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)

Noah Greenhill, 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: (800) 480-4111

Date of fiscal year end: October 31

Date of reporting period: November 1, 2017 through October 31, 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

J.P. Morgan Exchange-Traded Funds

October 31, 2018

JPMorgan BetaBuilders Canada ETF

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

JPMorgan BetaBuilders Europe ETF

JPMorgan BetaBuilders Japan ETF

JPMorgan Diversified Return Emerging Markets Equity ETF

JPMorgan Diversified Return Europe Currency Hedged ETF

JPMorgan Diversified Return Europe Equity ETF

JPMorgan Diversified Return Global Equity ETF

JPMorgan Diversified Return International Currency Hedged ETF

JPMorgan Diversified Return International Equity ETF

JPMorgan Diversified Return U.S. Equity ETF

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

JPMorgan Diversified Return U.S. Small Cap Equity ETF

JPMorgan U.S. Dividend ETF

JPMorgan U.S. Minimum Volatility ETF

JPMorgan U.S. Momentum Factor ETF

JPMorgan U.S. Quality Factor ETF

JPMorgan U.S. Value Factor ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan).

Alternatively, you may elect to receive paper copies of all future reports free of charge by contacting your financial intermediary. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

President’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan BetaBuilders Canada ETF	3
JPMorgan BetaBuilders Developed Asia ex-Japan ETF	6
JPMorgan BetaBuilders Europe ETF	9
JPMorgan BetaBuilders Japan ETF	12
JPMorgan Diversified Return Emerging Markets Equity ETF	15
JPMorgan Diversified Return Europe Currency Hedged ETF	18
JPMorgan Diversified Return Europe Equity ETF	20
JPMorgan Diversified Return Global Equity ETF	23
JPMorgan Diversified Return International Currency Hedged ETF	26
JPMorgan Diversified Return International Equity ETF	29
JPMorgan Diversified Return U.S. Equity ETF	32
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	35
JPMorgan Diversified Return U.S. Small Cap Equity ETF	38
JPMorgan U.S. Dividend ETF	41
JPMorgan U.S. Minimum Volatility ETF	44
JPMorgan U.S. Momentum Factor ETF	47
JPMorgan U.S. Quality Factor ETF	50
JPMorgan U.S. Value Factor ETF	53
Schedules of Portfolio Investments	56
Financial Statements	171
Financial Highlights	190
Notes to Financial Statements	198
Report of Independent Registered Public Accounting Firm	235
Trustees	237
Officers	238
Schedule of Shareholder Expenses	239
Tax Letter	241
Board Approval of Initial Investment Advisory Agreements	242

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

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

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

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

PRESIDENT’S LETTER

DECEMBER 15, 2018 (Unaudited)

Dear Shareholder,

This past year has been a monumental one for JPMorgan’s Exchange-Traded Funds. We’ve expanded our investment lineup to 31 funds, including the launch of our BetaBuilders^® ETF suite, which provides investors with market-capitalization weighted exposure to select regions or asset classes. Additionally, our business was recently awarded “The industry’s fastest-growing ETF manager”¹ climbing to $16.3 billion in assets under management through mid-December 2018 from $2.9 billion at the end of last year.

“Our range of investment solutions can help you navigate a changing financial market landscape.” — Joanna M. Gallegos

During the twelve months ended October 31, 2018, U.S. equity markets outperformed other developed equity markets, as well as emerging markets equity. Record corporate profits, low unemployment rates and high levels of both consumer and business confidence helped propel U.S. equity prices higher. However, we have also seen the return of equity market volatility.

Amid recent volatility in U.S. equity markets and anticipated rising interest rates, we believe our ETFs can provide solutions for investors in changing markets. Our JPMorgan Diversified

Return U.S. Equity ETF (JPUS), is designed to provide better risk-adjusted returns than market cap-weighted indexes. Recent market volatility has showcased the power of diversification and our unique risk-weighting approach; JPUS has recorded bottom decile volatility and top quintile Sharpe ratio over three years.²

We are proud to bring J.P. Morgan’s experience and capabilities to the ETF market place. Our range of investment solutions can help you navigate a changing financial market landscape. 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 Ignites.com as of 11/28/18

2 Morningstar Large Blend Category. Ranked: 1-yr. (752/1422), 3-yrs. (141/1305), since inception (141/1305); 5- and 10-yr. periods n/a. Volatility as measured by standard deviation. Sharpe ratio is a measure of the risk-adjusted return of an investment.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 1

Market Overview

Twelve Months Ended October 31, 2018 (Unaudited)

U.S. equity markets outperformed other developed market equity as well as emerging markets equity during the reporting period. Record corporate profits, low unemployment rates and high levels of both consumer and business confidence helped propel U.S. equity prices higher. Globally, bond markets largely underperformed equity markets. For the twelve months ended October 31, 2018, the MSCI World Index returned 1.16%.

After reaching record highs in the final months of 2017, the S&P 500 Index closed in record high territory 14 times in January 2018. However, a sharp sell-off in both equity and bond markets in early February 2018 spread to other markets and lifted market volatility from historic lows. While global equity and bond prices rebounded somewhat in subsequent months, it wasn’t until August 2018 that the S&P 500 Index returned to record highs. U.S. equity market volatility remained elevated in September and October 2018. For the twelve month reporting period, the S&P 500 Index returned 7.35%. The Russell Midcap Index returned 2.79% and the Russell 2000 Index returned 1.85% for the reporting period.

Meanwhile, economic growth in the European Union (“EU”) decelerated during the reporting period amid weakness in European exports and consumer confidence. Geo-political events, including a newly elected populist government in Italy and continued uncertainty over the final terms of a so-called Brexit agreement also weighed down equity and bond prices across the EU. Investor fears that the U.K. would leave the EU without an exit agreement also weighed on equity prices in London. For the reporting period, the MSCI EAFE Index returned -6.39%.

In emerging markets, a slowdown in credit growth in China and investor concerns about global trade tensions hurt equity prices. A stronger U.S. dollar and rising U.S. interest rates put further pressure on emerging markets, particularly those nations most reliant on foreign lending. For the reporting period, the MSCI Emerging Markets Index returned -12.19%.

2 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

Period August 7, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Canada ETF
Net Asset Value*		(8.18)%
Market Price**		(8.05)%
Morningstar® Canada Target Market Exposure IndexSM		(8.21)%
Net Assets as of 10/31/2018	$	2,044,698,826

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Canada ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Canada Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of stocks traded primarily on the Toronto Stock Exchange. Using a “passive” investment approach, the Fund attempts to replicate the Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the period from inception on August 7, 2018 to October 31, 2018, the Fund performed in line with the Underlying Index,

before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s allocations to the oil & gas and basic materials sectors were leading detractors from absolute performance, while their allocations to the utilities and telecommunications sectors were the smallest detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

Period August 7, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOP TEN EQUITY POSITIONS OF THE PORTFOLIO****
	1.	Royal Bank of Canada	7.8	%
	2.	Toronto-Dominion Bank (The)	7.5
	3.	Bank of Nova Scotia (The)	4.9
	4.	Canadian National Railway Co.	4.6
	5.	Suncor Energy, Inc.	4.0
	6.	Enbridge, Inc.	3.9
	7.	Bank of Montreal	3.5
	8.	Canadian Imperial Bank of Commerce	2.8
	9.	Brookfield Asset Management, Inc., Class A	2.6
	10.	TransCanada Corp.	2.5

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $22.59 as of October 31, 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 BZX Exchange, Inc. The midpoint price was $22.62 as of October 31, 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 October 31, 2018. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders Canada ETF
Net Asset Value		August 7, 2018		(8.18)%
Market Price				(8.05)%

LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/18)

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 August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar^® Canada Target Market Exposure Index^SM from August 7, 2018 to October 31, 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 Morningstar^® Canada Target Market Exposure Index^SM 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 Morningstar^® Canada Target Market Exposure Index^SM is a free float adjusted market

capitalization weighted index which consists of stocks traded primarily on the Toronto Stock Exchange. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

Period August 7, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Net Asset Value*		(9.97)%
Market Price**		(9.93)%
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM		(10.17)%
Net Assets as of 10/31/2018	$	603,313,934

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Developed Asia ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index consisting of stocks from developed Asia Pacific countries other than Japan, including: Australia, Hong Kong, New Zealand and Singapore. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the period from inception on August 7, 2018 to October 31, 2018, the Fund performed in line with the Underlying Index,

before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the technology and the consumer services sectors were leading detractors from absolute performance, while their exposure to the telecommunications sector made a positive contribution to absolute performance. The Fund’s and the Underlying Index’s exposures to Hong Kong and Australia were leading detractors from absolute performance, while their exposure to the New Zealand was the smallest detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in financials, industrials and consumer services sectors and their smallest allocations were in the technology and telecommunications sectors. The Fund and the Underlying Index were mainly invested in four equity markets during the reporting period, with the largest allocation to Australia followed by Hong Kong, Singapore and New Zealand.

6 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	AIA Group Ltd. (Hong Kong)	5.9	%
	2.	Commonwealth Bank of Australia (Australia)	5.5
	3.	BHP Billiton Ltd. (Australia)	4.7
	4.	Westpac Banking Corp. (Australia)	4.2
	5.	CSL Ltd. (Australia)	3.9
	6.	Australia & New Zealand Banking Group Ltd. (Australia)	3.4
	7.	National Australia Bank Ltd. (Australia)	3.1
	8.	Wesfarmers Ltd. (Australia)	2.4
	9.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)	2.0
	10.	Oversea-Chinese Banking Corp. Ltd. (Singapore)	2.0

PORTFOLIO COMPOSITION BY COUNTRY****
Australia	57.1	%
Hong Kong	27.2
Singapore	12.0
New Zealand	2.1
Macau	1.0
Others (each less than 1.0%)	0.6

* 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 $22.68 as of October 31, 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 BZX Exchange, Inc. The midpoint price was $22.69 as of October 31, 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 October 31, 2018. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

Period August 7, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Net Asset Value		August 7, 2018		(9.97)%
Market Price				(9.93)%

LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/18)

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 August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia ex-Japan ETF and Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM from August 7, 2018 to October 31, 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 Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM 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 Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM is a free float adjusted

market capitalization-weighted index that consists of equity securities from developed Asia-Pacific countries or regions other than Japan, including: Australia, Hong Kong, New Zealand, and Singapore. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

8 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

Period June 15, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Europe ETF
Net Asset Value*		(8.75)%
Market Price**		(8.55)%
Morningstar® Developed Europe Target Market Exposure IndexSM		(8.39)%
Net Assets as of 10/31/2018	$	1,314,930,292

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index consisting of stocks traded on the primary exchanges in developed countries or regions across Europe. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the period from inception on June 15, 2018 to October 31, 2018, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the technology and basic materials sectors were leading detractors from absolute performance, while their exposure to the health care sector made a positive contribution to absolute performance during the reporting period.

By country, the Fund’s and the Underlying Index’s exposures to Ireland and Belgium were leading detractors from absolute performance, while their exposures to Switzerland made a positive contribution to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the financials and consumer goods sectors and their smallest allocations were in the telecommunications and utilities sectors. The Fund’s and the Underlying Index’s largest country allocations were in the U.K. and France and their smallest country allocations were in Austria and Portugal.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

Period June 15, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Nestle SA (Registered) (Switzerland)	2.9	%
	2.	Novartis AG (Registered) (Switzerland)	2.5
	3.	Roche Holding AG (Switzerland)	2.0
	4.	HSBC Holdings plc (United Kingdom)	1.9
	5.	TOTAL SA (France)	1.7
	6.	Royal Dutch Shell plc, Class A (Netherlands)	1.7
	7.	BP plc (United Kingdom)	1.6
	8.	Royal Dutch Shell plc, Class B (Netherlands)	1.4
	9.	SAP SE (Germany)	1.3
	10.	Sanofi (France)	1.2

SUMMARY OF INVESTMENTS BY COUNTRY****
United Kingdom	23.1	%
France	15.9
Switzerland	13.8
Germany	13.4
Netherlands	7.0
Spain	4.5
Sweden	4.3
Italy	3.2
United States	3.0
Denmark	2.6
Finland	2.1
Belgium	1.9
Norway	1.3
Australia	1.1
Others (each less than 1.0%)	2.8

* 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 $22.59 as of October 31, 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 BZX Exchange, Inc. The midpoint price was $22.64 as of October 31, 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 October 31, 2018. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders Europe ETF
Net Asset Value		June 15, 2018		(8.75)%
Market Price				(8.55)%

LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/18)

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 June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar^® Developed Europe Target Market Exposure Index^SM from June 15, 2018 to October 31, 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 Morningstar^® Developed Europe Target Market Exposure Index^SM 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. Morningstar^® Developed Europe Target Market Exposure Index^SM is a

free float adjusted market capitalization-weighted index which consists of equity securities from developed European countries or regions. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

Period June 15, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Japan ETF
Net Asset Value*		(8.35)%
Market Price**		(8.51)%
Morningstar® Japan Target Market Exposure IndexSM		(8.38)%
Net Assets as of 10/31/2018	$	2,336,087,667

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Japan Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index consisting of stocks traded primarily on the Tokyo or Nagoya Stock Exchange. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the period from inception on June 15, 2018 to October 31, 2018, the Fund performed in line with the Underlying Index,

before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the basic materials and consumer goods sectors were leading detractors from absolute performance, while their exposure to the oil & gas sector made a positive contribution to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the consumer goods and industrials sectors and their smallest allocations were in the oil & gas and utilities sectors.

12 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Toyota Motor Corp.	4.2	%
	2.	Mitsubishi UFJ Financial Group, Inc.	2.1
	3.	SoftBank Group Corp.	1.8
	4.	Sony Corp.	1.8
	5.	Sumitomo Mitsui Financial Group, Inc.	1.5
	6.	Honda Motor Co. Ltd.	1.4
	7.	Keyence Corp.	1.2
	8.	Mitsubishi Corp.	1.2
	9.	Mizuho Financial Group, Inc.	1.2
	10.	Recruit Holdings Co. Ltd.	1.1

* 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 $22.72 as of October 31, 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 BZX Exchange, Inc. The midpoint price was $22.68 as of October 31, 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 October 31, 2018. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

Period June 15, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders Japan ETF
Net Asset Value		June 15, 2018		(8.35)%
Market Price				(8.51)%

LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/18)

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 June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar^® Japan Target Market Exposure Index^SM from June 15, 2018 to October 31, 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 Morningstar^® Japan Target Market Exposure Index^SM 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. Morningstar^® Japan Target Market Exposure Index^SM is a free float adjusted market capitalization weighted

index which consists of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

14 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value*		(6.93)%
Market Price**		(7.43)%
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes)		(6.44)%
FTSE Emerging Index (net of foreign withholding taxes)		(10.91)%
MSCI Emerging Markets Index (net of foreign withholding taxes)		(12.52)%
Net Assets as of 10/31/2018	$	213,804,252

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides emerging markets equity exposure, diversified across emerging market regions and super-sectors. The Underlying Index uses a proprietary multi-factor stock selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute return for the twelve months ended October 31, 2018 and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index outperformed the FTSE Emerging Index and the MSCI Emerging Markets Index, both of which are more traditional market capitalization weighted indexes.

The Fund’s and the Underlying Index’s allocations to the oil & gas sectors and basic materials sectors were leading contributors to absolute performance, while their allocations to the

consumer goods and industrials sectors were leading detractors from absolute performance. The Fund’s and the Underlying Index’s small allocation to the North America was a leading contributor to absolute performance, while their allocations to Europe and Asia Pacific were the largest detractors from absolute performance.

Relative to the FTSE Emerging Index, the Fund’s and the Underlying Index’s security selection and underweight positions in both the consumer services and technology sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s security selection in the industrials and consumer goods sectors was a leading detractor from relative performance. The Fund’s and the Underlying Index’s security selection in Asia Pacific was a leading contributor to relative performance, while their security selection in Europe made the smallest contribution to from relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the financials and oil & gas sectors, while its smallest allocations were in the health care and consumer services sectors. The Fund’s largest regional allocation was in China/India/Pakistan and its smallest allocation was in Latin America.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	2.9	%
	2.	China Mobile Ltd. (China)	2.8
	3.	Vale SA (Brazil)	1.7
	4.	Baidu, Inc., ADR (China)	1.3
	5.	Hon Hai Precision Industry Co. Ltd. (Taiwan)	1.3
	6.	Tenaga Nasional Bhd. (Malaysia)	1.3
	7.	PTT PCL (Thailand)	1.2
	8.	China Construction Bank Corp., Class H (China)	1.2
	9.	LUKOIL PJSC (Russia)	1.2
	10.	Itau Unibanco Holding SA (Preference) (Brazil)	1.1

PORTFOLIO COMPOSITION BY COUNTRY****
China	21.2	%
Taiwan	15.3
Brazil	9.8
India	9.2
Thailand	7.0
Malaysia	6.6
Russia	6.3
South Africa	6.2
Mexico	4.2
Indonesia	3.9
Qatar	1.6
United Arab Emirates	1.4
Chile	1.4
Philippines	1.3
Turkey	1.0
Others (each less than 1.0%)	3.6

* 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 $50.91 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $50.83 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

16 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		(6.93)%		2.82%
Market Price				(7.43)%		2.78%

LIFE OF FUND PERFORMANCE (1/07/15 TO 10/31/18)

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 7, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index, and the MSCI Emerging Markets Index from January 7, 2015 to October 31, 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 JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index. The FTSE Emerging Index is a market-capitalization weighted

index and is part of the FTSE Global Equity Index Series. The series includes large- and mid-cap securities from advanced and secondary emerging markets, classified in accordance with FTSE’s transparent Country Classification Review Process. The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan Diversified Return Europe Currency Hedged ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Currency Hedged ETF
Net Asset Value*		(3.18)%
Market Price**		(2.78)%
JP Morgan Diversified Factor Europe Currency Hedged (USD) Index (net of foreign withholding taxes)		(2.27)%
JP Morgan Diversified Factor Europe Equity Index (net of foreign withholding taxes)		(7.70)%
FTSE Developed Europe Index (net of foreign withholding taxes)		(8.25)%
Net Assets as of 10/31/2018	$	28,894,238

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities of companies from developed Europe, diversified across sectors. The Underlying Index uses a proprietary multifactor selection process that measures the following characteristics: valuation, momentum and quality. The Underlying Index methodology includes quarterly rebalancing. In addition to reflecting European stock performance, the Underlying Index attempts to minimize the impact of exchange rate fluctuations by hedging European currency exposure versus the U.S. dollar on a monthly basis. The Fund seeks to achieve its investment objective by investing a substantial portion of its assets in the JPMorgan Diversified Return Europe Equity ETF.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the twelve months ended October 31, 2018, and performed in line with the Underlying Index, before considering differences in performance of the currency hedge, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

The Fund and the Underlying Index outperformed both the JP Morgan Diversified Factor Europe Equity Index, which is not hedged to the U.S. dollar, and the FTSE Developed Europe Index, which is a more traditional market capitalization weighted index that is not hedged to the U.S. dollar. The Fund’s and the Underlying Index’s currency hedge, using currency forward contracts, helped performance as the U.S. dollar strengthened against most other currencies during the reporting period.

The Fund’s and the Underlying Index’s allocations to the consumer goods and telecommunications sectors were leading detractors from absolute performance, while their allocation to the oil & gas sector made a positive contribution to absolute performance. The Fund’s and the Underlying Index’s allocations to Austria and Italy were leading detractors from absolute performance, while their allocations to Ireland and Finland were leading contributors to absolute performance.

Relative to the FTSE Developed Europe Index, the Fund’s and the Underlying Index’s security selection in the health care and consumer goods sectors was a leading detractor from performance, while the Fund’s and the Underlying Index’s underweight position and security selection in the financials sector and their security selection in the utilities sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the consumer goods and health care sectors, while its smallest allocations were in the oil & gas and telecommunications sectors. The Fund’s largest country allocations were in the U.K. and France and its smallest allocations were in Ireland and Austria.

* 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 $27.52 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $27.68 as of October 31, 2018.

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

18 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Europe Currency Hedged ETF
Net Asset Value		April 1, 2016		(3.18)%		8.68%
Market Price				(2.78)%		8.89%

LIFE OF FUND PERFORMANCE (4/01/16 TO 10/31/18)

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 1, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Currency Hedged ETF, the JP Morgan Diversified Factor Europe Currency Hedged (USD) Index, the JP Morgan Diversified Factor Europe Equity Index, and the FTSE Developed Europe Index from April 1, 2016 to October 31, 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 JP Morgan Diversified Factor Europe Currency Hedged (USD) Index, the JP Morgan Diversified Factor Europe Equity Index, and the FTSE Developed Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Europe Currency Hedged (USD) Index and the JP Morgan Diversified Factor Europe Equity Index and developed the proprietary factors on which the indexes are based. FTSE Russell, the benchmark administrator, administers,

calculates and governs the JP Morgan Diversified Factor Europe Currency Hedged (USD) Index and JP Morgan Diversified Factor Europe Equity Index. The JP Morgan Diversified Factor Europe Currency hedged (USD) Index represents European stock performance with the foreign currency risk of the index securities hedged against the U.S. dollar on a monthly basis. The two JP Morgan indexes include large and mid cap stocks providing coverage of developed European markets. FTSE Developed Europe Index is a market-capitalization weighted index representing the performance of large- and mid-cap companies in developed European markets. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value*		(8.11)%
Market Price**		(8.33)%
JP Morgan Diversified Factor Europe Equity Index (net of foreign withholding taxes)		(7.70)%
FTSE Developed Europe Index (net of foreign withholding taxes)		(8.25)%
MSCI Europe Index (net of foreign withholding taxes)		(8.34)%
Net Assets as of 10/31/2018	$	74,820,788

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the twelve months ended October 31, 2018, and performed in line with the Underlying Index, before considering the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund underperformed the FTSE Developed Europe Index and the MSCI Europe Index, both of which are more traditional market capitalization weighted indexes.

The Fund’s and the Underlying Index’s allocations to the consumer goods and telecommunications sectors were leading detractors from absolute performance, while their allocation to the oil & gas sector made a positive contribution to absolute performance. The Fund’s and the Underlying Index’s allocations to Austria and Italy were leading detractors from absolute performance, while their allocations to Ireland and Finland were leading contributors to absolute performance.

Relative to the FTSE Developed Europe Index, the Fund’s and the Underlying Index’s security selection in the health care and consumer goods sectors was a leading detractor from performance, while the Fund’s and the Underlying Index’s underweight position and security selection in the financials sector and their security selection in the utilities sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the consumer goods and health care sectors, while its smallest allocations were in the oil & gas and telecommunications sectors. The Fund’s largest country allocations were in the U.K. and France and its smallest allocations were in Ireland and Austria.

20 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Neste OYJ (Finland)	0.7	%
	2.	Capgemini SE (France)	0.6
	3.	Novartis AG (Registered) (Switzerland)	0.5
	4.	Nestle SA (Registered) (Switzerland)	0.5
	5.	Marine Harvest ASA (Norway)	0.5
	6.	BT Group plc (United Kingdom)	0.5
	7.	Sanofi (France)	0.5
	8.	BP plc (United Kingdom)	0.5
	9.	AstraZeneca plc (United Kingdom)	0.5
	10.	Roche Holding AG (Switzerland)	0.5

PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	20.7	%
France	15.1
Germany	12.4
Switzerland	9.5
Sweden	6.2
Spain	5.3
Netherlands	4.9
Italy	4.6
Finland	4.5
Denmark	4.3
Norway	2.7
Belgium	2.2
Luxembourg	1.3
United States	1.1
Others (each less than 1.0%)	5.2

* 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 $53.44 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $53.56 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value		December 18, 2015		(8.11)%		4.98%
Market Price				(8.33)%		5.06%

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

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 December 18, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Equity ETF, the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index from December 18, 2015 to October 31, 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 JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Europe Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Europe Equity Index. The JP Morgan Diversified Factor Europe Equity

Index includes large and mid-cap stocks providing coverage of developed European markets. The FTSE Developed Europe Index is a market-capitalization weighted index representing the performance of large- and mid-cap companies in developed European markets. The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

22 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Global Equity ETF
Net Asset Value*		(4.34)%
Market Price**		(4.65)%
JP Morgan Diversified Factor Global Developed Equity Index (net of foreign withholding taxes)		(3.94)%
FTSE Developed Index (net of foreign withholding taxes)		0.58%
MSCI World Index (net of foreign withholding taxes)		1.16%
Net Assets as of 10/31/2018	$	203,457,264

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides exposure to large and mid cap equity securities in developed global markets, diversified across global regions and sectors. At the start of the reporting period, the Underlying Index used a proprietary multi-factor selection process that utilized the following characteristics: valuation, momentum, volatility and market capitalization. From June 15, 2018 to the end of the reporting period, the Underlying Index’s proprietary multi-factor selection process utilized the following characteristics: value, quality and momentum. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2018, the Fund posted a negative absolute performance and performed in line with the Underlying Index, before consideration of specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Developed Index (net of foreign withholding taxes) and the MSCI World Index (net of foreign

withholding taxes), both of which are more traditional market capitalization weighted indexes.

The Fund’s and the Underlying Index’s positions in the basic materials and technology sectors were leading detractors from absolute performance, while their positions in the oil & gas and health care sectors were leading contributors to absolute performance.

The Fund’s and the Underlying Index’s allocations to Asia Pacific, excluding Japan, and the U.K. were leading detractors from absolute performance, while their allocation to North America made a positive contribution to absolute performance.

Relative to the FTSE Developed Index, the Fund’s and the Underlying Index’s security selection in the technology and consumer services sectors was a leading detractor from performance. The Fund’s and the Underlying Index’s underweight allocation and security selection in the financials sector and their security selection in the oil & gas sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Samsung Electronics Co. Ltd. (South Korea)	0.4	%
	2.	Marine Harvest ASA (Norway)	0.4
	3.	Showa Shell Sekiyu KK (Japan)	0.3
	4.	Johnson & Johnson (United States)	0.3
	5.	Verizon Communications, Inc. (United States)	0.3
	6.	Church & Dwight Co., Inc. (United States)	0.3
	7.	Anthem, Inc. (United States)	0.3
	8.	Pfizer, Inc. (United States)	0.3
	9.	DTE Energy Co. (United States)	0.3
	10.	FUJIFILM Holdings Corp. (Japan)	0.3

PORTFOLIO COMPOSITION BY COUNTRY****
United States	25.9	%
Japan	22.3
South Korea	8.4
Australia	8.2
Hong Kong	4.0
France	3.8
Canada	3.6
United Kingdom	3.1
Germany	3.0
Sweden	2.5
Singapore	2.2
Switzerland	2.0
Spain	1.9
Netherlands	1.8
Finland	1.1
Norway	1.0
Others (each less than 1.0%)	5.2

* 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 $56.52 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $56.47 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

24 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Global Equity ETF
Net Asset Value		June 16, 2014		(4.34)%		4.73%
Market Price				(4.65)%		4.71%

LIFE OF FUND PERFORMANCE (6/16/14 TO 10/31/18)

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 June 16, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index, and the MSCI World Index from June 16, 2014 to October 31, 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 JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index and the MSCI World Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Global Developed Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified

Factor Global Developed Equity Index. The FTSE Developed Index is a market-capitalization weighted index representing the performance of large- and mid-cap companies in developed markets. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Investors can not invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Currency Hedged ETF
Net Asset Value*		(3.42)%
Market Price**		(3.28)%
JP Morgan Diversified Factor International Currency Hedged (USD) Index (net of foreign withholding taxes)		(2.30)%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		(6.30)%
FTSE Developed ex North America Index (net of foreign withholding taxes)		(7.53)%
Net Assets as of 4/30/2018	$	31,366,788

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large and mid cap equity securities in developed markets outside North America. The Underlying Index began the reporting period using a proprietary multi-factor selection process that utilized the following characteristics: valuation, momentum, volatility and market capitalization. From June 15, 2018 to the end of the reporting period, the Underlying Index’s proprietary multi-factor selection process utilized the following characteristics: value, quality and momentum.

In addition to reflecting international stock performance, the Underlying Index attempts to minimize the impact of exchange rate fluctuations by hedging currency exposure against the U.S. dollar on a monthly basis. The Fund seeks to achieve its investment objective by investing a substantial portion of its assets in the JPMorgan Diversified Return International Equity ETF.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute return for the twelve months ended October 31, 2018, and performed in line with the Underlying Index, before considering differences in performance of the currency hedge, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

The Fund and the Underlying Index outperformed the non-hedged JP Morgan Diversified Factor International Equity Index and the FTSE Developed ex North America Index, which is a traditional market capitalization weighted index that is not hedged to the U.S. dollar. The Fund’s and the Underlying Index’s currency hedge, using currency forward contracts, helped performance as the U.S. dollar strengthened against most other currencies during the reporting period.

The Fund’s and the Underlying Index’s positions in the technology and basic materials sectors were leading detractors from absolute performance, while their positions in the oil & gas and health care sectors were leading contributors to absolute performance.

Relative to FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s security selection and underweight position in the financials sector and its security selection in the utilities sector were leading contributors to performance, while the Fund’s and the Underlying Index’s security selection in the basic materials and technologies sectors was a leading detractor from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were in the consumer goods and consumer services sectors, while the smallest allocations were in the oil & gas and telecommunications sectors. By region, the Fund’s largest allocations were in the Asia Pacific, excluding Japan, with modestly smaller allocations to Japan and Europe, excluding the U.K.

26 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $28.52 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period,

reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $28.41 as of October 31, 2018.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Currency Hedged ETF
Net Asset Value		April 1, 2016		(3.42)%		8.02%
Market Price				(3.28)%		7.86%

LIFE OF FUND PERFORMANCE (4/01/16 TO 10/31/18)

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 1, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Currency Hedged ETF, the JP Morgan Diversified Factor International Currency Hedged (USD) Index, the JP Morgan Diversified Factor International Equity Index, and the FTSE Developed ex North America Index from April 1, 2016 to October 31, 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 JP Morgan Diversified Factor International Currency Hedged (USD) Index, the JP Morgan Diversified Factor International Equity Index, and the FTSE Developed ex North America Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Currency Hedged (USD) Index and the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the indexes are based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Currency Hedged (USD) Index and JP Morgan

Diversified Factor International Equity Index. The JP Morgan Diversified Factor International Currency Hedged (USD) Index represents international stock performance with the foreign currency risk of the index securities hedged against the U.S. dollar on a monthly basis. These two indexes include large- and mid-cap stocks providing coverage of developed markets outside of North America. The FTSE Developed ex North America Index is a market-capitalization weighted index representing the performance of large- and mid-cap stocks in developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

28 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Equity ETF
Net Asset Value*		(6.72)%
Market Price**		(7.22)%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		(6.30)%
FTSE Developed ex North America Index (net of foreign withholding taxes)		(7.53)%
MSCI EAFE Index (net of foreign withholding taxes)		(6.85)%
Net Assets as of 10/31/2018	$	1,444,332,261

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities in developed markets outside North America, diversified across sectors and international regions. At the start of the reporting period, the Underlying Index used a proprietary multi-factor selection process that utilized the following characteristics: valuation, momentum, volatility and specific market capitalization. From June 15, 2018 to the end of the reporting period, the Underlying Index’s proprietary multi-factor selection process utilized the following characteristics: value, quality and momentum. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the twelve months ended October 31, 2018, and performed in line with the Underlying Index, before considering differences due to specific trading limits the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

The Fund and the Underlying Index outperformed the FTSE Developed ex North America Index and the Fund underperformed the MSCI EAFE Index. Both of these indexes are more traditional market capitalization weighted indexes.

The Fund’s and the Underlying Index’s positions in the technology and basic materials sectors were leading detractors from absolute performance, while their positions in the oil & gas and health care sectors were leading contributors to absolute performance.

Relative to FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s security selection and underweight position in the financials sector and its security selection in the utilities sector were leading contributors to performance, while the Fund’s and the Underlying Index’s security selection in the basic materials and technologies sectors was a leading detractor from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were in the consumer goods and consumer services sectors, while the smallest allocations were in the oil & gas and telecommunications sectors. By region, the Fund’s largest allocations were in the Asia Pacific, excluding Japan, with modestly smaller allocations to Japan and Europe, excluding the U.K.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Marine Harvest ASA (Norway)	0.5	%
	2.	Shire plc (United States)	0.5
	3.	AstraZeneca plc (United Kingdom)	0.4
	4.	SK Innovation Co. Ltd. (South Korea)	0.4
	5.	COMSYS Holdings Corp. (Japan)	0.4
	6.	SK Telecom Co. Ltd. (South Korea)	0.4
	7.	Centrica plc (United Kingdom)	0.4
	8.	Chr Hansen Holding A/S (Denmark)	0.4
	9.	Alfresa Holdings Corp. (Japan)	0.4
	10.	Japan Airlines Co. Ltd. (Japan)	0.4

SUMMARY OF INVESTMENTS BY COUNTRY****
Japan	25.1	%
United Kingdom	16.5
South Korea	9.3
Australia	9.0
Hong Kong	5.5
France	5.5
Germany	3.9
Sweden	3.3
Singapore	2.6
Netherlands	2.5
Switzerland	2.4
Finland	1.9
Spain	1.8
Norway	1.6
Italy	1.3
Belgium	1.1
Others (each less than 1.0%)	6.7

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.10 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $52.98 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

30 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		(6.72)%		3.58%
Market Price				(7.22)%		3.51%

LIFE OF FUND PERFORMANCE (11/5/14 TO 10/31/18)

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 November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to October 31, 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 JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index and the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index. The FTSE Developed ex North America Index is

a market-capitalization weighted index representing the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

Reporting Period Return:
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value*		4.74%
Market Price**		4.70%
JP Morgan Diversified Factor US Equity Index		5.10%
Russell 1000 Index		6.98%
Net Assets as of 10/31/2018	$	559,362,329

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2018 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

During the reporting period, the Fund’s and the Underlying Index’s positions in the consumer services and health care sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s position in the basic materials sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight position in the basic materials sector and their security selection and underweight position in the technology sector were leading detractors from performance, while their security selection in the industrials and oil & gas sectors was a leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

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

32 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Marathon Petroleum Corp.	0.5	%
	2.	McCormick & Co., Inc. (Non-Voting)	0.5
	3.	Hormel Foods Corp.	0.5
	4.	AES Corp.	0.5
	5.	Procter & Gamble Co. (The)	0.5
	6.	Coca-Cola Co. (The)	0.5
	7.	Verizon Communications, Inc.	0.4
	8.	Church & Dwight Co., Inc.	0.4
	9.	Linde plc	0.4
	10.	Johnson & Johnson	0.4

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	14.3	%
Consumer Services	12.4
Financials	12.3
Health Care	12.1
Utilities	11.6
Industrials	10.8
Technology	9.3
Basic Materials	8.0
Oil & Gas	5.0
Telecommunications	2.2
Short-Term Investment	1.2
Investment of cash collateral from securities loaned	0.8

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $69.92 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $69.93 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		4.74%		12.87%
Market Price				4.70%		12.87%

LIFE OF FUND PERFORMANCE (9/29/15 TO 10/31/18)

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 29, 2015.

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

included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

34 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value*		2.59%
Market Price**		2.57%
JP Morgan Diversified Factor US Mid Cap Equity Index		2.78%
Russell Midcap Index		2.80%
Net Assets as of 10/31/2018	$	112,028,180

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks mid cap equity securities of U.S. companies. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: relative valuation, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2018 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell Midcap Index, which is a more traditional market capitalization weighted index.

During the reporting period, the Fund’s and the Underlying Index’s positions in the health care and consumer services sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the basic materials and telecommunications sectors detracted from absolute performance.

Relative to the Russell Midcap Index, the Fund’s and the Underlying Index’s overweight positions in the basic materials and utilities sectors were leading detractors from performance, while their security selection and overweight position in the health care sector and their underweight position in the financials sector were leading contributors to performance.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	McCormick & Co., Inc. (Non-Voting)	0.5	%
	2.	Edison International	0.5
	3.	Church & Dwight Co., Inc.	0.5
	4.	CDW Corp.	0.4
	5.	Clorox Co. (The)	0.4
	6.	PPL Corp.	0.4
	7.	Xcel Energy, Inc.	0.4
	8.	Ameren Corp.	0.4
	9.	Eversource Energy	0.4
	10.	WEC Energy Group, Inc.	0.4

PORTFOLIO COMPOSITION BY SECTOR****
Financials	13.6	%
Consumer Goods	13.6
Consumer Services	13.0
Health Care	11.9
Industrials	11.3
Utilities	10.2
Technology	10.0
Basic Materials	7.1
Oil & Gas	4.4
Telecommunications	1.1
Short-Term Investment	3.2
Investment of cash collateral from securities loaned	0.6

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $62.24 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $62.25 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

36 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		2.59%		10.66%
Market Price				2.57%		10.67%

LIFE OF FUND PERFORMANCE (5/11/16 TO 10/31/18)

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 11, 2016.

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

securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The Russell Midcap Index is a market-capitalization weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value*		3.61%
Market Price**		3.43%
JP Morgan Diversified Factor US Small Cap Equity Index		3.94%
Russell 2000 Index		1.85%
Net Assets as of 10/31/2018	$	96,135,254

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2018 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the

Russell 2000 Index, which is a more traditional market capitalization weighted index.

During the reporting period, the Fund’s and the Underlying Index’s positions in the telecommunications and consumer services sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the basic materials and industrials sectors detracted from absolute performance during the reporting period.

Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s security selection and overweight position in the consumer services sector and their underweight position in the financials sector were leading contributors to performance, while their security selection and overweight position in the basic materials sector and their overweight position in the utilities sector were leading detractors from performance.

HOW WAS THE FUND POSITIONED?

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

38 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Lancaster Colony Corp.	0.8	%
	2.	New Jersey Resources Corp.	0.8
	3.	Black Hills Corp.	0.7
	4.	Helen of Troy Ltd.	0.7
	5.	Boston Beer Co., Inc. (The), Class A	0.7
	6.	American States Water Co.	0.7
	7.	Columbia Sportswear Co.	0.7
	8.	Rollins, Inc.	0.7
	9.	Iridium Communications, Inc.	0.7
	10.	Spire, Inc.	0.7

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	21.2	%
Consumer Services	13.2
Industrials	11.9
Utilities	11.5
Health Care	10.5
Technology	9.3
Financials	7.6
Basic Materials	5.4
Oil & Gas	3.4
Telecommunications	2.0
Short-Term Investment	1.5
Investment of cash collateral from securities loaned	2.5

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $29.58 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $29.58 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value		November 15, 2016		3.61%		9.83%
Market Price				3.43%		9.82%

LIFE OF FUND PERFORMANCE (11/15/16 TO 10/31/18)

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 November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index, and the Russell 2000 Index from November 15, 2016 to October 31, 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 JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Small Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

40 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Dividend ETF
Net Asset Value*		3.08%
Market Price**		2.99%
JP Morgan US Dividend Index		3.38%
Russell 1000 Index		6.22%
Net Assets as of 10/31/2018	$	27,411,126

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Dividend ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index. (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to provide exposure to the highest dividend yielding sectors on a risk adjusted basis. The Underlying Index uses a proprietary selection process that seeks to identify companies within each sector that have higher dividend yields over a rolling twelve month period. Within each sector, individual equity securities are also weighted to diversify risk. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to October 31, 2018, the Fund posted a positive absolute performance in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the telecommunications and consumer services sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the industrials and consumer goods sectors were leading detractors from performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection and underweight position in the technology sector and their security selection in the industrials

sector were leading detractors from performance. The Fund’s and the Underlying Index’s security selection in the oil & gas and telecommunications sectors was a leading contributor to relative performance.

Leading individual detractors from performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s underweight positions in Apple Inc., Amazon.com Inc. and Microsoft Corp. Shares of Apple, a maker of smartphones and other consumer electronics that was not held in the Fund, rose amid continued earnings and revenue growth during the reporting period. Shares of Amazon.com, an online retailer that was not held in the Fund, rose amid continued sales and earnings growth. Shares of Microsoft, a provider of software and services, rose amid better-than-expected earnings.

Leading individual contributors to performance relative to the Russell 1000 Index included the Funds’ and the Underlying Index’s overweight positions in Macy’s Inc. and Kohl’s Corp. and their underweight position in Facebook Inc. Shares of Macy’s, a department store retailer, rose as the company’s relatively high dividend remained attractive to investors. Shares of Kohl’s, a department store retailer, rose amid better-than-expected earnings and sales. Shares of Facebook, an Internet social media provider that was not held in the Fund, fell after the company reported lower-than-expected revenue and forecast slowing revenue growth.

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s largest allocations were the utilities and consumer discretionary sectors and among the smallest allocations were the telecommunications and oil & gas sectors.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Philip Morris International, Inc.	0.7	%
	2.	McDonald’s Corp.	0.7
	3.	Coca-Cola Co. (The)	0.7
	4.	Merck & Co., Inc.	0.7
	5.	AES Corp.	0.7
	6.	Procter & Gamble Co. (The)	0.7
	7.	Johnson & Johnson	0.7
	8.	Verizon Communications, Inc.	0.7
	9.	Pfizer, Inc.	0.7
	10.	Edison International	0.7

PORTFOLIO COMPOSITION BY SECTOR****
Utilities	18.0	%
Financials	15.2
Consumer Goods	13.9
Consumer Services	10.9
Health Care	8.5
Industrials	8.1
Basic Materials	6.3
Technology	5.4
Oil & Gas	5.1
Telecommunications	3.6
Short-Term Investment	4.5
Investment of cash collateral from securities loaned	0.5

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.92 as of October 31, 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. The midpoint price was $24.90 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

42 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Dividend ETF
Net Asset Value		November 8, 2017		3.08%
Market Price				2.99%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/18)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, and the Russell 1000 Index from November 8, 2017 to October 31, 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 JP Morgan US Dividend Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain

distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Dividend Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Dividend Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value*		6.69%
Market Price**		6.69%
JP Morgan US Minimum Volatility Index		6.78%
Russell 1000 Index		6.22%
Net Assets as of 10/31/2018	$	27,445,770

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Minimum Volatility ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities, is designed so that it targets lower volatility than the Russell 1000 Index. The Underlying Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rule-based process. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to October 31, 2018, the Fund posted a positive absolute performance in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted equity index.

In terms of absolute performance, the Fund’s and the Underlying Index’s allocations to the consumer services and telecommunications and consumer services sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the industrials sector detracted from absolute performance.

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

overweight position in the utilities sector and their underweight position in the technology sector were leading detractors from performance.

Leading individual contributors to performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s underweight positions in General Electric Co. and Facebook Inc. and its overweight position in McCormick & Co. Shares of General Electric, an industrial conglomerate not held in the Fund and Underlying Index, fell after the company reported lower-than-expected results for several consecutive quarters and its credit rating was downgraded. Shares of Facebook, an Internet social media provider that was not held in the Fund and Underlying Index, fell after the company reported lower-than-expected revenue and forecast slowing revenue growth. Shares of McCormick, a maker of food seasonings, rose after the company reported better-than-expected earnings for the third quarter of 2018 and forecast higher earnings for the full year 2018.

Leading individual detractors from performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s underweight positions in Apple Inc., Amazon.com Inc. and Microsoft Corp. Shares of Apple, a maker of smartphones and related devices that was not held in the Fund and the Underlying Index, rose amid continued earnings and revenue growth during the reporting period. Shares of Amazon.com, an online retailer that was not held in the Fund and the Underlying Index, rose amid continued sales and earnings growth. Shares of Microsoft, a provider of software and services, rose amid better-than-expected earnings.

HOW WAS THE FUND POSITIONED?

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

44 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	McCormick & Co., Inc. (Non-Voting)	0.7	%
	2.	Conagra Brands, Inc.	0.7
	3.	McDonald’s Corp.	0.7
	4.	Merck & Co., Inc.	0.7
	5.	Verizon Communications, Inc.	0.7
	6.	Pinnacle West Capital Corp.	0.6
	7.	Yum! Brands, Inc.	0.6
	8.	T-Mobile US, Inc.	0.6
	9.	Pfizer, Inc.	0.6
	10.	Abbott Laboratories	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Health Care	19.6
Utilities	16.9
Consumer Goods	16.2
Financials	11.6
Consumer Services	9.0
Industrials	6.0
Technology	4.7
Basic Materials	4.7
Oil & Gas	4.7
Telecommunications	3.5
Short-Term Investment	2.8
Investment of cash collateral from securities loaned	0.3

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $26.14 as of October 31, 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. The midpoint price was $26.14 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value		November 8, 2017		6.69%
Market Price				6.69%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/18)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index, and the Russell 1000 Index from November 8, 2017 to October 31, 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 JP Morgan US Minimum Volatility Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if

applicable. The Fund’s adviser is a sponsor of the JP Morgan US Minimum Volatility Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Minimum Volatility Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

46 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Momentum Factor ETF
Net Asset Value*		5.17%
Market Price**		5.21%
JP Morgan US Momentum Factor Index		5.41%
Russell 1000 Index		6.22%
Net Assets as of 10/31/2018	$	28,575,370

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Momentum Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of U.S. large and mid cap securities selected to represent positive momentum factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a momentum factor to identify the companies that have had better recent performance compared with other companies. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to October 31, 2018, the Fund posted a positive absolute performance in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the telecommunications and consumer services sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the basic materials and consumer goods sectors were leading detractors from performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the technology and consumer goods sectors was a leading detractor from relative performance, while the Fund’s and the Underlying Index’s security selection in the industrials and oil & gas sectors was a leading contributor to performance.

Leading individual detractors from performance relative to the Russell 1000 Index included the Funds’ and Underlying Index’s underweight positions in Apple Inc. and Johnson & Johnson, and its overweight position in AbbVie Inc. Shares of Apple, a maker of smartphones and related devices that was not held in the Fund and the Underlying Index, rose amid continued earnings and revenue growth during the reporting period. Shares of Johnson & Johnson, a maker of drugs and other health care products, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018. Shares of AbbVie, a drug maker, fell after the U.S. Federal Trade Commission fined the company $448 million for blocking consumer access to lower cost versions of a key AbbVie drug and after the company reported disappointing results from a cancer drug clinical trial.

Leading individual contributors to performance relative to the Russell 1000 Index included the Fund’s and Underlying Index’s underweight position in General Electric Co. and its overweight positions in Boeing Co. and Square Co. Shares of General Electric, an industrial conglomerate that was not held in the Fund and the Underlying Index, fell after the company reported lower-than-expected results for several consecutive quarters and its credit rating was downgraded. Shares of Boeing, an aircraft manufacturer, rose after the company reported better-than-expected third-quarter earnings and raised its profit forecast amid strong demand. Shares of Square, a provider of credit card processing, rose after the company raised its 2018 revenue forecast.

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s largest positions were the technology and consumer discretionary sectors and among its smallest positions were the real estate and materials sectors.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Berkshire Hathaway, Inc., Class B	2.2	%
	2.	Apple, Inc.	2.1
	3.	Microsoft Corp.	2.1
	4.	Visa, Inc., Class A	2.0
	5.	UnitedHealth Group, Inc.	1.9
	6.	Verizon Communications, Inc.	1.9
	7.	Alphabet, Inc., Class A	1.8
	8.	Amazon.com, Inc.	1.7
	9.	Boeing Co. (The)	1.6
	10.	Home Depot, Inc. (The)	1.5

PORTFOLIO COMPOSITION BY SECTOR****
Technology	21.2	%
Financials	18.9
Consumer Services	13.4
Health Care	13.1
Industrials	12.8
Consumer Goods	7.5
Oil & Gas	5.4
Utilities	3.0
Basic Materials	2.2
Telecommunications	2.1
Short-Term Investment	0.2
Investment of cash collateral from securities loaned	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.98 as of October 31, 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. The midpoint price was $25.99 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

48 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Momentum Factor ETF
Net Asset Value		November 8, 2017		5.17%
Market Price				5.21%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/18)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, and the Russell 1000 Index from November 8, 2017 to October 31, 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 JP Morgan US Momentum Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if

applicable. The Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Momentum Factor Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Quality Factor ETF
Net Asset Value*		8.15%
Market Price**		8.15%
JP Morgan US Quality Factor Index		8.37%
Russell 1000 Index		6.22%
Net Assets as of 10/31/2018	$	29,215,267

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Quality Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index. (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to represent quality factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a quality factor to identify higher quality companies relative to their sector peers as measured by profitability, quality of earnings and solvency. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to October 31, 2018, the Fund posted a positive absolute performance in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the consumer services and telecommunications sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocation to the basic materials sector was leading detractor from performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the financials and industrials sectors was a leading contributor to performance. The Fund’s

and the Underlying Index’s security selection in the technology and health care sectors was a leading detractor from performance.

Leading individual contributors to performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s underweight position in General Electric Co. and its overweight positions in Boeing Co. and Mastercard Inc. Shares of General Electric, an industrial conglomerate, fell after the company reported lower-than-expected results for several consecutive quarters and its credit rating was downgraded. Shares of Boeing, an aircraft manufacturer, rose after the company reported better-than-expected third-quarter earnings and raised its profit forecast amid strong demand. Shares of Mastercard, a provider of electronic payment services, rose after the company reported better-than-expected earnings and volumes for the third quarter of 2018.

Leading individual detractors from performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s underweight positions in Amazon.com Inc., Apple Inc. and Microsoft Corp. Shares of Amazon.com, an online retailer that was not held in the Fund, rose amid continued sales and earnings growth. Shares of Apple, a maker of smartphones and other consumer electronics, rose amid continued earnings and revenue growth during the reporting period. Shares of Microsoft, a provider of software and services, rose amid better-than-expected earnings.

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s largest allocations were the technology and health care sectors and among its smallest allocations were the materials and real estate sectors.

50 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Johnson & Johnson	2.1	%
	2.	Berkshire Hathaway, Inc., Class B	2.1
	3.	Apple, Inc.	2.0
	4.	Microsoft Corp.	2.0
	5.	Visa, Inc., Class A	1.9
	6.	Alphabet, Inc., Class A	1.9
	7.	Pfizer, Inc.	1.8
	8.	Cisco Systems, Inc.	1.7
	9.	Home Depot, Inc. (The)	1.6
	10.	Facebook, Inc., Class A	1.6

PORTFOLIO COMPOSITION BY SECTOR****
Technology	20.4	%
Financials	18.4
Health Care	13.1
Consumer Services	12.9
Industrials	12.0
Consumer Goods	7.7
Oil & Gas	5.3
Utilities	2.9
Basic Materials	2.2
Telecommunications	2.0
Short-Term Investment	2.9
Investment of cash collateral from securities loaned	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $26.56 as of October 31, 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. The midpoint price was $26.56 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Quality Factor ETF
Net Asset Value		November 8, 2017		8.15%
Market Price				8.15%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/18)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index, and the Russell 1000 Index from November 8, 2017 to October 31, 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 JP Morgan US Quality Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The

Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Quality Factor Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

52 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Value Factor ETF
Net Asset Value*		3.12%
Market Price**		3.12%
JP Morgan US Value Factor Index		3.51%
Russell 1000 Index		6.22%
Net Assets as of 10/31/2018	$	28,986,509

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Value Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index. (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to represent value factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a value factor to identify companies of higher relative value compared with their sector peers as measured by book yield, earnings yield, dividend yield and cash flow yield. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to October 31, 2018, the Fund posted a positive absolute performance in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the health care and telecommunications sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the industrials and basic materials sectors were leading detractors from performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the technology and industrials sectors was a leading detractor from performance. The Fund’s and the Underlying Index’s security selection in the health care

and oil & gas sectors was a leading contributor to relative performance.

Leading individual detractors from performance relative to the Russell 1000 Index, included the Fund’s and the Underlying Index’s underweight positions in Amazon.com Inc. and Apple Inc. and its overweight position in General Electric Co. Shares of Amazon.com, an online retailer that was not held in the Fund, and the Underlying Index rose amid continued sales and earnings growth. Shares of Apple, a maker of smartphones and other consumer electronics, rose amid continued earnings and revenue growth during the reporting period. Shares of General Electric, an industrial conglomerate, fell after the company reported lower-than-expected results for several consecutive quarters and its credit rating was downgraded.

Leading individual contributors to performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s underweight positions in Facebook Inc. and its overweight positions in Cisco Systems Inc. and NetApp Inc. Shares of Facebook, an Internet social media provider that was not held in the Fund, fell after the company reported lower-than-expected revenue and forecast slowing revenue growth. Shares of Cisco Systems, a provider of technology networking products and services, rose after the company reported better-than-expected earnings and revenue. Shares of NetApp, a data storage and management company, rose amid continued earnings growth, a share repurchase program and an increase in the company’s dividend.

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s largest allocations were the technology and health care sectors and among its smallest allocations were the real estate and materials sectors.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Apple, Inc.	2.1	%
	2.	Microsoft Corp.	2.1
	3.	Pfizer, Inc.	1.9
	4.	Wells Fargo & Co.	1.9
	5.	Johnson & Johnson	1.8
	6.	Intel Corp.	1.8
	7.	Cisco Systems, Inc.	1.8
	8.	Exxon Mobil Corp.	1.7
	9.	Procter & Gamble Co. (The)	1.6
	10.	UnitedHealth Group, Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR****
Technology	20.4	%
Financials	16.5
Health Care	14.2
Consumer Services	14.2
Industrials	11.4
Consumer Goods	7.9
Oil & Gas	5.8
Utilities	3.0
Telecommunications	2.1
Basic Materials	1.9
Short-Term Investment	2.4
Investment of cash collateral from securities loaned	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.21 as of October 31, 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. The midpoint price was $25.21 as of October 31, 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 October 31, 2018. The Fund’s composition is subject to change.

54 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Value Factor ETF
Net Asset Value		November 8, 2017		3.12%
Market Price				3.12%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/18)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, and the Russell 1000 Index from November 8, 2017 to October 31, 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 JP Morgan US Value Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The

Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.2%
		Aerospace & Defense — 0.7%
	3,261,663	Bombardier, Inc., Class B*		7,903,608
	415,341	CAE, Inc.		7,325,928
				15,229,536
		Airlines — 0.4%
	422,487	Air Canada*		8,016,807
		Auto Components — 1.2%
	494,325	Magna International, Inc.		24,336,058
		Banks — 28.4%
	992,083	Bank of Montreal (a)		74,177,317
	1,909,679	Bank of Nova Scotia (The)		102,486,856
	687,150	Canadian Imperial Bank of Commerce		59,337,774
	524,181	National Bank of Canada		23,795,098
	2,234,404	Royal Bank of Canada		162,804,536
	2,835,258	Toronto-Dominion Bank (The)		157,285,800
				579,887,381
		Capital Markets — 4.0%
	1,353,818	Brookfield Asset Management, Inc., Class A		55,244,865
	372,965	CI Financial Corp.		5,516,069
	130,559	IGM Financial, Inc.		3,206,329
	313,810	Thomson Reuters Corp.		14,605,294
	55,246	TMX Group Ltd.		3,474,356
				82,046,913
		Chemicals — 2.9%
	123,184	Methanex Corp.		7,977,087
	954,021	Nutrien Ltd.		50,503,797
				58,480,884
		Commercial Services & Supplies — 1.8%
	167,652	Ritchie Bros Auctioneers, Inc.		5,639,129
	408,417	Waste Connections, Inc.		31,222,672
				36,861,801
		Construction & Engineering — 0.7%
	272,259	SNC-Lavalin Group, Inc.		9,720,212
	98,529	WSP Global, Inc.		4,918,778
				14,638,990
		Containers & Packaging — 0.5%
	223,669	CCL Industries, Inc., Class B		9,409,236
		Diversified Financial Services — 0.4%
	126,613	Onex Corp.		8,324,171
		Diversified Telecommunication Services — 1.4%
	459,542	BCE, Inc.		17,785,457
	304,985	TELUS Corp.		10,443,787
				28,229,244

SHARES		INVESTMENTS	VALUE($)
		Electric Utilities — 1.9%
	359,425	Emera, Inc.		11,090,314
	658,734	Fortis, Inc.		21,766,819
	471,280	Hydro One Ltd. (b)		6,855,567
				39,712,700
		Equity Real Estate Investment Trusts (REITs) — 0.4%
	217,077	H&R		3,283,074
	237,007	RioCan		4,320,839
				7,603,913
		Food & Staples Retailing — 3.3%
	677,975	Alimentation Couche-Tard, Inc., Class B		32,378,205
	247,771	Empire Co. Ltd., Class A		4,507,665
	73,390	George Weston Ltd.		5,337,911
	278,866	Loblaw Cos. Ltd.		13,947,007
	373,560	Metro, Inc.		11,722,256
				67,893,044
		Food Products — 0.5%
	343,145	Saputo, Inc.		10,455,047
		Gas Utilities — 0.2%
	412,597	AltaGas Ltd. (a)		5,187,041
		Hotels, Restaurants & Leisure — 1.0%
	387,543	Restaurant Brands International, Inc.		21,231,039
		Insurance — 7.7%
	43,197	Fairfax Financial Holdings Ltd.		20,990,635
	429,218	Great-West Lifeco, Inc.		9,849,729
	170,010	Industrial Alliance Insurance & Financial Services, Inc.		6,010,304
	215,670	Intact Financial Corp.		17,039,642
	3,074,955	Manulife Financial Corp.		48,420,994
	569,065	Power Corp. of Canada		11,749,164
	376,417	Power Financial Corp.		8,106,211
	941,162	Sun Life Financial, Inc.		34,466,497
				156,633,176
		IT Services — 2.2%
	390,256	CGI Group, Inc., Class A*		24,101,039
	145,444	Shopify, Inc., Class A* (a)		20,093,357
				44,194,396
		Media — 0.8%
	241,917	Quebecor, Inc., Class B		4,744,804
	681,790	Shaw Communications, Inc., Class B		12,693,739
				17,438,543

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Metals & Mining — 5.8%
	363,074	Agnico Eagle Mines Ltd.		12,824,597
	1,809,747	Barrick Gold Corp.		22,669,093
	1,068,840	First Quantum Minerals Ltd. (Zambia)		10,668,508
	288,673	Franco-Nevada Corp.		18,029,317
	1,347,697	Goldcorp, Inc.		12,172,219
	1,938,450	Kinross Gold Corp.*		5,035,891
	987,398	Lundin Mining Corp. (Chile)		4,057,749
	782,109	Teck Resources Ltd., Class B		16,165,586
	1,528,716	Turquoise Hill Resources Ltd. (Mongolia)*		2,577,956
	687,745	Wheaton Precious Metals Corp.		11,305,254
	1,471,469	Yamana Gold, Inc. (Brazil)		3,342,088
				118,848,258
		Multiline Retail — 1.2%
	95,177	Canadian Tire Corp. Ltd., Class A (a)		10,710,259
	466,153	Dollarama, Inc.		12,892,727
				23,602,986
		Multi-Utilities — 0.4%
	116,546	Atco Ltd., Class I		3,397,801
	184,439	Canadian Utilities Ltd., Class A		4,375,427
				7,773,228
		Oil, Gas & Consumable Fuels — 19.5%
	548,626	ARC Resources Ltd.		5,109,313
	613,636	Cameco Corp.		6,572,424
	1,893,228	Canadian Natural Resources Ltd.		51,945,304
	1,581,133	Cenovus Energy, Inc.		13,379,788
	851,626	Crescent Point Energy Corp. (a)		4,023,786
	2,659,712	Enbridge, Inc.		82,875,450
	1,482,548	Encana Corp.		15,135,740
	467,638	Husky Energy, Inc.		6,610,766
	371,840	Imperial Oil Ltd.		11,614,616
	601,155	Inter Pipeline Ltd.		9,749,447
	322,192	Keyera Corp.		8,027,572
	784,046	Pembina Pipeline Corp.		25,359,625
	324,180	PrairieSky Royalty Ltd. (a)		4,925,064
	426,212	Seven Generations Energy Ltd., Class A*		4,568,234
	2,523,851	Suncor Energy, Inc.		84,661,977
	392,174	Tourmaline Oil Corp.		5,719,732
	1,406,611	TransCanada Corp.		53,039,743
	236,270	Vermilion Energy, Inc. (a)		6,265,476
				399,584,057
		Pharmaceuticals — 0.5%
	475,860	Bausch Health Cos., Inc.*		10,887,541

SHARES		INVESTMENTS	VALUE($)
		Road & Rail — 7.0%
	1,138,355	Canadian National Railway Co.		97,315,107
	220,978	Canadian Pacific Railway Ltd.		45,316,898
				142,632,005
		Software — 2.1%
	749,636	BlackBerry Ltd.*		6,918,666
	30,627	Constellation Software, Inc.		21,078,179
	415,326	Open Text Corp.		14,020,348
				42,017,193
		Textiles, Apparel & Luxury Goods — 0.5%
	322,824	Gildan Activewear, Inc.		9,649,530
		Thrifts & Mortgage Finance — 0.1%
	59,861	Genworth MI Canada, Inc. (a)		1,964,825
		Trading Companies & Distributors — 0.3%
	260,755	Finning International, Inc.		5,415,353
		Wireless Telecommunication Services — 1.4%
	556,864	Rogers Communications, Inc., Class B		28,675,461
		Total Common Stocks (Cost $2,159,812,603)		2,026,860,357
	Short-Term Investments — 0.0% (c)
		Investment Companies — 0.0% (c)
	190,063	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (d) (e) (Cost $190,063)		190,063
	Investment of Cash Collateral from Securities Loaned — 3.5%
	1,992,504	JPMorgan Prime Money Market Fund Class IM Shares, 1.88% (d) (e)		1,992,902
	50,004,700	JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.27% (d) (e)		49,999,700
	19,883,026	JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (d) (e)		19,883,026
		Total Investment of Cash Collateral From Securities Loaned (Cost $71,875,827)		71,875,628
		Total Investments — 102.7% (Cost $2,231,878,493)		2,098,926,048
		Liabilities in Excess of Other Assets — (2.7%)		(54,227,222	)
		NET ASSETS — 100.0%		2,044,698,826

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

(a)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $63,988,967.
(b)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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)	—  Amount rounds to less than 0.1% of net assets.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P/TSX 60 Index	123		12/2018		CAD		16,674,070		(382,489	)
									(382,489	)

Abbreviations

CAD	—  Canadian Dollar
TSX	—  Toronto Stock Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.5%
		Australia — 56.8%
	251,874	AGL Energy Ltd.		3,216,545
	892,018	Alumina Ltd.		1,618,864
	443,335	Amcor Ltd.		4,183,403
	1,120,555	AMP Ltd.		1,964,928
	451,662	APA Group		3,075,818
	243,892	Aristocrat Leisure Ltd.		4,595,885
	74,099	ASX Ltd.		3,112,208
	761,824	Aurizon Holdings Ltd.		2,269,730
	662,061	AusNet Services		803,024
	1,107,942	Australia & New Zealand Banking Group Ltd.		20,393,514
	184,559	Bendigo & Adelaide Bank Ltd.		1,341,104
	1,228,481	BHP Billiton Ltd.		28,345,546
	210,608	BlueScope Steel Ltd.		2,158,863
	448,759	Boral Ltd.		1,787,754
	607,960	Brambles Ltd.		4,579,730
	99,841	Caltex Australia Ltd.		1,997,700
	219,604	Challenger Ltd.		1,599,346
	37,410	CIMIC Group Ltd.		1,256,040
	194,006	Coca-Cola Amatil Ltd.		1,365,357
	21,929	Cochlear Ltd.		2,763,343
	673,669	Commonwealth Bank of Australia		33,124,882
	192,406	Computershare Ltd.		2,701,895
	137,120	Crown Resorts Ltd.		1,220,077
	173,208	CSL Ltd.		23,122,774
	386,320	Dexus, REIT		2,791,286
	23,853	Domino’s Pizza Enterprises Ltd.		914,209
	22,051	Flight Centre Travel Group Ltd.		727,396
	655,209	Fortescue Metals Group Ltd.		1,864,941
	613,509	Goodman Group, REIT		4,508,953
	687,059	GPT Group (The), REIT		2,512,729
	241,610	Harvey Norman Holdings Ltd.		546,937
	497,286	Healthscope Ltd.		746,094
	160,191	Iluka Resources Ltd.		920,011
	641,431	Incitec Pivot Ltd.		1,777,317
	884,539	Insurance Australia Group Ltd.		4,278,218
	223,351	LendLease Group		2,789,333
	121,146	Macquarie Group Ltd.		10,102,630
	1,054,239	Medibank Pvt Ltd.		2,090,310
	1,418,322	Mirvac Group, REIT		2,181,714
	1,044,732	National Australia Bank Ltd.		18,710,648
	292,206	Newcrest Mining Ltd.		4,277,374
	143,523	Orica Ltd.		1,748,663
	672,881	Origin Energy Ltd.*		3,487,042
	320,063	Qantas Airways Ltd.		1,242,406
	522,506	QBE Insurance Group Ltd.		4,198,186

SHARES		INVESTMENTS	VALUE($)
		Australia — continued
	49,507	Ramsay Health Care Ltd.		1,976,080
	18,654	REA Group Ltd.		949,364
	157,873	Rio Tinto Ltd.		8,590,236
	674,396	Santos Ltd.		3,165,329
	2,038,145	Scentre Group, REIT		5,741,986
	134,230	SEEK Ltd.		1,705,391
	41,554	Seven Group Holdings Ltd.		524,967
	162,532	Sonic Healthcare Ltd.		2,601,301
	1,967,065	South32 Ltd.		5,073,360
	931,919	Stockland, REIT		2,383,955
	496,117	Suncorp Group Ltd.		4,932,939
	422,312	Sydney Airport		1,930,207
	769,459	Tabcorp Holdings Ltd.		2,525,125
	1,593,470	Telstra Corp. Ltd.		3,485,620
	130,572	TPG Telecom Ltd.		664,845
	998,316	Transurban Group		8,029,806
	275,102	Treasury Wine Estates Ltd.		2,961,076
	1,230,108	Vicinity Centres, REIT		2,307,529
	434,032	Wesfarmers Ltd.		14,374,146
	1,314,844	Westpac Banking Corp.		24,976,421
	358,320	Woodside Petroleum Ltd.		8,821,939
	502,742	Woolworths Group Ltd.		10,147,045
				342,883,394
		China — 0.1%
	876,100	Yangzijiang Shipbuilding Holdings Ltd.		785,579
		Hong Kong — 27.1%
	4,623,000	AIA Group Ltd.		35,167,377
	97,300	ASM Pacific Technology Ltd.		843,860
	558,800	Bank of East Asia Ltd. (The)		1,811,798
	378,000	Cathay Pacific Airways Ltd.		481,601
	183,500	Chinese Estates Holdings Ltd.		172,704
	421,400	Chow Tai Fook Jewellery Group Ltd.		369,756
	1,018,000	CK Asset Holdings Ltd.		6,624,888
	1,063,500	CK Hutchison Holdings Ltd.		10,711,704
	283,000	CK Infrastructure Holdings Ltd.		2,071,173
	694,500	CLP Holdings Ltd.		7,782,176
	114,200	Dairy Farm International Holdings Ltd.		1,031,710
	958,000	Galaxy Entertainment Group Ltd.		5,201,111
	30,000	Guoco Group Ltd.		505,417
	325,000	Hang Lung Group Ltd.		800,130
	760,000	Hang Lung Properties Ltd.		1,377,632
	278,200	Hang Seng Bank Ltd.		6,523,117
	571,000	Henderson Land Development Co. Ltd.		2,663,190
	878,500	HK Electric Investments & HK Electric Investments Ltd. (a)		835,712

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Hong Kong — continued
	1,388,000	HKT Trust & HKT Ltd.		1,914,286
	3,418,000	Hong Kong & China Gas Co. Ltd.		6,528,858
	453,300	Hong Kong Exchanges & Clearing Ltd.		12,069,917
	241,000	Hopewell Holdings Ltd.		744,643
	2,067,200	Hutchison Port Holdings Trust		508,511
	238,000	Hysan Development Co. Ltd.		1,116,148
	121,100	Jardine Matheson Holdings Ltd.		6,992,730
	67,800	Jardine Strategic Holdings Ltd.		2,277,575
	227,000	Kerry Properties Ltd.		714,664
	1,192,000	Kingston Financial Group Ltd.		276,218
	2,348,000	Li & Fung Ltd.		465,990
	188,000	Lifestyle International Holdings Ltd.		325,096
	814,000	Link REIT, REIT		7,234,096
	607,000	MTR Corp. Ltd.		2,945,306
	2,185,000	New World Development Co. Ltd.		2,779,680
	614,000	NWS Holdings Ltd.		1,218,678
	74,000	Orient Overseas International Ltd.*		434,744
	1,687,000	PCCW Ltd.		926,280
	496,500	Power Assets Holdings Ltd.		3,315,586
	496,000	Shangri-La Asia Ltd.		677,534
	1,244,000	Sino Land Co. Ltd.		1,954,330
	588,500	Sun Hung Kai Properties Ltd.		7,648,255
	188,000	Swire Pacific Ltd., Class A		1,953,074
	342,500	Swire Pacific Ltd., Class B		552,818
	402,800	Swire Properties Ltd.		1,376,499
	559,500	Techtronic Industries Co. Ltd.		2,634,557
	3,595,000	WH Group Ltd. (a)		2,524,642
	441,000	Wharf Holdings Ltd. (The)		1,102,412
	439,000	Wharf Real Estate Investment Co. Ltd.		2,728,006
	296,000	Wheelock & Co. Ltd.		1,582,422
	269,000	Yue Yuen Industrial Holdings Ltd.		738,611
				163,237,222
		Ireland — 0.4%
	169,732	James Hardie Industries plc, CHDI		2,267,255
		Luxembourg — 0.1%
	152,529	L’Occitane International SA		285,921
		Macau — 1.0%
	320,042	MGM China Holdings Ltd.		454,228
	928,046	Sands China Ltd.		3,669,965
	822,000	SJM Holdings Ltd.		666,102
	556,909	Wynn Macau Ltd.		1,160,123
				5,950,418
		New Zealand — 2.1%
	281,231	a2 Milk Co. Ltd.*		1,929,716
	359,072	Auckland International Airport Ltd.		1,642,063

SHARES		INVESTMENTS	VALUE($)
		New Zealand — continued
	274,244	Contact Energy Ltd.		1,002,724
	219,147	Fisher & Paykel Healthcare Corp. Ltd.		1,949,390
	326,662	Fletcher Building Ltd.*		1,293,885
	239,888	Mercury NZ Ltd.		533,316
	480,751	Meridian Energy Ltd.		986,210
	158,859	Ryman Healthcare Ltd.		1,258,712
	702,593	Spark New Zealand Ltd.		1,814,529
				12,410,545
		Singapore — 11.9%
	975,100	Ascendas, REIT		1,775,551
	1,060,700	CapitaLand Commercial Trust, REIT		1,325,399
	957,000	CapitaLand Ltd.		2,173,814
	1,032,700	CapitaLand Mall Trust, REIT		1,572,918
	236,700	City Developments Ltd.		1,352,718
	828,700	ComfortDelGro Corp. Ltd.		1,349,341
	695,200	DBS Group Holdings Ltd.		11,795,757
	145,000	Frasers Property Ltd.		165,297
	2,167,100	Genting Singapore Ltd.		1,379,068
	2,535,200	Golden Agri-Resources Ltd.		467,417
	22,000	Great Eastern Holdings Ltd.		406,479
	37,900	Jardine Cycle & Carriage Ltd.		830,032
	555,200	Keppel Corp. Ltd.		2,487,547
	691,600	Keppel REIT, REIT		564,565
	807,100	Mapletree North Asia Commercial Trust, REIT (a)		659,291
	353,800	Olam International Ltd.		460,126
	1,524,300	Oversea-Chinese Banking Corp. Ltd.		11,841,457
	256,300	SATS Ltd.		922,415
	348,600	Sembcorp Industries Ltd.		711,695
	311,500	Sembcorp Marine Ltd.		358,814
	94,100	SIA Engineering Co. Ltd.		192,229
	199,200	Singapore Airlines Ltd.		1,365,532
	315,600	Singapore Exchange Ltd.		1,561,207
	611,800	Singapore Press Holdings Ltd.		1,172,487
	585,100	Singapore Technologies Engineering Ltd.		1,501,445
	3,000,700	Singapore Telecommunications Ltd.		6,854,198
	225,300	StarHub Ltd.		306,146
	857,400	Suntec, REIT		1,097,294
	82,100	United Industrial Corp. Ltd.		165,960
	542,800	United Overseas Bank Ltd.		9,596,974
	206,100	UOL Group Ltd.		897,697
	102,700	Venture Corp. Ltd.		1,136,910
	1,380,600	Wilmar International Ltd.		3,153,721
	251,500	Yanlord Land Group Ltd.		229,373
				71,830,874

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Taiwan — 0.0% (b)
	590,000	FIT Hon Teng Ltd. (a)		244,665
		Total Common Stocks (Cost $659,637,915)		599,895,873
	Short-Term Investments — 0.0% (b)
		Investment Companies — 0.0% (b)
	254,772	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $254,772)		254,772
		Total Investments — 99.5% (Cost $659,892,687)		600,150,645
		Other Assets Less Liabilities — 0.5%		3,163,289
		NET ASSETS — 100.0%		603,313,934

Percentages indicated are based on net assets.

Abbreviations

CHDI	—  Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT	—  Real Estate Investment Trust
(a)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

Summary of Investments by Industry, October 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		23.3	%
Metals & Mining		8.8
Insurance		8.5
Real Estate Management & Development		7.2
Equity Real Estate Investment Trusts (REITs)		6.1
Capital Markets		4.5
Food & Staples Retailing		4.3
Industrial Conglomerates		4.3
Hotels, Restaurants & Leisure		3.9
Biotechnology		3.9
Oil, Gas & Consumable Fuels		2.9
Electric Utilities		2.7
Diversified Telecommunication Services		2.6
Transportation Infrastructure		2.2
Gas Utilities		1.6
Food Products		1.3
Health Care Providers & Services		1.1
Road & Rail		1.1
Others (each less than 1.0%)		9.7

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Hang Seng Index		6		11/2018		HKD		955,523		2,008
MSCI Singapore Index		12		11/2018		SGD		297,455		2,349
SPI 200 Index		18		12/2018		AUD		1,853,449		(98,086	)
										(93,729	)

Abbreviations

AUD	— AustralianDollar
HKD	— HongKong Dollar
MSCI	— MorganStanley Capital International
SGD	— SingaporeDollar
SPI	— AustralianSecurities Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.3%
		Australia — 1.1%
	318,465	BHP Billiton plc		6,352,960
	172,619	Rio Tinto plc		8,380,786
				14,733,746
		Austria — 0.5%
	10,818	ANDRITZ AG		560,698
	5,878	BAWAG Group AG (a)		253,571
	45,367	Erste Group Bank AG*		1,846,774
	5,157	EVN AG		90,186
	13,968	IMMOFINANZ AG*		332,518
	2,003	Lenzing AG		181,691
	4,782	Oesterreichische Post AG		194,117
	21,718	OMV AG		1,206,056
	20,337	Raiffeisen Bank International AG		554,260
	2,322	Strabag SE		81,662
	21,037	Telekom Austria AG*		156,309
	17,707	UNIQA Insurance Group AG		165,372
	10,006	Verbund AG		402,764
	5,792	Vienna Insurance Group AG Wiener Versicherung Gruppe		153,816
	16,618	voestalpine AG		589,772
				6,769,566
		Belgium — 1.9%
	3,389	Ackermans & van Haaren NV		533,555
	29,083	Ageas		1,455,169
	150,641	Anheuser-Busch InBev SA/NV		11,141,612
	14,780	bpost SA		224,310
	7,894	Colruyt SA		458,990
	4,555	Elia System Operator SA/NV		284,771
	12,168	Groupe Bruxelles Lambert SA		1,131,662
	51,553	KBC Group NV		3,552,829
	23,451	Proximus SADP		597,482
	2,374	Sofina SA		454,067
	11,017	Solvay SA		1,254,917
	8,788	Telenet Group Holding NV		425,765
	19,350	UCB SA		1,625,014
	31,574	Umicore SA		1,486,280
				24,626,423
		Chile — 0.0% (b)
	52,031	Antofagasta plc		520,832
		Colombia — 0.0% (b)
	9,092	Millicom International Cellular SA, SDR		513,082
		Denmark — 2.6%
	491	AP Moller — Maersk A/S, Class A		582,672
	981	AP Moller — Maersk A/S, Class B		1,238,229

SHARES		INVESTMENTS	VALUE($)
		Denmark — continued
	15,953	Carlsberg A/S, Class B		1,759,881
	14,718	Chr Hansen Holding A/S		1,485,666
	17,608	Coloplast A/S, Class B		1,643,066
	105,374	Danske Bank A/S		2,016,715
	28,342	DSV A/S		2,273,726
	9,197	Genmab A/S*		1,258,462
	21,961	GN Store Nord A/S		931,556
	9,278	H Lundbeck A/S		432,741
	24,360	ISS A/S		800,011
	10,756	Jyske Bank A/S (Registered)		439,178
	265,320	Novo Nordisk A/S, Class B		11,458,257
	33,006	Novozymes A/S, Class B		1,630,002
	25,200	Orsted A/S (a)		1,597,951
	16,591	Pandora A/S (c)		1,037,992
	913	Rockwool International A/S, Class A		261,277
	1,073	Rockwool International A/S, Class B		366,600
	18,229	Tryg A/S		439,428
	31,021	Vestas Wind Systems A/S		1,945,339
	17,126	William Demant Holding A/S*		562,961
				34,161,710
		Finland — 2.2%
	17,564	Amer Sports OYJ*		652,885
	22,575	Elisa OYJ		898,169
	65,643	Fortum OYJ		1,381,831
	14,381	Huhtamaki OYJ (c)		403,206
	3,252	Kesko OYJ, Class A		182,517
	10,235	Kesko OYJ, Class B		597,751
	60,952	Kone OYJ, Class B		2,966,807
	9,992	Konecranes OYJ		357,823
	19,267	Metso OYJ		608,296
	19,325	Neste OYJ		1,586,875
	849,150	Nokia OYJ		4,796,495
	18,728	Nokian Renkaat OYJ		595,707
	480,944	Nordea Bank AB		4,179,825
	4,926	Orion OYJ, Class A		170,443
	15,703	Orion OYJ, Class B		540,173
	48,257	Outokumpu OYJ		202,279
	73,535	Sampo OYJ, Class A		3,381,660
	86,795	Stora Enso OYJ, Class R		1,304,113
	80,244	UPM-Kymmene OYJ		2,579,744
	68,701	Wartsila OYJ Abp		1,168,989
				28,555,588
		France — 16.1%
	29,172	Accor SA		1,332,939
	4,925	Aeroports de Paris		1,030,078

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		France — continued
	64,570	Air Liquide SA		7,805,623
	86,213	Airbus SE		9,527,767
	24,086	Alstom SA*		1,051,900
	9,052	Amundi SA (a)		537,742
	10,960	Arkema SA		1,149,853
	14,158	Atos SE		1,210,893
	296,354	AXA SA		7,416,757
	6,424	BioMerieux		489,884
	172,632	BNP Paribas SA		8,996,549
	136,400	Bollore SA (c)		577,080
	33,565	Bouygues SA		1,222,796
	39,995	Bureau Veritas SA		902,290
	24,227	Capgemini SE		2,958,232
	84,491	Carrefour SA		1,638,600
	8,109	Casino Guichard Perrachon SA (c)		357,629
	83,664	Cie de Saint-Gobain		3,151,742
	27,147	Cie Generale des Etablissements Michelin SCA		2,779,162
	23,815	CNP Assurances		530,776
	8,128	Covivio, REIT		815,572
	184,534	Credit Agricole SA		2,363,411
	97,103	Danone SA		6,876,192
	346	Dassault Aviation SA		574,129
	20,325	Dassault Systemes SE		2,544,376
	36,078	Edenred		1,368,552
	11,082	Eiffage SA		1,082,290
	72,630	Electricite de France SA		1,203,337
	276,397	Engie SA		3,672,540
	29,928	EssilorLuxottica SA		4,087,521
	25,970	Eutelsat Communications SA		526,012
	8,263	Gecina SA, REIT		1,211,875
	69,658	Getlink		876,180
	5,417	Hermes International		3,092,574
	6,794	ICADE, REIT		576,372
	4,071	Iliad SA		470,548
	5,543	Imerys SA		341,688
	5,548	Ipsen SA		769,249
	11,523	JCDecaux SA		378,274
	11,226	Kering SA		4,989,828
	31,278	Klepierre SA, REIT		1,059,931
	18,386	Lagardere SCA		502,576
	39,924	Legrand SA		2,607,076
	37,056	L’Oreal SA		8,348,951
	40,621	LVMH Moet Hennessy Louis Vuitton SE		12,324,631
	137,750	Natixis SA		804,171
	323,504	Orange SA		5,049,363

SHARES		INVESTMENTS	VALUE($)
		France — continued
	31,201	Pernod Ricard SA		4,757,733
	84,594	Peugeot SA		2,010,865
	32,978	Publicis Groupe SA		1,908,995
	31,210	Renault SA		2,330,573
	45,508	Rexel SA		580,105
	50,307	Safran SA		6,501,064
	172,869	Sanofi		15,447,672
	80,620	Schneider Electric SE		5,829,721
	4,068	SEB SA		583,295
	114,124	Societe Generale SA		4,183,529
	13,647	Sodexo SA (c)		1,393,043
	63,921	Suez		922,016
	15,963	Thales SA		2,038,763
	380,827	TOTAL SA		22,345,185
	10,478	Ubisoft Entertainment SA*		939,903
	20,750	Unibail — Rodamco-Westfield, REIT		3,754,901
	36,220	Valeo SA		1,168,250
	84,782	Veolia Environnement SA		1,689,662
	77,185	Vinci SA (c)		6,869,416
	115,299	Vivendi SA		2,780,817
				211,221,019
		Germany — 13.5%
	7,200	1&1 Drillisch AG		321,165
	27,442	adidas AG		6,453,366
	64,822	Allianz SE (Registered)		13,503,716
	102,841	Aroundtown SA		852,204
	138,495	BASF SE		10,627,906
	140,613	Bayer AG (Registered)		10,778,332
	48,105	Bayerische Motoren Werke AG (c)		4,142,359
	8,387	Bayerische Motoren Werke AG (Preference)		631,680
	14,820	Beiersdorf AG		1,532,349
	23,296	Brenntag AG		1,216,624
	158,622	Commerzbank AG*		1,493,570
	16,286	Continental AG		2,683,703
	28,402	Covestro AG (a)		1,831,611
	150,017	Daimler AG (Registered)		8,886,497
	17,386	Delivery Hero SE* (a)		700,049
	286,705	Deutsche Bank AG (Registered)		2,802,178
	29,102	Deutsche Boerse AG		3,677,695
	35,714	Deutsche Lufthansa AG (Registered)		716,892
	146,424	Deutsche Post AG (Registered)		4,623,377
	488,217	Deutsche Telekom AG (Registered)		8,007,577
	53,480	Deutsche Wohnen SE		2,446,185
	5,132	DWS Group GmbH & Co. KGaA* (a)		143,262
	331,888	E.ON SE		3,209,377

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Germany — continued
	22,482	Evonik Industries AG		695,498
	5,568	Fraport AG Frankfurt Airport Services Worldwide		429,992
	31,958	Fresenius Medical Care AG & Co. KGaA		2,509,230
	61,749	Fresenius SE & Co. KGaA		3,924,509
	24,765	GEA Group AG		752,509
	9,089	Hannover Rueck SE		1,222,296
	22,138	HeidelbergCement AG		1,502,383
	15,271	Henkel AG & Co. KGaA		1,495,915
	26,860	Henkel AG & Co. KGaA (Preference)		2,934,584
	2,710	HOCHTIEF AG		401,590
	9,556	HUGO BOSS AG		682,905
	170,042	Infineon Technologies AG		3,407,113
	19,264	Innogy SE (a)		850,779
	28,858	K+S AG (Registered) (c)		537,393
	10,151	KION Group AG		593,184
	13,795	LANXESS AG		853,879
	5,095	MAN SE		530,758
	498	MAN SE (Preference)		51,217
	19,488	Merck KGaA		2,085,279
	22,542	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		4,841,696
	23,085	Porsche Automobil Holding SE (Preference)		1,468,090
	35,137	ProSiebenSat.1 Media SE		811,366
	81,600	RWE AG		1,587,464
	5,878	RWE AG (Preference) (Non-Voting)		97,724
	163,010	SAP SE		17,454,049
	128,162	Siemens AG (Registered)		14,731,812
	21,103	Siemens Healthineers AG* (a)		873,384
	18,397	Symrise AG		1,541,064
	6,099	Talanx AG		217,925
	121,099	Telefonica Deutschland Holding AG		470,763
	61,019	thyssenkrupp AG (c)		1,279,029
	67,223	TUI AG		1,110,992
	29,240	Uniper SE		843,819
	18,858	United Internet AG (Registered)		780,360
	4,897	Volkswagen AG		806,188
	27,671	Volkswagen AG (Preference)		4,648,809
	78,113	Vonovia SE		3,569,490
	17,311	Wirecard AG		3,238,141
	17,889	Zalando SE* (a) (c)		691,502
				177,806,354
		Ghana — 0.1%
	208,553	Tullow Oil plc*		598,352

SHARES		INVESTMENTS	VALUE($)
		Ireland — 0.9%
	139,985	Bank of Ireland Group plc		989,079
	126,507	CRH plc		3,773,474
	30,334	Glanbia plc		536,316
	22,793	Kerry Group plc, Class A		2,336,392
	23,002	Kingspan Group plc		1,000,444
	12,439	Paddy Power Betfair plc		1,073,584
	13,933	Ryanair Holdings plc, ADR*		1,153,652
	35,628	Smurfit Kappa Group plc		1,158,288
				12,021,229
		Italy — 3.3%
	236,203	A2A SpA		380,607
	185,451	Assicurazioni Generali SpA		2,992,592
	70,917	Atlantia SpA		1,424,998
	37,869	Banca Mediolanum SpA		219,413
	23,166	Brembo SpA		256,468
	6,138	Buzzi Unicem SpA (Savings Shares)		68,966
	10,723	Buzzi Unicem SpA		205,905
	85,826	Davide Campari-Milano SpA		660,538
	3,614	DiaSorin SpA		342,799
	1,163,927	Enel SpA		5,706,810
	383,586	Eni SpA		6,812,392
	18,806	Ferrari NV		2,202,217
	59,421	FinecoBank Banca Fineco SpA		621,046
	112,302	Hera SpA		309,939
	2,375,774	Intesa Sanpaolo SpA		5,262,517
	59,284	Leonardo SpA		642,680
	21,046	Luxottica Group SpA		1,321,758
	53,439	Mediaset SpA*		160,802
	94,340	Mediobanca Banca di Credito Finanziario SpA		826,209
	26,010	Moncler SpA		903,270
	47,547	Parmalat SpA		146,483
	55,794	Pirelli & C SpA* (a)		410,022
	68,931	Poste Italiane SpA (a)		494,607
	40,433	Prysmian SpA		785,479
	15,406	Recordati SpA		521,550
	86,896	Saipem SpA*		475,211
	7,360	Salvatore Ferragamo SpA		174,099
	337,823	Snam SpA		1,396,748
	908,646	Telecom Italia SpA		459,047
	1,742,234	Telecom Italia SpA*		1,024,703
	211,199	Terna Rete Elettrica Nazionale SpA		1,090,947
	318,585	UniCredit SpA		4,073,160
	153,561	Unione di Banche Italiane SpA		468,692
	115,205	UnipolSai Assicurazioni SpA		251,522
				43,094,196

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Jersey — 0.1%
	14,148	Randgold Resources Ltd.		1,112,793
		Jordan — 0.0% (b)
	20,936	Hikma Pharmaceuticals plc		507,802
		Luxembourg — 0.5%
	96,497	ArcelorMittal		2,407,887
	1,701	Eurofins Scientific SE		857,206
	5,834	RTL Group SA		374,451
	57,824	SES SA, FDR		1,242,755
	71,207	Tenaris SA		1,048,213
				5,930,512
		Mexico — 0.0% (b)
	27,772	Fresnillo plc		301,162
		Netherlands — 7.1%
	62,361	ABN AMRO Group NV, CVA (a)		1,529,565
	211,709	Aegon NV		1,298,337
	38,029	Akzo Nobel NV		3,193,105
	81,040	Altice Europe NV* (c)		192,798
	8,871	Altice Europe NV, Class B*		21,168
	65,064	ASML Holding NV		11,206,892
	12,751	Boskalis Westminster (c)		366,627
	14,536	EXOR NV		822,084
	12,816	Gemalto NV*		731,028
	8,820	GrandVision NV (a)		222,419
	12,324	HAL Trust		1,979,089
	17,804	Heineken Holding NV		1,539,980
	35,605	Heineken NV		3,203,287
	581,677	ING Groep NV		6,881,818
	188,000	Koninklijke Ahold Delhaize NV		4,303,416
	27,356	Koninklijke DSM NV		2,388,419
	633,732	Koninklijke KPN NV		1,672,118
	141,869	Koninklijke Philips NV		5,291,126
	10,018	Koninklijke Vopak NV		453,045
	45,938	NN Group NV		1,972,492
	9,535	OCI NV*		270,917
	18,754	Randstad NV		943,563
	693,182	Royal Dutch Shell plc, Class A		22,083,471
	564,769	Royal Dutch Shell plc, Class B		18,418,770
	43,770	Wolters Kluwer NV		2,483,272
				93,468,806
		Norway — 1.3%
	3,702	Aker ASA, Class A		281,233
	16,290	Aker BP ASA		534,227
	140,309	DNB ASA		2,534,879
	164,484	Equinor ASA		4,254,593

SHARES		INVESTMENTS	VALUE($)
		Norway — continued
	28,643	Gjensidige Forsikring ASA		443,197
	9,046	Kongsberg Gruppen ASA		148,530
	42,221	Leroy Seafood Group ASA		389,211
	62,825	Marine Harvest ASA		1,521,012
	205,909	Norsk Hydro ASA		1,067,799
	124,453	Orkla ASA		1,073,944
	8,198	Salmar ASA		432,737
	12,046	Schibsted ASA, Class A		416,913
	15,372	Schibsted ASA, Class B		486,428
	70,534	Storebrand ASA		586,198
	99,842	Telenor ASA		1,830,639
	15,402	TGS NOPEC Geophysical Co. ASA		514,499
	26,543	Yara International ASA		1,139,845
				17,655,884
		Portugal — 0.3%
	1,390,171	Banco Comercial Portugues SA, Class R*		373,937
	367,814	EDP — Energias de Portugal SA		1,293,140
	68,609	Galp Energia SGPS SA		1,192,990
	37,004	Jeronimo Martins SGPS SA		454,186
	33,535	Navigator Co. SA (The)		166,907
	37,284	NOS SGPS SA		209,122
	141,738	Sonae SGPS SA		141,619
				3,831,901
		Russia — 0.1%
	49,979	Evraz plc		346,290
	36,698	Polymetal International plc		340,359
				686,649
		South Africa — 0.5%
	211,921	Anglo American plc		4,523,110
	61,140	Mediclinic International plc		293,834
	743,290	Old Mutual Ltd.		1,120,597
				5,937,541
		Spain — 4.5%
	3,620	Acciona SA		305,352
	41,281	ACS Actividades de Construccion y Servicios SA		1,545,621
	11,082	Aena SME SA (a)		1,770,703
	66,163	Amadeus IT Group SA		5,327,747
	1,005,421	Banco Bilbao Vizcaya Argentaria SA		5,549,014
	846,834	Banco de Sabadell SA		1,114,948
	2,418,694	Banco Santander SA		11,508,041
	181,410	Bankia SA		569,819
	541,154	CaixaBank SA (c)		2,189,894
	28,931	EDP Renovaveis SA		260,183

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Spain — continued
	34,191	Enagas SA		906,522
	47,899	Endesa SA		1,001,524
	71,354	Ferrovial SA		1,428,580
	44,331	Grifols SA		1,262,999
	39,145	Grifols SA (Preference), Class B (c)		813,494
	912,566	Iberdrola SA		6,457,155
	159,781	Industria de Diseno Textil SA (c)		4,503,379
	148,598	Mapfre SA		444,039
	54,325	Naturgy Energy Group SA		1,335,181
	65,266	Red Electrica Corp. SA		1,351,428
	197,355	Repsol SA		3,526,507
	33,887	Siemens Gamesa Renewable Energy SA*		375,299
	688,945	Telefonica SA		5,651,458
	26,962	Zardoya Otis SA		184,575
				59,383,462
		Sweden — 4.3%
	49,347	Ahlsell AB (a)		249,768
	45,179	Alfa Laval AB		1,152,747
	149,543	Assa Abloy AB, Class B		2,974,525
	97,459	Atlas Copco AB, Class A*		2,409,359
	58,837	Atlas Copco AB, Class B*		1,347,563
	15,818	Axfood AB		282,178
	41,245	Boliden AB*		941,901
	41,200	Castellum AB		710,194
	38,889	Electrolux AB, Series B		808,105
	55,328	Elekta AB, Class B		701,654
	4,349	Essity AB, Class A		98,818
	91,342	Essity AB, Class B		2,084,558
	14,764	Fastighets AB Balder, Class B*		370,270
	32,954	Getinge AB, Class B		323,257
	123,341	Hennes & Mauritz AB, Class B (c)		2,178,544
	41,006	Hexagon AB, Class B		2,006,982
	38,744	Hexpol AB		358,539
	14,983	Holmen AB, Class B		343,014
	62,082	Husqvarna AB, Class B		468,437
	11,531	ICA Gruppen AB (c)		407,960
	23,077	Industrivarden AB, Class A		492,380
	25,178	Industrivarden AB, Class C		522,974
	11,105	Intrum AB (c)		283,248
	20,507	Investment AB Latour, Class B		248,109
	20,204	Investor AB, Class A		881,061
	68,680	Investor AB, Class B		2,975,655
	36,472	Kinnevik AB, Class B		1,011,135
	8,027	L E Lundbergforetagen AB, Class B		247,432
	26,693	Lundin Petroleum AB		812,112

SHARES		INVESTMENTS	VALUE($)
		Sweden — continued
	13,155	NCC AB, Class B (c)		196,029
	61,715	Nibe Industrier AB, Class B		644,118
	10,020	Saab AB, Class B		392,846
	166,577	Sandvik AB		2,633,382
	48,266	Securitas AB, Class B		827,211
	242,133	Skandinaviska Enskilda Banken AB, Class A		2,505,689
	56,098	Skanska AB, Class B		881,838
	2,521	SKF AB, Class A		40,250
	57,037	SKF AB, Class B		914,424
	35,777	SSAB AB, Class A		142,832
	91,913	SSAB AB, Class B		298,079
	4,493	Svenska Cellulosa AB SCA, Class A		43,468
	91,342	Svenska Cellulosa AB SCA, Class B		863,498
	225,576	Svenska Handelsbanken AB, Class A		2,451,975
	5,312	Svenska Handelsbanken AB, Class B		58,842
	139,966	Swedbank AB, Class A		3,148,472
	26,529	Swedish Match AB		1,351,353
	24,728	Swedish Orphan Biovitrum AB*		504,766
	53,108	Tele2 AB, Class B		603,054
	9,075	Telefonaktiebolaget LM Ericsson, Class A		80,477
	422,178	Telefonaktiebolaget LM Ericsson, Class B		3,675,802
	411,330	Telia Co. AB		1,851,599
	36,580	Trelleborg AB, Class B		659,991
	37,862	Volvo AB, Class A		566,959
	247,378	Volvo AB, Class B		3,694,385
				56,723,818
		Switzerland — 14.0%
	290,966	ABB Ltd. (Registered)		5,854,685
	25,113	Adecco Group AG (Registered)		1,229,784
	7,355	Baloise Holding AG (Registered)		1,051,273
	337	Barry Callebaut AG (Registered)		658,693
	166	Chocoladefabriken Lindt & Spruengli AG		1,144,452
	16	Chocoladefabriken Lindt & Spruengli AG (Registered)		1,277,268
	78,704	Cie Financiere Richemont SA (Registered)		5,752,526
	29,981	Coca-Cola HBC AG*		885,597
	366,137	Credit Suisse Group AG (Registered)*		4,786,753
	1,063	EMS-Chemie Holding AG (Registered)		585,682
	5,583	Geberit AG (Registered)		2,185,956
	1,196	Givaudan SA (Registered)		2,899,006
	1,825,492	Glencore plc*		7,429,136
	33,748	Julius Baer Group Ltd.*		1,539,070
	7,598	Kuehne + Nagel International AG (Registered)		1,056,005
	72,290	LafargeHolcim Ltd. (Registered)*		3,347,784

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	11,234	Lonza Group AG (Registered)*		3,532,413
	461,855	Nestle SA (Registered)		38,991,235
	384,603	Novartis AG (Registered)		33,680,595
	5,128	Pargesa Holding SA		376,447
	2,822	Partners Group Holding AG		2,009,137
	4,100	Roche Holding AG — BR		998,176
	105,936	Roche Holding AG — Genusschein		25,780,840
	6,138	Schindler Holding AG		1,294,286
	2,932	Schindler Holding AG (Registered)		608,854
	787	SGS SA (Registered)		1,869,165
	19,239	Sika AG (Registered)		2,466,873
	7,985	Sonova Holding AG (Registered)		1,302,228
	100,198	STMicroelectronics NV		1,523,153
	1,633	Straumann Holding AG (Registered)		1,114,697
	1,855	Sulzer AG (Registered)		186,192
	4,650	Swatch Group AG (The)		1,570,648
	11,228	Swatch Group AG (The) (Registered)		749,478
	5,164	Swiss Life Holding AG (Registered)*		1,947,938
	45,954	Swiss Re AG		4,146,555
	3,825	Swisscom AG (Registered)		1,751,398
	577,629	UBS Group AG (Registered)*		8,073,594
	6,666	Vifor Pharma AG		963,430
	22,698	Zurich Insurance Group AG*		7,047,307
				183,668,309
		United Arab Emirates — 0.0% (b)
	12,854	NMC Health plc		579,581
		United Kingdom — 23.4%
	146,445	3i Group plc		1,639,791
	38,538	Admiral Group plc		990,658
	38,623	Aggreko plc		423,288
	75,897	Ashtead Group plc		1,873,659
	8,055	ASOS plc*		561,156
	53,723	Associated British Foods plc		1,637,841
	190,791	AstraZeneca plc		14,593,540
	143,567	Auto Trader Group plc (a)		750,190
	593,570	Aviva plc		3,243,794
	75,597	Babcock International Group plc		589,521
	481,175	BAE Systems plc		3,226,416
	2,404,341	Barclays plc		5,297,499
	151,837	Barratt Developments plc		995,895
	21,139	Berkeley Group Holdings plc		944,772
	3,009,808	BP plc		21,742,011
	345,214	British American Tobacco plc		14,965,119
	149,857	British Land Co. plc (The), REIT		1,131,769
	1,322,681	BT Group plc		4,050,057

SHARES		INVESTMENTS	VALUE($)
		United Kingdom — continued
	50,606	Bunzl plc		1,492,873
	63,074	Burberry Group plc		1,459,492
	850,178	Centrica plc		1,596,877
	149,824	CNH Industrial NV		1,557,467
	35,113	Coca-Cola European Partners plc		1,597,290
	240,204	Compass Group plc		4,724,526
	20,375	Croda International plc		1,255,010
	15,276	DCC plc		1,309,317
	16,704	Derwent London plc, REIT		624,624
	369,873	Diageo plc		12,787,069
	207,324	Direct Line Insurance Group plc		871,233
	152,703	Dixons Carphone plc		330,148
	206,227	DS Smith plc		1,034,764
	39,366	easyJet plc		603,079
	138,998	Experian plc		3,196,843
	165,900	Fiat Chrysler Automobiles NV*		2,524,738
	233,958	G4S plc		642,064
	744,619	GlaxoSmithKline plc		14,421,603
	87,189	GVC Holdings plc		1,044,382
	56,981	Halma plc		966,990
	119,601	Hammerson plc, REIT		667,731
	40,766	Hargreaves Lansdown plc		971,853
	3,050,688	HSBC Holdings plc		25,105,945
	145,276	Imperial Brands plc		4,920,880
	188,717	Informa plc		1,722,152
	29,790	InterContinental Hotels Group plc		1,563,075
	124,132	International Consolidated Airlines Group SA		956,994
	24,240	Intertek Group plc		1,452,372
	129,769	Intu Properties plc, REIT		324,598
	546,274	ITV plc		1,036,977
	257,174	J Sainsbury plc		1,021,771
	63,104	JD Sports Fashion plc		328,884
	102,184	John Wood Group plc		931,330
	29,996	Johnson Matthey plc		1,137,260
	88,509	Just Eat plc*		686,607
	321,363	Kingfisher plc		1,043,519
	113,278	Land Securities Group plc, REIT		1,232,250
	890,794	Legal & General Group plc		2,858,449
	43,125	Linde plc		7,075,344
	10,762,137	Lloyds Banking Group plc		7,853,559
	47,534	London Stock Exchange Group plc		2,619,017
	244,987	Marks & Spencer Group plc		926,588
	732,551	Melrose Industries plc		1,576,888
	107,005	Merlin Entertainments plc (a)		441,909
	65,621	Micro Focus International plc		1,017,271

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	55,371	Mondi plc		1,303,923
	554,311	National Grid plc		5,855,767
	685,414	NatWest Markets plc		2,063,439
	47,521	NEX Group plc		689,173
	21,058	Next plc		1,398,942
	117,704	Pearson plc		1,352,177
	47,188	Persimmon plc		1,381,057
	389,910	Prudential plc		7,807,411
	111,064	Reckitt Benckiser Group plc		8,981,092
	323,203	RELX plc		6,391,875
	277,043	Rentokil Initial plc		1,117,213
	138,628	Rightmove plc		800,240
	280,443	Rolls-Royce Holdings plc*		3,007,525
	12,678,658	Rolls-Royce Holdings plc (Preference)*		16,206
	132,692	Royal Mail plc		609,180
	154,778	RSA Insurance Group plc		1,113,171
	168,850	Sage Group plc (The)		1,173,999
	18,727	Schroders plc		640,885
	7,537	Schroders plc (Non-Voting)		215,142
	152,192	Segro plc, REIT		1,193,166
	36,209	Severn Trent plc		860,484
	134,353	Smith & Nephew plc		2,183,889
	59,211	Smiths Group plc		1,055,467
	154,175	SSE plc		2,247,166
	79,774	St James’s Place plc		1,030,939
	418,517	Standard Chartered plc		2,933,264
	438,602	Standard Life Aberdeen*		190,555
	390,486	Standard Life Aberdeen plc		1,348,675
	38,996	Subsea 7 SA		489,450
	70,274	Tate & Lyle plc		604,221
	493,237	Taylor Wimpey plc		1,015,589
	65,109	TechnipFMC plc		1,727,162
	1,464,609	Tesco plc		3,988,753
	37,671	Travis Perkins plc		532,054
	258,550	Unilever NV, CVA (c)		13,893,184
	180,897	Unilever plc		9,582,048
	102,814	United Utilities Group plc		952,747
	4,040,306	Vodafone Group plc		7,597,948
	39,139	Weir Group plc (The)		792,038
	27,613	Whitbread plc		1,552,612
	354,956	Wm Morrison Supermarkets plc		1,124,569
	190,083	WPP plc		2,150,928
				307,135,913
		United States — 1.0%
	31,013	Carnival plc		1,690,379
	35,036	Ferguson plc		2,362,111

SHARES		INVESTMENTS	VALUE($)
		United States — continued
	34,811	QIAGEN NV* (c)		1,263,595
	138,035	Shire plc		8,330,542
				13,646,627
		Total Common Stocks (Cost $1,396,379,819)		1,305,192,857
	Short-Term Investments — 0.0% (b)
		Investment Companies — 0.0% (b)
	296,502	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (d) (e) (Cost $296,502)		296,502
	Investment of Cash Collateral from Securities Loaned — 2.0%
	2,998,700	JPMorgan Prime Money Market Fund Class IM Shares, 1.88% (d) (e)		2,999,300
	18,001,300	JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.27% (d) (e)		17,999,500
	5,502,935	JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (d) (e)		5,502,935
		Total Investment of Cash Collateral from Securities Loaned (Cost $26,502,535)		26,501,735
		Total Investments — 101.3% (Cost 1,423,178,856)		1,331,991,094
		Liabilities in Excess of Other Assets — (1.3%)		(17,060,802	)
		NET ASSETS — 100.0%		1,314,930,292

Percentages indicated are based on net assets.

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

(a)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $25,217,228.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

Summary of Investments by Industry, October 31, 2018

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		10.1	%
Banks		9.5
Oil, Gas & Consumable Fuels		8.1
Insurance		5.6
Food Products		4.3
Chemicals		4.0
Textiles, Apparel & Luxury Goods		3.0
Beverages		2.9
Metals & Mining		2.7
Diversified Telecommunication Services		2.6
Personal Products		2.5
Capital Markets		2.4
Automobiles		2.2
Machinery		2.0
Aerospace & Defense		2.0
Electric Utilities		1.8
Software		1.7
Tobacco		1.6
Multi-Utilities		1.5
Health Care Equipment & Supplies		1.5
Electrical Equipment		1.4
Professional Services		1.4
Industrial Conglomerates		1.3
Semiconductors & Semiconductor Equipment		1.2
Hotels, Restaurants & Leisure		1.2
Household Products		1.2
Food & Staples Retailing		1.1
Construction & Engineering		1.1
Media		1.0
Diversified Financial Services		1.0
IT Services		1.0
Others (each less than 1.0%)		13.1
Investment of cash collateral from securities loaned		2.0

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		160		12/2018		EUR		5,766,548		(53,241	)
FTSE 100 Index		40		12/2018		GBP		3,622,674		33,855
										(19,386	)

Abbreviations

EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.2%
		Air Freight & Logistics — 0.5%
	152,100	SG Holdings Co. Ltd.		3,829,026
	256,300	Yamato Holdings Co. Ltd.		7,006,834
				10,835,860
		Airlines — 0.2%
	72,800	ANA Holdings, Inc.		2,447,944
	72,900	Japan Airlines Co. Ltd.		2,587,305
				5,035,249
		Auto Components — 2.7%
	113,400	Aisin Seiki Co. Ltd.		4,435,219
	380,600	Bridgestone Corp.		14,675,669
	328,000	Denso Corp.		14,630,693
	79,400	Koito Manufacturing Co. Ltd.		3,779,925
	108,800	NGK Spark Plug Co. Ltd.		2,201,597
	137,200	NHK Spring Co. Ltd.		1,174,799
	75,800	NOK Corp.		1,090,675
	97,700	Stanley Electric Co. Ltd.		2,889,997
	492,800	Sumitomo Electric Industries Ltd.		6,720,605
	109,400	Sumitomo Rubber Industries Ltd.		1,569,309
	31,200	Tokai Rika Co. Ltd.		568,904
	47,300	Toyoda Gosei Co. Ltd.		1,020,151
	53,200	Toyota Boshoku Corp.		887,257
	127,900	Toyota Industries Corp.		6,282,724
	81,900	Yokohama Rubber Co. Ltd. (The)		1,586,519
				63,514,043
		Automobiles — 7.9%
	1,135,400	Honda Motor Co. Ltd.		32,410,596
	385,500	Isuzu Motors Ltd.		5,054,117
	370,400	Mazda Motor Corp.		3,945,165
	429,000	Mitsubishi Motors Corp.		2,694,664
	1,495,900	Nissan Motor Co. Ltd.		13,609,343
	394,600	Subaru Corp.		10,644,215
	276,800	Suzuki Motor Corp.		13,803,108
	1,666,600	Toyota Motor Corp.		97,631,046
	198,200	Yamaha Motor Co. Ltd.		4,687,393
				184,479,647
		Banks — 6.9%
	48,600	77 Bank Ltd. (The)		1,003,861
	74,400	Aozora Bank Ltd.		2,567,276
	48,200	Bank of Kyoto Ltd. (The)		2,164,281
	485,600	Chiba Bank Ltd. (The)		3,072,081
	200,000	Chugoku Bank Ltd. (The)		1,795,980
	789,300	Concordia Financial Group Ltd.		3,612,438
	106,000	Fukuoka Financial Group, Inc.		2,604,498

SHARES		INVESTMENTS	VALUE($)
		Banks — continued
	263,600	Gunma Bank Ltd. (The)		1,193,410
	315,900	Hachijuni Bank Ltd. (The)		1,334,317
	197,100	Hiroshima Bank Ltd. (The)		1,215,733
	81,100	Hokuhoku Financial Group, Inc.		1,004,719
	202,500	Iyo Bank Ltd. (The)		1,201,062
	287,100	Kyushu Financial Group, Inc.		1,266,980
	662,300	Mebuki Financial Group, Inc.		2,016,945
	8,175,500	Mitsubishi UFJ Financial Group, Inc.		49,482,155
	15,805,200	Mizuho Financial Group, Inc.	��	27,143,275
	1,371,500	Resona Holdings, Inc.		7,214,138
	460,700	Seven Bank Ltd.		1,439,804
	122,700	Shinsei Bank Ltd.		1,869,089
	354,000	Shizuoka Bank Ltd. (The)		3,097,150
	881,500	Sumitomo Mitsui Financial Group, Inc.		34,321,289
	242,700	Sumitomo Mitsui Trust Holdings, Inc.		9,643,323
	154,600	Yamaguchi Financial Group, Inc.		1,627,810
				161,891,614
		Beverages — 1.4%
	278,200	Asahi Group Holdings Ltd.		12,225,519
	98,800	Coca-Cola Bottlers Japan Holdings, Inc.		2,585,714
	568,100	Kirin Holdings Co. Ltd.		13,556,308
	49,600	Sapporo Holdings Ltd.		920,109
	78,500	Suntory Beverage & Food Ltd.		3,199,260
				32,486,910
		Biotechnology — 0.1%
	57,900	PeptiDream, Inc.*		1,898,721
		Building Products — 1.4%
	146,600	AGC, Inc.		4,801,800
	181,900	Daikin Industries Ltd.		21,084,379
	181,000	LIXIL Group Corp.		2,845,449
	100,000	TOTO Ltd.		3,577,627
				32,309,255
		Capital Markets — 1.1%
	1,004,300	Daiwa Securities Group, Inc.		5,759,369
	333,900	Japan Exchange Group, Inc.		5,980,392
	76,100	Matsui Securities Co. Ltd.		775,604
	2,174,100	Nomura Holdings, Inc.		10,439,939
	139,400	SBI Holdings, Inc.		3,640,154
				26,595,458
		Chemicals — 4.3%
	120,000	Air Water, Inc.		1,943,884
	873,200	Asahi Kasei Corp.		10,477,050
	215,000	Daicel Corp.		2,274,489

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	54,700	DIC Corp.		1,614,204
	63,000	Hitachi Chemical Co. Ltd.		993,008
	127,100	JSR Corp.		1,894,194
	43,400	Kaneka Corp.		1,813,942
	159,600	Kansai Paint Co. Ltd. (a)		2,358,297
	239,100	Kuraray Co. Ltd.		3,284,163
	934,700	Mitsubishi Chemical Holdings Corp.		7,286,356
	131,700	Mitsubishi Gas Chemical Co., Inc.		2,210,741
	127,600	Mitsui Chemicals, Inc.		2,861,324
	124,700	Nippon Paint Holdings Co. Ltd. (a)		3,895,232
	22,700	Nippon Shokubai Co. Ltd.		1,464,547
	95,500	Nissan Chemical Corp.		4,502,948
	100,300	Nitto Denko Corp.		6,266,251
	253,800	Shin-Etsu Chemical Co. Ltd.		21,207,660
	88,000	Showa Denko KK		3,831,838
	1,030,000	Sumitomo Chemical Co. Ltd.		5,159,672
	131,300	Taiyo Nippon Sanso Corp.		2,110,290
	124,400	Teijin Ltd.		2,156,686
	1,012,500	Toray Industries, Inc.		7,181,961
	203,100	Tosoh Corp.		2,673,973
	68,600	Ube Industries Ltd.		1,494,291
				100,957,001
		Commercial Services & Supplies — 1.0%
	185,900	Dai Nippon Printing Co. Ltd.		4,171,133
	73,300	Park24 Co. Ltd.		1,928,388
	132,400	Secom Co. Ltd.		10,839,798
	53,400	Sohgo Security Services Co. Ltd.		2,378,496
	203,200	Toppan Printing Co. Ltd.		2,872,726
				22,190,541
		Construction & Engineering — 0.9%
	159,600	JGC Corp.		3,089,353
	311,800	Kajima Corp.		4,014,904
	86,700	Kinden Corp.		1,390,133
	446,300	Obayashi Corp.		3,940,035
	454,100	Shimizu Corp.		3,686,092
	139,300	Taisei Corp.		5,957,650
				22,078,167
		Construction Materials — 0.1%
	78,700	Taiheiyo Cement Corp.		2,315,880
		Consumer Finance — 0.2%
	286,900	Acom Co. Ltd.		1,056,050
	72,900	AEON Financial Service Co. Ltd.		1,426,782
	101,900	Credit Saison Co. Ltd.		1,618,175

SHARES		INVESTMENTS	VALUE($)
		Consumer Finance — continued
	30,400	Hitachi Capital Corp.		745,382
	354,500	Orient Corp. (a)		554,530
				5,400,919
		Containers & Packaging — 0.1%
	101,400	Toyo Seikan Group Holdings Ltd.		2,068,744
		Distributors — 0.0% (b)
	32,000	Canon Marketing Japan, Inc.		605,537
		Diversified Consumer Services — 0.1%
	51,100	Benesse Holdings, Inc.		1,425,109
		Diversified Financial Services — 0.7%
	334,500	Mitsubishi UFJ Lease & Finance Co. Ltd.		1,719,066
	824,000	ORIX Corp.		13,423,786
	32,000	Tokyo Century Corp.		1,717,552
				16,860,404
		Diversified Telecommunication Services — 0.7%
	403,100	Nippon Telegraph & Telephone Corp.		16,623,287
		Electric Utilities — 1.3%
	445,600	Chubu Electric Power Co., Inc.		6,425,858
	211,200	Chugoku Electric Power Co., Inc. (The)		2,716,601
	125,300	Hokuriku Electric Power Co.*		1,167,243
	499,200	Kansai Electric Power Co., Inc. (The)		7,640,506
	292,300	Kyushu Electric Power Co., Inc.		3,395,636
	129,000	Shikoku Electric Power Co., Inc.		1,619,144
	312,000	Tohoku Electric Power Co., Inc.		3,941,995
	497,400	Tokyo Electric Power Co. Holdings, Inc.*		2,545,781
				29,452,764
		Electrical Equipment — 2.0%
	95,200	Fuji Electric Co. Ltd.		2,906,025
	45,700	Furukawa Electric Co. Ltd.		1,233,312
	51,400	GS Yuasa Corp.		1,055,098
	36,500	Mabuchi Motor Co. Ltd.		1,298,353
	1,336,500	Mitsubishi Electric Corp.		16,919,344
	172,800	Nidec Corp.		22,195,275
	79,300	Ushio, Inc.		956,794
				46,564,201
		Electronic Equipment, Instruments & Components — 5.0%
	124,500	Alps Electric Co. Ltd.		2,934,815
	200,800	Citizen Watch Co. Ltd.		1,155,797
	87,300	Hamamatsu Photonics KK		2,918,405
	20,700	Hirose Electric Co. Ltd.		1,972,872
	43,500	Hitachi High-Technologies Corp.		1,632,529
	599,300	Hitachi Ltd.		18,320,718

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Electronic Equipment, Instruments & Components — continued
	81,900	Ibiden Co. Ltd.		1,011,315
	58,000	Keyence Corp.		28,334,149
	225,100	Kyocera Corp.		12,183,064
	133,200	Murata Manufacturing Co. Ltd.		20,730,617
	53,300	Nippon Electric Glass Co. Ltd.		1,342,919
	132,100	Omron Corp.		5,348,004
	173,300	Shimadzu Corp.		4,379,811
	80,500	TDK Corp.		6,941,521
	165,600	Yaskawa Electric Corp.		4,786,450
	150,000	Yokogawa Electric Corp.		2,945,112
				116,938,098
		Entertainment — 1.5%
	69,000	DeNA Co. Ltd.		1,147,734
	293,200	GungHo Online Entertainment, Inc. (a)		530,066
	63,800	Konami Holdings Corp.		2,433,984
	283,000	Nexon Co. Ltd.*		3,228,252
	75,400	Nintendo Co. Ltd.		23,540,097
	54,100	Square Enix Holdings Co. Ltd.		1,939,022
	85,700	Toho Co. Ltd.		2,795,997
				35,615,152
		Equity Real Estate Investment Trusts (REITs) — 1.4%
	824	Advance Residence Investment Corp.		2,105,135
	1,068	Daiwa House REIT Investment Corp.		2,340,437
	2,360	GLP J-Reit		2,335,331
	561	Japan Prime Realty Investment Corp.		2,001,736
	858	Japan Real Estate Investment Corp.		4,428,005
	1,609	Japan Retail Fund Investment Corp.		2,971,814
	874	Nippon Building Fund, Inc.		4,994,597
	1,343	Nippon Prologis REIT, Inc.		2,703,336
	2,663	Nomura Real Estate Master Fund, Inc.		3,449,322
	1,737	Orix JREIT, Inc.		2,657,270
	1,878	United Urban Investment Corp.		2,855,048
				32,842,031
		Food & Staples Retailing — 2.1%
	542,000	Aeon Co. Ltd.		12,440,071
	6,000	Cosmos Pharmaceutical Corp.		1,226,384
	48,900	FamilyMart UNY Holdings Co. Ltd.		5,667,996
	29,900	Lawson, Inc.		1,897,978
	53,700	Matsumotokiyoshi Holdings Co. Ltd.		1,941,462
	494,700	Seven & i Holdings Co. Ltd.		21,420,510
	34,500	Sundrug Co. Ltd.		1,253,691
	24,300	Tsuruha Holdings, Inc.		2,536,196

SHARES		INVESTMENTS	VALUE($)
		Food & Staples Retailing — continued
	30,000	Welcia Holdings Co. Ltd.		1,530,500
				49,914,788
		Food Products — 1.9%
	356,800	Ajinomoto Co., Inc.		5,764,269
	70,400	Calbee, Inc.		2,335,677
	33,900	Ezaki Glico Co. Ltd.		1,689,924
	75,200	Kewpie Corp.		1,728,594
	108,200	Kikkoman Corp.		5,927,986
	89,800	MEIJI Holdings Co. Ltd.		5,958,205
	69,200	NH Foods Ltd.		2,386,422
	160,900	Nisshin Seifun Group, Inc.		3,201,590
	49,800	Nissin Foods Holdings Co. Ltd.		3,211,078
	60,700	Toyo Suisan Kaisha Ltd.		2,086,536
	100,700	Yakult Honsha Co. Ltd.		7,130,722
	110,200	Yamazaki Baking Co. Ltd.		1,986,370
				43,407,373
		Gas Utilities — 0.6%
	258,800	Osaka Gas Co. Ltd.		4,732,417
	59,700	Toho Gas Co. Ltd.		2,055,600
	249,500	Tokyo Gas Co. Ltd.		6,135,929
				12,923,946
		Health Care Equipment & Supplies — 1.8%
	76,600	Asahi Intecc Co. Ltd.		3,137,102
	236,000	Hoya Corp.		13,351,889
	203,300	Olympus Corp.		6,776,354
	98,800	Sysmex Corp.		6,929,787
	207,500	Terumo Corp.		11,201,252
				41,396,384
		Health Care Providers & Services — 0.4%
	133,200	Alfresa Holdings Corp.		3,552,666
	126,800	Medipal Holdings Corp.		2,714,293
	33,400	Miraca Holdings, Inc.		813,091
	54,400	Suzuken Co. Ltd.		2,753,478
				9,833,528
		Health Care Technology — 0.2%
	254,800	M3, Inc.		4,129,550
		Hotels, Restaurants & Leisure — 0.6%
	43,700	McDonald’s Holdings Co. Japan Ltd.		1,923,339
	140,000	Oriental Land Co. Ltd.		13,170,298
				15,093,637
		Household Durables — 3.6%
	147,200	Casio Computer Co. Ltd.		2,221,712

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Household Durables — continued
	185,500	Haseko Corp.		2,350,584
	112,600	Iida Group Holdings Co. Ltd.		2,049,639
	251,200	Nikon Corp.		4,379,081
	1,447,900	Panasonic Corp.		15,538,075
	25,700	Rinnai Corp.		1,866,959
	275,100	Sekisui Chemical Co. Ltd.		4,326,199
	427,400	Sekisui House Ltd.		6,272,960
	113,000	Sharp Corp. (a)		1,734,577
	791,600	Sony Corp.		42,838,821
				83,578,607
		Household Products — 0.6%
	184,700	Lion Corp.		3,472,520
	76,000	Pigeon Corp.		3,214,211
	252,500	Unicharm Corp.		6,850,006
				13,536,737
		Independent Power and Renewable Electricity Producers — 0.1%
	107,000	Electric Power Development Co. Ltd.		2,913,115
		Industrial Conglomerates — 0.8%
	69,300	Keihan Holdings Co. Ltd.		2,629,672
	179,100	Seibu Holdings, Inc.		3,249,338
	407,100	Toshiba Corp.*		12,201,828
				18,080,838
		Insurance — 3.2%
	745,700	Dai-ichi Life Holdings, Inc.		13,993,311
	924,500	Japan Post Holdings Co. Ltd.		10,963,172
	43,400	Japan Post Insurance Co. Ltd.		1,033,649
	314,100	MS&AD Insurance Group Holdings, Inc.		9,434,696
	236,300	Sompo Holdings, Inc.		9,746,321
	100,800	Sony Financial Holdings, Inc.		2,325,402
	386,900	T&D Holdings, Inc.		6,184,873
	467,600	Tokio Marine Holdings, Inc.		22,029,636
				75,711,060
		Interactive Media & Services — 0.2%
	81,300	Kakaku.com, Inc.		1,472,514
	42,900	LINE Corp.* (a)		1,367,734
	26,200	Mixi, Inc.		572,469
	702,800	Yahoo Japan Corp.		2,192,595
				5,605,312
		Internet & Direct Marketing Retail — 0.3%
	510,100	Rakuten, Inc.		3,450,309
	122,200	ZOZO, Inc.		2,932,072
				6,382,381

SHARES		INVESTMENTS	VALUE($)
		IT Services — 1.1%
	128,800	Fujitsu Ltd.		7,835,986
	57,800	Itochu Techno-Solutions Corp.		1,096,122
	81,600	Nomura Research Institute Ltd.		3,617,617
	403,800	NTT Data Corp.		5,184,184
	43,800	Obic Co. Ltd.		3,987,551
	70,500	Otsuka Corp.		2,338,406
	30,400	SCSK Corp.		1,288,217
				25,348,083
		Leisure Products — 0.8%
	136,000	Bandai Namco Holdings, Inc.		4,838,168
	27,800	Sankyo Co. Ltd.		1,061,424
	113,000	Sega Sammy Holdings, Inc.		1,450,955
	52,700	Shimano, Inc.		7,197,514
	103,500	Yamaha Corp.		4,548,244
				19,096,305
		Machinery — 5.0%
	249,300	Amada Holdings Co. Ltd.		2,348,615
	78,400	Daifuku Co. Ltd.		3,366,985
	122,500	FANUC Corp.		21,310,965
	179,100	Hino Motors Ltd.		1,714,395
	65,000	Hitachi Construction Machinery Co. Ltd.		1,725,777
	33,900	Hoshizaki Corp.		2,736,427
	97,800	IHI Corp.		3,577,765
	153,900	JTEKT Corp.		1,914,769
	103,700	Kawasaki Heavy Industries Ltd.		2,457,527
	605,900	Komatsu Ltd.		15,779,124
	727,400	Kubota Corp.		11,483,315
	69,000	Kurita Water Industries Ltd.		1,699,480
	175,600	Makita Corp.		6,070,908
	263,800	MINEBEA MITSUMI, Inc.		4,035,619
	177,300	MISUMI Group, Inc.		3,553,233
	209,000	Mitsubishi Heavy Industries Ltd.		7,367,614
	77,700	Nabtesco Corp.		1,705,581
	176,400	NGK Insulators Ltd.		2,482,666
	294,800	NSK Ltd.		2,912,606
	44,100	SMC Corp.		14,056,197
	76,600	Sumitomo Heavy Industries Ltd.		2,409,129
	76,800	THK Co. Ltd.		1,696,154
				116,404,851
		Marine — 0.2%
	36,100	Kawasaki Kisen Kaisha Ltd.* (a)		481,051
	75,500	Mitsui OSK Lines Ltd.		1,834,995
	105,100	Nippon Yusen KK		1,694,834
				4,010,880

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Media — 0.6%
	62,400	CyberAgent, Inc. (a)		2,655,318
	153,000	Dentsu, Inc.		7,096,114
	28,400	Fuji Media Holdings, Inc.		460,931
	186,800	Hakuhodo DY Holdings, Inc.		3,115,561
	31,200	Nippon Television Holdings, Inc.		497,803
	22,700	Tokyo Broadcasting System Holdings, Inc.		420,327
				14,246,054
		Metals & Mining — 1.3%
	25,000	Daido Steel Co. Ltd.		1,029,263
	126,200	Hitachi Metals Ltd.		1,483,977
	359,600	JFE Holdings, Inc.		6,757,451
	227,800	Kobe Steel Ltd.		1,831,583
	50,100	Maruichi Steel Tube Ltd.		1,443,590
	80,800	Mitsubishi Materials Corp.		2,236,940
	550,400	Nippon Steel & Sumitomo Metal Corp.		10,152,772
	172,400	Sumitomo Metal Mining Co. Ltd.		5,428,196
	28,900	Yamato Kogyo Co. Ltd.		761,625
				31,125,397
		Multiline Retail — 0.9%
	84,500	Don Quijote Holdings Co. Ltd.		5,047,799
	248,700	Isetan Mitsukoshi Holdings Ltd.		2,906,631
	28,600	Izumi Co. Ltd.		1,552,815
	165,100	J Front Retailing Co. Ltd.		2,163,522
	131,400	Marui Group Co. Ltd.		2,829,277
	18,600	Ryohin Keikaku Co. Ltd.		4,916,537
	27,400	Seria Co. Ltd. (a)		919,245
	108,800	Takashimaya Co. Ltd.		1,712,261
				22,048,087
		Oil, Gas & Consumable Fuels — 1.3%
	104,400	Idemitsu Kosan Co. Ltd.		4,729,601
	672,300	Inpex Corp.		7,655,220
	2,133,000	JXTG Holdings, Inc.		14,412,644
	127,100	Showa Shell Sekiyu KK		2,425,852
				29,223,317
		Paper & Forest Products — 0.2%
	627,600	Oji Holdings Corp.		4,456,667
		Personal Products — 1.8%
	308,200	Kao Corp.		20,502,150
	32,700	Kobayashi Pharmaceutical Co. Ltd.		2,132,762
	21,300	Kose Corp.		3,183,218
	52,500	Pola Orbis Holdings, Inc.		1,402,488
	250,800	Shiseido Co. Ltd.		15,824,352
				43,044,970

SHARES		INVESTMENTS	VALUE($)
		Pharmaceuticals — 5.7%
	1,232,600	Astellas Pharma, Inc.		19,043,923
	131,500	Chugai Pharmaceutical Co. Ltd.		7,698,901
	380,900	Daiichi Sankyo Co. Ltd.		14,559,219
	184,700	Eisai Co. Ltd.		15,381,896
	52,000	Hisamitsu Pharmaceutical Co., Inc.		2,930,066
	159,800	Kyowa Hakko Kirin Co. Ltd.		3,094,823
	153,900	Mitsubishi Tanabe Pharma Corp.		2,273,247
	37,400	Nippon Shinyaku Co. Ltd.		2,148,681
	321,000	Ono Pharmaceutical Co. Ltd.		7,284,654
	347,100	Otsuka Holdings Co. Ltd.		16,601,089
	254,200	Santen Pharmaceutical Co. Ltd.		3,765,165
	183,700	Shionogi & Co. Ltd.		11,746,460
	105,600	Sumitomo Dainippon Pharma Co. Ltd.		2,206,377
	33,900	Taisho Pharmaceutical Holdings Co. Ltd.		3,614,640
	470,300	Takeda Pharmaceutical Co. Ltd. (a)		19,498,426
	44,900	Tsumura & Co.		1,396,526
				133,244,093
		Professional Services — 1.3%
	82,900	Nihon M&A Center, Inc.		1,986,476
	120,300	Persol Holdings Co. Ltd.		2,282,287
	980,600	Recruit Holdings Co. Ltd.		26,318,904
				30,587,667
		Real Estate Management & Development — 2.9%
	60,900	Aeon Mall Co. Ltd.		1,124,738
	48,100	Daito Trust Construction Co. Ltd.		6,341,426
	419,900	Daiwa House Industry Co. Ltd.		12,678,602
	306,100	Hulic Co. Ltd.		2,801,006
	867,700	Mitsubishi Estate Co. Ltd.		13,867,409
	617,000	Mitsui Fudosan Co. Ltd.		13,896,226
	76,700	Nomura Real Estate Holdings, Inc.		1,440,807
	69,800	NTT Urban Development Corp.		1,037,348
	296,100	Sumitomo Realty & Development Co. Ltd.		10,174,017
	133,500	Tokyo Tatemono Co. Ltd.		1,435,813
	352,500	Tokyu Fudosan Holdings Corp.		1,986,105
				66,783,497
		Road & Rail — 4.2%
	128,300	Central Japan Railway Co.		24,621,886
	236,200	East Japan Railway Co.		20,629,175
	157,300	Hankyu Hanshin Holdings, Inc.		5,195,721
	173,500	Keikyu Corp.		2,567,785
	76,300	Keio Corp.		4,144,164
	106,300	Keisei Electric Railway Co. Ltd.		3,275,962
	120,900	Kintetsu Group Holdings Co. Ltd.		4,644,258
	100,300	Kyushu Railway Co.		3,080,215

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Road & Rail — continued
	121,400	Nagoya Railroad Co. Ltd.		2,931,969
	72,100	Nankai Electric Railway Co. Ltd.		1,765,728
	53,000	Nippon Express Co. Ltd.		3,344,752
	209,800	Odakyu Electric Railway Co. Ltd.		4,435,320
	131,300	Tobu Railway Co. Ltd.		3,651,800
	355,300	Tokyu Corp.		5,869,724
	121,800	West Japan Railway Co.		8,191,982
				98,350,441
		Semiconductors & Semiconductor Equipment — 1.1%
	109,700	Advantest Corp.		2,025,117
	20,000	Disco Corp.		3,179,198
	59,100	Rohm Co. Ltd.		4,154,984
	146,500	SUMCO Corp.		1,977,316
	102,800	Tokyo Electron Ltd.		13,872,727
				25,209,342
		Software — 0.2%
	21,900	Oracle Corp. Japan		1,482,389
	75,600	Trend Micro, Inc.		4,351,976
				5,834,365
		Specialty Retail — 1.7%
	20,900	ABC-Mart, Inc.		1,221,919
	38,700	Fast Retailing Co. Ltd.		19,485,659
	17,300	Hikari Tsushin, Inc.		3,021,521
	133,500	K’s Holdings Corp.		1,686,496
	54,100	Nitori Holdings Co. Ltd.		7,064,022
	17,600	Shimamura Co. Ltd.		1,480,416
	136,200	USS Co. Ltd.		2,455,936
	467,700	Yamada Denki Co. Ltd. (a)		2,205,369
				38,621,338
		Technology Hardware, Storage & Peripherals — 2.1%
	161,100	Brother Industries Ltd.		2,948,386
	673,300	Canon, Inc.		19,177,881
	266,300	FUJIFILM Holdings Corp.		11,517,577
	311,800	Konica Minolta, Inc.		3,086,318
	160,300	NEC Corp.		4,601,449
	463,400	Ricoh Co. Ltd.		4,625,788
	200,500	Seiko Epson Corp.		3,230,305
				49,187,704
		Textiles, Apparel & Luxury Goods — 0.1%
	120,600	Asics Corp.		1,745,508
		Tobacco — 0.8%
	696,400	Japan Tobacco, Inc.		17,894,226

SHARES		INVESTMENTS	VALUE($)
		Trading Companies & Distributors — 4.0%
	959,900	ITOCHU Corp.		17,802,275
	1,081,200	Marubeni Corp.		8,767,116
	991,300	Mitsubishi Corp.		27,900,448
	1,083,300	Mitsui & Co. Ltd.		18,100,437
	83,700	MonotaRO Co. Ltd.		1,845,300
	699,400	Sojitz Corp.		2,352,056
	776,800	Sumitomo Corp.		11,781,475
	149,200	Toyota Tsusho Corp.		5,384,423
				93,933,530
		Transportation Infrastructure — 0.2%
	46,600	Japan Airport Terminal Co. Ltd.		1,794,931
	75,700	Kamigumi Co. Ltd.		1,562,043
	51,400	Mitsubishi Logistics Corp.		1,178,369
				4,535,343
		Wireless Telecommunication Services — 3.8%
	1,085,600	KDDI Corp.		26,271,358
	751,500	NTT DOCOMO, Inc.		18,636,332
	542,100	SoftBank Group Corp.		42,901,154
				87,808,844
		Total Common Stocks (Cost $2,433,472,200)		2,316,232,357
	Short-Term Investments — 0.0% (b)
		Investment Companies — 0.0% (b)
	288,800	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $288,800)		288,800
	Investment of Cash Collateral from Securities Loaned — 0.8%
	13,001,100	JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.27% (c) (d)		12,999,800
	6,499,769	JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (c) (d)		6,499,769
		Total Investment of Cash Collateral from Securities Loaned (Cost $19,499,769)		19,499,569
		Total Investments — 100.0% (Cost $2,453,260,769)		2,336,020,726
		Other Assets Less Liabilities — 0.0% (b)		66,941
		NET ASSETS — 100.0%		2,336,087,667

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

(a)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $17,759,855.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
TOPIX Index		28		12/2018		JPY		4,063,456		(165,724	)
TOPIX Index		95		03/2019		JPY		13,824,611		(410,353	)
										(576,077	)

Abbreviations

JPY	—  Japanese Yen
TOPIX	—  Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.4%
		Brazil — 9.8%
	40,100	Atacadao Distribuicao Comercio e Industria Ltda*		163,460
	22,520	Azul SA (Preference)*		183,476
	49,599	Banco Bradesco SA*		400,364
	183,068	Banco Bradesco SA (Preference)*		1,677,447
	11,913	Banco BTG Pactual SA*		63,286
	54,775	Banco do Brasil SA*		627,745
	11,673	Banco do Estado do Rio Grande do Sul SA (Preference), Class B		61,447
	22,537	Banco Santander Brasil SA		255,740
	38,979	BB Seguridade Participacoes SA		278,923
	12,920	Bradespar SA (Preference)		119,323
	12,928	Braskem SA (Preference), Class A		180,988
	45,800	Centrais Eletricas Brasileiras SA*		287,365
	32,500	Centrais Eletricas Brasileiras SA (Preference)*		230,378
	48,168	Cia de Saneamento Basico do Estado de Sao Paulo*		358,526
	6,577	Cia de Transmissao de Energia Eletrica Paulista (Preference)		115,564
	11,250	Cia Energetica de Minas Gerais		33,253
	131,772	Cia Energetica de Minas Gerais (Preference)		391,262
	14,032	Cia Paranaense de Energia (Preference)		98,750
	41,415	Cia Siderurgica Nacional SA*		105,944
	11,241	Cosan SA		96,809
	42,233	EDP—Energias do Brasil SA		158,537
	19,709	Engie Brasil Energia SA		210,780
	23,517	Equatorial Energia SA		427,369
	30,298	Estacio Participacoes SA		188,472
	15,854	Fibria Celulose SA		304,853
	70,398	Gerdau SA (Preference)		305,881
	55,686	Hypera SA*		442,465
	6,991	IRB Brasil Resseguros SA		134,692
	169,679	Itau Unibanco Holding SA (Preference)		2,240,501
	253,023	Itausa—Investimentos Itau SA (Preference)		761,483
	176,027	Kroton Educacional SA		539,220
	59,087	Localiza Rent a Car SA*		454,088
	8,709	Magazine Luiza SA		394,111
	22,700	Petrobras Distribuidora SA		145,844
	194,711	Petroleo Brasileiro SA*		1,581,128
	256,764	Petroleo Brasileiro SA (Preference)*		1,904,945
	5,499	Porto Seguro SA*		80,339
	14,000	Qualicorp Consultoria e Corretora de Seguros SA		53,946
	18,890	Sao Martinho SA		97,711
	6,811	Smiles Fidelidade SA*		68,595
	12,793	Sul America SA		85,080

SHARES		INVESTMENTS	VALUE($)
		Brazil — continued
	58,432	Telefonica Brasil SA (Preference)		676,564
	30,524	Transmissora Alianca de Energia Eletrica SA		184,054
	26,214	Usinas Siderurgicas de Minas Gerais SA (Preference), Class A		72,130
	240,863	Vale SA		3,643,850
				20,886,688
		Chile — 1.3%
	393,201	AES Gener SA		110,135
	385,159	Aguas Andinas SA, Class A		200,331
	1,563,806	Banco de Chile		216,617
	2,221	Banco de Credito e Inversiones SA		139,641
	3,482,586	Banco Santander Chile		255,588
	1,018,982	Colbun SA		191,175
	77,050	Empresas CMPC SA		263,773
	33,083	Empresas COPEC SA		463,719
	3,863,522	Enel Americas SA		608,889
	3,234,697	Enel Chile SA		281,547
	9,742,260	Itau CorpBanca		90,283
	33,893	Parque Arauco SA		76,887
				2,898,585
		China — 21.2%
	158,500	3SBio, Inc. (a)		231,721
	50,000	Agile Group Holdings Ltd.		57,447
	1,101,000	Agricultural Bank of China Ltd., Class H		484,638
	172,000	Air China Ltd., Class H		139,055
	50,000	Angang Steel Co. Ltd., Class H		42,758
	62,500	Anhui Conch Cement Co. Ltd., Class H		323,946
	11,600	Anhui Gujing Distillery Co. Ltd., Class B		60,254
	119,000	ANTA Sports Products Ltd.		491,296
	3,026	Autohome, Inc., ADR		219,022
	131,000	AviChina Industry & Technology Co. Ltd., Class H		87,479
	131,500	BAIC Motor Corp. Ltd., Class H (a)		74,235
	14,926	Baidu, Inc., ADR*		2,836,836
	2,704,000	Bank of China Ltd., Class H		1,152,016
	275,000	Bank of Communications Co. Ltd., Class H		206,596
	125,000	BBMG Corp., Class H		34,579
	88,000	Beijing Capital International Airport Co. Ltd., Class H		95,537
	27,500	Beijing Enterprises Holdings Ltd.		149,104
	514,000	Beijing Enterprises Water Group Ltd.		262,479
	264,000	Brilliance China Automotive Holdings Ltd.		231,589
	38,000	BYD Electronic International Co. Ltd.		44,716
	62,000	CAR, Inc.*		49,285
	1,345,000	CGN Power Co. Ltd., Class H (a)		309,321

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		China — continued
	204,000	China Agri-Industries Holdings Ltd.		68,373
	86,000	China BlueChemical Ltd., Class H		29,481
	336,000	China Cinda Asset Management Co. Ltd., Class H		82,482
	290,000	China CITIC Bank Corp. Ltd., Class H		179,752
	98,000	China Coal Energy Co. Ltd., Class H		44,005
	237,000	China Communications Construction Co. Ltd., Class H		217,307
	136,000	China Communications Services Corp. Ltd., Class H		110,210
	75,500	China Conch Venture Holdings Ltd.		212,426
	3,189,000	China Construction Bank Corp., Class H		2,530,622
	150,000	China Eastern Airlines Corp. Ltd., Class H		83,252
	109,000	China Everbright Bank Co. Ltd., Class H		48,652
	190,000	China Everbright International Ltd.		151,999
	30,000	China Everbright Ltd.		53,199
	104,000	China Evergrande Group		249,368
	66,000	China Foods Ltd.		30,991
	134,000	China Galaxy Securities Co. Ltd., Class H		67,505
	348,000	China Huarong Asset Management Co. Ltd., Class H (a)		63,185
	34,000	China International Capital Corp. Ltd., Class H (a)		56,003
	200,000	China Jinmao Holdings Group Ltd.		84,270
	262,000	China Life Insurance Co. Ltd., Class H		524,995
	161,000	China Longyuan Power Group Corp. Ltd., Class H		122,522
	146,000	China Medical System Holdings Ltd.		174,389
	132,500	China Merchants Bank Co. Ltd., Class H		511,632
	68,000	China Merchants Port Holdings Co. Ltd.		115,826
	222,800	China Minsheng Banking Corp. Ltd., Class H		164,515
	637,000	China Mobile Ltd.		5,967,338
	177,000	China Molybdenum Co. Ltd., Class H		66,096
	206,250	China National Building Material Co. Ltd., Class H		148,286
	134,000	China Overseas Land & Investment Ltd.		421,275
	91,200	China Pacific Insurance Group Co. Ltd., Class H		340,486
	1,198,000	China Petroleum & Chemical Corp., Class H		975,862
	544,000	China Power International Development Ltd.		107,633
	100,500	China Railway Construction Corp. Ltd., Class H		127,636
	207,000	China Railway Group Ltd., Class H		184,998
	86,000	China Railway Signal & Communication Corp. Ltd., Class H (a)		57,909
	240,000	China Reinsurance Group Corp., Class H		45,994
	114,000	China Resources Cement Holdings Ltd.		101,195
	98,000	China Resources Gas Group Ltd.		375,629
	94,000	China Resources Land Ltd.		319,713

SHARES		INVESTMENTS	VALUE($)
		China — continued
	199,000	China Resources Pharmaceutical Group Ltd. (a)		292,374
	228,000	China Resources Power Holdings Co. Ltd.		401,154
	157,500	China Shenhua Energy Co. Ltd., Class H		356,336
	88,000	China South City Holdings Ltd.		12,934
	178,000	China Southern Airlines Co. Ltd., Class H		97,025
	96,000	China State Construction International Holdings Ltd.		68,651
	51,200	China Taiping Insurance Holdings Co. Ltd.		171,980
	1,690,000	China Telecom Corp. Ltd., Class H		799,594
	296,000	China Traditional Chinese Medicine Holdings Co. Ltd.		188,990
	47,500	China Vanke Co. Ltd., Class H		146,675
	65,600	China Zhongwang Holdings Ltd.		29,191
	83,600	Chongqing Changan Automobile Co. Ltd., Class B		56,483
	100,000	Chongqing Rural Commercial Bank Co. Ltd., Class H		55,240
	120,000	CIFI Holdings Group Co. Ltd.		50,347
	28,000	CIMC Enric Holdings Ltd.		21,524
	263,000	CITIC Ltd.		395,160
	80,500	CITIC Securities Co. Ltd., Class H		142,123
	755,000	CNOOC Ltd.		1,285,750
	68,000	COSCO SHIPPING Energy Transportation Co. Ltd., Class H		37,256
	92,000	COSCO SHIPPING Ports Ltd.		94,028
	266,000	Country Garden Holdings Co. Ltd.		286,258
	215,000	CRRC Corp. Ltd., Class H		188,828
	536,000	CSPC Pharmaceutical Group Ltd.		1,142,113
	200,000	Dali Foods Group Co. Ltd. (a)		142,990
	342,000	Datang International Power Generation Co. Ltd., Class H		76,479
	278,000	Dongfeng Motor Group Co. Ltd., Class H		274,695
	87,600	ENN Energy Holdings Ltd.		747,453
	75,000	Far East Horizon Ltd.		72,686
	105,576	Fosun International Ltd.		154,895
	58,000	Future Land Development Holdings Ltd.		33,456
	49,200	Fuyao Glass Industry Group Co. Ltd., Class H (a)		145,430
	579,000	GCL-Poly Energy Holdings Ltd.*		34,405
	468,000	Geely Automobile Holdings Ltd.		901,837
	55,800	GF Securities Co. Ltd., Class H		72,297
	294,500	Great Wall Motor Co. Ltd., Class H		174,939
	27,000	Greentown China Holdings Ltd.		18,869
	354,000	Guangdong Investment Ltd.		633,756
	136,000	Guangshen Railway Co. Ltd., Class H		50,954

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		China — continued
	295,200	Guangzhou Automobile Group Co. Ltd., Class H		299,198
	28,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		102,213
	36,800	Guangzhou R&F Properties Co. Ltd., Class H		58,105
	29,800	Guotai Junan Securities Co. Ltd., Class H (a)		62,829
	30,000	Haitian International Holdings Ltd.		58,918
	122,400	Haitong Securities Co. Ltd., Class H		123,317
	14,500	Health & Happiness H&H International Holdings Ltd.*		82,743
	69,000	Hengan International Group Co. Ltd.		548,507
	198,000	Huadian Power International Corp. Ltd., Class H		75,102
	522,000	Huaneng Power International, Inc., Class H		290,966
	614,000	Huaneng Renewables Corp. Ltd., Class H		158,028
	61,400	Huatai Securities Co. Ltd., Class H (a)		98,851
	2,795,000	Industrial & Commercial Bank of China Ltd., Class H		1,896,332
	48,400	Inner Mongolia Yitai Coal Co. Ltd., Class B		57,654
	64,000	Jiangsu Expressway Co. Ltd., Class H		85,855
	55,000	Jiangxi Copper Co. Ltd., Class H		60,751
	42,000	Jiayuan International Group Ltd.		73,696
	130,000	Kunlun Energy Co. Ltd.		147,912
	44,236	KWG Group Holdings Ltd.		33,948
	21,300	Legend Holdings Corp., Class H (a)		57,931
	390,000	Lenovo Group Ltd.		248,739
	152,500	Li Ning Co. Ltd.*		143,456
	15,523	Livzon Pharmaceutical Group, Inc., Class H		45,365
	36,000	Logan Property Holdings Co. Ltd.		33,340
	52,500	Longfor Group Holdings Ltd.		127,585
	196,500	Luye Pharma Group Ltd. (a)		152,528
	78,000	Maanshan Iron & Steel Co. Ltd., Class H		42,005
	153,000	Metallurgical Corp. of China Ltd., Class H‡		37,188
	5,451	Momo, Inc., ADR*		182,990
	30,700	New China Life Insurance Co. Ltd., Class H		144,032
	28,400	Orient Securities Co. Ltd., Class H (a)		18,703
	290,000	People’s Insurance Co. Group of China Ltd. (The), Class H		118,611
	974,000	PetroChina Co. Ltd., Class H		700,329
	236,000	PICC Property & Casualty Co. Ltd., Class H		229,402
	177,000	Ping An Insurance Group Co. of China Ltd., Class H		1,673,364
	68,000	Poly Property Group Co. Ltd.		20,379
	206,000	Postal Savings Bank of China Co. Ltd., Class H (a)		123,252
	18,262	Red Star Macalline Group Corp. Ltd., Class H (a)		16,156

SHARES		INVESTMENTS	VALUE($)
		China — continued
	22,750	Shandong Chenming Paper Holdings Ltd., Class H		12,811
	204,000	Shandong Weigao Group Medical Polymer Co. Ltd., Class H		182,733
	12,200	Shanghai Baosight Software Co. Ltd., Class B		21,130
	150,000	Shanghai Electric Group Co. Ltd., Class H		48,820
	24,000	Shanghai Industrial Holdings Ltd.		50,544
	100,700	Shanghai Pharmaceuticals Holding Co. Ltd., Class H		223,001
	36,000	Shenzhen Expressway Co. Ltd., Class H		33,180
	46,044	Shenzhen International Holdings Ltd.		88,213
	112,829	Shenzhen Investment Ltd.		32,475
	71,000	Shenzhou International Group Holdings Ltd.		787,149
	42,500	Shimao Property Holdings Ltd.		83,744
	491,000	Sihuan Pharmaceutical Holdings Group Ltd.		99,975
	103,500	Sino-Ocean Group Holding Ltd.		40,685
	78,000	Sinopec Engineering Group Co. Ltd., Class H		72,661
	160,000	Sinopec Shanghai Petrochemical Co. Ltd., Class H		70,311
	123,200	Sinopharm Group Co. Ltd., Class H		596,824
	106,000	Sinotrans Ltd., Class H		37,082
	36,500	Sinotruk Hong Kong Ltd.		52,778
	78,000	Sunac China Holdings Ltd.		213,484
	34,700	Sunny Optical Technology Group Co. Ltd.		302,962
	20,000	Tianhe Chemicals Group Ltd.*‡ (a)		—
	40,338	Vipshop Holdings Ltd., ADR*		196,043
	105,000	Weichai Power Co. Ltd., Class H		103,803
	25,840	Xinjiang Goldwind Science & Technology Co. Ltd., Class H		19,296
	110,600	Yangzijiang Shipbuilding Holdings Ltd.		99,172
	90,000	Yanzhou Coal Mining Co. Ltd., Class H		85,597
	222,000	Yuexiu Property Co. Ltd.		35,228
	2,169	YY, Inc., ADR*		138,599
	78,000	Zhejiang Expressway Co. Ltd., Class H		65,589
	61,500	Zhongsheng Group Holdings Ltd.		112,429
	27,200	Zhuzhou CRRC Times Electric Co. Ltd., Class H		145,810
	256,000	Zijin Mining Group Co. Ltd., Class H		95,760
	69,800	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		22,391
				45,256,634
		Colombia — 0.6%
	23,742	Almacenes Exito SA		102,504
	15,793	Bancolombia SA		145,691
	25,771	Bancolombia SA (Preference)		237,738
	335,120	Ecopetrol SA		391,901

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Colombia — continued
	237,240	Grupo Aval Acciones y Valores SA (Preference)		84,005
	14,697	Grupo de Inversiones Suramericana SA		142,428
	59,979	Interconexion Electrica SA ESP		225,794
				1,330,061
		Czech Republic — 0.4%
	22,829	CEZ A/S		543,184
	4,472	Komercni banka A/S		169,706
	30,455	Moneta Money Bank A/S (a)		100,979
				813,869
		Egypt — 0.2%
	62,621	Commercial International Bank Egypt SAE		280,572
	38,769	Egyptian Financial Group-Hermes Holding Co.*		30,699
	59,930	ElSewedy Electric Co.		50,733
	57,268	Talaat Moustafa Group		29,613
				391,617
		Greece — 0.4%
	88,388	Alpha Bank AE*		133,388
	111,984	Eurobank Ergasias SA*		75,488
	12,844	JUMBO SA		187,012
	3,952	Motor Oil Hellas Corinth Refineries SA		93,553
	8,115	Mytilineos Holdings SA		71,674
	33,891	National Bank of Greece SA*		58,658
	25,835	OPAP SA		242,720
				862,493
		Hong Kong — 0.7%
	258,000	Bosideng International Holdings Ltd.		36,318
	76,800	China Gas Holdings Ltd.		243,793
	113,000	Haier Electronics Group Co. Ltd.*		237,298
	33,000	Kingboard Holdings Ltd.		88,646
	50,000	Kingboard Laminates Holdings Ltd.		38,384
	70,000	Lee & Man Paper Manufacturing Ltd.		60,101
	78,000	Nine Dragons Paper Holdings Ltd.		74,700
	787,500	Sino Biopharmaceutical Ltd.		710,791
				1,490,031
		Hungary — 0.4%
	30,243	MOL Hungarian Oil & Gas plc		317,106
	13,578	OTP Bank Nyrt		487,796
				804,902
		India — 9.2%
	12,222	Adani Enterprises Ltd.		28,087
	11,340	Adani Gas Ltd.*‡		9,286

SHARES		INVESTMENTS	VALUE($)
		India — continued
	62,221	Ashok Leyland Ltd.		96,491
	15,559	Asian Paints Ltd.		258,965
	31,827	Aurobindo Pharma Ltd.		341,082
	6,450	Avenue Supermarts Ltd.* (a)		116,769
	6,124	Bajaj Finance Ltd.		197,045
	1,349	Bajaj Finserv Ltd.		98,510
	961	Bajaj Holdings & Investment Ltd.		36,597
	18,686	Bank of Baroda*		27,977
	46,203	Bharat Petroleum Corp. Ltd.		172,306
	2,761	Britannia Industries Ltd.		210,486
	58,489	Coal India Ltd.		210,799
	6,373	Colgate-Palmolive India Ltd.		96,369
	51,590	Dabur India Ltd.		268,461
	19,549	Exide Industries Ltd.		70,353
	25,059	GAIL India Ltd.		126,961
	967	GlaxoSmithKline Consumer Healthcare Ltd.		91,476
	37,522	Godrej Consumer Products Ltd.		368,600
	17,417	Grasim Industries Ltd.		196,512
	30,257	HCL Technologies Ltd.		432,556
	11,413	HDFC Standard Life Insurance Co. Ltd. (a)		57,516
	9,776	Hero MotoCorp Ltd.		364,976
	41,558	Hindalco Industries Ltd.		123,908
	28,222	Hindustan Petroleum Corp. Ltd.		85,884
	70,338	Hindustan Unilever Ltd.		1,544,236
	10,838	Hindustan Zinc Ltd.		38,483
	60,760	Housing Development Finance Corp. Ltd.		1,453,595
	20,732	IDBI Bank Ltd.*		16,593
	11,527	Indiabulls Housing Finance Ltd.		130,014
	101,402	Indian Oil Corp. Ltd.		190,257
	211,205	Infosys Ltd.		1,951,758
	285,945	ITC Ltd.		1,083,599
	17,557	Jindal Steel & Power Ltd.*		40,708
	54,842	JSW Steel Ltd.		251,786
	17,232	L&T Finance Holdings Ltd.		29,782
	1,518	Larsen & Toubro Infotech Ltd. (a)		36,315
	17,853	Larsen & Toubro Ltd.		313,733
	8,739	LIC Housing Finance Ltd.		48,557
	10,472	Mahindra & Mahindra Financial Services Ltd.		57,873
	35,337	Mahindra & Mahindra Ltd.		366,346
	9,267	Mangalore Refinery & Petrochemicals Ltd.		10,265
	4,052	Mphasis Ltd.		54,169
	2,330	Nestle India Ltd.		319,541
	295,651	NHPC Ltd.		97,410
	35,159	NMDC Ltd.		51,940
	246,008	NTPC Ltd.		531,153

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		India — continued
	142,609	Oil & Natural Gas Corp. Ltd.		295,408
	12,612	Oil India Ltd.		33,680
	1,155	Oracle Financial Services Software Ltd.		56,662
	470	Page Industries Ltd.		187,359
	45,028	Petronet LNG Ltd.		137,343
	5,643	Pidilite Industries Ltd.		73,184
	10,301	Piramal Enterprises Ltd.		302,856
	22,377	Power Finance Corp. Ltd.		28,904
	92,236	Power Grid Corp. of India Ltd.		231,851
	78,729	REC Ltd.		123,938
	150,082	Reliance Industries Ltd.		2,154,619
	65,950	Reliance Power Ltd.*		26,988
	5,925	Shriram Transport Finance Co. Ltd.		93,590
	45,900	Steel Authority of India Ltd.*		40,072
	51,956	Tata Consultancy Services Ltd.		1,362,050
	113,671	Tata Power Co. Ltd. (The)		117,647
	13,381	Tata Steel Ltd.		100,337
	24,963	Tech Mahindra Ltd.		251,434
	31,003	Titan Co. Ltd.		354,709
	13,850	Torrent Power Ltd.		48,312
	6,500	United Breweries Ltd.		107,299
	16,865	UPL Ltd.		153,839
	77,451	Vedanta Ltd.		221,600
	57,625	Wipro Ltd.		257,971
	60,229	Yes Bank Ltd.		153,176
				19,620,913
		Indonesia — 3.9%
	1,465,000	Adaro Energy Tbk. PT		159,196
	3,493,400	Astra International Tbk. PT		1,817,145
	1,060,100	Bank Central Asia Tbk. PT		1,650,641
	2,016,100	Bank Mandiri Persero Tbk. PT		905,877
	814,700	Bank Negara Indonesia Persero Tbk. PT		393,375
	5,825,200	Bank Rakyat Indonesia Persero Tbk. PT		1,209,009
	480,700	Bukit Asam Tbk. PT		135,003
	830,200	Bumi Serpong Damai Tbk. PT*		60,273
	1,279,600	Charoen Pokphand Indonesia Tbk. PT		463,490
	80,600	Gudang Garam Tbk. PT		384,220
	324,500	Indah Kiat Pulp & Paper Corp. Tbk. PT		271,949
	387,700	Matahari Department Store Tbk. PT		123,864
	869,700	Media Nusantara Citra Tbk. PT		44,747
	1,966,400	Perusahaan Gas Negara Persero Tbk.		287,987
	188,400	United Tractors Tbk. PT		415,955
	228,200	Vale Indonesia Tbk. PT*		44,042
				8,366,773

SHARES		INVESTMENTS	VALUE($)
		Kuwait — 0.4%
	35,000	Agility Public Warehousing Co. KSC		95,638
	20,779	Boubyan Bank KSCP		35,983
	3,795	Humansoft Holding Co. KSC		38,106
	92,500	Kuwait Finance House KSCP		178,762
	152,497	Mobile Telecommunications Co. KSC		223,566
	89,664	National Bank of Kuwait SAKP		242,646
				814,701
		Malaysia — 6.5%
	254,700	AirAsia Group Bhd.		160,026
	207,700	AMMB Holdings Bhd.		188,780
	715,055	CIMB Group Holdings Bhd.		978,401
	556,000	Dialog Group Bhd.		450,338
	281,100	Gamuda Bhd.		160,823
	387,600	Genting Bhd.		680,214
	283,700	Hartalega Holdings Bhd.		424,452
	67,768	Hong Leong Bank Bhd.		335,585
	535,300	IOI Corp. Bhd.		575,753
	632,708	Malayan Banking Bhd.		1,436,085
	111,200	Malaysia Airports Holdings Bhd.		221,031
	354,500	Maxis Bhd.		443,243
	10,400	Nestle Malaysia Bhd.		357,395
	336,500	Petronas Chemicals Group Bhd.		752,397
	49,600	Petronas Dagangan Bhd.		308,697
	140,000	Petronas Gas Bhd.		612,396
	113,560	PPB Group Bhd.		455,048
	216,900	Press Metal Aluminium Holdings Bhd.		251,091
	335,700	Public Bank Bhd.		1,974,732
	120,700	RHB Bank Bhd.		151,000
	439,800	Sime Darby Bhd.		231,343
	768,300	Tenaga Nasional Bhd.		2,700,681
	594,500	YTL Power International Bhd.		135,163
				13,984,674
		Mexico — 4.2%
	229,500	Alfa SAB de CV, Class A		241,891
	26,384	Alpek SAB de CV*		34,731
	40,197	Banco del Bajio SA (a)		79,016
	99,319	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		123,848
	1,162,400	Cemex SAB de CV*		580,249
	23,400	El Puerto de Liverpool SAB de CV, Class C1		148,292
	179,589	Fibra Uno Administracion SA de CV, REIT		192,999
	255,400	Fomento Economico Mexicano SAB de CV		2,171,244
	33,011	GMexico Transportes SAB de CV (a)		45,194
	24,929	Gruma SAB de CV, Class B		260,172

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Mexico — continued
	24,380	Grupo Aeroportuario del Centro Norte SAB de CV		127,569
	26,971	Grupo Aeroportuario del Pacifico SAB de CV, Class B		223,129
	15,380	Grupo Aeroportuario del Sureste SAB de CV, Class B		255,641
	35,800	Grupo Carso SAB de CV, Series A1		105,356
	165,222	Grupo Financiero Banorte SAB de CV, Class O		909,023
	131,081	Grupo Financiero Inbursa SAB de CV, Class O		169,907
	250,014	Grupo Mexico SAB de CV, Series B		576,873
	8,640	Industrias Penoles SAB de CV		121,774
	73,400	Infraestructura Energetica Nova SAB de CV		287,735
	98,700	Kimberly-Clark de Mexico SAB de CV, Class A		142,269
	36,030	Megacable Holdings SAB de CV		159,759
	71,815	Mexichem SAB de CV		189,708
	70,000	Nemak SAB de CV (a)		50,967
	16,190	Promotora y Operadora de Infraestructura SAB de CV		147,337
	13,243	Regional SAB de CV		64,496
	618,696	Wal-Mart de Mexico SAB de CV		1,580,148
				8,989,327
		Pakistan — 0.0% (b)
	30,200	Oil & Gas Development Co. Ltd.		36,167
		Philippines — 1.2%
	525,600	Alliance Global Group, Inc.*		111,934
	26,885	Ayala Corp.		462,832
	750,600	Ayala Land, Inc.		556,949
	581,700	Bloomberry Resorts Corp.		91,451
	5,550	Globe Telecom, Inc.		216,793
	10,228	GT Capital Holdings, Inc.		145,281
	52,600	Manila Electric Co.		362,059
	1,325,000	Megaworld Corp.		109,320
	2,762,800	Metro Pacific Investments Corp.		248,173
	14,060	PLDT, Inc.		362,847
				2,667,639
		Qatar — 1.6%
	11,955	Barwa Real Estate Co.		122,768
	11,658	Commercial Bank PQSC (The)		132,541
	9,340	Doha Bank QPSC		56,358
	15,614	Industries Qatar QSC		600,819
	22,547	Masraf Al Rayan QSC		235,172
	7,365	Qatar Electricity & Water Co. QSC		379,930
	21,095	Qatar Gas Transport Co. Ltd.		100,908
	6,962	Qatar Islamic Bank SAQ		292,512

SHARES		INVESTMENTS	VALUE($)
		Qatar — continued
	26,697	Qatar National Bank QPSC		1,429,002
				3,350,010
		Russia — 6.3%
	65,520	Aeroflot PJSC		96,740
	175,450	Alrosa PJSC		266,070
	37,486,813	Federal Grid Co. Unified Energy System PJSC		87,044
	745,110	Gazprom PJSC		1,755,409
	5,120,506	Inter RAO UES PJSC		309,806
	32,906	LUKOIL PJSC		2,466,936
	8,668	Magnit PJSC		472,717
	124,391	Magnitogorsk Iron & Steel Works PJSC		90,438
	3,254	MMC Norilsk Nickel PJSC		543,660
	141,143	Mobile TeleSystems PJSC		553,582
	85,084	Moscow Exchange MICEX-RTS PJSC*		113,418
	75,905	Novatek PJSC		1,208,867
	61,446	Novolipetsk Steel PJSC		149,642
	3,109	Polyus PJSC, GDR (a)		95,822
	82,659	Rosneft Oil Co. PJSC		576,425
	122,120	Rostelecom PJSC		129,781
	16,558,900	RusHydro PJSC		138,201
	613,824	Sberbank of Russia PJSC		1,764,305
	13,215	Severstal PJSC		206,483
	406,622	Sistema PJSC FC		48,190
	506,610	Surgutneftegas PJSC		203,745
	546,099	Surgutneftegas PJSC (Preference)		315,502
	105,996	Tatneft PJSC		1,253,272
	10,459	Tatneft PJSC (Preference)		83,302
	110	Transneft PJSC (Preference)		285,543
	299,098,247	VTB Bank PJSC		166,299
				13,381,199
		Singapore — 0.0% (b)
	23,200	Yanlord Land Group Ltd.		21,159
		South Africa — 6.2%
	43,615	Absa Group Ltd.		440,699
	7,820	AECI Ltd.		50,092
	7,228	African Rainbow Minerals Ltd.		61,190
	4,508	Anglo American Platinum Ltd.		146,768
	56,142	Aspen Pharmacare Holdings Ltd.		593,701
	2,403	Assore Ltd.		50,192
	40,126	AVI Ltd.		271,995
	16,384	Barloworld Ltd.		133,544
	41,360	Bid Corp. Ltd.		774,417
	25,324	Bidvest Group Ltd. (The)		316,035
	3,210	Capitec Bank Holdings Ltd.		215,647

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		South Africa — continued
	29,343	Clicks Group Ltd.		373,935
	15,416	Coronation Fund Managers Ltd.		51,355
	20,758	Discovery Ltd.		222,781
	17,647	Exxaro Resources Ltd.		180,491
	201,786	FirstRand Ltd.		881,334
	27,499	Foschini Group Ltd. (The)		301,038
	171,678	Growthpoint Properties Ltd., REIT		263,583
	30,640	Harmony Gold Mining Co. Ltd.*		57,201
	14,766	Hyprop Investments Ltd., REIT		90,353
	12,217	Imperial Holdings Ltd.		135,555
	17,497	Investec Ltd.		108,843
	5,091	JSE Ltd.		56,592
	143,971	KAP Industrial Holdings Ltd.		76,045
	3,789	Kumba Iron Ore Ltd.		74,290
	6,865	Liberty Holdings Ltd.		50,253
	30,119	Mr Price Group Ltd.		471,579
	51,539	Nampak Ltd.*		51,998
	12,888	Nedbank Group Ltd.		217,874
	40,810	Pick n Pay Stores Ltd.		188,469
	41,359	Rand Merchant Investment Holdings Ltd.		96,103
	305,332	Redefine Properties Ltd., REIT		198,484
	41,116	Remgro Ltd.		530,055
	12,866	Reunert Ltd.		69,552
	42,484	RMB Holdings Ltd.		214,581
	107,583	Sanlam Ltd.		541,715
	39,324	Sappi Ltd.		220,944
	38,024	Sasol Ltd.		1,242,623
	54,944	Shoprite Holdings Ltd.		670,767
	23,162	SPAR Group Ltd. (The)		276,060
	79,080	Standard Bank Group Ltd.		876,144
	27,817	Super Group Ltd.*		75,423
	41,625	Telkom SA SOC Ltd.		151,376
	13,302	Tongaat Hulett Ltd.		51,044
	50,274	Truworths International Ltd.		275,388
	63,451	Tsogo Sun Holdings Ltd.		86,881
	87,836	Vodacom Group Ltd.		740,700
	44,175	Vukile Property Fund Ltd., REIT		60,786
				13,286,475
		Taiwan — 15.3%
	257,000	Acer, Inc.*		180,841
	298,500	ASE Technology Holding Co. Ltd.*		602,052
	200,000	Asia Cement Corp.		212,055
	65,000	Asustek Computer, Inc.		481,991
	784,000	AU Optronics Corp.		306,313
	68,000	Catcher Technology Co. Ltd.		687,561

SHARES		INVESTMENTS	VALUE($)
		Taiwan — continued
	556,000	Cathay Financial Holding Co. Ltd.		882,747
	85,000	Chailease Holding Co. Ltd.		243,794
	430,600	Chang Hwa Commercial Bank Ltd.		244,621
	52,551	Chicony Electronics Co. Ltd.		105,327
	980,000	China Development Financial Holding Corp.		315,539
	180,838	China Life Insurance Co. Ltd.		171,878
	1,003,000	China Steel Corp.		792,166
	364,000	Compal Electronics, Inc.		201,065
	1,283,395	CTBC Financial Holding Co. Ltd.		859,401
	724,582	E.Sun Financial Holding Co. Ltd.		481,101
	26,000	Eclat Textile Co. Ltd.		309,574
	272,850	Eva Airways Corp.		124,991
	532,000	Far Eastern New Century Corp.		535,095
	45,000	Feng TAY Enterprise Co. Ltd.		270,704
	681,501	First Financial Holding Co. Ltd.		431,147
	285,000	Formosa Chemicals & Fibre Corp.		1,034,281
	117,000	Formosa Petrochemical Corp.		461,890
	404,000	Formosa Plastics Corp.		1,321,113
	134,000	Formosa Taffeta Co. Ltd.		146,065
	98,533	Foxconn Technology Co. Ltd.		209,232
	515,000	Fubon Financial Holding Co. Ltd.		807,986
	20,000	Globalwafers Co. Ltd.		159,211
	1,061,992	Hon Hai Precision Industry Co. Ltd.*		2,703,352
	598,951	Hua Nan Financial Holdings Co. Ltd.		338,310
	742,000	Innolux Corp.		225,304
	267,000	Inventec Corp.		215,790
	14,000	Largan Precision Co. Ltd.		1,529,688
	764,233	Mega Financial Holding Co. Ltd.		647,147
	463,000	Nan Ya Plastics Corp.		1,153,337
	72,737	Nanya Technology Corp.		121,453
	51,000	Novatek Microelectronics Corp.		225,620
	57,000	Oriental Union Chemical Corp.		51,725
	182,000	Pegatron Corp.		332,559
	346,000	Pou Chen Corp.		351,103
	76,000	President Chain Store Corp.		859,724
	41,000	Realtek Semiconductor Corp.		165,096
	586,119	Shin Kong Financial Holding Co. Ltd.		193,245
	736,580	SinoPac Financial Holdings Co. Ltd.		250,564
	122,200	Synnex Technology International Corp.		131,870
	692,604	Taishin Financial Holding Co. Ltd.		308,605
	296,957	Taiwan Business Bank		98,030
	398,000	Taiwan Cement Corp.		447,386
	633,944	Taiwan Cooperative Financial Holding Co. Ltd.		357,056
	60,000	Taiwan Fertilizer Co. Ltd.*		81,599
	812,000	Taiwan Semiconductor Manufacturing Co. Ltd.		6,095,994

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Taiwan — continued
	625,000	Uni-President Enterprises Corp.		1,514,909
	1,053,000	United Microelectronics Corp.		401,279
	77,000	Vanguard International Semiconductor Corp.		142,462
	273,000	Walsin Lihwa Corp.		135,780
	43,000	Walsin Technology Corp.		181,705
	245,523	Wistron Corp.		150,516
	35,000	Yageo Corp.		358,894
	785,665	Yuanta Financial Holding Co. Ltd.		382,068
				32,731,911
		Thailand — 7.0%
	217,200	Advanced Info Service PCL		1,271,445
	544,400	Airports of Thailand PCL		1,046,571
	34,600	Bangkok Bank PCL		221,595
	19,800	Bangkok Bank PCL, NVDR		123,753
	1,688,600	Bangkok Dusit Medical Services PCL		1,252,335
	522,800	Banpu PCL		275,305
	269,300	Central Pattana PCL		642,208
	57,800	Delta Electronics Thailand PCL		120,335
	51,900	Electricity Generating PCL		362,063
	80,000	Glow Energy PCL		202,181
	67,100	Gulf Energy Development PCL		158,136
	955,600	Home Product Center PCL		430,341
	211,600	Indorama Ventures PCL		347,126
	240,300	Intouch Holdings PCL, NVDR		384,646
	1,226,600	IRPC PCL		225,869
	673,000	Krung Thai Bank PCL		408,567
	717,000	Land & Houses PCL, NVDR		223,324
	165,600	PTT Exploration & Production PCL		693,599
	243,800	PTT Global Chemical PCL		566,293
	1,716,500	PTT PCL		2,590,318
	151,000	Ratchaburi Electricity Generating Holding PCL		223,198
	106,700	Siam Cement PCL (The) (Registered)		1,325,321
	262,300	Siam Commercial Bank PCL (The)		1,088,533
	122,600	Thai Oil PCL		313,550
	2,330,900	TMB Bank PCL		160,689
	2,069,100	True Corp. PCL		369,010
				15,026,311
		Turkey — 1.0%
	124,651	Akbank T.A.S.		147,411
	117,327	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT		35,139
	34,642	Enerjisa Enerji A/S (a)		29,890
	38,899	Enka Insaat ve Sanayi A/S		32,507
	95,955	Eregli Demir ve Celik Fabrikalari TAS		155,716
	7,810	Ford Otomotiv Sanayi A/S		83,871

SHARES		INVESTMENTS	VALUE($)
		Turkey — continued
	53,234	Haci Omer Sabanci Holding A/S		67,903
	10,750	Iskenderun Demir ve Celik A/S		13,365
	59,273	KOC Holding A/S		165,579
	3,023	Koza Altin Isletmeleri A/S*		24,367
	60,110	Petkim Petrokimya Holding A/S		54,714
	27,084	Soda Sanayii A/S		32,845
	13,455	TAV Havalimanlari Holding A/S		56,018
	13,275	Tekfen Holding A/S		50,539
	14,877	Tofas Turk Otomobil Fabrikasi A/S		56,153
	8,822	Tupras Turkiye Petrol Rafinerileri A/S		208,143
	67,569	Turk Hava Yollari AO*		170,199
	151,943	Turkcell Iletisim Hizmetleri A/S		309,196
	127,790	Turkiye Garanti Bankasi A/S		160,749
	37,845	Turkiye Halk Bankasi A/S		41,852
	86,616	Turkiye Is Bankasi A/S, Class C		61,991
	46,804	Turkiye Sise ve Cam Fabrikalari A/S		39,638
	63,934	Turkiye Vakiflar Bankasi TAO, Class D		39,226
	18,308	Ulker Biskuvi Sanayi A/S*		48,411
	94,376	Yapi ve Kredi Bankasi A/S*		27,370
				2,112,792
		United Arab Emirates — 1.4%
	120,023	Abu Dhabi Commercial Bank PJSC		264,407
	276,428	Air Arabia PJSC		76,762
	230,439	Aldar Properties PJSC		108,533
	52,925	Arabtec Holding PJSC		28,961
	438,441	Dana Gas PJSC		137,137
	13,027	DP World Ltd.		234,356
	126,618	Dubai Investments PJSC		55,831
	96,839	Dubai Islamic Bank PJSC		138,675
	47,758	Emaar Development PJSC		64,540
	207,648	Emaar Properties PJSC		288,111
	194,357	Emirates Telecommunications Group Co. PJSC		921,619
	161,469	First Abu Dhabi Bank PJSC		607,873
				2,926,805
		United Kingdom — 0.1%
	8,172	Mondi Ltd.		195,585
		United States — 0.1%
	119,721	JBS SA		329,100
		Total Common Stocks (Cost $216,001,988)		212,576,421

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

NO. OF RIGHTS		INVESTMENTS	VALUE($)
	Rights — 0.0% (b)
		Chile — 0.0% (b)
	169	Banco de Credito e Inversiones SA, expiring 11/29/2018 (Strike Price CLP41,500.00)*		413
		Russia — 0.0% (b)
	502,715	RusHydro PJSC, expiring 12/28/2018 (Strike Price $1.00)*		—	(c)
		Taiwan — 0.0% (b)
	13,971	Taishin Financial Holding Co. Ltd., expiring 11/22/2018 (Strike Price $1.00)*		1,355
		Total Rights (Cost $—)		1,768
SHARES
	Short-Term Investments — 0.4%
		Investment Companies — 0.4%
	753,648	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (d) (e) (Cost $753,648)		753,648
		Total Investments — 99.8% (Cost 216,755,636)		213,331,837
		Other Assets Less Liabilities — 0.2%		472,415
		NET ASSETS — 100.0%		213,804,252

Percentages indicated are based on net assets.

Abbreviations

ADR	—  American Depositary Receipt
CLP	—  Chilean Peso
GDR	—  Global Depositary Receipt
NVDR	—  Non-voting depository receipt
Preference	—  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	—  Real Estate Investment Trust
(a)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  Amount rounds to less than 1.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.
‡	—  Value determined using significant unobservable inputs.

Summary of Investments by Industry, October 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		19.1	%
Oil, Gas & Consumable Fuels		12.3
Wireless Telecommunication Services		4.9
Metals & Mining		4.3
Semiconductors & Semiconductor Equipment		3.7
Chemicals		3.6
Electric Utilities		3.6
Electronic Equipment, Instruments & Components		2.9
Insurance		2.9
Food & Staples Retailing		2.6
Food Products		2.5
Real Estate Management & Development		2.2
Automobiles		2.2
Pharmaceuticals		2.2
IT Services		2.0
Diversified Financial Services		1.9
Independent Power and Renewable Electricity Producers		1.7
Interactive Media & Services		1.6
Construction Materials		1.6
Industrial Conglomerates		1.5
Diversified Telecommunication Services		1.5
Textiles, Apparel & Luxury Goods		1.4
Transportation Infrastructure		1.4
Gas Utilities		1.3
Technology Hardware, Storage & Peripherals		1.2
Beverages		1.1
Health Care Providers & Services		1.0
Others (each less than 1.0%)		11.8

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI Emerging Markets E-Mini Index		21		12/2018		USD		1,004,430		14,197
										14,197

Abbreviations

MSCI	—  Morgan Stanley Capital International
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan Diversified Return Europe Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Exchange Traded Funds — 100.1%
		United States — 100.1%
	539,865	JPMorgan Diversified Return Europe Equity ETF (a) (Cost $28,437,436)		28,919,164
		Total Investments — 100.1% (Cost $28,437,436)		28,919,164
		Liabilities in Excess of Other Assets — (0.1)%		(24,926	)
		NET ASSETS — 100.0%		28,894,238

Percentages indicated are based on net assets.

Abbreviations

ETF	—  Exchange Traded Fund
(a)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

Forward foreign currency exchange contracts outstanding as of October 31, 2018:
CURRENCY PURCHASED			CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	2,990,225			CHF	2,912,394	Goldman Sachs International		11/5/2018		97,756
USD	107,753			DKK	703,948	Citibank, NA		11/5/2018		856
USD	1,089,743	��		DKK	6,976,758	Merrill Lynch International		11/5/2018		30,300
USD	129,927			DKK	831,791	Royal Bank of Canada		11/5/2018		3,616
USD	16,065,949			EUR	13,794,188	Barclays Bank plc		11/5/2018		438,386
USD	65,102			EUR	55,927	Merrill Lynch International		11/5/2018		1,743
USD	488,795			EUR	427,980	Societe Generale		11/5/2018		3,932
USD	135,063			GBP	102,774	BNP Paribas		11/5/2018		3,681
USD	7,110,459			GBP	5,443,994	Citibank, NA		11/5/2018		151,083
USD	138,616			GBP	106,131	Merrill Lynch International		11/5/2018		2,942
USD	218,256			GBP	168,817	Royal Bank of Canada		11/5/2018		2,448
USD	739,032			NOK	6,010,950	BNP Paribas		11/5/2018		25,885
USD	68,297			NOK	555,419	Goldman Sachs International		11/5/2018		2,401
USD	58,776			PLN	216,442	Citibank, NA		11/5/2018		2,366
USD	1,869,945			SEK	16,595,914	BNP Paribas		11/5/2018		55,992
USD	156,132			SEK	1,389,300	Goldman Sachs International		11/5/2018		4,280
GBP	433,372			USD	554,440	Merrill Lynch International		12/5/2018		343
USD	2,654,073			CHF	2,662,065	Goldman Sachs International		12/5/2018		2,690
USD	1,296,409			DKK	8,512,497	Societe Generale		12/5/2018		306
USD	15,861,985			EUR	13,965,412	National Australia Bank Ltd.		12/5/2018		853
USD	782,340			NOK	6,566,369	Citibank, NA		12/5/2018		2,274
USD	56,571			PLN	216,442	TD Bank Financial Group		12/5/2018		122
USD	1,959,879			SEK	17,869,321	Societe Generale		12/5/2018		1,627
Total unrealized appreciation										835,882
CHF	250,330			USD	257,057	Goldman Sachs International		11/5/2018		(8,440	)
EUR	39,815			USD	46,172	Barclays Bank plc		11/5/2018		(1,065	)
EUR	127,389			USD	148,258	BNP Paribas		11/5/2018		(3,937	)
EUR	190,744			USD	222,138	Merrill Lynch International		11/5/2018		(6,043	)
SEK	115,893			USD	12,966	Barclays Bank plc		11/5/2018		(298	)
CHF	197,430			USD	196,843	Goldman Sachs International		12/5/2018		(205	)

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
DKK	704,312		USD	107,269	Citibank, NA		12/5/2018		(31	)
EUR	1,008,916		USD	1,145,873	Goldman Sachs International		12/5/2018		(3	)
NOK	359,927		USD	42,872	Societe Generale		12/5/2018		(114	)
PLN	23,617		USD	6,170	Merrill Lynch International		12/5/2018		(10	)
SEK	1,455,697		USD	159,687	Societe Generale		12/5/2018		(161	)
USD	70,514		CHF	70,937	Goldman Sachs International		12/5/2018		(138	)
USD	34,437		DKK	226,461	Citibank, NA		12/5/2018		(44	)
USD	422,351		EUR	372,316	Royal Bank of Canada		12/5/2018		(505	)
USD	196,635		GBP	153,785	Barclays Bank plc		12/5/2018		(233	)
USD	7,414,542		GBP	5,793,291	Citibank, NA		12/5/2018		(1,756	)
USD	20,088		NOK	169,179	Barclays Bank plc		12/5/2018		(10	)
USD	51,181		SEK	467,687	Royal Bank of Canada		12/5/2018		(73	)
Total unrealized depreciation									(23,066	)
Net unrealized appreciation									812,816

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 89

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.1%
		Australia — 0.7%
	11,550	BHP Billiton plc		230,408
	6,288	Rio Tinto plc		305,287
				535,695
		Austria — 0.9%
	1,058	ANDRITZ AG		54,836
	5,797	OMV AG		321,922
	1,023	Verbund AG		41,178
	6,191	voestalpine AG		219,719
				637,655
		Belgium — 2.2%
	4,955	Ageas		247,924
	1,028	bpost SA		15,601
	4,006	Colruyt SA		232,926
	1,159	Groupe Bruxelles Lambert SA		107,791
	11,714	Proximus SADP		298,448
	2,189	Solvay SA		249,343
	2,742	UCB SA		230,273
	5,228	Umicore SA		246,097
				1,628,403
		Chile — 0.2%
	17,762	Antofagasta plc		177,798
		Denmark — 4.2%
	5,852	Ambu A/S, Class B		121,981
	1,990	Carlsberg A/S, Class B		219,530
	3,205	Chr Hansen Holding A/S		323,519
	2,657	Coloplast A/S, Class B		247,934
	3,458	DSV A/S		277,417
	4,739	GN Store Nord A/S		201,022
	4,179	H Lundbeck A/S		194,915
	1,643	ISS A/S		53,958
	6,940	Novo Nordisk A/S, Class B		299,715
	4,938	Novozymes A/S, Class B		243,863
	5,031	Orsted A/S (a)		319,020
	174	Rockwool International A/S, Class B		59,449
	7,613	Tryg A/S		183,519
	3,308	Vestas Wind Systems A/S		207,446
	6,846	William Demant Holding A/S*		225,040
				3,178,328
		Finland — 4.5%
	6,978	Elisa OYJ		277,627
	12,961	Fortum OYJ		272,838
	4,254	Kesko OYJ, Class B		248,445
	5,661	Kone OYJ, Class B		275,546
	6,741	Neste OYJ		553,538

SHARES		INVESTMENTS	VALUE($)
		Finland — continued
	45,045	Nokia OYJ		254,441
	22,006	Nordea Bank AB		191,251
	7,824	Orion OYJ, Class B		269,140
	6,458	Sampo OYJ, Class A		296,985
	16,356	Stora Enso OYJ, Class R		245,752
	8,552	UPM-Kymmene OYJ		274,936
	9,971	Wartsila OYJ Abp		169,663
				3,330,162
		France — 15.0%
	4,605	Accor SA		210,414
	883	Aeroports de Paris		184,682
	2,388	Air Liquide SA		288,676
	2,360	Arkema SA		247,596
	2,684	Atos SE		229,555
	4,591	AXA SA		114,897
	826	BioMerieux		62,989
	873	BNP Paribas SA		45,496
	3,065	Bouygues SA		111,660
	2,798	Bureau Veritas SA		63,123
	3,517	Capgemini SE		429,442
	2,065	Casino Guichard Perrachon SA		91,072
	2,045	Cie Generale des Etablissements Michelin SCA		209,356
	2,385	Cie Plastic Omnium SA		66,308
	5,473	CNP Assurances		121,979
	2,387	Covivio, REIT		239,514
	3,116	Danone SA		220,655
	62	Dassault Aviation SA		102,879
	1,814	Dassault Systemes SE		227,085
	4,970	Edenred		188,528
	2,227	Eiffage SA		217,493
	18,777	Electricite de France SA		311,098
	16,960	Engie SA		225,351
	1,891	EssilorLuxottica SA		258,270
	727	Eurazeo SE		53,091
	8,104	Eutelsat Communications SA		164,143
	2,951	Faurecia SA		143,060
	1,452	Gecina SA, REIT		212,954
	363	Hermes International		207,237
	2,087	Imerys SA		128,649
	1,793	Ingenico Group SA		126,899
	1,299	Ipsen SA		180,111
	606	Kering SA		269,360
	2,198	Klepierre SA, REIT		74,485
	5,099	Lagardere SCA		139,380
	3,086	Legrand SA		201,519

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		France — continued
	1,123	L’Oreal SA		253,019
	973	LVMH Moet Hennessy Louis Vuitton SE		295,213
	7,957	Natixis SA		46,452
	19,925	Orange SA		310,996
	1,260	Orpea		155,122
	1,556	Pernod Ricard SA		237,269
	10,834	Peugeot SA		257,533
	3,639	Publicis Groupe SA		210,650
	2,454	Renault SA		183,250
	1,942	Rubis SCA		100,196
	2,198	Safran SA		284,043
	3,995	Sanofi		356,995
	405	Sartorius Stedim Biotech		50,184
	3,069	Schneider Electric SE		221,923
	2,639	SCOR SE		121,950
	216	SEB SA		30,971
	777	Societe BIC SA		74,385
	2,823	Sodexo SA		288,163
	1,984	Thales SA		253,393
	5,638	TOTAL SA		330,812
	2,320	Ubisoft Entertainment SA*		208,110
	4,765	Valeo SA		153,692
	11,687	Veolia Environnement SA		232,916
	2,028	Vinci SA		180,491
				11,206,734
		Germany — 12.3%
	1,381	1&1 Drillisch AG		61,601
	736	Allianz SE (Registered)		153,323
	3,430	Axel Springer SE		227,776
	3,680	BASF SE		282,398
	3,177	Bayer AG (Registered)		243,525
	2,631	Bayerische Motoren Werke AG		226,557
	734	Carl Zeiss Meditec AG		60,125
	12,891	CECONOMY AG		65,869
	1,018	Continental AG		167,752
	3,329	Covestro AG (a)		214,683
	3,613	Daimler AG (Registered)		214,022
	1,171	Deutsche Boerse AG		147,982
	12,243	Deutsche Lufthansa AG (Registered)		245,755
	4,453	Deutsche Post AG (Registered)		140,605
	17,270	Deutsche Telekom AG (Registered)		283,257
	5,417	Deutsche Wohnen SE		247,775
	12,705	E.ON SE		122,858
	7,134	Evonik Industries AG		220,696
	1,453	Fielmann AG		90,129

SHARES		INVESTMENTS	VALUE($)
		Germany — continued
	1,139	Fraport AG Frankfurt Airport Services Worldwide		87,960
	3,256	Fresenius Medical Care AG & Co. KGaA		255,650
	3,378	Fresenius SE & Co. KGaA		214,692
	3,229	FUCHS PETROLUB SE (Preference)		149,469
	1,101	Hannover Rueck SE		148,063
	1,775	Hella GmbH & Co. KGaA		83,028
	2,585	Henkel AG & Co. KGaA (Preference)		282,424
	596	HOCHTIEF AG		88,320
	2,781	HUGO BOSS AG		198,740
	12,463	Infineon Technologies AG		249,720
	5,892	Innogy SE*		245,721
	2,284	LEG Immobilien AG		249,662
	2,351	Merck KGaA		251,565
	1,331	MTU Aero Engines AG		282,614
	3,418	Porsche Automobil Holding SE (Preference)		217,368
	8,507	ProSiebenSat.1 Media SE		196,439
	411	Puma SE		211,344
	481	Rheinmetall AG		41,628
	9,734	RWE AG		189,367
	2,874	SAP SE		307,729
	1,352	Scout24 AG (a)		56,031
	1,483	Siemens AG (Registered)		170,466
	2,390	Symrise AG		200,203
	2,670	Talanx AG		95,402
	51,291	Telefonica Deutschland Holding AG		199,390
	10,808	TUI AG		179,319
	8,900	Uniper SE		256,839
	4,669	United Internet AG (Registered)		193,207
	907	Volkswagen AG (Preference)		152,379
	5,448	Vonovia SE		248,955
	956	Wacker Chemie AG		85,394
				9,205,776
		Ireland — 0.5%
	2,072	Paddy Power Betfair plc		177,686
	6,116	Smurfit Kappa Group plc		198,835
				376,521
		Italy — 4.6%
	142,545	A2A SpA		229,691
	15,062	Assicurazioni Generali SpA		243,053
	8,753	Atlantia SpA		175,882
	512	DiaSorin SpA		48,565
	59,838	Enel SpA		293,389
	18,003	Eni SpA		319,729
	89,741	Intesa Sanpaolo SpA		198,783

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 91

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Italy — continued
	38,170	Italgas SpA		196,940
	9,872	Mediobanca Banca di Credito Finanziario SpA		86,457
	5,459	Moncler SpA		189,579
	29,112	Poste Italiane SpA (a)		208,890
	7,001	Recordati SpA		237,009
	45,874	Saipem SpA*		250,872
	61,282	Snam SpA		253,374
	104,290	Telecom Italia SpA*		61,339
	62,315	Terna Rete Elettrica Nazionale SpA		321,888
	43,412	UnipolSai Assicurazioni SpA		94,779
				3,410,219
		Jersey — 0.3%
	3,151	Randgold Resources Ltd.		247,838
		Jordan — 0.3%
	9,589	Hikma Pharmaceuticals plc		232,581
		Kazakhstan — 0.1%
	16,911	KAZ Minerals plc		111,658
		Luxembourg — 1.3%
	7,882	ArcelorMittal		196,679
	98	Eurofins Scientific SE		49,386
	2,690	RTL Group SA		172,656
	14,478	SES SA, FDR		311,162
	13,985	Tenaris SA		205,868
				935,751
		Netherlands — 4.9%
	2,265	Aalberts Industries NV		83,030
	3,296	ABN AMRO Group NV, CVA (a)		80,843
	40,462	Aegon NV		248,139
	2,951	Akzo Nobel NV		247,781
	50,078	Altice Europe NV*		119,138
	1,668	ASML Holding NV		287,303
	5,252	ASR Nederland NV		238,426
	1,332	Gemalto NV*		75,978
	1,713	Heineken Holding NV		148,168
	1,818	Heineken NV		163,561
	13,603	Koninklijke Ahold Delhaize NV		311,380
	3,138	Koninklijke DSM NV		273,975
	96,296	Koninklijke KPN NV		254,079
	7,455	Koninklijke Philips NV		278,041
	5,892	NN Group NV		252,991
	287	Randstad NV		14,440
	8,704	Royal Dutch Shell plc, Class B		283,863
	5,192	Wolters Kluwer NV		294,566
				3,655,702

SHARES		INVESTMENTS	VALUE($)
		Norway — 2.6%
	6,922	Aker BP ASA		227,005
	11,826	DNB ASA		213,653
	12,875	Equinor ASA		333,029
	5,912	Gjensidige Forsikring ASA		91,477
	15,159	Marine Harvest ASA		367,004
	39,938	Norsk Hydro ASA		207,110
	27,726	Orkla ASA		239,256
	16,271	Telenor ASA		298,335
				1,976,869
		Poland — 0.2%
	5,618	Polski Koncern Naftowy ORLEN SA		135,098
		Portugal — 0.9%
	83,877	EDP – Energias de Portugal SA		294,890
	16,169	Galp Energia SGPS SA		281,151
	6,522	Jeronimo Martins SGPS SA		80,051
				656,092
		Russia — 0.3%
	28,430	Evraz plc		196,983
	6,660	Polymetal International plc		61,769
				258,752
		South Africa — 0.4%
	14,171	Anglo American plc		302,457
		Spain — 5.2%
	1,416	Acciona SA		119,441
	8,643	Acerinox SA		96,576
	3,962	ACS Actividades de Construccion y Servicios SA		148,343
	791	Aena SME SA (a)		126,387
	3,585	Amadeus IT Group SA		288,681
	11,769	Enagas SA		312,037
	14,619	Endesa SA		305,670
	11,148	Grifols SA		317,609
	44,757	Iberdrola SA		316,693
	6,008	Industria de Diseno Textil SA		169,334
	14,280	Mediaset Espana Comunicacion SA		97,102
	18,045	Merlin Properties Socimi SA, REIT		226,105
	12,199	Naturgy Energy Group SA		299,823
	15,595	Red Electrica Corp. SA		322,917
	17,165	Repsol SA		306,719
	12,873	Siemens Gamesa Renewable Energy SA*		142,568
	39,182	Telefonica SA		321,412
				3,917,417

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Sweden — 6.2%
	5,277	Alfa Laval AB		134,643
	7,139	Atlas Copco AB, Class A*		176,489
	9,000	Boliden AB*		205,531
	10,059	Elekta AB, Class B		127,565
	6,820	Hennes & Mauritz AB, Class B		120,460
	5,540	Hexagon AB, Class B		271,148
	7,639	Husqvarna AB, Class B		57,640
	5,832	ICA Gruppen AB		206,333
	3,872	Industrivarden AB, Class C		80,426
	3,070	Investor AB, Class B		133,012
	7,202	Kinnevik AB, Class B		199,665
	713	L E Lundbergforetagen AB, Class B		21,978
	4,153	Lundin Petroleum AB		126,352
	14,692	Sandvik AB		232,263
	10,331	Securitas AB, Class B		177,059
	9,686	Skandinaviska Enskilda Banken AB, Class A		100,234
	8,071	Skanska AB, Class B		126,873
	5,993	SKF AB, Class B		96,080
	18,425	Svenska Cellulosa AB SCA, Class B		174,180
	14,203	Swedbank AB, Class A		319,490
	5,294	Swedish Match AB		269,669
	6,139	Swedish Orphan Biovitrum AB*		125,314
	26,537	Tele2 AB, Class B		301,334
	29,537	Telefonaktiebolaget LM Ericsson, Class B		257,171
	74,094	Telia Co. AB		333,534
	6,924	Trelleborg AB, Class B		124,926
	7,597	Volvo AB, Class B		113,455
				4,612,824
		Switzerland — 9.4%
	6,714	ABB Ltd. (Registered)		135,096
	1,716	Adecco Group AG (Registered)		84,033
	908	Baloise Holding AG (Registered)		129,783
	92	Banque Cantonale Vaudoise (Registered)		68,762
	67	Barry Callebaut AG (Registered)		130,957
	6,381	Clariant AG (Registered)*		137,529
	438	EMS-Chemie Holding AG (Registered)		241,325
	316	Flughafen Zurich AG (Registered)		62,452
	723	Geberit AG (Registered)		283,082
	131	Georg Fischer AG (Registered)		121,875
	125	Givaudan SA (Registered)		302,990
	54,451	Glencore plc*		221,597
	154	Helvetia Holding AG (Registered)		94,329
	6,102	Logitech International SA (Registered)		225,922
	1,026	Lonza Group AG (Registered)*		322,615
	4,391	Nestle SA (Registered)		370,702

SHARES		INVESTMENTS	VALUE($)
		Switzerland — continued
	4,299	Novartis AG (Registered)		376,474
	7,003	OC Oerlikon Corp. AG (Registered)*		83,344
	1,957	Pargesa Holding SA		143,663
	227	Partners Group Holding AG		161,614
	1,430	Roche Holding AG		348,008
	1,096	Schindler Holding AG		231,108
	98	SGS SA (Registered)		232,755
	1,623	Sika AG (Registered)		208,105
	1,728	Sonova Holding AG (Registered)		281,810
	12,009	STMicroelectronics NV		182,554
	378	Straumann Holding AG (Registered)		258,025
	520	Swatch Group AG (The)		175,642
	753	Swiss Life Holding AG (Registered)*		284,043
	940	Swiss Prime Site AG (Registered)*		76,275
	1,163	Swiss Re AG		104,941
	735	Swisscom AG (Registered)		336,543
	1,816	Temenos AG (Registered)*		249,586
	1,607	Vifor Pharma AG		232,258
	393	Zurich Insurance Group AG*		122,019
				7,021,816
		United Arab Emirates — 0.3%
	5,308	NMC Health plc		239,335
		United Kingdom — 20.5%
	13,504	3i Group plc		151,209
	2,359	Admiral Group plc		60,641
	8,163	Ashtead Group plc		201,519
	4,553	AstraZeneca plc		348,257
	1,257	AVEVA Group plc		42,047
	17,233	BAE Systems plc		115,552
	32,342	Barratt Developments plc		212,130
	5,710	Bellway plc		209,429
	5,609	Berkeley Group Holdings plc		250,685
	49,237	BP plc		355,674
	7,142	British American Tobacco plc		309,608
	22,520	British Land Co. plc (The), REIT		170,078
	117,119	BT Group plc		358,619
	9,054	Bunzl plc		267,092
	9,144	Burberry Group plc		211,586
	15,431	Compass Group plc		303,509
	4,817	Croda International plc		296,706
	7,975	Diageo plc		275,708
	13,534	easyJet plc		207,338
	10,447	Experian plc		240,273
	11,346	Fiat Chrysler Automobiles NV*		172,668
	16,937	GlaxoSmithKline plc		328,032

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 93

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	7,178	IMI plc		91,006
	2,723	Imperial Brands plc		92,235
	16,980	Inchcape plc		117,275
	24,086	Informa plc		219,799
	45,820	Inmarsat plc		266,463
	28,172	International Consolidated Airlines Group SA		217,192
	3,011	Intertek Group plc		180,408
	104,106	ITV plc		197,622
	67,451	J Sainsbury plc		267,988
	20,467	John Wood Group plc		186,541
	5,315	Johnson Matthey plc		201,512
	22,273	Just Eat plc*		172,782
	57,838	Kingfisher plc		187,810
	71,176	Legal & General Group plc		228,395
	1,776	Linde plc		291,316
	33,891	Meggitt plc		229,293
	13,023	Micro Focus International plc		201,885
	11,262	Mondi plc		265,207
	31,041	National Grid plc		327,919
	4,325	Next plc		287,322
	20,918	Pearson plc		240,305
	11,820	Pennon Group plc		112,604
	6,683	Persimmon plc		195,592
	3,940	Reckitt Benckiser Group plc		318,605
	15,030	RELX plc		297,243
	54,970	Rentokil Initial plc		221,674
	24,674	Rightmove plc		142,432
	36,875	Royal Mail plc		169,290
	37,836	Sage Group plc (The)		263,070
	1,128	Schroders plc		38,603
	28,786	Segro plc, REIT		225,679
	12,553	Severn Trent plc		298,314
	18,448	Smith & Nephew plc		299,870
	7,555	Smiths Group plc		134,672
	18,516	SSE plc		269,879
	27,183	Tate & Lyle plc		233,722
	99,014	Taylor Wimpey plc		203,873
	79,373	Tesco plc		216,166
	5,925	Unilever NV, CVA		318,380
	5,914	Unilever plc		313,262
	32,212	United Utilities Group plc		298,499
	139,471	Vodafone Group plc		262,280
	5,503	Whitbread plc		309,420
	58,423	William Hill plc		157,052
	76,465	Wm Morrison Supermarkets plc		242,256

SHARES		INVESTMENTS	VALUE($)
		United Kingdom — continued
	19,700	WPP plc		222,920
				15,323,992
		United States — 1.1%
	3,909	Carnival plc		213,062
	3,264	Ferguson plc		220,057
	3,412	QIAGEN NV*		123,851
	4,878	Shire plc		294,392
				851,362
		Total Common Stocks (Cost $73,847,159)		74,166,835
		Total Investments — 99.1% (Cost 73,847,159)		74,166,835
		Other Assets Less Liabilities — 0.9%		653,953
		NET ASSETS — 100.0%		74,820,788

Percentages indicated are based on net assets.

Abbreviations

CVA	—  Dutch Certification
FDR	—  Fiduciary Depositary Receipt
OYJ	—  Public Limited Company
Preference	—  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital
(a)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Summary of Investments by Industry, October 31, 2018

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

INDUSTRY	PERCENTAGE
Chemicals		6.7	%
Oil, Gas & Consumable Fuels		5.6
Pharmaceuticals		5.6
Insurance		5.2
Diversified Telecommunication Services		5.1
Electric Utilities		4.3
Metals & Mining		3.8
Media		3.4
Health Care Equipment & Supplies		3.3
Machinery		2.7
Food & Staples Retailing		2.6
Hotels, Restaurants & Leisure		2.5
Textiles, Apparel & Luxury Goods		2.4
Multi-Utilities		2.1
Food Products		2.1
Automobiles		1.9
Professional Services		1.9
Software		1.8
Banks		1.8
Aerospace & Defense		1.7
Household Durables		1.6
Equity Real Estate Investment Trusts (REITs)		1.5
Beverages		1.4
Paper & Forest Products		1.3
IT Services		1.3
Electrical Equipment		1.2
Personal Products		1.2
Construction & Engineering		1.2
Health Care Providers & Services		1.2
Auto Components		1.1
Real Estate Management & Development		1.1
Diversified Financial Services		1.0
Biotechnology		1.0
Semiconductors & Semiconductor Equipment		1.0
Commercial Services & Supplies		1.0
Water Utilities		1.0
Others (each less than 1.0%)		14.4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 95

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		7		12/2018		EUR		252,287		4,435
FTSE 100 Index		1		12/2018		GBP		90,567		2,171
										6,606

Abbreviations

EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 98.8%
		Australia — 8.2%
	25,843	AGL Energy Ltd.		330,027
	148,977	Alumina Ltd.		270,368
	23,717	Ansell Ltd.		391,006
	39,585	APA Group		269,574
	12,121	Aristocrat Leisure Ltd.		228,407
	10,696	ASX Ltd.		449,239
	70,321	Aurizon Holdings Ltd.		209,510
	24,584	BHP Billiton Ltd.		567,243
	13,385	BlueScope Steel Ltd.		137,205
	81,172	Boral Ltd.		323,371
	23,199	Brambles Ltd.		174,757
	15,506	Caltex Australia Ltd.		310,257
	8,932	CIMIC Group Ltd.		299,892
	4,203	Cochlear Ltd.		529,633
	22,480	Computershare Ltd.		315,679
	24,162	Crown Resorts Ltd.		214,991
	4,464	CSL Ltd.		595,931
	93,781	CSR Ltd.		235,252
	70,501	Dexus, REIT		509,392
	11,058	Flight Centre Travel Group Ltd.		364,770
	58,183	Fortescue Metals Group Ltd.		165,608
	157,623	GPT Group (The), REIT		576,463
	94,036	Harvey Norman Holdings Ltd.		212,871
	228,097	Healthscope Ltd.		342,221
	69,915	Incitec Pivot Ltd.		193,725
	29,736	Insurance Australia Group Ltd.		143,822
	7,998	LendLease Group		99,884
	5,228	Macquarie Group Ltd.		435,974
	373,273	Mirvac Group, REIT		574,182
	21,610	Oil Search Ltd.		118,801
	58,049	Origin Energy Ltd.*		300,825
	137,097	Qantas Airways Ltd.		532,177
	10,109	Ramsay Health Care Ltd.		403,502
	8,746	Rio Tinto Ltd.		475,890
	36,563	Santos Ltd.		171,611
	152,497	Scentre Group, REIT		429,624
	6,778	SEEK Ltd.		86,114
	34,287	Sonic Healthcare Ltd.		548,758
	179,161	South32 Ltd.		462,084
	112,544	Star Entertainment Grp Ltd. (The)		379,517
	15,660	Suncorp Group Ltd.		155,709
	81,124	Sydney Airport		370,783
	111,050	Telstra Corp. Ltd.		242,915
	53,679	Transurban Group		431,759
	35,244	Treasury Wine Estates Ltd.		379,351

SHARES		INVESTMENTS	VALUE($)
		Australia — continued
	18,818	Wesfarmers Ltd.		623,209
	16,727	Woodside Petroleum Ltd.		411,823
	22,822	Woolworths Group Ltd.		460,626
	25,387	WorleyParsons Ltd.		262,584
				16,718,916
		Austria — 0.2%
	8,693	OMV AG		482,745
		Belgium — 0.9%
	6,169	Ageas		308,666
	6,433	Colruyt SA		374,042
	4,147	Groupe Bruxelles Lambert SA		385,684
	13,783	Proximus SADP		351,162
	1,905	Solvay SA		216,993
	1,128	UCB SA		94,729
				1,731,276
		Bermuda — 0.2%
	3,352	RenaissanceRe Holdings Ltd.		409,480
		Canada — 3.6%
	9,708	BCE, Inc.		375,725
	1,234	Canadian Imperial Bank of Commerce		106,560
	4,415	Canadian Tire Corp. Ltd., Class A		496,820
	4,221	CGI Group, Inc., Class A*		260,676
	13,787	Fortis, Inc.		455,569
	29,566	Husky Energy, Inc.		417,960
	18,025	Hydro One Ltd. (a)		262,204
	5,608	Imperial Oil Ltd.		175,169
	16,857	Inter Pipeline Ltd.		273,384
	8,714	Loblaw Cos. Ltd.		435,816
	16,469	Metro, Inc.		516,795
	7,193	National Bank of Canada		326,525
	13,436	RioCan, REIT		244,950
	12,697	Rogers Communications, Inc., Class B		653,826
	20,442	Shaw Communications, Inc., Class B		380,594
	10,621	Suncor Energy, Inc.		356,279
	14,818	Teck Resources Ltd., Class B		306,277
	15,338	TELUS Corp.		525,228
	10,483	Thomson Reuters Corp.		487,898
	2,946	Toronto-Dominion Bank (The)		163,429
				7,221,684
		Chile — 0.0% (b)
	1,225	Antofagasta plc		12,262

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 97

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		China — 0.5%
	150,000	China Mengniu Dairy Co. Ltd.*		443,832
	436,200	Semiconductor Manufacturing International Corp.*		360,318
	556,000	Xinyi Solar Holdings Ltd.		173,956
				978,106
		Denmark — 0.8%
	3,755	Carlsberg A/S, Class B		414,239
	5,873	Chr Hansen Holding A/S		592,833
	3,231	H Lundbeck A/S		150,699
	6,645	Orsted A/S (a)		421,365
				1,579,136
		Finland — 1.1%
	10,312	Elisa OYJ		410,273
	25,489	Fortum OYJ		536,561
	2,051	Kesko OYJ, Class B		119,784
	7,537	Neste OYJ		618,902
	3,134	Sampo OYJ, Class A		144,124
	20,700	Stora Enso OYJ, Class R		311,022
	5,865	UPM-Kymmene OYJ		188,552
				2,329,218
		France — 3.8%
	4,188	Alstom SA*		182,901
	4,036	Arkema SA		423,431
	1,854	Atos SE		158,567
	5,288	Bouygues SA		192,645
	5,009	Capgemini SE		611,623
	6,265	Casino Guichard Perrachon SA		276,304
	4,975	Danone SA		352,297
	4,038	Dassault Systemes SE		505,495
	4,184	Eiffage SA		408,618
	14,533	Eutelsat Communications SA		294,360
	5,812	Faurecia SA		281,756
	182	Iliad SA		21,037
	10,860	Lagardere SCA		296,855
	26,943	Orange SA		420,536
	2,851	Pernod Ricard SA		434,739
	7,588	Peugeot SA		180,373
	4,390	Sanofi		392,293
	5,435	SCOR SE		251,156
	3,719	Sodexo SA		379,624
	4,646	Thales SA		593,378
	8,167	TOTAL SA		479,202
	2,556	Vinci SA		227,482

SHARES		INVESTMENTS	VALUE($)
		France — continued
	15,063	Vivendi SA		363,294
				7,727,966
		Germany — 3.0%
	1,968	BASF SE		151,022
	4,063	Beiersdorf AG		420,104
	3,879	Covestro AG (a)		250,152
	16,840	Deutsche Lufthansa AG (Registered)		338,031
	27,022	Deutsche Telekom AG (Registered)		443,206
	12,334	Evonik Industries AG		381,562
	4,924	Fraport AG Frankfurt Airport Services Worldwide		380,259
	5,575	Fresenius Medical Care AG & Co. KGaA		437,730
	7,238	Fresenius SE & Co. KGaA		460,017
	4,711	Hannover Rueck SE		633,539
	24,023	Infineon Technologies AG		481,346
	1,468	Merck KGaA		157,081
	1,075	Rheinmetall AG		93,034
	5,184	SAP SE		555,069
	45,693	Telefonica Deutschland Holding AG		177,628
	11,837	TUI AG		196,391
	14,623	Uniper SE		421,996
	4,388	United Internet AG (Registered)		181,579
				6,159,746
		Hong Kong — 4.0%
	38,400	ASM Pacific Technology Ltd.		333,034
	126,000	Cathay Pacific Airways Ltd.		160,534
	59,760	CK Hutchison Holdings Ltd.		601,910
	35,000	CK Infrastructure Holdings Ltd.		256,152
	52,000	CLP Holdings Ltd.		582,683
	52,000	Galaxy Entertainment Group Ltd.		282,315
	24,200	Hang Seng Bank Ltd.		567,431
	20,000	Henderson Land Development Co. Ltd.		93,282
	276,211	Hong Kong & China Gas Co. Ltd.		527,602
	548,800	Hutchison Port Holdings Trust		134,999
	7,100	Jardine Matheson Holdings Ltd.		409,978
	7,700	Jardine Strategic Holdings Ltd.		258,663
	25,000	Johnson Electric Holdings Ltd.		56,076
	68,000	Link REIT, REIT		604,322
	117,000	MTR Corp. Ltd.		567,711
	374,000	New World Development Co. Ltd.		475,790
	457,000	PCCW Ltd.		250,925
	46,500	Power Assets Holdings Ltd.		310,523
	20,000	Sun Hung Kai Properties Ltd.		259,924
	44,500	Swire Pacific Ltd., Class A		462,297

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Hong Kong — continued
	40,000	Techtronic Industries Co. Ltd.		188,351
	596,000	WH Group Ltd. (a)		418,550
	370,000	Xinyi Glass Holdings Ltd.		367,370
				8,170,422
		Israel — 0.3%
	5,596	Check Point Software Technologies Ltd.*		621,156
		Italy — 0.9%
	4,650	Buzzi Unicem SpA		89,290
	76,282	Enel SpA		374,016
	70,227	Italgas SpA		362,340
	88,931	Parmalat SpA		273,979
	8,769	Recordati SpA		296,863
	84,477	Terna Rete Elettrica Nazionale SpA		436,365
				1,832,853
		Japan — 22.2%
	11,600	Advantest Corp.		214,142
	7,000	Aisin Seiki Co. Ltd.		273,779
	16,200	ANA Holdings, Inc.		544,735
	16,000	Aozora Bank Ltd.		552,102
	29,200	Asahi Kasei Corp.		350,355
	16,300	Astellas Pharma, Inc.		251,838
	26,500	Brother Industries Ltd.		484,992
	18,200	Canon, Inc.		518,398
	23,800	Capcom Co. Ltd.		496,110
	3,200	Central Japan Railway Co.		614,108
	36,300	Chubu Electric Power Co., Inc.		523,471
	26,600	Chugoku Electric Power Co., Inc. (The)		342,148
	9,400	COMSYS Holdings Corp.		261,605
	15,400	Cosmo Energy Holdings Co. Ltd.		566,391
	18,300	Credit Saison Co. Ltd.		290,605
	2,100	Dai Nippon Printing Co. Ltd.		47,119
	16,100	Daiichi Sankyo Co. Ltd.		615,394
	2,100	Daito Trust Construction Co. Ltd.		276,861
	29,200	Daiwa Securities Group, Inc.		167,454
	11,000	DIC Corp.		324,611
	6,300	Dowa Holdings Co. Ltd.		183,350
	5,900	Ebara Corp.		171,845
	14,600	Electric Power Development Co. Ltd.		397,490
	5,000	FamilyMart UNY Holdings Co. Ltd.		579,550
	500	Fast Retailing Co. Ltd.		251,753
	8,200	Fuji Electric Co. Ltd.		250,309
	15,400	FUJIFILM Holdings Corp.		666,056
	50,700	Fujikura Ltd.		218,711
	400	Fujitsu Ltd.		24,335

SHARES		INVESTMENTS	VALUE($)
		Japan — continued
	11,000	Hankyu Hanshin Holdings, Inc.		363,337
	3,600	Hikari Tsushin, Inc.		628,756
	10,600	Hitachi High-Technologies Corp.		397,812
	4,200	Hokkaido Electric Power Co., Inc.		24,512
	20,700	Hokuriku Electric Power Co.*		192,833
	13,800	Honda Motor Co. Ltd.		393,928
	8,800	Idemitsu Kosan Co. Ltd.		398,664
	34,800	ITOCHU Corp.		645,400
	17,300	Japan Airlines Co. Ltd.		613,997
	8,100	Japan Petroleum Exploration Co. Ltd.		169,315
	20,700	JXTG Holdings, Inc.		139,870
	9,900	Kaneka Corp.		413,779
	30,600	Kansai Electric Power Co., Inc. (The)		468,348
	14,000	Kawasaki Kisen Kaisha Ltd.*		186,557
	24,100	KDDI Corp.		583,216
	15,100	Keisei Electric Railway Co. Ltd.		465,353
	15,300	Kirin Holdings Co. Ltd.		365,097
	19,400	K’s Holdings Corp.		245,079
	33,900	Kuraray Co. Ltd.		465,634
	19,000	Kyushu Electric Power Co., Inc.		220,722
	1,900	Lawson, Inc.		120,607
	79,800	Marubeni Corp.		647,073
	1,100	Miraca Holdings, Inc.		26,778
	22,900	Mitsubishi Corp.		644,528
	10,700	Mitsubishi Gas Chemical Co., Inc.		179,612
	26,000	Mitsubishi Tanabe Pharma Corp.		384,044
	27,000	Mitsui & Co. Ltd.		451,132
	372,900	Mizuho Financial Group, Inc.		640,405
	6,000	Mochida Pharmaceutical Co. Ltd.		474,355
	8,100	NH Foods Ltd.		279,335
	11,800	Nihon M&A Center, Inc.		282,755
	27,600	Nikon Corp.		481,141
	1,200	Nippon Express Co. Ltd.		75,730
	24,400	Nippon Kayaku Co. Ltd.		290,389
	20,900	Nippon Paper Industries Co. Ltd.		378,663
	6,100	Nippon Shokubai Co. Ltd.		393,557
	4,500	Nippon Telegraph & Telephone Corp.		185,574
	29,900	Nipro Corp.		380,753
	52,500	Nissan Motor Co. Ltd.		477,633
	14,900	Nisshin Steel Co. Ltd.		194,484
	6,100	Nissin Foods Holdings Co. Ltd.		393,325
	22,700	Nomura Real Estate Holdings, Inc.		426,419
	8,600	Nomura Research Institute Ltd.		381,268
	33,900	NTT Data Corp.		435,225
	25,200	NTT DOCOMO, Inc.		624,931

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 99

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Japan — continued
	49,400	Oji Holdings Corp.		350,796
	2,500	Oriental Land Co. Ltd.		235,184
	24,800	Osaka Gas Co. Ltd.		453,493
	14,300	Otsuka Corp.		474,315
	900	Otsuka Holdings Co. Ltd.		43,045
	43,700	Resona Holdings, Inc.		229,864
	600	Ryohin Keikaku Co. Ltd.		158,598
	10,600	Sankyo Co. Ltd.		404,716
	6,600	Sawai Pharmaceutical Co. Ltd.		334,568
	13,300	SBI Holdings, Inc.		347,303
	3,300	SCREEN Holdings Co. Ltd.		179,397
	7,800	SCSK Corp.		330,529
	10,500	Sega Sammy Holdings, Inc.		134,823
	30,500	Sekisui Chemical Co. Ltd.		479,640
	36,600	Sekisui House Ltd.		537,179
	4,100	Shimamura Co. Ltd.		344,870
	19,200	Shimizu Corp.		155,853
	400	Showa Denko KK		17,417
	37,000	Showa Shell Sekiyu KK		706,188
	14,400	Skylark Holdings Co. Ltd.		224,190
	183,100	Sojitz Corp.		615,758
	5,500	Sony Corp.		297,642
	13,200	Square Enix Holdings Co. Ltd.		473,107
	56,600	Sumitomo Chemical Co. Ltd.		283,531
	11,000	Sumitomo Corp.		166,833
	30,500	Sumitomo Dainippon Pharma Co. Ltd.		637,259
	11,100	Sumitomo Mitsui Financial Group, Inc.		432,180
	9,900	Sumitomo Mitsui Trust Holdings, Inc.		393,362
	9,600	Sumitomo Osaka Cement Co. Ltd.		356,668
	10,100	Suzuken Co. Ltd.		511,216
	7,300	Taisei Corp.		312,210
	3,500	Taisho Pharmaceutical Holdings Co. Ltd.		373,193
	13,900	Takashimaya Co. Ltd.		218,754
	9,300	Takeda Pharmaceutical Co. Ltd.		385,574
	22,200	Teijin Ltd.		384,875
	11,000	Terumo Corp.		593,801
	29,700	Tohoku Electric Power Co., Inc.		375,248
	22,600	Tokyo Broadcasting System Holdings, Inc.		418,476
	93,500	Tokyo Electric Power Co. Holdings, Inc.*		478,550
	9,100	Tokyo Gas Co. Ltd.		223,795
	15,300	Tokyo Tatemono Co. Ltd.		164,554
	11,500	Tokyu Corp.		189,985
	40,600	Tokyu Fudosan Holdings Corp.		228,754
	23,700	Toppan Printing Co. Ltd.		335,057
	13,900	Toyo Suisan Kaisha Ltd.		477,807

SHARES		INVESTMENTS	VALUE($)
		Japan — continued
	8,900	Toyota Industries Corp.		437,187
	10,300	Toyota Motor Corp.		603,384
	13,800	Tsumura & Co.		429,222
	21,100	Ube Industries Ltd.		459,614
	83,900	Yamada Denki Co. Ltd.		395,618
	17,800	Yokohama Rubber Co. Ltd. (The)		344,811
				45,231,535
		Macau — 0.4%
	95,964	Sands China Ltd.		379,490
	134,000	SJM Holdings Ltd.		108,586
	136,862	Wynn Macau Ltd.		285,104
				773,180
		Netherlands — 1.8%
	51,476	Aegon NV		315,684
	457	Boskalis Westminster		13,140
	3,560	Gemalto NV*		203,063
	3,815	Heineken Holding NV		329,983
	11,849	Koninklijke Ahold Delhaize NV		271,230
	4,458	Koninklijke DSM NV		389,223
	161,669	Koninklijke KPN NV		426,568
	11,562	Koninklijke Philips NV		431,215
	10,234	NN Group NV		439,429
	6,656	Royal Dutch Shell plc, Class A		212,047
	10,326	Wolters Kluwer NV		585,841
				3,617,423
		New Zealand — 0.3%
	54,528	Contact Energy Ltd.		199,372
	193,894	Spark New Zealand Ltd.		500,754
				700,126
		Norway — 1.0%
	8,927	Equinor ASA		230,909
	30,283	Marine Harvest ASA		733,160
	42,147	Orkla ASA		363,700
	24,711	Telenor ASA		453,085
	7,811	Yara International ASA		335,430
				2,116,284
		Portugal — 0.4%
	132,420	EDP – Energias de Portugal SA		465,555
	23,920	Galp Energia SGPS SA		415,927
				881,482

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Singapore — 2.2%
	285,700	CapitaLand Mall Trust, REIT		435,153
	264,100	ComfortDelGro Corp. Ltd.		430,024
	25,900	DBS Group Holdings Ltd.		439,456
	140,400	Genting Singapore Ltd.		89,346
	607,500	Golden Agri-Resources Ltd.		112,005
	114,300	Keppel Corp. Ltd.		512,116
	151,200	Sembcorp Industries Ltd.		308,687
	49,900	Singapore Airlines Ltd.		342,069
	154,300	Singapore Press Holdings Ltd.		295,709
	127,500	Singapore Telecommunications Ltd.		291,235
	12,700	United Overseas Bank Ltd.		224,542
	33,700	Venture Corp. Ltd.		373,066
	223,500	Wilmar International Ltd.		510,544
				4,363,952
		South Africa — 0.2%
	14,256	Anglo American plc		304,271
		South Korea — 8.4%
	5,837	Celltrion Healthcare Co. Ltd.*		327,293
	1,252	CJ CheilJedang Corp.		357,133
	25,047	Doosan Infracore Co. Ltd.*		170,288
	1,840	E-MART, Inc.		331,012
	8,655	GS Engineering & Construction Corp.		319,148
	7,427	GS Holdings Corp.		316,971
	9,817	Hankook Tire Co. Ltd.		356,653
	244	Hanmi Pharm Co. Ltd.		83,733
	3,435	Hanmi Science Co. Ltd.		201,657
	15,597	Hanon Systems		150,434
	9,443	Hanwha Aerospace Co. Ltd.*		236,778
	7,514	Hanwha Chemical Corp.		107,004
	3,564	Hotel Shilla Co. Ltd.		224,616
	131	Hyosung Advanced Materials Corp.*		12,083
	342	Hyosung Chemical Corp.*		39,437
	290	Hyosung Corp.		13,105
	624	Hyosung Heavy Industries Corp.*		23,243
	185	Hyosung TNC Co. Ltd.*		28,482
	1,467	Hyundai Construction Equipment Co. Ltd.*		96,711
	9,467	Hyundai Engineering & Construction Co. Ltd.		382,582
	151	Hyundai Heavy Industries Holdings Co. Ltd.*		47,451
	1,652	Hyundai Mobis Co. Ltd.		275,953
	4,137	Hyundai Motor Co.		387,484
	10,058	Hyundai Steel Co.		369,091
	28,300	Industrial Bank of Korea		369,556
	5,896	Kakao Corp.		476,598
	15,199	Kia Motors Corp.		379,910

SHARES		INVESTMENTS	VALUE($)
		South Korea — continued
	10,987	Korea Electric Power Corp.		262,441
	5,572	Korea Gas Corp.*		255,611
	541	Korea Zinc Co. Ltd.		180,434
	10,362	Korean Air Lines Co. Ltd.		250,843
	7,230	KT&G Corp.		644,708
	5,674	LG Corp.		330,581
	8,308	LG Display Co. Ltd.		121,226
	6,451	LG Electronics, Inc.		360,642
	269	LG Household & Health Care Ltd.		247,374
	40,942	LG Uplus Corp.		581,878
	1,688	Lotte Chemical Corp.		390,000
	3,991	LOTTE Fine Chemical Co. Ltd.		143,516
	1,085	NCSoft Corp.		410,084
	1,382	Netmarble Corp. (a)		136,500
	2,186	POSCO		500,360
	1,161	Samsung Biologics Co. Ltd.* (a)		397,386
	1,110	Samsung C&T Corp.		106,236
	3,463	Samsung Electro-Mechanics Co. Ltd.		361,483
	20,003	Samsung Electronics Co. Ltd.		748,828
	16,825	Samsung Engineering Co. Ltd.*		271,586
	2,082	Samsung SDS Co. Ltd.		354,155
	1,508	Shinsegae, Inc.		344,309
	2,563	SK Holdings Co. Ltd.		590,146
	8,797	SK Hynix, Inc.		529,803
	3,058	SK Innovation Co. Ltd.		573,895
	2,366	SK Telecom Co. Ltd.		555,917
	6,871	SKC Co. Ltd.		200,939
	5,158	S-Oil Corp.		562,853
	42,803	Woori Bank		593,078
				17,091,218
		Spain — 1.9%
	2,239	Acciona SA		188,862
	4,435	Acerinox SA		49,556
	2,678	ACS Actividades de Construccion y Servicios SA		100,268
	2,736	Aena SME SA (a)		437,163
	2,347	Cellnex Telecom SA (a)		58,385
	17,020	Enagas SA		451,259
	15,640	Grifols SA		445,587
	63,181	Iberdrola SA		447,058
	20,099	Naturgy Energy Group SA		493,986
	15,794	Red Electrica Corp. SA		327,038
	28,091	Repsol SA		501,954
	50,266	Telefonica SA		412,335
				3,913,451

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 101

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Sweden — 2.5%
	4,257	Autoliv, Inc. (c)		354,778
	14,360	Boliden AB*		327,936
	10,298	Hexagon AB, Class B		504,022
	9,842	Investor AB, Class B		426,418
	3,485	Kinnevik AB, Class B		96,617
	4,428	Lundin Petroleum AB		134,718
	32,506	Securitas AB, Class B		557,107
	22,554	Skanska AB, Class B		354,540
	8,093	Svenska Cellulosa AB SCA, Class B		76,507
	12,258	Swedish Match AB		624,406
	47,753	Tele2 AB, Class B		542,247
	127,677	Telia Co. AB		574,737
	19,018	Trelleborg AB, Class B		343,130
	2,611	Veoneer, Inc.*		87,677
				5,004,840
		Switzerland — 2.0%
	3,088	Baloise Holding AG (Registered)		441,377
	162	Barry Callebaut AG (Registered)		316,642
	17,073	Clariant AG (Registered)*		367,972
	795	Kuehne + Nagel International AG (Registered)		110,493
	6,216	Logitech International SA (Registered)		230,143
	274	Lonza Group AG (Registered)*		86,156
	4,608	Novartis AG (Registered)		403,534
	3,032	Sonova Holding AG (Registered)		494,472
	237	Straumann Holding AG (Registered)		161,778
	1,285	Swiss Life Holding AG (Registered)*		484,721
	2,679	Swiss Prime Site AG (Registered)*		217,383
	982	Swisscom AG (Registered)		449,640
	2,498	Vifor Pharma AG		361,033
				4,125,344
		United Kingdom — 3.0%
	3,960	Bellway plc		145,243
	70,458	BP plc		508,969
	3,079	Bunzl plc		90,830
	11,649	Coca-Cola European Partners plc		529,913
	5,115	easyJet plc		78,361
	14,847	Hammerson plc, REIT		82,891
	32,843	Inmarsat plc		190,996
	35,045	International Consolidated Airlines Group SA		270,179
	53,504	Kingfisher plc		173,736
	10,452	Land Securities Group plc, REIT		113,698
	9,927	Mondi plc		233,769

SHARES		INVESTMENTS	VALUE($)
		United Kingdom — continued
	33,341	Pearson plc		383,020
	3,857	Persimmon plc		112,883
	63,049	Rentokil Initial plc		254,254
	65,722	Royal Mail plc		301,725
	47,305	Sage Group plc (The)		328,907
	29,730	Segro plc, REIT		233,080
	26,140	Smith & Nephew plc		424,902
	31,263	Tate & Lyle plc		268,802
	111,931	Taylor Wimpey plc		230,469
	33,333	United Utilities Group plc		308,887
	204,539	Vodafone Group plc		384,643
	20,754	William Hill plc		55,791
	152,144	Wm Morrison Supermarkets plc		482,021
				6,187,969
		United States — 25.0%
	2,060	AbbVie, Inc.		160,371
	22,826	AGNC Investment Corp., REIT		407,216
	2,850	Air Products & Chemicals, Inc.		439,898
	4,833	Alaska Air Group, Inc.		296,843
	12,868	Alcoa Corp.*		450,251
	881	Alleghany Corp.		529,199
	9,176	Alliant Energy Corp.		394,384
	5,525	Allstate Corp. (The)		528,853
	9,651	Amdocs Ltd.		610,619
	9,076	Ameren Corp.		586,128
	6,044	American Electric Power Co., Inc.		443,388
	294	American Water Works Co., Inc.		26,028
	39,431	Annaly Capital Management, Inc., REIT		389,184
	3,454	ANSYS, Inc.*		516,546
	2,477	Anthem, Inc.		682,587
	3,462	Aramark		124,355
	6,364	Ashland Global Holdings, Inc.		470,809
	2,080	Assurant, Inc.		202,197
	20,377	AT&T, Inc.		625,166
	8,148	AutoNation, Inc.*		329,831
	6,813	Avangrid, Inc.		320,279
	5,722	Avery Dennison Corp.		519,100
	8,872	Avnet, Inc.		355,501
	6,613	Axis Capital Holdings Ltd.		368,939
	7,386	Baxter International, Inc.		461,699
	2,475	Becton Dickinson and Co.		570,487
	4,807	Broadridge Financial Solutions, Inc.		562,131
	7,565	Brown & Brown, Inc.		213,182
	14,984	CA, Inc.		664,690
	7,273	Carnival Corp.		407,579

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United States — continued
	2,326	Carnival plc		126,780
	5,656	Celanese Corp.		548,293
	16,658	CenterPoint Energy, Inc.		449,933
	26,574	CenturyLink, Inc.		548,487
	5,325	Chevron Corp.		594,536
	11,549	Church & Dwight Co., Inc.		685,664
	2,221	Cigna Corp.		474,872
	6,064	Cincinnati Financial Corp.		476,873
	3,118	Cintas Corp.		567,071
	9,282	CMS Energy Corp.		459,645
	6,175	CNA Financial Corp.		267,810
	9,277	Commerce Bancshares, Inc.		590,017
	6,019	Consolidated Edison, Inc.		457,444
	2,967	Constellation Brands, Inc., Class A		591,115
	5,646	Darden Restaurants, Inc.		601,581
	2,248	DaVita, Inc.*		151,380
	8,885	DENTSPLY SIRONA, Inc.		307,688
	5,945	DTE Energy Co.		668,218
	5,923	Eastman Chemical Co.		464,067
	1,293	Everest Re Group Ltd.		281,693
	10,494	Eversource Energy		663,850
	4,834	Exelon Corp.		211,778
	6,064	Fidelity National Information Services, Inc.		631,262
	9,299	Foot Locker, Inc.		438,355
	9,616	Garmin Ltd.		636,195
	20,822	Gentex Corp.		438,303
	4,073	Genuine Parts Co.		398,828
	4,050	Harris Corp.		602,275
	6,141	Hasbro, Inc.		563,191
	1,092	Henry Schein, Inc.*		90,636
	8,576	HollyFrontier Corp.		578,365
	13,661	Hormel Foods Corp. (c)		596,166
	2,473	IAC/InterActiveCorp*		486,167
	3,420	Ingredion, Inc.		346,036
	11,888	Intel Corp.		557,309
	1,206	International Flavors & Fragrances, Inc.		174,460
	7,438	International Paper Co.		337,388
	10,035	Interpublic Group of Cos., Inc. (The)		232,411
	4,634	IQVIA Holdings, Inc.*		569,658
	5,091	Jabil, Inc.		125,900
	4,297	JM Smucker Co. (The)		465,451
	4,917	Johnson & Johnson		688,331
	3,067	L3 Technologies, Inc.		581,104
	3,666	Laboratory Corp. of America Holdings*		588,576
	2,991	Lam Research Corp.		423,914

SHARES		INVESTMENTS	VALUE($)
		United States — continued
	6,184	Leggett & Platt, Inc.		224,541
	2,057	LyondellBasell Industries NV, Class A		183,628
	1,979	ManpowerGroup, Inc.		150,978
	2,263	Marathon Petroleum Corp.		159,428
	4,379	McCormick & Co., Inc. (Non-Voting)		630,576
	17,001	MDU Resources Group, Inc.		424,345
	6,001	Molson Coors Brewing Co., Class B		384,064
	27,811	News Corp., Class A		366,827
	1,091	NextEra Energy, Inc.		188,198
	2,007	Northrop Grumman Corp.		525,734
	197	NVR, Inc.*		441,089
	21,497	Old Republic International Corp.		474,009
	15,840	Pfizer, Inc.		682,070
	2,941	Phillips 66		302,394
	7,244	Pinnacle West Capital Corp.		595,819
	4,402	Public Service Enterprise Group, Inc.		235,199
	16,745	PulteGroup, Inc.		411,425
	4,413	Quest Diagnostics, Inc.		415,307
	3,160	Raytheon Co.		553,126
	8,891	Republic Services, Inc.		646,198
	8,011	SCANA Corp.		320,841
	10,516	Southwest Airlines Co.		516,336
	1,834	Synopsys, Inc.*		164,198
	8,234	Toll Brothers, Inc.		277,156
	7,479	Torchmark Corp.		633,172
	6,044	Tyson Foods, Inc., Class A		362,156
	780	United Continental Holdings, Inc.*		66,698
	2,033	UnitedHealth Group, Inc.		531,325
	4,260	Universal Health Services, Inc., Class B		517,846
	4,022	Valero Energy Corp.		366,364
	12,034	Verizon Communications, Inc.		687,021
	3,444	VMware, Inc., Class A*		486,947
	6,277	Walmart, Inc.		629,458
	4,039	Walt Disney Co. (The)		463,798
	2,989	Waters Corp.*		566,983
	5,720	Westlake Chemical Corp.		407,836
	8,410	WR Berkley Corp.		638,319
	5,844	Wyndham Destinations, Inc.		209,683
	3,273	Wyndham Hotels & Resorts, Inc.		161,326
	13,472	Xcel Energy, Inc.		660,263
	8,602	Xylem, Inc.		564,119
	2,087	Zimmer Biomet Holdings, Inc.		237,062
				50,860,378
		Total Common Stocks (Cost $204,543,360)		201,146,419

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 103

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

NO. OF RIGHTS		INVESTMENTS	VALUE($)
	Rights — 0.0% (b)
		Australia — 0.0% (b)
	17,270	WorleyParsons Ltd., expiring 11/7/2018 (Strike Price $1.00)* (Cost $—)		—	(d)
SHARES
	Short-Term Investments — 0.3%
		Investment Companies — 0.3%
	627,017	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (e) (f) (Cost $627,017)		627,017
	Investment of Cash Collateral from Securities Loaned — 0.5%
	924,151	JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (e) (f) (Cost $924,151)		924,151
		Total Investments — 99.6% (Cost 206,094,528)		202,697,587
		Other Assets Less Liabilities — 0.4%		759,677
		NET ASSETS — 100.0%		203,457,264

Percentages indicated are based on net assets.

Abbreviations

OYJ	—  Public Limited Company
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital

(a)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $905,726.
(d)	—  Amount rounds to less than 1.
(e)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(f)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

Summary of Investments by Industry, October 31, 2018

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		5.9	%
Electric Utilities		5.7
Chemicals		5.2
Diversified Telecommunication Services		4.6
Insurance		4.1
Food Products		3.8
Pharmaceuticals		3.7
Health Care Providers & Services		3.2
Banks		2.8
Food & Staples Retailing		2.6
IT Services		2.5
Hotels, Restaurants & Leisure		2.5
Health Care Equipment & Supplies		2.5
Metals & Mining		2.4
Household Durables		2.4
Software		2.0
Airlines		2.0
Multi-Utilities		1.9
Equity Real Estate Investment Trusts (REITs)		1.9
Beverages		1.7
Auto Components		1.7
Wireless Telecommunication Services		1.7
Construction & Engineering		1.6
Trading Companies & Distributors		1.6
Semiconductors & Semiconductor Equipment		1.6
Industrial Conglomerates		1.6
Aerospace & Defense		1.5
Specialty Retail		1.5
Road & Rail		1.4
Real Estate Management & Development		1.3
Media		1.3
Technology Hardware, Storage & Peripherals		1.3
Gas Utilities		1.3
Commercial Services & Supplies		1.3
Automobiles		1.2
Entertainment		1.2
Electronic Equipment, Instruments & Components		1.1
Others (each less than 1.0%)		12.4

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Futures contracts outstanding as of October 31, 2018:

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI EAFE E-Mini Index		16		12/2018		USD		1,450,480		(16,408	)
S&P 500 E-Mini Index		4		12/2018		USD		542,040		(1,468	)
										(17,876	)

Abbreviations

EAFE	—  Europe, Australasia, and Far East
MSCI	—  Morgan Stanley Capital International
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 105

JPMorgan Diversified Return International Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Exchange Traded Funds — 100.1%
		United States — 100.1%
	592,880	JPMorgan Diversified Return International Equity ETF (a) (Cost $30,690,692)		31,392,996
		Total Investments — 100.1% (Cost $30,690,692)		31,392,996
		Liabilities in Excess of Other Assets — (0.1)%		(26,208	)
		NET ASSETS — 100.0%		31,366,788

Percentages indicated are based on net assets.

Abbreviations

ETF	—  Exchange Traded Fund
(a)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

Forward foreign currency exchange contracts outstanding as of October 31, 2018:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	2,552,294		AUD	3,538,881	HSBC Bank, NA		11/5/2018		46,152
USD	371,516		AUD	513,427	National Australia Bank Ltd.		11/5/2018		7,920
USD	741,719		CHF	722,183	State Street Corp.		11/5/2018		24,477
USD	335,234		DKK	2,146,238	Merrill Lynch International		11/5/2018		9,321
USD	6,513,791		EUR	5,592,726	Barclays Bank plc		11/5/2018		177,740
USD	68,256		EUR	58,636	Merrill Lynch International		11/5/2018		1,827
USD	6,709,055		GBP	5,136,666	Citibank, NA		11/5/2018		142,554
USD	108,509		GBP	83,080	Merrill Lynch International		11/5/2018		2,303
USD	70,910		GBP	54,285	Royal Bank of Canada		11/5/2018		1,514
USD	2,136,332		HKD	16,709,365	HSBC Bank, NA		11/5/2018		5,304
USD	40,912		KRW	45,416,877	Goldman Sachs International**		11/5/2018		1,086
USD	3,350,333		KRW	3,716,792,747	Merrill Lynch International**		11/5/2018		91,029
USD	481,019		NOK	3,912,385	BNP Paribas		11/5/2018		16,848
USD	18,583		NOK	151,128	Goldman Sachs International		11/5/2018		653
USD	188,905		NZD	284,812	State Street Corp.		11/5/2018		3,044
USD	1,133,076		SEK	10,056,143	BNP Paribas		11/5/2018		33,928
USD	892,586		SGD	1,218,488	HSBC Bank, NA		11/5/2018		12,855
GBP	383,623		USD	490,793	Merrill Lynch International		12/5/2018		303
JPY	92,733,010		USD	823,548	UBS AG		12/5/2018		380
KRW	502,370,839		USD	440,483	Citibank, NA**		12/5/2018		48
USD	2,873,897		AUD	4,052,309	National Australia Bank Ltd.		12/5/2018		3,224
USD	673,007		CHF	675,122	State Street Corp.		12/5/2018		594
USD	303,620		DKK	1,993,632	Societe Generale		12/5/2018		72
USD	6,206,440		EUR	5,464,353	National Australia Bank Ltd.		12/5/2018		334
USD	2,166,838		HKD	16,966,565	UBS AG		12/5/2018		765
USD	484,141		NOK	4,063,513	Citibank, NA		12/5/2018		1,407
USD	175,973		NZD	269,397	UBS AG		12/5/2018		120
USD	1,076,428		SEK	9,814,399	Societe Generale		12/5/2018		894
USD	839,398		SGD	1,161,820	HSBC Bank, NA		12/5/2018		48
Total unrealized appreciation									586,744
CHF	47,061		USD	48,334	Barclays Bank plc		11/5/2018		(1,594	)
DKK	152,605		USD	23,838	HSBC Bank, NA		11/5/2018		(664	)

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	47,027		USD	54,731	BNP Paribas		11/5/2018		(1,453	)
EUR	139,983		USD	163,022	Merrill Lynch International		11/5/2018		(4,435	)
KRW	41,548,069		USD	37,459	Merrill Lynch International**		11/5/2018		(1,025	)
NZD	15,415		USD	10,223	Merrill Lynch International		11/5/2018		(164	)
SEK	241,744		USD	27,243	Goldman Sachs International		11/5/2018		(820	)
SGD	56,668		USD	41,510	Societe Generale		11/5/2018		(597	)
USD	70,627		JPY	8,029,260	Barclays Bank plc		11/5/2018		(547	)
USD	333,726		JPY	37,801,711	Citibank, NA		11/5/2018		(1,361	)
USD	85,890		JPY	9,727,364	National Australia Bank Ltd.		11/5/2018		(337	)
USD	8,047,257		JPY	911,509,570	State Street Corp.		11/5/2018		(32,668	)
AUD	306,754		USD	217,544	UBS AG		12/5/2018		(238	)
CHF	53,498		USD	53,328	Royal Bank of Canada		12/5/2018		(45	)
DKK	122,775		USD	18,699	Citibank, NA		12/5/2018		(5	)
EUR	417,107		USD	473,728	Goldman Sachs International		12/5/2018		(1	)
HKD	2,000,729		USD	255,510	HSBC Bank, NA		12/5/2018		(83	)
NZD	10,823		USD	7,069	Goldman Sachs International		12/5/2018		(4	)
SEK	584,097		USD	64,074	Societe Generale		12/5/2018		(65	)
SGD	74,191		USD	53,617	Societe Generale		12/5/2018		(18	)
USD	46,675		AUD	65,954	Barclays Bank plc		12/5/2018		(47	)
USD	100,209		EUR	88,337	Royal Bank of Canada		12/5/2018		(120	)
USD	110,168		GBP	86,160	Barclays Bank plc		12/5/2018		(131	)
USD	6,749,967		GBP	5,274,031	Citibank, NA		12/5/2018		(1,599	)
USD	8,725,579		JPY	982,530,472	National Australia Bank Ltd.		12/5/2018		(4,161	)
USD	3,262,651		KRW	3,720,661,555	Goldman Sachs International**		12/5/2018		(12	)
USD	49,563		KRW	56,539,966	Merrill Lynch International**		12/5/2018		(17	)
USD	17,650		SEK	161,281	Royal Bank of Canada		12/5/2018		(24	)
Total unrealized depreciation									(52,235	)
Net unrealized appreciation									534,509

** —  Non-deliverable forward.

Abbreviations

AUD	—  Australian Dollar
CHF	—  Swiss Franc
DKK	—  Danish Krone
EUR	—  Euro
GBP	—  British Pound
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
KRW	—  South Korean Won
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 107

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.0%
		Australia — 9.0%
	411,412	AGL Energy Ltd.		5,253,917
	1,248,223	Alumina Ltd.		2,265,317
	281,533	Ansell Ltd.		4,641,441
	352,039	APA Group		2,397,385
	230,203	Atlas Arteria Ltd.		1,115,143
	206,335	BHP Billiton plc		4,116,113
	254,595	Boral Ltd.		1,014,248
	234,208	Brambles Ltd.		1,764,276
	76,186	Caltex Australia Ltd.		1,524,392
	28,091	CIMIC Group Ltd.		943,155
	388,495	Coca-Cola Amatil Ltd.		2,734,112
	39,953	Cochlear Ltd.		5,034,605
	232,695	Computershare Ltd.		3,267,661
	144,810	Crown Resorts Ltd.		1,288,502
	37,934	CSL Ltd.		5,064,081
	880,647	CSR Ltd.		2,209,128
	727,131	Dexus, REIT		5,253,756
	663,499	Downer EDI Ltd.		3,266,642
	1,425,208	GPT Group (The), REIT		5,212,306
	768,381	Harvey Norman Holdings Ltd.		1,739,398
	1,707,687	Healthscope Ltd.		2,562,098
	314,274	Incitec Pivot Ltd.		870,810
	33,148	Macquarie Group Ltd.		2,764,284
	704,581	Metcash Ltd.		1,377,074
	1,017,466	Mirvac Group, REIT		1,565,103
	340,327	Oil Search Ltd.		1,870,949
	890,264	Origin Energy Ltd.*		4,613,577
	333,992	Orora Ltd.		795,960
	1,091,437	Qantas Airways Ltd.		4,236,690
	52,454	Ramsay Health Care Ltd.		2,093,711
	61,268	Rio Tinto Ltd.		3,333,734
	85,918	Rio Tinto plc		4,171,385
	1,091,065	Santos Ltd.		5,120,997
	328,274	Sonic Healthcare Ltd.		5,253,977
	281,142	Star Entertainment Grp Ltd. (The)		948,056
	1,755,862	Tabcorp Holdings Ltd.		5,762,193
	585,553	TPG Telecom Ltd.		2,981,514
	2,540,180	Vicinity Centres, REIT		4,765,060
	847,241	Vocus Group Ltd.*		2,067,425
	102,529	Wesfarmers Ltd.		3,395,526
	895,828	Whitehaven Coal Ltd.		3,094,436
	223,073	Woodside Petroleum Ltd.		5,492,120
	67,144	WorleyParsons Ltd.		694,486
				129,936,743

SHARES		INVESTMENTS	VALUE($)
		Austria — 0.4%
	50,982	OMV AG		2,831,162
	99,176	voestalpine AG		3,519,754
				6,350,916
		Belgium — 1.1%
	83,555	Colruyt SA		4,858,240
	34,245	Groupe Bruxelles Lambert SA		3,184,891
	154,634	Proximus SADP		3,939,747
	83,593	Umicore SA		3,934,966
				15,917,844
		Chile — 0.3%
	456,119	Antofagasta plc		4,565,763
		China — 0.9%
	353,000	China Mengniu Dairy Co. Ltd.*		1,044,486
	219,000	FIH Mobile Ltd.*		20,425
	946,600	Nexteer Automotive Group Ltd.		1,334,779
	3,230,300	Semiconductor Manufacturing International Corp.*		2,668,349
	1,300,000	Tingyi Cayman Islands Holding Corp.		1,926,144
	1,590,000	Uni-President China Holdings Ltd.		1,546,813
	2,583,000	Want Want China Holdings Ltd.		1,847,930
	6,834,400	Xinyi Solar Holdings Ltd.		2,138,283
				12,527,209
		Denmark — 0.9%
	61,283	Chr Hansen Holding A/S		6,186,034
	6,927	DSV A/S		555,716
	25,174	H Lundbeck A/S		1,174,158
	11,012	ISS A/S		361,647
	152,972	William Demant Holding A/S*		5,028,452
				13,306,007
		Finland — 1.9%
	117,899	Elisa OYJ		4,690,732
	223,574	Fortum OYJ		4,706,390
	85,886	Kesko OYJ, Class B		5,015,965
	71,652	Neste OYJ		5,883,712
	30,838	Nokian Renkaat OYJ		980,906
	15,411	Orion OYJ, Class B		530,128
	159,421	UPM-Kymmene OYJ		5,125,186
				26,933,019
		France — 5.5%
	35,043	Arkema SA		3,676,488
	37,542	Atos SE		3,210,858
	20,192	Bouygues SA		735,609
	48,392	Capgemini SE		5,908,894

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES			INVESTMENTS	VALUE($)
	Common Stocks — continued
			France — continued
	29,132		Casino Guichard Perrachon SA		1,284,801
	16,827		Cie Plastic Omnium SA		467,828
	8,470		Covivio, REIT		849,889
	693		Dassault Aviation SA		1,149,917
	38,392		Dassault Systemes SE		4,806,086
	50,514		Eiffage SA		4,933,295
	217,718		Electricite de France SA		3,607,161
	47,104		Eutelsat Communications SA		954,072
	39,119		Faurecia SA		1,896,425
	15,707		Gecina SA, REIT		2,303,633
	7,921		Ipsen SA		1,098,273
	151,530		Lagardere SCA		4,142,031
	283,018		Orange SA		4,417,443
	5,772		Orpea		710,607
	28,310		Pernod Ricard SA		4,316,894
	29,642		Safran SA		3,830,571
	101,969		SCOR SE		4,712,069
	27,056	��	Sodexo SA		2,761,792
	28,789		Thales SA		3,676,874
	88,808		TOTAL SA		5,210,847
	43,625		Vinci SA		3,882,597
	180,528		Vivendi SA		4,354,031
					78,898,985
			Germany — 3.9%
	52,387		Axel Springer SE		3,478,864
	44,457		Beiersdorf AG		4,596,736
	2,195		CECONOMY AG		11,216
	50,746		Deutsche Lufthansa AG (Registered)		1,018,631
	125,414		Deutsche Telekom AG (Registered)		2,057,000
	133,877		Evonik Industries AG		4,141,590
	59,234		Fraport AG Frankfurt Airport Services Worldwide		4,574,381
	61,418		Fresenius Medical Care AG & Co. KGaA		4,822,327
	44,203		Hannover Rueck SE		5,944,456
	13,172		Hella GmbH & Co. KGaA		616,138
	233,274		Infineon Technologies AG		4,674,086
	12,966		Merck KGaA		1,387,404
	46,766		SAP SE		5,007,399
	877		Suedzucker AG		13,581
	1,136,542		Telefonica Deutschland Holding AG		4,418,221
	199,090		TUI AG		3,303,157
	157,633		Uniper SE		4,549,030
	49,064		United Internet AG (Registered)		2,030,309
					56,644,526

SHARES		INVESTMENTS	VALUE($)
		Hong Kong — 5.5%
	367,200	ASM Pacific Technology Ltd.		3,184,640
	1,319,000	Cathay Pacific Airways Ltd.		1,680,506
	541,042	CK Hutchison Holdings Ltd.		5,449,442
	638,500	CK Infrastructure Holdings Ltd.		4,672,948
	530,500	CLP Holdings Ltd.		5,944,484
	1,078,000	First Pacific Co. Ltd.		482,413
	3,029,367	Hong Kong & China Gas Co. Ltd.		5,786,515
	4,084,100	Hutchison Port Holdings Trust		1,004,648
	44,200	Jardine Matheson Holdings Ltd.		2,552,260
	72,900	Jardine Strategic Holdings Ltd.		2,448,897
	3,082,000	Li & Fung Ltd.		611,661
	625,000	Link REIT, REIT		5,554,435
	263,000	Melco International Development Ltd.		451,383
	1,096,500	MTR Corp. Ltd.		5,320,475
	1,336,000	New World Development Co. Ltd.		1,699,612
	8,633,000	PCCW Ltd.		4,740,117
	802,500	Power Assets Holdings Ltd.		5,359,029
	539,000	Swire Pacific Ltd., Class A		5,599,506
	213,600	Swire Properties Ltd.		729,941
	832,000	Techtronic Industries Co. Ltd.		3,917,697
	3,052,500	WH Group Ltd. (a)		2,143,663
	366,000	Wheelock & Co. Ltd.		1,956,643
	4,498,000	Xinyi Glass Holdings Ltd.		4,466,027
	1,386,500	Yue Yuen Industrial Holdings Ltd.		3,807,003
				79,563,945
		Italy — 1.2%
	702,877	Davide Campari-Milano SpA		5,409,513
	52,610	Eni SpA		934,340
	370,524	Italgas SpA		1,911,736
	1,169,700	Parmalat SpA		3,603,621
	48,247	Recordati SpA		1,633,338
	869,453	Terna Rete Elettrica Nazionale SpA		4,491,153
				17,983,701
		Japan — 25.0%
	230,600	Alfresa Holdings Corp.		6,150,487
	133,600	ANA Holdings, Inc.		4,492,380
	127,200	Aozora Bank Ltd.		4,389,215
	146,000	Asahi Kasei Corp.		1,751,774
	56,500	Astellas Pharma, Inc.		872,937
	80,700	Brother Industries Ltd.		1,476,938
	151,200	Canon Marketing Japan, Inc.		2,861,164
	178,500	Canon, Inc.		5,084,289
	266,800	Capcom Co. Ltd.		5,561,436

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 109

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Japan — continued
	31,000	Central Japan Railway Co.		5,949,170
	396,800	Chubu Electric Power Co., Inc.		5,722,128
	398,800	Chugoku Electric Power Co., Inc. (The)		5,129,642
	225,700	COMSYS Holdings Corp.		6,281,311
	70,300	Cosmo Energy Holdings Co. Ltd.		2,585,536
	66,300	Credit Saison Co. Ltd.		1,052,846
	558,300	Daiwa Securities Group, Inc.		3,201,688
	54,400	Denka Co. Ltd.		1,769,237
	124,100	DIC Corp.		3,662,206
	172,300	Electric Power Development Co. Ltd.		4,690,932
	15,500	FamilyMart UNY Holdings Co. Ltd.		1,796,604
	87,500	Fuji Media Holdings, Inc.		1,420,121
	113,500	FUJIFILM Holdings Corp.		4,908,918
	557,600	Fujikura Ltd.		2,405,385
	372,900	Gunma Bank Ltd. (The)		1,688,250
	368,800	Hachijuni Bank Ltd. (The)		1,557,759
	147,000	Hankyu Hanshin Holdings, Inc.		4,855,505
	30,900	Hikari Tsushin, Inc.		5,396,820
	21,400	Hitachi Capital Corp.		524,710
	300	Hitachi Chemical Co. Ltd.		4,729
	96,800	Hitachi High-Technologies Corp.		3,632,847
	197,300	Hokuriku Electric Power Co.*		1,837,965
	100,500	Idemitsu Kosan Co. Ltd.		4,552,921
	59,700	Iida Group Holdings Co. Ltd.		1,086,709
	173,500	Inpex Corp.		1,975,577
	255,200	Itochu Techno-Solutions Corp.		4,839,626
	172,800	Japan Airlines Co. Ltd.		6,132,872
	135,200	Japan Petroleum Exploration Co. Ltd.		2,826,100
	883,900	JXTG Holdings, Inc.		5,972,497
	28,700	Kagome Co. Ltd.		764,092
	35,100	Kajima Corp.		451,966
	103,400	Kaneka Corp.		4,321,696
	215,300	Kansai Electric Power Co., Inc. (The)		3,295,274
	60,800	Kawasaki Kisen Kaisha Ltd.*		810,191
	235,000	KDDI Corp.		5,686,965
	38,900	Keisei Electric Railway Co. Ltd.		1,198,823
	97,500	Kirin Holdings Co. Ltd.		2,326,598
	372,600	K’s Holdings Corp.		4,707,030
	269,700	Kuraray Co. Ltd.		3,704,470
	295,300	Kyushu Electric Power Co., Inc.		3,430,487
	207,800	Leopalace21 Corp.		865,585
	106,000	Lintec Corp.		2,508,694
	543,800	Marubeni Corp.		4,409,506
	231,800	Matsui Securities Co. Ltd.		2,362,483
	316,100	Mebuki Financial Group, Inc.		962,640
	196,200	Medipal Holdings Corp.		4,199,877

SHARES		INVESTMENTS	VALUE($)
		Japan — continued
	6,900	Miraca Holdings, Inc.		167,974
	32,400	Mitsubishi Corp.		911,908
	228,000	Mitsubishi Gas Chemical Co., Inc.		3,827,252
	271,300	Mitsubishi Tanabe Pharma Corp.		4,007,355
	238,300	Mitsubishi UFJ Lease & Finance Co. Ltd.		1,224,674
	171,100	Mitsui & Co. Ltd.		2,858,843
	73,000	Mochida Pharmaceutical Co. Ltd.		5,771,322
	26,100	Nagoya Railroad Co. Ltd.		630,349
	24,900	NH Foods Ltd.		858,698
	42,300	Nifco, Inc.		963,996
	188,800	Nikon Corp.		3,291,284
	205,200	Nippo Corp.		3,364,297
	33,900	Nippon Express Co. Ltd.		2,139,379
	205,200	Nippon Paper Industries Co. Ltd.		3,717,781
	49,300	Nippon Shokubai Co. Ltd.		3,180,713
	113,800	Nippon Telegraph & Telephone Corp.		4,692,955
	276,700	Nipro Corp.		3,523,560
	109,500	Nissan Motor Co. Ltd.		996,205
	302,200	Nisshin Seifun Group, Inc.		6,013,178
	69,300	Nissin Foods Holdings Co. Ltd.		4,468,428
	98,500	Nomura Real Estate Holdings, Inc.		1,850,319
	49,800	Nomura Research Institute Ltd.		2,207,811
	239,600	NTT DOCOMO, Inc.		5,941,803
	121,500	NTT Urban Development Corp.		1,805,698
	24,800	Oracle Corp. Japan		1,678,687
	287,300	Osaka Gas Co. Ltd.		5,253,568
	150,100	Resona Holdings, Inc.		789,531
	73,300	Sankyo Co. Ltd.		2,798,648
	48,800	Sawai Pharmaceutical Co. Ltd.		2,473,772
	119,500	SBI Holdings, Inc.		3,120,505
	45,800	SCSK Corp.		1,940,800
	74,600	Sega Sammy Holdings, Inc.		957,887
	198,700	Sekisui Chemical Co. Ltd.		3,124,739
	344,800	Sekisui House Ltd.		5,060,638
	80,300	Shikoku Electric Power Co., Inc.		1,007,886
	128,500	Shimachu Co. Ltd.		3,368,464
	24,700	Shimamura Co. Ltd.		2,077,630
	317,600	Showa Shell Sekiyu KK		6,061,767
	250,800	SKY Perfect JSAT Holdings, Inc.		1,113,659
	136,200	Skylark Holdings Co. Ltd.		2,120,464
	1,786,600	Sojitz Corp.		6,008,268
	16,300	Sony Corp.		882,103
	69,500	Square Enix Holdings Co. Ltd.		2,490,980
	89,500	Sumitomo Dainippon Pharma Co. Ltd.		1,869,988
	87,800	Sumitomo Mitsui Financial Group, Inc.		3,418,502
	103,900	Sumitomo Osaka Cement Co. Ltd.		3,860,191

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Japan — continued
	76,900	Suzuken Co. Ltd.		3,892,325
	114,400	Taisei Corp.		4,892,715
	31,700	Taisho Pharmaceutical Holdings Co. Ltd.		3,380,061
	99,600	Teijin Ltd.		1,726,736
	19,400	TIS, Inc.		866,542
	94,700	Tobu Railway Co. Ltd.		2,633,857
	2,900	Toho Co. Ltd.		94,614
	32,900	Toho Gas Co. Ltd.		1,132,818
	339,500	Tohoku Electric Power Co., Inc.		4,289,447
	39,000	Tokuyama Corp.		872,108
	14,200	Tokyo Century Corp.		762,164
	272,500	Tokyo Electric Power Co. Holdings, Inc.*		1,394,703
	136,000	Tokyu Fudosan Holdings Corp.		766,270
	135,200	Toyo Suisan Kaisha Ltd.		4,647,442
	102,200	Toyota Industries Corp.		5,020,285
	150,500	Tsumura & Co.		4,681,005
	169,900	Ube Industries Ltd.		3,700,876
	364,900	Yamada Denki Co. Ltd.		1,720,631
	278,400	Yamaguchi Financial Group, Inc.		2,931,321
	204,700	Yokohama Rubber Co. Ltd. (The)		3,965,329
	137,100	Zeon Corp.		1,324,089
				360,697,405
		Jordan — 0.4%
	243,394	Hikma Pharmaceuticals plc		5,903,511
		Luxembourg — 0.2%
	45,555	RTL Group SA		2,923,916
		Macau — 0.2%
	607,784	Sands China Ltd.		2,403,486
		Netherlands — 2.5%
	771,635	Aegon NV		4,732,165
	47,212	ASR Nederland NV		2,143,293
	60,321	Heineken Holding NV		5,217,543
	126,863	Koninklijke Ahold Delhaize NV		2,903,959
	13,014	Koninklijke DSM NV		1,136,237
	96,793	Koninklijke Philips NV		3,609,978
	111,799	NN Group NV		4,800,440
	187,939	Royal Dutch Shell plc, Class A		5,987,382
	98,158	Wolters Kluwer NV		5,568,952
				36,099,949
		New Zealand — 0.7%
	202,317	Fisher & Paykel Healthcare Corp. Ltd.		1,799,681
	125,349	Fletcher Building Ltd.*		496,498
	2,164,950	Spark New Zealand Ltd.		5,591,237
	80,888	Xero Ltd.*		2,293,020
				10,180,436

SHARES		INVESTMENTS	VALUE($)
		Norway — 1.6%
	150,530	Equinor ASA		3,893,655
	287,160	Marine Harvest ASA		6,952,229
	415,827	Norsk Hydro ASA		2,156,388
	447,702	Orkla ASA		3,863,360
	307,343	Telenor ASA		5,635,246
				22,500,878
		Portugal — 0.7%
	1,263,398	EDP — Energias de Portugal SA		4,441,786
	287,655	Galp Energia SGPS SA		5,001,816
	54,161	Jeronimo Martins SGPS SA		664,771
				10,108,373
		Russia — 0.1%
	320,377	Evraz plc		2,219,800
		Singapore — 2.6%
	1,036,300	Ascendas, REIT		1,886,990
	674,900	CapitaLand Commercial Trust, REIT		843,322
	2,856,000	CapitaLand Mall Trust, REIT		4,350,009
	1,370,300	ComfortDelGro Corp. Ltd.		2,231,208
	11,345,200	Golden Agri-Resources Ltd.		2,091,722
	1,117,500	Keppel Corp. Ltd.		5,006,904
	1,258,900	Sembcorp Industries Ltd.		2,570,145
	1,466,400	Singapore Press Holdings Ltd.		2,810,289
	1,510,500	Singapore Telecommunications Ltd.		3,450,283
	684,400	StarHub Ltd.		929,990
	1,634,800	Suntec, REIT		2,092,204
	353,800	Venture Corp. Ltd.		3,916,637
	2,122,400	Wilmar International Ltd.		4,848,224
				37,027,927
		South Africa — 0.3%
	201,366	Anglo American plc		4,297,830
	180,326	Mediclinic International plc		866,633
				5,164,463
		South Korea — 9.2%
	28,013	Celltrion Healthcare Co. Ltd.*		1,570,749
	10,033	CJ CheilJedang Corp.		2,861,913
	22,026	Daelim Industrial Co. Ltd.		1,474,595
	14,885	E-MART, Inc.		2,677,776
	49,039	GS Engineering & Construction Corp.		1,808,283
	87,704	GS Holdings Corp.		3,743,050
	16,813	Hankook Tire Co. Ltd.		610,818
	174,330	Hanwha Chemical Corp.		2,482,562
	47,434	Hanwha Corp.		1,174,846
	419	Hyosung Advanced Materials Corp.*		38,648
	1,429	Hyosung Chemical Corp.*		164,782

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 111

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		South Korea — continued
	5,542	Hyosung Corp.		250,449
	4,175	Hyosung Heavy Industries Corp.*		155,510
	1,458	Hyosung TNC Co. Ltd.*		224,468
	29,099	Hyundai Department Store Co. Ltd.		2,225,846
	20,890	Hyundai Engineering & Construction Co. Ltd.		844,211
	10,959	Hyundai Mipo Dockyard Co. Ltd.*		908,949
	5,536	Hyundai Mobis Co. Ltd.		924,744
	106,250	Hyundai Steel Co.		3,898,977
	300,066	Industrial Bank of Korea		3,918,414
	50,217	Kakao Corp.		4,059,246
	105,361	Kangwon Land, Inc.		2,667,952
	4,128	KCC Corp.		897,687
	69,773	Korea Electric Power Corp.		1,666,630
	95,273	Korea Gas Corp.*		4,370,574
	4,172	Korea Zinc Co. Ltd.		1,391,442
	76,701	Korean Air Lines Co. Ltd.		1,856,776
	54,476	KT&G Corp.		4,857,696
	77,364	LG Corp.		4,507,418
	234,165	LG Display Co. Ltd.		3,416,821
	347,797	LG Uplus Corp.		4,942,978
	12,299	Lotte Chemical Corp.		2,841,593
	9,653	Mando Corp.		259,724
	22,178	NAVER Corp.		2,233,421
	13,436	NCSoft Corp.		5,078,234
	9,157	Orion Corp.		766,612
	20,684	POSCO		4,734,422
	7,947	Samsung Biologics Co. Ltd.* (a)		2,720,095
	143,266	Samsung Electronics Co. Ltd.		5,363,276
	12,876	Samsung SDS Co. Ltd.		2,190,252
	14,409	Shinsegae, Inc.		3,289,891
	24,135	SK Holdings Co. Ltd.		5,557,231
	76,762	SK Hynix, Inc.		4,623,021
	33,804	SK Innovation Co. Ltd.		6,343,997
	329,066	SK Networks Co. Ltd.		1,233,814
	26,444	SK Telecom Co. Ltd.		6,213,297
	85,194	SKC Co. Ltd.		2,491,455
	39,974	S-Oil Corp.		4,362,058
	323,947	Woori Bank		4,488,606
	13,442	Yuhan Corp.		1,981,901
				133,367,710
		Spain — 1.8%
	17,089	Acciona SA		1,441,479
	189,808	Acerinox SA		2,120,900
	27,407	Cellnex Telecom SA (a)		681,784
	11,291	Corp. Financiera Alba SA		542,724

SHARES		INVESTMENTS	VALUE($)
		Spain — continued
	175,501	Enagas SA		4,653,140
	237,630	Endesa SA		4,968,626
	43,848	Ferrovial SA		877,882
	216,231	Naturgy Energy Group SA		5,314,449
	284,915	Repsol SA		5,091,104
				25,692,088
		Sweden — 3.3%
	181,731	Boliden AB*		4,150,143
	104,881	Hexagon AB, Class B		5,133,257
	93,497	ICA Gruppen AB		3,307,870
	126,005	Investor AB, Class B		5,459,339
	24,775	Kinnevik AB, Class B		686,852
	317,512	Securitas AB, Class B		5,441,706
	201,577	Skanska AB, Class B		3,168,711
	92,369	Svenska Cellulosa AB SCA, Class B		873,207
	107,666	Swedish Match AB		5,484,365
	505,072	Tele2 AB, Class B		5,735,213
	1,097,746	Telia Co. AB		4,941,496
	176,067	Trelleborg AB, Class B		3,176,672
				47,558,831
		Switzerland — 2.4%
	25,625	Baloise Holding AG (Registered)		3,662,660
	107,756	Clariant AG (Registered)*		2,322,453
	182,019	Coca-Cola HBC AG*		5,376,587
	621	EMS-Chemie Holding AG (Registered)		342,153
	3,984	Flughafen Zurich AG (Registered)		787,369
	8,352	Kuehne + Nagel International AG (Registered)		1,160,800
	13,905	Lonza Group AG (Registered)*		4,372,280
	38,317	Novartis AG (Registered)		3,355,510
	31,538	Sonova Holding AG (Registered)		5,143,352
	10,730	Swisscom AG (Registered)		4,913,071
	21,373	Vifor Pharma AG		3,089,018
				34,525,253
		United Arab Emirates — 0.1%
	33,526	NMC Health plc		1,511,673
		United Kingdom — 16.4%
	155,773	Admiral Group plc		4,004,303
	140,396	Ashtead Group plc		3,465,936
	83,768	AstraZeneca plc		6,407,386
	526,638	Babcock International Group plc		4,106,834
	743,687	Barratt Developments plc		4,877,822
	109,910	Bellway plc		4,031,236
	113,305	Berkeley Group Holdings plc		5,063,974

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	672,534	BP plc		4,858,198
	693,737	British Land Co. plc (The), REIT		5,239,330
	807,566	BT Group plc		2,472,772
	37,172	Bunzl plc		1,096,571
	140,044	Burberry Group plc		3,240,529
	3,299,025	Centrica plc		6,196,511
	660,104	ConvaTec Group plc (a)		1,364,421
	92,480	Croda International plc		5,696,359
	19,799	Derwent London plc, REIT		740,358
	175,871	Diageo plc		6,080,127
	1,009,518	Direct Line Insurance Group plc		4,242,277
	807,971	DS Smith plc		4,054,072
	192,905	easyJet plc		2,955,263
	311,225	GlaxoSmithKline plc		6,027,732
	285,037	Halma plc		4,837,188
	755,054	Hammerson plc, REIT		4,215,456
	253,148	HSBC Holdings plc		2,083,307
	216,959	IMI plc		2,750,707
	224,241	Inchcape plc		1,548,761
	346,645	Informa plc		3,163,336
	881,267	Inmarsat plc		5,124,951
	77,067	InterContinental Hotels Group plc		4,043,689
	348,509	International Consolidated Airlines Group SA		2,686,826
	33,812	Intertek Group plc		2,025,891
	599,978	Intu Properties plc, REIT		1,500,755
	700,340	J Sainsbury plc		2,782,501
	360,096	John Wood Group plc		3,282,004
	72,260	Johnson Matthey plc		2,739,647
	245,610	Land Securities Group plc, REIT		2,671,771
	1,419,517	Legal & General Group plc		4,555,056
	792,720	Meggitt plc		5,363,231
	75,941	Merlin Entertainments plc (a)		313,621
	276,056	Micro Focus International plc		4,279,480
	223,950	Mondi plc		5,273,765
	579,483	National Grid plc		6,121,685
	278,185	Pearson plc		3,195,774
	507,897	Pennon Group plc		4,838,514
	169,976	Persimmon plc		4,974,710
	282,038	RELX plc		5,577,769
	1,260,306	Rentokil Initial plc		5,082,351
	1,008,927	Royal Mail plc		4,631,912
	723,882	Sage Group plc (The)		5,033,087
	31,837	Schroders plc		1,089,542
	729,677	Segro plc, REIT		5,720,576
	94,835	Severn Trent plc		2,253,695

SHARES		INVESTMENTS	VALUE($)
		United Kingdom — continued
	352,044	Smith & Nephew plc		5,722,425
	273,351	Smiths Group plc		4,872,626
	352,300	SSE plc		5,134,922
	582,492	Tate & Lyle plc		5,008,312
	1,349,482	Taylor Wimpey plc		2,778,621
	207,819	United Utilities Group plc		1,925,796
	2,526,589	Vodafone Group plc		4,751,346
	34,709	Whitbread plc		1,951,603
	1,543,365	Wm Morrison Supermarkets plc		4,889,675
				237,018,895
		United States — 0.9%
	99,508	Carnival plc		5,423,734
	18,271	Ferguson plc		1,231,822
	107,340	Shire plc		6,478,070
				13,133,626
		Total Common Stocks (Cost $1,469,940,739)		1,430,666,878
NO. OF RIGHTS
	Rights — 0.0% (b)
		Australia — 0.0% (b)
	45,676	WorleyParsons Ltd., expiring 11/7/2018 (Strike Price $1.00)* (Cost $—)		—	(c)
SHARES
	Short-Term Investments — 0.5%
		Investment Companies — 0.5%
	6,618,219	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (d) (e) (Cost $6,618,219)		6,618,219
		Total Investments — 99.5% (Cost 1,476,558,958)		1,437,285,097
		Other Assets Less Liabilities — 0.5%		7,047,164
		NET ASSETS — 100.0%		1,444,332,261

Percentages indicated are based on net assets.

Abbreviations

OYJ	—  Public Limited Company
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 113

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

(a)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  Amount rounds to less than 1.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

Summary of Investments by Industry, October 31, 2018

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		7.3	%
Diversified Telecommunication Services		5.1
Electric Utilities		5.0
Chemicals		5.0
Pharmaceuticals		3.9
Food Products		3.8
Equity Real Estate Investment Trusts (REITs)		3.8
Metals & Mining		3.3
Household Durables		2.7
Insurance		2.7
Health Care Equipment & Supplies		2.5
Food & Staples Retailing		2.4
Industrial Conglomerates		2.4
Health Care Providers & Services		2.4
Construction & Engineering		2.3
Hotels, Restaurants & Leisure		2.3
Beverages		2.2
Wireless Telecommunication Services		2.0
Banks		1.8
Gas Utilities		1.8
Road & Rail		1.8
Airlines		1.7
IT Services		1.7
Media		1.6
Software		1.6
Auto Components		1.5
Trading Companies & Distributors		1.5
Electronic Equipment, Instruments & Components		1.5
Commercial Services & Supplies		1.4
Entertainment		1.2
Multi-Utilities		1.2
Semiconductors & Semiconductor Equipment		1.2
Specialty Retail		1.2
Technology Hardware, Storage & Peripherals		1.2
Real Estate Management & Development		1.1
Paper & Forest Products		1.0
Aerospace & Defense		1.0
Others (each less than 1.0%)		11.9

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI EAFE E-Mini Index		118		12/2018		USD		10,697,290		(86,079	)
										(86,079	)

Abbreviations

EAFE	—  Europe, Australasia, and Far East
MSCI	—  Morgan Stanley Capital International
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 115

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 98.7%
		Aerospace & Defense — 2.1%
	4,887	Boeing Co. (The)		1,734,201
	7,468	Curtiss-Wright Corp.		817,447
	5,233	General Dynamics Corp.		903,111
	14,734	Harris Corp.		2,191,093
	4,260	L3 Technologies, Inc.		807,142
	3,265	Lockheed Martin Corp.		959,420
	2,794	Northrop Grumman Corp.		731,888
	8,176	Raytheon Co.		1,431,127
	5,638	Rockwell Collins, Inc.		721,777
	10,390	Textron, Inc.		557,216
	6,750	United Technologies Corp.		838,418
				11,692,840
		Air Freight & Logistics — 0.3%
	9,800	CH Robinson Worldwide, Inc.		872,494
	3,427	FedEx Corp.		755,105
				1,627,599
		Airlines — 0.3%
	2,573	Alaska Air Group, Inc.		158,034
	12,992	Delta Air Lines, Inc.		711,052
	6,578	JetBlue Airways Corp.*		110,050
	4,381	Southwest Airlines Co.		215,107
	2,460	United Continental Holdings, Inc.*		210,354
				1,404,597
		Auto Components — 0.7%
	16,626	Aptiv plc		1,276,877
	49	Delphi Technologies plc		1,050
	819	Garrett Motion, Inc. (Switzerland)*		12,424
	84,478	Gentex Corp.		1,778,262
	8,261	Lear Corp.		1,097,887
				4,166,500
		Automobiles — 0.6%
	157,409	Ford Motor Co.		1,503,256
	25,187	General Motors Co.		921,592
	25,618	Harley-Davidson, Inc.		979,120
				3,403,968
		Banks — 2.9%
	19,604	Bank of America Corp.		539,110
	6,561	Bank of Hawaii Corp.		514,645
	32,608	BB&T Corp.		1,603,009
	9,291	Citigroup, Inc.		608,189
	10,356	Citizens Financial Group, Inc.		386,797
	5,896	Comerica, Inc.		480,878
	2,848	Cullen/Frost Bankers, Inc.		278,876

SHARES		INVESTMENTS	VALUE($)
		Banks — continued
	55,938	Fifth Third Bancorp		1,509,767
	147,692	Huntington Bancshares, Inc.		2,116,426
	22,566	KeyCorp		409,799
	3,150	M&T Bank Corp.		521,042
	38,426	People’s United Financial, Inc.		601,751
	5,272	PNC Financial Services Group, Inc. (The)		677,399
	1,206	Popular, Inc. (Puerto Rico)		62,724
	25,517	Regions Financial Corp.		433,023
	32,546	SunTrust Banks, Inc.		2,039,332
	1,295	SVB Financial Group*		307,213
	3,098	Synovus Financial Corp.		116,361
	41,831	TCF Financial Corp.		873,431
	29,800	Umpqua Holdings Corp.		572,160
	13,220	US Bancorp		691,009
	12,354	Wells Fargo & Co.		657,603
	8,470	Zions Bancorp N.A.		398,514
				16,399,058
		Beverages — 2.0%
	37,129	Brown-Forman Corp., Class B		1,720,558
	53,240	Coca-Cola Co. (The)		2,549,131
	10,226	Constellation Brands, Inc., Class A		2,037,326
	44,751	Keurig Dr Pepper, Inc.		1,163,526
	12,992	Molson Coors Brewing Co., Class B		831,488
	6,390	Monster Beverage Corp.*		337,712
	21,414	PepsiCo, Inc.		2,406,505
				11,046,246
		Biotechnology — 1.2%
	12,725	AbbVie, Inc.		990,641
	10,085	Amgen, Inc.		1,944,287
	3,722	Biogen, Inc.*		1,132,493
	21,293	Gilead Sciences, Inc.		1,451,757
	8,227	United Therapeutics Corp.*		912,045
	578	Vertex Pharmaceuticals, Inc.*		97,948
				6,529,171
		Building Products — 0.1%
	11,172	Fortune Brands Home & Security, Inc.		500,841
		Capital Markets — 2.8%
	3,448	Ameriprise Financial, Inc.		438,724
	13,079	Bank of New York Mellon Corp. (The)		619,029
	1,165	BlackRock, Inc.		479,304
	6,247	Cboe Global Markets, Inc.		704,974
	11,035	Charles Schwab Corp. (The)		510,258
	10,513	CME Group, Inc.		1,926,402
	8,933	E*TRADE Financial Corp.		441,469

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	4,691	Eaton Vance Corp.		211,330
	9,219	FactSet Research Systems, Inc.		2,062,843
	2,261	Goldman Sachs Group, Inc. (The)		509,562
	10,755	Intercontinental Exchange, Inc.		828,565
	2,671	Invesco Ltd.		57,987
	2,549	Moody’s Corp.		370,829
	8,917	Morgan Stanley		407,150
	4,483	Nasdaq, Inc.		388,721
	5,887	Northern Trust Corp.		553,790
	5,865	Raymond James Financial, Inc.		449,787
	4,401	S&P Global, Inc.		802,390
	22,470	SEI Investments Co.		1,201,021
	5,736	State Street Corp.		394,350
	13,740	T. Rowe Price Group, Inc.		1,332,643
	13,176	TD Ameritrade Holding Corp.		681,463
				15,372,591
		Chemicals — 5.5%
	14,396	Air Products & Chemicals, Inc.		2,222,023
	26,293	Ashland Global Holdings, Inc.		1,945,156
	20,945	Cabot Corp.		1,019,603
	20,191	Celanese Corp.		1,957,316
	46,084	CF Industries Holdings, Inc.		2,213,415
	34,905	Chemours Co. (The)		1,152,214
	23,023	DowDuPont, Inc.		1,241,400
	23,182	Eastman Chemical Co.		1,816,310
	15,916	Ecolab, Inc.		2,437,535
	78,520	Huntsman Corp.		1,718,018
	4,950	International Flavors & Fragrances, Inc.		716,067
	15,133	Linde plc (United Kingdom)		2,504,057
	21,227	LyondellBasell Industries NV, Class A		1,894,934
	22,738	Mosaic Co. (The)		703,514
	41,257	Olin Corp.		833,391
	16,953	PPG Industries, Inc.		1,781,591
	16,324	RPM International, Inc.		998,539
	12,730	Scotts Miracle-Gro Co. (The)		849,600
	2,685	Sherwin-Williams Co. (The)		1,056,467
	10,468	Westlake Chemical Corp.		746,368
	17,779	WR Grace & Co.		1,151,901
				30,959,419
		Commercial Services & Supplies — 1.0%
	11,222	Cintas Corp.		2,040,945
	25,664	Republic Services, Inc.		1,865,260
	20,694	Waste Management, Inc.		1,851,492
				5,757,697

SHARES		INVESTMENTS	VALUE($)
		Communications Equipment — 1.1%
	2,315	Arista Networks, Inc.*		533,260
	37,690	Cisco Systems, Inc.		1,724,318
	7,119	F5 Networks, Inc.*		1,247,818
	37,358	Juniper Networks, Inc.		1,093,469
	12,148	Motorola Solutions, Inc.		1,488,859
				6,087,724
		Construction & Engineering — 0.0% (a)
	2,438	Fluor Corp.		106,931
		Consumer Finance — 1.1%
	66,665	Ally Financial, Inc.		1,693,958
	6,954	American Express Co.		714,384
	7,088	Capital One Financial Corp.		632,958
	11,025	Discover Financial Services		768,112
	64,598	Santander Consumer USA Holdings, Inc.		1,211,212
	51,997	SLM Corp.*		527,250
	12,270	Synchrony Financial		354,358
				5,902,232
		Containers & Packaging — 0.5%
	14,801	Avery Dennison Corp.		1,342,747
	1,203	Ball Corp.		53,894
	9,839	Bemis Co., Inc.		450,331
	15,654	International Paper Co.		710,066
				2,557,038
		Distributors — 0.4%
	23,981	Genuine Parts Co.		2,348,220
		Diversified Consumer Services — 0. 0% (a)
	73	Graham Holdings Co., Class B		42,417
	5,387	H&R Block, Inc.		142,971
				185,388
		Diversified Financial Services — 0.2%
	5,838	Berkshire Hathaway, Inc., Class B*		1,198,425
		Diversified Telecommunication Services — 1.5%
	70,970	AT&T, Inc.		2,177,360
	93,873	CenturyLink, Inc.		1,937,539
	44,147	Verizon Communications, Inc.		2,520,352
	51,812	Zayo Group Holdings, Inc.*		1,548,142
				8,183,393
		Electric Utilities — 5.6%
	29,847	Alliant Energy Corp.		1,282,824
	33,389	American Electric Power Co., Inc.		2,449,417
	16,342	Avangrid, Inc.		768,238
	29,490	Duke Energy Corp.		2,436,759

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 117

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	14,411	Edison International		999,979
	28,179	Entergy Corp.		2,365,627
	41,966	Evergy, Inc.		2,349,676
	38,356	Eversource Energy		2,426,401
	54,799	Exelon Corp.		2,400,744
	26,030	FirstEnergy Corp.		970,398
	14,074	NextEra Energy, Inc.		2,427,765
	41,152	PG&E Corp.*		1,926,325
	28,636	Pinnacle West Capital Corp.		2,355,311
	80,519	PPL Corp.		2,447,778
	30,753	Southern Co. (The)		1,384,808
	49,839	Xcel Energy, Inc.		2,442,609
				31,434,659
		Electrical Equipment — 0.6%
	10,875	AMETEK, Inc.		729,495
	11,548	Eaton Corp. plc		827,645
	8,656	Emerson Electric Co.		587,569
	5,287	Hubbell, Inc.		537,688
	5,619	Rockwell Automation, Inc.		925,618
				3,608,015
		Electronic Equipment, Instruments & Components — 0.4%
	13,245	Amphenol Corp., Class A		1,185,428
	21,861	FLIR Systems, Inc.		1,012,383
	1,367	Resideo Technologies, Inc.*		28,768
				2,226,579
		Energy Equipment & Services — 0.7%
	4,806	Apergy Corp.*		187,386
	27,386	Helmerich & Payne, Inc.		1,705,874
	23,606	Nabors Industries Ltd.		117,322
	14,960	National Oilwell Varco, Inc.		550,528
	8,020	Patterson-UTI Energy, Inc.		133,453
	19,875	Schlumberger Ltd.		1,019,786
				3,714,349
		Entertainment — 1.5%
	18,109	Activision Blizzard, Inc.		1,250,426
	11,015	Electronic Arts, Inc.*		1,002,145
	2,541	Netflix, Inc.*		766,823
	8,619	Take-Two Interactive Software, Inc.*		1,110,730
	34,808	Twenty-First Century Fox, Inc., Class A		1,584,460
	25,922	Viacom, Inc., Class B		828,986
	18,182	Walt Disney Co. (The)		2,087,839
				8,631,409

SHARES		INVESTMENTS	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — 2.1%
	5,499	Alexandria Real Estate Equities, Inc.		672,143
	5,495	American Tower Corp.		856,176
	4,759	AvalonBay Communities, Inc.		834,633
	669	Boston Properties, Inc.		80,788
	1,159	Camden Property Trust		104,623
	5,817	Crown Castle International Corp.		632,541
	4,506	Digital Realty Trust, Inc.		465,290
	2,978	Duke Realty Corp.		82,104
	12,054	Equity Residential		783,028
	808	Federal Realty Investment Trust		100,232
	24,148	Host Hotels & Resorts, Inc.		461,468
	5,088	Iron Mountain, Inc.		155,744
	922	Liberty Property Trust		38,604
	37,335	Medical Properties Trust, Inc.		554,798
	71,573	Park Hotels & Resorts, Inc.		2,080,627
	9,396	Prologis, Inc.		605,760
	30,332	Rayonier, Inc.		916,026
	7,708	Senior Housing Properties Trust		123,868
	3,618	Simon Property Group, Inc.		663,975
	28,933	STORE Capital Corp.		839,925
	1,158	Taubman Centers, Inc.		63,702
	2,238	Vornado Realty Trust		152,363
	7,342	Weingarten Realty Investors		206,457
	12,743	Weyerhaeuser Co.		339,346
				11,814,221
		Food & Staples Retailing — 1.4%
	7,378	Costco Wholesale Corp.		1,686,832
	20,316	Kroger Co. (The)		604,604
	27,356	Sysco Corp.		1,951,303
	19,645	Walgreens Boots Alliance, Inc.		1,567,082
	19,650	Walmart, Inc.		1,970,502
				7,780,323
		Food Products — 3.0%
	43,225	Archer-Daniels-Midland Co.		2,042,381
	55,295	Conagra Brands, Inc.		1,968,502
	33,540	General Mills, Inc.		1,469,052
	22,453	Hershey Co. (The)		2,405,839
	60,812	Hormel Foods Corp. (b)		2,653,836
	3,733	JM Smucker Co. (The)		404,359
	26,767	Kellogg Co.		1,752,703
	3,407	Lamb Weston Holdings, Inc.		266,291

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Food Products — continued
	19,175	McCormick & Co., Inc. (Non-Voting)		2,761,200
	14,500	Tyson Foods, Inc., Class A		868,840
				16,593,003
		Gas Utilities — 0.4%
	9,560	Atmos Energy Corp.		889,845
	7,282	National Fuel Gas Co.		395,340
	17,186	UGI Corp.		911,889
				2,197,074
		Health Care Equipment & Supplies — 4.2%
	35,865	Abbott Laboratories		2,472,533
	4,833	Align Technology, Inc.*		1,069,060
	31,887	Baxter International, Inc.		1,993,256
	9,148	Becton Dickinson and Co.		2,108,614
	11,535	Danaher Corp.		1,146,579
	8,141	Edwards Lifesciences Corp.*		1,201,612
	22,413	Hill-Rom Holdings, Inc.		1,884,485
	7,486	IDEXX Laboratories, Inc.*		1,587,930
	3,590	Intuitive Surgical, Inc.*		1,871,036
	24,201	Medtronic plc		2,173,734
	13,117	Stryker Corp.		2,127,840
	19,342	Varian Medical Systems, Inc.*		2,308,855
	14,075	Zimmer Biomet Holdings, Inc.		1,598,779
				23,544,313
		Health Care Providers & Services — 4.5%
	9,389	Aetna, Inc.		1,862,778
	11,990	AmerisourceBergen Corp.		1,055,120
	7,698	Anthem, Inc.		2,121,338
	11,839	Centene Corp.*		1,542,859
	10,602	Cigna Corp.		2,266,814
	13,862	CVS Health Corp.		1,003,470
	6,956	DaVita, Inc.*		468,417
	17,818	Express Scripts Holding Co.*		1,727,812
	14,504	HCA Healthcare, Inc.		1,936,719
	6,274	Humana, Inc.		2,010,252
	12,626	Laboratory Corp. of America Holdings*		2,027,104
	5,474	McKesson Corp.		682,936
	21,401	Quest Diagnostics, Inc.		2,014,048
	8,944	UnitedHealth Group, Inc.		2,337,514
	18,396	Universal Health Services, Inc., Class B		2,236,218
				25,293,399
		Hotels, Restaurants & Leisure — 2.9%
	28,339	Carnival Corp.		1,588,118
	10,289	Darden Restaurants, Inc.		1,096,293

SHARES		INVESTMENTS	VALUE($)
		Hotels, Restaurants & Leisure — continued
	14,026	Dunkin’ Brands Group, Inc.		1,017,727
	18,862	Hilton Worldwide Holdings, Inc.		1,342,409
	6,435	International Game Technology plc		119,369
	9,556	Las Vegas Sands Corp.		487,643
	11,873	Marriott International, Inc., Class A		1,387,835
	12,548	McDonald’s Corp.		2,219,741
	21,931	MGM Resorts International		585,119
	7,391	Royal Caribbean Cruises Ltd.		774,059
	36,060	Starbucks Corp.		2,101,216
	24,071	Wyndham Destinations, Inc.		863,667
	12,291	Yum China Holdings, Inc. (China)		443,459
	23,881	Yum! Brands, Inc.		2,159,081
				16,185,736
		Household Durables — 1.5%
	30,169	DR Horton, Inc.		1,084,877
	26,353	Garmin Ltd.		1,743,515
	40,937	Leggett & Platt, Inc.		1,486,422
	17,886	Lennar Corp., Class A		768,740
	761	NVR, Inc.*		1,703,902
	64,249	PulteGroup, Inc.		1,578,598
				8,366,054
		Household Products — 1.9%
	42,320	Church & Dwight Co., Inc.		2,512,538
	16,515	Clorox Co. (The)		2,451,652
	15,514	Energizer Holdings, Inc.		911,758
	20,730	Kimberly-Clark Corp.		2,162,139
	28,931	Procter & Gamble Co. (The)		2,565,601
				10,603,688
		Independent Power and Renewable Electricity Producers — 1.3%
	177,867	AES Corp.		2,593,301
	67,650	NRG Energy, Inc.		2,448,253
	101,703	Vistra Energy Corp.*		2,301,539
				7,343,093
		Industrial Conglomerates — 0.6%
	3,926	3M Co.		746,961
	8,200	Honeywell International, Inc.		1,187,524
	4,208	Roper Technologies, Inc.		1,190,443
				3,124,928
		Insurance — 2.9%
	37,982	Aflac, Inc.		1,635,885
	7,559	Allstate Corp. (The)		723,547
	3,970	American Financial Group, Inc.		397,119

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 119

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Insurance — continued
	8,192	Aon plc		1,279,427
	8,100	Assurant, Inc.		787,401
	6,241	Chubb Ltd.		779,563
	12,979	Cincinnati Financial Corp.		1,020,669
	14,000	Fidelity National Financial, Inc.		468,300
	4,321	Hanover Insurance Group, Inc. (The)		481,273
	5,036	Lincoln National Corp.		303,117
	11,995	Marsh & McLennan Cos., Inc.		1,016,576
	488	Mercury General Corp.		28,943
	8,081	MetLife, Inc.		332,856
	25,950	Old Republic International Corp.		572,198
	10,112	Principal Financial Group, Inc.		475,972
	27,566	Progressive Corp. (The)		1,921,350
	4,373	Prudential Financial, Inc.		410,100
	3,066	Reinsurance Group of America, Inc.		436,506
	15,344	Torchmark Corp.		1,299,023
	5,855	Travelers Cos., Inc. (The)		732,636
	11,241	WR Berkley Corp.		853,192
				15,955,653
		Interactive Media & Services — 0.9%
	1,207	Alphabet, Inc., Class A*		1,316,330
	6,841	Facebook, Inc., Class A*		1,038,395
	12,142	IAC/InterActiveCorp*		2,386,996
				4,741,721
		Internet & Direct Marketing Retail — 0.5%
	818	Amazon.com, Inc.*		1,307,172
	525	Booking Holdings, Inc.*		984,154
	23,953	eBay, Inc.*		695,356
				2,986,682
		IT Services — 3.9%
	11,016	Accenture plc, Class A		1,736,342
	6,316	Automatic Data Processing, Inc.		910,009
	14,812	Broadridge Financial Solutions, Inc.		1,732,115
	20,228	Cognizant Technology Solutions Corp., Class A		1,396,339
	12,032	DXC Technology Co.		876,291
	13,989	Fidelity National Information Services, Inc.		1,456,255
	13,926	Fiserv, Inc.*		1,104,332
	4,828	Global Payments, Inc.		551,503
	8,587	International Business Machines Corp.		991,197
	20,138	Leidos Holdings, Inc.		1,304,540
	5,504	Mastercard, Inc., Class A		1,087,976
	15,346	Paychex, Inc.		1,005,010
	8,133	PayPal Holdings, Inc.*		684,717

SHARES		INVESTMENTS	VALUE($)
		IT Services — continued
	5,372	Teradata Corp.*		195,541
	20,076	Total System Services, Inc.		1,829,927
	15,097	VeriSign, Inc.*		2,151,926
	7,031	Visa, Inc., Class A		969,223
	32,559	Western Union Co. (The)		587,364
	11,620	Worldpay, Inc.*		1,067,181
				21,637,788
		Leisure Products — 0.5%
	24,110	Hasbro, Inc.		2,211,128
	6,476	Polaris Industries, Inc.		576,235
				2,787,363
		Life Sciences Tools & Services — 1.5%
	14,799	Agilent Technologies, Inc.		958,827
	4,073	Illumina, Inc.*		1,267,314
	17,373	IQVIA Holdings, Inc.*		2,135,663
	8,759	Thermo Fisher Scientific, Inc.		2,046,540
	11,836	Waters Corp.*		2,245,171
				8,653,515
		Machinery — 1.4%
	5,202	Caterpillar, Inc.		631,107
	1,731	Crane Co.		150,666
	4,280	Cummins, Inc.		585,033
	9,609	Dover Corp.		796,009
	9,929	Fortive Corp.		737,228
	5,326	IDEX Corp.		675,443
	5,817	Illinois Tool Works, Inc.		742,075
	9,255	Ingersoll-Rand plc		887,925
	25,800	ITT, Inc.		1,302,900
	8,633	PACCAR, Inc.		493,894
	4,389	Parker-Hannifin Corp.		665,504
	4,190	Terex Corp.		139,904
	9,414	Trinity Industries, Inc.		268,770
				8,076,458
		Media — 1.2%
	73	Cable One, Inc.		65,389
	11,933	CBS Corp. (Non-Voting), Class B		684,357
	37,514	Comcast Corp., Class A		1,430,784
	785	DISH Network Corp., Class A*		24,131
	46,009	Interpublic Group of Cos., Inc. (The)		1,065,568
	6,001	John Wiley & Sons, Inc., Class A		325,494
	7,836	Liberty Media Corp.-Liberty SiriusXM, Class A*		323,157
	19,480	Omnicom Group, Inc.		1,447,754

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Media — continued
	189,432	Sirius XM Holdings, Inc. (b)		1,140,381
				6,507,015
		Metals & Mining — 2.0%
	35,573	Alcoa Corp.*		1,244,699
	101,231	Freeport-McMoRan, Inc.		1,179,341
	43,940	Newmont Mining Corp.		1,358,625
	18,621	Nucor Corp.		1,100,873
	20,431	Reliance Steel & Aluminum Co.		1,612,414
	10,590	Royal Gold, Inc.		811,512
	29,756	Southern Copper Corp. (Peru)		1,140,845
	39,271	Steel Dynamics, Inc.		1,555,132
	46,379	United States Steel Corp.		1,230,435
				11,233,876
		Mortgage Real Estate Investment Trusts (REITs) — 0.3%
	64,522	Annaly Capital Management, Inc.		636,832
	44,332	Chimera Investment Corp.		824,575
				1,461,407
		Multiline Retail — 1.6%
	15,757	Dollar General Corp.		1,755,015
	7,715	Dollar Tree, Inc.*		650,374
	30,262	Kohl’s Corp.		2,291,741
	53,810	Macy’s, Inc.		1,845,145
	9,890	Nordstrom, Inc.		650,465
	23,485	Target Corp.		1,964,051
				9,156,791
		Multi-Utilities — 3.9%
	37,869	Ameren Corp.		2,445,580
	86,161	CenterPoint Energy, Inc.		2,327,209
	48,629	CMS Energy Corp.		2,408,108
	29,721	Consolidated Edison, Inc.		2,258,796
	33,847	Dominion Energy, Inc.		2,417,353
	21,546	DTE Energy Co.		2,421,770
	45,590	NiSource, Inc.		1,156,162
	45,733	Public Service Enterprise Group, Inc.		2,443,514
	39,749	SCANA Corp.		1,591,948
	35,435	WEC Energy Group, Inc.		2,423,754
				21,894,194
		Oil, Gas & Consumable Fuels — 4.3%
	11,186	Apache Corp.		423,166
	28,481	Chesapeake Energy Corp.* (b)		99,968
	14,280	Chevron Corp.		1,594,362
	13,481	CNX Resources Corp.*		210,978

SHARES		INVESTMENTS	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	24,485	ConocoPhillips		1,711,502
	5,955	Continental Resources, Inc.*		313,709
	14,078	Devon Energy Corp.		456,127
	3,911	Diamondback Energy, Inc.		439,440
	25,839	Exxon Mobil Corp.		2,058,852
	11,855	Hess Corp.		680,477
	27,353	HollyFrontier Corp.		1,844,686
	46,961	Kinder Morgan, Inc.		799,276
	45,333	Marathon Oil Corp.		860,874
	42,156	Marathon Petroleum Corp.		2,969,890
	14,987	Murphy Oil Corp.		477,486
	22,502	Occidental Petroleum Corp.		1,509,209
	26,269	ONEOK, Inc.		1,723,246
	36,240	PBF Energy, Inc., Class A		1,516,644
	15,356	Phillips 66		1,578,904
	15,618	Targa Resources Corp.		806,982
	16,384	Valero Energy Corp.		1,492,419
	26,473	Williams Cos., Inc. (The)		644,088
				24,212,285
		Paper & Forest Products — 0.2%
	29,183	Domtar Corp.		1,351,465
		Personal Products — 0.6%
	14,822	Estee Lauder Cos., Inc. (The), Class A		2,037,136
	7,302	Herbalife Nutrition Ltd.*		388,904
	15,992	Nu Skin Enterprises, Inc., Class A		1,122,958
				3,548,998
		Pharmaceuticals — 2.0%
	31,897	Bristol-Myers Squibb Co.		1,612,074
	22,688	Eli Lilly & Co.		2,460,287
	17,847	Johnson & Johnson		2,498,402
	57,821	Pfizer, Inc.		2,489,772
	23,182	Zoetis, Inc.		2,089,857
				11,150,392
		Professional Services — 0.4%
	816	Dun & Bradstreet Corp. (The)		116,101
	1,087	Nielsen Holdings plc		28,240
	26,851	Robert Half International, Inc.		1,625,291
	1,961	Verisk Analytics, Inc.*		235,006
				2,004,638
		Real Estate Management & Development — 0.1%
	6,256	CBRE Group, Inc., Class A*		252,054
	437	Jones Lang LaSalle, Inc.		57,798
				309,852

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 121

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Road & Rail — 0.8%
	9,089	CSX Corp.		625,868
	8,164	JB Hunt Transport Services, Inc.		903,020
	3,400	Kansas City Southern		346,664
	5,841	Norfolk Southern Corp.		980,295
	4,896	Ryder System, Inc.		270,798
	7,827	Union Pacific Corp.		1,144,464
				4,271,109
		Semiconductors & Semiconductor Equipment — 2.4%
	15,069	Analog Devices, Inc.		1,261,426
	12,495	Applied Materials, Inc.		410,836
	4,297	Broadcom, Inc.		960,337
	18,803	Cypress Semiconductor Corp.		243,311
	331	First Solar, Inc.*		13,836
	24,036	Intel Corp.		1,126,808
	10,125	KLA-Tencor Corp.		926,842
	4,180	Lam Research Corp.		592,431
	31,342	Marvell Technology Group Ltd.		514,322
	20,944	Maxim Integrated Products, Inc.		1,047,619
	19,604	Micron Technology, Inc.*		739,463
	3,944	NVIDIA Corp.		831,513
	30,968	ON Semiconductor Corp.*		526,456
	7,766	Skyworks Solutions, Inc.		673,778
	18,641	Teradyne, Inc.		642,182
	11,770	Texas Instruments, Inc.		1,092,609
	12,403	Versum Materials, Inc.		391,439
	15,321	Xilinx, Inc.		1,307,954
				13,303,162
		Software — 2.6%
	6,117	Adobe, Inc.*		1,503,314
	32,219	CA, Inc.		1,429,235
	26,712	Cadence Design Systems, Inc.*		1,190,554
	18,546	Citrix Systems, Inc.*		1,900,409
	8,537	Dell Technologies, Inc., Class V*		771,659
	8,956	Intuit, Inc.		1,889,716
	20,658	Microsoft Corp.		2,206,481
	23,510	Oracle Corp.		1,148,228
	9,420	Red Hat, Inc.*		1,616,849
	7,622	VMware, Inc., Class A*		1,077,674
				14,734,119
		Specialty Retail — 2.8%
	12,793	AutoNation, Inc.* (b)		517,861
	10,255	Best Buy Co., Inc.		719,491
	1,806	Burlington Stores, Inc.*		309,711
	12,892	CarMax, Inc.*		875,496

SHARES		INVESTMENTS	VALUE($)
		Specialty Retail — continued
	10,651	Dick’s Sporting Goods, Inc.		376,726
	13,941	Foot Locker, Inc.		657,179
	14,543	Gap, Inc. (The)		397,024
	11,955	Home Depot, Inc. (The)		2,102,645
	16,790	Lowe’s Cos., Inc.		1,598,744
	12,624	Ross Stores, Inc.		1,249,776
	16,861	Tiffany & Co.		1,876,629
	17,617	TJX Cos., Inc. (The)		1,935,756
	23,010	Tractor Supply Co.		2,114,389
	5,605	Urban Outfitters, Inc.*		221,173
	11,238	Williams-Sonoma, Inc. (b)		667,312
				15,619,912
		Technology Hardware, Storage & Peripherals — 0.9%
	7,408	Apple, Inc.		1,621,315
	52,505	Hewlett Packard Enterprise Co.		800,701
	63,611	HP, Inc.		1,535,570
	12,498	NetApp, Inc.		980,968
	3,600	Western Digital Corp.		155,052
				5,093,606
		Textiles, Apparel & Luxury Goods — 1.9%
	12,622	Carter’s, Inc.		1,211,460
	30,474	Hanesbrands, Inc.		522,934
	24,729	Michael Kors Holdings Ltd.*		1,370,234
	23,386	NIKE, Inc., Class B		1,754,885
	8,006	PVH Corp.		967,045
	14,781	Ralph Lauren Corp.		1,915,765
	24,316	Tapestry, Inc.		1,028,810
	19,499	VF Corp.		1,616,077
				10,387,210
		Tobacco — 0.6%
	29,262	Altria Group, Inc.		1,903,200
	18,908	Philip Morris International, Inc.		1,665,228
				3,568,428
		Trading Companies & Distributors — 0.5%
	13,527	Fastenal Co.		695,423
	3,351	United Rentals, Inc.*		402,355
	5,534	WW Grainger, Inc.		1,571,490
				2,669,268
		Water Utilities — 0.4%
	27,357	American Water Works Co., Inc.		2,421,915
		Wireless Telecommunication Services — 0.7%
	37,897	Telephone & Data Systems, Inc.		1,168,365

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Wireless Telecommunication Services — continued
	36,260	T-Mobile US, Inc.*		2,485,623
	9,130	United States Cellular Corp.*		436,140
				4,090,128
		Total Common Stocks (Cost $518,479,207)		551,719,671
	Short-Term Investments — 1.2%
		Investment Companies — 1.2%
	6,889,863	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $6,889,863)		6,889,863
	Investment of Cash Collateral from Securities Loaned — 0.8%
	4,709,887	JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (c) (d) (Cost $4,709,887)		4,709,887
		Total Investments — 100.7% (Cost $530,078,957)		563,319,421
		Liabilities in Excess of Other Assets — (0.7%)		(3,957,092	)
		NET ASSETS — 100.0%		559,362,329

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—  Amount rounds to less than 0.1% of net assets.
(b)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $4,586,251.
(c)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	52		12/2018		USD		7,046,520		(19,448	)
									(19,448	)

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 123

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 96.6%
		Aerospace & Defense — 1.2%
	2,405	Harris Corp.		357,648
	3,508	Hexcel Corp.		205,288
	594	Huntington Ingalls Industries, Inc.		129,777
	873	L3 Technologies, Inc.		165,407
	1,313	Rockwell Collins, Inc.		168,090
	1,641	Spirit AeroSystems Holdings, Inc., Class A		137,861
	2,653	Textron, Inc.		142,280
				1,306,351
		Air Freight & Logistics — 0.3%
	2,295	CH Robinson Worldwide, Inc.		204,324
	2,567	Expeditors International of Washington, Inc.		172,451
				376,775
		Airlines — 0.1%
	614	Alaska Air Group, Inc.		37,712
	930	American Airlines Group, Inc.		32,624
	2,027	JetBlue Airways Corp.*		33,912
	631	United Continental Holdings, Inc.*		53,957
				158,205
		Auto Components — 1.0%
	2,750	Aptiv plc		211,200
	20,885	Gentex Corp.		439,629
	6,437	Goodyear Tire & Rubber Co. (The)		135,563
	2,265	Lear Corp.		301,019
				1,087,411
		Automobiles — 0.3%
	5,421	Harley-Davidson, Inc.		207,190
	1,895	Thor Industries, Inc.		131,968
				339,158
		Banks — 3.0%
	1,755	Associated Banc-Corp.		40,681
	1,197	Bank of Hawaii Corp.		93,893
	2,030	BankUnited, Inc.		67,193
	2,459	CIT Group, Inc.		116,507
	2,366	Citizens Financial Group, Inc.		88,370
	1,307	Comerica, Inc.		106,599
	2,881	Commerce Bancshares, Inc.		183,232
	1,039	Cullen/Frost Bankers, Inc.		101,739
	1,741	East West Bancorp, Inc.		91,298
	4,374	Fifth Third Bancorp		118,054
	4,479	First Horizon National Corp.		72,291
	645	First Republic Bank		58,689
	5,451	FNB Corp.		64,485
	30,123	Huntington Bancshares, Inc.		431,663

SHARES		INVESTMENTS	VALUE($)
		Banks — continued
	4,869	KeyCorp		88,421
	751	M&T Bank Corp.		124,223
	1,523	PacWest Bancorp		61,864
	7,672	People’s United Financial, Inc.		120,143
	1,732	Popular, Inc. (Puerto Rico)		90,081
	980	Prosperity Bancshares, Inc.		63,729
	6,678	Regions Financial Corp.		113,326
	6,269	SunTrust Banks, Inc.		392,816
	379	SVB Financial Group*		89,910
	3,256	Synovus Financial Corp.		122,295
	9,619	TCF Financial Corp.		200,845
	1,654	Webster Financial Corp.		97,321
	1,907	Western Alliance Bancorp*		91,994
	1,697	Zions Bancorp N.A.		79,844
				3,371,506
		Beverages — 0.9%
	7,686	Brown-Forman Corp., Class B		356,169
	13,633	Keurig Dr Pepper, Inc.		354,458
	4,480	Molson Coors Brewing Co., Class B		286,720
				997,347
		Biotechnology — 0.5%
	3,192	Ionis Pharmaceuticals, Inc.*		158,164
	3,297	United Therapeutics Corp.*		365,505
				523,669
		Building Products — 0.5%
	3,355	AO Smith Corp.		152,753
	817	Armstrong World Industries, Inc.*		50,450
	2,447	Fortune Brands Home & Security, Inc.		109,699
	857	Lennox International, Inc.		180,733
	1,023	USG Corp.		43,191
				536,826
		Capital Markets — 2.1%
	628	Affiliated Managers Group, Inc.		71,378
	996	Ameriprise Financial, Inc.		126,731
	1,078	Cboe Global Markets, Inc.		121,652
	2,619	E*TRADE Financial Corp.		129,431
	2,157	Eaton Vance Corp.		97,173
	1,708	FactSet Research Systems, Inc.		382,182
	7,249	Jefferies Financial Services, Inc.		155,636
	1,609	Lazard Ltd., Class A		63,942
	1,786	LPL Financial Holdings, Inc.		110,018
	1,125	Moody’s Corp.		163,665
	563	Morningstar, Inc.		70,262

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	1,123	MSCI, Inc.		168,877
	1,860	Nasdaq, Inc.		161,281
	1,700	Northern Trust Corp.		159,919
	1,593	Raymond James Financial, Inc.		122,167
	3,230	SEI Investments Co.		172,644
	1,155	T. Rowe Price Group, Inc.		112,023
				2,388,981
		Chemicals — 4.3%
	1,795	Albemarle Corp.		178,100
	4,523	Ashland Global Holdings, Inc.		334,612
	10,856	Axalta Coating Systems Ltd.*		267,926
	5,827	Cabot Corp.		283,658
	3,150	Celanese Corp.		305,361
	9,399	CF Industries Holdings, Inc.		451,434
	3,788	Eastman Chemical Co.		296,790
	1,997	International Flavors & Fragrances, Inc.		288,886
	12,845	Mosaic Co. (The)		397,424
	349	NewMarket Corp.		134,700
	23,146	Platform Specialty Products Corp.*		250,440
	7,114	RPM International, Inc.		435,163
	4,119	Scotts Miracle-Gro Co. (The)		274,902
	10,305	Valvoline, Inc.		205,276
	4,584	Westlake Chemical Corp.		326,839
	5,189	WR Grace & Co.		336,195
				4,767,706
		Commercial Services & Supplies — 1.1%
	1,089	Cintas Corp.		198,056
	7,611	Copart, Inc.*		372,254
	7,312	KAR Auction Services, Inc.		416,345
	3,995	Republic Services, Inc.		290,357
				1,277,012
		Communications Equipment — 1.2%
	691	Arista Networks, Inc.*		159,172
	2,002	F5 Networks, Inc.*		350,911
	11,463	Juniper Networks, Inc.		335,522
	3,820	Motorola Solutions, Inc.		468,179
				1,313,784
		Construction & Engineering — 0.1%
	3,085	frontdoor, Inc.*		105,044
	579	Jacobs Engineering Group, Inc.		43,477
	85	Valmont Industries, Inc.		10,567
				159,088

SHARES		INVESTMENTS	VALUE($)
		Consumer Finance — 0.7%
	4,183	Ally Financial, Inc.		106,290
	300	Credit Acceptance Corp.*		127,326
	2,193	Discover Financial Services		152,786
	4,572	Navient Corp.		52,944
	10,772	Santander Consumer USA Holdings, Inc.		201,975
	8,304	SLM Corp.*		84,203
	2,442	Synchrony Financial		70,525
				796,049
		Containers & Packaging — 1.1%
	1,850	AptarGroup, Inc.		188,626
	3,729	Avery Dennison Corp.		338,295
	2,439	Bemis Co., Inc.		111,633
	7,202	International Paper Co.		326,683
	1,649	Packaging Corp. of America		151,394
	1,892	Silgan Holdings, Inc.		45,465
	2,148	Sonoco Products Co.		117,238
				1,279,334
		Distributors — 0.6%
	3,662	Genuine Parts Co.		358,583
	210	LKQ Corp.*		5,726
	2,249	Pool Corp.		327,792
				692,101
		Diversified Consumer Services — 1.1%
	342	Graham Holdings Co., Class B		198,719
	1,652	Grand Canyon Education, Inc.*		206,004
	6,336	H&R Block, Inc.		168,158
	9,596	Service Corp. International		397,946
	6,172	ServiceMaster Global Holdings, Inc.*		264,655
				1,235,482
		Diversified Telecommunication Services — 0.6%
	19,524	CenturyLink, Inc.		402,975
	10,582	Zayo Group Holdings, Inc.*		316,190
				719,165
		Electric Utilities — 4.0%
	11,346	Alliant Energy Corp.		487,651
	7,460	Edison International		517,649
	5,833	Entergy Corp.		489,680
	8,328	Evergy, Inc.		466,285
	7,853	Eversource Energy		496,781
	7,035	Hawaiian Electric Industries, Inc.		262,406
	8,041	OGE Energy Corp.		290,682
	5,900	Pinnacle West Capital Corp.		485,275

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 125

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	16,489	PPL Corp.		501,266
	10,213	Xcel Energy, Inc.		500,539
				4,498,214
		Electrical Equipment — 0.6%
	3,244	AMETEK, Inc.		217,607
	2,124	nVent Electric plc (United Kingdom)		51,868
	744	Regal Beloit Corp.		53,345
	1,275	Rockwell Automation, Inc.		210,031
	2,467	Sensata Technologies Holding plc*		115,702
				648,553
		Electronic Equipment, Instruments & Components — 1.4%
	3,243	Amphenol Corp., Class A		290,248
	5,592	CDW Corp.		503,336
	2,677	Dolby Laboratories, Inc., Class A		184,204
	3,542	FLIR Systems, Inc.		164,030
	3,720	Keysight Technologies, Inc.*		212,338
	3,841	National Instruments Corp.		188,094
				1,542,250
		Energy Equipment & Services — 0.8%
	994	Apergy Corp.*		38,756
	5,596	Helmerich & Payne, Inc.		348,575
	19,943	Nabors Industries Ltd.		99,116
	8,591	National Oilwell Varco, Inc.		316,149
	7,977	RPC, Inc. (a)		118,698
				921,294
		Entertainment — 0.7%
	7,106	Cinemark Holdings, Inc.		295,396
	2,133	Take-Two Interactive Software, Inc.*		274,880
	6,249	Viacom, Inc., Class B		199,843
				770,119
		Equity Real Estate Investment Trusts (REITs) — 3.9%
	996	Alexandria Real Estate Equities, Inc.		121,741
	633	American Campus Communities, Inc.		25,010
	1,070	AvalonBay Communities, Inc.		187,657
	4,518	Brandywine Realty Trust		63,523
	2,858	Brixmor Property Group, Inc.		46,300
	1,299	Camden Property Trust		117,261
	12,290	Colony Capital, Inc.		72,142
	925	CoreSite Realty Corp.		86,821
	351	CubeSmart		10,172
	1,296	Digital Realty Trust, Inc.		133,825

SHARES		INVESTMENTS	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	3,784	Douglas Emmett, Inc.		136,943
	5,386	Duke Realty Corp.		148,492
	1,031	EPR Properties		70,871
	2,866	Equity Commonwealth		85,350
	1,397	Equity LifeStyle Properties, Inc.		132,282
	302	Essex Property Trust, Inc.		75,736
	1,436	Extra Space Storage, Inc.		129,326
	183	Federal Realty Investment Trust		22,701
	678	Forest City Realty Trust, Inc., Class A		17,059
	3,127	Gaming and Leisure Properties, Inc.		105,349
	1,785	Highwoods Properties, Inc.		76,112
	4,048	Hospitality Properties Trust		103,710
	6,193	Host Hotels & Resorts, Inc.		118,348
	2,414	Hudson Pacific Properties, Inc.		73,144
	2,182	Iron Mountain, Inc.		66,791
	1,481	Kilroy Realty Corp.		102,011
	1,834	Lamar Advertising Co., Class A		134,469
	3,235	Liberty Property Trust		135,449
	17,379	Medical Properties Trust, Inc.		258,252
	909	Mid-America Apartment Communities, Inc.		88,818
	1,123	National Retail Properties, Inc.		52,500
	2,357	Omega Healthcare Investors, Inc.		78,606
	3,481	Outfront Media, Inc.		61,683
	14,598	Park Hotels & Resorts, Inc.		424,364
	2,500	Rayonier, Inc.		75,500
	101	Retail Value, Inc.*		2,829
	5,348	Senior Housing Properties Trust		85,942
	935	SITE Centers Corp.		11,622
	1,014	Sun Communities, Inc.		101,877
	1,296	Taubman Centers, Inc.		71,293
	2,294	Uniti Group, Inc.		43,907
	390	Vornado Realty Trust		26,551
	2,334	Weingarten Realty Investors		65,632
	2,077	Welltower, Inc.		137,227
	3,410	Weyerhaeuser Co.		90,808
	1,076	WP Carey, Inc.		71,027
				4,347,033
		Food & Staples Retailing — 0.2%
	1,636	Casey’s General Stores, Inc.		206,316
		Food Products — 3.4%
	6,483	Campbell Soup Co. (a)		242,529
	11,198	Conagra Brands, Inc.		398,649
	18,191	Flowers Foods, Inc.		351,268
	3,714	Hershey Co. (The)		397,955
	9,368	Hormel Foods Corp.		408,820

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Food Products — continued
	2,650	Ingredion, Inc.		268,127
	6,455	Kellogg Co.		422,673
	5,398	Lamb Weston Holdings, Inc.		421,908
	3,922	McCormick & Co., Inc. (Non-Voting)		564,768
	9,158	Pilgrim’s Pride Corp.*		161,730
	3,265	Tyson Foods, Inc., Class A		195,639
				3,834,066
		Gas Utilities — 1.2%
	5,268	Atmos Energy Corp.		490,346
	6,449	National Fuel Gas Co.		350,116
	9,052	UGI Corp.		480,299
				1,320,761
		Health Care Equipment & Supplies — 5.1%
	1,205	ABIOMED, Inc.*		411,146
	1,271	Align Technology, Inc.*		281,145
	998	Cantel Medical Corp.		78,992
	1,914	Cooper Cos., Inc. (The)		494,405
	7,511	DENTSPLY SIRONA, Inc.		260,106
	2,629	Edwards Lifesciences Corp.*		388,040
	5,026	Hill-Rom Holdings, Inc.		422,586
	7,849	Hologic, Inc.*		306,033
	799	ICU Medical, Inc.*		203,529
	1,930	IDEXX Laboratories, Inc.*		409,392
	4,397	ResMed, Inc.		465,730
	3,771	STERIS plc		412,208
	1,762	Teleflex, Inc.		424,184
	3,581	Varian Medical Systems, Inc.*		427,464
	3,788	West Pharmaceutical Services, Inc.		401,225
	3,230	Zimmer Biomet Holdings, Inc.		366,896
				5,753,081
		Health Care Providers & Services — 4.1%
	2,465	Acadia Healthcare Co., Inc.*		102,297
	2,453	AmerisourceBergen Corp.		215,864
	3,669	Cardinal Health, Inc.		185,651
	3,353	Centene Corp.*		436,963
	760	Chemed Corp.		231,291
	5,370	DaVita, Inc.*		361,616
	3,461	Encompass Health Corp.		232,925
	5,816	Henry Schein, Inc.*		482,728
	2,622	Laboratory Corp. of America Holdings*		420,962
	6,350	MEDNAX, Inc.*		262,191
	3,545	Molina Healthcare, Inc.*		449,400
	4,244	Quest Diagnostics, Inc.		399,403
	3,073	Universal Health Services, Inc., Class B		373,554

SHARES		INVESTMENTS	VALUE($)
		Health Care Providers & Services — continued
	1,618	WellCare Health Plans, Inc.*		446,552
				4,601,397
		Health Care Technology — 0.2%
	3,881	Cerner Corp.*		222,304
		Hotels, Restaurants & Leisure — 3.3%
	2,903	Aramark		104,276
	4,143	Choice Hotels International, Inc.		304,096
	3,180	Darden Restaurants, Inc.		338,829
	4,387	Dunkin’ Brands Group, Inc.		318,321
	16,268	Extended Stay America, Inc.		264,843
	4,185	Hilton Worldwide Holdings, Inc.		297,847
	4,295	Hyatt Hotels Corp., Class A		297,214
	7,307	MGM Resorts International		194,951
	3,349	Norwegian Cruise Line Holdings Ltd.*		147,590
	1,700	Royal Caribbean Cruises Ltd.		178,041
	5,443	Six Flags Entertainment Corp.		293,160
	1,362	Vail Resorts, Inc.		342,298
	16,086	Wendy’s Co. (The)		277,323
	5,463	Wyndham Destinations, Inc.		196,012
	5,279	Yum China Holdings, Inc. (China)		190,466
				3,745,267
		Household Durables — 2.0%
	6,910	DR Horton, Inc.		248,484
	7,173	Garmin Ltd.		474,566
	9,916	Leggett & Platt, Inc.		360,050
	4,684	Lennar Corp., Class A		201,318
	1,257	Mohawk Industries, Inc.*		156,786
	119	NVR, Inc.*		266,444
	13,724	PulteGroup, Inc.		337,199
	1,328	Whirlpool Corp.		145,761
				2,190,608
		Household Products — 1.3%
	8,655	Church & Dwight Co., Inc.		513,847
	3,381	Clorox Co. (The)		501,910
	5,765	Energizer Holdings, Inc.		338,809
	1,283	Spectrum Brands Holdings, Inc.		83,331
				1,437,897
		Independent Power and Renewable Electricity Producers — 0.5%
	24,656	AES Corp.		359,484
	6,728	Vistra Energy Corp.*		152,255
				511,739

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 127

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Industrial Conglomerates — 0.2%
	821	Roper Technologies, Inc.		232,261
		Insurance — 3.3%
	303	Alleghany Corp.		182,006
	2,749	American Financial Group, Inc.		274,983
	281	Arch Capital Group Ltd.*		7,972
	3,827	Arthur J Gallagher & Co.		283,236
	3,291	Aspen Insurance Holdings Ltd. (Bermuda)		137,827
	1,770	Assurant, Inc.		172,062
	2,387	Assured Guaranty Ltd.		95,432
	3,040	Axis Capital Holdings Ltd.		169,602
	8,407	Brown & Brown, Inc.		236,909
	2,394	Cincinnati Financial Corp.		188,264
	155	CNA Financial Corp.		6,722
	593	Everest Re Group Ltd.		129,191
	3,537	Fidelity National Financial, Inc.		118,313
	1,819	First American Financial Corp.		80,636
	889	Hanover Insurance Group, Inc. (The)		99,017
	1,143	Lincoln National Corp.		68,797
	3,864	Loews Corp.		179,908
	24	Markel Corp.*		26,238
	1,423	Mercury General Corp.		84,398
	13,205	Old Republic International Corp.		291,170
	2,513	Principal Financial Group, Inc.		118,287
	1,188	Reinsurance Group of America, Inc.		169,136
	3,061	Torchmark Corp.		259,144
	2,394	Unum Group		86,806
	3,012	WR Berkley Corp.		228,611
				3,694,667
		Interactive Media & Services — 0.3%
	1,623	IAC/InterActiveCorp*		319,066
		IT Services — 3.6%
	419	Akamai Technologies, Inc.*		30,273
	6,966	Amdocs Ltd.		440,739
	2,428	Booz Allen Hamilton Holding Corp.		120,283
	3,624	Broadridge Financial Solutions, Inc.		423,791
	2,191	Conduent, Inc.*		41,848
	1,082	CoreLogic, Inc.*		43,951
	2,556	DXC Technology Co.		186,153
	2,240	Fidelity National Information Services, Inc.		233,184
	7,640	First Data Corp., Class A*		143,174
	3,127	Fiserv, Inc.*		247,971
	2,144	Jack Henry & Associates, Inc.		321,236
	5,995	Leidos Holdings, Inc.		388,356
	2,610	Paychex, Inc.		170,929

SHARES		INVESTMENTS	VALUE($)
		IT Services — continued
	10,433	Sabre Corp.		257,173
	1,031	Teradata Corp.*		37,528
	2,196	Total System Services, Inc.		200,165
	3,087	VeriSign, Inc.*		440,021
	3,903	Western Union Co. (The)		70,410
	2,220	Worldpay, Inc.*		203,885
				4,001,070
		Leisure Products — 0.6%
	4,558	Brunswick Corp.		236,971
	2,678	Hasbro, Inc.		245,599
	1,754	Polaris Industries, Inc.		156,071
				638,641
		Life Sciences Tools & Services — 2.2%
	2,940	Agilent Technologies, Inc.		190,483
	1,224	Bio-Rad Laboratories, Inc., Class A*		333,968
	2,340	Bio-Techne Corp.		392,465
	3,729	Bruker Corp.		116,830
	3,958	Charles River Laboratories International, Inc.*		482,163
	3,855	IQVIA Holdings, Inc.*		473,895
	2,413	Waters Corp.*		457,722
				2,447,526
		Machinery — 3.3%
	3,730	Allison Transmission Holdings, Inc.		164,418
	1,325	Crane Co.		115,328
	1,052	Cummins, Inc.		143,798
	1,984	Dover Corp.		164,355
	3,021	Fortive Corp.		224,309
	6,548	Graco, Inc.		266,045
	2,061	IDEX Corp.		261,376
	2,201	Ingersoll-Rand plc		211,164
	1,429	ITT, Inc.		72,164
	2,071	Lincoln Electric Holdings, Inc.		167,565
	1,199	Middleby Corp. (The)*		134,648
	940	Nordson Corp.		115,310
	1,748	Oshkosh Corp.		98,133
	2,184	PACCAR, Inc.		124,947
	999	Parker-Hannifin Corp.		151,478
	2,123	Pentair plc (United Kingdom)		85,238
	2,556	Snap-on, Inc.		393,471
	1,082	Terex Corp.		36,128
	6,827	Toro Co. (The)		384,565
	1,746	Trinity Industries, Inc.		49,848
	1,905	WABCO Holdings, Inc.*		204,692

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Machinery — continued
	2,783	Xylem, Inc.		182,509
				3,751,489
		Marine — 0.0% (b)
	643	Kirby Corp.*		46,257
		Media — 1.4%
	9,576	Discovery, Inc., Class A*		310,167
	9,327	Interpublic Group of Cos., Inc. (The)		216,013
	1,124	John Wiley & Sons, Inc., Class A		60,966
	2,313	Liberty Media Corp.-Liberty SiriusXM, Class A*		95,388
	3,815	Omnicom Group, Inc.		283,531
	53,358	Sirius XM Holdings, Inc. (a)		321,215
	5,988	Tribune Media Co., Class A		227,604
				1,514,884
		Metals & Mining — 2.1%
	8,217	Alcoa Corp.*		287,513
	11,856	Newmont Mining Corp.		366,587
	5,891	Nucor Corp.		348,276
	4,174	Reliance Steel & Aluminum Co.		329,412
	4,809	Royal Gold, Inc.		368,514
	8,030	Steel Dynamics, Inc.		317,988
	12,356	United States Steel Corp.		327,805
				2,346,095
		Mortgage Real Estate Investment Trusts (REITs) — 0.7%
	8,406	AGNC Investment Corp.		149,963
	13,759	Annaly Capital Management, Inc.		135,802
	9,270	Chimera Investment Corp.		172,422
	15,967	MFA Financial, Inc.		110,651
	6,893	Starwood Property Trust, Inc.		149,716
	8,342	Two Harbors Investment Corp.		122,544
				841,098
		Multiline Retail — 1.7%
	4,103	Dollar General Corp.		456,992
	2,679	Dollar Tree, Inc.*		225,840
	5,304	Kohl’s Corp.		401,672
	10,136	Macy’s, Inc.		347,563
	7,163	Nordstrom, Inc.		471,111
				1,903,178
		Multi-Utilities — 4.2%
	7,747	Ameren Corp.		500,301
	17,615	CenterPoint Energy, Inc.		475,781
	9,944	CMS Energy Corp.		492,427
	6,198	Consolidated Edison, Inc.		471,048

SHARES		INVESTMENTS	VALUE($)
		Multi-Utilities — continued
	4,412	DTE Energy Co.		495,909
	4,314	MDU Resources Group, Inc.		107,677
	8,998	Public Service Enterprise Group, Inc.		480,763
	5,000	SCANA Corp.		200,250
	4,234	Sempra Energy		466,248
	6,630	Vectren Corp.		474,244
	7,257	WEC Energy Group, Inc.		496,379
				4,661,027
		Oil, Gas & Consumable Fuels — 3.3%
	4,771	Apache Corp.		180,487
	4,302	Cheniere Energy, Inc.*		259,884
	8,707	CNX Resources Corp.*		136,264
	5,556	Continental Resources, Inc.*		292,690
	5,710	Devon Energy Corp.		185,004
	1,752	Diamondback Energy, Inc.		196,855
	779	Energen Corp.*		56,065
	2,439	Hess Corp.		139,999
	4,930	HollyFrontier Corp.		332,479
	17,112	Marathon Oil Corp.		324,957
	4,634	Murphy Oil Corp.		147,639
	6,124	Newfield Exploration Co.*		123,705
	5,694	ONEOK, Inc.		373,526
	7,455	PBF Energy, Inc., Class A		311,992
	93	SM Energy Co.		2,264
	4,493	Targa Resources Corp.		232,153
	4,629	Whiting Petroleum Corp.*		172,662
	10,968	Williams Cos., Inc. (The)		266,851
				3,735,476
		Paper & Forest Products — 0.4%
	9,593	Domtar Corp.		444,252
		Personal Products — 0.6%
	1,253	Coty, Inc., Class A		13,219
	6,479	Herbalife Nutrition Ltd.*		345,072
	4,606	Nu Skin Enterprises, Inc., Class A		323,433
				681,724
		Pharmaceuticals — 0.9%
	2,091	Jazz Pharmaceuticals plc*		332,092
	9,156	Mylan NV*		286,125
	4,826	Perrigo Co. plc		339,268
				957,485
		Professional Services — 0.6%
	2,204	Dun & Bradstreet Corp. (The)		313,585
	2,867	Robert Half International, Inc.		173,540

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 129

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Professional Services — continued
	2,840	TransUnion		186,730
				673,855
		Real Estate Management & Development — 0.2%
	2,506	CBRE Group, Inc., Class A*		100,967
	570	Jones Lang LaSalle, Inc.		75,388
				176,355
		Road & Rail — 0.7%
	1,873	JB Hunt Transport Services, Inc.		207,173
	1,291	Kansas City Southern		131,630
	2,567	Landstar System, Inc.		256,931
	1,113	Old Dominion Freight Line, Inc.		145,157
				740,891
		Semiconductors & Semiconductor Equipment — 2.4%
	3,728	Analog Devices, Inc.		312,071
	15,413	Cypress Semiconductor Corp.		199,444
	2,618	KLA-Tencor Corp.		239,652
	1,165	Lam Research Corp.		165,115
	8,400	Marvell Technology Group Ltd.		137,844
	5,375	Maxim Integrated Products, Inc.		268,858
	9,243	ON Semiconductor Corp.*		157,131
	3,175	Qorvo, Inc.*		233,394
	2,226	Skyworks Solutions, Inc.		193,128
	5,665	Teradyne, Inc.		195,159
	7,391	Versum Materials, Inc.		233,260
	3,857	Xilinx, Inc.		329,272
				2,664,328
		Software — 3.8%
	2,138	ANSYS, Inc.*		319,738
	8,041	CA, Inc.		356,699
	7,381	Cadence Design Systems, Inc.*		328,971
	2,444	CDK Global, Inc.		139,895
	4,102	Citrix Systems, Inc.*		420,332
	2,987	Dell Technologies, Inc., Class V*		269,995
	1,921	LogMeIn, Inc.		165,436
	3,416	Manhattan Associates, Inc.*		163,080
	4,404	PTC, Inc.*		362,934
	2,410	Red Hat, Inc.*		413,652
	7,843	SS&C Technologies Holdings, Inc.		401,248
	4,795	Synopsys, Inc.*		429,296
	1,981	Tyler Technologies, Inc.*		419,298
	194	Ultimate Software Group, Inc. (The)*		51,726
				4,242,300

SHARES		INVESTMENTS	VALUE($)
		Specialty Retail — 2.7%
	3,029	AutoNation, Inc.*		122,614
	19	AutoZone, Inc.*		13,936
	5,204	Best Buy Co., Inc.		365,113
	225	Burlington Stores, Inc.*		38,585
	2,379	CarMax, Inc.*		161,558
	5,269	Dick’s Sporting Goods, Inc.		186,364
	2,813	Foot Locker, Inc.		132,605
	5,468	Gap, Inc. (The)		149,276
	2,778	Penske Automotive Group, Inc.		123,288
	3,359	Ross Stores, Inc.		332,541
	2,722	Tiffany & Co.		302,959
	4,753	Tractor Supply Co.		436,753
	8,437	Urban Outfitters, Inc.*		332,924
	6,347	Williams-Sonoma, Inc.		376,885
				3,075,401
		Technology Hardware, Storage & Peripherals — 0.2%
	3,399	NetApp, Inc.		266,787
		Textiles, Apparel & Luxury Goods — 2.0%
	3,461	Carter’s, Inc.		332,187
	3,300	Columbia Sportswear Co.		297,924
	6,144	Michael Kors Holdings Ltd.*		340,439
	1,903	PVH Corp.		229,863
	3,368	Ralph Lauren Corp.		436,527
	5,404	Tapestry, Inc.		228,643
	1,947	Under Armour, Inc., Class C*		38,609
	4,572	VF Corp.		378,927
				2,283,119
		Trading Companies & Distributors — 0.5%
	1,894	Fastenal Co.		97,371
	1,260	MSC Industrial Direct Co., Inc., Class A		102,136
	560	United Rentals, Inc.*		67,239
	1,133	Watsco, Inc.		167,888
	450	WW Grainger, Inc.		127,786
				562,420
		Transportation Infrastructure — 0.1%
	2,040	Macquarie Infrastructure Corp.		75,378
		Water Utilities — 0.7%
	5,597	American Water Works Co., Inc.		495,502
	10,416	Aqua America, Inc.		338,833
				834,335

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Wireless Telecommunication Services — 0.5%
	12,201	Telephone & Data Systems, Inc.		376,157
	3,076	United States Cellular Corp.*		146,940
				523,097
		Total Common Stocks (Cost $103,203,566)		108,211,311
	Short-Term Investments — 3.2%
		Investment Companies — 3.2%
	3,620,915	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $3,620,915)		3,620,915
	Investment of Cash Collateral from Securities Loaned — 0.6%
	643,332	JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (c) (d) (Cost $643,332)		643,332
		Total Investments — 100.4% (Cost $107,467,813)		112,475,558
		Liabilities in Excess of Other Assets — (0.4%)		(447,378	)
		NET ASSETS — 100.0%		112,028,180

Percentages indicated are based on net assets.

(a)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $627,488.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	26		12/2018		USD		3,523,260		(19,830	)
									(19,830	)

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 131

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 98.3%
		Aerospace & Defense — 0.7%
	1,756	AAR Corp.		83,551
	2,388	Aerojet Rocketdyne Holdings, Inc.*		84,344
	1,208	Aerovironment, Inc.*		108,684
	1,163	Cubic Corp.		76,304
	1,182	Mercury Systems, Inc.*		55,389
	2,159	Moog, Inc., Class A		154,476
	906	National Presto Industries, Inc.		112,951
				675,699
		Air Freight & Logistics — 0.3%
	1,073	Atlas Air Worldwide Holdings, Inc.*		55,388
	2,435	Echo Global Logistics, Inc.*		62,604
	1,588	Forward Air Corp.		95,264
	1,784	Hub Group, Inc., Class A*		81,743
				294,999
		Airlines — 0.3%
	530	Allegiant Travel Co.		60,494
	1,918	Hawaiian Holdings, Inc.		66,382
	2,773	SkyWest, Inc.		158,865
				285,741
		Auto Components — 2.7%
	9,716	American Axle & Manufacturing Holdings, Inc.*		147,392
	10,180	Cooper Tire & Rubber Co.		314,460
	2,506	Cooper-Standard Holdings, Inc.*		232,181
	8,848	Dana, Inc.		137,763
	4,936	Dorman Products, Inc.*		389,993
	7,731	Fox Factory Holding Corp.*		415,387
	5,454	Gentherm, Inc.*		238,013
	4,811	LCI Industries		333,643
	2,318	Modine Manufacturing Co.*		30,157
	2,001	Stoneridge, Inc.*		50,845
	6,209	Superior Industries International, Inc.		61,035
	5,782	Tenneco, Inc., Class A		199,074
				2,549,943
		Automobiles — 0.2%
	8,500	Winnebago Industries, Inc.		234,260
		Banks — 3.0%
	464	1st Source Corp.		21,618
	1,301	Ameris Bancorp		55,800
	2,056	AmeriServ Financial, Inc.		8,717
	993	BancFirst Corp.		56,978
	1,580	BancorpSouth Bank		45,346
	1,604	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		64,625

SHARES			INVESTMENTS	VALUE($)
			Banks — continued
	1,100		Banner Corp.		63,602
	3,165		Brookline Bancorp, Inc.		49,058
	356		Capital City Bank Group, Inc.		8,437
	1,322		Cathay General Bancorp		49,800
	2,140		CenterState Bank Corp.		52,601
	286		Chemical Financial Corp.		13,402
	1,654		Community Bank System, Inc.		96,577
	1,121		Community Trust Bancorp, Inc.		51,017
	1,364		CVB Financial Corp.		29,803
	1,316		FCB Financial Holdings, Inc., Class A*		51,495
	128	��	First Busey Corp.		3,574
	1,160		First Financial Bancorp		30,357
	1,039		First Financial Bankshares, Inc. (a)		61,291
	309		First Financial Corp.		14,171
	379		First Merchants Corp.		15,770
	1,352		First Midwest Bancorp, Inc.		31,042
	3,403		Fulton Financial Corp.		54,482
	1,302		Glacier Bancorp, Inc.		55,205
	1,888		Great Western Bancorp, Inc.		69,195
	1,243		Hancock Whitney Corp.		52,156
	2,777		Home BancShares, Inc.		52,874
	790		IBERIABANK Corp.		58,847
	1,473		Independent Bank Corp.		115,557
	8,423		Investors Bancorp, Inc.		94,169
	1,892		MB Financial, Inc.		83,986
	553		NBT Bancorp, Inc.		20,179
	1,145		OFG Bancorp (Puerto Rico)		19,568
	3,986		Old National Bancorp		71,150
	610		Renasant Corp.		21,277
	871		Republic Bancorp, Inc., Class A		39,082
	970		S&T Bancorp, Inc.		38,907
	357		Sandy Spring Bancorp, Inc.		12,691
	2,284		Trustmark Corp.		70,347
	920		UMB Financial Corp.		58,742
	1,706		Union Bankshares Corp.		58,243
	2,896		United Community Banks, Inc.		72,024
	8,227		Valley National Bancorp		82,105
	10,449		Webster Financial Corp.		614,819
	2,648		WesBanco, Inc.		106,185
	888		Westamerica Bancorp		51,690
					2,848,561
			Beverages — 1.4%
	2,254		Boston Beer Co., Inc. (The), Class A*		692,632
	1,357		Coca-Cola Bottling Co. Consolidated		234,259

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Beverages — continued
	2,571	MGP Ingredients, Inc. (a)		182,978
	2,339	National Beverage Corp.*		216,240
				1,326,109
		Biotechnology — 2.2%
	1,795	Acceleron Pharma, Inc.*		91,132
	6,588	Achillion Pharmaceuticals, Inc.*		18,842
	2,703	Acorda Therapeutics, Inc.*		51,654
	2,061	Aimmune Therapeutics, Inc.*		54,781
	912	AMAG Pharmaceuticals, Inc.*		19,608
	4,555	Amicus Therapeutics, Inc.*		50,925
	599	Arena Pharmaceuticals, Inc.*		21,360
	5,973	Array BioPharma, Inc.*		96,763
	978	Blueprint Medicines Corp.*		59,433
	1,406	Chimerix, Inc.*		4,907
	1,274	Dynavax Technologies Corp.*		12,600
	1,082	Eagle Pharmaceuticals, Inc.*		53,278
	2,273	Emergent BioSolutions, Inc.*		139,085
	1,708	Enanta Pharmaceuticals, Inc.*		131,789
	1,464	FibroGen, Inc.*		62,762
	1,151	Five Prime Therapeutics, Inc.*		13,973
	1,291	Genomic Health, Inc.*		92,578
	3,159	Halozyme Therapeutics, Inc.*		49,059
	2,269	Heron Therapeutics, Inc.*		62,987
	1,875	ImmunoGen, Inc.*		10,181
	6,555	Inovio Pharmaceuticals, Inc.*		32,316
	1,962	Insys Therapeutics, Inc.* (a)		16,736
	3,976	Keryx Biopharmaceuticals, Inc.*		11,053
	4,107	Lexicon Pharmaceuticals, Inc.*		32,158
	583	Ligand Pharmaceuticals, Inc.*		96,084
	438	Loxo Oncology, Inc.*		66,865
	5,988	MiMedx Group, Inc.* (a)		34,850
	2,774	Momenta Pharmaceuticals, Inc.*		34,703
	2,710	Myriad Genetics, Inc.*		122,031
	1,576	NewLink Genetics Corp.*		2,979
	4,582	Novavax, Inc.*		8,064
	14,301	PDL BioPharma, Inc.*		35,609
	1,971	PTC Therapeutics, Inc.*		75,923
	3,071	Repligen Corp.*		166,510
	3,383	Retrophin, Inc.*		86,808
	1,646	Sangamo Therapeutics, Inc.*		20,855
	1,242	Spark Therapeutics, Inc.*		55,878
	3,068	Spectrum Pharmaceuticals, Inc.*		36,509
	4,341	Vanda Pharmaceuticals, Inc.*		82,349
				2,115,977

SHARES		INVESTMENTS	VALUE($)
		Building Products — 0.9%
	2,308	Advanced Drainage Systems, Inc.		64,139
	1,810	American Woodmark Corp.*		109,396
	2,498	Apogee Enterprises, Inc.		90,178
	3,551	Builders FirstSource, Inc.*		43,961
	1,340	Gibraltar Industries, Inc.*		47,758
	3,193	Griffon Corp.		38,699
	2,243	JELD-WEN Holding, Inc.*		36,471
	1,118	Masonite International Corp.*		61,926
	392	NCI Building Systems, Inc.*		4,802
	1,403	Patrick Industries, Inc.*		61,045
	2,736	Quanex Building Products Corp.		40,548
	1,986	Simpson Manufacturing Co., Inc.		113,361
	713	Trex Co., Inc.*		43,707
	4,633	Universal Forest Products, Inc.		130,975
				886,966
		Capital Markets — 0.1%
	2,403	Blucora, Inc.*		69,495
		Chemicals — 3.1%
	2,262	AdvanSix, Inc.*		62,748
	1,796	American Vanguard Corp.		28,916
	2,611	Balchem Corp.		244,520
	8,734	Ferro Corp.*		147,954
	184	Flotek Industries, Inc.*		333
	3,321	GCP Applied Technologies, Inc.*		86,246
	5,582	HB Fuller Co.		248,176
	2,397	Ingevity Corp.*		218,319
	1,662	Innophos Holdings, Inc.		48,697
	2,724	Innospec, Inc.		182,290
	967	KMG Chemicals, Inc.		72,544
	1,370	Koppers Holdings, Inc.*		36,647
	4,110	Kraton Corp.*		113,189
	1,756	LSB Industries, Inc.*		13,346
	7,771	Minerals Technologies, Inc.		425,462
	4,019	PolyOne Corp.		129,854
	5,011	Rayonier Advanced Materials, Inc.		62,036
	7,369	Sensient Technologies Corp.		477,953
	1,984	Stepan Co.		163,859
	1,973	Tredegar Corp.		36,698
	2,466	Trinseo SA		132,868
	3,970	Tronox Ltd., Class A		45,457
				2,978,112
		Commercial Services & Supplies — 3.9%
	2,685	ABM Industries, Inc.		82,564
	19,155	ACCO Brands Corp.		154,581

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 133

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — continued
	1,408	Brady Corp., Class A		56,728
	1,246	Brink’s Co. (The)		82,635
	577	Cimpress NV (Netherlands)*		72,119
	858	CompX International, Inc.		11,188
	5,919	Covanta Holding Corp.		86,950
	1,273	Deluxe Corp.		60,098
	1,529	Essendant, Inc.		19,479
	6,899	Healthcare Services Group, Inc.		280,030
	8,628	Herman Miller, Inc.		284,293
	6,340	HNI Corp.		240,223
	20,110	Interface, Inc.		327,592
	2,839	Kimball International, Inc., Class B		46,730
	8,854	Knoll, Inc.		175,752
	2,357	Matthews International Corp., Class A		98,098
	1,544	McGrath RentCorp		82,434
	396	Mobile Mini, Inc.		16,284
	1,324	MSA Safety, Inc.		138,279
	968	Multi-Color Corp.		51,459
	11,718	Pitney Bowes, Inc.		77,573
	11,371	Rollins, Inc.		673,163
	12,567	Steelcase, Inc., Class A		208,612
	1,146	Team, Inc.*		22,805
	2,647	Tetra Tech, Inc.		174,808
	1,235	UniFirst Corp.		184,386
	1,159	Viad Corp.		55,505
	1,889	Virco Manufacturing Corp.		8,179
				3,772,547
		Communications Equipment — 1.4%
	1,717	Acacia Communications, Inc.*		59,185
	6,589	ADTRAN, Inc.		88,556
	2,437	CalAmp Corp.*		48,594
	3,227	Ciena Corp.*		100,876
	3,015	Comtech Telecommunications Corp.		84,179
	7,041	Extreme Networks, Inc.*		39,078
	2,723	Finisar Corp.*		45,447
	4,986	Harmonic, Inc.*		27,473
	14,402	Inseego Corp.* (a)		50,839
	1,491	InterDigital, Inc.		105,786
	1,049	Lumentum Holdings, Inc.*		57,328
	1,481	NETGEAR, Inc.*		82,166
	2,163	NetScout Systems, Inc.*		54,637
	7,425	Oclaro, Inc.*		61,033
	1,934	Plantronics, Inc.		114,048
	1,005	Ribbon Communications, Inc.*		6,834
	1,917	ViaSat, Inc.* (a)		122,228

SHARES		INVESTMENTS	VALUE($)
		Communications Equipment — continued
	16,191	Viavi Solutions, Inc.*		186,682
				1,334,969
		Construction & Engineering — 0.7%
	2,062	Aegion Corp.*		39,920
	1,001	Argan, Inc.		44,064
	2,976	Comfort Systems USA, Inc.		159,157
	907	Dycom Industries, Inc.*		61,567
	1,493	EMCOR Group, Inc.		105,973
	729	Granite Construction, Inc.		33,330
	3,738	KBR, Inc.		73,938
	1,942	MasTec, Inc.*		84,496
	1,994	Tutor Perini Corp.*		30,907
				633,352
		Construction Materials — 0.0% (b)
	1,007	US Concrete, Inc.*		32,869
		Consumer Finance — 0.2%
	1,449	Encore Capital Group, Inc.*		36,819
	1,165	EZCORP, Inc., Class A*		11,580
	1,001	FirstCash, Inc.		80,480
	965	PRA Group, Inc.*		29,761
	427	World Acceptance Corp.*		43,336
				201,976
		Containers & Packaging — 0.1%
	1,865	Greif, Inc., Class A		88,214
	1,838	Myers Industries, Inc.		29,151
				117,365
		Distributors — 0.8%
	1,846	Core-Mark Holding Co., Inc.		70,905
	2,864	Funko, Inc., Class A*		53,987
	4,159	Pool Corp.		606,174
				731,066
		Diversified Consumer Services — 0.8%
	3,086	Adtalem Global Education, Inc.*		156,244
	2,523	American Public Education, Inc.*		82,578
	2,316	Bridgepoint Education, Inc.*		22,233
	1,598	Carriage Services, Inc.		30,458
	4,965	Chegg, Inc.*		135,445
	650	Houghton Mifflin Harcourt Co.*		4,355
	353	K12, Inc.*		7,558
	4,008	Regis Corp.*		67,495
	1,702	Sotheby’s*		71,484
	679	Strategic Education, Inc.		85,432
	3,232	Universal Technical Institute, Inc.*		8,500

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Diversified Consumer Services — continued
	1,358	Weight Watchers International, Inc.*		89,764
				761,546
		Diversified Telecommunication Services — 2.0%
	6,812	Alaska Communications Systems Group, Inc.*		9,946
	3,367	Cogent Communications Holdings, Inc.		175,017
	8,772	IDT Corp., Class B*		61,755
	11,958	Intelsat SA*		311,625
	33,736	Iridium Communications, Inc.*		668,310
	48,177	Vonage Holdings Corp.*		638,827
	11,159	Windstream Holdings, Inc.*		45,975
				1,911,455
		Electric Utilities — 3.6%
	8,026	ALLETE, Inc.		593,924
	10,233	El Paso Electric Co.		583,793
	6,464	IDACORP, Inc.		602,833
	3,690	MGE Energy, Inc.		230,551
	4,444	Otter Tail Corp.		200,291
	17,211	PNM Resources, Inc.		661,075
	10,904	Portland General Electric Co.		491,552
	10,790	Spark Energy, Inc., Class A (a)		80,493
				3,444,512
		Electrical Equipment — 0.7%
	2,234	AZZ, Inc.		99,078
	1,618	Encore Wire Corp.		71,516
	1,244	EnerSys		98,985
	1,154	Generac Holdings, Inc.*		58,542
	6,083	LSI Industries, Inc.		26,278
	22,788	Sunrun, Inc.*		279,381
	836	Vicor Corp.*		33,524
				667,304
		Electronic Equipment, Instruments & Components — 1.6%
	1,072	Anixter International, Inc.*		70,420
	2,323	Badger Meter, Inc.		114,082
	1,036	Belden, Inc.		55,996
	1,500	Benchmark Electronics, Inc.		32,745
	648	CTS Corp.		17,295
	3,463	Daktronics, Inc.		25,314
	1,865	Fabrinet (Thailand)*		80,792
	1,107	II-VI, Inc.*		41,214
	3,845	Insight Enterprises, Inc.*		198,748
	954	Itron, Inc.*		49,742
	1,519	Methode Electronics, Inc.		44,962
	2,778	MTS Systems Corp.		131,538

SHARES		INVESTMENTS	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	1,177	Novanta, Inc.*		68,513
	2,014	Park Electrochemical Corp.		35,567
	1,904	PC Connection, Inc.		63,099
	1,785	Plexus Corp.*		104,244
	468	Rogers Corp.*		57,592
	1,818	ScanSource, Inc.*		70,684
	1,767	SYNNEX Corp.		137,137
	1,126	Tech Data Corp.*		79,563
	2,751	TTM Technologies, Inc.*		32,187
	3,548	Vishay Intertechnology, Inc.		64,928
				1,576,362
		Energy Equipment & Services — 1.5%
	4,214	Archrock, Inc.		43,236
	2,589	Bristow Group, Inc.*		28,505
	4,137	C&J Energy Services, Inc.*		77,693
	2,247	CARBO Ceramics, Inc.*		10,853
	3,070	Covia Holdings Corp.*		17,745
	7,356	Diamond Offshore Drilling, Inc.* (a)		104,308
	736	Geospace Technologies Corp.*		9,369
	2,763	Gulf Island Fabrication, Inc.		23,485
	13,733	Helix Energy Solutions Group, Inc.*		117,005
	609	KLX Energy Services Holdings, Inc.*		17,594
	2,720	Matrix Service Co.*		55,298
	4,710	McDermott International, Inc.*		36,408
	5,428	Newpark Resources, Inc.*		44,564
	21,120	Noble Corp. plc*		106,022
	4,524	Oceaneering International, Inc.*		85,685
	1,847	Oil States International, Inc.*		41,133
	7,026	Pioneer Energy Services Corp.*		20,867
	7,323	ProPetro Holding Corp.*		129,251
	8,131	Rowan Cos. plc, Class A*		129,364
	3,386	SEACOR Holdings, Inc.*		162,494
	4,766	TETRA Technologies, Inc.*		14,155
	3,997	Unit Corp.*		92,451
	5,542	US Silica Holdings, Inc. (a)		77,588
				1,445,073
		Entertainment — 0.5%
	2,511	AMC Entertainment Holdings, Inc., Class A		48,362
	5,478	Liberty Media Corp.-Liberty Formula One, Class A*		173,598
	1,049	Marcus Corp. (The)		40,932
	3,400	Rosetta Stone, Inc.*		70,686
	1,569	World Wrestling Entertainment, Inc., Class A		113,893
				447,471

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 135

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — 2.1%
	356	Acadia Realty Trust		9,911
	1,277	Agree Realty Corp.		73,134
	2,499	American Assets Trust, Inc.		95,862
	3,018	CareTrust REIT, Inc.		53,298
	398	Chesapeake Lodging Trust		11,697
	1,228	CorePoint Lodging, Inc.		20,102
	5,228	Cousins Properties, Inc.		43,445
	2,891	DiamondRock Hospitality Co.		30,211
	721	EastGroup Properties, Inc.		69,064
	3,182	First Industrial Realty Trust, Inc.		97,687
	3,014	Four Corners Property Trust, Inc.		78,605
	3,377	Franklin Street Properties Corp.		23,504
	2,206	GEO Group, Inc. (The)		48,775
	312	Healthcare Realty Trust, Inc.		8,692
	299	Kite Realty Group Trust		4,736
	1,706	Lexington Realty Trust		13,256
	4,023	LTC Properties, Inc.		172,064
	797	Mack-Cali Realty Corp.		16,179
	1,117	National Health Investors, Inc.		82,055
	1,803	Pebblebrook Hotel Trust		60,779
	1,558	Pennsylvania REIT		13,944
	4,463	Piedmont Office Realty Trust, Inc., Class A		80,423
	1,225	PotlatchDeltic Corp.		44,406
	916	PS Business Parks, Inc.		119,630
	3,107	Ramco-Gershenson Properties Trust		41,261
	423	Retail Opportunity Investments Corp.		7,440
	2,994	Rexford Industrial Realty, Inc.		94,820
	3,133	RLJ Lodging Trust		60,905
	871	Ryman Hospitality Properties, Inc.		67,581
	2,509	Sabra Health Care REIT, Inc.		54,320
	880	Saul Centers, Inc.		42,029
	2,159	Select Income REIT		40,827
	2,555	STAG Industrial, Inc.		67,605
	3,496	Summit Hotel Properties, Inc.		40,274
	1,874	Sunstone Hotel Investors, Inc.		27,117
	1,625	Terreno Realty Corp.		60,824
	290	Urban Edge Properties		5,942
	2,140	Washington REIT		59,642
	2,867	Xenia Hotels & Resorts, Inc.		58,917
				2,000,963
		Food & Staples Retailing — 0.6%
	5,810	Andersons, Inc. (The)		209,160
	1,333	Ingles Markets, Inc., Class A		43,909
	2,827	Performance Food Group Co.*		82,888
	1,254	PriceSmart, Inc.		87,968

SHARES		INVESTMENTS	VALUE($)
		Food & Staples Retailing — continued
	5,518	SpartanNash Co.		98,496
	1,981	United Natural Foods, Inc.*		43,047
				565,468
		Food Products — 3.3%
	6,297	B&G Foods, Inc. (a)		163,974
	2,584	Calavo Growers, Inc. (a)		250,648
	4,669	Cal-Maine Foods, Inc.		227,240
	12,594	Darling Ingredients, Inc.*		260,192
	12,150	Dean Foods Co.		97,079
	504	Farmer Brothers Co.*		12,152
	11,645	Fresh Del Monte Produce, Inc.		384,634
	15,068	Hostess Brands, Inc.*		156,707
	2,805	J&J Snack Foods Corp.		438,029
	4,372	Lancaster Colony Corp.		749,273
	2,039	Sanderson Farms, Inc. (a)		200,617
	17	Seaboard Corp.		65,705
	5,620	Tootsie Roll Industries, Inc.		177,423
				3,183,673
		Gas Utilities — 3.7%
	16,447	New Jersey Resources Corp.		741,760
	5,689	Northwest Natural Holding Co.		368,590
	8,166	ONE Gas, Inc.		644,379
	21,605	South Jersey Industries, Inc.		638,212
	6,972	Southwest Gas Holdings, Inc.		538,726
	9,164	Spire, Inc.		665,123
				3,596,790
		Health Care Equipment & Supplies — 5.0%
	6,497	Accuray, Inc.*		29,172
	1,609	Anika Therapeutics, Inc.*		57,538
	2,109	Avanos Medical, Inc.*		119,369
	1,697	AxoGen, Inc.*		63,281
	1,269	Cantel Medical Corp.		100,441
	4,143	CONMED Corp.		279,362
	3,176	Globus Medical, Inc., Class A*		167,852
	3,370	Haemonetics Corp.*		352,064
	2,233	ICU Medical, Inc.*		568,812
	345	Inogen, Inc.*		65,402
	2,567	Integer Holdings Corp.*		191,164
	7,187	Invacare Corp.		92,856
	1,602	iRhythm Technologies, Inc.*		123,770
	1,084	LivaNova plc*		121,397
	4,681	Meridian Bioscience, Inc.		75,879
	4,532	Merit Medical Systems, Inc.*		258,868
	5,604	Natus Medical, Inc.*		167,448

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	3,067	Neogen Corp.*		186,228
	2,543	Novocure Ltd.*		84,275
	2,163	NuVasive, Inc.*		121,496
	5,904	NxStage Medical, Inc.*		167,556
	4,780	OraSure Technologies, Inc.*		66,442
	1,454	Orthofix Medical, Inc.*		88,432
	4,328	Quidel Corp.*		278,550
	1,470	STAAR Surgical Co.*		58,962
	2,036	Surmodics, Inc.*		129,143
	1,396	Tactile Systems Technology, Inc.*		91,410
	2,837	Varex Imaging Corp.*		73,649
	5,836	West Pharmaceutical Services, Inc.		618,149
				4,798,967
		Health Care Providers & Services — 1.7%
	1,043	Amedisys, Inc.*		114,730
	1,899	AMN Healthcare Services, Inc.*		96,127
	1,553	BioScrip, Inc.*		4,162
	974	BioTelemetry, Inc.*		56,589
	649	Chemed Corp.		197,510
	1,745	Diplomat Pharmacy, Inc.*		34,621
	3,783	Genesis Healthcare, Inc.*		5,826
	1,127	HealthEquity, Inc.*		103,459
	2,980	LHC Group, Inc.*		272,461
	1,232	LifePoint Health, Inc.*		79,908
	2,526	Magellan Health, Inc.*		164,342
	4,828	Owens & Minor, Inc.		38,141
	5,110	Patterson Cos., Inc.		115,384
	4,784	Select Medical Holdings Corp.*		79,319
	2,155	Tenet Healthcare Corp.*		55,448
	6,181	Tivity Health, Inc.*		212,688
				1,630,715
		Health Care Technology — 1.0%
	8,204	Allscripts Healthcare Solutions, Inc.*		97,709
	1,260	Computer Programs & Systems, Inc.		31,500
	3,416	HMS Holdings Corp.*		98,449
	1,756	Medidata Solutions, Inc.*		123,447
	6,564	Omnicell, Inc.*		464,075
	1,233	Tabula Rasa HealthCare, Inc.*		91,094
	1,023	Teladoc Health, Inc.*		70,935
				977,209
		Hotels, Restaurants & Leisure — 3.3%
	6,418	Belmond Ltd., Class A (United Kingdom)*		109,876
	105	Biglari Holdings, Inc., Class A*		78,750
	1,953	BJ’s Restaurants, Inc.		119,485

SHARES		INVESTMENTS	VALUE($)
		Hotels, Restaurants & Leisure — continued
	4,109	Bloomin’ Brands, Inc.		81,975
	4,317	Boyd Gaming Corp.		114,660
	3,255	Brinker International, Inc. (a)		141,104
	3,529	Cheesecake Factory, Inc. (The)		170,592
	675	Churchill Downs, Inc.		168,487
	1,758	Chuy’s Holdings, Inc.*		42,842
	997	Cracker Barrel Old Country Store, Inc. (a)		158,204
	1,757	Dave & Buster’s Entertainment, Inc.		104,629
	2,405	Dine Brands Global, Inc.		194,901
	4,563	Dover Motorsports, Inc.		9,810
	4,942	El Pollo Loco Holdings, Inc.*		61,824
	3,283	Eldorado Resorts, Inc.*		119,830
	1,377	Fiesta Restaurant Group, Inc.*		35,540
	1,477	Marriott Vacations Worldwide Corp.		130,700
	1,997	Noodles & Co.*		18,832
	91	OBH Inc.*		12,967
	7,956	Penn National Gaming, Inc.*		193,172
	3,068	Planet Fitness, Inc., Class A*		150,608
	4,230	Red Robin Gourmet Burgers, Inc.*		127,746
	3,702	Red Rock Resorts, Inc., Class A		85,664
	2,862	Ruth’s Hospitality Group, Inc.		77,360
	2,212	Shake Shack, Inc., Class A*		116,993
	4,598	Sonic Corp.		199,001
	3,211	Texas Roadhouse, Inc.		194,137
	2,377	Wingstop, Inc.		148,848
				3,168,537
		Household Durables — 3.6%
	2,345	Bassett Furniture Industries, Inc.		46,314
	10,886	Ethan Allen Interiors, Inc.		208,358
	5,743	Helen of Troy Ltd.*		712,821
	2,091	iRobot Corp.* (a)		184,364
	8,469	KB Home		169,126
	11,269	La-Z-Boy, Inc.		313,278
	4,733	LGI Homes, Inc.* (a)		202,525
	8,778	M/I Homes, Inc.*		212,164
	11,339	MDC Holdings, Inc.		318,626
	5,622	Meritage Homes Corp.*		209,420
	3,594	Skyline Champion Corp.		85,645
	9,743	Taylor Morrison Home Corp., Class A*		161,149
	2,205	TopBuild Corp.*		100,592
	16,128	TRI Pointe Group, Inc.*		191,923
	3,333	Universal Electronics, Inc.*		104,223
	18,407	ZAGG, Inc.*		222,909
				3,443,437

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 137

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Household Products — 0.9%
	4,371	Central Garden & Pet Co.*		141,970
	8,015	Central Garden & Pet Co., Class A*		237,645
	3,159	WD-40 Co.		527,806
				907,421
		Independent Power and Renewable Electricity Producers — 1.0%
	1,743	Atlantica Yield plc (Spain)		34,180
	2,455	Clearway Energy, Inc., Class A		47,676
	3,550	Clearway Energy, Inc., Class C		69,615
	7,939	Ormat Technologies, Inc.		406,239
	16,456	Pattern Energy Group, Inc., Class A		294,892
	13,165	TerraForm Power, Inc., Class A		148,370
				1,000,972
		Insurance — 1.0%
	3,420	CNO Financial Group, Inc.		64,638
	420	Crawford & Co., Class B		3,868
	1,896	Employers Holdings, Inc.		87,140
	926	FBL Financial Group, Inc., Class A		63,875
	1,531	Horace Mann Educators Corp.		60,138
	129	National Western Life Group, Inc., Class A		34,737
	1,716	Navigators Group, Inc. (The)		118,661
	514	Primerica, Inc.		56,406
	317	Protective Insurance Corp., Class B		7,307
	1,174	RLI Corp.		86,794
	867	Safety Insurance Group, Inc.		72,204
	3,648	Selective Insurance Group, Inc.		236,573
	1,663	State Auto Financial Corp.		52,867
	1,352	Stewart Information Services Corp.		55,811
				1,001,019
		Interactive Media & Services — 0.4%
	4,752	Cars.com, Inc.*		124,075
	13,582	Meet Group, Inc. (The)*		59,897
	417	Travelzoo*		3,198
	3,693	XO Group, Inc.*		127,815
	2,542	Yelp, Inc.*		108,848
				423,833
		Internet & Direct Marketing Retail — 0.9%
	2,153	Etsy, Inc.*		91,546
	1,881	Lands’ End, Inc.*		30,679
	1,080	Liquidity Services, Inc.*		6,415
	11,317	Nutrisystem, Inc.		402,432
	1,731	PetMed Express, Inc.		48,364
	1,205	Shutterfly, Inc.*		60,250
	2,727	Shutterstock, Inc.		111,480

SHARES		INVESTMENTS	VALUE($)
		Internet & Direct Marketing Retail — continued
	458	Stamps.com, Inc.*		92,594
				843,760
		IT Services — 2.0%
	1,271	CACI International, Inc., Class A*		226,823
	2,943	Computer Task Group, Inc.*		13,920
	3,133	CSG Systems International, Inc.		109,968
	2,962	EVERTEC, Inc. (Puerto Rico)		77,249
	1,189	ExlService Holdings, Inc.*		76,215
	4,855	LiveRamp Holdings, Inc.*		221,776
	763	ManTech International Corp., Class A		43,705
	9,463	MAXIMUS, Inc.		614,811
	2,673	Perficient, Inc.*		66,879
	1,908	Science Applications International Corp.		132,625
	954	Sykes Enterprises, Inc.*		29,259
	7,223	Travelport Worldwide Ltd.		108,056
	2,432	TTEC Holdings, Inc.		60,605
	2,284	Unisys Corp.*		42,049
	2,018	Virtusa Corp.*		100,073
				1,924,013
		Leisure Products — 0.9%
	2,215	American Outdoor Brands Corp.*		30,301
	24,558	Callaway Golf Co.		525,541
	7,829	JAKKS Pacific, Inc.*		18,868
	13,301	Nautilus, Inc.*		162,671
	2,392	Sturm Ruger & Co., Inc.		142,061
				879,442
		Life Sciences Tools & Services — 0.4%
	1,686	Cambrex Corp.*		89,847
	1,221	Fluidigm Corp.*		8,791
	5,507	Luminex Corp.		158,436
	1,389	Medpace Holdings, Inc.*		72,367
	1,528	Syneos Health, Inc.*		69,723
				399,164
		Machinery — 3.0%
	1,720	Actuant Corp., Class A		41,022
	2,158	Albany International Corp., Class A		151,017
	722	Astec Industries, Inc.		27,154
	1,521	Barnes Group, Inc.		86,089
	15,742	Briggs & Stratton Corp.		228,731
	3,168	Chart Industries, Inc.*		215,582
	898	CIRCOR International, Inc.		29,194
	4,270	Columbus McKinnon Corp.		156,837
	1,448	EnPro Industries, Inc.		90,066

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Machinery — continued
	996	ESCO Technologies, Inc.		60,975
	2,054	Federal Signal Corp.		45,167
	1,925	Franklin Electric Co., Inc.		81,658
	895	Greenbrier Cos., Inc. (The)		42,468
	5,316	Hillenbrand, Inc.		254,636
	582	John Bean Technologies Corp.		60,511
	1,716	Kennametal, Inc.		60,832
	507	LB Foster Co., Class A*		9,217
	430	Lindsay Corp.		41,117
	1,526	LS Starrett Co. (The), Class A		8,271
	1,074	Manitowoc Co., Inc. (The)*		19,633
	9,733	Meritor, Inc.*		165,364
	3,022	Mueller Industries, Inc.		73,586
	6,642	Mueller Water Products, Inc., Class A		68,147
	791	Proto Labs, Inc.*		94,485
	1,259	RBC Bearings, Inc.*		185,929
	3,149	Rexnord Corp.*		84,425
	704	Standex International Corp.		57,108
	1,237	Tennant Co.		75,605
	9,408	Titan International, Inc.		66,420
	2,010	TriMas Corp.*		59,195
	4,189	Wabash National Corp.		63,254
	1,578	Watts Water Technologies, Inc., Class A		110,539
	1,176	Woodward, Inc.		86,601
				2,900,835
		Marine — 0.1%
	1,532	Matson, Inc.		53,743
		Media — 1.3%
	6,392	Entercom Communications Corp., Class A		41,484
	3,175	EW Scripps Co. (The), Class A		53,404
	7,932	Gannett Co., Inc.		76,940
	4,933	Gray Television, Inc.*		85,390
	1,733	Loral Space & Communications, Inc.*		77,396
	2,154	Meredith Corp.		111,060
	3,200	MSG Networks, Inc., Class A*		81,760
	7,971	New York Times Co. (The), Class A		210,434
	1,759	Nexstar Media Group, Inc., Class A		131,732
	2,723	Scholastic Corp.		118,124
	2,336	Sinclair Broadcast Group, Inc., Class A		66,903
	15,904	TEGNA, Inc.		183,532
				1,238,159
		Metals & Mining — 1.5%
	7,678	AK Steel Holding Corp.*		28,409
	4,556	Allegheny Technologies, Inc.*		117,955

SHARES		INVESTMENTS	VALUE($)
		Metals & Mining — continued
	2,672	Carpenter Technology Corp.		116,526
	4,412	Century Aluminum Co.*		35,031
	2,960	Coeur Mining, Inc.*		14,149
	6,979	Commercial Metals Co.		133,020
	3,697	Compass Minerals International, Inc.		179,342
	2,272	Haynes International, Inc.		65,797
	21,221	Hecla Mining Co.		50,930
	2,717	Kaiser Aluminum Corp.		259,120
	1,181	Materion Corp.		67,116
	1,294	Olympic Steel, Inc.		24,405
	5,950	SunCoke Energy, Inc.*		66,640
	3,991	Warrior Met Coal, Inc.		111,748
	3,090	Worthington Industries, Inc.		129,409
				1,399,597
		Mortgage Real Estate Investment Trusts (REITs) — 0.6%
	1,905	AG Mortgage Investment Trust, Inc.		32,956
	3,384	ARMOUR Residential REIT, Inc.		73,703
	4,463	Blackstone Mortgage Trust, Inc., Class A		150,582
	11,766	Capstead Mortgage Corp.		80,715
	2,103	Exantas Capital Corp.		23,848
	4,425	Ladder Capital Corp.		74,517
	9,087	New York Mortgage Trust, Inc.		55,794
	3,238	Redwood Trust, Inc.		53,168
	4,478	Western Asset Mortgage Capital Corp.		44,646
				589,929
		Multiline Retail — 0.4%
	2,366	Big Lots, Inc.		98,236
	983	Dillard’s, Inc., Class A (a)		69,223
	2,194	Ollie’s Bargain Outlet Holdings, Inc.*		203,823
				371,282
		Multi-Utilities — 1.9%
	11,190	Avista Corp.		575,390
	12,025	Black Hills Corp.		715,487
	8,668	NorthWestern Corp.		509,332
				1,800,209
		Oil, Gas & Consumable Fuels — 2.5%
	11,679	Abraxas Petroleum Corp.*		21,489
	1,629	Arch Coal, Inc., Class A		156,221
	1,633	California Resources Corp.*		51,178
	6,185	Callon Petroleum Co.*		61,665
	3,226	Carrizo Oil & Gas, Inc.*		58,746
	1,891	CONSOL Energy, Inc.*		75,337
	4,445	CVR Energy, Inc.		191,135

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 139

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	2,538	Delek US Holdings, Inc.		93,195
	16,201	Denbury Resources, Inc.*		55,894
	8,312	DHT Holdings, Inc.		41,809
	1,321	Frontline Ltd. (Norway)*		9,445
	2,502	GasLog Ltd. (Monaco)		51,191
	3,799	Golar LNG Ltd. (Bermuda)		101,737
	6,780	Green Plains, Inc.		115,531
	9,156	Gulfport Energy Corp.*		83,411
	9,417	Halcon Resources Corp.*		31,264
	4,813	Matador Resources Co.*		138,807
	1,282	NACCO Industries, Inc., Class A		44,280
	1,245	Nordic American Tankers Ltd.		3,225
	3,503	Oasis Petroleum, Inc.*		35,240
	4,233	Pacific Ethanol, Inc.*		6,942
	4,171	Peabody Energy Corp.		147,862
	1,070	Penn Virginia Corp.*		73,595
	3,457	Renewable Energy Group, Inc.* (a)		107,444
	1,903	REX American Resources Corp.*		141,146
	3,312	Sanchez Energy Corp.* (a)		5,498
	5,568	Scorpio Tankers, Inc. (Monaco)		9,967
	4,962	SemGroup Corp., Class A		91,747
	7,292	Ship Finance International Ltd. (Norway)		91,150
	20,629	Southwestern Energy Co.*		110,159
	9,557	SRC Energy, Inc.*		67,664
	11,264	Teekay Tankers Ltd., Class A (Bermuda)		12,503
	9,437	Ultra Petroleum Corp.*		11,324
	7,626	W&T Offshore, Inc.*		51,399
	3,814	WildHorse Resource Development Corp.*		80,895
				2,430,095
		Paper & Forest Products — 0.8%
	2,230	Boise Cascade Co.		68,662
	1,930	Clearwater Paper Corp.*		46,590
	4,179	KapStone Paper and Packaging Corp.		146,265
	3,451	Louisiana-Pacific Corp.		75,128
	7,387	PH Glatfelter Co.		132,227
	6,820	Schweitzer-Mauduit International, Inc.		217,695
	2,380	Verso Corp., Class A*		66,902
				753,469
		Personal Products — 1.3%
	2,986	Medifast, Inc.		632,076
	635	Nature’s Sunshine Products, Inc.*		5,620
	5,177	USANA Health Sciences, Inc.*		605,813
				1,243,509

SHARES		INVESTMENTS		VALUE($)
			��
		Pharmaceuticals — 0.8%
	2,088	Amneal Pharmaceuticals, Inc.*			38,524
	1,063	ANI Pharmaceuticals, Inc.*			51,587
	1,797	Assertio Therapeutics, Inc.*			8,724
	3,958	Corcept Therapeutics, Inc.*			46,507
	5,291	Horizon Pharma plc*			96,349
	5,911	Innoviva, Inc.*			82,518
	1,718	Intersect ENT, Inc.*			48,207
	1,547	Lannett Co., Inc.* (a)			5,662
	1,719	Mallinckrodt plc*			43,078
	1,215	MyoKardia, Inc.*			64,322
	640	Pacira Pharmaceuticals, Inc.*			31,290
	2,016	Paratek Pharmaceuticals, Inc.* (a)			15,019
	3,382	Prestige Consumer Healthcare, Inc.*			122,293
	1,527	Supernus Pharmaceuticals, Inc.*			72,624
	1,980	Theravance Biopharma, Inc.*			48,055
					774,759
		Professional Services — 1.0%
	750	Acacia Research Corp.*			2,460
	1,594	ASGN, Inc.*			106,926
	1,435	CRA International, Inc.			60,485
	2,215	Forrester Research, Inc.			89,220
	1,564	FTI Consulting, Inc.*			108,088
	710	Heidrick & Struggles International, Inc.			24,502
	863	Huron Consulting Group, Inc.*			47,025
	1,599	Insperity, Inc.			175,650
	1,120	Kelly Services, Inc., Class A			26,309
	1,015	Korn/Ferry International			45,817
	3,528	Navigant Consulting, Inc.			76,205
	1,688	Resources Connection, Inc.			27,548
	1,627	TriNet Group, Inc.*			76,453
	631	TrueBlue, Inc.*			14,721
	2,066	WageWorks, Inc.*			82,247
					963,656
		Real Estate Management & Development — 0.1%
	2,266	Kennedy-Wilson Holdings, Inc.			43,009
	3,818	Rafael Holdings, Inc., Class B*			31,078
					74,087
		Road & Rail — 1.1%
	1,822	AMERCO			594,847
	2,031	ArcBest Corp.			75,391
	2,003	Avis Budget Group, Inc.*			56,324
	2,543	Covenant Transportation Group, Inc., Class A*			63,651
	3,390	Heartland Express, Inc.			66,003

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Road & Rail — continued
	4,008	Hertz Global Holdings, Inc.*		55,110
	1,252	Saia, Inc.*		78,701
	3,385	Werner Enterprises, Inc.		108,963
				1,098,990
		Semiconductors & Semiconductor Equipment — 2.0%
	1,646	Advanced Energy Industries, Inc.*		70,827
	2,383	Axcelis Technologies, Inc.*		41,131
	2,936	Brooks Automation, Inc.		91,104
	2,202	Cabot Microelectronics Corp.		214,959
	1,865	CEVA, Inc.*		45,954
	1,244	Cirrus Logic, Inc.*		46,575
	2,942	Cohu, Inc.		61,194
	2,793	Cree, Inc.*		108,424
	3,032	Diodes, Inc.*		91,536
	731	DSP Group, Inc.*		8,940
	3,960	Entegris, Inc.		105,098
	2,699	Ichor Holdings Ltd.* (a)		47,907
	3,206	Integrated Device Technology, Inc.*		150,073
	10,782	Lattice Semiconductor Corp.*		64,800
	4,107	MaxLinear, Inc.*		79,717
	3,981	Nanometrics, Inc.*		127,631
	4,634	NeoPhotonics Corp.*		37,072
	4,461	Photronics, Inc.*		43,450
	1,614	Power Integrations, Inc.		90,901
	6,224	Rambus, Inc.*		54,211
	2,143	Semtech Corp.*		96,306
	1,357	Silicon Laboratories, Inc.*		110,636
	635	Synaptics, Inc.*		23,838
	2,565	Ultra Clean Holdings, Inc.*		26,984
	1,129	Veeco Instruments, Inc.*		10,737
	4,794	Xperi Corp.		62,322
				1,912,327
		Software — 3.9%
	11,066	8x8, Inc.*		190,224
	9,340	ACI Worldwide, Inc.*		234,341
	2,041	Agilysys, Inc.*		33,207
	1,666	Alarm.com Holdings, Inc.*		74,104
	1,496	Alteryx, Inc., Class A*		79,273
	813	Appfolio, Inc., Class A*		46,422
	2,812	Apptio, Inc., Class A*		72,831
	1,379	Blackbaud, Inc.		98,902
	1,938	Bottomline Technologies DE, Inc.*		129,148
	2,621	CommVault Systems, Inc.*		152,595
	1,892	Coupa Software, Inc.*		122,658

SHARES		INVESTMENTS	VALUE($)
		Software — continued
	2,367	Ebix, Inc.		135,653
	1,083	Ellie Mae, Inc.*		71,781
	1,624	Envestnet, Inc.*		84,480
	1,619	Everbridge, Inc.*		82,294
	523	Fair Isaac Corp.*		100,787
	3,083	Five9, Inc.*		121,347
	554	Globant SA (Argentina)*		28,520
	4,068	Hortonworks, Inc.*		72,654
	848	HubSpot, Inc.*		115,031
	1,633	j2 Global, Inc.		118,948
	4,601	LivePerson, Inc.*		103,983
	779	MicroStrategy, Inc., Class A*		98,131
	1,659	New Relic, Inc.*		148,066
	2,235	NextGen Healthcare Information Systems LLC*		33,011
	3,118	OneSpan, Inc.*		45,757
	1,449	Paylocity Holding Corp.*		95,330
	2,456	Pegasystems, Inc.		131,445
	5,064	Progress Software Corp.		162,757
	1,670	Q2 Holdings, Inc.*		88,894
	3,879	Qualys, Inc.*		276,340
	867	SPS Commerce, Inc.*		80,709
	3,812	TiVo Corp.		41,932
	462	Trade Desk, Inc. (The), Class A*		57,080
	1,494	Varonis Systems, Inc.*		91,239
	2,662	Verint Systems, Inc.*		121,573
				3,741,447
		Specialty Retail — 3.9%
	2,425	Aaron’s, Inc.		114,290
	2,445	Abercrombie & Fitch Co., Class A		48,166
	6,313	American Eagle Outfitters, Inc.		145,578
	1,537	Asbury Automotive Group, Inc.*		100,059
	2,032	At Home Group, Inc.*		55,555
	5,077	Barnes & Noble, Inc.		32,137
	5,548	Bed Bath & Beyond, Inc.		76,230
	3,208	Boot Barn Holdings, Inc.*		79,173
	5,240	Buckle, Inc. (The) (a)		106,896
	3,249	Build-A-Bear Workshop, Inc.*		27,811
	3,541	Caleres, Inc.		121,102
	5,177	Camping World Holdings, Inc., Class A (a)		88,786
	2,945	Cato Corp. (The), Class A		56,780
	7,586	Chico’s FAS, Inc.		58,185
	850	Children’s Place, Inc. (The)		126,990
	2,569	Citi Trends, Inc.		65,073
	1,213	Conn’s, Inc.*		33,697

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 141

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	3,586	DSW, Inc., Class A		95,208
	3,155	Express, Inc.*		27,796
	1,183	Five Below, Inc.*		134,649
	9,879	GameStop Corp., Class A		144,233
	2,966	GNC Holdings, Inc., Class A*		10,915
	1,574	Group 1 Automotive, Inc.		90,883
	4,800	Guess?, Inc.		101,952
	2,742	Haverty Furniture Cos., Inc.		55,608
	2,532	Hibbett Sports, Inc.*		44,234
	2,668	Kirkland’s, Inc.*		26,973
	919	Lithia Motors, Inc., Class A		81,865
	925	Lumber Liquidators Holdings, Inc.*		11,063
	4,379	Monro, Inc.		325,798
	2,128	Murphy USA, Inc.*		171,581
	13,207	Office Depot, Inc.		33,810
	5,215	Party City Holdco, Inc.*		54,601
	4,659	Pier 1 Imports, Inc.		7,408
	2,842	Rent-A-Center, Inc.*		40,498
	507	RH* (a)		58,665
	4,714	Shoe Carnival, Inc.		192,001
	1,998	Signet Jewelers Ltd.		111,988
	4,505	Sleep Number Corp.*		163,847
	2,494	Sonic Automotive, Inc., Class A		45,191
	2,026	Tailored Brands, Inc.		42,566
	2,885	Tile Shop Holdings, Inc.		18,752
	14,645	Zumiez, Inc.*		340,643
				3,769,236
		Technology Hardware, Storage & Peripherals — 0.2%
	2,274	Cray, Inc.*		51,597
	3,204	Diebold Nixdorf, Inc. (a)		12,496
	2,030	Electronics For Imaging, Inc.*		61,814
	3,806	Stratasys Ltd.*		72,542
				198,449
		Textiles, Apparel & Luxury Goods — 2.9%
	7,532	Columbia Sportswear Co.		679,989
	6,314	Crocs, Inc.*		129,689
	2,457	Deckers Outdoor Corp.*		312,457
	4,240	G-III Apparel Group Ltd.*		169,006
	2,677	Movado Group, Inc.		103,091
	2,971	Oxford Industries, Inc.		264,359
	18,658	Steven Madden Ltd.		583,436
	19,214	Vera Bradley, Inc.*		253,433
	8,645	Wolverine World Wide, Inc.		304,045
				2,799,505

SHARES		INVESTMENTS	VALUE($)
		Thrifts & Mortgage Finance — 0.7%
	1,946	Axos Financial, Inc.*		59,081
	5,666	Capitol Federal Financial, Inc.		70,315
	3,824	Dime Community Bancshares, Inc.		61,643
	4,687	Kearny Financial Corp.		60,650
	5,871	MGIC Investment Corp.*		71,685
	4,381	Northwest Bancshares, Inc.		70,709
	3,686	OceanFirst Financial Corp.		93,329
	3,390	Oritani Financial Corp.		49,528
	3,865	TrustCo Bank Corp.		28,949
	2,956	Washington Federal, Inc.		83,241
				649,130
		Tobacco — 1.0%
	6,124	Universal Corp.		415,575
	37,701	Vector Group Ltd.		509,717
				925,292
		Trading Companies & Distributors — 1.1%
	4,188	Aircastle Ltd.		81,373
	5,011	Applied Industrial Technologies, Inc.		329,373
	584	DXP Enterprises, Inc.*		18,559
	1,766	GATX Corp.		132,326
	2,048	GMS, Inc.*		33,669
	2,366	Kaman Corp.		150,288
	892	Lawson Products, Inc.*		29,490
	6,845	MRC Global, Inc.*		108,356
	1,547	SiteOne Landscape Supply, Inc.*		105,258
	1,028	Systemax, Inc.		33,215
	1,486	Textainer Group Holdings Ltd.*		17,431
	3,076	Titan Machinery, Inc.*		43,833
				1,083,171
		Water Utilities — 1.6%
	11,232	American States Water Co.		687,623
	13,587	California Water Service Group		570,654
	1,888	Connecticut Water Service, Inc.		130,498
	2,608	SJW Group		158,384
				1,547,159
		Wireless Telecommunication Services — 0.1%
	2,417	Boingo Wireless, Inc.*		75,725
	6,102	Gogo, Inc.*(a)		34,903
				110,628
		Total Common Stocks (Cost $92,963,657)		94,517,775

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

NO. OF RIGHTS		INVESTMENTS	VALUE($)
	Rights — 0.0% (b)
		Chemicals — 0.0% (b)
	5,865	A Schulman, Inc., CVR*‡		—	(c)
		Media — 0.0% (b)
	1,533	Media General, Inc., CVR*‡		75
		Total Rights (Cost $—)		75
SHARES
	Short-Term Investments—1.6%
		Investment Companies—1.6%
	1,505,075	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (d) (e) (Cost $1,505,075)		1,505,075
	Investment of Cash Collateral from Securities Loaned — 2.5%
	2,431,125	JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (d) (e) (Cost $2,431,125)		2,431,125
		Total Investments — 102.4% (Cost $96,899,857)		98,454,050
		Liabilities in Excess of Other Assets — (2.4%)		(2,318,796	)
		NET ASSETS — 100.0%		96,135,254

Percentages indicated are based on net assets.

Abbreviations

CVR	—  Contingent Value Rights
(a)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $2,359,957.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  Amount rounds to less than 1.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.
‡	—  Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 143

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		20		12/2018		USD		1,513,100		(28,586	)
										(28,586	)

Abbreviations
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 95.2%
		Aerospace & Defense — 0.6%
	505	Lockheed Martin Corp.		148,394
		Air Freight & Logistics — 0.4%
	1,096	United Parcel Service, Inc., Class B		116,768
		Airlines — 0.4%
	1,471	Copa Holdings SA, Class A (Panama)		106,545
		Automobiles — 1.3%
	8,533	Ford Motor Co.		81,490
	4,049	General Motors Co.		148,153
	3,402	Harley-Davidson, Inc.		130,025
				359,668
		Banks — 0.6%
	1,315	PacWest Bancorp		53,415
	6,350	People’s United Financial, Inc.		99,441
				152,856
		Beverages — 1.5%
	3,964	Coca-Cola Co. (The)		189,796
	2,173	Keurig Dr Pepper, Inc.		56,498
	14	Molson Coors Brewing Co., Class B		896
	1,492	PepsiCo, Inc.		167,671
				414,861
		Biotechnology — 1.6%
	1,657	AbbVie, Inc.		128,997
	881	Amgen, Inc.		169,848
	2,188	Gilead Sciences, Inc.		149,178
				448,023
		Capital Markets — 0.1%
	2,345	BGC Partners, Inc., Class A		24,834
		Chemicals — 4.2%
	1,051	Air Products & Chemicals, Inc.		162,222
	3,360	CF Industries Holdings, Inc.		161,381
	1,797	Eastman Chemical Co.		140,795
	431	International Flavors & Fragrances, Inc.		62,348
	1,091	Linde plc (United Kingdom)		180,528
	1,546	LyondellBasell Industries NV, Class A		138,011
	1,705	Mosaic Co. (The)		52,753
	943	Olin Corp.		19,049
	2,585	RPM International, Inc.		158,124
	1,115	Scotts Miracle-Gro Co. (The)		74,415
				1,149,626
		Commercial Services & Supplies — 0.6%
	1,924	Waste Management, Inc.		172,140

SHARES		INVESTMENTS	VALUE($)
		Containers & Packaging — 1.4%
	585	Bemis Co., Inc.		26,776
	1,360	International Paper Co.		61,690
	1,403	Packaging Corp. of America		128,809
	3,073	Sonoco Products Co.		167,724
	209	WestRock Co.		8,981
				393,980
		Distributors — 0.6%
	1,748	Genuine Parts Co.		171,164
		Diversified Consumer Services — 0.5%
	4,748	H&R Block, Inc.		126,012
		Diversified Telecommunication Services — 2.0%
	5,523	AT&T, Inc.		169,445
	8,177	CenturyLink, Inc.		168,773
	3,263	Verizon Communications, Inc.		186,285
	835	Zayo Group Holdings, Inc.*		24,950
				549,453
		Electric Utilities — 10.2%
	3,671	Alliant Energy Corp.		157,780
	2,430	American Electric Power Co., Inc.		178,265
	2,235	Avangrid, Inc.		105,067
	2,156	Duke Energy Corp.		178,150
	2,653	Edison International		184,092
	2,086	Entergy Corp.		175,120
	2,861	Evergy, Inc.		160,187
	2,793	Eversource Energy		176,685
	4,003	Exelon Corp.		175,371
	4,671	FirstEnergy Corp.		174,135
	2,919	Hawaiian Electric Industries, Inc.		108,879
	873	NextEra Energy, Inc.		150,593
	3,443	OGE Energy Corp.		124,464
	965	PG&E Corp.*		45,172
	2,220	Pinnacle West Capital Corp.		182,595
	5,871	PPL Corp.		178,478
	3,983	Southern Co. (The)		179,355
	3,328	Xcel Energy, Inc.		163,105
				2,797,493
		Electrical Equipment — 1.7%
	2,104	Eaton Corp. plc		150,794
	2,281	Emerson Electric Co.		154,834
	1,272	Hubbell, Inc.		129,362
	176	Rockwell Automation, Inc.		28,993
				463,983

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 145

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — 0.6%
	2,525	Helmerich & Payne, Inc.		157,282
		Entertainment — 0.9%
	3,451	Cinemark Holdings, Inc.		143,458
	2,748	Viacom, Inc., Class B		87,881
				231,339
		Equity Real Estate Investment Trusts (REITs) — 10.3%
	3,662	Apple Hospitality REIT, Inc.		59,215
	8,813	Brandywine Realty Trust		123,911
	3,117	Brixmor Property Group, Inc.		50,495
	4,697	Colony Capital, Inc.		27,571
	1,015	Corporate Office Properties Trust		26,228
	1,406	Digital Realty Trust, Inc.		145,184
	3,602	Duke Realty Corp.		99,307
	929	EPR Properties		63,859
	4,063	Gaming and Leisure Properties, Inc.		136,882
	4,373	HCP, Inc.		120,476
	776	Healthcare Trust of America, Inc., Class A		20,378
	4,587	Hospitality Properties Trust		117,519
	4,111	Iron Mountain, Inc.		125,838
	8,498	Kimco Realty Corp.		136,733
	3,780	Liberty Property Trust		158,269
	1,252	Macerich Co. (The)		64,628
	3,913	Medical Properties Trust, Inc.		58,147
	2,479	National Retail Properties, Inc.		115,893
	5,279	Omega Healthcare Investors, Inc.		176,055
	751	Outfront Media, Inc.		13,308
	1,489	Park Hotels & Resorts, Inc.		43,285
	3,138	Rayonier, Inc.		94,768
	507	Retail Value, Inc.*		14,201
	7,570	Senior Housing Properties Trust		121,650
	94	SITE Centers Corp.		1,168
	20,833	Spirit Realty Capital, Inc.		162,914
	7,979	Uniti Group, Inc.		152,718
	763	Ventas, Inc.		44,285
	18,595	VEREIT, Inc.		136,301
	1,720	Welltower, Inc.		113,640
	1,664	WP Carey, Inc.		109,841
				2,834,667
		Food & Staples Retailing — 0.6%
	2,337	Sysco Corp.		166,698
		Food Products — 3.1%
	1,125	Archer-Daniels-Midland Co.		53,156
	4,152	Campbell Soup Co. (a)		155,326
	4,196	Conagra Brands, Inc.		149,378

SHARES		INVESTMENTS	VALUE($)
		Food Products — continued
	7,258	Flowers Foods, Inc.		140,152
	3,335	General Mills, Inc.		146,073
	90	JM Smucker Co. (The)		9,749
	2,182	Kellogg Co.		142,877
	1,009	Kraft Heinz Co. (The)		55,465
				852,176
		Gas Utilities — 0.4%
	1,807	National Fuel Gas Co.		98,102
		Health Care Equipment & Supplies — 2.7%
	2,632	Abbott Laboratories		181,450
	669	Becton Dickinson and Co.		154,205
	77	Hill-Rom Holdings, Inc.		6,474
	1,827	Medtronic plc		164,101
	1,307	ResMed, Inc.		138,438
	647	Stryker Corp.		104,956
				749,624
		Health Care Providers & Services — 0.9%
	2,075	Cardinal Health, Inc.		104,995
	1,519	Quest Diagnostics, Inc.		142,953
				247,948
		Hotels, Restaurants & Leisure — 3.4%
	1,504	Darden Restaurants, Inc.		160,251
	7,406	Extended Stay America, Inc.		120,570
	636	International Game Technology plc		11,798
	2,226	Las Vegas Sands Corp.		113,593
	1,085	McDonald’s Corp.		191,936
	2,391	Six Flags Entertainment Corp.		128,779
	9,882	Wendy’s Co. (The)		170,366
	1,072	Wyndham Destinations, Inc.		38,463
				935,756
		Household Durables — 1.5%
	2,560	Garmin Ltd.		169,370
	3,394	Leggett & Platt, Inc.		123,236
	1,569	Newell Brands, Inc.		24,916
	952	Whirlpool Corp.		104,491
				422,013
		Household Products — 1 .8%
	1,060	Clorox Co. (The)		157,357
	1,404	Kimberly-Clark Corp.		146,437
	2,119	Procter & Gamble Co. (The)		187,913
				491,707

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Independent Power and Renewable Electricity Producers — 0.7%
	12,964	AES Corp.		189,015
		Industrial Conglomerates — 0.7%
	786	3M Co.		149,544
	5,019	General Electric Co.		50,692
				200,236
		Insurance — 0.6%
	7,861	Old Republic International Corp.		173,335
		IT Services — 1.0%
	1,005	International Business Machines Corp.		116,007
	2,384	Paychex, Inc.		156,128
				272,135
		Leisure Products — 0.8%
	1,577	Hasbro, Inc.		144,627
	6,140	Mattel, Inc.*		83,381
				228,008
		Machinery — 1.2%
	1,141	Caterpillar, Inc.		138,426
	1,007	Cummins, Inc.		137,647
	15	Stanley Black & Decker, Inc.		1,748
	1,232	Timken Co. (The)		48,725
				326,546
		Metals & Mining — 1.3%
	2,790	Nucor Corp.		164,945
	1,984	Reliance Steel & Aluminum Co.		156,577
	792	Southern Copper Corp. (Peru)		30,365
				351,887
		Mortgage Real Estate Investment Trusts (REITs) — 3.2%
	8,226	AGNC Investment Corp.		146,752
	13,711	Annaly Capital Management, Inc.		135,328
	6,936	Chimera Investment Corp.		129,010
	17,564	MFA Financial, Inc.		121,718
	3,254	New Residential Investment Corp.		58,181
	7,076	Starwood Property Trust, Inc.		153,691
	9,408	Two Harbors Investment Corp.		138,203
				882,883
		Multiline Retail — 2.4%
	2,206	Kohl’s Corp.		167,060
	4,775	Macy’s, Inc.		163,735
	2,187	Nordstrom, Inc.		143,839
	2,000	Target Corp.		167,260
				641,894

SHARES		INVESTMENTS	VALUE($)
		Multi-Utilities — 7.8%
	2,703	Ameren Corp.		174,560
	6,274	CenterPoint Energy, Inc.		169,461
	3,292	CMS Energy Corp.		163,020
	2,209	Consolidated Edison, Inc.		167,884
	2,464	Dominion Energy, Inc.		175,979
	1,569	DTE Energy Co.		176,356
	5,984	MDU Resources Group, Inc.		149,361
	5,529	NiSource, Inc.		140,215
	3,331	Public Service Enterprise Group, Inc.		177,975
	4,183	SCANA Corp.		167,529
	1,325	Sempra Energy		145,909
	1,976	Vectren Corp.		141,343
	2,580	WEC Energy Group, Inc.		176,472
				2,126,064
		Oil, Gas & Consumable Fuels — 4.1%
	1,477	Chevron Corp.		164,907
	1,355	Exxon Mobil Corp.		107,966
	3,827	Kinder Morgan, Inc.		65,136
	2,115	Murphy Oil Corp.		67,384
	2,038	Occidental Petroleum Corp.		136,689
	2,481	ONEOK, Inc.		162,754
	2,985	PBF Energy, Inc., Class A		124,922
	3,169	Targa Resources Corp.		163,742
	5,652	Williams Cos., Inc. (The)		137,513
				1,131,013
		Paper & Forest Products — 0.6%
	3,426	Domtar Corp.		158,658
		Personal Products — 0.3%
	3,307	Coty, Inc., Class A		34,889
	761	Nu Skin Enterprises, Inc., Class A		53,437
				88,326
		Pharmaceuticals — 3.2%
	2,713	Bristol-Myers Squibb Co.		137,115
	1,664	Eli Lilly & Co.		180,444
	1,331	Johnson & Johnson		186,327
	2,578	Merck & Co., Inc.		189,766
	4,278	Pfizer, Inc.		184,211
				877,863
		Professional Services — 0.5%
	5,593	Nielsen Holdings plc		145,306

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 147

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 3.8%
	1,744	Analog Devices, Inc.		145,990
	9,529	Cypress Semiconductor Corp.		123,305
	3,352	Intel Corp.		157,142
	1,484	KLA-Tencor Corp.		135,846
	2,757	Maxim Integrated Products, Inc.		137,905
	199	Microchip Technology, Inc.		13,090
	2,112	QUALCOMM, Inc.		132,824
	2,135	Xilinx, Inc.		182,265
				1,028,367
		Software — 1.1%
	2,928	CA, Inc.		129,886
	1,655	Microsoft Corp.		176,771
				306,657
		Specialty Retail — 2.3%
	107	Best Buy Co., Inc.		7,507
	3,063	Foot Locker, Inc.		144,390
	5,277	Gap, Inc. (The)		144,062
	884	Home Depot, Inc. (The)		155,478
	5,481	L Brands, Inc.		177,694
				629,131
		Technology Hardware, Storage & Peripherals — 0.6%
	1,791	HP, Inc.		43,235
	4,671	Xerox Corp.		130,181
				173,416
		Textiles, Apparel & Luxury Goods — 1.5%
	6,453	Hanesbrands, Inc.		110,734
	3,294	Tapestry, Inc.		139,369
	1,897	VF Corp.		157,223
				407,326
		Thrifts & Mortgage Finance — 0.5%
	13,499	New York Community Bancorp, Inc.		129,320
		Tobacco — 1.4%
	2,700	Altria Group, Inc.		175,608
	2,239	Philip Morris International, Inc.		197,189
				372,797
		Transportation Infrastructure — 0.1%
	988	Macquarie Infrastructure Corp.		36,507

SHARES		INVESTMENTS	VALUE($)
		Wireless Telecommunication Services — 1.6%
	17,203	Sprint Corp.*		105,282
	5,144	Telephone & Data Systems, Inc.		158,590
	2,559	T-Mobile US, Inc.*		175,419
				439,291
		Total Common Stocks (Cost $26,065,291)		26,099,093
	Short-Term Investments — 4.6%
		Investment Companies — 4.6%
	1,248,859	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c) (Cost $1,248,859)		1,248,859
	Investment of Cash Collateral from Securities Loaned — 0.5%
	148,580	JPMorgan U.S. Government Money Market Fund, IM Shares, 2.07% (b) (c) (Cost $148,580)		148,580
		Total Investments — 100.3% (Cost $27,462,730)		27,496,532
		Liabilities in Excess of Other Assets — (0.3%)		(85,406	)
		NET ASSETS — 100.0%		27,411,126

Percentages indicated are based on net assets.

(a)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $145,312.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		9		12/2018		USD		1,219,590		(18,041	)
										(18,041	)

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 149

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 97.2%
		Aerospace & Defense — 2.0%
	958	Harris Corp.		142,464
	765	L3 Technologies, Inc.		144,945
	451	Lockheed Martin Corp.		132,526
	731	Raytheon Co.		127,954
				547,889
		Air Freight & Logistics — 0.5%
	1,190	United Parcel Service, Inc., Class B		126,783
		Banks — 0.5%
	2,640	US Bancorp		137,993
		Beverages — 2.5%
	2,594	Brown-Forman Corp., Class B		120,206
	3,570	Coca-Cola Co. (The)		170,931
	595	Constellation Brands, Inc., Class A		118,542
	1,736	Molson Coors Brewing Co., Class B		111,104
	1,402	PepsiCo, Inc.		157,557
				678,340
		Biotechnology — 0.5%
	714	Amgen, Inc.		137,652
		Chemicals — 4.4%
	892	Air Products & Chemicals, Inc.		137,680
	2,025	Ashland Global Holdings, Inc.		149,810
	266	DowDuPont, Inc.		14,343
	1,118	Ecolab, Inc.		171,222
	1,087	International Flavors & Fragrances, Inc.		157,245
	1,020	Linde plc (United Kingdom)		168,779
	143	NewMarket Corp.		55,192
	1,362	PPG Industries, Inc.		143,133
	2,526	RPM International, Inc.		154,515
	235	Scotts Miracle-Gro Co. (The)		15,684
	625	WR Grace & Co.		40,494
				1,208,097
		Commercial Services & Supplies — 1.5%
	1,876	Copart, Inc.*		91,755
	1,970	Republic Services, Inc.		143,180
	534	Rollins, Inc.		31,613
	1,754	Waste Management, Inc.		156,930
				423,478
		Communications Equipment — 0.2%
	509	Motorola Solutions, Inc.		62,383
		Containers & Packaging — 0.4%
	998	Avery Dennison Corp.		90,538
	583	Bemis Co., Inc.		26,684
				117,222

SHARES		INVESTMENTS	VALUE($)
		Distributors — 1.0%
	1,558	Genuine Parts Co.		152,559
	881	Pool Corp.		128,406
				280,965
		Diversified Financial Services — 0.6%
	817	Berkshire Hathaway, Inc., Class B*		167,714
		Diversified Telecommunication Services — 1.9%
	4,403	AT&T, Inc.		135,084
	3,019	CenturyLink, Inc.		62,312
	3,136	Verizon Communications, Inc.		179,034
	4,429	Zayo Group Holdings, Inc.*		132,339
				508,769
		Electric Utilities — 8.8%
	3,980	Alliant Energy Corp.		171,060
	2,377	American Electric Power Co., Inc.		174,377
	1,876	Avangrid, Inc.		88,191
	2,099	Duke Energy Corp.		173,440
	334	Edison International		23,176
	1,881	Entergy Corp.		157,910
	2,989	Evergy, Inc.		167,354
	2,731	Eversource Energy		172,763
	3,251	Exelon Corp.		142,426
	2,013	FirstEnergy Corp.		75,045
	2,282	Hawaiian Electric Industries, Inc.		85,119
	1,002	NextEra Energy, Inc.		172,845
	4,079	OGE Energy Corp.		147,456
	2,171	Pinnacle West Capital Corp.		178,565
	4,861	PPL Corp.		147,774
	3,895	Southern Co. (The)		175,392
	3,549	Xcel Energy, Inc.		173,937
				2,426,830
		Electrical Equipment — 0.5%
	1,211	Hubbell, Inc.		123,159
		Energy Equipment & Services — 0.8%
	2,769	Halliburton Co.		96,029
	2,250	Schlumberger Ltd.		115,447
				211,476
		Entertainment — 0.6%
	1,463	Walt Disney Co. (The)		167,996
		Equity Real Estate Investment Trusts (REITs) — 2.3%
	1,042	American Tower Corp.		162,354
	2,310	Apple Hospitality REIT, Inc.		37,353
	100	Camden Property Trust		9,027
	1,430	Crown Castle International Corp.		155,498
	1,933	Equity Commonwealth		57,565

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	851	Federal Realty Investment Trust		105,566
	1,007	Gaming and Leisure Properties, Inc.		33,926
	923	National Retail Properties, Inc.		43,150
	514	Regency Centers Corp.		32,567
				637,006
		Food & Staples Retailing — 2.3%
	731	Costco Wholesale Corp.		167,129
	2,978	Kroger Co. (The)		88,625
	2,279	Sysco Corp.		162,561
	1,450	US Foods Holding Corp.*		42,297
	1,679	Walmart, Inc.		168,370
				628,982
		Food Products — 5.8%
	2,535	Campbell Soup Co. (a)		94,834
	5,423	Conagra Brands, Inc.		193,059
	3,140	General Mills, Inc.		137,532
	1,414	Hershey Co. (The)		151,510
	3,733	Hormel Foods Corp.		162,908
	1,133	Ingredion, Inc.		114,637
	1,190	JM Smucker Co. (The)		128,901
	2,062	Kellogg Co.		135,020
	1,258	Kraft Heinz Co. (The)		69,152
	767	Lamb Weston Holdings, Inc.		59,949
	1,365	McCormick & Co., Inc. (Non-Voting)		196,560
	3,339	Mondelez International, Inc., Class A		140,171
				1,584,233
		Gas Utilities — 1.2%
	1,735	Atmos Energy Corp.		161,494
	3,107	UGI Corp.		164,857
				326,351
		Health Care Equipment & Supplies — 8.1%
	2,551	Abbott Laboratories		175,866
	2,250	Baxter International, Inc.		140,647
	651	Becton Dickinson and Co.		150,056
	574	Cooper Cos., Inc. (The)		148,270
	45	DENTSPLY SIRONA, Inc.		1,558
	1,731	Hill-Rom Holdings, Inc.		145,542
	671	IDEXX Laboratories, Inc.*		142,333
	304	Intuitive Surgical, Inc.*		158,439
	1,662	Medtronic plc		149,281
	1,531	ResMed, Inc.		162,164
	1,278	STERIS plc		139,698
	916	Stryker Corp.		148,594
	596	Teleflex, Inc.		143,481

SHARES		INVESTMENTS	VALUE($)
		Health Care Equipment & Supplies — continued
	1,331	Varian Medical Systems, Inc.*		158,881
	1,162	West Pharmaceutical Services, Inc.		123,079
	1,190	Zimmer Biomet Holdings, Inc.		135,172
				2,223,061
		Health Care Providers & Services — 5.9%
	721	Aetna, Inc.		143,046
	1,669	AmerisourceBergen Corp.		146,872
	601	Anthem, Inc.		165,618
	85	Cardinal Health, Inc.		4,301
	353	Cigna Corp.		75,475
	1,414	CVS Health Corp.		102,359
	2,205	DaVita, Inc.*		148,485
	1,694	Express Scripts Holding Co.*		164,267
	1,713	Henry Schein, Inc.*		142,179
	882	Laboratory Corp. of America Holdings*		141,605
	2,224	MEDNAX, Inc.*		91,829
	1,425	Quest Diagnostics, Inc.		134,107
	635	UnitedHealth Group, Inc.		165,957
				1,626,100
		Hotels, Restaurants & Leisure — 1.3%
	1,051	McDonald’s Corp.		185,922
	1,962	Yum! Brands, Inc.		177,384
				363,306
		Household Durables — 0.8%
	1,102	Garmin Ltd.		72,908
	3,214	Leggett & Platt, Inc.		116,701
	98	Mohawk Industries, Inc.*		12,224
	10	NVR, Inc.*		22,390
				224,223
		Household Products — 2.9%
	2,950	Church & Dwight Co., Inc.		175,141
	1,168	Clorox Co. (The)		173,390
	2,171	Colgate-Palmolive Co.		129,283
	1,359	Kimberly-Clark Corp.		141,744
	1,822	Procter & Gamble Co. (The)		161,575
	4	Spectrum Brands Holdings, Inc.		260
				781,393
		Independent Power and Renewable Electricity Producers — 0.5%
	6,494	Vistra Energy Corp.*		146,959
		Industrial Conglomerates — 0.5%
	675	3M Co.		128,426

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 151

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES			INVESTMENTS	VALUE($)
	Common Stocks — continued
			Insurance — 6.0%
	2,181		Aflac, Inc.		93,936
	1,586		Allstate Corp. (The)		151,812
	1,394		American Financial Group, Inc.		139,442
	202		Aon plc		31,548
	4,738		Arch Capital Group Ltd.*		134,417
	870		Arthur J Gallagher & Co.		64,389
	2,231		Brown & Brown, Inc.		62,870
	973		Chubb Ltd.		121,537
	1,835		Cincinnati Financial Corp.		144,304
	411		Everest Re Group Ltd.		89,540
	141		Markel Corp.*		154,147
	1,914		Marsh & McLennan Cos., Inc.		162,211
	1,024		RenaissanceRe Holdings Ltd. (Bermuda)		125,092
	77		White Mountains Insurance Group Ltd.		68,274
	1,178		WR Berkley Corp.		89,410
					1,632,929
			IT Services — 1.8%
	2,362		Amdocs Ltd.		149,444
	1,162		Automatic Data Processing, Inc.		167,421
	626	��	International Business Machines Corp.		72,259
	467		Jack Henry & Associates, Inc.		69,971
	649		Paychex, Inc.		42,503
					501,598
			Leisure Products — 0.3%
	921		Hasbro, Inc.		84,465
			Life Sciences Tools & Services — 2.7%
	524		Bio-Rad Laboratories, Inc., Class A*		142,973
	887		Bio-Techne Corp.		148,768
	1,342		IQVIA Holdings, Inc.*		164,972
	1,380		QIAGEN NV*		50,094
	713		Thermo Fisher Scientific, Inc.		166,592
	346		Waters Corp.*		65,633
					739,032
			Machinery — 0.5%
	659		Snap-on, Inc.		101,447
	237		Stanley Black & Decker, Inc.		27,615
					129,062
			Media — 0.3%
	1,031		Omnicom Group, Inc.		76,624
			Mortgage Real Estate Investment Trusts (REITs) — 2.1%
	8,413		AGNC Investment Corp.		150,088
	12,387		Annaly Capital Management, Inc.		122,260
	1,077		Chimera Investment Corp.		20,032

SHARES		INVESTMENTS	VALUE($)
		Mortgage Real Estate Investment Trusts (REITs) — continued
	4,443	MFA Financial, Inc.		30,790
	7,337	Starwood Property Trust, Inc.		159,360
	5,869	Two Harbors Investment Corp.		86,215
				568,745
		Multiline Retail — 0.8%
	746	Dollar Tree, Inc.*		62,888
	1,949	Target Corp.		162,995
				225,883
		Multi-Utilities — 5.9%
	2,697	Ameren Corp.		174,172
	5,110	CenterPoint Energy, Inc.		138,021
	3,463	CMS Energy Corp.		171,488
	2,160	Consolidated Edison, Inc.		164,160
	2,409	Dominion Energy, Inc.		172,051
	1,534	DTE Energy Co.		172,422
	5,720	NiSource, Inc.		145,059
	3,008	Public Service Enterprise Group, Inc.		160,717
	1,909	Vectren Corp.		136,551
	2,523	WEC Energy Group, Inc.		172,573
				1,607,214
		Oil, Gas & Consumable Fuels — 3.4%
	1,287	Chevron Corp.		143,693
	1,702	ConocoPhillips		118,970
	253	EOG Resources, Inc.		26,651
	1,772	Exxon Mobil Corp.		141,193
	7,032	Kinder Morgan, Inc.		119,685
	1,894	Occidental Petroleum Corp.		127,031
	1,369	Phillips 66		140,761
	1,316	Valero Energy Corp.		119,874
				937,858
		Personal Products — 0.5%
	1,067	Estee Lauder Cos., Inc. (The), Class A		146,648
		Pharmaceuticals — 3.5%
	2,043	Bristol-Myers Squibb Co.		103,253
	1,614	Eli Lilly & Co.		175,022
	1,179	Johnson & Johnson		165,048
	2,464	Merck & Co., Inc.		181,375
	4,107	Pfizer, Inc.		176,848
	1,882	Zoetis, Inc.		169,662
				971,208
		Professional Services — 0.6%
	1,193	Dun & Bradstreet Corp. (The)		169,740

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Road & Rail — 0.4%
	761	Union Pacific Corp.		111,273
		Semiconductors & Semiconductor Equipment — 0.5%
	1,426	Texas Instruments, Inc.		132,376
		Software — 2.7%
	917	ANSYS, Inc.*		137,137
	1,656	CA, Inc.		73,460
	1,020	CDK Global, Inc.		58,385
	777	Intuit, Inc.		163,947
	1,518	Microsoft Corp.		162,138
	1,669	Synopsys, Inc.*		149,425
				744,492
		Specialty Retail — 1.9%
	187	AutoZone, Inc.*		137,159
	759	Home Depot, Inc. (The)		133,493
	241	O’Reilly Automotive, Inc.*		77,300
	1,551	TJX Cos., Inc. (The)		170,424
				518,376
		Textiles, Apparel & Luxury Goods — 1.1%
	2,074	NIKE, Inc., Class B		155,633
	1,851	VF Corp.		153,411
				309,044
		Thrifts & Mortgage Finance — 0.1%
	2,700	TFS Financial Corp.		39,717
		Tobacco — 1.1%
	2,428	Altria Group, Inc.		157,917
	1,540	Philip Morris International, Inc.		135,628
				293,545
		Water Utilities — 1.0%
	1,948	American Water Works Co., Inc.		172,457
	3,389	Aqua America, Inc.		110,244
				282,701
		Wireless Telecommunication Services — 1.7%
	4,583	Telephone & Data Systems, Inc.		141,294
	2,582	T-Mobile US, Inc.*		176,996
	2,811	United States Cellular Corp.*		134,281
				452,571
		Total Common Stocks (Cost $25,464,687)		26,671,887

SHARES		INVESTMENTS	VALUE($)
	Short-Term Investments — 2.8%
		Investment Companies — 2.8%
	760,666	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c) (Cost $760,666)		760,666
	Investments of Cash Collateral from Securities Loaned — 0.3%
	93,840	JPMorgan U.S. Government Money Market Fund, IM Shares, 2.07% (b) (c) (Cost $93,840)		93,840
		Total Investments — 100.3% (Cost $26,319,193)		27,526,393
		Liabilities in Excess of Other Assets — (0.3%)		(80,623	)
		NET ASSETS — 100.0%		27,445,770

Percentages indicated are based on net assets.

(a)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $91,776.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 153

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		5		12/2018		USD		677,550		(4,248	)
										(4,248	)

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 100.0%
		Aerospace & Defense — 4.6%
	1,297	Boeing Co. (The)		460,253
	1,081	BWX Technologies, Inc.		63,195
	604	Harris Corp.		89,821
	568	HEICO Corp.		47,615
	307	Huntington Ingalls Industries, Inc.		67,073
	401	L3 Technologies, Inc.		75,978
	659	Lockheed Martin Corp.		193,647
	458	Northrop Grumman Corp.		119,973
	787	Raytheon Co.		137,757
	325	Teledyne Technologies, Inc.*		71,916
				1,327,228
		Air Freight & Logistics — 0.3%
	800	XPO Logistics, Inc.*		71,504
		Auto Components — 0.7%
	1,393	BorgWarner, Inc.		54,898
	2,997	Gentex Corp.		63,087
	427	Lear Corp.		56,748
	413	Visteon Corp.*		32,644
				207,377
		Banks — 3.5%
	13,749	Bank of America Corp.		378,097
	965	Citigroup, Inc.		63,169
	1,001	Comerica, Inc.		81,642
	461	Commerce Bancshares, Inc.		29,320
	500	First Republic Bank		45,495
	305	SVB Financial Group*		72,355
	673	Synovus Financial Corp.		25,278
	2,824	TCF Financial Corp.		58,965
	3,190	US Bancorp		166,741
	1,368	Zions Bancorp N.A.		64,364
				985,426
		Beverages — 0.7%
	585	Constellation Brands, Inc., Class A		116,550
	1,730	Monster Beverage Corp.*		91,430
				207,980
		Biotechnology — 1.7%
	3,375	AbbVie, Inc.		262,744
	329	Agios Pharmaceuticals, Inc.*		20,747
	429	Bluebird Bio, Inc.*		49,206
	697	Neurocrine Biosciences, Inc.*		74,684
	586	Sarepta Therapeutics, Inc.*		78,383
				485,764

SHARES		INVESTMENTS	VALUE($)
		Building Products — 0.1%
	19	AO Smith Corp.		865
	94	Lennox International, Inc.		19,824
				20,689
		Capital Markets — 3.7%
	354	BlackRock, Inc.		145,643
	1,071	CME Group, Inc.		196,250
	1,467	E*TRADE Financial Corp.		72,499
	115	FactSet Research Systems, Inc.		25,732
	1,131	Interactive Brokers Group, Inc., Class A		55,883
	1,010	LPL Financial Holdings, Inc.		62,216
	146	MarketAxess Holdings, Inc.		30,612
	676	Moody’s Corp.		98,345
	530	MSCI, Inc.		79,701
	808	S&P Global, Inc.		147,315
	1,123	SEI Investments Co.		60,024
	986	T. Rowe Price Group, Inc.		95,632
				1,069,852
		Chemicals — 1.8%
	1,516	CF Industries Holdings, Inc.		72,813
	2,263	DowDuPont, Inc.		122,021
	265	Eastman Chemical Co.		20,763
	850	Ecolab, Inc.		130,178
	838	FMC Corp.		65,431
	2,169	Huntsman Corp.		47,458
	149	LyondellBasell Industries NV, Class A		13,301
	580	Westlake Chemical Corp.		41,354
				513,319
		Commercial Services & Supplies — 1.6%
	476	Cintas Corp.		86,570
	1,399	Copart, Inc.*		68,425
	1,301	Republic Services, Inc.		94,557
	1,248	Rollins, Inc.		73,882
	1,477	Waste Management, Inc.		132,147
				455,581
		Communications Equipment — 2.3%
	319	Arista Networks, Inc.*		73,482
	6,959	Cisco Systems, Inc.		318,374
	460	F5 Networks, Inc.*		80,629
	827	Motorola Solutions, Inc.		101,357
	458	Palo Alto Networks, Inc.*		83,832
				657,674
		Construction & Engineering — 0.0% (a)
	369	frontdoor, Inc.*		12,564

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 155

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Consumer Finance — 0.7%
	1,403	American Express Co.		144,130
	120	Credit Acceptance Corp.*		50,930
				195,060
		Containers & Packaging — 0.3%
	302	AptarGroup, Inc.		30,792
	660	Avery Dennison Corp.		59,875
				90,667
		Distributors — 0.2%
	465	Pool Corp.		67,774
		Diversified Consumer Services — 0.5%
	619	Bright Horizons Family Solutions, Inc.*		71,129
	30	Graham Holdings Co., Class B		17,432
	563	Service Corp. International		23,348
	739	ServiceMaster Global Holdings, Inc.*		31,688
				143,597
		Diversified Financial Services — 2.2%
	3,011	Berkshire Hathaway, Inc., Class B*		618,098
		Diversified Telecommunication Services — 2.0%
	9,361	Verizon Communications, Inc.		534,420
	1,357	Zayo Group Holdings, Inc.*		40,547
				574,967
		Electric Utilities — 1.7%
	877	American Electric Power Co., Inc.		64,337
	1,103	Avangrid, Inc.		51,852
	2,819	Exelon Corp.		123,500
	1,322	NextEra Energy, Inc.		228,045
	97	OGE Energy Corp.		3,507
				471,241
		Electronic Equipment, Instruments & Components — 1.0%
	615	CDW Corp.		55,356
	529	Dolby Laboratories, Inc., Class A		36,400
	1,282	FLIR Systems, Inc.		59,369
	1,358	Keysight Technologies, Inc.*		77,515
	323	Zebra Technologies Corp., Class A*		53,715
				282,355
		Entertainment — 2.6%
	2,267	Activision Blizzard, Inc.		156,537
	983	Electronic Arts, Inc.*		89,433
	1,541	Live Nation Entertainment, Inc.*		80,594
	1,040	Netflix, Inc.*		313,851
	705	Take-Two Interactive Software, Inc.*		90,853
				731,268

SHARES		INVESTMENTS	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — 1.3%
	616	Alexandria Real Estate Equities, Inc.		75,294
	259	CoreSite Realty Corp.		24,310
	786	CyrusOne, Inc.		41,839
	345	Equity LifeStyle Properties, Inc.		32,668
	419	Life Storage, Inc.		39,453
	2,237	Prologis, Inc.		144,219
				357,783
		Food & Staples Retailing — 1.2%
	908	Costco Wholesale Corp.		207,596
	1,820	Sysco Corp.		129,821
				337,417
		Food Products — 0.4%
	685	Conagra Brands, Inc.		24,386
	1,235	Lamb Weston Holdings, Inc.		96,528
				120,914
		Gas Utilities — 0.3%
	773	Atmos Energy Corp.		71,951
		Health Care Equipment & Supplies — 4.1%
	246	ABIOMED, Inc.*		83,935
	327	Align Technology, Inc.*		72,332
	789	Becton Dickinson and Co.		181,864
	3,963	Boston Scientific Corp.*		143,223
	436	Hill-Rom Holdings, Inc.		36,659
	238	ICU Medical, Inc.*		60,626
	430	IDEXX Laboratories, Inc.*		91,212
	412	Insulet Corp.*		36,343
	346	Intuitive Surgical, Inc.*		180,328
	251	Penumbra, Inc.*		34,136
	857	ResMed, Inc.		90,773
	439	STERIS plc		47,987
	293	Teleflex, Inc.		70,537
	317	West Pharmaceutical Services, Inc.		33,577
				1,163,532
		Health Care Providers & Services — 5.8%
	772	Aetna, Inc.		153,165
	718	Anthem, Inc.		197,859
	851	Centene Corp.*		110,902
	230	Chemed Corp.		69,996
	974	Encompass Health Corp.		65,550
	1,044	HCA Healthcare, Inc.		139,405
	473	Humana, Inc.		151,554
	499	Laboratory Corp. of America Holdings*		80,115
	583	Molina Healthcare, Inc.*		73,907

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	2,077	UnitedHealth Group, Inc.		542,824
	311	WellCare Health Plans, Inc.*		85,833
				1,671,110
		Health Care Technology — 0.1%
	265	Veeva Systems, Inc., Class A*		24,208
		Hotels, Restaurants & Leisure — 4.1%
	416	Choice Hotels International, Inc.		30,534
	799	Darden Restaurants, Inc.		85,134
	299	Domino’s Pizza, Inc.		80,368
	1,136	Hilton Worldwide Holdings, Inc.		80,849
	809	Hyatt Hotels Corp., Class A		55,983
	855	International Game Technology plc		15,860
	1,460	Las Vegas Sands Corp.		74,504
	1,024	Marriott International, Inc., Class A		119,695
	1,818	McDonald’s Corp.		321,604
	294	Vail Resorts, Inc.		73,888
	3,289	Wendy’s Co. (The)		56,702
	236	Wyndham Destinations, Inc.		8,468
	501	Wynn Resorts Ltd.		50,401
	2,144	Yum China Holdings, Inc. (China)		77,356
	473	Yum! Brands, Inc.		42,764
				1,174,110
		Household Durables — 0.8%
	1,817	DR Horton, Inc.		65,339
	26	NVR, Inc.*		58,215
	2,175	PulteGroup, Inc.		53,440
	1,397	Toll Brothers, Inc.		47,023
				224,017
		Household Products — 0.3%
	1,492	Church & Dwight Co., Inc.		88,580
		Independent Power and Renewable Electricity Producers — 0.6%
	2,407	NRG Energy, Inc.		87,109
	3,523	Vistra Energy Corp.*		79,726
				166,835
		Insurance — 3.9%
	1,224	Allstate Corp. (The)		117,161
	646	American Financial Group, Inc.		64,619
	855	Aon plc		133,534
	1,179	Arthur J Gallagher & Co.		87,258
	2,308	Brown & Brown, Inc.		65,040
	567	CNA Financial Corp.		24,591
	1,953	Fidelity National Financial, Inc.		65,328

SHARES		INVESTMENTS	VALUE($)
		Insurance — continued
	1,197	First American Financial Corp.		53,063
	124	Hanover Insurance Group, Inc. (The)		13,811
	6	Markel Corp.*		6,559
	1,569	Marsh & McLennan Cos., Inc.		132,973
	1,324	Old Republic International Corp.		29,194
	2,135	Progressive Corp. (The)		148,810
	455	Reinsurance Group of America, Inc.		64,778
	91	Torchmark Corp.		7,704
	902	Travelers Cos., Inc. (The)		112,867
				1,127,290
		Interactive Media & Services — 2.4%
	476	Alphabet, Inc., Class A*		519,116
	473	IAC/InterActiveCorp*		92,987
	1,364	Match Group, Inc.* (b)		70,546
				682,649
		Internet & Direct Marketing Retail — 2.2%
	313	Amazon.com, Inc.*		500,177
	623	GrubHub, Inc.*		57,777
	585	Wayfair, Inc., Class A*		64,520
				622,474
		IT Services — 8.8%
	950	Booz Allen Hamilton Holding Corp.		47,063
	706	Broadridge Financial Solutions, Inc.		82,560
	692	Cognizant Technology Solutions Corp., Class A		47,769
	1,274	DXC Technology Co.		92,785
	517	EPAM Systems, Inc.*		61,766
	375	Fidelity National Information Services, Inc.		39,038
	1,612	Fiserv, Inc.*		127,832
	1,104	GoDaddy, Inc., Class A*		80,780
	563	Jack Henry & Associates, Inc.		84,354
	152	Leidos Holdings, Inc.		9,847
	2,205	Mastercard, Inc., Class A		435,862
	1,195	Okta, Inc.*		69,740
	3,007	PayPal Holdings, Inc.*		253,159
	1,303	Square, Inc., Class A*		95,705
	1,021	Total System Services, Inc.		93,064
	928	Twilio, Inc., Class A*		69,804
	615	VeriSign, Inc.*		87,662
	4,149	Visa, Inc., Class A		571,940
	416	WEX, Inc.*		73,199
	923	Worldpay, Inc.*		84,768
				2,508,697
		Leisure Products — 0.2%
	659	Hasbro, Inc.		60,437

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 157

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — 0.9%
	238	Bio-Rad Laboratories, Inc., Class A*		64,938
	227	Bio-Techne Corp.		38,073
	1,213	Bruker Corp.		38,003
	202	Illumina, Inc.*		62,852
	431	IQVIA Holdings, Inc.*		52,983
				256,849
		Machinery — 0.3%
	102	Oshkosh Corp.		5,726
	154	Wabtec Corp.		12,631
	836	Xylem, Inc.		54,825
				73,182
		Media — 0.1%
	22	Cable One, Inc.		19,706
	159	GCI Liberty, Inc., Class A*		7,526
				27,232
		Metals & Mining — 0.2%
	1,246	Southern Copper Corp. (Peru)		47,772
		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
	2,665	Chimera Investment Corp.		49,569
	779	Two Harbors Investment Corp.		11,443
				61,012
		Multiline Retail — 0.3%
	1,142	Kohl’s Corp.		86,484
		Multi-Utilities — 0.6%
	654	DTE Energy Co.		73,510
	2,490	NiSource, Inc.		63,146
	311	Vectren Corp.		22,246
				158,902
		Oil, Gas & Consumable Fuels — 5.3%
	2,621	Chevron Corp.		292,635
	833	ConocoPhillips		58,227
	1,048	Continental Resources, Inc.*		55,209
	654	Diamondback Energy, Inc.		73,483
	1,360	EOG Resources, Inc.		143,262
	1,181	HollyFrontier Corp.		79,647
	2,811	Marathon Petroleum Corp.		198,035
	2,152	Occidental Petroleum Corp.		144,335
	1,459	PBF Energy, Inc., Class A		61,059
	1,367	Phillips 66		140,555
	1,418	Targa Resources Corp.		73,268
	1,428	Valero Energy Corp.		130,076
	4,027	WPX Energy, Inc.*		64,593
				1,514,384

SHARES		INVESTMENTS	VALUE($)
		Personal Products — 0.6%
	839	Estee Lauder Cos., Inc. (The), Class A		115,312
	827	Nu Skin Enterprises, Inc., Class A		58,072
				173,384
		Pharmaceuticals — 0.6%
	1,208	Nektar Therapeutics*		46,725
	1,521	Zoetis, Inc.		137,118
				183,843
		Professional Services — 0.9%
	217	CoStar Group, Inc.*		78,428
	1,054	Robert Half International, Inc.		63,798
	765	TransUnion		50,299
	627	Verisk Analytics, Inc.*		75,140
				267,665
		Road & Rail — 1.0%
	636	JB Hunt Transport Services, Inc.		70,348
	943	Norfolk Southern Corp.		158,264
	510	Old Dominion Freight Line, Inc.		66,514
				295,126
		Semiconductors & Semiconductor Equipment — 2.5%
	1,033	First Solar, Inc.*		43,179
	498	KLA-Tencor Corp.		45,587
	3,362	Micron Technology, Inc.*		126,815
	1,402	NVIDIA Corp.		295,584
	2,262	Texas Instruments, Inc.		209,981
				721,146
		Software — 9.4%
	712	2U, Inc.*		44,792
	1,263	Adobe, Inc.*		310,395
	511	ANSYS, Inc.*		76,420
	513	Aspen Technology, Inc.*		43,549
	909	Atlassian Corp. plc, Class A*		69,002
	341	Autodesk, Inc.*		44,074
	1,786	Cadence Design Systems, Inc.*		79,602
	833	Citrix Systems, Inc.*		85,358
	230	Fair Isaac Corp.*		44,323
	1,039	Fortinet, Inc.*		85,385
	793	Intuit, Inc.		167,323
	5,613	Microsoft Corp.		599,525
	1,338	Nutanix, Inc., Class A*		55,540
	516	Paycom Software, Inc.*		64,603
	872	PTC, Inc.*		71,862
	862	RealPage, Inc.*		45,686
	724	Red Hat, Inc.*		124,267

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Software — continued
	815	RingCentral, Inc., Class A*		63,350
	1,877	salesforce.com, Inc.*		257,600
	684	ServiceNow, Inc.*		123,831
	344	SS&C Technologies Holdings, Inc.		17,599
	896	Synopsys, Inc.*		80,219
	555	VMware, Inc., Class A*		78,471
	1,129	Zendesk, Inc.*		62,061
				2,694,837
		Specialty Retail — 3.2%
	1,292	Best Buy Co., Inc.		90,647
	518	Burlington Stores, Inc.*		88,832
	2,524	Home Depot, Inc. (The)		443,921
	243	Ross Stores, Inc.		24,057
	1,874	TJX Cos., Inc. (The)		205,915
	1,507	Urban Outfitters, Inc.*		59,466
				912,838
		Technology Hardware, Storage & Peripherals — 2.5%
	2,770	Apple, Inc.		606,242
	1,269	NetApp, Inc.		99,604
				705,846
		Textiles, Apparel & Luxury Goods — 2.1%
	566	Columbia Sportswear Co.		51,099
	610	Lululemon Athletica, Inc.*		85,845
	3,385	NIKE, Inc., Class B		254,010
	523	PVH Corp.		63,173
	548	Ralph Lauren Corp.		71,026
	938	VF Corp.		77,742
				602,895
		Trading Companies & Distributors — 0.5%
	495	United Rentals, Inc.*		59,434
	272	WW Grainger, Inc.		77,240
				136,674
		Wireless Telecommunication Services — 0.1%
	1,194	Telephone & Data Systems, Inc.		36,811
		Total Common Stocks (Cost $27,226,813)		28,548,871
	Short-term Investments — 0.2%
		Investment Companies — 0.2%
	63,323	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (c) (d) (Cost $63,323)		63,323

SHARES		INVESTMENTS	VALUE($)
	Investment of Cash Collateral from Securities Loaned — 0.2%
	66,300	JPMorgan U.S. Government Money 2.07% (c) (d) (Cost $66,300)		66,300
		Total Investments — 100.4% (Cost $27,356,436)		28,678,494
		Liabilities in Excess of Other Assets — (0.4%)		(103,124	)
		NET ASSETS — 100.0%		28,575,370

Percentages indicated are based on net assets.

(a)	—  Amount rounds to less than 0.1% of net assets.
(b)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $64,857.
(c)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 159

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 96.6%
		Aerospace & Defense — 3.0%
	1,259	Boeing Co. (The)		446,769
	445	BWX Technologies, Inc.		26,015
	649	Lockheed Martin Corp.		190,708
	895	Raytheon Co.		156,661
	843	Spirit AeroSystems Holdings, Inc., Class A		70,820
				890,973
		Banks — 1.0%
	637	Bank of Hawaii Corp.		49,966
	800	Commerce Bancshares, Inc.		50,880
	3,458	US Bancorp		180,750
				281,596
		Beverages — 2.4%
	1,352	Brown-Forman Corp., Class B		62,652
	6,484	Coca-Cola Co. (The)		310,454
	9	Monster Beverage Corp.*		476
	2,927	PepsiCo, Inc.		328,936
				702,518
		Biotechnology — 4.2%
	2,966	AbbVie, Inc.		230,903
	1,629	Amgen, Inc.		314,055
	564	Biogen, Inc.*		171,608
	2,826	Gilead Sciences, Inc.		192,677
	909	Ionis Pharmaceuticals, Inc.*		45,041
	226	Regeneron Pharmaceuticals, Inc.*		76,668
	450	United Therapeutics Corp.*		49,887
	798	Vertex Pharmaceuticals, Inc.*		135,229
				1,216,068
		Building Products — 0.1%
	335	Allegion plc		28,720
		Capital Markets — 1.8%
	608	Cboe Global Markets, Inc.		68,613
	681	Eaton Vance Corp.		30,679
	346	FactSet Research Systems, Inc.		77,421
	7	Franklin Resources, Inc.		213
	388	MSCI, Inc.		58,347
	639	Nasdaq, Inc.		55,408
	811	S&P Global, Inc.		147,862
	55	SEI Investments Co.		2,940
	765	T. Rowe Price Group, Inc.		74,197
				515,680
		Chemicals — 1.9%
	713	Air Products & Chemicals, Inc.		110,052
	941	Linde plc (United Kingdom)		155,707

SHARES		INVESTMENTS	VALUE($)
		Chemicals — continued
	1,155	LyondellBasell Industries NV, Class A		103,107
	141	NewMarket Corp.		54,420
	901	PPG Industries, Inc.		94,686
	459	WR Grace & Co.		29,739
				547,711
		Commercial Services & Supplies — 0.2%
	1,373	Copart, Inc.*		67,153
		Communications Equipment — 3.0%
	323	Arista Networks, Inc.*		74,403
	10,892	Cisco Systems, Inc.		498,309
	451	F5 Networks, Inc.*		79,051
	2,684	Juniper Networks, Inc.		78,561
	449	Palo Alto Networks, Inc.*		82,185
	638	Ubiquiti Networks, Inc.		59,391
				871,900
		Consumer Finance — 0.7%
	1,929	American Express Co.		198,166
		Containers & Packaging — 0.2%
	504	Avery Dennison Corp.		45,723
		Diversified Consumer Services — 0.2%
	2,505	H&R Block, Inc.		66,483
		Diversified Financial Services — 2.1%
	2,951	Berkshire Hathaway, Inc., Class B*		605,781
		Diversified Telecommunication Services — 2.0%
	8,008	AT&T, Inc.		245,685
	5,964	Verizon Communications, Inc.		340,485
				586,170
		Electric Utilities — 1.2%
	1,172	Edison International		81,325
	1,038	NextEra Energy, Inc.		179,055
	1,814	PG&E Corp.*		84,913
				345,293
		Electrical Equipment — 0.7%
	2,027	Emerson Electric Co.		137,593
	502	Rockwell Automation, Inc.		82,694
				220,287
		Electronic Equipment, Instruments & Components — 0.1%
	556	Dolby Laboratories, Inc., Class A		38,259
	23	Resideo Technologies, Inc.*		484
				38,743

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — 0.9%
	750	Halliburton Co.		26,010
	2,091	National Oilwell Varco, Inc.		76,949
	2,686	RPC, Inc.		39,968
	2,123	Schlumberger Ltd.		108,931
				251,858
		Equity Real Estate Investment Trusts (REITs) — 2.8%
	877	American Tower Corp.		136,645
	445	Camden Property Trust		40,170
	812	Equity LifeStyle Properties, Inc.		76,888
	942	Equity Residential		61,192
	433	Federal Realty Investment Trust		53,714
	2,137	Gaming and Leisure Properties, Inc.		71,996
	803	Lamar Advertising Co., Class A		58,876
	440	Public Storage		90,407
	882	Simon Property Group, Inc.		161,865
	815	Taubman Centers, Inc.		44,833
	907	Weingarten Realty Investors		25,505
				822,091
		Food & Staples Retailing — 2.1%
	1,122	Costco Wholesale Corp.		256,523
	3,470	Walmart, Inc.		347,971
				604,494
		Food Products — 0.5%
	639	Hershey Co. (The)		68,469
	1,540	Hormel Foods Corp.		67,205
				135,674
		Gas Utilities — 0.3%
	1,278	National Fuel Gas Co.		69,383
	238	UGI Corp.		12,628
				82,011
		Health Care Equipment & Supplies — 1.8%
	827	Edwards Lifesciences Corp.*		122,065
	418	IDEXX Laboratories, Inc.*		88,666
	339	Intuitive Surgical, Inc.*		176,680
	776	ResMed, Inc.		82,194
	608	Varian Medical Systems, Inc.*		72,577
				542,182
		Health Care Providers & Services — 0.1%
	566	Premier, Inc., Class A*		25,470
		Health Care Technology — 0.3%
	1,389	Cerner Corp.*		79,562
	110	Veeva Systems, Inc., Class A*		10,048
				89,610

SHARES		INVESTMENTS	VALUE($)
		Hotels, Restaurants & Leisure — 2.3%
	239	Choice Hotels International, Inc.		17,543
	201	Marriott International, Inc., Class A		23,495
	1,647	McDonald’s Corp.		291,354
	993	Six Flags Entertainment Corp.		53,483
	3,697	Starbucks Corp.		215,424
	949	Yum! Brands, Inc.		85,799
				687,098
		Household Durables — 0.1%
	842	Leggett & Platt, Inc.		30,573
		Household Products — 1.7%
	805	Church & Dwight Co., Inc.		47,793
	564	Clorox Co. (The)		83,726
	2,311	Colgate-Palmolive Co.		137,620
	1,056	Kimberly-Clark Corp.		110,141
	1,290	Procter & Gamble Co. (The)		114,397
				493,677
		Independent Power and Renewable Electricity Producers — 0.3%
	2,304	NRG Energy, Inc.		83,382
		Industrial Conglomerates — 0.9%
	1,245	3M Co.		236,874
	138	Honeywell International, Inc.		19,985
				256,859
		Insurance — 5.5%
	2,893	Aflac, Inc.		124,601
	1,319	Allstate Corp. (The)		126,255
	637	American Financial Group, Inc.		63,719
	922	Aon plc		143,998
	2,179	Arch Capital Group Ltd.*		61,818
	1,224	Arthur J Gallagher & Co.		90,588
	2,500	Brown & Brown, Inc.		70,450
	973	Chubb Ltd.		121,537
	872	Cincinnati Financial Corp.		68,574
	324	Erie Indemnity Co., Class A		42,020
	48	Markel Corp.*		52,476
	1,764	Marsh & McLennan Cos., Inc.		149,499
	1,776	Old Republic International Corp.		39,161
	2,096	Progressive Corp. (The)		146,091
	273	Reinsurance Group of America, Inc.		38,867
	918	Torchmark Corp.		77,718
	896	Travelers Cos., Inc. (The)		112,116
	964	WR Berkley Corp.		73,168
				1,602,656

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 161

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Interactive Media & Services — 3.7%
	502	Alphabet, Inc., Class A*		547,471
	2,983	Facebook, Inc., Class A*		452,790
	1,306	TripAdvisor, Inc.*		68,095
				1,068,356
		Internet & Direct Marketing Retail — 0.8%
	124	Booking Holdings, Inc.*		232,448
		IT Services — 8.1%
	1,515	Accenture plc, Class A		238,794
	735	Akamai Technologies, Inc.*		53,104
	1,309	Automatic Data Processing, Inc.		188,601
	692	Broadridge Financial Solutions, Inc.		80,922
	1,814	Cognizant Technology Solutions Corp., Class A		125,220
	1,583	Fiserv, Inc.*		125,532
	1,666	International Business Machines Corp.		192,306
	547	Jack Henry & Associates, Inc.		81,957
	2,160	Mastercard, Inc., Class A		426,967
	1,481	Paychex, Inc.		96,991
	1,082	Teradata Corp.*		39,385
	603	VeriSign, Inc.*		85,952
	4,066	Visa, Inc., Class A		560,498
	3,225	Western Union Co. (The)		58,179
				2,354,408
		Life Sciences Tools & Services — 1.0%
	1,234	Agilent Technologies, Inc.		79,951
	282	Bio-Techne Corp.		47,297
	122	Mettler-Toledo International, Inc.*		66,712
	482	Waters Corp.*		91,431
				285,391
		Machinery — 1.4%
	1,477	Allison Transmission Holdings, Inc.		65,106
	1,079	Donaldson Co., Inc.		55,331
	1,527	Graco, Inc.		62,042
	559	IDEX Corp.		70,893
	390	Illinois Tool Works, Inc.		49,752
	698	Lincoln Electric Holdings, Inc.		56,475
	1,092	Toro Co. (The)		61,512
				421,111
		Media — 0.6%
	35	Cable One, Inc.		31,351
	1,194	Omnicom Group, Inc.		88,738
	10,642	Sirius XM Holdings, Inc. (a)		64,065
				184,154

SHARES		INVESTMENTS	VALUE($)
		Metals & Mining — 0.2%
	1,723	Newmont Mining Corp.		53,275
		Mortgage Real Estate Investment Trusts (REITs) — 1.3%
	4,220	AGNC Investment Corp.		75,285
	5,213	Annaly Capital Management, Inc.		51,452
	3,545	Chimera Investment Corp.		65,937
	5,735	MFA Financial, Inc.		39,744
	2,085	New Residential Investment Corp.		37,280
	1,678	Starwood Property Trust, Inc.		36,446
	4,455	Two Harbors Investment Corp.		65,444
				371,588
		Multiline Retail — 0.9%
	305	Kohl’s Corp.		23,097
	1,223	Nordstrom, Inc.		80,437
	1,800	Target Corp.		150,534
				254,068
		Multi-Utilities — 1.2%
	1,267	Ameren Corp.		81,823
	2,626	CenterPoint Energy, Inc.		70,928
	1,828	CMS Energy Corp.		90,522
	1,557	WEC Energy Group, Inc.		106,499
				349,772
		Oil, Gas & Consumable Fuels — 4.2%
	2,139	Cabot Oil & Gas Corp.		51,828
	581	Chevron Corp.		64,869
	2,609	ConocoPhillips		182,369
	5,559	Exxon Mobil Corp.		442,941
	1,645	Marathon Petroleum Corp.		115,890
	2,197	Occidental Petroleum Corp.		147,353
	1,075	Phillips 66		110,532
	1,338	Valero Energy Corp.		121,878
				1,237,660
		Personal Products — 0.1%
	312	Nu Skin Enterprises, Inc., Class A		21,909
		Pharmaceuticals — 6.8%
	1,718	Bristol-Myers Squibb Co.		86,828
	2,074	Eli Lilly & Co.		224,904
	4,400	Johnson & Johnson		615,956
	5,795	Merck & Co., Inc.		426,570
	12,435	Pfizer, Inc.		535,451
	1,246	Zoetis, Inc.		112,327
				2,002,036

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Professional Services — 0.3%
	1,035	Robert Half International, Inc.		62,648
	258	Verisk Analytics, Inc.*		30,919
				93,567
		Road & Rail — 1.1%
	589	Landstar System, Inc.		58,953
	1,894	Union Pacific Corp.		276,941
				335,894
		Semiconductors & Semiconductor Equipment — 4.6%
	1,011	First Solar, Inc.*		42,260
	8,827	Intel Corp.		413,810
	808	KLA-Tencor Corp.		73,964
	618	Lam Research Corp.		87,589
	1,588	Maxim Integrated Products, Inc.		79,432
	1,407	NVIDIA Corp.		296,638
	7	Teradyne, Inc.		241
	2,547	Texas Instruments, Inc.		236,438
	17	Versum Materials, Inc.		536
	1,313	Xilinx, Inc.		112,091
				1,342,999
		Software — 5.3%
	1,236	Adobe, Inc.*		303,759
	68	ANSYS, Inc.*		10,169
	893	Atlassian Corp. plc, Class A*		67,788
	1,767	Cadence Design Systems, Inc.*		78,755
	817	Citrix Systems, Inc.*		83,718
	778	Intuit, Inc.		164,158
	1,198	Manhattan Associates, Inc.*		57,192
	5,501	Microsoft Corp.		587,562
	778	Red Hat, Inc.*		133,536
	545	VMware, Inc., Class A*		77,058
				1,563,695
		Specialty Retail — 5.1%
	1,269	Best Buy Co., Inc.		89,033
	503	Burlington Stores, Inc.*		86,259
	1,206	Foot Locker, Inc.		56,851
	2,626	Home Depot, Inc. (The)		461,861
	2,103	Lowe’s Cos., Inc.		200,248
	338	O’Reilly Automotive, Inc.*		108,414
	1,400	Ross Stores, Inc.		138,600
	587	Tiffany & Co.		65,333
	1,840	TJX Cos., Inc. (The)		202,179
	237	Tractor Supply Co.		21,778

SHARES		INVESTMENTS	VALUE($)
		Specialty Retail — continued
	909	Williams-Sonoma, Inc.		53,976
				1,484,532
		Technology Hardware, Storage & Peripherals — 2.0%
	2,714	Apple, Inc.		593,986
		Textiles, Apparel & Luxury Goods — 1.4%
	335	Carter’s, Inc.		32,153
	780	Michael Kors Holdings Ltd.*		43,220
	3,309	NIKE, Inc., Class B		248,307
	971	VF Corp.		80,477
				404,157
		Tobacco — 1.5%
	4,238	Altria Group, Inc.		275,640
	1,987	Philip Morris International, Inc.		174,995
				450,635
		Trading Companies & Distributors — 0.6%
	691	MSC Industrial Direct Co., Inc., Class A		56,012
	375	Watsco, Inc.		55,568
	267	WW Grainger, Inc.		75,820
				187,400
		Total Common Stocks (Cost $26,600,390)		28,229,641
	Short-Term Investments — 2.9%
		Investment Companies — 2.9%
	836,372	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c) (Cost $836,372)		836,372
	Investment of Cash Collateral from Securities Loaned — 0.2%
	58,800	JPMorgan U.S. Government Money Market Fund, IM Shares, 2.07% (b) (c) (Cost $58,800)		58,800
		Total Investments — 99.7% (Cost $27,495,562)		29,124,813
		Other Assets Less Liabilities — 0.3%		90,454
		NET ASSETS — 100.0%		29,215,267

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 163

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

(a)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $57,428.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	7		12/2018		USD		948,570		(10,682	)
									(10,682	)

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 97.3%
		Aerospace & Defense — 1.4%
	636	Harris Corp.		94,580
	458	L3 Technologies, Inc.		86,777
	1,894	United Technologies Corp.		235,254
				416,611
		Airlines — 1.3%
	837	Alaska Air Group, Inc.		51,409
	836	Copa Holdings SA, Class A (Panama)		60,551
	2,409	Delta Air Lines, Inc.		131,845
	3,199	JetBlue Airways Corp.*		53,519
	1,529	Southwest Airlines Co.		75,074
				372,398
		Auto Components — 0.5%
	3,080	Gentex Corp.		64,834
	461	Goodyear Tire & Rubber Co. (The)		9,709
	441	Lear Corp.		58,609
				133,152
		Automobiles — 0.7%
	14,785	Ford Motor Co.		141,197
	1,827	Harley-Davidson, Inc.		69,828
	46	Thor Industries, Inc.		3,203
				214,228
		Banks — 5.8%
	2,089	Associated Banc-Corp.		48,423
	1,766	Bank of America Corp.		48,565
	2,767	BB&T Corp.		136,026
	241	BOK Financial Corp.		20,661
	1,578	Citizens Financial Group, Inc.		58,938
	644	Cullen/Frost Bankers, Inc.		63,060
	3,321	Fifth Third Bancorp		89,634
	2,893	FNB Corp.		34,224
	5,202	Huntington Bancshares, Inc.		74,545
	1,390	PacWest Bancorp		56,462
	3,569	People’s United Financial, Inc.		55,890
	1,406	PNC Financial Services Group, Inc. (The)		180,657
	1,464	Popular, Inc. (Puerto Rico)		76,143
	5,538	Regions Financial Corp.		93,980
	1,666	SunTrust Banks, Inc.		104,391
	10,122	Wells Fargo & Co.		538,794
				1,680,393
		Beverages — 0.5%
	2,361	Keurig Dr Pepper, Inc.		61,386
	1,307	Molson Coors Brewing Co., Class B		83,648
				145,034

SHARES		INVESTMENTS	VALUE($)
		Biotechnology — 1.4%
	991	Amgen, Inc.		191,055
	2,948	Gilead Sciences, Inc.		200,995
				392,050
		Building Products — 0.5%
	3,595	Johnson Controls International plc		114,932
	509	Owens Corning		24,061
				138,993
		Capital Markets — 1.5%
	3,066	Bank of New York Mellon Corp. (The)		145,114
	986	Goldman Sachs Group, Inc. (The)		222,215
	539	Invesco Ltd.		11,701
	1,641	Legg Mason, Inc.		46,309
				425,339
		Chemicals — 0.9%
	136	Cabot Corp.		6,621
	926	CF Industries Holdings, Inc.		44,476
	927	Eastman Chemical Co.		72,631
	488	Huntsman Corp.		10,677
	1,227	LyondellBasell Industries NV, Class A		109,534
	1,327	Olin Corp.		26,805
				270,744
		Commercial Services & Supplies — 0.6%
	4,201	ADT, Inc.		32,516
	830	KAR Auction Services, Inc.		47,260
	1,317	Republic Services, Inc.		95,719
				175,495
		Communications Equipment — 2.3%
	1,451	ARRIS International plc*		36,086
	11,129	Cisco Systems, Inc.		509,152
	1,391	CommScope Holding Co., Inc.*		33,468
	2,930	Juniper Networks, Inc.		85,761
				664,467
		Construction & Engineering — 0.2%
	2,049	AECOM*		59,708
		Consumer Finance — 0.9%
	2,041	Ally Financial, Inc.		51,862
	1,630	Capital One Financial Corp.		145,559
	4,903	Navient Corp.		56,777
				254,198
		Containers & Packaging — 1.3%
	1,470	Bemis Co., Inc.		67,282
	4,629	Graphic Packaging Holding Co.		50,965

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 165

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Containers & Packaging — continued
	768	Packaging Corp. of America		70,510
	1,455	Silgan Holdings, Inc.		34,964
	1,331	Sonoco Products Co.		72,646
	1,668	WestRock Co.		71,674
				368,041
		Distributors — 0.3%
	866	Genuine Parts Co.		84,799
		Diversified Consumer Services — 0.3%
	65	Graham Holdings Co., Class B		37,768
	1,601	H&R Block, Inc.		42,491
				80,259
		Diversified Telecommunication Services — 2.0%
	9,042	AT&T, Inc.		277,409
	2,294	CenturyLink, Inc.		47,348
	4,690	Verizon Communications, Inc.		267,752
				592,509
		Electric Utilities — 2.4%
	1,111	Avangrid, Inc.		52,228
	2,054	Duke Energy Corp.		169,722
	839	Eversource Energy		53,075
	3,453	Exelon Corp.		151,276
	1,795	Hawaiian Electric Industries, Inc.		66,953
	2,130	OGE Energy Corp.		77,000
	203	Pinnacle West Capital Corp.		16,697
	3,581	PPL Corp.		108,862
				695,813
		Electrical Equipment — 1.4%
	1,670	Eaton Corp. plc		119,689
	2,130	Emerson Electric Co.		144,584
	579	Hubbell, Inc.		58,884
	1,421	nVent Electric plc (United Kingdom)		34,701
	845	Regal Beloit Corp.		60,587
				418,445
		Electronic Equipment, Instruments & Components — 0.8%
	438	Arrow Electronics, Inc.*		29,657
	571	Avnet, Inc.		22,880
	643	CDW Corp.		57,876
	3,544	Corning, Inc.		113,231
				223,644
		Energy Equipment & Services — 0.3%
	728	Helmerich & Payne, Inc.		45,347

SHARES		INVESTMENTS	VALUE($)
		Energy Equipment & Services — continued
	4,329	Transocean Ltd.*		47,662
				93,009
		Entertainment — 2.0%
	1,098	Cinemark Holdings, Inc.		45,644
	542	Lions Gate Entertainment Corp., Class A		10,385
	2,892	Viacom, Inc., Class B		92,486
	3,645	Walt Disney Co. (The)		418,555
				567,070
		Equity Real Estate Investment Trusts (REITs) — 2.4%
	2,191	Apple Hospitality REIT, Inc.		35,428
	2,689	Brandywine Realty Trust		37,807
	2,248	Brixmor Property Group, Inc.		36,418
	2,973	Colony Capital, Inc.		17,451
	1,115	Columbia Property Trust, Inc.		25,032
	648	EPR Properties		44,544
	2,166	Hospitality Properties Trust		55,493
	4,053	Kimco Realty Corp.		65,213
	4,265	Medical Properties Trust, Inc.		63,378
	2,163	Omega Healthcare Investors, Inc.		72,136
	2,288	Park Hotels & Resorts, Inc.		66,512
	2,963	Retail Properties of America, Inc., Class A		36,356
	2,157	Senior Housing Properties Trust		34,663
	1,326	Ventas, Inc.		76,961
	572	Weingarten Realty Investors		16,085
				683,477
		Food & Staples Retailing — 1.9%
	2,495	Walgreens Boots Alliance, Inc.		199,026
	3,631	Walmart, Inc.		364,117
				563,143
		Food Products — 1.8%
	2,415	Archer-Daniels-Midland Co.		114,109
	3,306	Flowers Foods, Inc.		63,839
	2,606	General Mills, Inc.		114,143
	325	Ingredion, Inc.		32,883
	839	JM Smucker Co. (The)		90,880
	1,359	Pilgrim’s Pride Corp.*		24,000
	1,610	Tyson Foods, Inc., Class A		96,471
				536,325
		Health Care Equipment & Supplies — 2.6%
	1,256	Abbott Laboratories		86,589
	1,739	Baxter International, Inc.		108,705
	667	Becton Dickinson and Co.		153,743
	217	DENTSPLY SIRONA, Inc.		7,515

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	595	Hill-Rom Holdings, Inc.		50,027
	3,021	Medtronic plc		271,346
	664	Zimmer Biomet Holdings, Inc.		75,424
				753,349
		Health Care Providers & Services — 6.5%
	982	Aetna, Inc.		194,829
	315	AmerisourceBergen Corp.		27,720
	781	Anthem, Inc.		215,220
	1,328	Cardinal Health, Inc.		67,197
	788	Cigna Corp.		168,482
	2,628	CVS Health Corp.		190,241
	1,262	Express Scripts Holding Co.*		122,376
	459	Humana, Inc.		147,068
	607	McKesson Corp.		75,729
	719	MEDNAX, Inc.*		29,688
	578	Premier, Inc., Class A*		26,010
	799	Quest Diagnostics, Inc.		75,194
	1,747	UnitedHealth Group, Inc.		456,578
	660	Universal Health Services, Inc., Class B		80,230
				1,876,562
		Health Care Technology — 0.2%
	1,089	Cerner Corp.*		62,378
		Hotels, Restaurants & Leisure — 1.0%
	1,778	Carnival Corp.		99,639
	193	Las Vegas Sands Corp.		9,849
	2,046	MGM Resorts International		54,587
	647	Royal Caribbean Cruises Ltd.		67,760
	1,430	Wyndham Destinations, Inc.		51,309
				283,144
		Household Durables — 1.0%
	1,164	Garmin Ltd.		77,010
	914	Leggett & Platt, Inc.		33,187
	1,625	Lennar Corp., Class A		69,843
	2,907	Newell Brands, Inc.		46,163
	2,643	PulteGroup, Inc.		64,939
	32	Toll Brothers, Inc.		1,077
				292,219
		Household Products — 1.6%
	5,195	Procter & Gamble Co. (The)		460,693
		Industrial Conglomerates — 0.8%
	619	Carlisle Cos., Inc.		59,789

SHARES		INVESTMENTS	VALUE($)
		Industrial Conglomerates — continued
	17,524	General Electric Co.		176,993
				236,782
		Insurance — 4.2%
	2,231	Aflac, Inc.		96,089
	1,218	Aspen Insurance Holdings Ltd. (Bermuda)		51,010
	460	Assurant, Inc.		44,717
	1,771	Assured Guaranty Ltd.		70,805
	1,067	Axis Capital Holdings Ltd.		59,528
	296	Everest Re Group Ltd.		64,487
	1,275	First American Financial Corp.		56,521
	33	Hanover Insurance Group, Inc. (The)		3,675
	1,238	Lincoln National Corp.		74,515
	953	Mercury General Corp.		56,522
	3,124	MetLife, Inc.		128,678
	3,434	Old Republic International Corp.		75,720
	1,444	Principal Financial Group, Inc.		67,969
	1,398	Prudential Financial, Inc.		131,104
	503	Reinsurance Group of America, Inc.		71,612
	958	Travelers Cos., Inc. (The)		119,874
	1,524	Unum Group		55,260
				1,228,086
		Internet & Direct Marketing Retail — 0.2%
	2,334	Qurate Retail, Inc.*		51,208
		IT Services — 2.2%
	924	Akamai Technologies, Inc.*		66,759
	1,171	Amdocs Ltd.		74,089
	1,517	Cognizant Technology Solutions Corp., Class A		104,719
	984	DXC Technology Co.		71,665
	2,207	International Business Machines Corp.		254,754
	830	Leidos Holdings, Inc.		53,767
				625,753
		Machinery — 3.3%
	1,510	Allison Transmission Holdings, Inc.		66,561
	765	Crane Co.		66,585
	763	Cummins, Inc.		104,294
	937	Dover Corp.		77,621
	1,132	Ingersoll-Rand plc		108,604
	299	Oshkosh Corp.		16,786
	1,637	PACCAR, Inc.		93,653
	595	Parker-Hannifin Corp.		90,220
	1,780	Pentair plc (United Kingdom)		71,467
	464	Snap-on, Inc.		71,428
	669	Stanley Black & Decker, Inc.		77,952

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 167

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Machinery — continued
	1,414	Timken Co. (The)		55,924
	2,004	Trinity Industries, Inc.		57,214
				958,309
		Media — 3.3%
	460	Charter Communications, Inc., Class A*		147,370
	10,278	Comcast Corp., Class A		392,003
	1,918	Discovery, Inc., Class A* (a)		62,124
	1,447	DISH Network Corp., Class A*		44,481
	3,047	Interpublic Group of Cos., Inc. (The)		70,569
	981	John Wiley & Sons, Inc., Class A		53,209
	990	Liberty Media Corp.-Liberty SiriusXM, Class C*		40,857
	1,169	Omnicom Group, Inc.		86,880
	1,893	Tribune Media Co., Class A		71,953
				969,446
		Metals & Mining — 0.8%
	1,603	Nucor Corp.		94,769
	865	Reliance Steel & Aluminum Co.		68,266
	1,694	Steel Dynamics, Inc.		67,083
				230,118
		Mortgage Real Estate Investment Trusts (REITs) — 1.6%
	4,311	AGNC Investment Corp.		76,908
	8,438	Annaly Capital Management, Inc.		83,283
	3,657	Chimera Investment Corp.		68,020
	8,562	MFA Financial, Inc.		59,335
	2,190	New Residential Investment Corp.		39,157
	3,292	Starwood Property Trust, Inc.		71,502
	4,231	Two Harbors Investment Corp.		62,154
				460,359
		Multiline Retail — 1.4%
	1,146	Kohl’s Corp.		86,787
	2,368	Macy’s, Inc.		81,199
	1,249	Nordstrom, Inc.		82,147
	1,839	Target Corp.		153,795
				403,928
		Multi-Utilities — 0.9%
	3,170	CenterPoint Energy, Inc.		85,622
	1,339	Consolidated Edison, Inc.		101,764
	1,690	SCANA Corp.		67,684
				255,070
		Oil, Gas & Consumable Fuels — 5.2%
	3,757	Chevron Corp.		419,469
	462	ConocoPhillips		32,294

SHARES		INVESTMENTS	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	6,244	Exxon Mobil Corp.		497,522
	1,121	HollyFrontier Corp.		75,600
	5,929	Kinder Morgan, Inc.		100,912
	2,550	Marathon Petroleum Corp.		179,648
	1,464	PBF Energy, Inc., Class A		61,268
	1,403	Valero Energy Corp.		127,799
				1,494,512
		Paper & Forest Products — 0.2%
	1,371	Domtar Corp.		63,491
		Personal Products — 0.1%
	421	Nu Skin Enterprises, Inc., Class A		29,563
		Pharmaceuticals — 4.9%
	3,656	Johnson & Johnson		511,803
	4,715	Merck & Co., Inc.		347,071
	13,082	Pfizer, Inc.		563,311
				1,422,185
		Professional Services — 0.2%
	211	ManpowerGroup, Inc.		16,097
	1,893	Nielsen Holdings plc		49,180
				65,277
		Road & Rail — 1.6%
	538	Genesee & Wyoming, Inc., Class A*		42,626
	757	Kansas City Southern		77,184
	950	Norfolk Southern Corp.		159,438
	855	Ryder System, Inc.		47,290
	963	Union Pacific Corp.		140,810
				467,348
		Semiconductors & Semiconductor Equipment — 7.3%
	1,193	Analog Devices, Inc.		99,866
	630	Applied Materials, Inc.		20,714
	1,187	Broadcom, Inc.		265,283
	2,518	Cypress Semiconductor Corp.		32,583
	10,862	Intel Corp.		509,210
	859	KLA-Tencor Corp.		78,633
	85	Lam Research Corp.		12,047
	2,569	Marvell Technology Group Ltd.		42,157
	1,596	Maxim Integrated Products, Inc.		79,832
	806	Microchip Technology, Inc.		53,019
	2,872	Micron Technology, Inc.*		108,332
	442	MKS Instruments, Inc.		32,571
	193	NXP Semiconductors NV (Netherlands)		14,473
	2,408	ON Semiconductor Corp.*		40,936
	3,930	QUALCOMM, Inc.		247,158

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	755	Skyworks Solutions, Inc.		65,504
	1,723	Teradyne, Inc.		59,357
	2,580	Texas Instruments, Inc.		239,501
	1,334	Xilinx, Inc.		113,884
				2,115,060
		Software — 4.0%
	2,094	CA, Inc.		92,890
	710	Dell Technologies, Inc., Class V*		64,177
	465	LogMeIn, Inc.		40,046
	5,619	Microsoft Corp.		600,165
	7,136	Oracle Corp.		348,522
	995	Symantec Corp.		18,059
				1,163,859
		Specialty Retail — 1.5%
	935	AutoNation, Inc.*		37,849
	1,296	Best Buy Co., Inc.		90,927
	1,187	Dick’s Sporting Goods, Inc.		41,984
	1,201	Foot Locker, Inc.		56,615
	2,429	Gap, Inc. (The)		66,312
	1,636	L Brands, Inc.		53,039
	1,144	Penske Automotive Group, Inc.		50,771
	756	Williams-Sonoma, Inc.		44,891
				442,388
		Technology Hardware, Storage & Peripherals — 3.6%
	2,774	Apple, Inc.		607,118
	6,970	Hewlett Packard Enterprise Co.		106,293
	5,917	HP, Inc.		142,836
	73	NCR Corp.*		1,960
	1,272	NetApp, Inc.		99,839
	401	Western Digital Corp.		17,271
	2,237	Xerox Corp.		62,345
				1,037,662
		Textiles, Apparel & Luxury Goods — 1.0%
	1,881	Hanesbrands, Inc.		32,278
	1,010	Michael Kors Holdings Ltd.*		55,964
	534	PVH Corp.		64,502
	559	Ralph Lauren Corp.		72,452
	1,805	Tapestry, Inc.		76,369
				301,565
		Thrifts & Mortgage Finance — 0.2%
	5,642	New York Community Bancorp, Inc.		54,050

SHARES		INVESTMENTS	VALUE($)
		Trading Companies & Distributors — 0.3%
	831	MSC Industrial Direct Co., Inc., Class A		67,361
	668	WESCO International, Inc.*		33,520
				100,881
		Transportation Infrastructure — 0.2%
	1,506	Macquarie Infrastructure Corp.		55,647
		Total Common Stocks (Cost $27,914,949)		28,210,236
	Short-Term Investments — 2.4%
		Investment Companies — 2.4%
	692,762	JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c) (Cost $692,762)		692,762
	Investment of Cash Collateral from Securities Loaned — 0.2%
	57,600	JPMorgan U.S. Government Money Market Fund, IM Shares, 2.07% (b) (c) (Cost $57,600)		57,600
		Total Investments — 99.9% (Cost $28,665,311)		28,960,598
		Other Assets Less Liabilities — 0.1%		25,911
		NET ASSETS — 100.0%		28,986,509

Percentages indicated are based on net assets.

(a)	—  The security or a portion of this security is on loan at October 31, 2018. The total value of securities on loan at October 31, 2018 was $56,250.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 169

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	6		12/2018		USD		813,060		(7,590	)
									(7,590	)

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018

	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders Japan ETF
ASSETS:
Investments in non-affiliates, at value	$	2,026,860,357		$	599,895,873		$	1,305,192,857		$	2,316,232,357
Investments in affiliates, at value		190,063			254,772			296,502			288,800
Investment of cash collateral received from Securities loaned (Note 2.D)		71,875,628			—			26,501,735			19,499,569
Restricted cash		51,000			75,600			107,000			71,300
Cash		26,732			1,604			48,443			7,952
Foreign currency, at value		9,303,753			2,473,205			5,836,228			2,890,923
Deposits at broker for futures contracts		632,762			414,976			485,907			838,640
Segregated cash balance with Authorized Participant for deposit securities		23,461,377			4,968,992			21,765			18,821,405
Deferred offering costs (Note 2.G)		12,978			11,976			8,638			8,260
Receivables:
Investment securities sold		4,182,747			—			1,810,456			3,244
Fund shares sold		94,503,643			—			22,350,042			44,997,738
Dividends from non-affiliates		2,558,199			342,929			1,030,963			15,222,089
Dividends from affiliates		539			111			262			2,152
Tax reclaims		161,801			—			119,358			11,268
Securities lending income (Note 2.D)		26,508			988			23,569			14,118
Variation margin on futures contracts		212,893			50,091			79,988			592,104
Due from Adviser		77,662			52,498			205,224			188,591
Due from Authorized Participant		3,769,395			—			21,193			17,919,123
Total Assets		2,237,908,037			608,543,615			1,364,140,130			2,437,609,633
LIABILITIES:
Payables:
Investment securities purchased		97,471,778			111			22,218,276			62,609,589
Collateral received on securities loaned (Note 2.D)		71,875,628			—			26,501,735			19,499,569
Accrued liabilities:
Administration fees		113,430			43,042			94,318			146,017
Custodian, Accounting and Transfer Agent fees		58,172			94,662			135,019			141,961
Trustees’ and Chief Compliance Officer’s fees		102			102			1,208			3,129
Professional Fees		38,446			38,446			58,388			59,175
Collateral upon return of deposit securities		23,461,377			4,968,992			21,765			18,821,405
Other		190,278			84,326			179,129			241,121
Total Liabilities		193,209,211			5,229,681			49,209,838			101,521,966
Net Assets	$	2,044,698,826		$	603,313,934		$	1,314,930,292		$	2,336,087,667
NET ASSETS:
Paid-in-Capital	$	2,173,863,245		$	662,880,023		$	1,403,691,225		$	2,441,530,853
Total distributable earnings (loss) (a)		(129,164,419	)		(59,566,089	)		(88,760,933	)		(105,443,186	)
Total Net Assets	$	2,044,698,826		$	603,313,934		$	1,314,930,292		$	2,336,087,667
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		90,500,000			26,600,000			58,200,000			102,800,000
Net asset value, per share	$	22.59		$	22.68		$	22.59		$	22.72
Cost of investments in non-affiliates	$	2,159,812,603		$	659,637,915		$	1,396,379,819		$	2,433,472,200
Cost of investments in affiliates		190,063			254,772			296,502			288,800
Cost of foreign currency		9,367,748			2,476,586			5,899,934			2,877,018
Investment securities on loan, at value		63,988,967			—			25,217,228			17,759,855
Cost of investment of cash collateral		71,875,827			—			26,502,535			19,499,769

(a) Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 171

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018 (continued)

	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Currency Hedged ETF		JPMorgan Diversified Return Europe Equity ETF			JPMorgan Diversified Return Global Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	212,578,189		$	—	$	74,166,835		$	201,146,419
Investments in affiliates, at value		753,648			28,919,164		—			627,017
Investment of cash collateral received from Securities loaned (Note 2.D)		—			—		—			924,151
Restricted cash		14,700			—		22,800			7,700
Cash		310,559			23,132		305,908			983,748
Foreign currency, at value		125,659			—		10,412			154,973
Deposits at broker for futures contracts		61,000			—		24,000			106,000
Prepaid Expenses		1,998			264		711			2,148
Receivables:
Investment securities sold		—			1,125		—			—
Dividends from non-affiliates		157,976			—		61,888			495,677
Dividends from affiliates		1,764			—		—			311
Tax reclaims		—			—		347,158			97,921
Securities lending income (Note 2.D)		—			—		—			9
Variation margin on futures contracts		11,445			—		3,798			16,985
Unrealized appreciation on forward foreign currency exchange contracts		—			835,882		—			—
Due from Adviser		48,738			16,999		35,661			1,194
Total Assets		214,065,676			29,796,566		74,979,171			204,564,253
LIABILITIES:
Payables:
Investment securities purchased		16			819,887		—			—
Collateral received on securities loaned (Note 2.D)		—			—		—			924,151
Unrealized depreciation on forward foreign currency exchange contracts		—			23,066		—			—
Accrued liabilities:
Administration fees		15,660			2,106		5,545			14,952
Custodian, Accounting and Transfer Agent fees		125,484			8,134		60,753			50,444
Trustees’ and Chief Compliance Officer’s fees		4,092			521		1,404			4,864
Deferred foreign capital gains tax		15,344			—		—			—
Professional Fees		73,301			36,593		77,051			80,616
Other		27,527			12,021		13,630			31,962
Total Liabilities		261,424			902,328		158,383			1,106,989
Net Assets	$	213,804,252		$	28,894,238	$	74,820,788		$	203,457,264
NET ASSETS:
Paid-in-Capital	$	226,565,919		$	27,087,053	$	74,966,212		$	207,895,633
Total distributable earnings (loss) (a)		(12,761,667	)		1,807,185		(145,424	)		(4,438,369	)
Total Net Assets	$	213,804,252		$	28,894,238	$	74,820,788		$	203,457,264
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		4,200,000			1,050,000		1,400,000			3,600,000
Net asset value, per share	$	50.91		$	27.52	$	53.44		$	56.52
Cost of investments in non-affiliates	$	216,001,988		$	—	$	73,847,159		$	204,543,360
Cost of investments in affiliates		753,648			28,437,436		—			627,017
Cost of foreign currency		126,040			—		10,422			156,897
Investment securities on loan, at value		—			—		—			905,726
Cost of investment of cash collateral		—			—		—			924,151

(a) Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

	JPMorgan Diversified Return International Currency Hedged ETF		JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF		JPMorgan Diversified Return U.S. Mid Cap Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	—	$	1,430,666,878		$	551,719,671	$	108,211,311
Investments in affiliates, at value		31,392,996		6,618,219			6,889,863		3,620,915
Investment of cash collateral received from Securities loaned (Note 2.D)		—		—			4,709,887		643,332
Restricted cash		—		43,200			5,800		4,500
Cash		26,982		1,101,640			—		—
Foreign currency, at value		29		22,947			—		—
Deposits at broker for futures contracts		—		585,000			344,000		172,000
Prepaid Expenses		306		13,604			4,479		859
Receivables:
Investment securities sold		5,248		—			—		—
Dividends from non-affiliates		—		4,433,357			490,625		59,589
Dividends from affiliates		—		10,105			5,325		1,779
Tax reclaims		—		1,456,731			—		—
Securities lending income (Note 2.D)		—		—			667		339
Variation margin on futures contracts		—		89,334			64,740		32,370
Unrealized appreciation on forward foreign currency exchange contracts		586,744		—			—		—
Due from Adviser		18,448		—			30,682		14,993
Total Assets		32,030,753		1,445,041,015			564,265,739		112,761,987
LIABILITIES:
Payables:
Investment securities purchased		550,407		—			—		—
Collateral received on securities loaned (Note 2.D)		—		—			4,709,887		643,332
Unrealized depreciation on forward foreign currency exchange contracts		52,235		—			—		—
Accrued liabilities:
Investment advisory fees		—		103,969			—		—
Administration fees		2,323		109,241			40,522		7,896
Custodian, Accounting and Transfer Agent fees		8,440		158,291			18,362		14,552
Trustees’ and Chief Compliance Officer’s fees		646		28,060			8,247		1,490
Professional Fees		37,015		169,990			71,348		42,203
Other		12,899		139,203			55,044		24,334
Total Liabilities		663,965		708,754			4,903,410		733,807
Net Assets	$	31,366,788	$	1,444,332,261		$	559,362,329	$	112,028,180
NET ASSETS:
Paid-in-Capital	$	29,669,318	$	1,492,678,360		$	527,790,333	$	107,453,704
Total distributable earnings (loss) (a)		1,697,470		(48,346,099	)		31,571,996		4,574,476
Total Net Assets	$	31,366,788	$	1,444,332,261		$	559,362,329	$	112,028,180
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		1,100,000		27,200,000			8,000,000		1,800,000
Net asset value, per share	$	28.52	$	53.10		$	69.92	$	62.24
Cost of investments in non-affiliates	$	—	$	1,469,940,739		$	518,479,207	$	103,203,566
Cost of investments in affiliates		30,690,692		6,618,219			6,889,863		3,620,915
Cost of foreign currency		30		22,951			—		—
Investment securities on loan, at value		—		—			4,586,251		627,488
Cost of investment of cash collateral		—		—			4,709,887		643,332

(a) Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 173

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018 (continued)

	JPMorgan Diversified Return U.S. Small Cap Equity ETF			JPMorgan U.S. Dividend ETF			JPMorgan U.S. Minimum Volatility ETF		JPMorgan U.S. Momentum Factor ETF
ASSETS:
Investments in non-affiliates, at value	$	94,517,850		$	26,099,093		$	26,671,887	$	28,548,871
Investments in affiliates, at value		1,505,075			1,248,859			760,666		63,323
Investment of cash collateral received from Securities loaned (Note 2.D)		2,431,125			148,580			93,840		66,300
Restricted cash		10,500			600			—		800
Deposits at broker for futures contracts		157,000			60,000			33,000		—
Deferred offering costs (Note 2.G)		—			90			126		90
Prepaid Expenses		636			236			240		247
Receivables:
Dividends from non-affiliates		30,990			45,233			25,936		17,170
Dividends from affiliates		1,935			732			416		111
Securities lending income (Note 2.D)		2,653			209			123		4
Variation margin on futures contracts		1,100	��		11,205			6,225		—
Due from Adviser		3,025			9,430			11,294		10,220
Total Assets		98,661,889			27,624,267			27,603,753		28,707,136
LIABILITIES:
Payables:
Collateral received on securities loaned (Note 2.D)		2,431,125			148,580			93,840		66,300
Accrued liabilities:
Administration fees		7,147			1,957			2,011		2,056
Custodian, Accounting and Transfer Agent fees		22,653			8,538			7,950		9,177
Trustees’ and Chief Compliance Officer’s fees		917			470			480		486
Professional Fees		47,561			42,749			42,729		42,690
Other		17,232			10,847			10,973		11,057
Total Liabilities		2,526,635			213,141			157,983		131,766
Net Assets	$	96,135,254		$	27,411,126		$	27,445,770	$	28,575,370
NET ASSETS:
Paid-in-Capital	$	95,216,607		$	27,566,350		$	26,278,544	$	27,532,314
Total distributable earnings (loss) (a)		918,647			(155,224	)		1,167,226		1,043,056
Total Net Assets	$	96,135,254		$	27,411,126		$	27,445,770	$	28,575,370
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		3,250,000			1,100,000			1,050,000		1,100,000
Net asset value, per share	$	29.58		$	24.92		$	26.14	$	25.98
Cost of investments in non-affiliates	$	92,963,657		$	26,065,291		$	25,464,687	$	27,226,813
Cost of investments in affiliates		1,505,075			1,248,859			760,666		63,323
Investment securities on loan, at value		2,359,957			145,312			91,776		64,857
Cost of investment of cash collateral		2,431,125			148,580			93,840		66,300

(a) Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

	JPMorgan U.S. Quality Factor ETF		JPMorgan U.S. Value Factor ETF
ASSETS:
Investments in non-affiliates, at value	$	28,229,641	$	28,210,236
Investments in affiliates, at value		836,372		692,762
Investment of cash collateral received from Securities loaned (Note 2.D)		58,800		57,600
Restricted cash		—		700
Deposits at broker for futures contracts		47,000		40,000
Deferred offering costs (Note 2.G)		90		89
Prepaid Expenses		244		242
Receivables:
Investment securities sold		—		59,835
Fund shares sold		1,318,644		—
Interest from non-affiliates		26,798		29,709
Dividends from affiliates		455		553
Securities lending income (Note 2.D)		25		12
Variation margin on futures contracts		8,715		7,470
Due from Adviser		9,968		9,576
Total Assets		30,536,752		29,108,784
LIABILITIES:
Payables:
Collateral received on securities loaned (Note 2.D)		58,800		57,600
Investment securities purchased		1,198,520		—
Accrued liabilities:
Administration fees		2,052		1,991
Custodian, Accounting and Transfer Agent fees		8,006		8,380
Trustees’ and Chief Compliance Officer’s fees		481		491
Professional Fees		42,657		42,765
Other		10,969		11,048
Total Liabilities		1,321,485		122,275
Net Assets	$	29,215,267	$	28,986,509
NET ASSETS:
Paid-in-Capital	$	27,647,461	$	28,786,482
Total distributable earnings (loss) (a)		1,567,806		200,027
Total Net Assets	$	29,215,267	$	28,986,509
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		1,100,000		1,150,000
Net asset value, per share	$	26.56	$	25.21
Cost of investments in non-affiliates	$	26,600,390	$	27,914,949
Cost of investments in affiliates		836,372		692,762
Investment securities on loan, at value		57,428		56,250
Cost of investment of cash collateral		58,800		57,600

(a) Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 175

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2018

	JPMorgan BetaBuilders Canada ETF (a)				JPMorgan BetaBuilders Developed Asia ex-Japan ETF  (a)			JPMorgan BetaBuilders Europe ETF (b)			JPMorgan BetaBuilders Japan ETF (b)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	10,418,088			$	5,159,293		$	4,447,345		$	17,172,556
Dividend income from affiliates		924				12,144			1,193			3,153
Interest income from non-affiliates		400				240			—			—
Interest income from affiliates		488				2,479			—			—
Non-cash dividend income from non-affiliates		—				—			524,662			—
Income from securities lending (net)		62,483				2,669			48,267			27,149
Foreign taxes withheld		(1,806,704	)			(44,377	)		(314,756	)		(1,716,851	)
Total investment income		8,675,679				5,132,448			4,706,711			15,486,007
EXPENSES:
Investment advisory fees (Note 3.A)		590,157				232,948			271,259			1,017,000
Administration fees (Note 3.B)		264,020				104,214			256,188			454,978
Interest expense to non-affiliates		99				62			1,215			101
Interest expense to affiliates		—				511			2,162			1,020
Professional fees		38,446				38,446			62,116			64,614
Trustees’ and Chief Compliance Officer’s fees		2,139				945			6,271			17,830
Printing and mailing costs		4,000				4,000			10,239			9,607
Registration and filing fees		186,079				79,826			168,868			231,782
Custodian, Accounting and Transfer Agent fees (Note 3.C)		65,672				94,662			254,376			221,263
Insurance expense		41				41			159			80
Offering costs (Note 2.G)		3,940				3,635			5,251			4,990
Other		1,963		��		1,657			1,129			1,870
Total expenses		1,156,556				560,947			1,039,233			2,025,135
Less fee waived (Note 3.D)		(504,288	)			(250,138	)		(527,447	)		(881,904	)
Less expense reimbursements from affiliates (Note 3.D)		—				—			(20,082	)		—
Less expense reimbursements from non-affiliates (Note 3.C)		(58,500	)			(75,600	)		(214,000	)		(124,000	)
Net expenses		593,768				235,209			277,704			1,019,231
Net investment income (loss)		8,081,911				4,897,239			4,429,007			14,466,776
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(816,344	)			(287,989	)		29,613			(759,038	)
In-kind redemptions in non-affiliates		(349,115	)			—			—			—
Futures		(57,994	)			(153,173	)		(157,096	)		(1,329,164	)
Foreign currency transactions		(16,346	)			(16,465	)		122,165			(8,011	)
Net realized gain (loss)		(1,239,799	)			(457,627	)		(5,318	)		(2,096,213	)
Change in net unrealized appreciation/depreciation on:
Investments in affiliates		(199	)			—			(800	)		(200	)
Investments in non-affiliates		(132,952,246	)			(59,742,042	)		(91,186,962	)		(117,239,843	)
Futures		(382,489	)			(93,729	)		(19,386	)		(576,077	)
Foreign currency translations		(88,231	)			(10,166	)		(85,963	)		2,371
Change in net unrealized appreciation/depreciation		(133,423,165	)			(59,845,937	)		(91,293,111	)		(117,813,749	)
Net realized/unrealized gains (losses)		(134,662,964	)			(60,303,564	)		(91,298,429	)		(119,909,962	)
Change in net assets resulting from operations	$	(126,581,053	)		$	(55,406,325	)	$	(86,869,422	)	$	(105,443,186	)

(a) Commencement of operations was August 7, 2018.

(b) Commencement of operations was June 15, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Currency Hedged ETF			JPMorgan Diversified Return Europe Equity ETF			JPMorgan Diversified Return Global Equity ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	7,474,681		$	—		$	2,707,794		$	5,744,928
Dividend income from affiliates		8,382			1,491,216			—			7,601
Interest income from non-affiliates		10			—			606			137
Interest income from affiliates		1,157			6			—			483
Non-cash dividend income from non-affiliates		—			—			130,853			—
Income from securities lending (net)		—			—			—			16
Foreign taxes withheld		(728,184	)		—			(300,777	)		(423,313	)
Total investment income		6,756,046			1,491,222			2,538,476			5,329,852
EXPENSES:
Investment advisory fees (Note 3.A)		915,128			98,878			239,917			476,417
Administration fees (Note 3.B)		176,788			25,469			67,977			168,735
Interest expense to affiliates		617			29			314			980
Professional fees		148,930			39,050			78,139			78,588
Trustees’ and Chief Compliance Officer’s fees		27,091			4,021			10,759			27,566
Printing and mailing costs		32,512			3,485			9,213			29,030
Registration and filing fees		21,084			4,802			13,914			27,018
Custodian, Accounting and Transfer Agent fees (Note 3.C)		645,223			34,178			125,829			281,661
Insurance expense		22,180			2,810			6,353			17,645
Other		12,239			11,377			7,526			10,801
Total expenses		2,001,792			224,099			559,941			1,118,441
Less fee waived (Note 3.D)		(933,205	)		(124,347	)		(207,701	)		(232,413	)
Less expense reimbursements from affiliates (Note 3.D)		—			(90,658	)		—			—
Less expense reimbursements from non-affiliates (Note 3.C)		(132,300	)		—			(28,500	)		(130,900	)
Net expenses		936,287			9,094			323,740			755,128
Net investment income (loss)		5,819,759			1,482,128			2,214,736			4,574,724
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(4,348,354	)(a)		—			50,518			336,326
Investments in affiliates		—			232,513			—			—
In-kind redemptions in non-affiliates		—			—			2,787,524			799,091
Futures		95,710			—			(224,991	)		(6,868	)
Foreign currency transactions		(25,605	)		(53,242	)		(14,048	)		(88,601	)
Forward foreign currency exchange contracts		—			1,354,327			—			—
Net realized gain (loss)		(4,278,249	)		1,533,598			2,599,003			1,039,948
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(22,767,552	)(b)		—			(11,428,661	)		(17,400,980	)
Investments in affiliates		—			(4,263,292	)		—			—
Futures		14,197			—			6,606			(17,876	)
Foreign currency translations		1,968			(10,966	)		(12,510	)		(2,017	)
Forward foreign currency exchange contracts		—			296,540			—			—
Change in net unrealized appreciation/depreciation		(22,751,387	)		(3,977,718	)		(11,434,565	)		(17,420,873	)
Net realized/unrealized gains (losses)		(27,029,636	)		(2,444,120	)		(8,835,562	)		(16,380,925	)
Change in net assets resulting from operations	$	(21,209,877	)	$	(961,992	)	$	(6,620,826	)	$	(11,806,201	)

(a) Net of foreign capital gains tax of approximately ($31,998).

(b) Net change in foreign capital gains tax of approximately $240,033.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 177

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2018 (continued)

	JPMorgan Diversified Return International Currency Hedged ETF			JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	—		$	46,500,152		$	10,604,789		$	1,830,747
Dividend income from affiliates		1,567,544			94,206			35,964			12,628
Interest income from non-affiliates		—			3,501			—			—
Interest income from affiliates		—			958			—			—
Income from securities lending (net)		—			—			878			389
Foreign taxes withheld		—			(3,664,702	)		—			—
Total investment income		1,567,544			42,934,115			10,641,631			1,843,764
EXPENSES:
Investment advisory fees (Note 3.A)		100,105			3,473,942			1,145,507			235,101
Administration fees (Note 3.B)		31,515			1,230,380			423,343			83,267
Interest expense to non-affiliates		—			262			—			—
Interest expense to affiliates		86			4,894			—			—
Professional fees		45,248			361,918			167,043			58,759
Trustees’ and Chief Compliance Officer’s fees		5,151			189,398			62,869			12,047
Printing and mailing costs		4,468			168,808			53,858			13,447
Registration and filing fees		8,701			75,372			41,759			12,942
Custodian, Accounting and Transfer Agent fees (Note 3.C)		37,575			647,990			86,927			59,066
Insurance expense		6,615			131,782			49,954			9,691
Other		9,408			58,198			22,149			7,801
Total expenses		248,872			6,342,944			2,053,409			492,121
Less fee waived (Note 3.D)		(131,620	)		(422,800	)		(1,073,761	)		(242,982	)
Less expense reimbursements from affiliates (Note 3.D)		(104,903	)		—			—			—
Less expense reimbursements from non-affiliates (Note 3.C)		—			(187,200	)		(36,250	)		(15,000	)
Net expenses		12,349			5,732,944			943,398			234,139
Net investment income (loss)		1,555,195			37,201,171			9,698,233			1,609,625
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		—			(1,096,513	)		(731,895	)		(568,638	)
Investments in affiliates		99,303			—			—			—
In-kind redemptions in non-affiliates		—			12,828,242			1,603,810			1,877,456
In-kind redemptions in affiliates		2,618,926			—			—			—
Futures		—			185,207			65,140			56,340
Foreign currency transactions		(125,506	)		(440,431	)		—			—
Forward foreign currency exchange contracts		817,698			—			—			—
Net realized gain (loss)		3,410,421			11,476,505			937,055			1,365,158
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		—			(167,694,990	)		5,573,193			(1,277,026	)
Investments in affiliates		(5,925,977	)		—			—			—
Futures		—			(221,988	)		(43,056	)		(19,830	)
Foreign currency translations		(3,868	)		(62,193	)		—			—
Forward foreign currency exchange contracts		73,516			—			—			—
Change in net unrealized appreciation/depreciation		(5,856,329	)		(167,979,171	)		5,530,137			(1,296,856	)
Net realized/unrealized gains (losses)		(2,445,908	)		(156,502,666	)		6,467,192			68,302
Change in net assets resulting from operations	$	(890,713	)	$	(119,301,495	)	$	16,165,425		$	1,677,927

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

	JPMorgan Diversified Return U.S. Small Cap Equity ETF			JPMorgan U.S. Dividend ETF (a)			JPMorgan U.S. Minimum Volatility ETF (a)			JPMorgan U.S. Momentum Factor ETF (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,056,805		$	1,028,522		$	641,719		$	395,221
Dividend income from affiliates		12,755			2,657			1,935			1,260
Income from securities lending (net)		2,739			216			127			5
Total investment income		1,072,299			1,031,395			643,781			396,486
EXPENSES:
Investment advisory fees (Note 3.A)		227,440			60,332			60,404			63,136
Administration fees (Note 3.B)		66,664			22,297			22,323			23,333
Professional fees		67,133			49,548			49,485			49,630
Trustees’ and Chief Compliance Officer’s fees		9,037			3,489			3,482			3,613
Printing and mailing costs		11,326			5,631			5,691			5,703
Registration and filing fees		9,770			14,993			14,990			14,988
Custodian, Accounting and Transfer Agent fees (Note 3.C)		75,611			35,711			33,702			36,002
Insurance expense		3,850			1,519			1,516			1,597
Offering costs (Note 2.G)		39			3,978			5,630			3,981
Other		6,470			1,855			2,045			2,113
Total expenses		477,340			199,353			199,268			204,096
Less fee waived (Note 3.D)		(217,235	)		(82,629	)		(82,727	)		(86,469	)
Less expense reimbursements from affiliates (Note 3.D)		—			(83,688	)		(84,023	)		(82,430	)
Less expense reimbursements from non-affiliates (Note 3.C)		(33,600	)		(1,800	)		(1,200	)		(2,400	)
Net expenses		226,505			31,236			31,318			32,797
Net investment income (loss)		845,794			1,000,159			612,463			363,689
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
investments in non-affiliates		(437,078	)		(259,543	)		(96,615	)		(304,570	)
In-kind redemptions in non-affiliates		3,434,321			—			—			—
Futures		35,583			(2,606	)		(2,021	)		—
Net realized gain (loss)		3,032,826			(262,149	)		(98,636	)		(304,570	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,137,266	)		33,802			1,207,200			1,322,058
Futures		(40,500	)		(18,041	)		(4,248	)		—
Change in net unrealized appreciation/depreciation		(3,177,766	)		15,761			1,202,952			1,322,058
Net realized/unrealized gains (losses)		(144,940	)		(246,388	)		1,104,316			1,017,488
Change in net assets resulting from operations	$	700,854		$	753,771		$	1,716,779		$	1,381,177

(a) Commencement of operations was November 8, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 179

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2018 (continued)

	JPMorgan U.S. Quality Factor ETF (a)			JPMorgan U.S. Value Factor ETF (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	573,279		$	703,417
Dividend income from affiliates		2,036			2,592
Income from securities lending (net)		29			13
Total investment income		575,344			706,022
EXPENSES:
Investment advisory fees (Note 3.A)		62,075			61,561
Administration fees (Note 3.B)		22,941			22,751
Professional fees		49,499			49,668
Trustees’ and Chief Compliance Officer’s fees		3,569			3,567
Printing and mailing costs		5,641			5,659
Registration and filing fees		14,997			14,988
Custodian, Accounting and Transfer Agent fees (Note 3.C)		34,847			35,875
Insurance expense		1,578			1,567
Offering costs (Note 2.G)		3,971			3,984
Other		2,024			2,120
Total expenses		201,142			201,740
Less fee waived (Note 3.D)		(85,016	)		(84,312	)
Less expense reimbursements from affiliates (Note 3.D)		(82,133	)		(83,455	)
Less expense reimbursements from non-affiliates (Note 3.C)		(1,800	)		(2,100	)
Net expenses		32,193			31,873
Net investment income (loss)		543,151			674,149
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(100,726	)		(146,752	)
Futures		3,040			1,262
Net realized gain (loss)		(97,686	)		(145,490	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,629,251			295,287
Futures		(10,682	)		(7,590	)
Change in net unrealized appreciation/depreciation		1,618,569			287,697
Net realized/unrealized gains (losses)		1,520,883			142,207
Change in net assets resulting from operations	$	2,064,034		$	816,356

(a) Commencement of operations was November 8, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders Japan ETF
	Period Ended October 31, 2018 (a)			Period Ended October 31, 2018 (a)			Period Ended October 31, 2018 (b)			Period Ended October 31, 2018 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,081,911		$	4,897,239		$	4,429,007		$	14,466,776
Net realized gain (loss)		(1,239,799	)		(457,627	)		(5,318	)		(2,096,213	)
Change in net unrealized appreciation/depreciation		(133,423,165	)		(59,845,937	)		(91,293,111	)		(117,813,749	)
Change in net assets resulting from operations		(126,581,053	)		(55,406,325	)		(86,869,422	)		(105,443,186	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings		(2,945,124	)		(4,159,764	)		(1,891,512	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,174,225,003			662,880,023			1,403,691,226			2,441,530,853
NET ASSETS:
Change in net assets		2,044,698,826			603,313,934			1,314,930,292			2,336,087,667
Beginning of period		—			—			—			—
End of period	$	2,044,698,826		$	603,313,934		$	1,314,930,292		$	2,336,087,667
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	2,219,440,596		$	662,880,023		$	1,403,691,226		$	2,441,530,853
Cost of shares redeemed		(45,215,593	)		—			—			—
Total change in net assets resulting from capital transactions	$	2,174,225,003		$	662,880,023		$	1,403,691,226		$	2,441,530,853
SHARE TRANSACTIONS:
Issued		92,400,000			26,600,000			58,200,000			102,800,000
Redeemed		(1,900,000	)		—			—			—
Net increase in shares from share transactions		90,500,000			26,600,000			58,200,000			102,800,000

(a) Commencement of operations was August 7, 2018.

(b) Commencement of operations was June 15, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 181

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return Emerging Markets Equity ETF						JPMorgan Diversified Return Europe Currency Hedged ETF
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,819,759		$	3,452,670		$	1,482,128		$	644,580
Net realized gain (loss)		(4,278,249	)		1,036,538			1,533,598			(771,406	)
Change in net unrealized appreciation/depreciation		(22,751,387	)		19,206,880			(3,977,718	)		5,441,723
Change in net assets resulting from operations		(21,209,877	)		23,696,088			(961,992	)		5,314,897
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings (a)		(8,601,176	)		(771,056	)		(851,015	)		(2,340,720	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		77,874,259			99,006,553			—			1,249,800
NET ASSETS:
Change in net assets		48,063,206			121,931,585			(1,813,007	)		4,223,977
Beginning of period		165,741,046			43,809,461			30,707,245			26,483,268
End of period	$	213,804,252		$	165,741,046		$	28,894,238		$	30,707,245
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	77,874,259		$	99,006,553		$	—		$	1,249,800
Total change in net assets resulting from capital transactions	$	77,874,259		$	99,006,553		$	—		$	1,249,800
SHARE TRANSACTIONS:
Issued		1,300,000			2,000,000			—			50,000
Net increase in shares from share transactions		1,300,000			2,000,000			—			50,000

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:

	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Currency Hedged ETF
From net investment income		(771,056	)		(534,400	)
From net realized gains		—			(1,806,320	)

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

	JPMorgan Diversified Return Europe  Equity ETF						JPMorgan Diversified Return Global Equity ETF
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,214,736		$	1,886,817		$	4,574,724		$	1,650,745
Net realized gain (loss)		2,599,003			(62,703	)		1,039,948			2,538,682
Change in net unrealized appreciation/depreciation		(11,434,565	)		13,101,894			(17,420,873	)		10,668,551
Change in net assets resulting from operations		(6,620,826	)		14,926,008			(11,806,201	)		14,857,978
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings (a)		(4,014,806	)		(1,338,720	)		(5,818,989	)		(1,695,420	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,964,063			6,045,436			117,387,384			12,975,579
NET ASSETS:
Change in net assets		(4,671,569	)		19,632,724			99,762,194			26,138,137
Beginning of period		79,492,357			59,859,633			103,695,070			77,556,933
End of period	$	74,820,788		$	79,492,357		$	203,457,264		$	103,695,070
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	17,683,797		$	6,045,436		$	154,127,556		$	23,855,987
Cost of shares redeemed		(11,719,734	)		—			(36,740,172	)		(10,880,408	)
Total change in net assets resulting from capital transactions	$	5,964,063		$	6,045,436		$	117,387,384		$	12,975,579
SHARE TRANSACTIONS:
Issued		300,000			100,000			2,500,000			400,000
Redeemed		(200,000	)		—			(600,000	)		(200,000	)
Net increase in shares from share transactions		100,000			100,000			1,900,000			200,000

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:

	JPMorgan Diversified Return Europe Equity ETF			JPMorgan Diversified Return Global Equity ETF
From net investment income		(1,338,720	)		(1,695,420	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 183

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return  International Currency Hedged ETF						JPMorgan Diversified Return International Equity ETF
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,555,195		$	519,793		$	37,201,171		$	20,245,953
Net realized gain (loss)		3,410,421			(117,698	)		11,476,505			172,051
Change in net unrealized appreciation/depreciation		(5,856,329	)		6,562,751			(167,979,171	)		123,143,744
Change in net assets resulting from operations		(890,713	)		6,964,846			(119,301,495	)		143,561,748
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings (a)		(1,022,148	)		(1,349,535	)		(54,092,274	)		(9,230,405	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(14,994,818	)		16,343,042			457,839,024			555,512,947
NET ASSETS:
Change in net assets		(16,907,679	)		21,958,353			284,445,255			689,844,290
Beginning of period		48,274,467			26,316,114			1,159,887,006			470,042,716
End of period	$	31,366,788		$	48,274,467		$	1,444,332,261		$	1,159,887,006
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	—		$	16,343,042		$	530,366,203		$	581,072,027
Cost of shares redeemed		(14,994,818	)		—			(72,527,179	)		(25,559,080	)
Total change in net assets resulting from capital transactions	$	(14,994,818	)	$	16,343,042		$	457,839,024		$	555,512,947
SHARE TRANSACTIONS:
Issued		—			600,000			8,900,000			10,700,000
Redeemed		(500,000	)		—			(1,300,000	)		(500,000	)
Net increase in shares from share transactions		(500,000	)		600,000			7,600,000			10,200,000

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:

	JPMorgan Diversified Return International Currency Hedged Equity  ETF			JPMorgan Diversified Return International Equity ETF
From net investment income		(431,255	)		(9,230,405	)
From net realized gains		(918,280	)		—

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

	JPMorgan Diversified Return U.S.  Equity ETF						JPMorgan Diversified Return U.S. Mid Cap Equity ETF
	Year Ended October 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2018			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	9,698,233		$	4,296,175		$	1,609,625		$	824,382
Net realized gain (loss)		937,055			9,029,074			1,365,158			3,575,389
Change in net unrealized appreciation/depreciation		5,530,137			28,000,601			(1,296,856	)		5,506,350
Change in net assets resulting from operations		16,165,425			41,325,850			1,677,927			9,906,121
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings (a)		(12,462,949	)		(1,329,650	)		(2,149,261	)		(396,160	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		199,361,082			190,764,313			50,436,264			16,399,401
NET ASSETS:
Change in net assets		203,063,558			230,760,513			49,964,930			25,909,362
Beginning of period		356,298,771			125,538,258			62,063,250			36,153,888
End of period	$	559,362,329		$	356,298,771		$	112,028,180		$	62,063,250
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	206,369,804		$	266,609,754		$	57,240,549		$	34,787,448
Cost of shares redeemed		(7,008,722	)		(75,845,441	)		(6,804,285	)		(18,388,047	)
Total change in net assets resulting from capital transactions	$	199,361,082		$	190,764,313		$	50,436,264		$	16,399,401
SHARE TRANSACTIONS:
Issued		2,900,000			4,200,000			900,000			600,000
Redeemed		(100,000	)		(1,200,000	)		(100,000	)		(300,000	)
Net increase in shares from share transactions		2,800,000			3,000,000			800,000			300,000

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:

	JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF
From net investment income		(1,329,650	)		(396,160	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 185

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return  U.S. Small Cap Equity ETF						JPMorgan U.S. Dividend ETF
	Year Ended October 31, 2018			Period Ended October 31, 2017 (a)			Period Ended October 31, 2018 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	845,794		$	338,470		$	1,000,159
Net realized gain (loss)		3,032,826			(295,108	)		(262,149	)
Change in net unrealized appreciation/depreciation		(3,177,766	)		4,703,373			15,761
Change in net assets resulting from operations		700,854			4,746,735			753,771
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings (c)		(1,058,143	)		(36,680	)		(908,996	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		41,481,438			50,301,050			27,566,351
NET ASSETS:
Change in net assets		41,124,149			55,011,105			27,411,126
Beginning of period		55,011,105			—			—
End of period	$	96,135,254		$	55,011,105		$	27,411,126
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	51,393,702		$	50,301,050		$	27,566,351
Cost of shares redeemed		(9,912,264	)		—			—
Total change in net assets resulting from capital transactions	$	41,481,438		$	50,301,050		$	27,566,351
SHARE TRANSACTIONS:
Issued		1,650,000			1,900,000			1,100,000
Redeemed		(300,000	)		—			—
Net increase in shares from share transactions		1,350,000			1,900,000			1,100,000

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

(b) Commencement of operations was November 8, 2017.

(c) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior periods balances were as follows:

	JPMorgan Diversified Return U.S. Small Cap Equity ETF
From net investment income		(36,680	)

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

	JPMorgan U.S. Minimum Volatility ETF			JPMorgan U.S. Momentum Factor ETF
	Period Ended October 31, 2018 (a)			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	612,463		$	363,689
Net realized gain (loss)		(98,636	)		(304,570	)
Change in net unrealized appreciation/depreciation		1,202,952			1,322,058
Change in net assets resulting from operations		1,716,779			1,381,177
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings		(549,553	)		(338,121	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		26,278,544			27,532,314
NET ASSETS:
Change in net assets		27,445,770			28,575,370
Beginning of period		—			—
End of period	$	27,445,770		$	28,575,370
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	26,278,544		$	27,532,314
Total change in net assets resulting from capital transactions	$	26,278,544		$	27,532,314
SHARE TRANSACTIONS:
Issued		1,050,000			1,100,000
Net increase in shares from share transactions		1,050,000			1,100,000

(a) Commencement of operations was November 8, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 187

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan U.S. Quality Factor ETF			JPMorgan U.S. Value Factor ETF
	Period Ended October 31, 2018 (a)			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	543,151		$	674,149
Net realized gain (loss)		(97,686	)		(145,490	)
Change in net unrealized appreciation/depreciation		1,618,569			287,697
Change in net assets resulting from operations		2,064,034			816,356
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings		(496,228	)		(616,329	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		27,647,461			28,786,482
NET ASSETS:
Change in net assets		29,215,267			28,986,509
Beginning of period		—			—
End of period	$	29,215,267		$	28,986,509
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	27,647,461		$	28,786,482
Total change in net assets resulting from capital transactions	$	27,647,461		$	28,786,482
SHARE TRANSACTIONS:
Issued		1,100,000			1,150,000
Net increase in shares from share transactions		1,100,000			1,150,000

(a) Commencement of operations was November 8, 2017

SEE NOTES TO FINANCIAL STATEMENTS.

188 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 189

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			Total distributions
JPMorgan BetaBuilders Canada ETF
August 7, 2018 (a) through October 31, 2018	$	24.65	$	0.14	$	(2.15	)	$	(2.01	)	$	(0.05	)	$	(0.05	)
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
August 7, 2018 (a) through October 31, 2018		25.36		0.22		(2.73	)		(2.51	)		(0.17	)		(0.17	)
JPMorgan BetaBuilders Europe ETF
June 15, 2018 (a) through October 31, 2018		24.79		0.13		(2.30	)		(2.17	)		(0.03	)		(0.03	)
JPMorgan BetaBuilders Japan ETF
June 15, 2018 (a) through October 31, 2018		24.79		0.24		(2.31	)		(2.07	)		—			—

(a) Commencement of operations.

(b) Calculated based upon average shares outstanding.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

190 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

				Ratios/Supplemental data
												Ratios to average net assets (f)
Net asset value, end of period		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)
$	22.59	$	22.62		(8.18	)%		(8.05	)%	$	2,044,698,826		0.19	%(g)		2.55	%		0.37	%(g)		1	%
	22.68		22.69		(9.97	)		(9.93	)		603,313,934		0.19	(g)		3.94			0.45	(g)		2
	22.59		22.64		(8.75	)		(8.55	)		1,314,930,292		0.09	(g)		1.45			0.34	(g)		2
	22.72		22.68		(8.35	)		(8.51	)		2,336,087,667		0.19	(g)		2.63			0.37	(g)		5

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 191

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net Investment Income			Net realized gain (loss)			Total distributions
JPMorgan Diversified Return Emerging Markets Equity ETF
Year Ended October 31, 2018	$	57.15	$	1.59		$	(5.37	)	$	(3.78	)	$	(2.46	)	$	—		$	(2.46	)
Year Ended October 31, 2017		48.68		1.50			7.56			9.06			(0.59	)		—			(0.59	)
Year Ended October 31, 2016		45.23		1.04			3.72			4.76			(1.31	)		—			(1.31	)
January 7, 2015 (a) through October 31, 2015		50.00		1.29			(6.06	)		(4.77	)		—			—			—
JPMorgan Diversified Return Europe Currency Hedged ETF
Year Ended October 31, 2018		29.24		1.41	(c)		(2.32	)		(0.91	)		(0.81	)		—			(0.81	)
Year Ended October 31, 2017		26.48		0.62	(c)(k)		4.48			5.10			(0.53	)		(1.81	)		(2.34	)
April 1, 2016 (a) through October 31, 2016		25.00		(0.07	)(c)		1.55			1.48			—			—			—
JPMorgan Diversified Return Europe Equity ETF
Year Ended October 31, 2018		61.15		1.65			(6.36	)		(4.71	)		(3.00	)		—			(3.00	)
Year Ended October 31, 2017		49.88		1.57			10.82			12.39			(1.12	)		—			(1.12	)
December 18, 2015 (a) through October 31, 2016		50.00		1.39			(1.51	)		(0.12	)		—	(j)		—			—	(j)
JPMorgan Diversified Return Global Equity ETF
Year Ended October 31, 2018		61.00		1.42			(3.93	)		(2.51	)		(1.97	)		—			(1.97	)
Year Ended October 31, 2017		51.70		1.15			9.28			10.43			(1.13	)		—			(1.13	)
Year Ended October 31, 2016		50.53		1.14			0.99			2.13			(0.96	)		—			(0.96	)
Year Ended October 31, 2015		49.69		1.08			0.08			1.16			(0.32	)		—			(0.32	)
June 16, 2014 (a) through October 31, 2014		50.00		0.38			(0.69	)		(0.31	)		—			—			—

(a) Commencement of operations.

(b) Calculated based upon average shares outstanding.

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

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

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

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

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

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

(i) Does not include expenses of underlying funds.

(j) Amount rounds to less than $0.005.

(k) Amount reflects an out of period adjustment related to an expense reimbursement for acquired fund fees. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.56, the net investment income (loss) ratio would have been 2.10%, the net expense ratio would have been 0.07%, and the total return would have been 20.66%.

SEE NOTES TO FINANCIAL STATEMENTS.

192 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

				Ratios/Supplemental data
												Ratios to average net assets (g)
Net asset value, end of period		Market price, end of period		Total return (d)(e)			Market price total return (d)(f)			Net assets, end of period		Net expenses			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (d)
$	50.91	$	50.83		(6.93	)%		(7.43	)%	$	213,804,252		0.45	%		2.80	%		0.96	%		53	%
	57.15		57.36		18.95			18.65			165,741,046		0.45			2.85			1.06			60
	48.68		48.98		11.02			11.63			43,809,461		0.45			2.33			1.91			44
	45.23		45.27		(9.54	)		(9.46	)		36,185,674		0.45	(h)		3.18			2.07	(h)		46
	27.52		27.68		(3.18	)		(2.78	)		28,894,238		0.03	(i)		4.95	(c)		0.75	(i)		7
	29.24		29.29		20.87	(k)		20.83			30,707,245		(0.14	)(i)(k)		2.31	(c)(k)		0.88	(i)		12
	26.48		26.52		5.96			6.08			26,483,268		0.49	(h)(i)		(0.49	)(c)		1.08	(h)(i)		1
	53.44		53.56		(8.11	)		(8.33	)		74,820,788		0.40			2.77			0.70			51
	61.15		61.42		25.42			25.80			79,492,357		0.43			2.89			0.80			18
	49.88		49.95		(0.23	)		(0.09	)		59,859,633		0.43	(h)		3.14			1.14	(h)		15
	56.52		56.47		(4.34	)		(4.65	)		203,457,264		0.38			2.30			0.56			29
	61.00		61.14		20.61			20.40			103,695,070		0.38			2.06			0.80			26
	51.70		51.91		4.31			4.44			77,556,933		0.38			2.26			0.93			22
	50.53		50.67		2.36			1.82			50,530,034		0.38			2.16			1.52			18
	49.69		50.09		(0.62	)		0.18			24,846,767		0.38	(h)		2.01			5.19	(h)		14

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 193

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain (loss)			Total distributions
JPMorgan Diversified Return International Currency Hedged ETF
Year Ended October 31, 2018	$	30.17	$	1.26	(c)	$	(2.25	)	$	(0.99	)	$	(0.66	)	$	—		$	(0.66	)
Year Ended October 31, 2017		26.32		0.37	(c)(l)		4.70			5.07			(0.39	)		(0.83	)		(1.22	)
April 1, 2016 (a) through October 31, 2016		25.00		(0.07	)(c)		1.39			1.32			—			—			—
JPMorgan Diversified Return International Equity ETF
Year Ended October 31, 2018		59.18		1.51			(5.29	)		(3.78	)		(2.30	)		—			(2.30	)
Year Ended October 31, 2017		50.00		1.43			8.57			10.00			(0.82	)		—			(0.82	)
Year Ended October 31, 2016		51.17		1.28			(1.37	)(d)		(0.09	)		(1.08	)		—			(1.08	)
November 5, 2014 (a) through October 31, 2015		50.00		1.39			(0.07	)		1.32			(0.15	)		—			(0.15	)
JPMorgan Diversified Return U.S. Equity ETF
Year Ended October 31, 2018		68.52		1.39			1.88			3.27			(1.87	)		—			(1.87	)
Year Ended October 31, 2017		57.06		1.17			10.75			11.92			(0.46	)		—			(0.46	)
Year Ended October 31, 2016		54.13		1.10			2.09	(d)		3.19			(0.26	)		—			(0.26	)
September 29, 2015 (a) through October 31, 2015		50.00		0.06			4.07			4.13			—			—			—
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Year Ended October 31, 2018		62.06		1.06			0.59			1.65			(1.47	)		—			(1.47	)
Year Ended October 31, 2017		51.65		0.89			10.02			10.91			(0.50	)		—			(0.50	)
May 11, 2016 (a) through October 31, 2016		50.00		0.42			1.23			1.65			—			—			—
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Year Ended October 31, 2018		28.95		0.33			0.73			1.06			(0.43	)		—			(0.43	)
November 15, 2016 (a) through October 31, 2017		25.00		0.28			3.71			3.99			(0.04	)		—			(0.04	)

(a) Commencement of operations.

(b) Calculated based upon average shares outstanding.

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

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

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

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

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

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

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

(j) Does not include expenses of underlying funds.

(k) Amount rounds to less than 1%.

(l) Amount reflects an out of period adjustment related to an expense reimbursement for acquired fund fees. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, the net investment income (loss) ratio would have been 1.18%, the net expense ratio would have been 0.07%, and the total return would have been 19.84%.

SEE NOTES TO FINANCIAL STATEMENTS.

194 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

				Ratios/Supplemental data
												Ratios to average net assets (h)
Net asset value, end of period		Market price, end of period		Total return (e)(f)			Market price total return (e)(g)			Net assets, end of period		Net expenses			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (e)
$	28.52	$	28.41		(3.42	)%		(3.28	)%	$	31,366,788		0.03	%(j)		4.20	%(c)		0.67	%(j)		6	%
	30.17		30.02		20.04	(l)		19.30			48,274,467		(0.08	)(j)(l)		1.33	(c)(l)		0.76	(j)		5
	26.32		26.34		5.28			5.36			26,316,114		0.49	(i)(j)		(0.49	)(c)		1.14	(i)(j)		4
	53.10		52.98		(6.72	)		(7.22	)		1,444,332,261		0.40			2.57			0.44			28
	59.18		59.36		20.35			20.30			1,159,887,006		0.43			2.63			0.51			29
	50.00		50.17		(0.15	)		0.41			470,042,716		0.43			2.56			0.75			27
	51.17		51.05		2.65			2.40			92,113,607		0.43	(i)		2.72			1.33	(i)		20
	69.92		69.93		4.74			4.70			559,362,329		0.19			1.95			0.41			32
	68.52		68.55		20.99			21.02			356,298,771		0.21			1.83			0.47			27
	57.06		57.08		5.92			5.90			125,538,258		0.29			1.95			0.90			22
	54.13		54.16		8.26			8.32			10,826,623		0.29	(i)		1.20			5.75	(i)		—	(k)
	62.24		62.25		2.59			2.57			112,028,180		0.24			1.64			0.50			35
	62.06		62.08		21.25			21.31			62,063,250		0.26			1.54			0.62			31
	51.65		51.64		3.30			3.28			36,153,888		0.34	(i)		1.69			1.02	(i)		15
	29.58		29.58		3.61			3.43			96,135,254		0.29			1.08			0.61			30
	28.95		29.00		15.96			16.16			55,011,105		0.31	(i)		1.08			0.97	(i)		24

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 195

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Total distributions
JPMorgan U.S. Dividend ETF
November 8, 2017 (a) through October 31, 2018	$	25.00	$	0.96	$	(0.17	)	$	0.79	$	(0.87	)	$	(0.87	)
JPMorgan U.S. Minimum Volatility ETF
November 8, 2017 (a) through October 31, 2018		25.00		0.59		1.08			1.67		(0.53	)		(0.53	)
JPMorgan U.S. Momentum Factor ETF
November 8, 2017 (a) through October 31, 2018		25.00		0.35		0.95			1.30		(0.32	)		(0.32	)
JPMorgan U.S. Quality Factor ETF
November 8, 2017 (a) through October 31, 2018		25.00		0.52		1.52			2.04		(0.48	)		(0.48	)
JPMorgan U.S. Value Factor ETF
November 8, 2017 (a) through October 31, 2018		25.00		0.64		0.16			0.80		(0.59	)		(0.59	)

(a) Commencement of operations.

(b) Calculated based upon average shares outstanding.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

196 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

				Ratios/Supplemental data
												Ratios to average net assets (f)
Net asset value, end of period		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)
$	24.92	$	24.90		3.08	%		2.99	%	$	27,411,126		0.12	%(g)		3.81	%		0.76	%(g)		24	%
	26.14		26.14		6.69			6.69			27,445,770		0.12	(g)		2.33			0.76	(g)		17
	25.98		25.99		5.17			5.21			28,575,370		0.12	(g)		1.32			0.74	(g)		44
	26.56		26.56		8.15			8.15			29,215,267		0.12	(g)		2.01			0.74	(g)		22
	25.21		25.21		3.12			3.12			28,986,509		0.12	(g)		2.52			0.75	(g)		26

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 197

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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-end management investment company.

The following are 18 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Diversified/Non-Diversified
JPMorgan BetaBuilders Canada ETF	Diversified
JPMorgan BetaBuilders Developed Asia ex-Japan ETF	Diversified
JPMorgan BetaBuilders Europe ETF	Diversified
JPMorgan BetaBuilders Japan ETF	Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF	Diversified
JPMorgan Diversified Return Europe Currency Hedged ETF	Diversified
JPMorgan Diversified Return Europe Equity ETF	Diversified
JPMorgan Diversified Return Global Equity ETF	Diversified
JPMorgan Diversified Return International Currency Hedged ETF	Diversified
JPMorgan Diversified Return International Equity ETF	Diversified
JPMorgan Diversified Return U.S. Equity ETF	Diversified
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	Diversified
JPMorgan Diversified Return U.S. Small Cap Equity ETF	Diversified
JPMorgan U.S. Dividend ETF	Diversified
JPMorgan U.S. Minimum Volatility ETF	Diversified
JPMorgan U.S. Momentum Factor ETF	Diversified
JPMorgan U.S. Quality Factor ETF	Diversified
JPMorgan U.S. Value Factor ETF	Diversified

JPMorgan BetaBuilders Canada ETF (the “BetaBuilders Canada ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Canada Target Market Exposure Index^SM.

JPMorgan BetaBuilders Developed Asia ex-Japan ETF (the “BetaBuilders Developed Asia ex-Japan ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM.

JPMorgan BetaBuilders Europe ETF (the “BetaBuilders Europe ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM.

JPMorgan BetaBuilders Japan ETF (the “BetaBuilders Japan ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Japan Target Market Exposure Index^SM.

The JPMorgan Diversified Return Emerging Markets Equity ETF (the “Emerging Markets Equity ETF”) commenced operations on January 7, 2015. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index (formerly FTSE Emerging Diversified Factor Index).

The JPMorgan Diversified Return Europe Currency Hedged ETF (the “Europe Currency Hedged ETF”) commenced operations on April 1, 2016. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Europe Currency Hedged (USD) Index (formerly FTSE Developed Europe Diversified Factor 100% Hedged to USD Index).

The JPMorgan Diversified Return Europe Equity ETF (the “Europe Equity ETF”) commenced operations on December 18, 2015. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Europe Equity Index (formerly FTSE Developed Europe Diversified Factor Index).

The JPMorgan Diversified Return Global Equity ETF (the “Global Equity ETF”) commenced operations on June 16, 2014. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Global Developed Equity Index (formerly FTSE Developed Diversified Factor Index).

The JPMorgan Diversified Return International Currency Hedged ETF (the “International Currency Hedged ETF”) commenced operations on April 1, 2016. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Currency Hedged (USD) Index (formerly FTSE Developed ex North America Diversified Factor 100% Hedged to USD Index).

198 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

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

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

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

The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “U.S. Small Cap Equity ETF”) commenced operations on November 15, 2016. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index (formerly Russell 2000 Diversified Factor Index).

JPMorgan U.S. Dividend ETF (the “U.S. Dividend ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index.

JPMorgan U.S. Minimum Volatility ETF (the “U.S. Minimum Volatility ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index.

JPMorgan U.S. Momentum Factor ETF (the “U.S. Momentum Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.

JPMorgan U.S. Quality Factor ETF (the “U.S. Quality Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.

JPMorgan U.S. Value Factor ETF (the “U.S. Value Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.

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

Shares of each Fund are listed and traded on the NYSE Arca, Inc., except shares of BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF and BetaBuilders Japan ETF are listed and traded on Cboe BZX Exchange, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below:

	Shares per Creation Unit
BetaBuilders Canada ETF		100,000
BetaBuilders Developed Asia ex-Japan ETF		200,000
BetaBuilders Europe ETF		200,000
BetaBuilders Japan ETF		400,000
Emerging Markets Equity ETF		100,000
Europe Currency Hedged ETF		50,000
Europe Equity ETF		100,000
Global Equity ETF		100,000
International Currency Hedged ETF		50,000
International Equity ETF		100,000
U.S. Equity ETF		100,000
U.S. Mid Cap Equity ETF		100,000
U.S. Small Cap Equity ETF		50,000
U.S. Dividend ETF		50,000
U.S. Minimum Volatility ETF		50,000
U.S. Momentum Factor ETF		50,000
U.S. Quality Factor ETF		50,000
U.S. Value Factor ETF		50,000

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 199

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted in Funds with sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

Futures contracts 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.

200 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

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

BetaBuilders Canada ETF

		Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (b)		$	2,026,860,357		$	—	$	—	$	2,026,860,357
Short-Term Investments
Investment Company			190,063			—		—		190,063
Investments of cash collateral from securities loaned	��		71,875,628			—		—		71,875,628
Total Investments in Securities		$	2,098,926,048		$	—	$	—	$	2,098,926,048
Depreciation in Other Financial Instruments
Futures Contracts		$	(382,489	)	$	—	$	—	$	(382,489	)

BetaBuilders Developed Asia Pacific ex-Japan ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	4,278,218	$	338,605,176		$	—	$	342,883,394
China		—		785,579			—		785,579
Hong Kong		835,712		162,401,510			—		163,237,222
Ireland		—		2,267,255			—		2,267,255
Macau		—		5,950,418			—		5,950,418
New Zealand		—		12,410,545			—		12,410,545
Singapore		165,960		71,664,914			—		71,830,874
Taiwan		—		244,665			—		244,665
Other Common Stocks		285,921		—			—		285,921
Total Common Stocks		5,565,811		594,330,062			—		599,895,873
Short-Term Investments
Investment Company		254,772		—			—		254,772
Total Investments in Securities	$	5,820,583	$	594,330,062		$	—	$	600,150,645
Appreciation in Other Financial Instruments
Futures Contracts	$	2,349	$	2,008		$	—	$	4,357
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(98,086	)	$	—	$	(98,086	)

BetaBuilders Europe ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	14,733,746	$	—	$	14,733,746
Austria		888,855		5,880,711		—		6,769,566
Belgium		—		24,626,423		—		24,626,423
Chile		—		520,832		—		520,832
Colombia		—		513,082		—		513,082
Denmark		1,299,269		32,862,441		—		34,161,710
Finland		—		28,555,588		—		28,555,588
France		1,150,501		210,070,518		—		211,221,019

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 201

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

BetaBuilders Europe ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Germany	$	51,217		$	177,755,137	$	—	$	177,806,354
Ghana		—			598,352		—		598,352
Ireland		5,564,072			6,457,157		—		12,021,229
Italy		215,449			42,878,747		—		43,094,196
Jersey		—			1,112,793		—		1,112,793
Jordan		—			507,802		—		507,802
Luxembourg		1,242,755			4,687,757		—		5,930,512
Mexico		—			301,162		—		301,162
Netherlands		731,028			92,737,778		—		93,468,806
Norway		—			17,655,884		—		17,655,884
Portugal		1,293,140			2,538,761		—		3,831,901
Russia		—			686,649		—		686,649
South Africa		—			5,937,541		—		5,937,541
Spain		260,183			59,123,279		—		59,383,462
Sweden		504,766			56,219,052		—		56,723,818
Switzerland		1,277,268			182,391,041		—		183,668,309
United Arab Emirates		—			579,581		—		579,581
United Kingdom		8,879,395			298,256,518		—		307,135,913
United States		—			13,646,627		—		13,646,627
Total Common Stocks		23,357,898			1,281,834,959		—		1,305,192,857
Short-Term Investments
Investment Company		296,502			—		—		296,502
Investments of cash collateral from securities loaned		26,501,735			—		—		26,501,735
Total Investments in Securities	$	50,156,135		$	1,281,834,959	$	—	$	1,331,991,094
Appreciation in Other Financial Instruments
Futures Contracts	$	33,855		$	—	$	—	$	33,855
Depreciation in Other Financial Instruments
Futures Contracts	$	(53,241	)	$	—	$	—	$	(53,241	)

BetaBuilders Japan ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (b)	$	—		$	2,316,232,357	$	—	$	2,316,232,357
Short-Term Investments
Investment Company		288,800			—		—		288,800
Investments of cash collateral from securities loaned		19,499,569			—		—		19,499,569
Total Investments in Securities	$	19,788,369		$	2,316,232,357	$	—	$	2,336,020,726
Depreciation in Other Financial Instruments
Futures Contracts	$	(576,077	)	$	—	$	—	$	(576,077	)

202 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Emerging Markets Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
China	$	3,719,872	$	41,536,762	$	—	(a)	$	45,256,634
Czech Republic		—		813,869		—			813,869
Egypt		362,004		29,613		—			391,617
Greece		93,553		768,940		—			862,493
Hong Kong		—		1,490,031		—			1,490,031
Hungary		—		804,902		—			804,902
India		—		19,611,627		9,286			19,620,913
Indonesia		—		8,366,773		—			8,366,773
Kuwait		412,373		402,328		—			814,701
Malaysia		357,395		13,627,279		—			13,984,674
Pakistan		—		36,167		—			36,167
Philippines		362,074		2,305,565		—			2,667,639
Qatar		179,126		3,170,884		—			3,350,010
Russia		—		13,381,199		—			13,381,199
Singapore		—		21,159		—			21,159
South Africa		2,535,103		10,751,372		—			13,286,475
Taiwan		—		32,731,911		—			32,731,911
Thailand		6,750,805		8,275,506		—			15,026,311
Turkey		—		2,112,792		—			2,112,792
United Arab Emirates		587,287		2,339,518		—			2,926,805
United Kingdom		—		195,585		—			195,585
Other Common Stocks		34,433,761		—		—			34,433,761
Total Common Stocks		49,793,353		162,773,782		9,286			212,576,421
Rights
Taiwan		1,355		—		—			1,355
Other Rights		—		413		—			413
Total		1,355		413		—			1,768
Short-Term Investments
Investment Companies		753,648		—		—			753,648
Total Investments in Securities	$	50,548,356	$	162,774,195	$	9,286		$	213,331,837
Appreciation in Other Financial Instruments
Futures Contracts	$	14,197	$	—	$	—		$	14,197

Europe Currency Hedged ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	28,919,164	$	—		$	—	$	28,919,164
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	835,882		$	—	$	835,882
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(23,066	)	$	—	$	(23,066	)

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 203

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Europe Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	535,695	$	—	$	535,695
Austria		54,836		582,819		—		637,655
Belgium		—		1,628,403		—		1,628,403
Chile		—		177,798		—		177,798
Denmark		121,981		3,056,347		—		3,178,328
Finland		—		3,330,162		—		3,330,162
France		102,879		11,103,855		—		11,206,734
Germany		245,721		8,960,055		—		9,205,776
Ireland		—		376,521		—		376,521
Italy		—		3,410,219		—		3,410,219
Jersey		—		247,838		—		247,838
Jordan		—		232,581		—		232,581
Kazakhstan		—		111,658		—		111,658
Luxembourg		311,162		624,589		—		935,751
Netherlands		75,978		3,579,724		—		3,655,702
Norway		—		1,976,869		—		1,976,869
Poland		—		135,098		—		135,098
Portugal		294,890		361,202		—		656,092
Russia		—		258,752		—		258,752
South Africa		—		302,457		—		302,457
Spain		—		3,917,417		—		3,917,417
Sweden		125,314		4,487,510		—		4,612,824
Switzerland		—		7,021,816		—		7,021,816
United Arab Emirates		—		239,335		—		239,335
United Kingdom		291,316		15,032,676		—		15,323,992
United States		—		851,362		—		851,362
Total Common Stocks		1,624,077		72,542,758		—		74,166,835
Total Investments in Securities	$	1,624,077	$	72,542,758	$	—	$	74,166,835
Appreciation in Other Financial Instruments
Futures Contracts	$	6,606	$	—	$	—	$	6,606

Global Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	143,822	$	16,575,094	$	—	$	16,718,916
Austria		—		482,745		—		482,745
Belgium		—		1,731,276		—		1,731,276
Chile		—		12,262		—		12,262
China		—		978,106		—		978,106
Denmark		—		1,579,136		—		1,579,136
Finland		—		2,329,218		—		2,329,218
France		—		7,727,966		—		7,727,966
Germany		—		6,159,746		—		6,159,746
Hong Kong		—		8,170,422		—		8,170,422
Italy		273,979		1,558,874		—		1,832,853
Japan		—		45,231,535		—		45,231,535
Macau		—		773,180		—		773,180

204 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Global Equity ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Netherlands	$	203,063		$	3,414,360		$	—	$	3,617,423
New Zealand		—			700,126			—		700,126
Norway		—			2,116,284			—		2,116,284
Portugal		465,555			415,927			—		881,482
Singapore		—			4,363,952			—		4,363,952
South Africa		—			304,271			—		304,271
South Korea		356,653			16,734,565			—		17,091,218
Spain		—			3,913,451			—		3,913,451
Sweden		442,455			4,562,385			—		5,004,840
Switzerland		—			4,125,344			—		4,125,344
United Kingdom		529,913			5,658,056			—		6,187,969
United States		50,733,598			126,780			—		50,860,378
Other Common Stocks		8,252,320			—			—		8,252,320
Total Common Stocks		61,401,358			139,745,061			—		201,146,419
Rights		—			—	(a)		—		—	(a)
Short-Term Investments
Investment Companies		627,017			—			—		627,017
Investments of cash collateral from securities loaned		924,151			—			—		924,151
Total Investments in Securities	$	62,952,526		$	139,745,061		$	—	$	202,697,587
Depreciation in Other Financial Instruments
Futures Contracts	$	(17,876	)	$	—		$	—	$	(17,876	)

International Currency Hedged ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	31,392,996	$	—		$	—	$	31,392,996
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	586,744		$	—	$	586,744
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(52,235	)	$	—	$	(52,235	)

International Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	129,936,743	$	—	$	129,936,743
Austria		—		6,350,916		—		6,350,916
Belgium		—		15,917,844		—		15,917,844
Chile		—		4,565,763		—		4,565,763
China		—		12,527,209		—		12,527,209
Denmark		—		13,306,007		—		13,306,007
Finland		—		26,933,019		—		26,933,019
France		1,149,917		77,749,068		—		78,898,985
Germany		—		56,644,526		—		56,644,526
Hong Kong		—		79,563,945		—		79,563,945

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 205

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

International Equity ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Italy	$	3,603,621		$	14,380,080		$	—	$	17,983,701
Japan		—			360,697,405			—		360,697,405
Jordan		—			5,903,511			—		5,903,511
Luxembourg		—			2,923,916			—		2,923,916
Macau		—			2,403,486			—		2,403,486
Netherlands		—			36,099,949			—		36,099,949
New Zealand		—			10,180,436			—		10,180,436
Norway		—			22,500,878			—		22,500,878
Portugal		4,441,786			5,666,587			—		10,108,373
Russia		—			2,219,800			—		2,219,800
Singapore		—			37,027,927			—		37,027,927
South Africa		—			5,164,463			—		5,164,463
South Korea		610,818			132,756,892			—		133,367,710
Spain		—			25,692,088			—		25,692,088
Sweden		—			47,558,831			—		47,558,831
Switzerland		—			34,525,253			—		34,525,253
United Arab Emirates		—			1,511,673			—		1,511,673
United Kingdom		—			237,018,895			—		237,018,895
United States		—			13,133,626			—		13,133,626
Total Common Stocks		9,806,142			1,420,860,736			—		1,430,666,878
Rights		—			—	(a)		—		—	(a)
Short-Term Investments
Investment Company		6,618,219			—			—		6,618,219
Total Investments in Securities	$	16,424,361		$	1,420,860,736		$	—	$	1,437,285,097
Depreciation in Other Financial Instruments
Futures Contracts	$	(86,079	)	$	—		$	—	$	(86,079	)

U.S. Equity ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (b)	$	551,719,671		$	—	$	—	$	551,719,671
Short-Term Investments
Investment Companies		6,889,863			—		—		6,889,863
Investment of Cash Collateral from Securities Loaned		4,709,887			—		—		4,709,887
Total Investments in Securities	$	563,319,421		$	—	$	—	$	563,319,421
Depreciation in Other Financial Instruments
Futures Contracts	$	(19,448	)	$	—	$	—	$	(19,448	)

206 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

U.S. Mid Cap Equity ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (b)	$	108,211,311		$	—	$	—	$	108,211,311
Short-Term Investments
Investment Companies		3,620,915			—		—		3,620,915
Investment of Cash Collateral from Securities Loaned		643,332			—		—		643,332
Total Investments in Securities	$	112,475,558		$	—	$	—	$	112,475,558
Depreciation in Other Financial Instruments
Futures Contracts	$	(19,830	)	$	—	$	—	$	(19,830	)

U.S. Small Cap Equity ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks (b)	$	94,517,775		$	—	$	—		$	94,517,775
Rights
Chemicals		—			—		—	(a)		—	(a)
Media		—			—		75			75
Total Rights		—			—		75			75
Short-Term Investments
Investment Companies		1,505,075			—		—			1,505,075
Investment of Cash Collateral from Securities Loaned		2,431,125			—		—			2,431,125
Total Investments in Securities	$	98,453,975		$	—	$	75		$	98,454,050
Depreciation in Other Financial Instruments
Futures Contracts	$	(28,586	)	$	—	$	—		$	(28,586	)

U.S. Dividend ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (b)	$	26,099,093		$	—	$	—	$	26,099,093
Short-Term Investments
Investment Companies		1,248,859			—		—		1,248,859
Investment of Cash Collateral from Securities Loaned		148,580			—		—		148,580
Total Investments in Securities	$	27,496,532		$	—	$	—	$	27,496,532
Depreciation in Other Financial Instruments
Futures Contracts	$	(18,041	)	$	—	$	—	$	(18,041	)

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 207

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

U.S. Minimum Volatility ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (b)	$	26,671,887		$	—	$	—	$	26,671,887
Short-Term Investments
Investment Companies		760,666			—		—		760,666
Investment of Cash Collateral from Securities Loaned		93,840			—		—		93,840
Total Investments in Securities	$	27,526,393		$	—	$	—	$	27,526,393
Depreciation in Other Financial Instruments
Futures Contracts	$	(4,248	)	$	—	$	—	$	(4,248	)

U.S. Momentum Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (b)	$	28,548,871	$	—	$	—	$	28,548,871
Short-Term Investments
Investment Companies		63,323		—		—		63,323
Investment of Cash Collateral from Securities Loaned		66,300		—		—		66,300
Total Investments in Securities	$	28,678,494	$	—	$	—	$	28,678,494

U.S. Quality Factor ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (b)	$	28,229,641		$	—	$	—	$	28,229,641
Short-Term Investments
Investment Companies		836,372			—		—		836,372
Investment of Cash Collateral from Securities Loaned		58,800			—		—		58,800
Total Investments in Securities	$	29,124,813		$	—	$	—	$	29,124,813
Depreciation in Other Financial Instruments
Futures Contracts	$	(10,682	)	$	—	$	—	$	(10,682	)

U.S. Value Factor ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (b)	$	28,210,236		$	—	$	—	$	28,210,236
Short-Term Investments
Investment Companies		692,762			—		—		692,762
Investment of Cash Collateral from Securities Loaned		57,600			—		—		57,600
Total Investments in Securities	$	28,960,598		$	—	$	—	$	28,960,598
Depreciation in Other Financial Instruments
Futures Contracts	$	(7,590	)	$	—	$	—	$	(7,590	)

(a) Amount rounds to less than 1.

(b) All portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

208 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

There were no transfers among any levels for the period ended October 31, 2018.

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 NAVs of the Funds.

As of October 31, 2018, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and Regulation S under the Securities Act.

C. Derivatives — All Funds, except U.S. Momentum Factor 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 allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities (“SAL”).

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 C(1) — C(3) below describe the various derivatives used by the Funds.

(1). Futures Contracts — All funds, except Europe Currency Hedged ETF, International Currency Hedged ETF and U.S. Momentum Factor ETF, used index futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, 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 (“SOP”). 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 SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs and cash deposited, which is considered restricted, is recorded on the SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the SAL.

The use of futures contracts exposes the Funds to equity price 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 SAL, 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 Europe Currency Hedged ETF and International Currency Hedged 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 Funds also bought forward foreign currency exchange contracts to gain

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 209

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record 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 Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

These Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

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

(3). Summary of Derivatives Information

The following tables present the value of derivatives held as of October 31, 2018, by their primary underlying risk exposure and respective location on the SAL:

BetaBuilders Canada ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(382,489	)

BetaBuilders Developed Asia ex-Japan ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	4,357
Equity contracts	Payables, Net assets — Unrealized Depreciation		(98,086	)

BetaBuilders Europe ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	33,855
Equity contracts	Payables, Net assets — Unrealized Depreciation		(53,241	)

BetaBuilders Japan ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(576,077	)

Emerging Markets Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	14,197

210 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Europe Currency Hedged ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	835,882
Foreign exchange contracts	Payables		(23,066	)

Europe Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	6,606

Global Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(17,876	)

International Currency Hedged ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	586,744
Foreign exchange contracts	Payables		(52,235	)

International Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(86,079	)

U.S. Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(19,448	)

U.S. Mid Cap Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(19,830	)

U.S. Small Cap Equity ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(28,586	)

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 211

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

U.S. Dividend ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(18,041	)

U.S. Minimum Volatility ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(4,248	)

U.S. Quality Factor ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(10,682	)

U.S. Value Factor ETF

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(7,590	)

The following tables present the Funds’ gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Funds as of October 31, 2018.

Europe Currency Hedged ETF

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented in the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Barclays Bank plc	$	438,386	$	(1,606	)	$	—	$	436,780
BNP Paribas		85,558		(3,937	)		—		81,621
Citibank, NA		156,579		(1,831	)		—		154,748
Goldman Sachs International		107,127		(8,786	)		—		98,341
Merrill Lynch International		35,328		(6,053	)		—		29,275
National Australia Bank Ltd.		853		—			—		853
Royal Bank of Canada		6,064		(578	)		—		5,486
Societe Generale		5,865		(275	)		—		5,590
TD Bank Financial Group		122		—			—		122
Total	$	835,882	$	(23,066	)	$	—	$	812,816
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented in the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Pledged		Net Amount Due to Counterparty
Barclays Bank plc	$	1,606	$	(1,606)		$	—	$	—
BNP Paribas		3,937		(3,937	)		—		—
Citibank, NA		1,831		(1,831	)		—		—
Goldman Sachs International		8,786		(8,786	)		—		—
Merrill Lynch International		6,053		(6,053	)		—		—
Royal Bank of Canada		578		(578	)		—		—
Societe Generale		275		(275	)		—		—
Total	$	23,066	$	(23,066)		$	—	$	—

212 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

International Currency Hedged ETF

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented in the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Barclays Bank plc	$	177,740	$	(2,319	)	$	—	$	175,421
BNP Paribas SA		50,776		(1,453	)		—		49,323
Citibank, NA		144,009		(2,965	)		—		141,044
Goldman Sachs International		1,739		(837	)		—		902
HSBC Bank, NA		64359		(747	)		—		63,612
Merrill Lynch International		104,783		(5,641	)		—		99,142
National Australia Bank Ltd.		11,478		(4,498	)		—		6,980
Royal Bank of Canada		1,514		(189	)		—		1,325
Societe Generale		966		(680	)		—		286
State Street Corp.		28,115		(28,115	)		—		—
UBS AG		1,265		(238	)		—		1,027
Total	$	586,744	$	(47,682	)	$	—	$	539,062
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented in the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Pledged		Net Amount Due to Counterparty
Barclays Bank plc	$	2,319	$	(2,319	)	$	—	$	—
BNP Paribas SA		1,453		(1,453	)		—		—
Citibank, NA		2,965		(2,965	)		—		—
Goldman Sachs International		837		(837	)		—		—
HSBC Bank, NA		747		(747	)		—		—
Merrill Lynch International		5,641		(5,641	)		—		—
National Australia Bank Ltd.		4,498		(4,498	)		—		—
Royal Bank of Canada		189		(189	)		—		—
Societe Generale		680		(680	)		—		—
State Street Corp.		32,668		(28,115	)		—		4,553
UBS AG		238		(238	)		—		—
Total	$	52,235	$	(47,682	)	$	—	$	4,553

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

The following tables present the effect of derivatives on the SOP for the period ended October 31, 2018, by primary underlying risk exposure:

BetaBuilders Canada ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(57,994	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(382,489	)

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 213

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

BetaBuilders Developed Asia ex-Japan ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(153,173	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(93,729	)

BetaBuilders Europe ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(157,096	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(19,386	)

BetaBuilders Japan ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,329,164	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(576,077	)

Emerging Markets Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	95,710

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	14,197

214 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Europe Currency Hedged ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	1,354,327

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	296,540

Europe Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(224,991	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	6,606

Global Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(6,868	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(17,876	)

International Currency Hedged ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	817,698
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	73,516

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 215

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

International Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	185,207

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(221,988	)

U.S. Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	65,140

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(43,056	)

U.S. Mid Cap Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	56,340

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(19,830	)

U.S. Small Cap Equity ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	35,583

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(40,500	)

U.S. Dividend ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(2,606	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(18,041	)

216 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

U.S. Minimum Volatility ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(2,021	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(4,248	)

U.S. Quality Factor ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,040

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(10,682	)

U.S. Value Factor ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,262

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(7,590	)

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity for the period ended October 31, 2018. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	BetaBuilders Canada ETF			BetaBuilders Developed Asia ex-Japan ETF			BetaBuilders Europe ETF			BetaBuilders Japan ETF			Emerging Markets Equity ETF		Europe Currency Hedged ETF
Futures Contracts:
Average Notional Balance Long	$	7,917,477	(a)	$	3,919,978	(a)	$	5,688,364	(b)	$	10,941,741	(b)	$	523,752	$	—
Ending Notional Balance Long		16,674,070			3,106,427			9,389,222			17,888,067			1,004,430		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		—			—			—			—			—		7,838,855
Average Settlement Value Sold		—			—			—			—			—		42,325,547
Ending Settlement Value Purchased		—			—			—			—			—		2,899,745
Ending Settlement Value Sold		—			—			—			—			—		62,253,075

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 217

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

	Europe Equity ETF		Global Equity ETF		International Currency Hedged ETF		International Equity ETF		U.S. Equity ETF		U.S. Mid Cap Equity ETF
Futures Contracts:
Average Notional Balance Long	$	831,396	$	414,840	$	—	$	5,170,460	$	1,491,406	$	584,472
Ending Notional Balance Long		342,854		1,992,520		—		10,697,290		7,046,520		3,523,260
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		—		—		11,429,570		—		—		—
Average Settlement Value Sold		—		—		53,397,140		—		—		—
Ending Settlement Value Purchased		—		—		3,304,753		—		—		—
Ending Settlement Value Sold		—		—		68,112,734		—		—		—

	U.S. Small Cap Equity ETF		U.S. Dividend ETF			U.S. Minimum Volatility ETF			U.S. Quality Factor ETF			U.S. Value Factor ETF
Futures Contracts:
Average Notional Balance Long	$	524,763	$	148,633	(c)	$	67,803	(c)	$	90,388	(c)	$	103,416	(c)
Ending Notional Balance Long		1,513,100		1,219,590			677,550			948,570			813,060
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		—		—			—			—			—
Average Settlement Value Sold		—		—			—			—			—
Ending Settlement Value Purchased		—		—			—			—			—
Ending Settlement Value Sold		—		—			—			—			—

(a) For the period August 7, 2018 through October 31, 2018.

(b) For the period June 15, 2018 through October 31, 2018.

(c) For the period November 8, 2017 through October 31, 2018.

The Funds’ derivatives contracts held at October 31, 2018 are not accounted for as hedging instruments under GAAP.

D. Securities Lending — Since the inception of the BetaBuilders Canada ETF, BetaBuilders Europe ETF, Beta Builders Japan ETF and BetaBuilders Developed Asia ex-Japan ETF and effective October 5, 2018, the Emerging Markets Equity ETF, Europe Equity ETF, Global Equity ETF, International Equity ETF, U.S. Equity ETF, U.S. Mid Cap Equity ETF, U.S. Small Cap Equity ETF, U.S. Dividend ETF, U.S. Minimum Volatility ETF, U.S. Momentum Factor ETF, U.S. Quality Factor ETF and U.S. Value Factor ETF became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N. A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund, the IM Shares of JPMorgan Prime Money Market Fund and/or the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.

	Dividend Income
BetaBuilders Canada ETF	$	109,003
BetaBuilders Developed Asia ex-Japan ETF		1,620
BetaBuilders Europe ETF		42,467
BetaBuilders Japan ETF		46,842
Global Equity ETF		155
U.S. Equity ETF		4,713
U.S. Mid Cap Equity ETF		1,137
U.S. Small Cap Equity ETF		1,927
U.S. Dividend ETF		164
U.S. Minimum Volatility ETF		104
U.S. Momentum Factor ETF		15
U.S. Quality Factor ETF		77
U.S. Value Factor ETF		20

218 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of Collateral Investments are disclosed in the SOIs. At October 31, 2018, the value of outstanding securities on loan and the value of Collateral Investments were as follows:

	Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
BetaBuilders Canada ETF	$	63,988,967	$	71,875,628	$	71,875,628
BetaBuilders Europe ETF		25,217,228		26,501,735		26,501,735
BetaBuilders Japan ETF		17,759,855		19,499,569		19,499,569
Global Equity ETF		905,726		924,151		924,151
U.S. Equity ETF		4,586,251		4,709,887		4,709,887
U.S. Mid Cap Equity ETF		627,488		643,332		643,332
U.S. Small Cap Equity ETF		2,359,957		2,431,125		2,431,125
U.S. Dividend ETF		145,312		148,580		148,580
U.S. Minimum Volatility ETF		91,776		93,840		93,840
U.S. Momentum Factor ETF		64,857		66,300		66,300
U.S. Quality Factor ETF		57,428		58,800		58,800
U.S. Value Factor ETF		56,250		57,600		57,600

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

The following table presents the Funds’ value of the securities on loan with Citibank, NA, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of October 31, 2018.

	Investment Securities On Loan, at value, Presented in the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
BetaBuilders Canada ETF	$	63,988,967	$	(63,988,967	)	$	—
BetaBuilders Europe ETF		25,217,228		(25,217,228	)		—
BetaBuilders Japan ETF		17,759,855		(17,759,855	)		—
Global Equity ETF		905,726		(905,726	)		—
U.S. Equity ETF		4,586,251		(4,586,251	)		—
U.S. Mid Cap Equity ETF		627,488		(627,488	)		—
U.S. Small Cap Equity ETF		2,359,957		(2,359,957	)		—
U.S. Dividend ETF		145,312		(145,312	)		—
U.S. Minimum Volatility ETF		91,776		(91,776	)		—
U.S. Momentum Factor ETF		64,857		(64,857	)		—
U.S. Quality Factor ETF		57,428		(57,428	)		—
U.S. Value Factor ETF		56,250		(56,250	)		—

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 219

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

JPMIM voluntarily waived investment advisory fees charged to the Fund to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund and JPMorgan Prime Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Fund’s investment in JPMorgan U.S. Government Money Market Fund and JPMorgan Prime Money Market Fund as follows:

BetaBuilders Canada ETF	4,403
BetaBuilders Developed Asia ex-Japan ETF	77
BetaBuilders Europe ETF	1,652
BetaBuilders Japan ETF	1,722
Global Equity ETF	7
U.S. Equity ETF	210
U.S. Mid Cap Equity ETF	50
U.S. Small Cap Equity ETF	86
U.S. Dividend ETF	7
U.S. Minimum Volatility ETF	5
U.S. Momentum Factor ETF	1
U.S. Quality Factor ETF	3
U.S. Value Factor ETF	1

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the SOP as income from securities lending (net).

The Emerging Markets Equity ETF, Europe Equity ETF and International Equity ETF did not lend out any securities during the period ended October 31, 2018.

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer who is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

BetaBuilders Canada ETF

	For the period ended October 31, 2018
Security Description	Value at August 7, 2018 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.88%(a)(b)	$	—	$	225,000,000	$	223,000,000	$	(6,899	)*	$	(199	)	$	1,992,902		1,992,504	$	65,810	*	$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.27%(a)(b)		—		55,000,000		5,000,000		(300	)*		—			49,999,700		50,004,700		7,483	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)		—		162,010,159		142,127,133		—			—			19,883,026		19,883,026		35,710	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02%		—		3,593,084		3,403,021		—			—			190,063		190,063		924			—
Total	$	—	$	445,603,243	$	373,530,154	$	(7,199	)	$	(199	)	$	72,065,691			$	109,927		$	—

220 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

BetaBuilders Developed Asia ex-Japan ETF

	For the period ended October 31, 2018
Security Description	Value at August 7, 2018 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)	$	—	$	59,805,720	$	59,550,948	$	—	$	—	$	254,772		254,772	$	12,144		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)		—		1,195,447		1,195,447		—		—		—		—		1,620	*		—
Total	$	—	$	61,001,167	$	60,746,395	$	—	$	—	$	254,772			$	13,764		$	—

BetaBuilders Europe ETF

	For the period ended October 31, 2018
Security Description	Value at June 15, 2018 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.88% (a)(b)	$	—	$	28,000,000	$	25,000,000	$	(400	)*	$	(300	)	$	2,999,300		2,998,700	$	20,324	*	$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.27% (a)(b)		—		18,000,000		—		—			(500	)		17,999,500		18,001,300		5,076	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)		—		28,579,583		23,076,648		—			—			5,502,935		5,502,935		17,067	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		—		6,875,711		6,579,209		—			—			296,502		296,502		1,193			—
Total	$	—	$	81,455,294	$	54,655,857	$	(400	)	$	(800	)	$	26,798,237			$	43,660		$	—

BetaBuilders Japan ETF

	For the period ended October 31, 2018
Security Description	Value at June 15, 2018 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.88% (a)(b)	$	—	$	29,000,000	$	28,999,100	$	(900	)*	$	—		$	—	$	—	$	24,331	*	$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.27% (a)(b)		—		17,000,000		4,000,000		—			(200	)		12,999,800		13,001,100		6,924	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)		—		32,290,057		25,790,288		—			—			6,499,769		6,499,769		15,587	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		—		35,310,535		35,021,735		—			—			288,800		288,800		3,153			—
Total	$	—	$	113,600,592	$	93,811,123	$	(900	)	$	(200	)	$	19,788,369			$	49,995		$	—

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 221

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Diversified Return Emerging Markets Equity ETF

	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)	$	—	$	27,108,597	$	26,354,949	$	—	$	—	$	753,648		753,648	$	8,382	$	—

Diversified Return Europe Currency Hedged ETF

	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Diversified Return Europe Equity ETF Shares (a)	$	30,739,404	$	4,206,967	$	1,996,428	$	232,513	$	(4,263,292	)	$	28,919,164		539,865	$	1,491,216	$	—

Diversified Return Global Equity ETF

	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)	$	—	$	1,270,987	$	346,836	$	—	$	—	$	924,151		924,151	$	155	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		516,620		15,481,092		15,370,695		—		—		627,017		627,017		7,601			—
Total	$	516,620	$	16,752,079	$	15,717,531	$	—	$	—	$	1,551,168			$	7,756		$	—

Diversified Return International Currency Hedged ETF

	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Diversified Return International Equity ETF Shares (a)	$	48,144,483	$	3,738,176	$	17,281,915	$	2,718,229	$	(5,925,977	)	$	31,392,996		592,880	$	1,567,544	$	—

Diversified Return International Equity ETF

	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)	$	15,795,486	$	108,473,271	$	117,650,538	$	—	$	—	$	6,618,219		6,618,219	$	94,206	$	—

222 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Diversified Return U.S. Equity ETF

	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)	$	—	$	6,503,136	$	1,793,249	$	—	$	—	$	4,709,887		4,709,887	$	4,713	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		1,543,961		33,489,728		28,143,826		—		—		6,889,863		6,889,863		35,964			—
Total	$	1,543,961	$	39,992,864	$	29,937,075	$	—	$	—	$	11,599,750			$	40,677		$	—

Diversified Return U.S. Mid Cap Equity ETF

	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)	$	—	$	2,001,091	$	1,357,759	$	—	$	—	$	643,332		643,332	$	1,137	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		192,796		13,573,981		10,145,862		—		—		3,620,915		3,620,915		12,628			—
Total	$	192,796	$	15,575,072	$	11,503,621	$	—	$	—	$	4,264,247			$	13,765		$	—

Diversified Return U.S. Small Cap Equity ETF

	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)	$	—	$	3,983,700	$	1,552,575	$	—	$	—	$	2,431,125		2,431,125	$	1,927	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		461,963		8,701,066		7,657,954		—		—		1,505,075		1,505,075		12,755			—
Total	$	461,963	$	12,684,766	$	9,210,529	$	—	$	—	$	3,936,200			$	14,682		$	—

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 223

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

U.S. Dividend ETF

	For the period ended October 31, 2018
Security Description	Value at November 8, 2017 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)	$	—	$	457,000	$	308,420	$	—	$	—	$	148,580		148,580	$	164	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		—		3,566,104		2,317,245		—		—		1,248,859		1,248,859		2,657			—
Total	$	—	$	4,023,104	$	2,625,665	$	—	$	—	$	1,397,439			$	2,821		$	—

U.S. Minimum Volatility ETF

	For the period ended October 31, 2018
Security Description	Value at November 8, 2017 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)	$	—	$	287,520	$	193,680	$	—	$	—	$	93,840		93,840	$	104	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		—		2,278,709		1,518,043		—		—		760,666		760,666		1,935			—
Total	$	—	$	2,566,229	$	1,711,723	$	—	$	—	$	854,506			$	2,039		$	—

U.S. Momentum Factor ETF

	For the period ended October 31, 2018
Security Description	Value at November 8, 2017 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)	$	—	$	135,900	$	69,600	$	—	$	—	$	66,300		66,300	$	15	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		—		1,227,370		1,164,047		—		—		63,323		63,323		1,260			—
Total	$	—	$	1,363,270	$	1,233,647	$	—	$	—	$	129,623			$	1,275		$	—

U.S. Quality Factor ETF

	For the period ended October 31, 2018
Security Description	Value at November 8, 2017 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07%(a)(b)	$	—	$	171,731	$	112,931	$	—	$	—	$	58,800		58,800	$	77	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		—		2,241,831		1,405,459		—		—		836,372		836,372		2,036			—
Total	$	—	$	2,413,562	$	1,518,390	$	—	$	—	$	895,172			$	2,113		$	—

224 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

U.S. Value Factor ETF

	For the period ended October 31, 2018
Security Description	Value at November 8, 2017 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.07% (a)(b)	$	—	$	92,931	$	35,331	$	—	$	—	$	57,600		57,600	$	20	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a)(b)		—		2,711,204		2,018,442		—		—		692,762		692,762		2,592			—
Total	$	—	$	2,804,135	$	2,053,773	$	—	$	—	$	750,362			$	2,612		$	—

* Amount is included in the SOP as income from securities lending (net).

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of October 31, 2018.

(c) Commencement of operations.

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 of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign 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 SOP. 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 are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the SOP.

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 date the Funds commenced operations. For the period ended October 31, 2018, total offering costs incurred were:

BetaBuilders Canada ETF	$	16,918
BetaBuilders Developed Asia ex-Japan ETF		15,611
BetaBuilders Europe ETF		13,889
BetaBuilders Japan ETF		13,250
U.S. Dividend ETF		4,068
U.S. Minimum Volatility ETF		5,756
U.S. Momentum Factor ETF		4,071
U.S. Quality Factor ETF		4,061
U.S. Value Factor ETF		4,073

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as part of Professional fees on the SOP. For the period ended October 31, 2018, total offering costs expensed were:

BetaBuilders Canada ETF	$	3,940
BetaBuilders Developed Asia ex-Japan ETF		3,635
BetaBuilders Europe ETF		5,251
BetaBuilders Japan ETF		4,990
U.S. Small Cap Equity ETF		39
U.S. Dividend ETF		3,978
U.S. Minimum Volatility ETF		5,630
U.S. Momentum Factor ETF		3,981
U.S. Quality Factor ETF		3,971
U.S. Value Factor ETF		3,984

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 225

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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, and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

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

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (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 October 31, 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. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

L. Distributions to Shareholders — Prior to March 12, 2018, distributions from net investment income, if any, were generally declared and paid annually. Effective March 12, 2018, distributions from net investment income, if any, are generally declared and paid quarterly for all Funds except the Europe Currency Hedged ETF and the International Currency Hedged ETF which generally declare and pay any net investment income annually.

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

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net  investment income			Accumulated net realized gains (losses)
BetaBuilders Canada ETF	$	(361,758	)	$	(16,346	)	$	378,104
BetaBuilders Developed Asia ex-Japan ETF		—			(16,172	)		16,172
BetaBuilders Europe ETF		(1	)		153,226			(153,225	)
BetaBuilders Japan ETF		—			76,862			(76,862	)
Emerging Markets Equity ETF		—			(33,783	)		33,783
Europe Currency Hedged ETF					(9,672	)		9,672
Europe Equity ETF		2,751,625			5,956			(2,757,581	)
Global Equity ETF		600,469			27,544			(628,013	)
International Currency Hedged ETF		2,532,623			(86,902	)		(2,445,721	)
International Equity ETF		11,801,692			689,721			(12,491,413	)
U.S. Equity ETF		1,547,727			(45,618	)		(1,502,109	)
U.S. Mid Cap Equity ETF		1,881,362			(8,662	)		(1,872,700	)
U.S. Small Cap Equity ETF		3,434,119			(45,787	)		(3,388,332	)
U.S. Dividend ETF		(1	)		(6,126	)		6,127
U.S. Minimum Volatility ETF		—			—			—
U.S. Momentum Factor ETF		—			—			—
U.S. Quality Factor ETF		—			(167	)		167
U.S. Value Factor ETF		—			(1,074	)		1,074

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

226 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

3. Fees and Other Transactions with Affiliates

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

BetaBuilders Canada ETF	0.19	%
BetaBuilders Developed Asia ex-Japan ETF	0.19	%
BetaBuilders Europe ETF	0.09	%
BetaBuilders Japan ETF	0.19	%
Emerging Markets Equity ETF	0.44	%
Europe Currency Hedged ETF	0.33	%
Europe Equity ETF	0.30	%
Global Equity ETF	0.24	%
International Currency Hedged ETF	0.27	%
International Equity ETF	0.24	%
U.S. Equity ETF	0.23	%
U.S. Mid Cap Equity ETF	0.24	%
U.S. Small Cap Equity ETF	0.29	%
U.S. Dividend ETF	0.23	%
U.S. Minimum Volatility ETF	0.23	%
U.S. Momentum Factor ETF	0.23	%
U.S. Quality Factor ETF	0.23	%
U.S. Value Factor ETF	0.23	%

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.085% of the average daily net assets of each Fund in the Trust covered by the Administration Agreement (excluding certain funds of funds and money market funds).

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

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, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian, Accounting and Transfer Agent fees on the SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are included in the Custodian, Accounting and Transfer Agent fees on the SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

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

For the period ended October 31, 2018, the amount of transaction fees paid by the Authorized Participants to the Funds that were used to reimburse Custodian and Transfer Agent fees were as follows:

BetaBuilders Canada ETF	$	58,500
BetaBuilders Developed Asia ex-Japan ETF		75,600
BetaBuilders Europe ETF		214,000
BetaBuilders Japan ETF		124,000
Emerging Markets Equity ETF		132,300
Europe Equity ETF		28,500
Global Equity ETF		130,900
International Equity ETF		187,200
U.S. Equity ETF		36,250
U.S. Mid Cap Equity ETF		15,000
U.S. Small Cap Equity ETF		33,600
U.S. Dividend ETF		1,800
U.S. Minimum Volatility ETF		1,200
U.S. Momentum Factor ETF		2,400
U.S. Quality Factor ETF		1,800
U.S. Value Factor ETF		2,100

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 227

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Such amounts are included in expense reimbursements from non-affiliates in the SOP.

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

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.

D. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, (excluding acquired fund fees and expenses, except with respect to Diversified Return Europe Equity Currency Hedged ETF and Diversified Return International Currency Hedged ETF where the expense limitation agreement includes acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:

	Expense Cap
BetaBuilders Canada ETF		0.19	%
BetaBuilders Developed Asia ex-Japan ETF		0.19	%
BetaBuilders Europe ETF		0.09	%
BetaBuilders Japan ETF		0.19	%
Emerging Markets Equity ETF		0.45	%
Europe Currency Hedged ETF		0.38	%*
Europe Equity ETF		0.38	%**
Global Equity ETF		0.38	%
International Currency Hedged ETF		0.38	%*
International Equity ETF		0.38	%**
U.S. Equity ETF		0.19	%
U.S. Mid Cap Equity ETF		0.24	%
U.S. Small Cap Equity ETF		0.29	%
U.S. Dividend ETF		0.12	%
U.S. Minimum Volatility ETF		0.12	%
U.S. Momentum Factor ETF		0.12	%
U.S. Quality Factor ETF		0.12	%
U.S. Value Factor ETF		0.12	%

* Prior to May 1, 2018, the contractual expense limitation for Europe Currency Hedged ETF and International Currency Hedged ETF was 0.49%.

** Prior to May 1, 2018, the contractual expense limitation for Europe Equity ETF and International Equity ETF was 0.43%.

The expense limitation agreements were in effect for the period ended October 31, 2018 and are in place until at least February 28, 2022, except for the U.S. Dividend ETF, U.S. Minimum Volatility ETF, U.S. Momentum Factor ETF, U.S. Quality Factor ETF and U.S. Value Factor ETF for which expense limitation agreements are in place until at least November 3, 2020 and BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF and BetaBuilders Japan ETF for which expense limitation agreements are in place until at least June 30, 2021.

For the period ended October 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds 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
BetaBuilders Canada ETF	$	302,549	$	201,698	$	504,247	$	—
BetaBuilders Developed Asia ex-Japan ETF		149,239		99,493		248,732		—
BetaBuilders Europe ETF		271,149		256,188		527,337		20,082
BetaBuilders Japan ETF		529,075		352,718		881,793		—
Emerging Markets Equity ETF		755,290		176,788		932,078		—
Europe Currency Hedged ETF		98,878		25,469		124,347		90,658
Europe Equity ETF		139,724		67,977		207,701		—
Global Equity ETF		138,721		92,482		231,203		—
International Currency Hedged ETF		100,105		31,515		131,620		104,903
International Equity ETF		247,574		165,050		412,624		—
U.S. Equity ETF		646,492		423,343		1,069,835		—
U.S. Mid Cap Equity ETF		158,426		83,267		241,693		—
U.S. Small Cap Equity ETF		149,310		66,664		215,974		—
U.S. Dividend ETF		60,082		22,297		82,379		83,688
U.S. Minimum Volatility ETF		60,200		22,323		82,523		84,023
U.S. Momentum Factor ETF		62,983		23,333		86,316		82,430
U.S. Quality Factor ETF		61,866		22,941		84,807		82,133
U.S. Value Factor ETF		61,301		22,751		84,052		83,455

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, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund.

228 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

The amounts of these waivers resulting from investments in these money market funds for the period ended October 31, 2018 were as follows:

BetaBuilders Canada ETF	$	41
BetaBuilders Developed Asia ex-Japan ETF		1,406
BetaBuilders Europe ETF		110
BetaBuilders Japan ETF		111
Emerging Markets Equity ETF		1,127
Global Equity ETF		1,210
International Equity ETF		10,176
U.S. Equity ETF		3,926
U.S. Mid Cap Equity ETF		1,289
U.S. Small Cap Equity ETF		1,261
U.S. Dividend ETF		250
U.S. Minimum Volatility ETF		204
U.S. Momentum Factor ETF		153
U.S. Quality Factor ETF		209
U.S. Value Factor ETF		260

The Europe Currency Hedged ETF and International Currency Hedged ETF invest in Underlying ETFs and, as a result, bear a portion of the expenses incurred by these Underlying ETFs. These expenses are reflected in the fees waived shown on the SOP and are included in the ratios to average net assets shown in the Financial Highlights.

The amounts of these waivers resulting from investments in Underlying ETFs for the year ended October 31, 2018 were as follows:

Europe Currency Hedged ETF	120,870
International Currency Hedged ETF	150,600

E. 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 no fees for their distribution services under their respective distribution agreements with the Trust (the “Distribution Agreements”). Although the Trust does not pay any fees under the Distribution Agreements, JPMIM pays JPMDS for certain distribution related services.

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

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

The Funds may use related party broker-dealers. For the period ended October 31, 2018, the Funds did not incur any brokerage commissions with broker dealers affiliated with the Adviser.

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

4. Investment Transactions

During the period ended October 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
BetaBuilders Canada ETF (a)	$	8,209,025	$	14,727,876
BetaBuilders Developed Asia ex-Japan ETF (a)		177,283,905		9,793,488
BetaBuilders Europe ETF(b)		23,811,851		17,280,324
BetaBuilders Japan ETF (b)		73,883,645		65,149,252
Emerging Markets Equity ETF		155,827,823		109,936,557
Europe Currency Hedged ETF		4,206,967		1,996,428
Europe Equity ETF		39,786,088		41,981,221
Global Equity ETF		70,763,360		56,441,887
International Currency Hedged ETF		3,738,176		2,110,381
International Equity ETF		472,463,036		400,750,710
U.S. Equity ETF		157,236,191		159,318,992
U.S. Mid Cap Equity ETF		33,611,785		34,596,629
U.S. Small Cap Equity ETF		23,514,627		23,686,539
U.S. Dividend ETF (c)		6,315,247		6,827,465
U.S. Minimum Volatility ETF (c)		4,625,962		4,639,044
U.S. Momentum Factor ETF (c)		12,927,572		12,207,457
U.S. Quality Factor ETF (c)		6,130,209		6,472,271
U.S. Value Factor ETF (c)		6,945,485		7,045,605

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 229

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

During the period ended October 31, 2018, there were no purchases or sales of U.S. Government securities.

For the period ended October 31, 2018, in-kind transactions associated with creations and redemptions were:

	In-Kind Creations		In-Kind Redemptions
BetaBuilders Canada ETF (a)	$	2,212,547,537	$	45,050,626
BetaBuilders Developed Asia ex-Japan ETF (a)		492,444,025		—
BetaBuilders Europe ETF (b)		1,390,183,298		—
BetaBuilders Japan ETF (b)		2,425,496,842		—
Emerging Markets Equity ETF		28,649,812		—
Europe Equity ETF		17,210,798		11,321,745
Global Equity ETF		133,388,516		32,635,668
International Currency Hedged ETF		—		15,171,535
International Equity ETF		443,230,506		62,476,316
U.S. Equity ETF		203,465,919		6,911,063
U.S. Mid Cap Equity ETF		54,191,425		6,689,167
U.S. Small Cap Equity ETF		50,368,115		9,670,327
U.S. Dividend ETF (c)		26,997,946		—
U.S. Minimum Volatility ETF (c)		25,687,817		—
U.S. Momentum Factor ETF (c)		26,820,420		—
U.S. Quality Factor ETF (c)		27,054,772		—
U.S. Value Factor ETF (c)		28,178,719		—

(a) Commencement of operations was August 7, 2018.

(b) Commencement of operations was June 15, 2018.

(c) Commencement of operations was November 8, 2017.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2018 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BetaBuilders Canada ETF	$	2,231,967,144	$	5,219,475	$	(138,643,060	)	$	(133,423,585	)
BetaBuilders Developed Asia ex-Japan ETF		660,322,106		1,499,833		(61,765,023	)		(60,265,190	)
BetaBuilders Europe ETF		1,423,437,291		12,573,803		(104,039,386	)		(91,465,583	)
BetaBuilders Japan ETF		2,455,483,496		23,524,625		(143,563,472	)		(120,038,847	)
Emerging Markets Equity ETF		218,146,996		15,298,676		(20,099,638	)		(4,800,962	)
Europe Currency Hedged ETF		29,310,392		459,673		(38,085	)		421,588
Europe Equity ETF		74,198,114		4,864,021		(4,888,694	)		(24,673	)
Global Equity ETF		206,887,659		12,192,019		(16,399,967	)		(4,207,948	)
International Currency Hedged ETF		31,195,332		804,063		(71,890	)		732,173
International Equity ETF		1,486,427,465		82,854,171		(132,082,618	)		(49,228,447	)
U.S. Equity ETF		530,980,595		52,738,486		(20,419,108	)		32,319,378
U.S. Mid Cap Equity ETF		107,546,439		8,807,959		(3,898,670	)		4,909,289
U.S. Small Cap Equity ETF		97,202,334		8,263,595		(7,040,465	)		1,223,130
U.S. Dividend ETF		27,453,402		1,527,238		(1,502,149	)		25,089
U.S. Minimum Volatility ETF		26,324,915		2,128,663		(931,433	)		1,197,230
U.S. Momentum Factor ETF		27,356,507		2,707,210		(1,385,223	)		1,321,987
U.S. Quality Factor ETF		27,484,766		2,536,821		(907,456	)		1,629,365
U.S. Value Factor ETF		28,705,609		1,800,675		(1,553,276	)		247,399

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

230 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

The Tax character of distributions paid during the year ended October 31, 2018 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
BetaBuilders Canada ETF	$	2,945,124	$	—	$	—	$	2,945,124
BetaBuilders Developed Asia ex-Japan ETF		4,159,764		—		—		4,159,764
BetaBuilders Europe ETF		1,891,512		—		—		1,891,512
BetaBuilders Japan ETF		—		—		—		—
Emerging Markets Equity ETF		8,601,176		—		—		8,601,176
Europe Currency Hedged ETF		851,015						851,015
Europe Equity ETF		4,014,806		—		—		4,014,806
Global Equity ETF		5,818,989		—		—		5,818,989
International Currency Hedged ETF		1,022,148		—		—		1,022,148
International Equity ETF		54,092,274		—		—		54,092,274
U.S. Equity ETF		12,462,949						12,462,949
U.S. Mid Cap Equity ETF		2,149,261		—		—		2,149,261
U.S. Small Cap Equity ETF		1,058,143		—		—		1,058,143
U.S. Dividend ETF		908,996		—		—		908,996
U.S. Minimum Volatility ETF		549,553		—		—		549,553
U.S. Momentum Factor ETF		338,121		—		—		338,121
U.S. Quality Factor ETF		496,228		—		—		496,228
U.S. Value Factor ETF		616,329		—		—		616,329

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

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

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

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

As of October 31, 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)
BetaBuilders Canada ETF	$	5,115,838	$	—	$	(772,844	)	$	(133,511,816	)
BetaBuilders Developed Asia ex-Japan ETF		858,464		—		(149,273	)		(60,275,356	)
BetaBuilders Europe ETF		2,791,412		—		—			(91,552,347	)
BetaBuilders Japan ETF		15,509,433		—		(917,863	)		(120,036,476	)
Emerging Markets Equity ETF		613,687		—		(8,573,723	)		(4,801,629	)
Europe Currency Hedged ETF		781,770		614,789		—			410,623
Europe Equity ETF		35,141		—		(149,231	)		(31,332	)
Global Equity ETF		179,948		—		(404,849	)		(4,213,478	)
International Currency Hedged ETF		675,618		293,544		—			728,304
International Equity ETF		3,968,246		—		(3,014,624	)		(49,299,723	)
U.S. Equity ETF		860,128		—		(1,607,722	)		32,319,378
U.S. Mid Cap Equity ETF		141,032		—		(475,898	)		4,909,289
U.S. Small Cap Equity ETF		43,567		—		(348,136	)		1,223,130
U.S. Dividend ETF		85,030		—		(265,350	)		25,088
U.S. Minimum Volatility ETF		62,906		—		(92,913	)		1,197,231
U.S. Momentum Factor ETF		25,567		—		(304,497	)		1,321,987
U.S. Quality Factor ETF		46,753		—		(108,318	)		1,629,365
U.S. Value Factor ETF		56,746		—		(104,119	)		247,400

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 231

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, capital Loss Carryover, mark-to-market of futures contracts, mark to market of forward foreign currency contracts and investments in passive foreign investment companies (“PFICs”).

As of October 31, 2018, the following Funds had net capital loss carryforwards as follows:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
BetaBuilders Canada ETF	$	(772,844	)	$	—
BetaBuilders Developed Asia ex-Japan ETF		(149,273	)		—
BetaBuilders Japan ETF		(917,863	)		—
Emerging Markets Equity ETF		(8,430,347	)		(143,376	)
Europe Equity ETF		(149,231	)		—
Global Equity ETF		(404,849	)
International Equity ETF		(3,014,624	)		—
U.S. Equity ETF		(1,607,722	)		—
U.S. Mid Cap Equity ETF		(475,898	)		—
U.S. Small Cap Equity ETF		(348,136	)		—
U.S. Dividend ETF		(265,350	)		—
U.S. Minimum Volatility ETF		(91,144	)		(1,769	)
U.S. Momentum Factor ETF		(304,497	)		—
U.S. Quality Factor ETF		(108,318	)		—
U.S. Value Factor ETF		(104,119	)		—

During the year ended October 31, 2018, the following Funds utilized capital loss carryforwards as follows:

	Short-Term		Long-Term
Emerging Markets Equity ETF	$	1,583,336		469,956
Europe Currency Hedged ETF		503,280		565,820
Europe Equity ETF		84,108		—
Global Equity ETF		428,239		351,978
International Currency Hedged ETF		218,381		207,560
International Equity ETF		—		4,472,246
U.S. Equity ETF		—		243,462

6. Capital Share Transactions

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

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

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Europe Currency Hedged ETF, Europe Equity ETF, Global Equity ETF, International Currency Hedged ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of October 31, 2018, the Adviser owns shares representing more than 10% of net assets of following Funds:

	% of Ownership
Europe Currency Hedged ETF		92	%
Europe Equity ETF		37

232 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

	% of Ownership
International Currency Hedged ETF		87	%
U.S. Small Cap Equity ETF		29
U.S. Dividend ETF		90
U.S. Minimum Volatility ETF		95
U.S. Momentum Factor ETF		91
U.S. Quality Factor ETF		91
U.S. Value Factor ETF		87

As of October 31, 2018, the Europe Currency Hedged ETF owned approximately 39% of the shares outstanding of the Europe Equity ETF.

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

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities; equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

Europe Currency Hedged ETF and International Currency Hedged ETF invest in affiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities. Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

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. 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.

The BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, Europe Currency Hedged ETF, Europe Equity ETF, Global Equity ETF, International Currency Hedged ETF and International Equity ETF 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 depending on the Funds. Such concentrations may subject each Fund 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.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of October 31, 2018, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

Fund Name	Australia			Canada			China			France			Germany			Hong Kong			Japan			Singapore			Switzerland			Taiwan			United Kingdom
BetaBuilders Canada ETF		—	%		93.6	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
BetaBuilders Developed Asia ex-Japan ETF		57.1			—			—			—			—			27.2			—			12.0			—			—			—
BetaBuilders Europe ETF		—			—			—			15.9			13.4			—			—			—			13.8			—			23.1
BetaBuilders Japan ETF		—			—			—			—			—			—			99.2			—			—			—			—
Emerging Markets Equity ETF		—			—			21.2			—			—			—			—			—			—			15.3			—
Europe Equity ETF		—			—			—			15.1			12.4			—			—			—			—			—			20.7
Global Equity ETF		—			—			—			—			—			—			22.3			—			—			—			—
International Equity ETF		—			—			—			—			—			—			25.1			—			—			—			16.5

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 233

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

As of October 31, 2018, a significant portion of each Fund’s net assets noted in the table above consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

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 not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, each Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.

The Europe Currency Hedged ETF and International Currency Hedged 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.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management is currently evaluating the implications of these changes.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

9. Subsequent Event

During the period November 1, 2018 through December 21, 2018, Europe Currency Hedged ETF and Europe Equity ETF had net redemptions of $19,908,565 and $40,755,248, respectively. These amounts represented approximately 69% and 54%, respectively, of the Funds’ net assets as of October 31, 2018.

234 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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 BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia ex-Japan ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Currency Hedged ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Currency Hedged ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (eighteen of the funds constituting J.P Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations and 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”).

JPMorgan BetaBuilders Canada ETF JPMorgan BetaBuilders Developed Asia ex-Japan ETF	Statement of operations and statement of changes in net assets for the period August 7, 2018 (commencement of operations) through October 31, 2018
JPMorgan BetaBuilders Europe ETF JPMorgan BetaBuilders Japan ETF	Statement of operations and statement of changes in net assets for the period June 15, 2018 (commencement of operations) through October 31, 2018
JPMorgan Diversified Return Emerging Markets Equity ETF JPMorgan Diversified Return Europe Currency Hedged ETF JPMorgan Diversified Return Europe Equity ETF JPMorgan Diversified Return Global Equity ETF JPMorgan Diversified Return International Currency Hedged ETF JPMorgan Diversified Return International Equity ETF JPMorgan Diversified Return U.S. Equity ETF JPMorgan Diversified Return U.S. Mid Cap Equity ETF	Statement of operations for the year ended October 31, 2018 and statement of changes in net assets for each of the two years in the period ended October 31, 2018
JPMorgan Diversified Return U.S. Small Cap Equity ETF	Statement of operations for the year ended October 31, 2018 and statement of changes in net assets for the year ended October 31, 2018 and the period November 15, 2016 (commencement of operations) through October 31, 2017
JPMorgan U.S. Dividend ETF JPMorgan U.S. Minimum Volatility ETF JPMorgan U.S. Momentum Factor ETF JPMorgan U.S. Quality Factor ETF JPMorgan U.S. Value Factor ETF	Statement of operations and statement of changes in net assets for the period November 8, 2017 (commencement of operations) through October 31, 2018

In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table above, 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.

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.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 235

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

(continued)

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 October 31, 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

December 21, 2018

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

236 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TRUSTEES

(Unaudited)

The Funds’ Statements 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 the Past 5 Years
Independent Trustees
Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011–present); Consultant to the Mutual Fund Industry (2011-Present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011–2017); Senior Vice President–Fund Administration, State Street Corporation (2002–2010).		34	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).		34	None.
Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		34	SEI family of funds (Independent Trustee of Advisors’ Inner Circle Fund III (20 portfolios) (from February 2014 to Present); Independent Trustee of Winton Diversified Opportunities Fund (from December 2014 to Present); Independent Trustee of Gallery Trust (from August 2015 to Present); Independent Trustee of Schroder Series Trust (from 2017 to Present) Independent Trustee of Schroder Global Series Trust (from February 2017 to Present); Independent Trustee of O’Connor EQUUS (May 2014-April 2016), Independent Trustee of Winton Series Trust (December 2014-March 2017); Independent Trustee of AXA Premier VIP Trust (2014-June 2017); 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).		34	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.		34	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).		34	Board of Directors of the JUST Capital Foundation (2017–present).

(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. Twenty nine series of the Trust have commenced operations.

(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.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 237

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 from 2000 to 2013.
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.) (from 2014 to 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 (from 1999 to 2014).
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.
Elizabeth A. Davin (1964), Secretary (2018)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Stephen M. Ungerman (1953), Chief Compliance Officer (2014)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Jessica K. Ditullio (1962), Assistant Secretary (2014)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
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. since February 2016; formerly, Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2010 to February 2016. 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 May 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from 2012 to May 2014.
Jason Ronca (1978), Assistant Treasurer (2014)***	Executive Director, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management since February 2017; formerly Vice President, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management from May 2014 to February 2017. 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 50 Rowes Wharf, Floor 3, Boston, MA 02110.

238 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, investment advisory fees, administration fees and other Fund expenses, in addition to brokerage commissions on your purchases and sales of Fund shares. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period May 1, 2018 and continued to hold your shares at the end of the reporting period, October 31, 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.

	Beginning Account Value		Ending Account Value October 31, 2018		Annualized Expense Ratio			Expenses Paid During the Period
BetaBuilders Canada ETF
ETF Shares
Actual (2)	$	1,000.00	$	918.20		0.19	%	$	0.42
Hypothetical (1)		1,000.00		1,024.26		0.19			0.44
BetaBuilders Developed Asia ex-Japan ETF
ETF Shares
Actual (2)	$	1,000.00	$	900.30		0.19	%	$	0.42
Hypothetical (1)		1,000.00		1,024.25		0.19			0.45
BetaBuilders Europe ETF
ETF Shares
Actual (3)	$	1,000.00	$	912.50		0.09	%	$	0.32
Hypothetical (1)		1,000.00		1,024.75		0.09			0.34
BetaBuilders Japan ETF
ETF Shares
Actual (3)	$	1,000.00	$	916.50		0.19	%	$	0.67
Hypothetical (1)		1,000.00		1,024.26		0.19			0.71
Emerging Markets Equity ETF
ETF Shares
Actual (1)	$	1,000.00	$	886.30		0.45	%	$	2.14
Hypothetical (1)		1,000.00		1,022.94		0.45			2.29
Europe Currency Hedged ETF
ETF Shares
Actual (1)	$	1,000.00	$	962.90		—	%	$	—
Hypothetical (1)		1,000.00		1,025.21		—			—
Europe Equity ETF
ETF Shares
Actual (1)	$	1,000.00	$	895.90		0.38	%	$	1.82
Hypothetical (1)		1,000.00		1,023.29		0.38			1.94
Global Equity ETF
ETF Shares
Actual (1)	$	1,000.00	$	921.50		0.38	%	$	1.84
Hypothetical (1)		1,000.00		1,023.29		0.38			1.94

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 239

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value		Ending Account Value October 31, 2018		Annualized Expense Ratio			Expenses Paid During the Period
International Currency Hedged ETF
ETF Shares
Actual (1)	$	1,000.00	$	948.50		—	%	$	—
Hypothetical (1)		1,000.00		1,025.21		—			—
International Equity ETF
ETF Shares
Actual (1)	$	1,000.00	$	896.50		0.38	%	$	1.82
Hypothetical (1)		1,000.00		1,023.29		0.38			1.94
U.S. Equity ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,013.90		0.19	%	$	0.96
Hypothetical (1)		1,000.00		1,024.25		0.19			0.97
U.S. Mid Cap Equity ETF
ETF Shares
Actual (1)	$	1,000.00	$	994.30		0.24	%	$	1.21
Hypothetical (1)		1,000.00		1,024.00		0.24			1.22
U.S. Small Cap Equity ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,012.60		0.29	%	$	1.46
Hypothetical (1)		1,000.00		1,023.74		0.29			1.48
U.S. Dividend ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,021.60		0.12	%	$	0.60
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61
U.S. Minimum Volatility ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,046.40		0.12	%	$	0.60
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61
U.S. Momentum Factor ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,004.50		0.12	%	$	0.60
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61
U.S. Quality Factor ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,047.30		0.12	%	$	0.60
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61
U.S. Value Factor ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,008.20		0.12	%	$	0.60
Hypothetical (1)		1,000.00		1,024.60		0.12			0.61

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

(2) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 85/365 (to reflect the actual period). The Fund commenced operations on August 7, 2018.

(3) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 136/365 (to reflect the actual period). The Fund commenced operations on June 15, 2018.

240 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 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.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2018:

	Dividends Received Deduction
Global Equity ETF		15.96	%
Europe Currency Hedged ETF		100.00
International Currency Hedged ETF		100.00
U.S. Equity ETF		76.48
U.S. Mid Cap Equity ETF		69.24
U.S. Small Cap Equity ETF		89.43
U.S. Dividend ETF		80.95
U.S. Minimum Volatility ETF		93.95
U.S. Momentum Factor ETF		100.00
U.S. Quality Factor ETF		100.00
U.S. Value Factor ETF		94.63

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2018:

	Qualified Dividend Income
BetaBuilders Canada ETF	$	4,749,130
BetaBuilders Developed Asia ex-Japan ETF		3,466,515
BetaBuilders Europe ETF		2,199,507
BetaBuilders Japan ETF		1,715,621
Emerging Markets Equity ETF		2,842,883
Europe Currency Hedged ETF		851,015
Europe Equity ETF		2,740,411
Global Equity ETF		4,719,535
International Currency Hedged ETF		1,022,148
International Equity ETF		39,194,777
U.S. Equity ETF		9,930,989
U.S. Mid Cap Equity ETF		1,550,229
U.S. Small Cap Equity ETF		956,335
U.S. Dividend ETF		760,898
U.S. Minimum Volatility ETF		533,516
U.S. Momentum Factor ETF		338,121
U.S. Quality Factor ETF		496,228
U.S. Value Factor ETF		616,329

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2018, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:

	Gross Income		Foreign Tax Pass Through
BetaBuilders Canada ETF	$	10,515,557	$	1,804,006
BetaBuilders Developed Asia ex-Japan ETF		5,159,293		44,306
BetaBuilders Europe ETF		5,027,361		307,995
BetaBuilders Japan ETF		17,172,556		1,715,621
Emerging Markets Equity ETF		7,482,579		733,454
Europe Equity ETF		2,838,152		300,363
Global Equity ETF		4,543,110		424,190
International Equity ETF		46,613,379		3,571,308

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 241

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia ex-Japan ETF, JPMorgan BetaBuilders Europe ETF and JPMorgan BetaBuilders Japan ETF

On March 13-14, 2018, the Board of Trustees held an in-person meeting and approved the initial investment advisory agreements (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) for the JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia ex-Japan ETF, JPMorgan BetaBuilders Europe ETF and JPMorgan BetaBuilders Japan ETF (the “Funds”). The Advisory Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates. In connection with the approval of the Advisory Agreements, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Advisory Agreements, the Trustees reviewed the Advisory Agreements 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 Agreements. The Trustees also discussed the proposed Advisory Agreements 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 each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the initial Advisory Agreements, the Trustees considered the materials furnished specifically in connection with the approval of each 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 each Fund. The Trustees also considered the investment strategy for each Fund, and the infrastructure supporting the portfolio management teams. In addition, the

Trustees considered information about the structure and distribution strategy of the Funds, how they fit within the Trust’s other fund offerings, and how each will be positioned against peer funds, as identified by management. The Trustees also considered the services provided by the Adviser in its role as each Fund’s administrator.

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 each 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 each 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. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser receives as the result of its role as each Fund’s administrator and JPMorgan Chase Bank, N.A.’s roles as custodian, fund accountant and transfer agent for each Fund.

Economies of Scale

The Trustees considered the extent to which each Fund will benefit from economies of scale. The Trustees noted that neither the proposed investment advisory fee schedule nor the proposed administration agreement for the Funds 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 each 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 each Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that each Fund would benefit from the economies of scale present in the broader J.P. Morgan fund complex, as the Funds were 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, each Fund’s administration fee is lower than what it would have to pay if it was not part of the J.P. Morgan fund complex.

242 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate that will be paid by each Fund to the Adviser and compared the combined rate to 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 each Fund. The Trustees also compared the advisory fees for certain of the Funds to the fees charged to mutual funds with similar investment objectives or

in similar asset classes managed by the Adviser. 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 for each Fund. The Trustees also reviewed information about other projected expenses and the expense ratio for each Fund. The Trustees considered the projected fee waiver and/or expense reimbursement arrangements proposed for each Fund and considered the net advisory fee rate and total expense ratio after taking into account any projected waivers and/or reimbursements.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 243

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. Shareholders may request the Form N-Q without charge by calling 1-844-457-6383 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

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

^© JPMorgan Chase & Co., 2018.  All rights reserved. October 2018. AN-ETF-1018

Annual Report

J.P. Morgan Exchange-Traded Funds

October 31, 2018

JPMorgan Diversified Alternatives ETF

JPMorgan Event Driven ETF

JPMorgan Long/Short ETF

JPMorgan Managed Futures Strategy ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan).

Alternatively, you may elect to receive paper copies of all future reports free of charge by contacting your financial intermediary. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

President’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Diversified Alternatives ETF	3
JPMorgan Event Driven ETF	6
JPMorgan Long/Short ETF	9
JPMorgan Managed Futures Strategy ETF	12
Schedule of Portfolio Investments	14
Financial Statements	122
Financial Highlights	126
Notes to Financial Statements	128
Report of Independent Registered Public Accountant Firm	147
Trustees	148
Officers	149
Schedule of Shareholder Expenses	150
Tax Letter	151

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

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

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

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

PRESIDENT’S LETTER

DECEMBER 15, 2018 (Unaudited)

Dear Shareholder,

This past year has been a monumental one for JPMorgan’s Exchange-Traded Funds. We’ve expanded our investment lineup to 31 funds, including the launch of our BetaBuilders^® ETF suite, which provides investors with market-capitalization weighted exposure to select regions or asset classes. Additionally, our business was recently awarded “The industry’s fastest-growing ETF manager”¹ climbing to $16.3 billion in assets under management by mid-December 2018 from $2.9 billion at the end of last year.

  “Our range of investment solutions can help you navigate a changing financial market landscape.” — Joanna M. Gallegos

During the twelve months ended October 31, 2018, U.S. equity markets outperformed other developed equity markets, as well as emerging markets equity. Record corporate profits, low unemployment rates and high levels of both consumer and business confidence helped propel U.S. equity prices higher. However, we have also seen the return of equity market volatility. Globally, bond markets largely underperformed equity markets. In the U.S., we expect the U.S. Federal Reserve to continue to lift interest rates in 2019, which is likely to create headwinds for fixed income investors.

Our alternative beta ETF, JPMorgan Managed Futures Strategy ETF (JPMF), which provides broad exposure to managed futures strategies, may provide an additional source of diversification in a rising interest rate environment. JPMF earned Best New Alternatives ETF at the fifth annual ETF.com Awards held in March 2018.²

We are proud to bring J.P. Morgan’s experience and capabilities to the ETF market place. Our range of investment solutions can help you navigate a changing financial market landscape. 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 Ignites.com as of 11/28/18

2 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.

AUGUST 31, 2017 JPMORGAN EXCHANGE-TRADED FUNDS 1

Market Overview

Twelve Months Ended October 31, 2018 (Unaudited)

U.S. equity markets outperformed other developed market equity as well as emerging markets equity during the reporting period. Record corporate profits, low unemployment rates and high levels of both consumer and business confidence helped propel U.S. equity prices higher. Globally, bond markets largely underperformed equity markets. For the twelve months ended October 31, 2018, the MSCI World Index returned 1.16%.

After reaching record highs in the final months of 2017, the S&P 500 Index closed in record high territory 14 times in January 2018. However, a sharp sell-off in both equity and bond markets in early February 2018 spread to other markets and lifted market volatility from historic lows. While global equity and bond prices rebounded somewhat in subsequent months, it wasn’t until August 2018 that the S&P 500 Index returned to record highs. U.S. equity market volatility remained elevated in September and October 2018. For the twelve month reporting period, the S&P 500 Index returned 7.35%.

Meanwhile, economic growth in the European Union (EU) decelerated during the reporting period amid weakness in European exports and consumer confidence. Geo-political events, including a newly elected populist government in Italy and continued uncertainty over the final terms of a so-called Brexit agreement also weighed down equity and bond prices across the EU. Investor fears that the U.K. would leave the EU without an exit agreement also weighed on equity prices in London. For the reporting period, the MSCI EAFE Index returned -6.39%.

In emerging markets, a slowdown in credit growth in China and investor concerns about global trade tensions hurt equity prices. A stronger U.S. dollar and rising U.S. interest rates put further pressure on emerging markets, particularly those nations most reliant on foreign lending. For the reporting period, the MSCI Emerging Markets Index returned -12.19%, while the Bloomberg Barclays Emerging Markets Debt Index returned -3.39%.

2 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Alternatives ETF
Net Asset Value*		(6.79)%
Market Price**		(6.75)%
ICE BofAML 3-Month US Treasury Bill Index		1.68%
Net Assets as of 10/31/2018	$	201,628,562

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Alternatives ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by allocating assets across a variety of strategies commonly employed by hedge funds, including Equity Long/Short, Event Driven and Macro/Managed Futures strategies. The Fund seeks to achieve the efficiency of rules-based investing with the diversification benefits of alternative strategies without replicating an index.

The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2018, the Fund posted a negative absolute performance and underperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

The Fund’s allocation to alternative investment strategies, which are not held in the Index, detracted from performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is

being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, the Fund’s allocations to the value, momentum and size factors within the Equity Long/Short sub-strategy, which were implemented primarily through the use of equity securities and total return swaps contracts, detracted from performance. From a return perspective, the value factor was the worst performing factor during the reporting period and extended a decline that began at the start of 2017.

The Fund’s allocations to the relative value fixed income and commodity-based return factors, which seek to balance out long and short positions so that there is no aggregate exposure to the asset(s), detracted from absolute performance during the reporting period. The Fund’s directional fixed income-based, commodity-based and equity-based factors within the Macro/Managed Futures sub-strategy, which seek to benefit from positive or negative exposure to an asset through the use of futures contracts, also detracted from absolute performance. The Fund’s exposure to event driven factors, which seek to benefit by exploiting pricing inefficiencies associated with corporate changes through the use of both long equity investments and derivative instruments, was a leading contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation was to the Macro/Managed Futures sub-strategy, while the smallest allocation was to the Event Driven sub-strategy.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

Twelve Months Ended October 31, 2018 (Unaudited) (continued)

RISK ALLOCATION AS OF OCTOBER 31, 2018
Strategy	% of Risk Allocation****
Equity Long/Short (1)		34	%
Event Driven (2)		24
Macro/Managed Futures (3)		42

TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a)
	1.	Vectren Corp.	1.7	%
	2.	Dun & Bradstreet Corp. (The)	1.7
	3.	USG Corp.	1.7
	4.	Twenty-First Century Fox, Inc., Class A	1.6
	5.	Express Scripts Holding Co.	1.6
	6.	Energen Corp.	1.6
	7.	Aspen Insurance Holdings Ltd.	1.6
	8.	Rockwell Collins, Inc.	1.5
	9.	Esterline Technologies Corp.	1.5
	10.	LifePoint Health, Inc.	1.5

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Diamondback Energy, Inc.	1.6	%
	2.	Sirius XM Holdings, Inc.	1.2
	3.	Enbridge, Inc.	1.1
	4.	Dominion Energy, Inc.	1.0
	5.	Cigna Corp.	1.0
	6.	Twilio, Inc., Class A	1.0
	7.	Amcor Ltd.	0.7
	8.	Fifth Third Bancorp	0.7
	9.	Nippon Steel & Sumitomo Metal Corp.	0.5
	10.	CVS Health Corp.	0.4

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.29 as of October 31, 2018.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $24.33 as of October 31, 2018.

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

**** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of October 31, 2018 and are not representative of the targeted equal risk allocation across asset classes over the long term. Holdings and allocations may vary over time.

(1) Equity Long/Short strategies involve simultaneously investing in equities (i.e., investing long) that the adviser believes are attractive based on relevant return factors and selling equities (selling short) that the advisor believes are unattractive based on the relevant return factors.

(2) Event Driven strategies seek to profit from investing in securities of companies that the Fund’s adviser believes will be impacted by pending or anticipated corporate or special situation events. Within the strategy, the adviser looks for specific events or catalysts that will affect future pricing of a security. For example, merger arbitrage strategies seek to capitalize on price discrepancies and returns generated by a corporate transaction.

(3) Macro/Managed Futures strategies aim to exploit macro-economic imbalances across the globe. The macro based strategies may be implemented through a broad range of asset classes including, but not limited to, equities, fixed income, currency and commodities.

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of October 31, 2018. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Diversified Alternatives ETF
Net Asset Value		September 12, 2016		(6.72	)%		(0.95	)%
Market Price				(6.75	)%		(0.87	)%

LIFE OF FUND PERFORMANCE (09/12/16 TO 10/31/18)

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 12, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Alternatives ETF and the ICE BofAML 3-Month US Treasury Bill Index from September 12, 2016 to October 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of

the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan Event Driven ETF

FUND COMMENTARY

Period November 29, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Event Driven ETF
Net Asset Value*		0.18%
Market Price**		0.62%
ICE BofAML 3-Month US Treasury Bill Index		1.60%
Net Assets as of 10/31/2018	$	26,284,405

INVESTMENT OBJECTIVE***

The JPMorgan Event Driven ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund employs a rules-based, bottom-up approach to building a diversified portfolio that seeks to capture returns by primarily investing in companies that the Fund’s adviser believes will be positively impacted by corporate or special situation events. The Fund seeks to profit by exploiting pricing inefficiencies associated with corporate change, through long and short equity positions across developed markets, achieved through the use of equities and derivative instruments.

HOW DID THE FUND PERFORM?

For the period from inception on November 29, 2017 to October 31, 2018, the Fund posted a positive absolute performance and underperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not held in the Index, detracted from performance. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund

is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In absolute terms, the Fund’s exposure to the spinoffs factor, which seeks to benefit from a change in market valuation associated with corporate subsidiary spinoffs, detracted from absolute performance. The Fund’s exposures to merger arbitrage and share buybacks were leading contributors to performance. Merger arbitrage involves exploiting differences between the share price of target companies in mergers, relative to the share price announced in the merger agreement. The share buybacks factor seeks to benefit from the relative outperformance by companies that have bought back a significant proportion of their shares outstanding.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation in notional exposure terms was to the merger arbitrage factor. From a sector perspective, the Fund’s largest positions were in the consumer discretionary and health care sectors and its smallest positions were in the real estate and consumer staples sectors.

6 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a)
	1.	U.S. Treasury Bills, 2.29%, 2/28/2019	4.0	%
	2.	U.S. Treasury Bills, 2.45%, 6/20/2019	4.0
	3.	U.S. Treasury Bills, 2.52%, 7/18/2019	4.0
	4.	U.S. Treasury Bills, 2.40%, 4/25/2019	4.0
	5.	Sky plc	1.8
	6.	Express Scripts Holding Co.	1.3
	7.	Aspen Insurance Holdings Ltd.	1.2
	8.	Aetna, Inc.	1.2
	9.	Dun & Bradstreet Corp. (The)	1.2
	10.	NxStage Medical, Inc.	1.2

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Diamondback Energy, Inc.	1.1	%
	2.	Dominion Energy, Inc.	1.1
	3.	Sirius XM Holdings, Inc.	0.9
	4.	Enbridge, Inc.	0.8
	5.	Twilio, Inc., Class A	0.8
	6.	Cigna Corp.	0.7
	7.	Amcor Ltd.	0.6
	8.	Fifth Third Bancorp	0.5
	9.	Nippon Steel & Sumitomo Metal Corp.	0.3
	10.	Husky Energy, Inc.	0.3

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.03 as of October 31, 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. The midpoint price was $25.14 as of October 31, 2018.

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

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of October 31, 2018. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan Event Driven ETF

FUND COMMENTARY

Period November 29, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Event Driven ETF
Net Asset Value		November 29, 2017		0.18%
Market Price				0.62%

LIFE OF FUND PERFORMANCE (11/29/17 TO 10/31/18)

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 November 29, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Event Driven ETF and the ICE BofAML 3-Month US Treasury Bill Index from November 29, 2017 to October 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the

month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

8 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan Long/Short ETF

FUND COMMENTARY

Period January 23, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Long/Short ETF
Net Asset Value*		(10.64)%
Market Price**		(10.00)%
ICE BofAML 3-Month US Treasury Bill Index		1.39%
Net Assets as of 10/31/2018	$	23,456,272

INVESTMENT OBJECTIVE***

The JPMorgan Long/Short ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by taking advantage of pricing inefficiencies between equity securities by maintaining long and short exposures to equity factors such as value, quality, momentum and size. The Fund utilizes an equity long/short strategy, which involves simultaneously investing in equities (investing long) that the portfolio managers believe are attractive and selling equities (selling short) that they believe are unattractive. The Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments.

HOW DID THE FUND PERFORM?

For the period from inception on January 23, 2018 to October 31, 2018, the Fund posted a negative absolute performance and underperformed its broad-based market benchmark, the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not employed by the Index, detracted from performance. References to the Index are for informational purposes and are not an indication of how the

Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In terms of absolute performance, the Fund’s allocations to the value, momentum and size factors, which were implemented primarily through the use of equity securities and total return swaps contracts, were leading detractors from performance. From a return perspective, the value factor was the worst performing factor over the period and continued a decline that began at the start of 2017, before the Fund’s inception date.

The Fund’s allocation to the time-series momentum factor, which relies on a security’s recent past performance as an indicator of near future performance and which was implemented through the use of futures contracts, also detracted from absolute performance during the reporting period.

The Fund’s quality factor, which seeks to hold higher quality equity securities and sell lower quality securities, was a positive contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s exposures were balanced across equity value, momentum and quality factors. In addition, the Fund had a slightly long overall exposure to developed market equities on an aggregate basis.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan Long/Short ETF

FUND COMMENTARY

Period January 23, 2018 (Fund Inception Date) Through October 31, 2018 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a)
	1.	U.S. Treasury Bills, 2.38%, 7/18/2019	8.9	%
	2.	Japan Government Bond, 0.10%, 07/15/2019	2.0
	3.	Suzuken Co. Ltd.	0.8
	4.	Mellanox Technologies Ltd.	0.8
	5.	Valmet OYJ	0.8
	6.	Popular, Inc.	0.8
	7.	Merck KGaA	0.8
	8.	Computershare Ltd.	0.8
	9.	ITOCHU Corp.	0.8
	10.	Neste OYJ	0.8

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Cray, Inc.	0.7	%
	2.	Cboe Global Markets, Inc.	0.7
	3.	Instructure, Inc.	0.7
	4.	Vulcan Materials Co.	0.7
	5.	Rohm Co. Ltd.	0.7
	6.	Suez	0.7
	7.	BT Group plc	0.7
	8.	Seven Bank Ltd.	0.7
	9.	Keane Group, Inc.	0.7
	10.	California Water Service Group	0.7

* 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 $22.34 as of October 31, 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. The midpoint price was $22.50 as of October 31, 2018.

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

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of October 31, 2018. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Long/Short ETF
Net Asset Value		January 23, 2018		(10.64	)%
Market Price				(10.00	)%

LIFE OF FUND PERFORMANCE (1/23/18 TO 10/31/18)

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 23, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Long/Short ETF and the ICE BofAML 3-Month US Treasury Bill Index from January 23, 2018 to October 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a

full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan Managed Futures Strategy ETF

FUND COMMENTARY

Period December 5, 2017 (Fund Inception Date) Through October 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Managed Futures Strategy ETF
Net Asset Value*		(5.45)%
Market Price**		(5.09)%
ICE BofAML 3-Month US Treasury Bill Index		1.58%
Net Assets as of 10/31/2018	$	50,797,949

INVESTMENT OBJECTIVE***

The JPMorgan Managed Futures Strategy ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by investing globally to take advantage of opportunities across a broad range of asset classes, including equities, fixed income, currency and commodities based on the portfolio managers’ assessment of their relative attractiveness. The Fund’s portfolio managers seek to identify a set of investment return sources with distinct risk and return profiles that have a low correlation to one another and to traditional markets (each a “return factor”).

The Fund uses derivatives, including swaps, futures, options and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired return factor.

HOW DID THE FUND PERFORM?

For the period from inception on December 5, 2017 to October 31, 2018, the Fund posted a negative absolute performance and underperformed its broad-based market benchmark, the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

The Fund’s allocation to alternative investment strategies, which are not held in the Index, detracted from performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is

being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, leading detractors from Fund performance included the Fund’s allocations to relative value fixed income and commodity-based return factors, which seek to balance out long and short positions so that there is no aggregate exposure to the asset(s). The Fund’s directional fixed income-based, commodity-based and equity-based return factors, which seek to benefit from positive or negative exposure to an asset primarily through the use of futures contracts, were also leading detractors from performance. The Fund’s allocations to currency factors, implemented through currency forward contracts, was a leading contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocations were to relative value commodity-based and directional fixed income-based, commodity-based and equity-based return factors.

* 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 $23.63 as of October 31, 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. The midpoint price was $23.72 as of October 31, 2018.

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

12 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TOTAL RETURNS AS OF OCTOBER 31, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Managed Futures Strategy ETF
Net Asset Value		December 5, 2017		(5.45	)%
Market Price				(5.09	)%

LIFE OF FUND PERFORMANCE (12/5/17 TO 10/31/18)

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 December 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Managed Futures Strategy ETF and the ICE BofAML 3-Month US Treasury Bill Index from December 5, 2017 to October 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning

of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 58.1%
Aerospace & Defense — 3.4%
Boeing Co. (The)		838		297,373
Esterline Technologies Corp.*		25,957		3,046,313
Rockwell Collins, Inc.		24,096		3,084,770
Spirit AeroSystems Holdings, Inc., Class A		5,000		420,050
				6,848,506
Auto Components — 0.3%
Cooper-Standard Holdings, Inc.*		2,383		220,785
Gentex Corp.		11,001		231,571
Lear Corp.		1,765		234,568
				686,924
Banks — 1.0%
BankUnited, Inc.		8,780		290,618
CIT Group, Inc.		9,200		435,896
Customers Bancorp, Inc.*		8,600		176,214
Enterprise Financial Services Corp.		6,584		286,075
First Interstate BancSystem, Inc., Class A		6,867		284,706
Popular, Inc. (Puerto Rico)		5,420		281,894
Synovus Financial Corp.		7,732		290,414
				2,045,817
Building Products — 1.8%
Continental Building Products, Inc.*		10,358		288,056
USG Corp.		79,003		3,335,507
				3,623,563
Capital Markets — 0.5%
Jefferies Financial Services, Inc.		18,400		395,048
Virtus Investment Partners, Inc.		2,903		288,384
Waddell & Reed Financial, Inc., Class A		14,487		276,267
				959,699
Chemicals — 1.2%
CF Industries Holdings, Inc.		6,192		297,402
Eastman Chemical Co.		3,624		283,940
Huntsman Corp.		13,340		291,879
Kraton Corp.*		10,302		283,717
LyondellBasell Industries NV, Class A		3,225		287,896
Platform Specialty Products Corp.*		62,800		679,496
Westlake Chemical Corp.		4,049		288,694
				2,413,024
Commercial Services & Supplies — 1.1%
Brady Corp., Class A		7,018		282,755
Deluxe Corp.		5,687		268,483
Essendant, Inc.		36,159		460,666
Interface, Inc.		17,474		284,652
KAR Auction Services, Inc.		4,976		283,333
Knoll, Inc.		14,356		284,967
Quad/Graphics, Inc.		10,905		168,264
Steelcase, Inc., Class A		17,212		285,719
				2,318,839

INVESTMENTS	SHARES		VALUE($)
Communications Equipment — 0.9%
Cisco Systems, Inc.		6,424		293,898
Juniper Networks, Inc.		9,675		283,187
Mitel Networks Corp.*		78,231		858,977
Motorola Solutions, Inc.		2,402		294,389
				1,730,451
Construction & Engineering — 0.3%
EMCOR Group, Inc.		3,835		272,208
Jacobs Engineering Group, Inc.		3,863		290,073
				562,281
Consumer Finance — 0.3%
Ally Financial, Inc.		11,429		290,411
Santander Consumer USA Holdings, Inc.		16,072		301,350
				591,761
Containers & Packaging — 0.4%
Greif, Inc., Class A		6,091		288,104
Sealed Air Corp.		13,200		427,152
				715,256
Diversified Consumer Services — 0.1%
H&R Block, Inc.		8,644		229,412
Diversified Financial Services — 0.1%
FGL Holdings*		36,765		290,443
Diversified Telecommunication Services — 0.1%
Vonage Holdings Corp.*		22,323		296,003
Electric Utilities — 0.4%
ALLETE, Inc.		3,766		278,684
FirstEnergy Corp.		7,693		286,795
IDACORP, Inc.		2,996		279,407
				844,886
Electrical Equipment — 0.6%
Eaton Corp. plc		4,071		291,769
Generac Holdings, Inc.*		5,689		288,603
Regal Beloit Corp.		4,079		292,464
Sensata Technologies Holding plc*		5,912		277,273
				1,150,109
Electronic Equipment, Instruments & Components — 0.7%
Fabrinet (Thailand)*		6,617		286,649
FLIR Systems, Inc.		6,178		286,103
Littelfuse, Inc.		1,694		306,885
TTM Technologies, Inc.*		21,168		247,666
Vishay Intertechnology, Inc.		16,108		294,776
				1,422,079
Energy Equipment & Services — 0.3%
Diamond Offshore Drilling, Inc.*		20,457		290,080
National Oilwell Varco, Inc.		7,714		283,875
Seadrill Ltd. (United Kingdom)*		6,500		132,340
				706,295

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Entertainment — 2.1%
Madison Square Garden Co. (The), Class A*		2,300		636,226
Twenty-First Century Fox, Inc., Class A		70,997		3,231,783
Viacom, Inc., Class B		9,049		289,387
				4,157,396
Food & Staples Retailing — 0.4%
Sysco Corp.		3,788		270,198
Walgreens Boots Alliance, Inc.		3,458		275,845
Walmart, Inc.		2,753		276,071
				822,114
Food Products — 0.8%
Cal-Maine Foods, Inc.		5,857		285,060
Campbell Soup Co.		3,500		130,935
Flowers Foods, Inc.		14,487		279,744
Ingredion, Inc.		2,757		278,953
JM Smucker Co. (The)		2,717		294,306
TreeHouse Foods, Inc.*		6,105		278,144
				1,547,142
Health Care Equipment & Supplies — 2.1%
Baxter International, Inc.		3,966		247,915
Becton Dickinson and Co.		1,202		277,061
Danaher Corp.		9,219		916,369
K2M Group Holdings, Inc.*		30,806		843,468
NxStage Medical, Inc.*		56,000		1,589,280
STERIS plc		2,647		289,343
				4,163,436
Health Care Providers & Services — 3.4%
Aetna, Inc.		4,368		866,611
Amedisys, Inc.*		3,400		374,000
Chemed Corp.		903		274,810
Encompass Health Corp.		4,223		284,208
Express Scripts Holding Co.*		5,164		500,753
Humana, Inc.		928		297,341
LifePoint Health, Inc.*		46,479		3,014,628
MEDNAX, Inc.*		3,400		140,386
Premier, Inc., Class A*		6,475		291,375
Quest Diagnostics, Inc.		3,084		290,235
UnitedHealth Group, Inc.		1,109		289,837
WellCare Health Plans, Inc.*		1,015		280,130
				6,904,314
Health Care Technology — 0.3%
athenahealth, Inc.*		5,274		672,646
Hotels, Restaurants & Leisure — 1.6%
Brinker International, Inc.		10,900		472,515
Hyatt Hotels Corp., Class A		9,862		682,451
Jack in the Box, Inc.		4,900		386,757
Royal Caribbean Cruises Ltd.		2,258		236,480
Sonic Corp.		29,656		1,283,512
Wyndham Destinations, Inc.		6,607		237,059
				3,298,774

INVESTMENTS	SHARES		VALUE($)
Household Durables — 0.4%
PulteGroup, Inc.		9,234		226,879
Toll Brothers, Inc.		6,926		233,129
Whirlpool Corp.		3,500		384,160
				844,168
Household Products — 0.1%
Energizer Holdings, Inc.		4,916		288,913
Independent Power and Renewable Electricity Producers — 0.4%
Clearway Energy, Inc., Class C		14,612		286,541
NRG Energy, Inc.		8,016		290,099
Vistra Energy Corp.*		12,776		289,121
				865,761
Insurance — 3.4%
Aflac, Inc.		6,857		295,331
Ambac Financial Group, Inc.*		13,466		277,130
AmTrust Financial Services, Inc.		118,210		1,695,132
Aspen Insurance Holdings Ltd. (Bermuda)		75,344		3,155,407
Assured Guaranty Ltd.		10,500		419,790
Navigators Group, Inc. (The)		9,040		625,116
Old Republic International Corp.		13,024		287,179
Stewart Information Services Corp.		401		16,553
				6,771,638
Interactive Media & Services — 0.3%
Match Group, Inc.*		5,741		296,924
XO Group, Inc.*		10,711		370,708
				667,632
Internet & Direct Marketing Retail — 0.1%
Nutrisystem, Inc.		3,400		120,904
IT Services — 1.8%
Accenture plc, Class A		1,852		291,912
Amdocs Ltd.		4,727		299,077
Broadridge Financial Solutions, Inc.		2,507		293,169
Cognizant Technology Solutions Corp., Class A		4,306		297,243
CSG Systems International, Inc.		8,314		291,821
EVERTEC, Inc. (Puerto Rico)		12,729		331,972
ManTech International Corp., Class A		5,126		293,617
Mastercard, Inc., Class A		1,526		301,645
MAXIMUS, Inc.		4,355		282,944
Total System Services, Inc.		3,223		293,777
Visa, Inc., Class A		2,157		297,343
Western Union Co. (The)		15,810		285,212
				3,559,732
Leisure Products — 0.4%
Amer Sports OYJ (Finland)*		19,413		721,616
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		4,666		302,310
Cambrex Corp.*		5,300		282,437
Charles River Laboratories International, Inc.*		2,386		290,663

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Life Sciences Tools & Services — continued
ICON plc*		2,108		291,073
Medpace Holdings, Inc.*		5,985		311,818
				1,478,301
Machinery — 1.6%
Allison Transmission Holdings, Inc.		16,078		708,718
Caterpillar, Inc.		2,438		295,778
Crane Co.		3,299		287,145
Cummins, Inc.		2,131		291,287
Greenbrier Cos., Inc. (The)		5,954		282,517
Hillenbrand, Inc.		5,996		287,209
Ingersoll-Rand plc		2,934		281,488
Terex Corp.		13,200		440,748
Trinity Industries, Inc.		2,200		62,810
Watts Water Technologies, Inc., Class A		4,103		287,415
				3,225,115
Marine — 0.1%
DryShips, Inc. (Greece)		24,000		139,920
Media — 1.3%
Fairfax Media Ltd. (Australia)		2,577,228		1,172,887
Interpublic Group of Cos., Inc. (The)		12,239		283,455
John Wiley & Sons, Inc., Class A		5,292		287,038
Omnicom Group, Inc.		3,829		284,571
Schibsted ASA, Class A (Norway)		8,326		288,163
Sinclair Broadcast Group, Inc., Class A		10,221		292,730
				2,608,844
Metals & Mining — 0.5%
Alcoa Corp.*		8,387		293,461
Sandstorm Gold Ltd. (Canada)*		18,700		69,178
Schnitzer Steel Industries, Inc., Class A		10,587		284,790
Steel Dynamics, Inc.		7,344		290,822
				938,251
Multiline Retail — 0.3%
Kohl’s Corp.		3,048		230,825
Macy’s, Inc.		6,437		220,725
Target Corp.		2,681		224,212
				675,762
Multi-Utilities — 3.5%
Avista Corp.		34,683		1,783,400
Innogy SE (Germany)*		37,559		1,566,367
MDU Resources Group, Inc.		11,334		282,897
Vectren Corp.		46,740		3,343,312
				6,975,976
Oil, Gas & Consumable Fuels — 1.7%
Chevron Corp.		2,584		288,504
ConocoPhillips		4,210		294,279
CONSOL Energy, Inc.*		7,034		280,234
Delek US Holdings, Inc.		7,956		292,144
HollyFrontier Corp.		4,527		305,301
Murphy Oil Corp.		9,153		291,615

INVESTMENTS	SHARES		VALUE($)
Oil, Gas & Consumable Fuels — continued
Peabody Energy Corp.		24,269		860,336
Phillips 66		2,716		279,259
Valero Energy Corp.		3,179		289,575
WildHorse Resource Development Corp.*		9,004		190,975
				3,372,222
Paper & Forest Products — 1.9%
Domtar Corp.		6,275		290,595
KapStone Paper and Packaging Corp.		83,369		2,917,915
Louisiana-Pacific Corp.		13,452		292,850
Verso Corp., Class A*		10,120		284,473
				3,785,833
Personal Products — 0.6%
Herbalife Nutrition Ltd.*		12,837		683,699
Nu Skin Enterprises, Inc., Class A		3,979		279,405
USANA Health Sciences, Inc.*		2,394		280,146
				1,243,250
Pharmaceuticals — 2.8%
Bristol-Myers Squibb Co.		5,726		289,392
Eli Lilly & Co.		6,600		715,704
Endocyte, Inc.*		80,736		1,909,406
Green Organic Dutchman Holdings Ltd. (The) (Canada)*		108,600		255,733
Horizon Pharma plc*		15,629		284,604
Jazz Pharmaceuticals plc*		1,841		292,387
Johnson & Johnson		2,035		284,880
Novartis AG (Registered) (Switzerland)		8,563		749,882
Pfizer, Inc.		6,678		287,555
STADA Arzneimittel AG (Germany)		2,118		195,838
Taro Pharmaceutical Industries Ltd.*		2,917		290,271
				5,555,652
Professional Services — 2.3%
Dun & Bradstreet Corp. (The)		23,465		3,338,600
FTI Consulting, Inc.*		4,077		281,761
ICF International, Inc.		3,869		284,913
Korn/Ferry International		6,511		293,907
Nielsen Holdings plc		6,100		158,478
Robert Half International, Inc.		4,804		290,786
				4,648,445
Real Estate Management & Development — 0.5%
Hemfosa Fastigheter AB (Sweden)		13,439		166,030
NTT Urban Development Corp. (Japan)		58,400		867,924
				1,033,954
Road & Rail — 0.6%
ArcBest Corp.		7,998		296,886
Norfolk Southern Corp.		2,500		419,575
Union Pacific Corp.		2,800		409,416
				1,125,877

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 2.6%
Applied Materials, Inc.		8,834		290,462
Entegris, Inc.		10,719		284,482
First Solar, Inc.*		7,200		300,960
Ichor Holdings Ltd.*		25,000		443,750
Integrated Device Technology, Inc.*		32,573		1,524,742
Intel Corp.		6,038		283,062
Lam Research Corp.		2,056		291,397
Maxim Integrated Products, Inc.		5,495		274,860
Mellanox Technologies Ltd. (Israel)*		3,476		294,382
MKS Instruments, Inc.		3,966		292,255
Rudolph Technologies, Inc.*		13,573		282,183
Teradyne, Inc.		8,543		294,306
Texas Instruments, Inc.		3,080		285,916
				5,142,757
Software — 1.2%
Avaya Holdings Corp.*		6,000		98,520
Citrix Systems, Inc.*		2,820		288,965
Intuit, Inc.		1,412		297,932
Microsoft Corp.		2,761		294,902
Oracle Corp.		5,897		288,010
Progress Software Corp.		9,180		295,045
Red Hat, Inc.*		1,334		228,968
Synopsys, Inc.*		3,262		292,047
VMware, Inc., Class A*		2,066		292,112
				2,376,501
Specialty Retail — 2.5%
Abercrombie & Fitch Co., Class A		11,238		221,389
American Eagle Outfitters, Inc.		9,138		210,722
Best Buy Co., Inc.		3,261		228,792
Caleres, Inc.		6,573		224,797
Chico’s FAS, Inc.		27,736		212,735
Children’s Place, Inc. (The)		1,471		219,767
Dick’s Sporting Goods, Inc.		17,471		617,949
DSW, Inc., Class A		8,446		224,241
Express, Inc.*		47,300		416,713
Foot Locker, Inc.		4,726		222,784
Michaels Cos., Inc. (The)*		26,400		418,440
Rent-A-Center, Inc.*		56,038		798,542
Signet Jewelers Ltd.		4,122		231,038
Tailored Brands, Inc.		10,635		223,441
Urban Outfitters, Inc.*		5,705		225,119
Williams-Sonoma, Inc.		3,716		220,656
Zumiez, Inc.*		9,439		219,551
				5,136,676
Technology Hardware, Storage & Peripherals — 0.7%
Apple, Inc.		1,294		283,205
Hewlett Packard Enterprise Co.		19,183		292,541
HP, Inc.		12,100		292,094

INVESTMENTS	SHARES		VALUE($)
Technology Hardware, Storage & Peripherals — continued
NetApp, Inc.		3,632		285,076
Seagate Technology plc		7,372		296,575
				1,449,491
Textiles, Apparel & Luxury Goods — 1.2%
Columbia Sportswear Co.		2,457		221,818
Deckers Outdoor Corp.*		5,283		671,839
Movado Group, Inc.		5,824		224,282
Oxford Industries, Inc.		2,619		233,039
Ralph Lauren Corp.		1,754		227,336
VF Corp.		7,600		629,888
Wolverine World Wide, Inc.		6,236		219,320
				2,427,522
Thrifts & Mortgage Finance — 0.1%
Northwest Bancshares, Inc.		16,729		270,006
Trading Companies & Distributors — 0.3%
HD Supply Holdings, Inc.*		7,666		288,012
WESCO International, Inc.*		2,500		125,450
WW Grainger, Inc.		999		283,686
				697,148
Total Common Stocks (Cost $118,683,885)				117,149,037
Short-Term Investments — 35.1%
Investment Companies — 35.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a) (b) (Cost $70,832,553)		70,832,553		70,832,553
Total Investments — 93.2% (Cost $189,516,438)				187,981,590
Other Assets Less Liabilities — 6.8%				13,646,972
NET ASSETS — 100.0%				201,628,562

Percentages indicated are based on net assets.

Abbreviations

OYJ	—  Public Limited Company
(a)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	—  The rate shown is the current yield as of October 31, 2018.
*	—  Non-income producing security.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
CAC 40 10 Euro Index		8			11/2018		EUR		459,811			(8,520	)
LME Nickel Base Metal		15			11/2018		USD		1,029,645			(84,884	)
LME Zinc Base Metal		38			11/2018		USD		2,419,413			(36,523	)
WTI Crude Oil		46			11/2018		USD		2,994,600			(338,922	)
Australia 10 Year Bond		409			12/2018		AUD		37,482,226			(121,345	)
Australia 3 Year Bond		128			12/2018		AUD		10,100,936			(4,435	)
Canada 10 Year Bond		10			12/2018		CAD		1,003,760			(525	)
Cotton No. 2		102			12/2018		USD		3,919,860			(423,402	)
Euro-Bobl		40			12/2018		EUR		5,955,473			(2,157	)
Euro-Bund		17			12/2018		EUR		3,085,622			(450	)
Euro-Buxl		7			12/2018		EUR		1,401,926			937
FTSE 100 Index		2			12/2018		GBP		181,134			(4,829	)
Lean Hogs		60			12/2018		USD		1,402,800			(23,047	)
Live Cattle		45			12/2018		USD		2,105,100			(3,743	)
LME Aluminum Base Metal		10			12/2018		USD		489,625			(27,875	)
LME Zinc Base Metal		14			12/2018		USD		880,163			(29,255	)
Natural Gas		37			12/2018		USD		1,229,510			(10,233	)
S&P 500 E-Mini Index		19			12/2018		USD		2,574,690			(155,519	)
SPI 200 Index		18			12/2018		AUD		1,853,448			(101,092	)
U.S. Treasury 10 Year Note		275			12/2018		USD		32,583,203			(472,949	)
WTI Crude Oil		7			12/2018		USD		456,680			(60,119	)
Feeder Cattle		56			01/2019		USD		4,203,500			(33,865	)
LME Aluminum Base Metal		2			01/2019		USD		97,425			(2,812	)
100 oz Gold		10			02/2019		USD		1,223,700			27,603
Copper		16			05/2019		USD		1,075,600			(42,455	)
												(1,960,416	)
Short Contracts
IBEX 35 Index		(24	)		11/2018		EUR		(2,413,426	)		14,217
LME Zinc Base Metal		(29	)		11/2018		USD		(1,846,394	)		(38,138	)
Natural Gas		(54	)		11/2018		USD		(1,773,360	)		(145,060	)
100 oz Gold		(22	)		12/2018		USD		(2,680,260	)		14,112
Canada 10 Year Bond		(43	)		12/2018		CAD		(4,316,168	)		67,260
Cocoa		(5	)		12/2018		USD		(111,700	)		2,525
Coffee ‘C’		(25	)		12/2018		USD		(1,056,563	)		18,394
Copper		(15	)		12/2018		USD		(995,625	)		9,023
Corn		(66	)		12/2018		USD		(1,198,725	)		145,093
Cotton No. 2		(3	)		12/2018		USD		(115,290	)		2,466
DAX Index		(6	)		12/2018		EUR		(1,940,654	)		84,292
EURO STOXX 50 Index		(44	)		12/2018		EUR		(1,585,801	)		16,667
Euro-Bund		(52	)		12/2018		EUR		(9,438,372	)		6,721
Euro-Schatz		(126	)		12/2018		EUR		(15,981,815	)		(30,733	)
FTSE/MIB Index		(13	)		12/2018		EUR		(1,395,767	)		106,378

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

DESCRIPTION	NUMBER OF CONTRACTS				EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Hang Seng Index		(8	)			12/2018		HKD		(1,275,412	)		20,234
Japan 10 Year Bond		(25	)			12/2018		JPY		(33,354,013	)		(74,599	)
Lean Hogs		(15	)			12/2018		USD		(350,700	)		(6,044	)
LME Aluminum Base Metal		(10	)			12/2018		USD		(489,625	)		29,525
LME Nickel Base Metal		(4	)			12/2018		USD		(275,196	)		37,020
Long Gilt		(157	)			12/2018		GBP		(24,564,920	)		(14,569	)
Natural Gas		(35	)			12/2018		USD		(1,163,050	)		(27,210	)
S&P 500 E-Mini Index		(161	)			12/2018		USD		(21,817,110	)		1,348,851
Silver		(24	)			12/2018		USD		(1,713,600	)		80,981
SPI 200 Index		(18	)			12/2018		AUD		(1,853,448	)		107,947
U.S. Treasury 10 Year Note		(46	)			12/2018		USD		(5,450,281	)		(8,164	)
U.S. Treasury 2 Year Note		(185	)			12/2018		USD		(38,968,515	)		104,527
U.S. Treasury 5 Year Note		(77	)			12/2018		USD		(8,654,680	)		39,471
U.S. Treasury Long Bond		(21	)			12/2018		USD		(2,904,563	)		21,781
Wheat		(4	)			12/2018		USD		(100,100	)		1,263
LME Aluminum Base Metal		(10	)			01/2019		USD		(487,125	)		23,621
LME Zinc Base Metal		(11	)			01/2019		USD		(686,744	)		47,319
Soybean		(60	)			01/2019		USD		(2,555,250	)		57,986
Lean Hogs		(33	)			02/2019		USD		(862,290	)		(18,627	)
Live Cattle		(18	)			02/2019		USD		(879,840	)		(29,013	)
Sugar No. 11		(36	)			02/2019		USD		(531,821	)		20,388
Coffee ‘C’		(43	)			03/2019		USD		(1,877,756	)		(169,911	)
Corn		(66	)			03/2019		USD		(1,239,975	)		(24,407	)
Wheat		(65	)	��		03/2019		USD		(1,677,000	)		144,346
Sugar No. 11		(265	)			04/2019		USD		(3,947,440	)		(431,370	)
Coffee ‘C’		(42	)			05/2019		USD		(1,874,250	)		(165,108	)
Corn		(43	)			05/2019		USD		(825,063	)		(16,402	)
													1,373,053
													(587,363	)

Abbreviations

AUD	—  Australian Dollar
CAC	—  Continuous Assisted Quotation
CAD	—  Canadian Dollar
DAX	—  Deutscher Aktien Index
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
HKD	—  Hong Kong Dollar

IBEX	—  International Business Exchange
JPY	—  Japanese Yen
LME	—  London Metal Exchange
MIB	—  Milan, Italian Stock Exchange
SPI	—  Australian Securities Exchange
USD	—  United States Dollar
WTI	—  West Texas Intermediate

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Forward foreign currency exchange contracts outstanding as of October 31, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	1,166,226	AUD	1,617,030	HSBC Bank, NA		11/5/2018		21,088
AUD	1,212,274	USD	858,392	HSBC Bank, NA		11/19/2018		239
IDR	33,008,950,592	USD	2,129,747	Goldman Sachs International**		11/19/2018		34,848
INR	164,902,591	USD	2,201,402	Merrill Lynch International**		11/19/2018		21,265
JPY	164,754,985	USD	1,459,765	State Street Corp.		11/19/2018		2,159
TRY	13,743,244	USD	2,185,663	BNP Paribas		11/19/2018		246,905
USD	2,377,233	AUD	3,337,930	Citibank, NA		11/19/2018		13,041
USD	802,688	CAD	1,043,441	Citibank, NA		11/19/2018		9,838
USD	1,637,750	CHF	1,631,780	Citibank, NA		11/19/2018		15,085
USD	11,135,122	CHF	11,030,424	State Street Corp.		11/19/2018		166,312
USD	2,238,464	CZK	50,440,688	Merrill Lynch International		11/19/2018		35,003
USD	2,085,626	EUR	1,796,062	Citibank, NA		11/19/2018		48,590
USD	12,255,836	EUR	10,662,054	HSBC Bank, NA		11/19/2018		163,276
USD	409,516	EUR	360,150	TD Bank Financial Group		11/19/2018		1,046
USD	8,276,764	GBP	6,329,519	Citibank, NA		11/19/2018		180,385
USD	2,154,122	HUF	611,182,231	Citibank, NA		11/19/2018		19,680
USD	2,246,864	ILS	8,162,983	Citibank, NA		11/19/2018		49,303
USD	870,662	JPY	98,030,929	BNP Paribas		11/19/2018		803
USD	398,966	NOK	3,280,776	Deutsche Bank AG		11/19/2018		9,502
USD	2,239,173	THB	73,503,300	Merrill Lynch International		11/19/2018		21,043
USD	2,195,910	TWD	67,774,551	Goldman Sachs International**		11/19/2018		4,172
ZAR	32,189,776	USD	2,140,342	Merrill Lynch International		11/19/2018		37,051
USD	1,145,976	AUD	1,617,030	BNP Paribas		12/5/2018		465
Total unrealized appreciation								1,101,099
CAD	1,043,441	USD	797,850	Goldman Sachs International		11/19/2018		(5,000	)
CAD	7,280,782	USD	5,609,581	HSBC Bank, NA		11/19/2018		(77,339	)
CHF	377,067	USD	379,125	Merrill Lynch International		11/19/2018		(4,164	)
EUR	347,136	USD	399,137	Royal Bank of Canada		11/19/2018		(5,426	)
NOK	96,991,362	USD	11,712,440	State Street Corp.		11/19/2018		(198,496	)
SEK	4,127,737	USD	453,880	Citibank, NA		11/19/2018		(2,198	)
USD	2,486,673	AUD	3,518,771	State Street Corp.		11/19/2018		(5,606	)
USD	402,522	EUR	355,169	State Street Corp.		11/19/2018		(299	)
USD	1,169,358	JPY	131,930,085	TD Bank Financial Group		11/19/2018		(1,300	)
USD	5,274,179	NZD	8,191,938	State Street Corp.		11/19/2018		(72,401	)
USD	191,973	TRY	1,122,931	Barclays Bank plc		11/19/2018		(6,787	)
MXN	41,257,487	USD	2,152,517	Citibank, NA		11/20/2018		(127,650	)
MXN	4,840,073	USD	238,628	HSBC Bank, NA		11/20/2018		(1,084	)
Total unrealized depreciation								(507,750	)
Net unrealized appreciation								593,349

** Non-deliverable forward.

Abbreviations

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CZK	—  Czech Republic Krona
EUR	—  Euro
GBP	—  British Pound
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
ILS	—  Israeli Shekel
INR	—  India Rupee

JPY	—  Japanese Yen
MXN	—  Mexican Peso
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
SEK	—  Swedish Krona
THB	—  Thai Baht
TRY	—  New Turkish Lira
TWD	—  Taiwan Dollar
USD	—  United States Dollar
ZAR	—  South African Rand

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

OTC Total Return Basket Swaps Outstanding at October 31, 2018
COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.	11/18/2019	$	(8,326,059	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
TransDigm Group, Inc.*		(597	)		(197,159	)		—		0.0	(a)
Airlines
Spirit Airlines, Inc.*		(3,938	)		(204,382	)		—		0.0	(a)
Auto Components
Veoneer, Inc.*		(899	)		(30,188	)		—		0.0	(a)
Banks
Signature Bank		(1,794	)		(197,161	)		—		0.0	(a)
Beverages
National Beverage Corp.*		(173	)		(15,994	)		—		0.0	(a)
Commercial Services & Supplies
Covanta Holding Corp.		(13,260	)		(194,789	)		—		0.0	(a)
Healthcare Services Group, Inc.		(4,330	)		(175,755	)		—		0.0	(a)
		(17,590	)		(370,544	)		—		0.0	(a)
Communications Equipment
Acacia Communications, Inc.*		(1,085	)		(37,400	)		—		0.0	(a)
Infinera Corp.*		(27,781	)		(153,907	)		—		0.0	(a)
Lumentum Holdings, Inc.*		(6,597	)		(360,526	)		—		0.0	(a)
ViaSat, Inc.*		(3,157	)		(201,290	)		—		0.0	(a)
		(38,620	)		(753,123	)		—		0.0	(a)
Consumer Finance
LendingClub Corp.*		(40,899	)		(132,104	)		—		0.0	(a)
Distributors
Core-Mark Holding Co., Inc.		(4,266	)		(163,857	)		—		0.0	(a)
Energy Equipment & Services
Weatherford International plc*		(64,035	)		(86,447	)		—		0.0	(a)
Entertainment
Netflix, Inc.*		(449	)		(135,499	)		—		0.0	(a)
Food & Staples Retailing
Casey’s General Stores, Inc.		(1,564	)		(197,236	)		—		0.0	(a)
Health Care Equipment & Supplies
Insulet Corp.*		(1,911	)		(168,569	)		—		0.0	(a)
Nevro Corp.*		(2,876	)		(140,234	)		—		0.0	(a)
Wright Medical Group NV*		(3,097	)		(83,557	)		—		0.0	(a)
		(7,884	)		(392,360	)		—		0.0	(a)
Health Care Technology
Evolent Health, Inc.*		(2,181	)		(48,418	)		—		0.0	(a)
Hotels, Restaurants & Leisure
Eldorado Resorts, Inc.*		(1,785	)		(65,153	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Household Durables
iRobot Corp.*		(1,578	)		(139,132	)		—		0.0	(a)
Interactive Media & Services
Snap, Inc.*		(16,330	)		(107,941	)		—		0.0	(a)
Internet & Direct Marketing Retail
Overstock.com, Inc.*		(2,958	)		(59,515	)		—		0.0	(a)
Wayfair, Inc.*		(1,269	)		(139,958	)		—		0.0	(a)
		(4,227	)		(199,473	)		—		0.0	(a)
IT Services
GTT Communications, Inc.*		(4,565	)		(163,884	)		—		0.0	(a)
Media
Liberty Broadband Corp.*		(1,701	)		(141,064	)		—		0.0	(a)
Metals & Mining
Coeur Mining, Inc.*		(27,070	)		(129,395	)		—		0.0	(a)
Compass Minerals International, Inc.		(3,188	)		(154,650	)		—		0.0	(a)
TimkenSteel Corp.*		(3,824	)		(44,473	)		—		0.0	(a)
		(34,082	)		(328,518	)		—		0.0
Multi-Utilities
Dominion Energy, Inc.		(969	)		(69,206	)		—		0.0	(a)
NiSource, Inc.		(8,318	)		(210,945	)		—		(0.0	)(a)
Sempra Energy		(1,884	)		(207,466	)		—		0.0	(a)
		(11,171	)		(487,617	)		—		(0.0	)(a)
Oil, Gas & Consumable Fuels
Cheniere Energy, Inc.*		(3,448	)		(208,293	)		—		0.0	(a)
Chesapeake Energy Corp.*		(47,567	)		(166,960	)		—		0.0	(a)
Extraction Oil & Gas, Inc.*		(21,716	)		(173,511	)		—		0.0	(a)
Parsley Energy, Inc.*		(6,916	)		(161,973	)		—		0.0	(a)
		(79,647	)		(710,737	)		—		0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(2,955	)		(157,147	)		—		0.0	(a)
Medicines Co. (The)*		(3,356	)		(78,060	)		—		0.0	(a)
Nektar Therapeutics*		(3,345	)		(129,385	)		—		0.0	(a)
Pacira Pharmaceuticals, Inc.*		(4,277	)		(209,102	)		—		0.0	(a)
WaVe Life Sciences Ltd.*		(930	)		(43,422	)		—		0.0	(a)
		(14,863	)		(617,116	)		—		0.0	(a)
Road & Rail
AMERCO		(577	)		(188,379	)		—		0.0	(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(6,348	)		(115,597	)		—		0.0	(a)
MACOM Technology Solutions Holdings, Inc.*		(9,369	)		(131,822	)		—		0.0	(a)
		(15,717	)		(247,419	)		—		0.0	(a)
Software
Appian Corp.*		(8,425	)		(216,607	)		—		0.0	(a)
Autodesk, Inc.*		(1,615	)		(208,739	)		—		0.0	(a)
Benefitfocus, Inc.*		(381	)		(13,537	)		—		0.0	(a)
HubSpot, Inc.*		(1,619	)		(219,617	)		—		0.0	(a)
MINDBODY, Inc.*		(4,740	)		(150,922	)		—		0.0	(a)
Nutanix, Inc.*		(3,914	)		(162,470	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Software — continued
PROS Holdings, Inc.*		(4,744	)		(156,172	)		—		0.0	(a)
		(25,438	)		(1,128,064	)		—		0.0	(a)
Specialty Retail
CarMax, Inc.*		(2,075	)		(140,913	)		—		0.0	(a)
Technology Hardware, Storage & Peripherals
Pure Storage, Inc.*		(9,150	)		(184,647	)		—		0.0	(a)
Trading Companies & Distributors
SiteOne Landscape Supply, Inc.*		(2,326	)		(158,261	)		—		0.0	(a)
Water Utilities
American Water Works Co., Inc.		(2,156	)		(190,871	)		—		0.0	(a)
California Water Service Group		(4,819	)		(202,398	)		—		0.0	(a)
		(6,975	)		(393,269	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swap		(417,096	)		(8,326,059	)		—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	3/29/2019	$	(561,678	)	$	47,557	$	—	$	47,557

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		2,371		16,041		(180	)		(0.0	)(a)
Air Freight & Logistics
Royal Mail plc		13,264		60,894		(1,162	)		(0.0	)(a)
Airlines
International Consolidated Airlines Group SA		37,508		289,167		11,787			0.0	(a)
Wizz Air Holdings plc* (b)		703		23,058		46			0.0	(a)
		38,211		312,225		11,833			0.0	(a)
Distributors
Inchcape plc		12,283		84,835		7,486			0.0	(a)
Energy Equipment & Services
Hunting plc		3,891		33,386		(490	)		(0.0	)(a)
Petrofac Ltd.		20,109		147,872		(2,780	)		(0.0	)(a)
		24,000		181,258		(3,270	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs)
UNITE Group plc (The)		2,063			22,462			50			0.0	(a)
Food & Staples Retailing
Wm Morrison Supermarkets plc		6,351			20,121			(58	)		(0.0	)(a)
Food Products
Tate & Lyle plc		2,295			19,733			(11	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Carnival plc		1,641			89,443			238			0.0	(a)
William Hill plc		27,207			73,138			2,819			0.0	(a)
		28,848			162,581			3,057			0.0	(a)
Household Durables
Berkeley Group Holdings plc		1,899			84,873			2,968			0.0	(a)
Bovis Homes Group plc		18,762			231,898			(3,937	)		(0.0	)(a)
Persimmon plc		866			25,345			(56	)		(0.0	)(a)
Redrow plc		9,543			64,434			(40	)		(0.0	)(a)
Taylor Wimpey plc		11,977			24,661			(26	)		(0.0	)(a)
		43,047			431,211			(1,091	)		(0.0	)(a)
Machinery
Bodycote plc		5,279			53,609			2,708			0.0	(a)
Vesuvius plc		6,418			44,529			(495	)		(0.0	)(a)
		11,697			98,138			2,213			0.0	(a)
Media
Pearson plc		24,777			284,637			8,106			0.0	(a)
Metals & Mining
Anglo American plc		13,506			288,264			4,841			0.0	(a)
Antofagasta plc		3,844			38,479			(584	)		(0.0	)(a)
BHP Billiton plc		13,918			277,646			1,822			0.0	(a)
Centamin plc		70,154			89,088			(2,121	)		(0.0	)(a)
Rio Tinto plc		2,595			125,989			1,670			0.0	(a)
		104,017			819,466			5,628			0.0	(a)
Multi-Utilities
Centrica plc		6,876			12,915			(21	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		584			19,046			(47	)		(0.0	)(a)
Tullow Oil plc*		5,626			16,141			(247	)		(0.0	)(a)
		6,210			35,187			(294	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		326,310			2,561,704			32,286			0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Rolls-Royce Holdings plc*		(19,235	)		(206,280	)		7,599			0.0	(a)
Rolls-Royce Holdings plc* (Preference)		(767,280	)		(981	)		(983	)		0.0	(a)
		(786,515	)		(207,261	)		6,616			0.0	(a)
Banks
Metro Bank plc*		(2,239	)		(63,539	)		(379	)		(0.0	)(a)
Standard Chartered plc		(29,320	)		(205,495	)		496			0.0	(a)
		(31,559	)		(269,034	)		117			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Capital Markets
St James’s Place plc		(15,957	)		(206,216	)		6,189			0.0	(a)
Chemicals
Johnson Matthey plc		(5,509	)		(208,867	)		2,811			0.0	(a)
Containers & Packaging
DS Smith plc		(7,235	)		(36,302	)		196			0.0	(a)
RPC Group plc		(3,000	)		(29,242	)		49			0.0	(a)
		(10,235	)		(65,544	)		245			0.0	(a)
Diversified Telecommunication Services
BT Group plc		(5,550	)		(16,994	)		(40	)		(0.0	)(a)
Inmarsat plc		(4,995	)		(29,048	)		175			0.0	(a)
		(10,545	)		(46,042	)		135			0.0	(a)
Electrical Equipment
Melrose Industries plc		(21,668	)		(46,642	)		345			0.0	(a)
Energy Equipment & Services
John Wood Group plc		(2,493	)		(22,722	)		305			0.0	(a)
Health Care Providers & Services
NMC Health plc		(341	)		(15,375	)		225			0.0	(a)
Hotels, Restaurants & Leisure
Compass Group plc		(8,357	)		(164,372	)		(2,242	)		(0.0	)(a)
InterContinental Hotels Group plc		(3,216	)		(168,743	)		3,733			0.0	(a)
Merlin Entertainments plc(b)		(38,540	)		(159,163	)		2,258			0.0	(a)
		(50,113	)		(492,278	)		3,749			0.0	(a)
Household Durables
Crest Nicholson Holdings plc		(5,597	)		(24,381	)		(1,278	)		(0.0	)(a)
Industrial Conglomerates
DCC plc		(2,421	)		(207,506	)		(1,097	)		(0.0	)(a)
Insurance
Lancashire Holdings Ltd.		(27,640	)		(208,373	)		(4,917	)		(0.0	)(a)
Machinery
Weir Group plc (The)		(10,195	)		(206,311	)		4,850			0.0	(a)
Media
ITV plc		(108,681	)		(206,306	)		4,738			0.0	(a)
Metals & Mining
Fresnillo plc		(18,651	)		(202,253	)		9,628			0.0	(a)
Multiline Retail
B&M European Value Retail SA		(31,015	)		(165,039	)		(10,032	)		(0.0	)(a)
Professional Services
Capita plc*		(18,074	)		(29,601	)		190			0.0	(a)
Real Estate Management & Development
Capital & Counties Properties plc		(7,618	)		(24,306	)		19			0.0	(a)
Software
AVEVA Group plc		(1,095	)		(36,628	)		285			0.0	(a)
Specialty Retail
Kingfisher plc		(8,395	)		(27,260	)		(1,453	)		(0.0	)(a)
Tobacco
British American Tobacco plc		(4,739	)		(205,437	)		(6,399	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(1,179,056	)		(3,123,382	)		15,271			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(852,746	)		(561,678	)		47,557			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month BA on short positions, which is denominated in CAD based on the local currencies of the positions within the swaps.	11/18/2019	$	(2,078,684	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(86,070	)		(208,563	)		—		0.0	(a)
Capital Markets
Thomson Reuters Corp.		(302	)		(14,056	)		—		0.0	(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(802	)		(28,633	)		—		0.0	(a)
Diversified Financial Services
Onex Corp.		(293	)		(19,263	)		—		0.0	(a)
Entertainment
Cineplex, Inc.		(1,937	)		(53,397	)		—		0.0	(a)
Food Products
Saputo, Inc.		(468	)		(14,259	)		—		0.0	(a)
Gas Utilities
AltaGas Ltd.		(6,055	)		(76,122	)		—		0.0	(a)
Independent Power and Renewable Electricity Producers
Northland Power, Inc.		(13,568	)		(208,707	)		—		0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(5,339	)		(188,586	)		—		0.0	(a)
B2Gold Corp.*		(79,315	)		(195,810	)		—		0.0	(a)
First Quantum Minerals Ltd.		(23,260	)		(232,167	)		—		0.0	(a)
Franco-Nevada Corp.		(3,325	)		(207,666	)		—		0.0	(a)
Goldcorp, Inc.		(20,908	)		(188,838	)		—		0.0	(a)
Kinross Gold Corp.*		(7,718	)		(20,050	)		—		0.0	(a)
Yamana Gold, Inc.		(11,474	)		(26,060	)		—		0.0	(a)
		(151,339	)		(1,059,177	)		—		0.0	(a)
Oil, Gas & Consumable Fuels
ARC Resources Ltd.		(3,545	)		(33,014	)		—		0.0	(a)
Paramount Resources Ltd.*		(28,128	)		(205,546	)		—		0.0	(a)
Pembina Pipeline Corp.		(561	)		(18,145	)		—		0.0	(a)
PrairieSky Royalty Ltd.		(2,195	)		(33,347	)		—		0.0	(a)
Seven Generations Energy Ltd.*		(2,216	)		(23,752	)		—		0.0	(a)
TransCanada Corp.		(607	)		(22,889	)		—		(0.0	(a)
Whitecap Resources, Inc.		(12,227	)		(59,814	)		—		0.0	(a)
		(49,479	)		(396,507	)		—		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(310,313	)		(2,078,684	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month EURIBOR on short positions, which is denominated in EUR based on the local currencies of the positions within the swaps.	3/29/2019	$	(6,978,359	)	$	75,900	$	—	$	75,900

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Air Freight & Logistics
Deutsche Post AG		(6,148	)		(194,125	)		(632	)		(0.0	)(a)
Auto Components
Brembo SpA		(3,995	)		(44,228	)		(1,435	)		(0.0	)(a)
Nokian Renkaat OYJ		(1,558	)		(49,558	)		(180	)		(0.0	)(a)
		(5,553	)		(93,786	)		(1,615	)		(0.0	)(a)
Automobiles
Daimler AG (Registered)		(2,721	)		(161,183	)		(7,145	)		(0.0	)(a)
Banks
Bankia SA		(66,022	)		(207,379	)		13,416			0.0	(a)
Commerzbank AG*		(3,623	)		(34,114	)		326			0.0	(a)
		(69,645	)		(241,493	)		13,742			0.0	(a)
Capital Markets
Banca Generali SpA		(2,142	)		(41,243	)		291			0.0	(a)
Deutsche Bank AG (Registered)		(21,073	)		(205,962	)		19,815			0.0	(a)
		(23,215	)		(247,205	)		20,106			0.0	(a)
Chemicals
K+S AG (Registered)		(1,568	)		(29,199	)		43			0.0	(a)
LANXESS AG		(3,388	)		(209,710	)		9,454			0.0	(a)
Lenzing AG		(2,321	)		(210,536	)		7,326			0.0	(a)
OCI NV*		(4,862	)		(138,143	)		9,821			0.0	(a)
Symrise AG		(2,401	)		(201,125	)		(5,838	)		(0.0	)(a)
Umicore SA		(864	)		(40,671	)		516			0.0	(a)
		(15,404	)		(829,384	)		21,322			0.0	(a)
Commercial Services & Supplies
Elis SA		(418	)		(8,429	)		30			0.0	(a)
Construction & Engineering
Boskalis Westminster		(7,131	)		(205,036	)		(5,592	)		(0.0	)(a)
Construction Materials
Imerys SA		(3,210	)		(197,874	)		(3,589	)		(0.0	)(a)
Containers & Packaging
Huhtamaki OYJ		(7,669	)		(215,019	)		11,007			0.0	(a)
Diversified Financial Services
Wendel SA		(97	)		(12,569	)		(26	)		(0.0	)(a)
Diversified Telecommunication Services
Cellnex Telecom SA (b)		(508	)		(12,637	)		(5	)		(0.0	)(a)
Iliad SA		(1,392	)		(160,895	)		13,448			0.0	(a)
		(1,900	)		(173,532	)		13,443			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Electrical Equipment
Nexans SA		(7,230	)		(208,645	)		(7,808	)		(0.0	)(a)
Siemens Gamesa Renewable Energy SA*		(3,715	)		(41,144	)		120			0.0	(a)
		(10,945	)		(249,789	)		(7,688	)		(0.0	)(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(16,565	)		(203,318	)		13,583			0.0	(a)
Food Products
Glanbia plc		(12,153	)		(214,869	)		(19,563	)		(0.0	)(a)
Gas Utilities
Rubis SCA		(3,993	)		(206,015	)		(3,107	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Elior Group SA (b)		(11,820	)		(170,023	)		(10,125	)		(0.0	)(a)
Paddy Power Betfair plc		(1,927	)		(166,315	)		(10,826	)		(0.0	)(a)
		(13,747	)		(336,338	)		(20,951	)		(0.0	)(a)
Household Durables
Neinor Homes SA* (b)		(10,171	)		(163,699	)		6,983			0.0	(a)
Industrial Conglomerates
Siemens AG (Registered)		(1,805	)		(207,479	)		29			0.0	(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(591	)		(23,797	)		(63	)		(0.0	)(a)
Zalando SE* (b)		(2,824	)		(109,162	)		184			0.0	(a)
		(3,415	)		(132,959	)		121			0.0	(a)
IT Services
Bechtle AG		(418	)		(37,121	)		(58	)		(0.0	)(a)
Life Sciences Tools & Services
Eurofins Scientific SE		(410	)		(206,617	)		(13,126	)		(0.0	)(a)
MorphoSys AG*		(1,689	)		(156,396	)		6,983			0.0	(a)
		(2,099	)		(363,013	)		(6,143	)		(0.0	)(a)
Machinery
Alstom SA*		(4,809	)		(210,022	)		(70	)		(0.0	)(a)
ANDRITZ AG		(4,136	)		(214,369	)		2,511			0.0	(a)
Duerr AG		(1,165	)		(41,514	)		(5,191	)		(0.0	)(a)
GEA Group AG		(5,920	)		(179,885	)		(2,926	)		(0.0	)(a)
IMA Industria Macchine Automatiche SpA		(3,209	)		(192,434	)		22,487			0.0	(a)
Outotec OYJ*		(22,033	)		(85,220	)		(618	)		(0.0	)(a)
		(41,272	)		(923,444	)		16,193			0.0	(a)
Media
Altice Europe NV*		(58,750	)		(139,769	)		9,384			0.0	(a)
JCDecaux SA		(6,300	)		(206,815	)		2,005			0.0	(a)
Telenet Group Holding NV		(4,210	)		(203,968	)		18,232			0.1
		(69,260	)		(550,552	)		29,621			0.1
Metals & Mining
Bekaert SA		(1,192	)		(25,745	)		(59	)		(0.0	)(a)
Salzgitter AG		(5,232	)		(209,112	)		(2,736	)		(0.0	)(a)
thyssenkrupp AG		(9,420	)		(197,454	)		15,669			0.0	(a)
		(15,844	)		(432,311	)		12,874			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Multi-Utilities
E.ON SE		(2,404	)		(23,247	)		46			0.0	(a)
RWE AG		(2,193	)		(42,663	)		244			0.0	(a)
		(4,597	)		(65,910	)		290			0.0	(a)
Pharmaceuticals
Orion OYJ		(514	)		(17,681	)		135			0.0	(a)
Professional Services
Bureau Veritas SA		(1,124	)		(25,357	)		(2	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
SOITEC*		(366	)		(26,079	)		212			0.0	(a)
Specialty Retail
Industria de Diseno Textil SA		(1,162	)		(32,751	)		272			0.0	(a)
Transportation Infrastructure
Aeroports de Paris		(55	)		(11,503	)		(80	)		(0.0	)(a)
Getlink		(15,784	)		(198,536	)		(7,872	)		(0.0	)(a)
		(15,839	)		(210,039	)		(7,952	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(368,400	)		(6,978,359	)		75,900			0.1	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps.	3/29/2019	$	1,099,401	$	50,338	$	—	$	50,338

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG* (b)		1,778		156,503		(5,069	)		(0.0	)(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		344		56,101		(314	)		(0.0	)(a)
Insurance
Swiss Life Holding AG (Registered)*		734		276,876		15,603			0.0	(a)
Machinery
Bucher Industries AG (Registered)		1,040		286,822		(10,888	)		(0.0	)(a)
Georg Fischer AG (Registered)		73		67,915		3,552			0.0	(a)
OC Oerlikon Corp. AG (Registered)*		24,172		287,676		6,073			0.0	(a)
		25,285		642,413		(1,263	)		(0.0	)(a)
Pharmaceuticals
Galenica AG* (b)		5,432		291,202		9,126			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Pharmaceuticals — continued
Roche Holding AG		92			22,398			89			0.0	(a)
		5,524			313,600			9,215			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		184			17,754			(26	)		(0.0	)(a)
Swiss Prime Site AG (Registered)*		254			20,610			(9	)		(0.0	)(a)
		438			38,364			(35	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		34,103			1,483,857			18,137			0.0	(a)
Short Positions
Common Stocks
Chemicals
Clariant AG (Registered)*		(714	)		(15,389	)		(19	)		(0.0	)(a)
EMS-Chemie Holding AG (Registered)		(44	)		(24,242	)		6			0.0	(a)
		(758	)		(39,631	)		(13	)		(0.0	)(a)
Household Durables
Forbo Holding AG (Registered)		(111	)		(162,925	)		1,651			0.0	(a)
Machinery
Schindler Holding AG		(178	)		(37,534	)		(80	)		(0.0	)(a)
Marine
Kuehne + Nagel International AG (Registered)		(100	)		(13,898	)		37			0.0	(a)
Semiconductors & Semiconductor Equipment
ams AG*		(3,349	)		(130,468	)		30,606			0.0	(a)
Total Short Positions of Total Return Basket Swap		(4,496	)		(384,456	)		32,201			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		29,607			1,099,401			50,338			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.50)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.	12/11/2018 – 11/19/2019	$	(5,421,379	)	$	151,098	$	—	$	151,098

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Chemicals
Mitsubishi Chemical Holdings Corp.		10,900		84,970		(4,319	)		(0.0	)(a)
Mitsubishi Gas Chemical Co., Inc.		4,100		68,823		(3,740	)		(0.0	)(a)
		15,000		153,793		(8,059	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Construction & Engineering
Taisei Corp.		2,200			94,091			(3,982	)		(0.0	)(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		600			24,743			(1,818	)		(0.0	)(a)
Interactive Media & Services
Mixi, Inc.		2,800			61,180			(2,793	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		14,700			99,327			(4,843	)		(0.0	)(a)
Pharmaceuticals
Astellas Pharma, Inc.		8,800			135,962			(11,322	)		(0.0	)(a)
Shionogi & Co. Ltd.		2,700			172,648			(3,755	)		(0.0	)(a)
		11,500			308,610			(15,077	)		(0.0	)(a)
Trading Companies & Distributors
Sumitomo Corp.		8,700			131,950			(4,292	)		(0.0	)(a)
Wireless Telecommunication Services
NTT DOCOMO, Inc.		5,200			128,954			(5,268	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		60,700			1,002,648			(46,132	)		0.0	(a)
Short Positions
Common Stocks
Auto Components
Toyo Tire & Rubber Co. Ltd.		(1,600	)		(26,691	)		(1,562	)		(0.0	)(a)
Banks
Japan Post Bank Co. Ltd.		(16,800	)		(195,867	)		(5,428	)		(0.0	)(a)
Chemicals
Air Water, Inc.		(11,900	)		(192,769	)		(5,969	)		(0.0	)(a)
Kansai Paint Co. Ltd.		(9,600	)		(141,852	)		6,527			0.0	(a)
Toray Industries, Inc.		(27,600	)		(195,775	)		5,094			0.0	(a)
		(49,100	)		(530,396	)		5,652			0.0	(a)
Commercial Services & Supplies
Park24 Co. Ltd.		(7,700	)		(202,573	)		18,529			0.0	(a)
Construction & Engineering
JGC Corp.		(9,000	)		(174,212	)		17,617			0.0	(a)
Consumer Finance
Aiful Corp.*		(67,200	)		(177,232	)		18,111			0.0	(a)
Electric Utilities
Hokkaido Electric Power Co., Inc.		(34,300	)		(200,185	)		18,075			0.0	(a)
Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(7,800	)		(183,868	)		6,440			0.0	(a)
Murata Manufacturing Co. Ltd.		(1,200	)		(186,762	)		(13,305	)		(0.0	)(a)
		(9,000	)		(370,630	)		(6,865	)		(0.0	)(a)
Food & Staples Retailing
Aeon Co. Ltd.		(8,500	)		(195,094	)		2,463			0.0	(a)
Tsuruha Holdings, Inc.		(1,700	)		(177,429	)		4,420			0.0	(a)
		(10,200	)		(372,523	)		6,883			0.0	(a)
Food Products
Nissin Foods Holdings Co. Ltd.		(3,100	)		(199,886	)		2,870			0.0	(a)
Yamazaki Baking Co. Ltd.*		(10,700	)		(192,869	)		(880	)		(0.0	)(a)
		(13,800	)		(392,755	)		1,990			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(5,000	)		(152,282	)		7,277			0.0	(a)
Kyoritsu Maintenance Co. Ltd.		(3,200	)		(142,166	)		(7,881	)		(0.0	)(a)
Resorttrust, Inc.		(1,900	)		(29,261	)		(1,481	)		(0.0	)(a)
		(10,100	)		(323,709	)		(2,085	)		(0.0	)(a)
Household Durables
Fujitsu General Ltd.		(2,500	)		(37,450	)		(1,971	)		(0.0	)(a)
Industrial Conglomerates
Keihan Holdings Co. Ltd.		(5,900	)		(223,882	)		(1,917	)		(0.0	)(a)
Toshiba Corp.*		(6,900	)		(206,811	)		(2,565	)		(0.0	)(a)
		(12,800	)		(430,693	)		(4,482	)		(0.0	)(a)
Insurance
Japan Post Insurance Co. Ltd.		(8,100	)		(192,916	)		6,650			0.0	(a)
Interactive Media & Services
LINE Corp.*		(4,700	)		(149,845	)		17,395			0.0	(a)
Yahoo Japan Corp.		(64,800	)		(202,163	)		14,918			0.0	(a)
		(69,500	)		(352,008	)		32,313			0.0	(a)
IT Services
GMO internet, Inc.		(9,300	)		(132,901	)		621			0.0	(a)
Machinery
FANUC Corp.		(1,200	)		(208,761	)		(4,668	)		(0.0	)(a)
Nabtesco Corp.		(8,500	)		(186,582	)		(9,466	)		(0.0	)(a)
		(9,700	)		(395,343	)		(14,134	)		(0.0	)(a)
Marine
Kawasaki Kisen Kaisha Ltd.*		(10,000	)		(133,255	)		19,712			0.0	(a)
Mitsui OSK Lines Ltd.		(7,100	)		(172,562	)		3,813			0.0	(a)
Nippon Yusen KK		(11,300	)		(182,223	)		8,355			0.0	(a)
		(28,400	)		(488,040	)		31,880			0.0	(a)
Metals & Mining
Dowa Holdings Co. Ltd.		(6,500	)		(189,171	)		(4,028	)		(0.0	)(a)
Multiline Retail
Marui Group Co. Ltd.		(7,200	)		(155,029	)		1,214			0.0	(a)
Road & Rail
Keio Corp.		(3,700	)		(200,962	)		48			0.0	(a)
Odakyu Electric Railway Co. Ltd.		(8,400	)		(177,582	)		11,806			0.0	(a)
Tokyu Corp.		(12,700	)		(209,810	)		3,142			0.0	(a)
		(24,800	)		(588,354	)		14,996			0.0	(a)
Semiconductors & Semiconductor Equipment
Renesas Electronics Corp.*		(29,100	)		(153,298	)		14,078			0.0	(a)
Trading Companies & Distributors
MonotaRO Co. Ltd.		(7,300	)		(160,940	)		35,089			0.1
Transportation Infrastructure
Mitsubishi Logistics Corp.		(7,900	)		(181,111	)		14,087			0.0	(a)
Total Short Positions of Total Return Basket Swap		(451,900	)		(6,424,027	)		197,230			0.1
Total of Long and Short Positions of Total Return Basket Swap		(391,200	)		(5,421,379	)		151,098			0.1

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.35)% to 0.00%), which is denominated in AUD based on the local currencies of the positions within the swaps.	11/18/2019	$	311,653	$	(1,560	)	$	—	$	(1,560	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food & Staples Retailing
Metcash Ltd.		39,581			77,360			279			0.0	(a)
Media
Nine Entertainment Co. Holdings Ltd.		86,032			103,322			361			0.0	(a)
Metals & Mining
Sandfire Resources NL		46,206			218,479			886			0.0	(a)
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		223,950			278,951			(167	)		(0.0	)(a)
Santos Ltd.		54,393			255,298			(465	)		(0.0	)(a)
Whitehaven Coal Ltd.		26,081			90,091			515			0.0	(a)
		304,424			624,340			(117	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		476,243			1,023,501			1,409			0.0	(a)
Short Positions
Common Stocks
Building Products
Reliance Worldwide Corp. Ltd.		(59,257	)		(211,105	)		(20,329	)		(0.0	)(a)
Chemicals
Nufarm Ltd.		(42,066	)		(170,109	)		3,831			0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(3,517	)		(134,795	)		364			0.0	(a)
Star Entertainment Grp Ltd. (The)		(7,686	)		(25,919	)		(268	)		(0.0	)(a)
		(11,203	)		(160,714	)		96			0.0	(a)
IT Services
NEXTDC Ltd.*		(40,648	)		(169,920	)		13,433			0.0	(a)
Total Short Positions of Total Return Basket Swap		(153,174	)		(711,848	)		(2,969	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		323,069			311,653			(1,560	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	3/29/2019	$	1,068,570	$	46,670	$	—	$	46,670

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Biotechnology
Shire plc		14,161		854,629		35,988		0.0	(a)
Capital Markets
NEX Group plc		14,752		213,941		10,682		0.0	(a)
Sole Realisation Co. plc*‡		153		—		—		0.0
		14,905		213,941		10,682		0.0	(a)
Total Long Positions of Total Return Basket Swap		29,066		1,068,570		46,670		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, which is denominated in CAD based on the local currencies of the positions within the swaps.	12/18/2019	$	25,835	$	(565	)	$	—	$	(565	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Position
Common Stocks
Oil, Gas & Consumable Fuels
Enbridge Income Fund Holdings, Inc.		7,737			179,078			(1,249	)		(0.0	)(a)
Short Position
Common Stocks
Oil, Gas & Consumable Fuels
Enbridge, Inc.		(4,918	)		(153,243	)		684			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		2,819			25,835			(565	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, plus or minus a specified spread (rates range from (0.35)% to 0.00%), which is denominated in JPY based on the local currencies of the positions within the swaps.	5/27/2019	$	(489,223	)	$	2,806	$	—	$	2,806

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Position
Common Stocks
Pharmaceuticals
Takeda Pharmaceutical Co. Ltd.		(11,800	)		(489,223	)		2,806		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions, which is denominated in AUD based on the local currencies of the positions within the swaps.	11/18/2019	$	658,861	$	2,694	$	—	$	2,694

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Position
Common Stocks
Health Care Providers & Services
Healthscope Ltd.		439,143		658,861		2,694		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, which is denominated in USD based on the local currencies of the positions within the swaps.	11/18/2019	$	65	$	(334	)	$	—	$	(334	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Position
Common Stocks
Media
Media General, Inc. CVR‡		1,329		65		(334	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.	9/12/2019	$	(29,442,419	)	$	664,398	$	2,242,982	$	2,907,380

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Cubic Corp.		(3,143	)		(206,212	)		5,563			0.0	(a)
Kratos Defense & Security Solutions, Inc.*		(16,424	)		(205,793	)		15,767			0.0	(a)
Mercury Systems, Inc.*		(4,588	)		(214,994	)		(195	)		(0.0	)(a)
TransDigm Group, Inc.*		(57	)		(18,824	)		(30	)		(0.0	)(a)
Triumph Group, Inc.		(11,522	)		(210,276	)		1,208			0.0	(a)
		(35,734	)		(856,099	)		22,313			0.0	(a)
Air Freight & Logistics
Air Transport Services Group, Inc.*		(10,753	)		(210,759	)		8,736			0.0	(a)
United Parcel Service, Inc.		(1,914	)		(203,917	)		15,676			0.0	(a)
		(12,667	)		(414,676	)		24,412			0.0	(a)
Airlines
American Airlines Group, Inc.		(5,994	)		(210,269	)		(19,349	)		(0.0	)(a)
Auto Components
Cooper Tire & Rubber Co.		(5,207	)		(160,844	)		(32,513	)		(0.0	)(a)
Gentherm, Inc.*		(3,761	)		(164,130	)		(17,980	)		(0.0	)(a)
Veoneer, Inc.*		(4,068	)		(136,604	)		21,948			0.0	(a)
		(13,036	)		(461,578	)		(28,545	)		(0.0	)(a)
Banks
First Republic Bank		(2,307	)		(209,914	)		(2,330	)		(0.0	)(a)
Beverages
Brown-Forman Corp.		(4,466	)		(206,954	)		4,924			0.0	(a)
Coca-Cola Bottling Co. Consolidated		(1,201	)		(207,329	)		(6,030	)		(0.0	)(a)
National Beverage Corp.*		(1,993	)		(184,253	)		15,884			0.0	(a)
		(7,660	)		(598,536	)		14,778			0.0	(a)
Capital Markets
Cboe Global Markets, Inc.		(1,856	)		(209,450	)		(17,725	)		(0.0	)(a)
MarketAxess Holdings, Inc.		(956	)		(200,444	)		(14,292	)		(0.0	)(a)
WisdomTree Investments, Inc.		(26,430	)		(205,361	)		(11,629	)		(0.0	)(a)
		(29,242	)		(615,255	)		(43,646	)		(0.0	)(a)
Chemicals
Albemarle Corp.		(2,139	)		(212,232	)		(7,148	)		(0.0	)(a)
GCP Applied Technologies, Inc.*		(7,700	)		(199,969	)		(11,165	)		(0.0	)(a)
International Flavors & Fragrances, Inc.		(1,423	)		(205,851	)		(11,100	)		(0.0	)(a)
NewMarket Corp.		(536	)		(206,875	)		(2,846	)		(0.0	)(a)
PQ Group Holdings, Inc.*		(13,415	)		(215,311	)		536			0.0	(a)
RPM International, Inc.		(3,332	)		(203,818	)		(5,263	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Chemicals — continued
Valvoline, Inc.		(10,320	)		(205,574	)		221			0.0	(a)
		(38,865	)		(1,449,630	)		(36,765	)		(0.0	)(a)
Commercial Services & Supplies
ABM Industries, Inc.		(6,688	)		(205,656	)		7,141			0.0	(a)
Brink’s Co. (The)		(3,171	)		(210,301	)		(9,302	)		(0.0	)(a)
Covanta Holding Corp.		(979	)		(14,381	)		(32	)		(0.0	)(a)
Healthcare Services Group, Inc.		(592	)		(24,029	)		492			0.0	(a)
		(11,430	)		(454,367	)		(1,701	)		(0.0	)(a)
Communications Equipment
Acacia Communications, Inc.*		(4,954	)		(170,764	)		21,401			0.0	(a)
ADTRAN, Inc.		(15,142	)		(203,508	)		5,575			0.0	(a)
Extreme Networks, Inc.*		(40,654	)		(225,630	)		(14,522	)		(0.0	)(a)
Finisar Corp.*		(12,588	)		(210,094	)		11,329			0.0	(a)
Infinera Corp.*		(10,548	)		(58,436	)		355			0.0	(a)
ViaSat, Inc.*		(199	)		(12,688	)		(61	)		(0.0	)(a)
		(84,085	)		(881,120	)		24,077			0.0	(a)
Construction Materials
Martin Marietta Materials, Inc.		(1,239	)		(212,216	)		(10,174	)		(0.0	)(a)
Summit Materials, Inc.*		(16,306	)		(220,131	)		4,790			0.0	(a)
Vulcan Materials Co.		(2,100	)		(212,394	)		(12,445	)		(0.0	)(a)
		(19,645	)		(644,741	)		(17,829	)		(0.0	)(a)
Consumer Finance
LendingClub Corp.*		(25,472	)		(82,275	)		5,449			0.0	(a)
Diversified Telecommunication Services
Cincinnati Bell, Inc.*		(14,807	)		(210,112	)		(14,251	)		(0.0	)(a)
Zayo Group Holdings, Inc.*		(7,014	)		(209,578	)		12,300			0.0	(a)
		(21,821	)		(419,690	)		(1,951	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Cognex Corp.		(4,950	)		(212,058	)		4,083			0.0	(a)
Fitbit, Inc.*		(47,001	)		(222,315	)		3,759			0.0	(a)
II-VI, Inc.*		(5,750	)		(214,072	)		13,136			0.0	(a)
		(57,701	)		(648,445	)		20,978			0.0	(a)
Energy Equipment & Services
Baker Hughes a GE Co.		(7,621	)		(203,404	)		25,724			0.0	(a)
C&J Energy Services, Inc.*		(11,573	)		(217,341	)		15,434			0.0	(a)
Ensco plc		(29,805	)		(212,808	)		26,837			0.0	(a)
Forum Energy Technologies, Inc.*		(23,634	)		(211,761	)		5,862			0.0	(a)
Keane Group, Inc.*		(17,764	)		(223,293	)		(6,395	)		(0.0	)(a)
Patterson-UTI Energy, Inc.		(13,417	)		(223,259	)		(4,830	)		(0.0	)(a)
Select Energy Services, Inc.*		(21,685	)		(207,309	)		7,787			0.0	(a)
Weatherford International plc*		(100,840	)		(136,134	)		28,978			0.0	(a)
		(226,339	)		(1,635,309	)		99,397			0.0	(a)
Entertainment
Netflix, Inc.*		(278	)		(83,895	)		1,281			0.0	(a)
Equity Real Estate Investment Trusts (REITs)
Alexander & Baldwin, Inc.		(10,099	)		(197,334	)		6,362			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food & Staples Retailing
PriceSmart, Inc.		(3,043	)		(213,466	)		17,971			0.0	(a)
Food Products
Kraft Heinz Co. (The)		(3,560	)		(195,693	)		2,029			0.0	(a)
Gas Utilities
Southwest Gas Holdings, Inc.		(2,747	)		(212,260	)		5,686			0.0	(a)
Spire, Inc.		(2,810	)		(203,950	)		3,962			0.0	(a)
		(5,557	)		(416,210	)		9,648			0.0	(a)
Health Care Equipment & Supplies
Heska Corp.*		(1,991	)		(199,538	)		(259	)		(0.0	)(a)
Hologic, Inc.*		(5,243	)		(204,425	)		11,063			0.0	(a)
Insulet Corp.*		(522	)		(46,046	)		(193	)		(0.0	)(a)
iRhythm Technologies, Inc.*		(2,595	)		(200,490	)		14,091			0.0	(a)
Nevro Corp.*		(1,398	)		(68,166	)		3,695			0.0	(a)
Penumbra, Inc.*		(1,552	)		(211,072	)		7,512			0.0	(a)
ViewRay, Inc.*		(24,600	)		(212,790	)		(14,802	)		(0.0	)(a)
Wright Medical Group NV*		(4,580	)		(123,568	)		5,464			0.0	(a)
		(42,481	)		(1,266,095	)		26,571			0.0	(a)
Health Care Technology
Evolent Health, Inc.*		(7,093	)		(157,465	)		19,577			0.0	(a)
Medidata Solutions, Inc.*		(2,950	)		(207,385	)		1,741			0.0	(a)
Omnicell, Inc.*		(2,895	)		(204,676	)		(17,602	)		(0.0	)(a)
Teladoc Health, Inc.*		(3,125	)		(216,688	)		(3,469	)		(0.0	)(a)
		(16,063	)		(786,214	)		247			0.0	(a)
Hotels, Restaurants & Leisure
Caesars Entertainment Corp.*		(20,343	)		(174,746	)		20,475			0.0	(a)
Eldorado Resorts, Inc.*		(2,955	)		(107,858	)		31,796			0.0	(a)
Golden Entertainment, Inc.*		(9,281	)		(168,636	)		21,577			0.0	(a)
		(32,579	)		(451,240	)		73,848			0.0	(a)
Household Durables
Installed Building Products, Inc.*		(5,373	)		(163,661	)		2,687			0.0	(a)
iRobot Corp.*		(470	)		(41,440	)		1,217			0.0	(a)
Mohawk Industries, Inc.*		(1,334	)		(166,390	)		28,568			0.0	(a)
		(7,177	)		(371,491	)		32,472			0.0	(a)
Household Products
Spectrum Brands Holdings, Inc.		(3,201	)		(207,905	)		4,167			0.0	(a)
Independent Power and Renewable Electricity Producers
Ormat Technologies, Inc.		(3,839	)		(196,442	)		954			0.0	(a)
TerraForm Power, Inc.		(18,087	)		(203,840	)		(1,628	)		(0.0	)(a)
		(21,926	)		(400,282	)		(674	)		(0.0	)(a)
Insurance
Alleghany Corp.		(355	)		(213,242	)		2,091			0.0	(a)
Arch Capital Group Ltd.*		(7,451	)		(211,385	)		(5,588	)		(0.0	)(a)
Markel Corp.*		(189	)		(206,622	)		5,791			0.0	(a)
ProAssurance Corp.		(4,668	)		(205,019	)		683			0.0	(a)
Willis Towers Watson plc		(1,440	)		(206,150	)		(6,379	)		(0.0	)(a)
		(14,103	)		(1,042,418	)		(3,402	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Interactive Media & Services
Snap, Inc.*		(15,978	)		(105,615	)		1,822			0.0	(a)
TrueCar, Inc.*		(17,793	)		(202,484	)		5,008			0.0	(a)
		(33,771	)		(308,099	)		6,830			0.0	(a)
Internet & Direct Marketing Retail
Groupon, Inc.*		(50,371	)		(164,713	)		(3,224	)		(0.0	)(a)
Overstock.com, Inc.*		(5,349	)		(107,622	)		27,066			0.0	(a)
Wayfair, Inc.*		(285	)		(31,433	)		175			0.0	(a)
		(56,005	)		(303,768	)		24,017			0.0	(a)
IT Services
Gartner, Inc.*		(1,461	)		(215,527	)		(3,413	)		(0.0	)(a)
GTT Communications, Inc.*		(17	)		(610	)		1			0.0	(a)
InterXion Holding NV*		(3,628	)		(213,580	)		6,764			0.0	(a)
Twilio, Inc.*		(2,362	)		(177,670	)		(8,243	)		(0.0	)(a)
		(7,468	)		(607,387	)		(4,891	)		(0.0	)(a)
Leisure Products
Mattel, Inc.*		(11,993	)		(162,865	)		5,731			0.0	(a)
Machinery
Albany International Corp.		(3,093	)		(216,448	)		(705	)		(0.0	)(a)
CIRCOR International, Inc.*		(6,589	)		(214,208	)		23,803			0.0	(a)
Evoqua Water Technologies Corp.*		(23,031	)		(221,098	)		62,582			0.1
Gardner Denver Holdings, Inc.*		(8,009	)		(216,724	)		(26,195	)		(0.0	)(a)
John Bean Technologies Corp.		(2,051	)		(213,242	)		874			0.0	(a)
Mueller Water Products, Inc.		(20,130	)		(206,534	)		10,268			0.0	(a)
REV Group, Inc.		(19,747	)		(215,440	)		24,993			0.0	(a)
Wabtec Corp.		(2,427	)		(199,062	)		33,861			0.0	(a)
		(85,077	)		(1,702,756	)		129,481			0.1
Media
Altice USA, Inc.		(13,516	)		(220,446	)		14,085			0.0	(a)
Charter Communications, Inc.*		(657	)		(210,483	)		(3,174	)		(0.0	)(a)
EW Scripps Co. (The)		(12,568	)		(211,394	)		232			0.0	(a)
GCI Liberty, Inc.*		(4,257	)		(201,484	)		(10,100	)		(0.0	)(a)
Liberty Broadband Corp.*		(850	)		(70,490	)		(2,584	)		(0.0	)(a)
Liberty Global plc*		(8,483	)		(217,419	)		(3,027	)		(0.0	)(a)
New York Times Co. (The)		(8,009	)		(211,438	)		(8,691	)		(0.0	)(a)
		(48,340	)		(1,343,154	)		(13,259	)		(0.0	)(a)
Metals & Mining
AK Steel Holding Corp.*		(59,355	)		(219,614	)		39,567			0.1
Coeur Mining, Inc.*		(15,675	)		(74,927	)		7,467			0.0	(a)
Compass Minerals International, Inc.		(1,198	)		(58,115	)		(879	)		(0.0	)(a)
Constellium NV*		(23,554	)		(213,399	)		16,231			0.0	(a)
Hecla Mining Co.		(84,448	)		(202,675	)		33,894			0.0	(a)
TimkenSteel Corp.*		(13,932	)		(162,029	)		9,613			0.0	(a)
		(198,162	)		(930,759	)		105,893			0.1
Multi-Utilities
Dominion Energy, Inc.		(2,396	)		(171,122	)		1,941			0.0	(a)
Oil, Gas & Consumable Fuels
Concho Resources, Inc.*		(1,530	)		(212,808	)		(2,391	)		(0.0	)(a)
Extraction Oil & Gas, Inc.*		(5,404	)		(43,178	)		13,456			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Golar LNG Ltd.		(7,884	)		(211,133	)		5,851			0.0	(a)
Matador Resources Co.*		(7,203	)		(207,735	)		19,453			0.0	(a)
Parsley Energy, Inc.*		(1,894	)		(44,357	)		1,966			0.0	(a)
QEP Resources, Inc.*		(24,383	)		(217,253	)		29,592			0.0	(a)
SemGroup Corp.		(11,229	)		(207,624	)		22,817			0.0	(a)
		(59,527	)		(1,144,088	)		90,744			0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(1,067	)		(56,743	)		4,213			0.0	(a)
Collegium Pharmaceutical, Inc.*		(12,575	)		(201,829	)		10,689			0.0	(a)
Intra-Cellular Therapies, Inc.*		(12,575	)		(213,523	)		16,706			0.0	(a)
Medicines Co. (The)*		(5,395	)		(125,488	)		21,472			0.0	(a)
Nektar Therapeutics*		(2,193	)		(84,825	)		(4,460	)		(0.0	)(a)
Revance Therapeutics, Inc.*		(9,114	)		(198,412	)		22,785			0.0	(a)
Theravance Biopharma, Inc.*		(8,343	)		(202,485	)		36,268			0.1
WaVe Life Sciences Ltd.*		(3,764	)		(175,741	)		8,017			0.0	(a)
Zogenix, Inc.*		(4,912	)		(205,125	)		(12,920	)		(0.0	)(a)
		(59,938	)		(1,464,171	)		102,770			0.1
Real Estate Management & Development
Redfin Corp.*		(8,853	)		(136,779	)		9,119			0.0	(a)
Road & Rail
AMERCO		(64	)		(20,895	)		291			0.0	(a)
Heartland Express, Inc.		(10,692	)		(208,173	)		2,670			0.0	(a)
Hertz Global Holdings, Inc.*		(14,871	)		(204,476	)		15,188			0.0	(a)
		(25,627	)		(433,544	)		18,149			0.0	(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(5,730	)		(104,343	)		5,923			0.0	(a)
Cree, Inc.*		(5,219	)		(202,602	)		(6,054	)		(0.0	)(a)
MACOM Technology Solutions Holdings, Inc.*		(5,620	)		(79,074	)		(1,395	)		(0.0	)(a)
MaxLinear, Inc.*		(12,213	)		(237,054	)		(24,543	)		(0.0	)(a)
Power Integrations, Inc.		(3,771	)		(212,383	)		(7,485	)		(0.0	)(a)
Universal Display Corp.		(1,921	)		(236,302	)		(13,242	)		(0.0	)(a)
		(34,474	)		(1,071,758	)		(46,796	)		(0.0	)(a)
Software
Benefitfocus, Inc.*		(5,670	)		(201,455	)		(20,129	)		(0.0	)(a)
Box, Inc.*		(11,885	)		(213,930	)		7,075			0.0	(a)
Cloudera, Inc.*		(15,691	)		(215,908	)		(7,167	)		(0.0	)(a)
FireEye, Inc.*		(11,976	)		(221,436	)		(9,581	)		(0.0	)(a)
Instructure, Inc.*		(6,081	)		(227,065	)		(32,973	)		(0.0	)(a)
MINDBODY, Inc.*		(1,726	)		(54,956	)		(110	)		(0.0	)(a)
Nutanix, Inc.*		(1,268	)		(52,635	)		(4,425	)		(0.0	)(a)
PROS Holdings, Inc.*		(1,321	)		(43,487	)		(1,325	)		(0.0	)(a)
		(55,618	)		(1,230,872	)		(68,635	)		(0.0	)(a)
Specialty Retail
CarMax, Inc.*		(351	)		(23,836	)		316			0.0	(a)
Floor & Decor Holdings, Inc.*		(6,496	)		(166,168	)		7,316			0.0	(a)
L Brands, Inc.		(5,111	)		(165,698	)		(8,280	)		(0.0	)(a)
Murphy USA, Inc.*		(1,965	)		(158,438	)		(1,825	)		(0.0	)(a)
National Vision Holdings, Inc.*		(3,993	)		(165,430	)		1,318			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Specialty Retail — continued
Ulta Beauty, Inc.*		(619	)		(169,928	)		(434	)		(0.0	)(a)
		(18,535	)		(849,498	)		(1,589	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Cray, Inc.*		(10,149	)		(230,281	)		(24,678	)		(0.0	)(a)
Pure Storage, Inc.*		(1,625	)		(32,792	)		168			0.0	(a)
		(11,774	)		(263,073	)		(24,510	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Skechers U.S.A., Inc.*		(5,796	)		(165,592	)		(10,468	)		(0.0	)(a)
Thrifts & Mortgage Finance
Kearny Financial Corp.		(15,530	)		(200,958	)		2,485			0.0	(a)
LendingTree, Inc.*		(1,069	)		(215,607	)		11,633			0.0	(a)
		(16,599	)		(416,565	)		14,118			0.0	(a)
Tobacco
Philip Morris International, Inc.		(2,213	)		(194,899	)		(1,217	)		(0.0	)(a)
Vector Group Ltd.		(15,111	)		(204,301	)		(4,685	)		(0.0	)(a)
		(17,324	)		(399,200	)		(5,902	)		(0.0	)(a)
Trading Companies & Distributors
Herc Holdings, Inc.*		(6,605	)		(211,756	)		1,442			0.0	(a)
MRC Global, Inc.*		(13,551	)		(214,512	)		15,648			0.0	(a)
NOW, Inc.*		(16,383	)		(210,358	)		33,310			0.0	(a)
SiteOne Landscape Supply, Inc.*		(972	)		(66,135	)		(2,249	)		(0.0	)(a)
		(37,511	)		(702,761	)		48,151			0.0	(a)
Transportation Infrastructure
Macquarie Infrastructure Corp.		(5,487	)		(202,745	)		25,831			0.0	(a)
Water Utilities
American Water Works Co., Inc.		(148	)		(13,102	)		129			0.0	(a)
Aqua America, Inc.		(6,290	)		(204,614	)		27,736			0.0	(a)
		(6,438	)		(217,716	)		27,865			0.0	(a)
Total Short Positions of Total Return Basket Swap		(1,558,778	)		(29,442,419	)		664,398			0.3

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.	9/12/2019	$	12,867,906	$	(98,441	)	$	(109,022	)	$	(207,463	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Dassault Aviation SA		174		288,724		(744	)		(0.0	)(a)
Auto Components
Cie Plastic Omnium SA		8,287		230,397		(11,727	)		(0.0	)(a)
Faurecia SA		4,564		221,255		4,122			0.0	(a)
		12,851		451,652		(7,605	)		(0.0	)(a)
Automobiles
Peugeot SA		9,340		222,019		6,388			0.0	(a)
Capital Markets
AURELIUS Equity Opportunities SE & Co. KGaA		6,161		286,553		(920	)		(0.0	)(a)
Chemicals
Arkema SA		2,710		284,316		(8,544	)		(0.0	)(a)
Covestro AG (b)		4,466		288,007		(5,925	)		(0.0	)(a)
		7,176		572,323		(14,469	)		(0.0	)(a)
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		7,508		281,110		(818	)		(0.0	)(a)
Eiffage SA		2,915		284,684		(12,292	)		(0.0	)(a)
HOCHTIEF AG		1,911		283,188		(5,089	)		(0.0	)(a)
Maire Tecnimont SpA		66,086		288,885		7,947			0.0	(a)
		78,420		1,137,867		(10,252	)		(0.0	)(a)
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		17,498		286,996		(1,378	)		(0.0	)(a)
DNA OYJ		15,125		296,406		(27,417	)		(0.0	)(a)
Orange SA		17,938		279,983		(3,502	)		(0.0	)(a)
		50,561		863,385		(32,297	)		(0.0	)(a)
Electric Utilities
Endesa SA		12,926		270,271		3,718			0.0	(a)
Red Electrica Corp. SA		13,786		285,459		4,975			0.0	(a)
Terna Rete Elettrica Nazionale SpA		53,649		277,123		4,982			0.0	(a)
Verbund AG		7,111		286,234		(9,062	)		(0.0	)(a)
		87,472		1,119,087		4,613			0.0	(a)
Electrical Equipment
Schneider Electric SE		3,937		284,689		8,328			0.0	(a)
Signify NV (b)		11,628		286,450		237			0.0	(a)
		15,565		571,139		8,565			0.0	(a)
Food & Staples Retailing
Koninklijke Ahold Delhaize NV		12,421		284,323		4,034			0.0	(a)
Gas Utilities
Italgas SpA		54,838		282,939		1,848			0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		7,756		289,267		(21,510	)		(0.0	)(a)
Independent Power and Renewable Electricity Producers
ERG SpA		15,161		282,815		(16,559	)		(0.0	)(a)
Uniper SE		9,543		275,395		(14,735	)		(0.0	)(a)
		24,704		558,210		(31,294	)		(0.0	)(a)
Industrial Conglomerates
Rheinmetall AG		3,345		289,489		(2,471	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Insurance
Aegon NV		47,598		291,902		4,846			0.0	(a)
Ageas		5,717		286,050		3,634			0.0	(a)
ASR Nederland NV		6,003		272,520		(4,344	)		(0.0	)(a)
NN Group NV		6,305		270,725		(6,426	)		(0.0	)(a)
Poste Italiane SpA (b)		40,041		287,310		8,016			0.0	(a)
UnipolSai Assicurazioni SpA		130,533		284,986		5,068			0.0	(a)
		236,197		1,693,493		10,794			0.0	(a)
IT Services
Amadeus IT Group SA		3,584		288,600		(3,579	)		(0.0	)(a)
CANCOM SE		7,389		301,277		2,991			0.0	(a)
		10,973		589,877		(588	)		(0.0	)(a)
Machinery
Fincantieri SpA		194,893		283,937		(8,782	)		(0.0	)(a)
Valmet OYJ		12,730		289,847		15,598			0.0	(a)
		207,623		573,784		6,816			0.0	(a)
Media
Eutelsat Communications SA		13,410		271,614		(54,492	)		(0.1	)
Mediaset Espana Comunicacion SA		41,680		283,417		1,608			0.0	(a)
ProSiebenSat.1 Media SE		12,339		284,926		(5,620	)		(0.0	)(a)
Publicis Groupe SA		4,874		282,141		(12,908	)		(0.0	)(a)
		72,303		1,122,098		(71,412	)		(0.1	)
Metals & Mining
Aurubis AG		4,753		288,505		(5,259	)		(0.0	)(a)
Eramet		3,078		283,350		11,670			0.0	(a)
		7,831		571,855		6,411			0.0	(a)
Multi-Utilities
A2A SpA		178,062		286,921		(3,351	)		(0.0	)(a)
Engie SA		21,588		286,844		954			0.0	(a)
Hera SpA		103,602		285,929		(961	)		(0.0	)(a)
Iren SpA		129,066		279,655		(1,212	)		(0.0	)(a)
		432,318		1,139,349		(4,570	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Enagas SA		10,602		281,096		4,105			0.0	(a)
Eni SpA		15,697		278,775		6,864			0.0	(a)
Galp Energia SGPS SA		16,444		285,932		(6,257	)		(0.0	)(a)
Neste OYJ		3,464		284,446		3,197			0.0	(a)
OMV AG		5,381		298,821		(936	)		(0.0	)(a)
Repsol SA		16,037		286,563		(8,288	)		(0.0	)(a)
Saras SpA		145,664		284,271		(5,013	)		(0.0	)(a)
TOTAL SA		4,813		282,405		(5,569	)		(0.0	)(a)
		218,102		2,282,309		(11,897	)		(0.0	)(a)
Paper & Forest Products
Ence Energia y Celulosa SA		32,534		273,280		(3,217	)		(0.0	)(a)
UPM-Kymmene OYJ		8,941		287,442		(13,261	)		(0.0	)(a)
		41,475		560,722		(16,478	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Pharmaceuticals
Bayer AG (Registered)		3,741			286,757			(41,817	)		(0.0	)(a)
Merck KGaA		2,588			276,924			5,298			0.0	(a)
Sanofi		3,278			292,924			3,970			0.0	(a)
UCB SA		3,314			278,310			3,877			0.0	(a)
		12,921			1,134,915			(28,672	)		(0.0	)(a)
Real Estate Management & Development
Grand City Properties SA		11,858			286,677			617			0.0	(a)
LEG Immobilien AG		2,591			283,220			(9,629	)		(0.0	)(a)
Nexity SA		5,877			281,043			(10,195	)		(0.0	)(a)
TAG Immobilien AG		12,529			285,813			(2,763	)		(0.0	)(a)
		32,855			1,136,753			(21,970	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		13,675			292,344			9,722			0.0	(a)
Siltronic AG		3,114			285,195			(29,053	)		(0.0	)(a)
		16,789			577,539			(19,331	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Christian Dior SE		599			231,734			8,890			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,660,770			18,831,405			(238,121	)		(0.1	)
Short Positions
Common Stocks
Air Freight & Logistics
bpost SA		(13,823	)		(209,786	)		(4,996	)		(0.0	)(a)
Auto Components
Brembo SpA		(10,284	)		(113,853	)		328			0.0	(a)
Gestamp Automocion SA (b)		(26,304	)		(166,780	)		(192	)		(0.0	)(a)
Nokian Renkaat OYJ		(3,925	)		(124,848	)		22,978			0.0	(a)
		(40,513	)		(405,481	)		23,114			0.0	(a)
Banks
Commerzbank AG*		(18,203	)		(171,398	)		7,057			0.0	(a)
Capital Markets
Banca Generali SpA		(8,460	)		(162,892	)		26,447			0.0	(a)
Chemicals
K+S AG (Registered)		(9,492	)		(176,760	)		10,440			0.0	(a)
OCI NV*		(2,481	)		(70,492	)		5,383			0.0	(a)
Umicore SA		(3,520	)		(165,697	)		(103	)		(0.0	)(a)
		(15,493	)		(412,949	)		15,720			0.0	(a)
Commercial Services & Supplies
Elis SA		(9,857	)		(198,758	)		(8,008	)		(0.0	)(a)
Diversified Financial Services
Wendel SA		(1,492	)		(193,328	)		(2,132	)		(0.0	)(a)
Diversified Telecommunication Services
Cellnex Telecom SA (b)		(7,923	)		(197,095	)		(2,485	)		(0.0	)(a)
Iliad SA		(388	)		(44,847	)		4,133			0.0	(a)
		(8,311	)		(241,942	)		1,648			0.0	(a)
Electrical Equipment
Siemens Gamesa Renewable Energy SA*		(15,192	)		(168,251	)		579			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES				NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Energy Equipment & Services
CGG SA*		(85,005	)			(205,629	)		10,322			0.0	(a)
Food Products
Kerry Group plc		(2,013	)			(206,342	)		(1,595	)		(0.0	)(a)
Health Care Providers & Services
Orpea		(1,673	)			(205,968	)		(5,357	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Sodexo SA		(1,588	)			(162,098	)		(5,378	)		(0.0	)(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(3,664	)			(147,531	)		2,267			0.0	(a)
Rocket Internet SE* (b)		(5,545	)			(160,103	)		(7,631	)		(0.0	)(a)
Zalando SE* (b)		(1,344	)			(51,953	)		(2,455	)		(0.0	)(a)
		(10,553	)			(359,587	)		(7,819	)		(0.0	)(a)
IT Services
Bechtle AG		(1,952	)			(173,352	)		11,132			0.0	(a)
Indra Sistemas SA*		(21,083	)			(208,372	)		7,411			0.0	(a)
		(23,035	)			(381,724	)		18,543			0.0	(a)
Life Sciences Tools & Services
MorphoSys AG*		(571	)			(52,873	)		2,601			0.0	(a)
Machinery
Duerr AG		(4,780	)			(170,332	)		(5,089	)		(0.0	)(a)
GEA Group AG		(848	)			(25,767	)		136			0.0	(a)
Outotec OYJ*		(36,934	)			(142,854	)		64,223			0.0	(a)
		(42,562	)			(338,953	)		59,270			0.0	(a)
Media
Altice Europe NV*		(27,345	)			(65,055	)		8,301			0.0	(a)
Metals & Mining
AMG Advanced Metallurgical Group NV		(4,437	)			(211,107	)		(7,668	)		(0.0	)(a)
Bekaert SA		(8,345	)			(180,232	)		1,876			0.0	(a)
thyssenkrupp AG		(486	)			(10,187	)		920			0.0	(a)
				��
		(13,268	)			(401,526	)		(4,872	)		(0.0	)(a)
Multi-Utilities
E.ON SE		(18,929	)			(183,044	)		(1,789	)		(0.0	)(a)
RWE AG		(8,264	)			(160,770	)		4,217			0.0	(a)
Suez		(13,757	)			(198,435	)		535			0.0	(a)
		(40,950	)			(542,249	)		2,963			0.0	(a)
Pharmaceuticals
Orion OYJ		(5,427	)			(186,685	)		3,043			0.0	(a)
Professional Services
Bureau Veritas SA		(8,078	)			(182,240	)		(5,031	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
SOITEC*		(2,517	)			(179,348	)		7,392			0.0	(a)
Specialty Retail
Industria de Diseno Textil SA		(4,722	)			(133,088	)		(1,457	)		(0.0	)(a)
Transportation Infrastructure
Aeroports de Paris		(934	)			(195,349	)		(675	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(401,585	)			(5,963,499	)		139,680			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		1,259,185				12,867,906			(98,441	)		(0.1	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in JPY based on the local currencies of the positions within the swaps.	9/12/2019	$	8,910,956	$	(484,795	)	$	767,983	$	283,188

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Keihin Corp.		11,200		220,527		(2,222	)		(0.0	)(a)
Showa Corp.		13,500		185,779		1,314			0.0	(a)
TS Tech Co. Ltd.		7,500		215,851		(342	)		(0.0	)(a)
		32,200		622,157		(1,250	)		(0.0	)(a)
Beverages
Kirin Holdings Co. Ltd.		11,000		262,488		3,547			0.0	(a)
Chemicals
Asahi Kasei Corp.		22,700		272,365		(27,698	)		(0.0	)(a)
Daicel Corp.		24,600		260,244		(6,110	)		(0.0	)(a)
KH Neochem Co. Ltd.*		7,300		207,326		(34,225	)		(0.1	)
Mitsubishi Chemical Holdings Corp.		23,600		183,971		(12,633	)		(0.0	)(a)
Mitsubishi Gas Chemical Co., Inc.		9,300		156,111		(10,680	)		(0.0	)(a)
Sumitomo Bakelite Co. Ltd.		6,000		216,644		(14,307	)		(0.0	)(a)
Sumitomo Chemical Co. Ltd.		54,000		270,507		(13,014	)		(0.0	)(a)
Tokuyama Corp.		9,700		216,909		(27,729	)		(0.0	)(a)
Tosoh Corp.		19,300		254,100		(27,663	)		(0.0	)(a)
Ube Industries Ltd.		10,800		235,253		(19,913	)		(0.0	)(a)
		187,300		2,273,430		(193,972	)		(0.1	)
Construction & Engineering
Hazama Ando Corp.		37,400		258,261		(6,361	)		(0.0	)(a)
Kyowa Exeo Corp.		9,700		261,470		(6,883	)		(0.0	)(a)
Kyudenko Corp.		7,100		258,323		(3,621	)		(0.0	)(a)
Maeda Corp.		21,900		247,463		(9,059	)		(0.0	)(a)
Sumitomo Mitsui Construction Co. Ltd.*		42,600		267,246		(9,207	)		(0.0	)(a)
Taisei Corp.		4,100		175,351		(6,414	)		(0.0	)(a)
		122,800		1,468,114		(41,545	)		(0.0	)(a)
Diversified Financial Services
Mitsubishi UFJ Lease & Finance Co. Ltd.		48,800		250,794		(20,557	)		(0.0	)(a)
ORIX Corp.		18,000		293,238		(551	)		(0.0	)(a)
		66,800		544,032		(21,108	)		(0.0	)(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		5,900		243,308		(22,853	)		(0.0	)(a)
Electric Utilities
Chubu Electric Power Co., Inc.		19,200		276,877		(8,479	)		(0.0	)(a)
Kansai Electric Power Co., Inc. (The)		17,900		273,968		11			0.0	(a)
Tokyo Electric Power Co. Holdings, Inc.*		51,800		265,122		4,252			0.0	(a)
		88,900		815,967		(4,216	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Electronic Equipment, Instruments & Components
Japan Aviation Electronics Industry Ltd.*		17,000		225,113		(51,305	)		(0.0	)(a)
Maruwa Co. Ltd.		4,100		231,712		(9,838	)		(0.0	)(a)
		21,100		456,825		(61,143	)		(0.0	)(a)
Entertainment
Capcom Co. Ltd.		11,300		235,548		(28,255	)		(0.0	)(a)
GungHo Online Entertainment, Inc.*		141,400		255,632		(17,791	)		(0.0	)(a)
		152,700		491,180		(46,046	)		(0.0	)(a)
Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		7,000		253,077		1,394			0.0	(a)
Food Products
Fuji Oil Holdings, Inc.		8,800		253,815		(10,707	)		(0.0	)(a)
Health Care Providers & Services
Alfresa Holdings Corp.		10,200		272,051		(618	)		(0.0	)(a)
Medipal Holdings Corp.		12,900		276,139		4,306			0.0	(a)
Suzuken Co. Ltd.		5,800		293,569		22,139			0.0	(a)
		28,900		841,759		25,827			0.0	(a)
Hotels, Restaurants & Leisure
Round One Corp.		14,900		176,726		(16,467	)		(0.0	)(a)
Household Durables
Nikon Corp.		10,600		184,786		(5,501	)		(0.0	)(a)
Sony Corp.		4,200		227,291		(11,772	)		(0.0	)(a)
Token Corp.*		3,300		213,768		3,296			0.0	(a)
		18,100		625,845		(13,977	)		(0.0	)(a)
Interactive Media & Services
Mixi, Inc.		9,400		205,389		(14,251	)		(0.0	)(a)
IT Services
NET One Systems Co. Ltd.		12,100		253,329		(8,417	)		(0.0	)(a)
Nihon Unisys Ltd.		11,000		241,057		(31,935	)		(0.0	)(a)
		23,100		494,386		(40,352	)		(0.0	)(a)
Machinery
DMG Mori Co. Ltd.		17,200		248,165		(21,452	)		(0.0	)(a)
Hitachi Construction Machinery Co. Ltd.		9,200		244,264		(41,898	)		(0.1	)
Japan Steel Works Ltd. (The)		12,200		257,815		(15,625	)		(0.0	)(a)
OKUMA Corp.		5,700		284,604		(10,591	)		(0.0	)(a)
Star Micronics Co. Ltd.*		19,200		272,745		(24,609	)		(0.0	)(a)
Takeuchi Manufacturing Co. Ltd.*		13,000		268,868		(15,227	)		(0.0	)(a)
		76,500		1,576,461		(129,402	)		(0.1	)
Oil, Gas & Consumable Fuels
Cosmo Energy Holdings Co. Ltd.		7,000		257,450		(25,327	)		(0.0	)(a)
JXTG Holdings, Inc.		26,800		181,087		(10,262	)		(0.0	)(a)
		33,800		438,537		(35,589	)		(0.0	)(a)
Pharmaceuticals
Astellas Pharma, Inc.		9,400		145,232		(10,570	)		(0.0	)(a)
Kaken Pharmaceutical Co. Ltd.		5,700		285,803		(13,877	)		(0.0	)(a)
Shionogi & Co. Ltd.		1,800		115,099		(3,163	)		(0.0	)(a)
Sumitomo Dainippon Pharma Co. Ltd.		12,800		267,439		(30,247	)		(0.1	)
Taisho Pharmaceutical Holdings Co. Ltd.		2,600		277,229		(17,420	)		(0.0	)(a)
		32,300		1,090,802		(75,277	)		(0.1	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Road & Rail
Central Japan Railway Co.		1,400			268,672			(4,963	)		(0.0	)(a)
Sankyu, Inc.		5,800			273,381			(28,506	)		(0.0	)(a)
Seino Holdings Co. Ltd.		16,500			228,498			(375	)		(0.0	)(a)
		23,700			770,551			(33,844	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Advantest Corp.		13,400			247,371			(16,134	)		(0.0	)(a)
Specialty Retail
Aoyama Trading Co. Ltd.		7,700			232,952			(4,580	)		(0.0	)(a)
Shimachu Co. Ltd.		6,800			178,253			(10,481	)		(0.0	)(a)
		14,500			411,205			(15,061	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		14,600			267,203			(9,859	)		(0.0	)(a)
Trading Companies & Distributors
ITOCHU Corp.		14,300			265,207			(8,279	)		(0.0	)(a)
Kanamoto Co. Ltd.		7,800			260,643			(9,833	)		(0.0	)(a)
Marubeni Corp.		32,500			263,532			(15,420	)		(0.0	)(a)
Mitsubishi Corp.		9,100			256,122			(18,801	)		(0.1	)
Mitsui & Co. Ltd.		15,700			262,325			(14,200	)		(0.0	)(a)
Sojitz Corp.		83,700			281,480			(16,867	)		(0.0	)(a)
Sumitomo Corp.		9,700			147,117			(5,890	)		(0.0	)(a)
		172,800			1,736,426			(89,290	)		(0.1	)
Wireless Telecommunication Services
KDDI Corp.		10,600			256,518			(24,668	)		(0.0	)(a)
NTT DOCOMO, Inc.		6,300			156,233			(7,870	)		(0.0	)(a)
		16,900			412,751			(32,538	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		1,197,400			16,979,805			(894,113	)		(0.4	)
Short Positions
Common Stocks
Auto Components
Toyo Tire & Rubber Co. Ltd.		(7,900	)		(131,784	)		305			0.0	(a)
Banks
Seven Bank Ltd.		(71,600	)		(223,768	)		(2,928	)		(0.0	)(a)
Building Products
TOTO Ltd.		(4,800	)		(171,726	)		25,196			0.0	(a)
Chemicals
Hitachi Chemical Co. Ltd.		(11,100	)		(174,959	)		19,433			0.0	(a)
Kansai Paint Co. Ltd.		(2,600	)		(38,418	)		2,551			0.0	(a)
Nippon Paint Holdings Co. Ltd.		(6,300	)		(196,792	)		9,627			0.0	(a)
Tokyo Ohka Kogyo Co. Ltd.*		(6,300	)		(168,732	)		2,206			0.0	(a)
		(26,300	)		(578,901	)		33,817			0.0	(a)
Commercial Services & Supplies
Sohgo Security Services Co. Ltd.		(4,500	)		(200,435	)		(5,145	)		(0.0	)(a)
Toppan Printing Co. Ltd.		(14,500	)		(204,993	)		6,860			0.0	(a)
		(19,000	)		(405,428	)		1,715			0.0	(a)
Construction & Engineering
Chiyoda Corp.		(25,300	)		(125,892	)		55,864			0.1

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

48 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Containers & Packaging
FP Corp.		(3,900	)		(199,865	)		5,523			0.0	(a)
Electrical Equipment
GS Yuasa Corp.		(8,100	)		(166,270	)		10,867			0.0	(a)
Mabuchi Motor Co. Ltd.		(5,600	)		(199,200	)		(333	)		(0.0	)(a)
		(13,700	)		(365,470	)		10,534			0.0	(a)
Electronic Equipment, Instruments & Components
Hirose Electric Co. Ltd.		(1,800	)		(171,554	)		(2,041	)		(0.0	)(a)
Murata Manufacturing Co. Ltd.		(300	)		(46,691	)		(2,673	)		(0.0	)(a)
		(2,100	)		(218,245	)		(4,714	)		(0.0	)(a)
Food & Staples Retailing
Cosmos Pharmaceutical Corp.		(900	)		(183,957	)		2,945			0.0	(a)
Food Products
Calbee, Inc.		(6,200	)		(205,699	)		(3,099	)		(0.0	)(a)
Ezaki Glico Co. Ltd.		(3,900	)		(194,416	)		4,696			0.0	(a)
Kewpie Corp.		(8,300	)		(190,789	)		(2,005	)		(0.0	)(a)
		(18,400	)		(590,904	)		(408	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Resorttrust, Inc.		(8,600	)		(132,444	)		(612	)		(0.0	)(a)
Toridoll Holdings Corp.*		(7,500	)		(127,033	)		9,603			0.0	(a)
		(16,100	)		(259,477	)		8,991			0.0	(a)
Household Durables
Fujitsu General Ltd.		(8,200	)		(122,835	)		5,169			0.0	(a)
Panasonic Corp.		(13,700	)		(147,021	)		3,832			0.0	(a)
		(21,900	)		(269,856	)		9,001			0.0	(a)
Industrial Conglomerates
Seibu Holdings, Inc.		(10,800	)		(195,940	)		3,102			0.0	(a)
Insurance
T&D Holdings, Inc.		(11,700	)		(187,033	)		12,592			0.0	(a)
Interactive Media & Services
LINE Corp.*		(1,000	)		(31,882	)		4,118			0.0	(a)
IT Services
GMO internet, Inc.		(2,500	)		(35,726	)		763			0.0	(a)
Itochu Techno-Solutions Corp.		(9,200	)		(174,469	)		15,102			0.0	(a)
		(11,700	)		(210,195	)		15,865			0.0	(a)
Leisure Products
Bandai Namco Holdings, Inc.		(4,000	)		(142,299	)		8,449			0.0	(a)
Machinery
Daifuku Co. Ltd.		(4,000	)		(171,785	)		12,047			0.0	(a)
Kawasaki Heavy Industries Ltd.		(7,500	)		(177,738	)		32,409			0.1
MISUMI Group, Inc.		(8,100	)		(162,330	)		19,672			0.0	(a)
Mitsui E&S Holdings Co. Ltd.*		(11,100	)		(186,393	)		19,654			0.0	(a)
Miura Co. Ltd.		(6,300	)		(153,858	)		21,345			0.0	(a)
NGK Insulators Ltd.		(12,400	)		(174,519	)		11,828			0.0	(a)
		(49,400	)		(1,026,623	)		116,955			0.1
Marine
Kawasaki Kisen Kaisha Ltd.*		(3,300	)		(43,974	)		911			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Metals & Mining
Hitachi Metals Ltd.		(16,300	)		(191,671	)		3,722			0.0	(a)
Mitsubishi Materials Corp.		(6,800	)		(188,257	)		7,672			0.0	(a)
UACJ Corp.		(8,300	)		(180,926	)		10,619			0.0	(a)
		(31,400	)		(560,854	)		22,013			0.0	(a)
Multiline Retail
Don Quijote Holdings Co. Ltd.		(2,600	)		(155,317	)		2,449			0.0	(a)
Takashimaya Co. Ltd.		(10,000	)		(157,377	)		(1,995	)		(0.0	)(a)
		(12,600	)		(312,694	)		454			0.0	(a)
Paper & Forest Products
Nippon Paper Industries Co. Ltd.		(11,000	)		(199,296	)		(3,607	)		(0.0	)(a)
Pharmaceuticals
Nippon Shinyaku Co. Ltd.		(3,100	)		(178,099	)		15,441			0.0	(a)
Ono Pharmaceutical Co. Ltd.		(7,200	)		(163,394	)		19,043			0.0	(a)
		(10,300	)		(341,493	)		34,484			0.0	(a)
Professional Services
Persol Holdings Co. Ltd.		(8,400	)		(159,362	)		15,451			0.0	(a)
Road & Rail
Keikyu Corp.		(13,500	)		(199,799	)		11,544			0.0	(a)
Semiconductors & Semiconductor Equipment
Renesas Electronics Corp.*		(200	)		(1,053	)		136			0.0	(a)
Rohm Co. Ltd.		(2,700	)		(189,822	)		(9,908	)		(0.0	)(a)
		(2,900	)		(190,875	)		(9,772	)		(0.0	)(a)
Specialty Retail
Nitori Holdings Co. Ltd.		(1,100	)		(143,631	)		4,536			0.0	(a)
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(12,400	)		(199,779	)		10,287			0.0	(a)
Wireless Telecommunication Services
SoftBank Group Corp.		(2,500	)		(197,847	)		16,095			0.0	(a)
Total Short Positions of Total Return Basket Swap		(429,900	)		(8,068,849	)		409,318			0.2
Total of Long and Short Positions of Total Return Basket Swap		767,500			8,910,956			(484,795	)		(0.2	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day LIBID and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	9/12/2019	$	2,554,275	$	(20,675	)	$	(118,629	)	$	(139,304	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

50 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		40,225		272,146		1,942			0.0	(a)
Air Freight & Logistics
Royal Mail plc		48,790		223,991		5,804			0.0	(a)
Airlines
Wizz Air Holdings plc* (b)		7,868		258,062		10,784			0.0	(a)
Distributors
Inchcape plc		21,590		149,115		(409	)		(0.0	)(a)
Energy Equipment & Services
Hunting plc		29,690		254,752		(15,679	)		(0.0	)(a)
Petrofac Ltd.		19,100		140,452		(2,866	)		(0.0	)(a)
		48,790		395,204		(18,545	)		(0.0	)(a)
Equity Real Estate Investment Trusts (REITs)
UNITE Group plc (The)		24,402		265,694		(3,133	)		(0.0	)(a)
Food & Staples Retailing
J Sainsbury plc		69,528		276,240		5,517			0.0	(a)
Wm Morrison Supermarkets plc		84,505		267,728		(1,467	)		(0.0	)(a)
		154,033		543,968		4,050			0.0	(a)
Food Products
Tate & Lyle plc		31,151		267,839		6,099			0.0	(a)
Hotels, Restaurants & Leisure
Carnival plc		2,633		143,513		(3,534	)		(0.0	)(a)
William Hill plc		52,989		142,444		(13,662	)		(0.0	)(a)
		55,622		285,957		(17,196	)		(0.0	)(a)
Household Durables
Berkeley Group Holdings plc		3,230		144,359		6,544			0.0	(a)
Persimmon plc		6,985		204,431		7,117			0.0	(a)
Redrow plc		23,163		156,397		(97	)		(0.0	)(a)
Taylor Wimpey plc		99,541		204,958		4,500			0.0	(a)
		132,919		710,145		18,064			0.0	(a)
Machinery
Bodycote plc		22,086		224,288		(850	)		(0.0	)(a)
Vesuvius plc		34,459		239,080		(7,446	)		(0.0	)(a)
		56,545		463,368		(8,296	)		(0.0	)(a)
Metals & Mining
Antofagasta plc		25,415		254,405		4,961			0.0	(a)
Centamin plc		154,714		196,471		(7,085	)		(0.0	)(a)
Rio Tinto plc		3,392		164,684		2,728			0.0	(a)
		183,521		615,560		604			0.0	(a)
Multi-Utilities
Centrica plc		139,793		262,571		(431	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
BP plc		39,849		287,858		5,196			0.0	(a)
Royal Dutch Shell plc		8,233		268,502		1,926			0.0	(a)
Tullow Oil plc*		94,429		270,923		(13,826	)		(0.0	)(a)
		142,511		827,283		(6,704	)		(0.0	)(a)
Pharmaceuticals
Hikma Pharmaceuticals plc		11,601		281,382		16,774			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,099,361		5,822,285		9,407			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Banks
Metro Bank plc*		(5,140	)		(145,863	)		18,556			0.0	(a)
Containers & Packaging
DS Smith plc		(32,991	)		(165,535	)		5,123			0.0	(a)
RPC Group plc		(18,548	)		(180,791	)		2,657			0.0	(a)
		(51,539	)		(346,326	)		7,780			0.0	(a)
Diversified Telecommunication Services
BT Group plc		(62,768	)		(192,196	)		4,315			0.0	(a)
Inmarsat plc		(29,927	)		(174,038	)		19,196			0.0	(a)
		(92,695	)		(366,234	)		23,511			0.0	(a)
Electrical Equipment
Melrose Industries plc		(76,482	)		(164,635	)		(4,079	)		(0.0	)(a)
Energy Equipment & Services
John Wood Group plc		(20,251	)		(184,573	)		5,528			0.0	(a)
Health Care Providers & Services
NMC Health plc		(4,389	)		(197,898	)		(21,958	)		(0.0	)(a)
Spire Healthcare Group plc (b)		(137,804	)		(206,790	)		(8,155	)		(0.0	)(a)
		(142,193	)		(404,688	)		(30,113	)		(0.0	)(a)
Household Durables
Crest Nicholson Holdings plc		(32,371	)		(141,011	)		(17,022	)		(0.0	)(a)
Metals & Mining
Fresnillo plc		(566	)		(6,138	)		375			0.0	(a)
Multi-Utilities
National Grid plc		(19,490	)		(205,893	)		(1,889	)		(0.0	)(a)
Professional Services
Capita plc*		(108,685	)		(177,999	)		(5,972	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(57,534	)		(183,571	)		(7,998	)		(0.0	)(a)
Software
AVEVA Group plc		(5,231	)		(174,978	)		3,445			0.0	(a)
Sage Group plc (The)		(30,482	)		(211,938	)		5,155			0.0	(a)
		(35,713	)		(386,916	)		8,600			0.0	(a)
Specialty Retail
Kingfisher plc		(41,680	)		(135,342	)		(2,929	)		(0.0	)(a)
Trading Companies & Distributors
Travis Perkins plc		(15,170	)		(214,257	)		(25,285	)		(0.0	)(a)
Water Utilities
Severn Trent plc		(8,608	)		(204,564	)		855			0.0	(a)
Total Short Positions of Total Return Basket Swap		(708,117	)		(3,268,010	)		(30,082	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		391,244			2,554,275			(20,675	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

52 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.		9/12/2019	$	2,463,093	$	(11,315	)	$	(519,209	)	$	(530,524	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Magna International, Inc.		4,531		223,065		9,717			0.0	(a)
Banks
Canadian Imperial Bank of Commerce		3,355		289,716		(5,254	)		(0.0	)(a)
Chemicals
Methanex Corp.		4,431		286,940		(33,243	)		(0.0	)(a)
Food & Staples Retailing
Empire Co. Ltd.		15,858		288,503		11,894			0.0	(a)
IT Services
CGI Group, Inc.*		4,797		296,248		8,754			0.0	(a)
Leisure Products
BRP, Inc.		5,839		234,899		(17,665	)		(0.0	)(a)
Metals & Mining
Hudbay Minerals, Inc.		79,693		312,973		(32,215	)		(0.0	)(a)
Teck Resources Ltd.		14,897		307,909		(1,125	)		(0.0	)(a)
		94,590		620,882		(33,340	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Enerplus Corp.		31,346		291,685		(29,979	)		(0.1	)
Imperial Oil Ltd.		9,106		284,431		(14,703	)		(0.0	)(a)
Parex Resources, Inc.*		19,860		289,199		(23,340	)		(0.0	)(a)
Suncor Energy, Inc.		8,647		290,061		(12,557	)		(0.0	)(a)
		68,959		1,155,376		(80,579	)		(0.1	)
Paper & Forest Products
Canfor Corp.*		19,551		280,838		(12,599	)		(0.0	)(a)
Interfor Corp.*		26,268		290,525		(25,360	)		(0.0	)(a)
Norbord, Inc.		11,646		296,978		(3,722	)		(0.0	)(a)
West Fraser Timber Co. Ltd.		5,649		283,813		9,098			0.0	(a)
		63,114		1,152,154		(32,583	)		(0.0	)(a)
Real Estate Management & Development
First Capital Realty, Inc.		19,513		291,113		10,132			0.0	(a)
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		7,871		235,272		4,127			0.0	(a)
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		9,427		309,424		23,893			0.0	(a)
Total Long Positions of Total Return Basket Swap		302,285		5,383,592		(134,147	)		(0.1	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Capital Markets
Thomson Reuters Corp.		(4,227	)		(196,732	)		188			0.0	(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(5,053	)		(180,403	)		3,459			0.0	(a)
Diversified Financial Services
Onex Corp.		(2,917	)		(191,778	)		(6,411	)		(0.0	)(a)
Entertainment
Cineplex, Inc.		(5,412	)		(149,190	)		(441	)		(0.0	)(a)
Food Products
Saputo, Inc.		(6,386	)		(194,571	)		(7,063	)		(0.0	)(a)
Gas Utilities
AltaGas Ltd.		(10,322	)		(129,765	)		31,090			0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(496	)		(17,520	)		737			0.0	(a)
Goldcorp, Inc.		(2,117	)		(19,120	)		3,875			0.0	(a)
Kinross Gold Corp.*		(70,015	)		(181,892	)		17,122			0.0	(a)
Yamana Gold, Inc.		(76,825	)		(174,490	)		31,090			0.0	(a)
		(149,453	)		(393,022	)		52,824			0.0	(a)
Multi-Utilities
Algonquin Power & Utilities Corp.		(20,670	)		(206,315	)		927			0.0	(a)
Canadian Utilities Ltd.		(8,606	)		(204,159	)		(6,821	)		(0.0	)(a)
		(29,276	)		(410,474	)		(5,894	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
ARC Resources Ltd.		(19,154	)		(178,380	)		8,949			0.0	(a)
Pembina Pipeline Corp.		(5,854	)		(189,345	)		6,992			0.0	(a)
PrairieSky Royalty Ltd.		(11,299	)		(171,659	)		15,860			0.1
Seven Generations Energy Ltd.*		(18,345	)		(196,626	)		2,715			0.0	(a)
TransCanada Corp.		(4,883	)		(184,125	)		11,129			0.0	(a)
Whitecap Resources, Inc.		(31,568	)		(154,429	)		9,435			0.0	(a)
		(91,103	)		(1,074,564	)		55,080			0.1
Total Short Positions of Total Return Basket Swap		(304,149	)		(2,920,499	)		122,832			0.1
Total of Long and Short Positions of Total Return Basket Swap		(1,864	)		2,463,093			(11,315	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps.		9/12/2019	$	413,029	$	17,892	$	(54,937	)	$	(37,045	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

54 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG* (b)		1,427			125,607			(4,867	)		(0.0	)(a)
Food Products
Barry Callebaut AG (Registered)		141			275,595			3,251			0.0	(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		1,423			232,069			7,120			0.0	(a)
Machinery
Georg Fischer AG (Registered)		233			216,771			(916	)		(0.0	)(a)
Pharmaceuticals
Roche Holding AG		1,092			265,856			6,262			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		2,794			269,585			3,662			0.0	(a)
Swiss Prime Site AG (Registered)*		3,266			265,014			3,635			0.0	(a)
		6,060			534,599			7,297			0.0	(a)
Total Long Positions of Total Return Basket Swap		10,376			1,650,497			18,147			0.0	(a)
Short Positions
Common Stocks
Air Freight & Logistics
Panalpina Welttransport Holding AG (Registered)		(1,710	)		(208,963	)		4,009			0.0	(a)
Chemicals
Clariant AG (Registered)*		(8,962	)		(193,157	)		2,960			0.0	(a)
EMS-Chemie Holding AG (Registered)		(335	)		(184,575	)		(4,581	)		(0.0	)(a)
		(9,297	)		(377,732	)		(1,621	)		(0.0	)(a)
Machinery
Schindler Holding AG		(826	)		(174,174	)		8,771			0.0	(a)
Marine
Kuehne + Nagel International AG (Registered)		(1,385	)		(192,494	)		(6,856	)		(0.0	)(a)
Professional Services
DKSH Holding AG		(3,019	)		(203,541	)		(4,956	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
ams AG*		(2,068	)		(80,564	)		398			0.0	(a)
Total Short Positions of Total Return Basket Swap		(18,305	)		(1,237,468	)		(255	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(7,929	)		413,029			17,892			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.		9/12/2019	$	591,922	$	(43,665	)	$	(108,395	)	$	(152,060	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		59,893			232,490			(4,195	)		(0.0	)(a)
Food & Staples Retailing
Metcash Ltd.		89,086			174,115			(8,823	)		(0.0	)(a)
IT Services
Computershare Ltd.		19,186			269,423			(5,300	)		(0.0	)(a)
Media
Nine Entertainment Co. Holdings Ltd.		125,170			150,326			(17,212	)		(0.0	)(a)
Metals & Mining
Alumina Ltd.		148,296			269,132			(1,723	)		(0.0	)(a)
Iluka Resources Ltd.		41,151			236,339			(15,669	)		(0.0	)(a)
Sandfire Resources NL		7,882			37,269			(620	)		(0.0	)(a)
		197,329			542,740			(18,012	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Whitehaven Coal Ltd.		49,481			170,921			(23,919	)		(0.0	)(a)
Woodside Petroleum Ltd.		11,575			284,980			(10,074	)		(0.0	)(a)
		61,056			455,901			(33,993	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		551,720			1,824,995			(87,535	)		0.0	(a)
Short Positions
Common Stocks
Chemicals
Orica Ltd.		(16,433	)		(200,217	)		(6,012	)		(0.0	)(a)
Construction Materials
Boral Ltd.		(43,679	)		(174,007	)		18,095			0.0	(a)
Containers & Packaging
Amcor Ltd.		(19,990	)		(188,630	)		(1,487	)		(0.0	)(a)
Diversified Financial Services
Challenger Ltd.		(23,587	)		(171,781	)		20,463			0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(900	)		(34,494	)		92			0.0	(a)
Star Entertainment Grp Ltd. (The)		(38,221	)		(128,887	)		2,928			0.0	(a)
Tabcorp Holdings Ltd.		(47,061	)		(154,440	)		6,519			0.0	(a)
		(86,182	)		(317,821	)		9,539			0.0	(a)
Transportation Infrastructure
Qube Holdings Ltd.		(103,866	)		(180,617	)		3,272			0.0	(a)
Total Short Positions of Total Return Basket Swap		(293,737	)		(1,233,073	)		43,870			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		257,983			591,922			(43,665	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		9/12/2019	$	26,417,585	$	(495,603	)	$	(1,193,030	)	$	(1,688,633	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

56 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Engility Holdings, Inc.*		19,547		606,543		(11,142	)		(0.0	)(a)
Automobiles
Fiat Chrysler Automobiles NV*		26,400		398,904		(10,032	)		(0.0	)(a)
Banks
Green Bancorp, Inc.		26,651		493,044		(62,097	)		(0.0	)(a)
Guaranty Bancorp		7,425		193,198		(12,029	)		(0.0	)(a)
MB Financial, Inc.		38,990		1,730,766		25,344			0.0	(a)
		73,066		2,417,008		(48,782	)		(0.0	)(a)
Biotechnology
Amgen, Inc.		2,400		462,696		(23,832	)		(0.0	)(a)
Celgene Corp.*		5,900		422,440		(54,775	)		(0.0	)(a)
Ironwood Pharmaceuticals, Inc.*		39,200		513,520		(145,349	)		(0.1	)
Spark Therapeutics, Inc.*		3,200		143,968		(9,062	)		(0.0	)(a)
		50,700		1,542,624		(233,018	)		(0.1	)
Building Products
Apogee Enterprises, Inc.		3,500		126,350		(5,040	)		(0.0	)(a)
Capital Markets
BGC Partners, Inc.		58,700		621,633		(19,648	)		(0.0	)(a)
Chemicals
KMG Chemicals, Inc.		14,736		1,105,495		6,631			0.0	(a)
Commercial Services & Supplies
KAR Auction Services, Inc.		11,900		677,586		1,071			0.0	(a)
LSC Communications, Inc.		3,700		34,891		(314	)		(0.0	)(a)
		15,600		712,477		757			0.0	(a)
Communications Equipment
NETGEAR, Inc.*		11,600		643,568		1,390			0.0	(a)
NetScout Systems, Inc.*		15,800		399,108		17,222			0.0	(a)
Oclaro, Inc.*		197,185		1,620,861		(88,733	)		(0.0	)(a)
		224,585		2,663,537		(70,121	)		(0.0	)(a)
Containers & Packaging
Bemis Co., Inc.		34,932		1,598,838		9,047			0.0	(a)
Diversified Financial Services
Voya Financial, Inc.		10,300		450,728		(28,127	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Electro Scientific Industries, Inc.*		23,200		672,800		10,458			0.0	(a)
Keysight Technologies, Inc.*		8,500		485,180		2,064			0.0	(a)
Orbotech Ltd.*		28,412		1,589,367		33,086			0.0	(a)
		60,112		2,747,347		45,608			0.0	(a)
Energy Equipment & Services
Basic Energy Services, Inc.*		2,131		16,558		(2,664	)		(0.0	)(a)
Entertainment
Pandora Media, Inc.*		271,112		2,304,452		(20,114	)		(0.0	)(a)
Food & Staples Retailing
Kroger Co. (The)		13,400		398,784		32,160			0.0	(a)
Health Care Providers & Services
Aetna, Inc.		9,973		1,978,643		(28,329	)		(0.0	)(a)
DaVita, Inc.*		6,500		437,710		(10,465	)		(0.0	)(a)
Express Scripts Holding Co.*		32,955		3,195,647		26,594			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Health Care Providers & Services — continued
Henry Schein, Inc.*		9,200		763,600		(2,668	)		(0.0	)(a)
		58,628		6,375,600		(14,868	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Hilton Worldwide Holdings, Inc.		6,200		441,254		(3,862	)		(0.0	)(a)
Sonic Corp.		14,100		610,248		282			0.0	(a)
		20,300		1,051,502		(3,580	)		(0.0	)(a)
Insurance
Stewart Information Services Corp.		13,923		574,741		(20,351	)		(0.0	)(a)
IT Services
Travelport Worldwide Ltd.		8,000		119,680		(2,880	)		(0.0	)(a)
Leisure Products
Brunswick Corp.		12,200		634,278		(79,292	)		(0.1	)
Machinery
American Railcar Industries, Inc.*		4,038		282,297		36			0.0	(a)
Trinity Industries, Inc.		22,200		633,810		(114,910	)		(0.1	)
		26,238		916,107		(114,874	)		(0.1	)
Media
AMC Networks, Inc.*		7,300		427,634		(1,898	)		(0.0	)(a)
Multi-Utilities
SCANA Corp.		46,680		1,869,534		(9,803	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Antero Resources Corp.*		6,600		104,874		(14,850	)		(0.0	)(a)
Arch Coal, Inc.		4,300		412,370		12,298			0.0	(a)
Energen Corp.*		43,988		3,165,816		(379,056	)		(0.2	)
EQT Corp.		19,100		648,827		(150,057	)		(0.1	)
		73,988		4,331,887		(531,665	)		(0.3	)
Semiconductors & Semiconductor Equipment
Applied Materials, Inc.		13,100		430,728		(7,472	)		(0.0	)(a)
Software
CommVault Systems, Inc.*		2,000		116,440		(4,260	)		(0.0	)(a)
Imperva, Inc.*		38,207		2,114,757		(382	)		(0.0	)(a)
Red Hat, Inc.*		16,675		2,862,097		36,034			0.0	(a)
SendGrid, Inc.*		58,614		2,128,861		118,088			0.1
		115,496		7,222,155		149,480			0.1
Specialty Retail
Asbury Automotive Group, Inc.*		1,800		117,180		10,908			0.0	(a)
Children’s Place, Inc. (The)		3,500		522,900		55,230			0.1
Shoe Carnival, Inc.		10,100		411,373		23,230			0.0	(a)
Sleep Number Corp.*		12,500		454,625		42,625			0.0	(a)
		27,900		1,506,078		131,993			0.1
Technology Hardware, Storage & Peripherals
Stratasys Ltd.*		25,100		478,406		(31,626	)		(0.0	)(a)
Thrifts & Mortgage Finance
Beneficial Bancorp, Inc.		13,702		214,162		(8,495	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		1,341,376		43,863,770		(899,816	)		(0.4	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

58 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Banks
Fifth Third Bancorp		(53,708	)		(1,449,579	)		(31,151	)		(0.0	)(a)
Independent Bank Group, Inc.		(3,308	)		(191,566	)		12,174			0.0	(a)
Veritex Holdings, Inc.*		(20,843	)		(491,061	)		61,904			0.0	(a)
		(77,859	)		(2,132,206	)		42,927			0.0	(a)
Capital Markets
CME Group, Inc.		(4,010	)		(734,792	)		(5,293	)		(0.0	)(a)
Commercial Services & Supplies
Quad/Graphics, Inc.		(1,700	)		(26,231	)		136			0.0	(a)
Communications Equipment
Lumentum Holdings, Inc.*		(5,818	)		(317,954	)		44,042			0.0	(a)
Energy Equipment & Services
Key Energy Services, Inc.*		(1,610	)		(14,571	)		402			0.0	(a)
Health Care Providers & Services
Cigna Corp.		(9,185	)		(1,963,845	)		(9,832	)		(0.0	)(a)
CVS Health Corp.		(11,894	)		(861,007	)		24,223			0.0	(a)
		(21,079	)		(2,824,852	)		14,391			0.0	(a)
Insurance
Fidelity National Financial, Inc.		(8,291	)		(277,334	)		12,365			0.0	(a)
IT Services
Science Applications International Corp.		(8,708	)		(605,293	)		13,497			0.0	(a)
Twilio, Inc.*		(25,781	)		(1,939,247	)		(109,885	)		(0.0	)(a)
		(34,489	)		(2,544,540	)		(96,388	)		(0.0	)(a)
Media
Sirius XM Holdings, Inc.		(386,649	)		(2,327,627	)		(16,745	)		(0.0	)(a)
Multi-Utilities
Dominion Energy, Inc.		(27,885	)		(1,991,547	)		22,587			0.0	(a)
Oil, Gas & Consumable Fuels
Diamondback Energy, Inc.		(28,054	)		(3,152,147	)		381,598			0.2
Semiconductors & Semiconductor Equipment
Cabot Microelectronics Corp.		(2,918	)		(284,855	)		(4,231	)		(0.0	)(a)
KLA-Tencor Corp.		(7,032	)		(643,709	)		(1,101	)		(0.0	)(a)
		(9,950	)		(928,564	)		(5,332	)		(0.0	)(a)
Thrifts & Mortgage Finance
WSFS Financial Corp.		(4,087	)		(173,820	)		9,523			0.0	(a)
Total Short Positions of Total Return Basket Swap		(611,481	)		(17,446,185	)		404,213			0.2
Total of Long and Short Positions of Total Return Basket Swap		729,895			26,417,585			(495,603	)		(0.2	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.		9/12/2019	$	1,739,368	$	66,566	$	196,040	$	262,606

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
NEX Group plc		76,474		1,109,064		55,376			0.0	(a)
Sole Realisation Co. plc*‡		698		—		(638	)		(0.0	)(a)
		77,172		1,109,064		54,738			0.0	(a)
Insurance
Prudential plc		31,478		630,304		11,828			0.0	(a)
Total Long Positions of Total Return Basket Swap		108,650		1,739,368		66,566			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in JPY based on the local currencies of the positions within the swaps.		9/12/2019	$	708,884	$	4,878	$	(1,365	)	$	3,513

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Household Durables
Clarion Co. Ltd.*		32,100			703,746			4,660			0.0	(a)
Metals & Mining
Nisshin Steel Co. Ltd.		69,500			907,156			(52,972	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		101,600			1,610,902			(48,312	)		0.0	(a)
Short Position
Common Stocks
Metals & Mining
Nippon Steel & Sumitomo Metal Corp.		(48,900	)		(902,018	)		53,190			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		52,700			708,884			4,878			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.		9/12/2019 – 4/6/2021	$	439,701	$	(105,711	)	$	(81,541	)	$	(187,252	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

60 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food & Staples Retailing
Wesfarmers Ltd.		19,705			652,585			(7,433	)		(0.0	)(a)
Metals & Mining
South32 Ltd.		213,265			550,043			(31,432	)		(0.0	)(a)
Software
MYOB Group Ltd.		298,031			712,718			(34,381	)		(0.1	)
Total Long Positions of Total Return Basket Swap		531,001			1,915,346			(73,246	)		(0.1	)
Short Positions
Common Stocks
Containers & Packaging
Amcor Ltd.		(156,381	)		(1,475,645	)		(32,465	)		(0.0	)(a)
Total of Long and Short Positions of Total Return Basket Swap		374,620			439,701			(105,711	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.		9/12/2019	$	565,550	$	25,141	$	51,932	$	77,073

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Energy Equipment & Services
Trinidad Drilling Ltd.*		171,869			216,721			(12,044	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Enbridge Income Fund Holdings, Inc.		96,724			2,238,733			(88,971	)		(0.1	)
MEG Energy Corp.*		154,300			1,234,213			(5,595	)		(0.0	)(a)
		251,024			3,472,946			(94,566	)		(0.1	)
Total Long Positions of Total Return Basket Swap		422,893			3,689,667			(106,610	)		(0.1	)
Short Positions
Common Stocks
Energy Equipment & Services
Precision Drilling Corp.*		(75,716	)		(182,899	)		31,312			0.0	(a)
Oil, Gas & Consumable Fuels
Enbridge, Inc.		(71,092	)		(2,215,195	)		72,613			0.1
Husky Energy, Inc.		(51,358	)		(726,023	)		27,826			0.0	(a)
		(122,450	)		(2,941,218	)		100,439			0.1
Total Short Positions of Total Return Basket Swap		(198,166	)		(3,124,117	)		131,751			0.1
Total of Long and Short Positions of Total Return Basket Swap		224,727			565,550			25,141			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.		9/12/2019	$	4,898,661	$	(21,839	)	$	(92,066	)	$	(113,905	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Electric Utilities
EDP — Energias de Portugal SA		523,616		1,840,901			(20,451	)		(0.0	)(a)
Pharmaceuticals
STADA Arzneimittel AG		2,810		259,822			(207	)		(0.0	)(a)
Software
Gemalto NV*		49,052		2,797,938			(1,181	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		575,478		4,898,661			(21,839	)		0.0	(a)
					��

Abbreviations

AUD	—  Australian Dollar
BA	—  Banker’s Acceptance Rate
BBR	—  Bank Base Rate
BBSW	—  ASX Australia Bank Bill Short Term Rates
CAD	—  Canadian Dollar
CDOR	—  Canadian Dollar Offered Rate
CHF	—  Swiss Franc
CORRA	—  Canadian Overnight Repo Rate Average
CVR	—  Contingent Value Rights
EUR	—  Euro
EURIBOR	—  Euro Interbank Offered Rate
GBP	—  British Pound
JPY	—  Japanese Yen
LIBID	—  London Interbank Bid Rate
LIBOR	—  London Interbank Offered Rate
OYJ	—  Public Limited Company

SCA	—  Limited partnership with share capital
USD	—  United States Dollar
(a)	—  Amount rounds to less than 0.1% of net assets.
(b)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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.
*	—  Non-income producing security.
‡	—  Value determined using significant unobservable inputs.
(1)	—  Notional value represents market value, as of October 31, 2018, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	—  Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

62 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

The following reference rates, and their values as of period-end, are used for security descriptions:

	VALUE
BA		2.08	%
BBR		1.85	%
BBSW		1.85	%
CDOR		2.08	%
CHF LIBOR		(0.78	)%
CORRA		1.76	%
EUR LIBOR		(0.40	)%
EURIBOR		(0.37	)%
GBP LIBOR		0.73	%
JPY LIBOR		(0.10	)%
USD LIBOR		2.31	%

Summary of total swap contracts outstanding as of October 31, 2018:

	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
Total return basket swaps contracts outstanding		–		3,910,823
Liabilities
Total return basket swaps contracts outstanding		–		(3,058,645	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 57.4%
Aerospace & Defense — 3.5%
Esterline Technologies Corp.*		3,414		400,667
Rockwell Collins, Inc.		2,886		369,466
Spirit AeroSystems Holdings, Inc., Class A		2,000		168,020
				938,153
Auto Components — 0.5%
Visteon Corp.*		1,500		118,560
Banks — 1.1%
CIT Group, Inc.		3,100		146,878
Commonwealth Bank of Australia (Australia)		3,006		147,808
				294,686
Biotechnology — 0.3%
Spark Therapeutics, Inc.*		1,900		85,481
Building Products — 2.6%
Advanced Drainage Systems, Inc.		6,100		169,519
Apogee Enterprises, Inc.		3,800		137,180
USG Corp.		9,477		400,119
				706,818
Capital Markets — 1.1%
Greenhill & Co., Inc.		6,100		134,505
Jefferies Financial Services, Inc.		7,200		154,584
				289,089
Commercial Services & Supplies — 0.2%
Essendant, Inc.		4,885		62,235
Communications Equipment — 0.4%
Mitel Networks Corp.*		9,715		106,671
Electronic Equipment, Instruments & Components — 0.7%
Electro Scientific Industries, Inc.*		3,000		87,000
Keysight Technologies, Inc.*		1,800		102,744
				189,744
Energy Equipment & Services — 0.2%
Seadrill Ltd. (United Kingdom)*		2,400		48,864
Entertainment — 2.0%
Madison Square Garden Co. (The), Class A*		500		138,310
Twenty-First Century Fox, Inc., Class A		8,530		388,286
				526,596
Food Products — 0.6%
Campbell Soup Co.		3,900		145,899
Health Care Equipment & Supplies — 2.6%
Danaher Corp.		1,600		159,040
K2M Group Holdings, Inc.*		4,150		113,627
NxStage Medical, Inc.*		14,351		407,281
				679,948
Health Care Providers & Services — 2.5%
Amedisys, Inc.*		1,300		143,000
LifePoint Health, Inc.*		6,226		403,818
MEDNAX, Inc.*		3,000		123,870
				670,688

INVESTMENTS	SHARES		VALUE($)
Health Care Technology — 0.3%
athenahealth, Inc.*		669		85,324
Hotels, Restaurants & Leisure — 3.1%
Hyatt Hotels Corp., Class A		2,200		152,240
Jack in the Box, Inc.		3,600		284,148
MGM Resorts International		6,000		160,080
Sonic Corp.		4,800		207,744
				804,212
Household Durables — 1.3%
Clarion Co. Ltd. (Japan)		4,400		96,463
Newell Brands, Inc.		5,400		85,752
Whirlpool Corp.		1,400		153,664
				335,879
Insurance — 4.1%
AmTrust Financial Services, Inc.		15,765		226,070
Aspen Insurance Holdings Ltd. (Bermuda)		10,135		424,454
Assured Guaranty Ltd.		4,100		163,918
Navigators Group, Inc. (The)		1,211		83,741
Stewart Information Services Corp.		100		4,128
White Mountains Insurance Group Ltd.		200		177,334
				1,079,645
Interactive Media & Services — 0.2%
XO Group, Inc.*		1,460		50,531
Internet & Direct Marketing Retail — 0.5%
Nutrisystem, Inc.		3,800		135,128
IT Services — 1.1%
Cardtronics plc, Class A*		6,100		165,676
Travelport Worldwide Ltd.		9,400		140,624
				306,300
Leisure Products — 0.4%
Amer Sports OYJ (Finland)*		2,648		98,431
Machinery — 1.3%
Allison Transmission Holdings, Inc.		3,400		149,872
American Railcar Industries, Inc.		560		39,149
Tennant Co.		2,400		146,688
				335,709
Marine — 0.2%
DryShips, Inc. (Greece)		6,000		34,980
Media — 0.8%
Fairfax Media Ltd. (Australia)		337,793		153,728
Schibsted ASA, Class A (Norway)		1,680		58,145
				211,873
Multi-Utilities — 3.7%
Avista Corp.		7,219		371,201
Innogy SE (Germany)*		4,786		199,596
Vectren Corp.		5,426		388,122
				958,919

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — 2.8%
Antero Resources Corp.*		8,300		131,887
CNX Resources Corp.*		9,400		147,110
Peabody Energy Corp.		7,900		280,055
Range Resources Corp.		9,800		155,330
				714,382
Paper & Forest Products — 1.4%
KapStone Paper and Packaging Corp.		10,851		379,785
Personal Products — 0.6%
Herbalife Nutrition Ltd.*		3,000		159,780
Pharmaceuticals — 2.7%
Eli Lilly & Co.		1,700		184,348
Endocyte, Inc.*		11,323		267,789
Green Organic Dutchman Holdings Ltd. (The) (Canada)*		27,300		64,286
Novartis AG (Registered) (Switzerland)		2,152		188,456
				704,879
Professional Services — 2.3%
Dun & Bradstreet Corp. (The)		2,882		410,051
Nielsen Holdings plc		6,600		171,468
				581,519
Real Estate Management & Development — 0.5%
Hemfosa Fastigheter AB (Sweden)		2,697		33,320
NTT Urban Development Corp. (Japan)		8,100		120,380
				153,700
Road & Rail — 1.2%
Norfolk Southern Corp.		1,000		167,830
Union Pacific Corp.		1,100		160,842
				328,672
Semiconductors & Semiconductor Equipment — 1.9%
Canadian Solar, Inc. (Canada)*		11,300		161,590
Ichor Holdings Ltd.*		6,700		118,925
Integrated Device Technology, Inc.*		4,411		206,479
				486,994
Software — 4.1%
CommVault Systems, Inc.*		2,200		128,084
Imperva, Inc.*		5,269		291,639
MYOB Group Ltd. (Australia)		41,450		99,124
Red Hat, Inc.*		2,284		392,026
Symantec Corp.		8,225		149,284
				1,060,157
Specialty Retail — 2.9%
Asbury Automotive Group, Inc.*		2,300		149,730
Dick’s Sporting Goods, Inc.		4,400		155,628
Express, Inc.*		14,600		128,626
Michaels Cos., Inc. (The)*		10,400		164,840
Rent-A-Center, Inc.*		10,162		144,808
				743,632

INVESTMENTS	SHARES		VALUE($)
Textiles, Apparel & Luxury Goods — 1.2%
Deckers Outdoor Corp.*		1,400		178,038
VF Corp.		1,700		140,896
				318,934
Trading Companies & Distributors — 0.5%
WESCO International, Inc.*		2,800		140,504
Total Common Stocks (Cost $15,835,891)				15,073,301
	PRINCIPAL AMOUNT($)
Foreign Government Securities — 1.0%
Japan Government Bond (Japan) 0.10%, 7/15/2019 (Cost $274,261)		JPY 30,900,000		274,350
	SHARES
Short-Term Investments — 42.2%
Investment Companies — 21.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a) (b) (Cost $5,600,338)		5,600,338		5,600,338
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 20.9%
U.S. Treasury Bills
2.29%, 2/28/2019 (c)		1,385,000		1,374,447
2.40%, 4/25/2019 (c)		1,390,000		1,373,699
2.45%, 6/20/2019 (c)		1,396,000		1,373,852
2.52%, 7/18/2019 (c)		1,399,000		1,373,787
Total U.S. Treasury Obligations (Cost $5,497,126)				5,495,785
Total Short-Term Investments (Cost $11,097,464)				11,096,123
Total Investments — 100.6% (Cost $27,207,616)				26,443,774
Liabilities in Excess of Other Assets — (0.6%)				(159,369	)
Net Assets — 100.0%				26,284,405

Percentages indicated are based on net assets.

Abbreviations
OYJ	—  Public Limited Company
JPY	—  Japanese Yen
(a)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	—  The rate shown is the current yield as of October 31, 2018.
(c)	—  The rate shown is the effective yield as of October 31, 2018.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Futures contracts outstanding as of October 31, 2018:

DESCRIPTION

NUMBER OF CONTRACTS

EXPIRATION DATE

TRADING CURRENCY

NOTIONAL AMOUNT($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Short Contracts

SPI 200 Index

(3

)

12/2018

AUD

(308,908

)

18,000

18,000

Abbreviations

AUD	—  Australian Dollar
SPI	—  Australian Securities Exchange

Forward foreign currency exchange contracts outstanding as of October 31, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	468,428	AUD	657,731	Citibank, NA		11/19/2018		2,570
USD	275,382	CAD	357,979	Citibank, NA		11/19/2018		3,375
USD	163,408	CHF	161,458	Citibank, NA		11/19/2018		2,851
USD	304,956	EUR	262,617	Citibank, NA		11/19/2018		7,105
USD	281,812	JPY	30,900,000	State Street Corp.		7/16/2019		1,712
Total unrealized appreciation								17,613
CAD	233,522	JPY	20,128,878	Goldman Sachs International		11/19/2018		(1,171	)
Total unrealized depreciation								(1,171	)
Net unrealized appreciation								16,442

Abbreviations

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc

EUR	—  Euro
JPY	—  Japanese Yen
USD	—  United States Dollar

Over the Counter (“OTC”) Total Return Basket Swaps Outstanding at October 31, 2018
COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.	12/31/2018	$	3,172,333	$	(155,807	)	$	(3,555	)	$	(159,362	)

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Automobiles
Fiat Chrysler Automobiles NV*		7,000		105,770		(6,930	)		(0.0	)(a)
Banks
Customers Bancorp, Inc.*		2,000		40,980		(5,580	)		(0.0	)(a)
Capital Markets
BGC Partners, Inc.		11,400		120,726		(5,130	)		(0.0	)(a)
Chemicals
Platform Specialty Products Corp.*		15,200		164,464		(3,344	)		(0.0	)(a)
Commercial Services & Supplies
KAR Auction Services, Inc.		2,900		165,126		2,204			0.0	(a)
Communications Equipment
NETGEAR, Inc.*		2,700		149,796		(1,458	)		(0.0	)(a)
Oclaro, Inc.*		22,818		187,564		(4,792	)		(0.0	)(a)
		25,518		337,360		(6,250	)		(0.0	)(a)
Containers & Packaging
Sealed Air Corp.		4,300		139,148		(16,211	)		(0.1	)
Electronic Equipment, Instruments & Components
Orbotech Ltd.*		3,210		179,568		289			0.0	(a)
Health Care Providers & Services
Aetna, Inc.		2,069		410,490		(10,366	)		(0.0	)(a)
Express Scripts Holding Co.*		4,667		452,559		9,801			0.0	(a)
Henry Schein, Inc.*		2,300		190,900		(7,728	)		(0.0	)(a)
		9,036		1,053,949		(8,293	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Brinker International, Inc.		3,800		164,730		(10,754	)		(0.1	)
Sonic Corp.		4,776		206,705		(143	)		(0.0	)(a)
		8,576		371,435		(10,897	)		(0.1	)
Leisure Products
Brunswick Corp.		2,500		129,975		(19,300	)		(0.1	)
Machinery
Terex Corp.		4,400		146,916		(17,952	)		(0.1	)
Trinity Industries, Inc.		4,400		125,620		(39,160	)		(0.1	)
		8,800		272,536		(57,112	)		(0.2	)
Multi-Utilities
SCANA Corp.		7,885		315,794		789			0.0	(a)
Oil, Gas & Consumable Fuels
Arch Coal, Inc.		1,900		182,210		10,982			0.0	(a)
EQT Corp.		3,100		105,307		(36,208	)		(0.1	)
		5,000		287,517		(25,226	)		(0.1	)
Software
Avaya Holdings Corp.*		2,500		41,050		(7,825	)		(0.0	)(a)
Specialty Retail
Sleep Number Corp.*		4,600		167,302		15,778			0.0	(a)
Technology Hardware, Storage & Peripherals
Stratasys Ltd.*		6,600		125,796		(9,636	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		127,025		4,018,496		(162,674	)		(0.6	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Capital Markets
CME Group, Inc.		(446	)		(81,725	)		(1,334	)		(0.0	)(a)
Communications Equipment
Lumentum Holdings, Inc.*		(1,436	)		(78,477	)		1,336			0.0	(a)
Health Care Providers & Services
Cigna Corp.		(1,124	)		(240,323	)		(4,316	)		(0.0	)(a)
Multi-Utilities
Dominion Energy, Inc.		(5,222	)		(372,955	)		9,347			0.0	(a)
Semiconductors & Semiconductor Equipment
KLA-Tencor Corp.		(794	)		(72,683	)		1,834			0.0	(a)
Total Short Positions of Total Return Basket Swap		(9,022	)		(846,163	)		6,867			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		118,003			3,172,333			(155,807	)		(0.6	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	5/31/2019	$	369,874	$	15,489	$	20	$	15,509

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Biotechnology
Shire plc		1,771		106,882		8,369			0.0	(a)
Capital Markets
NEX Group plc		10,140		147,055		13,318			0.1
Insurance
Prudential plc		5,790		115,937		(6,198	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		17,701		369,874		15,489			0.1

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.	12/31/2018 — 11/26/2019	$	89,520	$	4,529	$	(96	)	$	4,433

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Metals & Mining
Sandstorm Gold Ltd.*		5,400			19,977			(615	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
MEG Energy Corp.*		21,131			169,022			918			0.0	(a)
Total Long Positions of Total Return Basket Swap		26,531			188,999			303			0.0	(a)
Short Position
Common Stocks
Oil, Gas & Consumable Fuels
Husky Energy, Inc.		(7,037	)		(99,479	)		4,226			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		19,494			89,520			4,529			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.	1/1/2019	$	309,162	$	(19,487	)	$	2,751	$	(16,736	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food & Staples Retailing
Wesfarmers Ltd.		4,642		153,732		(7,192	)		(0.0	)(a)
Metals & Mining
South32 Ltd.		60,264		155,430		(12,295	)		(0.1	)
Total Long Positions of Total Return Basket Swap		64,906		309,162		(19,487	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month EURIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.	6/28/2019	$	726,513	$	1,492	$	33	$	1,525

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Pharmaceuticals
STADA Arzneimittel AG		3,903		360,885		(560	)		(0.0	)(a)
Software
Gemalto NV*		6,410		365,628		2,052			0.0	(a)
Total Long Positions of Total Return Basket Swap		10,313		726,513		1,492			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, plus or minus a specified spread (rates range from (0.35)% to 0.00%), which is denominated in JPY based on the local currencies of the positions within the swaps.		5/27/2019	$	(62,189	)	$	(1,838	)	$	(1,223	)	$	(3,061	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Position
Common Stocks
Pharmaceuticals
Takeda Pharmaceutical Co. Ltd.		(1,500	)		(62,189	)		(1,838	)		(0.0	)(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio and pays or receives the net of one month STIBOR, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in SEK based on the local currencies of the positions within the swaps.		7/31/2019	$	—	$	—	$	(594	)	$	(594	)

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one day SONIA and one month LIBOR on long positions, plus or minus a specified spread (rates range from (5.75)% to 0.30%), which is denominated in GBP based on the local currencies of the positions within the swaps.		6/7/2028	$	644,831	$	2,659	$	69,227	$	71,886

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
NEX Group plc		1,861		26,989		2,445		0.0	(a)
Media
Sky plc		27,997		617,842		214		0.0	(a)
Total Long Positions of Total Return Basket Swap		29,858		644,831		2,659		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day FEDEF and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (1.81)% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		5/24/2028 — 11/2/2028	$	2,697,908	$	(99,447	)	$	(52,588	)	$	(152,035	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Engility Holdings, Inc.*		2,626		81,485		(4,096	)		(0.0	)(a)
Banks
Green Bancorp, Inc.		3,558		65,823		(15,975	)		(0.1	)
Guaranty Bancorp		944		24,563		(3,539	)		(0.0	)(a)
MB Financial, Inc.		4,965		220,396		(7,746	)		(0.0	)(a)
		9,467		310,782		(27,260	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Biotechnology
Amgen, Inc.		900		173,511		(7,569	)		(0.0	)(a)
Celgene Corp.*		1,800		128,880		(22,734	)		(0.1	)
Ironwood Pharmaceuticals, Inc.*		8,800		115,280		(34,935	)		(0.2	)
		11,500		417,671		(65,238	)		(0.3	)
Chemicals
KMG Chemicals, Inc.		1,956		146,739		2,132			0.0	(a)
Commercial Services & Supplies
LSC Communications, Inc.		481		4,536		(53	)		(0.0	)(a)
Communications Equipment
NetScout Systems, Inc.*		7,000		176,820		23,871			0.1
Oclaro, Inc.*		3,358		27,603		(705	)		(0.0	)(a)
		10,358		204,423		23,166			0.1
Containers & Packaging
Bemis Co., Inc.		4,549		208,208		1,899			0.0	(a)
Diversified Financial Services
Voya Financial, Inc.		3,200		140,032		(18,208	)		(0.1	)
Electronic Equipment, Instruments & Components
Orbotech Ltd.*		525		29,368		47			0.0	(a)
SYNNEX Corp.		3		233		(35	)		(0.0	)(a)
		528		29,601		12			0.0	(a)
Energy Equipment & Services
Basic Energy Services, Inc.*		822		6,387		(2,425	)		(0.0	)(a)
Entertainment
Pandora Media, Inc.*		37,430		318,155		(5,894	)		(0.0	)(a)
Food & Staples Retailing
Kroger Co. (The)		5,300		157,728		10,759			0.0	(a)
Health Care Providers & Services
DaVita, Inc.*		2,400		161,616		(13,608	)		(0.1	)
Hotels, Restaurants & Leisure
Hilton Worldwide Holdings, Inc.		2,200		156,574		(4,906	)		(0.0	)(a)
Papa John’s International, Inc.		3,100		169,074		1,643			0.0	(a)
		5,300		325,648		(3,263	)		(0.0	)(a)
Industrial Conglomerates
General Electric Co.		11,500		116,150		(36,570	)		(0.2	)
Insurance
Stewart Information Services Corp.		1,884		77,771		(4,916	)		(0.0	)(a)
Media
AMC Networks, Inc.*		2,700		158,166		2,511			0.0	(a)
Oil, Gas & Consumable Fuels
Energen Corp.*		5,407		389,142		(57,476	)		(0.2	)
Gulfport Energy Corp.*		15,400		140,294		(29,876	)		(0.1	)
		20,807		529,436		(87,352	)		(0.3	)
Semiconductors & Semiconductor Equipment
Applied Materials, Inc.		3,900		128,232		(6,045	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Software
SendGrid, Inc.*		7,511			272,800			16,101			0.1
Specialty Retail
Children’s Place, Inc. (The)		1,300			194,220			28,561			0.1
Shoe Carnival, Inc.		4,000			162,920			15,320			0.1
		5,300			357,140			43,881			0.2
Thrifts & Mortgage Finance
Beneficial Bancorp, Inc.		1,818			28,415			(2,835	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		151,337			4,181,121			(177,302	)		(0.7	)
Short Positions
Common Stocks
Banks
Fifth Third Bancorp		(6,839	)		(184,585	)		6,633			0.0	(a)
Independent Bank Group, Inc.		(420	)		(24,322	)		3,566			0.0	(a)
Veritex Holdings, Inc.*		(2,782	)		(65,544	)		16,247			0.1
		(10,041	)		(274,451	)		26,446			0.1
Capital Markets
CME Group, Inc.		(81	)		(14,842	)		(243	)		(0.0	)(a)
Commercial Services & Supplies
Quad/Graphics, Inc.		(298	)		(4,598	)		28			0.0	(a)
Communications Equipment
Lumentum Holdings, Inc.*		(211	)		(11,531	)		196			0.0	(a)
Energy Equipment & Services
Key Energy Services, Inc.*		(596	)		(5,394	)		1,037			0.0	(a)
Insurance
Fidelity National Financial, Inc.		(1,148	)		(38,401	)		4,588			0.0	(a)
IT Services
Science Applications International Corp.		(1,169	)		(81,257	)		4,232			0.0	(a)
Twilio, Inc.*		(3,606	)		(271,244	)		(16,175	)		(0.0	)(a)
		(4,775	)		(352,501	)		(11,943	)		(0.0	)(a)
Media
Sirius XM Holdings, Inc.		(53,380	)		(321,348	)		(2,548	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Diamondback Energy, Inc.		(3,448	)		(387,417	)		58,340			0.2
Semiconductors & Semiconductor Equipment
Cabot Microelectronics Corp.		(387	)		(37,779	)		(1,312	)		(0.0	)(a)
KLA-Tencor Corp.		(130	)		(11,900	)		301			0.0	(a)
		(517	)		(49,679	)		(1,011	)		(0.0	)(a)
Thrifts & Mortgage Finance
WSFS Financial Corp.		(542	)		(23,051	)		2,965			0.0	(a)
Total Short Positions of Total Return Basket Swap		(75,037	)		(1,483,213	)		77,855			0.3
Total of Long and Short Positions of Total Return Basket Swap		76,300			2,697,908			(99,447	)		(0.4	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one day EONIA on long positions, plus or minus a specified spread of 0.30%, which is denominated in EUR based on the local currencies of the positions within the swaps.		5/17/2028	$	233,681	$	(2,760	)	$	(11,144	)	$	(13,904	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Position
Common Stocks
Electric Utilities
EDP — Energias de Portugal SA		66,467		233,681		(2,760	)		(0.0	)(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day BOJ TONAR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.30)% to 0.60%), which is denominated in JPY based on the local currencies of the positions within the swaps.		5/23/2028	$	(43	)	$	34	$	163	$	197

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Position
Common Stocks
Metals & Mining
Nisshin Steel Co. Ltd.		8,900			116,168			(13,926	)		(0.1	)
Short Position
Common Stocks
Metals & Mining
Nippon Steel & Sumitomo Metal Corp.		(6,300	)		(116,211	)		13,960			0.1
Total of Long and Short Positions of Total Return Basket Swap		2,600			(43	)		34			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.25)% to 0.25%), which is denominated in CAD based on the local currencies of the positions within the swaps.		5/23/2028 — 10/10/2028	$	10,490	$	744	$	10,331	$	11,075

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Energy Equipment & Services
Trinidad Drilling Ltd.*		23,751			29,949			(3,164	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Enbridge Income Fund Holdings, Inc.		12,288			284,413			(13,322	)		(0.1	)
Total Long Positions of Total Return Basket Swap		36,039			314,362			(16,486	)		(0.1	)
Short Positions
Common Stocks
Energy Equipment & Services
Precision Drilling Corp.*		(10,463	)		(25,274	)		6,367			0.0	(a)
Oil, Gas & Consumable Fuels
Enbridge, Inc.		(8,941	)		(278,598	)		10,863			0.1
Total Short Positions of Total Return Basket Swap		(19,404	)		(303,872	)		17,230			0.1
Total of Long and Short Positions of Total Return Basket Swap		16,635			10,490			744			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day OIS-RBA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.30)% to 0.30%), which is denominated in AUD based on the local currencies of the positions within the swaps.		5/3/2028 — 10/16/2028	$	(134,163	)	$	(3,548	)	$	331	$	(3,217	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Position
Common Stocks
Health Care Providers & Services
Healthscope Ltd.		55,039			82,577			1,077			0.0	(a)
Short Position
Common Stocks
Containers & Packaging
Amcor Ltd.		(22,969	)		(216,740	)		(4,625	)		(0.0	)(a)
Total of Long and Short Positions of Total Return Basket Swap		32,070			(134,163	)		(3,548	)		0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:

	VALUE
BA		2.08	%
BBR		1.85	%
BOJ TONAR		(0.10	)%
CORRA		1.76	%
EONIA		(0.34	)%
EURIBOR		(0.37	)%
FEDEF		2.20	%
GBP LIBOR		0.73	%
JPY LIBOR		(0.10	)%
OIS-RBA		1.50	%
SONIA		0.70	%
STIBOR		(0.46	)%
USD LIBOR		2.31	%

Summary of total swap contracts outstanding as of October 31, 2018:

	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
Total return basket swaps contracts outstanding		—		104,625
Liabilities
Total return basket swaps contracts outstanding		—		(348,909	)

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Abbreviations

AUD	—  Australian Dollar
BA	—  Banker’s Acceptance Rate
BBR	—  Bank Base Rate
BOJ	—  Bank of Japan
CAD	—  Canadian Dollar
CORRA	—  Canadian Overnight Repo Rate Average
EONIA	—  Euro Over Night Index Average
EUR	—  Euro
EURIBOR	—  Euro Interbank Offered Rate
FEDEF	—  US Federal Fund Effective Rate (Continuous Series)
GBP	—  British Pound
JPY	—  Japanese Yen
LIBOR	—  London Interbank Offered Rate
OIS-RBA	—  Overnight Indexed Swap-Reserve Bank of Australia
SEK	—  Swedish Krona

SONIA	—  Sterling Overnight Index Average
STIBOR	—  Stockholm Interbank Offered Rate
TONAR	—  Tokyo Overnight Average Rate
USD	—  United States Dollar
(a)	—  Amount rounds to less than 0.1% of net assets.
*	—  Non-income producing security.
(1)	—  Notional value represents market value, as of October 31, 2018, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	—  Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 62.9%
Aerospace & Defense — 0.4%
Boeing Co. (The)		232		82,328
Auto Components — 0.8%
Cooper-Standard Holdings, Inc.*		698		64,670
Gentex Corp.		3,003		63,213
Lear Corp.		454		60,336
				188,219
Banks — 1.6%
BankUnited, Inc.		2,236		74,012
Enterprise Financial Services Corp.		1,513		65,740
First Interstate BancSystem, Inc., Class A		1,876		77,779
Popular, Inc. (Puerto Rico)		1,732		90,081
Synovus Financial Corp.		2,000		75,120
				382,732
Building Products — 0.3%
Continental Building Products, Inc.*		2,697		75,004
Capital Markets — 0.6%
Virtus Investment Partners, Inc.		747		74,207
Waddell & Reed Financial, Inc., Class A		3,781		72,104
				146,311
Chemicals — 1.8%
CF Industries Holdings, Inc.		1,491		71,613
Eastman Chemical Co.		1,005		78,742
Huntsman Corp.		3,670		80,299
Kraton Corp.*		2,244		61,800
LyondellBasell Industries NV, Class A		766		68,381
Westlake Chemical Corp.		893		63,671
				424,506
Commercial Services & Supplies — 2.3%
Brady Corp., Class A		1,841		74,174
Deluxe Corp.		1,286		60,712
Herman Miller, Inc.		2,355		77,597
Interface, Inc.		3,859		62,863
KAR Auction Services, Inc.		1,385		78,862
Knoll, Inc.		3,371		66,914
Quad/Graphics, Inc.		2,673		41,245
Steelcase, Inc., Class A		4,792		79,547
				541,914
Communications Equipment — 1.1%
Cisco Systems, Inc.		1,851		84,683
Juniper Networks, Inc.		2,827		82,746
Motorola Solutions, Inc.		703		86,160
				253,589
Construction & Engineering — 0.7%
EMCOR Group, Inc.		1,069		75,878
Jacobs Engineering Group, Inc.		1,055		79,220
				155,098
Consumer Finance — 0.6%
Ally Financial, Inc.		2,959		75,188
Santander Consumer USA Holdings, Inc.		3,841		72,019
				147,207

INVESTMENTS	SHARES		VALUE($)
Containers & Packaging — 0.3%
Greif, Inc., Class A		1,468		69,436
Diversified Consumer Services — 0.3%
H&R Block, Inc.		2,205		58,521
Diversified Financial Services — 0.3%
FGL Holdings*		9,656		76,282
Diversified Telecommunication Services — 0.4%
Vonage Holdings Corp.*		6,245		82,809
Electric Utilities — 1.0%
ALLETE, Inc.		1,019		75,406
FirstEnergy Corp.		2,034		75,828
IDACORP, Inc.		897		83,654
				234,888
Electrical Equipment — 1.6%
Eaton Corp. plc		1,063		76,185
EnerSys		1,038		82,594
Generac Holdings, Inc.*		1,415		71,783
Regal Beloit Corp.		998		71,557
Sensata Technologies Holding plc*		1,628		76,353
				378,472
Electronic Equipment, Instruments & Components — 1.6%
Fabrinet (Thailand)*		1,798		77,889
FLIR Systems, Inc.		1,502		69,558
Littelfuse, Inc.		451		81,703
TTM Technologies, Inc.*		5,523		64,619
Vishay Intertechnology, Inc.		4,317		79,001
				372,770
Energy Equipment & Services — 0.6%
Diamond Offshore Drilling, Inc.*		4,464		63,299
National Oilwell Varco, Inc.		1,942		71,466
				134,765
Entertainment — 0.3%
Viacom, Inc., Class B		2,378		76,048
Food & Staples Retailing — 1.0%
Sysco Corp.		1,112		79,319
Walgreens Boots Alliance, Inc.		1,014		80,887
Walmart, Inc.		807		80,926
				241,132
Food Products — 1.7%
Cal-Maine Foods, Inc.		1,777		86,487
Flowers Foods, Inc.		4,092		79,016
Ingredion, Inc.		769		77,807
JM Smucker Co. (The)		758		82,107
TreeHouse Foods, Inc.*		1,652		75,265
				400,682
Health Care Equipment & Supplies — 1.3%
Baxter International, Inc.		1,105		69,074
Becton Dickinson and Co.		333		76,756
Danaher Corp.		804		79,918
STERIS plc		739		80,780
				306,528

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — 2.4%
Chemed Corp.		251		76,387
Encompass Health Corp.		1,189		80,020
Humana, Inc.		260		83,307
Premier, Inc., Class A*		1,762		79,290
Quest Diagnostics, Inc.		782		73,594
UnitedHealth Group, Inc.		326		85,200
WellCare Health Plans, Inc.*		268		73,965
				551,763
Hotels, Restaurants & Leisure — 0.8%
Hyatt Hotels Corp., Class A		921		63,733
Royal Caribbean Cruises Ltd.		490		51,318
Wyndham Destinations, Inc.		1,767		63,400
				178,451
Household Durables — 0.6%
PulteGroup, Inc.		2,835		69,656
Toll Brothers, Inc.		2,135		71,864
				141,520
Household Products — 0.3%
Energizer Holdings, Inc.		1,307		76,812
Independent Power and Renewable Electricity Producers — 1.0%
Clearway Energy, Inc., Class C		4,004		78,518
NRG Energy, Inc.		2,272		82,224
Vistra Energy Corp.*		3,643		82,441
				243,183
Insurance — 1.0%
Aflac, Inc.		1,701		73,262
Ambac Financial Group, Inc.*		3,958		81,456
Old Republic International Corp.		3,605		79,490
				234,208
Interactive Media & Services — 0.7%
Cars.com, Inc.*		3,167		82,690
Match Group, Inc.*		1,402		72,512
				155,202
IT Services — 5.0%
Accenture plc, Class A		501		78,968
Akamai Technologies, Inc.*		1,038		74,995
Amdocs Ltd.		1,164		73,646
Broadridge Financial Solutions, Inc.		681		79,636
CACI International, Inc., Class A*		463		82,627
Cognizant Technology Solutions Corp., Class A		1,026		70,825
CSG Systems International, Inc.		1,944		68,234
EVERTEC, Inc. (Puerto Rico)		3,127		81,552
Fidelity National Information Services, Inc.		756		78,700
ManTech International Corp., Class A		1,282		73,433
Mastercard, Inc., Class A		408		80,649
MAXIMUS, Inc.		1,287		83,616
Total System Services, Inc.		932		84,952
Visa, Inc., Class A		602		82,986
Western Union Co. (The)		3,891		70,194
				1,165,013

INVESTMENTS	SHARES		VALUE($)
Life Sciences Tools & Services — 1.7%
Agilent Technologies, Inc.		1,301		84,292
Cambrex Corp.*		1,408		75,032
Charles River Laboratories International, Inc.*		664		80,888
ICON plc*		589		81,329
Medpace Holdings, Inc.*		1,397		72,784
				394,325
Machinery — 2.5%
Allison Transmission Holdings, Inc.		1,548		68,236
Caterpillar, Inc.		592		71,821
Crane Co.		823		71,634
Cummins, Inc.		609		83,244
Greenbrier Cos., Inc. (The)		1,447		68,660
Hillenbrand, Inc.		1,668		79,897
Ingersoll-Rand plc		790		75,793
Watts Water Technologies, Inc., Class A		994		69,630
				588,915
Media — 1.6%
Discovery, Inc., Class A*		2,404		77,866
Interpublic Group of Cos., Inc. (The)		3,269		75,710
John Wiley & Sons, Inc., Class A		1,414		76,695
Omnicom Group, Inc.		1,026		76,252
Sinclair Broadcast Group, Inc., Class A		2,723		77,987
				384,510
Metals & Mining — 0.9%
Alcoa Corp.*		1,945		68,055
Schnitzer Steel Industries, Inc., Class A		2,899		77,983
Steel Dynamics, Inc.		1,741		68,944
				214,982
Multiline Retail — 0.7%
Kohl’s Corp.		731		55,358
Macy’s, Inc.		1,683		57,710
Target Corp.		682		57,036
				170,104
Multi-Utilities — 0.3%
MDU Resources Group, Inc.		2,869		71,610
Oil, Gas & Consumable Fuels — 3.0%
Chevron Corp.		679		75,810
ConocoPhillips		1,179		82,412
CONSOL Energy, Inc.*		1,982		78,963
Delek US Holdings, Inc.		2,151		78,985
HollyFrontier Corp.		1,161		78,298
Murphy Oil Corp.		2,609		83,123
Peabody Energy Corp.		1,942		68,844
Phillips 66		794		81,639
Valero Energy Corp.		885		80,614
				708,688
Paper & Forest Products — 0.9%
Domtar Corp.		1,720		79,653
Louisiana-Pacific Corp.		3,151		68,597
Verso Corp., Class A*		2,632		73,986
				222,236

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Personal Products — 1.0%
Herbalife Nutrition Ltd.*		1,593		84,843
Nu Skin Enterprises, Inc., Class A		1,116		78,366
USANA Health Sciences, Inc.*		668		78,169
				241,378
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		1,472		74,395
Horizon Pharma plc*		4,573		83,274
Jazz Pharmaceuticals plc*		502		79,728
Johnson & Johnson		565		79,094
Pfizer, Inc.		1,838		79,144
Taro Pharmaceutical Industries Ltd.*		851		84,683
				480,318
Professional Services — 1.3%
FTI Consulting, Inc.*		1,223		84,522
ICF International, Inc.		1,143		84,170
Korn/Ferry International		1,666		75,203
Robert Half International, Inc.		1,135		68,702
				312,597
Road & Rail — 0.3%
ArcBest Corp.		1,724		63,995
Semiconductors & Semiconductor Equipment — 3.2%
Applied Materials, Inc.		2,114		69,508
Entegris, Inc.		2,754		73,091
First Solar, Inc.*		1,558		65,124
Intel Corp.		1,766		82,790
Lam Research Corp.		467		66,188
Maxim Integrated Products, Inc.		1,353		67,677
Mellanox Technologies Ltd. (Israel)*		1,130		95,700
MKS Instruments, Inc.		994		73,248
Rudolph Technologies, Inc.*		3,991		82,973
Texas Instruments, Inc.		718		66,652
				742,951
Software — 2.7%
Citrix Systems, Inc.*		753		77,160
Intuit, Inc.		388		81,868
LogMeIn, Inc.		931		80,178
Microsoft Corp.		766		81,816
Oracle Corp.		1,758		85,861
Progress Software Corp.		2,085		67,012
Synopsys, Inc.*		911		81,562
VMware, Inc., Class A*		542		76,633
				632,090
Specialty Retail — 3.9%
Abercrombie & Fitch Co., Class A		3,698		72,851
American Eagle Outfitters, Inc.		2,941		67,819
Best Buy Co., Inc.		892		62,583
Caleres, Inc.		1,942		66,416
Chico’s FAS, Inc.		8,700		66,729
Children’s Place, Inc. (The)		416		62,150
Dick’s Sporting Goods, Inc.		1,898		67,132
DSW, Inc., Class A		2,484		65,950

INVESTMENTS	SHARES		VALUE($)
Specialty Retail — continued
Foot Locker, Inc.		1,341		63,215
Signet Jewelers Ltd.		1,214		68,045
Tailored Brands, Inc.		2,472		51,937
Urban Outfitters, Inc.*		1,415		55,836
Williams-Sonoma, Inc.		1,090		64,724
Zumiez, Inc.*		2,938		68,338
				903,725
Technology Hardware, Storage & Peripherals — 1.7%
Apple, Inc.		364		79,665
Hewlett Packard Enterprise Co.		5,076		77,409
HP, Inc.		3,573		86,252
NetApp, Inc.		1,014		79,589
Seagate Technology plc		1,731		69,638
				392,553
Textiles, Apparel & Luxury Goods — 1.7%
Columbia Sportswear Co.		719		64,911
Deckers Outdoor Corp.*		585		74,395
Movado Group, Inc.		1,704		65,621
Oxford Industries, Inc.		771		68,604
Ralph Lauren Corp.		499		64,675
Wolverine World Wide, Inc.		1,866		65,627
				403,833
Thrifts & Mortgage Finance — 0.3%
Northwest Bancshares, Inc.		4,912		79,280
Trading Companies & Distributors — 0.7%
HD Supply Holdings, Inc.*		2,120		79,649
WW Grainger, Inc.		293		83,203
				162,852
Total Common Stocks (Cost $15,510,576)				14,746,335
	PRINCIPAL AMOUNT($)
Foreign Government Securities — 1.0%
Japan Government Bond (Japan) 0.10%, 7/15/2019 (Cost $232,545)		JPY  26,200,000		232,620
	SHARES
Short-Term Investments — 29.9%
Investment Companies — 21.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a) (b) (Cost $5,057,344)		5,057,344		5,057,344

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Short-Term Investments — continued
U.S. Treasury Obligations — 8.3%
U.S. Treasury Bills 2.38%, 7/18/2019 (c) (Cost $1,966,510)		2,000,000		1,963,956
Total Short-Term Investments (Cost $7,023,854)				7,021,300
Total Investments — 93.8% (Cost $22,766,975)				22,000,255
Other Assets Less Liabilities — 6.2%				1,456,017
Net Assets — 100.0%				23,456,272

Percentages indicated are based on net assets.

Abbreviations

JPY	—  Japanese Yen
*	—  Non-income producing security.
(a)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	—  The rate shown is the current yield as of October 31, 2018.
(c)	—  The rate shown is the effective yield as of October 31, 2018.

Futures contracts outstanding as of October 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
CAC 40 10 Euro Index		2		11/2018		EUR		114,953			(2,130	)
S&P 500 E-Mini Index		5		12/2018		USD		677,550			(46,230	)
SPI 200 Index		5		12/2018		AUD		514,847			(29,953	)
											(78,313	)
Short Contracts
IBEX 35 Index		(6)		11/2018		EUR		(603,357	)		4,440
DAX Index		(2)		12/2018		EUR		(646,885	)		21,818
EURO STOXX 50 Index		(12)		12/2018		EUR		(432,491	)		5,470
FTSE/MIB Index		(3)		12/2018		EUR		(322,100	)		37,982
Hang Seng Index		(2)		12/2018		HKD		(318,853	)		5,062
											74,772
											(3,541	)

Abbreviations

AUD	—  Australian Dollar
CAC	—  Continuous Assisted Quotation
DAX	—  Deutscher Aktien Index
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange

HKD	—  Hong Kong Dollar
IBEX	—  Madrid Stock Exchange
MIB	—  Milan, Italian Stock Exchange
SPI	—  Australian Securities Exchange
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Forward foreign currency exchange contracts outstanding as of October 31, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	115,942	CAD	150,423	Citibank, NA		11/19/2018		1,644
USD	120,995	EUR	104,197	Citibank, NA		11/19/2018		2,819
USD	118,072	GBP	89,159	Citibank, NA		11/19/2018		4,025
USD	121,600	JPY	13,618,866	Citibank, NA		11/19/2018		756
USD	238,948	JPY	26,200,000	State Street Corp.		7/16/2019		1,451
Total unrealized appreciation								10,695
CAD	162,280	USD	125,269	Merrill Lynch International		11/19/2018		(1,962	)
GBP	89,159	USD	118,087	Citibank, NA		11/19/2018		(4,040	)
JPY	13,618,866	USD	121,284	TD Bank Financial Group		11/19/2018		(439	)
Total unrealized depreciation								(6,441	)
Net unrealized appreciation								4,254

Abbreviations

CAD	—  Canadian Dollar
EUR	—  Euro
GBP	—  British Pound
JPY	—  Japanese Yen
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Over the Counter (“OTC”) Total Return Basket Swaps Outstanding at October 31, 2018
COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	2/28/2019 — 7/31/2019	$	182,359	$	8,972	$	4,455	$	13,427

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
International Consolidated Airlines Group SA		10,734		82,754		1,526			0.0	(a)
Wizz Air Holdings plc* (b)		1,753		57,496		4,635			0.0	(a)
		12,487		140,250		6,161			0.0	(a)
Distributors
Inchcape plc		2,963		20,465		1,806			0.0	(a)
Energy Equipment & Services
Petrofac Ltd.		9,386		69,020		(6,464	)		(0.0	)(a)
Equity Real Estate Investment Trusts (REITs)
UNITE Group plc (The)		7,387		80,431		440			0.0	(a)
Hotels, Restaurants & Leisure
Carnival plc		1,144		62,354		(1,714	)		(0.0	)(a)
William Hill plc		13,807		37,116		(4,046	)		(0.0	)(a)
		14,951		99,470		(5,760	)		(0.0	)(a)
Household Durables
Berkeley Group Holdings plc		1,475		65,922		1,759			0.0	(a)
Bovis Homes Group plc		5,174		63,950		(1,972	)		(0.0	)(a)
Persimmon plc		2,196		64,271		1,198			0.0	(a)
Redrow plc		9,633		65,042		(2,750	)		(0.0	)(a)
Taylor Wimpey plc		31,505		64,870		(470	)		(0.0	)(a)
		49,983		324,055		(2,235	)		(0.0	)(a)
Media
Pearson plc		6,771		77,785		6,813			0.0	(a)
Metals & Mining
Anglo American plc		3,551		75,790		1,587			0.0	(a)
BHP Billiton plc		3,692		73,651		(660	)		(0.0	)(a)
Centamin plc		35,270		44,789		3,964			0.0	(a)
Rio Tinto plc		1,481		71,904		2,893			0.0	(a)
		43,994		266,134		7,784			0.0	(a)
Multi-Utilities
Centrica plc		41,577		78,093		(3,131	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		189,499		1,155,703		5,414			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Rolls-Royce Holdings plc*		(5,691	)		(61,031	)		3,483			0.0	(a)
Rolls-Royce Holdings plc (Preference)*		(261,786	)		(334	)		(335	)		(0.0	)(a)
		(267,477	)		(61,365	)		3,148			0.0	(a)
Banks
Metro Bank plc*		(431	)		(12,231	)		(242	)		(0.0	)(a)
Standard Chartered plc		(10,065	)		(70,543	)		2,837			0.0	(a)
		(10,496	)		(82,774	)		2,595			0.0	(a)
Capital Markets
St James’s Place plc		(4,650	)		(60,093	)		4,481			0.0	(a)
Chemicals
Johnson Matthey plc		(1,862	)		(70,595	)		3,688			0.0	(a)
Containers & Packaging
DS Smith plc		(3,549	)		(17,808	)		(1,329	)		(0.0	)(a)
Electrical Equipment
Melrose Industries plc		(8,392	)		(18,065	)		(1,478	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Compass Group plc		(2,857	)		(56,194	)		(197	)		(0.0	)(a)
InterContinental Hotels Group plc		(1,071	)		(56,195	)		1,033			0.0	(a)
Merlin Entertainments plc(b)		(13,382	)		(55,265	)		5,579			0.0	(a)
		(17,310	)		(167,654	)		6,415			0.0	(a)
Household Durables
Crest Nicholson Holdings plc		(3,667	)		(15,974	)		(837	)		(0.0	)(a)
Industrial Conglomerates
DCC plc		(785	)		(67,283	)		(3,438	)		(0.0	)(a)
Insurance
Lancashire Holdings Ltd.		(9,302	)		(70,126	)		(1,707	)		(0.0	)(a)
Machinery
Weir Group plc (The)		(3,755	)		(75,988	)		(1,754	)		(0.0	)(a)
Media
ITV plc		(34,741	)		(65,948	)		2,838			0.0	(a)
Metals & Mining
Fresnillo plc		(5,053	)		(54,795	)		(5,244	)		(0.0	)(a)
Multiline Retail
B&M European Value Retail SA		(10,912	)		(58,066	)		(3,276	)		(0.0	)(a)
Professional Services
Capita plc*		(8,361	)		(13,693	)		(1,026	)		(0.0	)(a)
Specialty Retail
Kingfisher plc		(3,520	)		(11,430	)		(609	)		(0.0	)(a)
Tobacco
British American Tobacco plc		(1,423	)		(61,687	)		1,091			0.0	(a)
Total Short Positions of Total Return Basket Swap		(395,255	)		(973,344	)		3,558			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(205,756	)		182,359			8,972			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.	2/25/2019	$	(5,972,178	)	$	159,359	$	44,649	$	204,008

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
TransDigm Group, Inc.*		(205	)		(67,701	)		2,011			0.0	(a)
Triumph Group, Inc.		(788	)		(14,381	)		(794	)		(0.0	)(a)
		(993	)		(82,082	)		1,217			0.0	(a)
Airlines
American Airlines Group, Inc.		(563	)		(19,750	)		(2,435	)		(0.0	)(a)
Spirit Airlines, Inc.*		(1,456	)		(75,566	)		(10,177	)		(0.0	)(a)
		(2,019	)		(95,316	)		(12,612	)		(0.0	)(a)
Auto Components
Cooper Tire & Rubber Co.		(347	)		(10,719	)		(2,077	)		(0.0	)(a)
Gentherm, Inc.*		(1,425	)		(62,187	)		(5,730	)		(0.0	)(a)
Veoneer, Inc.*		(1,462	)		(49,094	)		7,704			0.0	(a)
		(3,234	)		(122,000	)		(103	)		(0.0	)(a)
Banks
Signature Bank		(631	)		(69,347	)		3,553			0.0	(a)
Beverages
Coca-Cola Bottling Co. Consolidated		(422	)		(72,850	)		(2,322	)		(0.0	)(a)
Capital Markets
WisdomTree Investments, Inc.		(1,895	)		(14,724	)		(2,033	)		(0.0	)(a)
Chemicals
NewMarket Corp.		(185	)		(71,402	)		(1,976	)		(0.0	)(a)
RPM International, Inc.		(1,171	)		(71,630	)		(1,904	)		(0.0	)(a)
Valvoline, Inc.		(3,329	)		(66,314	)		(1,132	)		(0.0	)(a)
		(4,685	)		(209,346	)		(5,012	)		(0.0	)(a)
Commercial Services & Supplies
Brink’s Co. (The)		(1,114	)		(73,881	)		(3,288	)		(0.0	)(a)
Covanta Holding Corp.		(4,548	)		(66,810	)		6,549			0.0	(a)
Healthcare Services Group, Inc.		(1,827	)		(74,158	)		749			0.0	(a)
		(7,489	)		(214,849	)		4,010			0.0	(a)
Communications Equipment
ADTRAN, Inc.		(1,253	)		(16,841	)		50			0.0	(a)
Infinera Corp.*		(8,904	)		(49,328	)		2,037			0.0	(a)
ViaSat, Inc.*		(1,079	)		(68,797	)		(2,039	)		(0.0	)(a)
		(11,236	)		(134,966	)		48			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Construction Materials
Martin Marietta Materials, Inc.		(435	)		(74,507	)		775			0.0	(a)
Summit Materials, Inc.*		(1,492	)		(20,142	)		(1,433	)		(0.0	)(a)
Vulcan Materials Co.		(778	)		(78,687	)		681			0.0	(a)
		(2,705	)		(173,336	)		23			0.0	(a)
Consumer Finance
LendingClub Corp.*		(20,341	)		(65,701	)		7,705			0.0	(a)
Distributors
Core-Mark Holding Co., Inc.		(1,052	)		(40,407	)		(4,545	)		(0.0	)(a)
Diversified Telecommunication Services
Cincinnati Bell, Inc.*		(880	)		(12,487	)		(352	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Cognex Corp.		(444	)		(19,021	)		(521	)		(0.0	)(a)
II-VI, Inc.*		(1,863	)		(69,360	)		(686	)		(0.0	)(a)
		(2,307	)		(88,381	)		(1,207	)		(0.0	)(a)
Energy Equipment & Services
Baker Hughes a GE Co.		(2,241	)		(59,812	)		11,720			0.1
Forum Energy Technologies, Inc.*		(8,069	)		(72,298	)		5,522			0.0	(a)
Select Energy Services, Inc.*		(6,794	)		(64,951	)		2,454			0.0	(a)
Weatherford International plc*		(22,027	)		(29,737	)		27,534			0.1
		(39,131	)		(226,798	)		47,230			0.2
Entertainment
Netflix, Inc.*		(216	)		(65,185	)		3,812			0.0	(a)
Food & Staples Retailing
Casey’s General Stores, Inc.		(531	)		(66,964	)		(1,795	)		(0.0	)(a)
PriceSmart, Inc.		(917	)		(64,328	)		7,015			0.0	(a)
		(1,448	)		(131,292	)		5,220			0.0	(a)
Health Care Equipment & Supplies
Heska Corp.*		(682	)		(68,350	)		(2,428	)		(0.0	)(a)
Insulet Corp.*		(803	)		(70,833	)		(859	)		(0.0	)(a)
iRhythm Technologies, Inc.*		(159	)		(12,284	)		342			0.0	(a)
Nevro Corp.*		(994	)		(48,468	)		875			0.0	(a)
Wright Medical Group NV*		(2,391	)		(64,509	)		(454	)		(0.0	)(a)
		(5,029	)		(264,444	)		(2,524	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Caesars Entertainment Corp.*		(5,529	)		(47,494	)		2,002			0.0	(a)
Eldorado Resorts, Inc.*		(331	)		(12,082	)		612			0.0	(a)
		(5,860	)		(59,576	)		2,614			0.0	(a)
Household Durables
Installed Building Products, Inc.*		(649	)		(19,769	)		(380	)		(0.0	)(a)
iRobot Corp.*		(626	)		(55,194	)		(1,041	)		(0.0	)(a)
Mohawk Industries, Inc.*		(99	)		(12,348	)		2,315			0.0	(a)
		(1,374	)		(87,311	)		894			0.0	(a)
Independent Power and Renewable Electricity Producers
Ormat Technologies, Inc.		(1,348	)		(68,977	)		(42	)		(0.0	)(a)
TerraForm Power, Inc.		(5,954	)		(67,102	)		(2,024	)		(0.0	)(a)
		(7,302	)		(136,079	)		(2,066	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Interactive Media & Services
Snap, Inc.*		(10,231	)		(67,627	)		257			0.0	(a)
TrueCar, Inc.*		(1,423	)		(16,194	)		(533	)		(0.0	)(a)
		(11,654	)		(83,821	)		(276	)		(0.0	)(a)
Internet & Direct Marketing Retail
Groupon, Inc.*		(17,657	)		(57,739	)		(1,197	)		(0.0	)(a)
Wayfair, Inc.*		(377	)		(41,579	)		3,506			0.0	(a)
												��
		(18,034	)		(99,318	)		2,309			0.0	(a)
IT Services
Gartner, Inc.*		(430	)		(63,433	)		(366	)		(0.0	)(a)
GTT Communications, Inc.*		(1,701	)		(61,066	)		3,317			0.0	(a)
Twilio, Inc.*		(212	)		(15,947	)		(2,205	)		(0.0	)(a)
		(2,343	)		(140,446	)		746			0.0	(a)
Leisure Products
Mattel, Inc.*		(4,068	)		(55,243	)		881			0.0	(a)
Machinery
CIRCOR International, Inc.*		(561	)		(18,238	)		630			0.0	(a)
Evoqua Water Technologies Corp.*		(1,351	)		(12,970	)		5,581			0.0	(a)
Gardner Denver Holdings, Inc.*		(2,812	)		(76,093	)		(9,338	)		(0.0	)(a)
Wabtec Corp.		(705	)		(57,824	)		12,352			0.0	(a)
		(5,429	)		(165,125	)		9,225			0.0	(a)
Media
Altice USA, Inc.		(1,116	)		(18,202	)		(109	)		(0.0	)(a)
Charter Communications, Inc.*		(51	)		(16,339	)		(634	)		(0.0	)(a)
EW Scripps Co. (The)		(1,157	)		(19,461	)		(820	)		(0.0	)(a)
GCI Liberty, Inc.*		(1,497	)		(70,853	)		(3,843	)		(0.0	)(a)
Liberty Broadband Corp.*		(849	)		(70,407	)		(2,977	)		(0.0	)(a)
Liberty Global plc*		(1,020	)		(26,143	)		(1,878	)		(0.0	)(a)
New York Times Co. (The)		(2,599	)		(68,613	)		(3,124	)		(0.0	)(a)
		(8,289	)		(290,018	)		(13,385	)		(0.0	)(a)
Metals & Mining
AK Steel Holding Corp.*		(14,308	)		(52,940	)		12,448			0.1
Coeur Mining, Inc.*		(9,203	)		(43,990	)		3,773			0.0	(a)
Compass Minerals International, Inc.		(1,075	)		(52,148	)		16,921			0.1
Constellium NV*		(1,536	)		(13,916	)		(452	)		(0.0	)(a)
Hecla Mining Co.		(21,483	)		(51,559	)		8,378			0.0	(a)
TimkenSteel Corp.*		(5,252	)		(61,081	)		9,549			0.0	(a)
		(52,857	)		(275,634	)		50,617			0.2
Multi-Utilities
Dominion Energy, Inc.		(1,053	)		(75,205	)		1,885			0.0	(a)
NiSource, Inc.		(2,889	)		(73,265	)		(809	)		(0.0	)(a)
Sempra Energy		(650	)		(71,578	)		3,471			0.0	(a)
		(4,592	)		(220,048	)		4,547			0.0	(a)
Oil, Gas & Consumable Fuels
Cheniere Energy, Inc.*		(989	)		(59,745	)		3,402			0.0	(a)
Concho Resources, Inc.*		(490	)		(68,154	)		(1,393	)		(0.0	)(a)
Extraction Oil & Gas, Inc.*		(7,106	)		(56,777	)		13,632			0.0	(a)
Parsley Energy, Inc.*		(2,360	)		(55,271	)		14,656			0.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
QEP Resources, Inc.*		(6,204	)		(55,278	)		14,766			0.1
		(17,149	)		(295,225	)		45,063			0.2
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(1,008	)		(53,605	)		(1,603	)		(0.0	)(a)
Intra-Cellular Therapies, Inc.*		(759	)		(12,888	)		(644	)		(0.0	)(a)
Medicines Co. (The)*		(1,837	)		(42,729	)		6,889			0.0	(a)
Nektar Therapeutics*		(1,740	)		(67,303	)		9,152			0.0	(a)
Pacira Pharmaceuticals, Inc.*		(1,457	)		(71,233	)		(4,837	)		(0.0	)(a)
Revance Therapeutics, Inc.*		(590	)		(12,844	)		(29	)		(0.0	)(a)
Zogenix, Inc.*		(1,723	)		(71,953	)		(4,634	)		(0.0	)(a)
		(9,114	)		(332,555	)		4,294			0.0	(a)
Road & Rail
AMERCO		(197	)		(64,316	)		2,086			0.0	(a)
Hertz Global Holdings, Inc.*		(4,677	)		(64,309	)		4,468			0.0	(a)
		(4,874	)		(128,625	)		6,554			0.0	(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(2,826	)		(51,462	)		18,017			0.1
MACOM Technology Solutions Holdings, Inc.*		(3,536	)		(49,752	)		5,728			0.0	(a)
MaxLinear, Inc.*		(3,259	)		(63,257	)		(9,386	)		(0.0	)(a)
Power Integrations, Inc.		(1,195	)		(67,302	)		(2,782	)		(0.0	)(a)
		(10,816	)		(231,773	)		11,577			0.1
Software
Appian Corp.*		(2,949	)		(75,819	)		(7,702	)		(0.0	)(a)
Autodesk, Inc.*		(423	)		(54,673	)		1,798			0.0	(a)
Box, Inc.*		(3,822	)		(68,796	)		2,745			0.0	(a)
Cloudera, Inc.*		(5,038	)		(69,323	)		(2,471	)		(0.0	)(a)
HubSpot, Inc.*		(451	)		(61,178	)		(4,077	)		(0.0	)(a)
Instructure, Inc.*		(2,131	)		(79,571	)		(11,583	)		(0.1	)
MINDBODY, Inc.*		(2,151	)		(68,488	)		3,987			0.0	(a)
Nutanix, Inc.*		(1,817	)		(75,423	)		(5,098	)		(0.0	)(a)
PROS Holdings, Inc.*		(1,853	)		(61,001	)		(3,428	)		(0.0	)(a)
		(20,635	)		(614,272	)		(25,829	)		(0.1	)
Specialty Retail
CarMax, Inc.*		(818	)		(55,550	)		544			0.0	(a)
Floor & Decor Holdings, Inc.*		(621	)		(15,885	)		503			0.0	(a)
L Brands, Inc.		(381	)		(12,352	)		(967	)		(0.0	)(a)
National Vision Holdings, Inc.*		(246	)		(10,192	)		54			0.0	(a)
		(2,066	)		(93,979	)		134			0.0	(a)
Technology Hardware, Storage & Peripherals
Pure Storage, Inc.*		(3,222	)		(65,020	)		5,238			0.0	(a)
Textiles, Apparel & Luxury Goods
Skechers U.S.A., Inc.*		(2,039	)		(58,254	)		(3,811	)		(0.0	)(a)
Tobacco
Philip Morris International, Inc.		(556	)		(48,967	)		(1,918	)		(0.0	)(a)
Trading Companies & Distributors
Herc Holdings, Inc.*		(2,024	)		(64,889	)		(140	)		(0.0	)(a)
MRC Global, Inc.*		(4,289	)		(67,895	)		6,164			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Trading Companies & Distributors — continued
NOW, Inc.*		(4,089	)		(52,503	)		13,535			0.1
SiteOne Landscape Supply, Inc.*		(1,041	)		(70,830	)		(2,303	)		(0.0	)(a)
		(11,443	)		(256,117	)		17,256			0.1
Water Utilities
American Water Works Co., Inc.		(848	)		(75,073	)		1,662			0.0	(a)
California Water Service Group		(1,814	)		(76,188	)		925			0.0	(a)
		(2,662	)		(151,261	)		2,587			0.0	(a)
Total Short Positions of Total Return Basket Swap		(312,091	)		(5,972,178	)		159,359			0.7

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.	2/25/2019	$	4,121	$	11,203	$	(1,930	)	$	9,273

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Magna International, Inc.		917		45,145		2,005			0.0	(a)
Chemicals
Methanex Corp.		1,034		66,959		(9,503	)		(0.0	)(a)
IT Services
CGI Group, Inc.*		1,305		80,593		3,888			0.0	(a)
Oil, Gas & Consumable Fuels
Parex Resources, Inc.*		4,887		71,164		(3,708	)		(0.0	)(a)
Paper & Forest Products
Canfor Corp.*		3,811		54,743		(6,836	)		(0.0	)(a)
Norbord, Inc.		2,470		62,986		(5,213	)		(0.0	)(a)
West Fraser Timber Co. Ltd.		1,331		66,871		(58	)		(0.0	)(a)
		7,612		184,600		(12,107	)		(0.0	)(a)
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		2,412		79,169		6,043			0.0	(a)
Total Long Positions of Total Return Basket Swap		18,167		527,630		(13,382	)		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 89

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(25,519	)		(61,837	)		11,759			0.0	(a)
Entertainment
Cineplex, Inc.		(742	)		(20,454	)		(181	)		(0.0	)(a)
Independent Power and Renewable Electricity Producers
Northland Power, Inc.		(3,970	)		(61,068	)		315			0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(1,666	)		(58,847	)		(1,540	)		(0.0	)(a)
B2Gold Corp.*		(29,185	)		(72,051	)		(1,597	)		(0.0	)(a)
First Quantum Minerals Ltd.		(7,513	)		(74,990	)		(9,730	)		(0.0	)(a)
Franco-Nevada Corp.		(1,004	)		(62,706	)		(1,194	)		(0.0	)(a)
Goldcorp, Inc.		(5,595	)		(50,533	)		5,609			0.0	(a)
		(44,963	)		(319,127	)		(8,452	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Paramount Resources Ltd.*		(6,580	)		(48,084	)		21,192			0.1
Whitecap Resources, Inc.		(2,645	)		(12,939	)		(48	)		(0.0	)(a)
		(9,225	)		(61,023	)		21,144			0.1
Total Short Positions of Total Return Basket Swap		(84,419	)		(523,509	)		24,585			0.1
Total of Long and Short Positions of Total Return Basket Swap		(66,252	)		4,121			11,203			0.1

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.	2/28/2019 – 7/31/2019	$	983,884	$	(17,505	)	$	39,533	$	22,028

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Dassault Aviation SA		49		81,307		(208	)		(0.0	)(a)
Auto Components
Cie Plastic Omnium SA		868		24,132		706			0.0	(a)
Faurecia SA		1,099		53,278		(1,889	)		(0.0	)(a)
		1,967		77,410		(1,183	)		(0.0	)(a)
Automobiles
Peugeot SA		2,741		65,156		2,248			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Chemicals
Covestro AG (b)		1,234		79,579		(4,447	)		(0.0	)(a)
Construction & Engineering
Eiffage SA		734		71,684		(4,188	)		(0.0	)(a)
Maire Tecnimont SpA		16,885		73,810		2,733			0.0	(a)
		17,619		145,494		(1,455	)		(0.0	)(a)
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		5,174		84,862		1,154			0.0	(a)
DNA OYJ		3,612		70,785		(6,712	)		(0.0	)(a)
		8,786		155,647		(5,558	)		(0.0	)(a)
Electric Utilities
Endesa SA		3,665		76,632		(1,521	)		(0.0	)(a)
Verbund AG		1,796		72,293		(2,646	)		(0.0	)(a)
		5,461		148,925		(4,167	)		(0.0	)(a)
Electrical Equipment
Signify NV (b)		2,847		70,134		1,736			0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		1,929		71,944		(6,352	)		(0.0	)(a)
Industrial Conglomerates
Rheinmetall AG		219		18,953		1,170			0.0	(a)
Insurance
Ageas		1,558		77,955		1,107			0.0	(a)
ASR Nederland NV		1,641		74,497		697			0.0	(a)
Poste Italiane SpA(b)		1,769		12,693		675			0.0	(a)
		4,968		165,145		2,479			0.0	(a)
IT Services
Amadeus IT Group SA		851		68,526		(741	)		(0.0	)(a)
Machinery
Fincantieri SpA		47,457		69,140		(324	)		(0.0	)(a)
Valmet OYJ		3,962		90,210		2,150			0.0	(a)
		51,419		159,350		1,826			0.0	(a)
Media
Eutelsat Communications SA		3,106		62,911		(15,591	)		(0.1	)
Mediaset Espana Comunicacion SA		3,883		26,404		574			0.0	(a)
ProSiebenSat.1 Media SE		3,333		76,964		(3,347	)		(0.0	)(a)
Publicis Groupe SA		315		18,234		(273	)		(0.0	)(a)
		10,637		184,513		(18,637	)		(0.1	)
Metals & Mining
Aurubis AG		1,301		78,970		179			0.0	(a)
Eramet		182		16,754		2,776			0.0	(a)
		1,483		95,724		2,955			0.0	(a)
Multi-Utilities
A2A SpA		46,716		75,276		(3,388	)		(0.1	)
Engie SA		5,253		69,797		(2,712	)		(0.0	)(a)
Hera SpA		26,304		72,596		(1,991	)		(0.0	)(a)
Iren SpA		31,829		68,966		(2,081	)		(0.0	)(a)
		110,102		286,635		(10,172	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 91

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels
Enagas SA		3,007			79,726			(302	)		(0.0	)(a)
Eni SpA		4,404			78,214			(2,447	)		(0.0	)(a)
Neste OYJ		1,054			86,549			19			0.0	(a)
OMV AG		1,501			83,355			(913	)	��	(0.0	)(a)
Repsol SA		4,222			75,442			(6,352	)		(0.1	)
TOTAL SA		1,343			78,801			(5,121	)		(0.0	)(a)
		15,531			482,087			(15,116	)		(0.1	)
Paper & Forest Products
Ence Energia y Celulosa SA		9,546			80,185			(523	)		(0.0	)(a)
UPM-Kymmene OYJ		2,029			65,230			(5,644	)		(0.0	)(a)
		11,575			145,415			(6,167	)		(0.0	)(a)
Pharmaceuticals
Bayer AG (Registered)		906			69,447			(7,578	)		(0.0	)(a)
Merck KGaA		826			88,385			4,442			0.0	(a)
		1,732			157,832			(3,136	)		(0.0	)(a)
Real Estate Management & Development
Grand City Properties SA		3,167			76,565			223			0.0	(a)
LEG Immobilien AG		742			81,107			(759	)		(0.0	)(a)
Nexity SA		288			13,772			81			0.0	(a)
TAG Immobilien AG		3,659			83,470			78			0.0	(a)
		7,856			254,914			(377	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		1,296			27,706			3,636			0.0	(a)
Siltronic AG		697			63,834			(4,889	)		(0.0	)(a)
		1,993			91,540			(1,253	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Christian Dior SE		41			15,862			738			0.0	(a)
Total Long Positions of Total Return Basket Swap		261,040			3,022,092			(65,817	)		(0.3	)
Short Positions
Common Stocks
Air Freight & Logistics
Deutsche Post AG		(2,159	)		(68,171	)		(222	)		(0.0	)(a)
Auto Components
Brembo SpA		(1,545	)		(17,104	)		(555	)		(0.0	)(a)
Nokian Renkaat OYJ		(399	)		(12,692	)		1,170			0.0	(a)
		(1,944	)		(29,796	)		615			0.0	(a)
Automobiles
Daimler AG (Registered)		(957	)		(56,689	)		(2,513	)		(0.0	)(a)
Banks
Bankia SA		(21,204	)		(66,603	)		11,251			0.1
Capital Markets
Banca Generali SpA		(963	)		(18,542	)		504			0.0	(a)
Deutsche Bank AG (Registered)		(6,047	)		(59,102	)		6,583			0.0	(a)
		(7,010	)		(77,644	)		7,087			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Chemicals
LANXESS AG		(1,115	)		(69,016	)		5,600			0.0	(a)
Lenzing AG		(745	)		(67,578	)		(1,374	)		(0.0	)(a)
OCI NV*		(2,154	)		(61,201	)		7,311			0.0	(a)
Symrise AG		(818	)		(68,522	)		(1,071	)		(0.0	)(a)
Umicore SA		(312	)		(14,687	)		(916	)		(0.0	)(a)
		(5,144	)		(281,004	)		9,550			0.0	(a)
Commercial Services & Supplies
Elis SA		(768	)		(15,486	)		(1,313	)		(0.0	)(a)
Construction & Engineering
Boskalis Westminster		(2,121	)		(60,985	)		(2,183	)		(0.0	)(a)
Construction Materials
Imerys SA		(1,126	)		(69,410	)		(1,259	)		(0.0	)(a)
Containers & Packaging
Huhtamaki OYJ		(2,096	)		(58,766	)		2,429			0.0	(a)
Diversified Telecommunication Services
Iliad SA		(311	)		(35,947	)		343			0.0	(a)
Electrical Equipment
Nexans SA		(2,078	)		(59,968	)		(383	)		(0.0	)(a)
Energy Equipment & Services
CGG SA*		(6,753	)		(16,336	)		(1,874	)		(0.0	)(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(5,238	)		(64,291	)		4,742			0.0	(a)
Food Products
Glanbia plc		(4,247	)		(75,089	)		(6,293	)		(0.0	)(a)
Gas Utilities
Rubis SCA		(1,400	)		(72,232	)		(1,089	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Elior Group SA(b)		(4,222	)		(60,731	)		(1,841	)		(0.0	)(a)
Household Durables
Neinor Homes SA*(b)		(3,228	)		(51,953	)		3,623			0.0	(a)
Industrial Conglomerates
Siemens AG (Registered)		(532	)		(61,152	)		636			0.0	(a)
Internet & Direct Marketing Retail
Zalando SE*(b)		(836	)		(32,316	)		(2,517	)		(0.0	)(a)
Life Sciences Tools & Services
Eurofins Scientific SE		(133	)		(67,024	)		(5,372	)		(0.0	)(a)
Machinery
Alstom SA*		(1,650	)		(72,060	)		(913	)		(0.0	)(a)
ANDRITZ AG		(1,301	)		(67,431	)		1,936			0.0	(a)
Duerr AG		(405	)		(14,432	)		(1,804	)		(0.0	)(a)
GEA Group AG		(1,373	)		(41,720	)		461			0.0	(a)
IMA Industria Macchine Automatiche SpA		(1,030	)		(61,766	)		12,506			0.0	(a)
Outotec OYJ*		(8,942	)		(34,586	)		16,806			0.1
		(14,701	)		(291,995	)		28,992			0.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 93

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Media
Altice Europe NV*		(11,142	)		(26,507	)		532			0.0	(a)
JCDecaux SA		(2,069	)		(67,921	)		677			0.0	(a)
Telenet Group Holding NV		(1,000	)		(48,448	)		1,934			0.0	(a)
		(14,211	)		(142,876	)		3,143			0.0	(a)
Metals & Mining
AMG Advanced Metallurgical Group NV		(298	)		(14,178	)		(1,859	)		(0.0	)(a)
Salzgitter AG		(1,643	)		(65,667	)		(1,009	)		(0.0	)(a)
thyssenkrupp AG		(2,715	)		(56,910	)		6,428			0.0	(a)
		(4,656	)		(136,755	)		3,560			0.0	(a)
Specialty Retail
Industria de Diseno Textil SA		(585	)		(16,488	)		(163	)		(0.0	)(a)
Transportation Infrastructure
Getlink		(5,446	)		(68,501	)		(637	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(113,106	)		(2,038,208	)		48,312			0.2
Total of Long and Short Positions of Total Return Basket Swap		147,934			983,884			(17,505	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps.	7/31/2019 — 4/30/2020	$	425,516	$	10,358	$	1,544	$	11,902

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG*(b)		943		83,005		623			0.0	(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		97		15,819		885			0.0	(a)
Insurance
Swiss Life Holding AG (Registered)*		215		81,101		4,570			0.0	(a)
Machinery
Bucher Industries AG (Registered)		257		70,878		(3,507	)		(0.0	)(a)
Georg Fischer AG (Registered)		22		20,467		1,306			0.0	(a)
OC Oerlikon Corp. AG (Registered)*		6,238		74,240		(1,972	)		(0.0	)(a)
		6,517		165,585		(4,173	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Pharmaceuticals
Galenica AG* (b)		1,503			80,574			548		0.0	(a)
Real Estate Management & Development
Swiss Prime Site AG (Registered)*		914			74,165			1,980		0.0	(a)
Total Long Positions of Total Return Basket Swap		10,189			500,249			4,433		0.0	(a)
Short Positions
Common Stocks
Household Durables
Forbo Holding AG (Registered)		(33	)		(48,437	)		270		0.0	(a)
Semiconductors & Semiconductor Equipment
ams AG*		(675	)		(26,296	)		5,655		0.0	(a)
Total Short Positions of Total Return Basket Swap		(708	)		(74,733	)		5,925		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		9,481			425,516			10,358		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (4.00)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.	2/25/2019	$	(236,065	)	$	12,868	$	(21,187	)	$	(8,319	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
TS Tech Co. Ltd.		1,300		37,414		(3,991	)		(0.0	)(a)
Beverages
Kirin Holdings Co. Ltd.		3,100		73,974		(3,980	)		(0.0	)(a)
Chemicals
Mitsubishi Chemical Holdings Corp.		9,700		75,615		(12,701	)		(0.1	)
Mitsubishi Gas Chemical Co., Inc.		3,700		62,109		(10,980	)		(0.1	)
Sumitomo Bakelite Co. Ltd.		1,600		57,772		(5,672	)		(0.0	)(a)
Tosoh Corp.		5,300		69,779		(6,331	)		(0.0	)(a)
		20,300		265,275		(35,684	)		(0.2	)
Construction & Engineering
Taisei Corp.		1,800		76,983		(4,916	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 95

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		1,800			74,230			(5,462	)		(0.0	)(a)
Entertainment
GungHo Online Entertainment, Inc.*		20,000			36,157			(1,985	)		(0.0	)(a)
Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		2,200			79,539			(7,613	)		(0.0	)(a)
Interactive Media & Services
Mixi, Inc.		2,500			54,625			(6,520	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		11,600			78,381			(9,901	)		(0.1	)
Pharmaceuticals
Astellas Pharma, Inc.		5,100			78,796			(8,764	)		(0.1	)
Shionogi & Co. Ltd.		1,300			83,127			(1,922	)		(0.0	)(a)
		6,400			161,923			(10,686	)		(0.1	)
Road & Rail
Sankyu, Inc.		1,400			65,988			(14,755	)		(0.1	)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		4,500			82,357			(5,854	)		(0.0	)(a)
Trading Companies & Distributors
ITOCHU Corp.		4,700			87,166			(6,516	)		(0.0	)(a)
Marubeni Corp.		9,100			73,789			(11,016	)		(0.1	)
Sumitomo Corp.		5,100			77,350			(9,015	)		(0.0	)(a)
		18,900			238,305			(26,547	)		(0.1	)
Wireless Telecommunication Services
NTT DOCOMO, Inc.		3,200			79,356			(5,463	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		99,000			1,404,507			(143,357	)		(0.6	)
Short Positions
Common Stocks
Chemicals
Kansai Paint Co. Ltd.		(3,300	)		(48,762	)		5,981			0.1
Toray Industries, Inc.		(9,400	)		(66,677	)		3,165			0.0	(a)
		(12,700	)		(115,439	)		9,146			0.1
Construction & Engineering
JGC Corp.		(3,000	)		(58,071	)		8,586			0.0	(a)
Consumer Finance
Aiful Corp.*		(22,600	)		(59,605	)		7,353			0.0	(a)
Electric Utilities
Hokkaido Electric Power Co., Inc.		(11,600	)		(67,701	)		6,158			0.0	(a)
Electrical Equipment
GS Yuasa Corp.		(2,700	)		(55,423	)		6,518			0.0	(a)
Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(1,400	)		(33,002	)		3,205			0.0	(a)
Murata Manufacturing Co. Ltd.		(400	)		(62,254	)		(2,768	)		(0.0	)(a)
		(1,800	)		(95,256	)		437			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food & Staples Retailing
Aeon Co. Ltd.		(2,900	)		(66,561	)		2,804			0.0	(a)
Tsuruha Holdings, Inc.		(600	)		(62,622	)		7,916			0.1
		(3,500	)		(129,183	)		10,720			0.1
Food Products
Nissin Foods Holdings Co. Ltd.		(1,100	)		(70,927	)		4,292			0.0	(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(1,400	)		(42,639	)		1,993			0.0	(a)
Industrial Conglomerates
Keihan Holdings Co. Ltd.		(2,000	)		(75,893	)		2,575			0.0	(a)
Toshiba Corp.*		(2,400	)		(71,934	)		(963	)		(0.0	)(a)
		(4,400	)		(147,827	)		1,612			0.0	(a)
Interactive Media & Services
LINE Corp.*		(700	)		(22,317	)		2,825			0.0	(a)
Yahoo Japan Corp.		(19,300	)		(60,212	)		6,539			0.1
		(20,000	)		(82,529	)		9,364			0.1
IT Services
GMO internet, Inc.		(3,300	)		(47,158	)		4,551			0.0	(a)
Machinery
FANUC Corp.		(400	)		(69,587	)		2,821			0.0	(a)
Marine
Kawasaki Kisen Kaisha Ltd.*		(3,400	)		(45,307	)		20,171			0.1
Mitsui OSK Lines Ltd.		(2,400	)		(58,331	)		11,403			0.1
Nippon Yusen KK		(3,900	)		(62,891	)		9,330			0.0	(a)
		(9,700	)		(166,529	)		40,904			0.2
Multiline Retail
Don Quijote Holdings Co. Ltd.		(900	)		(53,763	)		848			0.0	(a)
Marui Group Co. Ltd.		(2,000	)		(43,064	)		2,190			0.0	(a)
		(2,900	)		(96,827	)		3,038			0.0	(a)
Road & Rail
Keio Corp.		(1,300	)		(70,608	)		2,467			0.0	(a)
Odakyu Electric Railway Co. Ltd.		(2,900	)		(61,308	)		7,422			0.1
Tokyu Corp.		(3,700	)		(61,126	)		4,264			0.0	(a)
		(7,900	)		(193,042	)		14,153			0.1
Semiconductors & Semiconductor Equipment
Renesas Electronics Corp.*		(4,900	)		(25,813	)		4,724			0.0	(a)
Trading Companies & Distributors
MonotaRO Co. Ltd.		(2,500	)		(55,117	)		12,022			0.1
Transportation Infrastructure
Mitsubishi Logistics Corp.		(2,700	)		(61,899	)		7,833			0.0	(a)
Total Short Positions of Total Return Basket Swap		(119,100	)		(1,640,572	)		156,225			0.7
Total of Long and Short Positions of Total Return Basket Swap		(20,100	)		(236,065	)		12,868			0.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 97

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.35)% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.	2/25/2019	$	99,080	$	(26,725	)	$	(1,477	)	$	(28,202	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food & Staples Retailing
Metcash Ltd.		37,412			73,120			(5,025	)		(0.0	)(a)
Metals & Mining
Sandfire Resources NL		14,754			69,763			(3,458	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		62,678			78,072			(9,804	)		(0.0	)(a)
Whitehaven Coal Ltd.		21,030			72,643			(10,757	)		(0.1	)
		83,708			150,715			(20,561	)		(0.1	)
Total Long Positions of Total Return Basket Swap		135,874			293,598			(29,044	)		(0.1	)
Short Positions
Common Stocks
Building Products
Reliance Worldwide Corp. Ltd.		(20,793	)		(74,076	)		(5,499	)		(0.0	)(a)
Chemicals
Nufarm Ltd.		(14,282	)		(57,755	)		1,684			0.0	(a)
IT Services
NEXTDC Ltd.*		(14,996	)		(62,687	)		6,134			0.0	(a)
Total Short Positions of Total Return Basket Swap		(50,071	)		(194,518	)		2,319			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		85,803			99,080			(26,725	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day SONIA and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (2.25) % to 0.30%), which is denominated in GBP based on the local currencies of the positions within the swaps.	11/14/2018 — 9/29/2028	$	(43,295	)	$	220	$	27,260	$	27,480

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		11,110			75,166			2,680			0.0	(a)
Air Freight & Logistics
Royal Mail plc		14,805			67,969			2,653			0.0	(a)
Airlines
Wizz Air Holdings plc* (b)		412			13,513			1,089			0.0	(a)
Distributors
Inchcape plc		6,937			47,911			(6,642	)		(0.0	)(a)
Energy Equipment & Services
Hunting plc		8,282			71,063			(8,028	)		(0.0	)(a)
Food & Staples Retailing
J Sainsbury plc		19,551			77,677			(242	)		(0.0	)(a)
Wm Morrison Supermarkets plc		23,697			75,077			377			0.0	(a)
		43,248			152,754			135			0.0	(a)
Food Products
Tate & Lyle plc		9,234			79,395			2,751			0.0	(a)
Hotels, Restaurants & Leisure
William Hill plc		5,215			14,019			(1,528	)		(0.0	)(a)
Machinery
Bodycote plc		7,433			75,484			8			0.0	(a)
Vesuvius plc		9,673			67,112			(3,598	)		(0.0	)(a)
		17,106			142,596			(3,590	)		(0.0	)(a)
Metals & Mining
Antofagasta plc		7,673			76,807			289			0.0	(a)
Centamin plc		22,169			28,152			2,491			0.0	(a)
Rio Tinto plc		99			4,807			193			0.0	(a)
		29,941			109,766			2,973			0.0	(a)
Oil, Gas & Consumable Fuels
BP plc		11,148			80,530			(708	)		(0.0	)(a)
Royal Dutch Shell plc		2,314			75,466			(1,508	)		(0.0	)(a)
Tullow Oil plc*		23,820			68,341			(8,434	)		(0.1	)
		37,282			224,337			(10,650	)		(0.1	)
Pharmaceuticals
Hikma Pharmaceuticals plc		3,280			79,556			3,255			0.0	(a)
Total Long Positions of Total Return Basket Swap		186,852			1,078,045			(14,902	)		(0.1	)
Short Positions
Common Stocks
Banks
Metro Bank plc*		(1,647	)		(46,739	)		10,341			0.1
Containers & Packaging
DS Smith plc		(11,188	)		(56,137	)		3,831			0.0	(a)
RPC Group plc		(6,301	)		(61,417	)		2,158			0.0	(a)
		(17,489	)		(117,554	)		5,989			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 99

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Diversified Telecommunication Services
BT Group plc		(25,092	)		(76,832	)		(856	)		(0.0	)(a)
Inmarsat plc		(10,239	)		(59,544	)		7,355			0.0	(a)
		(35,331	)		(136,376	)		6,499			0.0	(a)
Electrical Equipment
Melrose Industries plc		(25,537	)		(54,971	)		1,997			0.0	(a)
Energy Equipment & Services
John Wood Group plc		(6,865	)		(62,569	)		4,132			0.0	(a)
Health Care Providers & Services
NMC Health plc		(1,488	)		(67,093	)		(7,419	)		(0.0	)(a)
Spire Healthcare Group plc (b)		(48,428	)		(72,672	)		3,928			0.0	(a)
		(49,916	)		(139,765	)		(3,491	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Merlin Entertainments plc (b)		(230	)		(950	)		173			0.0	(a)
Household Durables
Crest Nicholson Holdings plc		(9,700	)		(42,254	)		(627	)		(0.0	)(a)
Metals & Mining
Fresnillo plc		(1,395	)		(15,128	)		(1,448	)		(0.0	)(a)
Multi-Utilities
National Grid plc		(6,804	)		(71,878	)		(1,666	)		(0.0	)(a)
Professional Services
Capita plc*		(36,863	)		(60,372	)		(1,147	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(19,772	)		(63,085	)		(1,552	)		(0.0	)(a)
Software
AVEVA Group plc		(1,775	)		(59,374	)		(1,220	)		(0.0	)(a)
Sage Group plc (The)		(9,769	)		(67,923	)		1,576			0.0	(a)
		(11,544	)		(127,297	)		356			0.0	(a)
Specialty Retail
Kingfisher plc		(14,140	)		(45,915	)		1,370			0.0	(a)
Trading Companies & Distributors
Travis Perkins plc		(4,658	)		(65,788	)		(6,565	)		(0.0	)(a)
Water Utilities
Severn Trent plc		(2,975	)		(70,699	)		761			0.0	(a)
Total Short Positions of Total Return Basket Swap		(244,866	)		(1,121,340	)		15,122			0.1
Total of Long and Short Positions of Total Return Basket Swap		(58,014	)		(43,295	)		220			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one day FEDEF on short positions, plus or minus a specified spread (rates range from (7.27)% to (0.20)%), which is denominated in USD based on the local currencies of the positions within the swaps.	5/24/2028 — 10/26/2028	$	(5,811,114	)	$	174,364	$	507,792	$	682,156

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Cubic Corp.		(1,068	)		(70,072	)		2,445			0.0	(a)
Kratos Defense & Security Solutions, Inc.*		(4,647	)		(58,227	)		3,020			0.0	(a)
Mercury Systems, Inc.*		(1,268	)		(59,418	)		6,201			0.1
Triumph Group, Inc.		(3,025	)		(55,206	)		3,298			0.0	(a)
		(10,008	)		(242,923	)		14,964			0.1
Air Freight & Logistics
Air Transport Services Group, Inc.*		(3,304	)		(64,758	)		5,915			0.0	(a)
United Parcel Service, Inc.		(651	)		(69,358	)		6,581			0.1
		(3,955	)		(134,116	)		12,496			0.1
Airlines
American Airlines Group, Inc.		(1,679	)		(58,899	)		(5,826	)		(0.0	)(a)
Auto Components
Cooper Tire & Rubber Co.		(1,865	)		(57,610	)		(11,862	)		(0.0	)(a)
Banks
First Republic Bank		(740	)		(67,333	)		1,398			0.0	(a)
Beverages
Brown-Forman Corp.		(1,400	)		(64,876	)		1,288			0.0	(a)
National Beverage Corp.*		(680	)		(62,866	)		5,630			0.0	(a)
		(2,080	)		(127,742	)		6,918			0.0	(a)
Capital Markets
Cboe Global Markets, Inc.		(708	)		(79,898	)		(7,710	)		(0.0	)(a)
MarketAxess Holdings, Inc.		(352	)		(73,804	)		(8,047	)		(0.1	)
WisdomTree Investments, Inc.		(8,171	)		(63,488	)		(3,104	)		(0.0	)(a)
		(9,231	)		(217,190	)		(18,861	)		(0.1	)
Chemicals
Albemarle Corp.		(678	)		(67,271	)		(2,407	)		(0.0	)(a)
GCP Applied Technologies, Inc.*		(2,614	)		(67,885	)		(2,718	)		(0.0	)(a)
International Flavors & Fragrances, Inc.		(506	)		(73,198	)		(5,394	)		(0.1	)
PQ Group Holdings, Inc.*		(4,313	)		(69,224	)		(2,114	)		(0.0	)(a)
		(8,111	)		(277,578	)		(12,633	)		(0.1	)
Commercial Services & Supplies
ABM Industries, Inc.		(2,056	)		(63,222	)		3,331			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 101

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Communications Equipment
Acacia Communications, Inc.*		(1,687	)		(58,151	)		3,441			0.0	(a)
ADTRAN, Inc.		(3,784	)		(50,857	)		13,698			0.0	(a)
Extreme Networks, Inc.*		(11,975	)		(66,461	)		(8,023	)		(0.0	)(a)
Finisar Corp.*		(4,036	)		(67,361	)		(767	)		(0.0	)(a)
Infinera Corp.*		(3,137	)		(17,379	)		910			0.0	(a)
		(24,619	)		(260,209	)		9,259			0.0	(a)
Construction Materials
Summit Materials, Inc.*		(3,888	)		(52,488	)		10,886			0.0	(a)
Distributors
Core-Mark Holding Co., Inc.		(569	)		(21,855	)		(2,458	)		(0.0	)(a)
Diversified Telecommunication Services
Cincinnati Bell, Inc.*		(4,445	)		(63,075	)		2,800			0.0	(a)
Zayo Group Holdings, Inc.*		(1,983	)		(59,252	)		3,292			0.0	(a)
		(6,428	)		(122,327	)		6,092			0.0	(a)
Electronic Equipment, Instruments & Components
Cognex Corp.		(1,201	)		(51,451	)		3,327			0.0	(a)
Fitbit, Inc.*		(12,276	)		(58,065	)		(982	)		(0.0	)(a)
		(13,477	)		(109,516	)		2,345			0.0	(a)
Energy Equipment & Services
C&J Energy Services, Inc.*		(3,142	)		(59,007	)		5,215			0.0	(a)
Ensco plc		(8,269	)		(59,041	)		12,238			0.1
Keane Group, Inc.*		(6,077	)		(76,388	)		(1,519	)		(0.0	)(a)
Patterson-UTI Energy, Inc.		(3,949	)		(65,711	)		435			0.0	(a)
Weatherford International plc*		(6,869	)		(9,273	)		8,586			0.0	(a)
		(28,306	)		(269,420	)		24,955			0.1
Equity Real Estate Investment Trusts (REITs)
Alexander & Baldwin, Inc.		(3,241	)		(63,329	)		3,630			0.0	(a)
Food Products
Kraft Heinz Co. (The)		(1,236	)		(67,943	)		952			0.0	(a)
Gas Utilities
Southwest Gas Holdings, Inc.		(946	)		(73,097	)		3,936			0.0	(a)
Spire, Inc.		(1,029	)		(74,685	)		1,934			0.0	(a)
		(1,975	)		(147,782	)		5,870			0.0	(a)
Health Care Equipment & Supplies
Hologic, Inc.*		(1,783	)		(69,519	)		2,799			0.0	(a)
iRhythm Technologies, Inc.*		(722	)		(55,782	)		2,844			0.0	(a)
Nevro Corp.*		(267	)		(13,019	)		235			0.0	(a)
Penumbra, Inc.*		(446	)		(60,656	)		(2,230	)		(0.0	)(a)
ViewRay, Inc.*		(8,643	)		(74,762	)		(5,383	)		(0.0	)(a)
		(11,861	)		(273,738	)		(1,735	)		(0.0	)(a)
Health Care Technology
Evolent Health, Inc.*		(2,410	)		(53,502	)		7,784			0.0	(a)
Medidata Solutions, Inc.*		(912	)		(64,114	)		(4,123	)		(0.0	)(a)
Omnicell, Inc.*		(983	)		(69,498	)		(6,930	)		(0.0	)(a)
Teladoc Health, Inc.*		(863	)		(59,840	)		(5,100	)		(0.0	)(a)
		(5,168	)		(246,954	)		(8,369	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Caesars Entertainment Corp.*		(580	)		(4,982	)		296			0.0	(a)
Eldorado Resorts, Inc.*		(1,069	)		(39,019	)		9,856			0.1
Golden Entertainment, Inc.*		(3,079	)		(55,945	)		8,223			0.0	(a)
		(4,728	)		(99,946	)		18,375			0.1
Household Durables
Installed Building Products, Inc.*		(1,147	)		(34,938	)		6,859			0.0	(a)
Mohawk Industries, Inc.*		(283	)		(35,298	)		9,877			0.1
		(1,430	)		(70,236	)		16,736			0.1
Household Products
Spectrum Brands Holdings, Inc.		(964	)		(62,612	)		2,930			0.0	(a)
Insurance
Alleghany Corp.		(120	)		(72,082	)		2,602			0.0	(a)
Arch Capital Group Ltd.*		(2,548	)		(72,287	)		(714	)		(0.0	)(a)
Markel Corp.*		(65	)		(71,060	)		4,278			0.0	(a)
ProAssurance Corp.		(1,449	)		(63,640	)		2,434			0.0	(a)
Willis Towers Watson plc		(488	)		(69,862	)		(1,815	)		(0.0	)(a)
		(4,670	)		(348,931	)		6,785			0.0	(a)
Interactive Media & Services
TrueCar, Inc.*		(4,833	)		(55,000	)		5,751			0.0	(a)
IT Services
InterXion Holding NV*		(1,123	)		(66,111	)		2,718			0.0	(a)
Twilio, Inc.*		(809	)		(60,853	)		(5,825	)		(0.0	)(a)
		(1,932	)		(126,964	)		(3,107	)		(0.0	)(a)
Machinery
Albany International Corp.		(866	)		(60,603	)		1,541			0.0	(a)
CIRCOR International, Inc.*		(1,437	)		(46,717	)		13,651			0.1
Evoqua Water Technologies Corp.*		(3,484	)		(33,446	)		23,831			0.1
John Bean Technologies Corp.		(573	)		(59,575	)		2,693			0.0	(a)
Mueller Water Products, Inc.		(6,062	)		(62,196	)		5,395			0.0	(a)
REV Group, Inc.		(6,052	)		(66,027	)		11,358			0.1
		(18,474	)		(328,564	)		58,469			0.3
Media
Altice USA, Inc.		(2,835	)		(46,239	)		4,508			0.0	(a)
Charter Communications, Inc.*		(167	)		(53,502	)		(1,710	)		(0.0	)(a)
EW Scripps Co. (The)		(2,938	)		(49,417	)		(1,351	)		(0.0	)(a)
Liberty Global plc*		(1,696	)		(43,468	)		(780	)		(0.0	)(a)
		(7,636	)		(192,626	)		667			0.0	(a)
Metals & Mining
AK Steel Holding Corp.*		(150	)		(555	)		131			0.0	(a)
Coeur Mining, Inc.*		(4,563	)		(21,811	)		1,871			0.0	(a)
Constellium NV*		(5,663	)		(51,307	)		7,418			0.1
Hecla Mining Co.		(2,118	)		(5,083	)		826			0.0	(a)
TimkenSteel Corp.*		(675	)		(7,851	)		1,668			0.0	(a)
		(13,169	)		(86,607	)		11,914			0.1
Oil, Gas & Consumable Fuels
Extraction Oil & Gas, Inc.*		(1,477	)		(11,801	)		3,840			0.0	(a)
Golar LNG Ltd.		(2,436	)		(65,236	)		(2,533	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 103

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Matador Resources Co.*		(2,284	)		(65,871	)		7,582			0.1
SemGroup Corp.		(2,986	)		(55,211	)		7,525			0.0	(a)
		(9,183	)		(198,119	)		16,414			0.1
Pharmaceuticals
Collegium Pharmaceutical, Inc.*		(4,688	)		(75,242	)		5,392			0.0	(a)
Intra-Cellular Therapies, Inc.*		(3,378	)		(57,358	)		5,473			0.0	(a)
Medicines Co. (The)*		(371	)		(8,630	)		1,391			0.0	(a)
Nektar Therapeutics*		(62	)		(2,398	)		617			0.0	(a)
Revance Therapeutics, Inc.*		(2,476	)		(53,903	)		3,664			0.0	(a)
Theravance Biopharma, Inc.*		(2,261	)		(54,875	)		13,746			0.1
WaVe Life Sciences Ltd.*		(1,277	)		(59,623	)		(6,755	)		(0.0	)(a)
		(14,513	)		(312,029	)		23,528			0.1
Real Estate Management & Development
Redfin Corp.*		(4,284	)		(66,188	)		(43	)		(0.0	)(a)
Road & Rail
Heartland Express, Inc.		(3,424	)		(66,665	)		(4,930	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Cree, Inc.*		(1,775	)		(68,905	)		(7,420	)		(0.0	)(a)
MACOM Technology Solutions Holdings, Inc.*		(1,338	)		(18,826	)		(441	)		(0.0	)(a)
MaxLinear, Inc.*		(214	)		(4,154	)		(617	)		(0.0	)(a)
Universal Display Corp.		(576	)		(70,854	)		(8,738	)		(0.1	)
		(3,903	)		(162,739	)		(17,216	)		(0.1	)
Software
Autodesk, Inc.*		(20	)		(2,585	)		85			0.0	(a)
FireEye, Inc.*		(4,081	)		(75,458	)		(9,142	)		(0.0	)(a)
PROS Holdings, Inc.*		(33	)		(1,086	)		(61	)		(0.0	)(a)
		(4,134	)		(79,129	)		(9,118	)		(0.0	)(a)
Specialty Retail
Floor & Decor Holdings, Inc.*		(1,493	)		(38,191	)		3,105			0.0	(a)
L Brands, Inc.		(1,523	)		(49,376	)		(5,940	)		(0.0	)(a)
Murphy USA, Inc.*		(604	)		(48,700	)		(990	)		(0.0	)(a)
National Vision Holdings, Inc.*		(1,085	)		(44,952	)		(1,378	)		(0.0	)(a)
Ulta Beauty, Inc.*		(189	)		(51,884	)		(1,207	)		(0.0	)(a)
		(4,894	)		(233,103	)		(6,410	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Cray, Inc.*		(3,612	)		(81,956	)		(12,064	)		(0.0	)(a)
Thrifts & Mortgage Finance
Kearny Financial Corp.		(5,260	)		(68,064	)		4,261			0.0	(a)
LendingTree, Inc.*		(336	)		(67,768	)		2,852			0.0	(a)
		(5,596	)		(135,832	)		7,113			0.0	(a)
Tobacco
Philip Morris International, Inc.		(331	)		(29,151	)		(1,142	)		(0.0	)(a)
Vector Group Ltd.		(4,860	)		(65,708	)		(2,284	)		(0.0	)(a)
		(5,191	)		(94,859	)		(3,426	)		(0.0	)(a)
Transportation Infrastructure
Macquarie Infrastructure Corp.		(1,634	)		(60,376	)		10,409			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Water Utilities
Aqua America, Inc.		(2,043	)		(66,459	)		10,235		0.0	(a)
Total Short Positions of Total Return Basket Swap		(260,740	)		(5,811,114	)		174,364		0.8

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.40)% to 0.25%), which is denominated in CAD based on the local currencies of the positions within the swaps.	5/25/2028 — 10/26/2028	$	(377,960	)	$	30,660	$	(16,971	)	$	13,689

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Magna International, Inc.		217		10,683		475			0.0	(a)
Banks
Canadian Imperial Bank of Commerce		937		80,913		(3,488	)		(0.0	)(a)
Food & Staples Retailing
Empire Co. Ltd.		4,075		74,136		2,784			0.0	(a)
Leisure Products
BRP, Inc.		1,538		61,873		(988	)		(0.0	)(a)
Metals & Mining
Hudbay Minerals, Inc.		18,641		73,208		(14,712	)		(0.1	)
Teck Resources Ltd.		3,564		73,665		(750	)		(0.0	)(a)
		22,205		146,873		(15,462	)		(0.1	)
Oil, Gas & Consumable Fuels
Imperial Oil Ltd.		2,571		80,306		(3,346	)		(0.0	)(a)
Suncor Energy, Inc.		2,026		67,962		(7,205	)		(0.0	)(a)
		4,597		148,268		(10,551	)		(0.0	)(a)
Paper & Forest Products
Canfor Corp.*		1,432		20,570		61			0.0	(a)
Interfor Corp.*		5,579		61,704		(10,440	)		(0.0	)(a)
Norbord, Inc.		639		16,294		284			0.0	(a)
West Fraser Timber Co. Ltd.		294		14,771		148			0.0	(a)
		7,944		113,339		(9,947	)		(0.0	)(a)
Real Estate Management & Development
First Capital Realty, Inc.		5,444		81,219		2,628			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 105

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		2,087			62,382			3,760			0.0	(a)
Total Long Positions of Total Return Basket Swap		49,044			779,686			(30,789	)		(0.1	)
Short Positions
Common Stocks
Capital Markets
Thomson Reuters Corp.		(1,504	)		(69,999	)		(2,996	)		(0.0	)(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(1,723	)		(61,514	)		(2,843	)		(0.0	)(a)
Diversified Financial Services
Onex Corp.		(1,048	)		(68,901	)		(610	)		(0.0	)(a)
Entertainment
Cineplex, Inc.		(1,840	)		(50,722	)		(3,344	)		(0.0	)(a)
Food Products
Saputo, Inc.		(2,171	)		(66,146	)		(2,717	)		(0.0	)(a)
Gas Utilities
AltaGas Ltd.		(4,348	)		(54,662	)		16,502			0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(166	)		(5,864	)		(154	)		(0.0	)(a)
Goldcorp, Inc.		(1,602	)		(14,469	)		1,606			0.0	(a)
Kinross Gold Corp.*		(23,779	)		(61,775	)		5,274			0.0	(a)
Yamana Gold, Inc.		(26,413	)		(59,991	)		5,834			0.0	(a)
		(51,960	)		(142,099	)		12,560			0.0	(a)
Multi-Utilities
Algonquin Power & Utilities Corp.		(7,535	)		(75,210	)		(1,512	)		(0.0	)(a)
Canadian Utilities Ltd.		(2,934	)		(69,603	)		(3,673	)		(0.0	)(a)
		(10,469	)		(144,813	)		(5,185	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
ARC Resources Ltd.		(6,450	)		(60,068	)		10,087			0.1
Enbridge, Inc.		(2,134	)		(66,495	)		2,593			0.0	(a)
Encana Corp.		(5,779	)		(58,999	)		8,233			0.0	(a)
Pembina Pipeline Corp.		(2,184	)		(70,641	)		2,546			0.0	(a)
PrairieSky Royalty Ltd.		(3,776	)		(57,366	)		6,303			0.0	(a)
Seven Generations Energy Ltd.*		(6,407	)		(68,672	)		8,552			0.1
TransCanada Corp.		(1,666	)		(62,821	)		3,767			0.0	(a)
Whitecap Resources, Inc.		(10,983	)		(53,728	)		8,001			0.0	(a)
		(39,379	)		(498,790	)		50,082			0.2
Total Short Positions of Total Return Basket Swap		(114,442	)		(1,157,646	)		61,449			0.2
Total of Long and Short Positions of Total Return Basket Swap		(65,398	)		(377,960	)		30,660			0.1

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day EONIA and one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (6.00)% to 0.30%), which is denominated in EUR based on the local currencies of the positions within the swaps.	5/25/2028 — 10/27/2028	$	(73,003	)	$	(21,248	)	$	124,422	$	103,174

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Cie Plastic Omnium SA		1,302		36,199		(4,342	)		(0.0	)(a)
Faurecia SA		235		11,392		(890	)		(0.0	)(a)
		1,537		47,591		(5,232	)		(0.0	)(a)
Capital Markets
AURELIUS Equity Opportunities SE & Co. KGaA		1,599		74,371		533			0.0	(a)
Chemicals
Arkema SA		679		71,236		(5,440	)		(0.0	)(a)
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		1,891		70,802		(4,885	)		(0.0	)(a)
HOCHTIEF AG		492		72,908		(3,611	)		(0.0	)(a)
		2,383		143,710		(8,496	)		(0.0	)(a)
Diversified Telecommunication Services
Orange SA		5,013		78,245		(382	)		(0.0	)(a)
Electric Utilities
Red Electrica Corp. SA		3,865		80,030		(1,648	)		(0.0	)(a)
Terna Rete Elettrica Nazionale SpA		15,293		78,996		(268	)		(0.0	)(a)
		19,158		159,026		(1,916	)		(0.0	)(a)
Electrical Equipment
Schneider Electric SE		997		72,094		1,248			0.0	(a)
Signify NV (b)		260		6,405		159			0.0	(a)
		1,257		78,499		1,407			0.0	(a)
Food & Staples Retailing
Koninklijke Ahold Delhaize NV		3,298		75,493		2,385			0.0	(a)
Gas Utilities
Italgas SpA		14,731		76,005		365			0.0	(a)
Independent Power and Renewable Electricity Producers
ERG SpA		3,688		68,797		(1,966	)		(0.0	)(a)
Uniper SE		2,681		77,369		581			0.0	(a)
		6,369		146,166		(1,385	)		(0.0	)(a)
Industrial Conglomerates
Rheinmetall AG		699		60,494		(1,308	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 107

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Insurance
Aegon NV		12,093			74,162			(2,865	)		(0.0	)(a)
NN Group NV		1,915			82,226			(3,158	)		(0.1	)
Poste Italiane SpA (b)		9,162			65,741			(1,268	)		(0.0	)(a)
UnipolSai Assicurazioni SpA		32,380			70,694			(2,373	)		(0.0	)(a)
		55,550			292,823			(9,664	)		(0.1	)
Media
Mediaset Espana Comunicacion SA		7,483			50,883			(1,118	)		(0.0	)(a)
Publicis Groupe SA		948			54,877			111			0.0	(a)
		8,431			105,760			(1,007	)		(0.0	)(a)
Metals & Mining
Eramet		771			70,976			(497	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Galp Energia SGPS SA		4,194			72,926			(5,617	)		(0.0	)(a)
Saras SpA		36,514			71,259			(961	)		(0.0	)(a)
		40,708			144,185			(6,578	)		(0.0	)(a)
Pharmaceuticals
Sanofi		920			82,212			2,342			0.0	(a)
UCB SA		995			83,560			(1,715	)		(0.0	)(a)
		1,915			165,772			627			0.0	(a)
Real Estate Management & Development
Nexity SA		1,307			62,502			(3,512	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		2,928			62,595			8,215			0.0	(a)
Siltronic AG		111			10,166			(1,203	)		(0.0	)(a)
		3,039			72,761			7,012			0.0	(a)
Textiles, Apparel & Luxury Goods
Christian Dior SE		125			48,358			2,646			0.0	(a)
Total Long Positions of Total Return Basket Swap		168,569			1,973,973			(30,442	)		(0.1	)
Short Positions
Common Stocks
Air Freight & Logistics
bpost SA		(4,080	)		(61,920	)		(1,964	)		(0.0	)(a)
Auto Components
Brembo SpA		(3,493	)		(38,671	)		1,442			0.0	(a)
Gestamp Automocion SA (b)		(9,059	)		(57,438	)		19			0.0	(a)
Nokian Renkaat OYJ		(1,144	)		(36,389	)		5,894			0.0	(a)
		(13,696	)		(132,498	)		7,355			0.0	(a)
Banks
Commerzbank AG*		(6,179	)		(58,181	)		2,603			0.0	(a)
Capital Markets
Banca Generali SpA		(2,406	)		(46,326	)		10,367			0.0	(a)
Chemicals
Umicore SA		(1,195	)		(56,252	)		(1,006	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Commercial Services & Supplies
Elis SA		(2,927	)		(59,020	)		(592	)		(0.0	)(a)
Diversified Financial Services
Wendel SA		(507	)		(65,695	)		1,147			0.0	(a)
Diversified Telecommunication Services
Cellnex Telecom SA (b)		(2,782	)		(69,206	)		(2,906	)		(0.0	)(a)
Iliad SA		(220	)		(25,429	)		242			0.0	(a)
		(3,002	)		(94,635	)		(2,664	)		(0.0	)(a)
Electrical Equipment
Nexans SA		(499	)		(14,400	)		141			0.0	(a)
Siemens Gamesa Renewable Energy SA*		(6,286	)		(69,618	)		(1,368	)		(0.0	)(a)
		(6,785	)		(84,018	)		(1,227	)		(0.0	)(a)
Energy Equipment & Services
CGG SA*		(23,786	)		(57,539	)		5,212			0.0	(a)
Food Products
Kerry Group plc		(699	)		(71,651	)		(1,226	)		(0.0	)(a)
Health Care Providers & Services
Orpea		(521	)		(64,142	)		(5,624	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Paddy Power Betfair plc		(675	)		(58,258	)		(3,792	)		(0.0	)(a)
Sodexo SA		(510	)		(52,059	)		(1,887	)		(0.0	)(a)
		(1,185	)		(110,317	)		(5,679	)		(0.0	)(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(1,240	)		(49,929	)		(574	)		(0.0	)(a)
Rocket Internet SE* (b)		(1,948	)		(56,245	)		(2,681	)		(0.0	)(a)
Zalando SE* (b)		(636	)		(24,585	)		(1,430	)		(0.0	)(a)
		(3,824	)		(130,759	)		(4,685	)		(0.0	)(a)
IT Services
Bechtle AG		(662	)		(58,790	)		(319	)		(0.0	)(a)
Indra Sistemas SA*		(6,881	)		(68,008	)		2,544			0.0	(a)
		(7,543	)		(126,798	)		2,225			0.0	(a)
Life Sciences Tools & Services
MorphoSys AG*		(674	)		(62,410	)		(2,262	)		(0.0	)(a)
Machinery
Duerr AG		(1,691	)		(60,258	)		2,731			0.0	(a)
GEA Group AG		(624	)		(18,961	)		209			0.0	(a)
Outotec OYJ*		(4,047	)		(15,653	)		5,564			0.0	(a)
		(6,362	)		(94,872	)		8,504			0.0	(a)
Media
Altice Europe NV*		(17,018	)		(40,487	)		6,525			0.0	(a)
Telenet Group Holding NV		(293	)		(14,195	)		379			0.0	(a)
		(17,311	)		(54,682	)		6,904			0.0	(a)
Metals & Mining
AMG Advanced Metallurgical Group NV		(1,262	)		(60,044	)		(6,804	)		(0.0	)(a)
Bekaert SA		(2,849	)		(61,531	)		6,265			0.0	(a)
thyssenkrupp AG		(219	)		(4,591	)		519			0.0	(a)
		(4,330	)		(126,166	)		(20	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 109

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)				PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Multi-Utilities
E.ON SE		(6,585	)		(63,677	)		(1,097	)			(0.0	)(a)
RWE AG		(2,860	)		(55,639	)		(263	)			(0.0	)(a)
Suez		(5,351	)		(77,185	)		1,750				0.0	(a)
		(14,796	)		(196,501	)		390				0.0	(a)
Pharmaceuticals
Orion OYJ		(1,841	)		(63,329	)		856				0.0	(a)
Professional Services
Bureau Veritas SA		(2,739	)		(61,792	)		(522	)			(0.0	)(a)
Semiconductors & Semiconductor Equipment
SOITEC*		(850	)		(60,566	)		(6,906	)			(0.0	)(a)
Specialty Retail
Industria de Diseno Textil SA		(1,411	)		(39,769	)		17				0.0	(a)
										��
Transportation Infrastructure
Aeroports de Paris		(321	)		(67,138	)		(2,009	)			(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(128,970	)		(2,046,976	)		9,194				0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		39,599			(73,003	)		(21,248	)			(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day LIBOR and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.85) % to 0.30%), which is denominated in CHF based on the local currencies of the positions within the swaps.	5/26/2028 — 9/29/2028	$	(82,338	)	$	3,358	$	9,118	$	12,476

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food Products
Barry Callebaut AG (Registered)		41		80,138		5,213			0.0	(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		399		65,071		636			0.0	(a)
Machinery
Georg Fischer AG (Registered)		64		59,542		(3,664	)		(0.0	)(a)
Pharmaceuticals
Roche Holding AG		347		84,480		237			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		890		85,873		4,258			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,741		375,104		6,680			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Air Freight & Logistics
Panalpina Welttransport Holding AG (Registered)		(595	)		(72,709	)		184			0.0	(a)
Chemicals
Clariant AG (Registered)*		(3,221	)		(69,422	)		2,661			0.0	(a)
EMS-Chemie Holding AG (Registered)		(115	)		(63,362	)		(2,210	)		(0.0	)(a)
		(3,336	)		(132,784	)		451			0.0	(a)
Machinery
Schindler Holding AG		(336	)		(70,850	)		3,782			0.0	(a)
Marine
Kuehne + Nagel International AG (Registered)		(475	)		(66,018	)		866			0.0	(a)
Professional Services
DKSH Holding AG		(1,017	)		(68,566	)		(5,208	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
ams AG*		(1,194	)		(46,515	)		(3,397	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(6,953	)		(457,442	)		(3,322	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(5,212	)		(82,338	)		3,358			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day BOJ TONAR and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (2.50) % to 0.60%), which is denominated in JPY based on the local currencies of the positions within the swaps.	5/26/2028 — 10/30/2028	$	300,163	$	(92,573	)	$	92,183	$	(390	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Keihin Corp.		3,200		63,008		(1,951	)		(0.0	)(a)
TS Tech Co. Ltd.		900		25,902		(656	)		(0.0	)(a)
		4,100		88,910		(2,607	)		(0.0	)(a)
Chemicals
Asahi Kasei Corp.		5,400		64,792		(12,371	)		(0.1	)
Daicel Corp.		7,200		76,169		(1,788	)		(0.0	)(a)
KH Neochem Co. Ltd.*		2,400		68,162		(17,390	)		(0.1	)
Mitsubishi Gas Chemical Co., Inc.		800		13,429		312			0.0	(a)
Sumitomo Bakelite Co. Ltd.		600		21,664		675			0.0	(a)
Sumitomo Chemical Co. Ltd.		15,000		75,141		(8,036	)		(0.0	)(a)
Tokuyama Corp.		3,200		71,557		(9,547	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 111

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Chemicals — continued
Ube Industries Ltd.		3,000		65,348		(9,632	)		(0.0	)(a)
		37,600		456,262		(57,777	)		(0.2	)
Construction & Engineering
Hazama Ando Corp.		10,500		72,507		(6,094	)		(0.0	)(a)
Kyowa Exeo Corp.		2,700		72,780		(6,864	)		(0.1	)
Kyudenko Corp.		2,000		72,767		(5,943	)		(0.0	)(a)
Maeda Corp.		6,400		72,318		(2,647	)		(0.0	)(a)
Sumitomo Mitsui Construction Co. Ltd.*		11,900		74,653		(6,504	)		(0.0	)(a)
		33,500		365,025		(28,052	)		(0.1	)
Diversified Financial Services
Mitsubishi UFJ Lease & Finance Co. Ltd.		13,700		70,407		(11,402	)		(0.1	)
ORIX Corp.		4,900		79,826		(1,251	)		(0.0	)(a)
		18,600		150,233		(12,653	)		(0.1	)
Electric Utilities
Chubu Electric Power Co., Inc.		5,300		76,430		(5,278	)		(0.0	)(a)
Kansai Electric Power Co., Inc. (The)		5,600		85,711		(656	)		(0.0	)(a)
Tokyo Electric Power Co. Holdings, Inc.*		15,200		77,796		1,248			0.0	(a)
		26,100		239,937		(4,686	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Japan Aviation Electronics Industry Ltd.*		5,000		66,210		(16,445	)		(0.1	)
Maruwa Co. Ltd.		1,200		67,818		(3,861	)		(0.0	)(a)
		6,200		134,028		(20,306	)		(0.1	)
Entertainment
Capcom Co. Ltd.		3,400		70,873		(9,848	)		(0.1	)
GungHo Online Entertainment, Inc.*		18,500		33,445		(1,836	)		(0.0	)(a)
		21,900		104,318		(11,684	)		(0.1	)
Food Products
Fuji Oil Holdings, Inc.		2,500		72,106		(5,395	)		(0.0	)(a)
Health Care Providers & Services
Alfresa Holdings Corp.		3,000		80,015		(1,266	)		(0.0	)(a)
Medipal Holdings Corp.		3,800		81,343		(402	)		(0.0	)(a)
Suzuken Co. Ltd.		1,900		96,169		4,364			0.0	(a)
		8,700		257,527		2,696			0.0	(a)
Hotels, Restaurants & Leisure
Round One Corp.		4,800		56,932		(1,937	)		(0.0	)(a)
Household Durables
Nikon Corp.		3,200		55,785		(3,009	)		(0.0	)(a)
Sony Corp.		1,000		54,117		(4,156	)		(0.0	)(a)
Token Corp.*		1,000		64,778		999			0.0	(a)
		5,200		174,680		(6,166	)		(0.0	)(a)
Interactive Media & Services
Mixi, Inc.		700		15,295		(1,825	)		(0.0	)(a)
IT Services
NET One Systems Co. Ltd.		3,400		71,183		(2,627	)		(0.0	)(a)
Nihon Unisys Ltd.		3,300		72,317		(10,886	)		(0.1	)
		6,700		143,500		(13,513	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Machinery
DMG Mori Co. Ltd.		4,800			69,255			(7,708	)		(0.0	)(a)
Hitachi Construction Machinery Co. Ltd.		2,400			63,721			(14,787	)		(0.1	)
Japan Steel Works Ltd. (The)		3,300			69,737			(6,264	)		(0.0	)(a)
OKUMA Corp.		1,500			74,896			(5,469	)		(0.0	)(a)
Star Micronics Co. Ltd.*		5,100			72,448			(17,538	)		(0.1	)
Takeuchi Manufacturing Co. Ltd.*		3,600			74,456			(16,254	)		(0.1	)
		20,700			424,513			(68,020	)		(0.3	)
Oil, Gas & Consumable Fuels
Cosmo Energy Holdings Co. Ltd.		1,900			69,879			(11,712	)		(0.1	)
Pharmaceuticals
Kaken Pharmaceutical Co. Ltd.		1,600			80,225			(4,048	)		(0.0	)(a)
Sumitomo Dainippon Pharma Co. Ltd.		3,800			79,396			(11,355	)		(0.1	)
Taisho Pharmaceutical Holdings Co. Ltd.		700			74,639			(8,382	)		(0.0	)(a)
		6,100			234,260			(23,785	)		(0.1	)
Road & Rail
Central Japan Railway Co.		400			76,764			(7,099	)		(0.0	)(a)
Seino Holdings Co. Ltd.		5,300			73,396			(3,537	)		(0.0	)(a)
		5,700			150,160			(10,636	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Advantest Corp.		3,800			70,150			(3,372	)		(0.0	)(a)
Specialty Retail
Aoyama Trading Co. Ltd.		2,100			63,532			(972	)		(0.0	)(a)
Shimachu Co. Ltd.		2,000			52,428			(10,404	)		(0.1	)
		4,100			115,960			(11,376	)		(0.1	)
Trading Companies & Distributors
Kanamoto Co. Ltd.		2,300			76,856			(6,494	)		(0.0	)(a)
Mitsubishi Corp.		2,600			73,178			(10,034	)		(0.1	)
Mitsui & Co. Ltd.		4,900			81,872			(8,916	)		(0.0	)(a)
Sojitz Corp.		22,900			77,012			(7,270	)		(0.0	)(a)
		32,700			308,918			(32,714	)		(0.1	)
Wireless Telecommunication Services
KDDI Corp.		3,000			72,600			(6,966	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		254,600			3,705,193			(332,486	)		(1.4	)
Short Positions
Common Stocks
Auto Components
Toyo Tire & Rubber Co. Ltd.		(3,400	)		(56,717	)		1,015			0.0	(a)
Banks
Japan Post Bank Co. Ltd.		(5,900	)		(68,786	)		(1,906	)		(0.0	)(a)
Seven Bank Ltd.		(24,500	)		(76,569	)		(1,432	)		(0.0	)(a)
		(30,400	)		(145,355	)		(3,338	)		(0.0	)(a)
Building Products
TOTO Ltd.		(1,600	)		(57,242	)		10,406			0.1
Chemicals
Air Water, Inc.		(4,000	)		(64,796	)		5,811			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 113

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Chemicals — continued
Hitachi Chemical Co. Ltd.		(3,900	)		(61,472	)		9,442			0.1
Kansai Paint Co. Ltd.		(1,300	)		(19,209	)		(318	)		(0.0	)(a)
Nippon Paint Holdings Co. Ltd.		(2,200	)		(68,721	)		4,155			0.0	(a)
Tokyo Ohka Kogyo Co. Ltd.*		(2,600	)		(69,636	)		2,649			0.0	(a)
		(14,000	)		(283,834	)		21,739			0.1
Commercial Services & Supplies
Park24 Co. Ltd.		(2,300	)		(60,509	)		11,117			0.1
Sohgo Security Services Co. Ltd.		(1,500	)		(66,811	)		(636	)		(0.0	)(a)
Toppan Printing Co. Ltd.		(4,300	)		(60,791	)		8,214			0.0	(a)
		(8,100	)		(188,111	)		18,695			0.1
Construction & Engineering
Chiyoda Corp.		(8,600	)		(42,793	)		22,443			0.1
Containers & Packaging
FP Corp.		(1,300	)		(66,622	)		6,163			0.0	(a)
Electrical Equipment
GS Yuasa Corp.		(600	)		(12,316	)		(28	)		(0.0	)(a)
Mabuchi Motor Co. Ltd.		(2,000	)		(71,143	)		702			0.0	(a)
		(2,600	)		(83,459	)		674			0.0	(a)
Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(1,300	)		(30,645	)		2,976			0.0	(a)
Hirose Electric Co. Ltd.		(700	)		(66,715	)		4,144			0.0	(a)
Murata Manufacturing Co. Ltd.		(100	)		(15,564	)		(1,682	)		(0.0	)(a)
		(2,100	)		(112,924	)		5,438			0.0	(a)
Food & Staples Retailing
Cosmos Pharmaceutical Corp.		(300	)		(61,319	)		4,847			0.0	(a)
Food Products
Calbee, Inc.		(2,100	)		(69,672	)		1,113			0.0	(a)
Ezaki Glico Co. Ltd.		(1,400	)		(69,790	)		946			0.0	(a)
Kewpie Corp.		(2,900	)		(66,661	)		835			0.0	(a)
Yamazaki Baking Co. Ltd.*		(3,800	)		(68,496	)		(312	)		(0.0	)(a)
		(10,200	)		(274,619	)		2,582			0.0	(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(300	)		(9,137	)		22			0.0	(a)
Kyoritsu Maintenance Co. Ltd.		(1,200	)		(53,312	)		875			0.0	(a)
Resorttrust, Inc.		(3,700	)		(56,982	)		754			0.0	(a)
Toridoll Holdings Corp.*		(2,200	)		(37,263	)		2,875			0.0	(a)
		(7,400	)		(156,694	)		4,526			0.0	(a)
Household Durables
Fujitsu General Ltd.		(3,800	)		(56,924	)		3,852			0.0	(a)
Panasonic Corp.		(4,400	)		(47,218	)		3,610			0.0	(a)
		(8,200	)		(104,142	)		7,462			0.0	(a)
Industrial Conglomerates
Seibu Holdings, Inc.		(3,700	)		(67,128	)		5,027			0.0	(a)
Insurance
Japan Post Insurance Co. Ltd.		(2,800	)		(66,687	)		1,200			0.0	(a)
T&D Holdings, Inc.		(4,100	)		(65,542	)		6,700			0.1
		(6,900	)		(132,229	)		7,900			0.1

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Interactive Media & Services
LINE Corp.*		(1,000	)		(31,882	)		4,035			0.0	(a)
IT Services
GMO internet, Inc.		(700	)		(10,003	)		965			0.0	(a)
Itochu Techno-Solutions Corp.		(3,100	)		(58,789	)		5,565			0.0	(a)
		(3,800	)		(68,792	)		6,530			0.0	(a)
Leisure Products
Bandai Namco Holdings, Inc.		(1,500	)		(53,362	)		846			0.0	(a)
Machinery
Daifuku Co. Ltd.		(1,600	)		(68,714	)		5,573			0.0	(a)
Kawasaki Heavy Industries Ltd.		(2,500	)		(59,246	)		12,371			0.1
MISUMI Group, Inc.		(3,200	)		(64,131	)		11,282			0.0	(a)
Mitsui E&S Holdings Co. Ltd.*		(3,800	)		(63,810	)		6,932			0.0	(a)
Miura Co. Ltd.		(2,700	)		(65,939	)		12,674			0.1
Nabtesco Corp.		(3,000	)		(65,853	)		(3,341	)		(0.0	)(a)
NGK Insulators Ltd.		(4,200	)		(59,111	)		6,332			0.0	(a)
		(21,000	)		(446,804	)		51,823			0.2
Marine
Kawasaki Kisen Kaisha Ltd.*		(1,300	)		(17,323	)		359			0.0	(a)
Metals & Mining
Dowa Holdings Co. Ltd.		(2,300	)		(66,938	)		(1,425	)		(0.0	)(a)
Hitachi Metals Ltd.		(5,500	)		(64,674	)		1,107			0.0	(a)
Mitsubishi Materials Corp.		(2,300	)		(63,675	)		5,774			0.0	(a)
UACJ Corp.		(2,800	)		(61,035	)		6,659			0.1
		(12,900	)		(256,322	)		12,115			0.1
Multiline Retail
Marui Group Co. Ltd.		(500	)		(10,766	)		(126	)		(0.0	)(a)
Takashimaya Co. Ltd.		(3,700	)		(58,229	)		1,171			0.0	(a)
		(4,200	)		(68,995	)		1,045			0.0	(a)
Paper & Forest Products
Nippon Paper Industries Co. Ltd.		(3,700	)		(67,036	)		965			0.0	(a)
Pharmaceuticals
Nippon Shinyaku Co. Ltd.		(1,100	)		(63,196	)		7,255			0.0	(a)
Ono Pharmaceutical Co. Ltd.		(2,900	)		(65,812	)		11,999			0.1
		(4,000	)		(129,008	)		19,254			0.1
Professional Services
Persol Holdings Co. Ltd.		(3,300	)		(62,606	)		9,941			0.1
Road & Rail
Keikyu Corp.		(4,600	)		(68,080	)		7,710			0.0	(a)
Semiconductors & Semiconductor Equipment
Renesas Electronics Corp.*		(7,800	)		(41,090	)		2,942			0.0	(a)
Rohm Co. Ltd.		(1,100	)		(77,335	)		(4,453	)		(0.0	)(a)
		(8,900	)		(118,425	)		(1,511	)		(0.0	)(a)
Specialty Retail
Nitori Holdings Co. Ltd.		(400	)		(52,229	)		1,047			0.0	(a)
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(4,200	)		(67,667	)		2,740			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 115

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Wireless Telecommunication Services
SoftBank Group Corp.		(800	)		(63,311	)		7,435			0.0	(a)
Total Short Positions of Total Return Basket Swap		(184,400	)		(3,405,030	)		239,913			1.0
Total of Long and Short Positions of Total Return Basket Swap		70,200			300,163			(92,573	)		(0.4	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day OIS-RBA and one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (1.25)% to 0.30%), which is denominated in AUD based on the local currencies of the positions within the swaps.	11/14/2018 — 10/27/2028	$	69,921	$	(21,113	)	$	(6,438	)	$	(27,551	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		19,866			77,115			(667	)		(0.0	)(a)
IT Services
Computershare Ltd.		6,215			87,275			(2,201	)		(0.0	)(a)
Media
Nine Entertainment Co. Holdings Ltd.		61,767			74,181			(13,338	)		(0.1	)
Metals & Mining
Alumina Ltd.		40,384			73,290			(5,350	)		(0.0	)(a)
Iluka Resources Ltd.		11,544			66,300			(8,337	)		(0.1	)
		51,928			139,590			(13,687	)		(0.1	)
Oil, Gas & Consumable Fuels
Santos Ltd.		15,905			74,651			17			0.0	(a)
Woodside Petroleum Ltd.		3,227			79,450			(7,464	)		(0.0	)(a)
		19,132			154,101			(7,447	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		158,908			532,262			(37,340	)		(0.2	)
Short Positions
Common Stocks
Chemicals
Orica Ltd.		(5,584	)		(68,035	)		(1,768	)		(0.0	)(a)
Construction Materials
Boral Ltd.		(14,845	)		(59,139	)		10,252			0.1

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Containers & Packaging
Amcor Ltd.		(6,754	)		(63,732	)		(985	)		(0.0	)(a)
Diversified Financial Services
Challenger Ltd.		(7,924	)		(57,709	)		3,492			0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(1,343	)		(51,473	)		(1,724	)		(0.0	)(a)
Star Entertainment Grp Ltd. (The)		(14,859	)		(50,107	)		2,722			0.0	(a)
Tabcorp Holdings Ltd.		(15,513	)		(50,909	)		1,374			0.0	(a)
		(31,715	)		(152,489	)		2,372			0.0	(a)
Transportation Infrastructure
Qube Holdings Ltd.		(35,215	)		(61,237	)		2,864			0.0	(a)
Total Short Positions of Total Return Basket Swap		(102,037	)		(462,341	)		16,227			0.1
Total of Long and Short Positions of Total Return Basket Swap		56,871			69,921			(21,113	)		(0.1	)

Abbreviations

AUD	—  Australian Dollar
BA	—  Banker’s Acceptance Rate
BBR	—  Bank Base Rate
BOJ	—  Bank of Japan
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CORRA	—  Canadian Overnight Repo Rate Average
EONIA	—  Euro Over Night Index Average
EUR	—  Euro
EURIBOR	—  Euro Interbank Offered Rate
FEDEF	—  US Federal Fund Effective Rate (Continuous Series)
GBP	—  British Pound
JPY	—  Japanese Yen
LIBOR	—  London Interbank Offered Rate
OIS-RBA	—  Overnight Indexed Swap-Reserve Bank of Australia
SONIA	—  Sterling Overnight Index Average

TONAR	—  Tokyo Overnight Average Rate
USD	—  United States Dollar
(a)	—  Amount rounds to less than 0.1% of net assets.
(b)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. 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.
*	—  Non-income producing security.
(1)	—  Notional value represents market value, as of October 31, 2018, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	—  Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 117

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

The following reference rates, and their values as of period-end, are used for security descriptions:

	Value
1 day CHF LIBOR		(0.78	)%
1 month CHF LIBOR		(0.78	)%
BA		2.08	%
BBR		1.85	%
BOJ TONAR		(0.10	)%
CORRA		1.76	%
EONIA		(0.34	)%
EURIBOR		(0.37	)%
FEDEF		2.20	%
GBP LIBOR		0.73	%
JPY LIBOR		(0.10	)%
OIS-RBA		1.50	%
SONIA		0.70	%
USD LIBOR		2.31	%

Summary of total swap contracts outstanding as of October 31, 2018:
	Net Upfront Payments (Receipts)($)		Value($)
Assets
Total return basket swaps contracts outstanding		–		1,099,613
Liabilities
Total return basket swaps contracts outstanding		–		(64,462	)

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

JPMorgan Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 83.7%
Investment Companies — 83.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (a) (b) (Cost $42,503,224)		42,503,224		42,503,224
Total Investments — 83.7% (Cost 42,503,224)				42,503,224
Other Assets Less Liabilities — 16.3%				8,294,725
Net Assets — 100.0%				50,797,949

Percentages indicated are based on net assets.

(a)	Investmentin affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	Therate shown is the current yield as of October 31, 2018.

Futures contracts outstanding as of October 31, 2018:
Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount($)			Value and Unrealized Appreciation (Depreciation)($)
Long Contracts
CAC 40 10 Euro Index		7			11/2018		EUR		402,334			(7,455	)
LME Nickel Base Metal		4			11/2018		USD		274,572			(23,742	)
LME Zinc Base Metal		28			11/2018		USD		1,782,725			(38,271	)
WTI Crude Oil		26			11/2018		USD		1,692,600			(200,249	)
Australia 10 Year Bond		243			12/2018		AUD		22,269,391			(71,863	)
Australia 3 Year Bond		108			12/2018		AUD		8,522,665			(3,856	)
Canada 10 Year Bond		6			12/2018		CAD		602,256			(315	)
Cotton No. 2		50			12/2018		USD		1,921,500			(186,371	)
Euro-Bobl		32			12/2018		EUR		4,764,379			(1,566	)
Euro-Bund		13			12/2018		EUR		2,359,593			(426	)
Euro-Buxl		6			12/2018		EUR		1,201,651			803
FTSE 100 Index		1			12/2018		GBP		90,567			(2,414	)
Lean Hogs		36			12/2018		USD		841,680			(13,926	)
Live Cattle		31			12/2018		USD		1,450,180			879
LME Aluminum Base Metal		8			12/2018		USD		391,700			(22,300	)
LME Nickel Base Metal		1			12/2018		USD		68,799			(5,607	)
LME Zinc Base Metal		8			12/2018		USD		502,950			(16,874	)
Natural Gas		31			12/2018		USD		1,030,130			(9,980	)
S&P 500 E-Mini Index		15			12/2018		USD		2,032,650			(138,435	)
SPI 200 Index		15			12/2018		AUD		1,544,540			(89,858	)
U.S. Treasury 10 Year Note		150			12/2018		USD		17,772,656			(270,268	)
WTI Crude Oil		4			12/2018		USD		260,960			(34,351	)
Feeder Cattle		37			01/2019		USD		2,777,313			(23,497	)
LME Aluminum Base Metal		2			01/2019		USD		97,425			(2,813	)
100 oz Gold		7			02/2019		USD		856,590			19,321
Copper		9			05/2019		USD		605,025			(25,137	)
												(1,168,571	)
Short Contracts
IBEX 35 Index		(19	)		11/2018		EUR		(1,910,629	)		14,617
LME Zinc Base Metal		(17	)		11/2018		USD		(1,082,369	)		(42,551	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 119

JPMorgan Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2018 (continued)

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount($)			Value and Unrealized Appreciation (Depreciation)($)
Natural Gas		(32	)		11/2018		USD		(1,050,880	)		(87,640	)
100 oz Gold		(18	)		12/2018		USD		(2,192,940	)		9,532
Canada 10 Year Bond		(35	)		12/2018		CAD		(3,513,160	)		49,609
Cocoa		(4	)		12/2018		USD		(89,360	)		2,418
Coffee ‘C’		(20	)		12/2018		USD		(845,250	)		15,465
Copper		(12	)		12/2018		USD		(796,500	)		7,318
Corn		(53	)		12/2018		USD		(962,613	)		68,769
Cotton No. 2		(3	)		12/2018		USD		(115,290	)		2,486
DAX Index		(5	)		12/2018		EUR		(1,617,212	)		64,758
EURO STOXX 50 Index		(36	)		12/2018		EUR		(1,297,473	)		14,254
Euro-Bund		(28	)		12/2018		EUR		(5,082,200	)		3,650
Euro-Schatz		(102	)		12/2018		EUR		(12,937,660	)		(26,721	)
FTSE/MIB Index		(10	)		12/2018		EUR		(1,073,667	)		88,988
Hang Seng Index		(7	)		12/2018		HKD		(1,115,985	)		17,706
Japan 10 Year Bond		(15	)		12/2018		JPY		(20,012,408	)		(50,679	)
Lean Hogs		(12	)		12/2018		USD		(280,560	)		(5,475	)
Live Cattle		(6	)		12/2018		USD		(280,680	)		4,602
LME Aluminum Base Metal		(8	)		12/2018		USD		(391,700	)		23,769
LME Nickel Base Metal		(4	)		12/2018		USD		(275,196	)		36,054
Long Gilt		(87	)		12/2018		GBP		(13,612,408	)		(13,060	)
Natural Gas		(21	)		12/2018		USD		(697,830	)		(16,340	)
Silver		(19	)		12/2018		USD		(1,356,600	)		69,029
U.S. Treasury 10 Year Note		(38	)		12/2018		USD		(4,502,406	)		(8,709	)
U.S. Treasury 2 Year Note		(150	)		12/2018		USD		(31,596,094	)		87,146
U.S. Treasury 5 Year Note		(63	)		12/2018		USD		(7,081,102	)		31,665
U.S. Treasury Long Bond		(16	)		12/2018		USD		(2,213,000	)		18,948
Wheat		(3	)		12/2018		USD		(75,075	)		966
LME Aluminum Base Metal		(9	)		01/2019		USD		(438,413	)		21,274
LME Zinc Base Metal		(9	)		01/2019		USD		(561,881	)		38,716
Soybean		(33	)		01/2019		USD		(1,405,387	)		33,565
Lean Hogs		(20	)		02/2019		USD		(522,600	)		(12,039	)
Live Cattle		(11	)		02/2019		USD		(537,680	)		(18,502	)
Sugar No. 11		(30	)		02/2019		USD		(443,184	)		(15,367	)
Coffee ‘C’		(13	)		03/2019		USD		(567,694	)		(54,395	)
Corn		(39	)		03/2019		USD		(732,713	)		(15,215	)
Wheat		(39	)		03/2019		USD		(1,006,200	)		87,472
Sugar No. 11		(128	)		04/2019		USD		(1,906,688	)		(217,766	)
Coffee ‘C’		(25	)		05/2019		USD		(1,115,625	)		(104,231	)
Corn		(26	)		05/2019		USD		(498,875	)		(10,477	)
												113,609
												(1,054,962	)

Abbreviations

AUD	—  Australian Dollar
CAC	—  Continuous Assisted Quotation
CAD	—  Canadian Dollar
DAX	—  Deutscher Aktien Index
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
HKD	—  Hong Kong Dollar

IBEX	—  Madrid Stock Exchange
JPY	—  Japanese Yen
LME	—  London Metal Exchange
MIB	—  Milan, Italian Stock Exchange
SPI	—  Australian Securities Exchange
USD	—  United States Dollar
WTI	—  West Texas Intermediate

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Forward foreign currency exchange contracts outstanding as of October 31, 2018:
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)($)
IDR	5,054,508,697	USD	326,118	Goldman Sachs International**		11/19/2018		5,336
INR	25,771,566	USD	344,043	Merrill Lynch International**		11/19/2018		3,323
TRY	2,145,475	USD	341,207	BNP Paribas		11/19/2018		38,545
USD	447,913	AUD	628,925	Citibank, NA		11/19/2018		2,457
USD	2,839,769	CHF	2,813,068	State Street Corp.		11/19/2018		42,414
USD	349,811	CZK	7,882,513	Merrill Lynch International		11/19/2018		5,470
USD	334,684	EUR	288,218	Citibank, NA		11/19/2018		7,797
USD	4,751,644	EUR	4,138,295	Merrill Lynch International		11/19/2018		58,122
USD	3,909,386	GBP	2,989,636	Citibank, NA		11/19/2018		85,205
USD	329,209	HUF	93,405,279	Citibank, NA		11/19/2018		3,008
USD	343,385	ILS	1,247,539	Citibank, NA		11/19/2018		7,535
USD	106,734	NOK	869,154	Barclays Bank plc		11/19/2018		3,556
USD	342,209	THB	11,233,374	Merrill Lynch International		11/19/2018		3,216
USD	335,604	TWD	10,358,067	Goldman Sachs International**		11/19/2018		638
ZAR	4,929,274	USD	327,754	Merrill Lynch International		11/19/2018		5,674
USD	533,984	JPY	58,550,000	State Street Corp.		7/16/2019		3,243
Total unrealized appreciation								275,539
CAD	1,460,954	USD	1,125,475	State Street Corp.		11/19/2018		(15,381	)
EUR	109,200	USD	127,105	TD Bank Financial Group		11/19/2018		(3,254	)
GBP	81,476	USD	107,938	Barclays Bank plc		11/19/2018		(3,719	)
NOK	44,691,340	USD	5,398,497	State Street Corp.		11/19/2018		(93,142	)
SEK	7,640,592	USD	840,149	Citibank, NA		11/19/2018		(4,068	)
USD	233,653	AUD	329,976	Barclays Bank plc		11/19/2018		(63	)
USD	1,801,738	AUD	2,549,552	State Street Corp.		11/19/2018		(4,062	)
USD	111,601	EUR	98,472	State Street Corp.		11/19/2018		(83	)
USD	112,189	GBP	87,895	TD Bank Financial Group		11/19/2018		(242	)
USD	211,084	JPY	23,824,165	TD Bank Financial Group		11/19/2018		(316	)
USD	1,619,652	NZD	2,515,670	State Street Corp.		11/19/2018		(22,234	)
MXN	6,305,395	USD	328,970	Citibank, NA		11/20/2018		(19,509	)
JPY	58,668,118	USD	541,210	Australia & New Zealand Banking Group Ltd.		7/16/2019		(9,397	)
Total unrealized depreciation								(175,470	)
Net unrealized appreciation								100,069

** — Non-deliverable forward.

Abbreviations

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CZK	—  Czech Republic Krona
EUR	—  Euro
GBP	—  British Pound
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
ILS	—  Israeli Shekel
INR	—  India Rupee

JPY	—  Japanese Yen
MXN	—  Mexican Peso
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
SEK	—  Swedish Krona
THB	—  Thai Baht
TRY	—  New Turkish Lira
TWD	—  Taiwan Dollar
USD	—  United States Dollar
ZAR	—  South African Rand

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 121

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2018

	JPMorgan Diversified Alternatives ETF (1)			JPMorgan Event Driven ETF			JPMorgan Long/Short ETF			JPMorgan Managed Futures Strategy ETF (1)
ASSETS:
Investments in non-affiliates, at value	$	117,149,037		$	20,843,436		$	16,942,911		$	—
Investments in affiliates, at value		70,832,553			5,600,338			5,057,344			42,503,224
Restricted cash		1,400			—			—			—
Restricted cash for OTC derivatives		—			270,000			—			—
Cash		2,882,413			—			—			2,173,179
Foreign currency, at value		2,996,945			123,397			201,913			1,436,977
Deposits at broker for futures contracts		7,443,000			17,000			284,000			4,682,000
Deferred offering costs		—			1,133			8,227			3,567
Prepaid Expenses		26,832			24,052			30,787			464
Receivables:
Investment securities sold		381,853			61,636			19,464			—
Fund shares sold		4,867,333			—			—			—
Interest from non-affiliates		30,220			1,707			7,160			—
Dividends from affiliates		115,300			13,441			11,424			72,900
Tax reclaims		8,496			863			119			—
Variation margin on futures contracts		—			—			60			8,618
Unrealized appreciation on forward foreign currency exchange contracts		1,101,099			17,613			10,695			275,539
Outstanding swap contracts, at value		3,910,823			104,625			1,099,613			—
Due from counterparty for swap contracts		1,972,294			—			—			—
Due from custodian		561,447			—			—			—
Due from Adviser		—			21,575			21,575			—
Total Assets		214,281,045			27,100,816			23,695,292			51,156,468
LIABILITIES:
Payables:
Investment securities purchased		6,972,314			283,455			—			—
Variation margin on futures contracts		229,094			5,962			—			—
Unrealized depreciation on forward foreign currency exchange contracts		507,750			1,171			6,441			175,470
Outstanding swap contracts, at value		3,058,645			348,909			64,462			—
Due to broker for OTC swap contracts		1,570,000			—			—			—
Accrued liabilities:
Investment advisory fees		94,606			13,588			6,682			—
Administration fees		15,541			1,928			1,688			4,021
Custodian, Accounting and Transfer Agent fees		34,846			11,018			12,510			15,328
Trustees’ and Chief Compliance Officer’s fees		3,620			465			494			952
Professional Fees		164,875			132,824			129,376			105,446
Due to Adviser		—			—			—			32,340
Other		1,192			17,091			17,367			24,962
Total Liabilities		12,652,483			816,411			239,020			358,519
Net Assets	$	201,628,562		$	26,284,405		$	23,456,272		$	50,797,949
NET ASSETS:
Paid-in-Capital	$	205,654,482		$	26,295,466		$	25,436,939		$	52,555,573
Total distributable earnings (loss) (a)		(4,025,920	)		(11,061	)		(1,980,667	)		(1,757,624	)
Total Net Assets	$	201,628,562		$	26,284,405		$	23,456,272		$	50,797,949
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		8,300,000			1,050,000			1,050,000			2,150,000
Net asset value, per share	$	24.29		$	25.03		$	22.34		$	23.63
Cost of investments in non-affiliates	$	118,683,885		$	21,607,278		$	17,709,631		$	—
Cost of investments in affiliates		70,832,553			5,600,338			5,057,344			42,503,224
Cost of foreign currency		3,005,411			123,555			202,145			1,440,542

(1) Consolidated Statement of Assets and Liabilities.

(a) Total distributable earnings has been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2018

	JPMorgan Diversified Alternatives ETF (1)			JPMorgan Event Driven ETF (a)			JPMorgan Long/Short ETF (b)			JPMorgan Managed Futures Strategy ETF (c)(1)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,639,778		$	121,286		$	194,980		$	9,632
Dividend income from affiliates		1,119,297			209,002			112,179			586,535
Interest income from non-affiliates		52,802			8,677			15,713			17,834
Interest income from affiliates		1,244			—			160			4,205
Foreign taxes withheld		(20,300	)		(2,959	)		—			—
Total investment income		2,792,821			336,006			323,032			618,206
EXPENSES:
Investment advisory fees (Note 3.A)		1,260,315			182,942			111,098			257,119
Administration fees (Note 3.B)		181,746			20,734			15,739			44,485
Interest expense to non-affiliates		11,707			—			470			6,578
Interest expense to affiliates (Note 3.C)		3,350			419			222			1,865
Professional fees		217,623			148,538			135,836			151,187
Trustees’ and Chief Compliance Officer’s fees		89,327			2,856			2,554			42,650
Printing and mailing costs		33,369			18,757			4,217			4,863
Registration and filing fees		23,606			21,403			20,270			27,031
Custodian, Accounting and Transfer Agent fees (Note 3.C)		138,643			39,534			39,371			61,821
Insurance expense		15,945			1,506			1,431			2,956
Offering costs (Note 2.G)		—			13,140			27,953			32,588
Other		60,340			2,454			2,521			9,616
Total expenses		2,035,971			452,283			361,682			642,759
Less fee waived (Note 3.D)		(535,717	)		(203,676	)		(126,837	)		(301,604	)
Less expense reimbursements from affiliates (Note 3.D)		—			(67,671	)		(119,527	)		(130,002	)
Less earnings credits		(204	)		—			—			—
Less expense reimbursements from non-affiliates (Note 3.C)		(8,000	)		(400	)		(400	)		—
Net expenses		1,492,050			180,536			114,918			211,153
Net investment income (loss)		1,300,771			155,470			208,114			407,053
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,317,972			88,653			(595,504	)		6,209
Futures		(5,809,056	)		(210,996	)		(614,436	)		(2,306,767	)
Foreign currency transactions		(38,752	)		(7,326	)		(17,547	)		9,694
Forward foreign currency exchange contracts		(656,248	)		20,048			2,817			(56,560	)
Swaps		(6,024,348	)		930,667			(2,068,628	)		—
Net realized gain (loss)		(11,210,432	)		821,046			(3,293,298	)		(2,347,424	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(4,903,168	)		(763,842	)		(766,720	)		—
Futures		(422,997	)		18,000			(3,541	)		(1,054,962	)
Foreign currency translations		(21,917	)		29			(386	)		(682	)
Forward foreign currency exchange contracts		751,785			16,442			4,254			100,069
Swaps		848,802			(244,284	)		1,035,151			—
Change in net unrealized appreciation/depreciation		(3,747,495	)		(973,655	)		268,758			(955,575	)
Net realized/unrealized gains (losses)		(14,957,927	)		(152,609	)		(3,024,540	)		(3,302,999	)
Change in net assets resulting from operations	$	(13,657,156	)	$	2,861		$	(2,816,426	)	$	(2,895,946	)

(a) Commencement of operations was November 29, 2017.

(b) Commencement of operations was January 23, 2018.

(c) Commencement of operations was December 5, 2017.

(1) Consolidated Statement of Operations.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 123

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Diversified Alternatives ETF (1)						JPMorgan Event Driven ETF
	Year Ended October 31, 2018			Year Ended October 31, 2017			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,300,771		$	219,103		$	155,470
Net realized gain (loss)		(11,210,432	)		(1,206,770	)		821,046
Change in net unrealized appreciation/depreciation		(3,747,495	)		3,139,492			(973,655	)
Change in net assets resulting from operations		(13,657,156	)		2,151,825			2,861
DISTRIBUTIONS TO SHAREHOLDERS: (b)
Distributable earnings		(868	)		(457,632	)		(13,930	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		61,503,845			100,111,115			26,295,474
NET ASSETS:
Change in net assets		47,845,821			101,805,308			26,284,405
Beginning of period		153,782,741			51,977,433			—
End of period	$	201,628,562		$	153,782,741		$	26,284,405
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	80,126,851		$	100,111,115		$	26,295,474
Cost of shares redeemed		(18,623,006	)		—			—
Total change in net assets resulting from capital transactions	$	61,503,845		$	100,111,115		$	26,295,474
SHARE TRANSACTIONS:
Issued		3,150,000			3,850,000			1,050,000
Redeemed		(750,000	)		—			—
Net increase in shares from share transactions		2,400,000			3,850,000			1,050,000

(a) Commencement of operations was November 29, 2017.

(b) The prior period distributions for JPMorgan Diversified Alternatives ETF have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Diversified Alternatives ETF
From net investment income		(444,087	)
From net realized gains		(13,545	)

(1) Consolidated Statement of Changes in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

	JPMorgan Long/Short ETF			JPMorgan Managed Futures Strategy ETF (1)
	Period Ended October 31, 2018 (a)			Period Ended October 31, 2018 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	208,114		$	407,053
Net realized gain (loss)		(3,293,298	)		(2,347,424	)
Change in net unrealized appreciation/depreciation		268,758			(955,575	)
Change in net assets resulting from operations		(2,816,426	)		(2,895,946	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings		—			(14,260	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		26,272,698			53,708,155
NET ASSETS:
Change in net assets		23,456,272			50,797,949
Beginning of period		—			—
End of period	$	23,456,272		$	50,797,949
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued	$	26,272,698		$	53,708,155
Total change in net assets resulting from capital transactions	$	26,272,698		$	53,708,155
SHARE TRANSACTIONS:
Issued		1,050,000			2,150,000
Net increase in shares from share transactions		1,050,000			2,150,000

(a) Commencement of operations was January 23, 2018.

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

(1) Consolidated Statement of Changes in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 125

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			Total distributions
JPMorgan Diversified Alternatives ETF (1)
Year Ended October 31, 2018	$	26.06	$	0.17		$	(1.94	)	$	(1.77	)	$	—	(h)	$	—		$	—	(h)
Year Ended October 31, 2017		25.35		0.07			0.86			0.93			(0.21	)		(0.01	)		(0.22	)
September 12, 2016 (a) through October 31, 2016		25.00		(0.02	)		0.37			0.35			—			—			—
JPMorgan Event Driven ETF
November 29, 2017 (a) through October 31, 2018		25.00		0.15			(0.11	)		0.04			(0.01	)		—			(0.01	)
JPMorgan Long/Short ETF
January 23, 2018 (a) through October 31, 2018		25.00		0.20			(2.86	)		(2.66	)		—			—			—
JPMorgan Managed Futures Strategy ETF (1)
December 5, 2017 (a) through October 31, 2018		25.00		0.19			(1.55	)		(1.36	)		(0.01	)		—			(0.01	)

(a) Commencement of operations.

(b) Calculated based upon average shares outstanding.

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

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

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

(h) Amount rounds to less than $0.01.

(i) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(1) Consolidated Financial Highlights.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

				Ratios/Supplemental data
												Ratios to average net assets (f)
Net asset value, end of period		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)
$	24.29	$	24.33		(6.79	)%		(6.75	)%	$	201,628,562		0.79	%		0.69	%		1.08	%		145	%
	26.06		26.09		3.68			3.51			153,782,741		0.76			0.25			1.31			107
	25.35		25.42		1.44			1.68			51,977,433		0.85	(g)		0.47			6.65	(g)		5
	25.03		25.14		0.18			0.62	%		26,284,405		0.74	(g)		0.64			1.85	(g)		141
	22.34		22.50		(10.64	)		(10.00	)%		23,456,272		0.60	(g)		1.15			1.95	(g)		99
	23.63		23.72		(5.45	)		(5.09	)%		50,797,949		0.45	(g)		0.88			1.35	(g)		—	(i)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 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-end management investment company.

The following are 4 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Diversified/Non-Diversified
JPMorgan Diversified Alternatives ETF	Diversified
JPMorgan Event Driven ETF	Diversified
JPMorgan Long/Short ETF	Diversified
JPMorgan Managed Futures Strategy ETF	Non-Diversified

JPMorgan Diversified Alternatives ETF (the “Diversified Alternatives ETF”) commenced operations on September 12, 2016. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Event Driven ETF (the “Event Driven ETF”) commenced operations on November 29, 2017. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Long/Short ETF (the “Long/Short ETF”) commenced operations on January 23, 2018. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Managed Futures Strategy ETF (the “Managed Futures Strategy ETF”) commenced operations on December 5, 2017. The investment objective of the Fund is to seek to provide long-term total return.

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 the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, typically 50,000 shares referred to as “Creation Units.” Creation Units are issued and redeemed principally in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

Basis for Consolidation

Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. (each, a “Subsidiary;” collectively, the “Subsidiaries”), are Cayman Islands exempted companies, incorporated on August 17, 2015 and August 17, 2017, respectively, are currently wholly-owned subsidiaries of the Diversified Alternatives ETF and Managed Futures Strategy ETF, respectively. Each Subsidiary acts as an investment vehicle for its respective Fund in order to effect certain investments on behalf of such Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. The consolidated financial statements for these Funds include the accounts of the Funds and the Subsidiaries. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and the Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their consolidated financial statements/financial statements. The Funds are investment companies and, thus, 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 their market value, 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.

128 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instruments are traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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, excluding Exchange-Traded Funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts, swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

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

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 Consolidated Schedules of Portfolio Investments/Schedules of Portfolio Investments (“CSOIs/SOIs”):

Diversified Alternatives ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Leisure Products	$	—	$	721,616	$	—	$	721,616
Media		1,147,794		1,461,050		—		2,608,844
Pharmaceuticals		4,609,932		945,720		—		5,555,652
Real Estate Management & Development		—		1,033,954		—		1,033,954
Other Common Stocks		107,228,971		—		—		107,228,971
Total Common Stocks		112,986,697		4,162,340		—		117,149,037
Short-Term Investments
Investment Companies		70,832,553		—		—		70,832,553
Total Investments in Securities	$	183,819,250	$	4,162,340	$	—	$	187,981,590

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Diversified Alternatives ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,101,099		$	—		$	1,101,099
Futures		2,352,172			248,776			—			2,600,948
Swaps		—			1,155,938			—			1,155,938
Total Appreciation in Other Financial Instruments	$	2,352,172		$	2,505,813		$	—		$	4,857,985
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(507,750	)	$	—		$	(507,750	)
Futures		(3,087,219	)		(101,092	)		—			(3,188,311	)
Swaps		—			(1,283,531	)		(972	)		(1,284,503	)
Total Depreciation in Other Financial Instruments	$	(3,087,219	)	$	(1,892,373	)	$	(972	)	$	(4,980,564	)

Event Driven ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Banks	$	146,878	$	147,808		$	—	$	294,686
Household Durables		239,416		96,463			—		335,879
Leisure Products		—		98,431			—		98,431
Media		—		211,873			—		211,873
Pharmaceuticals		516,423		188,456			—		704,879
Real Estate Management & Development		—		153,700			—		153,700
Software		961,033		99,124			—		1,060,157
Other Common Stocks		12,213,696		—			—		12,213,696
Total Common Stocks		14,077,446		995,855			—		15,073,301
Debt Securities
Foreign Government Securities		—		274,350			—		274,350
Short-Term Investments
Investment Companies		5,600,338		—			—		5,600,338
U.S. Treasury Obligations		—		5,495,785			—		5,495,785
Total Investments in Securities	$	19,677,784	$	6,765,990		$	—	$	26,443,774
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	17,613		$	—	$	17,613
Futures		—		18,000			—		18,000
Swaps		—		24,947			—		24,947
Total Appreciation in Other Financial Instruments	$	—	$	60,560		$	—	$	60,560
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(1,171	)	$	—	$	(1,171	)
Swaps		—		(282,887	)		—		(282,887	)
Total Depreciation in Other Financial Instruments	$	—	$	(284,058	)	$	—	$	(284,058	)

130 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Long/Short ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	14,746,335		$	—		$	—	$	14,746,335
Total Common Stocks		14,746,335			—			—		14,746,335
Debt Securities
Foreign Government Securities		—			232,620			—		232,620
Short-Term Investments
Investment Companies		5,057,344			—			—		5,057,344
U.S. Treasury Obligations		—			1,963,956			—		1,963,956
Total Investments in Securities	$	19,803,679		$	2,196,576		$	—	$	22,000,255
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	10,695		$	—	$	10,695
Futures Contracts		27,288			47,484			—		74,772
Swaps		—			411,362			—		411,362
Total Appreciation in Other Financial Instruments	$	27,288		$	469,541		$	—	$	496,829
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(6,441	)	$	—	$	(6,441	)
Futures Contracts		(48,360	)		(29,953	)		—		(78,313	)
Swaps		—			(179,164	)		—		(179,164	)
Total Depreciation in Other Financial Instruments	$	(48,360	)	$	(215,558	)	$	—	$	(263,918	)

Managed Futures Strategy ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investments	$	42,503,224		$	—		$	—	$	42,503,224
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	275,539		$	—	$	275,539
Futures Contracts		712,468			121,311			—		833,779
Total Appreciation in Other Financial Instruments	$	712,468		$	396,850		$	—	$	1,109,318
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(175,470	)	$	—	$	(175,470	)
Futures Contracts		(1,798,883	)		(89,858	)		—		(1,888,741	)
Total Depreciation in Other Financial Instruments	$	(1,798,883	)	$	(265,328	)	$	—	$	(2,064,211	)

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 NAVs of the Funds.

As of October 31, 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. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts and swaps, 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 allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

associated with these instruments may exceed their value, as recorded on the Consolidated Statements of Assets and Liabilities/Statements of Assets and Liabilities (CSAL/SAL).

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 C(1) — C(3) below describe the various derivatives used by the Funds.

(1). Futures Contracts — The Funds used index, commodities and treasury futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, 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 Consolidated Statement of Operations/Statement of Operations (“CSOP/SOP”). 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 CSOP/SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the CSOI/SOIs and cash deposited, which is considered restricted, is recorded on the CSAL/SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL/SAL.

The use of futures contracts exposes the Funds to interest rate risk, commodities risk and equity price 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 CSAL/SAL, 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 Funds 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 Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record 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 Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

These Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

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

(3). Swaps — The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF engaged in various swap transactions, including total return swaps and total return basket swaps, to manage credit and total return risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or are

132 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”), that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively, on the CSAL/SAL and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the CSAL/SAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the CSOIs/SOIs, while cash deposited, which is considered restricted, is recorded on the CSAL/SAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL/SAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the CSOP/SOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted or received by the Funds is reported on the CSAL/SAL as Restricted cash for OTC derivatives.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Total Return Basket Swaps

The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of each Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that a Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within each swap, accrued financing costs and net dividends, are part of the periodic reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contracts on the CSAL/SAL and as Net realized gain (loss) on transactions from swaps on the CSOP/SOP.

Each swap involves additional risks than if a Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of a Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Funds’ activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., a Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL/SAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL/SAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP/SOP.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

(4). Summary of Derivatives Information

The following tables present the value of derivatives held as of October 31, 2018, by their primary underlying risk exposure and respective location on the CSAL/SAL:

Diversified Alternatives ETF

Derivative Contracts	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Commodity contracts	Receivables, Net assets — Unrealized Appreciation	$	661,665		$	—		$	—		$	661,665
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation		240,697			—			—			240,697
Equity contracts	Receivables, Net assets — Unrealized Appreciation		1,698,586			—			3,910,823			5,609,409
Foreign exchange contracts	Receivables		—			1,101,099			—			1,101,099
Total		$	2,600,948		$	1,101,099		$	3,910,823		$	7,612,870
Gross Liabilities:
Commodity contracts	Payables, Net assets — Unrealized Depreciation	$	(2,188,425	)	$	—		$	—		$	(2,188,425	)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		(729,926	)		—			—			(729,926	)
Equity contracts	Payables, Net assets — Unrealized Depreciation		(269,960	)		—			(3,058,645	)		(3,328,605	)
Foreign exchange contracts	Payables		—			(507,750	)		—			(507,750	)
Total		$	(3,188,311	)	$	(507,750	)	$	(3,058,645	)	$	(6,754,706	)

Event Driven ETF

Derivative Contracts	SAL Location
Gross Assets:		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	18,000	$	—		$	104,625		$	122,625
Foreign exchange contracts	Receivables		—		17,613			—			17,613
Total		$	18,000	$	17,613		$	104,625		$	140,238
Gross Liabilities:
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	—	$	—		$	(348,909	)	$	(348,909	)
Foreign exchange contracts	Payables		—		(1,171	)		—			(1,171	)
Total		$	—	$	(1,171	)	$	(348,909	)	$	(350,080	)

Long/Short ETF

Derivative Contracts	SAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	74,772		$	—		$	1,099,613		$	1,174,385
Foreign exchange contracts	Receivables		—			10,695			—			10,695
Total		$	74,772		$	10,695		$	1,099,613		$	1,185,080
Gross Liabilities:
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(78,313	)	$	—		$	(64,462	)	$	(142,775	)
Foreign exchange contracts	Payables		—			(6,441	)		—			(6,441	)
Total		$	(78,313	)	$	(6,441	)	$	(64,462	)	$	(149,216	)

134 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Managed Futures Strategy ETF

Derivative Contracts	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	Receivables, Net assets — Unrealized Appreciation	$	441,635		$	—		$	441,635
Equity contracts	Receivables, Net assets — Unrealized Appreciation		200,323			—			200,323
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation		191,821			—			191,821
Foreign exchange contracts	Receivables		—			275,539			275,539
Total		$	833,779		$	275,539		$	1,109,318
Gross Liabilities:
Commodity contracts	Payables, Net assets — Unrealized Depreciation	$	(1,203,116	)	$	—		$	(1,203,116	)
Equity contracts	Payables, Net assets — Unrealized Depreciation		(238,162	)		—			(238,162	)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		(447,463	)		—			(447,463	)
Foreign exchange contracts	Payables		—			(175,470	)		(175,470	)
Total		$	(1,888,741	)	$	(175,470	)	$	(2,064,211	)

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI/SOI. The CSAL/SAL only reflects the current day variation margin receivable/payable from/to brokers.

The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2018.

Diversified Alternatives ETF

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the CSAL (a)		Derivatives Available for Offset			Collateral Received			Net Amount Due from Counterparty (not less than zero)
Bank of America	$	377,063	$	(2,459	)	$	(374,604	)	$	—
BNP Paribas		248,173		—			—			248,173
Citibank, NA		335,922		(129,848	)		—			206,074
Deutsche Bank AG		9,502		—			—			9,502
Goldman Sachs International		39,020		(5,000	)		—			34,020
HSBC Bank, NA		184,603		(78,423	)		—			106,180
Merrill Lynch International		114,362		(4,164	)		—			110,198
State Street Corp.		168,471		(168,471	)		—			—
TD Bank Financial Group		1,046		(1,046	)		—			—
UBS		3,533,760		(3,056,186	)		—			477,574
Total	$	5,011,922	$	(3,445,597	)	$	(374,604	)	$	1,191,721
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the CSAL (a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due to Counterparty (not less than zero)
Bank of America	$	2,459	$	(2,459	)	$	—		$	—
Barclays Bank plc		6,787		—			—			6,787
Citibank, NA		129,848		(129,848	)		—			—
Goldman Sachs International		5,000		(5,000	)		—			—
HSBC Bank, NA		78,423		(78,423	)		—			—
Merrill Lynch International		4,164		(4,164	)		—			—
Royal Bank of Canada		5,426		—			—			5,426
State Street Corp.		276,802		(168,471	)		—			108,331
TD Bank Financial Group		1,300		(1,046	)		—			254
UBS		3,056,186		(3,056,186	)		—			—
Total	$	3,566,395	$	(3,445,597	)	$	—		$	120,798

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Event Driven ETF

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the SAL (a)		Derivatives Available for Offset			Collateral Received			Net Amount Due from Counterparty (not less than zero)
Bank of America	$	21,467	$	(21,467	)	$	—		$	—
Citibank, NA		15,901		—			—			15,901
Goldman Sachs International		83,158		(83,158	)		—			—
State Street Corp.		1,712		—			—			1,712
Total	$	122,238	$	(104,625	)	$	—		$	17,613
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the SAL (a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due to Counterparty (not less than zero)
Bank of America	$	179,753	$	(21,467	)	$	(158,286	)	$	—
Goldman Sachs International		170,327		(83,158	)		—			87,169
Total	$	350,080	$	(104,625	)	$	(158,286	)	$	87,169

Long/Short ETF

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the SAL (a)		Derivatives Available for Offset			Collateral Received			Net Amount Due from Counterparty (not less than zero)
Bank of America	$	260,638	$	(36,521	)	$	(224,117	)	$	—
Citibank, NA		9,244		(4,040	)		—			5,204
Goldman Sachs International		838,975		(27,941	)		(300,000	)		511,034
State Street Corp.		1,451		—			—			1,451
Total	$	1,110,308	$	(68,502	)	$	(524,117	)	$	517,689
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the SAL (a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due to Counterparty (not less than zero)
Bank of America	$	36,521	$	(36,521	)	$	—		$	—
Citibank, NA		4,040		(4,040	)		—			—
Goldman Sachs International		27,941		(27,941	)		—			—
Merrill Lynch International		1,962		—			—			1,962
TD Bank Financial Group		439		—			—			439
Total	$	70,903	$	(68,502	)	$	—		$	2,401

136 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Managed Futures Strategy ETF

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the SAL (a)		Derivatives Available for Offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Barclays Bank plc	$	3,556	$	(3,556	)	$	—	$	—
BNP Paribas		38,545		—			—		38,545
Citibank, NA		106,002		(23,577	)		—		82,425
Goldman Sachs International		5,974		—			—		5,974
Merrill Lynch International		75,805		—			—		75,805
State Street Corp.		45,657		(45,657	)		—		—
Total	$	275,539	$	(72,790	)	$	—	$	202,749
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the SAL (a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	9,397	$	—		$	—	$	9,397
Barclays Bank plc		3,782		(3,556	)		—		226
Citibank, NA		23,577		(23,577	)		—		—
State Street Corp.		134,902		(45,657	)		—		89,245
TD Bank Financial Group		3,812		—			—		3,812
Total	$	175,470	$	(72,790	)	$	—	$	102,680

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

The following tables present the effect of derivatives on the CSOP/SOP for the period ended October 31, 2018, by primary underlying risk exposure:

Diversified Alternatives ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	$	(767,903	)	$	—		$	—		$	(767,903	)
Equity contracts		(2,804,284	)		—			(6,024,348	)		(8,828,632	)
Interest rate contracts		(2,236,869	)		—			—			(2,236,869	)
Foreign exchange contracts		—			(656,248	)		—			(656,248	)
Total	$	(5,809,056	)	$	(656,248	)	$	(6,024,348	)	$	(12,489,652	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	$	(1,872,002	)	$	—		$	—		$	(1,872,002	)
Equity contracts		1,568,408			—			848,802			2,417,210
Interest rate contracts		(119,403	)		—			—			(119,403	)
Foreign exchange contracts		—			751,785			—			751,785
Total	$	(422,997	)	$	751,785		$	848,802		$	1,177,590

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

Event Driven ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Equity contracts	$	(210,996	)	$	—	$	930,667		$	719,671
Foreign exchange contracts		—			20,048		—			20,048
Total	$	(210,996	)	$	20,048	$	930,667		$	739,719
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Equity contracts	$	18,000		$	—	$	(244,284	)	$	(226,284	)
Foreign exchange contracts		—			16,442		—			16,442
Total	$	18,000		$	16,442	$	(244,284	)	$	(209,842	)

Long/Short ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Equity contracts	$	(614,436	)	$	—	$	(2,068,628	)	$	(2,683,064	)
Foreign exchange contracts		—			2,817		—			2,817
Total	$	(614,436	)	$	2,817	$	(2,068,628	)	$	(2,680,247	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Equity contracts	$	(3,541	)	$	—	$	1,035,151		$	1,031,610
Foreign exchange contracts		—			4,254		—			4,254
Total	$	(3,541	)	$	4,254	$	1,035,151		$	1,035,864

Managed Futures Strategy ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	$	(430,078	)	$	—		$	(430,078	)
Equity contracts		(565,851	)		—			(565,851	)
Interest rate contracts		(1,310,838	)		—			(1,310,838	)
Foreign exchange contracts		—			(56,560	)		(56,560	)
Total	$	(2,306,767	)	$	(56,560	)	$	(2,363,327	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	$	(761,481	)	$	—		$	(761,481	)
Equity contracts		(37,839	)		—			(37,839	)
Interest rate contracts		(255,642	)		—			(255,642	)
Foreign exchange contracts		—			100,069			100,069
Total	$	(1,054,962	)	$	100,069		$	(954,893	)

138 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity for the period ended October 31, 2018. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	Diversified Alternatives ETF		Event Driven ETF			Long/Short ETF			Managed Futures Strategy ETF
Futures Contracts — Equity
Average Notional Balance Long	$	9,320,426		—		$	2,893,005	(b)	$	7,911,184	(c)
Average Notional Balance Short		19,967,672	$	1,411,607	(a)		985,288	(d)		2,547,562	(d)
Ending Notional Balance Long		5,069,083		—			1,307,350			4,070,091
Ending Notional Balance Short		32,281,618		308,908			2,323,686			7,014,966
Futures Contracts — Interest Rate
Average Notional Balance Long		120,861,876		—			—			75,369,314	(c)
Average Notional Balance Short		133,250,072		—			—			90,004,237	(c)
Ending Notional Balance Long		91,613,147		—			—			57,492,591
Ending Notional Balance Short		143,633,327		—			—			100,550,439
Futures Contracts — Commodities
Average Notional Balance Long		23,505,232		—			—			13,326,036	(c)
Average Notional Balance Short		23,794,274		—			—			13,763,446	(c)
Ending Notional Balance Long		23,527,620		—			—			14,554,149
Ending Notional Balance Short		31,314,742		—			—			20,229,782
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		36,909,828		102,825	(e)		216,526	(b)		13,008,569	(c)
Average Settlement Value Sold		53,966,428		855,600	(a)		332,630	(b)		20,296,559	(c)
Ending Settlement Value Purchased		32,718,469		178,610			364,639			9,808,466
Ending Settlement Value Sold		63,161,603		1,493,987			715,557			18,714,249
Total Return Basket Swaps
Average Notional Balance Long		112,916,246		15,313,047	(a)		17,564,592	(b)		—
Average Notional Balance Short		95,626,536		3,192,602	(a)		25,944,887	(b)		—
Ending Notional Balance Long		120,739,817		11,185,783			15,348,043			—
Ending Notional Balance Short		103,751,061		3,127,867			25,878,951			—

(a) For the period November 29, 2017 through October 31, 2018.

(b) For the period January 23, 2018 through October 31, 2018.

(c) For the period December 5, 2017 through October 31, 2018.

(d) For the period March 1, 2018 through October 31, 2018.

(e) For the period February 1, 2018 through October 31, 2018.

The Funds’ derivatives contracts held at October 31, 2018 are not accounted for as hedging instruments under GAAP.

D. Securities Lending — Effective October 5, 2018, the Event Driven ETF and Long/Short ETF became authorized to engage in securities lending in order to generate additional income. Event Driven ETF and Long/Short ETF are able to lend to approved borrowers. Citibank N. A. (“Citibank”) serves as lending agent for both of these funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. Event Driven ETF and Long/Short ETF retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, Event Driven ETF and Long/Short ETF are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). Event Driven ETF and Long/Short ETF also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of Collateral Investments are disclosed in the SOIs.

The Event Driven ETF and Long/Short ETF bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, Event Driven ETF and Long/Short ETF may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, Event Driven ETF and Long/Short ETF may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is not subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify Event Driven ETF and Long/Short ETF from losses resulting from a borrower’s failure to return a loaned security.

The Event Driven ETF and Long/Short ETF did not lend out any securities during the period October 5, 2018 through October 31, 2018.

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

Diversified Alternatives ETF

	For the year ended October 31, 2018
Security Description	Value at October 31, 2017		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c)	$	79,678,128	$	131,869,190	$	140,714,765	$	—	$	—	$	70,832,553		70,832,553	$	1,119,297	$	—

Event Driven ETF

	For the period ended October 31, 2018
Security Description	Value at November 29, 2017 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c)	$	—	$	60,301,344	$	54,701,006	$	—	$	—	$	5,600,338		5,600,338	$	209,002	$	—

Long/Short ETF

	For the period ended October 31, 2018
Security Description	Value at January 23, 2018 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c)	$	—	$	33,808,401	$	28,751,057	$	—	$	—	$	5,057,344		5,057,344	$	112,179	$	—

140 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

Managed Futures Strategy ETF

	For the period ended October 31, 2018
Security Description	Value at December 5, 2017 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2018		Shares at October 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.02% (b) (c)	$	—	$	75,987,826	$	33,484,602	$	—	$	—	$	42,503,224	$	42,503,224	$	586,535	$	—

(a) Commencement of operations.

(b) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(c) The rate shown is the current yield as of October 31, 2018.

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 of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the CSOP/SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign 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 CSOP/SOP. 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 CSOP/SOP.

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 date the Funds commenced operations. For the period ended October 31, 2018, total offering costs incurred were:

Event Driven ETF (a)	$	14,273
Long/Short ETF (b)		36,180
Managed Futures Strategy ETF (c)		36,155

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as offering costs on the CSOP/SOP. For the period ended October 31, 2018, total offering costs amortized were:

Event Driven ETF (a)	$	13,140
Long/Short ETF (b)		27,953
Managed Futures Strategy ETF (c)		32,588

(a) Commencement of operations was November 29, 2017.

(b) Commencement of operations was January 23, 2018.

(c) Commencement of operations was December 5, 2017.

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, distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, and dividend expense on securities sold short, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

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

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (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 October 31, 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.

For Federal income tax purposes, taxable income of each Fund and its Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of each Fund’s taxable income. Net losses of the Subsidiary are not deductible by each Fund either in the current period or carried forward to future periods.

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. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

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)
Diversified Alternatives ETF	$	(7,027,632	)	$	(2,252,875	)	$	9,280,507
Event Driven ETF		(8	)		944,000			(943,992	)
Long/Short ETF		(835,759	)		(1,247,596	)		2,083,355
Managed Futures Strategy ETF		(1,152,582	)		(316,909	)		1,469,491

The reclassifications for the Fund’s related primarily to investments in Subsidiary, foreign currency gain/loss, investments in swap contracts and net operating losses.

3. Fees and Other Transactions with Affiliates

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

Diversified Alternatives ETF	0.60	%
Event Driven ETF	0.75	%
Long/Short ETF	0.60	%
Managed Futures Strategy ETF	0.50	%

Each Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.60% for the Diversified Alternatives ETF and 0.50% for the Managed Futures Strategy ETF of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds and the Subsidiaries. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.085% of the average daily net assets of each Fund in the Trust covered by the Administration Agreement (excluding certain funds of funds and money market funds). In consideration for services rendered to each Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

142 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

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

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, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP/SOP. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

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

For the period ended October 31, 2018, the amount of transaction fees paid by the Authorized Participants that were used to reimburse Custodian and Transfer Agent fees were as follows:

Diversified Alternatives ETF	$	8,000
Event Driven ETF		400
Long/Short ETF		400
Managed Futures Strategy ETF		—

Such amounts are included in expense reimbursements from non-affiliates in the CSOP/SOP.

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

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP/SOP.

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

	Expense Cap
Diversified Alternatives ETF		0.85	%
Event Driven ETF		0.85	%
Long/Short ETF		0.69	%
Managed Futures Strategy ETF		0.59	%

The expense limitation agreements were in effect for the period ended October 31, 2018 and are in place until at least February 28, 2022 for the Diversified Alternatives ETF, November 30, 2020 for the Event Driven ETF, January 31, 2021 for the Long/Short ETF and December 31, 2020 for the Managed Futures Strategy ETF.

For the period ended October 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds 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
Diversified Alternatives ETF	$	244,492	$	162,994	$	407,486	$	—
Event Driven ETF		155,744		20,734		176,478		67,671
Long/Short ETF		97,589		15,739		113,328		119,527
Managed Futures Strategy ETF		186,827		44,485		231,312		130,002

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, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund.

The amounts of these waivers resulting from investments in these money market funds for the period ended October 31, 2018 were as follows:

Diversified Alternatives ETF	$	128,231
Event Driven ETF		27,198
Long/Short ETF		13,509
Managed Futures Strategy ETF		70,292

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

The Diversified Alternatives ETF and Managed Futures Strategy ETF invest in Subsidiaries and, as a result, bear a portion of the expenses incurred by these Subsidiaries. These expenses are reflected in the fees waived shown on the CSOP and are included in the ratios to average net assets shown in the Financial Highlights.

The amounts of these waivers resulting from investments in Subsidiaries for the period ended October 31, 2018 were as follows:

Diversified Alternatives ETF	$	299,576
Managed Futures Strategy ETF (a)		152,844

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

E. 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 no fees for their distribution services under their respective distribution agreements with the Trust (the “Distribution Agreements”). Although the Trust does not pay any fees under the Distribution Agreements, JPMIM pays JPMDS for certain distribution related services.

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

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

The Funds may use related party broker-dealers. For the period ended October 31, 2018, the Funds did not incur any brokerage commissions with broker dealers affiliated with the Adviser.

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

4. Investment Transactions

During the period ended October 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Diversified Alternatives ETF	$	230,511,371	$	178,344,676
Event Driven ETF (a)		32,977,717		17,228,657
Long/Short ETF (b)		30,765,163		14,654,146
Managed Futures Strategy ETF (c)		—		—

(a) Commencement of operations was November 29, 2017.

(b) Commencement of operations was January 23, 2018.

(c) Commencement of operations was December 5, 2017.

During the period ended October 31, 2018, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including each Subsidiary, held at October 31, 2018 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Diversified Alternatives ETF	$	198,165,909	$	10,165,587	$	(14,728,202	)	$	(4,562,615	)
Event Driven ETF		26,983,129		479,212		(1,228,409	)		(749,197	)
Long/Short ETF		23,805,155		1,132,755		(1,901,791	)		(769,036	)
Managed Futures Strategy ETF		48,053,728		961,473		(2,339,321	)		(1,377,848	)

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

The Federal income tax unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Diversified Alternatives ETF’s investment in its Subsidiary of $(2,920,026) and Managed Futures Strategy ETF’s investment in its Subsidiary of $(1,333,932), when if realized is not deductible for income tax purposes.

144 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

The Tax character of distributions paid during the period ended October 31, 2018 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Diversified Alternatives ETF	$	868	$	—	$	—	$	868
Event Driven ETF		13,930		—		—		13,930
Long/Short ETF		—		—		—		—
Managed Futures Strategy ETF		14,260		—		—		14,260

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

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

	Ordinary Income*		Total Distributions Paid
Diversified Alternatives ETF	$	447,993	$	457,632

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

As of October 31, 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)
Diversified Alternatives ETF	$	—	$	—	$	(1,756,223	)	$	(2,269,698	)
Event Driven ETF		858,294		—		(120,780	)		(748,574	)
Long/Short ETF		—		—		(1,211,171	)		(769,497	)
Managed Futures Strategy ETF		223,417		—		(1,568,586	)		(412,456	)

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

During the year ended October 31, 2018 the Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. had approximately $2,284,794 and $1,152,519 of losses for tax purposes. The Subsidiaries’ loss for the current year are not available to offset their future taxable income.

As of October 31, 2018, the Funds had net capital loss carryforwards, with no expiration dates, as follows:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Diversified Alternatives ETF	$	(1,134,347	)	$	(621,876	)
Event Driven ETF		—			(120,780	)
Long/Short ETF		(1,005,692	)		(205,479	)
Managed Futures Strategy ETF		(695,169	)		(873,417	)

6. Capital Share Transactions

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

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

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount. 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 fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2018 (continued)

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of October 31, 2018, the Adviser owns shares representing more than 10% of net assets of following Funds:

	% Ownership
Diversified Alternatives ETF		42	%
Event Driven ETF		95
Long/Short ETF		95
Managed Futures Strategy ETF		92

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

By investing in each Subsidiary, the Diversified Alternatives ETF and Managed Futures Strategy ETF are indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Funds will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Funds to greater volatility and loss.

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

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with a Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

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.

Since the Managed Futures Strategy ETF is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

146 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and the Shareholders of JPMorgan Diversified Alternatives ETF, JPMorgan Event Driven ETF, JPMorgan Long/Short ETF and JPMorgan Managed Futures Strategy ETF

Opinions on the Financial Statements

We have audited the financial statements and financial highlights of each of the funds listed in the table below (four of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2018, and for the periods listed in the table below, including the related notes (collectively referred to as the “financial statements”).

JPMorgan Diversified Alternatives ETF	•  Consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments as of October 31, 2018 •  Consolidated statement of operations for the year ended October 31, 2018 •  Consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2018 •  Consolidated financial highlights for each of the two years in the period ended October 31, 2018 and for the period September 12, 2016 (commencement of operations) through October 31, 2016
JPMorgan Event Driven ETF	•  Statement of assets and liabilities, including the schedule of portfolio investments as of October 31, 2018 •  Statements of operations and changes in net assets and the financial highlights for the period November 29, 2017 (commencement of operations) through October 31, 2018
JPMorgan Long/Short ETF	•  Statement of assets and liabilities, including the schedule of portfolio investments as of October 31, 2018 •  Statements of operations and changes in net assets and the financial highlights for the period January 23, 2018 (commencement of operations) through October 31, 2018
JPMorgan Managed Futures Strategy ETF	•  Consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments as of October 31, 2018 •  Consolidated statements of operations and changes in net assets and the consolidated financial highlights for the period December 5, 2017 (commencement of operations) through October 31, 2018

In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table above in conformity with accounting principles generally accepted in the United States of America.

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 October 31, 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

December 21, 2018

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

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 147

TRUSTEES

(Unaudited)

The Funds’ Statements 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 the Past 5 Years
Independent Trustees
Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011–present); Consultant to the Mutual Fund Industry (2011-Present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011–2017); Senior Vice President–Fund Administration, State Street Corporation (2002–2010).		34	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).		34	None.
Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		34	SEI family of funds (Independent Trustee of Advisors’ Inner Circle Fund III (20 portfolios) (from February 2014 to Present); Independent Trustee of Winton Diversified Opportunities Fund (from December 2014 to Present); Independent Trustee of Gallery Trust (from August 2015 to Present); Independent Trustee of Schroder Series Trust (from 2017 to Present) Independent Trustee of Schroder Global Series Trust (from February 2017 to Present); Independent Trustee of O’Connor EQUUS (May 2014–April 2016), Independent Trustee of Winton Series Trust (December 2014–March 2017); Independent Trustee of AXA Premier VIP Trust (2014–June 2017); 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).		34	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.		34	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).		34	Board of Directors of the JUST Capital Foundation (2017–present).

(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. Twenty nine series of the Trust have commenced operations.

(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.

148 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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 from 2000 to 2013.
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.) (from 2014 to 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 (from 1999 to 2014).
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.
Elizabeth A. Davin (1964), Secretary (2018)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Stephen M. Ungerman (1953), Chief Compliance Officer (2014)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Jessica K. Ditullio (1962), Assistant Secretary (2014)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
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. since February 2016; formerly, Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2010 to February 2016. 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 May 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from 2012 to May 2014.
Jason Ronca (1978), Assistant Treasurer (2014)***	Executive Director, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management since February 2017; formerly Vice President, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management from May 2014 to February 2017. 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 50 Rowes Wharf Floor 3, Boston, MA 02110.

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 149

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur ongoing costs, including investment advisory fees, administration fee and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, May 1, 2018 and continued to hold your shares at the end of the reporting period, October 31, 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 the Fund.

	Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Annualized Expense Ratio			Expenses Paid During the Period
Diversified Alternatives ETF
Actual (1)	$	1,000.00	$	958.20		0.70	%	$	3.46
Hypothetical (1)		1,000.00		1,021.68		0.70			3.57
Event Driven ETF
Actual (1)	$	1,000.00	$	1,010.50		0.73	%	$	3.70
Hypothetical (1)		1,000.00		1,021.53		0.73			3.72
Long/Short ETF
Actual (1)	$	1,000.00	$	946.20		0.62	%	$	3.04
Hypothetical (1)		1,000.00		1,022.02		0.62			3.16
Managed Futures Strategy ETF
Actual (1)	$	1,000.00	$	961.70		0.39	%	$	1.93
Hypothetical (1)		1,000.00		1,023.24		0.39			1.99

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

150 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2018

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 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.

Dividends Received Deduction (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2018:

	Dividends Received Deduction
Event Driven ETF		100.00	%

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2018:

	Qualified Dividend Income
Event Driven ETF	$	13,930

OCTOBER 31, 2018 J.P. MORGAN EXCHANGE-TRADED FUNDS 151

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. Shareholders may request the Form N-Q without charge by calling 1-844-457-6383 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

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

^© JPMorgan Chase & Co., 2018.  All rights reserved. October 2018. AN-DAETF-1018

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 – $732,999

2017 – $404,380

(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 – $142,410

2017 – $76,752

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 – $267,970

2017 – $132,675

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 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 – $32.9 million

2017 – $28.9 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
	December 28, 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
	December 28, 2018

By:	/s/ Lauren A. Paino
	Lauren A. Paino
	Treasurer and Principal Financial Officer
	December 28, 2018