp.

1.90%, 8/16/2022 (c)		10,747,000		11,099,705

1.57%, 4/15/2023 (c)		48,100,000		49,596,009

Marathon Petroleum Corp.

3.40%, 12/15/2020		16,241,000		16,336,484

5.13%, 3/1/2021		2,704,000		2,766,552

MPLX LP (ICE LIBOR USD 3 Month + 0.90%), 1.21%, 9/9/2021 (a) (c)		12,857,000		12,856,559

Phillips 66

(ICE LIBOR USD 3 Month + 0.60%), 0.83%, 2/26/2021 (a)		1,115,000		1,114,287

3.85%, 4/9/2025		25,000,000		27,949,828

Spectra Energy Partners LP 4.60%, 6/15/2021		2,700,000		2,758,013

Suncor Energy, Inc. (Canada) 3.60%, 12/1/2024		17,000,000		18,739,281

Total Capital International SA (France)

2.22%, 7/12/2021		16,284,000		16,521,983


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

TransCanada PipeLines Ltd. (Canada)

3.80%, 10/1/2020		28,655,000		28,733,185

9.88%, 1/1/2021		911,000		938,793

3.75%, 10/16/2023		25,013,000		27,290,369


				349,795,762


Personal Products — 0.0% (e)

Estee Lauder Cos., Inc. (The) 1.70%, 5/10/2021		300,000		302,599


Pharmaceuticals — 1.1%

Bristol-Myers Squibb Co.

3.95%, 10/15/2020		460,000		461,863

(ICE LIBOR USD 3 Month + 0.20%), 0.48%, 11/16/2020 (a)		13,848,000		13,851,746

2.88%, 2/19/2021		3,029,000		3,066,269

2.55%, 5/14/2021		3,968,000		4,030,989

2.25%, 8/15/2021		1,530,000		1,559,910

2.60%, 5/16/2022		6,770,000		7,036,884

3.55%, 8/15/2022		503,000		534,269

2.90%, 7/26/2024		3,960,000		4,314,881

GlaxoSmithKline Capital plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.35%), 0.61%, 5/14/2021 (a)		3,393,000		3,400,045

3.13%, 5/14/2021		11,586,000		11,824,627

2.85%, 5/8/2022		15,098,000		15,734,948

2.88%, 6/1/2022		4,285,000		4,468,395

3.00%, 6/1/2024		3,275,000		3,557,051

GlaxoSmithKline Capital, Inc. (United Kingdom) 3.38%, 5/15/2023 (c)		3,185,000		3,441,123

Novartis Capital Corp. (Switzerland)

1.75%, 2/14/2025		16,514,000		17,301,466

Pfizer, Inc.

1.95%, 6/3/2021		374,000		379,043

3.00%, 9/15/2021		221,000		227,206

2.80%, 3/11/2022		247,000		256,419

2.95%, 3/15/2024		1,450,000		1,573,311

3.40%, 5/15/2024		2,257,000		2,492,249

Sanofi (France) 4.00%, 3/29/2021		1,014,000		1,035,541

Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021		11,998,000		12,239,241

Upjohn, Inc. 1.13%, 6/22/2022 (b)		17,844,000		18,004,461

Zoetis, Inc.

3.45%, 11/13/2020		5,772,000		5,791,949

SEE NOTES TO FINANCIAL STATEMENTS.



160	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Pharmaceuticals — continued

(ICE LIBOR USD 3 Month + 0.44%), 0.69%, 8/20/2021 (a)		22,902,000		22,949,115


				159,533,001


Road & Rail — 0.2%

ERAC USA Finance LLC

5.25%, 10/1/2020 (b)		1,125,000		1,128,849

4.50%, 8/16/2021 (b)		250,000		258,861

2.60%, 12/1/2021 (b) (c)		2,225,000		2,266,365

Penske Truck Leasing Co. LP

3.30%, 4/1/2021 (b) (c)		2,160,000		2,189,974

3.65%, 7/29/2021 (b)		15,088,000		15,481,686

Ryder System, Inc. 2.88%, 6/1/2022		6,291,000		6,531,496


				27,857,231


Semiconductors & Semiconductor Equipment — 0.2%

Analog Devices, Inc.

2.95%, 1/12/2021		21,700,000		21,908,904

2.50%, 12/5/2021		3,000,000		3,072,253

Intel Corp.

1.70%, 5/19/2021		1,426,000		1,439,815

3.30%, 10/1/2021		1,011,000		1,044,260


				27,465,232


Software — 0.6%

Oracle Corp.

1.90%, 9/15/2021		2,136,000		2,169,557

2.50%, 5/15/2022		6,980,000		7,215,710

2.50%, 10/15/2022		12,679,000		13,249,416

2.40%, 9/15/2023		1,799,000		1,901,334

2.95%, 11/15/2024		2,249,000		2,455,063

2.50%, 4/1/2025		50,000,000		53,899,079


				80,890,159


Technology Hardware, Storage & Peripherals — 0.5%

Apple, Inc.

2.00%, 11/13/2020 (c)		245,000		245,894

2.85%, 5/6/2021		6,679,000		6,802,358

1.55%, 8/4/2021		400,000		404,540

1.70%, 9/11/2022		21,091,000		21,718,159

0.75%, 5/11/2023 (c)		17,165,000		17,363,895

3.45%, 5/6/2024		1,739,000		1,925,081

2.85%, 5/11/2024		1,205,000		1,304,333

1.80%, 9/11/2024 (c)		9,030,000		9,493,396

2.75%, 1/13/2025		3,000,000		3,274,194

2.50%, 2/9/2025		2,530,000		2,742,614


				65,274,464


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Thrifts & Mortgage Finance — 1.8%

BPCE SA (France)

2.65%, 2/3/2021		10,768,000		10,880,988

2.75%, 12/2/2021		10,782,000		11,099,225

(ICE LIBOR USD 3 Month + 0.30%), 0.57%, 1/14/2022 (a) (b)		75,926,000		76,010,356

(SOFR + 0.44%), 0.51%, 2/17/2022 (a) (b)		53,697,000		53,570,515

3.00%, 5/22/2022 (b)		11,561,000		12,010,804

2.75%, 1/11/2023 (b)		5,000,000		5,252,663

Nationwide Building Society (United Kingdom)

2.45%, 7/27/2021 (b)		6,750,000		6,872,114

2.00%, 1/27/2023 (b)		55,589,000		57,490,595

1.00%, 8/28/2025 (b)		19,718,000		19,718,986


				252,906,246


Tobacco — 0.8%

Altria Group, Inc.

4.75%, 5/5/2021		53,175,000		54,781,731

3.49%, 2/14/2022		8,640,000		9,012,338

Philip Morris International, Inc.

1.88%, 2/25/2021		2,069,000		2,083,178

4.13%, 5/17/2021		1,060,000		1,087,386

2.38%, 8/17/2022		11,000,000		11,403,341

2.50%, 8/22/2022		160,000		166,936

2.50%, 11/2/2022		2,620,000		2,734,232

1.13%, 5/1/2023		11,985,000		12,200,197

2.88%, 5/1/2024		3,425,000		3,695,103

Reynolds American, Inc. (United Kingdom) 4.00%, 6/12/2022		8,983,000		9,518,387


				106,682,829


Trading Companies & Distributors — 0.3%

Aviation Capital Group LLC

(ICE LIBOR USD 3 Month + 0.95%), 1.30%, 6/1/2021 (a) (b)		15,273,000		14,879,872

(ICE LIBOR USD 3 Month + 0.67%), 0.94%, 7/30/2021 (a) (b)		6,254,000		6,054,285

2.88%, 1/20/2022 (b)		2,986,000		2,967,624

BOC Aviation Ltd. (Singapore)

(ICE LIBOR USD 3 Month + 1.05%), 1.30%, 5/2/2021 (a) (b)		5,737,000		5,715,486

2.38%, 9/15/2021 (b)		6,200,000		6,242,625


				35,859,892

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	161

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Wireless Telecommunication Services — 0.6%

Rogers Communications, Inc. (Canada)

(ICE LIBOR USD 3 Month + 0.60%), 0.91%, 3/22/2022 (a)		66,444,000		66,885,653

3.00%, 3/15/2023		1,586,000		1,677,337

Vodafone Group plc (United Kingdom)

3.75%, 1/16/2024		12,160,000		13,328,499


				81,891,489


Total Corporate Bonds (Cost $10,271,432,476)				10,395,475,227

Asset-Backed Securities — 4.7%

AIMCO CLO (Cayman Islands) Series 2015-AA, Class AR, 1.13%, 1/15/2028 (b) (f)		9,504,647		9,450,433

Allegro CLO II-S Ltd. (Cayman Islands) Series 2014-1RA, Class X, 0.92%, 10/21/2028 (b) (f)		200,000		200,000

Apidos CLO (Cayman Islands) Series 2015-21A, Class A1R, 1.20%, 7/18/2027 (b) (f)		20,100,000		19,930,838

Avery Point CLO Ltd. (Cayman Islands) Series 2015-6A, Class AR, 1.30%, 8/5/2027 (b) (f)		47,444,963		47,195,118

Barings CLO Ltd. (Cayman Islands) Series 2013-IA, Class AR, 1.07%, 1/20/2028 (b) (f)		33,817,476		33,467,533

Benefit Street Partners CLO Ltd. (Cayman Islands) Series 2013-IIA, Class X, 1.98%, 7/15/2029 ‡ (b) (f)		68,750		68,664

BlueMountain CLO Ltd. (Cayman Islands)

Series 2012-2A, Class AR2, 1.30%, 11/20/2028 (b) (f)		7,310,000		7,251,520

Series 2013-1A, Class A1R2, 1.50%, 1/20/2029 (b) (f)		2,969,895		2,962,105

Series 2014-2A, Class X, 0.87%, 10/20/2030 (b) (f)		426,954		426,954

Series 2016-3A, Class X, 0.90%, 11/15/2030 (b) (f)		664,886		664,853

Carlyle Global Market Strategies CLO Ltd. Series 2012-4A, Class XRR, 1.01%, 4/22/2032 (b) (f)		644,434		644,401

CIFC Funding Ltd. (Cayman Islands)

Series 2012-2RA, Class A1, 1.07%, 1/20/2028 (b) (f)		4,886,184		4,822,649

Series 2017-5A, Class A1, 1.45%, 11/16/2030 (b) (f)		33,500,000		33,266,806

Clear Creek CLO (Cayman Islands) Series 2015-1A, Class X, 1.27%, 10/20/2030 ‡ (b) (f)		85,938		85,830


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Cloud Pass-Through Trust Series 2019-1A, Class CLOU, 3.55%, 12/5/2022 (b) (f)		17,200,199		17,446,599

Columbia Cent CLO Ltd. (Cayman Islands) Series 2018-27A, Class X, 0.94%, 10/25/2028 (b) (f)		358,331		358,331

Dell Equipment Finance Trust Series 2019-1, Class A2, 2.78%, 8/23/2021 (b)		9,585,535		9,632,069

Dorchester Park CLO DAC Series 2015-1A, Class AR, 1.17%, 4/20/2028 (b) (f)		8,529,008		8,457,603

Drive Auto Receivables Trust Series 2019-2, Class A3, 3.04%, 3/15/2023		8,539,292		8,563,215

Dryden Senior Loan Fund (Cayman Islands)

Series 2013-30A, Class AR, 1.10%, 11/15/2028 (b) (f)		7,000,000		6,918,324

Series 2014-36A, Class XR2, 0.92%, 4/15/2029 ‡ (b) (f)		600,000		600,048

Ford Credit Auto Owner Trust Series 2016-1, Class A, 2.31%, 8/15/2027 (b)		6,444,000		6,492,987

GT Loan Financing I Ltd. (Cayman Islands) Series 2013-1A, Class XR, 0.90%, 7/28/2031 (b) (f)		214,284		214,284

KKR CLO Ltd. (Cayman Islands)

Series 13, Class A1R, 1.07%, 1/16/2028 (b) (f)		11,440,839		11,305,494

Series 17, Class A, 1.62%, 4/15/2029 (b) (f)		3,000,000		2,985,207

KREF Ltd. Series 2018-FL1, Class A, 1.26%, 6/15/2036 (b) (f)		5,000,000		4,937,500

LCM XVII LP (Cayman Islands) Series 17A, Class XR, 0.88%, 10/15/2031 (b) (f)		540,000		540,000

LCM XX LP (Cayman Islands) Series 20A, Class AR, 1.31%, 10/20/2027 (b) (f)		23,602,000		23,447,879

Magnetite Ltd. (Cayman Islands)

Series 2016-18A, Class AR, 1.36%, 11/15/2028 (b) (f)		3,800,000		3,768,487

Series 2020-27A, Class A1, 1.80%, 7/20/2033 (b) (f)		22,058,000		22,058,000

Neuberger Berman CLO Ltd. (Cayman Islands)

Series 2015-19A, Class A1R2, 1.08%, 7/15/2027 (b) (f)		3,858,523		3,813,540

SEE NOTES TO FINANCIAL STATEMENTS.



162	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Series 2017-16SA, Class A, 1.13%, 1/15/2028 (b) (f)		34,088,169		33,746,196

Series 2013-14A, Class AR2, 1.28%, 1/28/2030 (b) (f)		8,825,000		8,692,502

Newark BSL CLO 2 Ltd. (Cayman Islands) Series 2017-1A, Class A1, 1.51%, 7/25/2030 (b) (f)		2,000,000		1,992,138

Newark BSL CLO Ltd. (Cayman Islands) Series 2016-1A, Class A1R, 1.34%, 12/21/2029 (b) (f)		2,500,000		2,485,890

Oak Hill Credit Partners Ltd. (Cayman Islands) Series 2014-10RA, Class X, 0.90%, 12/12/2030 (b) (f)		1,037,500		1,037,500

OCP CLO Ltd. (Cayman Islands)

Series 2015-8A, Class A1R, 1.12%, 4/17/2027 (b) (f)		13,301,878		13,225,844

Series 2015-9A, Class A1R, 1.08%, 7/15/2027 (b) (f)		26,232,718		26,135,604

Series 2016-12A, Class A1R, 1.39%, 10/18/2028 (b) (f)		1,000,000		992,775

Octagon Investment Partners 25 Ltd. (Cayman Islands) Series 2015-1A, Class AR, 1.07%, 10/20/2026 (b) (f)		16,322,773		16,202,866

Octagon Investment Partners 35 Ltd. (Cayman Islands) Series 2018-1A, Class A1A, 1.33%, 1/20/2031 (b) (f)		35,000,000		34,658,820

OHA Credit Funding Ltd. (Cayman Islands) Series 2018-1A, Class X, 0.92%, 10/20/2030 (b) (f)		333,333		333,333

Palmer Square Loan Funding Ltd. (Cayman Islands)

Series 2019-2A, Class A1, 1.24%, 4/20/2027 (b) (f)		10,036,802		9,946,592

Series 2019-4A, Class A1, 1.16%, 10/24/2027 (b) (f)		29,242,246		28,897,392

Series 2020-1A, Class A1, 1.05%, 2/20/2028 (b) (f)		10,574,550		10,513,461

Series 2020-2A, Class A1, 1.27%, 4/20/2028 (b) (f)		14,745,417		14,615,598

Shackleton CLO Ltd. (Cayman Islands)

Series 2015-8A, Class A1R, 1.19%, 10/20/2027 (b) (f)		18,465,544		18,307,608

Series 2015-8A, Class A2R, 1.19%, 10/20/2027 (b) (f)		8,205,241		8,135,062

Stratus CLO Ltd. (Cayman Islands) Series 2020-2A, Class A, 1.57%, 10/15/2028 (b) (f)		46,000,000		46,000,000

Symphony CLO Ltd. (Cayman Islands)

Series 2014-14A, Class AR, 1.22%, 7/14/2026 (b) (f)		33,348,309		33,095,529

Series 2018-20A, Class X, 1.27%, 1/16/2032 (b) (f)		1,750,000		1,750,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2014-15A, Class XR2, 0.97%, 1/17/2032 (b) (f)		2,666,667		2,666,667

THL Credit Wind River CLO Ltd. (Cayman Islands) Series 2012-1A, Class AR2, 1.15%, 1/15/2026 (b) (f)		5,614,979		5,593,339

Treman Park CLO Ltd. (Cayman Islands) Series 2015-1A, Class ARR, 1.34%, 10/20/2028 (b) (f)		10,000,000		9,937,480

Verizon Owner Trust

Series 2017-3A, Class A1B, 0.43%, 4/20/2022 (b) (f)		68,644		68,665

Series 2017-3A, Class A1A, 2.06%, 4/20/2022 (b)		5,363,403		5,375,927

Series 2018-1A, Class A1A, 2.82%, 9/20/2022 (b)		22,505,198		22,680,230

Volvo Financial Equipment LLC Series 2019-1A, Class A2, 2.90%, 11/15/2021 (b)		1,677,031		1,683,438

Voya CLO Ltd. (Cayman Islands) Series 2014-3A, Class A1R, 0.96%, 7/25/2026 (b) (f)		1,284,563		1,278,189

Westlake Automobile Receivables Trust Series 2019-1A, Class A2A, 3.06%, 5/16/2022 (b)		1,666,823		1,673,166


Total Asset-Backed Securities (Cost $654,261,357)				653,699,082

Commercial Mortgage-Backed Securities — 1.0%

Benchmark Mortgage Trust

Series 2018-B3, Class A2, 3.85%, 4/10/2051		5,500,000		5,843,463

Series 2018-B5, Class A2, 4.08%, 7/15/2051		5,000,000		5,372,036

BX Commercial Mortgage Trust Series 2020-BXLP, Class A, 0.96%, 12/15/2036 (b) (f)		22,968,977		22,890,014

BXMT Ltd. Series 2017-FL1, Class A, 1.03%, 6/15/2035 (b) (f)		460,289		457,412

CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class A, 0.95%, 7/15/2032 (b) (f)		822,189		820,131

Citigroup Commercial Mortgage Trust Series 2018-B2, Class A2, 3.79%, 3/10/2051		6,000,000		6,296,588

Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class A, 1.14%, 5/15/2036 (b) (f)		28,000,000		28,051,439

CSAIL Commercial Mortgage Trust Series 2017-CX9, Class A2, 3.05%, 9/15/2050		2,500,000		2,580,690

DBGS Mortgage Trust Series 2018-BIOD, Class A, 0.96%, 5/15/2035 (b) (f)		26,753,605		26,652,832

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	163

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

GS Mortgage Securities Trust Series 2017-GS5, Class A2, 3.22%, 3/10/2050		1,750,000		1,775,104

KNDL Mortgage Trust Series 2019-KNSQ, Class A, 0.96%, 5/15/2036 (b) (f)		5,600,000		5,582,441

Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C8, Class A3, 2.86%, 12/15/2048		7,730,939		7,989,680

Morgan Stanley Capital I Trust Series 2018-H3, Class A2, 4.00%, 7/15/2051		6,250,000		6,683,373

UBS Commercial Mortgage Trust

Series 2018-C8, Class A2, 3.71%, 2/15/2051		6,569,000		6,862,363

Series 2018-C11, Class A2, 3.99%, 6/15/2051		4,647,000		4,907,814

Wells Fargo Commercial Mortgage Trust Series 2018-C46, Class A2, 4.06%, 8/15/2051		11,750,000		12,572,716


Total Commercial Mortgage-Backed Securities (Cost $145,369,203)				145,338,096

Certificates of Deposit — 0.6%

Credit Agricole Corporate and Investment Bank (France) (ICE LIBOR USD 3 Month + 0.48%), 0.78%, 9/17/2021 (a)		33,446,000		33,508,484

Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.32%), 0.58%, 11/22/2021 (a)		47,564,000		47,546,512


Total Certificates of Deposit (Cost $80,996,260)				81,054,996

Collateralized Mortgage Obligations — 0.0% (e)

FHLMC, REMIC Series 4002, Class MA, 2.00%, 1/15/2039 (Cost $5,440,349)		5,434,136		5,452,501

Short-Term Investments — 19.5%

Certificates of Deposit — 4.9%

Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.28%), 0.59%, 9/21/2020 (a)		3,000,000		3,000,522

Barclays Bank plc (United Kingdom)

0.90%, 6/24/2021		65,865,000		66,059,813

0.70%, 7/29/2021		6,500,000		6,507,435

Canadian Imperial Bank of Commerce (Canada) 0.42%, 6/22/2021		90,500,000		90,656,829

Chiba Bank Ltd. (Japan)

0.37%, 11/13/2020		61,391,000		61,392,379

0.37%, 11/30/2020		39,000,000		38,999,703


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)



Certificates of Deposit — continued

Credit Agricole Corporate and Investment Bank (France) (ICE LIBOR USD 3 Month + 0.21%), 0.45%, 8/9/2021 (a)		36,098,000		36,141,973

First Abu Dhabi Bank USA NV (ICE LIBOR USD 3 Month + 0.20%), 0.47%, 1/21/2021 (a)		21,927,000		21,926,996

Lloyds Bank Corporate Markets plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.50%), 0.80%, 9/24/2020 (a)		23,000,000		23,007,726

0.61%, 6/17/2021		100,500,000		100,739,045

Natixis SA (France) 1.93%, 11/13/2020		1,019,000		1,022,727

Nordea Bank Abp (Finland) 1.71%, 10/28/2020		52,800,000		52,935,211

Shizuoka Bank (Japan)

0.00%, 11/25/2020		19,000,000		18,999,591

0.00%, 11/30/2020		20,000,000		19,998,989

0.39%, 2/10/2021		20,000,000		20,000,354

0.39%, 2/12/2021		50,000,000		50,001,125

Standard Chartered Bank (United Kingdom) 1.78%, 10/26/2020		54,733,000		54,865,656

Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.28%), 0.59%, 9/11/2020 (a)		6,000,000		6,000,495


Total Certificates of Deposit (Cost $671,217,729)				672,256,569


Commercial Paper — 7.5%

American Honda Finance Corp. 1.99%, 9/3/2020 (g)		110,000,000		109,998,534

AstraZeneca plc (United Kingdom)

2.12%, 10/16/2020 (b) (g)		29,000,000		28,986,475

2.12%, 10/28/2020 (b) (g)		45,000,000		44,973,247

Banco Santander SA (Spain) 0.36%, 9/21/2020 (b) (g)		1,700,000		1,699,903

BP Capital Markets plc (United Kingdom)

1.53%, 9/8/2020 (b) (g)		52,484,000		52,481,189

1.34%, 11/23/2020 (b) (g)		74,000,000		73,957,869

BPCE SA (France)

0.30%, 7/1/2021 (b) (g)		3,000,000		2,993,236

Campbell Soup Co. 2.04%, 3/1/2021 (b) (g)		29,450,000		29,358,882

Dominion Energy, Inc. 2.89%, 10/1/2020 (b) (g)		20,000,000		19,996,711

DZ Bank AG (Germany) 0.25%, 9/8/2020 (b) (g)		6,800,000		6,799,894

SEE NOTES TO FINANCIAL STATEMENTS.



164	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Short-Term Investments – continued

Commercial Paper — continued

Electricite de France SA (France) 0.56%, 6/28/2021 (b) (g)		90,000,000		89,759,200

Enbridge Energy Partners LP 0.80%, 9/14/2020 (b) (g)		27,636,000		27,634,087

Enel Finance America LLC 0.40%, 10/2/2020 (b) (g)		23,549,000		23,545,002

Eni Finance USA, Inc. (Italy)

0.78%, 11/5/2020 (b) (g)		20,170,000		20,146,851

0.78%, 11/9/2020 (b) (g)		25,000,000		24,969,375

0.58%, 7/30/2021 (b) (g)		21,075,000		20,878,107

Erste Abwicklungsanstalt (Germany)

0.23%, 9/30/2020 (b) (g)		7,000,000		6,999,475

Exxon Mobil Corp. 0.10%, 10/21/2020 (g)		18,000,000		17,997,781

Federation des caisses Desjardins du Quebec (Canada)

0.14%, 9/21/2020 (b) (g)		6,250,000		6,249,643

First Abu Dhabi Bank PJSC (United Arab Emirates)

0.20%, 11/16/2020 (b) (g)		10,000,000		9,997,070

0.32%, 8/27/2021 (b) (g)		174,311,000		173,753,402

Glencore Funding LLC (Australia)

1.63%, 9/8/2020 (b) (g)		33,900,000		33,897,936

0.60%, 9/22/2020 (b) (g)		30,000,000		29,992,391

Komatsu Finance America, Inc.

0.40%, 9/1/2020 (b) (g)		9,200,000		9,199,977

NatWest Markets plc (United Kingdom)

0.61%, 4/29/2021 (b) (g)		16,590,000		16,542,133

0.66%, 7/26/2021 (b) (g)		27,281,000		27,163,820

Rogers Communications, Inc. (Canada)

0.55%, 8/26/2021 (b) (g)		39,167,000		38,963,332

Schlumberger Holdings Corp.

0.47%, 7/29/2021 (b) (g)		15,300,000		15,228,039

0.49%, 8/16/2021 (b) (g)		42,000,000		41,789,709

Shell International Finance BV (Netherlands) 3.25%, 3/29/2021 (b) (g)		34,360,000		34,299,870


Total Commercial Paper (Cost $1,038,709,020)				1,040,253,140


	SHARES

Investment Companies — 6.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (h) (i) (Cost $867,938,428)		867,938,428		867,938,428


INVESTMENTS	SHARES		VALUE ($)



Investment of Cash Collateral From Securities Loaned — 0.4%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (h) (i)		47,229,932		47,244,101

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (h) (i)		6,510,728		6,510,728


Total Investment of Cash Collateral From Securities Loaned (Cost $53,754,829)				53,754,829


	PRINCIPAL AMOUNT ($)

Repurchase Agreements — 0.5%

Citigroup Global Markets Holdings, Inc., 2.34%, dated 8/31/2020, due 10/23/2020, repurchase price $12,041,324, collateralized by Asset-Backed Securities, 2.71% — 2.84%, due 11/28/2053 — 6/28/2057, Collateralized Mortgage Obligations, 0.00% — 3.16%, due 12/15/2021 — 10/18/2052 and FNMA Connecticut Avenue Securities, 3.43% — 10.18%, due 1/25/2040 — 7/25/2050, with the value of $12,960,001.		12,000,000		12,000,000

Wells Fargo Securities LLC, 0.75%, dated 8/31/2020, due 09/28/2020, repurchase price $60,035,000, collateralized by Asset-Backed Securities, 3.55%, due 8/15/2025, Collateralized Mortgage Obligations, 1.14% — 4.61%, due 2/15/2036 — 9/17/2060 and Municipal Debt Securities, 5.00% — 6.31%, due 1/1/2022 — 1/1/2044, with the value of $64,510,345.		60,000,000		60,000,000


Total Repurchase Agreements (Cost $72,000,000)				72,000,000


Total Short-Term Investments (Cost $2,703,620,006)				2,706,202,966


Total Investments — 100.6% (Cost $13,861,119,651)				13,987,222,868

Liabilities in Excess of Other Assets — (0.6)%				(85,118,316)


NET ASSETS — 100.0%				13,902,104,552

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	165

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Abbreviations


CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
SOFR		Secured Overnight Financing Rate
USD		United States Dollar
PJSC		Public Joint Stock Company

(a)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)		The security or a portion of this security is on loan at August 31, 2020. The total value of securities on loan at August 31, 2020 is $52,396,832.



(d)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2020.
(e)		Amount rounds to less than 0.1% of net assets.
(f)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(g)		The rate shown is the effective yield as of August 31, 2020.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of August 31, 2020.
‡		Value determined using significant unobservable inputs.


Futures contracts outstanding as of August 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
U.S. Treasury 2 Year Note		(719	)		12/2020		USD		(158,854,063	)		(80,042	)
U.S. Treasury 5 Year Note		(5,834	)		12/2020		USD		(735,084,000	)		(543,776	)

												(623,818	)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



166	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 84.5% (a)

Alabama — 0.4%

Alabama 21st Century Authority Series 2012A, Rev., 5.00%, 6/1/2021		55,000		56,941

Alabama Federal Aid Highway Finance Authority

Rev., 5.00%, 9/1/2020		25,000		25,000

Series 2012A, Rev., GAN, 5.00%, 9/1/2021		100,000		104,687

Series A, Rev., 5.00%, 9/1/2023		25,000		28,541

Alabama Public School & College Authority Series 2014-A, Rev., 5.00%, 2/1/2022		20,000		21,328

Alabama Public School and College Authority, Capital Improvement Series 2013-C, Rev., 5.00%, 9/1/2020		45,000		45,000

Alabama Public School and College Authority, Capital Improvement Economic Development and Training Series 2012B, Rev., 5.00%, 3/1/2021		45,000		46,055

Black Belt Energy Gas District, Gas Prepay Series 2018A, Rev., 4.00%, 12/1/2023 (b)		170,000		186,512

Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (b)		905,000		925,942

City of Auburn GO, 3.00%, 5/1/2022		20,000		20,944

City of Dothan GO, 5.00%, 9/1/2020		35,000		35,000

City of Florence, Warrants

GO, 5.00%, 9/1/2020		25,000		25,000

City of Huntsville Series 2014B, GO, 3.00%, 11/1/2020		30,000		30,140

City of Huntsville, Capital Improvement Series 2011B, GO, 5.00%, 5/1/2021 (c)		110,000		113,456

City of Huntsville, Warrants Series 2013-D, GO, 5.00%, 11/1/2020		40,000		40,318

City of Orange Beach, Warrants GO, 5.00%, 2/1/2021		30,000		30,602

City of Oxford, Warrants Series 2013B, GO, 4.00%, 9/1/2020 (c)		20,000		20,000

City of Troy, Electric Water and Sewer System

Rev., AGM, 4.75%, 10/1/2020 (c)		20,000		20,073

Rev., AGM, 5.25%, 10/1/2020 (c)		100,000		100,407

County of Montgomery

Series 2010A, GO, 5.00%, 11/1/2020		35,000		35,137

GO, 5.00%, 3/1/2021		30,000		30,723

Cullman Utilities Board Water Division Rev., AGM, 4.75%, 9/1/2020		130,000		130,000

Madison County Board of Education Series 2019C, 5.00%, 3/1/2021		25,000		25,590


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Alabama — continued

Madison County Board of Education, Capital Outlay Tax Anticipation Warrants Rev., 5.00%, 9/1/2020		25,000		25,000

Montgomery County Public Education Cooperative District Rev., 5.00%, 4/1/2021		100,000		102,813

North Marshall Utilities Board, Water Rev., AGM, 3.00%, 10/1/2020		110,000		110,231

Oxford Public Building Authority Series 2015A, Rev., 5.00%, 10/1/2022		25,000		27,290

Water Works Board of the City of Birmingham (The) Rev., 5.00%, 1/1/2021		20,000		20,322


Total Alabama				2,383,052


Alaska — 0.5%

Alaska Housing Finance Corp. Series A, Rev., 1.50%, 6/1/2024		305,000		314,275

Alaska Housing Finance Corp., Capital Project Series 2011A, Rev., 5.00%, 12/1/2020 (c)		50,000		50,599

Alaska Housing Finance Corp., State Capital Project Series A, Rev., 5.00%, 12/1/2020 (c)		20,000		20,240

Alaska Industrial Development and Export Authority, Greater Fairbanks Community Hospital Foundation Project Rev., 5.00%, 4/1/2021		325,000		333,177

Alaska Municipal Bond Bank Authority

Series 3, Rev., 5.00%, 9/1/2020		200,000		200,000

Series 1, Rev., 5.00%, 12/1/2020		200,000		202,244

Series 1, Rev., 5.00%, 12/1/2021		450,000		475,141

Borough of Matanuska-Susitna

Rev., 5.00%, 9/1/2020		375,000		375,000

Series 2007A, GO, NATL-RE, 5.00%, 4/1/2021		35,000		35,976

Borough of Matanuska-Susitna, Goose Creek Correctional Center Project Rev., 5.00%, 9/1/2021		195,000		204,038

Borough of North Slope

Series B, GO, 4.00%, 10/30/2020		20,000		20,123

Series 2018A, GO, 5.00%, 6/30/2021		20,000		20,795

Borough of North Slope AK Series 2012A, GO, 5.00%, 6/30/2022		20,000		21,747

Municipality of Anchorage

Series C, GO, 5.00%, 9/1/2020		20,000		20,000

Series C, GO, 5.00%, 9/1/2021		25,000		26,198

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	167

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Alaska — continued

Municipality of Anchorage, General Purpose Series B, GO, 5.00%, 9/1/2020		20,000		20,000

Municipality of Anchorage, Schools Series D, GO, 5.00%, 9/1/2020		30,000		30,000

State of Alaska, Alaska Native Tribal Health Consortium Housing Facility Project COP, 5.00%, 6/1/2021		170,000		175,632

State of Alaska, Native Tribal Health Consortium housing facility project Series 2014, COP, 4.00%, 6/1/2022		295,000		312,617

University of Alaska Series V-2, Rev., 5.00%, 10/1/2020		200,000		200,462


Total Alaska				3,058,264


Arizona — 0.9%

Arizona Department of Transportation State Highway Fund Series 2013A, Rev., 5.00%, 7/1/2022 (c)		35,000		38,068

Arizona Health Facilities Authority, Banner Health Series 2015A, Rev., 5.00%, 1/1/2021		25,000		25,350

Arizona Industrial Development Authority, Equitable School Revolving Fund

Series 2019A, Rev., 5.00%, 11/1/2021		190,000		200,045

Series 2019A, Rev., 5.00%, 11/1/2022		400,000		438,532

Series 2019A, Rev., 5.00%, 11/1/2024		75,000		88,186

Arizona School Facilities Board Series 2015A, COP, 5.00%, 9/1/2020		300,000		300,000

Arizona Water Infrastructure Finance Authority

Series 2010A, Rev., 5.00%, 10/1/2020 (c)		30,000		30,117

Series 2010A, Rev., 5.00%, 10/1/2020		70,000		70,270

Chandler Industrial Development Authority, Intel Corp. Project Series 2018, Rev., 2.40%, 8/14/2023 (b)		1,975,000		2,077,463

City of Mesa Rev., 5.00%, 7/1/2022		50,000		54,422

City of Phoenix Civic Improvement Corp.

Rev., 5.00%, 7/1/2021		20,000		20,803

Series 2017D, Rev., 5.00%, 7/1/2024		400,000		461,948

City of Surprise AZ Utility System Rev., 5.00%, 7/1/2022		35,000		38,095

County of Maricopa COP, 5.00%, 7/1/2022		275,000		298,735

County of Pima AZ Sewer System Rev., 5.00%, 7/1/2022		60,000		65,283

Industrial Development Authority of the County of Pima (The) Series 2009A, Rev., 4.95%, 10/1/2020		295,000		296,094


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arizona — continued

Industrial Development Authority of the County of Yavapai (The), Yavapai Regional Medical Center Series 2013A, Rev., 4.00%, 8/1/2021		135,000		139,113

Maricopa County Industrial Development Authority, Banner Health Series C, Rev., 5.00%, 10/18/2024 (b)		50,000		58,766

Maricopa County Industrial Development Authority, Banner Health Obligated Group Series 2016A, Rev., 5.00%, 1/1/2021		90,000		91,259

Maricopa County School District No. 3 Tempe Elementary GO, 4.00%, 7/1/2023		35,000		38,649

Maricopa County Unified School District No. 80 Chandler Series 2017B, GO, 3.50%, 7/1/2022		25,000		26,521

Maricopa County Unified School District No. 97-Deer Valley Series 2017C, GO, 5.00%, 7/1/2022		30,000		32,641

Maricopa County Union High School District No. 210-Phoenix GO, 5.00%, 7/1/2022		30,000		32,642

Mohave County Unified School District No. 1 Lake Havasu Series 2017A, GO, 4.00%, 7/1/2023		45,000		49,691

Pima County Regional Transportation Authority Rev., 5.00%, 6/1/2024		25,000		29,399

Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund Rev., 5.25%, 7/1/2021		30,000		31,267

Salt River Project Agricultural Improvement & Power District

Series 2016A, Rev., 5.00%, 1/1/2021		30,000		30,481

Series 2011A, Rev., 5.00%, 12/1/2024		25,000		26,483

Salt River Project Agricultural Improvement & Power District, Arizona Salt River Project, Tax Exempt Series 2010-B, Rev., 5.00%, 12/1/2020		55,000		55,661

State of Arizona COP, 5.00%, 9/1/2020		50,000		50,000

Yavapai County Union High School District No. 4 Mingus GO, 4.00%, 7/1/2021		25,000		25,767


Total Arizona				5,221,751


Arkansas — 0.1%

Arkansas Development Finance Authority Rev., AMBAC, Zero Coupon, 7/1/2023		25,000		24,553

Bentonville School District No. 6, Construction Series A, GO, 3.00%, 9/1/2020		70,000		70,000

SEE NOTES TO FINANCIAL STATEMENTS.



168	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Arkansas — continued

Cedarville School District No. 44

GO, 3.50%, 12/1/2020		120,000		120,972

GO, 3.63%, 12/1/2020		130,000		131,093

Pulaski County Special School District GO, 3.00%, 2/1/2021 (c)		105,000		106,114

University of Arkansas

Series 2011B, Rev., 5.00%, 11/1/2020		30,000		30,239

Series 2015C, Rev., 5.00%, 11/1/2020		70,000		70,557

Rev., 4.00%, 5/1/2022		30,000		31,825

Series 2013A, Rev., 5.00%, 9/15/2022		25,000		27,421

University of Arkansas, Ualr Campus Rev., 4.00%, 10/1/2020		25,000		25,078


Total Arkansas				637,852


California — 2.8%

Abag Finance Authority for Nonprofit Corps. Series 2014-A, Rev., 4.00%, 9/2/2020		140,000		140,000

Alhambra Unified School District Series 2016B, GO, 5.00%, 8/1/2022		30,000		32,792

Berkeley Joint Powers Financing Authority Rev., 5.00%, 10/1/2020		65,000		65,256

Brentwood Infrastructure Financing Authority

Rev., 4.00%, 10/1/2020		85,000		85,236

Rev., 5.00%, 10/1/2024		40,000		46,923

Buena Park Public Financing Authority Rev., 4.00%, 5/1/2021		110,000		112,809

California County Tobacco Securitization Agency, Senior

Series 2020A, Rev., 3.00%, 6/1/2021		350,000		357,073

Series 2020A, Rev., 4.00%, 6/1/2022		350,000		372,228

Series 2020A, Rev., 4.00%, 6/1/2023		350,000		384,150

California Health Facilities Financing Authority

Series 2011A, Rev., 5.25%, 3/1/2022		175,000		178,582

Series C, Rev., 5.00%, 11/1/2022 (b)		560,000		616,375

Rev., 5.00%, 11/15/2024		210,000		249,726

California Health Facilities Financing Authority, Memorial Health Services Series 2012A, Rev., 4.00%, 10/1/2021		245,000		254,663

California Health Facilities Financing Authority, St. Joseph Health System

Series 2013D, Rev., 5.00%, 10/15/2020 (b)		1,040,000		1,045,949

Series 2009D, Rev., 1.70%, 10/18/2022(b)		265,000		271,856

Series 2009C, Rev., 5.00%, 10/18/2022 (b)		85,000		93,130


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

California Infrastructure & Economic Development Bank

Rev., 5.00%, 10/1/2020		25,000		25,098

Rev., 5.00%, 11/1/2022		100,000		110,434

California Infrastructure & Economic Development Bank, The J. Paul Getty Trust Series 2020A-2, Rev., (SIFMA Municipal Swap Index Yield — 0.05%), 0.04%, 9/10/2020 (d)		750,000		748,485

California Public Finance Authority Rev., 3.00%, 10/1/2021		25,000		25,777

California State Public Works Board

Series 2014A, Rev., 5.00%, 9/1/2020		200,000		200,000

Series 2013C, Rev., 4.00%, 3/1/2021 (c)		75,000		76,427

California Statewide Communities Development Authority, Multi-Family Housing, Ethel Arnold Bradley Apartments Series S-1, Rev., 1.25%, 6/1/2021 (b)		165,000		165,970

California Statewide Communities Development Authority, Multi-Family Housing, Robert Farrell Manor & Western Gardens Apartments Series T-1, Rev., 1.25%, 6/1/2021 (b)		165,000		165,970

Castaic Lake Water Agency Series 1999A, COP, AMBAC, Zero Coupon, 8/1/2023		45,000		44,413

Chino Redevelopment Agency Successor Agency Series A, 5.00%, 9/1/2020		125,000		125,000

City & County of San Francisco Series 2010A, COP, 4.00%, 10/1/2020		25,000		25,076

City & County of San Francisco, Moscone Center South Regunding Project Series 2011A, COP, 5.00%, 9/1/2021		30,000		31,326

City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments Series 2016H-2, Rev., VRDO, LOC: Bank of China Ltd., 0.19%, 9/10/2020 (b)		710,000		710,000

City And County of San Francisco Finance Corp. Series 2010-R1, Rev., 3.50%, 4/1/2021		25,000		25,068

City of Bakersfield, Wastewater Series 2015A, Rev., 5.00%, 9/15/2020		50,000		50,088

City of Berkeley GO, 5.00%, 9/1/2020		25,000		25,000

City of Long Beach

Series 2014B, Rev., 5.00%, 5/15/2023		50,000		56,041

Series 2020A, Rev., 4.00%, 5/15/2024		20,000		22,584

City of Los Angeles Series 2011-B, GO, 5.00%, 9/1/2020		25,000		25,000

City of Newark COP, 5.00%, 6/1/2023		45,000		50,629

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	169

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

California — continued

City of Pasadena Series 2012A, Rev., 4.00%, 6/1/2022		20,000		21,350

City of Richmond Rev., FGIC, Zero Coupon, 8/1/2023 (c)		200,000		197,282

City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2022		40,000		43,642

City of San Francisco Subseries C, Rev., 5.00%, 11/1/2021 (c)		45,000		47,510

City of San Mateo GO, 4.00%, 8/1/2021		20,000		20,709

City of Santa Clara COP, 4.00%, 2/1/2021		25,000		25,391

City of Sausalito COP, 4.00%, 5/1/2023		25,000		27,528

Coronado Community Development Agency Successor Agency

Series 2018A, 5.00%, 9/1/2020		100,000		100,000

Series 2018A, 5.00%, 9/1/2021		100,000		104,862

County of Napa COP, 5.00%, 6/1/2022		40,000		43,325

County of San Bernardino, Arrowhead Project Series 2019A, COP, 5.00%, 10/1/2020		25,000		25,094

County of San Diego COP, 4.00%, 2/1/2025		30,000		30,457

County of Sonoma, Limited Tax Series 2015A, Rev., 5.00%, 9/1/2020		700,000		700,000

Culver Redevelopment Agency Successor Agency, Tax Allocation Series 2017A, 4.00%, 11/1/2020		100,000		100,632

Department of Veterans Affairs Veteran’s Farm & Home Purchase Program Series 2012A, Rev., 2.75%, 12/1/2020		45,000		45,270

Desert Community College District GO, 5.00%, 8/1/2022		30,000		32,786

East Bay Regional Park District, Election of 2008 Series 2013A, GO, 4.00%, 9/1/2020		20,000		20,000

El Monte City School District, Capital Appreciation, Election of 2004 Series 2008C, GO, AGC, Zero Coupon, 8/1/2023		600,000		575,400

Evergreen School District GO, 4.00%, 9/1/2020		25,000		25,000

Fontana Redevelopment Agency Successor Agency

Series 2017A, 5.00%, 10/1/2020		150,000		150,550

Series 2017A, 5.00%, 10/1/2023		30,000		33,820

Fremont Public Financing Authority Series 2017B, Rev., 5.00%, 10/1/2023		25,000		28,678

Fresno Unified School District, Election of 2001 Series G, GO, Zero Coupon, 8/1/2041		405,000		101,910


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

Gavilan Joint Community College District, Election of 2004 Series 2011D, GO, 4.00%, 8/1/2021		25,000		25,886

Glendale Unified School District GO, 5.00%, 9/1/2020		90,000		90,000

Golden State Tobacco Securitization Corp. Series 2018A, Rev., 3.00%, 6/1/2022		100,000		104,811

Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2021		700,000		724,962

Grossmont Healthcare District Series C, GO, 5.00%, 7/15/2024		25,000		29,379

Imperial Irrigation District Electric System Series 2011C, Rev., 5.00%, 11/1/2020 (c)		25,000		25,198

Jefferson Union High School District Series D, GO, Zero Coupon, 8/1/2021 (c)		150,000		52,378

Lodi Unified School District GO, AGM, 5.00%, 8/1/2023		240,000		260,539

Los Alamitos Unified School District GO, 5.00%, 8/1/2021		40,000		41,782

Los Angeles Community College District GO, 4.00%, 8/1/2021		45,000		46,598

Los Angeles County Metropolitan Transportation Authority Series 2016A, Rev., 5.00%, 6/1/2021		25,000		25,913

Los Angeles County Public Works Financing Authority Series 2019E1, Rev., 4.00%, 12/1/2023		85,000		94,682

Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy 5.00%, 12/1/2022		50,000		54,986

Los Angeles Department of Water Series 2011A, Rev., 5.00%, 7/1/2021		35,000		35,566

Marin Water District Financing Authority Series 2012A, Rev., 4.00%, 7/1/2021		25,000		25,805

Merced Union High School District GO, AGM, Zero Coupon, 2/18/2025 (c)		250,000		79,135

Metropolitan Water District of Southern California, Waterworks Series 2010A, GO, 5.00%, 9/1/2020		100,000		100,000

Mojave Water Agency Public Facilities Corp Series 2014A, Rev., 4.00%, 9/1/2020		20,000		20,000

Morongo Unified School District Series 2012C, GO, Zero Coupon, 8/15/2022 (c)		95,000		35,965

Mountain View-Whisman School District, Santa Clara County GO, 5.00%, 9/1/2020		20,000		20,000

SEE NOTES TO FINANCIAL STATEMENTS.



170	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

California — continued

Newport Mesa Unified School District, Election of 2005 GO, Zero Coupon, 8/1/2021 (c)		200,000		48,862

Northern California Power Agency Series 1986A, Rev., AMBAC, 7.50%, 7/1/2021 (c)		180,000		190,633

Ohlone Community College District GO, 4.00%, 8/1/2021		35,000		36,240

Ontario Public Financing Authority Rev., 5.00%, 7/1/2021		35,000		36,417

Orchard School District GO, 5.00%, 8/1/2023		25,000		28,499

Padre Dam Municipal Water District Series 2017A, COP, 5.00%, 10/1/2024		50,000		59,656

Palm Springs Community Redevelopment Agency, Successor Agency 3.00%, 9/1/2020		200,000		200,000

Palm Springs Financing Authority

Series 2012B, Rev., 4.00%, 6/1/2022		75,000		80,064

Series 2012A, Rev., 3.13%, 11/1/2022		25,000		26,468

Series 2012A, Rev., 3.25%, 11/1/2023		55,000		58,338

Palm Springs Financing Authority, Convention Center Project

Series 2012A, Rev., 3.00%, 11/1/2020		25,000		25,108

Series 2012A, Rev., 3.00%, 11/1/2021		150,000		154,576

Palomar Community College District GO, 5.00%, 5/1/2024		50,000		58,808

Pasadena Public Financing Authority Series 2016A, Rev., 5.00%, 4/1/2022		25,000		26,909

Port of Los Angeles

Series 2014B, Rev., 5.00%, 8/1/2021		30,000		31,229

Series 2015A, Rev., 5.00%, 8/1/2021		25,000		26,025

Puente Basin Water Agency Series 2013A, Rev., 5.00%, 6/1/2023		25,000		28,304

Rancho Cucamonga Redevelopment Agency, Redevelopment Project AGM, 5.00%, 9/1/2020		350,000		350,000

Rancho Santiago Community College District GO, 4.00%, 9/1/2020		75,000		75,000

Regents of the University of California Series AK, Rev., 5.00%, 5/15/2023 (b)		180,000		202,628

Rescue Union School District Series 1998A, GO, NATL-RE, Zero Coupon, 9/1/2020		25,000		25,000

San Diego County Regional Transportation Commission Series 2012A, Rev., 5.00%, 4/1/2021		35,000		35,980

San Diego Public Facilities Financing Authority Series 2016A, Rev., 4.00%, 5/15/2021		35,000		35,946


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


California — continued

San Diego Public Facilities Financing Authority, Master Refunding Project

Series 2010A, Rev., 5.00%, 9/1/2020 (c)		80,000		80,000

Series 2010A, Rev., 5.25%, 9/1/2020 (c)		40,000		40,000

San Diego Redevelopment Agency, Naval Training Center Redevelopment Project Series 2010A, 5.50%, 9/1/2020 (c)		45,000		45,000

San Francisco Bay Area Rapid Transit District Sales Tax Series 2015A, Rev., 5.00%, 7/1/2022		20,000		21,800

San Francisco Municipal Transportation Agency Rev., 5.00%, 3/1/2021		35,000		35,799

San Francisco Unified School District GO, 4.00%, 9/28/2020		50,000		50,139

San Joaquin Hills Transportation Corridor Agency Rev., Zero Coupon, 1/1/2025 (c)		120,000		117,992

San Jose Financing Authority

Series 2013A, Rev., 4.00%, 6/1/2021		25,000		25,671

Series 2013A, Rev., 5.00%, 6/1/2022		75,000		80,973

Series 2013A, Rev., 5.00%, 6/1/2023		30,000		33,752

San Juan Unified School District GO, 3.00%, 8/1/2023		25,000		27,047

San Juan Water District Rev., 5.00%, 2/1/2025		45,000		54,516

San Marcos Unified School District, Community Facilities District No. 5, Special Tax 5.00%, 9/1/2020		125,000		125,000

San Mateo Joint Powers Financing Authority Series 2014A, Rev., 4.00%, 6/15/2021		30,000		30,895

Santa Monica Community College District Series 2014B, GO, 5.00%, 8/1/2022		35,000		38,257

Santa Monica Public Financing Authority

Rev., 5.00%, 7/1/2021		35,000		36,417

Series 2011A, Rev., 5.00%, 6/1/2023		25,000		25,890

Silicon Valley Clean Water Rev., 5.00%, 8/1/2022		25,000		27,327

Simi Valley Public Financing Authority Series 2014A, Rev., 5.00%, 10/1/2022		70,000		77,012

Solano County Community College District Series 2014A, GO, 5.00%, 8/1/2023		40,000		45,599

Sonoma County Junior College District Series B, GO, 4.00%, 8/1/2023		55,000		61,101

South San Francisco Unified School District

Rev., NATL-RE, 5.25%, 9/15/2020		25,000		25,046

Rev., NATL-RE, 5.25%, 9/15/2022		35,000		38,643

State of California Department of Water Resources Series AV, Rev., 5.00%, 12/1/2020		35,000		35,423

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	171

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

California — continued

State of California Department of Water Resources, Central Valley Project, Water System Series AW, Rev., 4.00%, 12/1/2020		20,000		20,192

State of California, Various Purpose GO, 5.00%, 9/1/2020		50,000		50,000

Sunnyvale Elementary School District Series 2019C, GO, 4.00%, 9/1/2021		25,000		25,967

Tahoe-Truckee Sanitation Agency Rev., 5.00%, 7/1/2024		30,000		35,531

Tracy Unified School District Series 2011B, GO, Zero Coupon, 8/1/2021 (c)		100,000		38,495

Tustin Unified School District, Community Facilities District No. 88-1 5.00%, 9/1/2020		200,000		200,000

Twin Rivers Unified School District Series 2014A, GO, Zero Coupon, 2/1/2024 (c)		350,000		168,490

University of California Series 2016AT, Rev., 1.40%, 5/15/2021 (b)		965,000		967,480

Ventura County Community College District Series 2008C, GO, Zero Coupon, 8/1/2021		100,000		99,699

Washington Township Health Care District Series 2015A, Rev., 5.00%, 7/1/2021		275,000		284,235

West Hollywood Public Financing Authority Rev., 5.00%, 4/1/2024		75,000		87,481

Yountville Finance Authority Rev., 5.00%, 12/1/2021		25,000		26,510


Total California				16,433,984


Colorado — 1.4%

Adams & Arapahoe Joint School District 28J Aurora GO, 5.00%, 12/1/2024		25,000		27,671

Apex Park & Recreation District GO, 3.00%, 12/1/2024		50,000		55,572

Arapahoe County School District No. 5 Cherry Creek GO, 3.00%, 12/15/2020		25,000		25,204

Board of Water Commissioners City & County of Denver (The) Series A, Rev., 5.00%, 9/15/2020		25,000		25,044

City & County of Denver

Series 2010A, Rev., 5.00%, 11/15/2020		110,000		111,047

Series 2011-A, GO, 3.00%, 8/1/2021 (c)		25,000		25,636

Series 2010A, Rev., 5.00%, 11/15/2022		150,000		151,368

Series 2010A, Rev., 5.00%, 11/15/2024		155,000		156,375

Series B, Rev., 5.00%, 11/15/2024		125,000		147,103

City of Colorado Springs

Series 2013A, Rev., 5.00%, 11/15/2020		40,000		40,394

Series C-1, Rev., 5.00%, 11/15/2020		50,000		50,493


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Colorado — continued

Series 2011-A, Rev., 5.00%, 11/15/2022		25,000		26,449

Series A-3, Rev., 5.00%, 11/15/2022		50,000		55,285

City of Colorado Springs, Utility System

Series 2010D-2, Rev., 5.00%, 11/15/2020		50,000		50,487

Series 2020B, Rev., 5.00%, 11/15/2021		35,000		37,035

Colorado Educational and Cultural Facilities Authority, Charter School, Salida Del Sol Academy Building Corp. Rev., 7.25%, 6/1/2023 (c)		130,000		152,441

Colorado Educational and Cultural Facilities Authority, University of Denver Project Rev., 4.00%, 3/1/2021		110,000		111,660

Colorado Health Facilities Authority

Series 2011A, Rev., 5.00%, 2/1/2021 (c)		155,000		158,036

Series 2009B-1, Rev., 5.00%, 11/9/2022 (c)		20,000		22,014

Series 2019A, Rev., 5.00%, 1/1/2023		145,000		159,876

Colorado Health Facilities Authority, Catholic health Initiatives Series 2011A, Rev., 5.00%, 2/1/2021 (c)		70,000		71,371

Colorado Health Facilities Authority, Catholic Health Initiatives

Series 2011A, Rev., 5.00%, 2/1/2021 (c)		195,000		198,820

Series A, Rev., 5.00%, 2/1/2021 (c)		480,000		489,403

Series 2011A, Rev., 5.25%, 2/1/2021 (c)		810,000		826,711

Series 2009B-1, Rev., 4.00%, 11/9/2022 (c)		20,000		21,579

Series 2013A, Rev., 5.25%, 1/1/2023 (c)		525,000		584,393

Colorado Health Facilities Authority, Covenant Retirement Communities, Inc. Series 2012C, Rev., 5.00%, 12/1/2021		75,000		77,511

Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project

Series 2015A, Rev., 4.00%, 9/1/2022		80,000		84,583

Rev., 5.00%, 9/1/2022		155,000		166,935

Colorado Water Resources & Power Development Authority Series 2010A, Rev., 4.00%, 9/1/2024		25,000		25,075

Colorado Water Resources and Power Development Authority, Clean Water Series 2008-A, Rev., 4.00%, 9/1/2020		250,000		250,000

County of Adams

COP, 5.00%, 12/1/2020		325,000		328,819

COP, 5.00%, 12/1/2023		705,000		811,455

County of Boulder

COP, 5.00%, 12/1/2020		140,000		141,645

SEE NOTES TO FINANCIAL STATEMENTS.



172	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Colorado — continued

COP, 5.00%, 12/1/2021		160,000		161,877

County of Eagle

COP, 4.00%, 12/1/2020		120,000		121,114

COP, 5.00%, 12/1/2021		245,000		259,345

County of El Paso COP, 4.00%, 12/1/2020		100,000		100,928

Dawson Ridge Metropolitan District No.1 Series A, GO, Zero Coupon, 10/1/2022 (c)		50,000		49,597

Douglas County School District No. Re-1 Douglas and Elbert Counties GO, 4.00%, 12/15/2020		25,000		25,275

E-470 Public Highway Authority Series 2010C, Rev., 5.25%, 9/1/2020		500,000		500,000

E-470 Public Highway Authority, Capital Appreciation Series 2004B, Rev., NATL-RE, Zero Coupon, 9/1/2020		345,000		220,752

Jefferson County School District R-1 GO, 5.00%, 12/15/2020		50,000		50,690

Regional Transportation District Series 2013A, COP, 5.00%, 6/1/2022		200,000		216,404

Snowmass-Wildcat Fire Protection District GO, 4.00%, 12/1/2020		25,000		25,239

State of Colorado Department of Transportation COP, 5.00%, 9/9/2020		100,000		100,093

The Regents of the University of Colorado, Enterprise System Series 2012A-1, Rev., 4.00%, 6/1/2022 (c)		25,000		26,635

University of Colorado

Series 2011A, Rev., 4.13%, 6/1/2021 (c)		25,000		25,738

Series A, Rev., 5.00%, 6/1/2023		25,000		28,230

University of Colorado Hospital Authority

Series 2017C-2, Rev., 5.00%, 3/1/2022 (b)		365,000		380,045

Series 2019C, Rev., 5.00%, 11/15/2024 (b)		250,000		290,365


Total Colorado				8,249,817


Connecticut — 1.9%

City of Stamford

GO, 4.00%, 9/17/2020		100,000		100,161

Connecticut Housing Finance Authority

Subseries 2018C-3, Rev., VRDO, LIQ: TD Bank NA, 0.08%, 9/10/2020 (b)		4,105,000		4,105,000

Subseries A-1, Rev., 2.35%, 11/15/2020		220,000		220,796

Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series 2016A, Subseries A-3, Rev., VRDO, LIQ: Royal Bank of Canada, 0.08%, 9/10/2020 (b)		2,305,000		2,305,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Connecticut — continued

Connecticut State Health & Educational Facilities Authority

Series 2010A-3, Rev., 1.80%, 2/9/2021 (b)		355,000		357,474

Series X-2, Rev., 1.80%, 2/9/2021 (b)		225,000		226,568

Series U-1, Rev., 2.00%, 2/8/2022 (b)		430,000		441,025

Rev., 1.10%, 2/7/2023 (b)		165,000		168,454

Rev., 3.00%, 12/1/2023		100,000		107,500

Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Issue Series E, Rev., 5.00%, 7/1/2022		235,000		253,974

State of Connecticut Series 2019A, GO, 5.00%, 4/15/2021		270,000		277,933

Series 2017A, GO, 5.00%, 4/15/2023		125,000		140,240

Series 2014E, GO, 5.00%, 9/1/2023		350,000		398,664

Series 2013A, GO, 5.00%, 10/15/2023		130,000		148,791

Series 2017A, GO, 5.00%, 4/15/2025		1,045,000		1,253,990

State of Connecticut Special Tax Series 2018B, Rev., 5.00%, 10/1/2020		100,000		100,383

State of Connecticut, Special Tax, Transportation Infrastructure Purposes Series A, Rev., 5.00%, 9/1/2020		240,000		240,000

Town of Cromwell Series 2016A, GO, 4.00%, 8/1/2022		25,000		26,834

Town of Greenwich GO, 4.00%, 6/1/2023		25,000		25,075

Town of West Hartford Series 2017A, GO, 5.00%, 1/15/2021		35,000		35,627

Town of Wethersfield GO, 4.00%, 3/1/2022		20,000		21,148

University of Connecticut

Series 2011A, Rev., 5.00%, 2/15/2022		200,000		204,138

Series 2010A, Rev., 5.00%, 2/15/2023		100,000		100,378


Total Connecticut				11,259,153


Delaware — 0.2%

City of Wilmington

Series 2010-A, GO, 5.00%, 12/1/2020		50,000		50,600

Series 2013A, GO, 4.00%, 10/1/2021		30,000		31,247

County of New Castle

GO, 5.00%, 10/1/2020		25,000		25,098

GO, 5.00%, 4/1/2024		25,000		29,287

Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (b)		570,000		574,788

Delaware State Health Facilities Authority, Bayhealth Medical Center Project Series 2017A, Rev., 5.00%, 7/1/2021		115,000		119,559

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	173

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Delaware — continued

State of Delaware Series 2019A, GO, 5.00%, 10/1/2020		25,000		25,097

University of Delaware Series 2013A, Rev., 5.00%, 5/1/2023 (c)		25,000		28,101

Wilmington Parking Authority (The)

Rev., 5.00%, 3/15/2021		25,000		25,650

Rev., 5.00%, 3/15/2022		75,000		80,567


Total Delaware				989,994


District of Columbia — 0.4%

District of Columbia

Series 2012A, Rev., 5.00%, 12/1/2020		25,000		25,300

Series F, Rev., 5.00%, 12/1/2020		35,000		35,421

Series 2013A, GO, 5.00%, 6/1/2022		25,000		27,110

Rev., GAN, 5.00%, 12/1/2024		175,000		207,613

District of Columbia Children’s Hospital Rev., 5.00%, 7/15/2021		105,000		109,047

District of Columbia Housing Finance Agency Rev., VRDO, 2.00%, 9/1/2021 (b)		200,000		200,000

Series 2019B-2, Rev., FHA, 1.70%, 3/1/2023		165,000		168,549

District of Columbia Water and Sewer Authority Series 2014C, Rev., 5.00%, 10/1/2024		25,000		29,738

District of Columbia, Children’s Hospital Obligated Group Issue Rev., 5.00%, 7/15/2022		180,000		194,841

District of Columbia, Howard University Series 2011A, Rev., 6.50%, 4/1/2021 (c)		750,000		776,678

District of Columbia, Income Tax

Series 2019C, Rev., 5.00%, 10/1/2020		125,000		125,489

Series 2012D, Rev., 5.00%, 12/1/2020		25,000		25,300

Series 2014A, Rev., 5.00%, 12/1/2020		40,000		40,481

Series F, Rev., 4.00%, 12/1/2021		35,000		36,678

Metropolitan Washington Airports Authority, Airport System

Series 2010-A, Rev., 5.00%, 10/1/2020		375,000		376,451

Series 2010F-1, Rev., 5.00%, 10/1/2020		125,000		125,476


Total District of Columbia				2,504,172


Florida — 5.3%

Board of Governors State University System of Florida Series 2014A, Rev., 5.00%, 7/1/2022		70,000		75,839

Brevard County Health Facilities Authority, Health First, Inc. Project Series 2014, Rev., 5.00%, 4/1/2021		310,000		317,800


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Brevard County School District COP, 5.00%, 7/1/2021		125,000		129,944

Broward County, Water and Sewer Utility Series 2012B, Rev., 5.00%, 10/1/2020		135,000		135,528

Capital Trust Agency, Inc., Alexander Apartments Project Series 2011A, Rev., 6.00%, 7/1/2021 (c)		355,000		370,215

Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc. Project Series 2020A, Rev., 0.80%, 3/1/2022 (b)		10,450,000		10,494,204

Capital Trust Agency, Inc., Mission Springs Apartments Project Series A, Rev., 4.25%, 12/1/2022 (c)		375,000		425,201

City of Apopka Rev., 5.00%, 10/1/2023		30,000		32,919

City of Cape Coral Rev., 5.00%, 10/1/2020		50,000		50,195

City of Dunedin Rev., AGM, 4.00%, 10/1/2020		200,000		200,596

City of Gulf Breeze, Local Government Loan Program, Remarketing

Series 1985-L, Rev., 3.10%, 12/1/2020		100,000		100,639

Series 1985J, Rev., 4.50%, 12/1/2020		200,000		202,048

City of Hallandale Beach Rev., 5.00%, 10/1/2023		25,000		28,504

City of Jacksonville, Health Care Facilities

Rev., 5.00%, 10/1/2020		250,000		250,895

Series 2019A, Rev., 5.00%, 10/1/2020		325,000		326,254

Series 2012B, Rev., 5.00%, 10/1/2021		225,000		235,571

City of Orlando

Series 2010C, Rev., 4.00%, 10/1/2020 (c)		50,000		50,154

Series 2016C, Rev., 5.00%, 10/1/2020		25,000		25,098

Series 2016B, Rev., 5.00%, 10/1/2024		25,000		29,738

City of Orlando, Capital Improvement Series 2010C, Rev., 5.00%, 10/1/2020		40,000		40,156

City of Palm Coast Rev., 5.00%, 10/1/2020		150,000		150,569

City of Pembroke Pines, Capital Improvement Rev., AGM, 5.00%, 12/1/2021		100,000		105,976

City of Sarasota, Water & Sewer System Rev., 5.00%, 10/1/2020		20,000		20,078

City of St. Petersburg, Public Utility Rev., 5.00%, 10/1/2020		125,000		125,481

City of Sunrise, Utility System Series A, Rev., 4.00%, 10/1/2020		35,000		35,109

City of Tallahassee Rev., 5.00%, 10/1/2020		305,000		306,193

SEE NOTES TO FINANCIAL STATEMENTS.



174	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Florida — continued

City of Tallahassee Memorial Healthcare, Inc. Project Series 2016A, Rev., 5.00%, 12/1/2020		95,000		95,891

City of Tallahassee, Energy System

Rev., 5.00%, 10/1/2020		155,000		155,600

Rev., 5.00%, 10/1/2021		35,000		36,812

City of Tallahassee, Utility System

Series 2010B, Rev., 4.00%, 10/1/2020 (c)		20,000		20,061

Rev., 5.00%, 10/1/2020		25,000		25,098

Collier County School Board Series 2005A, COP, AGM, 5.25%, 2/15/2021		25,000		25,567

County of Broward Series 2007B, GO, 5.00%, 1/1/2021		65,000		66,041

County of Broward, Airport System Series 2012Q-1, Rev., 5.00%, 10/1/2020		220,000		220,834

County of Broward, Half-Cent Sales Tax Series A, Rev., 5.00%, 10/1/2020		55,000		55,215

County of Charlotte Rev., 4.00%, 10/1/2020		25,000		25,049

County of Collier

Rev., 5.00%, 10/1/2020		25,000		25,098

Series 2010B, Rev., 5.00%, 10/1/2021		30,000		31,570

Rev., 5.00%, 10/1/2023		25,000		26,269

County of Hillsborough

Rev., 5.00%, 11/1/2020		225,000		226,640

Rev., 5.00%, 10/1/2024		35,000		41,728

County of Lee County Series 2013B, Rev., 5.00%, 10/1/2022		35,000		38,160

County of Lee FL Tourist Development Tax Series 2019A, Rev., 5.00%, 10/1/2024		25,000		29,020

County of Manatee FL Public Utilities Rev., 5.00%, 10/1/2022		25,000		27,493

County of Miami-Dade

Rev., AGM, 5.00%, 10/1/2020 (c)		350,000		351,369

Rev., 5.00%, 10/1/2020		150,000		150,584

Series 2010A-1, Rev., 5.38%, 10/1/2020 (c)		80,000		80,334

Series A, Rev., 5.00%, 4/1/2021		125,000		128,494

Series 2016A, GO, 5.00%, 7/1/2021		80,000		83,195

Series 2011C, GO, 4.75%, 10/1/2021		25,000		26,235

GO, 5.00%, 7/1/2022		45,000		48,962

GO, 5.00%, 7/1/2023		75,000		75,122

Series 2016A, GO, 5.00%, 7/1/2024		30,000		35,354

Series 2010A-1, Rev., 4.88%, 10/1/2024		200,000		200,656


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

County of Miami-Dade, Aviation Project

Series 2010B, Rev., 5.00%, 10/1/2020 (c)		35,000		35,137

Series 2010B, Rev., AGM, 5.00%, 10/1/2020		50,000		50,185

County of Miami-Dade, Aviation Project, Miami International Airport Series 2010A-1, Rev., 5.00%, 10/1/2021		150,000		150,555

County of Miami-Dade, Water and Sewer System Series 2008B, Rev., AGM, 5.25%, 10/1/2020		100,000		100,409

County of Okaloosa Rev., 4.00%, 10/1/2020		55,000		55,171

County of Palm Beach

Rev., 5.00%, 11/1/2020		60,000		60,477

Rev., 5.00%, 6/1/2024		30,000		32,456

County of Palm Beach, Public Improvement Series 2014A, Rev., 5.00%, 11/1/2020		45,000		45,358

County of Polk, Refunding and Improvement Rev., 4.00%, 12/1/2020 (c)		300,000		302,778

County of Sarasota Rev., 5.00%, 10/1/2020		130,000		130,508

County of Sarasota, Infrastructure Sales Surtax Rev., 5.00%, 10/1/2020		100,000		100,391

County of Sarasota, Utility System Series 2011B, Rev., 3.00%, 10/1/2020		30,000		30,069

Escambia County Housing Finance Authority Series 2019B, Rev., GNMA COLL, 1.65%, 4/1/2023		100,000		102,320

Escambia County School Board Rev., 5.00%, 9/1/2022		40,000		43,791

Florida Atlantic University Finance Corp. Series 2012A, Rev., 4.00%, 7/1/2021		75,000		76,666

Florida Department of Environmental Protection

Series 2011B, Rev., 5.00%, 7/1/2021		100,000		104,007

Series 2014-A, Rev., 5.00%, 7/1/2021		20,000		20,801

Series 2016A, Rev., 5.00%, 7/1/2022		75,000		81,604

Florida Department of Management Services

Series 2017A, Rev., 5.00%, 9/1/2020		50,000		50,000

Series 2015A, COP, 5.00%, 8/1/2021		70,000		73,100

Florida Housing Finance Corp., Multi-Family Housing, Azure Estates Series 2019J, Rev., 1.45%, 3/1/2022 (b)		100,000		101,391

Florida Housing Finance Corp., Multi-Family Mortgage, Parrish Oaks Series 2020A, Rev., 1.25%, 2/1/2022 (b)		375,000		380,261

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	175

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Florida — continued

Florida Municipal Power Agency

Series 2012A, Rev., 5.00%, 10/1/2020		85,000		85,318

Series 2012A, Rev., 5.00%, 10/1/2021		200,000		209,886

Series 2012A, Rev., 5.00%, 10/1/2023		335,000		366,862

Series 2016A, Rev., 5.00%, 10/1/2024		100,000		117,175

Florida Municipal Power Agency, St. Lucie Project Series A, Rev., 5.00%, 10/1/2020		330,000		331,181

Florida Ports Financing Commission, State Transportation Trust Fund — Intermodal Program Series 2011A, Rev., 5.00%, 10/1/2020		115,000		115,443

Florida State Board of Governors Series 2010A, Rev., 5.00%, 7/1/2024		500,000		506,880

Florida State Board of Governors, University System Improvement Series 2017B, Rev., 5.00%, 7/1/2021		50,000		51,987

Highlands County Health Facilities Authority, Adventist Health System Series I-1, Rev., VRDO, 0.10%, 9/10/2020 (b)		5,725,000		5,725,000

Jacksonville Transportation Authority Rev., 5.00%, 8/1/2024		25,000		29,577

JEA Electric System Series D, Rev., 5.00%, 10/1/2020		95,000		95,344

JEA FL Bulk Power Supply System Series 2014A, Rev., 2.00%, 10/1/2020		50,000		50,066

Lee County Industrial Development Authority

Rev., 5.00%, 11/1/2021		50,000		50,397

Rev., 5.00%, 11/1/2023		35,000		35,272

Miami-Dade County Housing Finance Authority Rev., 1.42%, 5/1/2022 (b)		275,000		278,875

Monroe County School District, Sales Tax Rev., AGM, 5.00%, 10/1/2020		260,000		260,978

Orange County Housing Finance Authority, Willow Key Apartments Series 2019A, Rev., 1.90%, 4/1/2021 (b)		250,000		252,013

Orange County School Board Series 2015D, COP, 5.00%, 8/1/2023		200,000		226,618

Orlando Utilities Commission

Series 2017A, Rev., 3.00%, 10/1/2020 (b)		50,000		50,112

Series 2011B, Rev., 5.00%, 10/1/2020		60,000		60,235

Series 2013A, Rev., 5.00%, 10/1/2020		85,000		85,332

Series 2010C, Rev., 5.25%, 10/1/2022		25,000		27,623

Palm Beach County Health Facilities Authority Rev., 5.00%, 8/15/2024		475,000		553,822


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — continued

Palm Beach County School District Series 2012A, COP, 5.00%, 8/1/2022 (c)		25,000		27,286

Palm Beach County Solid Waste Authority Rev., 5.00%, 10/1/2020		50,000		50,189

Pasco County School Board

Rev., 5.00%, 10/1/2020		245,000		245,838

Series 2013A, COP, 5.00%, 8/1/2021		100,000		104,258

Polk County School District Rev., 5.00%, 10/1/2023		25,000		28,570

Reedy Creek Improvement District Series A, GO, 5.00%, 6/1/2022		65,000		70,451

Sarasota County Public Hospital District Series 1998B, Rev., NATL-RE, 5.25%, 7/1/2024		385,000		442,211

School Board of Miami-Dade County (The)

Series 2006C, COP, AMBAC, 5.00%, 10/1/2020		110,000		110,423

Series D, COP, 5.00%, 2/1/2021		100,000		101,972

Series 2015D, COP, 5.00%, 2/1/2024		300,000		346,449

School District of Broward County

Series A, COP, 5.00%, 7/1/2021		80,000		83,164

Series 2012A, COP, 5.00%, 7/1/2024		125,000		135,045

Series 2015B, COP, 5.00%, 7/1/2024		115,000		133,424

South Florida Water Management District COP, 5.00%, 10/1/2020		230,000		230,892

St. Johns River Power Park Series 26, Rev., 5.00%, 10/1/2020 (c)		25,000		25,098

St. Lucie County School Board Series 2015A, COP, 5.00%, 7/1/2021		30,000		31,161

State of Florida

Series 2011B, GO, 5.00%, 7/1/2023		30,000		31,202

Series 2011F, GO, 5.00%, 6/1/2024		25,000		25,899

State of Florida Department of Transportation Rev., 5.00%, 7/1/2024		35,000		41,159

State of Florida Department of Transportation Turnpike System Series 2019A, Rev., 5.00%, 7/1/2022		85,000		92,500

State of Florida Lottery Series 2010F, Rev., 5.00%, 7/1/2021		160,000		160,627

Sunshine State Governmental Financing Commission Series 2018B, Rev., 5.00%, 10/1/2022		35,000		38,475

Tampa Bay Water A Regional Water Supply Authority Utility System Rev., 5.00%, 10/1/2020		40,000		40,156

Town of Palm Beach Series 2016A, Rev., 5.00%, 1/1/2023		25,000		27,800

SEE NOTES TO FINANCIAL STATEMENTS.



176	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Florida — continued

University of Florida Department of Housing & Residence Education Hsg Sys Rev Series 2012A, Rev., 4.00%, 7/1/2022		55,000		56,724


Total Florida				30,991,759


Georgia — 1.0%

Atlanta & Fulton County Recreation Authority Series A, Rev., 5.00%, 12/1/2023		25,000		28,828

Augusta Housing Authority, Multi-Family Housing, River Glen Apartments Project Series 2019A, Rev., VRDO, 2.00%, 9/1/2020 (b)		275,000		275,000

Braselton Urban Redevelopment Agency Rev., 4.00%, 7/1/2024		30,000		34,041

Brookhaven Development Authority Rev., 5.00%, 7/1/2021		500,000		519,265

City of Atlanta, Water and Wastewater System Series 2018B, Rev., 5.00%, 11/1/2020		25,000		25,199

Clark County, Board of Education, Sales Tax GO, 5.00%, 9/1/2020		25,000		25,000

Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30,000		31,443

Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc. Project

Rev., 4.00%, 4/1/2022		100,000		105,552

Rev., 5.00%, 4/1/2022		100,000		107,125

Series 2020B, Rev., 5.00%, 4/1/2022 (e)		150,000		157,824

Series 2020B, Rev., 5.00%, 4/1/2023 (e)		175,000		191,046

Cobb-Marietta Coliseum & Exhibit Hall Authority Rev., GTD, 4.00%, 1/1/2024		25,000		27,187

Columbia County School District GO, 5.00%, 10/1/2020		25,000		25,097

DeKalb County School District GO, 4.00%, 10/1/2020		20,000		20,062

Development Authority of Gwinnett County COP, NATL-RE, 5.25%, 1/1/2022		70,000		74,733

Development Authority of Gwinnett County, Civic and Cultural Center Expansion Project Rev., GTD, 5.00%, 9/1/2020		20,000		20,000

Dougherty County School District, Sales Tax Series 2018, GO, 4.00%, 12/1/2020		60,000		60,565

Downtown Savannah Authority Series 2018A, Rev., 5.00%, 8/1/2022		25,000		27,311

Forsyth County Water & Sewerage Authority Rev., GTD, 4.00%, 4/1/2023		25,000		25,551


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Georgia — continued

Fulton County Development Authority Series A, Rev., 4.00%, 5/1/2021		200,000		205,066

Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 5.00%, 8/1/2021		50,000		51,884

Henry County Development Authority Rev., GTD, 3.00%, 8/1/2021		35,000		35,911

Jackson County Industrial Development Authority Rev., GTD, 5.00%, 7/1/2023		55,000		62,199

Main Street Natural Gas, Inc., Gas Supply

Series 2019B, Rev., 4.00%, 6/1/2022		450,000		477,779

Series 2019B, Rev., 4.00%, 12/1/2022		345,000		372,272

Series 2019B, Rev., 4.00%, 6/1/2023		240,000		262,987

Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (b)		170,000		186,555

Series 2018C, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/1/2023 (b)		165,000		182,262

Metropolitan Atlanta Rapid Transit Authority Series 2007A, Rev., NATL-RE, 5.25%, 7/1/2023		40,000		45,578

Municipal Electric Authority of Georgia, Combined Cycle Project

Series 2012A, Rev., 3.00%, 11/1/2020		200,000		200,834

Series 2010-A, Rev., 5.00%, 11/1/2020		100,000		100,744

Municipal Gas Authority of Georgia Series A, Rev., 5.00%, 10/1/2020		300,000		301,143

Paulding County Industrial Building Authority Series 2012B, Rev., GTD, 3.00%, 12/1/2020		20,000		20,136

Private Colleges & Universities Authority Series 2020B, Rev., 5.00%, 9/1/2025		980,000		1,206,478

State of Georgia

Series 2011E-2, GO, 5.00%, 9/1/2020		50,000		50,000

Series 2010-B, GO, 5.00%, 10/1/2020		30,000		30,117

Valdosta Housing Authority, Brown Rural Development Portfolio Project Rev., 2.25%, 12/1/2020 (b)		460,000		462,144


Total Georgia				6,034,918


Hawaii — 0.1%

City & County Honolulu

Series B, Rev., 4.00%, 7/1/2021		25,000		25,790

Series B, Rev., 5.00%, 7/1/2022		25,000		27,191

Series B, Rev., 5.00%, 7/1/2023		75,000		84,999

Series B, Rev., 5.00%, 7/1/2024		25,000		29,473

City & County of Honolulu

Series B, GO, 5.00%, 9/1/2020		25,000		25,000

Series B, GO, 5.00%, 10/1/2020		25,000		25,097

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	177

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Hawaii — continued

County of Hawaii Series A, GO, 5.00%, 9/1/2022		25,000		27,391

State of Hawaii Series EL, GO, 3.00%, 8/1/2023		50,000		53,942

State of Hawaii Department of Hawaiian Home Lands Series 2017A, COP, 4.00%, 11/1/2022		25,000		26,978

State of Hawaii Harbor System Series 2010A, Rev., 4.75%, 7/1/2024		50,000		50,177


Total Hawaii				376,038


Idaho — 0.8%

Bonneville County School District No. 91 Idaho Falls Series 2012B, GO, 4.00%, 9/15/2020		40,000		40,056

Idaho Health Facilities Authority Series 2010-D, Rev., 4.50%, 12/1/2020 (c)		200,000		202,124

Idaho Housing and Finance Association Series 2009A, Class I, Rev., VRDO, 0.28%, 9/1/2020 (b)		4,300,000		4,300,000

University of Idaho Rev., 5.25%, 4/1/2021 (b)		115,000		117,838


Total Idaho				4,660,018


Illinois — 2.7%

City of Lake Forest GO, 5.00%, 12/15/2020		235,000		238,231

City of Springfield Rev., 5.00%, 3/1/2021		135,000		138,047

Cook County School District No. 144 Prairie Hills, School Bonds Series 2010A, GO, AGM, 5.00%, 12/1/2020 (c)		100,000		101,173

Cook County School District No. 81 Schiller Park, School Bonds GO, 4.00%, 12/1/2021		80,000		83,497

County of Cook

Series 2011A, GO, 5.00%, 11/15/2020		750,000		756,517

Series 2012C, GO, 5.00%, 11/15/2020		385,000		388,346

Illinois Finance Authority

Series 2014A, Rev., 5.00%, 10/1/2020		380,000		381,463

Rev., 5.00%, 1/1/2021		100,000		101,575

Rev., 5.00%, 7/1/2023		75,000		84,999

Illinois Finance Authority, Ann and Robert H Lurie Children’s Hospital Obligated Group Rev., 5.00%, 8/15/2025		100,000		119,497

Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (b)		120,000		120,847

Illinois Finance Authority, Downers Grove Community High School District Number 99 Project Rev., 4.00%, 12/15/2020		635,000		641,674


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Illinois — continued

Illinois Finance Authority, Health Facilities, Unitypoint Health Series 2016D, Rev., 5.00%, 2/15/2021		195,000		198,918

Illinois Finance Authority, Silver Cross Hospital and Medical Centers Series C, Rev., 5.00%, 8/15/2021		60,000		62,340

Illinois Finance Authority, The University of Chicago Medical Center Series 2009E-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.03%, 9/1/2020 (b)		1,350,000		1,350,000

Illinois Finance Authority, Unitypoint Health

Series 2016D, Rev., 5.00%, 2/15/2023		70,000		77,512

Series 2016, Rev., 5.00%, 2/15/2024		90,000		103,119

Illinois Finance Authority, University of Chicago Series 2012A, Class A, Rev., 5.00%, 10/1/2020		350,000		351,347

Illinois Housing Development Authority

Rev., VRDO, 2.31%, 9/1/2020 (b)		185,000		185,000

Rev., 1.90%, 10/1/2021 (b)		125,000		127,072

Kane & DeKalb Counties Community Unit School District No. 302 Kaneland GO, 4.00%, 2/1/2021		290,000		294,472

Kane County School District No. 131 Aurora East Side

Series 2020C, GO, 5.00%, 12/1/2020		100,000		101,099

Series 2020C, GO, 5.00%, 12/1/2021		140,000		147,732

Series 2020C, GO, 5.00%, 12/1/2022		160,000		174,109

Lake County Forest Preserve District Series 2007A, GO, (ICE LIBOR USD 3 Month + 0.48%), 0.69%, 9/15/2020 (d)		50,000		49,952

Lake County Township High School District No. 121 Series 2016A, GO, 3.00%, 1/1/2024 (c)		370,000		403,337

Macoupin County Community Unit School District No. 7 Gillespie, School Building GO, AGC, 6.00%, 12/1/2021 (c)		50,000		53,564

Metropolitan Water Reclamation District of Greater Chicago Series 2007A, GO, 5.00%, 12/1/2020		25,000		25,286

Railsplitter Tobacco Settlement Authority

Rev., 5.25%, 6/1/2021		265,000		274,294

Rev., 5.38%, 6/1/2021		425,000		440,300

Tender Option Bond Trust Receipts/Certificates Series 2017-XF2500, Rev., VRDO, LIQ: Citibank NA, 0.17%, 9/10/2020 (b) (f)		7,580,000		7,580,000

Village of McCook

Series 2019A, GO, AGM, 4.00%, 12/1/2020		100,000		100,793

SEE NOTES TO FINANCIAL STATEMENTS.



178	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Illinois — continued

Series 2019A, GO, AGM, 4.00%, 12/1/2021		135,000		140,366

Village of Midlothian

GO, AGM, 4.00%, 1/1/2022		15,000		15,654

GO, AGM, 4.00%, 1/1/2023		15,000		16,116

GO, AGM, 4.00%, 1/1/2024		70,000		77,288

GO, AGM, 4.00%, 1/1/2025		40,000		45,272

Village of Rantoul GO, 4.00%, 1/1/2025		350,000		393,428

Village of Schaumburg Series 2016A, GO, 2.00%, 12/1/2020		25,000		25,112


Total Illinois				15,969,348


Indiana — 2.3%

2004 Plainfield Community High School Building Corp. Rev., 2.00%, 1/15/2021		30,000		30,203

Allen County War Memorial Coliseum Additions Building Corp. Series 2016A, Rev., 4.00%, 5/1/2021		25,000		25,609

Avon Community School Building Corp. Rev., 5.00%, 7/15/2024		110,000		128,482

Carmel 2002 School Building Corp. Rev., 5.00%, 1/15/2021		50,000		50,897

Carmel Redevelopment Authority

Series 2014B, Rev., 5.00%, 1/1/2024		35,000		40,191

Series 2014B, Rev., 5.00%, 7/1/2024		20,000		23,311

City of Lafayette, Sewage Works Rev., 5.00%, 7/1/2022		25,000		27,124

City of Lawrence, Waterworks Series 2017A, Rev., 4.00%, 1/1/2021		200,000		202,314

City of Rockport, Michigan Power Company Project Series D, Rev., 2.05%, 6/1/2021 (b)		1,575,000		1,588,293

Clark Pleasant Middle School Corp. Rev., 5.00%, 1/15/2021		200,000		203,490

Crothersville 2000 School Building Corp. Rev., AMBAC, 5.00%, 7/15/2021		155,000		159,208

Fort Wayne Redevelopment Authority Rev., 4.00%, 2/1/2022		50,000		52,601

Franklin Township-Marion County Multiple School Building Corp. Rev., 5.00%, 7/10/2021		30,000		31,238

Hamilton Southeastern Consolidated School Building Corp.

Rev., 5.00%, 7/15/2021		25,000		26,055

Series B, Rev., 5.00%, 7/15/2022		35,000		38,168

Rev., 4.00%, 1/15/2024		25,000		28,013

Hammond Local Public Improvement Bond Bank Series 2020A, Rev., 2.38%, 12/31/2020		1,375,000		1,381,078


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Indiana — continued

Indiana Bond Bank

Series 2012D, Rev., 5.00%, 2/1/2023		40,000		42,594

Series 2012D, Rev., 3.00%, 2/1/2025		100,000		103,378

Indiana Finance Authority

Series 2016A, Rev., 4.00%, 10/1/2020		150,000		150,447

Series 2011A, Rev., 5.00%, 10/1/2020		70,000		70,265

Rev., 4.00%, 9/1/2021		100,000		103,681

Series 2014A, Rev., 5.00%, 10/1/2021		85,000		89,306

Series 2015A, Rev., 5.00%, 2/1/2022		990,000		1,050,222

Series 2011 I, Rev., 1.65%, 7/1/2022 (b)		250,000		253,140

Series A, Rev., 5.00%, 7/1/2022		50,000		52,016

Series 2011B, Rev., 5.25%, 10/1/2022		120,000		126,240

Series 2010A, Rev., 5.00%, 12/1/2022		25,000		27,683

Series 2016B, Rev., 5.00%, 11/1/2024		260,000		305,243

Indiana Finance Authority, Health Obligation Series H, Rev., 1.65%, 7/1/2022 (b)		1,000,000		1,012,560

Indiana Finance Authority, Lease Appropriation, Convention Center Expansion Project Series 2019B, Rev., 5.00%, 2/1/2025		90,000		108,239

Indiana Finance Authority, Parkview Health

Series 2017A, Rev., 5.00%, 11/1/2020		450,000		453,281

Series 2017A, Rev., 5.00%, 11/1/2021		200,000		210,310

Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006B-3, Rev., 1.75%, 11/2/2021 (b)		100,000		101,417

Indiana Municipal Power Agency Series 2017A, Rev., 5.00%, 1/1/2022		200,000		212,610

Indiana Municipal Power Agency, Power Supply System Series 2014A, Rev., 5.00%, 1/1/2021		20,000		20,314

Indiana Transportation Finance Authority Series 2004C, Rev., NATL-RE, 5.50%, 12/1/2020		30,000		30,397

Indiana University Rev., 5.00%, 8/1/2021		30,000		31,328

Indianapolis Local Public Improvement Bond Bank Series 2014C, Rev., 4.00%, 2/1/2022		25,000		26,344

Ivy Tech Community College of Indiana

Series V, Rev., 5.00%, 7/1/2021		25,000		25,999

Series V, Rev., 5.00%, 7/1/2022		110,000		119,579

Jennings County School Building Corp., First Mortgage

Series 2019A, Rev., 2.00%, 1/15/2021		90,000		90,574

Series 2019B, Rev., 3.00%, 1/15/2021		15,000		15,151

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	179

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Indiana — continued

Series 2019B, Rev., 3.00%, 7/15/2021		50,000		51,184

Series 2019A, Rev., 2.00%, 1/15/2022		90,000		92,127

Series 2019B, Rev., 3.00%, 1/15/2022		40,000		41,492

Series 2019A, Rev., 2.00%, 1/15/2023		60,000		62,169

Lafayette School Corp. GO, 4.00%, 1/15/2021		425,000		430,164

Lake Central Multi-District School Building Corp. Series 2012B, Rev., 5.00%, 7/15/2024		100,000		110,852

Lake Central Multi-District School Building Corp., First Mortgage Series 2012B, Rev., 5.00%, 7/15/2021		250,000		260,150

Mishawaka School City Multi-School Building Corp. Rev., 5.00%, 7/15/2021		200,000		205,532

MSD of Wabash County Multi-School Building Corp. Rev., 3.40%, 7/15/2022		25,000		25,635

North Putnam Middle School Building Corp., Property Tax, First Mortgage Series 2019, Rev., 3.00%, 1/15/2021		200,000		202,014

Pike Township Multi-School Building Corp.

Rev., 5.00%, 1/15/2024		320,000		368,106

Rev., 5.00%, 7/15/2024		350,000		409,980

Rev., 5.00%, 1/15/2025		335,000		398,730

South Bend Community School Corp. Rev., 4.00%, 7/15/2022		30,000		32,138

South Bend Redevelopment Authority Rev., 4.00%, 2/15/2021		25,000		25,424

Southeast Dubois County School Building Corp. Series 2012A, Rev., 3.00%, 7/15/2022		640,000		666,771

Union Township School Corp. Rev., 2.00%, 12/31/2020		900,000		904,419

Valparaiso Middle School Building Corp. Series 2012A, Rev., 3.00%, 7/15/2022		100,000		103,687

Wa-Nee Community Schools GO, 3.00%, 1/15/2023		125,000		131,520

Warsaw Multi-School Building Corp. Rev., 4.00%, 1/15/2021		100,000		101,376

Whitestown Redevelopment Authority Rev., 3.00%, 1/15/2024		25,000		26,605

Zionsville Community Schools Building Corp. Series 2014B, Rev., 4.00%, 1/15/2021		25,000		25,357

Series 2003Z, Rev., NATL-RE, Zero Coupon, 1/15/2025		25,000		24,297


Total Indiana				13,568,322


Iowa — 0.8%

Ankeny Community School District GO, 5.00%, 6/1/2021		140,000		144,992


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Iowa — continued

Iowa Finance Authority, Single Family Series 2017C, Rev., GNMA/FNMA/FHLMC, 1.70%, 1/1/2023		165,000		169,260

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.08%, 9/10/2020 (b)		3,055,000		3,055,000

Iowa Finance Authority, Unitypoint Health Series 2018B, Rev., 5.00%, 2/15/2021		415,000		423,337

Iowa State Board of Regents, University of Iowa Hospitals and Clinics Rev., 4.00%, 9/1/2020		25,000		25,000

Iowa State University of Science & Technology Series ISU, Rev., 4.00%, 11/1/2021		50,000		52,190

Pella Community School District GO, 2.10%, 6/1/2022		395,000		395,533

State of Iowa, Ijobs Program Series A, Rev., 5.00%, 6/1/2021		20,000		20,723

University of Iowa (The) Series 2016A, Rev., 3.00%, 7/1/2021		135,000		138,078

Waukee Community School District

Series 2014C, GO, 5.00%, 6/1/2021		40,000		41,427

Series 2016A, GO, 5.00%, 6/1/2021		35,000		36,248


Total Iowa				4,501,788


Kansas — 0.5%

Blue Valley Recreation Commission Series A, COP, AGM, 5.00%, 10/1/2022		25,000		27,460

City of Lawrence, Temporary Notes Series I, GO, 2.00%, 5/1/2021		290,000		290,258

City of Manhattan Series B, GO, 3.00%, 11/1/2021		20,000		20,636

City of Olathe

Series 230, GO, 5.00%, 10/1/2021		35,000		36,832

Series 230, GO, 5.00%, 10/1/2023		40,000		45,818

City of Olathe, Improvement Bonds Series 229, GO, 2.00%, 10/1/2020		45,000		45,067

City of Topeka Series 2019A, GO, 4.00%, 10/1/2020		310,000		310,970

County of Leavenworth Series 2019-1, GO, 4.00%, 12/1/2020		125,000		126,141

County of Shawnee

COP, 4.00%, 9/1/2020		35,000		35,000

COP, 3.00%, 9/1/2024		35,000		38,336

Hesston Public Building Commission Series 2016A, Rev., 2.00%, 10/1/2020		40,000		40,057

SEE NOTES TO FINANCIAL STATEMENTS.



180	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Kansas — continued

Johnson County Public Building Commission

Series 2015B, Rev., 2.00%, 9/1/2020		800,000		800,000

Series 2011A, Rev., 4.00%, 9/1/2020		50,000		50,000

Johnson County Unified School District No. 232 Series 2015-A, GO, 5.00%, 9/1/2020		50,000		50,000

Johnson County Unified School District No. 233 Olathe Series 2016C, GO, 5.00%, 9/1/2023		50,000		56,952

Johnson County Unified School District No. 512 Shawnee Mission Series 2016B, GO, 4.00%, 10/1/2021		25,000		26,039

Kansas Development Finance Authority

Series 2020SRF, Rev., 5.00%, 5/1/2021		25,000		25,804

Series 2017A, Rev., 5.00%, 5/1/2022		40,000		43,146

Kansas State Department Transportation Highway Series 2009A, Rev., 5.00%, 9/1/2020		80,000		80,000

Sedgwick County Unified School District No. 261 Haysville GO, 5.00%, 11/1/2020		200,000		201,542

Sedgwick County Unified School District No. 265 Goddard GO, 3.00%, 10/1/2020		25,000		25,056

Sedgwick County Unified School District No. 266 Maize Series 2015B, GO, 5.00%, 9/1/2021		25,000		26,203

State of Kansas, Department of Transportation Series 2012C, Rev., 5.00%, 9/1/2020		150,000		150,000

Wyandotte County-Kansas City Unified Government Series 2016A, Rev., 2.00%, 11/1/2020		100,000		100,272

Wyandotte County-Kansas City Unified Government Utility System

Series 2014A, Rev., 5.00%, 9/1/2020		100,000		100,000

Series 2014A, Rev., 5.00%, 9/1/2021		175,000		183,166

Wyandotte County-Kansas City Unified Government, Kansas International Speedway Corp. Project Rev., 5.00%, 12/1/2020		20,000		20,235


Total Kansas				2,954,990


Kentucky — 0.6%

City of Bowling Green Series 2016C, GO, 4.00%, 6/1/2021		50,000		51,433

County of Kenton

Series B, GO, 5.00%, 10/1/2020		315,000		316,232

Series B, GO, 5.00%, 10/1/2021		215,000		226,229


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kentucky — continued

Series 2017A, GO, 5.00%, 4/1/2022		25,000		26,905

Kentucky Association of Counties Finance Corp. Series C, Rev., 3.25%, 2/1/2021		50,000		50,578

Kentucky Economic Development Finance Authority, Catholic Health Initiatives Series 2013A, Rev., 5.25%, 1/1/2023 (c)		100,000		110,942

Kentucky Housing Corp., Westminster Village Project Series 2019, Rev., 2.00%, 4/1/2021 (b)		350,000		353,346

Kentucky Infrastructure Authority Series 2018A, Rev., 3.00%, 2/1/2024		25,000		27,294

Kentucky Rural Water Finance Corp., Public Projects Construction Notes Series 2019E-1, Rev., 1.45%, 6/1/2021		945,000		947,495

Lexington-Fayette Urban County Government GO, 5.00%, 9/1/2020		125,000		125,000

Louisville & Jefferson County Metropolitan Government

Series 2016A, Rev., 5.00%, 10/1/2020		50,000		50,175

Series 2012A, Rev., 4.00%, 6/1/2022 (c)		20,000		21,289

Series 2012A, Rev., 5.00%, 6/1/2022 (c)		40,000		43,273

Louisville & Jefferson County Metropolitan Government, Catholic Health Initiatives Series 2012A, Rev., 4.25%, 6/1/2022		5,000		5,344

Louisville & Jefferson County Metropolitan Sewer and Drainage District Rev., BAN, 3.00%, 10/23/2020		750,000		752,647

Louisville & Jefferson County Metropolitan Sewer District

Rev., 5.00%, 5/15/2022		125,000		135,171

Series 2016C, Rev., 5.00%, 5/15/2022		50,000		54,069

Murray State University Series 2011B, Rev., 3.75%, 9/1/2021		110,000		110,966

University of Kentucky Series 2015B, Rev., 5.00%, 10/1/2020		200,000		200,782


Total Kentucky				3,609,170


Louisiana — 0.0% (g)

Lafayette Public Trust Financing Authority, Ragin’ Cajun Facilities Inc. Housing and Parking Project Rev., AGM, 5.00%, 10/1/2020 (c)		150,000		150,580

Louisiana Local Government Environmental Facilities and Community Development Authority Rev., 5.00%, 4/1/2023		100,000		111,878


Total Louisiana				262,458

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	181

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Maine — 0.1%

Maine Municipal Bond Bank

Series 2014C, Rev., 5.00%, 11/1/2020		85,000		85,676

Series 2016C, Rev., 5.00%, 11/1/2020		25,000		25,199

Series 2017A, Rev., 5.00%, 11/1/2020		25,000		25,199

Series 2019A, Rev., 5.00%, 11/1/2020		25,000		25,199

Series C, Rev., 5.00%, 11/1/2020		100,000		100,796

Series 2015A, Rev., 5.00%, 9/1/2022		25,000		27,412

Maine Municipal Bond Bank, Transportation Infrastructure Series 2011A, Rev., 5.00%, 9/1/2020		20,000		20,000

Town of Gorham Series 2016B, GO, 5.00%, 10/1/2021		25,000		26,309

Town of Scarborough GO, 5.00%, 11/1/2020		100,000		100,764

Town of York GO, 2.00%, 10/1/2020		40,000		40,060


Total Maine				476,614


Maryland — 0.6%

City of Baltimore

Series 2013A, GO, 4.00%, 10/15/2020		25,000		25,115

Series 2013A, Rev., 5.00%, 7/1/2022		25,000		27,196

City of Frederick GO, 5.00%, 9/1/2020		70,000		70,000

County of Anne Arundel

GO, 5.00%, 4/1/2021		50,000		51,406

GTD, 5.00%, 7/1/2023		50,000		56,758

County of Baltimore

COP, 5.00%, 3/1/2021		45,000		46,062

COP, 5.00%, 3/1/2022		375,000		401,542

GO, 5.00%, 3/1/2023		70,000		78,388

County of Baltimore, Health and Social Services Building Project COP, 3.00%, 10/1/2021		50,000		51,483

County of Cecil GO, 4.00%, 12/1/2020		20,000		20,191

County of Charles, Consolidated Public Improvement GO, 5.00%, 10/1/2020		60,000		60,235

County of Frederick GO, 5.00%, 5/1/2021		25,000		25,804

County of Harford GO, 5.00%, 9/15/2022		70,000		76,885

County of Montgomery

Series 2017C, GO, 5.00%, 10/1/2020		25,000		25,098

Series 2012A, GO, 5.00%, 11/1/2020		50,000		50,398

Series 2014A, GO, 5.00%, 11/1/2020		120,000		120,955

Series 2013A, GO, 5.00%, 11/1/2021		25,000		26,409

Series 2016A, COP, 5.00%, 11/1/2021		25,000		26,379

Rev., 5.00%, 6/1/2022		75,000		77,693

Series 2015B, GO, 5.00%, 12/1/2023		35,000		40,421

County of Prince George’s COP, 5.00%, 10/1/2023		25,000		25,096


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maryland — continued

County of Queen Anne’s GO, 5.00%, 1/15/2023		25,000		27,833

County of Wicomico GO, 5.00%, 11/1/2020		25,000		25,197

Maryland Community Development Administration Series 2019A, Rev., 2.10%, 3/1/2024		25,000		26,128

Maryland Community Development Administration Local Government Infrastructure Series A-2, Rev., 3.00%, 6/1/2021		25,000		25,507

Maryland Community Development Administration, Department of Housing and Community Development, Residential Series 2018A, Rev., 2.55%, 3/1/2022		20,000		20,591

Maryland Economic Development Corp. Rev., 4.00%, 6/1/2023		50,000		51,427

Maryland Environmental Service Rev., 3.00%, 11/1/2020		80,000		80,374

Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Rev., 4.00%, 7/1/2021		180,000		185,137

Maryland Stadium Authority

Rev., 5.00%, 5/1/2022		80,000		86,277

Rev., 5.00%, 6/15/2023		65,000		73,514

Montgomery County Housing Opportunites Commission Series 2011A, Rev., VRDO, GNMA/FNMA/FHLMC, LOC: TD Bank NA, 0.09%, 9/10/2020 (b)		1,150,000		1,150,000

State of Maryland

Series 2014A, GO, 5.00%, 3/1/2022 (c)		65,000		69,662

Series 2017A, GO, 5.00%, 8/1/2022		100,000		109,286

State of Maryland Department of Transportation Rev., 4.00%, 5/15/2021		50,000		51,345

University System of Maryland

Series 2012D, Rev., 5.00%, 10/1/2020		50,000		50,196

Series 2016A, Rev., 5.00%, 4/1/2021		60,000		61,688

Series 2017B, Rev., 5.00%, 4/1/2022		85,000		91,491

Series 2011A, Rev., 3.00%, 4/1/2024		25,000		25,383


Total Maryland				3,594,550


Massachusetts — 5.2%

Berkshire Hills Regional School District GO, 5.00%, 10/15/2020		20,000		20,116

Berkshire Regional Transit Authority Series B, Rev., RAN, 1.25%, 7/29/2021		5,300,000		5,336,570

Boston Water & Sewer Commission Series 2012A, Rev., 4.00%, 11/1/2020		20,000		20,126

Brockton Area Transit Authority Rev., RAN, 1.50%, 7/30/2021		3,050,000		3,074,125

SEE NOTES TO FINANCIAL STATEMENTS.



182	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Massachusetts — continued

Cape Cod Regional Transit Authority Rev., RAN, 1.50%, 7/23/2021		3,000,000		3,022,980

City of Beverly GO, 4.00%, 9/1/2020		10,000		10,000

City of Malden GO, 5.00%, 11/15/2020		35,000		35,343

City of Methuen GO, BAN, 2.00%, 9/1/2021		3,235,000		3,285,628

City of Newton Series B, GO, 3.00%, 11/1/2020		50,000		50,236

City of Revere GO, 4.00%, 12/1/2021		25,000		26,189

City of Waltham GO, 4.10%, 2/1/2023		35,000		35,108

City of Woburn GO, 5.00%, 9/15/2020		35,000		35,062

Commonwealth of Massachusetts

Series 2003D, GO, 5.50%, 10/1/2020		130,000		130,563

Series 2001D, GO, AGM-CR, 5.50%, 11/1/2020		25,000		25,220

Series C, GO, 5.00%, 10/1/2023		25,000		28,653

Commonwealth of Massachusetts Transportation Fund Series 2012A, Rev., 5.00%, 6/1/2022		50,000		51,810

Commonwealth of Massachusetts, Consolidated Loan of 2013 Series 2013A, GO, 4.00%, 4/1/2021 (c)		25,000		25,557

Lowell Regional Transit Authority Rev., RAN, 1.25%, 8/19/2021		6,000,000		6,042,780

Massachusetts Bay Transportation Authority Series 2008B, Rev., 5.00%, 7/1/2021		25,000		26,002

Massachusetts Clean Water Trust (The) Rev., 5.00%, 8/1/2021		20,000		20,880

Massachusetts Development Finance Agency

Series 2010B-1, Rev., 5.00%, 10/15/2020		75,000		75,438

Series I, Rev., 6.25%, 1/1/2021 (c)		50,000		51,003

Rev., 1.39%, 2/1/2022 (b)		84,000		85,034

Series 2017S-4, Rev., 5.00%, 1/25/2024 (b)		200,000		230,894

Series 2019DD-1, Rev., 5.00%, 4/1/2024 (b)		475,000		539,220

Massachusetts Development Finance Agency, Dana-Farber Cancer Institute Series 2019O, Rev., 5.00%, 12/1/2020		195,000		197,143

Massachusetts Development Finance Agency, Milton Academy Rev., 5.00%, 9/1/2020		100,000		100,000

Massachusetts Development Finance Agency, Partners Healthcare System Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.59%, 9/10/2020 (d)		250,000		249,170


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Massachusetts — continued

Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group Series I, Rev., 5.00%, 7/1/2022		245,000		261,942

Massachusetts Housing Finance Agency Series 2018A, Rev., 2.40%, 12/1/2021 (b)		100,000		102,634

Massachusetts School Building Authority Series 2012A, Rev., 5.00%, 8/15/2021		55,000		57,539

Springfield Water & Sewer Commission Series 2017B, Rev., 5.00%, 4/15/2022		25,000		26,914

Town of Arlington, Municipal Purpose Loan GO, 5.00%, 12/1/2020		20,000		20,241

Town of Bedford GO, 3.00%, 10/1/2020		25,000		25,057

Town of Boxborough GO, BAN, 1.25%, 2/12/2021		1,512,900		1,516,803

Town of Charlton GO, BAN, 1.13%, 5/28/2021		3,007,000		3,017,765

Town of Dedham GO, BAN, 1.13%, 5/12/2021		1,000,000		1,003,580

Town of Dracut GO, 5.00%, 9/15/2021		25,000		26,260

Town of Edgartown Series A, GO, 5.00%, 1/15/2021		35,000		35,629

Town of Hamilton GO, BAN, 1.25%, 8/27/2021		667,767		672,969

Town of Lexington GO, 4.00%, 2/1/2021		75,000		76,201

Town of Lunenburg GO, 4.00%, 6/1/2021		150,000		150,468

Town of Reading GO, 3.00%, 4/15/2021		25,000		25,444

Town of Scituate, Municipal Purpose Loan GO, 5.00%, 9/15/2020		25,000		25,044

Town of Shrewsbury GO, 5.00%, 7/1/2021		40,000		41,616

Town of South Hadley Series 2013A, GO, 3.00%, 5/15/2021		150,000		152,947

Town of Westborough GO, 5.00%, 11/15/2020		45,000		45,445

Town of Winthrop GO, 4.00%, 9/1/2021		25,000		25,964

University of Massachusetts Building Authority Series 2, Rev., 5.00%, 11/1/2020		40,000		40,315


Total Massachusetts				30,181,627


Michigan — 3.0%

Ann Arbor School District GO, Q-SBLF, 5.00%, 5/1/2021		60,000		61,922

Central Michigan University Rev., 5.00%, 10/1/2020		325,000		326,056

Charter Township of Lyon Series 2006-A, GO, 4.13%, 11/1/2023		45,000		45,285

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	183

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Michigan — continued

Charter Township of Meridian, Unlimited Tax GO, 5.00%, 10/1/2020		40,000		40,156

City of Grand Rapids GO, 5.00%, 4/1/2024		50,000		58,321

City of Marquette, Capital Improvement

GO, 4.00%, 5/1/2023		200,000		218,538

GO, 4.00%, 5/1/2024		210,000		236,208

GO, 4.00%, 5/1/2025		290,000		335,037

City of Marquette, Limited Tax

GO, 4.00%, 5/1/2023		170,000		185,757

GO, 4.00%, 5/1/2024		125,000		140,600

GO, 4.00%, 5/1/2025		105,000		121,307

City of Novi GO, 4.00%, 10/1/2021		60,000		62,393

City of Royal Oak

GO, 4.00%, 4/1/2021		50,000		51,072

GO, 3.00%, 10/1/2021		85,000		87,474

City of Southfield GO, 3.00%, 5/1/2023		30,000		32,137

Clarkston Community Schools Series 2016A, GO, Q-SBLF, 5.00%, 5/1/2021		215,000		221,695

County of Jackson GO, 2.00%, 5/1/2024		250,000		264,870

County of Jackson, Capital Improvement, Limited Tax Series 2018C, GO, 3.00%, 9/1/2020		135,000		135,000

County of Kent GO, 5.00%, 1/1/2021		110,000		111,754

County of Muskegon GO, 5.00%, 7/1/2022		25,000		25,093

Dearborn School District, Limited Tax

GO, 3.00%, 5/1/2021		915,000		931,369

GO, 3.00%, 5/1/2022		915,000		955,818

Detroit City School District Series 2002A, GO, FGIC, Q-SBLF, 6.00%, 5/1/2021		30,000		31,129

Dexter Community Schools GO, Q-SBLF, 4.00%, 5/1/2022		100,000		106,344

East Lansing School District Series 2020-II, GO, Q-SBLF, 4.00%, 5/1/2023		180,000		196,783

Ferris State University Rev., 5.00%, 10/1/2020		200,000		200,664

Forest Hills Public Schools Series I, GO, 3.00%, 5/1/2022		50,000		52,341

Forest Hills Public Schools, Unlimited Tax GO, 5.00%, 5/1/2021		35,000		36,121

Glen Lake Community Schools GO, AGM, Q-SBLF, 4.00%, 5/1/2021		150,000		150,465

Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group Series 2019A, Rev., 5.00%, 7/1/2024		130,000		150,934

Grand Valley State University

Series 2014B, Rev., 5.00%, 12/1/2020		165,000		166,698


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Series 2016A, Rev., 5.00%, 12/1/2021		415,000		436,422

Series 2014B, Rev., 5.00%, 12/1/2023		310,000		348,545

Series 2016A, Rev., 5.00%, 12/1/2024		670,000		777,093

Kent Hospital Finance Authority, Spectrum Health System Series 2011A, Rev., 5.00%, 11/15/2021		500,000		526,260

Lakeview Public School District, Unlimited Tax GO, Q-SBLF, 5.00%, 11/1/2020		175,000		176,333

L’Anse Creuse Public Schools GO, VRDO, Q-SBLF, LOC: TD Bank NA, 0.08%, 9/10/2020 (b)		725,000		725,000

Livonia Municipal Building Authority Rev., 4.00%, 5/1/2024		40,000		45,023

Macomb County Building Authority Rev., 2.50%, 5/1/2021		50,000		50,772

Michigan Finance Authority

Series 2016MI-2, Rev., (SIFMA Municipal Swap Index Yield + 0.48%), 0.57%, 9/10/2020 (d)		145,000		144,767

Series 2015MI, Rev., (ICE LIBOR USD 1 Month + 0.54%), 0.65%, 9/10/2020 (d)		875,000		874,668

Rev., 5.00%, 10/1/2020		25,000		25,098

Series 2015MI, Rev., 5.00%, 12/1/2020		100,000		101,115

Series 2015MI, Rev., 5.00%, 12/1/2021		110,000		116,160

Rev., 5.00%, 11/15/2022		330,000		361,122

Series 2017A-MI, Rev., 5.00%, 12/1/2022		315,000		345,813

Series 2019MI-1, Rev., 5.00%, 12/1/2023		100,000		113,914

Series 2016B, Rev., 5.00%, 10/1/2024		150,000		178,632

Series 2017A, Rev., 5.00%, 12/1/2024		140,000		164,991

Series 2019MI-2, Rev., 5.00%, 2/1/2025 (b)		200,000		236,958

Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (b)		320,000		339,197

Michigan Finance Authority, Clean Water Revolving Fund

Series 2016B, Rev., 4.00%, 10/1/2020		110,000		110,340

Rev., 5.00%, 10/1/2020		25,000		25,097

Michigan Finance Authority, Henry Ford Health System

Rev., 5.00%, 11/15/2020		185,000		186,630

Rev., 5.00%, 11/15/2021		140,000		147,283

Michigan Finance Authority, Revolving Fund Cleanwater Series 2011, Rev., 5.00%, 10/1/2020		60,000		60,234

SEE NOTES TO FINANCIAL STATEMENTS.



184	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Michigan — continued

Michigan Finance Authority, Trinity Health Credit Group Rev., 5.00%, 12/1/2021		340,000		359,040

Michigan Municipal Bond Authority Rev., 5.00%, 10/1/2020		115,000		115,450

Michigan State Building Authority Series I-A, Rev., 5.00%, 10/15/2020		95,000		95,547

Michigan State Building Authority, Facilities Program Series I, Rev., 5.00%, 4/15/2021		100,000		102,983

Michigan State Hospital Finance Authority Series 2008C, Rev., 5.00%, 12/1/2024		160,000		188,562

Michigan State Hospital Finance Authority, Ascension Health Series 2010 F-1, Rev., 4.00%, 6/1/2023 (b)		50,000		54,688

Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 2010F-2, Rev., 1.90%, 4/1/2021 (b)		750,000		755,947

Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group Series F-5, Rev., 2.40%, 3/15/2023 (b)		305,000		319,198

Michigan State Hospital Finance Authority, Trinity Health Credit Group

Series 2008C, Rev., 5.00%, 12/1/2020		100,000		101,115

Series C, Rev., 5.00%, 12/1/2025		150,000		181,999

Michigan State University Series 2019C, Rev., 5.00%, 8/15/2022		45,000		49,032

Michigan Strategic Fund, Cadillac Place Office Building Project Rev., 5.00%, 10/15/2020		200,000		201,024

Michigan Strategic Fund, The Detroit Edison Co. Exampt Facilities Project Series 2008ET-2, Rev., 1.45%, 9/1/2021 (b)		250,000		251,212

Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (b)		300,000		301,455

Michigan Technological University, Board of Control Series 2015A, Rev., AGM, 5.00%, 10/1/2020		100,000		100,366

Muskegon Local Development Finance Authority Rev., AGM, 3.00%, 11/1/2022		50,000		51,197

New Haven Community Schools GO, Q-SBLF, 5.00%, 5/1/2022		25,000		27,010

Northwestern Michigan College, Limited Tax GO, 3.25%, 5/1/2021		35,000		35,675

Novi Community School District, School Building and Site Bonds Series I, GO, 4.00%, 5/1/2021		25,000		25,635

Plymouth-Canton Community School District GO, Q-SBLF, 5.00%, 5/1/2023		45,000		50,616


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Michigan — continued

Royal Oak Hospital Finance Authority, Health Beaumont Health Credit Group

Series 2014D, Rev., 5.00%, 9/1/2021		150,000		156,629

Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group Series 2014D, Rev., 5.00%, 9/1/2020		85,000		85,000

Royal Oak School District

GO, 4.00%, 5/1/2022		30,000		31,903

GO, 5.00%, 5/1/2022		40,000		43,202

Schoolcraft Community College District GO, 3.00%, 5/1/2024		115,000		125,012

State of Michigan

Series 2010A, GO, 5.00%, 11/1/2020		205,000		206,632

Series 2015A, GO, 5.00%, 12/1/2020		180,000		182,162

Rev., GAN, 5.00%, 3/15/2021		185,000		189,451

State of Michigan, Environmental Program, Tax-Exempt GO, 3.00%, 11/1/2020		25,000		25,117

Troy School District GO, Q-SBLF, 5.00%, 5/1/2021		70,000		72,242

Wayne County Airport Authority Series 2012A, Rev., 5.00%, 12/1/2020		150,000		151,713

Wayne County Airport Authority, Junior Lien

Series 2017A, Rev., 5.00%, 12/1/2020		100,000		101,142

Wayne State University Series 2019A, Rev., 5.00%, 11/15/2024		175,000		206,183

Ypsilanti Community Utilities Authority Rev., 4.00%, 4/1/2023		175,000		191,154


Total Michigan				17,492,101


Minnesota — 0.6%

Alexandria Lake Area Sanitation District Series 2015A, GO, 5.00%, 2/1/2023		25,000		27,833

City of Brooklyn Center, Unity Place Project Rev., 1.95%, 12/1/2020 (b)		75,000		75,058

City of Columbia Heights Series 2017B, GO, 3.00%, 2/1/2023		35,000		37,197

City of Eden Prairie Series 2012C, GO, 2.00%, 1/15/2021		40,000		40,056

City of Rochester, Health Care Facilities, Mayo Clinic Rev., 4.50%, 11/15/2021 (b)		100,000		103,854

County of Clay Series 2017A, GO, 5.00%, 2/1/2025		50,000		60,157

County of Hennepin Series 2010B, GO, 4.00%, 12/1/2020		25,000		25,238

County of Ramsey Series 2012A, GO, 4.00%, 2/1/2021		40,000		40,637

Duluth Independent School District No. 709

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	185

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Minnesota — continued

Series 2019C, COP, 5.00%, 2/1/2022		130,000		137,774

Series A, COP, 5.00%, 2/1/2022		200,000		211,960

Series 2016A, COP, 5.00%, 2/1/2025		200,000		235,908

Housing and Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services Series 2017A, Rev., 5.00%, 11/15/2022		200,000		219,326

Housing and Redevelopment Authority of The City of St. Paul, Legends Berry Senior Apartments Project Series A, Rev., VRDO, 2.20%, 9/1/2021 (b)		325,000		325,000

Metropolitan Council Series 2012E, GO, 5.00%, 9/1/2020		50,000		50,000

Metropolitan Council, Wastewater Series 2014D, GO, 5.00%, 9/1/2020		40,000		40,000

Minneapolis Special School District No. 1

Series 2011-F, COP, 3.00%, 2/1/2021		30,000		30,066

Series 2012B, GO, 3.00%, 2/1/2021		25,000		25,295

Series 2014D, COP, 5.00%, 2/1/2025		30,000		33,331

Minneapolis-St Paul Metropolitan Airports Commission

Series B, Rev., 3.00%, 1/1/2021		70,000		70,530

Series 2016B, Rev., 5.00%, 1/1/2022		275,000		290,631

Series 2019C, Rev., 5.00%, 1/1/2023		150,000		164,469

Minnesota Higher Education Facilities Authority Rev., 5.00%, 3/1/2021		25,000		25,602

Minnesota Housing Finance Agency

Rev., AMT, GNMA/FNMA/FHLMC, 2.10%, 7/1/2021		105,000		106,294

Series 2018C, Rev., 5.00%, 8/1/2021		20,000		20,814

Series C, Rev., AMT, GNMA/FNMA/FHLMC, 2.55%, 1/1/2023		105,000		109,649

Minnesota Public Facilities Authority Series 2010A, Rev., 5.00%, 3/1/2023		50,000		55,978

Minnesota State Colleges And Universities Foundation Series 2011A, Rev., 4.00%, 10/1/2020		25,000		25,074

Minnetonka Independent School District No. 276

Series E, COP, 3.00%, 10/1/2021		155,000		159,510

Series E, COP, 3.00%, 10/1/2022		85,000		89,803

Series E, COP, 4.00%, 10/1/2023		115,000		127,901

State of Minnesota

Series 2010D, GO, 5.00%, 9/14/2020		40,000		40,065

Series 2017E, GO, 4.00%, 10/1/2020		40,000		40,124

Series 2013D, GO, 5.00%, 10/1/2020		135,000		135,526

Series 2013F, GO, 5.00%, 10/1/2020		20,000		20,078


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Minnesota — continued

Series 2018B, GO, 5.00%, 8/1/2023		25,000		28,484


Total Minnesota				3,229,222


Mississippi — 0.7%

Alcorn State University Educational Building Corp. (The) Rev., 3.00%, 9/1/2022		30,000		31,421

City of Ridgeland GO, 4.00%, 8/1/2024		25,000		28,427

City of Starkville Rev., 4.00%, 5/1/2023		55,000		60,159

Mississippi Business Finance Corp. Rev., VRDO, 0.55%, 9/1/2021 (b)		350,000		350,000

Mississippi Development Bank

Rev., 5.00%, 1/1/2022 (c)		50,000		53,187

Rev., 5.00%, 1/1/2022		50,000		53,125

Rev., 5.00%, 6/1/2022		295,000		319,143

Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 3.00%, 12/1/2020		100,000		100,626

Mississippi Hospital Equipment & Facilities Authority Series 2020-I, Rev., 5.00%, 10/1/2020		160,000		160,573

Mississippi State University Educational Building Corp. Series 2014A, Rev., 5.00%, 8/1/2023		25,000		28,366

Oxford School District GO, 2.00%, 12/1/2020		150,000		150,210

Rankin County School District

GO, 5.00%, 10/1/2020		50,000		50,192

GO, 3.00%, 8/1/2023		75,000		75,141

State of Mississippi

Series 2015C, GO, 5.00%, 10/1/2020		25,000		25,098

Series 2009F, GO, 5.25%, 10/1/2020		45,000		45,185

Series E, Rev., 5.00%, 10/15/2020		1,750,000		1,758,645

Series 2012B, GO, 3.00%, 11/1/2020		25,000		25,117

Series 2003D, GO, 5.25%, 11/1/2020		85,000		85,711

University of Mississippi Educational Building Corp.

Series 2009B, Rev., 5.00%, 10/1/2020		55,000		55,211

Series 2019A, Rev., 5.00%, 10/1/2020		75,000		75,289

Rev., 3.00%, 10/1/2022		180,000		189,668

Rev., 5.00%, 10/1/2024		95,000		112,157

University of Southern Mississippi (The) Rev., 3.00%, 3/1/2023		50,000		52,641


Total Mississippi				3,885,292

SEE NOTES TO FINANCIAL STATEMENTS.



186	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Missouri — 0.8%

Bi-State Development Agency of the Missouri-Illinois Metropolitan District Series 2013A, Rev., 5.00%, 10/1/2020 (c)		70,000		70,274

City of Chesterfield COP, 5.00%, 12/1/2023		25,000		28,802

City of Kansas City

Series 2009E, Rev., Zero Coupon, 2/1/2021		100,000		99,367

Series 2018A, GO, 5.00%, 2/1/2021		105,000		107,106

Series 2011A, Rev., 5.00%, 1/1/2022		25,000		25,400

Series E, Rev., Zero Coupon, 2/1/2024		250,000		235,193

Series 2012A, GO, 4.50%, 2/1/2024		25,000		26,456

City of O’Fallon GO, 5.00%, 3/1/2021		25,000		25,603

City of St. Charles COP, 5.00%, 2/1/2021		100,000		101,875

County of Clay

Series 2018A, COP, 4.00%, 5/1/2021		100,000		102,486

Series 2018A, COP, 4.00%, 5/1/2024		30,000		33,884

Curators of the University of Missouri (The) Series 2014A, Rev., 5.00%, 11/1/2022 (c)		25,000		27,550

Hannibal IDA, Healthcare Facilities Rev., 5.00%, 10/1/2020		285,000		285,875

Health and Educational Facilities Authority of the State of Missouri

Rev., 5.00%, 9/1/2020		100,000		100,000

Rev., 5.00%, 9/1/2021		230,000		237,868

Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.07%, 9/10/2020 (b)		810,000		810,000

Health and Educational Facilities Authority of the State of Missouri, Coxhealth Series 2013A, Rev., 5.00%, 11/15/2022		75,000		82,073

Kirkwood School District Educational Facilities Authority Rev., 3.00%, 2/15/2022		25,000		26,030

Missouri Development Finance Board, Fulton State Hospital Project Rev., 5.00%, 10/1/2020		100,000		100,391

Missouri Joint Municipal Electric Utility Commission

Series 2015A, Rev., 5.00%, 12/1/2020		780,000		789,110

Series 2014A, Rev., 5.00%, 1/1/2022		50,000		53,118

Series 2015A, Rev., 5.00%, 12/1/2023		100,000		114,925

Missouri State Board of Public Buildings

Series 2013A, Rev., 3.00%, 10/1/2020		300,000		300,675

Series 2012A, Rev., 4.00%, 10/1/2020		240,000		240,737


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Missouri — continued

Series 2012A, Rev., 5.00%, 10/1/2020 (c)		135,000		135,522

Missouri State Environmental Improvement & Energy Resources Authority

Series 2015B, Rev., 4.00%, 1/1/2021		25,000		25,318

Series 2013A, Rev., 5.00%, 7/1/2024		60,000		68,091

Springfield School District No. R-12 Series 2014B, GO, 5.00%, 3/1/2021		70,000		71,687

St Charles County Public Water Supply District No. 2

Series 2016B, COP, 5.00%, 12/1/2020		60,000		60,711

Series 2016B, COP, 5.00%, 12/1/2021		45,000		47,648

St Louis Junior College District Building Corp. Rev., 3.00%, 4/1/2022		50,000		50,102


Total Missouri				4,483,877


Montana — 0.9%

Montana Facility Finance Authority, Billings Clinic Obligated Group

Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.55%), 0.64%, 9/10/2020 (d)		5,135,000		5,126,527


Nebraska — 0.1%

City of Fremont, Combined Utility System Rev., 3.00%, 10/15/2021		65,000		66,901

City of Lincoln Series 2015A, Rev., 5.00%, 9/1/2020		220,000		220,000

City of Omaha

Series A, GO, 5.00%, 1/15/2021		25,000		25,447

GO, 5.25%, 4/1/2021		25,000		25,740

Series A, GO, 4.00%, 11/15/2021		50,000		52,312

City of Omaha, Sewer Rev., 5.00%, 11/15/2020		50,000		50,493

Nebraska Investment Finance Authority Series 2018C, Rev., 2.13%, 9/1/2022		55,000		56,583

Nebraska Investment Finance Authority, Single Family Housing Series 2019D, Rev., GNMA/FNMA/FHLMC, 1.45%, 9/1/2021		155,000		156,324

Nebraska Public Power District Series A, Rev., 5.00%, 1/1/2021		50,000		50,797

Omaha Public Power District Series 2011C, Rev., 5.00%, 2/1/2021		25,000		25,496

State of Nebraska COP, 4.00%, 11/1/2021		25,000		26,083

University of Nebraska Rev., 3.25%, 5/15/2024 (c)		60,000		66,442


Total Nebraska				822,618

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	187

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Nevada — 1.0%

City of Henderson Series 2012A, GO, 5.00%, 6/1/2023		25,000		27,564

City of Las Vegas Series 2015C, GO, 5.00%, 9/1/2024		125,000		147,864

Clark County, Department of Aviation, Las Vegas-McCarran International Airport Passenger Facility Charge Rev., 5.00%, 7/1/2022		225,000		243,383

Clark County, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2011D-2-B, Rev., VRDO, LOC: Royal Bank of Canada, 0.09%, 9/10/2020 (b)		3,500,000		3,500,000

County of Clark

Series 2016B, GO, 5.00%, 11/1/2024		45,000		53,544

GO, 5.00%, 12/1/2024		25,000		29,833

County of Clark Department of Aviation

Series 2019A, Rev., 5.00%, 7/1/2023		140,000		156,805

Series 2019D, Rev., 5.00%, 7/1/2023		520,000		582,421

Series 2019D, Rev., 5.00%, 7/1/2024		300,000		348,063

County of Washoe Series 2012A, GO, 3.00%, 3/1/2024		50,000		52,001

Las Vegas Valley Water District

Series 2017A, GO, 5.00%, 6/1/2022		45,000		48,774

Series 2016A, GO, 5.00%, 6/1/2023		25,000		28,252

State of Nevada

Series 2014A, GO, 5.00%, 4/1/2021		25,000		25,703

Series 2015B, GO, 5.00%, 11/1/2022		65,000		71,618

Series 2010C, GO, 5.00%, 6/1/2023		25,000		25,096

Series 2015B, GO, 5.00%, 11/1/2024		25,000		29,804

State of Nevada Highway Improvement Rev., 5.00%, 12/1/2020		35,000		35,420

State of Nevada, Capital Improvement and Cultural Affairs Series 2012B, GO, 5.00%, 8/1/2021		30,000		31,328

State of Nevada, Highway Improvement Revenue, Motor Vehicle Fuel Tax Rev., 5.00%, 12/1/2020		30,000		30,360

Truckee Meadows Water Authority Rev., 5.00%, 7/1/2022		40,000		43,537

Washoe County School District, Limited Tax, School Improvement Series 2011-A, GO, 5.00%, 6/1/2021 (c)		40,000		41,442


Total Nevada				5,552,812


New Hampshire — 0.0% (g)

New Hampshire Health and Education Facilities Authority Act Rev., 5.00%, 7/1/2021		25,000		25,993


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Hampshire — continued

New Hampshire Health and Education Facilities Authority, Paul’s School Rev., 3.00%, 10/1/2020		25,000		25,058


Total New Hampshire				51,051


New Jersey — 7.0%

Bergen County Improvement Authority (The), Borough of East Rutherford Refunding Project Rev., GTD, 5.00%, 12/15/2020		100,000		101,392

Bergen County Improvement Authority (The), Fort Lee Board of Education Project Rev., GTD, 4.00%, 12/1/2020		25,000		25,239

Bergen County Improvement Authority (The), New Bridge Medical Center Project Series 2019A, Rev., GTD, 4.00%, 9/1/2020		835,000		835,000

Bernards Township School District Series 2013B, GO, 5.00%, 1/1/2021		20,000		20,317

Borough of Carlstadt GO, BAN, 2.00%, 6/25/2021		8,675,000		8,765,914

Borough of Runnemede Series A, GO, BAN, 1.25%, 6/30/2021		2,363,125		2,374,657

Borough of Saddle River GO, BAN, 1.25%, 4/23/2021		2,494,000		2,504,076

Brick Township Municipal Utilities Authority (The) Series 2016A, Rev., 5.00%, 12/1/2020		75,000		75,897

Burlington County Bridge Commission, Government Loan Program Series 2013A, Rev., GTD, 5.00%, 12/1/2020		40,000		40,481

Burlington County Bridge Commission, Governmental Leasing Program Series 2020AB, Rev., 3.50%, 4/15/2021		75,000		75,896

Camden County Improvement Authority (The)

Series 2011A, Rev., GTD, 4.00%, 9/1/2021		35,000		36,249

Series 2012A, Rev., GTD, 5.00%, 9/1/2021		50,000		52,400

Rev., GTD, 5.00%, 6/1/2023		50,000		54,028

Series 2015A, Rev., GTD, 5.00%, 9/1/2024		25,000		29,573

City of Brigantine GO, 4.00%, 10/15/2022		25,000		26,878

City of Elizabeth

GO, 3.00%, 4/1/2022		50,000		52,249

GO, AGM, 3.00%, 4/1/2022		25,000		26,124

GO, 4.00%, 8/15/2022		25,000		26,876

City of Jersey City Series 2012A-B, GO, AGM, 3.00%, 9/1/2021		25,000		25,649

SEE NOTES TO FINANCIAL STATEMENTS.



188	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

New Jersey — continued

City of Newark, Water Utility System Series 2010D-2, GO, 4.25%, 10/1/2020		100,000		100,323

City of North Wildwood GO, 5.00%, 9/1/2020		10,000		10,000

City of Ocean City GO, 4.00%, 9/15/2023		75,000		83,248

County of Burlington Series 2013B, GO, 3.50%, 9/1/2020		75,000		75,000

County of Cape May GO, 2.00%, 9/1/2020		100,000		100,000

County of Hudson

GO, BAN, 2.00%, 9/10/2020		345,000		346,642

GO, 5.00%, 12/1/2022		25,000		27,630

County of Monmouth Series 2015C, GO, 5.00%, 7/15/2022		30,000		32,715

County of Ocean GO, 5.00%, 11/1/2021		45,000		47,483

County of Passaic Series 2018B, GO, 4.00%, 12/1/2024		165,000		189,207

East Rutherford Board of Education GO, 1.25%, 7/15/2021		8,000,000		8,044,480

Emerson Board of Education GO, 3.00%, 9/1/2020		250,000		250,000

Essex County Improvement Authority Rev., GTD, 5.00%, 12/15/2020		50,000		50,696

Flemington Raritan Regional Board of Education GO, 4.00%, 6/15/2021		20,000		20,590

Garden State Preservation Trust Series A, Rev., 5.00%, 11/1/2020		25,000		25,111

Gloucester County Improvement Authority (The), Shady Lane Nursing Home Project Rev., GTD, 4.00%, 12/1/2022		480,000		518,616

Hainesport Township School District GO, 5.00%, 1/15/2024		35,000		40,363

Hopewell Valley Regional School District GO, 3.25%, 1/15/2025		25,000		27,757

Livingston Township School District GO, 5.00%, 7/15/2021		25,000		26,039

Mahwah Township School District GO, 5.00%, 9/15/2020		10,000		10,017

Middlesex County Improvement Authority Rev., GTD, 4.00%, 9/15/2020		25,000		25,035

Monmouth County Improvement Authority (The), Capital Equipment Pooled Lease Rev., GTD, 5.00%, 10/1/2020		50,000		50,196

Monmouth County Improvement Authority (The), Governmental Pooled Loan Project Series 2013B, Rev., GTD, 5.00%, 12/1/2020		25,000		25,301

Mount Olive Township Board of Education GO, 4.00%, 7/15/2021		25,000		25,820


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

New Jersey Building Authority Series 2013A, Rev., 5.00%, 6/15/2021		125,000		128,954

New Jersey Economic Development Authority

Series 2011EE, Rev., 5.00%, 9/1/2020		100,000		100,000

Rev., AMBAC, Zero Coupon, 1/1/2021		135,000		134,667

New Jersey Economic Development Authority, School Facilities Construction

Series EE, Rev., 5.00%, 9/1/2020 (c)		20,000		20,000

Series GG, Rev., 5.00%, 9/1/2020 (c)		105,000		105,000

Series XX, Rev., 5.00%, 6/15/2021		100,000		103,163

New Jersey Educational Facilities Authority Series 2014C, Rev., 5.00%, 9/1/2020		390,000		390,000

New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project Series 2013B, Rev., 5.00%, 9/15/2020		250,000		250,328

New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Georgia King Village Project Series 2018-E, Rev., 2.45%, 10/1/2020 (b)		240,000		240,408

New Jersey Infrastructure Bank

Series 2010A, Rev., 3.25%, 9/1/2020		40,000		40,000

Series 2012A-R, Rev., 4.00%, 9/1/2022		30,000		32,277

Series 2017A-R2, Rev., 4.00%, 9/1/2022		35,000		37,657

Series 2012A-R, Rev., 4.00%, 9/1/2023		30,000		33,373

New Jersey Infrastructure Bank, Environmental Infrastructure, Financing Program Series 2001A, Rev., 5.25%, 9/1/2020		150,000		150,000

New Jersey Transportation Trust Fund Authority

Series 2006A, Rev., 5.25%, 12/15/2020		440,000		445,399

Series 2005B, Rev., NATL-RE, 5.50%, 12/15/2020		215,000		217,823

Series 2011B, Rev., 5.00%, 6/15/2021 (c)		250,000		259,482

Series 2006A, Rev., 5.25%, 12/15/2021		30,000		31,644

Rev., Zero Coupon, 12/15/2023		120,000		112,066

New Jersey Transportation Trust Fund Authority, Transportation System Rev., AMBAC, 4.38%, 12/15/2020		115,000		116,141

North Brunswick Township Board of Education GO, 5.00%, 7/15/2022		30,000		30,117

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	189

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

New Jersey — continued

Ocean Township Board of Education/Monmouth County GO, 4.00%, 3/1/2021		25,000		25,078

Passaic County Utilities Authority Rev., GTD, 4.50%, 3/1/2024		75,000		85,222

Pequannock Township Board of Education GO, 4.00%, 1/15/2025		50,000		57,265

Ramsey School District GO, 3.13%, 1/15/2023		25,000		26,688

Rancocas Valley Regional High School District GO, 5.00%, 2/1/2023		40,000		44,451

River Dell Regional School District GO, 4.00%, 3/1/2022		20,000		21,126

Somerset County Improvement Authority Rev., GTD, 4.00%, 10/1/2022		25,000		26,931

South Brunswick Township Board of Education GO, 4.00%, 8/1/2022		25,000		26,804

Tobacco Settlement Financing Corp.

Series A, Rev., 5.00%, 6/1/2021		275,000		284,086

Series A, Rev., 5.00%, 6/1/2022		365,000		392,948

Series A, Rev., 5.00%, 6/1/2023		885,000		990,165

Town of Boonton GO, BAN, 2.00%, 6/25/2021		2,809,265		2,845,870

Town of Phillipsburg GO, BAN, 2.00%, 6/1/2021		2,455,000		2,477,341

Township of East Amwell GO, 4.00%, 2/15/2023		25,000		27,210

Township of East Brunswick GO, BAN, 1.50%, 9/24/2020		600,000		600,438

Township of Harding GO, BAN, 1.25%, 8/20/2021		1,677,850		1,690,652

Township of Lebanon GO, BAN, 1.25%, 7/23/2021		1,035,138		1,040,572

Township of Little Falls GO, BAN, 2.00%, 12/11/2020		533,638		535,495

Township of Livingston GO, BAN, 2.00%, 10/9/2020		200,000		200,368

Township of Moorestown GO, 5.00%, 2/1/2023		25,000		27,833

Township of Parsippany-Troy Hills Series 2017ABCD, GO, 2.00%, 9/15/2020		70,000		70,046

Township of Pequannock GO, 4.00%, 4/1/2022		25,000		26,519

Township of Readington GO, 5.00%, 1/15/2025		25,000		29,816

Township of Toms River GO, 3.00%, 12/15/2023		30,000		32,623

Township of Washington, Gloucester County Series 2020A, GO, BAN, 1.75%, 6/22/2021		571,940		577,980


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Jersey — continued

Township of West Deptford, Gloucester County GO, 4.00%, 9/1/2020		100,000		100,000


Total New Jersey				40,543,190


New Mexico — 0.2%

Albuquerque Bernalillo County Water Utility Authority Rev., 5.00%, 7/1/2022		25,000		27,206

County of Dona Ana Rev., 2.00%, 5/1/2021		315,000		318,654

New Mexico Finance Authority

Series 2015C, Rev., 3.00%, 6/1/2021		50,000		51,060

Series 2016C, Rev., 5.00%, 6/1/2021		25,000		25,903

Series 2017D, Rev., 5.00%, 6/15/2022		25,000		27,153

Series B-2, Rev., 5.00%, 6/15/2022		25,000		27,153

Series 2017A, Rev., 5.00%, 6/1/2023		55,000		62,122

Series 2010-B, Rev., 5.00%, 6/15/2023		85,000		85,327

Series 2017D, Rev., 5.00%, 6/15/2023		80,000		90,430

Series 2019C-1, Rev., 5.00%, 6/15/2023		40,000		45,215

Series 2017B, Rev., 3.50%, 6/15/2024		50,000		55,963

Series 2018C-1, Rev., 4.00%, 6/15/2024		30,000		34,141

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2013A, Rev., 4.00%, 6/1/2021		20,000		20,573

New Mexico Finance Authority, State Transportation, Senior Lien Series 2010B, Rev., 5.00%, 6/15/2024		60,000		60,227

New Mexico Finance Authority, Subordinate Lien Series 2010A-2, Rev., 5.00%, 12/15/2020		25,000		25,348

New Mexico Hospital Equipment Loan Council Series 2012A, Rev., 5.00%, 8/1/2022 (c)		100,000		108,942

State of New Mexico Severance Tax Permanent Fund Series A-1, Rev., 3.00%, 7/1/2021		100,000		100,225

State of New Mexico, Capital Projects GO, 5.00%, 3/1/2021		30,000		30,714


Total New Mexico				1,196,356


New York — 13.1%

Albany Municipal Water Finance Authority Series 2011A, Rev., 5.00%, 12/1/2020		45,000		45,535

Battery Park City Authority, Tax-Exempt Series 2013A, Rev., 5.00%, 11/1/2020		25,000		25,199

Bayport-Blue Point Union Free School District GO, 3.00%, 10/1/2020		55,000		55,128

SEE NOTES TO FINANCIAL STATEMENTS.



190	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

New York — continued

City of New York

Series 2018B-1, GO, 4.00%, 10/1/2020		115,000		115,348

Series 2015B, GO, 5.00%, 8/1/2021		45,000		46,950

Series 2018C, GO, 5.00%, 8/1/2021		45,000		46,950

Series C, GO, 5.00%, 8/1/2021		35,000		36,517

Series I, GO, 5.00%, 8/1/2021		50,000		52,166

Series 2014J, GO, 5.00%, 8/1/2022		50,000		54,521

Series C, GO, 5.00%, 8/1/2022		200,000		218,086

Series 1, GO, 5.00%, 8/1/2023		240,000		271,342

Series 1994A, GO, 5.00%, 8/1/2023		125,000		130,475

Series 2014I-1, GO, 5.00%, 3/1/2024		75,000		86,462

Series 2013J, GO, 5.00%, 8/1/2024		295,000		334,722

Series A, GO, 5.00%, 8/1/2024		20,000		23,406

Series E, GO, 5.00%, 8/1/2024		50,000		58,514

Series 2018F-1, GO, 4.00%, 4/1/2025		30,000		34,499

City of New York, Fiscal Year 2006 Series H, Subseries H-A, GO, 4.00%, 1/1/2021		40,000		40,495

City of New York, Fiscal Year 2012 Series D, Subseries D-1, GO, 5.00%, 10/1/2020		25,000		25,096

City of White Plains Series 2017C, GO, 3.00%, 3/1/2021		30,000		30,426

Clarence Central School District GO, 5.00%, 6/15/2021		75,000		77,869

Clifton-Fine Central School District GO, BAN, 2.00%, 6/30/2021		3,980,000		4,027,760

Commack Union Free School District GO, 4.00%, 11/15/2020		35,000		35,275

County of Albany Series 2019A, GO, 5.00%, 9/15/2022		20,000		21,971

County of Dutchess GO, 5.00%, 5/1/2021		25,000		25,785

County of Orange Series 2015A, GO, AGM, 5.00%, 3/1/2021		25,000		25,605

County of Putnam, Public Improvement GO, 5.00%, 1/15/2021		30,000		30,532

County of Rensselaer, Public Improvement GO, 3.13%, 9/28/2020		120,000		120,254

County of Sullivan GO, 3.00%, 5/15/2021		45,000		45,907

County of Ulster GO, 5.00%, 11/15/2021		25,000		26,463

County of Ulster, Public Improvement GO, 5.00%, 11/15/2020		25,000		25,247

County of Warren GO, AGM, 5.00%, 7/15/2021		30,000		31,269

County of Westchester

Series 2011A, GO, 5.00%, 10/15/2020		30,000		30,175

Series 2011B, GO, 4.00%, 7/1/2021		100,000		103,101

Croton-Harmon Union Free School District GO, BAN, 1.25%, 8/20/2021		755,000		760,761


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Erie County Industrial Development Agency (The) Series 2016A, Rev., 5.00%, 5/1/2021		40,000		41,292

Fayetteville-Manlius Central School District Series 2020A, GO, BAN, 1.25%, 7/29/2021		500,000		503,315

Grand Island Central School District GO, 5.00%, 12/1/2020		30,000		30,362

Herricks Union Free School District Series 2014A, GO, 2.00%, 5/1/2021		20,000		20,249

Lafayette Central School District GO, RAN, 1.25%, 6/18/2021		4,500,000		4,534,020

Lakeland Central School District GO, BAN, 1.25%, 8/20/2021		2,321,785		2,339,500

Lansing Central School District GO, BAN, 1.25%, 7/23/2021		4,817,400		4,846,593

Long Island Power Authority Series 2016B, Rev., 5.00%, 9/1/2023		200,000		228,260

Metropolitan Transportation Authority

Series 2019E, Rev., BAN, 4.00%, 9/1/2020		2,510,000		2,510,000

Series 2018C, Subseries C-1, Rev., BAN, 5.00%, 9/1/2020		6,025,000		6,025,000

Series 2002B-3D, Rev., (SIFMA Municipal Swap Index Yield + 1.00%), 1.09%, 9/10/2020 (d)		750,000		748,042

Series 2010D, Rev., 4.00%, 11/15/2020		100,000		100,381

Series 2012D, Rev., 5.00%, 11/15/2020		110,000		110,647

Series 2014C, Rev., 5.00%, 11/15/2020		310,000		311,823

Series 2016B, Rev., 5.00%, 11/15/2020		125,000		125,735

Series 2017A, Rev., 5.00%, 11/15/2020		195,000		196,533

Series 2018A-1, Rev., 5.00%, 11/15/2020 (b)		100,000		100,277

Series A-2, Rev., 5.00%, 11/15/2020		100,000		100,588

Subseries A-1, Rev., 5.00%, 11/15/2020		100,000		100,588

Series 2018B, Subseries 2018B-2A, Rev., BAN, 5.00%, 5/15/2021		2,405,000		2,445,861

Series 2018B, Subseries 2018B-2B, Rev., BAN, 5.00%, 5/15/2021		1,910,000		1,942,451

Series 2018B, Subseries 2018B-2D, Rev., BAN, 5.00%, 5/15/2021		525,000		533,920

Series 2018C, Subseries 2018C-2, Rev., BAN, 5.00%, 9/1/2021		145,000		148,475

Subseries 2008B-4, Rev., 5.00%, 11/15/2021		20,000		20,928

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	191

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

New York — continued

Series 2019A, Rev., BAN, 5.00%, 3/1/2022		600,000		628,566

Series 2016A, Rev., 5.00%, 11/15/2023		100,000		112,132

Series 2012A, Rev., 5.00%, 11/15/2024		510,000		552,784

Series 2013B-1, Rev., 5.00%, 11/15/2024		125,000		140,120

Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2020		145,000		146,137

Monroe County Industrial Development Corp.

Rev., 5.00%, 5/1/2021		400,000		412,020

Series 2012A, Rev., 5.00%, 5/1/2021		25,000		25,751

Morrisville-Eaton Central School District GO, BAN, 1.75%, 5/28/2021		1,750,000		1,767,080

New Hyde Park-Garden City Park Union Free School District GO, 5.00%, 11/15/2020		20,000		20,198

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2009 Subseries BB-1, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.04%, 9/1/2020 (b)		4,485,000		4,485,000

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Series AA, Subseries AA-1, Rev., VRDO, LIQ: PNC Bank NA, 0.10%, 9/10/2020 (b)		8,815,000		8,815,000

New York City Transitional Finance Authority Future Tax Secured

Series 2010B, Rev., 3.50%, 9/1/2020		300,000		300,000

Series 2010B, Rev., 5.00%, 10/1/2020		100,000		100,393

Series 2010D, Rev., 5.00%, 10/1/2020		790,000		793,105

Series F, Rev., 3.63%, 11/1/2020		25,000		25,140

Series 2014C, Rev., 4.00%, 11/1/2020		25,000		25,155

Series 2012A, Rev., 5.00%, 11/1/2020		85,000		85,668

Series 2014C, Rev., 5.00%, 11/1/2020		100,000		100,786

Series 2017C, Rev., 5.00%, 11/1/2020		105,000		105,825

Subseries 13, Rev., 5.00%, 11/1/2020		235,000		236,847

Subseries A-1, Rev., 5.00%, 11/1/2020		60,000		60,472

Series 2011D-1, Rev., 5.00%, 2/1/2021		25,000		25,489

Series 2012F-1, Rev., 5.00%, 5/1/2021		40,000		41,254

Series A, Subseries A-1, Rev., 5.00%, 5/1/2021		25,000		25,784

Series 2016C, Rev., 5.00%, 11/1/2021		40,000		42,197

Series 2020B-1, Rev., 5.00%, 11/1/2021		45,000		47,471


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

Series 2012E-1, Rev., 5.00%, 2/1/2022		25,000		26,664

Series 2016E-1, Rev., 5.00%, 2/1/2025		25,000		29,933

New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2011 Series 2011C, Rev., 5.00%, 11/1/2020		50,000		50,393

New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2012 Series 2012C, Rev., 4.00%, 11/1/2020		25,000		25,156

New York City Transitional Finance Authority Future Tax Secured, Tax-Exempt, Fiscal Year 2013

Series B, Rev., 5.00%, 11/1/2020		75,000		75,590

Series B, Rev., 5.00%, 11/1/2021		170,000		179,336

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.09%, 9/10/2020 (b)		1,955,000		1,955,000

New York City Water and Sewer System

Subseries 2016CC-1, Rev., 4.00%, 6/15/2021 (c)		20,000		20,597

Series 2011GG, Rev., 5.00%, 6/15/2021 (c)		65,000		67,449

Series 2018FF, Rev., 5.00%, 6/15/2021 (c)		25,000		25,942

Series 2012EE, Rev., 4.00%, 6/15/2023		50,000		53,444

Series 2019DD-2, Rev., 5.00%, 6/15/2024		35,000		38,863

New York State Dormitory Authority

Series 2012A, Rev., 3.00%, 12/15/2020		25,000		25,201

Series 2012A, Rev., 5.00%, 12/15/2020		65,000		65,896

Series 2016D, Rev., 4.00%, 2/15/2021		25,000		25,431

Series 2017A, Rev., 5.00%, 2/15/2021		90,000		91,958

Series 2012A, Rev., 2.25%, 7/1/2021		225,000		228,902

Series 2017F, Rev., 5.00%, 10/1/2021		750,000		789,172

Series 2012A, Rev., 5.00%, 12/15/2021		50,000		53,088

Series 2016A, Rev., 5.00%, 7/1/2022		35,000		38,122

Series 2011A, Rev., 5.00%, 10/1/2022		50,000		51,397

Series 2016D, Rev., 5.00%, 2/15/2023		40,000		44,606

Series 2017B, Rev., 5.00%, 2/15/2023		330,000		368,000

Series 1990B, Rev., 5.00%, 7/1/2023		55,000		55,214

Series 2012E, Rev., 5.00%, 2/15/2024		400,000		427,076

Series 2019D, Rev., 5.00%, 2/15/2024		40,000		46,383

Series 2013A, Rev., 5.00%, 3/15/2024		340,000		381,177

Series 2016A, Rev., 5.00%, 3/15/2024		50,000		58,146

Series 2018A, Rev., 5.00%, 3/15/2024		525,000		610,738

SEE NOTES TO FINANCIAL STATEMENTS.



192	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

New York — continued

New York State Dormitory Authority, Columbia University

Series 2012A, Rev., 5.00%, 10/1/2020		45,000		45,175

Series 2015B, Rev., 5.00%, 10/1/2020		75,000		75,293

Series 2012A, Rev., 5.00%, 10/1/2021		25,000		26,306

New York State Dormitory Authority, School Districts Financing Program Series 2016E, Rev., 5.00%, 10/1/2020		300,000		301,164

New York State Dormitory Authority, State Personal Income Tax, General Purpose

Series 2014A, Rev., 5.00%, 2/15/2021		70,000		71,523

Series 2015B, Rev., 5.00%, 2/15/2021		35,000		35,765

Series 2012B, Rev., 5.00%, 3/15/2021		20,000		20,515

New York State Environmental Facilities Corp.

Series 2007A, Rev., 5.25%, 12/15/2020		25,000		25,362

Series 2012A, Rev., 3.00%, 6/15/2021		25,000		25,564

Series 2016B, Rev., 4.00%, 8/15/2021		25,000		25,921

New York State Thruway Authority

Series 2012A, Rev., 5.00%, 3/15/2021		25,000		25,644

Series 2013A, Rev., 5.00%, 3/15/2021		35,000		35,902

New York State Thruway Authority Highway & Bridge Trust Fund Series 2011A-1, Rev., 5.00%, 4/1/2021		50,000		51,400

New York State Thruway Authority, Transportation, State Personal Income Tax

Series 2010A, Rev., 3.63%, 9/15/2020		100,000		100,124

Series 2010A, Rev., 5.00%, 9/15/2020		130,000		130,226

Series 2010A, Class A, Rev., 5.00%, 9/15/2020		250,000		250,435

New York State Urban Development Corp.

Series 2013D, Rev., 5.00%, 3/15/2021		25,000		25,644

Series 2011A, Rev., 4.00%, 3/15/2024		250,000		254,760

Series 2014A, Rev., 5.00%, 3/15/2024		25,000		29,054

New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2016A, Rev., 5.00%, 3/15/2021		45,000		46,159

New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment Series A-2, Rev., NATL-RE, 5.50%, 3/15/2021		45,000		46,280

Newburgh City School District GO, 5.00%, 9/1/2020		25,000		25,000

Niskayuna Central School District GO, 4.00%, 4/15/2021		115,000		117,754


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New York — continued

North Salem Central School District GO, BAN, 1.50%, 6/25/2021		2,250,000		2,263,163

Northport-East Northport Union Free School District Series 2013A, GO, 4.00%, 4/1/2021		20,000		20,449

Owego Apalachin Central School District GO, RAN, 1.00%, 6/25/2021		500,000		500,910

Oyster Bay-East Norwich Central School District GO, 5.00%, 9/15/2020		140,000		140,246

Peekskill City School District GO, BAN, 2.00%, 6/29/2021		500,000		506,355

Port Authority of New York and New Jersey, Consolidated Series 179, Rev., 5.00%, 12/1/2020		100,000		101,158

Ramapo Central School District GO, 5.00%, 10/15/2020		20,000		20,117

Roslyn Union Free School District GO, BAN, 2.00%, 9/3/2021		1,174,407		1,193,374

Sachem Central School District

GO, 5.00%, 10/15/2020		100,000		100,583

GO, 5.00%, 8/15/2021		20,000		20,927

Sales Tax Asset Receivable Corp.

Series 2015A, Rev., 5.00%, 10/15/2020		130,000		130,744

Series 2015A, Rev., 4.00%, 10/15/2021		25,000		26,079

Series 2015A, Rev., 5.00%, 10/15/2021		25,000		26,358

Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series 2015A, Rev., 5.00%, 10/15/2022		20,000		22,049

Shenendehowa Central School District

Series 2011B, GO, 4.00%, 1/15/2021		60,000		60,857

Smithtown Central School District GO, 5.00%, 10/15/2020		80,000		80,466

South Country Central School District at Brookhaven GO, 5.00%, 10/15/2020		35,000		35,204

Town of Amherst Series 2019A, GO, BAN, 1.75%, 11/6/2020		140,000		140,197

Town of Brookhaven Series 2013B, GO, 2.00%, 1/15/2021		100,000		100,690

Town of Cornwall

GO, BAN, 1.25%, 7/23/2021		2,100,000		2,111,214

GO, 3.50%, 3/1/2023		40,000		40,103

Town of Erwin GO, 4.00%, 9/15/2020		15,000		15,021

Town of Islip Series 2016B, GO, 4.00%, 10/15/2020		75,000		75,347

Town of Oyster Bay

GO, 2.00%, 11/1/2021		420,000		426,947

GO, 4.00%, 11/1/2022		410,000		439,762

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	193

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

New York — continued

Triborough Bridge and Tunnel Authority Series 1999-B, Rev., 5.50%, 1/1/2022 (c)		20,000		21,336

Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2013A, Rev., 4.00%, 11/15/2020		300,000		302,193

Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project

Series 2010A, Rev., 5.00%, 9/1/2020		115,000		115,000

Series 2010A, Rev., 5.13%, 9/1/2020		425,000		425,000

Village of Lake Success GO, BAN, 1.50%, 6/18/2021		1,029,313		1,034,861

Wantagh Union Free School District Series 2013A, GO, 4.00%, 9/1/2020		20,000		20,000

West Islip Fire District GO, BAN, 2.00%, 7/9/2021		3,590,000		3,628,808

Westchester Tobacco Asset Securitization Corp. Series B, Rev., 5.00%, 6/1/2021		260,000		267,857

Yorktown Central School District GO, 2.00%, 10/1/2022		110,000		113,818


Total New York				76,532,062


North Carolina — 0.8%

Appalachian State University Series A, Rev., 5.00%, 10/1/2022		40,000		43,717

Charlotte-Mecklenburg Hospital Authority (The) Series 2016A, Rev., 5.00%, 1/15/2025		290,000		342,690

City of Charlotte

Series 2015C, COP, 5.00%, 12/1/2020		75,000		75,901

Series 2012A, GO, 5.00%, 7/1/2021		25,000		26,010

Series 2010A, COP, 5.00%, 10/1/2022		50,000		50,193

Series 2019A, COP, 5.00%, 6/1/2024		50,000		58,287

City of Greensboro Rev., 5.00%, 6/1/2021		25,000		25,909

City of Raleigh Rev., 5.00%, 2/1/2024		50,000		58,001

County of Dare Series 2013A, Rev., 4.00%, 6/1/2022		25,000		26,670

County of Durham

GO, 5.00%, 10/1/2020		20,000		20,078

GO, 4.00%, 11/1/2021		25,000		26,125

County of Guilford

GO, 4.00%, 3/1/2021		25,000		25,481

Series 2017A, GO, 5.00%, 5/1/2022		40,000		43,229

County of Henderson Series 2018A, Rev., 4.00%, 6/1/2021		20,000		20,578

County of Iredell Rev., 5.00%, 12/1/2020		225,000		227,713

County of Johnston Series 2010B, GO, 4.00%, 2/1/2021		25,000		25,400


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Carolina — continued

County of Mecklenburg

Series 2016A, GO, 5.00%, 9/1/2020		25,000		25,000

Series 2015A, Rev., 5.00%, 10/1/2020		50,000		50,196

County of New Hanover, Limited Obligation Rev., 5.00%, 12/1/2020		30,000		30,359

County of Onslow GO, 4.00%, 12/1/2020		30,000		30,288

County of Wake Series 2016A, Rev., 5.00%, 12/1/2020		50,000		50,603

County of Wake, Limited Obligation Rev., 5.00%, 9/1/2020		100,000		100,000

Durham Capital Financing Corp. Rev., GTD, 5.00%, 6/1/2022 (c)		60,000		65,021

Durham Housing Authority Rev., 1.30%, 10/1/2020 (b)		150,000		150,117

Series 2012A, Rev., 5.00%, 12/1/2022 (c)		440,000		476,027

Fayetteville Metropolitan Housing Authority, Cross Creek Pointe Project Rev., 1.95%, 1/1/2021 (b)		200,000		200,982

North Carolina Eastern Municipal Power Agency Series 2010A, Rev., 5.00%, 1/1/2021 (c)		25,000		25,383

North Carolina Housing Finance Agency, Catawba Pines Apartments Rev., VRDO, 2.00%, 9/1/2020 (b)		500,000		500,000

North Carolina Medical Care Commission, Health Care Facilities, Wake Forest Baptist Obligated Group Series 2012B, Rev., 5.00%, 12/1/2020		250,000		252,685

North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019B, Rev., 2.20%, 12/1/2022 (b)		90,000		91,271

North Carolina Turnpike Authority Rev., 3.00%, 7/1/2022		60,000		61,186

Orange County Public Facilities Co. Rev., 4.00%, 10/1/2020		25,000		25,078

State of North Carolina

Series 2011B, Rev., 5.00%, 11/1/2020		25,000		25,200

Series 2014C, Rev., 5.00%, 5/1/2021		50,000		51,616

Series 2014B, Rev., 5.00%, 6/1/2021		40,000		41,454

Series 2015A, GO, 5.00%, 6/1/2022		25,000		27,119

University of North Carolina System

Rev., 5.00%, 2/1/2023		185,000		202,673

Rev., 5.00%, 2/1/2024		150,000		169,672

Rev., 5.00%, 2/1/2025		295,000		344,056

University of North Carolina, University Hospital at Chapel Hill Series 2009-A, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/10/2020 (b)		525,000		525,000


Total North Carolina				4,616,968

SEE NOTES TO FINANCIAL STATEMENTS.



194	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

North Dakota — 0.3%

City of Bismarck Rev., 5.00%, 5/1/2021		200,000		206,366

City of Fargo Series 2015B, GO, 5.00%, 5/1/2021		50,000		51,591

City of Fargo, NSDU Development Foundation Project Series 2012A, Rev., 3.00%, 12/1/2021		50,000		51,034

North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Series C, Rev., 1.75%, 7/1/2021		900,000		907,956

North Dakota Public Finance Authority

Series 2011A, Rev., 5.00%, 10/1/2020		30,000		30,116

Series A, Rev., 1.75%, 11/1/2023		430,000		440,531


Total North Dakota				1,687,594


Ohio — 8.4%

American Municipal Power, Inc.

Series 2010D, Rev., 5.00%, 2/15/2021		100,000		102,153

Rev., BAN, 2.25%, 3/4/2021		165,000		166,599

American Municipal Power, Inc., Combined Hydroelectric Projects Series 2016A, Rev., 5.00%, 2/15/2022		260,000		277,662

American Municipal Power, Inc., Electric System Improvement, Village of Jackson Center Project Rev., BAN, 1.50%, 8/12/2021		645,000		651,702

American Municipal Power, Inc., Village of Carey Project Rev., BAN, 2.25%, 12/3/2020		765,000		768,764

American Municipal Power, Inc., Village of Genoa Project Rev., BAN, 2.25%, 12/10/2020		615,000		618,278

American Municipal Power, Inc., Village of Woodsfield Project Rev., BAN, 2.25%, 1/22/2021		220,000		221,679

Bellbrook-Sugarcreek Local School District

GO, 4.00%, 12/1/2020		35,000		35,332

GO, 4.00%, 12/1/2021		30,000		31,431

Bowling Green State University, General Receipts Series 2016A, Rev., 5.00%, 6/1/2022		100,000		107,435

Central Ohio Solid Waste Authority GO, 5.00%, 12/1/2023		45,000		51,890

City of Akron

Rev., 4.00%, 12/1/2020		50,000		50,473

Series 2012A, Rev., 4.00%, 12/1/2020		25,000		25,236

Series 2012A, Rev., 5.00%, 12/1/2021		30,000		31,801

Rev., 5.00%, 12/1/2022		35,000		38,656

Series 2012A, Rev., 5.00%, 12/1/2022		25,000		27,033


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

City of Akron, Income Tax

Rev., 2.00%, 12/1/2020		25,000		25,113

Series 2012A, Rev., 5.00%, 12/1/2020		100,000		101,193

City of Avon GO, 2.00%, 12/1/2021		100,000		102,178

City of Avon Lake GO, 5.00%, 12/1/2020		140,000		141,628

City of Cincinnati Series 2016A, GO, 4.00%, 12/1/2020		50,000		50,477

City of Cincinnati, Water System Series 2011A, Rev., 5.00%, 12/1/2020		25,000		25,300

City of Cleveland, Airport System Series 2016A, Rev., AGM, 5.00%, 1/1/2021		85,000		86,147

City of Columbus Series 2012-1, GO, 3.00%, 7/1/2021		25,000		25,591

City of Reynoldsburg GO, 5.00%, 12/1/2020		60,000		60,705

City of Toledo, Various Purpose GO, AGM, 4.00%, 12/1/2020		100,000		100,903

City of Whitehall Rev., 2.25%, 12/9/2020		1,115,000		1,120,720

Cleveland-Cuyahoga County Port Authority

Rev., 3.50%, 10/1/2020		100,000		100,265

Rev., 5.00%, 10/1/2020		420,000		421,260

Cleveland-Cuyahoga County Port Authority, The Cleveland Museum Art Project

Rev., 5.00%, 10/1/2020		360,000		361,350

Rev., 5.00%, 10/1/2020		30,000		30,117

Coldwater Exempted Village School District GO, 3.00%, 12/1/2023		380,000		408,500

Columbus City School District GO, 4.00%, 12/1/2020		25,000		25,237

County of Allen Series 2010B, Rev., 4.75%, 9/1/2020 (c)		110,000		110,000

County of Allen OH Hospital Facilities Series 2017A, Rev., 5.00%, 8/1/2024		300,000		351,471

County of Allen, Catholic Healthcare Partners Series 2012A, Rev., 5.00%, 5/1/2021		210,000		216,325

County of Allen, Hospital Facilities, Catholic Healthcare Partners Series B, Rev., 4.13%, 9/1/2020		100,000		100,000

County of Allen, Hospital Facilities, Mercy Health Series 2017A, Rev., 5.00%, 8/1/2021		540,000		562,383

County of Butler Rev., 5.50%, 11/1/2020 (c)		150,000		151,303

County of Cuyahoga

Series A, GO, 5.00%, 12/1/2020		50,000		50,601

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	195

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Ohio — continued

Series A, GO, 4.00%, 12/1/2024		25,000		25,231

County of Franklin, Nationwide Children’s Hospital Project

Series 2012A, Rev., 3.00%, 11/1/2020		35,000		35,146

Series 2012A, Rev., 5.00%, 11/1/2022		40,000		42,925

County of Hamilton Series 2014A, Rev., 5.00%, 12/1/2020		170,000		172,042

County of Hamilton, Healthcare Facilities, Christ Hospital Project Rev., 5.00%, 6/1/2021		170,000		175,372

County of Montgomery Series 2008D-2, Rev., 5.45%, 11/13/2023 (c)		120,000		139,273

County of Summit, Various Purpose Series 2002R, GO, NATL-RE, 5.50%, 12/1/2020		25,000		25,331

Cuyahoga Metropolitan Housing Authority, Riverside Park Phase II Project Series 2019, Rev., 2.00%, 4/1/2021 (b)		2,370,000		2,391,140

Franklin County Convention Facilities Authority

Rev., 5.00%, 12/1/2023		50,000		57,044

Rev., 5.00%, 12/1/2024		75,000		88,457

Huber Heights City School District GO, 5.00%, 12/1/2020		30,000		30,356

Johnstown-Monroe Local School District GO, Zero Coupon, 12/1/2021		200,000		199,246

Lake Local School District GO, 4.00%, 12/1/2020		25,000		25,235

Lakota Local School District/Butler County GO, 5.00%, 12/1/2020		30,000		30,359

Lancaster Port Authority, Gas Supply

Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 8/1/2021		300,000		312,546

Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 2/1/2022		190,000		202,185

Lebanon City School District, School Facilities Construction and Improvement, Unlimited Tax GO, 3.00%, 12/1/2020		300,000		302,121

Lucas-Plaza Housing Development Corp. Rev., FHA, Zero Coupon, 6/1/2024 (c)		710,000		695,275

Miami University, A State University of Ohio Rev., 5.00%, 9/1/2020		30,000		30,000

North Royalton City School District GO, 4.00%, 12/1/2020		75,000		75,712

Ohio Higher Educational Facility Commission, Case Western University Project Series 2012A, Rev., 5.00%, 12/1/2021		200,000		210,658


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Ohio Higher Educational Facility Commission, Oberlin College 2017 Project Rev., 4.00%, 10/1/2020		100,000		100,290

Ohio Housing Finance Agency

Rev., 1.40%, 9/1/2020		6,280,000		6,280,000

Rev., 1.75%, 6/1/2021 (b)		470,000		475,334

Ohio Housing Finance Agency, Multi-Family Housing Wesley Tower Apartments Project Rev., 1.40%, 6/1/2021 (b)		10,500,000		10,574,340

Ohio Housing Finance Agency, Single Family Mortgage Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2020		75,000		75,564

Ohio State Building Authority Series 2011B, Rev., 5.00%, 10/1/2020		20,000		20,078

Ohio State Building Authority, Facilities Admin Bldg Series 2001A, Class A, Rev., AGM, 5.00%, 10/1/2020		100,000		100,391

Ohio State University (The), Multiyear Debt Issuance Program Rev., 5.00%, 12/1/2020		25,000		25,300

Ohio Turnpike & Infrastructure Commission Series 2013A-1, Rev., 5.00%, 2/15/2025		100,000		110,473

Ohio Water Development Authority Water Pollution Control Loan Fund Series 2014B, Rev., 5.00%, 12/1/2020		75,000		75,904

Ohio Water Development Authority, Water Pollution Control Loan Fund Rev., 5.25%, 12/1/2020		340,000		344,308

Perrysburg Exempted Village School District GO, 5.00%, 12/1/2023		30,000		34,373

Port of Greater Cincinnati Development Authority Rev., 5.00%, 12/1/2024		200,000		238,200

Reading Community City School District Series 2016A, GO, 3.00%, 11/1/2020		25,000		25,111

RiverSouth Authority Series 2012A, Rev., 4.00%, 12/1/2020		275,000		277,624

State of Ohio

Series 2011A, GO, 5.00%, 9/1/2020 (c)		20,000		20,000

Series 2011A, GO, 5.00%, 9/1/2020		30,000		30,000

Series 2010C, GO, 2.50%, 9/15/2020		100,000		100,086

Series 2011A, GO, 5.00%, 9/15/2020 (c)		25,000		25,044

Series 2016A, Rev., 4.00%, 10/1/2020		180,000		180,553

Series 2016D, Rev., 4.00%, 10/1/2020		85,000		85,261

Series 2013A, Rev., 5.00%, 10/1/2020		25,000		25,097

Series 2012-1, Rev., 5.00%, 12/15/2020		210,000		212,887

SEE NOTES TO FINANCIAL STATEMENTS.



196	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Ohio — continued

Series 2018-1, Rev., 5.00%, 12/15/2020		230,000		233,163

Series 2015A, Rev., 5.00%, 2/1/2021		125,000		127,481

Series 2018A, GO, 5.00%, 2/1/2021		25,000		25,502

Series 2018A, GO, 2.00%, 3/1/2021		50,000		50,462

Series 2014A, COP, 5.00%, 9/1/2021		30,000		31,434

COP, 4.00%, 3/1/2022		30,000		31,699

Series 2016A, Rev., 5.00%, 6/1/2022		25,000		27,087

Series 2013A, GO, 5.00%, 9/15/2022		75,000		82,376

Series 2016A, Rev., 5.00%, 6/1/2023		30,000		33,902

Series 2016A, Rev., 5.00%, 10/1/2023		30,000		34,364

Series 2016-1, Rev., 5.00%, 12/15/2023		25,000		28,873

Series 2018-1, Rev., 5.00%, 12/15/2023		35,000		40,422

Series 2015A, Rev., 5.00%, 2/1/2024		170,000		197,013

Series 2014A, GO, 4.00%, 5/1/2024		50,000		56,865

Series 2012-1, Rev., 5.00%, 12/15/2024		55,000		59,591

State of Ohio Department of Administration COP, 5.00%, 9/1/2023		100,000		114,162

State of Ohio, Capital Facilities Lease-Appropriation Series 2013B, Rev., 5.00%, 4/1/2021 (c)		25,000		25,702

State of Ohio, Capital Facilities, Adult Correctional Building Fund Projects Series 2015B, Rev., 5.00%, 10/1/2020		105,000		105,406

State of Ohio, Cleveland Clinic Health System Series 2017A, Rev., 5.00%, 1/1/2021		250,000		253,860

State of Ohio, Common Schools Series 2009C, GO, 5.00%, 9/15/2020		30,000		30,053

State of Ohio, Department of Administrative Services, Certificates of Participation Multi-Agencey Radio Communication System Project

COP, 5.00%, 9/1/2020		165,000		165,000

COP, 5.00%, 9/1/2021		150,000		157,170

State of Ohio, Department of Administrative Services, Certificates of Participation, Enterprise Data Center Solutions Project COP, 5.00%, 9/1/2021		50,000		52,390

State of Ohio, Infrastructure Improvement Bonds Series 2015A, GO, 5.00%, 9/1/2020 (c)		50,000		50,000

State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 0.45%, 9/1/2020 (b)		5,500,000		5,500,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ohio — continued

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2703, GO, VRDO, LIQ: Citibank NA, 0.29%, 9/10/2020 (b) (f)		4,000,000		4,000,000

Series C, Rev., VRDO, LIQ: Citibank NA, 0.29%, 9/10/2020 (b) (f)		4,000,000		4,000,000

Township of Symmes, Hamilton County Parkland Acquisition and Improvement Limited Tax GO, 3.80%, 12/1/2020 (c)		35,000		35,314

University of Akron (The)

Series 2019A, Rev., 4.00%, 1/1/2021		325,000		328,640

Series 2015A, Rev., 5.00%, 1/1/2021		175,000		177,538

Village of Bluffton, Ohio Hospital Facilities, Blanchard Valley Health System Rev., 5.00%, 12/1/2021		185,000		194,979

Westlake City School District GO, 4.00%, 12/1/2022		30,000		31,369


Total Ohio				48,918,580


Oklahoma — 0.5%

Canadian County Independent School District No. 69 Mustang

GO, 3.00%, 4/1/2022		20,000		20,864

GO, 2.00%, 6/1/2023		45,000		46,995

City of Oklahoma City GO, 5.00%, 3/1/2021		25,000		25,602

McClain County Economic Development Authority Rev., 4.00%, 9/1/2022		265,000		283,081

Oklahoma County Independent School District No. 12, Edmond School District GO, 3.00%, 3/1/2021		65,000		65,901

Oklahoma County Independent School District No. 52 Midwest City-Del City Series 2018B, GO, 3.00%, 7/1/2021		50,000		51,140

Oklahoma Department of Transportation

Series 2018A, Rev., GAN, 5.00%, 9/1/2020		50,000		50,000

Series 2018A, Rev., GAN, 5.00%, 9/1/2022		20,000		21,887

Oklahoma Development Finance Authority

Rev., 3.00%, 4/1/2021		190,000		192,582

Series 2020A, Rev., 4.00%, 6/1/2021		220,000		226,070

Series 2013A, Rev., 3.00%, 6/1/2022		25,000		26,171

Series 2014A, Rev., 3.00%, 6/1/2022		25,000		26,171

Series 2020A, Rev., 4.00%, 6/1/2022		250,000		266,060

Series 2020A, Rev., 4.00%, 6/1/2023		260,000		283,855

Series 2020A, Rev., 4.00%, 6/1/2024		445,000		499,975

Oklahoma Housing Finance Agency Rev., 1.60%, 1/1/2022 (b)		75,000		75,778

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	197

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Oklahoma — continued

Oklahoma Housing Finance Agency, Sooner Haven Apartments Rev., 2.37%, 10/1/2020 (b)		170,000		170,279

Oklahoma Water Resources Board Rev., 5.00%, 4/1/2021		50,000		51,406

Tulsa County Independent School District No. 5, Jenks Public Schools GO, 4.00%, 6/1/2021		50,000		51,410

Tulsa County Industrial Authority Rev., 3.00%, 9/1/2020		100,000		100,000

Tulsa Metropolitan Utility Authority Series 2016C, Rev., 5.00%, 10/1/2020		100,000		100,391

Tulsa Public Facilities Authority

Rev., 3.00%, 6/1/2023		110,000		117,102

Rev., 5.00%, 6/1/2024		100,000		116,171

University of Oklahoma (The) Series 2016A, Rev., 5.00%, 7/1/2023		250,000		279,635


Total Oklahoma				3,148,526


Oregon — 1.0%

City of Portland Series 2014A, Rev., 5.00%, 10/1/2020		30,000		30,117

City of Wilsonville GO, 4.00%, 6/1/2022		25,000		25,669

Hospital Facilities Authority of Multnomah County Oregon Rev., 5.00%, 3/1/2025 (b)		175,000		200,256

Metropolitan Wastewater Management Commission Rev., 5.00%, 11/1/2020		25,000		25,199

Oregon State Bond Bank Series 201A-1, Rev., 3.50%, 1/1/2022		25,000		25,277

Oregon State Department of Administrative Services, Oregon State Lottery

Series 2016-XF2290, Rev., VRDO, LIQ: Citibank NA, 0.30%, 9/10/2020 (b) (f)		4,000,000		4,000,000

Series A, Rev., 5.00%, 4/1/2021		25,000		25,703

State of Oregon

Series L, GO, 5.00%, 11/1/2020		25,000		25,199

Series N, GO, 5.00%, 12/1/2020		45,000		45,540

State of Oregon Housing & Community Services Department

Rev., 1.45%, 6/1/2022 (b)		240,000		245,148

Series 2020A, Rev., 0.88%, 1/1/2024		470,000		471,711

Series 2020A, Rev., 0.90%, 7/1/2024		630,000		632,860

State of Oregon, Article XI-N Seismic Projects, Tax-Exempt Series D, GO, 3.00%, 6/1/2021		25,000		25,532

Tri-County Metropolitan Transportation District of Oregon Series 2018A, Rev., 5.00%, 10/1/2020		220,000		220,843


Total Oregon				5,999,054


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — 1.6%

Borough of Columbia GO, 3.00%, 6/15/2022		50,000		52,219

Carlisle Area School District GO, 3.00%, 9/1/2024		25,000		27,581

Central Bradford Progress Authority, Guthrie Health Issue Rev., 4.00%, 12/1/2021		380,000		396,272

Chambersburg Area School District Series A, GO, 5.00%, 3/1/2021		25,000		25,586

City of Philadelphia, Airport System Series 2017A, Rev., 5.00%, 7/1/2021		100,000		103,707

County of Allegheny Series C-65, GO, 5.00%, 5/1/2021 (c)		25,000		25,802

County of Berks GO, 4.00%, 11/15/2021		25,000		25,195

County of Dauphin

GO, 4.00%, 11/15/2020		40,000		40,313

GO, 5.00%, 11/15/2021		45,000		47,621

County of Delaware GO, 5.00%, 10/1/2020		35,000		35,137

County of Lancaster

Series 2017C, GO, 4.00%, 11/1/2022		20,000		21,515

GO, 5.00%, 5/1/2023		25,000		28,034

County of Montgomery Series 2009C, GO, 5.00%, 12/15/2023		25,000		25,095

County of Northampton Series B, GO, 5.00%, 10/1/2020 (c)		20,000		20,078

County of Wayne GO, 4.00%, 11/15/2020		130,000		130,961

County of York

Series A, GO, 4.00%, 6/1/2022		35,000		37,280

GO, 4.00%, 12/1/2022		30,000		32,512

Series 2016A, GO, 3.00%, 12/1/2023		30,000		32,503

Derry Township School District Series 2015A, GO, 4.00%, 9/1/2020		25,000		25,000

Hamburg Area School District GO, 5.00%, 4/1/2023		20,000		22,387

Hollidaysburg Area School District GO, 4.00%, 3/15/2021		100,000		101,991

Ligonier Valley School District Series 2016A, GO, 5.00%, 3/1/2022		25,000		26,769

Manheim Township School District Series 2018B, GO, 2.00%, 2/1/2021		25,000		25,181

Methacton School District Series A, GO, 4.00%, 9/15/2020		10,000		10,014

Methacton School District, Montgomery County GO, 4.00%, 3/1/2022		25,000		26,396

Monroeville Finance Authority, Universirty of Pittsburg Medical Center Rev., 5.00%, 2/15/2021		100,000		102,055

SEE NOTES TO FINANCIAL STATEMENTS.



198	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Pennsylvania — continued

Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project

Series 2019, Rev., 4.00%, 12/1/2021		100,000		102,462

Series 2019, Rev., 4.00%, 12/1/2022		100,000		104,214

Series 2019, Rev., 4.00%, 12/1/2023		125,000		132,292

North Penn School District Series 2019A, GO, 3.00%, 1/15/2025		30,000		33,356

Northampton County General Purpose Authority Rev., 5.00%, 10/1/2020		75,000		75,136

Northampton County General Purpose Authority, St. Luke’S University Health Network Project Series 2016A, Rev., 5.00%, 8/15/2022		95,000		102,793

Owen J Roberts School District Series 2016A, GO, 3.00%, 8/15/2021		25,000		25,654

Parkland School District GO, 4.00%, 4/15/2021		30,000		30,696

Pennsbury School District Series 2015B, GO, 4.00%, 2/1/2022		25,000		25,386

Pennsylvania Economic Development Financing Authority Series 2017A, Rev., 4.00%, 11/15/2020		80,000		80,576

Pennsylvania Economic Development Financing Authority, University Of Pittsburgh Medical Center

Series 2013A, Rev., 5.00%, 7/1/2021		100,000		103,767

Series 2017A, Rev., 4.00%, 11/15/2021		130,000		135,529

Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021 (b)		130,000		133,977

Pennsylvania Higher Educational Facilities Authority

Series 2011A, Rev., 5.00%, 3/1/2021 (c)		50,000		51,190

Rev., 5.00%, 12/1/2023		25,000		28,626

Rev., 5.00%, 12/1/2024		70,000		83,110

Pennsylvania Higher Educational Facilities Authority, Saint Josephs University Series 2010A, Rev., 5.00%, 11/1/2020		230,000		231,773

Pennsylvania Higher Educational Facilities Authority, University Of Pennsylvania

Rev., 5.00%, 9/1/2020 (c)		50,000		50,000

Rev., 2.50%, 10/1/2020 (b) (c)		100,000		100,181

Pennsylvania Higher Educational Facilities Authority, University Of Pennsylvania Health System Rev., 5.00%, 8/15/2021		240,000		250,135


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pennsylvania — continued

Pennsylvania Housing Finance Agency Series 2019-130A, Rev., 1.40%, 4/1/2024		260,000		265,759

Pennsylvania State University (The) Series 2015B, Rev., 5.00%, 9/1/2022		50,000		54,739

Pennsylvania Turnpike Commission

Series 2nd, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/10/2020 (b)		4,095,000		4,095,000

Series 2010B-2, Rev., 6.00%, 12/1/2020 (c)		100,000		101,440

Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Series B, Rev., 5.00%, 12/1/2021 (c)		50,000		52,988

Pennsylvania Turnpike Commission, Motor Licensed Fund Series 2010B-2, Rev., 5.13%, 12/1/2020 (c)		100,000		101,229

Philadelphia Authority for Industrial Development Rev., VRDO, LOC: TD Bank NA, 0.08%, 9/10/2020 (b)		700,000		700,000

Saint Mary Hospital Authority, Health System Series 2012B, Rev., 5.00%, 11/15/2020		125,000		126,127

South Middleton School District Series 2016B, GO, 4.00%, 10/1/2020		50,000		50,152

Springfield School District/Delaware County GO, 4.00%, 9/1/2021		50,000		51,918

State Public School Building Authority Series 2014B, Rev., 5.00%, 9/1/2020		50,000		50,000

Susquehanna Township School District

GO, 4.00%, 5/15/2021		35,000		35,946

GO, 4.00%, 5/15/2022		130,000		138,485

Township of Dover GO, 3.00%, 9/1/2021		25,000		25,677

Township of Lower Paxton

GO, 4.00%, 4/1/2021		35,000		35,701

GO, 4.00%, 4/1/2024		30,000		33,549

Township of North Coventry GO, AGM, 2.00%, 11/15/2020		30,000		30,045

Township of Susquehanna GO, 3.00%, 10/1/2021		25,000		25,769

Trinity Area School District GO, AGM, 4.00%, 11/1/2020 (c)		30,000		30,187

Tuscarora School District/Franklin County GO, 2.00%, 4/1/2021		50,000		50,075

Union County Higher Educational Facilities Financing Authority Series 2013A, Rev., 5.00%, 4/1/2021		45,000		46,266

West Jefferson Hills School District GO, 3.00%, 8/1/2024		25,000		27,346


Total Pennsylvania				9,456,455

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	199

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Rhode Island — 1.5%

Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., GAN, 5.00%, 6/15/2022		335,000		361,458

Rhode Island Convention Center Authority Series 2015A, Rev., 5.00%, 5/15/2022		1,000,000		1,069,640

Rhode Island Health & Educational Building Corp.

Series 2016A, Rev., 5.00%, 5/15/2021		150,000		153,878

Series 2019A, Rev., 5.00%, 5/15/2021		25,000		25,817

Rhode Island Health and Educational Building Corp. Rev., 5.00%, 9/1/2021		50,000		52,385

Rhode Island Health and Educational Building Corp., Brown University Series A, Rev., 4.50%, 9/1/2021		25,000		26,068

Rhode Island Health and Educational Building Corp., Bryant University Rev., VRDO, LOC: TD Bank NA, 0.11%, 9/10/2020 (b)		6,510,000		6,510,000

Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund

Series 2010A, Rev., 4.00%, 10/1/2020		30,000		30,093

Series 2014A, Rev., 4.00%, 10/1/2020		45,000		45,139

State of Rhode Island

Series 2010A, GO, 5.00%, 10/1/2020		100,000		100,391

Series 2012A, GO, 5.00%, 8/1/2022		25,000		27,311

State of Rhode Island and Providence Plantations Lease Participation Certificates, Central Power Plant Project Series E, COP, 5.00%, 10/1/2020		20,000		20,075

State of Rhode Island and Providence Plantations Lease Participation Certificates, Pastore Center Energy Conservation Project Series A, COP, 5.00%, 11/1/2020		435,000		438,315

Town of North Kingstown Series 2015A, GO, 5.00%, 7/15/2021		45,000		46,895


Total Rhode Island				8,907,465


South Carolina — 0.4%

Beaufort County School District Series 2018B, GO, SCSDE, 5.00%, 3/1/2021		50,000		51,205

Charleston Educational Excellence Finance Corp., Installment Purchase Rev., 5.00%, 12/1/2020		100,000		101,188

Clemson University Rev., 5.00%, 5/1/2023		30,000		33,591

County of Charleston Rev., 5.00%, 12/1/2020		100,000		101,201

County of Florence, McLeod Medical Center Project Rev., 5.00%, 11/1/2022		245,000		267,432


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


South Carolina — continued

Fort Mill School District No. 4

Series 2013B, GO, SCSDE, 5.00%, 3/1/2021		35,000		35,840

Series 2016D, GO, SCSDE, 5.00%, 3/1/2021		30,000		30,720

Greenville County School District

Rev., 5.00%, 12/1/2020		30,000		30,359

Rev., 5.00%, 12/1/2021		75,000		79,511

Rev., 5.00%, 12/1/2022		25,000		27,612

Horry County School District GO, SCSDE, 5.00%, 3/1/2021		50,000		51,200

Lexington County Health Services District, Inc. Rev., 5.00%, 11/1/2022		200,000		218,992

Lexington County School District No. 1 Series 2019B, GO, SCSDE, 5.00%, 2/1/2021		30,000		30,599

Piedmont Municipal Power Agency

Series 2010A-5, Rev., 5.00%, 1/1/2022		200,000		203,002

Series 2017B, Rev., 5.00%, 1/1/2024		100,000		114,045

South Carolina Jobs-Economic Development Authority, Hospital Refunding and Improvement, Mcleod Health Projects Rev., 5.00%, 11/1/2022		165,000		180,107

State of South Carolina, Highway Series A, GO, 5.00%, 10/1/2020		25,000		25,098

Town of Summerville Series 2015B, Rev., 5.00%, 10/1/2023		300,000		337,614

University of South Carolina

Series 2017A, Rev., 5.00%, 5/1/2021		50,000		51,540

Rev., 5.00%, 5/1/2024		25,000		26,838

Rev., 5.00%, 5/1/2025		20,000		24,024


Total South Carolina				2,021,718


South Dakota — 0.3%

City of Sioux Falls, Sales Tax Series 2012A, Rev., 4.00%, 11/15/2021		130,000		135,948

Rapid City Area School District No. 51-4/SD, Go Limited Tax Capital Outlay Refunding Certificate GO, 4.00%, 8/1/2023		630,000		693,680

South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2013A, Rev., 5.00%, 4/1/2021		70,000		71,736

South Dakota Building Authority Series D, Rev., 4.50%, 9/1/2020		100,000		100,000

South Dakota Health and Educational Facilities Authority, Hospitals & Health System Rev., 5.00%, 11/1/2020		350,000		352,552

SEE NOTES TO FINANCIAL STATEMENTS.



200	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

South Dakota — continued

South Dakota Housing Development Authority Series B, Rev., 2.70%, 11/1/2021		20,000		20,500

South Dakota State Building Authority

Series 2011A, Rev., 5.00%, 9/1/2021		60,000		62,874

Series 2019A, Rev., 4.00%, 6/1/2024		30,000		34,101

Series 2014D, Rev., 5.00%, 9/1/2024		25,000		29,627


Total South Dakota				1,501,018


Tennessee — 0.3%

Chattanooga Health Educational and Housing Facility Board, Catholic Health Initiatives Series 2013A, Rev., 5.25%, 1/1/2023 (c)		545,000		605,980

City of Chattanooga Series A, Rev., 5.00%, 9/1/2020		45,000		45,000

City of Memphis Rev., 5.00%, 10/1/2020		20,000		20,078

City of Memphis, Improvement Series 2014A, GO, 4.00%, 11/1/2020		25,000		25,158

City of Morristown GO, 4.00%, 10/1/2024		100,000		103,899

City of Springfield GO, AGM, 4.00%, 9/1/2020		25,000		25,000

Columbia Housing & Redevelopment Corp. Rev., 2.40%, 9/1/2021 (b)		100,000		101,986

County of Bradley GO, 5.00%, 6/1/2021		20,000		20,724

County of Robertson GO, 5.00%, 5/1/2021		75,000		77,413

County of Shelby Series 2015A, GO, 5.00%, 4/1/2021		25,000		25,703

County of Williamson GO, 4.00%, 4/1/2021		30,000		30,670

Harpeth Valley Utilities District of Davidson & Williamson Counties Rev., 3.00%, 9/1/2020		25,000		25,000

Highlands Residential Services, Walnut Village Project Series 2019, Rev., GNMA COLL, 1.80%, 4/1/2021 (b)		50,000		50,388

Metropolitan Government Nashville & Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers I/East Project Rev., 2.00%, 1/1/2021 (b)		500,000		502,530

Metropolitan Government of Nashville & Davidson County

Series 2015A, Rev., 5.00%, 5/15/2021		45,000		46,532

GO, 5.00%, 7/1/2022		25,000		27,211

Pigeon Forge Industrial Development Board Rev., 5.00%, 6/1/2022		50,000		51,610

Rutherford County Health and Educational Facilities Board Rev., 2.50%, 11/1/2020 (b)		75,000		75,263


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Tennessee — continued

State of Tennessee Series A, GO, 5.00%, 9/1/2020		30,000		30,000

Tennergy Corp. Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 10/1/2024 (b)		50,000		58,508


Total Tennessee				1,948,653


Texas — 5.6%

Alamo Community College District GO, 5.00%, 2/15/2022		25,000		25,539

Alamo Community College District, Financing System Senior lien Series 2012A, Rev., 5.00%, 11/1/2020		20,000		20,157

Alamo Regional Mobility Authority, Vehicle Registration Fee Senior Lien Rev., 5.00%, 6/15/2021		25,000		25,952

Aledo Independent School District GO, PSF-GTD, Zero Coupon, 2/15/2022		85,000		84,562

Amarillo College

GO, 3.00%, 2/15/2021		30,000		30,366

GO, 5.00%, 2/15/2021		35,000		35,744

Amarillo Independent School District GO, PSF-GTD, 5.00%, 2/1/2021		45,000		45,899

Arlington Independent School District GO, PSF-GTD, 4.00%, 2/15/2021		30,000		30,520

Austin Community College District

Series 2016A, Rev., 4.00%, 2/1/2023		125,000		135,973

GO, 5.00%, 8/1/2023		30,000		31,288

Austin Community College District Public Facility Corp. Rev., 4.00%, 8/1/2022 (c)		25,000		26,784

Austin Community College District, Combined Fee Series 2014A, Rev., 5.00%, 2/1/2021		45,000		45,893

Barbers Hill Independent School District GO, 5.00%, 2/15/2021		30,000		30,658

Bastrop Independent School District Series 2013A, GO, PSF-GTD, 3.00%, 2/15/2023		205,000		213,087

Bexar County Hospital District

GO, 5.00%, 2/15/2021		40,000		40,872

GO, 5.00%, 2/15/2022		25,000		26,744

GO, 5.00%, 2/15/2023		200,000		223,024

Boerne Public Facilities Corp. Rev., 2.75%, 11/1/2021 (b)		100,000		102,794

Brazos River Authority Rev., 5.00%, 9/1/2020		25,000		25,000

Brazosport Independent School District Series 2012A, GO, PSF-GTD, 3.00%, 2/15/2021		55,000		55,704

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	201

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Texas — continued

Buna Independent School District, School Building GO, PSF-GTD, 2.25%, 8/15/2023		120,000		123,595

Capital Area Housing Finance Corp., Mission Trail at El Camino Real Apartments Rev., 2.10%, 9/1/2022 (b)		125,000		126,693

Central Texas Turnpike System Series C, Rev., 5.00%, 8/15/2022		150,000		160,908

City of Abilene GO, 5.00%, 2/15/2024		25,000		28,960

City of Austin

Series 2015A, Rev., 3.00%, 11/15/2020		40,000		40,232

Rev., 5.00%, 11/15/2024		50,000		52,836

City of Baytown GO, 4.50%, 2/1/2021		100,000		101,757

City of Beaumont Rev., 5.00%, 9/1/2020		125,000		125,000

City of Brownsville GO, 4.00%, 2/15/2022		265,000		279,363

City of Bryan GO, 3.00%, 8/15/2022		25,000		26,248

City of Cedar Hill GO, 5.00%, 2/15/2021		40,000		40,868

City of Cedar Park GO, 5.00%, 2/15/2021		80,000		81,730

City of Celina GO, 2.00%, 9/1/2020		50,000		50,000

City of College Station GO, 3.00%, 2/15/2021		50,000		50,633

City of Dallas

Rev., 5.00%, 10/1/2020		25,000		25,098

GO, 5.00%, 2/15/2021		75,000		76,628

Rev., 5.00%, 10/1/2023		40,000		40,156

City of Dallas Housing Finance Corp. Rev., 1.50%, 4/1/2022 (b)		425,000		433,530

City of Dallas, Waterworks & Sewer System

Rev., 5.00%, 10/1/2020		25,000		25,098

Series 2020A, Rev., 5.00%, 10/1/2020		80,000		80,313

City of Deer Park GO, 3.00%, 3/15/2024		25,000		27,271

City of Del Rio

GO, AGM, 3.00%, 6/1/2021		50,000		51,034

City of Denton GO, 3.00%, 2/15/2021		25,000		25,320

City of Edinburg GO, 5.00%, 3/1/2022		20,000		21,416

City of El Paso

Series 2012A, Rev., 4.00%, 3/1/2021		25,000		25,478

GO, 5.00%, 8/15/2021		30,000		31,341

City of El Paso, Refunding and Improvement GO, 5.00%, 8/15/2021		25,000		26,117

City of Farmers Branch GO, 4.00%, 2/15/2025		35,000		40,554

City of Fort Worth Rev., 3.25%, 2/15/2025		25,000		25,314

City of Frisco

Series 2016A, GO, 4.00%, 2/15/2021		85,000		86,465

GO, 5.00%, 2/15/2021		25,000		25,544


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

City of Garland Series 2016B, Rev., 5.00%, 3/1/2023		220,000		245,133

City of Grand Prairie, Combination Tax Series 2013A, GO, 5.00%, 2/15/2021		65,000		66,426

City of Houston

Series 2017B, Rev., 4.00%, 11/15/2020		95,000		95,737

Series 2017B, Rev., 4.00%, 11/15/2021		35,000		36,605

Series 2019B, Rev., 4.00%, 11/15/2021		25,000		26,147

Series 2016B, Rev., 5.00%, 11/15/2022		50,000		55,239

Series A, Rev., AGM, Zero Coupon, 12/1/2024		50,000		48,714

City of Houston, Airport System Subordinate Lien Rev., VRDO, LOC: Barclays Bank plc, 0.10%, 9/10/2020 (b)		3,490,000		3,490,000

City of Houston, Combined Utility System, First Lien Series 2014C, Rev., 5.00%, 5/15/2021		25,000		25,846

City of Hutto GO, 5.00%, 2/1/2021		110,000		112,169

City of Irving Rev., 5.00%, 8/15/2022		50,000		50,196

City of Lakeway GO, 4.00%, 2/1/2024		45,000		50,460

City of Laredo

GO, 5.00%, 2/15/2021		50,000		51,086

GO, 5.00%, 2/15/2024		25,000		28,755

City of Lewisville GO, 5.00%, 2/15/2021		30,000		30,658

City of Lubbock Series 2016A, GO, 4.00%, 2/15/2021		30,000		30,523

City of McKinney GO, 5.00%, 8/15/2021		25,000		26,154

City of Mesquite Rev., 3.00%, 3/1/2023		45,000		47,918

City of Mesquite, Refunding & Improvement, Waterworks and Sewer System Rev., 4.00%, 3/1/2021		25,000		25,441

City of Midlothian GO, 3.00%, 8/15/2024		25,000		27,450

City of Missouri City

Series 2018A, GO, 5.00%, 6/15/2022		20,000		21,699

GO, 5.00%, 6/15/2023		35,000		39,480

City of Paris GO, 4.50%, 12/15/2020		30,000		30,367

City of Pasadena Series 2012A, GO, 5.00%, 2/15/2024		55,000		55,209

City of Pearland GO, 4.00%, 3/1/2022		25,000		26,408

City of Sachse Series 2017A, GO, 4.00%, 2/15/2025		65,000		74,632

City of San Antonio

GO, 4.50%, 8/1/2021		25,000		25,986

Rev., 5.00%, 2/1/2023		50,000		54,581

City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2021		20,000		20,400

City of San Marcos GO, 3.00%, 8/15/2021		25,000		25,652

SEE NOTES TO FINANCIAL STATEMENTS.



202	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Texas — continued

City of Sugar Land TX Waterworks & Sewer System Rev., 4.00%, 8/15/2022		20,000		21,468

City of Tyler Series 2015B, Rev., 2.75%, 9/1/2021		25,000		25,645

City of Victoria Rev., 5.00%, 12/1/2022		25,000		27,564

City of Waco GO, 5.00%, 2/1/2024		20,000		23,178

City of Wylie GO, 5.00%, 2/15/2021		25,000		25,549

Clear Lake City Water Authority

GO, 4.00%, 3/1/2021		125,000		126,962

GO, 4.00%, 3/1/2022		105,000		109,927

GO, 4.00%, 3/1/2023		145,000		156,720

Clifton Higher Education Finance Corp., Idea Public Schools Rev., 4.80%, 8/15/2021 (c)		155,000		161,646

Coastal Water Authority, City of Houston Projects Rev., 5.00%, 12/15/2020		20,000		20,278

Columbia-Brazoria Independent School District GO, PSF-GTD, 3.00%, 2/1/2025		200,000		220,720

Comal Independent School District

Series 2015A, GO, PSF-GTD, 5.00%, 2/1/2021		50,000		50,999

GO, PSF-GTD, 5.00%, 2/1/2025		25,000		30,042

Series B, GO, PSF-GTD, 5.00%, 2/1/2025		25,000		28,917

Conroe Independent School District, School Building Series 2012, GO, PSF-GTD, 5.00%, 2/15/2021 (c)		20,000		20,433

County of Bexar GO, 5.00%, 6/15/2024		45,000		52,923

County of Bexar, Certificates of Obligation Series B, GO, 5.00%, 6/15/2021		20,000		20,757

County of Brazos GO, 5.00%, 9/1/2020		70,000		70,000

County of Galveston GO, 5.00%, 2/1/2024		50,000		57,797

County of Harris

Series 2019A, GO, 5.00%, 10/1/2021		35,000		36,847

Series 2015B, Rev., 5.00%, 8/15/2022		55,000		60,041

Series 2010A, GO, 5.00%, 10/1/2023		50,000		50,191

Series 2010-A, GO, 5.00%, 10/1/2023		100,000		100,384

Series 2016A, Rev., 5.00%, 8/15/2024		35,000		41,288

Series 2007C, GO, 5.25%, 8/15/2024		280,000		334,871

Series 2010A, GO, 5.00%, 10/1/2024		30,000		30,114

County of Harris, Permanent Improvement

Series 2015A, GO, 5.00%, 10/1/2020		20,000		20,079

Series 2015B, GO, 5.00%, 10/1/2020		25,000		25,098

County of Hidalgo GO, 5.00%, 8/15/2021		45,000		47,077

County of Montgomery GO, 5.00%, 3/1/2021		25,000		25,596

County of Taylor GO, 5.00%, 2/15/2021		20,000		20,439


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

GO, 5.00%, 2/15/2025		30,000		36,039

County of Travis Series 2019A, GO, 5.00%, 3/1/2021		30,000		30,723

County of Travis, Limited Tax GO, 5.00%, 3/1/2024		100,000		116,456

County of Williamson GO, 5.00%, 2/15/2021		35,000		35,768

Cypress-Fairbanks Independent School District

GO, PSF-GTD, 5.00%, 2/15/2021		25,000		25,546

GO, PSF-GTD, 4.00%, 2/15/2023		25,000		25,421

Dallas Area Rapid Transit Series 2014A, Rev., 5.00%, 12/1/2020		25,000		25,298

Dallas Area Rapid Transit, Senior Lien Rev., 4.00%, 12/1/2020		35,000		35,331

Dallas County Utility & Reclamation District GO, 5.00%, 2/15/2024		115,000		132,402

Dallas/Fort Worth International Airport

Series 2011C, Rev., 5.00%, 11/1/2020		825,000		831,386

Series 2012G, Rev., 5.00%, 11/1/2020		100,000		100,796

Series B, Rev., 5.00%, 11/1/2020		200,000		201,592

Series 2014E, Rev., 5.00%, 11/1/2021		100,000		105,480

Series F, Rev., 5.00%, 11/1/2024		250,000		284,852

Del Mar College District GO, 5.00%, 8/15/2023		30,000		31,366

Eanes Independent School District Series B, GO, 4.00%, 8/1/2021		20,000		20,697

El Paso Downtown Development Corp. Rev., 5.00%, 8/15/2021		250,000		257,882

Fort Bend County Water Control & Improvement District No. 2 GO, 4.00%, 9/1/2020		125,000		125,000

Harris County Cultural Education Facilities Finance Corp.

Series 2015-1, Rev., 5.00%, 10/1/2020		75,000		75,281

Series 2015-1, Rev., 5.00%, 10/1/2021		200,000		210,020

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2013A, Rev., 5.00%, 12/1/2023		120,000		131,735

Harris County Municipal Utility District No. 180, Unlimited Tax GO, 4.45%, 9/1/2020		100,000		100,000

Harris County Municipal Utility District No. 468 GO, AGM, 2.00%, 9/1/2020		15,000		15,000

Harris County Toll Road Authority (The) Series A, Rev., 5.00%, 8/15/2021		20,000		20,911

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	203

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Texas — continued

Hays Consolidated Independent School District, School Building Series 2018B, GO, PSF-GTD, 2.70%, 8/15/2023 (b)		100,000		104,127

Hidalgo County Drain District No. 1, Improvement GO, 5.00%, 9/1/2022		100,000		109,499

Houston Community College System GO, 4.00%, 2/15/2023		50,000		50,810

Houston Independent School District

GO, 5.00%, 7/15/2021		25,000		26,053

GO, PSF-GTD, 5.00%, 2/15/2025		25,000		30,156

Houston Independent School District Public Facility Corp.

Series 1998A, Rev., AMBAC, Zero Coupon, 9/15/2020		40,000		39,995

Rev., 5.00%, 9/15/2020		130,000		130,227

Hudson Independent School District GO, PSF-GTD, 4.00%, 2/15/2022		200,000		210,840

Jefferson County Drain District No. 7, Maintenance Tax Notes Rev., 4.00%, 3/1/2022		100,000		105,694

Keller Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 8/15/2021		20,000		20,919

Klein Independent School District

Series 2012B, GO, PSF-GTD, 4.00%, 2/1/2021		60,000		60,950

Series 2015A, GO, PSF-GTD, 5.00%, 8/1/2024		65,000		76,901

Las Varas Public Facility Corp., Wurzbach Manor Apartments Rev., 1.70%, 12/1/2020(b)		605,000		607,003

Lone Star College System

GO, 4.00%, 2/15/2021		30,000		30,523

Series B, GO, 5.00%, 2/15/2021		30,000		30,658

GO, 5.00%, 2/15/2024		40,000		42,762

Lower Colorado River Authority

Rev., 5.00%, 5/15/2023		250,000		280,418

Rev., 5.00%, 5/15/2024		225,000		261,818

Lower Colorado River Authority, LCRA Transmission Corporation Project

Rev., 5.00%, 5/15/2021		250,000		258,295

Series 2011A, Rev., 5.00%, 5/15/2021		140,000		144,645

Magnolia Independent School District

GO, PSF-GTD, 3.25%, 8/15/2021 (c)		40,000		41,157

GO, 5.00%, 8/15/2021		40,000		41,846

McLennan County Junior College District GO, 5.00%, 8/15/2021		20,000		20,919


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Metropolitan Transit Authority of Harris County, Sales and Use Tax Series 2016D, Rev., 5.00%, 11/1/2020		300,000		302,349

Midland College District GO, 5.00%, 2/15/2023		25,000		26,700

Mueller Local Government Corp., Tax Increment Contract 5.00%, 9/1/2020		150,000		150,000

Mustang Special Utility District

Series 2018A, Rev., 5.00%, 9/1/2021		45,000		47,151

Rev., 3.00%, 9/1/2022		25,000		26,415

North Central Texas Health Facility Development Corp. Rev., 5.00%, 8/15/2021		360,000		375,908

North Texas Municipal Water District

Rev., 5.00%, 9/1/2020		50,000		50,000

Rev., 5.00%, 6/1/2023		25,000		28,282

North Texas Municipal Water District Water System

Rev., 5.00%, 9/1/2020		50,000		50,000

Series 2019A, Rev., 3.00%, 9/1/2024		40,000		44,382

Rev., 5.00%, 9/1/2024		30,000		35,671

North Texas Tollway Authority Rev., 6.00%, 1/1/2021 (c)		310,000		315,958

Northside Independent School District

Series 2014A, GO, PSF-GTD, 5.00%, 2/15/2021		30,000		30,656

Series 2019A, GO, PSF-GTD, 5.00%, 8/15/2021		45,000		47,068

Rockwall Independent School District GO, PSF-GTD, Zero Coupon, 2/15/2025		25,000		24,170

Sam Rayburn Municipal Power Agency, Texas Power Supply System Rev., 5.00%, 10/1/2021		145,000		151,908

San Antonio Education Facilities Corp. Rev., 5.00%, 6/1/2023 (c)		50,000		56,454

San Antonio Housing Trust Finance Corp. Rev., FHA, 1.37%, 9/1/2021 (b)		40,000		40,416

San Antonio Public Facilities Corp. Rev., 5.00%, 9/15/2024		35,000		38,102

San Antonio Water System

Series 2013E, Rev., 5.00%, 5/15/2021		30,000		31,019

Series 2017A, Rev., 5.00%, 5/15/2021		20,000		20,680

Series 2016A, Rev., 5.00%, 5/15/2024		25,000		29,379

San Jacinto College District Series 2016C, GO, 5.00%, 2/15/2021		50,000		51,097

SEE NOTES TO FINANCIAL STATEMENTS.



204	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Texas — continued

State of Texas

Series 2011B, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 9/10/2020 (b)		2,915,000		2,915,000

GO, 5.00%, 10/1/2020		80,000		80,315

Series 2014A, GO, 5.00%, 10/1/2020		50,000		50,197

Series 2011B, GO, 5.00%, 8/1/2022		40,000		41,779

State of Texas, Transportation Commission Highway Improvement Series 2012A, GO, 5.00%, 4/1/2021		35,000		35,993

State of Texas, Veterans

Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 9/10/2020 (b)		3,660,000		3,660,000

Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust, 0.14%, 9/10/2020 (b)		3,925,000		3,925,000

Tarrant County Cultural Education Facilities Finance Corp., Cook Children’S Medical Center

Rev., 5.00%, 12/1/2020		100,000		101,137

Texas City Industrial Development Corp. Rev., 7.38%, 10/1/2020		300,000		301,671

Texas Department of Housing & Community Affairs, Crosby Plaza Apartments Rev., 1.17%, 2/1/2021 (b)		100,000		100,053

Texas Municipal Gas Acquisition and Supply Corp. Series 2006A, Rev., 5.25%, 12/15/2020		100,000		101,300

Texas Municipal Power Agency Rev., 5.00%, 9/1/2020		275,000		275,000

Texas State Technical College Rev., 5.00%, 10/15/2020		50,000		50,290

Texas State University System Series 2019A, Rev., 4.00%, 3/15/2021		50,000		51,021

Texas Tech University System Series 2012A, Rev., 5.00%, 8/15/2021 (c)		40,000		41,811

Texas Transportation Commission State Highway Fund Rev., 5.00%, 10/1/2023		40,000		45,778

Texas Transportation Commission, State Highway Fund Rev., 5.00%, 10/1/2020		135,000		135,528

Texas Water Development Board Series 2015A, Rev., 5.00%, 10/15/2020		255,000		256,479

Texas Woman’s University

Rev., 4.00%, 7/1/2021		100,000		103,126

Rev., 4.00%, 7/1/2022		25,000		25,743

Travis County Health Facilities Development Corp. Rev., 7.13%, 11/1/2020 (c)		355,000		358,923


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Texas — continued

Trinity River Authority

Rev., 4.00%, 2/1/2021		35,000		35,545

Rev., 5.00%, 2/1/2025		40,000		47,815

Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2021		60,000		62,645

Trinity River Authority Denton Creek Wastewater Treatment System Rev., 5.00%, 2/1/2024		40,000		46,208

Tyler Independent School District GO, PSF-GTD, 5.00%, 2/15/2023 (c)		25,000		27,889

University of Houston

Series 2011A, Rev., 5.00%, 2/15/2021 (c)		30,000		30,643

Series 2017A, Rev., 5.00%, 2/15/2025		45,000		53,927

University of North Texas System

Series 2017A, Rev., 5.00%, 4/15/2021		25,000		25,734

Series 2018A, Rev., 5.00%, 4/15/2023		30,000		33,641

University of Texas System (The)

Series 2010B, Rev., 5.00%, 8/15/2021		25,000		26,156

Series 2012B, Rev., 5.00%, 8/15/2022 (c)		175,000		191,328

Upper Trinity Regional Water District Rev., 5.00%, 8/1/2022		320,000		348,230

Weatherford Independent School District GO, PSF-GTD, Zero Coupon, 2/15/2025		50,000		48,683

Weslaco Housing Opportunities Corp. Rev., 1.42%, 1/1/2022 (b)		460,000		465,212

Wylie Independent School District Series 2015C, GO, PSF-GTD, 6.75%, 8/15/2021		25,000		26,565


Total Texas				32,402,008


Utah — 0.5%

Alpine School District GO, 5.00%, 3/15/2021		25,000		25,647

Central Utah Water Conservancy District Series 2012B, Rev., 5.00%, 10/1/2020		20,000		20,078

City of Ogden City

Rev., 3.00%, 1/15/2022		270,000		280,522

City of South Jordan 4.00%, 11/1/2021		755,000		788,786

City of St. George

GO, 4.00%, 8/1/2023		75,000		75,233

Rev., AGM, 5.00%, 6/1/2024		150,000		175,473

County of Utah

Series 2016B, Rev., 5.00%, 5/15/2022		105,000		113,262

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	205

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Utah — continued

Series 2018B-1, Rev., 5.00%, 8/1/2022 (b)		250,000		268,165

County of Weber, Summit Mountain Assessment Area 5.00%, 1/15/2021		105,000		106,880

Magna Water District

GO, 5.00%, 6/1/2023		50,000		56,372

Ogden City School District Municipal Building Authority

Rev., 5.00%, 1/15/2022		125,000		133,023

Southern Utah University

Rev., 4.00%, 5/1/2022		50,000		52,999

State of Utah

GO, 5.00%, 7/1/2024		75,000		88,638

Utah Associated Municipal Power Systems, San Juan Project

Series 2011A, Rev., 5.50%, 6/1/2021		300,000		311,403

Utah Charter School Finance Authority

Series A, Rev., 5.00%, 4/15/2021		35,000		35,973

Series A, Rev., 5.00%, 4/15/2022		130,000		139,401

Series A, Rev., 5.00%, 4/15/2023		80,000		88,599


Total Utah				2,760,454


Vermont — 0.0% (g)

City of Burlington

Series 2018D, GO, 5.00%, 11/1/2020		65,000		65,503

Vermont Housing Finance Agency Series 2018A, Rev., AMT, 2.10%, 11/1/2020		100,000		100,268

Vermont Municipal Bond Bank Series 2019-2, Rev., 3.00%, 12/1/2020		30,000		30,212


Total Vermont				195,983


Virginia — 0.8%

Chesapeake Hospital Authority, Regional Medical Center Rev., 4.00%, 7/1/2021		200,000		205,540

City of Alexandria Series 2012A, GO, 4.50%, 6/15/2021		30,000		31,025

City of Lynchburg GO, 3.00%, 8/1/2021		25,000		25,650

City of Norfolk

Series A, GO, 5.00%, 10/1/2020		50,000		50,195

Series G, GO, 5.00%, 10/1/2020		25,000		25,098

City of Portsmouth Series 2016A, GO, 3.00%, 8/1/2021		25,000		25,651

City of Richmond Series 2013A, GO, 5.00%, 3/1/2021		35,000		35,844

City of Suffolk GO, 5.00%, 2/1/2021		30,000		30,602


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — continued

County of Hanover Series A, GO, 4.00%, 1/15/2021		25,000		25,355

County of Loudoun

Series 2011A, GO, 5.00%, 12/1/2020		25,000		25,301

Series 2016A, GO, 5.00%, 12/1/2021		25,000		26,510

County of Pittsylvania GO, 5.00%, 6/15/2021		50,000		51,884

County of Prince William COP, 5.00%, 10/1/2020		100,000		100,383

County of Pulaski GO, 5.00%, 2/1/2024		40,000		46,356

County of Spotsylvania GO, 5.00%, 1/15/2021		50,000		50,895

County of Spotsylvania, Public Improvement Series 2011A, GO, 4.00%, 1/15/2021		30,000		30,426

Culpeper County Economic Development Authority Rev., 5.00%, 6/1/2024		30,000		35,266

Fairfax County Economic Development Authority, Route 28 Project 4.00%, 4/1/2021		25,000		25,558

Loudoun County Economic Development Authority, Public Facilities, Loudoun County Public Facilities Project Series 2016B, Rev., 5.00%, 12/1/2021		40,000		42,416

Loudoun County Sanitation Authority Series 2010A, Rev., 5.00%, 1/1/2021		25,000		25,401

Montgomery County Economic Development Authority Rev., 5.00%, 2/1/2021		35,000		35,686

Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020A, Rev., 5.00%, 7/1/2021		175,000		181,368

University of Virginia Series 2015B, Rev., 2.00%, 8/1/2021		30,000		30,512

Virginia Biotechnology Research Partnership Authority, Consolidated Laboratories Project Rev., 5.00%, 9/1/2020		30,000		30,000

Virginia College Building Authority

Series 2013A, Rev., 3.00%, 9/1/2020		40,000		40,000

Series 2009E-1, Rev., 5.00%, 2/1/2021		90,000		91,805

Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program Series 2012-A, Rev., 5.00%, 9/1/2021		25,000		26,208

SEE NOTES TO FINANCIAL STATEMENTS.



206	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

Virginia — continued

Virginia Commonwealth Transportation Board

Rev., GAN, 5.00%, 9/15/2020		100,000		100,175

Series 2014B, Rev., 5.00%, 5/15/2021		35,000		36,189

Rev., GAN, 5.00%, 9/15/2022		25,000		27,453

Series 2013A, Rev., GAN, 5.00%, 3/15/2023 (c)		140,000		156,915

Virginia Housing Development Authority

Series 2012C-4, Rev., 2.49%, 1/1/2022		200,000		204,964

Series 2018A, Rev., 2.05%, 3/1/2022		20,000		20,016

Virginia Polytechnic Institute & State University Series 2015A, Rev., 5.00%, 6/1/2021		50,000		51,810

Virginia Public Building Authority

Series 2014C, Rev., 5.00%, 8/1/2021		25,000		26,114

Virginia Public School Authority

Series 2011A, Rev., 4.13%, 8/1/2021 (c)		30,000		31,077

Series 2014B, Rev., 5.00%, 8/1/2022		25,000		27,311

Series VI, Rev., 5.00%, 4/15/2023		80,000		90,046

Virginia Resources Authority

Rev., 5.00%, 10/1/2020		15,000		15,059

Series 2014B, Rev., 5.00%, 10/1/2020		25,000		25,097

Rev., 5.50%, 10/1/2020		95,000		95,409

Series 2014C, Rev., AMT, 4.00%, 11/1/2020		25,000		25,158

Series 2012B, Rev., 5.00%, 11/1/2020		30,000		30,238

Series 2010A, Rev., 5.00%, 11/1/2023		15,000		15,119

Virginia Resources Authority, Pooled Financing Program

Series 2015C, Rev., 2.00%, 11/1/2020		25,000		25,076

Series 2010A, Rev., 5.00%, 11/1/2020 (c)		10,000		10,079

Virginia Small Business Financing Authority, Healthcare Facilities, Sentara Healthcare Rev., 3.00%, 11/1/2020		450,000		451,809

Western Regional Jail Authority Rev., 4.00%, 12/1/2022		50,000		54,164

Wise County Industrial Development Authority Series 2010A, Rev., 1.20%, 5/31/2024 (b)		1,640,000		1,662,927


Total Virginia				4,533,140


Washington — 1.9%

Central Washington University Rev., AGM, 5.00%, 5/1/2024		360,000		415,836


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

City of Bellingham, Water & Sewer System Series 2016-ZF2389, Rev., VRDO, LIQ: Citibank NA, 0.29%, 9/10/2020 (b) (f)		5,480,000		5,480,000

City of Edmonds Rev., 4.00%, 12/1/2020		25,000		25,238

City of Kent, Utility System Rev., 5.00%, 12/1/2020		25,000		25,300

City of Olympia GO, 5.00%, 12/1/2024		25,000		29,927

City of Redmond GO, 5.00%, 12/1/2020		35,000		35,420

City of Richland Series 2013A, GO, 4.00%, 12/1/2021		40,000		41,918

City of Seattle WA Drainage & Wastewater Rev., 5.00%, 9/1/2024		25,000		26,775

City of Seattle WA Municipal Light & Power

Series 2012A, Rev., 5.00%, 6/1/2024		25,000		27,065

City of Spokane Rev., 5.00%, 12/1/2020		45,000		45,540

City of University Place GO, 4.00%, 12/1/2023		35,000		39,228

Clark County Public Utility District No. 1 Rev., 5.00%, 1/1/2024		15,000		17,338

Clark County School District No. 37 Vancouver GO, 3.00%, 12/1/2023		25,000		27,212

County of King

Series 2013A, Rev., 5.00%, 1/1/2021		20,000		20,320

Series 2014B, Rev., 5.00%, 7/1/2021		25,000		26,006

County of King, Limited Tax Series 2015E, GO, 5.00%, 12/1/2020		30,000		30,360

County of King, Sewer

Rev., 5.00%, 1/1/2021 (c)		25,000		25,400

Series 2011C, Rev., 5.00%, 1/1/2021 (c)		25,000		25,399

County of Kitsap GO, 4.00%, 12/1/2020		20,000		20,190

County of Skagit GO, 5.00%, 12/1/2024		60,000		71,740

County of Skagit, Limited Tax GO, 5.00%, 12/1/2021		20,000		21,208

East Wenatchee Water District Rev., 4.00%, 8/1/2023		25,000		27,581

Energy Northwest Series A, Rev., 5.00%, 7/1/2021		25,000		25,999

Energy Northwest, Electric Series A, Rev., 5.00%, 7/1/2021		25,000		25,999

FYI Properties

Rev., 5.00%, 6/1/2021		110,000		113,855

Rev., 5.00%, 6/1/2023		45,000		50,261

Grant County Public Utility District No. 2, Electric System Series 2011-I, Rev., 5.00%, 1/1/2021 (c)		25,000		25,400

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	207

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Washington — continued

Grays Harbor County Public Utility District No. 1 Series 2015A, Rev., 5.00%, 1/1/2025		100,000		119,203

King County Fire Protection District No. 39

Series 2015A, GO, 5.00%, 12/1/2024		40,000		47,902

King County Public Hospital District No. 2, Evergreenhealth GO, 5.00%, 12/1/2021		60,000		63,625

King County School District No. 405 Bellevue GO, 5.00%, 12/1/2024		160,000		191,682

King County School District No. 405 Bellevue, Credit Enhancement Program GO, 5.00%, 12/1/2020		20,000		20,240

King County School District No. 414 Lake Washington GO, 5.00%, 12/1/2020		50,000		50,599

Lewis County Public Utility District No. 1 Rev., 5.00%, 10/1/2023		100,000		114,546

Snohomish County Public Transportation Benefit Area Corp. Rev., 5.00%, 8/1/2022		50,000		54,623

Snohomish County, Everett School District No. 2 GO, 5.00%, 12/1/2020		55,000		55,659

Spokane & Whitman Counties School District No. 360 Cheney GO, 5.00%, 12/1/2022		25,000		27,671

State of Washington

Series R-2011A, GO, 5.00%, 1/1/2021		50,000		50,801

Series 2012D, GO, 5.00%, 2/1/2021		45,000		45,903

Series 2013D, GO, 5.00%, 2/1/2021		25,000		25,502

Series 2015C, COP, 5.00%, 7/1/2021		70,000		72,811

Series 2016A, COP, 5.00%, 7/1/2021		50,000		52,008

Series R-2020D, GO, 5.00%, 7/1/2021		30,000		31,207

Series 2011A, COP, 4.40%, 1/1/2022		50,000		50,688

Series 2017A, COP, 5.00%, 7/1/2022		80,000		86,951

Series 2019D, COP, 5.00%, 7/1/2022		65,000		70,648

Series 2012F, Rev., 5.00%, 9/1/2022		355,000		387,752

Series 2015C, COP, 5.00%, 7/1/2023		55,000		62,300

Series 2016A, COP, 5.00%, 7/1/2023		35,000		39,645

Series 2017A, COP, 5.00%, 7/1/2023		45,000		50,972

Series 2019B, COP, 5.00%, 7/1/2023		30,000		33,982

Series 2011A, GO, 5.00%, 1/1/2024		50,000		50,793

Series R-2021A, GO, 5.00%, 6/1/2024 (e)		500,000		576,225

Series 2014B, COP, 5.00%, 7/1/2024		40,000		47,122

Series 2015E, GO, 5.00%, 7/1/2024		25,000		29,525

Series 2018C, COP, 5.00%, 7/1/2024		35,000		41,232

Series 2012F, Rev., 5.00%, 9/1/2024		150,000		163,894


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Washington — continued

Series 2011D, COP, 4.50%, 1/1/2025		50,000		52,779

Series 2012C, GO, 5.25%, 6/1/2026		330,000		341,877

Series 2012C, GO, 5.00%, 6/1/2041		80,000		82,730

State of Washington, Federal Highway, SR 520 Corridor Program Series 2012F, Rev., GAN, 5.00%, 9/1/2020		345,000		345,000

State of Washington, Motor Vehicle Fuel Tax Series 2003C, GO, NATL-RE, Zero Coupon, 6/1/2021		40,000		39,925

State of Washington, Motor Vehicle Fuel Tax, SR 520 Corridor Program Series 2012C, GO, 5.00%, 6/1/2022		15,000		15,512

State of Washington, SR 520 Corridor Program Series 2012C, GO, 5.25%, 6/1/2027		10,000		10,360

State of Washington, State and Local Agency Real and Personal Property Series 2017A, COP, 5.00%, 7/1/2021		30,000		31,205

University of Washington Series 2016A, Rev., 5.00%, 12/1/2020		25,000		25,300

Washington Biomedical Research Properties Series 2015A, Rev., 5.00%, 1/1/2021		65,000		66,041

Washington Economic Development Finance Authority Series A, Rev., 5.00%, 6/1/2022		50,000		54,221

Washington Health Care Facilities Authority

Series 2011A, Rev., 5.00%, 2/1/2021 (c)		120,000		122,326

Washington Health Care Facilities Authority, Healthcare Facilities, Seattle Children’S Hospital Series 2010B, Rev., 5.00%, 10/1/2021		225,000		225,824

Washington Health Care Facilities Authority, Multicare Health System Rev., 5.00%, 8/15/2021		100,000		104,223

Washington State University

Rev., 5.00%, 10/1/2020		35,000		35,136

Rev., 5.00%, 10/1/2021		250,000		250,950


Total Washington				11,265,635


West Virginia — 1.2%

West Virginia Commissioner of Highways

Series 2017A, Rev., 5.00%, 9/1/2020		175,000		175,000

West Virginia Economic Development Authority, Appalachian Power Co. —AMOS Project Series 2009-B, Rev., 2.63%, 6/1/2022 (b)		500,000		515,295

SEE NOTES TO FINANCIAL STATEMENTS.



208	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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

West Virginia — continued

West Virginia Hospital Finance Authority, United Health System

Series 2016A, Rev., 5.00%, 6/1/2021		5,670,000		5,854,786

Series 2016A, Rev., 5.00%, 6/1/2022		20,000		21,505

West Virginia University Series 2019A, Rev., 5.00%, 10/1/2022		275,000		300,011


Total West Virginia				6,866,597


Wisconsin — 3.4%

City of Brookfield GO, 2.00%, 11/1/2020		390,000		391,154

City of Kaukauna, Electric System Rev., 4.00%, 12/15/2020		100,000		101,057

City of La Crosse/Wisconsin Series 2011-C, GO, 3.00%, 10/1/2024		100,000		102,920

City of Madison Rev., BAN, 1.50%, 11/1/2024		1,075,000		1,077,171

City of Madison, Promissory Notes

Series 2016A, GO, 3.00%, 10/1/2020		145,000		145,334

Series 2014A, GO, 4.00%, 10/1/2020		40,000		40,124

City of Manitowoc

GO, 2.00%, 2/1/2021		385,000		387,818

GO, 2.00%, 2/1/2023		320,000		331,383

City of Merrill

Series 2019A, GO, 3.00%, 10/1/2020		95,000		95,215

Series 2019A, GO, 3.00%, 10/1/2021		60,000		61,812

Series 2019A, GO, 3.00%, 10/1/2022		60,000		62,929

City of Oshkosh

Series A, GO, 0.05%, 12/1/2022		70,000		69,483

Series A, GO, 2.00%, 12/1/2023		200,000		210,236

City of Shawano, Promissory Notes Series 2019, GO, 3.00%, 4/1/2022		140,000		146,160

City of Waukesha

Series 2014B, GO, 2.00%, 10/1/2020		40,000		40,058

Series 2016A, GO, 2.00%, 10/1/2020		200,000		200,292

Series A, GO, 4.00%, 10/1/2020		20,000		20,062

County of Milwaukee

Series 2016C, GO, 2.00%, 9/1/2020 (c)		10,000		10,000

Series 2013A, GO, 3.00%, 9/1/2020		50,000		50,000

Series 2018D, GO, 3.00%, 8/1/2024		100,000		110,038

County of Sauk GO, 2.00%, 10/1/2020		100,000		100,146

East Troy Community School District GO, 3.00%, 3/1/2021		25,000		25,352

Fox Valley Technical College District Series 2019A, GO, 3.00%, 12/1/2021		155,000		160,383

Ithaca School District, School Improvement Series 2014, GO, 3.00%, 3/1/2021		175,000		177,434


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wisconsin — continued

Madison Area Technical College

Series 2010-11B, GO, 4.00%, 3/1/2021 (c)		25,000		25,477

Series 2018-19B, GO, 4.00%, 3/1/2021		60,000		61,148

Milwaukee Redevelopment Authority, Milwaukee Public Schools

Series 2017, Rev., 5.00%, 11/15/2022		365,000		401,708

Series 2017, Rev., 5.00%, 11/15/2023		130,000		148,651

Milwaukee Redevelopment Authority, Milwaukee Public Schools —Neighborhood Schools Initiative Rev., NATL-RE, 4.00%, 8/1/2023		400,000		440,556

Milwaukee Redevelopment Authority, Public Schools — Neighborhood Schools Initiative Rev., 4.00%, 8/1/2021		100,000		103,374

Public Finance Authority

Series 2015A, Rev., 5.15%, 12/1/2020 (c)		6,050,000		6,422,317

Series 2015A, Rev., 5.35%, 12/1/2020 (c)		1,790,000		1,901,033

Rev., 5.00%, 3/1/2023		25,000		27,514

Public Finance Authority, KU Campus Development Corporation — Central District Development Project Rev., 5.00%, 3/1/2021		100,000		102,055

Public Finance Authority, Searstone CCRC Project Series 2020A, Rev., 8.63%, 6/1/2022 (c)		125,000		142,093

Sevastopol School District

GO, 4.00%, 3/1/2024		985,000		1,102,944

GO, 4.00%, 3/1/2025		625,000		717,237

Sheboygan Area School District GO, 2.00%, 3/1/2021		50,000		50,074

State of Wisconsin

Series 2, GO, 5.00%, 11/1/2020		20,000		20,159

Series 2016-1, GO, 5.00%, 11/1/2020		70,000		70,557

Series 3, GO, 5.00%, 11/1/2020		65,000		65,518

Sun Prairie Area School District

GO, 5.00%, 3/1/2021		45,000		46,059

University of Wisconsin Hospitals & Clinics Series 2013A, Rev., 5.00%, 4/1/2021		150,000		153,774

Village of DeForest Series 2019A, GO, 0.05%, 5/1/2021		95,000		94,906

Village of Fox Crossing GO, 3.00%, 4/1/2024		185,000		201,450

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	209

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Wisconsin — continued

Village of Menomonee Falls

Series B, GO, 3.50%, 2/1/2022		150,000		156,963

Series B, GO, 3.50%, 2/1/2023		155,000		166,822

Series B, GO, 3.50%, 2/1/2024		245,000		270,757

Village of Sussex Series 2019C, GO, 5.00%, 10/1/2020		115,000		115,406

Village of Waunakee Series 2012A, GO, 4.00%, 4/1/2021		80,000		80,248

Wauwatosa School District Series 2019B, GO, 5.00%, 9/1/2020		65,000		65,000

West Salem School District GO, 1.25%, 4/1/2022		200,000		200,158

Wisconsin Department of Transportation Series 2019A, Rev., 5.00%, 7/1/2021		55,000		57,213

Wisconsin Health & Educational Facilities Authority

Rev., 5.00%, 8/15/2021		150,000		156,335

Rev., 5.00%, 8/15/2023		100,000		112,850

Series 2019A, Rev., 5.00%, 11/15/2024		200,000		237,284

Series 2014A, Rev., 5.00%, 12/1/2025		120,000		140,352

Wisconsin Health & Educational Facilities Authority, Ascension Health Alliance Senior Credit Group Series 2013B-1, Rev., 4.00%, 11/15/2020		70,000		70,507

Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-1, Rev., 5.00%, 1/26/2022 (b)		155,000		165,011

Series 2018B-2, Rev., 5.00%, 1/25/2023 (b)		205,000		226,669

Series 2018B-3, Rev., 5.00%, 1/31/2024 (b)		1,000,000		1,147,480

Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group

Series 2013A, Rev., 5.00%, 11/15/2020		45,000		45,420

Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2021		140,000		147,732

Wisconsin Housing & Economic Development Authority Series 2019A, Rev., 1.55%, 11/1/2021 (b)		100,000		100,178


Total Wisconsin				20,077,550


Wyoming — 0.0% (g)

University of Wyoming

Series 2011B, Rev., 3.50%, 6/1/2022		45,000		46,053

Series 2012A, Rev., 5.00%, 6/1/2023		30,000		32,423


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wyoming — continued

Wyoming State Loan & Investment Board Series 2012A, Rev., 5.00%, 10/1/2023		30,000		32,926


Total Wyoming				111,402


Total Municipal Bonds (Cost $490,462,801)				493,253,547


	SHARES
Short-Term Investments — 16.7%

Investment Companies — 16.7%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (h) (i) (Cost $97,750,190)		97,689,030		97,757,412

Total Investments — 101.2% (Cost $588,212,991)				591,010,959
Liabilities in Excess of Other Assets — (1.2)%				(7,233,424)

NET ASSETS — 100.0%				583,777,535

Percentages indicated are based on net assets.

Abbreviations


AGC		Insured by Assured Guaranty Corp.
AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
BAN		Bond Anticipation Note
COLL		Collateral
COP		Certificate of Participation
CR		Custodial Receipts
FGIC		Insured by Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GAN		Grant Anticipation Note
GNMA		Government National Mortgage Association
GO		General Obligation
GTD		Guaranteed
ICE		Intercontinental Exchange
IDA		Industrial Development Authority
LIBOR		London Interbank Offered Rate
LIQ		Liquidity Agreement
LOC		Letter of Credit
MTA		Metropolitan Transportation Authority
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
RAN		Revenue Anticipation Note
RE		Reinsured
Rev.		Revenue
SCSDE		South Carolina School District Enhancement
SIFMA		The Securities Industry and Financial Markets Association
USD		United States Dollar
VRDO		Variable Rate Demand Obligation

SEE NOTES TO FINANCIAL STATEMENTS.



210	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(c)		Security is prerefunded or escrowed to maturity.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(e)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)		Amount rounds to less than 0.1% of net assets.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	211

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — 88.0%

Azerbaijan — 1.2%

Republic of Azerbaijan

4.75%, 3/18/2024 (a)		493,000		535,398

3.50%, 9/1/2032 (b)		473,000		482,460


				1,017,858


Bahrain — 5.2%

CBB International Sukuk Co. 7 SPC

6.88%, 10/5/2025 (a)		205,000		231,778

CBB International Sukuk Programme Co. SPC

6.25%, 11/14/2024 (a)		270,000		293,287

4.50%, 3/30/2027 (b) (c)		389,000		400,792

Kingdom of Bahrain

6.13%, 8/1/2023 (a)		300,000		320,438

6.13%, 8/1/2023 (b)		240,000		256,350

7.00%, 1/26/2026 (b)		321,000		365,438

7.00%, 1/26/2026 (a)		189,000		215,165

7.00%, 10/12/2028 (b)		680,000		774,137

7.00%, 10/12/2028 (a)		200,000		227,688

6.75%, 9/20/2029 (a)		200,000		225,187

5.63%, 9/30/2031 (a)		627,000		652,864

6.00%, 9/19/2044 (a)		228,000		225,578

6.00%, 9/19/2044 (b)		200,000		197,875


				4,386,577


Bolivia, Plurinational State of — 0.4%

Plurinational State of Bolivia

4.50%, 3/20/2028 (b)		200,000		175,000

4.50%, 3/20/2028 (a)		200,000		175,000


				350,000


Brazil — 7.5%

Federative Republic of Brazil

2.63%, 1/5/2023		408,000		420,622

8.88%, 4/15/2024		225,000		279,562

4.25%, 1/7/2025		427,000		461,427

6.00%, 4/7/2026		181,000		212,505

4.63%, 1/13/2028		1,355,000		1,496,005

4.50%, 5/30/2029		510,000		551,438

8.25%, 1/20/2034		586,000		808,680

5.63%, 1/7/2041		101,000		113,341

5.00%, 1/27/2045		465,000		482,583

5.63%, 2/21/2047		342,000		383,040

4.75%, 1/14/2050		850,000		852,922

State of Minas Gerais

5.33%, 2/15/2028 (a)		191,200		194,487


				6,256,612


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Chile — 0.4%

Republic of Chile

3.50%, 1/25/2050		270,000		315,478


China — 0.5%

People’s Republic of China

1.88%, 12/3/2022 (a)		220,000		226,669

3.50%, 10/19/2028 (a)		200,000		234,812


				461,481


Colombia — 1.9%

Republic of Colombia

8.13%, 5/21/2024		250,000		303,875

3.88%, 4/25/2027		216,000		235,440

7.38%, 9/18/2037		204,000		291,847

5.63%, 2/26/2044		205,000		259,581

5.00%, 6/15/2045		437,000		521,669


				1,612,412


Croatia — 0.4%

Republic of Croatia

6.00%, 1/26/2024 (b) (c)		265,000		307,400


Dominican Republic — 6.8%

Dominican Republic Government Bond

5.88%, 4/18/2024 (b)		378,000		398,436

5.88%, 4/18/2024 (a)		322,000		339,408

5.50%, 1/27/2025 (b)		218,000		227,265

6.88%, 1/29/2026 (a)		130,000		143,894

5.95%, 1/25/2027 (a)		877,000		936,472

5.95%, 1/25/2027 (b)		198,000		211,427

6.00%, 7/19/2028 (b)		360,000		386,887

6.00%, 7/19/2028 (a)		49,000		52,660

4.50%, 1/30/2030 (a)		270,000		266,203

7.45%, 4/30/2044 (b)		419,000		474,517

6.85%, 1/27/2045 (b)		860,000		911,600

6.40%, 6/5/2049 (b)		305,000		309,194

5.88%, 1/30/2060 (a)		1,064,000		1,016,785


				5,674,748


Egypt — 6.3%

Arab Republic of Egypt

5.58%, 2/21/2023 (a)		401,000		414,185

5.88%, 6/11/2025 (a)		519,000		533,921

7.50%, 1/31/2027 (b)		330,000		352,275

7.50%, 1/31/2027 (a)		25,000		26,688

6.59%, 2/21/2028 (a)		750,000		755,859

7.60%, 3/1/2029 (b)		200,000		210,062

7.05%, 1/15/2032 (b)		822,000		816,863

SEE NOTES TO FINANCIAL STATEMENTS.



212	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Egypt — continued

7.63%, 5/29/2032 (a)		250,000		254,375

8.50%, 1/31/2047 (b)		500,000		512,656

8.50%, 1/31/2047 (a)		400,000		410,125

7.90%, 2/21/2048 (a)		400,000		386,625

8.70%, 3/1/2049 (a)		582,000		596,914


				5,270,548


Ethiopia — 0.5%

Federal Democratic Republic of Ethiopia

6.63%, 12/11/2024 (b)		400,000		404,000


Hungary — 0.8%

Hungary Government Bond

5.38%, 2/21/2023		100,000		110,437

5.75%, 11/22/2023		300,000		344,156

7.63%, 3/29/2041		142,000		251,471


				706,064


India — 0.3%

Export-Import Bank of India

3.25%, 1/15/2030 (a)		249,000		254,058


Indonesia — 2.5%

Perusahaan Penerbit SBSN Indonesia III

4.55%, 3/29/2026 (b)		200,000		229,687

4.15%, 3/29/2027 (b)		200,000		225,563

Republic of Indonesia

5.38%, 10/17/2023 (a)		200,000		225,250

3.50%, 1/11/2028		200,000		220,125

4.10%, 4/24/2028		200,000		228,063

Series REGS, 8.50%, 10/12/2035 (a)		142,000		231,194

6.63%, 2/17/2037 (b)		145,000		207,123

6.75%, 1/15/2044 (b)		200,000		305,187

3.70%, 10/30/2049		200,000		216,188


				2,088,380


Iraq — 1.5%

Republic of Iraq

6.75%, 3/9/2023 (b)		790,000		772,225

6.75%, 3/9/2023 (a)		247,000		241,443

5.80%, 1/15/2028 (b)		252,188		236,451


				1,250,119


Ivory Coast — 1.5%

Republic of Cote d’Ivoire

6.38%, 3/3/2028 (b)		422,000		437,825

5.75%, 12/31/2032 (b) (d)		378,480		369,964

6.13%, 6/15/2033 (b)		410,000		413,075


				1,220,864


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Jamaica — 0.2%

Jamaica Government Bond

8.00%, 3/15/2039		116,000		153,627


Jordan — 1.4%

Hashemite Kingdom of Jordan

6.13%, 1/29/2026 (b) (c)		466,000		488,135

5.75%, 1/31/2027 (b)		202,000		207,555

7.38%, 10/10/2047 (b)		225,000		234,562

7.38%, 10/10/2047 (a)		220,000		229,350


				1,159,602


Kazakhstan — 0.8%

Republic of Kazakhstan

3.88%, 10/14/2024 (b)		350,000		384,475

6.50%, 7/21/2045 (b)		200,000		316,500


				700,975


Kenya — 2.3%

Republic of Kenya

6.88%, 6/24/2024 (a)		483,000		496,283

6.88%, 6/24/2024 (b)		390,000		400,725

7.25%, 2/28/2028 (b)		335,000		338,350

8.00%, 5/22/2032 (a)		200,000		205,000

8.25%, 2/28/2048 (b)		280,000		282,100

8.25%, 2/28/2048 (a)		203,000		204,522


				1,926,980


Kuwait — 0.5%

State of Kuwait

3.50%, 3/20/2027 (b)		400,000		453,250


Malaysia — 0.3%

Malaysia Sovereign Sukuk Bhd.

3.04%, 4/22/2025 (b)		200,000		217,125


Mexico — 1.5%

United Mexican States

4.13%, 1/21/2026		461,000		514,245

6.05%, 1/11/2040		102,000		131,293

4.75%, 3/8/2044		76,000		85,334

5.55%, 1/21/2045		140,000		173,994

4.35%, 1/15/2047		200,000		213,563

5.75%, 10/12/2110		110,000		134,303


				1,252,732


Mongolia — 0.2%

State of Mongolia

5.13%, 12/5/2022 (b)		200,000		203,375

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	213

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Morocco — 0.3%

Kingdom of Morocco

4.25%, 12/11/2022 (a)		200,000		210,187


Oman — 6.4%

Oman Sovereign Sukuk SAOC

4.40%, 6/1/2024 (a)		276,000		276,690

5.93%, 10/31/2025 (a)		533,000		566,812

Sultanate of Oman Government Bond

4.13%, 1/17/2023 (a)		528,000		519,750

4.75%, 6/15/2026 (b)		500,000		472,656

5.38%, 3/8/2027 (b)		581,000		565,749

5.38%, 3/8/2027 (a)		200,000		194,750

5.63%, 1/17/2028 (a)		300,000		291,656

5.63%, 1/17/2028 (b)		200,000		194,438

6.00%, 8/1/2029 (b) (c)		1,074,000		1,052,520

6.50%, 3/8/2047 (a)		548,000		484,980

6.50%, 3/8/2047 (b)		254,000		224,790

6.75%, 1/17/2048 (a)		560,000		500,325


				5,345,116


Pakistan — 1.6%

Islamic Republic of Pakistan

8.25%, 4/15/2024 (b)		471,000		512,654

6.88%, 12/5/2027 (b)		590,000		609,913

Third Pakistan International Sukuk Co. Ltd. (The)

5.63%, 12/5/2022(b)		206,000		208,768


				1,331,335


Panama — 1.8%

Republic of Panama

3.88%, 3/17/2028		400,000		456,375

3.16%, 1/23/2030		200,000		217,875

6.70%, 1/26/2036		127,000		188,397

4.50%, 5/15/2047		206,000		264,452

4.30%, 4/29/2053		296,000		373,238


				1,500,337


Peru — 1.2%

Republic of Peru

7.35%, 7/21/2025		100,000		128,687

4.13%, 8/25/2027		314,000		366,104

2.78%, 1/23/2031		50,000		54,525

8.75%, 11/21/2033		90,000		153,315

6.55%, 3/14/2037		54,000		83,903

5.63%, 11/18/2050		128,000		210,480


				997,014


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Philippines — 2.1%

Republic of Philippines

10.63%, 3/16/2025		123,000		174,699

5.50%, 3/30/2026		200,000		245,125

9.50%, 2/2/2030		57,000		93,658

6.38%, 1/15/2032		278,000		391,806

6.38%, 10/23/2034		247,000		360,388

3.70%, 3/1/2041		214,000		246,836

3.70%, 2/2/2042		200,000		232,000


				1,744,512


Poland — 0.6%

Republic of Poland

3.00%, 3/17/2023		316,000		335,947

3.25%, 4/6/2026		119,000		134,470


				470,417


Qatar — 2.3%

State of Qatar

3.88%, 4/23/2023 (b)		215,000		231,058

3.38%, 3/14/2024 (a)		250,000		269,297

4.00%, 3/14/2029 (b)		214,000		250,327

9.75%, 6/15/2030 (b)		130,000		219,334

4.63%, 6/2/2046 (b)		305,000		405,936

5.10%, 4/23/2048 (a)		400,000		565,500


				1,941,452


Romania — 0.4%

Romania Government Bond

4.38%, 8/22/2023 (a)		50,000		53,891

4.88%, 1/22/2024 (a)		64,000		70,420

6.13%, 1/22/2044 (a)		50,000		66,016

5.13%, 6/15/2048 (b)		130,000		154,090


				344,417


Russia — 2.1%

Russian Federation

4.25%, 6/23/2027 (b)		200,000		226,000

12.75%, 6/24/2028 (b)		130,000		224,290

7.50%, 3/31/2030 (a) (d)		223,020		255,846

5.10%, 3/28/2035 (b)		400,000		498,000

5.25%, 6/23/2047 (b)		200,000		272,500

5.25%, 6/23/2047 (b)		200,000		272,500


				1,749,136


Saudi Arabia — 2.5%

Kingdom of Saudi Arabia

2.88%, 3/4/2023 (b)		320,000		333,400

3.63%, 3/4/2028 (a)		308,000		340,821

SEE NOTES TO FINANCIAL STATEMENTS.



214	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Saudi Arabia — continued

4.50%, 4/17/2030 (b)		282,000		336,109

4.63%, 10/4/2047 (b)		247,000		302,884

5.00%, 4/17/2049 (a)		200,000		260,687

4.50%, 4/22/2060 (a)		270,000		336,555

KSA Sukuk Ltd.

2.97%, 10/29/2029 (a)		205,000		217,608


				2,128,064


South Africa — 4.5%

Republic of South Africa

4.67%, 1/17/2024		275,000		284,625

5.88%, 9/16/2025		262,000		281,650

4.88%, 4/14/2026		588,000		600,495

4.85%, 9/27/2027		284,000		285,065

4.30%, 10/12/2028		737,000		702,914

5.88%, 6/22/2030		256,000		268,480

5.00%, 10/12/2046		728,000		614,250

5.65%, 9/27/2047		221,000		198,900

5.75%, 9/30/2049		592,000		529,285


				3,765,664


Trinidad and Tobago — 0.5%

Republic of Trinidad and Tobago

4.50%, 8/4/2026 (b) (c)		400,000		411,875


Turkey — 7.3%

Hazine Mustesarligi Varlik Kiralama A/S

4.49%, 11/25/2024 (b)		203,000		190,122

Republic of Turkey

6.25%, 9/26/2022		635,000		641,350

7.25%, 12/23/2023		401,000		416,038

5.75%, 3/22/2024		275,000		270,789

4.25%, 4/14/2026		768,000		694,560

4.88%, 10/9/2026		226,000		208,132

6.00%, 3/25/2027		870,000		840,094

6.13%, 10/24/2028		290,000		280,303

11.88%, 1/15/2030		423,000		563,251

8.00%, 2/14/2034		254,000		267,732

6.88%, 3/17/2036		341,000		328,319

7.25%, 3/5/2038		130,000		127,603

6.75%, 5/30/2040		397,000		368,342

4.88%, 4/16/2043		450,000		350,016

6.63%, 2/17/2045		455,000		409,073

5.75%, 5/11/2047		214,000		175,279


				6,131,003


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ukraine — 5.6%

Ukraine Government Bond

7.75%, 9/1/2022 (b)		275,000		289,025

7.75%, 9/1/2023 (b)		350,000		372,116

7.75%, 9/1/2024 (b)		1,083,000		1,147,642

7.75%, 9/1/2025 (b)		192,000		202,596

7.75%, 9/1/2026 (b)		384,000		405,504

7.75%, 9/1/2027 (b)		615,000		647,287

7.75%, 9/1/2027 (a)		329,000		346,272

9.75%, 11/1/2028 (a)		200,000		228,700

7.38%, 9/25/2032 (b)		850,000		859,775

7.38%, 9/25/2032 (a)		208,000		210,392


				4,709,309


United Arab Emirates — 1.9%

Sharjah Sukuk Program Ltd.

4.23%, 3/14/2028 (a)		400,000		449,875

United Arab Emirates Government Bond

2.50%, 10/11/2022 (b)		300,000		310,281

3.13%, 10/11/2027 (a)		300,000		333,356

4.13%, 10/11/2047 (b)		200,000		253,000

3.13%, 9/30/2049 (b)		265,000		284,875


				1,631,387


Uruguay — 1.5%

Oriental Republic of Uruguay

4.38%, 10/27/2027		207,000		240,443

4.38%, 1/23/2031		66,000		79,159

7.63%, 3/21/2036		192,000		302,820

5.10%, 6/18/2050		157,000		217,200

4.98%, 4/20/2055		310,000		425,184


				1,264,806


Vietnam — 0.5%

Socialist Republic of Vietnam

4.80%, 11/19/2024 (b)		400,000		447,875


Total Foreign Government Securities (Cost $70,806,851)				73,768,171

Corporate Bonds — 10.0%

Azerbaijan — 1.3%

Southern Gas Corridor CJSC

6.88%, 3/24/2026 (b)		601,000		717,294

State Oil Co. of the Azerbaijan Republic

4.75%, 3/13/2023 (a)		350,000		367,850


				1,085,144

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	215

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


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

Bahrain — 0.5%

Oil and Gas Holding Co. BSCC (The)

7.50%, 10/25/2027 (b)		203,000		222,793

7.50%, 10/25/2027 (a)		200,000		219,500


				442,293


Brazil — 0.4%

Banco Nacional de Desenvolvimento Economico e Social

5.75%, 9/26/2023 (b)		280,000		309,225


Chile — 1.2%

Corp. Nacional del Cobre de Chile

3.63%, 8/1/2027 (b)		372,000		406,410

3.00%, 9/30/2029 (a)		250,000		262,578

3.70%, 1/30/2050 (a)		320,000		342,300


				1,011,288


China — 1.4%

CNAC HK Finbridge Co. Ltd.

3.38%, 6/19/2024 (a)		204,000		215,475

CNOOC Curtis Funding No. 1 Pty. Ltd.

4.50%, 10/3/2023 (b) (c)		200,000		220,750

Sinopec Group Overseas Development 2012 Ltd.

Series REGS, 4.88%, 5/17/2042 (a)		200,000		264,500

Sinopec Group Overseas Development 2017 Ltd.

3.63%, 4/12/2027 (b)		200,000		221,784

State Grid Overseas Investment 2016 Ltd.

3.50%, 5/4/2027 (b)		250,000		279,609


				1,202,118


Indonesia — 0.3%

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

6.15%, 5/21/2048(a)		201,000		263,184


Kazakhstan — 0.9%

Development Bank of Kazakhstan JSC

4.13%, 12/10/2022 (a)		200,000		210,438

KazMunayGas National Co. JSC

5.75%, 4/19/2047 (a)		203,000		253,496

6.38%, 10/24/2048 (b)		200,000		269,500


				733,434


Malaysia — 0.6%

Petronas Capital Ltd.

3.50%, 3/18/2025 (b)		453,000		497,026



Mexico — 1.5%

Comision Federal de Electricidad

4.75%, 2/23/2027 (b)		100,000		107,031


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Mexico — continued

Petroleos Mexicanos

3.50%, 1/30/2023		150,000		148,601

4.88%, 1/18/2024		50,000		49,970

6.50%, 3/13/2027		148,000		145,854

5.95%, 1/28/2031 (a)		51,000		45,882

6.63%, 6/15/2035		386,000		339,559

6.50%, 6/2/2041		62,000		51,634

6.35%, 2/12/2048		50,000		40,326

6.95%, 1/28/2060 (b)		406,000		337,447


				1,266,304


Peru — 0.3%

Petroleos del Peru SA

5.63%, 6/19/2047 (b)		200,000		244,250


Russia — 0.2%

Vnesheconombank Via VEB Finance plc

6.80%, 11/22/2025 (b)		140,000		168,350


South Africa — 0.9%

Eskom Holdings SOC Ltd.

6.75%, 8/6/2023 (b)		242,000		230,807

7.13%, 2/11/2025 (b)		327,000		307,380

6.35%, 8/10/2028 (b)		240,000		246,000


				784,187


Tunisia — 0.5%

Banque Centrale de Tunisie International Bond

5.75%, 1/30/2025 (b)		400,000		373,876


Total Corporate Bonds (Cost $8,129,908)				8,380,679


	SHARES

Short-Term Investments — 2.7%

Investment Companies — 0.6%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (e) (f) (Cost $471,490)		471,490		471,490


Investment of Cash Collateral from Securities Loaned — 2.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (e) (f) (Cost $1,783,213)		1,783,213		1,783,213


Total Short-Term Investments (Cost $2,254,703)				2,254,703


Total Investments — 100.7% (Cost $81,191,462)				84,403,553

Liabilities in Excess of Other Assets — (0.7)%				(596,640)


NET ASSETS — 100.0%				83,806,913

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



216	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

Abbreviations


CJSC		Closed Joint Stock Company
JSC		Joint Stock Company
PT		Limited liability company
SPC		Special purpose company

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.



(c)		The security or a portion of this security is on loan at August 31, 2020. The total value of securities on loan at August 31, 2020 is $1,727,633.
(d)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2020.
(e)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(f)		The rate shown is the current yield as of August 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	217

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited)


	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		JPMorgan Core Plus Bond ETF		JPMorgan Corporate Bond Research Enhanced ETF
ASSETS:
Investments in non-affiliates, at value	$	41,615,724	$	94,245,049	$	42,645,338
Investments in affiliates, at value		269,143		30,087,297		147,739
Investments of cash collateral received from securities loaned, at value (Note 2.E.)		44,450		—		—
Cash		1,664		—		—
Deposits at broker for futures contracts		—		156,000		36,000
Receivables:
Investment securities sold		1,353,115		18,060		—
Investment securities sold — delayed delivery securities		—		15,363,884		—
Interest from non-affiliates		170,630		443,727		371,343
Dividends from affiliates		5		359		5
Securities lending income (Note 2.E.)		22		—		—
Variation margin on futures contracts		—		4,507		—

Total Assets		43,454,753		140,318,883		43,200,425


LIABILITIES:
Payables:
Due to custodian		—		108		—
Investment securities purchased		1,438,176		57,587		271,321
Investment securities purchased—delayed delivery securities		19,071		34,399,719		—
Collateral received on securities loaned (Note 2.E.)		44,450		—		—
Variation margin on futures contracts		—		—		2,019
Accrued liabilities:
Management fees (See Note 3.A.)		1,659		31,304		5,090

Total Liabilities		1,503,356		34,488,718		278,430

Net Assets	$	41,951,397	$	105,830,165	$	42,921,995


NET ASSETS:
Paid-in-Capital	$	40,412,664	$	101,077,006	$	38,837,819
Total distributable earnings (loss)		1,538,733		4,753,159		4,084,176

Total Net Assets	$	41,951,397	$	105,830,165	$	42,921,995


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		1,600,000		1,900,000		750,000

Net asset value, per share	$	26.22	$	55.70	$	57.23


Cost of investments in non-affiliates	$	40,309,006	$	91,051,187	$	39,173,358
Cost of investments in affiliates		269,143		30,087,297		147,739
Investment securities on loan, at value (Note 2.E.)		43,344		—		—
Cost of investment of cash collateral (Note 2.E.)		44,450		—		—

SEE NOTES TO FINANCIAL STATEMENTS.



218	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


	JPMorgan High Yield Research Enhanced ETF			JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)			JPMorgan Municipal ETF
ASSETS:
Investments in non-affiliates, at value	$	207,039,618		$	161,266,779		$	58,631,508
Investments in affiliates, at value		8,904,727			3,063,953			1,894,684
Foreign currency, at value		—			115,638			—
Deposits at broker for futures contracts		—			854,000			—
Deposits at broker for centrally cleared swaps		—			510,000			—
Segregated cash balance with Authorized Participant for deposit securities		20,092			—			—
Receivables:
Investment securities sold		189,851			463,932			311,722
Fund shares sold		10,131,949			—			—
Interest from non-affiliates		3,191,475			1,753,577			537,196
Dividends from affiliates		55			72			310
Tax reclaims		—			4,098			—
Variation margin on futures contracts		—			295,914			—
Unrealized appreciation on forward foreign currency exchange contracts		—			126,308			—
Outstanding OTC swap contracts, at value (net upfront payments of $0, $412,360 and $0, respectively)		—			124,926			—

Total Assets		229,477,767			168,579,197			61,375,420


LIABILITIES:
Payables:
Due to custodian		20,557			2,768			—
Investment securities purchased		16,629,351			640,676			911,558
Investment securities purchased — delayed delivery securities		—			—			490,308
Collateral upon return of deposit securities		20,092			—			—
Unrealized depreciation on forward foreign currency exchange contracts		—			651,610			—
Variation margin on centrally cleared swaps (net upfront payments of $0, $135,467 and $0, respectively)		—			10,750			—
Accrued liabilities:
Management fees (See Note 3.A.)		36,286			70,149			11,552
Deferred foreign capital gains tax		—			26,645			—

Total Liabilities		16,706,286			1,402,598			1,413,418

Net Assets	$	212,771,481		$	167,176,599		$	59,962,002


NET ASSETS:
Paid-in-Capital	$	218,050,517		$	170,193,082		$	57,579,717
Total distributable earnings (loss)		(5,279,036	)		(3,016,483	)		2,382,285

Total Net Assets	$	212,771,481		$	167,176,599		$	59,962,002


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		4,200,000			3,300,000			1,100,000

Net asset value, per share	$	50.66		$	50.66		$	54.51


Cost of investments in non-affiliates	$	203,317,964		$	156,279,245		$	56,432,557
Cost of investments in affiliates		8,904,727			3,063,953			1,894,612
Cost of foreign currency		—			372,254			—

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	219

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited) (continued)


	JPMorgan U.S. Aggregate Bond ETF		JPMorgan Ultra- Short Income ETF		JPMorgan Ultra-Short Municipal Income ETF		JPMorgan USD Emerging Markets Sovereign Bond ETF
ASSETS:
Investments in non-affiliates, at value	$	678,017,546	$	12,993,529,611	$	493,253,547	$	82,148,850
Investments in affiliates, at value		1,428,775		867,938,428		97,757,412		471,490
Investments of cash collateral received from securities loaned, at value (Note 2.E.)		4,005,230		53,754,829		—		1,783,213
Repurchase agreements, at value		—		72,000,000		—		—
Cash		91,249		732,073		—		1,627
Deposits at broker for futures contracts		—		4,111,000		—		—
Segregated cash balance with Authorized Participant for deposit securities		4,445,381		—		—		—
Receivables:
Due from custodian		—		—		201,816		—
Investment securities sold		20,951,931		—		—		—
Fund shares sold		—		55,936,217		4,943		—
Interest from non-affiliates		3,794,891		60,041,335		3,540,276		1,212,168
Dividends from affiliates		23		12,504		6,905		6
Securities lending income (Note 2.E.)		1,331		13,075		—		463

Total Assets		712,736,357		14,108,069,072		594,764,899		85,617,817


LIABILITIES:
Payables:
Investment securities purchased		18,639,900		150,254,138		10,015,015		—
Investment securities purchased — delayed delivery securities		—		—		898,158		—
Collateral received on securities loaned (Note 2.E.)		4,005,230		53,754,829		—		1,783,213
Collateral upon return of deposit securities		4,445,381		—		—		—
Variation margin on futures contracts		—		39,971		—		—
Accrued liabilities:
Management fees (See Note 3.A.)		39,675		1,915,582		74,191		27,691

Total Liabilities		27,130,186		205,964,520		10,987,364		1,810,904

Net Assets	$	685,606,171	$	13,902,104,552	$	583,777,535	$	83,806,913


NET ASSETS:
Paid-in-Capital	$	654,296,426	$	13,807,667,124	$	580,663,129	$	85,408,932
Total distributable earnings (loss)		31,309,745		94,437,428		3,114,406		(1,602,019	)

Total Net Assets	$	685,606,171	$	13,902,104,552	$	583,777,535	$	83,806,913


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		24,500,000		273,600,000		11,450,000		1,700,000

Net asset value, per share	$	27.98	$	50.81	$	50.98	$	49.30


Cost of investments in non-affiliates	$	651,260,094	$	12,867,426,394	$	490,462,801	$	78,936,759
Cost of investments in affiliates		1,428,775		867,938,428		97,750,190		471,490
Cost of repurchase agreements		—		72,000,000		—		—
Investment securities on loan, at value (Note 2.E.)		3,838,768		52,396,832		—		1,727,633
Cost of investment of cash collateral (Note 2.E.)		4,005,230		53,754,829		—		1,783,213

SEE NOTES TO FINANCIAL STATEMENTS.



220	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		JPMorgan Core Plus Bond ETF			JPMorgan Corporate Bond Research Enhanced ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	386,804	$	851,976		$	619,593
Interest income from affiliates		7		—			—
Dividend income from affiliates		156		16,620			625
Income from securities lending (net) (See Note 2.E.)		342		5			—

Total investment income		387,309		868,601			620,218


EXPENSES:
Management fees (See Note 3.A.)		9,309		144,479			27,265
Interest expense to non-affiliates		—		22			1

Total expenses		9,309		144,501			27,266

Net investment income (loss)		378,000		724,100			592,952


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		119,354		921,901			217,855
Futures contracts		—		150,897			1,193

Net realized gain (loss)		119,354		1,072,798			219,048

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		319,356		1,104,621			515,691
Futures contracts		—		(76,578	)		(5,952	)

Change in net unrealized appreciation/depreciation		319,356		1,028,043			509,739

Net realized/unrealized gains (losses)		438,710		2,100,841			728,787

Change in net assets resulting from operations	$	816,710	$	2,824,941		$	1,321,739

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	221

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


	JPMorgan High Yield Research Enhanced ETF			JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)			JPMorgan Municipal ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	3,739,769		$	2,988,456		$	561,690
Interest income from affiliates		—			96			—
Dividend income from non-affiliates		—			349			—
Dividend income from affiliates		3,008			10,327			5,120
Income from securities lending (net) (See Note 2.E.)		1,854			—			—
Foreign taxes withheld (net)		—			(18,460	)		—

Total investment income		3,744,631			2,980,768			566,810


EXPENSES:
Management fees (See Note 3.A.)		171,730			386,519			56,652
Interest expense to non-affiliates		—			211			—
Interest expense to affiliates		—			803			—
Other		—			684			—

Total expenses		171,730			388,217			56,652

Net investment income (loss)		3,572,901			2,592,551			510,158


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(3,921,813	)		(4,059,286	)(a)		(23,787	)
Investments in affiliates		—			—			(1,118	)
In-kind redemptions of investments in non-affiliates		(5,409,895	)		—			—
Futures contracts		—			998,146			—
Foreign currency transactions		—			(167,600	)		—
Forward foreign currency exchange contracts		—			(1,103,206	)		—
Swaps		—			1,823,402			—

Net realized gain (loss)		(9,331,708	)		(2,508,544	)		(24,905	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		5,084,193			2,658,705	(b)		(924,369	)
Investments in affiliates		—			—			58
Futures contracts		—			(51,293	)		—
Foreign currency translations		—			90,533			—
Forward foreign currency exchange contracts		—			(445,051	)		—
Swaps		—			(959,089	)		—

Change in net unrealized appreciation/depreciation		5,084,193			1,293,805			(924,311	)

Net realized/unrealized gains (losses)		(4,247,515	)		(1,214,739	)		(949,216	)

Change in net assets resulting from operations	$	(674,614	)	$	1,377,812		$	(439,058	)

(a)	Net of foreign capital gains tax of $(9,939).

(b)	Net change in foreign capital gains tax of $2,611.

SEE NOTES TO FINANCIAL STATEMENTS.



222	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


	JPMorgan U.S. Aggregate Bond ETF		JPMorgan Ultra- Short Income ETF			JPMorgan Ultra-Short Municipal Income ETF			JPMorgan USD Emerging Markets Sovereign Bond ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	5,843,587	$	96,029,489		$	2,003,679		$	2,083,718
Interest income from affiliates		3		—			—			—
Dividend income from affiliates		2,192		1,149,503			42,955			578
Income from securities lending (net) (See Note 2.E.)		9,103		79,676			—			5,493

Total investment income		5,854,885		97,258,668			2,046,634			2,089,789


EXPENSES:
Management fees (See Note 3.A.)		209,567		9,600,733			288,015			164,318
Interest expense to non-affiliates		—		559			—			—
Interest expense to affiliates		—		13,789			—			—

Total expenses		209,567		9,615,081			288,015			164,318

Net investment income (loss)		5,645,318		87,643,587			1,758,619			1,925,471


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,532,597		(48,262,012	)		4,631			(4,806,081	)
Investments in affiliates		—		—			(346	)		—
In-kind redemptions of investments in non-affiliates		1,556,148		—			—			150,800
Futures contracts		—		4,226,333			—			—

Net realized gain (loss)		3,088,745		(44,035,679	)		4,285			(4,655,281	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,811,084		81,925,706			2,129,915			926,530
Investments in affiliates		—		—			7,222			—
Futures contracts		—		(428,836	)		—			—

Change in net unrealized appreciation/depreciation		6,811,084		81,496,870			2,137,137			926,530

Net realized/unrealized gains (losses)		9,899,829		37,461,191			2,141,422			(3,728,751	)

Change in net assets resulting from operations	$	15,545,147	$	125,104,778		$	3,900,041		$	(1,803,280	)

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	223

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED



	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF						JPMorgan Core Plus Bond ETF
	Six Months Ended August 31, 2020 (Unaudited)			Period Ended February 29, 2020 (a)			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	378,000		$	750,051		$	724,100		$	927,088
Net realized gain (loss)		119,354			91,623			1,072,798			620,050
Change in net unrealized appreciation/depreciation		319,356			987,362			1,028,043			2,065,672

Change in net assets resulting from operations		816,710			1,829,036			2,824,941			3,612,810


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(320,582	)		(786,431	)		(596,342	)		(1,191,282	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,960,185			36,452,479			49,432,742			26,569,194


NET ASSETS:
Change in net assets		4,456,313			37,495,084			51,661,341			28,990,722
Beginning of period		37,495,084			—			54,168,824			25,178,102

End of period	$	41,951,397		$	37,495,084		$	105,830,165		$	54,168,824


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	5,250,331		$	36,452,479		$	49,432,742		$	26,569,194
Cost of shares redeemed		(1,290,146	)		—			—			—

Total change in net assets resulting from capital transactions	$	3,960,185		$	36,452,479		$	49,432,742		$	26,569,194


SHARE TRANSACTIONS:
Issued		200,000			1,450,000			900,000			500,000
Redeemed		(50,000	)		—			—			—

Net increase in shares from share transactions		150,000			1,450,000			900,000			500,000

(a)	Commencement of operations was March 12, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



224	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020



	JPMorgan Corporate Bond Research Enhanced ETF						JPMorgan High Yield Research Enhanced ETF
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	592,952		$	1,051,195		$	3,572,901		$	8,026,465
Net realized gain (loss)		219,048			780,622			(9,331,708	)		1,508,193
Change in net unrealized appreciation/depreciation		509,739			2,449,608			5,084,193			(189,354	)

Change in net assets resulting from operations		1,321,739			4,281,425			(674,614	)		9,345,304


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(497,915	)		(1,566,538	)		(3,075,155	)		(8,310,507	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		6,927,777			6,860,014			45,483,926			15,432,142


NET ASSETS:
Change in net assets		7,751,601			9,574,901			41,734,157			16,466,939
Beginning of period		35,170,394			25,595,493			171,037,324			154,570,385

End of period	$	42,921,995		$	35,170,394		$	212,771,481		$	171,037,324


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	6,927,777		$	6,860,014		$	89,592,015		$	15,432,142
Cost of shares redeemed		—			—			(44,108,089	)		—

Total change in net assets resulting from capital transactions	$	6,927,777		$	6,860,014		$	45,483,926		$	15,432,142


SHARE TRANSACTIONS:
Issued		125,000			125,000			1,800,000			300,000
Redeemed		—			—			(1,000,000	)		—

Net increase in shares from share transactions		125,000			125,000			800,000			300,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	225

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)



	JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)						JPMorgan Municipal ETF
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,592,551		$	6,285,285		$	510,158		$	860,167
Net realized gain (loss)		(2,508,544	)		2,702,947			(24,905	)		575,968
Change in net unrealized appreciation/depreciation		1,293,805			4,105,639			(924,311	)		2,214,073

Change in net assets resulting from operations		1,377,812			13,093,871			(439,058	)		3,650,208


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,594,453	)		(8,337,390	)		(425,044	)		(1,413,794	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,535,599	)		(15,184,873	)		8,435,222			19,000,910


NET ASSETS:
Change in net assets		(2,752,240	)		(10,428,392	)		7,571,120			21,237,324
Beginning of period		169,928,839			180,357,231			52,390,882			31,153,558

End of period	$	167,176,599		$	169,928,839		$	59,962,002		$	52,390,882


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	24,863,232		$	5,073,164		$	19,016,427		$	29,682,599
Cost of shares redeemed		(27,398,831	)		(20,258,037	)		(10,581,205	)		(10,681,689	)

Total change in net assets resulting from capital transactions	$	(2,535,599	)	$	(15,184,873	)	$	8,435,222		$	19,000,910


SHARE TRANSACTIONS:
Issued		500,000			100,000			350,000			550,000
Redeemed		(600,000	)		(400,000	)		(200,000	)		(200,000	)

Net increase (decrease) in shares from share transactions		(100,000	)		(300,000	)		150,000			350,000

SEE NOTES TO FINANCIAL STATEMENTS.



226	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020



	JPMorgan U.S. Aggregate Bond ETF						JPMorgan Ultra-Short Income ETF
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,645,318		$	6,135,910		$	87,643,587		$	215,229,392
Net realized gain (loss)		3,088,745			1,526,368			(44,035,679	)		4,869,131
Change in net unrealized appreciation/depreciation		6,811,084			19,826,834			81,496,870			41,300,189

Change in net assets resulting from operations		15,545,147			27,489,112			125,104,778			261,398,712


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(4,817,353	)		(7,057,507	)		(76,438,138	)		(218,564,137	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		131,807,431			423,909,259			2,261,948,408			5,845,592,654


NET ASSETS:
Change in net assets		142,535,225			444,340,864			2,310,615,048			5,888,427,229
Beginning of period		543,070,946			98,730,082			11,591,489,504			5,703,062,275

End of period	$	685,606,171		$	543,070,946		$	13,902,104,552		$	11,591,489,504


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	168,136,155		$	445,988,689		$	4,671,659,696		$	6,133,315,027
Cost of shares redeemed		(36,328,724	)		(22,079,430	)		(2,409,711,288	)		(287,722,373	)

Total change in net assets resulting from capital transactions	$	131,807,431		$	423,909,259		$	2,261,948,408		$	5,845,592,654


SHARE TRANSACTIONS:
Issued		6,050,000			16,750,000			92,300,000			121,600,000
Redeemed		(1,350,000	)		(850,000	)		(48,200,000	)		(5,700,000	)

Net increase in shares from share transactions		4,700,000			15,900,000			44,100,000			115,900,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	227

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)



	JPMorgan Ultra-Short Municipal Income ETF						JPMorgan USD Emerging Markets Sovereign Bond ETF
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,758,619		$	1,852,136		$	1,925,471		$	3,299,525
Net realized gain (loss)		4,285			(20,822	)		(4,655,281	)		380,895
Change in net unrealized appreciation/depreciation		2,137,137			526,419			926,530			3,946,502

Change in net assets resulting from operations		3,900,041			2,357,733			(1,803,280	)		7,626,922


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,411,432	)		(1,868,857	)		(1,629,997	)		(3,288,107	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		374,103,344			148,897,115			(4,473,264	)		25,597,892


NET ASSETS:
Change in net assets		376,591,953			149,385,991			(7,906,541	)		29,936,707
Beginning of period		207,185,582			57,799,591			91,713,454			61,776,747

End of period	$	583,777,535		$	207,185,582		$	83,806,913		$	91,713,454


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	374,103,344		$	151,415,332		$	19,156,204		$	25,597,892
Cost of shares redeemed		—			(2,518,217	)		(23,629,468	)		—

Total change in net assets resulting from capital transactions	$	374,103,344		$	148,897,115		$	(4,473,264	)	$	25,597,892


SHARE TRANSACTIONS:
Issued		7,350,000			3,000,000			400,000			500,000
Redeemed		—			(50,000	)		(500,000	)		—

Net increase (decrease) in shares from share transactions		7,350,000			2,950,000			(100,000	)		500,000

SEE NOTES TO FINANCIAL STATEMENTS.



228	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	229

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


					Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Six Months Ended August 31, 2020 (Unaudited)	$	25.86	$	0.26	$	0.33		$	0.59		$	(0.23	)	$	—		$	(0.23	)
March 12, 2019 (f) through February 29, 2020		25.00		0.59		0.88			1.47			(0.61	)		—			(0.61	)

JPMorgan Core Plus Bond ETF
Six Months Ended August 31, 2020 (Unaudited)		54.17		0.49		1.45			1.94			(0.41	)		—			(0.41	)
Year Ended February 29, 2020		50.36		1.45		4.13			5.58			(1.44	)		(0.33	)		(1.77	)
January 28, 2019 (f) through February 28, 2019		50.00		0.13		0.36			0.49			(0.13	)		—			(0.13	)

JPMorgan Corporate Bond Research Enhanced ETF
Six Months Ended August 31, 2020 (Unaudited)		56.27		0.84		0.82			1.66			(0.70	)		—			(0.70	)
Year Ended February 29, 2020		51.19		1.95		5.96			7.91			(1.93	)		(0.90	)		(2.83	)
December 12, 2018 (f) through February 28, 2019		50.00		0.44		1.19			1.63			(0.44	)		—			(0.44	)

JPMorgan High Yield Research Enhanced ETF
Six Months Ended August 31, 2020 (Unaudited)		50.31		1.19		0.22	(l)		1.41			(1.06	)		—			(1.06	)
Year Ended February 29, 2020		49.86		2.50		0.53			3.03			(2.58	)		—			(2.58	)
Year Ended February 28, 2019		50.09		2.47		(0.23	)		2.24			(2.47	)		—			(2.47	)
Year Ended February 28, 2018		50.96		2.44		(0.92	)		1.52			(2.39	)		—			(2.39	)
September 14, 2016 (f) through February 28, 2017		50.00		1.14		0.96			2.10			(1.14	)		—	(k)		(1.14	)

JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)
Six Months Ended August 31, 2020 (Unaudited)		49.98		0.82		0.38	(l)		1.20			(0.52	)		—			(0.52	)
Year Ended February 29, 2020		48.75		1.71		1.86			3.57			(2.34	)		—			(2.34	)
Year Ended February 28, 2019		50.54		1.94		(0.97	)		0.97			(2.56	)		(0.20	)		(2.76	)
April 5, 2017 (f) through February 28, 2018		50.00		1.83		0.05	(l)		1.88			(1.34	)		—			(1.34	)

JPMorgan Municipal ETF
Six Months Ended August 31, 2020 (Unaudited)		55.15		0.57		(0.72	)		(0.15	)		(0.49	)		—			(0.49	)
Year Ended February 29, 2020		51.92		1.24		3.91			5.15			(1.22	)		(0.70	)		(1.92	)
October 29, 2018 (f) through February 28, 2019		50.00		0.46		1.90			2.36			(0.44	)		—			(0.44	)

JPMorgan U.S. Aggregate Bond ETF
Six Months Ended August 31, 2020 (Unaudited)		27.43		0.26		0.52			0.78			(0.23	)		—			(0.23	)
Year Ended February 29, 2020		25.32		0.69		2.18			2.87			(0.72	)		(0.04	)		(0.76	)
December 12, 2018 (f) through February 28, 2019		25.00		0.18		0.29			0.47			(0.15	)		—			(0.15	)

JPMorgan Ultra-Short Income ETF
Six Months Ended August 31, 2020 (Unaudited)		50.51		0.38		0.27			0.65			(0.35	)		—			(0.35	)
Year Ended February 29, 2020		50.20		1.28		0.32			1.60			(1.29	)		—			(1.29	)
Year Ended February 28, 2019		50.01		1.37		(0.04	) (l)		1.33			(1.14	)		—			(1.14	)
May 17, 2017 (f) through February 28, 2018		50.00		0.70		(0.08	)		0.62			(0.61	)		—			(0.61	)

JPMorgan Ultra-Short Municipal Income ETF
Six Months Ended August 31, 2020 (Unaudited)		50.53		0.26		0.42			0.68			(0.23	)		—			(0.23	)
Year Ended February 29, 2020		50.26		0.78		0.26			1.04			(0.77	)		—			(0.77	)
October 16, 2018 (f) through February 28, 2019		50.00		0.35		0.23			0.58			(0.32	)		—			(0.32	)

JPMorgan USD Emerging Markets Sovereign Bond ETF
Six Months Ended August 31, 2020 (Unaudited)		50.95		1.07		(1.80	)		(0.73	)		(0.92	)		—			(0.92	)
Year Ended February 29, 2020		47.52		2.32		3.40			5.72			(2.29	)		—			(2.29	)
Year Ended February 28, 2019		48.83		2.31		(1.30	)		1.01			(2.32	)		—			(2.32	)
January 29, 2018 (f) through February 28, 2018		50.00		0.19		(1.21	)		(1.02	)		(0.15	)		—			(0.15	)

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(e)

Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.

(f)	Commencement of operations.

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

(h)	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.

(j)	Amount rounds to less than 0.5%

(k)	Amount rounds to less than $0.005.

(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.



230	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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)


$	26.22	$	26.34		2.27	%		2.82	%	$	41,951,397		0.05	%		1.99	%		0.05	%		24	%
	25.86		25.84		5.93			5.85	(g)		37,495,084		0.05			2.38			0.05			56


	55.70		55.68		3.60			3.05			105,830,165		0.36			1.78			0.36			132
	54.17		54.44		11.24			11.52			54,168,824		0.38			2.76			0.69	(h)		91
	50.36		50.48		0.97			1.21	(g)		25,178,102		0.38	(i)		2.96			5.38	(h)(i)		—	(j)


	57.23		57.36		3.00			2.81			42,921,995		0.14			2.99			0.14			22
	56.27		56.50		15.74			15.95			35,170,394		0.14			3.58			0.65	(h)		67
	51.19		51.30		3.26			3.48	(g)		25,595,493		0.14	(i)		3.98			2.13	(h)(i)		12


	50.66		50.71		2.97			2.43			212,771,481		0.24			4.90			0.24			28
	50.31		50.62		6.15			6.88			171,037,324		0.32			4.90			0.44	(h)		128
	49.86		49.82		4.66			4.00			154,570,385		0.40			5.01			0.57	(h)		23
	50.09		50.36		3.00			3.12			105,191,308		0.40			4.78			0.98	(h)		23
	50.96		51.16		4.24			4.64	(g)		30,574,068		0.39	(i)		4.99			1.74	(h)(i)		8


	50.66		50.94		2.47			3.35			167,176,599		0.49			3.30			0.49			60
	49.98		49.83		7.39			6.89			169,928,839		0.53			3.40			0.69	(h)		88
	48.75		48.83		2.09			2.13			180,357,231		0.54			3.92			0.82	(h)		73
	50.54		50.60		3.76			3.88	(g)		151,634,232		0.53	(i)		3.98			1.10	(h)(i)		52


	54.51		54.59		(0.25	)		0.06			59,962,002		0.23			2.09			0.23			42
	55.15		55.06		10.09			9.71			52,390,882		0.23			2.31			0.67	(h)		51
	51.92		52.01		4.74			4.92	(g)		31,153,558		0.23	(i)		2.65			1.06	(h)(i)		15


	27.98		27.98		2.84			2.73			685,606,171		0.07			1.87			0.07			32
	27.43		27.46		11.46			11.49			543,070,946		0.07			2.61			0.20	(h)		57
	25.32		25.34		1.90			1.98	(g)		98,730,082		0.07	(i)		3.26			1.14	(h)(i)		53


	50.81		50.87		1.29			1.35			13,902,104,552		0.16			1.49			0.16			60
	50.51		50.54		3.22			3.22			11,591,489,504		0.18			2.53			0.22	(h)		46
	50.20		50.23		2.68			2.66			5,703,062,275		0.17			2.74			0.28	(h)		43
	50.01		50.05		1.25			1.33	(g)		200,051,266		0.16	(i)		1.77			0.55	(h)(i)		25


	50.98		51.00		1.35			1.33			583,777,535		0.17			1.01			0.17			53
	50.53		50.56		2.09			2.09			207,185,582		0.18			1.55			0.34	(h)		153
	50.26		50.29		1.16			1.22	(g)		57,799,591		0.17	(i)		1.88			0.79	(h)(i)		61


	49.30		49.55		(1.29	)		(1.19	)		83,806,913		0.39			4.56			0.39			28
	50.95		51.15		12.25			12.44			91,713,454		0.39			4.64			0.58	(h)		53
	47.52		47.62		2.29			2.23			61,776,747		0.39			4.96			0.87	(h)		28
	48.83		48.95		(2.03	)		(1.79	)(g)		53,713,929		0.35	(i)		4.79			2.74	(h)(i)		2

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	231

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

1. Organization

The following are 10 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


		Diversification Classification
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		Diversified
JPMorgan Core Plus Bond ETF		Diversified
JPMorgan Corporate Bond Research Enhanced ETF		Diversified
JPMorgan High Yield Research Enhanced ETF		Diversified
JPMorgan International Bond Opportunities ETF⁽¹⁾		Diversified
JPMorgan Municipal ETF		Diversified
JPMorgan U.S. Aggregate Bond ETF		Diversified
JPMorgan Ultra-Short Income ETF		Diversified
JPMorgan Ultra-Short Municipal Income ETF		Diversified
JPMorgan USD Emerging Markets Sovereign Bond ETF		Diversified

⁽¹⁾	Effective September 14, 2020, JPMorgan Global Bond Opportunities ETF changed its name to JPMorgan International Bond Opportunities ETF.

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (the “BetaBuilders 1-5 Year U.S. Aggregate Bond ETF”) commenced operations on March 12, 2019. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Barclays Short-Term U.S. Aggregate Bond Index.

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

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

The investment objective of JPMorgan High Yield Research Enhanced ETF (the “High Yield Research Enhanced ETF”) is to seek to provide a high level of income with capital appreciation as a secondary objective.

The investment objective of JPMorgan International Bond Opportunities ETF (formerly JPMorgan Global Bond Opportunities ETF) (the “International Bond Opportunities ETF”) is to seek to provide total return.

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

The investment objective of JPMorgan U.S. Aggregate Bond ETF (the “U.S. Aggregate Bond ETF”) is to seek long-term total return.

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

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

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

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



232	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

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


		Listing Exchange
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		Cboe BZX Exchange, Inc.
Core Plus Bond ETF		Cboe BZX Exchange, Inc.
Corporate Bond Research Enhanced ETF		NYSE Arca, Inc.
High Yield Research Enhanced ETF		Cboe BZX Exchange, Inc.
International Bond Opportunities ETF		Cboe BZX Exchange, Inc.
Municipal ETF		Cboe BZX Exchange, Inc.
U.S. Aggregate Bond ETF		NYSE Arca, Inc.
Ultra-Short Income ETF		Cboe BZX Exchange, Inc.
Ultra-Short Municipal Income ETF		Cboe BZX Exchange, Inc.
USD Emerging Markets Sovereign Bond ETF		NYSE Arca, Inc.

Market prices for the Funds’ shares may be different from their net asset value (“NAV”).

The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below:


	Shares per Creation Unit
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		50,000
Core Plus Bond ETF		100,000
Corporate Bond Research Enhanced ETF		25,000
High Yield Research Enhanced ETF		100,000
International Bond Opportunities ETF		100,000
Municipal ETF		50,000
U.S. Aggregate Bond ETF		50,000
Ultra-Short Income ETF		50,000
Ultra-Short Municipal Income ETF		50,000
USD Emerging Markets Sovereign Bond ETF		100,000

The Funds may elect creations and redemptions in cash or partially in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

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

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	233

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Core Plus Bond ETF and International Bond Opportunities ETF at August 31, 2020.

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”):

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


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	386,066	$	—	$	386,066
Commercial Mortgage-Backed Securities		—		900,829		118,252		1,019,081
Corporate Bonds		—		10,758,338		—		10,758,338
Foreign Government Securities		—		561,551		—		561,551
Mortgage-Backed Securities		—		3,110,757		—		3,110,757
Municipal Bonds		—		57,724		—		57,724
Supranational		—		1,372,155		—		1,372,155
U.S. Government Agency Securities		—		1,357,635		—		1,357,635
U.S. Treasury Obligations		—		22,992,417		—		22,992,417
Short-Term Investments
Investment Companies		269,143		—		—		269,143
Investment of cash collateral from securities loaned		44,450		—		—		44,450

Total Short-Term Investments		313,593		—		—		313,593

Total Investments in Securities	$	313,593	$	41,497,472	$	118,252	$	41,929,317



234	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

Core Plus Bond ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	9,905,014	$	4,776,352	$	14,681,366
Collateralized Mortgage Obligations		–			2,488,391		649,421		3,137,812
Commercial Mortgage-Backed Securities		–			2,621,397		136,150		2,757,547
Corporate Bonds		—			31,069,790		—		31,069,790
Mortgage-Backed Securities		—			26,346,228		—		26,346,228
Municipal Bonds		—			37,199		—		37,199
Preferred Stocks		—			3,027		—		3,027
U.S. Treasury Obligations		—			16,212,080		—		16,212,080
Short-Term Investments
Investment Companies		30,087,297			—		—		30,087,297

Total Investments in Securities	$	30,087,297		$	88,683,126	$	5,561,923	$	124,332,346

Appreciation in Other Financial Instruments
Futures Contracts	$	6,162		$	—	$	—	$	6,162

Depreciation in Other Financial Instruments
Futures Contracts	$	(13,356	)	$	—	$	—	$	(13,356	)

Corporate Bond Research Enhanced ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	43,476	$	—	$	43,476
Corporate Bonds		—			42,409,552		—		42,409,552
U.S. Treasury Obligations		—			192,310		—		192,310
Short-Term Investments
Investment Companies		147,739			—		—		147,739

Total Investments in Securities	$	147,739		$	42,645,338	$	—	$	42,793,077

Appreciation in Other Financial Instruments
Futures Contracts	$	10,127		$	—	$	—	$	10,127

Depreciation in Other Financial Instruments
Futures Contracts	$	(13,559	)	$	—	$	—	$	(13,559	)

High Yield Research Enhanced ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Corporate Bonds	$	—	$	207,039,618	$	—	$	207,039,618
Short-Term Investments
Investment Companies		8,904,727		—		—		8,904,727

Total Investments in Securities	$	8,904,727	$	207,039,618	$	—	$	215,944,345



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	235

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

International Bond Opportunities ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—		$	8,669,185		$	3,082,787	$	11,751,972
Collateralized Mortgage Obligations
United States		—			8,706,436			150,353		8,856,789
United Kingdom		—			393,643			–		393,643

Total Collateralized Mortgage Obligations		—			9,100,079			150,353		9,250,432

Commercial Mortgage-Backed Securities
United States		—			5,224,104			1,527,233		6,751,337
Corporate Bonds		—			90,329,591			—		90,329,591
Foreign Government Securities		—			38,452,107			—		38,452,107
Preferred Stocks		29,128			–			—		29,128
Supranational		—			217,000			—		217,000
U.S. Treasury Obligations		—			4,485,126			—		4,485,126
Warrants		—			86			—		86
Short-Term Investments
Investment Companies		3,063,953			—			—		3,063,953

Total Investments in Securities	$	3,093,081		$	156,477,278		$	4,760,373	$	164,330,732

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	126,308		$	—	$	126,308
Futures Contracts		93,815			–			—		93,815

Total Appreciation in Other Financial Instruments	$	93,815		$	126,308		$	—	$	220,123

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(651,610	)	$	—	$	(651,610	)
Futures Contracts		(104,054	)		–			—		(104,054	)
Swaps		—			(910,923	)		—		(910,923	)

Total Depreciation in Other Financial Instruments	$	(104,054	)	$	(1,562,533	)	$	—	$	(1,666,587	)

Municipal ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—	$	58,631,508	$	—	$	58,631,508
Short-Term Investments
Investment Companies		1,894,684		—		—		1,894,684

Total Investments in Securities	$	1,894,684	$	58,631,508	$	—	$	60,526,192



236	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

U.S. Aggregate Bond ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	2,108,253	$	—	$	2,108,253
Commercial Mortgage-Backed Securities		—		13,506,315		925,919		14,432,234
Corporate Bonds		—		190,930,543		—		190,930,543
Foreign Government Securities		—		12,482,523		—		12,482,523
Mortgage-Backed Securities		—		182,213,414		—		182,213,414
Municipal Bonds		—		4,366,533		—		4,366,533
Supranational		—		9,861,320		—		9,861,320
U.S. Government Agency Securities		—		11,137,392		—		11,137,392
U.S. Treasury Obligations		—		250,485,334		—		250,485,334
Short-Term Investments
Investment Companies		1,428,775		—		—		1,428,775
Investment of cash collateral from securities loaned		4,005,230		—		—		4,005,230

Total Short-Term Investments		5,434,005		—		—		5,434,005

Total Investments in Securities	$	5,434,005	$	677,091,627	$	925,919	$	683,451,551

Ultra-Short Income ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	652,944,540	$	754,542	$	653,699,082
Certificates of Deposit		—			81,054,996		—		81,054,996
Collateralized Mortgage Obligations		—			5,452,501		—		5,452,501
Commercial Mortgage-Backed Securities		—			145,338,096		—		145,338,096
Corporate Bonds		—			10,395,475,227		—		10,395,475,227
Short-Term Investments
Certificates of Deposit		—			672,256,569		—		672,256,569
Commercial Paper		—			1,040,253,140		—		1,040,253,140
Investment Companies		867,938,428			—		—		867,938,428
Investment of cash collateral from securities loaned		53,754,829			—		—		53,754,829
Repurchase Agreements		—			72,000,000		—		72,000,000

Total Short-Term Investments		921,693,257			1,784,509,709		—		2,706,202,966

Total Investments in Securities	$	921,693,257		$	13,064,775,069	$	754,542	$	13,987,222,868

Depreciation in Other Financial Instruments
Futures Contracts	$	(623,818	)	$	—	$	—	$	(623,818	)

Ultra-Short Municipal Income ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Municipal Bonds	$	—	$	493,253,547	$	—	$	493,253,547
Short-Term Investments
Investment Companies		97,757,412		—		—		97,757,412

Total Investments in Securities	$	97,757,412	$	493,253,547	$	—	$	591,010,959



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	237

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

USD Emerging Markets Sovereign Bond ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Corporate Bonds	$	—	$	8,380,679	$	—	$	8,380,679
Foreign Government Securities		—		73,768,171		—		73,768,171
Short-Term Investments
Investment Companies		471,490		—		—		471,490
Investment of cash collateral from securities loaned		1,783,213		—		—		1,783,213

Total Short-Term Investments		2,254,703		—		—		2,254,703

Total Investments in Securities	$	2,254,703	$	82,148,850	$	—	$	84,403,553

There were no significant transfers into or out of level 3 for the six months ended August 31, 2020 for BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and U.S. Aggregate Bond ETF.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:


Core Plus Bond ETF	Balance as of February 29, 2020		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities
Asset-Backed Securities	$	2,033,177	$	(24	)	$	92,510		$	(242	)	$	3,020,620	$	(719,929	)	$	737,471	$	(387,231	)	$	4,776,352
Collateralized Mortgage Obligations		691,915		—			7,698			(152	)		—		(50,040	)		—		—			649,421
Commercial Mortgage-Backed Securities		150,000		—			(13,850	)		—			—		—			—		—			136,150

Total	$	2,875,092	$	(24	)	$	86,358		$	(394	)	$	3,020,620	$	(769,969	)	$	737,471	$	(387,231	)	$	5,561,923


International Bond Opportunities ETF	Balance as of February 29, 2020			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	348,565		$	(24,080	)	$	1,435		$	—	$	—	$	(325,920	)	$	—	$	—		$	—
Asset-Backed Securities — United States		4,749,667			—			(116,563	)		271		—		(866,385	)		—		(684,203	)		3,082,787
Collateralized Mortgage Obligations — United States		153,617			—			(3,264	)		—		—		—			—		—			150,353
Commercial Mortgage-Backed Securities —United States		1,776,971			(13,557	)		(117,860	)		1,027		—		(262,988	)		143,640		—			1,527,233
Corporate Bonds —Luxembourg		336,188			—			(12,682	)		127		—		(323,633	)		—		—			—
Corporate Bonds — United States		—	(a)		7,488			—			—		—		(7,488	)		—		—			—

Total	$	7,365,008		$	(30,149	)	$	(248,934	)	$	1,425	$	—	$	(1,786,414	)	$	143,640	$	(684,203	)	$	4,760,373

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)	Value is Zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2020, which were valued using significant unobservable inputs (level 3) were as follows:


Core Plus Bond ETF	$	86,358
International Bond Opportunities ETF		(236,147	)



238	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

Transfers from level 2 and level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended August 31, 2020 for Core Plus Bond ETF.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2020 for International Bond Opportunities ETF.

Core Plus Bond ETF

Quantitative Information about Level 3 Fair Value Measurements


	Fair Value at August 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	4,776,352	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (20.18%)
				Yield (Discount Rate of Cash Flows)		1.35% - 6.08% (3.28%)

Asset-Backed Securities		4,776,352

		649,421	Discounted Cash Flow	Constant Prepayment Rate		100.00% - 100.00% (13.06%)
				Yield (Discount Rate of Cash Flows)		1.35% - 1.37% (0.19%)


Collateralized Mortgage Obligations		649,421

		136,150	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		5.26% (5.26%)

Commercial Mortgage-Backed Securities		136,150

Total	$	5,561,923

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

International Bond Opportunities ETF

Quantitative Information about Level 3 Fair Value Measurements #


	Fair Value at August 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	3,082,787	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (16.37%)
				Constant Default Rate		0.00% - 3.00% (0.46%)
				Yield (Discount Rate of Cash Flows)		1.31% - 13.86% (4.67%)

Asset-Backed Securities		3,082,787

		1,321,958	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (16.70%)
				Constant Default Rate		0.00% - 2.00% (0.33%)
				Yield (Discount Rate of Cash Flows)		2.23% - 199.0% (26.03%)

Commercial Mortgage-Backed Securities		1,321,958

		150,353	Discounted Cash Flow	Constant Prepayment Rate		20.00% (20.00%)
				Constant Default Rate		0.50% (0.50%)
				Yield (Discount Rate of Cash Flows)		3.89% (3.89%)

Commercial Mortgage Obligation		150,353

Total	$	4,555,098

The table above does not include certain level 3 securities that are valued by brokers and pricing services. At August 31, 2020, the value of these securities was $205,275. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2. A.

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	239

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

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

As of August 31, 2020, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. Repurchase Agreements — The Funds may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan.

The Funds’ repurchase agreements are not subject to master netting arrangements.

D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, Core Plus Bond ETF, Municipal ETF and Ultra-Short Municipal Income ETF purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, Core Plus Bond ETF, Municipal ETF and Ultra-Short Municipal Income ETF had delayed delivery securities outstanding as of August 31, 2020, which are shown as a Receivable for Investment securities sold — delayed delivery securities and Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities (“SAL”). The values of these securities held at August 31, 2020 are detailed on the SOIs.

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

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP 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 SOP.

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 SALs. The value of the cash collateral received is recorded as a liability on the SAL 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



240	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

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 August 31, 2020.


	Investment Securities on Loan, at Value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	43,344	$	(43,344	)	$	—
U.S. Aggregate Bond ETF		3,838,768		(3,838,768	)		—
Ultra-Short Income ETF		52,396,832		(52,396,832	)		—
USD Emerging Markets Sovereign Bond ETF		1,727,633		(1,727,633	)		—

*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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

JPMIM voluntarily waived management fees and investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended August 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:


BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	64
Core Plus Bond ETF		1
High Yield Research Enhanced ETF		460
U.S. Aggregate Bond ETF		1,551
Ultra-Short Income ETF		2,737
USD Emerging Markets Sovereign Bond ETF		740

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 SOP as Income from securities lending (net).

Corporate Bond Research Enhanced ETF, Municipal ETF and Ultra-Short Municipal Income ETF did not lend out any securities during the six months ended August 31, 2020.

F. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Included in the purchases and sales amounts in the tables below are exchanges between certain shares of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or calculating portfolio turnover.

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


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (a) (b)	$	—	$	15,000	$	—	$	—	$	—	$	15,000		14,996	$	3	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (a) (b)		—		2,137,010		2,107,560		—		—		29,450		29,450		236	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		95,622		9,267,745		9,094,224		—		—		269,143		269,143		156			—

Total	$	95,622	$	11,419,755	$	11,201,784	$	—	$	—	$	313,593			$	395		$	—



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	241

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Core Plus Bond ETF


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	—	$	111,875	$	111,875	$	—	$	—	$	—		—	$	8	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		10,592,327		46,687,285		27,192,315		—		—		30,087,297		30,087,297		16,620			—

Total	$	10,592,327	$	46,799,160	$	27,304,190	$	—	$	—	$	30,087,297			$	16,628		$	—

Corporate Bond Research Enhanced ETF


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	326,606	$	8,601,327	$	8,780,194	$	—	$	—	$	147,739		147,739	$	625	$	—

High Yield Research Enhanced ETF


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	2,675,130	$	9,260,615	$	11,935,745	$	—	$	—	$	—		—	$	3,631	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		1,006,572		62,921,538		55,023,383		—		—		8,904,727		8,904,727		3,008			—

Total	$	3,681,702	$	72,182,153	$	66,959,128	$	—	$	—	$	8,904,727			$	6,639		$	—

International Bond Opportunities ETF


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	2,920,684	$	66,614,393	$	66,471,124	$	—	$	—	$	3,063,953		3,063,953	$	10,327	$	—

Municipal ETF


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b)	$	5,501,376	$	33,467,713	$	37,073,345	$	(1,118	)	$	58	$	1,894,684		1,893,358	$	5,120	$	—



242	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

U.S. Aggregate Bond ETF


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (a) (b)	$	—	$	5,500,000	$	2,000,000	$	—	$	—	$	3,500,000		3,498,950	$	447	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (a) (b)		—		40,151,484		39,646,254		—		—		505,230		505,230		5,622	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		1,208,867		80,640,380		80,420,472		—		—		1,428,775		1,428,775		2,192			—

Total	$	1,208,867	$	126,291,864	$	122,066,726	$	—	$	—	$	5,434,005			$	8,261		$	—

Ultra-Short Income ETF


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (a) (b)	$	1,000,000	$	220,000,000	$	173,750,000	$	(5,899	)*	$	—	$	47,244,101		47,229,932	$	60,009	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (a) (b)		1,286,200		209,969,307		204,744,779		—			—		6,510,728		6,510,728		9,690	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		667,817,128		6,139,457,824		5,939,336,524		—			—		867,938,428		867,938,428		1,149,503			—

Total	$	670,103,328	$	6,569,427,131	$	6,317,831,303	$	(5,899	)	$	—	$	921,693,257			$	1,219,202		$	—

Ultra-Short Municipal Income ETF


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b)	$	8,637,248	$	364,822,703	$	275,709,415	$	(346	)	$	7,222	$	97,757,412		97,689,030	$	42,955	$	—



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	243

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

USD Emerging Markets Sovereign Bond ETF



For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (a) (b)	$	—	$	16,655,380	$	14,872,167	$	—	$	—	$	1,783,213		1,783,213	$	2,466	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)		355,735		10,963,280		10,847,525		—		—		471,490		471,490		578			—

Total	$	355,735	$	27,618,660	$	25,719,692	$	—	$	—	$	2,254,703			$	3,044		$	—

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

(b)	The rate shown is the current yield as of August 31, 2020.

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

G. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the SOP.

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 SOP. 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 SOP.

H. Derivatives — The Funds used derivative instruments including futures and forward foreign currency exchange contracts, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the SAL.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Funds.

Notes (1) — (3) below describe the various derivatives used by the Funds.



244	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

(1). Futures Contracts — The Core Bond Plus ETF, Corporate Bond Research Enhanced ETF, International Bond Opportunities ETF and Ultra-Short Income ETF used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also purchased futures contracts to immediately invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations (“SOP”). 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 SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the SAL.

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

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

(2). Forward Foreign Currency Exchange Contracts — The International Bond Opportunities ETF is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Swaps — The International Bond Opportunities ETF engaged in various swap transactions, including credit default and index swaps, to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over the counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the SAL and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the SAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the SAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the SAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the SOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearinghouse.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	245

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

Credit Default Swaps

The International Bond Opportunities ETF entered into credit default and interest rate swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the SAL. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The International Bond Opportunities ETF entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolios. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.

(4). Summary of Derivatives Information

The following tables present the value of derivatives held as of August 31, 2020 by their primary underlying risk exposure and respective location on the SAL:



Core Plus Bond ETF
Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation	$	6,162


Gross Liabilities:
Interest rate contracts	Payables, Net assets — Unrealized Depreciation	$	(13,356	)

(a)	This amount reflects the cumulative appreciation/depreciation of futures contracts as reported on the SOIs. The SAL only reflects the current day variation margin receivable/payable from/to brokers.



Corporate Bond Research Enhanced ETF
Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation	$	10,127


Gross Liabilities:
Interest rate contracts	Payables, Net assets — Unrealized Depreciation	$	(13,559	)

(a)	This amount reflects the cumulative appreciation/depreciation of futures contracts as reported on the SOIs. The SAL only reflects the current day variation margin receivable/payable from/to brokers.



246	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


International Bond Opportunities ETF
Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:			Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)			OTC Swaps		Total
Credit contracts		Receivables	$	—		$	—		$	—		$	124,926	$	124,926
Foreign exchange contracts		Receivables		—			126,308			—			—		126,308
Interest rate contracts		Receivables, Net assets — Unrealized Appreciation		93,815			—			—			—		93,815

Total			$	93,815		$	126,308		$	—		$	124,926	$	345,049


Gross Liabilities:
Credit contracts		Payables	$	—		$	—		$	(488,022	)	$	—	$	(488,022	)
Foreign exchange contracts		Payables		—			(651,610	)		—			—		(651,610	)
Interest rate contracts		Payables, Net assets — Unrealized Depreciation		(104,054	)		—			—			—		(104,054	)

Total			$	(104,054	)	$	(651,610	)	$	(488,022	)	$	–	$	(1,243,686	)

(a)	This amount reflects the cumulative appreciation/depreciation of futures contracts as reported on the SOIs. The SAL only reflects the current day variation margin receivable/payable from/to brokers.

(b)	This amount represents the value of centrally cleared swaps as reported on the SOIs. The SAL only reflect the current day variation margin receivable/payable from/to brokers.



Ultra-Short Income ETF
Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Futures Contracts (a)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation	$	(623,818	)

(a)	This amount reflects the cumulative appreciation/depreciation of futures contracts as reported on the SOIs. The SAL only reflects the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the SOP for the six months ended August 31, 2020, by primary underlying risk exposure:


Core Plus Bond ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	150,897

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(76,578	)

Corporate Bond Research Enhanced ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,193

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(5,952	)



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	247

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


International Bond Opportunities ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	1,932,794		$	1,932,794
Foreign exchange contracts		—			(1,103,206	)		–			(1,103,206	)
Interest rate contracts		998,146			—			(109,392	)		888,754

Total	$	998,146		$	(1,103,206	)	$	1,823,402		$	1,718,342


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	(1,008,576	)	$	(1,008,576	)
Foreign exchange contracts		—			(445,051	)		–			(445,051	)
Interest rate contracts		(51,293	)		—			49,487			(1,806	)

Total	$	(51,293	)	$	(445,051	)	$	(959,089	)	$	(1,455,433	)


Ultra-Short Income ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	4,226,333

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(428,836	)

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity during the six months ended August 31, 2020. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


	Core Plus Bond ETF		Corporate Bond Research Enhanced ETF		International Bond Opportunities ETF			Ultra-Short Income ETF
Futures Contracts — Interest:
Average Notional Balance Long	$	8,704,262	$	2,840,142	$	37,894,911		$	1,818,884,879	(a)
Average Notional Balance Short		1,606,650		2,647,324		28,713,115			416,803,405
Ending Notional Balance Long		10,091,938		3,055,000		42,238,428			—
Ending Notional Balance Short		2,167,594		3,204,156		45,171,492			893,938,063

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		—		—		32,481,541			—
Average Settlement Value Sold		—		—		71,425,839			—
Ending Settlement Value Purchased		—		—		30,698,470			—
Ending Settlement Value Sold		—		—		67,602,599			—

Credit Default Swaps:
Average Notional Balance — Buy Protection		—		—		14,462,784			—
Ending Notional Balance — Buy Protection		—		—		11,251,832			—

Interest Rate-Related Swaps:						—
Average Notional Balance — Pays Fixed rate		—		—		2,370,634	(a)		—
Average Notional Balance — Receives Fixed rate		—		—		8,718,620	(a)		—

(a)	For the period March 1, 2020 through March 31, 2020.



248	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. The cash collateral is included on the SAL as Restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMCB, an affiliate of the Funds. These amounts are not reflected on the Fund’s Statement of Assets and Liabilities and are disclosed in the table below.

The Fund’s derivative contracts collateral requirements and collateral posted or received by the counterparty as of August 31, 2020 are as follows:


Fund		Counterparty	Value of swap contracts		Collateral amount
International Bond Opportunities ETF	Collateral Received	Goldman Sachs International	$	76,057	$	(60,000	)

The Funds’ derivatives contracts held at August 31, 2020 are not accounted for as hedging instruments under GAAP.

I. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of August 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

3. Fees and Other Transactions with Affiliates

A. Management Fee — JPMIM manages the investments of each Fund pursuant to the Fund’s respective Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund’s respective average daily net assets at the following rate:


BetaBuilders 1-5 Year U.S Aggregate Bond ETF	0.05	%
Core Plus Bond ETF	0.40
Corporate Bond Research Enhanced ETF	0.14
High Yield Research Enhanced ETF	0.24
International Bond Opportunities ETF	0.50
Municipal ETF	0.24
U.S. Aggregate Bond ETF	0.07
Ultra-Short Income ETF	0.18
Ultra-Short Municipal Income ETF	0.18
USD Emerging Markets Sovereign Bond ETF	0.39

Under the Management Agreements, JPMIM is responsible for substantially all expenses of the 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 the Fund’s business. Additionally, each Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	249

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Fund’s 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 incurred by JPMIM covered under the Management Agreement.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.

D. 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 affiliated money market funds are covered under the Management Agreement as described in Note 3.A.

E. 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.

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

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

During the six months ended August 31, 2020, Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, International Bond Opportunities ETF, Municipal ETF, Ultra-Short Income ETF and Ultra-Short Municipal Income ETF purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended August 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	7,640,180	$	4,542,311	$	5,344,458	$	4,494,132
Core Plus Bond ETF		124,756,588		87,047,408		14,251,085		7,226,869
Corporate Bond Research Enhanced ETF		14,537,110		7,887,197		573,138		539,284
High Yield Research Enhanced ETF		90,948,417		42,612,251		—		—
International Bond Opportunities ETF		84,958,283		86,414,158		6,610,555		2,163,069
Municipal ETF		28,933,859		19,395,969		—		—
U.S. Aggregate Bond ETF		235,847,020		132,605,746		86,631,746		59,015,063
Ultra-Short Income ETF		6,724,499,176		4,319,187,912		284,011,934		721,541,926
Ultra-Short Municipal Income ETF		368,925,342		123,872,315		—		—
USD Emerging Markets Sovereign Bond ETF		42,999,550		23,234,130		—		—

For the six months ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:


	In-Kind Creations		In-Kind Redemptions
Corporate Bond Research Enhanced ETF	$	1,178,282	$	—
High Yield Research Enhanced ETF		33,615,367		38,219,470
U.S. Aggregate Bond ETF		20,342,859		15,695,299
USD Emerging Markets Sovereign Bond ETF		—		23,007,595



250	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2020 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$	40,622,599	$	1,323,420	$	16,702	$	1,306,718
Core Plus Bond ETF		121,138,484		3,571,560		384,892		3,186,668
Corporate Bond Research Enhanced ETF		39,321,097		3,542,990		74,442		3,468,548
High Yield Research Enhanced ETF		212,222,691		5,354,155		1,632,501		3,721,654
International Bond Opportunities ETF		159,891,025		7,966,921		4,425,851		3,541,070
Municipal ETF		58,327,169		2,491,178		292,155		2,199,023
U.S. Aggregate Bond ETF		656,694,099		27,555,660		798,208		26,757,452
Ultra-Short Income ETF		13,861,119,651		130,617,461		5,138,062		125,479,399
Ultra-Short Municipal Income ETF		588,212,991		2,848,318		50,350		2,797,968
USD Emerging Markets Sovereign Bond ETF		81,191,462		4,048,681		836,590		3,212,091

As of February 29, 2020, the following Funds had the following net capital loss carryforwards:


	Capital Loss Carryforward
	Short-Term		Long-Term
International Bond Opportunities ETF	$	959,701	$	2,182,707
USD Emerging Markets Sovereign Bond ETF		324,559		—

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year.

For the year ended February 29, 2020, the Funds deferred to March 1, 2020 the following net capital losses of:


	Net Capital Losses (Gains)
	Short- Term		Long-Term
International Bond Opportunities ETF	$	439,019	$	445,832
Ultra-Short Municipal Income ETF		27,516		(2,048	)

During the year ended February 29, 2020, the following Funds utilized capital loss carryforwards as follows:


	Capital Loss Utilized
	Short-Term		Long-Term
Global Bond Opportunities ETF	$	223,858	$	—
High Yield Research Enhanced ETF		278,732		77,763
USD Emerging Markets Sovereign Bond ETF		337,778		—

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 BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, Corporate Bond Research Enhanced ETF, International Bond Opportunities ETF, High Yield Research Enhanced ETF, U.S. Aggregate Bond ETF, Ultra-Short Income ETF and USD Emerging Markets Sovereign Bond ETF, of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	251

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

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

7. Risks, Concentrations and Indemnifications

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

As of August 31, 2020, the Adviser owns shares representing more than 10% of net assets of the following Funds:


	% of Ownership
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		61	%
Core Plus Bond ETF		16
Corporate Bond Research Enhanced ETF		66
Municipal ETF		43
USD Emerging Markets Sovereign Bond ETF		59

As of August 31, 2020, JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of a certain Fund as follows:

JPMorgan
SmartRetirement

Blend
Funds

U.S. Aggregate Bond ETF

14.6

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

The Core Plus Bond ETF, International Bond Opportunities ETF, U.S. Aggregate Bond ETF and Ultra-Short Income ETF are subject to risks associated with securities with contractual cash flows including asset backed and mortgage-related securities such as collateralized mortgage obligations, mortgage-pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The High Yield Research Enhanced ETF invests in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds.”) These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Fund is intended for investors who are able and willing to assume a high degree of risk.

International Bond Opportunities ETF’s and USD Emerging Markets Sovereign Bond ETF’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Funds’ investments and the income they generate, as well as the Funds’ ability to repatriate such amounts.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The International Bond Opportunities ETF is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swaps, forward foreign currency exchange contracts and TBA securities.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During the periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be



252	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject each Fund 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.

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

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and USD Emerging Markets Sovereign Bond ETF may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, the Funds’ return may differ from the return of the underlying index.

The London InterBank Offered Rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, 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.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	253

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund Shares and (2) ongoing costs, primarily management fees. The examples assume that you had a $1,000 investment at the beginning of the reporting period, March 1, 2020 and continued to hold your shares at the end of the reporting period, August 31, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Annualized Expense Ratio (1)			Expenses Paid During the Period
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Actual	$	1,000.00	$	1,022.70		0.05	%	$	0.25
Hypothetical		1,000.00		1,024.95		0.05			0.26
JPMorgan Core Plus Bond ETF
Actual		1,000.00		1,036.00		0.36			1.85
Hypothetical		1,000.00		1,023.39		0.36			1.84
JPMorgan Corporate Bond Research Enhanced ETF
Actual		1,000.00		1,030.00		0.14			0.72
Hypothetical		1,000.00		1,024.50		0.14			0.71
JPMorgan High Yield Research Enhanced ETF
Actual		1,000.00		1,029.70		0.24			1.23
Hypothetical		1,000.00		1,024.00		0.24			1.22
JPMorgan International Bond Opportunities ETF (formerly known as JPMorgan Global Bond Opportunities ETF)
Actual		1,000.00		1,024.70		0.49			2.50
Hypothetical		1,000.00		1,022.74		0.49			2.50
JPMorgan Municipal ETF
Actual		1,000.00		997.50		0.23			1.16
Hypothetical		1,000.00		1,024.05		0.23			1.17
JPMorgan U.S. Aggregate Bond ETF
Actual		1,000.00		1,028.40		0.07			0.36
Hypothetical		1,000.00		1,024.85		0.07			0.36
JPMorgan Ultra-Short Income ETF
Actual		1,000.00		1,012.90		0.16			0.81
Hypothetical		1,000.00		1,024.40		0.16			0.82
JPMorgan Ultra-Short Municipal Income ETF
Actual		1,000.00		1,013.50		0.17			0.86
Hypothetical		1,000.00		1,024.35		0.17			0.87
JPMorgan USD Emerging Markets Sovereign Bond ETF
Actual		1,000.00		987.10		0.39			1.95
Hypothetical		1,000.00		1,023.24		0.39			1.99

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



254	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Exchange-Traded Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On March 9, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in

assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “illiquid investments” (as defined under the Liquidity Rule)): (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for such a Fund and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	255

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., 2020. All rights reserved. August 2020.		SAN-FIETF-820

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

August 31, 2020 (Unaudited)

JPMorgan BetaBuilders MSCI US REIT ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan).

CONTENTS


President’s Letter			1

Fund Commentary			2

Schedule of Portfolio Investments			5

Financial Statements			8

Financial Highlights			12

Notes to Financial Statements			14

Schedule of Shareholder Expenses			20

Liquidity Risk Management Program			21

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

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

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

PRESIDENT’S LETTER

October 6, 2020 (Unaudited)

Dear Shareholder,

– Brian S. Shlissel

Sincerely,

LOGO

Brian S. Shlissel

Interim President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		(8.02)%
Market Price**		(8.08)%
MSCI US REIT Index		(8.08)%

Net Assets as of 8/31/2020	$	902,167,810

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders MSCI US REIT ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Index (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index made up of the stocks of publicly traded equity real estate investment trusts (REITs). Using a passive investment approach, the Fund attempts to replicate the Underlying Index as closely as possible and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE MARKET PERFORM?

Overall, real estate equity sector underperformed the broader equity market, largely due to investor concerns about the impact of the COVID-19 pandemic on the leisure and shopping center real estate investment trusts (REITs). However, demand for lumber increased as low interest rates provided support for

new home construction and at-home quarantines led to a surge in do-it-yourself projects. Data center REITs benefitted from the mass adoption of work-from-home arrangements.

HOW DID THE FUND PERFORM?

The Fund’s and the Underlying Index’s exposures to the specialized and industrial REIT sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s exposures to the retail REIT and residential sectors were leading detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the specialized and residential REIT sectors and the smallest allocations were to the diversified and the hotel & resorts REIT sectors.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Prologis, Inc.	8.3	%
	2.	Equinix, Inc.	7.7
	3.	Digital Realty Trust, Inc.	4.6
	4.	Public Storage	3.7
	5.	Welltower, Inc.	2.6
	6.	AvalonBay Communities, Inc.	2.4
	7.	Realty Income Corp.	2.3
	8.	Alexandria Real Estate Equities, Inc.	2.3
	9.	Equity Residential	2.3
	10.	Simon Property Group, Inc.	2.3


PORTFOLIO COMPOSITION BY SECTOR****
Industrial	24.8	%
Apartments	21.6
Health Care	10.6
Office	10.0
Storage	9.6
Diversified	8.0
Shopping Centers	3.6
Hotels	3.0
Regional Malls	2.7
Short-Term Investments	6.1

***

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

****

Percentages indicated are based on total investments as of August 31, 2020. The Fund’s composition is subject to change.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan BetaBuilders MSCI US REIT ETF
Net Asset Value		June 15, 2018		(8.02	)%		(12.60	)%		2.11%
Market Price				(8.08	)%		(12.52	)%		2.14%

*	Not annualized.

LIFE OF FUND PERFORMANCE (6/15/18 TO 8/31/20)

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders MSCI US REIT ETF and the MSCI US REIT Index from June 15, 2018 to August 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI US REIT Index 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 Underlying Index is a free-float adjusted market-cap weighted index designed to measure the performance of U.S. equity real estate investment trust (REIT) securities. The Underlying Index is made up of the stocks of publicly traded U.S. equity REITs, as determined by MSCI Inc., the index provider. To be included

initially in the Underlying Index, an equity REIT must meet certain criteria established by the index provider, including meeting a minimum market capitalization threshold as well as a liquidity threshold based on a number of factors, including trading volume and frequency of trading. Equity REITs in the Underlying Index tend to be small- and mid-cap stocks, and may include Health Care REITs, Hotel & Resort REITs, Industrial REITs, Office REITs, Residential REITs, Retail REITs, Diversified REITs and certain Specialized REITs. Specialized REITs that may be included in the Underlying Index own and/or operate (i) storage and self-storage facilities, (ii) data centers, (iii) correctional facilities, (iv) theaters, (v) casinos and gaming facilities or (vi) restaurants.

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



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.4%

Apartments — 22.8%
Agree Realty Corp., REIT (a)		56,469		3,778,905
American Campus Communities, Inc., REIT		144,294		4,891,567
American Homes 4 Rent, Class A, REIT		283,425		8,117,292
Apartment Investment & Management Co., Class A, REIT		156,102		5,624,355
AvalonBay Communities, Inc., REIT		147,573		23,325,388
Camden Property Trust, REIT		102,116		9,286,429
Equity LifeStyle Properties, Inc., REIT		181,452		12,028,453
Equity Residential, REIT		390,218		22,027,806
Essential Properties Realty Trust, Inc., REIT		96,465		1,637,011
Essex Property Trust, Inc., REIT		68,598		14,852,153
Front Yard Residential Corp., REIT		53,906		525,584
Getty Realty Corp., REIT		36,893		1,080,596
Independence Realty Trust, Inc., REIT		99,313		1,162,955
Investors Real Estate Trust, REIT		12,757		907,023
Invitation Homes, Inc., REIT		570,204		16,324,941
Mid-America Apartment Communities, Inc., REIT		119,911		14,043,976
National Retail Properties, Inc., REIT		180,325		6,390,718
NexPoint Residential Trust, Inc., REIT		20,385		843,939
Preferred Apartment Communities, Inc., Class A, REIT		49,899		329,333
Realty Income Corp., REIT		360,112		22,337,747
Spirit Realty Capital, Inc., REIT		107,945		3,833,127
STORE Capital Corp., REIT		243,573		6,586,214
Sun Communities, Inc., REIT		103,047		15,362,247
UDR, Inc., REIT		309,223		10,764,053


				206,061,812


Diversified — 8.5%
Alexander & Baldwin, Inc., REIT		72,031		872,295
American Assets Trust, Inc., REIT		53,540		1,367,947
American Finance Trust, Inc., REIT		113,804		777,850
Armada Hoffler Properties, Inc., REIT		59,239		598,314
Colony Capital, Inc., REIT (a)		504,597		1,367,458
CoreCivic, Inc., REIT		125,445		1,167,893
Cousins Properties, Inc., REIT		155,760		4,649,436
Duke Realty Corp., REIT		386,292		14,891,557
EPR Properties, REIT (a)		81,247		2,625,090
Four Corners Property Trust, Inc., REIT		73,743		1,862,011
Gaming and Leisure Properties, Inc., REIT		221,128		8,038,003
GEO Group, Inc. (The), REIT		127,262		1,420,244
Gladstone Commercial Corp., REIT		35,585		697,822
Global Net Lease, Inc., REIT		93,814		1,641,745
iStar, Inc., REIT (a)		80,214		993,049
Lexington Realty Trust, REIT		287,327		3,266,908
One Liberty Properties, Inc., REIT		17,120		328,019
PS Business Parks, Inc., REIT		21,612		2,727,434
Safehold, Inc., REIT (a)		13,379		742,133
UMH Properties, Inc., REIT		38,855		564,952
VICI Properties, Inc., REIT (a)		491,402		10,977,921
Washington, REIT		86,319		1,893,839


INVESTMENTS	SHARES		VALUE($)


Diversified — continued
Whitestone, REIT		39,765		255,689
WP Carey, Inc., REIT		180,784		12,540,986


				76,268,595


Health Care — 11.3%
CareTrust REIT, Inc., REIT		100,365		1,944,070
Community Healthcare Trust, Inc., REIT		22,079		1,031,089
Diversified Healthcare Trust, REIT		249,460		947,948
Global Medical REIT, Inc., REIT		44,841		573,517
Healthcare Realty Trust, Inc., REIT		141,492		4,082,044
Healthcare Trust of America, Inc., Class A, REIT (a)		229,103		6,046,028
Healthpeak Properties, Inc., REIT		564,440		15,601,122
LTC Properties, Inc., REIT (a)		41,125		1,500,651
Medical Properties Trust, Inc., REIT		554,019		10,293,673
National Health Investors, Inc., REIT		46,821		2,914,607
Omega Healthcare Investors, Inc., REIT (a)		237,933		7,368,785
Physicians Realty Trust, REIT		212,408		3,855,205
Sabra Health Care REIT, Inc., REIT		215,553		3,196,651
Universal Health Realty Income Trust, REIT		13,704		914,331
Ventas, Inc., REIT		391,213		16,121,888
Welltower, Inc., REIT		437,776		25,180,876


				101,572,485


Hotels — 3.2%
Apple Hospitality REIT, Inc., REIT		222,366		2,261,462
Chatham Lodging Trust, REIT		49,246		340,782
DiamondRock Hospitality Co., REIT		208,930		1,107,329
Host Hotels & Resorts, Inc., REIT		739,233		8,301,587
MGM Growth Properties LLC, Class A, REIT		137,806		3,868,214
Park Hotels & Resorts, Inc., REIT		247,048		2,344,486
Pebblebrook Hotel Trust, REIT		137,113		1,730,366
RLJ Lodging Trust, REIT		173,132		1,634,366
Ryman Hospitality Properties, Inc., REIT		54,760		2,089,642
Service Properties Trust, REIT		172,567		1,416,775
Summit Hotel Properties, Inc., REIT		110,737		652,241
Sunstone Hotel Investors, Inc., REIT		226,119		1,883,571
Xenia Hotels & Resorts, Inc., REIT		118,973		1,068,378


				28,699,199


Industrial — 26.3%
CoreSite Realty Corp., REIT		39,746		4,866,898
CyrusOne, Inc., REIT		120,801		10,090,508
Digital Realty Trust, Inc., REIT (a)		281,358		43,793,373
EastGroup Properties, Inc., REIT		40,953		5,453,301
Equinix, Inc., REIT		92,818		73,305,800
First Industrial Realty Trust, Inc., REIT		133,392		5,689,169
Industrial Logistics Properties Trust, REIT		68,355		1,474,417
Innovative Industrial Properties, Inc., REIT (a)		22,333		2,748,969
Monmouth Real Estate Investment Corp., REIT		97,510		1,414,870
Prologis, Inc., REIT		774,490		78,889,551

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial — continued
STAG Industrial, Inc., REIT		155,943		5,036,959
Terreno Realty Corp., REIT		70,987		4,233,665


				236,997,480


Office — 10.6%
Alexandria Real Estate Equities, Inc., REIT (a)		132,330		22,281,725
Boston Properties, Inc., REIT		154,777		13,445,478
Brandywine Realty Trust, REIT		178,785		1,989,877
City Office REIT, Inc., REIT		49,884		401,067
Columbia Property Trust, Inc., REIT		119,976		1,415,717
Corporate Office Properties Trust, REIT		117,623		2,898,231
Douglas Emmett, Inc., REIT		174,706		4,877,791
Easterly Government Properties, Inc., REIT		78,769		1,905,422
Empire State Realty Trust, Inc., Class A, REIT		155,489		979,581
Equity Commonwealth, REIT		127,410		3,999,400
Franklin Street Properties Corp., REIT		112,484		498,304
Highwoods Properties, Inc., REIT		108,937		4,058,993
Hudson Pacific Properties, Inc., REIT		160,749		3,774,386
JBG SMITH Properties, REIT		126,085		3,488,772
Kilroy Realty Corp., REIT		108,601		6,355,330
Mack-Cali Realty Corp., REIT		95,001		1,199,863
Office Properties Income Trust, REIT		50,545		1,204,993
Paramount Group, Inc., REIT		186,025		1,376,585
Piedmont Office Realty Trust, Inc., Class A, REIT		132,043		2,021,578
SL Green Realty Corp., REIT (a)		80,260		3,752,958
VEREIT, Inc., REIT		1,130,251		7,595,287
Vornado Realty Trust, REIT (a)		170,346		6,103,497


				95,624,835


Regional Malls — 2.8%
Macerich Co. (The), REIT (a)		111,312		882,704
Simon Property Group, Inc., REIT		320,612		21,753,524
Tanger Factory Outlet Centers, Inc., REIT (a)		98,010		557,677
Taubman Centers, Inc., REIT		64,604		2,474,333


				25,668,238


Shopping Centers — 3.8%
Acadia Realty Trust, REIT (a)		90,275		1,023,718
Alexander’s, Inc., REIT		2,410		614,719
Brixmor Property Group, Inc., REIT		310,862		3,668,172
Federal Realty Investment Trust, REIT (a)		75,345		5,970,338
Kimco Realty Corp., REIT		453,554		5,438,112
Kite Realty Group Trust, REIT (a)		88,207		991,447
Regency Centers Corp., REIT		177,876		7,063,456
Retail Opportunity Investments Corp., REIT		122,013		1,358,005
Retail Properties of America, Inc., Class A, REIT (a)		224,532		1,416,797
RPT Realty, REIT		84,504		495,193
Saul Centers, Inc., REIT		14,597		409,008


INVESTMENTS	SHARES		VALUE($)


Shopping Centers — continued
Seritage Growth Properties, Class A, REIT* (a)		38,475		539,804
SITE Centers Corp., REIT		162,031		1,216,853
Urban Edge Properties, REIT		122,200		1,290,432
Urstadt Biddle Properties, Inc., Class A, REIT		31,450		292,485
Weingarten Realty Investors, REIT		127,615		2,229,434


				34,017,973


Storage — 10.1%
Americold Realty Trust, REIT		210,019		8,054,229
CubeSmart, REIT		203,000		6,418,860
Extra Space Storage, Inc., REIT		135,363		14,422,928
Iron Mountain, Inc., REIT (a)		301,879		9,083,539
Jernigan Capital, Inc., REIT		24,403		420,708
Life Storage, Inc., REIT		49,192		5,186,312
National Storage Affiliates Trust, REIT		71,457		2,451,690
Public Storage, REIT		164,962		35,037,929
QTS Realty Trust, Inc., Class A, REIT (a)		63,202		4,286,359
Rexford Industrial Realty, Inc., REIT		128,650		6,172,627


				91,535,181

Total Common Stocks (Cost $1,070,273,688)				896,445,798


Short-Term Investments — 6.4%

Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $7,919,505)		7,919,505		7,919,505


Investment of Cash Collateral from Securities Loaned — 5.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (b) (c)		45,003,152		45,016,653
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (b) (c)		5,155,295		5,155,295

Total Investment of Cash Collateral From Securities Loaned (Cost $50,171,948)				50,171,948

Total Short-Term Investments (Cost $58,091,453)				58,091,453

Total Investments — 105.8% (Cost $1,128,365,141)				954,537,251
Liabilities in Excess of Other Assets — (5.8)%				(52,369,441	)

NET ASSETS — 100.0%				902,167,810

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


Abbreviations
REIT		RealEstate Investment Trust
(a)		Thesecurity or a portion of this security is on loan at August 31, 2020. The total value of securities on loan at August 31, 2020 is $46,779,691.
(b)		Investmentin 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)		Therate shown is the current yield as of August 31, 2020.
*		Non-incomeproducing security.

Futures contracts outstanding as of August 31, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL AMOUNT
($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

DJ US Real Estate Index

172

09/2020

USD

5,548,720

231,739


Abbreviations
USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

STATEMENT OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020


	JPMorgan BetaBuilders MSCI US REIT ETF
ASSETS:
Investments in non-affiliates, at value	$	896,445,798
Investments in affiliates, at value		7,919,505
Investments of cash collateral received from securities loaned, at value (Note 2.C.)		50,171,948
Cash		15,414
Deposits at broker for futures contracts		964,000
Receivables:
Investment securities sold		7,898,868
Dividends from non-affiliates		679,617
Dividends from affiliates		80
Securities lending income (Note 2.C.)		19,099

Total Assets		964,114,329


LIABILITIES:
Payables:
Investment securities purchased		7,855,463
Collateral received on securities loaned (Note 2.C.)		50,171,948
Fund shares redeemed		3,743,426
Variation margin on futures contracts		91,389
Accrued liabilities:
Management fees (See Note 3.A.)		84,293

Total Liabilities		61,946,519

Net Assets	$	902,167,810


NET ASSETS:
Paid-in-Capital	$	1,125,543,037
Total distributable earnings (loss)		(223,375,227	)

Total Net Assets	$	902,167,810


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		12,050,000

Net asset value, per share	$	74.87


Cost of investments in non-affiliates	$	1,070,273,688
Cost of investments in affiliates		7,919,505
Investment securities on loan, at value (Note 2.C.)		46,779,691
Cost of investment of cash collateral (Note 2.C.)		50,171,948

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)


	JPMorgan BetaBuilders MSCI US REIT ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	288
Dividend income from non-affiliates		15,200,221
Dividend income from affiliates		4,800
Income from securities lending (net) (See Note 2.C.)		218,396

Total investment income		15,423,705


EXPENSES:
Management fees (See Note 3.A.)		519,553
Interest expense to non-affiliates		611

Total expenses		520,164

Net investment income (loss)		14,903,541


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(17,681,910	)
In-kind redemptions of investments in non-affiliates		(36,005,166	)
Futures contracts		159,368

Net realized gain (loss)		(53,527,708	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(91,343,780	)
Futures contracts		462,638

Change in net unrealized appreciation/depreciation		(90,881,142	)

Net realized/unrealized gains (losses)		(144,408,850	)

Change in net assets resulting from operations	$	(129,505,309	)

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan BetaBuilders MSCI US REIT ETF
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,903,541		$	18,248,268
Net realized gain (loss)		(53,527,708	)		21,867,375
Change in net unrealized appreciation/depreciation		(90,881,142	)		(89,222,724	)

Change in net assets resulting from operations		(129,505,309	)		(49,107,081	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(13,745,895	)		(15,092,951	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(160,878,479	)		1,134,468,601


NET ASSETS:
Change in net assets		(304,129,683	)		1,070,268,569
Beginning of period		1,206,297,493			136,028,924

End of period	$	902,167,810		$	1,206,297,493


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	152,913,186		$	1,284,582,953
Cost of shares redeemed		(313,791,665	)		(150,114,352	)

Total change in net assets resulting from capital transactions	$	(160,878,479	)	$	1,134,468,601


SHARE TRANSACTIONS:
Issued		2,250,000			14,625,000
Redeemed		(4,800,000	)		(1,700,000	)

Net increase (decrease) in shares from share transactions		(2,550,000	)		12,925,000

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions

JPMorgan BetaBuilders MSCI US REIT ETF
Six Months Ended August 31, 2020 (Unaudited)	$	82.62	$	1.11	$	(7.87	)	$	(6.76	)	$	(0.99	)	$	—		$	(0.99	)
Year Ended February 29, 2020		81.21		2.55		0.80	(f)		3.35			(1.85	)		(0.09	)		(1.94	)
June 15, 2018 (h) through February 28, 2019		75.67		1.85		5.10			6.95			(1.35	)		(0.06	)		(1.41	)

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

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

(d)

(e)

(f)

(g)	Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are generally paid by the Advisor.

(h)	Commencement of operations.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020


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, reimbursements and earnings credits			Portfolio turnover rate (c)


$	74.87	$	74.92		(8.02	)%		(8.08	)%	$	902,167,810		0.11	%		3.13	%		0.11	%		4	%
	82.62		82.73		4.06			4.18			1,206,297,493		0.11			2.88			0.16	(g)		5
	81.21		81.22		9.40			9.41	(i)		136,028,924		0.11	(j)		3.37			0.40	(g)(j)		5



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

1. Organization

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

The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Index.

Shares of the Fund are listed and traded at market price on the Cboe BZX Exchange, Inc. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, typically 25,000 shares, referred to as “Creation Units”.

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

2. Significant Accounting Policies

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

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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

Investments in open-end investment companies excluding exchange-traded funds (“ETFs”), (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

•

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

•

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



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

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


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	954,537,251	$	—	$	—	$	954,537,251

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	231,739	$	—	$	—	$	231,739

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

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

As of August 31, 2020, the Fund had no investments in restricted securities.

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

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

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

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

The following table presents the Fund’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Fund as of August 31, 2020.


Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
$	46,779,691	$	(46,779,691	)	$	—

*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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

JPMIM waived fees associated with the Fund’s investment in JPMorgan U.S. Government Money Market Fund in the amount of $4,121. JPMIM voluntarily waived management fees and investment advisory fees charged to the Fund to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. 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 SOP as Income from securities lending (net).



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

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


For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.32% (a)(b)	$	46,004,799	$	277,000,000	$	277,999,999	$	11,853	*	$	—	$	45,016,653		45,003,152	$	206,540	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.07% (a)(b)		4,817,421		205,914,547		205,576,673		—			—		5,155,295		5,155,295		15,288	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		10,488,851		39,149,692		41,719,038		—			—		7,919,505		7,919,505		4,800			—

Total	$	61,311,071	$	522,064,239	$	525,295,710	$	11,853		$	—	$	58,091,453			$	226,628		$	—

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

(b)	The rate shown is the current yield as of August 31, 2020.

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

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

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

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

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



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended August 31, 2020: Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


Futures Contracts — Equity:
Average Notional Balance Long	$	6,901,659
Ending Notional Balance Long		5,548,720

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

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

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of August 31, 2020, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns since inception remain subject to examination by the Internal Revenue Service.

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

3. Fees and Other Transactions with Affiliates

A. Management Fee — JPMIM manages the investments of the Fund pursuant to the Management Agreement. For such services, JPMIM is paid a fee, which is accrued daily and paid no more frequently than monthly at an annual rate of 0.11% of the Fund’s average daily net assets. Under the Management Agreement, JPMIM is responsible for substantially all expenses of the Fund (including expenses of the Trust relating to the Fund) except for the management fees, payments under the Fund’s 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holdings shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through the Fund’s payment of such expenses and a corresponding reduction of the fee payable to the Adviser, provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to the Adviser, the Adviser will reimburse the Fund for such amount.

B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Fund’s 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.

D. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio 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.

Interest income earned on cash balances at the custodian, if any, is included in income from affiliates on the SOP. Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.

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 affiliated money market funds are covered under the Management Agreement as described in Note 3.A.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

F. Distribution Services — The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. JPMDS receives no fees for their distribution services under its 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.

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

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

4. Investment Transactions

During the six months ended August 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows:


Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	41,328,488	$	36,283,514

During the six months ended August 31, 2020, there were no purchases or sales of U.S. Government securities.

For the six months ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:


In-Kind Creations		In-Kind Redemptions
$	148,720,746	$	308,553,418

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2020 were as follows:


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	1,128,365,141	$	52,003,385	$	225,599,536	$	(173,596,151	)

At February 29, 2020, the Fund did not have any net capital loss carryforwards.

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 29, 2020, the Fund deferred to March 1, 2020 the following net capital losses of:


Net Capital Losses
Short-Term		Long-Term
$	1,306,840	$	471,676

6. Capital Share Transactions

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

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

7. Risks, Concentrations and Indemnifications

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



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

As of August 31, 2020, JPMorgan SmartRetirement Blend Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:


JPMorgan SmartRetirement Blend Funds			JPMorgan SmartRetirement Funds
	33.5	%		33.4	%

Significant shareholder transactions by these shareholders may impact the Fund’s performance.

Because the Fund may invest a significant portion of its assets in REITs, the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

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

The Fund may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, the Fund’s return differs from the return of the underlying index.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund’s original investment. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

The Fund is subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, negatively impact the Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Events

On September 15, 2020, the Board approved the following changes to the Fund, which are expected to become effective on or about November 30, 2020: (i) a change to the Fund’s underlying index from the MSCI US REIT Index to the MSCI USA/REIT 25-50 Custom Index (the “New Index”); (ii) a change to the Fund’s investment objective so that the Fund will seek investment results that closely correspond to the performance of the New Index; and (iii) a change to one of the Fund’s investment policies so that the Fund will invest at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities held in the New Index.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period March 1, 2020 and continued to hold your shares at the end of the reporting period, August 31, 2020.

Actual Expenses

then multiply the result by the number under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes


	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Annualized Expense Ratio (1)			Expenses Paid During the Period
JPMorgan BetaBuilders MSCI US REIT ETF
Actual	$	1,000.00	$	919.80		0.11	%	$	0.53
Hypothetical		1,000.00		1,024.65		0.11			0.56

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



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Fund has adopted the J.P. Morgan Exchange-Traded Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On March 9, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of the Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately

and effectively implemented with respect to the Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification the Fund qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review the Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of the Fund (other than an In-Kind ETF) into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “illiquid investments” (as defined under the Liquidity Rule)): (4) whether the Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Fund and the procedures for monitoring any HLIM; (5) whether the Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.



AUGUST 31, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

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

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

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

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

LOGO

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


		^© JPMorgan Chase & Co., 2020. All rights reserved. August 2020.		SAN-USREITETF-820

ITEM 2. CODE OF ETHICS.

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

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

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

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

U.S.C. 78c(a)(58)(B)), so state.

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

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12 -12 of Regulation S -X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED -END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED -END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED -END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a -101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a -3(c) under the Act (17 CFR 270.30a -3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a -3(b) under the Act (17 CFR 270.30a -3(b))and Rules 13a -15(b) or 15d -15(b) under the Exchange Act (17 CFR 240.13a -15(b) or 240.15d -15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N -CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N -CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a -3(d) under the Act (17 CFR 270.30a -3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a -2(a) under the Act (17 CFR 270.30a -2).

Certifications pursuant to Rule 30a -2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c -1 under the Act (17 CFR 270.23c -1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a -2(b) under the Act of 1940.

Certifications pursuant to Rule 30a -2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


J.P. Morgan Exchange-Traded Fund Trust

By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		Interim President and Principal Executive Officer
		November 2, 2020

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
		Interim President and Principal Executive Officer
		November 2, 2020



By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		November 2, 2020

EX-99.CERT 2 d867985dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 Certification Pursuant to Section 302

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

I have reviewed this report on Form N -CSR of the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan BetaBuilders MSCI US REIT ETF, JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan High Yield Research Enhanced ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan U.S. Aggregate Bond ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF (the “Funds”), series of J.P. Morgan Exchange -Traded Fund Trust (the “Registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a -3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a -3(d) under the Investment Company Act of 1940) for the Registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.	The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.



Date: November 2, 2020		/s/ Brian S. Shlissel
		Brian S. Shlissel
		Interim President and Principal Executive Officer

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

5.	The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.



Date: November 2, 2020		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer

EX-99.906 CERT 3 d867985dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 Certification Pursuant to Section 906

CERTIFICATION PURSUANT TO SECTION 906

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a -2(b) under the Investment Company Act of 1940, and accompanies the report on Form N -CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan BetaBuilders MSCI US REIT ETF, JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan High Yield Research Enhanced ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan U.S. Aggregate Bond ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF (the “Funds”), series of J.P. Morgan Exchange -Traded Fund Trust (the “Registrant”);

I, Brian S. Shlissel, certify that:

1.	The Form N -CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2.	The information contained in the Form N -CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/ Brian S. Shlissel

Brian S. Shlissel

Interim President and Principal Executive Officer

November 2, 2020

This certificate is furnished pursuant to the requirements of Form N -CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

CERTIFICATION PURSUANT TO SECTION 906

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

I, Timothy J. Clemens, certify that:

1.	The Form N -CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2.	The information contained in the Form N -CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/ Timothy J. Clemens

Timothy J. Clemens

Treasurer and Principal Financial Officer

November 2, 2020

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