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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22903

J.P. Morgan Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta, Esq.

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

With copies to:

Elizabeth A. Davin, Esq.	Jon S. Rand, Esq.
JPMorgan Chase & Co.	Dechert LLP
1111 Polaris Parkway	1095 Avenue of the Americas
Columbus, OH 43240	New York, NY 10036

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2016 through October 31, 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).

Annual Report

JPMorgan Exchange-Traded Funds

October 31, 2017

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

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	16
JPMorgan Diversified Return U.S. Equity ETF	19
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	22
JPMorgan Diversified Return U.S. Small Cap Equity ETF	25
Schedules of Portfolio Investments	28
Financial Statements	90
Financial Highlights	102
Notes to Financial Statements	106
Report of Independent Registered Public Accounting Firm	128
Supplemental Information	129
Trustees	130
Officers	131
Schedule of Shareholder Expenses	132
Tax Letter	133

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

NOVEMBER 28, 2017 (Unaudited)

Dear Shareholder,

The past year has been a milestone for JPMorgan’s Exchange-Traded Funds. We’ve built out our product lineup to include active fixed income ETFs, innovative strategic beta and institutional-quality alternative strategies. Each of these are designed to provide advisers and investors with additional tools for constructing stronger portfolios. During the year, we more than doubled our ETF assets under management, surpassing $2 billion by the end of August. Further, our Diversified Alternatives ETF (JPHF) earned Best New Alternative ETF and Best New Active ETF at the fourth annual ETF.com awards held March 30, 2017 in New York, N.Y.¹

  “Our “smart beta” ETFs are designed to provide a smoother ride during period of market volatility, while diversifying unrewarded risks.”

I am pleased to report that all nine of our equity ETFs turned in a positive performance for the twelve months ended October 31, 2017. Our “smart beta” ETFs are designed to provide a smoother ride during period of market volatility, while diversifying unrewarded risks. The multi-factor stock selection process for the J.P. Morgan ETFs’ underlying equity indexes seeks to identify stocks that exhibit the factors that drive returns, such as momentum or mispriced valuation. Further, by maintaining a neutral risk weighting across economic sectors,

the underlying indexes seek to avoid a concentration in overvalued segments of the market.

During the past year, global economic growth accelerated and equity markets provided investors with strong positive returns. Economic data in the U.S., European Union and the U.K. was sufficiently strong that each their respective central banks moved away from monetary stimulus and toward more normalized monetary policies. Emerging markets also benefitted from synchronized global growth and emerging market equities generally outperformed developed market equities during the twelve month reporting period.

We are proud to bring J.P. Morgan’s experience and equity capabilities to the ETF market place. We are committed to building solutions that address your needs and help you build stronger portfolios. Thank you for your belief in our Firm and our process.

Sincerely,

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

1 ETF.com Award winners are selected in a three-part process designed to leverage the insights and opinions of leaders throughout the ETF industry. The awards process began with an open nomination period running from Dec. 5, 2016, through Jan. 4, 2017. ETF.com received hundreds of nominations from participants in all corners of the ETF space. Following the open nominations process, the ETF.com Awards Nominating Committee—made up of senior leaders at ETF.com, Inside ETFs and FactSet—voted to select up to five finalists in each category. Votes were tallied on a majority basis. Winners from these finalists were selected by a majority vote of the ETF.com Awards Selection Committee, a group of independent ETF experts. Committee members recused themselves from voting in any category in which they or their firms appeared as finalists. Ties were decided where possible with head-to-head runoff votes. Voting was completed by Jan. 20, 2017, but results were kept secret until their announcement at the ETF.com U.S. Awards Dinner on March 30, 2017

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 1

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value*		18.95%
Market Price**		18.65%
FTSE Emerging Diversified Factor Index (net of foreign withholding taxes)		20.22%
FTSE Emerging Index (net of foreign withholding taxes)		21.39%
Morgan Stanley Capital International (MSCI) Emerging Markets Index (net of foreign withholding taxes)		26.45%
Net Assets as of 10/31/2017	$	165,741,046

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 overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In China, government efforts to curb speculation in its financial markets helped to keep market volatility in check, while economic indicators showed continued strong growth. Global economic growth and low interest rates continued to benefit both equities and bonds in emerging market nations. During the twelve months ended October 31, 2017, emerging market equities generally outperformed developed market equities.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2017, the Fund posted a positive absolute return and had a performance deviation of -1.27% from the Underlying Index. The Fund and the Underlying Index underperformed the FTSE Emerging Index and the MSCI

Emerging Markets Index, both of which are more traditional market capitalization weighted indexes.

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 differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund, and fees and operating expenses incurred by the Fund.

The Fund’s and the Underlying Index’s allocations to the financials and technology sectors were leading contributors to absolute performance, while their allocations to the health care and telecommunications sectors were the smallest contributors to absolute performance. The Fund’s and the Underlying Index’s allocations to North Asia and Europe, Middle East and Africa were leading contributors to absolute performance, while their allocations to China/India/Pakistan and Latin America were the smallest contributors to absolute performance.

Relative to the FTSE Emerging Index, the Fund’s and the Underlying Index’s underweight positions and security selection in the technology sector and their security selection and overweight positions in the telecommunications sector were leading detractors from performance, while the Fund’s and the Underlying Index’s security selection and underweight position in the health care sector and their security selection in the industrial sectors were leading contributors to performance. The Fund’s and the Underlying Index’s overweight position in Southeast Asia and its underweight position in China/India/Pakistan were leading detractors from relative performance, while their security selection in Europe, Middle East and Africa and their overweight allocation to Latin America made positive contributions to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest sector allocations were in the financials and technology sectors, while its smallest allocations were in the health care and utilities sectors. The Fund’s largest regional allocations were in Southeast Asia and North Asia and the smallest allocations were to China/India/Pakistan and Latin America.

2 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	3.4	%
	2.	Naspers Ltd., Class N (South Africa)	3.2
	3.	Tencent Holdings Ltd. (China)	3.2
	4.	China Mobile Ltd. (China)	2.4
	5.	Hon Hai Precision Industry Co. Ltd. (Taiwan)	2.2
	6.	Alibaba Group Holding Ltd., ADR (China)	1.6
	7.	America Movil SAB de CV, Series L (Mexico)	1.3
	8.	China Construction Bank Corp., Class H (China)	1.3
	9.	Tenaga Nasional Bhd. (Malaysia)	1.2
	10.	Telekomunikasi Indonesia Persero Tbk. PT (Indonesia)	1.2

PORTFOLIO COMPOSITION BY COUNTRY****
China	22.8	%
Taiwan	16.3
Brazil	8.4
South Africa	8.2
India	7.8
Thailand	5.8
Indonesia	5.7
Malaysia	4.9
Russia	4.6
Mexico	4.1
Philippines	2.6
Poland	1.6
United Arab Emirates	1.6
Turkey	1.6
Chile	1.5
Others (each less than 1.0%)	2.5

* 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 $57.15 as of October 31, 2017.

** Market price 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 $57.36 as of October 31, 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 October 31, 2017. The Fund’s composition is subject to change.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		18.95%		6.52%
Market Price				18.65%		6.67%

LIFE OF FUND PERFORMANCE (1/07/15 TO 10/31/17)

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 October 31, 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 OCTOBER 31, 2017

JPMorgan Diversified Return Europe Currency Hedged ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Currency Hedged ETF
Net Asset Value*		20.87%
Market Price**		20.83%
FTSE Developed Europe Diversified Factor 100% Hedged to USD Index (net of foreign withholding taxes)		20.47%
FTSE Developed Europe Diversified Factor Index (net of foreign withholding taxes)		25.72%
FTSE Developed Europe Index (net of foreign withholding taxes)		27.09%
Net Assets as of 10/31/2017	$	30,707,245

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?

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region remained worrisome for politicians and economists, financial markets appeared to be largely unaffected.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2017, and experienced a performance deviation of 0.40% 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, that is not hedged to the U.S. dollar.

The Fund’s and the Underlying Index’s allocations to the technology and basic materials sectors were leading contributors to absolute performance, while their allocations to utilities and telecommunications sectors were the smallest contributors to absolute performance. The Fund’s and the Underlying Index’s allocations to the U.K. and Germany were leading contributors to absolute performance, while their allocations to Ireland and Portugal were the smallest contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’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 sector allocations were in the consumer goods, health care, consumer services and industrials sectors, while its smallest allocations were in the oil & gas and basic materials sectors.

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $29.24 as of October 31, 2017.

** Market price 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 $29.29 as of October 31, 2017.

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

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan Diversified Return Europe Currency Hedged ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Europe Currency Hedged ETF
Net Asset Value		April 1, 2016		20.87%		16.91%
Market Price				20.83%		16.97%

LIFE OF FUND PERFORMANCE (4/01/16 TO 10/31/17)

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 April 1, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Currency Hedged ETF, the FTSE Developed Europe Diversified Factor 100% Hedged to USD Index, the FTSE Developed Europe Diversified Factor Index, and the FTSE Developed Europe Index from April 1, 2016 to October 31, 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 these three indexes. 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 over-seas markets may not be as politically and economically stable as the United States and other nations.

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

6 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

FOR THE YEAR ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value*		25.42%
Market Price**		25.80%
FTSE Developed Europe Diversified Factor Index (net of foreign withholding taxes)		25.72%
FTSE Developed Europe Index (net of foreign withholding taxes)		27.09%
Morgan Stanley Capital International (MSCI) Europe Index (net of foreign withholding taxes)		27.01%
Net Assets as of 10/31/2017	$	79,492,357

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE MARKET PERFORM?

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region remained worrisome for politicians and economists, financial markets appeared to be largely unaffected.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2017, and had a deviation of -0.30% from the Underlying Index. Both the Fund and the Underlying Index underperformed the FTSE Developed Europe Index and the MSCI Europe Index, both of 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 the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

The Fund’s and the Underlying Index’s allocations to the technology and basic materials sectors were leading contributors to absolute performance, while their allocations to utilities and telecommunications sectors were the smallest contributors to absolute performance. The Fund’s and the Underlying Index’s allocations to the U.K. and Germany were leading contributors to absolute performance, while their allocations to Ireland and Portugal were the smallest contributors to absolute performance.

Relative to the FTSE Developed Europe Index, the Fund’s and the Underlying Index’s security selection and underweight position in the financials sectors and their security selection and overweight position in the utilities sector were leading detractors from performance, while their overweight positions and security selection in both the technology and basic materials sectors were leading contributors to performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest sector allocations were in the consumer goods and health care sectors, while its smallest allocations were in the oil & gas and financials sectors. The Fund’s largest country allocations were in the U.K. and Germany and its smallest allocations were in Portugal and Austria.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	SAP SE (Germany)	2.5	%
	2.	Iberdrola SA (Spain)	2.1
	3.	Novartis AG (Registered) (Switzerland)	1.8
	4.	Vodafone Group plc (United Kingdom)	1.8
	5.	Infineon Technologies AG (Germany)	1.6
	6.	Capgemini SE (France)	1.6
	7.	Swisscom AG (Registered) (Switzerland)	1.5
	8.	ASML Holding NV (Netherlands)	1.4
	9.	GlaxoSmithKline plc (United Kingdom)	1.4
	10.	Royal Dutch Shell plc, Class B (Netherlands)	1.3

PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	23.2	%
Germany	14.3
France	13.1
Switzerland	11.6
Spain	8.1
Sweden	5.9
Netherlands	5.3
Finland	4.8
Denmark	3.1
Norway	2.8
Italy	2.5
Belgium	1.7
Portugal	1.1
Austria	1.1
Others (each less than 1.0%)	1.4

* 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 $61.15 as of October 31, 2017.

** Market price 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 $61.42 as of October 31, 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 October 31, 2017. The Fund’s composition is subject to change.

8 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value		December 18, 2015		25.42%		12.73%
Market Price				25.80%		13.00%

LIFE OF FUND PERFORMANCE (12/18/15 TO 10/31/17)

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 December 18, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Equity ETF, the FTSE Developed Europe Diversified Factor Index, the FTSE Developed Europe Index, and the MSCI Europe Index from December 18, 2015 to October 31, 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 the two FTSE 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. Investors can-not 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 over-seas markets may not be as politically and economically stable as the United States and other nations.

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

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Global Equity ETF
Net Asset Value*		20.61%
Market Price**		20.40%
FTSE Developed Diversified Factor Index (net of foreign withholding taxes)		20.71%
FTSE Developed Index (net of foreign withholding taxes)		23.38%
Morgan Stanley Capital International (MSCI) World Index (net of foreign withholding taxes)		22.77%
Net Assets as of 10/31/2017	$	103,695,070

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?

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In the U.S., equities prices reached record highs throughout the twelve month reporting period and the Standard & Poor’s 500 Index hit fresh highs in 11 of the 22 trading days in October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region remained worrisome for politicians and economists,

financial markets appeared to be largely unaffected. Japan’s equities market was a leading performer during the final months of the reporting period amid an improving economy and a snap election that handed Prime Minister Shinzo Abe’s Liberal Democratic Party a parliamentary majority.

In China, government efforts to curb speculation in its financial markets helped to keep market volatility in check, while economic indicators showed continued strong growth. Global economic growth and low interest rates continued to benefit both equities and bonds in emerging market nations.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2017, the Fund posted a positive absolute performance and experienced a performance deviation of -0.10% relative to the Underlying Index. The Fund underperformed the FTSE Developed Index (net of foreign withholding taxes) and the MSCI World Index, both of, which are more traditional market capitalization weighted indexes.

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.

The Fund’s and the Underlying Index’s positions in the basic materials and technology sectors were leading contributors to absolute performance, while their positions in the telecommunications and consumer services sectors were the smallest contributors to absolute performance.

Relative to the FTSE Developed Index, the Fund’s and the Underlying Index’s security selection and underweight position in the financials sector and its security selection and overweight position in the utilities sector were leading detractors from performance. The Fund’s and the Underlying Index’s security selection in both the oil & gas sector and the basic materials sector was a leading contributor to relative performance.

10 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocation was in North America markets — particularly the U.S. — with modestly smaller allocations to Asia, Japan and Europe. In terms of sectors, the Fund’s largest allocations were in the consumer goods and industrials sectors, while the smallest allocations were in the oil & gas and telecommunications sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Samsung Electronics Co. Ltd. (South Korea)	0.6	%
	2.	SK Hynix, Inc. (South Korea)	0.5
	3.	CSL Ltd. (Australia)	0.5
	4.	Toyota Motor Corp. (Japan)	0.4
	5.	Intel Corp. (United States)	0.4
	6.	CK Hutchison Holdings Ltd. (Hong Kong)	0.4
	7.	NAVER Corp. (South Korea)	0.4
	8.	Wesfarmers Ltd. (Australia)	0.4
	9.	SoftBank Group Corp. (Japan)	0.4
	10.	Johnson & Johnson (United States)	0.4

PORTFOLIO COMPOSITION BY COUNTRY****
United States	25.2	%
Japan	23.1
South Korea	10.2
Australia	7.0
France	4.6
Hong Kong	4.1
Canada	3.6
Germany	3.3
Sweden	2.7
United Kingdom	2.4
Singapore	2.0
Switzerland	1.8
Spain	1.8
Netherlands	1.4
Others (each less than 1.0%)	6.3
Short-Term Investment	0.5

* 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 $61.00 as of October 31, 2017.

** Market price 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 $61.14 as of October 31, 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 October 31, 2017. The Fund’s composition is subject to change.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017 (Unaudited)
	INCEPTION DATE		1 YEAR		3 YEARS		SINCE INCEPTION
JPMorgan Diversified Return Global Equity ETF
Net Asset Value		June 16, 2014		20.61%		8.80%		7.58%
Market Price				20.40%		8.58%		7.65%

LIFE OF FUND PERFORMANCE (6/16/14 TO 10/31/17)

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 June 16, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the FTSE Developed Diversified Factor Index, the FTSE Developed Index, and the MSCI World Index from June 16, 2014 to October 31, 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 FTSE 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.

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 over-seas markets may not be as politically and economically stable as the United States and other nations.

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

12 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Currency Hedged ETF
Net Asset Value*		20.04%
Market Price**		19.30%
FTSE Developed ex North America Diversified Factor 100% Hedged to USD Index (net of foreign withholding taxes)		20.00%
FTSE Developed ex North America Diversified Factor Index (net of foreign withholding taxes)		20.53%
FTSE Developed ex North America Index (net of foreign with holding taxes)		24.37%
Net Assets as of 10/31/2017	$	48,274,467

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 midcap 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?

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region remained worrisome for politicians and economists, financial markets appeared to be largely unaffected. Japan’s equities market was a leading performer during the final

months of the reporting period amid an improving economy and a snap election that handed Prime Minister Shinzo Abe’s Liberal Democratic Party a parliamentary majority.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the twelve months ended October 31, 2017 and its performance deviated from the Underlying Index by 0.04%. The Fund and the Underlying Index underperformed the non-hedged FTSE Developed ex North America Diversified Factor Index and 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 performance of the currency hedge, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s security selection and overweight positions in the utilities sector and their security selection and underweight in the industrials sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s security selection in the consumer goods and basic materials sectors was a leading contributor to performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest sector allocations were in the consumer goods and industrials sectors, while the smallest 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 regional allocation was in the U.K.

* 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 $30.17 as of October 31, 2017.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

** Market price 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 $30.02 as of October 31, 2017.

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

14 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Currency Hedged ETF
Net Asset Value		April 1, 2016		20.04%		15.93%
Market Price				19.30%		15.54%

LIFE OF FUND PERFORMANCE (4/01/16 TO 10/31/17)

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 April 1, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Currency Hedged ETF, the FTSE Developed ex North America Diversified Factor 100% Hedged to USD Index, the FTSE Developed ex North America Diversified Factor Index, and the FTSE Developed ex North America Index from April 1, 2016 to October 31, 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 these three indexes. 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 over-seas markets may not be as politically and economically stable as the United States and other nations.

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

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Equity ETF
Net Asset Value*		20.35%
Market Price**		20.30%
FTSE Developed ex North America Diversified Factor Index (net of foreign withholding taxes)		20.53%
FTSE Developed ex North America Index (net of foreign withholding taxes)		24.37%
Morgan Stanley Capital International (MSCI) EAFE Index (net of foreign withholding taxes)		23.44%
Net Assets as of 10/31/2017	$	1,159,887,006

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?

Global financial markets overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand throughout the first ten months of 2017, lifting corporate profits and capital investment as well as business and consumer sentiment. Low interest rates generally weighed on developed market bond prices, while investors’ search for higher yields helped push prices higher for emerging market bonds.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region remained worrisome for politicians and economists,

financial markets appeared to be largely unaffected. Japan’s equities market was a leading performer during the final months of the reporting period amid an improving economy and a snap election that handed Prime Minister Shinzo Abe’s Liberal Democratic Party a parliamentary majority.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2017, and its performance deviated by -0.18% from the performance of the Underlying Index. The Fund and the Underlying Index underperformed the FTSE Developed ex North America Index and the MSCI EAFE 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 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 the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

The Fund’s and the Underlying Index’s positions in the basic materials and consumer goods sectors were leading contributors to absolute performance, while their positions in the utilities and telecommunications sectors were the smallest contributors to absolute performance.

Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s security selection and overweight positions in the utilities sector and their security selection and underweight in the industrials sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s security selection in the consumer goods and basic materials sectors was a leading contributor to performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were in the consumer goods and industrials sectors, while the smallest allocations were in the oil & gas and telecommunications sectors. By region, the Fund’s largest allocations were in Japan

16 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

and Europe, excluding the U.K. The Fund had modestly smaller allocations to Asia, excluding Japan, and the U.K.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Samsung Electronics Co. Ltd. (South Korea)	0.9	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	0.9
	3.	BP plc (United Kingdom) (United Kingdom)	0.8
	4.	GlaxoSmithKline plc (United Kingdom) (United Kingdom)	0.5
	5.	AstraZeneca plc (United Kingdom)	0.5
	6.	Diageo plc (United Kingdom)	0.5
	7.	RELX plc (United Kingdom)	0.5
	8.	Vodafone Group plc (United Kingdom)	0.5
	9.	SoftBank Group Corp. (Japan)	0.5
	10.	CSL Ltd. (Australia)	0.5

SUMMARY OF INVESTMENTS BY COUNTRY****
Japan	25.9	%
United Kingdom	16.8
South Korea	11.2
Australia	6.8
Hong Kong	5.5
France	5.0
Germany	4.2
Sweden	3.1
Singapore	2.6
Switzerland	2.3
Spain	1.9
Netherlands	1.9
Finland	1.7
Norway	1.3
Italy	1.2
Denmark	1.2
United States	1.0
Belgium	1.0
Others (each less than 1.0%)	4.0
Short-Term Investment	1.4

* 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 $59.18 as of October 31, 2017.

** Market price 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 $59.36 as of October 31, 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 October 31, 2017. The Fund’s composition is subject to change.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		20.35%		7.28%
Market Price				20.30%		7.38%

LIFE OF FUND PERFORMANCE (11/5/14 TO 10/31/17)

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 November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the FTSE Developed ex North America Diversified Factor Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to October 31, 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 FTSE 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.

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.

18 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value*		20.99%
Market Price**		21.02%
Russell 1000 Diversified Factor Index		21.42%
Russell 1000 Index		23.67%
Net Assets as of 10/31/2017	$	356,298,771

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 overall provided positive returns during the reporting period amid synchronized global economic growth, historically low interest rates and strong corporate earnings. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

U.S. equities prices reached record highs throughout the reporting period and the Standard & Poor’s 500 Index (the “S&P 500”) hit fresh highs in 11 of the 22 trading days in October 2017. During the twelve months ended October 31, 2017, U.S. small capitalization stocks outperformed both large cap and mid cap stocks, generally, and across growth and value categories. Growth stocks generally outperformed value stocks across all market caps.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance and its performance deviated by -0.43% from the Underlying Index for the twelve months ended October 31, 2017. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in 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 tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s positions in the technology and health care sectors were leading contributors to absolute performance during the reporting period, while the Fund’s and the Underlying Index’s positions in the telecommunications and energy sectors made the smallest contributions to absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s underweight position and security selection in the financials sector and their overweight position in the utilities sector were leading detractors from performance, while their underweight position in the oil & gas sector and their security selection in the health care sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were in the consumer goods and health care sectors, while the smallest allocations were in the telecommunications and oil & gas sectors.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	NVR, Inc.	0.7	%
	2.	IAC/InterActiveCorp	0.6
	3.	Harris Corp.	0.6
	4.	Consolidated Edison, Inc.	0.6
	5.	WEC Energy Group, Inc.	0.6
	6.	Waters Corp.	0.6
	7.	Public Service Enterprise Group, Inc.	0.6
	8.	Eversource Energy	0.5
	9.	Monsanto Co.	0.5
	10.	Ameren Corp.	0.5

PORTFOLIO COMPOSITION BY SECTOR****
Health Care	16.3	%
Information Technology	15.7
Consumer Discretionary	15.4
Utilities	12.2
Consumer Staples	9.8
Industrials	8.7
Financials	8.1
Materials	6.3
Energy	4.5
Real Estate	1.5
Telecommunication Services	1.1
Short-Term Investment	0.4

* 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 $68.52 as of October 31, 2017.

** Market price 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 $68.55 as of October 31, 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 October 31, 2017. The Fund’s composition is subject to change.

20 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		20.99%		16.98%
Market Price				21.02%		17.01%

LIFE OF FUND PERFORMANCE (9/29/15 TO 10/31/17)

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 September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the Russell 1000 Diversified Factor Index, and the Russell 1000 Index from September 29, 2015 to October 31, 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.

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.

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

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value*		21.25%
Market Price**		21.31%
Russell Midcap Diversified Factor Index		21.61%
Russell Midcap Index		21.09%
Net Assets as of 10/31/2017	$	62,063,250

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’s methodology includes quarterly rebalancing.

HOW DID THE MARKET PERFORM?

U.S. financial markets overall provided positive returns during the reporting period amid synchronized global economic growth, historically low interest rates and strong corporate earnings. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

U.S. equities prices reached record highs throughout the reporting period and the Standard & Poor’s 500 Index (the “S&P 500”) hit fresh highs in 11 of the 22 trading days in October 2017. During the twelve months ended October 31, 2017, U.S. mid capitalization stocks generally underperformed both large cap and small cap stocks. Within mid caps, growth stocks outperformed value stocks.

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 twelve months ended October 31, 2017. The Fund and the Underlying Index outperformed the Russell Midcap Index, which is a more traditional market capitalization weighted index.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in 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 tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s positions in the technology and industrials sectors were leading contributors to absolute performance during the reporting period, while the Fund’s and the Underlying Index’s positions in the telecommunications and oil & gas sectors made the smallest contribution to absolute performance.

Relative to the Russell Midcap Index, the Fund’s and the Underlying Index’s underweight position and security selection in the oil & gas sector and its overweight position and security selection in the health care sector were leading contributors to performance, while their overweight position and security selection in the utilities sector and their security selection in the technology sector were leading detractors from performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest average allocations were in the financials and consumer goods sectors and the smallest average allocations were in the telecommunications and oil & gas sectors.

22 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Great Plains Energy, Inc.	0.5	%
	2.	Alliant Energy Corp.	0.5
	3.	Xcel Energy, Inc.	0.5
	4.	Consolidated Edison, Inc.	0.5
	5.	American Water Works Co., Inc.	0.5
	6.	Ameren Corp.	0.5
	7.	CMS Energy Corp.	0.5
	8.	Public Service Enterprise Group, Inc.	0.5
	9.	Pinnacle West Capital Corp.	0.5
	10.	Edison International	0.5

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	15.7	%
Information Technology	15.7
Health Care	13.1
Utilities	12.4
Industrials	12.2
Financials	9.8
Materials	6.7
Consumer Staples	6.3
Real Estate	3.9
Energy	3.7
Telecommunication Services	0.2
Short-Term Investment	0.3

* 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 $62.06 as of October 31, 2017.

** Market price 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 $62.08 as of October 31, 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 October 31, 2017. The Fund’s composition is subject to change.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		21.25%		16.50%
Market Price				21.31%		16.53%

LIFE OF FUND PERFORMANCE (5/11/16 TO 10/31/17)

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 May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, the Russell Midcap Diversified Factor Index, and the Russell Midcap Index from May 11, 2016 to October 31, 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.

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.

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.

24 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

PERIOD NOVEMBER 15, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value*		15.96%
Market Price**		16.16%
Russell 2000 Diversified Factor Index		16.23%
Russell 2000 Index		16.89%
Net Assets as of 10/31/2017	$	55,011,105

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 overall provided positive returns during the reporting period amid synchronized global economic growth, historically low interest rates and strong corporate earnings. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude oil remained above $50 dollars a barrel through October 2017.

U.S. equities prices reached record highs throughout the reporting period and the Standard & Poor’s 500 Index (the “S&P 500”) hit fresh highs in 11 of the 22 trading days in October 2017. During the twelve months ended October 31, 2017, U.S. small capitalization stocks outperformed both large cap and mid cap stocks, generally, and across growth and value categories. Within small caps, growth stocks outperformed value stocks.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance and a performance deviation of -0.27% relative to the Underlying Index for the period November 15, 2016 (the Fund’s inception date) to October 31, 2017. Both the Fund and the Underlying Index underperformed the Russell 2000 Index, which is a more traditional market capitalization weighted index.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in 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 tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s positions in the health care and industrials sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s positions in the telecommunications and oil & gas sectors detracted from absolute performance during the reporting period.

Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s overweight positions and security selection in the consumer goods sector and their underweight position and security selection in the industrials sector were leading detractors from performance, while their security selection and underweight position in the oil & gas sector and their underweight position in the financials sector made a positive contribution to performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were in the consumer goods and consumer services sectors and the smallest allocations were in the telecommunications and oil & gas sectors.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

PERIOD NOVEMBER 15, 2016 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2017 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	LCI Industries	0.7	%
	2.	Boston Beer Co., Inc. (The), Class A	0.7
	3.	Webster Financial Corp.	0.7
	4.	Pool Corp.	0.7
	5.	West Pharmaceutical Services, Inc.	0.6
	6.	ALLETE, Inc.	0.6
	7.	MAXIMUS, Inc.	0.6
	8.	ONE Gas, Inc.	0.6
	9.	Columbia Sportswear Co.	0.6
	10.	Spire, Inc.	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	20.9	%
Industrials	14.3
Information Technology	13.6
Utilities	11.9
Health Care	11.0
Consumer Staples	9.1
Materials	6.7
Financials	6.0
Real Estate	2.2
Energy	2.0
Telecommunication Services	1.5
Short-Term Investment	0.8

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $28.95 as of October 31, 2017.

** Market price 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 $29.00 as of October 31, 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 October 31, 2017. The Fund’s composition is subject to change.

26 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value		November 15, 2016		15.96%
Market Price				16.16%

LIFE OF FUND PERFORMANCE (11/15/16 TO 10/31/17)

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 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 October 31, 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.

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.

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

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Diversified Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.8%
		Brazil — 8.3%
	13,600	AES Tiete Energia SA		53,963
	29,526	Banco Bradesco SA*		296,226
	113,966	Banco Bradesco SA (Preference)*		1,210,974
	40,839	Banco do Brasil SA*		431,698
	14,935	Banco Santander Brasil SA		131,029
	25,484	BB Seguridade Participacoes SA		215,087
	31,419	BR Malls Participacoes SA		122,168
	8,500	Bradespar SA (Preference)		62,542
	8,950	Braskem SA (Preference), Class A*		142,268
	53,300	CCR SA		295,885
	10,000	Cia Brasileira de Distribuicao (Preference)*		233,179
	29,722	Cia de Saneamento Basico do Estado de Sao Paulo*		271,935
	4,130	Cia de Transmissao de Energia Eletrica Paulista (Preference)		83,653
	70,005	Cia Energetica de Minas Gerais (Preference)		165,634
	8,803	Cia Paranaense de Energia (Preference)		67,678
	42,060	Cielo SA		287,231
	25,752	EDP — Energias do Brasil SA*		114,775
	34,811	Embraer SA		167,388
	12,145	Engie Brasil Energia SA		133,839
	14,757	Equatorial Energia SA		275,670
	16,413	Estacio Participacoes SA		147,708
	10,914	Fibria Celulose SA		174,188
	17,000	Fleury SA		149,250
	44,564	Gerdau SA (Preference)		149,169
	5,300	Grendene SA		44,392
	117,904	Itau Unibanco Holding SA (Preference)		1,521,330
	145,339	Itausa — Investimentos Itau SA (Preference)		468,721
	51,273	JBS SA		117,865
	97,041	Kroton Educacional SA		538,111
	9,912	Localiza Rent a Car SA*		174,376
	45,283	Lojas Renner SA*		476,182
	5,483	M Dias Branco SA*		81,089
	11,800	Natura Cosmeticos SA		111,677
	23,200	Odontoprev SA		111,344
	139,518	Petroleo Brasileiro SA*		741,668
	182,078	Petroleo Brasileiro SA (Preference)*		935,075
	3,586	Porto Seguro SA*		39,200
	8,400	Qualicorp SA		89,821
	10,762	Sao Martinho SA		60,599
	3,694	Smiles Fidelidade SA*		95,373
	8,264	Sul America SA		45,346
	20,762	Suzano Papel e Celulose SA (Preference), Class A		128,584
	36,311	Telefonica Brasil SA (Preference)		560,321

SHARES		INVESTMENTS	VALUE($)
		Brazil — continued
	70,590	TIM Participacoes SA		261,317
	16,439	Transmissora Alianca de Energia Eletrica SA		103,268
	18,118	Usinas Siderurgicas de Minas Gerais SA (Preference), Class A*		48,739
	138,502	Vale SA*		1,366,264
	14,004	Vale SA (Preference)*		128,298
	28,866	WEG SA		188,922
				13,821,019
		Chile — 1.5%
	235,536	Aguas Andinas SA, Class A		153,453
	976,398	Banco de Chile		149,777
	1,720	Banco de Credito e Inversiones		115,664
	2,345,050	Banco Santander Chile		184,376
	9,426	Cia Cervecerias Unidas SA		136,024
	613,106	Colbun SA		144,739
	16,295	Embotelladora Andina SA (Preference), Class B		83,540
	20,155	Empresas COPEC SA		310,601
	2,450,590	Enel Americas SA		527,198
	1,695,511	Enel Chile SA		197,643
	276,534	Enel Generacion Chile SA		241,092
	4,448	Sociedad Quimica y Minera de Chile SA (Preference), Class B		265,671
				2,509,778
		China — 22.7%
	1,100	58.com, Inc., ADR*		73,887
	36,000	Agile Group Holdings Ltd.		52,522
	661,000	Agricultural Bank of China Ltd., Class H		311,327
	96,000	Air China Ltd., Class H		91,536
	14,100	Alibaba Group Holding Ltd., ADR*		2,606,949
	140,000	Aluminum Corp. of China Ltd., Class H*		112,447
	38,000	Angang Steel Co. Ltd., Class H		33,312
	42,500	Anhui Conch Cement Co. Ltd., Class H		182,057
	62,000	ANTA Sports Products Ltd.		277,317
	500	Autohome, Inc., ADR*		28,755
	128,000	AviChina Industry & Technology Co. Ltd., Class H		74,346
	71,500	BAIC Motor Corp. Ltd., Class H (a)		83,809
	2,400	Baidu, Inc., ADR*		585,456
	1,970,000	Bank of China Ltd., Class H		984,533
	202,000	Bank of Communications Co. Ltd., Class H		152,497
	84,000	BBMG Corp., Class H		41,919
	54,000	Beijing Capital International Airport Co. Ltd., Class H		88,675
	18,500	Beijing Enterprises Holdings Ltd.		109,987

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		China — continued
	304,000	Beijing Enterprises Water Group Ltd.		255,459
	43,200	BOE Technology Group Co. Ltd., Class B		28,130
	144,000	Brilliance China Automotive Holdings Ltd.		364,915
	27,500	BYD Electronic International Co. Ltd.		74,571
	843,000	CGN Power Co. Ltd., Class H (a)		247,647
	110,000	China Agri-Industries Holdings Ltd.		53,759
	66,000	China BlueChemical Ltd., Class H		19,728
	244,000	China Cinda Asset Management Co. Ltd., Class H		94,817
	214,000	China CITIC Bank Corp. Ltd., Class H		137,890
	75,000	China Coal Energy Co. Ltd., Class H		34,350
	159,000	China Communications Construction Co. Ltd., Class H		193,121
	90,000	China Communications Services Corp. Ltd., Class H		54,619
	58,000	China Conch Venture Holdings Ltd.		118,257
	2,313,000	China Construction Bank Corp., Class H		2,067,164
	166,000	China Dongxiang Group Co. Ltd.		30,870
	82,000	China Eastern Airlines Corp. Ltd., Class H		41,651
	84,000	China Everbright Bank Co. Ltd., Class H		39,652
	94,000	China Everbright International Ltd.		132,620
	22,000	China Everbright Ltd.		52,203
	76,000	China Evergrande Group*		293,159
	95,500	China Galaxy Securities Co. Ltd., Class H		83,321
	35,000	China Hongqiao Group Ltd.*		42,031
	155,000	China Huarong Asset Management Co. Ltd., Class H (a)		72,913
	18,000	China International Capital Corp. Ltd., Class H (a)		37,117
	15,500	China International Marine Containers Group Co. Ltd., Class H		30,900
	128,000	China Jinmao Holdings Group Ltd.		57,524
	300	China Lodging Group Ltd., ADR*		40,167
	120,000	China Longyuan Power Group Corp. Ltd., Class H		88,991
	34,000	China Machinery Engineering Corp., Class H		20,846
	94,000	China Medical System Holdings Ltd.		173,818
	98,000	China Merchants Bank Co. Ltd., Class H		374,229
	42,000	China Merchants Port Holdings Co. Ltd.		131,383
	23,600	China Merchants Securities Co. Ltd., Class H (a)		39,347
	121,000	China Minsheng Banking Corp. Ltd., Class H		117,215
	399,500	China Mobile Ltd.		4,018,319
	141,000	China Molybdenum Co. Ltd., Class H		91,780
	104,000	China National Building Material Co. Ltd., Class H		87,779
	42,000	China National Materials Co. Ltd., Class H		29,045

SHARES		INVESTMENTS	VALUE($)
		China — continued
	100,000	China Overseas Land & Investment Ltd.		324,702
	66,800	China Pacific Insurance Group Co. Ltd., Class H		329,846
	910,000	China Petroleum & Chemical Corp., Class H		668,230
	250,000	China Power International Development Ltd.		79,483
	68,000	China Railway Construction Corp. Ltd., Class H		85,397
	137,000	China Railway Group Ltd., Class H		110,121
	56,000	China Railway Signal & Communication Corp. Ltd., Class H (a)		44,102
	173,000	China Reinsurance Group Corp., Class H		38,400
	62,000	China Resources Cement Holdings Ltd.		41,906
	60,000	China Resources Gas Group Ltd.		219,782
	70,000	China Resources Land Ltd.		208,914
	142,000	China Resources Power Holdings Co. Ltd.		273,077
	121,000	China Shenhua Energy Co. Ltd., Class H		289,465
	86,000	China South City Holdings Ltd.		24,041
	100,000	China Southern Airlines Co. Ltd., Class H		73,932
	68,000	China State Construction International Holdings Ltd.		95,544
	37,600	China Taiping Insurance Holdings Co. Ltd.		123,996
	1,048,000	China Telecom Corp. Ltd., Class H		525,570
	184,000	China Traditional Chinese Medicine Holdings Co. Ltd.		105,478
	34,000	China Vanke Co. Ltd., Class H		121,031
	49,600	China Zhongwang Holdings Ltd.		29,259
	43,900	Chongqing Changan Automobile Co. Ltd., Class B		57,454
	67,000	Chongqing Rural Commercial Bank Co. Ltd., Class H		45,547
	20,000	CIMC Enric Holdings Ltd.*		13,544
	176,000	CITIC Ltd.		257,829
	46,000	COSCO SHIPPING Energy Transportation Co. Ltd., Class H		26,938
	89,500	COSCO SHIPPING Holdings Co. Ltd., Class H*		49,117
	62,000	COSCO SHIPPING Ports Ltd.		71,851
	137,000	Country Garden Holdings Co. Ltd.		217,174
	144,000	CRRC Corp. Ltd., Class H		142,087
	23,500	CSC Financial Co. Ltd., Class H (a)		21,554
	320,000	CSPC Pharmaceutical Group Ltd.		556,715
	107,500	Dali Foods Group Co. Ltd. (a)		83,229
	214,000	Datang International Power Generation Co. Ltd., Class H*		72,166
	12,200	Dongfang Electric Corp. Ltd., Class H*		11,905
	150,000	Dongfeng Motor Group Co. Ltd., Class H		205,904
	55,000	ENN Energy Holdings Ltd.		403,607
	54,000	Far East Horizon Ltd.		53,661
	80,076	Fosun International Ltd.		198,669

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Diversified Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		China — continued
	26,400	Fuyao Glass Industry Group Co. Ltd., Class H (a)		100,672
	251,000	Geely Automobile Holdings Ltd.		778,319
	40,000	GF Securities Co. Ltd., Class H		85,304
	162,000	Great Wall Motor Co. Ltd., Class H		204,404
	19,500	Greentown China Holdings Ltd.		24,358
	220,000	Guangdong Investment Ltd.		318,738
	116,000	Guangzhou Automobile Group Co. Ltd., Class H		288,471
	16,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		56,204
	26,800	Guangzhou R&F Properties Co. Ltd., Class H		57,146
	21,000	Haitian International Holdings Ltd.		62,886
	8,000	Health and Happiness H&H International Holdings Ltd.*		41,805
	37,500	Hengan International Group Co. Ltd.		369,801
	194,000	Huadian Fuxin Energy Corp. Ltd., Class H		50,516
	122,000	Huadian Power International Corp. Ltd., Class H		50,684
	180,000	Huaneng Renewables Corp. Ltd., Class H		61,903
	2,022,000	Industrial & Commercial Bank of China Ltd., Class H		1,608,835
	36,500	Inner Mongolia Yitai Coal Co. Ltd., Class B		49,078
	44,000	Jiangsu Expressway Co. Ltd., Class H		67,460
	42,000	Jiangxi Copper Co. Ltd., Class H		67,064
	30,000	Kingsoft Corp. Ltd.		75,829
	100,000	Kunlun Energy Co. Ltd.		92,738
	32,236	KWG Property Holding Ltd.		32,005
	10,800	Lao Feng Xiang Co. Ltd., Class B		40,489
	14,000	Legend Holdings Corp., Class H (a)		36,812
	248,000	Lenovo Group Ltd.		143,859
	7,310	Livzon Pharmaceutical Group, Inc., Class H		49,604
	26,000	Logan Property Holdings Co. Ltd.		24,086
	38,000	Longfor Properties Co. Ltd.		88,765
	125,000	Luye Pharma Group Ltd.		83,317
	62,000	Maanshan Iron & Steel Co. Ltd., Class H*		29,136
	103,000	Metallurgical Corp. of China Ltd., Class H		34,094
	800	Momo, Inc., ADR*		24,376
	600	NetEase, Inc., ADR		169,152
	20,600	New China Life Insurance Co. Ltd., Class H		128,964
	1,700	New Oriental Education & Technology Group, Inc., ADR		141,508
	21,200	Orient Securities Co. Ltd., Class H (a)		21,636
	220,000	People’s Insurance Co. Group of China Ltd. (The), Class H		104,711
	116,000	PICC Property & Casualty Co. Ltd., Class H		230,201

SHARES		INVESTMENTS	VALUE($)
		China — continued
	129,000	Ping An Insurance Group Co. of China Ltd., Class H		1,133,645
	49,000	Poly Property Group Co. Ltd.*		23,749
	152,000	Postal Savings Bank of China Co. Ltd., Class H (a)		91,793
	14,000	Red Star Macalline Group Corp. Ltd., Class H (a)		16,747
	16,800	Shandong Chenming Paper Holdings Ltd., Class B		30,645
	11,500	Shandong Chenming Paper Holdings Ltd., Class H		20,919
	124,000	Shandong Weigao Group Medical Polymer Co. Ltd., Class H		89,056
	36,000	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		179,833
	16,000	Shanghai Industrial Holdings Ltd.		49,151
	52,800	Shanghai Pharmaceuticals Holding Co. Ltd., Class H		136,490
	26,000	Shenzhen Expressway Co. Ltd., Class H		26,593
	30,044	Shenzhen International Holdings Ltd.		57,423
	76,829	Shenzhen Investment Ltd.		34,275
	31,000	Shenzhou International Group Holdings Ltd.		264,903
	308,000	Sihuan Pharmaceutical Holdings Group Ltd.		111,424
	2,200	SINA Corp.*		236,830
	74,500	Sino-Ocean Group Holding Ltd.		48,652
	52,500	Sinopec Engineering Group Co. Ltd., Class H		45,021
	124,000	Sinopec Shanghai Petrochemical Co. Ltd., Class H		73,963
	77,600	Sinopharm Group Co. Ltd., Class H		347,455
	63,000	Sinotrans Ltd., Class H		30,284
	24,000	Sinotruk Hong Kong Ltd.		31,915
	48,500	SOHO China Ltd.*		28,097
	50,000	Sunac China Holdings Ltd.		254,744
	23,000	Sunny Optical Technology Group Co. Ltd.		337,351
	117,400	Tencent Holdings Ltd.		5,276,556
	20,000	Tianhe Chemicals Group Ltd.*‡ (a)		—
	26,000	Tianjin Capital Environmental Protection Group Co. Ltd., Class H		16,578
	36,000	TravelSky Technology Ltd., Class H		93,308
	70,000	Weichai Power Co. Ltd., Class H		87,166
	19,640	Xinjiang Goldwind Science & Technology Co. Ltd., Class H		24,893
	70,000	Yanzhou Coal Mining Co. Ltd., Class H		69,866
	160,000	Yuexiu Property Co. Ltd.		31,006
	52,000	Zhejiang Expressway Co. Ltd., Class H		64,306
	32,000	Zhongsheng Group Holdings Ltd.		65,774
	18,100	Zhuzhou CRRC Times Electric Co. Ltd., Class H		105,938

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		China — continued
	204,000	Zijin Mining Group Co. Ltd., Class H		70,596
	47,200	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		22,904
	27,200	ZTE Corp., Class H*		94,503
				37,683,147
		Colombia — 0.3%
	12,930	Almacenes Exito SA		69,962
	9,684	Bancolombia SA		88,880
	16,927	Bancolombia SA (Preference)		160,030
	175,342	Grupo Aval Acciones y Valores SA (Preference)		73,490
	34,353	Interconexion Electrica SA ESP		150,645
				543,007
		Czech Republic — 0.3%
	13,616	CEZ A/S		298,562
	2,751	Komercni banka A/S		118,262
	18,798	Moneta Money Bank A/S (a)		64,256
				481,080
		Egypt — 0.1%
	38,557	Commercial International Bank Egypt SAE		172,336
	19,966	Egyptian Financial Group-Hermes Holding Co.		26,559
	36,739	Talaat Moustafa Group		20,012
				218,907
		Greece — 0.4%
	50,348	Alpha Bank AE*		100,390
	66,557	Eurobank Ergasias SA*		54,366
	2,170	FF Group*		45,448
	2,713	Hellenic Petroleum SA		23,956
	6,600	JUMBO SA		106,094
	2,605	Motor Oil Hellas Corinth Refineries SA		62,358
	200,680	National Bank of Greece SA*		66,375
	13,483	OPAP SA		151,089
	10,764	Piraeus Bank SA*		30,965
				641,041
		Hong Kong — 0.8%
	56,000	China Gas Holdings Ltd.		170,247
	447,000	GCL-Poly Energy Holdings Ltd.*		76,858
	64,000	Haier Electronics Group Co. Ltd.*		168,753
	24,500	Kingboard Chemical Holdings Ltd.		145,385
	37,000	Kingboard Laminates Holdings Ltd.		62,179
	53,000	Lee & Man Paper Manufacturing Ltd.		64,748
	56,000	Nine Dragons Paper Holdings Ltd.		102,928
	31,000	Shimao Property Holdings Ltd.		64,982

SHARES		INVESTMENTS	VALUE($)
		Hong Kong — continued
	319,000	Sino Biopharmaceutical Ltd.		373,032
				1,229,112
		Hungary — 0.6%
	20,076	MOL Hungarian Oil & Gas plc		240,424
	9,097	OTP Bank plc		366,752
	12,032	Richter Gedeon Nyrt.		299,291
				906,467
		India — 7.8%
	9,486	Adani Enterprises Ltd.		19,398
	29,555	Adani Ports & Special Economic Zone Ltd.		196,553
	42,067	Ashok Leyland Ltd.		85,260
	20,047	Aurobindo Pharma Ltd.		235,418
	4,275	Bajaj Finance Ltd.		118,896
	990	Bajaj Finserv Ltd.		76,649
	11,942	Bank of Baroda		31,334
	6,139	Bank of India*		18,129
	21,082	Bharat Electronics Ltd.		60,147
	6,693	Bharat Forge Ltd.		72,241
	35,637	Bharat Petroleum Corp. Ltd.		298,167
	58,755	Bharti Infratel Ltd.		401,666
	18,583	Cadila Healthcare Ltd.		144,509
	3,096	Canara Bank		19,397
	2,978	Container Corp. of India Ltd.		63,596
	479	Eicher Motors Ltd.		238,581
	10,673	Exide Industries Ltd.		34,456
	14,497	GAIL India Ltd.		104,176
	159,783	GMR Infrastructure Ltd.*		47,439
	11,575	Grasim Industries Ltd.		219,489
	18,919	HCL Technologies Ltd.		250,021
	5,120	Hero MotoCorp Ltd.		304,711
	32,055	Hindalco Industries Ltd.		132,456
	21,768	Hindustan Petroleum Corp. Ltd.		150,364
	37,052	Hindustan Unilever Ltd.		708,103
	8,360	Hindustan Zinc Ltd.		40,738
	41,169	Housing Development Finance Corp. Ltd.		1,085,742
	31,553	ICICI Bank Ltd.		147,915
	6,677	ICICI Prudential Life Insurance Co. Ltd. (a)		41,847
	2,685	IDFC Ltd.		2,612
	8,402	Indiabulls Housing Finance Ltd.		161,535
	39,107	Indian Oil Corp. Ltd.		251,098
	2,931	IndusInd Bank Ltd.		73,668
	2,075	InterGlobe Aviation Ltd. (a)		40,025
	13,071	Jindal Steel & Power Ltd.*		32,932
	42,300	JSW Steel Ltd.		169,010

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Diversified Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		India — continued
	4,519	Kotak Mahindra Bank Ltd.		71,554
	11,330	L&T Finance Holdings Ltd.		35,226
	12,074	Larsen & Toubro Ltd.		228,049
	6,408	LIC Housing Finance Ltd.		59,301
	10,937	Mahindra & Mahindra Ltd.		227,222
	7,148	Mangalore Refinery & Petrochemicals Ltd.		15,712
	6,322	Maruti Suzuki India Ltd.		802,018
	33,045	Motherson Sumi Systems Ltd.		186,489
	53	MRF Ltd.		54,401
	186,229	NHPC Ltd.		82,151
	27,118	NMDC Ltd.		53,704
	149,674	NTPC Ltd.		419,139
	109,997	Oil & Natural Gas Corp. Ltd.		325,022
	6,485	Oil India Ltd.		36,988
	766	Oracle Financial Services Software Ltd.		41,406
	1,794	Oriental Bank of Commerce*		3,904
	11,345	Petronet LNG Ltd.		45,556
	16,420	Power Finance Corp. Ltd.		35,289
	58,099	Power Grid Corp. of India Ltd.		190,078
	11,029	Punjab National Bank*		33,612
	7,261	Rajesh Exports Ltd.		87,779
	3,199	Reliance Capital Ltd.		28,561
	113,798	Reliance Industries Ltd.		1,654,466
	41,542	Reliance Power Ltd.*		26,184
	49,592	Rural Electrification Corp. Ltd.		132,739
	4,348	Shriram Transport Finance Co. Ltd.		78,497
	4,400	Sun TV Network Ltd.		58,206
	16,510	Tata Consultancy Services Ltd.		669,232
	71,601	Tata Power Co. Ltd. (The)		93,939
	8,325	Tata Steel Ltd.		90,538
	16,257	Titan Co. Ltd.		159,467
	3,765	Union Bank of India*		10,266
	12,711	UPL Ltd.		157,067
	59,739	Vedanta Ltd.		306,682
	42,402	Wipro Ltd.		192,695
	40,790	Yes Bank Ltd.		198,273
				12,969,690
		Indonesia — 5.6%
	1,286,600	Adaro Energy Tbk. PT		173,144
	2,384,000	Astra International Tbk. PT		1,406,243
	883,300	Bank Central Asia Tbk. PT		1,360,672
	1,694,700	Bank Mandiri Persero Tbk. PT		880,231
	677,200	Bank Negara Indonesia Persero Tbk. PT		379,618
	968,700	Bank Rakyat Indonesia Persero Tbk. PT		1,114,489
	693,700	Bumi Serpong Damai Tbk. PT		88,045

SHARES		INVESTMENTS	VALUE($)
		Indonesia — continued
	54,500	Gudang Garam Tbk. PT		281,290
	517,500	Indofood Sukses Makmur Tbk. PT		312,856
	221,400	Jasa Marga Persero Tbk. PT		106,109
	1,473,800	Perusahaan Gas Negara Persero Tbk.		199,970
	81,800	Tambang Batubara Bukit Asam Persero Tbk. PT		69,227
	6,672,500	Telekomunikasi Indonesia Persero Tbk. PT		1,990,854
	198,700	Tower Bersama Infrastructure Tbk. PT		99,847
	135,100	Unilever Indonesia Tbk. PT		494,080
	153,600	United Tractors Tbk. PT		392,706
				9,349,381
		Malaysia — 4.9%
	177,800	AirAsia Bhd.		140,308
	175,500	AMMB Holdings Bhd.		177,479
	584,455	CIMB Group Holdings Bhd.		847,657
	219,600	Gamuda Bhd.		272,328
	266,300	Genting Bhd.		569,239
	330,800	Genting Malaysia Bhd.		393,183
	57,468	Hong Leong Bank Bhd.		216,379
	527,808	Malayan Banking Bhd.		1,153,261
	287,000	Petronas Chemicals Group Bhd.		499,631
	65,900	PPB Group Bhd.		261,203
	282,500	Public Bank Bhd.		1,365,192
	102,661	RHB Bank Bhd.		123,188
	575,100	Tenaga Nasional Bhd.		2,037,643
				8,056,691
		Mexico — 4.1%
	2,578,200	America Movil SAB de CV, Series L		2,222,940
	22,700	Arca Continental SAB de CV		144,464
	8,632	Banregio Grupo Financiero SAB de CV		46,042
	725,407	Cemex SAB de CV*		589,883
	31,200	Coca-Cola Femsa SAB de CV, Series L		210,910
	101,803	Fibra Uno Administracion SA de CV, REIT		159,727
	42,080	Gentera SAB de CV		42,581
	13,029	Gruma SAB de CV, Class B		171,006
	14,428	Grupo Aeroportuario del Centro Norte SAB de CV		72,886
	18,798	Grupo Aeroportuario del Pacifico SAB de CV, Class B		178,736
	9,680	Grupo Aeroportuario del Sureste SAB de CV, Class B		173,083
	4,145	Grupo Elektra SAB de CV		166,111
	85,970	Grupo Financiero Banorte SAB de CV, Class O		509,405
	85,900	Grupo Financiero Inbursa SAB de CV, Class O		147,769

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Mexico — continued
	64,153	Grupo Financiero Santander Mexico SAB de CV, Class B		107,816
	158,752	Grupo Mexico SAB de CV, Series B		516,290
	5,905	Industrias Penoles SAB de CV		137,678
	52,301	Infraestructura Energetica Nova SAB de CV		266,801
	19,201	Megacable Holdings SAB de CV		76,076
	46,791	Mexichem SAB de CV		120,518
	38,237	Nemak SAB de CV (a)		28,780
	12,900	OHL Mexico SAB de CV		22,851
	330,900	Wal-Mart de Mexico SAB de CV		740,789
				6,853,142
		Pakistan — 0.0% (b)
	17,600	Habib Bank Ltd.		26,816
	23,000	Oil & Gas Development Co. Ltd.		31,407
				58,223
		Peru — 0.1%
	9,500	Cia de Minas Buenaventura SAA, ADR		131,005
		Philippines — 2.6%
	200,380	Aboitiz Equity Ventures, Inc.		290,721
	418,800	Alliance Global Group, Inc.*		129,798
	24,660	Ayala Corp.		492,093
	635,600	Ayala Land, Inc.		532,354
	143,100	Bank of the Philippine Islands		271,647
	179,520	BDO Unibank, Inc.		478,372
	406,100	Bloomberry Resorts Corp.*		74,258
	414,700	DMCI Holdings, Inc.		123,225
	1,312,100	Energy Development Corp.		146,750
	4,115	Globe Telecom, Inc.		162,856
	110,850	International Container Terminal Services, Inc.		227,031
	37,160	Manila Electric Co.		210,039
	1,066,800	Megaworld Corp.		110,141
	2,007,600	Metro Pacific Investments Corp.		264,586
	116,716	Metropolitan Bank & Trust Co.		195,858
	16,520	PLDT, Inc.		547,862
	119,420	Semirara Mining & Power Corp.		98,312
				4,355,903
		Poland — 1.7%
	3,363	Alior Bank SA*		66,827
	3,474	Asseco Poland SA		45,544
	5,750	Bank Pekao SA		187,886
	1,058	Bank Zachodni WBK SA		106,153
	1,337	CCC SA		100,258
	9,730	Cyfrowy Polsat SA		67,790

SHARES		INVESTMENTS	VALUE($)
		Poland — continued
	18,415	Enea SA		70,474
	2,169	Grupa Azoty SA		43,500
	4,301	Grupa Lotos SA		77,996
	2,395	Jastrzebska Spolka Weglowa SA*		64,416
	6,348	KGHM Polska Miedz SA		214,568
	762	KRUK SA		58,407
	470	mBank SA*		59,430
	62,955	PGE Polska Grupa Energetyczna SA*		225,727
	14,425	Polski Koncern Naftowy ORLEN SA		510,205
	78,961	Polskie Gornictwo Naftowe i Gazownictwo SA		145,104
	31,292	Powszechna Kasa Oszczednosci Bank Polski SA*		333,051
	20,573	Powszechny Zaklad Ubezpieczen SA		265,508
	90,101	Tauron Polska Energia SA*		87,132
				2,729,976
		Russia — 4.6%
	26,297	Aeroflot PJSC		80,942
	116,606	Alrosa PJSC		149,876
	22,285,305	Federal Grid Co. Unified Energy System PJSC		60,148
	490,469	Gazprom PJSC		1,055,322
	2,608,081	Inter RAO UES PJSC		159,557
	21,761	LUKOIL PJSC		1,154,063
	67,746	Magnitogorsk Iron & Steel Works PJSC		51,141
	2,142	MMC Norilsk Nickel PJSC		387,709
	87,372	Mobile TeleSystems PJSC		420,996
	52,106	Moscow Exchange MICEX-RTS PJSC		105,077
	688,000	Mosenergo PJSC		36,100
	49,987	Novatek PJSC		556,317
	40,451	Novolipetsk Steel PJSC		92,135
	54,411	Rosneft Oil Co. PJSC		296,645
	2,510,498	ROSSETI PJSC		40,631
	72,629	Rostelecom PJSC		84,791
	9,475,049	RusHydro PJSC		132,338
	397,976	Sberbank of Russia PJSC		1,318,746
	8,133	Severstal PJSC		124,885
	333,462	Surgutneftegas OJSC		166,250
	359,433	Surgutneftegas OJSC (Preference)		178,145
	69,772	Tatneft PJSC		521,905
	73	Transneft PJSC (Preference)		230,915
	189,659,185	VTB Bank PJSC		194,590
				7,599,224
		South Africa — 8.2%
	4,754	African Rainbow Minerals Ltd.		41,720
	20,541	AVI Ltd.		143,225

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Diversified Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		South Africa — continued
	23,881	Barclays Africa Group Ltd.		236,567
	9,860	Barloworld Ltd.		92,974
	20,886	Bid Corp. Ltd.		459,414
	15,491	Bidvest Group Ltd. (The)		188,080
	1,944	Capitec Bank Holdings Ltd.		129,223
	14,917	Clicks Group Ltd.		167,078
	9,630	Coronation Fund Managers Ltd.		48,564
	15,338	Dis-Chem Pharmacies Ltd. (a)		35,908
	12,566	Discovery Ltd.		130,352
	7,858	Exxaro Resources Ltd.		79,854
	117,612	FirstRand Ltd.		426,912
	27,444	Fortress Income Fund Ltd., REIT		77,933
	41,569	Fortress Income Fund Ltd., Class A, REIT		49,775
	13,820	Foschini Group Ltd. (The)		132,445
	100,528	Growthpoint Properties Ltd., REIT		174,377
	17,475	Harmony Gold Mining Co. Ltd.		29,882
	8,984	Hyprop Investments Ltd., REIT		67,577
	7,444	Imperial Holdings Ltd.		106,762
	10,220	Investec Ltd.		69,710
	68,108	KAP Industrial Holdings Ltd.		40,946
	2,418	Kumba Iron Ore Ltd.		46,521
	4,438	Liberty Holdings Ltd.		34,888
	37,413	MMI Holdings Ltd.		49,747
	5,487	Mondi Ltd.		131,618
	15,311	Mr Price Group Ltd.		189,767
	29,962	Nampak Ltd.*		39,416
	21,816	Naspers Ltd., Class N		5,315,091
	7,769	Nedbank Group Ltd.		113,853
	24,887	Rand Merchant Investment Holdings Ltd.		69,583
	186,548	Redefine Properties Ltd., REIT		139,989
	24,008	Remgro Ltd.		363,388
	7,721	Reunert Ltd.		37,975
	24,449	RMB Holdings Ltd.		108,087
	61,917	Sanlam Ltd.		309,917
	25,895	Sappi Ltd.		173,406
	25,713	Sasol Ltd.		751,277
	28,086	Shoprite Holdings Ltd.		401,979
	46,618	Standard Bank Group Ltd.		541,346
	163,991	Steinhoff International Holdings NV		711,900
	16,234	Super Group Ltd.*		45,886
	26,348	Telkom SA SOC Ltd.		98,693
	10,276	Tiger Brands Ltd.		280,655
	27,077	Truworths International Ltd.		144,321
	43,645	Vodacom Group Ltd.		474,331
				13,502,912

SHARES		INVESTMENTS	VALUE($)
		Taiwan — 16.2%
	189,000	Acer, Inc.*		97,803
	431,000	Advanced Semiconductor Engineering, Inc.		521,068
	153,000	Asia Cement Corp.		136,517
	46,000	Asustek Computer, Inc.		398,364
	579,000	AU Optronics Corp.		237,256
	49,000	Catcher Technology Co. Ltd.		521,503
	440,000	Cathay Financial Holding Co. Ltd.		727,064
	328,738	Chang Hwa Commercial Bank Ltd.		178,236
	38,300	Chicony Electronics Co. Ltd.		95,927
	775,000	China Development Financial Holding Corp.		237,595
	204,470	China Life Insurance Co. Ltd.		193,318
	271,000	Compal Electronics, Inc.		199,529
	1,011,395	CTBC Financial Holding Co. Ltd.		647,558
	538,715	E.Sun Financial Holding Co. Ltd.		327,909
	65,000	Epistar Corp.*		105,338
	116,000	Evergreen Marine Corp. Taiwan Ltd.*		69,485
	322,000	Far Eastern New Century Corp.		276,160
	537,100	First Financial Holding Co. Ltd.		346,513
	224,000	Formosa Chemicals & Fibre Corp.		680,516
	89,000	Formosa Petrochemical Corp.		311,551
	319,000	Formosa Plastics Corp.		972,461
	72,533	Foxconn Technology Co. Ltd.		231,341
	410,000	Fubon Financial Holding Co. Ltd.		653,421
	980,490	Hon Hai Precision Industry Co. Ltd.		3,644,427
	458,360	Hua Nan Financial Holdings Co. Ltd.		250,844
	566,000	Innolux Corp.		248,081
	199,000	Inventec Corp.		154,645
	8,000	Largan Precision Co. Ltd.		1,516,477
	139,496	Lite-On Technology Corp.		196,994
	607,233	Mega Financial Holding Co. Ltd.		477,345
	370,000	Nan Ya Plastics Corp.		913,091
	47,737	Nanya Technology Corp.		129,774
	38,000	Novatek Microelectronics Corp.		140,753
	48,000	Oriental Union Chemical Corp.*		41,326
	130,000	Pegatron Corp.		336,862
	218,000	Pou Chen Corp.		274,739
	46,000	President Chain Store Corp.		413,634
	175,000	Quanta Computer, Inc.		412,271
	31,000	Realtek Semiconductor Corp.*		116,717
	432,287	Shin Kong Financial Holding Co. Ltd.		138,320
	573,785	SinoPac Financial Holdings Co. Ltd.		176,038
	89,200	Synnex Technology International Corp.		113,072
	527,973	Taishin Financial Holding Co. Ltd.		231,155
	226,113	Taiwan Business Bank		62,467
	210,000	Taiwan Cement Corp.		233,415

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Taiwan — continued
	490,674	Taiwan Cooperative Financial Holding Co. Ltd.		265,284
	168,000	Taiwan Mobile Co. Ltd.		598,957
	687,000	Taiwan Semiconductor Manufacturing Co. Ltd.		5,553,916
	148,000	Teco Electric and Machinery Co. Ltd.		138,228
	17,000	TPK Holding Co. Ltd.*		56,159
	18,000	Transcend Information, Inc.*		51,132
	28,000	U-Ming Marine Transport Corp.*		33,228
	86,000	Unimicron Technology Corp.		49,081
	394,000	Uni-President Enterprises Corp.		823,225
	779,000	United Microelectronics Corp.		402,046
	203,000	Walsin Lihwa Corp.		103,760
	176,661	Wistron Corp.		147,562
	640,665	Yuanta Financial Holding Co. Ltd.		284,928
	2,000	Yulon Nissan Motor Co. Ltd.		16,057
				26,912,443
		Thailand — 5.8%
	157,400	Advanced Info Service PCL		921,264
	438,200	Airports of Thailand PCL		781,558
	28,200	Bangkok Bank PCL		170,700
	16,300	Bangkok Bank PCL, NVDR		94,698
	428,100	Banpu PCL		225,674
	46,200	Bumrungrad Hospital PCL		305,960
	221,500	Central Pattana PCL		530,080
	46,200	Delta Electronics Thailand PCL		119,576
	37,700	Electricity Generating PCL		261,017
	234,600	Energy Absolute PCL		305,396
	58,200	Glow Energy PCL		157,676
	165,900	Indorama Ventures PCL		229,800
	192,600	Intouch Holdings PCL, NVDR		336,235
	1,174,400	IRPC PCL		228,022
	572,100	Krung Thai Bank PCL		313,539
	578,700	Land & Houses PCL, NVDR		189,880
	138,000	PTT Exploration & Production PCL		358,735
	201,900	PTT Global Chemical PCL		486,326
	150,600	PTT PCL		1,905,350
	109,700	Ratchaburi Electricity Generating Holding PCL		184,099
	220,400	Siam Commercial Bank PCL (The)		972,190
	103,600	Thai Oil PCL		318,098
	1,961,000	TMB Bank PCL		152,299
				9,548,172
		Turkey — 1.6%
	75,134	Akbank TAS		198,758
	10,759	Arcelik A/S		58,868

SHARES		INVESTMENTS	VALUE($)
		Turkey — continued
	7,223	Aselsan Elektronik Sanayi ve Ticaret A/S		64,702
	6,062	Aygaz A/S		25,774
	14,048	BIM Birlesik Magazalar A/S		286,687
	68,715	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT*		47,956
	26,740	Enka Insaat ve Sanayi A/S		40,601
	63,032	Eregli Demir ve Celik Fabrikalari TAS		148,134
	3,975	Ford Otomotiv Sanayi A/S		56,158
	32,735	Haci Omer Sabanci Holding A/S		91,125
	28,775	KOC Holding A/S		128,851
	2,138	Migros Ticaret A/S*		14,732
	27,049	Petkim Petrokimya Holding A/S		47,426
	16,426	Soda Sanayii A/S		22,741
	6,918	TAV Havalimanlari Holding A/S		34,491
	7,708	Tofas Turk Otomobil Fabrikasi A/S		62,875
	5,719	Tupras Turkiye Petrol Rafinerileri A/S		206,053
	34,891	Turk Hava Yollari AO*		95,753
	45,412	Turk Telekomunikasyon A/S*		77,390
	625	Turk Traktor ve Ziraat Makineleri A/S		12,488
	81,529	Turkcell Iletisim Hizmetleri A/S		305,509
	76,772	Turkiye Garanti Bankasi A/S		211,515
	22,559	Turkiye Halk Bankasi A/S		65,901
	51,676	Turkiye Is Bankasi, Class C		97,532
	36,790	Turkiye Sinai Kalkinma Bankasi A/S		13,293
	38,229	Turkiye Sise ve Cam Fabrikalari A/S		44,918
	38,258	Turkiye Vakiflar Bankasi TAO, Class D		63,995
	9,587	Ulker Biskuvi Sanayi A/S		51,195
	29,139	Yapi ve Kredi Bankasi A/S*		35,440
				2,610,861
		United Arab Emirates — 1.6%
	146,155	Abu Dhabi Commercial Bank PJSC		294,423
	153,600	Air Arabia PJSC		51,860
	130,389	Aldar Properties PJSC		84,587
	65,781	DAMAC Properties Dubai Co. PJSC		70,749
	8,077	DP World Ltd.		191,748
	111,648	Dubai Investments PJSC		79,952
	92,502	Dubai Islamic Bank PJSC		154,157
	78,443	Emaar Malls PJSC		49,338
	137,311	Emaar Properties PJSC		309,864
	160,627	Emirates Telecommunications Group Co. PJSC		779,737
	203,549	First Abu Dhabi Bank PJSC		573,627
				2,640,042
		Total Common Stocks (Cost $145,771,551)		165,351,223

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

NO. OF RIGHTS		INVESTMENTS	VALUE($)
	Rights — 0.0% (b)
		Brazil — 0.0% (b)
	11,122	Cia Energetica de Minas Gerais, expiring 11/29/2017*		4,114
		China — 0.0%
	51	Fosun International Ltd., expiring 12/31/2017*‡		—
		Taiwan — 0.0%
	13,852	CTBC Financial Holding Co. Ltd., expiring 12/15/2017*		—
		Total Rights (Cost $—)		4,114
		Total Investments — 99.8% (Cost $145,771,551)		165,355,337
		Other Assets Less Liabilities — 0.2%		385,709
		Net Assets — 100.0%	$	165,741,046

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		9.6
Wireless Telecommunication Services		6.3
Internet Software & Services		5.4
Semiconductors & Semiconductor Equipment		4.3
Electronic Equipment, Instruments & Components		4.0
Media		3.4
Chemicals		3.3
Electric Utilities		3.2
Metals & Mining		3.1
Automobiles		2.9
Diversified Telecommunication Services		2.8
Insurance		2.7
Real Estate Management & Development		2.5
Technology Hardware, Storage & Peripherals		1.9
Food & Staples Retailing		1.7
Independent Power and Renewable Electricity Producers		1.7
Transportation Infrastructure		1.7
Diversified Financial Services		1.6
Food Products		1.5
Pharmaceuticals		1.4
Industrial Conglomerates		1.2
Others (each less than 1.0%)		14.6

*	—  Non-income producing security.
‡	—  Value determined using significant unobservable inputs.
(a)	—  Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)	—  Represents less than 0.05% of net assets.

Abbreviations

ADR	—  American Depositary Receipt
NVDR	—  Non-Voting Depositary Receipt
OJSC	—  Open Joint Stock Company
PJSC	—  Public Joint Stock Company
Preference	—  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	—  Real Estate Investment Trust

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

JPMorgan Diversified Return Europe Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Exchange Traded Funds — 100.1%
		United States
	499,909	JPMorgan Diversified Return Europe Equity Fund (a)		30,739,404
		Total Investments — 100.1% (Cost $25,994,384)		30,739,404
		Liabilities Less Other Assets — (0.1)%		(32,159	)
		Net Assets — 100.0%	$	30,707,245

Percentages indicated are based on net assets.

(a) —  Affiliated company as defined under the Investment Company Act of 1940.

Forward foreign currency exchange contracts outstanding as of October 31, 2017:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	20,720		USD	24,002	Royal Bank of Canada		11/03/2017		135
GBP	5,449,034		USD	7,235,969	National Australia Bank Ltd.		11/03/2017		1,368
NOK	6,578,109		USD	803,727	Citibank, NA		11/03/2017		1,643
SEK	14,412,899		USD	1,721,412	Goldman Sachs International		11/03/2017		310
USD	3,337,153		CHF	3,222,542	Goldman Sachs International		11/03/2017		106,821
USD	922,599		DKK	5,797,588	Royal Bank of Canada		11/03/2017		15,009
USD	431,414		EUR	364,299	Goldman Sachs International		11/03/2017		7,039
USD	65,073		EUR	55,282	National Australia Bank Ltd.		11/03/2017		674
USD	14,946,836		EUR	12,622,248	Royal Bank of Canada		11/03/2017		243,054
USD	53,561		GBP	40,200	Citibank, NA		11/03/2017		168
USD	7,401,712		GBP	5,512,300	Royal Bank of Canada		11/03/2017		80,347
USD	827,098		NOK	6,578,109	Royal Bank of Canada		11/03/2017		21,728
USD	73,454		SEK	598,530	Goldman Sachs International		11/03/2017		1,956
USD	1,695,625		SEK	13,814,368	Royal Bank of Canada		11/03/2017		45,403
USD	3,281,655		CHF	3,264,358	Goldman Sachs International		12/05/2017		2,188
USD	14,686		DKK	93,621	Royal Bank of Canada		12/05/2017		2
USD	275,060		EUR	235,646	Goldman Sachs International		12/05/2017		59
USD	30,648		SEK	255,929	Royal Bank of Canada		12/05/2017		18
Total unrealized appreciation									527,922
CHF	3,222,542		USD	3,233,085	Goldman Sachs International		11/03/2017		(2,753	)
DKK	5,797,588		USD	907,685	Citibank, NA		11/03/2017		(95	)
EUR	12,986,377		USD	15,129,519	National Australia Bank Ltd.		11/03/2017		(1,558	)
EUR	34,733		USD	41,061	Royal Bank of Canada		11/03/2017		(601	)
GBP	88,966		USD	119,453	National Australia Bank Ltd.		11/03/2017		(1,289	)
GBP	14,499		USD	19,433	Royal Bank of Canada		11/03/2017		(175	)
USD	57,064		CHF	56,803	Goldman Sachs International		12/05/2017		(2	)
USD	933,708		DKK	5,953,159	Citibank, NA		12/05/2017		(32	)
USD	15,154,609		EUR	12,986,377	National Australia Bank Ltd.		12/05/2017		(630	)
USD	575,426		EUR	493,126	Royal Bank of Canada		12/05/2017		(57	)
USD	7,242,284		GBP	5,449,034	National Australia Bank Ltd.		12/05/2017		(1,983	)
USD	202,550		GBP	152,388	Royal Bank of Canada		12/05/2017		(43	)
USD	804,301		NOK	6,578,109	Citibank, NA		12/05/2017		(1,708	)
USD	60,256		NOK	492,597	Royal Bank of Canada		12/05/2017		(101	)
USD	1,724,350		SEK	14,412,899	Goldman Sachs International		12/05/2017		(608	)
USD	40,719		SEK	340,315	Royal Bank of Canada		12/05/2017		(11	)
Total unrealized depreciation									(11,646	)
Net unrealized appreciation									516,276

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Diversified Return Europe Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

Abbreviations

CHF	—  Swiss Franc
DKK	—  Danish Krone
EUR	—  Euro
GBP	—  British Pound
NOK	—  Norwegian Krone
SEK	—  Swedish Krona
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.4%
		Austria — 1.1%
	1,778	ANDRITZ AG		100,531
	7,158	OMV AG		429,576
	6,295	voestalpine AG		346,089
				876,196
		Belgium — 1.7%
	4,268	bpost SA		120,332
	3,759	Colruyt SA		192,252
	1,067	Groupe Bruxelles Lambert SA		114,603
	11,006	Proximus SADP		365,470
	2,041	Solvay SA		303,208
	5,945	Umicore SA		265,683
				1,361,548
		Denmark — 3.1%
	2,535	Chr Hansen Holding A/S		221,838
	2,227	Danske Bank A/S		84,990
	3,198	DSV A/S		247,288
	3,137	ISS A/S		132,846
	938	Jyske Bank A/S (Registered)		53,005
	15,661	Novo Nordisk A/S, Class B		779,743
	1,104	Orsted A/S (a)		61,865
	16,727	TDC A/S		98,893
	4,242	Tryg A/S		101,054
	6,514	Vestas Wind Systems A/S		575,087
	3,547	William Demant Holding A/S*		102,364
				2,458,973
		Finland — 4.7%
	5,378	Elisa OYJ		216,557
	29,232	Fortum OYJ		620,433
	2,222	Kesko OYJ, Class B		113,474
	5,201	Kone OYJ, Class B		281,499
	13,726	Neste OYJ		764,145
	14,356	Nokia OYJ		70,602
	3,522	Orion OYJ, Class B		144,349
	7,668	Sampo OYJ, Class A		401,266
	22,959	Stora Enso OYJ, Class R		358,808
	15,808	UPM-Kymmene OYJ		474,750
	4,867	Wartsila OYJ Abp		313,514
				3,759,397
		France — 13.0%
	823	Aeroports de Paris		138,565
	2,101	Air Liquide SA		267,508
	2,201	Arkema SA		278,056
	5,016	Atos SE		779,064

SHARES		INVESTMENTS	VALUE($)
		France — continued
	3,637	AXA SA		109,795
	1,621	BNP Paribas SA		126,518
	2,819	Bouygues SA		135,294
	2,548	Bureau Veritas SA		68,231
	10,114	Capgemini SE		1,228,690
	6,667	Carrefour SA		134,176
	1,928	Casino Guichard Perrachon SA		110,088
	728	Christian Dior SE		249,876
	1,867	Cie Generale des Etablissements Michelin		270,242
	5,108	CNP Assurances		118,825
	5,458	Credit Agricole SA		95,260
	2,727	Danone SA		222,881
	1,757	Eiffage SA		183,529
	637	Eurazeo SA		59,221
	1,885	Eutelsat Communications SA		47,215
	894	Faurecia		64,990
	1,030	Fonciere Des Regions, REIT		104,884
	598	Gecina SA, REIT		97,034
	152	Hermes International		78,904
	1,110	Imerys SA		101,072
	1,670	Ingenico Group SA		162,171
	548	Kering		251,316
	2,002	Klepierre SA, REIT		79,696
	4,771	Lagardere SCA		157,115
	2,816	Legrand SA		208,977
	847	L’Oreal SA		188,511
	1,088	LVMH Moet Hennessy Louis Vuitton SE		324,511
	7,207	Natixis SA		56,518
	36,806	Orange SA		604,638
	596	Orpea		71,406
	2,250	Renault SA		223,145
	1,169	Safran SA		123,122
	3,775	Sanofi		357,442
	1,413	Schneider Electric SE*		124,148
	2,433	SCOR SE		101,002
	967	Societe BIC SA		102,106
	1,977	Societe Generale SA		110,029
	2,632	Sodexo SA		334,851
	1,730	Thales SA		180,289
	14,497	TOTAL SA		808,036
	335	Unibail-Rodamco SE, REIT		83,853
	6,341	Valeo SA		429,312
	1,746	Vinci SA		171,069
				10,323,181

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Germany — 14.2%
	538	Allianz SE (Registered)		125,601
	2,089	Axel Springer SE		140,653
	7,252	BASF SE		793,031
	1,822	Bayer AG (Registered)		237,004
	2,366	Bayerische Motoren Werke AG		242,658
	3,694	CECONOMY AG		48,218
	877	Continental AG		223,191
	3,076	Covestro AG (a)		295,695
	3,098	Daimler AG (Registered)		258,640
	1,038	Deutsche Boerse AG		107,500
	14,896	Deutsche Lufthansa AG (Registered)		478,577
	3,850	Deutsche Post AG (Registered)		176,484
	45,579	Deutsche Telekom AG (Registered)		825,314
	1,404	Deutsche Wohnen SE		60,092
	6,679	Evonik Industries AG		242,955
	1,050	Fielmann AG		92,262
	1,808	Fraport AG Frankfurt Airport Services Worldwide		171,803
	4,749	Fresenius Medical Care AG & Co. KGaA		459,808
	7,643	Fresenius SE & Co. KGaA		639,843
	3,022	FUCHS PETROLUB SE (Preference)		170,176
	1,017	Hannover Rueck SE		127,980
	411	Hella GmbH & Co. KGaA		24,826
	3,559	Henkel AG & Co. KGaA (Preference)		499,742
	1,142	HOCHTIEF AG		201,727
	1,492	HUGO BOSS AG		133,444
	44,797	Infineon Technologies AG		1,238,998
	590	LEG Immobilien AG		60,100
	578	MAN SE		64,002
	1,147	MTU Aero Engines AG		194,097
	451	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		101,251
	5,474	ProSiebenSat.1 Media SE		192,815
	17,548	SAP SE		2,005,081
	1,121	Siemens AG (Registered)		161,012
	2,507	Talanx AG		98,457
	24,793	Telefonica Deutschland Holding AG		126,466
	7,071	TUI AG		127,710
	2,991	Uniper SE		84,043
	2,129	Vonovia SE		94,045
				11,325,301
		Ireland — 0.3%
	1,886	Ryanair Holdings plc, ADR*		211,439
	1,686	Smurfit Kappa Group plc		50,287
				261,726

SHARES		INVESTMENTS	VALUE($)
		Italy — 2.5%
	4,782	Atlantia SpA		155,896
	53,657	Enel SpA		332,763
	32,446	Eni SpA		530,428
	9,101	Mediobanca SpA		99,696
	3,005	Recordati SpA		139,700
	100,788	Terna Rete Elettrica Nazionale SpA		608,147
	40,696	UnipolSai Assicurazioni SpA		92,602
				1,959,232
		Luxembourg — 0.3%
	1,339	RTL Group SA		99,488
	7,317	SES SA, FDR		119,004
				218,492
		Netherlands — 5.3%
	2,551	Akzo Nobel NV		230,307
	6,337	ASML Holding NV		1,143,381
	1,578	Heineken Holding NV		146,473
	1,630	Heineken NV		158,816
	5,387	ING Groep NV		99,549
	15,122	Koninklijke Ahold Delhaize NV		284,568
	3,819	Koninklijke DSM NV		325,828
	6,190	Koninklijke Philips NV		252,261
	2,820	NN Group NV		118,095
	233	Randstad Holding NV		14,335
	33,021	Royal Dutch Shell plc, Class B		1,063,187
	7,561	Wolters Kluwer NV		370,584
				4,207,384
		Norway — 2.8%
	1,727	Aker BP ASA		39,784
	10,774	DNB ASA		207,932
	5,520	Gjensidige Forsikring ASA		103,879
	14,204	Marine Harvest ASA*		277,368
	32,435	Norsk Hydro ASA		250,994
	17,517	Orkla ASA		171,582
	17,530	Statoil ASA		356,166
	27,006	Telenor ASA		573,438
	5,061	Yara International ASA		240,361
				2,221,504
		Portugal — 1.1%
	117,812	EDP — Energias de Portugal SA		420,144
	19,881	Galp Energia SGPS SA		369,629
	6,068	Jeronimo Martins SGPS SA		110,250
				900,023

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		South Africa — 0.4%
	5,023	Investec plc		34,370
	10,496	Mondi plc		253,838
				288,208
		Spain — 8.1%
	8,096	Abertis Infraestructuras SA		175,107
	1,328	Acciona SA		109,964
	3,512	ACS Actividades de Construccion y Servicios SA		138,440
	724	Aena SME SA (a)		132,835
	3,514	Amadeus IT Group SA		238,421
	8,671	Banco Santander SA		58,783
	10,886	Distribuidora Internacional de Alimentacion SA		53,243
	16,072	Enagas SA		462,934
	18,639	Endesa SA		426,614
	17,950	Gas Natural SDG SA		384,086
	10,941	Grifols SA		342,398
	210,154	Iberdrola SA		1,698,258
	5,461	Industria de Diseno Textil SA		204,122
	24,002	Mapfre SA		78,499
	5,265	Mediaset Espana Comunicacion SA		57,225
	6,593	Merlin Properties Socimi SA, REIT		87,055
	20,882	Red Electrica Corp. SA		462,380
	31,028	Repsol SA		581,447
	12,906	Siemens Gamesa Renewable Energy SA		187,134
	51,826	Telefonica SA		543,420
				6,422,365
		Sweden — 5.9%
	4,866	Alfa Laval AB		123,231
	6,511	Atlas Copco AB, Class A		285,517
	8,396	Boliden AB		293,791
	4,408	Electrolux AB, Series B		155,808
	6,120	Hennes & Mauritz AB, Class B		153,582
	8,186	Hexagon AB, Class B		419,738
	7,062	Husqvarna AB, Class B		68,990
	2,414	ICA Gruppen AB		89,026
	2,793	Industrivarden AB, Class C		71,770
	2,732	Investor AB, Class B		135,361
	2,733	Kinnevik AB, Class B		89,648
	326	L E Lundbergforetagen AB, Class B		25,447
	19,619	Nordea Bank AB		237,090
	9,638	Securitas AB, Class B		169,108
	8,621	Skandinaviska Enskilda Banken AB, Class A		106,242
	7,489	Skanska AB, Class B		164,223
	5,518	SKF AB, Class B		128,232
	11,841	Svenska Handelsbanken AB, Class A		169,709

SHARES		INVESTMENTS	VALUE($)
		Sweden — continued
	15,207	Swedbank AB, Class A		377,404
	32,622	Tele2 AB, Class B		414,944
	153,542	Telia Co. AB		710,664
	6,447	Trelleborg AB, Class B		159,651
	6,628	Volvo AB, Class B		131,276
				4,680,452
		Switzerland — 11.6%
	5,691	ABB Ltd. (Registered)		148,621
	1,563	Adecco Group AG (Registered)*		124,004
	840	Baloise Holding AG (Registered)		132,432
	87	Banque Cantonale Vaudoise (Registered)		62,570
	11,609	Clariant AG (Registered)*		292,081
	260	DKSH Holding AG		21,812
	411	EMS-Chemie Holding AG (Registered)		269,440
	1,612	Ferguson plc		112,727
	291	Flughafen Zurich AG (Registered)		63,285
	719	Geberit AG (Registered)		325,530
	114	Givaudan SA (Registered)		254,595
	143	Helvetia Holding AG (Registered)		76,874
	817	Kuehne + Nagel International AG (Registered)		142,743
	1,854	Lonza Group AG (Registered)*		492,536
	6,794	Nestle SA (Registered)		571,637
	17,601	Novartis AG (Registered)		1,451,718
	1,076	Pargesa Holding SA		90,106
	208	Partners Group Holding AG		139,898
	4,545	Roche Holding AG		1,050,491
	1,019	Schindler Holding AG		230,913
	91	SGS SA (Registered)		224,729
	25	Sika AG		185,037
	2,396	Sonova Holding AG (Registered)		432,555
	16,317	STMicroelectronics NV		384,335
	698	Swiss Life Holding AG (Registered)*		242,603
	797	Swiss Prime Site AG (Registered)*		68,024
	986	Swiss Re AG		92,793
	2,403	Swisscom AG (Registered)		1,214,055
	1,718	Temenos Group AG (Registered)*		198,380
	316	Zurich Insurance Group AG		96,432
				9,192,956
		United Kingdom — 23.1%
	12,400	3i Group plc		158,251
	2,133	Admiral Group plc		54,489
	16,414	Anglo American plc		309,618
	5,672	AstraZeneca plc		383,773
	15,107	BAE Systems plc		119,003

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	2,824	Bellway plc		136,924
	5,249	Berkeley Group Holdings plc		260,802
	92,941	BP plc		630,387
	15,062	British American Tobacco plc		973,153
	9,391	Bunzl plc		292,535
	4,278	Burberry Group plc		108,051
	55,987	Centrica plc		126,260
	27,812	Compass Group plc		610,594
	4,500	Croda International plc		250,086
	8,263	Daily Mail & General Trust plc, Class A		76,108
	6,652	Diageo plc		227,158
	17,693	DS Smith plc		122,364
	12,694	easyJet plc		225,761
	6,306	Experian plc		132,857
	13,859	GKN plc		58,414
	61,912	GlaxoSmithKline plc		1,111,156
	10,935	Hammerson plc, REIT		76,121
	11,819	HSBC Holdings plc		115,414
	6,678	IMI plc		108,354
	2,225	Imperial Brands plc		90,717
	8,409	Inchcape plc		87,284
	13,377	Informa plc		123,820
	7,882	Inmarsat plc		65,015
	26,221	International Consolidated Airlines Group SA		221,459
	18,664	Intu Properties plc, REIT		53,581
	96,906	ITV plc		211,828
	63,075	J Sainsbury plc		203,116
	4,824	Johnson Matthey plc		216,577
	53,809	Kingfisher plc		223,718
	39,556	Legal & General Group plc		140,249
	11,016	Meggitt plc		75,834
	11,885	Micro Focus International plc		417,455
	59,714	National Grid plc		718,805
	6,625	Next plc		433,054
	2,501	Pennon Group plc		26,377
	3,304	Persimmon plc		122,958
	6,917	Reckitt Benckiser Group plc		618,841
	20,602	RELX NV		465,128
	19,356	RELX plc		445,399
	28,808	Rentokil Initial plc		128,465
	5,748	Rio Tinto plc		271,654
	15,106	Royal Mail plc		75,116
	46,938	Sage Group plc (The)		464,621
	18,113	Segro plc, REIT		130,760
	12,325	Severn Trent plc		345,586

SHARES		INVESTMENTS	VALUE($)
		United Kingdom — continued
	27,080	Smith & Nephew plc		510,772
	6,986	Smiths Group plc		145,769
	23,991	SSE plc		440,616
	19,215	Tate & Lyle plc		165,062
	5,822	Unilever NV, CVA		338,200
	18,613	Unilever plc		1,054,873
	21,783	United Utilities Group plc		240,998
	504,088	Vodafone Group plc		1,441,862
	5,555	Whitbread plc		272,453
	53,012	William Hill plc		181,912
	65,179	Wm Morrison Supermarkets plc		194,084
	18,149	WPP plc		320,860
				18,352,511
		United States — 0.2%
	2,983	Carnival plc		196,664
		Total Common Stocks (Cost $67,257,790)		79,006,113
NO. OF RIGHTS
	Rights — 0.0% (b)
		Spain — 0.0% (b)
	8,004	Banco Santander SA, expiring 11/1/2017* (Cost $368)		382
		Total Investments — 99.4% (Cost $67,258,158)		79,006,495
		Other Assets Less Liabilities — 0.6%		485,862
		Net Assets — 100.0%	$	79,492,357

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

Summary of Investments by Industry, October 31, 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		7.6	%
Pharmaceuticals		7.1
Diversified Telecommunication Services		6.8
Electric Utilities		6.5
Chemicals		6.4
Software		3.9
Semiconductors & Semiconductor Equipment		3.5
Insurance		3.2
IT Services		2.8
Banks		2.5
Machinery		2.4
Professional Services		2.4
Wireless Telecommunication Services		2.4
Hotels, Restaurants & Leisure		2.2
Personal Products		2.0
Media		2.0
Food & Staples Retailing		1.9
Metals & Mining		1.9
Food Products		1.8
Health Care Equipment & Supplies		1.6
Electrical Equipment		1.6
Health Care Providers & Services		1.5
Textiles, Apparel & Luxury Goods		1.5
Airlines		1.4
Household Products		1.4
Paper & Forest Products		1.4
Auto Components		1.4
Tobacco		1.3
Construction & Engineering		1.3
Multi-Utilities		1.1
Transportation Infrastructure		1.1
Others (each less than 1.0%)		14.1

*	—  Non-income producing security.
(a)	—  Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)	—  Represents less than 0.05% of net assets.

Abbreviations

ADR	—  American Depositary Receipt
CVA	—  Dutch Certification
FDR	—  Fiduciary Depositary Receipt
OYJ	—  Public Limited Company
Preference	—  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 98.9%
		Australia — 6.9%
	18,050	AGL Energy Ltd.		349,473
	11,203	Ansell Ltd.		206,215
	30,561	APA Group		200,562
	4,467	ASX Ltd.		184,823
	57,543	Aurizon Holdings Ltd.		228,371
	26,573	Boral Ltd.		145,815
	5,253	Caltex Australia Ltd.		137,925
	3,500	CIMIC Group Ltd.		129,846
	2,413	Cochlear Ltd.		325,042
	6,182	Computershare Ltd.		73,903
	4,553	CSL Ltd.		484,717
	44,301	CSR Ltd.		161,137
	31,641	Dexus, REIT		236,928
	4,849	Flight Centre Travel Group Ltd.		173,843
	62,169	GPT Group (The), REIT		242,759
	43,331	Harvey Norman Holdings Ltd.		125,516
	107,748	Healthscope Ltd.		161,852
	12,235	Incitec Pivot Ltd.		35,888
	151,151	Mirvac Group, REIT		279,380
	8,009	Orica Ltd.		128,281
	55,516	Origin Energy Ltd.*		338,120
	69,050	Qantas Airways Ltd.		325,891
	5,516	Ramsay Health Care Ltd.		282,803
	70,123	Scentre Group, REIT		216,220
	15,443	Sonic Healthcare Ltd.		257,925
	49,321	Star Entertainment Grp Ltd. (The)		217,486
	26,519	Sydney Airport		144,483
	47,378	Tabcorp Holdings Ltd.		163,016
	46,381	Tatts Group Ltd.		148,264
	116,416	Telstra Corp. Ltd.		315,951
	13,233	Transurban Group		123,012
	6,675	Treasury Wine Estates Ltd.		80,126
	12,886	Wesfarmers Ltd.		412,749
	13,161	WorleyParsons Ltd.*		141,554
				7,179,876
		Austria — 0.3%
	5,206	OMV AG		312,430
		Belgium — 0.7%
	951	Ageas		46,119
	3,039	Colruyt SA		155,428
	1,617	Groupe Bruxelles Lambert SA		173,677
	6,286	Proximus SADP		208,736
	900	Solvay SA		133,702
	532	UCB SA		38,727
				756,389

SHARES		INVESTMENTS	VALUE($)
		Bermuda — 0.3%
	1,884	RenaissanceRe Holdings Ltd.		260,670
		Canada — 3.6%
	1,618	Agrium, Inc.		176,148
	3,771	ARC Resources Ltd.		45,979
	5,669	BCE, Inc.		261,764
	2,025	Canadian Tire Corp. Ltd., Class A		248,475
	5,577	Fortis, Inc.		205,382
	11,452	Husky Energy, Inc.*		148,421
	5,308	Hydro One Ltd. (a)		93,850
	6,086	Imperial Oil Ltd.		197,331
	10,030	Inter Pipeline Ltd.		204,005
	2,905	Loblaw Cos. Ltd.		149,922
	7,759	Metro, Inc.		244,239
	6,292	RioCan REIT		119,344
	5,866	Rogers Communications, Inc., Class B		304,372
	9,159	Shaw Communications, Inc., Class B		209,150
	4,189	Suncor Energy, Inc.		142,220
	7,306	Teck Resources Ltd., Class B		149,280
	7,105	TELUS Corp.		257,302
	4,875	Thomson Reuters Corp.		227,936
	2,172	Tourmaline Oil Corp.*		39,750
	6,104	TransCanada Corp.		289,799
				3,714,669
		Chile — 0.0% (b)
	579	Antofagasta plc		7,338
		China — 0.4%
	228,700	Semiconductor Manufacturing International Corp.*		350,925
	288,000	Xinyi Solar Holdings Ltd.		99,742
				450,667
		Denmark — 0.7%
	1,392	Carlsberg A/S, Class B		159,024
	2,774	Chr Hansen Holding A/S		242,752
	1,527	H Lundbeck A/S		90,777
	1,248	Orsted A/S (a)		69,934
	34,344	TDC A/S		203,049
				765,536
		Finland — 0.9%
	2,259	Elisa OYJ		90,964
	12,040	Fortum OYJ		255,542
	6,302	Neste OYJ		350,841
	1,480	Sampo OYJ, Class A		77,448
	9,778	Stora Enso OYJ, Class R		152,813

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Finland — continued
	1,519	UPM-Kymmene OYJ		45,619
				973,227
		France — 4.6%
	1,978	Alstom SA		80,023
	1,906	Arkema SA		240,788
	1,940	Atos SE		301,313
	1,860	Bouygues SA		89,268
	2,617	Capgemini SE		317,924
	2,959	Casino Guichard Perrachon SA		168,957
	807	Christian Dior SE		276,992
	2,350	Danone SA		192,068
	3,039	Dassault Systemes SE		322,609
	1,706	Eiffage SA		178,201
	6,865	Eutelsat Communications SA		171,955
	2,626	Faurecia		190,898
	728	Iliad SA		181,723
	3,659	Lagardere SCA		120,496
	12,229	Orange SA		200,894
	1,140	Pernod Ricard SA		170,936
	1,564	Sanofi		148,090
	3,323	SCOR SE		137,949
	1,756	Sodexo SA		223,403
	2,650	Thales SA		276,166
	3,858	TOTAL SA		215,038
	3,745	Valeo SA		253,552
	1,207	Vinci SA		118,259
	7,117	Vivendi SA		176,728
				4,754,230
		Germany — 3.3%
	930	BASF SE		101,699
	1,919	Beiersdorf AG		215,869
	1,833	Covestro AG (a)		176,206
	7,955	Deutsche Lufthansa AG (Registered)		255,577
	10,950	Deutsche Telekom AG (Registered)		198,275
	5,827	Evonik Industries AG		211,963
	2,326	Fraport AG Frankfurt Airport Services Worldwide		221,025
	2,634	Fresenius Medical Care AG & Co. KGaA		255,029
	3,419	Fresenius SE & Co. KGaA		286,226
	2,225	Hannover Rueck SE		279,996
	1,011	Henkel AG & Co. KGaA (Preference)		141,961
	12,978	Infineon Technologies AG		358,946
	2,121	Merck KGaA		227,568
	2,449	SAP SE		279,829
	11,357	Telefonica Deutschland Holding AG		57,931

SHARES		INVESTMENTS	VALUE($)
		Germany — continued
	3,132	TUI AG		56,568
	2,920	Uniper SE		82,048
				3,406,716
		Hong Kong — 4.1%
	16,000	ASM Pacific Technology Ltd.		233,447
	64,000	Cathay Pacific Airways Ltd.*		109,487
	32,760	CK Hutchison Holdings Ltd.		416,108
	26,500	CK Infrastructure Holdings Ltd.		230,738
	32,000	CLP Holdings Ltd.		325,694
	13,800	Hang Seng Bank Ltd.		327,101
	150,647	Hong Kong & China Gas Co. Ltd.		285,570
	239,700	Hutchison Port Holdings Trust		103,072
	2,500	Jardine Matheson Holdings Ltd.		160,154
	3,600	Jardine Strategic Holdings Ltd.		151,002
	11,500	Johnson Electric Holdings Ltd.		46,398
	44,000	Link REIT		369,922
	51,500	MTR Corp. Ltd.		298,571
	139,000	New World Development Co. Ltd.		207,238
	238,000	PCCW Ltd.		131,225
	38,000	Power Assets Holdings Ltd.		329,426
	19,500	Swire Pacific Ltd., Class A		192,700
	125,000	WH Group Ltd. (a)		126,673
	162,000	Xinyi Glass Holdings Ltd.		156,982
				4,201,508
		Ireland — 0.1%
	566	Ryanair Holdings plc, ADR*		63,454
		Israel — 0.3%
	2,656	Check Point Software Technologies Ltd.*		312,638
		Italy — 0.8%
	2,196	Buzzi Unicem SpA		61,136
	30,886	Italgas SpA		180,427
	42,538	Parmalat SpA		161,039
	3,718	Recordati SpA		172,847
	39,904	Terna Rete Elettrica Nazionale SpA		240,778
				816,227
		Japan — 23.0%
	2,800	Aisin Seiki Co. Ltd.		145,047
	8,200	ANA Holdings, Inc.		315,167
	7,400	Aozora Bank Ltd.		289,649
	12,700	Brother Industries Ltd.		309,030
	9,300	Canon, Inc.		349,374
	5,300	Capcom Co. Ltd.		134,845
	1,600	Central Japan Railway Co.		290,635
	16,500	Chubu Electric Power Co., Inc.		212,792

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Japan — continued
	15,700	Chugoku Electric Power Co., Inc. (The)		175,057
	4,200	COMSYS Holdings Corp.		106,363
	9,300	Cosmo Energy Holdings Co. Ltd.		213,639
	8,600	Credit Saison Co. Ltd.		173,164
	6,800	Dai Nippon Printing Co. Ltd.		162,996
	13,200	Daiichi Sankyo Co. Ltd.		303,187
	1,500	Daito Trust Construction Co. Ltd.		262,252
	5,100	DIC Corp.		189,311
	2,800	Dowa Holdings Co. Ltd.		117,880
	4,100	Ebara Corp.		147,546
	8,300	Electric Power Development Co. Ltd.		209,169
	38,000	Fuji Electric Co. Ltd.		275,315
	8,000	FUJIFILM Holdings Corp.		327,262
	32,700	Fujikura Ltd.		285,397
	19,000	Fujitsu Ltd.		148,057
	7,600	Gree, Inc.		51,593
	5,200	Hankyu Hanshin Holdings, Inc.		202,734
	2,300	Hikari Tsushin, Inc.		297,760
	2,200	Hitachi Chemical Co. Ltd.		62,735
	5,000	Hitachi High-Technologies Corp.		209,244
	4,500	Hitachi Kokusai Electric, Inc.		124,655
	10,500	Hokkaido Electric Power Co., Inc.*		82,744
	12,300	Hokuriku Electric Power Co.		108,684
	9,300	Idemitsu Kosan Co. Ltd.		271,837
	27,200	Inpex Corp.		291,236
	19,400	ITOCHU Corp.		339,823
	7,300	Japan Airlines Co. Ltd.		249,859
	5,300	Japan Petroleum Exploration Co. Ltd.		109,367
	64,400	JXTG Holdings, Inc.		332,549
	23,000	Kaneka Corp.		189,932
	19,400	Kansai Electric Power Co., Inc. (The)		265,666
	8,000	Kawasaki Kisen Kaisha Ltd.*		208,886
	12,500	KDDI Corp.		333,033
	7,100	Keisei Electric Railway Co. Ltd.		214,473
	3,800	Konami Holdings Corp.		185,080
	15,800	Kuraray Co. Ltd.		311,174
	500	Kyowa Hakko Kirin Co. Ltd.		9,229
	17,000	Kyushu Electric Power Co., Inc.		193,904
	800	Lawson, Inc.		52,239
	46,400	Marubeni Corp.		311,114
	3,500	Mitsubishi Gas Chemical Co., Inc.		85,619
	12,200	Mitsubishi Tanabe Pharma Corp.		268,514
	195,000	Mizuho Financial Group, Inc.		354,292
	2,900	Mochida Pharmaceutical Co. Ltd.		212,307
	11,000	NH Foods Ltd.		316,415
	2,800	Nihon M&A Center, Inc.		134,049

SHARES		INVESTMENTS	VALUE($)
		Japan — continued
	8,900	Nikon Corp.		169,020
	1,100	Nippon Express Co. Ltd.		69,798
	12,400	Nippon Kayaku Co. Ltd.		196,870
	10,000	Nippon Paper Industries Co. Ltd.		198,944
	2,900	Nippon Shokubai Co. Ltd.		218,750
	6,600	Nippon Telegraph & Telephone Corp.		319,094
	16,000	Nipro Corp.		233,265
	23,200	Nissan Motor Co. Ltd.		225,629
	6,900	Nisshin Steel Co. Ltd.		100,279
	2,900	Nissin Foods Holdings Co. Ltd.		182,604
	10,700	Nomura Real Estate Holdings, Inc.		235,513
	4,000	Nomura Research Institute Ltd.		169,580
	27,800	NTT Data Corp.		323,780
	13,900	NTT DOCOMO, Inc.		336,641
	7,000	Oji Holdings Corp.		41,027
	13,800	Osaka Gas Co. Ltd.		267,293
	3,400	Otsuka Corp.		231,773
	4,700	Otsuka Holdings Co. Ltd.		196,341
	26,100	Resona Holdings, Inc.		141,079
	4,000	Sankyo Co. Ltd.		129,110
	2,800	Sawai Pharmaceutical Co. Ltd.		158,817
	10,000	SBI Holdings, Inc.		157,817
	3,500	SCREEN Holdings Co. Ltd.		274,325
	3,600	SCSK Corp.		155,246
	4,900	Sega Sammy Holdings, Inc.		68,979
	14,100	Sekisui Chemical Co. Ltd.		284,599
	17,300	Sekisui House Ltd.		323,484
	7,000	Seven Bank Ltd.		25,888
	1,900	Shimamura Co. Ltd.		211,676
	8,600	Shimizu Corp.		101,225
	5,500	Showa Denko KK		184,288
	24,000	Showa Shell Sekiyu KK		283,134
	6,700	Skylark Co. Ltd.		100,213
	4,500	SoftBank Group Corp.		398,800
	88,900	Sojitz Corp.		268,302
	7,400	Square Enix Holdings Co. Ltd.		298,409
	11,300	Sumitomo Dainippon Pharma Co. Ltd.		161,277
	46,000	Sumitomo Osaka Cement Co. Ltd.		210,669
	4,800	Suzuken Co. Ltd.		173,030
	3,400	Taisei Corp.		188,384
	1,700	Taisho Pharmaceutical Holdings Co. Ltd.		129,466
	16,000	Takashimaya Co. Ltd.		147,214
	3,700	Takeda Pharmaceutical Co. Ltd.		208,624
	8,300	Teijin Ltd.		175,672
	5,200	Terumo Corp.		216,686
	19,100	Tohoku Electric Power Co., Inc.		250,570

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Japan — continued
	10,700	Tokyo Broadcasting System Holdings, Inc.		217,878
	21,200	Tokyo Electric Power Co. Holdings, Inc.*		87,018
	10,000	Tokyo Gas Co. Ltd.		249,456
	7,100	Tokyo Tatemono Co. Ltd.		99,601
	8,400	Tokyu Corp.		127,067
	18,800	Tokyu Fudosan Holdings Corp.		123,255
	24,000	Toppan Printing Co. Ltd.		244,169
	2,900	Tosoh Corp.		62,584
	6,600	Toyo Suisan Kaisha Ltd.		253,902
	4,000	Toyota Industries Corp.		246,206
	7,400	Toyota Motor Corp.		458,993
	7,000	Tsumura & Co.		260,165
	10,000	Ube Industries Ltd.		307,201
	38,500	Yamada Denki Co. Ltd.		204,789
	8,500	Yokohama Rubber Co. Ltd. (The)		191,098
				23,800,446
		Netherlands — 1.4%
	867	Boskalis Westminster		30,992
	1,595	Gemalto NV		63,123
	1,802	Heineken Holding NV		167,266
	2,106	Koninklijke DSM NV		179,679
	45,857	Koninklijke KPN NV		157,788
	5,273	Koninklijke Philips NV		214,890
	4,252	NN Group NV		178,063
	3,150	Royal Dutch Shell plc, Class A		99,161
	6,381	Wolters Kluwer NV		312,750
				1,403,712
		New Zealand — 0.3%
	23,196	Contact Energy Ltd.		91,293
	97,690	Spark New Zealand Ltd.		246,132
				337,425
		Norway — 0.9%
	14,927	Marine Harvest ASA*		291,486
	19,909	Orkla ASA		195,012
	11,674	Telenor ASA		247,883
	4,846	Yara International ASA		230,150
				964,531
		Portugal — 0.4%
	57,009	EDP — Energias de Portugal SA		203,307
	11,300	Galp Energia SGPS SA		210,090
				413,397
		Singapore — 2.0%
	119,600	CapitaLand Mall Trust, REIT		177,303
	95,000	ComfortDelGro Corp. Ltd.		140,834

SHARES		INVESTMENTS	VALUE($)
		Singapore — continued
	400,100	Golden Agri-Resources Ltd.		115,962
	57,300	Keppel Corp. Ltd.		315,395
	67,700	Sembcorp Industries Ltd.		163,966
	20,600	Singapore Airlines Ltd.		155,249
	72,700	Singapore Press Holdings Ltd.		143,967
	136,200	Singapore Telecommunications Ltd.		374,818
	15,400	Venture Corp. Ltd.		220,138
	105,500	Wilmar International Ltd.		262,532
				2,070,164
		South Africa — 0.2%
	7,087	Mondi plc		171,394
		South Korea — 10.2%
	1,906	Celltrion, Inc.*		294,647
	543	CJ CheilJedang Corp.		177,684
	487	E-MART, Inc.		97,487
	3,508	GS Holdings Corp.		207,710
	4,411	Hankook Tire Co. Ltd.		212,900
	518	Hanmi Pharm Co. Ltd.*		214,448
	2,136	Hanmi Science Co. Ltd.*		175,092
	4,921	Hanon Systems		57,243
	9,826	Hanwha Chemical Corp.		267,664
	4,873	Hanwha Techwin Co. Ltd.*		167,033
	1,002	Hyosung Corp.		120,422
	370	Hyundai Construction Equipment Co. Ltd.*		123,756
	340	Hyundai Electric & Energy System Co. Ltd.*		71,667
	3,943	Hyundai Engineering & Construction Co. Ltd.		133,388
	780	Hyundai Heavy Industries Co. Ltd.*		109,096
	970	Hyundai Mobis Co. Ltd.		230,736
	182	Hyundai Robotics Co. Ltd.*		73,445
	4,469	Hyundai Steel Co.		229,685
	13,368	Industrial Bank of Korea		183,159
	2,855	Kakao Corp.		367,305
	9,418	Kia Motors Corp.		298,104
	8,763	Korea Electric Power Corp.		307,227
	3,926	Korea Gas Corp.*		143,387
	267	Korea Zinc Co. Ltd.		122,133
	3,959	Korean Air Lines Co. Ltd.*		112,073
	3,122	KT&G Corp.		295,383
	1,888	LG Corp.		145,168
	11,500	LG Display Co. Ltd.		300,847
	3,414	LG Electronics, Inc.		277,922
	20,871	LG Uplus Corp.		239,654
	897	Lotte Chemical Corp.		296,279
	372	Lotte Corp.		24,766
	1,473	LOTTE Fine Chemical Co. Ltd.		52,987

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		South Korea — continued
	290	Lotte Shopping Co. Ltd.		58,330
	518	NAVER Corp.		414,023
	1,224	POSCO		356,778
	1,079	Samsung Biologics Co. Ltd.* (a)		370,182
	249	Samsung Electronics Co. Ltd.		613,811
	550	Samsung SDI Co. Ltd.		101,337
	974	Samsung SDS Co. Ltd.		180,351
	535	Shinsegae, Inc.		109,354
	1,260	SK Holdings Co. Ltd.		326,050
	6,815	SK Hynix, Inc.		502,488
	2,003	SK Innovation Co. Ltd.		367,432
	1,411	SK Telecom Co. Ltd.		333,109
	3,246	SKC Co. Ltd.		115,318
	2,830	S-Oil Corp.		325,364
	17,454	Woori Bank		255,425
				10,559,849
		Spain — 1.7%
	1,058	Acciona SA		87,607
	2,095	Acerinox SA		30,099
	478	ACS Actividades de Construccion y Servicios SA		18,842
	1,292	Aena SME SA (a)		237,048
	7,521	Enagas SA		216,633
	9,063	Endesa SA		207,436
	9,494	Gas Natural SDG SA		203,148
	8,800	Grifols SA		275,395
	28,398	Iberdrola SA		229,485
	2,978	Red Electrica Corp. SA		65,941
	12,568	Repsol SA		235,517
				1,807,151
		Sweden — 2.6%
	1,935	Autoliv, Inc.		241,604
	8,555	Boliden AB		299,355
	644	Essity AB, Class B*		19,249
	5,729	Getinge AB, Class B		112,768
	4,864	Hexagon AB, Class B		249,402
	4,648	Investor AB, Class B		230,293
	4,938	Lundin Petroleum AB*		116,167
	15,355	Securitas AB, Class B		269,418
	10,655	Skanska AB, Class B		233,649
	3,823	Svenska Cellulosa AB SCA, Class B		35,898
	5,793	Swedish Match AB		218,228
	22,558	Tele2 AB, Class B		286,932
	45,879	Telia Co. AB		212,349

SHARES		INVESTMENTS	VALUE($)
		Sweden — continued
	8,983	Trelleborg AB, Class B		222,452
				2,747,764
		Switzerland — 1.7%
	1,459	Baloise Holding AG (Registered)		230,022
	9,792	Clariant AG (Registered)*		246,366
	375	Kuehne + Nagel International AG (Registered)		65,518
	1,443	Logitech International SA (Registered)		51,601
	130	Lonza Group AG (Registered)*		34,536
	2,177	Novartis AG (Registered)		179,557
	1,432	Sonova Holding AG (Registered)		258,522
	6,944	STMicroelectronics NV		163,561
	113	Straumann Holding AG (Registered)		78,897
	589	Swiss Life Holding AG (Registered)*		204,718
	1,000	Swiss Prime Site AG (Registered)*		85,351
	421	Swisscom AG (Registered)		212,699
				1,811,348
		United Kingdom — 2.4%
	33,284	BP plc		225,754
	5,341	Bunzl plc		166,375
	2,416	easyJet plc		42,968
	10,705	Hammerson plc, REIT		74,520
	12,139	Inmarsat plc		100,129
	16,590	International Consolidated Airlines Group SA		140,117
	365	Johnson Matthey plc		16,387
	25,275	Kingfisher plc		105,084
	8,397	Land Securities Group plc, REIT		107,849
	1,933	Micro Focus International plc		67,896
	9,473	RELX NV		213,870
	15,758	Royal Mail plc		78,358
	22,544	Sage Group plc (The)		223,154
	6,395	Severn Trent plc		179,312
	12,347	Smith & Nephew plc		232,884
	14,769	Tate & Lyle plc		126,870
	15,745	United Utilities Group plc		174,196
	12,723	William Hill plc		43,659
	62,864	Wm Morrison Supermarkets plc		187,191
				2,506,573
		United States — 25.1%
	7,436	AGNC Investment Corp., REIT		149,687
	2,243	Alaska Air Group, Inc.		148,105
	1,990	Albemarle Corp.		280,371
	5,974	Alcoa Corp.*		285,438
	395	Alleghany Corp.*		223,657

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United States — continued
	7,100	Alliant Energy Corp.		307,146
	2,454	Allstate Corp. (The)		230,332
	4,487	Amdocs Ltd.		292,104
	4,184	Ameren Corp.		259,366
	98	American Water Works Co., Inc.		8,600
	1,731	Andeavor		183,901
	15,031	Annaly Capital Management, Inc., REIT		172,255
	1,562	ANSYS, Inc.*		213,541
	4,835	Antero Resources Corp.*		93,799
	1,566	Anthem, Inc.		327,623
	1,583	Arrow Electronics, Inc.*		132,323
	3,008	Ashland Global Holdings, Inc.		204,484
	904	Assurant, Inc.		90,988
	9,389	AT&T, Inc.		315,940
	3,656	AutoNation, Inc.*		173,294
	3,141	Avery Dennison Corp.		333,480
	4,161	Avnet, Inc.		165,608
	4,011	Axis Capital Holdings Ltd.		218,158
	1,524	Becton Dickinson and Co.		318,013
	4,731	Bemis Co., Inc.		212,990
	3,876	Broadridge Financial Solutions, Inc.		333,026
	7,175	CA, Inc.		232,327
	2,946	Carnival Corp.		195,585
	1,102	Carnival plc		72,653
	7,770	Cars.com, Inc.*		185,081
	2,846	Celanese Corp., Series A		296,866
	10,275	CenturyLink, Inc.		195,122
	3,246	Chevron Corp.		376,179
	5,547	Church & Dwight Co., Inc.		250,558
	118	Cigna Corp.		23,272
	2,771	Cincinnati Financial Corp.		194,441
	2,281	Cintas Corp.		339,960
	4,071	CMS Energy Corp.		196,914
	2,908	CNA Financial Corp.		157,410
	4,162	Commerce Bancshares, Inc.		242,062
	2,614	Consolidated Edison, Inc.		224,935
	1,542	Constellation Brands, Inc., Class A		337,837
	932	CR Bard, Inc.		304,829
	3,216	Darden Restaurants, Inc.		264,580
	1,032	DaVita, Inc.*		62,684
	4,013	DENTSPLY SIRONA, Inc.		245,074
	2,837	Dr Pepper Snapple Group, Inc.		243,017
	4,252	DST Systems, Inc.		249,252
	2,685	DTE Energy Co.		296,585
	2,748	Eastman Chemical Co.		249,546
	1,697	Edgewell Personal Care Co.*		110,186

SHARES		INVESTMENTS	VALUE($)
		United States — continued
	1,151	Everest Re Group Ltd.		273,305
	4,860	Eversource Energy		304,430
	3,280	Fidelity National Information Services, Inc.		304,253
	3,791	Flex Ltd.*		67,480
	3,667	Foot Locker, Inc.		110,303
	4,456	Garmin Ltd.		252,254
	9,372	Gentex Corp.		181,911
	1,805	Genuine Parts Co.		159,255
	2,471	Harris Corp.		344,260
	2,807	Hasbro, Inc.		259,900
	853	Helmerich & Payne, Inc.		46,326
	3,098	Henry Schein, Inc.*		243,503
	4,988	HollyFrontier Corp.		184,307
	6,048	Hormel Foods Corp.		188,456
	1,492	Ingredion, Inc.		187,022
	9,584	Intel Corp.		435,976
	1,328	InterActiveCorp*		171,378
	1,053	International Flavors & Fragrances, Inc.		155,233
	4,536	Interpublic Group of Cos., Inc. (The)		87,318
	4,489	Jabil, Inc.		126,949
	1,937	JM Smucker Co. (The)		205,419
	2,828	Johnson & Johnson		394,252
	1,665	L3 Technologies, Inc.		311,655
	1,960	Laboratory Corp. of America Holdings*		301,272
	1,308	Lam Research Corp.		272,810
	5,134	Leggett & Platt, Inc.		242,633
	7,968	Leucadia National Corp.		201,590
	4,190	Level 3 Communications, Inc.*		224,710
	1,968	McCormick & Co., Inc. (Non-Voting)		195,875
	6,896	MDU Resources Group, Inc.		188,606
	2,689	Molson Coors Brewing Co., Class B		217,459
	2,819	Murphy Oil Corp.		75,408
	4,852	NiSource, Inc.		127,947
	1,106	Northrop Grumman Corp.		326,856
	116	NVR, Inc.*		380,639
	5,252	Old Republic International Corp.		106,563
	4,408	Patterson Cos., Inc.		163,096
	2,990	PG&E Corp.		172,732
	3,402	Pinnacle West Capital Corp.		298,389
	1,813	Public Service Enterprise Group, Inc.		89,200
	7,739	PulteGroup, Inc.		233,950
	1,798	Quest Diagnostics, Inc.		168,616
	1,719	Raytheon Co.		309,764
	4,626	Republic Services, Inc.		301,014
	3,721	SCANA Corp.		160,524
	2,501	Scripps Networks Interactive, Inc., Class A		208,283

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United States — continued
	4,847	Southwest Airlines Co.		261,059
	31,790	Sprint Corp.*		207,907
	3,799	Synopsys, Inc.*		328,690
	7,208	TEGNA, Inc.		88,154
	4,462	T-Mobile US, Inc.*		266,694
	3,621	Torchmark Corp.		304,635
	2,671	Tyson Foods, Inc., Class A		194,743
	2,846	United Continental Holdings, Inc.*		166,434
	1,937	Universal Health Services, Inc., Class B		198,930
	1,682	Valero Energy Corp.		132,693
	7,144	Verizon Communications, Inc.		341,983
	1,586	VMware, Inc., Class A*		189,828
	2,194	Wal-Mart Stores, Inc.		191,558
	1,085	Walt Disney Co. (The)		106,124
	1,444	Waters Corp.*		283,096
	3,849	Westlake Chemical Corp.		326,819
	3,978	WR Berkley Corp.		272,811
	2,913	Wyndham Worldwide Corp.		311,254
	6,138	Xcel Energy, Inc.		303,954
	4,026	Xylem, Inc.		267,850
	830	Zimmer Biomet Holdings, Inc.		100,945
				26,030,426
		Total Common Stocks (Cost $88,599,653)		102,599,755
NO. OF RIGHTS
	Rights — 0.0% (b)
		South Korea — 0.0% (b)
	31	Hyundai Construction Equipment Co. Ltd., expiring 11/7/2017*		2,773
	26	Hyundai Electric & Energy System Co. Ltd., expiring 12/10/2017*		1,164
		Total Rights (cost $—)		3,937
SHARES
	Investment Company — 0.5%
	516,620	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (c)(d) (Cost $516,620)		516,620
		Total Investments — 99.4% (Cost $89,116,273)		103,120,312
		Other Assets Less Liabilities — 0.6%		574,758
		Net Assets — 100.0%	$	103,695,070

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		6.8	%
Chemicals		6.3
Electric Utilities		5.5
Diversified Telecommunication Services		5.1
Pharmaceuticals		3.4
Insurance		3.4
Food Products		3.3
IT Services		3.0
Health Care Providers & Services		2.8
Software		2.8
Health Care Equipment & Supplies		2.8
Semiconductors & Semiconductor Equipment		2.7
Wireless Telecommunication Services		2.4
Airlines		2.3
Household Durables		2.1
Auto Components		2.0
Hotels, Restaurants & Leisure		1.9
Multi-Utilities		1.8
Equity Real Estate Investment Trusts (REITs)		1.8
Banks		1.8
Metals & Mining		1.6
Industrial Conglomerates		1.6
Food & Staples Retailing		1.6
Technology Hardware, Storage & Peripherals		1.6
Electronic Equipment, Instruments & Components		1.5
Road & Rail		1.5
Media		1.5
Gas Utilities		1.5
Aerospace & Defense		1.3
Beverages		1.3
Construction & Engineering		1.3
Commercial Services & Supplies		1.3
Real Estate Management & Development		1.2
Internet Software & Services		1.2
Specialty Retail		1.1
Trading Companies & Distributors		1.1
Biotechnology		1.0
Automobiles		1.0
Others (each less than 1.0%)		11.3
Short-Term Investment		0.5

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

*	—  Non-income producing security.
(a)	—  Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)	—  Represents less than 0.05% of net assets.
(c)	—  Affiliated company as defined under the Investment Company Act of 1940.
(d)	—  The rate shown was the current yield as of October 31, 2017.

Abbreviations

ADR	—  American Depositary Receipt
OYJ	—  Public Limited Company
Preference	—  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan Diversified Return International Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Exchange Traded Funds — 99.7%
		United States
	811,196	JPMorgan Diversified Return International Equity Fund (a)		48,144,483
		Total Investments — 99.7% (Cost $41,516,202)		48,144,483
		Other Assets Less Liabilities —0.3%		129,984
		Net Assets —100.0%	$	48,274,467

Percentages indicated are based on net assets.

(a) —  Affiliated company as defined under the Investment Company Act of 1940.

Forward foreign currency exchange contracts outstanding as of October 31, 2017:
CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	EUR	70,497	USD	81,967	Royal Bank of Canada		11/03/2017		155
	GBP	7,017,965	USD	9,319,408	National Australia Bank Ltd.		11/03/2017		1,762
	GBP	295,057	USD	388,321	Royal Bank of Canada		11/03/2017		3,570
	HKD	186,585	USD	23,908	HSBC Bank, NA		11/03/2017		9
	HKD	19,537,765	USD	2,504,219	Morgan Stanley		11/03/2017		164
	KRW	250,904,364	USD	220,161	Goldman Sachs International**		11/03/2017		3,856
	NOK	4,648,549	USD	567,969	Citibank, NA		11/03/2017		1,161
	SEK	11,768,988	USD	1,405,635	Goldman Sachs International		11/03/2017		253
	SGD	112,548	USD	82,470	HSBC Bank, NA		11/03/2017		98
	USD	3,200,618	AUD	4,081,369	Australia & New Zealand Banking Group Ltd.		11/03/2017		76,971
	USD	105,716	AUD	135,660	Goldman Sachs International		11/03/2017		1,890
	USD	799,547	CHF	772,198	Australia & New Zealand Banking Group Ltd.		11/03/2017		25,482
	USD	12,296	CHF	11,875	Goldman Sachs International		11/03/2017		392
	USD	34,083	CHF	33,116	Royal Bank of Canada		11/03/2017		887
	USD	533,910	DKK	3,355,102	Royal Bank of Canada		11/03/2017		8,682
	USD	499,716	EUR	421,270	Goldman Sachs International		11/03/2017		8,974
	USD	8,342,613	EUR	7,045,447	Royal Bank of Canada		11/03/2017		135,302
	USD	9,748,682	GBP	7,260,647	Royal Bank of Canada		11/03/2017		105,185
	USD	30,607	NOK	243,553	Merrill Lynch International		11/03/2017		788
	USD	553,655	NOK	4,404,996	Royal Bank of Canada		11/03/2017		14,343
	USD	271,552	NZD	375,747	Australia & New Zealand Banking Group Ltd.		11/03/2017		14,434
	USD	45,204	SEK	368,334	Goldman Sachs International		11/03/2017		1,204
	USD	1,400,179	SEK	11,400,653	Royal Bank of Canada		11/03/2017		38,291
	USD	1,221,371	SGD	1,658,249	Australia & New Zealand Banking Group Ltd.		11/03/2017		4,842
	USD	38,714	SGD	52,397	Royal Bank of Canada		11/03/2017		274
	USD	372,861	JPY	41,857,608	Goldman Sachs International		11/06/2017		4,677
	USD	479,193	JPY	53,852,649	National Australia Bank Ltd.		11/06/2017		5,499
	USD	11,119,748	JPY	1,249,603,865	Royal Bank of Canada		11/06/2017		128,098
	EUR	41,336	USD	48,234	Citibank, NA		12/05/2017		6
	USD	191,464	AUD	249,767	Morgan Stanley		12/05/2017		371
	USD	3,005,949	AUD	3,921,778	National Australia Bank Ltd.		12/05/2017		5,469
	USD	27,872	AUD	36,397	Royal Bank of Canada		12/05/2017		25
	USD	19,225	CHF	19,136	HSBC Bank, NA		12/05/2017		—	(a)
	USD	821,727	CHF	817,189	State Street Corp.		12/05/2017		755
	USD	72,238	EUR	61,887	Goldman Sachs International		12/05/2017		15
	USD	23,227	HKD	181,118	Merrill Lynch International		12/05/2017		—	(a)
	USD	508,298	JPY	57,688,655	Citibank, NA		12/05/2017		180
	USD	11,794,823	JPY	1,338,342,109	National Australia Bank Ltd.		12/05/2017		6,792

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	USD	105,474	JPY	11,974,306	Royal Bank of Canada		12/05/2017		5
	USD	5,281,242	KRW	5,898,748,078	Merrill Lynch International**		12/05/2017		4,777
	USD	257,208	NZD	375,747	National Australia Bank Ltd.		12/05/2017		247
	USD	1,132,098	SGD	1,541,983	HSBC Bank, NA		12/05/2017		571
	USD	102,487	SGD	139,604	State Street Corp.		12/05/2017		44
	Total unrealized appreciation								606,500
	AUD	4,189,123	USD	3,212,140	National Australia Bank Ltd.		11/03/2017		(6,025	)
	AUD	27,906	USD	21,881	Royal Bank of Canada		11/03/2017		(524	)
	CHF	817,189	USD	820,065	State Street Corp.		11/03/2017		(900	)
	DKK	3,355,102	USD	525,283	Citibank, NA		11/03/2017		(55	)
	EUR	7,396,220	USD	8,616,818	National Australia Bank Ltd.		11/03/2017		(888	)
	GBP	177,641	USD	238,514	National Australia Bank Ltd.		11/03/2017		(2,573	)
	KRW	5,418,421,914	USD	4,851,000	Merrill Lynch International**		11/03/2017		(13,217	)
	NZD	375,747	USD	257,366	National Australia Bank Ltd.		11/03/2017		(247	)
	SGD	1,541,983	USD	1,131,812	HSBC Bank, NA		11/03/2017		(579	)
	SGD	56,115	USD	41,332	National Australia Bank Ltd.		11/03/2017		(165	)
	USD	304,501	GBP	230,017	Royal Bank of Canada		11/03/2017		(1,004	)
	USD	2,422,073	HKD	18,905,304	Australia & New Zealand Banking Group Ltd.		11/03/2017		(1,239	)
	USD	104,962	HKD	819,046	HSBC Bank, NA		11/03/2017		(25	)
	USD	111,692	KRW	125,636,802	Citibank, NA**		11/03/2017		(481	)
	USD	4,845,538	KRW	5,543,689,476	Goldman Sachs International**		11/03/2017		(104,090	)
	JPY	1,338,342,109	USD	11,780,745	National Australia Bank Ltd.		11/06/2017		(8,545	)
	JPY	6,972,013	USD	61,343	Royal Bank of Canada		11/06/2017		(17	)
	USD	564,674	DKK	3,600,269	Citibank, NA		12/05/2017		(20	)
	USD	8,631,107	EUR	7,396,220	National Australia Bank Ltd.		12/05/2017		(359	)
	USD	9,327,542	GBP	7,017,965	National Australia Bank Ltd.		12/05/2017		(2,554	)
	USD	145,287	GBP	109,308	Royal Bank of Canada		12/05/2017		(32	)
	USD	160,595	HKD	1,252,344	Goldman Sachs International		12/05/2017		(8	)
	USD	2,505,404	HKD	19,537,765	Morgan Stanley		12/05/2017		(156	)
	USD	47,639	KRW	53,283,638	Goldman Sachs International**		12/05/2017		(23	)
	USD	568,375	NOK	4,648,549	Citibank, NA		12/05/2017		(1,207	)
	USD	28,838	NOK	235,853	Royal Bank of Canada		12/05/2017		(61	)
	USD	1,408,034	SEK	11,768,988	Goldman Sachs International		12/05/2017		(496	)
	USD	65,254	SEK	545,372	Royal Bank of Canada		12/05/2017		(17	)
	Total unrealized depreciation								(145,507	)
	Net unrealized appreciation								460,993

**	—  Non-deliverable forward.
(a)	—  Amounts rounds to less than 1.

Abbreviations

AUD	—  Australian Dollar
CHF	—  Swiss Franc
DKK	—  Danish Krone
EUR	—  Euro
GBP	—  British Pound

HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
KRW	—  South Korean Won
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 97.8%
		Australia — 6.7%
	236,648	AGL Energy Ltd.		4,581,834
	204,022	Ansell Ltd.		3,755,452
	368,156	APA Group		2,416,089
	157,579	Bendigo & Adelaide Bank Ltd.		1,374,438
	134,674	Boral Ltd.		739,002
	36,027	Cochlear Ltd.		4,852,995
	75,352	Computershare Ltd.		900,799
	68,107	Crown Resorts Ltd.		605,617
	51,660	CSL Ltd.		5,499,779
	638,189	CSR Ltd.		2,321,300
	577,785	Dexus, REIT		4,326,450
	480,824	Downer EDI Ltd.		2,580,051
	1,025,599	GPT Group (The), REIT		4,004,781
	527,133	Harvey Norman Holdings Ltd.		1,526,931
	1,551,353	Healthscope Ltd.		2,330,344
	448,611	Incitec Pivot Ltd.		1,315,884
	469,099	Metcash Ltd.		969,065
	579,270	Mirvac Group, REIT		1,070,693
	807,194	Origin Energy Ltd.*		4,916,207
	758,324	Qantas Airways Ltd.		3,579,010
	76,264	Ramsay Health Care Ltd.		3,910,030
	237,895	Sonic Healthcare Ltd.		3,973,261
	168,486	Star Entertainment Grp Ltd. (The)		742,956
	899,592	Tabcorp Holdings Ltd.		3,095,265
	1,005,026	Tatts Group Ltd.		3,212,714
	519,756	TPG Telecom Ltd.		2,151,286
	88,942	Transurban Group		826,789
	1,703,117	Vicinity Centres, REIT		3,461,797
	25,973	Wesfarmers Ltd.		831,937
	83,135	Woodside Petroleum Ltd.		1,959,743
				77,832,499
		Austria — 0.8%
	77,235	OMV AG		4,635,138
	71,873	voestalpine AG		3,951,459
				8,586,597
		Belgium — 1.0%
	59,369	Colruyt SA		3,036,390
	21,620	Groupe Bruxelles Lambert SA		2,322,134
	105,229	Proximus SADP		3,494,280
	60,577	Umicore SA		2,707,198
				11,560,002
		Chile — 0.4%
	369,721	Antofagasta plc		4,685,702

SHARES		INVESTMENTS	VALUE($)
		China — 0.6%
	2,800,000	FIH Mobile Ltd.		879,246
	3,515,800	Semiconductor Manufacturing International Corp.*		5,394,760
	2,608,400	Xinyi Solar Holdings Ltd.		903,364
				7,177,370
		Denmark — 1.2%
	47,123	Chr Hansen Holding A/S		4,123,728
	5,019	DSV A/S		388,099
	39,455	H Lundbeck A/S		2,345,515
	7,980	ISS A/S		337,939
	522,642	TDC A/S		3,089,965
	117,160	William Demant Holding A/S*		3,381,144
				13,666,390
		Finland — 1.6%
	77,412	Elisa OYJ		3,117,162
	106,152	Fortum OYJ		2,253,018
	62,242	Kesko OYJ, Class B		3,178,618
	96,934	Neste OYJ		5,396,446
	22,346	Nokian Renkaat OYJ		1,024,501
	60,679	Orion OYJ, Class B		2,486,923
	50,623	UPM-Kymmene OYJ		1,520,324
				18,976,992
		France — 5.0%
	25,397	Arkema SA		3,208,440
	29,005	Atos SE		4,504,936
	38,392	Capgemini SE		4,664,018
	21,112	Casino Guichard Perrachon SA		1,205,485
	14,507	Christian Dior SE		4,979,335
	34,408	Dassault Systemes SE		3,652,628
	36,608	Eiffage SA		3,823,914
	34,135	Eutelsat Communications SA		855,013
	5,817	Gecina SA, REIT		943,887
	3,832	Iliad SA		956,540
	28,744	Ingenico Group SA		2,791,285
	5,739	Ipsen SA		693,889
	91,987	Lagardere SCA		3,029,247
	5,697	Orpea		682,552
	91,643	SCOR SE		3,804,416
	19,605	Sodexo SA		2,494,204
	39,747	Thales SA		4,142,173
	66,053	TOTAL SA		3,681,671
	19,160	Valeo SA		1,297,213
	31,612	Vinci SA		3,097,270
	130,825	Vivendi SA		3,248,621
				57,756,737

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Germany — 4.2%
	37,085	Axel Springer SE		2,496,936
	36,236	Beiersdorf AG		4,076,207
	59,151	Deutsche Telekom AG (Registered)		1,071,067
	97,017	Evonik Industries AG		3,529,083
	47,386	Fraport AG Frankfurt Airport Services Worldwide		4,502,794
	45,757	Fresenius Medical Care AG & Co. KGaA		4,430,284
	50,390	Fresenius SE & Co. KGaA		4,218,463
	32,030	Hannover Rueck SE		4,030,686
	3,552	HOCHTIEF AG		627,439
	178,980	Infineon Technologies AG		4,950,239
	15,607	Innogy SE (a)		725,819
	32,447	Merck KGaA		3,481,334
	13,438	OSRAM Licht AG		1,028,945
	33,891	SAP SE		3,872,475
	40,131	Suedzucker AG		795,272
	439,147	Telefonica Deutschland Holding AG		2,240,029
	43,016	TUI AG		776,918
	65,395	Uniper SE		1,837,508
				48,691,498
		Hong Kong — 5.4%
	234,400	ASM Pacific Technology Ltd.		3,420,004
	1,110,000	Cathay Pacific Airways Ltd.*		1,898,916
	413,542	CK Hutchison Holdings Ltd.		5,252,693
	438,000	CK Infrastructure Holdings Ltd.		3,813,699
	468,000	CLP Holdings Ltd.		4,763,274
	726,000	First Pacific Co. Ltd.		552,778
	2,394,061	Hong Kong & China Gas Co. Ltd.		4,538,241
	3,413,300	Hutchison Port Holdings Trust		1,467,736
	73,940	I-CABLE Communications Ltd.*		2,316
	18,500	Jardine Matheson Holdings Ltd.		1,185,139
	48,600	Jardine Strategic Holdings Ltd.		2,038,533
	563,500	Link REIT		4,737,518
	389,000	Melco International Development Ltd.		1,066,120
	761,500	MTR Corp. Ltd.		4,414,785
	6,257,000	PCCW Ltd.		3,449,881
	479,000	Power Assets Holdings Ltd.		4,152,507
	322,000	Swire Pacific Ltd., Class A		3,182,028
	806,000	Techtronic Industries Co. Ltd.		4,731,394
	314,000	Wheelock & Co. Ltd.		2,187,465
	2,232,000	Xinyi Glass Holdings Ltd.		2,162,860
	1,001,500	Yue Yuen Industrial Holdings Ltd.		3,836,244
				62,854,131
		Ireland — 0.1%
	6,320	Ryanair Holdings plc, ADR*		708,535

SHARES		INVESTMENTS	VALUE($)
		Italy — 1.2%
	546,669	Davide Campari-Milano SpA		4,377,047
	111,759	Italgas SpA		652,865
	862,979	Parmalat SpA		3,267,033
	35,979	Recordati SpA		1,672,634
	712,425	Terna Rete Elettrica Nazionale SpA		4,298,717
				14,268,296
		Japan — 25.7%
	166,800	Alfresa Holdings Corp.		3,187,067
	96,600	ANA Holdings, Inc.		3,712,822
	92,000	Aozora Bank Ltd.		3,601,045
	148,300	Brother Industries Ltd.		3,608,599
	109,500	Canon Marketing Japan, Inc.		2,754,382
	141,700	Canon, Inc.		5,323,258
	121,700	Capcom Co. Ltd.		3,096,344
	20,800	Central Japan Railway Co.		3,778,252
	278,700	Chubu Electric Power Co., Inc.		3,594,251
	288,800	Chugoku Electric Power Co., Inc. (The)		3,220,163
	176,300	COMSYS Holdings Corp.		4,464,699
	47,300	Credit Saison Co. Ltd.		952,401
	39,100	Denka Co. Ltd.		1,306,347
	89,800	DIC Corp.		3,333,358
	124,400	Electric Power Development Co. Ltd.		3,135,013
	198,000	Fuji Electric Co. Ltd.		1,434,534
	114,900	FUJIFILM Holdings Corp.		4,700,305
	527,700	Fujikura Ltd.		4,605,623
	113,100	Gree, Inc.		767,785
	269,200	Gunma Bank Ltd. (The)		1,733,062
	266,100	Hachijuni Bank Ltd. (The)		1,666,442
	106,300	Hankyu Hanshin Holdings, Inc.		4,144,355
	36,900	Hikari Tsushin, Inc.		4,777,112
	15,500	Hitachi Capital Corp.		378,924
	149,300	Hitachi Chemical Co. Ltd.		4,257,411
	98,500	Hitachi High-Technologies Corp.		4,122,115
	42,200	Hitachi Kokusai Electric, Inc.		1,168,990
	124,200	Idemitsu Kosan Co. Ltd.		3,630,345
	42,700	Iida Group Holdings Co. Ltd.		819,127
	364,000	Inpex Corp.		3,897,418
	92,500	Itochu Techno-Solutions Corp.		3,603,074
	114,600	Japan Airlines Co. Ltd.		3,922,452
	93,800	Japan Petroleum Exploration Co. Ltd.		1,935,589
	906,100	JXTG Holdings, Inc.		4,678,920
	38,500	Kagome Co. Ltd.		1,282,131
	48,000	Kajima Corp.		497,832
	375,000	Kaneka Corp.		3,096,724
	278,600	Kansai Electric Power Co., Inc. (The)		3,815,177

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Japan — continued
	83,100	Kawasaki Kisen Kaisha Ltd.*		2,169,808
	188,700	KDDI Corp.		5,027,466
	2,300	Keio Corp.		100,346
	27,500	Keisei Electric Railway Co. Ltd.		830,707
	62,000	K’s Holdings Corp.		1,422,931
	180,500	Kuraray Co. Ltd.		3,554,871
	322,300	Kyushu Electric Power Co., Inc.		3,676,185
	272,600	Leopalace21 Corp.		2,035,570
	76,800	Lintec Corp.		2,134,414
	114,200	Matsui Securities Co. Ltd.		960,349
	226,100	Mebuki Financial Group, Inc.		943,268
	142,000	Medipal Holdings Corp.		2,637,120
	54,300	Miraca Holdings, Inc.		2,526,416
	169,600	Mitsubishi Gas Chemical Co., Inc.		4,148,871
	196,000	Mitsubishi Tanabe Pharma Corp.		4,313,840
	171,600	Mitsubishi UFJ Lease & Finance Co. Ltd.		905,350
	53,100	Mochida Pharmaceutical Co. Ltd.		3,887,408
	35,200	Nagoya Railroad Co. Ltd.		790,800
	150,000	NH Foods Ltd.		4,314,744
	33,100	Nichirei Corp.		852,071
	15,200	Nifco, Inc.		992,274
	149,000	Nippo Corp.		3,111,210
	35,400	Nippon Express Co. Ltd.		2,246,218
	148,700	Nippon Paper Industries Co. Ltd.		2,958,293
	35,800	Nippon Shokubai Co. Ltd.		2,700,425
	102,300	Nippon Telegraph & Telephone Corp.		4,945,952
	300,000	Nipro Corp.		4,373,715
	248,500	Nisshin Seifun Group, Inc.		4,367,248
	49,900	Nissin Foods Holdings Co. Ltd.		3,142,057
	71,300	Nomura Real Estate Holdings, Inc.		1,569,354
	76,300	Nomura Research Institute Ltd.		3,234,748
	191,100	NTT DOCOMO, Inc.		4,628,205
	84,300	NTT Urban Development Corp.		872,569
	17,900	Oracle Corp. Japan		1,514,618
	206,700	Osaka Gas Co. Ltd.		4,003,583
	17,400	Otsuka Corp.		1,186,132
	831,600	Resona Holdings, Inc.		4,495,075
	35,700	Sankyo Co. Ltd.		1,152,310
	19,500	Sapporo Holdings Ltd.		617,928
	35,400	Sawai Pharmaceutical Co. Ltd.		2,007,899
	85,700	SBI Holdings, Inc.		1,352,490
	36,600	SCSK Corp.		1,578,332
	78,500	Sega Sammy Holdings, Inc.		1,105,071
	142,800	Sekisui Chemical Co. Ltd.		2,882,320
	248,400	Sekisui House Ltd.		4,644,701
	93,300	Shimachu Co. Ltd.		2,627,633

SHARES		INVESTMENTS	VALUE($)
		Japan — continued
	27,300	Shimamura Co. Ltd.		3,041,445
	6,400	Showa Denko KK		214,444
	380,300	Showa Shell Sekiyu KK		4,486,493
	181,400	SKY Perfect JSAT Holdings, Inc.		841,106
	98,200	Skylark Co. Ltd.		1,468,790
	64,000	SoftBank Group Corp.		5,671,820
	1,523,900	Sojitz Corp.		4,599,159
	50,400	Square Enix Holdings Co. Ltd.		2,032,406
	44,800	Sumitomo Dainippon Pharma Co. Ltd.		639,398
	754,000	Sumitomo Osaka Cement Co. Ltd.		3,453,136
	55,800	Suzuken Co. Ltd.		2,011,471
	87,800	Taisei Corp.		4,864,736
	22,800	Taisho Pharmaceutical Holdings Co. Ltd.		1,736,365
	86,000	Takashimaya Co. Ltd.		791,278
	67,700	Tobu Railway Co. Ltd.		1,986,106
	34,100	Toho Co. Ltd.		1,129,778
	53,000	Toho Gas Co. Ltd.		1,481,807
	245,700	Tohoku Electric Power Co., Inc.		3,223,297
	98,000	Toyo Suisan Kaisha Ltd.		3,770,067
	74,600	Toyota Industries Corp.		4,591,743
	108,700	Tsumura & Co.		4,039,992
	122,700	Ube Industries Ltd.		3,769,352
	262,000	Yamada Denki Co. Ltd.		1,393,631
	163,000	Yamaguchi Financial Group, Inc.		1,974,453
	6,000	Yamaha Corp.		235,751
	147,900	Yokohama Rubber Co. Ltd. (The)		3,325,098
	98,900	Zeon Corp.		1,316,728
				297,636,193
		Jordan — 0.2%
	161,112	Hikma Pharmaceuticals plc		2,490,310
		Luxembourg — 0.1%
	17,236	RTL Group SA		1,280,647
		Netherlands — 1.9%
	13,752	Boskalis Westminster		491,586
	43,714	Heineken Holding NV		4,057,631
	63,772	NN Group NV		2,670,616
	319,996	Royal Dutch Shell plc, Class A		10,073,408
	90,528	Wolters Kluwer NV		4,437,013
				21,730,254
		New Zealand — 0.5%
	66,985	Fisher & Paykel Healthcare Corp. Ltd.		607,566
	329,638	Fletcher Building Ltd.		1,662,768
	1,568,899	Spark New Zealand Ltd.		3,952,868
				6,223,202

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Norway — 1.2%
	208,101	Marine Harvest ASA*		4,063,676
	301,342	Norsk Hydro ASA		2,331,892
	240,697	Orkla ASA		2,357,672
	98,308	Telenor ASA		2,087,447
	74,533	Yara International ASA		3,539,774
				14,380,461
		Portugal — 0.7%
	896,418	EDP — Energias de Portugal SA		3,196,825
	208,461	Galp Energia SGPS SA		3,875,723
	39,248	Jeronimo Martins SGPS SA		713,103
				7,785,651
		Singapore — 2.6%
	649,500	Ascendas REIT		1,305,920
	1,971,500	CapitaLand Mall Trust, REIT		2,922,688
	905,500	ComfortDelGro Corp. Ltd.		1,342,365
	9,332,800	Golden Agri-Resources Ltd.		2,704,951
	764,100	Keppel Corp. Ltd.		4,205,812
	912,100	Sembcorp Industries Ltd.		2,209,061
	1,804,100	Singapore Telecommunications Ltd.		4,964,825
	924,500	StarHub Ltd.		1,784,311
	1,028,600	Suntec REIT		1,472,523
	233,300	Venture Corp. Ltd.		3,334,951
	1,537,900	Wilmar International Ltd.		3,826,990
				30,074,397
		South Africa — 0.6%
	268,452	Mediclinic International plc		2,075,089
	184,507	Mondi plc		4,462,160
				6,537,249
		South Korea — 11.1%
	49,518	Celltrion Healthcare Co. Ltd.*		2,603,303
	6,955	CJ CheilJedang Corp.		2,275,866
	6,106	CJ Corp.		1,017,969
	14,806	Daelim Industrial Co. Ltd.		1,103,482
	9,933	E-MART, Inc.		1,988,380
	63,555	GS Holdings Corp.		3,763,108
	21,765	Hankook Tire Co. Ltd.		1,050,503
	118,635	Hanwha Chemical Corp.		3,231,658
	28,267	Hanwha Corp.		1,127,894
	20,932	Hanwha Techwin Co. Ltd.*		717,489
	18,008	Hyosung Corp.		2,164,235
	20,746	Hyundai Department Store Co. Ltd.		1,694,226
	38,574	Hyundai Engineering & Construction Co. Ltd.		1,304,924
	7,528	Hyundai Mipo Dockyard Co. Ltd.*		730,148

SHARES		INVESTMENTS	VALUE($)
		South Korea — continued
	75,311	Hyundai Steel Co.		3,870,625
	217,450	Industrial Bank of Korea		2,979,340
	17,042	Kakao Corp.		2,192,507
	73,805	Kangwon Land, Inc.		2,262,276
	2,756	KCC Corp.		960,356
	104,990	Korea Electric Power Corp.		3,680,904
	68,937	Korea Gas Corp.*		2,517,748
	5,592	Korea Zinc Co. Ltd.		2,557,927
	53,559	Korean Air Lines Co. Ltd.*		1,516,176
	41,326	KT&G Corp.		3,909,989
	56,733	LG Corp.		4,362,190
	143,869	LG Display Co. Ltd.		3,763,698
	330,932	LG Uplus Corp.		3,799,977
	7,769	Lotte Chemical Corp.		2,566,096
	8,354	Lotte Corp.		556,212
	6,518	Lotte Shopping Co. Ltd.		1,310,013
	7,117	Mando Corp.		2,077,419
	3,807	NAVER Corp.		3,042,828
	17,827	POSCO		5,196,315
	12,402	Samsung Biologics Co. Ltd.* (a)		4,254,860
	4,221	Samsung Electronics Co. Ltd.		10,405,215
	2,300	Samsung SDS Co. Ltd.		425,880
	10,150	Shinsegae, Inc.		2,074,664
	18,660	SK Holdings Co. Ltd.		4,828,649
	74,464	SK Hynix, Inc.		5,490,433
	26,839	SK Innovation Co. Ltd.		4,923,370
	271,263	SK Networks Co. Ltd.		1,611,812
	19,670	SK Telecom Co. Ltd.		4,643,695
	61,738	SKC Co. Ltd.		2,193,318
	41,370	S-Oil Corp.		4,756,287
	253,926	Woori Bank		3,716,005
	9,244	Yuhan Corp.		1,684,300
				128,904,269
		Spain — 1.9%
	12,384	Acciona SA		1,025,448
	137,551	Acerinox SA		1,976,182
	8,883	Corp. Financiera Alba SA		520,185
	116,332	Enagas SA		3,350,798
	172,208	Endesa SA		3,941,540
	30,539	Ferrovial SA		663,204
	156,698	Gas Natural SDG SA		3,352,951
	504,392	Iberdrola SA		4,075,999
	174,132	Repsol SA		3,263,132
				22,169,439

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Sweden — 3.1%
	133,243	Boliden AB		4,662,408
	22,815	Essity AB, Class B*		681,928
	82,618	Hexagon AB, Class B		4,236,249
	33,232	ICA Gruppen AB		1,225,571
	91,313	Investor AB, Class B		4,524,253
	230,094	Securitas AB, Class B		4,037,214
	146,078	Skanska AB, Class B		3,203,286
	66,640	Svenska Cellulosa AB SCA, Class B		625,748
	62,602	Swedish Match AB		2,358,278
	372,166	Tele2 AB, Class B		4,733,858
	720,751	Telia Co. AB		3,335,971
	95,632	Trelleborg AB, Class B		2,368,200
				35,992,964
		Switzerland — 2.3%
	26,787	Baloise Holding AG (Registered)		4,223,165
	128,799	Clariant AG (Registered)*		3,240,571
	121,263	Coca-Cola HBC AG*		4,098,348
	1,082	EMS-Chemie Holding AG (Registered)		709,329
	2,521	Flughafen Zurich AG (Registered)		548,256
	6,054	Kuehne + Nagel International AG (Registered)		1,057,730
	10,075	Lonza Group AG (Registered)*		2,676,536
	22,856	Sonova Holding AG (Registered)		4,126,242
	94,887	STMicroelectronics NV		2,234,993
	3,354	Swiss Re AG		315,646
	6,950	Swisscom AG (Registered)		3,511,311
				26,742,127
		United Kingdom — 16.7%
	113,028	Admiral Group plc		2,887,392
	90,461	AstraZeneca plc		6,120,678
	295,304	Babcock International Group plc		3,184,150
	663,992	BAE Systems plc		5,230,490
	459,379	Barratt Developments plc		3,994,218
	68,633	Bellway plc		3,327,727
	96,248	Berkeley Group Holdings plc		4,782,187
	1,376,171	BP plc		9,334,100
	301,481	British Land Co. plc (The), REIT		2,407,085
	85,453	Bunzl plc		2,661,905
	2,056,295	Centrica plc		4,637,296
	467,968	ConvaTec Group plc (a)		1,217,567
	56,940	Croda International plc		3,164,425
	176,492	Diageo plc		6,026,996
	539,215	Direct Line Insurance Group plc		2,661,313
	303,525	DS Smith plc		2,099,164
	122,415	easyJet plc		2,177,134
	968,291	GKN plc		4,081,207

SHARES			INVESTMENTS	VALUE($)
			United Kingdom — continued
	345,153		GlaxoSmithKline plc		6,194,580
	91,517		Halma plc		1,435,984
	528,928		Hammerson plc, REIT		3,681,987
	147,126		IMI plc		2,387,205
	202,242		Inchcape plc		2,099,244
	185,726		Informa plc		1,719,113
	83,906	��	InterContinental Hotels Group plc		4,648,508
	170,685		International Consolidated Airlines Group SA		1,441,582
	351,508		J Sainsbury plc		1,131,934
	440,558		John Wood Group plc		4,165,833
	84,047		Johnson Matthey plc		3,773,348
	294,284		Land Securities Group plc, REIT		3,779,715
	443,159		Meggitt plc		3,050,720
	365,042		Merlin Entertainments plc (a)		1,836,271
	135,433		Micro Focus International plc		4,757,018
	453,505		National Grid plc		5,459,051
	264,426		Pennon Group plc		2,788,794
	128,232		Persimmon plc		4,772,123
	29,588		Reckitt Benckiser Group plc		2,647,140
	195,585		RELX NV		4,415,686
	254,757		RELX plc		5,862,189
	674,144		Rentokil Initial plc		3,006,244
	514,369		Royal Mail plc		2,557,748
	480,240		Sage Group plc (The)		4,753,710
	14,173		Schroders plc		657,582
	480,191		Segro plc, REIT		3,466,550
	145,218		Severn Trent plc		4,071,826
	289,933		Smith & Nephew plc		5,468,594
	219,733		Smiths Group plc		4,584,925
	287,027		SSE plc		5,271,511
	385,473		Tate & Lyle plc		3,311,323
	18,842		Travis Perkins plc		380,380
	367,488		United Utilities Group plc		4,065,741
	2,008,191		Vodafone Group plc		5,744,106
	30,863		Whitbread plc		1,513,722
	947,197		Wm Morrison Supermarkets plc		2,820,480
					193,717,501
			United States — 1.0%
	79,153		Carnival plc		5,218,422
	32,665		QIAGEN NV*		1,106,037
	110,695		Shire plc		5,452,348
					11,776,807
			Total Common Stocks (Cost $1,005,785,453)		1,134,206,220

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

NO. OF RIGHTS		INVESTMENTS	VALUE($)
	Rights — 0.0% (b)
		Spain — 0.0% (b)
	30,539	Ferrovial SA, expiring 11/13/2017* (Cost $14,329)		14,691
SHARES
	Investment Company — 1.4%
	15,795,486	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (c) (d) (Cost $15,795,486)		15,795,486
		Total Investments — 99.2% (Cost $1,021,595,268)		1,150,016,397
		Other Assets Less Liabilities — 0.8%		9,870,609
		Net Assets — 100.0%	$	1,159,887,006

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		7.2	%
Chemicals		6.0
Electric Utilities		5.0
Diversified Telecommunication Services		4.0
Pharmaceuticals		3.8
Food Products		3.6
Equity Real Estate Investment Trusts (REITs)		3.3
Health Care Providers & Services		3.0
Wireless Telecommunication Services		2.8
Industrial Conglomerates		2.7
Household Durables		2.6
Metals & Mining		2.5
Hotels, Restaurants & Leisure		2.5
Health Care Equipment & Supplies		2.4
Construction & Engineering		2.4
Technology Hardware, Storage & Peripherals		2.1
Software		2.1
Semiconductors & Semiconductor Equipment		1.9
Banks		2.0
Auto Components		1.8
Insurance		1.8
Electronic Equipment, Instruments & Components		1.8
IT Services		1.7
Road & Rail		1.7
Beverages		1.7
Gas Utilities		1.6
Airlines		1.6
Food & Staples Retailing		1.5
Multi-Utilities		1.3
Professional Services		1.3
Media		1.3
Specialty Retail		1.2
Commercial Services & Supplies		1.1
Aerospace & Defense		1.1
Biotechnology		1.0
Water Utilities		1.0
Short-Term Investments		1.4
Others (each less than 1.0%)		12.2

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

*	—  Non-income producing security.
(a)	—  Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)	—  Represents less than 0.05% of net assets.
(c)	—  Affiliated company as defined under the Investment Company Act of 1940.
(d)	—  The rate shown was the current yield as of October 31, 2017.

Abbreviations

ADR	—  American Depositary Receipt
OYJ	—  Public Limited Company
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		34		12/2017		EUR		1,458,376		41,548
FTSE 100 Index		80		12/2017		GBP		7,936,849		32,970
SPI 200 Index		34		12/2017		AUD		3,841,029		22,854
TOPIX Index		19		12/2017		JPY		2,970,425		38,537
										135,909

Abbreviations

AUD	—  Australian Dollar
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
JPY	—  Japanese Yen
SPI	—  Australian Securities Exchange
TOPIX	—  Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 98.9%
		Aerospace & Defense — 1.7%
	10,181	Arconic, Inc.		255,747
	2,236	Boeing Co. (The)		576,843
	3,324	General Dynamics Corp.		674,705
	2,711	L3 Technologies, Inc.		507,445
	2,635	Lockheed Martin Corp.		812,002
	2,562	Northrop Grumman Corp.		757,148
	4,382	Raytheon Co.		789,636
	3,586	Rockwell Collins, Inc.		486,262
	6,610	Textron, Inc.		348,611
	5,783	United Technologies Corp.		692,572
				5,900,971
		Air Freight & Logistics — 0.6%
	10,028	CH Robinson Worldwide, Inc.		787,499
	2,329	FedEx Corp.		525,911
	6,685	United Parcel Service, Inc., Class B		785,688
				2,099,098
		Airlines — 0.7%
	6,342	Alaska Air Group, Inc.		418,762
	6,709	American Airlines Group, Inc.		314,116
	9,809	Delta Air Lines, Inc.		490,744
	16,640	JetBlue Airways Corp.*		318,656
	10,383	Southwest Airlines Co.		559,229
	5,634	United Continental Holdings, Inc.*		329,476
				2,430,983
		Auto Components — 0.7%
	861	Adient plc		72,634
	7,666	Delphi Automotive plc		761,847
	53,812	Gentex Corp.		1,044,491
	4,569	Lear Corp.		802,271
				2,681,243
		Automobiles — 0.6%
	71,736	Ford Motor Co.		880,201
	15,996	General Motors Co.		687,508
	10,627	Harley-Davidson, Inc.		503,082
				2,070,791
		Banks — 1.9%
	12,117	Bank of America Corp.		331,885
	4,180	Bank of Hawaii Corp.		341,130
	9,140	BB&T Corp.		450,053
	5,819	Citigroup, Inc.		427,696
	6,580	Citizens Financial Group, Inc.		250,106
	3,749	Comerica, Inc.		294,559
	1,814	Cullen/Frost Bankers, Inc.		178,679

SHARES		INVESTMENTS	VALUE($)
		Banks — continued
	15,424	Fifth Third Bancorp		445,753
	30,501	Huntington Bancshares, Inc.		420,914
	14,336	KeyCorp		261,632
	3,257	M&T Bank Corp.		543,170
	24,461	People’s United Financial, Inc.		456,442
	3,340	PNC Financial Services Group, Inc. (The)		456,879
	769	Popular, Inc. (Puerto Rico)		28,207
	16,214	Regions Financial Corp.		250,993
	6,944	SunTrust Banks, Inc.		418,098
	1,969	Synovus Financial Corp.		92,248
	8,362	US Bancorp		454,725
	7,698	Wells Fargo & Co.		432,166
	5,613	Zions Bancorp		260,780
				6,796,115
		Beverages — 2.1%
	22,010	Brown-Forman Corp., Class B		1,255,010
	34,382	Coca-Cola Co. (The)		1,580,884
	5,039	Constellation Brands, Inc., Class A		1,103,995
	13,514	Dr Pepper Snapple Group, Inc.		1,157,609
	7,294	Molson Coors Brewing Co., Class B		589,866
	15,788	PepsiCo, Inc.		1,740,311
				7,427,675
		Biotechnology — 1.8%
	14,013	AbbVie, Inc.		1,264,673
	4,651	Amgen, Inc.		814,948
	2,364	Biogen, Inc.*		736,764
	685	Bioverativ, Inc.*		38,703
	5,829	Celgene Corp.*		588,554
	10,736	Exelixis, Inc.*		266,145
	9,682	Gilead Sciences, Inc.		725,763
	3,049	Incyte Corp.*		345,299
	1,183	Regeneron Pharmaceuticals, Inc.*		476,300
	5,242	United Therapeutics Corp.*		621,649
	2,680	Vertex Pharmaceuticals, Inc.*		391,896
				6,270,694
		Building Products — 0.2%
	7,110	Fortune Brands Home & Security, Inc.		469,686
	8,571	Johnson Controls International plc		354,754
				824,440
		Capital Markets — 2.4%
	2,191	Ameriprise Financial, Inc.		342,979
	8,297	Bank of New York Mellon Corp. (The)		426,881
	1,141	BlackRock, Inc.		537,217

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	1,937	Cboe Global Markets, Inc.		218,997
	6,983	Charles Schwab Corp. (The)		313,118
	3,285	CME Group, Inc.		450,604
	5,680	E*TRADE Financial Corp.*		247,591
	2,986	Eaton Vance Corp.		150,703
	5,873	FactSet Research Systems, Inc.		1,115,107
	3,697	Federated Investors, Inc., Class B		114,866
	5,311	Franklin Resources, Inc.		223,752
	1,427	Goldman Sachs Group, Inc. (The)		346,019
	6,831	Intercontinental Exchange, Inc.		451,529
	8,763	Invesco Ltd.		313,628
	6,032	Morgan Stanley		301,600
	3,742	Northern Trust Corp.		349,952
	3,731	Raymond James Financial, Inc.		316,314
	2,794	S&P Global, Inc.		437,177
	13,359	SEI Investments Co.		861,789
	3,640	State Street Corp.		334,880
	3,887	T Rowe Price Group, Inc.		361,102
	8,383	TD Ameritrade Holding Corp.		419,066
				8,634,871
		Chemicals — 5.1%
	8,970	Air Products & Chemicals, Inc.		1,430,087
	5,454	Albemarle Corp.		768,414
	16,753	Ashland Global Holdings, Inc.		1,138,869
	5,837	Cabot Corp.		355,823
	13,191	Celanese Corp., Series A		1,375,953
	7,365	CF Industries Holdings, Inc.		279,723
	5,904	Chemours Co. (The)		334,225
	10,442	DowDuPont, Inc.		755,061
	8,280	Eastman Chemical Co.		751,907
	13,707	Ecolab, Inc.		1,790,957
	6,134	FMC Corp.		569,603
	18,697	Huntsman Corp.		598,678
	10,190	International Flavors & Fragrances, Inc.		1,502,210
	11,584	LyondellBasell Industries NV, Class A		1,199,292
	15,847	Monsanto Co.		1,919,072
	11,263	PPG Industries, Inc.		1,309,211
	10,883	Praxair, Inc.		1,590,224
	255	RPM International, Inc.		13,599
	1,707	Sherwin-Williams Co. (The)		674,521
				18,357,429
		Commercial Services & Supplies — 1.1%
	7,920	Cintas Corp.		1,180,397
	12,238	Herman Miller, Inc.		411,197

SHARES		INVESTMENTS	VALUE($)
		Commercial Services & Supplies — continued
	18,409	Pitney Bowes, Inc.		252,940
	16,344	Republic Services, Inc.		1,063,504
	11,066	Waste Management, Inc.		909,293
				3,817,331
		Communications Equipment — 1.5%
	1,473	Arista Networks, Inc.*		294,438
	29,837	Cisco Systems, Inc.		1,018,934
	4,533	F5 Networks, Inc.*		549,717
	15,904	Harris Corp.		2,215,745
	23,787	Juniper Networks, Inc.		590,631
	7,734	Motorola Solutions, Inc.		700,236
				5,369,701
		Construction & Engineering — 0.0% (a)
	1,555	Fluor Corp.		67,005
		Construction Materials — 0.1%
	1,651	Martin Marietta Materials, Inc.		358,019
		Consumer Finance — 0.5%
	4,100	American Express Co.		391,632
	4,496	Capital One Financial Corp.		414,441
	7,011	Discover Financial Services		466,442
	33,125	SLM Corp.*		350,794
				1,623,309
		Containers & Packaging — 0.4%
	752	Ball Corp.		32,283
	6,268	Bemis Co., Inc.		282,185
	2,416	Crown Holdings, Inc.*		145,371
	9,957	International Paper Co.		570,237
	8,863	Sealed Air Corp.		392,011
				1,422,087
		Distributors — 0.4%
	18,013	Genuine Parts Co.		1,589,287
		Diversified Consumer Services — 0.0% (a)
	46	Graham Holdings Co., Class B		25,597
	3,422	H&R Block, Inc.		84,660
				110,257
		Diversified Financial Services — 0.2%
	3,491	Berkshire Hathaway, Inc., Class B*		652,608
		Diversified Telecommunication Services — 0.7%
	35,810	AT&T, Inc.		1,205,007
	25,353	Verizon Communications, Inc.		1,213,648
				2,418,655

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Electric Utilities — 6.3%
	35,437	Alliant Energy Corp.		1,533,004
	23,331	American Electric Power Co., Inc.		1,736,060
	20,539	Duke Energy Corp.		1,813,799
	22,479	Edison International		1,797,196
	21,791	Entergy Corp.		1,879,692
	30,658	Eversource Energy		1,920,417
	42,329	Exelon Corp.		1,702,049
	3,923	FirstEnergy Corp.		129,263
	10,542	NextEra Energy, Inc.		1,634,748
	23,826	PG&E Corp.		1,376,428
	20,754	Pinnacle West Capital Corp.		1,820,333
	43,280	PPL Corp.		1,625,597
	35,264	Southern Co. (The)		1,840,781
	36,913	Xcel Energy, Inc.		1,827,932
				22,637,299
		Electrical Equipment — 0.6%
	3,083	AMETEK, Inc.		208,072
	7,341	Eaton Corp. plc		587,427
	5,491	Emerson Electric Co.		353,950
	3,365	Hubbell, Inc.		423,384
	3,575	Rockwell Automation, Inc.		717,931
				2,290,764
		Electronic Equipment, Instruments & Components — 0.5%
	8,427	Amphenol Corp., Class A		733,149
	10,114	AVX Corp.		190,548
	22,656	Corning, Inc.		709,359
				1,633,056
		Energy Equipment & Services — 0.9%
	13,063	Baker Hughes a GE Co.		410,570
	13,770	Halliburton Co.		588,530
	4,982	Helmerich & Payne, Inc.		270,572
	15,009	Nabors Industries Ltd.		84,501
	9,517	National Oilwell Varco, Inc.		325,386
	9,486	Patterson-UTI Energy, Inc.		187,633
	16,974	Schlumberger Ltd.		1,086,336
	27,522	Transocean Ltd.*		288,981
				3,242,509
		Equity Real Estate Investment Trusts (REITs) — 1.4%
	1,555	Alexandria Real Estate Equities, Inc.		192,758
	3,483	American Tower Corp.		500,403
	3,027	AvalonBay Communities, Inc.		548,886
	420	Boston Properties, Inc.		50,896
	738	Camden Property Trust		67,335

SHARES		INVESTMENTS	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	2,675	Corporate Office Properties Trust		85,413
	2,863	Digital Realty Trust, Inc.		339,094
	1,879	Duke Realty Corp.		53,514
	7,666	Equity Residential		515,615
	411	Essex Property Trust, Inc.		107,859
	2,278	Federal Realty Investment Trust		274,544
	15,356	Host Hotels & Resorts, Inc.		300,363
	3,236	Iron Mountain, Inc.		129,440
	717	JBG SMITH Properties*		22,378
	582	Liberty Property Trust		24,956
	3,526	Park Hotels & Resorts, Inc.		101,513
	5,964	Prologis, Inc.		385,155
	6,252	Rayonier, Inc.		187,435
	4,899	Senior Housing Properties Trust		90,142
	2,294	Simon Property Group, Inc.		356,327
	1,424	Vornado Realty Trust		106,601
	4,679	Weingarten Realty Investors		142,475
	4,311	Welltower, Inc.		288,664
	8,090	Weyerhaeuser Co.		290,512
				5,162,278
		Food & Staples Retailing — 1.2%
	4,684	Costco Wholesale Corp.		754,498
	8,792	CVS Health Corp.		602,516
	12,473	Sysco Corp.		693,748
	11,796	Walgreens Boots Alliance, Inc.		781,721
	15,625	Wal-Mart Stores, Inc.		1,364,219
				4,196,702
		Food Products — 3.6%
	15,549	Archer-Daniels-Midland Co.		635,488
	6,739	Bunge Ltd.		463,508
	28,553	Campbell Soup Co.		1,352,556
	25,591	Conagra Brands, Inc.		874,189
	21,347	General Mills, Inc.		1,108,336
	10,392	Hershey Co. (The)		1,103,423
	38,737	Hormel Foods Corp.		1,207,045
	8,878	JM Smucker Co. (The)		941,512
	21,366	Kellogg Co.		1,336,016
	15,132	Kraft Heinz Co. (The)		1,170,158
	2,165	Lamb Weston Holdings, Inc.		110,393
	17,431	McCormick & Co., Inc. (Non-Voting)		1,734,907
	9,228	Tyson Foods, Inc., Class A		672,813
				12,710,344

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — 5.7%
	24,574	Abbott Laboratories		1,332,648
	4,002	Align Technology, Inc.*		956,398
	20,297	Baxter International, Inc.		1,308,548
	6,825	Becton Dickinson and Co.		1,424,173
	40,651	Boston Scientific Corp.*		1,143,919
	4,988	Cooper Cos., Inc. (The)		1,198,417
	4,448	CR Bard, Inc.		1,454,807
	9,404	Danaher Corp.		867,707
	18,248	DENTSPLY SIRONA, Inc.		1,114,405
	5,179	Edwards Lifesciences Corp.*		529,449
	14,278	Hill-Rom Holdings, Inc.		1,152,377
	22,529	Hologic, Inc.*		852,723
	4,766	IDEXX Laboratories, Inc.*		791,966
	3,002	Intuitive Surgical, Inc.*		1,126,831
	15,367	Medtronic plc		1,237,351
	8,044	Stryker Corp.		1,245,774
	92	Teleflex, Inc.		21,802
	5,535	Varex Imaging Corp.*		190,238
	15,136	Varian Medical Systems, Inc.*		1,577,020
	6,418	Zimmer Biomet Holdings, Inc.		780,557
				20,307,110
		Health Care Providers & Services — 4.9%
	5,970	Aetna, Inc.		1,015,079
	7,633	AmerisourceBergen Corp.		587,359
	6,024	Anthem, Inc.		1,260,281
	8,504	Cardinal Health, Inc.		526,398
	7,536	Centene Corp.*		705,897
	4,902	Cigna Corp.		966,772
	22,954	DaVita, Inc.*		1,394,226
	16,196	Express Scripts Holding Co.*		992,653
	13,050	HCA Healthcare, Inc.*		987,233
	19,906	Henry Schein, Inc.*		1,564,612
	3,992	Humana, Inc.		1,019,357
	11,648	Laboratory Corp. of America Holdings*		1,790,414
	3,480	McKesson Corp.		479,822
	17,800	Quest Diagnostics, Inc.		1,669,284
	5,811	UnitedHealth Group, Inc.		1,221,588
	12,738	Universal Health Services, Inc., Class B		1,308,193
				17,489,168
		Health Care Technology — 0.2%
	12,117	Cerner Corp.*		818,140
		Hotels, Restaurants & Leisure — 3.1%
	13,110	Carnival Corp.		870,373
	6,551	Darden Restaurants, Inc.		538,951

SHARES		INVESTMENTS	VALUE($)
		Hotels, Restaurants & Leisure — continued
	3,499	Domino’s Pizza, Inc.		640,317
	8,932	Dunkin’ Brands Group, Inc.		527,613
	1,627	Hilton Grand Vacations, Inc.*		66,642
	11,061	Hilton Worldwide Holdings, Inc.		799,489
	16,590	International Game Technology plc		389,865
	6,526	Las Vegas Sands Corp.		413,618
	7,554	Marriott International, Inc., Class A		902,552
	7,475	McDonald’s Corp.		1,247,652
	13,952	MGM Resorts International		437,395
	403	Norwegian Cruise Line Holdings Ltd.*		22,467
	4,703	Royal Caribbean Cruises Ltd.		582,090
	8,483	Speedway Motorsports, Inc.		169,236
	16,421	Starbucks Corp.		900,528
	6,922	Wyndham Worldwide Corp.		739,616
	2,499	Wynn Resorts Ltd.		368,578
	14,325	Yum Brands, Inc.		1,066,496
	7,575	Yum China Holdings, Inc.*		305,651
				10,989,129
		Household Durables — 2.6%
	23,138	DR Horton, Inc.		1,022,931
	15,562	Garmin Ltd.		880,965
	26,076	Leggett & Platt, Inc.		1,232,352
	12,972	Lennar Corp., Class A		722,151
	3,602	Mohawk Industries, Inc.*		942,860
	14,148	Newell Brands, Inc.		576,955
	730	NVR, Inc.*		2,395,400
	27,950	PulteGroup, Inc.		844,928
	3,233	Whirlpool Corp.		529,986
				9,148,528
		Household Products — 1.7%
	23,638	Church & Dwight Co., Inc.		1,067,728
	13,741	Clorox Co. (The)		1,738,649
	4,378	Colgate-Palmolive Co.		308,430
	3,937	Energizer Holdings, Inc.		169,252
	10,612	Kimberly-Clark Corp.		1,193,956
	19,047	Procter & Gamble Co. (The)		1,644,518
				6,122,533
		Industrial Conglomerates — 0.5%
	3,644	3M Co.		838,812
	5,196	Honeywell International, Inc.		749,055
	1,338	Roper Technologies, Inc.		345,432
				1,933,299

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Insurance — 2.9%
	6,406	Aflac, Inc.		537,399
	6,759	Allstate Corp. (The)		634,400
	2,528	American Financial Group, Inc.		266,679
	5,211	Aon plc		747,414
	5,158	Assurant, Inc.		519,153
	470	Brighthouse Financial, Inc.*		29,224
	3,958	Chubb Ltd.		596,945
	8,263	Cincinnati Financial Corp.		579,815
	1,016	Erie Indemnity Co., Class A		122,733
	1,685	Everest Re Group Ltd.		400,103
	8,907	FNF Group		333,300
	8,373	Hartford Financial Services Group, Inc. (The)		460,934
	4,851	Kemper Corp.		310,949
	3,199	Lincoln National Corp.		242,420
	7,623	Marsh & McLennan Cos., Inc.		616,929
	310	Mercury General Corp.		17,351
	5,115	MetLife, Inc.		274,062
	6,432	Principal Financial Group, Inc.		423,547
	12,115	Progressive Corp. (The)		589,395
	2,769	Prudential Financial, Inc.		305,864
	1,950	Reinsurance Group of America, Inc.		291,291
	9,772	Torchmark Corp.		822,118
	3,720	Travelers Cos., Inc. (The)		492,714
	7,158	WR Berkley Corp.		490,896
	2,726	XL Group Ltd. (Bermuda)		110,321
				10,215,956
		Internet & Direct Marketing Retail — 0.4%
	683	Amazon.com, Inc.*		754,906
	332	Priceline Group, Inc. (The)*		634,771
				1,389,677
		Internet Software & Services — 2.1%
	969	Alphabet, Inc., Class A*		1,001,016
	1,056	Alphabet, Inc., Class C*		1,073,572
	16,717	eBay, Inc.*		629,228
	5,286	Facebook, Inc., Class A*		951,797
	17,243	IAC/InterActiveCorp*		2,225,209
	16,498	VeriSign, Inc.*		1,773,865
				7,654,687
		IT Services — 3.1%
	4,511	Accenture plc, Class A		642,186
	5,915	Automatic Data Processing, Inc.		687,678
	9,216	Cognizant Technology Solutions Corp., Class A		697,375
	7,290	CSRA, Inc.		233,207
	15,037	DST Systems, Inc.		881,469

SHARES		INVESTMENTS	VALUE($)
		IT Services — continued
	8,900	Fidelity National Information Services, Inc.		825,564
	6,777	Fiserv, Inc.*		877,147
	3,796	Gartner, Inc.*		475,677
	3,070	Global Payments, Inc.		319,127
	7,788	International Business Machines Corp.		1,199,819
	12,824	Leidos Holdings, Inc.		801,756
	4,757	Mastercard, Inc., Class A		707,699
	9,765	Paychex, Inc.		622,909
	3,418	Teradata Corp.*		114,332
	5,415	Total System Services, Inc.		390,151
	7,393	Vantiv, Inc., Class A*		517,510
	4,408	Visa, Inc., Class A		484,792
	20,720	Western Union Co. (The)		411,499
				10,889,897
		Leisure Products — 0.7%
	16,860	Hasbro, Inc.		1,561,068
	19,995	Mattel, Inc.		282,329
	4,125	Polaris Industries, Inc.		488,524
				2,331,921
		Life Sciences Tools & Services — 1.7%
	9,417	Agilent Technologies, Inc.		640,639
	2,589	Illumina, Inc.*		531,237
	1,054	Mettler-Toledo International, Inc.*		719,492
	11,063	Quintiles IMS Holdings, Inc.*		1,195,910
	5,565	Thermo Fisher Scientific, Inc.		1,078,664
	10,207	Waters Corp.*		2,001,082
				6,167,024
		Machinery — 2.0%
	188	AGCO Corp.		12,891
	3,292	Caterpillar, Inc.		447,054
	1,102	Crane Co.		91,598
	2,721	Cummins, Inc.		481,290
	3,757	Deere & Co.		499,230
	6,116	Dover Corp.		584,017
	6,314	Fortive Corp.		456,250
	5,204	Illinois Tool Works, Inc.		814,530
	5,886	Ingersoll-Rand plc		521,500
	16,440	ITT, Inc.		766,762
	5,487	PACCAR, Inc.		393,582
	2,791	Parker-Hannifin Corp.		509,664
	8,154	Stanley Black & Decker, Inc.		1,317,279
	2,665	Terex Corp.		125,548
	5,998	Trinity Industries, Inc.		195,055
				7,216,250

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Media — 2.9%
	46	Cable One, Inc.		32,651
	7,591	CBS Corp. (Non-Voting), Class B		426,007
	2,040	Charter Communications, Inc., Class A*		681,707
	24,483	Comcast Corp., Class A		882,122
	12,137	DISH Network Corp., Class A*		589,130
	16,234	EW Scripps Co. (The), Class A*		281,498
	40,810	Interpublic Group of Cos., Inc. (The)		785,593
	1,462	John Wiley & Sons, Inc., Class A		79,898
	4,993	Liberty Media Corp.-Liberty SiriusXM, Class A*		208,258
	12,838	Omnicom Group, Inc.		862,585
	5,114	Scripps Networks Interactive, Inc., Class A		425,894
	171,167	Sirius XM Holdings, Inc.		931,148
	23,303	TEGNA, Inc.		284,996
	9,393	Time Warner, Inc.		923,238
	30,669	Twenty-First Century Fox, Inc., Class A		801,994
	23,579	Twenty-First Century Fox, Inc., Class B		600,086
	16,500	Viacom, Inc., Class B		396,495
	11,218	Walt Disney Co. (The)		1,097,233
				10,290,533
		Metals & Mining — 0.6%
	3,395	Alcoa Corp.*		162,213
	12,659	Freeport-McMoRan, Inc.*		176,973
	10,407	Newmont Mining Corp.		376,317
	6,470	Nucor Corp.		374,160
	2,298	Reliance Steel & Aluminum Co.		176,578
	1,586	Royal Gold, Inc.		133,398
	6,330	Southern Copper Corp. (Peru)		271,874
	6,675	Steel Dynamics, Inc.		248,377
	5,468	United States Steel Corp.		138,450
				2,058,340
		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
	41,059	Annaly Capital Management, Inc.		470,536
	14,075	Chimera Investment Corp.		257,573
				728,109
		Multiline Retail — 0.6%
	10,029	Dollar General Corp.		810,744
	7,256	Kohl’s Corp.		303,011
	8,853	Macy’s, Inc.		166,082
	6,294	Nordstrom, Inc.		249,557
	7,604	Target Corp.		448,940
				1,978,334

SHARES		INVESTMENTS	VALUE($)
		Multi-Utilities — 5.2%
	30,458	Ameren Corp.		1,888,091
	56,096	CenterPoint Energy, Inc.		1,659,320
	37,643	CMS Energy Corp.		1,820,792
	23,521	Consolidated Edison, Inc.		2,023,982
	20,497	Dominion Energy, Inc.		1,663,127
	16,742	DTE Energy Co.		1,849,321
	70,333	NiSource, Inc.		1,854,681
	39,888	Public Service Enterprise Group, Inc.		1,962,490
	15,906	Sempra Energy		1,868,955
	29,990	WEC Energy Group, Inc.		2,021,026
				18,611,785
		Oil, Gas & Consumable Fuels — 3.6%
	5,111	Andeavor		542,993
	12,472	Chevron Corp.		1,445,380
	13,539	ConocoPhillips		692,520
	8,593	CONSOL Energy, Inc.*		138,605
	17,263	Exxon Mobil Corp.		1,438,871
	2,790	Gulfport Energy Corp.*		38,223
	7,743	Hess Corp.		341,931
	13,180	HollyFrontier Corp.		487,001
	29,847	Kinder Morgan, Inc.		540,529
	12,354	Marathon Oil Corp.		175,674
	9,799	Marathon Petroleum Corp.		585,392
	9,547	Murphy Oil Corp.		255,382
	8,249	Occidental Petroleum Corp.		532,638
	18,328	ONEOK, Inc.		994,661
	15,172	Parsley Energy, Inc., Class A*		403,575
	14,766	Phillips 66		1,344,887
	3,720	Pioneer Natural Resources Co.		556,772
	10,420	QEP Resources, Inc.*		93,259
	8,864	Rice Energy, Inc.*		251,294
	9,942	Targa Resources Corp.		412,593
	10,422	Valero Energy Corp.		822,192
	16,828	Williams Cos., Inc. (The)		479,598
	19,021	WPX Energy, Inc.*		214,557
				12,788,527
		Paper & Forest Products — 0.0% (a)
	3,531	Domtar Corp.		167,087
		Personal Products — 0.6%
	9,603	Edgewell Personal Care Co.*		623,523
	10,987	Estee Lauder Cos., Inc. (The), Class A		1,228,457
	6,499	Nu Skin Enterprises, Inc., Class A		413,401
				2,265,381

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — 1.8%
	10,539	Bristol-Myers Squibb Co.		649,835
	9,993	Eli Lilly & Co.		818,826
	11,827	Johnson & Johnson		1,648,802
	15,763	Merck & Co., Inc.		868,384
	35,510	Pfizer, Inc.		1,244,981
	19,226	Zoetis, Inc.		1,227,003
				6,457,831
		Professional Services — 0.3%
	521	Dun & Bradstreet Corp. (The)		60,868
	3,227	Equifax, Inc.		350,226
	2,026	Nielsen Holdings plc		75,104
	2,837	Robert Half International, Inc.		146,872
	4,240	Verisk Analytics, Inc.*		360,612
				993,682
		Real Estate Management & Development — 0.1%
	3,972	CBRE Group, Inc., Class A*		156,179
	278	Jones Lang LaSalle, Inc.		35,998
				192,177
		Road & Rail — 0.6%
	5,758	CSX Corp.		290,376
	5,197	JB Hunt Transport Services, Inc.		552,909
	3,711	Norfolk Southern Corp.		487,700
	3,119	Ryder System, Inc.		252,888
	4,759	Union Pacific Corp.		551,044
				2,134,917
		Semiconductors & Semiconductor Equipment — 3.9%
	24,143	Advanced Micro Devices, Inc.*		265,211
	9,587	Analog Devices, Inc.		875,293
	15,354	Applied Materials, Inc.		866,426
	2,720	Broadcom Ltd.		717,835
	29,403	Intel Corp.		1,337,542
	6,445	KLA-Tencor Corp.		701,796
	3,788	Lam Research Corp.		790,063
	29,650	Marvell Technology Group Ltd. (Bermuda)		547,636
	20,605	Maxim Integrated Products, Inc.		1,082,587
	10,496	Microchip Technology, Inc.		995,021
	12,445	Micron Technology, Inc.*		551,438
	2,490	NVIDIA Corp.		514,957
	4,751	NXP Semiconductors NV (Netherlands)*		556,105
	11,682	ON Semiconductor Corp.*		249,060
	13,112	QUALCOMM, Inc.		668,843
	4,941	Skyworks Solutions, Inc.		562,582
	11,866	Teradyne, Inc.		508,933

SHARES		INVESTMENTS	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	11,952	Texas Instruments, Inc.		1,155,639
	1,630	Versum Materials, Inc.		68,590
	13,304	Xilinx, Inc.		980,372
				13,995,929
		Software — 3.3%
	11,509	Activision Blizzard, Inc.		753,724
	6,737	Adobe Systems, Inc.*		1,180,053
	20,516	CA, Inc.		664,308
	17,009	Cadence Design Systems, Inc.*		734,108
	8,461	Citrix Systems, Inc.*		698,963
	8,515	Dell Technologies, Inc., Class V*		704,787
	7,006	Electronic Arts, Inc.*		837,918
	5,697	Intuit, Inc.		860,361
	16,066	Microsoft Corp.		1,336,370
	18,879	Oracle Corp.		960,941
	5,995	Red Hat, Inc.*		724,376
	21,660	Symantec Corp.		703,950
	5,487	Take-Two Interactive Software, Inc.*		607,137
	8,445	VMware, Inc., Class A*		1,010,782
				11,777,778
		Specialty Retail — 2.4%
	8,151	AutoNation, Inc.*		386,357
	6,525	Best Buy Co., Inc.		365,270
	5,220	Burlington Stores, Inc.*		490,106
	8,207	CarMax, Inc.*		616,346
	6,786	Dick’s Sporting Goods, Inc.		166,053
	8,881	Foot Locker, Inc.		267,140
	5,453	GameStop Corp., Class A		101,917
	9,262	Gap, Inc. (The)		240,719
	8,106	Home Depot, Inc. (The)		1,343,813
	10,665	Lowe’s Cos., Inc.		852,667
	12,146	Ross Stores, Inc.		771,150
	5,433	Signet Jewelers Ltd.		356,242
	7,692	Tiffany & Co.		720,125
	13,878	TJX Cos., Inc. (The)		968,684
	5,084	Tractor Supply Co.		306,362
	3,568	Urban Outfitters, Inc.*		87,487
	7,160	Williams-Sonoma, Inc.		369,456
				8,409,894
		Technology Hardware, Storage & Peripherals — 1.2%
	6,233	Apple, Inc.		1,053,626
	32,068	Diebold Nixdorf, Inc.		618,913
	47,032	Hewlett Packard Enterprise Co.		654,686
	40,466	HP, Inc.		872,042

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — continued
	11,869	NetApp, Inc.		527,221
	4,745	Western Digital Corp.		423,586
				4,150,074
		Textiles, Apparel & Luxury Goods — 1.0%
	24,906	Hanesbrands, Inc.		560,385
	14,297	Michael Kors Holdings Ltd.*		697,837
	1,941	NIKE, Inc., Class B		106,736
	5,097	PVH Corp.		646,350
	5,820	Skechers USA, Inc., Class A*		185,774
	15,482	Tapestry, Inc.		633,988
	11,244	VF Corp.		783,145
				3,614,215
		Tobacco — 0.6%
	17,786	Altria Group, Inc.		1,142,217
	8,710	Philip Morris International, Inc.		911,414
				2,053,631
		Trading Companies & Distributors — 0.3%
	8,608	Fastenal Co.		404,318
	2,839	United Rentals, Inc.*		401,662
	1,428	WW Grainger, Inc.		282,315
				1,088,295
		Water Utilities — 0.5%
	19,314	American Water Works Co., Inc.		1,694,997

SHARES		INVESTMENTS	VALUE($)
		Wireless Telecommunication Services — 0.4%
	7,835	Telephone & Data Systems, Inc.		228,390
	17,216	T-Mobile US, Inc.*		1,029,000
	2,193	United States Cellular Corp.*		80,242
				1,337,632
		Total Common Stocks (Cost $324,590,717)		352,257,988
	Short-Term Investment — 0.4%
		Investment Company — 0.4%
	1,543,961	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b)(c) (Cost $1,543,961)		1,543,961
		Total Investments — 99.3% (Cost $326,134,678)		353,801,949
		Other Assets Less Liabilities — 0.7%		2,496,822
		Net Assets — 100.0%	$	356,298,771

Percentages indicated are based on net assets.

*	—  Non-income producing security.
(a)	—  Represents less than 0.05% of net assets.
(b)	—  Affiliated company as defined under the Investment Company Act of 1940.
(c)	—  The rate shown was the current yield as of October 31, 2017.

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	23		12/2017		USD		2,958,605		23,608
									23,608

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.8%
		Aerospace & Defense — 1.0%
	2,168	Arconic, Inc.		54,460
	1,603	BWX Technologies, Inc.		96,052
	1,855	Hexcel Corp.		112,580
	309	Huntington Ingalls Industries, Inc.		71,945
	451	L3 Technologies, Inc.		84,418
	669	Rockwell Collins, Inc.		90,717
	854	Spirit AeroSystems Holdings, Inc., Class A		68,405
	1,364	Textron, Inc.		71,937
				650,514
		Air Freight & Logistics — 0.4%
	1,834	CH Robinson Worldwide, Inc.		144,024
	1,335	Expeditors International of Washington, Inc.		77,937
				221,961
		Airlines — 0.8%
	1,177	Alaska Air Group, Inc.		77,717
	1,520	American Airlines Group, Inc.		71,166
	973	Copa Holdings SA, Class A (Panama)		119,864
	4,045	JetBlue Airways Corp.*		77,462
	1,718	Spirit Airlines, Inc.*		63,721
	1,053	United Continental Holdings, Inc.*		61,579
				471,509
		Auto Components — 1.0%
	186	Adient plc		15,691
	1,410	Delphi Automotive plc		140,126
	9,289	Gentex Corp.		180,300
	3,386	Goodyear Tire & Rubber Co. (The)		103,578
	955	Lear Corp.		167,688
	353	Visteon Corp.*		44,492
				651,875
		Automobiles — 0.4%
	2,858	Harley-Davidson, Inc.		135,298
	1,004	Thor Industries, Inc.		136,765
				272,063
		Banks — 2.5%
	910	Associated Banc-Corp.		23,023
	633	Bank of Hawaii Corp.		51,659
	936	Bank of the Ozarks, Inc.		43,636
	1,066	BankUnited, Inc.		37,150
	1,288	CIT Group, Inc.		60,047
	1,162	Citizens Financial Group, Inc.		44,168
	662	Comerica, Inc.		52,013
	1,448	Commerce Bancshares, Inc.		84,216
	859	Cullen/Frost Bankers, Inc.		84,612

SHARES		INVESTMENTS	VALUE($)
		Banks — continued
	901	East West Bancorp, Inc.		53,916
	2,197	Fifth Third Bancorp		63,493
	2,325	First Horizon National Corp.		43,640
	607	First Republic Bank		59,122
	2,852	FNB Corp.		38,473
	5,655	Huntington Bancshares, Inc.		78,039
	2,536	KeyCorp		46,282
	603	M&T Bank Corp.		100,562
	788	PacWest Bancorp		38,076
	4,025	People’s United Financial, Inc.		75,107
	906	Popular, Inc. (Puerto Rico)		33,232
	3,336	Regions Financial Corp.		51,641
	1,282	SunTrust Banks, Inc.		77,189
	243	SVB Financial Group*		53,285
	1,715	Synovus Financial Corp.		80,348
	868	Webster Financial Corp.		47,731
	1,002	Western Alliance Bancorp*		55,912
	991	Zions Bancorp		46,042
				1,522,614
		Beverages — 0.9%
	4,103	Brown-Forman Corp., Class B		233,953
	1,916	Dr Pepper Snapple Group, Inc.		164,125
	2,358	Molson Coors Brewing Co., Class B		190,691
				588,769
		Biotechnology — 0.5%
	2,417	Exelixis, Inc.*		59,918
	873	Incyte Corp.*		98,867
	1,176	United Therapeutics Corp.*		139,462
				298,247
		Building Products — 0.9%
	1,395	Allegion plc		116,329
	1,768	AO Smith Corp.		104,666
	432	Armstrong World Industries, Inc.*		22,075
	1,280	Fortune Brands Home & Security, Inc.		84,557
	644	Lennox International, Inc.		123,088
	1,178	Owens Corning		97,409
	535	USG Corp.*		18,366
				566,490
					��
		Capital Markets — 2.0%
	503	Ameriprise Financial, Inc.		78,740
	554	Cboe Global Markets, Inc.		62,635
	1,346	E*TRADE Financial Corp.*		58,672
	1,130	Eaton Vance Corp.		57,031

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	906	FactSet Research Systems, Inc.		172,022
	1,729	Federated Investors, Inc., Class B		53,720
	994	Invesco Ltd.		35,575
	836	Lazard Ltd., Class A		39,743
	1,507	Legg Mason, Inc.		57,537
	934	LPL Financial Holdings, Inc.		46,336
	336	MarketAxess Holdings, Inc.		58,464
	583	MSCI, Inc.		68,421
	755	Nasdaq, Inc.		54,851
	867	Northern Trust Corp.		81,082
	829	Raymond James Financial, Inc.		70,283
	1,590	SEI Investments Co.		102,571
	914	T Rowe Price Group, Inc.		84,910
	1,123	TD Ameritrade Holding Corp.		56,139
				1,238,732
		Chemicals — 3.6%
	1,220	Albemarle Corp.		171,886
	1,424	Ashland Global Holdings, Inc.		96,804
	1,952	Cabot Corp.		118,994
	1,473	Celanese Corp., Series A		153,649
	1,739	CF Industries Holdings, Inc.		66,047
	1,146	Chemours Co. (The)		64,875
	1,799	Eastman Chemical Co.		163,367
	1,309	FMC Corp.		121,554
	3,150	Huntsman Corp.		100,863
	1,051	International Flavors & Fragrances, Inc.		154,938
	2,500	Mosaic Co. (The)		55,850
	186	NewMarket Corp.		74,473
	2,669	Olin Corp.		97,499
	3,277	RPM International, Inc.		174,762
	2,183	Scotts Miracle-Gro Co. (The)		217,470
	1,573	Valvoline, Inc.		37,783
	1,959	Westlake Chemical Corp.		166,339
	2,223	WR Grace & Co.		170,037
				2,207,190
		Commercial Services & Supplies — 1.4%
	821	Cintas Corp.		122,362
	7,744	Copart, Inc.*		281,029
	3,882	KAR Auction Services, Inc.		183,735
	6,212	Pitney Bowes, Inc.		85,353
	2,871	Republic Services, Inc.		186,816
				859,295

SHARES		INVESTMENTS	VALUE($)
		Communications Equipment — 1.5%
	516	Arista Networks, Inc.*		103,143
	188	ARRIS International plc*		5,358
	6,209	Brocade Communications Systems, Inc.		72,335
	4,019	CommScope Holding Co., Inc.*		129,171
	1,058	F5 Networks, Inc.*		128,304
	1,614	Harris Corp.		224,862
	4,143	Juniper Networks, Inc.		102,871
	2,012	Motorola Solutions, Inc.		182,166
				948,210
		Construction & Engineering — 0.3%
	296	Jacobs Engineering Group, Inc.		17,230
	1,575	Quanta Services, Inc.*		59,425
	613	Valmont Industries, Inc.		97,406
				174,061
		Construction Materials — 0.2%
	495	Eagle Materials, Inc.		52,257
	272	Martin Marietta Materials, Inc.		58,983
				111,240
		Consumer Finance — 0.4%
	158	Credit Acceptance Corp.*		45,303
	1,098	Discover Financial Services		73,050
	2,391	Navient Corp.		29,792
	1,684	Santander Consumer USA Holdings, Inc.*		28,022
	4,350	SLM Corp.*		46,067
	1,152	Synchrony Financial		37,578
				259,812
		Containers & Packaging — 1.7%
	976	AptarGroup, Inc.		84,980
	1,975	Avery Dennison Corp.		209,686
	1,285	Bemis Co., Inc.		57,851
	1,442	Berry Global Group, Inc.*		85,727
	985	Crown Holdings, Inc.*		59,267
	5,226	Graphic Packaging Holding Co.		80,951
	1,906	International Paper Co.		109,157
	1,935	Owens-Illinois, Inc.*		46,227
	863	Packaging Corp. of America		100,341
	1,489	Sealed Air Corp.		65,858
	2,327	Silgan Holdings, Inc.		68,065
	1,131	Sonoco Products Co.		58,575
	946	WestRock Co.		58,018
				1,084,703

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Distributors — 0.5%
	1,930	Genuine Parts Co.		170,284
	46	LKQ Corp.*		1,734
	1,195	Pool Corp.		144,332
				316,350
		Diversified Consumer Services — 0.7%
	248	Graham Holdings Co., Class B		138,000
	4,225	Service Corp. International		149,818
	3,162	ServiceMaster Global Holdings, Inc.*		148,962
				436,780
		Diversified Financial Services — 0.2%
	3,823	Leucadia National Corp.		96,722
		Electric Utilities — 5.0%
	7,654	Alliant Energy Corp.		331,112
	3,932	Edison International		314,363
	3,061	Entergy Corp.		264,042
	4,596	Eversource Energy		287,893
	10,398	Great Plains Energy, Inc.		341,366
	3,742	Hawaiian Electric Industries, Inc.		136,433
	4,258	OGE Energy Corp.		156,865
	3,636	Pinnacle West Capital Corp.		318,914
	8,135	PPL Corp.		305,551
	5,686	Westar Energy, Inc.		304,087
	6,651	Xcel Energy, Inc.		329,358
				3,089,984
		Electrical Equipment — 0.7%
	1,685	AMETEK, Inc.		113,721
	1,075	Hubbell, Inc.		135,257
	389	Regal Beloit Corp.		31,567
	655	Rockwell Automation, Inc.		131,537
				412,082
		Electronic Equipment, Instruments & Components — 1.7%
	1,674	Amphenol Corp., Class A		145,638
	970	Arrow Electronics, Inc.*		81,082
	953	Avnet, Inc.		37,930
	1,405	AVX Corp.		26,470
	3,284	CDW Corp.		229,880
	466	Cognex Corp.		57,388
	180	Coherent, Inc.*		47,288
	295	Dolby Laboratories, Inc., Class A		17,092
	2,512	FLIR Systems, Inc.		117,612
	402	IPG Photonics Corp.*		85,590
	2,147	Jabil, Inc.		60,717
	863	Keysight Technologies, Inc.*		38,550

SHARES		INVESTMENTS	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	2,032	National Instruments Corp.		91,440
				1,036,677
		Energy Equipment & Services — 0.9%
	4,108	Baker Hughes a GE Co.		129,114
	526	Dril-Quip, Inc.*		22,145
	1,773	Helmerich & Payne, Inc.		96,292
	3,294	Nabors Industries Ltd.		18,545
	2,165	National Oilwell Varco, Inc.		74,021
	2,281	Oceaneering International, Inc.		46,122
	1,867	Patterson-UTI Energy, Inc.		36,929
	4,267	RPC, Inc.		103,731
	5,681	Transocean Ltd.*		59,651
				586,550
		Equity Real Estate Investment Trusts (REITs) — 3.8%
	513	Alexandria Real Estate Equities, Inc.		63,591
	308	American Campus Communities, Inc.		12,807
	2,483	American Homes 4 Rent, Class A		52,838
	543	AvalonBay Communities, Inc.		98,462
	2,372	Brandywine Realty Trust		41,486
	1,474	Brixmor Property Group, Inc.		25,751
	675	Camden Property Trust		61,587
	2,504	Colony NorthStar, Inc., Class A		30,749
	1,077	CoreCivic, Inc.		26,559
	487	CoreSite Realty Corp.		53,935
	154	CubeSmart		4,192
	1,163	DCT Industrial Trust, Inc.		67,477
	949	DDR Corp.		7,279
	1,113	Digital Realty Trust, Inc.		131,824
	1,995	Douglas Emmett, Inc.		79,381
	2,800	Duke Realty Corp.		79,744
	536	EPR Properties		37,080
	1,509	Equity Commonwealth*		45,345
	729	Equity LifeStyle Properties, Inc.		64,502
	82	Federal Realty Investment Trust		9,883
	327	Forest City Realty Trust, Inc., Class A		8,054
	1,631	Gaming and Leisure Properties, Inc.		59,597
	1,816	GGP, Inc.		35,339
	935	Highwoods Properties, Inc.		47,732
	2,129	Hospitality Properties Trust		60,847
	3,159	Host Hotels & Resorts, Inc.		61,790
	1,256	Hudson Pacific Properties, Inc.		42,478
	1,105	Iron Mountain, Inc.		44,200
	86	JBG SMITH Properties*		2,684
	771	Kilroy Realty Corp.		54,918

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	963	Lamar Advertising Co., Class A		67,834
	1,696	Liberty Property Trust		72,724
	462	Mid-America Apartment Communities, Inc.		47,286
	573	National Retail Properties, Inc.		23,023
	1,218	Omega Healthcare Investors, Inc.		35,151
	1,828	Outfront Media, Inc.		42,867
	711	Park Hotels & Resorts, Inc.		20,470
	2,642	Piedmont Office Realty Trust, Inc., Class A		51,096
	1,507	Prologis, Inc.		97,322
	1,308	Rayonier, Inc.		39,214
	2,801	Senior Housing Properties Trust		51,538
	525	Sun Communities, Inc.		47,387
	1,936	Tanger Factory Outlet Centers, Inc.		44,044
	681	Taubman Centers, Inc.		32,157
	1,195	Uniti Group, Inc.		20,913
	1,091	Ventas, Inc.		68,460
	175	Vornado Realty Trust		13,101
	1,225	Weingarten Realty Investors		37,301
	1,031	Welltower, Inc.		69,036
	1,663	Weyerhaeuser Co.		59,718
	554	WP Carey, Inc.		37,755
				2,390,508
		Food & Staples Retailing — 0.3%
	1,460	Casey’s General Stores, Inc.		167,272
		Food Products — 3.8%
	1,369	Blue Buffalo Pet Products, Inc.*		39,605
	1,286	Bunge Ltd.		88,451
	3,438	Campbell Soup Co.		162,858
	3,617	Conagra Brands, Inc.		123,557
	8,725	Flowers Foods, Inc.		166,037
	1,958	Hershey Co. (The)		207,901
	4,643	Hormel Foods Corp.		144,676
	1,402	Ingredion, Inc.		175,741
	1,567	JM Smucker Co. (The)		166,180
	3,407	Kellogg Co.		213,040
	2,856	Lamb Weston Holdings, Inc.		145,627
	2,589	McCormick & Co., Inc. (Non-Voting)		257,683
	4,896	Pilgrim’s Pride Corp.*		155,595
	3,496	Pinnacle Foods, Inc.		190,252
	1,688	Tyson Foods, Inc., Class A		123,072
				2,360,275
		Gas Utilities — 1.3%
	3,545	Atmos Energy Corp.		309,266
	3,432	National Fuel Gas Co.		199,227

SHARES		INVESTMENTS	VALUE($)
		Gas Utilities — continued
	6,265	UGI Corp.		299,843
				808,336
		Health Care Equipment & Supplies — 4.9%
	863	ABIOMED, Inc.*		166,490
	1,022	Align Technology, Inc.*		244,238
	1,068	Cooper Cos., Inc. (The)		256,598
	606	CR Bard, Inc.		198,204
	3,964	DENTSPLY SIRONA, Inc.		242,081
	1,333	Edwards Lifesciences Corp.*		136,273
	3,176	Hill-Rom Holdings, Inc.		256,335
	4,133	Hologic, Inc.*		156,434
	1,041	IDEXX Laboratories, Inc.*		172,983
	108	Intuitive Surgical, Inc.*		40,539
	2,737	ResMed, Inc.		230,401
	1,253	STERIS plc		116,942
	1,068	Teleflex, Inc.		253,095
	1,896	Varian Medical Systems, Inc.*		197,544
	1,375	West Pharmaceutical Services, Inc.		139,425
	1,684	Zimmer Biomet Holdings, Inc.		204,808
				3,012,390
		Health Care Providers & Services — 3.9%
	3,112	Acadia Healthcare Co., Inc.*		97,592
	1,286	AmerisourceBergen Corp.		98,958
	291	Brookdale Senior Living, Inc.*		2,919
	1,893	Cardinal Health, Inc.		117,177
	2,360	Centene Corp.*		221,061
	2,845	DaVita, Inc.*		172,805
	1,960	Envision Healthcare Corp.*		83,496
	3,537	Henry Schein, Inc.*		278,008
	1,817	Laboratory Corp. of America Holdings*		279,291
	3,025	LifePoint Health, Inc.*		145,654
	3,377	MEDNAX, Inc.*		147,879
	3,710	Patterson Cos., Inc.		137,270
	2,241	Quest Diagnostics, Inc.		210,161
	1,455	Universal Health Services, Inc., Class B		149,428
	1,312	WellCare Health Plans, Inc.*		259,435
				2,401,134
		Health Care Technology — 0.5%
	5,699	Allscripts Healthcare Solutions, Inc.*		76,823
	2,012	Cerner Corp.*		135,850
	1,512	Veeva Systems, Inc., Class A*		92,141
				304,814

SEE NOTES TO FINANCIAL STATEMENTS.

72 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Hotels, Restaurants & Leisure — 3.1%
	3,046	Aramark		133,080
	1,333	Choice Hotels International, Inc.		92,977
	1,675	Darden Restaurants, Inc.		137,802
	548	Domino’s Pizza, Inc.		100,284
	2,331	Dunkin’ Brands Group, Inc.		137,692
	1,856	Extended Stay America, Inc.		36,786
	328	Hilton Grand Vacations, Inc.*		13,435
	2,184	Hilton Worldwide Holdings, Inc.		157,860
	2,147	International Game Technology plc		50,454
	3,798	MGM Resorts International		119,067
	1,754	Norwegian Cruise Line Holdings Ltd.*		97,785
	882	Royal Caribbean Cruises Ltd.		109,165
	1,979	Six Flags Entertainment Corp.		124,261
	720	Vail Resorts, Inc.		164,894
	8,575	Wendy’s Co. (The)		130,426
	1,309	Wyndham Worldwide Corp.		139,867
	573	Wynn Resorts Ltd.		84,512
	2,633	Yum China Holdings, Inc.*		106,242
				1,936,589
		Household Durables — 3.0%
	3,629	DR Horton, Inc.		160,438
	2,425	Garmin Ltd.		137,279
	5,266	Leggett & Platt, Inc.		248,871
	2,448	Lennar Corp., Class A		136,280
	661	Mohawk Industries, Inc.*		173,023
	3,199	Newell Brands, Inc.		130,455
	94	NVR, Inc.*		308,449
	7,290	PulteGroup, Inc.		220,377
	2,213	Toll Brothers, Inc.		101,887
	1,769	Tupperware Brands Corp.		103,929
	697	Whirlpool Corp.		114,259
				1,835,247
		Household Products — 1.1%
	4,758	Church & Dwight Co., Inc.		214,919
	2,010	Clorox Co. (The)		254,325
	2,280	Energizer Holdings, Inc.		98,017
	1,049	Spectrum Brands Holdings, Inc.		115,306
				682,567
		Independent Power and Renewable Electricity Producers — 0.1%
	8,811	AES Corp.		93,661

SHARES		INVESTMENTS	VALUE($)
		Industrial Conglomerates — 0.2%
	345	Carlisle Cos., Inc.		37,892
	419	Roper Technologies, Inc.		108,173
				146,065
		Insurance — 4.1%
	155	Alleghany Corp.*		87,764
	1,458	American Financial Group, Inc.		153,805
	1,752	Arch Capital Group Ltd.*		174,569
	2,011	Arthur J Gallagher & Co.		127,357
	1,746	Aspen Insurance Holdings Ltd. (Bermuda)		74,903
	936	Assurant, Inc.		94,208
	1,254	Assured Guaranty Ltd.		46,523
	1,606	Axis Capital Holdings Ltd.		87,350
	2,231	Brown & Brown, Inc.		111,193
	1,251	Cincinnati Financial Corp.		87,783
	77	CNA Financial Corp.		4,168
	288	Erie Indemnity Co., Class A		34,790
	309	Everest Re Group Ltd.		73,372
	952	First American Financial Corp.		51,808
	1,836	FNF Group		68,703
	466	Hanover Insurance Group, Inc. (The)		45,845
	1,586	Hartford Financial Services Group, Inc. (The)		87,309
	565	Lincoln National Corp.		42,816
	2,017	Loews Corp.		99,862
	10	Markel Corp.*		10,843
	757	Mercury General Corp.		42,369
	2,800	Old Republic International Corp.		56,812
	1,283	Principal Financial Group, Inc.		84,486
	2,432	Progressive Corp. (The)		118,317
	622	Reinsurance Group of America, Inc.		92,914
	696	RenaissanceRe Holdings Ltd. (Bermuda)		96,299
	1,618	Torchmark Corp.		136,122
	1,241	Unum Group		64,582
	1,596	Validus Holdings Ltd.		83,120
	1,593	WR Berkley Corp.		109,248
	1,803	XL Group Ltd. (Bermuda)		72,967
				2,522,207
		Internet & Direct Marketing Retail — 0.1%
	702	Liberty Ventures, Series A*		39,986
		Internet Software & Services — 1.0%
	2,119	Akamai Technologies, Inc.*		110,718
	1,231	IAC/InterActiveCorp*		158,860
	1,015	LogMeIn, Inc.		122,866
	2,385	VeriSign, Inc.*		256,435
				648,879

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		IT Services — 3.7%
	4,647	Amdocs Ltd.		302,520
	1,266	Booz Allen Hamilton Holding Corp.		47,842
	1,916	Broadridge Financial Solutions, Inc.		164,623
	1,135	Conduent, Inc.*		17,570
	563	CoreLogic, Inc.*		26,405
	3,428	CSRA, Inc.		109,662
	3,362	DST Systems, Inc.		197,080
	1,315	DXC Technology Co.		120,349
	474	Euronet Worldwide, Inc.*		45,807
	1,130	Fidelity National Information Services, Inc.		104,819
	3,975	First Data Corp., Class A*		70,795
	1,089	Fiserv, Inc.*		140,949
	1,201	Gartner, Inc.*		150,497
	806	Global Payments, Inc.		83,784
	1,131	Jack Henry & Associates, Inc.		124,557
	2,320	Leidos Holdings, Inc.		145,046
	1,334	Paychex, Inc.		85,096
	5,534	Sabre Corp.		108,245
	528	Teradata Corp.*		17,661
	1,625	Total System Services, Inc.		117,081
	1,189	Vantiv, Inc., Class A*		83,230
	1,993	Western Union Co. (The)		39,581
				2,303,199
		Leisure Products — 0.6%
	1,993	Brunswick Corp.		100,945
	1,411	Hasbro, Inc.		130,645
	4,510	Mattel, Inc.		63,681
	928	Polaris Industries, Inc.		109,903
				405,174
		Life Sciences Tools & Services — 2.6%
	1,988	Agilent Technologies, Inc.		135,244
	382	Bio-Rad Laboratories, Inc., Class A*		83,960
	1,026	Bio-Techne Corp.		134,426
	2,209	Charles River Laboratories International, Inc.*		256,884
	622	Illumina, Inc.*		127,628
	222	Mettler-Toledo International, Inc.*		151,544
	171	PerkinElmer, Inc.		12,367
	2,336	QIAGEN NV*		79,097
	2,683	Quintiles IMS Holdings, Inc.*		290,032
	2,131	VWR Corp.*		70,536
	1,274	Waters Corp.*		249,768
				1,591,486
		Machinery — 4.4%
	1,487	AGCO Corp.		101,964
	1,970	Allison Transmission Holdings, Inc.		83,705
	698	Crane Co.		58,018

SHARES		INVESTMENTS	VALUE($)
		Machinery — continued
	532	Cummins, Inc.		94,100
	1,125	Donaldson Co., Inc.		53,111
	1,032	Dover Corp.		98,546
	1,556	Fortive Corp.		112,436
	1,156	Graco, Inc.		152,349
	1,085	IDEX Corp.		139,108
	1,124	Ingersoll-Rand plc		99,586
	745	ITT, Inc.		34,747
	1,093	Lincoln Electric Holdings, Inc.		100,195
	1,250	Middleby Corp. (The)*		144,875
	490	Nordson Corp.		62,078
	918	Oshkosh Corp.		84,052
	1,096	PACCAR, Inc.		78,616
	506	Parker-Hannifin Corp.		92,401
	1,104	Pentair plc (United Kingdom)		77,788
	1,352	Snap-on, Inc.		213,318
	2,812	SPX Corp.*		82,363
	1,689	Stanley Black & Decker, Inc.		272,858
	564	Terex Corp.		26,570
	1,152	Timken Co. (The)		54,317
	3,629	Toro Co. (The)		228,083
	903	Trinity Industries, Inc.		29,366
	466	WABCO Holdings, Inc.*		68,768
	1,452	Xylem, Inc.		96,602
				2,739,920
		Marine — 0.0% (a)
	334	Kirby Corp.*		23,664
		Media — 2.2%
	3,772	Cinemark Holdings, Inc.		137,074
	5,079	Discovery Communications, Inc., Class A*		95,892
	4,069	Discovery Communications, Inc., Class C*		72,469
	4,897	Interpublic Group of Cos., Inc. (The)		94,267
	674	Liberty Broadband Corp., Class C*		58,833
	933	Liberty Media Corp.-Liberty Formula One, Class C*		35,585
	1,224	Liberty Media Corp.-Liberty SiriusXM, Class A*		51,053
	4,430	MSG Networks, Inc., Class A*		76,860
	2,706	Omnicom Group, Inc.		181,816
	5,232	Regal Entertainment Group, Class A		85,543
	1,315	Scripps Networks Interactive, Inc., Class A		109,513
	28,458	Sirius XM Holdings, Inc.		154,812
	4,208	TEGNA, Inc.		51,464
	1,418	Tribune Media Co., Class A		58,039
	3,261	Viacom, Inc., Class B		78,362
				1,341,582

SEE NOTES TO FINANCIAL STATEMENTS.

74 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Metals & Mining — 1.1%
	720	Alcoa Corp.*		34,402
	789	Compass Minerals International, Inc.		51,758
	3,680	Freeport-McMoRan, Inc.*		51,446
	2,303	Newmont Mining Corp.		83,277
	1,431	Nucor Corp.		82,755
	1,035	Reliance Steel & Aluminum Co.		79,529
	758	Royal Gold, Inc.		63,755
	2,064	Southern Copper Corp. (Peru)		88,649
	2,385	Steel Dynamics, Inc.		88,746
	1,175	United States Steel Corp.		29,751
				654,068
		Mortgage Real Estate Investment Trusts (REITs) — 0.7%
	4,411	AGNC Investment Corp.		88,794
	7,124	Annaly Capital Management, Inc.		81,641
	2,510	Chimera Investment Corp.		45,933
	8,438	MFA Financial, Inc.		69,529
	3,640	Starwood Property Trust, Inc.		78,296
	8,856	Two Harbors Investment Corp.		86,789
				450,982
		Multiline Retail — 0.5%
	1,986	Dollar General Corp.		160,548
	1,472	Kohl’s Corp.		61,471
	1,690	Macy’s, Inc.		31,704
	1,440	Nordstrom, Inc.		57,096
				310,819
		Multi-Utilities — 5.1%
	5,211	Ameren Corp.		323,030
	8,271	CenterPoint Energy, Inc.		244,656
	6,665	CMS Energy Corp.		322,386
	3,820	Consolidated Edison, Inc.		328,711
	2,799	DTE Energy Co.		309,178
	2,265	MDU Resources Group, Inc.		61,948
	11,915	NiSource, Inc.		314,199
	6,525	Public Service Enterprise Group, Inc.		321,030
	3,923	SCANA Corp.		169,238
	2,478	Sempra Energy		291,165
	2,782	Vectren Corp.		189,565
	4,250	WEC Energy Group, Inc.		286,407
				3,161,513
		Oil, Gas & Consumable Fuels — 2.7%
	834	Andeavor		88,604
	2,267	Cheniere Energy, Inc.*		105,960
	4,606	CONSOL Energy, Inc.*		74,295
	2,947	Devon Energy Corp.		108,744

SHARES		INVESTMENTS	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	916	Diamondback Energy, Inc.*		98,158
	1,499	Energen Corp.*		77,498
	1,293	Hess Corp.		57,099
	2,775	HollyFrontier Corp.		102,536
	703	Laredo Petroleum, Inc.*		8,380
	3,560	Marathon Oil Corp.		50,623
	1,755	Marathon Petroleum Corp.		104,844
	1,885	Murphy Oil Corp.		50,424
	2,103	Noble Energy, Inc.		58,611
	2,959	ONEOK, Inc.		160,585
	2,006	Parsley Energy, Inc., Class A*		53,360
	2,256	PBF Energy, Inc., Class A		65,356
	7,748	QEP Resources, Inc.*		69,345
	2,519	Rice Energy, Inc.*		71,414
	3,473	SM Energy Co.		74,079
	2,361	Targa Resources Corp.		97,981
	2,425	Williams Cos., Inc. (The)		69,112
	744	World Fuel Services Corp.		20,683
	2,831	WPX Energy, Inc.*		31,934
				1,699,625
		Paper & Forest Products — 0.1%
	1,836	Domtar Corp.		86,880
		Personal Products — 0.2%
	615	Coty, Inc., Class A		9,471
	15	Edgewell Personal Care Co.*		974
	1,922	Nu Skin Enterprises, Inc., Class A		122,258
				132,703
		Pharmaceuticals — 0.9%
	2,563	Akorn, Inc.*		83,477
	2,004	Mallinckrodt plc*		63,467
	1,527	Perrigo Co. plc		123,672
	4,337	Zoetis, Inc.		276,787
				547,403
		Professional Services — 0.5%
	472	Dun & Bradstreet Corp. (The)		55,144
	686	Equifax, Inc.		74,451
	663	ManpowerGroup, Inc.		81,735
	1,512	Robert Half International, Inc.		78,276
	419	Verisk Analytics, Inc.*		35,636
				325,242
		Real Estate Management & Development — 0.1%
	1,278	CBRE Group, Inc., Class A*		50,251

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Road & Rail — 0.7%
	986	JB Hunt Transport Services, Inc.		104,901
	670	Kansas City Southern		69,827
	1,364	Landstar System, Inc.		134,695
	584	Old Dominion Freight Line, Inc.		70,740
	599	Ryder System, Inc.		48,567
				428,730
		Semiconductors & Semiconductor Equipment — 3.3%
	5,308	Advanced Micro Devices, Inc.*		58,308
	1,916	Analog Devices, Inc.		174,931
	8,171	Cypress Semiconductor Corp.		129,592
	1,710	KLA-Tencor Corp.		186,202
	791	Lam Research Corp.		164,979
	7,129	Marvell Technology Group Ltd. (Bermuda)		131,673
	3,505	Maxim Integrated Products, Inc.		184,153
	1,865	Microchip Technology, Inc.		176,802
	2,091	Microsemi Corp.*		111,597
	6,350	ON Semiconductor Corp.*		135,382
	1,673	Qorvo, Inc.*		126,830
	1,152	Skyworks Solutions, Inc.		131,167
	3,817	Teradyne, Inc.		163,711
	1,030	Versum Materials, Inc.		43,342
	2,011	Xilinx, Inc.		148,190
				2,066,859
		Software — 3.8%
	1,460	ANSYS, Inc.*		199,597
	4,252	CA, Inc.		137,680
	3,889	Cadence Design Systems, Inc.*		167,849
	2,052	CDK Global, Inc.		130,425
	2,165	Citrix Systems, Inc.*		178,851
	2,125	Dell Technologies, Inc., Class V*		175,886
	1,810	Manhattan Associates, Inc.*		75,767
	1,643	Nuance Communications, Inc.*		24,218
	2,331	PTC, Inc.*		154,895
	1,251	Red Hat, Inc.*		151,158
	4,157	SS&C Technologies Holdings, Inc.		167,111
	5,112	Symantec Corp.		166,140
	3,406	Synopsys, Inc.*		294,687
	1,116	Take-Two Interactive Software, Inc.*		123,485
	1,090	Tyler Technologies, Inc.*		193,246
	98	Ultimate Software Group, Inc. (The)*		19,854
				2,360,849
		Specialty Retail — 2.4%
	1,611	AutoNation, Inc.*		76,362
	4	AutoZone, Inc.*		2,358

SHARES		INVESTMENTS	VALUE($)
		Specialty Retail — continued
	2,470	Bed Bath & Beyond, Inc.		49,153
	1,332	Best Buy Co., Inc.		74,565
	1,070	Burlington Stores, Inc.*		100,462
	1,233	CarMax, Inc.*		92,598
	2,797	Dick’s Sporting Goods, Inc.		68,443
	1,480	Foot Locker, Inc.		44,519
	3,606	GameStop Corp., Class A		67,396
	2,893	Gap, Inc. (The)		75,189
	1,223	Murphy USA, Inc.*		90,942
	1,481	Penske Automotive Group, Inc.		69,044
	2,211	Ross Stores, Inc.		140,376
	684	Sally Beauty Holdings, Inc.*		11,840
	978	Signet Jewelers Ltd.		64,128
	1,389	Tiffany & Co.		130,038
	1,476	Tractor Supply Co.		88,944
	566	Ulta Beauty, Inc.*		114,213
	1,961	Williams-Sonoma, Inc.		101,188
				1,461,758
		Technology Hardware, Storage & Peripherals — 0.6%
	2,888	NCR Corp.*		92,676
	3,124	NetApp, Inc.		138,768
	971	Western Digital Corp.		86,681
	1,415	Xerox Corp.		42,889
				361,014
		Textiles, Apparel & Luxury Goods — 1.2%
	1,275	Carter’s, Inc.		123,331
	3,656	Hanesbrands, Inc.		82,260
	2,147	Michael Kors Holdings Ltd.*		104,795
	1,002	PVH Corp.		127,064
	2,824	Tapestry, Inc.		115,643
	1,000	Under Armour, Inc., Class C*		11,530
	2,390	VF Corp.		166,463
				731,086
		Trading Companies & Distributors — 0.8%
	1,205	Air Lease Corp.		52,357
	951	Fastenal Co.		44,668
	1,563	HD Supply Holdings, Inc.*		55,314
	663	MSC Industrial Direct Co., Inc., Class A		54,963
	283	United Rentals, Inc.*		40,039
	600	Watsco, Inc.		99,942
	671	WESCO International, Inc.*		42,374
	428	WW Grainger, Inc.		84,616
				474,273

SEE NOTES TO FINANCIAL STATEMENTS.

76 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Transportation Infrastructure — 0.1%
	1,075	Macquarie Infrastructure Corp.		74,766
		Water Utilities — 0.9%
	3,697	American Water Works Co., Inc.		324,449
	6,714	Aqua America, Inc.		238,212
				562,661
		Wireless Telecommunication Services — 0.2%
	2,731	Telephone & Data Systems, Inc.		79,609
	724	United States Cellular Corp.*		26,491
				106,100
		Total Common Stocks (Cost $55,620,196)		61,904,967
	Short-Term Investment — 0.3%
		Investment Company — 0.3%
	192,796	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b)(c) (Cost $192,796)		192,796
		Total Investments — 100.1% (Cost $55,812,992)		62,097,763
		Liabilities Less Other Assets — (0.1%)		(34,513	)
		Net Assets — 100.0%	$	62,063,250

Percentages indicated are based on net assets.

*	—  Non-income producing security.
(a)	—  Represents less than 0.05% of net assets.
(b)	—  Affiliated company as defined under the Investment Company Act of 1940.
(c)	—  The rate shown was the current yield as of October 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 98.5%
		Aerospace & Defense — 1.1%
	980	AAR Corp.		38,112
	2,360	Aerojet Rocketdyne Holdings, Inc.*		74,529
	676	Aerovironment, Inc.*		34,584
	1,439	Axon Enterprise, Inc.*		33,054
	651	Cubic Corp.		35,512
	664	Curtiss-Wright Corp.		78,518
	415	Esterline Technologies Corp.*		39,363
	857	KLX, Inc.*		47,015
	1,449	Mercury Systems, Inc.*		73,131
	1,207	Moog, Inc., Class A*		105,926
	507	National Presto Industries, Inc.		59,268
				619,012
		Air Freight & Logistics — 0.2%
	601	Atlas Air Worldwide Holdings, Inc.*		36,871
	886	Forward Air Corp.		50,892
	995	Hub Group, Inc., Class A*		43,084
				130,847
		Airlines — 0.2%
	297	Allegiant Travel Co.		40,511
	1,549	SkyWest, Inc.		72,958
				113,469
		Auto Components — 2.6%
	5,428	American Axle & Manufacturing Holdings, Inc.*		96,564
	3,043	Cooper Tire & Rubber Co.		99,810
	1,400	Cooper-Standard Holdings, Inc.*		156,072
	6,205	Dana, Inc.		189,190
	2,757	Dorman Products, Inc.*		190,536
	1,046	Fox Factory Holding Corp.*		44,507
	3,047	Gentherm, Inc.*		102,075
	3,282	LCI Industries		406,312
	1,299	Modine Manufacturing Co.*		27,344
	1,121	Stoneridge, Inc.*		25,492
	1,715	Tenneco, Inc.		99,659
				1,437,561
		Automobiles — 0.4%
	4,749	Winnebago Industries, Inc.		233,413
		Banks — 3.3%
	260	1st Source Corp.		13,341
	729	Ameris Bancorp		34,919
	1,205	AmeriServ Financial, Inc.		4,941
	556	BancFirst Corp.		30,385
	1,806	BancorpSouth, Inc.		57,070
	615	Banner Corp.		35,252

SHARES		INVESTMENTS	VALUE($)
		Banks — continued
	1,773	Brookline Bancorp, Inc.		27,304
	965	Capital Bank Financial Corp., Class A		39,179
	195	Capital City Bank Group, Inc.		4,809
	740	Cathay General Bancorp		30,932
	160	Chemical Financial Corp.		8,430
	923	Community Bank System, Inc.		51,033
	628	Community Trust Bancorp, Inc.		30,332
	761	CVB Financial Corp.		18,158
	989	Farmers Capital Bank Corp.		41,142
	736	FCB Financial Holdings, Inc., Class A*		34,371
	70	First Busey Corp.		2,178
	648	First Financial Bancorp		17,690
	582	First Financial Bankshares, Inc.		26,568
	173	First Financial Corp.		8,218
	212	First Merchants Corp.		9,116
	757	First Midwest Bancorp, Inc.		17,479
	1,907	Fulton Financial Corp.		34,707
	730	Glacier Bancorp, Inc.		27,711
	1,057	Great Western Bancorp, Inc.		42,904
	696	Hancock Holding Co.		33,930
	1,553	Home BancShares, Inc.		34,911
	442	IBERIABANK Corp.		32,598
	822	Independent Bank Corp.		59,266
	4,700	Investors Bancorp, Inc.		64,625
	1,056	MB Financial, Inc.		48,513
	309	NBT Bancorp, Inc.		11,785
	641	OFG Bancorp (Puerto Rico)		5,705
	2,230	Old National Bancorp		40,586
	340	Renasant Corp.		14,076
	487	Republic Bancorp, Inc., Class A		19,149
	543	S&T Bancorp, Inc.		22,203
	202	Sandy Spring Bancorp, Inc.		8,163
	2,299	Sterling Bancorp		57,590
	1,278	Trustmark Corp.		42,097
	515	UMB Financial Corp.		37,868
	1,985	Umpqua Holdings Corp.		40,613
	904	United Bankshares, Inc.		32,499
	1,622	United Community Banks, Inc.		44,475
	4,585	Valley National Bancorp		52,728
	6,605	Webster Financial Corp.		363,209
	435	WesBanco, Inc.		17,574
	496	Westamerica Bancorp		28,882
	479	Wintrust Financial Corp.		38,938
				1,800,152

SEE NOTES TO FINANCIAL STATEMENTS.

78 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Beverages — 1.5%
	2,101	Boston Beer Co., Inc. (The), Class A*		374,083
	758	Coca-Cola Bottling Co. Consolidated		170,974
	1,436	MGP Ingredients, Inc.		97,591
	1,657	National Beverage Corp.		162,220
				804,868
		Biotechnology — 1.9%
	3,690	Achillion Pharmaceuticals, Inc.*		14,834
	1,513	Acorda Therapeutics, Inc.*		40,208
	336	Arena Pharmaceuticals, Inc.*		9,418
	344	Avexis, Inc.*		35,951
	1,081	Blueprint Medicines Corp.*		71,800
	789	Chimerix, Inc.*		3,882
	714	Dynavax Technologies Corp.*		15,708
	605	Eagle Pharmaceuticals, Inc.*		32,519
	1,269	Emergent BioSolutions, Inc.*		52,016
	954	Enanta Pharmaceuticals, Inc.*		47,385
	644	Five Prime Therapeutics, Inc.*		28,890
	723	Genomic Health, Inc.*		23,707
	1,768	Halozyme Therapeutics, Inc.*		31,347
	1,057	ImmunoGen, Inc.*		6,131
	3,673	Inovio Pharmaceuticals, Inc.*		21,414
	2,773	Ironwood Pharmaceuticals, Inc.*		42,649
	2,229	Keryx Biopharmaceuticals, Inc.*		14,444
	326	Ligand Pharmaceuticals, Inc.*		47,384
	292	Merrimack Pharmaceuticals, Inc.		3,428
	3,353	MiMedx Group, Inc.*		42,516
	1,553	Momenta Pharmaceuticals, Inc.*		21,897
	1,512	Myriad Genetics, Inc.*		51,831
	863	NewLink Genetics Corp.*		8,078
	2,579	Novavax, Inc.*		2,811
	7,989	PDL BioPharma, Inc.*		23,647
	1,715	Repligen Corp.*		63,798
	1,887	Retrophin, Inc.*		46,930
	456	Sage Therapeutics, Inc.*		28,856
	2,715	Sangamo Therapeutics, Inc.*		33,666
	695	Spark Therapeutics, Inc.*		56,225
	3,202	Spectrum Pharmaceuticals, Inc.*		62,727
	2,421	Vanda Pharmaceuticals, Inc.*		38,010
				1,024,107
		Building Products — 1.2%
	1,290	Advanced Drainage Systems, Inc.		25,219
	1,010	American Woodmark Corp.*		97,566
	1,395	Apogee Enterprises, Inc.		66,583
	1,988	Builders FirstSource, Inc.*		35,824

SHARES		INVESTMENTS	VALUE($)
		Building Products — continued
	749	Gibraltar Industries, Inc.*		24,904
	1,785	Griffon Corp.		40,252
	625	Masonite International Corp.*		41,937
	222	NCI Building Systems, Inc.*		3,541
	523	Patrick Industries, Inc.*		48,639
	1,532	Quanex Building Products Corp.		33,627
	1,109	Simpson Manufacturing Co., Inc.		61,816
	528	Trex Co., Inc.*		57,790
	863	Universal Forest Products, Inc.		97,433
				635,131
		Capital Markets — 0.1%
	607	Evercore, Inc., Class A		48,621
	223	Financial Engines, Inc.		8,050
				56,671
		Chemicals — 3.9%
	3,521	A Schulman, Inc.		138,375
	1,266	AdvanSix, Inc.*		58,578
	1,006	American Vanguard Corp.		22,635
	1,459	Balchem Corp.		122,979
	2,074	Calgon Carbon Corp.		45,006
	4,879	Ferro Corp.*		116,218
	99	Flotek Industries, Inc.*		487
	1,852	GCP Applied Technologies, Inc.*		54,171
	3,118	HB Fuller Co.		177,320
	1,339	Ingevity Corp.*		95,377
	930	Innophos Holdings, Inc.		45,505
	1,521	Innospec, Inc.		94,074
	765	Koppers Holdings, Inc.*		37,141
	2,296	Kraton Corp.*		112,573
	989	LSB Industries, Inc.*		7,467
	4,340	Minerals Technologies, Inc.		312,046
	2,244	PolyOne Corp.		103,381
	2,794	Rayonier Advanced Materials, Inc.		40,150
	4,116	Sensient Technologies Corp.		313,022
	1,108	Stepan Co.		88,485
	1,101	Tredegar Corp.		21,304
	1,378	Trinseo SA		97,838
	2,222	Tronox Ltd., Class A		58,816
				2,162,948
		Commercial Services & Supplies — 3.9%
	1,497	ABM Industries, Inc.		62,829
	10,701	ACCO Brands Corp.*		139,648
	789	Brady Corp., Class A		30,021
	697	Brink’s Co. (The)		53,042

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — continued
	483	CompX International, Inc.		7,173
	712	Deluxe Corp.		49,591
	4,645	Healthcare Services Group, Inc.		245,674
	4,820	Herman Miller, Inc.		161,952
	3,542	HNI Corp.		121,207
	11,235	Interface, Inc.		256,158
	1,589	Kimball International, Inc., Class B		30,461
	4,946	Knoll, Inc.		104,954
	1,315	Matthews International Corp., Class A		82,648
	860	McGrath RentCorp		38,442
	223	Mobile Mini, Inc.		7,381
	740	MSA Safety, Inc.		58,830
	542	Multi-Color Corp.		44,823
	7,235	Rollins, Inc.		317,689
	7,020	Steelcase, Inc., Class A		102,141
	641	Team, Inc.*		7,884
	1,478	Tetra Tech, Inc.		72,792
	690	UniFirst Corp.		108,675
	649	Viad Corp.		37,674
	987	Virco Manufacturing Corp.*		5,577
				2,147,266
		Communications Equipment — 1.5%
	3,675	ADTRAN, Inc.		77,543
	683	Applied Optoelectronics, Inc.*		27,825
	1,363	CalAmp Corp.*		30,981
	1,800	Ciena Corp.*		38,286
	1,683	Comtech Telecommunications Corp.		36,201
	3,933	Extreme Networks, Inc.*		47,196
	1,526	Finisar Corp.*		35,922
	1,834	Infinera Corp.*		15,351
	7,436	Inseego Corp.*		11,154
	832	InterDigital, Inc.		61,027
	1,095	Lumentum Holdings, Inc.*		69,149
	830	NETGEAR, Inc.*		38,720
	1,210	NetScout Systems, Inc.*		34,364
	4,149	Oclaro, Inc.*		34,312
	1,079	Plantronics, Inc.		48,943
	1,005	Sonus Networks, Inc.*		7,839
	848	Ubiquiti Networks, Inc.*		52,729
	1,070	ViaSat, Inc.*		69,657
	9,045	Viavi Solutions, Inc.*		83,938
				821,137
		Construction & Engineering — 0.6%
	1,154	Aegion Corp.*		26,877
	560	Argan, Inc.		38,500

SHARES		INVESTMENTS	VALUE($)
		Construction & Engineering — continued
	1,662	Comfort Systems USA, Inc.		73,626
	508	Dycom Industries, Inc.*		44,618
	833	EMCOR Group, Inc.		67,065
	409	Granite Construction, Inc.		26,049
	1,086	MasTec, Inc.*		47,295
	1,116	Tutor Perini Corp.*		31,471
				355,501
		Construction Materials — 0.1%
	565	US Concrete, Inc.*		44,183
		Consumer Finance — 0.2%
	811	Encore Capital Group, Inc.*		37,671
	660	EZCORP, Inc., Class A*		6,765
	66	FirstCash, Inc.		4,214
	538	PRA Group, Inc.*		15,010
	239	World Acceptance Corp.*		20,913
				84,573
		Containers & Packaging — 0.1%
	1,041	Greif, Inc., Class A		57,807
	1,027	Myers Industries, Inc.		22,183
				79,990
		Distributors — 0.7%
	1,034	Core-Mark Holding Co., Inc.		35,218
	2,991	Pool Corp.		361,253
				396,471
		Diversified Consumer Services — 0.9%
	1,723	Adtalem Global Education, Inc.		63,665
	1,407	American Public Education, Inc.*		28,140
	1,591	Bridgepoint Education, Inc.*		15,401
	1,025	Bright Horizons Family Solutions, Inc.*		88,457
	894	Carriage Services, Inc.		23,155
	2,769	Chegg, Inc.*		42,947
	1,033	Grand Canyon Education, Inc.*		92,464
	373	Houghton Mifflin Harcourt Co.*		3,693
	196	K12, Inc.*		3,179
	2,240	Regis Corp.*		33,443
	948	Sotheby’s*		49,125
	379	Strayer Education, Inc.		35,524
	2,623	Universal Technical Institute, Inc.*		8,735
	757	Weight Watchers International, Inc.*		34,004
				521,932
		Diversified Telecommunication Services — 1.4%
	3,333	Alaska Communications Systems Group, Inc.*		8,132
	1,881	Cogent Communications Holdings, Inc.		101,386

SEE NOTES TO FINANCIAL STATEMENTS.

80 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Diversified Telecommunication Services — continued
	3,281	IDT Corp., Class B		43,244
	22,467	Iridium Communications, Inc.*		269,604
	38,714	Vonage Holdings Corp.*		314,745
	31,224	Windstream Holdings, Inc.		58,701
				795,812
		Electric Utilities — 4.1%
	4,483	ALLETE, Inc.		351,243
	5,716	El Paso Electric Co.		328,670
	3,611	IDACORP, Inc.		332,320
	2,061	MGE Energy, Inc.		136,129
	3,241	Otter Tail Corp.		148,924
	7,578	PNM Resources, Inc.		328,885
	6,951	Portland General Electric Co.		331,841
	20,273	Spark Energy, Inc., Class A		283,822
				2,241,834
		Electrical Equipment — 0.4%
	1,246	AZZ, Inc.		59,559
	907	Encore Wire Corp.		40,951
	694	EnerSys		48,143
	646	Generac Holdings, Inc.*		33,650
	2,120	LSI Industries, Inc.		14,734
	469	Vicor Corp.*		10,107
				207,144
		Electronic Equipment, Instruments & Components — 2.3%
	597	Anixter International, Inc.*		41,014
	1,296	Badger Meter, Inc.		56,765
	580	Belden, Inc.		46,348
	838	Benchmark Electronics, Inc.*		25,936
	363	CTS Corp.		9,874
	1,941	Daktronics, Inc.		19,934
	1,040	Fabrinet (Thailand)*		38,667
	1,358	II-VI, Inc.*		61,382
	2,148	Insight Enterprises, Inc.*		96,767
	1,012	Itron, Inc.*		79,088
	663	Littelfuse, Inc.		138,567
	850	Methode Electronics, Inc.		39,865
	1,551	MTS Systems Corp.		80,730
	1,130	Park Electrochemical Corp.		21,334
	1,061	PC Connection, Inc.		28,647
	386	PCM, Inc.*		5,423
	996	Plexus Corp.*		61,184
	479	Rogers Corp.*		72,846
	1,151	Sanmina Corp.*		37,667
	1,018	ScanSource, Inc.*		43,723

SHARES		INVESTMENTS	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	681	SYNNEX Corp.		91,853
	577	Systemax, Inc.		16,473
	630	Tech Data Corp.*		58,445
	1,542	TTM Technologies, Inc.*		24,333
	3,594	Vishay Intertechnology, Inc.		79,967
				1,276,832
		Energy Equipment & Services — 0.7%
	2,358	Archrock, Inc.		28,296
	1,450	Bristow Group, Inc.		13,688
	1,255	CARBO Ceramics, Inc.*		10,391
	10,018	Ensco plc, Class A		53,997
	469	Geospace Technologies Corp.*		7,044
	1,059	Gulf Island Fabrication, Inc.		13,926
	2,160	Helix Energy Solutions Group, Inc.*		14,731
	1,520	Matrix Service Co.*		21,432
	7,883	McDermott International, Inc.*		52,186
	3,036	Newpark Resources, Inc.*		26,565
	2,952	Parker Drilling Co.*		3,100
	3,952	Pioneer Energy Services Corp.*		7,509
	1,826	SEACOR Holdings, Inc.*		86,187
	2,649	TETRA Technologies, Inc.*		7,523
	2,230	Unit Corp.*		41,746
				388,321
		Equity Real Estate Investment Trusts (REITs) — 2.1%
	196	Acadia Realty Trust		5,517
	715	Agree Realty Corp.		33,812
	1,398	American Assets Trust, Inc.		54,228
	1,689	CareTrust REIT, Inc.		31,922
	225	Chesapeake Lodging Trust		6,278
	2,922	Cousins Properties, Inc.		26,356
	1,618	DiamondRock Hospitality Co.		17,572
	404	EastGroup Properties, Inc.		36,598
	1,775	First Industrial Realty Trust, Inc.		54,812
	1,680	Four Corners Property Trust, Inc.		41,462
	1,894	Franklin Street Properties Corp.		18,940
	1,235	GEO Group, Inc. (The)		32,048
	1,073	Government Properties Income Trust		19,496
	175	Healthcare Realty Trust, Inc.		5,642
	169	Kite Realty Group Trust		3,159
	957	Lexington Realty Trust		9,685
	2,247	LTC Properties, Inc.		104,508
	446	Mack-Cali Realty Corp.		10,155
	625	National Health Investors, Inc.		47,619
	872	Pennsylvania REIT		8,476
	397	Potlatch Corp.		20,565

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	511	PS Business Parks, Inc.		67,621
	1,740	Ramco-Gershenson Properties Trust		21,976
	234	Retail Opportunity Investments Corp.		4,207
	1,668	Rexford Industrial Realty, Inc.		49,523
	919	Ryman Hospitality Properties, Inc.		60,774
	1,405	Sabra Health Care REIT, Inc.		27,988
	493	Saul Centers, Inc.		30,132
	1,209	Select Income REIT		29,209
	1,431	STAG Industrial, Inc.		39,066
	1,125	Starwood Waypoint Homes*		40,849
	1,957	Summit Hotel Properties, Inc.		30,940
	1,048	Sunstone Hotel Investors, Inc.		17,103
	909	Terreno Realty Corp.		33,379
	1,559	Urban Edge Properties		36,574
	1,198	Washington REIT		38,564
	1,606	Xenia Hotels & Resorts, Inc.		34,947
				1,151,702
		Food & Staples Retailing — 0.7%
	3,246	Andersons, Inc. (The)		121,563
	746	Ingles Markets, Inc., Class A		17,382
	1,577	Performance Food Group Co.*		44,629
	700	PriceSmart, Inc.		58,660
	3,083	SpartanNash Co.		75,687
	1,109	United Natural Foods, Inc.*		42,996
				360,917
		Food Products — 4.1%
	4,442	B&G Foods, Inc.		141,256
	1,506	Bob Evans Farms, Inc.		116,248
	1,443	Calavo Growers, Inc.		106,349
	2,609	Cal-Maine Foods, Inc.*		117,405
	7,036	Darling Ingredients, Inc.*		128,407
	6,776	Dean Foods Co.		66,066
	283	Farmer Brothers Co.*		9,608
	6,506	Fresh Del Monte Produce, Inc.		289,582
	8,417	Hostess Brands, Inc.*		97,048
	1,567	J&J Snack Foods Corp.		208,677
	2,372	Lancaster Colony Corp.		297,022
	2,178	Sanderson Farms, Inc.		325,764
	18	Seaboard Corp.		79,202
	4,889	Snyder’s-Lance, Inc.		183,973
	3,048	Tootsie Roll Industries, Inc.		108,509
				2,275,116

SHARES		INVESTMENTS	VALUE($)
		Gas Utilities — 4.0%
	7,361	New Jersey Resources Corp.		327,196
	3,178	Northwest Natural Gas Co.		210,860
	4,561	ONE Gas, Inc.		351,106
	9,513	South Jersey Industries, Inc.		323,157
	3,895	Southwest Gas Holdings, Inc.		320,909
	4,387	Spire, Inc.		346,354
	3,990	WGL Holdings, Inc.		341,943
				2,221,525
		Health Care Equipment & Supplies — 5.3%
	1,276	Abaxis, Inc.		61,758
	3,638	Accuray, Inc.*		17,281
	925	Analogic Corp.		74,278
	900	Anika Therapeutics, Inc.*		49,167
	1,088	Cantel Medical Corp.		106,711
	2,314	CONMED Corp.		120,837
	1,106	Glaukos Corp.*		39,053
	1,775	Globus Medical, Inc., Class A*		56,569
	2,554	Haemonetics Corp.*		121,468
	1,689	Halyard Health, Inc.*		71,191
	1,432	ICU Medical, Inc.*		273,655
	636	Inogen, Inc.*		62,919
	1,058	Insulet Corp.*		62,221
	1,435	Integer Holdings Corp.*		69,741
	1,578	Integra LifeSciences Holdings Corp.*		73,819
	4,010	Invacare Corp.		62,155
	894	iRhythm Technologies, Inc.*		45,549
	1,249	LivaNova plc*		92,301
	2,251	Masimo Corp.*		197,548
	2,617	Meridian Bioscience, Inc.		39,124
	2,532	Merit Medical Systems, Inc.*		96,343
	3,131	Natus Medical, Inc.*		132,754
	1,285	Neogen Corp.*		103,057
	550	Nevro Corp.*		48,169
	1,208	NuVasive, Inc.*		68,530
	1,200	NxStage Medical, Inc.*		32,340
	2,675	OraSure Technologies, Inc.*		52,831
	813	Orthofix International NV*		43,683
	585	Penumbra, Inc.*		58,822
	2,418	Quidel Corp.*		99,017
	1,761	Surmodics, Inc.*		52,390
	3,487	West Pharmaceutical Services, Inc.		353,582
	2,029	Wright Medical Group NV*		53,180
				2,892,043

SEE NOTES TO FINANCIAL STATEMENTS.

82 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — 1.9%
	783	Almost Family, Inc.*		34,648
	582	Amedisys, Inc.*		28,000
	1,059	AMN Healthcare Services, Inc.*		46,490
	849	BioScrip, Inc.*		2,148
	547	BioTelemetry, Inc.*		15,890
	615	Chemed Corp.		137,410
	977	Diplomat Pharmacy, Inc.*		20,566
	2,085	Genesis Healthcare, Inc.*		2,036
	1,942	HealthSouth Corp.		89,604
	2,393	Kindred Healthcare, Inc.		14,478
	947	LHC Group, Inc.*		63,269
	1,411	Magellan Health, Inc.*		120,358
	671	Molina Healthcare, Inc.*		45,514
	2,702	Owens & Minor, Inc.		66,388
	3,788	PharMerica Corp.*		110,988
	2,677	Select Medical Holdings Corp.*		51,265
	1,232	Teladoc, Inc.*		40,718
	3,453	Tivity Health, Inc.*		159,701
				1,049,471
		Health Care Technology — 0.6%
	705	Computer Programs & Systems, Inc.		21,256
	1,908	HMS Holdings Corp.*		36,710
	981	Medidata Solutions, Inc.*		73,801
	3,667	Omnicell, Inc.*		182,616
	1,254	Quality Systems, Inc.*		17,644
				332,027
		Hotels, Restaurants & Leisure — 3.3%
	3,583	Belmond Ltd., Class A (United Kingdom)*		47,117
	50	Biglari Holdings, Inc.*		17,872
	1,089	BJ’s Restaurants, Inc.*		34,521
	2,291	Bloomin’ Brands, Inc.		40,734
	3,183	Boyd Gaming Corp.		93,039
	322	Buffalo Wild Wings, Inc.*		38,060
	3,324	Caesars Entertainment Corp.*		43,046
	1,970	Cheesecake Factory, Inc. (The)		88,138
	377	Churchill Downs, Inc.		78,623
	984	Chuy’s Holdings, Inc.*		22,140
	557	Cracker Barrel Old Country Store, Inc.		86,964
	981	Dave & Buster’s Entertainment, Inc.*		47,284
	1,781	DineEquity, Inc.		84,793
	2,426	Dover Motorsports, Inc.		4,731
	2,764	El Pollo Loco Holdings, Inc.*		31,786
	1,833	Eldorado Resorts, Inc.*		47,108
	3,431	ILG, Inc.		101,798
	657	Jack in the Box, Inc.		68,006

SHARES		INVESTMENTS	VALUE($)
		Hotels, Restaurants & Leisure — continued
	587	Marcus Corp. (The)		15,937
	825	Marriott Vacations Worldwide Corp.		108,587
	1,132	Noodles & Co.*		4,924
	3,256	Papa John’s International, Inc.		221,571
	1,714	Planet Fitness, Inc., Class A		45,661
	2,363	Red Robin Gourmet Burgers, Inc.*		161,629
	2,064	Red Rock Resorts, Inc., Class A		50,836
	1,978	Ruby Tuesday, Inc.*		4,688
	1,603	Ruth’s Hospitality Group, Inc.		33,823
	1,251	Scientific Games Corp., Class A*		59,548
	1,794	Texas Roadhouse, Inc.		89,718
	1,327	Wingstop, Inc.		44,946
				1,817,628
		Household Durables — 5.0%
	1,313	Bassett Furniture Industries, Inc.		50,944
	6,547	Beazer Homes USA, Inc.*		137,356
	6,081	Ethan Allen Interiors, Inc.		180,910
	544	Hamilton Beach Brands Holding Co.*‡		17,294
	1,435	Hamilton Beach Brands Holding Co., Class A*		55,635
	2,820	Helen of Troy Ltd.*		261,978
	661	Installed Building Products, Inc.*		46,072
	2,369	iRobot Corp.*		159,173
	6,583	KB Home		180,572
	6,296	La-Z-Boy, Inc.		169,677
	2,644	LGI Homes, Inc.*		159,513
	4,904	M/I Homes, Inc.*		163,794
	5,865	MDC Holdings, Inc.		217,240
	3,140	Meritage Homes Corp.*		152,918
	1,697	Skyline Corp.*		21,196
	5,443	Taylor Morrison Home Corp., Class A*		131,448
	1,231	TopBuild Corp.*		81,234
	10,844	TRI Pointe Group, Inc.*		191,830
	1,861	Universal Electronics, Inc.*		111,660
	3,687	William Lyon Homes, Class A*		102,314
	10,283	ZAGG, Inc.*		160,929
				2,753,687
		Household Products — 1.0%
	2,441	Central Garden & Pet Co.*		93,197
	4,477	Central Garden & Pet Co., Class A*		165,246
	425	HRG Group, Inc.*		6,894
	929	Spectrum Brands Holdings, Inc.		102,116
	1,765	WD-40 Co.		195,650
				563,103

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Independent Power and Renewable Electricity Producers — 0.7%
	882	Atlantica Yield plc (Spain)		19,739
	1,373	NRG Yield, Inc., Class A		25,195
	2,759	Ormat Technologies, Inc.		179,142
	4,202	Pattern Energy Group, Inc.		96,940
	4,597	TerraForm Power, Inc., Class A		61,736
				382,752
		Insurance — 1.2%
	174	Baldwin & Lyons, Inc., Class B		3,993
	1,914	CNO Financial Group, Inc.		45,878
	237	Crawford & Co., Class B		2,792
	1,060	Employers Holdings, Inc.		50,562
	518	FBL Financial Group, Inc., Class A		40,067
	1,059	Fidelity & Guaranty Life		32,935
	857	Horace Mann Educators Corp.		37,537
	719	Infinity Property & Casualty Corp.		67,838
	72	National Western Life Group, Inc., Class A		25,746
	958	Navigators Group, Inc. (The)		55,564
	641	Primerica, Inc.		56,728
	655	RLI Corp.		38,704
	483	Safety Insurance Group, Inc.		39,703
	2,037	Selective Insurance Group, Inc.		121,405
	931	State Auto Financial Corp.		23,871
	757	Stewart Information Services Corp.		28,721
				672,044
		Internet & Direct Marketing Retail — 0.8%
	1,145	HSN, Inc.		43,166
	6,322	Nutrisystem, Inc.		315,784
	1,566	PetMed Express, Inc.		55,374
	133	Shutterfly, Inc.*		5,679
				420,003
		Internet Software & Services — 1.4%
	891	2U, Inc.*		56,694
	929	Alarm.com Holdings, Inc.*		43,366
	1,345	Blucora, Inc.*		29,187
	906	Envestnet, Inc.*		48,380
	1,721	Five9, Inc.*		43,421
	1,288	GrubHub, Inc.*		78,594
	911	j2 Global, Inc.		67,542
	605	Liquidity Services, Inc.*		3,449
	2,568	LivePerson, Inc.*		36,080
	7,591	Meet Group, Inc. (The)*		25,733
	1,523	Shutterstock, Inc.*		59,382
	256	Stamps.com, Inc.*		57,446
	632	Trade Desk, Inc. (The), Class A*		41,661

SHARES		INVESTMENTS	VALUE($)
		Internet Software & Services — continued
	3,350	TrueCar, Inc.*		54,203
	2,726	Web.com Group, Inc.*		65,697
	2,063	XO Group, Inc.*		41,177
				752,012
		IT Services — 2.1%
	2,712	Acxiom Corp.*		68,234
	710	CACI International, Inc., Class A*		102,063
	989	Cardtronics plc, Class A*		22,648
	1,145	Computer Task Group, Inc.*		5,771
	2,425	Convergys Corp.		62,395
	1,749	CSG Systems International, Inc.		74,053
	544	EPAM Systems, Inc.*		49,586
	1,659	EVERTEC, Inc. (Puerto Rico)		24,885
	665	ExlService Holdings, Inc.*		41,509
	427	ManTech International Corp., Class A		19,817
	5,287	MAXIMUS, Inc.		351,215
	1,497	Perficient, Inc.*		29,117
	1,066	Science Applications International Corp.		78,180
	532	Sykes Enterprises, Inc.*		15,396
	1,478	Syntel, Inc.*		34,526
	1,359	TeleTech Holdings, Inc.		56,602
	4,033	Travelport Worldwide Ltd.		63,278
	1,278	Unisys Corp.*		11,183
	1,128	Virtusa Corp.*		43,044
				1,153,502
		Leisure Products — 0.6%
	13,719	Callaway Golf Co.		197,965
	7,786	JAKKS Pacific, Inc.*		21,412
	7,430	Nautilus, Inc.*		96,590
	369	Sturm Ruger & Co., Inc.		18,284
				334,251
		Life Sciences Tools & Services — 0.4%
	1,420	Cambrex Corp.*		61,415
	674	Fluidigm Corp.*		3,909
	855	INC Research Holdings, Inc., Class A*		48,863
	3,077	Luminex Corp.		65,694
	835	PRA Health Sciences, Inc.*		67,994
				247,875
		Machinery — 3.1%
	963	Actuant Corp., Class A		24,556
	1,205	Albany International Corp., Class A		72,722
	404	Astec Industries, Inc.		20,988
	851	Barnes Group, Inc.		55,392
	8,794	Briggs & Stratton Corp.		221,609

SEE NOTES TO FINANCIAL STATEMENTS.

84 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Machinery — continued
	1,770	Chart Industries, Inc.*		76,995
	503	CIRCOR International, Inc.		22,107
	2,384	Columbus McKinnon Corp.		94,311
	810	EnPro Industries, Inc.		67,829
	558	ESCO Technologies, Inc.		32,336
	1,151	Federal Signal Corp.		24,574
	1,074	Franklin Electric Co., Inc.		48,867
	501	Greenbrier Cos., Inc. (The)		26,152
	2,970	Hillenbrand, Inc.		117,463
	608	John Bean Technologies Corp.		64,995
	957	Kennametal, Inc.		41,773
	284	LB Foster Co., Class A*		7,072
	241	Lindsay Corp.		22,066
	561	LS Starrett Co. (The), Class A		4,769
	2,402	Manitowoc Co., Inc. (The)*		22,867
	1,157	Meritor, Inc.*		30,094
	325	Middleby Corp. (The)*		37,668
	1,691	Mueller Industries, Inc.		58,762
	3,714	Mueller Water Products, Inc., Class A		44,345
	703	RBC Bearings, Inc.*		87,045
	1,757	Rexnord Corp.*		44,839
	392	Standex International Corp.		40,592
	692	Tennant Co.		47,990
	5,257	Titan International, Inc.		51,203
	1,127	TriMas Corp.*		29,922
	2,344	Wabash National Corp.		52,740
	881	Watts Water Technologies, Inc., Class A		59,379
	658	Woodward, Inc.		50,883
				1,704,905
		Marine — 0.0% (a)
	857	Matson, Inc.		23,336
		Media — 1.4%
	1,405	AMC Entertainment Holdings, Inc., Class A		19,529
	1,777	EW Scripps Co. (The), Class A*		30,813
	4,424	Gannett Co., Inc.		38,489
	2,761	Gray Television, Inc.*		42,989
	2,487	Liberty Media Corp.-Liberty Formula One, Class A*		90,527
	459	Liberty Media Corp.-Liberty Formula One, Class C*		17,506
	966	Loral Space & Communications, Inc.*		45,547
	1,600	MDC Partners, Inc., Class A*		18,400
	1,741	Meredith Corp.		92,273
	1,792	MSG Networks, Inc., Class A*		31,091
	4,453	New York Times Co. (The), Class A		85,052

SHARES		INVESTMENTS	VALUE($)
		Media — continued
	982	Nexstar Media Group, Inc., Class A		62,652
	1,521	Scholastic Corp.		56,186
	1,308	Sinclair Broadcast Group, Inc., Class A		41,464
	3,319	Time, Inc.		38,500
	3,119	World Wrestling Entertainment, Inc., Class A		82,747
				793,765
		Metals & Mining — 1.6%
	4,293	AK Steel Holding Corp.*		19,705
	2,541	Allegheny Technologies, Inc.*		63,982
	1,492	Carpenter Technology Corp.		74,287
	2,466	Century Aluminum Co.*		34,524
	6,662	Cleveland-Cliffs, Inc.*		39,706
	1,950	Coeur Mining, Inc.*		14,800
	3,897	Commercial Metals Co.		75,914
	2,065	Compass Minerals International, Inc.		135,464
	1,271	Haynes International, Inc.		45,349
	11,876	Hecla Mining Co.		56,055
	1,518	Kaiser Aluminum Corp.		150,555
	661	Materion Corp.		33,942
	725	Olympic Steel, Inc.		13,688
	3,330	SunCoke Energy, Inc.*		36,930
	1,725	Worthington Industries, Inc.		78,487
				873,388
		Mortgage Real Estate Investment Trusts (REITs) — 0.5%
	1,068	AG Mortgage Investment Trust, Inc.		20,089
	1,893	ARMOUR Residential REIT, Inc.		47,420
	6,562	Capstead Mortgage Corp.		57,877
	6,218	CYS Investments, Inc.		49,744
	5,081	New York Mortgage Trust, Inc.		30,638
	1,813	Redwood Trust, Inc.		28,482
	2,503	Western Asset Mortgage Capital Corp.		25,205
				259,455
		Multiline Retail — 0.4%
	1,320	Big Lots, Inc.		67,729
	1,015	Dillard’s, Inc., Class A		51,562
	3,392	Fred’s, Inc., Class A		14,959
	1,639	Ollie’s Bargain Outlet Holdings, Inc.*		73,181
				207,431
		Multi-Utilities — 1.7%
	6,251	Avista Corp.		326,552
	4,732	Black Hills Corp.		308,810
	4,842	NorthWestern Corp.		287,034
				922,396

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 1.3%
	6,558	Abraxas Petroleum Corp.*		13,969
	3,456	Callon Petroleum Co.*		38,327
	1,100	Contango Oil & Gas Co.*		4,389
	2,483	CVR Energy, Inc.		68,158
	2,747	Delek US Energy, Inc.		71,559
	4,659	DHT Holdings, Inc.		18,357
	734	Frontline Ltd. (Norway)		4,470
	1,401	GasLog Ltd. (Monaco)		24,167
	2,119	Golar LNG Ltd. (Bermuda)		44,775
	3,785	Green Plains, Inc.		69,644
	5,273	Halcon Resources Corp.*		34,696
	719	NACCO Industries, Inc., Class A		29,910
	881	Northern Oil and Gas, Inc.*		705
	1,963	Oasis Petroleum, Inc.*		18,550
	1,062	REX American Resources Corp.*		93,647
	1,850	Sanchez Energy Corp.*		8,011
	3,126	Scorpio Tankers, Inc. (Monaco)		11,129
	2,767	SemGroup Corp., Class A		72,080
	4,070	Ship Finance International Ltd. (Norway)		60,643
	6,315	Teekay Tankers Ltd., Class A (Bermuda)		9,346
	4,279	W&T Offshore, Inc.*		13,393
				709,925
		Paper & Forest Products — 0.9%
	1,248	Boise Cascade Co.*		44,242
	1,080	Clearwater Paper Corp.*		49,842
	558	Deltic Timber Corp.		51,676
	2,333	KapStone Paper and Packaging Corp.		52,399
	1,925	Louisiana-Pacific Corp.*		52,322
	4,125	PH Glatfelter Co.		86,460
	3,810	Schweitzer-Mauduit International, Inc.		160,896
				497,837
		Personal Products — 0.8%
	2,568	Medifast, Inc.		160,243
	371	Nature’s Sunshine Products, Inc.		3,673
	3,884	USANA Health Sciences, Inc.*		255,179
				419,095
		Pharmaceuticals — 0.9%
	595	ANI Pharmaceuticals, Inc.*		34,557
	1,759	Catalent, Inc.*		74,916
	2,216	Corcept Therapeutics, Inc.*		43,633
	1,014	Depomed, Inc.*		4,908
	1,171	Impax Laboratories, Inc.*		21,253
	3,295	Innoviva, Inc.*		40,331
	872	Lannett Co., Inc.*		17,353

SHARES		INVESTMENTS	VALUE($)
		Pharmaceuticals — continued
	2,065	Nektar Therapeutics*		49,746
	358	Pacira Pharmaceuticals, Inc.*		11,474
	1,130	Paratek Pharmaceuticals, Inc.*		24,182
	1,889	Prestige Brands Holdings, Inc.*		88,594
	855	Supernus Pharmaceuticals, Inc.*		35,568
	1,109	Theravance Biopharma, Inc. (Cayman Islands)*		32,006
				478,521
		Professional Services — 1.0%
	414	Acacia Research Corp.*		1,863
	707	Advisory Board Co. (The)*		38,125
	802	CRA International, Inc.		33,892
	2,277	Forrester Research, Inc.		99,505
	893	FTI Consulting, Inc.*		38,176
	399	Heidrick & Struggles International, Inc.		9,915
	483	Huron Consulting Group, Inc.*		17,678
	618	Insperity, Inc.		58,648
	627	Kelly Services, Inc., Class A		16,496
	567	Korn/Ferry International		23,718
	1,967	Navigant Consulting, Inc.*		34,049
	889	On Assignment, Inc.*		54,425
	949	Resources Connection, Inc.		14,947
	1,466	TriNet Group, Inc.*		50,899
	353	TrueBlue, Inc.*		9,566
	785	WageWorks, Inc.*		50,044
				551,946
		Real Estate Management & Development — 0.0% (a)
	1,269	Kennedy-Wilson Holdings, Inc.		24,682
		Road & Rail — 1.3%
	861	AMERCO		338,063
	1,136	ArcBest Corp.		37,034
	1,121	Avis Budget Group, Inc.*		46,241
	1,423	Covenant Transportation Group, Inc., Class A*		42,263
	1,895	Heartland Express, Inc.		40,420
	2,193	Knight-Swift Transportation Holdings, Inc.*		90,900
	698	Saia, Inc.*		45,230
	1,890	Werner Enterprises, Inc.		67,379
				707,530
		Semiconductors & Semiconductor Equipment — 3.0%
	918	Advanced Energy Industries, Inc.*		77,773
	4,347	Amkor Technology, Inc.*		50,295
	2,804	Brooks Automation, Inc.		96,430
	1,230	Cabot Microelectronics Corp.		118,904
	1,044	CEVA, Inc.*		50,425
	696	Cirrus Logic, Inc.*		38,976

SEE NOTES TO FINANCIAL STATEMENTS.

86 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	305	Cohu, Inc.		7,869
	2,557	Cree, Inc.*		91,285
	1,691	Diodes, Inc.*		58,069
	413	DSP Group, Inc.*		5,534
	3,457	Entegris, Inc.		113,217
	1,365	Inphi Corp.*		55,938
	1,791	Integrated Device Technology, Inc.*		55,646
	6,004	Lattice Semiconductor Corp.*		35,123
	2,298	MaxLinear, Inc.*		56,232
	1,037	MKS Instruments, Inc.		112,670
	847	Monolithic Power Systems, Inc.		103,054
	2,222	Nanometrics, Inc.*		62,816
	2,593	NeoPhotonics Corp.*		13,510
	2,496	Photronics, Inc.*		24,211
	900	Power Integrations, Inc.		72,315
	3,483	Rambus, Inc.*		51,235
	2,536	Semtech Corp.*		104,103
	22	Sigma Designs, Inc.*		133
	1,140	Silicon Laboratories, Inc.*		108,186
	356	Synaptics, Inc.*		13,215
	1,436	Ultra Clean Holdings, Inc.*		36,647
	2,877	Xcerra Corp.*		28,338
				1,642,149
		Software — 3.1%
	6,182	8x8, Inc.*		82,530
	5,218	ACI Worldwide, Inc.*		125,649
	1,144	Agilysys, Inc.*		14,037
	1,475	Aspen Technology, Inc.*		95,167
	976	Barracuda Networks, Inc.*		22,751
	1,169	Blackbaud, Inc.		118,420
	872	BroadSoft, Inc.*		47,829
	1,895	Callidus Software, Inc.*		48,038
	1,464	CommVault Systems, Inc.*		76,201
	1,322	Ebix, Inc.		89,830
	606	Ellie Mae, Inc.*		54,510
	805	Fair Isaac Corp.		116,854
	1,290	Gigamon, Inc.*		49,665
	485	Globant SA*		18,294
	436	MicroStrategy, Inc., Class A*		57,665
	937	Paycom Software, Inc.*		77,021
	2,144	Pegasystems, Inc.		124,995
	2,829	Progress Software Corp.		119,752
	2,167	Qualys, Inc.*		114,634
	2,274	RealNetworks, Inc.*		10,733
	1,125	RealPage, Inc.*		48,713

SHARES		INVESTMENTS	VALUE($)
		Software — continued
	1,323	RingCentral, Inc., Class A*		55,765
	1,905	Rosetta Stone, Inc.*		19,374
	2,135	TiVo Corp.		38,750
	1,748	VASCO Data Security International, Inc.*		23,773
	1,486	Verint Systems, Inc.*		62,709
				1,713,659
		Specialty Retail — 2.8%
	1,355	Aaron’s, Inc.		49,864
	1,367	Abercrombie & Fitch Co., Class A		18,359
	3,523	American Eagle Outfitters, Inc.		45,869
	857	Asbury Automotive Group, Inc.*		52,620
	1,515	bebe stores, Inc.*		8,348
	2,921	Buckle, Inc. (The)		48,050
	1,978	Caleres, Inc.		54,059
	1,651	Cato Corp. (The), Class A		21,232
	4,243	Chico’s FAS, Inc.		33,902
	739	Children’s Place, Inc. (The)		80,403
	1,437	Citi Trends, Inc.		31,269
	679	Conn’s, Inc.*		20,879
	3,276	DSW, Inc., Class A		62,735
	1,774	Express, Inc.*		12,010
	2,061	Finish Line, Inc. (The), Class A		19,105
	1,210	Five Below, Inc.*		66,853
	2,958	Francesca’s Holdings Corp.*		19,138
	695	Genesco, Inc.*		17,028
	1,669	GNC Holdings, Inc., Class A		11,416
	878	Group 1 Automotive, Inc.		68,984
	2,678	Guess?, Inc.		43,410
	1,535	Haverty Furniture Cos., Inc.		36,610
	1,413	Hibbett Sports, Inc.*		18,086
	1,491	Kirkland’s, Inc.*		17,445
	514	Lithia Motors, Inc., Class A		58,175
	519	Lumber Liquidators Holdings, Inc.*		15,975
	2,446	Monro, Inc.		120,710
	7,377	Office Depot, Inc.		22,869
	2,653	Pier 1 Imports, Inc.		11,036
	1,586	Rent-A-Center, Inc.		15,765
	582	RH*		52,333
	3,653	Select Comfort Corp.*		118,723
	2,633	Shoe Carnival, Inc.		49,421
	1,394	Sonic Automotive, Inc., Class A		27,671
	1,131	Tailored Brands, Inc.		17,474
	906	Vitamin Shoppe, Inc.*		4,168
	8,181	Zumiez, Inc.*		144,395
				1,516,389

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — 0.2%
	1,274	Cray, Inc.*		26,308
	1,794	Diebold Nixdorf, Inc.		34,624
	1,290	Super Micro Computer, Inc.*		25,671
				86,603
		Textiles, Apparel & Luxury Goods — 1.8%
	5,609	Columbia Sportswear Co.		349,889
	2,894	G-III Apparel Group Ltd.*		73,334
	1,493	Movado Group, Inc.		41,356
	1,660	Oxford Industries, Inc.		107,236
	7,578	Steven Madden Ltd.*		295,542
	4,830	Wolverine World Wide, Inc.		131,859
				999,216
		Thrifts & Mortgage Finance — 0.8%
	1,088	BofI Holding, Inc.*		29,267
	3,171	Capitol Federal Financial, Inc.		43,728
	2,140	Dime Community Bancshares, Inc.		47,187
	2,619	Kearny Financial Corp.		39,416
	3,286	MGIC Investment Corp.*		46,990
	2,452	Northwest Bancshares, Inc.		41,365
	2,057	OceanFirst Financial Corp.		57,082
	1,896	Oritani Financial Corp.		32,137
	1,384	PHH Corp.*		18,283
	2,159	TrustCo Bank Corp.		19,809
	1,649	Washington Federal, Inc.		57,385
				432,649
		Tobacco — 1.0%
	3,421	Universal Corp.		196,194
	15,811	Vector Group Ltd.		328,553
				524,747
		Trading Companies & Distributors — 1.1%
	2,336	Aircastle Ltd.		54,335
	2,799	Applied Industrial Technologies, Inc.		178,156
	1,749	Beacon Roofing Supply, Inc.*		96,912
	327	DXP Enterprises, Inc.*		10,487
	985	GATX Corp.		58,519
	1,322	Kaman Corp.		73,953
	498	Lawson Products, Inc.*		12,525
	3,822	MRC Global, Inc.*		65,547
	832	Textainer Group Holdings Ltd.*		16,266
	1,724	Titan Machinery, Inc.*		25,670
				592,370

SHARES		INVESTMENTS	VALUE($)
		Water Utilities — 1.3%
	3,865	American States Water Co.		207,744
	5,291	California Water Service Group		222,222
	3,502	Connecticut Water Service, Inc.		217,194
	1,456	SJW Group		86,355
				733,515
		Total Common Stocks (Cost $49,482,958)		54,174,342
NO. OF RIGHTS
	Rights — 0.0% (a)
		Media — 0.0% (a)
	1,533	Media General, Inc., CVR*‡ (Cost $—)		75
SHARES
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	461,963	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (c) (Cost $461,963)		461,963
		Total Investments — 99.3% (Cost $49,944,921)		54,636,380
		Other Assets Less Liabilities — 0.7%		374,725
		Net Assets — 100.0%	$	55,011,105

Percentages indicated are based on net assets.

*	— Non-income producing security.
‡	— Value determined using significant unobservable inputs.
(a)	— Represents less than 0.05% of net assets.
(b)	—  Affiliated company as defined under the Investment Company Act of 1940.
(c)	—  The rate shown was the current yield as of October 31, 2017.

Abbreviations

CVR   —  Contingent Value Rights

SEE NOTES TO FINANCIAL STATEMENTS.

88 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		8		12/2017		USD		601,120		11,914
										11,914

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 89

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

	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	$	165,355,337		$	—		$	79,006,495
Investments in affiliates, at value		—			30,739,404			—
Cash		543,716			19,472			336,576
Restricted cash		—			—			5,700
Foreign currency, at value		119,977			—			3,746
Segregated cash balance with Authorized Participant for deposit securities		—			—			453,284
Receivables:
Dividends from non-affiliates		122,710			—			59,286
Tax reclaims		—			—			211,009
Unrealized appreciation on forward foreign currency exchange contracts		—			527,922			—
Due from Adviser		31,576			16,084			7,414
Prepaid Expenses		9,841			1,165			1,882
Total Assets		166,183,157			31,304,047			80,085,392
LIABILITIES:
Payables:
Investment securities purchased		765			526,455			—
Unrealized depreciation on forward foreign currency exchange contracts		—			11,646			—
Accrued liabilities:
Administration fees		11,983			2,177			5,322
Custodian and Transfer Agent fees		72,480			3,417			42,004
Trustees’ and Chief Compliance Officer’s fees		2,541			371			926
Deferred India capital gains tax		240,033			—			—
Accounting fees		14,591			234			9,477
Professional Fees		72,402			42,347			78,375
Collateral upon return of deposit securities		—			—			453,284
Other		27,316			10,155			3,647
Total Liabilities		442,111			596,802			593,035
Net Assets	$	165,741,046		$	30,707,245		$	79,492,357
NET ASSETS:
Paid-in-Capital	$	148,691,660		$	27,087,053		$	66,250,524
Accumulated undistributed (distributions in excess of) net investment income		3,326,876			34,913			1,745,875
Accumulated net realized gains (losses)		(5,618,609	)		(1,676,017	)		(258,230	)
Net unrealized appreciation (depreciation)		19,341,119			5,261,296			11,754,188
Total Net Assets	$	165,741,046		$	30,707,245		$	79,492,357
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		2,900,000			1,050,000			1,300,000
Net asset value, per share	$	57.15		$	29.24		$	61.15
Cost of investments in non-affiliates	$	145,771,551		$	—		$	67,258,158
Cost of investments in affiliates		—			25,994,384			—
Cost of foreign currency		120,854			—			3,765

SEE NOTES TO FINANCIAL STATEMENTS.

90 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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	$	102,603,692		$	—		$	1,134,220,911
Investments in affiliates, at value		516,620			48,144,483			15,795,486
Cash		304,558			120,774			5,545,149
Restricted cash		23,100			—			64,800
Foreign currency, at value		156,207			—			587,442
Deposits at broker for futures contracts		—			—			755,000
Segregated cash balance with Authorized Participant for deposit securities		—			—			35,807
Receivables:
Dividends from non-affiliates		202,048			—			2,861,104
Dividends from affiliates		395			—			3,201
Tax reclaims		48,804			—			604,498
Variation margin on futures contracts		—			—			117,690
Unrealized appreciation on forward foreign currency exchange contracts		—			606,500			—
Due from Adviser		16,879			20,285			2,735
Prepaid Expenses		3,971			4,630			48,833
Total Assets		103,876,274			48,896,672			1,160,642,656
LIABILITIES:
Payables:
Investment securities purchased		—			416,988			—
Unrealized depreciation on forward foreign currency exchange contracts		—			145,507			—
Accrued liabilities:
Investment advisory fees		—			3,064			168,405
Administration fees		6,995			3,387			80,246
Custodian and Transfer Agent fees		53,506			—			134,994
Trustees’ and Chief Compliance Officer’s fees		1,162			615			15,375
Accounting fees		11,438			342			18,096
Professional Fees		103,664			41,086			198,382
Collateral upon return of deposit securities		—			—			35,807
Other		4,439			11,216			104,345
Total Liabilities		181,204			622,205			755,650
Net Assets	$	103,695,070		$	48,274,467		$	1,159,887,006
NET ASSETS:
Paid-in-Capital	$	89,907,780		$	42,131,513		$	1,023,037,644
Accumulated undistributed (distributions in excess of) net investment income		1,204,535			14,482			17,961,437
Accumulated net realized gains (losses)		(1,417,771	)		(960,802	)		(9,660,030	)
Net unrealized appreciation (depreciation)		14,000,526			7,089,274			128,547,955
Total Net Assets	$	103,695,070		$	48,274,467		$	1,159,887,006
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		1,700,000			1,600,000			19,600,000
Net asset value, per share	$	61.00		$	30.17		$	59.18
Cost of investments in non-affiliates	$	88,599,653		$	—		$	1,005,799,782
Cost of investments in affiliates		516,620			41,516,202			15,795,486
Cost of foreign currency		159,338			—			590,816

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 91

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017 (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	$	352,257,988		$	61,904,967		$	54,174,417
Investments in affiliates, at value		1,543,961			192,796			461,963
Cash		—			4,612			—
Restricted cash		15,950			6,000			12,600
Deposits at broker for futures contracts		30,000			—			8,000
Receivables:
Investment securities sold		2,291,679			—			421,347
Dividends from non-affiliates		264,167			31,474			15,145
Dividends from affiliates		1,429			816			356
Tax reclaims		496			—			5
Variation margin on futures contracts		2,305			—			2,479
Due from Adviser		7,219			3,507			11,577
Deferred offering costs		—			—			39
Prepaid Expenses		22,063			4,391			6
Total Assets		356,437,257			62,148,563			55,107,934
LIABILITIES:
Payables:
Due to custodian		3,061			—			5,999
Accrued liabilities:
Administration fees		24,712			5,110			3,597
Custodian and Transfer Agent fees		19,091			11,734			30,547
Trustees’ and Chief Compliance Officer’s fees		4,187			913			549
Accounting fees		3,658			1,526			1,798
Professional Fees		52,954			47,758			38,187
Other		30,823			18,272			16,152
Total Liabilities		138,486			85,313			96,829
Net Assets	$	356,298,771		$	62,063,250		$	55,011,105
NET ASSETS:
Paid-in-Capital	$	326,881,524		$	55,136,078		$	50,301,050
Accumulated undistributed (distributions in excess of) net investment income		3,670,669			689,381			301,790
Accumulated net realized gains (losses)		(1,944,301	)		(46,980	)		(295,108	)
Net unrealized appreciation (depreciation)		27,690,879			6,284,771			4,703,373
Total Net Assets	$	356,298,771		$	62,063,250		$	55,011,105
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		5,200,000			1,000,000			1,900,000
Net asset value, per share	$	68.52		$	62.06		$	28.95
Cost of investments in non-affiliates	$	324,590,717		$	55,620,196		$	49,482,958
Cost of investments in affiliates		1,543,961			192,796			461,963

SEE NOTES TO FINANCIAL STATEMENTS.

92 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

	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	$	4,511,025		$	—		$	2,402,740
Dividend income from affiliates		2,356			604,070			—
Interest income from affiliates		3,168			1,550			420
Foreign taxes withheld		(520,601	)		—			(235,840	)
Total investment income		3,995,948			605,620			2,167,320
EXPENSES:
Investment advisory fees (Note 3.A)		531,882			91,888			195,645
Administration fees (Note 3.B)		102,750			23,668			55,433
Accounting fees (Note 3.D)		73,914			12,930			54,075
Interest expense to affiliates		2,154			157			274
Professional fees		109,294			51,692			92,328
Trustees’ and Chief Compliance Officer’s fees		24,524			6,504			15,179
Printing and mailing costs		17,834			3,018			5,318
Registration and filing fees		26,015			12,759			14,831
Custodian and Transfer Agent fees (Note 3.C)		359,444			8,090			66,728
Insurance expense		11,438			6,738			9,952
Offering costs (Note 2.F)		—			17,981			692
Other		23,583			9,511			11,187
Total expenses		1,282,832			244,936			521,642
Less fees waived (Note 3.E)		(607,254	)		(115,556	)		(235,439	)
Less expense reimbursements from affiliates (Note 3.E) (Note 8)		—			(168,340	)		—
Less expense reimbursements from non-affiliates (Note 3.C)		(132,300	)		—			(5,700	)
Net expenses		543,278			(38,960	)		280,503
Net investment income (loss)		3,452,670			644,580			1,886,817
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,005,245			—			(73,383	)
Investments in affiliates		—			(79,372	)		—
Futures		71,555			5,999			—
Foreign currency transactions		(91,699	)		7,345			7,600
Forward foreign currency exchange contracts		51,437			(705,378	)		3,080
Net realized gain (loss)		1,036,538			(771,406	)		(62,703	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		19,211,548	(a)		—			13,093,805
Investments in affiliates		—			5,863,107			—
Foreign currency translations		(4,668	)		—			8,089
Forward foreign currency exchange contracts		—			(421,384	)		—
Change in net unrealized appreciation/depreciation		19,206,880			5,441,723			13,101,894
Net realized/unrealized gains (losses)		20,243,418			4,670,317			13,039,191
Change in net assets resulting from operations	$	23,696,088		$	5,314,897		$	14,926,008

(a) Net change in India capital gains tax of approximately $(240,033).

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 93

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017 (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	$	2,137,908			$	—			$	25,416,065
Dividend income from affiliates		520				486,815				19,760
Interest income from affiliates		1,001				195				4,684
Foreign taxes withheld		(185,031	)			—				(1,894,416	)
Total investment income		1,954,398				487,010				23,546,093
EXPENSES:
Investment advisory fees (Note 3.A)		191,686				105,174				1,844,303
Administration fees (Note 3.B)		67,889				33,110				653,194
Accounting fees (Note 3.D)		62,331				13,725				190,627
Interest expense to affiliates		227				249				2,281
Professional fees		138,127				59,846				349,830
Trustees’ and Chief Compliance Officer’s fees		18,544				8,497				162,429
Printing and mailing costs		12,122				6,227				103,890
Registration and filing fees		13,708				10,906				75,591
Custodian and Transfer Agent fees (Note 3.C)		101,145				1,670				401,834
Insurance expense		13,903				8,881				89,811
Offering costs (Note 2.F)		—				35,616				—
Other		21,040				12,357				81,764
Total expenses		640,722				296,258				3,955,554
Less fees waived (Note 3.E)		(259,575	)			(138,284	)			(453,814	)
Less expense reimbursements from affiliates (Note 3.E) (Note 8)		(46,694	)			(190,757	)			—
Less expense reimbursements from non-affiliates (Note 3.C)		(30,800	)			—				(201,600	)
Net expenses		303,653				(32,783	)			3,300,140
Net investment income (loss)		1,650,745				519,793				20,245,953
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:								��
Investments in non-affiliates		553,947				—				(3,961,415	)
In-kind redemptions in non-affiliates		1,993,665				—				4,151,369
Investments in affiliates		—				62,314				—
Futures		—				—				(42,116	)
Foreign currency transactions		(7,244	)			(93	)			(17,538	)
Forward foreign currency exchange contracts		(1,686	)			(179,919	)			41,751
Net realized gain (loss)		2,538,682				(117,698	)			172,051
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		10,663,605				—				122,973,099
Investments in affiliates		—				6,973,733				—
Futures		—				—				135,909
Foreign currency translations		4,946				—				34,736
Forward foreign currency exchange contracts		—				(410,982	)			—
Change in net unrealized appreciation/depreciation		10,668,551				6,562,751				123,143,744
Net realized/unrealized gains (losses)		13,207,233				6,445,053				123,315,795
Change in net assets resulting from operations	$	14,857,978			$	6,964,846			$	143,561,748

SEE NOTES TO FINANCIAL STATEMENTS.

94 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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	$	4,787,201		$	962,138		$	431,319
Dividend income from affiliates		7,893			3,154			1,401
Interest income from affiliates		51			12			2,752
Total investment income		4,795,145			965,304			435,472
EXPENSES:
Investment advisory fees (Note 3.A)		538,832			128,187			90,324
Administration fees (Note 3.B)		199,134			45,400			26,474
Accounting fees (Note 3.D)		50,333			19,341			15,008
Professional fees		108,196			61,322			55,575
Trustees’ and Chief Compliance Officer’s fees		51,825			11,717			5,995
Printing and mailing costs		29,204			6,435			4,314
Registration and filing fees		31,216			14,538			20,459
Custodian and Transfer Agent fees (Note 3.C)		51,687			27,654			65,045
Insurance expense		25,495			3,989			4,866
Offering costs (Note 2.F)		—			9,789			11,701
Other		25,774			5,017			3,043
Total expenses		1,111,696			333,389			302,804
Less fees waived (Note 3.E)		(572,126	)		(173,587	)		(116,798	)
Less expense reimbursements from affiliates (Note 3.E) (Note 8)		—			(8,380	)		(61,704	)
Less expense reimbursements from non-affiliates (Note 3.C)		(40,600	)		(10,500	)		(27,300	)
Net expenses		498,970			140,922			97,002
Net investment income (loss)		4,296,175			824,382			338,470
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,759,582	)		25,727			(284,531	)
In-kind redemptions in non-affiliates		10,809,680			3,547,360			—
Futures		(21,024	)		2,302			(10,577	)
Net realized gain (loss)		9,029,074			3,575,389			(295,108	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		27,976,993			5,506,350			4,691,459
Futures		23,608			—			11,914
Change in net unrealized appreciation/depreciation		28,000,601			5,506,350			4,703,373
Net realized/unrealized gains (losses)		37,029,675			9,081,739			4,408,265
Change in net assets resulting from operations	$	41,325,850		$	9,906,121		$	4,746,735

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Diversified Return Emerging Markets Equity ETF						JPMorgan Diversified Return Europe Currency Hedged ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Period Ended October 31, 2016 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,452,670		$	732,592		$	644,580		$	(67,905	)
Net realized gain (loss)		1,036,538			(5,347,986	)		(771,406	)		893,007
Change in net unrealized appreciation/depreciation		19,206,880			6,262,628			5,441,723			(180,427	)
Change in net assets resulting from operations		23,696,088			1,647,234			5,314,897			644,675
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(771,056	)		(1,050,480	)		(534,400	)		—
From net realized gains		—			—			(1,806,320	)		—
Total distributions to shareholders		(771,056	)		(1,050,480	)		(2,340,720	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		99,006,553			7,027,033			1,249,800			25,838,593
NET ASSETS:
Change in net assets		121,931,585			7,623,787			4,223,977			26,483,268
Beginning of period		43,809,461			36,185,674			26,483,268			—
End of period	$	165,741,046		$	43,809,461		$	30,707,245		$	26,483,268
Accumulated undistributed (distributions in excess of) net investment income	$	3,326,876		$	660,929		$	34,913		$	(59,634	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	99,006,553		$	14,272,477		$	1,249,800		$	25,838,593
Redeemed		—			(7,245,444	)		—			—
Total change in net assets resulting from capital transactions	$	99,006,553		$	7,027,033		$	1,249,800		$	25,838,593
SHARE TRANSACTIONS:
Issued		2,000,000			300,000			50,000			1,000,000
Redeemed		—			(200,000	)		—			—
Net increase in shares from share transactions		2,000,000			100,000			50,000			1,000,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

96 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

	JPMorgan Diversified Return Europe Equity ETF						JPMorgan Diversified Return Global Equity ETF
	Year Ended October 31, 2017			Period Ended October 31, 2016 (a)			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,886,817		$	1,200,080		$	1,650,745		$	1,466,798
Net realized gain (loss)		(62,703	)		(196,912	)		2,538,682			(1,594,236	)
Change in net unrealized appreciation/depreciation		13,101,894			(1,347,706	)		10,668,551			3,452,655
Change in net assets resulting from operations		14,926,008			(344,538	)		14,857,978			3,325,217
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,338,720	)		(918	)		(1,695,420	)		(1,057,127	)
Total distributions to shareholders		(1,338,720	)		(918	)		(1,695,420	)		(1,057,127	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		6,045,436			60,205,089			12,975,579			24,758,809
NET ASSETS:
Change in net assets		19,632,724			59,859,633			26,138,137			27,026,899
Beginning of period		59,859,633			—			77,556,933			50,530,034
End of period	$	79,492,357		$	59,859,633		$	103,695,070		$	77,556,933
Accumulated undistributed (distributions in excess of) net investment income	$	1,745,875		$	1,181,263		$	1,204,535		$	1,249,069
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	6,045,436		$	60,205,089		$	23,855,987		$	24,758,809
Redeemed		—			—			(10,880,408	)		—
Total change in net assets resulting from capital transactions	$	6,045,436		$	60,205,089		$	12,975,579		$	24,758,809
SHARE TRANSACTIONS:
Issued		100,000			1,200,000			400,000			500,000
Redeemed		—			—			(200,000	)		—
Net increase in shares from share transactions		100,000			1,200,000			200,000			500,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return International Currency Hedged ETF						JPMorgan Diversified Return International Equity ETF
	Year Ended October 31, 2017			Period Ended October 31, 2016 (a)			Year Ended October 31, 2017			Year Ended October 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	519,793		$	(67,264	)	$	20,245,953		$	6,954,232
Net realized gain (loss)		(117,698	)		66,331			172,051			(5,272,526	)
Change in net unrealized appreciation/depreciation		6,562,751			526,523			123,143,744			5,716,709
Change in net assets resulting from operations		6,964,846			525,590			143,561,748			7,398,415
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(431,255	)		—			(9,230,405	)		(2,154,090	)
From net realized gains		(918,280	)		—			—			—
Total distributions to shareholders		(1,349,535	)		—			(9,230,405	)		(2,154,090	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		16,343,042			25,790,524			555,512,947			372,684,784
NET ASSETS:
Change in net assets		21,958,353			26,316,114			689,844,290			377,929,109
Beginning of period		26,316,114			—			470,042,716			92,113,607
End of period	$	48,274,467		$	26,316,114		$	1,159,887,006		$	470,042,716
Accumulated undistributed (distributions in excess of) net investment income	$	14,482		$	(54,114	)	$	17,961,437		$	6,655,210
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	16,343,042		$	25,790,524		$	581,072,027		$	372,684,784
Redeemed		—			—			(25,559,080	)		—
Total change in net assets resulting from capital transactions	$	16,343,042		$	25,790,524		$	555,512,947		$	372,684,784
SHARE TRANSACTIONS:
Issued		600,000			1,000,000			10,700,000			7,600,000
Redeemed		—			—			(500,000	)		—
Net increase in shares from share transactions		600,000			1,000,000			10,200,000			7,600,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

98 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

	JPMorgan Diversified Return U.S. Equity ETF						JPMorgan Diversified Return U.S. Mid Cap Equity ETF
	Year Ended October 31, 2017			Year Ended October 31, 2016			Year Ended October 31, 2017			Period Ended October 31, 2016 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,296,175		$	891,049		$	824,382		$	256,306
Net realized gain (loss)		9,029,074			(233,079	)		3,575,389			(84,431	)
Change in net unrealized appreciation/depreciation		28,000,601			(1,126,048	)		5,506,350			778,421
Change in net assets resulting from operations		41,325,850			(468,078	)		9,906,121			950,296
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,329,650	)		(130,025	)		(396,160	)		—
Total distributions to shareholders		(1,329,650	)		(130,025	)		(396,160	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		190,764,313			115,309,738			16,399,401			35,203,592
NET ASSETS:
Change in net assets		230,760,513			114,711,635			25,909,362			36,153,888
Beginning of period		125,538,258			10,826,623			36,153,888			—
End of period	$	356,298,771		$	125,538,258		$	62,063,250		$	36,153,888
Accumulated undistributed (distributions in excess of) net investment income	$	3,670,669		$	775,559		$	689,381		$	260,771
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	266,609,754		$	115,309,738		$	34,787,448		$	35,203,592
Redeemed		(75,845,441	)		—			(18,388,047	)		—
Total change in net assets resulting from capital transactions	$	190,764,313		$	115,309,738		$	16,399,401		$	35,203,592
SHARE TRANSACTIONS:
Issued		4,200,000			2,000,000			600,000			700,000
Redeemed		(1,200,000	)		—			(300,000	)		—
Net increase in shares from share transactions		3,000,000			2,000,000			300,000			700,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return U.S. Small Cap Equity ETF
	Period Ended October 31, 2017 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	338,470
Net realized gain (loss)		(295,108	)
Change in net unrealized appreciation/depreciation		4,703,373
Change in net assets resulting from operations		4,746,735
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(36,680	)
Total distributions to shareholders		(36,680	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		50,301,050
NET ASSETS:
Change in net assets		55,011,105
Beginning of period		—
End of period	$	55,011,105
Accumulated undistributed (distributions in excess of) net investment income	$	301,790
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	50,301,050
Redeemed		—
Total change in net assets resulting from capital transactions	$	50,301,050
SHARE TRANSACTIONS:
Issued		1,900,000
Redeemed		—
Net increase in shares from share transactions		1,900,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

100 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 101

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
Year Ended October 31, 2017	$	48.68	$	1.50		$	7.56		$	9.06		$	(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
Year Ended October 31, 2017		26.48		0.62	(k)		4.48			5.10			(0.53	)		(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
Year Ended October 31, 2017		49.88		1.57			10.82			12.39			(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
Year Ended October 31, 2017		51.70		1.15			9.28			10.43			(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 $0.56, the net investment income (loss) ratio would have been 2.10%, the net expense ratio would have been 0.07%, and the total return would have been 20.66%.

SEE NOTES TO FINANCIAL STATEMENTS.

102 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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)
$	57.15	$	57.36		18.95	%		18.65	%	$	165,741,046		0.45	%		2.85	%		1.06	%		60	%
	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
	29.24		29.29		20.87	(k)		20.83			30,707,245		(0.14	)(k)		2.31	(k)		0.88			12
	26.48		26.52		5.96			6.08			26,483,268		0.49	(h)		(0.49	)		1.08	(h)		1
	61.15		61.42		25.42			25.80			79,492,357		0.43			2.89			0.80			18
	49.88		49.95		(0.23	)		(0.09	)		59,859,633		0.43	(h)		3.14			1.14	(h)		15
	61.00		61.14		20.61			20.40			103,695,070		0.38			2.06			0.80			26
	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.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 103

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
Year Ended October 31, 2017	$	26.32		0.37	(l)	$	4.70		$	5.07		$	(0.39	)	$	(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
Year Ended October 31, 2017		50.00		1.43			8.57			10.00			(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
Year Ended October 31, 2017		57.06		1.17			10.75			11.92			(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
Year Ended October 31, 2017		51.65		0.89			10.02			10.91			(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 October 31, 2017		25.00		0.28			3.71			3.99			(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) 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.

(g) 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.

(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 1%.

(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 $0.33, the net investment income (loss) ratio would have been 1.18%, the net expense ratio would have been 0.07%, and the total return would have been 19.84%.

SEE NOTES TO FINANCIAL STATEMENTS.

104 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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)
$	30.17	$	30.02		20.04	%(l)		19.30	%	$	48,274,467		(0.08	)%(l)		1.33	%(l)		0.76	%		5	%
	26.32		26.34		5.28			5.36			26,316,114		0.49	(i)		(0.49	)		1.14	(i)		4
	59.18		59.36		20.35			20.30			1,159,887,006		0.43			2.63			0.51			29
	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
	68.52		68.55		20.99			21.02			356,298,771		0.21			1.83			0.47			27
	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)
	62.06		62.08		21.25			21.31			62,063,250		0.26			1.54			0.62			31
	51.65		51.64		3.30			3.28			36,153,888		0.34	(i)		1.69			1.02	(i)		15
	28.95		29.00		15.96			16.16			55,011,105		0.31	(i)		1.08			0.97	(i)		24

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017

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.

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”). Effective October 1, 2017, JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Funds’ distributor. Prior to October 1, 2017, SEI Investments Distribution Co. (“SIDCO”) was the distributor of the Funds. The agreement with JPMDS is substantially similar to the agreement with SIDCO. The Funds issue and redeem their shares on a continuous basis, through the Distributor, 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

106 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of the U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices, and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

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

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

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	$	13,821,019	$	—	$	—	$	13,821,019
Chile		2,509,778		—		—		2,509,778
China		4,120,914		33,562,233		—		37,683,147
Colombia		543,007		—		—		543,007

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

Emerging Markets Equity ETF (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Czech Republic	$	182,518	$	298,562		$	—		$	481,080
Egypt		198,895		20,012			—			218,907
Greece		364,989		276,052			—			641,041
Hong Kong		—		1,229,112			—			1,229,112
Hungary		—		906,467			—			906,467
India		—		12,969,690			—			12,969,690
Indonesia		1,274,185		8,075,196			—			9,349,381
Malaysia		1,249,541		6,807,150			—			8,056,691
Mexico		6,853,142		—			—			6,853,142
Pakistan		26,816		31,407			—			58,223
Peru		131,005		—			—			131,005
Philippines		1,308,141		3,047,762			—			4,355,903
Poland		558,804		2,171,172			—			2,729,976
Russia		5,522,206		2,077,018			—			7,599,224
South Africa		2,199,643		11,303,269			—			13,502,912
Taiwan		—		26,912,443			—			26,912,443
Thailand		8,416,459		1,131,713			—			9,548,172
Turkey		—		2,610,861			—			2,610,861
United Arab Emirates		825,526		1,814,516			—			2,640,042
Total Common Stocks		50,106,588		115,244,635			—			165,351,223
Rights
Brazil		4,114		—			—			4,114
China		—		—			—	(a)		—
Taiwan		—		—	(a)		—			—
Total Rights		4,114		—	(a)		—	(a)		4,114
Total Investments in Securities	$	50,110,702	$	115,244,635		$	—	(a)	$	165,355,337

Europe Currency Hedged ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities	$	30,739,404	$	—		$	—	$	30,739,404
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	527,922		$	—	$	527,922
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(11,646	)	$	—	$	(11,646	)

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	$	100,531	$	775,665	$	—	$	876,196
Belgium		—		1,361,548		—		1,361,548
Denmark		—		2,458,973		—		2,458,973
Finland		313,514		3,445,883		—		3,759,397
France		320,179		10,003,002		—		10,323,181
Germany		98,457		11,226,844		—		11,325,301
Ireland		261,726		—		—		261,726
Italy		747,847		1,211,385		—		1,959,232
Luxembourg		—		218,492		—		218,492

108 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

Europe Equity ETF (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Netherlands	$	284,568	$	3,922,816	$	—	$	4,207,384
Norway		277,368		1,944,136		—		2,221,504
Portugal		—		900,023		—		900,023
South Africa		—		288,208		—		288,208
Spain		—		6,422,365		—		6,422,365
Sweden		—		4,680,452		—		4,680,452
Switzerland		130,594		9,062,362		—		9,192,956
United Kingdom		729,068		17,623,443		—		18,352,511
United States		—		196,664		—		196,664
Total Common Stocks		3,263,852		75,742,261		—		79,006,113
Right
Spain		382		—		—		382
Total Investments in Securities	$	3,264,234	$	75,742,261	$	—	$	79,006,495

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	$	—	$	7,179,876	$	—	$	7,179,876
Austria		—		312,430		—		312,430
Belgium		—		756,389		—		756,389
Bermuda		260,670		—		—		260,670
Canada		3,714,669		—		—		3,714,669
Chile		—		7,338		—		7,338
China		—		450,667		—		450,667
Denmark		—		765,536		—		765,536
Finland		—		973,227		—		973,227
France		—		4,754,230		—		4,754,230
Germany		—		3,406,716		—		3,406,716
Hong Kong		—		4,201,508		—		4,201,508
Ireland		63,454		—		—		63,454
Israel		312,638		—		—		312,638
Italy		755,091		61,136		—		816,227
Japan		—		23,800,446		—		23,800,446
Netherlands		—		1,403,712		—		1,403,712
New Zealand		—		337,425		—		337,425
Norway		291,486		673,045		—		964,531
Portugal		—		413,397		—		413,397
Singapore		—		2,070,164		—		2,070,164
South Africa		—		171,394		—		171,394
South Korea		635,473		9,924,376		—		10,559,849
Spain		—		1,807,151		—		1,807,151
Sweden		241,604		2,506,160		—		2,747,764
Switzerland		85,351		1,725,997		—		1,811,348
United Kingdom		265,549		2,241,024		—		2,506,573
United States		25,957,773		72,653		—		26,030,426
Total Common Stocks		32,583,758		70,015,997		—		102,599,755
Rights
South Korea		—		3,937		—		3,937
Short-Term Investment
Investment Company	$	516,620	$	—	$	—	$	516,620
Total Investments in Securities	$	33,100,378	$	70,019,934	$	—	$	103,120,312

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

International Currency Hedged ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities	$	48,144,483	$	—		$	—	$	48,144,483
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	606,500		$	—	$	606,500
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(145,507	)	$	—	$	(145,507	)

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	$	—	$	77,832,499	$	—	$	77,832,499
Austria		—		8,586,597		—		8,586,597
Belgium		—		11,560,002		—		11,560,002
Chile		—		4,685,702		—		4,685,702
China		—		7,177,370		—		7,177,370
Denmark		—		13,666,390		—		13,666,390
Finland		—		18,976,992		—		18,976,992
France		943,887		56,812,850		—		57,756,737
Germany		—		48,691,498		—		48,691,498
Hong Kong		552,778		62,301,353		—		62,854,131
Ireland		708,535		—		—		708,535
Italy		9,891,249		4,377,047		—		14,268,296
Japan		—		297,636,193		—		297,636,193
Jordan		—		2,490,310		—		2,490,310
Luxembourg		—		1,280,647		—		1,280,647
Netherlands		—		21,730,254		—		21,730,254
New Zealand		—		6,223,202		—		6,223,202
Norway		4,063,676		10,316,785		—		14,380,461
Portugal		—		7,785,651		—		7,785,651
Singapore		—		30,074,397		—		30,074,397
South Africa		2,075,089		4,462,160		—		6,537,249
South Korea		8,587,956		120,316,313		—		128,904,269
Spain		—		22,169,439		—		22,169,439
Sweden		—		35,992,964		—		35,992,964
Switzerland		—		26,742,127		—		26,742,127
United Kingdom		15,312,918		178,404,583		—		193,717,501
United States		1,106,037		10,670,770		—		11,776,807
Total Common Stocks		43,242,125		1,090,964,095		—		1,134,206,220
Right
Spain		14,691		—		—		14,691
Short-Term Investment
Investment Company		15,795,486		—		—		15,795,486
Total Investments in Securities	$	59,052,302	$	1,090,964,095	$	—	$	1,150,016,397
Appreciation in Other Financial Instruments
Futures	$	—	$	135,909	$	—	$	135,909

110 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

U.S. Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	353,801,949	$	—	$	—	$	353,801,949
Appreciation in Other Financial Instruments
Futures (b)	$	23,608	$	—	$	—	$	23,608

U.S. Mid Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	62,097,763	$	—	$	—	$	62,097,763

U.S. Small Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	619,012	$	—	$	—	$	619,012
Air Freight & Logistics		130,847		—		—		130,847
Airlines		113,469		—		—		113,469
Auto Components		1,437,561		—		—		1,437,561
Automobiles		233,413		—		—		233,413
Banks		1,800,152		—		—		1,800,152
Beverages		804,868		—		—		804,868
Biotechnology		1,024,107		—		—		1,024,107
Building Products		635,131		—		—		635,131
Capital Markets		56,671		—		—		56,671
Chemicals		2,162,948		—		—		2,162,948
Commercial Services & Supplies		2,147,266		—		—		2,147,266
Communications Equipment		821,137		—		—		821,137
Construction & Engineering		355,501		—		—		355,501
Construction Materials		44,183		—		—		44,183
Consumer Finance		84,573		—		—		84,573
Containers & Packaging		79,990		—		—		79,990
Distributors		396,471		—		—		396,471
Diversified Consumer Services		521,932		—		—		521,932
Diversified Telecommunication Services		795,812		—		—		795,812
Electric Utilities		2,241,834		—		—		2,241,834
Electrical Equipment		207,144		—		—		207,144
Electronic Equipment, Instruments & Components		1,276,832		—		—		1,276,832
Energy Equipment & Services		388,321		—		—		388,321
Equity Real Estate Investment Trusts (REITs)		1,151,702		—		—		1,151,702
Food & Staples Retailing		360,917		—		—		360,917
Food Products		2,275,116		—		—		2,275,116
Gas Utilities		2,221,525		—		—		2,221,525
Health Care Equipment & Supplies		2,892,043		—		—		2,892,043
Health Care Providers & Services		1,049,471		—		—		1,049,471
Health Care Technology		332,027		—		—		332,027
Hotels, Restaurants & Leisure		1,817,628		—		—		1,817,628
Household Durables		2,736,393		—		17,294		2,753,687
Household Products		563,103		—		—		563,103
Independent Power and Renewable Electricity Producers		382,752		—		—		382,752
Insurance		672,044		—		—		672,044

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

U.S. Small Cap Equity ETF (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Internet & Direct Marketing Retail	$	420,003	$	—	$	—	$	420,003
Internet Software & Services		752,012		—		—		752,012
IT Services		1,153,502		—		—		1,153,502
Leisure Products		334,251		—		—		334,251
Life Sciences Tools & Services		247,875		—		—		247,875
Machinery		1,704,905		—		—		1,704,905
Marine		23,336		—		—		23,336
Media		793,765		—		—		793,765
Metals & Mining		873,388		—		—		873,388
Mortgage Real Estate Investment Trusts (REITs)		259,455		—		—		259,455
Multiline Retail		207,431		—		—		207,431
Multi-Utilities		922,396		—		—		922,396
Oil, Gas & Consumable Fuels		709,925		—		—		709,925
Paper & Forest Products		497,837		—		—		497,837
Personal Products		419,095		—		—		419,095
Pharmaceuticals		478,521		—		—		478,521
Professional Services		551,946		—		—		551,946
Real Estate Management & Development		24,682		—		—		24,682
Road & Rail		707,530		—		—		707,530
Semiconductors & Semiconductor Equipment		1,642,149		—		—		1,642,149
Software		1,713,659		—		—		1,713,659
Specialty Retail		1,516,389		—		—		1,516,389
Technology Hardware, Storage & Peripherals		86,603		—		—		86,603
Textiles, Apparel & Luxury Goods		999,216		—		—		999,216
Thrifts & Mortgage Finance		432,649		—		—		432,649
Tobacco		524,747		—		—		524,747
Trading Companies & Distributors		592,370		—		—		592,370
Water Utilities		733,515		—		—		733,515
Total Common Stocks		54,157,048		—		17,294		54,174,342
Rights
Media		—		—		75		75
Short-Term Investment
Investment Company		461,963		—		—		461,963
Total Investments in Securities	$	54,619,011	$	—	$	17,369	$	54,636,380
Appreciation in Other Financial Instruments
Futures	$	11,914	$	—	$	—	$	11,914

(a) Value is Zero.

(b) All portfolio holdings designated as level 1 are disclosed individually on the Schedule of Portfolio Investments (“SOI”).

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

Transfers from level 1 to level 2 in the amount of $930,017 and from level 2 to level 1 in the amount of $3,048,848 for Emerging Markets Equity ETF are due to the application and non-application of the fair value factors to certain securities during the year ended October 31, 2017.

Transfers from level 2 to level 1 in the amount of $2,094,520 for Europe Equity ETF are due to the non-application of the fair value factors to certain securities during the year ended October 31, 2017.

Transfers from level 2 to level 1 in the amount of $1,128,718 for Global Equity ETF are due to the non-application of the fair value factors to certain securities during the year ended October 31, 2017.

Transfers from level 2 to level 1 in the amount of $10,504,498 for International Equity ETF are due to the non-application of the fair value factors to certain securities during the year ended October 31, 2017.

There were no transfers among any levels during the year ended October 31, 2017 for 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.

112 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

There were no significant transfers between Level 2 and Level 3 during the year ended October 31, 2017 for Emerging Markets Equity ETF.

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 October 31, 2017, the Funds had no investments in restricted securities other than securities sold to the Fund under Rule 144A.

C. Derivatives — Certain Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). Certain Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparty (e.g., 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 Emerging Markets Equity ETF, Europe Currency Hedged ETF, Europe Equity ETF, Global Equity ETF, International Currency Hedged ETF and International Equity 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. These 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.

These 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 Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, 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 these Funds to interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects 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.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

These 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).

(3). Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 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 Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	527,922
Gross Liabilities:
Foreign exchange contracts	Payables	$	(11,646	)

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 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)
Citibank, N.A.	$	1,811	$	(1,811	)	$	—	$	—
Goldman Sachs International		118,373		(3,363	)		—		115,010
National Australia Bank		2,042		(2,042	)		—		—
Royal Bank of Canada		405,696		(988	)		—		404,708
	$	527,922	$	(8,204	)	$	—	$	519,718
Counterparty	Gross Amount of Derivative Assets 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)
Citibank, N.A.	$	1,835	$	(1,811	)	$	—	$	24
Goldman Sachs International		3,363		(3,363	)		—		—
National Australia Bank		5,460		(2,042	)		—		3,418
Royal Bank of Canada		988		(988	)		—		—
	$	11,646	$	(8,204	)	$	—	$	3,442

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

The following table presents the value of derivatives held as of October 31, 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 Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	606,500
Gross Liabilities:
Foreign exchange contracts	Payables	$	(145,507	)

114 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 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)
Australia and New Zealand Banking Group Limited	$	121,729	$	(1,239	)	$	—	$	120,490
Citibank, N.A.		1,347		(1,347	)		—		—
Goldman Sachs International		21,261		(21,261	)		—		—
HSBC Bank, NA		678		(604	)		—		74
Merrill Lynch International		5,565		(5,565	)		—		—
Morgan Stanley		535		(156	)		—		379
National Australia Bank Ltd.		19,769		(19,769	)		—		—
Royal Bank of Canada		434,817		(1,655	)		—		433,162
State Street Corp.		799		(799	)		—		—
	$	606,500	$	(52,395	)	$	—	$	554,105
Counterparty	Gross Amount of Derivative Assets 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)
Australia and New Zealand Banking Group Limited	$	1,239	$	(1,239	)	$	—	$	—
Citibank, N.A.		1,763		(1,347	)				416
Goldman Sachs International		104,617		(21,261	)		—		83,356
HSBC Bank, NA		604		(604	)		—		—
Merrill Lynch International		13,217		(5,565	)		—		7,652
Morgan Stanley		156		(156	)		—		—
National Australia Bank Ltd.		21,356		(19,769	)				1,587
Royal Bank of Canada		1,655		(1,655	)		—		—
State Street Corp.		900		(799	)		—		101
	$	145,507	$	(52,395	)	$	—	$	93,112

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

The following table presents the value of derivatives held as of October 31, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

International Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$135,909

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

The following table presents the value of derivatives held as of October 31, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

U.S. Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$23,608

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the value of derivatives held as of October 31, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

U.S. Small Cap Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$11,914

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the period ended October 31, 2017, by primary underlying risk exposure:

Emerging Markets Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Futures contracts	$	71,555	$	—	$	71,555
Foreign exchange contracts		—		51,437		51,437
	$	71,555	$	51,437	$	122,992

Europe Currency Hedged ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Futures contracts	$	5,999	$	—		$	5,999
Foreign exchange contracts		—		(705,378	)		(705,378	)
	$	5,999	$	(705,378	)	$	(699,379	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts						Forward Foreign Currency Exchange Contracts
Foreign exchange contracts							$(421,384)

116 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

Europe Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$3,080

Global Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$(1,686)

International Currency Hedged ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$(179,919)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$(410,982)

International Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Futures contracts	$	(42,116	)	$	—	$	(42,116	)
Foreign exchange contracts		—			41,751		41,751
	$	(42,116	)	$	41,751	$	(365	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts						Futures Contracts
Futures contracts							$135,909

U.S. Equity ETF

	Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts		Futures Contracts
Futures contracts		$(21,024)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts		Futures Contracts
Futures contracts		$23,608

U.S. Mid Cap Equity ETF

	Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts		Futures Contracts
Futures contracts		$2,302

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

U.S. Small Cap Equity ETF

	Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts		Futures Contracts
Futures contracts		$(10,577)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts		Futures Contracts
Futures contracts		$11,914

Derivatives Volume

The table below discloses the volume of the Fund’s forward foreign currency contracts and futures contracts activity for the period ended October 31, 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		Global Equity ETF		International Currency Hedged ETF		International Equity ETF		U.S. Equity ETF		U.S. Mid Cap Equity ETF		U.S. Small Cap Equity ETF
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	—		$	11,424,546	$	132,392	$	14,071,065	$	—	$	—	$	—	$	—
Average Settlement Value Sold		—			38,481,500		162,876		51,920,335		—		—		—		—
Ending Settlement Value Purchased		—			29,235,346		—		46,200,592		—		—		—		—
Ending Settlement Value Sold		—			60,151,844		—		93,395,111		—		—		—		—
Futures Contracts:
Average Notional Balance Long		1,153,110	(a)		302,635		—		—		1,709,695		399,557		143,495		79,902
Average Notional Balance Short		—			—		—		—		—		—		—		—
Ending Notional Balance Long		—			—		—		—		16,206,679		2,958,605		—		601,120
Ending Notional Balance Short		—			—		—		—		—		—		—		—

(a) For the period from December 1, 2016 to December 31, 2016

The Funds’ derivatives contracts held at October 31, 2017 are not accounted for as hedging instruments under GAAP.

D. 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.

E. Investment Transactions with Affiliates — Emerging Markets Equity ETF, Europe Currency Hedged ETF, Global Equity ETF, International Currency Hedged ETF, International Equity 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.

118 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

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 October 31, 2017
Affiliate	Value at Beginning of Period		Purchase Cost		Sales Proceeds		Realized Gain(Loss)			Change in Unrealized Gain(Loss)		Shares at October 31, 2017		Value at October 31, 2017		Dividend Income
Emerging Markets Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares	$	—	$	8,685,161	$	8,685,161	$	—		$	—		—	$	—	$	2,356
Europe Currency Hedged ETF
JPMorgan Diversified Return Europe Equity ETF		26,524,064		4,423,126		5,991,521		(79,372	)		5,863,107		499,909		30,739,404		604,070
Global Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		516,620		—		—			—		516,620		516,620		520
International Currency Hedged ETF
JPMorgan Diversified Return International Equity ETF		26,351,076		18,522,183		3,764,823		62,314			6,973,733		811,196		48,144,483		486,815
International Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		1,161,468		29,661,712		15,027,694		—			—		15,795,486		15,795,486		19,760
U.S. Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		1,660,652		12,050,758		12,167,449		—			—		1,543,961		1,543,961		7,893
U.S. Mid Cap Equity ETF
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		621,429		5,086,855		5,515,488		—			—		192,796		192,796		3,154
U.S. Small Cap Equity ETF (a)
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		3,428,568		2,966,605		—			—		461,963		461,963		1,401

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

F. 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	$	40,806
Europe Equity ETF		5,373
International Currency Hedged ETF		81,862
U.S. Mid Cap Equity ETF		16,448
U.S. Small Cap Equity ETF		11,740

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. 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.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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

H. 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.

I. 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, 2017, 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.

J. 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.

Certain Funds are subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for these securities that have been held for less than one year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred India capital gains tax in the accompanying Statements of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.

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

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated Undistributed Distributions in Excess of) Net  Investment Income			Accumulated Net Realized Gains (Losses)
Emerging Markets Equity ETF	$	(1	)	$	(15,667	)	$	15,668
Europe Currency Hedged ETF		(1,340	)		(15,633	)		16,973
Europe Equity ETF		(1	)		16,515			(16,514	)
Global Equity ETF		1,965,574			141			(1,965,715	)
International Currency Hedged ETF		(2,053	)		(19,942	)		21,995
International Equity ETF		4,057,804			290,679			(4,348,483	)
U.S. Equity ETF		10,807,473			(71,415	)		(10,736,058	)
U.S. Mid Cap Equity ETF		3,533,085			388			(3,533,473	)

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of each Fund and is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Emerging Markets Equity ETF	0.44	%
Europe Currency Hedged ETF	0.33	%
Europe Equity ETF	0.30	%
Global Equity ETF	0.24	%
International Currency Hedged ETF	0.27	%
International Equity ETF	0.24	%
U.S. Equity ETF	0.23	%
U.S. Mid Cap Equity ETF	0.24	%
U.S. Small Cap Equity ETF	0.29	%

120 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

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.

Effective October 1, 2017 JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Custodian and Transfer Agent Fees — JPMCB provides portfolio custody and transfer agency services. 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. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Funds for these transactions.

For the period ended October 31, 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	$	132,300
Europe Equity ETF		5,700
Global Equity ETF		30,800
International Equity ETF		201,600
U.S. Equity ETF		40,600
U.S. Mid Cap Equity ETF		10,500
U.S. Small Cap Equity ETF		27,300

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.

D. Accounting Fees — Beginning on October 1, 2017, JPMCB began to also provide accounting services to the Funds. Prior to October 1, 2017 a non-affiliated entity provided accounting services to the Funds. The following are the amounts incurred by the Funds during the period October 1, 2017 through October 31, 2017 that are payable directly to JPMCB by the Funds for accounting fees which are included in accounting fees on the Statements of Operations:

Emerging Markets Equity ETF	$	7,054
Europe Equity ETF		4,101
Global Equity ETF		4,434
International Currency Hedged ETF		102
International Equity ETF		9,281
U.S. Equity ETF		1,830
U.S. Mid Cap Equity ETF		1,724
U.S. Small Cap Equity ETF		1,204

E. 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

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 limitation for the Diversified Return U.S. Mid Cap Equity ETF was 0.34%.

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

The expense limitation agreements were in effect for the period ended October 31, 2017. The contractual expense limitation percentages in the table above are in place until at least February 29, 2020.

For the period ended October 31, 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 Fees		Administration Fees		Total		Contractual Reimbursements
Emerging Markets Equity ETF	$	363,825	$	242,550	$	606,375	$	—
Europe Currency Hedged ETF		59,539		39,692		99,231		168,340	*
Europe Equity ETF		141,257		94,172		235,429		—
Global Equity ETF		155,739		103,826		259,565		46,694
International Currency Hedged ETF		72,650		48,434		121,084		190,757	*
International Equity ETF		269,014		179,342		448,356		—
U.S. Equity ETF		341,841		227,894		569,735		—
U.S. Mid Cap Equity ETF		103,586		69,057		172,643		8,380
U.S. Small Cap Equity ETF		69,842		46,562		116,404		61,704

* 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 for the period ended October 31, 2017 were as follows:

Emerging Markets Equity ETF	$	879
Europe Currency Hedged ETF		16,325
Europe Equity ETF		10
Global Equity ETF		10
International Currency Hedged ETF		17,200
International Equity ETF		5,458
U.S. Equity ETF		2,391
U.S. Mid Cap Equity ETF		944
U.S. Small Cap Equity ETF		394

F. Distribution Services

The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives, and SIDCO received, no fees for their distribution services under their respective distribution agreements with the Trust. Although the Trust does not, and did not, pay any fees under the Distribution Agreements, JPMIM pays JPMDS, and paid SIDCO, for certain distribution related services.

122 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

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

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

The Funds may use related party broker-dealers. For the period ended October 31, 2017, the Funds incurred no brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, 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 October 31, 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	$	112,817,050	$	71,009,219
Europe Currency Hedged ETF		3,187,584		5,991,519
Europe Equity ETF		12,014,208		11,655,330
Global Equity ETF		22,523,102		20,677,062
International Currency Hedged ETF		2,120,766		3,765,454
International Equity ETF		276,291,667		223,174,155
U.S. Equity ETF		63,475,183		63,310,835
U.S. Mid Cap Equity ETF		16,227,725		16,952,582
U.S. Small Cap Equity ETF		8,006,433		7,710,282

During the period ended October 31, 2017, there were no purchases or sales of U.S. Government securities.

For the period ended October 31, 2017, in-kind transactions associated with creations and redemptions were:

	In-Kind Purchases		In-Kind Sales		Realized Gain (Loss)
Emerging Markets Equity ETF	$	59,220,624	$	—	$	—
Europe Currency Hedged ETF		1,235,542		—		—
Europe Equity ETF		6,006,125		—		—
Global Equity ETF		20,343,878		9,703,640		1,993,665
International Currency Hedged ETF		16,401,416		—		—
International Equity ETF		512,796,071		22,651,454		4,151,369
U.S. Equity ETF		263,393,406		72,222,099		10,809,680
U.S. Mid Cap Equity ETF		34,131,366		16,111,051		3,547,360
U.S. Small Cap Equity ETF		49,485,021		—		—

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2017 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Emerging Markets Equity ETF	$	146,668,264	$	21,759,920	$	(3,072,847	)	$	18,687,073
Europe Currency Hedged ETF		26,601,304		4,667,471		(13,095	)		4,654,376
Europe Equity ETF		67,449,935		13,389,544		(1,832,984	)		11,556,560
Global Equity ETF		89,727,218		15,723,056		(2,329,962	)		13,393,094
International Currency Hedged ETF		42,051,062		6,710,842		(156,428	)		6,554,414
International Equity ETF		1,029,471,841		138,602,479		(17,922,014	)		120,680,465
U.S. Equity ETF		326,644,093		34,854,591		(7,673,127	)		27,181,464
U.S. Mid Cap Equity ETF		55,849,167		7,436,515		(1,187,919	)		6,248,596
U.S. Small Cap Equity ETF		49,963,890		5,944,268		(1,259,864	)		4,684,404

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in passive foreign investment companies (“PFICs”), wash sale loss deferrals, mark to market of forward currency contracts, mark to market of futures contracts and investments in real estate investment trusts (“REITs”).

The tax character of distributions paid during the year ended October 31, 2017 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Markets Equity ETF	$	771,056	$	—	$	771,056
Europe Currency Hedged ETF		1,256,932		1,083,788		2,340,720
Europe Equity ETF		1,338,720		—		1,338,720
Global Equity ETF		1,695,420		—		1,695,420
International Currency Hedged ETF		801,634		547,901		1,349,535
International Equity ETF		9,230,405		—		9,230,405
U.S. Equity ETF		1,329,650		—		1,329,650
U.S. Mid Cap Equity ETF		396,160		—		396,160	��
U.S. Small Cap Equity ETF		36,680		—		36,680

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2016 was a follows:

	Ordinary Income*		Total Distributions Paid
Emerging Markets Equity ETF	$	1,050,480	$	1,050,480
Europe Equity ETF		918		918
Global Equity ETF		1,057,127		1,057,127
International Equity ETF		2,154,090		2,154,090
U.S. Equity ETF		130,025		130,025

* Short-term gain distributions are treated as ordinary income for income tax purposes.

124 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

As of October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation
Emerging Markets Equity ETF	$	3,428,600	$	(4,823,620	)	$	18,444,406
Europe Currency Hedged ETF		65,059		(1,069,100	)		4,639,366
Europe Equity ETF		1,912,779		(233,355	)		11,562,411
Global Equity ETF		1,618,878		(1,221,165	)		13,389,581
International Currency Hedged ETF		50,550		(425,941	)		6,539,729
International Equity ETF		22,095,958		(5,917,979	)		120,671,381
U.S. Equity ETF		3,670,672		(1,434,889	)		27,181,464
U.S. Mid Cap Equity ETF		689,381		(10,805	)		6,248,596
U.S. Small Cap Equity ETF		301,790		(276,140	)		4,684,404

As of October 31, 2017, 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	$	4,210,288	*	$	613,332	*
Europe Currency Hedged ETF		503,280			565,820
Europe Equity ETF		233,355			—
Global Equity ETF		850,210			370,955
International Currency Hedged ETF		218,381			207,560
International Equity ETF		1,412,312	*		4,505,667	*
U.S. Equity ETF		1,174,597			260,292
U.S. Mid Cap Equity ETF		—			10,805
U.S. Small Cap Equity ETF		276,140			—

* Amount includes capital loss carryforwards from business combinations, which are limited in future years under Internal Revenue Code Sections 381-384.

During the year ended October 31, 2017, the following Funds utilized capital loss carryforwards as follows:

Emerging Markets Equity ETF	$	1,590,294
Global Equity ETF		801,991
International Equity ETF		421,033
U.S. Mid Cap Equity ETF		87,090

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended October 31, 2017, the following Funds deferred to November 1, 2017 late year ordinary losses of:

	Late Year Ordinary Loss Deferral
Europe Currency Hedged ETF	$	15,135
International Currency Hedged ETF		21,385

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.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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.

As of October 31, 2017, the Adviser owned shares representing more than 10% of net assets of the following Funds:

	% Ownership
Europe Currency Hedged ETF		93	%
Europe Equity ETF		40	%
Global Equity ETF		17	%
International Currency Hedged ETF		60	%
U.S. Mid Cap Equity ETF		29	%
U.S. Small Cap Equity ETF		50	%

Furthermore, as of October 31, 2017, the Europe Currency Hedged ETF owned approximately 38% 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 October 31, 2017, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	China			France			Germany			Japan			Switzerland			South Korea			Taiwan			United Kingdom
Emerging Markets Equity ETF		22.8	%		—	%		—	%		—	%		—	%		—	%		16.3	%		—	%
Europe Equity ETF		—			13.1			14.3			—			11.6			—			—			23.2
Global Equity ETF		—			—			—			23.1			—			10.2			—			—
International Equity ETF		—			—			—			25.9			—			11.2			—			16.8

With the exception of U.S. Equity ETF, U.S. Mid Cap Equity ETF, and U.S. Small Cap Equity ETF as of October 31, 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 each recorded an out of period adjustment in the October 31, 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

126 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

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.

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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to Funds’ financial statements as of October 31, 2017. The adoption had no effect on the Funds’ net assets or results of operations.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 127

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Currency Hedged ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Currency Hedged ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF and JPMorgan Diversified Return U.S. Small Cap Equity ETF

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the nine funds listed in the table below

JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF	Statements of changes in net assets for the two years in the period ended October 31, 2017
JPMorgan Diversified Return Europe Currency Hedged ETF, JPMorgan Diversified Return International Currency Hedged ETF	Statements of changes in net assets for the year ended October 31, 2017 and for the period April 1, 2016 (commencement of operations) through October 31, 2016
JPMorgan Diversified Return Europe Equity ETF	Statement of changes in net assets for the year ended October 31, 2017 and for the period December 18, 2015 (commencement of operations) through October 31, 2016
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	Statement of changes in net assets for the year ended October 31, 2017 and for the period May 11, 2016 (commencement of operations) through October 31, 2016
JPMorgan Diversified Return U.S. Small Cap Equity ETF	Statement of changes in net assets for the period November 15, 2016 (commencement of operations) through October 31, 2017

(nine of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended (or for JPMorgan Diversified Return U.S. Small Cap Equity ETF for the period November 15, 2016 (commencement of operations) through October 31, 2017), the changes in each of their net assets for the respective periods described in the table above, and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian, brokers and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

128 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

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		0.25	%		—		—	%
Greater than 1.5% and Less than or equal to 2.0%		3		0.42	%		2		0.50	%		—		—	%
Greater than 1.0% and Less than or equal to 1.5%		32		4.50	%		1		0.25	%		1		0.21	%
Greater than 0.5% and Less than or equal to 1.0%		268		37.75	%		16		4.01	%		24		5.11	%
Greater than 0.0% and Less than or equal to 0.5%		192		27.04	%		248		62.16	%		368		78.30	%
Less than or equal to 0.0% and greater than or equal to –0.5%		89		12.54	%		125		31.33	%		77		16.38	%
Less than –0.5% and greater than or equal to –1.0%		94		13.24	%		3		0.75	%		—		—	%
Less than –1.0% and greater than or equal to –1.5%		26		3.66	%		1		0.25	%		—		—	%
Less than –1.5% and greater than or equal to –2.0%		6		0.85	%		1		0.25	%		—		—	%
Less than –4.0% and greater than or equal to –4.5%		—		—	%		1		0.25	%		—		—	%
		710		100.00	%		399		100.00	%		470		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		0.13	%
Greater than 0.5% and Less than or equal to 1.0%		39		4.58	%		13		3.25	%		138		18.37	%
Greater than 0.0% and Less than or equal to 0.5%		671		78.76	%		317		79.25	%		569		75.77	%
Less than or equal to 0.0% and greater than or equal to –0.5%		139		16.31	%		69		17.25	%		40		5.33	%
Less than –0.5% and greater than or equal to –1.0%		2		0.23	%		1		0.25	%		3		0.40	%
Less than –1.0% and greater than or equal to –1.5%		1		0.12	%		—		—	%		—		–	%
		852		100.00	%		400		100.00	%		751		100.00	%
	U.S. Equity ETF (f)					U.S. Mid Cap ETF (g)					U.S. Small Cap Equity ETF (h)
Range of Premium/(Discount)	Day Count		Percentage			Day Count		Percentage			Day Count		Percentage
Greater than 4.5% and Less than or equal to 5.0%		1		0.19	%		3		0.82	%		—		—	%
Greater than 0.0% and Less than or equal to 0.5%		469		88.99	%		320		86.95	%		236		97.93	%
Less than or equal to 0.0% and greater than or equal to –0.5%		57		10.82	%		45		12.23	%		5		2.07	%
		527		100.00	%		368		100.00	%		241		100.00	%

(a) For the period January 7, 2015 (fund inception date) to October 31, 2017.

(b) For the period April 1, 2016 (fund inception date) to October 31, 2017.

(c) For the period December 18, 2015 (fund inception date) to October 31, 2017.

(d) For the period June 16, 2014 (fund inception date) to October 31, 2017.

(e) For the period November 5, 2014 (fund inception date) to October 31, 2017.

(f) For the period September 29, 2015 (fund inception date) to October 31, 2017.

(g) For the period May 11, 2016 (fund inception date) to October 31, 2017.

(h) For the period November 15, 2016 (fund inception date) to October 31, 2017.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 129

TRUSTEES

(Unaudited)

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

Name (Year of Birth; Positions With the Funds since)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (1)		Other Directorships Held During Past 5 Years
Independent Trustees
Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011-present); Senior Consultant for the Regulatory Fundamentals Group LLC (2011-2017); Senior Vice President-Fund Administration, State Street Corporation (2002-2010).		22	Independent Trustee, The China Fund, Inc. (2013-present); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).		22	None.
Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		22	Independent Trustee of AXA Premier VIP Trust (2014-present); SEI family of funds (Independent Trustee of Advisors’ Inner Circle III Funds (5 portfolios) (from February 2014 to present)); Independent Trustee of O’Connor EQUUS (May 2014-present); Independent Trustee of Winton Series Trust (December 2014-present); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-March 2015).
Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		22	Director, ICI Mutual Insurance Company (1999-2013).
Emily A. Youssouf (1951); Trustee of the Trust since 2014	Clinical Professor, NYU Schack Institute of Real Estate (2009-present); Board Member (2005-present), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-present), and Chair of IT Committee (2016-present), NYC Health and Hospitals Corporation; Board Member and Member of the Audit Committee and Related Parties Committee (2013-present) and Member of the Risk Management Committee (2017-present), PennyMac Financial Services, Inc.		22	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee (2015-present) and Chair of the Audit and Finance Committee (2015-present) of the Transit Center Foundation; Vice Chair (2011-2013) and Board Member (2013-2014) of New York City Housing Authority.
Interested Trustee
Robert Deutsch (2) (1957); Chairman and Trustee of the Trust since 2014	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		22	None

(1) A Fund complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. Thirteen series of the Trust have commenced operations, but nine additional series have been created and are expected to commence operations in the future.

(2) Mr. Deutsch is an interested trustee because he was an employee of the Adviser until August 2017.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

130 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Joanna Gallegos (1975), President and Principal Executive Officer (2017)	Managing Director, Head of J.P. Morgan Asset Management’s U.S. Exchange Traded Funds business. Previously, Head of J.P. Morgan Asset Management’s ETF Product Development team from August 2013 to July 2017; Managing Director of the Strategic Initiatives Group in BlackRock’s iShares Exchange Traded Funds division from 2010 to 2013.
Lauren A. Paino (1973), Treasurer and Principal Financial Officer (2015)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; Director, Credit Suisse Asset Management (2000-2013).
Paul Shield (1960), Vice President and Assistant Treasurer (2016)	Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013. Senior Global Product Manager of Alternative Investments for BNY Mellon from 2011 to 2013 and Global Product Head for Exchange Traded Funds at JPMorgan Chase Bank from 2008 to 2011.
Brian S. Shlissel (1964), Vice President (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management Inc.) (2014-present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).
Frank J. Nasta (1964), Secretary (2014)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2014)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2014)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2014)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2014)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2014)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2014)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2014)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan Lewis & Bockius (law firm) from 2012 to 2016.
Frederick J. Cavaliere (1978), Assistant Treasurer (2015)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2011; formerly Vice President of J.P. Morgan Investment Management Inc. 2010-2011. Mr. Cavaliere has been with JPMorgan since May 2006.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from 2012 to 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Jason Ronca (1978), Assistant Treasurer (2014)***	Executive Director, since February 2017; formerly Vice President for J.P. Morgan Asset Management since 2014. ETF Product Manager for Corporate Investment Bank responsible for setting the strategy and control agenda for the ETF servicing business from 2010 to May 2014; Prior to 2010, a Vice President in Fund Accounting within J.P. Morgan Investor Services, supporting a series of U.S. registered mutual funds.

The contact address for each of officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

* The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is One Beacon Street, Boston, MA 02108.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 131

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 May 1, 2017 and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2017		Ending Account Value October 31, 2017		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual	$	1,000.00	$	1,110.60		0.45	%	$	2.39
Hypothetical (1)		1,000.00		1,022.94		0.45			2.29
JPMorgan Diversified Return Europe Currency Hedged ETF
Actual	$	1,000.00	$	1,084.90		0.07	%	$	0.37
Hypothetical (1)(2)		1,000.00		1,024.85		0.07			0.36
JPMorgan Diversified Return Europe Equity ETF
Actual	$	1,000.00	$	1,123.30		0.43	%	$	2.30
Hypothetical (1)		1,000.00		1,023.04		0.43			2.19
JPMorgan Diversified Return Global Equity ETF
Actual	$	1,000.00	$	1,104.10		0.38	%	$	2.02
Hypothetical (1)		1,000.00		1,023.29		0.38			1.94
JPMorgan Diversified Return International Currency Hedged ETF
Actual	$	1,000.00	$	1,082.90		0.06	%	$	0.32
Hypothetical (1)(2)		1,000.00		1,024.90		0.06			0.31
JPMorgan Diversified Return International Equity ETF
Actual	$	1,000.00	$	1,099.00		0.43	%	$	2.27
Hypothetical (1)		1,000.00		1,023.04		0.43			2.19
JPMorgan Diversified Return U.S. Equity ETF
Actual	$	1,000.00	$	1,074.20		0.19	%	$	0.99
Hypothetical (1)		1,000.00		1,024.25		0.19			0.97
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual	$	1,000.00	$	1,067.40		0.24	%	$	1.25
Hypothetical (1)		1,000.00		1,024.00		0.24			1.22
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Actual	$	1,000.00	$	1,067.10		0.29	%	$	1.51
Hypothetical (1)		1,000.00		1,023.74		0.29			1.48

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

(2) Refer to Note 8.

132 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Funds listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2017:

	Dividends Received Deduction
Global Equity ETF		5.38	%
U.S. Equity ETF		100.00
U.S. Mid Cap Equity ETF		100.00
U.S. Small Cap Equity ETF		100.00

Long Term Capital Gain

The Funds listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2017:

	Long Term Capital Gain
Europe Currency Hedged ETF	$	1,083,788
International Currency Hedged ETF		547,901

Qualified Dividend Income (QDI)

The Funds listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2017:

	Qualified Dividend Income
Emerging Markets Equity ETF	$	1,332,735
Europe Equity ETF		1,574,794
Global Equity ETF		1,880,230
International Currency Hedged ETF		486,815
International Equity ETF		11,099,070
U.S. Equity ETF		1,329,650
U.S. Mid Cap Equity ETF		396,160
U.S. Small Cap Equity ETF		36,680

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2017, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:

	Gross Income		Foreign Tax Pass Through
Emerging Markets Equity ETF	$	4,101,802	$	561,679
Europe Equity ETF		1,221,813		236,074
Global Equity ETF		1,573,717		184,463
International Equity ETF		16,759,083		1,868,665

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 133

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

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

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-ETF-1017

Annual Report

JPMorgan Exchange-Traded Funds

October 31, 2017

JPMorgan Diversified Alternatives ETF

CONTENTS

President’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	44
Consolidated Financial Highlights	48
Notes to Consolidated Financial Statements	50
Report of Independent Registered Public Accountant Firm	60
Supplemental Information	61
Trustees	62
Officers	63
Schedule of Shareholder Expenses	64
Tax Letter	65

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

NOVEMBER 28, 2017 (Unaudited)

Dear Shareholder,

The past year has been a milestone for JPMorgan’s Exchange-Traded Funds. We’ve built out our product lineup to include active fixed income ETFs, innovative strategic beta and institutional-quality alternative strategies. Each of these are designed to provide advisers and investors with additional tools for constructing stronger portfolios. During the year, we more than doubled our ETF assets under management, surpassing $2 billion by the end of August. Further, our Diversified Alternatives ETF (JPHF) earned Best New Alternative ETF and Best New Active ETF at the fourth annual ETF.com awards held March 30, 2017 in New York, N.Y.¹

  “During the year, we more than doubled our ETF assets under management, surpassing $2 billion by the end of August.”

During the past year, global economic growth accelerated and both bond and equity markets generally provided investors with positive returns. With equity markets at record highs and interest rates poised to rise, we believe alternatives offer access to potential gains and diversification – without trading late cycle equity risk for interest rate risk.

Our Diversified Alternatives ETF (JPHF) seeks to achieve its investment objective by allocating assets across multiple investment strategies, such as those utilized by certain hedge funds, in a systematic, low-cost, transparent manner. The Fund seeks to enhance portfolio diversification and risk-adjusted returns by systematically allocating across equity long/short, event-driven, global macro and managed futures based strategies, which are then implemented with equity, fixed-income, currency and commodity securities, depending on the strategy. I am pleased to report that JPHF delivered positive risk adjusted returns and diversification when compared to traditional asset classes for the twelve months ending October 31, 2017.

We are proud to bring J.P. Morgan’s experience and capabilities to the ETF market place. We are committed to building solutions that address your needs and help you build stronger portfolios. Thank you for your belief in our Firm and our process.

Sincerely,

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

¹  ETF.com Award winners are selected in a three-part process designed to leverage the insights and opinions of leaders throughout the ETF industry. The awards process began with an open nomination period running from Dec. 5, 2016, through Jan. 4, 2017. ETF.com received hundreds of nominations from participants in all corners of the ETF space. Following the open nominations process, the ETF.com Awards Nominating Committee—made up of senior leaders at ETF.com, Inside ETFs and FactSet—voted to select up to five finalists in each category. Votes were tallied on a majority basis. Winners from these finalists were selected by a majority vote of the ETF.com Awards Selection Committee, a group of independent ETF experts. Committee members recused themselves from voting in any category in which they or their firms appeared as finalists. Ties were decided where possible with head-to-head runoff votes. Voting was completed by Jan. 20, 2017, but results were kept secret until their announcement at the ETF.com U.S. Awards Dinner on March 30, 2017

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 1

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Alternatives ETF
Net Asset Value*		3.56%
Market Price**		3.51%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.72%
Net Assets as of 10/31/2017	$	153,782,741

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, and 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 overall provided positive returns during the reporting period, with emerging market equities outperforming equities in the U.S. and other developed markets. The world’s leading economies continued to expand through the first ten months of 2017, lifting corporate profits and capital investment, as well as business and consumer sentiment. Low interest rates generally weighed on developed market bond prices, while investors’ search for higher yields helped push prices higher for emerging market bonds.

Synchronized global growth and industrial demand helped to lift commodities prices, particularly for copper and other metals, toward the end of the reporting period. While global oil prices declined in the early part of the reporting period, prices for benchmark Brent crude remained above $50 dollars a barrel through October 2017.

In the U.S., equities prices reached record highs throughout the twelve month reporting period and the Standard & Poor’s 500 Index (the “S&P 500”) hit fresh highs on 11 of the 22 trading days in October 2017.

In Europe, financial markets continued to benefit from global growth, low interest rates and stimulus from the European Central Bank. Demand from China and other emerging market nations helped to lift exports from Germany and other leading European Union (EU) economies. While the U.K.’s impending exit from the EU and a separatist movement in Spain’s Catalan region, remained worrisome for politicians and economists, financial markets appeared to be largely unaffected. Japan’s equities market was a leading performer during the final months of the reporting period amid an improving economy and a snap election that handed Prime Minister Shinzo Abe’s Liberal Democratic Party a parliamentary majority.

In China, government efforts to curb speculation in its financial markets helped to keep market volatility in check, while economic indicators showed continued strong growth. Global economic growth and low interest rates continued to benefit both equities and bonds in emerging market nations.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2017, the Fund posted a positive absolute performance and experienced a deviation of 2.84% 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 the momentum factor within the Equity Long/Short sub-strategy, which was implemented primarily through the use of equities and total return swaps contracts, were the leading contributors to performance for the reporting period. The Fund’s allocations to relative value fixed income, foreign exchange and commodity-based return factors within the Global Macro Based sub-strategy, which was implemented primarily through the use of fixed-income futures, currency forward contracts and commodities futures, were leading detractors from performance.

2 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation was to the Equity Long/Short sub-strategy, while the smallest allocation was to the Event Driven sub-strategy.

RISK ALLOCATION AS OF OCTOBER 31, 2017
Strategy	% of Risk Allocation****
Equity Long/Short (1)		51	%
Event Driven (2)		21
Global Macro (3)		28

TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a)
	1.	Rockwell Collins, Inc.	1.2	%
	2.	Monsanto Co.	1.2
	3.	Calpine Corp.	1.2
	4.	Akorn, Inc.	1.1
	5.	Scripps Networks Interactive, Inc., Class A	1.1
	6.	Brocade Communications Systems, Inc.	1.1
	7.	Bob Evans Farms, Inc.	0.7
	8.	Gigamon, Inc.	0.6
	9.	BroadSoft, Inc.	0.6
	10.	VWR Corp.	0.5

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Lennar Corp., Class A.	0.8	%
	2.	Vistra Energy Corp.	0.7
	3.	AT&T, Inc.	0.6
	4.	EQT Corp.	0.6
	5.	CenturyLink, Inc.	0.5
	6.	Becton Dickinson and Co.	0.4
	7.	Liberty Interactive Corp. QVC Group, Class A	0.4
	8.	HOCHTIEF AG (Germany)	0.6
	9.	Strayer Education, Inc.	0.2
	10.	Tabcorp Holdings Ltd. (Australia)	0.2

* 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 $26.06 as of October 31, 2017.

** Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $26.09 as of October 31, 2017.

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

**** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of October 31, 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 October 31, 2017. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2017
	INCEPTION DATE		1 YEAR			CUMULATIVE SINCE INCEPTION
JPMorgan Diversified Alternatives ETF
Net Asset Value		September 12, 2016		3.56	%		4.44	%
Market Price				3.51	%		4.61	%

LIFE OF FUND PERFORMANCE (09/12/16 TO 10/31/17)

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 September 12, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Alternatives ETF and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index from September 12, 2016 to October 31, 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.

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

4 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 44.6%
		Aerospace & Defense — 1.4%
	1,615	L3 Technologies, Inc.		302,296
	13,692	Rockwell Collins, Inc.		1,856,635
				2,158,931
		Auto Components — 1.4%
	5,450	BorgWarner, Inc.		287,324
	8,685	Cooper Tire & Rubber Co.		284,868
	2,807	Cooper-Standard Holdings, Inc.*		312,924
	3,800	Delphi Automotive plc		377,644
	13,827	Gentex Corp.		268,382
	1,590	Lear Corp.		279,188
	6,523	Standard Motor Products, Inc.		284,860
				2,095,190
		Banks — 0.4%
	5,800	CIT Group, Inc.		270,396
	7,056	Sandy Spring Bancorp, Inc.		285,133
				555,529
		Beverages — 0.2%
	2,459	PepsiCo, Inc.		271,056
		Biotechnology — 0.1%
	3,400	Acorda Therapeutics, Inc.*		90,355
	59	AquaBounty Technologies, Inc.*		372
				90,727
		Capital Markets — 0.4%
	17,034	BGC Partners, Inc., Class A		258,406
	7,547	Houlihan Lokey, Inc.		314,181
				572,587
		Chemicals — 2.0%
	13,054	Calgon Carbon Corp.		283,272
	3,325	Eastman Chemical Co.		301,943
	3,255	LyondellBasell Industries NV, Class A		336,990
	14,925	Monsanto Co.		1,807,418
	30,500	Platform Speciality Products*		326,350
				3,055,973
		Commercial Services & Supplies — 0.6%
	8,547	Brady Corp., Class A		325,213
	4,035	Deluxe Corp.		281,038
	11,989	Quad/Graphics, Inc.		273,229
				879,480
		Communications Equipment — 1.4%
	138,795	Brocade Communications Systems, Inc.		1,616,962
	8,914	Cisco Systems, Inc.		304,413
	2,236	F5 Networks, Inc.*		271,160
				2,192,535

SHARES		INVESTMENTS	VALUE($)
		Construction & Engineering — 0.2%
	5,403	Jacobs Engineering Group, Inc.		314,509
		Consumer Finance — 0.1%
	16,800	Navient Corp.		209,328
		Containers & Packaging — 0.2%
	5,023	Greif, Inc., Class A		278,927
		Diversified Financial Services — 0.2%
	6,700	Voya Financial, Inc.		269,072
		Diversified Telecommunication Services — 0.3%
	2,657	Straight Path Communications, Inc., Class B*		482,272
		Electric Utilities — 0.4%
	3,977	ALLETE, Inc.		311,598
	8,732	Hawaiian Electric Industries, Inc.		318,369
				629,967
		Electrical Equipment — 0.4%
	3,609	Eaton Corp. plc		288,792
	3,725	Regal Beloit Corp.		302,284
				591,076
		Electronic Equipment, Instruments & Components — 1.4%
	7,869	Benchmark Electronics, Inc.*		243,546
	8,911	Corning, Inc.		279,003
	4,559	Dolby Laboratories, Inc., Class A		264,148
	7,043	Methode Electronics, Inc.		330,317
	7,610	Sanmina Corp.*		249,037
	2,711	Tech Data Corp.*		251,500
	17,981	TTM Technologies, Inc.*		283,740
	13,398	Vishay Intertechnology, Inc.		298,106
				2,199,397
		Energy Equipment & Services — 1.0%
	23,518	Archrock, Inc.		282,216
	2,600	Basic Energy Services, Inc.*		49,036
	5,295	Helmerich & Payne, Inc.		287,571
	8,526	National Oilwell Varco, Inc.		291,504
	14,242	Patterson-UTI Energy, Inc.		281,707
	2,800	Tidewater, Inc.*		76,300
	16,149	Unit Corp.*		302,309
				1,570,643
		Food & Staples Retailing — 0.2%
	3,646	Wal-Mart Stores, Inc.		318,332
		Food Products — 1.9%
	12,549	Bob Evans Farms, Inc.		968,657
	5,450	Campbell Soup Co.		258,167
	8,365	Conagra Brands, Inc.		285,749

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Food Products — continued
	16,331	Flowers Foods, Inc.		310,779
	2,366	JM Smucker Co. (The)		250,914
	4,191	John B Sanfilippo & Son, Inc.		246,640
	199	Lamb Weston Holdings, Inc.		10,147
	1,660	Sanderson Farms, Inc.		248,286
	4,565	Tyson Foods, Inc., Class A		332,834
				2,912,173
		Gas Utilities — 0.6%
	5,649	UGI Corp.		270,361
	7,346	WGL Holdings, Inc.		629,552
				899,913
		Health Care Equipment & Supplies — 0.8%
	3,935	Hill-Rom Holdings, Inc.		317,594
	6,949	Natus Medical, Inc.*		294,637
	21,585	NxStage Medical, Inc.*		581,716
				1,193,947
		Health Care Providers & Services — 1.9%
	3,432	Aetna, Inc.		583,543
	1,413	Chemed Corp.		315,706
	8,000	Community Health Systems, Inc.*		47,200
	4,577	Express Scripts Holding Co.*		280,524
	6,661	HealthSouth Corp.		307,338
	10,472	Owens & Minor, Inc.		257,297
	10,926	PharMerica Corp.*		320,132
	2,647	Quest Diagnostics, Inc.		248,236
	1,504	UnitedHealth Group, Inc.		316,171
	1,586	WellCare Health Plans, Inc.*		313,616
				2,989,763
		Hotels, Restaurants & Leisure — 1.8%
	15,100	Bloomin’ Brands, Inc.		268,478
	2,600	Buffalo Wild Wings, Inc.*		307,320
	1,300	Churchill Downs, Inc.		271,115
	3,297	Darden Restaurants, Inc.		271,244
	9,900	ILG, Inc.		293,733
	18,900	La Quinta Holdings, Inc.*		333,018
	4,800	SeaWorld Entertainment, Inc.*		55,104
	4,800	Six Flags Entertainment Corp.		301,392
	6,242	Wyndham Worldwide Corp.		666,958
				2,768,362
		Household Durables — 0.8%
	5,000	Garmin Ltd.		283,050
	10,192	KB Home		279,566

SHARES		INVESTMENTS	VALUE($)
		Household Durables — continued
	10,000	PulteGroup, Inc.		302,300
	12,832	Taylor Morrison Home Corp., Class A*		309,893
				1,174,809
		Household Products — 0.7%
	8,461	Central Garden & Pet Co.*		323,041
	5,270	Church & Dwight Co., Inc.		238,046
	3,212	Procter & Gamble Co. (The)		277,324
	2,681	Spectrum Brands Holdings, Inc.		294,695
				1,133,106
		Independent Power and Renewable Electricity Producers — 1.5%
	23,415	AES Corp.		248,901
	13,778	Atlantica Yield plc (Spain)		308,352
	120,870	Calpine Corp.*		1,805,798
				2,363,051
		Industrial Conglomerates — 0.2%
	2,500	Honeywell International, Inc.		360,400
		Insurance — 1.4%
	3,900	American International Group, Inc.		251,979
	5,551	Athene Holding Ltd., Class A*		289,374
	1,073	Everest Re Group Ltd.		254,784
	5,007	Fidelity & Guaranty Life		155,718
	4,263	Principal Financial Group, Inc.		280,719
	2,522	Prudential Financial, Inc.		278,580
	2,104	Reinsurance Group of America, Inc.		314,295
	3,940	State National Cos., Inc.		82,819
	5,884	Unum Group		306,203
				2,214,471
		Internet Software & Services — 0.5%
	301	Alphabet, Inc., Class C*		306,008
	15,521	Bankrate, Inc.*		215,742
	11,357	Blucora, Inc.*		246,447
				768,197
		IT Services — 1.6%
	2,220	Accenture plc, Class A		316,039
	4,317	Amdocs Ltd.		281,037
	600	Automatic Data Processing, Inc.		69,756
	11,787	Convergys Corp.		303,279
	5,000	DST Systems, Inc.		293,100
	3,900	DXC Technology Co.		356,928
	16,500	MoneyGram International, Inc.*		256,575
	4,037	Science Applications International Corp.		296,074
	14,698	Western Union Co. (The)		291,902
				2,464,690

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — 1.3%
	4,729	Agilent Technologies, Inc.		321,714
	4,845	Cambrex Corp.*		209,546
	2,858	Charles River Laboratories International, Inc.*		332,357
	2,800	Quintiles IMS Holdings, Inc.*		302,680
	24,714	VWR Corp.*		818,033
				1,984,330
		Machinery — 1.9%
	6,800	Allison Transmission Holdings, Inc.		288,932
	1,707	Cummins, Inc.		301,934
	6,320	Greenbrier Cos., Inc. (The)		329,904
	2,021	Illinois Tool Works, Inc.		316,327
	2,971	Ingersoll-Rand plc		263,231
	5,500	Pentair plc (United Kingdom)		387,530
	2,013	Stanley Black & Decker, Inc.		325,200
	6,400	Terex Corp.		301,504
	5,802	Timken Co. (The)		273,564
	2,500	Trinity Industries, Inc.		81,300
				2,869,426
		Media — 2.1%
	4,100	AMC Networks, Inc., Class A*		208,608
	4,333	CBS Corp. (Non-Voting), Class B		243,168
	7,203	Comcast Corp., Class A		259,524
	13,488	Discovery Communications, Inc., Class C*		240,221
	4,667	Meredith Corp.		247,351
	3,601	Omnicom Group, Inc.		241,951
	19,991	Scripps Networks Interactive, Inc., Class A		1,664,851
	1,258	Time Warner, Inc.		123,649
				3,229,323
		Metals & Mining — 0.2%
	4,700	Nucor Corp.		271,801
	18,700	Sandstorm Gold Ltd. (Canada)*		80,592
				352,393
		Multiline Retail — 0.5%
	5,778	Big Lots, Inc.		296,469
	4,300	Dillard’s, Inc., Class A		218,440
	5,196	Target Corp.		306,772
				821,681
		Multi-Utilities — 0.7%
	5,131	Ameren Corp.		318,071
	8,779	Avista Corp.		458,615
	10,170	CenterPoint Energy, Inc.		300,828
				1,077,514

SHARES		INVESTMENTS	VALUE($)
		Oil, Gas & Consumable Fuels — 0.9%
	2,300	Bonanza Creek Energy, Inc.*		77,809
	23,100	CONSOL Energy, Inc.*		372,603
	1,300	Energen Corp.*		67,210
	8,205	HollyFrontier Corp.		303,175
	2,600	Peabody Energy Corp.*		80,314
	300	SandRidge Energy, Inc.*		5,631
	3,400	Stone Energy Corp.*		100,028
	4,183	Valero Energy Corp.		329,997
				1,336,767
		Paper & Forest Products — 0.2%
	7,485	Schweitzer-Mauduit International, Inc.		316,092
		Personal Products — 0.2%
	7,605	Inter Parfums, Inc.		352,112
		Pharmaceuticals — 2.1%
	52,136	Akorn, Inc.*		1,698,070
	2,171	Johnson & Johnson		302,659
	6,300	Mallinckrodt plc*		199,521
	4,591	Merck & Co., Inc.		252,918
	8,650	Pfizer, Inc.		303,269
	1,753	STADA Arzneimittel AG (Germany)		168,566
	2,913	Taro Pharmaceutical Industries Ltd.*		327,479
				3,252,482
		Professional Services — 0.4%
	5,033	ICF International, Inc.*		270,272
	2,679	ManpowerGroup, Inc.		330,267
				600,539
		Real Estate Management & Development — 0.0% (a)
	1,800	CBRE Group, Inc., Class A*		70,776
		Semiconductors & Semiconductor Equipment — 2.9%
	3,244	Advanced Energy Industries, Inc.*		274,832
	6,171	Applied Materials, Inc.		348,230
	5,266	Cirrus Logic, Inc.*		294,896
	8,258	Intel Corp.		375,656
	2,889	KLA-Tencor Corp.		314,583
	12,721	Kulicke & Soffa Industries, Inc. (Singapore)*		288,131
	1,741	Lam Research Corp.		363,120
	6,417	Maxim Integrated Products, Inc.		337,149
	2,965	Microchip Technology, Inc.		281,082
	4,945	NXP Semiconductors NV (Netherlands)*		578,812
	7,931	Teradyne, Inc.		340,161
	3,518	Texas Instruments, Inc.		340,155
	11,381	Xperi Corp.		261,763
				4,398,570

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Software — 2.2%
	16,870	BroadSoft, Inc.*		925,319
	3,501	Citrix Systems, Inc.*		289,218
	24,900	Gigamon, Inc.*		958,650
	5,595	Oracle Corp.		284,786
	2,200	Progress Software Corp.		93,126
	11,579	Silver Spring Networks, Inc.*		186,653
	3,748	Synopsys, Inc.*		324,277
	2,410	VMware, Inc., Class A*		288,453
				3,350,482
		Specialty Retail — 1.8%
	6,195	Aaron’s, Inc.		227,976
	5,176	Best Buy Co., Inc.		289,753
	37,235	Chico’s FAS, Inc.		297,508
	2,789	Children’s Place, Inc. (The)		303,443
	11,192	Dick’s Sporting Goods, Inc.		273,868
	11,400	Michaels Cos., Inc. (The)*		221,388
	1,300	O’Reilly Automotive, Inc.*		274,235
	34,231	Rent-A-Center, Inc.		340,256
	13,700	Sally Beauty Holdings, Inc.*		237,147
	4,000	Signet Jewelers Ltd.		262,280
				2,727,854
		Technology Hardware, Storage & Peripherals — 0.4%
	1,875	Apple, Inc.		316,950
	14,751	HP, Inc.		317,884
				634,834

SHARES		INVESTMENTS	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.4%
	1,100	Deckers Outdoor Corp.*		75,064
	6,100	Michael Kors Holdings Ltd.*		297,741
	2,411	PVH Corp.		305,739
				678,544
		Trading Companies & Distributors — 0.4%
	5,100	AerCap Holdings NV (Ireland)*		268,464
	6,054	Rush Enterprises, Inc., Class A*		307,422
				575,886
		Total Common Stocks (Cost $65,239,698)		68,608,018
	Short-Term Investment — 51.8%
		Investment Company — 51.8%
	79,678,128	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.92% (b) (c) (Cost $79,678,128)		79,678,128
		Total Investments — 96.4% (Cost $144,917,826)		148,286,146
		Other Assets Less Liabilities — 3.6%		5,496,595
		NET ASSETS — 100.0%	$	153,782,741

Percentages indicated are based on net assets.

*	Non-incomeproducing security.
(a)	Representsless than 0.05% of net assets.
(b)	Affiliatedcompany as defined under the Investment Company Act of 1940.
(c)	Therate shown was the current yield as of October 31, 2017.

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)
Long Contracts
CAC 40 10 Euro Index		8		11/2017		EUR	$	512,698	$	10,842
LME Nickel Base Metal		2		11/2017		USD		147,138		6,300
LME Zinc Base Metal		16		11/2017		USD		1,323,600		34,342
100 oz Gold		7		12/2017		USD		889,350		(1,899	)
Australia 10 Year Bond		294		12/2017		AUD		28,993,595		(161,240	)
Canada 10 Year Bond		42		12/2017		CAD		4,474,118		9,976
Cocoa		3		12/2017		USD		62,820		(1,449	)
Copper		7		12/2017		USD		542,675		17,384
Cotton No. 2		1		12/2017		USD		34,190		777
DAX Index		1		12/2017		EUR		386,337		20,981
EURO STOXX 50 Index		13		12/2017		EUR		557,615		22,311
Euro-Bobl		24		12/2017		EUR		3,684,094		13,505
Euro-Bund		8		12/2017		EUR		1,516,635		8,430
FTSE 100 Index		12		12/2017		GBP		1,190,527		16,763
FTSE/MIB Index		6		12/2017		EUR		795,299		20,808

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

Futures contracts outstanding as of October 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)
Lean Hogs		6			12/2017		USD	$	163,200		$	14,022
LME Aluminum Base Metal		18			12/2017		USD		968,625			10,706
LME Nickel Base Metal		4			12/2017		USD		294,660			33,324
LME Zinc Base Metal		24			12/2017		USD		1,974,000			36,058
S&P 500 E-Mini Index		10			12/2017		USD		1,286,350			40,955
SPI 200 Index		3			12/2017		AUD		338,914			11,293
U.S. Treasury 10 Year Note		199			12/2017		USD		24,856,344			(308,919	)
U.S. Treasury 5 Year Note		26			12/2017		USD		3,046,063			(27,227	)
U.S. Treasury Long Bond		6			12/2017		USD		914,438			(12,691	)
Feeder Cattle		21			01/2018		USD		1,675,538			59,351
LME Zinc Base Metal		7			01/2018		USD		573,300			2,954
WTI Crude Oil		5			01/2018		USD		273,450			1,687
Cocoa		15			03/2018		USD		313,350			3,865
Copper		7			03/2018		USD		546,175			25,531
Cotton No. 2		29			03/2018		USD		990,930			(13,209	)
Feeder Cattle		8			03/2018		USD		624,300			5,414
100 oz Gold		4			04/2018		USD		511,440			(2,651	)
Sugar No. 11		30			06/2018		USD		500,976			3,147
												(98,559	)
Short Contracts
IBEX 35 Index		(1	)		11/2017		EUR		(122,798	)		(4,350	)
LME Nickel Base Metal		(2	)		11/2017		USD		(147,138	)		(13,716	)
LME Zinc Base Metal		(16	)		11/2017		USD		(1,323,600	)		(7,048	)
Natural Gas		(10	)		11/2017		USD		(289,600	)		26,803
Australia 10 Year Bond		(8	)		12/2017		AUD		(788,941	)		(8,665	)
Australia 3 Year Bond		(45	)		12/2017		AUD		(3,843,276	)		(2,677	)
Coffee ‘C’		(8	)		12/2017		USD		(375,300	)		49,270
Corn		(26	)		12/2017		USD		(449,475	)		51,648
Euro-Bund		(114	)		12/2017		EUR		(21,612,044	)		(74,065	)
Euro-Buxl		(4	)		12/2017		EUR		(774,020	)		4,216
Japan 10 Year Bond Mini		(182	)		12/2017		JPY		(24,087,929	)		82,734
Live Cattle		(10	)		12/2017		USD		(502,500	)		(39,690	)
LME Aluminum Base Metal		(6	)		12/2017		USD		(322,875	)		(3,112	)
LME Zinc Base Metal		(2	)		12/2017		USD		(164,500	)		(7,481	)
Long Gilt		(46	)		12/2017		GBP		(7,595,929	)		106,797
Natural Gas		(37	)		12/2017		USD		(1,119,620	)		49,562
S&P 500 E-Mini Index		(71	)		12/2017		USD		(9,133,085	)		(279,385	)
Silver		(1	)		12/2017		USD		(83,465	)		1,232
Wheat		(13	)		12/2017		USD		(272,025	)		37,449
Natural Gas		(15	)		01/2018		USD		(454,500	)		10,740
Soybean		(5	)		01/2018		USD		(246,188	)		785
Lean Hogs		(16	)		02/2018		USD		(467,200	)		(56,973	)
Live Cattle		(13	)		02/2018		USD		(673,660	)		(64,538	)
Sugar No. 11		(14	)		02/2018		USD		(231,123	)		(4,668	)
Coffee ‘C’		(10	)		03/2018		USD		(482,250	)		40,939
Corn		(31	)		03/2018		USD		(557,225	)		3,746
Wheat		(40	)		03/2018		USD		(872,000	)		9,095
Lean Hogs		(10	)		04/2018		USD		(299,600	)		(839	)
Sugar No. 11		(29	)		04/2018		USD		(481,354	)		(12,105	)
Corn		(20	)		05/2018		USD		(368,250	)		2,141
Wheat		(26	)		05/2018		USD		(584,025	)		36,348
												(65,807	)
												(164,366	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2017 (continued)

Abbreviations
AUD	AustralianDollar
CAC	ContinuousAssisted Quotation
CAD	CanadianDollar
DAX	DeutscherAktien Index
EUR	Euro
FTSE	FinancialTimes and the London Stock Exchange
GBP	BritishPound
IBEX	MadridStock Exchange
JPY	JapaneseYen
LME	LondonMetal Exchange
SPI	AustralianSecurities Exchange
USD	UnitedStates Dollar
WTI	WestTexas Intermediate

Forward foreign currency exchange contracts outstanding as of October 31, 2017:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)
INR	89,205,656	USD	1,369,109	Goldman Sachs International**		11/22/2017	$	6,837
NOK	2,522,438	USD	308,842	Royal Bank Of Canada		11/22/2017		126
USD	821,017	AUD	1,045,491	HSBC Bank, NA		11/22/2017		21,021
USD	1,962	BRL	6,265	Merrill Lynch International**		11/22/2017		52
USD	5,228,314	CHF	5,096,158	TD Bank Financial Group		11/22/2017		113,351
USD	574,911	EUR	488,758	Royal Bank Of Canada		11/22/2017		4,959
USD	1,370,295	HUF	357,572,267	HSBC Bank, NA		11/22/2017		31,533
USD	350	ILS	1,229	Royal Bank Of Canada		11/22/2017		1
USD	2,023,974	JPY	226,656,771	Barclays Bank plc		11/22/2017		28,878
USD	2,194,086	NZD	3,053,635	HSBC Bank, NA		11/22/2017		105,300
USD	1,377,464	PLN	4,956,277	HSBC Bank, NA		11/22/2017		15,888
USD	1,363,203	RON	5,306,490	Barclays Bank plc		11/22/2017		20,571
Total unrealized appreciation								348,517
CAD	6,136,623	USD	4,895,309	HSBC Bank, NA		11/22/2017		(137,811	)
EUR	488,758	USD	575,618	Goldman Sachs International		11/22/2017		(5,666	)
EUR	189,249	USD	223,035	HSBC Bank, NA		11/22/2017		(2,348	)
MXN	24,685,353	USD	1,289,383	Deutsche Bank AG, New York		11/22/2017		(6,473	)
NOK	40,387,641	USD	5,097,313	Barclays Bank plc		11/22/2017		(150,318	)
RUB	78,277,248	USD	1,356,152	Goldman Sachs International**		11/22/2017		(20,283	)
SEK	13,260,387	USD	1,632,504	Barclays Bank plc		11/22/2017		(46,766	)
TRY	4,838,302	USD	1,309,420	HSBC Bank, NA		11/22/2017		(41,477	)
USD	322,581	CHF	323,046	Goldman Sachs International		11/22/2017		(1,657	)
USD	1,918,072	GBP	1,445,233	HSBC Bank, NA		11/22/2017		(2,524	)
USD	1,374,520	KRW	1,555,338,363	Goldman Sachs International**		11/22/2017		(16,666	)
USD	1,366,281	TWD	41,200,329	Merrill Lynch International**		11/22/2017		(2,584	)
ZAR	18,375,583	USD	1,367,269	HSBC Bank, NA		11/22/2017		(72,380	)
Total unrealized depreciation								(506,953	)
Net unrealized depreciation								(158,436	)

** —  Non-deliverable forward.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

Abbreviations
AUD	AustralianDollar
BRL	BrazilianReal
CAD	CanadianDollar
EUR	Euro
GBP	BritishPound
HUF	HungaryForint
ILS	IsraeliShekel
INR	IndianRupee
JPY	JapaneseYen
KRW	KoreanRepublic Won
MXN	MexicanPeso
NOK	NorwegianKrone
NZD	NewZealand Dollar
PLN	PolishZloty
RON	RomaniaNew Leu
RUB	RussiaRuble
SEK	SwedishKrona
TRY	TurkeyLira
TWD	TaiwanNew Dollar
USD	UnitedStates Dollar
ZAR	SouthAfrica Rand

Over the Counter (“OTC”) Total Return Swap contracts outstanding as of October 31, 2017:

REFERENCE ENTITY

PAYMENTS MADE BY FUND

PAYMENTS RECEIVED BY FUND

FREQUENCY OF PAYMENTS MADE/ RECEIVED

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)

Media Gen, Inc., CVR

Total appreciation/depreciation of the position at maturity

Total appreciation/depreciation of the position at maturity

At Termination

Bank of America

10/18/2018

USD 1,329

$

—

$

65

‡

—

65

‡ —  Value determined using significant unobservable inputs.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017

Total Return Basket Swaps Outstanding at October 31, 2017
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C (3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in GBP based on the local currencies of the positions within the swaps.		03/29/2019	$	(5,459,101	)	$	696	$	—	$	696

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
3i Group plc		2,539			32,403			(3	)		0.0	(a)
Energy Equipment & Services
Petrofac Ltd.		1,945			10,836			4			0.0	(a)
Food & Staples Retailing
Wm Morrison Supermarkets plc		8,155			24,283			—			0.0
Hotels, Restaurants & Leisure
Carnival plc		453			29,865			18			0.0	(a)
William Hill plc		5,283			18,129			(2	)		0.0	(a)
		5,736			47,994			16			0.0	(a)
Metals & Mining
Rio Tinto plc		694			32,799			91			0.0	(a)
Multi-Utilities
Centrica plc		6,876			15,507			—			0.0
Total Long Positions of Total Return Basket Swaps		25,945			163,822			108			0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Cobham plc*		(124,361	)		(229,586	)		—			0.0
Banks
Barclays plc		(99,497	)		(245,530	)		197			0.0	(a)
Standard Chartered plc*		(25,214	)		(251,128	)		165			0.0	(a)
		(124,711	)		(496,658	)		362			0.0	(a)
Capital Markets
Hargreaves Lansdown plc		(13,207	)		(277,429	)		67			0.0	(a)
St James’s Place plc		(15,272	)		(238,700	)		37			0.0	(a)
		(28,479	)		(516,129	)		104			0.0	(a)
Chemicals
Johnson Matthey plc		(5,188	)		(232,919	)		47			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Construction & Engineering
Balfour Beatty plc		(70,966	)		(258,166	)		88			0.0	(a)
Diversified Consumer Services
Dignity plc		(7,742	)		(249,146	)		—			0.0
Food Products
Associated British Foods plc		(5,363	)		(237,362	)		(28	)		0.0	(a)
Hotels, Restaurants & Leisure
Compass Group plc		(11,088	)		(243,430	)		—			0.0
Domino’s Pizza Group plc		(52,213	)		(232,774	)		23			0.0	(a)
GVC Holdings plc		(22,067	)		(274,769	)		(3	)		0.0	(a)
InterContinental Hotels Group plc		(5,031	)		(278,724	)		46			0.0	(a)
Merlin Entertainments plc (b)		(39,519	)		(198,792	)		29			0.0	(a)
Whitbread plc		(4,431	)		(217,325	)		9			0.0	(a)
		(134,349	)		(1,445,814	)		104			0.0	(a)
Industrial Conglomerates
DCC plc		(2,632	)		(249,601	)		(9	)		0.0	(a)
IT Services
NCC Group plc		(11,111	)		(33,941	)		—			0.0
Metals & Mining
Fresnillo plc		(12,264	)		(212,097	)		(22	)		0.0	(a)
Petra Diamonds Ltd.*		(249,890	)		(255,556	)		—			0.0
		(262,154	)		(467,653	)		(22	)		0.0	(a)
Multiline Retail
B&M European Value Retail SA		(24,734	)		(130,511	)		4			0.0	(a)
Oil, Gas & Consumable Fuels
Cairn Energy plc*		(106,979	)		(300,416	)		(50	)		0.0	(a)
Software
Sophos Group plc (b)		(33,791	)		(278,645	)		57			0.0	(a)
Trading Companies & Distributors
Bunzl plc		(8,342	)		(259,858	)		(45	)		0.0	(a)
Water Utilities
Pennon Group plc		(22,426	)		(236,518	)		(24	)		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(973,328	)		(5,622,923	)		588			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(947,383	)		(5,459,101	)		696			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE			NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C (3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, which is denominated in CAD based on the local currencies of the positions within the swaps.		10/15/2018	$	(2,658,343	)	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES				NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Banks
Laurentian Bank of Canada		880				40,927			—		0.0
Oil, Gas & Consumable Fuels
Bonavista Energy Corp.		9,860				20,941			—		0.0
Trading Companies & Distributors
Toromont Industries Ltd.		3,209				141,459			—	��	0.0
Total Long Positions of Total Return Basket Swaps		13,949				203,327			—		0.0
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(93,153	)			(197,122	)		—		0.0
Chemicals
Potash Corp. of Saskatchewan, Inc.		(13,523	)			(263,206	)		—		0.0
Diversified Financial Services
Element Fleet Management Corp.		(34,219	)			(263,652	)		—		0.0
Energy Equipment & Services
Precision Drilling Corp.*		(88,090	)			(264,250	)		—		0.0
Independent Power and Renewable Electricity Producers
Northland Power, Inc.		(12,708	)			(243,009	)		—		0.0
Metals & Mining
Alamos Gold, Inc.		(37,201	)			(235,588	)		—		0.0
First Majestic Silver Corp.*		(35,934	)			(242,048	)		—		0.0
Franco-Nevada Corp.		(2,971	)			(236,096	)		—		0.0
Goldcorp, Inc.		(19,103	)			(249,504	)		—		0.0
MAG Silver Corp.*		(23,000	)			(245,136	)		—		0.0
		(118,209	)			(1,208,372	)		—		0.0
Oil, Gas & Consumable Fuels
MEG Energy Corp.*		(43,903	)	��		(194,996	)		—		0.0
Technology Hardware, Storage & Peripherals
BlackBerry Ltd.*		(20,746	)			(227,063	)		—		0.0
Total Short Positions of Total Return Basket Swaps		(424,551	)			(2,861,670	)		—		0.0
Total of Long and Short Positions of Total Return Basket Swaps		(410,602	)			(2,658,343	)		—		0.0

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.		10/18/2018	$	(25,193,920	)	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Aerovironment, Inc.*		(5,213	)		(266,697	)		—		0.0
TransDigm Group, Inc.		(1,053	)		(292,208	)		—		0.0
		(6,266	)		(558,905	)		—		0.0
Air Freight & Logistics
Hub Group, Inc.*		(6,399	)		(277,077	)		—		0.0
Airlines
Spirit Airlines, Inc.*		(7,044	)		(261,262	)		—		0.0
Banks
Signature Bank*		(2,225	)		(289,272	)		—		0.0
Building Products
Armstrong World Industries, Inc.*		(4,426	)		(226,169	)		—		0.0
Capital Markets
Charles Schwab Corp. (The)		(5,293	)		(237,338	)		—		0.0
Interactive Brokers Group, Inc.		(5,003	)		(270,262	)		—		0.0
TD Ameritrade Holding Corp.		(5,586	)		(279,244	)		—		0.0
		(15,882	)		(786,844	)		—		0.0
Chemicals
CF Industries Holdings, Inc.		(7,685	)		(291,876	)		—		0.0
Commercial Services & Supplies
Clean Harbors, Inc.*		(4,642	)		(248,393	)		—		0.0
Covanta Holding Corp.		(17,372	)		(279,689	)		—		0.0
Healthcare Services Group, Inc.		(4,330	)		(229,014	)		—		0.0
		(26,344	)		(757,096	)		—		0.0
Communications Equipment
Infinera Corp.*		(27,781	)		(232,527	)		—		0.0
ViaSat, Inc.*		(3,661	)		(238,331	)		—		0.0
		(31,442	)		(470,858	)		—		0.0
Consumer Finance
LendingClub Corp.*		(40,899	)		(232,715	)		—		0.0
Containers & Packaging
Ball Corp.		(5,642	)		(242,211	)		—		0.0
Distributors
Core-Mark Holding Co., Inc.		(7,216	)		(245,777	)		—		0.0
LKQ Corp.*		(6,413	)		(241,706	)		—		0.0
		(13,629	)		(487,483	)		—		0.0
Diversified Consumer Services
Chegg, Inc.*		(17,630	)		(273,441	)		—		0.0
Houghton Mifflin Harcourt Co.*		(21,378	)		(211,642	)		—		0.0
		(39,008	)		(485,083	)		—		0.0
Electrical Equipment
Acuity Brands, Inc.		(1,596	)		(266,851	)		—		0.0
Electronic Equipment, Instruments & Components
Fitbit, Inc.*		(38,355	)		(235,500	)		—		0.0
Energy Equipment & Services
Weatherford International plc*		(57,185	)		(198,432	)		—		0.0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food & Staples Retailing
Casey’s General Stores, Inc.		(2,368	)		(271,302	)		—		0.0
Costco Wholesale Corp.		(1,640	)		(264,171	)		—		0.0
Smart & Final Stores, Inc.*		(31,004	)		(186,024	)		—		0.0
		(35,012	)		(721,497	)		—		0.0
Health Care Equipment & Supplies
AtriCure, Inc.*		(12,462	)		(267,185	)		—		0.0
DexCom, Inc.*		(5,089	)		(228,852	)		—		0.0
Insulet Corp.*		(4,251	)		(250,001	)		—		0.0
Nevro Corp.*		(2,876	)		(251,880	)		—		0.0
		(24,678	)		(997,918	)		—		0.0
Hotels, Restaurants & Leisure
Chipotle Mexican Grill, Inc.*		(889	)		(241,719	)		—		0.0
MGM Resorts International		(9,266	)		(290,489	)		—		0.0
Red Robin Gourmet Burgers, Inc.*		(4,022	)		(275,105	)		—		0.0
Wynn Resorts Ltd.		(1,639	)		(241,736	)		—		0.0
		(15,816	)		(1,049,049	)		—		0.0
Household Durables
Universal Electronics, Inc.*		(4,171	)		(250,260	)		—		0.0
Independent Power and Renewable Electricity Producers
NRG Energy, Inc.		(9,282	)		(232,050	)		—		0.0
Insurance
Cincinnati Financial Corp.		(3,360	)		(235,771	)		—		0.0
Internet & Direct Marketing Retail
Groupon, Inc.*		(57,314	)		(273,388	)		—		0.0
Netflix, Inc.*		(1,386	)		(272,252	)		—		0.0
TripAdvisor, Inc.*		(6,472	)		(242,700	)		—		0.0
Wayfair, Inc.*		(3,169	)		(221,513	)		—		0.0
		(68,341	)		(1,009,853	)		—		0.0
Internet Software & Services
Cornerstone OnDemand, Inc.*		(6,091	)		(233,651	)		—		0.0
Etsy, Inc.*		(14,721	)		(245,841	)		—		0.0
GTT Communications, Inc.*		(6,905	)		(251,687	)		—		0.0
Hortonworks, Inc.*		(15,144	)		(250,027	)		—		0.0
MINDBODY, Inc.*		(8,543	)		(275,512	)		—		0.0
Nutanix, Inc.*		(9,235	)		(263,198	)		—		0.0
SPS Commerce, Inc.*		(4,111	)		(202,097	)		—		0.0
Wix.com Ltd.*		(3,608	)		(251,838	)		—		0.0
Zillow Group, Inc.*		(5,715	)		(235,915	)		—		0.0
		(74,073	)		(2,209,766	)		—		0.0
IT Services
Syntel, Inc.*		(12,032	)		(281,068	)		—		0.0
Machinery
Flowserve Corp.		(6,107	)		(269,135	)		—		0.0
Welbilt, Inc.*		(10,776	)		(237,719	)		—		0.0
		(16,883	)		(506,854	)		—		0.0
Marine
Matson, Inc.		(9,666	)		(263,205	)		—		0.0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Media
Liberty Broadband Corp.*		(2,796	)		(244,063	)		—		0.0
Lions Gate Entertainment Corp.*		(7,924	)		(229,954	)		—		0.0
		(10,720	)		(474,017	)		—		0.0
Metals & Mining
Alcoa Corp.		(5,661	)		(270,483	)		—		0.0
Coeur Mining, Inc.*		(27,237	)		(206,729	)		—		0.0
Compass Minerals International, Inc.		(3,629	)		(238,062	)		—		0.0
		(36,527	)		(715,274	)		—		0.0
Multi-Utilities
Dominion Energy, Inc.		(3,031	)		(245,935	)		—		0.0
NiSource, Inc.		(8,971	)		(236,565	)		—		0.0
Sempra Energy		(2,228	)		(261,790	)		—		0.0
		(14,230	)		(744,290	)		—		0.0
Oil, Gas & Consumable Fuels
Antero Resources Corp.*		(12,342	)		(239,435	)		—		0.0
Cheniere Energy, Inc.*		(5,795	)		(270,858	)		—		0.0
Concho Resources, Inc.*		(2,058	)		(276,204	)		—		0.0
Continental Resources, Inc.*		(6,992	)		(284,644	)		—		0.0
Eclipse Resources Corp.*		(98,904	)		(219,567	)		—		0.0
EQT Corp.		(2,598	)		(162,479	)		—		0.0
Extraction Oil & Gas, Inc.*		(15,270	)		(243,557	)		—		0.0
Hess Corp.		(5,994	)		(264,695	)		—		0.0
Kosmos Energy Ltd.*		(30,996	)		(238,049	)		—		0.0
Parsley Energy, Inc.*		(9,858	)		(262,223	)		—		0.0
PDC Energy, Inc.*		(5,771	)		(293,917	)		—		0.0
SM Energy Co.		(12,794	)		(272,896	)		—		0.0
		(209,372	)		(3,028,524	)		—		0.0
Personal Products
Edgewell Personal Care Co.*		(3,904	)		(253,487	)		—		0.0
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(4,335	)		(267,686	)		—		0.0
Dermira, Inc.*		(8,099	)		(216,810	)		—		0.0
Impax Laboratories, Inc.*		(12,152	)		(220,559	)		—		0.0
Nektar Therapeutics*		(11,463	)		(276,144	)		—		0.0
Pacira Pharmaceuticals, Inc.*		(7,959	)		(255,086	)		—		0.0
		(44,008	)		(1,236,285	)		—		0.0
Road & Rail
AMERCO		(652	)		(256,001	)		—		0.0
Werner Enterprises, Inc.		(7,284	)		(259,675	)		—		0.0
		(7,936	)		(515,676	)		—		0.0
Semiconductors & Semiconductor Equipment
Cavium, Inc.*		(3,798	)		(262,024	)		—		0.0
Software
Autodesk, Inc.*		(2,213	)		(276,536	)		—		0.0
FireEye, Inc.*		(14,577	)		(246,643	)		—		0.0
Globant SA*		(5,615	)		(211,798	)		—		0.0
HubSpot, Inc.*		(2,788	)		(241,301	)		—		0.0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Software — continued
PROS Holdings, Inc.*		(4,744	)		(107,167	)		—		0.0
Splunk, Inc.*		(3,760	)		(253,048	)		—		0.0
Tableau Software, Inc.*		(3,087	)		(250,325	)		—		0.0
Workday, Inc.*		(2,406	)		(267,042	)		—		0.0
Zendesk, Inc.*		(8,819	)		(273,389	)		—		0.0
		(48,009	)		(2,127,249	)		—		0.0
Specialty Retail
CarMax, Inc.*		(3,713	)		(278,846	)		—		0.0
L Brands, Inc.		(6,212	)		(267,364	)		—		0.0
Monro, Inc.		(4,606	)		(227,306	)		—		0.0
		(14,531	)		(773,516	)		—		0.0
Technology Hardware, Storage & Peripherals
Pure Storage, Inc.*		(17,218	)		(282,892	)		—		0.0
Trading Companies & Distributors
SiteOne Landscape Supply, Inc.*		(3,796	)		(241,084	)		—		0.0
Water Utilities
American Water Works Co., Inc.		(2,801	)		(245,816	)		—		0.0
California Water Service Group		(5,709	)		(239,778	)		—		0.0
		(8,510	)		(485,594	)		—		0.0
Wireless Telecommunication Services
Sprint Corp.*		(35,028	)		(229,083	)		—		0.0
Total Short Positions of Total Return Basket Swaps		(1,034,928	)		(25,193,920	)		—		0.0

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of Short equity positions and pays or receives the net of one month EURIBOR on short positions, which is denominated in EUR based on the local currencies of the positions within the swaps.		03/29/2019	$	(6,892,767	)	$	(5,015	)	$	—	$	(5,015	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Beverages
Anheuser-Busch InBev SA/NV		(2,096	)		(257,014	)		(532	)		0.0	(a)
Davide Campari-Milano SpA		(34,674	)		(277,626	)		257			0.0	(a)
Remy Cointreau SA		(1,851	)		(240,410	)		(1	)		0.0	(a)
		(38,621	)		(775,050	)		(276	)		0.0	(a)
Capital Markets
Deutsche Bank AG (Registered)		(14,255	)		(233,628	)		(1,989	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)				PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Chemicals
OCI NV*		(1,375	)		(32,619	)		(1	)			0.0	(a)
Symrise AG		(3,324	)		(259,028	)		(342	)			0.0	(a)
		(4,699	)		(291,647	)		(343	)			0.0	(a)
Commercial Services & Supplies
Prosegur Cia de Seguridad SA		(35,311	)		(269,473	)		(59	)			0.0	(a)
Societe BIC SA		(2,089	)		(220,579	)		55				0.0	(a)
		(37,400	)		(490,052	)		(4	)			0.0	(a)
Construction & Engineering
Ferrovial SA*		(11,091	)		(240,859	)		87				0.0	(a)
Sacyr SA*		(92,488	)		(237,631	)		(77	)			0.0	(a)
		(103,579	)		(478,490	)		10				0.0	(a)
Diversified Telecommunication Services
Iliad SA		(1,022	)		(255,111	)		68				0.0	(a)
Electrical Equipment
Nexans SA		(3,893	)		(254,787	)		67				0.0	(a)
Health Care Equipment & Supplies
Sartorius Stedim Biotech		(3,690	)		(251,476	)		17				0.0	(a)
Health Care Providers & Services
Korian SA		(7,845	)		(254,949	)		8				0.0	(a)
Hotels, Restaurants & Leisure
Accor SA		(5,208	)		(259,816	)		44				0.0	(a)
NH Hotel Group SA		(39,773	)		(251,463	)		107				0.0	(a)
		(44,981	)		(511,279	)		151				0.0	(a)
Internet & Direct Marketing Retail
Yoox Net-A-Porter Group SpA*		(1,836	)		(68,581	)		70				0.0	(a)
Zalando SE* (b)		(4,535	)		(228,297	)		(1,383	)			0.0	(a)
		(6,371	)		(296,878	)		(1,313	)			0.0	(a)
IT Services
Tieto OYJ		(7,396	)		(226,441	)		226				0.0	(a)
Leisure Products
Amer Sports OYJ*		(9,821	)		(244,353	)		119				0.0	(a)
Life Sciences Tools & Services
MorphoSys AG*		(3,086	)		(267,832	)		191				0.0	(a)
Machinery										��
Alstom SA		(5,678	)		(229,711	)		60				0.0	(a)
Heidelberger Druckmaschinen AG*		(57,060	)		(228,110	)		(795	)			0.0	(a)
KION Group AG		(2,664	)		(213,460	)		(242	)			0.0	(a)
		(65,402	)		(671,281	)		(977	)			0.0	(a)
Media
Altice NV*		(7,855	)		(148,134	)		48				0.0	(a)
JCDecaux SA		(7,032	)		(269,004	)		78				0.0	(a)
		(14,887	)		(417,138	)		126				0.0	(a)
Metals & Mining
thyssenkrupp AG		(8,366	)		(224,427	)		(1,215	)			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Professional Services
Bureau Veritas SA		(10,008	)		(267,997	)		74			0.0	(a)
Road & Rail
Europcar Groupe SA (b)		(16,295	)		(233,044	)		45			0.0	(a)
Transportation Infrastructure
Groupe Eurotunnel SE (Registered)		(19,220	)		(241,571	)		—			0.0
Total Common Stocks		(420,837	)		(6,887,431	)		(5,015	)		0.0	(a)
Right
Construction & Engineering
Ferrovial SA		(11,091	)		(5,336	)		—			0.0
Total Short Positions of Total Return Basket Swaps		(431,928	)		(6,892,767	)		(5,015	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in JPY based on the local currencies of the positions within the swaps.		10/19/2018	$	(8,204,733	)	$	(55,222	)	$	—	$	(55,222	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Bridgestone Corp.*		2,700		128,980		991		0.0	(a)
Sumitomo Rubber Industries Ltd.*		6,500		123,420		857		0.0	(a)
		9,200		252,400		1,848		0.0	(a)
Building Products
Nichias Corp.		12,000		156,251		586		0.0	(a)
Chemicals
Hitachi Chemical Co. Ltd.		4,300		122,618		1,036		0.0	(a)
Kuraray Co. Ltd.*		6,900		135,893		993		0.0	(a)
Mitsubishi Chemical Holdings Corp.		10,900		113,854		976		0.0	(a)
Mitsubishi Gas Chemical Co., Inc.		5,500		134,545		1,090		0.0	(a)
Mitsui Chemicals, Inc.		4,200		129,511		968		0.0	(a)
		31,800		636,421		5,063		0.0	(a)
Construction & Engineering
Obayashi Corp.		13,000		170,213		1,003		0.0	(a)
Taisei Corp.		2,200		121,895		582		0.0	(a)
		15,200		292,108		1,585		0.0	(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		600		29,008		129		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Electrical Equipment
Fuji Electric Co. Ltd.		21,000			152,147			1,257			0.0	(a)
Health Care Providers & Services
BML, Inc.*		4,900			108,475			654			0.0	(a)
Miraca Holdings, Inc.		2,800			130,276			501			0.0	(a)
		7,700			238,751			1,155			0.0	(a)
Internet Software & Services
Mixi, Inc.		2,800			136,505			575			0.0	(a)
Leisure Products
Bandai Namco Holdings, Inc.		4,300			147,353			811			0.0	(a)
Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		14,700			75,908			511			0.0	(a)
Showa Shell Sekiyu KK*		10,700			126,230			885			0.0	(a)
		25,400			202,138			1,396			0.0	(a)
Pharmaceuticals
Astellas Pharma, Inc.		8,800			117,118			370			0.0	(a)
Mitsubishi Tanabe Pharma Corp.		5,800			127,654			438			0.0	(a)
Shionogi & Co. Ltd.		2,700			145,360			820			0.0	(a)
		17,300			390,132			1,628			0.0	(a)
Semiconductors & Semiconductor Equipment
Ulvac, Inc.		1,600			113,350			919			0.0	(a)
Specialty Retail
Kohnan Shoji Co. Ltd.*		5,500			117,549			491			0.0	(a)
Trading Companies & Distributors
Sumitomo Corp.		8,700			125,838			852			0.0	(a)
Wireless Telecommunication Services
NTT DOCOMO, Inc.		5,200			125,937			585			0.0	(a)
Total Long Positions of Total Return Basket Swaps		168,300			3,115,888			18,880			0.0	(a)
Short Positions
Common Stocks
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(11,000	)		(224,904	)		(1,285	)		0.0	(a)
Banks
Suruga Bank Ltd.		(12,100	)		(275,500	)		(2,225	)		0.0	(a)
Chemicals
Nippon Shokubai Co. Ltd.		(3,300	)		(248,922	)		(1,941	)		0.0	(a)
Tokyo Ohka Kogyo Co. Ltd.		(7,700	)		(281,589	)		(2,248	)		0.0	(a)
Toray Industries, Inc.		(26,400	)		(267,211	)		(1,714	)		0.0	(a)
		(37,400	)		(797,722	)		(5,903	)		0.0	(a)
Commercial Services & Supplies
Sohgo Security Services Co. Ltd.		(4,800	)		(231,254	)		(1,607	)		0.0	(a)
Construction & Engineering
JGC Corp.*		(14,300	)		(239,846	)		(2,278	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Consumer Finance
Acom Co. Ltd.*		(52,400	)		(217,842	)		(1,246	)		0.0	(a)
Aiful Corp.*		(72,200	)		(251,846	)		(2,301	)		0.0	(a)
		(124,600	)		(469,688	)		(3,547	)		0.0	(a)
Electric Utilities
Chugoku Electric Power Co., Inc. (The)		(23,200	)		(258,683	)		(1,393	)		0.0	(a)
Hokkaido Electric Power Co., Inc.		(32,100	)		(252,960	)		(1,422	)		0.0	(a)
Hokuriku Electric Power Co.		(11,500	)		(101,615	)		(476	)		0.0	(a)
		(66,800	)		(613,258	)		(3,291	)		0.0	(a)
Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(8,700	)		(266,255	)		(2,665	)		0.0	(a)
TDK Corp.		(3,500	)		(268,938	)		(2,063	)		0.0	(a)
		(12,200	)		(535,193	)		(4,728	)		0.0	(a)
Food & Staples Retailing
Aeon Co. Ltd.		(16,800	)		(259,853	)		(1,215	)		0.0	(a)
Sugi Holdings Co. Ltd.		(4,600	)		(233,459	)		(435	)		0.0	(a)
Tsuruha Holdings, Inc.*		(2,100	)		(260,364	)		(1,246	)		0.0	(a)
		(23,500	)		(753,676	)		(2,896	)		0.0	(a)
Food Products
Kameda Seika Co. Ltd.*		(5,700	)		(258,143	)		(476	)		0.0	(a)
Kikkoman Corp.		(6,300	)		(216,219	)		(1,242	)		0.0	(a)
Nissin Foods Holdings Co. Ltd.		(3,500	)		(220,385	)		(913	)		0.0	(a)
		(15,500	)		(694,747	)		(2,631	)		0.0	(a)
Health Care Equipment & Supplies
Sysmex Corp.		(3,700	)		(253,227	)		(1,690	)		0.0	(a)
Terumo Corp.*		(6,300	)		(262,523	)		(1,835	)		0.0	(a)
		(10,000	)		(515,750	)		(3,525	)		0.0	(a)
Hotels, Restaurants & Leisure
Create Restaurants Holdings, Inc.*		(25,000	)		(267,985	)		(846	)		0.0	(a)
HIS Co. Ltd.		(3,800	)		(127,244	)		(415	)		0.0	(a)
Kyoritsu Maintenance Co. Ltd.*		(4,900	)		(154,756	)		(911	)		0.0	(a)
		(33,700	)		(549,985	)		(2,172	)		0.0	(a)
Household Durables
Pioneer Corp.*		(126,100	)		(244,181	)		(1,307	)		0.0	(a)
Industrial Conglomerates
Keihan Holdings Co. Ltd.		(7,000	)		(213,890	)		(882	)		0.0	(a)
Internet & Direct Marketing Retail
Rakuten, Inc.		(22,000	)		(235,418	)		(1,497	)		0.0	(a)
Internet Software & Services
GMO internet, Inc.		(15,600	)		(241,009	)		(1,875	)		0.0	(a)
Yahoo Japan Corp.*		(56,200	)		(251,262	)		(672	)		0.0	(a)
		(71,800	)		(492,271	)		(2,547	)		0.0	(a)
Machinery
FANUC Corp.		(1,100	)		(257,206	)		(2,099	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Marine
Nippon Yusen KK*		(12,600	)		(266,485	)		(2,417	)		0.0	(a)
Media
LIFULL Co. Ltd.		(5,700	)		(43,801	)		(238	)		0.0	(a)
Multiline Retail
Don Quijote Holdings Co. Ltd.		(5,300	)		(222,309	)		(1,602	)		0.0	(a)
Isetan Mitsukoshi Holdings Ltd.		(19,900	)		(216,926	)		(2,008	)		0.0	(a)
Marui Group Co. Ltd.		(15,500	)		(237,222	)		(2,074	)		0.0	(a)
		(40,700	)		(676,457	)		(5,684	)		0.0	(a)
Pharmaceuticals
Chugai Pharmaceutical Co. Ltd.*		(5,100	)		(243,152	)		(946	)		0.0	(a)
Real Estate Management & Development
Mitsubishi Estate Co. Ltd.*		(13,400	)		(243,003	)		(1,943	)		0.0	(a)
Road & Rail
Keio Corp.		(5,200	)		(226,869	)		(1,408	)		0.0	(a)
Kintetsu Group Holdings Co. Ltd.*		(6,300	)		(242,253	)		(1,235	)		0.0	(a)
Odakyu Electric Railway Co. Ltd.		(11,400	)		(223,010	)		(1,436	)		0.0	(a)
Tokyu Corp.		(15,800	)		(239,008	)		(1,393	)		0.0	(a)
		(38,700	)		(931,140	)		(5,472	)		0.0	(a)
Software
LINE Corp.*		(7,300	)		(302,367	)		(2,868	)		0.0	(a)
Nintendo Co. Ltd.		(600	)		(232,777	)		(1,653	)		0.0	(a)
		(7,900	)		(535,144	)		(4,521	)		0.0	(a)
Specialty Retail
Fast Retailing Co. Ltd.		(700	)		(234,203	)		(2,665	)		0.0	(a)
IDOM, Inc.*		(14,800	)		(107,930	)		(677	)		0.0	(a)
		(15,500	)		(342,133	)		(3,342	)		0.0	(a)
Technology Hardware, Storage & Peripherals
Ricoh Co. Ltd.		(23,100	)		(214,364	)		(1,862	)		0.0	(a)
Trading Companies & Distributors
MonotaRO Co. Ltd.*		(8,700	)		(239,577	)		(1,619	)		0.0	(a)
Transportation Infrastructure
Mitsubishi Logistics Corp.		(9,300	)		(240,876	)		(1,638	)		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(774,600	)		(11,320,621	)		(74,102	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(606,300	)		(8,204,733	)		(55,222	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, which is denominated in AUD based on the local currencies of the positions within the swaps.		10/18/2018	$	(751,083	)	$	(1,357	)	$	—	$	(1,357	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Metals & Mining
Fortescue Metals Group Ltd.		22,105			78,597			97			0.0	(a)
Rio Tinto Ltd.		2,561			136,466			340			0.0	(a)
		24,666			215,063			437			0.0	(a)
Total Long Positions of Total Return Basket Swaps		24,666			215,063			437			0.0	(a)
Short Positions
Common Stocks
Capital Markets
Platinum Asset Management Ltd.		(13,175	)		(73,635	)		(25	)		0.0	(a)
Health Care Providers & Services
Healthscope Ltd.		(171,545	)		(257,684	)		(352	)		0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(3,517	)		(125,743	)		(335	)		0.0	(a)
Internet Software & Services
NEXTDC Ltd.*		(63,208	)		(250,023	)		(401	)		0.0	(a)
Metals & Mining
Iluka Resources Ltd.		(34,236	)		(246,702	)		(661	)		0.0	(a)
Professional Services
IPH Ltd.		(2,756	)		(12,359	)		(20	)		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(288,437	)		(966,146	)		(1,794	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(263,771	)		(751,083	)		(1,357	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in CHF based on the local currencies of the positions within the swaps.		03/29/2019	$	(756,833	)	$	(222	)	$	—	$	(222	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Electrical Equipment
ABB Ltd. (Registered)		926			24,182			(24	)		0.0	(a)
Short Positions
Common Stocks
Machinery
Burckhardt Compression Holding AG		(847	)		(252,331	)		32			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Semiconductors & Semiconductor Equipment
ams AG		(3,199	)		(291,866	)		(232	)		0.0	(a)
Specialty Retail
Dufry AG (Registered)*		(1,591	)		(236,818	)		2			0.0	(a)
Total Short Positions of Total Return Basket Swaps		(5,637	)		(781,015	)		(198	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(4,711	)		(756,833	)		(222	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in GBP based on the local currencies of the positions within the swaps.		03/29/2019	$	644,931	$	(25	)	$	—	$	(25	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
Sole Realisation Co. plc*‡		153			142			—			0.0
Food & Staples Retailing
Booker Group plc		90,905			242,920			—			0.0
IT Services
Paysafe Group plc*		75,624			588,578			—			0.0
Total Long Positions of Total Return Basket Swaps		166,682			831,640			—			0.0
Short Positions
Common Stocks
Food & Staples Retailing
Tesco plc		(77,486	)		(186,709	)		(25	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		89,196			644,931			(25	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in USD based on the local currencies of the positions within the swaps.		10/18/2018	$	2,405,892	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Banks
MainSource Financial Group, Inc.		3,208			120,910			—		0.0
Diversified Telecommunication Services
Level 3 Communications, Inc.*		784			42,046			—		0.0
Health Care Equipment & Supplies
CR Bard, Inc.		5,448			1,781,877			—		0.0
Internet & Direct Marketing Retail
HSN, Inc.		14,258			537,527			—		0.0
Media
Time Warner, Inc.		16,319			1,603,995			—		0.0
Oil, Gas & Consumable Fuels
Rice Energy, Inc.*		41,768			1,184,123			—		0.0
Semiconductors & Semiconductor Equipment
IXYS Corp.*		5,124			126,563			—		0.0
Total Long Positions of Total Return Basket Swaps		86,909			5,397,041			—		0.0
Short Positions
Common Stocks
Banks
First Financial Bancorp		(4,406	)		(120,284	)		—		0.0
Diversified Telecommunication Services
AT&T, Inc.		(25,005	)		(841,418	)		—		0.0
CenturyLink, Inc.		(1,108	)		(21,041	)		—		0.0
		(26,113	)		(862,459	)		—		0.0
Electronic Equipment, Instruments & Components
Littelfuse, Inc.		(321	)		(67,089	)		—		0.0
Health Care Equipment & Supplies
Becton Dickinson and Co.		(2,737	)		(571,130	)		—		0.0
Internet & Direct Marketing Retail
Liberty Interactive Corp. QVC Group*		(23,290	)		(529,149	)		—		0.0
Oil, Gas & Consumable Fuels
EQT Corp.		(13,448	)		(841,038	)		—		0.0
Total Short Positions of Total Return Basket Swaps		(70,315	)		(2,991,149	)		—		0.0
Total of Long and Short Positions of Total Return Basket Swaps		16,594			2,405,892			—		0.0

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, which is denominated in CAD based on the local currencies of the positions within the swaps.		10/18/2018 to 10/22/2018	$	426,324	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food & Staples Retailing
Jean Coutu Group PJC, Inc. (The)		13,533			256,792			—		0.0
Metals & Mining
Richmont Mines, Inc.*		26,860			233,810			—		0.0
Total Long Positions of Total Return Basket Swaps		40,393			490,602			—		0.0
Short Positions
Common Stocks
Food & Staples Retailing
Metro, Inc.		(2,042	)		(64,278	)		—		0.0
Total of Long and Short Positions of Total Return Basket Swaps		38,351			426,324			—		0.0

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month EURIBOR on short positions, which is denominated in EUR based on the local currencies of the positions within the swaps.		04/30/2019	$	(427,302	)	$	(409	)	$	—	$	(409	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Construction & Engineering
HOCHTIEF AG		(2,419	)		(427,302	)		(409	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, which is denominated in AUD based on the local currencies of the positions within the swaps.		10/18/2018	$	33,143	$	121	$	—	$	121

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Hotels, Restaurants & Leisure
Tatts Group Ltd.		70,285			224,676			361			0.0	(a)
Short Positions
Common Stocks
Hotels, Restaurants & Leisure
Tabcorp Holdings Ltd.		(55,666	)		(191,533	)		(240	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		14,619			33,143			121			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.0% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.		09/12/2019	$	2,813,663	$	41	$	—	$	41

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Banks
Aldermore Group plc*		51,816			207,147			—			0.0
Capital Markets
Sole Realisation Co. plc*‡		698			649			—			0.0
Health Care Providers & Services
Spire Healthcare Group plc* (b)		64,054			252,736			68			0.0	(a)
IT Services
Paysafe Group plc*		57,395			446,703			—			0.0
Media
Sky plc		139,685			1,749,452			(27	)		0.0	(a)
Semiconductors & Semiconductor Equipment
Imagination Technologies Group plc*		112,914			270,690			—			0.0
Total Long Positions of Total Return Basket Swaps		426,562			2,927,377			41			0.0	(a)
Short Positions
Common Stocks
Health Care Providers & Services
Mediclinic International plc		(14,711	)		(113,714	)		—			0.0
Total of Long and Short Positions of Total Return Basket Swaps		411,851			2,813,663			41			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.0% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		09/12/2019	$	1,096,412	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Consumer Services
Capella Education Co.		3,871			315,293			—		0.0
Diversified Telecommunication Services
Level 3 Communications, Inc.*		29,385			1,575,918			—		0.0
Household Durables
CalAtlantic Group, Inc.		30,000			1,480,200			—		0.0
Independent Power and Renewable Electricity Producers
Dynegy, Inc.*		79,900			994,755			—		0.0
Total Long Positions of Total Return Basket Swaps		143,156			4,366,166			—		0.0
Short Positions
Common Stocks
Diversified Consumer Services
Strayer Education, Inc.*		(3,353	)		(314,277	)		—		0.0
Diversified Telecommunication Services
CenturyLink, Inc.		(41,560	)		(789,224	)		—		0.0
Household Durables
Lennar Corp.		(20,300	)		(1,130,101	)		—		0.0
Independent Power and Renewable Electricity Producers
Vistra Energy Corp.		(53,300	)		(1,036,152	)		—		0.0
Total Short Positions of Total Return Basket Swaps		(118,513	)		(3,269,754	)		—		0.0
Total of Long and Short Positions of Total Return Basket Swaps		24,643			1,096,412			—		0.0

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month CDOR on long positions, plus or minus a specified spread (rates range from 0.0% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.		09/12/2019	$	419,143	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Construction & Engineering
Aecon Group, Inc.		27,830		419,143		—		0.0

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.25% to 0.75%), which is denominated in EUR based on the local currencies of the positions within the swaps.		09/12/2019	$	3,215,506	$	(577	)	$	—	$	(577	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Zodiac Aerospace		25,080		716,857		(357	)		0.0	(a)
Beverages
Refresco Group NV(b)		8,704		201,256		—			0.0
Machinery
Pfeiffer Vacuum Technology AG		524		84,141		—			0.0
Pharmaceuticals
STADA Arzneimittel AG		2,810		270,205		—			0.0
Transportation Infrastructure
Abertis Infraestructuras SA		89,836		1,943,047		(220	)		0.0	(a)
Total Long Positions of Total Return Basket Swaps		126,954		3,215,506		(577	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.0% to 0.40%), which is denominated in JPY based on the local currencies of the positions within the swaps.		09/12/2019	$	195,553	$	1,490	$	—	$	1,490

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Media
Asatsu-DK, Inc.*		5,900		195,553		1,490		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.0% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.		09/12/2019	$	393,701	$	470	$	—	$	470

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Hotels, Restaurants & Leisure
Mantra Group Ltd.		108,476			324,124			338			0.0	(a)
Tatts Group Ltd.		113,716			363,510			584			0.0	(a)
		222,192			687,634			922			0.0	(a)
Metals & Mining
Westgold Resources Ltd.*		10,783			15,411			(63	)		0.0	(a)
Total Common Stocks		232,975			703,045			859			0.0	(a)
Warrant
Metals & Mining
Westgold Resources Ltd.*		2,156			536			—			0.0
Total Long Positions of Total Return Basket Swaps		235,131			703,581			859			0.0	(a)
Short Positions
Common Stocks
Hotels, Restaurants & Leisure
Tabcorp Holdings Ltd.		(90,062	)		(309,880	)		(389	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		145,069			393,701			470			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month STIBOR on long positions, plus or minus a specified spread (rates range from 0.0% to 0.35%), which is denominated in SEK based on the local currencies of the positions within the swaps.		09/12/2019	$	398,888	$	(38	)	$	—	$	(38	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Health Care Equipment & Supplies
Getinge AB		20,265		398,888		(38	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month CIBOR on long positions, plus or minus a specified spread (rates range from 0.0% to 0.20%), which is denominated in DKK based on the local currencies of the positions within the swaps.		09/25/2020	$	922,010	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
IT Services
Nets A/S* (b)		36,113		922,010		—		0.0

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.0% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.		09/12/2019	$	6,833,900	$	531	$	—	$	531

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
International Consolidated Airlines Group SA		33,783		285,327		(40	)		0.0	(a)
Capital Markets
3i Group plc		21,147		269,881		(29	)		0.0	(a)
Investec plc		37,055		253,553		(148	)		0.0	(a)
		58,202		523,434		(177	)		0.0	(a)
Chemicals
Synthomer plc		43,765		284,588		(116	)		0.0	(a)
Commercial Services & Supplies
G4S plc		71,538		266,938		(49	)		0.0	(a)
Construction & Engineering
Kier Group plc		17,075		235,711		(142	)		0.0	(a)
Energy Equipment & Services
Petrofac Ltd.		44,777		249,455		94			0.0	(a)
Equity Real Estate Investment Trusts (REITs)
UNITE Group plc (The)		31,896		297,810		—			0.0
Food & Staples Retailing
Wm Morrison Supermarkets plc		82,236		244,875		—			0.0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY		SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Carnival plc			3,776			248,945			146			0.0	(a)
William Hill plc			82,685			283,735			(35	)		0.0	(a)
			86,461			532,680			111			0.0	(a)
	��
Household Durables
Barratt Developments plc			35,964			312,701			75			0.0	(a)
Bellway plc			7,042			341,437			59			0.0	(a)
Berkeley Group Holdings plc			6,193			307,706			—			0.0
Crest Nicholson Holdings plc			40,802			307,030			37			0.0	(a)
Persimmon plc			7,513			279,595			—			0.0
Redrow plc			33,381			288,621			—			0.0
Taylor Wimpey plc			119,069			315,542			50			0.0	(a)
			249,964			2,152,632			221			0.0	(a)
Household Products
Reckitt Benckiser Group plc			2,939			262,942			46			0.0	(a)
Insurance
Aviva plc			41,068			275,502			52			0.0	(a)
Metals & Mining
Centamin plc			135,753			251,246			87			0.0	(a)
Rio Tinto plc			5,639			266,503			740			0.0	(a)
			141,392			517,749			827			0.0	(a)
Multiline Retail
Marks & Spencer Group plc			59,629			272,528			14			0.0	(a)
Multi-Utilities
Centrica plc			101,673			229,290			(3	)		0.0	(a)
Paper & Forest Products
Mondi plc			10,828			261,867			(15	)		0.0	(a)
Wireless Telecommunication Services
Vodafone Group plc			93,731			268,102			(295	)		0.0	(a)
Total Long Positions of Total Return Basket Swaps			1,170,957			7,161,430			528			0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Cobham plc*			(12,065	)		(22,274	)		—			0.0
IT Services
NCC Group plc			(64,383	)		(196,674	)		—			0.0
Multiline Retail
B&M European Value Retail SA			(20,578	)		(108,582	)		3			0.0	(a)
Total Short Positions of Total Return Basket Swaps			(97,026	)		(327,530	)		3			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps			1,073,931			6,833,900			531			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.0% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.		09/12/2019	$	5,494,134	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Linamar Corp.		5,074		307,877		—		0.0
Magna International, Inc.		5,967		325,523		—		0.0
		11,041		633,400		—		0.0
Banks
Bank of Nova Scotia (The)		4,588		296,170		—		0.0
Laurentian Bank of Canada		5,729		266,444		—		0.0
National Bank of Canada		6,347		308,027		—		0.0
Royal Bank of Canada		3,816		298,364		—		0.0
Toronto-Dominion Bank (The)		5,512		313,348		—		0.0
		25,992		1,482,353		—		0.0
Commercial Services & Supplies
Transcontinental, Inc.		14,071		312,374		—		0.0
Distributors
Uni-Select, Inc.		13,756		297,277		—		0.0
Energy Equipment & Services
Enerflex Ltd.		19,193		261,094		—		0.0
Food Products
Maple Leaf Foods, Inc.		10,899		282,676		—		0.0
Independent Power and Renewable Electricity Producers
TransAlta Renewables, Inc.		24,571		264,927		—		0.0
IT Services
CGI Group, Inc.*		5,398		286,825		—		0.0
Media
Cogeco Communications, Inc.		4,063		292,104		—		0.0
Oil, Gas & Consumable Fuels
Bonavista Energy Corp.		101,539		215,655		—		0.0
Enerplus Corp.		31,704		290,720		—		0.0
Parex Resources, Inc.*		22,781		303,017		—		0.0
		156,024		809,392		—		0.0
Paper & Forest Products
West Fraser Timber Co. Ltd.		4,640		282,227		—		0.0
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		9,877		306,929		—		0.0
Trading Companies & Distributors
Toromont Industries Ltd.		2,761		121,710		—		0.0
Total Long Positions of Total Return Basket Swaps		302,286		5,633,288		—		0.0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(37,825	)		(80,042	)		—		0.0
Oil, Gas & Consumable Fuels
MEG Energy Corp.*		(13,309	)		(59,112	)		—		0.0
Total Short Positions of Total Return Basket Swaps		(51,134	)		(139,154	)		—		0.0
Total of Long and Short Positions of Total Return Basket Swaps		251,152			5,494,134			—		0.0

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, plus or minus a specified spread (rates range from 0.0% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		09/12/2019	$	(31,190	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Food & Staples Retailing
Smart & Final Stores, Inc.*		(2,101	)		(12,606	)		—		0.0
Hotels, Restaurants & Leisure
Wynn Resorts Ltd.		(126	)		(18,584	)		—		0.0
Total Short Positions of Total Return Basket Swaps		(2,227	)		(31,190	)		—		0.0

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.25% to 0.75%), which is denominated in EUR based on the local currencies of the positions within the swaps.		09/12/2019	$	13,530,326	$	3,220	$	—	$	3,220

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
Cia de Distribucion Integral Logista Holdings SA		11,477		268,876		(41	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Airlines
Deutsche Lufthansa AG (Registered)		9,893		317,841		2,087			0.0	(a)
Auto Components
Cie Generale des Etablissements Michelin		2,115		306,139		153			0.0	(a)
Automobiles
Peugeot SA		12,959		307,460		44			0.0	(a)
Banks
Banco de Sabadell SA		140,200		280,710		(23	)		0.0	(a)
Chemicals
Covestro AG (b)		3,708		356,449		714			0.0	(a)
Lenzing AG		1,711		231,593		—			0.0
		5,419		588,042		714			0.0	(a)
Construction & Engineering
Eiffage SA		2,723		284,433		(54	)		0.0	(a)
Maire Tecnimont SpA		45,891		257,318		(126	)		0.0	(a)
		48,614		541,751		(180	)		0.0	(a)
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		15,838		286,784		(1,757	)		0.0	(a)
Telefonica Deutschland Holding AG		54,953		280,308		1,023			0.0	(a)
Telefonica SA		26,147		274,164		(135	)		0.0	(a)
		96,938		841,256		(869	)		0.0	(a)
Electric Utilities
EDP — Energias de Portugal SA		66,784		238,166		(114	)		0.0	(a)
Endesa SA		12,047		275,735		(13	)		0.0	(a)
Enel SpA		50,942		315,926		(59	)		0.0	(a)
Iberdrola SA		35,992		290,852		(26	)		0.0	(a)
Verbund AG		11,496		279,171		(235	)		0.0	(a)
		177,261		1,399,850		(447	)		0.0	(a)
Electrical Equipment
Philips Lighting NV (b)		7,726		292,823		110			0.0	(a)
Energy Equipment & Services
Tecnicas Reunidas SA		8,780		282,691		109			0.0	(a)
Food & Staples Retailing
Distribuidora Internacional de Alimentacion SA		47,331		231,495		(65	)		0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		6,392		260,493		228			0.0	(a)
Insurance
Allianz SE (Registered)		1,376		321,239		1,715			0.0	(a)
ASR Nederland NV		7,699		315,618		(62	)		0.0	(a)
CNP Assurances		12,130		282,174		(65	)		0.0	(a)
Talanx AG		7,028		276,010		—			0.0
		28,233		1,195,041		1,588			0.0	(a)
IT Services
Sopra Steria Group		1,409		264,327		—			0.0
Machinery
Cargotec OYJ		4,920		290,444		(121	)		0.0	(a)
Construcciones y Auxiliar de Ferrocarriles SA		6,447		265,471		—			0.0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Machinery — continued
Fincantieri SpA*		212,610			264,221			(278	)		0.0	(a)
Valmet OYJ		13,503			261,807			(80	)		0.0	(a)
		237,480			1,081,943			(479	)		0.0	(a)
Media
Metropole Television SA		11,367			262,790			(41	)		0.0	(a)
Multi-Utilities
A2A SpA		173,124			297,310			(144	)		0.0	(a)
Engie SA		17,923			302,934			—			0.0
Iren SpA		114,798			315,852			—			0.0
REN — Redes Energeticas Nacionais SGPS SA		85,768			272,361			(85	)		0.0	(a)
		391,613			1,188,457			(229	)		0.0	(a)
Oil, Gas & Consumable Fuels
Eni SpA		18,565			303,501			(120	)		0.0	(a)
Gaztransport Et Technigaz SA		5,059			247,614			(9	)		0.0	(a)
Neste OYJ		6,664			370,994			(289	)		0.0	(a)
OMV AG		5,043			302,648			(351	)		0.0	(a)
Repsol SA		14,733			276,088			41			0.0	(a)
TOTAL SA		5,684			316,816			(132	)		0.0	(a)
		55,748			1,817,661			(860	)		0.0	(a)
Paper & Forest Products
UPM-Kymmene OYJ		10,443			313,627			(218	)		0.0	(a)
Pharmaceuticals
Bayer AG (Registered)		2,192			285,133			(76	)		0.0	(a)
Merck KGaA		2,556			274,241			652			0.0	(a)
Sanofi		2,975			281,693			(12	)		0.0	(a)
		7,723			841,067			564			0.0	(a)
Real Estate Management & Development
CA Immobilien Anlagen AG		9,220			263,128			—			0.0
Nexity SA		5,387			331,097			88			0.0	(a)
TAG Immobilien AG		17,930			309,111			733			0.0	(a)
		32,537			903,336			821			0.0	(a)
Technology Hardware, Storage & Peripherals
Neopost SA		6,128			225,882			30			0.0	(a)
Textiles, Apparel & Luxury Goods
Moncler SpA		8,935			253,652			(93	)		0.0	(a)
Total Long Positions of Total Return Basket Swaps		1,366,721			14,267,210			2,903			0.0	(a)
Short Positions
Common Stocks
Chemicals
OCI NV*		(9,618	)		(228,166	)		(7	)		0.0	(a)
Internet & Direct Marketing Retail
Yoox Net-A-Porter Group SpA*		(4,151	)		(155,055	)		158			0.0	(a)
Media
Altice NV*		(5,259	)		(99,177	)		32			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Metals & Mining
Eramet*		(3,090	)		(254,486	)		134		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(22,118	)		(736,884	)		317		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		1,344,603			13,530,326			3,220		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.0% to 0.40%), which is denominated in JPY based on the local currencies of the positions within the swaps.		09/12/2019	$	9,447,839	$	58,547	$	—	$	58,547

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Bridgestone Corp.*		4,100		195,859		1,505		0.0	(a)
NHK Spring Co. Ltd.		26,600		304,414		3,101		0.0	(a)
Sumitomo Rubber Industries Ltd.*		10,100		191,776		1,332		0.0	(a)
TS Tech Co. Ltd.		9,400		336,651		2,664		0.0	(a)
Unipres Corp.		10,200		275,398		3,589		0.0	(a)
		60,400		1,304,098		12,191		0.0	(a)
Building Products
Asahi Glass Co. Ltd.*		6,700		262,574		1,539		0.0	(a)
Nichias Corp.		12,000		156,251		586		0.0	(a)
Nichiha Corp.*		8,200		329,800		949		0.0	(a)
Takasago Thermal Engineering Co. Ltd.*		17,100		301,085		1,360		0.0	(a)
		44,000		1,049,710		4,434		0.0	(a)
Chemicals
Hitachi Chemical Co. Ltd.		5,400		153,985		1,301		0.0	(a)
Kuraray Co. Ltd.*		7,700		151,648		1,109		0.0	(a)
Mitsubishi Chemical Holdings Corp.		17,000		177,570		1,523		0.0	(a)
Mitsubishi Gas Chemical Co., Inc.		6,700		163,900		1,328		0.0	(a)
Mitsui Chemicals, Inc.		6,000		185,016		1,383		0.0	(a)
Sumitomo Bakelite Co. Ltd.		38,000		309,023		1,895		0.0	(a)
Tosoh Corp.		12,000		258,969		1,672		0.0	(a)
		92,800		1,400,111		10,211		0.0	(a)
Construction & Engineering
Kinden Corp.		17,100		288,783		1,539		0.0	(a)
Nishimatsu Construction Co. Ltd.*		10,200		307,940		1,146		0.0	(a)
Obayashi Corp.		11,300		147,954		872		0.0	(a)
Okumura Corp.*		8,200		313,895		1,271		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Construction & Engineering — continued
Taisei Corp.		2,800		155,140		740		0.0	(a)
Toda Corp.*		42,000		342,182		1,986		0.0	(a)
		91,600		1,555,894		7,554		0.0	(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		5,400		261,077		1,157		0.0	(a)
Electrical Equipment
Fuji Electric Co. Ltd.		29,000		210,108		1,736		0.0	(a)
Electronic Equipment, Instruments & Components
Azbil Corp.*		6,100		266,367		1,348		0.0	(a)
Energy Equipment & Services
Modec, Inc.*		11,500		265,091		1,320		0.0	(a)
Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		3,800		273,270		1,232		0.0	(a)
Food Products
Prima Meat Packers Ltd.*		39,000		254,847		689		0.0	(a)
Health Care Equipment & Supplies
Hoya Corp.		5,500		298,819		1,871		0.0	(a)
Nikkiso Co. Ltd.*		31,700		297,788		2,269		0.0	(a)
		37,200		596,607		4,140		0.0	(a)
Health Care Providers & Services
BML, Inc.*		9,100		201,453		1,214		0.0	(a)
Miraca Holdings, Inc.		3,500		162,844		627		0.0	(a)
		12,600		364,297		1,841		0.0	(a)
Household Durables
Starts Corp., Inc.*		11,200		303,756		1,360		0.0	(a)
Internet Software & Services
Mixi, Inc.		2,400		117,005		493		0.0	(a)
IT Services
NEC Networks & System Integration Corp.*		11,200		279,108		1,928		0.0	(a)
Leisure Products
Bandai Namco Holdings, Inc.		4,000		137,072		755		0.0	(a)
Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		39,300		202,937		1,365		0.0	(a)
Showa Shell Sekiyu KK*		15,400		181,678		1,274		0.0	(a)
		54,700		384,615		2,639		0.0	(a)
Pharmaceuticals
Astellas Pharma, Inc.		15,000		199,633		631		0.0	(a)
KYORIN Holdings, Inc.*		13,100		269,044		1,295		0.0	(a)
Mitsubishi Tanabe Pharma Corp.		6,300		138,659		475		0.0	(a)
Shionogi & Co. Ltd.		2,600		139,976		790		0.0	(a)
Tsumura & Co.		7,300		271,315		1,028		0.0	(a)
		44,300		1,018,627		4,219		0.0	(a)
Semiconductors & Semiconductor Equipment
Ulvac, Inc.		2,700		191,279		1,551		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Specialty Retail
Kohnan Shoji Co. Ltd.*		10,300			220,137			920			0.0	(a)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		11,200			272,531			2,738			0.0	(a)
Maxell Holdings Ltd.*		13,100			297,711			1,735			0.0	(a)
		24,300			570,242			4,473			0.0	(a)
Trading Companies & Distributors
Sumitomo Corp.		12,800			185,141			1,254			0.0	(a)
Wireless Telecommunication Services
NTT DOCOMO, Inc.		7,200			174,375			810			0.0	(a)
Total Long Positions of Total Return Basket Swaps		618,500			11,382,834			68,255			0.0	(a)
Short Positions
Common Stocks
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(1,000	)		(20,446	)		(117	)		0.0	(a)
Commercial Services & Supplies
Sohgo Security Services Co. Ltd.		(800	)		(38,542	)		(268	)		0.0	(a)
Consumer Finance
Acom Co. Ltd.*		(3,800	)		(15,798	)		(90	)		0.0	(a)
Electric Utilities
Hokuriku Electric Power Co.		(16,900	)		(149,329	)		(699	)		0.0	(a)
Electronic Equipment, Instruments & Components
Japan Display, Inc.*		(29,300	)		(63,206	)		(1,101	)		0.0	(a)
Food & Staples Retailing
Sugi Holdings Co. Ltd.		(400	)		(20,301	)		(38	)		0.0	(a)
Food Products
Kikkoman Corp.		(2,000	)		(68,641	)		(394	)		0.0	(a)
Nissin Foods Holdings Co. Ltd.		(500	)		(31,484	)		(130	)		0.0	(a)
		(2,500	)		(100,125	)		(524	)		0.0	(a)
Hotels, Restaurants & Leisure
Colowide Co. Ltd.*		(13,500	)		(253,380	)		(1,082	)		0.0	(a)
HIS Co. Ltd.		(4,700	)		(157,380	)		(514	)		0.0	(a)
Kyoritsu Maintenance Co. Ltd.*		(4,100	)		(129,490	)		(762	)		0.0	(a)
		(22,300	)		(540,250	)		(2,358	)		0.0	(a)
Industrial Conglomerates
Keihan Holdings Co. Ltd.		(800	)		(24,445	)		(101	)		0.0	(a)
Toshiba Corp.*		(80,000	)		(231,476	)		—			0.0
		(80,800	)		(255,921	)		(101	)		0.0	(a)
Internet & Direct Marketing Retail
Rakuten, Inc.		(2,600	)		(27,822	)		(177	)		0.0	(a)
Internet Software & Services
GMO internet, Inc.		(3,700	)		(57,162	)		(445	)		0.0	(a)
Media
LIFULL Co. Ltd.		(24,800	)		(190,573	)		(1,037	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

REFERENCE ENTITY	SHARES				NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Multiline Retail
Don Quijote Holdings Co. Ltd.		(500	)			(20,973	)		(151	)		0.0	(a)
Isetan Mitsukoshi Holdings Ltd.		(1,300	)			(14,171	)		(131	)		0.0	(a)
		(1,800	)			(35,144	)		(282	)		0.0	(a)
Pharmaceuticals
Nichi-iko Pharmaceutical Co. Ltd.*		(15,200	)			(236,053	)		(1,313	)		0.0	(a)
Road & Rail
Keio Corp.		(400	)			(17,451	)		(108	)		0.0	(a)
Odakyu Electric Railway Co. Ltd.		(1,000	)			(19,562	)		(126	)		0.0	(a)
		(1,400	)			(37,013	)		(234	)		0.0	(a)
Specialty Retail
IDOM, Inc.*		(20,200	)			(147,310	)		(924	)		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(227,500	)			(1,934,995	)		(9,708	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		391,000		��		9,447,839			58,547			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.0% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps.		09/12/2019	$	2,193,077	$	(199	)	$	—	$	(199	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG* (b)		3,602		299,650		(21	)		0.0	(a)
Electrical Equipment
ABB Ltd. (Registered)		11,277		294,499		(298	)		0.0	(a)
Insurance
Baloise Holding AG (Registered)		1,801		283,941		(24	)		0.0	(a)
Swiss Life Holding AG (Registered)*		802		278,751		(38	)		0.0	(a)
		2,603		562,692		(62	)		0.0	(a)
Pharmaceuticals
Novartis AG (Registered)		3,100		255,686		266			0.0	(a)
Real Estate Management & Development
Allreal Holding AG (Registered)*		1,569		262,242		(84	)		0.0	(a)
Mobimo Holding AG (Registered)*		995		251,331		—			0.0
Swiss Prime Site AG (Registered)*		3,128		266,977		—			0.0
		5,692		780,550		(84	)		0.0	(a)
Total Long Positions of Total Return Basket Swaps		26,274		2,193,077		(199	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2017 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.0% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.		09/12/2019	$	612,338	$	1,259	$	—	$	1,259

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Beverages
Coca-Cola Amatil Ltd.		43,702			272,839			243			0.0	(a)
Food & Staples Retailing
Metcash Ltd.		140,421			290,082			984			0.0	(a)
Media
Nine Entertainment Co. Holdings Ltd.		226,266			259,976			217			0.0	(a)
Metals & Mining
Fortescue Metals Group Ltd.		46,251			164,450			203			0.0	(a)
Rio Tinto Ltd.		3,043			162,150			404			0.0	(a)
		49,294			326,600			607			0.0	(a)
Total Long Positions of Total Return Basket Swaps		459,683			1,149,497			2,051			0.0	(a)
Short Positions
Common Stocks
Capital Markets
Platinum Asset Management Ltd.		(29,828	)		(166,708	)		(57	)		0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(3,710	)		(132,643	)		(353	)		0.0	(a)
Professional Services
IPH Ltd.		(53,029	)		(237,808	)		(382	)		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(86,567	)		(537,159	)		(792	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		373,116			612,338			1,259			0.0	(a)

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Amounts rounds to less than 0.05%.

(b) Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

CVR Contingent Value Rights

(1) Notional value represents market value as of October 31, 2017 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.

(2) Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

The following reference rates, and their values as of year-end, are used for security descriptions:
		VALUE
BA	Banker’sAcceptance Rate		1.26	%
BBR	BankBase Rate		1.26	%
BBSW	ASXAustralia Bank Bill Short Term Rates		1.69	%
CDOR	CanadaBankers Acceptances Rates		1.32	%
CIBOR	CopenhagenInterbank Offered Rates		0.36	%
EURIBOR	EuroInterbank Offered Rate		0.38	%
LIBOR	LondonInterbank Offered Rate		1.38	%
STIBOR	StockholmInterbank Offered Rates		0.46	%

Summary of total OTC swap contracts outstanding as of October 31, 2017:
	NET UPFRONT PAYMENTS (RECEIPTS) $		VALUE $
Assets
OTC Total return basket swaps contracts outstanding		—		66,375
OTC Total return swap contracts outstanding		—		65
Total OTC swap contracts outstanding		—		66,440
Liabilities
Total OTC Total return basket swaps outstanding		—		(63,064	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 43

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2017

	JPMorgan Diversified Alternatives ETF
ASSETS:
Investments in non-affiliates, at value	$	68,608,018
Investments in affiliates, at value		79,678,128
Cash		773,764
Restricted cash		2,000
Restricted cash for OTC derivatives		460,000
Foreign currency, at value		1,138,185
Deposits at broker for futures contracts		3,373,000
Receivables:
Investment securities sold		269,827
Dividends from non-affiliates		25,342
Dividends from affiliates		56,709
Tax reclaims		600
Variation margin on futures contracts		230,995
Unrealized appreciation on forward foreign currency exchange contracts		348,517
Outstanding OTC swap contracts, at value		66,440
Due from counterparty for swap contracts		125,362
Prepaid expenses		5,464
Total Assets		155,162,351
LIABILITIES:
Payables:
Investment securities purchased		304,144
Unrealized depreciation on forward foreign currency exchange contracts		506,953
Outstanding OTC swap contracts, at value		63,064
Due to counterparty for swap contracts		277,647
Accrued liabilities:
Investment advisory fees		34,187
Administration fees		14,331
Custodian and Transfer Agent fees		8,828
Trustees’ and Chief Compliance Officer’s fees		2,381
Accounting fees		4,409
Professional Fees		143,327
Other		20,339
Total Liabilities		1,379,610
Net Assets	$	153,782,741
NET ASSETS:
Paid-in-Capital	$	151,178,269
Accumulated undistributed (distributions in excess of) net investment income		(500,199	)
Accumulated net realized gains (losses)		47,288
Net unrealized appreciation (depreciation)		3,057,383
Total Net Assets	$	153,782,741
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		5,900,000
Net asset value, per share	$	26.06
Cost of investments in non-affiliates	$	65,239,698
Cost of investments in affiliates		79,678,128
Cost of foreign currency		1,140,044

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2017

	JPMorgan Diversified Alternatives ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	666,101
Dividend income from affiliates		256,269
Interest income from affiliates		9,496
Foreign taxes withheld		(51,593	)
Total investment income		880,273
EXPENSES:
Investment advisory fees (Note 3.A)		590,584
Administration fees (Note 3.B)		85,517
Accounting fees (Note 3.D)		116,248
Interest expense to affiliates		2,203
Professional fees		175,408
Trustees’ and Chief Compliance Officer’s fees		15,718
Printing and mailing costs		21,965
Registration and filing fees		30,444
Custodian and Transfer Agent fees (Note 3.C)		14,503
Insurance expense		5,223
Offering costs (Note 2.F)		72,501
Other		9,532
Total expenses		1,139,846
Less fees waived (Note 3.E)		(474,476	)
Less expense reimbursements from non-affiliates (Note 3.C)		(4,200	)
Net expenses		661,170
Net investment income (loss)		219,103
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		947,806
Futures		(885,192	)
Foreign currency transactions		67,229
Forward foreign currency exchange contracts		(370,515	)
Swaps		(966,098	)
Net realized gain (loss)		(1,206,770	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,489,765
Futures		(143,978	)
Foreign currency translations		7,472
Forward foreign currency exchange contracts		(219,140	)
Swaps		5,373
Change in net unrealized appreciation/depreciation		3,139,492
Net realized/unrealized gains (losses)		1,932,722
Change in net assets resulting from operations	$	2,151,825

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 45

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Diversified Alternatives ETF
	Year Ended October 31, 2017			Period Ended October 31, 2016 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	219,103		$	(15,490	)
Net realized gain (loss)		(1,206,770	)		349,346
Change in net unrealized appreciation/depreciation		3,139,492			(82,109	)
Change in net assets resulting from operations		2,151,825			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		100,111,115			51,725,686
NET ASSETS:
Change in net assets		101,805,308			51,977,433
Beginning of period		51,977,433			—
End of period	$	153,782,741		$	51,977,433
Accumulated undistributed (distributions in excess of) net investment income	$	(500,199	)	$	367,786
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	100,111,115		$	51,725,686
Total change in net assets resulting from capital transactions	$	100,111,115		$	51,725,686
SHARE TRANSACTIONS:
Issued		3,850,000			2,050,000
Net increase in shares from share transactions		3,850,000			2,050,000

(a) Commencement of operations was September 12, 2016.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 47

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
Year Ended October 31, 2017	$	25.35	$	0.07		$	0.86	$	0.93	$	(0.21	)	$	(0.01	)	$	(0.22	)	$	26.06
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) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Market price total return is calculated assuming an initial investment made at the beginning of the period market price, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The market price presented to calculate the market price total return is the mid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc.

(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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

48 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	26.09		3.68	%		3.51	%	$	153,782,741		0.76	%		0.25	%		1.31	%		107	%
	25.42		1.44			1.68			51,977,433		0.85	(g)		(0.47	)		6.65	(g)		5

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017

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.

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 Fund.

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”). Effective October 1, 2017, JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund’s distributor. Prior to October 1, 2017, SEI Investments Distribution Co. (“SIDCO”) was the distributor of the Fund. The agreement with JPMDS is substantially similar to the agreement with SIDCO. The Fund issues and redeems its shares on a continuous basis, through the Distributor, 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. 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 Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

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

Investments in open-end investment companies (the “Underlying Fund”) are valued at each Underlying Fund’s NAV per share as of the report date. 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. Swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

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.

50 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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 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 Fund’s assumptions in determining the fair value of investments).

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

The following table represents each valuation input as presented on the Consolidated Schedule of Portfolio Investments (“CSOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	2,158,931	$	—	$	—	$	2,158,931
Auto Components		2,095,190		—		—		2,095,190
Banks		555,529		—		—		555,529
Beverages		271,056		—		—		271,056
Biotechnology		90,727		—		—		90,727
Capital Markets		572,587		—		—		572,587
Chemicals		3,055,973		—		—		3,055,973
Commercial Services & Supplies		879,480		—		—		879,480
Communications Equipment		2,192,535		—		—		2,192,535
Construction & Engineering		314,509		—		—		314,509
Consumer Finance		209,328		—		—		209,328
Containers & Packaging		278,927		—		—		278,927
Diversified Financial Services		269,072		—		—		269,072
Diversified Telecommunication Services		482,272		—		—		482,272
Electric Utilities		629,967		—		—		629,967
Electrical Equipment		591,076		—		—		591,076
Electronic Equipment, Instruments & Components		2,199,397		—		—		2,199,397
Energy Equipment & Services		1,570,643		—		—		1,570,643
Food & Staples Retailing		318,332		—		—		318,332
Food Products		2,912,173		—		—		2,912,173
Gas Utilities		899,913		—		—		899,913
Health Care Equipment & Supplies		1,193,947		—		—		1,193,947
Health Care Providers & Services		2,989,763		—		—		2,989,763
Hotels, Restaurants & Leisure		2,768,362		—		—		2,768,362
Household Durables		1,174,809		—		—		1,174,809
Household Products		1,133,106		—		—		1,133,106
Independent Power and Renewable Electricity Producers		2,363,051		—		—		2,363,051
Industrial Conglomerates		360,400		—		—		360,400
Insurance		2,214,471		—		—		2,214,471
Internet Software & Services		768,197		—		—		768,197
IT Services		2,464,690		—		—		2,464,690
Life Sciences Tools & Services		1,984,330		—		—		1,984,330
Machinery		2,869,426		—		—		2,869,426
Media		3,229,323		—		—		3,229,323
Metals & Mining		352,393		—		—		352,393
Multiline Retail		821,681		—		—		821,681
Multi-Utilities		1,077,514		—		—		1,077,514
Oil, Gas & Consumable Fuels		1,336,767		—		—		1,336,767
Paper & Forest Products		316,092		—		—		316,092
Personal Products		352,112		—		—		352,112

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 51

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Pharmaceuticals	$	3,252,482		$	—		$	—	$	3,252,482
Professional Services		600,539			—			—		600,539
Real Estate Management & Development		70,776			—			—		70,776
Semiconductors & Semiconductor Equipment		4,398,570			—			—		4,398,570
Software		3,350,482			—			—		3,350,482
Specialty Retail		2,727,854			—			—		2,727,854
Technology Hardware, Storage & Peripherals		634,834			—			—		634,834
Textiles, Apparel & Luxury Goods		678,544			—			—		678,544
Trading Companies & Distributors		575,886			—			—		575,886
Total Common Stocks		68,608,018			—			—		68,608,018
Short-Term Investments
Investment Company		79,678,128			—			—		79,678,128
Total Investments in Securities	$	148,286,146		$	—		$	—	$	148,286,146
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	348,517		$	—	$	348,517
Futures		841,232			102,999			—		944,231
Swaps		—			66,375			65		66,440
Total Appreciation in Other Financial Instruments	$	841,232		$	517,891		$	65	$	1,359,188
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(506,953	)	$	—	$	(506,953	)
Futures		(1,104,247	)		(4,350	)		—		(1,108,597	)
Swaps					(63,064	)				(63,064	)
Total Depreciation in Other Financial Instruments	$	(1,104,247	)	$	(574,367	)	$	—	$	(1,678,614	)

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 year ended October 31, 2017. Transfers between fair value levels are valued utilizing values as of the beginning of the year.

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 October 31, 2017, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A.

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 (e.g., 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 con-

52 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

tracts 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 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 Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Total Return Swaps — The Fund used total return swaps to gain long or short exposure to underlying stock. To the extent the total return of the stock underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying stock and interest rate obligations.

(4). 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.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 53

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

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 include 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. The fund may be required to post or receive collateral for the total return basket swaps.

(5). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 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	$	225,658		$	—		$	—		$	225,658
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		143,953			—			66,440			210,393
Foreign exchange contracts	Receivables		—			348,517			—			348,517
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		574,620			—			—			574,620
Total		$	944,231		$	348,517		$	66,440		$	1,359,188
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(595,484	)	$	—		$	—		$	(595,484	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(283,735	)		—			(63,064	)		(346,799	)
Foreign exchange contracts	Payables		—			(506,953	)		—			(506,953	)
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		(229,378	)		—			—			(229,378	)
Total		$	(1,108,597	)	$	(506,953	)	$	(63,064	)	$	(1,678,614	)

(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.

The following tables present the effect of derivatives on the CSOP for the year ended October 31, 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	$	(116,682	)	$	—		$	—		$	(116,682	)
Equity contracts		(193,767	)		—			(966,098	)		(1,159,865	)
Foreign exchange contracts		—			(370,515	)		—			(370,515	)
Commodity contracts		(574,743	)		—			—			(574,743	)
Total	$	(885,192	)	$	(370,515	)	$	(966,098	)	$	(2,221,805	)

54 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

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	$	(311,805	)	$	—		$	—	$	(311,805	)
Equity contracts		(160,861	)		—			5,373		(155,488	)
Foreign exchange contracts		—			(219,140	)		—		(219,140	)
Commodity contracts		328,688			—			—		328,688
Total	$	(143,978	)	$	(219,140	)	$	5,373	$	(357,745	)

The Fund’s derivatives contracts held at October 31, 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 year ended October 31, 2017. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

Future Contracts:
Commodity
Average Notional Balance Long	$	5,689,222
Average Notional Balance Short		5,368,665
Ending Notional Balance Long		12,409,717
Ending Notional Balance Short		10,767,473
Equity
Average Notional Balance Long		3,877,377
Average Notional Balance Short		11,773,828
Ending Notional Balance Long		5,067,741
Ending Notional Balance Short		9,255,883
Interest
Average Notional Balance Long		30,930,519
Average Notional Balance Short		20,215,394
Ending Notional Balance Long		67,485,286
Ending Notional Balance Short		58,702,139
Forward Foreign Currency Exchange Contracts
Average Settlement Value Purchased		11,313,330
Average Settlement Value Sold		13,220,094
Ending Settlement Value Purchased		19,423,955
Ending Settlement Value Sold		19,937,030
Total Return Swaps:
Average Notional Balance Long		1,329	(a)
Ending Notional Balance Long		1,329
Total Return Basket Swaps
Average Notional Balance Long		38,221,045
Average Notional Balance Short		37,292,143
Ending Notional Balance Long		65,506,730
Ending Notional Balance Short		64,810,235

(a) For the period October 1, 2017 through October 31, 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.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 55

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

E. Investment Transactions with Affiliates — The Fund invests 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 Fund assumes the following to be affiliated issuers. Included in the Realized Gain (Loss) amounts in the table below are distributions of realized capital gains, if any, received from the Underlying Funds and other ETFs advised by the Adviser or its affiliates:

			For the year ended October 31, 2017
Affiliate	Value at Beginning of year		Purchase Cost		Sales Proceeds		Realized Gain(Loss)		Change in Unrealized Gain(Loss)		Shares at October 31, 2017		Value at October 31, 2017		Dividend Income
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares	$	25,631,779	$	73,308,019	$	19,261,670	$	—	$	—		79,678,128	$	79,678,128	$	256,269

F. 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. Approximate total offering costs incurred by the Fund were $79,112.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend.

To the extent such information is publicly available, the 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.

H. 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.

I. 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.

J. 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.

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

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	(625,492	)	$	(643,001	)	$	1,268,493

56 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

The reclassifications for the Fund relate primarily to reclassification of income and expense from swap transactions, investment in Subsidiary, net operating losses, and certain foreign currency related transactions.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.60% of the Fund’s average daily net assets.

The Subsidiary has entered into a separate contract with the Adviser to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.60% of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.085% of the daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Subsidiary.

The Administrator waived Administration fees as outlined in Note 3.D.

Effective October 1, 2017 JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Custodian and Transfer Agent Fees — JPMCB provides portfolio custody and transfer agent services. The amounts paid directly to JPMCB by the Fund for custody services are included in the Custodian and Transfer Agent fees on the CSOP. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately 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 year, the Fund 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 Fund for these transactions.

For the year ended October 31, 2017, the amount of transaction fees paid by the Authorized Participants that were used to reimburse custodian fees was $4,200.

Restricted cash on the CSAL 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. Accounting Fees — Beginning on October 1, 2017, JPMCB began to also provide accounting services to the Fund. Prior to October 1, 2017 a non-affiliated entity provided accounting services to the Fund. For the period October 1, 2017 through October 31, 2017 the Fund incurred $8,414 in accounting fees that were payable directly to JPMCB and which are included in accounting fees on the CSOP.

E. 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 year ended October 31, 2017. The contractual expense limitation percentage is in place until at least February 28, 2021.

For the year ended October 31, 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 Fees		Administration Fees		Total		Contractual Reimbursements
$	237,659	$	158,440	$	396,099	$	—

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.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 57

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2017 (continued)

The amount of the waivers resulting from investments in these money market funds during the year ended October 31, 2017 was $78,377. This amount is included in “fees waived” on the CSOP.

F. Distribution Services — The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. JPMDS receives, and SIDCO received, no fees for their distribution services under their respective distribution agreements with the Trust. Although the Trust does not, and did not, pay any fees under the Distribution Agreements, JPMIM pays JPMDS, and paid SIDCO, for certain distribution related services.

G. 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 year ended October 31, 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 year ended October 31, 2017, the Fund incurred no brokerage commissions with broker-dealers affiliated with the Advisor or Trust.

4. Investment Transactions

At October 31, 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 year ended October 31, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	114,048,753	$	58,692,472

During the year ended October 31, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at October 31, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
$	145,970,438	$	6,740,116	$	(3,678,808	)	$	3,061,308

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts, mark to market of foreign currency forward contracts and investment in Subsidiary.

The Federal income tax unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in its subsidiary of $311,011, which, if realized is not deductible for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2017 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	447,993	$	9,639	$	457,632

* Short-term gain distributions are treated as ordinary income for tax purposes.

There were no distributions paid for the year ended October 31, 2016.

As of October 31, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		Tax Basis Capital Loss Carryover			Unrealized Appreciation
$	—	$	—	$	(120,837	)	$	3,385,039

58 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

The cumulative timing differences primarily consist of late year ordinary loss deferrals, mark to market of futures contracts and mark to market of foreign currency forward contracts.

During the year ended October 31, 2017 the Subsidiary had approximately $296,000 of losses for tax purposes. The Subsidiary’s loss for the current year is not available to offset its future taxable income.

As of October 31, 2017, the Fund had net long-term capital loss carryforwards, with no expiration date, of $120,837.

Late year ordinary losses incurred after December 31, 2016 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended October 31, 2017, the Fund deferred to November 1, 2017 late year ordinary losses of $659,728.

6. Capital Share Transactions

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

Shares of the Fund may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a “DTC Participant”; which, in either case, must have executed an agreement with the Distributor.

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

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares purchased” or “Proceeds from shares 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 October 31, 2017, the Adviser owned 64% 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

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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to Fund’s financial statements as of October 31, 2017. The adoption had no effect on the Fund’s net assets or results of operations.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 59

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of the JPMorgan Diversified Alternatives ETF (a separate series of the J.P. Morgan Exchange-Traded Fund Trust) and its subsidiary (the “Fund”) as of October 31, 2017, the results of their operations for the year then ended and the changes in their net assets and the financial highlights for the year then ended and for the period September 12, 2016 (commencement of operations) through October 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2017

60 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

SUPPLEMENTAL INFORMATION    

FOR THE PERIODS 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		0.70	%
Greater than 0.5% and Less than or equal to 1.0%		102		35.66	%
Greater than 0.0% and Less than or equal to 0.5%		175		61.19	%
Less than or equal to 0.0% and greater than or equal to -0.5%		7		2.45	%
		286		100.00	%

(a) For the period September 12, 2016 (fund inception date) to October 31, 2017.    

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 61

TRUSTEES

(Unaudited)

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

Name (Year of Birth; Positions With the Funds since)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (1)		Other Directorships Held During Past 5 Years
Independent Trustees
Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011-present); Senior Consultant for the Regulatory Fundamentals Group LLC (2011-2017); Senior Vice President-Fund Administration, State Street Corporation (2002-2010).		22	Independent Trustee, The China Fund, Inc. (2013-present); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).		22	None.
Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		22	Independent Trustee of AXA Premier VIP Trust (2014-present); SEI family of funds (Independent Trustee of Advisors’ Inner Circle III Funds (5 portfolios) (from February 2014 to present)); Independent Trustee of O’Connor EQUUS (May 2014-present); Independent Trustee of Winton Series Trust (December 2014-present); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-March 2015).
Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		22	Director, ICI Mutual Insurance Company (1999-2013).
Emily A. Youssouf (1951); Trustee of the Trust since 2014	Clinical Professor, NYU Schack Institute of Real Estate (2009-present); Board Member (2005-present), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-present), and Chair of IT Committee (2016-present), NYC Health and Hospitals Corporation; Board Member and Member of the Audit Committee and Related Parties Committee (2013-present) and Member of the Risk Management Committee (2017-present), PennyMac Financial Services, Inc.		22	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee (2015-present) and Chair of the Audit and Finance Committee (2015-present) of the Transit Center Foundation; Vice Chair (2011-2013) and Board Member (2013-2014) of New York City Housing Authority.
Interested Trustee
Robert Deutsch (2) (1957); Chairman and Trustee of the Trust since 2014	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		22	None

(1) A Fund complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. Thirteen series of the Trust have commenced operations, but nine additional series have been created and are expected to commence operations in the future.

(2) Mr. Deutsch is an interested trustee because he was an employee of the Adviser until August 2017.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

62 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Joanna Gallegos (1975), President and Principal Executive Officer (2017)	Managing Director, Head of J.P. Morgan Asset Management’s U.S. Exchange Traded Funds business. Previously, Head of J.P. Morgan Asset Management’s ETF Product Development team from August 2013 to July 2017; Managing Director of the Strategic Initiatives Group in BlackRock’s iShares Exchange Traded Funds division from 2010 to 2013.
Lauren A. Paino (1973), Treasurer and Principal Financial Officer (2015)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; Director, Credit Suisse Asset Management (2000-2013).
Paul Shield (1960), Vice President and Assistant Treasurer (2016)	Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013. Senior Global Product Manager of Alternative Investments for BNY Mellon from 2011 to 2013 and Global Product Head for Exchange Traded Funds at JPMorgan Chase Bank from 2008 to 2011.
Brian S. Shlissel (1964), Vice President (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management Inc.) (2014-present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).
Frank J. Nasta (1964), Secretary (2014)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2014)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2014)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2014)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2014)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2014)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2014)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2014) Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004. Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan Lewis & Bockius (law firm) from 2012 to 2016.
Frederick J. Cavaliere (1978), Assistant Treasurer (2015)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2011; formerly Vice President of J.P. Morgan Investment Management Inc. 2010-2011. Mr. Cavaliere has been with JPMorgan since May 2006.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from 2012 to 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Jason Ronca (1978), Assistant Treasurer (2014)***	Executive Director, since February 2017; formerly Vice President for J.P. Morgan Asset Management since 2014. ETF Product Manager for Corporate Investment Bank responsible for setting the strategy and control agenda for the ETF servicing business from 2010 to May 2014; Prior to 2010, a Vice President in Fund Accounting within J.P. Morgan Investor Services, supporting a series of U.S. registered mutual funds.

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

* The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is One Beacon Street, Boston, MA 02108.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 63

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, May 1, 2017 and continued to hold your shares at the end of the reporting period, October 31, 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. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of the Fund.

	Beginning Account Value May 1, 2017		Ending Account Value October 31, 2017		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan Diversified Alternatives ETF
Actual	$	1,000.00	$	997.70		0.75	%	$	3.78
Hypothetical (1)		1,000.00		1,021.42		0.75			3.82

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the actual period).

64 JPMORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2017

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended October 31, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund had 100.00%, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended October 31, 2017.

Long Term Capital Gain

The Fund distributed $9,639, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2017.

Qualified Dividend Income (QDI)

The Fund had $447,993, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2017.

OCTOBER 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 65

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

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

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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. October 2017. AN-DAETF-1017

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial experts are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia, and EmilyA. Youssouf, each of which is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2017 – $404,380

2016 – $314,400

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2017 – $76,752

2016 – $65,792

Audit-related fees consist of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2017 – $132,675

2016 – $104,635

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2017 and 2016, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2017 – $0

2016 – $0

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions

of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2017 – 0.0%

2016 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2017 – $28.9 million

2016 – $29.4 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15

U.S.C. 78c(a)(58)(B)), so state.

The registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia, and Emily A. Youssouf.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

Not applicable.

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

Not applicable.

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

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

Not applicable.

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

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

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

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

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

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

ITEM 12. EXHIBITS.

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

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

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

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

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

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

Not applicable.

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

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

SIGNATURES

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

J.P. Morgan Exchange-Traded Fund Trust

By:	/s/ Joanna M. Gallegos
	Joanna M. Gallegos
	President and Principal Executive Officer
	January 2, 2018

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/ Joanna M. Gallegos
	Joanna M. Gallegos
	President and Principal Executive Officer
	January 2, 2018

By:	/s/ Lauren A. Paino
	Lauren A. Paino
	Treasurer and Principal Financial Officer
	January 2, 2018