J.P. Morgan Exchange - Traded Fund Trust - Betabuilders U S Treasury Bond 20+ Year Etf (BBLB) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22903

J.P. Morgan Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta, Esq.

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

With copies to:
Elizabeth A. Davin, Esq.	Jon S. Rand Esq.
JPMorgan Chase & Co.	Dechert LLP
460 Polaris Parkway	1095 Avenue of the Americas
Westerville, OH 43082	New York, NY 10036

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2014 through April 30, 2015

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

JPMorgan Exchange-Traded Funds

April 30, 2015 (Unaudited)

JPMorgan Diversified Return Emerging Markets Equity ETF

JPMorgan Diversified Return Global Equity ETF

JPMorgan Diversified Return International Equity ETF

CONTENTS

President’s Letter	1
Fund Commentaries:
JPMorgan Diversified Return Emerging Markets Equity ETF	2
JPMorgan Diversified Return Global Equity ETF	5
JPMorgan Diversified Return International Equity ETF	8
Schedules of Portfolio Investments	11
Financial Statements	31
Notes to Financial Statements	36
Supplemental Information	43
Schedule of Shareholder Expenses	44
Board Approval of Investment Advisory Agreement	45

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

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

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center 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.

PRESIDENT’S LETTER

June 17, 2015 (Unaudited)

Dear Shareholder:

While the combined efforts of leading central banks appears to have largely succeeded in extending the global economic recovery into 2015, the trajectory of global growth has been uneven and several distinct challenges remain.

  “In our opinion, investors may not be able to immunize their portfolios from fluctuations in financial markets, but they can mitigate the impact of volatility through a properly diversified portfolio free of concentrated “bets” on particular regions, sectors or asset classes.”

Financial markets saw a notable increase in volatility in 2015 as investors reacted to central bank interventions, continued weakness in oil prices, a strong U.S. dollar and a handful of geo-political crises. Signs of slowing growth in the European Union, Japan and China in the second half of 2014 drove central bankers to enact substantial economic stimulus that ultimately provided support for equity prices.

Importantly, investors who withstood the increased volatility brought on by theses events and trends were rewarded with positive returns in both developed market and emerging market equities for the six months ended April 30, 2015.

We believe this serves to illustrate an important lesson for investors. While the market conditions that prevailed during the six months through April were in some ways unique, at any given time there are a range of fundamental factors that move financial markets and affect volatility. In our opinion, investors may not be able to immunize their portfolios from fluctuations in financial markets, but they can mitigate the impact of volatility through a properly diversified portfolio free of concentrated “bets” on particular regions, sectors or asset classes. As the past six months has shown, a fully invested and diversified portfolio combined with a patient, long-term view may best serve investors seeking to benefit from global growth, while protecting their portfolios from unforeseen risks.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. If you should have any questions, please visit www.jpmorganfunds.com or call J.P. Morgan Exchange-Traded Funds at 1-844-457-6383.

Sincerely yours,

Robert F. Deutsch

President, J.P. Morgan Exchange-Traded Funds

J.P. Morgan Asset Management

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 1

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

FOR THE PERIOD JANUARY 7, 2015 (FUND INCEPTION DATE) THROUGH APRIL 30, 2015 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Emerging Markets Equity ETF*		10.00%
Market Price**		10.68%
FTSE Emerging Diversified Factor Index (net of foreign withholding taxes)		10.51%
FTSE Emerging Index (net of foreign withholding taxes)		11.60%
MSCI Emerging Markets Index (net of foreign withholding taxes)		11.85%
Net Assets as of 4/30/2015	$	32,997,754

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides emerging markets equity exposure through a multi-factor stock screen combined with region and sector weightings that reflect their relative risk. This methodology is designed to generate a diversified and liquid portfolio that offers broad-based exposure to emerging market equities. The Underlying Index methodology includes quarterly rebalancing and liquidity screens.

HOW DID THE MARKET PERFORM?

Emerging market equity indexes outperformed their developed market peers in the first four months of 2015, despite the continued strength of the U.S. dollar. A decisive commitment by policymakers in China to support growth helped fuel a significant rally in the Chinese equity market, with most of the gains coming in April. Moreover, investor speculation around possible reforms of China’s state-owned enterprises pushed up the shares of companies that might benefit from consolidation and restructuring. A strong rebound in oil prices from their January lows also lifted emerging market stocks. Russia, an oil and gas exporting nation, was a primary beneficiary of the rebound in oil prices, with both its currency and equity prices showing strength.

Conversely, disappointing corporate earnings and investor impatience over the speed of economic reform pushed Indian stocks lower in 2015, following significant outperformance in 2014. Equity prices in Turkey, which also outperformed in 2014, fell sharply in the four month reporting period on concerns over economic policy direction and risks associated with upcoming elections. Finally, Latin American markets continued to underperform due to domestic concerns, particularly economic stagnation in Brazil.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the period January, 7, 2015 to April 30, 2015.

On an absolute basis, the Fund’s positions in the financials and industrial sectors were the largest contributors to performance, while the Fund’s positions in the consumer and defensives (health care, telecommunications and utilities) sectors were the smallest contributors to performance.

By region, the largest contributors to the Fund’s absolute performance were in “ChIndia” (China and India) and EMEA (Europe, Middle East and Africa), while the smallest contributors to absolute performance were from Latin America (Brazil, Chile, Colombia and Mexico) and ASEAN (Indonesia, Malaysia, Philippines and Thailand).

Because the Fund’s holdings were closely aligned with those of the Index, variances in relative performance due to security selection and/or sector allocation were not significant. The majority of the Fund’s deviations from the Underlying Index related to issues around local market access in certain countries, differences in the timing of the Underlying Index and the Fund’s net asset value calculations and foreign exchange pricing, and the fees and operating expenses incurred by the Fund.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocations of assets were to ChIndia and North Asia and its smallest allocations were to Latin America and ASEAN. In terms of sectors, the Fund’s largest positions were in financials and industrials. The smallest positions were in the commodities and consumer sectors.

* The return shown is based on net asset value calculated for shareholder transactions 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 $55.00 as of April 30, 2015.

** Market price cumulative return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $55.34 as of April 30, 2015.

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

2 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	iShares MSCI India ETF	6.5	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd.	2.9
	3.	China Mobile Ltd.	2.7
	4.	Tencent Holdings Ltd.	2.7
	5.	Hon Hai Precision Industry Co., Ltd.	1.7
	6.	Ambev S.A.	1.6
	7.	MTN Group Ltd.	1.6
	8.	America Movil SAB de CV	1.6
	9.	Petroleo Brasileiro S.A.	1.4
	10.	Gazprom OAO	1.2

PORTFOLIO COMPOSITION BY COUNTRY*
China	23.5	%
Taiwan	18.0
South Africa	10.1
Brazil	9.7
United States	6.5
Indonesia	4.9
Russia	4.5
Thailand	4.3
Malaysia	4.2
Mexico	3.4
Philippines	3.4
India	1.7
Turkey	1.6
Poland	1.2
Others (each less than 1%)	3.0

* Percentages indicated are based on total investments as of April 30, 2015. The Fund’s composition is subject to change.

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

FOR THE PERIOD JANUARY 7, 2015 (FUND INCEPTION DATE) THROUGH APRIL 30, 2015 (Unaudited) (continued)

LIFE OF FUND PERFORMANCE (1/07/15 TO 4/30/15)

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 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 January 7, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the FTSE Emerging Diversified Factor Index, the FTSE Emerging Index, and the MSCI Emerging Markets Index from January 7, 2015 to April 30, 2015. 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 FTSE Emerging Diversified Factor Index, the FTSE Emerging Index and the MSCI Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The FTSE Emerging Diversified Factor Index is an index comprised of equity securities from emerging markets selected to represent a diversified set of factor characteristics, originally developed by the Fund’s adviser. FTSE International Limited is the Index Provider. The FTSE Emerging Index is part of the FTSE Global Equity Index Series. The series includes large and mid cap

securities from advanced and secondary emerging markets, classified in accordance with FTSE’s transparent Country Classification Review Process. The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. 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 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 of Fund shares.

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

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 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Global Equity ETF*		5.90%
Market Price**		5.01%
FTSE Developed Diversified Factor Index (net of foreign withholding taxes)		6.61%
FTSE Developed Index (net of foreign withholding taxes)		5.15%
MSCI World Index (net of foreign withholding taxes)		8.25%
Net Assets as of 4/30/2015	$	47,050,546

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks large and mid-cap equity securities in developed global markets, diversified across industries and regions. The Underlying Index uses a proprietary multifactor security selection process that measures the following characteristics: relative valuation, price momentum, low volatility and specific market capitalization. The Underlying Index’s methodology includes quarterly rebalancing, liquidity screens and turnover constraints.

HOW DID THE MARKET PERFORM?

Increased central bank stimulus in the European Union and the Japanese government’s bulk purchases of equities during the six month period provided support for equity markets outside the U.S. Meanwhile, the U.S. Federal Reserve ended its own asset purchasing program but held interest rates at historical lows. U.S. equity prices remained near record highs for much of the period, supported by low interest rates, earnings growth and mergers and acquisitions activity. For the six months ended April 30, 2015, the MSCI All Country World Index returned 4.97%.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2015.

On an absolute basis, the Fund’s positions in the health care, consumer services, consumer goods and health care sectors were leading contributors to performance for the six month reporting period, while its position in the utilities and tele-

communications sectors were the smallest positive contributors to performance and oil & gas was the sole sector detractor from performance.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in relative performance due to security selection and/or sector allocation were not significant. The majority of the Fund’s deviation against the Underlying Index was due to specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation of assets was to North American markets – particularly the U.S. – with slightly smaller allocations to Asia, Europe and Japan. In terms of sectors, the Fund’s largest positions were in the consumer goods, consumer services and health care sectors, while the smallest positions were in the basic materials, oil & gas and telecommunications sectors.

* The return shown is based on net asset value calculated for shareholder transactions 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 $52.28 as of April 30, 2015.

** Market price cumulative return is calculated assuming an initial investment made at the market price at the beginning of the 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 is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $52.26 as of April 30, 2015.

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

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Samsung Electronics Co., Ltd.	0.5	%
	2.	CK Hutchison Holdings Ltd.	0.5
	3.	Toyota Motor Corp.	0.5
	4.	CSL Ltd.	0.5
	5.	BHP Billiton Ltd.	0.5
	6.	DBS Group Holdings Ltd.	0.5
	7.	Wesfarmers Ltd.	0.5
	8.	Hutchison Whampoa Ltd.	0.5
	9.	Singapore Telecommunications Ltd.	0.5
	10.	Celltrion Inc.	0.4

PORTFOLIO COMPOSITION BY COUNTRY*
United States	25.5	%
Japan	21.8
Australia	10.3
South Korea	8.1
Hong Kong	4.4
France	3.9
United Kingdom	3.4
Canada	3.0
Germany	2.9
Singapore	2.8
Sweden	2.8
Switzerland	2.3
Spain	2.0
Netherlands	1.2
Italy	1.1
Belgium	1.1
Other (each less than 1%)	3.4

* Percentages indicated are based on total investments as of April 30, 2015. The Fund’s composition is subject to change.

6 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

LIFE OF FUND PERFORMANCE (6/16/14 TO 4/30/15)

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 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 June 16, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the FTSE Developed Diversified Factor Index, the FTSE Developed Index, and the MSCI World Index from June 16, 2014 to April 30, 2015. 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 FTSE Developed Diversified Factor Index, the FTSE Developed Net Index and the MSCI World Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the index, if applicable. The FTSE Developed Diversified Factor Index is an index comprised of equity securities from developed global markets selected to represent a diversified set of factor characteristics, originally developed by the Fund’s adviser. FTSE International Limited is the

Index Provider. The FTSE Developed Net Index is a market-capitalization weighted index representing the performance of large and mid cap companies in developed markets. The index is derived from the FTSE Global Equity Index Series which covers 98% of the world’s investable market capitalization. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. 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 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 of Fund shares.

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

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.

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

FOR THE PERIOD NOVEMBER 5, 2014 (FUND INCEPTION DATE) THROUGH APRIL 30, 2015 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Equity ETF*		7.42%
Market Price**		7.66%
FTSE Developed ex North America Diversified Factor Index (net of foreign withholding taxes)		7.92%
FTSE Developed ex North America Index (net of foreign withholding taxes)		7.51%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		7.20%
Net Assets as of 4/30/2015	$	96,387,719

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks large and mid-cap equity securities in developed markets outside North America, diversified across industries and regions. The Underlying Index uses a proprietary multifactor security selection process that measures the following characteristics: relative valuation, price momentum, low volatility and specific market capitalization. The Fund’s index methodology includes quarterly rebalancing, liquidity screens and turnover constraints.

HOW DID THE MARKET PERFORM?

Increased central bank stimulus in the European Union and the Japanese government’s bulk purchases of equities during the six months ended April 30, 2015, provided support for equity markets outside the U.S.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the period November 5, 2014 to April 30, 2015.

On an absolute basis, the Fund’s positions in the health care, consumer services and consumer goods sectors were leading contributors to performance, while the Fund’s positions in the oil & gas sector made the smallest contribution and the utilities sector was the sole detractor from performance.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in relative performance due to security selection and/or sector allocation were not significant. The majority of the Fund’s deviation against the Underlying Index was due to specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

HOW WAS THE FUND POSITIONED?

During the six month reporting period, the Fund had roughly equal exposure to four regions: Asia Pacific, United Kingdom, Europe and Japan. In terms of sectors, the Fund’s largest allocations at the end of the reporting period were to the consumer services, consumer goods and health care sectors. The Fund’s smallest allocations were to the technology, basic materials and telecommunications sectors.

* The return shown is based on net asset value calculated for shareholder transactions 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 $53.55 as of April 30, 2015.

** Market price cumulative return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $53.67 as of April 30, 2015.

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

8 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	BP plc	0.9	%
	2.	Royal Dutch Shell plc	0.8
	3.	GlaxoSmithKline plc	0.8
	4.	Samsung Electronics Co., Ltd.	0.7
	5.	BG Group plc	0.7
	6.	British American Tobacco plc	0.7
	7.	Vodafone Group plc	0.6
	8.	AstraZeneca plc	0.6
	9.	BHP Billiton Ltd.	0.6
	10.	Imperial Tobacco Group plc	0.5

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	24.7	%
Japan	23.0
Australia	9.8
South Korea	8.7
France	5.5
Hong Kong	5.0
Singapore	3.5
Germany	3.2
Sweden	2.7
Netherlands	2.2
Spain	2.2
Switzerland	2.1
Finland	1.4
Italy	1.3
Others (each less than 1%)	4.7

* Percentages indicated are based on total investments as of April 30, 2015. The Fund’s composition is subject to change.

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

FOR THE PERIOD NOVEMBER 5, 2014 (FUND INCEPTION DATE) THROUGH APRIL 30, 2015 (Unaudited) (continued)

LIFE OF FUND PERFORMANCE (11/05/14 TO 4/30/15)

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 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 November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the FTSE Developed ex North America Diversified Factor Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to April 30, 2015. 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 FTSE Developed ex North America Diversified Factor Index, the FTSE Developed ex North America Index and the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the index, if applicable. The FTSE Developed ex North America Diversified Factor Index is an index comprised of equity securities from developed global markets (excluding North America) selected to represent a diversified set of factor characteristics, originally developed by the Fund’s adviser. FTSE International Limited is the Index Provider. The FTSE Developed

ex North America Index is part of a range of indices designed to help investors benchmark their international investments. The index comprises Large and Mid cap stocks providing coverage of developed markets, excluding the U.S. and Canada. The index is derived from the FTSE Global Equity Index Series which covers 98% of the world’s investable market capitalization. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. 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 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 of Fund shares.

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

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.

10 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 88.8%
		Brazil — 5.6%
	85,280	Ambev S.A.		536,653
	702	Arteris S.A.		1,864
	8,689	Banco do Brasil S.A.		75,529
	5,682	BB Seguridade Participacoes S.A.		65,515
	15,898	BRF S.A.		340,812
	2,088	CETIP S.A. - Mercados Organizados		23,784
	5,778	Cia de Saneamento Basico do Estado de Sao Paulo (a)		34,135
	588	Cia de Transmissao de Energia Eletrica Paulista		8,103
	3,090	Cia Energetica de Sao Paulo		19,158
	8,820	Cielo S.A.		121,339
	2,538	Cyrela Brazil Realty SA Empreendimentos e Participacoes		9,856
	4,026	EDP - Energias do Brasil S.A.		15,019
	5,280	Estacio Participacoes S.A.		31,316
	2,400	Grupo BTG Pactual S.A.		23,698
	32,348	Itausa - Investimentos Itau S.A.		114,342
	12,408	JBS S.A.		63,256
	27,684	Kroton Educacional S.A.		101,623
	2,586	Localiza Rent a Car S.A.		30,315
	2,322	Lojas Renner S.A.		81,090
	924	M Dias Branco S.A. (a)		26,313
	918	Porto Seguro S.A.		11,331
	6,962	Souza Cruz S.A.		61,464
	2,292	Sul America S.A.		10,749
	1,572	Transmissora Alianca de Energia Eletrica S.A.		10,336
	2,634	Via Varejo S.A.		16,366
				1,833,966
		Chile — 0.9%
	224,940	Banco de Chile		25,854
	408	Banco de Credito e Inversiones		20,341
	586,932	Banco Santander Chile S.A.		31,599
	118,620	Colbun S.A.		35,887
	1,509,798	Corpbanca S.A.		17,101
	13,500	Empresas CMPC S.A.		37,877
	331,122	Enersis S.A.		115,667
				284,326
		China — 23.5%
	12,000	Agile Property Holdings Ltd.		10,021
	144,000	Agricultural Bank of China Ltd., Class H		81,069
	26,000	Air China Ltd., Class H		31,359
	12,000	Angang Steel Co., Ltd., Class H		9,972
	10,000	Anhui Conch Cement Co., Ltd., Class H		40,433
	12,000	ANTA Sports Products Ltd.		26,444

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	412,000	Bank of China Ltd., Class H		282,304
	44,000	Bank of Communications Co., Ltd., Class H		45,103
	12,000	BBMG Corp., Class H		14,852
	12,000	Beijing Capital International Airport Co., Ltd., Class H		12,755
	4,000	Beijing Enterprises Holdings Ltd.		36,555
	24,000	Beijing Jingneng Clean Energy Co., Ltd., Class H		11,863
	72,000	Belle International Holdings Ltd.		92,410
	10,800	BOE Technology Group Co., Ltd., Class A (a)		4,807
	38,000	Brilliance China Automotive Holdings Ltd.		71,316
	29,000	China Agri-Industries Holdings Ltd. (a)		16,561
	12,000	China BlueChemical Ltd.		5,344
	18,000	China Cinda Asset Management Co., Ltd., Class H		10,682
	42,000	China CITIC Bank Corp., Ltd., Class H (a)		38,088
	15,500	China CNR Corp., Ltd., Class H (a)		31,659
	36,000	China Communications Construction Co., Ltd., Class H		65,479
	24,000	China Communications Services Corp., Ltd., Class H		13,525
	3,000	China Conch Venture Holdings Ltd.		8,056
	395,000	China Construction Bank Corp., Class H		383,440
	21,500	China COSCO Holdings Co., Ltd., Class H (a)		19,767
	24,000	China Eastern Airlines Corp., Ltd., Class H (a)		18,533
	18,000	China Everbright Bank Co., Ltd., Class H		12,196
	24,000	China Everbright International Ltd.		44,754
	4,000	China Everbright Ltd.		13,223
	6,000	China Galaxy Securities Co., Ltd., Class H		9,813
	12,000	China Gas Holdings Ltd.		21,202
	9,000	China Hongqiao Group Ltd.		8,379
	96,000	China Huishan Dairy Holdings Co., Ltd.		20,465
	5,400	China International Marine Containers Group Co., Ltd., Class H		14,551
	41,000	China Life Insurance Co., Ltd., Class H		198,985
	29,000	China Longyuan Power Group Corp., Ltd., Class H		35,939
	6,000	China Machinery Engineering Corp., Class H		7,965
	10,000	China Medical System Holdings Ltd.		17,648
	25,000	China Merchants Bank Co., Ltd., Class H		75,041
	10,000	China Merchants Holdings International Co., Ltd.		45,367
	33,500	China Minsheng Banking Corp., Ltd., Class H		48,915
	62,500	China Mobile Ltd.		892,705
	12,000	China Molybdenum Co., Ltd., Class H		12,003
	24,000	China National Building Material Co., Ltd., Class H		29,110
	12,000	China Oilfield Services Ltd., Class H		24,638

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		China — continued
	22,000	China Overseas Land & Investment Ltd.		91,638
	14,400	China Pacific Insurance Group Co., Ltd., Class H		78,052
	216,000	China Petroleum & Chemical Corp., Class H		203,854
	30,000	China Power International Development Ltd.		19,340
	18,000	China Railway Construction Corp., Ltd., Class H		35,941
	31,000	China Railway Group Ltd., Class H		43,504
	12,000	China Resources Cement Holdings Ltd.		7,626
	12,000	China Resources Land Ltd.		43,539
	24,000	China Resources Power Holdings Co., Ltd.		72,400
	30,000	China Shenhua Energy Co., Ltd., Class H		77,912
	36,000	China Shipping Container Lines Co., Ltd., Class H (a)		20,302
	12,000	China Shipping Development Co., Ltd., Class H		10,039
	24,000	China South City Holdings Ltd.		10,577
	24,000	China Southern Airlines Co., Ltd., Class H		23,585
	12,000	China State Construction International Holdings Ltd.		23,128
	6,000	China Taiping Insurance Holdings Co., Ltd. (a)		22,291
	190,000	China Telecom Corp., Ltd., Class H		140,754
	70,000	China Unicom Hong Kong Ltd.		131,469
	7,200	China Vanke Co., Ltd., Class H		19,067
	12,000	China Zhongwang Holdings Ltd.		7,269
	11,400	Chongqing Changan Automobile Co., Ltd., Class B		37,405
	18,000	Chongqing Rural Commercial Bank Co., Ltd., Class H		16,056
	46,000	CITIC Ltd.		92,022
	6,000	CITIC Securities Co., Ltd., Class H		26,579
	139,000	CNOOC Ltd.		237,024
	12,000	COSCO Pacific Ltd.		18,818
	30,000	Country Garden Holdings Co., Ltd.		16,197
	5,700	CSG Holding Co., Ltd.		6,811
	36,000	CSPC Pharmaceutical Group Ltd.		37,437
	36,000	Datang International Power Generation Co., Ltd., Class H		21,059
	6,700	Dazhong Transportation Group Co., Ltd., Class B		8,033
	3,600	Dongfang Electric Corp., Ltd., Class H		8,162
	40,000	Dongfeng Motor Group Co., Ltd., Class H		66,454
	36,000	Evergrande Real Estate Group Ltd.		34,041
	6,000	Far East Horizon Ltd.		6,336
	12,000	Fosun International Ltd.		29,910
	24,000	Franshion Properties China Ltd.		9,696
	60,000	Geely Automobile Holdings Ltd.		33,754
	8,000	Golden Eagle Retail Group Ltd.		11,981
	156,000	GOME Electrical Appliances Holding Ltd.		39,963
	14,500	Great Wall Motor Co., Ltd., Class H		110,020

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	6,000	Greentown China Holdings Ltd. (a)		7,444
	7,500	Guangdong Electric Power Development Co., Ltd., Class B		7,587
	24,000	Guangdong Investment Ltd.		35,788
	20,000	Guangshen Railway Co., Ltd., Class H		13,245
	32,000	Guangzhou Automobile Group Co., Ltd., Class H		34,740
	4,800	Guangzhou R&F Properties Co., Ltd. (a)		6,122
	11,000	Haier Electronics Group Co., Ltd.		31,643
	6,000	Haitian International Holdings Ltd.		14,923
	8,800	Haitong Securities Co., Ltd., Class H		28,742
	9,500	Hengan International Group Co., Ltd.		117,201
	36,000	Huadian Fuxin Energy Corp., Ltd., Class H		19,363
	22,000	Huadian Power International Corp., Ltd., Class H		24,358
	40,000	Huaneng Power International, Inc., Class H		56,729
	24,000	Huaneng Renewables Corp., Ltd., Class H		10,478
	392,000	Industrial & Commercial Bank of China Ltd., Class H		340,045
	8,700	Inner Mongolia Yitai Coal Co., Ltd., Class B		13,241
	12,000	Jiangsu Expressway Co., Ltd., Class H		16,476
	12,000	Jiangxi Copper Co., Ltd., Class H		24,764
	6,000	Kingboard Chemical Holdings Ltd.		10,920
	24,000	Kunlun Energy Co., Ltd.		28,492
	6,000	KWG Property Holding Ltd.		6,062
	12,000	Lee & Man Paper Manufacturing Ltd.		6,798
	54,000	Lenovo Group Ltd.		92,857
	9,000	Longfor Properties Co., Ltd.		15,621
	24,000	Metallurgical Corp of China Ltd., Class H		14,163
	4,200	New China Life Insurance Co., Ltd., Class H		25,990
	12,000	Nine Dragons Paper Holdings Ltd.		9,797
	24,000	People’s Insurance Co., Ltd., Class H		16,618
	180,000	PetroChina Co., Ltd., Class H		232,158
	16,000	PICC Property & Casualty Co., Ltd., Class H		35,448
	13,000	Ping An Insurance Group Company of China Ltd., Class H		185,916
	12,000	Poly Property Group Co., Ltd.		7,689
	2,400	Shanghai Bailian Group Co., Ltd., Class B		5,451
	24,000	Shanghai Electric Group Co., Ltd., Class H		24,473
	4,000	Shanghai Industrial Holdings Ltd.		15,948
	1,400	Shanghai Jinqiao Export Co., Ltd.		2,950
	2,600	Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Class B (a)		7,927
	1,600	Shanghai Mechanical and Electrical Industry Co., Ltd., Class B		5,043
	7,800	Shanghai Pharmaceuticals Holding Co., Ltd., Class H		24,279
	9,000	Shenzhen International Holdings Ltd.		16,917

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN EXCHANGE-TRADED FUNDS

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		China — continued
	12,000	Shenzhen Investment Ltd.		6,590
	7,000	Shenzhou International Group Holdings Ltd.		32,923
	6,000	Shimao Property Holdings Ltd.		14,126
	12,000	Sichuan Expressway Co., Ltd., Class H		6,579
	40,000	Sihuan Pharmaceutical Holdings Group Ltd.		22,760
	36,000	Sino Biopharmaceutical Ltd.		41,100
	12,000	Sinofert Holdings Ltd.		3,299
	21,000	Sino-Ocean Land Holdings Ltd.		17,470
	9,000	Sinopec Engineering Group Co., Ltd., Class H		9,715
	24,000	Sinopec Shanghai Petrochemical Co., Ltd., Class H (a)		14,500
	12,400	Sinopharm Group Co., Ltd., Class H		58,897
	18,000	Sinotrans Ltd., Class H		13,776
	9,000	SOHO China Ltd.		6,828
	10,000	Sunac China Holdings Ltd.		13,149
	42,300	Tencent Holdings Ltd.		873,025
	20,000	Tianhe Chemicals Group Ltd. (a)		2,415
	6,000	TravelSky Technology Ltd., Class H		11,634
	4,000	Weichai Power Co., Ltd., Class H		15,849
	1,800	Weifu High-Technology Group Co., Ltd., Class B		8,421
	3,600	Xinjiang Goldwind Science & Technology Co., Ltd., Class H		8,364
	2,800	Yantai Changyu Pioneer Wine Co., Ltd., Class B		12,933
	12,000	Yanzhou Coal Mining Co., Ltd., Class H		11,999
	36,000	Yuexiu Property Co., Ltd.		8,803
	9,000	Zhaojin Mining Industry Co., Ltd.		6,470
	12,000	Zhejiang Expressway Co., Ltd., Class H		19,058
	48,000	Zijin Mining Group Co., Ltd., Class H		18,517
	11,200	Zoomlion Heavy Industry Science and Technology Co., Ltd.		7,773
	6,000	ZTE Corp., Class H		20,190
				7,746,910
		Colombia — 0.2%
	59,976	Ecopetrol S.A.		51,113
		Czech Republic — 0.3%
	2,404	CEZ A/S		62,456
	132	Komercni banka A/S		29,437
				91,893
		Egypt — 0.2%
	7,026	Commercial International Bank Egypt SAE		50,851
	4,056	Egyptian Financial Group-Hermes Holding Co. (a)		7,566
	8,664	Talaat Moustafa Group		11,406
	5,430	Telecom Egypt Co.		7,020
				76,843

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hungary — 0.1%
	1,596	OTP Bank plc		35,291
		India — 1.7%
	7,294	ICICI Bank Ltd. ADR		79,724
	7,746	Infosys Ltd. ADR		239,971
	6,801	Reliance Industries Ltd. GDR		182,947
	1,558	Tata Motors Ltd. ADR		64,174
				566,816
		Indonesia — 4.8%
	250,800	Adaro Energy		16,886
	9,000	Astra Agro Lestari		14,075
	496,900	Astra International		261,485
	207,600	Bank Central Asia		214,951
	154,300	Bank Mandiri Persero		126,918
	126,600	Bank Negara Indonesia Persero		62,479
	180,500	Bank Rakyat Indonesia Persero		161,150
	11,300	Gudang Garam		43,430
	7,800	Indo Tambangraya Megah		7,574
	27,000	Indocement Tunggal Prakarsa		43,603
	29,300	Indofood CBP Sukses Makmur		29,736
	109,700	Indofood Sukses Makmur		56,937
	246,400	Perusahaan Gas Negara Persero		77,665
	58,100	Semen Indonesia Persero		55,870
	15,600	Tambang Batubara Bukit Asam Persero		11,216
	1,175,800	Telekomunikasi Indonesia Persero		236,479
	39,600	Tower Bersama Infrastructure		25,891
	28,000	Unilever Indonesia		91,820
	30,600	United Tractors		50,315
	39,000	Vale Indonesia		8,379
				1,596,859
		Malaysia — 4.2%
	34,800	AirAsia BHD		22,181
	18,600	Alliance Financial Group BHD		24,689
	30,000	AMMB Holdings BHD		54,486
	40,200	Gamuda BHD		59,000
	9,600	Hong Leong Bank BHD		37,892
	3,600	Hong Leong Financial Group BHD		16,326
	24,600	IJM Corp. BHD		50,656
	33,600	IOI Properties Group BHD		20,136
	79,700	Malayan Banking BHD		205,953
	30,000	MISC BHD		76,765
	52,100	Public Bank BHD		284,966
	12,085	RHB Capital BHD		26,756
	75,600	SapuraKencana Petroleum BHD		56,295
	82,700	Tenaga Nasional BHD		332,846

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Malaysia — continued
	16,600	UMW Holdings BHD		49,542
	12,500	Westports Holdings BHD		15,794
	132,000	YTL Corp. BHD		61,895
				1,396,178
		Mexico — 3.4%
	495,360	America Movil SAB de CV		519,188
	4,992	Arca Continental SAB de CV		30,622
	10,686	Compartamos SAB de CV		18,291
	24,462	Fibra Uno Administracion SA de CV REIT		61,003
	13,170	Genomma Lab Internacional SAB de CV, Class B (a)		15,469
	3,075	Gruma SAB de CV, Class B		37,043
	4,350	Grupo Aeroportuario del Pacifico SAB de CV, Class B		30,914
	648	Grupo Elektra SAB DE CV		16,718
	23,067	Grupo Financiero Banorte SAB de CV, Class O		130,851
	19,536	Grupo Financiero Inbursa SAB de CV, Class O		46,669
	14,130	Grupo Financiero Santander Mexico SAB de CV, Class B		28,781
	51,292	Grupo Mexico SAB de CV		158,503
	3,306	Industrias Bachoco SAB de CV		14,722
	9,654	OHL Mexico SAB de CV (a)		19,507
				1,128,281
		Philippines — 3.4%
	44,560	Aboitiz Equity Ventures, Inc.		56,596
	38,600	Aboitiz Power Corp.		37,162
	4,860	Ayala Corp.		84,984
	24,300	BDO Unibank, Inc.		59,424
	78,000	DMCI Holdings, Inc.		26,248
	160,200	Energy Development Corp.		29,055
	720	Globe Telecom, Inc.		35,201
	1,200	GT Capital Holdings, Inc.		33,811
	58,320	JG Summit Holdings, Inc.		93,642
	10,800	Jollibee Foods Corp.		48,195
	70,700	LT Group, Inc.		23,603
	7,080	Manila Electric Co.		41,402
	193,000	Megaworld Corp.		22,881
	21,616	Metropolitan Bank & Trust Co.		45,061
	50,000	Petron Corp.		11,044
	1,970	Philippine Long Distance Telephone Co.		123,614
	6,100	Semirara Mining and Power Corp., Class A		22,657
	7,960	SM Investments Corp.		160,813
	132,600	SM Prime Holdings, Inc.		55,448
	21,860	Universal Robina Corp.		106,602
				1,117,443

SHARES		SECURITY DESCRIPTION	VALUE($)
		Poland — 1.2%
	858	Asseco Poland S.A.		14,454
	370	CCC S.A.		19,544
	3,444	Enea S.A.		15,594
	5,076	Energa S.A.		35,189
	1,542	KGHM Polska Miedz S.A.		54,066
	11,616	PGE Polska Grupa Energetyczna S.A. (a)		66,840
	3,588	Polski Koncern Naftowy Orlen S.A.		68,142
	19,788	Polskie Gornictwo Naftowe i Gazownictwo S.A.		35,692
	480	Powszechny Zaklad Ubezpieczen S.A.		62,604
	16,746	Tauron Polska Energia S.A.		22,398
				394,523
		Russia — 4.1%
	21,021	Alrosa AO		27,942
	264	Bashneft OAO (a)		10,975
	206,971	E.ON Russia JSC (a)		12,654
	129,967	Gazprom OAO (a)		386,395
	5,703	Lukoil OAO (a)		292,713
	1,518	MegaFon OAO GDR		25,806
	14,827	Mobile Telesystems OJSC (a)		75,921
	11,626	Moscow Exchange MICEX-RTS (a)		17,340
	10,627	Novolipetsk Steel OAO (a)		14,052
	870	PhosAgro OAO GDR		10,657
	14,052	Rosneft OAO (a)		69,843
	15,903	Rostelecom (a)		24,440
	1,920,348	Rushydro JSC (a)		22,247
	134,250	Sberbank (a)		199,940
	1,978	Severstal (a)		22,231
	84,370	Surgutneftegas (a)		62,858
	16,742	Tatneft, Class S (a)		94,931
				1,370,945
		South Africa — 10.1%
	4,579	Aspen Pharmacare Holdings Ltd.		139,245
	378	Assore Ltd.		3,656
	3,648	Attacq Ltd. (a)		7,642
	5,100	AVI Ltd.		34,949
	2,748	Barclays Africa Group Ltd.		44,018
	2,628	Barloworld Ltd.		20,965
	3,687	Bidvest Group Ltd.		99,933
	2,784	Brait S.A. (a)		21,191
	13,212	Capital Property Fund REIT (a)		15,193
	438	Capitec Bank Holdings Ltd.		20,624
	4,059	Clicks Group Ltd.		31,107
	2,268	Coronation Fund Managers Ltd.		17,328
	2,196	DataTec Ltd.		11,408

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN EXCHANGE-TRADED FUNDS

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Africa — continued
	2,743	Discovery Ltd.		30,441
	1,248	EOH Holdings Ltd.		16,934
	25,848	FirstRand Ltd.		123,478
	2,988	Foschini Group Ltd.		44,242
	9,144	Gold Fields Ltd.		42,217
	18,787	Growthpoint Properties Ltd. REIT		44,066
	2,085	Hyprop Investments Ltd. REIT		21,470
	2,016	Imperial Holdings Ltd.		33,761
	2,076	Investec Ltd.		19,740
	648	Kumba Iron Ore Ltd.		8,740
	876	Liberty Holdings Ltd.		12,209
	14,721	Life Healthcare Group Holdings Ltd.		50,558
	6,520	Mediclinic International Ltd.		69,043
	8,700	MMI Holdings Ltd.		24,755
	1,326	Mondi Ltd.		26,738
	3,880	Mr Price Group Ltd.		82,838
	26,385	MTN Group Ltd.		529,783
	4,806	Murray & Roberts Holdings Ltd. (a)		5,313
	6,996	Nampak Ltd.		25,055
	1,662	Nedbank Group Ltd.		35,898
	22,143	Netcare Ltd.		77,461
	2,146	Pioneer Foods Ltd.		33,580
	564	PSG Group Ltd.		9,252
	31,647	Redefine Properties Ltd. REIT		32,059
	5,652	Remgro Ltd.		125,541
	1,908	Resilient Property Income Fund Ltd.		15,965
	5,658	RMB Holdings Ltd.		34,049
	14,964	Sanlam Ltd.		96,781
	6,018	Sappi Ltd. (a)		24,687
	6,560	Sasol Ltd.		264,128
	7,224	Shoprite Holdings Ltd.		103,361
	8,352	Sibanye Gold Ltd.		19,822
	2,871	SPAR Group Ltd.		45,985
	10,266	Standard Bank Group Ltd.		150,478
	34,824	Steinhoff International Holdings Ltd.		220,968
	1,800	Sun International Ltd.		20,033
	4,944	Telkom SA SOC Ltd. (a)		33,986
	2,685	Tiger Brands Ltd.		69,883
	1,822	Tongaat Hulett Ltd.		20,176
	7,056	Truworths International Ltd.		51,427
	4,918	Vodacom Group Ltd.		61,315
	14,708	Woolworths Holdings Ltd.		110,645
				3,336,120
		Taiwan — 18.0%
	91,000	Advanced Semiconductor Engineering, Inc.		129,050

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — continued
	5,000	Advantech Co., Ltd.		41,189
	36,000	Asia Cement Corp.		45,522
	11,000	Asustek Computer, Inc.		116,538
	131,000	AU Optronics Corp.		65,742
	11,000	Catcher Technology Co., Ltd.		128,720
	95,000	Cathay Financial Holding Co., Ltd.		165,967
	42,000	Chang Hwa Commercial Bank Ltd.		25,662
	37,000	Cheng Shin Rubber Industry Co., Ltd.		88,550
	6,000	Cheng Uei Precision Industry Co., Ltd.		11,799
	8,000	Chicony Electronics Co., Ltd.		23,004
	47,000	China Airlines Ltd. (a)		25,014
	180,000	China Development Financial Holding Corp.		74,993
	192,000	China Steel Corp.		161,272
	70,000	Chunghwa Telecom Co., Ltd.		225,910
	66,000	Compal Electronics, Inc.		60,088
	181,000	CTBC Financial Holding Co., Ltd.		140,886
	84,000	E.Sun Financial Holding Co., Ltd.		57,517
	40,000	Eva Airways Corp. (a)		31,532
	25,000	Evergreen Marine Corp. Taiwan Ltd.		17,007
	79,000	Far Eastern New Century Corp.		86,774
	30,000	Far EasTone Telecommunications Co., Ltd.		71,528
	90,000	First Financial Holding Co., Ltd.		56,581
	17,000	Foxconn Technology Co., Ltd.		48,451
	90,000	Fubon Financial Holding Co., Ltd.		193,550
	6,000	Giant Manufacturing Co., Ltd.		51,751
	186,000	Hon Hai Precision Industry Co., Ltd.		557,339
	7,000	Hotai Motor Co., Ltd.		121,285
	90,000	Hua Nan Financial Holdings Co., Ltd.		55,285
	144,000	Innolux Corp.		74,281
	38,000	Inotera Memories, Inc. (a)		43,639
	48,000	Inventec Corp.		33,874
	2,000	Largan Precision Co., Ltd.		200,412
	32,000	Lite-On Technology Corp.		40,431
	22,000	MediaTek, Inc.		282,792
	126,000	Mega Financial Holding Co., Ltd.		112,072
	89,000	Nan Ya Plastics Corp.		218,744
	8,000	Novatek Microelectronics Corp.		41,813
	24,000	Pegatron Corp.		71,099
	54,000	Pou Chen Corp.		75,673
	11,000	President Chain Store Corp.		81,402
	41,000	Quanta Computer, Inc.		102,865
	6,000	Realtek Semiconductor Corp.		18,686
	84,000	Shin Kong Financial Holding Co., Ltd.		27,243
	44,000	Siliconware Precision Industries Co., Ltd.		72,284
	108,000	SinoPac Financial Holdings Co., Ltd.		48,952

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Taiwan — continued
	18,000	Synnex Technology International Corp.		25,504
	102,000	Taishin Financial Holding Co., Ltd.		46,694
	42,000	Taiwan Business Bank (a)		13,829
	48,000	Taiwan Cement Corp.		68,168
	31,000	Taiwan Mobile Co., Ltd.		109,214
	199,000	Taiwan Semiconductor Manufacturing Co., Ltd.		958,040
	36,000	Teco Electric and Machinery Co., Ltd.		34,953
	5,000	Transcend Information, Inc.		19,211
	180,000	United Microelectronics Corp.		86,241
	12,000	Vanguard International Semiconductor Corp.		18,429
	1,000	Walsin Lihwa Corp. (a)		295
	16,000	Wan Hai Lines Ltd.		17,740
	36,000	Wistron Corp. (a)		30,626
	22,000	Yang Ming Marine Transport Corp. (a)		11,517
	126,000	Yuanta Financial Holding Co., Ltd.		73,235
				5,938,464
		Thailand — 4.3%
	27,500	Advanced Info Service PCL NVDR		199,600
	8,400	Airports of Thailand PCL NVDR		73,650
	8,400	Bangkok Bank PCL NVDR		47,017
	75,600	Bangkok Dusit Medical Services PCL NVDR		46,181
	8,900	Big C Supercenter PCL NVDR		59,671
	10,200	Delta Electronics Thailand PCL NVDR		25,758
	6,000	Electricity Generating PCL NVDR		27,508
	10,200	Glow Energy PCL NVDR		26,367
	110,080	Home Product Center PCL NVDR		24,002
	29,900	Intouch Holdings PCL NVDR		69,703
	202,900	IRPC PCL		28,251
	19,800	Kasikornbank PCL NVDR		125,637
	59,400	Krung Thai Bank PCL NVDR		35,942
	54,200	Land & Houses PCL NVDR		15,666
	42,020	Minor International PCL NVDR		41,860
	32,400	PTT Global Chemical PCL NVDR		63,027
	16,800	PTT PCL NVDR		181,139
	9,000	Ratchaburi Electricity Generating Holding PCL NVDR		16,363
	6,000	Siam Cement PCL NVDR		97,624
	26,400	Siam Commercial Bank PCL NVDR		127,028
	18,000	Thai Airways International PCL NVDR (a)		6,865
	16,800	Thai Oil PCL NVDR		29,753
	50,500	Thai Union Frozen Products PCL NVDR		31,256
	369,000	TMB Bank PCL NVDR		29,024
				1,428,892
		Turkey — 1.6%
	17,499	Akbank		50,984

SHARES		SECURITY DESCRIPTION	VALUE($)
		Turkey — continued
	3,414	Arcelik A/S		18,390
	936	Aselsan Elektronik Sanayi Ve Ticaret A/S		4,881
	16,500	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT		19,059
	5,484	Enka Insaat ve Sanayi A/S		11,787
	15,264	Eregli Demir ve Celik Fabrikalari (a)		25,758
	1,362	Ford Otomotiv Sanayi A/S		16,831
	6,948	Haci Omer Sabanci Holding A/S		25,400
	7,086	KOC Holding A/S		33,514
	510	Koza Altin Isletmeleri A/S		5,328
	1,746	TAV Havalimanlari Holding A/S		15,351
	2,430	Tofas Turk Otomobil Fabrikasi A/S		14,892
	1,374	Tupras Turkiye Petrol Rafinerileri A/S (a)		33,374
	9,196	Turk Hava Yollari (a)		30,505
	8,364	Turk Telekomunikasyon A/S		23,118
	11,901	Turkcell Iletisim Hizmetleri A/S		52,990
	17,874	Turkiye Garanti Bankasi A/S		56,871
	5,322	Turkiye Halk Bankasi A/S		26,960
	11,490	Turkiye Is Bankasi, Class C		25,836
	9,912	Turkiye Sise ve Cam Fabrikalari A/S		12,666
	8,940	Turkiye Vakiflar Bankasi Tao, Class D		15,862
	7,404	Yapi ve Kredi Bankasi A/S		11,593
				531,950
		United Arab Emirates — 0.9%
	65,966	Air Arabia		29,279
	3,302	DP World Ltd.		76,210
	6,894	Dubai Investments PJSC		5,731
	24,618	Dubai Islamic Bank PJSC		46,200
	30,934	Emaar Malls Group PJSC (a)		27,014
	45,214	Emaar Properties PJSC		100,261
	7,524	Union Properties PJSC		3,071
				287,766
		United Kingdom — 0.3%
	2,523	Mahindra & Mahindra Ltd. GDR		45,414
	846	State Bank of India GDR		35,594
	1,986	Tata Steel Ltd. GDR		11,378
				92,386
		Total Common Stocks (Cost $27,267,283)		29,306,965
	Exchange Traded Fund — 6.5%
		United States — 6.5%
	72,501	iShares MSCI India ETF		2,130,442
		Total Exchange Traded Fund (Cost $2,265,495)		2,130,442

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN EXCHANGE-TRADED FUNDS

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 4.5%
		Brazil — 4.1%
	2,460	AES Tiete S.A.		13,954
	31,878	Banco Bradesco S.A.		340,475
	1,812	Braskem S.A.		7,488
	12,498	Cia Energetica de Minas Gerais		60,355
	1,710	Cia Paranaense de Energia		18,780
	27,999	Itau Unibanco Holding S.A.		358,612
	106,946	Petroleo Brasileiro S.A. (a)		463,216
	3,510	Suzano Papel e Celulose S.A., Class A		17,579
	5,046	Telefonica Brasil SA		82,817
				1,363,276
		Colombia — 0.1%
	37,052	Grupo Aval Acciones y Valores S.A.		18,821
		Russia — 0.3%
	18	AK Transneft OAO (a)		42,327
	91,347	Surgutneftegas (a)		68,864
				111,191
		Total Preferred Stocks (Cost $1,381,298)		1,493,288
		Total Investments — 99.8% (Cost $30,914,076)		32,930,695
		Assets in Excess of Other Liabilities — 0.2%		67,059
		NET ASSETS — 100.0%	$	32,997,754

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

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

INDUSTRY	PERCENTAGE
Commercial Banks		16.9	%
Oil, Gas & Consumable Fuels		8.8
Wireless Telecommunication Services		7.8
Exchange Traded Fund		6.5
Semiconductors & Semiconductor Equipment		5.9
Electronic Equipment & Instruments		3.4
Insurance		3.3
Diversified Telecommunication Services		2.8
Food Products		2.8
Internet Software & Services		2.7
Diversified Financial Services		2.6
Electric Utilities		2.6
Automobiles		2.4
Computers & Peripherals		2.4
Industrial Conglomerates		2.2
Metals & Mining		2.0
Real Estate Management & Development		1.9
Beverages		1.8
Independent Power Producers & Energy Trader		1.5
Construction Materials		1.4
IT Services		1.2
Specialty Retail		1.2
Transportation Infrastructure		1.1
Others (each less than 1.0%)		14.8

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.1%
		Australia — 10.2%
	12,460	AGL Energy Ltd.		149,478
	17,039	Amcor Ltd.		181,399
	4,464	Ansell Ltd.		91,870
	19,620	APA Group		148,386
	21,517	Asciano Ltd.		111,801
	1,947	ASX Ltd.		64,673
	37,974	Aurizon Holdings Ltd.		144,972
	8,825	BHP Billiton Ltd.		225,359
	6,750	Boral Ltd.		33,624
	13,730	Brambles Ltd.		117,030
	3,664	Caltex Australia Ltd.		102,189
	1,989	Cochlear Ltd.		130,971
	5,842	Crown Resorts Ltd.		59,821
	3,171	CSL Ltd.		227,308
	15,525	CSR Ltd.		44,620
	15,699	Dexus Property Group REIT (b)		91,220
	17,591	Echo Entertainment Group Ltd.		62,810
	2,613	Flight Centre Travel Group Ltd.		89,361
	33,625	GPT Group REIT (b)		118,505
	18,090	Harvey Norman Holdings Ltd.		62,737
	35,379	Incitec Pivot Ltd.		111,109
	43,794	Novion Property Group REIT (b)		85,178
	8,430	Oil Search Ltd.		53,518
	17,307	Origin Energy Ltd.		172,996
	5,454	Qantas Airways Ltd. (a)		14,578
	2,619	Ramsay Health Care Ltd.		129,107
	3,767	Rio Tinto Ltd.		169,807
	55,409	Scentre Group REIT (b)		163,217
	7,335	Sonic Healthcare Ltd.		114,954
	12,000	Suncorp Group Ltd.		124,097
	29,484	Sydney Airport		125,250
	32,508	Tabcorp Holdings Ltd.		124,885
	34,128	Tatts Group Ltd.		108,713
	40,656	Telstra Corp. Ltd.		199,853
	24,337	Transurban Group		190,269
	6,429	Wesfarmers Ltd.		221,604
	7,149	Woodside Petroleum Ltd.		197,150
	8,491	Woolworths Ltd.		197,142
	4,713	WorleyParsons Ltd.		42,345
				4,803,906
		Austria — 0.2%
	3,240	OMV AG		107,839
		Belgium — 1.0%
	469	Anheuser-Busch InBev NV		57,100
	2,808	Belgacom S.A.		104,584

SHARES		SECURITY DESCRIPTION	VALUE($)
		Belgium — continued
	1,179	Colruyt S.A.		55,722
	659	Delhaize Group S.A.		53,050
	819	Groupe Bruxelles Lambert S.A.		71,893
	459	Solvay S.A.		67,586
	1,090	UCB S.A.		78,516
				488,451
		Canada — 3.0%
	1,008	Agrium, Inc.		104,434
	2,650	BCE, Inc.		116,828
	801	Canadian National Railway Co.		51,718
	963	Canadian Tire Corp., Ltd., Class A		101,999
	2,360	Encana Corp.		33,507
	3,298	Fortis, Inc.,		107,346
	4,133	Husky Energy, Inc.		92,423
	2,374	Imperial Oil Ltd. (b)		104,641
	2,016	Magna International, Inc.		101,594
	3,861	Metro, Inc., Class A		111,622
	2,700	National Bank of Canada		109,097
	2,730	RioCan REIT (b)		67,565
	2,430	Rogers Communications, Inc., Class B		86,807
	4,194	Shaw Communications, Inc., Class B		95,873
	2,576	TransCanada Corp. (b)		119,566
				1,405,020
		Denmark — 0.6%
	225	Carlsberg A/S, Class B		20,513
	1,218	Christian Hansen Holdings		58,966
	1,125	Coloplast A/S, Class B		91,827
	1,269	H Lundbeck A/S (a)		24,683
	11,467	TDC A/S		87,303
				283,292
		Finland — 0.9%
	4,162	Fortum OYJ		82,189
	4,581	Neste Oil OYJ		124,594
	11,540	Nokia OYJ		77,865
	1,818	Sampo OYJ, Class A		88,090
	3,546	Stora Enso OYJ, Class R		37,316
				410,054
		France — 3.9%
	1,332	AtoS		104,111
	1,415	Capital Gemini S.A.		126,070
	873	Casino Guichard Perrachon S.A.		77,197
	129	Christian Dior S.A.		25,220
	2,106	Dassault Systemes S.A.		162,281

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN EXCHANGE-TRADED FUNDS

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		France — continued
	791	Essilor International S.A.		96,368
	2,298	Eutelsat Communications S.A.		80,119
	251	Ingenico S.A.		31,494
	2,153	Lagardere SCA		69,113
	167	L’Oreal S.A.		31,870
	6,663	Orange S.A.		109,749
	522	Pernod Ricard S.A.		64,876
	1,017	Publicis Groupe S.A.		85,296
	1,279	Safran S.A.		93,453
	938	Sanofi S.A.		95,480
	732	SCOR S.A.		26,346
	837	Sodexo S.A.		84,696
	2,680	Suez Environnement S.A.		54,660
	1,350	Thales S.A.		82,183
	1,629	Total S.A.		88,210
	712	Valeo S.A.		114,148
	1,863	Veolia Environnement S.A. (a)		39,421
	317	Vinci S.A.		19,443
	3,091	Vivendi S.A.		77,487
				1,839,291
		Germany — 2.8%
	541	BASF AG		53,747
	749	Bayerische Motoren Werke AG		88,356
	981	Beiersdorf AG		85,333
	2,941	Deutsche Telekom AG		54,058
	1,152	Fraport AG Frankfurt Airport Services Worldwide		72,863
	1,440	Fresenius Medical Care AG & Co., KGaA		121,020
	1,858	Fresenius SE & Co., KGaA		110,538
	1,127	Hannover Rueck SE		114,560
	612	HUGO BOSS AG		75,307
	8,138	Infineon Technologies AG		95,676
	594	Linde AG		116,074
	1,080	Merck KGaA		116,430
	892	SAP		67,404
	622	Symrise AG		37,714
	2,332	United Internet AG		104,262
				1,313,342
		Greece — 0.1%
	5,301	Hellenic Telecommunications Organization S.A.		48,186
		Hong Kong — 4.4%
	26,000	Cathay Pacific Airways Ltd.		66,951
	17,000	Cheung Kong Infrastructure Holdings Ltd.		144,014
	11,000	CK Hutchison Holdings Ltd.		238,614

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	15,500	CLP Holdings Ltd.		135,682
	8,000	Hang Seng Bank Ltd.		155,855
	57,000	Hong Kong & China Gas Co., Ltd.		135,774
	15,000	Hutchison Whampoa Ltd.		221,017
	5,000	Johnson Electric Holdings Ltd.		18,575
	24,000	Li & Fung Ltd.		24,443
	24,000	Link REIT (b)		148,872
	27,000	MTR Corp., Ltd.		132,697
	126,000	PCCW Ltd.		83,886
	16,500	Power Assets Holdings Ltd.		166,541
	1,314,000	Semiconductor Manufacturing International Corp. (a)		144,811
	9,500	Swire Pacific Ltd., Class A		128,129
	54,000	Xinyi Glass Holdings Ltd.		35,985
	206,000	Xinyi Solar Holdings Ltd.		72,026
				2,053,872
		Israel — 0.2%
	1,341	Check Point Software Technologies Ltd. (a)		111,947
		Italy — 1.1%
	43,436	Enel Green Power SpA		84,346
	4,232	Eni SpA		81,195
	21,501	Parmalat SpA		59,546
	6,030	Pirelli & C. SpA		104,330
	77,540	Telecom Italia SpA (a)		91,518
	19,242	Terna Rete Elettrica Nazionale SpA		90,714
				511,649
		Japan — 21.6%
	8,000	Ajinomoto Co., Inc.		177,382
	45,000	ANA Holdings Co., Ltd.		124,413
	35,000	Aozora Bank Ltd.		130,915
	15,000	Asahi Kasei Corp.		141,250
	2,000	Bank of Kyoto Ltd.		21,803
	23,000	Bank of Yokohama Ltd. (b)		145,971
	7,200	Brother Industries Ltd.		114,555
	4,500	Canon, Inc.		160,446
	3,500	Capcom Co., Ltd.		65,195
	900	Central Japan Railway Co.		160,746
	18,000	Chiba Bank Ltd.		147,932
	1,400	Chubu Electric Power Co., Inc.		18,556
	6,600	Chugoku Electric Power Co., Inc.		96,897
	45,000	Cosmo Oil Co., Ltd. (a)		66,716
	8,000	Daicel Corp.		96,449
	6,800	Daiichi Sankyo Co., Ltd.		118,107
	24,000	DIC Corp.		72,611

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	4,000	Dowa Holdings Co., Ltd.		35,896
	1,800	East Japan Railway Co.		159,097
	2,800	Eisai Co., Ltd.		186,641
	3,600	Electric Power Development Co., Ltd.		120,850
	2,900	FamilyMart Co., Ltd. (b)		124,883
	17,000	Fuji Electric Co., Ltd.		80,170
	4,600	FUJIFILM Holdings Corp.		173,268
	13,000	Fujikura Ltd. (b)		61,917
	25,000	Fukuoka Financial Group, Inc.		143,631
	1,400	Hikari Tsushin, Inc.		93,440
	5,400	Hokuriku Electric Power Co.		79,832
	3,700	Hoya Corp.		142,602
	4,500	Idemitsu Kosan Co., Ltd.		87,173
	11,300	Inpex Corp.		141,819
	13,100	ITOCHU Corp.		161,301
	4,600	Japan Airlines Co., Ltd.		153,374
	2,700	Japan Petroleum Exploration Co., Ltd.		103,938
	33,400	JX Holdings, Inc.		145,446
	17,000	Kaneka Corp.		118,522
	46,000	Kawasaki Kisen Kaisha Ltd.		118,823
	6,900	KDDI Corp.		163,270
	8,000	Keisei Electric Railway Co., Ltd.		94,829
	12,800	Konica Minolta, Inc.		141,339
	7,300	Kuraray Co., Ltd.		98,716
	9,000	Kyowa Hakko Kirin Co., Ltd.		131,749
	700	Mabuchi Motor Co., Ltd.		41,915
	23,100	Marubeni Corp.		143,037
	300	MEIJI Holdings Co., Ltd.		34,464
	5,400	Mitsubishi Corp.		116,514
	8,200	Mitsubishi Tanabe Pharma Corp.		139,524
	11,000	Mitsui Mining & Smelting Co., Ltd.		26,136
	1,500	Mochida Pharmaceutical Co., Ltd.		102,531
	6,000	NH Foods Ltd.		131,091
	7,000	Nippon Kayaku Co., Ltd.		84,619
	4,400	Nippon Paper Industries Co., Ltd.		76,728
	6,000	Nippon Shokubai Co., Ltd.		82,840
	2,500	Nippon Telegraph & Telephone Corp.		168,813
	6,300	Nippon Television Holdings, Inc.		108,636
	8,100	Nipro Corp.		77,730
	2,500	Nissin Foods Holdings Co., Ltd.		119,865
	3,000	NTT Data Corp.		134,231
	9,000	NTT DOCOMO, Inc.		159,412
	400	Oriental Land Co., Ltd.		27,080
	35,000	Osaka Gas Co., Ltd.		148,546
	1,100	Otsuka Corp.		50,665
	4,300	Otsuka Holdings Co., Ltd.		135,727

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	26,100	Resona Holdings, Inc.		139,167
	1,900	Rohm Co., Ltd.		131,793
	1,300	Sankyo Co., Ltd.		49,240
	500	Santen Pharmaceutical Co., Ltd.		6,618
	700	Sawai Pharmaceutical Co., Ltd.		39,848
	4,000	SCREEN Holdings Co., Ltd.		27,155
	3,000	Seiko Epson Corp.		52,423
	4,000	Sekisui Chemical Co., Ltd.		53,336
	11,000	Sekisui House Ltd.		170,507
	23,400	Seven Bank Ltd.		126,076
	1,000	Shimamura Co., Ltd.		99,675
	3,600	Shionogi & Co., Ltd.		118,673
	12,600	Showa Shell Sekiyu		121,543
	2,600	SoftBank Corp.		162,527
	22,900	Sojitz Corp.		44,779
	25,000	Sumitomo Osaka Cement Co., Ltd.		81,424
	1,980	Suzuken Co., Ltd.		61,959
	900	Taisho Pharmaceutical Holdings Co., Ltd.		63,247
	3,000	Takeda Pharmaceutical Co., Ltd.		154,023
	8,300	Tohoku Electric Power Co., Inc.		104,412
	5,400	Tokyo Broadcasting System Holdings, Inc.		70,779
	26,000	Tokyo Gas Co., Ltd.		150,041
	11,000	TonenGeneral Sekiyu		105,570
	11,000	Toppan Printing Co., Ltd.		92,228
	11,000	Tosoh Corp.		58,974
	3,600	Toyo Suisan Kaisha Ltd.		125,965
	2,700	Toyota Industries Corp.		152,913
	3,300	Toyota Motor Corp.		229,710
	3,600	Tsumura & Co.		84,360
	26,000	Ube Industries Ltd.		43,135
	2,500	West Japan Railway Co.		138,458
	8,000	Yokohama Rubber Co., Ltd.		86,084
				10,179,216
		Netherlands — 1.2%
	449	Boskalis Westminster NV		23,330
	1,045	Heineken Holding NV		72,847
	5,067	Koninklijke Ahold NV		98,169
	3,916	Reed Elsevier NV		94,444
	3,070	Royal Dutch Shell plc, Class A		96,797
	7,992	STMicroelectronics NV		63,741
	3,096	Wolters Kluwer NV		100,303
				549,631
		New Zealand — 0.2%
	54,027	Spark New Zealand Ltd.		122,249

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN EXCHANGE-TRADED FUNDS

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Norway — 0.9%
	7,433	Marine Harvest ASA		90,598
	7,910	Orkla ASA		62,115
	5,027	Statoil ASA		106,574
	3,376	Telenor ASA		76,247
	1,818	Yara International ASA		93,150
				428,684
		Portugal — 0.2%
	26,379	EDP - Energias de Portugal S.A.		105,474
		Singapore — 2.8%
	47,200	CapitaMall Trust REIT (b)		77,934
	12,500	ComfortDelGro Corp., Ltd.		28,958
	14,000	DBS Group Holdings Ltd.		222,465
	261,000	Golden Agri-Resources Ltd.		82,568
	108,000	Hutchison Port Holdings Trust, Class U		72,766
	25,000	Keppel Corp., Ltd.		164,206
	26,000	Sembcorp Industries Ltd.		88,605
	9,000	Singapore Airlines Ltd.		82,928
	36,000	Singapore Press Holdings Ltd.		113,925
	65,000	Singapore Telecommunications Ltd.		217,204
	8,000	Venture Corp., Ltd.		51,021
	44,000	Wilmar International Ltd.		108,069
				1,310,649
		South Korea — 8.0%
	2,636	Celltrion, Inc. (a)		209,867
	235	CJ CheilJedang Corp.		91,391
	532	CJ Corp.		94,581
	1,160	Daum Kakao Corp.		116,235
	1,468	GS Holdings Corp.		68,479
	1,935	Halla Visteon Climate Control Corp.		72,597
	2,320	Hankook Tire Co., Ltd.		97,498
	1,578	Hanwha Chemical Corp.		25,162
	465	Hyundai Mobis Co., Ltd.		102,243
	2,061	Hyundai Steel Co.		150,642
	6,608	Industrial Bank of Korea		90,793
	2,577	Kia Motors Corp.		118,753
	3,856	Korea Electric Power Corp.		167,674
	2,043	Korea Gas Corp.		88,115
	178	Korea Zinc Co., Ltd.		79,273
	1,340	Korean Air Lines Co., Ltd. (a)		57,187
	4,745	KT Corp. (a)		140,262
	1,668	KT&G Corp.		147,973
	5,151	LG Display Co., Ltd.		142,647
	1,905	LG Electronics, Inc.		107,124
	11,864	LG Uplus Corp.		118,689

SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	332	Lotte Shopping Co., Ltd.		80,068
	300	NAVER Corp.		181,404
	1,188	Paradise Co., Ltd.		27,561
	693	POSCO		163,246
	192	Samsung Electronics Co., Ltd. (b)		251,876
	999	Samsung Fine Chemicals Co., Ltd.		40,426
	643	SK C&C Co., Ltd.		152,178
	543	SK Holdings Co., Ltd.		93,498
	4,635	SK Hynix, Inc.		198,309
	643	SK Telecom Co., Ltd.		172,307
	1,647	SKC Co., Ltd.		64,830
	788	S-Oil Corp.		53,690
				3,766,578
		Spain — 2.0%
	45	Acciona S.A.		3,404
	2,700	Acerinox S.A.		39,399
	1,669	ACS Actividades de Construccion y Servicios S.A.		58,809
	3,036	Enagas S.A.		93,502
	4,745	Endesa S.A.		94,014
	4,284	Ferrovial S.A.		97,152
	3,213	Gas Natural SDG S.A.		79,002
	1,908	Grifols S.A.		80,960
	13,768	Iberdrola S.A.		92,153
	1,098	Red Electrica Corp. S.A.		92,150
	4,899	Repsol S.A.		100,988
	6,443	Telefonica S.A.		98,065
				929,598
		Sweden — 2.8%
	1,021	Autoliv, Inc.		121,213
	5,643	Boliden AB		122,598
	2,664	Holmen AB, Class B		88,146
	2,484	Investor AB, Class B (b)		101,218
	9,369	Securitas AB, Class B		140,110
	5,400	Skanska AB, Class B		120,167
	4,320	Svenska Cellulosa AB SCA, Class B		109,274
	2,097	Svenska Handelsbanken AB, Class A		96,795
	1,376	Swedish Match AB		42,359
	9,199	Tele2 AB, Class B		122,694
	7,246	Telefonaktiebolaget LM Ericsson, Class B (b)		79,248
	15,525	TeliaSonera AB		96,521
	3,241	Trelleborg AB, Class B		63,515
				1,303,858

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — 2.3%
	718	Actelion Ltd.		94,475
	648	Aryzta AG		43,725
	742	Baloise Holding AG		96,561
	4,306	Clariant AG		94,537
	1,953	Garmin Ltd.		88,256
	63	Givaudan S.A.		117,884
	191	Kuehne & Nagel International AG		28,647
	828	Lonza Group AG		117,071
	1,107	Novartis AG		112,994
	577	Sonova Holding AG		79,715
	229	Swiss Life Holding AG		54,342
	313	Swiss Prime Site AG		27,443
	207	Swisscom AG		123,063
				1,078,713
		United Kingdom — 3.4%
	5,942	AMEC plc		83,195
	12,627	BP plc (b)		91,070
	5,700	British Land Co., plc REIT (b)		72,597
	9,527	BT Group plc, Class A		66,447
	4,374	Bunzl plc (b)		122,984
	1,036	Easyjet plc		28,646
	1,215	Ensco plc, Class A		33,145
	3,636	GlaxoSmithKline plc		83,979
	3,627	Hammerson plc REIT (b)		37,160
	351	Johnson Matthey plc		17,946
	5,167	Land Securities Group plc REIT (b)		98,878
	1,098	Next plc		123,448
	1,345	Persimmon plc		34,922
	11,925	Rexam plc		105,843
	16,849	Sage Group plc		125,275
	1,123	Severn Trent plc		36,569
	5,760	Smith & Nephew plc (b)		98,031
	9,395	Subsea 7 S.A. (a)		104,358
	4,835	Tate & Lyle plc		44,270
	6,333	United Utilities Group plc		94,211
	4,059	WPP plc		94,661
				1,597,635
		United States — 25.3%
	819	Airgas, Inc.		82,948
	180	Alleghany Corp. (a)		85,233
	1,692	Alliant Energy Corp.		102,315
	1,321	Allstate Corp.		92,021
	2,542	Amdocs Ltd.		139,988
	1,764	Ameren Corp.		72,218
	2,611	American Water Works Co., Inc.		142,352

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	1,481	AmerisourceBergen Corp., Class A		169,278
	7,700	Annaly Capital Management, Inc. REIT (b)		77,539
	1,010	Anthem, Inc.		152,439
	900	Ashland, Inc.		113,724
	1,413	Assurant, Inc.		86,843
	4,160	AT&T, Inc. (b)		144,102
	1,782	AutoNation, Inc. (a)		109,682
	135	AutoZone, Inc. (a)		90,809
	1,935	Avery Dennison Corp.		107,567
	2,034	Axis Capital Holdings Ltd.		105,890
	1,241	Becton Dickinson & Co. (b)		174,820
	2,304	Bemis Co., Inc.		103,680
	2,577	Broadridge Financial Solutions, Inc.		138,952
	362	Brown-Forman Corp., Class B		32,663
	3,231	CA Technologies, Inc. (b)		102,649
	3,440	CenturyLink, Inc.		123,702
	370	CF Industries Holdings, Inc.		106,364
	1,134	Chevron Corp.		125,942
	1,323	Church & Dwight Co., Inc.		107,388
	985	Cigna Corp. (b)		122,770
	1,809	Cincinnati Financial Corp.		91,608
	1,539	Cintas Corp.		123,043
	3,159	CMS Energy Corp. (b)		107,185
	1,323	CNA Financial Corp.		53,317
	1,054	Commerce Bancshares, Inc.		45,016
	2,079	Communications Sales & Leasing, Inc. REIT (a) (b)		62,536
	1,568	Computer Sciences Corp.		101,058
	1,863	ConocoPhillips Co.		126,535
	1,083	Constellation Brands, Inc., Class A		125,563
	459	CR Bard, Inc.		76,460
	319	DaVita HealthCare Partners, Inc. (a)		25,871
	1,845	DENTSPLY International Corp.		94,095
	1,071	Diamond Offshore Drilling, Inc.		35,847
	1,441	Dr Pepper Snapple Group, Inc.		107,470
	1,206	DST Systems, Inc.		138,786
	1,604	DTE Energy Co.		127,727
	495	Duke Energy Corp.		38,397
	630	Eastman Chemical Co.		48,019
	327	EI du Pont de Nemours & Co. (b)		23,937
	819	Energizer Holdings, Inc.		111,892
	667	Entergy Corp. (b)		51,479
	811	Everest Re Group Ltd.		145,096
	2,286	Eversource Energy		111,465
	1,354	Fidelity National Information Services, Inc.		84,611
	2,549	Foot Locker, Inc.		151,538

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN EXCHANGE-TRADED FUNDS

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	18,351	Frontier Communications Corp.		125,888
	1,434	Gannett Co., Inc. (b)		49,215
	765	Genuine Parts Co.		68,735
	1,368	Harris Corp.		109,768
	1,804	Hasbro Inc.		127,705
	922	Helmerich & Payne, Inc.		71,888
	873	Henry Schein, Inc. (a)		119,688
	1,184	Hess Corp. (b)		91,050
	1,980	Hormel Foods Corp.		107,613
	1,083	IAC		75,615
	1,559	Intel Corp. (b)		50,745
	981	International Flavors & Fragrances, Inc. (b)		112,570
	1,352	International Game Technology plc (a)		27,527
	1,270	JM Smucker Co.The		147,218
	1,343	Johnson & Johnson (b)		133,226
	317	KLA-Tencor Corp.		18,640
	1,064	L-3 Communications Holdings Corp., Class 3		122,264
	891	Laboratory Corp of America Holdings (a)		106,528
	2,988	Leggett & Platt, Inc.		126,900
	1,955	Level 3 Communications, Inc. (a)		109,363
	3,888	Liberty Interactive Corp., Class A (a)		111,819
	3,152	Marathon Oil Corp.		98,027
	459	McCormick & Co., Inc.		34,563
	2,673	MDU Resources Group, Inc.		59,581
	918	MeadWestvaco Corp.		44,798
	1,449	Molson Coors Brewing Co., Class B		106,516
	1,106	Motorola Solutions, Inc. (b)		66,084
	1,782	Murphy Oil Corp.		84,841
	3,096	Newell Rubbermaid, Inc.		118,051
	1,914	Newfield Exploration Co. (a)		75,105
	1,104	NiSource, Inc.		47,936
	830	Northrop Grumman Corp.		127,853
	5,176	NVIDIA Corp.		114,881
	31	NVR, Inc. (a)		41,121
	1,124	Omnicare, Inc.		98,890
	1,226	PartnerRe, Inc.		156,928
	2,151	Patterson Co., Inc.		101,000
	4,821	Pepco Holdings, Inc.		125,250
	1,638	Pinnacle West Capital Corp. (b)		100,246
	586	PPG Industries, Inc. (b)		129,834
	306	Quest Diagnostics, Inc.		21,855
	1,476	Questar Corp.		34,597
	1,307	Raytheon Co.		135,928
	1,269	RenaissanceRe Holdings Ltd.		130,060
	2,234	Republic Services, Inc., Class A		90,768
	1,129	Ryder System, Inc. (b)		107,661

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	1,107	SBA Communications Corp., Class A (a)		128,213
	1,967	SCANA Corp.		104,212
	747	Scripps Networks Interactive, Inc., Class A		52,185
	558	Sigma-Aldrich Corp.		77,517
	2,404	Southwest Airlines Co.		97,506
	16,255	Sprint Corp. (a) (b)		83,388
	262	SPX Corp.		20,174
	2,953	Synopsys, Inc. (a)		138,437
	5,193	TECO Energy, Inc.		98,407
	3,582	TELUS Corp.		124,009
	1,448	Thomson Reuters Corp.		59,492
	3,600	T-Mobile US, Inc. (a)		122,544
	1,782	Torchmark Corp.		99,988
	1,912	Total System Services, Inc.		75,639
	967	TRW Automotive Holdings Corp. (a)		101,593
	1,111	Tyson Foods Inc., Class A		43,885
	1,206	Universal Health Services, Inc., Class B		141,042
	2,908	Verizon Communications, Inc. (b)		146,679
	1,372	Walt Disney Co. (The) (b)		149,164
	434	Westlake Chemical Corp.		33,843
	1,733	Windstream Holdings, Inc.		20,236
	2,007	WR Berkley Corp.		98,323
	1,656	Wyndham Worldwide Corp.		141,422
	4,014	Xcel Energy, Inc.		136,115
	1,027	Zimmer Holdings, Inc.		112,806
				11,895,587
		Total Common Stocks (Cost $44,818,193)		46,644,721
	Preferred Stock — 0.1%
		Germany — 0.1%
	378	Porsche Automobil Holding AG		35,866
		Total Preferred Stock (Cost $35,401)		35,866
		Total Investments — 99.2% (Cost $44,853,594)		46,680,587
		Assets in Excess of Other Liabilities — 0.8%		369,959
		NET ASSETS — 100.0%	$	47,050,546

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2015

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		7.5	%
Diversified Telecommunication Services		6.0
Chemicals		5.3
Electric Utilities		4.6
Pharmaceuticals		4.6
Health Care Providers & Services		3.6
Insurance		3.5
Commercial Banks		3.4
Food Products		3.2
Media		2.8
IT Services		2.6
Wireless Telecommunication Services		2.6
Semiconductors & Semiconductor Equipment		2.5
Road & Rail		2.3
Real Estate Investment Trusts (REITs)		2.3
Metals & Mining		2.2
Health Care Equipment & Supplies		2.2
Auto Components		2.1
Multi-Utilities		2.1
Gas Utilities		1.9
Software		1.7
Hotels, Restaurants & Leisure		1.6
Household Durables		1.6
Trading Companies & Distributors		1.5
Commercial Services & Supplies		1.4
Electronic Equipment & Instruments		1.4
Industrial Conglomerates		1.4
Food & Staples Retailing		1.4
Specialty Retail		1.4
Airlines		1.3
Beverages		1.3
Aerospace & Defense		1.2
Internet Software & Services		1.0
Automobiles		1.0
Computers & Peripherals		1.0
Others (each less than 1.0%)		12.5

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN EXCHANGE-TRADED FUNDS

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.5%
		Australia — 9.8%
	32,274	AGL Energy Ltd.		387,180
	18,090	Ansell Ltd.		372,296
	53,856	APA Group		407,314
	21,006	Bendigo & Adelaide Bank Ltd.		199,958
	21,260	BHP Billiton Ltd.		542,905
	10,341	Boral Ltd.		51,513
	31,358	Brambles Ltd.		267,285
	11,890	Caltex Australia Ltd. (b)		331,612
	5,400	Cochlear Ltd.		355,576
	6,246	CSL Ltd.		447,735
	53,157	CSR Ltd.		152,775
	51,769	Dexus Property Group REIT (b)		300,807
	113,387	Federation Centres REIT (b)		263,434
	61,047	GPT Group REIT (b)		215,148
	47,310	Healthscope Ltd.		106,025
	92,394	Incitec Pivot Ltd.		290,166
	19,567	Metcash Ltd.		20,425
	146,934	Novion Property Group REIT (b)		285,782
	39,258	Origin Energy Ltd.		392,412
	7,686	Ramsay Health Care Ltd.		378,892
	22,086	Sonic Healthcare Ltd.		346,132
	74,413	Sydney Airport		316,111
	102,052	Tabcorp Holdings Ltd.		392,052
	88,452	Tatts Group Ltd.		281,759
	84,799	Telstra Corp. Ltd.		416,848
	31,158	TPG Telecom Ltd.		218,598
	54,738	Transurban Group		427,948
	12,962	Wesfarmers Ltd.		446,792
	15,140	Woodside Petroleum Ltd.		417,520
	17,136	Woolworths Ltd.		397,859
				9,430,859
		Austria — 0.3%
	7,416	OMV AG		246,832
	1,602	Voestalpine AG		67,073
				313,905
		Belgium — 1.0%
	8,730	Belgacom S.A.		325,148
	4,932	Colruyt S.A.		233,099
	1,602	Groupe Bruxelles Lambert S.A.		140,627
	2,017	UCB S.A.		145,290
	1,514	Umicore S.A.		75,256
				919,420
		Denmark — 1.0%
	3,420	Christian Hansen Holdings		165,569

SHARES		SECURITY DESCRIPTION	VALUE($)
		Denmark — continued
	3,281	Coloplast A/S, Class B		267,809
	5,238	H Lundbeck A/S (a)		101,884
	34,614	TDC A/S		263,531
	1,692	William Demant Holding (a)		139,190
				937,983
		Finland — 1.4%
	5,760	Fortum OYJ		113,745
	5,166	Kesko OYJ, Class B		211,077
	14,238	Neste Oil OYJ		387,246
	36,483	Nokia OYJ		246,167
	3,313	Orion OYJ, Class B		108,332
	6,138	Sampo OYJ, Class A		297,413
				1,363,980
		France — 5.4%
	4,392	AtoS		343,284
	4,320	Capital Gemini S.A.		384,893
	2,502	Casino Guichard Perrachon S.A.		221,246
	1,173	Christian Dior S.A.		229,323
	5,588	Dassault Systemes S.A.		430,591
	2,381	Essilor International S.A.		290,078
	3,407	Eutelsat Communications S.A.		118,783
	880	Ingenico S.A.		110,416
	7,875	Lagardere SCA		252,795
	542	L’Oreal S.A.		103,436
	16,039	Orange S.A.		264,184
	1,298	Pernod Ricard S.A.		161,321
	3,366	Publicis Groupe S.A.		282,309
	3,456	Safran S.A.		252,521
	2,018	Sanofi S.A.		205,413
	6,516	SCOR S.A.		234,522
	954	Sodexo S.A.		96,536
	5,118	Thales S.A.		311,563
	5,278	Total S.A.		285,804
	1,224	Valeo S.A.		196,232
	5,454	Vivendi S.A.		136,725
	8,766	Zodiac Aerospace S.A.		321,916
				5,233,891
		Germany — 3.2%
	822	Axel Springer AG		45,858
	3,006	Beiersdorf AG		261,479
	3,762	Brenntag AG		225,723
	3,960	Fraport AG Frankfurt Airport Services Worldwide		250,467
	4,428	Fresenius Medical Care AG & Co., KGaA		372,137

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	5,724	Fresenius SE & Co., KGaA		340,538
	3,240	Hannover Rueck SE		329,349
	1,764	HUGO BOSS AG		217,061
	21,418	Infineon Technologies AG		251,806
	1,368	Linde AG		267,321
	420	Merck KGaA		45,278
	5,184	Suedzucker AG		78,134
	11,532	Telefonica Deutschland Holding AG		71,471
	6,660	United Internet AG		297,763
				3,054,385
		Hong Kong — 5.0%
	72,000	Cathay Pacific Airways Ltd.		185,404
	42,000	Cheung Kong Infrastructure Holdings Ltd.		355,798
	44,500	CLP Holdings Ltd.		389,540
	216,000	FIH Mobile Ltd.		115,378
	36,000	First Pacific Co., Ltd.		34,929
	161,000	Hong Kong & China Gas Co., Ltd.		383,503
	31,495	Hutchison Whampoa Ltd.		464,061
	64,000	Link REIT (b)		396,991
	78,500	MTR Corp., Ltd.		385,805
	306,000	PCCW Ltd.		203,723
	39,000	Power Assets Holdings Ltd.		393,642
	3,456,000	Semiconductor Manufacturing International Corp. (a)		380,873
	27,000	Swire Pacific Ltd., Class A		364,156
	53,500	Techtronic Industries Co., Ltd.		189,331
	26,000	Wheelock & Co., Ltd.		146,404
	144,000	Xinyi Solar Holdings Ltd.		50,348
	90,000	Yue Yuen Industrial Holdings Ltd.		341,973
				4,781,859
		Ireland — 0.2%
	2,918	Kerry Group plc, Class A		214,626
		Italy — 1.3%
	18,774	Davide Campari-Milano SpA		145,194
	39,744	Enel Green Power SpA		77,177
	12,691	Eni SpA		243,488
	71,604	Parmalat SpA		198,305
	18,792	Pirelli & C. SpA		325,138
	59,310	Terna Rete Elettrica Nazionale SpA		279,608
				1,268,910
		Japan — 22.9%
	16,200	Alfresa Holdings Corp.		242,785
	37,000	Asahi Kasei Corp. (b)		348,416
	65,000	Bank of Yokohama Ltd. (b)		412,527

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	10,800	Brother Industries Ltd.		171,833
	8,700	Canon, Inc.		310,196
	9,000	Canon Marketing Japan, Inc. (b)		169,062
	9,500	Capcom Co., Ltd.		176,958
	2,200	Central Japan Railway Co.		392,934
	51,000	Chiba Bank Ltd.		419,139
	16,400	Chugoku Electric Power Co., Inc.		240,774
	14,400	COMSYS Holdings Corp.		200,617
	30,500	Daicel Corp.		367,712
	80,000	DIC Corp.		242,038
	8,900	Electric Power Development Co., Ltd.		298,767
	7,200	FamilyMart Co., Ltd. (b)		310,054
	36,000	Fuji Electric Co., Ltd.		169,773
	10,600	FUJIFILM Holdings Corp.		399,271
	54,000	Fujikura Ltd. (b)		257,194
	60,000	Fukuoka Financial Group, Inc.		344,715
	18,000	Gunma Bank Ltd.		127,463
	18,000	Hachijuni Bank Ltd.		140,323
	47,000	Hankyu Hanshin Holdings, Inc.		283,696
	4,800	Hikari Tsushin, Inc.		320,365
	12,600	Hitachi Chemical Co., Ltd.		243,885
	12,600	Hitachi High-Technologies Corp.		365,143
	16,200	Hokuriku Electric Power Co.		239,496
	14,300	Idemitsu Kosan Co., Ltd.		277,017
	30,300	Inpex Corp.		380,275
	7,200	Itochu Techno-Solutions Corp.		163,973
	9,000	Japan Airlines Co., Ltd.		300,080
	8,000	Japan Petroleum Exploration Co., Ltd.		307,963
	84,700	JX Holdings, Inc.		368,842
	26,000	Kajima Corp.		124,197
	49,000	Kaneka Corp.		341,623
	126,000	Kawasaki Kisen Kaisha Ltd.		325,472
	16,500	KDDI Corp.		390,429
	32,100	Konica Minolta, Inc.		354,451
	16,200	Kuraray Co., Ltd.		219,068
	16,000	Kyowa Hakko Kirin Co., Ltd.		234,220
	7,200	Lintec Corp.		176,613
	14,400	Medipal Holdings Corp.		196,452
	5,400	Miraca Holdings, Inc.		271,671
	21,800	Mitsubishi Tanabe Pharma Corp.		370,929
	4,800	Mochida Pharmaceutical Co., Ltd.		328,099
	17,000	NH Foods Ltd.		371,425
	13,000	Nippo Corp.		217,413
	54,000	Nippon Express Co., Ltd.		309,985
	7,200	Nippon Paper Industries Co., Ltd.		125,554
	8,000	Nippon Shokubai Co., Ltd.		110,453

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN EXCHANGE-TRADED FUNDS

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	6,200	Nippon Telegraph & Telephone Corp.		418,655
	19,800	Nippon Television Holdings Inc.		341,429
	27,100	Nipro Corp.		260,061
	25,200	Nisshin Seifun Group, Inc.		293,887
	5,400	Nissin Foods Holdings Co., Ltd.		258,909
	21,700	NTT DOCOMO, Inc.		384,361
	2,300	Oriental Land Co., Ltd.		155,711
	90,000	Osaka Gas Co., Ltd.		381,975
	8,900	Otsuka Holdings Co., Ltd.		280,924
	66,700	Resona Holdings Inc.		355,649
	500	Sawai Pharmaceutical Co., Ltd.		28,463
	27,000	Sekisui House Ltd.		418,518
	30,600	Seven Bank Ltd.		164,869
	8,900	Shimachu Co., Ltd.		230,357
	2,900	Shimamura Co., Ltd.		289,057
	2,900	Shionogi & Co., Ltd.		95,598
	32,400	Showa Shell Sekiyu		312,539
	14,400	SKY Perfect JSAT Holdings, Inc.		90,196
	7,100	SoftBank Corp.		443,823
	94,900	Sojitz Corp.		185,567
	37,000	Sumitomo Osaka Cement Co., Ltd.		120,507
	5,910	Suzuken Co., Ltd.		184,938
	53,000	Taisei Corp.		307,021
	1,500	Taisho Pharmaceutical Holdings Co., Ltd.		105,412
	4,100	Tohoku Electric Power Co., Inc.		51,577
	60,000	Tokyo Gas Co., Ltd.		346,248
	36,000	TonenGeneral Sekiyu		345,503
	10,800	Toyo Suisan Kaisha Ltd.		377,895
	6,600	Toyota Industries Corp.		373,786
	10,700	Tsumura & Co.		250,736
	7,300	West Japan Railway Co.		404,299
	5,500	Yamaha Corp.		99,947
	25,000	Yokohama Rubber Co., Ltd.		269,015
				22,088,772
		Luxembourg — 0.1%
	16,500	Samsonite International S.A.		60,178
		Netherlands — 2.2%
	4,116	Boskalis Westminster NV		213,870
	2,682	Heineken Holding NV		186,961
	7,720	Koninklijke Ahold NV		149,569
	7,792	QIAGEN NV (a)		187,362
	12,636	Reed Elsevier NV		304,748
	24,777	Royal Dutch Shell plc, Class A		781,220
	10,098	Wolters Kluwer NV		327,151
				2,150,881

SHARES		SECURITY DESCRIPTION	VALUE($)
		New Zealand — 0.6%
	38,482	Fletcher Building Ltd.		243,595
	148,230	Spark New Zealand Ltd.		335,406
				579,001
		Norway — 0.9%
	828	DNB ASA		14,710
	9,866	Marine Harvest ASA		120,253
	19,872	Norsk Hydro ASA (b)		94,110
	2,574	Seadrill Ltd.		32,807
	14,276	Statoil ASA		302,656
	6,084	Yara International ASA		311,729
				876,265
		Portugal — 0.6%
	74,394	EDP - Energias de Portugal S.A.		297,457
	17,676	Galp Energia SGPS S.A.		241,449
				538,906
		Singapore — 3.5%
	162,400	CapitaMall Trust REIT (b)		268,145
	48,500	ComfortDelGro Corp., Ltd.		112,357
	28,900	DBS Group Holdings Ltd.		459,232
	851,500	Golden Agri-Resources Ltd.		269,374
	324,000	Hutchison Port Holdings Trust, Class U		218,298
	55,900	Keppel Corp., Ltd.		367,164
	72,000	Sembcorp Industries Ltd.		245,369
	28,800	Sembcorp Marine Ltd.		64,416
	90,000	Singapore Press Holdings Ltd.		284,812
	133,900	Singapore Telecommunications Ltd.		447,440
	44,700	StarHub Ltd.		142,738
	77,500	Suntec REIT (b)		103,461
	18,000	Venture Corp., Ltd.		114,797
	120,500	Wilmar International Ltd.		295,963
				3,393,566
		South Korea — 8.6%
	6,022	Celltrion, Inc. (a)		479,445
	704	CJ CheilJedang Corp.		273,783
	1,692	CJ Corp.		300,810
	2,580	Daum Kakao Corp.		258,524
	4,695	GS Holdings Corp.		219,013
	620	Hyundai Department Store Co., Ltd.		84,161
	2,232	Hyundai Hysco Co., Ltd.		137,501
	3,313	Hyundai Steel Co.		242,153
	19,954	Industrial Bank of Korea		274,166
	3,875	Kangwon Land, Inc.		132,092
	9,483	Korea Electric Power Corp.		412,358
	5,238	Korea Gas Corp.		225,917

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — continued
	487	Korea Zinc Co., Ltd.		216,888
	3,852	Korean Air Lines Co., Ltd. (a) (b)		164,392
	12,562	KT Corp.		371,332
	4,758	KT&G Corp.		422,095
	3,345	LG Corp.		207,555
	11,268	LG Display Co., Ltd.		312,046
	34,110	LG Uplus Corp.		341,241
	810	Lotte Shopping Co., Ltd.		195,346
	1,814	POSCO		427,312
	543	Samsung Electronics Co., Ltd. (b)		712,337
	1,759	SK C&C Co., Ltd.		416,300
	908	SK Holdings Co., Ltd.		156,347
	9,918	SK Hynix, Inc.		424,342
	16,488	SK Networks Co., Ltd.		121,867
	1,568	SK Telecom Co., Ltd.		420,182
	5,076	SKC Co., Ltd.		199,803
	2,116	S-Oil Corp.		144,172
				8,293,480
		Spain — 2.1%
	16,002	Acerinox S.A.		233,504
	738	Corp. Financiera Alba S.A.		37,493
	9,486	Enagas S.A.		292,147
	14,545	Endesa S.A.		288,185
	14,796	Ferrovial S.A.		335,543
	7,128	Gas Natural SDG S.A.		175,264
	41,666	Iberdrola S.A.		278,883
	828	Red Electrica Corp. S.A.		69,490
	12,746	Repsol S.A.		262,746
	5,796	Telefonica S.A.		88,218
				2,061,473
		Sweden — 2.7%
	16,779	Boliden AB		364,535
	7,884	Holmen AB, Class B		260,866
	8,568	Investor AB, Class B (b)		349,127
	19,855	Securitas AB, Class B		296,923
	12,451	Skanska AB, Class B		277,074
	5,526	Svenska Cellulosa AB SCA, Class B (b)		139,780
	27,918	Tele2 AB, Class B		372,364
	21,438	Telefonaktiebolaget LM Ericsson, Class B (b)		234,463
	47,844	TeliaSonera AB		297,452
				2,592,584
		Switzerland — 2.1%
	1,629	Aryzta AG		109,920
	1,998	Baloise Holding AG		260,012

SHARES		SECURITY DESCRIPTION	VALUE($)
		Switzerland — continued
	11,255	Clariant AG		247,100
	8,858	Coca-Cola HBC AG (a)		186,873
	452	Kuehne & Nagel International AG		67,793
	1,710	Lonza Group AG		241,777
	3,750	Novartis AG		382,771
	925	Sonova Holding AG		127,793
	630	Swiss Re AG		55,886
	630	Swisscom AG		374,539
				2,054,464
		United Kingdom — 24.6%
	10,062	Admiral Group plc		239,934
	24,302	AMEC plc		340,255
	31,212	Antofagasta plc		373,583
	27,003	ARM Holdings plc		458,816
	1,127	Associated British Foods plc		49,202
	8,354	AstraZeneca plc (b)		573,303
	17,462	Aviva plc		140,489
	22,824	Babcock International Group plc		352,079
	45,091	Barratt Developments plc (b)		357,721
	7,112	Berkeley Group Holdings plc		273,829
	37,247	BG Group plc		674,671
	9,165	BHP Billiton plc		220,293
	116,046	BP plc (b)		836,965
	11,882	British American Tobacco plc		652,836
	33,588	British Land Co., plc REIT (b)		427,785
	69,643	BT Group plc, Class A		485,728
	13,176	Bunzl plc (b)		370,471
	20,221	Capita plc		353,930
	4,760	Carnival plc		216,565
	112,958	Centrica plc		441,041
	48,798	Cobham plc		221,366
	4,238	Croda International plc (b)		183,914
	33,340	Drax Group plc		203,700
	13,663	Easyjet plc		377,789
	33,683	GKN plc		180,661
	32,220	GlaxoSmithKline plc		744,171
	35,469	Hammerson plc REIT (b)		363,397
	5,520	Hikma Pharmaceuticals plc		172,621
	8,138	IMI plc		155,944
	10,296	Imperial Tobacco Group plc		502,756
	3,953	Inchcape plc (b)		50,282
	26,298	Inmarsat plc		404,949
	10,095	InterContinental Hotels Group plc		431,715
	8,478	International Game Technology plc (a)		172,612
	50,387	Intu Properties plc REIT (b)		264,330

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN EXCHANGE-TRADED FUNDS

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	23,472	John Wood Group plc		247,310
	7,430	Johnson Matthey plc		379,885
	23,310	Land Securities Group plc REIT (b)		446,070
	107,696	Legal & General Group plc		428,097
	24,747	Meggitt plc		199,988
	12,246	Merlin Entertainments plc		81,821
	17,969	Mondi plc		363,837
	35,830	National Grid plc		482,030
	4,140	Next plc		465,459
	2,980	Pearson plc		60,222
	4,648	Pennon Group plc		61,003
	16,470	Persimmon plc		427,630
	16,219	Petrofac Ltd.		216,478
	1,106	Reckitt Benckiser Group plc (b)		98,438
	25,182	Reed Elsevier plc		416,768
	42,301	Rexam plc		375,452
	5,161	Rio Tinto plc		230,959
	52,805	Sage Group plc		392,614
	35,939	Segro plc REIT (b)		236,098
	12,313	Severn Trent plc		400,956
	5,846	Shire plc		475,064
	10,778	Sky plc (b)		177,706
	25,168	Smith & Nephew plc (b)		428,342
	22,889	Smiths Group plc		400,702
	19,570	SSE plc		463,683
	12,007	Subsea 7 S.A.		133,372
	168,747	Taylor Wimpey plc		428,477
	9,900	Travis Perkins plc		314,671
	47,900	Tullow Oil plc		304,118
	6,527	Unilever plc		286,106
	29,448	United Utilities Group plc		438,072
	176,058	Vodafone Group plc		620,285
	5,332	Whitbread plc (b)		428,154
	10,782	WM Morrison Supermarkets plc		30,742
	21,331	WPP plc		497,468
				23,707,780
		Total Common Stocks (Cost $91,137,278)		95,917,168
		Total Investments — 99.5% (Cost $91,137,278)		95,917,168
		Assets in Excess of Other Liabilities — 0.5%		470,551
		NET ASSETS — 100.0%	$	96,387,719

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		9.2	%
Pharmaceuticals		5.3
Diversified Telecommunication Services		5.1
Chemicals		4.4
Metals & Mining		3.7
Electric Utilities		3.6
Real Estate Investment Trusts (REITs)		3.3
Food Products		3.3
Commercial Banks		3.0
Media		2.9
Wireless Telecommunication Services		2.9
Health Care Providers & Services		2.8
Semiconductors & Semiconductor Equipment		2.5
Hotels, Restaurants & Leisure		2.5
Gas Utilities		2.3
Industrial Conglomerates		2.2
Household Durables		2.2
Insurance		2.1
Road & Rail		2.0
Health Care Equipment & Supplies		1.9
Electronic Equipment & Instruments		1.8
Construction & Engineering		1.7
Trading Companies & Distributors		1.7
Tobacco		1.6
Energy Equipment & Services		1.6
Aerospace & Defense		1.4
Food & Staples Retailing		1.4
Auto Components		1.4
Multi-Utilities		1.4
Commercial Services & Supplies		1.3
Transportation Infrastructure		1.3
Specialty Retail		1.3
IT Services		1.2
Airlines		1.1
Software		1.0
Others (each less than 1.0%)		11.6

SEE NOTES TO FINANCIAL STATEMENTS.

JPMORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Exchange-Traded Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

ADR	—  American Depositary Receipt
ETF	—  Exchange Traded Fund
GDR	—  Global Depositary Receipt
MSCI	—  Morgan Stanley Capital International
NVDR	—  Non-Voting Depositary Receipt
REIT	—  Real Estate Investment Trust
(a)	—  Non-income producing security.
(b)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A of the Notes to Financial Statements are as follows:

Fund	Value		Percentage
JPMorgan Diversified Return Emerging Markets Equity ETF	$	25,737,205		78.2	%
JPMorgan Diversified Return Global Equity ETF		33,024,449		70.7
JPMorgan Diversified Return International Equity ETF		95,742,465		99.8

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN EXCHANGE-TRADED FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2015 (Unaudited)

	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Global Equity ETF			JPMorgan Diversified Return International Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	32,930,695		$	46,680,587		$	95,917,168
Cash		83,476			126,643			112,583
Foreign currency, at value		23,940			113,243			68,257
Receivables:
Dividends from non-affiliates		40,990			115,230			367,598
Deferred offering costs		9,318			7,673			5,145
Due from adviser		48,637			109,621			—
Prepaid insurance		15,580			32,510			41,118
Tax reclaims		—			9,497			11,238
Total Assets		33,152,636			47,195,004			96,523,107
LIABILITIES:
Payables:
Investment securities purchased		5,077			—			—
Accrued liabilities:
Professional fees		82,239			122,116			75,729
Custodian and Transfer Agent fees (Note 3.C)		55,858			6,814			34,367
Trustees’ and Chief Compliance Officer’s fees		3,825			5,488			8,785
Administration fees		—			—			998
Accounting fees		991			1,960			3,164
Other		6,892			8,080			12,345
Total Liabilities		154,882			144,458			135,388
Net Assets	$	32,997,754		$	47,050,546		$	96,387,719
NET ASSETS:
Paid-in-Capital	$	30,881,344		$	45,102,290		$	90,782,143
Accumulated undistributed (distributions in excess of) net investment income		103,761			324,868			654,449
Accumulated net realized gains (losses)		(4,116	)		(206,428	)		166,203
Net unrealized appreciation (depreciation)		2,016,765			1,829,816			4,784,924
Total Net Assets	$	32,997,754		$	47,050,546		$	96,387,719
Outstanding number of shares authorized (unlimited number of shares authorized — no par value)		600,000			900,000			1,800,000
Net asset value, per share (a)	$	55.00		$	52.28		$	53.55
Cost of investments in non-affiliates	$	30,914,076		$	44,853,594		$	91,137,278
Cost of foreign currency		23,801			110,427			66,860

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 31

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2015 (Unaudited)

	JPMorgan Diversified Return Emerging Markets Equity ETF (a)				JPMorgan Diversified Return Global Equity ETF			JPMorgan Diversified Return International Equity ETF (b)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	150,735		��	$	591,373		$	889,448
Interest income from affiliates		9				66			20
Interest income from non-affiliates		—				15			4
Foreign taxes withheld		(17,120	)			(51,865	)		(96,526	)
Total investment income		133,624				539,589			792,946
EXPENSES:
Investment advisory fees		29,199				49,687			52,622
Administration fees		5,641				17,598			18,634
Custodian and Transfer Agent fees (Note 3.C)		77,251				26,215			66,924
Professional fees		82,239				170,679			83,408
Trustees’ and Chief Compliance Officer’s fees		12,060				50,062			44,634
Insurance expense		8,530				15,633			29,725
Printing and mailing costs		3,754				5,098			4,938
Registration and filing fees		829				1,373			2,526
Offering costs		7,993				12,847			12,420
Interest expense to affiliates		—				34			—
Other		21,012				29,475			32,686
Total expenses		248,508				378,701			348,517
Less fees waived (Note 3.D)		(34,840	)			(67,285	)		(71,256	)
Less expense reimbursements from affiliates (Note 3.D)		(154,405	)			(217,328	)		(132,579	)
Less expense reimbursements from non-affiliates (Note 3.C)		(29,400	)			(15,400	)		(50,400	)
Net expenses		29,863				78,688			94,282
Net investment income (loss)		103,761				460,901			698,664
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,712	)			(88,529	)		154,593
Foreign currency transactions		(2,404	)			(18,226	)		11,610
Net realized gain (loss)		(4,116	)			(106,755	)		166,203
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		2,016,619				2,204,221			4,779,890
Foreign currency translations		146				4,217			5,034
Change in net unrealized appreciation/depreciation		2,016,765				2,208,438			4,784,924
Net realized/unrealized gains (losses)		2,012,649				2,101,683			4,951,127
Change in net assets resulting from operations	$	2,116,410			$	2,562,584		$	5,649,791

(a) Commencement of operations was January 7, 2015.

(b) Commencement of operations was November 5, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Global Equity ETF						JPMorgan Diversified Return International Equity ETF
	Period Ended April 30, 2015 (a) (Unaudited)			Six Months Ended April 30, 2015 (Unaudited)			Period Ended October 31, 2014 (b)			Period Ended April 30, 2015 (c) (Unaudited)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	103,761		$	460,901		$	146,757		$	698,664
Net realized gain (loss)		(4,116	)		(106,755	)		(94,421	)		166,203
Change in net unrealized appreciation/depreciation		2,016,765			2,208,438			(378,622	)		4,784,924
Change in net assets resulting from operations		2,116,410			2,562,584			(326,286	)		5,649,791
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(288,042	)		—			(44,215	)
Total distributions to shareholders		—			(288,042	)		—			(44,215	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		30,881,344			19,929,237			25,173,053			90,782,143
NET ASSETS:
Change in net assets		32,997,754			22,203,779			24,846,767			96,387,719
Beginning of period		—			24,846,767			—			—
End of period	$	32,997,754		$	47,050,546		$	24,846,767		$	96,387,719
Accumulated undistributed (distributions in excess of) net investment income	$	103,761		$	324,868		$	152,009		$	654,449
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	30,881,344		$	19,929,237		$	25,173,053		$	90,782,143
Total change in net assets resulting from capital transactions	$	30,881,344		$	19,929,237		$	25,173,053		$	90,782,143
SHARE TRANSACTIONS:
Issued		600,000			400,000			500,000			1,800,000
Net increase in shares from share transactions		600,000			400,000			500,000			1,800,000

(a) Commencement of operations was January 7, 2015.

(b) Commencement of operations was June 16, 2014.

(c) Commencement of operations was November 5, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 33

FINANCIAL HIGHLIGHTS

FOR THE PERIOD INDICATED (Unaudited)

	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 asset value, end of period		Market price, end of period
Diversified Return Emerging Markets Equity ETF
January 7, 2015 (a) through April 30, 2015	$	50.00	$	0.26	$	4.74		$	5.00		$	—		$	55.00	$	55.34
Diversified Return Global Equity ETF
Six month period ended April 30, 2015		49.69		0.55		2.36			2.91			(0.32	)		52.28		52.26
June 16, 2014 (a) through October 31, 2014		50.00		0.38		(0.69	)		(0.31	)		—			49.69		50.09
Diversified Return International Equity ETF
November 5, 2014 (a) through April 30, 2015		50.00		0.80		2.90			3.70			(0.15	)		53.55		53.67

(a) Commencement of operations.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

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

(e) Market price total return is calculated assuming an initial investment made at the beginning of the period market price, 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 market price presented to calculate the market price total return is the mid-point of the bid/ask spread at the close of business on the NYSE Arca.

(f) Annualized for periods less than one year, unless otherwise indicated.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended April 30, 2015.

(h) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from the numerator are amounts relating to in-kind transactions.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

Ratios/Supplemental data
								Ratios to average net assets (f)
Total return (c)(d)			Market price total return (c)(e)			Net assets, end of period		Net expenses (g)			Net investment income (loss)			Expenses without waivers and reimbursements (g)			Portfolio turnover rate (c)(h)
	10.00	%		10.68	%	$	32,997,754		0.45	%		1.56	%		3.66	%		15	%
	5.90			5.01			47,050,546		0.38			2.23			1.80			9
	(0.62	)		0.18			24,846,767		0.38			2.01			5.19			14
	7.42			7.66			96,387,719		0.43			3.19			1.56			11

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited)

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed as a Delaware statutory trust on February 25, 2010, pursuant to a Declaration of Trust dated October 21, 2013, 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-ended management investment company. Each of JPMorgan Diversified Return Emerging Markets Equity ETF (the “Emerging Markets Equity ETF”), JPMorgan Diversified Return Global Equity ETF (the “Global Equity ETF”), and JPMorgan Diversified Return International Equity ETF (the “International Equity ETF”) (each a “Fund” and collectively, the “Funds”) are each separate diversified series of the Trust covered in this report.

The Emerging Markets Equity ETF commenced operations on January 7, 2015. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of FTSE Emerging Diversified Factor Index.

The Global Equity ETF commenced operations on June 16, 2014. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the FTSE Developed Diversified Factor Index.

The International Equity ETF commenced operations on November 5, 2014. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the FTSE Developed ex North America Diversified Factor Index.

Shares of each Fund are listed and traded on the 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 SEI Investments Distribution Co. (the “Distributor” or “SIDCO”), at NAV in large blocks of shares, typically 100,000 shares, referred to as “Creation Units.” Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount (except for the Emerging Markets Equity ETF, whose shares are created and redeemed 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 Accounting Standards Codification Topic 946 — Investment Companies, which is part of the 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 the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and 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 — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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 such unadjusted quoted prices, 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 pursuant to procedures approved by the Board.

JPMorgan Funds Management, Inc. (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 Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved 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 related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instruments are traded before the NAV of the Funds is calculated on a valuation date. Certain foreign equity instruments are valued by applying an international fair value factor provided by an approved pricing service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

36 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

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 fair value of the Funds’ investments are summarized into the three broad levels listed below.

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

Ÿ Level 2 — Other significant observable inputs including, but are 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.

Ÿ 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”):

Emerging Markets Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	1,833,966	$	—	$	—	$	1,833,966
Chile		284,326		—		—		284,326
China		153,340		7,568,395		25,175		7,746,910
Colombia		51,113		—		—		51,113
Czech Republic		29,437		62,456		—		91,893
Egypt		—		76,843		—		76,843
Hungary		—		35,291		—		35,291
India		566,816		—		—		566,816
Indonesia		25,891		1,570,968		—		1,596,859
Malaysia		384,836		1,011,342		—		1,396,178
Mexico		1,128,281		—		—		1,128,281
Philippines		135,044		982,399		—		1,117,443
Poland		15,594		378,929		—		394,523
Russia		36,463		1,334,482		—		1,370,945
South Africa		206,733		3,129,387		—		3,336,120
Taiwan		25,014		5,913,450		—		5,938,464
Thailand		—		1,428,892		—		1,428,892
Turkey		—		531,950		—		531,950
United Arab Emirates		76,210		211,556		—		287,766
United Kingdom		45,414		46,972		—		92,386
Total Common Stock		4,998,478		24,283,312		25,175		29,306,965
Exchange Traded Fund
United States		2,130,442		—		—		2,130,442
Total Exchange Traded Fund		2,130,442		—		—		2,130,442
Preferred Stocks
Brazil		1,363,276		—		—		1,363,276
Colombia		18,821		—		—		18,821
Russia		—		111,191		—		111,191
Total Preferred Stocks		1,382,097		111,191		—		1,493,288
Total Investments in Securities	$	8,511,017	$	24,394,503	$	25,175	$	32,930,695

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

Global Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	4,803,906	$	—	$	4,803,906
Austria		—		107,839		—		107,839
Belgium		—		488,451		—		488,451
Canada		1,405,020		—		—		1,405,020
Denmark		—		283,292		—		283,292
Finland		—		410,054		—		410,054
France		—		1,839,291		—		1,839,291
Germany		—		1,313,342		—		1,313,342
Greece		—		48,186		—		48,186
Hong Kong		221,017		1,832,855		—		2,053,872
Israel		111,947		—		—		111,947
Italy		—		511,649		—		511,649
Japan		—		10,179,216		—		10,179,216
Netherlands		—		549,631		—		549,631
New Zealand		—		122,249		—		122,249
Norway		—		428,684		—		428,684
Portugal		—		105,474		—		105,474
Singapore		—		1,310,649		—		1,310,649
South Korea		147,973		3,618,605		—		3,766,578
Spain		—		929,598		—		929,598
Sweden		121,213		1,182,645		—		1,303,858
Switzerland		88,256		990,457		—		1,078,713
United Kingdom		77,415		1,520,220		—		1,597,635
United States		11,895,587		—		—		11,895,587
Total Common Stocks		14,068,428		32,576,293		—		46,644,721
Preferred Stock
Germany		—		35,866		—		35,866
Total Preferred Stock		—		35,866		—		35,866
Total Investments in Securities	$	14,068,428	$	32,612,159	$	—	$	46,680,587

38 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

International Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	9,430,859	$	—	$	9,430,859
Austria		—		313,905		—		313,905
Belgium		—		919,420		—		919,420
Denmark		139,190		798,793		—		937,983
Finland		—		1,363,980		—		1,363,980
France		—		5,233,891		—		5,233,891
Germany		—		3,054,385		—		3,054,385
Hong Kong		614,368		4,167,491		—		4,781,859
Ireland		—		214,626		—		214,626
Italy		—		1,268,910		—		1,268,910
Japan		—		22,088,772		—		22,088,772
Luxembourg		—		60,178		—		60,178
Netherlands		—		2,150,881		—		2,150,881
New Zealand		—		579,001		—		579,001
Norway		—		876,265		—		876,265
Portugal		—		538,906		—		538,906
Singapore		—		3,393,566		—		3,393,566
South Korea		422,095		7,871,385		—		8,293,480
Spain		—		2,061,473		—		2,061,473
Sweden		—		2,592,584		—		2,592,584
Switzerland		—		2,054,464		—		2,054,464
United Kingdom		172,612		23,535,168		—		23,707,780
Total Common Stocks		1,348,265		94,568,903		—		95,917,168
Total Investments in Securities	$	1,348,265	$	94,568,903	$	—	$	95,917,168

There were no transfers among any levels during the period ended April 30, 2015.

B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. 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 net assets of the Funds. As of April 30, 2015, 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. As of April 30, 2015, the Funds had no investments in illiquid securities.

C. 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.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the year, the Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held. Accordingly, such foreign currency gains (losses) are included in the reported Change in net unrealized appreciation/depreciation on investment transactions on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholdling taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

D. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of each Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Trust, if any, were recorded as an expense at the time it commenced operations. Approximate offering costs incurred by the Funds were as follows:

Emerging Markets Equity ETF	$	17,000
Global Equity ETF		30,000
International Equity ETF		17,500

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend.

F. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

G. 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 of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain 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 as of April 30, 2015, no liability for 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 of the Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

H. 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.

I. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid annually. Net realized capital gains, if any, are distributed by the Funds 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. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Emerging Markets Equity ETF	0.44	%
Global Equity ETF	0.24
International Equity ETF	0.24

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.D.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.085% of the average daily net assets of each Fund in the Trust covered by the Administration Agreement.

The Administrator waived administration fees as authorized in Note 3.D.

C. Custodian and Transfer Agent Fees – JPMorgan Chase Bank N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, provides portfolio custody and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian fees in the Statements of Operations. With respect to transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

Additionally, the Authorized Participants generally reimburse the Funds for fees associated with creations and redemptions of Fund shares. These amounts are used to offset custodian charges incurred by the Funds for these transactions.

For the period ended April 30, 2015, Authorized Participants reimbursed the Fund’s as follows:

Emerging Markets Equity ETF	$	29,400
Global Equity ETF		15,400
International Equity ETF		50,400

40 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

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

Interest income paid to the custodian related to overdrafts, if any, is included in interest expense to affiliates in the Statements of Operations.

D. Waivers and Reimbursements — The Adviser and Administrator have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:

	Expense Cap
Emerging Markets Equity ETF		0.45	%
Global Equity ETF		0.38
International Equity ETF		0.43

The expense limitation agreements were in effect for the period ended April 30, 2015. The contractual expense limitation percentages in the table above are in place until at least February 29, 2016.

For the period ended April 30, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each Fund as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Total		Contractual Reimbursements
Emerging Market Equity ETF	$	29,199	$	5,641	$	34,840	$	183,805
Global Equity ETF		49,687		17,598		67,285		232,728
International Equity ETF		52,622		18,634		71,256		182,979

Contractual reimbursements include reimbursements outlined in Note 3.C.

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

The Board of Trustees appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Funds’ Statements of Operations.

During the period ended April 30, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the period ended April 30, 2015, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

4. Investment Transactions

During the period ended April 30, 2015, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Markets Equity ETF	$	14,666,144	$	3,356,493
Global Equity ETF		5,571,561		3,867,667
International Equity ETF		14,931,371		5,745,186

During the period ended April 30, 2015, there were no purchases or sales of U.S. Government securities.

For the period ended April 30, 2015, in-kind transactions associated with creations and redemptions were:

	In-Kind Purchases		In-Kind Sales
Emerging Markets Equity ETF	$	19,606,138	$	—
Global Equity ETF		18,072,619		—
International Equity ETF		81,796,467		—

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2015 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity ETF	$	30,914,076	$	2,705,063	$	(688,444	)	$	2,016,619
Global Equity ETF		44,853,594		3,375,747		(1,548,754	)		1,826,993
International Equity ETF		91,137,278		5,595,965		(816,075	)		4,779,890

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to passive foreign investment company and wash sales transactions.

As of October 31, 2014, the Funds had net capital loss carryforwards, with no expiration dates, as follows:

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Global Equity ETF	$	77,532	$	—

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 Statement of Changes in Net Assets.

Shares of the Funds may only be purchased or redeemed by Authorized Participants. 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; 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% 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.

For more information about Creation Unit transactions please refer to the Statement of Additional information.

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. The Funds’ maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

The Adviser owns a significant portion of the outstanding shares of each Fund.

Each Fund may have elements of risk not typically associated with investment in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on a Fund’s benchmark index (each, an “Underlying Index”). Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 2015, a significant portion of the Funds’ net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of April 30, 2015, the Funds had the following country allocation representing greater than 10% of total investments:

	Australia			China			Japan			South Africa			Taiwan			United Kingdom			United States
Diversified Return Emerging Markets Equity ETF		—			23.5	%		—			10.1	%		18.0	%		—			—
Diversified Return Global Equity ETF		10.3	%		—			21.8	%		—			—			—			25.5	%
Diversified Return International Equity ETF		—			—			23.0	%		—			—			24.7	%		—

Premium/Discount Risk — Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for shares of a fund may result in shares trading at a significant premium or discount to the NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholders performance may be negatively impacted.

Index Tracking Risk — Each 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. Additionally, each Fund calculates its NAV based on fair value prices and the value of its Underlying Index is based on securities’ closing prices on a local foreign market exchange. To the extent of the previously outlined items, each Fund’s return differs from the return of the Underlying Index.

8. Related Party Transactions

SIDCO is the distributor of each Fund’s shares. 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. The Distributor has no role in determining the investment policies of the Funds or the securities that are purchased or sold by the Funds. The Distributor receives no fee for its distribution services under the Distribution Agreement.

The Funds may use related party broker-dealers. For the period ended April 30, 2015, the Funds incurred no brokerage commissions with broker-dealers affiliated with the Adviser or Trust.

42 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

SUPPLEMENTAL INFORMATION

FOR THE PERIOD ENDED APRIL 30, 2015 (Unaudited)

The table below indicates the number of trading days in which the Funds traded within the range of the premium/(discount) noted. The number of days in each range is also shown as a percentage of the total trading days for the period covered in the table. All information within the table is based on historical information. Past performance cannot be used to predict future results. Shareholders may pay more than NAV when they buy fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market prices.

	Emerging Markets Equity ETF (a)					Global Equity ETF					International Equity ETF (b)
Range of Premium Discount	Day Count		Percentage			Day Count		Percentage			Day Count		Percentage
Between -0.50% and 1.00%		57		73.08	%		118		95.16	%		119		100.00	%
Greater than 1.00%		21		26.92	%		6		4.84	%		0		0.00	%
		78		100.00	%		124		100.00	%		119		100.00	%

(a) Commencement of operations was January 7, 2015.

(b) Commencement of operations was November 5, 2014.

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 43

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses, in addition to brokerage commissions on your purchases and sales of Fund shares. The examples below are intended to help you understand your ongoing costs (in dollars) of investing each 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, November 1, 2014 (or such other period as specified below) and continued to hold your shares at the end of the reporting period, April 30, 2015.

Actual Expenses

For each 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 entitled “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 each 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During Period		Annualized Expense Ratios
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual Fund Return (1)	$	1,000.00	$	1,100.00	$	1.48		0.45	%
Hypothetical 5% Return (2)		1,000.00		1,022.56		2.26		0.45	��
JPMorgan Diversified Return Global Equity ETF
Actual Fund Return		1,000.00		1,059.00		1.94		0.38
Hypothetical 5% Return (2)		1,000.00		1,022.91		1.91		0.38
JPMorgan Diversified Return International Equity ETF
Actual Fund Return (3)		1,000.00		1,074.20		1.39		0.43
Hypothetical 5% Return (2)		1,000.00		1,022.66		2.16		0.43

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 114/365 (to reflect the actual period). The Fund commenced operations on January 7, 2015.

(2) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

(3) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 177/365 (to reflect the actual period). The Fund commenced operations on November 5, 2014.

44 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

For the JPMorgan Diversified Return International Equity ETF and the JPMorgan Diversified Return Emerging Markets Equity ETF

On February 19-20, 2014, the Board of the Trust, a statutory Trust organized under the laws of the State of Delaware, held an in-person meeting and approved the initial Investment Advisory Agreement (“Agreement”) for the JPMorgan Diversified Return International Equity ETF and the JPMorgan Diversified Return Emerging Markets Equity ETF (each, a Fund and collectively the “Funds”). The approval included the approval of a majority of Trustees who are not interested persons of the Trust or the Adviser. Such Trustees are considered Independent Trustees as defined by the 1940 Act. In connection with the approval of the Agreement for each Fund, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Agreement, the Trustees reviewed the Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Agreement. The Trustees also discussed the proposed Agreement in an executive session with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Agreement for each Fund.

The Trustees considered information provided with respect to each Fund and the approval of the Agreement. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from each Fund under the Agreement was fair and reasonable and that the initial approval of the Agreement was in the best interests of each Fund and its potential shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the initial Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Agreement, as well as other relevant information furnished for the Trust. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel, as well as the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered the investment strategy and the underlying indices for the Funds, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategies of the Funds, how they fit within the Trust’s lineup, and how they will be positioned against identified peers.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser gained from experience in the financial industry. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Trust, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services to be provided to the Funds by the Adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Trust.

The Trustees also considered that the fees that the Administrator, an affiliate of the Adviser, will earn from the Funds for providing administrative services. The Trustees also considered the fees paid to JPMCB, also an affiliate of the Adviser, for custody, transfer agency and other related services. The Trustees also considered that any fall-out or ancillary benefits would be comparable to those related to the other actively managed funds in the complex.

Economies of Scale

The Trustees considered the extent to which each Fund will benefit from economies of scale. The Trustees noted that neither the proposed investment advisory fee schedule nor the proposed administration agreement for the Funds contains breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints. With respect to the administration agreement, the Trustees also considered the fact that the Funds would benefit from economies of scale for the broader J.P. Morgan mutual fund complex because the administration fee had been set at a level consistent with the lower effective rate of the mutual funds, which includes breakpoints. The Trustees also noted that the Adviser has implemented fee waivers and expense limitations. The Trustees concluded that shareholders of the Funds will generally benefit from the lower expense ratios that resulted from these factors.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, including the fact that each Fund seeks performance that closely corresponds to its Underlying Index, the portfolio management teams and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

APRIL 30, 2015 JPMORGAN EXCHANGE-TRADED FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate that will be paid by each Fund to the Adviser and compared that rate to the fees charged to similar mutual funds managed by the Adviser, as well as information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Funds. The Trustees also noted that the Adviser does not currently manage other mutual funds or institutional accounts with the same or similar strategies proposed for the Funds. The Trustees also reviewed information about other projected expenses and the expense ratios for the

Funds. The Trustees considered the projected fee waiver and/or expense reimbursement arrangements proposed for the Funds and considered the net advisory fee rate after taking into account any projected waivers and/or reimbursements.

The Trustees noted that each Fund’s estimated net advisory fees and total expenses were in line with identified peer funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable.

46 JPMORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2015

J.P. Morgan Exchange-Traded Funds are distributed by SEI Investments Distribution Co. (One Freedom Valley Dr., Oaks, PA 19456), which is not affiliated with JPMorgan Chase & Co. or any of its affiliates.

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 mutual fund before investing. The prospectus contains this and other information about the mutual 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.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-844-457-6383 or 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 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.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2015.  All rights reserved. February 2015. AN-ETF-1014

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 12(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.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.   PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time

periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

J.P. Morgan Exchange-Traded Fund Trust

By:	/s/ Robert F. Deutsch
	Robert F. Deutsch
	President and Principal Executive Officer
	July 6, 2015

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/ Robert F. Deutsch
	Robert F. Deutsch
	President and Principal Executive Officer
	July 6, 2015
By:	/s/ Paul E. Shield
	Paul E. Shield
	Treasurer and Principal Financial Officer
	July 6, 2015