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: February 28

Date of reporting period: March 1, 2017 through February 28, 2018

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

February 28, 2018

JPMorgan Disciplined High Yield ETF

JPMorgan Global Bond Opportunities ETF

JPMorgan Ultra-Short Income ETF

JPMorgan USD Emerging Markets Sovereign Bond ETF

CONTENTS

President’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Disciplined High Yield ETF	3
JPMorgan Global Bond Opportunities ETF	5
JPMorgan Ultra-Short Income ETF	7
JPMorgan USD Emerging Markets Sovereign Bond ETF	9
Schedule of Portfolio Investments	12
Financial Statements	55
Financial Highlights	60
Notes to Financial Statements	62
Report of Independent Registered Public Accounting Firm	75
Trustees	76
Officers	77
Schedule of Shareholder Expenses	78
Tax Letter	79
Board Approval of Initial Investment Advisory Agreement	80
Board Approval of Investment Advisory Agreement	82

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

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

April 3, 2018 (Unaudited)

Dear Shareholder,

The past year has been a milestone for JPMorgan’s Exchange-Traded Funds. We’ve expanded our product lineup to 22 ETFs, covering a comprehensive range of asset classes and investment factors. 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 $3 billion in January. Further, the value of our suite of ETFs is continuing to be recognized by investors and the financial services industry. In fact, JPMorgan Global Bond Opportunities ETF (JPGB) recently earned Best New International/Global Fixed-Income ETF at the fifth annual ETF.com Awards held March 22, 2018 in New York, N.Y.¹

  “During the past year, we have continued to build our suite of ETF products to include 22 ETFs, covering a comprehensive range of asset classes and investment factors.”

The financial markets also had a strong year, generally providing investors with positive returns for the twelve months ended February 28, 2018, as the global economic expansion extended into its ninth year, supported by corporate profit growth, stable energy prices and low interest rates. While a sell-off in financial markets in early February punctuated a multi-month rally in global asset prices, markets recovered somewhat by the end of the reporting period.

Within this financial environment, we believe our innovative fixed income solutions can help you navigate changing markets. I’m pleased to report that JPGB, which seeks to deliver total return by providing exposure across more than 15 fixed income

sectors and 50 countries, generated a positive return for the period from JPGB’s inception on April 5, 2017 to February 28, 2018. For those clients looking to increase their income potential with high yields, JPMorgan Disciplined High Yield ETF (JPHY) also posted a positive return and had a 30 day SEC Yield of 5.24% (4.59% unsubsidized) for the twelve months ended February 28, 2018. One of our newest ETFs, JPMorgan Ultra-Short Income (JPST) also performed well and outperformed its benchmark, the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index for the period from JPST’s inception on May 17, 2017 to February 28, 2018.

I’m also pleased to announce the launch of our first strategic beta fixed income ETF, JPMorgan USD Emerging Market Sovereign Bond ETF (JPMB). Launched January 29, 2018, JPMB seeks to provide emerging markets dollar bond exposure with more stable credit exposures through time.

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 by a majority vote of the ETF.com Awards Selection Committee, a group of independent ETF experts. Voting was completed by Jan. 20, 2018, and results were announced at the ETF.com U.S. Awards Dinner on March 22, 2018.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 1

JPMorgan Exchange-Traded Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2018

Global bond markets produced slim to negative returns and underperformed global equities during the period, which were supported by rising corporate earnings, continued low interest rates and synchronized global economic growth. In early February 2018, a sharp sell-off pushed down prices for both fixed income and equity securities. Generally, investors blamed the sell-off on a surge in U.S. Treasury bond yields, which generally move in the opposite direction of bond prices, as well as uncertainty about U.S. Federal Reserve policy and historically high equity valuations.

While equity prices rebounded somewhat from the sell-off, bond prices overall were weighed down by expectations of accelerating inflation and rising interest rates as the global economic expansion continued into 2018. Within fixed-income markets, high-yield bonds (also known as “junk bonds”) continued to outperform investment grade corporate debt and U.S. Treasury bonds. U.S. dollar-denominated emerging markets debt, which had outperformed other fixed income sectors in the first half of 2017, overall delivered negative returns for the reporting period, while local currency-denominated emerging markets debt continued to deliver positive returns.

2 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

JPMorgan Disciplined High Yield ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Disciplined High Yield ETF
Net Asset Value*		3.00%
Market Price**		3.12%
BofA Merrill Lynch U.S. High Yield Index		4.12%
Bloomberg Barclays U.S. Aggregate Bond Index		0.51%
Net Assets as of 2/28/2018	$	105,191,308
Duration as of 2/28/2018		4.53 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2018, the Fund posted positive absolute performance, underperformed the BofA Merrill Lynch U.S. High Yield Index (the “Benchmark”) and outperformed the Bloomberg Barclays U.S. Aggregate Bond Index.

During the reporting period, bonds rated CCC and lower significantly outperformed bonds rated BB and B as investors generally sought higher yields from lower quality debt. The Fund’s overweight position in bonds rated BB and its lack of holdings in CCC rated bonds detracted from performance relative to the Benchmark.

Bonds issued by publicly traded companies underperformed bonds issued by privately held companies during the reporting period. The Fund does not invest in bonds issued by privately held companies, which detracted from both absolute performance and performance relative to the Benchmark.

To maintain sufficient liquidity, the Fund did not invest in bond issues of less than $500 billion or in bond issuers with less than $1 billion in total bonds outstanding, which made a positive contribution to both absolute and relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s managers believe that bonds rated CCC generally have materially higher volatility and default risk than bonds rates BB and B, while providing inadequate incremental return over a market cycle to justify the higher volatility. In addition,

the managers believe bonds issued by private companies have had a materially higher probability of default than similarly-rated bonds issued by public companies. As such, the Fund does not invest in bonds rated CCC or bonds issued by private companies. Relative to the Benchmark, the Fund was overweight in bonds rated BB and underweight in bonds rated B and CCC.

PORTFOLIO COMPOSITION****
Consumer Discretionary	24.2	%
Energy	13.8
Telecommunication Services	11.4
Industrials	8.9
Materials	8.6
Financials	7.6
Health Care	7.1
Information Technology	6.8
Utilities	3.5
Real Estate	3.3
Consumer Staples	2.6
Short-Term Investments	2.2

* 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 $50.09 as of February 28, 2018.

** 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 Cboe (formerly BATS) BZX Exchange, Inc. The midpoint price was $50.36 as of February 28, 2018.

*** 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 February 28, 2018. The Fund’s composition is subject to change.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan Disciplined High Yield ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Disciplined High Yield ETF
Net Asset Value		September 14, 2016		3.00%		5.00%
Market Price				3.12%		5.36%

LIFE OF FUND PERFORMANCE (9/14/16 TO 2/28/18)

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 14, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Disciplined High Yield ETF, the BofA Merrill Lynch U.S. High Yield Index and the Bloomberg Barclays US Aggregate Bond Index from September 14, 2016 to February 28, 2018. 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 BofA Merrill Lynch U.S. High Yield Index and the Bloomberg Barclays US Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The BofA

Merrill Lynch U.S. High Yield Index is an unmanaged index, which measures the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

Fund performance reflects the partial 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.

4 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

JPMorgan Global Bond Opportunities ETF

FUND COMMENTARY

PERIOD APRIL 5, 2017 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Global Bond Opportunities ETF
Net Assets Value*		3.78%
Market Price**		3.88%
Bloomberg Barclays Multiverse Index		5.83%
Net Assets as of 2/28/2018	$	151,634,232
Duration as of 2/28/2018		3.41 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from Fund inception on April 5, 2017 to February 28, 2018, the Fund posted a return of 3.76%. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. While the Fund is not managed to a benchmark, its return is compared to the Bloomberg Barclays Multiverse Index, which returned 5.83% for the reporting period.

The Fund’s allocations to investment grade corporate credit and select foreign exchange positions detracted from absolute performance. The Fund’s allocations to high yield bonds and emerging markets debt were leading contributors to absolute performance. High yield bonds generally benefitted from investors’ appetite for yield growth. The Fund’s allocation to commercial mortgage-backed securities and asset-backed securities also contributed to absolute performance. The Fund’s short positions to U.S. government debt securities contributed to absolute performance as there was a sharp sell-off in U.S. Treasury bonds during the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund invested opportunistically across different markets and sectors. The Fund’s managers applied a flexible investment approach and did not manage to a benchmark. This allowed the Fund to shift its allocations based on changing market conditions. The Fund had exposure to a broad range of asset classes during the reporting period, including high yield and investment grade corporate bonds, agency and non-agency mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities, emerging

markets debt, convertible bonds and foreign government securities. At the end of the reporting period, the Fund’s largest allocations were to U.S. high yield bonds and investment grade corporate bonds and its smallest allocations were to agency mortgage-backed securities and non-agency mortgage-backed/asset-backed securities.

PORTFOLIO COMPOSITION BY COUNTRY****
United States	49.8	%
United Kingdom	4.1
France	3.8
Spain	3.7
Brazil	3.7
Russia	3.4
Indonesia	3.1
Italy	2.5
Luxembourg	2.3
Portugal	2.3
Malaysia	2.1
Germany	2.0
Netherlands	1.7
Canada	1.4
Ireland	1.3
Mexico	1.0
Others (each less than 1.0%)	11.8

* 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 $50.55 as of February 28, 2018.

** 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 Cboe (formerly BATS) BZX Exchange, Inc. The midpoint price was $50.60 as of February 28, 2018.

*** 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 February 28, 2018. The Fund’s composition is subject to change.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan Global Bond Opportunities ETF

FUND COMMENTARY

PERIOD APRIL 5, 2017 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2018 (Unaudited) (continued)

TOTAL RETURNS AS OF FEBRUARY 28, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Global Bond Opportunities ETF
Net Asset Value		April 5, 2017		3.78%
Market Price				3.88%

LIFE OF FUND PERFORMANCE (4/5/17 TO 2/28/18)

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 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Global Bond Opportunities ETF and the Bloomberg Barclays Multiverse Index from April 5, 2017 to February 28, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays Multiverse Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

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

Fund performance reflects the partial 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.

6 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

PERIOD MAY 17, 2017 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Ultra-Short Income ETF
Net Asset Value*		1.25%
Market Price**		1.33%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.82%
Net Assets as of 2/28/2018	$	200,051,266
Duration as of 2/28/2018		0.53 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund primarily invests in investment-grade, U.S. dollar-denominated fixed, variable and floating-rate debt. The Fund seeks to maintain a duration of one year or less, although under certain market conditions, the Fund’s duration may be longer than one year. The Fund’s adviser has broad discretion to shift the Fund’s exposure to strategies and sectors based on changing market conditions and its view of the best mix of investment opportunities.

HOW DID THE FUND PERFORM?

For the period from Fund inception on May 17, 2017 to February 28, 2018, the Fund posted positive absolute performance. While the Fund is not managed to a benchmark, its return is compared to the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index (the “Index”). While the Fund held no U.S. Treasury securities during the reporting period, the Index holds only U.S. Treasuries. The Fund outperformed the Index during the reporting period.

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

While the Fund’s overall longer duration relative to the Index was a modest detractor from relative performance, the enhanced yield from longer-dated securities contributed to absolute performance. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger decrease in price as interest rates rise versus bonds with shorter duration.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio management team believed that interest rates would continue to move higher

at a measured pace and that corporate credit fundamentals remained favorable, despite some potential pressure from U.S. corporations repatriating offshore cash holdings. As such, the portfolio was positioned with an overall average duration of 0.50 years. In descending order, the Fund’s largest allocations were in corporate bonds, money market securities, collateralized loan obligations, asset-backed securities, commercial mortgage-backed securities and non-corporate credit.

PORTFOLIO COMPOSITION BY SECTOR****
Financials	32.9	%
Asset-Backed Securities	12.6
Utilities	3.9
Consumer Discretionary	3.0
Energy	2.8
Consumer Staples	2.8
Industrials	2.6
Health Care	2.0
Commercial Mortgage-Backed Securities	1.9
Real Estate	1.7
Telecommunication Services	1.5
Information Technology	1.1
Materials	1.1
Foreign Government Securities	0.6
Short-Term Investments	29.5

* 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 $50.01 as of February 28, 2018.

** 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 Cboe (formerly BATS) BZX Exchange, Inc. The midpoint price was $50.05 as of February 28, 2018.

*** 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 February 28, 2018. The Fund’s composition is subject to change.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

PERIOD MAY 17, 2017 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2018 (Unaudited) (continued)

TOTAL RETURNS AS OF FEBRUARY 28, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Ultra-Short Income ETF
Net Asset Value		May 17, 2017		1.25%
Market Price				1.33%

LIFE OF FUND PERFORMANCE (5/17/17 TO 2/28/18)

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 17, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Income ETF and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index from May 17, 2017 to February 28, 2018. 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 BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain

distributions of the securities included in the Index, if applicable. The 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. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.

Fund performance reflects the partial 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.

8 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

PERIOD JANUARY 29, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan USD Emerging Markets Sovereign Bond ETF
Net Asset Value*		-2.03%
Market Price**		-1.79%
JPMorgan Emerging Markets Risk-Aware Bond Index		-2.00%
Net Assets as of 2/28/2018	$	53,713,929
Duration as of 2/28/2018		6.85 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from the Fund’s inception on January 29, 2018 to February 28, 2018, the Fund posted a return of -2.03% and its performance deviated from the Underlying Index by -0.03%.

The Fund’s and the Underlying Index’s exposures to Ethiopia and Peru were leading detractors from absolute performance.

Bonds issued by Ethiopia sold off amid a surge in inflation during the reporting period. Peruvian bonds weakened amid attempts by Peru’s Congress to oust President Pedro Pablo Kuczynski. The Fund’s and the Underlying Index’s allocations to Russia and Ghana were positive contributors to absolute performance. Russian sovereign bond prices rose amid low default risk due to Russia’s large foreign currency reserves. Ghana restructured the nation’s sovereign debt by introducing 15-year bonds, which helped support sovereign bond prices.

The Fund’s and the Underlying Index’s liquidity filter also detracted from absolute performance as less liquid bond issues outperformed other issues of emerging markets sovereign debt.

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.

HOW WAS THE FUND POSITIONED?

The Fund invested at least 80% of its assets in securities included in the Underlying Index. During the reporting period, the Fund’s and Underlying Index’s largest allocations were in Turkey and Russia and their smallest allocations were in India and Morocco.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

PERIOD JANUARY 29, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2018 (Unaudited) (continued)

PORTFOLIO COMPOSITION BY COUNTRY****
Turkey	7.0	%
Russia	6.9
South Africa	5.1
United States	5.0
Brazil	4.9
Dominican Republic	4.3
Ukraine	4.3
Lebanon	4.2
Ecuador	4.0
Mexico	4.0
Egypt	3.5
Indonesia	3.3
Croatia	3.1
Sri Lanka	2.8
China	2.6
Philippines	2.5
Colombia	2.3
Hungary	2.1
Kazakhstan	2.1
Peru	2.1
Azerbaijan	2.1
Poland	1.8
Oman	1.7
Malaysia	1.6
Ivory Coast	1.6
Uruguay	1.5
Serbia	1.3
Iraq	1.3
Panama	1.3
Romania	1.2
Pakistan	1.1
Chile	1.0
Others (each less than 1.0%)	6.4

* 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 $48.83 as of February 28, 2018.

** 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, Inc. The midpoint price was $48.95 as of February 28, 2018.

*** 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 February 28, 2018. The Fund’s composition is subject to change.

10 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

TOTAL RETURNS AS OF FEBRUARY 28, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan USD Emerging Markets Sovereign Bond ETF
Net Asset Value		January 29, 2018		-2.03%
Market Price				-1.79%

LIFE OF FUND PERFORMANCE (1/29/18 TO 2/28/18)

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 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan USD Emerging Markets Sovereign Bond ETF and the JPMorgan Emerging Markets Risk-Aware Bond Index from January 29, 2018 to February 28, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JPMorgan Emerging Markets Risk-Aware Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The JPMorgan Emerging Markets Risk-Aware Bond Index (the “index”) is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology and is owned by J.P. Morgan Investment Inc., the Fund’s adviser (the “Adviser”). The Index is maintained and calculated by J.P. Morgan Securities LLC (“JPMS” or the “Index Provider”), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The Index Provider and the Adviser are both wholly-owned subsidiaries of JPMorgan Chase & Co., a publicly-held financial services holding company. The Index starts with the

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

Fund performance reflects the partial 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.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — 96.3%
		Aerospace & Defense — 2.3%
		Arconic, Inc.
	192,000	6.15%, 8/15/2020		203,247
	233,000	5.40%, 4/15/2021		242,320
	232,000	5.13%, 10/1/2024		239,250
		Bombardier, Inc. (Canada)
	256,000	8.75%, 12/1/2021 (a)		280,640
	233,000	6.13%, 1/15/2023 (a)		233,582
	276,000	7.50%, 3/15/2025 (a)		283,245
	212,000	KLX, Inc. 5.88%, 12/1/2022 (a)		218,360
		TransDigm, Inc.
	215,000	6.00%, 7/15/2022		220,106
	227,000	6.50%, 7/15/2024		234,094
	171,000	6.38%, 6/15/2026		174,848
	100,000	Triumph Group, Inc. 7.75%, 8/15/2025		103,375
				2,433,067
		Air Freight & Logistics — 0.4%
		XPO Logistics, Inc.
	292,000	6.50%, 6/15/2022 (a)		303,461
	100,000	6.13%, 9/1/2023 (a)		103,750
				407,211
		Airlines — 0.2%
		American Airlines Group, Inc.
	120,000	5.50%, 10/1/2019 (a)		122,400
	94,000	4.63%, 3/1/2020 (a)		94,940
				217,340
		Auto Components — 1.5%
	142,000	Allison Transmission, Inc. 5.00%, 10/1/2024 (a)		143,952
		American Axle & Manufacturing, Inc.
	77,000	6.63%, 10/15/2022		79,599
	99,000	6.25%, 4/1/2025		102,155
	150,000	6.50%, 4/1/2027		154,875
		Goodyear Tire & Rubber Co. (The)
	146,000	5.13%, 11/15/2023		149,468
	128,000	5.00%, 5/31/2026		128,000
	100,000	4.88%, 3/15/2027		98,500
		Icahn Enterprises LP
	322,000	6.00%, 8/1/2020		328,279
	248,000	5.88%, 2/1/2022		248,310
	126,000	6.38%, 12/15/2025		126,473
				1,559,611

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Automobiles — 1.6%
		Fiat Chrysler Automobiles NV (United Kingdom)
	202,000	4.50%, 4/15/2020		204,778
	400,000	5.25%, 4/15/2023		412,000
		Jaguar Land Rover Automotive plc (United Kingdom)
	200,000	4.13%, 12/15/2018 (a)		200,750
	200,000	4.25%, 11/15/2019 (a)		201,000
	200,000	3.50%, 3/15/2020 (a)		197,250
	200,000	4.50%, 10/1/2027 (a)		190,000
	258,000	Tesla, Inc. 5.30%, 8/15/2025 (a)		245,745
				1,651,523
		Banks — 3.5%
		CIT Group, Inc.
	191,000	3.88%, 2/19/2019		191,955
	216,000	5.00%, 8/15/2022		222,750
	130,000	5.00%, 8/1/2023		133,900
		Goldman Sachs Capital I
	235,000	6.35%, 2/15/2034		282,417
		Intesa Sanpaolo SpA (Italy)
	400,000	5.02%, 6/26/2024 (a)		399,199
	400,000	5.71%, 1/15/2026 (a)		408,409
		Lloyds Bank plc (United Kingdom)
	392,000	(ICE LIBOR USD 3 Month + 11.76%), 12.00%, 12/16/2024 (a) (b) (c)		509,648
		Lloyds Banking Group plc (United Kingdom)
	29,000	(ICE LIBOR USD 3 Month + 1.27%), 6.66%, 5/21/2037 (a) (b) (c)		33,640
		Royal Bank of Scotland Group plc (United Kingdom)
	419,000	6.13%, 12/15/2022		446,851
	371,000	6.00%, 12/19/2023		396,110
	428,000	5.13%, 5/28/2024		438,508
		UniCredit SpA (Italy)
	200,000	(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c)		205,233
				3,668,620
		Beverages — 0.0% (d)
	40,000	Cott Holdings, Inc. (Canada) 5.50%, 4/1/2025 (a)		39,844
		Building Products — 0.2%
	108,000	Builders FirstSource, Inc. 5.63%, 9/1/2024 (a)		109,890
	116,000	Summit Materials LLC 6.13%, 7/15/2023		119,480
				229,370

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Capital Markets — 1.6%
	408,000	Deutsche Bank AG (Germany) 4.50%, 4/1/2025		399,705
	408,000	(USD Swap Semi 5 Year + 2.25%), 4.30%, 5/24/2028 (c)		395,979
	200,000	(USD ICE Swap Rate 5 Year + 2.55%), 4.88%, 12/1/2032 (c)		187,204
	240,000	Dresdner Funding Trust I (Germany) 8.15%, 6/30/2031 (a)		314,280
		MSCI, Inc.
	142,000	5.25%, 11/15/2024 (a)		145,096
	140,000	5.75%, 8/15/2025 (a)		147,000
	70,000	4.75%, 8/1/2026 (a)		69,475
				1,658,739
		Chemicals — 2.1%
	208,000	Ashland LLC 4.75%, 8/15/2022		212,680
		Blue Cube Spinco, Inc.
	130,000	9.75%, 10/15/2023		150,800
	96,000	10.00%, 10/15/2025		114,480
		CF Industries, Inc.
	54,000	7.13%, 5/1/2020		57,739
	131,000	5.15%, 3/15/2034		128,380
	126,000	4.95%, 6/1/2043		114,660
	132,000	5.38%, 3/15/2044		123,750
		Chemours Co. (The)
	220,000	6.63%, 5/15/2023		231,275
	132,000	7.00%, 5/15/2025		142,230
	150,000	5.38%, 5/15/2027		150,375
	111,000	Huntsman International LLC 4.88%, 11/15/2020		113,529
	94,000	Olin Corp. 5.13%, 9/15/2027		92,531
		Platform Specialty Products Corp.
	194,000	6.50%, 2/1/2022 (a)		199,093
	152,000	5.88%, 12/1/2025 (a)		151,240
	106,000	Tronox Finance LLC 7.50%, 3/15/2022 (a)		109,975
	113,000	WR Grace & Co.-Conn. 5.13%, 10/1/2021 (a)		116,955
				2,209,692
		Commercial Services & Supplies — 1.1%
		Aramark Services, Inc.
	153,000	5.13%, 1/15/2024		156,060
	100,000	5.00%, 4/1/2025 (a)		100,750
	75,000	4.75%, 6/1/2026		73,969
	148,000	Clean Harbors, Inc. 5.13%, 6/1/2021		148,925
	111,000	Nielsen Co. Luxembourg SARL (The) 5.50%, 10/1/2021 (a)		113,497

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Commercial Services & Supplies — continued
		Nielsen Finance LLC
	135,000	4.50%, 10/1/2020		135,506
	428,000	5.00%, 4/15/2022 (a)		433,297
				1,162,004
		Communications Equipment — 1.0%
		CommScope Technologies LLC
	276,000	6.00%, 6/15/2025 (a)		285,053
	121,000	5.00%, 3/15/2027 (a)		117,975
		CommScope, Inc.
	91,000	5.00%, 6/15/2021 (a)		92,252
	115,000	5.50%, 6/15/2024 (a)		117,156
		Nokia OYJ (Finland)
	107,000	5.38%, 5/15/2019		109,439
	81,000	3.38%, 6/12/2022		78,764
	80,000	4.38%, 6/12/2027		76,800
	169,000	Telefonaktiebolaget LM Ericsson (Sweden) 4.13%, 5/15/2022		167,426
				1,044,865
		Construction & Engineering — 0.4%
		AECOM
	140,000	5.75%, 10/15/2022		146,132
	142,000	5.88%, 10/15/2024		148,035
	167,000	5.13%, 3/15/2027		161,731
				455,898
		Consumer Finance — 1.8%
	200,000	Ally Financial, Inc. 4.13%, 3/30/2020		201,750
		Navient Corp.
	219,000	5.50%, 1/15/2019		222,219
	274,000	8.00%, 3/25/2020		293,523
	193,000	6.50%, 6/15/2022		201,202
	146,000	5.50%, 1/25/2023		144,540
	116,000	OneMain Financial Holdings LLC 7.25%, 12/15/2021 (a)		120,509
		Springleaf Finance Corp.
	98,000	5.25%, 12/15/2019		100,083
	171,000	8.25%, 12/15/2020		186,390
	31,000	7.75%, 10/1/2021		33,790
	192,000	6.13%, 5/15/2022		196,800
	146,000	5.63%, 3/15/2023		144,905
				1,845,711
		Containers & Packaging — 2.1%
		Ardagh Packaging Finance plc (Ireland)
	200,000	4.63%, 5/15/2023 (a)		199,750
	400,000	7.25%, 5/15/2024 (a)		428,500
	400,000	6.00%, 2/15/2025 (a)		410,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Containers & Packaging — continued
		Ball Corp.
	191,000	4.38%, 12/15/2020		195,297
	169,000	4.00%, 11/15/2023		167,310
	171,000	5.25%, 7/1/2025		179,550
		Berry Global, Inc.
	93,000	5.50%, 5/15/2022		95,558
	113,000	5.13%, 7/15/2023		115,401
		Crown Americas LLC
	196,000	4.50%, 1/15/2023		197,960
	50,000	4.75%, 2/1/2026 (a)		49,250
		Owens-Brockway Glass Container, Inc.
	94,000	5.00%, 1/15/2022 (a)		95,880
	113,000	5.88%, 8/15/2023 (a)		117,803
				2,252,259
		Diversified Consumer Services — 0.3%
		Service Corp. International
	149,000	5.38%, 5/15/2024		153,641
	146,000	4.63%, 12/15/2027		142,715
				296,356
		Diversified Financial Services — 0.2%
	127,000	Leucadia National Corp. 5.50%, 10/18/2023		133,514
	109,000	Nationstar Mortgage LLC 6.50%, 7/1/2021		111,385
				244,899
		Diversified Telecommunication Services — 7.1%
		CCO Holdings LLC
	120,000	5.88%, 4/1/2024 (a)		124,086
	464,000	5.75%, 2/15/2026 (a)		470,380
	63,000	5.50%, 5/1/2026 (a)		63,000
	606,000	5.13%, 5/1/2027 (a)		582,517
	468,000	5.00%, 2/1/2028 (a)		441,970
		CenturyLink, Inc.
	230,000	Series S, 6.45%, 6/15/2021		235,175
	258,000	Series T, 5.80%, 3/15/2022		254,453
	192,000	Series Y, 7.50%, 4/1/2024		192,960
	272,000	Embarq Corp. 8.00%, 6/1/2036		257,380
		Level 3 Financing, Inc.
	171,000	5.38%, 8/15/2022		172,710
	153,000	5.38%, 1/15/2024		152,235
	142,000	5.38%, 5/1/2025		140,935
	200,000	Sable International Finance Ltd. 6.88%, 8/1/2022 (a)		212,000
		SFR Group SA (France)
	770,000	6.00%, 5/15/2022 (a)		749,787

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Diversified Telecommunication Services — continued
	400,000	6.25%, 5/15/2024 (a)		372,500
	1,159,000	7.38%, 5/1/2026 (a)		1,118,783
	467,000	Sprint Capital Corp. 6.88%, 11/15/2028		445,985
		Telecom Italia Capital SA (Italy)
	194,000	7.20%, 7/18/2036		226,980
	192,000	7.72%, 6/4/2038		235,200
	400,000	Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		414,500
	200,000	Virgin Media Finance plc (United Kingdom) 6.38%, 4/15/2023 (a)		205,000
		Virgin Media Secured Finance plc (United Kingdom)
	200,000	5.25%, 1/15/2026 (a)		196,000
	200,000	5.50%, 8/15/2026 (a)		197,980
				7,462,516
		Electric Utilities — 0.6%
	138,000	DPL, Inc. 7.25%, 10/15/2021		150,420
		Emera, Inc. (Canada)
	224,000	Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (c)		248,640
		NextEra Energy Operating Partners LP
	101,000	4.25%, 9/15/2024 (a)		99,611
	101,000	4.50%, 9/15/2027 (a)		97,213
				595,884
		Electrical Equipment — 0.4%
		Sensata Technologies BV
	94,000	4.88%, 10/15/2023 (a)		95,410
	125,000	5.00%, 10/1/2025 (a)		125,937
	145,000	Vertiv Group Corp. 9.25%, 10/15/2024 (a)		152,975
				374,322
		Electronic Equipment, Instruments & Components — 0.3%
		CDW LLC
	99,000	5.00%, 9/1/2023		100,485
	105,000	5.50%, 12/1/2024		109,462
	109,000	5.00%, 9/1/2025		109,954
				319,901
		Energy Equipment & Services — 2.0%
		Diamond Offshore Drilling, Inc.
	130,000	7.88%, 8/15/2025		131,950
	83,000	5.70%, 10/15/2039		68,475
	131,000	4.88%, 11/1/2043		96,285
		Ensco plc
	95,000	4.50%, 10/1/2024		77,425

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Energy Equipment & Services — continued
	166,000	5.20%, 3/15/2025		137,780
	182,000	5.75%, 10/1/2044		125,807
		Nabors Industries, Inc.
	126,000	5.00%, 9/15/2020		126,315
	116,000	4.63%, 9/15/2021		113,100
	160,000	5.50%, 1/15/2023		158,800
		Rowan Cos., Inc.
	113,000	4.88%, 6/1/2022		105,090
	111,000	7.38%, 6/15/2025		109,613
		SESI LLC
	114,000	7.13%, 12/15/2021		116,280
	65,000	7.75%, 9/15/2024 (a)		67,600
	45,000	Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (a)		48,459
	34,200	Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		35,185
		Transocean, Inc.
	238,000	9.00%, 7/15/2023 (a)		256,445
	130,000	7.50%, 1/15/2026 (a)		130,975
	175,000	6.80%, 3/15/2038		140,875
				2,046,459
		Equity Real Estate Investment Trusts (REITs) — 2.8%
		Equinix, Inc.
	191,000	5.38%, 4/1/2023		196,014
	210,000	5.88%, 1/15/2026		219,975
	231,000	5.38%, 5/15/2027		235,620
	240,000	ESH Hospitality, Inc. 5.25%, 5/1/2025 (a)		239,400
		Iron Mountain, Inc.
	85,000	6.00%, 8/15/2023		88,294
	170,000	5.75%, 8/15/2024		169,150
	169,000	4.88%, 9/15/2027 (a)		159,283
	138,000	5.25%, 3/15/2028 (a)		131,486
		MGM Growth Properties Operating Partnership LP
	203,000	5.63%, 5/1/2024		210,004
	70,000	4.50%, 9/1/2026		66,675
		MPT Operating Partnership LP
	94,000	6.38%, 3/1/2024		98,935
	75,000	5.25%, 8/1/2026		74,531
	254,000	5.00%, 10/15/2027		248,158
		SBA Communications Corp.
	134,000	4.88%, 7/15/2022		135,675
	130,000	4.00%, 10/1/2022 (a)		127,400
	210,000	4.88%, 9/1/2024		207,375

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
		Uniti Group LP
	80,000	6.00%, 4/15/2023 (a)		77,400
	198,000	8.25%, 10/15/2023		184,635
	102,000	7.13%, 12/15/2024 (a)		91,417
				2,961,427
		Food & Staples Retailing — 0.3%
	158,000	Rite Aid Corp. 9.25%, 3/15/2020		159,777
	105,000	Tesco plc (United Kingdom) 6.15%, 11/15/2037 (a)		110,606
				270,383
		Food Products — 1.7%
		B&G Foods, Inc.
	124,000	4.63%, 6/1/2021		124,465
	150,000	5.25%, 4/1/2025		144,375
		Lamb Weston Holdings, Inc.
	146,000	4.63%, 11/1/2024 (a)		146,730
	146,000	4.88%, 11/1/2026 (a)		146,000
		Pilgrim’s Pride Corp.
	130,000	5.75%, 3/15/2025 (a)		129,350
	107,000	5.88%, 9/30/2027 (a)		104,057
		Post Holdings, Inc.
	142,000	5.50%, 3/1/2025 (a)		142,887
	321,000	5.00%, 8/15/2026 (a)		304,950
	273,000	5.75%, 3/1/2027 (a)		269,588
	168,000	5.63%, 1/15/2028 (a)		163,590
	136,000	TreeHouse Foods, Inc. 6.00%, 2/15/2024 (a)		138,550
				1,814,542
		Gas Utilities — 0.5%
		AmeriGas Partners LP
	116,000	5.63%, 5/20/2024		116,870
	125,000	5.50%, 5/20/2025		124,063
	121,000	5.88%, 8/20/2026		121,302
	125,000	Suburban Propane Partners LP 5.50%, 6/1/2024		121,875
				484,110
		Health Care Equipment & Supplies — 0.4%
		Mallinckrodt International Finance SA
	125,000	4.88%, 4/15/2020 (a)		120,937
	162,000	5.75%, 8/1/2022 (a)		143,370
	126,000	5.63%, 10/15/2023 (a)		105,368
	93,000	Teleflex, Inc. 4.63%, 11/15/2027		90,675
				460,350

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Health Care Providers & Services — 5.3%
	106,000	Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		108,751
		Centene Corp.
	258,000	5.63%, 2/15/2021		264,128
	192,000	6.13%, 2/15/2024		201,600
	225,000	4.75%, 1/15/2025		223,734
		DaVita, Inc.
	229,000	5.75%, 8/15/2022		235,727
	336,000	5.13%, 7/15/2024		333,690
	275,000	5.00%, 5/1/2025		269,500
	224,000	Encompass Health Corp. 5.75%, 11/1/2024		227,080
		Envision Healthcare Corp.
	132,000	5.13%, 7/1/2022 (a)		132,990
	210,000	5.63%, 7/15/2022		214,200
	102,000	6.25%, 12/1/2024 (a)		107,355
		HCA, Inc.
	562,000	6.50%, 2/15/2020		591,505
	371,000	5.00%, 3/15/2024		377,956
	489,000	5.38%, 2/1/2025		497,103
	45,000	5.50%, 6/15/2047		44,437
		LifePoint Health, Inc.
	194,000	5.50%, 12/1/2021		195,455
	75,000	5.88%, 12/1/2023		75,187
	69,000	5.38%, 5/1/2024		67,448
	113,000	Molina Healthcare, Inc. 5.38%, 11/15/2022		112,435
		Tenet Healthcare Corp.
	346,000	6.00%, 10/1/2020		359,840
	530,000	4.63%, 7/15/2024 (a)		507,144
	249,000	5.13%, 5/1/2025 (a)		241,530
	221,000	WellCare Health Plans, Inc. 5.25%, 4/1/2025		223,678
				5,612,473
		Health Care Technology — 0.3%
		Quintiles IMS, Inc.
	139,000	4.88%, 5/15/2023 (a)		142,823
	200,000	5.00%, 10/15/2026 (a)		200,600
				343,423
		Hotels, Restaurants & Leisure — 5.6%
		1011778 BC ULC (Canada)
	232,000	4.63%, 1/15/2022 (a)		233,450
	278,000	4.25%, 5/15/2024 (a)		265,490
	547,000	5.00%, 10/15/2025 (a)		532,983
		Boyd Gaming Corp.
	134,000	6.88%, 5/15/2023		141,370
	132,000	6.38%, 4/1/2026		138,765

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Hotels, Restaurants & Leisure — continued
	321,000	Caesars Resort Collection LLC 5.25%, 10/15/2025 (a)		313,777
	150,000	Eldorado Resorts, Inc. 6.00%, 4/1/2025		154,500
		GLP Capital LP
	191,000	4.88%, 11/1/2020		195,775
	93,000	5.38%, 11/1/2023		96,952
	186,000	5.38%, 4/15/2026		192,278
	125,000	Hilton Domestic Operating Co., Inc. 4.25%, 9/1/2024		122,812
		Hilton Worldwide Finance LLC
	152,000	4.63%, 4/1/2025		152,570
	110,000	4.88%, 4/1/2027		110,000
		International Game Technology plc
	200,000	5.63%, 2/15/2020 (a)		206,000
	400,000	6.25%, 2/15/2022 (a)		421,500
	200,000	6.50%, 2/15/2025 (a)		214,500
		KFC Holding Co.
	178,000	5.00%, 6/1/2024 (a)		179,780
	203,000	5.25%, 6/1/2026 (a)		205,537
	131,000	4.75%, 6/1/2027 (a)		128,053
		MGM Resorts International
	233,000	6.63%, 12/15/2021		251,768
	195,000	7.75%, 3/15/2022		217,425
	230,000	6.00%, 3/15/2023		244,663
	26,000	NCL Corp. Ltd. 4.75%, 12/15/2021 (a)		26,552
		Sabre GLBL, Inc.
	90,000	5.38%, 4/15/2023 (a)		90,675
	75,000	5.25%, 11/15/2023 (a)		75,563
	153,000	Scientific Games International, Inc. 7.00%, 1/1/2022 (a)		161,033
		Six Flags Entertainment Corp.
	169,000	4.88%, 7/31/2024 (a)		168,593
	70,000	5.50%, 4/15/2027 (a)		70,262
		Wynn Las Vegas LLC
	75,000	4.25%, 5/30/2023 (a)		75,563
	339,000	5.50%, 3/1/2025 (a)		343,661
	158,000	5.25%, 5/15/2027 (a)		155,235
				5,887,085
		Household Durables — 1.1%
		Brookfield Residential Properties, Inc. (Canada)
	80,000	6.50%, 12/15/2020 (a)		81,456
	71,000	6.13%, 7/1/2022 (a)		73,307
		Lennar Corp.
	23,000	4.50%, 11/15/2019		23,374

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Household Durables — continued
	109,000	4.13%, 1/15/2022		107,910
	27,000	4.75%, 11/15/2022		27,135
	100,000	4.50%, 4/30/2024		99,250
	149,000	4.75%, 11/29/2027 (a)		144,157
	93,000	MDC Holdings, Inc. 6.00%, 1/15/2043		88,350
		PulteGroup, Inc.
	123,000	4.25%, 3/1/2021		125,152
	113,000	5.50%, 3/1/2026		114,413
	105,000	5.00%, 1/15/2027		104,344
	103,000	Taylor Morrison Communities, Inc. 5.25%, 4/15/2021 (a)		104,030
	105,000	Tempur Sealy International, Inc. 5.50%, 6/15/2026		103,163
				1,196,041
		Household Products — 0.4%
	126,000	HRG Group, Inc. 7.75%, 1/15/2022		131,434
		Spectrum Brands, Inc.
	50,000	6.63%, 11/15/2022		51,687
	186,000	5.75%, 7/15/2025		191,580
				374,701
		Independent Power and Renewable Electricity Producers — 2.4%
		AES Corp.
	85,000	7.38%, 7/1/2021		93,155
	124,000	4.88%, 5/15/2023		125,085
	131,000	5.50%, 3/15/2024		133,784
		Calpine Corp.
	108,000	6.00%, 1/15/2022 (a)		111,105
	232,000	5.38%, 1/15/2023		226,200
	285,000	5.75%, 1/15/2025		267,187
	223,000	5.25%, 6/1/2026 (a)		216,310
		Dynegy, Inc.
	328,000	7.38%, 11/1/2022		345,630
	229,000	7.63%, 11/1/2024		246,175
	141,000	8.13%, 1/30/2026 (a)		154,395
		NRG Energy, Inc.
	190,000	6.25%, 7/15/2022		196,175
	184,000	7.25%, 5/15/2026		196,402
	236,000	6.63%, 1/15/2027		243,670
				2,555,273
		Insurance — 0.1%
	133,000	Genworth Holdings, Inc. 7.63%, 9/24/2021		130,473

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Internet & Direct Marketing Retail — 0.9%
		Netflix, Inc.
	26,000	5.50%, 2/15/2022		27,040
	142,000	5.88%, 2/15/2025		150,038
	185,000	4.38%, 11/15/2026		177,600
	298,000	4.88%, 4/15/2028 (a)		292,785
		QVC, Inc.
	120,000	4.38%, 3/15/2023		119,730
	110,000	4.85%, 4/1/2024		111,436
	109,000	4.45%, 2/15/2025		106,928
				985,557
		Internet Software & Services — 1.0%
		VeriSign, Inc.
	120,000	4.63%, 5/1/2023		120,900
	93,000	5.25%, 4/1/2025		95,558
	103,000	4.75%, 7/15/2027		100,425
		Zayo Group LLC
	263,000	6.00%, 4/1/2023		273,191
	155,000	6.38%, 5/15/2025		162,169
	315,000	5.75%, 1/15/2027 (a)		316,575
				1,068,818
		IT Services — 1.4%
		First Data Corp.
	658,000	7.00%, 12/1/2023 (a)		691,722
	360,000	5.00%, 1/15/2024 (a)		362,250
	425,000	5.75%, 1/15/2024 (a)		432,438
				1,486,410
		Leisure Products — 0.3%
		Mattel, Inc.
	93,000	2.35%, 5/6/2019		91,721
	193,000	6.75%, 12/31/2025 (a)		196,378
				288,099
		Machinery — 0.7%
		CNH Industrial NV (United Kingdom)
	100,000	4.50%, 8/15/2023		102,004
	86,000	3.85%, 11/15/2027		83,368
		Novelis Corp.
	217,000	6.25%, 8/15/2024 (a)		221,882
	274,000	5.88%, 9/30/2026 (a)		276,055
				683,309
		Media — 10.7%
		Altice Financing SA (Luxembourg)
	400,000	6.63%, 2/15/2023 (a)		399,500
	650,000	7.50%, 5/15/2026 (a)		654,875

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Media — continued
		Altice Luxembourg SA (Luxembourg)
	200,000	7.75%, 5/15/2022 (a)		186,500
	200,000	7.63%, 2/15/2025 (a)		176,000
		Altice US Finance I Corp.
	200,000	5.38%, 7/15/2023 (a)		203,250
	400,000	5.50%, 5/15/2026 (a)		396,000
		AMC Entertainment Holdings, Inc.
	110,000	5.75%, 6/15/2025		106,975
	95,000	5.88%, 11/15/2026		91,912
		AMC Networks, Inc.
	109,000	4.75%, 12/15/2022		109,817
	171,000	5.00%, 4/1/2024		171,427
	150,000	4.75%, 8/1/2025		145,313
	194,000	Cequel Communications Holdings I LLC 6.38%, 9/15/2020 (a)		195,940
	131,000	5.13%, 12/15/2021 (a)		130,509
	200,000	7.75%, 7/15/2025 (a)		213,000
	120,000	Cinemark USA, Inc. 4.88%, 6/1/2023		119,250
		Clear Channel Worldwide Holdings, Inc.
	309,000	Series B, 7.63%, 3/15/2020		308,614
	103,000	Series A, 6.50%, 11/15/2022		105,626
	315,000	Series B, 6.50%, 11/15/2022		323,663
		CSC Holdings LLC
	400,000	10.13%, 1/15/2023 (a)		446,040
	367,000	10.88%, 10/15/2025 (a)		433,060
	400,000	5.50%, 4/15/2027 (a)		394,000
		DISH DBS Corp.
	374,000	6.75%, 6/1/2021		384,285
	380,000	5.88%, 7/15/2022		370,500
	372,000	5.88%, 11/15/2024		347,820
		Gray Television, Inc.
	88,000	5.13%, 10/15/2024 (a)		86,240
	120,000	5.88%, 7/15/2026 (a)		118,950
		Lamar Media Corp.
	56,000	5.88%, 2/1/2022		57,171
	100,000	5.00%, 5/1/2023		102,000
	97,000	5.38%, 1/15/2024		99,996
	158,000	Nexstar Broadcasting, Inc. 5.63%, 8/1/2024 (a)		158,790
		Outfront Media Capital LLC
	101,000	5.25%, 2/15/2022		103,146
	80,000	5.63%, 2/15/2024		80,900
	149,000	Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		154,588
	148,000	Regal Entertainment Group 5.75%, 3/15/2022		152,070

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Media — continued
		Sinclair Television Group, Inc.
	105,000	5.38%, 4/1/2021		106,313
	80,000	6.13%, 10/1/2022		82,500
	80,000	5.63%, 8/1/2024 (a)		81,200
		Sirius XM Radio, Inc.
	191,000	3.88%, 8/1/2022 (a)		187,180
	294,000	6.00%, 7/15/2024 (a)		307,965
	36,000	5.38%, 4/15/2025 (a)		36,585
	274,000	5.00%, 8/1/2027 (a)		266,383
		TEGNA, Inc.
	111,000	5.13%, 7/15/2020		112,387
	116,000	6.38%, 10/15/2023		120,930
	200,000	Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028 (a)		193,000
	206,000	Tribune Media Co. 5.88%, 7/15/2022		210,120
	200,000	Unitymedia GmbH (Germany) 6.13%, 1/15/2025 (a)		209,740
	200,000	Unitymedia Hessen GmbH & Co. KG (Germany) 5.00%, 1/15/2025 (a)		203,500
	200,000	UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a)		188,000
	400,000	UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025 (a)		396,248
		Viacom, Inc.
	103,000	(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057 (c)		103,927
	103,000	(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (c)		105,853
		Videotron Ltd. (Canada)
	154,000	5.00%, 7/15/2022		158,620
	105,000	5.13%, 4/15/2027 (a)		105,932
	150,000	Ziggo Bond Finance BV (Netherlands) 6.00%, 1/15/2027 (a)		142,125
	450,000	Ziggo Secured Finance BV (Netherlands) 5.50%, 1/15/2027 (a)		431,438
				11,277,673
		Metals & Mining — 4.2%
		Alcoa Nederland Holding BV
	200,000	6.75%, 9/30/2024 (a)		214,500
	200,000	7.00%, 9/30/2026 (a)		216,000
		Allegheny Technologies, Inc.
	96,000	5.95%, 1/15/2021		97,800
	75,000	7.87%, 8/15/2023		81,562
		ArcelorMittal (Luxembourg)
	129,000	5.75%, 3/1/2021		135,450
	107,000	6.50%, 2/25/2022		116,362

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Metals & Mining — continued
	210,000	7.25%, 10/15/2039		259,287
	106,000	7.00%, 3/1/2041		128,801
	202,000	Cleveland-Cliffs, Inc. 5.75%, 3/1/2025 (a)		196,066
		Constellium NV (Netherlands)
	250,000	6.63%, 3/1/2025 (a)		258,750
	250,000	5.88%, 2/15/2026 (a)		252,500
		FMG Resources August 2006 Pty. Ltd. (Australia)
	132,000	4.75%, 5/15/2022 (a)		131,901
	125,000	5.13%, 5/15/2024 (a)		124,649
		Freeport-McMoRan, Inc.
	354,000	3.55%, 3/1/2022		344,371
	361,000	3.88%, 3/15/2023		350,170
	349,000	5.45%, 3/15/2043		335,040
	110,000	Hudbay Minerals, Inc. (Canada) 7.63%, 1/15/2025 (a)		119,625
		Kinross Gold Corp. (Canada)
	70,000	5.13%, 9/1/2021		72,275
	95,000	4.50%, 7/15/2027 (a)		92,150
		Steel Dynamics, Inc.
	113,000	5.13%, 10/1/2021		114,413
	94,000	5.50%, 10/1/2024		97,290
		Teck Resources Ltd. (Canada)
	119,000	4.75%, 1/15/2022		120,785
	116,000	3.75%, 2/1/2023		113,390
	140,000	6.25%, 7/15/2041		155,050
		United States Steel Corp.
	147,000	8.38%, 7/1/2021 (a)		157,658
	131,000	6.88%, 8/15/2025		137,550
				4,423,395
		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
		Starwood Property Trust, Inc.
	116,000	5.00%, 12/15/2021		118,610
	86,000	4.75%, 3/15/2025 (a)		83,420
				202,030
		Multiline Retail — 0.6%
		Dollar Tree, Inc.
	130,000	5.25%, 3/1/2020		131,625
	471,000	5.75%, 3/1/2023		489,840
				621,465
		Oil, Gas & Consumable Fuels — 11.7%
		Antero Resources Corp.
	171,000	5.38%, 11/1/2021		174,847

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	210,000	5.13%, 12/1/2022		211,838
	133,000	5.63%, 6/1/2023		136,325
		Carrizo Oil & Gas, Inc.
	72,000	7.50%, 9/15/2020		73,440
	106,000	6.25%, 4/15/2023		106,265
	315,000	Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/2024		352,485
	275,000	5.88%, 3/31/2025		290,812
	447,000	5.13%, 6/30/2027		452,029
	275,000	Cheniere Energy Partners LP 5.25%, 10/1/2025 (a)		277,750
	261,000	Chesapeake Energy Corp. 8.00%, 12/15/2022 (a)		277,639
		CNX Resources Corp.
	315,000	5.88%, 4/15/2022		316,772
	95,000	8.00%, 4/1/2023		100,581
		Continental Resources, Inc.
	373,000	5.00%, 9/15/2022		378,595
	275,000	4.50%, 4/15/2023		278,437
	142,000	3.80%, 6/1/2024		137,918
	232,000	4.38%, 1/15/2028 (a)		225,475
		Crestwood Midstream Partners LP
	119,000	6.25%, 4/1/2023		122,570
	90,000	5.75%, 4/1/2025		91,125
	86,000	DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022 (b) (c)		86,860
		DCP Midstream Operating LP
	110,000	5.35%, 3/15/2020 (a)		112,750
	65,000	3.88%, 3/15/2023		63,375
	95,000	(ICE LIBOR USD 3 Month + 3.85%), 5.85%, 5/21/2043 (a) (c)		90,012
		Diamondback Energy, Inc.
	94,000	4.75%, 11/1/2024		92,825
	94,000	5.38%, 5/31/2025		94,000
		Enbridge, Inc. (Canada)
	128,000	Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (c)		129,280
	172,000	(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 7/15/2077 (c)		166,021
		Energy Transfer Equity LP
	223,000	7.50%, 10/15/2020		241,955
	188,000	4.25%, 3/15/2023		184,417
	225,000	5.88%, 1/15/2024		238,500
	58,000	5.50%, 6/1/2027		60,030

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Energy Transfer Partners LP
	158,000	Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (b) (c)		153,201
	92,000	Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.62%, 2/15/2028 (b) (c)		88,435
		Genesis Energy LP
	120,000	6.75%, 8/1/2022		123,570
	120,000	6.50%, 10/1/2025		119,700
		Gulfport Energy Corp.
	118,000	6.00%, 10/15/2024		115,935
	95,000	6.38%, 5/15/2025		93,694
		MEG Energy Corp. (Canada)
	60,000	6.38%, 1/30/2023 (a)		51,450
	100,000	7.00%, 3/31/2024 (a)		85,250
	70,000	6.50%, 1/15/2025 (a)		68,687
		Murphy Oil Corp.
	10,000	4.00%, 6/1/2022		9,750
	95,000	4.45%, 12/1/2022		93,812
	91,000	6.88%, 8/15/2024		95,676
	91,000	5.75%, 8/15/2025		90,545
		Newfield Exploration Co.
	132,000	5.75%, 1/30/2022		139,260
	171,000	5.63%, 7/1/2024		179,977
	121,000	5.38%, 1/1/2026		124,933
	125,000	NGL Energy Partners LP 7.50%, 11/1/2023		125,625
	85,000	NuStar Logistics LP 5.63%, 4/28/2027		84,150
	176,000	Oasis Petroleum, Inc. 6.88%, 3/15/2022		180,290
		Parsley Energy LLC
	118,000	5.38%, 1/15/2025 (a)		116,820
	113,000	5.63%, 10/15/2027 (a)		112,082
	160,000	PBF Holding Co. LLC 7.25%, 6/15/2025		165,600
	107,000	PDC Energy, Inc. 5.75%, 5/15/2026 (a)		105,630
		Peabody Energy Corp.
	94,000	6.00%, 3/31/2022 (a)		96,350
	80,000	6.38%, 3/31/2025 (a)		83,400
		QEP Resources, Inc.
	86,000	5.38%, 10/1/2022		87,290
	118,000	5.25%, 5/1/2023		117,115
	70,000	5.63%, 3/1/2026		68,863
		Range Resources Corp.
	107,000	5.00%, 8/15/2022		105,395
	140,000	5.00%, 3/15/2023		136,850
	120,000	4.88%, 5/15/2025		114,975
	123,000	RSP Permian, Inc. 6.63%, 10/1/2022		128,228

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	186,000	Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025 (a)		181,815
		SM Energy Co.
	105,000	6.13%, 11/15/2022		106,050
	70,000	5.63%, 6/1/2025		66,500
	110,000	6.75%, 9/15/2026		110,550
		Southwestern Energy Co.
	170,000	4.10%, 3/15/2022		159,375
	196,000	6.70%, 1/23/2025		192,080
	154,000	7.50%, 4/1/2026		155,540
		Tallgrass Energy Partners LP
	132,000	5.50%, 9/15/2024 (a)		135,957
	93,000	5.50%, 1/15/2028 (a)		93,465
		Targa Resources Partners LP
	120,000	4.13%, 11/15/2019		120,900
	95,000	4.25%, 11/15/2023		92,625
	35,000	6.75%, 3/15/2024		37,144
	130,000	5.00%, 1/15/2028 (a)		126,262
		TerraForm Power Operating LLC
	75,000	4.25%, 1/31/2023 (a)		73,500
	113,000	5.00%, 1/31/2028 (a)		109,361
		Ultra Resources, Inc.
	130,000	6.88%, 4/15/2022 (a)		117,000
	109,000	7.13%, 4/15/2025 (a)		97,555
		Whiting Petroleum Corp.
	162,000	5.75%, 3/15/2021		165,645
	176,000	6.63%, 1/15/2026 (a)		178,420
		Williams Cos., Inc. (The)
	145,000	3.70%, 1/15/2023		140,831
	233,000	4.55%, 6/24/2024		234,748
	110,000	5.75%, 6/24/2044		116,875
		WPX Energy, Inc.
	210,000	6.00%, 1/15/2022		217,875
	95,000	8.25%, 8/1/2023		107,588
	103,000	5.25%, 9/15/2024		103,000
				12,268,127
		Personal Products — 0.2%
		Edgewell Personal Care Co.
	109,000	4.70%, 5/19/2021		109,545
	70,000	4.70%, 5/24/2022		70,175
				179,720
		Pharmaceuticals — 0.9%
		Valeant Pharmaceuticals International, Inc.
	230,000	6.50%, 3/15/2022 (a)		239,200

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — continued
	374,000	7.00%, 3/15/2024 (a)		394,102
	327,000	5.50%, 11/1/2025 (a)		323,526
				956,828
		Real Estate Management & Development — 0.4%
	193,000	Howard Hughes Corp. (The) 5.38%, 3/15/2025 (a)		190,346
	71,000	Kennedy-Wilson, Inc. 5.88%, 4/1/2024 (a)		70,822
		Realogy Group LLC
	101,000	5.25%, 12/1/2021 (a)		102,263
	90,000	4.88%, 6/1/2023 (a)		87,075
				450,506
		Road & Rail — 1.9%
		Ashtead Capital, Inc. (United Kingdom)
	200,000	5.63%, 10/1/2024 (a)		208,500
	200,000	4.13%, 8/15/2025 (a)		195,750
	200,000	4.38%, 8/15/2027 (a)		193,000
	110,000	Avis Budget Car Rental LLC 5.50%, 4/1/2023		109,175
		Herc Rentals, Inc.
	44,000	7.50%, 6/1/2022 (a)		47,080
	44,000	7.75%, 6/1/2024 (a)		47,947
		Hertz Corp. (The)
	110,000	5.88%, 10/15/2020		108,900
	232,000	7.63%, 6/1/2022 (a)		238,960
	142,000	5.50%, 10/15/2024 (a)		123,185
		Park Aerospace Holdings Ltd. (Ireland)
	320,000	5.25%, 8/15/2022 (a)		320,400
	158,000	4.50%, 3/15/2023 (a)		152,470
	231,000	5.50%, 2/15/2024 (a)		232,155
				1,977,522
		Semiconductors & Semiconductor Equipment — 1.2%
		Micron Technology, Inc.
	103,000	5.25%, 1/15/2024 (a)		105,575
	99,000	5.50%, 2/1/2025		102,713
		NXP BV (Netherlands)
	400,000	4.13%, 6/1/2021 (a)		407,080
	200,000	3.88%, 9/1/2022 (a)		200,500
	200,000	4.63%, 6/1/2023 (a)		206,060
		Sensata Technologies UK Financing Co. plc
	200,000	6.25%, 2/15/2026 (a)		212,000
				1,233,928
		Software — 1.0%
		CDK Global, Inc.
	81,000	5.00%, 10/15/2024		82,013
	130,000	4.88%, 6/1/2027 (a)		128,986

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Software — continued
		Change Healthcare Holdings LLC
	138,000	5.75%, 3/1/2025 (a)		138,000
		Nuance Communications, Inc.
	60,000	5.63%, 12/15/2026		60,750
		Open Text Corp. (Canada)
	144,000	5.63%, 1/15/2023 (a)		149,940
	155,000	5.88%, 6/1/2026 (a)		161,200
		Symantec Corp.
	131,000	4.20%, 9/15/2020		133,494
	208,000	5.00%, 4/15/2025 (a)		212,181
				1,066,564
		Specialty Retail — 0.9%
	237,000	Beacon Escrow Corp. 4.88%, 11/1/2025 (a)		231,146
		L Brands, Inc.
	171,000	6.63%, 4/1/2021		182,490
	193,000	5.63%, 2/15/2022		200,720
	90,000	5.25%, 2/1/2028		86,625
	192,000	6.88%, 11/1/2035		191,702
	70,000	Penske Automotive Group, Inc. 5.50%, 5/15/2026		69,825
	26,000	Sally Holdings LLC 5.63%, 12/1/2025		26,130
				988,638
		Technology Hardware, Storage & Peripherals — 0.8%
		EMC Corp.
	372,000	2.65%, 6/1/2020		361,896
	177,000	3.38%, 6/1/2023		163,029
		NCR Corp.
	93,000	4.63%, 2/15/2021		92,302
	110,000	5.00%, 7/15/2022		110,275
	113,000	6.38%, 12/15/2023		117,520
				845,022
		Textiles, Apparel & Luxury Goods — 0.3%
		Hanesbrands, Inc.
	153,000	4.63%, 5/15/2024 (a)		151,470
	158,000	4.88%, 5/15/2026 (a)		155,235
				306,705
		Thrifts & Mortgage Finance — 0.1%
		Ladder Capital Finance Holdings LLLP
	94,000	5.25%, 3/15/2022 (a)		94,705
		Trading Companies & Distributors — 1.2%
		Aircastle Ltd.
	91,000	5.50%, 2/15/2022		94,640

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Trading Companies & Distributors — continued
	94,000	5.00%, 4/1/2023		96,927
	69,000	4.13%, 5/1/2024		68,051
	192,000	HD Supply, Inc. 5.75%, 4/15/2024 (a)		201,360
		United Rentals North America, Inc.
	136,000	4.63%, 7/15/2023		139,060
	169,000	5.88%, 9/15/2026		177,535
	170,000	5.50%, 5/15/2027		173,995
	316,000	4.88%, 1/15/2028		308,100
				1,259,668
		Wireless Telecommunication Services — 4.1%
		C&W Senior Financing DAC (Ireland)
	200,000	6.88%, 9/15/2027 (a)		206,500
		Hughes Satellite Systems Corp.
	169,000	6.50%, 6/15/2019		174,704
	153,000	7.63%, 6/15/2021		164,666
	80,000	6.63%, 8/1/2026		81,824
	131,000	5.25%, 8/1/2026		127,725
		Inmarsat Finance plc (United Kingdom)
	200,000	4.88%, 5/15/2022 (a)		198,060
		Millicom International Cellular SA (Colombia)
	200,000	6.00%, 3/15/2025 (a)		210,250
	200,000	5.13%, 1/15/2028 (a)		194,250
		SoftBank Group Corp. (Japan)
	625,000	4.50%, 4/15/2020 (a)		630,468
		Sprint Corp.
	792,000	7.88%, 9/15/2023		819,720
	469,000	7.13%, 6/15/2024		461,672
		T-Mobile USA, Inc.
	327,000	6.63%, 4/1/2023		338,576
	319,000	6.38%, 3/1/2025		336,545
	382,000	6.50%, 1/15/2026		409,695
				4,354,655
		Total Corporate Bonds (Cost $103,439,330)		101,285,716

SHARES		INVESTMENTS	VALUE($)
	Short-term Investments — 2.2%
		Investment Companies — 2.2%
	2,316,266	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (e) (f) (Cost $2,316,266)		2,316,266
		Total Investments — 98.5% (Cost $105,755,596)		103,601,982
		Other Assets Less Liabilities — 1.5%		1,589,326
		NET ASSETS — 100.0%	$	105,191,308

Percentages indicated are based on net assets.

Abbreviations
ICE	—  Intercontinental Exchange
LIBOR	—  London Interbank Offered Rate
OYJ	—  Public Limited Company
USD	—  United States Dollar

(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)	—  Perpetual security. The rate reflected was the rate in effect on February 28, 2018. The maturity date reflects the next call date.
(c)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of February 28, 2018.
(d)	—  Represents less than 0.05% of net assets.
(e)	—  Affiliated company as defined under the Investment Company Act of 1940.
(f)	—  The rate shown was the current yield as of February 28, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — 64.4%
		Argentina — 0.4%
	130,000	Pampa Energia SA 7.38%, 7/21/2023 (a)		137,761
		YPF SA
	340,000	8.50%, 3/23/2021 (b)		371,518
	120,000	6.95%, 7/21/2027 (a)		120,786
				630,065
		Australia — 0.4%
	200,000	Australia & New Zealand Banking Group Ltd. (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (a) (c) (d)		218,750
	100,000	BHP Billiton Finance Ltd. (GBP Swap 5 Year + 4.82%), 6.50%, 10/22/2077 (b) (d)		159,902
	125,000	Origin Energy Finance Ltd. (EUR Swap Annual 5 Year + 3.67%), 4.00%, 9/16/2074 (b) (d)		159,744
				538,396
		Bahrain — 0.1%
	200,000	Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (b)		198,000
		Belgium — 0.5%
		Anheuser-Busch InBev Finance, Inc.
	245,000	3.65%, 2/1/2026		242,791
	20,000	4.70%, 2/1/2036		21,017
	335,000	4.90%, 2/1/2046		357,174
	100,000	Solvay Finance SA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (b) (c) (d)		142,635
				763,617
		Brazil — 1.6%
	200,000	Banco do Brasil SA (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.40%), 6.25%, 4/15/2024 (b) (c) (d)		182,240
	400,000	Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (a)		432,600
	200,000	CSN Resources SA 6.50%, 7/21/2020 (b)		197,210
	200,000	Itau Unibanco Holding SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.98%), 6.13%, 12/12/2022 (a) (c) (d)		201,500
		JBS USA LUX SA
	200,000	7.25%, 6/1/2021 (a)		202,500
	36,000	6.75%, 2/15/2028 (a)		35,647

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Brazil — continued
	200,000	JSL Europe SA 7.75%, 7/26/2024 (b)		204,250
	200,000	Minerva Luxembourg SA 6.50%, 9/20/2026 (b)		197,750
		Petrobras Global Finance BV
	90,000	8.75%, 5/23/2026		105,183
	20,000	7.38%, 1/17/2027		21,630
	227,000	6.00%, 1/27/2028 (a)		223,595
	200,000	Suzano Austria GmbH 5.75%, 7/14/2026 (b)		213,100
	200,000	Votorantim Cimentos SA 7.25%, 4/5/2041 (b)		212,360
				2,429,565
		Canada — 1.3%
	26,000	Athabasca Oil Corp. 9.88%, 2/24/2022 (a)		26,000
	162,000	Bombardier, Inc. 8.75%, 12/1/2021 (a)		177,592
	300,000	Canadian Pacific Railway Co. 3.70%, 2/1/2026		300,452
		Cenovus Energy, Inc.
	83,000	6.75%, 11/15/2039		95,175
	52,000	5.20%, 9/15/2043		49,997
	47,000	Cott Holdings, Inc. 5.50%, 4/1/2025 (a)		46,817
	170,000	Emera US Finance LP 3.55%, 6/15/2026		163,660
		Encana Corp.
	100,000	6.50%, 8/15/2034		118,782
	25,000	6.50%, 2/1/2038		30,374
	121,000	GW Honos Security Corp. 8.75%, 5/15/2025 (a)		130,226
	15,000	Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (a)		14,550
	50,000	Mattamy Group Corp. 6.50%, 10/1/2025 (a)		52,250
		MEG Energy Corp.
	185,000	6.38%, 1/30/2023 (a)		158,637
	74,000	6.50%, 1/15/2025 (a)		72,613
		NOVA Chemicals Corp.
	40,000	4.88%, 6/1/2024 (a)		39,500
	30,000	5.25%, 6/1/2027 (a)		29,325
	11,000	Precision Drilling Corp. 7.13%, 1/15/2026 (a)		11,096
	390,000	Quebecor Media, Inc. 5.75%, 1/15/2023		404,625

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Canada — continued
	24,000	Seven Generations Energy Ltd. 5.38%, 9/30/2025 (a)		23,460
	69,000	Teck Resources Ltd. 6.13%, 10/1/2035		75,037
				2,020,168
		China — 0.1%
	54,000	SMCP Group SAS 5.88%, 5/1/2023 (b)		70,419
		Denmark — 0.2%
	200,000	Danske Bank A/S (EUR Swap Annual 5 Year + 5.47%), 5.88%, 4/6/2022 (b) (c) (d)		275,720
		France — 3.7%
		BPCE SA
	260,000	5.15%, 7/21/2024 (a)		273,251
	200,000	(EUR Swap Annual 5 Year + 2.37%), 2.75%, 11/30/2027 (b) (d)		261,823
	100,000	Casino Guichard Perrachon SA (EUR Swap Annual 5 Year + 3.82%), 4.87%, 1/31/2019 (b) (c) (d)		123,418
	100,000	Constantin Investissement 3 SASU 5.38%, 4/15/2025 (b)		121,855
		Credit Agricole SA
	300,000	(EUR Swap Annual 5 Year + 5.12%), 6.50%, 6/23/2021 (b) (c) (d)		415,681
	200,000	(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (c) (d)		234,000
		Europcar Groupe SA
	200,000	5.75%, 6/15/2022 (b)		253,130
	100,000	4.13%, 11/15/2024 (b)		122,366
	100,000	Faurecia SA 3.63%, 6/15/2023 (b)		128,000
	200,000	Fnac Darty SA 3.25%, 9/30/2023 (b)		254,023
	200,000	Horizon Holdings I SAS 7.25%, 8/1/2023 (b)		255,993
	100,000	La Financiere Atalian SAS 4.00%, 5/15/2024 (b)		126,059
	250,000	Loxam SAS 3.50%, 5/3/2023 (b)		314,168
	150,000	Novafives SAS 4.50%, 6/30/2021 (b)		185,287
		Orano SA
	50,000	4.38%, 11/6/2019		64,564
	200,000	3.13%, 3/20/2023 (b)		250,405
	250,000	Peugeot SA 2.38%, 4/14/2023 (b)		323,037
	300,000	Rexel SA 2.63%, 6/15/2024 (b)		375,627

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		France — continued
		SFR Group SA
	100,000	5.38%, 5/15/2022 (b)		124,554
	200,000	6.00%, 5/15/2022 (a)		194,750
	150,000	5.63%, 5/15/2024 (b)		185,268
	200,000	Societe Generale SA (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (a) (c) (d)		230,500
	200,000	SPIE SA 3.13%, 3/22/2024 (b)		251,949
		TOTAL SA
	125,000	(EUR Swap Annual 5 Year + 1.86%), 2.25%, 2/26/2021 (b) (c) (d)		158,602
	100,000	(EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022 (b) (c) (d)		134,871
		Vallourec SA
	100,000	6.63%, 10/15/2022 (b)		127,509
	100,000	2.25%, 9/30/2024 (b)		102,659
				5,593,349
		Germany — 2.0%
	100,000	Commerzbank AG 7.75%, 3/16/2021		147,298
	300,000	Deutsche Bank AG 4.25%, 10/14/2021		306,045
	125,000	Hapag-Lloyd AG 6.75%, 2/1/2022 (b)		160,749
	225,000	IHO Verwaltungs GmbH 3.75%, 9/15/2026 (b) (e)		289,597
	100,000	Kirk Beauty One GmbH 8.75%, 7/15/2023 (b)		128,654
	225,000	Nidda BondCo GmbH 5.00%, 9/30/2025 (b)		271,796
	100,000	Nidda Healthcare Holding GmbH 3.50%, 9/30/2024 (b)		122,238
	250,000	Siemens Financieringsmaatschappij NV 2.35%, 10/15/2026 (a)		227,579
		thyssenkrupp AG
	300,000	1.38%, 3/3/2022 (b)		369,294
	100,000	2.50%, 2/25/2025 (b)		129,381
	250,000	Unitymedia GmbH 3.75%, 1/15/2027 (b)		321,256
	200,000	Unitymedia Hessen GmbH & Co. KG 4.00%, 1/15/2025 (b)		257,420
	200,000	WEPA Hygieneprodukte GmbH 3.75%, 5/15/2024 (b)		249,396
				2,980,703

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Greece — 0.2%
	100,000	Crystal Almond SARL 10.00%, 11/1/2021 (b)		133,639
	100,000	OTE plc 3.50%, 7/9/2020 (b)		129,015
				262,654
		Guatemala — 0.1%
	200,000	Comunicaciones Celulares SA 6.88%, 2/6/2024 (b)		209,500
		Hong Kong — 0.1%
	200,000	WTT Investment Ltd. 5.50%, 11/21/2022 (a)		198,750
		India — 0.1%
	200,000	JSW Steel Ltd. 5.25%, 4/13/2022 (b)		202,000
		Ireland — 1.3%
	100,000	Allied Irish Banks plc (EUR Swap Annual 5 Year + 3.95%), 4.13%, 11/26/2025 (b) (d)		131,707
		Ardagh Packaging Finance plc
	200,000	4.13%, 5/15/2023 (b)		255,617
	275,000	6.75%, 5/15/2024 (b)		366,114
	210,000	7.25%, 5/15/2024 (a)		224,963
	100,000	Bank of Ireland (EUR Swap Annual 5 Year + 3.55%), 4.25%, 6/11/2024 (b) (d)		127,547
	200,000	eircom Finance DAC 4.50%, 5/31/2022 (b)		249,978
	200,000	James Hardie International Finance DAC 4.75%, 1/15/2025 (a)		198,000
	129,000	Park Aerospace Holdings Ltd. 5.50%, 2/15/2024 (a)		129,645
	250,000	Smurfit Kappa Acquisitions ULC 2.38%, 2/1/2024 (b)		314,729
				1,998,300
		Israel — 0.1%
	100,000	Teva Pharmaceutical Finance Netherlands II BV 1.13%, 10/15/2024 (b)		101,036
	145,000	Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/1/2026		117,631
				218,667
		Italy — 2.0%
	90,000	Autostrade per l’Italia SpA 6.25%, 6/9/2022		146,060
	100,000	Buzzi Unicem SpA 2.13%, 4/28/2023 (b)		126,710

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Italy — continued
		Enel Finance International NV
	200,000	2.88%, 5/25/2022 (a)		196,165
	50,000	5.63%, 8/14/2024 (b)		81,931
	200,000	3.50%, 4/6/2028 (a)		188,162
	100,000	Enel SpA (GBP Swap 5 Year + 5.66%), 7.75%, 9/10/2075 (b) (d)		156,744
	200,000	EVOCA SpA 7.00%, 10/15/2023 (b)		259,466
	275,000	Intesa Sanpaolo SpA 3.88%, 7/14/2027 (a)		262,472
	200,000	Leonardo SpA 4.88%, 3/24/2025		287,986
	100,000	Snaitech SpA 6.38%, 11/7/2021 (b)		129,381
		Telecom Italia SpA
	100,000	5.25%, 2/10/2022 (b)		142,784
	100,000	3.25%, 1/16/2023 (b)		132,670
	225,000	3.63%, 1/19/2024 (b)		302,068
	225,000	3.63%, 5/25/2026 (b)		299,971
	250,000	Wind Tre SpA 2.63%, 1/20/2023 (b)		277,068
				2,989,638
		Japan — 0.4%
		SoftBank Group Corp.
	375,000	4.00%, 7/30/2022 (b)		488,381
	125,000	3.13%, 9/19/2025 (b)		145,622
				634,003
		Kuwait — 0.3%
	200,000	Kuwait Projects Co. SPC Ltd. 5.00%, 3/15/2023 (b)		205,750
	270,000	4.50%, 2/23/2027 (b)		265,275
				471,025
		Luxembourg — 2.3%
	200,000	Altice Financing SA 6.63%, 2/15/2023 (a)		199,750
	125,000	Altice Finco SA 4.75%, 1/15/2028 (b)		137,441
		Altice Luxembourg SA
	200,000	7.25%, 5/15/2022 (b)		235,267
	200,000	7.75%, 5/15/2022 (a)		186,500
	200,000	6.25%, 2/15/2025 (b)		227,603
		ArcelorMittal
	225,000	3.13%, 1/14/2022 (b)		297,866
	112,000	6.50%, 2/25/2022		121,800
	100,000	Auris Luxembourg II SA 8.00%, 1/15/2023 (b)		127,307

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Luxembourg — continued
	150,000	Galapagos SA 5.38%, 6/15/2021 (b)		178,396
	100,000	INEOS Finance plc 4.00%, 5/1/2023 (b)		125,045
	100,000	INEOS Group Holdings SA 5.38%, 8/1/2024 (b)		128,833
		Intelsat Jackson Holdings SA
	176,000	7.25%, 10/15/2020		163,900
	62,000	7.50%, 4/1/2021		56,304
	158,000	8.00%, 2/15/2024 (a)		165,900
	17,000	9.75%, 7/15/2025 (a)		16,150
	200,000	Matterhorn Telecom Holding SA 4.88%, 5/1/2023 (b)		246,464
	250,000	SES SA (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022 (b) (c) (d)		322,999
	200,000	SIG Combibloc Holdings SCA 7.75%, 2/15/2023 (b)		253,157
	200,000	Telenet Finance VI Luxembourg SCA 4.88%, 7/15/2027 (b)		263,733
				3,454,415
		Mexico — 1.0%
	200,000	Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022 (a) (c) (d)		207,840
	200,000	BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (a) (d)		194,080
	200,000	Cemex SAB de CV 7.75%, 4/16/2026 (a)		222,100
	200,000	Nemak SAB de CV 4.75%, 1/23/2025 (a)		198,250
		Petroleos Mexicanos
	230,000	6.88%, 8/4/2026		252,710
	60,000	6.50%, 3/13/2027 (a)		64,032
	280,000	6.75%, 9/21/2047 (a)		283,864
	120,000	6.35%, 2/12/2048 (a)		116,772
				1,539,648
		Netherlands — 1.7%
		ABN AMRO Bank NV
	200,000	(EUR Swap Annual 5 Year + 5.45%), 5.75%, 9/22/2020 (b) (c) (d)		267,790
	200,000	4.75%, 7/28/2025 (a)		205,825

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Netherlands — continued
		AerCap Ireland Capital DAC
	480,000	4.63%, 7/1/2022		498,069
	180,000	3.65%, 7/21/2027		169,245
	100,000	Constellium NV 4.25%, 2/15/2026 (b)		123,403
		ING Groep NV
	200,000	(USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (b) (c) (d)		212,977
	100,000	(EUR Swap Annual 5 Year + 2.85%), 3.00%, 4/11/2028 (d)		132,613
	35,000	Shell International Finance BV 4.13%, 5/11/2035		36,101
	300,000	UPCB Finance IV Ltd. 4.00%, 1/15/2027 (b)		380,523
	300,000	Ziggo Bond Finance BV 4.63%, 1/15/2025 (b)		371,446
	100,000	Ziggo Secured Finance BV 4.25%, 1/15/2027 (b)		123,071
				2,521,063
		Peru — 0.2%
	200,000	Nexa Resources SA 5.38%, 5/4/2027 (b)		205,150
	140,000	Southern Copper Corp. 5.88%, 4/23/2045		160,125
				365,275
		Portugal — 0.3%
	100,000	EDP — Energias de Portugal SA (EUR Swap Annual 5 Year + 5.04%), 5.38%, 9/16/2075 (b) (d)		134,968
	200,000	EDP Finance BV 2.38%, 3/23/2023 (b)		263,627
				398,595
		Qatar — 0.2%
	200,000	ABQ Finance Ltd. 3.50%, 2/22/2022 (b)		194,250
	81,425	Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (b)		83,461
				277,711
		South Korea — 0.1%
	200,000	Woori Bank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 5.25%, 5/16/2022 (b) (c) (d)		200,750

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Spain — 1.8%
	200,000	Banco Bilbao Vizcaya Argentaria SA (EUR Swap Annual 5 Year + 9.18%), 8.88%, 4/14/2021 (b) (c) (d)		292,116
	100,000	Bankia SA (EUR Swap Annual 5 Year + 3.35%), 3.38%, 3/15/2027 (b) (d)		129,370
	100,000	Bankinter SA (EUR Swap Annual 5 Year + 2.40%), 2.50%, 4/6/2027 (b) (d)		125,494
		CaixaBank SA
	200,000	(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024 (b) (c) (d)		282,735
	100,000	(EUR Swap Annual 5 Year + 3.35%), 3.50%, 2/15/2027 (b) (d)		130,169
	100,000	Cellnex Telecom SA 2.88%, 4/18/2025 (b)		125,278
	150,000	Cirsa Funding Luxembourg SA 5.75%, 5/15/2021 (b)		189,268
	97,701	eDreams ODIGEO SA 8.50%, 8/1/2021 (b)		127,241
		Repsol International Finance BV
	100,000	(EUR Swap Annual 6 Year + 3.56%), 3.88%, 3/25/2021 (b) (c) (d)		130,693
	200,000	(EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075 (b) (d)		269,419
		Telefonica Europe BV
	300,000	(EUR Swap Annual 6 Year + 3.80%), 5.00%, 3/31/2020 (b) (c) (d)		394,109
	400,000	(EUR Swap Annual 5 Year + 3.86%), 3.75%, 3/15/2022 (b) (c) (d)		513,864
				2,709,756
		Sweden — 0.5%
	100,000	Skandinaviska Enskilda Banken AB (EUR Swap Annual 5 Year + 1.45%), 2.50%, 5/28/2026 (b) (d)		129,198
	125,000	Telefonaktiebolaget LM Ericsson 1.88%, 3/1/2024 (b)		146,934
	180,000	Verisure Holding AB 6.00%, 11/1/2022 (b)		231,990
	100,000	Verisure Midholding AB 5.75%, 12/1/2023 (b)		121,859
	100,000	Volvo Car AB 3.25%, 5/18/2021 (b)		131,435
				761,416
		Switzerland — 0.9%
		Credit Suisse Group AG
	250,000	(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (a) (c) (d)		277,450
	250,000	4.28%, 1/9/2028 (a)		251,012

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Switzerland — continued
	100,000	Dufry One BV 2.50%, 10/15/2024 (b)		123,843
	100,000	Glencore Finance Europe Ltd. 6.00%, 4/3/2022 (b)		157,353
	400,000	UBS Group AG (EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (b) (c) (d)		548,334
				1,357,992
		United Arab Emirates — 0.0% (f)
	30,000	Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (a)		30,225
		United Kingdom — 4.0%
		BAT Capital Corp.
	450,000	3.56%, 8/15/2027 (a)		430,176
	315,000	4.39%, 8/15/2037 (a)		309,572
		BP Capital Markets plc
	240,000	3.81%, 2/10/2024		245,874
	30,000	3.59%, 4/14/2027		29,859
	125,000	CNH Industrial Finance Europe SA 2.88%, 5/17/2023 (b)		166,024
	100,000	Fiat Chrysler Automobiles NV 3.75%, 3/29/2024 (b)		132,675
	100,000	Fiat Chrysler Finance Europe SA 4.75%, 7/15/2022 (b)		137,326
		HSBC Holdings plc
	480,000	3.40%, 3/8/2021		483,275
	200,000	(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 3/30/2025 (c) (d)		210,750
	200,000	(USD ICE Swap Rate 5 Year + 3.75%), 6.00%, 5/22/2027 (c) (d)		203,250
	225,000	Iceland Bondco plc 4.63%, 3/15/2025 (a)		286,324
	100,000	Jaguar Land Rover Automotive plc 3.88%, 3/1/2023 (b)		140,809
	200,000	Lloyds Banking Group plc 4.58%, 12/10/2025		202,394
	100,000	NGG Finance plc (EUR Swap Annual 7 Year + 2.88%), 4.25%, 6/18/2076 (b) (d)		131,901
		Noble Holding International Ltd.
	7,000	7.75%, 1/15/2024		6,370
	45,000	7.88%, 2/1/2026 (a)		45,225
	100,000	Nomad Foods Bondco plc 3.25%, 5/15/2024 (b)		124,044
	35,000	Reynolds American, Inc. 4.45%, 6/12/2025		36,032

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		United Kingdom — continued
	252,000	Royal Bank of Scotland Group plc 6.10%, 6/10/2023		269,160
	400,000	Santander UK Group Holdings plc 3.57%, 1/10/2023		396,819
	200,000	Sky plc 1.50%, 9/15/2021 (b)		253,999
	200,000	Standard Chartered plc (USD Swap Semi 5 Year + 5.72%), 7.75%, 4/2/2023 (a) (c) (d)		217,250
	100,000	Standard Life Aberdeen plc (U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.85%), 5.50%, 12/4/2042 (b) (d)		154,127
	200,000	Synlab Unsecured Bondco plc 8.25%, 7/1/2023 (b)		261,346
		Tesco Corporate Treasury Services plc
	250,000	2.13%, 11/12/2020 (b)		317,865
	300,000	2.50%, 7/1/2024 (b)		385,515
	92,000	TI Group Automotive Systems LLC 8.75%, 7/15/2023 (a)		97,520
	200,000	Virgin Media Finance plc 4.50%, 1/15/2025 (b)		250,661
	100,000	Worldpay Finance plc 3.75%, 11/15/2022 (b)		131,654
				6,057,796
		United States — 36.5%
	120,000	21st Century Fox America, Inc. 4.95%, 10/15/2045		133,817
	104,000	Acadia Healthcare Co., Inc. 6.50%, 3/1/2024		107,380
	120,000	ACCO Brands Corp. 5.25%, 12/15/2024 (a)		120,600
	100,000	Adient Global Holdings Ltd. 3.50%, 8/15/2024 (b)		125,050
	154,000	ADT Corp. (The) 4.13%, 6/15/2023		149,765
	95,000	AECOM 5.88%, 10/15/2024		99,037
	79,000	AES Corp. 5.50%, 4/15/2025		80,975
	45,000	Air Lease Corp. 3.00%, 9/15/2023		43,771
	70,000	Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (a)		66,500
	25,000	AK Steel Corp. 7.00%, 3/15/2027		25,422
	249,000	Albertsons Cos. LLC 6.63%, 6/15/2024		229,391
		Allergan Funding SCS
	290,000	3.80%, 3/15/2025		286,162
	60,000	4.85%, 6/15/2044		60,418
	124,000	Alliance Data Systems Corp. 5.38%, 8/1/2022 (a)		124,465

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		United States — continued
	20,000	Allison Transmission, Inc. 5.00%, 10/1/2024 (a)		20,275
		Ally Financial, Inc.
	155,000	4.25%, 4/15/2021		156,356
	375,000	4.63%, 5/19/2022		381,094
		Altria Group, Inc.
	40,000	4.00%, 1/31/2024		41,160
	15,000	4.25%, 8/9/2042		14,834
	115,000	3.88%, 9/16/2046		106,090
	65,000	Amazon.com, Inc. 4.05%, 8/22/2047 (a)		64,646
	105,000	AMC Entertainment Holdings, Inc. 5.75%, 6/15/2025		102,112
	154,000	AMC Networks, Inc. 5.00%, 4/1/2024		154,385
		American Axle & Manufacturing, Inc.
	294,000	6.63%, 10/15/2022		303,922
	43,000	6.50%, 4/1/2027		44,398
	145,000	American International Group, Inc. 4.80%, 7/10/2045		150,811
		American Tower Corp.
	180,000	REIT, 5.00%, 2/15/2024		191,964
	280,000	REIT, 3.60%, 1/15/2028		265,761
		Amkor Technology, Inc.
	110,000	6.63%, 6/1/2021		110,962
	45,000	6.38%, 10/1/2022		46,294
	80,000	AMN Healthcare, Inc. 5.13%, 10/1/2024 (a)		80,800
	210,000	Anadarko Petroleum Corp. 3.45%, 7/15/2024		205,586
		Analog Devices, Inc.
	15,000	3.50%, 12/5/2026		14,648
	10,000	4.50%, 12/5/2036		10,324
		Andeavor Logistics LP
	9,000	6.25%, 10/15/2022		9,427
	85,000	6.38%, 5/1/2024		91,375
	106,000	5.25%, 1/15/2025		108,788
	105,000	Anixter, Inc. 5.50%, 3/1/2023		109,464
	211,000	Antero Resources Corp. 5.13%, 12/1/2022		212,846
		Apple, Inc.
	75,000	3.35%, 2/9/2027		73,916
	480,000	2.90%, 9/12/2027		454,205
	100,000	Aramark International Finance SARL 3.13%, 4/1/2025 (b)		126,757
	337,000	Arconic, Inc. 5.90%, 2/1/2027		362,275

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
	Corporate Bonds — continued
		United States — continued
		AT&T, Inc.
	200,000	3.90%, 3/11/2024		201,708
	95,000	3.90%, 8/14/2027		94,253
	20,000	5.25%, 3/1/2037		20,730
	150,000	4.90%, 8/14/2037		150,316
	75,000	4.30%, 12/15/2042		68,303
	75,000	4.75%, 5/15/2046		71,059
	29,000	5.15%, 2/14/2050		28,943
	50,000	Avantor, Inc. 6.00%, 10/1/2024 (a)		50,000
	175,000	Avis Budget Car Rental LLC 5.50%, 4/1/2023		173,687
	100,000	Axalta Coating Systems LLC 4.25%, 8/15/2024 (b)		129,235
	250,000	Ball Corp. 4.38%, 12/15/2023		344,583
		Bank of America Corp.
	270,000	2.63%, 4/19/2021		266,099
	810,000	(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (a) (d)		792,549
	230,000	Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (c) (d)		252,425
	30,000	4.25%, 10/22/2026		30,289
	180,000	Series L, 4.18%, 11/25/2027		179,927
	100,000	Belden, Inc. 3.38%, 7/15/2027 (b)		121,829
		Berry Global, Inc.
	75,000	5.13%, 7/15/2023		76,594
	13,000	4.50%, 2/15/2026 (a)		12,642
	110,000	Blue Cube Spinco, Inc. 10.00%, 10/15/2025		131,175
	130,000	Blue Racer Midstream LLC 6.13%, 11/15/2022 (a)		133,250
		Boyd Gaming Corp.
	30,000	6.88%, 5/15/2023		31,650
	64,000	6.38%, 4/1/2026		67,280
	27,000	Brink’s Co. (The) 4.63%, 10/15/2027 (a)		25,582
	210,000	Broadcom Corp. 3.63%, 1/15/2024		204,881
		Buckeye Partners LP
	171,000	4.15%, 7/1/2023		172,183
	30,000	3.95%, 12/1/2026		28,614
	125,000	Burlington Northern Santa Fe LLC 4.55%, 9/1/2044		133,690
	119,000	Cablevision Systems Corp. 8.00%, 4/15/2020		126,461
	22,000	California Resources Corp. 8.00%, 12/15/2022 (a)		17,407

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
		United States — continued
	45,000	Callon Petroleum Co. 6.13%, 10/1/2024		45,900
	87,000	Calpine Corp. 5.25%, 6/1/2026 (a)		84,390
	221,000	Camelot Finance SA 7.88%, 10/15/2024 (a)		234,326
		Capital One Financial Corp.
	175,000	4.20%, 10/29/2025		173,537
	50,000	3.75%, 3/9/2027		48,603
	180,000	3.80%, 1/31/2028		174,755
	47,000	Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		47,117
		CCO Holdings LLC
	74,000	5.88%, 4/1/2024 (a)		76,519
	865,000	5.75%, 2/15/2026 (a)		876,894
	280,000	5.13%, 5/1/2027 (a)		269,150
	134,000	Centene Corp. 6.13%, 2/15/2024		140,700
		Central Garden & Pet Co.
	20,000	6.13%, 11/15/2023		20,875
	75,000	5.13%, 2/1/2028		73,031
	140,000	CenturyLink, Inc. Series Y, 7.50%, 4/1/2024		140,700
	240,000	CF Industries, Inc. 4.50%, 12/1/2026 (a)		244,242
	255,000	Charter Communications Operating LLC 4.91%, 7/23/2025		262,600
		Chemours Co. (The)
	40,000	6.63%, 5/15/2023		42,050
	42,000	7.00%, 5/15/2025		45,255
	83,000	Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		87,772
		Chesapeake Energy Corp.
	73,000	8.00%, 12/15/2022 (a)		77,654
	45,000	8.00%, 1/15/2025 (a)		44,437
	65,000	8.00%, 6/15/2027 (a)		62,319
	134,000	Cincinnati Bell, Inc. 7.00%, 7/15/2024 (a)		127,166
	250,000	Cisco Systems, Inc. 2.60%, 2/28/2023		245,528
	165,000	CIT Group, Inc. 5.00%, 8/15/2022		170,156
	27,000	CITGO Petroleum Corp. 6.25%, 8/15/2022 (a)		27,034
		Citigroup, Inc.
	100,000	(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (d)		99,272
	135,000	3.88%, 3/26/2025		134,071
	130,000	4.40%, 6/10/2025		133,435

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
	Corporate Bonds — continued
		United States — continued
	200,000	Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (c) (d)		215,000
	305,000	4.13%, 7/25/2028		302,811
	90,000	Clean Harbors, Inc. 5.13%, 6/1/2021		90,562
		Clear Channel Worldwide Holdings, Inc.
	172,000	Series B, 7.63%, 3/15/2020		171,785
	520,000	Series B, 6.50%, 11/15/2022		534,300
	32,000	Clearwater Paper Corp. 4.50%, 2/1/2023		30,800
	21,000	CNX Resources Corp. 5.88%, 4/15/2022		21,118
	75,000	Cogent Communications Finance, Inc. 5.63%, 4/15/2021 (a)		76,500
		Comcast Corp.
	110,000	3.20%, 7/15/2036		97,201
	105,000	4.60%, 8/15/2045		109,503
	90,000	4.00%, 3/1/2048		84,032
	80,000	Commercial Metals Co. 4.88%, 5/15/2023		81,000
	280,000	CommScope Technologies LLC 6.00%, 6/15/2025 (a)		289,184
		Community Health Systems, Inc.
	55,000	7.13%, 7/15/2020		46,269
	33,000	5.13%, 8/1/2021		30,442
	21,000	6.25%, 3/31/2023		19,110
	40,000	Concho Resources, Inc. 4.88%, 10/1/2047		41,306
		Continental Resources, Inc.
	85,000	5.00%, 9/15/2022		86,275
	105,000	4.50%, 4/15/2023		106,312
	22,000	4.90%, 6/1/2044		21,093
	105,000	Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (a)		107,100
	70,000	CoreCivic, Inc. REIT, 4.63%, 5/1/2023		69,650
	41,000	Covanta Holding Corp. 5.88%, 7/1/2025		40,795
	35,000	Crestwood Midstream Partners LP 6.25%, 4/1/2023		36,050
	74,000	Crown Americas LLC 4.25%, 9/30/2026		70,115
		Crown European Holdings SA
	150,000	4.00%, 7/15/2022 (b)		199,671
	125,000	2.63%, 9/30/2024 (b)		154,001

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
		United States — continued
		CSC Holdings LLC
	27,000	5.25%, 6/1/2024		25,987
	210,000	6.63%, 10/15/2025 (a)		220,500
	11,000	CURO Financial Technologies Corp. 12.00%, 3/1/2022 (a)		12,127
	82,000	CVR Partners LP 9.25%, 6/15/2023 (a)		86,920
	210,000	Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (a)		224,700
	145,000	Darden Restaurants, Inc. 3.85%, 5/1/2027		142,990
	82,000	DaVita, Inc. 5.13%, 7/15/2024		81,436
	105,000	DCP Midstream Operating LP 3.88%, 3/15/2023		102,375
		Dell International LLC
	90,000	5.88%, 6/15/2021 (a)		92,025
	195,000	7.13%, 6/15/2024 (a)		210,581
	230,000	6.02%, 6/15/2026 (a)		246,056
	9,000	Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		9,135
	38,000	Diamondback Energy, Inc. 4.75%, 11/1/2024		37,525
		Discovery Communications LLC
	65,000	2.95%, 3/20/2023		62,837
	65,000	5.00%, 9/20/2037		64,892
		DISH DBS Corp.
	157,000	5.88%, 7/15/2022		153,075
	50,000	5.00%, 3/15/2023		45,937
	415,000	5.88%, 11/15/2024		388,025
	127,000	7.75%, 7/1/2026		125,095
	65,000	DJO Finco, Inc. 8.13%, 6/15/2021 (a)		63,050
	39,000	Dole Food Co., Inc. 7.25%, 6/15/2025 (a)		40,852
	119,000	Dollar Tree, Inc. 5.75%, 3/1/2023		123,760
		Dynegy, Inc.
	95,000	5.88%, 6/1/2023		97,375
	50,000	7.63%, 11/1/2024		53,750
	105,000	Encompass Health Corp. 5.75%, 9/15/2025		106,837
	67,000	Endo Finance LLC 5.75%, 1/15/2022 (a)		54,772
	55,000	Energizer Holdings, Inc. 5.50%, 6/15/2025 (a)		55,000
	53,000	Energy Transfer Equity LP 5.88%, 1/15/2024		56,180
	11,000	Ensco plc 5.20%, 3/15/2025		9,130

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
	Corporate Bonds — continued
		United States — continued
	33,000	Entegris, Inc. 4.63%, 2/10/2026 (a)		32,422
	160,000	Entergy Corp. 2.95%, 9/1/2026		150,529
	285,000	Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (d)		275,025
	134,000	Envision Healthcare Corp. 5.63%, 7/15/2022		136,680
		EP Energy LLC
	81,000	9.38%, 5/1/2024 (a)		59,737
	66,000	8.00%, 11/29/2024 (a)		67,980
	68,000	8.00%, 2/15/2025 (a)		46,750
		Equinix, Inc.
	60,000	REIT, 5.38%, 4/1/2023		61,575
	325,000	REIT, 2.88%, 10/1/2025		392,781
	123,000	ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (a)		122,692
		Express Scripts Holding Co.
	300,000	3.00%, 7/15/2023		289,470
	30,000	3.40%, 3/1/2027		28,424
		First Data Corp.
	170,000	5.38%, 8/15/2023 (a)		172,960
	138,000	7.00%, 12/1/2023 (a)		145,072
	215,000	5.75%, 1/15/2024 (a)		218,763
	295,000	FirstEnergy Corp. Series B, 3.90%, 7/15/2027		291,335
	115,000	Ford Motor Co. 5.29%, 12/8/2046		113,114	��
		Freeport-McMoRan, Inc.
	128,000	3.55%, 3/1/2022		124,518
	35,000	3.88%, 3/15/2023		33,950
	50,000	4.55%, 11/14/2024		48,875
	195,000	Frontier Communications Corp. 6.88%, 1/15/2025		118,950
	18,000	FXI Holdings, Inc. 7.88%, 11/1/2024 (a)		17,752
	14,000	Gates Global LLC 6.00%, 7/15/2022 (a)		14,255
	25,000	GCI, Inc. 6.88%, 4/15/2025		26,437
	75,000	GCP Applied Technologies, Inc. 9.50%, 2/1/2023 (a)		82,219
	200,000	GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		196,388
		General Electric Co.
	100,000	1.50%, 5/17/2029		119,086
	65,000	4.50%, 3/11/2044		64,389

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
		United States — continued
		General Motors Co.
	115,000	5.15%, 4/1/2038		113,568
	50,000	5.20%, 4/1/2045		49,320
	80,000	Genesis Energy LP 5.63%, 6/15/2024		76,800
		GEO Group, Inc. (The)
	90,000	REIT, 5.88%, 1/15/2022		92,363
	55,000	REIT, 5.88%, 10/15/2024		55,550
	75,000	REIT, 6.00%, 4/15/2026		74,741
		Gilead Sciences, Inc.
	20,000	4.00%, 9/1/2036		19,661
	105,000	4.15%, 3/1/2047		101,396
	64,000	GLP Capital LP 5.38%, 11/1/2023		66,720
		Goldman Sachs Group, Inc. (The)
	585,000	2.35%, 11/15/2021		565,822
	405,000	Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (c) (d)		393,911
	340,000	(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		331,274
	40,000	3.50%, 1/23/2025		39,286
	190,000	Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (c) (d)		194,275
	210,000	3.85%, 1/26/2027		207,177
	130,000	(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (d)		126,936
		Goodyear Tire & Rubber Co. (The)
	149,000	5.00%, 5/31/2026		149,000
	21,000	4.88%, 3/15/2027		20,685
	88,000	Gulfport Energy Corp. 6.00%, 10/15/2024		86,460
	51,000	Hanesbrands, Inc. 4.88%, 5/15/2026 (a)		50,107
	185,000	Harris Corp. 4.85%, 4/27/2035		198,206
		HCA, Inc.
	158,000	5.88%, 3/15/2022		167,480
	213,000	5.88%, 5/1/2023		223,970
	590,000	5.38%, 2/1/2025		599,776
	375,000	5.88%, 2/15/2026		388,125
		Herc Rentals, Inc.
	50,000	7.50%, 6/1/2022 (a)		53,500
	80,000	7.75%, 6/1/2024 (a)		87,176
		Hertz Corp. (The)
	285,000	7.38%, 1/15/2021		283,575
	160,000	5.50%, 10/15/2024 (a)		138,800

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
	Corporate Bonds — continued
		United States — continued
	115,000	Hess Corp. 5.80%, 4/1/2047		121,623
	180,000	Hexion, Inc. 6.63%, 4/15/2020		167,400
		Hilcorp Energy I LP
	70,000	5.00%, 12/1/2024 (a)		70,350
	25,000	5.75%, 10/1/2025 (a)		25,437
	50,000	Hill-Rom Holdings, Inc. 5.75%, 9/1/2023 (a)		51,875
	23,000	Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		24,783
	23,000	Hilton Worldwide Finance LLC 4.88%, 4/1/2027		23,000
	76,000	Holly Energy Partners LP 6.00%, 8/1/2024 (a)		78,090
	50,000	Hologic, Inc. 4.38%, 10/15/2025 (a)		48,812
	80,000	HRG Group, Inc. 7.75%, 1/15/2022		83,450
	104,000	Hughes Satellite Systems Corp. 5.25%, 8/1/2026		101,400
		Huntsman International LLC
	200,000	5.13%, 4/15/2021		270,220
	291,000	5.13%, 11/15/2022		300,458
	21,000	IHS Markit Ltd. 4.00%, 3/1/2026 (a)		20,370
	136,000	Infor Software Parent LLC 7.13%, 5/1/2021 (a) (e)		138,380
	201,000	Infor US, Inc. 6.50%, 5/15/2022		205,523
	200,000	International Game Technology plc 4.75%, 2/15/2023 (b)		270,557
	55,000	International Paper Co. 4.35%, 8/15/2048		53,383
	51,000	inVentiv Group Holdings, Inc. 7.50%, 10/1/2024 (a)		54,570
	136,000	Iron Mountain, Inc. REIT, 5.75%, 8/15/2024		135,320
	140,000	ITC Holdings Corp. 3.35%, 11/15/2027 (a)		134,924
	13,000	Itron, Inc. 5.00%, 1/15/2026 (a)		12,935
	85,000	Jack Ohio Finance LLC 6.75%, 11/15/2021 (a)		88,567
	70,000	Jeld-Wen, Inc. 4.63%, 12/15/2025 (a)		68,425
	14,000	Kennedy-Wilson, Inc. 5.88%, 4/1/2024 (a)		13,965
	70,000	KFC Holding Co. 4.75%, 6/1/2027 (a)		68,425
	70,000	Kindred Healthcare, Inc. 8.75%, 1/15/2023		74,900

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
		United States — continued
	90,000	Kinetic Concepts, Inc. 7.88%, 2/15/2021 (a)		93,150
	165,000	Kraft Heinz Foods Co. 4.38%, 6/1/2046		149,892
	60,000	Kroger Co. (The) 4.45%, 2/1/2047		56,452
	100,000	Kronos International, Inc. 3.75%, 9/15/2025 (a)		125,662
		L Brands, Inc.
	85,000	5.63%, 10/15/2023		89,250
	18,000	5.25%, 2/1/2028		17,325
	70,000	6.75%, 7/1/2036		68,600
	75,000	Lamar Media Corp. 5.75%, 2/1/2026		77,625
		Lennar Corp.
	103,000	5.88%, 11/15/2024 (a)		109,438
	25,000	4.75%, 11/29/2027 (a)		24,187
		Level 3 Financing, Inc.
	65,000	5.38%, 5/1/2025		64,513
	284,000	5.25%, 3/15/2026		273,347
	350,000	Level 3 Parent LLC 5.75%, 12/1/2022		353,500
	62,000	Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (a)		61,612
	69,000	LKQ Corp. 4.75%, 5/15/2023		69,863
	100,000	LKQ Italia Bondco SpA 3.88%, 4/1/2024 (b)		130,693
	110,000	Lowe’s Cos., Inc. 4.05%, 5/3/2047		107,715
	38,000	LPL Holdings, Inc. 5.75%, 9/15/2025 (a)		38,475
	53,000	Marathon Petroleum Corp. 4.75%, 9/15/2044		51,734
		Martin Marietta Materials, Inc.
	125,000	3.50%, 12/15/2027		120,080
	62,000	4.25%, 12/15/2047		57,572
		Masco Corp.
	195,000	4.38%, 4/1/2026		199,368
	30,000	3.50%, 11/15/2027		28,650
	142,000	MasTec, Inc. 4.88%, 3/15/2023		141,645
		Mattel, Inc.
	10,000	3.15%, 3/15/2023		8,962
	99,000	6.75%, 12/31/2025 (a)		100,733
	210,000	McDonald’s Corp. 4.60%, 5/26/2045		218,191
	20,000	Mediacom Broadband LLC 6.38%, 4/1/2023		20,498
	20,000	MetLife, Inc. 6.40%, 12/15/2036		22,550

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
	Corporate Bonds — continued
		United States — continued
	477,000	MGM Resorts International 6.00%, 3/15/2023		507,409
	165,000	Microsemi Corp. 9.13%, 4/15/2023 (a)		182,738
	20,000	Microsoft Corp. 4.10%, 2/6/2037		21,019
		Morgan Stanley
	100,000	Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 7/15/2019 (c) (d)		102,350
	100,000	Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (c) (d)		103,630
	30,000	4.35%, 9/8/2026		30,454
	200,000	3.63%, 1/20/2027		196,066
	205,000	(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (d)		198,269
	130,000	(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (d)		127,204
	240,000	(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (d)		233,969
	59,000	MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		62,097
		MPLX LP
	95,000	4.50%, 4/15/2038		92,687
	75,000	5.20%, 3/1/2047		77,128
	15,000	Mylan NV 3.95%, 6/15/2026		14,508
	270,000	Mylan, Inc. 4.20%, 11/29/2023		272,562
		Nabors Industries, Inc.
	53,000	5.50%, 1/15/2023		52,603
	9,000	5.10%, 9/15/2023		8,685
	109,000	Nationstar Mortgage LLC 6.50%, 7/1/2021		111,385
	70,000	Netflix, Inc. 4.38%, 11/15/2026		67,200
	98,000	New Albertson’s, Inc. 8.00%, 5/1/2031		84,035
	33,000	New Home Co., Inc. (The) 7.25%, 4/1/2022		34,238
	90,000	Newfield Exploration Co. 5.75%, 1/30/2022		94,950
	25,000	Nexstar Broadcasting, Inc. 6.13%, 2/15/2022 (a)		25,750
	78,000	Nielsen Finance LLC 5.00%, 4/15/2022 (a)		78,965
	150,000	NiSource, Inc. 4.38%, 5/15/2047		151,977
		Noble Energy, Inc.
	200,000	3.85%, 1/15/2028		195,606
	15,000	5.25%, 11/15/2043		15,881

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
		United States — continued
	73,000	Novelis Corp. 5.88%, 9/30/2026 (a)		73,548
	93,000	NRG Energy, Inc. 6.63%, 1/15/2027		96,023
	44,000	NRG Yield Operating LLC 5.00%, 9/15/2026		43,225
		Oasis Petroleum, Inc.
	42,000	6.50%, 11/1/2021		42,735
	160,000	6.88%, 1/15/2023		163,500
	150,000	OI European Group BV 3.13%, 11/15/2024 (b)		186,967
	210,000	ONEOK Partners LP 3.38%, 10/1/2022		209,094
	130,000	ONEOK, Inc. 4.00%, 7/13/2027		128,322
		Oracle Corp.
	150,000	2.95%, 11/15/2024		145,647
	30,000	2.65%, 7/15/2026		28,035
	135,000	4.50%, 7/8/2044		145,145
	75,000	Outfront Media Capital LLC 5.88%, 3/15/2025		76,125
	165,000	Owens Corning 4.30%, 7/15/2047		151,810
	59,000	Parker Drilling Co. 6.75%, 7/15/2022		48,970
	20,000	Pattern Energy Group, Inc. 5.88%, 2/1/2024 (a)		20,600
	22,000	PBF Holding Co. LLC 7.25%, 6/15/2025		22,770
		PetSmart, Inc.
	125,000	7.13%, 3/15/2023 (a)		79,675
	70,000	5.88%, 6/1/2025 (a)		54,600
	115,000	Philip Morris International, Inc. 4.13%, 3/4/2043		111,591
	140,000	Phillips 66 Partners LP 3.75%, 3/1/2028		136,036
	86,000	PolyOne Corp. 5.25%, 3/15/2023		86,860
		Post Holdings, Inc.
	10,000	5.50%, 3/1/2025 (a)		10,062
	53,000	5.00%, 8/15/2026 (a)		50,350
	50,000	5.63%, 1/15/2028 (a)		48,688
	55,000	PPL Capital Funding, Inc. 4.00%, 9/15/2047		52,417
	131,000	Prime Security Services Borrower LLC 9.25%, 5/15/2023 (a)		142,626
	115,000	Prudential Financial, Inc. 4.60%, 5/15/2044		121,382
		QEP Resources, Inc.
	38,000	5.38%, 10/1/2022		38,570
	5,000	5.63%, 3/1/2026		4,919

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
	Corporate Bonds — continued
		United States — continued
	240,000	QUALCOMM, Inc. 2.90%, 5/20/2024		226,982
	164,000	Quicken Loans, Inc. 5.75%, 5/1/2025 (a)		165,230
		Quintiles IMS, Inc.
	250,000	3.50%, 10/15/2024 (b)		314,670
	100,000	3.25%, 3/15/2025 (b)		123,075
	200,000	5.00%, 10/15/2026 (a)		200,600
	221,000	Rackspace Hosting, Inc. 8.63%, 11/15/2024 (a)		230,392
	50,000	Rain CII Carbon LLC 7.25%, 4/1/2025 (a)		54,063
	100,000	Range Resources Corp. 4.88%, 5/15/2025		95,813
	150,000	Realty Income Corp. REIT, 3.65%, 1/15/2028		146,124
	75,000	Regal Entertainment Group 5.75%, 2/1/2025		76,688
		Reynolds Group Issuer, Inc.
	92,065	5.75%, 10/15/2020		93,331
	76,000	5.13%, 7/15/2023 (a)		77,509
	50,000	RHP Hotel Properties LP REIT, 5.00%, 4/15/2023		50,250
	80,000	Rite Aid Corp. 6.13%, 4/1/2023 (a)		80,600
	325,000	Rockwell Collins, Inc. 3.70%, 12/15/2023		328,431
	280,000	Roper Technologies, Inc. 3.80%, 12/15/2026		280,675
	38,000	RSP Permian, Inc. 6.63%, 10/1/2022		39,615
	200,000	Sable International Finance Ltd. 6.88%, 8/1/2022 (b)		212,000
	50,000	Sabre GLBL, Inc. 5.38%, 4/15/2023 (a)		50,375
	45,000	SBA Communications Corp. REIT, 4.88%, 9/1/2024		44,438
	47,000	Scientific Games International, Inc. 7.00%, 1/1/2022 (a)		49,468
	135,000	Scotts Miracle-Gro Co. (The) 6.00%, 10/15/2023		141,075
	119,000	Sealed Air Corp. 5.13%, 12/1/2024 (a)		122,570
	46,000	SemGroup Corp. 5.63%, 11/15/2023		44,505
	145,000	Sempra Energy 3.80%, 2/1/2038		137,372
	85,000	Sensata Technologies BV 4.88%, 10/15/2023 (a)		86,275
	70,000	Service Corp. International 7.50%, 4/1/2027		81,550

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
		United States — continued
	225,000	Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		215,149
	200,000	Silgan Holdings, Inc. 3.25%, 3/15/2025		248,831
		Sinclair Television Group, Inc.
	25,000	6.13%, 10/1/2022		25,781
	136,000	5.63%, 8/1/2024 (a)		138,040
		Sirius XM Radio, Inc.
	410,000	6.00%, 7/15/2024 (a)		429,475
	157,000	5.38%, 4/15/2025 (a)		159,551
	12,000	5.00%, 8/1/2027 (a)		11,667
	40,000	Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		39,904
	85,000	SM Energy Co. 6.50%, 11/15/2021		86,275
	25,000	Sotheby’s 4.88%, 12/15/2025 (a)		24,250
	130,000	Southwestern Energy Co. 6.70%, 1/23/2025		127,400
	158,000	Spectrum Brands, Inc. 6.63%, 11/15/2022		163,333
	111,000	Springleaf Finance Corp. 6.13%, 5/15/2022		113,775
	115,000	Sprint Capital Corp. 8.75%, 3/15/2032		124,775
		Sprint Corp.
	490,000	7.88%, 9/15/2023		507,150
	659,000	7.63%, 2/15/2025		659,000
	25,000	SPX FLOW, Inc. 5.63%, 8/15/2024 (a)		25,438
		Standard Industries, Inc.
	24,000	6.00%, 10/15/2025 (a)		25,350
	89,000	4.75%, 1/15/2028 (a)		85,440
	182,000	Staples, Inc. 8.50%, 9/15/2025 (a)		174,720
	42,000	Steel Dynamics, Inc. 5.00%, 12/15/2026		42,840
	153,000	Summit Materials LLC 6.13%, 7/15/2023		157,590
	130,000	Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		126,057
	178,000	SUPERVALU, Inc. 6.75%, 6/1/2021		175,775
	50,000	Synchrony Financial 4.25%, 8/15/2024		50,358
		Targa Resources Partners LP
	116,000	4.25%, 11/15/2023		113,100
	170,000	6.75%, 3/15/2024		180,413
		TEGNA, Inc.
	75,000	6.38%, 10/15/2023		78,187
	50,000	5.50%, 9/15/2024 (a)		51,375

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
	Corporate Bonds — continued
		United States — continued
		Tempur Sealy International, Inc.
	50,000	5.63%, 10/15/2023		50,500
	50,000	5.50%, 6/15/2026		49,125
		Tenet Healthcare Corp.
	124,000	4.50%, 4/1/2021		124,397
	175,000	7.50%, 1/1/2022 (a)		184,844
	245,000	8.13%, 4/1/2022		257,862
	70,000	6.75%, 6/15/2023		70,000
	134,000	5.13%, 5/1/2025 (a)		129,980
	48,000	Terex Corp. 5.63%, 2/1/2025 (a)		48,480
		TerraForm Power Operating LLC
	17,000	4.25%, 1/31/2023 (a)		16,660
	34,000	6.63%, 6/15/2025 (a) (g)		36,805
	21,000	5.00%, 1/31/2028 (a)		20,324
	48,000	Tesla, Inc. 5.30%, 8/15/2025 (a)		45,720
		T-Mobile USA, Inc.
	250,000	6.50%, 1/15/2024		261,875
	328,000	6.00%, 4/15/2024		341,120
	160,000	6.50%, 1/15/2026		171,600
	35,000	TransDigm, Inc. 6.50%, 7/15/2024		36,094
	54,000	Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		55,555
		Transocean, Inc.
	59,000	9.00%, 7/15/2023 (a)		63,573
	31,000	7.50%, 1/15/2026 (a)		31,232
	9,000	7.50%, 4/15/2031		8,123
	53,000	6.80%, 3/15/2038		42,665
	50,000	TreeHouse Foods, Inc. 6.00%, 2/15/2024 (a)		50,938
	17,000	Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)		17,191
		Triumph Group, Inc.
	10,000	4.88%, 4/1/2021		9,750
	50,000	7.75%, 8/15/2025		51,688
	34,000	Tutor Perini Corp. 6.88%, 5/1/2025 (a)		35,700
	175,000	Ultra Resources, Inc. 6.88%, 4/15/2022 (a)		157,500
		United Rentals North America, Inc.
	120,000	5.75%, 11/15/2024		124,200
	209,000	5.50%, 5/15/2027		213,912
	90,000	United States Cellular Corp. 6.70%, 12/15/2033		94,500
		United States Steel Corp.
	64,000	8.38%, 7/1/2021 (a)		68,640
	10,000	6.88%, 8/15/2025		10,500

PRINCIPAL AMOUNT ($)		INVESTMENTS	VALUE ($)
		United States — continued
	55,000	United Technologies Corp. 4.15%, 5/15/2045		53,648
		Uniti Group LP
	85,000	REIT, 6.00%, 4/15/2023 (a)		82,237
	85,000	REIT, 8.25%, 10/15/2023		79,263
		Univision Communications, Inc.
	61,000	5.13%, 5/15/2023 (a)		57,397
	21,000	5.13%, 2/15/2025 (a)		19,399
	153,000	US Concrete, Inc. 6.38%, 6/1/2024		162,563
		Valeant Pharmaceuticals International, Inc.
	74,000	6.50%, 3/15/2022 (a)		76,960
	100,000	4.50%, 5/15/2023 (b)		106,587
	323,000	5.88%, 5/15/2023 (a)		287,066
	160,000	7.00%, 3/15/2024 (a)		168,600
	295,000	6.13%, 4/15/2025 (a)		258,678
	30,000	Valvoline, Inc. 4.38%, 8/15/2025		29,325
	20,000	Venator Finance SARL 5.75%, 7/15/2025 (a)		20,350
		VEREIT Operating Partnership LP
	250,000	REIT, 4.60%, 2/6/2024		256,478
	200,000	REIT, 3.95%, 8/15/2027		189,558
		Verizon Communications, Inc.
	65,000	3.50%, 11/1/2024		64,432
	20,000	4.27%, 1/15/2036		19,183
	5,000	4.13%, 8/15/2046		4,455
	205,000	5.01%, 4/15/2049		208,027
	97,000	Vertiv Group Corp. 9.25%, 10/15/2024 (a)		102,335
	55,000	VICI Properties 1 LLC REIT, 8.00%, 10/15/2023		61,050
	85,000	Vista Outdoor, Inc. 5.88%, 10/1/2023		84,044
		Weatherford International Ltd.
	23,000	9.88%, 2/15/2024		22,770
	38,000	6.50%, 8/1/2036		28,880
	21,000	7.00%, 3/15/2038		16,695
	140,000	Welbilt, Inc. 9.50%, 2/15/2024		155,400
	42,000	WellCare Health Plans, Inc. 5.25%, 4/1/2025		42,509
		Wells Fargo & Co.
	15,000	(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (d)		14,620
	150,000	4.90%, 11/17/2045		158,474
	147,000	WESCO Distribution, Inc. 5.38%, 6/15/2024		147,368

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		United States — continued
	50,000	Western Digital Corp. 4.75%, 2/15/2026		50,375
		Whiting Petroleum Corp.
	85,000	5.75%, 3/15/2021		86,912
	75,000	6.25%, 4/1/2023		75,938
	16,000	6.63%, 1/15/2026 (a)		16,220
	78,000	Williams Cos., Inc. (The) 4.55%, 6/24/2024		78,585
	275,000	Williams Partners LP 4.00%, 9/15/2025		274,157
		Windstream Services LLC
	25,000	6.38%, 8/1/2023		14,625
	260,000	8.75%, 12/15/2024 (a)		166,400
		WMG Acquisition Corp.
	150,000	4.13%, 11/1/2024 (b)		192,013
	113,000	4.88%, 11/1/2024 (a)		113,989
	70,000	WPX Energy, Inc. 8.25%, 8/1/2023		79,275
	142,000	Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)		143,953
		XPO Logistics, Inc.
	120,000	6.50%, 6/15/2022 (a)		124,710
	40,000	6.13%, 9/1/2023 (a)		41,500
		Zayo Group LLC
	85,000	6.00%, 4/1/2023		88,294
	203,000	6.38%, 5/15/2025		212,389
	21,000	5.75%, 1/15/2027 (a)		21,105
				55,354,357
		Total Corporate Bonds (Cost $97,875,702)		97,713,538
	Foreign Government Securities — 21.2%
		Angola — 0.1%
	200,000	Republic of Angola 9.50%, 11/12/2025 (b)		223,500
		Argentina — 0.4%
	200,000	Provincia de Buenos Aires 9.13%, 3/16/2024 (a)		222,500
		Republic of Argentina
	300,000	6.88%, 4/22/2021		316,800
	44,000	6.88%, 1/11/2048		40,150
	55,000	7.13%, 6/28/2117 (b)		50,902
				630,352
		Belarus — 0.3%
		Republic of Belarus
	200,000	6.88%, 2/28/2023 (a)		213,500
	200,000	7.63%, 6/29/2027 (a)		225,750
				439,250

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Brazil — 2.0%
		Brazil Notas do Tesouro Nacional
	BRL          5,050,000	10.00%, 1/1/2021		1,617,164
	BRL          4,555,000	10.00%, 1/1/2025		1,442,933
				3,060,097
		Colombia — 0.1%
	200,000	Republic of Colombia 5.00%, 6/15/2045		199,250
		Croatia — 0.2%
	250,000	Republic of Croatia 5.50%, 4/4/2023 (b)		266,563
		Dominican Republic — 0.2%
	350,000	Government of Dominican Republic 6.88%, 1/29/2026 (b)		390,250
		Ecuador — 0.4%
		Republic of Ecuador
	200,000	10.75%, 3/28/2022 (a)		225,500
	210,000	8.88%, 10/23/2027 (a)		221,025
	200,000	7.88%, 1/23/2028 (a)		200,000
				646,525
		Egypt — 0.2%
	300,000	Arab Republic of Egypt 5.75%, 4/29/2020 (b)		308,250
		El Salvador — 0.2%
	250,000	Republic of El Salvador 6.38%, 1/18/2027 (a)		247,812
		Gabon — 0.1%
	200,000	Gabonese Republic 6.38%, 12/12/2024 (b)		196,250
		Greece — 0.4%
	EUR 496,000	Greece Government Bond 3.38%, 2/15/2025 (b)		580,437
		Hungary — 0.5%
	HUF 180,000,000	Hungary Government Bond 3.00%, 10/27/2027		720,728
		Indonesia — 3.1%
		Republic of Indonesia
	IDR 36,209,000,000	8.75%, 5/15/2031		2,962,878
	IDR 16,201,000,000	8.25%, 5/15/2036		1,266,762
	340,000	6.63%, 2/17/2037 (b)		411,196
				4,640,836
		Italy — 0.5%
	EUR 670,000	Republic of Italy 2.80%, 3/1/2067 (b)		740,908

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Foreign Government Securities — continued
		Lebanon — 0.4%
		Republic of Lebanon
	150,000	5.15%, 11/12/2018 (b)		149,250
	267,000	5.45%, 11/28/2019 (b)		262,061
	200,000	6.10%, 10/4/2022 (b)		193,250
				604,561
		Malaysia — 2.0%
		Federation of Malaysia
	MYR 2,950,000	3.58%, 9/28/2018		754,108
	MYR 2,100,000	5.73%, 7/30/2019		553,954
	MYR 1,400,000	3.65%, 10/31/2019		359,148
	MYR 2,715,000	4.38%, 11/29/2019		704,881
	MYR 1,250,000	3.44%, 2/15/2021		319,253
	MYR 1,350,000	4.05%, 9/30/2021		349,646
				3,040,990
		Nigeria — 0.2%
	270,000	Federal Republic of Nigeria 7.63%, 11/28/2047 (a)		277,087
		Oman — 0.1%
	200,000	Oman Government International Bond 4.75%, 6/15/2026 (a)		192,000
		Pakistan — 0.3%
	450,000	Republic of Pakistan 7.25%, 4/15/2019 (b)		461,164
					��
		Portugal — 1.9%
		Portugal Obrigacoes do Tesouro
	EUR 1,370,000	2.88%, 7/21/2026 (b)		1,825,603
	EUR 770,000	4.13%, 4/14/2027 (b)		1,118,866
				2,944,469
		Qatar — 0.4%
		State of Qatar
	410,000	2.38%, 6/2/2021 (b)		395,138
	200,000	4.63%, 6/2/2046 (b)		197,600
				592,738
		Russia — 3.3%
		Russian Federation
	RUB 76,450,000	7.75%, 9/16/2026		1,433,685
	RUB 79,500,000	8.15%, 2/3/2027		1,533,411
	RUB 89,000,000	7.70%, 3/23/2033		1,648,323
	200,000	5.25%, 6/23/2047 (b)		208,250
	200,000	5.25%, 6/23/2047 (a)		208,250
				5,031,919

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		South Africa — 0.5%
	ZAR 11,600,000	Republic of South Africa 6.50%, 2/28/2041		743,094
		Spain — 1.9%
		Spain Government Bond
	EUR 1,130,000	2.90%, 10/31/2046 (b)		1,473,078
	EUR 1,089,000	2.70%, 10/31/2048 (b)		1,347,087
				2,820,165
		Sri Lanka — 0.3%
		Republic of Sri Lanka
	200,000	6.83%, 7/18/2026 (a)		207,760
	200,000	6.20%, 5/11/2027 (a)		198,880
				406,640
		Turkey — 0.4%
		Republic of Turkey
	250,000	5.13%, 3/25/2022		255,625
	350,000	5.75%, 5/11/2047		315,875
				571,500
		Ukraine — 0.6%
		Republic of Ukraine
	630,000	7.75%, 9/1/2021 (b)		666,225
	200,000	7.75%, 9/1/2024 (b)		207,250
				873,475
		Uruguay — 0.1%
		Republic of Uruguay
	100,000	4.38%, 10/27/2027		103,600
		Zambia — 0.1%
	200,000	Republic of Zambia 8.50%, 4/14/2024 (b)		211,250
		Total Foreign Government Securities (Cost $31,671,640)		32,165,660
	Commercial Mortgage-Backed Securities — 6.2%
		United States — 6.2%
	400,000	BAMLL Re-REMIC Trust Series 2014-FRR4, Class BK29, Zero Coupon, 4/27/2023 (a)		268,067
		Banc of America Commercial Mortgage Trust
	39,965	Series 2006-1, Class E, 5.99%, 9/10/2045‡ (a) (h)		41,936
	100,000	Series 2007-3, Class C, 5.76%, 6/10/2049‡ (h)		101,909
	740,000	Series 2007-5, Class AJ, 5.98%, 2/10/2051 (h)		761,045

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		United States — continued
	140,000	BANK Series 2017-BNK9, Class D, 2.80%, 11/15/2054 (a) (h)		110,870
	7,019	Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17, Class AJ, 5.74%, 6/11/2050 (h)		7,023
	210,000	BXMT Ltd. Series 2017-FL1, Class D, 4.29%, 6/15/2035‡ (a) (h)		210,651
	90,000	CD Mortgage Trust Series 2017-CD4, Class D, 3.30%, 5/10/2050‡ (a)		72,662
		Citigroup Commercial Mortgage Trust
	430,000	Series 2015-P1, Class D, 3.23%, 9/15/2048‡ (a)		343,593
	350,000	Series 2016-P5, Class C, 4.32%, 10/10/2049‡ (h)		347,303
		COBALT CMBS Commercial Mortgage Trust
	272,868	Series 2007-C3, Class AJ, 5.88%, 5/15/2046 (h)		274,087
	570,000	Series 2007-C3, Class B, 5.88%, 5/15/2046 (h)		569,020
	300,000	Cold Storage Trust Series 2017-ICE3, Class B, 2.84%, 4/15/2036‡ (a) (h)		300,933
		Commercial Mortgage Trust
	120,000	Series 2004-GG1, Class H, 6.43%, 6/10/2036 (a) (h)		120,667
	150,000	Series 2015-CR24, Class D, 3.46%, 8/10/2048‡ (h)		118,518
	100,000	CSAIL Commercial Mortgage Trust Series 2017-C8, Class C, 4.32%, 6/15/2050‡		100,933
		FHLMC Multifamily Structured Pass-Through Certificates
	2,640,000	Series K036, ClassX 3,2.11%, 12/25/2041 (h)		274,174
	6,800,000	Series K720, Class X3, 1.33%, 8/25/2042 (h)		353,264
	3,470,000	Series K041, Class X3, 1.64%, 11/25/2042 (h)		318,286
	3,025,000	Series K042, Class X3, 1.61%, 1/25/2043 (h)		273,273
	10,025,000	Series K718, Class X3, 1.44%, 2/25/2043 (h)		513,350
	1,915,000	Series K045, Class X3, 1.50%, 4/25/2043 (h)		167,158
	1,010,000	Series K050, Class X3, 1.55%, 10/25/2043 (h)		96,625

PRINCIPAL AMOUNT($)		INVESTMENTS		VALUE($)
		United States — continued
	1,395,000	Series K051, Class X3, 1.61%, 10/25/2043 (h)			142,903
	750,000	Series K052, Class X3, 1.61%, 1/25/2044 (h)			76,380
	950,000	Series K067, Class X3, 2.11%, 9/25/2044 (h)			144,958
	400,000	Series K072, Class X3, 2.14%, 12/25/2050 (h)			65,468
		FREMF Mortgage Trust
	98,537	Series 2017-KF31, Class B, 4.48%, 4/25/2024 (a) (h)	��		100,892
	98,449	Series 2017-KF36, Class B, 4.23%, 8/25/2024 (a) (h)			99,286
	190,000	Series 2017-K728, Class B, 3.65%, 9/25/2024‡ (a) (h)			184,604
	105,000	Series 2017-K728, Class C, 3.65%, 9/25/2024‡ (a) (h)			99,159
	98,636	Series 2017-KF38, Class B, 4.08%, 9/25/2024 (a) (h)			99,412
	706,407	GNMA Series 2017-23, 0.73%, 5/16/2059 (h)			45,654
		GS Mortgage Securities Trust
	196,417	Series 2007-GG10, Class AM, 5.79%, 8/10/2045 (h)			199,561
	320,000	Series 2012-GCJ9, Class D, 4.75%, 11/10/2045‡ (a) (h)			305,613
		JP Morgan Chase Commercial Mortgage Securities Trust
	85,000	Series 2004-CBX, Class C, 5.07%, 1/12/2037‡ (h)			86,499
	47,189	Series 2007-LD11, Class AM, 6.04%, 6/15/2049 (h)			47,843
	87,493	LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044 (h)			87,603
	385,071	LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 (h)			304,183
		Morgan Stanley Bank of America Merrill Lynch Trust
	150,000	Series 2014-C15, Class D, 4.89%, 4/15/2047‡ (a) (h)			137,178
	450,000	Series 2014-C19, Class D, 3.25%, 12/15/2047‡ (a)			360,707
	88,565	Morgan Stanley Capital I Trust Series 2005-HQ7, Class E, 5.39%, 11/14/2042‡ (h)			89,622

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Commercial Mortgage-Backed Securities—continued
		United States — continued
		UBS Commercial Mortgage Trust
	75,000	Series 2017-C4, Class D, 2.90%, 10/15/2050‡ (a) (h)		51,423
	100,000	Series 2017-C6, Class D, 2.50%, 12/15/2050 (a) (h)		69,344
		Wachovia Bank Commercial Mortgage Trust
	110,000	Series 2007-C30, Class B, 5.46%, 12/15/2043 (h)		110,705
	543,000	Series 2007-C31, Class C, 6.10%, 4/15/2047 (h)		552,334
	67,712	Series 2006-C29, Class B, 5.43%, 11/15/2048 (h)		68,031
	100,000	Wells Fargo Commercial Mortgage Trust Series 2015-NXS1, Class D, 4.10%, 5/15/2048 (h)		88,734
		Total Commercial Mortgage-Backed Securities (Cost $9,423,161)		9,363,443
	Asset-Backed Securities — 4.6%
		Cayman Islands — 0.0% (f)
	93,851	Renew Series 2017-1A, Class B, 5.75%, 9/20/2052‡ (a)		95,564
		United States — 4.6%
	47,000	American Credit Acceptance Receivables Trust Series 2016-4, Class D, 4.11%, 4/12/2023 (a)		47,598
	58,000	AmeriCredit Automobile Receivables Trust Series 2017-3, Class D, 3.18%, 7/18/2023		57,706
	183,113	Chase Funding Trust Series 2003-6, Class 1A7, 5.09%, 11/25/2034‡ (g)		180,605
		Citi Held For Asset Issuance
	200,000	Series 2015-PM2, Class C, 5.96%, 3/15/2022 (a)		202,835
	120,000	Series 2015-PM3, Class C, 6.99%, 5/16/2022 (a)		123,090
		CLUB Credit Trust
	73,460	Series 2017-P1, Class A, 2.42%, 9/15/2023 (a)		73,343
	115,000	Series 2017-P1, Class B, 3.56%, 9/15/2023 (a)		115,053
	282,722	Series 2017-P2, Class A, 2.61%, 1/15/2024 (a)		282,158
		CPS Auto Receivables Trust
	640,000	Series 2018-A, Class B, 2.77%, 4/18/2022 (a)		635,898

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		United States — continued
	400,000	Series 2018-A, Class D, 3.66%, 12/15/2023 (a)		398,021
	250,000	Credit Acceptance Auto Loan Trust Series 2018-1A, Class C, 3.77%, 6/15/2027 (a)		248,723
	141,749	Credit-Based Asset Servicing & Securitization LLC Series 2004-CB5, Class M1, 2.54%, 1/25/2034‡ (h)		142,494
	138,448	CWABS, Inc. Series 2003-5, Class AF5, 5.23%, 2/25/2034‡ (g)		142,410
	100,000	DT Auto Owner Trust Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		99,495
		Exeter Automobile Receivables Trust
	100,000	Series 2015-2A, Class D, 5.79%, 5/16/2022‡ (a)		102,997
	350,000	Series 2016-3A, Class D, 6.40%, 7/17/2023 (a)		364,731
	180,000	Series 2017-3A, Class C, 3.68%, 7/17/2023 (a)		179,712
	280,000	Flagship Credit Auto Trust Series 2017-4, Class D, 3.58%, 1/15/2024 (a)		279,235
	350,000	Lendmark Funding Trust Series 2017-1A, Class C, 5.41%, 12/22/2025 (a)		359,588
		Marlette Funding Trust
	100,000	Series 2018-1A, Class B, 3.19%, 3/15/2028 (a)		99,594
	100,000	Series 2018-1A, Class C, 3.69%, 3/15/2028 (a)		99,871
	291,880	MFA Trust Series 2017-NPL1, Class A1, 3.35%, 11/25/2047‡ (a) (g)		290,200
	366,310	Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class B1, 4.25%, 9/25/2034‡ (h)		362,712
	202,444	Murray Hill Marketplace Trust Series 2016-LC1, Class B, 6.15%, 11/25/2022‡ (a)		203,830
	100,000	Onemain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029 (a)		99,986
	293,000	Oportun Funding VI LLC Series 2017-A, Class B, 3.97%, 6/8/2023‡ (a) (h)		286,311

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Asset-Backed Securities — continued
		United States — continued
		Pretium Mortgage Credit Partners I LLC
	259,488	Series 2017-NPL5, Class A1, 3.33%, 12/30/2032 (a) (h)		258,779
	250,000	Series 2018-NPL1, Class A1, 3.37%, 1/27/2033 (a) (g)		249,657
	100,000	SoFi Consumer Loan Program Trust Series 2018-1, Class B, 3.65%, 2/25/2027 (a)		99,528
		Structured Asset Investment Loan Trust
	94,108	Series 2004-8, Class M3, 2.60%, 9/25/2034‡ (h)		89,958
	139,045	Series 2005-HE3, Class M1, 2.34%, 9/25/2035‡ (h)		138,606
	111,007	Veros Automobile Receivables Trust Series 2017-1, Class A, 2.84%, 4/17/2023 (a)		110,689
	331,950	VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047‡ (a) (g)		330,268
	93,098	VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13%, 9/25/2047 (a) (g)		92,505
	91,064	VOLT LXIV LLC Series 2017-NP11, Class A1, 3.37%, 10/25/2047 (a) (g)		90,925
				6,943,686
		Total Asset-backed Securities (Cost $7,045,869)		7,039,250
	Collateralized Mortgage Obligations — 1.6%
		United States — 1.6%
		Alternative Loan Trust
	204,585	Series 2004-25CB, Class A1, 6.00%, 12/25/2034		209,456
	127,628	Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		128,907
	194,258	Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		196,128
	231,380	Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037		201,235
	65,764	Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 3.70%, 2/25/2037 (h)		66,268
	86,033	CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037		74,263

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		United States — continued
		FHLMC REMIC
	851,047	Series 4689, Class SD, 4.56%, 6/15/2047 (h)		162,342
	681,596	Series 4714, Class SA, 4.56%, 8/15/2047 (h)		130,192
		FNMA REMIC
	770,505	Series 2010-57, Class ID, 4.00%, 6/25/2025		59,939
	2,985,926	Series 2012-146, Class AI, 3.00%, 1/25/2028		277,397
	1,588,857	Series 2016-68, Class BI, 3.00%, 10/25/2031		185,202
	613,134	Series 2012-63, Class NI, 4.00%, 6/25/2040		62,077
	201,017	Series 2012-93, Class SE, 4.48%, 9/25/2042 (h)		34,207
	278,006	Series 2012-124, Class UI, 4.00%, 11/25/2042		58,713
	386,097	Series 2012-133, Class NS, 4.53%, 12/25/2042 (h)		70,225
	472,337	Series 2016-77, Class SA, 4.38%, 10/25/2046 (h)		95,144
	971,177	Series 2017-69, Class SH, 4.58%, 9/25/2047 (h)		185,136
	485,307	FNMA STRIPS Series 409, Class 27, 4.00%, 4/25/2027 (h)		48,910
	134,191	Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 2.18%, 7/25/2029 (h)		128,227
	32,117	Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 3.55%, 7/25/2034 (h)		32,042
		Total Collateralized Mortgage Obligations (Cost $2,464,647)		2,406,010
		Total Investments — 98.0% (Cost $148,481,019)		148,687,901
		Other Assets Less Liabilities — 2.0%		2,946,331
		NET ASSETS — 100.0%	$	151,634,232

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

Abbreviations

ABS	Asset-Backed Securities
BRL	Brazilian Real
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GNMA	Government National Mortgage Association
HUF	Hungarian Forint
ICE	Intercontinental Exchange
IDR	Indonesian Rupiah
LIBOR	London Interbank Offered Rate
MYR	Malaysian Ringgit
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RUB	Russian Ruble
SCA	Limited partnership with share capital
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD	United States Dollar
ZAR	South African Rand
‡	—  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)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	—  Perpetual security. The rate reflected was the rate in effect on February 28, 2018. The maturity date reflects the next call date.
(d)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of February 28, 2018.
(e)	—  Payment in-kind security.
(f)	—  Represents less than 0.05% of net assets.
(g)	—  Step bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of February 28, 2018.
(h)	—  Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of February 28, 2018.

Futures contracts outstanding as of February 28, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Canada 10 Year Bond		94			06/2018		CAD		9,646,135			59,637
U.S. Treasury 10 Year Note		7			06/2018		USD		840,547			1,461
U.S. Treasury 2 Year Note		2			06/2018		USD		424,938			(35	)
												61,063
Short Contracts
Euro-Bobl		(2	)		03/2018		EUR		(319,738	)		451
Euro-Bund		(21	)		03/2018		EUR		(4,084,853	)		94,436
Euro-Buxl		(12	)		03/2018		EUR		(2,364,946	)		26,313
Euro-OAT		(13	)		03/2018		EUR		(2,437,365	)		56,587
Euro-Schatz		(117	)		03/2018		EUR		(15,982,597	)		17,209
U.S. Treasury 10 Year Note		(76	)		06/2018		USD		(9,125,938	)		(16,792	)
U.S. Treasury 10 Year Ultra Note		(142	)		06/2018		USD		(18,187,094	)		(94,609	)
U.S. Treasury 5 Year Note		(5	)		06/2018		USD		(569,688	)		(151	)
U.S. Treasury Long Bond		(1	)		06/2018		USD		(143,500	)		(1,252	)
U.S. Treasury Ultra Bond		(1	)		06/2018		USD		(155,906	)		(1,721	)
3 Month Eurodollar		(164	)		12/2019		USD		(39,831,500	)		213,021
												293,492
												354,555

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

Abbreviations

CAD	—  Canadian Dollar
EUR	—  Euro
USD	—  United States Dollar

Forward foreign currency exchange contracts outstanding as of February 28, 2018:
CURRENCY PURCHASED					CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
	USD			1,471,645		AUD	1,848,383	Deutsche Bank AG		03/13/2018		35,997
	USD			116,560		AUD	148,464	State Street Corp.		03/13/2018		1,247
	USD			2,996,078		CAD	3,756,576	Goldman Sachs International		03/13/2018		68,041
	USD			278,656		CAD	349,525	State Street Corp.		03/13/2018		6,221
	USD			3,155,023		CHF	2,948,900	Barclays Bank plc		03/13/2018		29,591
	USD			42,200		EUR	34,257	Australia & New Zealand Banking Group Ltd.		03/13/2018		374
	USD			610,985		EUR	492,035	Citibank, NA		03/13/2018		10,225
	USD			11,136,554		EUR	8,963,881	Goldman Sachs International		03/13/2018		191,940
	USD			597,678		EUR	483,430	Merrill Lynch International		03/13/2018		7,425
	USD			104,609		EUR	84,745	Royal Bank of Canada		03/13/2018		1,138
	USD			27,456,213		EUR	22,387,576	TD Bank Financial Group		03/13/2018		121,695
	USD			1,319,241		GBP	954,351	Citibank, NA		03/13/2018		4,809
	USD			740,391		HUF	188,039,700	HSBC Bank, NA		03/13/2018		9,019
	USD			5,794,280		NZD	7,922,009	Barclays Bank plc		03/13/2018		81,628
	USD			2,640,996		SEK	21,048,952	Deutsche Bank AG		03/13/2018		99,019
	USD			2,103,245		SGD	2,778,866	Royal Bank of Canada		03/13/2018		5,273
	Total unrealized appreciation											673,642
	CAD			347,889		USD	277,351	State Street Corp.		03/13/2018		(6,192	)
	CNH			19,050,152		USD	3,026,560	HSBC Bank, NA		03/13/2018		(18,435	)
	CNY	*	��	9,820,807		USD	1,553,434	Goldman Sachs International		04/12/2018		(5,385	)
	CZK			63,549,360		USD	3,119,031	HSBC Bank, NA		03/13/2018		(66,101	)
	EUR			1,329,517		USD	1,631,493	Australia & New Zealand Banking Group Ltd.		03/13/2018		(8,195	)
	EUR			2,559,507		USD	3,178,483	Citibank, NA		03/13/2018		(53,406	)
	EUR			87,155		USD	107,886	Deutsche Bank AG		03/13/2018		(1,472	)
	EUR			30,005		USD	36,685	Goldman Sachs International		03/13/2018		(50	)
	EUR			231,187		USD	284,260	Royal Bank of Canada		03/13/2018		(1,988	)
	EUR			103,535		USD	128,328	State Street Corp.		03/13/2018		(1,915	)
	NZD			1,259,765		USD	922,539	Australia & New Zealand Banking Group Ltd.		03/13/2018		(14,108	)
	NZD			363,727		USD	267,743	State Street Corp.		03/13/2018		(5,456	)
	SEK			10,784,142		USD	1,362,921	Goldman Sachs International		03/13/2018		(60,574	)
	SEK			10,264,810		USD	1,272,353	Merrill Lynch International		03/13/2018		(32,723	)
	SGD			2,778,866		USD	2,121,275	Credit Suisse International		03/13/2018		(23,303	)
	Total unrealized depreciation											(299,303	)
	Net unrealized appreciation											374,339

* — Non-deliverable forward. See Note 2.D.(2). in the Notes to Financial Statements.

Abbreviations

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CNH	—  Chinese Yuan Renminbi Offshore
CNY	—  Chinese Renminbi
CZK	—  Czech Republic Koruna
EUR	—  Euro

GBP	—  British Pound
HUF	—  Hungarian Forint
NZD	—  New Zealand Dollar
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — 58.4%
		Automobiles — 2.9%
		Daimler Finance North America LLC (Germany)
	700,000	1.50%, 7/5/2019 (a)		688,442
	1,700,000	(ICE LIBOR USD 3 Month + 0.53%), 2.32%, 5/5/2020 (a) (b)		1,706,530
		Ford Motor Credit Co. LLC
	450,000	2.38%, 3/12/2019		447,912
	200,000	(ICE LIBOR USD 3 Month + 0.83%), 2.64%, 8/12/2019 (b)		201,230
	600,000	(ICE LIBOR USD 3 Month + 0.79%), 2.34%, 6/12/2020 (b)		604,008
		Nissan Motor Acceptance Corp.
	350,000	2.65%, 9/26/2018 (a)		350,177
	800,000	2.00%, 3/8/2019 (a)		795,405
	250,000	(ICE LIBOR USD 3 Month + 0.58%), 2.30%, 1/13/2020 (a) (b)		251,333
	800,000	(ICE LIBOR USD 3 Month + 0.39%), 2.08%, 9/28/2020 (a) (b)		801,243
				5,846,280
		Banks — 23.3%
		ABN AMRO Bank NV (Netherlands)
	250,000	(ICE LIBOR USD 3 Month + 0.64%), 2.37%, 1/18/2019 (a) (b)		250,920
	1,000,000	2.10%, 1/18/2019 (a)		995,715
	1,400,000	(ICE LIBOR USD 3 Month + 0.41%), 2.15%, 1/19/2021 (a) (b)		1,401,616
	500,000	ANZ New Zealand Int’l Ltd. (New Zealand) 2.25%, 2/1/2019 (a)		497,783
		Australia & New Zealand Banking Group Ltd. (Australia)
	695,000	1.60%, 7/15/2019		684,778
	793,000	(ICE LIBOR USD 3 Month + 0.32%), 2.12%, 11/9/2020 (a) (b)		793,496
		Bank of America Corp.
	200,000	5.65%, 5/1/2018		201,158
	250,000	Series L, 2.60%, 1/15/2019		250,070
	475,000	Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.66%), 2.23%, 6/14/2019 (b)		477,802
	1,500,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan) 2.30%, 3/10/2019 (a)		1,494,705
		Banque Federative du Credit Mutuel SA (France)
	300,000	1.90%, 3/28/2019 (a)		297,759
	1,895,000	2.00%, 4/12/2019 (a)		1,880,356
	250,000	(ICE LIBOR USD 3 Month + 0.49%), 2.23%, 7/20/2020 (a) (b)		251,283

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Banks — continued
		Barclays Bank plc (United Kingdom)
	350,000	2.50%, 2/20/2019		349,418
	1,250,000	(ICE LIBOR USD 3 Month + 0.65%), 2.44%, 8/7/2020 (b)		1,257,671
	264,000	BB&T Corp. 2.25%, 2/1/2019		263,202
	171,000	BNP Paribas (France) 2.70%, 8/20/2018		171,448
	1,000,000	BNP Paribas SA (France) 2.40%, 12/12/2018		1,000,098
	700,000	BNZ International Funding Ltd. (New Zealand) 2.35%, 3/4/2019 (a)		697,598
	1,689,000	BPCE SA (France) 2.50%, 7/15/2019		1,680,984
	1,000,000	Branch Banking & Trust Co. 2.30%, 10/15/2018		999,555
	600,000	Capital One Bank USA NA 2.25%, 2/13/2019		597,142
		Citizens Bank NA
	750,000	2.30%, 12/3/2018		748,479
	750,000	(ICE LIBOR USD 3 Month + 0.54%), 2.03%, 3/2/2020 (b)		751,680
		Commonwealth Bank of Australia (Australia)
	1,000,000	2.25%, 3/13/2019		997,561
	250,000	2.05%, 3/15/2019		248,670
	675,000	(ICE LIBOR USD 3 Month + 0.45%), 1.99%, 3/10/2020 (a) (b)		677,815
		Credit Agricole SA (France)
	550,000	2.63%, 10/3/2018 (a)		550,739
	1,620,000	2.50%, 4/15/2019 (a)		1,615,294
	1,602,000	DBS Group Holdings Ltd. (Singapore) (ICE LIBOR USD 3 Month + 0.49%), 2.01%, 6/8/2020 (a) (b)		1,604,870
	800,000	DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.37%), 2.06%, 10/2/2020 (a) (b)		800,824
	690,000	Huntington National Bank (The) 2.20%, 11/6/2018		688,397
		Lloyds Bank plc (United Kingdom)
	200,000	(ICE LIBOR USD 3 Month + 1.00%), 2.74%, 1/22/2019 (b)		201,406
	650,000	2.05%, 1/22/2019		647,689
	2,279,000	Mizuho Bank Ltd. (Japan) 2.45%, 4/16/2019 (a)		2,271,895
	400,000	National Australia Bank Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.51%), 2.41%, 5/22/2020 (a) (b)		401,774
	1,850,000	National Bank of Canada (Canada) 2.10%, 12/14/2018		1,845,186
	400,000	Natixis SA (France) 1.80%, 11/13/2018		398,427

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Nordea Bank AB (Sweden)
	1,319,000	2.38%, 4/4/2019 (a)		1,315,888
	750,000	(ICE LIBOR USD 3 Month + 0.47%), 2.45%, 5/29/2020 (a) (b)		753,288
		PNC Bank NA
	250,000	1.60%, 6/1/2018		249,592
	1,000,000	2.20%, 1/28/2019		997,178
	1,750,000	Regions Bank (ICE LIBOR USD 3 Month + 0.38%), 2.13%, 4/1/2021(b)		1,753,824
	165,000	Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.71%), 2.43%, 4/15/2019 (b)		165,978
		Santander UK plc (United Kingdom)
	1,248,000	2.50%, 3/14/2019		1,246,564
	287,000	2.35%, 9/10/2019		285,374
		Skandinaviska Enskilda Banken AB (Sweden)
	400,000	1.75%, 3/19/2018 (a)		399,963
	200,000	2.38%, 11/20/2018 (c)		199,773
	550,000	Standard Chartered plc (United Kingdom) 2.10%, 8/19/2019 (a)		543,847
	850,000	Sumitomo Mitsui Banking Corp. (Japan) 2.05%, 1/18/2019		845,808
		Sumitomo Mitsui Trust Bank Ltd. (Japan)
	400,000	1.80%, 3/28/2018 (a)		399,925
	777,000	2.05%, 3/6/2019 (a)		773,072
	500,000	(ICE LIBOR USD 3 Month + 0.51%), 2.02%, 3/6/2019 (a)(b)		500,794
	950,000	SunTrust Banks, Inc. 2.35%, 11/1/2018		949,407
	850,000	Svenska Handelsbanken AB (Sweden) 2.50%, 1/25/2019		849,433
	2,000,000	Swedbank AB (Sweden) 2.38%, 2/27/2019 (a)		1,995,480
		Toronto-Dominion Bank (The) (Canada)
	175,000	(ICE LIBOR USD 3 Month + 0.84%), 2.58%, 1/22/2019 (b)		176,056
	650,000	1.95%, 1/22/2019		646,868
	250,000	US Bank NA (ICE LIBOR USD 3 Month + 0.15%), 2.09%, 5/24/2019(b)		250,111
	450,000	Westpac Banking Corp. (Australia) (ICE LIBOR USD 3 Month + 0.36%), 1.84%, 9/1/2020 (a) (b)		450,428
				46,693,914
		Beverages — 0.7%
	1,330,000	Anheuser-Busch InBev Finance, Inc. (Belgium) 1.90%, 2/1/2019		1,320,993

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Biotechnology — 0.3%
	383,000	Baxalta, Inc. 2.00%, 6/22/2018		382,528
	195,000	Gilead Sciences, Inc. (ICE LIBOR USD 3 Month + 0.22%), 1.85%, 3/20/2019 (b)		195,187
				577,715
		Capital Markets — 4.4%
	400,000	Credit Suisse AG (Switzerland) 1.70%, 4/27/2018		399,782
		Goldman Sachs Group, Inc. (The)
	397,000	7.50%, 2/15/2019		414,759
	850,000	(ICE LIBOR USD 3 Month + 0.80%), 2.36%, 12/13/2019 (b)		857,500
		ING Bank NV (Netherlands)
	916,000	2.30%, 3/22/2019 (a)		913,658
	250,000	(ICE LIBOR USD 3 Month + 0.61%), 2.45%, 8/15/2019 (a) (b)		251,190
		Macquarie Bank Ltd. (Australia)
	250,000	1.87%, 2/28/2019 (a)		248,155
	1,200,000	2.60%, 6/24/2019 (a)		1,197,490
	800,000	Macquarie Group Ltd. (Australia) 3.00%, 12/3/2018 (a)		802,385
		Morgan Stanley
	980,000	2.45%, 2/1/2019		977,703
	800,000	Series 3NC2, (ICE LIBOR USD 3 Month + 0.80%), 2.63%, 2/14/2020 (b)		803,714
	1,250,000	Nomura Holdings, Inc. (Japan) 2.75%, 3/19/2019		1,250,273
	651,000	USAA Capital Corp. 2.13%, 6/3/2019 (a)		646,987
				8,763,596
		Chemicals — 0.9%
	1,740,000	LyondellBasell Industries NV 5.00%, 4/15/2019		1,773,807
		Construction Materials — 0.3%
	500,000	Martin Marietta Materials, Inc. (ICE LIBOR USD 3 Month + 0.50%), 2.13%, 12/20/2019 (b)		501,228
		Consumer Finance — 1.9%
	1,200,000	Capital One Financial Corp. (ICE LIBOR USD 3 Month + 0.76%), 2.57%, 5/12/2020 (b)		1,209,897
		HSBC USA, Inc.
	400,000	2.00%, 8/7/2018		399,252
	100,000	(ICE LIBOR USD 3 Month + 0.88%), 2.55%, 9/24/2018 (b)		100,434
	2,067,000	2.25%, 6/23/2019		2,057,286
				3,766,869

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — 0.8%
	600,000	AIG Global Funding (ICE LIBOR USD 3 Month + 0.48%), 2.17%, 7/2/2020 (a) (b)		600,919
	200,000	Federation des Caisses Desjardins du Quebec (Canada) (ICE LIBOR USD 3 Month + 0.33%), 2.10%, 10/30/2020 (a) (b)		200,264
	620,000	National Rural Utilities Cooperative Finance Corp. 10.38%, 11/1/2018		651,423
	250,000	Protective Life Global Funding 1.72%, 4/15/2019 (a)		247,722
				1,700,328
		Diversified Telecommunication Services — 1.6%
	500,000	AT&T, Inc. 2.38%, 11/27/2018		500,065
	400,000	Deutsche Telekom International Finance BV (Germany) (ICE LIBOR USD 3 Month + 0.58%), 2.31%, 1/17/2020 (a) (b)		401,057
	1,834,000	Orange SA (France) 2.75%, 2/6/2019		1,835,548
	400,000	Telefonica Emisiones SAU (Spain) 3.19%, 4/27/2018		400,493
				3,137,163
		Electric Utilities — 2.3%
	481,000	Duke Energy Florida LLC 2.10%, 12/15/2019		478,640
	747,000	E.ON International Finance BV (Germany) 5.80%, 4/30/2018 (a)		751,099
	475,000	Metropolitan Edison Co. 7.70%, 1/15/2019		496,248
	2,000,000	NextEra Energy Capital Holdings, Inc. 1.65%, 9/1/2018		1,989,283
	900,000	Virginia Electric & Power Co. 5.00%, 6/30/2019		927,225
				4,642,495
		Energy Equipment & Services — 0.3%
	600,000	Schlumberger Holdings Corp. 2.35%, 12/21/2018 (a)		599,109
		Equity Real Estate Investment Trusts (REITs) — 1.8%
	2,000,000	HCP, Inc. 3.75%, 2/1/2019		2,013,658
	850,000	VEREIT Operating Partnership LP 3.00%, 2/6/2019		852,172
		Welltower, Inc.
	400,000	2.25%, 3/15/2018		399,999
	317,000	4.13%, 4/1/2019		320,504
				3,586,333
		Food & Staples Retailing — 0.2%
	400,000	Wesfarmers Ltd. (Australia) 1.87%, 3/20/2018 (a)		399,973

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Food Products — 0.9%
	1,000,000	General Mills, Inc. 5.65%, 2/15/2019		1,027,382
	800,000	Tyson Foods, Inc. (ICE LIBOR USD 3 Month + 0.55%), 2.04%, 6/2/2020 (b)		803,919
				1,831,301
		Health Care Providers & Services — 0.8%
	400,000	Cardinal Health, Inc. 1.95%, 6/15/2018		399,638
		Express Scripts Holding Co.
	643,000	2.25%, 6/15/2019		638,159
	500,000	(ICE LIBOR USD 3 Month + 0.75%), 2.23%, 11/30/2020 (b)		500,374
				1,538,171
		Household Products — 0.2%
	450,000	Reckitt Benckiser Treasury Services plc (United Kingdom) 2.13%, 9/21/2018 (a)		449,439
		Independent Power and Renewable Electricity Producers — 0.2%
	400,000	Southern Power Co. Series 15A, 1.50%, 6/1/2018		399,301
		Industrial Conglomerates — 1.0%
	1,861,000	Hutchison Whampoa International Ltd. (Hong Kong) 7.63%, 4/9/2019 (a)		1,956,376
		Insurance — 4.3%
	650,000	American International Group, Inc. 2.30%, 7/16/2019		645,472
		Athene Global Funding
	445,000	2.88%, 10/23/2018 (a)		445,908
	1,320,000	(ICE LIBOR USD 3 Month + 1.14%), 2.88%, 4/20/2020 (a)(b)		1,338,836
		Jackson National Life Global Funding
	250,000	4.70%, 6/1/2018 (a)		251,494
	1,550,000	2.30%, 4/16/2019 (a)		1,547,642
	1,834,000	MetLife, Inc. 7.72%, 2/15/2019		1,922,209
		Metropolitan Life Global Funding I
	250,000	(ICE LIBOR USD 3 Month + 0.40%), 1.95%, 6/12/2020 (a) (b)		251,244
	664,000	Pricoa Global Funding I 2.20%, 5/16/2019 (a)		660,700
	1,565,000	Reliance Standard Life Global Funding II 2.50%, 4/24/2019 (a)		1,562,534
				8,626,039
		IT Services — 1.0%
	750,000	DXC Technology Co. (ICE LIBOR USD 3 Month + 0.95%), 2.43%, 3/1/2021 (b)		751,124

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		IT Services — continued
		Western Union Co. (The)
	382,000	3.35%, 5/22/2019		383,788
	800,000	(ICE LIBOR USD 3 Month + 0.80%), 2.70%, 5/22/2019 (b)		803,052
				1,937,964
		Machinery — 0.9%
	1,800,000	Stanley Black & Decker, Inc. 2.45%, 11/17/2018		1,795,229
		Media — 0.2%
	450,000	Discovery Communications LLC (ICE LIBOR USD 3 Month + 0.71%), 2.34%, 9/20/2019 (b)		452,295
		Multi-Utilities — 1.0%
	135,000	Dominion Energy, Inc. 1.88%, 12/15/2018 (a)		134,444
	400,000	(ICE LIBOR USD 3 Month + 0.55%), 2.03%, 6/1/2019 (a) (b)		401,225
		Sempra Energy
	221,000	9.80%, 2/15/2019		235,548
	750,000	(ICE LIBOR USD 3 Month + 0.50%), 2.21%, 1/15/2021 (b)		750,797
	550,000	(ICE LIBOR USD 3 Month + 0.45%), 2.04%, 3/15/2021 (b)		550,939
				2,072,953
		Oil, Gas & Consumable Fuels — 2.6%
		Enterprise Products Operating LLC
	800,000	1.65%, 5/7/2018		799,292
	500,000	Series N, 6.50%, 1/31/2019		516,860
	250,000	EQT Corp. (ICE LIBOR USD 3 Month + 0.77%), 2.46%, 10/1/2020 (b)		250,322
	750,000	Marathon Petroleum Corp. 2.70%, 12/14/2018		752,029
		Phillips 66
	250,000	(ICE LIBOR USD 3 Month + 0.75%), 2.47%, 4/15/2020 (a) (b)		250,083
	1,000,000	(ICE LIBOR USD 3 Month + 0.60%), 1.00%, 2/26/2021 (b)		1,000,853
		Sinopec Group Overseas Development Ltd. (China)
	514,000	2.75%, 4/10/2019 (a)		512,603
	600,000	2.13%, 5/3/2019 (a)		593,863
	586,000	TransCanada PipeLines Ltd. (Canada) 3.13%, 1/15/2019		587,802
				5,263,707

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Pharmaceuticals — 1.0%
	400,000	Allergan Funding SCS 2.35%, 3/12/2018		400,083
	400,000	Mylan, Inc. 2.60%, 6/24/2018		400,042
	1,223,000	Novartis Securities Investment Ltd. (Switzerland) 5.13%, 2/10/2019		1,251,464
				2,051,589
		Technology Hardware, Storage & Peripherals — 0.2%
	400,000	Apple, Inc. (ICE LIBOR USD 3 Month + 0.20%), 1.99%, 2/7/2020 (b)		400,975
		Tobacco — 0.9%
	550,000	BAT Capital Corp. (United Kingdom) (ICE LIBOR USD 3 Month + 0.59%), 2.42%, 8/14/2020 (a) (b)		553,048
	450,000	Japan Tobacco, Inc. (Japan) 2.10%, 7/23/2018 (a)		449,811
	800,000	Reynolds American, Inc. (United Kingdom) 8.13%, 6/23/2019		854,020
				1,856,879
		Trading Companies & Distributors — 0.9%
		Air Lease Corp.
	852,000	2.63%, 9/4/2018		852,443
	940,000	3.38%, 1/15/2019		944,842
				1,797,285
		Water Utilities — 0.6%
	1,152,000	United Utilities plc (United Kingdom) 5.38%, 2/1/2019		1,178,853
		Total Corporate Bonds (Cost $117,133,986)		116,918,159
	Asset-Backed Securities — 13.3%
		AmeriCredit Automobile Receivables Trust
	7,138	Series 2015-2, Class A3, 1.27%, 1/8/2020		7,138
	83,512	Series 2015-3, Class A3, 1.54%, 3/9/2020		83,450
	222,079	Series 2017-2, Class A2A, 1.65%, 9/18/2020		221,442
	129,000	Series 2017-4, Class A2A, 1.83%, 5/18/2021		128,300
	645,000	Series 2016-4, Class A3, 1.53%, 7/8/2021		639,272
	218,750	Anchorage Capital CLO Ltd. (Cayman Islands) Series 2013-1A, Class X, 2.37%, 10/13/2030 (a) (d)		218,942

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Asset-Backed Securities — continued
	800,000	Apidos CLO XXI (Cayman Islands) Series 2015-21A, Class A1, 3.16%, 7/18/2027 (a) (d)		801,939
	2,000,000	Atlas Senior Loan Fund IX LLC (Cayman Islands) Series 2018-9A, Class A, Zero Coupon, 4/20/2028 (a) (d) (e)		2,000,000
		Babson CLO Ltd. (Cayman Islands)
	450,000	Series 2014-IIA, Class AR, 2.88%, 10/17/2026 (a) (d)		450,114
	390,000	Series 2013-IA, Class AR, 2.54%, 1/20/2028 (a) (d)		389,875
	250,000	Ballyrock CLO LLC (Cayman Islands) Series 2014-1A, Class A1R, 2.89%, 10/20/2026 (a) (d)		250,220
	141,000	Bank of The West Auto Trust Series 2017-1, Class A2, 1.78%, 2/15/2021 (a)		140,379
	240,625	Benefit Street Partners CLO II Ltd. (Cayman Islands) Series 2013-IIA, Class X, 3.42%, 7/15/2029 (a) (d)		243,600
	218,750	Benefit Street Partners CLO XI (Cayman Islands) Series 2017-11A, Class X, 2.72%, 4/15/2029 (a) (d)		219,571
	350,000	Bowman Park CLO Ltd. (Cayman Islands) Series 2014-1A, Class AR, 3.10%, 11/23/2025 (a) (d)		350,260
	127,755	Capital Auto Receivables Asset Trust Series 2015-4, Class A3, 1.83%, 3/20/2020		127,561
	989,544	Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) Series 2013-4X, Class A1, 3.19%, 10/15/2025 (c) (d)		989,533
	220,000	CarMax Auto Owner Trust Series 2017-3, Class A2A, 1.64%, 9/15/2020		219,038
	1,420,000	CIFC Funding Ltd. (Cayman Islands) Series 2015-5A, Class A1, 3.30%, 10/25/2027 (a) (d)		1,421,289
	257,813	Clear Creek CLO Ltd. (Cayman Islands) Series 2015-1A, Class X, 2.74%, 10/20/2030 (a) (d)		257,681
		Drive Auto Receivables Trust
	200,180	Series 2017-AA, Class A3, 1.77%, 1/15/2020 (a)		200,164
	53,000	Series 2017-2, Class A3, 1.82%, 6/15/2020		52,938
	777,000	Series 2018-1, Class A3, 2.42%, 1/15/2021		776,598
	136,000	Series 2017-3, Class B, 2.30%, 5/17/2021		135,448
	350,000	Dryden 30 Senior Loan Fund (Cayman Islands) Series 2013-30A, Class X, 2.44%, 11/15/2028 (a) (d)		349,998

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	640,000	Dryden 31 Senior Loan Fund (Cayman Islands) Series 2014-31A, Class AR, 2.81%, 4/18/2026 (a) (d)		640,383
	500,000	Flagship Credit Auto Trust Series 2015-1, Class C, 3.76%, 6/15/2021 (a)		503,645
	900,000	Flatiron CLO Ltd. (Cayman Islands) Series 2015-1A, Class AR, 2.61%, 4/15/2027 (a) (d)		899,810
	1,000,000	Galaxy XXI CLO Ltd. (Cayman Islands) Series 2015-21A, Class X, 1.00%, 4/20/2031 (a) (d)		1,000,000
	650,000	GoldenTree Loan Opportunities IX Ltd. (Cayman Islands) Series 2014-9A, Class AR, 3.13%, 10/29/2026 (a) (d)		650,965
	442,285	GoldenTree Loan Opportunities VII Ltd. (Cayman Islands) Series 2013-7A, Class A, 2.90%, 4/25/2025 (a) (d)		442,489
	156,000	Hyundai Auto Lease Securitization Trust Series 2017-C, Class A2A, 1.89%, 3/16/2020 (a)		155,077
	550,000	ICG US CLO Ltd. (Cayman Islands) Series 2014-1A, Class X, 2.02%, 1/20/2030 (a) (d)		550,136
	700,000	KKR CLO Ltd. (Cayman Islands) Series 11, Class X, 2.32%, 1/15/2031 (a) (d)		700,251
	966,667	KVK CLO Ltd. (Cayman Islands) Series 2013-1A, Class X, 2.37%, 1/15/2028 (a) (d)		966,658
	250,000	Magnetite XI Ltd. (Cayman Islands) Series 2014-11A, Class A1R, 2.85%, 1/18/2027 (a) (d)		250,172
	250,000	MP CLO VII Ltd. (Cayman Islands) Series 2015-1A, Class A1R, 2.57%, 4/18/2027 (a) (d)		249,905
		OCP CLO Ltd. (Cayman Islands)
	2,050,000	Series 2012-2A, Class A1R, 3.30%, 11/22/2025 (a) (d)		2,060,925
	450,000	Series 2015-8A, Class A1R, 2.58%, 4/17/2027 (a) (d)		449,983
	1,011,200	Octagon Investment Partners XVII Ltd. (Cayman Islands) Series 2013-1A, Class X, 2.58%, 1/25/2031 (a) (d)		1,011,200
	403,571	Race Point IX CLO Ltd. (Cayman Islands) Series 2015-9A, Class X, 2.37%, 10/15/2030 (a) (d)		403,523
		Santander Drive Auto Receivables Trust
	71,098	Series 2017-2, Class A2, 1.60%, 3/16/2020		71,043
	196,495	Series 2016-2, Class A3, 1.56%, 5/15/2020		196,404

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Asset-Backed Securities — continued
	355,000	Series 2018-1, Class A2, 2.10%, 11/16/2020		354,536
	275,000	Series 2017-2, Class A3, 1.87%, 12/15/2020		273,942
	1,000,000	Symphony CLO V Ltd. (Cayman Islands) Series 2007-5A, Class A2, 3.22%, 1/15/2024 (a) (d)		999,766
	340,000	Symphony CLO XIV Ltd. (Cayman Islands) Series 2014-14A, Class A2R, 3.00%, 7/14/2026 (a) (d)		340,059
	400,000	Synchrony Credit Card Master Note Trust Series 2015-3, Class A, 1.74%, 9/15/2021		398,764
	1,000,000	THL Credit Wind River CLO Ltd. (Cayman Islands) Series 2014-2A, Class X, 9.59%, 1/15/2031 (a) (d)		999,491
	440,000	Verizon Owner Trust Series 2017-3A, Class A1B, 1.86%, 4/20/2022 (a) (d)		440,922
	1,000,000	Voya CLO Ltd. (Cayman Islands) Series 2015-1A, Class A1R, 2.63%, 1/18/2029 (a) (d)		1,003,016
		Total Asset-Backed Securities (Cost $26,709,798)		26,687,815
	Commercial Mortgage-Backed Securities — 2.0%
	500,000	BXMT Ltd. Series 2017-FL1, Class A, 2.46%, 6/15/2035 (a) (d)		500,400
	500,000	BXP Trust Series 2017-CQHP, Class A, 2.44%, 11/15/2034 (a) (d)		499,998
	152,000	CGDB Commercial Mortgage Trust Series 2017-BIO, Class A, 2.31%, 5/15/2030 (a) (d)		152,240
	900,000	CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class A, 2.38%, 7/15/2032 (a) (d)		901,854
	500,000	Cold Storage Trust Series 2017-ICE3, Class A, 2.59%, 4/15/2036 (a) (d)		501,976
	145,239	JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class A1, 1.54%, 11/15/2047		144,490
	126,694	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C16, Class A1, 1.29%, 6/15/2047		126,224
	1,000,000	TPG Real Estate Finance Ltd. (Cayman Islands) Series 2018-FL1, Class A, 2.31%, 2/15/2035 (a) (d)		1,000,020

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	181,899	WFRBS Commercial Mortgage Trust Series 2014-C24, Class A1, 1.39%, 11/15/2047		180,407
		Total Commercial Mortgage-Backed Securities (Cost $4,007,587)		4,007,609
	Foreign Government Securities — 0.7%
		Japan Bank for International Cooperation
	800,000	1.75%, 11/13/2018		796,811
	200,000	(ICE LIBOR USD 3 Month + 0.48%), 1.96%, 6/1/2020 (b)		201,032
		Japan Finance Organization for Municipalities
	400,000	2.13%, 3/6/2019 (a)		397,968
		Total Foreign Government Securities (Cost $1,399,560)		1,395,811
	Short-Term Investments — 31.3%
		Certificates of Deposit — 7.9%
	750,000	Agricultural Bank of China Ltd. (China) 2.10%, 3/20/2018		750,101
	1,450,000	Bank of Nova Scotia (The) (Canada) 1.93%, 12/6/2018		1,445,305
	350,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (Japan) 2.15%, 1/16/2019		349,136
	250,000	Barclays Bank plc (United Kingdom) 1.92%, 5/22/2018		249,947
	400,000	BNP Paribas SA (France) 1.60%, 7/6/2018		399,287
		Canadian Imperial Bank of Commerce (Canada)
	400,000	(ICE LIBOR USD 3 Month + 0.24%), 1.93%, 1/3/2019 (b)		400,048
	250,000	(ICE LIBOR USD 3 Month + 0.33%), 2.31%, 5/29/2019 (b)		250,214
	550,000	Cooperatieve Rabobank UA (Netherlands) 1.99%, 11/13/2018		548,864
	250,000	Credit Industriel et Commercial (France) 1.56%, 6/29/2018		249,744
		Credit Suisse AG (Switzerland)
	600,000	2.22%, 1/16/2019		598,508
	700,000	2.33%, 2/1/2019		698,727
		Deutsche Bank AG (Germany)
	250,000	2.00%, 7/10/2018		249,680
	250,000	2.00%, 8/3/2018		249,511
	500,000	2.47%, 8/22/2018		499,885
	800,000	2.58%, 1/29/2019		798,298
	900,000	DNB Bank ASA (Norway) 1.68%, 10/19/2018		896,907
	420,000	Natixis SA (France) 1.82%, 11/8/2018		418,467

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Short-Term Investments — continued
		Certificates of Deposit — continued
	250,000	Norinchukin Bank (Japan) 1.66%, 7/26/2018		249,523
		Royal Bank of Canada (Canada)
	1,000,000	1.95%, 12/6/2018		996,892
	1,300,000	2.24%, 2/1/2019		1,297,805
		Societe Generale SA (France)
	1,000,000	1.80%, 11/2/2018		996,742
	600,000	2.18%, 1/23/2019		598,980
		Standard Chartered Bank (United Kingdom)
	250,000	1.62%, 6/1/2018		249,729
	600,000	1.83%, 10/26/2018		598,013
	400,000	Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.37%), 2.07%, 7/11/2019 (b)		400,212
	1,350,000	Wells Fargo Bank NA 2.23%, 1/30/2019		1,348,224
		Total Certificates of Deposit (Cost $15,817,971)		15,788,749
		Commercial Paper — 11.7%
		Bank of China Ltd. (China)
	2,000,000	2.06%, 3/7/2018 (f)		1,999,335
	1,500,000	2.09%, 5/11/2018 (f)		1,493,880
		Bell Canada, Inc. (Canada)
	519,000	1.92%, 3/20/2018 (f)		518,472
	500,000	1.93%, 3/21/2018 (f)		499,464
	500,000	1.94%, 4/19/2018 (f)		498,637
	250,000	BPCE SA (France) 1.73%, 10/3/2018 (f)		246,585
	615,000	Canadian Natural Resources Ltd. (Canada) 2.25%, 3/22/2018 (f)		614,239
		China Construction Bank Corp. (China)
	1,350,000	2.11%, 4/24/2018 (f)		1,346,040
	650,000	2.11%, 4/30/2018 (f)		647,847
	500,000	Credit Suisse AG 2.03%, 9/7/2018 (f)		493,981
	800,000	Enbridge, Inc. (Canada) 2.32%, 3/12/2018 (f)		799,523
		Eni Finance USA, Inc. (Italy)
	550,000	1.70%, 4/3/2018 (f)		549,002
	1,400,000	2.22%, 7/5/2018 (f)		1,388,981
		Federation des Caisses Desjardins du Quebec (Canada)
	250,000	1.63%, 8/17/2018 (f)		247,497
	1,000,000	1.97%, 12/3/2018 (f)		982,170
	400,000	First Abu Dhabi Bank PJSC (United Arab Emirates) 1.78%, 7/20/2018 (f)		396,567
	250,000	Ford Motor Credit Co. LLC 2.25%, 12/5/2018 (f)		245,180

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Commercial Paper — continued
		Industrial & Commercial Bank of China Ltd. (China)
	1,000,000	2.11%, 3/22/2018 (f)		998,832
	1,300,000	2.11%, 4/16/2018 (f)		1,296,712
	800,000	National Australia Bank Ltd. (Australia) 1.75%, 11/2/2018 (f)		787,584
	750,000	Sempra Global 2.48%, 8/21/2018 (f)		741,307
	1,400,000	Suncor Energy, Inc. (Canada) 2.17%, 5/23/2018 (f)		1,392,970
	1,100,000	TELUS Corp. (Canada) 2.06%, 4/2/2018 (f)		1,098,048
	1,800,000	UBS AG (Switzerland) 2.28%, 10/3/2018 (f)		1,775,305
		Vodafone Group plc (United Kingdom)
	250,000	1.78%, 9/4/2018 (f)		246,835
	550,000	1.80%, 9/5/2018 (f)		542,995
		Walgreens Boots Alliance, Inc.
	350,000	2.04%, 5/1/2018 (f)		348,765
	1,100,000	2.28%, 7/9/2018 (f)		1,090,822
		Total Commercial Paper (Cost $23,299,976)		23,287,575
SHARES
		Investment Companies — 9.2%
	18,312,370	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (g) (h) (Cost $18,312,370)		18,312,370
PRINCIPAL AMOUNT($)
		Repurchase Agreements — 2.5%
	3,000,000	Citigroup Global Markets Holdings, Inc., 2.70%, dated 2/28/2018, due 1/18/2019, repurchase price $3,073,904, collateralized by Asset-Backed Securities, 3.41%, due 10/25/2057, with the value of $3,300,001.		3,000,000
	500,000	Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.90%, dated 2/28/2018, due 4/17/2018, repurchase price $501,267, collateralized by Municipal Debt Securities, 8.25%, due 07/01/2024, with the value of $540,000.		500,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Short-Term Investments — continued
		Repurchase Agreements — continued
	1,600,000	Wells Fargo Securities LLC, 2.12%, dated 2/28/2018, due 5/14/2018, repurchase price $1,607,067, collateralized by Asset-Backed Securities, 0.00%, due 05/24/2026, with the value of $1,778,760.		1,600,000
		Total Repurchase Agreements (Cost $5,100,000)		5,100,000
		U.S. Treasury Obligations — 0.0% (i)
	20,000	U.S. Treasury Bills 1.54%, 5/24/2018 (f) (j) (Cost $19,929)		19,925
		Total Short-Term Investments (Cost $62,550,246)		62,508,619
		Total Investments — 105.7% (Cost $211,801,177)		211,518,013
		Liabilities in Excess of Other Assets — (5.7%)		(11,466,747	)
		Net Assets — 100.0%		200,051,266

Percentages indicated are based on net assets.

Abbreviations

CLO	CollateralizedLoan Obligations
ICE	IntercontinentalExchange
LIBOR	LondonInterbank Offered Rate
PJSC	PublicJoint Stock Company
USD	UnitedStates Dollar

(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)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of February 28, 2018.
(c)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d)	—  Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of February 28, 2018.
(e)	—  When-issued security.
(f)	—  The rate shown is the effective yield as of February 28, 2018.
(g)	—  Affiliated company as defined under the Investment Company Act of 1940.
(h)	—  The rate shown was the current yield as of February 28, 2018.
(i)	—  Represents less than 0.05% of net assets.
(j)	—  All or a portion of the security pledged as collateral for Futures Contracts.

Futures contracts outstanding as of February 28, 2018:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
U.S. Treasury 2 Year Note	(10)		06/2018		USD		(2,124,688	)		136

Abbreviations
USD	UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Foreign Government Securities — 83.5%
		Azerbaijan — 1.1%
		Republic of Azerbaijan
	200,000	4.75%, 3/18/2024 (a)		202,000
	440,000	3.50%, 9/1/2032 (a)		369,600
				571,600
		Bolivia, Plurinational State of — 0.3%
	200,000	Plurinational State of Bolivia 4.50%, 3/20/2028 (a)		187,750
		Brazil — 4.7%
		Federative Republic of Brazil
	351,000	4.88%, 1/22/2021		367,146
	520,000	4.25%, 1/7/2025		517,920
	381,000	6.00%, 4/7/2026		417,576
	100,000	8.25%, 1/20/2034		126,650
	223,000	7.13%, 1/20/2037		260,464
	856,000	5.63%, 1/7/2041		827,752
				2,517,508
		China — 0.7%
	414,000	Export-Import Bank of China (The) 2.00%, 4/26/2021 (b)		399,095
		Colombia — 2.4%
		Republic of Colombia
	277,000	4.38%, 7/12/2021		286,695
	100,000	8.13%, 5/21/2024		122,400
	216,000	3.88%, 4/25/2027		210,600
	205,000	5.63%, 2/26/2044		220,990
	437,000	5.00%, 6/15/2045		435,361
				1,276,046
		Croatia — 3.2%
		Republic of Croatia
	337,000	6.63%, 7/14/2020 (a)		360,590
	554,000	6.38%, 3/24/2021 (a)		596,242
	205,000	5.50%, 4/4/2023 (a)		218,581
	509,000	6.00%, 1/26/2024 (a)		558,628
				1,734,041
		Dominican Republic — 4.5%
		Government of Dominican Republic
	668,000	7.50%, 5/6/2021 (a)		717,265
	116,000	5.50%, 1/27/2025 (a)		119,625
	540,000	5.95%, 1/25/2027 (b)		569,700
	619,000	7.45%, 4/30/2044 (a)		707,207
	258,000	6.85%, 1/27/2045 (a)		279,285
				2,393,082

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Ecuador — 4.2%
		Republic of Ecuador
	281,000	10.75%, 3/28/2022 (a)		316,828
	200,000	8.75%, 6/2/2023 (a)		212,500
	701,000	7.95%, 6/20/2024 (a)		713,268
	432,000	9.65%, 12/13/2026 (a)		477,360
	201,000	8.88%, 10/23/2027 (a)		211,552
	300,000	7.88%, 1/23/2028 (a)		300,000
				2,231,508
		Egypt — 3.6%
		Arab Republic of Egypt
	537,000	6.13%, 1/31/2022 (a)		555,124
	717,000	5.88%, 6/11/2025 (a)		720,585
	200,000	7.50%, 1/31/2027 (a)		216,250
	390,000	8.50%, 1/31/2047 (a)		435,825
				1,927,784
		Ethiopia — 0.4%
	200,000	Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)		200,000
		Gabon — 0.5%
	290,000	Gabonese Republic 6.38%, 12/12/2024 (a)		284,562
		Ghana — 0.8%
	385,000	Republic of Ghana 7.88%, 8/7/2023 (b)		415,800
		Hungary — 2.2%
		Republic of Hungary
	626,000	6.38%, 3/29/2021		683,905
	104,000	5.38%, 2/21/2023		112,580
	104,000	5.38%, 3/25/2024		113,490
	190,000	7.63%, 3/29/2041		274,787
				1,184,762
		India — 0.2%
	100,000	Export-Import Bank of India 3.38%, 8/5/2026 (a)		94,474
		Indonesia — 3.0%
		Republic of Indonesia
	101,000	5.88%, 3/13/2020 (a)		106,555
	298,000	4.88%, 5/5/2021 (a)		311,410
	480,000	4.75%, 1/8/2026 (a)		499,200
	200,000	3.50%, 1/11/2028		189,750
	401,000	6.75%, 1/15/2044 (a)		505,902
				1,612,817

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Foreign Government Securities — continued
		Iraq — 1.3%
		Republic of Iraq
	200,000	6.75%, 3/9/2023 (a)		205,000
	520,000	5.80%, 1/15/2028 (a)		501,150
				706,150
		Ivory Coast — 1.6%
		Republic of Cote d’Ivoire
	574,000	6.38%, 3/3/2028 (a)		581,175
	113,400	5.75%, 12/31/2032 (b) (c)		109,714
	200,000	6.13%, 6/15/2033 (a)		193,250
				884,139
		Jordan — 0.8%
		Kingdom of Jordan
	200,000	6.13%, 1/29/2026 (a)		205,000
	200,000	7.38%, 10/10/2047 (a)		210,750
				415,750
		Kazakhstan — 1.1%
		Republic of Kazakhstan
	350,000	3.88%, 10/14/2024 (a)		357,000
	200,000	6.50%, 7/21/2045 (a)		245,500
				602,500
		Kenya — 0.8%
	394,000	Republic of Kenya 6.88%, 6/24/2024 (a)		406,805
		Lebanon — 4.3%
		Republic of Lebanon
	100,000	6.38%, 3/9/2020		99,250
	688,000	8.25%, 4/12/2021 (b)		713,800
	532,000	6.10%, 10/4/2022 (b)		514,045
	106,000	6.00%, 1/27/2023 (b)		101,495
	137,000	6.60%, 11/27/2026 (b)		127,924
	103,000	6.65%, 2/26/2030 (b)		92,339
	750,000	7.00%, 3/23/2032 (b)		682,500
				2,331,353
		Lithuania — 0.8%
	363,000	Republic of Lithuania 6.63%, 2/1/2022 (a)		408,375
		Mexico — 1.9%
		United Mexican States
	725,000	4.13%, 1/21/2026		731,163
	200,000	4.35%, 1/15/2047		181,100
	100,000	5.75%, 10/12/2110		100,650
				1,012,913

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Mongolia — 0.4%
	200,000	Mongolia Government International Bond 5.13%, 12/5/2022 (a)		196,750
		Morocco — 0.3%
	150,000	Kingdom of Morocco 4.25%, 12/11/2022 (a)		153,750
		Oman — 1.7%
		Oman Government International Bond
	565,000	4.75%, 6/15/2026 (a)		542,400
	381,000	5.38%, 3/8/2027 (a)		377,190
				919,590
		Pakistan — 1.1%
		Republic of Pakistan
	280,000	8.25%, 4/15/2024 (a)		301,725
	295,000	6.88%, 12/5/2027 (a)		290,782
				592,507
		Panama — 1.3%
		Republic of Panama
	269,000	4.00%, 9/22/2024		277,474
	200,000	3.88%, 3/17/2028		202,000
	206,000	4.50%, 5/15/2047		209,090
				688,564
		Peru — 1.5%
		Republic of Peru
	551,000	4.13%, 8/25/2027		570,285
	100,000	6.55%, 3/14/2037		129,000
	100,000	5.63%, 11/18/2050		120,000
				819,285
		Philippines — 2.6%
		Republic of Philippines
	160,000	10.63%, 3/16/2025		230,112
	200,000	5.50%, 3/30/2026		225,960
	496,000	6.38%, 1/15/2032		613,155
	103,000	6.38%, 10/23/2034		130,213
	214,000	3.70%, 3/1/2041		201,310
				1,400,750
		Poland — 1.8%
		Republic of Poland
	160,000	5.00%, 3/23/2022		170,800
	706,000	3.00%, 3/17/2023		697,175
	100,000	4.00%, 1/22/2024		103,375
				971,350

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Foreign Government Securities — continued
		Romania — 1.2%
		Republic of Romania
	236,000	6.75%, 2/7/2022 (a)		263,140
	240,000	4.88%, 1/22/2024 (a)		253,800
	104,000	6.13%, 1/22/2044 (a)		125,450
				642,390
		Russia — 5.1%
		Russian Federation
	400,000	4.50%, 4/4/2022 (a)		415,500
	600,000	4.88%, 9/16/2023 (a)		637,500
	200,000	4.25%, 6/23/2027 (a)		201,750
	500,000	12.75%, 6/24/2028 (a)		847,499
	400,000	5.88%, 9/16/2043 (a)		456,000
	200,000	5.25%, 6/23/2047 (a)		208,250
				2,766,499
		Serbia — 1.3%
	642,000	Republic of Serbia 7.25%, 9/28/2021 (a)		712,620
		Slovakia — 0.4%
	200,000	Slovak Republic 4.38%, 5/21/2022 (a)		210,250
		South Africa — 3.5%
		Republic of South Africa
	326,000	5.88%, 5/30/2022		351,265
	684,000	5.88%, 9/16/2025		732,735
	233,000	4.30%, 10/12/2028		219,602
	204,000	5.38%, 7/24/2044		196,350
	205,000	5.00%, 10/12/2046		186,550
	221,000	5.65%, 9/27/2047		217,409
				1,903,911
		Sri Lanka — 2.9%
		Republic of Sri Lanka
	241,000	6.25%, 10/4/2020 (a)		250,038
	385,000	6.25%, 7/27/2021 (a)		398,956
	671,000	6.85%, 11/3/2025 (a)		702,134
	205,000	6.20%, 5/11/2027 (a)		203,852
				1,554,980
		Trinidad and Tobago — 0.4%
	200,000	Republic of Trinidad & Tobago 4.50%, 8/4/2026 (a)		203,750
		Turkey — 7.2%
		Republic of Turkey
	275,000	5.63%, 3/30/2021		285,313
	681,000	6.25%, 9/26/2022		725,265
	275,000	5.75%, 3/22/2024		284,281

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		Turkey — continued
	216,000	7.38%, 2/5/2025		242,190
	651,000	6.00%, 3/25/2027		666,461
	100,000	8.00%, 2/14/2034		116,875
	513,000	6.88%, 3/17/2036		539,291
	156,000	6.75%, 5/30/2040		162,045
	206,000	6.00%, 1/14/2041		195,443
	455,000	6.63%, 2/17/2045		460,119
	240,000	5.75%, 5/11/2047		216,600
				3,893,883
		Ukraine — 4.4%
		Republic of Ukraine
	387,000	7.75%, 9/1/2021 (a)		409,252
	475,000	7.75%, 9/1/2022 (a)		500,531
	101,000	7.75%, 9/1/2023 (a)		105,797
	110,000	7.75%, 9/1/2024 (a)		113,988
	109,000	7.75%, 9/1/2025 (a)		112,270
	682,000	7.75%, 9/1/2026 (a)		700,755
	443,000	7.38%, 9/25/2032 (a)		430,818
				2,373,411
		Uruguay — 1.6%
		Republic of Uruguay
	270,000	4.38%, 10/27/2027		279,720
	140,000	7.63%, 3/21/2036		192,850
	350,000	5.10%, 6/18/2050		363,125
				835,695
		Vietnam — 0.4%
	200,000	Republic of Vietnam 4.80%, 11/19/2024 (a)		205,233
		Total Foreign Government Securities (Cost $46,016,875)		44,843,982
	Corporate Bonds — 14.6%
		Azerbaijan — 1.1%
	200,000	Southern Gas Corridor CJSC 6.88%, 3/24/2026 (a)		221,500
	350,000	State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023 (b)		349,563
				571,063
		Brazil — 0.4%
	200,000	Banco Nacional de Desenvolvimento Economico e Social 5.75%, 9/26/2023 (a)		214,000
		Chile — 1.0%
		Corp. Nacional del Cobre de Chile
	372,000	3.63%, 8/1/2027 (a)		358,980
	201,000	4.50%, 8/1/2047 (a)		200,246
				559,226

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
	Corporate Bonds — continued
		China — 2.0%
	200,000	CNOOC Curtis Funding No. 1 Pty. Ltd. 4.50%, 10/3/2023 (a)		207,250
		Sinopec Group Overseas Development Ltd.
	220,000	2.38%, 4/12/2020 (a)		216,672
	200,000	3.63%, 4/12/2027 (a)		194,181
		State Grid Overseas Investment Ltd.
	200,000	3.13%, 5/22/2023 (a)		195,690
	250,000	3.50%, 5/4/2027 (a)		242,398
				1,056,191
		Indonesia — 0.4%
	200,000	Perusahaan Listrik Negara PT 5.25%, 10/24/2042 (a)		195,302
		Kazakhstan — 1.1%
	200,000	Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (a)		224,750
		KazMunayGas National Co. JSC
	116,000	7.00%, 5/5/2020 (a)		123,975
	220,000	6.38%, 4/9/2021 (a)		235,950
				584,675
		Malaysia — 1.7%
		Petronas Capital Ltd.
	555,000	7.88%, 5/22/2022 (a)		652,584
	231,000	4.50%, 3/18/2045 (a)		238,161
				890,745
		Mexico — 2.2%
	294,000	Comision Federal de Electricidad 4.88%, 1/15/2024 (a)		303,188
		Petroleos Mexicanos
	100,000	5.50%, 1/21/2021		104,650
	100,000	(ICE LIBOR USD 3 Month + 3.65%), 5.19%, 3/11/2022 (a) (d)		109,375
	767,000	5.63%, 1/23/2046		686,810
				1,204,023
		Peru — 0.7%
	352,000	Petroleos del Peru SA 5.63%, 6/19/2047 (a)		356,178
		Russia — 2.0%
		Vnesheconombank Via VEB Finance plc
	144,000	6.90%, 7/9/2020 (a)		153,540
	227,000	6.03%, 7/5/2022 (a)		243,174
	200,000	5.94%, 11/21/2023 (a)		217,400
	400,000	6.80%, 11/22/2025 (a)		456,500
				1,070,614

PRINCIPAL AMOUNT($)		INVESTMENTS	VALUE($)
		South Africa — 1.7%
	694,000	Eskom Holdings SOC Ltd. 7.13%, 2/11/2025 (a)		731,337
	200,000	Transnet SOC Ltd. 4.00%, 7/26/2022 (a)		195,750
				927,087
		Tunisia — 0.3%
	200,000	Banque Centrale de Tunisie International Bond 5.75%, 1/30/2025 (a)		188,750
		Total Corporate Bonds (COST $7,971,775)		7,817,854
SHARES
	Short-Term Investments — 5.1%
		Investment Companies — 5.1%
	2,764,325	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares 1.25% (e) (f) (Cost $2,764,325)		2,764,325
		Total Investments — 103.2% (Cost $56,752,975)		55,426,161
		Liabilities in Excess of Other Assets — (3.2)%		(1,712,232	)
		Net Assets — 100.0%	$	53,713,929

Percentages indicated are based on net assets.

Abbreviations

ICE	IntercontinentalExchange
LIBOR	LondonInterbank Offered Rate
USD	UnitedStates Dollar
(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)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	—  Step bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of February 28, 2018.
(d)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of February 28, 2018.
(e)	—  Affiliated company as defined under the Investment Company Act of 1940.
(f)	—  The rate shown was the current yield as of February 28, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018

	JPMorgan Disciplined High Yield ETF			JPMorgan Global Bond Opportunities ETF			JPMorgan Ultra-Short Income ETF			JPMorgan USD Emerging Markets Sovereign Bond ETF
ASSETS:
Investments in non-affiliates, at value	$	101,285,716		$	148,687,901		$	188,105,643		$	52,661,836
Investments in affiliates, at value		2,316,266			—			18,312,370			2,764,325
Repurchase agreements, at value		—			—			5,100,000			—
Restricted cash		1,000			4,400			1,100			400
Cash		—			—			7,111			12,465
Foreign currency, at value		—			589,378			—			—
Deposits at broker for futures contracts		—			745,000			—			—
Deferred offering costs		—			7,950			5,910			16,555
Prepaid Expenses		611			442			—			—
Receivables:
Investment securities sold		265,036			1,985,376			21,961			961,392
Interest from non-affiliates		1,511,311			1,943,948			838,304			835,600
Dividends from affiliates		1,507			845			12,023			3,898
Tax reclaims		—			1,000			—			—
Variation margin on futures contracts		—			392,728			3,953			—
Unrealized appreciation on forward foreign currency exchange contracts		—			673,642			—			—
Due from Adviser		26,769			126,835			65,884			63,109
Total Assets		105,408,216			155,159,445			212,474,259			57,319,580
LIABILITIES:
Payables:
Due to custodian		2,887			984,202			—			—
Investment securities purchased		71,773			2,066,672			12,331,476			3,506,080
Unrealized depreciation on forward foreign currency exchange contracts		—			299,303			—			—
Accrued liabilities:
Administration fees		6,876			9,913			10,734			3,279
Custodian and Transfer Agent fees		12,865			19,063			11,595			2,250
Trustees’ and Chief Compliance Officer’s fees		1,744			1,626			1,070			480
Deferred foreign capital gains tax		—			11,081			—			—
Professional Fees		98,675			109,277			50,129			81,197
Other		22,088			24,076			17,989			12,365
Total Liabilities		216,908			3,525,213			12,422,993			3,605,651
Net Assets	$	105,191,308		$	151,634,232		$	200,051,266		$	53,713,929
NET ASSETS:
Paid-in-Capital	$	107,333,288		$	152,598,061		$	200,263,619		$	55,018,929
Accumulated undistributed (distributions in excess of) net investment income		66,683			(2,341,242	)		61,360			29,931
Accumulated net realized gains (losses)		(55,049	)		446,023			9,315			(8,117	)
Net unrealized appreciation (depreciation)		(2,153,614	)		931,390			(283,028	)		(1,326,814	)
Total Net Assets	$	105,191,308		$	151,634,232		$	200,051,266		$	53,713,929
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		2,100,000			3,000,000			4,000,000			1,100,000
Net asset value, per share	$	50.09		$	50.54		$	50.01		$	48.83
Cost of investments in non-affiliates	$	103,439,330		$	148,481,019		$	188,388,807		$	53,988,650
Cost of investments in affiliates		2,316,266			—			18,312,370			2,764,325
Cost of repurchase agreements		—			—			5,100,000			—
Cost of foreign currency		—			597,318			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 55

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED FEBRUARY 28, 2018

	JPMorgan Disciplined High Yield ETF			JPMorgan Global Bond Opportunities ETF (a)			JPMorgan Ultra-Short Income ETF (b)			JPMorgan USD Emerging Markets Sovereign Bond ETF (c)
INVESTMENT INCOME:
Interest income from non-affiliates	$	2,550,625		$	4,178,291		$	1,095,371		$	208,536
Dividend income from affiliates		9,382			62,690			40,042			5,712
Foreign taxes withheld		—			(41,713	)		—			—
Total investment income		2,560,007			4,199,268			1,135,413			214,248
EXPENSES:
Investment advisory fees (Note 3.A)		147,740			508,143			86,858			13,221
Administration fees (Note 3.B)		41,860			78,532			49,220			3,512
Accounting fees (Note 3.D)		48,274			90,833			32,122			400
Interest expense to affiliates		—			1,883			—			—
Professional fees		134,094			144,301			65,174			81,197
Trustees’ and Chief Compliance Officer’s fees		7,570			13,149			6,858			480
Printing and mailing costs		36,192			29,901			32,000			4,000
Registration and filing fees		5,862			14,247			7,162			7,234
Custodian and Transfer Agent fees (Note 3.C)		20,071			54,785			18,847			2,426
Insurance expense		4,580			3,634			—			251
Offering costs (Note 2.G)		28,843			75,128			21,628			1,337
Other		8,930			10,439			6,993			500
Total expenses		484,016			1,024,975			326,862			114,558
Less fees waived (Note 3.E)		(189,600	)		(510,369	)		(136,078	)		(16,733	)
Less expense reimbursements from affiliates (Note 3.E)		(95,469	)		—			(90,379	)		(81,595	)
Less expense reimbursements from non-affiliates (Note 3.C)		(1,600	)		(12,100	)		(1,700	)		(400	)
Net expenses		197,347			502,506			98,705			15,830
Net investment income (loss)		2,362,660			3,696,762			1,036,708			198,418
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(6,635	)		88,190			5,580			(8,117	)
Futures		—			601,317			3,736			—
Foreign currency transactions		—			(569	)		—			—
Forward foreign currency exchange contracts		—			(3,005,519	)		—			—
Net realized gain (loss)		(6,635	)		(2,316,581	)		9,316			(8,117	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,542,614	)		195,801	(d)		(283,164	)		(1,326,814	)
Futures		—			354,555			136			—
Foreign currency translations		—			6,695			—			—
Forward foreign currency exchange contracts		—			374,339			—			—
Change in net unrealized appreciation/depreciation		(2,542,614	)		931,390			(283,028	)		(1,326,814	)
Net realized/unrealized gains (losses)		(2,549,249	)		(1,385,191	)		(273,712	)		(1,334,931	)
Change in net assets resulting from operations	$	(186,589	)	$	2,311,571		$	762,996		$	(1,136,513	)

(a) Commencement of operations was April 5, 2017.

(b) Commencement of operations was May 17, 2017.

(c) Commencement of operations was January 29, 2018.

(d) Net change in foreign capital gains tax of approximately $11,081.

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Disciplined High Yield ETF
	Year Ended February 28, 2018			Period Ended February 28, 2017 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,362,660		$	572,834
Net realized gain (loss)		(6,635	)		(41,809	)
Change in net unrealized appreciation/depreciation		(2,542,614	)		389,000
Change in net assets resulting from operations		(186,589	)		920,025
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,305,921	)		(567,995	)
From net realized gains		—			(1,500	)
Total distributions to shareholders		(2,305,921	)		(569,495	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		77,109,750			30,223,538
NET ASSETS:
Change in net assets		74,617,240			30,574,068
Beginning of period		30,574,068			—
End of period	$	105,191,308		$	30,574,068
Accumulated undistributed (distributions in excess of) net investment income	$	66,683		$	4,397
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	77,109,750		$	30,223,538
SHARE TRANSACTIONS:
Issued		1,500,000			600,000
Net increase in shares from share transactions		1,500,000			600,000

(a) Commencement of operations was September 14, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Global Bond Opportunities ETF			JPMorgan Ultra-Short Income ETF
	Period Ended February 28, 2018 (b)			Period Ended February 28, 2018 (c)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,696,762		$	1,036,708
Net realized gain (loss)		(2,316,581	)		9,316
Change in net unrealized appreciation/depreciation		931,390			(283,028	)
Change in net assets resulting from operations		2,311,571			762,996
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,275,400	)		(975,348	)
Total distributions to shareholders		(3,275,400	)		(975,348	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		152,598,061			200,263,618
NET ASSETS:
Change in net assets		151,634,232			200,051,266
Beginning of period		—			—
End of period	$	151,634,232		$	200,051,266
Accumulated undistributed (distributions in excess of) net investment income	$	(2,341,242	)	$	61,360
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	152,598,061		$	200,263,618
Total change in net assets resulting from capital transactions	$	152,598,061		$	200,263,618
SHARE TRANSACTIONS:
Issued		3,000,000			4,000,000
Net increase in shares from share transactions		3,000,000			4,000,000

(b) Commencement of operations was April 5, 2017.

(c) Commencement of operations was May 17, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

	JPMorgan USD Emerging Markets Sovereign Bond ETF
	Period Ended February 28, 2018 (d)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	198,418
Net realized gain (loss)		(8,117	)
Change in net unrealized appreciation/depreciation		(1,326,814	)
Change in net assets resulting from operations		(1,136,513	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(168,487	)
Total distributions to shareholders		(168,487	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		55,018,929
NET ASSETS:
Change in net assets		53,713,929
Beginning of period		—
End of period	$	53,713,929
Accumulated undistributed (distributions in excess of) net investment income	$	29,931
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	55,018,929
SHARE TRANSACTIONS:
Issued		1,100,000
Net increase in shares from share transactions		1,100,000

(d) Commencement of operations was January 29, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain (loss)			Total distributions			Net asset value, end of period
JPMorgan Disciplined High Yield ETF
Year Ended February 28, 2018	$	50.96	$	2.44	$	(0.92	)	$	1.52		$	(2.39	)	$	—		$	(2.39	)	$	50.09
September 14, 2016 (a) through February 28, 2017		50.00		1.14		0.96			2.10			(1.14	)		—	(h)		(1.14	)		50.96
JPMorgan Global Bond Opportunities ETF
April 5, 2017 (a) through February 28, 2018		50.00		1.83		0.05	(i)		1.88			(1.34	)		—			(1.34	)		50.54
JPMorgan Ultra-Short Income ETF
May 17, 2017 (a) through February 28, 2018		50.00		0.70		(0.08	)		0.62			(0.61	)		—			(0.61	)		50.01
JPMorgan USD Emerging Markets Sovereign Bond ETF
January 29, 2018 (a) through February 28, 2018		50.00		0.19		(1.21	)		(1.02	)		(0.15	)		—			(0.15	)		48.83

(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 for the Disciplined High Yield ETF, Global Bond Opportunities ETF and Ultra-Short Income ETF on the Cboe (formerly BATS) BZX Exchange, Inc. and on the NYSE Arca, Inc. for the USD Emerging Markets Sovereign Bond ETF. Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(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 periods indicated.

(h) Amount rounds to less than $0.005.

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

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

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)
$	50.36		3.00	%		3.12	%	$	105,191,308		0.40	%		4.78	%		0.98	%		23	%
	51.16		4.24			4.64			30,574,068		0.39	(g)		4.99			1.74	(g)		8
	50.60		3.76			3.88			151,634,232		0.53	(g)		3.98			1.10	(g)		52
	50.05		1.25			1.33			200,051,266		0.16	(g)		1.77			0.55	(g)		25
	48.95		(2.03	)		(1.79	)		53,713,929		0.35	(g)		4.79			2.74	(g)		2

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018

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 4 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Diversified/Non-Diversified
JPMorgan Disciplined High Yield ETF	Diversified
JPMorgan Global Bond Opportunities ETF	Diversified
JPMorgan Ultra-Short Income ETF	Diversified
JPMorgan USD Emerging Markets Sovereign Bond ETF	Diversified

JPMorgan Disciplined High Yield ETF (the “Disciplined High Yield ETF”) commenced operations on September 14, 2016. The investment objective of the Fund is to seek to provide a high level of income with capital appreciation as a secondary objective.

JPMorgan Global Bond Opportunities ETF (the “Global Bond Opportunities ETF”) commenced operations on April 5, 2017. The investment objective of the Fund is to seek to provide total return.

JPMorgan Ultra-Short Income ETF (the “Ultra-Short Income ETF”) commenced operations on May 17, 2017. The investment objective of the Fund is to seek to provide current income while seeking to maintain a low volatility of principal.

JPMorgan USD Emerging Markets Sovereign Bond ETF (the “USD Emerging Markets Sovereign Bond ETF”) commenced operations on January 29, 2018. The investment objective of the Fund is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Emerging Markets Risk-Aware Bond Index.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

Shares of Disciplined High Yield ETF, Global Bond Opportunities ETF and Ultra-Short Income ETF are listed and traded on the Cboe (formerly BATS) BZX Exchange, Inc. Shares of USD Emerging Markets Sovereign Bond ETF 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 Ultra-Short Income ETF which trades in blocks of 50,000 shares, referred to as “Creation Units.” The Funds may elect creations and redemptions in cash or partially in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or

62 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts 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.

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

Disciplined High Yield ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,316,266	$	101,285,716	$	—	$	103,601,982

Global Bond Opportunities ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
Cayman Islands	$	—	$	—	$	95,564	$	95,564
United States		—		4,679,212		2,264,474		6,943,686
Total Asset-Backed Securities		—		4,679,212		2,360,038		7,039,250
Collateralized Mortgage Obligations
United States		—		2,406,010		—		2,406,010
Commercial Mortgage-Backed Securities
United States		—		6,410,201		2,953,242		9,363,443

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

Global Bond Opportunities ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Corporate Bonds
Argentina	$	—		$	630,065		$	—	$	630,065
Australia		—			538,396			—		538,396
Bahrain		—			198,000			—		198,000
Belgium		—			763,617			—		763,617
Brazil		—			2,429,565			—		2,429,565
Canada		—			2,020,168			—		2,020,168
China		—			70,419			—		70,419
Denmark		—			275,720			—		275,720
France		—			5,593,349			—		5,593,349
Germany		—			2,980,703			—		2,980,703
Greece		—			262,654			—		262,654
Guatemala		—			209,500			—		209,500
Hong Kong		—			198,750			—		198,750
India		—			202,000			—		202,000
Ireland		—			1,998,300			—		1,998,300
Israel		—			218,667			—		218,667
Italy		—			2,989,638			—		2,989,638
Japan		—			634,003			—		634,003
Kuwait		—			471,025			—		471,025
Luxembourg		—			3,454,415			—		3,454,415
Mexico		—			1,539,648			—		1,539,648
Netherlands		—			2,521,063			—		2,521,063
Peru		—			365,275			—		365,275
Portugal		—			398,595			—		398,595
Qatar		—			277,711			—		277,711
South Korea		—			200,750			—		200,750
Spain		—			2,709,756			—		2,709,756
Sweden		—			761,416			—		761,416
Switzerland		—			1,357,992			—		1,357,992
United Arab Emirates		—			30,225			—		30,225
United Kingdom		—			6,057,796			—		6,057,796
United States		—			55,354,357			—		55,354,357
Total Corporate Bonds		—			97,713,538			—		97,713,538
Foreign Government Securities		—			32,165,660			—		32,165,660
Total Investments in Securities	$	—		$	143,374,621		$	5,313,280	$	148,687,901
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	673,642		$	—	$	673,642
Futures Contracts		469,115			—			—		469,115
Total Appreciation in Other Financial Instruments	$	469,115		$	673,642		$	—	$	1,142,757
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(299,303	)	$	—	$	(299,303	)
Futures Contracts		(114,560	)		—			—		(114,560	)
Total Depreciation in Other Financial Instruments	$	(114,560	)	$	(299,303	)	$	—	$	(413,863	)

64 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

Ultra-Short Income ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,312,370	$	193,205,643	$	—	$	211,518,013
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	136	$	—	$	—	$	136

USD Emerging Markets Sovereign Bond ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,764,325	$	52,661,836	$	—	$	55,426,161

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of portfolio holdings.

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

There were no transfers among any levels during the period ended February 28, 2018.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair values:

Global Bond Opportunities ETF	Balance as of April 5, 2017*		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of February 28, 2018
Investments in Securities:
Asset-Backed Securities — Cayman Islands	$	—	$	—	$	(67	)	$	(8	)	$	101,906	$	(6,267	)	$	—	$	—	$	95,564
Asset-Backed Securities — United States		—		—		3,808			(27,700	)		2,598,606		(310,240	)		—		—		2,264,474
Commercial Mortgage-Backed Securities — United States		—		—		(31,698	)		2,743			3,103,667		(121,470	)		—		—		2,953,242
	$	—	$	—	$	(27,957	)	$	(24,965	)	$	5,804,179	$	(437,977	)	$	—	$	—	$	5,313,280

* Commencement of operations

⁽¹⁾  Purchases include all purchases of securities and securities received in corporate actions.

⁽²⁾  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(27,957). This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

Global Bond Opportunities ETF
Quantitative Information about Level 3 Fair Value Measurements #
	Fair Value at February 28, 2018		Valuation Technique(s)		Unobservable Input		Range (Weighted Average)
Asset-Backed Securities	$	2,360,038		Discounted Cash Flow		Constant Prepayment Rate		5.00% - 30.00% (15.71%)
						Constant Default Rate		0.00% - 4.64% (1.47%)
						Yield (Discount Rate of Cash Flows)		3.42% - 5.79% (4.37%)
		2,360,038
Commercial Mortgage-Backed Securities		2,557,987		Discounted Cash Flow		Yield (Discount Rate of Cash Flows)		(56.31)% - 7.59% (2.07%)
		2,557,987
Total	$	4,918,025

# The table above does not include level 3 securities that are valued by brokers and pricing services. At February 28, 2018, the value of these securities was $395,255. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 65

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of February 28, 2018, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Ultra-Short Income ETF purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Fund may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

Ultra-Short Income ETF had delayed delivery securities outstanding as of February 28, 2018. The values of these securities held at February 28, 2018 are detailed on the SOIs.

D. Repurchase Agreements — The Funds may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan.

The Funds’ repurchase agreements are not subject to master netting arrangements.

E. Derivatives — The Global Bond Opportunities ETF and Ultra-Short Income ETF used derivative instruments including futures and forward foreign currency exchange contracts, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts not allowing such Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed its value, as recorded on the Statements of Assets and Liabilities.

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

Notes (1) — (2) below describe the various derivatives used by the Funds.

66 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

(1). Futures Contracts — The Global Bond Opportunities ETF and Ultra-Short Income ETF used interest rate and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

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

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

(2). Forward Foreign Currency Exchange Contracts — The Global Bond Opportunities ETF may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The value 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 or due across transactions).

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

(3). Summary of Derivatives Information

The following table presents the value of derivatives held as of February 28, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

JPMorgan Global Bond Opportunities ETF
Derivative Contracts	Statements of Assets and Liabilities
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	469,115		$	—		$	469,115
Foreign exchange contracts	Receivables					673,642			673,642
Total		$	469,115		$	673,642		$	1,142,757
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(114,560	)	$	—		$	(114,560	)
Foreign exchange contracts	Payables		—			(299,303	)		(299,303	)
Total		$	(114,560	)	$	(299,303	)	$	(413,863	)

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

JPMorgan Ultra-Short Income ETF
Derivative Contracts	Statements of Assets and Liabilities
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	136

(a) This amount reflects the cumulative appreciation/depreciation of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflects 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 February 28, 2018, by primary underlying risk exposure:

JPMorgan Global Bond Opportunities ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Futures contracts	$	601,317	$	—		$	601,317
Foreign exchange contracts		—		(3,005,519	)		(3,005,519	)
	$	601,317	$	(3,005,519	)	$	(2,404,202	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Futures contracts	$	354,555	$	—		$	354,555
Foreign exchange contracts		—		374,339			374,339
	$	354,555	$	374,339		$	728,894

JPMorgan Ultra-Short Income ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	3,736
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	136

68 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity during the period ended February 28, 2018. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	Global Bond Opportunities ETF			Ultra-Short Income ETF
Futures Contracts:
Average Notional Balance Long	$	3,965,178	(a)	$	—
Average Notional Balance Short		77,619,775	(a)		2,124,688	(b)
Ending Notional Balance Long		10,911,620			—
Ending Notional Balance Short		93,203,125			2,124,688
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	6,602,974	(a)		—
Average Settlement Value Sold		38,153,794	(a)		—
Ending Settlement Value Purchased		19,290,342			—
Ending Settlement Value Sold		60,564,353			—

(a) For the period from April 5, 2017 through February 28, 2018

(b) For the period from February 1, 2018 through February 28, 2018

The Funds’ derivatives contracts held at February 28, 2018 are not accounted for as hedging instruments under GAAP.

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

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

G. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Funds are amortized on a straight line basis over 12 months from the dates the Funds 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 Funds since inception were as follows:

JPMorgan Disciplined High Yield ETF	$	40,373
JPMorgan Global Bond Opportunities ETF (a)		83,078
JPMorgan Ultra-Short Income ETF (b)		27,538
JPMorgan USD Emerging Markets Sovereign Bond ETF (c)		17,892

(a) Commencement of operations was April 5, 2017.

(b) Commencement of operations was May 17, 2017.

(c) Commencement of operations was January 29, 2018.

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

I. Allocation of Expenses — Expenses directly attributable to the Funds are charged directly to the Funds, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

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

Certain Funds are subject to a tax imposed on short-term capital gains on securities of issuers domiciled in Indonesia. 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 foreign 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 Indonesia can be carried forward for eight years to offset potential future short-term realized capital gains.

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

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)
Disciplined High Yield ETF	$	—	$	5,547		$	(5,547	)
Global Bond Opportunities ETF		—		(2,762,604	)		2,762,604
Ultra-Short Income ETF		1		—			(1	)
USD Emerging Markets Sovereign Bond ETF		—		—			—

The reclassifications for the Funds relate primarily to foreign currency gains or losses and investments in perpetual bonds.

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:

Disciplined High Yield ETF	0.30	%
Global Bond Opportunities ETF	0.55	%
Ultra-Short Income ETF	0.15	%
USD Emerging Markets Sovereign Bond ETF	0.32	%

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

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 effective 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.E.

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

C. Custodian and Transfer Agent Fees — JPMCB provides portfolio custody and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian and Transfer Agent fees on the Statements of Operations. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

70 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

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 period ended February 28, 2018, the amount of transaction fees paid by the Authorized Participants that were used to reimburse custodian fees were as follows:

Disciplined High Yield ETF	$	1,600
Global Bond Opportunities ETF		12,100
Ultra-Short Income ETF		1,700
USD Emerging Markets Sovereign Bond ETF		400

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 cash 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 February 28, 2018 that are payable directly to JPMCB by the Funds for accounting fees which are included in accounting fees on the Statements of Operations:

Disciplined High Yield ETF	$	8,706
Global Bond Opportunities ETF		9,091
Ultra-Short Income ETF		8,902
USD Emerging Markets Sovereign Bond ETF		400

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, dividend expenses related to short sales (if applicable), interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentage of the Funds’ average daily net assets as shown in the below table:

	Expense Cap
Disciplined High Yield ETF		0.40	%
Global Bond Opportunities ETF		0.55	%
Ultra-Short Income ETF		0.18	%
USD Emerging Markets Sovereign Bond ETF		0.39	%

The expense limitation agreements were in effect for the period ended February 28, 2018. The contractual expense limitation percentages in the table above are in place until at least June 30, 2021 for the Disciplined High Yield ETF, the Ultra-Short Income ETF and the Global Bond Opportunities ETF and January 31, 2021 for the USD Emerging Markets Sovereign Bond ETF.

For the period ended February 28, 2018, 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
Disciplined High Yield ETF	$	146,085	$	41,860	$	187,945	$	95,469
Global Bond Opportunities ETF		422,646		78,532		501,178		—
Ultra-Short Income ETF		81,408		49,220		130,628		90,379
USD Emerging Markets Sovereign Bond ETF		12,896		3,512		16,408		81,595

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 money market funds.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

The amounts of the waivers resulting from investments in these money market funds as of February 28, 2018 were as follows:

Disciplined High Yield ETF	$	1,655
Global Bond Opportunities ETF		9,191
Ultra-Short Income ETF		5,450
USD Emerging Markets Sovereign Bond ETF		325

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 (the “Distribution Agreements”). 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 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 on the Statements of Operations.

The Funds may use related party broker-dealers. For the period ended February 28, 2018, the Funds incurred no brokerage commissions with broker-dealers affiliated with the Adviser or Trust.

4. Investment Transactions

During the period ended February 28, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Purchases of U.S. Government		Sales (excluding U.S. Government)		Sales of U.S. Government
Disciplined High Yield ETF	$	85,286,110	$	—	$	11,130,558	$	—
Global Bond Opportunities ETF (a)		192,483,639		113,836		52,533,568		113,130
Ultra-Short Income ETF (b)		115,877,972		—		10,930,880		—
USD Emerging Markets Sovereign Bond ETF (c)		54,963,954		—		931,515		—

(a) Commencement of operations was April 5, 2017.

(b) Commencement of operations was May 17, 2017.

(c) Commencement of operations was January 29, 2018.

For the period ended February 28, 2018, there were no in-kind transactions associated with creations and redemptions.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2018 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Disciplined High Yield ETF	$	105,763,923	$	260,847	$	(2,422,788	)	$	(2,161,941	)
Global Bond Opportunities ETF		149,157,039		3,522,821		(3,263,065	)		259,756
Ultra-Short Income ETF		211,801,313		47,613		(330,777	)		(283,164	)
USD Emerging Markets Sovereign Bond ETF		56,752,975		7,188		(1,334,002	)		(1,326,814	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, mark to market of forward foreign currency contracts and mark to market of futures contracts.

The tax character of distributions paid during the period ended February 28, 2018 was as follows:

	Ordinary Income*		Total Distributions Paid
Disciplined High Yield ETF	$	2,305,921	$	2,305,921
Global Bond Opportunities ETF		3,275,400		3,275,400
Ultra-Short Income ETF		975,348		975,348
USD Emerging Markets Sovereign Bond ETF		168,487		168,487

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

72 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

The tax character of distributions paid during the period ended February 28, 2017 was as follows:

	Ordinary Income*		Total Distributions Paid
Disciplined High Yield ETF	$	569,495	$	569,495

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

As of February 28, 2018, 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 (Depreciation)
Disciplined High Yield ETF	$	66,684	$	—	$	(46,719	)	$	(2,161,941	)
Global Bond Opportunities ETF		224,508		518,430		—			(293,990	)
Ultra-Short Income ETF		68,484		2,323		—			(283,164	)
USD Emerging Markets Sovereign Bond ETF		29,933		—		(8,120	)		(1,326,814	)

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, late year ordinary loss deferrals, mark to market of forward foreign currency contracts, mark to market of futures contracts and straddle loss deferrals.

As of February 28, 2018, the Funds had net capital loss carryforwards with no expiration dates, as follows:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Disciplined High Yield ETF	$	(24,473	)	$	(22,246	)
Global Bond Opportunities ETF		—			—
Ultra-Short Income ETF		—			—
USD Emerging Markets Sovereign Bond ETF		(8,120	)		—

Late year ordinary losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2018, the Global Bond Opportunities ETF deferred to March 1, 2018 late year ordinary losses of $1,412,780.

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. 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 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.

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 Statements of Changes in Net Assets.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. 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 February 28, 2018, the Adviser owned more than 10% of the outstanding shares of the following Funds:

	% Ownership
Disciplined High Yield ETF		23	%
Global Bond Opportunities ETF		66	%
Ultra-Short Income ETF		12	%
USD Emerging Markets Sovereign Bond ETF		91	%

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

Significant transactions by the Adviser may impact the Funds’ performance.

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 Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. 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 February 28, 2018, none of the Funds had non-US country allocations representing greater than 10% of total investments.

The Disciplined High Yield ETF invests in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Fund is intended for investors who are able and willing to assume a high degree of risk.

The Disciplined High Yield ETF may invest up to 100% of the its total assets in below investment grade securities or unrated securities that JPMIM deems to be of equivalent quality. Such securities may include so called “distressed debt”.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given that the Federal Reserve has begun to raise interest rates, the Funds may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Global Bond Opportunities ETF and Ultra-Short Income ETF are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as forward foreign currency exchange contracts.

The Global Bond Opportunities ETF and Ultra-Short Income ETF are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Global Bond Opportunities ETF and USD Emerging Markets Sovereign Bond ETF’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of each Fund’s investments and the income it generates, as well as each Fund’s ability to repatriate such amounts.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

8. Investment Company Reporting Modernization

In October 2016, the SEC 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 the Funds’ financial statements as of February 28, 2018. The adoption had no effect on the Funds’ net assets or results of operations.

9. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium to be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

74 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan Disciplined High Yield ETF, JPMorgan Global Bond Opportunities ETF, JPMorgan Ultra-Short Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Disciplined High Yield ETF, JPMorgan Global Bond Opportunities ETF, JPMorgan Ultra-Short Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF (four of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2018, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2018, the results of each of their operations, the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Disciplined High Yield ETF	Statement of operations for the year ended February 28, 2018 and the statements of changes in net assets for the year ended February 28, 2018 and for the period September 14, 2016 (commencement of operations) through February 28, 2017
JPMorgan Global Bond Opportunities ETF	Statements of operations and changes in net assets for the period April 5, 2017 (commencement of operations) through February 28, 2018
JPMorgan Ultra-Short Income ETF	Statements of operations and changes in net assets for the period May 17, 2017 (commencement of operations) through February 28, 2018
JPMorgan USD Emerging Markets Sovereign Bond ETF	Statements of operations and changes in net assets for the period January 29, 2018 (commencement of operations) through February 28, 2018

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 26, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 75

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.

(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.

76 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

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 4 New York Plaza, New York, NY 10004.

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

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

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 77

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, September 1, 2017 and continued to hold your shares at the end of the reporting period, February 28, 2018.

Actual Expenses

For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading

entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.

	Beginning Account Value  September 1, 2017		Ending Account Value  February 28, 2018		Annualized  Expense Ratio			Expenses  Paid During the Period
JPMorgan Disciplined High Yield ETF
Actual (1)	$	1,000.00	$	998.20		0.40	%	$	1.98
Hypothetical (1)		1,000.00		1,022.81		0.40	%		2.01
JPMorgan Global Bond Opportunities ETF
Actual (1)	$	1,000.00	$	1,012.70		0.53	%	$	2.64
Hypothetical (1)		1,000.00		1,022.17		0.53	%		2.66
JPMorgan Ultra-Short Income ETF
Actual (1)	$	1,000.00	$	1,007.50		0.16	%	$	0.80
Hypothetical (1)		1,000.00		1,024.00		0.16	%		0.80
JPMorgan USD Emerging Markets Sovereign Bond ETF
Actual (2)	$	1,000.00	$	979.70		0.35	%	$	0.28
Hypothetical (1)		1,000.00		1,023.06		0.35	%		1.76

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

(2) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 30/365 (to reflect the actual period). The Fund commenced operations on January 29, 2018.

78 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

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 February 28, 2018. 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, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 will be provided under separate cover.

Qualified Interest Income (QII) and Short-Term Capital Gain

Each Fund listed below paid the following amount, or the maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the period ended February 28, 2018:

	Qualified Interest Income		Short-Term Capital Gain
Disciplined High Yield ETF	$	1,707,459	$	—
Global Bond Opportunities ETF		1,807,207		7,782
Ultra-Short Income ETF		549,681		—
USD Emerging Markets Sovereign Bond ETF		6,502		—

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 79

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENT

(Unaudited)

JPMorgan USD Emerging Markets Sovereign Bond ETF

On September 18-19, 2017, the Board of Trustees held an in-person meeting and approved the initial Investment Advisory Agreement (the “Advisory Agreement”) for the JPMorgan USD Emerging Markets Sovereign Bond ETF (the “Fund”). The Advisory Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates. In connection with the approval of the Advisory Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive session with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the initial Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Advisory Agreement, as well as other relevant information furnished for the Trustees. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund. The Trustees also considered the investment strategy for the Fund, and the infrastructure supporting the portfolio management team. In addition, the Trustees considered information about the structure and distribution strategy of the Fund, how it fits within the Trust’s other fund offerings, and how it will be positioned against peer funds, as identified by management.

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

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

Fall-Out Benefits

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

The Trustees also considered the fees that J.P. Morgan Investment Management Inc., in its role as Administrator, will earn from the Fund for providing administrative services. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A., an affiliate of the Adviser, for custody, transfer agency and other related services. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

Economies of Scale

The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that neither the proposed investment advisory fee schedule nor the proposed administration agreement for the Fund contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure for the Fund was reasonable in light of the fee waivers and expense limitations that the Adviser has in place, limiting the overall net expense ratio of the Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that the Fund would benefit from the economies of scale present in the broader J.P. Morgan fund complex, as the Fund was able to negotiate an administration fee at a level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Fund’s administration fee is lower than what the Fund would have to pay if it was not part of the J.P. Morgan fund complex.

Investment Performance

The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive

80 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fee and Expense Ratio

The Trustees considered the contractual advisory fee rate that will be paid by the Fund to the Adviser and compared that rate to the fees charged to mutual funds with similar investment objectives or in similar asset classes managed by the Adviser, as well as information prepared by Broadridge Investor Communications Solutions Inc., using data from Lipper Inc. (together, “Broadridge/Lipper”), independent providers of investment company data, concerning management fee rates paid by other funds in the same Broadridge/Lipper category as

the Fund. The Trustees also reviewed information about other projected expenses and the expense ratio for the Fund. The Trustees considered the projected fee waiver and/or expense reimbursement arrangements proposed for the Fund and considered the net advisory fee rate after taking into account any projected waivers and/or reimbursements.

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

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 81

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

JPMorgan Disciplined High Yield ETF

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of investment advisory agreements at each meeting. The Board also meets specifically to consider investment advisory agreement annual renewals. The Board of Trustees held a meeting in person December 12-13, 2017, at which the Trustees considered the continuation of investment advisory agreement (the “Advisory Agreement”) for JPMorgan Disciplined High Yield ETF (the “Fund”). In advance of the December 12-13, 2017 meeting, the Trustees met on November 3, 2017 to discuss certain information in connection with its consideration of the Advisory Agreement. At the December meeting, the Board reviewed and considered performance, expense and other information for the Fund. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information included the Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of the Fund’s performance. The Adviser also periodically provides comparative information regarding the Fund’s expense ratio and that of its peer groups. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc., using data from Lipper Inc. (together, “Broadridge/Lipper”), independent providers of investment company data. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed his or her own evaluation of significance to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under its Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund. The Trustees also considered the investment strategies for the Fund, and the infrastructure supporting the portfolio management team. In addition, the Trustees considered information about the structure and distribution strategies of the Fund, how it fits within the Trust’s fund offerings, and how the Fund is positioned against peer funds, as identified by management. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administrative services provided by J.P. Morgan Investment Management Inc. in its role as administrator to the Fund (“JPMIM”).

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

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

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of

82 JPMORGAN EXCHANGE-TRADED FUNDS FEBRUARY 28, 2018

profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Fund.

The Trustees also considered the fees that JPMIM earned from the Fund for providing administrative services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), also an affiliate of the Adviser, for custody, transfer agency and other related services for the Fund.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees noted that the Adviser has implemented a fee waiver and expense limitation (“Fee Cap”), which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees noted that neither the investment advisory fee schedule nor the administration agreement for the Fund contain breakpoints, but that fees are competitive with its peer funds. They concluded that the current fee structure was reasonable in light of the Fee Cap that the Adviser has in place which serves to limit the overall net expense ratio of the Fund to competitive levels. With respect to fees for administrative

services, the Trustees also considered the fact that the Fund benefits from the economies of scale present in the broader J.P. Morgan fund complex, as the Fund was able to negotiate an administration fee at level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Fund’s administration fee is lower than what the Fund would have to pay if it were not part of the J.P. Morgan fund complex.

Fees Relative to Adviser’s Other Clients

The Trustees requested and received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies advised by the Adviser in the same asset class as the Fund. The Trustees also noted the Adviser’s view that it does not manage any other accounts with a substantially similar investment strategy as that of the Fund. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees considered the Fund’s investment strategy and processes, portfolio management team, and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that the Fund’s performance was consistent with its investment objective.

Advisory Fee and Expense Ratio

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds with the same Broadridge/Lipper investment classification and objective as the Fund (the “Universe”), as well as a subset of funds in the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting funds in the Peer Group and Universe. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the total expense ratio for the Fund. The Trustees considered the Fee Cap currently in place for the Fund and considered the net advisory fee rate after taking into account such Fee Cap. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Trustees noted that both the Fund’s net advisory fee and actual total expenses were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

FEBRUARY 28, 2018 JPMORGAN EXCHANGE-TRADED FUNDS 83

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

^© JPMorgan Chase & Co., 2018.  All rights reserved. February 28, 2018 AN-ETF-218

ITEM 2. CODE OF ETHICS.

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

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

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

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

2018 – $234,790

2017 – $74,000

(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

2018 – $27,600

2017 – $5,125

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

2018 – $58,000

2017 – $14,535

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 February 28, 2018 and 2017, 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

2018 – $0

2017 – $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.

2018 – 0.0%

2017 – 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:

2018 – $32.0 million

2017 – $28.3 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

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

(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
	May 02, 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
	May 02, 2018

By:	/s/ Lauren A. Paino
	Lauren A. Paino
	Treasurer and Principal Financial Officer
	May 02, 2018