J.P. Morgan Exchange-Traded Fund Trust - JPMorgan BetaBuilders Emerging Markets Equity ETF NCSRS Certified semi-annual shareholder report (management investment company)

J.P. Morgan Exchange-Traded Fund Trust - JPMorgan BetaBuilders Emerging Markets Equity ETF (BBEM) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22903

J.P. Morgan Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta, Esq.

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

With copies to:


Elizabeth A. Davin, Esq.		Jon S. Rand Esq.
JPMorgan Chase & Co.		Dechert LLP
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, 2016 through April 30, 2017

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1.

REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Semi-Annual Report

JPMorgan Exchange-Traded Funds

April 30, 2017 (Unaudited)

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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

LOGO

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

JPMorgan Diversified Return U.S. Small Cap Equity ETF			24

Schedules of Portfolio Investments			27

Financial Statements			88

Notes to Financial Statements			102

Supplemental Information			120

Schedule of Shareholder Expenses			121

Board Approval of Investment Advisory Agreement			122

Board Approval of Initial Investment Advisory Agreement			125

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

JUNE 16, 2017 (Unaudited)

Dear Shareholders:

I am pleased to report that our J.P. Morgan Diversified Return Equity ETFs met their objectives over the past six months, with returns closely corresponding to those of their diversified factor indices, after fees and expenses.

“By focusing on improving risk-adjusted returns, our ETF suite aims to capture more upside and provides less volatility in down markets.”

- Robert F. Deutsch

Two steps to better beta

Our strategic beta ETFs are unique. They seek to avoid the inherent drawbacks of traditional market-cap index funds, where securities are weighted solely based on price. For investors, this can mean exposure to two flaws — risk concentrations in certain sectors and the inclusion of overvalued securities — because as prices rise, weights are automatically increased without regard for valuation.

To address these flaws, we have developed a proprietary two-step process for constructing “better beta.” Our underlying indexes diversify risk evenly across regions and sectors through a custom risk-weighting process. Then, the underlying indexes screen potential stocks based on a set of criteria, or factors, such as positive momentum, value, size and volatility. Historically, when these factors have been combined, risk-adjusted returns have improved. This process is our point of differentiation and is the driving force behind our steady gains in ETF assets under management.

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 Funds will meet their investment objectives.

Investing for the long run

Looking ahead, our market strategists foresee a course of macroeconomic growth and rising interest rates. We believe that, with the Diversified Return Equity ETF suite, we can help you stay invested across market cycles. By focusing on improving risk-adjusted returns, our ETF suite aims to capture more upside and provide less volatility in down markets.

I want to thank you for your confidence in our process and let you know that I am transitioning my role as President of the Board to Joanna Gallegos. Joanna will take over the day-to-day direction of our U.S. business and I will continue to serve as Chairman of the Board for our ETFs. She brings tremendous experience to the role, having partnered with me over the past four years as the head of our product development initiative and as a member of the management team leading the business. I am confident that under her guidance, J.P. Morgan ETFs will continue to lead the industry, building thoughtful strategies, stronger portfolios, and, most importantly, client satisfaction.

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



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	1

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Emerging Markets Equity ETF*			7.11%
Market Price**			7.00%
FTSE Emerging Diversified Factor Index (net of foreign withholding taxes)			7.78%
FTSE Emerging Index (net of foreign withholding taxes)			7.64%
Morgan Stanley Capital International (MSCI) Emerging Markets Index (net of foreign withholding taxes)			8.88%

Net Assets as of 4/30/2017			$133,800,213

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?

Global financial markets generally provided positive returns for the six month reporting period as the world’s leading economies continued to grow in a more uniform fashion and investors sought returns in both developed and emerging markets.

Emerging markets experienced investment inflows during the six month reporting period amid economic and financial market stability in China. Notably, the Chinese government’s efforts to curb excessive leverage in its financial markets put a damper on the Shanghai Composite Index in April 2017. Meanwhile, several previously underperforming economies — particularly Brazil, Argentina, Russia, Turkey and South Africa — were growing by the end of the reporting period.

Commodities prices stabilized during the reporting period and global oil prices reached 15-month highs in October 2016. Oil prices were further bolstered by the Organization of Petroleum Exporting Countries’ decision to curb production. However, by the end of the reporting period, overproduction pushed global oil prices down.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2017, the Fund posted a positive absolute return and had a performance deviation of -0.67% 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 India, 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?

During the reporting period, the Fund’s and Underlying Index’s largest regional allocations were in China and Taiwan and the smallest allocations were to countries in Eastern Europe and the Middle East. In terms of sectors, the Fund’s and Underlying Index’s largest weightings were in the financials and technology sectors, while the smallest weightings were in the health care, utilities and consumer services sectors.



2	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	iShares MSCI India ETF	7.5	%
	2.	Tencent Holdings Ltd.	3.4
	3.	Taiwan Semiconductor Manufacturing Co., Ltd.	3.1
	4.	China Mobile Ltd.	2.8
	5.	Hon Hai Precision Industry Co., Ltd.	2.3
	6.	Telekomunikasi Indonesia Persero Tbk PT	1.6
	7.	China Construction Bank Corp.	1.4
	8.	Astra International Tbk PT	1.3
	9.	Largan Precision Co., Ltd.	1.1
	10.	Tenaga Nasional Bhd	1.1


PORTFOLIO COMPOSITION BY COUNTRY****
China	22.6	%
Taiwan	17.5
Brazil	9.3
India	7.5
Indonesia	7.0
South Africa	6.7
Thailand	6.3
Malaysia	5.6
Russia	5.4
Mexico	2.4
United Arab Emirates	1.6
Chile	1.5
Poland	1.5
Turkey	1.5
Philippines	1.3
Other (each less than 1%)	2.3

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 $51.46 as of April 30, 2017.

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 $51.73 as of April 30, 2017.

***

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 April 30, 2017. The Fund’s composition is subject to change.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017 (Unaudited)

	INCEPTION DATE		SIX MONTHS			1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		7.11	%		17.33	%		3.20	%
Market Price				7.00			18.74			3.44

LIFE OF FUND PERFORMANCE (1/07/15 TO 4/30/17)

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 April 30, 2017. 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	APRIL 30, 2017

JPMorgan Diversified Return Europe Currency Hedged ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Currency Hedged ETF*		11.40%
Market Price**		11.26%
FTSE Developed Europe Diversified Factor 100% Hedged to USD Index (net of foreign withholding taxes)		11.40%
FTSE Developed Europe Diversified Factor Index (net of foreign withholding taxes)		11.82%
FTSE Developed Europe Index (net of foreign withholding taxes)		14.61%

Net Assets as of 4/30/2017	$	28,300,939

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 European currency exposure versus the U.S. dollar on a monthly basis.

HOW DID THE MARKET PERFORM?

In Europe, a pickup in corporate earnings and improvements in consumer sentiment also proved attractive to investors. Electoral defeats of anti-European Union (EU) politicians in Austria and the Netherlands also helped lift investor sentiment across the EU and other developed markets.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2017, and experienced no performance deviation from the Underlying Index. The Fund and the Underlying Index underperformed the FTSE Developed Europe

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

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 (through its investment in the JPMorgan Diversified Return Europe Equity ETF) and Underlying Index’s largest country allocations were in the U.K., France and Germany, while its smallest country allocations were in Ireland, Portugal and Austria. The Fund’s largest average sector allocations (through its investment in the JPMorgan Diversified Return Europe Equity ETF) were in the consumer goods, health care, consumer services and industrials sectors, while the smallest average allocations were in the oil & gas and basic materials sectors.

Market price cumulative return is calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $26.97 as of April 30, 2017.

***

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



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Diversified Return Europe Currency Hedged ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017 (Unaudited)

	INCEPTION DATE		SIX MONTHS			1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return Europe Currency Hedged ETF
Net Asset Value		April 1, 2016		11.40	%		16.78	%		16.59	%
Market Price				11.26			16.76			16.58

LIFE OF FUND PERFORMANCE (4/01/16 TO 4/30/17)

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 April 30, 2017. 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 European 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.

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



6	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Equity ETF*		11.66%
Market Price**		11.59%
FTSE Developed Europe Diversified Factor Index (net of foreign withholding taxes)		11.82%
FTSE Developed Europe Index (net of foreign withholding taxes)		14.61%
Morgan Stanley Capital International (MSCI) Europe Index (net of foreign withholding taxes)		14.52%

Net Assets as of 4/30/2017	$	65,323,941

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?

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2017, and had a deviation of -0.16% from the Underlying Index. Both the Fund and the Underlying Index underperformed 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. 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 capitalization weighted indexes, the Fund’s and Underlying Index’s allocations to the financials and utilities sectors detracted from performance, while the Fund’s and the Underlying Index’s allocations to the technology and consumer goods sectors made a positive contribution to relative performance.

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 is 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., Germany and France, while its smallest positions were in Ireland, Portugal and Austria. The Fund’s largest average sector weightings were in the consumer goods, health care, consumer services and industrials sectors, while its smallest average positions were in the oil & gas and basic materials sectors.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	SAP SE	2.5	%
	2.	Iberdrola S.A.	2.1
	3.	Novartis AG	1.9
	4.	Vodafone Group plc	1.8
	5.	GlaxoSmithKline plc	1.7
	6.	Roche Holding AG	1.7
	7.	Swisscom AG	1.5
	8.	Infineon Technologies AG	1.5
	9.	British American Tobacco plc	1.4
	10.	Capital Gemini S.A.	1.4


PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	24.7	%
Germany	14.4
France	13.4
Switzerland	11.6
Spain	8.3
Sweden	5.5
Netherlands	5.1
Finland	4.5
Denmark	2.7
Norway	2.6
Italy	2.4
Belgium	1.8
Portugal	1.1
Austria	1.1
Other (each less than 1%)	0.8

***

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 April 30, 2017. The Fund’s composition is subject to change.



8	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017 (Unaudited)

	INCEPTION DATE		SIX MONTHS			1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value		December 18, 2015		11.66	%		7.59	%		8.21	%
Market Price				11.59			7.62			8.27

LIFE OF FUND PERFORMANCE (12/18/15 TO 4/30/17)

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 April 30, 2017. 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 European markets 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 can-not invest directly in an index.

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



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Global Equity ETF*		9.24%
Market Price**		8.62%
FTSE Developed Diversified Factor Index (net of foreign withholding taxes)		9.34%
FTSE Developed Index (net of foreign withholding taxes)		12.30%
Morgan Stanley Capital International (MSCI) World Index (net of foreign withholding taxes)		12.12%

Net Assets as of 4/30/2017	$	71,828,538

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which 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?

During the final quarter of 2016 and into 2017, leading U.S. equity indexes hit multiple record highs amid solid corporate earnings and expectations that the Republican majorities in the U.S. Congress and President Trump’s administration would work to ease business regulations, reduce taxes and increase infrastructure spending.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2017, the Fund posted a positive absolute performance and experienced a performance deviation of -0.10% relative to the Underlying Index.

On an absolute basis, the Fund’s and Underlying Index’s positions in the telecommunications and utilities sectors were the smallest contributors to performance, while their positions in the industrials and technology sectors were leading contributors to performance for the six month 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 specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocation was in the U.S., with modestly smaller allocations to Japan, Asia and Europe. In terms of sectors, the Fund’s and the Underlying Index’s largest average weightings were in the consumer goods, industrials and consumer services sectors, while the smallest weightings were in the oil & gas, telecommunications and basic materials sectors.



10	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	JX Holdings, Inc.	0.6	%
	2.	Samsung Electronics Co., Ltd.	0.6
	3.	CSL Ltd.	0.5
	4.	SK Hynix, Inc.	0.4
	5.	Wesfarmers Ltd.	0.4
	6.	CK Hutchison Holdings Ltd.	0.4
	7.	Transurban Group	0.4
	8.	AGL Energy Ltd.	0.4
	9.	NAVER Corp.	0.4
	10.	Origin Energy Ltd.	0.4


PORTFOLIO COMPOSITION BY COUNTRY****
United States	25.3	%
Japan	22.5
South Korea	9.4
Australia	8.4
France	4.4
Hong Kong	3.8
United Kingdom	3.5
Canada	3.1
Germany	3.0
Sweden	2.9
Singapore	2.3
Spain	2.3
Switzerland	2.0
Netherlands	1.8
Other (each less than 1%)	5.3

***

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 April 30, 2017. The Fund’s composition is subject to change.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017 (Unaudited)

	INCEPTION DATE		SIX MONTHS			1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return Global Equity ETF
Net Asset Value		June 16, 2014		9.24	%		11.22	%		5.28	%
Market Price				8.62			11.04			5.21

LIFE OF FUND PERFORMANCE (6/16/14 TO 4/30/17)

Fund commenced operations on June 16, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the FTSE Developed Diversified Factor Index, the FTSE Developed Index, and the MSCI World Index from June 16, 2014 to April 30, 2017. 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 can not invest directly in an index.

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



12	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Currency Hedged ETF*		10.85%
Market Price**		11.08%
FTSE Developed ex North America Diversified Factor 100% Hedged to USD Index (net of foreign withholding taxes)		10.79%
FTSE Developed ex North America Diversified Factor Index (net of foreign withholding taxes)		9.66%
FTSE Developed ex North America Index (net of foreign withholding taxes)		11.68%

Net Assets as of 4/30/2017	$	41,804,478

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 six months ended April 30, 2017 and its performance deviated from the

Underlying Index by 0.06%. The Fund and the Underlying Index underperformed the FTSE Developed ex North America Index, which is a traditional market capitalization weighted index that is not hedged to the U.S. dollar.

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, differences in performance of the currency hedge, 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. During the reporting period, the Fund’s (through investment in the JPMorgan Diversified Return International Equity ETF) and the Underlying Index’s largest average sector allocations were in the consumer goods and industrials sectors, while the smallest average sector allocations were in the oil & gas and telecommunications sectors. The largest regional allocation was in the Asia Pacific ex-Japan region, while the smallest weighting was in the U.K.

***

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



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017 (Unaudited)

	INCEPTION DATE		SIX MONTHS			1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return International Currency Hedged ETF
Net Asset Value		April 1, 2016		10.85	%		16.52	%		15.37	%
Market Price				11.08			16.70			15.67

LIFE OF FUND PERFORMANCE (4/01/16 TO 4/30/17)

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 April 30, 2017. 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 stocks 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.

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



14	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Equity ETF*		9.51%
Market Price**		9.45%
FTSE Developed ex North America Diversified Factor Index (net of foreign withholding taxes)		9.66%
FTSE Developed ex North America Index (net of foreign withholding taxes)		11.68%
Morgan Stanley Capital International (MSCI) EAFE Index (net of foreign withholding taxes)		11.47%

Net Assets as of 4/30/2017	$	700,009,532

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.

HOW DID THE MARKET PERFORM?

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2017, and its performance deviated by

-0.15% from the performance of the Underlying Index. The Fund and the Underlying Index underperformed 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 Fund’s and Underlying Index’s overweight to the UK contributed to performance, while the underweight to Europe ex-UK and the overweight to the Asia ex-Japan sector detracted from performance. The Fund’s and the Underlying Index’s underweight allocation and security selection in the financials sector and its overweight position in the telecommunication sector were leading detractors from relative performance, while the Fund’s and Underlying Index’s security selection in the oil & gas and consumer goods sectors were the leading contributors to performance relative to the market-cap weighted index.

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. During the reporting period, the largest sector weightings for the Fund and the Underlying Index were in the consumer goods and industrials sectors, while the smallest sector weightings were in the oil & gas and telecommunications sectors. The largest regional weighting was in the Asia Pacific, excluding Japan, while the smaller weightings were in Denmark and Italy.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	British American Tobacco plc	0.7	%
	2.	Royal Dutch Shell plc	0.7
	3.	BP plc	0.7
	4.	GlaxoSmithKline plc	0.6
	5.	Samsung Electronics Co., Ltd.	0.5
	6.	AstraZeneca plc	0.5
	7.	JX Holdings, Inc.	0.5
	8.	National Grid plc	0.5
	9.	Shire plc	0.5
	10.	Reckitt Benckiser Group plc	0.5


PORTFOLIO COMPOSITION BY COUNTRY****
Japan	25.1	%
United Kingdom	20.6
South Korea	9.7
Australia	8.0
France	5.3
Hong Kong	5.2
Germany	4.1
Sweden	3.0
Singapore	3.0
Netherlands	2.7
Spain	2.5
Switzerland	2.2
Finland	1.6
Denmark	1.2
Italy	1.2
Other (each less than 1%)	4.6

***

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 April 30, 2017. The Fund’s composition is subject to change.



16	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017 (Unaudited)

	INCEPTION DATE		SIX MONTHS			1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		9.51	%		9.29	%		4.75	%
Market Price				9.45			9.76			4.87

LIFE OF FUND PERFORMANCE (11/5/14 TO 4/30/17)

Fund commenced operations on November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the FTSE Developed ex North America Diversified Factor Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to April 30, 2017. 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.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Equity ETF*		12.64%
Market Price**		12.65%
Russell 1000 Diversified Factor Index		12.96%
Russell 1000 Index		13.46%

Net Assets as of 4/30/2017	$	274,257,808

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the 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 provided positive returns for the six month reporting period amid climbing corporate earnings, continued growth in the U.S. economy and rising domestic interest rates. Following the November 8, 2016 election result, U.S. equity indexes reached multiple record closing highs through the end of the 2016 and continued higher in the first two months of 2017, bolstered by investor expectations of tax cuts and infrastructure spending under the incoming Trump administration.

U.S. equity prices largely held their ground in March and April 2017 and market volatility remained historically low. Overall, small cap stocks outperformed both mid-cap and large-cap stocks and growth stocks outperformed value stocks over the six month reporting period.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance and its performance deviated by -0.32% from the Underlying Index for the six months ended April 30, 2017.

On an absolute basis, the Fund’s and the Underlying Index’s positions in the health care, technology and utilities sectors were leading contributors to performance for the six month period, while the Fund’s and Underlying Index’s positions in the oil & gas, financials and telecommunications 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 sales of selected stocks within the Portfolio to offset taxes on the Fund’s short-term capital gains.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the consumer discretionary, health care, telecommunications and utilities sectors, while the smallest allocation was in the basic materials sector.



18	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	C.R. Bard, Inc.	0.7	%
	2.	American Electric Power Co., Inc.	0.6
	3.	Edison International, Inc.	0.6
	4.	Pinnacle West Capital Corp.	0.6
	5.	Waters Corp.	0.6
	6.	DTE Energy Co.	0.6
	7.	NiSource, Inc.	0.6
	8.	CMS Energy Corp.	0.6
	9.	Quest Diagnostics, Inc.	0.6
	10.	Xcel Energy, Inc.	0.6


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	16.1	%
Health Care	15.9
Information Technology	14.8
Utilities	13.2
Consumer Staples	11.7
Industrials	8.6
Financials	7.2
Materials	5.6
Energy	3.4
Real Estate	2.0
Telecommunication Services	1.1
Short-Term Investment	0.4

***

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 April 30, 2017. The Fund’s composition is subject to change.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017 (Unaudited)

	INCEPTION DATE		SIX MONTHS			1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		12.64	%		15.64	%		17.51	%
Market Price				12.65			15.63			17.54

LIFE OF FUND PERFORMANCE (9/29/15 TO 4/30/17)

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 April 30, 2017. 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	APRIL 30, 2017

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Mid Cap Equity ETF*		13.59%
Market Price**		13.61%
Russell Midcap Diversified Factor Index		13.95%
Russell Midcap Index		12.94%

Net Assets as of 4/30/17	$	58,134,844

INVESTMENT OBJECTIVE***

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

U.S. equity prices largely held their ground in March and April 2017 and market volatility remained historically low. Overall, small cap stocks outperformed both mid cap and large cap

stocks and growth stocks outperformed value stocks over the six month reporting period.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance and its performance deviated by -0.36% from the Underlying Index for the six months ended April 30, 2017.

The Fund’s and the Underlying Index’s positions in the health care and technology sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s positions oil & gas and financials sectors were leading detractors from 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 sales of selected stocks within the Portfolio to offset the taxes on the Fund’s short-term capital gains.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the industrials, oil & gas and financials sectors and the smallest allocation was in the basic materials sector.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	C.R. Bard, Inc.	0.6	%
	2.	PPL Corp.	0.6
	3.	American Water Works Co., Inc.	0.5
	4.	Ameren Corp.	0.5
	5.	Atmos Energy Corp.	0.5
	6.	NiSource, Inc.	0.5
	7.	Edison International, Inc.	0.5
	8.	UGI Corp.	0.5
	9.	Sempra Energy	0.5
	10.	Pinnacle West Capital Corp.	0.5


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	16.4	%
Information Technology	14.5
Health Care	13.4
Utilities	12.4
Industrials	12.0
Financials	9.0
Consumer Staples	6.7
Materials	6.5
Real Estate	4.8
Energy	3.2
Short-Term Investment	0.6
Telecommunication Services	0.5

***

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

****

Percentages indicated are based on total investments as of April 30, 2017. The Fund’s composition is subject to change.



22	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017 (Unaudited)

	INCEPTION DATE		SIX MONTHS			CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		13.59	%		17.34	%
Market Price				13.61			17.34

LIFE OF FUND PERFORMANCE (5/11/16 TO 4/30/17)

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 April 30, 2017. 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.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD NOVEMBER 15, 2016 (FUND INCEPTION DATE) THROUGH APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Small Cap Equity ETF*		8.67%
Market Price**		8.79%
Russell 2000 Diversified Factor Index		8.93%
Russell 2000 Index		8.22%

Net Assets as of 4/30/2017	$	32,549,071

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Russell 2000 Diversified Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks small-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?

U.S. financial markets generally provided positive returns for the reporting period amid climbing corporate earnings, continued growth in the U.S. economy and rising domestic interest rates. Following the November 8, 2016 election result, U.S. equity indexes reached multiple record closing highs through the end of 2016 and continued higher in the first two months of 2017, bolstered by investor expectations of tax cuts and infrastructure spending under the incoming Trump administration.

U.S. equity prices largely held their ground in March and April 2017 and market volatility remained historically low. Overall,

small cap stocks outperformed both mid cap and large cap stocks and growth stocks outperformed value stocks.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance and a performance deviation of -0.26% relative to the Underlying Index for the period November 15, 2016 (Fund’s inception date) to April 30, 2017. Both the Fund and the Underlying Index outperformance the Russell 2000 Index, which is a more traditional market capitalization weighted index.

The Fund’s and the Underlying Index’s positions in the health care and oil & gas/industrials sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s positions in the consumer goods and basic materials sectors were leading detractors from 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?

During the reporting period, the Fund’s and the Underlying Index’s largest weightings were in the consumer discretionary and industrials sectors and the smallest weightings were in the basic materials and health care sectors.



24	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Sanderson Farms, Inc.	0.7	%
	2.	Nutrisystem, Inc.	0.7
	3.	West Pharmaceutical Services, Inc.	0.7
	4.	ALLETE, Inc.	0.7
	5.	Rollins, Inc.	0.7
	6.	South Jersey Industries, Inc.	0.7
	7.	Black Hills Corp.	0.7
	8.	Pool Corp.	0.7
	9.	Masimo Corp.	0.6
	10.	Portland General Electric Co.	0.6


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	21.3	%
Industrials	14.1
Information Technology	13.6
Utilities	11.0
Health Care	10.2
Consumer Staples	9.2
Materials	6.4
Financials	6.1
Real Estate	2.9
Energy	2.2
Telecommunication Services	1.7
Short-Term Investment	1.3

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 $27.16 as of April 30, 2017.

***

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 April 30, 2017. The Fund’s composition is subject to change.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD NOVEMBER 15, 2016 (FUND INCEPTION DATE) THROUGH APRIL 30, 2017 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017 (Unaudited)

	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value		November 15, 2016		8.67	%
Market Price				8.79

LIFE OF FUND PERFORMANCE (11/15/16 TO 4/30/17)

Fund commenced operations on November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the Russell 2000 Diversified Factor Index, and the Russell 2000 Index from November 15, 2016 to April 30, 2017. 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 2000 Diversified Factor Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of

all dividends and capital gain distributions of the securities included in the Index, if applicable. The Russell 2000 Diversified Factor Index is comprised of U.S. small cap equity securities selected to represent a diversified set of factor characteristics selected from the Russell 2000 Index. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.



26	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 87.1%
		Brazil — 4.9%
	12,850	AES Tiete Energia S.A.		54,330
	23,537	Banco Bradesco S.A.		241,744
	30,338	Banco do Brasil S.A.		313,316
	16,283	Banco Santander Brasil S.A.		140,153
	21,030	BB Seguridade Participacoes S.A.		197,443
	7,280	BM&F Bovespa S.A. — Bolsa de Valores Mercadorias e Futuros		43,418
	20,318	BR Malls Participacoes S.A. (a)		90,514
	11,411	BTG Pactual Grupo		66,653
	22,546	Centrais Eletricas Brasileiras S.A. (a)		126,437
	27,231	Cia de Saneamento Basico do Estado de Sao Paulo		249,828
	25,290	Cia Siderurgica Nacional S.A. (a)		61,352
	44,260	Cielo S.A.		336,058
	9,104	Cosan S.A. Industria e Comercio		105,753
	24,347	CPFL Energia S.A.		198,823
	24,317	EDP — Energias do Brasil S.A.		103,350
	34,095	Embraer S.A.		164,242
	16,661	Engie Brasil Energia S.A.		180,465
	15,852	Equatorial Energia S.A.		287,169
	21,438	Estacio Participacoes S.A.		119,548
	9,019	Fibria Celulose S.A. (a)		82,971
	31,409	Hypermarcas S.A.		296,966
	73,475	JBS S.A.		237,274
	26,606	Klabin S.A.		132,190
	125,912	Kroton Educacional S.A.		595,831
	11,741	Localiza Rent a Car S.A.		174,559
	11,162	M Dias Branco S.A.		171,436
	151,176	Petroleo Brasileiro S.A. (a)		682,520
	3,378	Porto Seguro S.A.		30,576
	11,202	Sao Martinho S.A.		62,079
	4,725	Smiles S.A.		103,296
	9,883	Sul America S.A.		52,870
	65,439	TIM Participacoes S.A.		211,942
	14,843	Transmissora Alianca de Energia Eletrica S.A.		109,707
	54,065	Vale S.A.		463,991
	26,688	WEG S.A.		148,657

				6,637,461

		Chile — 1.4%
	193,485	AES Gener S.A.		73,503
	243,679	Aguas Andinas S.A., Class A		137,772
	852,383	Banco de Chile		102,811
	1,726	Banco de Credito e Inversiones		95,788
	2,199,096	Banco Santander Chile		130,350
	93,370	Cencosud S.A.		265,964


SHARES		SECURITY DESCRIPTION	VALUE($)

		Chile — continued
	2,320,947	Enel Americas S.A.		459,144
	265,064	Enel Generacion Chile S.A.		202,887
	27,030	Latam Airlines Group S.A. (a)		341,007
	19,820	Parque Arauco S.A.		51,878

				1,861,104

		China — 22.6%
	36,000	Agile Property Holdings Ltd.		32,176
	639,000	Agricultural Bank of China Ltd., Class H		294,573
	128,000	Air China Ltd., Class H		113,172
	116,000	Aluminum Corp of China Ltd., Class H (a)		57,012
	34,000	Angang Steel Co., Ltd., Class H (a)		22,819
	45,000	Anhui Conch Cement Co., Ltd., Class H		157,367
	63,000	ANTA Sports Products Ltd.		176,823
	176,000	AviChina Industry & Technology Co., Ltd., Class H		117,336
	97,500	BAIC Motor Corp., Ltd., Class H (f)		93,821
	1,868,000	Bank of China Ltd., Class H		903,576
	201,000	Bank of Communications Co., Ltd., Class H		154,553
	88,000	BBMG Corp., Class H		47,053
	56,000	Beijing Capital International Airport Co., Ltd., Class H		79,001
	19,000	Beijing Enterprises Holdings Ltd.		92,743
	274,000	Beijing Enterprises Water Group Ltd.		209,691
	144,000	Beijing Jingneng Clean Energy Co., Ltd., Class H		43,646
	432,000	Belle International Holdings Ltd.		292,689
	45,900	BOE Technology Group Co., Ltd., Class A		18,876
	200,000	Brilliance China Automotive Holdings Ltd.		335,040
	58,000	CAR, Inc. (a)		54,691
	688,000	CGN Power Co., Ltd., Class H (f)		207,574
	152,000	China Agri-Industries Holdings Ltd. (a)		75,184
	54,000	China BlueChemical Ltd.		15,468
	236,000	China Cinda Asset Management Co., Ltd., Class H		89,713
	207,000	China CITIC Bank Corp., Ltd., Class H		131,035
	61,000	China Coal Energy Co., Ltd., Class H (a)		29,610
	167,000	China Communications Construction Co., Ltd., Class H		229,302
	96,000	China Communications Services Corp., Ltd., Class H		54,631
	49,000	China Conch Venture Holdings Ltd.		97,579
	2,267,000	China Construction Bank Corp., Class H		1,840,042
	112,000	China Eastern Airlines Corp., Ltd., Class H (a)		58,681
	81,000	China Everbright Bank Co., Ltd., Class H		37,965
	100,000	China Everbright International Ltd.		135,055
	20,000	China Everbright Ltd.		45,689

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	27

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		China — continued
	87,000	China Evergrande Group		92,794
	52,000	China Foods Ltd.		20,029
	91,500	China Galaxy Securities Co., Ltd., Class H		83,391
	35,000	China Hongqiao Group Ltd.		31,723
	155,000	China Huarong Asset Management Co., Ltd., Class H (a) (f)		65,232
	122,000	China Jinmao Holdings Group Ltd.		39,461
	102,000	China Longyuan Power Group Corp., Ltd., Class H		78,420
	35,000	China Machinery Engineering Corp., Class H		26,089
	85,000	China Medical System Holdings Ltd.		146,710
	94,000	China Merchants Bank Co., Ltd., Class H		243,555
	46,000	China Merchants Port Holdings Co., Ltd.		131,430
	161,000	China Minsheng Banking Corp., Ltd., Class H		158,401
	354,000	China Mobile Ltd.		3,768,904
	114,000	China Molybdenum Co., Ltd., Class H		34,705
	108,000	China National Building Material Co., Ltd., Class H		71,793
	45,000	China National Materials Co., Ltd.		15,766
	54,000	China Oilfield Services Ltd., Class H		49,712
	94,000	China Overseas Land & Investment Ltd.		272,655
	770,000	China Petroleum & Chemical Corp., Class H		625,281
	227,000	China Power International Development Ltd.		84,564
	71,000	China Railway Construction Corp., Ltd., Class H		99,152
	144,000	China Railway Group Ltd., Class H		121,790
	58,000	China Railway Signal & Communication Corp. Ltd., Class H (f)		45,291
	166,000	China Reinsurance Group Corp., Class H		38,175
	72,000	China Resources Cement Holdings Ltd.		39,366
	54,000	China Resources Gas Group Ltd.		181,985
	64,000	China Resources Land Ltd.		177,346
	128,000	China Resources Power Holdings Co., Ltd.		230,453
	102,500	China Shenhua Energy Co., Ltd., Class H		238,600
	48,000	China Shipping Development Co., Ltd., Class H		26,210
	90,000	China South City Holdings Ltd.		17,575
	122,000	China Southern Airlines Co., Ltd., Class H		81,098
	66,000	China State Construction International Holdings Ltd.		119,597
	36,400	China Taiping Insurance Holdings Co., Ltd.		90,627
	1,114,000	China Telecom Corp., Ltd., Class H		543,391
	148,000	China Traditional Chinese Medicine Holdings Co., Ltd.		86,650
	32,500	China Vanke Co., Ltd., Class H		82,355
	42,000	China Zhongwang Holdings Ltd.		19,040


SHARES		SECURITY DESCRIPTION	VALUE($)

		China — continued
	61,600	Chongqing Changan Automobile Co., Ltd., Class B		81,559
	70,000	Chongqing Rural Commercial Bank Co., Ltd., Class H		48,075
	22,000	CIMC Enric Holdings Ltd.		12,821
	187,000	CITIC Ltd.		271,151
	484,000	CNOOC Ltd.		564,633
	64,000	COSCO Shipping Ports Ltd.		70,069
	169,000	Country Garden Holdings Co., Ltd.		160,728
	154,000	CRRC Corp. Ltd.		150,070
	298,000	CSPC Pharmaceutical Group Ltd.		413,331
	147,500	Dali Foods Group Co., Ltd. (f)		87,058
	196,000	Datang International Power Generation Co., Ltd., Class H		58,393
	210,000	Dongfeng Motor Group Co., Ltd., Class H		220,569
	50,000	ENN Energy Holdings Ltd.		271,044
	52,000	Far East Horizon Ltd.		47,834
	69,576	Fosun International Ltd.		105,231
	36,000	Fuyao Glass Industry Group Co., Ltd., Class H (f)		127,084
	379,000	GCL-Poly Energy Holdings Ltd. (a)		45,746
	345,000	Geely Automobile Holdings Ltd.		464,837
	38,200	GF Securities Co., Ltd., Class H		78,994
	223,000	Great Wall Motor Co., Ltd., Class H		241,507
	18,500	Greentown China Holdings Ltd. (a)		17,773
	194,000	Guangdong Investment Ltd.		300,075
	102,000	Guangshen Railway Co., Ltd., Class H		55,299
	158,000	Guangzhou Automobile Group Co., Ltd., Class H		245,548
	14,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		40,012
	23,600	Guangzhou R&F Properties Co., Ltd.		39,723
	88,000	Haier Electronics Group Co., Ltd.		204,056
	22,000	Haitian International Holdings Ltd.		53,874
	84,400	Haitong Securities Co., Ltd., Class H		139,173
	178,000	Huadian Fuxin Energy Corp., Ltd., Class H		41,148
	110,000	Huadian Power International Corp., Ltd., Class H		46,341
	288,000	Huaneng Power International, Inc., Class H		198,518
	120,000	Huaneng Renewables Corp., Ltd., Class H		41,889
	1,787,000	Industrial & Commercial Bank of China Ltd., Class H		1,164,885
	31,100	Inner Mongolia Yitai Coal Co., Ltd., Class B		33,458
	46,000	Jiangsu Expressway Co., Ltd., Class H		67,878
	35,000	Jiangxi Copper Co., Ltd., Class H		54,522
	21,000	Kingboard Chemical Holdings Ltd.		75,633

SEE NOTES TO FINANCIAL STATEMENTS.



28	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		China — continued
	30,500	Kingboard Laminates Holdings Ltd.		36,760
	86,000	Kunlun Energy Co., Ltd.		77,609
	29,736	KWG Property Holding Ltd.		22,463
	39,000	Lee & Man Paper Manufacturing Ltd.		30,537
	15,200	Legend Holdings Corp., Class H (f)		45,303
	260,000	Lenovo Group Ltd.		166,229
	5,000	Livzon Pharmaceutical Group, Inc., Class H		31,510
	36,500	Longfor Properties Co., Ltd.		63,157
	114,500	Luye Pharma Group Ltd.		69,157
	52,000	Maanshan Iron & Steel Co., Ltd., Class H (a)		17,549
	108,000	Metallurgical Corp of China Ltd., Class H		39,911
	19,700	New China Life Insurance Co., Ltd., Class H		97,307
	47,000	Nine Dragons Paper Holdings Ltd.		50,688
	210,000	People’s Insurance Co., Group of China Ltd. (The), Class H		86,537
	634,000	PetroChina Co., Ltd., Class H		445,437
	112,000	PICC Property & Casualty Co., Ltd., Class H		180,041
	123,000	Ping An Insurance Group Company of China Ltd., Class H		691,537
	45,000	Poly Property Group Co., Ltd. (a)		18,437
	13,000	Red Star Macalline Group Corp. Ltd., Class H (f)		13,896
	10,000	Shandong Chenming Paper Holdings Ltd., Class H		11,491
	120,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H		87,448
	13,000	Shanghai Bailian Group Co., Ltd., Class B (a)		18,980
	106,000	Shanghai Electric Group Co., Ltd., Class H (a)		49,955
	27,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H		101,789
	18,000	Shanghai Industrial Holdings Ltd.		56,946
	48,400	Shanghai Pharmaceuticals Holding Co., Ltd., Class H		128,015
	26,000	Shenzhen Expressway Co., Ltd., Class H		23,679
	30,544	Shenzhen International Holdings Ltd.		51,273
	72,829	Shenzhen Investment Ltd.		33,004
	39,000	Shenzhou International Group Holdings Ltd.		256,617
	29,500	Shimao Property Holdings Ltd.		47,348
	291,000	Sino Biopharmaceutical Ltd.		239,139
	54,000	Sinofert Holdings Ltd.		7,210
	72,000	Sino-Ocean Land Holdings Ltd.		35,123
	55,000	Sinopec Engineering Group Co., Ltd., Class H		53,743
	104,000	Sinopec Shanghai Petrochemical Co., Ltd., Class H		58,114
	72,400	Sinopharm Group Co., Ltd., Class H		324,515
	71,000	Sinotrans Ltd., Class H		31,907
	25,000	Sinotruk Hong Kong Ltd.		17,362


SHARES		SECURITY DESCRIPTION	VALUE($)

		China — continued
	45,500	SOHO China Ltd.		24,792
	45,000	Sunac China Holdings Ltd.		58,606
	25,000	Sunny Optical Technology Group Co., Ltd.		205,417
	146,300	Tencent Holdings Ltd.		4,584,067
	20,000	Tianhe Chemicals Group Ltd. (a) (f)		—
	37,000	TravelSky Technology Ltd., Class H		97,385
	36,000	Weichai Power Co., Ltd., Class H		58,333
	12,400	Xinjiang Goldwind Science & Technology Co., Ltd., Class H		18,052
	58,000	Yanzhou Coal Mining Co., Ltd., Class H		50,139
	156,000	Yuexiu Property Co., Ltd.		26,445
	54,000	Zhejiang Expressway Co., Ltd., Class H		67,175
	45,500	Zhongsheng Group Holdings Ltd.		64,149
	18,500	Zhuzhou CSR Times Electric Co., Ltd., Class H		95,104
	49,800	Zoomlion Heavy Industry Science and Technology Co., Ltd.		23,595
	28,400	ZTE Corp., Class H		54,705

				30,209,728

		Colombia — 0.1%
	18,503	Almacenes Exito S.A.		95,849
	26,280	Interconexion Electrica S.A. ESP		104,155

				200,004

		Czech Republic — 0.3%
	12,809	CEZ A/S		223,489
	2,728	Komercni banka A/S		105,696
	13,737	Moneta Money Bank AS (f)		44,419
	3,947	O2 Czech Republic AS		46,599

				420,203

		Egypt — 0.2%
	34,604	Commercial International Bank Egypt SAE GDR		141,675
	3,436	ElSewedy Electric Co.		15,199
	190,017	Global Telecom Holding SAE (a)		74,112
	33,803	Talaat Moustafa Group		15,169
	25,238	Telecom Egypt Co.		14,164

				260,319

		Greece — 0.4%
	49,130	Alpha Bank AE (a)		104,662
	63,602	Eurobank Ergasias S.A. (a)		51,268
	8,029	JUMBO S.A.		126,730
	2,287	Motor Oil Hellas Corinth Refineries S.A.		38,788
	197,136	National Bank of Greece S.A. (a)		61,381
	17,536	OPAP S.A.		173,776
	203,898	Piraeus Bank S.A. (a)		43,317

				599,922

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	29

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Hungary — 0.5%
	33,353	Magyar Telekom Telecommunications plc		55,776
	1,962	MOL Hungarian Oil & Gas plc		147,596
	6,764	OTP Bank plc		190,179
	11,218	Richter Gedeon Nyrt		271,658

				665,209

		Indonesia — 7.0%
	1,152,100	Adaro Energy Tbk PT		153,204
	53,000	Astra Agro Lestari Tbk PT		57,259
	2,653,500	Astra International Tbk PT		1,778,354
	1,038,200	Bank Central Asia Tbk PT		1,380,745
	790,500	Bank Mandiri Persero Tbk PT		691,776
	625,500	Bank Negara Indonesia Persero Tbk PT		298,678
	910,700	Bank Rakyat Indonesia Persero Tbk PT		879,646
	60,900	Gudang Garam Tbk PT		302,889
	579,900	Indofood Sukses Makmur Tbk PT		363,424
	1,374,600	Perusahaan Gas Negara Persero Tbk PT		249,976
	290,300	Semen Indonesia Persero Tbk PT		191,849
	72,400	Tambang Batubara Bukit Asam Persero Tbk PT		68,650
	6,495,000	Telekomunikasi Indonesia Persero Tbk PT		2,142,613
	151,000	Unilever Indonesia Tbk PT		504,126
	148,600	United Tractors Tbk PT		299,611
	178,900	Vale Indonesia Tbk PT (a)		29,717

				9,392,517

		Malaysia — 5.6%
	198,100	AirAsia Bhd		152,795
	163,000	AMMB Holdings Bhd		205,711
	305,200	Bumi Armada Bhd		55,442
	479,655	CIMB Group Holdings Bhd		633,856
	291,900	Genting Bhd		661,127
	373,500	Genting Malaysia Bhd		504,784
	52,768	Hong Leong Bank Bhd		167,611
	148,025	IOI Properties Group Bhd		70,586
	38,000	KLCCP Stapled Group		68,528
	70,400	Kuala Lumpur Kepong Bhd		397,652
	473,708	Malayan Banking Bhd		1,044,878
	258,700	Petronas Chemicals Group Bhd		435,040
	262,500	Public Bank Bhd		1,206,367
	94,561	RHB Bank Bhd		119,732
	457,700	Tenaga Nasional Bhd		1,469,511
	103,200	Westports Holdings Bhd		95,132
	622,500	YTL Corp. Bhd		210,685

				7,499,437

		Mexico — 2.4%
	137,150	Alfa SAB de CV, Class A		188,037
	8,059	Banregio Grupo Financiero SAB de CV		46,534


SHARES		SECURITY DESCRIPTION	VALUE($)

		Mexico — continued
	619,920	Cemex SAB de CV (a)		570,681
	47,355	Controladora Vuela Cia de Aviacion SAB de CV, Class A (a)		59,995
	90,459	Fibra Uno Administracion S.A. de CV REIT		157,658
	39,423	Gentera SAB de CV		66,280
	14,103	Gruma SAB de CV, Class B		188,075
	9,818	Grupo Aeroportuario del Centro Norte SAB de CV, Class B		54,532
	10,849	Grupo Aeroportuario del Sureste SAB de CV, Class B		205,578
	80,036	Grupo Financiero Banorte SAB de CV, Class O		461,886
	53,033	Grupo Financiero Santander Mexico SAB de CV, Class B		96,430
	159,811	Grupo Mexico SAB de CV		466,990
	3,299	Grupo Simec SAB de CV, Class B (a)		12,267
	5,481	Industrias CH SAB de CV, Class B (a)		29,435
	41,543	Infraestructura Energetica Nova SAB de CV		193,688
	24,907	Megacable Holdings SAB de CV		94,427
	46,524	Mexichem SAB de CV		127,794
	46,798	Nemak SAB de CV (f)		49,221
	36,972	OHL Mexico SAB de CV		45,132
	9,571	Promotora y Operadora de Infraestructura SAB de CV		101,764

				3,216,404

		Pakistan — 0.1%
	19,100	Fauji Fertilizer Co., Ltd.		17,513
	16,600	Habib Bank Ltd.		43,671
	13,000	National Bank of Pakistan		7,911
	19,200	Oil & Gas Development Co., Ltd.		28,283
	11,800	Pakistan Petroleum Ltd. (a)		17,876

				115,254

		Peru — 0.1%
	7,688	Cia de Minas Buenaventura SAA ADR		92,333

		Philippines — 1.3%
	190,250	Aboitiz Equity Ventures, Inc.		292,617
	203,100	Aboitiz Power Corp.		172,823
	400,400	Alliance Global Group, Inc.		118,611
	369,000	DMCI Holdings, Inc.		94,954
	962,100	Energy Development Corp.		116,147
	3,550	GT Capital Holdings, Inc.		89,558
	369,800	LT Group, Inc.		118,123
	27,490	Manila Electric Co.		154,052
	975,100	Megaworld Corp.		79,250
	1,616,400	Metro Pacific Investments Corp.		212,849
	107,256	Metropolitan Bank & Trust Co.		181,201

SEE NOTES TO FINANCIAL STATEMENTS.



30	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Philippines — continued
	26,830	Semirara Mining and Power Corp., Class A		80,009

				1,710,194

		Poland — 1.5%
	3,664	Asseco Poland S.A.		51,571
	21,760	Bank Millennium S.A. (a)		38,817
	1,032	Bank Zachodni WBK S.A.		94,703
	1,784	CCC S.A.		103,174
	1,063	Ciech S.A.		21,267
	17,310	Enea S.A. (a)		53,168
	3,811	Grupa Lotos S.A. (a)		59,369
	2,130	Jastrzebska Spolka Weglowa S.A. (a)		42,993
	5,691	KGHM Polska Miedz S.A.		180,280
	454	mBank S.A. (a)		50,666
	58,356	PGE Polska Grupa Energetyczna S.A.		173,332
	13,227	Polski Koncern Naftowy Orlen S.A.		395,297
	71,840	Polskie Gornictwo Naftowe i Gazownictwo S.A.		122,494
	30,953	Powszechna Kasa Oszczednosci Bank Polski S.A. (a)		281,813
	20,142	Powszechny Zaklad Ubezpieczen S.A.		222,240
	19,642	Synthos S.A.		27,280
	84,149	Tauron Polska Energia S.A. (a)		71,368

				1,989,832

		Russia — 5.1%
	35,860	Aeroflot PJSC (a)		110,707
	105,431	Alrosa PAO		181,756
	746	Bashneft PJSC		41,580
	20,610,819	Federal Grid Co., Unified Energy System PJSC		71,128
	446,466	Gazprom OAO (a)		1,072,515
	1,977,329	Inter RAO UES PJSC		140,717
	19,204	Lukoil PJSC		951,574
	61,138	Magnitogorsk Iron & Steel Works OJSC		36,398
	5,719	Mechel PJSC (a)		17,798
	7,783	MegaFon PJSC GDR		83,200
	1,998	MMC Norilsk Nickel PJSC		306,954
	78,489	Mobile TeleSystems PJSC		377,661
	49,755	Moscow Exchange PJSC (a)		100,604
	47,281	Novatek PJSC		577,681
	37,834	Novolipetsk Steel PJSC		71,591
	4,250	PhosAgro PJSC GDR		62,686
	49,065	Rosneft Oil Co., PJSC		273,496
	2,401,330	Rosseti PJSC		40,513
	7,800,957	RusHydro PJSC		122,678
	396,030	Sberbank of Russia PJSC		1,150,292
	7,047	Severstal PJSC		96,055


SHARES		SECURITY DESCRIPTION	VALUE($)

		Russia — continued
	231,218	Sistema PJSC FC		86,707
	300,719	Surgutneftegas OJSC		147,428
	59,868	Tatneft PJSC, Class S		396,522
	1,120,819	Unipro PJSC		49,614
	198,103,957	VTB Bank PJSC		232,178

				6,800,033

		South Africa — 6.7%
	4,601	AECI Ltd.		39,948
	4,145	African Rainbow Minerals Ltd.		26,202
	22,044	Attacq Ltd. (a)		28,042
	26,972	AVI Ltd.		197,268
	15,254	Barclays Africa Group Ltd.		167,535
	10,453	Barloworld Ltd.		94,191
	16,621	Bidvest Group Ltd. (The)		198,389
	1,872	Capitec Bank Holdings Ltd.		106,886
	20,326	Clicks Group Ltd.		204,281
	9,563	Coronation Fund Managers Ltd.		45,367
	6,755	Exxaro Resources Ltd.		57,467
	109,037	FirstRand Ltd.		406,798
	16,824	Foschini Group Ltd. (The)		200,873
	33,972	Gold Fields Ltd.		111,344
	97,726	Growthpoint Properties Ltd. REIT		187,292
	15,631	Harmony Gold Mining Co., Ltd.		33,847
	8,940	Hyprop Investments Ltd. REIT		82,578
	8,178	Imperial Holdings Ltd.		103,432
	9,748	Investec Ltd.		73,146
	3,124	JSE Ltd.		33,288
	73,300	KAP Industrial Holdings Ltd.		51,394
	2,383	Kumba Iron Ore Ltd. (a)		30,980
	4,219	Liberty Holdings Ltd.		34,020
	87,160	Life Healthcare Group Holdings Ltd.		187,609
	8,984	Massmart Holdings Ltd.		86,877
	36,724	MMI Holdings Ltd.		64,057
	4,891	Mondi Ltd.		126,815
	31,489	Nampak Ltd. (a)		42,174
	7,725	Nedbank Group Ltd.		130,242
	2,567	Omnia Holdings Ltd.		30,586
	29,268	Pick n Pay Stores Ltd.		139,059
	12,222	Pioneer Foods Group Ltd.		150,775
	25,116	Rand Merchant Investment Holdings Ltd.		78,858
	174,768	Redefine Properties Ltd. REIT		143,847
	7,827	Reunert Ltd.		41,448
	23,866	RMB Holdings Ltd.		109,458
	13,943	Rockcastle Global Real Estate Co., Ltd.		34,399
	63,129	Sanlam Ltd.		335,246

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	31

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Africa — continued
	22,992	Sappi Ltd.		170,748
	22,846	Sasol Ltd.		700,112
	36,186	Shoprite Holdings Ltd.		567,689
	30,166	Sibanye Gold Ltd.		60,617
	16,066	SPAR Group Ltd. (The)		216,543
	43,325	Standard Bank Group Ltd.		481,106
	215,121	Steinhoff International Holdings NV		1,094,342
	17,132	Super Group Ltd. (a)		47,138
	24,860	Telkom S.A. SOC Ltd.		139,110
	13,450	Tiger Brands Ltd.		406,215
	9,130	Tongaat Hulett Ltd.		82,426
	36,776	Truworths International Ltd.		238,131
	42,899	Tsogo Sun Holdings Ltd.		80,816
	40,577	Vodacom Group Ltd.		458,919

				8,959,930

		Taiwan — 17.5%
	181,000	Acer, Inc. (a)		85,430
	403,000	Advanced Semiconductor Engineering, Inc.		505,075
	21,000	Advantech Co., Ltd.		169,759
	144,000	Asia Cement Corp.		142,176
	44,000	Asustek Computer, Inc.		432,273
	554,000	AU Optronics Corp.		230,247
	46,000	Catcher Technology Co., Ltd.		472,390
	393,000	Cathay Financial Holding Co., Ltd.		629,827
	280,513	Chang Hwa Commercial Bank Ltd.		162,584
	178,000	Cheng Shin Rubber Industry Co., Ltd.		367,339
	35,110	Chicony Electronics Co., Ltd.		92,644
	249,000	China Airlines Ltd.		77,136
	171,000	China Life Insurance Co., Ltd.		159,220
	67,000	China Motor Corp.		60,958
	682,000	China Steel Corp.		546,565
	260,000	Compal Electronics, Inc.		174,051
	897,395	CTBC Financial Holding Co., Ltd.		560,392
	136,000	Delta Electronics, Inc.		765,509
	412,326	E.Sun Financial Holding Co., Ltd.		249,223
	61,000	Epistar Corp. (a)		60,581
	194,450	Eva Airways Corp.		95,597
	31,000	Feng TAY Enterprise Co., Ltd.		119,122
	468,863	First Financial Holding Co., Ltd.		285,941
	240,000	Formosa Chemicals & Fibre Corp.		737,997
	78,000	Formosa Petrochemical Corp.		272,643
	269,000	Formosa Plastics Corp.		808,305
	69,533	Foxconn Technology Co., Ltd.		211,863
	360,000	Fubon Financial Holding Co., Ltd.		563,553
	936,490	Hon Hai Precision Industry Co., Ltd.		3,065,284


SHARES		SECURITY DESCRIPTION	VALUE($)

		Taiwan — continued
	23,000	Hotai Motor Co., Ltd.		265,068
	390,153	Hua Nan Financial Holdings Co., Ltd.		218,472
	541,000	Innolux Corp.		252,507
	190,000	Inventec Corp.		141,284
	9,000	Largan Precision Co., Ltd.		1,494,626
	134,496	Lite-On Technology Corp.		234,609
	534,233	Mega Financial Holding Co., Ltd.		428,881
	313,000	Nan Ya Plastics Corp.		753,933
	46,737	Nanya Technology Corp.		74,467
	35,000	Novatek Microelectronics Corp.		134,499
	118,000	Pegatron Corp.		347,519
	256,000	Pou Chen Corp.		358,414
	165,000	Quanta Computer, Inc.		341,824
	28,000	Realtek Semiconductor Corp.		94,689
	379,287	Shin Kong Financial Holding Co., Ltd. (a)		101,083
	138,165	Siliconware Precision Industries Co., Ltd.		223,902
	492,450	SinoPac Financial Holdings Co., Ltd.		150,467
	84,200	Synnex Technology International Corp.		91,235
	446,841	Taishin Financial Holding Co., Ltd.		184,242
	195,702	Taiwan Business Bank		54,079
	202,000	Taiwan Cement Corp.		234,950
	421,820	Taiwan Cooperative Financial Holding Co., Ltd.		214,572
	633,000	Taiwan Semiconductor Manufacturing Co., Ltd.		4,077,719
	176,000	Teco Electric and Machinery Co., Ltd.		174,299
	16,000	TPK Holding Co., Ltd. (a)		57,161
	53,000	Vanguard International Semiconductor Corp.		101,081
	194,000	Walsin Lihwa Corp.		86,955
	165,495	Wistron Corp.		156,243
	570,665	Yuanta Financial Holding Co., Ltd.		243,998

				23,396,462

		Thailand — 6.3%
	156,200	Advanced Info Service PCL NVDR		789,542
	14,500	Bangkok Bank PCL NVDR		75,162
	24,600	Bangkok Bank PCL		132,897
	45,500	Bangkok Life Assurance PCL NVDR		63,419
	386,000	Banpu PCL NVDR		214,282
	103,200	Berli Jucker PCL NVDR		129,847
	574,700	Charoen Pokphand Foods PCL NVDR		443,865
	703,200	CP ALL PCL NVDR		1,240,542
	49,600	Delta Electronics Thailand PCL NVDR		131,891
	35,100	Electricity Generating PCL NVDR		223,218
	55,800	Glow Energy PCL NVDR		132,213
	762,400	Home Product Center PCL NVDR		213,798

SEE NOTES TO FINANCIAL STATEMENTS.



32	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Thailand — continued
	132,700	Indorama Ventures PCL NVDR		140,705
	189,200	Intouch Holdings PCL NVDR		292,431
	940,100	IRPC PCL NVDR		152,020
	544,700	Krung Thai Bank PCL NVDR		311,425
	545,600	Land & Houses PCL NVDR		162,340
	127,800	PTT Exploration & Production PCL NVDR		358,598
	185,000	PTT Global Chemical PCL NVDR		400,436
	130,600	PTT PCL NVDR		1,466,141
	208,400	Siam Commercial Bank PCL (The) NVDR		938,198
	147,300	Thai Airways International PCL NVDR (a)		72,740
	93,700	Thai Oil PCL NVDR		211,135
	1,883,700	TMB Bank PCL NVDR		124,036

				8,420,881

		Turkey — 1.5%
	73,007	Akbank TAS		195,408
	1,966	Akcansa Cimento AS		6,802
	14,579	Arcelik A/S		97,197
	7,827	Aselsan Elektronik Sanayi Ve Ticaret A/S		43,033
	69,318	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT		57,550
	28,811	Enka Insaat ve Sanayi A/S		44,275
	56,133	Eregli Demir ve Celik Fabrikalari TAS		102,825
	5,822	Ford Otomotiv Sanayi A/S		64,710
	29,193	Haci Omer Sabanci Holding A/S		86,946
	26,069	KOC Holding A/S		122,519
	1,880	Koza Altin Isletmeleri A/S (a)		10,217
	24,054	Petkim Petrokimya Holding A/S		33,244
	7,285	TAV Havalimanlari Holding A/S		30,342
	10,373	Tofas Turk Otomobil Fabrikasi A/S		86,370
	5,042	Tupras Turkiye Petrol Rafinerileri A/S		127,007
	45,789	Turk Hava Yollari AO (a)		78,093
	652	Turk Traktor ve Ziraat Makineleri A/S		14,311
	63,207	Turkcell Iletisim Hizmetleri A/S (a)		221,145
	75,155	Turkiye Garanti Bankasi A/S		202,877
	22,355	Turkiye Halk Bankasi A/S		74,117
	48,277	Turkiye Is Bankasi, Class C		95,276
	30,814	Turkiye Sinai Kalkinma Bankasi A/S		13,089
	51,013	Turkiye Sise ve Cam Fabrikalari A/S		64,038
	37,556	Turkiye Vakiflar Bankasi Tao, Class D		64,155
	31,093	Yapi ve Kredi Bankasi A/S (a)		37,718

				1,973,264

		United Arab Emirates —1.6%
	136,849	Abu Dhabi Commercial Bank PJSC		257,824
	129,648	Air Arabia PJSC		36,704


SHARES		SECURITY DESCRIPTION	VALUE($)

		United Arab Emirates — continued
	99,795	Aldar Properties PJSC		58,096
	7,631	DP World Ltd. (a)		155,978
	152,492	Dubai Investments PJSC		87,775
	183,407	Dubai Islamic Bank PJSC		293,111
	66,094	Emaar Malls PJSC		46,255
	125,283	Emaar Properties PJSC		244,657
	145,631	Emirates Telecommunications Group Co., PJSC		691,876
	94,076	National Bank of Abu Dhabi PJSC		281,741

				2,154,017

		Total Common Stocks (Cost $110,455,362)		116,574,508

	Exchange Traded Fund — 7.5%
		India — 7.5%
	313,294	iShares MSCI India ETF		10,050,472

		Total Exchange Traded Fund (Cost $9,121,544)		10,050,472

	Preferred Stocks — 4.9%
		Brazil — 4.3%
	98,620	Banco Bradesco S.A.		1,037,140
	6,101	Braskem S.A.		65,565
	17,707	Centrais Eletricas Brasileiras S.A. (a)		125,241
	11,987	Cia Brasileira de Distribuicao		271,308
	1,870	Cia de Gas de Sao Paulo — COMGAS, Class A		28,162
	2,806	Cia de Transmissao de Energia Eletrica Paulista		54,775
	58,501	Cia Energetica de Minas Gerais		162,930
	8,073	Cia Paranaense de Energia		74,421
	35,381	Gerdau S.A.		109,129
	114,774	Itau Unibanco Holding S.A.		1,418,923
	136,580	Itausa — Investimentos Itau S.A.		423,417
	175,616	Petroleo Brasileiro S.A.(a)		768,515
	11,889	Suzano Papel e Celulose S.A., Class A		49,930
	31,224	Telefonica Brasil S.A.		463,926
	18,036	Usinas Siderurgicas de Minas Gerais S.A. (a)		24,207
	79,706	Vale S.A.		657,426

				5,735,015

		Chile — 0.1%
	3,693	Sociedad Quimica y Minera de Chile S.A., Class B		130,754

		Colombia — 0.2%
	15,975	Bancolombia S.A.		155,949
	136,290	Grupo Aval Acciones y Valores S.A.		53,969

				209,918

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	33

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — continued
		Russia — 0.3%
	324,151	Surgutneftegas OJSC		173,695
	67	Transneft PJSC		226,806

				400,501

		Total Preferred Stocks (Cost $5,950,451)		6,476,188

NUMBER OF RIGHTS
	Rights — 0.0% (e)
		Brazil — 0.0% (e)
	40	Cia de Gas de Sao Paulo — COMGAS (a)		17

		China — 0.0%
	402	Bank of Communications Co., Ltd. (a)		—
	1,222	China Everbright International Ltd. (a)		—

				—

		Taiwan — 0.0% (e)
	24,337	E.Sun Financial Holding Co., Ltd. (a)		2,622

		Total Rights (Cost $—)		2,639

SHARES
	Short-Term Investment — 0.2%
		Investment Company — 0.2%
	306,676	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.610% (b) (d) (Cost $306,676)		306,676

		Total Investments —99.7% (Cost $125,834,033)		133,410,483
		Other Assets in Excess of Liabilities — 0.3%		389,730

		NET ASSETS — 100.0%	$	133,800,213

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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


INDUSTRY	PERCENTAGE
Banks		19.2	%
Oil, Gas & Consumable Fuels		8.9
Exchange Traded Fund		7.5
Electronic Equipment, Instruments & Components		4.8
Wireless Telecommunication Services		4.8
Semiconductors & Semiconductor Equipment		4.5
Internet Software & Services		3.4
Electric Utilities		3.2
Diversified Telecommunication Services		3.1
Metals & Mining		3.0
Chemicals		2.9
Automobiles		2.8
Insurance		2.4
Food & Staples Retailing		2.3
Technology Hardware, Storage & Peripherals		2.3
Food Products		2.2
Independent Power and Renewable Electricity Producers		1.7
Real Estate Management & Development		1.6
Industrial Conglomerates		1.5
Pharmaceuticals		1.3
Diversified Financial Services		1.1
Construction Materials		1.1
Hotels, Restaurants & Leisure		1.1
Household Durables		1.0
Others (each less than 1.0%)		12.3

SEE NOTES TO FINANCIAL STATEMENTS.



34	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return Europe Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Company — 93.9%
		Exchange Traded Fund —93.9%
	488,236	JPMorgan Diversified Return Europe Equity ETF (b)		26,584,450

		Total Exchange Traded Fund (Cost $25,242,984)		26,584,450

		Total Investments — 93.9% (Cost $25,242,984)		26,584,450
		Other Assets in Excess of Liabilities — 6.1%		1,716,489

		NET ASSETS — 100.0%	$	28,300,939

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
APRIL 30, 2017

NET
UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

FTSE 100 Index

06/16/17

USD

376,520

(5,357

)

DJ Euro Stoxx 50 Index

06/16/17

USD

897,000

20,401

Total Long Futures Outstanding

15,044


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,224,465		CHF	Goldman Sachs		05/03/2017		3,238,567		3,241,331		2,764
	84,454		CHF	Goldman Sachs		06/06/2017		85,155		85,088		(67	)
	4,983,206		DKK	Goldman Sachs		05/03/2017		728,971		729,904		933
	13,761,460		EUR	Goldman Sachs		05/03/2017		14,971,127		14,992,741		21,614
	349,291		EUR	Goldman Sachs		06/06/2017		381,240		381,222		(18	)
	5,665,019		GBP	Goldman Sachs		05/03/2017		7,316,319		7,337,994		21,675
	144,805		GBP	Goldman Sachs		06/06/2017		187,883		187,756		(127	)
	6,344,910		NOK	Goldman Sachs		05/03/2017		740,636		739,013		(1,623	)
	16,212,473		SEK	Goldman Sachs		05/03/2017		1,828,378		1,830,710		2,332
	351,398		SEK	Goldman Sachs		06/07/2017		39,739		39,755		16
								29,518,015		29,565,514		47,499

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	35

JPMorgan Diversified Return Europe Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,224,465		CHF	Goldman Sachs		05/03/2017		3,226,734		3,241,331		(14,597	)
	3,143,336		CHF	Goldman Sachs		06/06/2017		3,164,156		3,166,902		(2,746	)
	4,983,206		DKK	Goldman Sachs		05/03/2017		717,715		729,904		(12,189	)
	5,052,399		DKK	Goldman Sachs		06/06/2017		741,038		741,358		(320	)
	13,761,460		EUR	Goldman Sachs		05/03/2017		14,738,858		14,992,743		(253,885	)
	13,240,865		EUR	Goldman Sachs		06/06/2017		14,441,918		14,451,297		(9,379	)
	5,665,019		GBP	Goldman Sachs		05/03/2017		7,089,893		7,337,994		(248,101	)
	5,329,202		GBP	Goldman Sachs		06/06/2017		6,900,918		6,909,924		(9,006	)
	6,344,910		NOK	Goldman Sachs		05/03/2017		738,951		739,013		(62	)
	6,003,755		NOK	Goldman Sachs		06/06/2017		701,103		699,581		1,522
	16,212,474		SEK	Goldman Sachs		05/03/2017		1,818,308		1,830,710		(12,402	)
	13,268,150		SEK	Goldman Sachs		06/07/2017		1,501,007		1,501,090		(83	)
								55,780,599		56,341,847		(561,248	)

SEE NOTES TO FINANCIAL STATEMENTS.



36	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Austria — 1.1%
	1,620	ANDRITZ AG		89,516
	8,037	OMV AG		370,194
	5,790	voestalpine AG		241,382

				701,092

		Belgium — 1.7%
	3,960	bpost S.A.		94,913
	3,294	Colruyt S.A.		169,266
	993	Groupe Bruxelles Lambert S.A.		95,247
	10,349	Proximus SADP		316,513
	1,830	Solvay S.A.		232,760
	3,921	Umicore S.A.		229,721

				1,138,420

		Denmark — 2.7%
	2,352	Chr. Hansen Holding A/S		158,464
	2,006	Danske Bank A/S		72,935
	2,935	DSV A/S		163,437
	2,883	ISS A/S		119,587
	14,144	Novo Nordisk A/S, Class B		550,723
	9,806	TDC A/S		52,604
	3,914	Tryg A/S		75,097
	5,903	Vestas Wind Systems A/S		507,933
	3,235	William Demant Holding A/S (a)		74,042

				1,774,822

		Finland — 4.5%
	4,970	Elisa OYJ		169,015
	21,074	Fortum OYJ		306,422
	3,420	Kesko OYJ, Class B		160,175
	4,677	Kone OYJ, Class B		214,078
	4,010	Metso OYJ		143,614
	13,679	Neste OYJ		557,409
	2,868	Orion OYJ, Class B		164,364
	6,971	Sampo OYJ, Class A		333,615
	20,706	Stora Enso OYJ, Class R		245,737
	14,379	UPM-Kymmene OYJ		378,839
	4,454	Wartsila OYJ Abp		270,868

				2,944,136

		France — 13.4%
	773	Aeroports de Paris		103,107
	1,762	Air Liquide S.A.		212,297
	1,947	Arkema S.A.		206,155
	4,772	Atos SE		625,063
	3,286	AXA S.A.		87,671
	1,447	BNP Paribas S.A.		102,125
	2,600	Bouygues S.A.		109,288


SHARES		SECURITY DESCRIPTION	VALUE($)

		France — continued
	2,432	Bureau Veritas S.A.		56,350
	9,260	Capital Gemini S.A.		927,130
	5,909	Carrefour S.A.		139,164
	905	Casino Guichard Perrachon S.A.		54,503
	727	Christian Dior SE		199,391
	1,717	Cie Generale des Etablissements Michelin		224,586
	4,760	CNP Assurances		99,431
	4,602	Credit Agricole S.A.		68,450
	2,450	Danone S.A.		171,466
	3,830	Dassault Systemes SE		341,716
	1,610	Eiffage S.A.		136,375
	293	Essilor International S.A.		37,971
	281	Eurazeo S.A.		19,046
	915	Fonciere Des Regions REIT		81,663
	534	Gecina S.A. REIT		75,950
	145	Hermes International		69,320
	1,044	Imerys S.A.		89,817
	1,510	Ingenico Group S.A.		136,726
	141	Klepierre REIT		5,534
	4,382	Lagardere SCA		134,135
	2,521	Legrand S.A.		163,187
	754	L’Oreal S.A.		150,159
	978	LVMH Moet Hennessy Louis Vuitton SE		241,438
	6,054	Natixis S.A.		42,131
	33,654	Orange S.A.		520,875
	3,800	Publicis Groupe S.A.		274,345
	1,961	Renault S.A.		182,866
	3,421	Sanofi		323,264
	1,286	Schneider Electric SE		101,859
	2,191	SCOR SE		86,669
	908	Societe BIC S.A.		102,039
	1,785	Societe Generale S.A.		97,876
	2,396	Sodexo S.A.		304,512
	1,578	Thales S.A.		165,858
	13,116	TOTAL S.A.		673,287
	322	Unibail-Rodamco SE REIT		79,065
	5,786	Valeo S.A.		416,361
	1,599	Vinci S.A.		136,297
	7,865	Vivendi S.A.		156,004

				8,732,522

		Germany — 13.4%
	1,017	adidas AG		203,897
	479	Allianz SE		91,191
	1,849	Axel Springer SE		103,742
	6,588	BASF SE		641,797

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	37

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	1,687	Bayer AG		208,738
	2,134	Bayerische Motoren Werke AG		203,886
	796	Continental AG		178,302
	2,000	Covestro AG (f)		155,863
	2,839	Daimler AG		211,546
	954	Deutsche Boerse AG		93,377
	13,870	Deutsche Lufthansa AG		239,289
	3,512	Deutsche Post AG		126,235
	41,238	Deutsche Telekom AG		723,348
	3,099	Deutsche Wohnen AG		105,966
	5,751	Evonik Industries AG		192,026
	953	Fielmann AG		72,856
	1,682	Fraport AG Frankfurt Airport Services Worldwide		132,329
	4,263	Fresenius Medical Care AG & Co., KGaA		378,424
	6,919	Fresenius SE & Co., KGaA		561,341
	948	Hannover Rueck SE		113,726
	1,051	HOCHTIEF AG		189,278
	1,380	HUGO BOSS AG		104,940
	45,859	Infineon Technologies AG		947,886
	8,203	K+S AG		195,710
	554	MAN SE		58,207
	1,063	MTU Aero Engines AG		152,471
	399	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		76,496
	1,964	OSRAM Licht AG		131,567
	3,622	ProSiebenSat.1 Media SE		153,753
	16,329	SAP SE		1,635,613
	1,004	Siemens AG		144,017
	2,231	Talanx AG		80,422
	22,306	Telefonica Deutschland Holding AG		108,156
	3,493	TUI AG		50,817
	167	Vonovia SE		6,046

				8,773,258

		Ireland — 0.4%
	1,263	DCC plc		116,621
	1,210	Ryanair Holdings plc ADR (a)		111,235
	1,535	Smurfit Kappa Group plc		41,116

				268,972

		Italy — 2.4%
	4,474	Atlantia SpA		113,457
	26,347	Enel SpA		125,259
	10,735	Eni SpA		166,511
	8,439	Mediobanca SpA		81,154
	2,801	Recordati SpA		103,769
	91,679	Snam SpA		405,045


SHARES		SECURITY DESCRIPTION	VALUE($)

		Italy — continued
	92,790	Terna Rete Elettrica Nazionale SpA		467,832
	38,142	UnipolSai Assicurazioni SpA		87,616

				1,550,643

		Luxembourg — 0.4%
	1,205	RTL Group S.A.		93,394
	6,512	SES S.A., Class A		142,330

				235,724

		Netherlands — 5.1%
	2,877	Akzo Nobel NV		251,629
	5,761	ASML Holding NV		761,774
	2,142	Boskalis Westminster		78,789
	1,614	Heineken Holding NV		135,260
	1,484	Heineken NV		132,363
	4,846	ING Groep NV		78,988
	13,542	Koninklijke Ahold Delhaize NV		280,526
	3,396	Koninklijke DSM NV		243,012
	3,188	Koninklijke Philips NV		110,090
	2,567	NN Group NV		85,108
	211	Randstad Holding NV		12,579
	18,653	RELX NV		360,447
	14,689	STMicroelectronics NV		235,890
	5,305	Unilever NV		277,905
	6,853	Wolters Kluwer NV		290,802

				3,335,162

		Norway — 2.5%
	1,559	Aker BP ASA		26,396
	10,011	DNB ASA		156,235
	4,873	Gjensidige Forsikring ASA		74,862
	12,266	Marine Harvest ASA		204,083
	19,306	Norsk Hydro ASA		110,018
	16,007	Orkla ASA		145,230
	15,752	Statoil ASA		259,418
	28,773	Telenor ASA		464,788
	6,052	Yara International ASA		225,043

				1,666,073

		Portugal — 1.1%
	107,691	EDP — Energias de Portugal S.A.		355,405
	18,154	Galp Energia SGPS S.A.		282,131
	3,995	Jeronimo Martins SGPS S.A.		73,312

				710,848

		Spain — 8.3%
	7,435	Abertis Infraestructuras S.A.		130,705
	1,239	Acciona S.A.		102,218

SEE NOTES TO FINANCIAL STATEMENTS.



38	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — continued
	926	Acerinox S.A.		12,900
	3,250	ACS Actividades de Construccion y Servicios S.A.		120,415
	680	Aena S.A. (f)		119,893
	3,207	Amadeus IT Group S.A., Class A		173,080
	8,199	Banco Santander S.A.		53,432
	9,857	Distribuidora Internacional de Alimentacion S.A.		58,608
	14,560	Enagas S.A.		382,601
	20,820	Endesa S.A.		490,377
	11,734	Gamesa Corp. Tecnologica S.A.		253,064
	18,333	Gas Natural SDG S.A.		414,281
	9,905	Grifols S.A.		265,858
	188,847	Iberdrola S.A.		1,357,578
	14,006	International Consolidated Airlines Group S.A.		101,546
	21,223	Mapfre S.A.		74,027
	2,165	Mediaset Espana Comunicacion S.A.		29,826
	5,853	Merlin Properties Socimi S.A. REIT		69,215
	18,976	Red Electrica Corp. S.A.		369,826
	18,365	Repsol S.A.		289,861
	47,210	Telefonica S.A.		522,141

				5,391,452

		Sweden — 5.5%
	4,600	Alfa Laval AB		94,262
	6,031	Atlas Copco AB, Class A		225,288
	6,721	Boliden AB		192,007
	5,391	Hennes & Mauritz AB, Class B		133,484
	8,244	Hexagon AB, Class B		358,786
	6,528	Husqvarna AB, Class B		64,895
	1,070	ICA Gruppen AB		36,515
	1,188	Industrivarden AB, Class C		27,627
	2,491	Investor AB, Class B		113,817
	17,934	Nordea Bank AB		220,567
	8,747	Securitas AB, Class B		144,574
	8,035	Skandinaviska Enskilda Banken AB, Class A		92,526
	6,819	Skanska AB, Class B		162,985
	4,991	SKF AB, Class B		109,528
	15,919	Svenska Handelsbanken AB, Class A		225,858
	13,716	Swedbank AB, Class A		325,070
	30,177	Tele2 AB, Class B		303,692
	140,297	Telia Co., AB		571,197
	5,931	Trelleborg AB, Class B		139,278
	3,595	Volvo AB, Class B		58,709

				3,600,665


SHARES		SECURITY DESCRIPTION	VALUE($)

		Switzerland — 11.5%
	5,186	ABB Ltd.		127,079
	3	Actelion Ltd. (a)		849
	1,233	Adecco Group AG		91,614
	755	Baloise Holding AG		110,710
	91	Banque Cantonale Vaudoise		65,929
	10,595	Clariant AG		214,567
	235	DKSH Holding AG		18,929
	370	EMS-Chemie Holding AG		231,847
	111	Flughafen Zuerich AG		24,462
	655	Geberit AG		298,358
	119	Givaudan S.A.		229,279
	131	Helvetia Holding AG		72,744
	734	Kuehne & Nagel International AG		111,007
	1,559	Lonza Group AG		318,987
	6,175	Nestle S.A.		475,602
	15,898	Novartis AG		1,223,909
	823	Pargesa Holding S.A.		61,534
	183	Partners Group Holding AG		110,625
	795	PSP Swiss Property AG		71,276
	4,154	Roche Holding AG		1,086,954
	904	Schindler Holding AG		184,724
	83	SGS S.A.		186,900
	22	Sika AG		140,412
	2,173	Sonova Holding AG		321,320
	629	Swiss Life Holding AG		204,701
	1,072	Swiss Prime Site AG		92,935
	918	Swiss Re AG		79,847
	2,190	Swisscom AG		955,020
	559	Syngenta AG		259,786
	820	Temenos Group AG		70,976
	296	Zurich Insurance Group AG		81,915

				7,524,797

		United Kingdom — 24.5%
	11,355	3i Group plc		116,696
	3,379	Admiral Group plc		87,992
	5,100	AstraZeneca plc		305,437
	14,091	BAE Systems plc		114,447
	1,710	Bellway plc		63,023
	4,749	Berkeley Group Holdings plc		200,301
	85,009	BP plc		486,645
	13,807	British American Tobacco plc		932,849
	8,545	Bunzl plc		266,383
	3,901	Burberry Group plc		81,524
	2,061	Carnival plc		127,025
	50,558	Centrica plc		129,553

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	39

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	25,940	Compass Group plc		523,751
	3,184	Croda International plc		155,199
	7,314	Daily Mail & General Trust plc, Class A		67,780
	6,123	Diageo plc		178,224
	13,859	Direct Line Insurance Group plc		62,627
	15,422	DS Smith plc		86,224
	7,385	easyJet plc		111,708
	56,140	GlaxoSmithKline plc		1,129,981
	5,557	Experian plc		119,547
	9,876	Hammerson plc REIT		75,140
	10,392	HSBC Holdings plc		85,696
	5,950	IMI plc		98,543
	6,553	Inchcape plc		72,493
	8,733	Informa plc		72,612
	7,438	Inmarsat plc		78,664
	16,409	Intu Properties plc REIT		58,607
	58,701	ITV plc		159,645
	42,270	J Sainsbury plc		150,712
	18,114	John Wood Group plc		178,063
	4,320	Johnson Matthey plc		166,638
	48,986	Kingfisher plc		216,712
	35,215	Legal & General Group plc		112,233
	49,814	Marks & Spencer Group plc		236,425
	10,188	Meggitt plc		61,012
	7,527	Micro Focus International plc		252,192
	9,613	Mondi plc		248,703
	59,158	National Grid plc		765,995
	6,074	Next plc		338,588
	51,414	Old Mutual plc		129,131
	2,278	Pennon Group plc		25,272
	1,552	Polymetal International plc		20,400
	6,310	Reckitt Benckiser Group plc		581,389
	17,390	RELX plc		352,578
	23,006	Rentokil Initial plc		74,173
	521	Rio Tinto plc		20,554


SHARES		SECURITY DESCRIPTION	VALUE($)

		United Kingdom — continued
	30,255	Royal Dutch Shell plc, Class B		804,996
	14,167	Royal Mail plc		73,875
	47,382	Sage Group plc (The)		411,282
	17,019	Segro plc REIT		107,049
	8,430	Severn Trent plc		253,768
	24,466	Smith & Nephew plc		401,957
	6,248	Smiths Group plc		132,823
	19,705	SSE plc		354,974
	12,486	Tate & Lyle plc		122,447
	16,934	Unilever plc		871,228
	20,061	United Utilities Group plc		252,814
	465,966	Vodafone Group plc		1,200,164
	5,038	Whitbread plc		263,221
	48,358	William Hill plc		183,734
	50,838	Wm Morrison Supermarkets plc		157,924
	1,409	Wolseley plc		89,552
	16,275	WPP plc		348,506

				16,009,400

		Total Common Stocks (Cost $59,191,098)		64,357,986

	Preferred Stocks — 0.9%
		Germany — 0.9%
	2,682	FUCHS PETROLUB SE		138,336
	3,225	Henkel AG & Co., KGaA		438,806

		Total Preferred Stocks (Cost $479,165)		577,142

		Total Investments — 99.4% (Cost $59,670,263)		64,935,128
		Other Assets in Excess of Liabilities — 0.6%		388,813

		NET ASSETS — 100.0%	$	65,323,941

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



40	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

Summary of Investments by Industry, April 30, 2017

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


INDUSTRY	PERCENTAGE
Pharmaceuticals		7.9	%
Oil, Gas & Consumable Fuels		7.8
Diversified Telecommunication Services		6.8
Electric Utilities		6.1
Chemicals		5.9
Software		4.2
Insurance		3.4
Semiconductors & Semiconductor Equipment		3.1
IT Services		2.7
Banks		2.5
Media		2.5
Machinery		2.4
Wireless Telecommunication Services		2.3
Hotels, Restaurants & Leisure		2.2
Electrical Equipment		2.0
Food & Staples Retailing		1.9
Personal Products		1.8
Professional Services		1.7
Food Products		1.7
Household Products		1.6
Health Care Providers & Services		1.5
Construction & Engineering		1.4
Tobacco		1.4
Auto Components		1.4
Multi-Utilities		1.4
Paper & Forest Products		1.3
Health Care Equipment & Supplies		1.3
Energy Equipment & Services		1.3
Metals & Mining		1.2
Textiles, Apparel & Luxury Goods		1.1
Others (each less than 1.0%)		16.2

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	41

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.3%
		Australia — 8.3%
	13,245	AGL Energy Ltd.		265,176
	11,443	Amcor Ltd.		134,550
	8,398	Ansell Ltd.		149,493
	23,194	APA Group		159,067
	4,253	ASX Ltd.		161,230
	44,563	Aurizon Holdings Ltd.		171,842
	37,984	Boral Ltd.		175,089
	13,529	Brambles Ltd.		104,689
	6,586	Caltex Australia Ltd.		147,008
	3,012	CIMIC Group Ltd.		83,471
	1,945	Cochlear Ltd.		203,603
	3,512	CSL Ltd.		348,250
	33,981	CSR Ltd.		124,605
	28,958	Dexus Property Group REIT		221,122
	21,424	DUET Group		48,411
	3,651	Flight Centre Travel Group Ltd.		85,878
	48,249	GPT Group (The) REIT		189,526
	31,318	Harvey Norman Holdings Ltd.		98,233
	80,433	Healthscope Ltd.		132,838
	31,076	Incitec Pivot Ltd.		88,043
	106,680	Mirvac Group REIT		181,196
	4,667	Orica Ltd.		64,659
	47,668	Origin Energy Ltd. (a)		256,515
	47,589	Qantas Airways Ltd.		150,851
	4,161	Ramsay Health Care Ltd.		223,121
	72,063	Scentre Group REIT		232,512
	11,742	Sonic Healthcare Ltd.		194,111
	37,630	Star Entertainment Group Ltd. (The)		156,738
	44,722	Sydney Airport		230,984
	48,841	Tabcorp Holdings Ltd.		173,521
	43,830	Tatts Group Ltd.		141,002
	67,797	Telstra Corp., Ltd.		214,209
	30,569	Transurban Group		279,275
	9,403	Wesfarmers Ltd.		302,678
	10,467	WorleyParsons Ltd. (a)		88,414

				5,981,910

		Austria — 0.3%
	4,916	OMV AG		226,437

		Belgium — 0.8%
	736	Ageas		30,136
	2,250	Colruyt S.A.		115,619
	1,202	Groupe Bruxelles Lambert S.A.		115,294
	4,906	Proximus SADP		150,045
	660	Solvay S.A.		83,946


SHARES		SECURITY DESCRIPTION	VALUE($)

		Belgium — continued
	1,096	UCB S.A.		85,542

				580,582

		Canada — 3.1%
	1,692	Agrium, Inc.		158,807
	2,697	ARC Resources Ltd.		35,406
	4,149	BCE, Inc.		188,902
	1,525	Canadian Tire Corp., Ltd., Class A		186,121
	2,459	Fortis, Inc.		80,018
	7,170	Husky Energy, Inc. (a)		82,780
	4,568	Imperial Oil Ltd.		132,885
	5,184	Inter Pipeline Ltd.		105,613
	2,071	Loblaw Cos., Ltd.		116,230
	5,947	Metro, Inc., Class A		203,803
	4,712	RioCan REIT		89,507
	4,400	Rogers Communications, Inc., Class B		201,748
	7,003	Shaw Communications, Inc., Class B		148,468
	2,657	Suncor Energy Inc.		83,269
	5,174	TELUS Corp.		172,157
	1,517	Tourmaline Oil Corp. (a)		29,805
	4,568	TransCanada Corp.		212,095

				2,227,614

		Denmark — 0.7%
	837	Carlsberg A/S, Class B		83,518
	2,133	Chr. Hansen Holding A/S		143,709
	1,168	DONG Energy A/S (f)		45,992
	879	DSV A/S		48,948
	1,219	H Lundbeck A/S		62,529
	25,995	TDC A/S		139,449

				524,145

		Finland — 0.8%
	9,132	Fortum OYJ		132,782
	4,929	Neste OYJ		200,853
	1,237	Sampo OYJ, Class A		59,200
	7,448	Stora Enso OYJ, Class R		88,392
	4,107	UPM-Kymmene OYJ		108,206

				589,433

		France — 4.4%
	1,489	Alstom S.A. (a)		47,261
	1,466	Arkema S.A.		155,225
	1,785	Atos SE		233,809
	2,026	Capital Gemini S.A.		202,847
	2,262	Casino Guichard Perrachon S.A.		136,228
	621	Christian Dior SE		170,318

SEE NOTES TO FINANCIAL STATEMENTS.



42	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		France — continued
	1,790	Danone S.A.		125,275
	2,422	Dassault Systemes SE		216,093
	1,123	Eiffage S.A.		95,124
	4,149	Eutelsat Communications S.A.		98,163
	1,217	Faurecia		59,479
	467	Iliad S.A.		113,352
	503	Ingenico Group S.A.		45,545
	2,719	Lagardere SCA		83,230
	9,235	Orange S.A.		142,933
	884	Pernod Ricard S.A.		110,634
	1,565	Publicis Groupe S.A.		112,987
	1,991	SCOR SE		78,758
	1,335	Sodexo S.A.		169,668
	2,049	Thales S.A.		215,363
	2,847	TOTAL S.A.		146,146
	2,843	Valeo S.A.		204,583
	899	Vinci S.A.		76,630
	5,386	Vivendi S.A.		106,833

				3,146,484

		Germany — 2.9%
	675	BASF SE		65,758
	1,490	Beiersdorf AG		148,183
	1,414	Covestro AG (f)		110,195
	4,639	Deutsche Lufthansa AG		80,033
	8,462	Deutsche Telekom AG		148,430
	4,347	Evonik Industries AG		145,147
	1,785	Fraport AG Frankfurt Airport Services Worldwide		140,432
	1,996	Fresenius Medical Care AG & Co., KGaA		177,184
	2,663	Fresenius SE & Co., KGaA		216,050
	1,659	Hannover Rueck SE		199,021
	11,651	Infineon Technologies AG		240,821
	1,559	Merck KGaA		183,139
	1,871	SAP SE		187,411
	314	United Internet AG		14,452

				2,056,256

		Hong Kong — 3.8%
	2,900	ASM Pacific Technology Ltd.		43,174
	43,000	Cathay Pacific Airways Ltd.		61,887
	20,000	Cheung Kong Infrastructure Holdings Ltd.		175,093
	23,760	CK Hutchison Holdings Ltd.		296,698
	23,000	CLP Holdings Ltd.		242,563
	12,300	Hang Seng Bank Ltd.		249,148
	108,770	Hong Kong & China Gas Co., Ltd.		217,309
	9,000	Johnson Electric Holdings Ltd.		27,677


SHARES		SECURITY DESCRIPTION	VALUE($)

		Hong Kong — continued
	32,500	Link REIT		233,609
	39,500	MTR Corp., Ltd.		227,250
	99,000	New World Development Co., Ltd.		123,107
	178,000	PCCW Ltd.		100,494
	23,000	Power Assets Holdings Ltd.		206,864
	159,700	Semiconductor Manufacturing International Corp. (a)		201,741
	15,000	Swire Pacific Ltd., Class A		144,643
	120,000	Xinyi Glass Holdings Ltd.		106,336
	220,000	Xinyi Solar Holdings Ltd.		68,661

				2,726,254

		Israel — 0.3%
	2,132	Check Point Software Technologies Ltd. (a)		221,749

		Italy — 0.7%
	1,653	Buzzi Unicem SpA		42,476
	23,810	Italgas SpA (a)		107,636
	2,192	Recordati SpA		81,207
	35,410	Snam SpA		156,444
	30,446	Terna Rete Elettrica Nazionale SpA		153,504

				541,267

		Japan — 22.4%
	2,000	Aisin Seiki Co., Ltd.		97,954
	71,000	ANA Holdings, Inc.		213,871
	57,000	Aozora Bank Ltd.		207,692
	11,400	Brother Industries Ltd.		234,562
	7,500	Canon, Inc.		248,910
	4,000	Capcom Co., Ltd.		86,279
	900	Central Japan Railway Co.		150,938
	11,700	Chubu Electric Power Co., Inc.		157,095
	11,900	Chugoku Electric Power Co., Inc. (The)		129,727
	1,900	COMSYS Holdings Corp.		36,144
	7,000	Cosmo Energy Holdings Co., Ltd.		110,877
	5,200	Credit Saison Co., Ltd.		94,752
	6,000	Dai Nippon Printing Co., Ltd.		66,796
	700	Daicel Corp.		8,036
	9,800	Daiichi Sankyo Co., Ltd.		217,794
	1,000	Daito Trust Construction Co., Ltd.		147,153
	3,900	DIC Corp.		138,827
	9,000	Dowa Holdings Co., Ltd.		67,002
	4,100	Ebara Corp.		124,902
	5,900	Electric Power Development Co., Ltd.		136,870
	2,600	FamilyMart UNY Holdings Co., Ltd.		146,970
	29,000	Fuji Electric Co., Ltd.		158,957
	5,500	FUJIFILM Holdings Corp.		204,131
	25,400	Fujikura Ltd.		190,957

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	43

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	11,000	Fujitsu Ltd.		68,666
	4,000	Fukuoka Financial Group, Inc.		18,248
	3,600	Hankyu Hanshin Holdings, Inc.		118,920
	2,100	Hikari Tsushin, Inc.		201,690
	3,400	Hitachi High-Technologies Corp.		135,725
	1,700	Hitachi Kokusai Electric, Inc.		38,127
	10,300	Hokkaido Electric Power Co., Inc.		74,771
	9,900	Hokuriku Electric Power Co.		91,502
	7,200	Idemitsu Kosan Co., Ltd.		230,198
	19,900	Inpex Corp.		190,690
	15,200	ITOCHU Corp.		215,080
	5,400	Japan Airlines Co., Ltd.		170,539
	3,900	Japan Petroleum Exploration Co., Ltd.		85,270
	91,200	JX Holdings, Inc.		411,497
	19,000	Kaneka Corp.		149,812
	14,100	Kansai Electric Power Co., Inc. (The)		190,550
	73,000	Kawasaki Kisen Kaisha Ltd.		191,941
	8,600	KDDI Corp.		228,021
	5,500	Keisei Electric Railway Co., Ltd.		130,896
	3,400	Konami Holdings Corp.		141,533
	5,500	Konica Minolta, Inc.		48,689
	13,600	Kuraray Co., Ltd.		219,492
	3,600	Kyowa Hakko Kirin Co., Ltd.		61,851
	7,300	Kyushu Electric Power Co., Inc.		78,744
	500	Lawson, Inc.		33,175
	33,000	Marubeni Corp.		203,403
	10,300	Mitsubishi Tanabe Pharma Corp.		209,223
	118,700	Mizuho Financial Group, Inc.		216,975
	2,000	Mochida Pharmaceutical Co., Ltd.		150,921
	7,000	NH Foods Ltd.		199,521
	2,000	Nihon M&A Center, Inc.		68,306
	6,000	Nikon Corp.		85,652
	9,000	Nippon Kayaku Co., Ltd.		122,966
	7,300	Nippon Paper Industries Co., Ltd.		138,013
	2,100	Nippon Shokubai Co., Ltd.		141,067
	5,000	Nippon Telegraph & Telephone Corp.		214,278
	12,300	Nipro Corp.		186,633
	14,800	Nissan Motor Co., Ltd.		140,979
	4,800	Nisshin Steel Co., Ltd.		58,623
	1,900	Nissin Foods Holdings Co., Ltd.		108,798
	8,200	Nomura Real Estate Holdings, Inc.		138,697
	2,900	Nomura Research Institute Ltd.		100,981
	4,000	NTT Data Corp.		185,739
	9,200	NTT DOCOMO, Inc.		222,613
	6,000	Oji Holdings Corp.		29,040
	50,000	Osaka Gas Co., Ltd.		187,161


SHARES		SECURITY DESCRIPTION	VALUE($)

		Japan — continued
	2,600	Otsuka Corp.		139,269
	4,600	Otsuka Holdings Co., Ltd.		211,871
	3,400	Park24 Co., Ltd.		87,726
	38,300	Resona Holdings, Inc.		212,917
	9,500	Ricoh Co., Ltd.		79,186
	2,700	Sankyo Co., Ltd.		94,163
	2,100	Sawai Pharmaceutical Co., Ltd.		114,755
	2,500	SBI Holdings, Inc.		34,680
	2,800	SCREEN Holdings Co., Ltd.		203,382
	2,600	SCSK Corp.		104,670
	3,300	Sega Sammy Holdings, Inc.		44,307
	10,300	Sekisui Chemical Co., Ltd.		172,871
	12,500	Sekisui House Ltd.		207,648
	4,300	Seven Bank Ltd.		14,442
	1,500	Shimamura Co., Ltd.		205,293
	6,000	Shimizu Corp.		57,540
	7,000	Showa Denko K.K.		133,700
	18,100	Showa Shell Sekiyu K.K.		174,806
	3,200	SoftBank Group Corp.		242,729
	68,200	Sojitz Corp.		173,384
	5,600	Square Enix Holdings Co., Ltd.		161,237
	5,500	Sumitomo Dainippon Pharma Co., Ltd.		90,327
	33,000	Sumitomo Osaka Cement Co., Ltd.		143,223
	3,500	Suzuken Co., Ltd.		115,818
	11,000	Taisei Corp.		83,879
	1,200	Taisho Pharmaceutical Holdings Co., Ltd.		98,737
	8,000	Takashimaya Co., Ltd.		73,664
	1,000	Takeda Pharmaceutical Co., Ltd.		47,974
	6,000	Teijin Ltd.		116,252
	2,500	Terumo Corp.		91,296
	14,600	Tohoku Electric Power Co., Inc.		194,645
	8,000	Tokyo Broadcasting System Holdings, Inc.		142,006
	37,500	Tokyo Electric Power Holdings Co., Inc. (a)		145,670
	35,000	Tokyo Gas Co., Ltd.		162,502
	4,600	Tokyo Tatemono Co., Ltd.		62,845
	11,000	Tokyu Corp.		78,788
	9,600	Tokyu Fudosan Holdings Corp.		52,429
	19,000	Toppan Printing Co., Ltd.		191,269
	12,000	Tosoh Corp.		112,783
	4,700	Toyo Suisan Kaisha Ltd.		176,521
	3,000	Toyota Industries Corp.		149,443
	4,500	Toyota Motor Corp.		243,544
	5,200	Tsumura & Co.		168,518
	75,000	Ube Industries Ltd.		174,357
	25,500	Yamada Denki Co., Ltd.		133,916

SEE NOTES TO FINANCIAL STATEMENTS.



44	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	6,400	Yokohama Rubber Co., Ltd. (The)		125,667

				16,059,061

		Netherlands — 1.8%
	714	Boskalis Westminster		26,263
	1,866	Gemalto NV		104,471
	1,380	Heineken Holding NV		115,650
	8,471	Koninklijke Ahold Delhaize NV		175,479
	1,584	Koninklijke DSM NV		113,348
	44,595	Koninklijke KPN NV		128,925
	2,671	Koninklijke Philips NV		92,237
	3,301	NN Group NV		109,444
	7,190	RELX NV		138,938
	4,967	STMicroelectronics NV		79,765
	4,808	Wolters Kluwer NV		204,024

				1,288,544

		New Zealand — 0.3%
	16,548	Contact Energy Ltd.		59,195
	75,033	Spark New Zealand Ltd.		190,152

				249,347

		Norway — 0.9%
	12,351	Marine Harvest ASA		205,497
	15,486	Orkla ASA		140,503
	8,833	Telenor ASA		142,685
	3,671	Yara International ASA		136,506

				625,191

		Portugal — 0.4%
	44,529	EDP — Energias de Portugal S.A.		146,956
	7,844	Galp Energia SGPS S.A.		121,903

				268,859

		Singapore — 2.3%
	82,500	CapitaLand Mall Trust REIT		116,333
	60,000	ComfortDelGro Corp., Ltd.		117,565
	289,900	Golden Agri-Resources Ltd.		74,579
	179,000	Hutchison Port Holdings Trust, Class U		72,464
	1,300	Jardine Matheson Holdings Ltd.		83,659
	1,500	Jardine Strategic Holdings Ltd.		63,384
	44,900	Keppel Corp., Ltd.		208,764
	51,300	Sembcorp Industries Ltd.		111,152
	15,100	Singapore Airlines Ltd.		110,619
	54,000	Singapore Press Holdings Ltd.		134,010
	93,500	Singapore Telecommunications Ltd.		250,326
	9,500	Venture Corp., Ltd.		82,910
	79,100	Wilmar International Ltd.		200,920

				1,626,685


SHARES		SECURITY DESCRIPTION	VALUE($)

		South Korea — 9.3%
	2,302	Celltrion, Inc. (a)		181,128
	387	CJ CheilJedang Corp.		116,051
	228	E-MART, Inc.		46,054
	2,517	GS Holdings Corp.		131,010
	3,316	Hankook Tire Co., Ltd.		171,605
	517	Hanmi Pharm Co., Ltd. (a)		140,092
	1,661	Hanmi Science Co., Ltd.		88,483
	10,299	Hanon Systems		76,527
	7,567	Hanwha Chemical Corp.		167,060
	3,654	Hanwha Techwin Co., Ltd. (a)		166,864
	333	Hyosung Corp.		42,059
	2,767	Hyundai Engineering & Construction Co., Ltd.		117,864
	604	Hyundai Heavy Industries Co., Ltd. (a)		87,582
	1,111	Hyundai Mobis Co., Ltd.		216,668
	3,494	Hyundai Steel Co.		168,296
	9,601	Industrial Bank of Korea		105,290
	2,237	Kakao Corp.		177,591
	6,704	Kia Motors Corp.		205,216
	6,059	Korea Electric Power Corp.		241,513
	3,059	Korea Gas Corp.		125,296
	269	Korea Zinc Co., Ltd.		100,549
	2,876	Korean Air Lines Co., Ltd. (a)		77,355
	7,192	KT Corp.		203,489
	2,457	KT&G Corp.		219,112
	9,453	LG Display Co., Ltd.		243,586
	2,025	LG Electronics, Inc.		122,925
	18,036	LG Uplus Corp.		229,174
	711	Lotte Chemical Corp.		213,439
	257	Lotte Shopping Co., Ltd.		59,268
	373	NAVER Corp.		262,153
	1,061	POSCO		250,484
	363	Samsung Biologics Co., Ltd. (a)		55,753
	208	Samsung Electronics Co., Ltd.		407,769
	1,095	Samsung Fine Chemicals Co., Ltd.		37,042
	159	Samsung SDI Co., Ltd.		19,195
	1,058	Samsung SDS Co., Ltd.		127,755
	369	Shinsegae, Inc.		66,318
	995	SK Holdings Co., Ltd.		211,937
	6,524	SK Hynix, Inc.		309,064
	1,680	SK Innovation Co., Ltd.		252,042
	1,075	SK Telecom Co., Ltd.		226,917
	2,474	SKC Co., Ltd.		62,249
	11,983	Woori Bank		157,132

				6,686,956

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	45

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — 2.2%
	824	Acciona S.A.		67,981
	1,726	Acerinox S.A.		24,044
	1,183	ACS Actividades de Construccion y Servicios S.A.		43,831
	967	Aena S.A. (f)		170,494
	5,822	Enagas S.A.		152,988
	6,989	Endesa S.A.		164,613
	3,027	Ferrovial S.A.		64,392
	6,866	Gamesa Corp. Tecnologica S.A.		148,077
	7,260	Gas Natural SDG S.A.		164,058
	6,831	Grifols S.A.		183,349
	21,108	Iberdrola S.A.		151,741
	6,676	Red Electrica Corp. S.A.		130,110
	9,189	Repsol S.A.		145,033

				1,610,711

		Sweden — 2.9%
	1,442	Autoliv, Inc.		144,474
	6,906	Boliden AB		197,293
	4,221	Getinge AB, Class B		82,449
	3,630	Hexagon AB, Class B		157,981
	1,272	International Petroleum Corp. (a)		4,624
	3,500	Investor AB, Class B		159,920
	3,818	Lundin Petroleum AB (a)		72,804
	11,669	Securitas AB, Class B		192,870
	8,241	Skanska AB, Class B		196,973
	6,336	Svenska Cellulosa AB SCA, Class B		209,768
	3,169	Svenska Handelsbanken AB, Class A		44,962
	4,341	Swedish Match AB		143,151
	17,234	Tele2 AB, Class B		173,437
	35,544	Telia Co., AB		144,712
	6,779	Trelleborg AB, Class B		159,192

				2,084,610

		Switzerland — 2.0%
	1,087	Baloise Holding AG		159,393
	7,420	Clariant AG		150,268
	3,408	Garmin Ltd.		173,262
	309	Kuehne & Nagel International AG		46,732
	1,070	Lonza Group AG		218,933
	1,619	Novartis AG		124,639
	1,079	Sonova Holding AG		159,551
	84	Straumann Holding AG		44,340
	445	Swiss Life Holding AG		144,820
	723	Swiss Prime Site AG		62,679
	317	Swisscom AG		138,238

				1,422,855


SHARES		SECURITY DESCRIPTION	VALUE($)

		United Kingdom — 3.5%
	199	Antofagasta plc		2,159
	4,473	Barratt Developments plc		33,564
	973	Berkeley Group Holdings plc		41,039
	24,491	BP plc		140,202
	3,705	British Land Co., plc (The) REIT		31,504
	21,633	BT Group plc, Class A		85,341
	6,504	Bunzl plc		202,757
	7,219	Direct Line Insurance Group plc		32,622
	5,220	easyJet plc		78,960
	6,237	GlaxoSmithKline plc		125,538
	5,883	Hammerson plc REIT		44,760
	7,188	Inmarsat plc		76,020
	326	Johnson Matthey plc		12,575
	20,056	Kingfisher plc		88,727
	7,686	Land Securities Group plc REIT		110,077
	1,421	Micro Focus International plc		47,611
	5,290	Mondi plc		136,860
	12,693	Royal Mail plc		66,189
	21,471	Sage Group plc (The)		186,371
	4,912	Severn Trent plc		147,866
	9,183	Smith & Nephew plc		150,869
	11,140	Tate & Lyle plc		109,247
	11,527	United Utilities Group plc		145,266
	54,107	Vodafone Group plc		139,360
	9,585	William Hill plc		36,418
	33,078	Wm Morrison Supermarkets plc		102,754
	6,140	WPP plc		131,479

				2,506,135

		United States — 25.2%
	1,415	Alaska Air Group, Inc.		120,402
	1,434	Albemarle Corp.		156,177
	4,270	Alcoa Corp.		144,027
	297	Alleghany Corp. (a)		181,378
	5,145	Alliant Energy Corp.		202,301
	1,665	Allstate Corp. (The)		135,348
	3,345	Amdocs Ltd. (Guernsey)		204,848
	2,986	Ameren Corp.		163,304
	2,640	American Water Works Co., Inc.		210,566
	11,235	Annaly Capital Management, Inc. REIT		132,685
	1,094	ANSYS, Inc. (a)		120,515
	3,611	Antero Resources Corp. (a)		76,517
	1,274	Anthem, Inc.		226,632
	467	Arrow Electronics, Inc. (a)		32,923
	1,392	Ashland Global Holdings, Inc.		171,912
	692	Assurant, Inc.		66,598

SEE NOTES TO FINANCIAL STATEMENTS.



46	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	5,773	AT&T, Inc.		228,784
	2,676	AutoNation, Inc. (a)		112,392
	2,513	Avery Dennison Corp.		209,107
	3,095	Avnet, Inc.		119,746
	3,013	Axis Capital Holdings Ltd. (Bermuda)		198,557
	1,129	Becton, Dickinson & Co.		211,089
	3,458	Bemis Co., Inc.		155,368
	2,925	Broadridge Financial Solutions, Inc.		204,575
	675	C.R. Bard, Inc.		207,549
	5,167	CA Technologies, Inc.		169,633
	2,050	Celanese Corp., Class A		178,432
	5,739	CenturyLink, Inc.		147,320
	2,096	Chevron Corp.		223,643
	3,997	Church & Dwight Co., Inc.		197,971
	24	Cigna Corp.		3,753
	1,998	Cincinnati Financial Corp.		144,036
	1,680	Cintas Corp.		205,750
	2,290	CMS Energy Corp.		103,966
	1,790	CNA Financial Corp.		81,015
	3,096	Commerce Bancshares, Inc.		170,125
	1,867	Consolidated Edison, Inc.		148,016
	1,266	Constellation Brands, Inc., Class A		218,436
	2,360	Darden Restaurants, Inc.		201,048
	702	DaVita HealthCare Partners, Inc. (a)		48,445
	2,969	DENTSPLY SIRONA, Inc.		187,760
	2,133	Dr. Pepper Snapple Group, Inc.		195,489
	1,600	DST Systems, Inc.		196,976
	1,996	DTE Energy Co.		208,762
	2,298	DXC Technology Co. (a)		173,131
	2,014	Eastman Chemical Co.		160,617
	1,297	Edgewell Personal Care Co. (a)		92,723
	879	Everest Re Group Ltd. (Bermuda)		221,253
	3,518	Eversource Energy		208,969
	2,408	Fidelity National Information Services, Inc.		202,730
	2,713	Flex Ltd. (Singapore) (a)		41,943
	2,648	Foot Locker, Inc.		204,796
	47,450	Frontier Communications Corp.		89,206
	3,688	Gentex Corp.		76,157
	1,332	Genuine Parts Co.		122,571
	1,866	Harris Corp.		208,787
	2,147	Hasbro, Inc.		212,789
	1,519	Helmerich & Payne, Inc.		92,112
	1,126	Henry Schein, Inc. (a)		195,699
	3,716	HollyFrontier Corp.		104,568
	4,328	Hormel Foods Corp.		151,826
	969	IAC/Interactive Corp. (a)		80,437


SHARES		SECURITY DESCRIPTION	VALUE($)

		United States — continued
	1,070	Ingredion, Inc.		132,487
	6,322	Intel Corp.		228,540
	1,464	International Flavors & Fragrances, Inc.		202,896
	5,030	International Game Technology plc (United Kingdom)		111,666
	3,282	Interpublic Group of Cos., Inc. (The)		77,357
	3,447	Jabil Circuit, Inc.		100,032
	1,419	JM Smucker Co. (The)		179,816
	2,076	Johnson & Johnson		256,324
	1,207	L3 Technologies, Inc.		207,326
	1,468	Laboratory Corp. of America Holdings (a)		205,740
	3,868	Leggett & Platt, Inc.		203,225
	3,166	Level 3 Communications, Inc. (a)		192,366
	5,490	Liberty Interactive Corp. QVC Group, Class A (a)		116,278
	1,465	McCormick & Co., Inc. (Non-Voting)		146,354
	5,000	MDU Resources Group, Inc.		134,500
	2,002	Molson Coors Brewing Co., Class B		191,972
	2,033	Murphy Oil Corp.		53,224
	3,524	NiSource, Inc.		85,457
	802	Northrop Grumman Corp.		197,260
	104	NVR, Inc. (a)		219,570
	3,930	Old Republic International Corp.		81,272
	3,249	Patterson Cos., Inc.		144,548
	2,516	Pinnacle West Capital Corp.		214,086
	1,110	Public Service Enterprise Group, Inc.		48,896
	3,825	PulteGroup, Inc.		86,713
	582	Quest Diagnostics, Inc.		61,407
	1,335	Raytheon Co.		207,205
	1,365	RenaissanceRe Holdings Ltd. (Bermuda)		194,062
	3,294	Republic Services, Inc., Class A		207,489
	2,863	Reynolds American, Inc.		184,664
	2,678	SCANA Corp.		177,578
	1,831	Scripps Networks Interactive, Inc., Class A		136,812
	3,607	Southwest Airlines Co.		202,786
	23,864	Sprint Corp. (a)		215,492
	4,240	Symantec Corp.		134,111
	2,942	Synopsys, Inc. (a)		216,825
	3,426	TEGNA, Inc.		87,294
	1,267	Tesoro Corp.		100,993
	3,581	Thomson Reuters Corp. (Canada)		162,726
	3,303	T-Mobile US, Inc. (a)		222,193
	2,634	Torchmark Corp.		202,054
	149	Total System Services, Inc.		8,539
	1,943	Tyson Foods, Inc., Class A		124,857
	1,448	Universal Health Services, Inc., Class B		174,860

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	4,680	Verizon Communications, Inc.		214,859
	2,942	W.R. Berkley Corp.		199,997
	1,178	Wal-Mart Stores, Inc.		88,562
	347	Walt Disney Co. (The)		40,113
	1,069	Waters Corp. (a)		181,612
	2,979	Westlake Chemical Corp.		185,443
	2,270	Wyndham Worldwide Corp.		216,354
	4,794	Xcel Energy, Inc.		215,970
	3,275	Xylem, Inc.		168,368
	577	Zimmer Biomet Holdings, Inc.		69,038

				18,084,358

		Total Common Stocks (Cost $64,101,869)		71,335,443

	Preferred Stock — 0.2%
		Germany — 0.2%
	786	Henkel AG & Co., KGaA		106,946

		Total Preferred Stock (Cost $103,908)		106,946

		Total Investments — 99.5% (Cost $64,205,777)		71,442,389
		Other Assets in Excess of Liabilities — 0.5%		386,149

		NET ASSETS — 100.0%	$	71,828,538

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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		7.1	%
Chemicals		6.0
Diversified Telecommunication Services		5.5
Electric Utilities		5.5
Insurance		3.7
Pharmaceuticals		3.5
IT Services		3.2
Health Care Providers & Services		3.2
Food Products		3.1
Software		2.8
Wireless Telecommunication Services		2.6
Health Care Equipment & Supplies		2.4
Equity Real Estate Investment Trusts (REITs)		2.0
Media		2.0
Auto Components		2.0
Banks		2.0
Multi-Utilities		1.9
Semiconductors & Semiconductor Equipment		1.9
Household Durables		1.9
Hotels, Restaurants & Leisure		1.8
Airlines		1.8
Technology Hardware, Storage & Peripherals		1.7
Gas Utilities		1.6
Industrial Conglomerates		1.5
Commercial Services & Supplies		1.5
Road & Rail		1.5
Metals & Mining		1.4
Aerospace & Defense		1.4
Electronic Equipment, Instruments & Components		1.4
Specialty Retail		1.3
Beverages		1.3
Food & Staples Retailing		1.3
Transportation Infrastructure		1.3
Construction & Engineering		1.1
Trading Companies & Distributors		1.1
Real Estate Management & Development		1.0
Others (each less than 1.0%)		13.7

SEE NOTES TO FINANCIAL STATEMENTS.



48	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return International Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Company — 99.8%
		Exchange Traded Fund — 99.8%
	772,645	JPMorgan Diversified Return International Equity ETF (b)		41,738,283

		Total Exchange Traded Fund (Cost $39,110,817)		41,738,283

		Total Investments — 99.8% (Cost $39,110,817)		41,738,283

		Other Assets in Excess of Liabilities — 0.2%		66,195

		NET ASSETS — 100.0%	$	41,804,478

Percentages indicated are based on net assets.


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,946,684		AUD	Goldman Sachs		05/03/2017		3,700,094		3,703,869		3,775
	350,597		AUD	Goldman Sachs		06/06/2017		262,024		262,348		324
	723,999		CHF	Goldman Sachs		05/03/2017		727,308		727,786		478
	4,068,178		DKK	Goldman Sachs		05/03/2017		595,690		595,878		188
	680,869		DKK	Goldman Sachs		06/06/2017		99,865		99,907		42
	7,263,258		EUR	Goldman Sachs		05/03/2017		7,909,325		7,913,125		3,800
	61,367		EUR	Goldman Sachs		06/06/2017		66,976		66,977		1
	6,918,075		GBP	Goldman Sachs		05/03/2017		8,949,471		8,961,099		11,628
	54,881		GBP	Royal Bank of Canada		06/06/2017		71,205		71,160		(45	)
	16,986,761		HKD	Goldman Sachs		05/04/2017		2,184,055		2,184,048		(7	)
	1,126,365,254		JPY	Goldman Sachs		05/08/2017		10,107,516		10,107,270		(246	)
	9,294,622		JPY	Royal Bank of Canada		06/06/2017		83,532		83,500		(32	)
	4,879,592,061		KRW (c)	Goldman Sachs		05/04/2017		4,299,920		4,288,522		(11,398	)
	214,409,891		KRW (c)	Goldman Sachs		06/05/2017		188,327		188,527		200
	3,057,958		NOK	Goldman Sachs		05/03/2017		356,967		356,171		(796	)
	352,918		NZD	Goldman Sachs		05/03/2017		242,290		242,294		4
	10,380,205		SEK	Goldman Sachs		05/03/2017		1,172,269		1,172,131		(138	)
	1,563,084		SGD	Goldman Sachs		05/03/2017		1,118,326		1,118,804		478
								42,135,160		42,143,416		8,256

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan Diversified Return International Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,946,684		AUD	Goldman Sachs		05/03/2017		3,771,619		3,703,869		67,750
	4,826,697		AUD	Goldman Sachs		06/06/2017		3,607,305		3,611,761		(4,456	)
	723,999		CHF	Goldman Sachs		05/03/2017		724,494		727,786		(3,292	)
	776,528		CHF	Goldman Sachs		06/06/2017		781,660		782,350		(690	)
	4,068,178		DKK	Goldman Sachs		05/03/2017		585,926		595,878		(9,952	)
	4,068,178		DKK	Goldman Sachs		06/06/2017		596,688		596,940		(252	)
	7,263,258		EUR	Goldman Sachs		05/03/2017		7,779,996		7,913,126		(133,130	)
	7,315,647		EUR	Goldman Sachs		06/06/2017		7,979,227		7,984,417		(5,190	)
	6,918,075		GBP	Royal Bank of Canada		05/03/2017		8,657,177		8,961,098		(303,921	)
	7,022,359		GBP	Goldman Sachs		06/06/2017		9,093,392		9,105,296		(11,904	)
	16,986,761		HKD	Goldman Sachs		05/04/2017		2,187,025		2,184,048		2,977
	16,948,672		HKD	Goldman Sachs		06/06/2017		2,180,623		2,180,741		(118	)
	1,126,365,254		JPY	Goldman Sachs		05/08/2017		10,120,573		10,107,270		13,303
	1,177,005,239		JPY	Goldman Sachs		06/06/2017		10,572,437		10,573,847		(1,410	)
	4,879,592,060		KRW (c)	Goldman Sachs		05/04/2017		4,363,597		4,288,522		75,075
	4,879,592,060		KRW (c)	Goldman Sachs		06/05/2017		4,300,678		4,290,542		10,136
	3,057,958		NOK	Goldman Sachs		05/03/2017		356,138		356,171		(33	)
	3,424,784		NOK	Goldman Sachs		06/06/2017		399,940		399,070		870
	352,918		NZD	Goldman Sachs		05/03/2017		246,521		242,294		4,227
	352,918		NZD	Goldman Sachs		06/06/2017		242,075		242,078		(3	)
	10,380,205		SEK	Goldman Sachs		05/03/2017		1,164,161		1,172,131		(7,970	)
	11,238,016		SEK	Goldman Sachs		06/07/2017		1,271,348		1,271,411		(63	)
	1,563,084		SGD	Goldman Sachs		05/03/2017		1,118,779		1,118,804		(25	)
	1,563,084		SGD	Goldman Sachs		06/06/2017		1,118,614		1,119,225		(611	)
								83,219,993		83,528,675		(308,682	)

SEE NOTES TO FINANCIAL STATEMENTS.



50	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.9%
		Australia — 8.0%
	137,906	AGL Energy Ltd.		2,760,994
	131,398	Ansell Ltd.		2,339,013
	277,337	APA Group		1,902,002
	97,095	Bendigo & Adelaide Bank Ltd.		893,536
	102,525	BlueScope Steel Ltd.		895,755
	243,304	Boral Ltd.		1,121,521
	30,040	Caltex Australia Ltd.		670,531
	24,762	Cochlear Ltd.		2,592,096
	30,194	CSL Ltd.		2,994,039
	403,562	CSR Ltd.		1,479,820
	364,911	Dexus Property Group REIT		2,786,440
	210,093	Downer EDI Ltd.		923,221
	911,610	DUET Group		2,059,932
	647,761	GPT Group (The) REIT		2,544,458
	325,172	Harvey Norman Holdings Ltd.		1,019,948
	961,095	Healthscope Ltd.		1,587,286
	251,952	Incitec Pivot Ltd.		713,819
	291,827	Mirvac Group REIT		495,669
	512,911	Origin Energy Ltd. (a)		2,760,116
	46,309	Ramsay Health Care Ltd.		2,483,185
	158,032	Sonic Healthcare Ltd.		2,612,485
	90,387	Star Entertainment Group Ltd. (The)		376,483
	177,776	Sydney Airport		918,192
	698,450	Tabcorp Holdings Ltd.		2,481,440
	647,273	Tatts Group Ltd.		2,082,293
	718,251	Telstra Corp., Ltd.		2,269,365
	334,742	TPG Telecom Ltd.		1,476,928
	313,549	Transurban Group		2,864,551
	1,024,968	Vicinity Centres REIT		2,209,235
	354,575	Vocus Group Ltd.		893,868
	83,435	Wesfarmers Ltd.		2,685,736
	5,672	WorleyParsons Ltd. (a)		47,911

				55,941,868

		Austria — 0.7%
	62,276	OMV AG		2,868,507
	46,247	voestalpine AG		1,928,010

				4,796,517

		Belgium — 1.0%
	38,201	Colruyt S.A.		1,963,003
	13,912	Groupe Bruxelles Lambert S.A.		1,334,417
	67,710	Proximus SADP		2,070,841
	29,302	Umicore S.A.		1,716,723

				7,084,984


SHARES		SECURITY DESCRIPTION	VALUE($)

		Denmark — 1.2%
	29,974	Chr. Hansen Holding A/S		2,019,469
	3,229	DSV A/S		179,808
	40,641	H Lundbeck A/S		2,084,681
	9,901	ISS A/S		410,696
	336,275	TDC A/S		1,803,936
	75,384	William Demant Holding A/S (a)		1,725,368

				8,223,958

		Finland — 1.6%
	46,506	Elisa OYJ		1,581,530
	56,985	Fortum OYJ		828,577
	40,049	Kesko OYJ, Class B		1,875,689
	62,372	Neste OYJ		2,541,611
	14,380	Nokian Renkaat OYJ		618,065
	39,043	Orion OYJ, Class B		2,237,539
	60,800	UPM-Kymmene OYJ		1,601,880

				11,284,891

		France — 5.2%
	16,341	Arkema S.A.		1,730,237
	21,941	Atos SE		2,873,952
	27,144	Capital Gemini S.A.		2,717,714
	13,583	Casino Guichard Perrachon S.A.		818,031
	10,657	Christian Dior SE		2,922,840
	30,641	Dassault Systemes SE		2,733,818
	23,555	Eiffage S.A.		1,995,227
	4,070	Essilor International S.A.		527,444
	21,964	Eutelsat Communications S.A.		519,658
	3,653	Gecina S.A. REIT		519,561
	15,700	Ingenico Group S.A.		1,421,590
	3,692	Ipsen S.A.		429,834
	59,189	Lagardere SCA		1,811,799
	127,406	Orange S.A.		1,971,909
	4,124	Publicis Groupe S.A.		297,737
	58,967	SCOR SE		2,332,559
	12,698	Sodexo S.A.		1,613,813
	26,134	Thales S.A.		2,746,855
	42,502	TOTAL S.A.		2,181,767
	15,593	Valeo S.A.		1,122,075
	20,341	Vinci S.A.		1,733,839
	84,179	Vivendi S.A.		1,669,711

				36,691,970

		Germany — 4.1%
	23,829	Axel Springer SE		1,336,979
	23,375	Beiersdorf AG		2,324,677
	9,423	Brenntag AG		558,613

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	86,000	Deutsche Telekom AG		1,508,510
	62,425	Evonik Industries AG		2,084,372
	30,713	Fraport AG Frankfurt Airport Services Worldwide		2,416,301
	29,622	Fresenius Medical Care AG & Co., KGaA		2,629,526
	32,570	Fresenius SE & Co., KGaA		2,642,418
	21,613	Hannover Rueck SE		2,592,789
	2,287	HOCHTIEF AG		411,873
	133,607	Infineon Technologies AG		2,761,601
	10,003	Innogy SE (f)		367,749
	20,966	Merck KGaA		2,462,914
	8,726	OSRAM Licht AG		584,550
	21,827	SAP SE		2,186,326
	25,823	Suedzucker AG		552,647
	258,548	Telefonica Deutschland Holding AG		1,253,632
	3,019	United Internet AG		138,953

				28,814,430

		Hong Kong — 5.2%
	45,600	ASM Pacific Technology Ltd.		678,869
	706,000	Cathay Pacific Airways Ltd.		1,016,090
	277,000	Cheung Kong Infrastructure Holdings Ltd.		2,425,031
	232,042	CK Hutchison Holdings Ltd.		2,897,575
	266,000	CLP Holdings Ltd.		2,805,294
	1,802,000	FIH Mobile Ltd.		618,184
	468,000	First Pacific Co., Ltd.		360,370
	1,388,510	Hong Kong & China Gas Co., Ltd.		2,774,076
	314,000	Link REIT		2,257,025
	489,000	MTR Corp., Ltd.		2,813,301
	411,000	New World Development Co., Ltd.		511,082
	4,024,000	PCCW Ltd.		2,271,847
	279,000	Power Assets Holdings Ltd.		2,509,355
	2,199,800	Semiconductor Manufacturing International Corp. (a)		2,778,899
	207,000	Swire Pacific Ltd., Class A		1,996,068
	518,500	Techtronic Industries Co., Ltd.		2,224,554
	200,000	Wheelock & Co., Ltd.		1,557,883
	1,052,000	Xinyi Glass Holdings Ltd.		932,211
	1,294,000	Xinyi Solar Holdings Ltd.		403,854
	644,500	Yue Yuen Industrial Holdings Ltd.		2,547,889

				36,379,457

		Ireland — 0.1%
	6,132	Kerry Group plc, Class A		501,103

		Italy — 1.2%
	175,877	Davide Campari-Milano SpA		2,079,656
	71,911	Italgas SpA (a)		325,081


SHARES		SECURITY DESCRIPTION	VALUE($)

		Italy — continued
	555,282	Parmalat SpA		1,881,143
	12,214	Recordati SpA		452,494
	238,259	Snam SpA		1,052,646
	458,408	Terna Rete Elettrica Nazionale SpA		2,311,219

				8,102,239

		Japan — 25.0%
	107,200	Alfresa Holdings Corp.		1,935,779
	403,000	ANA Holdings, Inc.		1,213,946
	574,000	Aozora Bank Ltd.		2,091,490
	92,000	Brother Industries Ltd.		1,892,957
	70,200	Canon Marketing Japan, Inc.		1,479,439
	88,700	Canon, Inc.		2,943,775
	77,900	Capcom Co., Ltd.		1,680,286
	10,900	Central Japan Railway Co.		1,828,025
	155,300	Chubu Electric Power Co., Inc.		2,085,204
	185,500	Chugoku Electric Power Co., Inc. (The)		2,022,214
	112,700	COMSYS Holdings Corp.		2,143,886
	28,300	Credit Saison Co., Ltd.		515,671
	27,800	Daicel Corp.		319,134
	6,100	Daito Trust Construction Co., Ltd.		897,634
	120,000	Denka Co., Ltd.		618,279
	57,500	DIC Corp.		2,046,812
	65,500	Electric Power Development Co., Ltd.		1,519,485
	28,600	FamilyMart UNY Holdings Co., Ltd.		1,616,670
	226,000	Fuji Electric Co., Ltd.		1,238,770
	68,500	FUJIFILM Holdings Corp.		2,542,353
	377,900	Fujikura Ltd.		2,841,048
	71,200	Gree, Inc.		570,930
	169,700	Gunma Bank Ltd. (The)		910,301
	167,800	Hachijuni Bank Ltd. (The)		990,917
	68,300	Hankyu Hanshin Holdings, Inc.		2,256,183
	27,100	Hikari Tsushin, Inc.		2,602,756
	9,400	Hitachi Capital Corp.		230,164
	95,700	Hitachi Chemical Co., Ltd.		2,740,765
	62,800	Hitachi High-Technologies Corp.		2,506,922
	29,700	Hitachi Kokusai Electric, Inc.		666,105
	129,400	Hokuriku Electric Power Co.		1,196,000
	78,200	Idemitsu Kosan Co., Ltd.		2,500,205
	25,600	Iida Group Holdings Co., Ltd.		407,700
	211,200	Inpex Corp.		2,023,809
	59,500	Itochu Techno-Solutions Corp.		1,732,340
	71,900	Japan Airlines Co., Ltd.		2,270,702
	60,300	Japan Petroleum Exploration Co., Ltd.		1,318,405
	800,000	JX Holdings, Inc.		3,609,626
	23,700	Kagome Co., Ltd.		645,747

SEE NOTES TO FINANCIAL STATEMENTS.



52	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	18,000	Kajima Corp.		122,224
	241,000	Kaneka Corp.		1,900,245
	169,100	Kansai Electric Power Co., Inc. (The)		2,285,246
	766,000	Kawasaki Kisen Kaisha Ltd. (a)		2,014,064
	98,700	KDDI Corp.		2,616,939
	42,000	Keio Corp.		336,355
	15,800	Keisei Electric Railway Co., Ltd.		376,027
	108,400	Konica Minolta, Inc.		959,625
	18,600	K’s Holdings Corp.		357,799
	95,400	Kuraray Co., Ltd.		1,539,672
	158,500	Kyushu Electric Power Co., Inc.		1,709,717
	171,800	Leopalace21 Corp.		913,178
	49,400	Lintec Corp.		1,089,206
	20,700	Lion Corp.		374,049
	71,800	Matsui Securities Co., Ltd.		585,283
	131,500	Mebuki Financial Group, Inc.		515,985
	91,300	Medipal Holdings Corp.		1,512,657
	34,900	Miraca Holdings, Inc.		1,609,104
	107,500	Mitsubishi Gas Chemical Co., Inc.		2,298,690
	125,200	Mitsubishi Tanabe Pharma Corp.		2,543,171
	104,200	Mitsubishi UFJ Lease & Finance Co., Ltd.		544,535
	34,100	Mochida Pharmaceutical Co., Ltd.		2,573,197
	170,000	Nagoya Railroad Co., Ltd.		780,959
	95,000	NH Foods Ltd.		2,707,783
	19,600	Nichirei Corp.		487,895
	8,000	Nifco, Inc.		399,493
	96,000	Nippo Corp.		1,849,550
	218,000	Nippon Express Co., Ltd.		1,196,707
	95,400	Nippon Paper Industries Co., Ltd.		1,803,627
	22,800	Nippon Shokubai Co., Ltd.		1,531,583
	56,500	Nippon Telegraph & Telephone Corp.		2,421,344
	192,900	Nipro Corp.		2,926,959
	159,600	Nisshin Seifun Group, Inc.		2,452,204
	31,600	Nissin Foods Holdings Co., Ltd.		1,809,482
	57,800	Nomura Real Estate Holdings, Inc.		977,643
	47,600	Nomura Research Institute Ltd.		1,657,477
	105,000	NTT DOCOMO, Inc.		2,540,694
	52,700	NTT Urban Development Corp.		475,621
	11,100	Oracle Corp. Japan (a)		639,521
	650,000	Osaka Gas Co., Ltd.		2,433,099
	10,500	Otsuka Corp.		562,434
	504,600	Resona Holdings, Inc.		2,805,168
	61,700	Ricoh Co., Ltd.		514,295
	22,200	Sankyo Co., Ltd.		774,233
	11,700	Sapporo Holdings Ltd.		327,375
	14,000	Sawai Pharmaceutical Co., Ltd.		765,032


SHARES		SECURITY DESCRIPTION	VALUE($)

		Japan — continued
	43,100	SBI Holdings, Inc.		597,890
	23,000	SCSK Corp.		925,926
	47,800	Sega Sammy Holdings, Inc.		641,786
	45,700	Sekisui Chemical Co., Ltd.		767,012
	151,700	Sekisui House Ltd.		2,520,011
	59,900	Shimachu Co., Ltd.		1,385,124
	17,200	Shimamura Co., Ltd.		2,354,023
	42,400	Showa Denko K.K.		809,837
	244,400	Showa Shell Sekiyu K.K.		2,360,359
	116,600	SKY Perfect JSAT Holdings, Inc.		534,711
	50,900	Skylark Co., Ltd.		769,812
	42,100	SoftBank Group Corp.		3,193,399
	962,000	Sojitz Corp.		2,445,678
	31,500	Square Enix Holdings Co., Ltd.		906,956
	26,600	Sumitomo Dainippon Pharma Co., Ltd.		436,856
	501,000	Sumitomo Osaka Cement Co., Ltd.		2,174,380
	31,200	Suzuken Co., Ltd.		1,032,436
	301,000	Taisei Corp.		2,295,245
	13,400	Taisho Pharmaceutical Holdings Co., Ltd.		1,102,563
	51,000	Takashimaya Co., Ltd.		469,609
	205,000	Tobu Railway Co., Ltd.		1,039,714
	20,400	Toho Co., Ltd.		585,539
	195,000	Toho Gas Co., Ltd.		1,393,852
	154,500	Tohoku Electric Power Co., Inc.		2,059,772
	63,000	Toyo Suisan Kaisha Ltd.		2,366,138
	45,600	Toyota Industries Corp.		2,271,535
	74,300	Tsumura & Co.		2,407,863
	774,000	Ube Industries Ltd.		1,799,365
	158,500	Yamada Denki Co., Ltd.		832,379
	75,000	Yamaguchi Financial Group, Inc.		830,961
	41,700	Yamaha Corp.		1,156,604
	95,000	Yokohama Rubber Co., Ltd. (The)		1,865,374
	44,000	Zeon Corp.		500,980

				175,103,269

		Luxembourg — 0.1%
	11,094	RTL Group S.A.		859,840

		Netherlands — 2.7%
	28,345	Boskalis Westminster		1,042,611
	12,256	Gemalto NV		686,172
	28,127	Heineken Holding NV		2,357,169
	77,899	Koninklijke Ahold Delhaize NV		1,613,700
	41,036	NN Group NV		1,360,539
	37,649	QIAGEN NV (a)		1,132,858
	125,849	RELX NV		2,431,878
	177,593	Royal Dutch Shell plc, Class A		4,611,825

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Netherlands — continued
	61,290	STMicroelectronics NV		984,254
	58,250	Wolters Kluwer NV		2,471,793

				18,692,799

		New Zealand — 0.6%
	267,720	Fletcher Building Ltd.		1,571,082
	1,009,875	Spark New Zealand Ltd.		2,559,267

				4,130,349

		Norway — 0.9%
	2,550	DNB ASA		39,796
	134,062	Marine Harvest ASA		2,230,540
	194,131	Norsk Hydro ASA		1,106,284
	155,064	Orkla ASA		1,406,877
	869	Telenor ASA		14,037
	48,016	Yara International ASA		1,785,474

				6,583,008

		Portugal — 0.6%
	576,800	EDP — Energias de Portugal S.A.		1,903,571
	134,134	Galp Energia SGPS S.A.		2,084,578
	25,254	Jeronimo Martins SGPS S.A.		463,436

				4,451,585

		Singapore — 2.9%
	365,800	Ascendas REIT		670,438
	1,217,700	CapitaLand Mall Trust REIT		1,717,078
	537,600	ComfortDelGro Corp., Ltd.		1,053,380
	6,003,600	Golden Agri-Resources Ltd.		1,544,478
	2,195,400	Hutchison Port Holdings Trust, Class U		888,759
	7,500	Jardine Matheson Holdings Ltd.		482,647
	13,200	Jardine Strategic Holdings Ltd.		557,778
	491,500	Keppel Corp., Ltd.		2,285,239
	586,800	Sembcorp Industries Ltd.		1,271,427
	640,800	Singapore Press Holdings Ltd.		1,590,251
	997,700	Singapore Telecommunications Ltd.		2,671,124
	594,800	StarHub Ltd.		1,186,073
	644,700	Suntec REIT		816,417
	150,000	Venture Corp., Ltd.		1,309,112
	989,400	Wilmar International Ltd.		2,513,148

				20,557,349

		South Korea — 9.7%
	9,703	Celltrion, Inc. (a)		763,461
	4,438	CJ CheilJedang Corp.		1,330,842
	5,796	CJ Corp.		952,096
	1,866	E-MART, Inc.		376,919
	41,016	GS Holdings Corp.		2,134,889


SHARES		SECURITY DESCRIPTION	VALUE($)

		South Korea — continued
	11,217	Hankook Tire Co., Ltd.		580,485
	1,207	Hanmi Pharm Co., Ltd. (a)		327,061
	13,599	Hanmi Science Co., Ltd.		724,430
	51,901	Hanwha Chemical Corp.		1,145,843
	22,758	Hanwha Techwin Co., Ltd. (a)		1,039,270
	11,114	Hyosung Corp.		1,403,720
	7,431	Hyundai Department Store Co., Ltd.		705,746
	9,285	Hyundai Engineering & Construction Co., Ltd.		395,506
	46,988	Hyundai Steel Co.		2,263,274
	134,549	Industrial Bank of Korea		1,475,541
	10,292	Kakao Corp.		817,063
	47,630	Kangwon Land, Inc.		1,513,070
	55,332	Korea Electric Power Corp.		2,205,548
	44,489	Korea Gas Corp. (a)		1,822,255
	3,391	Korea Zinc Co., Ltd.		1,267,515
	91,897	KT Corp.		2,600,112
	24,248	KT&G Corp.		2,162,407
	35,513	LG Corp.		2,109,524
	94,831	LG Display Co., Ltd.		2,443,617
	214,226	LG Uplus Corp.		2,722,054
	4,144	Lotte Chemical Corp.		1,244,009
	4,984	Lotte Shopping Co., Ltd.		1,149,374
	4,563	Mando Corp.		922,355
	3,668	NAVER Corp.		2,577,958
	10,743	POSCO		2,536,241
	7,712	Samsung Biologics Co., Ltd. (a)		1,184,487
	1,859	Samsung Electronics Co., Ltd.		3,644,438
	786	Samsung SDS Co., Ltd.		94,911
	4,793	Shinsegae, Inc.		861,416
	12,658	SK Holdings Co., Ltd.		2,696,180
	62,417	SK Hynix, Inc.		2,956,906
	15,997	SK Innovation Co., Ltd.		2,399,950
	128,668	SK Networks Co., Ltd.		904,935
	12,196	SK Telecom Co., Ltd.		2,574,400
	39,843	SKC Co., Ltd.		1,002,500
	30,208	S-Oil Corp.		2,642,800
	152,770	Woori Bank		2,003,259
	4,922	Yuhan Corp.		1,002,769

				67,681,136

		Spain — 2.5%
	7,968	Acciona S.A.		657,366
	99,815	Acerinox S.A.		1,390,463
	5,716	Corp. Financiera Alba S.A.		310,700
	74,853	Enagas S.A.		1,966,952
	110,806	Endesa S.A.		2,609,834

SEE NOTES TO FINANCIAL STATEMENTS.



54	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — continued
	46,975	Ferrovial S.A.		999,281
	102,967	Gamesa Corp. Tecnologica S.A.		2,220,665
	100,828	Gas Natural SDG S.A.		2,278,464
	317,788	Iberdrola S.A.		2,284,506
	43,025	Red Electrica Corp. S.A.		838,521
	108,844	Repsol S.A.		1,717,923

				17,274,675

		Sweden — 3.0%
	90,977	Boliden AB		2,599,059
	53,153	Hexagon AB, Class B		2,313,263
	10,313	ICA Gruppen AB		351,943
	64,397	Investor AB, Class B		2,942,386
	148,035	Securitas AB, Class B		2,446,784
	93,982	Skanska AB, Class B		2,246,324
	42,874	Svenska Cellulosa AB SCA, Class B		1,419,443
	40,277	Swedish Match AB		1,328,195
	239,438	Tele2 AB, Class B		2,409,628
	397,162	Telia Co., AB		1,616,982
	61,526	Trelleborg AB, Class B		1,444,820

				21,118,827

		Switzerland — 2.1%
	17,235	Baloise Holding AG		2,527,264
	82,869	Clariant AG		1,678,240
	74,308	Coca-Cola HBC AG		2,061,537
	695	EMS-Chemie Holding AG		435,496
	1,597	Flughafen Zuerich AG		351,943
	3,895	Kuehne & Nagel International AG		589,062
	11,568	Lonza Group AG		2,366,930
	14,705	Sonova Holding AG		2,174,421
	4,301	Swiss Prime Site AG		372,869
	5,874	Swiss Re AG		510,917
	4,472	Swisscom AG		1,950,160

				15,018,839

		United Kingdom — 20.5%
	95,388	Admiral Group plc		2,483,976
	267,065	Antofagasta plc		2,897,595
	60,390	AstraZeneca plc		3,616,730
	185,327	Babcock International Group plc		2,158,883
	399,837	BAE Systems plc		3,247,473
	114,503	Barratt Developments plc		859,187
	26,451	Bellway plc		974,867
	65,572	Berkeley Group Holdings plc		2,765,669
	793,517	BP plc		4,542,589
	72,104	British American Tobacco plc		4,871,599


SHARES		SECURITY DESCRIPTION	VALUE($)

		United Kingdom — continued
	141,611	British Land Co., plc (The) REIT		1,204,144
	824,010	BT Group plc, Class A		3,250,686
	89,438	Bunzl plc		2,788,155
	50,639	Carnival plc		3,121,012
	1,071,638	Centrica plc		2,746,027
	30,719	Croda International plc		1,497,348
	115,033	Diageo plc		3,348,294
	278,752	Direct Line Insurance Group plc		1,259,652
	115,418	DS Smith plc		645,298
	67,968	easyJet plc		1,028,109
	538,314	GKN plc		2,501,692
	212,946	GlaxoSmithKline plc		4,286,157
	57,371	Halma plc		782,455
	325,244	Hammerson plc REIT		2,474,585
	84,820	Hikma Pharmaceuticals plc		2,128,244
	94,816	IMI plc		1,570,323
	17,277	Imperial Brands plc		846,114
	122,124	Inchcape plc		1,351,001
	145,792	Informa plc		1,212,217
	242,437	Inmarsat plc		2,563,994
	46,571	InterContinental Hotels Group plc		2,468,368
	426,535	Intu Properties plc REIT		1,523,420
	221,079	John Wood Group plc		2,173,230
	67,243	Johnson Matthey plc		2,593,799
	218,877	Land Securities Group plc REIT		3,134,692
	124,167	Mediclinic International plc		1,320,060
	281,420	Meggitt plc		1,685,307
	234,668	Merlin Entertainments plc (f)		1,535,975
	75,713	Micro Focus International plc		2,536,767
	121,196	Mondi plc		3,135,523
	268,802	National Grid plc		3,480,527
	162,935	Pennon Group plc		1,807,626
	28,751	Persimmon plc		867,509
	213,926	Petrofac Ltd.		2,254,576
	37,392	Reckitt Benckiser Group plc		3,445,214
	157,329	RELX plc		3,189,809
	368,878	Rentokil Initial plc		1,189,297
	285,713	Royal Mail plc		1,489,881
	317,411	Sage Group plc (The)		2,755,167
	309,463	Segro plc REIT		1,946,509
	88,935	Severn Trent plc		2,677,210
	58,450	Shire plc		3,446,148
	193,934	Smith & Nephew plc		3,186,184
	141,133	Smiths Group plc		3,000,278
	164,559	SSE plc		2,964,433
	182,076	Tate & Lyle plc		1,785,576

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	14,095	Travis Perkins plc		293,965
	32,960	Unilever plc		1,695,740
	223,387	United Utilities Group plc		2,815,180
	1,309,129	Vodafone Group plc		3,371,855
	10,740	Whitbread plc		561,135
	330,249	Wm Morrison Supermarkets plc		1,025,888
	145,657	WPP plc		3,119,036

				143,499,959

		Total Common Stocks (Cost $640,394,275)		692,793,052


NUMBER OF RIGHTS
	Rights — 0.0% (e)
		Australia — 0.0% (e)
	28,854	TPG Telecom Ltd. (a)		14,044

		Total Rights (Cost $—)		14,044


SHARES
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	3,910,916	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.610% (b) (d) (Cost $3,910,916)		3,910,916

		Total Investments — 99.5% (Cost $644,305,191)		696,718,012
		Other Assets in Excess of Liabilities — 0.5%		3,291,520

		NET ASSETS —100.0%	$	700,009,532

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2017

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		5.5
Diversified Telecommunication Services		5.4
Electric Utilities		5.1
Pharmaceuticals		4.2
Food Products		3.5
Health Care Providers & Services		2.9
Wireless Telecommunication Services		2.6
Equity Real Estate Investment Trusts (REITs)		2.5
Metals & Mining		2.4
Hotels, Restaurants & Leisure		2.4
Industrial Conglomerates		2.3
Health Care Equipment & Supplies		2.2
Construction & Engineering		2.2
Software		2.0
Insurance		1.9
Gas Utilities		1.9
Banks		1.8
Technology Hardware, Storage & Peripherals		1.8
IT Services		1.8
Media		1.8
Semiconductors & Semiconductor Equipment		1.7
Road & Rail		1.7
Multi-Utilities		1.6
Electronic Equipment, Instruments & Components		1.6
Household Durables		1.6
Auto Components		1.6
Beverages		1.5
Aerospace & Defense		1.4
Food & Staples Retailing		1.3
Tobacco		1.3
Real Estate Management & Development		1.1
Specialty Retail		1.1
Transportation Infrastructure		1.1
Water Utilities		1.0
Biotechnology		1.0
Commercial Services & Supplies		1.0
Real Estate Investment Trusts (REITs)		1.0
Trading Companies & Distributors		1.0
Others (each less than 1.0%)		12.9

SEE NOTES TO FINANCIAL STATEMENTS.



56	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.5%
		Consumer Discretionary — 16.1%
		Auto Components — 0.8%
	696	Adient plc (Ireland)		51,198
	6,206	Delphi Automotive plc (Jersey)		498,962
	43,570	Gentex Corp.		899,720
	5,110	Lear Corp.		728,993

				2,178,873

		Automobiles — 0.5%
	34,186	Ford Motor Co.		392,113
	12,951	General Motors Co.		448,623
	8,604	Harley-Davidson, Inc.		488,793

				1,329,529

		Distributors — 0.5%
	14,584	Genuine Parts Co.		1,342,020

		Diversified Consumer Services — 0.1%
	38	Graham Holdings Co., Class B		22,865
	12,517	H&R Block, Inc.		310,296

				333,161

		Hotels, Restaurants & Leisure — 3.1%
	10,616	Carnival Corp. (Panama)		655,750
	5,303	Darden Restaurants, Inc.		451,763
	2,834	Domino’s Pizza, Inc.		514,059
	7,232	Dunkin’ Brands Group, Inc.		403,980
	1,320	Hilton Grand Vacations, Inc. (a)		44,180
	8,955	Hilton Worldwide Holdings, Inc. (a)		528,076
	13,431	International Game Technology plc (United Kingdom)		298,168
	5,284	Las Vegas Sands Corp.		311,703
	5,456	Marriott International, Inc., Class A		515,156
	7,124	McDonald’s Corp.		996,861
	331	Norwegian Cruise Line Holdings Ltd. (Bermuda) (a)		17,851
	2,191	Panera Bread Co., Class A (a)		685,082
	3,810	Royal Caribbean Cruises Ltd. (Liberia)		406,146
	7,149	Speedway Motorsports, Inc.		129,040
	13,295	Starbucks Corp.		798,498
	5,603	Wyndham Worldwide Corp.		534,022
	2,023	Wynn Resorts Ltd.		248,849
	6,135	Yum China Holdings, Inc. (a)		209,326
	11,600	Yum! Brands, Inc.		762,700

				8,511,210

		Household Durables — 2.2%
	18,736	DR Horton, Inc.		616,227
	7,981	Garmin Ltd. (Switzerland)		405,754
	21,114	Leggett & Platt, Inc.		1,109,330


SHARES		SECURITY DESCRIPTION	VALUE($)

		Household Durables — continued
	10,502	Lennar Corp., Class A		530,351
	2,918	Mohawk Industries, Inc. (a)		685,117
	11,454	Newell Brands, Inc.		546,814
	592	NVR, Inc. (a)		1,249,860
	22,629	PulteGroup, Inc.		513,000
	2,618	Whirlpool Corp.		486,110

				6,142,563

		Internet & Direct Marketing Retail — 0.4%
	554	Amazon.com, Inc. (a)		512,444
	268	Priceline Group, Inc. (The) (a)		494,948

				1,007,392

		Leisure Products — 0.7%
	13,649	Hasbro, Inc.		1,352,752
	16,188	Mattel, Inc.		362,935
	3,341	Polaris Industries, Inc.		284,854

				2,000,541

		Media — 3.0%
	38	Cable One, Inc.		25,911
	6,146	CBS Corp. (Non-Voting), Class B		409,078
	1,651	Charter Communications, Inc., Class A (a)		569,859
	19,824	Comcast Corp., Class A		776,903
	12,947	Discovery Communications, Inc., Class A (a)		372,615
	13,159	EW Scripps Co. (The), Class A (a)		293,182
	24,096	Interpublic Group of Cos., Inc. (The)		567,943
	1,179	John Wiley & Sons, Inc., Class A		62,133
	4,042	Liberty Media Corp.-Liberty SiriusXM, Class A (a)		154,000
	10,396	Omnicom Group, Inc.		853,719
	4,140	Scripps Networks Interactive, Inc., Class A		309,341
	138,592	Sirius XM Holdings, Inc.		686,030
	12,089	TEGNA, Inc.		308,028
	4,548	Time Warner, Inc.		451,480
	19,092	Twenty-First Century Fox, Inc.		570,087
	14,641	Twenty-First Century Fox, Inc., Class A		447,136
	4,803	Viacom, Inc., Class B		204,416
	9,082	Walt Disney Co. (The)		1,049,879

				8,111,740

		Multiline Retail — 0.7%
	3,408	Dillard’s, Inc., Class A		188,701
	4,502	Dollar General Corp.		327,341
	4,786	Dollar Tree, Inc. (a)		396,137
	5,876	Kohl’s Corp.		229,340
	7,155	Macy’s, Inc.		209,069
	5,094	Nordstrom, Inc.		245,887
	6,156	Target Corp.		343,813

				1,940,288

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — 3.0%
	2,208	Advance Auto Parts, Inc.		313,845
	6,598	AutoNation, Inc. (a)		277,116
	5,284	Best Buy Co., Inc.		273,764
	4,226	Burlington Stores, Inc. (a)		418,036
	3,745	CarMax, Inc. (a)		219,082
	5,496	Dick’s Sporting Goods, Inc.		277,823
	7,190	Foot Locker, Inc.		556,075
	4,406	GameStop Corp., Class A		99,972
	7,498	Gap, Inc. (The)		196,448
	6,565	Home Depot, Inc. (The)		1,024,797
	8,636	Lowe’s Cos., Inc.		733,024
	2,493	O’Reilly Automotive, Inc. (a)		618,638
	10,481	Ross Stores, Inc.		681,265
	4,398	Signet Jewelers Ltd. (Bermuda)		289,564
	3,752	Tiffany & Co.		343,871
	11,236	TJX Co., Inc. (The)		883,599
	4,117	Tractor Supply Co.		254,883
	1,502	Ulta Beauty, Inc. (a)		422,723
	2,888	Urban Outfitters, Inc. (a)		66,077
	5,798	Williams-Sonoma, Inc.		313,382

				8,263,984

		Textiles, Apparel & Luxury Goods — 1.1%
	12,534	Coach, Inc.		493,714
	20,167	Hanesbrands, Inc.		439,842
	7,473	lululemon athletica, Inc. (a)		388,596
	11,575	Michael Kors Holdings Ltd. (British Virgin Islands) (a)		432,095
	1,567	NIKE, Inc., Class B		86,827
	4,127	PVH Corp.		416,951
	4,719	Skechers U.S.A., Inc., Class A (a)		119,155
	4,533	Under Armour, Inc., Class C (a)		87,986
	9,105	V.F. Corp.		497,406

				2,962,572

		Total Consumer Discretionary		44,123,873

		Consumer Staples — 11.7%
		Beverages — 2.1%
	17,819	Brown-Forman Corp., Class B		843,195
	27,837	Coca-Cola Co. (The)		1,201,167
	5,361	Constellation Brands, Inc., Class A		924,987
	10,941	Dr. Pepper Snapple Group, Inc.		1,002,743
	5,905	Molson Coors Brewing Co., Class B		566,230
	10,178	PepsiCo, Inc.		1,152,964

				5,691,286


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food & Staples Retailing — 1.3%
	3,841	Costco Wholesale Corp.		681,854
	7,121	CVS Health Corp.		587,055
	10,454	Kroger Co. (The)		309,961
	10,100	Sysco Corp.		533,987
	8,845	Walgreens Boots Alliance, Inc.		765,446
	9,228	Wal-Mart Stores, Inc.		693,761
	2,540	Weis Markets, Inc.		146,838

				3,718,902

		Food Products — 4.5%
	12,591	Archer-Daniels-Midland Co.		576,038
	2,950	Bunge Ltd. (Bermuda)		233,139
	23,121	Campbell Soup Co.		1,330,382
	20,722	ConAgra Foods, Inc.		803,599
	17,285	General Mills, Inc.		994,060
	9,000	Hershey Co. (The)		973,800
	31,364	Hormel Foods Corp.		1,100,249
	7,188	JM Smucker Co. (The)		910,863
	17,299	Kellogg Co.		1,228,229
	8,936	Kraft Heinz Co. (The)		807,725
	1,754	Lamb Weston Holdings, Inc.		73,230
	14,113	McCormick & Co., Inc. (Non-Voting)		1,409,889
	5,310	Mead Johnson Nutrition Co., Class A		471,103
	20,854	Mondelez International, Inc., Class A		939,056
	7,473	Tyson Foods, Inc., Class A		480,215

				12,331,577

		Household Products — 2.1%
	19,139	Church & Dwight Co., Inc.		947,955
	11,127	Clorox Co. (The)		1,487,569
	14,381	Colgate-Palmolive Co.		1,036,007
	3,188	Energizer Holdings, Inc.		188,825
	6,338	Kimberly-Clark Corp.		822,355
	15,423	Procter & Gamble Co. (The)		1,346,891

				5,829,602

		Personal Products — 0.7%
	7,776	Edgewell Personal Care Co. (a)		555,906
	12,231	Estee Lauder Cos., Inc. (The), Class A		1,065,809
	5,260	Nu Skin Enterprises, Inc., Class A		290,510

				1,912,225

		Tobacco — 1.0%
	14,401	Altria Group, Inc.		1,033,704
	8,606	Philip Morris International, Inc.		953,889
	11,216	Reynolds American, Inc.		723,432

				2,711,025

		Total Consumer Staples		32,194,617

SEE NOTES TO FINANCIAL STATEMENTS.



58	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy — 3.4%
		Energy Equipment & Services — 0.9%
	4,743	Baker Hughes, Inc.		281,592
	6,629	Diamond Offshore Drilling, Inc.		95,590
	5,360	Halliburton Co.		245,917
	4,034	Helmerich & Payne, Inc.		244,622
	12,153	Nabors Industries Ltd. (Bermuda)		125,662
	7,705	National Oilwell Varco, Inc.		269,444
	14,554	Noble Corp. plc (United Kingdom)		69,859
	6,424	Oceaneering International, Inc.		169,529
	7,682	Patterson-UTI Energy, Inc.		166,277
	5,717	Schlumberger Ltd. (Curacao)		414,997
	1,817	Superior Energy Services, Inc. (a)		21,949
	22,283	Transocean Ltd. (Switzerland) (a)		245,782

				2,351,220

		Oil, Gas & Consumable Fuels — 2.5%
	14,641	Chesapeake Energy Corp. (a)		77,012
	7,449	Chevron Corp.		794,808
	6,133	ConocoPhillips		293,832
	6,949	CONSOL Energy, Inc. (a)		105,486
	10,313	Exxon Mobil Corp.		842,056
	2,242	Gulfport Energy Corp. (a)		35,603
	6,270	Hess Corp.		306,164
	10,671	HollyFrontier Corp.		300,282
	12,437	Kinder Morgan, Inc.		256,575
	9,997	Marathon Oil Corp.		148,655
	7,932	Marathon Petroleum Corp.		404,056
	7,731	Murphy Oil Corp.		202,398
	6,056	Noble Energy, Inc.		195,791
	6,678	Occidental Petroleum Corp.		410,964
	8,895	ONEOK, Inc.		467,966
	5,116	Parsley Energy, Inc., Class A (a)		152,406
	3,558	Phillips 66		283,074
	1,664	Pioneer Natural Resources Co.		287,855
	8,434	QEP Resources, Inc. (a)		99,606
	3,487	Targa Resources Corp.		192,238
	4,137	Tesoro Corp.		329,760
	4,896	Valero Energy Corp.		316,331
	5,608	Williams Cos., Inc. (The)		171,773
	15,388	WPX Energy Inc. (a)		183,579

				6,858,270

		Total Energy		9,209,490

		Financials — 7.2%
		Banks — 1.6%
	3,386	Bank of Hawaii Corp.		275,891
	7,400	BB&T Corp.		319,532


SHARES		SECURITY DESCRIPTION	VALUE($)

		Banks — continued
	5,328	Citizens Financial Group, Inc.		195,591
	3,037	Comerica, Inc.		214,716
	1,467	Cullen/Frost Bankers, Inc.		138,470
	12,487	Fifth Third Bancorp		305,057
	24,695	Huntington Bancshares, Inc.		317,578
	11,608	KeyCorp		211,730
	2,636	M&T Bank Corp.		409,661
	19,808	People’s United Financial, Inc.		346,046
	2,705	PNC Financial Services Group, Inc. (The)		323,924
	623	Popular, Inc. (Puerto Rico)		26,110
	13,127	Regions Financial Corp.		180,496
	5,624	SunTrust Banks, Inc.		319,499
	1,592	Synovus Financial Corp.		66,546
	6,769	U.S. Bancorp		347,114
	6,233	Wells Fargo & Co.		335,585
	4,546	Zions Bancorporation		181,976

				4,515,522

		Capital Markets — 1.9%
	1,773	Ameriprise Financial, Inc.		226,678
	6,717	Bank of New York Mellon Corp. (The)		316,102
	922	BlackRock, Inc., Class A		354,574
	2,661	CME Group, Inc., Class A		309,182
	2,416	Eaton Vance Corp.		103,719
	4,757	FactSet Research Systems, Inc.		776,628
	2,996	Federated Investors, Inc., Class B		80,353
	5,532	Intercontinental Exchange, Inc.		333,026
	7,095	Invesco Ltd. (Bermuda)		233,709
	4,886	Morgan Stanley		211,906
	3,028	Northern Trust Corp.		272,520
	3,020	Raymond James Financial, Inc.		225,050
	2,264	S&P Global, Inc.		303,806
	10,819	SEI Investments Co.		548,631
	2,945	State Street Corp.		247,086
	4,962	T. Rowe Price Group, Inc.		351,756
	6,788	TD Ameritrade Holding Corp.		259,777

				5,154,503

		Consumer Finance — 0.5%
	3,319	American Express Co.		263,031
	3,642	Capital One Financial Corp.		292,744
	5,677	Discover Financial Services		355,323
	26,822	SLM Corp. (a)		336,348

				1,247,446

		Diversified Financial Services — 0.2%
	2,828	Berkshire Hathaway, Inc., Class B (a)		467,214

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — 2.8%
	5,188	Aflac, Inc.		388,477
	5,472	Allstate Corp. (The)		444,819
	2,048	American Financial Group, Inc.		199,291
	4,219	Aon plc (United Kingdom)		505,605
	4,176	Assurant, Inc.		401,898
	3,203	Chubb Ltd. (Switzerland)		439,612
	6,692	Cincinnati Financial Corp.		482,426
	822	Erie Indemnity Co., Class A		101,780
	1,990	Everest Re Group Ltd. (Bermuda)		500,903
	7,213	FNF Group		295,372
	6,781	Hartford Financial Services Group, Inc. (The)		327,929
	3,013	Kemper Corp.		118,562
	2,589	Lincoln National Corp.		170,693
	6,170	Marsh & McLennan Cos., Inc.		457,382
	256	Mercury General Corp.		15,742
	4,140	MetLife, Inc.		214,493
	5,208	Principal Financial Group, Inc.		339,197
	13,089	Progressive Corp. (The)		519,895
	2,241	Prudential Financial, Inc.		239,854
	1,580	Reinsurance Group of America, Inc., Class A		197,563
	7,912	Torchmark Corp.		606,930
	3,012	Travelers Cos., Inc. (The)		366,440
	5,755	W.R. Berkley Corp.		391,225
	2,206	XL Group Ltd. (Bermuda)		92,321

				7,818,409

		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
	33,245	Annaly Capital Management, Inc.		392,623
	11,396	Chimera Investment Corp.		232,023

				624,646

		Total Financials		19,827,740

		Health Care — 15.9%
		Biotechnology — 1.5%
	13,660	AbbVie, Inc.		900,740
	3,767	Amgen, Inc.		615,226
	1,109	Biogen, Inc. (a)		300,772
	559	Bioverativ, Inc. (a)		32,875
	4,720	Celgene Corp. (a)		585,516
	7,838	Gilead Sciences, Inc.		537,295
	2,467	Incyte Corp. (a)		306,599
	958	Regeneron Pharmaceuticals, Inc. (a)		372,173
	2,738	United Therapeutics Corp. (a)		344,167

				3,995,363


SHARES		SECURITY DESCRIPTION	VALUE($)

		Health Care Equipment & Supplies — 5.5%
	19,898	Abbott Laboratories		868,349
	20,298	Baxter International, Inc.		1,130,193
	6,233	Becton, Dickinson & Co.		1,165,384
	14,352	Boston Scientific Corp. (a)		378,606
	5,932	C.R. Bard, Inc.		1,823,971
	3,367	Cooper Co., Inc. (The)		674,511
	7,614	Danaher Corp.		634,475
	14,777	DENTSPLY SIRONA, Inc.		934,497
	5,641	Edwards Lifesciences Corp. (a)		618,648
	11,561	Hill-Rom Holdings, Inc.		874,474
	18,241	Hologic, Inc. (a)		823,581
	1,122	IDEXX Laboratories, Inc. (a)		188,193
	1,204	Intuitive Surgical, Inc. (a)		1,006,387
	12,441	Medtronic plc (Ireland)		1,033,723
	8,256	Stryker Corp.		1,125,871
	74	Teleflex, Inc.		15,310
	4,902	Varex Imaging Corp. (a)		164,511
	12,255	Varian Medical Systems, Inc. (a)		1,112,019
	5,198	Zimmer Biomet Holdings, Inc.		621,941

				15,194,644

		Health Care Providers & Services — 5.2%
	5,797	Aetna, Inc.		783,001
	3,784	AmerisourceBergen Corp., Class A		310,477
	4,877	Anthem, Inc.		867,569
	6,885	Cardinal Health, Inc.		499,782
	6,102	Centene Corp. (a)		453,989
	4,855	Cigna Corp.		759,176
	18,585	DaVita, Inc. (a)		1,282,551
	13,114	Express Scripts Holding Co. (a)		804,413
	7,705	HCA Holdings, Inc. (a)		648,838
	8,057	Henry Schein, Inc. (a)		1,400,307
	3,232	Humana, Inc.		717,439
	10,362	Laboratory Corp. of America Holdings (a)		1,452,234
	2,816	McKesson Corp.		389,425
	14,412	Quest Diagnostics, Inc.		1,520,610
	852	Tenet Healthcare Corp. (a)		13,351
	5,720	UnitedHealth Group, Inc.		1,000,314
	10,315	Universal Health Services, Inc., Class B		1,245,639

				14,149,115

		Health Care Technology — 0.4%
	16,087	Cerner Corp. (a)		1,041,633

		Life Sciences Tools & Services — 1.4%
	7,623	Agilent Technologies, Inc.		419,646
	2,098	Illumina, Inc. (a)		387,836
	854	Mettler-Toledo International, Inc. (a)		438,461

SEE NOTES TO FINANCIAL STATEMENTS.



60	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — continued
	2,042	Quintiles Transnational Holdings, Inc. (a)		172,100
	5,496	Thermo Fisher Scientific, Inc.		908,654
	9,291	Waters Corp. (a)		1,578,448

				3,905,145

		Pharmaceuticals — 1.9%
	8,531	Bristol-Myers Squibb Co.		478,163
	8,091	Eli Lilly & Co.		663,947
	9,578	Johnson & Johnson		1,182,596
	12,764	Merck & Co., Inc.		795,580
	7,949	Mylan NV (Netherlands) (a)		296,895
	24,325	Pfizer, Inc.		825,104
	17,987	Zoetis, Inc., Class A		1,009,251

				5,251,536

		Total Health Care		43,537,436

		Industrials — 8.5%
		Aerospace & Defense — 1.7%
	8,245	Arconic, Inc.		225,336
	2,619	Boeing Co. (The)		484,070
	2,694	General Dynamics Corp.		522,070
	3,038	L3 Technologies, Inc.		521,837
	2,135	Lockheed Martin Corp.		575,276
	2,074	Northrop Grumman Corp.		510,121
	3,547	Raytheon Co.		550,530
	4,268	Rockwell Collins, Inc.		444,256
	5,350	Textron, Inc.		249,631
	4,683	United Technologies Corp.		557,230

				4,640,357

		Air Freight & Logistics — 0.5%
	5,088	C.H. Robinson Worldwide, Inc.		369,898
	1,887	FedEx Corp.		357,964
	5,413	United Parcel Service, Inc., Class B		581,681

				1,309,543

		Airlines — 0.7%
	2,371	Alaska Air Group, Inc.		201,749
	5,431	American Airlines Group, Inc.		231,469
	7,944	Delta Air Lines, Inc.		360,975
	13,472	JetBlue Airways Corp. (a)		294,094
	8,405	Southwest Airlines Co.		472,529
	4,562	United Continental Holdings, Inc. (a)		320,298

				1,881,114

		Building Products — 0.2%
	5,757	Fortune Brands Home & Security, Inc.		366,951
	6,939	Johnson Controls International plc (Ireland)		288,454

				655,405


SHARES		SECURITY DESCRIPTION	VALUE($)

		Commercial Services & Supplies — 1.0%
	6,412	Cintas Corp.		785,278
	9,326	Herman Miller, Inc.		308,690
	14,907	Pitney Bowes, Inc.		198,114
	13,234	Republic Services, Inc., Class A		833,610
	8,959	Waste Management, Inc.		652,036

				2,777,728

		Construction & Engineering — 0.1%
	2,311	Chicago Bridge & Iron Co., N.V.
		(Netherlands)		69,515
	5,420	Fluor Corp.		278,154
	440	KBR, Inc.		6,182

				353,851

		Electrical Equipment — 0.5%
	902	Acuity Brands, Inc.		158,842
	3,416	Eaton Corp. plc (Ireland)		258,386
	4,444	Emerson Electric Co.		267,885
	2,724	Hubbell, Inc., Class B		308,166
	2,894	Rockwell Automation, Inc.		455,371

				1,448,650

		Industrial Conglomerates — 0.6%
	2,952	3M Co.		578,090
	13,678	General Electric Co.		396,525
	4,208	Honeywell International, Inc.		551,837
	234	Roper Technologies, Inc.		51,176

				1,577,628	��

		Machinery — 1.8%
	149	AGCO Corp.		9,534
	3,870	Caterpillar, Inc.		395,746
	891	Crane Co.		71,200
	2,203	Cummins, Inc.		332,521
	3,043	Deere & Co.		339,629
	4,951	Dover Corp.		390,535
	2,183	Fortive Corp.		138,097
	4,214	Illinois Tool Works, Inc.		581,911
	4,767	Ingersoll-Rand plc (Ireland)		423,071
	13,313	ITT, Inc.		560,877
	4,441	PACCAR, Inc.		296,348
	2,262	Parker-Hannifin Corp.		363,730
	6,600	Stanley Black & Decker, Inc.		898,590
	2,157	Terex Corp.		75,452
	4,855	Trinity Industries, Inc.		130,599

				5,007,840

		Professional Services — 0.5%
	421	Dun & Bradstreet Corp. (The)		46,146

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Professional Services — continued
	2,614	Equifax, Inc.		353,700
	10,088	Nielsen Holdings plc (United Kingdom)		414,920
	2,295	Robert Half International, Inc.		105,685
	5,299	Verisk Analytics, Inc., Class A (a)		438,810

				1,359,261

		Road & Rail — 0.6%
	2,918	Avis Budget Group, Inc. (a)		88,999
	4,660	CSX Corp.		236,914
	4,209	J.B. Hunt Transport Services, Inc.		377,379
	3,005	Norfolk Southern Corp.		353,057
	2,527	Ryder System, Inc.		171,609
	3,855	Union Pacific Corp.		431,606

				1,659,564

		Trading Companies & Distributors — 0.3%
	6,969	Fastenal Co.		311,375
	2,297	United Rentals, Inc. (a)		251,889
	1,156	W.W. Grainger, Inc.		222,761

				786,025

		Total Industrials		23,456,966

		Information Technology — 14.8%
		Communications Equipment — 1.3%
	22,526	Cisco Systems, Inc.		767,461
	3,669	F5 Networks, Inc. (a)		473,778
	12,876	Harris Corp.		1,440,696
	11,309	Juniper Networks, Inc.		340,061
	6,264	Motorola Solutions, Inc.		538,516

				3,560,512

		Electronic Equipment, Instruments & Components — 0.4%
	6,825	Amphenol Corp., Class A		493,516
	9,821	AVX Corp.		166,073
	18,346	Corning, Inc.		529,282
	2,806	VeriFone Systems, Inc. (a)		52,023

				1,240,894

		Internet Software & Services — 2.6%
	5,071	Akamai Technologies, Inc. (a)		309,027
	1,383	Alphabet, Inc., Class A (a)		1,278,611
	1,000	Alphabet, Inc., Class C(a)		905,960
	13,536	eBay, Inc. (a)		452,238
	4,214	Facebook, Inc., Class A(a)		633,154
	15,905	IAC/Interactive Corp. (a)		1,320,274
	13,360	VeriSign, Inc. (a)		1,187,971
	20,810	Yahoo!, Inc. (a)		1,003,250

				7,090,485


SHARES		SECURITY DESCRIPTION	VALUE($)

		IT Services — 2.9%
	3,653	Accenture plc, Class A(Ireland)		443,109
	4,787	Automatic Data Processing, Inc.		500,194
	9,449	Cognizant Technology Solutions Corp., Class A		569,113
	5,901	CSRA, Inc.		171,601
	6,089	DST Systems, Inc.		749,617
	4,306	DXC Technology Co. (a)		324,414
	7,208	Fidelity National Information Services, Inc.		606,842
	5,489	Fiserv, Inc. (a)		653,959
	3,072	Gartner, Inc. (a)		350,485
	2,487	Global Payments, Inc.		203,337
	4,599	International Business Machines Corp.		737,174
	10,381	Leidos Holdings, Inc.		546,663
	3,853	MasterCard, Inc., Class A		448,181
	7,907	Paychex, Inc.		468,727
	2,766	Teradata Corp. (a)		80,712
	4,385	Total System Services, Inc.		251,304
	5,985	Vantiv, Inc., Class A (a)		371,309
	3,569	Visa, Inc., Class A		325,564
	7,412	Western Union Co. (The)		147,202

				7,949,507

		Semiconductors & Semiconductor Equipment — 3.8%
	11,049	Analog Devices, Inc.		841,934
	16,160	Applied Materials, Inc.		656,258
	3,134	Broadcom Ltd., Class A (Singapore)		692,018
	3,728	First Solar, Inc. (a)		110,162
	33,591	Intel Corp.		1,214,315
	5,217	KLA-Tencor Corp.		512,414
	7,220	Lam Research Corp.		1,045,817
	24,006	Marvell Technology Group Ltd. (Bermuda)		360,570
	16,684	Maxim Integrated Products, Inc.		736,599
	8,500	Microchip Technology, Inc.		642,430
	10,075	Micron Technology, Inc. (a)		278,775
	3,349	NVIDIA Corp.		349,301
	6,107	QUALCOMM, Inc.		328,190
	4,001	Skyworks Solutions, Inc.		399,060
	4,525	SunPower Corp., Class A (a)		31,403
	9,606	Teradyne, Inc.		338,804
	9,678	Texas Instruments, Inc.		766,304
	1,321	Versum Materials Inc.		42,298
	15,243	Xilinx, Inc.		961,986

				10,308,638

		Software — 2.7%
	12,189	Activision Blizzard, Inc.		636,875
	7,519	Adobe Systems, Inc. (a)		1,005,591
	12,786	CA, Inc.		419,764

SEE NOTES TO FINANCIAL STATEMENTS.



62	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	13,771	Cadence Design Systems, Inc. (a)		448,522
	3,226	Citrix Systems, Inc. (a)		261,112
	5,673	Electronic Arts, Inc. (a)		537,914
	9,728	Intuit, Inc.		1,218,043
	13,007	Microsoft Corp.		890,459
	9,588	Oracle Corp.		431,077
	9,177	Red Hat, Inc. (a)		808,310
	17,538	Symantec Corp.		554,727
	3,325	VMware Inc., Class A (a)		312,949

				7,525,343

		Technology Hardware, Storage & Peripherals — 1.1%
	5,131	Apple, Inc.		737,068
	22,679	Diebold, Inc.		639,548
	8,749	Hewlett Packard Enterprise Co.		162,994
	32,765	HP, Inc.		616,637
	9,608	NetApp, Inc.		382,879
	5,619	Western Digital Corp.		500,484

				3,039,610

		Total Information Technology		40,714,989

		Materials — 5.6%
		Chemicals — 4.2%
	169	AdvanSix, Inc. (a)		4,607
	2,639	Air Products & Chemicals, Inc.		370,779
	5,761	Albemarle Corp.		627,431
	10,009	Ashland Global Holdings, Inc.		1,236,111
	4,726	Cabot Corp.		284,458
	10,679	Celanese Corp., Class A		929,500
	5,964	CF Industries Holdings, Inc.		159,477
	8,456	Dow Chemical Co. (The)		531,037
	6,316	E.I. du Pont de Nemours & Co.		503,701
	3,391	Eastman Chemical Co.		270,432
	8,750	Ecolab, Inc.		1,129,537
	2,211	FMC Corp.		161,912
	15,139	Huntsman Corp.		374,993
	8,251	International Flavors & Fragrances, Inc.		1,143,506
	3,568	LyondellBasell Industries N.V., Class A (Netherlands)		302,424
	5,833	Monsanto Co.		680,186
	11,715	Mosaic Co. (The)		315,485
	6,726	PPG Industries, Inc.		738,784
	8,519	Praxair, Inc.		1,064,705
	210	RPM International, Inc.		11,038
	1,382	Sherwin-Williams Co. (The)		462,528
	2,412	Valspar Corp. (The)		271,205

				11,573,836


SHARES		SECURITY DESCRIPTION	VALUE($)

		Construction Materials — 0.2%
	1,335	Martin Marietta Materials, Inc.		293,954
	1,813	Vulcan Materials Co.		219,155

				513,109

		Containers & Packaging — 0.6%
	5,376	Ball Corp.		413,361
	5,075	Bemis Co., Inc.		228,020
	1,954	Crown Holdings, Inc. (a)		109,600
	8,060	International Paper Co.		434,998
	7,177	Sealed Air Corp.		315,931

				1,501,910

		Metals & Mining — 0.6%
	2,748	Alcoa Corp.		92,690
	1,378	Compass Minerals International, Inc.		90,948
	10,236	Freeport-McMoRan, Inc. (a)		130,509
	8,427	Newmont Mining Corp.		284,917
	5,239	Nucor Corp.		321,308
	1,859	Reliance Steel & Aluminum Co.		146,526
	1,285	Royal Gold, Inc.		90,824
	5,124	Southern Copper Corp.		181,236
	5,406	Steel Dynamics, Inc.		195,373
	4,422	United States Steel Corp.		98,699

				1,633,030

		Paper & Forest Products — 0.0% (e)
	2,853	Domtar Corp.		113,121

		Total Materials		15,335,006

		Real Estate — 2.0%
		Equity Real Estate Investment Trusts (REITs) — 1.9%
	1,259	Alexandria Real Estate Equities, Inc.		141,650
	2,822	American Tower Corp.		355,403
	2,451	AvalonBay Communities, Inc.		465,298
	2,883	Boston Properties, Inc.		364,988
	593	Camden Property Trust		48,822
	869	Care Capital Properties, Inc.		23,350
	2,160	Corporate Office Properties Trust		70,718
	2,319	Digital Realty Trust, Inc.		266,314
	1,511	Duke Realty Corp.		41,900
	3,322	Equity Residential		214,535
	333	Essex Property Trust, Inc.		81,408
	2,951	Federal Realty Investment Trust		386,256
	7,054	GGP Inc.		152,437
	12,433	Host Hotels & Resorts Inc.		223,172
	2,617	Iron Mountain, Inc.		90,967
	9,345	Kimco Realty Corp.		189,610
	471	Liberty Property Trust		19,108

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	2,419	Macerich Co. (The)		151,018
	3,018	Park Hotels & Resorts Inc.		77,472
	4,828	Prologis, Inc.		262,691
	5,063	Rayonier, Inc.		142,878
	3,219	Realty Income Corp.		187,829
	3,964	Senior Housing Properties Trust		85,305
	1,856	Simon Property Group, Inc.		306,723
	594	Taubman Centers, Inc.		37,155
	3,518	Ventas, Inc.		225,187
	1,151	Vornado Realty Trust		110,772
	3,783	Weingarten Realty Investors		123,969
	3,490	Welltower, Inc.		249,326
	6,549	Weyerhaeuser Co.		221,815

				5,318,076

		Real Estate Management & Development — 0.1%
	3,217	CBRE Group, Inc., Class A (a)		115,201
	224	Jones Lang LaSalle, Inc.		25,729

				140,930

		Total Real Estate		5,459,006

		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.0%
	35,035	AT&T, Inc.		1,388,437
	2,104	Frontier Communications Corp.		3,956
	24,176	Verizon Communications, Inc.		1,109,920
	43,408	Windstream Holdings, Inc.		239,612

				2,741,925

		Wireless Telecommunication Services — 0.1%
	6,342	Telephone & Data Systems, Inc.		174,151
	60	T-Mobile US, Inc. (a)		4,036
	1,777	United States Cellular Corp. (a)		69,623

				247,810

		Total Telecommunication Services		2,989,735

		Utilities — 13.2%
		Electric Utilities — 6.9%
	38,267	Alliant Energy Corp.		1,504,658
	23,559	American Electric Power Co., Inc.		1,598,007
	18,388	Duke Energy Corp.		1,517,010
	19,938	Edison International, Inc.		1,594,442
	17,643	Entergy Corp.		1,345,455
	24,822	Eversource Energy		1,474,427
	34,273	Exelon Corp.		1,186,874
	3,173	FirstEnergy Corp.		95,000
	9,964	NextEra Energy, Inc.		1,330,792


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electric Utilities — continued
	19,293	PG&E Corp.		1,293,596
	18,609	Pinnacle West Capital Corp.		1,583,440
	39,512	PPL Corp.		1,505,802
	28,553	Southern Co. (The)		1,421,939
	33,721	Xcel Energy, Inc.		1,519,131

				18,970,573

		Multi-Utilities — 5.8%
	27,726	Ameren Corp.		1,516,335
	45,419	CenterPoint Energy, Inc.		1,295,804
	33,705	CMS Energy Corp.		1,530,207
	19,045	Consolidated Edison, Inc.		1,509,888
	16,596	Dominion Resources, Inc.		1,285,028
	14,942	DTE Energy Co.		1,562,784
	63,409	NiSource, Inc.		1,537,668
	32,297	Public Service Enterprise Group, Inc.		1,422,683
	20,507	SCANA Corp.		1,359,819
	12,877	Sempra Energy		1,455,358
	24,284	WEC Energy Group, Inc.		1,469,668

				15,945,242

		Water Utilities — 0.5%
	15,640	American Water Works Co., Inc.		1,247,446

		Total Utilities		36,163,261

		Total Common Stocks (Cost $255,309,036)		273,012,119

	Short-Term Investment — 0.4%
		Investment Company — 0.4%
	1,052,093	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.610% (b) (d) (Cost $1,052,093)		1,052,093

		Total Investments — 99.9% (Cost $256,361,129)		274,064,212
		Other Assets in Excess of Liabilities — 0.1%		193,596

		NET ASSETS — 100.0%	$	274,257,808

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



64	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.8%
		Consumer Discretionary —16.4%
		Auto Components — 0.8%
	183	Adient plc (Ireland)		13,461
	1,364	Delphi Automotive plc (Jersey)		109,666
	8,981	Gentex Corp.		185,458
	32	Goodyear Tire & Rubber Co. (The)		1,159
	923	Lear Corp.		131,675

				441,419

		Automobiles — 0.5%
	2,769	Harley-Davidson, Inc.		157,307
	1,472	Thor Industries, Inc.		141,577

				298,884

		Distributors — 0.7%
	1,865	Genuine Parts Co.		171,617
	3,515	LKQ Corp. (a)		109,809
	1,155	Pool Corp.		138,161

				419,587

		Diversified Consumer Services — 0.8%
	240	Graham Holdings Co., Class B		144,408
	2,514	H&R Block, Inc.		62,322
	4,084	Service Corp. International		131,586
	3,056	ServiceMaster Global Holdings, Inc. (a)		116,434

				454,750

		Hotels, Restaurants & Leisure — 3.0%
	2,944	Aramark		107,515
	1,291	Choice Hotels International, Inc.		80,946
	1,952	Darden Restaurants, Inc.		166,291
	530	Domino’s Pizza, Inc.		96,137
	2,252	Dunkin’ Brands Group, Inc.		125,797
	320	Hilton Grand Vacations Inc. (a)		10,710
	2,111	Hilton Worldwide Holdings Inc.		124,486
	2,084	International Game Technology plc (United Kingdom)		46,265
	1,512	Marriott International, Inc., Class A		142,763
	502	Panera Bread Co., Class A (a)		156,965
	852	Royal Caribbean Cruises Ltd. (Liberia)		90,823
	1,912	Six Flags Entertainment Corp.		119,710
	696	Vail Resorts, Inc.		137,571
	8,288	Wendy’s Co. (The)		122,165
	1,266	Wyndham Worldwide Corp.		120,662
	554	Wynn Resorts Ltd.		68,148

				1,716,954

		Household Durables — 2.7%
	3,509	DR Horton, Inc.		115,411


SHARES		SECURITY DESCRIPTION	VALUE($)

		Household Durables — continued
	2,344	Garmin Ltd. (Switzerland)		119,169
	5,101	Leggett & Platt, Inc.		268,007
	2,365	Lennar Corp., Class A		119,433
	639	Mohawk Industries, Inc. (a)		150,031
	3,099	Newell Rubbermaid, Inc.		147,946
	106	NVR, Inc. (a)		223,792
	7,049	PulteGroup, Inc.		159,801
	1,708	Tupperware Brands Corp.		122,651
	673	Whirlpool Corp.		124,963

				1,551,204

		Leisure Products — 0.8%
	1,925	Brunswick Corp.		109,244
	1,827	Hasbro, Inc.		181,074
	4,367	Mattel, Inc.		97,908
	896	Polaris Industries, Inc.		76,393

				464,619

		Media — 2.1%
	3,654	Cinemark Holdings, Inc.		157,853
	2,743	Discovery Communications, Inc., Class A (a)		78,944
	2,240	Discovery Communications, Inc., Class C (a)		62,675
	4,745	Interpublic Group of Cos., Inc. (The)		111,840
	652	Liberty Broadband Corp., Class C (a)		59,436
	1,185	Liberty Media Corp.-Liberty SiriusXM, Class A (a)		45,148
	4,286	MSG Networks, Inc. (a)		106,936
	1,728	Omnicom Group, Inc.		141,903
	5,059	Regal Entertainment Group, Class A		111,652
	1,270	Scripps Networks Interactive, Inc., Class A		94,894
	27,516	Sirius XM Holdings, Inc.		136,204
	2,618	TEGNA, Inc.		66,707
	1,464	Viacom, Inc., Class B		62,308

				1,236,500

		Multiline Retail — 0.7%
	1,171	Dillard’s, Inc., Class A		64,838
	1,232	Dollar General Corp.		89,579
	1,272	Dollar Tree, Inc. (a)		105,283
	1,425	Kohl’s Corp.		55,618
	1,634	Macy’s, Inc.		47,746
	1,394	Nordstrom, Inc.		67,288

				430,352

		Specialty Retail — 3.3%
	623	Advance Auto Parts, Inc.		88,553
	1,559	AutoNation, Inc. (a)		65,478
	4	AutoZone, Inc. (a)		2,769

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	2,392	Bed Bath & Beyond, Inc.		92,690
	2,373	Best Buy Co., Inc.		122,945
	1,036	Burlington Stores, Inc. (a)		102,481
	1,834	Cabela’s, Inc. (a)		100,136
	1,194	CarMax, Inc. (a)		69,849
	1,794	CST Brands, Inc.		86,632
	1,338	Dick’s Sporting Goods, Inc.		67,636
	1,431	Foot Locker, Inc.		110,674
	1,750	GameStop Corp., Class A		39,708
	2,802	Gap, Inc. (The)		73,412
	1,184	Murphy USA, Inc. (a)		82,371
	469	O’Reilly Automotive, Inc. (a)		116,382
	1,434	Penske Automotive Group, Inc.		68,416
	2,138	Ross Stores, Inc.		138,970
	663	Sally Beauty Holdings, Inc. (a)		12,610
	689	Signet Jewelers Ltd. (Bermuda)		45,364
	1,343	Tiffany & Co.		123,086
	1,424	Tractor Supply Co.		88,160
	315	Ulta Beauty, Inc. (a)		88,654
	2,042	Urban Outfitters, Inc. (a)		46,721
	1,894	Williams-Sonoma, Inc.		102,371

				1,936,068

		Textiles, Apparel & Luxury Goods — 1.0%
	1,235	Carter’s, Inc.		113,669
	2,735	Coach, Inc.		107,732
	3,541	Hanesbrands, Inc.		77,229
	1,514	lululemon athletica, Inc. (a)		78,728
	1,606	Michael Kors Holdings Ltd. (British Virgin Islands) (a)		59,952
	968	PVH Corp.		97,797
	3,264	Under Armour, Inc., Class C (a)		63,354

				598,461

		Total Consumer Discretionary		9,548,798

		Consumer Staples — 6.8%
		Beverages — 0.8%
	3,967	Brown-Forman Corp., Class B		187,718
	1,857	Dr. Pepper Snapple Group, Inc.		170,194
	1,117	Molson Coors Brewing Co., Class B		107,109

				465,021

		Food & Staples Retailing — 0.4%
	1,003	Casey’s General Stores, Inc.		112,406
	3,139	Whole Foods Market, Inc.		114,166

				226,572


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food Products — 4.2%
	1,245	Bunge Ltd. (Bermuda)		98,392
	3,331	Campbell Soup Co.		191,666
	3,505	ConAgra Foods, Inc.		135,924
	8,437	Flowers Foods, Inc.		165,449
	1,894	Hershey Co. (The)		204,931
	4,498	Hormel Foods Corp.		157,790
	1,356	Ingredion, Inc.		167,900
	1,519	JM Smucker Co. (The)		192,488
	3,301	Kellogg Co.		234,371
	1,169	Lamb Weston Holdings, Inc.		48,806
	2,503	McCormick & Co., Inc. (Non-Voting)		250,050
	1,245	Mead Johnson Nutrition Co., Class A		110,456
	4,733	Pilgrim’s Pride Corp. (a)		122,868
	3,380	Pinnacle Foods, Inc.		196,547
	358	Post Holdings, Inc. (a)		30,140
	1,630	Tyson Foods, Inc., Class A		104,744

				2,412,522

		Household Products — 1.2%
	4,610	Church & Dwight Co., Inc.		228,333
	1,948	Clorox Co. (The)		260,428
	1,348	Energizer Holdings, Inc.		79,842
	1,017	Spectrum Brands Holdings, Inc.		146,174

				714,777

		Personal Products — 0.2%
	583	Coty, Inc., Class A		10,407
	12	Edgewell Personal Care Co. (a)		858
	1,858	Nu Skin Enterprises, Inc., Class A		102,617

				113,882

		Total Consumer Staples		3,932,774

		Energy — 3.2%
		Energy Equipment & Services — 1.2%
	1,628	Baker Hughes, Inc.		96,654
	1,208	Dril-Quip, Inc. (a)		62,272
	6,052	Ensco plc, Class A (United Kingdom)		47,750
	746	Helmerich & Payne, Inc.		45,237
	3,216	Nabors Industries Ltd. (Bermuda)		33,254
	2,096	National Oilwell Varco, Inc.		73,297
	3,527	Noble Corp. plc (United Kingdom)		16,930
	2,199	Oceaneering International, Inc.		58,032
	1,804	Patterson-UTI Energy, Inc.		39,048
	2,744	Rowan Co. plc, Class A (United Kingdom) (a)		38,608
	4,120	RPC, Inc.		74,860
	2,943	Superior Energy Services, Inc. (a)		35,551
	5,484	Transocean Ltd. (Switzerland) (a)		60,489

				681,982

SEE NOTES TO FINANCIAL STATEMENTS.



66	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 2.0%
	1,808	Antero Resources Corp. (a)		38,312
	112	Cheniere Energy, Inc. (a)		5,079
	1,777	CONSOL Energy, Inc. (a)		26,975
	886	Diamondback Energy, Inc. (a)		88,458
	172	Energen Corp. (a)		8,942
	1,247	Hess Corp.		60,891
	2,687	HollyFrontier Corp.		75,612
	680	Laredo Petroleum, Inc. (a)		8,745
	3,458	Marathon Oil Corp.		51,420
	1,699	Marathon Petroleum Corp.		86,547
	1,823	Murphy Oil Corp.		47,726
	2,030	Noble Energy, Inc. (a)		65,630
	3,517	ONEOK, Inc.		185,029
	1,940	Parsley Energy, Inc., Class A (a)		57,793
	2,186	PBF Energy, Inc., Class A		48,792
	2,812	QEP Resources, Inc. (a)		33,210
	2,441	Rice Energy, Inc. (a)		51,969
	727	SM Energy Co.		16,423
	796	Targa Resources Corp.		43,883
	805	Tesoro Corp.		64,167
	2,349	Williams Cos., Inc. (The)		71,950
	719	World Fuel Services Corp.		26,481
	2,713	WPX Energy, Inc. (a)		32,366

				1,196,400

		Total Energy		1,878,382

		Financials — 9.0%
		Banks — 2.0%
	871	Associated Banc-Corp		21,688
	612	Bank of Hawaii Corp.		49,866
	1,032	BankUnited, Inc.		36,419
	1,128	Citizens Financial Group, Inc.		41,409
	643	Comerica, Inc.		45,460
	1,403	Commerce Bancshares, Inc.		77,095
	832	Cullen/Frost Bankers, Inc.		78,532
	873	East West Bancorp, Inc.		47,378
	2,124	Fifth Third Bancorp		51,889
	2,256	First Horizon National Corp.		41,398
	639	First Republic Bank		59,082
	5,478	Huntington Bancshares, Inc.		70,447
	2,455	KeyCorp		44,779
	584	M&T Bank Corp.		90,759
	759	PacWest Bancorp		37,487
	3,897	People’s United Financial, Inc.		68,081
	872	Popular, Inc. (Puerto Rico)		36,546
	3,230	Regions Financial Corp.		44,413


SHARES		SECURITY DESCRIPTION	VALUE($)

		Banks — continued
	1,241	SunTrust Banks, Inc.		70,501
	28	SVB Financial Group (a)		4,926
	1,660	Synovus Financial Corp.		69,388
	969	Western Alliance Bancorp (a)		46,415
	962	Zions Bancorporation		38,509

				1,172,467

		Capital Markets — 1.7%
	486	Ameriprise Financial, Inc.		62,135
	536	CBOE Holdings, Inc.		44,172
	268	Donnelley Financial Solutions, Inc. (a)		5,955
	1,094	Eaton Vance Corp.		46,965
	876	FactSet Research Systems, Inc.		143,016
	1,673	Federated Investors, Inc., Class B		44,870
	958	Invesco Ltd. (Bermuda)		31,556
	807	Lazard Ltd., Class A (Bermuda)		34,653
	108	Legg Mason, Inc.		4,037
	902	LPL Financial Holdings, Inc.		37,920
	325	MarketAxess Holdings, Inc.		62,569
	564	MSCI, Inc., Class A		56,580
	1,377	Nasdaq, Inc.		94,834
	840	Northern Trust Corp.		75,600
	800	Raymond James Financial, Inc.		59,616
	1,537	SEI Investments Co.		77,941
	885	T. Rowe Price Group, Inc.		62,738
	1,088	TD Ameritrade Holding Corp.		41,638

				986,795

		Consumer Finance — 0.2%
	2,303	Navient Corp.		35,006
	1,617	Santander Consumer USA Holdings, Inc. (a)		20,601
	4,206	SLM Corp. (a)		52,743
	1,113	Synchrony Financial		30,941

				139,291

		Insurance — 4.3%
	151	Alleghany Corp. (a)		92,216
	3,567	Allied World Assurance Co. Holdings AG (Switzerland)		189,372
	1,410	American Financial Group, Inc.		137,207
	1,253	AmTrust Financial Services, Inc.		20,111
	1,694	Arch Capital Group Ltd. (Bermuda) (a)		164,267
	1,942	Arthur J Gallagher & Co.		108,383
	1,690	Aspen Insurance Holdings Ltd. (Bermuda)		88,471
	905	Assurant, Inc.		87,097
	1,212	Assured Guaranty Ltd. (Bermuda)		46,214
	1,555	Axis Capital Holdings Ltd. (Bermuda)		102,475

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	2,154	Brown & Brown, Inc.		92,407
	1,208	Cincinnati Financial Corp.		87,085
	77	CNA Financial Corp.		3,485
	278	Erie Indemnity Co., Class A		34,422
	419	Everest Re Group Ltd. (Bermuda)		105,466
	917	First American Financial Corp.		39,807
	1,777	FNF Group		72,768
	450	Hanover Insurance Group, Inc. (The)		39,721
	1,536	Hartford Financial Services Group, Inc. (The)		74,281
	548	Lincoln National Corp.		36,130
	10	Markel Corp. (a)		9,696
	735	Mercury General Corp.		45,195
	2,700	Old Republic International Corp.		55,836
	1,242	Principal Financial Group, Inc.		80,891
	2,350	Progressive Corp. (The)		93,342
	824	Reinsurance Group of America, Inc., Class A		103,033
	673	RenaissanceRe Holdings Ltd. (Bermuda)		95,680
	1,563	Torchmark Corp.		119,898
	1,198	Unum Group		55,503
	1,545	Validus Holdings Ltd. (Bermuda)		85,408
	1,531	W.R. Berkley Corp.		104,077

				2,469,944

		Mortgage Real Estate Investment Trusts (REITs) — 0.8%
	4,258	AGNC Investment Corp.		89,716
	6,877	Annaly Capital Management, Inc.		81,217
	2,428	Chimera Investment Corp.		49,434
	8,173	MFA Financial, Inc.		67,918
	3,513	Starwood Property Trust, Inc.		79,710
	8,550	Two Harbors Investment Corp.		85,415

				453,410

		Total Financials		5,221,907

		Health Care — 13.5%
		Biotechnology — 0.4%
	843	Incyte Corp. (a)		104,768
	1,139	United Therapeutics Corp. (a)		143,172

				247,940

		Health Care Equipment & Supplies — 5.4%
	834	ABIOMED, Inc. (a)		108,687
	1,080	Alere, Inc. (a)		53,104
	1,961	Align Technology, Inc. (a)		263,990
	1,203	C.R. Bard, Inc.		369,898
	1,033	Cooper Co., Inc. (The)		206,941
	3,840	DENTSPLY SIRONA, Inc.		242,842
	1,289	Edwards Lifesciences Corp. (a)		141,365


SHARES		SECURITY DESCRIPTION	VALUE($)

		Health Care Equipment & Supplies — continued
	3,072	Hill-Rom Holdings, Inc.		232,366
	4,004	Hologic, Inc. (a)		180,781
	1,007	IDEXX Laboratories, Inc. (a)		168,904
	311	Intuitive Surgical, Inc. (a)		259,955
	2,646	ResMed, Inc.		179,901
	1,194	Teleflex, Inc.		247,027
	734	Varex Imaging Corp. (a)		24,633
	1,833	Varian Medical Systems, Inc. (a)		166,326
	1,329	West Pharmaceutical Services, Inc.		122,308
	1,629	Zimmer Biomet Holdings, Inc.		194,910

				3,163,938

		Health Care Providers & Services — 4.3%
	3,005	Acadia Healthcare Co., Inc. (a)		130,958
	1,245	AmerisourceBergen Corp., Class A		102,152
	278	Brookdale Senior Living, Inc. (a)		3,611
	2,282	Centene Corp. (a)		169,781
	2,756	DaVita, Inc. (a)		190,192
	1,895	Envision Healthcare Corp. (a)		106,177
	1,714	Henry Schein, Inc. (a)		297,893
	1,758	Laboratory Corp. of America Holdings (a)		246,384
	2,931	LifePoint Health, Inc. (a)		182,162
	3,265	MEDNAX, Inc. (a)		197,075
	3,594	Patterson Cos., Inc.		159,897
	2,167	Quest Diagnostics, Inc.		228,640
	384	Tenet Healthcare Corp. (a)		6,017
	1,411	Universal Health Services, Inc., Class B		170,392
	973	VCA, Inc. (a)		89,098
	1,269	WellCare Health Plans, Inc. (a)		194,677

				2,475,106

		Health Care Technology — 0.5%
	8,095	Allscripts Healthcare Solutions, Inc. (a)		96,897
	1,945	Cerner Corp. (a)		125,939
	1,464	Veeva Systems, Inc., Class A (a)		78,500

				301,336

		Life Sciences Tools & Services — 1.9%
	1,921	Agilent Technologies, Inc.		105,751
	991	Bio-Techne Corp.		106,116
	2,137	Charles River Laboratories International, Inc. (a)		191,689
	602	Illumina, Inc. (a)		111,286
	215	Mettler-Toledo International, Inc. (a)		110,385
	161	PerkinElmer, Inc.		9,565
	1,110	QIAGEN NV (Netherlands) (a)		33,400
	2,595	Quintiles Transnational Holdings, Inc. (a)		218,707

SEE NOTES TO FINANCIAL STATEMENTS.



68	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — continued
	1,232	Waters Corp. (a)		209,304

				1,096,203

		Pharmaceuticals — 1.0%
	3,749	Akorn, Inc. (a)		125,404
	1,938	Mallinckrodt plc (Ireland) (a)		90,931
	1,475	Perrigo Co. plc (Ireland)		109,062
	4,195	Zoetis, Inc., Class A		235,381

				560,778

		Total Health Care		7,845,301

		Industrials — 12.0%
		Aerospace & Defense — 1.1%
	2,091	Arconic, Inc.		57,147
	661	BWX Technologies Inc.		32,501
	1,796	Hexcel Corp.		92,943
	298	Huntington Ingalls Industries, Inc.		59,865
	436	L3 Technologies, Inc.		74,892
	367	Orbital ATK, Inc.		36,333
	1,268	Rockwell Collins, Inc.		131,986
	1,309	Spirit AeroSystems Holdings, Inc., Class A		74,823
	1,320	Textron, Inc.		61,591

				622,081

		Air Freight & Logistics — 0.2%
	803	C.H. Robinson Worldwide, Inc.		58,378
	1,292	Expeditors International of Washington, Inc.		72,469

				130,847

		Airlines — 0.7%
	1,140	Alaska Air Group, Inc.		97,002
	1,471	American Airlines Group, Inc.		62,694
	526	Copa Holdings S.A., Class A (Panama)		61,237
	3,919	JetBlue Airways Corp. (a)		85,552
	866	Spirit Airlines, Inc. (a)		49,596
	1,018	United Continental Holdings, Inc. (a)		71,474

				427,555

		Building Products — 1.0%
	1,350	Allegion plc (Ireland)		106,164
	1,707	AO Smith Corp.		91,973
	414	Armstrong World Industries, Inc. (a)		19,355
	1,236	Fortune Brands Home & Security, Inc.		78,783
	1,809	Johnson Controls International plc (Ireland)		75,200
	623	Lennox International, Inc.		103,038
	1,137	Owens Corning		69,186
	1,867	USG Corp. (a)		56,570

				600,269


SHARES		SECURITY DESCRIPTION	VALUE($)

		Commercial Services & Supplies — 1.4%
	794	Cintas Corp.		97,241
	7,487	Copart, Inc. (a)		231,348
	1,849	Covanta Holding Corp.		26,903
	3,754	KAR Auction Services, Inc.		163,750
	268	LSC Communications, Inc.		6,933
	6,018	Pitney Bowes, Inc.		79,979
	2,776	Republic Services, Inc., Class A		174,860
	712	RR Donnelley & Sons Co.		8,950

				789,964

		Construction & Engineering — 0.5%
	638	Chicago Bridge & Iron Co., N.V. (Netherlands)		19,191
	1,130	Fluor Corp.		57,992
	1,060	Jacobs Engineering Group, Inc.		58,215
	1,526	Quanta Services, Inc. (a)		54,082
	592	Valmont Industries, Inc.		90,191

				279,671

		Electrical Equipment — 0.5%
	207	Acuity Brands, Inc.		36,453
	1,041	Hubbell, Inc., Class B		117,768
	374	Regal Beloit Corp.		29,490
	634	Rockwell Automation, Inc.		99,760

				283,471

		Industrial Conglomerates — 0.3%
	708	Carlisle Co., Inc.		71,784
	404	Roper Technologies, Inc.		88,355

				160,139

		Machinery — 4.0%
	1,436	AGCO Corp.		91,890
	2,685	Allison Transmission Holdings, Inc.		103,856
	676	Crane Co.		54,019
	515	Cummins, Inc.		77,734
	1,088	Donaldson Co., Inc.		50,353
	996	Dover Corp.		78,564
	1,094	Flowserve Corp.		55,652
	1,117	Graco, Inc.		120,468
	1,050	IDEX Corp.		109,998
	1,088	Ingersoll-Rand plc (Ireland)		96,560
	721	ITT, Inc.		30,376
	1,059	Lincoln Electric Holdings, Inc.		94,283
	1,209	Middleby Corp. (The) (a)		164,581
	475	Nordson Corp.		59,470
	889	Oshkosh Corp.		61,688
	1,061	PACCAR, Inc.		70,800

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Machinery — continued
	490	Parker-Hannifin Corp.		78,792
	1,310	Snap-on, Inc.		219,464
	3,326	SPX Corp. (a)		80,023
	1,633	Stanley Black & Decker, Inc.		222,333
	549	Terex Corp.		19,204
	1,115	Timken Co. (The)		53,799
	3,509	Toro Co. (The)		227,804
	873	Trinity Industries, Inc.		23,484
	2	WABCO Holdings, Inc. (a)		238
	2,087	Xylem, Inc.		107,293

				2,352,726

		Marine — 0.0% (e)
	320	Kirby Corp. (a)		22,592

		Professional Services — 0.8%
	721	Dun & Bradstreet Corp. (The)		79,029
	663	Equifax, Inc.		89,710
	641	ManpowerGroup, Inc.		64,728
	2,254	Nielsen Holdings plc (United Kingdom)		92,707
	1,459	Robert Half International, Inc.		67,187
	1,101	Verisk Analytics, Inc., Class A (a)		91,174

				484,535

		Road & Rail — 0.7%
	1,103	Avis Budget Group, Inc. (a)		33,641
	955	J.B. Hunt Transport Services, Inc.		85,625
	646	Kansas City Southern		58,185
	1,319	Landstar System, Inc.		112,709
	565	Old Dominion Freight Line, Inc.		50,014
	579	Ryder System, Inc.		39,320

				379,494

		Trading Companies & Distributors — 0.7%
	1,165	Air Lease Corp., Class A		44,433
	924	Fastenal Co.		41,284
	1,516	HD Supply Holdings, Inc. (a)		61,095
	643	MSC Industrial Direct Co., Inc., Class A		57,568
	274	United Rentals, Inc. (a)		30,047
	187	W.W. Grainger, Inc.		36,035
	580	Watsco, Inc.		80,504
	649	WESCO International Inc. (a)		39,556

				390,522

		Transportation Infrastructure — 0.1%
	1,040	Macquarie Infrastructure Corp.		84,625

		Total Industrials		7,008,491


SHARES		SECURITY DESCRIPTION	VALUE($)

		Information Technology — 14.5%
		Communications Equipment — 1.5%
	744	Arista Networks, Inc. (a)		103,892
	179	ARRIS International plc (United Kingdom) (a)		4,652
	6,014	Brocade Communications Systems, Inc.		75,596
	1,641	CommScope Holding Co., Inc. (a)		68,988
	1,023	F5 Networks, Inc. (a)		132,100
	1,561	Harris Corp.		174,660
	4,001	Juniper Networks, Inc.		120,310
	1,946	Motorola Solutions, Inc.		167,298

				847,496

		Electronic Equipment, Instruments & Components — 1.4%
	1,618	Amphenol Corp., Class A		116,998
	936	Arrow Electronics, Inc. (a)		65,988
	1,824	Avnet, Inc.		70,570
	1,432	AVX Corp.		24,215
	3,176	CDW Corp.		187,670
	448	Cognex Corp.		38,232
	281	Dolby Laboratories, Inc., Class A		14,817
	2,427	FLIR Systems, Inc.		89,144
	387	IPG Photonics Corp. (a)		48,886
	2,079	Jabil Circuit, Inc.		60,333
	1,967	National Instruments Corp.		68,668
	351	VeriFone Systems, Inc. (a)		6,507
	363	Zebra Technologies Corp., Class A (a)		34,220

				826,248

		Internet Software & Services — 0.7%
	2,053	Akamai Technologies, Inc. (a)		125,110
	1,624	IAC/Interactive Corp. (a)		134,808
	1,568	VeriSign, Inc. (a)		139,427

				399,345

		IT Services — 3.2%
	4,494	Amdocs Ltd. (Guernsey)		275,213
	1,230	Booz Allen Hamilton Holding Corp., Class A		44,194
	1,852	Broadridge Financial Solutions, Inc.		129,529
	1,101	Conduent, Inc. (a)		17,957
	542	CoreLogic, Inc. (a)		23,165
	1,733	CSRA, Inc.		50,396
	1,629	DST Systems, Inc.		200,546
	458	Euronet Worldwide, Inc. (a)		37,840
	1,092	Fidelity National Information Services, Inc.		91,935
	1,052	Fiserv, Inc. (a)		125,335
	1,483	Gartner, Inc. (a)		169,195
	779	Global Payments, Inc.		63,691
	1,093	Jack Henry & Associates, Inc.		105,934

SEE NOTES TO FINANCIAL STATEMENTS.



70	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — continued
	2,242	Leidos Holdings, Inc.		118,064
	1,291	Paychex, Inc.		76,530
	5,351	Sabre Corp.		125,267
	511	Teradata Corp. (a)		14,911
	1,573	Total System Services, Inc.		90,149
	1,152	Vantiv, Inc., Class A (a)		71,470
	1,930	Western Union Co. (The)		38,330

				1,869,651

		Semiconductors & Semiconductor Equipment — 3.3%
	2,233	Analog Devices, Inc.		170,155
	10,218	Cypress Semiconductor Corp.		143,154
	1,137	First Solar, Inc. (a)		33,598
	1,654	KLA-Tencor Corp.		162,456
	1,352	Lam Research Corp.		195,837
	8,537	Marvell Technology Group Ltd. (Bermuda)		128,226
	3,389	Maxim Integrated Products, Inc.		149,624
	2,451	Microchip Technology, Inc.		185,247
	3,204	Micron Technology, Inc. (a)		88,655
	948	NVIDIA Corp.		98,876
	6,137	ON Semiconductor Corp. (a)		87,023
	873	Qorvo, Inc. (a)		59,390
	1,114	Skyworks Solutions, Inc.		111,110
	2,468	SunPower Corp., Class A (a)		17,128
	5,328	Teradyne, Inc.		187,918
	1,943	Xilinx, Inc.		122,623

				1,941,020

		Software — 3.9%
	1,736	ANSYS, Inc. (a)		191,238
	5,483	CA, Inc.		180,007
	6,292	Cadence Design Systems, Inc. (a)		204,930
	1,983	CDK Global, Inc.		128,915
	1,160	Citrix Systems, Inc. (a)		93,890
	1,459	Electronic Arts, Inc. (a)		138,342
	1,753	Manhattan Associates, Inc. (a)		81,848
	3,769	Nuance Communications, Inc. (a)		67,427
	2,851	PTC, Inc. (a)		154,097
	1,526	Red Hat, Inc. (a)		134,410
	4,019	SS&C Technologies Holdings, Inc.		147,658
	6,409	Symantec Corp.		202,717
	3,825	Synopsys, Inc. (a)		281,902
	735	Tyler Technologies, Inc. (a)		120,239
	564	Ultimate Software Group, Inc. (The) (a)		114,306

				2,241,926


SHARES		SECURITY DESCRIPTION	VALUE($)

		Technology Hardware, Storage & Peripherals — 0.5%
	1,723	NCR Corp. (a)		71,074
	3,021	NetApp, Inc.		120,387
	937	Western Digital Corp.		83,459
	5,503	Xerox Corp.		39,566

				314,486

		Total Information Technology		8,440,172

		Materials — 6.5%
		Chemicals — 3.4%
	1,180	Albemarle Corp.		128,514
	1,375	Ashland Global Holdings, Inc.		169,813
	1,886	Cabot Corp.		113,518
	1,425	Celanese Corp., Class A		124,032
	1,684	CF Industries Holdings, Inc.		45,030
	1,740	Eastman Chemical Co.		138,765
	1,662	FMC Corp.		121,708
	3,042	Huntsman Corp.		75,350
	1,388	International Flavors & Fragrances, Inc.		192,363
	2,418	Mosaic Co. (The)		65,117
	179	NewMarket Corp.		84,255
	3,169	RPM International, Inc.		166,563
	2,111	Scotts Miracle-Gro Co. (The), Class A		203,923
	705	Valspar Corp. (The)		79,270
	1,893	Westlake Chemical Corp.		117,839
	2,150	WR Grace & Co.		149,898

				1,975,958

		Construction Materials — 0.3%
	478	Eagle Materials, Inc.		45,874
	263	Martin Marietta Materials, Inc.		57,910
	615	Vulcan Materials Co.		74,341

				178,125

		Containers & Packaging — 1.7%
	944	AptarGroup, Inc.		75,803
	2,299	Avery Dennison Corp.		191,300
	909	Ball Corp.		69,893
	1,244	Bemis Co., Inc.		55,893
	1,396	Berry Global Group, Inc. (a)		69,800
	955	Crown Holdings, Inc. (a)		53,566
	5,060	Graphic Packaging Holding Co.		68,715
	1,840	International Paper Co.		99,305
	834	Packaging Corp of America		82,382
	1,441	Sealed Air Corp.		63,433
	1,127	Silgan Holdings, Inc.		68,318

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	71

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Containers & Packaging — continued
	1,091	Sonoco Products Co.		57,070
	916	WestRock Co.		49,061

				1,004,539

		Metals & Mining — 1.0%
	694	Alcoa Corp.		23,408
	1,199	Compass Minerals International, Inc.		79,134
	2,231	Newmont Mining Corp.		75,430
	1,381	Nucor Corp.		84,697
	1,002	Reliance Steel & Aluminum Co.		78,978
	735	Royal Gold, Inc.		51,950
	1,998	Southern Copper Corp.		70,669
	2,309	Steel Dynamics, Inc.		83,447
	1,127	United States Steel Corp.		25,155

				572,868

		Paper & Forest Products — 0.1%
	1,772	Domtar Corp.		70,260

		Total Materials		3,801,750

		Real Estate — 4.9%
		Equity Real Estate Investment Trusts (REITs) — 4.9%
	495	Alexandria Real Estate Equities, Inc.		55,692
	927	American Campus Communities, Inc.		43,931
	2,402	American Homes 4 Rent, Class A		55,366
	1,077	Apartment Investment & Management Co.		47,108
	525	AvalonBay Communities, Inc.		99,666
	451	Boston Properties, Inc.		57,097
	2,291	Brandywine Realty Trust		38,878
	1,413	Brixmor Property Group, Inc.		27,907
	654	Camden Property Trust		53,844
	2,412	Colony NorthStar Inc., Class A		31,525
	1,043	CoreCivic, Inc.		35,931
	143	CubeSmart		3,624
	944	CyrusOne, Inc.		51,580
	1,125	DCT Industrial Trust, Inc.		56,880
	901	DDR Corp.		9,740
	621	Digital Realty Trust, Inc.		71,316
	1,926	Douglas Emmett, Inc.		72,552
	2,712	Duke Realty Corp.		75,204
	518	EPR Properties		37,664
	1,461	Equity Commonwealth (a)		46,737
	706	Equity LifeStyle Properties, Inc.		57,122
	79	Federal Realty Investment Trust		10,340
	1,638	Forest City Realty Trust, Inc., Class A		37,019
	1,579	Gaming and Leisure Properties, Inc.		54,949
	1,761	GGP Inc.		38,055


SHARES		SECURITY DESCRIPTION	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	967	Healthcare Trust of America, Inc., Class A		30,838
	905	Highwoods Properties, Inc.		46,046
	2,060	Hospitality Properties Trust		65,570
	3,055	Host Hotels & Resorts, Inc.		54,837
	1,067	Iron Mountain, Inc.		37,089
	747	Kilroy Realty Corp.		52,686
	1,993	Kimco Realty Corp.		40,438
	932	Lamar Advertising Co., Class A		67,169
	1,643	Liberty Property Trust		66,657
	742	Macerich Co. (The)		46,323
	448	Mid-America Apartment Communities, Inc.		44,446
	1,568	National Retail Properties, Inc.		66,201
	1,183	Omega Healthcare Investors, Inc.		39,039
	1,774	Outfront Media, Inc.		46,408
	690	Park Hotels & Resorts, Inc.		17,712
	2,556	Piedmont Office Realty Trust, Inc., Class A		55,849
	1,455	Prologis, Inc.		79,167
	1,262	Rayonier, Inc.		35,614
	1,278	Realty Income Corp.		74,571
	748	Regency Centers Corp.		47,259
	2,718	Senior Housing Properties Trust		58,491
	4,894	Spirit Realty Capital, Inc.		46,101
	1,419	STORE Capital Corp.		34,042
	507	Sun Communities, Inc.		42,390
	1,874	Tanger Factory Outlet Centers, Inc.		58,450
	659	Taubman Centers, Inc.		41,220
	1,153	Uniti Group Inc.		31,661
	1,057	Ventas, Inc.		67,659
	5,655	VEREIT, Inc.		47,332
	168	Vornado Realty Trust		16,168
	1,180	Weingarten Realty Investors		38,669
	998	Welltower, Inc.		71,297
	1,609	Weyerhaeuser Co.		54,497
	533	WP Carey, Inc.		33,366

		Total Real Estate		2,824,989

		Telecommunication Services — 0.5%
		Diversified Telecommunication Services — 0.3%
	3,002	Level 3 Communications, Inc. (a)		182,401

		Wireless Telecommunication Services — 0.2%
	2,645	Telephone & Data Systems, Inc.		72,632
	700	United States Cellular Corp. (a)		27,426

				100,058

		Total Telecommunication Services		282,459

SEE NOTES TO FINANCIAL STATEMENTS.



72	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 12.5%
		Electric Utilities — 4.9%
	7,400	Alliant Energy Corp.		290,968
	3,803	Edison International, Inc.		304,126
	2,960	Entergy Corp.		225,730
	4,445	Eversource Energy		264,033
	10,054	Great Plains Energy, Inc.		297,498
	3,616	Hawaiian Electric Industries, Inc.		121,208
	4,117	OGE Energy Corp.		143,189
	3,517	Pinnacle West Capital Corp.		299,262
	8,703	PPL Corp.		331,671
	5,509	Westar Energy, Inc., Class A		286,633
	6,431	Xcel Energy, Inc.		289,717

				2,854,035

		Gas Utilities — 1.4%
	3,789	Atmos Energy Corp.		306,985
	3,319	National Fuel Gas Co.		183,806
	6,058	UGI Corp.		303,869

				794,660

		Independent Power and Renewable Electricity Producers — 0.3%
	15,659	AES Corp.		177,103

		Multi-Utilities — 5.0%
	5,656	Ameren Corp.		309,327
	3,696	CenterPoint Energy, Inc.		105,447
	6,444	CMS Energy Corp.		292,557
	3,695	Consolidated Edison, Inc.		292,940
	2,707	DTE Energy Co.		283,125


SHARES		SECURITY DESCRIPTION	VALUE($)

		Multi-Utilities — continued
	2,191	MDU Resources Group, Inc.		58,938
	12,644	NiSource, Inc.		306,617
	6,309	Public Service Enterprise Group, Inc.		277,911
	3,800	SCANA Corp.		251,978
	2,680	Sempra Energy		302,894
	2,690	Vectren Corp.		159,840
	4,110	WEC Energy Group, Inc.		248,737

				2,890,311

		Water Utilities — 0.9%
	3,990	American Water Works Co., Inc.		318,243
	6,492	Aqua America, Inc.		214,820

				533,063

		Total Utilities		7,249,172

		Total Common Stocks (Cost $52,626,513)		58,034,195

	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	351,777	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.610% (b) (d) (Cost $351,777)		351,777

		Total Investments — 100.4% (Cost $52,978,290)		58,385,972
		Liabilities in Excess of Other Assets — (0.4)%		(251,128	)

		NET ASSETS — 100.0%	$	58,134,844

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	73

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 21.4%
		Auto Components — 2.6%
	3,327	American Axle & Manufacturing Holdings, Inc. (a)		58,522
	1,866	Cooper Tire & Rubber Co.		71,468
	858	Cooper-Standard Holdings, Inc. (a)		97,014
	3,804	Dana, Inc.		73,874
	1,691	Dorman Products, Inc. (a)		140,607
	1,868	Gentherm, Inc. (a)		69,396
	2,012	LCI Industries		203,514
	798	Modine Manufacturing Co. (a)		9,656
	686	Stoneridge, Inc. (a)		13,452
	2,123	Superior Industries International, Inc.		46,175
	1,051	Tenneco, Inc.		66,244

				849,922

		Automobiles — 0.3%
	2,911	Winnebago Industries, Inc.		83,546

		Distributors — 0.7%
	633	Core-Mark Holding Co., Inc.		22,168
	1,781	Pool Corp.		213,043

				235,211

		Diversified Consumer Services — 0.9%
	862	American Public Education, Inc. (a)		19,050
	972	Bridgepoint Education, Inc. (a)		11,858
	984	Bright Horizons Family Solutions, Inc. (a)		74,902
	550	Carriage Services, Inc., Class A		15,043
	1,056	DeVry Education Group, Inc.		39,970
	883	Grand Canyon Education, Inc. (a)		66,366
	226	Houghton Mifflin Harcourt Co. (a)		2,599
	120	K12, Inc. (a)		2,262
	1,376	Regis Corp. (a)		15,012
	583	Sotheby’s (a)		27,611
	233	Strayer Education, Inc.		20,204
	2,018	Universal Technical Institute, Inc. (a)		7,305

				302,182

		Hotels, Restaurants & Leisure — 3.7%
	2,196	Belmond Ltd., Class A (Bermuda) (a)		27,230
	31	Biglari Holdings, Inc. (a)		13,226
	669	BJ’s Restaurants, Inc. (a)		30,172
	1,404	Bloomin’ Brands, Inc.		30,453
	924	Bob Evans Farms, Inc.		61,668
	1,953	Boyd Gaming Corp.		44,294
	198	Buffalo Wild Wings, Inc. (a)		31,195
	852	Caesars Entertainment Corp. (a)		9,457
	1,209	Cheesecake Factory, Inc. (The)		77,569


SHARES		SECURITY DESCRIPTION	VALUE($)

		Hotels, Restaurants & Leisure — continued
	231	Churchill Downs, Inc.		38,531
	604	Chuy’s Holdings, Inc. (a)		17,999
	342	Cracker Barrel Old Country Store, Inc.		54,785
	892	Dave & Buster’s Entertainment, Inc. (a)		57,097
	397	DineEquity, Inc.		22,446
	1,460	Dover Motorsports, Inc.		2,993
	1,699	El Pollo Loco Holdings, Inc. (a)		21,323
	472	Fiesta Restaurant Group, Inc. (a)		11,493
	2,103	ILG, Inc.		50,703
	124	Isle of Capri Casinos, Inc. (a)		2,859
	402	Jack in the Box, Inc.		40,992
	800	Luby’s, Inc. (a)		2,352
	360	Marcus Corp.		12,168
	506	Marriott Vacations Worldwide Corp.		55,751
	676	Noodles & Co., Class A (a)		3,955
	2,231	Papa John’s International, Inc.		176,383
	1,050	Planet Fitness, Inc., Class A		21,840
	1,449	Red Robin Gourmet Burgers, Inc. (a)		85,129
	1,266	Red Rock Resorts, Inc., Class A		29,599
	1,207	Ruby Tuesday, Inc. (a)		3,078
	982	Ruth’s Hospitality Group, Inc.		19,542
	2,329	SeaWorld Entertainment, Inc.		40,827
	1,109	Sonic Corp.		29,810
	1,100	Texas Roadhouse, Inc., Class A		51,568
	812	Wingstop, Inc.		23,897

				1,202,384

		Household Durables — 4.0%
	806	Bassett Furniture Industries, Inc.		24,220
	4,014	Beazer Homes USA, Inc. (a)		49,814
	3,728	Ethan Allen Interiors, Inc.		111,094
	1,729	Helen of Troy Ltd. (Bermuda) (a)		162,526
	1,891	iRobot Corp. (a)		150,788
	4,036	KB Home		83,142
	3,860	La-Z-Boy, Inc., Class Z		107,694
	1,621	LGI Homes, Inc. (a)		51,596
	1,799	M/I Homes, Inc. (a)		48,861
	3,596	MDC Holdings, Inc.		111,512
	1,925	Meritage Homes Corp. (a)		74,979
	440	NACCO Industries, Inc., Class A		37,246
	991	Skyline Corp. (a)		6,105
	754	TopBuild Corp. (a)		38,597
	6,648	TRI Pointe Group, Inc. (a)		82,768
	1,141	Universal Electronics, Inc. (a)		79,071
	1,066	William Lyon Homes, Class A (a)		23,452
	6,304	ZAGG, Inc. (a)		44,758

				1,288,223

SEE NOTES TO FINANCIAL STATEMENTS.



74	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet & Catalog Retail — 1.1%
	702	HSN, Inc.		25,904
	644	Lands’ End, Inc. (a)		15,198
	4,392	Nutrisystem, Inc.		234,752
	960	PetMed Express, Inc.		22,176
	862	Shutterfly, Inc. (a)		44,738

				342,768

		Leisure Products — 0.7%
	761	American Outdoor Brands Corp. (a)		16,856
	8,411	Callaway Golf Co.		99,670
	4,425	JAKKS Pacific, Inc. (a)		21,683
	4,555	Nautilus, Inc. (a)		82,901
	227	Sturm Ruger & Co., Inc.		13,722

				234,832

		Media — 1.8%
	863	AMC Entertainment Holdings, Inc., Class A		26,149
	2,711	Gannett Co., Inc.		22,664
	1,692	Gray Television, Inc. (a)		24,788
	160	Harte-Hanks, Inc. (a)		218
	1,086	IMAX Corp. (Canada) (a)		33,123
	1,745	Liberty Media Corp. Liberty Formula One, Class A (a)		59,173
	1,916	Liberty Media Corp. Liberty Formula One, Class C (a)		67,098
	591	Loral Space & Communications, Inc. (a)		22,665
	983	MDC Partners, Inc., Class A (Canada)		8,798
	1,422	Meredith Corp.		83,258
	2,730	New York Times Co. (The), Class A		39,448
	602	Nexstar Media Group, Inc., Class A		41,538
	932	Scholastic Corp.		40,290
	802	Sinclair Broadcast Group, Inc., Class A		31,639
	2,034	Time, Inc.		30,917
	1,912	World Wrestling Entertainment, Inc., Class A		40,974

				572,740

		Multiline Retail — 0.3%
	809	Big Lots, Inc.		40,846
	2,085	Fred’s, Inc., Class A		30,691
	1,005	Ollie’s Bargain Outlet Holdings, Inc. (a)		38,492
	846	Tuesday Morning Corp. (a)		2,750

				112,779


		Specialty Retail — 3.3%
	1,320	Aaron’s, Inc.		47,441
	841	Abercrombie & Fitch Co., Class A		10,084
	2,161	American Eagle Outfitters, Inc.		30,449


SHARES		SECURITY DESCRIPTION	VALUE($)

		Specialty Retail — continued
	526	Asbury Automotive Group, Inc. (a)		32,191
	1,742	Barnes & Noble, Inc.		14,894
	702	Bebe Stores, Inc. (a)		2,794
	1,793	Buckle, Inc. (The)		33,529
	806	Build-A-Bear Workshop, Inc., Class A (a)		8,382
	1,212	Caleres, Inc.		34,930
	1,008	Cato Corp. (The), Class A		22,741
	2,603	Chico’s FAS, Inc.		35,973
	453	Children’s Place, Inc. (The)		52,004
	884	Citi Trends, Inc.		16,610
	415	Conn’s, Inc. (a)		7,304
	2,008	DSW, Inc., Class A		41,405
	1,085	Express, Inc. (a)		9,364
	1,263	Finish Line, Inc. (The), Class A		19,968
	742	Five Below, Inc. (a)		36,447
	1,814	Francesca’s Holdings Corp. (a)		28,625
	425	Genesco, Inc. (a)		22,653
	1,016	GNC Holdings, Inc., Class A		7,904
	538	Group 1 Automotive, Inc.		37,095
	1,642	Guess?, Inc.		18,325
	939	Haverty Furniture Co., Inc.		23,146
	870	Hibbett Sports, Inc. (a)		22,620
	916	Kirkland’s, Inc. (a)		10,772
	315	Lithia Motors, Inc., Class A		30,098
	317	Lumber Liquidators Holdings, Inc. (a)		7,782
	1,500	Monro Muffler Brake, Inc.		77,775
	4,536	Office Depot, Inc.		22,544
	1,620	Pier 1 Imports, Inc.		10,919
	977	Rent-A-Center, Inc., Class A		10,444
	356	RH (a)		17,077
	2,239	Select Comfort Corp. (a)		69,185
	1,614	Shoe Carnival, Inc.		40,947
	856	Sonic Automotive, Inc., Class A		16,778
	1,353	Stage Stores, Inc.		3,897
	1,168	Stein Mart, Inc.		2,885
	693	Tailored Brands, Inc.		8,545
	990	Tile Shop Holdings, Inc.		21,137
	551	Vitamin Shoppe, Inc. (a)		10,634
	5,016	Zumiez, Inc. (a)		90,037

				1,068,334

		Textiles, Apparel & Luxury Goods — 2.0%
	3,240	Columbia Sportswear Co.		183,449
	2,556	G-III Apparel Group Ltd. (a)		60,577
	875	Iconix Brand Group, Inc. (a)		6,125
	916	Movado Group, Inc.		21,434

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	75

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Textiles, Apparel & Luxury Goods — continued
	1,017	Oxford Industries, Inc.		58,966
	5,320	Steven Madden Ltd. (a)		202,426
	6,581	Vera Bradley, Inc. (a)		60,216
	2,961	Wolverine World Wide, Inc.		71,390

				664,583

		Total Consumer Discretionary		6,957,504

		Consumer Staples — 9.2%
		Beverages — 1.2%
	938	Boston Beer Co., Inc. (The), Class A (a)		135,400
	465	Coca-Cola Bottling Co., Consolidated		98,515
	881	MGP Ingredients, Inc.		46,129
	1,184	National Beverage Corp.		104,891

				384,935

		Food & Staples Retailing — 0.8%
	1,990	Andersons, Inc. (The)		74,326
	458	Ingles Markets, Inc., Class A		21,389
	964	Performance Food Group Co. (a)		24,004
	428	PriceSmart, Inc.		37,215
	1,890	SpartanNash Co.		69,552
	680	United Natural Foods, Inc. (a)		28,240

				254,726

		Food Products — 4.1%
	2,723	B&G Foods, Inc.		114,366
	885	Calavo Growers, Inc.		58,056
	1,599	Cal-Maine Foods, Inc. (a)		60,362
	4,313	Darling Ingredients, Inc. (a)		65,256
	4,154	Dean Foods Co.		82,000
	174	Farmer Brothers Co. (a)		6,177
	3,169	Fresh Del Monte Produce, Inc. (Cayman Islands)		194,260
	961	J&J Snack Foods Corp.		129,331
	1,454	Lancaster Colony Corp.		183,059
	2,071	Sanderson Farms, Inc.		239,780
	7	Seaboard Corp. (a)		29,638
	2,997	Snyder’s-Lance, Inc.		105,674
	1,868	Tootsie Roll Industries, Inc.		69,770
	142	TreeHouse Foods, Inc. (a)		12,439

				1,350,168

		Household Products — 1.4%
	1,497	Central Garden & Pet Co. (a)		56,587
	2,745	Central Garden & Pet Co., Class A (a)		96,706
	258	HRG Group, Inc. (a)		5,162
	1,275	Spectrum Brands Holdings, Inc.		183,256


SHARES		SECURITY DESCRIPTION	VALUE($)

		Household Products — continued
	1,082	WD-40 Co.		113,448

				455,159

		Personal Products — 0.6%
	1,978	Medifast, Inc.		91,621
	226	Nature’s Sunshine Products, Inc.		2,283
	1,864	USANA Health Sciences, Inc. (a)		105,968

				199,872

		Tobacco — 1.1%
	2,097	Universal Corp.		154,025
	9,232	Vector Group Ltd.		200,519

				354,544

		Total Consumer Staples		2,999,404

		Energy — 2.3%
		Energy Equipment & Services — 0.9%
	1,446	Archrock, Inc.		17,063
	1,140	Atwood Oceanics, Inc. (a)		8,926
	885	Bristow Group, Inc.		11,832
	765	CARBO Ceramics, Inc. (a)		5,256
	1,179	Forum Energy Technologies, Inc. (a)		19,925
	288	Geospace Technologies Corp. (a)		4,764
	651	Gulf Island Fabrication, Inc.		6,477
	1,329	Helix Energy Solutions Group, Inc. (a)		8,133
	768	Hornbeck Offshore Services, Inc. (a)		2,619
	929	Matrix Service Co. (a)		10,916
	4,831	McDermott International, Inc. (Panama) (a)		31,595
	1,867	Newpark Resources, Inc. (a)		14,283
	1,428	Oil States International, Inc. (a)		42,483
	1,797	Parker Drilling Co. (a)		2,965
	2,402	Pioneer Energy Services Corp. (a)		7,326
	712	SEACOR Holdings, Inc. (a)		46,750
	1,647	TETRA Technologies, Inc. (a)		5,484
	1,426	Tidewater, Inc. (a)		1,250
	571	US Silica Holdings, Inc.		23,696

				271,743

		Oil, Gas & Consumable Fuels — 1.4%
	4,001	Abraxas Petroleum Corp. (a)		7,482
	1,711	Alon USA Energy, Inc.		20,686
	2,122	Callon Petroleum Co. (a)		25,124
	668	Contango Oil & Gas Co. (a)		4,783
	1,522	CVR Energy, Inc.		33,317
	1,597	Delek US Holdings, Inc.		38,440
	2,860	DHT Holdings, Inc. (Marshall Islands)		13,699
	449	Frontline Ltd. (Bermuda)		2,986

SEE NOTES TO FINANCIAL STATEMENTS.



76	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	855	GasLog Ltd. (Bermuda)		11,970
	1,300	Golar LNG Ltd. (Bermuda)		33,163
	857	Green Plains, Inc.		19,711
	414	Nordic American Tankers Ltd. (Bermuda)		3,436
	2,417	Northern Oil and Gas, Inc. (a)		5,438
	1,197	Oasis Petroleum, Inc. (a)		14,292
	1,788	Pacific Ethanol, Inc. (a)		12,158
	416	PDC Energy, Inc. (a)		22,976
	652	REX American Resources Corp. (a)		61,731
	801	RSP Permian, Inc. (a)		30,478
	1,131	Sanchez Energy Corp. (a)		8,754
	1,907	Scorpio Tankers, Inc. (Marshall Islands)		8,391
	743	SemGroup Corp., Class A		24,742
	812	Ship Finance International Ltd. (Bermuda)		11,409
	3,892	Teekay Tankers Ltd., Class A (Marshall Islands)		7,979
	2,630	W&T Offshore, Inc. (a)		5,365
	1,051	Western Refining, Inc.		36,249

				464,759

		Total Energy		736,502

		Financials — 6.1%
		Banks — 3.3%
	159	1st Source Corp.		7,681
	447	Ameris Bancorp		21,054
	844	AmeriServ Financial, Inc.		3,418
	171	BancFirst Corp.		16,424
	1,107	BancorpSouth, Inc.		33,708
	595	Bank of the Ozarks, Inc.		28,245
	1,086	Brookline Bancorp, Inc.		15,801
	120	Capital City Bank Group, Inc.		2,473
	454	Cathay General Bancorp		17,275
	99	Chemical Financial Corp.		4,697
	566	Community Bank System, Inc.		31,668
	386	Community Trust Bancorp, Inc.		17,351
	466	CVB Financial Corp.		10,038
	42	First Busey Corp.		1,258
	398	First Financial Bancorp		11,005
	355	First Financial Bankshares, Inc.		14,182
	107	First Financial Corp.		5,222
	131	First Merchants Corp.		5,421
	462	First Midwest Bancorp, Inc.		10,492
	1,823	FNB Corp.		25,959
	1,170	Fulton Financial Corp.		21,586
	447	Glacier Bancorp, Inc.		15,100
	648	Great Western Bancorp, Inc.		26,698
	425	Hancock Holding Co.		19,847


SHARES		SECURITY DESCRIPTION	VALUE($)

		Banks — continued
	953	Home BancShares, Inc.		24,254
	271	IBERIABANK Corp.		21,504
	504	Independent Bank Corp.		31,903
	2,881	Investors Bancorp, Inc.		39,902
	648	MB Financial, Inc.		27,546
	191	NBT Bancorp, Inc.		7,292
	393	OFG Bancorp (Puerto Rico)		4,598
	1,368	Old National Bancorp		22,982
	405	Pinnacle Financial Partners, Inc.		25,920
	438	PrivateBancorp, Inc.		25,303
	236	Prosperity Bancshares, Inc.		15,859
	208	Renasant Corp.		8,819
	300	Republic Bancorp, Inc., Class A		10,794
	332	S&T Bancorp, Inc.		11,939
	123	Sandy Spring Bancorp, Inc.		5,320
	1,250	Sterling Bancorp		29,062
	785	Trustmark Corp.		26,078
	316	UMB Financial Corp.		22,907
	1,218	Umpqua Holdings Corp.		21,522
	554	United Bankshares, Inc.		22,105
	993	United Community Banks, Inc.		27,159
	2,813	Valley National Bancorp		33,081
	3,973	Webster Financial Corp.		201,868
	265	WesBanco, Inc.		10,550
	305	Westamerica Bancorporation		16,781
	294	Wintrust Financial Corp.		20,833

				1,082,484

		Capital Markets — 0.2%
	2,540	BGC Partners, Inc., Class A		28,905
	373	Evercore Partners, Inc., Class A		27,509
	136	Financial Engines, Inc.		5,780

				62,194

		Consumer Finance — 0.2%
	499	Encore Capital Group, Inc. (a)		16,642
	399	EZCORP, Inc., Class A (a)		3,611
	381	FirstCash, Inc.		19,793
	331	PRA Group, Inc. (a)		10,658
	146	World Acceptance Corp. (a)		7,723

				58,427

		Insurance — 1.1%
	107	Baldwin & Lyons, Inc., Class B		2,622
	1,174	CNO Financial Group, Inc.		24,736
	144	Crawford & Co., Class B		1,571
	651	Employers Holdings, Inc.		26,040

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	77

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	318	FBL Financial Group, Inc., Class A		21,147
	525	Horace Mann Educators Corp.		20,291
	441	Infinity Property & Casualty Corp.		43,769
	44	National Western Life Group, Inc., Class A		13,475
	587	Navigators Group, Inc. (The)		31,727
	393	Primerica, Inc.		32,934
	401	RLI Corp.		22,945
	297	Safety Insurance Group, Inc.		21,503
	1,249	Selective Insurance Group, Inc.		65,947
	572	State Auto Financial Corp.		15,370
	464	Stewart Information Services Corp.		22,012

				366,089

		Mortgage Real Estate Investment Trusts (REITs) — 0.5%
	651	AG Mortgage Investment Trust, Inc.		12,337
	1,161	ARMOUR Residential, Inc		27,945
	4,023	Capstead Mortgage Corp.		44,816
	3,812	CYS Investments, Inc.		32,516
	3,111	New York Mortgage Trust, Inc.		19,942
	1,111	Redwood Trust, Inc.		18,965
	1,540	Western Asset Mortgage Capital Corp.		16,216

				172,737

		Thrifts & Mortgage Finance — 0.8%
	184	Astoria Financial Corp.		3,752
	669	BofI Holding, Inc. (a)		15,982
	1,944	Capitol Federal Financial, Inc.		28,441
	1,312	Dime Community Bancshares, Inc.		25,518
	1,608	Kearny Financial Corp.		23,477
	2,009	MGIC Investment Corp. (a)		21,175
	1,504	Northwest Bancshares, Inc.		24,274
	1,261	OceanFirst Financial Corp.		34,867
	1,160	Oritani Financial Corp.		19,662
	845	PHH Corp. (a)		10,900
	1,327	TrustCo Bank Corp. NY		10,550
	1,011	Washington Federal, Inc.		34,071

				252,669

		Total Financials		1,994,600

		Health Care — 10.2%
		Biotechnology — 1.4%
	2,270	Achillion Pharmaceuticals, Inc. (a)		7,741
	926	Acorda Therapeutics, Inc. (a)		14,955
	314	AMAG Pharmaceuticals, Inc. (a)		7,662
	2,027	Arena Pharmaceuticals, Inc. (a)		2,716
	475	Chimerix, Inc. (a)		2,840
	431	Dynavax Technologies Corp. (a)		2,392


SHARES		SECURITY DESCRIPTION	VALUE($)

		Biotechnology — continued
	780	Emergent BioSolutions, Inc. (a)		23,330
	586	Enanta Pharmaceuticals, Inc. (a)		18,605
	864	Exelixis, Inc. (a)		19,354
	396	Five Prime Therapeutics, Inc. (a)		13,805
	442	Genomic Health, Inc. (a)		14,524
	1,087	Halozyme Therapeutics, Inc. (a)		15,153
	633	ImmunoGen, Inc. (a)		2,747
	655	Infinity Pharmaceuticals, Inc. (a)		1,408
	2,255	Inovio Pharmaceuticals, Inc. (a)		14,184
	670	Insys Therapeutics, Inc. (a)		7,537
	1,703	Ironwood Pharmaceuticals, Inc., Class A (a)		27,793
	1,364	Keryx Biopharmaceuticals, Inc. (a)		8,075
	1,411	Lexicon Pharmaceuticals, Inc. (a)		22,026
	200	Ligand Pharmaceuticals, Inc. (a)		22,234
	244	MannKind Corp. (a)		213
	1,789	Merrimack Pharmaceuticals, Inc. (a)		5,957
	2,050	MiMedx Group, Inc. (a)		26,014
	955	Momenta Pharmaceuticals, Inc. (a)		13,704
	927	Myriad Genetics, Inc. (a)		17,048
	526	NewLink Genetics Corp. (a)		9,831
	1,545	Novavax, Inc. (a)		1,261
	393	Ophthotech Corp. (a)		1,167
	4,906	PDL BioPharma, Inc.		11,038
	1,052	Repligen Corp. (a)		38,703
	1,154	Retrophin, Inc. (a)		22,607
	1,671	Sangamo Therapeutics, Inc. (a)		8,021
	1,967	Spectrum Pharmaceuticals, Inc. (a)		14,969
	1,482	Vanda Pharmaceuticals, Inc. (a)		22,601

				442,215

		Health Care Equipment & Supplies — 5.0%
	782	Abaxis, Inc.		35,214
	2,230	Accuray, Inc. (a)		10,147
	567	Analogic Corp.		40,739
	551	Anika Therapeutics, Inc. (a)		25,418
	300	Cantel Medical Corp.		22,323
	1,419	CONMED Corp.		69,758
	677	Glaukos Corp. (a)		32,178
	1,088	Globus Medical, Inc., Class A (a)		32,999
	1,566	Haemonetics Corp. (a)		65,584
	1,036	Halyard Health, Inc. (a)		40,922
	878	ICU Medical, Inc. (a)		135,036
	390	Inogen, Inc. (a)		32,327
	650	Insulet Corp. (a)		28,217
	879	Integer Holdings Corp. (a)		32,303
	2,259	Integra LifeSciences Holdings Corp. (a)		103,846

SEE NOTES TO FINANCIAL STATEMENTS.



78	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	2,458	Invacare Corp.		36,133
	2,065	Masimo Corp. (a)		212,158
	1,608	Meridian Bioscience, Inc.		23,798
	1,552	Merit Medical Systems, Inc. (a)		52,302
	1,919	Natus Medical, Inc. (a)		67,165
	368	Neogen Corp. (a)		22,937
	337	Nevro Corp. (a)		31,752
	740	NuVasive, Inc. (a)		53,657
	735	NxStage Medical, Inc. (a)		21,969
	499	Orthofix International NV (Curaçao) (a)		19,736
	359	Penumbra, Inc. (a)		30,677
	1,482	Quidel Corp. (a)		35,820
	1,139	Spectranetics Corp. (The) (a)		32,575
	1,081	Surmodics, Inc. (a)		24,701
	2,477	West Pharmaceutical Services, Inc.		227,958
	1,244	Wright Medical Group NV (Netherlands) (a)		37,805

				1,638,154

		Health Care Providers & Services — 1.8%
	481	Almost Family, Inc. (a)		23,882
	357	Amedisys, Inc. (a)		19,349
	650	AMN Healthcare Services, Inc. (a)		26,553
	504	BioScrip, Inc. (a)		766
	333	BioTelemetry, Inc. (a)		10,956
	377	Chemed Corp.		75,920
	599	Diplomat Pharmacy, Inc. (a)		9,344
	1,296	Genesis Healthcare, Inc., Class A (a)		3,136
	1,190	HealthSouth Corp.		55,811
	1,464	Kindred Healthcare, Inc.		14,054
	306	Landauer, Inc.		16,096
	581	LHC Group, Inc. (a)		31,432
	865	Magellan Health, Inc. (a)		59,512
	412	Molina Healthcare, Inc. (a)		20,514
	1,657	Owens & Minor, Inc.		57,415
	2,322	PharMerica Corp. (a)		54,799
	1,644	Select Medical Holdings Corp. (a)		22,605
	2,117	Tivity Health, Inc. (a)		71,131

				573,275

		Health Care Technology — 0.5%
	433	Computer Programs & Systems, Inc.		11,886
	1,168	HMS Holdings Corp. (a)		23,909
	601	Medidata Solutions, Inc. (a)		39,324
	2,248	Omnicell, Inc. (a)		93,067
	767	Quality Systems, Inc. (a)		10,937

				179,123


SHARES		SECURITY DESCRIPTION	VALUE($)

		Life Sciences Tools & Services — 0.7%
	2,867	Albany Molecular Research, Inc. (a)		45,901
	871	Cambrex Corp. (a)		51,694
	422	Fluidigm Corp. (a)		2,085
	524	INC Research Holdings, Inc., Class A (a)		23,580
	1,886	Luminex Corp.		35,513
	543	PAREXEL International Corp. (a)		34,660
	513	PRA Health Sciences, Inc. (a)		32,811

				226,244

		Pharmaceuticals — 0.8%
	365	ANI Pharmaceuticals, Inc. (a)		19,754
	1,078	Catalent, Inc. (a)		31,564
	603	Cempra, Inc. (a)		2,593
	617	Depomed, Inc. (a)		7,398
	719	Impax Laboratories, Inc. (a)		10,102
	535	Lannett Co., Inc. (a)		13,910
	529	Medicines Co. (The) (a)		26,090
	1,266	Nektar Therapeutics, Class A (a)		24,016
	218	Pacira Pharmaceuticals, Inc. (a)		10,584
	1,158	Prestige Brands Holdings, Inc. (a)		66,481
	1,115	Supernus Pharmaceuticals, Inc. (a)		36,349
	680	Theravance Biopharma, Inc. (Cayman Islands) (a)		27,424

				276,265

		Total Health Care		3,335,276

		Industrials — 14.2%
		Aerospace & Defense — 1.0%
	600	AAR Corp.		21,594
	1,447	Aerojet Rocketdyne Holdings, Inc. (a)		32,427
	414	Aerovironment, Inc. (a)		11,828
	880	Axon Enterprise, Inc. (a)		21,630
	400	Cubic Corp.		20,760
	408	Curtiss-Wright Corp.		38,132
	655	DigitalGlobe, Inc. (a)		21,091
	164	HEICO Corp.		11,656
	888	Mercury Systems, Inc. (a)		33,194
	739	Moog, Inc., Class A (a)		50,732
	311	National Presto Industries, Inc.		32,453
	276	Teledyne Technologies, Inc. (a)		37,213

				332,710

		Air Freight & Logistics — 0.2%
	367	Atlas Air Worldwide Holdings, Inc. (a)		21,286
	542	Forward Air Corp.		28,818
	610	Hub Group, Inc., Class A (a)		23,882

				73,986

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	79

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Airlines — 0.3%
	182	Allegiant Travel Co., Class A		26,463
	658	Hawaiian Holdings, Inc. (a)		35,729
	949	SkyWest, Inc.		35,303

				97,495

		Building Products — 1.0%
	792	Advanced Drainage Systems, Inc.		18,256
	619	American Woodmark Corp. (a)		56,886
	854	Apogee Enterprises, Inc.		46,543
	460	Gibraltar Industries, Inc. (a)		18,055
	1,096	Griffon Corp.		26,304
	138	NCI Building Systems, Inc. (a)		2,415
	320	Patrick Industries, Inc. (a)		22,736
	939	Quanex Building Products Corp.		19,156
	680	Simpson Manufacturing Co., Inc.		28,363
	324	Trex Co., Inc. (a)		23,713
	529	Universal Forest Products, Inc.		50,408

				312,835

		Commercial Services & Supplies — 4.2%
	918	ABM Industries, Inc.		39,648
	6,560	ACCO Brands Corp. (a)		93,480
	483	Brady Corp., Class A		18,813
	803	Brink’s Co. (The)		49,304
	295	CompX International, Inc.		4,395
	437	Deluxe Corp.		31,425
	524	Essendant, Inc.		8,751
	2,848	Healthcare Services Group, Inc.		130,752
	2,955	Herman Miller, Inc.		97,810
	2,172	HNI Corp.		101,563
	6,888	Interface, Inc., Class A		137,071
	976	Kimball International, Inc., Class B		17,343
	3,033	Knoll, Inc.		72,671
	806	Matthews International Corp., Class A		55,251
	528	McGrath RentCorp		18,380
	135	Mobile Mini, Inc.		3,874
	454	MSA Safety, Inc.		35,344
	332	Multi-Color Corp.		25,498
	5,683	Rollins, Inc.		220,671
	4,304	Steelcase, Inc., Class A		73,383
	392	Team, Inc. (a)		10,545
	907	Tetra Tech, Inc.		39,863
	590	TRC Co., Inc. (a)		10,325
	423	UniFirst Corp.		58,882
	398	Viad Corp.		17,990
	773	Virco Manufacturing Corp. (a)		3,517

				1,376,549


SHARES			SECURITY DESCRIPTION	VALUE($)

			Construction & Engineering — 0.6%
	709		Aegion Corp., Class A (a)		16,179
	344		Argan, Inc.		22,997
	1,019		Comfort Systems USA, Inc.		37,397
	311		Dycom Industries, Inc. (a)		32,860
	511		EMCOR Group, Inc.		33,593
	251		Granite Construction, Inc.		13,230
	667		MasTec, Inc. (a)		29,448
	684		Tutor Perini Corp. (a)		21,102

					206,806

			Electrical Equipment — 0.4%
	764		AZZ, Inc.		45,114
	554		Encore Wire Corp.		24,487
	425		EnerSys		35,322
	397		Generac Holdings, Inc. (a)		13,962
	1,294		LSI Industries, Inc.		11,737
	284		Vicor Corp. (a)		5,112

					135,734

			Machinery — 3.3%
	591		Actuant Corp., Class A		16,134
	739		Albany International Corp., Class A		36,026
	248		Astec Industries, Inc.		15,711
	522		Barnes Group, Inc.		28,694
	5,391		Briggs & Stratton Corp.		134,721
	1,085		Chart Industries, Inc. (a)		39,613
	309		CIRCOR International, Inc.		20,613
	1,462		Columbus McKinnon Corp.		38,202
	497		EnPro Industries, Inc.		35,113
	341		ESCO Technologies, Inc.		20,068
	706		Federal Signal Corp.		11,021
	658		Franklin Electric Co., Inc.		27,044
	307		Greenbrier Co., Inc. (The)		13,339
	1,821		Hillenbrand, Inc.		67,195
	373		John Bean Technologies Corp.		33,066
	171		LB Foster Co., Class A		2,428
	148	��	Lindsay Corp.		12,855
	292		LS Starrett Co. (The), Class A		2,862
	3,539		Manitowoc Co., Inc. (The) (a)		21,128
	707		Meritor, Inc. (a)		12,592
	1,071		Middleby Corp. (The) (a)		145,795
	1,037		Mueller Industries, Inc.		33,226
	2,279		Mueller Water Products, Inc., Class A		25,639
	431		RBC Bearings, Inc. (a)		43,229
	1,078		Rexnord Corp. (a)		26,303
	240		Standex International Corp.		22,548
	425		Tennant Co.		31,131

SEE NOTES TO FINANCIAL STATEMENTS.



80	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Machinery — continued
	3,222	Titan International, Inc.		34,508
	687	TriMas Corp. (a)		15,767
	1,437	Wabash National Corp.		32,735
	540	Watts Water Technologies, Inc., Class A		33,588
	403	Woodward, Inc.		27,271

				1,060,165

		Marine — 0.1%
	524	Matson, Inc.		16,611

		Professional Services — 0.8%
	240	Acacia Research Corp. (a)		1,308
	51	Advisory Board Co. (The) (a)		2,606
	491	CRA International, Inc.		18,628
	548	FTI Consulting, Inc. (a)		18,955
	244	Heidrick & Struggles International, Inc.		5,246
	295	Huron Consulting Group, Inc. (a)		13,127
	379	Insperity, Inc.		34,622
	383	Kelly Services, Inc., Class A		8,549
	347	Korn Ferry International		11,243
	1,206	Navigant Consulting, Inc. (a)		28,908
	544	On Assignment, Inc. (a)		28,163
	576	Resources Connection, Inc.		8,006
	899	TriNet Group, Inc. (a)		26,431
	218	TrueBlue, Inc. (a)		5,962
	481	WageWorks, Inc. (a)		35,498

				247,252

		Road & Rail — 1.1%
	529	AMERCO		198,089
	697	ArcBest Corp.		18,436
	874	Covenant Transportation Group, Inc., Class A (a)		16,370
	1,165	Heartland Express, Inc.		23,440
	850	Knight Transportation, Inc.		29,155
	429	Saia, Inc. (a)		20,656
	686	Swift Transportation Co., Class A (a)		16,862
	1,158	Werner Enterprises, Inc.		31,613

				354,621

		Trading Companies & Distributors — 1.2%
	1,432	Aircastle Ltd. (Bermuda)		33,824
	1,716	Applied Industrial Technologies, Inc.		109,824
	1,072	Beacon Roofing Supply, Inc. (a)		53,139
	199	DXP Enterprises, Inc. (a)		7,260
	604	GATX Corp.		36,180
	810	Kaman Corp.		38,888
	306	Lawson Products, Inc. (a)		6,961


SHARES		SECURITY DESCRIPTION	VALUE($)

		Trading Companies & Distributors — continued
	2,343	MRC Global, Inc. (a)		42,713
	512	Textainer Group Holdings Ltd. (Bermuda)		7,654
	1,056	Titan Machinery, Inc. (a)		16,738
	1,337	Univar, Inc. (a)		39,909

				393,090

		Total Industrials		4,607,854

		Information Technology — 13.6%
		Communications Equipment — 1.5%
	2,254	ADTRAN, Inc.		45,080
	418	Applied Optoelectronics, Inc. (a)		20,645
	226	Black Box Corp.		2,238
	839	CalAmp Corp. (a)		15,052
	1,105	Ciena Corp. (a)		25,316
	1,034	Comtech Telecommunications Corp.		14,486
	932	Finisar Corp. (a)		21,287
	1,706	Harmonic, Inc. (a)		9,895
	1,120	Infinera Corp. (a)		11,110
	5,299	Inseego Corp. (a)		11,340
	510	InterDigital, Inc.		45,849
	672	Lumentum Holdings, Inc. (a)		28,728
	508	NETGEAR, Inc. (a)		23,952
	742	NetScout Systems, Inc. (a)		27,936
	4,525	Oclaro, Inc. (a)		36,245
	662	Plantronics, Inc.		36,145
	614	Sonus Networks, Inc. (a)		4,716
	520	Ubiquiti Networks, Inc. (a)		26,790
	656	ViaSat, Inc. (a)		42,004
	5,545	Viavi Solutions, Inc. (a)		55,450

				504,264

		Electronic Equipment, Instruments & Components — 2.4%
	698	Agilysys, Inc. (a)		6,910
	367	Anixter International, Inc. (a)		29,929
	794	Badger Meter, Inc.		31,561
	355	Belden, Inc.		24,744
	515	Benchmark Electronics, Inc. (a)		16,326
	207	Coherent, Inc. (a)		44,629
	221	CTS Corp.		4,884
	1,186	Daktronics, Inc.		11,220
	638	Fabrinet (Cayman Islands) (a)		22,119
	832	II-VI, Inc. (a)		27,581
	1,317	Insight Enterprises, Inc. (a)		55,446
	1,091	InvenSense, Inc., Class A (a)		14,030
	620	Itron, Inc. (a)		40,207
	501	Littelfuse, Inc.		77,229
	520	Methode Electronics, Inc.		23,166

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	81

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electronic Equipment, Instruments & Components — continued
	951	MTS Systems Corp.		44,174
	689	Park Electrochemical Corp.		11,933
	652	PC Connection, Inc.		18,738
	240	PCM, Inc. (a)		6,048
	610	Plexus Corp. (a)		31,714
	294	Rogers Corp. (a)		30,264
	706	Sanmina Corp. (a)		26,299
	625	ScanSource, Inc. (a)		24,688
	417	SYNNEX Corp.		45,215
	351	Systemax, Inc.		4,647
	581	Tech Data Corp. (a)		55,573
	946	TTM Technologies, Inc. (a)		15,827
	2,204	Vishay Intertechnology, Inc.		36,035

				781,136

		Internet Software & Services — 1.1%
	546	2U, Inc. (a)		24,788
	825	Blucora, Inc. (a)		15,221
	185	Cimpress NV (Netherlands) (a)		15,185
	555	Envestnet, Inc. (a)		19,314
	790	GrubHub, Inc. (a)		33,954
	559	j2 Global, Inc.		50,444
	368	Liquidity Services, Inc. (a)		2,870
	1,574	LivePerson, Inc. (a)		11,097
	466	LogMeIn, Inc.		52,658
	1,396	RealNetworks, Inc. (a)		6,380
	292	Shutterstock, Inc. (a)		12,623
	157	Stamps.com, Inc. (a)		16,666
	175	Travelzoo, Inc. (a)		1,610
	1,672	Web.com Group, Inc. (a)		32,270
	588	WebMD Health Corp., Class A (a)		31,887
	1,265	XO Group, Inc. (a)		22,201

				349,168

		IT Services — 2.0%
	1,663	Acxiom Corp. (a)		48,061
	435	CACI International, Inc., Class A (a)		51,330
	607	Cardtronics plc (United Kingdom) (a)		25,239
	811	Computer Task Group, Inc.		4,809
	1,488	Convergys Corp.		33,495
	1,072	CSG Systems International, Inc.		40,211
	334	EPAM Systems, Inc. (a)		25,718
	1,019	EVERTEC, Inc. (Puerto Rico)		16,151
	407	ExlService Holdings, Inc. (a)		19,418
	395	Forrester Research, Inc.		16,017
	263	ManTech International Corp., Class A		9,336


SHARES		SECURITY DESCRIPTION	VALUE($)

		IT Services — continued
	2,837	MAXIMUS, Inc.		173,029
	789	NeuStar, Inc., Class A (a)		26,195
	917	Perficient, Inc. (a)		15,974
	653	Science Applications International Corp.		47,662
	328	Sykes Enterprises, Inc. (a)		9,778
	907	Syntel, Inc. (a)		15,972
	834	TeleTech Holdings, Inc.		26,063
	2,472	Travelport Worldwide Ltd. (Bermuda)		32,556
	784	Unisys Corp. (a)		8,859

				645,873

		Semiconductors & Semiconductor Equipment — 3.1%
	1,150	Advanced Energy Industries, Inc. (a)		84,870
	2,664	Amkor Technology, Inc. (a)		31,382
	1,721	Brooks Automation, Inc.		43,472
	754	Cabot Microelectronics Corp.		59,076
	641	CEVA, Inc. (a)		23,076
	426	Cirrus Logic, Inc. (a)		27,413
	187	Cohu, Inc.		3,503
	1,039	Diodes, Inc. (a)		24,302
	251	DSP Group, Inc. (a)		3,125
	2,120	Entegris, Inc. (a)		52,576
	91	Exar Corp. (a)		1,184
	838	Inphi Corp. (a)		34,710
	1,097	Integrated Device Technology, Inc. (a)		26,317
	3,687	Lattice Semiconductor Corp. (a)		25,293
	1,409	MaxLinear, Inc., Class A (a)		39,212
	734	Microsemi Corp. (a)		34,454
	916	MKS Instruments, Inc.		71,677
	700	Monolithic Power Systems, Inc.		64,050
	1,362	Nanometrics, Inc. (a)		42,978
	1,583	NeoPhotonics Corp. (a)		12,284
	1,531	Photronics, Inc. (a)		17,607
	552	Power Integrations, Inc.		36,404
	2,135	Rambus, Inc. (a)		26,730
	1,556	Semtech Corp. (a)		53,137
	19	Sigma Designs, Inc. (a)		118
	698	Silicon Laboratories, Inc. (a)		49,663
	218	Synaptics, Inc. (a)		11,940
	680	Ultratech, Inc. (a)		20,754
	205	Veeco Instruments, Inc. (a)		6,765
	1,765	Xcerra Corp. (a)		17,297
	1,645	Xperi Corp.		55,272

				1,000,641

SEE NOTES TO FINANCIAL STATEMENTS.



82	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — 3.2%
	3,790	8x8, Inc. (a)		55,144
	3,199	ACI Worldwide, Inc. (a)		68,747
	905	Aspen Technology, Inc. (a)		55,648
	594	Barracuda Networks, Inc. (a)		12,076
	911	Blackbaud, Inc.		73,254
	535	BroadSoft, Inc. (a)		20,544
	1,164	Callidus Software, Inc. (a)		24,502
	898	CommVault Systems, Inc. (a)		45,304
	810	Ebix, Inc.		49,977
	371	Ellie Mae, Inc. (a)		37,753
	493	Fair Isaac Corp.		66,792
	792	Gigamon, Inc. (a)		25,106
	567	Globant S.A. (Luxembourg) (a)		21,484
	986	Manhattan Associates, Inc. (a)		46,036
	267	MicroStrategy, Inc., Class A (a)		50,775
	575	Paycom Software, Inc. (a)		34,644
	1,314	Pegasystems, Inc.		59,853
	1,734	Progress Software Corp.		51,534
	1,328	Qualys, Inc. (a)		50,995
	691	RealPage, Inc. (a)		25,602
	1,443	RingCentral, Inc., Class A (a)		46,104
	1,166	Rosetta Stone, Inc. (a)		13,117
	542	Synchronoss Technologies, Inc. (a)		8,672
	1,309	TiVo Corp.		25,853
	460	Tyler Technologies, Inc. (a)		75,251
	1,073	VASCO Data Security International, Inc. (a)		14,486

				1,059,253

		Technology Hardware, Storage & Peripherals — 0.3%
	782	Cray, Inc. (a)		13,998
	1,099	Diebold, Inc.		30,992
	697	Electronics For Imaging, Inc. (a)		31,908
	792	Super Micro Computer, Inc. (a)		19,325

				96,223

		Total Information Technology		4,436,558

		Materials — 6.4%
		Chemicals — 3.8%
	2,160	A Schulman, Inc.		68,364
	614	American Vanguard Corp.		10,284
	894	Balchem, Corp.		72,557
	1,271	Calgon Carbon Corp.		18,493
	874	Chemours Co. (The)		35,213
	1,476	Ferro Corp. (a)		26,450
	58	Flotek Industries, Inc. (a)		697
	1,135	GCP Applied Technologies, Inc. (a)		37,341


SHARES		SECURITY DESCRIPTION	VALUE($)

		Chemicals — continued
	1,912	HB Fuller Co.		101,011
	821	Ingevity Corp. (a)		51,912
	571	Innophos Holdings, Inc.		27,374
	933	Innospec, Inc.		61,578
	470	Koppers Holdings, Inc. (a)		19,952
	665	Kraton Corp. (a)		21,752
	604	LSB Industries, Inc. (a)		6,656
	2,433	Minerals Technologies, Inc.		191,477
	1,313	Olin Corp.		42,187
	1,376	PolyOne Corp.		53,953
	1,715	Rayonier Advanced Materials, Inc.		22,724
	2,524	Sensient Technologies Corp.		206,463
	679	Stepan Co.		57,579
	674	Tredegar Corp.		11,559
	844	Trinseo S.A. (Luxembourg)		56,042
	1,362	Tronox Ltd., Class A (Australia)		22,487

				1,224,105

		Construction Materials — 0.2%
	1,125	Headwaters, Inc. (a)		26,730
	346	US Concrete, Inc. (a)		21,452

				48,182

		Containers & Packaging — 0.1%
	638	Greif, Inc., Class A		37,399
	633	Myers Industries, Inc.		10,318

				47,717

		Metals & Mining — 1.4%
	2,630	AK Steel Holding Corp. (a)		16,674
	1,559	Allegheny Technologies, Inc.		28,608
	915	Carpenter Technology Corp.		37,149
	1,514	Century Aluminum Co. (a)		20,651
	1,188	Coeur Mining, Inc. (a)		10,763
	2,389	Commercial Metals Co.		44,531
	1,317	Ferroglobe plc (United Kingdom)		12,709
	779	Haynes International, Inc.		32,944
	7,281	Hecla Mining Co.		39,682
	930	Kaiser Aluminum Corp.		78,501
	406	Materion Corp.		15,448
	443	Olympic Steel, Inc.		9,990
	2,492	Stillwater Mining Co. (a)		44,806
	2,041	SunCoke Energy, Inc. (a)		18,716
	1,058	Worthington Industries, Inc.		46,023

				457,195

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	83

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Paper & Forest Products — 0.9%
	765	Boise Cascade Co. (a)		23,332
	662	Clearwater Paper Corp. (a)		32,173
	341	Deltic Timber Corp.		26,383
	1,430	KapStone Paper and Packaging Corp.		30,159
	1,180	Louisiana-Pacific Corp. (a)		30,373
	2,529	PH Glatfelter Co.		54,399
	2,336	Schweitzer-Mauduit International, Inc.		100,565

				297,384

		Total Materials		2,074,583

		Real Estate — 2.9%
		Equity Real Estate Investment Trusts (REITs) — 2.9%
	831	Acadia Realty Trust		24,165
	438	Agree Realty Corp.		21,234
	857	American Assets Trust, Inc.		36,705
	137	Chesapeake Lodging Trust		3,193
	690	Colony Starwood Homes		23,853
	386	CoreSite Realty Corp.		37,770
	1,798	Cousins Properties, Inc.		15,265
	991	DiamondRock Hospitality Co.		10,911
	405	DuPont Fabros Technology, Inc.		20,878
	248	EastGroup Properties, Inc.		19,406
	548	Education Realty Trust, Inc.		21,246
	1,088	First Industrial Realty Trust, Inc.		30,616
	1,031	Four Corners Property Trust, Inc.		24,053
	1,154	Franklin Street Properties Corp.		13,998
	758	GEO Group, Inc. (The)		25,240
	655	Government Properties Income Trust		13,965
	877	Gramercy Property Trust		24,372
	1,150	Healthcare Realty Trust, Inc.		37,720
	1,038	Kite Realty Group Trust		21,134
	588	Lexington Realty Trust		5,980
	1,378	LTC Properties, Inc.		65,924
	1,016	Mack-Cali Realty Corp.		27,483
	1,597	Medical Properties Trust, Inc.		20,873
	2,492	Monogram Residential Trust, Inc.		25,369
	383	National Health Investors, Inc.		28,024
	222	Parkway, Inc.		4,473
	532	Pennsylvania Real Estate Investment Trust		7,368
	1,282	Physicians Realty Trust		25,178
	242	Potlatch Corp.		10,902
	313	PS Business Parks, Inc.		38,042
	1,069	Ramco-Gershenson Properties Trust		14,250
	1,261	Retail Opportunity Investments Corp.		25,977
	1,024	Rexford Industrial Realty, Inc.		25,539
	563	Ryman Hospitality Properties, Inc.		35,908


SHARES		SECURITY DESCRIPTION	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	859	Sabra Health Care Real Estate Investment Trust, Inc.		23,356
	302	Saul Centers, Inc.		18,135
	741	Select Income Real Estate Investment Trust		18,569
	878	STAG Industrial, Inc.		23,144
	646	Sunstone Hotel Investors, Inc.		9,619
	957	Urban Edge Properties		24,404
	736	Washington Real Estate Investment Trust		23,309

				927,550

		Real Estate Management & Development — 0.0% (e)
	777	Kennedy-Wilson Holdings, Inc.		15,851

		Total Real Estate		943,401

		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.7%
	1,967	Alaska Communications Systems Group, Inc. (a)		4,623
	1,153	Cogent Communications Holdings, Inc.		51,885
	2,011	IDT Corp., Class B		30,547
	13,774	Iridium Communications, Inc. (a)		146,004
	30,850	Vonage Holdings Corp. (a)		207,004
	19,143	Windstream Holdings, Inc.		105,669

		Total Telecommunication Services		545,732

		Utilities — 11.0%
		Electric Utilities — 3.6%
	3,163	ALLETE, Inc.		221,125
	3,505	El Paso Electric Co.		180,858
	2,484	IDACORP, Inc.		209,948
	1,264	MGE Energy, Inc.		81,275
	1,987	Otter Tail Corp.		78,486
	5,522	PNM Resources, Inc.		205,695
	4,632	Portland General Electric Co.		210,015

				1,187,402

		Gas Utilities — 4.1%
	5,091	New Jersey Resources Corp.		205,422
	1,949	Northwest Natural Gas Co.		116,160
	2,797	ONE Gas, Inc.		192,518
	5,832	South Jersey Industries, Inc.		218,817
	2,388	Southwest Gas Holdings, Inc.		200,019
	2,690	Spire, Inc.		184,399
	2,446	WGL Holdings, Inc.		201,697

				1,319,032

SEE NOTES TO FINANCIAL STATEMENTS.



84	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Independent Power and Renewable Electricity Producers — 0.4%
	973	Atlantica Yield plc (United Kingdom)		20,277
	845	NRG Yield, Inc., Class A		14,652
	940	Ormat Technologies, Inc.		55,517
	2,576	Pattern Energy Group, Inc., Class A		56,724

				147,170

		Multi-Utilities — 1.8%
	4,663	Avista Corp.		188,105
	3,147	Black Hills Corp.		214,059
	2,969	NorthWestern Corp.		177,487

				579,651

		Water Utilities — 1.1%
	2,892	American States Water Co.		128,752
	5,076	California Water Service Group		181,213
	893	SJW Group		43,614

				353,579

		Total Utilities		3,586,834

		Total Common Stocks (Cost $30,504,162)		32,218,248


NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	Rights — 0.0%
	1,533	Media General, Inc.(a)		—

		Total Rights (Cost $—)		—

SHARES
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	426,720	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.610% (b) (d) (Cost $426,720)		426,720

		Total Investments — 100.3% (Cost $30,930,882)		32,644,968
		Liabilities in Excess of Other Assets — (0.3)%		(95,897	)

		NET ASSETS — 100.0%	$	32,549,071

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	85

JPMorgan Exchange-Traded Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


ADR		— American Depositary Receipt
AUD		— Australian Dollar
CHF		— Swiss Franc
DKK		— Danish Krone
ETF		— Exchange Traded Fund
EUR		— Euro
FTSE		— Financial Times Stock Exchange
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
USD		— U.S. 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 April 30, 2017.
(e)		— Amount rounds to less than 0.05%.
(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 qualify institutional buyers.

SEE NOTES TO FINANCIAL STATEMENTS.



86	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited)


	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	$	133,103,807		$	—	$	64,935,128
Investment in affiliates, at value		306,676			26,584,450		—

Total Investment securities, at value		133,410,483			26,584,450		64,935,128
Cash		122,510			1,300,465		159,403
Restricted Cash		44,100			—		—
Foreign currency, at value		126,541			144,847		21,936
Deposits at broker for futures contracts		—			96,000		—
Receivables:
Investment securities sold		76,778			733,156		—
Dividends from non-affiliates		176,841			—		167,342
Tax reclaims		4,677			—		141,316
Dividends from affiliates		691			—		—
Due from Adviser		—			207		55
Variation margin on futures contracts		—			239		—
Unrealized appreciation on forward foreign currency exchange contracts		—			50,856		—

Total Assets		133,962,621			28,910,220		65,425,180


LIABILITIES:
Payables:
Variation margin on futures contracts		—			1,329		—
Unrealized depreciation on forward foreign currency exchange contracts		—			564,605		—
Accrued Liabilities:
Custodian and Transfer Agent fees		63,045			324		17,517
Professional fees		61,798			28,107		67,835
Accounting fees		15,308			2,502		8,340
Administration fees		9,246			1,955		4,432
Advisory fees		3,956			214		1,315
Trustees’ and Chief Compliance Officer’s fees		2,955			—		—
Other		6,100			10,245		1,800

Total Liabilities		162,408			609,281		101,239

Net Assets	$	133,800,213		$	28,300,939	$	65,323,941

NET ASSETS:
Paid-in Capital	$	132,939,854		$	27,082,943	$	60,205,089
Accumulated undistributed (distributions in excess of) net investment income		501,642			59,806		658,869
Accumulated net realized gains (losses)		(7,218,637	)		312,990		(805,246	)
Net unrealized appreciation (depreciation)		7,577,354			845,200		5,265,229

Total Net Assets	$	133,800,213		$	28,300,939	$	65,323,941

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		2,600,000			1,050,000		1,200,000

Net asset value, per share	$	51.46		$	26.95	$	54.44

Cost of investments in non-affiliates	$	125,527,357		$	—	$	59,670,263
Cost of investments in affiliates		306,676			25,242,984		—
Cost of foreign currency		124,584			142,408		21,891

SEE NOTES TO FINANCIAL STATEMENTS.



88	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


	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	$	71,442,389	$	—	$	692,807,096
Investment in affiliates, at value		—		41,738,283		3,910,916

Total Investment securities, at value		71,442,389		41,738,283		696,718,012
Cash		185,431		63,922		316,897
Restricted Cash		7,700		—		28,800
Foreign currency, at value		50,229		—		267,269
Receivables:
Investment securities sold		—		323,158		—
Dividends from non-affiliates		206,237		—		2,709,975
Tax reclaims		48,362		—		447,348
Due from Adviser		11,145		12,057		—
Dividends from affiliates		—		—		1,956
Unrealized appreciation on forward foreign currency exchange contracts		—		195,256		—

Total Assets		71,951,493		42,332,676		700,490,257


LIABILITIES:
Payables:
Unrealized depreciation on forward foreign currency exchange contracts		—		495,682		—
Accrued Liabilities:
Professional fees		80,900		24,985		250,286
Custodian and Transfer Agent fees		22,166		475		36,456
Accounting fees		11,767		2,421		23,534
Administration fees		4,953		2,885		47,343
Trustees’ and Chief Compliance Officer’s fees		2,462		53		4,712
Advisory fees		—		—		91,086
Other		707		1,697		27,308

Total Liabilities		122,955		528,198		480,725

Net Assets	$	71,828,538	$	41,804,478	$	700,009,532


NET ASSETS:
Paid-in Capital	$	64,086,219	$	39,196,809	$	645,528,091
Accumulated undistributed (distributions in excess of) net investment income		339,668		48,359		4,814,880
Accumulated net realized gains (losses)		167,612		232,269		(2,754,372	)
Net unrealized appreciation (depreciation)		7,235,039		2,327,041		52,420,933

Total Net Assets	$	71,828,538	$	41,804,478	$	700,009,532

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		1,300,000		1,500,000		13,000,000

Net asset value, per share	$	55.25	$	27.87	$	53.85

Cost of investments in non-affiliates	$	64,205,777	$	—	$	640,394,275
Cost of investments in affiliates		—		39,110,817		3,910,916
Cost of foreign currency		50,266		—		267,123

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	89

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited) (continued)


	JPMorgan Diversified Return U.S. Equity ETF		JPMorgan Diversified Return U.S. Mid Cap Equity ETF		JPMorgan Diversified Return U.S. Small Cap Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	273,012,119	$	58,034,195	$	32,218,248
Investment in affiliates, at value		1,052,093		351,777		426,720

Total Investment securities, at value		274,064,212		58,385,972		32,644,968
Cash		8,414		4,853		—
Restricted Cash		2,900		1,500		4,200
Receivables:
Investment securities sold		—		93,211		68,215
Fund shares sold		12,800,893		—		1,369,857
Dividends from non-affiliates		221,439		29,407		11,648
Due from Adviser		5,185		4,791		5,822
Dividends from affiliates		412		109		100
Tax reclaims		295		147		—
Due from Adviser		—		446		—
Prepaid Expenses		—		—		657
Deferred offering costs		—		387		6,881

Total Assets		287,103,750		58,520,823		34,112,348


LIABILITIES:
Payables:
Investments securities purchased		12,740,698		323,584		1,487,343
Accrued Liabilities:
Professional fees		66,412		35,741		13,317
Administration fees		18,116		3,534		2,110
Custodian and Transfer Agent fees		5,917		7,310		54,107
Accounting fees		5,581		1,557		181
Trustees’ and Chief Compliance Officer’s fees		145		—		672
Other		9,073		14,253		5,547

Total Liabilities		12,845,942		385,979		1,563,277

Net Assets	$	274,257,808	$	58,134,844	$	32,549,071


NET ASSETS:
Paid-in Capital	$	253,957,517	$	52,126,083	$	30,527,979
Accumulated undistributed (distributions in excess of) net investment income		1,235,894		196,766		87,793
Accumulated net realized gains (losses)		1,361,314		404,313		219,213
Net unrealized appreciation (depreciation)		17,703,083		5,407,682		1,714,086

Total Net Assets	$	274,257,808	$	58,134,844	$	32,549,071

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		4,300,000		1,000,000		1,200,000

Net asset value, per share	$	63.78	$	58.13	$	27.12

Cost of investments in non-affiliates	$	255,309,036	$	52,626,513	$	30,504,162
Cost of investments in affiliates		1,052,093		351,777		426,720

SEE NOTES TO FINANCIAL STATEMENTS.



90	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2017 (Unaudited)


	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Currency Hedged ETF			JPMorgan Diversified Return Europe Equity ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	877,351		$	—		$	1,055,893
Dividend income from affiliates		1,703			604,072			—
Interest income from affiliates		550			98			—
Foreign taxes withheld		(76,196	)		—			(111,545	)

Total Investment Income		803,408			604,170			944,348


EXPENSES:
Investment advisory fees (Note 3.A)		187,933			43,135			89,325
Administration fees (Note 3.B)		36,305			11,111			25,309
Trustees’ and Chief Compliance Officer’s fees		10,121			2,978			7,343
Professional fees		58,780			22,908			56,815
Printing and mailing costs		3,999			1,544			3,542
Custodian and Transfer Agent fees		210,783			376			11,745
Registration and filing fees		16,952			17,269			16,915
Interest expense to affiliates		17			—			78
Insurance expense		3,315			4,158			6,417
Offering costs		—			17,981			692
Accounting fees		33,314			4,805			24,540
Other		2,012			2,208			1,666

Total expenses		563,531			128,473			244,387

Less fees waived (Note 3.D)		(224,238	)		(54,246	)		(114,634	)
Less expense reimbursements from affiliates (Note 3.D) (Note 8)		(30,054	)		(123,897	)		(1,731	)
Less expense reimbursements from non-affiliates (Note 3.C)		(117,600	)		—			—

Net expenses		191,639			(49,670	)		128,022

Net investment income (loss)		611,769			653,840			816,326


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(562,166	)		—			(624,318	)
Investments in affiliates		—			(152,779	)		—
Futures		44,803			737			—
Foreign currency translations		(30,459	)		1,386,616			(1,915	)

Net realized gain (loss)		(547,822	)		1,234,574			(626,233	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		7,444,245			—			6,610,333
Investments in affiliates		—			2,459,553			—
Futures		—			15,044			—
Foreign currency translations		(1,130	)		(1,448,970	)		2,602

Change in net unrealized appreciation/depreciation		7,443,115			1,025,627			6,612,935

Net realized/unrealized gains (losses)		6,895,293			2,260,201			5,986,702

Change in net assets resulting from operations	$	7,507,062		$	2,914,041		$	6,803,028

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	91

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2017 (Unaudited) (continued)


	JPMorgan Diversified Return Global Equity ETF			JPMorgan Diversified Return International Currency Hedged ETF			JPMorgan Diversified Return International Equity ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,025,783		$	—		$	9,423,523
Dividend income from affiliates		—			486,823			2,740
Interest income from affiliates		228			30			495
Foreign taxes withheld		(95,978	)		—			(793,840	)

Total Investment Income		930,033			486,853			8,632,918


EXPENSES:
Investment advisory fees (Note 3.A)		90,962			45,065			693,985
Administration fees (Note 3.B)		32,216			14,188			245,786
Trustees’ and Chief Compliance Officer’s fees		12,156			3,563			70,609
Professional fees		83,116			23,068			241,967
Printing and mailing costs		4,771			2,111			33,658
Custodian and Transfer Agent fees		27,294			359			144,106
Registration and filing fees		15,533			6,752			23,086
Interest expense to affiliates		106			21			1,293
Insurance expense		6,844			4,182			42,213
Offering costs		—			35,617			—
Accounting fees		30,331			5,247			86,889
Other		2,058			3,030			12,669

Total expenses		305,387			143,203			1,596,261

Less fees waived (Note 3.D)		(123,178	)		(59,253	)		(267,018	)
Less expense reimbursements from affiliates (Note 3.D) (Note 8)		(30,495	)		(130,825	)		—
Less expense reimbursements from non-affiliates (Note 3.C)		(7,700	)		—			(86,400	)

Net expenses		144,014			(46,875	)		1,242,843

Net investment income (loss)		786,019			533,728			7,390,075


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,165,363			—			2,615,817
Investments in affiliates		—			(58,196	)		—
Foreign currency translations		(7,013	)		1,155,564			113,409

Net realized gain (loss)		2,158,350			1,097,368			2,729,226

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,896,178			—			46,964,791
Investments in affiliates		—			2,972,918			—
Foreign currency translations		6,886			(1,172,400	)		51,931

Change in net unrealized appreciation/depreciation		3,903,064			1,800,518			47,016,722

Net realized/unrealized gains (losses)		6,061,414			2,897,886			49,745,948

Change in net assets resulting from operations	$	6,847,433		$	3,431,614		$	57,136,023

SEE NOTES TO FINANCIAL STATEMENTS.



92	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


	JPMorgan Diversified Return U.S. Equity ETF				JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,030,276			$	397,522		$	165,405
Dividend income from affiliates		1,443				376			283
Interest income from affiliates		3				—			2

Total Investment Income		2,031,722				397,898			165,690


EXPENSES:
Investment advisory fees (Note 3.A)		225,626				52,213			34,348
Administration fees (Note 3.B)		83,383				18,492			10,068
Trustees’ and Chief Compliance Officer’s fees		21,106				4,739			2,693
Professional fees		61,985				30,402			23,633
Printing and mailing costs		10,559				2,622			2,450
Custodian and Transfer Agent fees		29,243				15,776			17,961
Registration and filing fees		17,783				13,597			8,631
Insurance expense		9,119				1,118			760
Offering costs		—				7,003			4,859
Accounting fees		24,774				7,429			3,464
Other		3,906				955			1,114

Total expenses		487,484				154,346			109,981

Less fees waived (Note 3.D)		(225,447	)			(70,705	)		(44,416	)
Less expense reimbursements from affiliates (Note 3.D)		—				(14,898	)		(11,748	)
Less expense reimbursements from non-affiliates (Note 3.C)		(20,300	)			(3,000	)		(12,600	)

Net expenses		241,737				65,743			41,217

Net investment income (loss)		1,789,985				332,155			124,473


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,598,631				493,209			219,213
				��
Net realized gain (loss)		1,598,631				493,209			219,213

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		18,012,805				4,629,261			1,714,086

Change in net unrealized appreciation/depreciation		18,012,805				4,629,261			1,714,086

Net realized/unrealized gains (losses)		19,611,436				5,122,470			1,933,299

Change in net assets resulting from operations	$	21,401,421			$	5,454,625		$	2,057,772

(a)	Commencement of operations was November 15, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	93

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
	Period Ended April 30, 2017 (Unaudited)			Year ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Period Ended October 31, 2016 (a)			Period Ended April 30, 2017 (Unaudited)			Period Ended October 31, 2016 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	611,769		$	732,592		$	653,840		$	(67,905	)	$	816,326		$	1,200,080
Net realized gain (loss)		(547,822	)		(5,347,986	)		1,234,574			893,007			(626,233	)		(196,912	)
Change in net unrealized appreciation/depreciation		7,443,115			6,262,628			1,025,627			(180,427	)		6,612,935			(1,347,706	)

Change in net assets resulting from operations		7,507,062			1,647,234			2,914,041			644,675			6,803,028			(344,538	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(771,056	)		(1,050,480	)		(534,400	)		—			(1,338,720	)		(918	)
From net realized gains		—			—			(1,806,320	)		—			—			—

Total distributions to shareholders		(771,056	)		(1,050,480	)		(2,340,720	)		—			(1,338,720	)		(918	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		83,254,746			7,027,033			1,244,350			25,838,593			—			60,205,089


NET ASSETS:
Change in net assets		89,990,752			7,623,787			1,817,671			26,483,268			5,464,308			59,859,633
Beginning of period		43,809,461			36,185,674			26,483,268			—			59,859,633			—

End of period	$	133,800,213		$	43,809,461		$	28,300,939		$	26,483,268		$	65,323,941		$	59,859,633

Accumulated undistributed (distributions in excess of) net investment income	$	501,642		$	660,929		$	59,806		$	(59,634	)	$	658,869		$	1,181,263


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	83,254,746		$	14,272,477		$	1,249,802		$	25,838,593		$	—		$	60,205,089
Redeemed		—			(7,245,444	)		—			—			—			—

Total change in net assets resulting from capital transactions	$	83,254,746		$	7,027,033		$	1,249,802		$	25,838,593		$	—		$	60,205,089


SHARE TRANSACTIONS:
Issued		1,700,000			300,000			50,000			1,000,000			—			1,200,000
Redeemed		—			(200,000	)		—			—			—			—

Net increase in shares from share transactions		1,700,000			100,000			50,000			1,000,000			—			1,200,000

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



94	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


	JPMorgan Diversified Return Global Equity ETF						JPMorgan Diversified Return International Currency Hedged ETF						JPMorgan Diversified Return International Equity ETF
	Period Ended April 30, 2017 (Unaudited)			Year ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Period Ended October 31, 2016 (a)			Period Ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	786,019		$	1,466,798		$	533,728		$	(67,264	)	$	7,390,075		$	6,954,232
Net realized gain (loss)		2,158,350			(1,594,236	)		1,097,368			66,331			2,729,226			(5,272,526	)
Change in net unrealized appreciation/depreciation		3,903,064			3,452,655			1,800,518			526,523			47,016,722			5,716,709

Change in net assets resulting from operations		6,847,433			3,325,217			3,431,614			525,590			57,136,023			7,398,415


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,695,420	)		(1,057,127	)		(431,255	)		—			(9,230,405	)		(2,154,090	)
From net realized gains		—			—			(918,280	)		—			—			—

Total distributions to shareholders		(1,695,420	)		(1,057,127	)		(1,349,535	)		—			(9,230,405	)		(2,154,090	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(10,880,408	)		24,758,809			13,406,285			25,790,524			182,061,198			372,684,784


NET ASSETS:
Change in net assets		(5,728,395	)		27,026,899			15,488,364			26,316,114			229,966,816			377,929,109
Beginning of period		77,556,933			50,530,034			26,316,114			—			470,042,716			92,113,607

End of period	$	71,828,538		$	77,556,933		$	41,804,478		$	26,316,114		$	700,009,532		$	470,042,716

Accumulated undistributed (distributions in excess of) net investment income	$	339,668		$	1,249,069		$	48,359		$	(54,114	)	$	4,814,880		$	6,655,210


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	—		$	24,758,809		$	13,413,277		$	25,790,524		$	207,620,278		$	372,684,784
Redeemed		(10,880,408	)		—			—			—			(25,559,080	)		—

Total change in net assets resulting from capital transactions	$	(10,880,408	)	$	24,758,809		$	13,413,277		$	25,790,524		$	182,061,198		$	372,684,784


SHARE TRANSACTIONS:
Issued		—			500,000			500,000			1,000,000			4,100,000			7,600,000
Redeemed		(200,000	)		—			—			—			(500,000	)		—

Net increase (decrease) in shares from share transactions		(200,000	)		500,000			500,000			1,000,000			3,600,000			7,600,000

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

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Diversified Return U.S. Equity ETF						JPMorgan Diversified Return U.S. Mid Cap Equity ETF						JPMorgan Diversified Return U.S. Small Cap Equity ETF
	Period Ended April 30, 2017 (Unaudited)			Year ended October 31, 2016			Period Ended April 30, 2017 (Unaudited)			Period Ended October 31, 2016 (a)			Period Ended April 30, 2017 (b) (Unaudited)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,789,985		$	891,049		$	332,155		$	256,306		$	124,473
Net realized gain (loss)		1,598,631			(233,079	)		493,209			(84,431	)		219,213
Change in net unrealized appreciation/depreciation		18,012,805			(1,126,048	)		4,629,261			778,421			1,714,086

Change in net assets resulting from operations		21,401,421			(468,078	)		5,454,625			950,296			2,057,772


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,329,650	)		(130,025	)		(396,160	)		—			(36,680	)

Total distributions to shareholders		(1,329,650	)		(130,025	)		(396,160	)		—			(36,680	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		128,647,779			115,309,738			16,922,491			35,203,592			30,527,979


NET ASSETS:
Change in net assets		148,719,550			114,711,635			21,980,956			36,153,888			32,549,071
Beginning of period		125,538,258			10,826,623			36,153,888			—			—

End of period	$	274,257,808		$	125,538,258		$	58,134,844		$	36,153,888		$	32,549,071

Accumulated undistributed (distributions in excess of) net investment income	$	1,235,894		$	775,559		$	196,766		$	260,771		$	87,793


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	134,464,443		$	115,309,738		$	16,922,491		$	35,203,592		$	30,527,979
Redeemed		(5,816,664	)		—			—			—			—

Total change in net assets resulting from capital transactions	$	128,647,779		$	115,309,738		$	16,922,491		$	35,203,592		$	30,527,979


SHARE TRANSACTIONS:
Issued		2,200,000			2,000,000			300,000			700,000			1,200,000
Redeemed		(100,000	)		—			—			—			—

Net increase in shares from share transactions		2,100,000			2,000,000			300,000			700,000			1,200,000

(a)	Commencement of operations May 11, 2016.

(b)	Commencement of operations November 15, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.



96	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	97

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 realized gain (loss)			Total from distributions
JPMorgan Diversified Return Emerging Markets Equity ETF
Six months ended April 30, 2017 (Unaudited)	$	48.68	$	0.35			$	3.02		$	3.37		$	(0.59	)	$	—		$	(0.59	)
Year ended October 31, 2016		45.23		1.04				3.72			4.76			(1.31	)		—			(1.31	)
January 7, 2015 (a) through October 31, 2015		50.00		1.29		��		(6.06	)		(4.77	)		—			—			—

JPMorgan Diversified Return Europe Currency Hedged ETF
Six months ended April 30, 2017 (Unaudited)		26.48		0.64				2.17			2.81			(0.53	)(k)		(1.81	)		(2.34	)
April 1, 2016 (a) through October 31, 2016		25.00		(0.07	)			1.55			1.48			—			—			—

JPMorgan Diversified Return Europe Equity ETF
Six months ended April 30, 2017 (Unaudited)		49.88		0.68				5.00			5.68			(1.12	)		—			(1.12	)
December 18, 2015 (a) through October 31, 2016		50.00		1.39				(1.51	)		(0.12	)		—	(j)		—			—	(j)

JPMorgan Diversified Return Global Equity ETF
Six months ended April 30, 2017 (Unaudited)		51.70		0.54				4.14			4.68			(1.13	)		—			(1.13	)
Year ended October 31, 2016		50.53		1.14				0.99			2.13			(0.96	)		—			(0.96	)
Year ended October 31, 2015		49.69		1.08				0.08			1.16			(0.32	)		—			(0.32	)
June 16, 2014 (a) through October 31, 2014		50.00		0.38				(0.69	)		(0.31	)		—			—			—

(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)	Amount rounds to less than $0.005.

(k)

As described in Note 8, amount reflects an out of period adjustment related to an expense reimbursement for acquired fund fees. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.58, the net investment income (loss) ratio would have been 4.54%, and the net expense ratio would have been 0.07%.

SEE NOTES TO FINANCIAL STATEMENTS.



98	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


		Ratios/Supplemental data
												Ratios to average net assets (g)
Net asset value, end of period		Market price, end of period		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)

$	51.46	$	51.73		7.11	%		7.00	%	$	133,800,213		0.45	%		1.43	%		1.22	%		22	%
	48.68		48.98		11.02			11.63			43,809,461		0.45			2.33			1.91			44
	45.23		45.27		(9.54	)		(9.46	)		36,185,674		0.45	(h)		3.18			2.07	(h)		46


	26.95		26.97		11.40			11.26			28,300,939		(0.38	)(k)		5.00	(k)		0.91			5
	26.48		26.52		5.96			6.08			26,483,268		0.49	(h)		(0.49	)		1.08	(h)		1


	54.44		54.48		11.66			11.59			65,323,941		0.43			2.74			0.82			10
	49.88		49.95		(0.23	)		(0.09	)		59,859,633		0.43	(h)		3.14			1.14	(h)		15


	55.25		55.16		9.24			8.62			71,828,538		0.38			2.07			0.81			12
	51.70		51.91		4.31			4.44			77,556,933		0.38			2.26			0.93			22
	50.53		50.67		2.36			1.82			50,530,034		0.38			2.16			1.52			18
	49.69		50.09		(0.62	)		0.18			24,846,767		0.38	(h)		2.01			5.19	(h)		14

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	99

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 realized gain (loss)			Total from distributions
JPMorgan Diversified Return International Currency Hedged ETF
Six months ended April 30, 2017 (Unaudited)	$	26.32	$	0.43		$	2.34		$	2.77		$	(0.39	)(l)	$	(0.83	)	$	(1.22	)
April 1, 2016 (a) through October 31, 2016		25.00		(0.07	)		1.39			1.32			—			—			—

JPMorgan Diversified Return International Equity ETF
Six months ended April 30, 2017 (Unaudited)		50.00		0.64			4.03			4.67			(0.82	)		—			(0.82	)
Year ended October 31, 2016		51.17		1.28			(1.37	)(d)		(0.09	)		(1.08	)		—			(1.08	)
November 5, 2014 (a) through October 31, 2015		50.00		1.39			(0.07	)		1.32			(0.15	)		—			(0.15	)

JPMorgan Diversified Return U.S. Equity ETF
Six months ended April 30, 2017 (Unaudited)		57.06		0.55			6.63			7.18			(0.46	)		—			(0.46	)
Year ended October 31, 2016		54.13		1.10			2.09	(d)		3.19			(0.26	)		—			(0.26	)
September 29, 2015 (a) through October 31, 2015		50.00		0.06			4.07			4.13			—			—			—

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Six months ended April 30, 2017 (Unaudited)		51.65		0.42			6.56			6.98			(0.50	)		—			(0.50	)
May 11, 2016 (a) through October 31, 2016		50.00		0.42			1.23			1.65			—			—			—

JPMorgan Diversified Return U.S. Small Cap Equity ETF
November 15, 2016 (a) through April 30, 2017 (Unaudited)		25.00		0.13			2.03			2.16			(0.04	)		—			(0.04	)

(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)	Amount rounds to less than 0.005%

(l)

As described in Note 8, amount reflects an out of period adjustment related to an expense reimbursement for acquired fund fees. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.38, the net investment income (loss) ratio would have been 2.84%, and the net expense ratio would have been 0.07%.

SEE NOTES TO FINANCIAL STATEMENTS.



100	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


		Ratios/Supplemental data
												Ratios to average net assets (h)
Net asset value, end of period		Market price, end of period		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)

$	27.87	$	27.95		10.85	%		11.08	%	$	41,804,478		(0.28	)%(l)		3.20	%(l)		0.75	%(i)		4	%
	26.32		26.34		5.28			5.36			26,316,114		0.49	(i)		(0.49	)		1.14	(i)		4


	53.85		54.01		9.51			9.45			700,009,532		0.43			2.55			0.55			14
	50.00		50.17		(0.15	)		0.41			470,042,716		0.43			2.56			0.75			27
	51.17		51.05		2.65			2.40			92,113,607		0.43	(i)		2.72			1.33	(i)		20


	63.78		63.81		12.64			12.65			274,257,808		0.25			1.82			0.50			14
	57.06		57.08		5.92			5.90			125,538,258		0.29			1.95			0.90			22
	54.13		54.16		8.26			8.32			10,826,623		0.29	(i)		1.20			5.75	(i)		—	(k)


	58.13		58.14		13.59			13.61			58,134,844		0.30			1.53			0.71			12
	51.65		51.64		3.30			3.28			36,153,888		0.34	(i)		1.69			1.02	(i)		15


	27.12		27.16		8.67			8.79			32,549,071		0.36	(i)		1.08			0.96			11

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	101

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited)

1. Organization

The following are 9 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
JPMorgan Diversified Return U.S. Small 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.

The 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.

The 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.

The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “U.S. Small Cap Equity ETF”) commenced operations on November 15, 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 2000 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.

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, the International Currency Hedged ETF and the U.S. Small Cap Equity 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”).



102	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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 Investment 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 the 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.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	103

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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	$	6,637,461	$	—	$	—	$	6,637,461
Chile		1,861,104		—		—		1,861,104
China		311,670		29,866,335		31,723		30,209,728
Colombia		200,004		—		—		200,004
Czech Republic		152,295		267,908		—		420,203
Egypt		260,319		—		—		260,319
Greece		165,518		434,404		—		599,922
Hungary		—		665,209		—		665,209
Indonesia		561,384		8,831,133		—		9,392,517
Malaysia		903,278		6,596,159		—		7,499,437
Mexico		3,216,404		—		—		3,216,404
Pakistan		69,096		46,158		—		115,254
Peru		92,333		—		—		92,333
Philippines		352,184		1,358,010		—		1,710,194
Poland		226,016		1,763,816		—		1,989,832
Russia		6,737,347		62,686		—		6,800,033
South Africa		1,079,652		7,880,278		—		8,959,930
Taiwan		—		23,396,462		—		23,396,462
Thailand		213,798		8,207,083		—		8,420,881
Turkey		6,803		1,966,461		—		1,973,264
United Arab Emirates		1,129,595		1,024,422		—		2,154,017

Total Common Stocks		24,176,261		92,366,524		31,723		116,574,508

Exchange Traded Fund
India		10,050,472		—		—		10,050,472

Total Exchange Traded Fund		10,050,472		—		—		10,050,472

Preferred Stocks
Brazil		5,735,015		—		—		5,735,015
Chile		130,754		—		—		130,754
Colombia		209,918		—		—		209,918
Russia		400,501		—		—		400,501

Total Preferred Stocks		6,476,188		—		—		6,476,188

Rights
Brazil		17		—		—		17
Taiwan		2,622		—		—		2,622

Total Rights		2,639		—		—		2,639

Short-Term Investment
Investment Company		306,676		—		—		306,676

Total Investments in Securities	$	41,012,236	$	92,366,524	$	31,723	$	133,410,483



104	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

Europe Currency Hedged ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities	$	26,584,450	$	—	$	—	$	26,584,450

Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	20,401	$	—	$	20,401
Forward Foreign Currency Exchange Contracts		—		50,856		—		50,856

Total Appreciation in Other Financial Instruments	$	—	$	71,257	$	—	$	71,257

Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	5,357	$	—	$	5,357
Forward Foreign Currency Exchange Contracts		—		564,605		—		564,605

Total Depreciation in Other Financial Instruments	$	—	$	569,962	$	—	$	569,962


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	$	—	$	701,092	$	—	$	701,092
Belgium		—		1,138,420		—		1,138,420
Denmark		—		1,774,822		—		1,774,822
Finland		—		2,944,136		—		2,944,136
France		103,107		8,629,415		—		8,732,522
Germany		—		8,773,258		—		8,773,258
Ireland		152,351		116,621		—		268,972
Italy		103,769		1,446,874		—		1,550,643
Luxembourg		—		235,724		—		235,724
Netherlands		—		3,335,162		—		3,335,162
Norway		—		1,666,073		—		1,666,073
Portugal		—		710,848		—		710,848
Spain		—		5,391,452		—		5,391,452
Sweden		—		3,600,665		—		3,600,665
Switzerland		850		7,523,947		—		7,524,797
United Kingdom		67,780		15,941,620		—		16,009,400

Total Common Stocks		427,857		63,930,129		—		64,357,986

Preferred Stocks
Germany		—		577,142		—		577,142

Total Preferred Stocks		—		577,142		—		577,142

Total Investments in Securities	$	427,857	$	64,507,271	$	—	$	64,935,128



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	105

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


Global Equity ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	5,981,910	$	—	$	5,981,910
Austria		—		226,437		—		226,437
Belgium		—		580,582		—		580,582
Canada		2,227,614		—		—		2,227,614
Denmark		—		524,145		—		524,145
Finland		—		589,433		—		589,433
France		—		3,146,484		—		3,146,484
Germany		—		2,056,256		—		2,056,256
Hong Kong		43,174		2,683,080		—		2,726,254
Israel		221,749		—		—		221,749
Italy		188,843		352,424		—		541,267
Japan		—		16,059,061		—		16,059,061
Netherlands		—		1,288,544		—		1,288,544
New Zealand		—		249,347		—		249,347
Norway		—		625,191		—		625,191
Portugal		—		268,859		—		268,859
Singapore		—		1,626,685		—		1,626,685
South Korea		—		6,599,374		87,582		6,686,956
Spain		—		1,610,711		—		1,610,711
Sweden		149,098		1,935,512		—		2,084,610
Switzerland		173,262		1,249,593		—		1,422,855
United Kingdom		—		2,506,135		—		2,506,135
United States		18,084,358		—		—		18,084,358

Total Common Stocks		21,088,098		50,159,763		87,582		71,335,443

Preferred Stocks
Germany		—		106,946		—		106,946

Total Preferred Stocks		—		106,946		—		106,946

Total Investments in Securities	$	21,088,098	$	50,266,709	$	87,582	$	71,442,389

International Currency Hedged ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities	$	41,738,283	$	—	$	—	$	41,738,283

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	195,256	$	—	$	195,256

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	495,682	$	—	$	495,682



106	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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	$	—	$	55,941,868	$	—	$	55,941,868
Austria		—		4,796,517		—		4,796,517
Belgium		—		7,084,984		—		7,084,984
Denmark		—		8,223,958		—		8,223,958
Finland		—		11,284,891		—		11,284,891
France		—		36,691,970		—		36,691,970
Germany		367,749		28,446,681		—		28,814,430
Hong Kong		3,226,758		33,152,699		—		36,379,457
Ireland		501,103		—		—		501,103
Italy		2,658,718		5,443,521		—		8,102,239
Japan		—		175,103,269		—		175,103,269
Luxembourg		—		859,840		—		859,840
Netherlands		1,132,858		17,559,941		—		18,692,799
New Zealand		—		4,130,349		—		4,130,349
Norway		—		6,583,008		—		6,583,008
Portugal		—		4,451,585		—		4,451,585
Singapore		—		20,557,349		—		20,557,349
South Korea		—		67,681,136		—		67,681,136
Spain		310,700		16,963,975		—		17,274,675
Sweden		—		21,118,827		—		21,118,827
Switzerland		—		15,018,839		—		15,018,839
United Kingdom		—		143,499,959		—		143,499,959

Total Common Stocks		8,197,886		684,595,166		—		692,793,052

Rights
Australia		14,044		—		—		14,044

Total Rights		14,044		—		—		14,044

Short-Term Investment
Investment Company		3,910,916		—		—		3,910,916

Total Investments in Securities	$	12,122,846	$	684,595,166	$	—	$	696,718,012

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	$	44,123,873	$	—	$	—	$	44,123,873
Consumer Staples		32,194,617		—		—		32,194,617
Energy		9,209,490		—		—		9,209,490
Financials		19,827,740		—		—		19,827,740
Health Care		43,537,436		—		—		43,537,436
Industrials		23,456,966		—		—		23,456,966
Information Technology		40,714,989		—		—		40,714,989
Materials		15,335,006		—		—		15,335,006
Real Estate		5,459,006		—		—		5,459,006
Telecommunication Services		2,989,735		—		—		2,989,735
Utilities		36,163,261		—		—		36,163,261

Total Common Stocks		273,012,119		—		—		273,012,119

Short-Term Investment
Investment Company		1,052,093		—		—		1,052,093

Total Investments in Securities	$	274,064,212	$	—	$	—	$	274,064,212



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	107

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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	$	9,548,798	$	—	$	—	$	9,548,798
Consumer Staples		3,932,774		—		—		3,932,774
Energy		1,878,382		—		—		1,878,382
Financials		5,221,907		—		—		5,221,907
Health Care		7,845,301		—		—		7,845,301
Industrials		7,008,491		—		—		7,008,491
Information Technology		8,440,172		—		—		8,440,172
Materials		3,801,750		—		—		3,801,750
Real Estate		2,824,989		—		—		2,824,989
Telecommunication Services		282,459		—		—		282,459
Utilities		7,249,172		—		—		7,249,172

Total Common Stocks		58,034,195		—		—		58,034,195

Short-Term Investment
Investment Company		351,777		—		—		351,777

Total Investments in Securities	$	58,385,972	$	—	$	—	$	58,385,972

U.S. Small Cap Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	6,957,504	$	—	$	—	$	6,957,504
Consumer Staples		2,999,404		—		—		2,999,404
Energy		736,502		—		—		736,502
Financials		1,994,600		—		—		1,994,600
Health Care		3,335,276		—		—		3,335,276
Industrials		4,607,854		—		—		4,607,854
Information Technology		4,436,558		—		—		4,436,558
Materials		2,074,583		—		—		2,074,583
Real Estate		943,401		—		—		943,401
Telecommunication Services		545,732		—		—		545,732
Utilities		3,586,834		—		—		3,586,834

Total Common Stocks		32,218,248		—		—		32,218,248

Short-Term Investment
Investment Company		426,720		—		—		426,720

Total Investments in Securities	$	32,644,968	$	—	$	—	$	32,644,968

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

There were no transfers among any levels during the period ended April 30, 2017 for Europe Currency Hedged ETF, Global Equity ETF, International Currency Hedged ETF, U.S. Equity ETF, U.S. Mid Cap Equity ETF, and U.S. Small Cap Equity ETF.

There were no significant transfers between level 1 and level 2 during the period ended April 30, 2017 for Europe Equity ETF and International Equity ETF.

Transfers from level 2 to level 1 in the amount of $1,059,060 for Emerging Markets Equity ETF are due to the non-application of the fair value factors to certain securities during the period ended April 30, 2017.

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 asset value of the Funds. As of April 30, 2017, the Funds had no investments in restricted securities other than securities sold to the Fund under Rule 144A.



108	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency contracts.

(2). Futures Contracts — The Emerging Markets Equity ETF and Europe Currency Hedged 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 and Europe Currency Hedged 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, Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements 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 Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

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



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	109

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

(3). Summary of Derivatives Information

The following table presents the value of derivatives held as of April 30, 2017, 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	$	50,856


Gross Liabilities:
Foreign exchange contracts	Payables	$	(564,605	)

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 April 30, 2017.


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		$50,856	$	(50,856	)	$	—		$—

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	$	564,605	$	(50,856	)	$	—	$	513,749

(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 April 30, 2017, 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	$	195,256


Gross Liabilities:
Foreign exchange contracts	Payables	$	(495,682	)



110	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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

195,256

(195,256

)

—

Counterparty

Gross Amount of
Derivative Liabilities
Subject to Netting
Arrangements
Presented in the
Statements of Assets
and Liabilities (a)

Derivatives
Available

for Offset

Collateral
Posted

Net Amount Due
To Counterparty
(not Less than zero)

Goldman Sachs

495,682

(195,256

)

—

300,426

(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 April 30, 2017, 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	$	44,803

Europe Currency Hedged ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	737


Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	1,386,616


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	15,044


Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(1,448,970	)

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	$	1,155,564



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	111

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(1,172,400	)

Derivatives Volume

The table below discloses the volume of the Fund’s forward foreign currency contracts and futures contracts activity for the period ended April 30, 2017. 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		International Currency Hedged ETF
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	—	$	12,348,714	$	12,394,298
Average Settlement Value Sold		—		38,159,697		46,066,307
Ending Settlement Value Purchased		—		29,518,015		42,135,160
Ending Settlement Value Sold		—		55,780,599		83,219,993
Futures Contracts:
Average Notional Balance Long		1,153,110		1,273,520		—
Average Notional Balance Short		—		—		—
Ending Notional Balance Long		1,153,110		1,273,520		—
Ending Notional Balance Short		—		—		—

The Funds’ derivatives contracts held at April 30, 2017, 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, U.S. Equity ETF, U.S. Mid Cap Equity ETF, and U.S. Small Cap Equity ETF invest in Underlying Funds and/or 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 period ended April 30, 2017
Affiliate	Value at Beginning of Period		Purchase Cost		Sales Proceeds		Realized Gain(Loss)			Change in Unrealized Gain(Loss)		Shares at April 30, 2017		Value at April 30, 2017		Dividend Income
Emerging Markets Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares	$	—	$	8,684,168	$	8,377,492	$	—		$	—		306,676	$	306,676	$	1,703
Europe Currency Hedged ETF
JPMorgan Diversified Return Europe Equity ETF		26,524,064		2,455,832		4,696,769		(158,230	)		2,459,553		488,236		26,584,450		604,072
International Currency Hedged ETF
JPMorgan Diversified Return International Equity ETF		26,351,076		14,998,875		2,519,398		(65,188	)		2,972,918		722,645		41,738,283		486,823



112	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


			For the period ended April 30, 2017
Affiliate	Value at Beginning of Period		Purchase Cost		Sales Proceeds		Realized Gain(Loss)		Change in Unrealized Gain(Loss)		Shares at April 30, 2017		Value at April 30, 2017		Dividend Income
International Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares	$	1,161,468	$	6,428,370	$	3,678,922	$	—	$	—		3,910,916	$	3,910,916	$	2,740
U.S. Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		1,660,652		4,736,064		5,344,623		—		—		1,052,093		1,052,093		1,443
U.S. Mid Cap Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		621,429		1,445,333		1,714,985		—		—		351,777		351,777		376
U.S. Small Cap Equity ETF (a)
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		1,368,485		941,765		—		—		426,720		426,720		283

(a)	Commencement of operations was November 15, 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:


Europe Currency Hedged ETF	$	40,805
Europe Equity ETF		5,373
International Currency Hedged ETF		81,862
U.S. Mid Cap Equity ETF		13,663
U.S. Small Cap Equity ETF		11,740

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 that 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



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	113

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, 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	%
U.S. Small Cap Equity ETF	0.29	%

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 April 30, 2017, the amount of transaction fees paid by the Authorized Participants that were used to reimburse custodian fees were as follows:


Emerging Markets Equity ETF	$	117,600
Global Equity ETF		7,700
International Equity ETF		86,400
U.S. Equity ETF		20,300
U.S. Mid Cap Equity ETF		3,000
U.S. Small Cap Equity ETF		12,600

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

Restricted cash on the Statements 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.



114	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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, except with respect to Diversified Return Europe Equity Currency Hedged ETF and Diversified Return International Currency Hedged ETF where the expense limitation agreement includes 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*		0.19	%
U.S. Mid Cap Equity ETF**		0.24	%
U.S. Small Cap Equity ETF***		0.29	%

*	Prior to March 1, 2017, the contractual expense limitation for the Diversified Return U.S. Equity ETF was 0.29%.

**	Prior to March 1, 2017, the contractual expense limitations for the Diversified Return U.S. Mid Cap Equity ETF was 0.34%.

***	Prior to March 1, 2017, the contractual expense limitations for the Diversified Return U.S. Small Cap Equity ETF was 0.39%.

The expense limitation agreements were in effect for the period ended April 30, 2017. The contractual expense limitation percentages in the table above are in place until at least February 28, 2021.

For the period ended April 30, 2017, 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	$	187,933	$	36,305	$	224,238	$	30,054
Europe Currency Hedged ETF		43,135		11,111		54,246		123,897	*
Europe Equity ETF		89,325		25,309		114,634		1,731
Global Equity ETF		90,962		32,216		123,178		30,495
International Currency Hedged ETF		45,065		14,188		59,253		130,825	*
International Equity ETF		160,211		106,807		267,018		—
U.S. Equity ETF		142,064		83,383		225,447		—
U.S. Mid Cap Equity ETF		52,213		18,492		70,705		14,898
U.S. Small Cap Equity ETF		34,348		10,068		44,416		11,748

*	As disclosed in Note 8, amounts include out of period adjustments.

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 net expense ratio of the Underlying Funds.

The amount of the waivers resulting from investments in these money market funds as of April 30, 2017 were as follows:


Emerging Markets Equity ETF	$	565
U.S. Equity ETF		588
U.S. Mid Cap Equity ETF		166
U.S. Small Cap Equity ETF		84

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.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	115

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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 period ended April 30, 2017, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:


Emerging Markets Equity ETF	$	37,397
Europe Currency Hedged ETF		2,755
Europe Equity ETF		2,607
Global Equity ETF		5,738
International Currency Hedged ETF		1,881
International Equity ETF		34,101
U.S. Equity ETF		14,235
U.S. Mid Cap Equity ETF		3,704
U.S. Small Cap Equity ETF		2,225

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.

An affiliate of JPMorgan made a payment to the International Currency Hedged ETF and the Europe Currency Hedged ETF of approximately $35,000 and $4,500, respectively, relating to a NAV error, which was booked to Capital Transactions on the Statement of Changes in Net Assets to the respective Fund.

4. Investment Transactions

During the period ended April 30, 2017, 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	$	51,414,087	$	18,590,307
Europe Currency Hedged ETF		1,220,290		4,696,769
Europe Equity ETF		6,085,768		6,757,164
Global Equity ETF		9,123,902		12,947,423
International Currency Hedged ETF		1,516,026		2,520,027
International Equity ETF		93,135,322		83,869,941
U.S. Equity ETF		29,254,794		27,971,792
U.S. Mid Cap Equity ETF		6,188,710		5,507,130
U.S. Small Cap Equity ETF		2,989,262		2,741,068

During the period ended April 30, 2017, there were no purchases or sales of U.S. Government securities.

For the period ended April 30, 2017, in-kind transactions associated with creations and redemptions were:


	In-Kind Purchases		In-Kind Sales		Realized Gain (Loss)
Emerging Markets Equity ETF	$	49,534,398	$	—	$	—
Europe Currency Hedged ETF		1,235,542		—		—
Europe Equity ETF		—		—		—
Global Equity ETF		—		7,709,976		1,993,665
International Currency Hedged ETF		13,482,849		—		—
International Equity ETF		184,691,017		18,500,083		4,151,371
U.S. Equity ETF		133,064,167		4,831,391		927,527
U.S. Mid Cap Equity ETF		16,676,162		—		—
U.S. Small Cap Equity ETF		30,038,829		—		—



116	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2017 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Emerging Markets Equity ETF	$	125,834,033	$	9,933,864	$	(2,357,414	)	$	7,576,450
Europe Currency Hedged ETF		25,242,984		1,341,466		—			1,341,466
Europe Equity ETF		59,670,263		7,186,070		(1,921,205	)		5,264,865
Global Equity ETF		64,205,777		10,003,144		(2,766,532	)		7,236,612
International Currency Hedged ETF		39,110,817		2,627,466		—			2,627,466
International Equity ETF		644,305,191		66,160,252		(13,747,431	)		52,412,821
U.S. Equity ETF		256,361,129		21,437,343		(3,734,260	)		17,703,083
U.S. Mid Cap Equity ETF		52,978,296		6,214,698		(807,022	)		5,407,676
U.S. Small Cap Equity ETF		30,930,882		2,607,545		(893,459	)		1,714,086

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.

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	(a)		1,485,036	(a)
U.S. Equity ETF		92,850			32,404
U.S. Mid Cap Equity ETF		87,090			—

(a)	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, if any, 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.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	117

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

As of April 30, 2017, the Adviser owned shares representing more than 10% of net assets of the following Funds:


	% Ownership
Emerging Markets Equity ETF		18	%
Europe Currency Hedged ETF		92	%
Europe Equity ETF		43	%
Global Equity ETF		22	%
International Currency Hedged ETF		64	%
U.S. Equity ETF		27	%
U.S. Mid Cap Equity ETF		49	%
U.S. Small Cap Equity ETF		79	%

Furthermore, as of April 30, 2017, the Europe Currency Hedged ETF owned approximately 41% of the shares outstanding of the Europe Equity ETF.

Significant transactions by the Adviser 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 April 30, 2017, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:


	China			France			Germany			Japan			Switzerland			Taiwan			United Kingdom
Emerging Markets Equity ETF		22.6	%		—	%		—	%		—	%		—	%		17.5	%		—	%
Europe Equity ETF		—			13.4			14.4			—			11.6			—			24.7
Global Equity ETF		—			—			—			22.5			—			—			—
International Equity ETF		—			—			—			25.1			—			—			20.6

With the exception of U.S. Equity ETF, U.S. Mid Cap Equity ETF, and U.S. Small Cap Equity ETF as of April 30, 2017, 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.

8. Out of Period Adjustment

The Europe Currency Hedged ETF and International Currency Hedged ETF recorded an out of period adjustments in the April 30, 2017 financial statements which resulted in an increase to net investment income of approximately $59,388 and $59,006, respectively, as well as the changes to the Financial Highlights as disclosed therein. These adjustments resulted from an adjustment related to an expense reimbursement, from the Adviser, for acquired fund fees that was not recorded in the October 31, 2016 financial statements. Management has evaluated the adjustment and concluded that it is not material to the previously issued 2016 or the current year financial statements.



118	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

9. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures.

10. Subsequent Event

During the period May 1, 2017 through June 28, 2017, JPMorgan U.S. Equity ETF had net redemptions of $57,183,410. This amount represented approximately 20.85% of the Fund’s net assets as of April 30, 2017.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	119

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		0.37	%		—		—	%
Greater than 1.5% and Less than or equal to 2.0%		3		0.52	%		2		0.74	%		—		—	%
Greater than 1.0% and Less than or equal to 1.5%		32		5.51	%		1		0.37	%		1		0.29	%
Greater than 0.5% and Less than or equal to 1.0%		230		39.58	%		11		4.06	%		22		6.45	%
Greater than 0.0% and Less than or equal to 0.5%		108		18.59	%		140		51.65	%		253		74.20	%
Less than or equal to 0.0% and greater than or equal to –0.5%		82		14.11	%		110		40.59	%		65		19.06	%
Less than –0.5% and greater than or equal to –1.0%		94		16.18	%		3		1.11	%		—		—	%
Less than –1.0% and greater than or equal to –1.5%		26		4.48	%		1		0.37	%		—		—	%
Less than –1.5% and greater than or equal to –2.0%		6		1.03	%		1		0.37	%		—		—	%
Less than –4.0% and greater than or equal to –4.5%		—		—	%		1		0.37	%		—		—	%

		581		100.00	%		271		100.00	%		341		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		0.16	%
Greater than 0.5% and Less than or equal to 1.0%		39		5.39	%		1		0.37	%		137		22.03	%
Greater than 0.0% and Less than or equal to 0.5%		588		81.33	%		214		78.97	%		444		71.38	%
Less than or equal to 0.0% and greater than or equal to –0.5%		93		12.86	%		56		20.66	%		37		5.95	%
Less than –0.5% and greater than or equal to –1.0%		2		0.28	%		—		—	%		3		0.48	%
Less than –1.0% and greater than or equal to –1.5%		1		0.14	%		—		—	%		—		—	%

		723		100.00	%		271		100.00	%		622		100.00	%


	U.S. Equity ETF (f)					U.S. Mid Cap Equity ETF (g)					U.S. Small Cap Equity ETF (h)
Range of Premium Discount	Day Count		Percentage			Day Count		Percentage			Day Count		Percentage
Greater than 0.0% and Less than or equal to 0.5%		348		87.66	%		207		86.25	%		112		100	%
Less than or equal to 0.0% and greater than or equal to –0.5%		49		12.34	%		33		13.75	%		—		—	%

		397		100.00	%		240		100.00	%		112		100	%

(a)	For the period January 7, 2015 (fund inception date) to April 30, 2017.

(b)	For the period April 1, 2016 (fund inception date) to April 30, 2017.

(c)	For the period December 18, 2015 (fund inception date) to April 30, 2017.

(d)	For the period June 16, 2014 (fund inception date) to April 30, 2017.

(e)	For the period November 5, 2014 (fund inception date) to April 30, 2017.

(f)	For the period September 29, 2015 (fund inception date) to April 30, 2017.

(g)	For the period May 11, 2016 (fund inception date) to April 30, 2017.

(h)	For the period November 15, 2016 (fund inception date) to April 30, 2017.



120	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, investment advisory fees, administration 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 November 1, 2016 and continued to hold your shares at the end of the reporting period, April 30, 2017.

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.


	Beginning Account Value 11/1/2016		Ending Account Value 4/30/2017		Annualized Expense Ratios			Expenses Paid During Period*
JPMorgan Diversified Emerging Markets Equity ETF
Actual Fund Return	$	1,000.00	$	972.10		0.45	%	$	2.20
Hypothetical 5% Return ⁽¹⁾		1,000.00		1,022.56		0.45			2.26

JPMorgan Diversified Europe Currency Hedged ETF
Actual Fund Return	$	1,000.00	$	1,114.00		(0.38	)%	$	(1.99	)
Hypothetical 5% Return⁽¹⁾⁽³⁾		1,000.00		1,022.91		(0.38	)		(1.91	)

JPMorgan Diversified Europe Equity ETF
Actual Fund Return	$	1,000.00	$	1,116.60		0.43	%	$	2.26
Hypothetical 5% Return ⁽¹⁾		1,000.00		1,022.66		0.43			2.16

JPMorgan Diversified Global Equity ETF
Actual Fund Return	$	1,000.00	$	1,092.40		0.38	%	$	1.94
Hypothetical 5% Return ⁽¹⁾		1,000.00		1,022.91		0.38			0.91

JPMorgan Diversified International Currency Hedged ETF
Actual Fund Return	$	1,000.00	$	1,108.50		(0.28	)%	$	(1.46	)
Hypothetical 5% Return ⁽¹⁾⁽³⁾		1,000.00		1,023.41		(0.28	)		(1.40	)

JPMorgan Diversified International Equity ETF
Actual Fund Return	$	1,000.00	$	1,116.60		0.43	%	$	2.26
Hypothetical 5% Return ⁽¹⁾		1,000.00		1,022.66		0.43			2.16

JPMorgan Diversified U.S. Equity ETF
Actual Fund Return	$	1,000.00	$	1,126.40		0.25	%	$	1.32
Hypothetical 5% Return ⁽¹⁾		1,000.00		1,023.55		0.25			1.25

JPMorgan Diversified U.S. Mid Cap Equity ETF
Actual Fund Return	$	1,000.00	$	1,135.90		0.30	%	$	1.59
Hypothetical 5% Return ⁽¹⁾		1,000.00		1,023.31		0.30			1.51

JPMorgan Diversified U.S. Small Cap Equity ETF
Actual Fund Return ⁽²⁾	$	1,000.00	$	1,086.70		0.36	%	$	1.71
Hypothetical 5% Return ⁽¹⁾		1,000.00		1,023.01		0.36			1.81

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

(2)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 166/365 (to reflect the one-half year period).

(3)	Refer to Note 8.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	121

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

For the 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 and JPMorgan Diversified Return U.S. Equity ETF

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of investment advisory agreements at each meeting. The Board also meets specifically to consider investment advisory agreement annual renewals. The Board of Trustees held a meeting in person December 6-7, 2016, at which meeting the Trustees considered continuation of investment advisory agreements for 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 and JPMorgan Diversified Return U.S. Equity ETF (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In advance of the December 6-7, 2016 meeting, the Trustees met on November 9, 2016 to discuss certain information in connection with its consideration of the Advisory Agreements. At the December 6-7, 2016 meeting, the Board reviewed and considered performance, expense and related information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940; the “1940 Act”) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser. This information included the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. The Adviser also periodically provides comparative information regarding each Fund’s expense ratio and that of each of their peer groups. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. using data from Lipper Inc. (“Broadridge/Lipper”), an independent provider of investment company data. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, 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 Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions 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 each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each Fund and its 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

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered the investment strategies and the underlying benchmarks and indices for the Funds, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategies of the Funds, how they fit within the Trust’s lineup, and how they are positioned against identified peers. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administrative services provided by J.P. Morgan Investment Management Inc. in its role as administrator to the Funds (“JPMIM”).

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



122	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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 provided to each Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

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 relationships with the Funds.

The Trustees also considered the fees that JPMIM earned from the Funds for providing administrative services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), also an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund.

Economies of Scale

The Trustees considered the extent to which each Fund may benefit from economies of scale. The Trustees also noted that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees noted that neither the investment advisory fee schedule nor the administration agreement for the Funds contains breakpoints, but that fees are competitive with its peer funds. They concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place,

which serve to limit the overall net expense ratio of each Fund at competitive levels. With respect to the administration agreement, the Trustees also considered the fact that the Funds benefit from economies of scale for the broader J.P. Morgan fund complex. This is because the administration fee had been set at a level consistent with the effective rate of the J.P. Morgan mutual funds, which includes breakpoints, a rate which the Funds would be unlikely to achieve based on the significantly lower level of assets under management. The Trustees concluded that shareholders of the Funds will generally benefit from the lower expense ratios that resulted from these factors.

Fees Relative to Adviser’s Other Clients

The Trustees requested and received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies advised by the Adviser in the same asset class as each Fund. The Adviser does not manage any other accounts with substantially similar investment strategies as the Funds. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, including the fact that each Fund seeks performance that closely corresponds to the performance of its underlying index, and the portfolio management teams and competitive positioning against peer funds, as identified by management.

As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance compared to the performance of its underlying index with the information provided for the Funds at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was in line with its underlying index, consistent with its investment objective.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in a peer group made up of funds with the same Broadridge/Lipper investment classification and objective (the “Expense Group”) as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees considered the Fee Caps currently in place for each Fund and considered the net



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	123

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

advisory fee rate after taking into account any such Fee Caps. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan Diversified Return Emerging Markets Equity ETF’s net advisory fee and actual total expenses were below the median levels for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return Europe Currency Hedged ETF’s net advisory fee and actual total expenses were below the median levels for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return Europe Equity ETF’s net advisory fee and actual total expenses were below the median levels for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return Global Equity ETF’s net advisory fee was below the median level for the Expense Group and actual total expenses were at the median level for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return International Currency Hedged ETF’s net advisory fee was below the median level for the Expense Group and actual total expenses were above the median level for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return International Equity ETF’s net advisory fee and actual total expenses were below the median levels for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Equity ETF’s net advisory fee and actual total expenses were below the median levels for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.



124	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENT

(Unaudited)

For the U.S. Small 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. Small 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 to the Trustees and received a memorandum from independent legal counsel 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 of the Adviser. In addition, the Trustees reviewed 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

their 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 the fees that the Adviser will earn from the Fund for providing administrative services. The Trustees also considered the fees paid to JPMCB, N.A., 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 fund complex because the administration fee had been set at a level consistent with the lower effective rate of the J.P. Morgan mutual funds, which includes breakpoints, and which management believes is lower than the Fund could have achieved on its own. 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 result from these factors.

Investment Performance

The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	125

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENT

(Unaudited) (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 as 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.



126	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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., 2017. All rights reserved. April 2017.		SAN-ETF-417

Semi-Annual Report

JPMorgan Exchange-Traded Funds

April 30, 2017 (Unaudited)

JPMorgan Diversified Alternatives ETF

CONTENTS



President’s Letter			1

Fund Commentary			2

Consolidated Schedule of Portfolio Investments			5

Consolidated Financial Statements			34

Consolidated Financial Highlights			38

Notes to Consolidated Financial Statements			40

Supplemental Information			49

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

Shares are bought and sold throughout the day on an exchange at market price (not 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

June 16, 2017 (Unaudited)

Dear Shareholders:

I am pleased to report that the JPMorgan Diversified Alternatives ETF (JPHF) met its objective over the past six months and had returns closely matching its benchmark, after fees and expenses. JPHF has performed as designed from inception, generating returns of 5.29% as of April 30, 2017.

“While alternative strategies have traditionally been reserved for affluent and institutional investors, we believe they can be useful for building stronger, more diversified portfolios for all investors.” — Robert F. Deutsch

Alternative strategies for all

While alternative strategies have traditionally been reserved for affluent and institutional investors, we believe they can be useful for building stronger, more diversified portfolios for all investors. That is why we created JPHF, a true exposure to hedge fund strategies, packaged in a cost-efficient ETF structure.

More diversification, less correlation

JPHF uses a bottom-up, rules-based approach to selecting securities and building exposure to commonly used hedge fund strategies. The Fund seeks to provide attractive diversification and risk-adjusted returns by systematically allocating assets across equity long/short, event-driven and global macro-based strategies, and then by trading individual instruments across equity, fixed-income, currency and commodity markets,

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 turn-over, higher transaction costs and the possibility of increased capital gains. Alternative investments and strategies involve higher risks than traditional investments and may not be suitable for all investors.

depending on the strategy. In our view, this unique solution delivers broader diversification than typical ETF hedge fund replication strategies, which are generally “backward looking” and unable to capture tactical shifts or the most current hedge fund industry positioning.

We believe this diversification could prove beneficial during times of market volatility as we seek exposures with low correlation to traditional investments.

I want to thank you for your confidence in our process and let you know that I am transitioning my role as President of J.P. Morgan Asset Management’s U.S. ETF complex to Joanna Gallegos. She will take over the day-to-day direction of our U.S. ETF business and I will continue to serve as Chairman of the J.P Morgan Exchange-Traded Fund Trust Board of Trustees. Joanna brings tremendous experience to the role, having partnered with me over the past four years as the head of our product development initiative and as a member of the management team leading the business. I am confident that under her guidance, J.P. Morgan ETFs will continue to lead the industry, building thoughtful strategies, stronger portfolios, and, most importantly, client satisfaction.

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



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	1

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Alternatives ETF*		3.80%
Market Price**		4.02%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.23%

Net Assets as of 4/30/2017	$	78,294,373

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.

The Fund uses derivatives, including swaps, futures, options, and forward contracts, in implementing its strategies. Under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired return factor.

HOW DID THE MARKET PERFORM?

Global financial markets generally provided positive returns for the reporting period as the world’s leading economies continued to grow in a more uniform fashion and investors sought returns in both developed and emerging markets.

Emerging markets also saw investment inflows during the reporting period amid economic and financial market stability in China. However, the Chinese government’s efforts to curb

excessive leverage in its financial markets put a damper on the Shanghai Composite Index in April 2017. Meanwhile, several previously underperforming economies – particularly Brazil, Argentina, Russia, Turkey and South Africa – were growing by the end of the reporting period.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2017, the Fund posted positive absolute performance and experienced a deviation of 3.57% 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 to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, the Fund’s allocations to momentum and quality factors within the Equity Long/Short sub-strategy, which was implemented primarily through the use of equities and total return swaps contracts, were leading contributors to performance for the reporting period. The Fund’s allocations to fixed income and currency factors within the Global Macro Based sub-strategy, which was implemented primarily through the use of fixed-income futures and currency forward contracts, were leading detractors from performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest risk allocation was to the Equity Long/Short sub-strategy, while the smallest risk allocation was to the Global Macro sub-strategy.



2	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO (a)
	1.	Sky plc (United Kingdom)	1.3	%
	2.	Reynolds American, Inc.	1.2
	3.	Akorn, Inc.	1.2
	4.	CR Bard, Inc.	1.2
	5.	Mobileye NV (Netherlands)	1.2
	6.	Swift Transportation Co	1.2
	7.	Valspar Corp. (The)	1.2
	8.	VCA, Inc.	1.2
	9.	Mead Johnson Nutrition Co., Class A	1.2
	10.	Panera Bread Co., Class A	1.2


TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Knight Transportation, Inc.	1.2	%
	2.	Tesoro Corp.	0.8
	3.	British American Tobacco plc (United Kingdom)	0.7
	4.	AT&T, Inc.	0.6
	5.	Sterling Bancorp	0.5
	6.	Centurylink, Inc.	0.5
	7.	Canadian Imperial Bank of Commerce (Canada)	0.5
	8.	Noble Energy, Inc.	0.4
	9.	John Wood Group plc	0.4
	10.	Becton Dickinson and Co.	0.4

***

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 April 30, 2017 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. The macro based 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 April 30, 2017. The Fund’s portfolio composition is subject to change.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2017

	INCEPTION DATE		SIX MONTHS			CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Alternatives ETF
Net Asset Value		September 12, 2016		3.80	%		5.29	%
Market Price				4.02			5.77

LIFE OF FUND PERFORMANCE (09/12/16 TO 4/30/17)

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 April 30, 2017. 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 not an index fund. 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 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	APRIL 30, 2017

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 47.0%
		Consumer Discretionary — 9.9%
		Auto Components — 0.9%
	1,388	Cooper-Standard Holdings, Inc. (a)		156,941
	7,179	Gentex Corp.		148,246
	1,080	Lear Corp.		154,073
	3,045	Standard Motor Products, Inc.		154,777
	6,154	Superior Industries International, Inc.		133,850

				747,887

		Automobiles — 0.2%
	1,603	Thor Industries, Inc.		154,177

		Diversified Consumer Services — 0.3%
	5,600	H&R Block, Inc.		138,824
	2,246	Nord Anglia Education, Inc. (Cayman Islands) (a)		72,321

				211,145

		Hotels, Restaurants & Leisure — 2.1%
	7,100	Bloomin’ Brands, Inc.		153,999
	3,200	Brinker International, Inc.		141,408
	1,606	Darden Restaurants, Inc.		136,815
	9,300	La Quinta Holdings, Inc. (a)		131,223
	2,472	Panera Bread Co., Class A (a)		772,945
	1,749	Wyndham Worldwide Corp.		166,697
	2,100	Yum! Brands, Inc.		138,075

				1,641,162

		Household Durables — 0.4%
	5,700	PulteGroup, Inc.		129,219
	3,200	Tempur Sealy International, Inc. (a)		150,240

				279,459

		Leisure Products — 0.4%
	2,743	Sturm Ruger & Co., Inc.		165,815
	7,100	Vista Outdoor, Inc. (a)		138,876

				304,691

		Media — 2.1%
	2,300	AMC Networks, Inc., Class A (a)		137,264
	4,162	CBS Corp. (Non-Voting), Class B		277,023
	4,538	Comcast Corp., Class A		177,844
	5,198	Discovery Communications, Inc., Class C (a)		145,440
	2,430	Meredith Corp.		142,277
	1,685	Omnicom Group, Inc.		138,372
	3,400	Sinclair Broadcast Group, Inc., Class A		134,130
	7,400	TEGNA, Inc.		188,552
	1,258	Time Warner, Inc.		124,882
	9,626	Time, Inc.		146,315

				1,612,099


SHARES		SECURITY DESCRIPTION	VALUE($)

		Multiline Retail — 0.4%
	3,020	Big Lots, Inc.		152,480
	2,705	Target Corp.		151,074

				303,554

		Specialty Retail — 2.7%
	2,734	Best Buy Co., Inc.		141,649
	11,444	Cabela’s, Inc. (a)		624,842
	10,870	Chico’s FAS, Inc.		150,223
	1,310	Children’s Place, Inc. (The)		150,388
	12,886	CST Brands, Inc.		622,265
	2,889	Dick’s Sporting Goods, Inc.		146,039
	5,300	Select Comfort Corp. (a)		163,770
	2,100	Signet Jewelers Ltd. (Bermuda)		138,264

				2,137,440

		Textiles, Apparel & Luxury Goods — 0.4%
	500	Deckers Outdoor Corp. (a)		29,795
	4,222	Michael Kors Holdings Ltd. (British Virgin Islands) (a)		157,607
	1,565	PVH Corp.		158,112

				345,514

		Total Consumer Discretionary		7,737,128

		Consumer Staples — 4.3%
		Beverages — 0.2%
	1,282	PepsiCo, Inc.		145,225

		Food & Staples Retailing — 1.0%
	63,758	Rite Aid Corp. (a)		255,032
	4,449	SpartanNash Co.		163,723
	2,786	Sysco Corp.		147,296
	2,101	Wal-Mart Stores, Inc.		157,953
	1,000	Whole Foods Market, Inc.		36,370

				760,374

		Food Products — 2.4%
	2,566	Campbell Soup Co.		147,648
	2,521	General Mills, Inc.		144,983
	1,205	Ingredion, Inc.		149,203
	1,134	JM Smucker Co. (The)		143,700
	4,612	Lamb Weston Holdings, Inc.		192,551
	8,751	Mead Johnson Nutrition Co., Class A		776,389
	1,384	Sanderson Farms, Inc.		160,239
	2,253	Tyson Foods, Inc., Class A		144,778

				1,859,491

		Household Products — 0.5%
	3,844	Central Garden & Pet Co. (a)		145,303
	1,737	Procter & Gamble Co. (The)		151,692

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Household Products — continued
	1,026	Spectrum Brands Holdings, Inc.		147,467

				444,462

		Personal Products — 0.2%
	2,500	Nu Skin Enterprises, Inc., Class A		138,075

		Total Consumer Staples		3,347,627

		Energy — 1.4%
		Energy Equipment & Services — 0.9%
	12,918	Archrock, Inc.		152,433
	700	Basic Energy Services, Inc. (a)		19,019
	2,399	Helmerich & Payne, Inc.		145,475
	3,866	National Oilwell Varco, Inc.		135,194
	6,851	Patterson-UTI Energy, Inc.		148,290
	7,433	Unit Corp. (a)		159,735

				760,146

		Oil, Gas & Consumable Fuels — 0.5%
	6,423	Delek US Holdings, Inc.		154,601
	4,200	Halcon Resources Corp. (a)		28,140
	2,203	International Petroleum Corp. (Sweden) (a)		8,008
	600	SandRidge Energy, Inc. (a)		11,052
	1,500	Stone Energy Corp. (a)		31,410
	2,228	Valero Energy Corp.		143,951

				377,162

		Total Energy		1,137,308

		Financials — 4.2%
		Banks — 0.5%
	4,400	CIT Group, Inc.		203,764
	3,708	Popular, Inc. (Puerto Rico)		155,402

				359,166

		Capital Markets — 0.5%
	8,545	KCG Holdings, Inc., Class A (a)		170,046
	3,700	Legg Mason, Inc.		138,306
	1,100	Virtus Investment Partners, Inc.		117,040

				425,392

		Consumer Finance — 0.4%
	1,700	Capital One Financial Corp.		136,646
	3,528	Nelnet, Inc., Class A		158,795

				295,441

		Diversified Financial Services — 0.2%
	3,800	Voya Financial, Inc.		142,044

		Insurance — 2.4%
	2,300	American International Group, Inc.		140,093
	1,500	Assurant, Inc.		144,360


SHARES		SECURITY DESCRIPTION	VALUE($)

		Insurance — continued
	3,200	Assured Guaranty Ltd. (Bermuda)		122,016
	619	Everest Re Group Ltd. (Bermuda)		155,809
	3,700	MetLife, Inc.		191,697
	2,507	Principal Financial Group, Inc.		163,281
	1,392	Prudential Financial, Inc.		148,986
	1,154	Reinsurance Group of America, Inc., Class A		144,296
	2,093	Safety Insurance Group, Inc.		151,533
	600	Stewart Information Services Corp.		28,464
	3,190	Unum Group		147,793
	2,616	Validus Holdings Ltd. (Bermuda)		144,612
	200	White Mountains Insurance Group Ltd. (Bermuda)		171,788

				1,854,728

		Thrifts & Mortgage Finance — 0.2%
	9,906	EverBank Financial Corp.		193,167

		Total Financials		3,269,938

		Health Care — 6.4%
		Biotechnology — 0.0% (b)
	59	AquaBounty Technologies, Inc. (a)		458
	600	Bioverativ, Inc. (a)		35,286

				35,744

		Health Care Equipment & Supplies — 0.4%
	2,056	Hill-Rom Holdings, Inc.		155,516
	3,877	Natus Medical, Inc. (a)		135,695

				291,211

		Health Care Providers & Services — 3.3%
	1,123	Aetna, Inc.		151,683
	1,700	AmerisourceBergen Corp., Class A		139,485
	844	Chemed Corp.		169,965
	3,200	Community Health Systems, Inc. (a)		27,552
	2,000	DaVita HealthCare Partners, Inc. (a)		138,020
	2,346	Express Scripts Holding Co. (a)		143,904
	2,200	LifePoint Health, Inc. (a)		136,730
	1,000	McKesson Corp.		138,290
	4,275	Owens & Minor, Inc.		148,129
	1,485	Quest Diagnostics, Inc.		156,682
	869	UnitedHealth Group, Inc.		151,971
	1,296	Universal Health Services, Inc., Class B		156,505
	8,479	VCA, Inc. (a)		776,422
	991	WellCare Health Plans, Inc. (a)		152,029

				2,587,367

		Life Sciences Tools & Services — 0.6%
	2,717	Agilent Technologies, Inc.		149,571
	2,389	Cambrex Corp. (a)		141,787

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



6	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — continued
	1,651	Charles River Laboratories International, Inc. (a)		148,095

				439,453

		Pharmaceuticals — 2.1%
	23,947	Akorn, Inc. (a)		801,027
	600	Allergan plc (Ireland)		146,316
	1,282	Johnson & Johnson		158,289
	2,312	Merck & Co., Inc.		144,107
	4,631	Pfizer, Inc.		157,084
	8,745	SciClone Pharmaceuticals, Inc. (a)		84,389
	1,239	Taro Pharmaceutical Industries Ltd. (Israel) (a)		144,777

				1,635,989

		Total Health Care		4,989,764

		Industrials — 3.9%
		Aerospace & Defense — 1.0%
	1,604	L3 Technologies, Inc.		275,519
	3,419	Rockwell Collins, Inc.		355,884
	2,400	Spirit AeroSystems Holdings, Inc., Class A		137,184

				768,587

		Commercial Services & Supplies — 0.8%
	11,445	ACCO Brands Corp. (a)		163,091
	3,868	Brady Corp., Class A		150,659
	2,100	Deluxe Corp.		151,011
	6,302	Quad, Inc.		165,490

				630,251

		Construction & Engineering — 0.2%
	2,717	Jacobs Engineering Group, Inc.		149,218

		Electrical Equipment — 0.2%
	1,955	Eaton Corp. plc (Ireland)		147,876

		Machinery — 1.2%
	988	Cummins, Inc.		149,129
	3,289	Greenbrier Co., Inc. (The)		142,907
	1,105	Illinois Tool Works, Inc.		152,589
	2,480	Kadant, Inc.		154,132
	1,005	Parker-Hannifin Corp.		161,604
	1,107	Stanley Black & Decker, Inc.		150,718
	1,100	Trinity Industries, Inc.		29,590

				940,669

		Professional Services — 0.2%
	3,607	ICF International, Inc. (a)		159,249

		Trading Companies & Distributors — 0.3%
	3,100	AerCap Holdings NV (Netherlands) (a)		142,631


SHARES		SECURITY DESCRIPTION	VALUE($)

		Trading Companies & Distributors — continued
	1,500	MSC Industrial Direct Co., Inc., Class A		134,295

				276,926

		Total Industrials		3,072,776

		Information Technology — 11.0%
		Communications Equipment — 1.5%
	57,997	Brocade Communications Systems, Inc.		729,022
	4,453	Cisco Systems, Inc.		151,714
	1,068	F5 Networks, Inc. (a)		137,911
	2,937	NETGEAR, Inc. (a)		138,479

				1,157,126

		Electronic Equipment, Instruments & Components — 1.8%
	9,405	Corning, Inc.		271,334
	2,805	Dolby Laboratories, Inc., Class A		147,908
	9,077	Flex Ltd. (Singapore) (a)		140,330
	21,491	InvenSense, Inc., Class A (a)		276,374
	3,620	Methode Electronics, Inc.		161,271
	3,691	Sanmina Corp. (a)		137,490
	1,361	SYNNEX Corp.		147,573
	9,250	Vishay Intertechnology, Inc.		151,238

				1,433,518

		Internet Software & Services — 0.2%
	173	Alphabet, Inc., Class C (a)		156,731
	700	WebMD Health Corp., Class A (a)		37,961

				194,692

		IT Services — 1.2%
	1,255	Accenture plc, Class A (Ireland)		152,232
	700	Blackhawk Network Holdings, Inc., Class A (a)		28,315
	395	DXC Technology Co. (a)		29,759
	849	International Business Machines Corp.		136,086
	7,915	NeuStar, Inc., Class A (a)		262,778
	2,025	Science Applications International Corp.		147,805
	7,451	Western Union Co. (The)		147,977

				904,952

		Semi-Conductors & Equipment — 0.2%
	4,567	Xperi Corp.		153,451

		Semiconductors & Semiconductor Equipment — 3.7%
	2,320	Advanced Energy Industries, Inc. (a)		171,216
	3,820	Applied Materials, Inc.		155,130
	400	Cabot Microelectronics Corp.		31,340
	2,463	Cirrus Logic, Inc. (a)		158,494
	4,093	Intel Corp.		147,962
	1,400	KLA-Tencor Corp.		137,508
	7,372	Kulicke & Soffa Industries, Inc. (a)		164,543

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	1,022	Lam Research Corp.		148,037
	21,982	Lattice Semiconductor Corp. (a)		150,796
	9,793	Marvell Technology Group Ltd. (Bermuda)		147,091
	3,292	Maxim Integrated Products, Inc.		145,342
	2,079	Microchip Technology, Inc.		157,131
	2,269	MKS Instruments, Inc.		177,549
	4,945	NXP Semiconductors NV (Netherlands) (a)		522,934
	2,224	Qorvo, Inc. (a)		151,299
	4,883	Teradyne, Inc.		172,223
	1,845	Texas Instruments, Inc.		146,087

				2,884,682

		Software — 2.0%
	1,740	Citrix Systems, Inc. (a)		140,836
	12,558	Mobileye NV (Netherlands) (a)		777,591
	3,279	Oracle Corp.		147,424
	800	Progress Software Corp.		23,776
	2,042	Synopsys, Inc. (a)		150,495
	3,090	VMware, Inc., Class A (a)		290,831

				1,530,953

		Technology Hardware, Storage & Peripherals — 0.4%
	1,024	Apple, Inc.		147,098
	10,500	Hewlett Packard Enterprise Co.		195,615

				342,713

		Total Information Technology		8,602,087

		Materials — 4.0%
		Chemicals — 2.3%
	1,981	Eastman Chemical Co.		157,985
	8,000	Huntsman Corp.		198,160
	1,703	LyondellBasell Industries N.V., Class A (Netherlands)		144,346
	4,834	Monsanto Co.		563,693
	6,909	Valspar Corp. (The)		776,848

				1,841,032

		Construction Materials — 0.3%
	8,850	Headwaters, Inc. (a)		210,276

		Containers & Packaging — 0.5%
	2,672	Greif, Inc., Class A		156,633
	2,332	Multi Packaging Solutions International Ltd. (Bermuda) (a)		41,859
	4,400	Sealed Air Corp.		193,688

				392,180

		Metals & Mining — 0.7%
	2,538	Nucor Corp.		155,656


SHARES		SECURITY DESCRIPTION	VALUE($)

		Metals & Mining — continued
	20,398	Stillwater Mining Co. (a)		366,756

				522,412

		Paper & Forest Products — 0.2%
	3,488	Schweitzer-Mauduit International, Inc.		150,158

		Total Materials		3,116,058

		Real Estate — 0.1%
		Real Estate Management & Development — 0.1%
	800	CBRE Group, Inc., Class A (a)		28,648
	6,114	Forestar Group, Inc. (a)		86,513

		Total Real Estate		115,161

		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.3%
	1,689	Straight Path Communications, Inc. (a)		217,644

		Total Telecommunication Services		217,644

		Utilities — 1.5%
		Electric Utilities — 0.4%
	2,256	ALLETE, Inc.		157,717
	4,293	Hawaiian Electric Industries, Inc.		143,902

				301,619

		Gas Utilities — 0.7%
	2,916	UGI Corp.		146,267
	4,751	WGL Holdings, Inc.		391,767

				538,034

		Multi-Utilities — 0.4%
	2,620	Ameren Corp.		143,288
	5,565	CenterPoint Energy, Inc.		158,769

				302,057

		Total Utilities		1,141,710

		Total Common Stocks (Cost $35,236,054)		36,747,201

	Short-Term Investment — 36.6%
		Investment Company — 36.6%
	28,684,049	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.610% (c) (d) ^^ (Cost $28,684,049)		28,684,049

		Total Investments — 83.6% (Cost $63,920,103)		65,431,250
		Other Assets in Excess of Liabilities — 16.4%		12,863,123

		NET ASSETS — 100.0%	$	78,294,373

Percentages indicated are based on net assets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



8	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	8		LME Aluminum Futures^		05/17/17		GBP		381,300			(500	)
	1		LME Nickel Futures^		05/17/17		GBP		65,838			(9,402	)
	3		LME Zinc Futures^		05/17/17		GBP		210,584			(14,497	)
	9		LME Aluminum Futures^		05/18/17		GBP		436,671			(8,271	)
	14		CAC40 10 Euro		05/19/17		EUR		763,829			31,588
	5		IBEX 35 Plus Index		05/19/17		EUR		563,082			21,253
	1		Feeder Cattle Futures^		05/25/17		USD		60,890			13,885
	3		Topix Index		06/10/17		JPY		414,642			(2,210	)
	20		Euro Bobl		06/15/17		EUR		2,877,378			(4,772	)
	110		10 Year Australian Government Bond		06/15/17		AUD		10,448,721			239,814
	2		Dax Index		06/16/17		EUR		654,917			24,104
	20		DJ Euro Stoxx 50 Index		06/16/17		EUR		728,540			35,694
	9		FTSE 100 Index		06/16/17		GBP		843,379			(8,419	)
	4		FTSE/MIB Index		06/16/17		EUR		420,393			21,460
	11		LME Aluminum Futures^		06/19/17		GBP		520,927			3,567
	3		LME Zinc Futures^		06/19/17		GBP		205,047			(8,528	)
	60		10 Year U.S. Treasury Note		06/22/17		USD		7,459,120			84,005
	6		SPI 200 Index		06/25/17		AUD		646,129			17,560
	5		Gold Futures^		06/29/17		USD		630,103			4,047
	4		Hang Seng Index		06/30/17		HKD		610,694			15,095
	22		Live Cattle Futures^		06/30/17		USD		958,225			133,195
	22		Cotton No. 2 Futures^		07/21/17		USD		859,259			8,311
	6		LME Copper Futures^		07/27/17		USD		390,228			897
	1		Silver Futures^		07/28/17		USD		89,428			(3,118	)
	5		Feeder Cattle Futures^		08/30/17		USD		358,302			28,448
	7		Live Cattle Futures^		08/31/17		USD		290,151			45,989
	2		Gold Futures^		08/31/17		USD		251,105			3,235
	11		NYMEX Cocoa Futures^		09/15/17		USD		228,603			(25,103	)
	1		Silver Futures^		09/28/17		USD		92,003			(5,323	)

			Total Long Futures Outstanding									642,004

			Short Futures Outstanding
	(8	)	LME Aluminum Futures^		05/17/17		GBP		(371,600	)		(9,200	)
	(1	)	LME Nickel Futures^		05/17/17		GBP		(56,682	)		246
	(2	)	Crude Oil Futures^		05/23/17		USD		(102,635	)		3,975
	(11	)	Natural Gas Futures^		05/27/17		USD		(351,051	)		(9,309	)
	(43	)	Euro Bund		06/08/17		EUR		(7,572,107	)		(5,105	)
	(14	)	10 Year Japanese Government Bond		06/10/17		JPY		(1,887,237	)		(9,649	)
	(1	)	Euro Buxl 30 Year Bond		06/11/17		EUR		(183,001	)		(1,115	)
	(16	)	3 Year Australian Government Bond		06/15/17		AUD		(1,333,084	)		(10,341	)
	(25	)	Lean Hogs Futures^		06/15/17		USD		(767,976	)		27,976
	(33	)	S&P 500 Index E-MINI		06/16/17		USD		(3,890,506	)		(37,319	)
	(58	)	Canadian 10-Year Bond		06/21/17		CAD		(5,823,037	)		(109,236	)
	(6	)	Natural Gas Futures^		06/29/17		USD		(197,574	)		(3,606	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)


NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT APRIL 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	(11	)	U.S. 5-Year Treasury Note		06/30/17		USD		(1,288,930	)		(13,539	)
	(11	)	Sugar No. 11 (World Markets) Futures^		06/30/17		USD		(202,328	)		3,607
	(3	)	U.S. Long Treasury Bond		06/30/17		USD		(454,009	)		(4,897	)
	(8	)	Long Gilt 10 Year Bond		06/30/17		GBP		(1,326,070	)		(2,832	)
	(6	)	Soybean Futures^		07/15/17		USD		(287,745	)		870
	(47	)	CBOT Wheat Futures^		07/15/17		USD		(1,026,586	)		10,799
	(36	)	Corn Futures^		07/15/17		USD		(664,106	)		4,406
	(2	)	Coffee Futures^		07/20/17		USD		(100,494	)		444
	(11	)	NYMEX Cocoa Futures^		07/31/17		USD		(207,507	)		4,997
	(17	)	Corn Futures^		09/15/17		USD		(322,125	)		4,012
	(14	)	CBOT Wheat Futures^		09/15/17		USD		(317,271	)		5,246

			Total Short Futures Outstanding									(149,570	)

												492,434


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,174,695	AUD	Deutsche Bank		05/23/2017		2,385,679		2,376,189		(9,490	)
	1,779,326	BRL	Goldman Sachs		05/23/2017		563,096		557,007		(6,089	)
	159,927	CHF	Royal Bank of Canada		05/23/2017		160,982		160,081		(901	)
	660,329	EUR	The Toronto Dominion Bank — London		05/23/2017		706,946		720,169		13,223
	96,751,544	JPY	Deutsche Bank		05/23/2017		887,802		868,681		(19,121	)
	10,576,345	MXN	Royal Bank of Canada		05/23/2017		558,448		559,428		980
	32,114,445	RUB	Merrill Lynch		05/23/2017		566,879		561,072		(5,807	)
	9,990,843	SEK	Deutsche Bank		05/23/2017		1,112,286		1,129,403		17,117
	2,103,818	TRY	Deutsche Bank		05/23/2017		572,275		588,297		16,022
	7,778,667	ZAR	Royal Bank of Canada		05/23/2017		587,912		579,540		(8,372	)
							8,102,305		8,099,867		(2,438	)


CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	505,750	AUD	Goldman Sachs		05/15/2017		379,218		378,599		619
	730,230	CAD	Royal Bank of Canada		05/23/2017		542,514		535,122		7,392
	2,550,747	CHF	The Toronto Dominion Bank — London		05/23/2017		2,555,388		2,567,582		(12,194	)
	396,726	EUR	Deutsche Bank		05/23/2017		424,795		432,678		(7,883	)
	285,853	GBP	Merrill Lynch		05/23/2017		366,105		370,487		(4,382	)
	164,592,170	HUF	Deutsche Bank		05/23/2017		562,634		572,923		(10,289	)
	2,067,582	ILS	Deutsche Bank		05/23/2017		562,272		571,307		(9,035	)
	16,900,630	JPY	Deutsche Bank		05/23/2017		155,082		151,742		3,340
	20,658,636	NOK	Merrill Lynch		05/23/2017		2,394,060		2,406,827		(12,767	)
	1,441,795	NOK	Royal Bank of Canada		05/23/2017		168,226		167,976		250

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



10	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	885,910	NZD	The Toronto Dominion Bank — London		05/23/2017		621,696		607,892		13,804
	2,243,062	PLN	Merrill Lynch		05/23/2017		562,225		578,058		(15,833	)
	19,562,740	THB	Deutsche Bank		05/23/2017		568,951		565,470		3,481
	17,277,720	TWD	Goldman Sachs		05/23/2017		569,733		572,638		(2,905	)
							10,432,899		10,479,301		(46,402	)


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	$	24,915
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		(353,502	)
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		32,273
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		304,454

Total				$	8,140

*	See the accompanying “Additional Information — Total Return Basket Swap” for further details

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:


AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CBOT		— Chicago Board of Trade
CHF		— Swiss Franc
EUR		— Euro
FTSE		— Financial Times Stock Exchange
GBP		— British Pound
HKD		— Hong Kong Dollar
HUF		— Hungary Forint
IBEX		— International Business Exchange
ILS		— Israeli Shekel
JPY		— Japanese Yen
LIBOR		— London Interbank Offered Rate
LME		— London Metal Exchange
MIB		— Italian Stock Exchange
MXN		— Mexican Peso
NOK		— Norwegian Krone
NYMEX		— New York Mercantile Exchange
NZD		— New Zealand Dollar


PLN		— Polish Zloty
RUB		— Russia Ruble
S&P		— Standard & Poor’s
SEK		— Swedish Krona
SPI		— Share Price Index
THB		— Thai Baht
TRY		— Turkey Lira
TWD		— Taiwan New Dollar
USD		— United States Dollar
ZAR		— South Africa Rand
(a)		Non-incomeproducing security.
(b)		Amountsrounds to less than 0.05%.
(c)		Investmentin affiliate. Money market fund is registered under the
		InvestmentCompany Act of 1940, as amended, and advised by J.P.
		MorganInvestment Management Inc.
(d)		Therate shown is the yield as of April 30, 2017.
^		Representspositions held in the Subsidiary.
^^		A portion of the position is held by the Subsidiary.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions

Common Stocks
Consumer Discretionary — 0.9%
Household Durables — 0.1%
Panahome Corp. (Japan)		6,000		53,931		66,660		12,729

Media — 0.8%
Media General, Inc. (a)		1,329		399		—		(399	)
Time Warner, Inc.		6,198		617,719		615,275		(2,444	)

		7,527		618,118		615,275		(2,843	)

Total Consumer Discretionary		13,527		672,049		681,935		9,886

Consumer Staples — 1.2%
Food & Staples Retailing — 0.2%
Booker Group plc (United Kingdom)		64,687		158,015		162,539		4,524

Tobacco — 1.0%
Reynolds American, Inc.		12,496		800,414		805,992		5,578

Total Consumer Staples		77,183		958,429		968,531		10,102

Energy — 1.0%
Energy Equipment & Services — 0.3%
Amec Foster Wheeler plc (United Kingdom)		36,718		271,315		257,788		(13,527	)

Oil, Gas & Consumable Fuels — 0.7%
Western Refining, Inc.		17,201		578,470		593,263		14,793

Total Energy		53,919		849,785		851,051		1,266

Financials — 1.7%
Banks — 0.8%
BNC Bancorp		3,658		117,970		122,360		4,390
PrivateBancorp, Inc.		10,447		613,866		603,523		(10,343	)

		14,105		731,836		725,883		(5,953	)

Capital Markets — 0.0% (b)
SVG Capital plc (United Kingdom) (a)		153		1,459		1,464		5

Insurance — 0.5%
Allied World Assurance Holdings, Co. (Switzerland)		8,231		437,231		436,984		(247	)

Thrifts & Mortgage Finance — 0.4%
Astoria Financial Corp.		16,623		324,347		338,943		14,596

Total Financials		39,112		1,494,873		1,503,274		8,401

Health Care — 1.0%
Health Care Equipment & Supplies — 1.0%
CR Bard, Inc.		2,566		778,810		788,994		10,184

Total Health Care		2,566		778,810		788,994		10,184

Industrials — 1.0%
Road & Rail — 1.0%
Swift Transportation Co. (a)		31,633		725,387		777,539		52,152

Total Industrials		31,633		725,387		777,539		52,152

Information Technology — 0.1%
Semiconductors & Semiconductor Equipment — 0.1%
Ultratech, Inc. (a)		2,463		71,575		75,171		3,596

Total Information Technology		2,463		71,575		75,171		3,596

Materials — 0.1%
Chemicals — 0.1%
EI du Pont de Nemours & Co.		815		63,914		64,996		1,082

Total Materials		815		63,914		64,996		1,082



12	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Telecommunication Services — 0.1%
Diversified Telecommunication Services — 0.1%
Level 3 Communications, Inc. (a)		784		47,052		47,636		584

Total Telecommunication Services		784		47,052		47,636		584

Total Long Positions of Total Return Basket Swap		222,002		5,661,874		5,759,127		97,253

Short Positions

Common Stocks
Consumer Staples — (0.8)%
Food & Staples Retailing — (0.2)%
Tesco plc (United Kingdom) (a)		55,138		125,833		130,855		(5,022	)

Tobacco — (0.6)%
British American Tobacco plc (United Kingdom)		6,506		443,657		439,568		4,089

Total Consumer Staples		61,644		569,490		570,423		(933	)

Energy — (1.4)%
Energy Equipment & Services — (0.3)%
John Wood Group plc (United Kingdom)		27,263		284,254		267,998		16,256

Oil, Gas & Consumable Fuels — (1.1)%
Noble Energy, Inc.		8,834		301,416		285,603		15,813
Tesoro Corp.		6,667		514,760		531,427		(16,667	)

		15,501		816,176		817,030		(854	)

Total Energy		42,764		1,100,430		1,085,028		15,402

Financials — (1.1)%
Banks — (1.0)%
Canadian Imperial Bank of Commerce (Canada)		3,782		310,778		305,458		5,320
Pinnacle Finanacial Partners, Inc.		1,895		117,395		121,280		(3,885	)
Sterling Bancorp		14,400		324,860		334,800		(9,940	)

		20,077		753,033		761,538		(8,505	)

Insurance — (0.1)%
Fairfax Financial Ltd. (Canada)		248		110,901		113,367		(2,466	)

Total Financials		20,325		863,934		874,905		(10,971	)

Health Care — (0.3)%
Health Care Equipment & Supplies — (0.3)%
Becton Dickinson and Co.		1,289		229,352		241,004		(11,652	)

Total Health Care		1,289		229,352		241,004		(11,652	)

Industrials — (1.0)%
Road & Rail — (1.0)%
Knight Transportation, Inc.		22,547		719,920		773,362		(53,442	)

Total Industrials		22,547		719,920		773,362		(53,442	)

Information Technology — (0.0)% (b)
Semiconductors & Semiconductor Equipment — (0.0)% (b)
Veeco Instruments, Inc. (a)		651		18,000		21,483		(3,483	)

Total Information Technology		651		18,000		21,483		(3,483	)

Materials — (0.1)%
Chemicals — (0.1)%
Dow Chemical Co. (The)		1,034		63,992		64,935		(943	)

Total Materials		1,034		63,992		64,935		(943	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Telecommunication Services — (0.5)%
Diversified Telecommunication Services — (0.5)%
AT&T, Inc.		10,607		426,714		420,355		6,359
Centurylink, Inc.		1,108		28,019		28,442		(423	)

		11,715		454,733		448,797		5,936

Total Telecommunication Services		11,715		454,733		448,797		5,936

Total Short Positions of Total Return Basket Swap		161,969		4,019,851		4,079,937		(60,086	)

Total of Long and Short Positions of Total Return Basket Swap		60,033		1,642,023		1,679,190		37,167

Cash and Other Receivables/Payables (4)								850

Financing Costs								(1,568	)

Net Dividend Receivable/Payable								(11,534	)

Outstanding Swap Contract, at value								24,915


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions

Common Stocks
Consumer Discretionary — 1.3%
Auto Components — 0.5%
Bridgestone Corp. (Japan)		2,700		105,724		112,621		6,897
GKN plc (United Kingdom)		5,015		22,357		23,306		949
Keihin Corp. (Japan)		6,800		102,054		106,998		4,944
Sumitomo Electric Industries Ltd. (Japan)		6,800		103,639		111,057		7,418
Sumitomo Rubber Industries Ltd. (Japan)		6,500		106,940		116,992		10,052

		27,815		440,714		470,974		30,260

Automobiles — 0.4%
Fuji Heavy Industries Ltd. (Japan)		3,200		113,245		121,319		8,074
Mazda Motor Corp. (Japan)		8,100		107,612		119,655		12,043

		11,300		220,857		240,974		20,117

Hotels, Restaurants & Leisure — 0.0% (b)
Carnival plc (United Kingdom)		453		26,262		27,919		1,657
William Hill plc (United Kingdom)		5,283		20,521		20,073		(448	)

		5,736		46,783		47,992		1,209

Leisure Products — 0.2%
Bandai Namco Holdings, Inc. (Japan)		4,300		127,872		134,962		7,090

Multiline Retail — 0.1%
Harvey Norman Holdings Ltd. (Australia)		25,239		80,888		79,166		(1,722	)

Specialty Retail — 0.1%
Kingfisher plc (United Kingdom)		4,297		18,283		19,010		727
Kohnan Shoji Co., Ltd. (Japan)		5,500		104,696		106,135		1,439

		9,797		122,979		125,145		2,166

Total Consumer Discretionary		84,187		1,040,093		1,099,213		59,120

Consumer Staples — 0.2%
Food & Staples Retailing — 0.2%
Cocokara Fine, Inc. (Japan)		2,800		129,105		132,383		3,278
Wm Morrison Supermarkets plc (United Kingdom)		8,155		24,093		25,333		1,240

Total Consumer Staples		10,955		153,198		157,716		4,518

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



14	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Energy — 0.4%
Energy Equipment & Services — 0.0% (b)
Petrofac Ltd. (United Kingdom)		1,945		21,790		20,498		(1,292	)

Oil, Gas & Consumable Fuels — 0.4%
BP plc (United Kingdom)		3,727		21,848		21,336		(512	)
Idemitsu Kosan Co., Ltd. (Japan)		3,600		114,322		115,099		777
JX Holdings, Inc. (Japan)		25,000		111,886		112,801		915
Showa Shell Sekiyu (Japan)		10,700		100,497		103,338		2,841

		43,027		348,553		352,574		4,021

Total Energy		44,972		370,343		373,072		2,729

Financials — 0.0% (b)
Capital Markets — 0.0% (b)
3i Group plc (United Kingdom)		2,539		25,125		26,094		969

Total Financials		2,539		25,125		26,094		969

Health Care — 1.3%
Health Care Providers & Services — 0.3%
BML, Inc. (Japan)		4,900		105,450		106,952		1,502
Miraca Holdings, Inc. (Japan)		2,800		127,849		129,097		1,248

		7,700		233,299		236,049		2,750

Life Sciences Tools & Services — 0.0% (b)
Lonza Group AG (Switzerland)		111		21,364		22,712		1,348

Pharmaceuticals — 1.0%
Astellas Pharma, Inc. (Japan)		8,800		119,439		116,047		(3,392	)
Daiichi Sankyo Co., Ltd. (Japan)		5,600		120,967		124,453		3,486
Mitsubishi Tanabe Pharma Corp. (Japan)		5,800		119,096		117,815		(1,281	)
Shionogi & Co., Ltd. (Japan)		2,700		136,071		139,044		2,973
Sumitomo Dainippon Pharma Co., Ltd. (Japan)		6,400		102,423		105,108		2,685
Taisho Pharmaceutical Holdings Co., Ltd. (Japan)		1,500		119,624		123,422		3,798

		30,800		717,620		725,889		8,269

Total Health Care		38,611		972,283		984,650		12,367

Industrials — 1.9%
Building Products — 0.2%
Nichias Corp. (Japan)		12,000		111,846		122,494		10,648

Construction & Engineering — 0.8%
Hazama Ando Corp. (Japan)		17,100		115,202		121,781		6,579
Obayashi Corp. (Japan)		13,000		121,750		126,216		4,466
Raito Kogyo Co., Ltd. (Japan)		11,000		105,387		109,338		3,951
Taisei Corp. (Japan)		16,000		118,555		122,006		3,451
Tokyu Construction Co., Ltd. (Japan)		15,900		121,381		129,686		8,305

		73,000		582,275		609,027		26,752

Electrical Equipment — 0.2%
ABB Ltd. (Switzerland)		926		21,154		22,691		1,537
Fuji Electric Co., Ltd. (Japan)		21,000		113,407		115,107		1,700

		21,926		134,561		137,798		3,237

Machinery — 0.1%
Amada Holdings Co., Ltd. (Japan)		9,500		106,953		112,949		5,996

Professional Services — 0.0% (b)
RELX plc (United Kingdom)		1,104		22,364		22,383		19

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued

Common Stocks — continued
Trading Companies & Distributors — 0.6%
Hanwa Co., Ltd. (Japan)		16,000		106,930		113,446		6,516
Mitsubishi Corp. (Japan)		5,500		114,688		118,691		4,003
Mitsui & Co., Ltd. (Japan)		7,400		101,266		104,492		3,226
Sumitomo Corp. (Japan)		8,700		111,252		116,261		5,009

		37,600		434,136		452,890		18,754

Total Industrials		155,130		1,392,135		1,457,541		65,406

Information Technology — 1.0%
Internet Software & Services — 0.2%
Mixi, Inc. (Japan)		2,800		140,660		155,328		14,668

IT Services — 0.2%
NS Solutions Corp. (Japan)		6,500		126,472		142,422		15,950

Semiconductors & Semiconductor Equipment — 0.3%
Shinko Electric Industries Co., Ltd. (Japan)		16,200		100,419		115,887		15,468
Ulvac, Inc. (Japan)		2,600		107,755		122,065		14,310

		18,800		208,174		237,952		29,778

Software — 0.2%
Konami Holdings Corp. (Japan)		2,700		110,082		112,393		2,311

Technology Hardware, Storage & Peripherals — 0.1%
Seiko Epson Corp. (Japan)		5,200		103,184		106,513		3,329

Total Information Technology		36,000		688,572		754,608		66,036

Materials — 1.2%
Chemicals — 0.9%
Hitachi Chemical Co., Ltd. (Japan)		4,300		114,023		123,148		9,125
Kuraray Co., Ltd. (Japan)		6,900		103,183		111,360		8,177
Mitsubishi Chemical Holdings Corp. (Japan)		16,200		119,819		126,800		6,981
Mitsubishi Gas Chemical Co., Inc. (Japan)		5,500		108,150		117,608		9,458
Mitsui Chemicals, Inc. (Japan)		21,000		100,597		107,451		6,854
Teijin Ltd. (Japan)		5,700		104,361		110,439		6,078

		59,600		650,133		696,806		46,673

Metals & Mining — 0.3%
Aichi Steel Corp. (Japan)		600		22,364		23,459		1,095
Fortescue Metals Group Ltd. (Australia)		22,105		84,251		87,617		3,366
Rio Tinto Ltd. (Australia)		2,561		111,225		115,941		4,716
Rio Tinto plc (United Kingdom)		694		26,994		27,379		385

		25,960		244,834		254,396		9,562

Total Materials		85,560		894,967		951,202		56,235

Telecommunication Services — 0.4%
Diversified Telecommunication Services — 0.0% (b)
Nippon Telegraph & Telephone Corp. (Japan)		600		25,868		25,714		(154	)

Wireless Telecommunication Services — 0.4%
KDDI Corp. (Japan)		4,700		121,300		124,616		3,316
NTT DOCOMO, Inc. (Japan)		5,200		121,469		125,825		4,356

		9,900		242,769		250,441		7,672

Total Telecommunication Services		10,500		268,637		276,155		7,518

Utilities — 0.0% (b)
Multi-Utilities — 0.0% (b)
Centrica plc (United Kingdom)		6,876		18,996		17,619		(1,377	)

Total Utilities		6,876		18,996		17,619		(1,377	)

Total Long Positions of Total Return Basket Swap		475,330		5,824,349		6,097,870		273,521

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



16	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions

Common Stocks
Consumer Discretionary — (6.5)%
Distributors — (0.3)%
Core-Mark Holding Co., Inc.		3,495		121,871		122,395		(524	)
LKQ Corp. (a)		3,828		108,026		119,587		(11,561	)

		7,323		229,897		241,982		(12,085	)

Diversified Consumer Services — (0.3)%
Chegg, Inc. (a)		13,190		108,158		118,842		(10,684	)
Houghton Mifflin Harcourt Co. (a)		9,043		97,212		103,994		(6,782	)

		22,233		205,370		222,836		(17,466	)

Hotels, Restaurants & Leisure — (1.9)%
Accor S.A. (France)		2,606		109,944		118,832		(8,888	)
Chipotle Mexican Grill, Inc. (a)		216		101,199		102,486		(1,287	)
ClubCorp Holdings, Inc.		7,992		107,892		107,492		400
Domino’s Pizza Enterprises Ltd. (Australia)		2,070		95,210		94,661		549
Fiesta Restaurant Group, Inc. (a)		4,594		108,419		111,864		(3,445	)
Merlin Entertainments plc (United Kingdom) (c)		17,612		109,379		115,276		(5,897	)
MGM Resorts International		3,964		110,001		121,734		(11,733	)
NH Hotel Group S.A. (Spain) (a)		23,745		115,249		122,812		(7,563	)
Norwegian Cruise Line, Ltd. (Bermuda) (a)		2,196		107,208		118,430		(11,222	)
Red Robin Gourmet Burgers, Inc. (a)		1,857		106,871		109,099		(2,228	)
Resorttrust, Inc. (Japan)		6,400		104,767		110,160		(5,393	)
Whitbread plc (United Kingdom)		2,151		115,449		112,384		3,065
Wynn Resorts Ltd.		745		86,339		91,643		(5,304	)
Yoshinoya Holdings Co. Ltd. (Japan)		6,800		104,276		111,066		(6,790	)

		82,948		1,482,203		1,547,939		(65,736	)

Household Durables — (0.4)%
Pioneer Corp (Japan) (a)		57,400		104,890		103,606		1,284
TRI Pointe Group, Inc.		8,718		108,888		108,539		349
Universal Electronics, Inc. (a)		1,582		106,865		109,633		(2,768	)

		67,700		320,643		321,778		(1,135	)

Internet & Direct Marketing Retail — (0.6)%
Netflix, Inc. (a)		730		104,653		111,106		(6,453	)
Rakuten, Inc. (Japan)		7,300		77,265		74,782		2,483
TripAdvisor, Inc. (a)		2,573		107,989		115,811		(7,822	)
Zalando SE (Germany) (a)(c)		2,491		109,473		109,883		(410	)

		13,094		399,380		411,582		(12,202	)

Leisure Products — (0.1)%
Polaris Industries, Inc.		908		72,685		77,416		(4,731	)

Media — (0.6)%
Charter Communications, Inc. (a)		325		106,658		112,177		(5,519	)
Dentsu, Inc. (Japan)		1,400		77,605		79,026		(1,421	)
JCDecaux S.A. (France)		2,883		99,286		101,769		(2,483	)
Liberty Broadband Corp. (a)		1,236		107,372		112,674		(5,302	)

		5,844		390,921		405,646		(14,725	)

Multiline Retail — (0.6)%
B&M European Value Retail S.A. (Luxembourg)		5,923		24,633		25,848		(1,215	)
Don Quijote Holdings Co., Ltd. (Japan)		2,500		87,829		91,085		(3,256	)
Isetan Mitsukoshi Holdings Ltd. (Japan)		8,500		90,627		92,881		(2,254	)
Marui Group Co., Ltd. (Japan)		7,800		105,093		106,824		(1,731	)
Next plc (United Kingdom)		2,027		109,925		112,993		(3,068	)

		26,750		418,107		429,631		(11,524	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Specialty Retail — (0.8)%
CarMax, Inc. (a)		1,915		106,494		112,028		(5,534	)
Chiyoda Co., Ltd. (Japan)		1,200		29,363		29,939		(576	)
Commerzbank AG (Germany) (a)		12,849		110,152		125,966		(15,814	)
Dufry AG (Switzerland) (a)		704		108,819		115,355		(6,536	)
GrandVision NV (Netherlands) (c)		4,297		110,161		112,154		(1,993	)
RH (a)		2,404		112,315		115,320		(3,005	)

		23,369		577,304		610,762		(33,458	)

Textiles, Apparel & Luxury Goods — (0.9)%
Cie Financiere Richemont S.A. (Switzerland)		1,356		108,207		113,305		(5,098	)
G-III Apparel Group Ltd (a)		4,905		114,504		116,249		(1,745	)
Hanesbrands, Inc.		5,040		107,150		109,922		(2,772	)
NIKE, Inc.		1,911		107,227		105,889		1,338
Ted Baker plc (United Kingdom)		3,043		110,947		110,159		788
Tod’s SpA (Italy)		1,501		109,788		116,006		(6,218	)

		17,756		657,823		671,530		(13,707	)

Total Consumer Discretionary		267,925		4,754,333		4,941,102		(186,769	)

Consumer Staples — (1.8)%
Beverages — (0.4)%
Anheuser-Busch InBev S.A. (Belgium)		983		110,451		110,853		(402	)
Brown-Forman Corp.		2,340		108,295		110,729		(2,434	)
Remy Cointreau S.A. (France)		1,173		117,727		118,329		(602	)

		4,496		336,473		339,911		(3,438	)

Food & Staples Retailing — (0.5)%
Aeon Co., Ltd. (Japan)		7,300		105,087		108,192		(3,105	)
Costco Wholesale Corp.		633		107,692		112,370		(4,678	)
Distribuidora Internacional de Alimentacion S.A. (Spain)		10,999		63,968		65,398		(1,430	)
Smart & Final Stores, Inc. (a)		7,500		88,500		88,500		—
Sugi Holdings Co. Ltd. (Japan)		1,700		83,330		84,245		(915	)

		28,132		448,577		458,705		(10,128	)

Food Products — (0.8)%
Associated British Foods plc (United Kingdom)		3,141		110,575		114,361		(3,786	)
Calbee, Inc. (Japan)		2,500		85,473		87,404		(1,931	)
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		19		107,889		106,839		1,050
Ezaki Glico Co., Ltd. (Japan)		2,100		107,247		110,665		(3,418	)
Kikkoman Corp. (Japan)		1,800		53,661		55,396		(1,735	)
Nissin Foods Holdings Co., Ltd. (Japan)		1,300		73,743		74,441		(698	)
Yamazaki Baking Co. Ltd. (Japan)		5,000		104,091		105,534		(1,443	)

		15,860		642,679		654,640		(11,961	)

Personal Products — (0.1)%
Edgewell Personal Care Co. (a)		1,511		107,371		108,021		(650	)

Total Consumer Staples		49,999		1,535,100		1,561,277		(26,177	)

Energy — (2.5)%
Energy Equipment & Services — (0.3)%
Precision Drilling Corp. (Canada) (a)		26,024		115,226		103,520		11,706
Weatherford International plc (Ireland) (a)		20,143		118,890		116,225		2,665

		46,167		234,116		219,745		14,371

Oil, Gas & Consumable Fuels — (2.2)%
Antero Resources Corp. (a)		4,886		107,247		103,534		3,713
Cairn Energy plc (United Kingdom) (a)		41,745		108,191		105,003		3,188

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



18	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES			NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Cheniere Energy, Inc. (a)		2,518			117,725		114,191		3,534
Concho Resources, Inc. (a)		817			105,752		103,481		2,271
Continental Resources, Inc. (a)		2,380			106,220		100,936		5,284
Cosmo Energy Holdings Co., Ltd. (Japan)		6,600			105,790		104,541		1,249
Eclipse Resources Corp (a)		55,660			117,839		111,877		5,962
Enquest plc (United Kingdom)		203,407			109,045		100,525		8,520
EQT Corp.		1,851			116,132		107,617		8,515
Extraction Oil & Gas, Inc. (a)		6,714			117,932		105,074		12,858
Gulfport Energy Corp. (a)		6,847			105,717		108,730		(3,013	)
Hess Corp.		2,176			104,861		106,254		(1,393	)
Kosmos Energy Ltd. (Bermuda) (a)		17,622			103,265		105,908		(2,643	)
MEG Energy Corp. (Canada) (a)		7,805			38,309		35,336		2,973
Noble Energy, Inc.		1,864			63,599		60,263		3,336
Ophir Energy plc (United Kingdom) (a)		80,807			94,719		89,886		4,833
SM Energy Co.		5,307			120,252		119,885		367
SRC Energy, Inc. (a)		12,370			104,650		93,270		11,380

		461,376			1,847,245		1,776,311		70,934

Total Energy		507,543			2,081,361		1,996,056		85,305

Financials — (2.3)%
Banks — (0.6)%
Bank of Kyoto Ltd. (The) (Japan)		14,000			102,574		110,875		(8,301	)
Royal Bank of Scotland Group plc (United Kingdom) (a)		38,127			110,962		130,897		(19,935	)
Seven Bank Ltd. (Japan)		33,900	��		113,243		113,859		(616	)
Signature Bank NY (a)		778			108,087		107,714		373

		86,805			434,866		463,345		(28,479	)

Capital Markets — (1.1)%
Affiliated Managers Group, Inc.		656			106,134		108,627		(2,493	)
Charles Schwab Corp. (The)		2,818			106,830		109,479		(2,649	)
Deutsche Bank AG (Germany)		6,818			110,660		122,593		(11,933	)
Hargreaves Lansdown plc (United Kingdom)		6,452			110,141		115,188		(5,047	)
Julius Baer Group Ltd. (Switzerland)		2,253			107,894		117,486		(9,592	)
Moody’s Corp.		1,007			115,170		119,148		(3,978	)
Platinum Asset Management Ltd. (Australia)		13,907			51,027		48,450		2,577
TD Ameritrade Holding Corp.		2,877			107,456		110,103		(2,647	)

		36,788			815,312		851,074		(35,762	)

Consumer Finance — (0.2)%
Acom Co., Ltd. (Japan) (a)		23,000			90,085		102,161		(12,076	)

Diversified Financial Services — (0.1)%
Element Fleet Management Corp. (Canada)		11,635			104,157		102,197		1,960

Insurance — (0.3)%
Provident Financial plc (United Kingdom)		2,735			110,204		113,523		(3,319	)
St. James’s Place plc (United Kingdom)		7,943			109,154		118,060		(8,906	)

		10,678			219,358		231,583		(12,225	)

Total Financials		168,906			1,663,778		1,750,360		(86,582	)

Health Care — (2.3)%
Health Care Equipment & Supplies — (0.9)%
AtriCure, Inc. (a)		5,538			107,880		113,529		(5,649	)
DexCom, Inc. (a)		1,429			105,403		111,405		(6,002	)
Endologix, Inc. (a)		16,589			107,165		124,252		(17,087	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (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
Insulet Corp. (a)		2,595		106,213		112,649		(6,436	)
Olympus Corp. (Japan)		2,900		105,331		111,818		(6,487	)
Sartorius Stedim Biotech (France)		1,662		109,005		111,467		(2,462	)

		30,713		640,997		685,120		(44,123	)

Health Care Providers & Services — (0.3)%
Healthscope Ltd. (Australia)		66,292		106,715		109,484		(2,769	)
Korian S.A. (France)		3,627		110,527		116,875		(6,348	)

		69,919		217,242		226,359		(9,117	)

Life Sciences Tools & Services — (0.1)%
MorphoSys AG (Germany) (a)		1,943		107,942		117,963		(10,021	)

Pharmaceuticals — (1.0)%
Aerie Pharmaceuticals, Inc. (a)		2,500		105,250		110,125		(4,875	)
Dermira, Inc. (a)		3,155		105,597		107,459		(1,862	)
Impax Laboratories, Inc. (a)		8,269		105,017		116,180		(11,163	)
Nektar Therapeutics (a)		5,700		105,934		108,129		(2,195	)
Ono Pharmaceutical Co., Ltd. (Japan)		1,900		37,944		39,191		(1,247	)
Pacira Pharmaceuticals, Inc. (a)		2,352		103,136		114,190		(11,054	)
Takeda Pharmaceutical Co., Ltd. (Japan)		1,800		83,973		86,352		(2,379	)
Therapeutics MD, Inc. (a)		10,407		50,474		53,076		(2,602	)
Towa Pharmaceutical Co., Ltd. (Japan)		600		28,748		29,943		(1,195	)

		36,683		726,073		764,645		(38,572	)

Total Health Care		139,258		1,692,254		1,794,087		(101,833	)

Industrials — (5.5)%
Aerospace & Defense — (0.4)%
Aerovironment, Inc. (a)		3,858		110,146		110,223		(77	)
Bombardier, Inc. (Canada) (a)		23,795		40,965		36,781		4,184
Cobham plc (United Kingdom)		56,731		101,767		97,359		4,408
TransDigm Group, Inc. (a)		449		106,171		110,782		(4,611	)

		84,833		359,049		355,145		3,904

Air Freight & Logistics — (0.3)%
Bollore S.A. (France)		28,806		110,515		117,210		(6,695	)
Yamato Holdings Co. Ltd. (Japan)		4,000		83,985		86,436		(2,451	)

		32,806		194,500		203,646		(9,146	)

Building Products — (0.3)%
Armstrong World Industries, Inc. (a)		2,368		109,047		110,704		(1,657	)
Nippon Sheet Glass Co., Ltd. (Japan) (a)		15,300		104,853		119,035		(14,182	)

		17,668		213,900		229,739		(15,839	)

Commercial Services & Supplies — (0.5)%
Clean Harbors, Inc. (a)		1,870		107,712		108,666		(954	)
Covanta Holding Corp.		6,980		107,492		101,559		5,933
Sohgo Security Services Co., Ltd. (Japan)		1,600		68,430		69,853		(1,423	)
Stericycle, Inc. (a)		1,296		107,904		110,600		(2,696	)

		11,746		391,538		390,678		860

Construction & Engineering — (0.4)%
Balfour Beatty plc (United Kingdom)		29,740		109,087		112,351		(3,264	)
Ferrovial S.A. (Spain)		5,662		118,178		120,445		(2,267	)
JGC Corp. (Japan)		6,200		104,524		108,265		(3,741	)

		41,602		331,789		341,061		(9,272	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



20	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Electrical Equipment — (0.2)%
Acuity Brands, Inc.		614		107,266		108,125		(859	)
Mabuchi Motor Co., Ltd. (Japan)		1,500		80,332		84,676		(4,344	)

		2,114		187,598		192,801		(5,203	)

Industrial Conglomerates — (0.5)%
DCC plc (Ireland)		1,193		109,166		110,157		(991	)
Keihan Holdings Co., Ltd. (Japan)		13,000		80,104		81,784		(1,680	)
Roper Technologies, Inc.		518		107,299		113,287		(5,988	)
Toshiba Corp. (Japan) (a)		12,000		21,433		24,206		(2,773	)

		26,711		318,002		329,434		(11,432	)

Machinery — (1.0)%
Alstom S.A. (France)		3,750		110,475		119,026		(8,551	)
FANUC Corp. (Japan)		500		98,467		101,798		(3,331	)
Flowserve Corp.		2,396		115,030		121,885		(6,855	)
Heidelberger Druckmaschinen AG (Germany) (a)		42,878		110,322		119,680		(9,358	)
Minebea Mitsumi, Inc. (Japan)		8,100		104,650		117,182		(12,532	)
Welbilt, Inc. (a)		5,643		108,007		115,681		(7,674	)
Zardoya Otis S.A. (Spain)		12,348		108,816		114,272		(5,456	)

		75,615		755,767		809,524		(53,757	)

Marine — (0.3)%
Matson, Inc.		3,465		107,554		109,841		(2,287	)
Nippon Yusen (Japan) (a)		52,000		104,458		104,549		(91	)

		55,465		212,012		214,390		(2,378	)

Professional Services — (0.2)%
Bureau Veritas S.A. (France)		5,034		109,397		116,640		(7,243	)

Road & Rail — (0.8)%
AMERCO (a)		297		106,845		111,214		(4,369	)
Europcar Groupe S.A. (France) (c)		10,606		108,600		129,361		(20,761	)
Keio Corp. (Japan)		11,000		88,288		88,093		195
Kintetsu Group Holdings Co. Ltd. (Japan)		25,000		90,520		91,295		(775	)
Odakyu Electric Railway Co., Ltd. (Japan)		4,400		85,329		85,416		(87	)
Tokyu Corp. (Japan)		14,000		101,431		100,276		1,155

		65,303		581,013		605,655		(24,642	)

Trading Companies & Distributors — (0.3)%
SIG plc (United Kingdom)		63,941		93,914		99,131		(5,217	)
SiteOne Landscape Supply, Inc. (a)		2,285		106,572		109,246		(2,674	)

		66,226		200,486		208,377		(7,891	)

Transportation Infrastructure — (0.3)%
Groupe Eurotunnel SE (France)		10,722		110,593		117,789		(7,196	)
Mitsubishi Logistics Corp. (Japan)		8,000		102,560		103,501		(941	)

		18,722		213,153		221,290		(8,137	)

Total Industrials		503,845		4,068,204		4,218,380		(150,176	)

Information Technology — (4.3)%
Communications Equipment — (0.3)%
Nokia OYJ (Finland)		21,852		115,930		124,925		(8,995	)
ViaSat, Inc. (a)		1,716		107,061		109,875		(2,814	)

		23,568		222,991		234,800		(11,809	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Electronic Equipment, Instruments & Components — (0.1)%
Topcon Corp. (Japan)		6,500		104,167		114,843		(10,676	)

Internet Software & Services — (1.3)%
CoStar Group, Inc. (a)		519		108,663		125,022		(16,359	)
Envestnet, Inc. (a)		3,209		108,303		111,673		(3,370	)
GTT Communications, Inc. (a)		3,640		95,914		100,100		(4,186	)
Hortonworks, Inc. (a)		9,406		99,985		97,916		2,069
NEXTDC Ltd. (Australia) (a)		35,192		106,481		109,361		(2,880	)
SPS Commerce, Inc. (a)		1,812		108,720		100,131		8,589
Wix.com Ltd. (Israel) (a)		1,653		115,987		136,290		(20,303	)
Yahoo Japan Corp. (Japan)		22,900		105,226		98,086		7,140
Zillow Group, Inc. (a)		3,061		109,125		119,379		(10,254	)

		81,392		958,404		997,958		(39,554	)

IT Services — (0.5)%
Syntel, Inc.		6,402		111,843		112,739		(896	)
Unisys Corp. (a)		9,555		106,539		107,972		(1,433	)
Wirecard AG (Germany)		1,365		78,909		80,713		(1,804	)
Worldpay Group PLC (United Kingdom) (c)		24,161		92,973		93,831		(858	)

		41,483		390,264		395,255		(4,991	)

Semiconductors & Semiconductor Equipment — (0.3)%
AMS AG (Austria)		1,820		97,676		117,087		(19,411	)
Cavium, Inc. (a)		1,570		107,734		108,095		(361	)

		3,390		205,410		225,182		(19,772	)

Software — (1.5)%
Autodesk, Inc. (a)		1,250		108,013		112,588		(4,575	)
FireEye, Inc. (a)		8,739		108,364		109,325		(961	)
Globant S.A. (Luxembourg) (a)		3,153		107,738		119,467		(11,729	)
HubSpot, Inc. (a)		1,806		113,225		121,092		(7,867	)
Nintendo Co. Ltd. (Japan)		400		95,860		101,226		(5,366	)
PROS Holdings, Inc. (a)		4,744		109,824		116,940		(7,116	)
salesforce.com, Inc. (a)		1,277		106,897		109,975		(3,078	)
Splunk, Inc. (a)		1,787		109,186		114,922		(5,736	)
Workday, Inc. (a)		1,283		107,233		112,134		(4,901	)
Zendesk, Inc. (a)		3,784		108,298		108,790		(492	)

		28,223		1,074,638		1,126,459		(51,821	)

Technology Hardware, Storage & Peripherals — (0.3)%
Blackberry Ltd. (Canada) (a)		12,292		105,176		114,811		(9,635	)
Ricoh Co., Ltd. (Japan)		12,800		104,732		106,694		(1,962	)

		25,092		209,908		221,505		(11,597	)

Total Information Technology		209,648		3,165,782		3,316,002		(150,220	)

Materials — (2.7)%
Chemicals — (0.9)%
Ashland Global Holdings, Inc.		111		13,762		13,709		53
Axalta Coating Systems Ltd. (Bermuda) (a)		3,431		108,110		107,630		480
CF Industries Holdings, Inc.		3,907		105,801		104,473		1,328
Essentra plc (United Kingdom)		17,059		113,668		119,644		(5,976	)
OCI NV (Netherlands) (a)		2,813		49,365		54,737		(5,372	)
Potash Corp. of Saskatchewan, Inc. (Canada)		6,470		104,843		109,109		(4,266	)
Symrise AG (Germany)		1,605		109,428		112,364		(2,936	)
WR Grace & Co.		1,582		107,861		110,297		(2,436	)

		36,978		712,838		731,963		(19,125	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



22	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Containers & Packaging — (0.3)%
Ball Corp.		1,487		107,480		114,335		(6,855	)
Fuji Seal International, Inc. (Japan)		4,600		104,609		109,419		(4,810	)

		6,087		212,089		223,754		(11,665	)

Metals & Mining — (1.5)%
Alamos Gold, Inc. (Canada)		13,282		103,820		95,063		8,757
Antofagasta plc (United Kingdom)		10,483		109,503		113,738		(4,235	)
Compass Minerals International, Inc.		1,612		107,762		106,392		1,370
Detour Gold Corp. (Canada) (a)		7,341		96,478		92,767		3,711
First Majestic Silver Corp. (Canada) (a)		11,692		105,352		95,074		10,278
Iluka Resources Ltd. (Australia)		16,423		91,248		103,203		(11,955	)
Kobe Steel Ltd. (Japan) (a)		12,300		104,856		109,274		(4,418	)
MAG Silver Corp. (Canada) (a)		8,162		105,534		99,854		5,680
Pacific Metals Co., Ltd. (Japan) (a)		32,000		104,299		103,941		358
Silver Wheaton Corp. (Canada)		4,899		105,190		97,761		7,429
thyssenkrupp AG (Germany)		4,709		109,130		112,218		(3,088	)

		122,903		1,143,172		1,129,285		13,887

Total Materials		165,968		2,068,099		2,085,002		(16,903	)

Real Estate — (0.3)%
Real Estate Management & Development — (0.3)%
Mitsubishi Estate Co., Ltd. (Japan)		6,100		113,859		116,802		(2,943	)
Realogy Holdings Corp.		3,789		108,327		115,754		(7,427	)

Total Real Estate		9,889		222,186		232,556		(10,370	)

Telecommunication Services — (0.7)%
Diversified Telecommunication Services — (0.4)%
Cellnex Telecom S.A. (Spain) (c)		6,516		109,272		115,012		(5,740	)
Iliad S.A. (France)		504		114,408		122,333		(7,925	)

		7,020		223,680		237,345		(13,665	)

Wireless Telecommunication Services — (0.3)%
SoftBank Group Corp. (Japan)		1,500		103,683		113,779		(10,096	)
Sprint Corp. (a)		12,797		108,775		115,557		(6,782	)

		14,297		212,458		229,336		(16,878	)

Total Telecommunication Services		21,317		436,138		466,681		(30,543	)

Utilities — (1.6)%
Electric Utilities — (0.4)%
Chugoku Electric Power Co., Inc. (The) (Japan)		9,600		105,069		104,654		415
Hokkaido Electric Power Co., Inc. (Japan)		14,600		104,544		105,987		(1,443	)
Hokuriku Electric Power Co. (Japan)		11,500		104,813		106,290		(1,477	)

		35,700		314,426		316,931		(2,505	)

Independent Power and Renewable Electricity Producers — (0.4)%
Calpine Corp. (a)		9,907		108,283		101,051		7,232
Northland Power, Inc. (Canada)		5,860		104,789		103,587		1,202
NRG Energy, Inc.		5,826		107,432		98,460		8,972

		21,593		320,504		303,098		17,406

Multi-Utilities — (0.4)%
Dominion Resources, Inc.		1,379		107,548		106,776		772
NiSource, Inc.		4,475		108,340		108,519		(179	)
Sempra Energy		958		107,775		108,273		(498	)

		6,812		323,663		323,568		95

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES			NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)			VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Water Utilities — (0.4)%
American Water Works Co., Inc.		1,358			107,961			108,314			(353	)
Pennon Group plc (United Kingdom)		9,631			111,082			106,848			4,234
United Utilities Group plc (United Kingdom)		8,457			109,754			106,577			3,177

		19,446			328,797			321,739			7,058

Total Utilities		83,551			1,287,390			1,265,336			22,054

Total Short Positions of Total Return Basket Swap		2,127,849			22,974,625			23,626,839			(652,214	)

Total of Long and Short Positions of Total Return Basket Swap		(1,652,519	)		(17,150,276	)		(17,528,969	)		(378,693	)

Cash and Other Receivables/Payables (4)											8,938

Financing Costs											(408	)

Net Dividend Receivable/Payable											16,661

Outstanding Swap Contract, at value											(353,502	)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES			NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)			VALUE($) (3)
Long Positions

Common Stocks
Consumer Discretionary — 1.6%
Hotels, Restaurants & Leisure — 0.3%
Tatts Group Ltd. (Australia)		78,276			254,967			251,816			(3,151	)

Media — 1.0%
Sky plc (United Kingdom)		63,693			805,003			818,222			13,219

Textiles, Apparel & Luxury Goods — 0.3%
Christian Dior SE (France)		1,046			285,832			286,881			1,049

Total Consumer Discretionary		143,015			1,345,802			1,356,919			11,117

Consumer Staples — 0.4%
Food & Staples Retailing — 0.2%
Metro AG (Germany)		5,998			189,318			197,390			8,072

Household Products — 0.2%
Svenska Cellulosa AB SCA (Sweden)		5,780			188,243			191,360			3,117

Total Consumer Staples		11,778			377,561			388,750			11,189

Energy — 0.1%
Energy Equipment & Services — 0.1%
Canyon Services Group, Inc. (Canada) (a)		12,562			65,614			58,252			(7,362	)

Total Energy		12,562			65,614			58,252			(7,362	)

Financials — 0.0% (b)
Capital Markets — 0.0% (b)
SVG Capital plc (United Kingdom) (a)		698			6,653			6,676			23

Total Financials		698			6,653			6,676			23

Health Care — 1.2%
Biotechnology — 0.8%
Actelion Ltd. (Switzerland) (a)		2,106			598,358			596,347			(2,011	)

Health Care Equipment & Supplies — 0.2%
Getinge AB (Sweden)		7,487			133,894			146,244			12,350

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



24	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions – continued

Common Stocks — continued
Pharmaceuticals — 0.2%
STADA Arzneimittel AG (Germany)		2,926		205,645		207,338		1,693

Total Health Care		12,519		937,897		949,929		12,032

Industrials — 1.1%
Aerospace & Defense — 0.7%
DigitalGlobe, Inc. (a)		4,998		164,933		160,935		(3,998	)
Zodiac Aerospace (France)		14,688		366,253		356,559		(9,694	)

		19,686		531,186		517,494		(13,692	)

Commercial Services & Supplies — 0.2%
Spotless Group Holdings Ltd. (Australia)		199,423		165,754		161,123		(4,631	)

Machinery — 0.1%
Pfeiffer Vacuum Technology (Germany)		524		67,439		68,031		592

Professional Services — 0.1%
WS Atkins plc (United Kingdom)		3,780		96,792		105,155		8,363

Total Industrials		223,413		861,171		851,803		(9,368	)

Information Technology — 0.4%
IT Services — 0.4%
DH Corp. (Canada)		17,450		323,165		324,571		1,406

Total Information Technology		17,450		323,165		324,571		1,406

Materials — 0.0% (b)
Metals & Mining — 0.0% (b)
Kirkland Lake Gold Ltd. (Canada)		43		327		298		(29	)
Westgold Resources Ltd. (Australia) (a)		10,783		16,795		15,770		(1,025	)

Total Materials		10,826		17,122		16,068		(1,054	)

Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.7%
Level 3 Communications, Inc. (a)		8,715		518,368		529,523		11,155

Total Telecommunication Services		8,715		518,368		529,523		11,155

Utilities — 0.1%
Independent Power and Renewable Electricity Producers — 0.1%
EDP Renovaveis S.A. (Spain)		8,053		60,905		61,369		464

Total Utilities		8,053		60,905		61,369		464

Total Long Positions of Total Return Basket Swap		449,029		4,514,258		4,543,860		29,602

Short Positions

Common Stocks
Consumer Discretionary — (0.1)%
Textiles, Apparel & Luxury Goods — (0.1)%
Hermes International (France)		198		93,372		94,658		(1,286	)

Total Consumer Discretionary		198		93,372		94,658		(1,286	)

Energy — (0.1)%
Energy Equipment & Services — (0.1)%
Trican Well Service Ltd. (Canada) (a)		21,141		67,061		58,078		8,983

Total Energy		21,141		67,061		58,078		8,983

Industrials — (0.1)%
Aerospace & Defense — (0.1)%
MacDonald Dettwiler & Associates Ltd. (Canada)		1,549		79,398		76,482		2,916

Total Industrials		1,549		79,398		76,482		2,916

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions – continued

Common Stocks — continued
Telecommunication Services — (0.4)%
Diversified Telecommunication Services — (0.4)%
Centurylink, Inc.		12,326		308,890		316,409		(7,519	)

Total Telecommunication Services		12,326		308,890		316,409		(7,519	)

Total Short Positions		35,214		548,721		545,627		3,094

Total of Long and Short Positions of Total Return Basket Swap		413,815		3,965,537		3,998,233		32,696

Cash and Other Receivables/Payables (4)								—

Financing Costs								(423	)

Net Dividend Receivable/Payable								—

Outstanding Swap Contract, at value								32,273


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions

Common Stocks
Consumer Discretionary — 3.4%
Auto Components — 1.3%
Bridgestone Corp. (Japan)		900		35,175		37,540		2,365
CIE Automotive S.A. (Spain)		7,571		148,653		162,750		14,097
Cie Generale des Etablissements Michelin (France)		1,158		139,501		151,468		11,967
GKN plc (United Kingdom)		27,977		124,724		130,017		5,293
Keihin Corp. (Japan)		2,600		38,816		40,911		2,095
Linamar Corp. (Canada)		3,510		142,323		149,240		6,917
Sumitomo Electric Industries Ltd. (Japan)		2,500		37,752		40,830		3,078
Sumitomo Rubber Industries Ltd. (Japan)		2,100		34,381		37,797		3,416
Valeo S.A. (France)		2,272		147,676		163,493		15,817

		50,588		849,001		914,046		65,045

Automobiles — 0.2%
Fuji Heavy Industries Ltd. (Japan)		800		28,303		30,330		2,027
Mazda Motor Corp. (Japan)		2,600		34,398		38,408		4,010
Peugeot S.A. (France)		7,947		150,323		166,614		16,291

		11,347		213,024		235,352		22,328

Hotels, Restaurants & Leisure — 0.4%
Carnival plc (United Kingdom)		2,085		120,874		128,504		7,630
William Hill plc (United Kingdom)		33,069		128,450		125,644		(2,806	)

		35,154		249,324		254,148		4,824

Household Durables — 0.4%
Crest Nicholson Holdings plc (United Kingdom)		20,285		150,809		158,670		7,861
Forbo Holding AG (Switzerland)		95		146,792		155,835		9,043

		20,380		297,601		314,505		16,904

Leisure Products — 0.0% (b)
Bandai Namco Holdings, Inc. (Japan)		1,000		28,981		31,387		2,406

Media — 0.4%
Cogeco Communications, Inc. (Canada)		2,395		133,413		137,045		3,632
Southern Cross Media Group Ltd. (Australia)		148,119		144,472		143,159		(1,313	)

		150,514		277,885		280,204		2,319

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



26	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions – continued

Common Stocks — continued
Multiline Retail — 0.4%
Canadian Tire Corp., Ltd. (Canada)		1,004		121,336		122,535		1,199
Harvey Norman Holdings Ltd. (Australia)		19,750		63,703		61,948		(1,755	)
Tokmanni Group Corp. (Finland)		13,282		151,705		127,691		(24,014	)

		34,036		336,744		312,174		(24,570	)

Specialty Retail — 0.3%
Kingfisher plc (United Kingdom)		30,762		130,884		136,089		5,205
Kohnan Shoji Co., Ltd. (Japan)		1,900		36,226		36,665		439

		32,662		167,110		172,754		5,644

Total Consumer Discretionary		335,681		2,419,670		2,514,570		94,900

Consumer Staples — 1.4%
Beverages — 0.4%
Coca-Cola Amatil Ltd. (Australia)		17,862		144,109		125,184		(18,925	)
Diageo plc (United Kingdom)		5,059		147,070		147,254		184

		22,921		291,179		272,438		(18,741	)

Food & Staples Retailing — 0.6%
Cocokara Fine, Inc. (Japan)		500		22,817		23,640		823
Matsumotokiyoshi Holdings Co., Ltd. (Japan)		2,900		144,847		145,443		596
Metcash, Ltd. (Australia) (a)		88,735		144,407		142,857		(1,550	)
Wm Morrison Supermarkets plc (United Kingdom)		41,547		122,745		129,062		6,317

		133,682		434,816		441,002		6,186

Food Products — 0.2%
Maple Leaf Foods, Inc. (Canada)		6,031		142,264		150,968		8,704

Household Products — 0.2%
Henkel AG & Co. KGaA (Germany)		1,170		134,203		136,482		2,279

Total Consumer Staples		163,804		1,002,462		1,000,890		(1,572	)

Energy — 3.0%
Energy Equipment & Services — 0.5%
Enerflex Ltd. (Canada)		9,142		135,417		128,854		(6,563	)
Petrofac Ltd. (United Kingdom)		11,293		126,522		119,018		(7,504	)
Tecinas Reunidas (Spain)		3,623		148,784		143,181		(5,603	)

		24,058		410,723		391,053		(19,670	)

Oil, Gas & Consumable Fuels — 2.5%
ARC Resources Ltd. (Canada)		10,400		141,785		136,528		(5,257	)
Bonavista Energy Corp. (Canada)		60,239		139,891		126,652		(13,239	)
BP plc (United Kingdom)		17,521		102,710		100,301		(2,409	)
Enerplus Corp. (Canada)		20,221		157,643		145,912		(11,731	)
Eni SpA (Italy)		9,248		147,884		143,446		(4,438	)
Galp Energia SGPS S.A. (Portugal)		9,480		150,097		147,329		(2,768	)
Gaztransport Et Technigaz S.A. (France)		4,122		148,218		153,859		5,641
Idemitsu Kosan Co., Ltd. (Japan)		1,400		43,337		44,761		1,424
JX Holdings, Inc. (Japan)		6,700		29,697		30,230		533
Neste Oyj (Finland)		3,652		148,662		148,816		154
OMV AG (Austria)		3,292		140,713		151,633		10,920
Repsol S.A. (Spain)		9,434		147,930		148,900		970
Showa Shell Sekiyu (Japan)		4,400		41,196		42,494		1,298
TOTAL S.A. (France)		3,087		158,321		158,466		145
Veresen, Inc. (Canada)		12,440		141,072		138,794		(2,278	)

		175,636		1,839,156		1,818,121		(21,035	)

Total Energy		199,694		2,249,879		2,209,174		(40,705	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	27

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions – continued

Common Stocks — continued
Financials — 2.8%
Banks — 1.2%
Bank of Montreal (Canada)		1,969		141,503		139,426		(2,077	)
Bank of Nova Scotia (The) (Canada)		2,515		141,148		139,803		(1,345	)
Laurentian Bank of Canada (Canada)		3,325		143,299		136,016		(7,283	)
National Bank of Canada (Canada)		3,524		140,671		136,953		(3,718	)
Royal Bank of Canada (Canada)		2,022		141,357		138,454		(2,903	)
Toronto-Dominion Bank (The) (Canada)		2,930		141,515		137,866		(3,649	)

		16,285		849,493		828,518		(20,975	)

Capital Markets — 0.2%
3i Group plc (United Kingdom)		12,456		123,256		128,011		4,755

Insurance — 1.2%
ASR Nederland NV (Netherlands) (a)		5,127		147,440		151,687		4,247
CNP Assurances (France)		7,284		145,994		152,154		6,160
Industrial Alliance Insurance and Financial Services, Inc. (Canada)		3,794		154,099		160,065		5,966
Mapfre S.A. (Spain)		43,639		149,668		152,216		2,548
Talanx AG (Germany)		4,162		147,843		150,030		2,187
Zurich Insurance Group AG (Switzerland)		550		145,487		152,206		6,719

		64,556		890,531		918,358		27,827

Thrifts & Mortgage Finance — 0.2%
Genworth MI Canada, Inc. (Canada)		5,464		140,257		135,694		(4,563	)

Total Financials		98,761		2,003,537		2,010,581		7,044

Health Care — 1.6%
Health Care Equipment & Supplies — 0.2%
DiaSorin SpA (Italy)		2,211		154,938		165,701		10,763

Health Care Providers & Services — 0.1%
BML, Inc. (Japan)		1,700		36,848		37,105		257
Miraca Holdings, Inc. (Japan)		600		27,187		27,664		477

		2,300		64,035		64,769		734

Life Sciences Tools & Services — 0.2%
Lonza Group AG (Switzerland)		703		135,239		143,841		8,602

Pharmaceuticals — 1.1%
Astellas Pharma, Inc. (Japan)		1,600		21,591		21,099		(492	)
Daiichi Sankyo Co., Ltd. (Japan)		1,500		32,610		33,336		726
GlaxoSmithKline plc (United Kingdom)		7,094		145,770		142,787		(2,983	)
Merck KGaA (Germany)		1,393		158,404		163,638		5,234
Mitsubishi Tanabe Pharma Corp. (Japan)		1,100		22,098		22,344		246
Recordati SpA (Italy)		4,294		155,377		159,080		3,703
Roche Holding AG (Switzerland)		569		145,253		149,066		3,813
Sumitomo Dainippon Pharma Co., Ltd. (Japan)		2,500		39,926		41,058		1,132
Taisho Pharmaceutical Holdings Co., Ltd. (Japan)		300		23,956		24,684		728
Tsumura & Co. (Japan)		4,700		144,702		152,314		7,612

		25,050		889,687		909,406		19,719

Total Health Care		30,264		1,243,899		1,283,717		39,818

Industrials — 3.5%
Aerospace & Defense — 0.8%
CAE, Inc. (Canada)		10,279		153,454		157,003		3,549
Dassault Aviation S.A. (France)		115		148,075		157,153		9,078
QinetiQ Group plc (United Kingdom)		40,598		148,126		154,495		6,369
Thales S.A. (France)		1,491		148,090		156,714		8,624

		52,483		597,745		625,365		27,620

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



28	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions – continued

Common Stocks — continued
Building Products — 0.2%
Nichias Corp. (Japan)		3,000		27,733		30,623		2,890
Tarkett S.A. (France)		3,470		146,868		163,040		16,172

		6,470		174,601		193,663		19,062

Commercial Services & Supplies — 0.2%
Transcontinental, Inc. (Canada)		8,815		154,190		157,244		3,054

Construction & Engineering — 0.5%
ACS Actividades de Construccion y Servicios S.A. (Spain)		4,204		149,083		155,761		6,678
Hazama Ando Corp. (Japan)		3,900		26,104		27,774		1,670
Kier Group plc (United Kingdom)		8,792		149,175		152,393		3,218
Obayashi Corp. (Japan)		3,400		31,604		33,010		1,406
Raito Kogyo Co., Ltd. (Japan)		3,800		36,474		37,772		1,298
Taisei Corp. (Japan)		3,000		22,099		22,876		777
Tokyu Construction Co., Ltd. (Japan)		2,700		20,577		22,022		1,445

		29,796		435,116		451,608		16,492

Electrical Equipment — 0.6%
ABB Ltd. (Switzerland)		5,991		136,519		146,805		10,286
Fuji Electric Co., Ltd. (Japan)		5,000		26,828		27,407		579
Prysmian SpA (Italy)		5,483		147,763		158,232		10,469
Schneider Electric SE (France)		2,012		148,025		159,362		11,337

		18,486		459,135		491,806		32,671

Machinery — 0.3%
Amada Holdings Co., Ltd. (Japan)		3,100		34,848		36,857		2,009
Valmet OYJ (Finland)		8,524		149,491		155,264		5,773

		11,624		184,339		192,121		7,782

Professional Services — 0.4%
Magna International, Inc. (Canada)		3,637		141,104		151,922		10,818
RELX plc (United Kingdom)		5,768		116,842		116,945		103

		9,405		257,946		268,867		10,921

Trading Companies & Distributors — 0.3%
CA Immobilien Anlagen AG (Austria)		6,387		142,939		139,872		(3,067	)
Hanwa Co., Ltd. (Japan)		5,000		33,189		35,452		2,263
Mitsubishi Corp. (Japan)		1,300		26,821		28,054		1,233
Mitsui & Co., Ltd. (Japan)		3,000		40,282		42,362		2,080
Sumitomo Corp. (Japan)		2,400		30,384		32,072		1,688

		18,087		273,615		277,812		4,197

Transportation Infrastructure — 0.2%
Aena S.A. (Spain)		900		148,282		158,682		10,400

Total Industrials		156,066		2,684,969		2,817,168		132,199

Information Technology — 1.0%
IT Services — 0.6%
Alten S.A. (France)		2,003		147,188		169,749		22,561
Atos SE (France)		1,195		147,420		156,528		9,108
CGI Group, Inc. (Canada) (a)		3,097		142,479		149,467		6,988

		6,295		437,087		475,744		38,657

Semiconductors & Semiconductor Equipment — 0.1%
Shinko Electric Industries Co., Ltd. (Japan)		6,700		40,805		47,929		7,124
Ulvac, Inc. (Japan)		800		33,090		37,558		4,468

		7,500		73,895		85,487		11,592

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	29

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions – continued

Common Stocks — continued
Software — 0.2%
Konami Holdings Corp. (Japan)		800		32,624		33,302		678
Open Text Corp. (Canada)		4,605		152,724		159,668		6,944

		5,405		185,348		192,970		7,622

Technology Hardware, Storage & Peripherals — 0.1%
Seiko Epson Corp. (Japan)		1,900		37,521		38,918		1,397

Total Information Technology		21,100		733,851		793,119		59,268

Materials — 2.0%
Chemicals — 0.7%
Covestro AG (Germany)		2,011		159,262		156,720		(2,542	)
Hitachi Chemical Co., Ltd. (Japan)		1,000		26,451		28,639		2,188
Kuraray Co., Ltd. (Japan)		2,600		38,733		41,962		3,229
Mitsubishi Chemical Holdings Corp. (Japan)		3,000		22,038		23,482		1,444
Mitsubishi Gas Chemical Co., Inc. (Japan)		1,700		33,404		36,351		2,947
Mitsui Chemicals, Inc. (Japan)		9,000		42,717		46,050		3,333
Synthomer plc (United Kingdom)		25,593		158,923		163,951		5,028
Teijin Ltd. (Japan)		2,000		36,594		38,751		2,157

		46,904		518,122		535,906		17,784

Metals & Mining — 0.9%
Aichi Steel Corp. (Japan)		3,200		119,527		125,112		5,585
Aurubis AG (Germany)		2,317		157,802		161,925		4,123
Centamin plc (United Kingdom)		67,501		160,531		154,655		(5,876	)
Fortescue Metals Group Ltd. (Australia)		15,725		59,363		62,328		2,965
Rio Tinto Ltd. (Australia)		759		32,780		34,361		1,581
Rio Tinto plc (United Kingdom)		3,296		128,516		130,028		1,512

		92,798		658,519		668,409		9,890

Paper & Forest Products — 0.4%
Mondi plc (United Kingdom)		6,286		158,149		162,628		4,479
UPM-Kymmene OYJ (Finland)		6,132		148,888		161,558		12,670

		12,418		307,037		324,186		17,149

Total Materials		152,120		1,483,678		1,528,501		44,823

Real Estate — 1.3%
Real Estate Management & Development — 1.3%
Allreal Holdings AG (Switzerland)		790		133,864		135,928		2,064
BUWOG AG (Austria)		5,873		158,734		158,593		(141	)
Deutsche EuroShop AG (Germany)		3,483		149,182		141,405		(7,777	)
First Capital Realty, Inc. (Canada)		9,574		142,728		139,151		(3,577	)
Mobimo Holding AG (Switzerland) (a)		549		146,767		147,595		828
Nexity S.A. (France)		3,205		158,394		174,264		15,870
TAG Immobilien AG (Germany)		10,573		150,184		150,536		352

Total Real Estate		34,047		1,039,853		1,047,472		7,619

Telecommunication Services — 0.6%
Diversified Telecommunication Services — 0.4%
Deutsche Telekom AG (Germany)		8,500		147,960		149,097		1,137
Telefonica S.A. (Spain)		13,458		148,797		148,845		48

		21,958		296,757		297,942		1,185

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



30	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions – continued

Common Stocks — continued
Wireless Telecommunication Services — 0.2%
Freenet AG (Germany)		4,997		157,539		156,822		(717	)
KDDI Corp. (Japan)		1,200		30,809		31,817		1,008
NTT DOCOMO, Inc. (Japan)		1,400		32,660		33,876		1,216

		7,597		221,008		222,515		1,507

Total Telecommunication Services		29,555		517,765		520,457		2,692

Utilities — 2.1%
Electric Utilities — 0.6%
EDP — Energias de Portugal S.A. (Portugal)		47,194		160,251		155,751		(4,500	)
Endesa S.A. (Spain)		4,789		114,505		112,796		(1,709	)
Enel SpA (Italy)		32,031		148,010		152,282		4,272

		84,014		422,766		420,829		(1,937	)

Gas Utilities — 0.2%
Gas Natural SDG S.A. (Spain)		6,813		148,502		153,957		5,455

Independent Power and Renewable Electricity Producers — 0.2%
TransAlta Renewables, Inc. (Canada)		13,159		153,983		150,286		(3,697	)

Multi-Utilities — 1.1%
A2A SpA (Italy)		108,492		157,270		161,256		3,986
Centrica plc (United Kingdom)		46,778		129,232		119,867		(9,365	)
E.ON SE (Germany)		17,442		136,778		135,967		(811	)
Engie S.A. (France)		11,271		157,338		158,922		1,584
Iren SpA (Italy)		70,754		148,673		149,135		462
REN - Redes Energeticas Nacionais SGPS S.A. (Portugal) (a)		50,233		147,741		147,656		(85	)

		304,970		877,032		872,803		(4,229	)

Total Utilities		408,956		1,602,283		1,597,875		(4,408	)

Total Long Positions of Total Return Basket Swap		1,630,048		16,981,846		17,323,524		341,678

Short Positions

Common Stocks
Consumer Discretionary — (1.0)%
Hotels, Restaurants & Leisure — (0.4)%
Domino’s Pizza Enterprises Ltd. (Australia)		449		20,603		20,533		70
HIS Co., Ltd. (Japan)		4,700		105,923		112,008		(6,085	)
Kyoritsu Maintenance Co., Ltd. (Japan)		5,100		144,783		149,019		(4,236	)
Wynn Resorts Ltd.		126		14,602		15,499		(897	)

		10,375		285,911		297,059		(11,148	)

Internet & Direct Marketing Retail — (0.0)% (b)
Rakuten, Inc. (Japan)		2,600		27,521		26,634		887

Leisure Products — (0.0)% (b)
Polaris Industries, Inc.		446		35,703		38,026		(2,323	)

Media — (0.3)%
Altice NV (Netherlands) (a)		5,259		116,589		130,666		(14,077	)
Dentsu, Inc. (Japan)		500		27,719		28,223		(504	)
Lifull Co., Ltd. (Japan)		15,700		104,846		110,187		(5,341	)

		21,459		249,154		269,076		(19,922	)

Multiline Retail — (0.1)%
B&M European Value Retail S.A. (Luxembourg)		20,578		85,581		89,801		(4,220	)
Don Quijote Holdings Co., Ltd. (Japan)		500		17,583		18,217		(634	)
Isetan Mitsukoshi Holdings Ltd. (Japan)		1,300		13,900		14,205		(305	)

		22,378		117,064		122,223		(5,159	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	31

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2017 (Unaudited) (continued)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Specialty Retail — (0.2)%
Chiyoda Co., Ltd. (Japan)		3,400		83,326		84,827		(1,501	)
IDOM, Inc. (Japan)		20,200		104,911		105,968		(1,057	)

		23,600		188,237		190,795		(2,558	)

Total Consumer Discretionary		80,858		903,590		943,813		(40,223	)

Consumer Staples — (0.3)%
Food & Staples Retailing — (0.1)%
Smart & Final Stores, Inc. (a)		2,101		25,214		24,792		422
Sugi Holdings Co. Ltd. (Japan)		400		19,592		19,822		(230	)

		2,501		44,806		44,614		192

Food Products — (0.2)%
Calbee, Inc. (Japan)		800		27,414		27,969		(555	)
Kikkoman Corp. (Japan)		2,000		59,834		61,551		(1,717	)
Nissin Foods Holdings Co., Ltd. (Japan)		500		28,392		28,631		(239	)

		3,300		115,640		118,151		(2,511	)

Total Consumer Staples		5,801		160,446		162,765		(2,319	)

Energy — (0.1)%
Oil, Gas & Consumable Fuels — (0.1)%
MEG Energy Corp. (Canada) (a)		13,309		65,324		60,254		5,070

Total Energy		13,309		65,324		60,254		5,070

Financials — (0.1)%
Capital Markets — (0.1)%
Platinum Asset Management Ltd. (Australia)		15,180		55,627		52,884		2,743

Consumer Finance — (0.0)% (b)
Acom Co., Ltd. (Japan) (a)		3,800		14,897		16,879		(1,982	)

Total Financials		18,980		70,524		69,763		761

Health Care — (0.3)%
Pharmaceuticals — (0.3)%
Ono Pharmaceutical Co., Ltd. (Japan)		3,800		75,982		78,381		(2,399	)
Takeda Pharmaceutical Co., Ltd. (Japan)		500		23,302		23,987		(685	)
Therapeutics MD, Inc. (a)		12,590		62,365		64,209		(1,844	)
Towa Pharmaceutical Co., Ltd. (Japan)		1,700		80,826		84,840		(4,014	)

Total Health Care		18,590		242,475		251,417		(8,942	)

Industrials — (0.4)%
Aerospace & Defense — (0.2)%
Bombardier, Inc. (Canada) (a)		37,825		65,117		58,467		6,650
Cobham plc (United Kingdom)		12,065		20,642		20,705		(63	)

		49,890		85,759		79,172		6,587

Air Freight & Logistics — (0.0)% (b)
Yamato Holdings Co. Ltd. (Japan)		1,000		21,103		21,609		(506	)

Commercial Services & Supplies — (0.0)% (b)
Sohgo Security Services Co., Ltd. (Japan)		800		34,304		34,927		(623	)

Industrial Conglomerates — (0.1)%
Keihan Holdings Co., Ltd. (Japan)		4,000		24,724		25,165		(441	)
Toshiba Corp. (Japan) (a)		47,000		84,498		94,807		(10,309	)

		51,000		109,222		119,972		(10,750	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



32	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued

Common Stocks — continued
Professional Services — (0.1)%
IPH Ltd. (Australia)		30,390		106,448		108,492		(2,044	)

Road & Rail — (0.0)% (b)
Keio Corp. (Japan)		2,000		16,094		16,017		77
Odakyu Electric Railway Co., Ltd. (Japan)		1,000		19,457		19,413		44

		3,000		35,551		35,430		121

Trading Companies & Distributors — (0.0)% (b)
SIG plc (United Kingdom)		10,475		15,385		16,240		(855	)

Total Industrials		146,555		407,772		415,842		(8,070	)

Information Technology — (0.2)%
Electronic Equipment, Instruments & Components — (0.1)%
Japan Display, Inc. (Japan) (a)		29,300		62,819		66,234		(3,415	)

Software — (0.1)%
Altium Ltd. (Australia)		17,928		106,572		109,930		(3,358	)

Total Information Technology		47,228		169,391		176,164		(6,773	)

Materials — (0.0)% (b)
Metals & Mining — (0.0)% (b)
Detour Gold Corp. (Canada) (a)		1,567		20,159		19,802		357

Total Materials		1,567		20,159		19,802		357

Total Short Positions of Total Return Basket Swap		332,888		2,039,681		2,099,820		(60,139	)

Total of Long and Short Positions of Basket Swap		1,297,160		14,942,165		15,223,704		281,539

Cash and Other Receivables/Payables (4)								15,164

Financing Costs								(1,319	)

Net Dividend Receivable/Payable								9,070

Outstanding Swap Contract, at value								304,454

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 April 30, 2017 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 subsequent to the swap reset.
(4)		— Cash and other receivables/(payables) includes the gains (or losses) realized from purchases and sales within the swap.
(a)		— Non-income producing security.
(b)		— Amounts rounds to less than 0.05%.
(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.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	33

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2017 (Unaudited)


	JPMorgan Diversified Alternatives ETF
ASSETS:
Investments in non-affiliates, at value	$	36,747,201
Investment in affiliates, at value		28,684,049

Total Investment securities, at value		65,431,250
Cash		8,305,879
Restricted Cash		1,200
Cash collateral on futures contracts		2,351,000
Foreign currency, at value		1,848,685
Receivables:
Investment securities sold		557,893
Deferred offering costs		38,024
Dividends from affiliates		13,661
Dividends from non-affiliates		13,029
Variation margin on futures contracts		56,874
Unrealized appreciation on forward foreign currency exchange contracts		76,228
Outstanding swap contracts, at value		361,642

Total Assets		79,055,365


LIABILITIES:
Payables:
Investments securities purchased		98,075
Due to counterparty for swap contracts		7,843
Unrealized depreciation on forward foreign currency exchange contracts		125,068
Accrued Liabilities:
Professional fees		76,874
Advisory fees		31,535
Custodian and Transfer Agent fees		22,333
Accounting fees		10,617
Trustees’ and Chief Compliance Officer’s fees		6,877
Administration fees		5,677
Other		22,591
Outstanding swap contracts, at value		353,502

Total Liabilities		760,992

Net Assets	$	78,294,373


NET ASSETS:
Paid-in Capital	$	76,289,048
Accumulated undistributed (distributions in excess of) net investment income		(73,520	)
Accumulated net realized gains (losses)		88,262
Net unrealized appreciation (depreciation)		1,990,583

Total Net Assets	$	78,294,373


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		3,000,000

Net asset value, per share	$	26.10


Cost of investments in non-affiliates	$	35,236,054
Cost of investments in affiliates		28,684,049
Cost of foreign currency		1,820,222

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



34	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2017 (Unaudited)


	JPMorgan Diversified Alternatives ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	195,512
Dividend income from affiliates		51,318
Interest income from affiliates		1,063
Foreign taxes withheld		(24,213	)

Total Investment Income		223,680


EXPENSES:
Investment advisory fees (Note 3.A)		192,392
Administration fees (Note 3.B)		27,929
Trustees’ and Chief Compliance Officer’s fees		11,712
Professional fees		74,138
Printing and mailing costs		2,145
Custodian and Transfer Agent fees		15,925
Registration and filing fees		21,895
Interest expense from affiliates		16,467
Offering costs		33,918
Accounting fees		51,287
Other		3,009

Total expenses		450,817

Less fees waived (Note 3.D)		(220,321	)
Less expense reimbursements from affiliates (Note 3.D)		(7,997	)
Less expense reimbursements from non-affiliates (Note 3.C)		(1,600	)

Net expenses		220,899

Net investment income (loss)		2,781


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		748,892
Futures		(943,787	)
Foreign currency translations		311,268
Swaps		(13,676	)

Net realized gain (loss)		102,697

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,632,592
Futures		512,822
Foreign currency translations		(82,859	)
Swaps		10,137

Change in net unrealized appreciation/depreciation		2,072,692

Net realized/unrealized gains (losses)		2,175,389

Change in net assets resulting from operations	$	2,178,170

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	35

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan Diversified Alternatives ETF
	Six Months Ended April 30, 2017 (Unaudited)			Period Ended October 31, 2016 (a)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,781		$	(15,490	)
Net realized gain (loss)		102,697			349,346
Change in net unrealized appreciation/depreciation		2,072,692			(82,109	)

Change in net assets resulting from operations		2,178,170			251,747


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(444,087	)		—
From net realized gains		(13,545	)		—

Total distributions to shareholders		(457,632	)		—


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		24,596,402			51,725,686


NET ASSETS:
Change in net assets		26,316,940			51,977,433
Beginning of period		51,977,433			—

End of period	$	78,294,373		$	51,977,433

Accumulated undistributed (distributions in excess of) net investment income	$	(73,520	)	$	367,786


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	24,596,402		$	51,725,686

Total change in net assets resulting from capital transactions	$	24,596,402		$	51,725,686


SHARE TRANSACTIONS:
Issued		950,000			2,050,000

Net increase in shares from share transactions		950,000			2,050,000

(a)	Commencement of operations was September 12, 2016.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



36	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	37

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income (loss)			Net realized gain (loss)			Total from distributions			Net asset value, end of period

JPMorgan Diversified Alternatives ETF
Six month period ended April 30, 2017 (Unaudited)	$	25.35	$	0.00	(h)	$	0.97	$	0.97	$	(0.21	)	$	(0.01	)	$	(0.22	)	$	26.10
September 12, 2016 (a) through October 31, 2016		25.00		(0.02	)		0.37		0.35		—			—			—			25.35

(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)	Amount rounds to less than $0.005.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



38	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017


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


$	26.22		3.80	%		4.02	%	$	78,294,373		0.78	%		0.01	%		1.53	%		64	%
	25.42		1.44			1.68			51,977,433		0.85	(g)		(0.47	)		6.65	(g)		5	(c)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited)

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-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”).

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 April 30, 2017, net assets of the Fund were $78,294,373 of which $10,235,352, or approximately 13.0%, represented the Subsidiary’s net assets. The net realized loss in the Subsidiary amounted to $293,604. 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.

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.

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 Investment 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.



40	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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	$	7,737,128		$	—		$	—	$	7,737,128
Consumer Staples		3,347,627			—			—		3,347,627
Energy		1,137,308			—			—		1,137,308
Financials		3,269,938			—			—		3,269,938
Health Care		4,989,764			—			—		4,989,764
Industrials		3,072,776			—			—		3,072,776
Information Technology		8,602,087			—			—		8,602,087
Materials		3,116,058			—			—		3,116,058
Real Estate		115,161			—			—		115,161
Telecommunication Services		217,644			—			—		217,644
Utilities		1,141,710			—			—		1,141,710

Total Common Stocks		36,747,201			—			—		36,747,201

Short-Term Investment
Investment Company		28,684,049			—			—		28,684,049

Total Investments in Securities	$	65,431,250		$	—		$	—	$	65,431,250


	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	$	—		$	76,228		$	—	$	76,228
Futures Contracts		798,725			—			—		798,725
Swaps		—			8,140			—		8,140

Total Appreciation in Other Financial Instruments	$	798,725		$	84,368		$	—	$	883,093

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(125,068	)	$	—	$	(125,068	)
Futures Contracts		(306,291	)		—			—		(306,291	)

Total Depreciation in Other Financial Instruments	$	(306,291	)	$	(125,068	)	$	—	$	(431,359	)

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 April 30, 2017. 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 asset value of the Fund.

As of April 30, 2017, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (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 predetermined 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.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.



42	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

(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 over-the-counter 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.

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 April 30, 2017, 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	$	323,819		$	—		$	—	$	323,819
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		166,754			—			8,140		174,894
Foreign exchange contracts	Receivables		—			76,228			—		76,228
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		308,152			—			—		308,152

Total		$	798,725		$	76,228		$	8,140	$	883,093


Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(151,837	)	$	—		$	—	$	(151,837	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(57,597	)		—			—		(57,597	)
Foreign exchange contracts	Payables		—			(125,068	)		—		(125,068	)
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		(96,857	)		—			—		(96,857	)

Total		$	(306,291	)	$	(125,068	)	$	—	$	(431,359	)

(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.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (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 April 30, 2017:


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	$	24,915	$	(24,915	)	$	—	$	—
Deutsche Bank		39,960		(39,960	)		—		—
Goldman Sachs		619		(619	)		—		—
Royal Bank of Canada		8,622		(8,622	)		—		—
The Toronto Dominion Bank — London		27,027		(12,194	)		—		14,833
UBS		336,727		—			—		336,727

	$	437,870	$	(86,310	)	$	—	$	351,560


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 From Counterparty (Not less than zero)
Bank of America	$	353,502	$	(24,915	)	$	—	$	328,587
Deutsche Bank		55,818		(39,960	)		—		15,858
Goldman Sachs		8,994		(619	)		—		8,375
Merrill Lynch		38,789		—			—		38,789
Royal Bank of Canada		9,273		(8,622	)		—		651
The Toronto Dominion Bank — London		12,194		(12,194	)		—		—

	$	478,570	$	(86,310	)	$	—	$	392,260

(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 April 30, 2017, 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	$	(510,635	)	$	—		$	—		$	(510,635	)
Equity contracts		(139,548	)		—			(13,676	)		(153,224	)
Foreign exchange contracts		—			326,343			—			326,343
Commodity contracts		(293,604	)		—			—			(293,604	)

Total	$	(943,787	)	$	326,343		$	(13,676	)	$	(631,120	)


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	$	207,479		$	—		$	—		$	207,479
Equity contracts		110,601			—			10,137			120,738
Foreign exchange contracts		—			(109,544	)		—			(109,544	)
Commodity contracts		194,742			—			—			194,742

Total	$	512,822		$	(109,544	)	$	10,137		$	413,415



44	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

The Fund’s derivatives contracts held at April 30, 2017 are not accounted for as hedging instruments under GAAP.

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 April 30, 2017. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


Future Contracts: (a)
Commodity
Average Notional Balance Long	$	3,943,309
Average Notional Balance Short		3,206,086
Ending Notional Balance Long		6,028,663
Ending Notional Balance Short		4,975,681
Equity
Average Notional Balance Long		2,529,171
Average Notional Balance Short		7,269,587
Ending Notional Balance Long		5,645,606
Ending Notional Balance Short		5,777,742
Interest
Average Notional Balance Long		15,368,635
Average Notional Balance Short		12,074,025
Ending Notional Balance Long		20,785,219
Ending Notional Balance Short		17,980,238
Forward Foreign Currency Exchange Contracts (a)
Average Settlement Value Purchased		7,628,413
Average Settlement Value Sold		9,569,978
Ending Settlement Value Purchased		8,102,305
Ending Settlement Value Sold		10,432,899
Total Return Basket Swaps (a)
Average Notional Balance Long		23,912,712
Average Notional Balance Short		21,273,253
Ending Notional Balance Long		32,982,327
Ending Notional Balance Short		29,582,878

(a)	For the six months ended April 30, 2017.

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 April 30, 2017, approximate offering costs incurred by the Fund were $33,918.

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.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	45

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (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.

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 April 30, 2017, the amount of transaction fees paid by the Authorized Participants that were used to reimburse custodian fees was $1,600.

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.

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 April 30, 2017. The contractual expense limitation percentage is in place until at least February 28, 2021.



46	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

For the period ended April 30, 2017, 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
$	192,392	$	27,929	$	220,321	$	7,997

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 net expense ratio of the underlying funds.

The amount of the waivers resulting from investments in these money market funds during the period ended April 30, 2017 was $19,966. 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.

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 Fund for serving in their respective roles.

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 April 30, 2017, 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 April 30, 2017, the Fund incurred no brokerage commissions with broker-dealers affiliated with the Advisor or Trust.

4. Investment Transactions

At April 30, 2017, 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 April 30, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases
(excluding U.S.
Government)

Sales
(excluding U.S.

Government)

37,706,454

23,774,591

During the period ended April 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at April 30, 2017 were as follows:


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$	63,920,103	$	2,289,164	$	(778,017	)	$	1,511,147

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

The Federal income tax unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in its subsidiary of $194,742, when if realized is not deductible for income tax purposes.

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.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	47

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2017 (Unaudited) (continued)

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 issued” 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, if any, 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 April 30, 2017, the Adviser owned 62% 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 employs 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.

8. Investment Company Reporting Modernization



48	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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		1.27	%
Greater than 0.5% and Less than or equal to 1.0%		69		43.95
Greater than 0.0% and Less than or equal to 0.5%		82		52.23
Greater than -0.5% and Less than or equal to 0.0%		4		2.55

		157		100.00	%

(a)	For the period September 12, 2016 (fund inception date) to April 30, 2017.



APRIL 30, 2017	JPMORGAN EXCHANGE-TRADED FUNDS	49

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur ongoing costs, including investment advisory fees, administration fee and other Fund expenses. 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, November 1, 2016 and continued to hold your shares at the end of the reporting period, April 30, 2017.

Actual Expenses

“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 11/1/2016		Ending Account Value 4/30/2017		Annualized Expense Ratios			Expenses Paid During Period
JPMorgan Diversified Alternatives ETF
Actual Fund Return	$	1,000.00	$	1,038.00		0.78	%	$	1.04
Hypothetical 5% Return (1)		1,000.00		1,020.93		0.78			3.91

(1)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the actual period).



50	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2017

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., 2017. All rights reserved. April 2017.		SAN-ETF-417

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

Not applicable.

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

Not applicable.

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

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

Not applicable.

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

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

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

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

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

ITEM 12. EXHIBITS.

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

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

Not applicable.

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

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

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

Not applicable.

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

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

SIGNATURES

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

J.P. Morgan Exchange-Traded Fund Trust


By:		/s/ Robert F. Deutsch
		Robert F. Deutsch
		President and Principal Executive Officer
		June 30, 2017

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
		June 30, 2017

By:		/s/ Lauren A. Paino
		Lauren A. Paino
		Treasurer and Principal Financial Officer
		June 30, 2017

RISK ALLOCATION AS OF APRIL 30, 2017

Strategy

% of Risk
Allocation****

Equity Long/Short (1)

Event Driven (2)

Global Macro (3)