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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22903

J.P. Morgan Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

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
1111 Polaris Parkway		1095 Avenue of the Americas
Columbus, OH 43240		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, 2015 through October 31, 2016

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).

Annual Report

JPMorgan Exchange-Traded Funds

October 31, 2016

JPMorgan Diversified Return Emerging Markets Equity ETF

JPMorgan Diversified Return Europe Currency Hedged ETF

JPMorgan Diversified Return Europe Equity ETF

JPMorgan Diversified Return Global Equity ETF

JPMorgan Diversified Return International Currency Hedged ETF

JPMorgan Diversified Return International Equity ETF

JPMorgan Diversified Return U.S. Equity ETF

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

CONTENTS



President’s Letter			1

Fund Commentaries:

JPMorgan Diversified Return Emerging Markets Equity ETF			2

JPMorgan Diversified Return Europe Currency Hedged ETF			5

JPMorgan Diversified Return Europe Equity ETF			7

JPMorgan Diversified Return Global Equity ETF			10

JPMorgan Diversified Return International Currency Hedged ETF			13

JPMorgan Diversified Return International Equity ETF			15

JPMorgan Diversified Return U.S. Equity ETF			18

JPMorgan Diversified Return U.S. Mid Cap Equity ETF			21

Schedules of Portfolio Investments			24

Financial Statements			71

Notes to Financial Statements			84

Report of Independent Registered Public Accounting Firm			100

Supplemental Information			101

Trustees			102

Officers			103

Schedule of Shareholder Expenses			104

Tax Letter			105

Board Approval of Initial Investment Advisory Agreement			106

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

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

PRESIDENT’S LETTER

OCTOBER 31, 2016 (Unaudited)

Dear Shareholders,

I am pleased to report that all of our J.P. Morgan Exchange-Traded Funds met their objectives this past year, with returns closely corresponding to those of their diversified factor benchmarks, after fees and expenses. Three of the four funds with track records of one year or more — JPMorgan Diversified Return Global Equity (JPGE), JPMorgan Diversified Return International Equity (JPIN) and JPMorgan Diversified Return U.S. Equity (JPUS) — outperformed their corresponding capitalization-weighted indexes. The fourth, Diversified Return Emerging Markets Equity (JPEM), lagged behind its market capitalization-weighted index by less than 0.25% but still had double-digit returns. The potential benefits of our approach have gained industrywide recognition. Fund Action named our Diversified Return Global Equity ETF (JPGE) as the “Most Innovative Equity ETF.”¹ Perhaps even more gratifying is the confidence ETF investors have placed in us. Cogent Reports’ 2016 Advisor Brandscape ranked us among the most trusted ETF providers.² We believe the honor acknowledges an integrity that has endured since our firm’s founding, and it underscores our foremost commitment to our clients. In another confirmation of the appeal of our investment approach, our suite of ETFs reached a milestone of $1 billion in assets under management in early December.

LOGO

“The potential benefits of our approach have gained industrywide recognition.”

- Robert F. Deutsch

Investment implications of an unprecedented election

Over the past year coming into the fall’s U.S. presidential election, many professional economists looked on the economy as a healthy tortoise — fundamentally sound despite its gradual pace — not the sickly hare that worried markets even as stock valuations climbed. The unexpected election result has upset the economists’ relatively confident calculations. Consensus has given way to uncertainty.

Will the fiscal stimulus and tax reform that the incoming administration has talked about become the law of the land? If so, will they revive the hare or induce inflationary fever in the tortoise? Questions so basic about the direction of policy and the economic shifts it might imply almost inevitably invite periods of market volatility.

A steady course for the road ahead

We have built our “smart beta” ETFs to provide a smoother ride during volatile periods and to diversify unrewarded risks. The multi-factor stock selection process for J.P. Morgan ETFs’ underlying indexes seeks to identify stocks that exhibit the factors that drive returns, such as momentum or mispriced valuation. We have combined these factors into our suite of ETFs which are geared to avoid cyclical movement in asset prices. To continue our example, if mispriced stocks underperform, we might expect the market to favor momentum exposures of the ETF’s underlying index.

The same kind of systematic diversification informs our technique for handling risk. By maintaining a neutral risk weighting across economic sectors. The ETF underlying indexes seek to avoid a concentration in overvalued segments of the market, which we believe is the primary flaw in traditional equity index funds.

We are grateful for your belief in our firm and its process. We have extended our range of factor-based ETF investments in recent months with the JPMorgan Diversified Return U.S. Mid Cap Equity ETF (JPME) and an active ETF, the JPMorgan Diversified Alternatives ETF (JPHF). We believe JPHF bears especially close watching.³ We feel this new ETF can take portfolio diversification, one of the most valued features of our ETFs, to the next level.

If you have any questions, please visit www.jpmorganetfs.com or call J.P. Morgan Exchange Traded Funds at 1-844-457-6383.

Sincerely yours,

LOGO

Robert F. Deutsch

President, J.P. Morgan Exchange Traded Funds

J.P. Morgan Asset Management

Fund Action ETF US Performance Awards 2016: The ETF awards are judged based on performance and/or asset flows over a 12 month period ending in September 2015. Data from earlier periods can be used to provide context, but will not be central to the judging decision. As well as performance data, judges will also consider the management firm’s and fund’s reputation in the market place — will give credit to managers who have shown innovation in new products and fee offerings, etc. Only Funds with their management/advisory company or team based in the U.S. or Canada are eligible for the awards. The awards will only be given to those firms who can demonstrate solid performance, positive asset flows and real credibility among advisors and investors. There is no minimum asset size required for any category. Past performance is not a guarantee of future performance.

²	Cogent Reports conducted an online survey with 1,460 financial advisors from January to March of 2016. In order to qualify, respondents were

required to have an active book of business of at least $5 million and offer investment advice or planning services to individual investors on a fee or transactional basis. Cogent Reports set quota targets and weighted the data to be representative of the overall advisor universe using the Discovery Data Financial Services Industry database as a sample source. The survey results were published in June 2016. Past performance is not a guarantee of future performance.

Diversification does not guarantee returns or eliminate the risk of loss. There is no guarantee the Fund will meet its investment objective. JPMorgan Diversified Alternatives ETF is actively managed and will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs and the possibility of increased capital gains. Alternative investments and strategies involve higher risks than traditional investments and are not suitable for all investors.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	1

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

FOR THE YEAR ENDED OCTOBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Emerging Markets Equity ETF *		11.02%
Market Price**		11.63%
FTSE Emerging Diversified Factor Index (net of foreign withholding taxes)		11.92%
FTSE Emerging Index (net of foreign withholding taxes)		11.25%
Morgan Stanley Capital International (MSCI) Emerging Markets Index (net of foreign withholding taxes)		9.27%

Net Assets as of 10/31/2016	$	43,809,461

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, diversified across emerging market regions and super-sectors. The Underlying Index uses a proprietary multi-factor stock selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE MARKET PERFORM?

During the reporting period, the recovery in emerging market equity prices this year was supported on many fronts: an improving growth outlook, a strong rebound in many emerging market currencies and the first signs of upgrades to corporate earnings estimates in years. For the twelve months ended October 31, 2016, the MSCI Emerging Markets Index returned 9.27%.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the twelve months ended October 31, 2016, and had a performance deviation of -0.90% from the Underlying Index. 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 deviations from the Underlying Index were related to issues around local market access in certain countries, differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund, and fees and operating expenses incurred by the Fund.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations of assets were to China/India and North Asia (Taiwan) and the smallest allocations were to the Europe/Middle East and Africa and Latin America. In terms of sectors, the Fund’s and Underlying Index’s largest weightings were in the financials and industrials sectors, while the smallest weightings were in the defensives and commodities sectors.



2	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	iShares MSCI India ETF	8.6	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd.	3.2
	3.	Tencent Holdings Ltd.	3.0
	4.	China Mobile Ltd.	2.8
	5.	Hon Hai Precision Industry Co., Ltd.	2.0
	6.	Ambev S.A.	1.5
	7.	China Construction Bank Corp.	1.3
	8.	Telekomunikasi Indonesia Persero Tbk PT	1.3
	9.	Itau Unibanco Holding S.A.	1.1
	10.	Banco Bradesco S.A.	1.0


PORTFOLIO COMPOSITION BY COUNTRY****
Taiwan	19.9	%
China	19.0
Brazil	12.2
India	8.6
South Africa	7.2
Indonesia	5.8
Thailand	5.7
Russia	5.4
Malaysia	4.5
Philippines	2.2
Mexico	2.2
Turkey	1.5
United Arab Emirates	1.5
Poland	1.3
Chile	1.2
Other (each less than 1%)	1.8

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 $48.68 as of October 31, 2016.

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 $48.98 as of October 31, 2016.

***

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

****

Percentages indicated are based on total investments as of October 31, 2016. The Fund’s composition is subject to change.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

FOR THE YEAR ENDED OCTOBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		1/07/2015		11.02	%		0.23	%
Market Price				11.63	%		0.59	%

LIFE OF FUND PERFORMANCE (1/07/15 TO 10/31/16)

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

Fund commenced operations on 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 October 31, 2016. 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 has been adjusted to reflect reinvestment of all dividends and capital gain distributions 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 adviser and its holdings are selected by the index provider primarily from the constituents of the FTSE Emerging Index. The FTSE Emerging Index is a market-capitalization weighted index and is part of the FTSE Global Equity

Index Series. The series includes large and mid cap securities from advanced and secondary emerging markets, classified in accordance with FTSE’s transparent Country Classification Review Process. The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. FTSE International Limited is the index provider for the two FTSE indexes. 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 or sale of Fund shares.

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

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	OCTOBER 31, 2016

JPMorgan Diversified Return Europe Currency Hedged ETF

FUND COMMENTARY

FOR THE PERIOD APRIL 1, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Currency Hedged ETF*		5.96%
Market Price**		6.08%
FTSE Developed Europe Diversified Factor 100% Hedged to USD Index (net of foreign withholding taxes)		6.89%
FTSE Developed Europe Diversified Factor Index (net of foreign withholding taxes)		-0.73%
FTSE Developed Europe Index (net of foreign withholding taxes)		0.75%

Net Assets as of 10/31/2016	$	26,483,268

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return Europe Currency Hedged ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the FTSE Developed Europe Diversified Factor 100% Hedged to USD Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large and mid-cap equity securities in Europe, diversified across industries and international regions. The Underlying Index uses a proprietary multifactor selection process that measures the following characteristics: valuation, momentum and quality. The Underlying Index methodology includes quarterly rebalancing. In addition to reflecting European stock performance, the Underlying Index attempts to minimize the impact of exchange rate fluctuations by hedging out European currency exposure on a monthly basis.

HOW DID THE MARKET PERFORM?

Global financial markets generally weathered a sharp sell-off and rebounded to provide positive returns over the reporting period amid continued economic stimulus from leading central banks. Markets appeared to absorb the Federal Reserve’s December 2015 interest rate increase — the first in a decade — with little disruption. Investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities in particular experienced a brief but significant rise in prices. However, British voters confounded the expectations of some at the end of June 2016 and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided. Notably, crude oil prices reached 15-month highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the period from the Fund’s inception, April 1, 2016 to October 31, 2016.

During the period, the Fund’s performance deviated by -0.93% from the Underlying Index. The Fund and the Underlying Index outperformed the FTSE Developed Europe Diversified Factor Index, which is composed of large and mid-cap equity securities in Europe, diversified across industries and international regions and contains no currency hedge. The Fund also outperformed the FTSE Developed Europe Index, which is a more traditional market capitalization weighted index.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in performance relative to the Underlying Index were not significant. The majority of the Fund’s deviation against the Underlying Index was due to 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?

By seeking to track the Underlying Index, the Fund seeks to deliver risk-adjusted returns by avoiding undue concentrations of risk that tend to characterize more traditional market-capitalization weighted indexes. The Underlying Index’s weightings are structured to distribute risk evenly across 10 economic sectors. A multi-factor stock screen is then used to identify the most attractive stocks in each sector of the Underlying Index, while avoiding the least attractive stocks. During the reporting period, the Fund’s largest country weightings were in the U.K., France and Germany, while its smallest positions were in Ireland, Portugal and Austria. The Fund’s largest average sector weightings were in the consumer goods, health care and consumer services sectors, while its smallest average positions were in the oil & gas, financials and basic materials sectors.

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 is 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 $26.52 as of October 31, 2016.

***

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



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Diversified Return Europe Currency Hedged ETF

FUND COMMENTARY

FOR THE PERIOD APRIL 1, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Return Europe Currency Hedged ETF
Net Asset Value		4/01/2016		5.96	%
Market Price				6.08	%

LIFE OF FUND PERFORMANCE (4/01/16 TO 10/31/16)

Fund commenced operations on April 1, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Currency Hedged ETF, the FTSE Developed Europe Diversified Factor 100% Hedged to USD Index, the FTSE Developed Europe Diversified Factor Index, and the FTSE Developed Europe Index from April 1, 2016 to October 31, 2016. 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 Europe Diversified Factor 100% Hedged to USD Index, the FTSE Developed Europe Diversified Factor Index, and the FTSE Developed Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The FTSE Developed Europe Diversified Factor 100% Hedged to USD Index and the FTSE Developed Europe Diversified Factor Index are indexes comprised of equity securities from developed Europe markets selected to represent a diversified set of factor characteristics, originally developed by the adviser, and

the equity holdings of both indexes are selected by the index provider primarily from the constituents of the FTSE Developed Europe Index. The FTSE Developed Europe Diversified Factor 100% Hedged to USD Index represents European stock performance with the foreign currency risk of the index securities hedged against the U.S. dollar on a monthly basis. These two indexes include large and mid cap stocks providing coverage of developed European markets. FTSE Developed Europe Index is a market-capitalization weighted index representing the performance of large and mid cap companies in developed European markets. FTSE International Limited is the index provider for the three indexes. Investors cannot invest directly in an index.



6	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

FOR THE PERIOD DECEMBER 18, 2015 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Equity ETF *		-0.23%
Market Price**		-0.09%
FTSE Developed Europe Diversified Factor Index (net of foreign withholding taxes)		-0.38%
FTSE Developed Europe Index (net of foreign withholding taxes)		-1.93%
Morgan Stanley Capital International (MSCI) Europe Index (net of foreign withholding taxes)		-1.81%

Net Assets as of 10/31/2016	$	59,859,633

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large-cap and mid-cap equity securities in Europe, diversified across industries. The Underlying Index uses a proprietary multifactor security selection process that measures the following characteristics: valuation, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE MARKET PERFORM?

Global financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the reporting period amid continued economic stimulus from leading central banks. Markets appeared to absorb the Federal Reserve’s December 2015 interest rate increase – the first in a decade – with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the period from the Fund’s inception, December 18, 2015 to

October 31, 2016. During the period, the Fund outperformed the Underlying Index. The Fund and the Underlying Index outperformed the FTSE Developed Europe Index and the MSCI Europe Index, which are more traditional market capitalization weighted indexes.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in performance relative to the Underlying Index were not significant and mostly attributable to differences in the end of the trading day for the Fund (New York City) and the Underlying Index (London). The majority of the Fund’s deviation against the Underlying Index was due to 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.

Relative to market-cap weighted indexes, the Fund’s and Underlying Index’s sector allocations contributed to performance, most notably from an underweight position in the financials sector. The Fund and its Underlying Index also saw positive returns from the combination of the multi-factor screening and equal stock weighting approach, again most prominently in the financials sector.

HOW WAS THE FUND POSITIONED?

By seeking to track the Underlying Index, the Fund seeks to deliver superior risk-adjusted returns by avoiding undue concentrations of risk that tend to characterize more traditional market-cap weighted indexes. The Underlying Index’s weightings are structured to distribute risk evenly across 10 economic sectors. A multi-factor stock screen was then used to identify the most attractive stocks in each sector based on these factors, while avoiding the least attractive stocks. During the reporting period, the Fund’s largest country weightings were in the U.K., France and Germany, while its smallest positions were in Ireland, Portugal and Austria. The Fund’s largest average sector weightings were in the consumer goods, health care and consumer services sectors, while its smallest average positions were in the oil & gas, financials and basic materials sectors.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

FOR THE PERIOD DECEMBER 18, 2015 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	SAP SE	2.6	%
	2.	Vodafone Group plc	2.1
	3.	Iberdrola S.A.	2.1
	4.	Novartis AG	1.9
	5.	GlaxoSmithKline plc	1.9
	6.	Swisscom AG	1.7
	7.	Roche Holding AG	1.6
	8.	TOTAL S.A.	1.3
	9.	British American Tobacco plc	1.3
	10.	Royal Dutch Shell plc	1.3


PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	25.5	%
France	14.0
Germany	13.7
Switzerland	11.4
Spain	7.1
Sweden	6.0
Finland	5.0
Netherlands	4.9
Denmark	2.9
Norway	2.7
Italy	2.1
Belgium	2.1
Other (each less than 1%)	2.6

***

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

****

Percentages indicated are based on total investments as of October 31, 2016. The Fund’s composition is subject to change.



8	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value		12/18/2015		-0.23	%
Market Price				-0.09	%

LIFE OF FUND PERFORMANCE (12/18/15 TO 10/31/16)

Fund commenced operations on December 18, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Equity ETF, the FTSE Developed Europe Diversified Factor Index, the FTSE Developed Europe Index, and the MSCI Europe Index from December 18, 2015 to October 31, 2016. 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 Europe Diversified Factor Index, the FTSE Developed Europe Index, and the MSCI Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The FTSE Developed Europe Diversified Factor Index is an index comprised of equity securities from the developed Europe market selected to represent a diversified set of factor characteristics, originally developed by the adviser, and its equity holdings are selected by the index provider primarily from the constituents of the FTSE Developed Europe Index. The FTSE Developed Europe Diversified Factor Index includes large and mid-cap stocks providing coverage of developed European

markets. The FTSE Developed Europe Index is a market-capitalization weighted index representing the performance of large and mid-cap companies in developed European markets. FTSE International Limited is the index provider for these two indexes. The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The MSCI Europe Index consists of the following 15 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Investors cannot invest directly in an index.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

FOR THE YEAR ENDED OCTOBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Global Equity ETF*		4.31%
Market Price**		4.44%
FTSE Developed Diversified Factor Index (net of foreign withholding taxes)		4.16%
FTSE Developed Index (net of foreign withholding taxes)		1.29%
Morgan Stanley Capital International (MSCI) World Index (net of foreign withholding taxes)		1.18%

Net Assets as of 10/31/2016	$	77,556,933

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return Global Equity ETF (the “Fund”) seeks to achieve 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 provides exposure to large and mid-cap equity securities in developed global markets, diversified across global regions and industries. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: valuation, momentum, volatility and market capitalization. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE MARKET PERFORM?

Global financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Markets appeared to absorb the Federal Reserve’s December 2015 interest rate increase — the first in a decade — with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities in particular experienced a brief but significant rise in prices. However, British voters confounded the expectations of some at the end of June 2016 and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided and the S&P 500 Index reached three new closing highs in August 2016.

Notably, crude oil prices reached 15-month highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2016, the Fund posted a positive absolute performance and experienced a performance deviation of 0.15% relative to the Underlying Index.

On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and industrials sectors were leading contributors to performance for the twelve month reporting period, while their positions in the consumer services and the financials sectors were the sole detractors 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 and the Underlying Index’s largest allocation of assets was to North American markets — particularly the U.S. — with smaller allocations to Asia, Europe and Japan. In terms of sectors, the Fund’s and the Underlying Index’s largest average weighting were in the consumer goods, consumer services and health care sectors, while the smallest weightings were in the oil & gas, basic materials and telecommunications sectors.



10	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Samsung Electronics Co., Ltd.	0.5	%
	2.	Toyota Motor Corp.	0.5
	3.	CK Hutchison Holdings Ltd.	0.5
	4.	CSL Ltd.	0.5
	5.	Wesfarmers Ltd.	0.4
	6.	SK Hynix, Inc.	0.4
	7.	NAVER Corp.	0.4
	8.	Hyundai Mobis Co., Ltd.	0.4
	9.	Singapore Telecommunications Ltd.	0.4
	10.	KDDI Corp.	0.4


PORTFOLIO COMPOSITION BY COUNTRY****
United States	25.6	%
Japan	24.5
South Korea	9.1
Australia	8.4
France	4.2
Hong Kong	3.9
United Kingdom	3.1
Germany	3.0
Canada	2.9
Sweden	2.6
Singapore	2.2
Switzerland	2.0
Spain	1.9
Netherlands	1.4
Other (each less than 1.0%)	5.2

***

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

****

Percentages indicated are based on total investments as of October 31, 2016. The Fund’s composition is subject to change.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

FOR THE YEAR ENDED OCTOBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return Global Equity ETF
Net Asset Value		6/16/2014		4.31	%		2.53	%
Market Price				4.44	%		2.70	%

LIFE OF FUND PERFORMANCE (6/16/14 TO 10/31/16)

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 October 31, 2016. 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 Index and the MSCI World Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The 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 adviser and its holdings are selected by the index provider primarily from the constituents of the FTSE Developed Index. The FTSE Developed 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 (GEIS), which covers 98% of the world’s investable market capitalization. FTSE International Limited is the index provider for the two indexes. 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.



12	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

FOR THE PERIOD APRIL 1, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Currency Hedged ETF *		5.28%
Market Price**		5.36%
FTSE Developed ex North America Diversified Factor 100% Hedged to USD Index (net of foreign withholding taxes)		6.21%
FTSE Developed ex North America Diversified Factor Index (net of foreign withholding taxes)		3.18%
FTSE Developed ex North America Index (net of foreign withholding taxes)		5.33%

Net Assets as of 10/31/2016	$	26,316,114

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return International Currency Hedged 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 100% Hedged to USD Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large- and mid-cap equity securities in developed markets outside North America. The Underlying Index uses a proprietary multi-factor selection process that measures the following characteristics: valuation, momentum, volatility and market capitalization. In addition to reflecting international stock performance, the Underlying Index attempts to minimize the impact of exchange rate fluctuations by hedging currency exposure against the U.S. dollar on a monthly basis.

HOW DID THE MARKET PERFORM?

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the period from Fund’s inception, April 1, 2016 to October 31, 2016. In terms of relative performance, the Fund’s performance deviated from the Underlying Index by -0.93%. While the Fund and the Underlying Index outperformed the FTSE Developed ex North America Diversified Factor Index. Relative to the FTSE Developed ex North America Index, the Fund underperformed and the Underlying Index outperformed.

Because the Fund’s holdings closely aligned with those of the Underlying Index, variances in relative performance to the Underlying Index were not significant. The majority of the Fund’s deviation against the Underlying Index was due to 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?

By seeking to track the Underlying Index, the Fund seeks to deliver superior risk-adjusted returns by avoiding undue concentrations of risk that tend to characterize more traditional market-capitalization weighted indexes. The Underlying Index’s weightings are structured to distribute risk evenly across ten economic sectors and four regional sectors. A multi-factor stock screen is then used to identify the most attractive stocks in each sector of the Underlying Index, while avoiding the least attractive stocks. The Fund’s largest average weighted positions were in the health care, consumer goods and consumer services sectors, while the smallest averaged weighted positions were in the oil & gas, basic materials and technology sectors.

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 $26.34 as of October 31, 2016.

***

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



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

FOR THE PERIOD APRIL 1, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Return International Currency Hedged ETF
Net Asset Value		4/01/2016		5.28	%
Market Price				5.36	%

LIFE OF FUND PERFORMANCE (4/01/16 TO 10/31/16)

Fund commenced operations on April 1, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Currency Hedged ETF, the FTSE Developed ex North America Diversified Factor 100% Hedged to USD Index, the FTSE Developed ex North America Diversified Factor Index, and the FTSE Developed ex North America Index from April 1, 2016 to October 31, 2016. 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 100% Hedged to USD Index, the FTSE Developed ex North America Diversified Factor Index, and the FTSE Developed ex North America Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The FTSE Developed ex North America Diversified Factor 100% Hedged to USD Index and the FTSE Developed ex North America Diversified Factor Index are indexes comprised of equity securities from developed global markets (excluding North America) selected to represent a diversified set of factor characteristics, originally developed by the adviser, and the equity holdings of both indexes are selected by the index provider primarily from the constituents of the FTSE Developed ex North America

Index. The FTSE Developed ex North America Diversified Factor 100% Hedged to USD Index represents international stock performance with the foreign currency risk of the index securities hedged against the U.S. dollar on a monthly basis. These two indexes include large and mid-cap stocks providing coverage of developed markets outside of North America. The FTSE Developed ex North America Index a market-capitalization weighted index representing the performance of large and mid-cap companies in developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. FTSE International Limited is the index provider for the three indexes. Investors cannot invest directly in an index.



14	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

FOR THE YEAR ENDED OCTOBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Equity ETF *		-0.15%
Market Price**		0.41%
FTSE Developed ex North America Diversified Factor Index (net of foreign withholding taxes)		-0.15%
FTSE Developed ex North America Index (net of foreign withholding taxes)		-2.55%
Morgan Stanley Capital International (MSCI) EAFE Index (net of foreign withholding taxes)		-3.23%

Net Assets as of 10/31/2016	$	470,042,716

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 is composed of large cap and mid cap equity securities in developed markets outside North America, diversified across sectors and international regions. The Underlying Index uses a proprietary multi-factor selection process that measures the following characteristics: valuation, momentum, volatility and specific market capitalization. The Underlying Index methodology includes quarterly rebalancing and liquidity screens.

HOW DID THE MARKET PERFORM?

Global financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Markets appeared to absorb the Federal Reserve’s December 2015 interest rate increase — the first in a decade — with little disruption. However, investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the twelve months ended October 31, 2016. During the period, the Fund experienced no significant performance deviation from the performance of the Underlying Index. The Fund and the Underlying Index outperformed the MSCI EAFE Index and the FTSE Developed ex-North America Index, which are more traditional market capitalization weighted indexes.

The Fund’s and the Underlying Index’s positions in the financials and utilities sectors were leading detractors from absolute performance, while the Fund’s and the Underlying Index’s positions in the technology sector and the oil & gas sector were leading contributors to absolute performance.

Relative to FTSE Developed ex-North America (the “market-cap weighted index”), the Underlying Index’s multi-factor filter contributed to performance across most regions, especially continental Europe and Japan, as did the health care, telecommunications, and consumer services sectors. The Fund’s and Underlying Index’s risk weighting also contributed to performance relative to the market-cap weighted index, particularly driven by a structural underweight to the financials sector and an overweight to the oil & gas sector. Regionally, a significant underweight to continental Europe contributed to performance. Detractors during the same period include the multi-factor filter in the U.K. From a sector standpoint, the Fund’s and the Underlying Index’s overweight to the utilities sector and the multi-factor filter in the industrials sector detracted from performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the largest average sector weightings for the Fund and the Underlying Index were in the health care, consumer goods and consumer services sectors, while the smallest sector weightings were in the oil & gas, basic materials and technology sectors. The largest average regional weighting was in the Asia Pacific, excluding Japan, while the smallest weighting was in the U.K.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

FOR THE YEAR ENDED OCTOBER 31, 2016 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	BP plc	0.8	%
	2.	Royal Dutch Shell plc, Class A	0.8
	3.	GlaxoSmithKline plc	0.7
	4.	Vodafone Group plc	0.6
	5.	Samsung Electronics Co., Ltd.	0.6
	6.	AstraZeneca plc	0.6
	7.	Reckitt Benckiser Group plc	0.5
	8.	Hitachi High-Technologies Corp.	0.5
	9.	Imperial Brands plc	0.5
	10.	National Grid plc	0.5


PORTFOLIO COMPOSITION BY COUNTRY****
Japan	26.9	%
United Kingdom	19.3
South Korea	9.4
Australia	8.6
Hong Kong	5.4
France	5.0
Germany	4.1
Singapore	2.8
Sweden	2.8
Netherlands	2.4
Spain	2.4
Switzerland	2.0
Finland	1.8
Denmark	1.4
Italy	1.1
Belgium	1.1
Other (each less than 1%)	3.5

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 is 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 $50.17 as of October 31, 2016.

***

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

****

Percentages indicated are based on total investments as of October 31, 2016. The Fund’s composition is subject to change.



16	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		11/05/2014		-0.15	%		1.24	%
Market Price				0.41	%		1.41	%

LIFE OF FUND PERFORMANCE (11/05/14 TO 10/31/16)

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 October 31, 2016. 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 has been adjusted to reflect reinvestment of all dividends and capital gain distributions 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 adviser and its holdings are selected by the index provider primarily from the constituents of the FTSE Developed ex North American Index. The

FTSE Developed ex North America Index is a market-capitalization weighted index representing the performance of large and mid cap stocks in developed markets, excluding the U.S. and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. FTSE International Limited is the index provider for the two indexes. 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.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

FOR THE YEAR ENDED OCTOBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Equity ETF*		5.92%
Market Price**		5.90%
Russell 1000 Diversified Factor Index		6.32%
Russell 1000 Index		4.26%

Net Assets as of 10/31/2016	$	125,538,258

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return U.S. Equity ETF (the “Fund”) seeks to achieve investment results that closely correspond, before fees and expenses, to the performance of the Russell 1000 Diversified Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities in the U.S. The Underlying Index uses a rules-based proprietary multi-factor selection process that utilizes the following characteristics: valuation, momentum and quality. The Underlying Index security selection process then seeks to exclude the least attractive stocks based on these characteristics. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE MARKET PERFORM?

U.S. financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Markets appeared to absorb the Federal Reserve’s December 2015 interest rate increase — the first in a decade — with little disruption. However, investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities, in particular, experienced a brief but significant rise in prices. However, British voters confounded the expectations of some at the end of June 2016 and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided and

the S&P 500 Index reached three new closing highs in August 2016. Notably, crude oil prices reached 15-month highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories. For the twelve months ended October 31, 2016, the Russell 1000 Index returned 4.26%.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance but experienced a performance deviation of -0.40% relative to the Underlying Index for the twelve months ended October 31, 2016.

On an absolute basis, the Fund’s and the Underlying Index’s positions in the telecommunications and utilities sector and in the oil and gas and basic materials sector were leading contributors to performance for the twelve month period, while the Fund’s and Underlying Index’s position in the consumer goods and financials sectors were leading detractors from absolute 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 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 and the Underlying Index’s largest weightings were in the consumer goods sector and the telecommunications and utilities sector and the smallest weightings were in the oil, gas and basic materials sector and the financials sector.



18	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	DTE Energy Co.	0.7	%
	2.	C.R. Bard, Inc.	0.6
	3.	NextEra Energy, Inc.	0.6
	4.	Exelon Corp.	0.6
	5.	SCANA Corp.	0.6
	6.	PPL Corp.	0.6
	7.	Southern Co. (The)	0.6
	8.	Duke Energy Corp.	0.6
	9.	Edison International, Inc.	0.6
	10.	WEC Energy Group, Inc.	0.6


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	16.1	%
Information Technology	14.2
Health Care	14.1
Utilities	13.5
Consumer Staples	12.1
Industrials	8.5
Financials	6.7
Materials	5.3
Energy	4.2
Real Estate	2.7
Short-Term Investment	1.3
Telecommunication Services	1.3

***

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

****

Percentages indicated are based on total investments as of October 31, 2016. The Fund’s composition is subject to change.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

FOR THE YEAR ENDED OCTOBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE		1 Year			SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		9/29/2015		5.92	%		13.44	%
Market Price				5.90	%		13.47	%

LIFE OF FUND PERFORMANCE (9/29/15 TO 10/31/16)

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 September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the Russell 1000 Diversified Factor Index, and the Russell 1000 Index from September 29, 2015 to October 31, 2016. 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 Russell 1000 Diversified Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

Index, if applicable. The Russell 1000 Diversified Factor Index is an index comprised of U.S. equity securities selected to represent a diversified set of factor characteristics, originally developed by the adviser and its holdings are selected by the index provider primarily from the constituents of the Russell 1000 Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



20	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD MAY 11, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Mid Cap Equity ETF *		3.30%
Market Price**		3.28%
Russell Midcap Diversified Factor Index		3.50%
Russell Midcap Index		3.69%

Net Assets as of 10/31/2016	$	36,153,888

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks mid cap equity securities in the U.S. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: relative valuation, momentum and quality. The Underlying Index security selection process then seeks to exclude the least attractive stocks based on these characteristics. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE MARKET PERFORM?

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities in particular experienced a brief but significant rise in prices. However, British voters confounded the expectations of some at the end of June 2016 and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided and the S&P 500 Index reached three new closing highs in August 2016. Notably, crude oil prices reached 15-month highs in October

2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance and experienced a performance deviation of -0.20% relative to the Underlying Index for the period from the Fund’s inception, May 11, 2016 to October 31, 2016.

The Fund’s and the Underlying Index’s positions in the consumer goods and financials sectors were leading detractors from absolute performance. The Fund’s and the Underlying Index’s positions oil & gas & basic materials sector and in the technology sector were leading contributors to absolute performance during the reporting period.

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 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 and the Underlying Index’s largest weightings were in the consumer discretionary and information technologies sectors and the smallest weightings were in the energy and real estate sectors.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD MAY 11, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	UGI Corp.	0.6	%
	2.	Great Plains Energy, Inc.	0.6
	3.	Westar Energy, Inc.	0.6
	4.	Alliant Energy Corp.	0.6
	5.	ONEOK, Inc.	0.6
	6.	PPL Corp.	0.6
	7.	American Water Works Co., Inc.	0.6
	8.	NiSource, Inc.	0.6
	9.	Sempra Energy	0.5
	10.	Ameren Corp.	0.5


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	16.1	%
Information Technology	14.5
Utilities	12.9
Industrials	11.6
Health Care	11.6
Financials	8.7
Consumer Staples	7.2
Materials	6.4
Real Estate	5.5
Energy	3.6
Short-Term Investment	1.7
Telecommunication Services	0.2

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 $51.64 as of October 31, 2016.

***

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

****

Percentages indicated are based on total investments as of October 31, 2016. The Fund’s composition is subject to change.



22	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		5/11/2016		3.30	%
Market Price				3.28	%

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

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 May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, the Russell Midcap Diversified Factor Index, and the Russell Midcap Index from May 11, 2016 to October 31, 2016. 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 Russell Midcap Diversified Factor Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Russell Midcap Diversified Factor Index is an index comprised of U.S. equity securities selected to represent a diversified set of factor characteristics, originally developed by the adviser and its holdings are selected by the index provider primarily from the constituents of the Russell Midcap Index. The Russell Midcap Index is a market-capitalization weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 86.1%
		Brazil — 7.7%
	4,009	AES Tiete Energia S.A.		20,836
	107,824	Ambev S.A.		636,067
	10,680	Banco do Brasil S.A.		98,168
	6,490	Banco Santander Brasil S.A.		53,575
	7,471	BB Seguridade Participacoes S.A.		74,897
	21,502	BM&F Bovespa S.A. — Bolsa de Valores Mercadorias e Futuros		126,304
	7,454	BR Malls Participacoes S.A.		29,797
	15,434	CCR S.A.		84,036
	3,133	CETIP S.A. — Mercados Organizados		44,041
	8,499	Cia de Saneamento Basico do Estado de Sao Paulo		89,729
	10,835	Cia Siderurgica Nacional S.A. (a)		36,456
	13,684	Cielo S.A.		139,112
	2,428	Cosan S.A. Industria e Comercio		32,488
	7,778	CPFL Energia S.A.		59,017
	7,541	EDP — Energias do Brasil S.A.		36,122
	5,194	Engie Brasil Energia S.A.		66,536
	4,843	Equatorial Energia S.A.		86,103
	6,598	Estacio Participacoes S.A.		38,488
	4,451	Grupo BTG Pactual		22,757
	8,387	Hypermarcas S.A.		70,233
	15,695	JBS S.A.		47,793
	9,786	Klabin S.A.		50,402
	35,372	Kroton Educacional S.A.		176,084
	5,840	Localiza Rent a Car S.A.		72,799
	1,208	M Dias Branco S.A.		51,537
	900	Multiplan Empreendimentos Imobiliarios S.A.		18,104
	1,071	Multiplus S.A.		14,575
	3,778	Natura Cosmeticos S.A.		36,597
	6,700	Odontoprev S.A.		25,188
	58,855	Petroleo Brasileiro S.A. (a)		344,058
	1,377	Porto Seguro S.A.		13,132
	9,943	Raia Drogasil S.A.		221,319
	1,037	Sao Martinho S.A.		20,730
	1,162	Smiles S.A.		21,260
	3,438	Sul America S.A.		20,981
	2,355	TOTVS S.A.		21,396
	2,358	Transmissora Alianca de Energia Eletrica S.A.		15,218
	9,641	Ultrapar Participacoes S.A.		219,218
	20,863	Vale S.A.		144,577

				3,379,730

		Chile — 1.1%
	72,264	Aguas Andinas S.A., Class A		47,646
	352,704	Banco de Chile		41,981


SHARES		SECURITY DESCRIPTION	VALUE($)

		Chile — continued
	634	Banco de Credito e Inversiones		32,586
	880,398	Banco Santander Chile		49,262
	26,296	Cencosud S.A.		85,725
	177,930	Colbun S.A.		38,764
	506,063	Enersis Americas S.A.		85,715
	2,264,697	Itau CorpBanca		20,587
	11,315	SACI Falabella		88,847

				491,113

		China — 18.9%
	6,000	Agile Property Holdings Ltd.		3,326
	219,000	Agricultural Bank of China Ltd., Class H		92,127
	32,000	Air China Ltd., Class H		21,025
	50,000	Aluminum Corp of China Ltd., Class H (a)		18,571
	14,500	Anhui Conch Cement Co., Ltd., Class H		40,077
	16,000	ANTA Sports Products Ltd.		46,141
	38,000	AviChina Industry & Technology Co., Ltd., Class H		25,788
	23,000	BAIC Motor Corp., Ltd., Class H (f)		24,120
	641,000	Bank of China Ltd., Class H		287,245
	65,000	Bank of Communications Co., Ltd., Class H		49,405
	36,000	BBMG Corp., Class H		13,140
	20,000	Beijing Capital International Airport Co., Ltd., Class H		20,932
	6,000	Beijing Enterprises Holdings Ltd.		29,987
	78,000	Beijing Enterprises Water Group Ltd.		56,421
	36,000	Beijing Jingneng Clean Energy Co., Ltd., Class H		10,919
	116,000	Belle International Holdings Ltd.		70,050
	1,500	Biostime International Holdings Ltd.		3,680
	50,000	Brilliance China Automotive Holdings Ltd.		59,475
	12,500	BYD Co., Ltd., Class H (a)		82,292
	201,000	CGN Power Co., Ltd., Class H (f)		58,682
	70,000	China Cinda Asset Management Co., Ltd., Class H		25,148
	63,000	China CITIC Bank Corp., Ltd., Class H		40,631
	25,000	China Coal Energy Co., Ltd., Class H (a)		14,153
	57,000	China Communications Construction Co., Ltd., Class H		62,589
	36,000	China Communications Services Corp., Ltd., Class H		21,360
	17,000	China Conch Venture Holdings Ltd.		31,736
	776,000	China Construction Bank Corp., Class H		566,672
	48,000	China Dongxiang Group Co., Ltd.		9,333
	32,000	China Eastern Airlines Corp., Ltd., Class H (a)		14,367
	27,000	China Everbright Bank Co., Ltd., Class H		12,310
	12,000	China Everbright Ltd.		23,467
	30,000	China Evergrande Group		19,747

SEE NOTES TO FINANCIAL STATEMENTS.



24	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		China — continued
	28,500	China Galaxy Securities Co., Ltd., Class H		27,057
	18,000	China Gas Holdings Ltd.		27,398
	13,500	China Hongqiao Group Ltd.		12,063
	53,000	China Huarong Asset Management Co., Ltd. (a) (f)		20,262
	36,000	China Jinmao Holdings Group Ltd.		9,927
	44,000	China Longyuan Power Group Corp., Ltd., Class H		33,548
	9,000	China Machinery Engineering Corp., Class H		5,370
	25,000	China Medical System Holdings Ltd.		39,040
	32,500	China Merchants Bank Co., Ltd., Class H		79,032
	55,000	China Minsheng Banking Corp., Ltd., Class H		62,580
	105,000	China Mobile Ltd.		1,202,921
	54,000	China Molybdenum Co., Ltd., Class H		11,978
	36,000	China National Building Material Co., Ltd., Class H		16,428
	34,000	China Overseas Land & Investment Ltd.		104,376
	304,000	China Petroleum & Chemical Corp., Class H		219,853
	61,000	China Power International Development Ltd.		22,182
	22,500	China Railway Construction Corp., Ltd., Class H		28,126
	46,000	China Railway Group Ltd., Class H		35,459
	22,000	China Railway Signal & Communication Corp. Ltd., Class H (f)		17,838
	56,000	China Reinsurance Group Corp., Class H		13,330
	18,000	China Resources Gas Group Ltd.		56,440
	22,000	China Resources Land Ltd.		54,638
	38,000	China Resources Power Holdings Co., Ltd.		64,386
	44,500	China Shenhua Energy Co., Ltd., Class H		92,258
	16,000	China Shipping Development Co., Ltd., Class H		8,828
	36,000	China South City Holdings Ltd.		7,966
	34,000	China Southern Airlines Co., Ltd., Class H		19,080
	20,000	China State Construction International Holdings Ltd.		29,177
	326,000	China Telecom Corp., Ltd., Class H		168,073
	10,800	China Vanke Co., Ltd., Class H		28,189
	18,000	China Zhongwang Holdings Ltd.		8,310
	14,700	Chongqing Changan Automobile Co., Ltd., Class B		22,413
	27,000	Chongqing Rural Commercial Bank Co., Ltd., Class H		16,159
	65,000	CITIC Ltd.		93,273
	20,000	COSCO Shipping Ports Ltd.		19,828
	62,000	Country Garden Holdings Co., Ltd.		32,176
	86,000	CSPC Pharmaceutical Group Ltd.		89,046
	23,500	Dali Foods Group Co., Ltd. (f)		12,230
	54,000	Dongfeng Motor Group Co., Ltd., Class H		56,283
	16,000	ENN Energy Holdings Ltd.		75,221


SHARES		SECURITY DESCRIPTION	VALUE($)

		China — continued
	21,000	Far East Horizon Ltd.		19,127
	28,576	Fosun International Ltd.		41,380
	90,000	Fullshare Holdings Ltd.		50,193
	8,000	Fuyao Glass Industry Group Co., Ltd., Class H (f)		23,201
	169,000	GCL-Poly Energy Holdings Ltd.		22,778
	90,000	Geely Automobile Holdings Ltd.		92,606
	12,400	GF Securities Co., Ltd., Class H		27,550
	57,500	Great Wall Motor Co., Ltd., Class H		56,117
	9,000	Greentown China Holdings Ltd. (a)		7,337
	56,000	Guangdong Investment Ltd.		84,433
	32,000	Guangshen Railway Co., Ltd., Class H		17,662
	38,000	Guangzhou Automobile Group Co., Ltd., Class H		45,889
	2,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		4,725
	7,200	Guangzhou R&F Properties Co., Ltd.		10,147
	21,000	Haier Electronics Group Co., Ltd.		33,846
	9,000	Haitian International Holdings Ltd.		18,553
	28,000	Haitong Securities Co., Ltd., Class H		49,539
	50,000	Huadian Fuxin Energy Corp., Ltd., Class H		11,578
	34,000	Huadian Power International Corp., Ltd., Class H		14,572
	78,000	Huaneng Power International, Inc., Class H		47,945
	54,000	Huaneng Renewables Corp., Ltd., Class H		18,094
	614,000	Industrial & Commercial Bank of China Ltd., Class H		368,547
	18,000	Jiangsu Expressway Co., Ltd., Class H		24,473
	9,000	Kingboard Chemical Holdings Ltd.		26,604
	38,000	Kunlun Energy Co., Ltd.		28,632
	10,236	KWG Property Holding Ltd.		5,923
	18,000	Lee & Man Paper Manufacturing Ltd.		13,525
	5,400	Legend Holdings Corp., Class H (f)		13,446
	13,500	Longfor Properties Co., Ltd.		17,918
	22,000	Maanshan Iron & Steel Co., Ltd., Class H (a)		5,012
	35,000	Metallurgical Corp of China Ltd., Class H		11,380
	18,000	Nine Dragons Paper Holdings Ltd.		14,634
	52,000	People’s Insurance Co., Group of China Ltd. (The), Class H		20,661
	38,000	PICC Property & Casualty Co., Ltd., Class H		61,336
	42,000	Ping An Insurance Group Company of China Ltd., Class H		221,068
	4,200	Red Star Macalline Group Corp. Ltd., Class H (f)		4,520
	10,000	Shandong Chenming Paper Holdings Ltd., Class H		8,623
	36,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H		23,438
	6,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H		18,424

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		China — continued
	3,000	Shanghai Industrial Holdings Ltd.		9,171
	14,300	Shanghai Pharmaceuticals Holding Co., Ltd., Class H		36,798
	6,000	Shenzhen Expressway Co., Ltd., Class H		6,013
	14,044	Shenzhen International Holdings Ltd.		21,687
	18,519	Shenzhen Investment Ltd.		8,072
	10,000	Shenzhou International Group Holdings Ltd.		66,236
	9,000	Shimao Property Holdings Ltd.		12,005
	84,000	Sino Biopharmaceutical Ltd.		58,712
	31,500	Sino-Ocean Land Holdings Ltd.		13,083
	13,500	Sinopec Engineering Group Co., Ltd., Class H		11,918
	42,000	Sinopec Shanghai Petrochemical Co., Ltd., Class H		21,410
	21,200	Sinopharm Group Co., Ltd., Class H		102,947
	27,000	Sinotrans Ltd., Class H		12,714
	14,500	SOHO China Ltd. (a)		7,477
	16,000	Sunac China Holdings Ltd.		10,920
	9,000	Sunny Optical Technology Group Co., Ltd.		43,892
	49,800	Tencent Holdings Ltd.		1,319,816
	20,000	Tianhe Chemicals Group Ltd. (a) (f)		—
	12,000	TravelSky Technology Ltd., Class H		25,603
	12,000	Weichai Power Co., Ltd., Class H		18,103
	5,400	Xinjiang Goldwind Science & Technology Co., Ltd., Class H		7,445
	22,000	Yanzhou Coal Mining Co., Ltd., Class��H		16,293
	54,000	Yuexiu Property Co., Ltd.		7,911
	13,500	Zhaojin Mining Industry Co., Ltd.		13,860
	18,000	Zhejiang Expressway Co., Ltd., Class H		18,845
	12,500	Zhongsheng Group Holdings Ltd.		12,480
	6,000	Zhuzhou CSR Times Electric Co., Ltd., Class H		29,012

				8,295,517

		Colombia — 0.2%
	4,948	Almacenes Exito S.A.		24,684
	7,428	Cementos Argos S.A.		29,398
	2,861	Cemex Latam Holdings S.A. (a)		10,638
	78,040	Ecopetrol S.A. (a)		34,001

				98,721

		Czech Republic — 0.3%
	4,133	CEZ A/S		77,953
	990	Komercni banka A/S		36,224
	3,400	Moneta Money Bank AS (a) (f)		11,857

				126,034

		Egypt — 0.3%
	13,230	Commercial International Bank Egypt SAE GDR		76,970


SHARES		SECURITY DESCRIPTION	VALUE($)

		Egypt — continued
	6,913	Egyptian Financial Group-Hermes Holding Co. (a)		12,192
	13,501	Talaat Moustafa Group		8,621
	8,566	Telecom Egypt Co.		8,450

				106,233

		Greece — 0.3%
	17,845	Alpha Bank AE (a)		30,513
	21,690	Eurobank Ergasias S.A. (a)		12,810
	2,154	JUMBO S.A.		30,621
	73,501	National Bank of Greece S.A. (a)		15,033
	4,590	OPAP S.A.		39,148
	76,022	Piraeus Bank S.A. (a)		12,572

				140,697

		Hungary — 0.3%
	9,853	Magyar Telekom Telecommunications plc		16,290
	793	MOL Hungarian Oil & Gas plc		50,863
	2,394	OTP Bank plc		67,090

				134,243

		Indonesia — 5.8%
	376,200	Adaro Energy Tbk PT		45,671
	657,800	Astra International Tbk PT		415,011
	271,900	Bank Central Asia Tbk PT		323,274
	206,800	Bank Mandiri Persero Tbk PT		182,160
	165,400	Bank Negara Indonesia Persero Tbk PT		70,611
	238,500	Bank Rakyat Indonesia Persero Tbk PT		222,704
	230,200	Charoen Pokphand Indonesia Tbk PT		65,148
	13,700	Gudang Garam Tbk PT		71,281
	67,400	Indofood CBP Sukses Makmur Tbk PT		48,550
	136,200	Indofood Sukses Makmur Tbk PT		88,554
	673,900	Kalbe Farma Tbk PT		89,798
	144,300	Media Nusantara Citra Tbk PT		23,210
	361,200	Perusahaan Gas Negara Persero Tbk PT		70,751
	74,800	Semen Indonesia Persero Tbk PT		56,381
	165,900	Surya Citra Media Tbk PT		33,693
	23,400	Tambang Batubara Bukit Asam Persero Tbk PT		21,352
	1,749,500	Telekomunikasi Indonesia Persero Tbk PT		564,868
	35,800	Unilever Indonesia Tbk PT		121,998

				2,515,015

		Malaysia — 4.5%
	36,700	AirAsia Bhd		24,230
	43,000	AMMB Holdings Bhd		43,053
	126,055	CIMB Group Holdings Bhd		151,010
	57,600	Gamuda Bhd		67,418
	69,100	Genting Bhd		129,126

SEE NOTES TO FINANCIAL STATEMENTS.



26	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Malaysia — continued
	88,300	Genting Malaysia Bhd		100,211
	15,100	HAP Seng Consolidated Bhd		28,040
	12,768	Hong Leong Bank Bhd		40,507
	84,400	IJM Corp. Bhd		66,416
	40,300	IOI Properties Group Bhd		23,536
	9,400	KLCCP Stapled Group		17,886
	16,500	Kuala Lumpur Kepong Bhd		94,206
	121,308	Malayan Banking Bhd		228,402
	39,600	MISC Bhd		70,987
	69,100	Public Bank Bhd		327,134
	23,561	RHB Bank Bhd		27,130
	123,100	Tenaga Nasional Bhd		420,800
	31,800	Westports Holdings Bhd		33,434
	173,800	YTL Corp. Bhd		65,874

				1,959,400

		Mexico — 2.2%
	6,643	Alpek SAB de CV, Class A		9,890
	2,859	Banregio Grupo Financiero SAB de CV		18,740
	2,248	Concentradora Fibra Danhos S.A. de CV REIT		4,115
	7,761	Controladora Vuela Cia de Aviacion SAB de CV, Class A (a)		14,831
	36,693	Fibra Uno Administracion S.A. de CV REIT		69,830
	16,029	Gentera SAB de CV		31,615
	3,869	Gruma SAB de CV, Class B		53,782
	3,837	Grupo Aeroportuario del Centro Norte SAB de CV, Class B		22,392
	6,525	Grupo Aeroportuario del Pacifico SAB de CV, Class B		63,037
	3,850	Grupo Aeroportuario del Sureste SAB de CV, Class B		61,291
	29,996	Grupo Financiero Banorte SAB de CV, Class O		176,951
	1,029	Grupo Financiero Interacciones S.A. de CV, Class O		5,036
	21,195	Grupo Financiero Santander Mexico SAB de CV, Class B		38,385
	11,897	Grupo Lala SAB de CV, Class B		22,125
	61,720	Grupo Mexico SAB de CV		151,516
	3,861	Industrias Bachoco SAB de CV		17,061
	2,011	Industrias Penoles SAB de CV		48,650
	20,899	Kimberly-Clark de Mexico SAB de CV, Class A		45,036
	7,481	Megacable Holdings SAB de CV		27,381
	12,355	Nemak SAB de CV (f)		12,864
	14,481	OHL Mexico SAB de CV (a)		16,993
	4,177	Promotora y Operadora de Infraestructura SAB de CV		46,597

				958,118


SHARES		SECURITY DESCRIPTION	VALUE($)

		Pakistan — 0.1%
	8,800	Oil & Gas Development Co., Ltd.		11,766
	5,300	Pakistan Petroleum Ltd.		7,491

				19,257

		Philippines — 2.2%
	59,340	Aboitiz Equity Ventures, Inc.		95,528
	54,900	Aboitiz Power Corp.		52,001
	101,900	Alliance Global Group, Inc.		29,997
	6,510	Ayala Corp.		112,234
	35,100	Bank of the Philippine Islands		73,284
	32,340	BDO Unibank, Inc.		75,319
	117,000	DMCI Holdings, Inc.		30,169
	240,300	Energy Development Corp.		29,265
	500	Globe Telecom, Inc.		18,390
	1,185	GT Capital Holdings, Inc.		32,027
	95,920	JG Summit Holdings, Inc.		150,271
	10,330	Manila Electric Co.		58,923
	290,600	Megaworld Corp.		24,088
	28,236	Metropolitan Bank & Trust Co.		47,419
	67,600	Petron Corp.		14,447
	8,010	Semirara Mining and Power Corp., Class A		20,826
	205,100	SM Prime Holdings, Inc.		113,887

				978,075

		Poland — 1.3%
	1,287	Asseco Poland S.A.		17,202
	7,392	Bank Millennium S.A. (a)		10,872
	342	Bank Zachodni WBK S.A.		27,634
	607	CCC S.A.		30,802
	5,067	Cyfrowy Polsat S.A. (a)		31,315
	5,166	Enea S.A.		13,233
	6,769	Energa S.A.		13,881
	1,611	Grupa Lotos S.A. (a)		13,968
	2,263	KGHM Polska Miedz S.A.		41,074
	152	mBank S.A. (a)		13,726
	17,773	PGE Polska Grupa Energetyczna S.A.		46,567
	5,885	Polski Koncern Naftowy Orlen S.A.		116,596
	29,041	Polskie Gornictwo Naftowe i Gazownictwo S.A.		37,179
	11,549	Powszechna Kasa Oszczednosci Bank Polski S.A.		80,903
	7,516	Powszechny Zaklad Ubezpieczen S.A.		52,186
	25,119	Tauron Polska Energia S.A.		16,974

				564,112

		Russia — 5.1%
	10,089	Aeroflot PJSC (a)		20,669
	41,086	Alrosa PAO		57,470

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	27

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Russia — continued
	390	Bashneft PJSC		20,448
	6,307,455	Federal Grid Co., Unified Energy System PJSC		17,024
	180,624	Gazprom OAO		395,803
	402,318	Inter RAO UES PJSC		21,584
	7,487	Lukoil PJSC		365,349
	26,182	Magnitogorsk Iron & Steel Works OJSC		13,155
	2,277	MegaFon PJSC GDR		21,700
	780	MMC Norilsk Nickel PJSC		115,011
	24,948	Mobile TeleSystems PJSC		88,018
	16,705	Moscow Exchange MICEX-RTS PJSC		30,771
	18,433	Novatek OJSC		192,193
	15,940	Novolipetsk Steel PJSC		25,799
	1,305	PhosAgro PJSC GDR		16,182
	19,128	Rosneft PJSC		104,932
	605,729	Rosseti PJSC		9,329
	23,853	Rostelecom PJSC		29,761
	2,267,020	RusHydro PJSC		28,456
	144,548	Sberbank of Russia PJSC		336,457
	2,968	Severstal PJSC		41,485
	68,149	Sistema PJSC FC		20,744
	126,556	Surgutneftegas OJSC		53,938
	23,340	Tatneft PJSC, Class S		130,747
	6,203	Uralkali PJSC (a)		16,228
	68,574,446	VTB Bank PJSC		73,306

				2,246,559

		South Africa — 7.1%
	1,800	African Rainbow Minerals Ltd.		13,042
	6,690	AngloGold Ashanti Ltd. (a)		91,089
	8,577	Aspen Pharmacare Holdings Ltd.		186,847
	6,714	AVI Ltd.		47,184
	5,677	Barclays Africa Group Ltd.		65,878
	3,942	Barloworld Ltd.		25,462
	5,776	Bidvest Group Ltd. (The)		71,762
	4,214	Brait S.E. (a)		27,968
	657	Capitec Bank Holdings Ltd.		33,352
	5,070	Clicks Group Ltd.		47,189
	3,558	Coronation Fund Managers Ltd.		19,150
	2,313	Exxaro Resources Ltd.		17,049
	40,597	FirstRand Ltd.		145,571
	4,875	Foschini Group Ltd. (The)		50,113
	13,480	Gold Fields Ltd.		55,595
	34,075	Growthpoint Properties Ltd. REIT		63,541
	6,142	Harmony Gold Mining Co., Ltd.		19,068
	3,126	Hyprop Investments Ltd. REIT		27,737
	9,886	Impala Platinum Holdings Ltd. (a)		39,946


SHARES		SECURITY DESCRIPTION	VALUE($)

		South Africa — continued
	3,024	Imperial Holdings Ltd.		38,195
	1,285	JSE Ltd.		14,970
	24,064	KAP Industrial Holdings Ltd.		13,831
	1,035	Kumba Iron Ore Ltd. (a)		10,540
	1,314	Liberty Holdings Ltd.		11,299
	25,689	Life Healthcare Group Holdings Ltd.		68,631
	2,532	Massmart Holdings Ltd.		21,944
	13,050	MMI Holdings Ltd.		21,861
	2,040	Mondi Ltd.		39,848
	5,539	Mr Price Group Ltd.		63,103
	10,440	Nampak Ltd.		14,560
	2,874	Nedbank Group Ltd.		47,045
	1,069	Omnia Holdings Ltd.		12,954
	8,180	Pick n Pay Stores Ltd.		40,079
	3,445	Pioneer Foods Group Ltd.		41,587
	58,463	Redefine Properties Ltd. REIT		50,026
	3,639	Resilient Ltd. REIT		30,105
	8,487	RMB Holdings Ltd.		37,386
	22,977	Sanlam Ltd.		111,294
	9,027	Sappi Ltd. (a)		50,210
	9,071	Sasol Ltd.		250,496
	10,042	Shoprite Holdings Ltd.		148,194
	13,104	Sibanye Gold Ltd.		36,452
	4,138	SPAR Group Ltd. (The)		58,616
	15,766	Standard Bank Group Ltd.		167,361
	60,762	Steinhoff International Holdings NV		327,791
	5,956	Super Group Ltd. (a)		17,580
	7,416	Telkom S.A. SOC Ltd.		34,184
	3,791	Tiger Brands Ltd.		107,954
	2,574	Tongaat Hulett Ltd.		23,270
	9,596	Truworths International Ltd.		50,913
	12,094	Tsogo Sun Holdings Ltd.		27,498
	7,878	Vodacom Group Ltd.		84,995

				3,122,315

		Taiwan — 19.9%
	64,000	Acer, Inc.		29,327
	145,000	Advanced Semiconductor Engineering, Inc.		170,372
	8,000	Advantech Co., Ltd.		65,017
	52,000	Asia Cement Corp.		45,336
	17,000	Asustek Computer, Inc.		148,823
	17,000	Catcher Technology Co., Ltd.		133,075
	139,000	Cathay Financial Holding Co., Ltd.		179,891
	101,513	Chang Hwa Commercial Bank Ltd.		51,869
	48,000	Cheng Shin Rubber Industry Co., Ltd.		97,659
	11,110	Chicony Electronics Co., Ltd.		28,386

SEE NOTES TO FINANCIAL STATEMENTS.



28	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Taiwan — continued
	71,000	China Airlines Ltd.		21,480
	259,000	China Steel Corp.		187,067
	116,000	Chunghwa Telecom Co., Ltd.		397,203
	99,000	Compal Electronics, Inc.		58,867
	318,395	CTBC Financial Holding Co., Ltd.		171,231
	48,000	Delta Electronics, Inc.		252,700
	154,326	E.Sun Financial Holding Co., Ltd.		87,642
	18,000	Eternal Materials Co., Ltd.		18,971
	57,450	Eva Airways Corp.		27,657
	47,000	Far EasTone Telecommunications Co., Ltd.		111,066
	10,720	Feng TAY Enterprise Co., Ltd.		44,714
	176,863	First Financial Holding Co., Ltd.		92,646
	92,000	Formosa Chemicals & Fibre Corp.		273,149
	30,000	Formosa Petrochemical Corp.		100,166
	103,000	Formosa Plastics Corp.		278,343
	26,533	Foxconn Technology Co., Ltd.		76,914
	127,000	Fubon Financial Holding Co., Ltd.		179,693
	331,490	Hon Hai Precision Industry Co., Ltd.		895,409
	11,000	Hotai Motor Co., Ltd.		127,777
	144,153	Hua Nan Financial Holdings Co., Ltd.		73,202
	191,000	Innolux Corp.		64,296
	72,000	Inventec Corp.		56,213
	3,000	Largan Precision Co., Ltd.		353,926
	47,496	Lite-On Technology Corp.		68,090
	33,000	MediaTek, Inc.		250,137
	200,233	Mega Financial Holding Co., Ltd.		136,896
	119,000	Nan Ya Plastics Corp.		247,130
	8,737	Nanya Technology Corp.		11,326
	12,000	Novatek Microelectronics Corp.		44,930
	45,000	Pegatron Corp.		121,175
	73,000	Pou Chen Corp.		98,497
	16,000	President Chain Store Corp.		119,546
	61,000	Quanta Computer, Inc.		123,401
	10,000	Realtek Semiconductor Corp.		33,871
	129,287	Shin Kong Financial Holding Co., Ltd.		28,021
	53,165	Siliconware Precision Industries Co., Ltd.		80,414
	186,450	SinoPac Financial Holdings Co., Ltd.		53,739
	28,200	Synnex Technology International Corp.		30,046
	163,841	Taishin Financial Holding Co., Ltd.		59,896
	72,702	Taiwan Business Bank		18,364
	71,000	Taiwan Cement Corp.		85,042
	151,820	Taiwan Cooperative Financial Holding Co., Ltd.		66,539
	52,000	Taiwan Mobile Co., Ltd.		181,940
	235,000	Taiwan Semiconductor Manufacturing Co., Ltd.		1,410,319
	48,000	Teco Electric and Machinery Co., Ltd.		42,555


SHARES		SECURITY DESCRIPTION	VALUE($)

		Taiwan — continued
	7,000	Transcend Information, Inc.		19,332
	134,000	Uni-President Enterprises Corp.		258,894
	19,000	Vanguard International Semiconductor Corp.		38,682
	73,000	Walsin Lihwa Corp.		25,538
	57,495	Wistron Corp.		43,322
	214,665	Yuanta Financial Holding Co., Ltd.		80,125
	25,000	Yulon Motor Co., Ltd.		21,875

				8,699,729

		Thailand — 5.7%
	41,600	Advanced Info Service PCL NVDR		182,320
	11,600	Airports of Thailand PCL NVDR		126,200
	9,900	Bangkok Bank PCL NVDR		45,109
	55,000	Central Pattana PCL NVDR		87,398
	139,500	Charoen Pokphand Foods PCL NVDR		125,456
	170,700	CP ALL PCL NVDR		295,891
	12,600	Delta Electronics Thailand PCL NVDR		28,220
	9,400	Electricity Generating PCL NVDR		52,317
	13,300	Glow Energy PCL NVDR		29,210
	185,100	Home Product Center PCL NVDR		53,301
	39,400	Indorama Ventures PCL NVDR		32,867
	51,000	Intouch Holdings PCL NVDR		77,254
	251,300	IRPC PCL NVDR		34,301
	26,100	Kasikornbank PCL NVDR		128,115
	140,200	Krung Thai Bank PCL NVDR		68,855
	138,100	Land & Houses PCL NVDR		36,198
	111,000	Minor International PCL NVDR		121,948
	35,700	PTT Exploration & Production PCL NVDR		84,464
	51,500	PTT Global Chemical PCL NVDR		87,957
	36,400	PTT PCL NVDR		358,405
	27,400	Ratchaburi Electricity Generating Holding PCL NVDR		39,150
	1,900	Siam City Cement PCL NVDR		15,684
	53,700	Siam Commercial Bank PCL (The) NVDR		219,867
	37,800	Thai Airways International PCL NVDR		30,201
	21,600	Thai Oil PCL NVDR		43,152
	92,100	Thai Union Group PCL NVDR		57,073
	442,900	TMB Bank PCL NVDR		26,543

				2,487,456

		Turkey — 1.5%
	26,710	Akbank TAS		71,480
	3,763	Arcelik A/S		24,861
	2,808	Aselsan Elektronik Sanayi Ve Ticaret A/S		8,539
	1,709	Aygaz A/S		6,039
	24,750	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT		25,289

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	29

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Turkey — continued
	9,595	Enka Insaat ve Sanayi A/S		14,655
	22,896	Eregli Demir ve Celik Fabrikalari TAS		31,132
	1,520	Ford Otomotiv Sanayi A/S		15,529
	10,422	Haci Omer Sabanci Holding A/S		31,513
	10,629	KOC Holding A/S		44,334
	765	Koza Altin Isletmeleri A/S (a)		4,358
	9,081	Petkim Petrokimya Holding A/S		12,339
	2,619	TAV Havalimanlari Holding A/S		10,767
	2,600	Tofas Turk Otomobil Fabrikasi A/S		19,592
	2,061	Tupras Turkiye Petrol Rafinerileri A/S		42,032
	11,640	Turk Hava Yollari AO (a)		20,477
	12,546	Turk Telekomunikasyon A/S		23,212
	237	Turk Traktor ve Ziraat Makineleri A/S		6,155
	18,874	Turkcell Iletisim Hizmetleri A/S (a)		60,859
	27,495	Turkiye Garanti Bankasi A/S		74,818
	7,983	Turkiye Halk Bankasi A/S		24,279
	17,235	Turkiye Is Bankasi, Class C		27,986
	11,557	Turkiye Sinai Kalkinma Bankasi A/S		5,123
	12,706	Turkiye Sise ve Cam Fabrikalari A/S		13,366
	13,410	Turkiye Vakiflar Bankasi Tao, Class D		19,876
	3,401	Ulker Biskuvi Sanayi A/S		21,118
	11,106	Yapi ve Kredi Bankasi A/S		13,296

				673,024

		United Arab Emirates — 1.5%
	51,319	Abu Dhabi Commercial Bank PJSC		85,646
	48,618	Air Arabia PJSC		17,183
	37,425	Aldar Properties PJSC		26,791
	18,981	Dubai Investments PJSC		10,360
	43,347	Dubai Islamic Bank PJSC		61,752
	24,784	Emaar Malls PJSC		17,313
	46,983	Emaar Properties PJSC		88,966
	51,838	Emirates Telecommunications Group Co., PJSC		265,955
	28,131	First Gulf Bank PJSC		87,964

				661,930

		United States — 0.1%
	3,261	Cia de Minas Buenaventura SAA ADR		43,339

		Total Common Stocks (Cost $37,859,060)		37,700,617

	Exchange Traded Fund — 8.5%
		India— 8.5%
	128,934	iShares MSCI India ETF		3,744,243

		Total Exchange Traded Fund (Cost $3,885,546)		3,744,243


SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 5.2%
		Brazil — 4.6%
	42,969	Banco Bradesco S.A.		450,555
	2,718	Braskem S.A.		24,132
	882	Cia de Transmissao de Energia Eletrica Paulista		19,146
	18,747	Cia Energetica de Minas Gerais		57,263
	2,565	Cia Paranaense de Energia		29,451
	15,228	Gerdau S.A.		52,668
	40,301	Itau Unibanco Holding S.A.		485,834
	47,843	Itausa — Investimentos Itau S.A.		141,191
	68,273	Petroleo Brasileiro S.A. (a)		378,367
	5,741	Suzano Papel e Celulose S.A., Class A		20,234
	9,757	Telefonica Brasil S.A.		140,639
	30,781	Vale S.A. (a)		199,421

				1,998,901

		Chile — 0.1%
	1,684	Sociedad Quimica y Minera de Chile S.A., Class B		49,954

		Colombia — 0.2%
	5,957	Bancolombia S.A.		56,543
	54,055	Grupo Aval Acciones y Valores S.A.		22,292

				78,835

		Russia — 0.3%
	141,294	Surgutneftegas OJSC		64,066
	27	Transneft PJSC		64,658

				128,724

		Total Preferred Stocks (Cost $1,824,463)		2,256,414

		Total Investments — 99.8% (Cost $43,569,069)		43,701,274
		Other Assets in Excess of Liabilities — 0.2%		108,187

		NET ASSETS — 100.0%	$	43,809,461

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



30	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

Summary of Investments by Industry, October 31, 2016

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


INDUSTRY	PERCENTAGE
Banks		18.2	%
Oil, Gas & Consumable Fuels		8.7
Exchange Traded Fund		8.6
Semiconductors & Semiconductor Equipment		5.3
Wireless Telecommunication Services		4.7
Electronic Equipment, Instruments & Components		3.9
Diversified Telecommunication Services		3.8
Metals & Mining		3.5
Internet Software & Services		3.0
Food Products		2.8
Electric Utilities		2.5
Chemicals		2.5
Food & Staples Retailing		2.4
Technology Hardware, Storage & Peripherals		2.3
Automobiles		2.1
Real Estate Management & Development		2.0
Insurance		1.9
Industrial Conglomerates		1.5
Beverages		1.5
Transportation Infrastructure		1.3
Independent Power and Renewable Electricity Producers		1.3
Capital Markets		1.3
Diversified Financial Services		1.3
Pharmaceuticals		1.1
Others (each less than 1.0%)		12.5

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	31

JPMorgan Diversified Return Europe Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Company — 100.2%
		Exchange Traded Fund — 100.2%
	531,225	JPMorgan Diversified Return Europe Equity ETF (b)		26,524,064

		Total Exchange Traded Fund (Cost $27,642,151)		26,524,064

		Total Investments — 100.2% (Cost $27,642,151)		26,524,064
		Liabilities in Excess of Other Assets — (0.2)%		(40,796	)

		NET ASSETS — 100.0%	$	26,483,268

Percentages indicated are based on net assets.


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY (c)		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,001,588	CHF	Goldman Sachs		11/03/2016		3,035,889		3,033,747		(2,142	)
	98,324	CHF	Goldman Sachs		12/05/2016		99,597		99,550		(47	)
	5,205,395	DKK	Goldman Sachs		11/03/2016		767,128		768,331		1,203
	291,963	DKK	Goldman Sachs		12/05/2016		43,084		43,156		72
	12,003,893	EUR	Goldman Sachs		11/03/2016		13,162,968		13,178,913		15,945
	5,501,758	GBP	Goldman Sachs		11/03/2016		6,719,223		6,734,568		15,345
	71,672	GBP	Goldman Sachs		12/05/2016		87,563		87,792		229
	5,626,034	NOK	Goldman Sachs		11/03/2016		681,860		680,927		(933	)
	16,224,745	SEK	Goldman Sachs		11/03/2016		1,808,692		1,796,573		(12,119	)
	438,979	SEK	Goldman Sachs		12/05/2016		48,733		48,682		(51	)
							26,454,737		26,472,239		17,502


CONTRACTS TO SELL (c)		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,001,588	CHF	Goldman Sachs		11/03/2016		3,101,711		3,033,747		67,964
	3,092,590	CHF	Goldman Sachs		12/05/2016		3,132,479		3,131,157		1,322
	5,205,395	DKK	Goldman Sachs		11/03/2016		786,718		768,331		18,387
	5,386,299	DKK	Goldman Sachs		12/05/2016		794,846		796,172		(1,326	)
	12,003,893	EUR	Goldman Sachs		11/03/2016		13,509,152		13,178,913		330,239
	12,349,680	EUR	Goldman Sachs		12/05/2016		13,556,236		13,577,099		(20,863	)
	5,501,758	GBP	Goldman Sachs		11/03/2016		7,151,185		6,734,568		416,617
	5,680,981	GBP	Goldman Sachs		12/05/2016		6,940,785		6,958,718		(17,933	)
	5,626,034	NOK	Goldman Sachs		11/03/2016		703,999		680,927		23,072
	5,972,982	NOK	Goldman Sachs		12/05/2016		723,888		722,957		931
	16,224,745	SEK	Goldman Sachs		11/03/2016		1,896,630		1,796,573		100,057
	15,080,571	SEK	Goldman Sachs		12/05/2016		1,674,113		1,672,422		1,691
							53,971,742		53,051,584		920,158

SEE NOTES TO FINANCIAL STATEMENTS.



32	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Austria — 0.9%
	1,641	ANDRITZ AG		85,801
	8,045	OMV AG		251,083
	5,782	voestalpine AG		204,834

				541,718

		Belgium — 2.1%
	1,972	Ageas		72,044
	3,668	bpost S.A.		97,586
	3,460	Colruyt S.A.		185,969
	985	Groupe Bruxelles Lambert S.A.		84,678
	10,317	Proximus SADP		295,299
	1,875	Solvay S.A.		215,089
	4,756	Umicore S.A.		289,081

				1,239,746

		Denmark — 2.9%
	2,334	Chr. Hansen Holding A/S		139,778
	2,955	DSV A/S		143,081
	2,899	ISS A/S		113,802
	14,469	Novo Nordisk A/S, Class B		515,465
	695	Pandora A		90,389
	3,814	Tryg A/S		74,377
	7,162	Vestas Wind Systems A/S		573,790
	3,265	William Demant Holding A/S (a)		60,752

				1,711,434

		Finland — 4.9%
	3,356	Elisa OYJ		113,068
	19,322	Fortum OYJ		322,078
	887	Kesko OYJ, Class B		44,075
	4,781	Kone OYJ, Class B		219,983
	4,111	Metso OYJ		107,790
	13,781	Neste OYJ		594,544
	84,107	Nokia OYJ		375,503
	2,917	Orion OYJ, Class B		124,159
	7,079	Sampo OYJ, Class A		324,319
	20,976	Stora Enso OYJ, Class R		198,227
	14,595	UPM-Kymmene OYJ		339,504
	4,475	Wartsila OYJ Abp		193,385

				2,956,635

		France — 13.9%
	760	Aeroports de Paris		76,766
	1,717	Air Liquide S.A.		174,470
	1,808	Arkema S.A.		171,440
	4,840	Atos SE		502,266
	3,358	AXA S.A.		75,765


SHARES		SECURITY DESCRIPTION	VALUE($)

		France — continued
	1,496	BNP Paribas S.A.		86,743
	2,603	Bouygues S.A.		84,852
	2,331	Bureau Veritas S.A.		44,026
	6,344	Capital Gemini S.A.		525,393
	6,136	Carrefour S.A.		160,819
	705	Christian Dior SE		135,971
	1,716	Cie Generale des Etablissements Michelin		185,857
	4,716	CNP Assurances		81,673
	4,367	Credit Agricole S.A.		47,116
	2,506	Danone S.A.		173,813
	3,854	Dassault Systemes		305,056
	1,623	Eiffage S.A.		120,159
	17,824	Engie S.A.		257,054
	1,750	Essilor International S.A.		196,654
	951	Fonciere Des Regions REIT		83,114
	532	Gecina S.A. REIT		77,566
	140	Hermes International		56,715
	1,205	Imerys S.A.		83,898
	4,391	Lagardere SCA		111,825
	2,590	Legrand S.A.		146,327
	783	L’Oreal S.A.		140,282
	1,001	LVMH Moet Hennessy Louis Vuitton SE		182,244
	6,633	Natixis S.A.		33,560
	33,981	Orange S.A.		534,648
	3,873	Publicis Groupe S.A.		265,688
	2,071	Renault S.A.		180,099
	3,486	Sanofi		271,278
	1,305	Schneider Electric SE		87,762
	2,247	SCOR SE		72,766
	890	Societe BIC S.A.		123,365
	1,826	Societe Generale S.A.		71,228
	2,423	Sodexo S.A.		281,362
	7,387	Technip S.A.		490,277
	1,598	Thales S.A.		150,348
	16,688	TOTAL S.A.		799,441
	309	Unibail-Rodamco SE REIT		73,346
	5,833	Valeo S.A.		336,594
	1,612	Vinci S.A.		116,741
	7,981	Vivendi S.A.		161,540

				8,337,907

		Germany — 12.7%
	1,019	adidas AG		167,416
	497	Allianz SE		77,584
	1,536	Axel Springer SE		76,952
	6,695	BASF SE		591,024

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	33

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	1,743	Bayer AG		173,063
	2,176	Bayerische Motoren Werke AG		189,847
	751	Beiersdorf AG		66,208
	808	Continental AG		155,210
	911	Covestro AG (f)		53,947
	2,848	Daimler AG		203,183
	948	Deutsche Boerse AG (a)		74,028
	13,709	Deutsche Lufthansa AG		175,464
	3,555	Deutsche Post AG		110,244
	29,458	Deutsche Telekom AG		480,616
	3,118	Deutsche Wohnen AG		101,871
	5,744	Evonik Industries AG		179,883
	967	Fielmann AG		67,113
	1,669	Fraport AG Frankfurt Airport Services Worldwide		99,073
	4,384	Fresenius Medical Care AG & Co., KGaA		357,097
	7,057	Fresenius SE & Co., KGaA		521,424
	939	Hannover Rueck SE		104,757
	1,048	HOCHTIEF AG		143,102
	1,378	HUGO BOSS AG		86,650
	37,954	Infineon Technologies AG		682,617
	8,250	K+S AG		167,061
	578	MAN SE		59,162
	1,059	MTU Aero Engines AG		110,586
	411	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		79,800
	820	OSRAM Licht AG		46,574
	3,713	ProSiebenSat.1 Media SE		160,024
	17,590	SAP SE		1,549,676
	1,034	Siemens AG		117,481
	3,346	Symrise AG		229,789
	2,314	Talanx AG		71,824
	14,787	Telefonica Deutschland Holding AG		57,349
	84	Vonovia SE		2,961
	283	Wacker Chemie AG		25,248

				7,615,908

		Ireland — 0.4%
	1,272	DCC plc		103,490
	404	Kerry Group plc, Class A		29,332
	1,200	Ryanair Holdings plc ADR		90,108

				222,930

		Italy — 2.1%
	4,414	Atlantia SpA		108,073
	26,538	Enel SpA		114,096
	8,403	Mediobanca SpA		61,555


SHARES		SECURITY DESCRIPTION	VALUE($)

		Italy — continued
	1,029	Recordati SpA		29,099
	79,675	Snam SpA		419,795
	93,052	Terna Rete Elettrica Nazionale SpA		455,484
	37,573	UnipolSai SpA		71,803

				1,259,905

		Luxembourg — 0.4%
	1,232	RTL Group S.A.		96,553
	6,734	SES S.A.		154,924

				251,477

		Netherlands — 4.8%
	2,946	Akzo Nobel NV		190,345
	5,852	ASML Holding NV		619,109
	2,213	Boskalis Westminster		71,373
	1,659	Heineken Holding NV		127,647
	1,505	Heineken NV		123,965
	3,961	ING Groep NV		51,996
	13,918	Koninklijke Ahold Delhaize NV		317,505
	3,508	Koninklijke DSM NV		225,476
	52,102	Koninklijke KPN NV		169,892
	3,244	Koninklijke Philips NV		97,749
	2,603	NN Group NV		78,410
	206	Randstad Holding NV		10,595
	18,961	RELX NV		319,732
	5,352	Unilever NV		223,854
	6,959	Wolters Kluwer NV		269,108

				2,896,756

		Norway — 2.7%
	9,953	DNB ASA		143,887
	5,099	Gjensidige Forsikring ASA		91,359
	12,543	Marine Harvest ASA		227,609
	18,976	Norsk Hydro ASA		84,837
	13,894	Orkla ASA		131,193
	16,131	Statoil ASA		263,355
	28,723	Telenor ASA		456,835
	6,085	Yara International ASA		214,948

				1,614,023

		Portugal — 1.0%
	108,770	EDP — Energias de Portugal S.A.		359,515
	15,174	Galp Energia SGPS S.A.		205,734

				565,249

		Spain — 7.1%
	7,474	Abertis Infraestructuras S.A.		110,785
	1,226	Acciona S.A.		93,168

SEE NOTES TO FINANCIAL STATEMENTS.



34	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — continued
	1,110	Acerinox S.A.		13,660
	3,130	ACS Actividades de Construccion y Servicios S.A.		95,743
	573	Aena S.A. (f)		83,965
	3,245	Amadeus IT Group S.A., Class A		152,723
	7,619	Banco Santander S.A.		37,333
	7,728	Distribuidora Internacional de Alimentacion S.A.		41,276
	14,428	Enagas S.A.		413,580
	21,105	Endesa S.A.		447,969
	6,745	Ferrovial S.A.		131,041
	12,421	Gamesa Corp. Tecnologica S.A.		286,783
	18,420	Gas Natural SDG S.A.		362,587
	10,069	Grifols S.A.		198,685
	185,267	Iberdrola S.A.		1,260,832
	14,160	International Consolidated Airlines Group S.A.		75,089
	16,163	Mapfre S.A.		47,947
	19,104	Red Electrica Corp. S.A.		397,985

				4,251,151

		Sweden — 6.0%
	4,494	Alfa Laval AB		64,474
	9,602	Assa Abloy AB, Class B		174,501
	6,012	Atlas Copco AB, Class A		176,122
	11,696	Boliden AB		271,072
	5,665	Hennes & Mauritz AB, Class B		159,315
	4,723	Hexagon AB, Class B		165,268
	2,599	Husqvarna AB, Class B		19,540
	2,515	Investor AB, Class B		89,314
	18,032	Nordea Bank AB		189,500
	8,900	Securitas AB, Class B		137,361
	7,961	Skandinaviska Enskilda Banken AB, Class A		80,298
	6,915	Skanska AB, Class B		150,170
	5,096	SKF AB, Class B		86,316
	16,219	Svenska Handelsbanken AB, Class A		221,116
	14,043	Swedbank AB, Class A		328,595
	22,337	Tele2 AB, Class B		184,448
	86,699	Telefonaktiebolaget LM Ericsson, Class B		420,565
	141,787	TeliaSonera AB		566,418
	5,952	Trelleborg AB, Class B		103,892

				3,588,285

		Switzerland — 11.4%
	5,254	ABB Ltd.		108,392
	13	Actelion Ltd.		1,879
	776	Baloise Holding AG		95,471
	91	Banque Cantonale Vaudoise		57,170


SHARES		SECURITY DESCRIPTION	VALUE($)

		Switzerland — continued
	7	Chocoladefabriken Lindt & Spruengli AG		36,350
	10,682	Clariant AG		176,888
	377	EMS-Chemie Holding AG		189,233
	664	Geberit AG		280,719
	119	Givaudan S.A.		230,154
	132	Helvetia Holding AG		68,675
	754	Kuehne & Nagel International AG		102,199
	1,297	Lonza Group AG		244,746
	6,273	Nestle S.A.		454,880
	16,196	Novartis AG		1,149,391
	857	Pargesa Holding S.A.		57,528
	192	Partners Group Holding AG		97,198
	811	PSP Swiss Property AG		72,567
	4,182	Roche Holding AG		960,529
	933	Schindler Holding AG		173,330
	84	SGS S.A.		170,024
	23	Sika AG		110,549
	1,828	Sonova Holding AG		245,158
	643	Swiss Life Holding AG		170,159
	1,076	Swiss Prime Site AG		89,243
	909	Swiss Re AG		84,366
	2,211	Swisscom AG		1,010,699
	564	Syngenta AG		224,505
	4,468	UBS Group AG		63,167
	290	Zurich Insurance Group AG		75,909

				6,801,078

		United Kingdom — 25.4%
	11,451	3i Group plc		93,867
	3,405	Admiral Group plc		79,777
	5,220	AstraZeneca plc		292,295
	13,952	BAE Systems plc		92,443
	1,199	Bellway plc		34,697
	4,830	Berkeley Group Holdings plc		139,305
	85,832	BP plc		507,416
	13,908	British American Tobacco plc		797,112
	8,028	British Land Co., plc (The) REIT		57,476
	73,088	BT Group plc, Class A		335,478
	8,673	Bunzl plc		232,848
	3,937	Burberry Group plc		71,004
	26,720	Compass Group plc		483,481
	3,240	Croda International plc		138,558
	3,088	Daily Mail & General Trust plc, Class A		28,344
	1,653	Derwent London plc REIT		48,885
	6,121	Diageo plc		162,920
	14,361	Direct Line Insurance Group plc		60,755

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	35

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	16,340	DS Smith plc		79,677
	7,254	easyJet plc		83,186
	5,824	Experian plc		111,964
	56,975	GlaxoSmithKline plc		1,125,507
	10,098	Hammerson plc REIT		67,935
	8,724	Howden Joinery Group plc		39,949
	10,914	HSBC Holdings plc		82,195
	6,166	IMI plc		74,896
	3,653	Imperial Brands plc		176,703
	6,742	Inchcape plc		53,604
	8,023	Informa plc		66,006
	7,280	Inmarsat plc		62,448
	17,236	Intu Properties plc REIT		58,089
	60,846	ITV plc		126,849
	41,156	J Sainsbury plc		126,187
	18,276	John Wood Group plc		171,780
	4,898	Johnson Matthey plc		204,165
	49,725	Kingfisher plc		219,657
	6,884	Land Securities Group plc REIT		84,058
	36,529	Legal & General Group plc		93,451
	2,555	London Stock Exchange Group plc		87,761
	49,154	Marks & Spencer Group plc		204,520
	10,138	Meggitt plc		53,934
	4,672	Micro Focus International plc		122,339
	9,646	Mondi plc		188,248
	60,160	National Grid plc		782,551
	6,097	Next plc		358,711
	57,251	Old Mutual plc		140,835
	2,302	Pennon Group plc		23,494
	1,548	Polymetal International plc		16,878
	1,773	Provident Financial plc		63,918
	6,387	Reckitt Benckiser Group plc		571,387
	17,882	RELX plc		319,198
	6,817	Rentokil Initial plc		19,015
	392	Rightmove plc		17,894
	30,388	Royal Dutch Shell plc, Class B		783,786
	13,951	Royal Mail plc		83,699
	48,154	Sage Group plc (The)		424,863
	15,992	Segro plc REIT		85,654
	5,298	Severn Trent plc		150,814
	15,310	Sky plc		153,059
	25,009	Smith & Nephew plc		361,541
	6,453	Smiths Group plc		111,819
	11,965	SSE plc		232,637
	4,164	Tate & Lyle plc		39,712


SHARES		SECURITY DESCRIPTION	VALUE($)

		United Kingdom — continued
	17,189	Unilever plc		717,630
	19,956	United Utilities Group plc		229,393
	463,888	Vodafone Group plc		1,273,993
	5,133	Whitbread plc		226,752
	48,758	William Hill plc		176,381
	21,092	Wm Morrison Supermarkets plc		58,388
	16,766	WPP plc		364,043

				15,209,814

		Total Common Stocks (Cost $60,474,919)		59,064,016

	Preferred Stocks — 0.9%
		Germany — 0.9%
	2,790	FUCHS PETROLUB SE		124,878
	3,285	Henkel AG & Co., KGaA		422,225

		Total Preferred Stocks (Cost $491,249)		547,103


NUMBER OF RIGHTS
	Rights — 0.0% (e)
		Spain — 0.0% (e)
	6,745	Ferrovial S.A. (a)		2,888

		Sweden — 0.0% (e)
	22,337	Tele2 AB (a)		6,693

		Total Rights (Cost $—)		9,581

		Total Investments — 99.6% (Cost $60,966,168)		59,620,700
		Other Assets in Excess of Liabilities — 0.4%		238,933

		NET ASSETS — 100.0%	$	59,859,633

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



36	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

Summary of Investments by Industry, October 31, 2016

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


INDUSTRY	PERCENTAGE
Pharmaceuticals		7.8	%
Diversified Telecommunication Services		6.8
Oil, Gas & Consumable Fuels		6.2
Electric Utilities		6.2
Chemicals		6.2
Software		4.0
Insurance		3.7
Media		2.8
Wireless Telecommunication Services		2.5
Banks		2.3
Capital Markets		2.3
Semiconductors & Semiconductor Equipment		2.3
Machinery		2.1
Energy Equipment & Services		2.1
Electrical Equipment		2.1
Gas Utilities		2.0
IT Services		2.0
Hotels, Restaurants & Leisure		2.0
Food Products		1.8
Multi-Utilities		1.7
Personal Products		1.7
Household Products		1.7
Food & Staples Retailing		1.6
Professional Services		1.6
Construction & Engineering		1.5
Health Care Providers & Services		1.5
Health Care Equipment & Supplies		1.4
Metals & Mining		1.3
Communications Equipment		1.3
Auto Components		1.3
Paper & Forest Products		1.2
Equity Real Estate Investment Trusts (REITs)		1.1
Textiles, Apparel & Luxury Goods		1.0
Others (each less than 1.0%)		12.9

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	37

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.1%
		Australia — 8.3%
	19,472	AGL Energy Ltd.		283,659
	21,204	Amcor Ltd.		236,672
	9,732	Ansell Ltd.		160,335
	32,700	APA Group		197,627
	4,510	ASX Ltd.		161,328
	55,342	Aurizon Holdings Ltd.		205,037
	33,038	Boral Ltd.		157,848
	31,208	Brambles Ltd.		273,235
	9,370	Caltex Australia Ltd.		218,108
	3,188	CIMIC Group Ltd.		71,542
	2,214	Cochlear Ltd.		215,115
	4,592	CSL Ltd.		350,395
	38,479	CSR Ltd.		106,845
	32,094	Dexus Property Group REIT		218,019
	4,100	Flight Centre Travel Group Ltd.		105,343
	58,527	GPT Group (The) REIT		206,915
	32,906	Harvey Norman Holdings Ltd.		126,015
	53,061	Healthscope Ltd.		89,009
	61,426	Incitec Pivot Ltd.		137,383
	98,929	Mirvac Group REIT		156,934
	5,516	Orica Ltd.		68,147
	57,261	Origin Energy Ltd.		230,795
	40,527	Qantas Airways Ltd.		94,178
	4,014	Ramsay Health Care Ltd.		223,519
	80,664	Scentre Group REIT		258,168
	13,563	Sonic Healthcare Ltd.		210,938
	35,316	Star Entertainment Grp Ltd. (The)		133,634
	42,851	Sydney Airport		203,704
	56,181	Tabcorp Holdings Ltd.		206,408
	59,186	Tatts Group Ltd.		182,444
	75,372	Telstra Corp., Ltd.		285,052
	34,836	Transurban Group		274,874
	10,785	Wesfarmers Ltd.		335,833
	12,190	WorleyParsons Ltd.		77,906

				6,462,964

		Austria — 0.2%
	5,400	OMV AG		168,533

		Belgium — 0.8%
	836	Ageas		30,542
	2,670	Colruyt S.A.		143,508
	1,421	Groupe Bruxelles Lambert S.A.		122,159
	4,872	Proximus SADP		139,449
	791	Solvay S.A.		90,739
	1,269	UCB S.A.		85,876

				612,273


SHARES		SECURITY DESCRIPTION	VALUE($)

		Canada — 2.9%
	1,923	Agrium, Inc.		176,529
	4,714	BCE, Inc.		214,174
	1,728	Canadian Tire Corp., Ltd., Class A		167,969
	5,633	Fortis, Inc.		185,415
	7,954	Husky Energy, Inc.		85,571
	4,666	Imperial Oil Ltd.		151,324
	1,970	Inter Pipeline Ltd.		40,845
	2,320	Loblaw Cos., Ltd.		114,469
	6,775	Metro, Inc., Class A		209,417
	5,445	RioCan REIT		105,872
	4,908	Rogers Communications, Inc., Class B		197,447
	7,975	Shaw Communications, Inc., Class B		158,037
	5,970	TELUS Corp.		193,303
	5,052	TransCanada Corp.		228,702

				2,229,074

		Denmark — 0.9%
	942	Carlsberg A/S, Class B		84,869
	2,438	Chr. Hansen Holding A/S		146,007
	2,325	DSV A/S		112,576
	2,115	H Lundbeck A/S (a)		68,163
	15,948	TDC A/S (a)		87,929
	2,143	Vestas Wind Systems A/S		171,689

				671,233

		Finland — 0.9%
	6,934	Fortum OYJ		115,583
	5,652	Neste OYJ		243,840
	3,030	Sampo OYJ, Class A		138,817
	8,262	Stora Enso OYJ, Class R		78,077
	4,696	UPM-Kymmene OYJ		109,237

				685,554

		France — 4.2%
	1,293	Arkema S.A.		122,606
	2,073	Atos SE		215,124
	2,300	Capital Gemini S.A.		190,480
	1,801	Casino Guichard Perrachon S.A.		89,656
	705	Christian Dior SE		135,971
	2,066	Danone S.A.		143,295
	2,773	Dassault Systemes		219,491
	1,048	Essilor International S.A.		117,768
	4,677	Eutelsat Communications S.A.		98,006
	1,002	Faurecia		36,935
	261	Iliad S.A.		54,715
	292	Ingenico Group S.A.		23,097
	3,172	Lagardere SCA		80,781

SEE NOTES TO FINANCIAL STATEMENTS.



38	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		France — continued
	10,277	Orange S.A.		161,696
	1,002	Pernod Ricard S.A.		119,162
	1,763	Publicis Groupe S.A.		120,942
	2,327	SCOR SE		75,357
	1,524	Sodexo S.A.		176,969
	5,809	STMicroelectronics NV		55,133
	5,991	Suez		94,896
	1,585	Technip S.A.		105,197
	2,557	Thales S.A.		240,576
	3,235	TOTAL S.A.		154,973
	3,247	Valeo S.A.		187,368
	247	Veolia Environnement S.A.		5,396
	1,061	Vinci S.A.		76,837
	6,254	Vivendi S.A.		126,585

				3,229,012

		Germany — 2.9%
	818	BASF SE		72,212
	1,687	Beiersdorf AG		148,726
	1,100	Covestro AG (f)		65,139
	3,342	Deutsche Lufthansa AG		42,775
	8,423	Deutsche Telekom AG		137,424
	5,143	Evonik Industries AG		161,062
	2,044	Fraport AG Frankfurt Airport Services Worldwide		121,333
	2,315	Fresenius Medical Care AG & Co., KGaA		188,567
	3,094	Fresenius SE & Co., KGaA		228,608
	1,953	Hannover Rueck SE		217,880
	13,980	Infineon Technologies AG		251,435
	1,864	Merck KGaA		191,863
	2,117	SAP SE		186,507
	1,483	Symrise AG		101,846
	2,479	United Internet AG		101,924

				2,217,301

		Hong Kong — 3.9%
	49,000	Cathay Pacific Airways Ltd.		64,496
	22,000	Cheung Kong Infrastructure Holdings Ltd.		180,044
	29,260	CK Hutchison Holdings Ltd.		361,303
	24,500	CLP Holdings Ltd.		249,042
	13,000	Hang Seng Bank Ltd.		234,446
	123,770	Hong Kong & China Gas Co., Ltd.		241,780
	10,500	Johnson Electric Holdings Ltd.		25,379
	40,500	Link REIT		288,115
	43,000	MTR Corp., Ltd.		237,965
	95,000	New World Development Co., Ltd.		118,109
	210,000	PCCW Ltd.		125,002


SHARES		SECURITY DESCRIPTION	VALUE($)

		Hong Kong — continued
	25,000	Power Assets Holdings Ltd.		234,643
	2,241,000	Semiconductor Manufacturing International Corp. (a)		271,402
	17,500	Swire Pacific Ltd., Class A		181,893
	14,000	Xinyi Automobile Glass Hong Kong Enterprises Ltd. (a)		2,730
	142,000	Xinyi Glass Holdings Ltd.		122,097
	250,000	Xinyi Solar Holdings Ltd.		92,614

				3,031,060

		Israel — 0.3%
	2,490	Check Point Software Technologies Ltd. (a)		210,554

		Italy — 0.5%
	37,386	Parmalat SpA		98,744
	28,307	Snam SpA		149,145
	34,371	Terna Rete Elettrica Nazionale SpA		168,244

				416,133

		Japan — 24.3%
	4,700	Advantest Corp.		67,173
	2,000	Aisin Seiki Co., Ltd.		87,855
	5,000	Ajinomoto Co., Inc.		111,187
	78,000	ANA Holdings, Inc.		219,085
	63,000	Aozora Bank Ltd.		208,156
	13,400	Brother Industries Ltd.		245,880
	9,100	Canon, Inc.		261,425
	7,000	Capcom Co., Ltd.		180,832
	900	Central Japan Railway Co.		153,042
	13,100	Chubu Electric Power Co., Inc.		192,850
	11,300	Chugoku Electric Power Co., Inc. (The)		132,226
	2,100	COMSYS Holdings Corp.		36,969
	21,000	Concordia Financial Group Ltd.		97,371
	8,100	Cosmo Energy Holdings Co., Ltd.		105,857
	5,000	Credit Saison Co., Ltd.		86,435
	6,000	Dai Nippon Printing Co., Ltd.		60,182
	10,500	Daicel Corp.		138,066
	10,800	Daiichi Sankyo Co., Ltd.		259,516
	1,200	Daito Trust Construction Co., Ltd.		201,094
	4,400	DIC Corp.		133,284
	16,000	Dowa Holdings Co., Ltd.		118,829
	4,600	Ebara Corp.		136,560
	6,400	Electric Power Development Co., Ltd.		149,036
	3,400	FamilyMart UNY Holdings Co., Ltd.		213,250
	32,000	Fuji Electric Co., Ltd.		159,795
	6,300	FUJIFILM Holdings Corp.		238,209
	28,000	Fujikura Ltd.		164,514
	19,000	Fukuoka Financial Group, Inc.		82,222

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	39

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	4,000	Hankyu Hanshin Holdings, Inc.		132,433
	2,200	Hikari Tsushin, Inc.		201,950
	1,400	Hitachi High-Technologies Corp.		58,388
	10,300	Hokkaido Electric Power Co., Inc.		78,333
	9,000	Hokuriku Electric Power Co.		102,227
	4,100	Ibiden Co., Ltd.		59,520
	9,600	Idemitsu Kosan Co., Ltd.		220,607
	23,100	Inpex Corp.		215,495
	20,500	ITOCHU Corp.		258,888
	6,200	Japan Airlines Co., Ltd.		182,973
	4,500	Japan Petroleum Exploration Co., Ltd.		98,460
	60,900	JX Holdings, Inc.		240,626
	24,000	Kaneka Corp.		198,568
	13,000	Kansai Electric Power Co., Inc. (The) (a)		124,283
	81,000	Kawasaki Kisen Kaisha Ltd.		200,386
	9,600	KDDI Corp.		291,774
	6,500	Keisei Electric Railway Co., Ltd.		156,715
	4,000	Konami Holdings Corp.		157,970
	12,900	Konica Minolta, Inc.		115,546
	15,400	Kuraray Co., Ltd.		233,472
	9,400	Kyowa Hakko Kirin Co., Ltd.		143,426
	1,100	Lawson, Inc.		83,583
	45,800	Marubeni Corp.		240,669
	1,800	Mitsubishi Corp.		39,177
	12,200	Mitsubishi Tanabe Pharma Corp.		237,467
	135,400	Mizuho Financial Group, Inc.		227,980
	2,500	Mochida Pharmaceutical Co., Ltd.		195,880
	11,000	NH Foods Ltd.		263,600
	2,200	Nihon M&A Center, Inc.		71,398
	7,100	Nikon Corp.		107,302
	12,000	Nippon Kayaku Co., Ltd.		138,276
	8,700	Nippon Paper Industries Co., Ltd.		162,835
	2,500	Nippon Shokubai Co., Ltd.		172,525
	5,500	Nippon Telegraph & Telephone Corp.		243,853
	13,500	Nipro Corp.		166,711
	15,700	Nissan Motor Co., Ltd.		159,708
	4,700	Nisshin Steel Co., Ltd.		62,520
	2,100	Nissin Foods Holdings Co., Ltd.		121,546
	8,000	Nomura Real Estate Holdings, Inc.		135,093
	1,800	Nomura Research Institute Ltd.		62,432
	4,600	NTT Data Corp.		237,384
	10,500	NTT DOCOMO, Inc.		263,697
	20,000	Oji Holdings Corp.		84,564
	59,000	Osaka Gas Co., Ltd.		245,393
	2,900	Otsuka Corp.		137,977


SHARES		SECURITY DESCRIPTION	VALUE($)

		Japan — continued
	5,800	Otsuka Holdings Co., Ltd.		253,842
	3,800	Park24 Co., Ltd.		117,415
	50,700	Resona Holdings, Inc.		224,727
	18,200	Ricoh Co., Ltd.		148,334
	3,000	Sankyo Co., Ltd.		105,687
	2,300	Sawai Pharmaceutical Co., Ltd.		148,631
	3,200	SCREEN Holdings Co., Ltd.		218,910
	2,800	SCSK Corp.		104,448
	3,700	Sega Sammy Holdings, Inc.		54,634
	11,500	Sekisui Chemical Co., Ltd.		181,110
	13,700	Sekisui House Ltd.		226,375
	42,600	Seven Bank Ltd.		130,960
	1,700	Shimamura Co., Ltd.		217,625
	5,000	Shimizu Corp.		44,438
	7,500	Showa Denko K.K.		99,100
	21,000	Showa Shell Sekiyu K.K.		195,663
	4,400	SoftBank Group Corp.		277,117
	76,600	Sojitz Corp.		201,020
	6,200	Square Enix Holdings Co., Ltd.		205,092
	6,000	Sumitomo Dainippon Pharma Co., Ltd.		103,918
	40,000	Sumitomo Osaka Cement Co., Ltd.		165,669
	600	Sundrug Co., Ltd.		47,197
	4,100	Suzuken Co., Ltd.		131,686
	19,000	Taisei Corp.		142,406
	1,400	Taisho Pharmaceutical Holdings Co., Ltd.		136,569
	10,000	Takashimaya Co., Ltd.		81,560
	3,000	Takeda Pharmaceutical Co., Ltd.		134,175
	6,600	Teijin Ltd.		127,521
	2,600	Terumo Corp.		100,547
	16,500	Tohoku Electric Power Co., Inc.		202,156
	9,300	Tokyo Broadcasting System Holdings, Inc.		146,137
	40,100	Tokyo Electric Power Holdings Co., Inc. (a)		155,371
	38,000	Tokyo Gas Co., Ltd.		172,424
	5,000	Tokyo Tatemono Co., Ltd.		63,514
	12,000	Tokyu Corp.		89,837
	11,200	Tokyu Fudosan Holdings Corp.		63,127
	20,000	TonenGeneral Sekiyu K.K.		196,931
	21,000	Toppan Printing Co., Ltd.		197,484
	13,000	Tosoh Corp.		84,897
	5,800	Toyo Suisan Kaisha Ltd.		234,980
	4,600	Toyota Industries Corp.		211,063
	6,300	Toyota Motor Corp.		365,443
	6,000	Tsumura & Co.		170,514
	85,000	Ube Industries Ltd.		175,405
	1,400	West Japan Railway Co.		86,207

SEE NOTES TO FINANCIAL STATEMENTS.



40	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	18,200	Yahoo Japan Corp.		69,815
	26,100	Yamada Denki Co., Ltd.		134,910
	7,200	Yokohama Rubber Co., Ltd. (The)		125,011

				18,846,112

		Netherlands — 1.3%
	748	Boskalis Westminster		24,124
	915	Gemalto NV		49,714
	1,563	Heineken Holding NV		120,260
	9,832	Koninklijke Ahold Delhaize NV		224,293
	48,065	Koninklijke KPN NV		156,729
	3,635	NN Group NV		109,496
	8,175	RELX NV		137,852
	5,551	Wolters Kluwer NV		214,660

				1,037,128

		New Zealand — 0.4%
	20,294	Contact Energy Ltd.		69,005
	84,928	Spark New Zealand Ltd.		222,119

				291,124

		Norway — 0.9%
	12,388	Marine Harvest ASA		224,796
	17,492	Orkla ASA		165,167
	1,291	Statoil ASA		21,077
	9,214	Telenor ASA		146,547
	4,205	Yara International ASA		148,539

				706,126

		Portugal — 0.3%
	46,877	EDP — Energias de Portugal S.A.		154,941
	5,048	Galp Energia SGPS S.A.		68,443

				223,384

		Singapore — 2.2%
	35,500	Ascendas Real Estate Investment Trust REIT		60,497
	104,700	CapitaLand Mall Trust REIT		156,018
	57,700	ComfortDelGro Corp., Ltd.		105,200
	346,500	Golden Agri-Resources Ltd.		95,679
	201,500	Hutchison Port Holdings Trust, Class U		89,509
	51,900	Keppel Corp., Ltd.		196,267
	60,500	Sembcorp Industries Ltd.		109,554
	17,900	Singapore Airlines Ltd.		130,257
	63,600	Singapore Press Holdings Ltd.		169,964
	106,800	Singapore Telecommunications Ltd.		297,644
	11,100	Venture Corp., Ltd.		75,826
	92,900	Wilmar International Ltd.		220,556

				1,706,971


SHARES		SECURITY DESCRIPTION	VALUE($)

		South Korea — 9.0%
	2,726	Celltrion, Inc. (a)		252,551
	465	CJ CheilJedang Corp.		141,860
	200	CJ Corp.		30,449
	2,974	GS Holdings Corp.		132,309
	3,867	Hankook Tire Co., Ltd.		185,698
	433	Hanmi Pharm Co., Ltd.		136,716
	1,297	Hanmi Science Co., Ltd.		86,034
	14,780	Hanon Systems		138,197
	8,041	Hanwha Chemical Corp.		189,322
	908	Hanwha Techwin Co., Ltd.		50,436
	1,177	Hyundai Engineering & Construction Co., Ltd.		42,514
	1,250	Hyundai Mobis Co., Ltd.		298,136
	3,987	Hyundai Steel Co.		171,799
	10,350	Industrial Bank of Korea		119,140
	2,402	Kakao Corp.		160,166
	5,898	Kia Motors Corp.		209,430
	5,475	Korea Electric Power Corp.		236,852
	3,405	Korea Gas Corp.		137,626
	343	Korea Zinc Co., Ltd.		136,195
	2,013	Korean Air Lines Co., Ltd. (a)		56,270
	8,294	KT Corp.		233,971
	2,654	KT&G Corp.		261,765
	9,564	LG Display Co., Ltd.		228,672
	1,980	LG Electronics, Inc.		82,541
	20,831	LG Uplus Corp.		214,689
	894	Lotte Chemical Corp.		224,620
	498	Lotte Shopping Co., Ltd.		99,363
	410	NAVER Corp.		306,748
	1,389	POSCO		289,013
	270	Samsung Electronics Co., Ltd.		386,189
	1,303	Samsung Fine Chemicals Co., Ltd.		32,993
	530	Samsung SDI Co., Ltd.		43,622
	1,213	Samsung SDS Co., Ltd.		163,572
	306	Shinsegae, Inc.		49,702
	1,182	SK Holdings Co., Ltd.		230,585
	9,171	SK Hynix, Inc.		328,016
	2,029	SK Innovation Co., Ltd.		267,086
	1,200	SK Telecom Co., Ltd.		235,238
	2,745	SKC Co., Ltd.		64,759
	2,820	S-Oil Corp.		192,712
	14,143	Woori Bank		154,132

				7,001,688

		Spain — 1.8%
	552	Acciona S.A.		41,948
	1,842	Acerinox S.A.		22,667

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	41

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — continued
	1,410	ACS Actividades de Construccion y Servicios S.A.		43,130
	381	Aena S.A. (f)		55,830
	5,357	Enagas S.A.		153,559
	7,907	Endesa S.A.		167,832
	7,728	Ferrovial S.A.		150,139
	7,611	Gamesa Corp. Tecnologica S.A.		175,727
	8,129	Gas Natural SDG S.A.		160,015
	6,775	Grifols S.A.		133,687
	23,403	Iberdrola S.A.		159,269
	7,623	Red Electrica Corp. S.A.		158,807

				1,422,610

		Sweden — 2.6%
	1,699	Autoliv, Inc.		164,429
	9,800	Boliden AB		227,129
	3,978	Getinge AB, Class B		65,142
	4,236	Hexagon AB, Class B		148,226
	2,697	Investor AB, Class B		95,777
	2,480	Lundin Petroleum AB (a)		44,579
	13,537	Securitas AB, Class B		208,928
	9,380	Skanska AB, Class B		203,702
	7,200	Svenska Cellulosa AB SCA, Class B		203,924
	3,835	Svenska Handelsbanken AB, Class A		52,283
	4,453	Swedish Match AB		154,965
	17,313	Tele2 AB, Class B		142,963
	3,062	Telefonaktiebolaget LM Ericsson, Class B		14,853
	32,820	TeliaSonera AB		131,111
	7,878	Trelleborg AB, Class B		137,510

				1,995,521

		Switzerland — 2.0%
	1,281	Baloise Holding AG		157,601
	8,556	Clariant AG		141,683
	3,843	Garmin Ltd.		185,848
	105	Givaudan S.A.		203,077
	317	Kuehne & Nagel International AG		42,967
	1,239	Lonza Group AG		233,801
	1,911	Novartis AG		135,619
	1,137	Sonova Holding AG		152,486
	411	Swiss Life Holding AG		108,764
	522	Swiss Prime Site AG		43,294
	359	Swisscom AG		164,107

				1,569,247

		United Kingdom — 3.1%
	5,677	Barratt Developments plc		31,482


SHARES		SECURITY DESCRIPTION	VALUE($)

		United Kingdom — continued
	994	Berkeley Group Holdings plc		28,668
	18,187	BP plc		107,517
	10,067	British Land Co., plc (The) REIT		72,074
	30,966	BT Group plc, Class A		142,136
	7,597	Bunzl plc		203,960
	8,802	Direct Line Insurance Group plc		37,238
	5,937	easyJet plc		68,083
	7,072	GlaxoSmithKline plc		139,703
	6,045	Hammerson plc REIT		40,668
	7,925	Inmarsat plc		67,981
	412	Johnson Matthey plc		17,174
	8,611	Land Securities Group plc REIT		105,146
	2,666	Mondi plc		52,029
	11,432	National Grid plc		148,706
	738	Next plc		43,420
	1,617	Persimmon plc		33,472
	13,798	Royal Mail plc		82,781
	24,753	Sage Group plc (The)		218,396
	3,026	Severn Trent plc		86,139
	10,018	Smith & Nephew plc		144,824
	770	Travis Perkins plc		12,527
	11,801	United Utilities Group plc		135,651
	52,050	Vodafone Group plc		142,947
	11,955	William Hill plc		43,247
	7,047	WPP plc		153,012

				2,358,981

		United States — 25.4%
	1,091	Albemarle Corp.		91,153
	340	Alleghany Corp. (a)		175,511
	6,119	Alliant Energy Corp.		232,828
	1,913	Allstate Corp. (The)		129,893
	3,841	Amdocs Ltd. (Guernsey)		224,506
	3,518	Ameren Corp.		175,724
	3,159	American Water Works Co., Inc.		233,892
	12,830	Annaly Capital Management, Inc. REIT		132,919
	1,617	Anthem, Inc.		197,048
	1,634	Ashland Global Holdings Inc.		182,567
	1,751	Assurant, Inc.		140,991
	6,417	AT&T, Inc.		236,081
	3,175	AutoNation, Inc. (a)		139,287
	234	AutoZone, Inc. (a)		173,665
	3,074	Avery Dennison Corp.		214,534
	3,559	Avnet, Inc.		149,300
	3,606	Axis Capital Holdings Ltd. (Bermuda)		205,434
	1,350	Becton, Dickinson & Co.		226,679

SEE NOTES TO FINANCIAL STATEMENTS.



42	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	4,090	Bemis Co., Inc.		199,265
	3,405	Broadridge Financial Solutions, Inc.		220,167
	795	C.R. Bard, Inc.		172,261
	5,997	CA Technologies, Inc.		184,348
	2,432	Celanese Corp., Class A		177,341
	5,983	CenturyLink, Inc.		159,028
	2,534	Chevron Corp.		265,437
	4,751	Church & Dwight Co., Inc.		229,283
	604	Cigna Corp.		71,773
	3,064	Cincinnati Financial Corp.		216,870
	2,010	Cintas Corp.		214,407
	2,686	CMS Energy Corp.		113,215
	2,205	CNA Financial Corp.		80,637
	3,345	Commerce Bancshares, Inc.		166,648
	2,752	Computer Sciences Corp.		149,846
	2,177	Consolidated Edison, Inc.		164,472
	1,451	Constellation Brands, Inc., Class A		242,491
	2,773	Darden Restaurants, Inc.		179,663
	731	DaVita HealthCare Partners, Inc. (a)		42,851
	3,455	DENTSPLY SIRONA, Inc.		198,904
	2,401	Dr. Pepper Snapple Group, Inc.		210,784
	1,856	DST Systems, Inc.		178,473
	2,537	DTE Energy Co.		243,577
	2,290	Eastman Chemical Co.		164,674
	1,454	Edgewell Personal Care Co. (a)		109,632
	1,180	Everest Re Group Ltd. (Bermuda)		240,154
	4,112	Eversource Energy		226,407
	2,763	Fidelity National Information Services, Inc.		204,241
	3,056	First Solar, Inc. (a)		123,737
	3,227	Foot Locker, Inc.		215,467
	34,189	Frontier Communications Corp.		137,440
	1,540	Genuine Parts Co.		139,509
	2,376	Harris Corp.		211,963
	2,624	Hasbro, Inc.		218,868
	1,729	Helmerich & Payne, Inc.		109,117
	1,341	Henry Schein, Inc. (a)		200,077
	1,483	Hertz Global Holdings, Inc. (a)		49,161
	2,245	Hess Corp.		107,693
	4,255	HollyFrontier Corp.		106,162
	5,165	Hormel Foods Corp.		198,853
	1,112	IAC/Interactive Corp.		71,657
	2,740	Ingevity Corp. (a)		113,436
	6,631	Intel Corp.		231,223
	1,705	International Flavors & Fragrances, Inc.		222,980
	2,510	International Game Technology plc		72,087


SHARES		SECURITY DESCRIPTION	VALUE($)

		United States — continued
	3,519	Jabil Circuit, Inc.		75,095
	1,670	JM Smucker Co. (The)		219,288
	2,141	Johnson & Johnson		248,335
	1,588	L-3 Communications Holdings, Inc., Class 3		217,461
	1,696	Laboratory Corp. of America Holdings (a)		212,577
	4,548	Leggett & Platt, Inc.		208,662
	3,748	Level 3 Communications, Inc. (a)		210,450
	6,480	Liberty Interactive Corp. QVC Group, Class A (a)		119,815
	1,681	McCormick & Co., Inc. (Non-Voting)		161,157
	2,315	Molson Coors Brewing Co., Class B		240,320
	2,053	Motorola Solutions, Inc.		149,007
	2,351	Murphy Oil Corp.		60,820
	3,360	Newfield Exploration Co. (a)		136,382
	6,580	NiSource, Inc.		153,051
	1,128	Northrop Grumman Corp.		258,312
	1,790	NVIDIA Corp.		127,376
	120	NVR, Inc. (a)		182,760
	4,258	Old Republic International Corp.		71,790
	3,853	Patterson Cos., Inc.		164,562
	3,022	Pinnacle West Capital Corp.		230,065
	2,211	PPG Industries, Inc.		205,910
	4,431	PulteGroup, Inc.		82,417
	510	Quest Diagnostics, Inc.		41,534
	1,710	Raytheon Co.		233,603
	1,922	RenaissanceRe Holdings Ltd. (Bermuda)		238,885
	4,260	Republic Services, Inc., Class A		224,204
	3,184	Reynolds American, Inc.		175,375
	1,944	SBA Communications Corp., Class A (a)		220,216
	3,333	SCANA Corp.		244,509
	1,406	Scripps Networks Interactive, Inc., Class A		90,490
	4,336	Southwest Airlines Co.		173,657
	38,122	Sprint Corp. (a)		234,832
	3,981	Synopsys, Inc. (a)		236,113
	3,656	TEGNA, Inc.		71,731
	1,451	Tesoro Corp.		123,291
	4,016	Thomson Reuters Corp.		158,269
	5,101	T-Mobile US, Inc. (a)		253,673
	3,231	Torchmark Corp.		204,878
	2,893	Total System Services, Inc.		144,303
	2,488	Tyson Foods, Inc., Class A		176,275
	1,680	Universal Health Services, Inc., Class B		202,793
	4,932	Verizon Communications, Inc.		237,229
	3,717	W.R. Berkley Corp.		212,241
	2,657	Walt Disney Co. (The)		246,277
	1,237	Waters Corp. (a)		172,116

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	43

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	3,444	Westlake Chemical Corp.		178,365
	2,672	Wyndham Worldwide Corp.		175,924
	5,612	Xcel Energy, Inc.		233,179
	3,905	Xylem, Inc.		188,729
	655	Zimmer Biomet Holdings, Inc.		69,037

				19,715,631

		Total Common Stocks (Cost $73,473,170)		76,808,214

	Preferred Stock — 0.1%
		Germany — 0.1%
	780	Henkel AG & Co., KGaA		100,254

		Total Preferred Stock (Cost $103,360)		100,254


NUMBER OF RIGHTS
	Rights — 0.0% (e)
		Spain — 0.0% (e)
	7,728	Ferrovial S.A. (a)		3,309

		Sweden — 0.0% (e)
	17,313	Tele2 AB (a)		5,187

		Total Rights (Cost $—)		8,496

		Total Investments — 99.2% (Cost $73,576,530)		76,916,964
		Other Assets in Excess of Liabilities — 0.8%		639,969

		NET ASSETS — 100.0%	$	77,556,933

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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


INDUSTRY	PERCENTAGE
Chemicals		6.4	%
Oil, Gas & Consumable Fuels		6.4
Diversified Telecommunication Services		5.9
Electric Utilities		5.2
Insurance		3.8
Pharmaceuticals		3.7
Food Products		3.4
IT Services		3.0
Health Care Providers & Services		3.0
Wireless Telecommunication Services		2.7
Software		2.4
Health Care Equipment & Supplies		2.3
Semiconductors & Semiconductor Equipment		2.3
Real Estate Investment Trusts (REITs)		2.3
Media		2.2
Banks		2.2
Multi-Utilities		2.1
Auto Components		2.0
Gas Utilities		1.9
Technology Hardware, Storage & Peripherals		1.8
Household Durables		1.8
Road & Rail		1.7
Commercial Services & Supplies		1.7
Hotels, Restaurants & Leisure		1.7
Specialty Retail		1.4
Airlines		1.3
Metals & Mining		1.3
Beverages		1.3
Aerospace & Defense		1.3
Trading Companies & Distributors		1.2
Industrial Conglomerates		1.2
Food & Staples Retailing		1.2
Electronic Equipment, Instruments & Components		1.1
Real Estate Management & Development		1.0
Others (each less than 1.0%)		15.8

SEE NOTES TO FINANCIAL STATEMENTS.



44	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Return International Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Company — 100.1%
		Exchange Traded Fund — 100.1%
	525,353	JPMorgan Diversified Return International Equity ETF (b)		26,351,706

		Total Exchange Traded Fund (Cost $26,697,158)		26,351,706

		Total Investments — 100.1% (Cost $26,697,158)		26,351,706
		Liabilities in Excess of Other Assets — (0.1)%		(35,592	)

		NET ASSETS — 100.0%	$	26,316,114

Percentages indicated are based on net assets.


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY (c)		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,092,546	AUD	Goldman Sachs		11/03/2016		2,353,632		2,352,311		(1,321	)
	192,077	AUD	Goldman Sachs		12/05/2016		146,043		145,979		(64	)
	442,676	CHF	Goldman Sachs		11/03/2016		447,446		447,418		(28	)
	2,593,002	DKK	Goldman Sachs		11/03/2016		382,334		382,734		400
	119,735	DKK	Goldman Sachs		12/05/2016		17,669		17,699		30
	4,502,622	EUR	Goldman Sachs		11/03/2016		4,936,595		4,943,369		6,774
	104,300	EUR	Goldman Sachs		12/05/2016		114,490		114,666		176
	4,421,582	GBP	Goldman Sachs		11/03/2016		5,405,035		5,412,351		7,316
	10,919,454	HKD	Goldman Sachs		11/03/2016		1,408,162		1,407,975		(187	)
	153,322	HKD	Goldman Sachs		12/05/2016		19,775		19,773		(2	)
	703,461,821	JPY	Goldman Sachs		11/03/2016		6,699,640		6,708,598		8,958
	2,879,504,003	KRW	Goldman Sachs		11/03/2016		2,515,040		2,516,465		1,425
	59,321,756	KRW	Goldman Sachs		12/05/2016		51,742		51,836		94
	3,010,236	NOK	Goldman Sachs		11/03/2016		364,873		364,333		(540	)
	385,839	NOK	Goldman Sachs		12/05/2016		46,765		46,701		(64	)
	261,050	NZD	Goldman Sachs		11/03/2016		186,757		186,654		(103	)
	13,158	NZD	Goldman Sachs		12/05/2016		9,402		9,396		(6	)
	6,408,471	SEK	Goldman Sachs		11/03/2016		710,424		709,613		(811	)
	947,360	SGD	Goldman Sachs		11/03/2016		680,627		680,958		331
							26,496,451		26,518,829		22,378


CONTRACTS TO SELL (c)		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,092,546	AUD	Goldman Sachs		11/03/2016		2,365,037		2,352,311		12,726
	3,129,739	AUD	Goldman Sachs		12/05/2016		2,379,614		2,378,607		1,007
	442,676	CHF	Goldman Sachs		11/03/2016		456,595		447,419		9,176
	440,935	CHF	Goldman Sachs		12/05/2016		446,645		446,434		211

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	45

JPMorgan Diversified Return International Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


CONTRACTS TO SELL (c)		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,593,002	DKK	Goldman Sachs		11/03/2016		391,894		382,734		9,160
	2,540,347	DKK	Goldman Sachs		12/05/2016		374,872		375,500		(628	)
	4,502,622	EUR	Goldman Sachs		11/03/2016		5,063,635		4,943,368		120,267
	4,553,774	EUR	Goldman Sachs		12/05/2016		4,998,673		5,006,368		(7,695	)
	4,421,582	GBP	Goldman Sachs		11/03/2016		5,734,127		5,412,351		321,776
	4,387,734	GBP	Goldman Sachs		12/05/2016		5,360,744		5,374,599		(13,855	)
	10,919,454	HKD	Goldman Sachs		11/03/2016		1,408,230		1,407,975		255
	11,098,363	HKD	Goldman Sachs		12/05/2016		1,431,424		1,431,310		114
	703,461,821	JPY	Goldman Sachs		11/03/2016		6,954,983		6,708,597		246,386
	746,885,663	JPY	Goldman Sachs		12/05/2016		7,114,425		7,131,092		(16,667	)
	2,879,504,002	KRW	Goldman Sachs		11/03/2016		2,620,973		2,516,465		104,508
	2,912,859,277	KRW	Goldman Sachs		12/05/2016		2,540,657		2,545,277		(4,620	)
	3,010,236	NOK	Goldman Sachs		11/03/2016		374,544		364,333		10,211
	2,551,913	NOK	Goldman Sachs		12/05/2016		309,300		308,878		422
	261,050	NZD	Goldman Sachs		11/03/2016		189,599		186,654		2,945
	261,050	NZD	Goldman Sachs		12/05/2016		186,526		186,416		110
	6,408,471	SEK	Goldman Sachs		11/03/2016		749,134		709,613		39,521
	6,408,471	SEK	Goldman Sachs		12/05/2016		711,430		710,694		736
	947,360	SGD	Goldman Sachs		11/03/2016		694,914		680,958		13,956
	947,360	SGD	Goldman Sachs		12/05/2016		680,692		681,117		(425	)
							53,538,667		52,689,070		849,597

SEE NOTES TO FINANCIAL STATEMENTS.



46	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.5%
		Australia — 8.6%
	138,028	AGL Energy Ltd.		2,010,725
	96,262	Ansell Ltd.		1,585,919
	243,602	APA Group		1,472,241
	67,957	Bendigo & Adelaide Bank Ltd.		573,888
	66,548	BlueScope Steel Ltd.		394,804
	148,872	Boral Ltd.		711,278
	75,211	Brambles Ltd.		658,495
	48,080	Caltex Australia Ltd.		1,119,169
	18,359	Cochlear Ltd.		1,783,784
	26,355	CSL Ltd.		2,011,033
	290,895	CSR Ltd.		807,730
	282,696	Dexus Property Group REIT		1,920,391
	81,887	Downer EDI Ltd.		361,931
	523,875	DUET Group		948,437
	460,903	GPT Group (The) REIT		1,629,465
	224,281	Harvey Norman Holdings Ltd.		858,897
	704,101	Healthscope Ltd.		1,181,116
	430,005	Incitec Pivot Ltd.		961,736
	458,311	Origin Energy Ltd.		1,847,257
	33,229	Ramsay Health Care Ltd.		1,850,352
	116,637	Sonic Healthcare Ltd.		1,813,989
	366,695	Sydney Airport		1,743,190
	517,827	Tabcorp Holdings Ltd.		1,902,488
	474,196	Tatts Group Ltd.		1,461,735
	496,865	Telstra Corp., Ltd.		1,879,114
	174,824	TPG Telecom Ltd.		1,002,451
	230,717	Transurban Group		1,820,477
	707,216	Vicinity Centres REIT		1,542,268
	113,087	Vocus Communications Ltd.		490,295
	63,991	Wesfarmers Ltd.		1,992,611

				40,337,266

		Austria — 0.6%
	45,055	OMV AG		1,406,156
	33,551	voestalpine AG		1,188,586

				2,594,742

		Belgium — 1.1%
	27,641	Colruyt S.A.		1,485,654
	9,501	Groupe Bruxelles Lambert S.A.		816,775
	48,852	Proximus SADP		1,398,272
	20,954	Umicore S.A.		1,273,634

				4,974,335

		Denmark — 1.4%
	21,717	Chr. Hansen Holding A/S		1,300,585
	2,395	DSV A/S		115,965


SHARES		SECURITY DESCRIPTION	VALUE($)

		Denmark — continued
	29,697	H Lundbeck A/S (a)		957,090
	6,875	ISS A/S		269,883
	249,165	TDC A/S (a)		1,373,771
	20,040	Vestas Wind Systems A/S		1,605,523
	54,391	William Demant Holding A/S (a)		1,012,056

				6,634,873

		Finland — 1.8%
	33,553	Elisa OYJ		1,130,446
	42,288	Fortum OYJ		704,898
	28,893	Kesko OYJ, Class B		1,435,698
	46,283	Neste OYJ		1,996,755
	10,051	Nokian Renkaat OYJ		337,128
	22,594	Orion OYJ, Class B		961,693
	23,957	Sampo OYJ, Class A		1,097,572
	43,423	UPM-Kymmene OYJ		1,010,090

				8,674,280

		France — 5.0%
	4,322	Arkema S.A.		409,824
	18,309	Atos SE		1,899,999
	20,215	Capital Gemini S.A.		1,674,151
	7,689	Christian Dior SE		1,482,953
	22,738	Dassault Systemes		1,799,781
	11,346	Eiffage S.A.		840,000
	13,036	Essilor International S.A.		1,464,907
	28,103	Eutelsat Communications S.A.		588,896
	346	Iliad S.A.		72,534
	11,364	Ingenico Group S.A.		898,872
	42,702	Lagardere SCA		1,087,484
	94,546	Orange S.A.		1,487,562
	18,525	Publicis Groupe S.A.		1,270,816
	42,544	SCOR SE		1,377,735
	5,352	Sodexo S.A.		621,482
	21,540	Thales S.A.		2,026,600
	30,664	TOTAL S.A.		1,468,963
	11,059	Valeo S.A.		638,161
	14,675	Vinci S.A.		1,062,761
	61,819	Vivendi S.A.		1,251,256

				23,424,737

		Germany — 4.1%
	14,267	Axel Springer SE		714,766
	16,861	Beiersdorf AG		1,486,467
	18,072	Brenntag AG		966,137
	42,354	Evonik Industries AG		1,326,385

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	22,406	Fraport AG Frankfurt Airport Services Worldwide		1,330,037
	21,242	Fresenius Medical Care AG & Co., KGaA		1,730,257
	25,188	Fresenius SE & Co., KGaA		1,861,080
	16,259	Hannover Rueck SE		1,813,884
	110,579	Infineon Technologies AG		1,988,804
	15,062	Merck KGaA		1,550,339
	35,846	QIAGEN NV (a)		876,707
	10,774	SAP SE		949,188
	18,065	Suedzucker AG		463,415
	5,269	Symrise AG		361,852
	183,015	Telefonica Deutschland Holding AG		709,793
	24,230	United Internet AG		996,213

				19,125,324

		Hong Kong — 5.4%
	520,000	Cathay Pacific Airways Ltd.		684,442
	198,000	Cheung Kong Infrastructure Holdings Ltd.		1,620,396
	170,042	CK Hutchison Holdings Ltd.		2,099,684
	198,000	CLP Holdings Ltd.		2,012,669
	1,301,000	FIH Mobile Ltd.		429,335
	340,000	First Pacific Co., Ltd.		257,568
	1,041,510	Hong Kong & China Gas Co., Ltd.		2,034,550
	280,000	Link REIT		1,991,903
	365,000	MTR Corp., Ltd.		2,019,939
	227,000	New World Development Co., Ltd.		282,218
	2,906,000	PCCW Ltd.		1,729,789
	196,000	Power Assets Holdings Ltd.		1,839,597
	17,802,000	Semiconductor Manufacturing International Corp. (a)		2,155,960
	148,000	Swire Pacific Ltd., Class A		1,538,291
	356,000	Techtronic Industries Co., Ltd.		1,337,545
	143,000	Wheelock & Co., Ltd.		880,037
	282,000	Xinyi Glass Holdings Ltd.		242,474
	1,302,000	Xinyi Solar Holdings Ltd.		482,334
	464,500	Yue Yuen Industrial Holdings Ltd.		1,768,925

				25,407,656

		Ireland — 0.3%
	17,301	Kerry Group plc, Class A		1,256,148

		Italy — 1.1%
	126,891	Davide Campari-Milano SpA		1,277,994
	400,622	Parmalat SpA		1,058,123
	266,815	Snam SpA		1,405,807
	333,145	Terna Rete Elettrica Nazionale SpA		1,630,725

				5,372,649


SHARES		SECURITY DESCRIPTION	VALUE($)

		Japan — 26.8%
	87,800	Alfresa Holdings Corp.		1,855,564
	294,000	ANA Holdings, Inc.		825,780
	415,000	Aozora Bank Ltd.		1,371,185
	65,400	Brother Industries Ltd.		1,200,042
	27,000	Calsonic Kansei Corp.		338,380
	50,600	Canon Marketing Japan, Inc.		873,901
	59,900	Canon, Inc.		1,720,810
	70,100	Capcom Co., Ltd.		1,810,904
	7,500	Central Japan Railway Co.		1,275,346
	100,300	Chubu Electric Power Co., Inc.		1,476,553
	105,400	Chugoku Electric Power Co., Inc. (The)		1,233,330
	82,200	COMSYS Holdings Corp.		1,447,090
	194,900	Concordia Financial Group Ltd.		903,694
	19,000	Credit Saison Co., Ltd.		328,455
	98,500	Daicel Corp.		1,295,196
	4,000	Daito Trust Construction Co., Ltd.		670,315
	105,000	Denka Co., Ltd.		476,342
	43,000	DIC Corp.		1,302,549
	48,000	Electric Power Development Co., Ltd.		1,117,773
	29,700	FamilyMart UNY Holdings Co., Ltd.		1,862,799
	121,000	Fuji Electric Co., Ltd.		604,224
	48,300	FUJIFILM Holdings Corp.		1,826,267
	288,400	Fujikura Ltd.		1,694,496
	29,000	Fukuoka Financial Group, Inc.		125,497
	52,800	Gree, Inc. (a)		292,781
	122,300	Gunma Bank Ltd. (The)		583,966
	101,300	Hachijuni Bank Ltd. (The)		552,248
	50,100	Hankyu Hanshin Holdings, Inc.		1,658,719
	21,300	Hikari Tsushin, Inc.		1,955,245
	12,300	Hitachi Capital Corp.		274,381
	70,000	Hitachi Chemical Co., Ltd.		1,636,381
	55,900	Hitachi High-Technologies Corp.		2,331,367
	91,200	Hokuriku Electric Power Co.		1,035,896
	81,100	Idemitsu Kosan Co., Ltd.		1,863,671
	18,500	Iida Group Holdings Co., Ltd.		357,596
	192,900	Inpex Corp.		1,799,519
	43,900	Itochu Techno-Solutions Corp.		1,082,631
	52,800	Japan Airlines Co., Ltd.		1,558,223
	44,400	Japan Petroleum Exploration Co., Ltd.		971,471
	473,900	JX Holdings, Inc.		1,872,456
	16,000	Kagome Co., Ltd.		419,545
	204,000	Kaneka Corp.		1,687,833
	78,100	Kansai Electric Power Co., Inc. (The) (a)		746,657
	729,000	Kawasaki Kisen Kaisha Ltd.		1,803,471
	63,800	KDDI Corp.		1,939,085

SEE NOTES TO FINANCIAL STATEMENTS.



48	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	28,000	Keio Corp.		231,748
	11,200	Keisei Electric Railway Co., Ltd.		270,032
	120,800	Konica Minolta, Inc.		1,082,011
	63,300	Kuraray Co., Ltd.		959,661
	40,500	Kyushu Electric Power Co., Inc. (a)		368,006
	50,300	Leopalace21 Corp.		327,040
	35,800	Lintec Corp.		779,758
	55,000	Lion Corp.		899,525
	51,300	Matsui Securities Co., Ltd.		410,442
	66,300	Medipal Holdings Corp.		1,132,816
	25,600	Miraca Holdings, Inc.		1,235,870
	76,700	Mitsubishi Gas Chemical Co., Inc.		1,180,469
	93,100	Mitsubishi Tanabe Pharma Corp.		1,812,144
	67,900	Mitsubishi UFJ Lease & Finance Co., Ltd.		328,716
	677,800	Mizuho Financial Group, Inc.		1,141,248
	25,200	Mochida Pharmaceutical Co., Ltd.		1,974,472
	122,000	Nagoya Railroad Co., Ltd.		643,771
	78,000	NH Foods Ltd.		1,869,162
	4,600	Nifco, Inc.		264,922
	71,000	Nippo Corp.		1,369,609
	159,000	Nippon Express Co., Ltd.		785,372
	68,800	Nippon Paper Industries Co., Ltd.		1,287,709
	20,100	Nippon Shokubai Co., Ltd.		1,387,101
	40,300	Nippon Telegraph & Telephone Corp.		1,786,775
	149,000	Nipro Corp.		1,839,992
	117,000	Nisshin Seifun Group, Inc.		1,723,438
	22,400	Nissin Foods Holdings Co., Ltd.		1,296,489
	39,800	Nomura Real Estate Holdings, Inc.		672,089
	21,400	Nomura Research Institute Ltd.		742,247
	70,600	NTT DOCOMO, Inc.		1,773,049
	38,700	NTT Urban Development Corp.		355,776
	8,200	Oracle Corp. Japan		446,267
	491,000	Osaka Gas Co., Ltd.		2,042,168
	7,100	Otsuka Corp.		337,805
	387,800	Resona Holdings, Inc.		1,718,917
	117,500	Ricoh Co., Ltd.		957,652
	16,400	Sankyo Co., Ltd.		577,756
	8,300	Sapporo Holdings Ltd.		234,481
	9,900	Sawai Pharmaceutical Co., Ltd.		639,760
	8,900	SCSK Corp.		331,996
	108,300	Sekisui House Ltd.		1,789,519
	18,300	Seven Bank Ltd.		56,258
	17,900	Shikoku Electric Power Co., Inc.		168,324
	43,400	Shimachu Co., Ltd.		1,164,547
	12,500	Shimamura Co., Ltd.		1,600,181


SHARES		SECURITY DESCRIPTION	VALUE($)

		Japan — continued
	28,900	Showa Denko K.K.		381,864
	179,500	Showa Shell Sekiyu K.K.		1,672,454
	84,300	SKY Perfect JSAT Holdings, Inc.		417,752
	31,500	SoftBank Group Corp.		1,983,905
	705,600	Sojitz Corp.		1,851,689
	16,700	Square Enix Holdings Co., Ltd.		552,425
	366,000	Sumitomo Osaka Cement Co., Ltd.		1,515,868
	22,200	Suzuken Co., Ltd.		713,032
	219,000	Taisei Corp.		1,641,416
	7,100	Taisho Pharmaceutical Holdings Co., Ltd.		692,600
	36,000	Takashimaya Co., Ltd.		293,616
	150,000	Tobu Railway Co., Ltd.		736,431
	14,800	Toho Co., Ltd.		444,035
	101,000	Toho Gas Co., Ltd.		936,608
	114,400	Tohoku Electric Power Co., Inc.		1,401,613
	252,600	Tokyo Electric Power Holdings Co., Inc. (a)		978,720
	194,000	TonenGeneral Sekiyu K.K.		1,910,227
	46,400	Toyo Suisan Kaisha Ltd.		1,879,841
	36,800	Toyota Industries Corp.		1,688,508
	54,600	Tsumura & Co.		1,551,677
	784,000	Ube Industries Ltd.		1,617,854
	83,700	Yamada Denki Co., Ltd.		432,644
	47,000	Yamaguchi Financial Group, Inc.		518,143
	29,300	Yamaha Corp.		1,046,872
	68,300	Yokohama Rubber Co., Ltd. (The)		1,185,865

				126,102,383

		Luxembourg — 0.1%
	3,424	RTL Group S.A.		268,344

		Netherlands — 2.4%
	20,452	Boskalis Westminster		659,612
	20,294	Heineken Holding NV		1,561,464
	60,062	Koninklijke Ahold Delhaize NV		1,370,166
	30,379	NN Group NV		915,100
	91,071	RELX NV		1,535,695
	145,111	Royal Dutch Shell plc, Class A		3,614,300
	42,026	Wolters Kluwer NV		1,625,164

				11,281,501

		New Zealand — 0.7%
	191,215	Fletcher Building Ltd.		1,416,530
	740,245	Spark New Zealand Ltd.		1,936,021

				3,352,551

		Norway — 1.0%
	90,372	Marine Harvest ASA		1,639,916
	111,147	Norsk Hydro ASA		496,909

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Norway — continued
	65,972	Orkla ASA		622,936
	53,015	Telenor ASA		843,196
	34,601	Yara International ASA		1,222,255

				4,825,212

		Portugal — 0.6%
	417,379	EDP — Energias de Portugal S.A.		1,379,553
	94,800	Galp Energia SGPS S.A.		1,285,331

				2,664,884

		Singapore — 2.8%
	233,900	Ascendas Real Estate Investment Trust REIT		398,600
	878,600	CapitaLand Mall Trust REIT		1,309,239
	290,100	ComfortDelGro Corp., Ltd.		528,915
	4,332,600	Golden Agri-Resources Ltd.		1,196,361
	1,584,800	Hutchison Port Holdings Trust, Class U		703,985
	348,100	Keppel Corp., Ltd.		1,316,391
	419,800	Sembcorp Industries Ltd.		760,181
	470,000	Singapore Press Holdings Ltd.		1,256,023
	684,200	Singapore Telecommunications Ltd.		1,906,816
	317,900	StarHub Ltd.		771,678
	465,000	Suntec REIT		561,628
	108,100	Venture Corp., Ltd.		738,452
	722,700	Wilmar International Ltd.		1,715,774

				13,164,043

		South Korea — 9.4%
	4,085	Celltrion, Inc. (a)		378,456
	3,189	CJ CheilJedang Corp.		972,887
	5,655	CJ Corp.		860,942
	29,505	GS Holdings Corp.		1,312,635
	4,740	Hankook Tire Co., Ltd.		227,620
	13,141	Hanmi Science Co., Ltd.		871,680
	36,275	Hanwha Chemical Corp.		854,081
	4,816	Hanwha Techwin Co., Ltd.		267,512
	5,160	Hyosung Corp.		602,765
	5,303	Hyundai Department Store Co., Ltd.		544,030
	32,827	Hyundai Steel Co.		1,414,512
	94,765	Industrial Bank of Korea		1,090,849
	12,262	Kakao Corp.		817,636
	34,131	Kangwon Land, Inc.		1,131,162
	38,458	Korea Electric Power Corp.		1,663,719
	32,001	Korea Gas Corp.		1,293,442
	3,097	Korea Zinc Co., Ltd.		1,229,723
	4,123	Korean Air Lines Co., Ltd. (a)		115,251
	69,392	KT Corp.		1,957,528
	16,996	KT&G Corp.		1,676,319


SHARES		SECURITY DESCRIPTION	VALUE($)

		South Korea — continued
	20,922	LG Corp.		1,118,829
	68,241	LG Display Co., Ltd.		1,631,617
	174,306	LG Uplus Corp.		1,796,434
	2,969	Lotte Chemical Corp.		745,969
	3,051	Lotte Shopping Co., Ltd.		608,750
	2,380	Mando Corp.		556,462
	2,594	NAVER Corp.		1,940,741
	9,908	POSCO		2,061,583
	1,860	Samsung Electronics Co., Ltd.		2,660,411
	1,815	Samsung SDS Co., Ltd.		244,751
	3,525	Shinsegae, Inc.		572,552
	9,447	SK Holdings Co., Ltd.		1,842,922
	56,677	SK Hynix, Inc.		2,027,145
	11,703	SK Innovation Co., Ltd.		1,540,517
	57,722	SK Networks Co., Ltd.		328,053
	8,656	SK Telecom Co., Ltd.		1,696,852
	28,661	SKC Co., Ltd.		676,155
	21,264	S-Oil Corp.		1,453,133
	75,974	Woori Bank		827,975
	3,380	Yuhan Corp.		619,724

				44,233,324

		Spain — 2.3%
	5,550	Acciona S.A.		421,765
	74,070	Acerinox S.A.		911,494
	3,854	Corp. Financiera Alba S.A.		168,929
	53,194	Enagas S.A.		1,524,811
	79,942	Endesa S.A.		1,696,828
	67,231	Ferrovial S.A.		1,306,160
	61,786	Gamesa Corp. Tecnologica S.A.		1,426,548
	71,988	Gas Natural SDG S.A.		1,417,041
	225,142	Iberdrola S.A.		1,532,200
	31,041	Red Electrica Corp. S.A.		646,664

				11,052,440

		Sweden — 2.7%
	83,864	Boliden AB		1,943,671
	29,351	Hexagon AB, Class B		1,027,053
	48,028	Investor AB, Class B		1,705,588
	106,815	Securitas AB, Class B		1,648,570
	67,813	Skanska AB, Class B		1,472,666
	30,936	Svenska Cellulosa AB SCA, Class B		876,195
	13,540	Swedish Match AB		471,194
	166,197	Tele2 AB, Class B		1,372,377
	119,896	Telefonaktiebolaget LM Ericsson, Class B		581,599
	286,792	TeliaSonera AB		1,145,691

SEE NOTES TO FINANCIAL STATEMENTS.



50	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Sweden — continued
	36,775	Trelleborg AB, Class B		641,904

				12,886,508

		Switzerland — 2.0%
	12,434	Baloise Holding AG		1,529,749
	1	Chocoladefabriken Lindt & Spruengli AG		62,048
	58,755	Clariant AG		972,951
	53,525	Coca-Cola HBC AG		1,155,069
	481	EMS-Chemie Holding AG		241,436
	2,811	Kuehne & Nagel International AG		381,009
	8,254	Lonza Group AG		1,557,544
	10,435	Sonova Holding AG		1,399,468
	3,192	Swiss Prime Site AG		264,742
	3,709	Swiss Re AG		344,239
	3,226	Swisscom AG		1,474,679

				9,382,934

		United Kingdom — 19.3%
	66,313	Admiral Group plc		1,553,665
	221,791	Antofagasta plc		1,475,152
	46,495	AstraZeneca plc		2,603,502
	119,192	Babcock International Group plc		1,440,779
	214,784	BAE Systems plc		1,423,112
	109,687	Barratt Developments plc		608,264
	9,285	Bellway plc		268,693
	45,225	Berkeley Group Holdings plc		1,304,358
	623,038	BP plc		3,683,233
	32,718	British American Tobacco plc		1,875,173
	82,093	British Land Co., plc (The) REIT		587,739
	488,105	BT Group plc, Class A		2,240,431
	63,962	Bunzl plc		1,717,216
	43,089	Carnival plc		2,078,315
	748,166	Centrica plc		1,959,646
	27,507	Croda International plc		1,176,336
	11,986	Diageo plc		319,027
	170,616	Direct Line Insurance Group plc		721,806
	60,982	DS Smith plc		297,361
	84,395	easyJet plc		967,808
	354,082	GKN plc		1,380,863
	166,346	GlaxoSmithKline plc		3,286,066
	32,676	Halma plc		418,317
	231,208	Hammerson plc REIT		1,555,463
	46,540	Hikma Pharmaceuticals plc		998,209
	65,228	IMI plc		792,295
	47,789	Imperial Brands plc		2,311,652
	81,013	Inchcape plc		644,114


SHARES		SECURITY DESCRIPTION	VALUE($)

		United Kingdom — continued
	86,497	Informa plc		711,622
	168,422	Inmarsat plc		1,444,739
	29,359	InterContinental Hotels Group plc		1,138,213
	287,480	Intu Properties plc REIT		968,877
	131,305	John Wood Group plc		1,234,163
	49,061	Johnson Matthey plc		2,045,027
	155,545	Land Securities Group plc REIT		1,899,306
	35,994	Mediclinic International plc		399,110
	198,921	Meggitt plc		1,058,255
	160,844	Merlin Entertainments plc (f)		906,490
	41,871	Micro Focus International plc		1,096,419
	99,183	Mondi plc		1,935,617
	173,898	National Grid plc		2,262,036
	76,874	Pennon Group plc		784,558
	42,875	Persimmon plc		887,510
	145,506	Petrofac Ltd.		1,433,027
	1,626	Randgold Resources Ltd.		144,400
	26,138	Reckitt Benckiser Group plc		2,338,329
	119,170	RELX plc		2,127,210
	182,160	Rentokil Initial plc		508,105
	187,917	Royal Mail plc		1,127,412
	207,043	Sage Group plc (The)		1,826,741
	204,455	Segro plc REIT		1,095,078
	60,665	Severn Trent plc		1,726,907
	37,994	Shire plc		2,145,253
	103,058	Sky plc		1,030,301
	135,745	Smith & Nephew plc		1,962,386
	109,726	Smiths Group plc		1,901,359
	112,175	SSE plc		2,181,033
	72,195	Tate & Lyle plc		688,524
	62,081	Travis Perkins plc		1,010,028
	50,700	Unilever plc		2,116,693
	155,576	United Utilities Group plc		1,788,333
	978,761	Vodafone Group plc		2,688,009
	3,192	Whitbread plc		141,008
	103,440	WPP plc		2,246,008

				90,686,681

		Total Common Stocks (Cost $462,333,365)		467,702,815


NUMBER OF RIGHTS
	Rights — 0.0% (e)
		Spain — 0.0% (e)
	67,231	Ferrovial S.A. (a)		28,783

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	Rights — continued
		Sweden — 0.0% (e)
	166,197	Tele2 AB (a)		49,797

		Total Rights (Cost $—)		78,580


SHARES
	Short-Term Investment — 0.3%
		Investment Company — 0.3%
	1,161,468	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (d) (Cost $1,161,468)		1,161,468

		Total Investments — 99.8% (Cost $463,494,833)		468,942,863
		Other Assets in Excess of Liabilities — 0.2%		1,099,853

		NET ASSETS — 100.0%	$	470,042,716

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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		7.3	%
Chemicals		5.8
Diversified Telecommunication Services		5.6
Electric Utilities		5.3
Pharmaceuticals		3.9
Food Products		3.6
Real Estate Investment Trusts (REITs)		3.3
Health Care Providers & Services		2.9
Wireless Telecommunication Services		2.6
Gas Utilities		2.6
Metals & Mining		2.4
Health Care Equipment & Supplies		2.4
Media		2.3
Industrial Conglomerates		2.1
Construction & Engineering		2.1
Banks		2.0
Technology Hardware, Storage & Peripherals		2.0
Hotels, Restaurants & Leisure		2.0
Insurance		2.0
Software		1.8
Road & Rail		1.8
IT Services		1.6
Electronic Equipment, Instruments & Components		1.6
Semiconductors & Semiconductor Equipment		1.6
Multi-Utilities		1.5
Auto Components		1.5
Household Durables		1.4
Food & Staples Retailing		1.3
Trading Companies & Distributors		1.3
Transportation Infrastructure		1.2
Aerospace & Defense		1.2
Electrical Equipment		1.1
Specialty Retail		1.1
Real Estate Management & Development		1.1
Commercial Services & Supplies		1.0
Others (each less than 1.0%)		15.7

SEE NOTES TO FINANCIAL STATEMENTS.



52	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Consumer Discretionary — 16.1%
		Auto Components — 0.9%
	351	Adient plc (Ireland) (a)		15,960
	3,137	Delphi Automotive plc (Jersey)		204,125
	22,020	Gentex Corp.		372,358
	2,783	Goodyear Tire & Rubber Co. (The)		80,791
	3,821	Lear Corp.		469,142

				1,142,376

		Automobiles — 0.6%
	17,277	Ford Motor Co.		202,832
	6,546	General Motors Co.		206,854
	6,413	Harley-Davidson, Inc.		365,669

				775,355

		Distributors — 0.5%
	7,371	Genuine Parts Co.		667,739

		Diversified Consumer Services — 0.1%
	19	Graham Holdings Co., Class B		9,025
	6,326	H&R Block, Inc.		145,308

				154,333

		Hotels, Restaurants & Leisure — 2.5%
	5,365	Carnival Corp. (Panama)		263,421
	2,681	Darden Restaurants, Inc.		173,702
	1,432	Domino’s Pizza, Inc.		242,352
	3,655	Dunkin’ Brands Group, Inc.		176,756
	6,656	Hilton Worldwide Holdings, Inc.		150,426
	6,788	International Game Technology plc (United Kingdom)		194,951
	2,670	Las Vegas Sands Corp.		154,540
	3,400	McDonald’s Corp.		382,738
	3,866	Norwegian Cruise Line Holdings Ltd. (Bermuda) (a)		150,271
	1,107	Panera Bread Co., Class A (a)		211,171
	1,925	Royal Caribbean Cruises Ltd. (Liberia)		147,975
	4,209	Speedway Motorsports, Inc.		79,171
	6,719	Starbucks Corp.		356,577
	2,832	Wyndham Worldwide Corp.		186,459
	3,100	Yum! Brands, Inc.		267,468

				3,137,978

		Household Durables — 2.1%
	9,468	DR Horton, Inc.		272,962
	4,032	Garmin Ltd. (Switzerland)		194,988
	10,670	Leggett & Platt, Inc.		489,540
	5,308	Lennar Corp., Class A		221,290
	1,474	Mohawk Industries, Inc. (a)		271,658
	7,234	Newell Rubbermaid, Inc.		347,377


SHARES		SECURITY DESCRIPTION	VALUE($)

		Household Durables — continued
	299	NVR, Inc. (a)		455,377
	11,437	PulteGroup, Inc.		212,728
	1,323	Whirlpool Corp.		198,212

				2,664,132

		Internet & Direct Marketing Retail — 0.6%
	280	Amazon.com, Inc. (a)		221,149
	1,642	Expedia, Inc.		212,196
	8,077	Liberty Interactive Corp., Class A (a)		149,344
	136	Priceline Group, Inc. (The) (a)		200,495

				783,184

		Leisure Products — 0.8%
	6,899	Hasbro, Inc.		575,446
	8,182	Mattel, Inc.		257,978
	1,688	Polaris Industries, Inc.		129,318

				962,742

		Media — 3.0%
	19	Cable One, Inc.		10,958
	3,106	CBS Corp. (Non-Voting), Class B		175,862
	6,375	Comcast Corp., Class A		394,103
	2,905	Discovery Communications, Inc., Class A (a)		75,850
	6,012	EW Scripps Co. (The), Class A (a)		79,719
	15,583	Interpublic Group of Cos., Inc. (The)		348,903
	596	John Wiley & Sons, Inc., Class A		30,754
	2,042	Liberty SiriusXM Group, Class A (a)		67,937
	4,580	Omnicom Group, Inc.		365,576
	2,093	Scripps Networks Interactive, Inc., Class A		134,706
	87,526	Sirius XM Holdings, Inc.		364,983
	12,081	Starz (a)		380,068
	6,110	TEGNA, Inc.		119,878
	2,298	Time Warner, Inc.		204,499
	12,750	Twenty-First Century Fox, Inc.		336,473
	7,401	Twenty-First Century Fox, Inc., Class A		194,424
	2,427	Viacom, Inc., Class B		91,158
	3,405	Walt Disney Co. (The)		315,609

				3,691,460

		Multiline Retail — 1.0%
	1,723	Dillard’s, Inc., Class A		105,620
	3,209	Dollar General Corp.		221,710
	2,419	Dollar Tree, Inc. (a)		182,755
	2,969	Kohl’s Corp.		129,894
	3,617	Macy’s, Inc.		131,984
	2,575	Nordstrom, Inc.		133,900
	4,294	Target Corp.		295,127

				1,200,990

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — 3.0%
	1,116	Advance Auto Parts, Inc.		156,329
	3,335	AutoNation, Inc. (a)		146,306
	216	AutoZone, Inc. (a)		160,307
	2,670	Best Buy Co., Inc.		103,890
	2,777	Dick’s Sporting Goods, Inc.		154,540
	3,634	Foot Locker, Inc.		242,642
	3,790	Gap, Inc. (The)		104,566
	3,783	Home Depot, Inc. (The)		461,564
	3,257	L Brands, Inc.		235,123
	5,877	Lowe’s Cos., Inc.		391,702
	1,213	O’Reilly Automotive, Inc. (a)		320,766
	5,026	Ross Stores, Inc.		314,326
	694	Signet Jewelers Ltd. (Bermuda)		56,394
	1,897	Tiffany & Co.		139,278
	5,679	TJX Co., Inc. (The)		418,826
	759	Ulta Salon Cosmetics & Fragrance, Inc. (a)		184,695
	1,460	Urban Outfitters, Inc. (a)		48,837
	2,930	Williams-Sonoma, Inc.		135,425

				3,775,516

		Textiles, Apparel & Luxury Goods — 1.0%
	6,335	Coach, Inc.		227,363
	6,040	Hanesbrands, Inc.		155,228
	2,172	lululemon athletica, Inc. (a)		124,347
	3,033	Michael Kors Holdings Ltd. (British Virgin Islands) (a)		154,016
	6,576	NIKE, Inc., Class B		329,984
	4,601	V.F. Corp.		249,420

				1,240,358

		Total Consumer Discretionary		20,196,163

		Consumer Staples — 12.1%
		Beverages — 2.5%
	9,006	Brown-Forman Corp., Class B		415,807
	14,069	Coca-Cola Co. (The)		596,526
	2,709	Constellation Brands, Inc., Class A		452,728
	6,390	Dr. Pepper Snapple Group, Inc.		560,978
	2,985	Molson Coors Brewing Co., Class B		309,873
	1,463	Monster Beverage Corp. (a)		211,169
	5,143	PepsiCo, Inc.		551,330

				3,098,411

		Food & Staples Retailing — 1.6%
	3,900	Costco Wholesale Corp.		576,693
	4,089	CVS Health Corp.		343,885
	5,284	Kroger Co. (The)		163,699
	7,948	Sysco Corp.		382,458


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food & Staples Retailing — continued
	2,151	Walgreens Boots Alliance, Inc.		177,952
	4,464	Wal-Mart Stores, Inc.		312,569
	1,478	Weis Markets, Inc.		82,221

				2,039,477

		Food Products — 4.3%
	419	Bunge Ltd. (Bermuda)		25,982
	11,684	Campbell Soup Co.		634,909
	2,658	ConAgra Foods, Inc.		128,062
	8,735	General Mills, Inc.		541,395
	6,659	Hershey Co. (The)		682,281
	15,851	Hormel Foods Corp.		610,264
	3,633	JM Smucker Co. (The)		477,049
	6,355	Kellogg Co.		477,451
	4,516	Kraft Heinz Co. (The)		401,698
	7,133	McCormick & Co., Inc. (Non-Voting)		683,841
	1,772	Mead Johnson Nutrition Co., Class A		132,493
	7,660	Mondelez International, Inc., Class A		344,240
	3,776	Tyson Foods, Inc., Class A		267,530

				5,407,195

		Household Products — 1.9%
	4,081	Church & Dwight Co., Inc.		196,949
	5,623	Clorox Co. (The)		674,872
	7,268	Colgate-Palmolive Co.		518,644
	1,611	Energizer Holdings, Inc.		74,928
	3,797	Kimberly-Clark Corp.		434,415
	5,565	Procter & Gamble Co. (The)		483,042

				2,382,850

		Personal Products — 0.7%
	2,458	Coty, Inc., Class A		56,510
	3,930	Edgewell Personal Care Co. (a)		296,322
	4,585	Estee Lauder Cos., Inc. (The), Class A		399,491
	2,659	Nu Skin Enterprises, Inc., Class A		163,927

				916,250

		Tobacco — 1.1%
	6,622	Altria Group, Inc.		437,847
	4,349	Philip Morris International, Inc.		419,417
	8,180	Reynolds American, Inc.		450,554

				1,307,818

		Total Consumer Staples		15,152,001

		Energy — 4.2%
		Energy Equipment & Services — 1.3%
	2,398	Baker Hughes, Inc.		132,849

SEE NOTES TO FINANCIAL STATEMENTS.



54	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	3,350	Diamond Offshore Drilling, Inc.		55,242
	3,997	FMC Technologies, Inc. (a)		128,983
	2,708	Halliburton Co.		124,568
	2,038	Helmerich & Payne, Inc.		128,618
	12,035	Nabors Industries Ltd. (Bermuda)		143,217
	7,135	National Oilwell Varco, Inc.		229,033
	3,248	Oceaneering International, Inc.		77,302
	3,882	Patterson-UTI Energy, Inc.		87,267
	4,968	Schlumberger Ltd. (Curacao)		388,647
	924	Superior Energy Services, Inc.		13,084
	11,262	Transocean Ltd. (Switzerland)		108,228

				1,617,038

		Oil, Gas & Consumable Fuels — 2.9%
	7,400	Chesapeake Energy Corp. (a)		40,774
	2,793	Chevron Corp.		292,567
	3,099	ConocoPhillips		134,652
	4,855	Exxon Mobil Corp.		404,519
	1,132	Gulfport Energy Corp. (a)		27,292
	3,168	Hess Corp.		151,969
	5,393	HollyFrontier Corp.		134,555
	6,286	Kinder Morgan, Inc.		128,423
	5,053	Marathon Oil Corp.		66,599
	4,010	Marathon Petroleum Corp.		174,796
	3,907	Murphy Oil Corp.		101,074
	3,060	Noble Energy, Inc.		105,478
	5,521	Occidental Petroleum Corp.		402,536
	6,823	ONEOK, Inc.		330,438
	2,585	Parsley Energy, Inc., Class A (a)		85,046
	1,798	Phillips 66		145,908
	4,263	QEP Resources Inc. (a)		68,506
	2,604	SM Energy Co.		87,572
	8,186	Spectra Energy Corp.		342,257
	1,890	Targa Resources Corp.		82,971
	2,091	Tesoro Corp.		177,672
	2,474	Valero Energy Corp.		146,560
	2,835	Williams Cos., Inc. (The)		82,782

				3,714,946

		Total Energy		5,331,984

		Financials — 6.7%
		Banks — 1.4%
	1,710	Bank of Hawaii Corp.		128,506
	3,740	BB&T Corp.		146,608
	29	Comerica, Inc.		1,511
	742	Cullen/Frost Bankers, Inc.		56,385


SHARES		SECURITY DESCRIPTION	VALUE($)

		Banks — continued
	6,312	Fifth Third Bancorp		137,349
	12,481	Huntington Bancshares, Inc.		132,299
	1,333	M&T Bank Corp.		163,599
	10,009	People’s United Financial, Inc.		162,546
	2,158	PNC Financial Services Group, Inc. (The)		206,305
	313	Popular Inc. (Puerto Rico)		11,362
	2,841	SunTrust Banks, Inc.		128,498
	805	Synovus Financial Corp.		26,621
	5,308	U.S. Bancorp		237,586
	3,150	Wells Fargo & Co.		144,932
	272	Zions Bancorporation		8,761

				1,692,868

		Capital Markets — 1.7%
	897	Ameriprise Financial, Inc.		79,286
	3,395	Bank of New York Mellon Corp. (The)		146,902
	467	BlackRock, Inc., Class A		159,359
	1,344	CME Group, Inc., Class A		134,534
	1,221	Eaton Vance Corp.		42,808
	2,403	FactSet Research Systems, Inc.		371,792
	1,514	Federated Investors, Inc., Class B		40,878
	559	Intercontinental Exchange, Inc.		151,148
	3,586	Invesco Ltd. (Bermuda)		100,731
	2,352	Northern Trust Corp.		170,332
	1,527	Raymond James Financial, Inc.		91,803
	1,143	S&P Global, Inc.		139,275
	5,467	SEI Investments Co.		242,352
	2,509	T. Rowe Price Group, Inc.		160,601
	3,430	TD Ameritrade Holding Corp.		117,340

				2,149,141

		Consumer Finance — 0.5%
	1,678	American Express Co.		111,453
	1,840	Capital One Financial Corp.		136,233
	2,869	Discover Financial Services		161,611
	13,555	SLM Corp. (a)		95,563
	2,994	Synchrony Financial		85,598

				590,458

		Diversified Financial Services — 0.0% (e)
	1,740	Voya Financial, Inc.		53,157

		Insurance — 2.8%
	2,621	Aflac, Inc.		180,508
	2,766	Allstate Corp. (The)		187,811
	1,034	American Financial Group, Inc.		77,033
	2,132	Aon plc (United Kingdom)		236,290
	2,111	Assurant, Inc.		169,978

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	1,620	Chubb Ltd. (Switzerland)		205,740
	3,381	Cincinnati Financial Corp.		239,307
	416	Erie Indemnity Co., Class A		42,594
	1,006	Everest Re Group Ltd. (Bermuda)		204,741
	3,645	FNF Group		130,892
	871	Genworth Financial, Inc., Class A (a)		3,606
	3,426	Hartford Financial Services Group, Inc. (The)		151,121
	1,273	Kemper Corp.		47,801
	3,119	Marsh & McLennan Cos., Inc.		197,714
	128	Mercury General Corp.		6,972
	2,093	MetLife, Inc.		98,287
	2,632	Principal Financial Group, Inc.		143,707
	6,616	Progressive Corp. (The)		208,470
	2,134	Prudential Financial, Inc.		180,942
	798	Reinsurance Group of America, Inc., Class A		86,072
	3,998	Torchmark Corp.		253,513
	1,522	Travelers Cos., Inc. (The)		164,650
	2,908	W.R. Berkley Corp.		166,047
	3,101	XL Group Ltd. (Bermuda)		107,605

				3,491,401

		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
	16,801	Annaly Capital Management, Inc.		174,058
	5,759	Chimera Investment Corp.		90,244

				264,302

		Thrifts & Mortgage Finance — 0.1%
	12,474	New York Community Bancorp, Inc.		179,127

		Total Financials		8,420,454

		Health Care — 14.1%
		Biotechnology — 1.3%
	4,503	AbbVie, Inc.		251,177
	1,903	Amgen, Inc.		268,627
	560	Biogen, Inc. (a)		156,901
	2,385	Celgene Corp. (a)		243,699
	3,962	Gilead Sciences, Inc.		291,722
	1,247	Incyte Corp. (a)		108,452
	485	Regeneron Pharmaceuticals, Inc. (a)		167,335
	1,383	United Therapeutics Corp. (a)		166,057

				1,653,970

		Health Care Equipment & Supplies — 5.0%
	8,713	Abbott Laboratories		341,898
	9,538	Baxter International, Inc.		453,913
	2,917	Becton, Dickinson & Co.		489,793
	3,689	C.R. Bard, Inc.		799,332
	427	Cooper Co., Inc.		75,169


SHARES		SECURITY DESCRIPTION	VALUE($)

		Health Care Equipment & Supplies — continued
	3,848	Danaher Corp.		302,260
	5,538	DENTSPLY SIRONA, Inc.		318,823
	2,851	Edwards Lifesciences Corp. (a)		271,472
	5,842	Hill-Rom Holdings, Inc.		323,705
	8,679	Hologic, Inc. (a)		312,531
	582	Intuitive Surgical, Inc. (a)		391,151
	5,307	Medtronic plc (Ireland)		435,280
	3,639	St. Jude Medical, Inc.		283,260
	4,173	Stryker Corp.		481,356
	37	Teleflex, Inc.		5,296
	4,594	Varian Medical Systems, Inc. (a)		416,814
	5,289	Zimmer Biomet Holdings, Inc.		557,461

				6,259,514

		Health Care Providers & Services — 4.5%
	2,894	Aetna, Inc.		310,671
	2,329	Anthem, Inc.		283,812
	2,356	Cardinal Health, Inc.		161,834
	3,084	Centene Corp. (a)		192,688
	2,453	Cigna Corp.		291,490
	9,393	DaVita HealthCare Partners, Inc. (a)		550,618
	4,915	Express Scripts Holding Co. (a)		331,271
	3,894	HCA Holdings, Inc. (a)		298,008
	4,073	Henry Schein, Inc. (a)		607,692
	1,634	Humana, Inc.		280,280
	5,237	Laboratory Corp. of America Holdings (a)		656,405
	7,284	Quest Diagnostics, Inc.		593,209
	427	Tenet Healthcare Corp. (a)		8,416
	2,927	UnitedHealth Group, Inc.		413,673
	5,213	Universal Health Services, Inc., Class B		629,261

				5,609,328

		Health Care Technology — 0.3%
	5,909	Cerner Corp. (a)		346,149

		Life Sciences Tools & Services — 1.1%
	1,060	Illumina, Inc. (a)		144,309
	431	Mettler-Toledo International, Inc. (a)		174,159
	2,939	Thermo Fisher Scientific, Inc.		432,121
	4,695	Waters Corp. (a)		653,262

				1,403,851

		Pharmaceuticals — 1.9%
	985	Allergan plc (Ireland) (a)		205,806
	4,662	Eli Lilly & Co.		344,242
	5,440	Johnson & Johnson		630,986
	6,778	Merck & Co., Inc.		398,004
	4,017	Mylan NV (Netherlands) (a)		146,620

SEE NOTES TO FINANCIAL STATEMENTS.



56	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — continued
	12,226	Pfizer, Inc.		387,686
	6,742	Zoetis, Inc., Class A		322,268

				2,435,612

		Total Health Care		17,708,424

		Industrials — 8.5%
		Aerospace & Defense — 1.6%
	4,166	Alcoa Inc.		119,648
	1,324	Boeing Co. (The)		188,577
	1,361	General Dynamics Corp.		205,157
	1,534	L-3 Communications Holdings, Inc., Class 3		210,066
	1,559	Lockheed Martin Corp.		384,106
	1,049	Northrop Grumman Corp.		240,221
	1,794	Raytheon Co.		245,078
	2,158	Rockwell Collins, Inc.		181,963
	2,705	Textron, Inc.		108,416
	1,534	United Technologies Corp.		156,775

				2,040,007

		Air Freight & Logistics — 0.4%
	2,572	C.H. Robinson Worldwide, Inc.		175,205
	2,735	United Parcel Service, Inc., Class B		294,723

				469,928

		Airlines — 0.6%
	1,199	Alaska Air Group, Inc.		86,592
	2,745	American Airlines Group, Inc.		111,447
	4,014	Delta Air Lines, Inc.		167,665
	6,809	JetBlue Airways Corp. (a)		119,021
	4,249	Southwest Airlines Co.		170,173
	2,306	United Continental Holdings, Inc. (a)		129,666

				784,564

		Building Products — 0.3%
	1,301	Fortune Brands Home & Security, Inc.		71,074
	3,507	Johnson Controls International plc (Ireland)		141,402
	3,421	Masco Corp.		105,640

				318,116

		Commercial Services & Supplies — 1.0%
	3,241	Cintas Corp.		345,718
	5,543	Herman Miller, Inc.		154,095
	7,533	Pitney Bowes, Inc.		134,389
	6,688	Republic Services, Inc., Class A		351,989
	4,528	Waste Management, Inc.		297,309

				1,283,500


SHARES		SECURITY DESCRIPTION	VALUE($)

		Construction & Engineering — 0.1%
	1,167	Chicago Bridge & Iron Co., N.V. (Netherlands)		37,367
	2,739	Fluor Corp.		142,401
	228	KBR, Inc.		3,377

				183,145

		Electrical Equipment — 0.6%
	714	Acuity Brands, Inc.		159,629
	1,727	Eaton Corp. plc (Ireland)		110,131
	2,247	Emerson Electric Co.		113,878
	1,377	Hubbell, Inc., Class B		143,924
	1,463	Rockwell Automation, Inc.		175,150

				702,712

		Industrial Conglomerates — 0.6%
	1,491	3M Co.		246,462
	6,912	General Electric Co.		201,139
	2,126	Honeywell International, Inc.		233,180
	470	Roper Technologies, Inc.		81,456

				762,237

		Machinery — 1.9%
	2,835	AGCO Corp.		144,812
	1,956	Caterpillar, Inc.		163,248
	450	Crane Co.		30,604
	1,889	Cummins, Inc.		241,452
	2,284	Deere & Co.		201,677
	2,503	Dover Corp.		167,426
	1,823	Flowserve Corp.		77,204
	1,103	Fortive Corp.		56,308
	2,129	Illinois Tool Works, Inc.		241,791
	2,409	Ingersoll-Rand plc (Ireland)		162,102
	6,727	ITT, Inc.		236,925
	2,245	PACCAR, Inc.		123,295
	1,142	Parker-Hannifin Corp.		140,180
	3,337	Stanley Black & Decker, Inc.		379,884
	1,091	Terex Corp.		26,053
	2,453	Trinity Industries, Inc.		52,372

				2,445,333

		Professional Services — 0.5%
	212	Dun & Bradstreet Corp. (The)		26,468
	611	Equifax, Inc.		75,746
	5,097	Nielsen Holdings plc (United Kingdom)		229,467
	1,161	Robert Half International, Inc.		43,444
	2,678	Verisk Analytics, Inc., Class A (a)		218,391

				593,516

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Road & Rail — 0.6%
	1,474	Avis Budget Group, Inc. (a)		47,699
	4,029	CSX Corp.		122,925
	2,127	J.B. Hunt Transport Services, Inc.		173,584
	1,518	Norfolk Southern Corp.		141,174
	1,276	Ryder System, Inc.		88,542
	1,947	Union Pacific Corp.		171,686

				745,610

		Trading Companies & Distributors — 0.3%
	3,522	Fastenal Co.		137,288
	1,162	United Rentals, Inc. (a)		87,917
	584	W.W. Grainger, Inc.		121,542

				346,747

		Total Industrials		10,675,415

		Information Technology — 14.2%
		Communications Equipment — 1.2%
	10,138	Cisco Systems, Inc.		311,034
	3,015	F5 Networks, Inc. (a)		416,703
	6,508	Harris Corp.		580,579
	5,715	Juniper Networks, Inc.		150,533
	1,478	Motorola Solutions, Inc.		107,273

				1,566,122

		Electronic Equipment, Instruments & Components — 0.5%
	4,721	Amphenol Corp., Class A		311,256
	5,481	AVX Corp.		76,844
	9,271	Corning, Inc.		210,544
	1,439	Ingram Micro, Inc., Class A		53,531

				652,175

		Internet Software & Services — 2.1%
	2,563	Akamai Technologies, Inc. (a)		178,052
	599	Alphabet, Inc., Class A (a)		485,130
	609	Alphabet, Inc., Class C (a)		477,785
	6,840	eBay, Inc. (a)		195,008
	2,788	Facebook, Inc., Class A (a)		365,200
	8,038	IAC/Interactive Corp.		517,969
	4,907	VeriSign, Inc. (a)		412,286

				2,631,430

		IT Services — 2.9%
	1,846	Accenture plc, Class A (Ireland)		214,579
	2,420	Automatic Data Processing, Inc.		210,685
	7,795	Cognizant Technology Solutions Corp., Class A (a)		400,273
	2,983	Computer Sciences Corp.		162,424
	2,983	CSRA, Inc.		74,844


SHARES		SECURITY DESCRIPTION	VALUE($)

		IT Services — continued
	3,077	DST Systems, Inc.		295,884
	3,642	Fidelity National Information Services, Inc.		269,217
	2,773	Fiserv, Inc. (a)		273,085
	1,554	Gartner, Inc. (a)		133,706
	1,256	Global Payments, Inc.		91,085
	2,820	International Business Machines Corp.		433,406
	5,247	Leidos Holdings, Inc.		218,118
	1,946	MasterCard, Inc., Class A		208,261
	3,996	Paychex, Inc.		220,579
	1,399	Teradata Corp. (a)		37,717
	2,216	Total System Services, Inc.		110,534
	1,443	Vantiv, Inc., Class A (a)		84,214
	1,804	Visa, Inc., Class A		148,848
	3,747	Western Union Co. (The)		75,202

				3,662,661

		Semiconductors & Semiconductor Equipment — 3.9%
	6,857	Analog Devices, Inc.		439,534
	8,166	Applied Materials, Inc.		237,467
	1,583	Broadcom Ltd. (Singapore)		269,553
	1,884	First Solar, Inc. (a)		76,283
	12,339	Intel Corp.		430,261
	2,637	KLA-Tencor Corp.		198,065
	3,589	Lam Research Corp.		347,631
	7,524	Linear Technology Corp.		451,891
	12,133	Marvell Technology Group Ltd. (Bermuda)		158,093
	8,432	Maxim Integrated Products, Inc.		334,160
	5,264	Microchip Technology, Inc.		318,735
	5,093	Micron Technology, Inc. (a)		87,396
	4,687	NVIDIA Corp.		333,527
	3,087	QUALCOMM, Inc.		212,139
	2,022	Skyworks Solutions, Inc.		155,573
	4,855	Teradyne, Inc.		113,073
	4,950	Texas Instruments, Inc.		350,707
	7,947	Xilinx, Inc.		404,264

				4,918,352

		Software — 2.6%
	6,161	Activision Blizzard, Inc.		265,970
	3,568	Adobe Systems, Inc. (a)		383,596
	6,462	CA, Inc.		198,642
	6,960	Cadence Design Systems, Inc. (a)		178,037
	1,631	Citrix Systems, Inc. (a)		138,309
	2,867	Electronic Arts, Inc. (a)		225,117
	4,325	Intuit, Inc.		470,301
	6,711	Microsoft Corp.		402,123

SEE NOTES TO FINANCIAL STATEMENTS.



58	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	4,846	Oracle Corp.		186,183
	7,152	Red Hat, Inc. (a)		553,922
	8,863	Symantec Corp.		221,841

				3,224,041

		Technology Hardware, Storage & Peripherals — 1.0%
	3,791	Apple, Inc.		430,430
	4,423	Hewlett Packard Enterprise Co.		99,385
	16,559	HP, Inc.		239,940
	2,330	Lexmark International, Inc., Class A		92,478
	4,857	NetApp, Inc.		164,846
	2,839	Western Digital Corp.		165,911

				1,192,990

		Total Information Technology		17,847,771

		Materials — 5.3%
		Chemicals — 3.9%
	1,335	Air Products & Chemicals, Inc.		178,116
	2,912	Albemarle Corp.		243,298
	5,058	Ashland Global Holdings, Inc.		565,130
	2,388	Cabot Corp.		124,510
	5,398	Celanese Corp., Class A		393,622
	3,014	CF Industries Holdings, Inc.		72,366
	4,273	Dow Chemical Co. (The)		229,930
	3,192	E.I. du Pont de Nemours & Co.		219,578
	1,713	Eastman Chemical Co.		123,182
	3,280	Ecolab, Inc.		374,478
	1,118	FMC Corp.		52,423
	7,651	Huntsman Corp.		129,684
	4,170	International Flavors & Fragrances, Inc.		545,353
	1,803	LyondellBasell Industries N.V., Class A (Netherlands)		143,429
	2,947	Monsanto Co.		296,969
	5,922	Mosaic Co. (The)		139,345
	3,400	PPG Industries, Inc.		316,642
	3,686	Praxair, Inc.		431,483
	104	RPM International, Inc.		4,944
	699	Sherwin-Williams Co. (The)		171,157
	1,219	Valspar Corp. (The)		121,412

				4,877,051

		Construction Materials — 0.2%
	675	Martin Marietta Materials, Inc.		125,132
	917	Vulcan Materials Co.		103,804

				228,936


SHARES		SECURITY DESCRIPTION	VALUE($)

		Containers & Packaging — 0.6%
	2,717	Ball Corp.		209,399
	2,565	Bemis Co., Inc.		124,967
	988	Crown Holdings, Inc. (a)		53,599
	4,074	International Paper Co.		183,452
	3,627	Sealed Air Corp.		165,500

				736,917

		Metals & Mining — 0.6%
	697	Compass Minerals International, Inc.		50,080
	5,173	Freeport-McMoRan, Inc. (a)		57,834
	2,883	Newmont Mining Corp.		106,786
	4,967	Nucor Corp.		242,638
	940	Reliance Steel & Aluminum Co.		64,653
	649	Royal Gold, Inc.		44,664
	2,590	Southern Copper Corp.		73,530
	6,262	United States Steel Corp.		121,107

				761,292

		Paper & Forest Products — 0.0% (e)
	1,443	Domtar Corp.		51,876

		Total Materials		6,656,072

		Real Estate — 2.7%
		Equity Real Estate Investment Trusts (REITs) — 2.6%
	637	Alexandria Real Estate Equities, Inc.		68,675
	1,425	American Tower Corp.		166,996
	1,239	AvalonBay Communities, Inc.		212,092
	1,457	Boston Properties, Inc.		175,539
	301	Camden Property Trust		24,513
	444	Care Capital Properties, Inc.		11,797
	1,092	Corporate Office Properties Trust		29,146
	1,835	Crown Castle International Corp.		166,967
	1,882	Digital Realty Trust, Inc.		175,835
	768	Duke Realty Corp.		20,083
	423	Equinix Inc.		151,129
	1,679	Equity Residential		103,678
	880	Essex Property Trust, Inc.		188,399
	933	Extra Space Storage, Inc.		68,249
	1,491	Federal Realty Investment Trust		216,538
	3,565	General Growth Properties, Inc.		88,947
	1,322	Iron Mountain, Inc.		44,591
	4,723	Kimco Realty Corp.		125,679
	238	Liberty Property Trust		9,622
	1,223	Macerich Co. (The)		86,564
	2,535	NorthStar Realty Finance Corp.		36,808
	2,441	Prologis, Inc.		127,323
	907	Public Storage		193,844

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
	Real Estate — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	2,558	Rayonier, Inc.		68,606
	1,626	Realty Income Corp.		96,324
	2,004	Senior Housing Properties Trust		42,625
	939	Simon Property Group, Inc.		174,616
	301	Taubman Centers, Inc.		21,811
	1,778	Ventas, Inc.		120,460
	581	Vornado Realty Trust		53,905
	1,912	Weingarten Realty Investors		69,234
	1,764	Welltower, Inc.		120,887
	483	Weyerhaeuser Co.		14,456

				3,275,938

		Real Estate Management & Development — 0.1%
	1,625	CBRE Group, Inc., Class A (a)		41,860
	113	Jones Lang LaSalle, Inc.		10,944

				52,804

		Total Real Estate		3,328,742

		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 1.2%
	17,705	AT&T, Inc.		651,367
	1,063	Frontier Communications Corp.		4,273
	12,219	Verizon Communications, Inc.		587,734
	27,856	Windstream Holdings, Inc.		218,670

				1,462,044

		Wireless Telecommunication Services — 0.1%
	3,206	Telephone & Data Systems, Inc.		82,843
	31	T-Mobile US, Inc. (a)		1,541
	899	United States Cellular Corp. (a)		31,510

				115,894

		Total Telecommunication Services		1,577,938

		Utilities — 13.5%
		Electric Utilities — 7.2%
	14,343	Alliant Energy Corp.		545,751
	9,620	American Electric Power Co., Inc.		623,761
	9,292	Duke Energy Corp.		743,546
	10,075	Edison International, Inc.		740,311
	8,917	Entergy Corp.		657,005
	12,545	Eversource Energy		690,728
	22,407	Exelon Corp.		763,406
	1,603	FirstEnergy Corp.		54,967
	5,973	NextEra Energy, Inc.		764,544
	9,750	PG&E Corp.		605,670


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electric Utilities — continued
	9,404	Pinnacle West Capital Corp.		715,926
	21,904	PPL Corp.		752,183
	14,430	Southern Co. (The)		744,155
	17,042	Xcel Energy, Inc.		708,095

				9,110,048

		Multi-Utilities — 6.1%
	14,011	Ameren Corp.		699,849
	22,954	CenterPoint Energy, Inc.		523,351
	17,033	CMS Energy Corp.		717,941
	9,625	Consolidated Edison, Inc.		727,169
	9,637	Dominion Resources, Inc.		724,702
	8,494	DTE Energy Co.		815,509
	25,450	NiSource, Inc.		591,967
	16,322	Public Service Enterprise Group, Inc.		686,830
	10,364	SCANA Corp.		760,303
	6,509	Sempra Energy		697,114
	12,272	WEC Energy Group, Inc.		732,884

				7,677,619

		Water Utilities — 0.2%
	2,872	American Water Works Co., Inc.		212,643

		Total Utilities		17,000,310

		Total Common Stocks (Cost $124,204,996)		123,895,274

	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	1,660,652	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (d) (Cost $1,660,652)		1,660,652

		Total Investments — 100.0% (Cost $125,865,648)		125,555,926
		Liabilities in Excess of Other Assets — 0.0% (e)		(17,668	)

		NET ASSETS — 100.0%	$	125,538,258

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



60	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.4%
		Consumer Discretionary — 16.1%
		Auto Components — 0.9%
	123	Adient plc (Ireland) (a)		5,607
	929	Delphi Automotive plc (Jersey)		60,450
	6,119	Gentex Corp.		103,472
	2,156	Goodyear Tire & Rubber Co. (The)		62,589
	629	Lear Corp.		77,228

				309,346

		Automobiles — 0.6%
	1,887	Harley-Davidson, Inc.		107,597
	1,317	Thor Industries, Inc.		104,451

				212,048

		Distributors — 0.6%
	1,271	Genuine Parts Co.		115,140
	2,395	LKQ Corp. (a)		77,310
	257	Pool Corp.		23,793

				216,243

		Diversified Consumer Services — 0.6%
	163	Graham Holdings Co., Class B		77,425
	1,713	H&R Block, Inc.		39,348
	1,909	Service Corp. International		48,870
	1,257	ServiceMaster Global Holdings, Inc. (a)		44,988

				210,631

		Hotels, Restaurants & Leisure — 2.5%
	2,006	Aramark		74,683
	1,230	Brinker International, Inc.		60,565
	880	Choice Hotels International, Inc.		42,636
	1,330	Darden Restaurants, Inc.		86,171
	526	Domino’s Pizza, Inc.		89,020
	981	Dunkin’ Brands Group, Inc.		47,441
	2,169	Hilton Worldwide Holdings, Inc.		49,019
	1,418	International Game Technology plc (United Kingdom)		40,725
	734	Norwegian Cruise Line Holdings Ltd. (Bermuda) (a)		28,531
	342	Panera Bread Co., Class A (a)		65,240
	580	Royal Caribbean Cruises Ltd. (Liberia)		44,585
	1,303	Six Flags Entertainment Corp.		72,512
	474	Vail Resorts, Inc.		75,574
	7,089	Wendy’s Co. (The)		76,845
	863	Wyndham Worldwide Corp.		56,820

				910,367

		Household Durables — 2.6%
	2,391	DR Horton, Inc.		68,933


SHARES		SECURITY DESCRIPTION	VALUE($)

		Household Durables — continued
	1,597	Garmin Ltd. (Switzerland)		77,231
	233	Harman International Industries, Inc.		18,573
	3,475	Leggett & Platt, Inc.		159,433
	1,612	Lennar Corp., Class A		67,204
	435	Mohawk Industries, Inc. (a)		80,171
	2,112	Newell Rubbermaid, Inc.		101,418
	72	NVR, Inc. (a)		109,656
	4,803	PulteGroup, Inc.		89,336
	877	Tempur Sealy International Inc. (a)		47,419
	1,164	Tupperware Brands Corp.		69,281
	459	Whirlpool Corp.		68,767

				957,422

		Internet & Catalog Retail — 0.2%
	455	Expedia, Inc.		58,800

		Leisure Products — 0.9%
	1,861	Brunswick Corp.		80,954
	1,245	Hasbro, Inc.		103,845
	2,975	Mattel, Inc.		93,802
	610	Polaris Industries, Inc.		46,732

				325,333

		Media — 2.3%
	1,892	Cinemark Holdings, Inc.		75,302
	1,869	Discovery Communications, Inc., Class A (a)		48,800
	1,526	Discovery Communications, Inc., Class C (a)		38,318
	3,233	Interpublic Group of Cos., Inc. (The)		72,387
	805	Liberty SiriusXM Group, Class A (a)		26,782
	3,024	MSG Networks, Inc. (a)		57,758
	1,177	Omnicom Group, Inc.		93,948
	3,447	Regal Entertainment Group, Class A		74,145
	1,134	Scripps Networks Interactive, Inc., Class A		72,984
	18,747	Sirius XM Holdings, Inc.		78,175
	4,169	Starz (a)		131,157
	1,784	TEGNA, Inc.		35,002
	998	Viacom, Inc., Class B		37,485

				842,243

		Multiline Retail — 0.9%
	798	Dillard’s, Inc., Class A		48,918
	1,092	Dollar General Corp.		75,446
	866	Dollar Tree, Inc. (a)		65,426
	971	Kohl’s Corp.		42,481
	1,112	Macy’s, Inc.		40,577
	1,288	Nordstrom, Inc.		66,976

				339,824

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — 3.1%
	424	Advance Auto Parts, Inc.		59,394
	1,062	AutoNation, Inc. (a)		46,590
	121	AutoZone, Inc. (a)		89,801
	232	Bed Bath & Beyond, Inc.		9,377
	1,617	Best Buy Co., Inc.		62,918
	813	CarMax, Inc. (a)		40,601
	669	CST Brands, Inc.		32,125
	912	Dick’s Sporting Goods, Inc.		50,753
	1,255	Foot Locker, Inc.		83,796
	1,189	GameStop Corp., Class A		28,596
	1,909	Gap, Inc. (The)		52,669
	723	L Brands, Inc.		52,193
	807	Murphy USA, Inc. (a)		55,506
	319	O’Reilly Automotive, Inc. (a)		84,356
	478	Penske Automotive Group, Inc.		21,391
	1,457	Ross Stores, Inc.		91,121
	449	Sally Beauty Holdings, Inc. (a)		11,647
	470	Signet Jewelers Ltd. (Bermuda)		38,192
	4,378	Staples, Inc.		32,397
	622	Tiffany & Co.		45,667
	296	Ulta Salon Cosmetics & Fragrance, Inc. (a)		72,029
	1,290	Williams-Sonoma, Inc.		59,624

				1,120,743

		Textiles, Apparel & Luxury Goods — 0.9%
	841	Carter’s, Inc.		72,612
	1,864	Coach, Inc.		66,899
	2,413	Hanesbrands, Inc.		62,014
	1,032	lululemon athletica, Inc. (a)		59,082
	1,094	Michael Kors Holdings Ltd. (Virgin Islands (British)) (a)		55,553
	726	Under Armour, Inc., Class C (a)		18,775

				334,935

		Total Consumer Discretionary		5,837,935

		Consumer Staples — 7.2%
		Beverages — 0.9%
	2,703	Brown-Forman Corp., Class B		124,798
	1,265	Dr. Pepper Snapple Group, Inc.		111,054
	761	Molson Coors Brewing Co., Class B		78,999

				314,851

		Food & Staples Retailing — 0.2%
	331	Casey’s General Stores, Inc.		37,400
	6,803	Rite Aid Corp. (a)		45,648

				83,048


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food Products — 4.4%
	70	Bunge Ltd. (Bermuda)		4,341
	2,270	Campbell Soup Co.		123,352
	2,388	ConAgra Foods, Inc.		115,054
	5,748	Flowers Foods, Inc.		89,209
	1,290	Hershey Co. (The)		132,173
	3,064	Hormel Foods Corp.		117,964
	924	Ingredion, Inc.		121,201
	1,035	JM Smucker Co. (The)		135,906
	2,249	Kellogg Co.		168,967
	1,706	McCormick & Co., Inc. (Non-Voting)		163,554
	1,384	Mead Johnson Nutrition Co., Class A		103,482
	3,225	Pilgrim’s Pride Corp.		70,434
	2,303	Pinnacle Foods, Inc.		118,420
	765	Post Holdings, Inc. (a)		58,316
	1,111	Tyson Foods, Inc., Class A		78,714

				1,601,087

		Household Products — 1.1%
	3,141	Church & Dwight Co., Inc.		151,585
	1,327	Clorox Co. (The)		159,267
	693	Spectrum Brands Holdings, Inc.		93,721

				404,573

		Personal Products — 0.6%
	3,056	Coty, Inc., Class A		70,258
	581	Edgewell Personal Care Co. (a)		43,807
	1,266	Nu Skin Enterprises, Inc., Class A		78,049

				192,114

		Total Consumer Staples		2,595,673

		Energy — 3.6%
		Energy Equipment & Services — 1.3%
	823	Dril-Quip, Inc. (a)		39,093
	4,121	Ensco plc, Class A (United Kingdom)		32,226
	2,510	FMC Technologies, Inc. (a)		80,998
	508	Helmerich & Payne, Inc.		32,060
	4,656	Nabors Industries Ltd. (Bermuda)		55,406
	1,428	National Oilwell Varco, Inc.		45,839
	1,498	Oceaneering International, Inc.		35,652
	1,226	Patterson-UTI Energy, Inc.		27,560
	1,865	Rowan Co. plc, Class A (United Kingdom)		24,749
	2,807	RPC, Inc.		48,477
	3,737	Transocean Ltd. (Switzerland)		35,913

				457,973

		Oil, Gas & Consumable Fuels — 2.3%
	1,230	Antero Resources Corp. (a)		32,558

SEE NOTES TO FINANCIAL STATEMENTS.



62	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	78	Cheniere Energy, Inc. (a)		2,941
	2,739	Chesapeake Energy Corp. (a)		15,092
	604	Diamondback Energy, Inc. (a)		55,139
	119	Energen Corp.		5,965
	850	Hess Corp.		40,774
	1,831	HollyFrontier Corp.		45,683
	468	Laredo Petroleum, Inc. (a)		5,578
	2,354	Marathon Oil Corp.		31,026
	1,693	Marathon Petroleum Corp.		73,798
	1,240	Murphy Oil Corp.		32,079
	1,383	Noble Energy, Inc.		47,672
	4,398	ONEOK, Inc.		212,995
	1,983	Parsley Energy, Inc., Class A (a)		65,241
	1,488	PBF Energy, Inc., Class A		32,438
	1,925	QEP Resources, Inc. (a)		30,935
	493	SM Energy Co.		16,580
	973	Targa Resources Corp.		42,715
	548	Tesoro Corp.		46,564
	489	World Fuel Services Corp.		19,682

				855,455

		Total Energy		1,313,428

		Financials — 8.7%
		Banks — 1.6%
	595	Associated Banc-Corp		12,079
	416	Bank of Hawaii Corp.		31,262
	701	BankUnited, Inc.		20,427
	910	Commerce Bancshares, Inc.		45,336
	567	Cullen/Frost Bankers, Inc.		43,086
	1,018	East West Bancorp, Inc.		40,221
	1,446	Fifth Third Bancorp		31,465
	1,534	First Horizon National Corp.		23,639
	683	First Republic Bank		50,836
	3,732	Huntington Bancshares, Inc.		39,559
	519	PacWest Bancorp		22,520
	3,923	People’s United Financial, Inc.		63,710
	597	Popular, Inc. (Puerto Rico)		21,671
	4,302	Regions Financial Corp.		46,075
	845	SunTrust Banks, Inc.		38,219
	19	SVB Financial Group (a)		2,323
	1,131	Synovus Financial Corp.		37,402
	659	Western Alliance Bancorp (a)		24,620

				594,450

		Capital Markets — 1.7%
	331	Ameriprise Financial, Inc.		29,257


SHARES		SECURITY DESCRIPTION	VALUE($)

		Capital Markets — continued
	364	CBOE Holdings, Inc.		23,008
	184	Donnelley Financial Solutions, Inc. (a)		3,947
	744	Eaton Vance Corp.		26,085
	597	FactSet Research Systems, Inc.		92,368
	1,139	Federated Investors, Inc., Class B		30,753
	653	Invesco Ltd. (Bermuda)		18,343
	551	Lazard Ltd., Class A (Bermuda)		20,090
	74	Legg Mason, Inc.		2,125
	617	LPL Financial Holdings, Inc.		19,102
	222	MarketAxess Holdings, Inc.		33,469
	384	MSCI, Inc., Class A		30,793
	938	Nasdaq, Inc.		60,004
	572	Northern Trust Corp.		41,424
	545	Raymond James Financial, Inc.		32,765
	1,047	SEI Investments Co.		46,414
	603	T. Rowe Price Group, Inc.		38,598
	1,401	TD Ameritrade Holding Corp.		47,928

				596,473

		Consumer Finance — 0.2%
	1,575	Navient Corp.		20,129
	1,105	Santander Consumer USA Holdings, Inc. (a)		13,481
	4,883	SLM Corp. (a)		34,425
	755	Synchrony Financial		21,585

				89,620

		Insurance — 4.4%
	103	Alleghany Corp. (a)		53,170
	2,430	Allied World Assurance Co. Holdings AG (Switzerland)		104,441
	960	American Financial Group, Inc.		71,520
	854	AmTrust Financial Services, Inc.		22,537
	1,154	Arch Capital Group Ltd. (Bermuda) (a)		89,977
	1,323	Arthur J Gallagher & Co.		63,808
	1,151	Aspen Insurance Holdings Ltd. (Bermuda)		55,536
	617	Assurant, Inc.		49,681
	826	Assured Guaranty Ltd. (Bermuda)		24,689
	1,060	Axis Capital Holdings Ltd. (Bermuda)		60,388
	1,468	Brown & Brown, Inc.		54,110
	823	Cincinnati Financial Corp.		58,252
	52	CNA Financial Corp.		1,902
	697	Endurance Specialty Holdings Ltd. (Bermuda)		64,089
	189	Erie Indemnity Co., Class A		19,352
	285	Everest Re Group Ltd. (Bermuda)		58,003
	626	First American Financial Corp.		24,452
	1,211	FNF Group		43,487
	308	Hanover Insurance Group, Inc.		23,467

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	1,046	Hartford Financial Services Group, Inc. (The)		46,139
	58	Markel Corp. (a)		50,891
	500	Mercury General Corp.		27,235
	1,839	Old Republic International Corp.		31,006
	847	Principal Financial Group, Inc.		46,246
	1,601	Progressive Corp. (The)		50,447
	724	Reinsurance Group of America, Inc., Class A		78,091
	458	RenaissanceRe Holdings Ltd. (Bermuda)		56,925
	1,065	Torchmark Corp.		67,532
	1,305	Unum Group		46,197
	1,052	Validus Holdings Ltd. (Bermuda)		53,757
	1,043	W.R. Berkley Corp.		59,555
	1,275	XL Group Ltd. (Bermuda)		44,242

				1,601,124

		Mortgage Real Estate Investment Trusts (REITs) — 0.8%
	2,901	AGNC Investment Corp.		58,194
	4,686	Annaly Capital Management, Inc.		48,547
	1,654	Chimera Investment Corp.		25,918
	5,501	MFA Financial, Inc.		40,212
	2,365	Starwood Property Trust, Inc.		52,598
	5,826	Two Harbors Investment Corp.		48,531

				274,000

		Total Financials		3,155,667

		Health Care — 11.6%
		Biotechnology — 0.3%
	574	Incyte Corp. (a)		49,921
	392	United Therapeutics Corp. (a)		47,067

				96,988

		Health Care Equipment & Supplies — 5.0%
	568	ABIOMED, Inc. (a)		59,635
	735	Alere, Inc. (a)		32,840
	1,336	Align Technology, Inc. (a)		114,789
	820	C.R. Bard, Inc.		177,678
	704	Cooper Co., Inc.		123,932
	2,616	DENTSPLY SIRONA, Inc.		150,603
	878	Edwards Lifesciences Corp. (a)		83,603
	2,093	Hill-Rom Holdings, Inc.		115,973
	2,728	Hologic, Inc. (a)		98,235
	1,293	IDEXX Laboratories, Inc. (a)		138,532
	129	Intuitive Surgical, Inc. (a)		86,698
	1,803	ResMed, Inc.		107,765
	1,532	St. Jude Medical, Inc.		119,251
	967	Teleflex, Inc.		138,407
	1,249	Varian Medical Systems, Inc. (a)		113,322


SHARES		SECURITY DESCRIPTION	VALUE($)

		Health Care Equipment & Supplies — continued
	266	West Pharmaceutical Services, Inc.		20,224
	1,110	Zimmer Biomet Holdings, Inc.		116,994

				1,798,481

		Health Care Providers & Services — 3.5%
	1,291	Amsurg Corp. (a)		77,137
	191	Brookdale Senior Living, Inc. (a)		2,756
	1,555	Centene Corp. (a)		97,156
	1,168	Henry Schein, Inc. (a)		174,266
	1,197	Laboratory Corp. of America Holdings (a)		150,032
	1,997	LifePoint Health, Inc. (a)		119,521
	2,225	MEDNAX, Inc. (a)		136,281
	3,028	Patterson Cos., Inc.		129,326
	1,476	Quest Diagnostics, Inc.		120,205
	768	Universal Health Services, Inc., Class B		92,705
	1,251	VCA, Inc. (a)		76,887
	865	WellCare Health Plans, Inc. (a)		98,186

				1,274,458

		Health Care Technology — 0.5%
	5,515	Allscripts Healthcare Solutions, Inc. (a)		66,235
	1,325	Cerner Corp. (a)		77,619
	998	Veeva Systems, Inc., Class A (a)		38,772

				182,626

		Life Sciences Tools & Services — 1.6%
	1,309	Agilent Technologies, Inc.		57,033
	675	Bio-Techne Corp.		70,193
	914	Charles River Laboratories International, Inc. (a)		69,354
	410	Illumina, Inc. (a)		55,818
	146	Mettler-Toledo International, Inc. (a)		58,996
	507	PerkinElmer, Inc.		25,801
	1,768	Quintiles Transnational Holdings, Inc. (a)		126,836
	840	Waters Corp. (a)		116,878

				580,909

		Pharmaceuticals — 0.7%
	1,094	Akorn, Inc. (a)		26,201
	635	Mallinckrodt plc (Ireland) (a)		37,630
	608	Perrigo Co. plc (Ireland)		50,580
	2,858	Zoetis, Inc., Class A		136,612

				251,023

		Total Health Care		4,184,485

		Industrials — 11.6%
		Aerospace & Defense — 1.1%
	1,459	Alcoa, Inc.		41,903

SEE NOTES TO FINANCIAL STATEMENTS.



64	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Aerospace & Defense — continued
	901	B/E Aerospace, Inc.		53,627
	1,224	Hexcel Corp.		55,680
	203	Huntington Ingalls Industries, Inc.		32,756
	297	L-3 Communications Holdings, Inc., Class 3		40,671
	555	Orbital ATK, Inc.		41,270
	584	Rockwell Collins, Inc.		49,243
	892	Spirit AeroSystems Holdings, Inc., Class A		44,921
	900	Textron, Inc.		36,072

				396,143

		Air Freight & Logistics — 0.2%
	547	C.H. Robinson Worldwide, Inc.		37,262
	880	Expeditors International of Washington, Inc.		45,293

				82,555

		Airlines — 0.7%
	777	Alaska Air Group, Inc.		56,115
	1,519	American Airlines Group, Inc.		61,671
	358	Copa Holdings S.A., Class A (Panama)		33,018
	2,670	JetBlue Airways Corp. (a)		46,672
	589	Spirit Airlines, Inc. (a)		28,231
	694	United Continental Holdings, Inc. (a)		39,024

				264,731

		Building Products — 1.0%
	426	Allegion plc (Ireland)		27,196
	1,162	AO Smith Corp.		52,488
	283	Armstrong World Industries, Inc. (a)		10,612
	842	Fortune Brands Home & Security, Inc.		45,998
	1,232	Johnson Controls International plc (Ireland)		49,674
	425	Lennox International, Inc.		62,003
	1,597	Masco Corp.		49,315
	775	Owens Corning		37,805
	1,271	USG Corp. (a)		32,004

				367,095

		Commercial Services & Supplies — 1.4%
	723	Cintas Corp.		77,123
	2,551	Copart, Inc. (a)		133,851
	1,261	Covanta Holding Corp.		18,915
	2,558	KAR Auction Services, Inc.		108,920
	184	LSC Communications, Inc.		4,460
	4,100	Pitney Bowes, Inc.		73,144
	1,891	Republic Services, Inc., Class A		99,523
	491	RR Donnelley & Sons Co.		8,715

				524,651


SHARES		SECURITY DESCRIPTION	VALUE($)

		Construction & Engineering — 0.3%
	770	Fluor Corp.		40,032
	23	Jacobs Engineering Group, Inc. (a)		1,187
	403	Valmont Industries, Inc.		51,564

				92,783

		Electrical Equipment — 0.6%
	141	Acuity Brands, Inc.		31,523
	1,058	AMETEK, Inc.		46,658
	709	Hubbell, Inc., Class B		74,105
	256	Regal Beloit Corp.		15,130
	432	Rockwell Automation, Inc.		51,719

				219,135

		Industrial Conglomerates — 0.3%
	482	Carlisle Co., Inc.		50,538
	275	Roper Technologies, Inc.		47,660

				98,198

		Machinery — 3.8%
	978	AGCO Corp.		49,956
	1,829	Allison Transmission Holdings, Inc.		53,571
	461	Crane Co.		31,353
	537	Cummins, Inc.		68,639
	741	Donaldson Co., Inc.		27,061
	679	Dover Corp.		45,418
	745	Flowserve Corp.		31,551
	761	Graco, Inc.		56,999
	716	IDEX Corp.		61,891
	741	Ingersoll-Rand plc (Ireland)		49,862
	491	ITT, Inc.		17,293
	721	Lincoln Electric Holdings, Inc.		47,464
	824	Middleby Corp. (a)		92,379
	323	Nordson Corp.		32,342
	606	Oshkosh Corp.		32,421
	723	PACCAR, Inc.		39,707
	334	Parker-Hannifin Corp.		40,999
	893	Snap-on, Inc.		137,611
	2,242	SPX Corp. (a)		42,621
	1,113	Stanley Black & Decker, Inc.		126,704
	373	Terex Corp.		8,907
	759	Timken Co. (The)		25,085
	2,391	Toro Co. (The)		114,481
	595	Trinity Industries, Inc.		12,703
	585	WABCO Holdings, Inc. (a)		57,599
	1,422	Xylem, Inc.		68,725

				1,373,342

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Marine — 0.0% (e)
	218	Kirby Corp. (a)		12,851

		Professional Services — 0.9%
	491	Dun & Bradstreet Corp. (The)		61,301
	451	Equifax, Inc.		55,910
	437	ManpowerGroup, Inc.		33,562
	1,536	Nielsen Holdings plc (United Kingdom)		69,151
	994	Robert Half International, Inc.		37,195
	750	Verisk Analytics, Inc., Class A (a)		61,163

				318,282

		Road & Rail — 0.6%
	749	Avis Budget Group, Inc. (a)		24,238
	650	J.B. Hunt Transport Services, Inc.		53,046
	440	Kansas City Southern		38,614
	898	Landstar System, Inc.		63,893
	394	Ryder System, Inc.		27,340

				207,131

		Trading Companies & Distributors — 0.6%
	792	Air Lease Corp., Class A		23,966
	627	Fastenal Co.		24,440
	519	GATX Corp.		22,717
	438	MSC Industrial Direct Co., Inc., Class A		31,886
	351	United Rentals, Inc. (a)		26,557
	128	W.W. Grainger, Inc.		26,639
	395	Watsco, Inc.		54,230

				210,435

		Transportation Infrastructure — 0.1%
	319	Macquarie Infrastructure Corp.		26,097

		Total Industrials		4,193,429

		Information Technology — 14.5%
		Communications Equipment — 1.7%
	735	Arista Networks, Inc. (a)		62,291
	1,504	ARRIS International plc (United Kingdom) (a)		41,781
	7,293	Brocade Communications Systems, Inc.		77,306
	814	CommScope Holding Co., Inc. (a)		24,868
	939	F5 Networks, Inc. (a)		129,779
	1,064	Harris Corp.		94,919
	2,726	Juniper Networks, Inc.		71,803
	1,326	Motorola Solutions, Inc.		96,241

				598,988

		Electronic Equipment, Instruments & Components — 1.6%
	1,103	Amphenol Corp., Class A		72,721
	638	Arrow Electronics, Inc. (a)		38,994
	1,243	Avnet, Inc.		52,144


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electronic Equipment, Instruments & Components — continued
	1,117	AVX Corp.		15,660
	2,164	CDW Corp.		97,185
	194	Dolby Laboratories, Inc., Class A		9,232
	1,653	FLIR Systems, Inc.		54,417
	2,159	Ingram Micro, Inc., Class A		80,315
	265	IPG Photonics Corp. (a)		25,708
	1,416	Jabil Circuit, Inc.		30,217
	1,340	National Instruments Corp.		37,641
	60	Tech Data Corp. (a)		4,621
	902	Zebra Technologies Corp., Class A (a)		59,388

				578,243

		Internet Software & Services — 0.7%
	1,399	Akamai Technologies, Inc. (a)		97,189
	1,107	IAC/Interactive Corp.		71,335
	1,068	VeriSign, Inc. (a)		89,733

				258,257

		IT Services — 3.5%
	3,062	Amdocs Ltd. (Guernsey)		178,974
	836	Booz Allen Hamilton Holding Corp., Class A		25,473
	1,594	Broadridge Financial Solutions, Inc.		103,068
	1,796	Computer Sciences Corp.		97,792
	370	CoreLogic, Inc. (a)		15,747
	1,180	CSRA, Inc.		29,606
	1,110	DST Systems, Inc.		106,738
	312	Euronet Worldwide, Inc. (a)		24,820
	744	Fidelity National Information Services, Inc.		54,996
	902	Fiserv, Inc. (a)		88,829
	1,010	Gartner, Inc. (a)		86,900
	786	Global Payments, Inc.		57,001
	745	Jack Henry & Associates, Inc.		60,360
	1,528	Leidos Holdings, Inc.		63,519
	880	Paychex, Inc.		48,576
	1,927	Sabre Corp.		49,774
	347	Teradata Corp. (a)		9,355
	1,072	Total System Services, Inc.		53,471
	785	Vantiv, Inc., Class A (a)		45,813
	1,311	Western Union Co. (The)		26,312
	3,740	Xerox Corp.		36,540

				1,263,664

		Semiconductors & Semiconductor Equipment — 3.1%
	1,522	Analog Devices, Inc.		97,560
	6,962	Cypress Semiconductor Corp.		69,411
	776	First Solar, Inc. (a)		31,420

SEE NOTES TO FINANCIAL STATEMENTS.



66	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	1,127	KLA-Tencor Corp.		84,649
	921	Lam Research Corp.		89,208
	1,902	Linear Technology Corp.		114,234
	5,817	Marvell Technology Group Ltd. (Bermuda)		75,796
	2,309	Maxim Integrated Products, Inc.		91,506
	1,670	Microchip Technology, Inc.		101,119
	1,179	NVIDIA Corp.		83,898
	4,181	ON Semiconductor Corp. (a)		48,792
	594	Qorvo, Inc. (a)		33,056
	759	Skyworks Solutions, Inc.		58,397
	3,630	Teradyne, Inc.		84,543
	1,324	Xilinx, Inc.		67,352

				1,130,941

		Software — 3.4%
	1,183	ANSYS, Inc. (a)		108,067
	3,736	CA Technologies, Inc.		114,845
	4,287	Cadence Design Systems, Inc. (a)		109,661
	1,351	CDK Global, Inc.		73,778
	790	Citrix Systems, Inc. (a)		66,992
	994	Electronic Arts, Inc. (a)		78,049
	547	Manhattan Associates, Inc. (a)		27,700
	4,121	Nuance Communications, Inc. (a)		57,776
	1,943	PTC, Inc. (a)		92,176
	1,040	Red Hat, Inc. (a)		80,548
	1,461	SS&C Technologies Holdings, Inc.		46,650
	4,367	Symantec Corp.		109,306
	2,606	Synopsys, Inc. (a)		154,562
	229	Tyler Technologies, Inc. (a)		36,732
	384	Ultimate Software Group, Inc. (a)		81,020

				1,237,862

		Technology Hardware, Storage & Peripherals — 0.5%
	1,025	Lexmark International, Inc., Class A		40,682
	2,058	NetApp, Inc.		69,849
	1,009	Western Digital Corp.		58,966

				169,497

		Total Information Technology		5,237,452

		Materials — 6.4%
		Chemicals — 3.2%
	1,057	Albemarle Corp.		88,312
	1,120	Ashland Global Holdings, Inc.		125,138
	1,285	Cabot Corp.		67,000
	971	Celanese Corp., Class A		70,805
	1,147	CF Industries Holdings, Inc.		27,540
	1,185	Eastman Chemical Co.		85,213


SHARES		SECURITY DESCRIPTION	VALUE($)

		Chemicals — continued
	270	FMC Corp.		12,660
	2,072	Huntsman Corp.		35,120
	946	International Flavors & Fragrances, Inc.		123,718
	1,647	Mosaic Co. (The)		38,754
	122	NewMarket Corp.		48,911
	2,159	RPM International, Inc.		102,639
	1,438	Scotts Miracle-Gro Co. (The), Class A		126,674
	481	Valspar Corp. (The)		47,908
	1,290	Westlake Chemical Corp.		66,809
	1,465	WR Grace & Co.		98,096

				1,165,297

		Construction Materials — 0.3%
	327	Eagle Materials, Inc.		26,477
	179	Martin Marietta Materials, Inc.		33,183
	419	Vulcan Materials Co.		47,431

				107,091

		Containers & Packaging — 1.6%
	643	AptarGroup, Inc.		45,936
	1,567	Avery Dennison Corp.		109,361
	620	Ball Corp.		47,783
	847	Bemis Co., Inc.		41,266
	650	Crown Holdings, Inc. (a)		35,262
	3,447	Graphic Packaging Holding Co.		43,088
	1,813	International Paper Co.		81,639
	568	Packaging Corp of America		46,860
	982	Sealed Air Corp.		44,809
	768	Silgan Holdings, Inc.		39,130
	743	Sonoco Products Co.		37,365

				572,499

		Metals & Mining — 1.2%
	457	Compass Minerals International, Inc.		32,835
	1,520	Newmont Mining Corp.		56,301
	1,712	Nucor Corp.		83,631
	988	Reliance Steel & Aluminum Co.		67,955
	500	Royal Gold, Inc.		34,410
	1,361	Southern Copper Corp.		38,639
	2,294	Steel Dynamics, Inc.		62,993
	2,078	United States Steel Corp.		40,189

				416,953

		Paper & Forest Products — 0.1%
	1,208	Domtar Corp.		43,427

		Total Materials		2,305,267

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate — 5.6%
		Equity Real Estate Investment Trusts (REITs) — 5.6%
	546	Alexandria Real Estate Equities, Inc.		58,864
	630	American Campus Communities, Inc.		32,829
	733	Apartment Investment & Management Co., Class A		32,303
	358	AvalonBay Communities, Inc.		61,282
	453	Boston Properties, Inc.		54,577
	1,568	Brandywine Realty Trust		24,304
	965	Brixmor Property Group, Inc.		24,530
	446	Camden Property Trust		36,322
	787	Communications Sales & Leasing, Inc.		22,374
	1,189	CubeSmart		30,997
	642	CyrusOne, Inc.		28,640
	766	DCT Industrial Trust, Inc.		35,811
	2,419	DDR Corp.		36,987
	626	Digital Realty Trust, Inc.		58,487
	1,312	Douglas Emmett, Inc.		47,888
	1,848	Duke Realty Corp.		48,325
	353	EPR Properties		25,670
	994	Equity Commonwealth (a)		30,029
	481	Equity LifeStyle Properties, Inc.		36,479
	720	Equity One, Inc.		20,520
	272	Essex Property Trust, Inc.		58,233
	428	Extra Space Storage, Inc.		31,308
	296	Federal Realty Investment Trust		42,988
	1,120	Forest City Realty Trust, Inc., Class A		24,181
	1,196	General Growth Properties, Inc.		29,840
	659	Healthcare Trust of America, Inc., Class A		20,165
	615	Highwoods Properties, Inc.		30,522
	1,404	Hospitality Properties Trust		38,413
	729	Iron Mountain, Inc.		24,589
	172	Kilroy Realty Corp.		12,355
	1,355	Kimco Realty Corp.		36,057
	635	Lamar Advertising Co., Class A		40,291
	493	Liberty Property Trust		19,932
	287	Life Storage, Inc.		23,147
	504	Macerich Co. (The)		35,673
	305	Mid-America Apartment Communities, Inc.		28,289
	1,068	National Retail Properties, Inc.		48,722
	804	Omega Healthcare Investors, Inc.		25,591
	1,208	Outfront Media, Inc.		25,984
	1,741	Piedmont Office Realty Trust, Inc., Class A		35,656
	452	Post Properties, Inc.		29,737
	991	Prologis, Inc.		51,691
	863	Rayonier, Inc.		23,146
	871	Realty Income Corp.		51,598


SHARES		SECURITY DESCRIPTION	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	509	Regency Centers Corp.		36,684
	1,852	Senior Housing Properties Trust		39,392
	3,332	Spirit Realty Capital, Inc.		39,684
	969	STORE Capital Corp.		26,444
	347	Sun Communities, Inc.		26,695
	1,277	Tanger Factory Outlet Centers, Inc.		44,440
	449	Taubman Centers, Inc.		32,535
	913	UDR, Inc.		31,928
	720	Ventas, Inc.		48,780
	3,851	VEREIT, Inc.		36,199
	116	Vornado Realty Trust		10,763
	807	Weingarten Realty Investors		29,221
	680	Welltower, Inc.		46,600
	365	WP Carey, Inc.		22,170

		Total Real Estate		2,006,861

		Telecommunication Services — 0.2%
		Wireless Telecommunication Services — 0.2%
	1,802	Telephone & Data Systems, Inc.		46,563
	476	United States Cellular Corp. (a)		16,684

		Total Telecommunication Services		63,247

		Utilities — 12.9%
		Electric Utilities — 5.1%
	5,635	Alliant Energy Corp.		214,412
	2,591	Edison International, Inc.		190,387
	3,028	Eversource Energy		166,722
	3,105	Fortis, Inc. (Canada)		101,999
	7,593	Great Plains Energy, Inc.		215,945
	2,464	Hawaiian Electric Industries, Inc.		72,688
	2,805	OGE Energy Corp.		87,067
	2,396	Pinnacle West Capital Corp.		182,407
	5,930	PPL Corp.		203,636
	3,754	Westar Energy, Inc., Class A		215,179
	4,381	Xcel Energy, Inc.		182,031

				1,832,473

		Gas Utilities — 1.5%
	2,582	Atmos Energy Corp.		192,075
	2,262	National Fuel Gas Co.		118,483
	4,768	UGI Corp.		220,711

				531,269

		Independent Power and Renewable Electricity Producers — 0.4%
	13,191	AES Corp.		155,258

SEE NOTES TO FINANCIAL STATEMENTS.



68	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Multi-Utilities — 5.0%
	3,854	Ameren Corp.		192,507
	4,391	CMS Energy Corp.		185,081
	2,517	Consolidated Edison, Inc.		190,159
	1,845	DTE Energy Co.		177,138
	1,493	MDU Resources Group, Inc.		39,132
	8,614	NiSource, Inc.		200,362
	4,298	Public Service Enterprise Group, Inc.		180,860
	2,589	SCANA Corp.		189,929
	1,826	Sempra Energy		195,565
	1,833	Vectren Corp.		92,218
	2,800	WEC Energy Group, Inc.		167,216

				1,810,167

		Water Utilities — 0.9%
	2,719	American Water Works Co., Inc.		201,315
	4,423	Aqua America, Inc.		135,786

				337,101

		Total Utilities		4,666,268

		Total Common Stocks (Cost $34,781,291)		35,559,712

	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	621,429	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (d) (Cost $621,429)		621,429

		Total Investments — 100.1% (Cost $35,402,720)		36,181,141
		Liabilities in Excess of Other Assets — (0.1)%		(27,253	)

		NET ASSETS — 100.0%	$	36,153,888

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan Exchange-Traded Funds

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS


ADR		— American Depositary Receipt
AUD		— Australian Dollar
CHF		— Swiss Franc
DKK		— Danish Krone
ETF		— Exchange Traded Fund
EUR		— Euro
GBP		— British Pound
GDR		— Global Depositary Receipt
HKD		— Hong Kong Dollar
JPY		— Japanese Yen
KRW		— Korean Won
MSCI		— Morgan Stanley Capital International
NOK		— Norwegian Krone
NVDR		— Non-Voting Depositary Receipt
NZD		— New Zealand Dollar
REIT		— Real Estate Investment Trust
SEK		— Swedish Krona
SGD		— Singapore Dollar

(a)		— Non-income producing security.
(b)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		— Non-deliverable forwards.
(d)		— The rate shown is the yield as of October 31, 2016.
(e)		— Amounts rounds to less than 0.1%.
(f)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

SEE NOTES TO FINANCIAL STATEMENTS.



70	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016


	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Currency Hedged ETF			JPMorgan Diversified Return Europe Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	43,701,274		$	—		$	59,620,700
Investment in affiliates, at value		—			26,524,064			—

Total Investment securities, at value		43,701,274			26,524,064			59,620,700
Cash		130,845			15,243			208,537
Restricted Cash		29,400			—			—
Foreign currency, at value		86,698			—			27,473
Receivables:
Dividends from non-affiliates		23,263			—			42,645
Due from Adviser		4,341			—			3,261
Prepaid Expenses		3,192			2,872			7,077
Tax reclaims		—			—			84,359
Deferred offering costs		—			16,657			692
Unrealized appreciation on forward foreign currency exchange contracts		—			993,074			—

Total Assets		43,979,013			27,551,910			59,994,744


LIABILITIES:
Payables:
Investments securities purchased		—			948,575			—
Unrealized depreciation on forward foreign currency exchange contracts		—			55,414			—
Accrued Liabilities:
Professional fees		83,171			44,339			93,013
Custodian and Transfer Agent fees		56,968			291			17,567
Administration fees		3,097			1,922			4,385
Accounting fees		14,795			988			8,295
Trustees’ and Chief Compliance Officer’s fees		793			553			1,299
Advisory fees		—			11,989			—
Other		10,728			4,571			10,552

Total Liabilities		169,552			1,068,642			135,111

Net Assets	$	43,809,461		$	26,483,268		$	59,859,633


NET ASSETS:
Paid-in Capital	$	49,685,108		$	25,838,593		$	60,205,089
Accumulated undistributed (distributions in excess of) net investment income		660,929			(59,634	)		1,181,263
Accumulated net realized gains (losses)		(6,670,815	)		884,736			(179,013	)
Net unrealized appreciation (depreciation)		134,239			(180,427	)		(1,347,706	)

Total Net Assets	$	43,809,461		$	26,483,268		$	59,859,633


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		900,000			1,000,000			1,200,000

Net asset value, per share	$	48.68		$	26.48		$	49.88


Cost of investments in non-affiliates	$	43,569,069		$	—		$	60,966,168
Cost of investments in affiliates		—			27,642,151			—
Cost of foreign currency		84,918			—			27,519

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	71

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016 (continued)


	JPMorgan Diversified Return Global Equity ETF			JPMorgan Diversified Return International Currency Hedged ETF			JPMorgan Diversified Return International Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	76,916,964		$	—		$	467,781,395
Investment in affiliates, at value		—			26,351,706			1,161,468

Total Investment securities, at value		76,916,964			26,351,706			468,942,863
Cash		373,136			13,603			—
Restricted Cash		7,700			—			14,400
Foreign currency, at value		177,238			—			85,656
Receivables:
Dividends from non-affiliates		174,578			—			1,187,875
Tax reclaims		48,283			—			258,504
Due from Adviser		7,047			226			40,456
Prepaid Expenses		5,407			2,826			25,621
Dividends from affiliates		—			—			582
Deferred offering costs		—			32,994			—
Unrealized appreciation on forward foreign currency exchange contracts		—			918,991			—

Total Assets		77,710,353			27,320,346			470,555,957


LIABILITIES:
Payables:
Investments securities purchased		—			903,510			—
Unrealized depreciation on forward foreign currency exchange contracts		—			47,016			—
Accrued Liabilities:
Professional fees		106,654			44,098			344,631
Custodian and Transfer Agent fees		20,365			—			36,731
Administration fees		5,641			1,905			33,166
Accounting fees		11,640			980			21,388
Trustees’ and Chief Compliance Officer’s fees		1,631			543			9,589
Other		7,489			6,180			67,736

Total Liabilities		153,420			1,004,232			513,241

Net Assets	$	77,556,933		$	26,316,114		$	470,042,716


NET ASSETS:
Paid-in Capital	$	74,966,627		$	25,790,524		$	463,466,893
Accumulated undistributed (distributions in excess of) net investment income		1,249,069			(54,114	)		6,655,210
Accumulated net realized gains (losses)		(1,990,738	)		53,181			(5,483,598	)
Net unrealized appreciation (depreciation)		3,331,975			526,523			5,404,211

Total Net Assets	$	77,556,933		$	26,316,114		$	470,042,716

Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		1,500,000			1,000,000			9,400,000

Net asset value, per share	$	51.70		$	26.32		$	50.00

Cost of investments in non-affiliates	$	73,576,530		$	—		$	462,333,365
Cost of investments in affiliates		—			26,697,158			1,161,468
Cost of foreign currency		178,469			—			85,607

SEE NOTES TO FINANCIAL STATEMENTS.



72	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


	JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	123,895,274		$	35,559,712
Investment in affiliates, at value		1,660,652			621,429

Total Investment securities, at value		125,555,926			36,181,141
Cash		16,483			5,982
Restricted Cash		7,250			1,500
Receivables:
Dividends from non-affiliates		101,922			23,088
Due from Adviser		7,223			15,180
Prepaid Expenses		6,330			—
Dividends from affiliates		199			75
Deferred offering costs		—			7,390

Total Assets		125,695,333			36,234,356


LIABILITIES:
Payables:
Investments securities purchased		16,483			5,790
Accrued Liabilities:
Professional fees		94,662			52,514
Custodian and Transfer Agent fees		10,612			7,505
Administration fees		9,099			2,626
Accounting fees		3,733			1,465
Trustees’ and Chief Compliance Officer’s fees		1,684			668
Other		20,802			9,900

Total Liabilities		157,075			80,468

Net Assets	$	125,538,258		$	36,153,888


NET ASSETS:
Paid-in Capital	$	125,309,738		$	35,203,592
Accumulated undistributed (distributions in excess of) net investment income		775,559			260,771
Accumulated net realized gains (losses)		(237,317	)		(88,896	)
Net unrealized appreciation (depreciation)		(309,722	)		778,421

Total Net Assets	$	125,538,258		$	36,153,888


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		2,200,000			700,000

Net asset value, per share	$	57.06		$	51.65


Cost of investments in non-affiliates	$	124,204,996		$	34,781,291
Cost of investments in affiliates		1,660,652			621,429

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	73

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016


	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Currency Hedged ETF (a)			JPMorgan Diversified Return Europe Equity ETF (b)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	996,873		$	—		$	1,527,008
Interest income from affiliates		202			—			3
Foreign taxes withheld		(123,152	)		—			(162,835	)

Total Investment Income		873,923			—			1,364,176


EXPENSES:
Investment advisory fees (Note 3.A)		138,198			45,710			114,484
Administration fees (Note 3.B)		26,697			11,774			32,437
Trustees’ and Chief Compliance Officer’s fees		20,043			4,160			12,762
Professional fees		121,233			48,927			117,330
Printing and mailing costs		7,321			2,977			11,936
Custodian and Transfer Agent fees		171,769			680			83,516
Registration and filing fees		708			15,662			22,653
Interest expense to affiliates		164			—			99
Insurance expense		1,217			4,056			4,343
Offering costs		3,506			22,825			4,681
Accounting fees		80,636			1,350			28,896
Other		29,458			1,010			3,441

Total expenses		600,950			159,131			436,578

Less fees waived (Note 3.D)		(164,895	)		(57,484	)		(146,921	)
Less expense reimbursements from affiliates (Note 3.D)		(235,924	)		(33,742	)		(102,761	)
Less expense reimbursements from non-affiliates (Note 3.C)		(58,800	)		—			(22,800	)

Net expenses		141,331			67,905			164,096

Net investment income (loss)		732,592			(67,905	)		1,200,080


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(5,364,653	)		—			(178,137	)
Investments in affiliates		—			(2,253	)		—
Futures		13,768			—			—
Foreign currency transactions		2,899			895,260			(18,775	)

Net realized gain (loss)		(5,347,986	)		893,007			(196,912	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,258,629			—			(1,345,468	)
Investments in affiliates		—			(1,118,087	)		—
Foreign currency translations		3,999			937,660			(2,238	)

Change in net unrealized appreciation/depreciation		6,262,628			(180,427	)		(1,347,706	)

Net realized/unrealized gains (losses)		914,642			712,580			(1,544,618	)

Change in net assets resulting from operations	$	1,647,234		$	644,675		$	(344,538	)

(a)	Commencement of operations was April 1, 2016.

(b)	Commencement of operations was December 18, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.



74	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


	JPMorgan Diversified Return Global Equity ETF			JPMorgan Diversified Return International Currency Hedged ETF (a)			JPMorgan Diversified Return International Equity ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,860,289		$	—		$	8,733,229
Dividend income from affiliates		—			—			583
Interest income from affiliates		124			—			211
Foreign taxes withheld		(147,340	)		—			(610,511	)

Total Investment Income		1,713,073			—			8,123,512


EXPENSES:
Investment advisory fees (Note 3.A)		155,544			37,065			652,626
Administration fees (Note 3.B)		55,089			11,669			231,139
Trustees’ and Chief Compliance Officer’s fees		36,787			4,127			114,478
Professional fees		135,085			46,252			503,621
Printing and mailing costs		16,712			2,376			59,692
Custodian and Transfer Agent fees		75,725			1,159			225,179
Registration and filing fees		13,754			16,817			53,234
Interest expense to affiliates		235			—			363
Insurance expense		31,483			4,074			88,428
Offering costs		—			46,246			223
Accounting fees		74,110			3,741			121,421
Other		7,989			1,618			—

Total expenses		602,513			175,144			2,050,404

Less fees waived (Note 3.D)		(210,633	)		(48,734	)		(722,724	)
Less expense reimbursements from affiliates (Note 3.D)		(107,105	)		(59,146	)		—
Less expense reimbursements from non-affiliates (Note 3.C)		(38,500	)		—			(158,400	)

Net expenses		246,275			67,264			1,169,280

Net investment income (loss)		1,466,798			(67,264	)		6,954,232


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,605,783	)		—			(5,264,973	)
Investments in affiliates		—			(11,021	)		—
Foreign currency transactions		11,547			77,352			(7,553	)

Net realized gain (loss)		(1,594,236	)		66,331			(5,272,526	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,460,088			—			5,756,090
Investments in affiliates		—			(345,452	)		—
Foreign currency translations		(7,433	)		871,975			(39,381	)

Change in net unrealized appreciation/depreciation		3,452,655			526,523			5,716,709

Net realized/unrealized gains (losses)		1,858,419			592,854			444,183

Change in net assets resulting from operations	$	3,325,217		$	525,590		$	7,398,415

(a)	Commencement of operations was April 1, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	75

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016 (continued)


	JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,023,630		$	307,724
Dividend income from affiliates		277			106
Interest income from affiliates		84			22

Total Investment Income		1,023,991			307,852


EXPENSES:
Investment advisory fees (Note 3.A)		105,392			36,378
Administration fees (Note 3.B)		38,949			12,884
Trustees’ and Chief Compliance Officer’s fees		17,314			3,292
Professional fees		128,719			61,859
Printing and mailing costs		17,270			2,315
Custodian and Transfer Agent fees		23,122			16,533
Registration and filing fees		32,740			10,955
Insurance expense		4,587			—
Offering costs		24,157			6,659
Accounting fees		15,479			4,925
Other		5,052			1,508

Total expenses		412,781			157,308

Less fees waived (Note 3.D)		(144,341	)		(49,262	)
Less expense reimbursements from affiliates (Note 3.D)		(123,898	)		(52,000	)
Less expense reimbursements from non-affiliates (Note 3.C)		(11,600	)		(4,500	)

Net expenses		132,942			51,546

Net investment income (loss)		891,049			256,306


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(233,079	)		(84,431	)

Net realized gain (loss)		(233,079	)		(84,431	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(1,126,048	)		778,421

Change in net unrealized appreciation/depreciation		(1,126,048	)		778,421

Net realized/unrealized gains (losses)		(1,359,127	)		693,990

Change in net assets resulting from operations	$	(468,078	)	$	950,296

(a)	Commencement of operations was May 11, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.



76	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan Diversified Return Emerging Markets Equity ETF						JPMorgan Diversified Return Europe Currency Hedged ETF			JPMorgan Diversified Return Europe Equity ETF
	Year Ended October 31, 2016			Period Ended October 31, 2015 (a)			Period Ended October 31, 2016 (b)			Period Ended October 31, 2016 (c)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	732,592		$	980,553		$	(67,905	)	$	1,200,080
Net realized gain (loss)		(5,347,986	)		(3,629,485	)		893,007			(196,912	)
Change in net unrealized appreciation/depreciation		6,262,628			(6,128,389	)		(180,427	)		(1,347,706	)

Change in net assets resulting from operations		1,647,234			(8,777,321	)		644,675			(344,538	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,050,480	)		—			—			(918	)

Total distributions to shareholders		(1,050,480	)		—			—			(918	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		7,027,033			44,962,995			25,838,593			60,205,089


NET ASSETS:
Change in net assets		7,623,787			36,185,674			26,483,268			59,859,633
Beginning of period		36,185,674			—			—			—

End of period	$	43,809,461		$	36,185,674		$	26,483,268		$	59,859,633

Accumulated undistributed (distributions in excess of) net investment income	$	660,929		$	964,675		$	(59,634	)	$	1,181,263


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	14,272,477		$	58,386,392		$	25,838,593		$	60,205,089
Redeemed		(7,245,444	)		(13,423,397	)		—			—

Total change in net assets resulting from capital transactions	$	7,027,033		$	44,962,995		$	25,838,593		$	60,205,089


SHARE TRANSACTIONS:
Issued		300,000			1,100,000			1,000,000			1,200,000
Redeemed		(200,000	)		(300,000	)		—			—

Net Increase in shares from share transactions		100,000			800,000			1,000,000			1,200,000

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

(b)	Commencement of operations was April 1, 2016.

(c)	Commencement of operations was December 18, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	77

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Diversified Return Global Equity ETF						JPMorgan Diversified Return International Currency Hedged ETF			JPMorgan Diversified Return International Equity ETF
	Year Ended October 31, 2016			Year Ended October 31, 2015			Period Ended October 31, 2016 (a)			Year Ended October 31, 2016			Period Ended October 31, 2015 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,466,798		$	964,790		$	(67,264	)	$	6,954,232		$	1,875,555
Net realized gain (loss)		(1,594,236	)		(286,219	)		66,331			(5,272,526	)		(187,378	)
Change in net unrealized appreciation/depreciation		3,452,655			257,942			526,523			5,716,709			(312,498	)

Change in net assets resulting from operations		3,325,217			936,513			525,590			7,398,415			1,375,679


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,057,127	)		(288,042	)		—			(2,154,090	)		(44,215	)

Total distributions to shareholders		(1,057,127	)		(288,042	)		—			(2,154,090	)		(44,215	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		24,758,809			25,034,796			25,790,524			372,684,784			90,782,143


NET ASSETS:
Change in net assets		27,026,899			25,683,267			26,316,114			377,929,109			92,113,607
Beginning of period		50,530,034			24,846,767			—			92,113,607			—

End of period	$	77,556,933		$	50,530,034		$	26,316,114		$	470,042,716		$	92,113,607

Accumulated undistributed (distributions in excess of) net investment income	$	1,249,069		$	812,361		$	(54,114	)	$	6,655,210		$	(1,836,680	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	24,758,809		$	25,034,796		$	25,790,524		$	372,684,784		$	90,782,143

Total change in net assets resulting from capital transactions	$	24,758,809		$	25,034,796		$	25,790,524		$	372,684,784		$	90,782,143


SHARE TRANSACTIONS:
Issued		500,000			500,000			1,000,000			7,600,000			1,800,000

Net Increase in shares from share transactions		500,000			500,000			1,000,000			7,600,000			1,800,000

(a)	Commencement of operations was April 1, 2016.

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

SEE NOTES TO FINANCIAL STATEMENTS.



78	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


	JPMorgan Diversified Return U.S. Equity ETF						JPMorgan Diversified Return U.S. Mid Cap Equity ETF
	Year Ended October 31, 2016			Period Ended October 31, 2015 (a)			Period Ended October 31, 2016 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	891,049		$	10,819		$	256,306
Net realized gain (loss)		(233,079	)		(522	)		(84,431	)
Change in net unrealized appreciation/depreciation		(1,126,048	)		816,326			778,421

Change in net assets resulting from operations		(468,078	)		826,623			950,296


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(130,025	)		—			—

Total distributions to shareholders		(130,025	)		—			—


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		115,309,738			10,000,000			35,203,592


NET ASSETS:
Change in net assets		114,711,635			10,826,623			36,153,888
Beginning of period		10,826,623			—			—

End of period	$	125,538,258		$	10,826,623		$	36,153,888

Accumulated undistributed (distributions in excess of) net investment income	$	775,559		$	10,819		$	260,771


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	115,309,738		$	10,000,000		$	35,203,592

Total change in net assets resulting from capital transactions	$	115,309,738		$	10,000,000		$	35,203,592


SHARE TRANSACTIONS:
Issued		2,000,000			200,000			700,000

Net Increase in shares from share transactions		2,000,000			200,000			700,000

(a)	Commencement of operations was September 29, 2015.

(b)	Commencement of operations was May 11, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			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

JPMorgan Diversified Return Emerging Markets Equity ETF
Year Ended October 31, 2016	$	45.23	$	1.04		$	3.72		$	4.76		$	(1.31	)	$	48.68	$	48.98
January 7, 2015 (a) through October 31, 2015		50.00		1.29			(6.06	)		(4.77	)		—			45.23		45.27

JPMorgan Diversified Return Europe Currency Hedged ETF
April 1, 2016 (a) through October 31, 2016		25.00		(0.07	)		1.55			1.48			—			26.48		26.52

JPMorgan Diversified Return Europe Equity ETF
December 18, 2015 (a) through October 31, 2016		50.00		1.39			(1.51	)		(0.12	)		—	(k)		49.88		49.95

JPMorgan Diversified Return Global Equity ETF
Year Ended October 31, 2016		50.53		1.14			0.99			2.13			(0.96	)		51.70		51.91
Year Ended October 31, 2015		49.69		1.08			0.08			1.16			(0.32	)		50.53		50.67
June 16, 2014 (a) through October 31, 2014		50.00		0.38			(0.69	)		(0.31	)		—			49.69		50.09

(a)	Commencement of operations.

(b)	Calculated based upon average shares outstanding.

(c)	Net investment income (loss) is affected by the timing of distributions from underlying funds.

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

(e)

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.

(f)

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, Inc.

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

(h)	Certain non-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(i)	Does not include expenses of underlying funds.

(j)

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 derivatives and in-kind transactions.

(k)	Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.



80	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


Ratios/Supplemental data
								Ratios to average net assets (g)
Total return (d)(e)			Market price total return (d)(f)			Net assets, end of period		Net expenses (i)			Net investment income (loss) (c)			Expenses without waivers and reimbursements (i)			Portfolio turnover rate (d)(j)


	11.02	%		11.63	%	$	43,809,461		0.45	%		2.33	%		1.91	%		44	%
	(9.54	)		(9.46	)		36,185,674		0.45	(h)		3.18			2.07	(h)		46


	5.96			6.08			26,483,268		0.49	(h)		(0.49	)		1.08	(h)		1


	(0.23	)		(0.09	)		59,859,633		0.43	(h)		3.14			1.14	(h)		15


	4.31			4.44			77,556,933		0.38			2.26			0.93			22
	2.36			1.82			50,530,034		0.38			2.16			1.52			18
	(0.62	)		0.18			24,846,767		0.38	(h)		2.01			5.19	(h)		14

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			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
JPMorgan Diversified Return International Currency Hedged ETF
April 1, 2016 (a) through October 31, 2016	$	25.00	$	(0.07	)	$	1.39		$	1.32		$	—		$	26.32	$	26.34

JPMorgan Diversified Return International Equity ETF
Year Ended October 31, 2016		51.17		1.28			(1.37	)(d)		(0.09	)		(1.08	)		50.00		50.17
November 5, 2014 (a) through October 31, 2015		50.00		1.39			(0.07	)		1.32			(0.15	)		51.17		51.05

JPMorgan Diversified Return U.S. Equity ETF
Year Ended October 31, 2016		54.13		1.10			2.09	(d)		3.19			(0.26	)		57.06		57.08
September 29, 2015 (a) through October 31, 2015		50.00		0.06			4.07			4.13			—			54.13		54.16

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
May 11, 2016 (a) through October 31, 2016		50.00		0.42			1.23			1.65			—			51.65		51.64

(a)	Commencement of operations.

(b)	Calculated based upon average shares outstanding.

(c)	Net investment income (loss) is affected by the timing of distributions from underlying funds.

(d)

Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

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

(f)

(g)

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

(i)	Certain non-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(j)	Does not include expenses of underlying funds.

(k)

(l)	Amount rounds to less than 0.1%.

SEE NOTES TO FINANCIAL STATEMENTS.



82	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


Ratios/Supplemental data
								Ratios to average net assets (h)
Total return (e)(f)			Market price total return (e)(g)			Net assets, end of period		Net expenses (j)			Net investment income (loss) (c)			Expenses without waivers and reimbursements (j)			Portfolio turnover rate (e)(k)

	5.28	%		5.36	%	$	26,316,114		0.49	%(i)		(0.49	)%		1.14	%(i)		4	%


	(0.15	)		0.41			470,042,716		0.43			2.56			0.75			27
	2.65			2.40			92,113,607		0.43	(i)		2.72			1.33	(i)		20	��


	5.92			5.90			125,538,258		0.29			1.95			0.90			22
	8.26			8.32			10,826,623		0.29	(i)		1.20			5.75	(i)		—	(l)


	3.30			3.28			36,153,888		0.34	(i)		1.69			1.02	(i)		15

SEE NOTES TO FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	83

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

The following are 8 separate funds of the Trust (collectively, the “Funds”) covered in this report:


		Diversified/Non-Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF		Diversified
JPMorgan Diversified Return Europe Currency Hedged ETF		Diversified
JPMorgan Diversified Return Europe Equity ETF		Diversified
JPMorgan Diversified Return Global Equity ETF		Diversified
JPMorgan Diversified Return International Currency Hedged ETF		Diversified
JPMorgan Diversified Return International Equity ETF		Diversified
JPMorgan Diversified Return U.S. Equity ETF		Diversified
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		Diversified

The JPMorgan Diversified Return Emerging Markets Equity ETF (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 the FTSE Emerging Diversified Factor Index.

The JPMorgan Diversified Return Europe Currency Hedged ETF (the “Europe Currency Hedged ETF”) commenced operations on April 1, 2016. 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 Europe Diversified Factor 100% Hedged to USD Index.

The JPMorgan Diversified Return Europe Equity ETF (the “Europe Equity ETF”) commenced operations on December 18, 2015. 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 Europe Diversified Factor Index.

The JPMorgan Diversified Return Global Equity ETF (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 JPMorgan Diversified Return International Currency Hedged ETF (the “International Currency Hedged ETF”) commenced operations on April 1, 2016. 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 100% Hedged to USD Index.

The JPMorgan Diversified Return International Equity ETF (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.

JPMorgan Diversified Return U.S. Equity ETF (the “U.S. Equity ETF”) commenced operations on September 29, 2015. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Russell 1000 Diversified Factor Index.

JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “U.S. Mid Cap Equity ETF”) commenced operations on May 11, 2016. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Russell Midcap Diversified Factor Index.

J.P. Morgan Investment Management Inc. (“JPMIM” or the “Adviser”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as the Adviser and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM, and JPMIM became the Funds’ administrator under the Administration Agreement.

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 for all funds, except for the Europe Currency Hedged ETF and the International Currency Hedged ETF which trade in blocks of 50,000 shares, referred to as “Creation Units.” Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount which may be substituted in Funds with sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).



84	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

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 by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, including investments with equity reference obligations, are valued by applying an international fair value factor provided by an approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments in mutual funds (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of report date.

Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

•

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

•

Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

•

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments:

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	$	3,379,730	$	—	$	—	$	3,379,730
Chile		491,113		—		—		491,113
China		—		8,295,517		—		8,295,517
Colombia		98,721		—		—		98,721
Czech Republic		—		126,034		—		126,034
Egypt		17,071		89,162		—		106,233
Greece		30,621		110,076		—		140,697
Hungary		16,290		117,953		—		134,243
Indonesia		—		2,515,015		—		2,515,015



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	85

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

Emerging Markets Equity ETF (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Malaysia	$	1,003,790	$	955,610	$	—	$	1,959,400
Mexico		958,118		—		—		958,118
Pakistan		—		19,257		—		19,257
Philippines		94,110		883,965		—		978,075
Poland		10,872		553,240		—		564,112
Russia		37,882		2,208,677		—		2,246,559
South Africa		345,664		2,776,651		—		3,122,315
Taiwan		—		8,699,729		—		8,699,729
Thailand		—		2,487,456		—		2,487,456
Turkey		—		673,024		—		673,024
United Arab Emirates		—		661,930		—		661,930
United States		43,339		—		—		43,339

Total Common Stocks		6,527,321		31,173,296		—		37,700,617

Exchange Traded Fund
India		3,744,243		—		—		3,744,243

Total Exchange Traded Fund		3,744,243		—		—		3,744,243

Preferred Stocks
Brazil		1,998,901		—		—		1,998,901
Chile		49,954		—		—		49,954
Colombia		78,835		—		—		78,835
Russia		—		128,724		—		128,724

Total Preferred Stocks		2,127,690		128,724		—		2,256,414

Total Investments in Securities	$	12,399,254	$	31,302,020	$	—	$	43,701,274

Transfers from level 2 to level 1 in the amount of $1,004,443 are due to the non-application of fair value factors to certain securities as of October 31, 2016. Transfers from level 1 to level 2 in the amount of $264,682 due to the application of fair value factors to certain securities as of October 31, 2016. There were no significant transfers between Level 3 and Level 2 during the year ended October 31, 2016.

Europe Currency Hedged ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities	$	26,524,064	$	—	$	—	$	26,524,064

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	993,074	$	—	$	993,074

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	55,414	$	—	$	55,414

There were no transfers between level 1 and level 2 during the year ended October 31, 2016. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

Europe Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Austria	$	—	$	541,718	$	—	$	541,718
Belgium		—		1,239,746		—		1,239,746
Denmark		—		1,711,434		—		1,711,434
Finland		—		2,956,635		—		2,956,635
France		—		8,337,907		—		8,337,907



86	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

Europe Equity ETF (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Germany	$	—	$	7,615,908	$	—	$	7,615,908
Ireland		119,441		103,489		—		222,930
Italy		—		1,259,905		—		1,259,905
Luxembourg		—		251,477		—		251,477
Netherlands		—		2,896,756		—		2,896,756
Norway		—		1,614,023		—		1,614,023
Portugal		—		565,249		—		565,249
Spain		—		4,251,151		—		4,251,151
Sweden		—		3,588,285		—		3,588,285
Switzerland		—		6,801,078		—		6,801,078
United Kingdom		—		15,209,814		—		15,209,814

Total Common Stocks		119,441		58,944,575		—		59,064,016

Preferred Stocks
Germany		—		547,103		—		547,103

Total Preferred Stocks		—		547,103		—		547,103

Rights
Spain		2,888		—		—		2,888
Sweden		—		6,693		—		6,693

Total Rights		2,888		6,693		—		9,581

Total Investments in Securities	$	122,329	$	59,498,371	$	—	$	59,620,700

There were no transfers between level 1 and level 2 during the year ended October 31, 2016. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

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	$	—	$	6,462,964	$	—	$	6,462,964
Austria		—		168,533		—		168,533
Belgium		—		612,273		—		612,273
Canada		2,229,074		—		—		2,229,074
Denmark		—		671,233		—		671,233
Finland		—		685,554		—		685,554
France		—		3,229,012		—		3,229,012
Germany		—		2,217,301		—		2,217,301
Hong Kong		—		3,031,060		—		3,031,060
Israel		210,554		—		—		210,554
Italy		98,744		317,389		—		416,133
Japan		—		18,846,112		—		18,846,112
Netherlands		—		1,037,128		—		1,037,128
New Zealand		—		291,124		—		291,124
Norway		—		706,126		—		706,126
Portugal		—		223,384		—		223,384
Singapore		—		1,706,971		—		1,706,971
South Korea		—		7,001,688		—		7,001,688
Spain		—		1,422,610		—		1,422,610
Sweden		164,429		1,831,092		—		1,995,521
Switzerland		185,848		1,383,399		—		1,569,247



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	87

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

Global Equity ETF (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
United Kingdom	$	—	$	2,358,981	$	—	$	2,358,981
United States		19,715,631		—		—		19,715,631

Total Common Stocks		22,604,280		54,203,934		—		76,808,214

Preferred Stock
Germany		—		100,254		—		100,254

Total Preferred Stock		—		100,254		—		100,254

Rights
Spain		3,309		—		—		3,309
Sweden		—		5,187		—		5,187

Total Rights		3,309		5,187		—		8,496

Total Investments in Securities	$	22,607,589	$	54,309,375	$	—	$	76,916,964

There were no significant transfers between level 1 and level 2 during the year ended October 31, 2016. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

International Currency Hedged ETF


	Level 1 Quoted Prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities	$	26,351,706	$	—	$	—	$	26,351,706

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	918,991	$	—	$	918,991

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	47,016	$	—	$	47,016

There were no transfers between level 1 and level 2 during the year ended October 31, 2016. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

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	$	—	$	40,337,266	$	—	$	40,337,266
Austria		—		2,594,742		—		2,594,742
Belgium		—		4,974,335		—		4,974,335
Denmark		—		6,634,873		—		6,634,873
Finland		—		8,674,280		—		8,674,280
France		—		23,424,737		—		23,424,737
Germany		—		19,125,324		—		19,125,324
Hong Kong		—		25,407,656		—		25,407,656
Ireland		1,256,148		—		—		1,256,148
Italy		1,058,123		4,314,526		—		5,372,649
Japan		—		126,102,383		—		126,102,383
Luxembourg		—		268,344		—		268,344
Netherlands		—		11,281,501		—		11,281,501
New Zealand		—		3,352,551		—		3,352,551
Norway		—		4,825,212		—		4,825,212
Portugal		—		2,664,884		—		2,664,884
Singapore		—		13,164,043		—		13,164,043
South Korea		—		44,233,324		—		44,233,324



88	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Spain	$	—	$	11,052,440	$	—	$	11,052,440
Sweden		—		12,886,508		—		12,886,508
Switzerland		62,048		9,320,886		—		9,382,934
United Kingdom		—		90,686,681		—		90,686,681

Total Common Stocks		2,376,319		465,326,496		—		467,702,815

Rights
Spain		28,783		—		—		28,783
Sweden		—		49,797		—		49,797

Total Rights		28,783		49,797		—		78,580

Short-Term Investment		1,161,468		—		—		1,161,468

Total Investments in Securities	$	3,566,570	$	465,376,293	$	—	$	468,942,863

U.S. Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	20,196,163	$	—	$	—	$	20,196,163
Consumer Staples		15,152,001		—		—		15,152,001
Energy		5,331,984		—		—		5,331,984
Financials		8,420,454		—		—		8,420,454
Health Care		17,708,424		—		—		17,708,424
Industrials		10,675,415		—		—		10,675,415
Information Technology		17,847,771		—		—		17,847,771
Materials		6,656,072		—		—		6,656,072
Real Estate		3,328,742		—		—		3,328,742
Telecommunication Services		1,577,938		—		—		1,577,938
Utilities		17,000,310		—		—		17,000,310

Total Common Stocks		123,895,274		—		—		123,895,274

Short-Term Investment		1,660,652		—		—		1,660,652

Total Investments in Securities	$	125,555,926	$	—	$	—	$	125,555,926

There were no transfers between level 1 and level 2 during the year ended October 31, 2016. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

U.S. Mid Cap Equity ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	5,837,935	��	$	—	$	—	$	5,837,935
Consumer Staples		2,595,673			—		—		2,595,673
Energy		1,313,428			—		—		1,313,428
Financials		3,155,667			—		—		3,155,667
Health Care		4,184,485			—		—		4,184,485
Industrials		4,193,429			—		—		4,193,429
Information Technology		5,237,452			—		—		5,237,452
Materials		2,305,267			—		—		2,305,267
Real Estate		2,006,861			—		—		2,006,861



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	89

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Telecommunication Services	$	63,247	$	—	$	—	$	63,247
Utilities		4,666,268		—		—		4,666,268

Total Common Stocks		35,559,712		—		—		35,559,712

Short-Term Investment		621,429		—		—		621,429

Total Investments in Securities	$	36,181,141	$	—	$	—	$	36,181,141

There were no transfers between level 1 and level 2 during the year ended October 31, 2016. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. As of October 31, 2016, the Funds had no investments in restricted securities other than securities sold to the Fund under Rule 144A.

C. Derivatives — Certain Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). Certain Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

(1). Forward Foreign Currency Exchange Contracts — The Europe Currency Hedged ETF and International Currency Hedged ETF may be exposed to foreign currency risks associated with portfolio investments and therefore used forward foreign currency exchange contracts to hedge or manage these exposures. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). As of October 31, 2016, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

(2). Futures Contracts — The Emerging Markets Equity ETF used index futures to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase a Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sale of futures contracts will tend to offset both positive and negative market price changes. The Emerging Markets Equity ETF also used index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation in the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the Schedule of Portfolio Investments and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.



90	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

The use of futures contracts exposes the Fund to interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

Europe Currency Hedged ETF


Derivative Contracts	Statements of Assets and Liabilities
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	993,074


Gross Liabilities:
Foreign exchange contracts	Payables	$	(55,414	)

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2016.


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented in the Statements of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Goldman Sachs	$	993,074	$	(55,414	)	$	—	$	937,660

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented in the Statements of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Pledged		Net Amount Due to Counterparty (not less than zero)
Goldman Sachs	$	55,414	$	(55,414	)	$	—		$—

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

International Currency Hedged ETF


Derivative Contracts	Statements of Assets and Liabilities
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	918,991


Gross Liabilities:
Foreign exchange contracts	Payables	$	(47,016	)



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	91

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented in the Statements of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Goldman Sachs	$	918,991	$	(47,016	)	$	—	$	871,975

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented in the Statements of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Pledged		Net Amount Due to Counterparty (not less than zero)
Goldman Sachs	$	47,016	$	(47,016	)	$	—		$—

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the period ended October 31, 2016, by primary underlying risk exposure:

Emerging Markets Equity ETF


	Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts		Futures Contracts
Futures contracts		$13,768

Europe Currency Hedged ETF


	Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts		$895,260


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts				Forward Foreign Currency Exchange Contracts
Foreign exchange contracts				$937,660

International Currency Hedged ETF


	Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts		$77,352


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts				Forward Foreign Currency Exchange Contracts
Foreign exchange contracts				$871,975



92	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

Derivatives Volume

The table below discloses the volume of the Fund’s forward foreign currency contracts activity for the period ended October 31, 2016. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


	Emerging Markets Equity ETF			Europe Currency Hedged ETF (a)		International Currency Hedged ETF (a)
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	—		$	11,432,467	$	11,965,015
Average Settlement Value Sold		—			37,503,613		41,312,749
Ending Settlement Value Purchased		—			26,454,737		26,496,451
Ending Settlement Value Sold		—			53,971,742		53,538,667

Futures Contracts:
Average Notional Balance Long		157,868	(b)		—		—
Average Notional Balance Short		—			—		—
Ending Notional Balance Long		—			—		—
Ending Notional Balance Short		—			—		—

(a)	For the period April 1, 2016 through October 31, 2016.

(b)	For the period December 18, 2015 through January 7, 2016.

The Funds’ derivatives contracts held at October 31, 2016, are not accounted for as hedging instruments under GAAP.

E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in the foreign exchange rates from changes in the market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments 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 withholding taxes recorded on the Funds’ books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. The reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. Investment Transactions with Affiliates — Europe Currency Hedged ETF, International Currency Hedged ETF, International Equity ETF, U.S. Equity ETF and U.S. Mid Cap Equity ETF invest in Underlying Funds and other ETFs advised by the Adviser or its affiliates.

An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the following to be affiliated issuers. Included in the Realized Gain (Loss) amounts in the table below are distributions of realized capital gains, if any, received from the Underlying Funds and other ETFs advised by the Adviser or its affiliates:


			For the year ended October 31, 2016
Affiliate	Value at Beginning of Period		Purchase Cost		Sales Proceeds		Realized Gain(Loss)			Unrealized Gain(Loss)			Shares at October 31, 2016		Value at October 31, 2016		Dividend Income
Europe Currency Hedged ETF (a)
JPMorgan Diversified Return Europe Equity ETF	$	—	$	27,984,487	$	340,083	$	(2,253	)	$	(1,118,087	)		531,225	$	26,524,064	$	—

International Currency Hedged ETF (a)
JPMorgan Diversified Return International Equity ETF		—		27,657,142		948,963		(11,021	)		(345,452	)		525,353		26,351,076		—

International Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		4,724,854		3,563,386		—			—			1,161,468		1,161,468		583
JPMorgan Prime Money Market Fund, Institutional Class Shares		—		4,318,032		4,318,032		—			—			—		—		—



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	93

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)


			For the year ended October 31, 2016
Affiliate	Value at Beginning of Period		Purchase Cost		Sales Proceeds		Realized Gain(Loss)		Unrealized Gain(Loss)		Shares at October 31, 2016		Value at October 31, 2016		Dividend Income
U.S. Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares	$	—	$	3,012,825	$	1,352,173	$	—	$	—		1,660,652	$	1,660,652	$	277

U.S. Mid Cap Equity ETF (b)
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		996,039		374,610		—		—		621,429		621,429		106

(a)	Commencement of operations was April 1, 2016.

(b)	Commencement of operations was May 11, 2016.

G. 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 the Fund commenced operations. Approximate total offering costs incurred by the Funds were as follows:


Emerging Markets Equity ETF	$	23,456
Europe Currency Hedged ETF		39,482
Europe Equity ETF		5,373
International Currency Hedged ETF		79,240
International Equity ETF		16,301
U.S. Equity ETF		26,249
U.S. Mid Cap Equity ETF		14,049

H. 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.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

I. 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.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 October 31, 2016, 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 Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

L. 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 each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.



94	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

The following amounts were reclassified within the capital accounts:


	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Emerging Markets Equity ETF	$	(1,383,421	)	$	14,142		$	1,369,279
Europe Currency Hedged ETF		—			8,271			(8,271	)
Europe Equity ETF		—			(17,899	)		17,899
Global Equity ETF		—			27,037			(27,037	)
International Currency Hedged ETF		—			13,150			(13,150	)
International Equity ETF		—			18,388			(18,388	)
U.S. Equity ETF		—			3,716			(3,716	)
U.S. Mid Cap Equity ETF		—			4,465			(4,465	)

The reclassifications for the Funds relate primarily to foreign currency gains or losses, investments in passive foreign investment companies, non-taxable dividends and redemptions in-kind.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of each Fund and 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	%
Europe Currency Hedged ETF	0.33	%
Europe Equity ETF	0.30	%
Global Equity ETF	0.24	%
International Currency Hedged ETF	0.27	%
International Equity ETF	0.24	%
U.S. Equity ETF	0.23	%
U.S. Mid Cap 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 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 outlined 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 and Transfer Agent fees on the Statements of Operations. With respect to the 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, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Funds for these transactions.

For the period ended October 31, 2016, the transaction fees paid by the Authorized Participants that were used to reimburse custodian fees were as follows:


Emerging Markets Equity ETF	$	58,800
Europe Equity ETF		22,800
Global Equity ETF		38,500
International Equity ETF		158,400
U.S. Equity ETF		11,600
U.S. Mid Cap Equity ETF		4,500

Such amounts are included in expense reimbursements from non-affiliates in the Statement of Operations.

Restricted cash on the Statement of Assets and Liabilities is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

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

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



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	95

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

D. Waivers and Reimbursements — The Adviser has 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	%
Europe Currency Hedged ETF		0.49	%
Europe Equity ETF		0.43	%
Global Equity ETF		0.38	%
International Currency Hedged ETF		0.49	%
International Equity ETF		0.43	%
U.S. Equity ETF		0.29	%
U.S. Mid Cap Equity ETF		0.34	%

The expense limitation agreements were in effect for the year ended October 31, 2016. The contractual expense limitation percentages in the table above are in place until at least February 28, 2019.

For the period ended October 31, 2016, 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 Markets Equity ETF	$	138,198	$	26,697	$	164,895	$	235,924
Europe Currency Hedged ETF		45,710		11,774		57,484		33,742
Europe Equity ETF		114,484		32,437		146,921		102,761
Global Equity ETF		155,544		55,089		210,633		107,105
International Currency Hedged ETF		37,065		11,669		48,734		59,146
International Equity ETF		652,626		70,098		722,724		—
U.S. Equity ETF		105,392		38,923		144,315		123,898
U.S. Mid Cap Equity ETF		36,378		12,873		49,251		52,000

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser has agreed to waive the total expense ratio of the Underlying Funds.

The amount of the waivers resulting from investments in these money market funds as of October 31, 2016 were as follows:


U.S. Equity ETF	$	26
U.S. Mid Cap Equity ETF		11

E. Related Party Transactions

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. SIDCO receives no fee for its distribution services under the Distribution Agreement. Although the Distributor does not receive any fees under the Distribution Agreement with the Trust, JPMIM pays the Distributor for certain distribution related services.

F. Other — Certain officers of the Trust are affiliated with the Adviser. 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. The Funds, along with other affiliated funds, make 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.

The Fund may use related party broker-dealers. For the year ended October 31, 2016, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:


Emerging Markets Equity ETF	$	12,973
Europe Currency Hedged ETF		1,206
Europe Equity ETF		6,122
Global Equity ETF		9,314
International Currency Hedged ETF		1,026
International Equity ETF		61,521
U.S. Equity ETF		6,434
U.S. Mid Cap Equity ETF		4,152



96	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the period ended October 31, 2016, 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	$	18,360,045	$	13,970,440
Europe Currency Hedged ETF		2,336,893		340,082
Europe Equity ETF		8,481,769		6,793,291
Global Equity ETF		16,698,576		13,938,998
International Currency Hedged ETF		1,810,205		948,963
International Equity ETF		115,122,552		72,593,075
U.S. Equity ETF		11,532,454		10,519,425
U.S. Mid Cap Equity ETF		5,643,253		4,928,628

During the period ended October 31, 2016, there were no purchases or sales of U.S. Government securities.

For the period ended October 31, 2016, in-kind transactions associated with creations and redemptions were:


	In-Kind Purchases		In-Kind Sales		Realized Gain (Loss)
Emerging Markets Equity ETF	$	8,317,223	$	5,821,977	$	(1,357,504	)
Europe Currency Hedged ETF		25,647,594		—		—
Europe Equity ETF		59,456,518		—		—
Global Equity ETF		22,099,829		—		—
International Currency Hedged ETF		25,846,937		—		—
International Equity ETF		333,168,580		—		—
U.S. Equity ETF		113,451,061		—		—
U.S. Mid Cap Equity ETF		34,155,561		—		—

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2016 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity ETF	$	43,832,329	$	3,044,294	$	(3,175,349	)	$	(131,055	)
Europe Currency Hedged ETF		27,644,406		—		(1,120,342	)		(1,120,342	)
Europe Equity ETF		61,000,392		2,675,278		(4,054,970	)		(1,379,692	)
Global Equity ETF		73,799,201		7,167,305		(4,049,542	)		3,117,763
International Currency Hedged ETF		26,713,274		—		(361,568	)		(361,568	)
International Equity ETF		466,442,278		26,504,944		(24,004,359	)		2,500,585
U.S. Equity ETF		125,973,809		3,167,982		(3,585,865	)		(417,883	)
U.S. Mid Cap Equity ETF		35,404,526		1,796,967		(1,020,352	)		776,615

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in passive foreign investment companies, wash sale loss deferrals and investments in real estate investment trusts.

The tax character of distributions paid during the years ended October 31, 2016 and October 31, 2015 was as follows:


	Ordinary Income		Total Distributions Paid
Emerging Markets Equity ETF
2016	$	1,050,480	$	1,050,480
2015		—		—
Europe Equity ETF
2016		918		918
Global Equity ETF
2016		1,057,127		1,057,127
2015		288,042		288,042



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	97

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)


	Ordinary Income		Total Distributions Paid
International Equity ETF
2016	$	2,154,090	$	2,154,090
2015		44,215		44,215
U.S. Equity ETF
2016		130,025		130,025
2015		—		—

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Deferral Loss			Unrealized Appreciation (Depreciation) on Investments and Foreign Currency			Other Temporary Differences (a)			Total Distributable Earnings (Accumulated Losses)
Emerging Markets Equity ETF	$	667,287	$	—	$	(6,413,914	)		—		$	(129,021	)	$	—		$	(5,875,648	)
Europe Currency Hedged ETF		742,128		1,083,788		—			(67,904	)		(182,682	)		(930,655	)		644,675
Europe Equity ETF		1,210,966		—		(174,492	)		—			(1,381,930	)		—			(345,456	)
Global Equity ETF		1,421,014		—		(1,940,009	)		—			3,109,301			—			2,590,306
International Currency Hedged ETF		403,711		547,901		—			(67,265	)		510,407			(869,164	)		525,590
International Equity ETF		7,437,438		—		(3,318,381	)		—			2,456,766			—			6,575,823
U.S. Equity ETF		771,657		—		(125,254	)		—			(417,883	)		—			228,520
U.S. Mid Cap Equity ETF		260,771		—		(87,090	)		—			776,615			—			950,296

(a)	Amounts primarily relate to mark-to-market on forward foreign currency exchange contracts.

As of October 31, 2016, the Funds had net capital loss carryforwards, with no expiration dates, as follows:


	Capital Loss Carryforward Character
	Short Term			Long-Term
Emerging Markets Equity ETF	$	5,289,224		$	1,124,690
Europe Equity ETF		174,492			—
Global Equity ETF		765,792			1,174,217
International Equity ETF		1,833,345	(b)		1,485,036	(b)
U.S. Equity ETF		92,850			32,404
U.S. Mid Cap Equity ETF		87,090			—

(b)	Subject to limitation under IRC section 382-384.

6. Capital Share Transactions

The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. 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.



98	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

As of October 31, 2016, the Adviser owned shares representing more than 10% of net assets of the following Funds:


	% Ownership
Emerging Markets Equity ETF		53	%
Europe Currency Hedged ETF		97	%
Europe Equity ETF		43	%
Global Equity ETF		33	%
International Currency Hedged ETF		96	%
U.S. Equity ETF		53	%
U.S. Mid Cap Equity ETF		71	%

Furthermore, as of October 31, 2016, the Europe Currency Hedged ETF owned approximately 44% of the shares outstanding of the Europe Equity ETF.

Significant transactions by these shareholders may impact the Fund’s performance.

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 October 31, 2016, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:


	Brazil			China			France			Germany			Japan			Switzerland			Taiwan			United Kingdom
Emerging Markets Equity ETF		12.2	%		19.0	%		—	%		—	%		—	%		—	%		19.9	%		—	%
Europe Equity ETF		—			—			14.0			13.7			—			11.4			—			24.7
Global Equity ETF		—			—			—			—			24.5			—			—			—
International Equity ETF		—			—			—			—			26.9			—			—			19.3

With the exception of U.S. Equity ETF and U.S. Mid Cap Equity ETF, as of October 31, 2016, a significant portion of the net assets of the Funds noted in the table above 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.

Premium/Discount Risk — Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

Index Tracking Risk — A Fund may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, 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. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.

Counterparty Risk — The Funds are subject to counterparty risk, which is the risk that a counterparty will not fulfill its contractual obligations arising from agreements with the Funds such as forward foreign currency exchange contracts.

Derivatives Risk — Derivatives and futures may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing a Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose a Fund to counterparty risk including the credit risk of the derivative counterparty.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	99

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and the Shareholders of JPMorgan Diversified Return Emerging

Markets Equity ETF, JPMorgan Diversified Return Europe Currency Hedged ETF, JPMorgan Diversified Return Europe Equity ETF,

JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Currency Hedged ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF and JPMorgan Diversified Return U.S. Mid Cap Equity ETF:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the

related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the

financial position of JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Currency Hedged ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Currency Hedged ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF and JPMorgan Diversified Return U.S. Mid Cap Equity ETF (each a separate fund of J.P. Morgan Exchange-Traded Fund Trust) (the “Funds”) as of October 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016



100	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

SUPPLEMENTAL INFORMATION

FOR THE PERIODS INDICATED (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 performance. 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)					Europe Currency Hedged ETF (b)					Europe Equity ETF (c)
Range of Premium/(Discount)	Day Count		Percentage			Day Count		Percentage			Day Count		Percentage
Greater than 2.0% and Less than or equal to 2.5%		—		—	%		1		0.68	%		—		—	%
Greater than 1.5% and Less than or equal to 2.0%		3		0.65	%		2		1.35	%		—		—	%
Greater than 1.0% and Less than or equal to 1.5%		21		4.57	%		1		0.68	%		1		0.45	%
Greater than 0.5% and Less than or equal to 1.0%		148		32.17	%		2		1.35	%		21		9.55	%
Between 0.5% and –0.5%		163		35.44	%		137		92.55	%		198		90.00	%
Less than –0.5% and greater than or equal to –1.0%		93		20.22	%		2		1.35	%		—		—	%
Less than –1.0% and greater than or equal to –1.5%		26		5.65	%		1		0.68	%		—		—	%
Less than –1.5% and greater than or equal to –2.0%		6		1.30	%		1		0.68	%		—		—	%
Less than –4.0% and greater than or equal to –4.5%		—		—	%		1		0.68	%		—		—	%

		460		100.00	%		148		100.00	%		220		100.00	%


	Global Equity ETF (d)					International Currency Hedged ETF (b)					International Equity ETF (e)
Range of Premium/(Discount)	Day Count		Percentage			Day Count		Percentage			Day Count		Percentage
Greater than 1.0% and Less than or equal to 1.5%		—		—	%		—		—	%		1		0.20	%
Greater than 0.5% and Less than or equal to 1.0%		39		6.48	%		—		—	%		130		25.95	%
Between 0.5% and –0.5%		560		93.02	%		148		100.00	%		367		73.25	%
Less than –0.5% and greater than or equal to –1.0%		2		0.33	%		—		—	%		3		0.60	%
Less than –1.0% and greater than or equal to –1.5%		1		0.17	%		—		—	%		—		—	%

		602		100.00	%		148		100.00	%		501		100.00	%


	U.S. Equity ETF (f)					U.S. Mid Cap Equity ETF (g)
Range of Premium/(Discount)	Day Count		Percentage			Day Count		Percentage
Between 0.5% and –0.5%		276		100.00	%		118		100.00	%
									��
		276		100.00	%		118		100.00	%

(a)	For the period January 7, 2015 (fund inception date) to October 31, 2016.

(b)	For the period April 1, 2016 (fund inception date) to October 31, 2016.

(c)	For the period December 18, 2015 (fund inception date) to October 31, 2016.

(d)	For the period June 16, 2014 (fund inception date) to October 31, 2016.

(e)	For the period November 5, 2014 (fund inception date) to October 31, 2016.

(f)	For the period September 29, 2015 (fund inception date) to October 31, 2016.

(g)	For the period May 11, 2016 (fund inception date) to October 31, 2016.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	101

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Funds Trustees and is available, without charge, upon request by calling 1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.


Name (Year of Birth; Positions With the Funds since)	Principal Occupation During the Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee ⁽¹⁾		Other Directorships Held During the Past 5 Years
Independent Trustees

Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011-present); Senior Consultant for the Regulatory Fundamentals Group LLC (2011-present); Senior Vice President-Fund Administration, State Street Corporation (2002-2010).		14	Independent Trustee, The China Fund, Inc. (2013-present); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).

Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Coming Incorporated (2002-2012).		14	None.

Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		14	Independent Trustee of AXA Premier VIP Trust (2014-present); SEI family of funds, Independent Trustee of The Advisors’ Inner Circle III Funds (5 portfolios) (2014-present); Independent Trustee of O’Connor EQUUS (2014-present); Independent Trustee of Winton Series Trust (2014-present); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-2015).

Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		14	Director, ICI Mutual Insurance Company (1999-2013).

Emily A. Youssouf (1951); Trustee of the Trust since 2014	Clinical Professor, NYU Schack Institute of Real Estate (2009-present); Board Member, NYC Health and Hospitals Corporation (2005-present); Board Member and Member of The Audit Committee and Related Parties Committee, PennyMac Financial Services, Inc. (2013-present)		14	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee (2015-present) and Chair of the Audit Committee (2015-present) of the Transit Center; Vice Chair (2011-2013) and Board Member (2013-present) of New York City Housing Authority.
Interested Trustee

Robert Deutsch ⁽²⁾ (1957); Trustee of the Trust since 2014	Head of the Global ETF Business for JPMorgan Asset Management (2013-present); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		14	None

(1)

A Fund complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. Eleven Funds are currently operating and three additional series are in registration and three additional series have been created and will be registered in the future.

(2)	Mr. Deutsch is an interested trustee because he is an employee of the Adviser.



102	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Robert F. Deutsch (1957), President and Principal Executive Officer (2014)*		Managing Director, global head of J.P. Morgan Asset Management’s Exchange Traded Funds and a member of the J.P. Morgan Global Funds Operating Committee. Previously, head of the Global Liquidity Business from 2003 to 2013 and National Sales Manager for J.P. Morgan’s U.S. Mutual Funds Business prior to 2003.

Lauren A. Paino (1973), Treasurer and Principal Financial Officer (2015)***		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; Director, Credit Suisse Asset Management (2000-2013); Manager, PricewaterhouseCoopers LLP (1995-2000).

Paul Shield (1960), Vice President and Assistant Treasurer (2016)		Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013. Senior Global Product Manager of Alternative Investments for BNY Mellon from 2011 to 2013 and Global Product Head for Exchange Traded Funds at JPMorgan Chase Bank from 2008 to 2011.

Brian S. Shlissel (1964), Vice President (2016)		Managing Director and Chief Administrative Officer, leads the JPMorgan U.S. Platform Management Team for JPMorgan’s pooled vehicles, including ETFs and mutual funds since 2014. Prior to joining JPMorgan in 2014, President and Chief Executive Officer for Mutual Funds and Head of Mutual Fund Services for Allianz Global Investors.

Frank J. Nasta (1964), Secretary (2014)		Managing Director and Associate General Counsel, JPMorgan Chase since 2008.

Stephen M. Ungerman (1953), Chief Compliance Officer (2014)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.

John T. Fitzgerald (1975), Assistant Secretary (2014)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011; Associate Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006-2011.

Carmine Lekstutis (1980), Assistant Secretary (2014)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagler & Flom LLP (law firm) from 2006 to 2011.

Gregory S. Samuels (1980), Assistant Secretary (2014)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014; Associate, Ropes & Gray (law firm) from 2008 to 2010.

Pamela L. Woodley (1971), Assistant Secretary (2014)***		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Frederick J. Cavaliere (1978), Assistant Treasurer (2015)***		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; formerly Vice President, JPMorgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2011; formerly Vice President of J.P. Morgan Investment Management Inc. 2010-2011. Mr. Cavaliere has been with JPMorgan since May 2006.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from 2012 to 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.

Julie A. Roach (1971), Assistant Treasurer (2014)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.

Jason Ronca (1978), Assistant Treasurer (2014)****		Vice President, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management since 2014. ETF Product Manager for Corporate Investment Bank responsible for setting the strategy and control agenda for the ETF servicing business from 2010 to May 2014; Prior to 2010, a Vice President in Fund Accounting within J.P. Morgan Investor Services, supporting a series of U.S. registered mutual funds.

The contact address for the officer is 500 Stanton Christiana Road, Newark, DE 19173.

The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

***

The contact address for the officer is 4 New York Plaza, New York, NY 10004.

****

The contact address for the officer is One Beacon Street, Boston, MA 02108.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	103

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 in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period May 1, 2016 and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading

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 the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.


	Beginning Account Value 5/1/2016		Ending Account Value 10/31/2016		Annualized Expense Ratios			Expenses Paid During Period
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual Fund Return	$	1,000.00	$	1,095.40		0.45	%	$	2.37
Hypothetical 5% Return (1)		1,000.00		1,022.87		0.45			2.29

JPMorgan Diversified Return Europe Currency Hedged ETF
Actual Fund Return	$	1,000.00	$	1,048.30		0.49	%	$	2.50
Hypothetical 5% Return (1)		1,000.00		1,022.67		0.49			2.46

JPMorgan Diversified Return Europe Equity ETF
Actual Fund Return	$	1,000.00	$	963.50		0.43	%	$	2.12
Hypothetical 5% Return (1)		1,000.00		1,022.97		0.43			2.19

JPMorgan Diversified Return Global Equity ETF
Actual Fund Return	$	1,000.00	$	1,018.10		0.38	%	$	1.93
Hypothetical 5% Return (1)		1,000.00		1,022.23		0.38			1.93

JPMorgan Diversified Return International Currency Hedged ETF
Actual Fund Return	$	1,000.00	$	1,051.10		0.49	%	$	2.53
Hypothetical 5% Return (1)		1,000.00		1,022.67		0.49			2.49

JPMorgan Diversified Return International Equity ETF
Actual Fund Return	$	1,000.00	$	998.00		0.43	%	$	2.16
Hypothetical 5% Return (1)		1,000.00		1,022.97		0.43			2.19

JPMorgan Diversified Return U.S. Equity ETF
Actual Fund Return	$	1,000.00	$	1,026.60		0.29	%	$	1.48
Hypothetical 5% Return (1)		1,000.00		1,023.68		0.29			1.48

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual Fund Return (2)	$	1,000.00	$	1,033.00		0.34	%	$	1.63
Hypothetical 5% Return (1)		1,000.00		1,023.43		0.34			1.73

(1)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

(2)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 173/366 (to reflect the period since the commencement of operations).



104	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

TAX LETTER

(Unaudited)

Certain tax information for the JPMorgan ETFs is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Dividends Received deductions

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2016.


	Dividends Received Deduction
Emerging Markets Equity ETF		0.73	%
Europe Equity ETF		0.00	%
Global Equity ETF		20.71	%
International Equity ETF		0.11	%
U.S. Equity ETF		99.77	%

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2016, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:


	Gross Income		Foreign Tax Pass Through
Emerging Markets Equity ETF	$	1,004,707	$	119,244
Europe Equity ETF		1,527,700		93,679
Global Equity ETF		1,859,668		117,629
International Equity ETF		8,734,007		405,257

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2016:


	Qualified Dividend Income
Emerging Markets Equity ETF	$	665,042
Europe Equity ETF		94,597
Global Equity ETF		1,135,562
International Equity ETF		2,498,023
U.S. Equity ETF		129,726



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	105

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENT

(Unaudited)

For the JPMorgan Diversified Return U.S. Mid Cap Equity ETF

On March 23 – 24, 2016, 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 U.S. Mid Cap Equity ETF (the “Fund”). 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 the 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 the Fund.

The Trustees considered information provided with respect to the 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 the Fund under the Agreement was fair and reasonable and that the initial approval of the Agreement was in the best interests of the 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 Trustees. 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 the Fund. The Trustees also considered the investment strategy and the underlying indices for the Fund, and the infrastructure supporting the portfolio management team. In addition, the Trustees considered information about the structure and distribution strategy of the Fund, how it fits within the Trust’s lineup, and how it 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 as Trustees of the Trust and 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 Fund 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 Fund 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 the 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 Fund 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 Fund 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 Fund will generally benefit from the lower expense ratios that resulted from these factors.

Investment Performance

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



106	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENT

(continued)

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate that will be paid by the Fund to the Adviser and compared that rate to the fees charged to mutual funds with similar investment objectives or in similar asset classes managed by the Adviser, as well as information prepared by Broadridge, using data from Lipper Inc., independent providers of investment company data, concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees also noted that the Adviser does not currently manage mutual funds or institutional accounts with the same or substantially similar strategies proposed for the Fund. The Trustees also reviewed information about other projected expenses and the expense

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

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



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	107

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

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

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.

LOGO

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., 2016. All rights reserved. October 2016.		AN-DAETF-1016

Annual Report

JPMorgan Exchange-Traded Funds

October 31, 2016

JPMorgan Diversified Alternatives ETF

CONTENTS



President’s Letter			1

Fund Commentary			2

Consolidated Schedule of Portfolio Investments			5

Consolidated Financial Statements			31

Notes to Consolidated Financial Statements			36

Report of Independent Registered Public Accountant Firm			45

Supplemental Information			46

Trustees			47

Officers			48

Schedule of Shareholder Expenses			49

Board Approval of Initial Investment Advisory Agreement			50

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

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

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

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

PRESIDENT’S LETTER

OCTOBER 31, 2016 (Unaudited)

Dear Shareholder,

LOGO

“The potential benefits of our approach have gained industrywide recognition.”

- Robert F. Deutsch

Investment implications of an unprecedented election

A steady course for the road ahead

If you have any questions, please visit www.jpmorganetfs.com or call J.P. Morgan Exchange Traded Funds at 1-844-457-6383.

Sincerely yours,

LOGO

Robert F. Deutsch

President, J.P. Morgan Exchange Traded Funds

J.P. Morgan Asset Management

²	Cogent Reports conducted an online survey with 1,460 financial advisors from January to March of 2016. In order to qualify, respondents were



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	1

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

FOR THE PERIOD SEPTEMBER 12, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Alternatives ETF*		1.44%
Market Price**		1.68%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.07%

Net Assets as of 10/31/2016	$	51,977,433

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Alternatives ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by allocating assets across a variety of strategies commonly employed by hedge funds, including Equity Long/Short, Event Driven and Global Macro Based strategies. The Fund seeks to achieve the efficiency of rules-based investing with the diversification benefits of alternative strategies without replicating an index.

HOW DID THE MARKET PERFORM?

During the reporting period, global prices for both equities and crude oil remained elevated from previous months and financial market volatility remained low. Notably, crude oil prices reached 15-month highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories.

HOW DID THE FUND PERFORM?

For the period September 12, 2016 to October 31, 2016, the Fund posted a positive absolute performance and experienced a deviation of 1.37% relative to its benchmark, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Index”). The Fund’s allocation to equities, which are not held in the Index, was a leading contributor to performance relative to the Index. References to the Index and to other indexes mentioned herein are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed, along with other indexes, to allow for comparison of the Fund’s performance to that of well-known and widely recognized indexes.

On an absolute basis, the Fund’s allocations to value and quality factors within the Equity Long/Short sub-strategy were leading contributors to performance for the reporting period, while the Fund’s allocations to fixed income and commodity factors within the Global Macro Based sub-strategy were leading detractors from performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation was to the Equity Long/Short sub-strategy, while the smallest allocation was to the Event Driven sub-strategy.



2	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


RISK ALLOCATION AS OF OCTOBER 31, 2016
Strategy	% of Risk Allocation****

Equity Long/Short (1)		51	%
Event Driven (2)		20
Global Macro (3)		29


TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a)

	1.	Ingram Micro, Inc., Class A	1.0	%
	2.	B/E Aerospace, Inc.	1.0
	3.	NXP Semiconductors NV (Netherlands)	1.0
	4.	Westar Energy, Inc.	1.0
	5.	Rackspace Hosting, Inc.	0.9
	6.	Joy Global, Inc.	0.9
	7.	CST Brands, Inc.	0.9
	8.	Talen Energy Corp.	0.9
	9.	Fleetmatics Group plc (Ireland)	0.9
	10.	WhiteWave Foods Co. (The), Class A	0.9


TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	New York Community Bancorp, Inc.	0.8	%
	2.	AT&T, Inc.	0.6
	3.	Canadian Imperial Bank of Commerce (Canada)	0.5
	4.	Tabcorp Holdings Ltd. (Australia)	0.4
	5.	Lions Gate Entertainment Corp.	0.3
	6.	Abbott Laboratories	0.3
	7.	British American Tobacco plc (United Kingdom)	0.3
	8.	FNB Corp.	0.3
	9.	Netflix, Inc.	0.2
	10.	STMicroelectronics NV (Netherlands)	0.2

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 $25.42 as of October 31, 2016.

***

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

****

Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of October 31, 2016 and are not representative of the targeted equal risk allocation across asset classes over the long term. Holdings and allocations may vary over time.

(1)

Equity Long/Short strategies seek to profit by exploiting pricing inefficiencies between related equity securities by maintaining long and short positions.

(2)

Event Driven strategies seek to profit from investing in securities of companies on the basis that a specific event or catalyst will affect future pricing. For example, merger arbitrage strategies seek to capitalize on price discrepancies and returns generated by a corporate transaction.

(3)

Global Macro Based strategies aim to exploit macro-economic imbalances across the globe. These strategies may be implemented through a broad range of asset classes including, but not limited to, equities, fixed income, currency and commodities.

(a)

Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of October 31, 2016. The Fund’s portfolio composition is subject to change.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

FOR THE PERIOD SEPTEMBER 12, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Alternatives ETF
Net Asset Value		9/12/2016		1.44	%
Market Price				1.68

LIFE OF FUND PERFORMANCE (9/12/16 TO 10/31/16)

Fund commenced operations on September 12, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Alternatives ETF and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index from September 12, 2016 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue

purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. 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 or sale of Fund shares.



4	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 47.3%
		Consumer Discretionary — 8.0%
		Auto Components — 0.3%
	858	Lear Corp.		105,345
	700	Visteon Corp. (a)		49,427

				154,772

		Distributors — 0.2%
	1,022	Genuine Parts Co.		92,583

		Diversified Consumer Services — 0.1%
	1,400	Sotheby’s (a)		50,232

		Hotels, Restaurants & Leisure — 1.4%
	2,900	Bloomin’ Brands, Inc.		50,170
	1,606	Darden Restaurants, Inc.		104,053
	4,400	Hilton Worldwide Holdings, Inc.		99,440
	1,000	Hyatt Hotels Corp., Class A (a)		50,790
	500	Jack in the Box, Inc.		46,865
	4,700	La Quinta Holdings, Inc. (a)		47,047
	800	Marriott Vacations Worldwide Corp.		50,864
	400	McDonald’s Corp.		45,028
	1,800	SeaWorld Entertainment, Inc. (a)		25,218
	1,486	Wyndham Worldwide Corp.		97,838
	1,100	Yum! Brands, Inc.		94,908

				712,221

		Household Durables — 0.5%
	3,459	DR Horton, Inc.		99,723
	1,200	iRobot Corp. (a)		60,840
	621	Whirlpool Corp.		93,038

				253,601

		Media — 1.8%
	1,808	CBS Corp. (Non-Voting), Class B		102,369
	1,534	Comcast Corp., Class A		94,832
	5,992	Discovery Communications, Inc., Class C (a)		150,459
	4,441	Interpublic Group of Cos., Inc. (The)		99,434
	1,217	Omnicom Group, Inc.		97,141
	1,617	Scripps Networks Interactive, Inc., Class A		104,070
	5,000	TEGNA, Inc.		98,100
	1,258	Time Warner, Inc.		111,949
	2,789	Viacom, Inc., Class B		104,755

				963,109

		Multiline Retail — 0.3%
	1,100	Big Lots, Inc.		47,740
	1,471	Target Corp.		101,102

				148,842


SHARES		SECURITY DESCRIPTION	VALUE($)

		Specialty Retail — 3.0%
	2,900	American Eagle Outfitters, Inc.		49,416
	900	Asbury Automotive Group, Inc. (a)		45,855
	4,800	Ascena Retail Group, Inc. (a)		23,472
	7,185	Cabela’s, Inc. (a)		442,668
	700	Children’s Place, Inc. (The)		53,165
	9,986	CST Brands, Inc.		479,528
	1,778	Dick’s Sporting Goods, Inc.		98,946
	2,400	DSW, Inc., Class A		49,848
	900	Genesco, Inc. (a)		48,420
	2,500	GNC Holdings, Inc., Class A		33,575
	800	Group 1 Automotive, Inc.		48,216
	1,405	Lowe’s Cos., Inc.		93,643
	700	Murphy USA, Inc. (a)		48,146
	1,800	Vitamin Shoppe, Inc. (a)		45,090

				1,559,988

		Textiles, Apparel & Luxury Goods — 0.4%
	2,142	Michael Kors Holdings Ltd. (British Virgin Islands) (a)		108,771
	897	PVH Corp.		95,961

				204,732

		Total Consumer Discretionary		4,140,080

		Consumer Staples — 4.5%
		Beverages — 0.4%
	1,143	Dr. Pepper Snapple Group, Inc.		100,344
	943	PepsiCo, Inc.		101,090

				201,434

		Food & Staples Retailing — 1.5%
	2,715	Andersons, Inc. (The)		103,306
	58,494	Rite Aid Corp. (a)		392,495
	19,400	SUPERVALU, Inc. (a)		83,226
	2,044	Sysco Corp.		98,357
	1,464	Wal-Mart Stores, Inc.		102,509

				779,893

		Food Products — 2.2%
	1,821	Campbell Soup Co.		98,953
	4,229	ConAgra Foods, Inc.		203,753
	1,605	General Mills, Inc.		99,478
	748	Ingredion, Inc.		98,115
	746	JM Smucker Co. (The)		97,957
	1,387	Tyson Foods, Inc., Class A		98,269
	8,565	WhiteWave Foods Co. (The), Class A (a)		466,707

				1,163,232

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Household Products — 0.2%
	1,132	Procter & Gamble Co. (The)		98,258

		Tobacco — 0.2%
	1,603	Altria Group, Inc.		105,990

		Total Consumer Staples		2,348,807

		Energy — 1.0%
		Energy Equipment & Services — 0.4%
	1,438	Helmerich & Payne, Inc.		90,752
	1,225	Schlumberger Ltd. (Curacao)		95,832

				186,584

		Oil, Gas & Consumable Fuels — 0.6%
	991	Chevron Corp.		103,807
	1,154	Exxon Mobil Corp.		96,152
	1,400	Halcon Resources Corp. (a)		12,530
	600	SandRidge Energy, Inc. (a)		13,818
	1,855	Valero Energy Corp.		109,890

				336,197

		Total Energy		522,781

		Financials — 3.5%
		Banks — 0.3%
	1,500	Banc of California, Inc.		19,950
	2,800	CIT Group, Inc.		101,724
	4,200	Investors Bancorp, Inc.		51,492

				173,166

		Consumer Finance — 0.5%
	10,786	Navient Corp.		137,845
	2,542	Nelnet, Inc., Class A		99,595

				237,440

		Insurance — 2.2%
	1,415	Aflac, Inc.		97,451
	800	American International Group, Inc.		49,360
	600	Assurant, Inc.		48,312
	40,805	Delta Lloyd NV (Netherlands)		246,518
	3,902	Endurance Specialty Holdings Ltd. (Bermuda)		358,789
	517	Everest Re Group Ltd. (Bermuda)		105,220
	2,100	MetLife, Inc.		98,616
	2,771	Unum Group		98,093
	1,500	XL Group Ltd. (Bermuda)		52,050

				1,154,409

		Thrifts & Mortgage Finance — 0.5%
	9,906	EverBank Financial Corp.		191,285
	3,500	Nationstar Mortgage Holdings, Inc. (a)		52,885

				244,170

		Total Financials		1,809,185


SHARES		SECURITY DESCRIPTION	VALUE($)

		Health Care — 4.1%
		Health Care Equipment & Supplies — 1.5%
	6,974	Alere, Inc. (a)		311,598
	457	C.R. Bard, Inc.		99,023
	1,199	Medtronic plc (Ireland)		98,342
	2,037	Varian Medical Systems, Inc. (a)		184,817
	787	Zimmer Biomet Holdings, Inc.		82,950

				776,730

		Health Care Providers & Services — 1.5%
	910	Aetna, Inc.		97,688
	2,147	Express Scripts Holding Co. (a)		144,708
	732	Laboratory Corp. of America Holdings (a)		91,749
	616	McKesson Corp.		78,337
	1,199	Quest Diagnostics, Inc.		97,647
	1,600	Team Health Holdings, Inc. (a)		68,560
	744	UnitedHealth Group, Inc.		105,149
	801	Universal Health Services, Inc., Class B		96,689

				780,527

		Life Sciences Tools & Services — 0.4%
	2,212	Agilent Technologies, Inc.		96,377
	657	Thermo Fisher Scientific, Inc.		96,598

				192,975

		Pharmaceuticals — 0.7%
	845	Johnson & Johnson		98,011
	1,590	Merck & Co., Inc.		93,365
	3,049	Pfizer, Inc.		96,684
	929	Taro Pharmaceutical Industries Ltd. (Israel) (a)		94,303

				382,363

		Total Health Care		2,132,595

		Industrials — 6.2%
		Aerospace & Defense — 1.4%
	8,413	B/E Aerospace, Inc.		500,741
	400	Boeing Co. (The)		56,972
	670	L-3 Communications Holdings, Inc., Class 3		91,750
	1,000	United Technologies Corp.		102,200

				751,663

		Airlines — 1.0%
	900	United Continental Holdings, Inc. (a)		50,607
	8,484	Virgin America, Inc. (a)		461,105

				511,712

		Commercial Services & Supplies — 0.4%
	1,968	G & K Services, Inc., Class A		186,370

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



6	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Construction & Engineering — 0.5%
	1,985	Fluor Corp.		103,200
	1,990	Jacobs Engineering Group, Inc. (a)		102,644
	1,800	Quanta Services, Inc. (a)		51,750

				257,594

		Electrical Equipment — 0.2%
	1,582	Eaton Corp. plc (Ireland)		100,884

		Industrial Conglomerates — 0.2%
	923	Honeywell International, Inc.		101,235

		Machinery — 2.0%
	1,948	AGCO Corp.		99,504
	792	Cummins, Inc.		101,233
	3,600	Energy Recovery, Inc. (a)		43,956
	862	Illinois Tool Works, Inc.		97,897
	17,244	Joy Global, Inc.		479,901
	809	Parker-Hannifin Corp.		99,305
	827	Stanley Black & Decker, Inc.		94,146
	1,000	Terex Corp.		23,880
	1,100	Trinity Industries, Inc.		23,485

				1,063,307

		Professional Services — 0.3%
	700	ManpowerGroup, Inc.		53,760
	1,901	Nielsen Holdings plc (United Kingdom)		85,583

				139,343

		Trading Companies & Distributors — 0.2%
	3,100	MRC Global, Inc. (a)		45,694
	600	United Rentals, Inc. (a)		45,396

				91,090

		Total Industrials		3,203,198

		Information Technology — 14.1%
		Communications Equipment — 0.5%
	3,311	Cisco Systems, Inc.		101,581
	860	F5 Networks, Inc. (a)		118,861
	1,800	NetScout Systems, Inc. (a)		49,410

				269,852

		Electronic Equipment, Instruments & Components — 2.3%
	1,578	Amphenol Corp., Class A		104,037
	1,600	Arrow Electronics, Inc. (a)		97,792
	6,505	Corning, Inc.		147,729
	500	ePlus, Inc. (a)		45,775
	7,328	Flextronics International Ltd. (Singapore) (a)		103,984
	3,416	FLIR Systems, Inc.		112,455
	13,570	Ingram Micro, Inc., Class A (a)		504,804


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electronic Equipment, Instruments & Components — continued
	2,189	Rofin-Sinar Technologies, Inc. (a)		71,252

				1,187,828

		Internet Software & Services — 2.6%
	128	Alphabet, Inc., Class C (a)		100,421
	3,850	Cvent, Inc. (a)		120,197
	600	GrubHub, Inc. (a)		22,866
	10,161	inContact, Inc. (a)		141,340
	2,460	LinkedIn Corp., Class A (a)		466,416
	15,059	Rackspace Hosting, Inc. (a)		480,984

				1,332,224

		IT Services — 1.4%
	842	Accenture plc, Class A (Ireland)		97,874
	100	Alliance Data Systems Corp.		20,447
	700	Blackhawk Network Holdings, Inc., Class A (a)		24,115
	650	International Business Machines Corp.		99,898
	2,300	NeuStar, Inc., Class A (a)		51,635
	2,136	Total System Services, Inc.		106,544
	1,788	Vantiv, Inc., Class A (a)		104,348
	5,014	Western Union Co. (The)		100,631
	10,500	Xerox Corp.		102,585

				708,077

		Semiconductors & Semiconductor Equipment — 3.1%
	3,585	Applied Materials, Inc.		104,252
	591	Broadcom Ltd. (Singapore)		100,635
	2,300	Cypress Semiconductor Corp.		22,931
	2,702	Intel Corp.		94,219
	1,400	KLA-Tencor Corp.		105,154
	1,022	Lam Research Corp.		98,991
	7,567	Marvell Technology Group Ltd. (Bermuda)		98,598
	2,658	Maxim Integrated Products, Inc.		105,337
	1,710	Microchip Technology, Inc.		103,540
	4,945	NXP Semiconductors NV (Netherlands) (a)		494,500
	2,788	Qorvo, Inc. (a)		155,152
	800	Synaptics, Inc. (a)		41,696
	1,474	Texas Instruments, Inc.		104,433

				1,629,438

		Software — 2.9%
	3,110	CA Technologies, Inc.		95,601
	1,198	Citrix Systems, Inc. (a)		101,590
	500	Ebix, Inc.		28,000
	7,923	Fleetmatics Group plc (Ireland) (a)		474,588
	3,609	Infoblox, Inc. (a)		95,639
	4,107	Interactive Intelligence Group, Inc. (a)		248,268

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	2,700	Mentor Graphics Corp.		78,030
	3,600	Nuance Communications, Inc. (a)		50,472
	2,626	Oracle Corp.		100,891
	2,100	Symantec Corp.		52,563
	1,679	Synopsys, Inc. (a)		99,581
	1,368	VMware, Inc., Class A (a)		107,525

				1,532,748

		Technology Hardware, Storage & Peripherals — 1.3%
	854	Apple, Inc.		96,963
	4,600	Hewlett Packard Enterprise Co.		103,362
	10,367	Lexmark International, Inc., Class A		411,467
	1,700	NCR Corp. (a)		59,585

				671,377

		Total Information Technology		7,331,544

		Materials — 3.2%
		Chemicals — 2.8%
	7	AdvanSix, Inc. (a)		112
	4,764	Chemtura Corp. (a)		156,259
	1,888	Dow Chemical Co. (The)		101,593
	1,581	Eastman Chemical Co.		113,690
	6,200	Huntsman Corp.		105,090
	1,250	LyondellBasell Industries N.V., Class A (Netherlands)		99,438
	4,435	Monsanto Co.		446,915
	4,484	Valspar Corp. (The)		446,606

				1,469,703

		Containers & Packaging — 0.2%
	1,319	Avery Dennison Corp.		92,053

		Metals & Mining — 0.2%
	2,146	Nucor Corp.		104,832

		Total Materials		1,666,588


SHARES		SECURITY DESCRIPTION	VALUE($)

		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.3%
	1,647	CenturyLink, Inc.		43,777
	1,986	Verizon Communications, Inc.		95,527

		Total Telecommunication Services		139,304

		Utilities — 2.4%
		Electric Utilities — 1.3%
	1,597	American Electric Power Co., Inc.		103,549
	8,415	Empire District Electric Co. (The)		288,045
	1,334	Entergy Corp.		98,289
	3,041	Exelon Corp.		103,607
	3,291	OGE Energy Corp.		102,153

				695,643

		Independent Power and Renewable Electricity Producers — 0.9%
	34,262	Talen Energy Corp. (a)		477,270

		Multi-Utilities — 0.2%
	4,471	CenterPoint Energy, Inc.		101,939

		Total Utilities		1,274,852

		Total Common Stocks (Cost $24,690,379)		24,568,934

	Short-Term Investment — 49.3%
		Investment Company — 49.3%
	25,631,779	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (c) ^^ (Cost $25,631,779)		25,631,779

		Total Investments — 96.6% (Cost $50,322,158)		50,200,713
		Other Assets in Excess of Liabilities — 3.4%		1,776,720

		NET ASSETS — 100.0%	$	51,977,433

Percentages indicated are based on net assets.


Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	3	LME Zinc Futures ^		11/16/16		USD		183,975		15,526
	3	CAC40 10 Euro		11/21/16		EUR		148,411		(2,095	)
	18	Euro Bobl		12/07/16		EUR		2,590,680		(8,603	)
	1	Euro Bund		12/07/16		EUR		197,464		(3,960	)
	3	DJ Euro Stoxx		12/15/16		EUR		100,543		146
	1	SPI 200 Index		12/16/16		AUD		100,602		(2,798	)
	47	10 Year Australian Government Bond		12/16/16		AUD		4,741,631		(42,878	)
	3	FTSE 100 Index		12/19/16		GBP		254,434		(2,501	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



8	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	2		Coffee Futures ^		12/19/16		USD		123,112			7,044
	1		U.S. Long Treasury Bond		12/20/16		USD		162,719			(1,127	)
	44		10 Year U.S. Treasury Note		12/20/16		USD		5,703,500			(25,316	)
	1		LME Nickel Futures ^		12/21/16		USD		62,733			(60	)
	6		LME Zinc Futures ^		12/21/16		USD		368,700			13,519
	1		Cotton No. 2 Futures ^		12/21/16		USD		34,430			482
	10		LME Aluminum Futures ^		12/21/16		GBP		433,375			2,950
	1		Gold Futures ^		12/30/16		USD		127,310			2,007
	1		Silver Futures ^		12/30/16		USD		88,980			1,627
	4		Long Gilt 10 Year Bond		12/30/16		GBP		613,667			(5,631	)
	4		5 Year U.S. Treasury Note		01/05/17		USD		483,187			(258	)
	4		Soybean Futures ^		01/14/17		USD		202,350			(1,074	)
	5		LME Aluminum Futures ^		01/18/17		USD		216,906			(390	)
	5		Cocoa Futures ^		03/17/17		USD		132,150			(815	)
	3		Coffee Futures ^		03/20/17		USD		188,494			(1,246	)
	3		Feeder Cattle Futures ^		03/29/17		USD		168,412			(2,121	)
	8		Cocoa Futures ^		05/15/17		USD		209,920			(2,673	)
	5		Sugar No. 11 (World Markets) Futures ^		05/15/17		USD		120,792			(8,717	)
	7		Sugar No. 11 (World Markets) Futures ^		06/30/17		USD		161,190			(5,508	)
	11		Sugar No. 11 (World Markets) Futures ^		07/15/17		USD		260,075			(2,059	)

			Total Long Futures Outstanding									(76,529	)

			Short Futures Outstanding
	(3	)	LME Zinc Futures ^		11/16/16		USD		(183,975	)		1,125
	(21	)	Euro Bund		12/11/16		EUR		(3,738,482	)		30,341
	(4	)	10 Year Japanese Government Bond		12/12/16		JPY		(578,583	)		240
	(9	)	Lean Hogs Futures ^		12/14/16		USD		(172,620	)		(15,857	)
	(7	)	CBOT Wheat Futures ^		12/15/16		USD		(145,688	)		1,567
	(5	)	Corn Futures ^		12/15/16		USD		(88,688	)		48
	(1	)	3 Year Australian Government Bond		12/16/16		AUD		(85,621	)		22
	(1	)	S&P/MIB Index		12/18/16		EUR		(93,902	)		(2,940	)
	(35	)	E-mini S&P 500		12/19/16		USD		(3,710,175	)		31,267
	(33	)	10 Year Canadian Government Bond		12/26/16		CAD		(3,558,085	)		(851	)
	(1	)	LME Copper Futures ^		12/31/16		USD		(55,125	)		(2,228	)
	(11	)	Live Cattle Futures ^		12/31/16		USD		(454,630	)		(12,082	)
	(3	)	WTI Crude Oil Futures ^		01/20/17		USD		(144,510	)		1,312
	(2	)	Feeder Cattle Futures ^		01/26/17		USD		(116,000	)		669
	(2	)	Natural Gas Futures ^		01/27/17		USD		(64,460	)		1,055
	(5	)	WTI Crude Oil Futures ^		01/31/17		USD		(237,300	)		11,547
	(5	)	Natural Gas Futures ^		01/31/17		USD		(159,750	)		14,947
	(20	)	Lean Hogs Futures ^		02/14/17		USD		(437,000	)		(7,949	)
	(26	)	CBOT Wheat Futures ^		03/16/17		USD		(563,875	)		4,261
	(7	)	Lean Hogs Futures ^		04/17/17		USD		(173,740	)		(581	)
	(6	)	Corn Futures ^		05/16/17		USD		(110,850	)		57
	(10	)	CBOT Wheat Futures ^		05/16/17		USD		(224,125	)		171

			Total Short Futures Outstanding									56,141

												(20,388	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	106,473	AUD	Deutsche Bank		11/10/2016		81,403		80,973		(430	)
	1,636,841	AUD	Deutsche Bank		11/22/2016		1,246,134		1,244,422		(1,712	)
	418,967	AUD	Merrill Lynch		11/22/2016		321,506		318,523		(2,983	)
	1,197,401	BRL	Merrill Lynch (d)		11/22/2016		372,708		372,564		(144	)
	77,294	CAD	Royal Bank of Canada		11/10/2016		57,984		57,629		(355	)
	1,501	CAD	Merrill Lynch		11/22/2016		1,149		1,119		(30	)
	1,103,435,855	COP	Merrill Lynch (d)		11/22/2016		377,413		365,641		(11,772	)
	13,301	EUR	Royal Bank of Canada		11/10/2016		14,869		14,607		(262	)
	36,581	EUR	Goldman Sachs		11/10/2016		40,057		40,173		116
	455,030	EUR	Royal Bank of Canada		11/22/2016		502,070		499,950		(2,120	)
	980	GBP	The Toronto Dominion Bank — London		11/10/2016		1,199		1,200		1
	246,622	JPY	Royal Bank of Canada		11/10/2016		2,408		2,352		(56	)
	6,395,211	NOK	Deutsche Bank		11/22/2016		781,946		774,041		(7,905	)
	1,550,641	NOK	Merrill Lynch		11/22/2016		190,453		187,681		(2,772	)
	3,615,917	NZD	The Toronto Dominion Bank — London		11/22/2016		2,562,846		2,583,405		20,559
	874,870	NZD	Merrill Lynch		11/22/2016		628,436		625,054		(3,382	)
	23,556,852	RUB	Merrill Lynch (d)		11/22/2016		370,921		369,517		(1,404	)
	218,000	TRY	Deutsche Bank		11/22/2016		69,885		70,125		240
	940,484	TRY	Merrill Lynch		11/22/2016		302,689		302,532		(157	)
	4,246,294	ZAR	The Toronto Dominion Bank — London		11/22/2016		297,644		313,551		15,907
	1,050,000	ZAR	Deutsche Bank		11/22/2016		74,168		77,533		3,365
							8,297,888		8,302,592		4,704


CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	106,473	AUD	The Toronto Dominion Bank — London		11/10/2016		80,992		80,973		19
	56,183	CAD	Royal Bank of Canada		11/10/2016		42,069		41,890		179
	21,111	CAD	The Toronto Dominion Bank — London		11/10/2016		15,991		15,740		251
	702,301	CHF	Royal Bank of Canada		11/22/2016		712,075		710,507		1,568
	2,863,680	CHF	The Toronto Dominion Bank — London		11/22/2016		2,900,766		2,897,143		3,623
	117,913	CHF	Merrill Lynch		11/22/2016		119,408		119,291		117
	9,174,882	CZK	Deutsche Bank		11/22/2016		374,574		372,968		1,606
	13,301	EUR	Royal Bank of Canada		11/10/2016		14,940		14,607		333
	36,581	EUR	The Toronto Dominion Bank — London		11/10/2016		39,817		40,173		(356	)
	171,309	EUR	Merrill Lynch		11/22/2016		188,646		188,221		425
	980	GBP	Merrill Lynch		11/10/2016		1,191		1,200		(9	)
	160,159	GBP	Deutsche Bank		11/22/2016		196,272		196,118		154
	691,042	GBP	Merrill Lynch		11/22/2016		845,883		846,196		(313	)
	104,037,536	HUF	Deutsche Bank		11/22/2016		374,949		369,923		5,026
	1,430,694	ILS	Deutsche Bank		11/22/2016		374,825		373,124		1,701
	246,622	JPY	Royal Bank of Canada		11/10/2016		2,395		2,353		42
	79,383,726	JPY	Deutsche Bank		11/22/2016		761,766		757,516		4,250
	19,254,806	JPY	Merrill Lynch		11/22/2016		185,320		183,738		1,582
	1,526,266	RON	Deutsche Bank		11/22/2016		373,604		371,951		1,653

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



10	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,343,863	SEK	Royal Bank of Canada		11/22/2016		266,820		259,756		7,064
	9,664,174	SEK	Deutsche Bank		11/22/2016		1,099,769		1,071,023		28,746
	11,934,602	TWD	Merrill Lynch (d)		11/22/2016		376,692		378,353		(1,661	)
							9,348,764		9,292,764		56,000


Total Return Basket Swaps*
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		VALUE**
Bank of America	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		3/16/2018	$	264
Bank of America	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		3/17/2018		1,371
UBS	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		9/12/2019		19
UBS	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		9/12/2019		(3,651	)

Total				$	(1,997	)

*	See the accompanying “Additional Information — Total Return Basket Swap” for further details

**	This represents the value of the swap subsequent to reset.

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:


AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CBOT		— Chicago Board of Trade
CHF		— Swiss Franc
COP		— Colombia Peso
CZK		— Czech Republic Koruna
EUR		— Euro
FTSE		— Financial Times Stock Exchange
GBP		— British Pound
HUF		— Hungary Forint
ILS		— Israeli Shekel
JPY		— Japanese Yen
LME		— London Metal Exchange
MIB		— Italian Stock Exchange
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PLC		— Public Limited Company


RON		— Romania New Leu
RUB		— Russia Ruble
S&P		— Standard & Poor’s
SEK		— Swedish Krona
SPI		— Share Price Index
TRY		— Turkey Lira
TWD		— Taiwan New Dollar
USD		— United States Dollar
WTI		— West Texas Intermediate
ZAR		— South Africa Rand

(a)		— Non-income producing security.
(b)		— Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		— The rate shown is the current yield as of October 31, 2016.
(d)		— Non-deliverable forwards.
^		— Represents positions held by the Subsidiary.
^^		— A portion of the position is held by the Subsidiary.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions

Common Stocks
Consumer Discretionary — 0.8%
Media — 0.8%
Media General, Inc. (a)		1,329		22,394		22,394		—
Time Warner, Inc.		4,385		390,221		390,221		—

		5,714		412,615		412,615		—

Total Consumer Discretionary		5,714		412,615		412,615		—

Consumer Staples — 0.5%
Tobacco — 0.5%
Reynolds American, Inc.		4,509		248,356		248,356		—

Total Consumer Staples		4,509		248,356		248,356		—

Financials — 2.0%
Banks — 1.1%
PrivateBancorp, Inc.		10,295		465,746		465,746		—
Yadkin Financial Corp.		5,033		139,615		139,615		—

		15,328		605,361		605,361		—

Capital Markets — 0.1%
Bats Global Markets, Inc.		1,636		48,115		48,115		—
SVG Capital plc (United Kingdom) (a)		462		3,972		3,970		(2	)

		2,098		52,087		52,085		(2	)

Thrifts & Mortgage Finance — 0.8%
Astoria Financial Corp.		30,194		441,738		441,738		—

Total Financials		47,620		1,099,186		1,099,184		(2	)

Health Care — 0.9%
Health Care Equipment & Supplies — 0.7%
St. Jude Medical, Inc.		4,435		345,220		345,220		—

Health Care Providers & Services — 0.2%
Cigna Corp.		735		87,340		87,340		—

Total Health Care		5,170		432,560		432,560		—

Industrials — 0.0% (b)
Professional Services — 0.0% (b)
SAI Global Ltd. (Australia)		1,708		6,080		6,073		(7	)

Total Industrials		1,708		6,080		6,073		(7	)

Utilities — 0.9%
Electric Utilities — 0.9%
Fortis, Inc. (Canada)		16		527		527		—
Westar Energy, Inc.		8,574		491,462		491,462		—

		8,590		491,989		491,989		—

Total Utilities		8,590		491,989		491,989		—

Total Long Positions of Total Return Basket Swap		73,311		2,690,786		2,690,777		(9	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



12	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions

Common Stocks
Consumer Discretionary — (0.0)% (b)
Media — (0.0)% (b)
Nexstar Broadcasting Group, Inc.		163		7,954		7,954		—

Total Consumer Discretionary		163		7,954		7,954		—

Financials — (2.0)%
Banks — (0.8)%
Canadian Imperial Bank of Commerce (Canada)		3,726		279,179		279,179		—
FNB Corp.		10,762		140,659		140,659		—

		14,488		419,838		419,838		—

Capital Markets — (0.4)%
British American Tobacco plc (United Kingdom)		2,455		140,977		140,704		273
CBOE Holdings, Inc.		518		32,743		32,743		—

		2,973		173,720		173,447		273

Thrifts & Mortgage Finance — (0.8)%
New York Community Bancorp, Inc.		29,892		429,249		429,249		—

Total Financials		47,353		1,022,807		1,022,534		273

Health Care — (0.4)%
Health Care Equipment & Supplies — (0.3)%
Abbott Laboratories		3,822		149,975		149,975		—

Health Care Providers & Services — (0.1)%
Anthem, Inc.		374		45,576		45,576		—

Total Health Care		4,196		195,551		195,551		—

Telecommunication — (0.6)%
Diversified Telecommunication Services — (0.6)%
AT&T, Inc.		8,027		295,313		295,313		—

Total Telecommunication		8,027		295,313		295,313		—

Total Short Positions of Total Return Basket Swap		59,739		1,521,625		1,521,352		273

Total of Long and Short Positions of Total Return Basket Swap		13,572		1,169,161		1,169,425		264

Outstanding Swap Contract, at value							$	264


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions

Common Stocks
Consumer Discretionary — 2.1%
Auto Components — 0.6%
Bridgestone Corp. (Japan)		2,700		100,796		100,774		(22	)
GKN plc (United Kingdom)		5,015		19,594		19,558		(36	)
Sumitomo Electric Industries Ltd. (Japan)		6,800		100,797		100,460		(337	)
Sumitomo Rubber Industries Ltd. (Japan)		6,500		108,964		109,046		82

		21,015		330,151		329,838		(313	)

Automobiles — 0.4%
Fuji Heavy Industries Ltd. (Japan)		2,600		101,501		101,599		98
Mazda Motor Corp. (Japan)		6,300		103,779		104,478		699

		8,900		205,280		206,077		797

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Hotels, Restaurants & Leisure — 0.0% (b)
Carnival plc (United Kingdom)		453		21,824		21,850		26
William Hill plc (United Kingdom)		5,283		19,128		19,111		(17	)

		5,736		40,952		40,961		9

Household Durables — 0.6%
Iida Group Holdings Co. Ltd. (Japan)		5,400		104,478		104,380		(98	)
Nikon Corp. (Japan)		6,600		99,878		99,745		(133	)
Sekisui Chemical Co. Ltd. (Japan)		6,900		108,892		108,666		(226	)

		18,900		313,248		312,791		(457	)

Leisure Products — 0.2%
Bandai Namco Holdings, Inc. (Japan)		3,300		99,123		98,855		(268	)

Media — 0.0% (b)
Pearson plc (United Kingdom)		2,005		18,590		18,549		(41	)

Multiline Retail — 0.2%
Harvey Norman Holdings Ltd. (Australia)		25,239		96,956		96,654		(302	)

Specialty Retail — 0.0% (b)
Kingfisher plc (United Kingdom)		4,297		19,003		18,982		(21	)

Textiles, Apparel & Luxury Goods — 0.1%
Swatch Group AG (Switzerland)		373		21,505		21,503		(2	)

Total Consumer Discretionary		89,765		1,144,808		1,144,210		(598	)

Consumer Staples — 0.2%
Food & Staples Retailing — 0.2%
Tsuruha Holdings, Inc. (Japan)		900		104,014		103,844		(170	)
Wm Morrison Supermarkets plc (United Kingdom)		8,155		22,609		22,575		(34	)

		9,055		126,623		126,419		(204	)

Personal Products — 0.0% (b)
Unilever plc (United Kingdom)		446		18,659		18,620		(39	)

Tobacco — 0.0% (b)
Imperial Brands plc (United Kingdom)		397		19,221		19,204		(17	)

Total Consumer Staples		9,898		164,503		164,243		(260	)

Energy — 0.8%
Energy Equipment & Services — 0.0% (b)
Petrofac Ltd. (Jersey)		1,945		19,200		19,155		(45	)

Oil, Gas & Consumable Fuels — 0.8%
BP plc (United Kingdom)		3,727		22,066		22,033		(33	)
Idemitsu Kosan Co. Ltd. (Japan)		4,400		101,578		101,112		(466	)
JX Holdings, Inc. (Japan)		25,000		99,147		98,779		(368	)
Royal Dutch Shell plc (United Kingdom)		822		21,279		21,201		(78	)
Showa Shell Sekiyu KK (Japan)		10,700		100,092		99,695		(397	)
TonenGeneral Sekiyu KK (Japan)		10,000		98,789		98,465		(324	)

		54,649		442,951		441,285		(1,666	)

Total Energy		56,594		462,151		460,440		(1,711	)

Financials — 0.0% (b)
Capital Markets — 0.0% (b)
3i Group plc (United Kingdom)		2,539		20,853		20,813		(40	)
Investec plc (United Kingdom)		3,375		20,985		20,946		(39	)

		5,914		41,838		41,759		(79	)

Insurance — 0.0% (b)
Swiss Life Holding AG (Switzerland)		82		21,711		21,700		(11	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



14	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Insurance — continued
Swiss Re AG (Switzerland)		237		22,011		21,997		(14	)

		319		43,722		43,697		(25	)

Total Financials		6,233		85,560		85,456		(104	)

Health Care — 1.7%
Health Care Equipment & Supplies — 0.0% (b)
Smith & Nephew plc (United Kingdom)		1,289		18,664		18,634		(30	)

Health Care Providers & Services — 0.4%
Alfresa Holdings Corp. (Japan)		4,800		101,703		101,443		(260	)
Miraca Holdings, Inc. (Japan)		2,200		106,570		106,208		(362	)

		7,000		208,273		207,651		(622	)

Life Sciences Tools & Services — 0.0% (b)
Lonza Group AG (Switzerland)		111		20,954		20,946		(8	)

Pharmaceuticals — 1.3%
Astellas Pharma, Inc. (Japan)		6,800		101,122		100,925		(197	)
Daiichi Sankyo Co. Ltd. (Japan)		4,300		103,574		103,326		(248	)
Hisamitsu Pharmaceutical Co., Inc. (Japan)		2,000		106,989		106,684		(305	)
Jazz Pharmaceuticals plc (Ireland)		172		18,829		18,829		—
Otsuka Holdings Co. Ltd. (Japan)		2,300		100,820		100,661		(159	)
Shionogi & Co. Ltd. (Japan)		2,000		98,751		98,496		(255	)
Sumitomo Dainippon Pharma Co. Ltd. (Japan)		5,500		95,504		95,258		(246	)
Taisho Pharmaceutical Holdings Co. Ltd. (Japan)		1,000		97,740		97,549		(191	)

		24,072		723,329		721,728		(1,601	)

Total Health Care		32,472		971,220		968,959		(2,261	)

Industrials — 2.0%
Aerospace & Defense — 0.0% (b)
Meggitt plc (United Kingdom)		3,327		17,726		17,699		(27	)

Air Freight & Logistics — 0.0% (b)
Royal Mail plc (United Kingdom)		3,074		18,474		18,442		(32	)

Construction & Engineering — 0.6%
CIMIC Group Ltd. (Australia)		4,659		104,870		104,553		(317	)
Obayashi Corp. (Japan)		10,600		102,391		102,112		(279	)
Taisei Corp. (Japan)		14,000		105,197		104,931		(266	)

		29,259		312,458		311,596		(862	)

Electrical Equipment — 0.2%
ABB Ltd. (Switzerland)		926		19,090		19,104		14
Fuji Electric Co. Ltd. (Japan)		21,000		105,130		104,865		(265	)

		21,926		124,220		123,969		(251	)

Machinery — 0.2%
Amada Holdings Co. Ltd. (Japan)		9,500		108,524		108,215		(309	)

Professional Services — 0.0% (b)
RELX plc (United Kingdom)		1,104		19,743		19,707		(36	)

Road & Rail — 0.2%
Central Japan Railway Co. (Japan)		600		102,213		102,028		(185	)

Trading Companies & Distributors — 0.8%
ITOCHU Corp. (Japan)		8,200		103,878		103,555		(323	)
Mitsubishi Corp. (Japan)		4,400		96,123		95,766		(357	)
Mitsui & Co. Ltd. (Japan)		7,400		102,882		102,527		(355	)
Sumitomo Corp. (Japan)		8,700		100,340		100,021		(319	)

		28,700		403,223		401,869		(1,354	)

Total Industrials		97,490		1,106,581		1,103,525		(3,056	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Information Technology — 0.8%
Internet Software & Services — 0.2%
Mixi, Inc. (Japan)		2,800		103,195		102,867		(328	)

Software — 0.4%
Konami Holdings Corp. (Japan)		2,600		102,765		102,680		(85	)
Nexon Co. Ltd. (Japan)		6,400		109,240		108,947		(293	)

		9,000		212,005		211,627		(378	)

Technology Hardware, Storage & Peripherals — 0.2%
Seiko Epson Corp. (Japan)		5,200		105,766		105,393		(373	)

Total Information Technology		17,000		420,966		419,887		(1,079	)

Materials — 1.4%
Chemicals — 1.0%
Hitachi Chemical Co. Ltd. (Japan)		4,300		100,868		100,521		(347	)
Kuraray Co. Ltd. (Japan)		6,900		104,879		104,608		(271	)
Mitsubishi Chemical Holdings Corp. (Japan)		16,200		106,744		106,368		(376	)
Mitsubishi Gas Chemical Co., Inc. (Japan)		6,900		106,457		106,196		(261	)
Mitsui Chemicals, Inc. (Japan)		21,000		103,729		103,418		(311	)
Teijin Ltd. (Japan)		1,000		19,386		19,321		(65	)

		56,300		542,063		540,432		(1,631	)

Metals & Mining — 0.4%
Fortescue Metals Group Ltd. (Australia)		26,791		112,090		112,432		342
Glencore plc (Jersey)		7,370		22,552		22,560		8
Rio Tinto Ltd. (Australia)		2,561		105,551		105,960		409
Rio Tinto plc (United Kingdom)		694		24,120		24,134		14

		37,416		264,313		265,086		773

Total Materials		93,716		806,376		805,518		(858	)

Real Estate — 0.0% (b)
Industrial Real Estate Investment Trusts — 0.0% (b)
Swiss Prime Site AG (Switzerland)		235		19,486		19,491		5

Total Real Estate		235		19,486		19,491		5

Telecommunication Services — 0.4%
Wireless Telecommunication Services — 0.4%
KDDI Corp. (Japan)		3,300		100,445		100,298		(147	)
NTT DOCOMO, Inc. (Japan)		4,100		103,232		102,967		(265	)

		7,400		203,677		203,265		(412	)

Total Telecommunication Services		7,400		203,677		203,265		(412	)

Utilities — 0.4%
Electric Utilities — 0.2%
Chubu Electric Power Co., Inc. (Japan)		7,200		106,040		105,994		(46	)
SSE plc (United Kingdom)		1,030		20,059		20,027		(32	)

		8,230		126,099		126,021		(78	)

Multi-Utilities — 0.2%
AGL Energy Ltd. (Australia)		6,802		99,242		99,088		(154	)
Centrica plc (United Kingdom)		6,876		18,028		18,010		(18	)

		13,678		117,270		117,098		(172	)

Total Utilities		21,908		243,369		243,119		(250	)

Total Long Positions of Total Return Basket Swap		432,711		5,628,697		5,618,113		(10,584	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



16	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions

Common Stocks
Consumer Discretionary — (6.5)%
Auto Components — (0.1)%
NGK Spark Plug Co. Ltd. (Japan)		3,600		71,265		71,443		(178	)

Automobiles — (0.1)%
Yamaha Motor Co. Ltd. (Japan)		3,200		71,250		71,088		162

Hotels, Restaurants & Leisure — (1.3)%
Accor S.A. (France)		1,816		68,946		68,911		35
Chipotle Mexican Grill, Inc. (a)		161		58,082		58,082		—
Domino’s Pizza Enterprises Ltd. (Australia)		1,259		61,533		61,333		200
Las Vegas Sands Corp.		1,138		65,867		65,867		—
Merlin Entertainments plc (United Kingdom) (c)		11,914		67,198		67,146		52
MGM Resorts International (a)		2,536		66,367		66,367		—
Norwegian Cruise Line Holdings Ltd. (Bermuda) (a)		1,749		67,984		67,984		—
Starbucks Corp.		1,248		66,231		66,231		—
TUI AG (Germany)		5,061		64,239		64,152		87
Whitbread plc (United Kingdom)		1,395		61,726		61,625		101
Wynn Resorts Ltd.		570		53,894		53,894		—

		28,847		702,067		701,592		475

Internet & Catalog Retail — (0.7)%
Expedia, Inc.		557		71,981		71,981		—
Netflix, Inc. (a)		659		82,289		82,289		—
Rakuten, Inc. (Japan)		5,200		60,122		59,949		173
TripAdvisor, Inc. (a)		1,064		68,607		68,607		—
Zalando SE (Germany) (a) (c)		1,584		69,536		69,656		(120	)

		9,064		352,535		352,482		53

Leisure Products — (0.3)%
Polaris Industries, Inc.		876		67,110		67,110		—
Shimano, Inc. (Japan)		400		68,504		68,392		112

		1,276		135,614		135,502		112

Media — (0.9)%
Charter Communications, Inc. (a)		258		64,472		64,472		—
Dentsu, Inc. (Japan)		1,300		64,957		64,804		153
DISH Network Corp. (a)		1,160		67,930		67,930		—
JCDecaux S.A. (France)		2,139		65,406		65,415		(9	)
Liberty Broadband Corp. (a)		979		65,250		65,250		—
Telenet Group Holding NV (Belgium) (a)		1,271		68,040		68,052		(12	)
Vivendi S.A. (France)		3,282		66,364		66,430		(66	)

		10,389		462,419		462,353		66

Multiline Retail — (0.9)%
Dollar Tree, Inc. (a)		845		63,840		63,840		—
Don Quijote Holdings Co. Ltd. (Japan)		1,700		64,762		64,617		145
Isetan Mitsukoshi Holdings Ltd. (Japan)		6,600		66,837		66,703		134
J Front Retailing Co. Ltd. (Japan)		5,100		70,370		70,208		162
Marui Group Co. Ltd. (Japan)		5,000		70,325		70,143		182
Next plc (United Kingdom)		1,167		68,792		68,659		133
Takashimaya Co. Ltd. (Japan)		8,000		65,376		65,248		128

		28,412		470,302		469,418		884

Specialty Retail — (0.9)%
Advance Auto Parts, Inc.		450		63,036		63,036		—
CarMax, Inc. (a)		1,283		64,073		64,073		—
Dufry AG (Switzerland) (a)		532		64,729		64,722		7

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Specialty Retail — continued
L Brands, Inc.		909		65,621		65,621		—
Tractor Supply Co.		981		61,440		61,440		—
Ulta Salon Cosmetics & Fragrance, Inc. (a)		248		60,348		60,348		—
USS Co. Ltd. (Japan)		4,000		67,818		67,650		168

		8,403		447,065		446,890		175

Textiles, Apparel & Luxury Goods — (1.3)%
Asics Corp. (Japan)		3,300		70,549		70,419		130
Cie Financiere Richemont S.A. (Switzerland)		980		63,036		63,004		32
Crocs, Inc. (a)		7,952		61,151		61,151		—
Gildan Activewear, Inc. (Canada)		2,415		62,027		62,027		—
Hanesbrands, Inc.		2,676		68,773		68,773		—
HUGO BOSS AG (Germany)		1,132		71,093		71,181		(88	)
Luxottica Group SpA (Italy)		1,441		71,737		71,751		(14	)
NIKE, Inc.		1,270		63,729		63,729		—
Ted Baker plc (United Kingdom)		2,110		63,921		63,921		—
Under Armour, Inc. (a)		1,731		53,834		53,834		—

		25,007		649,850		649,790		60

Total Consumer Discretionary		118,198		3,362,367		3,360,558		1,809

Consumer Staples — (1.8)%
Beverages — (0.1)%
Brown-Forman Corp.		1,440		66,485		66,485		—

Food & Staples Retailing — (0.5)%
Aeon Co. Ltd. (Japan)		4,800		66,505		66,334		171
Costco Wholesale Corp.		440		65,063		65,063		—
Distribuidora Internacional de Alimentacion S.A. (Spain)		10,999		58,886		58,747		139
Woolworths Ltd. (Australia)		3,563		64,100		63,942		158

		19,802		254,554		254,086		468

Food Products — (0.7)%
Associated British Foods plc (United Kingdom)		2,191		66,027		65,904		123
Barry Callebaut AG (Switzerland) (a)		51		63,495		63,511		(16	)
Calbee, Inc. (Japan)		1,900		69,028		68,935		93
Nissin Foods Holdings Co. Ltd. (Japan)		1,100		63,774		63,667		107
Yakult Honsha Co. Ltd. (Japan)		1,500		70,087		69,935		152

		6,742		332,411		331,952		459

Household Products — (0.1)%
Unicharm Corp. (Japan)		2,800		66,709		66,582		127

Personal Products — (0.4)%
Beiersdorf AG (Germany)		735		64,709		64,797		(88	)
Edgewell Personal Care Co.		860		64,844		64,844		—
Kose Corp. (Japan)		700		64,013		63,862		151

		2,295		193,566		193,503		63

Total Consumer Staples		33,079		913,725		912,608		1,117

Energy — (2.0)%
Energy Equipment & Services — (0.2)%
Saipem SpA (Italy)		144,965		59,676		59,612		64
Weatherford International plc (Ireland) (a)		10,754		51,834		51,834		—

		155,719		111,510		111,446		64

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



18	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Oil, Gas & Consumable Fuels — (1.8)%
Anadarko Petroleum Corp.		1,031		61,283		61,283		—
Antero Resources Corp. (a)		2,375		62,866		62,866		—
Apache Corp.		1,065		63,346		63,346		—
Cheniere Energy, Inc. (a)		1,593		60,056		60,056		—
Concho Resources, Inc. (a)		478		60,677		60,677		—
ConocoPhillips		1,568		68,130		68,130		—
Continental Resources, Inc. (a)		1,258		61,529		61,529		—
Enbridge, Inc. (Canada)		1,494		64,514		64,514		—
Equities Corp.		939		61,974		61,974		—
Hess Corp.		1,271		60,970		60,970		—
Inpex Corp. (Japan)		6,700		62,968		62,502		466
Kinder Morgan, Inc.		3,216		65,703		65,703		—
Marathon Oil Corp.		4,471		58,928		58,928		—
Noble Energy, Inc.		1,864		64,252		64,252		—
Prairiesky Royalty Ltd. (Canada)		3,052		66,374		66,374		—

		32,375		943,570		943,104		466

Total Energy		188,094		1,055,080		1,054,550		530

Financials — (2.0)%
Banks — (0.5)%
Banco Popular Espanol S.A. (Spain)		57,860		63,453		63,307		146
Royal Bank of Scotland Group plc (United Kingdom) (a)		31,111		72,009		71,895		114
Seven Bank Ltd. (Japan)		21,800		67,145		67,018		127
Signature Bank NY (a)		563		67,875		67,875		—

		111,334		270,482		270,095		387

Capital Markets — (1.0)%
Affiliated Managers Group, Inc. (a)		454		60,228		60,228		—
Charles Schwab Corp.		2,103		66,665		66,665		—
Deutsche Bank AG (Germany)		4,849		70,024		70,125		(101	)
Hargreaves Lansdown plc (United Kingdom)		4,512		64,063		63,965		98
Julius Baer Group Ltd. (Switzerland)		1,629		66,029		65,944		85
Moody’s Corp.		620		62,322		62,322		—
Platinum Asset Management Ltd. (Australia)		17,300		65,669		65,519		150
TD Ameritrade Holding Corp.		1,852		63,357		63,357		—

		33,319		518,357		518,125		232

Consumer Finance — (0.3)%
Acom Co. Ltd. (Japan) (a)		14,800		68,306		68,103		203
Provident Financial plc (United Kingdom)		1,777		64,164		64,062		102

		16,577		132,470		132,165		305

Diversified Financial Services — (0.1)%
ONEX Corp. (Canada)		1,047		67,724		67,724		—

Insurance — (0.1)%
St. James’s Place plc (United Kingdom)		5,789		66,960		66,856		104

Total Financials		168,066		1,055,993		1,054,965		1,028

Health Care — (1.9)%
Health Care Equipment & Services — (0.1)%
Insulet Corp. (a)		1,710		63,475		63,475		—

Health Care Equipment & Supplies — (0.4)%
AtriCure, Inc. (a)		4,005		73,051		73,051		—
Olympus Corp. (Japan)		1,900		67,942		67,727		215

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Health Care Equipment & Supplies — continued
Sysmex Corp. (Japan)		900		62,563		62,372		191

		6,805		203,556		203,150		406

Health Care Providers & Services — (0.2)%
Healthscope Ltd. (Australia)		29,322		49,294		49,187		107
Korian S.A. (France)		2,098		64,268		64,260		8

		31,420		113,562		113,447		115

Life Sciences Tools & Services — (0.1)%
Quintiles Transnational Holdings, Inc. (a)		873		62,629		62,629		—

Pharmaceuticals — (1.1)%
Aerie Pharmaceuticals, Inc. (a)		1,693		56,292		56,292		—
Dermira, Inc. (a)		1,981		62,104		62,104		—
Eisai Co. Ltd. (Japan)		1,100		70,257		70,101		156
Endo International plc (Ireland) (a)		3,336		62,550		62,550		—
Nektar Therapeutics (a)		4,110		50,964		50,964		—
Takeda Pharmaceutical Co. Ltd. (Japan)		1,400		62,744		62,615		129
Therapeutics MD, Inc. (a)		10,407		59,736		59,736		—
UCB S.A. (Belgium)		904		61,220		61,176		44
Zoetis, Inc.		1,295		61,901		61,901		—

		26,226		547,768		547,439		329

Total Health Care		67,034		990,990		990,140		850

Industrials — (4.6)%
Aerospace & Defense — (0.6)%
Airbus Group SE (Netherlands)		1,144		68,003		67,931		72
Cobham plc (United Kingdom)		32,416		56,699		56,558		141
Leonardo-Finmeccanica SpA (Italy) (a)		5,906		71,965		71,914		51
Rolls-Royce Holdings plc (United Kingdom)		7,114		63,261		63,149		112
TransDigm Group, Inc.		237		64,573		64,573		—

		46,817		324,501		324,125		376

Air Freight & Logistics — (0.1)%
Yamato Holdings Co. Ltd. (Japan)		2,900		66,230		66,071		159

Airlines — (0.1)%
American Airlines Group, Inc.		1,684		68,370		68,370		—

Commercial Services & Supplies — (0.4)%
G4S plc (United Kingdom)		22,542		60,702		60,551		151
Sohgo Security Services Co. Ltd. (Japan)		1,300		59,378		59,206		172
Stericycle, Inc. (a)		888		71,120		71,120		—

		24,730		191,200		190,877		323

Construction & Engineering — (0.3)%
Ferrovial S.A. (Spain)		3,259		63,413		63,316		97
JGC Corp. (Japan)		3,800		67,361		67,175		186

		7,059		130,774		130,491		283

Electrical Equipment — (0.4)%
AMETEK, Inc.		1,446		63,769		63,769		—
Mabuchi Motor Co. Ltd. (Japan)		1,200		69,915		69,757		158
Nidec Corp. (Japan)		700		67,884		67,732		152

		3,346		201,568		201,258		310

Industrial Conglomerates — (0.2)%
Keihan Holdings Co. Ltd. (Japan)		8,000		54,086		54,013		73

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



20	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Industrial Conglomerates — continued
Roper Technologies, Inc.		380		65,858		65,858		—

		8,380		119,944		119,871		73

Machinery — (0.9)%
Alstom S.A. (France)		2,478		66,564		66,588		(24	)
Andritz AG (Austria)		1,279		66,902		66,873		29
FANUC Corp. (Japan)		400		75,064		73,235		1,829
Flowserve Corp.		1,513		64,076		64,076		—
Meritor, Inc. (a)		6,102		62,729		62,729		—
Minebea Co. Ltd. (Japan)		6,800		69,640		69,390		250
Wartsila OYJ Abp (Finland)		1,481		64,056		64,001		55

		20,053		469,031		466,892		2,139

Marine — (0.1)%
Nippon Yusen KK (Japan)		34,000		69,705		69,581		124

Professional Services — (0.3)%
Capita plc (United Kingdom)		9,100		65,271		65,137		134
Verisk Analytics, Inc. (a)		833		67,931		67,931		—

		9,933		133,202		133,068		134

Road & Rail — (0.8)%
AMERCO		199		64,156		64,156		—
Europcar Groupe S.A. (France) (a) (c)		7,037		65,399		65,416		(17	)
Keio Corp. (Japan)		8,000		66,367		66,213		154
Kintetsu Group Holdings Co. Ltd. (Japan)		17,000		68,733		68,621		112
Odakyu Electric Railway Co. Ltd. (Japan)		3,100		63,407		63,252		155
Tokyu Corp. (Japan)		9,000		67,541		67,378		163

		44,336		395,603		395,036		567

Trading Companies & Distributors — (0.1)%
Rush Enterprises, Inc. (a)		2,932		76,965		76,965		—

Transportation Infrastructure — (0.3)%
Groupe Eurotunnel SE (France)		7,157		67,025		66,985		40
Mitsubishi Logistics Corp. (Japan)		5,000		67,894		67,683		211

		12,157		134,919		134,668		251

Total Industrials		218,327		2,382,012		2,377,273		4,739

Information Technology — (4.6)%
Communications Equipment — (0.3)%
Nokia OYJ (Finland)		13,292		59,357		59,343		14
Palo Alto Networks, Inc. (a)		437		67,224		67,224		—

		13,729		126,581		126,567		14

Electronic Equipment, Instruments & Components — (0.9)%
Hamamatsu Photonics KK (Japan)		2,200		66,711		66,569		142
Hitachi Ltd. (Japan)		13,000		69,321		69,302		19
Murata Manufacturing Co. Ltd. (Japan)		500		69,944		69,821		123
Nippon Electric Glass Co. Ltd. (Japan)		13,000		70,783		70,720		63
Taiyo Yuden Co. Ltd. (Japan)		6,600		70,613		70,509		104
TDK Corp. (Japan)		1,000		69,228		69,045		183
Yaskawa Electric Corp. (Japan)		4,400		70,361		70,197		164

		40,700		486,961		486,163		798

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Internet Software & Services — (0.5)%
SPS Commerce, Inc. (a)		932		58,138		58,138		—
Yahoo Japan Corp. (Japan)		17,100		65,713		65,596		117
Yahoo!, Inc. (a)		1,588		65,981		65,981		—
Zillow Group, Inc. (a)		2,061		68,755		68,755		—

		21,681		258,587		258,470		117

IT Services — (0.4)%
Sabre Corp.		2,524		65,195		65,195		—
Wirecard AG (Germany)		1,365		64,755		64,795		(40	)
Worldpay Group plc (United Kingdom) (c)		18,433		64,257		64,063		194

		22,322		194,207		194,053		154

Semiconductors & Semiconductor Equipment — (0.4)%
Cavium, Inc. (a)		1,236		69,772		69,772		—
Infineon Technologies AG (Germany)		3,811		68,422		68,542		(120	)
STMicroelectronics NV (Netherlands)		8,305		79,317		79,093		224

		13,352		217,511		217,407		104

Software — (1.7)%
Autodesk, Inc. (a)		954		68,955		68,955		—
Constellation Software, Inc. (Canada)		148		69,333		69,333		—
FireEye, Inc. (a)		5,135		59,669		59,669		—
Fortinet, Inc. (a)		2,119		67,935		67,935		—
HubSpot, Inc. (a)		1,232		64,618		64,618		—
Mobileye NV (Netherlands) (a)		1,767		65,697		65,697		—
Proofpoint, Inc. (a)		943		73,912		73,912		—
PROS Holdings, Inc. (a)		3,183		69,771		69,771		—
salesforce.com, Inc. (a)		936		70,350		70,350		—
ServiceNow, Inc. (a)		877		77,097		77,097		—
Splunk, Inc. (a)		1,152		69,339		69,339		—
Trend Micro, Inc. (Japan)		2,000		70,565		70,430		135
Workday, Inc. (a)		758		65,703		65,703		—

		21,204		892,944		892,809		135

Technology Hardware, Storage & Peripherals — (0.4)%
Blackberry Ltd. (Canada) (a)		8,819		62,265		62,265		—
Canon, Inc. (Japan)		2,300		66,168		66,074		94
Ricoh Co. Ltd. (Japan)		7,500		61,219		61,127		92

		18,619		189,652		189,466		186

Total Information Technology		151,607		2,366,443		2,364,935		1,508

Materials — (1.7)%
Chemicals — (0.8)%
Ashland Global Holdings, Inc.		111		12,402		12,402		—
Axalta Coating Systems LT (Bermuda) (a)		2,502		62,850		62,850		—
CF Industries Holdings, Inc.		2,868		68,861		68,861		—
Methanex Corp. (Canada)		1,793		65,167		65,167		—
OCI NV (Netherlands) (a)		839		11,651		11,646		5
Potash Corp. of Saskatchewan (Canada)		4,102		66,700		66,700		—
Symrise AG (Germany)		945		64,846		64,898		(52	)
WR Grace & Co.		950		63,612		63,612		—

		14,110		416,089		416,136		(47	)

Containers & Packaging — (0.1)%
Ball Corp.		841		64,816		64,816		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



22	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Metals & Mining — (0.8)%
Alumina Ltd. (Australia)		56,720		68,172		68,170		2
Antofagasta plc (United Kingdom)		10,344		68,750		68,799		(49	)
First Quantum Minerals Ltd. (Canada)		6,524		61,966		61,966		—
Kobe Steel Ltd. (Japan)		8,200		67,871		67,669		202
Silver Wheaton Corp. (Canada)		2,871		69,180		69,180		—
thyssenkrupp AG (Germany)		2,725		63,088		63,229		(141	)

		87,384		399,027		399,013		14

Total Materials		102,335		879,932		879,965		(33	)

Real Estate — (0.2)%
Industrial Real Estate Investment Trusts — (0.2)%
CBRE Group, Inc. (a)		2,484		63,988		63,988		—
Realogy Holdings Corp.		2,668		61,070		61,070		—

		5,152		125,058		125,058		—

Total Real Estate		5,152		125,058		125,058		—

Telecommunication Services — (0.5)%
Diversified Telecommunication Services — (0.3)%
Iliad S.A. (France)		331		69,438		69,390		48
Inmarsat plc (United Kingdom)		7,567		64,973		64,910		63
Telecom Italia SpA (Italy)		15,291		13,269		13,292		(23	)

		23,189		147,680		147,592		88

Wireless Telecommunication Services — (0.2)%
SoftBank Group Corp. (Japan)		1,000		62,954		62,981		(27	)
Sprint Corp. (a)		9,761		60,128		60,128		—

		10,761		123,082		123,109		(27	)

Total Telecommunication Services		33,950		270,762		270,701		61

Utilities — (1.9)%
Electric Utilities — (0.6)%
AusNet Services (Australia)		57,284		65,364		65,250		114
Chugoku Electric Power Co., Inc. (Japan)		5,600		65,574		65,528		46
Hokuriku Electric Power Co. (Japan)		5,800		65,980		65,879		101
Hydro One Ltd. (Canada) (c)		3,571		65,148		65,148		—
Shikoku Electric Power Co., Inc. (Japan)		7,300		68,775		68,646		129

		79,555		330,841		330,451		390

Independent Power and Renewable Electricity Producers — (0.2)%
Calpine Corp. (a)		5,076		60,405		60,405		—
NRG Energy, Inc.		5,864		62,334		62,334		—

		10,940		122,739		122,739		—

Multi-Utilities — (0.7)%
Canadian Utilities Ltd. (Canada)		2,357		67,355		67,355		—
Dominion Resources, Inc.		901		67,755		67,755		—
RWE AG (Germany)		4,242		67,337		67,488		(151	)
Sempra Energy		632		67,687		67,687		—
Suez (France)		4,298		68,059		68,079		(20	)

		12,430		338,193		338,364		(171	)

Water Utilities — (0.4)%
American Water Works Co., Inc.		921		68,191		68,191		—
Severn Trent plc (United Kingdom)		2,303		65,623		65,557		66

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES			NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)			VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Water Utilities — continued
United Utilities Group plc (United Kingdom)		5,716			65,766			65,705			61

		8,940			199,580			199,453			127

Total Utilities		111,865			991,353			991,007			346

Rights
Industrials — 0.0% (b)
Construction & Engineering — 0.0% (b)
Ferrovail S.A. Rights (Spain) (a)		3,259			1,395			1,395			—

Total Industrials		3,259			1,395			1,395			—

Total Short Positions of Total Return Basket Swap		1,200,966			14,395,110			14,383,155			11,955

Total of Long and Short Positions of Total Return Basket Swap		(768,255	)		(8,766,413	)		(8,765,042	)		1,371

Outstanding Swap Contract, at value										$	1,371


TOTAL RETURN BASKET SWAP POSITIONS	SHARES			NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)			VALUE($) (3)
Long Positions

Common Stocks
Consumer Discretionary — 1.3%
Hotels, Restaurants & Leisure — 0.5%
Tatts Group Ltd. (Australia)		78,276			241,751			241,290			(461	)

Media — 0.8%
Starz (a)		13,036			410,113			410,113			—

Total Consumer Discretionary		91,312			651,864			651,403			(461	)

Consumer Staples — 0.3%
Food & Staples Retailing — 0.1%
Metro AG (Germany)		3,354			100,478			100,467			(11	)

Household Products — 0.2%
Svenska Cellulosa AB SCA (Sweden)		3,484			98,709			98,677			(32	)

Total Consumer Staples		6,838			199,187			199,144			(43	)

Financials — 0.1%
Capital Markets — 0.1%
Bats Global Markets, Inc.		394			11,587			11,587			—
SVG Capital plc (United Kingdom) (a)		1,935			16,639			16,630			(9	)

		2,329			28,226			28,217			(9	)

Insurance — 0.0% (b)
esure Group plc (United Kingdom)		3,820			12,713			12,713			—

Total Financials		6,149			40,939			40,930			(9	)

Industrials — 0.0% (b)
Professional Services — 0.0% (b)
SAI Global Ltd. (Australia)		6,797			24,198			24,170			(28	)

Total Industrials		6,797			24,198			24,170			(28	)

Information Technology — 0.0% (b)
Semiconductors & Semiconductor Equipment — 0.0% (b)
Aixtron S.E. (Germany) (a)		1,622			7,715			7,840			125

Total Information Technology		1,622			7,715			7,840			125

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



24	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Materials — 0.1%
Metals & Mining — 0.1%
Newmarket, Inc. (Canada) (a)		9,117		26,917		26,917		—

Total Materials		9,117		26,917		26,917		—

Telecommunication Services — 0.2%
Diversified Telecommunication Services — 0.2%
Manitoba Telecom Services, Inc. (Canada)		3,390		94,752		94,752		—

Total Telecommunication Services		3,390		94,752		94,752		—

Utilities — 0.2%
Gas Utilities — 0.2%
Snam SpA (Italy)		19,150		100,948		100,899		(49	)

Total Utilities		19,150		100,948		100,899		(49	)

Total Long Positions of Total Return Basket Swap		144,375		1,146,520		1,146,055		(465	)

Short Positions

Common Stocks
Consumer Discretionary — (0.8)%
Hotels, Restaurants & Leisure — (0.5)%
Tabcorp Holdings Ltd. (Australia)		61,994		228,249		227,765		484
Media — (0.3)%
Lions Gate Entertainment Corp. (Canada)		8,755		178,252		178,252		—

Total Consumer Discretionary		70,749		406,501		406,017		484

Financials — (0.0)% (b)
Capital Markets — (0.0)% (b)
CBOE Holdings, Inc.		125		7,901		7,901		—

Total Financials		125		7,901		7,901		—

Materials — (0.1)%
Metals & Mining — (0.1)%
Kirkland Lake Gold, Inc. (Canada) (a)		4,287		29,724		29,724		—

Total Materials		4,287		29,724		29,724		—

Telecommunication Services — (0.1)%
Diversified Telecommunication Services — (0.1)%
BCE, Inc. (Canada)		1,246		56,610		56,610		—

Total Telecommunication Services		1,246		56,610		56,610		—

Total Short Positions of Total Return Basket Swap		76,407		500,736		500,252		484

Total of Long and Short Positions of Total Return Basket Swap		67,968		645,784		645,803		19

Outstanding Swap Contract, at value							$	19

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions

Common Stocks
Consumer Discretionary — 2.5%
Auto Components — 0.9%
Cie Generale des Etablissements Michelin (France)		929		100,585		100,619		34
GKN plc (United Kingdom)		19,742		77,132		76,990		(142	)
Linamar Corp. (Canada)		2,360		95,980		95,980		—
Magna International, Inc. (Canada)		2,362		96,977		96,977		—
Valeo S.A. (France)		1,739		100,222		100,349		127

		27,132		470,896		470,915		19

Automobiles — 0.4%
Peugeot S.A. (France) (a)		7,000		104,851		104,825		(26	)
Renault S.A. (France)		1,190		103,344		103,485		141

		8,190		208,195		208,310		115

Hotels, Restaurants & Leisure — 0.4%
Carnival plc (United Kingdom)		1,708		82,286		82,382		96
William Hill plc (United Kingdom)		20,876		75,583		75,518		(65	)

		22,584		157,869		157,900		31

Media — 0.3%
Pearson plc (United Kingdom)		7,788		72,209		72,050		(159	)
Publicis Groupe S.A. (France)		1,384		94,956		94,942		(14	)

		9,172		167,165		166,992		(173	)

Multiline Retail — 0.2%
Canadian Tire Corp. (Canada)		1,004		97,593		97,593		—

Specialty Retail — 0.2%
Kingfisher plc (United Kingdom)		18,131		80,181		80,092		(89	)

Textiles, Apparel & Luxury Goods — 0.1%
Swatch Group AG (Switzerland)		1,253		72,238		72,233		(5	)

Total Consumer Discretionary		87,466		1,254,137		1,254,035		(102	)

Consumer Staples — 1.4%
Food & Staples Retailing — 0.8%
Loblaw Companies Ltd. (Canada)		1,980		97,694		97,694		—
Metro, Inc. (Canada)		3,170		97,986		97,986		—
Weston (George) Ltd. (Canada)		1,214		98,927		98,927		—
Wm Morrison Supermarkets plc (United Kingdom)		28,829		79,924		79,806		(118	)

		35,193		374,531		374,413		(118	)

Household Products — 0.2%
Henkel AG & Co. KGaA (Germany)		875		96,342		96,410		68

Personal Products — 0.2%
Unilever plc (United Kingdom)		1,859		77,774		77,612		(162	)

Tobacco — 0.2%
Imperial Brands plc (United Kingdom)		1,697		82,161		82,087		(74	)

Total Consumer Staples		39,624		630,808		630,522		(286	)

Energy — 2.7%
Energy Equipment & Services — 0.5%
Petrofac Ltd. (Jersey)		6,763		66,761		66,606		(155	)
Technip S.A. (France)		1,526		101,214		101,281		67
Tenaris S.A. (Luxembourg)		6,819		96,415		96,447		32

		15,108		264,390		264,334		(56	)

Oil, Gas & Consumable Fuels — 2.2%
BP plc (United Kingdom)		12,937		76,593		76,480		(113	)
Canadian Natural Resources Ltd. (Canada)		3,070		97,435		97,435		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



26	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Eni SpA (Italy)		6,718		97,420		97,494		74
Galp Energia SGPS S.A. (Portugal)		7,238		98,127		98,135		8
Husky Energy, Inc. (Canada)		8,281		89,089		89,089		—
Koninklijke Vopak NV (Netherlands)		1,911		96,509		96,453		(56	)
Neste OYJ (Finland)		2,307		99,604		99,529		(75	)
OMV AG (Austria)		3,292		102,904		102,743		(161	)
Repsol S.A. (Spain)		7,107		99,589		99,232		(357	)
Royal Dutch Shell plc (United Kingdom)		2,885		74,687		74,412		(275	)
TOTAL S.A. (France)		2,044		98,099		97,918		(181	)
Veresen, Inc. (Canada)		9,671		87,604		87,604		—

		67,461		1,117,660		1,116,524		(1,136	)

Total Energy		82,569		1,382,050		1,380,858		(1,192	)

Financials — 2.8%
Banks — 1.0%
Bank of Montreal (Canada)		1,555		98,960		98,960		—
Bank of Nova Scotia (The) (Canada)		1,871		100,545		100,545		—
National Bank of Canada (Canada)		2,880		102,807		102,807		—
Royal Bank of Canada (Canada)		1,591		99,400		99,400		—
Toronto-Dominion Bank (The) (Canada)		2,257		102,409		102,409		—

		10,154		504,121		504,121		—

Capital Markets — 0.4%
3i Group plc (United Kingdom)		9,813		80,595		80,439		(156	)
Investec plc (United Kingdom)		13,866		86,219		86,056		(163	)

		23,679		166,814		166,495		(319	)

Insurance — 1.4%
CNP Assurances (France)		6,099		105,683		105,624		(59	)
Industrial Alliance Insurance and Financial Services, Inc. (Canada)		2,670		103,392		103,392		—
Mapfre S.A. (Spain)		35,123		104,372		104,190		(182	)
NN Group NV (Netherlands)		3,283		98,928		98,893		(35	)
Poste Italiane SpA (Italy) (c)		15,077		100,381		100,364		(17	)
Swiss Life Holding AG (Switzerland)		303		80,225		80,184		(41	)
Swiss Re AG (Switzerland)		876		81,354		81,303		(51	)

		63,431		674,335		673,950		(385	)

Total Financials		97,264		1,345,270		1,344,566		(704	)

Health Care — 0.7%
Health Care Equipment & Supplies — 0.1%
Smith & Nephew plc (United Kingdom)		5,321		77,049		76,923		(126	)

Life Sciences Tools & Services — 0.2%
Lonza Group AG (Switzerland)		429		80,983		80,953		(30	)

Pharmaceuticals — 0.4%
Jazz Pharmaceuticals plc (Ireland) (a)		653		71,484		71,484		—
Merck KGaA (Germany)		926		95,208		95,314		106

		1,579		166,692		166,798		106

Total Health Care		7,329		324,724		324,674		(50	)

Industrials — 2.5%
Aerospace & Defense — 0.6%
CAE, Inc. (Canada)		7,002		98,351		98,351		—
Meggitt plc (United Kingdom)		14,760		78,643		78,523		(120	)
Thales S.A. (France)		1,101		103,664		103,588		(76	)

		22,863		280,658		280,462		(196	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	27

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Air Freight & Logistics — 0.2%
Royal Mail plc (United Kingdom)		13,402		80,544		80,406		(138	)

Construction & Engineering — 0.6%
ACS Actividades de Construccion y Servicios S.A. (Spain)		3,385		103,785		103,543		(242	)
Eiffage S.A. (France)		1,362		100,832		100,835		3
Vinci S.A. (France)		1,348		97,636		97,622		(14	)

		6,095		302,253		302,000		(253	)

Electrical Equipment — 0.5%
ABB Ltd. (Switzerland)		3,521		72,587		72,640		53
Prysmian SpA (Italy)		3,946		98,200		98,128		(72	)
Schneider Electric SE (France)		1,461		98,058		98,253		195

		8,928		268,845		269,021		176

Professional Services — 0.2%
RELX plc (United Kingdom)		4,497		80,418		80,272		(146	)

Trading Companies & Distributors — 0.2%
Rexel S.A. (France)		7,152		99,199		99,193		(6	)

Transportation Infrastructure — 0.2%
Aena S.A. (Spain) (c)		702		103,072		102,869		(203	)

Total Industrials		63,639		1,214,989		1,214,223		(766	)

Information Technology — 0.6%
IT Services — 0.4%
Atos SE (France)		957		99,402		99,311		(91	)
CGI Group, Inc. (Canada) (a)		2,133		101,315		101,315		—

		3,090		200,717		200,626		(91	)

Software — 0.2%
Open Text Corp. (Canada)		1,561		96,921		96,921		—

Total Information Technology		4,651		297,638		297,547		(91	)

Materials — 1.2%
Chemicals — 0.4%
Covestro AG (Germany) (c)		1,673		98,879		99,071		192
Evonik Industries AG (Germany)		3,067		95,819		96,048		229

		4,740		194,698		195,119		421

Metals & Mining — 0.6%
Aichi Steel Corp. (Japan)		2,100		101,325		101,115		(210	)
Glencore plc (Jersey)		27,808		85,093		85,124		31
Rio Tinto plc (United Kingdom)		2,434		84,595		84,643		48

		32,342		271,013		270,882		(131	)

Paper & Forest Products — 0.2%
UPM-Kymmene OYJ (Finland)		4,783		111,312		111,260		(52	)

Total Materials		41,865		577,023		577,261		238

Real Estate — 1.0%
Industrial Real Estate Investment Trusts — 0.2%
Swiss Prime Site AG (Switzerland)		969		80,346		80,368		22

Real Estate Management & Development — 0.8%
Deutsche EuroShop AG (Germany)		2,319		100,173		100,228		55
Nexity S.A. (France)		1,952		98,023		98,007		(16	)
PSP Swiss Property AG (Switzerland)		1,105		98,825		98,874		49
Sponda OYJ (Finland)		21,288		100,767		100,788		21

		26,664		397,788		397,897		109

Total Real Estate		27,633		478,134		478,265		131

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



28	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Telecommunication Services — 0.2%
Diversified Telecommunication Services — 0.2%
Telefonica SA (Spain)		10,237		104,062		104,015		(47	)

Total Telecommunication Services		10,237		104,062		104,015		(47	)

Utilities — 2.2%
Electric Utilities — 1.0%
EDP — Energias de Portugal S.A. (Portugal)		30,679		101,404		101,402		(2	)
Endesa S.A. (Spain)		4,789		101,805		101,650		(155	)
Enel SpA (Italy)		23,654		101,788		101,697		(91	)
Iberdrola S.A. (Spain)		15,105		102,955		102,797		(158	)
SSE plc (United Kingdom)		4,259		82,939		82,808		(131	)

		78,486		490,891		490,354		(537	)

Gas Utilities — 0.6%
Enagas S.A. (Spain)		3,483		99,983		99,840		(143	)
Gas Natural SDG S.A. (Spain)		5,086		100,358		100,115		(243	)
Snam SpA (Italy)		19,157		100,985		100,935		(50	)

		27,726		301,326		300,890		(436	)

Multi-Utilities — 0.6%
Centrica plc (United Kingdom)		31,696		83,101		83,020		(81	)
E.ON SE (Germany)		13,233		96,921		96,983		62
Engie S.A. (France)		6,855		98,843		98,862		19

		51,784		278,865		278,865		—

Total Utilities		157,996		1,071,082		1,070,109		(973	)

Total Long Positions of Total Return Basket Swap		620,273		8,679,917		8,676,075		(3,842	)

Short Positions

Common Stocks
Consumer Discretionary — (0.1)%
Hotels, Restaurants & Leisure — (0.1)%
McDonald’s Holdings Co. Japan Ltd. (Japan)		2,300		66,234		66,177		57
Wynn Resorts Ltd.		126		11,913		11,913		—

		2,426		78,147		78,090		57

Total Consumer Discretionary		2,426		78,147		78,090		57

Industrials — (0.3)%
Aerospace & Defense — (0.1)%
Bombardier, Inc. (Canada) (a)		49,688		65,939		65,939		—

Industrial Conglomerates — (0.2)%
Keihan Holdings Co. Ltd. (Japan)		2,000		13,522		13,503		19
Toshiba Corp. (Japan)		18,000		65,395		65,175		220

		20,000		78,917		78,678		239

Total Industrials		69,688		144,856		144,617		239

Materials — (0.0)% (b)
Metals & Mining — (0.0)% (b)
First Quantum Minerals Ltd. (Canada)		1,671		15,872		15,872		—

Total Materials		1,671		15,872		15,872		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	29

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET
SWAP POSITIONS

SHARES

NOTIONAL
VALUE($) (1)

CURRENT
VALUE($) (2)

VALUE($) (3)

Short Positions — continued

Common Stocks — continued

Telecommunication Services — (0.1)%

Diversified Telecommunication Services — (0.1)%

Telecom Italia SpA (Italy)

68,626

59,552

59,657

(105

)

Total Telecommunication Services

68,626

59,552

59,657

(105

)

Total Short Positions of Total Return Basket Swap

142,411

298,427

298,236

191

Total of Long and Short Positions of Total Return Basket Swap

477,862

8,381,490

8,377,839

(3,651

)

Outstanding Swap Contract, at value

(3,651

)

Percentages indicated are based on net assets.

NOTES TO ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS:


(1)		— Notional value represents the market value (including any fees or commissions) of the long and short positions as of the reset date.
(2)		— Current value represents market value as of October 31, 2016 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(3)		— Value represents the unrealized gain (loss) of the positions.
(a)		— Non-income producing security.
(b)		— Amounts rounds to less than 0.1%.
(c)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



30	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016


	JPMorgan Diversified Alternatives ETF
ASSETS:
Investments in non-affiliates, at value	$	24,568,934
Investment in affiliates, at value		25,631,779

Total Investment securities, at value		50,200,713
Cash		704,756
Restricted Cash		750
Deposits at broker		1,014,000
Foreign currency, at value		408,129
Receivables:
Investment securities sold		53,062
Due from counterparty for swap contracts		203,805
Due from Adviser		134,195
Deferred offering costs		9,143
Dividends from non-affiliates		5,376
Dividends from affiliates		3,182
Unrealized appreciation on forward foreign currency exchange contracts		98,527
Outstanding swap contracts, at value		1,654

Total Assets		52,837,292


LIABILITIES:
Payables:
Investments securities purchased		608,079
Variation margin on futures contracts		13,383
Unrealized depreciation on forward foreign currency exchange contracts		37,823
Accrued Liabilities:
Professional fees		147,430
Custodian and Transfer Agent fees		16,460
Accounting fees		11,402
Administration fees		2,648
Advisory fees		1,992
Trustees’ and Chief Compliance Officer’s fees		1,525
Other		15,466
Outstanding swap contracts, at value		3,651

Total Liabilities		859,859

Net Assets	$	51,977,433


NET ASSETS:
Paid-in Capital	$	51,692,646
Accumulated undistributed (distributions in excess of) net investment income		367,786
Accumulated net realized gains (losses)		(890	)
Net unrealized appreciation (depreciation)		(82,109	)

Total Net Assets	$	51,977,433


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		2,050,000

Net asset value, per share	$	25.35


Cost of investments in non-affiliates	$	24,690,379
Cost of investments in affiliates		25,631,779
Cost of foreign currency		406,885

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	31

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2016


	JPMorgan Diversified Alternatives ETF (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	9,723
Dividend income from affiliates		3,202
Interest income from affiliates		5
Foreign taxes withheld		(515	)

Total Investment Income		12,415


EXPENSES:
Investment advisory fees (Note 3.A)		21,733
Administration fees (Note 3.B)		3,079
Trustees’ and Chief Compliance Officer’s fees		1,525
Professional fees		147,430
Printing and mailing costs		2,500
Custodian and Transfer Agent fees		16,431
Registration and filing fees		5,995
Interest expense from affiliates		3,325
Offering costs		6,611
Accounting fees		14,291
Other		1,328

Total expenses		224,248

Less fees waived (Note 3.D)		(24,812	)
Less expense reimbursements from affiliates (Note 3.D)		(170,781	)
Less expense reimbursements from non-affiliates (Note 3.C)		(750	)

Net expenses		27,905

Net investment income (loss)		(15,490	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(4,481	)
Futures		25,495
Foreign currency transactions		36,002
Swaps		292,330

Net realized gain (loss)		349,346

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(121,445	)
Futures		(20,388	)
Foreign currency translations		61,721
Swaps		(1,997	)

Change in net unrealized appreciation/depreciation		(82,109	)

Net realized/unrealized gains (losses)		267,237

Change in net assets resulting from operations	$	251,747

(a)	Commencement of operations was September 12, 2016.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



32	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED


	JPMorgan Diversified Alternatives ETF
	Period Ended October 31, 2016 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(15,490	)
Net realized gain (loss)		349,346
Change in net unrealized appreciation/depreciation		(82,109	)

Change in net assets resulting from operations		251,747


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	$	51,725,686


NET ASSETS:
Change in net assets		51,977,433
Beginning of period		—

End of period	$	51,977,433

Accumulated undistributed (distributions in excess of) net investment income	$	367,786


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued		51,725,686

Total change in net assets resulting from capital transactions	$	51,725,686


SHARE TRANSACTIONS:
Issued		2,050,000

Net increase in shares from share transactions		2,050,000

(a)	Commencement of operations was September 12, 2016.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	33

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIOD INDICATED


	Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net asset value, end of period		Market price, end of period

JPMorgan Diversified Alternatives ETF
September 12, 2016 (a) through October 31, 2016	$	25.00	$	(0.02	)	$	0.37	$	0.35	$	25.35	$	25.42

(a)	Commencement of operations.

(b)	Calculated based upon average shares outstanding.

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

(d)

(e)

(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 indicated.

(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 both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



34	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016


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			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(h)


	1.44	%		1.68	%	$	51,977,433		0.85	%(g)		(0.47	)%		6.65	%(g)		5	%

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-ended management investment company. JPMorgan Diversified Alternatives ETF (the “Fund” or the “Diversified Alternatives ETF”) is a separate diversified series of the Trust covered in this report.

The Fund commenced operations on September 12, 2016. The investment objective of the Fund is to seek to provide long-term total return.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Fund’s shares may be different from their net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through SEI Investments Distribution Co. (the “Distributor” or “SIDCO”), at NAV in large blocks of shares, typically 50,000 shares, referred to as “Creation Units.” Creation Units are issued and redeemed principally 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 Fund (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The Fund is an investment company and, accordingly, follows 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.

Basis for Consolidation for the Fund

Diversified Alternatives Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on August 17, 2015 and is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. As of October 31, 2016, net assets of the Fund were $51,977,433 of which $6,237,848, or approximately 12.0%, represented the Subsidiary’s net assets. The net realized gain in the Subsidiary amounted to $38,545. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Fund’s 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 by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instruments are traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies (the “Underlying Fund”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.



36	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

•

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

•

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

The following table represents each valuation input as presented on the CSOI:


	Level 1 Quoted Prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	4,140,080		$	—		$	—	$	4,140,080
Consumer Staples		2,348,807			—			—		2,348,807
Energy		522,781			—			—		522,781
Financials		1,562,667			246,518			—		1,809,185
Health Care		2,132,595			—			—		2,132,595
Industrials		3,203,198			—			—		3,203,198
Information Technology		7,331,544			—			—		7,331,544
Materials		1,666,588			—			—		1,666,588
Telecommunication Services		139,304			—			—		139,304
Utilities		1,274,852			—			—		1,274,852

Total Common Stocks		24,322,416			246,518			—		24,568,934

Short-Term Investment		25,631,779			—			—		25,631,779

Total Investments in Securities	$	49,954,195		$	246,518		$	—	$	50,200,713


	Level 1 Quoted Prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	98,527		$	—	$	98,527
Futures Contracts		141,930			—			—		141,930
Swaps		—			—			—		—

Total Appreciation in Other Financial Instruments	$	141,930		$	98,527		$	—	$	240,457

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(37,823	)	$	—	$	(37,823	)
Futures Contracts		(162,318	)		—			—		(162,318	)
Swaps		—			(1,997	)		—		(1,997	)

Total Depreciation in Other Financial Instruments	$	(162,318	)	$	(39,820	)	$	—	$	(202,138	)

All portfolio holdings designated as Level 1 are disclosed individually on the CSOIs. Please refer to the CSOIs for industry class specifics of the portfolio holdings.

There were no transfers among any levels during the period ended October 31, 2016. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund.

As of October 31, 2016, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

C. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gains to the Fund. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value, as recorded in the Consolidated Statement of Assets and Liabilities (“CSAL”).

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to the Fund.

Notes C(1) — C(4) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index, treasury and commodity futures to obtain long and short exposure to the underlying commodities markets.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation in the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the CSOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the CSOI and cash deposited is recorded on the CSAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL.

The use of futures contracts exposes the Fund to interest rate risk, commodities risk and equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the CSAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.



38	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). As of October 31, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Total Return Basket Swaps — The Fund entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of the Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap, accrued financing costs and net dividends, are part of the monthly reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty and are recorded as Due from/to counterparty for swap contract on the CSAL and as net realized gain (loss) on transactions from swaps on the CSOP.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is reported on the CSAL as Restricted cash. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund.

Each swap involves additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of the Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP.

The total return basket swaps contracts are subject to master netting arrangements.

(4). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the CSAL:


Derivatives Contracts	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Swaps			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	30,603		$	—		$	—		$	30,603
Equity Contracts	Receivables, Net Assets — Unrealized Appreciation		31,413			—			—			31,413
Foreign exchange contracts	Receivables		—			98,527			—			98,527
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		79,914			—			—			79,914

Total		$	141,930		$	98,527		$	—		$	240,457


Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(88,623	)	$	—		$	—		$	(88,623	)
Equity Contracts	Payables, Net Assets — Unrealized Depreciation		(10,335	)		—			(1,997	)		(12,332	)
Foreign exchange contracts	Payables		—			(37,823	)		—			(37,823	)
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		(63,360	)		—			—			(63,360	)

Total		$	(162,318	)	$	(37,823	)	$	(1,997	)	$	(202,138	)

(a)	This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI. The CSAL only reflects the current day variation margin receivable/payable from/to brokers.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The following tables present the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2016:


Counterparty	Gross Amount of Derivative Assets are subject to netting arrangements Presented on the CSAL (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Bank of America	$	1,635	$	—		$	—	$	1,635
Deutsche Bank		46,741		(10,047	)		—		36,694
Goldman Sachs		116		—			—		116
Merrill Lynch		2,124		(2,124	)		—		—
Royal Bank of Canada		9,186		(2,793	)		—		6,393
Toronto Bank		40,360		(356	)		—		40,004
UBS		19		(19	)		—		—

	$	100,181	$	(15,339	)	$	—	$	84,842


Counterparty	Gross Amount of Derivative Liabilities are subject to netting arrangements Presented on the CSAL (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due to Counterparty (Not less than zero)
Deutsche Bank	$	10,047	$	(10,047	)	$	—	$	—
Merrill Lynch		24,627		(2,124	)		—		22,503
Royal Bank of Canada		2,793		(2,793	)		—		—
Toronto Bank		356		(356	)		—		—
UBS		3,651		(19	)		—		3,632

	$	41,474	$	(15,339	)	$	—	$	26,135

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

The following tables present the effect of derivatives on the CSOP for the period ended October 31, 2016, by primary underlying risk exposure:


Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivatives Contracts:	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Interest rate contracts	$	4,817		$	—	$	—		$	4,817
Equity Contracts		(1,216	)		—		292,330			291,114
Foreign exchange contracts		—			40,632		—			40,632
Commodity contracts		21,894			—		—			21,894

Total	$	25,495		$	40,632	$	292,330		$	358,457


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivatives Contracts:	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Interest rate contracts	$	(35,498	)	$	—	$	—		$	(35,498	)
Equity Contracts		(1,444	)		—		(1,997	)		(3,441	)
Foreign exchange contracts		—			60,704		—			60,704
Commodity contracts		16,554			—		—			16,554

Total	$	(20,388	)	$	60,704	$	(1,997	)	$	38,319

The Fund’s derivatives contracts held at October 31, 2016 are not accounted for as hedging instruments under GAAP.



40	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

Derivatives Volume

The table discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the period ended October 31, 2016. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


Futures Contracts: (a)
Commodity
Average Notional Balance Long	$	1,694,986
Average Notional Balance Short		1,812,418
Ending Notional Balance Long		3,082,904
Ending Notional Balance Short		3,332,336
Equity
Average Notional Balance Long		767,581
Average Notional Balance Short		2,179,148
Ending Notional Balance Long		355,036
Ending Notional Balance Short		3,710,175
Interest
Average Notional Balance Long		7,842,796
Average Notional Balance Short		4,959,743
Ending Notional Balance Long		14,741,802
Ending Notional Balance Short		8,054,673

Forward Foreign Currency Exchange Contracts (a)
Average Settlement Value Purchased		4,795,323
Average Settlement Value Sold		5,422,373
Ending Settlement Value Purchased		8,297,888
Ending Settlement Value Sold		9,348,764

Total Return Basket Swaps (a)
Average Notional Balance Long		10,916,185
Average Notional Balance Short		9,927,509
Ending Notional Balance Long		18,145,920
Ending Notional Balance Short		16,715,898

(a)	For the period from September 12, 2016 through October 31, 2016.

D. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the CSOP.

E. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the 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. For the period ended October 31, 2016, approximate offering costs incurred by the Fund were $15,754.

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend.

To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

G. 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.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

H. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 Fund’s tax positions for all open tax years and has determined that as of October 31, no liability for income tax is required in the Fund’s consolidated financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

I. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

J. 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 Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

Paid-in
Capital

Undistributed Net
Investment Income

Accumulated

Net Realized Loss

(33,040

)

383,276

(350,236

)

The reclassifications for the Fund relate primarily to reclassification of income and expense from swap transactions, investment in subsidiary and certain foreign currency related transactions.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.60% of the Fund’s average daily net assets.

The Subsidiary has entered into a separate contract with the Adviser to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.60% of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

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, provides certain administration services to the Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.085% of the daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Subsidiary.

The Administrator waived Administration fees as outlined in Note 3.D.

C. Custodian and Transfer Agent Fees — JPMCB, a wholly-owned subsidiary of JPMorgan, provides portfolio custody and transfer agent services to the Fund. The amounts paid directly to JPMCB by the Fund for custody services are included in the Custodian and Transfer Agent fees on the CSOP. With respect to the 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 Fund paid no transfer agency fees to JPMCB.

For the period ended October 31, 2016, the amount of transaction fees paid by the Authorized Participants that were used to reimburse custodian fees was $750.

Restricted cash on the Statement of Assets and Liabilities is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP.



42	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP.

D. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales (if applicable), interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.85% of the Fund’s average daily net assets.

The expense limitation agreements were in effect for the period ended October 31, 2016. The contractual expense limitation percentage is in place until at least June 14, 2019.

For the period ended October 31, 2016, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.


Contractual Waivers
Investment Advisory		Administration		Total		Contractual Reimbursements
$	21,733	$	3,079	$	24,812	$	170,781

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser has agreed to waive the total expense ratio of the underlying funds.

The amount of the waivers resulting from investments in these money market funds during the period ended October 31, 2016 was $66. This amount is included in “fees waived” on the CSOP.

E. Related Party Transactions — The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. The Distributor has no role in determining the investment policies of the Fund or the securities that are purchased or sold by the Fund. SIDCO receives no fee for its distribution services under the Distribution Agreement. Although the Distributor does not receive any fees under the Distribution Agreement with the Trust, JPMIM pays the Distributor for certain distribution related services.

The Board of Trustees appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The 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 on the CSOP.

During the period ended October 31, 2016, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the period ended October 31, 2016, the Fund incurred no brokerage commissions with broker-dealers affiliated with the Advisor or Trust.

4. Investment Transactions

At October 31, 2016, the records of the fund reflected that 100% of the Fund’s total shares outstanding were held by two Authorized Participants, in the form of creation units. However, the individual shares carrying such creation units are listed and traded under the NYSE Arca and have been purchased and sold by persons other than Authorized Participants.

During the period ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases

(excluding U.S.

Government)

Sales

(excluding U.S.

Government)

31,943,021

843,826

During the period ended October 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at October 31, 2016 were as follows:


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$	50,322,221	$	329,315	$	(450,823	)	$	(121,508	)

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



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The Federal income tax unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in its subsidiary of $16,488, when if realized is not deductible for income tax purposes.

There were no taxable distributions for the period ended October 31, 2016.

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation (Depreciation)			Other Temporary Differences			Total Distributable Earnings
$	431,275	$	9,632	$	(82,174	)	$	(73,946	)	$	284,787

As of October 31, 2016, the Fund had no capital loss carryforwards.

6. Capital Share Transactions

The Trust issues and redeems shares of the Fund only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Consolidated Statement of Changes in Net Assets.

Shares of the Fund 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 (“NSCC”); or (2) a “DTC Participant”; which, in either case, must have executed an agreement with the Distributor.

Creation Units of the 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 Fund’s 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.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares purchased” or “Proceeds from shares sold” in the Consolidated Statements of Changes in Net Assets.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2016, the Adviser owned 95.1% of the outstanding shares of the Fund.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Fund will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss.

Derivatives, including swap agreements, and futures may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk including the credit risk of the derivative counterparty.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swaps and forward foreign currency exchange contracts.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

The Fund is subject to counterparty risk, which is the risk that a counterparty will not fulfill its contractual obligations arising from agreements with the Fund such as forward foreign currency exchange contracts.



44	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and the Shareholders of JPMorgan Diversified Alternatives

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of JPMorgan Diversified Alternatives ETF (a separate series of J.P. Morgan Exchange-Traded Fund Trust) and its subsidiary (the “Fund”) as of October 31, 2016, and the results of their operations, the changes in their net assets and the financial highlights for the period September 12, 2016 (commencement of operations) through October 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	45

SUPPLEMENTAL INFORMATION

FOR THE PERIOD INDICATED (Unaudited)

The table below indicates the number of trading days in which the Fund 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 performance. 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.


	Diversified Alternatives ETF (a)
Range of Premium/(Discount)	Day Count		Percentage
Greater than 1.0% and Less than or equal to 1.5%		2		5.88	%
Greater than 0.5% and Less than or equal to 1.0%		15		44.12	%
Between 0.5% and -0.5%		17		50.00	%

		34		100.00	%

(a)	Commencement of operations was September 12, 2016.



46	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

TRUSTEES

(Unaudited)


Name (Year of Birth; Positions With the Funds since)	Principal Occupation During the Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee ⁽¹⁾		Other Directorships Held During the Past 5 Years
Independent Trustees

Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011-present); Senior Consultant for the Regulatory Fundamentals Group LLC (2011-present); Senior Vice President-Fund Administration, State Street Corporation (2002-2010).		14	Independent Trustee, The China Fund, Inc. (2013-present); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).

Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Coming Incorporated (2002-2012).		14	None.

Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		14	Independent Trustee of AXA Premier VIP Trust (2014-present); SEI family of funds, (Independent Trustee of The Advisors’ Inner Circle III Funds (5 portfolios) (2014-present)); Independent Trustee of O’Connor EQUUS (2014-present); Independent Trustee of Winton Series Trust (2014-present); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-2015).

Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		14	Director, ICI Mutual Insurance Company (1999-2013).

Emily A. Youssouf (1951); Trustee of the Trust since 2014	Clinical Professor, NYU Schack Institute of Real Estate (2009-present); Board Member, NYC Health and Hospitals Corporation (2005-present); Board Member and Member of The Audit Committee and Related Parties Committee, PennyMac Financial Services, Inc. (2013-present)		14	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee (2015-present) and Chair of the Audit Committee (2015-present) of the Transit Center; Vice Chair (2011-2013) and Board Member (2013-2014) of New York City Housing Authority.
Interested Trustee

Robert Deutsch ⁽²⁾ (1957); Trustee of the Trust since 2014	Head of the Global ETF Business for JPMorgan Asset Management (2013-present); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		14	None

(1)

(2)	Mr. Deutsch is an interested trustee because he is an employee of the Adviser.



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	47

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Robert F. Deutsch (1957), President and Principal Executive Officer (2014)*		Managing Director, global head of J.P. Morgan Asset Management’s Exchange Traded Funds and a member of the J.P. Morgan Global Funds Operating Committee. Previously, head of the Global Liquidity Business from 2003 to 2013 and National Sales Manager for J.P. Morgan’s U.S. Mutual Funds Business prior to 2003.

Lauren A. Paino (1973), Treasurer and Principal Financial Officer (2015)***		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; Director, Credit Suisse Asset Management (2000-2013); Manager, PricewaterhouseCoopers LLP (1995-2000).

Paul Shield (1960), Vice President and Assistant Treasurer (2016)		Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013. Senior Global Product Manager of Alternative Investments for BNY Mellon from 2011 to 2013 and Global Product Head for Exchange Traded Funds at JPMorgan Chase Bank from 2008 to 2011.

Brian S. Shlissel (1964), Vice President (2016)		Managing Director and Chief Administrative Officer, leads the JPMorgan U.S. Platform Management Team for JPMorgan’s pooled vehicles, including ETFs and mutual funds since 2014. Prior to joining JPMorgan in 2014, President and Chief Executive Officer for Mutual Funds and Head of Mutual Fund Services for Allianz Global Investors.

Frank J. Nasta (1964), Secretary (2014)		Managing Director and Associate General Counsel, JPMorgan Chase since 2008.

Stephen M. Ungerman (1953), Chief Compliance Officer (2014)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.

John T. Fitzgerald (1975), Assistant Secretary (2014)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.

Carmine Lekstutis (1980), Assistant Secretary (2014)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagler & Flom LLP (law firm) from 2006 to 2011.

Gregory S. Samuels (1980), Assistant Secretary (2014)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014; Associate, Ropes & Gray (law firm) from 2008 to 2010.

Pamela L. Woodley (1971), Assistant Secretary (2014)***		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Frederick J. Cavaliere (1978), Assistant Treasurer (2015)***		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2011; formerly Vice President of J.P. Morgan Investment Management Inc. 2010-2011. Mr. Cavaliere has been with JPMorgan since May 2006.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from 2012 to 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.

Julie A. Roach (1971), Assistant Treasurer (2014)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.

Jason Ronca (1978), Assistant Treasurer (2014)****		Vice President, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management since 2014. ETF Product Manager for Corporate Investment Bank responsible for setting the strategy and control agenda for the ETF servicing business from 2010 to May 2014; Prior to 2010, a Vice President in Fund Accounting within J.P. Morgan Investor Services, supporting a series of U.S. registered mutual funds.

The contact address for the officer is 500 Stanton Christiana Road, Newark, DE 19173.

The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

***

The contact address for the officer is 4 New York Plaza, New York, NY 10004.

****

The contact address for the officer is One Beacon Street, Boston, MA 02108.



48	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, 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 in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, September 12, 2016 and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

$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


	Beginning Account Value 9/12/2016		Ending Account Value 10/31/2016		Annualized Expense Ratios			Expenses Paid During Period
JPMorgan Diversified Alternatives ETF
Actual Fund Return (1)	$	1,000.00	$	1,014.40		0.85	%	$	1.12
Hypothetical 5% Return (2)		1,000.00		1,020.86		0.85			4.32

(1)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 48/366 (to reflect the actual period). The Fund commenced operations on September 12, 2016.

(2)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	49

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENT

(Unaudited)

For the JPMorgan Diversified Alternatives ETF

On September 8 - 9, 2015, 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 Alternatives ETF (the “Fund”). 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 the 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 the Fund.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser gained from

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.

Economies of Scale

Investment Performance

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate that will be paid by the Fund to the Adviser and compared that rate



50	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

to the fees charged to mutual funds with similar investment objectives or in similar asset classes managed by the Adviser, as well as information prepared by Broadridge, using data from Lipper Inc., independent providers of investment company data, concerning management fee rates paid by funds in the same Lipper category as the Fund. The Trustees also noted that the Adviser does not currently manage mutual funds or institutional accounts with the same or substantially similar strategies proposed for the Fund. The Trustees also reviewed information about other projected expenses and the expense ratios for the Fund. The Trustees considered the projected fee waiver and/or

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



OCTOBER 31, 2016	JPMORGAN EXCHANGE-TRADED FUNDS	51

THIS PAGE IS INTENTIONALLY LEFT BLANK



52	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2016

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.

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.

LOGO


		^© JPMorgan Chase & Co., 2016. All rights reserved. October 2016.		AN-DAETF-1016

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.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial experts are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia, and Emily A. Youssouf, each of which is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2016 – $314,400

2015 – $133,900

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2016 – $65,792

2015 – $33,333

Audit-related fees consist of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2016 – $104,635

2015 – $38,800

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2016 and 2015, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2016 – $0

2015 – $0

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the

services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2016 – 0.0%

2015 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2016 – $29.4 million

2015 – $30.7 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

The registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia, and Emily A. Youssouf.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

Not applicable.

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

Not applicable.

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

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

Not applicable.

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

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

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

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

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

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

ITEM 12. EXHIBITS.

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

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

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

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

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

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

Not applicable.

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

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

SIGNATURES

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


J.P. Morgan Exchange-Traded Fund Trust

By:		/s/ Robert F. Deutsch
		Robert F. Deutsch
		President and Principal Executive Officer
		December 29, 2016

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
		December 29, 2016


By:		/s/ Lauren A. Paino
		Lauren A. Paino
		Treasurer and Principal Financial Officer
		December 29, 2016

J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) N-CSRCertified annual shareholder report (management investment company)