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

J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) N-CSRCertified 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)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to:

Registrant’s telephone number, including area code: (800)480-4111

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2018 through February 28, 2019

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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).

Annual Report

J.P. Morgan Exchange-Traded Funds

February 28, 2019

JPMorgan Core Plus Bond ETF

JPMorgan Corporate Bond Research Enhanced ETF

JPMorgan Disciplined High Yield ETF

JPMorgan Global Bond Opportunities ETF

JPMorgan Municipal ETF

JPMorgan U.S. Aggregate Bond ETF

JPMorgan Ultra-Short Income ETF

JPMorgan Ultra-Short Municipal Income ETF

JPMorgan USD Emerging Markets Sovereign Bond ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ 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 Funds’ 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 Funds’ 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 Core Plus Bond ETF			3

JPMorgan Corporate Bond Research Enhanced ETF			5

JPMorgan Disciplined High Yield ETF			7

JPMorgan Global Bond Opportunities ETF			9

JPMorgan Municipal ETF			11

JPMorgan U.S. Aggregate Bond ETF			13

JPMorgan Ultra-Short Income ETF			15

JPMorgan Ultra-Short Municipal Income ETF			17

JPMorgan USD Emerging Markets Sovereign Bond ETF			19

Schedules of Portfolio Investments			22

Financial Statements			142

Financial Highlights			154

Notes to Financial Statements			156

Report of Independent Registered Public Accounting Firm			178

Trustees			180

Officers			181

Schedule of Shareholder Expenses			182

Tax Letter			184

Board Approval of Initial Investment Advisory Agreements			185

Board Approval of Investment Advisory Agreements			187

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

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

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

Shares are bought and sold throughout the day on an exchange at market price (not 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

APRIL 5, 2019 (Unaudited)

Dear Shareholder,

JPMorgan Exchange-Traded Funds have seen tremendous growth over the past twelve months. In 2018, we were named “The industry’s fastest-growing ETF manager,”¹ having accumulated assets under management of $21.3 billion as of April 2, 2019, up from $2.9 billion at the end of 2017. This success was recently recognized at the sixth annual ETF.com awards,² where J.P. Morgan Asset Management won four accolades, including “ETF Issuer of the Year” and “ETF of the Year” for our JPMorgan BetaBuilders^® Japan ETF (BBJP). Building on the success of our BetaBuilders^® suite and in line with our mission to provide accessible portfolio solutions, we launched two additional BetaBuilders^® ETFs in March, BetaBuilders^®1-5 Year U.S. Aggregate Bond ETF (BBSA) and BetaBuilders^® U.S. Equity ETF (BBUS), bringing our roster to 32 strategies.

” J.P. Morgan’s suite of research-driven fixed income ETFs can help investors navigate risk and improve returns while building stronger fixed income portfolios.”

The performance of U.S. bond markets continued to lag behind gains in U.S. equity during the reporting period. While equity prices were generally supported by record corporate profits, low interest rates and the continued expansion of the U.S. economy, investor expectations for accelerating inflation and future interest rates increases weighed down prices for corporate debt and U.S. Treasury bonds for most of the reporting period.

Notably, investors sold off equity and bonds in the fourth quarter of 2018 amid concerns about U.S.-China trade tensions, slowing economic growth in China and Europe and a political impasse in Washington, D.C. that led to the partial shutdown of the federal government.

However, prices for both equity and bonds rebounded in the first two months of 2019. A budget agreementre-opened federal government operations in January and the U.S. Federal Reserve (the “Fed”) said it would take a “patient” approach toward future interest rate increases. At the same time, inflation remained below the Fed’s target level despite a tightening job market and emerging signs of wage growth in the U.S.

J.P. Morgan’s suite of research-driven fixed income ETFs can help investors navigate risk and improve returns while building stronger fixed income portfolios. Leveraging the intellectual capital and deep investment resources of one of the world’s largest fixed income and liquidity managers, we have built an ETF fixed income solution suite that covers core, core complements and extended sectors. Most notably, the JPMorgan Ultra Short Income ETF (JPST) has accumulated more than $6 billion in assets under management since launching two years ago, and offers investors a compelling solution for those looking to manage interest rate risk while preserving yield. The recent launch of the JPMorgan Ultra Short Municipal Income ETF (JMST) also offers investors a complementary value proposition to JPST for non-taxable investments.

We are proud to bring a range of investment solutions to 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,

LOGO

Ogden H. Hammond

Interim President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

¹	“Ten Fastest (and Slowest) Growing ETF Providers” Ignites.com, Nov. 28, 2018.

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. 14, 2019, and results were announced March 28, 2019.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

The performance of U.S. bond markets continued to lag behind gains in U.S. equity for most of the reporting period. Equity prices were generally supported by record corporate profits, low interest rates and the continued expansion of the U.S. economy. Conversely, investor expectations for accelerating inflation and future increases in interest rates weighed down prices for corporate debt and U.S. Treasury bonds for most of the reporting period.

Notably, investors sold off both equity and bonds in the fourth quarter of 2018 amid concerns about U.S.-China trade tensions, slowing economic growth in China and Europe and a political impasse in Washington, D.C. that led to the partial shutdown of the federal government.

However, prices for both equity and bonds rebounded somewhat in the first two months of 2019. A budget agreementre-opened federal government operations in January, and the U.S. Federal Reserve (the “Fed”) said it would take a “patient” approach toward future interest rate increases. At the same time, inflation remained below the Fed’s target level despite a tightening job market and emerging signs of wage growth in the U.S.

Overall, high yield bonds (also known as “junk bonds”) outperformed both investment grade corporate debt and U.S. Treasury bonds during the reporting period.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

PERIOD JANUARY 28, 2019 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Core Plus Bond ETF
Net Asset Value*		0.97%
Market Price**		1.21%
Bloomberg Barclays U.S. Aggregate Bond Index		0.65%
Net Assets as of 2/28/2019	$	25,178,102

Duration as of 2/28/2019		5.74 Years

INVESTMENT OBJECTIVE***

The JPMorgan Core Plus Bond ETF (the “Fund”) seeks to provide a high level of current income by investing primarily in a diversified portfolio of high, medium and low-grade debt securities.

INVESTMENT APPROACH

The Fund invests primarily in investment grade bonds, with the flexibility to invest up to 35% in high yield debt (also known as “junk bonds”). Up to 35% of the Fund’s assets may be invested in foreign securities. The portfolio managers allocate the Fund’s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, currency risk, legal provisions and the structure of the transactions

HOW DID THE FUND PERFORM?

For the period from inception on January 28, 2019 to February 28, 2019, the Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

The Fund’s out-of-Index allocation to high yield corporate bonds was a leading contributor to relative performance. The Fund’s overweight positions and security selection in short-dated securitized credit sectors, including asset-backed securities and commercial mortgage-backed securities also contributed to relative performance.

Relative to the Index, the Fund’s security selection within the U.S. Treasury bond sector detracted from performance. Agency mortgage-backed securities had negative performance for the reporting period and the Fund’s modest overweight position in the sector also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on security selection and relative value, which seeks to take advantage of pricing discrepancies between individual securities or market sectors. The managers employed macro-economic analysis to

determine asset allocations and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers used bottom-up research and top-down macro perspective to construct a diversified portfolio of fixed income securities. As a result of this process, the Fund’s largest sector allocations at the end of the reporting period were in mortgage-backed securities and U.S. Treasuries and its smallest allocations were in emerging markets debt and commercial mortgage-backed securities.


PORTFOLIO COMPOSITION****
Corporate Bonds	24.6	%
Mortgage-Backed Securities	17.4
U.S. Treasury Obligations	14.2
Asset-Backed Securities	13.8
Collateralized Mortgage Obligations	6.9
Commercial Mortgage-Backed Securities	2.3
Convertible Bond	0.0	(a)
Short-Term Investments	20.8

(a)

Amount rounds to less than 0.1%.

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 $50.36 as of February 28, 2019.

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 $50.48 as of February 28, 2019.

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

PERIOD JANUARY 28, 2019 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Core Plus Bond ETF
Net Asset Value		January 28, 2019		0.97%
Market Price				1.21%

LIFE OF FUND PERFORMANCE(1/28/19 TO 2/28/19)

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 28, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Core Plus Bond ETF and the Bloomberg Barclays US Aggregate Index from January 28, 2019 to February 28, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays US Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the

securities included in the Index, if applicable. The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

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

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



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

PERIOD DECEMBER 12, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Corporate Bond Research Enhanced ETF
Net Asset Value*		3.26%
Market Price**		3.48%
Bloomberg Barclays U.S. Corporate Bond Index		3.21%

Net Assets as of 2/28/2019	$	25,595,493
Duration as of 2/28/2019		7.29 Years

INVESTMENT OBJECTIVE***

The JPMorgan Corporate Bond Research Enhanced ETF (the “Fund”) seeks to provide total return from a portfolio of investment grade corporate bonds.

INVESTMENT APPROACH

The Fund invests primarily in investment grade bonds and uses fundamental credit research for enhanced security selection and sector allocation. The Fund seeks to outperform the Bloomberg Barclays U.S. Corporate Bond Index while maintaining similar risk characteristics.

HOW DID THE FUND PERFORM?

For the period from inception on December 12, 2018 to February 28, 2019, the Fund outperformed the Bloomberg Barclays U.S. Corporate Bond Index (the “Index”).

Relative to the Index, the Fund’s security selection within the capital goods and health care sectors was a leading contributor to performance during the reporting period. Within the capital goods sector, General Electric Co. was the largest contributor to performance as the company’s bonds benefitted from news of the sale of its biopharmaceutical business and general investor optimism about the company’s turnaround plans. In the health care sector, the Fund benefitted from security selection in company bonds rated BBB, which outperformed higher rated bonds.

The Fund’s underweight position in the pharmaceutical sector detracted from relative performance as bonds of select companies within the sector benefitted from a broader rise in the corporate bond market in the first two months of 2019. The Fund’s underweight position in the communications sector — specifically media — also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers sought to invest in companies that they believed were attractive from a fundamental and relative value analysis, while seeking to underweight companies that were unattractive based on their analysis. From a sector perspective, the Fund remained largely in line with the sector weightings in the Index.


PORTFOLIO COMPOSITION****
Corporate Bonds	96.7	%
U.S. Treasury Obligations	2.1
Short-Term Investments	1.2

Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca, Inc. The midpoint price was $51.30 as of February 28, 2019.

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

PERIOD DECEMBER 12, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Corporate Bond Research Enhanced ETF
Net Asset Value		December 12, 2018		3.26%
Market Price				3.48%

LIFE OF FUND PERFORMANCE(12/12/18 TO 2/28/19)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Corporate Bond Research Enhanced ETF and the Bloomberg Barclays US Corporate Bond Index from December 12, 2018 to February 28, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays US Corporate Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain

distributions of the securities included in the Index, if applicable. The Bloomberg Barclays US Corporate Bond Index broadly measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices.



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan Disciplined High Yield ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Disciplined High Yield ETF
Net Asset Value*		4.66%
Market Price**		4.00%
ICE BofAML U.S. High Yield Index		4.26%
Bloomberg Barclays U.S. Aggregate Bond Index		3.17%

Net Assets as of 2/28/2019	$	154,570,385
Duration as of 2/28/2019		3.93 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2019, the Fund posted positive absolute performance and outperformed both the ICE BofAML U.S. High Yield Index (the “Benchmark”) and the Bloomberg Barclays U.S. Aggregate Bond Index.

During the reporting period, bonds rated CCC and lower significantly underperformed bonds rated BB and single-B as prices for lower rated bonds generally fell in the fourth quarter of 2018. Relative to the Benchmark, the Fund’s overweight position in bonds rated BB and its lack of holdings in bonds rated CCC helped performance during the reporting period. Bonds issued by publicly traded companies outperformed bonds issued by privately held companies during the reporting period. The Fund did not invest in bonds issued by privately held companies, which helped performance relative to the Benchmark.

To maintain sufficient liquidity, the Fund did not invest in bond issues of less than $500 million or in bond issuers with less than $1 billion in total bonds outstanding, which also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

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

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


PORTFOLIO COMPOSITION****
Communication Services	21.7	%
Energy	14.1
Consumer Discretionary	12.3
Health Care	9.1
Industrials	8.5
Materials	7.9
Information Technology	6.8
Financials	6.6
Real Estate	3.4
Investment of cash collateral from securities loaned	2.7
Utilities	2.6
Consumer Staples	2.6
Short-Term Investments	1.7

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 Cboe BZX Exchange, Inc. The midpoint price was $49.82 as of February 28, 2019.

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Disciplined High Yield ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Disciplined High Yield ETF
Net Asset Value		September 14, 2016		4.66	%		4.86	%
Market Price				4.00	%		4.81	%

LIFE OF FUND PERFORMANCE(9/14/16 TO 2/28/19)

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. Forup-to-date,month-end performance information please call1-844-457-6383.

Fund commenced operations on September 14, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Disciplined High Yield ETF, the ICE BofAML US High Yield Index and the Bloomberg Barclays US Aggregate Bond Index from September 14, 2016 to February 28, 2019. 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 ICE BofAML US High Yield Index and the Bloomberg Barclays US Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The ICE BofAML US High Yield Index is

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

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



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan Global Bond Opportunities ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Global Bond Opportunities ETF
Net Asset Value*		2.06%
Market Price**.		2.13%
Bloomberg Barclays Multiverse Index		(0.48)%

Net Assets as of 2/28/2019	$	180,357,231
Duration as of 2/28/2019		4.04 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2019, the Fund posted a return of 2.06%. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. While the Fund is not managed to a benchmark, its return is compared to the Bloomberg Barclays Multiverse Index, which returned-0.48% for the reporting period.

The Fund’s allocations to corporate high yield bonds (also known as “junk bonds”) and securitized debt products were the leading contributors to absolute performance. High yield bonds benefitted from investors seeking higher yields, positive investor sentiment and low default rates. Securitized debt benefitted from lower volatility relative to other sectors and continued economic growth in the U.S.

The Fund’s exposure to foreign currency was a leading detractor from absolute performance, most notably through exposure to the Russian ruble in the second quarter of 2018 following U.S. economic sanctions on Russia. The Fund’s exposure to the Turkish lira and the Argentine peso also detracted from the Fund’s absolute performance.

HOW WAS THE FUND POSITIONED?

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

asset-backed securities, commercial mortgage-backed securities, emerging markets debt, convertible bonds and foreign government securities. At the end of the reporting period, the Fund’s largest allocations were in U.S. high yield bonds, investment grade corporate bonds and emerging markets local currency debt. The Fund’s smallest allocations were innon-agency mortgage-backed securities, convertible bonds and collateralized loan obligations.


SUMMARY OF INVESTMENTS BY COUNTRY****
United States	46.5	%
United Kingdom	3.6
France	3.6
Spain	3.6
Portugal	3.5
Indonesia	2.2
South Africa	2.0
Canada	1.8
Italy	1.7
Netherlands	1.5
Germany	1.5
Mexico	1.5
Ireland	1.4
Luxembourg	1.4
Greece	1.4
Australia	1.4
Sweden	1.2
Brazil	1.2
Switzerland	1.2
Malaysia	1.0
Others (each less than 1.0%)	9.7
Short-Term Investments	7.1

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan Global Bond Opportunities ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)


	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Global Bond Opportunities ETF
Net Asset Value		April 5, 2017		2.06	%		3.07	%
Market Price				2.13	%		3.16	%

LIFE OF FUND PERFORMANCE(4/5/17 TO 2/28/19)

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. Forup-to-date,month-end performance information please call1-844-457-6383.

Fund commenced operations on April 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Global Bond Opportunities ETF and the Bloomberg Barclays Multiverse Index from April 5, 2017 to February 28, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays Multiverse Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

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



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan Municipal ETF

FUND COMMENTARY

PERIOD OCTOBER 29, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Municipal ETF
Net Asset Value*		4.74%
Market Price**		4.92%
Bloomberg Barclays U.S.1-15 Year Blend(1-17) Municipal Bond Index		3.32%

Net Assets as of 2/28/2019	$	31,153,558
Duration as of 2/28/2019		6.25 Years

INVESTMENT OBJECTIVE***

The JPMorgan Municipal ETF (the “Fund”) seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes.

INVESTMENT APPROACH

The Fund invests primarily in a diversified portfolio of intermediate-term municipal bonds, the income from which is exempt from federal income tax. The Fund seeks to maintain an average weighted maturity between three and ten years.

HOW DID THE FUND PERFORM?

For the period from inception on October 29, 2018 to February 28, 2019, the Fund outperformed the Bloomberg Barclays U.S.1-15 Year Blend(1-17) Municipal Bond Index (the “Index”).

Relative to the Index, the Fund’s longer overall duration was a leading contributor to performance as interest rates fell during the reporting period. Generally, a portfolio of bonds with a longer duration will experience a larger increase in price when interest rates fall. During the reporting period, lower rated bonds generally outperformed higher rated bonds during the reporting period and the Fund Fund’s underweight position in bonds rated AAA and its overweight in bonds rated BBB contributed to relative performance. The Fund’s overweight positions in local general obligation bonds and leasing sectors also helped relative performance.

The Fund’s overweight allocation to the electric sector and its underweight allocations to state general obligation bonds and the special tax sector were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocations were in revenue bonds and general obligation bonds, while its smallest allocation was inpre-refunded bonds. In terms of quality, the Fund’s largest allocations were to bonds rated AA andsingle-A, while its smallest allocations were in unrated bonds and bonds rated BB. The Fund’s overall duration was 6.3 years compared with 4.8 years for the Index.


PORTFOLIO COMPOSITION****
Municipal Bonds	96.7	%
Short-Term Investments	3.3

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan Municipal ETF

FUND COMMENTARY

PERIOD OCTOBER 29, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)


	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Municipal ETF
Net Asset Value		October 29, 2018		4.74	%
Market Price				4.92	%

LIFE OF FUND PERFORMANCE(10/29/18 TO 2/28/19)

Fund commenced operations on October 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Municipal ETF and the Bloomberg Barclays US 1-15 Year Blend (1-17) Municipal Bond Index from October 29, 2018 to February 28, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays US 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses associated with an

exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Barclays US 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years.



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

PERIOD DECEMBER 12, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan U.S. Aggregate Bond ETF
Net Asset Value*		1.90%
Market Price**		1.98%
Bloomberg Barclays U.S. Aggregate Index		2.07%

Net Assets as of 2/28/2019	$	98,730,082
Duration as of 2/28/2019		5.79 Years

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Aggregate Bond ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund invests in a diversified portfolio of high-quality fixed income securities, including corporate bonds, U.S. Treasury obligations and other U.S. government and agency securities, and asset-backed, mortgage-related and mortgage-backed securities. With respect to corporate sub-sectors, the Fund applies a multi-factor credit screening process that seeks exposure to corporate debt issuers with attractive value, quality and momentum characteristics.

HOW DID THE FUND PERFORM?

For the period from inception on December 12, 2018 to February 28, 2019, the Fund underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Index”).

Relative to the Benchmark, the Fund’s overweight allocation to bonds rated AAA detracted from performance, while the Fund’s overweight allocation to bonds rated BBB made a positive contribution to relative performance. During the reporting period, interest rates generally declined and lower quality bonds outperformed higher quality bonds.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund applied a multi-factor credit screening process to the corporate sub-sectors of the Index that sought exposure to corporate debt issuers that the Fund’s portfolio managers believed had attractive value, quality and momentum characteristics. The Fund’s and the Index’s

largest allocations at the end of the reporting period were in government bonds and agency mortgage-backed securities and its smallest allocations were in asset-backed securities and municipal bonds.


PORTFOLIO COMPOSITION****
U.S. Treasury Obligations	38.6	%
Mortgage-Backed Securities	28.1
Corporate Bonds	25.4
Foreign Government Securities	2.0
Commercial Mortgage-Backed Securities	1.9
Supranational	1.5
U.S. Government Agency Securities	1.1
Others (each less than 1.0%)	1.1
Short-Term Investments	0.3

Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca, Inc. The midpoint price was $25.34 as of February 28, 2019.

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

PERIOD DECEMBER 12, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Aggregate Bond ETF
Net Asset Value		December 12, 2018		1.90%
Market Price				1.98%

LIFE OF FUND PERFORMANCE(12/12/18 TO 2/28/19)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Aggregate Bond ETF and the Bloomberg Barclays US Aggregate Index from December 12, 2018 to February 28, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays US Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain

distributions of the securities included in the Index, if applicable. The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURNS:
JPMorgan Ultra-Short Income ETF
Net Asset Value*		2.68%
Market Price**		2.66%
ICE BofAML U.S.3-Month Treasury Bill Index		2.04%
Net Assets as of 2/28/2019	$	5,703,062,275

Duration as of 2/28/2019		0.44 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund primarily invests mainly in investment-grade, U.S. dollar-denominated short-term fixed, variable and floating-rate debt. The Fund seeks to maintain a duration of one year or less, although under certain market conditions, the Fund’s duration may be longer than one year. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger decrease or increase in price as interest rates rise or fall, respectively, versus bonds with shorter duration. The Fund’s adviser has broad discretion to shift the Fund’s exposure to strategies and sectors based on changing market conditions and its view of the best mix of investment opportunities.

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2019, the Fund outperformed the ICE BofAML U.S.3-Month Treasury Bill Index (the “Index”).

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

While the Fund’s longer overall duration relative to the Index was a modest detractor from relative performance, the enhanced yield from longer-dated securities contributed to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio management team positioned the Fund according to its belief that interest rates would continue to move higher at a measured pace and that corporate credit fundamentals remained favorable, despite

geopolitical risks and the potential impact of further escalation in international trade tensions. The team also added a small allocation to U.S. Treasury bonds in an effort to protect against potential market volatility from trade uncertainty. In descending order, the Fund’s largest allocations were in corporate bonds, money market securities, collateralized loan obligations, asset-backed securities and U.S. Treasury.


PORTFOLIO COMPOSITION BY SECTOR****
Financials	48.7	%
Asset-Backed Securities	10.7
Communication Services	3.8
Consumer Discretionary	3.7
Industrials	3.2
Utilities	2.9
Consumer Staples	2.3
Certificates of Deposit	2.0
Health Care	2.0
U.S. Treasury Obligations	1.7
Real Estate	1.5
Energy	1.4
Others (each less than 1.0%)	1.3
Short-Term Investments	14.8

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)


	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Ultra-Short Income ETF
Net Asset Value		May 17, 2017		2.68	%		2.20	%
Market Price				2.66	%		2.23	%

LIFE OF FUND PERFORMANCE(5/17/17 TO 2/28/19)

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. Forup-to-date,month-end performance information please call1-844-457-6383.

Fund commenced operations on May 17, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Income ETF and the ICE BofAML 3-Month US Treasury Bill Index from May 17, 2017 to February 28, 2019. 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 ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the

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



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

PERIOD OCTOBER 16, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Ultra-Short Municipal Income ETF
Net Asset Value*		1.16%
Market Price**		1.22%
Bloomberg Barclays 1-Year Municipal Bond Index		1.31%

Net Assets as of 2/28/2019	$	57,799,591
Duration as of 2/28/2019		0.62 Years

INVESTMENT OBJECTIVE***

The JPMorgan Ultra-Short Municipal Income ETF (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

INVESTMENT APPROACH

The Fund invests primarily in investment grade fixed, variable and floating rate municipal securities, the income from which is exempt from federal income tax. The Fund seeks to maintain an average weighted maturity of two years or less.

HOW DID THE FUND PERFORM?

For the period from inception on October 16, 2018 to February 28, 2019, the Fund underperformed to the Bloomberg Barclays 1 Year Municipal Bond Index (the “Index”).

During the reporting period, lower quality bonds generally outperformed higher rated bonds and the Fund’s underweight position in bonds rated BBB was a leading detractor from performance relative to the Index. The Fund’s underweight position in state general obligation bonds and its overweight positions in special tax and education bonds also detracted from relative performance.

The Fund’s allocation to bonds with maturities of more than two years, which were not held in the Index, was a leading contributor to relative performance as interest rates fell during the reporting period. The Fund’s exposure to floating rate bonds and its underweight positions in the water & sewer and transportation sectors also helped relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s overall duration was 0.6 years vs. 1.4 years for the Index. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds with shorter duration experience smaller increase in price as interest rates fall, relative to longer duration bonds.


PORTFOLIO COMPOSITION****
Municipal Bonds	99.8	%
Short-Term Investments	0.2

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

PERIOD OCTOBER 16, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Ultra-Short Municipal Income ETF
Net Asset Value		October 16, 2018		1.16%
Market Price				1.22%

LIFE OF FUND PERFORMANCE(10/16/18 TO 2/28/19)

Fund commenced operations on October 16, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Municipal Income ETF and the Bloomberg Barclays1-Year Municipal Bond Index from October 16, 2018 to February 28, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays 1-Year Municipal Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain

distributions of the securities included in the Index, if applicable. The

Bloomberg Barclays 1 Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the mutual fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan USD Emerging Markets Sovereign Bond ETF
Net Asset Value*		2.29%
Market Price**		2.23%
JPMorgan Emerging Markets Risk-Aware Bond Index		2.86%

Net Assets as of 2/28/2019	$	61,776,747
Duration as of 2/28/2019		6.91 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the twelve months ended February 28, 2019, the Fund performed in line with the Underlying Index. The majority of

the Fund’s deviation against the Underlying Index was due to operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to Turkey and Ecuador were leading detractors from absolute performance. The Underlying Index’s liquidity filter also detracted from absolute performance as less liquid bond issues outperformed other issues of emerging markets sovereign and quasi-sovereign debt.

The Fund and the Underlying Index had no exposure to Argentina and Venezuela, which was a positive contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

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



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY COUNTRY****
Turkey	7.0	%
Brazil	6.5
South Africa	5.7
Egypt	4.6
Ecuador	4.5
Ukraine	4.5
Dominican Republic	4.4
Mexico	4.1
Indonesia	3.6
Sri Lanka	3.3
Russia	3.0
Philippines	2.8
China	2.7
Colombia	2.6
Kazakhstan	2.6
Lebanon	2.3
Oman	2.1
Peru	2.1
Croatia	2.1
Azerbaijan	1.9
Ghana	1.8
Pakistan	1.8
Jamaica	1.8
Poland	1.8
Uruguay	1.7
Hungary	1.7
Panama	1.6
Ivory Coast	1.6
Malaysia	1.5
Iraq	1.5
Kenya	1.5
Jordan	1.3
Chile	1.2
Romania	1.2
Others (each less than 1.0%)	5.0
Short-Term Investments	0.6

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, Inc. The midpoint price was $47.62 as of February 28, 2019.

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)

INCEPTION DATE

1 YEAR

SINCE
INCEPTION

JPMorgan USD Emerging Markets Sovereign Bond ETF

Net Asset Value

January 29, 2018

2.29%

0.19%

Market Price

2.23%

0.36%

LIFE OF FUND PERFORMANCE(1/29/18 TO 2/28/19)

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. Forup-to-date,month-end performance information please call1-844-457-6383.

Fund commenced operations on January 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan USD Emerging Markets Sovereign Bond ETF and the JPMorgan Emerging Markets Risk-Aware Bond Index from January 29, 2018 to February 28, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JPMorgan Emerging Markets Risk-Aware Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The JPMorgan Emerging Markets Risk-Aware Bond Index (the “index”) is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology and is owned by J.P. Morgan Investment Inc., the Fund’s adviser (the “Adviser”). The Index is maintained and calculated by J.P. Morgan Securities LLC (“JPMS” or the “Index Provider”), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The Index Provider and the Adviser are both wholly-owned subsidiaries of JPMorgan Chase & Co., a publicly-held financial services holding company. The Index starts with the

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



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 28.6%

Aerospace & Defense — 1.1%

Arconic, Inc. 5.13%, 10/1/2024		37,000		36,630

General Dynamics Corp. 3.50%, 5/15/2025		45,000		45,786

L3 Technologies, Inc. 3.85%, 12/15/2026		40,000		39,825

Precision Castparts Corp.

2.50%, 1/15/2023		19,000		18,732

4.38%, 6/15/2045		5,000		5,188

Rockwell Collins, Inc. 3.50%, 3/15/2027		40,000		38,666

TransDigm, Inc. 6.25%, 3/15/2026 (a)		20,000		20,500

United Technologies Corp. 3.65%, 8/16/2023		60,000		60,844


				266,171


Air Freight & Logistics — 0.1%

United Parcel Service, Inc. 3.05%, 11/15/2027		10,000		9,739

XPO Logistics, Inc. 6.13%, 9/1/2023 (a)		20,000		19,950


				29,689


Airlines — 0.2%

Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024		23,202		23,271

United Continental Holdings, Inc. 5.00%, 2/1/2024		20,000		20,100


				43,371


Auto Components — 0.4%

Allison Transmission, Inc. 5.00%, 10/1/2024 (a)		18,000		18,112

American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		18,000		17,957

Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		19,000		18,026

Icahn Enterprises LP 6.75%, 2/1/2024		35,000		36,619


				90,714


Banks — 4.3%

Bank of America Corp.

4.10%, 7/24/2023		70,000		72,182

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (b)		70,000		69,090

3.88%, 8/1/2025		40,000		40,719

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (b)		15,000		14,932

(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (b)		35,000		35,115

(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (b)		20,000		20,067


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

Bank of Montreal (Canada)

1.90%, 8/27/2021		8,000		7,800

2.35%, 9/11/2022		7,000		6,831

Bank of Nova Scotia (The) (Canada) 3.13%, 4/20/2021		100,000		100,454

BB&T Corp. 2.85%, 10/26/2024		25,000		24,486

BNP Paribas SA (France) 3.25%, 3/3/2023		10,000		10,078

Canadian Imperial Bank of Commerce (Canada) 2.55%, 6/16/2022		9,000		8,895

CIT Group, Inc. 5.25%, 3/7/2025		24,000		25,080

Citigroup, Inc.

2.75%, 4/25/2022		40,000		39,489

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (b)		60,000		61,355

Comerica, Inc. 3.70%, 7/31/2023		5,000		5,065

Fifth Third Bancorp 2.88%, 7/27/2020		10,000		9,985

HSBC Holdings plc (United Kingdom)

7.63%, 5/17/2032		20,000		25,683

6.10%, 1/14/2042		40,000		49,218

Huntington Bancshares, Inc. 2.30%, 1/14/2022		15,000		14,639

KeyCorp 5.10%, 3/24/2021		10,000		10,401

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.67%, 7/25/2022		8,000		7,835

3.78%, 3/2/2025		5,000		5,071

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		3,000		3,013

PNC Financial Services Group, Inc. (The) 3.50%, 1/23/2024		20,000		20,166

Royal Bank of Canada (Canada)

3.20%, 4/30/2021		100,000		100,561

2.75%, 2/1/2022		8,000		7,974

Royal Bank of Scotland Group plc (United Kingdom) 6.10%, 6/10/2023		19,000		19,930

Santander UK plc (United Kingdom) 4.00%, 3/13/2024		5,000		5,150

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.85%, 1/11/2022		15,000		14,845

3.75%, 7/19/2023		10,000		10,134

SunTrust Bank 4.05%, 11/3/2025		10,000		10,375

Toronto-Dominion Bank (The) (Canada) 1.80%, 7/13/2021		9,000		8,771

US Bancorp 2.95%, 7/15/2022		20,000		19,894

Wells Fargo & Co.

2.63%, 7/22/2022		35,000		34,329

3.07%, 1/24/2023		70,000		69,535

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

3.00%, 10/23/2026		25,000		23,838

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		40,000		39,477

Westpac Banking Corp. (Australia) 3.65%, 5/15/2023		20,000		20,302


				1,072,764


Beverages — 0.4%

Anheuser-Busch Cos. LLC (Belgium)

3.65%, 2/1/2026 (a)		40,000		39,461

4.90%, 2/1/2046 (a)		35,000		33,696

PepsiCo, Inc. 2.38%, 10/6/2026		25,000		23,397


				96,554


Biotechnology — 0.2%

Gilead Sciences, Inc.

2.95%, 3/1/2027		48,000		45,305

4.15%, 3/1/2047		15,000		13,744


				59,049


Building Products — 0.1%

Standard Industries, Inc. 6.00%, 10/15/2025 (a)		32,000		33,400


Capital Markets — 2.1%

Ameriprise Financial, Inc. 4.00%, 10/15/2023		10,000		10,287

Bank of New York Mellon Corp. (The)

3.50%, 4/28/2023		10,000		10,143

2.20%, 8/16/2023		23,000		22,081

Goldman Sachs Group, Inc. (The)

2.35%, 11/15/2021		95,000		93,025

(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (b)		60,000		58,872

(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (b)		45,000		43,632

3.50%, 11/16/2026		10,000		9,622

3.85%, 1/26/2027		15,000		14,701

(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		35,000		33,892

Morgan Stanley

3.75%, 2/25/2023		50,000		50,821

(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (b)		65,000		65,566

3.88%, 1/27/2026		25,000		25,081

3.63%, 1/20/2027		18,000		17,651

(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		35,000		33,980


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

MSCI, Inc. 5.75%, 8/15/2025 (a)		12,000		12,480

Northern Trust Corp. 3.95%, 10/30/2025		12,000		12,463

State Street Corp. 3.10%, 5/15/2023		12,000		11,944


				526,241


Chemicals — 0.4%

CF Industries, Inc. 4.95%, 6/1/2043		15,000		12,544

Chemours Co. (The) 7.00%, 5/15/2025		17,000		17,722

Ecolab, Inc. 3.25%, 12/1/2027		12,000		11,779

Ingevity Corp. 4.50%, 2/1/2026 (a)		11,000		10,533

Olin Corp. 5.13%, 9/15/2027		13,000		13,098

PolyOne Corp. 5.25%, 3/15/2023		12,000		12,270

Valvoline, Inc. 4.38%, 8/15/2025		10,000		9,475


				87,421


Commercial Services & Supplies — 0.4%

ACCO Brands Corp. 5.25%, 12/15/2024 (a)		10,000		9,825

ADT Security Corp. (The) 4.13%, 6/15/2023		39,000		38,269

Aramark Services, Inc. 4.75%, 6/1/2026		15,000		14,887

Brink’s Co. (The) 4.63%, 10/15/2027 (a)		13,000		12,382

Covanta Holding Corp. 5.88%, 3/1/2024		10,000		10,213

Garda World Security Corp. (Canada) 8.75%, 5/15/2025 (a)		5,000		4,788

Pitney Bowes, Inc. 4.95%, 4/1/2023 (c)		13,000		12,220


				102,584


Communications Equipment —0.1%

CommScope, Inc. 5.50%, 6/15/2024 (a)		17,000		16,320

Nokia OYJ (Finland) 4.38%, 6/12/2027		13,000		12,774


				29,094


Construction & Engineering —0.2%

AECOM 5.13%, 3/15/2027		18,000		17,077

MasTec, Inc. 4.88%, 3/15/2023		25,000		25,062

Tutor Perini Corp. 6.88%, 5/1/2025 (a)		13,000		12,903


				55,042


Consumer Finance — 0.7%

Ally Financial, Inc.

5.75%, 11/20/2025		29,000		30,740

8.00%, 11/1/2031		17,000		20,995

American Express Co. 3.40%, 2/27/2023		25,000		25,165

Capital One Financial Corp. 3.20%, 1/30/2023		20,000		19,697

Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		7,000		5,997

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Consumer Finance — continued

John Deere Capital Corp. 2.65%, 6/10/2026		24,000		23,006

Springleaf Finance Corp. 7.13%, 3/15/2026		26,000		26,325

Toyota Motor Credit Corp. 2.70%, 1/11/2023		35,000		34,502


				186,427


Containers & Packaging — 0.3%

Ball Corp. 5.25%, 7/1/2025		12,000		12,600

Crown Americas LLC 4.25%, 9/30/2026		13,000		12,513

Greif, Inc. 6.50%, 3/1/2027 (a)		15,000		15,281

Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		24,228		24,276

Sealed Air Corp. 5.50%, 9/15/2025 (a)		12,000		12,510


				77,180


Diversified Consumer Services — 0.1%

Service Corp. International 5.38%, 5/15/2024		12,000		12,270


Diversified Financial Services — 0.6%

ACE Cash Express, Inc. 12.00%, 12/15/2022 (a)		5,000		4,756

AIG Global Funding 1.90%, 10/6/2021 (a)		7,000		6,747

Berkshire Hathaway, Inc. 3.13%, 3/15/2026		23,000		22,749

CNG Holdings, Inc. 9.38%, 5/15/2020 (a)		10,000		9,813

National Rural Utilities Cooperative Finance Corp.

3.25%, 11/1/2025		40,000		39,659

3.40%, 2/7/2028		12,000		11,867

4.40%, 11/1/2048		12,000		12,335

ORIX Corp. (Japan) 4.05%, 1/16/2024		7,000		7,122

Shell International Finance BV (Netherlands)

3.25%, 5/11/2025		35,000		35,101

3.75%, 9/12/2046		11,000		10,496


				160,645


Diversified Telecommunication Services — 1.1%

AT&T, Inc. 4.75%, 5/15/2046		10,000		9,285

CCO Holdings LLC 5.75%, 2/15/2026 (a)		61,000		63,214

CenturyLink, Inc. Series T, 5.80%, 3/15/2022		12,000		12,315

Cincinnati Bell, Inc. 8.00%, 10/15/2025 (a)		5,000		4,525

Embarq Corp. 8.00%, 6/1/2036		33,000		31,845

Frontier Communications Corp. 6.88%, 1/15/2025		30,000		16,200


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — continued

Intelsat Jackson Holdings SA (Luxembourg) 5.50%, 8/1/2023		5,000		4,587

Intelsat Luxembourg SA (Luxembourg)

7.75%, 6/1/2021		5,000		4,875

8.13%, 6/1/2023		5,000		4,175

Level 3 Financing, Inc. 5.25%, 3/15/2026		36,000		35,325

Sprint Capital Corp. 8.75%, 3/15/2032		10,000		10,838

Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034		23,000		20,700

Verizon Communications, Inc.

4.33%, 9/21/2028		30,000		31,044

4.02%, 12/3/2029 (a)		20,000		19,977

Windstream Services LLC

8.63%, 10/31/2025 (a)		5,000		4,663

9.00%, 6/30/2025 (a)		20,000		11,900


				285,468


Electric Utilities — 0.8%

Alabama Power Co. Series 13-A, 3.55%, 12/1/2023		12,000		12,145

Arizona Public Service Co. 3.15%, 5/15/2025		12,000		11,808

Entergy Louisiana LLC

2.40%, 10/1/2026		12,000		11,038

3.05%, 6/1/2031		25,000		23,078

Indiana Michigan Power Co. Series K, 4.55%, 3/15/2046		12,000		12,296

Kentucky Utilities Co. 5.13%, 11/1/2040		12,000		13,644

Monongahela Power Co. 4.10%, 4/15/2024 (a)		12,000		12,393

Public Service Electric & Gas Co. 3.00%, 5/15/2027		12,000		11,558

Puget Sound Energy, Inc. 4.30%, 5/20/2045		12,000		12,283

Southern California Edison Co. Series C, 4.13%, 3/1/2048		12,000		11,045

Southwestern Public Service Co.

3.30%, 6/15/2024		12,000		12,062

4.50%, 8/15/2041		12,000		12,374

Tucson Electric Power Co.

3.05%, 3/15/2025		12,000		11,658

4.85%, 12/1/2048		12,000		12,729

Vistra Operations Co. LLC 5.50%, 9/1/2026 (a)		19,000		19,713

Wisconsin Public Service Corp. 4.75%, 11/1/2044		12,000		12,967


				212,791

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Electrical Equipment — 0.1%

Sensata Technologies BV 5.00%, 10/1/2025 (a)		15,000		15,150

Vertiv Group Corp. 9.25%, 10/15/2024 (a)		10,000		10,013


				25,163


Electronic Equipment, Instruments & Components — 0.1%

CDW LLC 5.00%, 9/1/2025		12,000		12,135


Energy Equipment & Services — 0.2%

Bristow Group, Inc. 6.25%, 10/15/2022		5,000		1,500

Nabors Industries, Inc. 5.50%, 1/15/2023		14,000		13,125

Transocean, Inc. 6.80%, 3/15/2038		10,000		7,550

Unit Corp. 6.63%, 5/15/2021		13,000		12,740

Weatherford International Ltd.

4.50%, 4/15/2022		5,000		3,438

5.95%, 4/15/2042		10,000		5,925


				44,278


Entertainment — 0.6%

Carmike Cinemas, Inc. 6.00%, 6/15/2023 (a)		20,000		20,400

Cinemark USA, Inc. 4.88%, 6/1/2023		15,000		15,015

NBCUniversal Media LLC 2.88%, 1/15/2023		41,000		40,690

Netflix, Inc. 4.38%, 11/15/2026		24,000		23,025

Viacom, Inc. (ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		20,000		19,747

Walt Disney Co. (The) 1.85%, 7/30/2026		13,000		11,835

WMG Acquisition Corp. 4.88%, 11/1/2024 (a)		13,000		12,903


				143,615


Equity Real Estate Investment Trusts (REITs) — 0.7%

AvalonBay Communities, Inc. 3.35%, 5/15/2027		4,000		3,923

CyrusOne LP 5.38%, 3/15/2027		17,000		17,298

Equinix, Inc. 5.75%, 1/1/2025		24,000		24,990

Equity Commonwealth 5.88%, 9/15/2020		3,000		3,067

ERP Operating LP 3.25%, 8/1/2027		5,000		4,874

ESH Hospitality, Inc. 5.25%, 5/1/2025 (a)		10,000		9,950

Iron Mountain, Inc. 5.75%, 8/15/2024		18,000		18,045

MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		12,000		12,270

National Retail Properties, Inc. 3.60%, 12/15/2026		3,000		2,920

Office Properties Income Trust 3.75%, 8/15/2019		8,000		8,013

Realty Income Corp. 4.13%, 10/15/2026		7,000		7,165


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Equity Real Estate Investment Trusts (REITs) — continued

Simon Property Group LP

2.75%, 6/1/2023		65,000		63,790

3.30%, 1/15/2026		10,000		9,834


				186,139


Food & Staples Retailing — 0.1%

Albertsons Cos. LLC 6.63%, 6/15/2024		10,000		10,000

New Albertsons LP 8.00%, 5/1/2031		10,000		8,975


				18,975


Food Products — 0.3%

JBS USA LUX SA 5.75%, 6/15/2025 (a)		38,000		38,405

Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		11,000		11,462

Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (a)		12,000		12,000


				61,867


Gas Utilities — 0.1%

AmeriGas Partners LP 5.50%, 5/20/2025		13,000		12,870

Brooklyn Union Gas Co. (The) 3.87%, 3/4/2029 (a)		10,000		9,986


				22,856


Health Care Equipment & Supplies — 0.6%

Boston Scientific Corp.

4.00%, 3/1/2029		10,000		10,002

4.70%, 3/1/2049		20,000		20,074

Medtronic Global Holdings SCA 3.35%, 4/1/2027		23,000		22,856

Medtronic, Inc.

3.63%, 3/15/2024		55,000		56,412

4.00%, 4/1/2043		24,000		22,997

Teleflex, Inc. 4.63%, 11/15/2027		13,000		12,903


				145,244


Health Care Providers & Services — 1.1%

Centene Corp. 5.38%, 6/1/2026 (a)		29,000		30,088

Community Health Systems, Inc.

8.13%, 6/30/2024 (a)		10,000		8,325

8.00%, 3/15/2026 (a)		3,000		2,960

CVS Health Corp. 4.78%, 3/25/2038		20,000		19,455

Envision Healthcare Corp. 8.75%, 10/15/2026 (a)		5,000		4,513

HCA, Inc. 5.38%, 9/1/2026		48,000		49,289

Tenet Healthcare Corp. 4.50%, 4/1/2021		31,000		31,388

UnitedHealth Group, Inc.

3.88%, 10/15/2020		100,000		101,385

3.38%, 4/15/2027		20,000		19,895

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Health Care Providers & Services — continued

WellCare Health Plans, Inc. 5.25%, 4/1/2025		12,000		12,251


				279,549


Hotels, Restaurants & Leisure — 0.4%

Boyne USA, Inc. 7.25%, 5/1/2025 (a)		9,000		9,630

Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		7,000		7,122

Eldorado Resorts, Inc. 6.00%, 9/15/2026 (a)		12,000		12,210

Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		7,000		7,053

Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		10,000		10,300

Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (a)		10,000		10,325

MGM Resorts International 5.75%, 6/15/2025		25,000		25,500

Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		13,000		12,594

Wyndham Destinations, Inc. 5.40%, 4/1/2024 (c)		10,000		10,050


				104,784


Household Durables — 0.1%

Lennar Corp. 4.75%, 5/30/2025		21,000		21,059

Toll Brothers Finance Corp. 4.88%, 11/15/2025		13,000		12,951


				34,010


Household Products — 0.1%

Procter & Gamble Co. (The) 2.45%, 11/3/2026		24,000		22,861

Spectrum Brands, Inc. 5.75%, 7/15/2025		10,000		9,787


				32,648


Independent Power and Renewable Electricity Producers — 0.3%

AES Corp. 5.50%, 4/15/2025		24,000		24,750

Calpine Corp. 5.88%, 1/15/2024 (a)		13,000		13,260

Clearway Energy Operating LLC 5.38%, 8/15/2024		13,000		12,740

NRG Energy, Inc. 6.63%, 1/15/2027		24,000		25,560

Talen Energy Supply LLC 6.50%, 6/1/2025		10,000		8,910


				85,220


Insurance — 0.4%

Aflac, Inc. 3.25%, 3/17/2025		4,000		3,951

Allstate Corp. (The) 5.35%, 6/1/2033		3,000		3,436


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — continued

Athene Global Funding 4.00%, 1/25/2022 (a)		7,000		7,106

CNO Financial Group, Inc. 5.25%, 5/30/2025		15,000		15,375

Jackson National Life Global Funding 2.50%, 6/27/2022 (a)		15,000		14,605

Lincoln National Corp. 3.35%, 3/9/2025		3,000		2,939

Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		10,000		10,293

MetLife, Inc. 3.60%, 11/13/2025		20,000		20,195

New York Life Global Funding 3.00%, 1/10/2028 (a)		10,000		9,656

Progressive Corp. (The) 4.35%, 4/25/2044		3,000		3,065

Prudential Financial, Inc. 3.88%, 3/27/2028		8,000		8,177

Travelers Cos., Inc. (The) 5.35%, 11/1/2040		5,000		5,834


				104,632


Interactive Media & Services — 0.0%(d)

Rackspace Hosting, Inc. 8.63%, 11/15/2024 (a)		5,000		4,375


Internet & Direct Marketing Retail — 0.2%

Amazon.com, Inc. 3.15%, 8/22/2027		46,000		45,334


IT Services — 0.1%

Alliance Data Systems Corp. 5.38%, 8/1/2022 (a)		15,000		15,225

Banff Merger Sub, Inc. 9.75%, 9/1/2026 (a)		5,000		4,844


				20,069


Machinery — 0.2%

ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (a)		15,000		15,492

Colfax Corp. 6.00%, 2/15/2024 (a)		5,000		5,175

Illinois Tool Works, Inc. 4.88%, 9/15/2041		5,000		5,618

Parker-Hannifin Corp. 3.25%, 3/1/2027		24,000		23,226

Tennant Co. 5.63%, 5/1/2025		10,000		9,937


				59,448


Media — 1.2%

AMC Networks, Inc. 5.00%, 4/1/2024		12,000		11,906

Charter Communications Operating LLC 4.91%, 7/23/2025		45,000		46,616

Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024 (a)		5,000		5,244

Comcast Corp.

3.38%, 8/15/2025		20,000		19,954

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Media — continued

2.35%, 1/15/2027		40,000		36,611

3.90%, 3/1/2038		20,000		18,915

4.75%, 3/1/2044		39,000		40,486

3.40%, 7/15/2046		15,000		12,627

DISH DBS Corp.

6.75%, 6/1/2021		20,000		20,450

7.75%, 7/1/2026		5,000		4,325

Lamar Media Corp. 5.75%, 2/1/2026		24,000		25,110

Sirius XM Radio, Inc. 5.38%, 7/15/2026 (a)		20,000		20,050

TEGNA, Inc. 6.38%, 10/15/2023		19,000		19,570

Videotron Ltd. (Canada) 5.38%, 6/15/2024 (a)		12,000		12,483


				294,347


Metals & Mining — 0.4%

Commercial Metals Co. 4.88%, 5/15/2023		18,000		17,640

Freeport-McMoRan, Inc.

3.88%, 3/15/2023		31,000		30,550

5.45%, 3/15/2043		15,000		13,162

Rio Tinto Finance USA Ltd. (Australia) 7.13%, 7/15/2028		9,000		11,428

Steel Dynamics, Inc. 4.13%, 9/15/2025		13,000		12,641

Teck Resources Ltd. (Canada) 6.13%, 10/1/2035		22,000		23,176


				108,597


Multiline Retail — 0.0% (d)

Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021 (a)		20,000		10,400


Multi-Utilities — 0.2%

Berkshire Hathaway Energy Co.

3.25%, 4/15/2028		12,000		11,637

5.15%, 11/15/2043		12,000		13,259

3.80%, 7/15/2048		15,000		13,684


				38,580


Oil, Gas & Consumable Fuels —2.6%

Antero Resources Corp. 5.13%, 12/1/2022		20,000		20,032

BP Capital Markets America, Inc.

3.02%, 1/16/2027		13,000		12,502

4.23%, 11/6/2028		30,000		31,539

BP Capital Markets plc (United Kingdom)

3.81%, 2/10/2024		33,000		33,868

3.51%, 3/17/2025		45,000		45,348

California Resources Corp. 8.00%, 12/15/2022 (a)		5,000		3,994


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		24,000		25,560

Cheniere Energy Partners LP 5.25%, 10/1/2025		12,000		12,150

DCP Midstream Operating LP 5.38%, 7/15/2025		20,000		20,800

Diamondback Energy, Inc. 4.75%, 11/1/2024 (a)		12,000		12,135

Energy Transfer LP 5.88%, 1/15/2024		21,000		22,523

EnLink Midstream Partners LP

4.40%, 4/1/2024		8,000		7,770

5.60%, 4/1/2044		9,000		7,943

EP Energy LLC

9.38%, 5/1/2024 (a)		10,000		4,675

7.75%, 5/15/2026 (a)		5,000		4,431

Hilcorp Energy I LP 5.00%, 12/1/2024 (a)		16,000		15,360

Murphy Oil Corp. 4.45%, 12/1/2022 (c)		13,000		12,936

Newfield Exploration Co. 5.38%, 1/1/2026		15,000		15,825

NGPL PipeCo LLC 4.38%, 8/15/2022 (a)		12,000		12,120

Occidental Petroleum Corp.

2.60%, 4/15/2022		22,000		21,710

4.40%, 4/15/2046		21,000		21,502

Peabody Energy Corp. 6.00%, 3/31/2022 (a)		12,000		12,105

QEP Resources, Inc. 5.63%, 3/1/2026		13,000		12,188

Range Resources Corp. 5.00%, 8/15/2022		13,000		12,821

SM Energy Co. 6.13%, 11/15/2022		13,000		12,935

Southwestern Energy Co. 7.50%, 4/1/2026		12,000		12,480

Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		20,000		18,862

Sunoco LP 5.50%, 2/15/2026		12,000		11,920

Tallgrass Energy Partners LP 5.50%, 9/15/2024 (a)		12,000		12,259

Targa Resources Partners LP 5.13%, 2/1/2025		25,000		25,125

Total Capital International SA (France)

3.70%, 1/15/2024		55,000		56,356

3.46%, 2/19/2029		15,000		14,962

TransCanada PipeLines Ltd. (Canada)

3.75%, 10/16/2023		21,000		21,367

4.25%, 5/15/2028		35,000		35,739

5.10%, 3/15/2049		11,000		11,398

Ultra Resources, Inc. 9.00%, 7/12/2024		25,000		16,125


				651,365

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	27

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Paper & Forest Products — 0.0%(d)

Clearwater Paper Corp. 4.50%, 2/1/2023		8,000		7,600


Pharmaceuticals — 0.9%

Advanz Pharma Corp. (Canada) 8.00%, 9/6/2024		11,000		10,477

Bausch Health Cos., Inc. 7.00%, 3/15/2024 (a)		35,000		36,881

Eli Lilly & Co.

2.75%, 6/1/2025		45,000		44,046

3.38%, 3/15/2029		5,000		5,000

3.88%, 3/15/2039		5,000		4,924

3.95%, 3/15/2049		10,000		9,797

4.15%, 3/15/2059		10,000		9,764

GlaxoSmithKline Capital, Inc. (United Kingdom) 3.88%, 5/15/2028		30,000		30,828

Novartis Capital Corp. (Switzerland) 4.00%, 11/20/2045		22,000		22,196

Pfizer, Inc. 3.60%, 9/15/2028		45,000		45,788


				219,701


Road & Rail — 0.6%

Avis Budget Car Rental LLC 5.25%, 3/15/2025 (a)		11,000		10,450

Avolon Holdings Funding Ltd. (Ireland) 5.50%, 1/15/2023 (a)		35,000		35,882

Burlington Northern Santa Fe LLC 4.70%, 9/1/2045		15,000		16,168

DAE Funding LLC (United Arab Emirates) 5.75%, 11/15/2023 (a)		15,000		15,289

Norfolk Southern Corp. 2.90%, 2/15/2023		70,000		69,246


				147,035


Semiconductors & Semiconductor Equipment — 0.2%

Intel Corp.

2.60%, 5/19/2026		35,000		33,534

3.73%, 12/8/2047		11,000		10,563


				44,097


Software — 1.0%

Microsoft Corp.

2.70%, 2/12/2025		58,000		57,049

3.50%, 2/12/2035		20,000		19,560

4.75%, 11/3/2055		19,000		21,502

Nuance Communications, Inc. 5.63%, 12/15/2026		13,000		13,260

Open Text Corp. (Canada) 5.88%, 6/1/2026 (a)		14,000		14,729

Oracle Corp.

2.65%, 7/15/2026		101,000		95,909


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Software — continued

4.00%, 7/15/2046		15,000		14,374

4.38%, 5/15/2055		11,000		10,967

Symantec Corp. 5.00%, 4/15/2025 (a)		15,000		14,943


				262,293


Specialty Retail —0.3%

Group 1 Automotive, Inc. 5.25%, 12/15/2023 (a)		13,000		12,968

Home Depot, Inc. (The)

3.90%, 12/6/2028		22,000		22,797

5.95%, 4/1/2041		20,000		24,756

L Brands, Inc. 5.63%, 10/15/2023		10,000		9,925

PetSmart, Inc.

5.88%, 6/1/2025 (a)		7,000		5,565

8.88%, 6/1/2025 (a)		5,000		3,375

Staples, Inc. 8.50%, 9/15/2025 (a)		5,000		4,900


				84,286


Technology Hardware, Storage & Peripherals — 0.7%

Apple, Inc.

2.75%, 1/13/2025		59,000		57,918

3.35%, 2/9/2027		35,000		34,989

4.38%, 5/13/2045		22,000		22,852

EMC Corp. 3.38%, 6/1/2023		37,000		35,530

Western Digital Corp. 4.75%, 2/15/2026		16,000		15,120

Xerox Corp. 3.62%, 3/15/2023 (c)		13,000		12,756


				179,165


Textiles, Apparel & Luxury Goods — 0.1%

Hanesbrands, Inc. 4.63%, 5/15/2024 (a)		13,000		12,986


Thrifts & Mortgage Finance — 0.1%

Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025 (a)		13,000		12,220

Quicken Loans, Inc. 5.75%, 5/1/2025 (a)		20,000		19,740


				31,960


Tobacco — 0.3%

BAT Capital Corp. (United Kingdom) 3.56%, 8/15/2027		40,000		36,556

Philip Morris International, Inc.

2.75%, 2/25/2026		40,000		37,628

3.13%, 3/2/2028		12,000		11,391


				85,575


Trading Companies & Distributors — 0.3%

Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		5,000		4,612

United Rentals North America, Inc. 4.63%, 10/15/2025		52,000		50,570

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Trading Companies & Distributors — continued

WESCO Distribution, Inc. 5.38%, 6/15/2024		13,000		13,033


				68,215


Wireless Telecommunication Services — 0.4%

Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023 (a)		10,000		9,675

Sprint Corp. 7.13%, 6/15/2024		29,000		29,964

T-Mobile USA, Inc. 5.13%, 4/15/2025		50,000		51,265


				90,904


Total Corporate Bonds (Cost $7,126,775)				7,194,322

Mortgage-Backed Securities — 20.2%

FNMA, 30 Year, Single Family

Pool # BN5013, 5.00%, 1/1/2049		223,670		239,898

TBA, 4.50%, 3/25/2049 (e)		4,000,000		4,138,375

FNMA, Other

Pool # AN3099, 2.53%, 10/1/2024		96,573		94,536

Pool # AN9917, 3.80%, 7/1/2028		350,000		363,481

GNMA II, 30 Year, Single Family Pool # AJ9020, 4.50%, 10/20/2044		243,192		249,756


Total Mortgage-Backed Securities (Cost $5,082,702)				5,086,046

U.S. Treasury Obligations — 16.5%

U.S. Treasury Notes

2.63%, 12/31/2023		1,600,000		1,606,625

2.63%, 12/31/2025		1,000,000		1,000,586

U.S. Treasury STRIPS Bonds

3.00%, 11/15/2039 (f)		1,600,000		863,246

3.13%, 8/15/2048 (f)		1,700,000		678,827


Total U.S. Treasury Obligations (Cost $4,149,642)				4,149,284

Asset-Backed Securities — 16.1%

American Credit Acceptance Receivables Trust

Series 2017-1, Class C, 2.88%, 3/13/2023 (a)		64,683		64,684

Series 2018-2, Class C, 3.70%, 7/10/2024 (a)		167,000		167,416

American Homes 4 RentSeries 2015-SFR1, Class E, 5.64%, 4/17/2052 (a)		350,000		373,829

American Homes 4 Rent TrustSeries 2015-SFR2, Class A, 3.73%, 10/17/2052 (a)		97,163		98,394

AmeriCredit Automobile Receivables Trust Series 2017-2, Class D, 3.42%, 4/18/2023		250,000		249,897

B2R Mortgage Trust Series 2015-1, Class A1, 2.52%, 5/15/2048 (a)		65,034		64,534


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


CPS Auto Receivables Trust Series 2017-C, Class D, 3.79%, 6/15/2023 (a)		100,000		100,376

Credit Acceptance Auto Loan Trust Series 2017-3A, Class C, 3.48%, 10/15/2026 (a)		250,000		248,707

Delta Air Lines Pass-Through Trust Series 2007-1, Class A, 6.82%, 8/10/2022		855		929

DT Auto Owner Trust

Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		99,000		99,049

Series 2019-1A, Class D, 3.87%, 11/15/2024 (a)		200,000		200,345

First Investors Auto Owner Trust

Series 2015-1A, Class D, 3.59%, 1/18/2022 (a)		100,000		100,100

Series 2016-2A, Class D, 3.35%, 11/15/2022 (a)		90,000		89,585

Series 2017-1A, Class D, 3.60%, 4/17/2023 (a)		81,000		80,964

Flagship Credit Auto Trust

Series 2017-2, Class C, 2.96%, 7/15/2023 (a)		85,000		84,432

Series 2019-1, Class D, 4.08%, 2/18/2025 (a)		208,000		208,837

Genesis Sales Finance Master Trust Series 2019-AA, Class A, 4.68%, 8/20/2023 (a)		250,000		251,647

GLS Auto Receivables Issuer Trust

Series 2019-1A, Class A, 3.37%, 1/17/2023 (a)		175,000		175,094

Series 2019-1A, Class C, 3.87%, 12/16/2024 (a)		295,000		295,764

Lendmark Funding TrustSeries 2017-2A, Class A, 2.80%, 5/20/2026 (a)		280,000		277,578

Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (a)		115,000		116,692

Progress Residential Trust

Series 2017-SFR1, Class A, 2.77%, 8/17/2034 (a)		99,680		97,613

Series 2017-SFR1, Class D, 3.57%, 8/17/2034 (a)		150,000		147,352

Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (a)		200,000		198,939

Santander Drive Auto Receivables Trust Series 2019-1, Class C, 3.42%, 4/15/2025		90,000		90,110

Springleaf Funding TrustSeries 2015-AA, Class B, 3.62%, 11/15/2024 (a)		135,000		135,125

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	29

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

US Airways Pass-Through TrustSeries 2011-1, Class A, 7.13%, 10/22/2023		21,163		23,244


Total Asset-Backed Securities (Cost $4,024,766)				4,041,236

Collateralized Mortgage Obligations — 8.0%

FHLMC REMIC Series 4281, Class BC, 4.50%, 12/15/2043 (g)		273,793		285,711

FNMA REMIC

Series 2003-7, Class FA, 3.24%, 2/25/2033 (g)		212,064		212,655

Series 2013-108, Class GU, 3.00%, 10/25/2033		545,000		528,256

Series 2005-110, Class TY, 5.50%, 12/25/2035		100,000		110,462

Series 2007-89, Class F, 3.07%, 9/25/2037 (g)		225,597		227,596

GNMA

Series 2010-H24, Class FA, 2.86%, 10/20/2060 (g)		119,705		119,320

Series 2014-H03, Class FA, 3.11%, 1/20/2064 (g)		152,662		153,113

Series 2015-H05, Class FC, 2.99%, 2/20/2065 (g)		375,080		375,257


Total Collateralized Mortgage Obligations (Cost $2,005,264)				2,012,370

Commercial Mortgage-Backed Securities — 2.6%

FHLMC Multifamily Structured Pass-Through Certificates Series KJ08, Class A2, 2.36%, 8/25/2022		80,329		79,191


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


FNMA ACES Series 2017-M3, Class A2, 2.49%, 12/25/2026 (g)		100,000		95,319

FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		249,687		242,832

FREMF Mortgage TrustSeries 2016-K52, Class B, 3.92%, 1/25/2049 (a) (g)		250,000		247,703


Total Commercial Mortgage-Backed Securities (Cost $663,142)				665,045

Convertible Bonds — 0.0% (d)

Media — 0.0% (d)

DISH Network Corp. 3.38%, 8/15/2026 (Cost $4,240)		5,000		4,295


	SHARES
Short-Term Investments — 24.1%

Investment Companies — 24.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares 2.33% (h) (i) (Cost $6,071,775)		6,071,775		6,071,775

Total Investments — 116.1% (Cost $29,128,306)				29,224,373
Liabilities in Excess of Other Assets — (16.1%)				(4,046,271)

NET ASSETS — 100.0%				25,178,102

Percentages indicated are based on net assets.


Abbreviations
ACES		Alternative Credit Enhancement Securities
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
MSCI		Morgan Stanley Capital International
OYJ		Public Limited Company
REMIC		Real Estate Mortgage Investment Conduit
SCA		Limited partnership with share capital
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA		To Be Announced; Security is subject to delayed delivery
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.



(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(c)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)		The rate shown is the effective yield as of February 28, 2019.
(g)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(h)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


Futures contracts outstanding as of February 28, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Ultra Note		2		06/2019		USD		258,812		(692	)

U.S. Treasury 5 Year Note		26		06/2019		USD		2,978,016		(2,492	)

										(3,184	)


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	31

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 96.7%

Aerospace & Defense — 2.2%

L3 Technologies, Inc. 4.40%, 6/15/2028		28,000		28,746

Lockheed Martin Corp.

3.55%, 1/15/2026		34,000		34,562

4.09%, 9/15/2052		76,000		73,467

Northrop Grumman Corp.

3.25%, 1/15/2028		22,000		21,070

4.03%, 10/15/2047		77,000		72,070

Precision Castparts Corp. 3.25%, 6/15/2025		24,000		24,285

Rockwell Collins, Inc. 3.50%, 3/15/2027		101,000		97,632

United Technologies Corp.

3.10%, 6/1/2022		80,000		79,758

4.13%, 11/16/2028		30,000		30,470

4.45%, 11/16/2038		40,000		39,735

4.50%, 6/1/2042		20,000		19,767

4.63%, 11/16/2048		50,000		50,464


				572,026


Automobiles — 0.6%

Ford Motor Co. 4.75%, 1/15/2043		16,000		12,247

General Motors Co.

4.88%, 10/2/2023		113,000		116,606

5.00%, 10/1/2028		26,000		25,461


				154,314


Banks — 16.8%

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.66%), 2.37%, 7/21/2021 (a)		440,000		435,615

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (a)		181,000		178,647

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (a)		110,000		109,500

(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (a)		110,000		106,129

(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038 (a)		110,000		109,641

Bank of Nova Scotia (The) (Canada)

2.45%, 3/22/2021		86,000		85,205

2.70%, 3/7/2022		80,000		79,194

Citigroup, Inc.

2.65%, 10/26/2020		140,000		139,059

2.90%, 12/8/2021		50,000		49,731

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (a)		225,000		221,585

3.20%, 10/21/2026		225,000		215,544


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (a)		58,000		56,803

(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (a)		20,000		19,037

4.65%, 7/23/2048		50,000		52,099

Citizens Financial Group, Inc. 4.30%, 12/3/2025		34,000		34,288

Cooperatieve Rabobank UA (Netherlands)

4.50%, 1/11/2021		28,000		28,798

3.88%, 2/8/2022		59,000		60,261

5.25%, 5/24/2041		30,000		34,765

HSBC Holdings plc (United Kingdom)

5.10%, 4/5/2021		110,000		114,573

4.00%, 3/30/2022		31,000		31,778

HSBC USA, Inc. 2.35%, 3/5/2020		101,000		100,431

Huntington Bancshares, Inc. 2.30%, 1/14/2022		180,000		175,674

Mitsubishi UFJ Financial Group, Inc. (Japan)

3.76%, 7/26/2023		66,000		66,960

3.68%, 2/22/2027		31,000		30,992

3.96%, 3/2/2028		39,000		39,852

PNC Financial Services Group, Inc. (The)

3.90%, 4/29/2024		13,000		13,221

3.15%, 5/19/2027		23,000		22,348

Regions Financial Corp. 3.20%, 2/8/2021		59,000		59,077

Royal Bank of Scotland Group plc (United Kingdom)

6.13%, 12/15/2022		39,000		41,145

6.00%, 12/19/2023		35,000		36,778

5.13%, 5/28/2024		101,000		102,376

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.78%, 7/12/2022		80,000		78,716

2.63%, 7/14/2026		70,000		65,615

3.36%, 7/12/2027		59,000		57,807

SunTrust Bank 2.45%, 8/1/2022		40,000		39,173

Toronto-Dominion Bank (The) (Canada)

2.50%, 12/14/2020		130,000		129,109

3.50%, 7/19/2023		60,000		60,971

US Bancorp

Series V, 2.63%, 1/24/2022		46,000		45,789

Series V, 2.38%, 7/22/2026		42,000		39,421

Series X, 3.15%, 4/27/2027		39,000		38,400

Wells Fargo & Co.

2.10%, 7/26/2021		100,000		97,925

2.63%, 7/22/2022		80,000		78,467

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

3.75%, 1/24/2024		40,000		40,744

3.00%, 10/23/2026		143,000		136,351

4.30%, 7/22/2027		70,000		71,264

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (a)		101,000		99,679

3.90%, 5/1/2045		50,000		47,950

Westpac Banking Corp. (Australia)

2.60%, 11/23/2020		107,000		106,366

2.75%, 1/11/2023		70,000		68,666

2.85%, 5/13/2026		167,000		158,737


				4,312,256


Beverages — 2.6%

Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046 (b)		104,000		100,124

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.00%, 4/13/2028		40,000		39,726

4.75%, 1/23/2029		30,000		31,319

4.90%, 1/23/2031		25,000		26,175

4.60%, 4/15/2048		97,000		89,403

5.55%, 1/23/2049		30,000		31,509

Keurig Dr Pepper, Inc.

4.06%, 5/25/2023 (b)		102,000		103,109

4.60%, 5/25/2028 (b)		40,000		40,437

5.09%, 5/25/2048 (b)		28,000		27,212

Molson Coors Brewing Co.

3.00%, 7/15/2026		86,000		78,909

4.20%, 7/15/2046		20,000		16,984

PepsiCo, Inc.

3.60%, 3/1/2024		19,000		19,628

3.00%, 10/15/2027		24,000		23,379

3.45%, 10/6/2046		50,000		45,765


				673,679


Biotechnology — 0.5%

Gilead Sciences, Inc.

3.65%, 3/1/2026		27,000		26,837

4.75%, 3/1/2046		33,000		33,114

4.15%, 3/1/2047		63,000		57,726


				117,677


Capital Markets — 8.3%

Bank of New York Mellon Corp. (The)

3.55%, 9/23/2021		99,000		100,601

2.20%, 8/16/2023		60,000		57,602


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

(ICE LIBOR USD 3 Month + 1.07%), 3.44%, 2/7/2028 (a)		112,000		111,637

CME Group, Inc. 3.00%, 3/15/2025		192,000		189,210

Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (a) (b)		250,000		251,255

Goldman Sachs Group, Inc. (The)

2.35%, 11/15/2021		90,000		88,130

5.75%, 1/24/2022		191,000		203,870

4.00%, 3/3/2024		188,000		190,904

3.85%, 1/26/2027		73,000		71,547

(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (a)		63,000		63,126

(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (a)		138,000		127,660

Morgan Stanley

2.63%, 11/17/2021		290,000		286,054

2.75%, 5/19/2022		182,000		179,381

3.63%, 1/20/2027		70,000		68,641

(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (a)		30,000		29,527

(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (a)		110,000		104,511


				2,123,656


Chemicals — 2.4%

Dow Chemical Co. (The)

3.50%, 10/1/2024		55,000		54,249

5.55%, 11/30/2048 (b)		20,000		21,046

DowDuPont, Inc.

4.21%, 11/15/2023		164,000		169,233

4.73%, 11/15/2028		110,000		114,811

5.42%, 11/15/2048		10,000		10,708

Eastman Chemical Co. 4.65%, 10/15/2044		21,000		19,550

Sherwin-Williams Co. (The)

2.25%, 5/15/2020		138,000		136,630

2.75%, 6/1/2022		80,000		78,588


				604,815


Communications Equipment — 0.4%

Cisco Systems, Inc. 2.50%, 9/20/2026		110,000		104,512


Consumer Finance — 3.5%

AerCap Ireland Capital DAC (Ireland) 3.95%, 2/1/2022		150,000		150,658

American Express Co. 3.70%, 8/3/2023		60,000		61,100

American Express Credit Corp.

2.20%, 3/3/2020		74,000		73,532

3.30%, 5/3/2027		40,000		39,704

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	33

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Consumer Finance — continued

Capital One Financial Corp.

2.50%, 5/12/2020		92,000		91,380

3.30%, 10/30/2024		67,000		64,734

3.80%, 1/31/2028		40,000		38,441

Discover Financial Services 4.10%, 2/9/2027		45,000		43,793

General Motors Financial Co., Inc.

3.20%, 7/6/2021		154,000		152,315

4.35%, 1/17/2027		36,000		34,157

John Deere Capital Corp.

2.80%, 3/6/2023		104,000		103,655

3.45%, 3/13/2025		30,000		30,565


				884,034


Containers & Packaging — 0.2%

WRKCo, Inc. 4.65%, 3/15/2026		54,000		55,546


Diversified Financial Services — 0.9%

ORIX Corp. (Japan) 2.90%, 7/18/2022		10,000		9,862

Shell International Finance BV (Netherlands)

3.25%, 5/11/2025		22,000		22,063

4.13%, 5/11/2035		150,000		155,109

4.38%, 5/11/2045		34,000		35,743


				222,777


Diversified Telecommunication Services — 3.0%

AT&T, Inc.

2.45%, 6/30/2020		60,000		59,574

3.00%, 6/30/2022		59,000		58,503

3.40%, 5/15/2025		49,000		47,738

4.30%, 2/15/2030		56,000		54,939

5.25%, 3/1/2037		25,000		25,242

4.50%, 3/9/2048		170,000		152,173

Verizon Communications, Inc.

3.38%, 2/15/2025		7,000		6,998

4.02%, 12/3/2029		40,000		39,990

4.33%, 9/21/2028		52,000		53,809

4.86%, 8/21/2046		160,000		164,519

5.01%, 8/21/2054		92,000		94,507


				757,992


Electric Utilities — 5.1%

Duke Energy Corp.

3.75%, 4/15/2024		210,000		213,331

2.65%, 9/1/2026		40,000		37,268

3.75%, 9/1/2046		130,000		116,481

Emera US Finance LP (Canada) 4.75%, 6/15/2046		98,000		96,135


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electric Utilities — continued

Entergy Louisiana LLC 4.00%, 3/15/2033		143,000		145,121

Exelon Corp.

3.95%, 6/15/2025		17,000		17,142

4.45%, 4/15/2046		114,000		111,005

FirstEnergy Corp.

Series B, 3.90%, 7/15/2027		119,000		117,816

Series C, 4.85%, 7/15/2047		50,000		51,600

Florida Power & Light Co. 3.95%, 3/1/2048		60,000		59,660

Fortis, Inc. (Canada) 3.06%, 10/4/2026		100,000		93,374

Indiana Michigan Power Co. 4.25%, 8/15/2048		20,000		19,838

PacifiCorp 4.15%, 2/15/2050		15,000		14,834

Southern Co. (The)

2.35%, 7/1/2021		44,000		43,346

3.25%, 7/1/2026		24,000		22,880

4.40%, 7/1/2046		54,000		51,797

Virginia Electric & Power Co.

Series A, 3.15%, 1/15/2026		17,000		16,708

Series A, 3.50%, 3/15/2027		43,000		42,796

4.60%, 12/1/2048		30,000		31,456


				1,302,588



Electrical Equipment — 0.2%

Eaton Corp. 2.75%, 11/2/2022		53,000		52,308


Energy Equipment & Services — 0.9%

Baker Hughes a GE Co. LLC 4.08%, 12/15/2047		81,000		71,561

Schlumberger Finance Canada Ltd. 2.20%, 11/20/2020 (b)		90,000		88,605

Schlumberger Holdings Corp.

3.75%, 5/1/2024 (b)		20,000		20,075

4.30%, 5/1/2029 (b)		45,000		45,544


				225,785


Entertainment — 0.1%

Walt Disney Co. (The) 4.13%, 6/1/2044		30,000		30,422


Equity Real Estate Investment Trusts (REITs) — 3.0%

American Tower Corp.

3.38%, 10/15/2026		110,000		105,164

3.55%, 7/15/2027		118,000		113,172

Boston Properties LP 4.50%, 12/1/2028		60,000		62,211

ERP Operating LP 4.50%, 7/1/2044		24,000		24,787

HCP, Inc. 3.88%, 8/15/2024		141,000		141,469

Simon Property Group LP 3.30%, 1/15/2026		80,000		78,674

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Equity Real Estate Investment Trusts (REITs) — continued

Welltower, Inc.

3.63%, 3/15/2024		110,000		110,012

4.00%, 6/1/2025		140,000		141,221


				776,710


Food & Staples Retailing — 0.9%

Kroger Co. (The) 4.45%, 2/1/2047		20,000		17,671

Sysco Corp. 3.30%, 7/15/2026		30,000		28,995

Walmart, Inc.

3.40%, 6/26/2023		120,000		122,238

3.70%, 6/26/2028		25,000		25,709

4.05%, 6/29/2048		49,000		49,458


				244,071


Food Products — 2.0%

Campbell Soup Co. 3.65%, 3/15/2023		149,000		148,046

Conagra Brands, Inc.

4.85%, 11/1/2028		34,000		34,140

5.30%, 11/1/2038		22,000		20,904

Kraft Heinz Foods Co.

3.50%, 6/6/2022		12,000		11,953

3.95%, 7/15/2025		22,000		21,771

4.38%, 6/1/2046		99,000		82,029

McCormick & Co., Inc. 2.70%, 8/15/2022		68,000		66,764

Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		23,000		23,966

Tyson Foods, Inc. 4.00%, 3/1/2026		115,000		115,151


				524,724


Gas Utilities — 0.1%

Atmos Energy Corp. 4.13%, 10/15/2044		31,000		30,447


Health Care Equipment & Supplies — 3.0%

Abbott Laboratories 4.90%, 11/30/2046		30,000		32,898

Becton Dickinson and Co.

2.89%, 6/6/2022		129,000		127,568

3.70%, 6/6/2027		70,000		67,811

4.67%, 6/6/2047		43,000		42,743

Boston Scientific Corp. 4.00%, 3/1/2028		189,000		189,946

Medtronic, Inc.

2.50%, 3/15/2020		36,000		35,921

4.38%, 3/15/2035		32,000		33,696

4.63%, 3/15/2045		100,000		109,562

Zimmer Biomet Holdings, Inc. 3.55%, 4/1/2025		140,000		136,010


				776,155


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Providers & Services — 5.1%

Aetna, Inc.

2.80%, 6/15/2023		145,000		141,288

3.88%, 8/15/2047		20,000		16,521

Anthem, Inc.

3.65%, 12/1/2027		31,000		30,494

4.65%, 8/15/2044		116,000		115,677

Cigna Corp.

4.80%, 8/15/2038 (b)		68,000		67,867

4.90%, 12/15/2048 (b)		20,000		19,913

CVS Health Corp.

3.35%, 3/9/2021		102,000		102,281

3.70%, 3/9/2023		73,000		73,448

4.10%, 3/25/2025		24,000		24,329

4.30%, 3/25/2028		46,000		46,032

5.05%, 3/25/2048		136,000		134,765

HCA, Inc.

4.50%, 2/15/2027		40,000		40,327

5.50%, 6/15/2047		90,000		92,866

UnitedHealth Group, Inc.

2.70%, 7/15/2020		191,000		190,995

3.75%, 7/15/2025		118,000		121,152

4.25%, 3/15/2043		90,000		91,619


				1,309,574


Hotels, Restaurants & Leisure — 1.0%

McDonald’s Corp.

2.75%, 12/9/2020		32,000		31,947

3.70%, 1/30/2026		112,000		112,657

3.80%, 4/1/2028		33,000		32,942

4.88%, 12/9/2045		70,000		72,095


				249,641


Household Durables — 0.1%

Newell Brands, Inc. 4.20%, 4/1/2026		32,000		30,046


Industrial Conglomerates — 1.7%

General Electric Co.

4.63%, 1/7/2021		100,000		102,307

2.70%, 10/9/2022		160,000		154,662

6.75%, 3/15/2032		31,000		35,476

5.88%, 1/14/2038		41,000		42,954

4.13%, 10/9/2042		90,000		75,914

Roper Technologies, Inc. 4.20%, 9/15/2028		29,000		29,161


				440,474

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	35

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Insurance — 1.3%

American International Group, Inc.

3.90%, 4/1/2026		78,000		76,036

4.50%, 7/16/2044		119,000		109,148

Athene Holding Ltd. 4.13%, 1/12/2028		84,000		78,409

Marsh & McLennan Cos., Inc. 4.38%, 3/15/2029		30,000		30,919

MetLife, Inc. 4.13%, 8/13/2042		20,000		19,274

Prudential Financial, Inc. 3.91%, 12/7/2047		20,000		18,418


				332,204


Internet & Direct Marketing Retail — 0.7%

Amazon.com, Inc.

3.88%, 8/22/2037		140,000		139,625

4.05%, 8/22/2047		30,000		30,107


				169,732


IT Services — 0.2%

Visa, Inc. 2.20%, 12/14/2020		46,000		45,580


Life Sciences Tools & Services — 0.3%

Thermo Fisher Scientific, Inc. 3.00%, 4/15/2023		70,000		68,979


Machinery — 0.2%

Deere & Co. 3.90%, 6/9/2042		20,000		19,906

Illinois Tool Works, Inc. 2.65%, 11/15/2026		28,000		26,769


				46,675


Media — 4.7%

Charter Communications Operating LLC

4.46%, 7/23/2022		88,000		90,263

4.91%, 7/23/2025		49,000		50,760

6.48%, 10/23/2045		78,000		83,895

Comcast Corp.

3.70%, 4/15/2024		167,000		170,785

3.95%, 10/15/2025		78,000		80,386

4.15%, 10/15/2028		74,000		76,221

4.60%, 10/15/2038		178,000		183,023

4.70%, 10/15/2048		38,000		39,563

Cox Communications, Inc. 3.50%, 8/15/2027 (b)		70,000		66,564

Fox Corp.

4.03%, 1/25/2024 (b)		72,000		73,378

4.71%, 1/25/2029 (b)		10,000		10,365

5.48%, 1/25/2039 (b)		120,000		125,791

Time Warner Cable LLC

5.00%, 2/1/2020		100,000		101,517

6.75%, 6/15/2039		48,000		51,523


				1,204,034


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Metals & Mining — 0.3%

Glencore Funding LLC (Switzerland) 4.00%, 3/27/2027 (b)		80,000		76,129


Multiline Retail — 0.2%

Dollar Tree, Inc. 4.20%, 5/15/2028		60,000		57,230


Multi-Utilities — 1.4%

Berkshire Hathaway Energy Co.

4.50%, 2/1/2045		80,000		81,785

3.80%, 7/15/2048		38,000		34,666

4.45%, 1/15/2049		49,000		49,341

Consolidated Edison Co. of New York, Inc. 4.45%, 3/15/2044		70,000		70,995

Dominion Energy, Inc. 3.90%, 10/1/2025		17,000		17,054

Sempra Energy

3.40%, 2/1/2028		80,000		75,166

3.80%, 2/1/2038		38,000		33,551


				362,558


Oil, Gas & Consumable Fuels — 7.3%

Anadarko Petroleum Corp.

5.55%, 3/15/2026		28,000		29,919

6.45%, 9/15/2036		129,000		145,178

Andeavor Logistics LP 4.25%, 12/1/2027		28,000		27,526

BP Capital Markets America, Inc.

3.41%, 2/11/2026		45,000		44,914

4.23%, 11/6/2028		150,000		157,698

BP Capital Markets plc (United Kingdom) 2.32%, 2/13/2020		113,000		112,516

Canadian Natural Resources Ltd. (Canada)

2.95%, 1/15/2023		125,000		122,273

3.85%, 6/1/2027		29,000		28,372

Columbia Pipeline Group, Inc. 4.50%, 6/1/2025		60,000		61,591

Enbridge, Inc. (Canada) 4.25%, 12/1/2026		61,000		62,203

Energy Transfer Operating LP

4.75%, 1/15/2026		22,000		22,404

4.95%, 6/15/2028		32,000		32,605

Enterprise Products Operating LLC

5.10%, 2/15/2045		43,000		45,321

4.80%, 2/1/2049		34,000		34,614

EOG Resources, Inc. 2.63%, 3/15/2023		70,000		68,525

EQM Midstream Partners LP 4.75%, 7/15/2023		118,000		118,803

Kinder Morgan, Inc.

4.30%, 6/1/2025		13,000		13,297

5.55%, 6/1/2045		63,000		66,142

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

Marathon Petroleum Corp. 4.75%, 9/15/2044		37,000		35,495

MPLX LP

4.00%, 3/15/2028		34,000		32,937

4.50%, 4/15/2038		60,000		55,221

Occidental Petroleum Corp. Series 1, 4.10%, 2/1/2021		70,000		71,438

ONEOK, Inc. 4.55%, 7/15/2028		37,000		37,498

Phillips 66 4.30%, 4/1/2022		64,000		66,197

Suncor Energy, Inc. (Canada) 4.00%, 11/15/2047		30,000		27,847

Sunoco Logistics Partners Operations LP 5.40%, 10/1/2047		92,000		88,498

TransCanada PipeLines Ltd. (Canada)

4.25%, 5/15/2028		21,000		21,443

4.63%, 3/1/2034		101,000		102,722

Western Midstream Operating LP 4.50%, 3/1/2028		40,000		38,714

5.45%, 4/1/2044		20,000		18,419

Williams Cos., Inc. (The)

4.55%, 6/24/2024		59,000		61,085

3.75%, 6/15/2027		16,000		15,499


				1,866,914


Pharmaceuticals — 3.0%

AstraZeneca plc (United Kingdom) 4.38%, 11/16/2045		20,000		19,376

Eli Lilly & Co.

3.38%, 3/15/2029		10,000		10,000

3.88%, 3/15/2039		20,000		19,697

3.95%, 3/15/2049		25,000		24,493

GlaxoSmithKline Capital plc (United Kingdom) 2.85%, 5/8/2022		34,000		33,900

Novartis Capital Corp. (Switzerland)

3.40%, 5/6/2024		59,000		60,325

4.40%, 5/6/2044		43,000		45,765

Pfizer, Inc.

3.00%, 12/15/2026		40,000		39,019

4.00%, 12/15/2036		20,000		20,192

4.40%, 5/15/2044		20,000		21,012

4.13%, 12/15/2046		42,000		42,734

Shire Acquisitions Investments Ireland DAC

2.40%, 9/23/2021		275,000		268,746

3.20%, 9/23/2026		81,000		75,951

Zoetis, Inc.

3.00%, 9/12/2027		40,000		37,189

4.70%, 2/1/2043		40,000		41,169


				759,568


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Road & Rail — 2.0%

Burlington Northern Santa Fe LLC

4.90%, 4/1/2044		76,000		83,733

4.55%, 9/1/2044		25,000		26,232

4.15%, 4/1/2045		51,000		51,071

CSX Corp.

3.25%, 6/1/2027		44,000		42,279

4.30%, 3/1/2048		77,000		74,881

Norfolk Southern Corp. 4.15%, 2/28/2048		70,000		67,858

Union Pacific Corp.

3.95%, 9/10/2028		21,000		21,485

3.70%, 3/1/2029		30,000		29,901

4.38%, 9/10/2038		41,000		40,860

4.50%, 9/10/2048		27,000		27,112

4.30%, 3/1/2049		50,000		48,712


				514,124


Semiconductors & Semiconductor Equipment — 1.1%

Analog Devices, Inc. 3.50%, 12/5/2026		14,000		13,496

Broadcom Corp.

3.00%, 1/15/2022		54,000		52,998

3.88%, 1/15/2027		52,000		48,166

Intel Corp.

3.30%, 10/1/2021		114,000		115,534

3.73%, 12/8/2047		57,000		54,734


				284,928


Software — 2.8%

Microsoft Corp.

2.88%, 2/6/2024		131,000		131,034

3.30%, 2/6/2027		30,000		30,169

4.10%, 2/6/2037		150,000		157,191

3.70%, 8/8/2046		56,000		54,506

Oracle Corp.

1.90%, 9/15/2021		65,000		63,496

2.40%, 9/15/2023		44,000		42,760

2.65%, 7/15/2026		46,000		43,682

3.25%, 11/15/2027		53,000		52,333

3.80%, 11/15/2037		40,000		38,364

4.00%, 7/15/2046		74,000		70,910

salesforce.com, Inc. 3.70%, 4/11/2028		34,000		34,827


				719,272


Specialty Retail — 1.8%

Home Depot, Inc. (The)

2.00%, 4/1/2021		278,000		274,186

4.20%, 4/1/2043		20,000		20,192

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	37

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Specialty Retail — continued

Home Depot, Inc. (The)

4.25%, 4/1/2046		81,000		82,273

3.50%, 9/15/2056		20,000		17,628

Lowe’s Cos., Inc.

3.70%, 4/15/2046		40,000		33,818

4.05%, 5/3/2047		30,000		26,856


				454,953


Technology Hardware, Storage & Peripherals — 1.7%

Apple, Inc.

2.25%, 2/23/2021		123,000		121,931

2.40%, 5/3/2023		77,000		75,525

3.25%, 2/23/2026		74,000		74,088

2.90%, 9/12/2027		71,000		68,519

4.65%, 2/23/2046		87,000		93,649


				433,712


Tobacco — 1.5%

Altria Group, Inc.

4.80%, 2/14/2029		70,000		69,861

5.80%, 2/14/2039		20,000		19,932

BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		150,000		125,190

Philip Morris International, Inc.

3.88%, 8/21/2042		40,000		34,797

4.25%, 11/10/2044		60,000		55,061

Reynolds American, Inc. (United Kingdom)

4.00%, 6/12/2022		23,000		23,278

4.45%, 6/12/2025		58,000		58,489


				386,608


Trading Companies & Distributors — 1.2%

Air Lease Corp.

3.00%, 9/15/2023		317,000		304,217


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wireless Telecommunication Services — 0.4%

Vodafone Group plc (United Kingdom)

4.38%, 5/30/2028		30,000		29,735

5.25%, 5/30/2048		70,000		66,845


				96,580


Total Corporate Bonds (Cost $24,249,979)				24,760,226

U.S. Treasury Obligations — 2.1%

U.S. Treasury Bonds

3.00%, 8/15/2048		10,000		9,828

3.38%, 11/15/2048		20,000		21,144

U.S. Treasury Notes

2.88%, 11/15/2021		60,000		60,565

2.88%, 10/31/2023		175,000		177,625

2.63%, 12/31/2023		60,000		60,248

2.50%, 1/31/2024		60,000		59,934

2.63%, 2/15/2029		150,000		148,758


Total U.S. Treasury Obligations (Cost $538,807)				538,102


	SHARES
Short-Term Investments — 1.2%

Investment Companies — 1.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (c) (d) (Cost $307,539)		307,539		307,539

Total Investments — 100.0% (Cost $25,096,325)				25,605,867
Liabilities in Excess of Other Assets — 0.0% (e)				(10,374)

NET ASSETS — 100.0%				25,595,493

Percentages indicated are based on net assets.


Abbreviations

ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
USD		United States Dollar

(a)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.



(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 February 28, 2019.
(e)		Amount rounds to less than 0.1% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


Futures contracts outstanding as of February 28, 2019:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts

U.S. Treasury 2 Year Note		2			06/2019		USD		424,375			(67	)

U.S. Treasury Long Bond		1			06/2019		USD		144,500			(1,471	)

												(1,538	)

Short Contracts

U.S. Treasury 10 Year Note		(2	)		06/2019		USD		(243,906	)		464

U.S. Treasury 10 Year Ultra Note		(2	)		06/2019		USD		(258,813	)		668

U.S. Treasury 5 Year Note		(1	)		06/2019		USD		(114,539	)		37

												1,169

												(369	)


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	39

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 97.6%

Aerospace & Defense — 2.6%

Arconic, Inc.

6.15%, 8/15/2020		288,000		297,360

5.40%, 4/15/2021		385,000		396,008

5.13%, 10/1/2024		372,000		368,280

Bombardier, Inc. (Canada)

8.75%, 12/1/2021 (a)		394,000		433,400

6.13%, 1/15/2023 (a)		348,000		350,610

7.50%, 3/15/2025 (a)		422,000		422,528

7.88%, 4/15/2027 (a)		355,000		352,323

TransDigm, Inc.

6.00%, 7/15/2022		330,000		336,105

6.50%, 7/15/2024		341,000		344,410

6.25%, 3/15/2026 (a)		516,000		528,900

6.38%, 6/15/2026		262,000		254,795


				4,084,719


Air Freight & Logistics — 0.3%

XPO Logistics, Inc.

6.50%, 6/15/2022 (a)		287,000		292,022

6.13%, 9/1/2023 (a)		145,000		144,638


				436,660


Airlines — 0.2%

American Airlines Group, Inc.

5.50%, 10/1/2019 (a)		164,000		165,230

4.63%, 3/1/2020 (a)		139,000		139,869


				305,099


Auto Components — 1.8%

Allison Transmission, Inc. 5.00%, 10/1/2024 (a)		273,000		274,706

American Axle & Manufacturing, Inc.

6.63%, 10/15/2022		80,000		81,900

6.25%, 4/1/2025		169,000		168,594

6.50%, 4/1/2027		145,000		143,188

Goodyear Tire & Rubber Co. (The)

5.13%, 11/15/2023		273,000		272,318

5.00%, 5/31/2026		244,000		231,495

4.88%, 3/15/2027 (b)		170,000		156,400

Icahn Enterprises LP

6.00%, 8/1/2020		489,000		493,890

5.88%, 2/1/2022		390,000		394,387

6.25%, 2/1/2022		349,000		359,400

6.38%, 12/15/2025		122,000		125,508


				2,701,786


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Automobiles — 1.2%

Fiat Chrysler Automobiles NV (United Kingdom)

4.50%, 4/15/2020		602,000		605,762

5.25%, 4/15/2023		600,000		609,600

Jaguar Land Rover Automotive plc (United Kingdom)

4.25%, 11/15/2019 (a)		200,000		199,000

3.50%, 3/15/2020 (a) (b)		200,000		196,746

5.63%, 2/1/2023 (a) (b)		150,000		144,750

4.50%, 10/1/2027 (a) (b)		200,000		155,480


				1,911,338


Banks — 1.8%

CIT Group, Inc.

4.13%, 3/9/2021		106,000		107,157

5.00%, 8/15/2022		330,000		340,725

5.00%, 8/1/2023		198,000		205,229

4.75%, 2/16/2024		70,000		71,400

5.25%, 3/7/2025		97,000		101,365

Goldman Sachs Capital I 6.35%, 2/15/2034		324,000		379,288

Intesa Sanpaolo SpA (Italy)

5.02%, 6/26/2024 (a)		600,000		555,671

5.71%, 1/15/2026 (a)		600,000		561,862

Royal Bank of Scotland Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 2.50%), 7.65%, 9/30/2031 (c) (d) (e)		108,000		135,000

UniCredit SpA (Italy) (USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (d)		400,000		357,421


				2,815,118


Beverages — 0.0% (f)

Cott Holdings, Inc. (Canada) 5.50%, 4/1/2025 (a)		40,000		39,550


Building Products — 0.2%

Builders FirstSource, Inc. 5.63%, 9/1/2024 (a)		104,000		101,530

Summit Materials LLC 6.13%, 7/15/2023		201,000		206,025


				307,555


Capital Markets — 1.4%

Deutsche Bank AG (Germany)

4.50%, 4/1/2025		408,000		379,803

(USD Swap Semi 5 Year + 2.25%), 4.30%, 5/24/2028 (d)		408,000		363,787

(USD ICE Swap Rate 5 Year + 2.55%), 4.88%, 12/1/2032 (d)		400,000		337,548

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Capital Markets — continued

Dresdner Funding Trust I (Germany) 8.15%, 6/30/2031 (a)		340,000		422,195

MSCI, Inc.

5.25%, 11/15/2024 (a)		232,000		237,800

5.75%, 8/15/2025 (a)		224,000		232,960

4.75%, 8/1/2026 (a)		92,000		92,000

5.38%, 5/15/2027 (a)		159,000		164,168


				2,230,261


Chemicals — 2.1%

Ashland LLC 4.75%, 8/15/2022 (g)		298,000		306,195

Blue Cube Spinco LLC

9.75%, 10/15/2023		198,000		221,760

10.00%, 10/15/2025		93,000		106,485

CF Industries, Inc.

7.13%, 5/1/2020		52,000		53,885

3.45%, 6/1/2023		217,000		209,948

5.15%, 3/15/2034		222,000		208,671

4.95%, 6/1/2043		180,000		150,525

5.38%, 3/15/2044		223,000		194,846

Chemours Co. (The)

6.63%, 5/15/2023		240,000		249,012

7.00%, 5/15/2025		200,000		208,500

5.38%, 5/15/2027		145,000		141,375

Element Solutions, Inc. 5.88%, 12/1/2025 (a)		243,000		245,887

Huntsman International LLC 4.88%, 11/15/2020		180,000		184,612

Momentive Performance Materials, Inc. 3.88%, 10/24/2021		156,000		168,090

Olin Corp.

5.13%, 9/15/2027		144,000		145,080

5.00%, 2/1/2030		160,000		155,400

Tronox, Inc. 6.50%, 4/15/2026 (a)		179,000		169,379

WR Grace & Co.-Conn. 5.13%, 10/1/2021 (a)		183,000		188,287


				3,307,937


Commercial Services & Supplies — 1.9%

ADT Security Corp. (The)

6.25%, 10/15/2021		275,000		289,438

3.50%, 7/15/2022		276,000		271,515

4.13%, 6/15/2023		177,000		173,681

Aramark Services, Inc.

5.13%, 1/15/2024		250,000		255,312

5.00%, 4/1/2025 (a)		149,000		151,608


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Services & Supplies — continued

4.75%, 6/1/2026		73,000		72,452

5.00%, 2/1/2028 (a)		321,000		316,988

Nielsen Co. Luxembourg SARL (The) 5.50%, 10/1/2021 (a)		178,000		179,557

Nielsen Finance LLC

4.50%, 10/1/2020		225,000		225,000

5.00%, 4/15/2022 (a)		680,000		678,300

Pitney Bowes, Inc.

3.88%, 10/1/2021 (g)		173,000		167,810

4.63%, 3/15/2024		135,000		123,525


				2,905,186


Communications Equipment — 1.1%

CommScope Technologies LLC

6.00%, 6/15/2025 (a)		431,000		406,217

5.00%, 3/15/2027 (a)		216,000		193,385

CommScope, Inc.

5.00%, 6/15/2021 (a)		88,000		88,220

5.50%, 6/15/2024 (a)		187,000		179,520

Nokia OYJ (Finland)

5.38%, 5/15/2019		102,000		102,255

3.38%, 6/12/2022		144,000		141,077

4.38%, 6/12/2027		145,000		142,480

6.63%, 5/15/2039		146,000		153,300

Telefonaktiebolaget LM Ericsson (Sweden) 4.13%, 5/15/2022		288,000		290,975


				1,697,429


Construction & Engineering — 0.3%

AECOM 5.88%, 10/15/2024		210,000		220,006

5.13%, 3/15/2027		258,000		244,778


				464,784


Consumer Finance — 2.5%

Ally Financial, Inc.

8.00%, 3/15/2020		272,000		284,580

4.13%, 3/30/2020		193,000		193,965

5.75%, 11/20/2025 (b)		290,000		307,400

8.00%, 11/1/2031		554,000		684,190

Navient Corp.

8.00%, 3/25/2020		382,000		398,934

6.50%, 6/15/2022		267,000		273,675

5.50%, 1/25/2023		250,000		246,875

Springleaf Finance Corp.

5.25%, 12/15/2019		95,000		96,425

8.25%, 12/15/2020		217,000		232,353

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	41

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Consumer Finance — continued

7.75%, 10/1/2021		31,000		33,276

6.13%, 5/15/2022		254,000		263,525

5.63%, 3/15/2023		141,000		143,115

6.88%, 3/15/2025		281,000		288,025

7.13%, 3/15/2026		364,000		368,550


				3,814,888


Containers & Packaging — 2.4%

Ardagh Packaging Finance plc (Ireland)

4.63%, 5/15/2023 (a)		400,000		403,000

7.25%, 5/15/2024 (a)		600,000		625,500

6.00%, 2/15/2025 (a)		600,000		592,500

Ball Corp.

4.38%, 12/15/2020		282,000		287,640

4.00%, 11/15/2023		285,000		285,712

5.25%, 7/1/2025		287,000		301,350

Berry Global, Inc.

5.50%, 5/15/2022		138,000		139,725

5.13%, 7/15/2023		182,000		182,228

4.50%, 2/15/2026 (a)		125,000		118,281

Crown Americas LLC

4.50%, 1/15/2023		287,000		289,870

4.75%, 2/1/2026		237,000		238,142

Owens-Brockway Glass Container, Inc.

5.00%, 1/15/2022 (a)		119,000		122,399

5.88%, 8/15/2023 (a)		182,000		191,555


				3,777,902


Diversified Consumer Services — 0.2%

Service Corp. International

5.38%, 5/15/2024		222,000		226,995

4.63%, 12/15/2027		141,000		139,238


				366,233


Diversified Financial Services — 0.1%

Voya Financial, Inc. (ICE LIBOR USD 3 Month + 3.58%), 5.65%, 5/15/2053 (d)		190,000		188,174


Diversified Telecommunication Services — 6.9%

Altice France SA (France)

6.25%, 5/15/2024 (a)		400,000		400,000

7.38%, 5/1/2026 (a)		1,559,000		1,533,074

8.13%, 2/1/2027 (a)		539,000		541,695

CCO Holdings LLC

5.88%, 4/1/2024 (a)		116,000		120,785

5.75%, 2/15/2026 (a)		721,000		747,165


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — continued

5.50%, 5/1/2026 (a)		61,000		62,202

5.13%, 5/1/2027 (a)		963,000		944,944

5.00%, 2/1/2028 (a)		721,000		693,963

CenturyLink, Inc.

Series S, 6.45%, 6/15/2021		387,000		401,996

Series T, 5.80%, 3/15/2022		429,000		440,261

Series Y, 7.50%, 4/1/2024 (b)		309,000		326,864

Embarq Corp. 8.00%, 6/1/2036		428,000		413,020

Intelsat Jackson Holdings SA (Luxembourg) 8.00%, 2/15/2024 (a)		374,000		389,194

Level 3 Financing, Inc.

5.38%, 8/15/2022		288,000		289,800

5.38%, 1/15/2024		245,000		246,531

5.38%, 5/1/2025		244,000		243,390

Sable International Finance Ltd. 6.88%, 8/1/2022 (a)		200,000		208,000

Sprint Capital Corp. 6.88%, 11/15/2028		727,000		717,458

Telecom Italia Capital SA (Italy)

7.20%, 7/18/2036		285,000		285,627

7.72%, 6/4/2038		318,000		328,240

Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		600,000		586,500

Virgin Media Finance plc (United Kingdom) 6.00%, 10/15/2024 (a)		200,000		205,250

Virgin Media Secured Finance plc (United Kingdom)

5.25%, 1/15/2026 (a)		400,000		401,192

5.50%, 8/15/2026 (a)		200,000		199,000


				10,726,151

Electric Utilities — 0.6%

Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (d)		333,000		344,655

NextEra Energy Operating Partners LP

4.25%, 9/15/2024 (a)		160,000		157,200

4.50%, 9/15/2027 (a)		156,000		148,200

Vistra Operations Co. LLC 5.50%, 9/1/2026 (a)		292,000		302,950


				953,005


Electrical Equipment — 0.2%

Sensata Technologies BV

4.88%, 10/15/2023 (a)		139,000		142,822

5.00%, 10/1/2025 (a)		193,000		194,930


				337,752

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Electronic Equipment, Instruments & Components — 0.3%

CDW LLC

5.00%, 9/1/2023		144,000		145,440

5.50%, 12/1/2024		167,000		174,097

5.00%, 9/1/2025		182,000		184,048


				503,585


Energy Equipment & Services — 1.5%

Diamond Offshore Drilling, Inc.

7.88%, 8/15/2025 (b)		126,000		119,070

5.70%, 10/15/2039		128,000		86,400

4.88%, 11/1/2043		207,000		129,375

Ensco plc

4.50%, 10/1/2024		92,000		70,840

5.20%, 3/15/2025		160,000		122,800

7.75%, 2/1/2026		490,000		411,600

5.75%, 10/1/2044		253,000		162,552

McDermott Technology Americas, Inc. 10.63%, 5/1/2024 (a)		364,000		302,120

Transocean Guardian Ltd. 5.88%, 1/15/2024 (a)		100,170		101,798

Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (a)		38,400		40,416

Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		30,400		31,008

Transocean, Inc.

9.00%, 7/15/2023 (a)		352,000		371,360

7.25%, 11/1/2025 (a)		106,000		101,230

7.50%, 1/15/2026 (a)		198,000		191,070


				2,241,639


Entertainment — 1.6%

AMC Entertainment Holdings, Inc.

5.75%, 6/15/2025		166,000		153,135

5.88%, 11/15/2026		162,000		145,816

Cinemark USA, Inc. 4.88%, 6/1/2023		213,000		213,213

Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (a)		163,000		161,778

Netflix, Inc.

5.50%, 2/15/2022		26,000		27,235

5.88%, 2/15/2025		160,000		169,600

4.38%, 11/15/2026 (b)		276,000		264,789

4.88%, 4/15/2028		451,000		439,161

5.88%, 11/15/2028 (a)		526,000		547,855

Viacom, Inc.

(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (d)		172,000		169,827


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Entertainment — continued

(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (d)		172,000		171,035


				2,463,444


Equity Real Estate Investment Trusts (REITs) — 2.9%

CyrusOne LP 5.00%, 3/15/2024		202,000		205,535

Equinix, Inc.

5.38%, 4/1/2023		288,000		293,040

5.88%, 1/15/2026		341,000		357,197

5.38%, 5/15/2027		361,000		373,635

ESH Hospitality, Inc. 5.25%, 5/1/2025 (a)		362,000		360,190

Iron Mountain, Inc.

6.00%, 8/15/2023		82,000		84,050

5.75%, 8/15/2024		286,000		286,715

4.88%, 9/15/2027 (a)		260,000		246,025

5.25%, 3/15/2028 (a)		206,000		197,245

MGM Growth Properties Operating Partnership LP

5.63%, 5/1/2024		315,000		322,087

4.50%, 9/1/2026		138,000		132,250

MPT Operating Partnership LP

6.38%, 3/1/2024		139,000		145,603

5.25%, 8/1/2026		122,000		123,525

5.00%, 10/15/2027		394,000		391,045

SBA Communications Corp.

4.88%, 7/15/2022		202,000		204,303

4.00%, 10/1/2022		229,000		226,710

4.88%, 9/1/2024		336,000		335,580

Uniti Group LP 6.00%, 4/15/2023 (a) (b)		150,000		139,125


				4,423,860


Food & Staples Retailing — 0.1%

Tesco plc (United Kingdom) 6.15%, 11/15/2037 (a)		105,000		109,696


Food Products — 1.9%

B&G Foods, Inc.

4.63%, 6/1/2021		192,000		191,760

5.25%, 4/1/2025		242,000		231,543

Lamb Weston Holdings, Inc.

4.63%, 11/1/2024 (a)		214,000		215,070

4.88%, 11/1/2026 (a)		214,000		214,267

Pilgrim’s Pride Corp.

5.75%, 3/15/2025 (a)		282,000		282,000

5.88%, 9/30/2027 (a)		217,000		213,203

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	43

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Food Products — continued

Post Holdings, Inc.

5.50%, 3/1/2025 (a)		276,000		276,690

5.00%, 8/15/2026 (a)		482,000		463,323

5.75%, 3/1/2027 (a)		361,000		356,036

5.63%, 1/15/2028 (a)		211,000		203,879

TreeHouse Foods, Inc. 6.00%, 2/15/2024 (a)		204,000		210,120


				2,857,891


Gas Utilities — 0.5%

AmeriGas Partners LP

5.63%, 5/20/2024		189,000		190,890

5.50%, 5/20/2025		193,000		191,070

5.88%, 8/20/2026		189,000		189,416

Suburban Propane Partners LP 5.50%, 6/1/2024		164,000		161,950


				733,326


Health Care Equipment & Supplies — 0.6%

Hologic, Inc. 4.38%, 10/15/2025 (a)		267,000		262,328

Mallinckrodt International Finance SA

4.88%, 4/15/2020 (a)		193,000		192,054

5.75%, 8/1/2022 (a) (b)		229,000		215,260

5.63%, 10/15/2023 (a) (b)		194,000		169,750

Teleflex, Inc. 4.63%, 11/15/2027		118,000		117,123


				956,515


Health Care Providers & Services — 6.0%

Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		175,000		173,688

Centene Corp.

5.63%, 2/15/2021		396,000		401,445

6.13%, 2/15/2024		258,000		269,932

4.75%, 1/15/2025		339,000		341,119

5.38%, 6/1/2026 (a)		483,000		501,113

DaVita, Inc.

5.75%, 8/15/2022		349,000		355,345

5.13%, 7/15/2024		494,000		489,060

5.00%, 5/1/2025		422,000		407,103

Encompass Health Corp. 5.75%, 11/1/2024		338,000		341,481

HCA, Inc.

7.50%, 2/15/2022		624,000		684,060

5.38%, 2/1/2025		775,000		803,823

5.63%, 9/1/2028		468,000		483,795

5.88%, 2/1/2029		119,000		124,801


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Providers & Services — continued

MEDNAX, Inc.

5.25%, 12/1/2023 (a)		106,000		107,192

6.25%, 1/15/2027 (a)		70,000		70,389

Molina Healthcare, Inc. 5.38%, 11/15/2022 (g)		205,000		211,342

Tenet Healthcare Corp.

6.00%, 10/1/2020		470,000		484,687

8.13%, 4/1/2022		831,000		887,092

6.75%, 6/15/2023 (b)		283,000		290,075

4.63%, 7/15/2024		538,000		534,638

5.13%, 5/1/2025		407,000		403,439

6.25%, 2/1/2027 (a)		260,000		267,638

WellCare Health Plans, Inc.

5.25%, 4/1/2025		346,000		353,248

5.38%, 8/15/2026 (a)		217,000		223,239


				9,209,744


Health Care Technology — 0.4%

IQVIA, Inc.

4.88%, 5/15/2023 (a)		207,000		210,105

5.00%, 10/15/2026 (a)		400,000		407,000


				617,105


Hotels, Restaurants & Leisure — 6.4%

1011778 BC ULC (Canada)

4.63%, 1/15/2022 (a)		351,000		352,316

4.25%, 5/15/2024 (a)		422,000		410,922

5.00%, 10/15/2025 (a)		822,000		797,135

Boyd Gaming Corp.

6.88%, 5/15/2023		202,000		211,090

6.38%, 4/1/2026		226,000		235,605

6.00%, 8/15/2026		191,000		195,894

Caesars Resort Collection LLC 5.25%, 10/15/2025 (a)		481,000		456,349

Eldorado Resorts, Inc.

6.00%, 4/1/2025		242,000		245,932

6.00%, 9/15/2026 (a)		84,000		85,470

Hilton Domestic Operating Co., Inc.

4.25%, 9/1/2024		298,000		293,530

5.13%, 5/1/2026 (a)		432,000		434,035

Hilton Worldwide Finance LLC

4.63%, 4/1/2025		244,000		242,780

4.88%, 4/1/2027		177,000		176,115

International Game Technology plc

6.25%, 2/15/2022 (a)		600,000		627,000

6.50%, 2/15/2025 (a)		400,000		425,500

6.25%, 1/15/2027 (a)		213,000		221,786

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Hotels, Restaurants & Leisure — continued

KFC Holding Co.

5.00%, 6/1/2024 (a)		294,000		297,757

5.25%, 6/1/2026 (a)		299,000		304,762

4.75%, 6/1/2027 (a)		200,000		196,940

MGM Resorts International

6.63%, 12/15/2021		346,000		369,397

7.75%, 3/15/2022		213,000		233,767

6.00%, 3/15/2023		350,000		366,188

5.75%, 6/15/2025		245,000		249,900

NCL Corp. Ltd. 4.75%, 12/15/2021 (a)		21,000		21,361

Sabre GLBL, Inc.

5.38%, 4/15/2023 (a)		153,000		156,060

5.25%, 11/15/2023 (a)		144,000		146,880

Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		355,000		343,906

Six Flags Entertainment Corp.

4.88%, 7/31/2024 (a)		286,000		281,710

5.50%, 4/15/2027 (a)		138,000		135,585

Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		280,000		286,527

Wyndham Destinations, Inc. 4.25%, 3/1/2022		172,000		171,149

Wynn Las Vegas LLC

4.25%, 5/30/2023 (a)		143,000		141,212

5.50%, 3/1/2025 (a)		506,000		503,622

5.25%, 5/15/2027 (a)		263,000		251,576


				9,869,758


Household Durables — 1.2%

Brookfield Residential Properties, Inc. (Canada)

6.50%, 12/15/2020 (a)		152,000		152,380

6.13%, 7/1/2022 (a)		153,000		152,044

Lennar Corp.

4.50%, 11/15/2019		23,000		23,086

4.13%, 1/15/2022		155,000		154,225

4.75%, 11/15/2022 (g)		26,000		26,577

4.50%, 4/30/2024		169,000		167,733

4.75%, 11/29/2027		241,000		234,071

MDC Holdings, Inc. 6.00%, 1/15/2043		144,000		122,400

PulteGroup, Inc.

4.25%, 3/1/2021		191,000		192,432

5.50%, 3/1/2026		216,000		217,620

5.00%, 1/15/2027		172,000		164,690

Taylor Morrison Communities, Inc. 5.25%, 4/15/2021 (a)		148,000		148,185


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Household Durables — continued

Tempur Sealy International, Inc. 5.50%, 6/15/2026		152,000		151,620


				1,907,063


Household Products — 0.5%

Energizer Holdings, Inc.

5.50%, 6/15/2025 (a)		168,000		164,220

6.38%, 7/15/2026 (a)		140,000		141,400

Spectrum Brands, Inc.

6.63%, 11/15/2022		151,000		154,397

5.75%, 7/15/2025		276,000		270,135


				730,152


Independent Power and Renewable Electricity Producers — 1.6%

AES Corp.

4.00%, 3/15/2021		70,000		70,218

4.88%, 5/15/2023		192,000		193,860

5.50%, 4/15/2025		141,000		145,406

Clearway Energy Operating LLC

5.38%, 8/15/2024		170,000		166,600

5.75%, 10/15/2025 (a)		150,000		147,375

NRG Energy, Inc.

7.25%, 5/15/2026		275,000		298,031

6.63%, 1/15/2027		350,000		372,750

5.75%, 1/15/2028		230,000		236,038

Vistra Energy Corp.

7.38%, 11/1/2022		457,000		474,137

7.63%, 11/1/2024		341,000		362,313


				2,466,728


Insurance — 0.1%

Genworth Holdings, Inc. 7.63%, 9/24/2021		179,000		174,570


Internet & Direct Marketing Retail — 0.3%

QVC, Inc.

4.38%, 3/15/2023		194,000		195,601

4.85%, 4/1/2024		156,000		156,977

4.45%, 2/15/2025		154,000		149,824


				502,402


IT Services — 2.1%

First Data Corp.

5.38%, 8/15/2023 (a)		359,000		367,437

5.00%, 1/15/2024 (a)		547,000		561,364

5.75%, 1/15/2024 (a)		633,000		653,313

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	45

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

IT Services — continued

VeriSign, Inc.

4.63%, 5/1/2023		216,000		219,685

5.25%, 4/1/2025		138,000		143,347

4.75%, 7/15/2027		158,000		156,025

Zayo Group LLC

6.00%, 4/1/2023		438,000		443,475

6.38%, 5/15/2025		257,000		255,073

5.75%, 1/15/2027 (a)		503,000		487,910


				3,287,629


Leisure Products — 0.3%

Mattel, Inc. 6.75%, 12/31/2025 (a)		421,000		414,685


Machinery — 0.5%

Novelis Corp.

6.25%, 8/15/2024 (a)		332,000		334,387

5.88%, 9/30/2026 (a)		437,000		426,075


				760,462


Media — 9.6%

Altice Financing SA (Luxembourg)

6.63%, 2/15/2023 (a)		600,000		616,494

7.50%, 5/15/2026 (a)		850,000		822,375

AMC Networks, Inc.

4.75%, 12/15/2022		155,000		157,131

5.00%, 4/1/2024		308,000		305,595

4.75%, 8/1/2025		218,000		212,005

Cablevision Systems Corp.

8.00%, 4/15/2020		70,000		73,346

5.88%, 9/15/2022		92,000		94,904

Clear Channel Worldwide Holdings, Inc.

Series A, 6.50%, 11/15/2022		196,000		200,165

Series B, 6.50%, 11/15/2022		561,000		573,622

CSC Holdings LLC

5.13%, 12/15/2021 (a)		413,000		414,297

5.38%, 7/15/2023 (a)		400,000		411,080

7.75%, 7/15/2025 (a)		400,000		427,000

10.88%, 10/15/2025 (a)		567,000		657,720

5.50%, 5/15/2026 (a)		400,000		406,000

5.50%, 4/15/2027 (a)		400,000		402,000

7.50%, 4/1/2028 (a)		400,000		422,000

DISH DBS Corp.

6.75%, 6/1/2021		572,000		584,870

5.88%, 7/15/2022		573,000		547,215

5.88%, 11/15/2024		570,000		480,054


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Media — continued

Gray Television, Inc.

5.13%, 10/15/2024 (a)		152,000		151,430

5.88%, 7/15/2026 (a)		202,000		204,020

7.00%, 5/15/2027 (a)		106,000		112,095

Lamar Media Corp.

5.00%, 5/1/2023		145,000		147,537

5.38%, 1/15/2024		142,000		145,905

Meredith Corp. 6.88%, 2/1/2026 (a)		393,000		405,890

Nexstar Broadcasting, Inc. 5.63%, 8/1/2024 (a)		249,000		247,132

Outfront Media Capital LLC

5.25%, 2/15/2022		146,000		148,234

5.63%, 2/15/2024		148,000		151,515

Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		247,000		255,877

Sinclair Television Group, Inc.

5.38%, 4/1/2021		152,000		152,190

6.13%, 10/1/2022		127,000		129,819

5.63%, 8/1/2024 (a)		150,000		151,500

Sirius XM Radio, Inc.

3.88%, 8/1/2022 (a)		305,000		303,002

6.00%, 7/15/2024 (a)		437,000		452,842

5.38%, 4/15/2025 (a)		36,000		36,686

5.00%, 8/1/2027 (a)		437,000		427,159

TEGNA, Inc.

5.13%, 7/15/2020		173,000		174,514

6.38%, 10/15/2023		188,000		193,640

Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028 (a)		400,000		385,000

Tribune Media Co. 5.88%, 7/15/2022		296,000		301,180

Unitymedia GmbH (Germany) 6.13%, 1/15/2025 (a)		400,000		414,000

Unitymedia Hessen GmbH & Co. KG (Germany) 5.00%, 1/15/2025 (a)		200,000		204,750

UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a)		200,000		205,500

UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025 (a)		400,000		410,324

Videotron Ltd. (Canada)

5.00%, 7/15/2022		221,000		225,973

5.13%, 4/15/2027 (a)		172,000		174,580

Ziggo Bond Co. BV (Netherlands) 6.00%, 1/15/2027 (a)		150,000		142,125

Ziggo BV (Netherlands) 5.50%, 1/15/2027 (a)		600,000		579,000


				14,841,292

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Metals & Mining — 3.5%

Alcoa Nederland Holding BV

6.75%, 9/30/2024 (a)		200,000		211,250

7.00%, 9/30/2026 (a)		200,000		214,000

6.13%, 5/15/2028 (a)		200,000		204,750

Allegheny Technologies, Inc.

5.95%, 1/15/2021		155,000		159,294

7.88%, 8/15/2023 (g)		167,000		182,915

Cleveland-Cliffs, Inc. 5.75%, 3/1/2025		315,000		307,912

Constellium NV

6.63%, 3/1/2025 (a)		250,000		251,875

5.88%, 2/15/2026 (a)		250,000		243,125

FMG Resources August 2006 Pty. Ltd. (Australia)

4.75%, 5/15/2022 (a)		200,000		200,000

5.13%, 3/15/2023 (a)		151,000		150,623

5.13%, 5/15/2024 (a)		226,000		223,740

Freeport-McMoRan, Inc.

3.55%, 3/1/2022		543,000		536,891

3.88%, 3/15/2023		555,000		546,941

5.45%, 3/15/2043		535,000		469,463

Hudbay Minerals, Inc. (Canada) 7.63%, 1/15/2025 (a)		84,000		87,045

Steel Dynamics, Inc.

5.13%, 10/1/2021		182,000		183,024

5.50%, 10/1/2024		139,000		142,822

Teck Resources Ltd. (Canada)

8.50%, 6/1/2024 (a)		173,000		185,759

6.13%, 10/1/2035		176,000		185,409

6.25%, 7/15/2041		243,000		253,570

United States Steel Corp.

6.88%, 8/15/2025		228,000		224,580

6.25%, 3/15/2026		195,000		184,519


				5,349,507


Mortgage Real Estate Investment Trusts (REITs) — 0.3%

Starwood Property Trust, Inc.

3.63%, 2/1/2021		127,000		126,206

5.00%, 12/15/2021		185,000		188,931

4.75%, 3/15/2025		107,000		104,090


				419,227


Oil, Gas & Consumable Fuels — 13.0%

Antero Resources Corp.

5.38%, 11/1/2021		287,000		288,076

5.13%, 12/1/2022		300,000		300,480

5.63%, 6/1/2023		201,000		201,503


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023 (b)		102,000		100,597

Cheniere Corpus Christi Holdings LLC

7.00%, 6/30/2024		415,000		459,612

5.88%, 3/31/2025		468,000		498,425

5.13%, 6/30/2027		468,000		477,360

Cheniere Energy Partners LP

5.25%, 10/1/2025		467,000		472,837

5.63%, 10/1/2026 (a)		346,000		352,488

Chesapeake Energy Corp.

7.00%, 10/1/2024 (b)		280,000		276,500

8.00%, 1/15/2025 (b)		385,000		391,256

8.00%, 6/15/2027 (b)		400,000		396,140

CNX Resources Corp. 5.88%, 4/15/2022		378,000		381,780

Continental Resources, Inc.

5.00%, 9/15/2022		450,000		454,493

4.50%, 4/15/2023		422,000		430,565

3.80%, 6/1/2024		276,000		271,859

4.38%, 1/15/2028		224,000		222,963

Crestwood Midstream Partners LP

6.25%, 4/1/2023 (g)		188,000		192,986

5.75%, 4/1/2025		135,000		135,886

DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022 (c) (d) (e)		107,000		102,939

DCP Midstream Operating LP

5.35%, 3/15/2020 (a)		156,000		158,730

3.88%, 3/15/2023		63,000		62,527

5.38%, 7/15/2025		257,000		267,280

(ICE LIBOR USD 3 Month + 3.85%), 5.85%, 5/21/2043 (a) (d)		162,000		143,370

Denbury Resources, Inc. 9.00%, 5/15/2021 (a)		145,000		146,269

Diamondback Energy, Inc.

4.75%, 11/1/2024		137,000		138,541

5.38%, 5/31/2025		225,000		232,875

Energy Transfer LP

7.50%, 10/15/2020		337,000		358,063

4.25%, 3/15/2023		279,000		282,543

5.88%, 1/15/2024		314,000		336,765

5.50%, 6/1/2027		56,000		58,800

Energy Transfer Operating LP

Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (c) (d) (e)		296,000		269,360

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (c) (d) (e)		160,000		145,600

EnLink Midstream Partners LP

4.40%, 4/1/2024		160,000		155,400

4.15%, 6/1/2025		206,000		196,215

5.45%, 6/1/2047		140,000		123,550

Genesis Energy LP

6.75%, 8/1/2022		194,000		197,395

6.50%, 10/1/2025		162,000		155,115

Gulfport Energy Corp.

6.00%, 10/15/2024		186,000		168,330

6.38%, 5/15/2025		164,000		146,780

Matador Resources Co. 5.88%, 9/15/2026		298,000		296,510

MEG Energy Corp. (Canada)

6.38%, 1/30/2023 (a) (b)		225,000		205,312

7.00%, 3/31/2024 (a)		275,000		251,625

6.50%, 1/15/2025 (a)		236,000		231,870

Murphy Oil Corp.

4.00%, 6/1/2022 (b)		10,000		9,914

4.45%, 12/1/2022 (g)		164,000		163,197

6.88%, 8/15/2024		160,000		169,243

5.75%, 8/15/2025		160,000		162,519

Newfield Exploration Co.

5.75%, 1/30/2022		200,000		210,500

5.63%, 7/1/2024		287,000		306,911

5.38%, 1/1/2026		189,000		199,395

NGL Energy Partners LP 7.50%, 11/1/2023		169,000		174,281

NuStar Logistics LP 5.63%, 4/28/2027		171,000		171,427

Oasis Petroleum, Inc. 6.88%, 3/15/2022		233,000		232,709

Parsley Energy LLC

5.38%, 1/15/2025 (a)		186,000		186,465

5.63%, 10/15/2027 (a)		218,000		215,820

PBF Holding Co. LLC 7.25%, 6/15/2025		203,000		208,176

PDC Energy, Inc. 5.75%, 5/15/2026		187,000		180,689

Peabody Energy Corp.

6.00%, 3/31/2022 (a)		139,000		140,216

6.38%, 3/31/2025 (a)		127,000		125,032

QEP Resources, Inc.

5.38%, 10/1/2022		155,000		152,287

5.25%, 5/1/2023		186,000		179,025

5.63%, 3/1/2026 (b)		138,000		129,375

Range Resources Corp.

5.00%, 8/15/2022		152,000		149,910


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

5.00%, 3/15/2023		206,000		199,047

4.88%, 5/15/2025 (b)		212,000		194,179

Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025 (a)		203,000		195,388

SM Energy Co.

6.13%, 11/15/2022		150,000		149,250

5.63%, 6/1/2025		140,000		130,900

6.75%, 9/15/2026		131,000		125,433

6.63%, 1/15/2027 (b)		156,000		148,590

Southwestern Energy Co.

6.20%, 1/23/2025 (g)		308,000		304,828

7.50%, 4/1/2026		174,000		180,960

7.75%, 10/1/2027		156,000		162,045

Sunoco LP

4.88%, 1/15/2023		312,000		315,900

5.50%, 2/15/2026		226,000		224,486

Tallgrass Energy Partners LP

4.75%, 10/1/2023 (a)		70,000		69,825

5.50%, 9/15/2024 (a)		200,000		204,310

5.50%, 1/15/2028 (a)		213,000		212,468

Targa Resources Partners LP

4.25%, 11/15/2023		144,000		142,200

6.75%, 3/15/2024		34,000		35,615

5.88%, 4/15/2026 (a)		283,000		294,320

6.50%, 7/15/2027 (a)		234,000		247,455

5.00%, 1/15/2028		198,000		192,307

6.88%, 1/15/2029 (a)		234,000		249,064

TerraForm Power Operating LLC

4.25%, 1/31/2023 (a)		122,000		120,867

5.00%, 1/31/2028 (a)		182,000		172,900

Whiting Petroleum Corp.

5.75%, 3/15/2021		229,000		231,576

6.63%, 1/15/2026		312,000		305,760

WPX Energy, Inc.

6.00%, 1/15/2022		165,000		170,363

8.25%, 8/1/2023		92,000		103,155

5.25%, 9/15/2024		172,000		171,355

5.75%, 6/1/2026		156,000		156,585


				20,015,792


Personal Products — 0.2%

Edgewell Personal Care Co.

4.70%, 5/19/2021		155,000		156,937

4.70%, 5/24/2022		120,000		120,730


				277,667

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Pharmaceuticals — 2.3%

Bausch Health Cos., Inc.

6.50%, 3/15/2022 (a)		247,000		255,954

5.88%, 5/15/2023 (a)		918,000		913,410

7.00%, 3/15/2024 (a)		564,000		594,315

6.13%, 4/15/2025 (a)		918,000		883,575

5.50%, 11/1/2025 (a)		363,000		366,176

Elanco Animal Health, Inc.

3.91%, 8/27/2021 (a)		70,000		70,762

4.27%, 8/28/2023 (a)		217,000		220,213

4.90%, 8/28/2028 (a)		217,000		224,814


				3,529,219


Real Estate Management & Development — 0.6%

Howard Hughes Corp. (The) 5.38%, 3/15/2025 (a)		284,000		281,279

Kennedy-Wilson, Inc. 5.88%, 4/1/2024		319,000		313,803

Realogy Group LLC

5.25%, 12/1/2021 (a)		146,000		145,635

4.88%, 6/1/2023 (a) (b)		135,000		122,513


				863,230


Road & Rail — 1.3%

Avis Budget Car Rental LLC 5.50%, 4/1/2023		179,000		181,014

Avolon Holdings Funding Ltd. (Ireland) 5.13%, 10/1/2023 (a)		142,000		143,420

Herc Rentals, Inc.

7.50%, 6/1/2022 (a) (b)		38,000		39,615

7.75%, 6/1/2024 (a) (b)		39,000		41,595

Hertz Corp. (The)

5.88%, 10/15/2020		169,000		169,000

7.63%, 6/1/2022 (a)		348,000		355,830

5.50%, 10/15/2024 (a)		205,000		174,250

Park Aerospace Holdings Ltd. (Ireland)

5.25%, 8/15/2022 (a)		497,000		508,784

4.50%, 3/15/2023 (a)		65,000		64,512

5.50%, 2/15/2024 (a)		365,000		377,319


				2,055,339


Semiconductors & Semiconductor Equipment — 0.1%

Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (a)		200,000		211,000


Software — 1.1%

CDK Global, Inc.

5.00%, 10/15/2024 (g)		144,000		146,160

5.88%, 6/15/2026		143,000		147,469

4.88%, 6/1/2027		172,000		169,026


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Software — continued

Nuance Communications, Inc. 5.63%, 12/15/2026		144,000		146,880

Open Text Corp. (Canada)

5.63%, 1/15/2023 (a)		238,000		244,247

5.88%, 6/1/2026 (a)		247,000		259,864

Symantec Corp.

4.20%, 9/15/2020		225,000		227,470

5.00%, 4/15/2025 (a)		324,000		322,774


				1,663,890



Specialty Retail — 0.8%

Bed Bath & Beyond, Inc. 5.17%, 8/1/2044		128,000		94,560

L Brands, Inc.

6.63%, 4/1/2021		214,000		222,560

5.63%, 2/15/2022		259,000		263,209

5.25%, 2/1/2028		87,000		75,255

6.88%, 11/1/2035		258,000		222,525

Penske Automotive Group, Inc.

5.75%, 10/1/2022		147,000		149,205

5.50%, 5/15/2026		116,000		113,819

Sally Holdings LLC 5.63%, 12/1/2025		26,000		25,512


				1,166,645


Technology Hardware, Storage & Peripherals — 2.2%

Dell International LLC

5.88%, 6/15/2021 (a)		300,000		305,911

7.13%, 6/15/2024 (a)		500,000		530,567

EMC Corp.

2.65%, 6/1/2020		575,000		569,138

3.38%, 6/1/2023		294,000		282,315

NCR Corp.

4.63%, 2/15/2021		138,000		137,310

5.00%, 7/15/2022		177,000		176,980

6.38%, 12/15/2023		204,000		206,952

Western Digital Corp. 4.75%, 2/15/2026		661,000		624,645

Xerox Corp.

4.50%, 5/15/2021		300,000		303,750

3.62%, 3/15/2023 (g)		300,000		294,375


				3,431,943


Textiles, Apparel & Luxury Goods — 0.3%

Hanesbrands, Inc.

4.63%, 5/15/2024 (a)		245,000		244,730

4.88%, 5/15/2026 (a)		272,000		267,920


				512,650

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan Disciplined High Yield ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Thrifts & Mortgage Finance — 0.5%

Ladder Capital Finance Holdings LLLP 5.25%, 3/15/2022 (a)		137,000		139,055

Nationstar Mortgage Holdings, Inc.

8.13%, 7/15/2023 (a)		275,000		279,812

9.13%, 7/15/2026 (a)		217,000		221,883

Nationstar Mortgage LLC 6.50%, 7/1/2021		170,000		170,495


				811,245


Tobacco — 0.1%

Vector Group Ltd. 6.13%, 2/1/2025 (a)		120,000		106,200


Trading Companies & Distributors — 1.1%

Beacon Roofing Supply, Inc. 4.88%, 11/1/2025 (a)		375,000		349,101

United Rentals North America, Inc.

4.63%, 7/15/2023		131,000		133,522

5.88%, 9/15/2026		260,000		266,175

6.50%, 12/15/2026		282,000		294,337

5.50%, 5/15/2027		261,000		261,000

4.88%, 1/15/2028		467,000		445,892


				1,750,027


Wireless Telecommunication Services — 4.0%

C&W Senior Financing DAC (Ireland)

7.50%, 10/15/2026 (a)		200,000		204,010

6.88%, 9/15/2027 (a)		200,000		196,000

Hughes Satellite Systems Corp.

6.50%, 6/15/2019		212,000		213,325

7.63%, 6/15/2021		245,000		262,762

5.25%, 8/1/2026		227,000		221,893

6.63%, 8/1/2026		195,000		191,831

Inmarsat Finance plc (United Kingdom) 4.88%, 5/15/2022 (a)		300,000		300,000

Millicom International Cellular SA (Colombia)

6.00%, 3/15/2025 (a)		200,000		203,000

5.13%, 1/15/2028 (a)		200,000		189,500

Sprint Corp.

7.88%, 9/15/2023		1,232,000		1,316,700

7.13%, 6/15/2024		746,000		770,790

T-Mobile USA, Inc.

6.38%, 3/1/2025 ‡		369,000		—

6.38%, 3/1/2025		524,000		545,287

6.50%, 1/15/2026 ‡		432,000		—

6.50%, 1/15/2026		621,000		662,918

4.75%, 2/1/2028 ‡		168,000		—

4.75%, 2/1/2028		456,000		441,180


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wireless Telecommunication Services — continued

Wind Tre SpA (Italy) 5.00%, 1/20/2026 (a)		600,000		517,260


				6,236,456


Total Corporate Bonds (Cost $152,254,667)				150,843,110


	SHARES
Short-Term Investments — 1.7%

Investment Companies — 1.7%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (h) (i) (Cost $2,621,250)		2,621,250		2,621,250

Investment of Cash Collateral from Securities Loaned — 2.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (h) (i) (Cost $4,202,920)		4,202,920		4,202,920

Total Investments — 102.0% (Cost $159,078,837)				157,667,280
Liabilities in Excess of Other Assets — (2.0%)				(3,096,895)

NET ASSETS — 100.0%				154,570,385

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


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

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		The security or a portion of this security is on loan at February 28, 2019. The total value of securities on loan at February 28, 2019 is $4,045,947.
(c)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2019.



(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		Amount rounds to less than 0.1% of net assets.
(g)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(h)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of February 28, 2019.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — 52.0%

Argentina — 0.1%

Pampa Energia SA 7.50%, 1/24/2027 (a)		150,000		135,089

YPF SA 6.95%, 7/21/2027 (b)		120,000		106,350


				241,439


Australia — 1.4%

Australia & New Zealand Banking Group Ltd.

3.63%, 7/18/2022 (a)		EUR 146,000		185,600

0.25%, 11/29/2022		EUR 550,000		627,055

(USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (b) (c) (d) (e)		200,000		210,100

Commonwealth Bank of Australia 0.38%, 4/24/2023 (a)		EUR 390,000		446,199

National Australia Bank Ltd.

0.25%, 3/28/2022 (a)		EUR 230,000		263,138

0.88%, 11/16/2022 (a)		EUR 276,000		322,230

Transurban Finance Co. Pty. Ltd. 2.00%, 8/28/2025 (a)		EUR 150,000		178,582

Westpac Banking Corp. 0.63%, 1/14/2022 (a)		EUR 280,000		323,604


				2,556,508


Azerbaijan — 0.2%

State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023 (a)		260,000		262,600


Bahrain — 0.1%

Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (a)		200,000		198,250


Belgium — 0.4%

Anheuser-Busch Cos. LLC

4.70%, 2/1/2036 (b)		20,000		19,358

4.90%, 2/1/2046 (b)		35,000		33,696

Anheuser-Busch InBev Worldwide, Inc.

4.15%, 1/23/2025		160,000		165,162

4.90%, 1/23/2031		95,000		99,464

Solvay Finance SA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (a) (c) (d) (e)		EUR 300,000		380,081


				697,761


Brazil — 0.5%

Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (b)		400,000		444,136

JSL Europe SA 7.75%, 7/26/2024 (a)		200,000		202,500

Votorantim Cimentos International SA 7.25%, 4/5/2041 (a)		200,000		219,000


				865,636


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


Canada — 1.8%

1011778 BC ULC 5.00%, 10/15/2025 (b)		15,000		14,546

Advanz Pharma Corp. 8.00%, 9/6/2024		20,000		19,050

Bank of Montreal 2.50%, 1/11/2022 (a)		450,000		445,424

Bank of Nova Scotia (The) 1.88%, 4/26/2021		456,000		446,222

Bombardier, Inc.

8.75%, 12/1/2021 (b)		77,000		84,700

6.00%, 10/15/2022 (b)		10,000		10,050

7.50%, 3/15/2025 (b)		57,000		57,071

7.88%, 4/15/2027 (b)		32,000		31,759

Cenovus Energy, Inc.

4.25%, 4/15/2027		27,000		25,712

6.75%, 11/15/2039		83,000		87,655

Emera US Finance LP 3.55%, 6/15/2026		216,000		207,202

Encana Corp.

6.50%, 8/15/2034		100,000		114,139

6.50%, 2/1/2038		25,000		27,770

Garda World Security Corp. 8.75%, 5/15/2025 (b)		99,000		94,793

Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (b)		49,000		50,960

Hudbay Minerals, Inc. 7.25%, 1/15/2023 (b)		20,000		20,600

Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (b)		16,000		16,120

Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (b)		39,000		33,345

Mattamy Group Corp. 6.50%, 10/1/2025 (b)		16,000		15,428

MEG Energy Corp.

6.38%, 1/30/2023 (b)		185,000		168,812

6.50%, 1/15/2025 (b)		25,000		24,563

NOVA Chemicals Corp.

4.88%, 6/1/2024 (b)		80,000		77,456

5.00%, 5/1/2025 (b)		55,000		52,525

5.25%, 6/1/2027 (b)		30,000		28,200

Open Text Corp. 5.88%, 6/1/2026 (b)		40,000		42,083

Precision Drilling Corp.

7.75%, 12/15/2023		65,000		65,650

7.13%, 1/15/2026 (b)		6,000		5,895

Quebecor Media, Inc. 5.75%, 1/15/2023		22,000		22,791

Royal Bank of Canada 3.35%, 10/22/2021 (a)		300,000		303,600

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

Canada — continued

Seven Generations Energy Ltd. 5.38%, 9/30/2025 (b)		24,000		23,100

Stars Group Holdings BV 7.00%, 7/15/2026 (b)		14,000		14,326

Teck Resources Ltd. 6.13%, 10/1/2035		52,000		54,780

Toronto-Dominion Bank (The) 2.50%, 1/18/2022 (a)		450,000		444,804

TransCanada PipeLines Ltd. 5.10%, 3/15/2049		35,000		36,269

Videotron Ltd.

5.38%, 6/15/2024 (b)		65,000		67,613

5.13%, 4/15/2027 (b)		40,000		40,600


				3,275,613


China — 0.3%

GCL New Energy Holdings Ltd. 7.10%, 1/30/2021 (a)		200,000		177,624

GOME Retail Holdings Ltd. 5.00%, 3/10/2020 (a)		200,000		191,585

Sino-Ocean Land Treasure III Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.26%), 4.90%, 9/21/2022 (a) (c) (d) (e)		200,000		161,000


				530,209


Denmark — 0.3%

Danske Bank A/S 5.00%, 1/12/2022 (b)		200,000		204,076

DKT Finance ApS 7.00%, 6/17/2023 (a)		EUR100,000		122,645

TDC A/S 3.75%, 3/2/2022 (f)		EUR200,000		251,754


				578,475


Finland — 0.1%

Nokia OYJ

2.00%, 3/15/2024 (a)		EUR100,000		116,753

4.38%, 6/12/2027		40,000		39,305


				156,058


France — 3.0%

Altice France SA

5.63%, 5/15/2024 (a)		EUR150,000		176,143

6.25%, 5/15/2024 (b)		200,000		200,000

7.38%, 5/1/2026 (b)		200,000		196,674

BPCE SA

5.15%, 7/21/2024 (b)		600,000		615,431

(EUR Swap Annual 5 Year + 2.37%), 2.75%, 11/30/2027 (a) (d)		EUR200,000		238,865


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


France — continued

Burger King France SAS 6.00%, 5/1/2024 (a)		EUR100,000		121,164

Casino Guichard Perrachon SA

4.56%, 1/25/2023 (a) (f)		EUR100,000		116,728

4.05%, 8/5/2026 (a) (f)		EUR100,000		107,769

Constantin Investissement 3 SASU 5.38%, 4/15/2025 (a)		EUR 100,000		110,337

Credit Agricole SA

(EUR Swap Annual 5 Year + 5.12%), 6.50%, 6/23/2021 (a) (c) (d) (e)		EUR300,000		368,960

2.38%, 7/1/2021 (b)		250,000		245,142

(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (b) (c) (d) (e)		200,000		223,056

Elis SA 1.88%, 2/15/2023 (a)		EUR300,000		346,814

Europcar Mobility Group 4.13%, 11/15/2024 (a)		EUR100,000		113,034

Faurecia SA 3.63%, 6/15/2023 (a)		EUR100,000		116,446

La Financiere Atalian SASU 4.00%, 5/15/2024 (a)		EUR200,000		178,041

Loxam SAS 4.25%, 4/15/2024 (a)		EUR150,000		178,712

Orano SA

4.38%, 11/6/2019 (a)		EUR50,000		58,323

3.13%, 3/20/2023 (a)		EUR300,000		348,769

Picard Groupe SAS (EURIBOR 3 Month + 3.00%), 3.00%, 11/30/2023 (a) (d)		EUR100,000		112,319

Rexel SA 2.63%, 6/15/2024 (a)		EUR300,000		349,766

Societe Generale SA (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (b) (c) (d) (e)		200,000		211,000

SPIE SA 3.13%, 3/22/2024 (a)		EUR200,000		232,428

TOTAL SA

(EUR Swap Annual 5 Year + 1.86%), 2.25%, 2/26/2021 (a) (c) (d) (e)		EUR125,000		145,815

(EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022 (a) (c) (d) (e)		EUR100,000		123,435

Vallourec SA 2.25%, 9/30/2024 (a)		EUR100,000		76,210


				5,311,381


Germany — 1.5%

CTC BondCo GmbH 5.25%, 12/15/2025 (a)		EUR200,000		222,239

Deutsche Bank AG 4.25%, 10/14/2021		100,000		99,373

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

Germany — continued

Douglas GmbH 6.25%, 7/15/2022 (a)		EUR100,000		108,058

IHO Verwaltungs GmbH

4.50% (cash), 5.50% (PIK), 9/15/2023 (b) (g)		200,000		193,580

3.75% (cash), 4.50% (PIK), 9/15/2026 (a) (g)		EUR225,000		255,542

K+S AG 3.25%, 7/18/2024 (a)		EUR100,000		115,878

Nidda BondCo GmbH 5.00%, 9/30/2025 (a)		EUR225,000		239,517

Nidda Healthcare Holding GmbH 3.50%, 9/30/2024 (a)		EUR200,000		225,175

ProGroup AG 3.00%, 3/31/2026 (a)		EUR125,000		145,025

Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a)		EUR250,000		291,100

thyssenkrupp AG

1.38%, 3/3/2022 (a)		EUR200,000		223,236

2.50%, 2/25/2025 (a)		EUR100,000		111,563

Unitymedia GmbH

3.75%, 1/15/2027 (a)		EUR200,000		238,705

Unitymedia Hessen GmbH & Co. KG 3.50%, 1/15/2027 (a)		EUR100,000		119,575

WEPA Hygieneprodukte GmbH 3.75%, 5/15/2024 (a)		EUR100,000		115,167


				2,703,733


Greece — 0.5%

Alpha Bank AE 2.50%, 2/5/2023 (a)		EUR440,000		507,126

Crystal Almond SARL 10.00%, 11/1/2021 (a)		EUR79,000		96,146

National Bank of Greece SA 2.75%, 10/19/2020 (a)		EUR 200,000		232,800

OTE plc 3.50%, 7/9/2020 (a)		EUR100,000		117,574


				953,646


Guatemala — 0.1%

Comunicaciones Celulares SA 6.88%, 2/6/2024 (a)		200,000		206,000


Hong Kong — 0.1%

WTT Investment Ltd. 5.50%, 11/21/2022 (b)		200,000		198,223


India — 0.2%

ABJA Investment Co. Pte. Ltd. 5.45%, 1/24/2028 (a)		260,000		236,600

JSW Steel Ltd. 5.25%, 4/13/2022 (a)		200,000		199,721


				436,321


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


Indonesia — 0.1%

Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023 (b)		230,000		242,823


Ireland — 1.5%

AerCap Ireland Capital DAC

4.63%, 7/1/2022		330,000		333,633

3.65%, 7/21/2027		180,000		162,240

Allied Irish Banks plc

(EUR Swap Annual 5 Year + 7.34%), 7.38%, 12/3/2020 (a) (c) (d) (e)		EUR200,000		244,267

(EUR Swap Annual 5 Year + 3.95%), 4.13%, 11/26/2025 (a) (d)		EUR100,000		117,415

Ardagh Packaging Finance plc

4.13%, 5/15/2023 (a)		EUR200,000		233,746

6.75%, 5/15/2024 (a)		EUR175,000		211,216

7.25%, 5/15/2024 (b)		210,000		218,925

Bank of Ireland (EUR Swap Annual 5 Year + 3.55%), 4.25%, 6/11/2024 (a) (d)		EUR100,000		114,493

eircom Finance DAC 4.50%, 5/31/2022 (a)		EUR200,000		232,061

James Hardie International Finance DAC 4.75%, 1/15/2025 (b)		200,000		193,000

Park Aerospace Holdings Ltd. 5.50%, 2/15/2024 (b)		129,000		133,354

Smurfit Kappa Acquisitions ULC 2.38%, 2/1/2024 (a)		EUR350,000		414,405


				2,608,755


Israel — 0.1%

Teva Pharmaceutical Finance Netherlands II BV 1.13%, 10/15/2024 (a)		EUR100,000		99,463

Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/1/2026		145,000		120,206


				219,669


Italy — 1.7%

Enel Finance International NV

5.63%, 8/14/2024 (a)		GBP50,000		75,809

3.50%, 4/6/2028 (b)		200,000		178,916

EVOCA SpA 7.00%, 10/15/2023 (a)		EUR200,000		240,534

Leonardo SpA 4.88%, 3/24/2025		EUR300,000		386,399

Nexi Capital SpA 4.13%, 11/1/2023 (a)		EUR200,000		233,860

Rossini SARL 6.75%, 10/30/2025 (b)		EUR250,000		295,990

Saipem Finance International BV 2.63%, 1/7/2025 (a)		EUR250,000		279,346

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

Italy — continued

Telecom Italia SpA

5.25%, 2/10/2022 (a)		EUR100,000		125,232

3.25%, 1/16/2023 (a)		EUR200,000		233,835

3.63%, 1/19/2024 (a)		EUR225,000		260,137

3.63%, 5/25/2026 (a)		EUR225,000		256,499

2.38%, 10/12/2027 (a)		EUR150,000		150,997

Wind Tre SpA

2.63%, 1/20/2023 (a)		EUR250,000		267,301

2.63%, 1/20/2023 (b)		EUR150,000		160,380


				3,145,235


Japan — 0.2%

Sumitomo Mitsui Banking Corp. 0.55%, 11/6/2023 (a)		EUR230,000		263,643


Kuwait — 0.3%

Kuwait Projects Co. SPC Ltd.

5.00%, 3/15/2023 (a)		200,000		203,250

4.50%, 2/23/2027 (a)		270,000		257,513


				460,763


Luxembourg — 1.5%

Altice Finco SA 4.75%, 1/15/2028 (a)		EUR225,000		216,897

Altice Luxembourg SA

7.25%, 5/15/2022 (a)		EUR375,000		425,975

6.25%, 2/15/2025 (a)		EUR150,000		152,276

INEOS Group Holdings SA

5.38%, 8/1/2024 (a)		EUR100,000		115,245

5.63%, 8/1/2024 (b)		200,000		193,750

Intelsat Connect Finance SA 9.50%, 2/15/2023 (b)		50,000		48,375

Intelsat Jackson Holdings SA

5.50%, 8/1/2023		80,000		73,400

8.00%, 2/15/2024 (b)		75,000		78,047

8.50%, 10/15/2024 (b)		89,000		89,863

9.75%, 7/15/2025 (b)		120,000		124,500

Intelsat Luxembourg SA

7.75%, 6/1/2021		4,000		3,900

8.13%, 6/1/2023		16,000		13,360

Matterhorn Telecom Holding SA 4.88%, 5/1/2023 (a)		EUR300,000		326,723

SES SA (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022 (a) (c) (d) (e)		EUR350,000		414,032

Telenet Finance VI Luxembourg SCA 4.88%, 7/15/2027 (a)		EUR270,000		329,695


				2,606,038


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


Mexico — 0.5%

Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022 (b) (c) (d) (e)		200,000		197,000

BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b) (d)		200,000		179,557

Cemex SAB de CV 7.75%, 4/16/2026 (b)		200,000		217,362

Petroleos Mexicanos 6.38%, 2/4/2021		260,000		267,485


				861,404


Morocco — 0.1%

OCP SA 4.50%, 10/22/2025 (a)		250,000		248,250


Netherlands — 1.4%

ABN AMRO Bank NV 4.75%, 7/28/2025 (b)		200,000		203,737

ING Bank NV 2.63%, 12/5/2022 (a)		460,000		454,683

ING Groep NV

(USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (a) (c) (d) (e)		220,000		228,720

(EUR Swap Annual 5 Year + 2.85%), 3.00%, 4/11/2028 (d)		EUR100,000		120,172

Promontoria Holding 264 BV 6.75%, 8/15/2023 (a)		EUR100,000		115,337

Sigma Holdco BV 5.75%, 5/15/2026 (a)		EUR225,000		238,971

Sunshine Mid BV 6.50%, 5/15/2026 (b)		EUR200,000		224,323

UPCB Finance IV Ltd. 4.00%, 1/15/2027 (a)		EUR270,000		321,331

Ziggo Bond Co. BV 4.63%, 1/15/2025 (a)		EUR300,000		348,845

Ziggo BV 4.25%, 1/15/2027 (a)		EUR200,000		233,985


				2,490,104


New Zealand — 0.2%

Westpac Securities NZ Ltd. 0.25%, 4/6/2022 (a)		EUR253,000		288,868


Peru — 0.3%

Nexa Resources SA 5.38%, 5/4/2027 (a)		400,000		403,760

Southern Copper Corp. 5.88%, 4/23/2045		140,000		149,975


				553,735

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

Portugal — 0.2%

EDP — Energias de Portugal SA (EUR Swap Annual 5 Year + 5.04%), 5.38%, 9/16/2075 (a) (d)		EUR100,000		121,605

EDP Finance BV 2.38%, 3/23/2023 (a)		EUR200,000		242,613


				364,218


Qatar — 0.1%

ABQ Finance Ltd. 3.50%, 2/22/2022 (a)		200,000		197,500

Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (a)		55,150		55,839


				253,339


Singapore — 0.3%

DBS Bank Ltd. 3.30%, 11/27/2021 (a)		200,000		199,880

Oversea-Chinese Banking Corp. Ltd. 0.38%, 3/1/2023 (a)		EUR230,000		263,171


				463,051


Spain — 1.5%

Bankinter SA (EUR Swap Annual 5 Year + 2.40%), 2.50%, 4/6/2027 (a) (d)		EUR100,000		114,744

CaixaBank SA

(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024 (a) (c) (d) (e)		EUR200,000		237,808

(EUR Swap Annual 5 Year + 3.35%), 3.50%, 2/15/2027 (a) (d)		EUR200,000		236,517

Cellnex Telecom SA 2.88%, 4/18/2025 (a)		EUR100,000		117,737

Cirsa Finance International SARL 6.25%, 12/20/2023 (b)		EUR200,000		238,873

eDreams ODIGEO SA 5.50%, 9/1/2023 (b)		EUR200,000		217,822

Grifols SA 3.20%, 5/1/2025 (a)		EUR200,000		229,510

Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075 (a) (d)		EUR200,000		244,552

Telefonica Europe BV

(EUR Swap Annual 6 Year + 3.80%), 5.00%, 3/31/2020 (a) (c) (d) (e)		EUR200,000		237,518

(EUR Swap Annual 5 Year + 3.86%), 3.75%, 3/15/2022 (a) (c) (d) (e)		EUR400,000		470,904


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


Spain — continued

(EUR Swap Annual 5 Year + 2.33%), 2.63%, 6/7/2023 (a) (c) (d) (e)		EUR200,000		218,770

Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 12/4/2023 (a) (c) (d) (e)		EUR100,000		110,704


				2,675,459


Sweden — 1.2%

Nordea Hypotek AB Series 5531, 1.00%, 4/8/2022 (a)		SEK7,000,000		774,446

Stadshypotek AB Series 1586, 4.50%, 9/21/2022 (a)		SEK6,000,000		743,657

Telefonaktiebolaget LM Ericsson 1.88%, 3/1/2024 (a)		EUR225,000		257,348

Verisure Midholding AB 5.75%, 12/1/2023 (a)		EUR200,000		230,457

Volvo Car AB

3.25%, 5/18/2021 (a)		EUR100,000		119,432

2.00%, 1/24/2025 (a)		EUR100,000		111,044


				2,236,384


Switzerland — 1.2%

Credit Suisse Group AG

(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (b) (c) (d) (e)		650,000		695,159

4.28%, 1/9/2028 (b)		250,000		248,963

Dufry One BV 2.50%, 10/15/2024 (a)		EUR100,000		115,443

Glencore Finance Europe Ltd. 6.00%, 4/3/2022 (a) (f)		GBP100,000		146,105

UBS Group Funding Switzerland AG

(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (a) (c) (d) (e)		EUR600,000		745,081

(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (c) (d) (e)		200,000		212,250


				2,163,001


Turkey — 0.3%

Petkim Petrokimya Holding A/S 5.88%, 1/26/2023 (a)		260,000		247,325

Turkiye Garanti Bankasi A/S 5.25%, 9/13/2022 (a)		210,000		203,438


				450,763


United Arab Emirates — 0.0% (h)

Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (b)		79,000		75,445

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United Kingdom — 3.5%

Algeco Global Finance plc 6.50%, 2/15/2023 (a)		EUR200,000		232,608

Barclays plc (EUR Swap Annual 5 Year + 2.45%), 2.63%, 11/11/2025 (a) (d)		EUR100,000		114,220

BAT Capital Corp.

3.56%, 8/15/2027		270,000		246,755

4.39%, 8/15/2037		315,000		262,900

Corral Petroleum Holdings AB 11.75% (cash), 5/15/2021 (a) (g) (i)		EUR100,000		121,316

CPUK Finance Ltd. 4.25%, 8/28/2022 (a)		GBP100,000		131,269

EC Finance plc 2.38%, 11/15/2022 (a)		EUR300,000		343,438

Fiat Chrysler Automobiles NV 3.75%, 3/29/2024 (a)		EUR100,000		122,418

Fiat Chrysler Finance Europe SA

4.75%, 3/22/2021 (a)		EUR225,000		275,579

4.75%, 7/15/2022 (a)		EUR100,000		125,127

HSBC Holdings plc

3.40%, 3/8/2021		280,000		281,460

(ICE LIBOR USD 3 Month + 1.00%), 3.68%, 5/18/2024 (d)		237,000		234,769

(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (c) (d) (e)		200,000		204,000

Iceland Bondco plc 4.63%, 3/15/2025 (b)		GBP100,000		116,276

Lloyds Banking Group plc 4.58%, 12/10/2025		200,000		197,413

Merlin Entertainments plc 2.75%, 3/15/2022 (a)		EUR100,000		118,340

Nomad Foods Bondco plc 3.25%, 5/15/2024 (a)		EUR200,000		232,339

Royal Bank of Scotland Group plc

(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (c) (d) (e)		200,000		214,460

(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (d)		235,000		231,713

6.10%, 6/10/2023		30,000		31,469

Santander UK Group Holdings plc 3.57%, 1/10/2023		400,000		394,169

Sky Ltd.

1.50%, 9/15/2021 (a)		EUR200,000		234,099

2.25%, 11/17/2025 (a)		EUR200,000		243,756

Standard Chartered plc (USD Swap Semi 5 Year + 5.72%), 7.75%, 4/2/2023 (b) (c) (d) (e)		200,000		209,500


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)

United Kingdom — continued

Synlab Unsecured Bondco plc 8.25%, 7/1/2023 (a)		EUR200,000		242,031

Tesco Corporate Treasury Services plc

2.13%, 11/12/2020 (a)		EUR250,000		290,836

2.50%, 7/1/2024 (a)		EUR300,000		356,375

Virgin Media Finance plc 4.50%, 1/15/2025 (a)		EUR200,000		236,272

Virgin Media Secured Finance plc 5.50%, 8/15/2026 (b)		200,000		199,000

Worldpay Finance plc 3.75%, 11/15/2022 (a)		EUR100,000		122,446


				6,366,353


United States — 25.2%

21st Century Fox America, Inc. 4.95%, 10/15/2045		120,000		133,581

Abbott Ireland Financing DAC 1.50%, 9/27/2026 (a)		EUR200,000		230,363

Acadia Healthcare Co., Inc. 6.50%, 3/1/2024		54,000		53,730

ACCO Brands Corp. 5.25%, 12/15/2024 (b)		120,000		117,900

ACE Cash Express, Inc. 12.00%, 12/15/2022 (b)		23,000		21,879

ADT Security Corp. (The) 4.13%, 6/15/2023		74,000		72,612

AES Corp. 5.50%, 4/15/2025		15,000		15,469

Ahern Rentals, Inc. 7.38%, 5/15/2023 (b)		30,000		27,675

Air Lease Corp. 3.00%, 9/15/2023		45,000		43,185

Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (b)		70,000		59,500

AK Steel Corp.

6.38%, 10/15/2025		20,000		16,600

7.00%, 3/15/2027		18,000		15,120

Albertsons Cos. LLC

6.63%, 6/15/2024		124,000		124,000

5.75%, 3/15/2025		25,000		23,812

Alliance Data Systems Corp. 5.38%, 8/1/2022 (b)		47,000		47,705

Allison Transmission, Inc.

5.00%, 10/1/2024 (b)		20,000		20,125

4.75%, 10/1/2027 (b)		50,000		47,875

Ally Financial, Inc. 4.63%, 5/19/2022		174,000		177,262

Altria Group, Inc.

4.00%, 1/31/2024		40,000		40,377

1.70%, 6/15/2025		EUR300,000		340,314

2.20%, 6/15/2027		EUR 250,000		283,460

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United States — continued

4.25%, 8/9/2042		15,000		12,115

3.88%, 9/16/2046		115,000		87,152

AMC Entertainment Holdings, Inc.

5.75%, 6/15/2025		146,000		134,685

5.88%, 11/15/2026		18,000		16,202

6.13%, 5/15/2027		19,000		17,029

AMC Networks, Inc. 5.00%, 4/1/2024		119,000		118,071

American Axle & Manufacturing, Inc.

6.63%, 10/15/2022		241,000		246,724

6.25%, 4/1/2025		11,000		10,974

6.50%, 4/1/2027		43,000		42,462

American Tower Corp.

REIT, 5.00%, 2/15/2024		570,000		604,102

REIT, 1.38%, 4/4/2025		EUR140,000		157,386

American Woodmark Corp. 4.88%, 3/15/2026 (b)		95,000		92,625

AmeriGas Partners LP 5.50%, 5/20/2025		35,000		34,650

Amkor Technology, Inc. 6.38%, 10/1/2022		130,000		130,975

Antero Resources Corp. 5.13%, 12/1/2022		134,000		134,214

Anthem, Inc. 3.50%, 8/15/2024		110,000		109,890

Aramark International Finance SARL 3.13%, 4/1/2025 (a)		EUR100,000		118,326

Arconic, Inc. 5.90%, 2/1/2027		60,000		59,700

AT&T, Inc. 4.75%, 5/15/2046		75,000		69,638

Avantor, Inc. 6.00%, 10/1/2024 (b)		200,000		204,000

Avis Budget Car Rental LLC

6.38%, 4/1/2024 (b)		55,000		56,100

5.25%, 3/15/2025 (b)		141,000		133,950

Avis Budget Finance plc 4.13%, 11/15/2024 (a)		EUR100,000		117,692

Axalta Coating Systems LLC 4.25%, 8/15/2024 (a)		EUR100,000		118,579

B&G Foods, Inc. 5.25%, 4/1/2025		20,000		19,136

Ball Corp. 4.38%, 12/15/2023		EUR250,000		323,599

Banff Merger Sub, Inc. 9.75%, 9/1/2026 (b)		35,000		33,906

Bank of America Corp.

2.63%, 4/19/2021		270,000		268,243

(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022 (d)		180,000		178,572

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		810,000		799,468


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (c) (d) (e)		230,000		250,470

Series L, 4.18%, 11/25/2027		180,000		179,156

Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (c) (d) (e)		335,000		327,660

Bausch Health Cos., Inc.

6.50%, 3/15/2022 (b)		74,000		76,683

4.50%, 5/15/2023 (a)		EUR300,000		343,756

5.88%, 5/15/2023 (b)		250,000		248,750

7.00%, 3/15/2024 (b)		75,000		79,031

6.13%, 4/15/2025 (b)		445,000		428,312

Becton Dickinson and Co. 1.40%, 5/24/2023		EUR100,000		115,545

Belden, Inc. 3.38%, 7/15/2027 (a)		EUR300,000		341,208

Berry Global, Inc.

5.13%, 7/15/2023		25,000		25,031

4.50%, 2/15/2026 (b)		13,000		12,301

Big River Steel LLC 7.25%, 9/1/2025 (b)		10,000		10,362

Blue Racer Midstream LLC 6.13%, 11/15/2022 (b)		80,000		81,100

Boston Scientific Corp.

3.75%, 3/1/2026		110,000		109,977

4.00%, 3/1/2029		280,000		280,060

Boyd Gaming Corp.

6.88%, 5/15/2023		80,000		83,600

6.38%, 4/1/2026		89,000		92,782

Boyne USA, Inc. 7.25%, 5/1/2025 (b)		35,000		37,450

Brink’s Co. (The) 4.63%, 10/15/2027 (b)		12,000		11,430

Bristow Group, Inc. 6.25%, 10/15/2022		8,000		2,400

Broadcom Corp. 3.63%, 1/15/2024		210,000		204,082

Buckeye Partners LP

4.15%, 7/1/2023		171,000		169,965

3.95%, 12/1/2026		30,000		28,055

(ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (d)		45,000		39,038

BWAY Holding Co. 5.50%, 4/15/2024 (b)		75,000		73,945

Cablevision Systems Corp. 8.00%, 4/15/2020		119,000		124,688

California Resources Corp. 8.00%, 12/15/2022 (b)		22,000		17,572

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United States — continued

Callon Petroleum Co. 6.13%, 10/1/2024		45,000		45,337

Calpine Corp. 5.25%, 6/1/2026 (b)		69,000		67,534

Camelot Finance SA 7.88%, 10/15/2024 (b)		30,000		31,320

Capital One Financial Corp. 3.80%, 1/31/2028		180,000		172,983

Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		47,000		46,354

Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (b)		15,000		14,850

CBS Radio, Inc. 7.25%, 11/1/2024 (b)		20,000		19,825

CCO Holdings LLC

5.88%, 4/1/2024 (b)		139,000		144,734

5.75%, 2/15/2026 (b)		501,000		519,181

5.13%, 5/1/2027 (b)		140,000		137,375

Centene Corp. 6.13%, 2/15/2024		48,000		50,220

Central Garden & Pet Co.

6.13%, 11/15/2023		20,000		20,750

5.13%, 2/1/2028		95,000		87,875

CenturyLink, Inc.

Series S, 6.45%, 6/15/2021		70,000		72,713

Series T, 5.80%, 3/15/2022		60,000		61,575

Series W, 6.75%, 12/1/2023		80,000		83,075

CF Industries, Inc. 4.50%, 12/1/2026 (b)		190,000		188,337

Charter Communications Operating LLC

4.91%, 7/23/2025		279,000		289,021

5.38%, 5/1/2047		138,000		130,841

Chemours Co. (The)

6.63%, 5/15/2023		40,000		41,502

7.00%, 5/15/2025		17,000		17,723

4.00%, 5/15/2026		EUR100,000		113,075

Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		39,000		41,535

Cheniere Energy Partners LP 5.25%, 10/1/2025		30,000		30,375

Chesapeake Energy Corp.

7.00%, 10/1/2024		40,000		39,500

8.00%, 1/15/2025		32,000		32,520

8.00%, 6/15/2027		134,000		132,707

Cincinnati Bell, Inc. 7.00%, 7/15/2024 (b)		134,000		121,270

Cinemark USA, Inc. 4.88%, 6/1/2023		25,000		25,025


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

CITGO Petroleum Corp. 6.25%, 8/15/2022 (b)		27,000		26,899

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (d)		100,000		99,623

Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (c) (d) (e)		190,000		191,425

Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (c) (d) (e)		200,000		210,232

Clear Channel Worldwide Holdings, Inc.

Series B, 7.63%, 3/15/2020		125,000		125,062

Series B, 6.50%, 11/15/2022		450,000		460,125

9.25%, 2/15/2024 (b)		100,000		104,875

Clearwater Paper Corp. 4.50%, 2/1/2023		32,000		30,400

Clearway Energy Operating LLC 5.00%, 9/15/2026		44,000		41,030

Cleveland-Cliffs, Inc.

4.88%, 1/15/2024 (b)		15,000		14,962

5.75%, 3/1/2025		10,000		9,775

CNG Holdings, Inc. 9.38%, 5/15/2020 (b)		60,000		58,875

CNO Financial Group, Inc. 5.25%, 5/30/2025		15,000		15,375

CNX Midstream Partners LP 6.50%, 3/15/2026 (b)		20,000		19,650

CNX Resources Corp. 5.88%, 4/15/2022		21,000		21,210

Cogent Communications Finance, Inc. 5.63%, 4/15/2021 (b)		40,000		40,300

Cogent Communications Group, Inc. 5.38%, 3/1/2022 (b)		25,000		25,437

Comcast Corp.

3.95%, 10/15/2025		250,000		257,647

3.20%, 7/15/2036		170,000		148,736

4.60%, 8/15/2045		105,000		106,010

4.00%, 3/1/2048		90,000		84,145

4.70%, 10/15/2048		120,000		124,936

Commercial Metals Co. 4.88%, 5/15/2023		30,000		29,400

CommScope Technologies LLC 6.00%, 6/15/2025 (b)		289,000		272,382

Community Health Systems, Inc.

5.13%, 8/1/2021		33,000		32,381

6.25%, 3/31/2023		21,000		20,212

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United States — continued

8.63%, 1/15/2024 (b)		37,000		38,018

8.13%, 6/30/2024 (b)		60,000		49,950

Concho Resources, Inc. 3.75%, 10/1/2027		53,000		51,357

Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (b)		26,000		24,895

Constellium NV 4.25%, 2/15/2026 (a)		EUR200,000		227,037

Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (b)		105,000		94,106

Coty, Inc. 6.50%, 4/15/2026 (b)		50,000		48,185

Covanta Holding Corp. 5.88%, 7/1/2025		14,000		13,965

Crestwood Midstream Partners LP 5.75%, 4/1/2025		30,000		30,197

Crown Americas LLC 4.25%, 9/30/2026		74,000		71,225

Crown European Holdings SA

4.00%, 7/15/2022 (a)		EUR350,000		433,937

2.63%, 9/30/2024 (a)		EUR125,000		147,158

CSC Holdings LLC 6.63%, 10/15/2025 (b)		210,000		221,550

CSI Compressco LP 7.50%, 4/1/2025 (b)		10,000		9,700

Curo Group Holdings Corp. 8.25%, 9/1/2025 (b)		110,000		94,240

CVR Partners LP 9.25%, 6/15/2023 (b)		93,000		98,106

CVS Health Corp.

4.30%, 3/25/2028		100,000		100,068

4.78%, 3/25/2038		65,000		63,230

Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (b)		105,000		107,100

Darling Global Finance BV 3.63%, 5/15/2026 (a)		EUR125,000		146,249

DaVita, Inc. 5.13%, 7/15/2024		82,000		81,180

DCP Midstream Operating LP 3.88%, 3/15/2023		74,000		73,445

Delek Logistics Partners LP 6.75%, 5/15/2025		29,000		27,840

Dell International LLC

7.13%, 6/15/2024 (b)		37,000		39,262

6.02%, 6/15/2026 (b)		255,000		270,422

Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		15,000		14,175

DISH DBS Corp.

6.75%, 6/1/2021		10,000		10,225

5.88%, 7/15/2022		157,000		149,935


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

5.00%, 3/15/2023		100,000		88,375

5.88%, 11/15/2024		415,000		349,513

7.75%, 7/1/2026		122,000		105,530

Dole Food Co., Inc. 7.25%, 6/15/2025 (b)		39,000		35,086

Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (b)		60,000		61,050

Eldorado Resorts, Inc. 7.00%, 8/1/2023		40,000		41,900

Encompass Health Corp.

5.75%, 11/1/2024		85,000		85,875

5.75%, 9/15/2025		105,000		106,050

Endo Finance LLC 5.75%, 1/15/2022 (b)		67,000		62,812

Energizer Holdings, Inc. 5.50%, 6/15/2025 (b)		70,000		68,425

EnLink Midstream Partners LP

4.40%, 4/1/2024		20,000		19,425

4.15%, 6/1/2025		20,000		19,050

5.60%, 4/1/2044		20,000		17,650

Ensco plc 5.20%, 3/15/2025		11,000		8,442

Entegris, Inc. 4.63%, 2/10/2026 (b)		65,000		63,862

Enterprise Development Authority (The) 12.00%, 7/15/2024 (b)		85,000		85,637

Enterprise Products Operating LLC

Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (d)		125,000		114,638

(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (d)		28,000		24,513

Envision Healthcare Corp. 8.75%, 10/15/2026 (b)		130,000		117,325

EP Energy LLC

9.38%, 5/1/2024 (b)		34,000		15,895

8.00%, 11/29/2024 (b)		87,000		61,335

7.75%, 5/15/2026 (b)		161,000		142,686

Equinix, Inc.

REIT, 5.38%, 4/1/2023		60,000		61,050

REIT, 2.88%, 10/1/2025		EUR225,000		262,608

REIT, 5.88%, 1/15/2026		115,000		120,463

ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (b)		133,000		132,335

Exela Intermediate LLC 10.00%, 7/15/2023 (b)		56,000		57,120

Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (b)		32,000		31,480

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United States — continued

First Data Corp.

5.38%, 8/15/2023 (b)		190,000		194,465

5.75%, 1/15/2024 (b)		60,000		61,925

FirstCash, Inc. 5.38%, 6/1/2024 (b)		15,000		15,192

FirstEnergy Corp. Series B, 3.90%, 7/15/2027		295,000		292,066

Fox Corp.

4.03%, 1/25/2024 (b)		90,000		91,722

4.71%, 1/25/2029 (b)		40,000		41,462

Freeport-McMoRan, Inc.

3.55%, 3/1/2022		59,000		58,336

3.88%, 3/15/2023		25,000		24,637

Frontier Communications Corp.

8.75%, 4/15/2022		35,000		23,888

8.50%, 4/1/2026 (b)		160,000		148,800

FXI Holdings, Inc. 7.88%, 11/1/2024 (b)		14,000		13,405

GCI LLC 6.88%, 4/15/2025		90,000		91,800

GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		200,000		180,656

General Electric Co.

1.50%, 5/17/2029		EUR100,000		106,484

2.13%, 5/17/2037		EUR100,000		98,780

4.50%, 3/11/2044		120,000		107,420

General Motors Co. 5.15%, 4/1/2038		115,000		103,288

General Motors Financial Co., Inc. 4.00%, 1/15/2025		330,000		316,969

Genesis Energy LP 5.63%, 6/15/2024		35,000		32,578

GEO Group, Inc. (The) REIT, 5.88%, 10/15/2024		100,000		94,750

Gilead Sciences, Inc. 4.00%, 9/1/2036		20,000		18,638

Global Partners LP

6.25%, 7/15/2022		25,000		24,500

7.00%, 6/15/2023		25,000		24,719

Goldman Sachs Group, Inc. (The)

Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (c) (d) (e)		170,000		156,400

(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		205,000		200,757

(ICE LIBOR USD 3 Month + 1.60%), 4.23%, 11/29/2023 (d)		130,000		132,900

(ICE LIBOR USD 3 Month + 1.17%), 3.85%, 5/15/2026 (d)		201,000		196,242


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (c) (d) (e)		190,000		188,986

(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (d)		67,000		65,218

Goodyear Tire & Rubber Co. (The)

5.00%, 5/31/2026		94,000		89,182

4.88%, 3/15/2027		21,000		19,320

Gray Television, Inc. 7.00%, 5/15/2027 (b)		60,000		63,450

Gulfport Energy Corp. 6.00%, 10/15/2024		78,000		70,590

H&E Equipment Services, Inc. 5.63%, 9/1/2025		15,000		14,850

Hanesbrands, Inc. 4.88%, 5/15/2026 (b)		51,000		50,235

Harris Corp. 4.85%, 4/27/2035		185,000		190,925

HCA, Inc.

5.88%, 3/15/2022		82,000		87,248

5.88%, 5/1/2023		82,000		86,715

5.38%, 2/1/2025		130,000		134,835

5.88%, 2/15/2026		375,000		396,094

5.63%, 9/1/2028		4,000		4,135

5.88%, 2/1/2029		16,000		16,780

Hertz Corp. (The)

7.38%, 1/15/2021		24,000		24,000

7.63%, 6/1/2022 (b)		6,000		6,135

5.50%, 10/15/2024 (b)		213,000		181,050

Hertz Holdings Netherlands BV 4.13%, 10/15/2021 (a)		EUR125,000		145,110

Hilcorp Energy I LP

5.00%, 12/1/2024 (b)		23,000		22,080

6.25%, 11/1/2028 (b)		25,000		24,500

Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026 (b)		5,000		5,024

Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		23,000		23,690

Hilton Worldwide Finance LLC

4.63%, 4/1/2025		65,000		64,675

4.88%, 4/1/2027		34,000		33,830

Holly Energy Partners LP 6.00%, 8/1/2024 (b)		16,000		16,400

Home Depot, Inc. (The) 3.90%, 12/6/2028		140,000		145,074

Hughes Satellite Systems Corp. 5.25%, 8/1/2026		104,000		101,660

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United States — continued

Huntsman International LLC 5.13%, 4/15/2021		EUR100,000		123,641

Icahn Enterprises LP 6.00%, 8/1/2020		45,000		45,450

IHS Markit Ltd. 4.00%, 3/1/2026 (b)		21,000		20,398

Infor Software Parent LLC 7.13% (cash), 5/1/2021 (b) (g)		58,000		58,232

Infor US, Inc. 6.50%, 5/15/2022		141,000		143,788

Intel Corp. 2.60%, 5/19/2026		15,000		14,372

International Game Technology plc 4.75%, 2/15/2023 (a)		EUR200,000		247,673

IQVIA, Inc.

3.50%, 10/15/2024 (a)		EUR250,000		291,471

3.25%, 3/15/2025 (a)		EUR200,000		232,328

IRB Holding Corp. 6.75%, 2/15/2026 (b)		58,000		54,810

Iron Mountain, Inc.

REIT, 5.75%, 8/15/2024		58,000		58,145

REIT, 3.00%, 1/15/2025 (a)		EUR100,000		112,890

ITC Holdings Corp. 3.35%, 11/15/2027		140,000		134,678

Jack Ohio Finance LLC 6.75%, 11/15/2021 (b)		40,000		41,200

JBS USA LUX SA 6.75%, 2/15/2028 (b)		80,000		82,744

JELD-WEN, Inc. 4.63%, 12/15/2025 (b)		70,000		65,888

Kaiser Aluminum Corp. 5.88%, 5/15/2024		10,000		10,225

Kennedy-Wilson, Inc. 5.88%, 4/1/2024		14,000		13,772

Kinetic Concepts, Inc. 7.88%, 2/15/2021 (b)		90,000		91,913

Kraft Heinz Foods Co. 4.38%, 6/1/2046		55,000		45,572

Kroger Co. (The) 2.65%, 10/15/2026		135,000		121,568

Kronos International, Inc. 3.75%, 9/15/2025 (b)		EUR100,000		104,645

L Brands, Inc.

5.63%, 10/15/2023		45,000		44,663

5.25%, 2/1/2028		18,000		15,570

Lamar Media Corp. 5.75%, 2/1/2026		50,000		52,313

Lennar Corp. 5.88%, 11/15/2024		48,000		50,400

Level 3 Financing, Inc. 5.25%, 3/15/2026		61,000		59,856

Level 3 Parent LLC 5.75%, 12/1/2022		175,000		176,969


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

Liberty Mutual Group, Inc. 7.80%, 3/15/2037 (b)		15,000		17,100

LKQ Italia Bondco SpA 3.88%, 4/1/2024 (a)		EUR100,000		120,177

LPL Holdings, Inc. 5.75%, 9/15/2025 (b)		38,000		38,428

Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (b)		26,000		26,845

Martin Marietta Materials, Inc. 3.50%, 12/15/2027		125,000		115,920

4.25%, 12/15/2047		150,000		124,830

Martin Midstream Partners LP 7.25%, 2/15/2021		46,000		44,793

Masco Corp. 3.50%, 11/15/2027		15,000		13,895

MasTec, Inc. 4.88%, 3/15/2023		37,000		37,093

Matador Resources Co. 5.88%, 9/15/2026		21,000		20,895

Mattel, Inc.

3.15%, 3/15/2023		10,000		8,825

6.75%, 12/31/2025 (b)		135,000		132,975

MetLife, Inc. 6.40%, 12/15/2036		20,000		21,200

MGM Resorts International

6.00%, 3/15/2023		315,000		329,569

4.63%, 9/1/2026		55,000		52,250

Morgan Stanley

Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (c) (d) (e)		100,000		100,375

3.70%, 10/23/2024		360,000		361,572

3.63%, 1/20/2027		200,000		196,117

(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (d)		15,000		14,764

(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (d)		240,000		228,025

MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (b)		59,000		58,779

Mylan, Inc. 4.20%, 11/29/2023		270,000		268,570

Nabors Industries, Inc.

5.10%, 9/15/2023		9,000		7,965

5.75%, 2/1/2025		90,000		79,425

Nationstar Mortgage LLC

6.50%, 7/1/2021		2,000		2,006

6.50%, 6/1/2022		45,000		44,652

Netflix, Inc.

4.38%, 11/15/2026		70,000		67,156

3.63%, 5/15/2027		EUR100,000		116,300

4.88%, 4/15/2028		65,000		63,294

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United States — continued

New Albertsons LP 8.00%, 5/1/2031		103,000		92,442

New Home Co., Inc. (The) 7.25%, 4/1/2022		33,000		30,380

NextEra Energy Operating Partners LP 4.25%, 9/15/2024 (b)		10,000		9,825

Nielsen Co. Luxembourg SARL (The)

5.50%, 10/1/2021 (b)		110,000		110,963

5.00%, 2/1/2025 (b)		40,000		39,500

Nielsen Finance LLC 5.00%, 4/15/2022 (b)		38,000		37,905

Noble Energy, Inc. 3.85%, 1/15/2028		410,000		387,714

Noble Holding International Ltd.

7.88%, 2/1/2026 (b)		53,000		49,555

5.25%, 3/15/2042		12,000		7,440

Northern Oil and Gas, Inc. 8.50%, (Blend (cash 8.50% + PIK 1.00%), 5/15/2023 (g)		30,075		30,815

Novelis Corp. 5.88%, 9/30/2026 (b)		74,000		72,150

NRG Energy, Inc. 6.63%, 1/15/2027		45,000		47,925

Nuance Communications, Inc. 5.63%, 12/15/2026		50,000		51,000

NuStar Logistics LP 5.63%, 4/28/2027		30,000		30,075

NVA Holdings, Inc. 6.88%, 4/1/2026 (b)		20,000		19,300

Oasis Petroleum, Inc.

6.88%, 1/15/2023		125,000		124,219

6.25%, 5/1/2026 (b)		33,000		31,432

OI European Group BV 3.13%, 11/15/2024 (a)		EUR150,000		178,070

ONEOK, Inc. 4.00%, 7/13/2027		130,000		127,820

Outfront Media Capital LLC 5.88%, 3/15/2025		75,000		76,897

Owens Corning 4.30%, 7/15/2047		165,000		128,293

Party City Holdings, Inc. 6.63%, 8/1/2026 (b)		47,000		46,295

Pattern Energy Group, Inc. 5.88%, 2/1/2024 (b)		20,000		20,275

PBF Holding Co. LLC 7.25%, 6/15/2025		22,000		22,561

Peabody Energy Corp. 6.00%, 3/31/2022 (b)		20,000		20,175

Penske Automotive Group, Inc. 5.75%, 10/1/2022		35,000		35,525

PetSmart, Inc.

7.13%, 3/15/2023 (b)		12,000		8,130

5.88%, 6/1/2025 (b)		85,000		67,575


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

8.88%, 6/1/2025 (b)		14,000		9,450

Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (b)		63,000		63,000

Plantronics, Inc. 5.50%, 5/31/2023 (b)		53,000		52,801

Post Holdings, Inc.

5.00%, 8/15/2026 (b)		63,000		60,559

5.75%, 3/1/2027 (b)		50,000		49,312

5.63%, 1/15/2028 (b)		50,000		48,313

PPL Capital Funding, Inc. 3.10%, 5/15/2026		130,000		122,254

Prime Security Services Borrower LLC 9.25%, 5/15/2023 (b)		43,000		45,344

PVH Corp. 3.63%, 7/15/2024 (a)		EUR125,000		154,625

QEP Resources, Inc.

5.38%, 10/1/2022		38,000		37,335

5.63%, 3/1/2026		5,000		4,688

Qorvo, Inc. 5.50%, 7/15/2026 (b)		52,000		53,040

Quicken Loans, Inc. 5.75%, 5/1/2025 (b)		53,000		52,311

Rackspace Hosting, Inc. 8.63%, 11/15/2024 (b)		38,000		33,250

Radian Group, Inc. 4.50%, 10/1/2024		25,000		24,313

Rain CII Carbon LLC 7.25%, 4/1/2025 (b)		50,000		43,250

Realty Income Corp. REIT, 3.65%, 1/15/2028		150,000		147,790

Refinitiv US Holdings, Inc. 6.25%, 5/15/2026 (b)		9,000		9,090

8.25%, 11/15/2026 (b)		9,000		8,806

Reynolds Group Issuer, Inc.

5.75%, 10/15/2020		72,683		72,828

5.13%, 7/15/2023 (b)		76,000		76,000

Rite Aid Corp. 6.13%, 4/1/2023 (b)		80,000		68,343

Rockwell Collins, Inc.

3.70%, 12/15/2023		325,000		325,758

3.20%, 3/15/2024		400,000		392,125

3.50%, 3/15/2027		340,000		328,664

Roper Technologies, Inc. 3.80%, 12/15/2026		280,000		276,313

Schlumberger Holdings Corp. 3.75%, 5/1/2024 (b)		315,000		316,183

Scientific Games International, Inc.

10.00%, 12/1/2022		29,000		30,487

5.00%, 10/15/2025 (b)		55,000		53,281

Scotts Miracle-Gro Co. (The) 6.00%, 10/15/2023		70,000		72,100

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United States — continued

Sealed Air Corp. 5.13%, 12/1/2024 (b)		94,000		96,685

SemGroup Corp. 5.63%, 11/15/2023		58,000		54,230

Sempra Energy 3.80%, 2/1/2038		145,000		128,023

Sensata Technologies BV 4.88%, 10/15/2023 (b)		85,000		87,338

Service Corp. International 7.50%, 4/1/2027		70,000		77,350

Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		225,000		217,069

Silgan Holdings, Inc. 3.25%, 3/15/2025		EUR200,000		234,315

Sinclair Television Group, Inc. 5.63%, 8/1/2024 (b)		176,000		177,760

Sirius XM Radio, Inc.

4.63%, 5/15/2023 (b)		10,000		10,112

6.00%, 7/15/2024 (b)		170,000		176,162

5.38%, 4/15/2025 (b)		90,000		91,716

5.00%, 8/1/2027 (b)		12,000		11,730

Six Flags Entertainment Corp. 4.88%, 7/31/2024 (b)		21,000		20,685

Solera LLC 10.50%, 3/1/2024 (b)		45,000		48,769

Sotheby’s 4.88%, 12/15/2025 (b)		20,000		19,300

Southwestern Energy Co. 6.20%, 1/23/2025 (f)		87,000		86,104

Spectrum Brands, Inc.

6.63%, 11/15/2022		56,000		57,260

5.75%, 7/15/2025		40,000		39,150

Springleaf Finance Corp.

5.63%, 3/15/2023		60,000		60,900

7.13%, 3/15/2026		32,000		32,400

Sprint Capital Corp. 8.75%, 3/15/2032		175,000		189,674

Sprint Corp.

7.88%, 9/15/2023		160,000		171,000

7.13%, 6/15/2024		80,000		82,658

7.63%, 2/15/2025		376,000		393,860

SPX FLOW, Inc. 5.63%, 8/15/2024 (b)		50,000		50,000

Standard Industries, Inc.

6.00%, 10/15/2025 (b)		24,000		25,050

4.75%, 1/15/2028 (b)		60,000		56,100

Staples, Inc. 8.50%, 9/15/2025 (b)		135,000		132,300

Station Casinos LLC 5.00%, 10/1/2025 (b)		10,000		9,713

Steel Dynamics, Inc. 5.00%, 12/15/2026		25,000		25,438


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

Stevens Holding Co., Inc. 6.13%, 10/1/2026 (b)		16,000		16,320

Summit Materials LLC 6.13%, 7/15/2023		20,000		20,500

Summit Midstream Holdings LLC

5.50%, 8/15/2022		20,000		19,944

5.75%, 4/15/2025		20,000		19,100

Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		130,000		122,604

Sunoco LP

4.88%, 1/15/2023		20,000		20,250

5.50%, 2/15/2026		15,000		14,900

Synchrony Financial 4.25%, 8/15/2024		50,000		49,012

Syneos Health, Inc. 7.50%, 10/1/2024 (b)		51,000		53,295

Talen Energy Supply LLC 6.50%, 6/1/2025		20,000		17,820

Tallgrass Energy Partners LP 5.50%, 9/15/2024 (b)		28,000		28,603

Targa Resources Partners LP

4.25%, 11/15/2023		62,000		61,225

6.75%, 3/15/2024		170,000		178,075

Team Health Holdings, Inc. 6.38%, 2/1/2025 (b)		41,000		32,544

TEGNA, Inc. 6.38%, 10/15/2023		75,000		77,250

Tempur Sealy International, Inc.

5.63%, 10/15/2023		110,000		111,100

5.50%, 6/15/2026		50,000		49,875

Tenet Healthcare Corp.

4.50%, 4/1/2021		74,000		74,925

8.13%, 4/1/2022		145,000		154,787

6.75%, 6/15/2023		70,000		71,750

5.13%, 5/1/2025		75,000		74,344

6.25%, 2/1/2027 (b)		35,000		36,028

Tenneco, Inc. 5.00%, 7/15/2026		65,000		55,575

Terex Corp. 5.63%, 2/1/2025 (b)		65,000		63,213

Terraform Global Operating LLC 6.13%, 3/1/2026 (b)		10,000		9,625

TerraForm Power Operating LLC

4.25%, 1/31/2023 (b)		17,000		16,842

6.63%, 6/15/2025 (b) (f)		8,000		8,400

5.00%, 1/31/2028 (b)		21,000		19,950

Thermo Fisher Scientific, Inc. 3.00%, 4/15/2023		475,000		468,071

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United States — continued

T-Mobile USA, Inc.

6.50%, 1/15/2024 ‡		150,000		—

6.38%, 3/1/2025		79,000		82,209

6.50%, 1/15/2026		375,000		400,312

6.50%, 1/15/2026 ‡		160,000		—

4.50%, 2/1/2026		50,000		49,313

TransDigm, Inc. 6.25%, 3/15/2026 (b)		70,000		71,750

Transocean Pontus Ltd. 6.13%, 8/1/2025 (b)		19,845		20,043

Transocean Poseidon Ltd. 6.88%, 2/1/2027 (b)		10,000		10,275

Transocean Proteus Ltd. 6.25%, 12/1/2024 (b)		38,400		39,168

Transocean, Inc. 9.00%, 7/15/2023 (b)		25,000		26,375

7.50%, 1/15/2026 (b)		55,000		53,075

7.50%, 4/15/2031		9,000		7,448

6.80%, 3/15/2038		36,000		27,180

9.35%, 12/15/2041 (f)		29,000		26,680

Trinseo Materials Operating SCA 5.38%, 9/1/2025 (b)		17,000		15,980

Triumph Group, Inc. 7.75%, 8/15/2025		75,000		71,250

Tronox, Inc. 6.50%, 4/15/2026 (b)		19,000		17,979

Tutor Perini Corp. 6.88%, 5/1/2025 (b)		42,000		41,685

Ultra Resources, Inc. 9.00%, 7/12/2024		126,000		81,270

Union Pacific Corp.

3.15%, 3/1/2024		130,000		129,564

4.30%, 3/1/2049		100,000		97,425

United Continental Holdings, Inc.

4.25%, 10/1/2022		15,000		14,963

5.00%, 2/1/2024		25,000		25,125

United Rentals North America, Inc.

5.75%, 11/15/2024		45,000		46,350

5.50%, 5/15/2027		289,000		289,000

United States Cellular Corp. 6.70%, 12/15/2033		90,000		95,400

United States Steel Corp.

6.88%, 8/15/2025		9,000		8,865

6.25%, 3/15/2026		28,000		26,495

United Technologies Corp.

3.95%, 8/16/2025		125,000		127,414

4.13%, 11/16/2028		150,000		152,349

3.75%, 11/1/2046		115,000		101,155


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

Uniti Group LP REIT, 6.00%, 4/15/2023 (b)		85,000		78,837

Univision Communications, Inc.

5.13%, 5/15/2023 (b)		26,000		23,595

5.13%, 2/15/2025 (b)		21,000		18,270

Vantiv LLC 3.88%, 11/15/2025 (a)		GBP100,000		128,954

Verizon Communications, Inc. 4.33%, 9/21/2028		230,000		238,001

Verscend Escrow Corp. 9.75%, 8/15/2026 (b)		4,000		4,090

Vertiv Group Corp. 9.25%, 10/15/2024 (b)		97,000		97,126

VICI Properties 1 LLC REIT, 8.00%, 10/15/2023		115,000		125,638

Vista Outdoor, Inc. 5.88%, 10/1/2023		85,000		79,900

Vistra Energy Corp. 5.88%, 6/1/2023		22,000		22,605

Vistra Operations Co. LLC 5.50%, 9/1/2026 (b)		55,000		57,063

W&T Offshore, Inc. 9.75%, 11/1/2023 (b)		34,000		33,660

Warner Media LLC 2.95%, 7/15/2026		42,000		38,995

Weatherford International Ltd.

6.50%, 8/1/2036		11,000		6,545

7.00%, 3/15/2038		21,000		12,548

Welbilt, Inc. 9.50%, 2/15/2024		140,000		150,675

WellCare Health Plans, Inc. 5.25%, 4/1/2025		13,000		13,272

Wells Fargo & Co. 4.90%, 11/17/2045		150,000		153,899

WESCO Distribution, Inc. 5.38%, 6/15/2024		17,000		17,043

Western Digital Corp. 4.75%, 2/15/2026		50,000		47,250

Western Midstream Operating LP 4.75%, 8/15/2028		120,000		118,419

Whiting Petroleum Corp.

5.75%, 3/15/2021		85,000		85,956

6.63%, 1/15/2026		21,000		20,580

William Carter Co. (The) 5.63%, 3/15/2027 (b)(j)		8,000		8,000

Williams Cos., Inc. (The) 4.00%, 9/15/2025		275,000		276,192

Windstream Services LLC 9.00%, 6/30/2025 (b)		161,000		95,795

WMG Acquisition Corp.

4.13%, 11/1/2024 (a)		EUR135,000		160,936

4.88%, 11/1/2024 (b)		113,000		112,152

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Corporate Bonds — continued

United States — continued

WPX Energy, Inc. 8.25%, 8/1/2023		70,000		78,488

Wyndham Destinations, Inc.

4.25%, 3/1/2022		2,000		1,990

6.35%, 10/1/2025 (f)		10,000		10,375

5.75%, 4/1/2027 (f)		10,000		9,925

Wynn Las Vegas LLC 5.50%, 3/1/2025 (b)		100,000		99,530

XPO Logistics, Inc. 6.50%, 6/15/2022 (b)		90,000		91,575

Zayo Group LLC

6.38%, 5/15/2025		104,000		103,220

5.75%, 1/15/2027 (b)		21,000		20,370


				45,499,993


Total Corporate Bonds (Cost $95,585,274)				93,709,146

Foreign Government Securities — 19.0%

Angola — 0.1%

Republic of Angola 9.50%, 11/12/2025 (a)		200,000		226,750


Bahrain — 0.3%

Kingdom of Bahrain 7.50%, 9/20/2047 (a)		500,000		518,750


Brazil — 0.8%

Federative Republic of Brazil 6.00%, 8/15/2050		BRL1,277,000		1,348,711


Colombia — 0.3%

Republic of Colombia

5.00%, 6/15/2045		200,000		201,200

5.20%, 5/15/2049		300,000		308,400


				509,600


Costa Rica — 0.2%

Republic of Costa Rica 7.00%, 4/4/2044 (a)		463,000		439,271


Cyprus — 0.4%

Republic of Cyprus 2.38%, 9/25/2028 (a)		EUR570,000		676,543


Dominican Republic — 0.3%

Government of Dominican Republic

6.88%, 1/29/2026 (a)		350,000		379,034

5.95%, 1/25/2027 (a)		160,000		166,134


				545,168


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


Ecuador — 0.4%

Republic of Ecuador

10.50%, 3/24/2020 (a)		350,000		364,443

7.88%, 1/23/2028 (a)		400,000		378,054


				742,497


Egypt — 0.2%

Arab Republic of Egypt 7.60%, 3/1/2029 (b)		280,000		286,440


El Salvador — 0.2%

Republic of El Salvador

7.75%, 1/24/2023 (a)		152,000		159,790

7.63%, 2/1/2041 (a)		200,000		202,000


				361,790


Ethiopia — 0.1%

Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)		200,000		201,000


France — 0.7%

France Government Bond 1.50%, 5/25/2050 (a)		EUR1,120,000		1,235,868


Gabon — 0.1%

Gabonese Republic 6.38%, 12/12/2024 (a)		200,000		192,750


Greece — 0.9%

Greece Government Bond

3.45%, 4/2/2024 (a)		EUR247,000		288,921

3.38%, 2/15/2025 (a)		EUR1,166,000		1,336,921


				1,625,842


Indonesia — 2.0%

Republic of Indonesia

8.25%, 7/15/2021		IDR 20,461,000,000		1,490,777

8.75%, 5/15/2031		IDR16,335,000,000		1,216,924

8.25%, 5/15/2036		IDR7,468,000,000		532,196

6.63%, 2/17/2037 (a)		340,000		407,869


				3,647,766


Ivory Coast — 0.2%

Republic of Cote d’Ivoire 5.13%, 6/15/2025 (a)		EUR240,000		275,377


Jamaica — 0.1%

Jamaica Government International Bond 8.00%, 3/15/2039		220,000		261,715


Kenya — 0.1%

Republic of Kenya 8.25%, 2/28/2048 (a)		250,000		252,187

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Foreign Government Securities — continued

Lebanon — 0.3%

Republic of Lebanon

6.00%, 5/20/2019 (a)		177,000		175,451

6.85%, 3/23/2027 (a)		321,000		272,449

6.65%, 11/3/2028 (a)		199,000		164,424


				612,324


Malaysia — 1.0%

Federation of Malaysia

3.66%, 10/15/2020		MYR3,600,000		886,913

3.62%, 11/30/2021		MYR3,600,000		885,893


				1,772,806


Mexico — 1.0%

United Mexican States 7.25%, 12/9/2021		MXN35,000,000		1,779,207


Nigeria — 0.1%

Federal Republic of Nigeria 7.63%, 11/28/2047 (b)		270,000		262,575


Oman — 0.2%

Oman Government International Bond 6.75%, 1/17/2048 (a)		400,000		361,500


Paraguay — 0.2%

Republic of Paraguay 5.00%, 4/15/2026 (a)		420,000		435,120


Peru — 0.3%

Republic of Peru 5.94%, 2/12/2029 (a)		PEN1,630,000		510,778


Portugal — 3.3%

Portugal Obrigacoes do Tesouro

3.85%, 4/15/2021 (a)		EUR1,440,000		1,780,506

5.13%, 10/15/2024 (a)		990,000		1,055,455

2.88%, 10/15/2025 (a)		EUR860,000		1,114,323

2.88%, 7/21/2026 (a)		EUR1,215,000		1,571,532

2.25%, 4/18/2034 (a)		EUR350,000		413,286


				5,935,102


Qatar — 0.5%

State of Qatar

3.88%, 4/23/2023 (b)		420,000		429,450

4.63%, 6/2/2046 (a)		200,000		205,500

5.10%, 4/23/2048 (a)		245,000		263,681


				898,631


Saudi Arabia — 0.1%

Kingdom of Saudi Arabia 5.00%, 4/17/2049 (a)		260,000		264,225


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


Serbia — 0.2%

Republic of Serbia 4.88%, 2/25/2020 (a)		300,000		302,940


South Africa — 2.0%

Republic of South Africa 6.50%, 2/28/2041		ZAR71,840,000		3,587,737


Spain — 2.1%

Kingdom of Spain

1.85%, 7/30/2035 (a)		EUR780,000		880,645

2.90%, 10/31/2046 (a)		EUR1,545,000		1,951,771

2.70%, 10/31/2048 (a)		EUR844,000		1,016,653


				3,849,069


United Arab Emirates — 0.3%

Abu Dhabi Government Bond

4.13%, 10/11/2047 (a)		450,000		444,937


Total Foreign Government Securities (Cost $35,100,529)				34,364,976

Asset-Backed Securities — 8.4%

Cayman Islands — 0.7%

Apidos CLO Series XXXA, Class A2, 4.02%, 10/18/2031 (b) (i)		250,000		247,281

Benefit Street Partners CLO XI Series 2017-11A, Class A2A, 4.54%, 4/15/2029 (b) (i)		250,000		249,053

BlueMountain CLO Ltd.Series 2014-2A, Class BR2, 4.51%, 10/20/2030 ‡ (b) (i)		350,000		348,478

Renew Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (b)		76,019		77,303

Shackleton CLO Ltd. Series 2014-6RA, Class B, 4.50%, 7/17/2028 (b) (i)		260,000		258,876


				1,180,991


United States — 7.7%

ACC Trust Series 2019-1, Class A, 3.75%, 5/20/2022 (b)		130,000		130,009

Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 ‡ (b)		263,336		267,825

American Credit Acceptance Receivables Trust

Series 2016-4, Class D, 4.11%, 4/12/2023 (b)		47,000		47,156

Series 2018-3, Class C, 3.75%, 10/15/2024 (b)		60,000		60,106

Business Jet Securities LLC Series 2018-2, Class C, 6.66%, 6/15/2033 (b)		204,508		204,844

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Asset-Backed Securities — continued

United States — continued

Chase Funding Trust Series 2003-6, Class 1A7, 5.04%, 11/25/2034 ‡ (f)		152,622		156,649

Citi Held For Asset Issuance Series 2015-PM2, Class C, 5.96%, 3/15/2022 ‡ (b)		54,360		54,437

CLUB Credit Trust Series 2017-NP1, Class C, 5.13%, 4/17/2023 (b)		59,581		59,853

Consumer Loan Underlying Bond Credit Trust Series 2017-P1, Class A, 2.42%, 9/15/2023 (b)		8,026		8,021

CPS Auto Receivables Trust

Series 2018-A, Class B, 2.77%, 4/18/2022 (b)		640,000		637,232

Series 2018-A, Class D, 3.66%, 12/15/2023 (b)		400,000		398,747

Credit Acceptance Auto Loan Trust

Series 2018-1A, Class C, 3.77%, 6/15/2027 (b)		250,000		250,176

Series 2018-3A, Class B, 3.89%, 10/15/2027 (b)		250,000		252,367

Credit-Based Asset Servicing & Securitization LLC Series 2004-CB5, Class M1, 3.40%, 1/25/2034 ‡ (i)		123,764		123,829

CWABS, Inc. Asset-Backed Certificates Series 2003-5, Class AF5, 5.15%, 2/25/2034 ‡ (f)		126,037		126,001

Drive Auto Receivables Trust

Series 2018-3, Class D, 4.30%, 9/16/2024		256,000		260,338

Series 2018-4, Class C, 3.66%, 11/15/2024		260,000		261,521

DT Auto Owner Trust

Series 2017-3A, Class D, 3.58%, 5/15/2023 (b)		100,000		100,050

Series 2018-3A, Class C, 3.79%, 7/15/2024 (b)		260,000		261,662

Series 2019-1A, Class D, 3.87%, 11/15/2024 (b)		65,000		65,112

Series 2019-1A, Class E, 4.94%, 2/17/2026 (b)		100,000		100,371

Exeter Automobile Receivables Trust

Series 2015-2A, Class D, 5.79%, 5/16/2022 (b)		100,000		101,598

Series 2015-3A, Class D, 6.55%, 10/17/2022 (b)		220,000		225,450

Series 2018-3A, Class C, 3.71%, 6/15/2023 (b)		99,000		99,654


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

Series 2017-3A, Class C, 3.68%, 7/17/2023 (b)		180,000		180,837

Series 2016-3A, Class D, 6.40%, 7/17/2023 (b)		350,000		360,927

Series 2018-2A, Class D, 4.04%, 3/15/2024 (b)		60,000		60,566

Series 2018-3A, Class D, 4.35%, 6/17/2024 (b)		210,000		213,699

Series 2019-1A, Class C, 3.82%, 12/16/2024 (b)		130,000		130,710

Series 2019-1A, Class D, 4.13%, 12/16/2024 (b)		240,000		243,430

Flagship Credit Auto Trust

Series 2018-3, Class A, 3.07%, 2/15/2023 (b)		275,030		275,243

Series 2017-4, Class D, 3.58%, 1/15/2024 (b)		280,000		279,098

Series 2017-2, Class E, 5.55%, 7/15/2024 (b)		380,000		386,791

Series 2018-3, Class C, 3.79%, 12/16/2024 (b)		170,000		171,391

Series 2018-3, Class D, 4.15%, 12/16/2024 (b)		40,000		40,306

FREED ABS Trust

Series 2018-1, Class A, 3.61%, 7/18/2024 (b)		92,998		93,043

Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (b)		100,000		100,702

GLS Auto Receivables Issuer Trust Series 2019-1A, Class C, 3.87%, 12/16/2024 (b)		155,000		155,401

Lendmark Funding TrustSeries 2017-1A, Class C, 5.41%, 12/22/2025 ‡ (b)		350,000		357,229

Marlette Funding Trust

Series 2018-1A, Class B, 3.19%, 3/15/2028 ‡ (b)		100,000		99,491

Series 2018-1A, Class C, 3.69%, 3/15/2028 (b)		100,000		99,594

Series 2018-2A, Class B, 3.61%, 7/17/2028 (b)		335,000		334,664

Series 2018-2A, Class C, 4.37%, 7/17/2028 (b)		280,000		281,838

Series 2018-3A, Class A, 3.20%, 9/15/2028 (b)		66,093		66,111

MFA LLC Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (b) (f)		170,284		170,434

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Asset-Backed Securities — continued

United States — continued

MFA Trust Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (b) (f)		245,678		243,468

Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class B1, 5.11%, 9/25/2034 ‡ (i)		311,899		311,235

OneMain Direct Auto Receivables Trust

Series 2018-1A, Class B, 3.71%, 4/14/2025 (b)		100,000		100,471

Series 2018-1A, Class D, 4.40%, 1/14/2028 (b)		160,000		162,246

OneMain Financial Issuance Trust Series 2018-1A, Class D, 4.08%, 3/14/2029 ‡ (b)		100,000		99,568

Oportun Funding VI LLCSeries 2017-A, Class B, 3.97%, 6/8/2023 ‡ (b) (i)		293,000		291,159

Prestige Auto Receivables Trust

Series 2018-1A, Class C, 3.75%, 10/15/2024 (b)		440,000		445,414

Series 2018-1A, Class D, 4.14%, 10/15/2024 (b)		75,000		76,104

Pretium Mortgage Credit Partners I LLC

Series 2018-NPL1, Class A1, 3.38%, 1/27/2033 ‡ (b) (f)		193,476		192,089

Series 2018-NPL4, Class A1, 4.83%, 9/25/2058 ‡ (b) (f)		238,237		239,826

Progress Residential Trust Series 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (b)		262,000		267,707

Santander Drive Auto Receivables Trust Series 2018-4, Class D, 3.98%, 12/15/2025		350,000		352,698

SoFi Consumer Loan Program Trust Series 2018-1, Class B, 3.65%, 2/25/2027 (b)		100,000		99,816

Stanwich Mortgage Loan Trust Series 2018-NPB1, Class A1, 4.02%, 5/16/2023 ‡ (b) (f)		209,712		209,554

Structured Asset Investment Loan Trust

Series 2004-8, Class M3, 3.46%, 9/25/2034 ‡ (i)		84,676		82,123

Series 2005-HE3, Class M1, 3.21%, 9/25/2035 ‡ (i)		112,186		112,544

T-Mobile USA, Inc. 6.00%, 4/15/2024 ‡		328,000		—


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

Tricolor Auto Securitization Trust

Series 2018-2A, Class A, 3.96%, 10/15/2021 (b)		193,367		193,529

Series 2018-2A, Class C, 5.75%, 5/16/2022 (b)		385,581		387,300

Veros Automobile Receivables Trust Series 2017-1, Class A, 2.84%, 4/17/2023 (b)		34,185		34,127

VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13%, 9/25/2047 ‡ (b) (f)		64,389		64,070

VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (b) (f)		60,549		60,381

VOLT LXIX LLC Series 2018-NPL5, Class A2, 5.80%, 8/25/2048 ‡ (b) (f)		389,000		390,126

VOLT LXVIII LLC Series 2018-NPL4, Class A2, 5.93%, 7/27/2048 ‡ (b) (f)		300,000		301,040

VOLT LXX LLC Series 2018-NPL6, Class A1B, 4.56%, 9/25/2048 ‡ (b) (f)		330,000		332,386

Westlake Automobile Receivables Trust

Series 2018-3A, Class C, 3.61%, 10/16/2023 (b)		130,000		130,570

Series 2018-3A, Class D, 4.00%, 10/16/2023 (b)		80,000		80,828

Series 2018-2A, Class E, 4.86%, 1/16/2024 (b)		310,000		312,613


				13,927,505


Total Asset-Backed Securities (Cost $15,056,902)				15,108,496

Commercial Mortgage-Backed Securities — 5.7%

United States — 5.7%

BAMLL Re-REMIC TrustSeries 2014-FRR4, Class BK29, PO, 4/27/2023 (b)		400,000		291,077

Banc of America Commercial Mortgage Trust

Series 2006-1, Class E, 6.01%, 9/10/2045 ‡ (b) (i)		25,332		26,181

Series 2007-5, Class AJ, 6.17%, 2/10/2051 (i)		529,194		533,250

BANK Series 2017-BNK9, Class D, 2.80%, 11/15/2054 (b)		105,000		83,048

BHMS ATLS Series 2018-ATLS, Class A, 3.74%, 7/15/2035 (b) (i)		492,000		491,224

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Commercial Mortgage-Backed Securities — continued

United States — continued

BX Commercial Mortgage Trust

Series 2018-IND, Class E, 4.19%, 11/15/2035 ‡ (b) (i)		362,689		363,256

Series 2018-BIOA, Class D, 3.81%, 3/15/2037 ‡ (b) (i)		485,000		482,565

BX Trust

Series 2018-MCSF, Class B, 3.29%, 4/15/2035 ‡ (b) (i)		100,000		97,937

Series 2018-MCSF, Class C, 3.49%, 4/15/2035 ‡ (b) (i)		100,000		96,811

BXMT Ltd. Series 2017-FL1, Class D, 5.19%, 6/15/2035 ‡ (b) (i)		210,000		209,737

Citigroup Commercial Mortgage Trust

Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (b)		205,000		179,947

Series 2016-P5, Class C, 4.32%, 10/10/2049 ‡ (i)		350,000		344,846

Cold Storage Trust Series 2017-ICE3, Class B, 3.74%, 4/15/2036 ‡ (b) (i)		300,000		299,786

Commercial Mortgage Trust

Series 2004-GG1, Class H, 6.44%, 6/10/2036 ‡ (b) (i)		120,000		120,428

Series 2015-CR23, Class CME, 3.68%, 5/10/2048 (b) (i)		540,000		535,613

CSAIL Commercial Mortgage Trust Series 2017-C8, Class C, 4.32%, 6/15/2050 ‡		100,000		98,066

FHLMC Multifamily StructuredPass-Through Certificates

Series K033, Class X1, IO, 0.30%, 7/25/2023 (i)		4,014,924		49,435

Series K153, Class X3, IO, 3.77%, 4/25/2035 (i)		340,000		114,533

Series K036, Class X3, IO, 2.11%, 12/25/2041 (i)		2,640,000		234,852

Series K720, Class X3, IO, 1.33%, 8/25/2042 (i)		6,800,000		273,620

Series K041, Class X3, IO, 1.64%, 11/25/2042 (i)		3,470,000		282,792

Series K042, Class X3, IO, 1.60%, 1/25/2043 (i)		3,025,000		241,179

Series K718, Class X3, IO, 1.43%, 2/25/2043 (i)		10,025,000		407,891

Series K045, Class X3, IO, 1.50%, 4/25/2043 (i)		1,915,000		146,852

Series K054, Class X3, IO, 1.60%, 4/25/2043 (i)		1,365,000		127,181


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

Series K050, Class X3, IO, 1.55%, 10/25/2043 (i)		1,010,000		86,185

Series K051, Class X3, IO, 1.61%, 10/25/2043 (i)		1,395,000		127,845

Series K052, Class X3, IO, 1.61%, 1/25/2044 (i)		750,000		70,140

Series K726, Class X3, IO, 2.13%, 7/25/2044 (i)		2,890,000		275,173

Series K067, Class X3, IO, 2.11%, 9/25/2044 (i)		950,000		137,434

Series K072, Class X3, IO, 2.14%, 12/25/2045 (i)		400,000		60,269

Series K078, Class X3, IO, 2.21%, 6/25/2051 (i)		1,820,000		301,442

FREMF Series 2018-KF46, Class B, 4.46%, 3/25/2028 (b) (i)		799,961		794,285

FREMF Mortgage Trust

Series 2017-KF31, Class B, 5.41%, 4/25/2024 (b) (i)		67,228		68,234

Series 2017-KF36, Class B, 5.16%, 8/25/2024 (b) (i)		96,985		97,735

Series 2017-KF38, Class B, 5.01%, 9/25/2024 (b) (i)		81,180		81,752

Series 2018-KF47, Class B, 4.51%, 5/25/2025 (b) (i)		49,977		49,852

Series 2018-KF49, Class B, 4.41%, 6/25/2025 (b) (i)		593,083		587,028

Series 2017-K728, Class B, 3.65%, 11/25/2050 (b) (i)		190,000		186,843

Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (i)		105,000		100,485

GNMA Series 2017-23, IO, 0.73%, 5/16/2059 (i)		695,635		42,461

GRACE Mortgage Trust Series2014-GRCE, Class B, 3.52%, 6/10/2028 ‡ (b)		100,000		100,333

GS Mortgage Securities Trust Series 2012-GCJ9, Class D, 4.75%, 11/10/2045 ‡ (b) (i)		320,000		318,340

JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-CBX, Class C, 5.07%, 1/12/2037 (i)		51,672		51,737

LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044 (i)		66,335		67,053

LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 (i)		248,309		171,403

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Commercial Mortgage-Backed Securities — continued

United States — continued

Morgan Stanley Capital I Trust Series 2005-HQ7, Class E, 5.39%, 11/14/2042 ‡ (i)		71,044		71,044

Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048 (b) (i)		296,438		299,725


Total Commercial Mortgage-Backed Securities (Cost $10,268,658)				10,278,905

Mortgage-Backed Securities — 3.9%

United States — 3.9%

FHLMC Gold Pools, 15 Year, Single Family Pool # G18702, 3.50%, 8/1/2033		2,390,570		2,430,662

FHLMC Gold Pools, 30 Year, Single Family Pool # G67705, 4.00%, 10/1/2047		1,972,774		2,032,526

FNMA, 15 Year, Single Family

Pool # 890789, 3.00%, 9/1/2032		2,101,723		2,098,539

Pool # BM3956, 3.00%, 12/1/2032		441,242		440,903


Total Mortgage-Backed Securities (Cost $6,952,627)				7,002,630

Collateralized Mortgage Obligations — 3.2%

Netherlands — 0.2%

Permanent Master Issuer plc Series 2018-1A, Class 1A1, 3.17%, 7/15/2058 (b) (i)		255,000		254,181


United Kingdom — 0.1%

Lanark Master Issuer plcSeries 2019-1A, Class 1A1, 3.46%, 12/22/2069 (b) (i)		200,000		200,116


United States — 2.9%

Alternative Loan Trust

Series 2004-25CB, Class A1, 6.00%, 12/25/2034		177,069		176,148

Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		110,752		110,638

Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		163,615		163,327

Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037		197,017		165,822

Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 4.62%, 2/25/2037 (i)		49,683		50,109

CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037		73,784		59,166


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)


United States — continued

FHLMC REMIC

Series 2916, Class S, IF, IO, 4.76%, 1/15/2035 (i)		2,684,082		458,046

Series 4689, Class SD, IF, IO, 3.66%, 6/15/2047 (i)		773,965		143,454

Series 4714, Class SA, IF, IO, 3.66%, 8/15/2047 (i)		593,849		108,897

FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 4.79%, 9/25/2030 (i)		60,000		59,972

FNMA REMIC

Series 2010-57, Class ID, IO, 4.00%, 6/25/2025		545,069		33,843

Series 2012-146, Class AI, IO, 3.00%, 1/25/2028		2,410,528		199,221

Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		1,300,439		134,147

Series 2012-93, Class SE, IF, IO, 3.61%, 9/25/2042 (i)		174,777		30,260

Series 2012-124, Class UI, IO, 4.00%, 11/25/2042		245,707		50,396

Series 2012-133, Class NS, IF, IO, 3.66%, 12/25/2042 (i)		331,278		59,015

Series 2017-31, Class SG, IF, IO, 3.61%, 5/25/2047 (i)		1,866,227		333,542

Series 2017-39, Class ST, IF, IO, 3.61%, 5/25/2047 (i)		500,374		85,173

Series 2017-69, Class SH, IF, IO, 3.71%, 9/25/2047 (i)		848,840		160,595

FNMA STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (i)		373,704		33,119

FNMA, Connecticut Avenue Securities

Series 2018-C05, Class 1M2, 4.84%, 1/25/2031 (i)		10,000		10,079

Series 2018-C06, Class 1M2, 4.49%, 3/25/2031 (i)		130,000		128,914

Series 2018-C06, Class 2M2, 4.59%, 3/25/2031 (i)		30,000		29,725

GNMA

Series 2015-H13, Class GI, IO, 1.61%, 4/20/2065 (i)		305,025		14,259

Series 2017-H14, Class FG, 3.53%, 6/20/2067 (i)		406,717		416,419

Homeward Opportunities Fund I Trust Series 2018-1, Class A1, 3.77%, 6/25/2048 (b) (i)		85,856		86,448

Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 3.05%, 7/25/2029 (i)		105,795		101,308

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	71

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE ($)
Collateralized Mortgage Obligations — continued

United States — continued

OBX Trust Series 2018-EXP1, Class 2A1, 3.34%, 4/25/2048 (b) (i)		271,976		270,900

PNMAC GMSR Issuer Trust Series 2018-GT2, Class A, 5.14%, 8/25/2025 (b) (i)		210,000		210,459

PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024 (b) (f)		630,000		633,072

Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 4.39%, 7/25/2034 (i)		25,735		25,586

Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (b) (f)		240,000		237,723

Verus Securitization Trust

Series 2018-2, Class A1, 3.68%, 6/1/2058 (b) (i)		208,223		209,016

Series 2019-1, Class A1, 3.84%, 2/25/2059 (b) (i)		315,000		314,996


				5,303,794


Total Collateralized Mortgage Obligations (Cost $5,783,813)				5,758,091

U.S. Treasury Obligations — 1.1%

U.S. Treasury Bonds 3.00%, 2/15/2048		90,000		88,432

U.S. Treasury Notes 2.88%, 5/15/2028		1,970,000		1,996,472


				2,084,904


Total U.S. Treasury Obligations (Cost $2,046,326)				2,084,904


	NO. OF WARRANTS
Warrants — 0.0% (h)

Canada — 0.0% (h)

Ultra Petroleum Corp.expiring 7/14/2025, price 1.00* (Cost $—)		2,450		858


	PRINCIPAL AMOUNT
Short-Term Investments — 7.0%

Foreign Government Treasury Bills — 1.0%

Italy Buoni Ordinari del Tesoro BOT 0.04%, 12/13/2019 (a) (k) (Cost $1,809,932)		EUR1,595,000		1,813,634


INVESTMENTS	SHARES		VALUE ($)
Investment Companies — 6.0%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (l) (m) (Cost $10,805,532)		10,805,532		10,805,532


Total Short-Term Investments (Cost $12,615,464)				12,619,166

Total Investments — 100.3% (Cost $183,409,593)				180,927,172
Liabilities in Excess of Other Assets — (0.3%)				(569,941)

NET ASSETS — 100.0%				180,357,231

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

Abbreviations


ABS		Asset-backed securities
BRL		Brazilian Real
CLO		Collateralized Loan Obligations
EUR		Euro
EURIBOR		Euro Interbank Offered Rate
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
IDR		Indonesian Rupiah
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of February 28, 2019. The rate may be subject to a cap and floor.
IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR		London Interbank Offered Rate
MXN		Mexican Peso
MYR		Malaysian Ringgit
OYJ		Public Limited Company
PEN		Peruvian Nuevo Sol
PO		Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
PT		Limited liability company
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
Re-REMIC		Combined Real Estate Mortgage Investment Conduit
SCA		Limited partnership with share capital
SEK		Swedish Krona
SPC		Special purpose company
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.


USD		United States Dollar
ZAR		South African Rand

(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)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2019.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(g)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(h)		Amount rounds to less than 0.1% of net assets.
(i)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(j)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(k)		The rate shown is the effective yield as of February 28, 2019.
(l)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(m)		The rate shown is the current yield as of February 28, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	73

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


Futures contracts outstanding as of February 28, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Long Contracts

Australia 10 Year Bond		72		03/2019		AUD		6,895,511			(3,649	)

Long Gilt		1		06/2019		GBP		166,842			(2,230	)

U.S. Treasury 10 Year Note		43		06/2019		USD		5,243,984			(16,532	)

U.S. Treasury 10 Year Ultra Note		40		06/2019		USD		5,176,250			(13,885	)

U.S. Treasury 2 Year Note		2		06/2019		USD		424,375			(67	)

U.S. Treasury 5 Year Note		103		06/2019		USD		11,797,523			(18,076	)


											(54,439	)

Short Contracts

Euro-Bobl		(32)		03/2019		EUR		(4,830,795	)		(16,685	)

Euro-Bund		(71)		03/2019		EUR		(13,350,261	)		11,194

Euro-Buxl		(3)		03/2019		EUR		(628,009	)		7,435

Euro-OAT		(23)		03/2019		EUR		(4,000,070	)		16,557

U.S. Treasury 10 Year Note		(15)		06/2019		USD		(1,829,297	)		3,483

U.S. Treasury 10 Year Ultra Note		(2)		06/2019		USD		(258,813	)		590

U.S. Treasury 5 Year Note		(28)		06/2019		USD		(3,207,094	)		1,035

U.S. Treasury Long Bond		(1)		06/2019		USD		(144,500	)		1,459

U.S. Treasury Ultra Bond		(2)		06/2019		USD		(319,438	)		5,542

3 Month Eurodollar		(281)		09/2019		USD		(68,419,987	)		(229,962	)


											(199,352	)


											(253,791	)


Abbreviations
AUD		Australian Dollar
EUR		Euro
GBP		British Pound
USD		United States Dollar


Forward foreign currency exchange contracts outstanding as of February 28, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CLP	598,579,236	USD	893,122	Goldman Sachs International **		3/5/2019		19,584
COP	4,442,652,370	USD	1,408,548	Goldman Sachs International **		3/5/2019		33,102
EUR	43,198	USD	49,110	Barclays Bank plc		3/5/2019		29
EUR	2,281,063	USD	2,580,400	BNP Paribas		3/5/2019		14,409
EUR	248,848	USD	282,938	Citibank, NA		3/5/2019		137
EUR	2,841,375	USD	3,231,899	Goldman Sachs International		3/5/2019		289
EUR	13,574,602	USD	15,430,865	HSBC Bank, NA		3/5/2019		10,835
EUR	289,769	USD	328,271	State Street Corp.		3/5/2019		1,354
GBP	112,507	USD	144,719	BNP Paribas		3/5/2019		4,512
GBP	100,962	USD	130,113	Merrill Lynch International		3/5/2019		3,804
GBP	85,786	USD	112,604	Morgan Stanley		3/5/2019		1,184
IDR	4,083,098,272	USD	287,968	Goldman Sachs International **		3/5/2019		1,993
SEK	14,103,523	USD	1,514,680	HSBC Bank, NA		3/5/2019		12,457
TRY	1,450,214	USD	269,632	Citibank, NA		3/5/2019		1,876

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	908,936	AUD	1,279,632	Barclays Bank plc		3/5/2019		1,210
USD	915,889	CLP	598,579,236	Barclays Bank plc **		3/5/2019		3,183
USD	154,168	EUR	134,066	Australia & New Zealand Banking Group Ltd.		3/5/2019		1,662
USD	15,943,513	EUR	13,843,415	Barclays Bank plc		3/5/2019		196,027
USD	10,859,403	EUR	9,489,362	BNP Paribas		3/5/2019		64,841
USD	15,949,697	EUR	13,843,000	Goldman Sachs International		3/5/2019		202,682
USD	897,132	EUR	788,299	Merrill Lynch International		3/5/2019		408
USD	51,084	EUR	44,656	Royal Bank of Canada		3/5/2019		286
USD	326,476	EUR	283,882	State Street Corp.		3/5/2019		3,548
USD	898,601	MXN	17,126,525	Goldman Sachs International		3/5/2019		10,503
USD	1,561,001	SEK	14,103,523	TD Bank Financial Group		3/5/2019		33,865
USD	1,784,042	TRY	9,511,774	Citibank, NA		3/5/2019		3,256
USD	1,921,268	ZAR	26,302,096	Goldman Sachs International		3/5/2019		55,255
USD	1,064,342	ZAR	14,730,810	HSBC Bank, NA		3/5/2019		19,258
BRL	1,699,349	USD	446,000	Barclays Bank plc **		3/6/2019		6,352
BRL	1,688,134	USD	445,722	Merrill Lynch International **		3/6/2019		3,644
USD	909,990	BRL	3,387,483	Citibank, NA **		3/6/2019		8,274
COP	5,625,094,404	USD	1,810,513	Goldman Sachs International **		4/3/2019		12,230
EUR	148,736	USD	168,588	BNP Paribas		4/3/2019		1,034
EUR	173,294	USD	197,197	TD Bank Financial Group		4/3/2019		432
PLN	6,898,163	EUR	1,594,600	Barclays Bank plc		4/3/2019		6,264
USD	76,702	AUD	107,353	Merrill Lynch International		4/3/2019		511
USD	918,701	AUD	1,279,632	State Street Corp.		4/3/2019		10,515
USD	1,334,960	BRL	4,953,369	Goldman Sachs International **		4/3/2019		19,184
USD	2,725,376	CNY	18,211,535	HSBC Bank, NA **		4/3/2019		6,891
USD	44,027	EUR	38,568	Barclays Bank plc		4/3/2019		43
USD	272,983	EUR	239,190	BNP Paribas		4/3/2019		205
USD	7,195,662	EUR	6,298,845	Citibank, NA		4/3/2019		12,302
USD	7,897,149	EUR	6,916,058	Goldman Sachs International		4/3/2019		9,903
USD	10,722,042	EUR	9,386,719	HSBC Bank, NA		4/3/2019		17,193
USD	45,996	EUR	40,280	Merrill Lynch International		4/3/2019		60
USD	1,270,478	EUR	1,112,179	State Street Corp.		4/3/2019		2,121
USD	631,814	GBP	474,140	Citibank, NA		4/3/2019		1,928
USD	2,948,143	ZAR	41,032,906	Citibank, NA		4/3/2019		47,326
USD	926,418	IDR	12,995,600,132	Merrill Lynch International **		4/4/2019		11,800

Total unrealized appreciation								879,761

AUD	1,279,632	USD	918,331	State Street Corp.		3/5/2019		(10,606	)
CNY	18,211,535	USD	2,725,455	HSBC Bank, NA **		3/5/2019		(2,275	)
EUR	6,647,476	USD	7,576,079	Citibank, NA		3/5/2019		(14,285	)
EUR	6,873,068	USD	7,828,988	Goldman Sachs International		3/5/2019		(10,574	)
EUR	9,513,147	USD	10,840,814	HSBC Bank, NA		3/5/2019		(19,195	)
EUR	366,754	USD	417,377	Morgan Stanley		3/5/2019		(178	)
GBP	474,140	USD	630,871	Citibank, NA		3/5/2019		(1,963	)
IDR	11,265,777,240	USD	804,124	Goldman Sachs International **		3/5/2019		(4,085	)
IDR	12,995,600,132	USD	929,731	Merrill Lynch International **		3/5/2019		(6,849	)
MXN	17,126,525	USD	893,472	Citibank, NA		3/5/2019		(5,374	)
TRY	8,061,560	USD	1,518,902	Goldman Sachs International		3/5/2019		(9,623	)
USD	2,687,581	CNY	18,211,535	Citibank, NA **		3/5/2019		(35,600	)
USD	1,433,969	COP	4,442,652,370	Goldman Sachs International **		3/5/2019		(7,680	)
USD	139,340	EUR	122,976	Australia & New Zealand Banking Group Ltd.		3/5/2019		(550	)
USD	1,518,467	EUR	1,342,220	BNP Paribas		3/5/2019		(8,368	)
USD	340,711	EUR	301,236	Citibank, NA		3/5/2019		(1,958	)
USD	2,708,156	EUR	2,389,824	HSBC Bank, NA		3/5/2019		(10,373	)
USD	109,211	EUR	96,363	Merrill Lynch International		3/5/2019		(406	)

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	75

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	1,017,802	GBP	773,395	Merrill Lynch International		3/5/2019		(8,043	)
USD	2,004,914	IDR	28,344,475,644	Merrill Lynch International **		3/5/2019		(7,969	)
ZAR	41,032,906	USD	2,958,315	Citibank, NA		3/5/2019		(47,219	)
AUD	1,386,985	USD	993,445	BNP Paribas		4/3/2019		(9,067	)
BRL	3,236,303	USD	866,898	Goldman Sachs International **		4/3/2019		(7,231	)
CNY	6,059,179	USD	906,769	HSBC Bank, NA **		4/3/2019		(2,300	)
MXN	17,126,525	USD	894,530	Goldman Sachs International		4/3/2019		(10,584	)
TRY	9,511,774	USD	1,755,141	Citibank, NA		4/3/2019		(4,657	)
USD	904,256	EUR	797,774	BNP Paribas		4/3/2019		(5,546	)
USD	3,346,845	EUR	2,935,305	Goldman Sachs International		4/3/2019		(650	)
USD	16,562,610	EUR	14,534,323	HSBC Bank, NA		4/3/2019		(12,695	)
USD	589,676	EUR	517,919	National Australia Bank Ltd.		4/3/2019		(972	)
USD	1,518,309	SEK	14,103,523	HSBC Bank, NA		4/3/2019		(12,484	)
ZAR	8,032,857	USD	577,280	BNP Paribas		4/3/2019		(9,398	)

Total unrealized depreciation								(288,757	)

Net unrealized appreciation								591,004


Abbreviations

AUD		Australian Dollar
BRL		Brazilian Real
CLP		Chilean Peso
CNY		Chinese Yuan
COP		Colombian Peso
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
MXN		Mexican Peso
PLN		Polish Zloty
SEK		Swedish Krona
TRY		Turkish Lira
USD		United States Dollar
ZAR		South African Rand

**		Non-deliverable forward.

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 97.7%(a)

Alabama — 3.3%

Education — 1.5%

Auburn University Series 2016A, Rev., 5.00%, 6/1/2030		35,000		41,158

Tuscaloosa City Board of Education, Warrants Rev., 5.00%, 8/1/2028		275,000		324,208

University of Alabama (The) Series B-2, Rev., 5.00%, 9/1/2031		95,000		112,870


				478,236


General Obligation — 0.4%

City of Pell City Series A, GO, 5.00%, 2/1/2025		100,000		116,368


Transportation — 0.7%

Alabama Federal Aid Highway Finance Authority Series 2016A, Rev., 5.00%, 9/1/2034		200,000		231,078


Utility — 0.7%

Black Belt Energy Gas District, Gas Supply Series 2017A, Rev., VAR, LIQ: Royal Bank of Canada, 4.00%, 7/1/2022 (b)		150,000		157,192

Southeast Alabama Gas District, Project No.1 Series A, Rev., 4.00%, 4/1/2024 (b)		50,000		52,715


				209,907


Total Alabama				1,035,589


Alaska — 0.1%

Other Revenue — 0.1%

Alaska Municipal Bond Bank Authority Series 3, Rev., 5.00%, 10/1/2025		20,000		22,841


Arizona — 1.1%

General Obligation — 0.4%

City of Phoenix GO, 5.00%, 7/1/2027		25,000		30,006

City of Tempe Series B, GO, 4.00%, 7/1/2024		25,000		27,827

Lake Havasu City, Wastewater System, Senior Lien Series A, GO, AGM, 5.00%, 7/1/2033		25,000		28,101

Maricopa County School District No. 3 Tempe Elementary, School Improvement Series A, GO, 5.00%, 7/1/2027		30,000		36,672


				122,606


Prerefunded — 0.1%

Scottsdale Preserve Authority Rev., 5.25%, 7/1/2020 (c)		25,000		26,150


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Transportation — 0.1%

Maricopa County, Regional Public Transportation Authority, Excise Tax Revenue, Public Transportation Fund Rev., 5.25%, 7/1/2024		30,000		35,234


Utility — 0.5%

Salt Verde Financial Corp. Rev., 5.25%, 12/1/2026		150,000		174,446


Total Arizona				358,436


Arkansas — 0.4%

Education — 0.1%

University of Arkansas, UAMS Campus Rev., 5.00%, 11/1/2021		40,000		43,353


Water & Sewer — 0.3%

City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2024		75,000		86,611


Total Arkansas				129,964


California — 2.3%

Certificate of Participation/Lease — 0.6%

City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2025		70,000		84,076

City of Santa Rosa, Courthouse Square Project and Lease COP, 4.00%, 10/1/2024		90,000		101,124


				185,200


General Obligation — 0.3%

El Monte City School District, Election 2014 Series A, GO, 5.00%, 8/1/2025		55,000		65,737

Hermosa Beach City School District, Election of 2016 Series A, GO, 4.00%, 8/1/2023		15,000		16,576


				82,313


Other Revenue — 1.4%

Anaheim Public Financing Authority, Anaheim Convention Center Expansion Project Series A, Rev., 5.00%, 5/1/2026		50,000		58,132

Chula Vista Municipal Financing Authority Rev., 4.00%, 5/1/2026		60,000		68,714

Golden State Tobacco Securitization Corp., Tobacco Settlement Series A-1, Rev., 5.00%, 6/1/2032		250,000		280,857

Municipal Improvement Corp. of Los Angeles, Real Property Series 2014-A, Rev., 5.00%, 5/1/2023		20,000		22,767


				430,470

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	77

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Utility — 0.0%(d)

Modesto Irrigation District Financing Authority, Electric System Series 2015A, Rev., 5.00%, 10/1/2025		10,000		12,018


Total California				710,001


Colorado — 1.0%

Certificate of Participation/Lease — 0.0%(d)

State of Colorado, Higher Education Capital Construction, Lease Purchase Financing Program Series 2014A, COP, 5.00%, 11/1/2025		10,000		11,862


Education — 0.2%

University of Colorado, University Enterprise Series A-2, Rev., 5.00%, 6/1/2026		40,000		48,350


General Obligation — 0.8%

Southlands Metropolitan District No. 1 Series A-1, GO, 5.00%, 12/1/2037		250,000		264,643


Total Colorado				324,855


Connecticut — 1.2%

General Obligation — 0.7%

State of Connecticut Series A, GO, 5.00%, 4/15/2033		210,000		234,673


Hospital — 0.2%

Connecticut State Health and Educational Facilities Authority, University of New Haven Issue Series K-1, Rev., 5.00%, 7/1/2032		50,000		56,487


Special Tax — 0.3%

State of Connecticut Special Tax Transportation Infrastructure Purposes Series B, Rev., 5.00%, 8/1/2023		75,000		84,035


Total Connecticut				375,195


Delaware — 0.1%

Transportation — 0.1%

Delaware Transportation Authority Rev., 5.00%, 7/1/2022		25,000		27,712


District of Columbia — 0.8%

General Obligation — 0.3%

District of Columbia

Series 2018B, GO, 5.00%, 6/1/2025		30,000		35,583

Series D, GO, 5.00%, 6/1/2031		65,000		77,494


				113,077


Other Revenue — 0.1%

District of Columbia, Income Tax Secured Series C, Rev., 5.00%, 12/1/2021		25,000		27,202


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Water & Sewer — 0.4%

District of Columbia, Water and Sewer Authority Series B, Rev., 5.00%, 10/1/2025		65,000		78,008

District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series 2012A, Rev., 4.00%, 10/1/2022		35,000		37,748


				115,756


Total District of Columbia				256,035


Florida — 5.4%

Certificate of Participation/Lease — 0.7%

South Florida Water Management District COP, 5.00%, 10/1/2036		200,000		227,114


Education — 0.5%

Escambia County School Board, Sales Tax Rev., 5.00%, 9/1/2027		25,000		29,551

Florida State Board of Education, Lottery Series 2016B, Rev., 5.00%, 7/1/2023		40,000		45,442

State of Florida, State Board of Education Lottery Series A, Rev., 5.00%, 7/1/2026		75,000		90,362


				165,355


General Obligation — 1.0%

Reedy Creek Improvement District Series 2016-A, GO, 5.00%, 6/1/2026		50,000		59,944

School Board of Miami-Dade County (The) GO, 5.00%, 3/15/2034		65,000		73,955

State of Florida, Public Education Capital Outlay Series B, GO, 5.00%, 6/1/2031		75,000		89,333

State of Florida, State Board of Education Full Faith and Credit, Public Education Capital Outlay Bonds

Series B, GO, 5.00%, 6/1/2024		30,000		34,875

Series C, GO, 4.00%, 6/1/2025		30,000		32,128

Series B, GO, 5.00%, 6/1/2026		20,000		24,197


				314,432


Hospital — 1.0%

Palm Beach County Health Facilities Authority, ACTS Retirement Life Communities Inc. Obligated Group Rev., 5.00%, 11/15/2032		290,000		321,114


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Florida Department of Environmental Protection Series 2014-A, Rev., 5.00%, 7/1/2020		35,000		36,521

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Other Revenue — 1.2%

City of Orlando, Capital Improvement

Series D, Rev., 5.00%, 10/1/2022		75,000		83,533

Series B, Rev., 5.00%, 10/1/2024		60,000		70,076

County of Hillsborough Rev., 5.00%, 10/1/2024		40,000		46,904

County of Lee Rev., 5.00%, 10/1/2025		40,000		47,496

County of Miami-Dade Series A, Rev., 5.00%, 4/1/2036		25,000		28,665

County of Okaloosa Rev., 5.00%, 10/1/2024		30,000		35,120

County of Osceola, Sales Tax Series 2016A, Rev., 4.00%, 10/1/2023		10,000		10,859

Sunshine State Governmental Financing Commission, Miami-Dade County Program Series 2011A, Rev., 5.00%, 9/1/2020		20,000		20,949

Tampa Sports Authority, Stadium Project Rev., 4.00%, 1/1/2023		20,000		21,698


				365,300


Transportation — 0.2%

Tampa-Hillsborough County Expressway Authority Series B, Rev., 5.00%, 7/1/2031		40,000		47,312


Utility — 0.1%

County of Sarasota, Utilities System Rev., 5.00%, 10/1/2022		30,000		33,414


Water & Sewer — 0.6%

City of Cape Coral, Water and Sewer Rev., 5.00%, 10/1/2022		25,000		27,688

City of Miami Beach, Water and Sewer Rev., 5.00%, 9/1/2033		25,000		29,026

East Central Regional Wastewater Treatment Facilities Operation Board, Green Bonds, Bio Solids Project Rev., 5.00%, 10/1/2024		30,000		35,011

Tampa Bay Water, Regional Water Supply Authority Utility System Series C, Rev., 5.00%, 10/1/2025		55,000		65,835

Tohopekaliga Water Authority, Utility System Rev., 5.00%, 10/1/2025		10,000		11,915


				169,475


Total Florida				1,680,037


Georgia — 0.7%

General Obligation — 0.3%

Forsyth County School District GO, 5.00%, 2/1/2020		20,000		20,608


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

State of Georgia

Series D, GO, 5.00%, 2/1/2020		50,000		51,536

Series 2013C, GO, 5.00%, 10/1/2020		25,000		26,318


				98,462



Hospital — 0.3%

Clarke County Hospital Authority, Piedmont Healthcare, Inc. Project Series 2016-A, Rev., 5.00%, 7/1/2020		100,000		104,251


Water & Sewer — 0.1%

County of DeKalb, Water and Sewerage Series B, Rev., 5.25%, 10/1/2026		25,000		30,814


Total Georgia				233,527


Hawaii — 1.0%

General Obligation — 0.9%

City & County of Honolulu Series A, GO, 5.00%, 10/1/2023		50,000		57,150

City and County of Honolulu, Tax-Exempt Series D, GO, 5.00%, 9/1/2032		45,000		53,159

State of Hawaii

Series EP, GO, 5.00%, 8/1/2023		40,000		45,564

Series FK, GO, 5.00%, 5/1/2033		100,000		117,664


				273,537


Prerefunded — 0.0%(d)

State of Hawaii Series EE, GO, 5.00%, 11/1/2022 (c)		15,000		16,744


Transportation — 0.1%

State of Hawaii State Highway Fund Series B, Rev., 5.00%, 1/1/2027		25,000		30,099


Total Hawaii				320,380


Illinois — 4.7%

General Obligation — 4.3%

Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2027		45,000		52,092

City of Decatur GO, 5.00%, 3/1/2027		255,000		292,597

City of Peoria Series B, GO, 5.00%, 1/1/2027		230,000		266,020

Cook and DuPage Counties, Village of Elk Grove GO, 5.00%, 1/1/2029		25,000		29,075

Grundy & Will Counties Community Unit School District No. 1 Coal City GO, 5.00%, 2/1/2027		225,000		256,790

Kane McHenry Cook and De Kalb Counties Unit School District No. 300, School Bonds GO, 5.00%, 1/1/2024		30,000		33,671

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	79

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

General Obligation — continued

Kendall and Kane Counties Community Unit School District No. 115, School Bonds Series B, GO, 5.00%, 1/1/2027		25,000		29,204

Lake and McHenry Counties Community Unit School District No. 118 Wauconda GO, 5.00%, 1/1/2022		50,000		53,902

McLean & Woodford Counties Community Unit School District No. 5 Normal Series 2017A, GO, 4.00%, 12/1/2023		80,000		86,582

State of Illinois

GO, 5.00%, 4/1/2024		30,000		32,217

Series A, GO, 5.00%, 10/1/2024		30,000		32,292

Series A, GO, 5.00%, 12/1/2024		30,000		32,308

Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		125,000		141,129

Will & Kendall Counties Community Consolidated School District 202 Plainfield GO, 4.00%, 1/1/2023		10,000		10,713


				1,348,592


Transportation — 0.3%

Chicago O’Hare International Airport, General Airport, Senior Lien Series 2017B, Rev., 5.00%, 1/1/2034		40,000		45,358

Illinois State Toll Highway Authority Series D, Rev., 5.00%, 1/1/2024		25,000		28,531


				73,889


Water & Sewer — 0.1%

Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2032		35,000		40,771


Total Illinois				1,463,252


Indiana — 2.1%

Education — 1.0%

Adams Central Elementary School Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2027		20,000		24,075

Ball State University, Board Trustees University Student Fee Series R, Rev., 5.00%, 7/1/2024		35,000		40,526

Indiana State University, Housing and Dining System Rev., 5.00%, 4/1/2031		75,000		87,504

Indiana University

Series A, Rev., 5.00%, 6/1/2022		25,000		27,675

Series Y, Rev., 5.00%, 8/1/2028		25,000		30,542

Perry Township Multi School Building Corp. Rev., 5.00%, 7/15/2025		35,000		41,259


INVESTMENTS	PRINCIPAL AMOUNT ($)			VALUE ($)


Education — continued

Warsaw Multi-School Building Corp., Ad Valorem Property Tax Rev., 4.00%, 1/15/2020		50,000			50,987
			��

					302,568


Housing — 0.9%

Decatur County Jail Building Corp. Rev., 5.00%, 7/15/2028		250,000			291,230


Other Revenue — 0.1%

Indiana Finance Authority, State Revolving Fund Program Series A, Rev., 5.00%, 2/1/2031		25,000			29,293


Transportation — 0.1%

Indiana Finance Authority, Highway Series C, Rev., 5.00%, 12/1/2025		25,000			29,914


Total Indiana					653,005


Iowa — 0.4%

General Obligation — 0.1%

City of West Des Moines, Urban Renewal Series B, GO, 5.00%, 6/1/2024		35,000			40,605


Other Revenue — 0.1%

Iowa Finance Authority, State Revolving Fund, Green Bonds Rev., 5.00%, 8/1/2027		30,000			36,869


Water & Sewer — 0.2%

City of Cedar Rapids Series 2018D, Rev., 5.00%, 6/1/2022		50,000			55,151


Total Iowa					132,625


Kansas — 0.4%

General Obligation — 0.2%

County of Johnson Series A, GO, 5.00%, 9/1/2031		50,000			59,520


Water & Sewer — 0.2%

Johnson County Water District No. 1 Series 2017A, Rev., 5.00%, 1/1/2025		50,000			58,928


Total Kansas					118,448


Kentucky — 1.7%

Hospital — 0.7%

Louisville/Jefferson County Metropolitan Government, Health System, Norton Healthcare, Inc. Series 2016-A, Rev., 4.00%, 10/1/2036		200,000			201,462

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Industrial Development Revenue/Pollution Control Revenue — 0.6%

Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2029		165,000		187,767


Water & Sewer — 0.4%

Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System

Series B, Rev., 5.00%, 5/15/2019		100,000		100,651

Series B, Rev., 5.00%, 5/15/2024		25,000		28,927


				129,578


Total Kentucky				518,807


Louisiana — 1.7%

General Obligation — 0.4%

St Tammany Parish Wide School District No. 12, School Building Series 2012A, GO, 4.50%, 3/1/2024		70,000		78,560

State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026		30,000		33,978


				112,538


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Public Improvement Rev., 5.00%, 11/1/2024		30,000		34,812


Other Revenue — 0.9%

Louisiana Local Government Environmental Facilities and Community Development Authority Rev., 5.00%, 12/1/2030		250,000		296,227


Prerefunded — 0.3%

State of Louisiana Gasoline and Fuels Tax

Series B, Rev., 5.00%, 5/1/2020 (c)		25,000		25,952

Series A-1, Rev., 5.00%, 5/1/2022 (c)		55,000		60,626


				86,578


Total Louisiana				530,155


Maine — 0.4%

General Obligation — 0.1%

Regional School Unit No. 21 GO, 5.00%, 11/1/2025		30,000		35,709


Other Revenue — 0.3%

Maine Municipal Bond Bank Series C, Rev., 5.00%, 11/1/2024		75,000		87,316


Total Maine				123,025


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Maryland — 1.8%

General Obligation — 0.7%

County of Charles, Public Improvement GO, 5.00%, 3/1/2021		25,000		26,648

County of Spotsylvania, Commissioners of St. Mary’s, Public Improvement GO, 4.00%, 7/15/2027		70,000		81,092

State of Maryland, State and Local Facilities Loan of 2017

Series C, GO, 5.00%, 8/1/2024		50,000		58,309

Series A, GO, 5.00%, 8/1/2025		45,000		53,492


				219,541


Hospital — 0.7%

Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 4.00%, 7/1/2035		225,000		221,463


Transportation — 0.4%

State of Maryland Department of Transportation Rev., 5.00%, 9/1/2026		100,000		121,734


Total Maryland				562,738


Massachusetts — 0.7%

Education — 0.2%

Massachusetts State College Building Authority Series D, Rev., 5.00%, 5/1/2027		45,000		55,113


General Obligation — 0.4%

City of Boston Series 2017A, GO, 5.00%, 4/1/2025		10,000		11,905

Commonwealth of Massachusetts

Series B, GO, 5.00%, 7/1/2023		25,000		28,424

Series C, GO, 5.00%, 10/1/2026		25,000		30,321

Town of Hopkinton GO, 5.00%, 11/15/2024		30,000		35,451


				106,101


Hospital — 0.0%(d)

Massachusetts Health and Educational Facilities Authority, Tufts University Series M, Rev., 5.25%, 2/15/2021		10,000		10,701


Other Revenue — 0.1%

Massachusetts Bay Transportation Authority, Senior Sales Tax Series A, Rev., 5.00%, 7/1/2022		20,000		22,200


Water & Sewer — 0.0%(d)

Springfield Water & Sewer Commission Series C, Rev., 5.00%, 7/15/2023		10,000		11,397


Total Massachusetts				205,512

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	81

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Michigan — 3.1%

Education — 1.9%

Eastern Michigan University Series 2017A, Rev., 5.00%, 3/1/2026		500,000		589,055


General Obligation — 1.0%

Berrien Springs Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2030		250,000		302,297

Novi Community School District GO, Q-SBLF, 5.00%, 5/1/2024		20,000		23,008


				325,305


Hospital — 0.1%

Michigan State Hospital Finance Authority, Trinity Health Credit Group Series C, Rev., 5.00%, 12/1/2025		25,000		29,572

Transportation — 0.1%

State of Michigan Trunk Line Rev., 5.00%, 11/15/2021		25,000		27,183


Total Michigan				971,115


Minnesota — 1.4%

Education — 0.3%

University of Minnesota, Board of Regents Series B, Rev., 5.00%, 12/1/2025		65,000		77,919


General Obligation — 0.3%

Alexandria Lake Area Sanitation District, Sanitary Sewer Board Series 2015A, GO, 5.00%, 2/1/2022		30,000		32,775

City of Hopkins Series 2017B, GO, 4.00%, 2/1/2025		20,000		22,487

City of Maple Grove, Improvement Series 2013A, GO, 4.00%, 2/1/2022		20,000		21,349

St Louis Park Independent School District No. 283 Series A, GO, 5.00%, 2/1/2030		25,000		29,655


				106,266


Housing — 0.8%

City of Apple Valley, Minnesota Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		250,000		248,035


Total Minnesota				432,220


Mississippi — 2.1%

Education — 0.2%

Mississippi Development Bank Special Obligation, Hinds County School District Project Rev., 4.00%, 3/1/2031		25,000		27,037


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Education — continued

Mississippi State University Educational Building Corp., New Facilities and Refinancing Project Rev., 5.00%, 8/1/2025		35,000		41,406


				68,443


General Obligation — 0.1%

State of Mississippi Series B, GO, 5.00%, 12/1/2025		20,000		23,877


Industrial Development Revenue/Pollution Control Revenue — 1.3%

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series D, Rev., VRDO, 1.68%, 3/1/2019(b)		400,000		400,000


Utility — 0.5%

West Rankin Utility Authority Rev., AGM, 5.00%, 1/1/2029		135,000		154,796


Total Mississippi				647,116


Missouri — 2.3%

Hospital — 1.8%

Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030		200,000		231,684

Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Episcopal-Presbyterian Hospitals Series 2015-B, Rev., 5.00%, 12/1/2026		300,000		345,282


				576,966


Transportation — 0.1%

Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2024		20,000		23,486


Utility — 0.1%

County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2025		25,000		28,947


Water & Sewer — 0.3%

City of Kansas, Sanitary Sewer System Series B, Rev., 5.00%, 1/1/2033		25,000		29,608

Metropolitan St. Louis Sewer District Wastewater System Improvement Series A, Rev., 5.00%, 5/1/2027		45,000		55,125


				84,733


Total Missouri				714,132


Montana — 0.4%

General Obligation — 0.4%

County of Missoula Series A, GO, 5.00%, 7/1/2030		120,000		141,516

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Nebraska — 2.9%

Utility — 2.4%

Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030		320,000		370,227

City of Lincoln, Electric System

Rev., 5.00%, 9/1/2026		80,000		96,962

Rev., 5.00%, 9/1/2028		50,000		60,113

Omaha Public Power District, Electric System

Series B, Rev., 5.00%, 2/1/2025		120,000		139,867

Series A, Rev., 5.00%, 2/1/2026		40,000		48,025

Series A, Rev., 5.00%, 2/1/2027		30,000		35,678


				750,872


Water & Sewer — 0.5%

City of Omaha Rev., 4.00%, 11/15/2022		100,000		108,360

City of Omaha, Sanitary Sewerage System Rev., 5.00%, 4/1/2027		50,000		59,642


				168,002


Total Nebraska				918,874


Nevada — 0.9%

General Obligation — 0.6%

Clark County School District, Limited Tax

Series A, GO, 5.00%, 6/15/2032		95,000		110,281

Series A, GO, 4.00%, 6/15/2035		90,000		94,725


				205,006


Transportation — 0.1%

County of Clark Rev., 5.00%, 7/1/2028		25,000		29,979


Water & Sewer — 0.2%

Truckee Meadows Water Authority Rev., 5.00%, 7/1/2029		50,000		59,831


Total Nevada				294,816


New Hampshire — 0.1%

General Obligation — 0.1%

City of Nashua GO, 4.00%, 7/15/2022		25,000		26,920


New Jersey — 2.7%

Education — 0.6%

New Jersey Economic Development Authority, School Facilities Construction

Series NN, Rev., 5.00%, 3/1/2022		60,000		64,471

Series II, Rev., 5.00%, 3/1/2027		115,000		122,243


				186,714


General Obligation — 0.1%

City of North Wildwood GO, 5.00%, 8/1/2022		10,000		11,068


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — 1.0%

Tobacco Settlement Financing Corp. Series A, Rev., 5.00%, 6/1/2027		265,000		308,192


Prerefunded — 0.2%

New Jersey Turnpike Authority Series A, Rev., 5.00%, 1/1/2022 (c)		65,000		71,026


Transportation — 0.8%

New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., 4.00%, 12/15/2031		250,000		252,640


Total New Jersey				829,640


New Mexico — 2.4%

Education — 0.1%

University of New Mexico (The), Board of Regents, Subordinate Lien System Rev., 5.00%, 6/1/2029		20,000		23,712


General Obligation — 0.5%

City of Albuquerque, General Purpose Series 2016A, GO, 5.00%, 7/1/2023		75,000		85,223

Santa Fe Community College District Series A, GO, 5.00%, 8/1/2023		50,000		56,590

State of New Mexico Series B, GO, 5.00%, 3/1/2025		25,000		29,477


				171,290


Other Revenue — 1.3%

City of Albuquerque, Gross Receipts Series 2015A, Rev., 5.00%, 7/1/2026		235,000		277,648

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2016C, Rev., 5.00%, 6/1/2022		30,000		33,079

State of New Mexico, Severance Tax Permanent Fund Series B, Rev., 4.00%, 7/1/2021		80,000		84,201


				394,928


Transportation — 0.4%

New Mexico Finance Authority, State Transportation, Subordinate Lien Series A, Rev., 5.00%, 6/15/2027		100,000		122,171


Utility — 0.1%

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series E, Rev., 5.00%, 6/1/2024		25,000		28,940


Total New Mexico				741,041

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	83

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New York — 3.5%

Education — 1.1%

Monroe County IDA, School Facility, Rochester School Modernization Project Rev., 5.00%, 5/1/2030		80,000		93,304

New York State Dormitory Authority Series A, Rev., 5.00%, 7/1/2034		20,000		23,517

New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2038		25,000		29,502

Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023		200,000		208,168


				354,491


General Obligation — 0.6%

City of New York, Fiscal Year 2012 Series I, GO, 5.00%, 8/1/2022		45,000		49,937

City of New York, Fiscal Year 2013

Series I, GO, 5.00%, 8/1/2023		25,000		28,442

Series J, GO, 5.00%, 8/1/2023		35,000		39,818

City of New York, Fiscal Year 2017 Series C, GO, 4.00%, 8/1/2022		10,000		10,765

County of Onondaga GO, 5.00%, 3/15/2026		20,000		23,087

County of Orange, Various Purpose Series A, GO, 4.00%, 3/15/2024		20,000		22,381


				174,430


Housing — 0.2%

New York City Transitional Finance Authority Building Aid, Fiscal Year 2019Series S-2A, Rev., 5.00%, 7/15/2025		50,000		59,727


Other Revenue — 1.5%

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Series C, Rev., 5.00%, 11/1/2022		25,000		27,973

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 1, Rev., 5.00%, 11/1/2026		25,000		30,362

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Subseries B-5, Rev., VRDO, LIQ: U.S. Bank NA, 1.68%, 3/1/2019 (b)		200,000		200,000

New York Convention Center Development Corp., Hotel Unit fee Secured Rev., 5.00%, 11/15/2025		25,000		29,749

New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2017-A, Rev., 5.00%, 3/15/2028		150,000		180,830


				468,914


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Water & Sewer — 0.1%

Erie County Water Authority Rev., 5.00%, 12/1/2027		20,000		24,202


Total New York				1,081,764


North Carolina — 0.6%

General Obligation — 0.1%

County of Davidson GO, 5.00%, 6/1/2027		35,000		42,919


Other Revenue — 0.5%

County of Wake Series A, Rev., 5.00%, 12/1/2027		30,000		36,130

County of Wayne Rev., 5.00%, 6/1/2024		25,000		28,975

State of North Carolina Rev., 5.00%, 3/1/2021		25,000		26,601

State of North Carolina, Limited Obligation

Series C, Rev., 5.00%, 5/1/2024		25,000		29,021

Series B, Rev., 5.00%, 5/1/2028		20,000		24,176


				144,903


Total North Carolina				187,822


North Dakota — 0.1%

Other Revenue — 0.1%

North Dakota Public Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 10/1/2021		25,000		27,119


Ohio — 4.4%

Education — 1.9%

Bowling Green State University

Series 2016A, Rev., 5.00%, 6/1/2024		25,000		28,828

Series 2016A, Rev., 5.00%, 6/1/2035		175,000		197,498

Ohio Higher Educational Facility Commission, Denison University Series A, Rev., 5.00%, 11/1/2025		75,000		89,221

Ohio Higher Educational Facility Commission, University of Findlay Project Rev., 5.00%, 3/1/2034 (e)		260,000		281,583


				597,130


General Obligation — 0.7%

City of Reynoldsburg, Limited Tax GO, 5.00%, 12/1/2026		15,000		18,179

State of Ohio, Higher Education Series B, GO, 5.00%, 8/1/2022		55,000		61,022

State of Ohio, Highway Capital Improvements Bonds, Full Faith and Credit/Highway User Receipts Series R, GO, 5.00%, 5/1/2021		60,000		64,238

State of Ohio, Infrastructure Improvement Bonds Series A, GO, 5.00%, 9/1/2028		25,000		31,074

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

General Obligation — continued

State of Ohio, Natural Resources Series V, GO, 5.00%, 10/1/2027		35,000		42,916


				217,429


Hospital — 0.1%

State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2028		25,000		30,544


Industrial Development Revenue/Pollution Control Revenue — 0.2%

Ohio Water Development Authority Water Pollution Control Loan Fund Series A, Rev., 5.00%, 12/1/2026		45,000		54,864


Other Revenue — 0.1%

State of Ohio, Capital Facilities Lease-Appropriation Series 2018-A, Rev., 5.00%, 6/1/2025		25,000		29,477


Prerefunded — 0.7%

South-Western City School District, School Facilities Construction and Improvement Bonds GO, 5.00%, 6/1/2022 (c)		160,000		176,712

State of Ohio, Highway Capital Improvements Bonds, Full Faith and Credit/Highway User Receipts Series R, GO, 5.00%, 5/1/2024 (c)		25,000		29,013


				205,725


Transportation — 0.5%

Ohio Turnpike and Infrastructure Commission Series A, Rev., 5.00%, 2/15/2027		135,000		162,462


Utility — 0.1%

American Municipal Power, Inc., Greenup Hydro-Electric Project Series 2016A, Rev., 5.00%, 2/15/2030		25,000		28,878


Water & Sewer — 0.1%

Ohio Water Development Authority, Fresh Water Series B, Rev., 5.00%, 6/1/2026		30,000		36,272


Total Ohio				1,362,781


Oklahoma — 0.7%

Hospital — 0.2%

Oklahoma Development Finance Authority, St. John Health System Rev., 5.00%, 2/15/2020 (c)		55,000		56,697


Other Revenue — 0.0%(d)

The Edmond Public Works Authority, Sales Tax and Utility System Rev., 4.00%, 7/1/2021		10,000		10,485


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Transportation — 0.4%

Oklahoma Capitol Improvement Authority, State Highway Rev., 5.00%, 7/1/2024		100,000		115,584


Water & Sewer — 0.1%

Oklahoma Water Resources Board, Clean Water Program Rev., 5.00%, 4/1/2023		35,000		39,549


Total Oklahoma				222,315


Oregon — 1.3%

General Obligation — 1.0%

City of Portland Series A, GO, 5.00%, 4/1/2025		30,000		35,549

State of Oregon Series A, GO, 5.00%, 5/1/2023		50,000		56,599

State of Oregon, Article XI-Q State Projects Series A, GO, 5.00%, 5/1/2030		155,000		185,470

Washington County School District No. 1 West Union, Hillsborough School District GO, 5.00%, 6/15/2028		25,000		30,253


				307,871


Transportation — 0.3%

State of Oregon, Department of Transportation User Tax Series A, Rev., 5.00%, 11/15/2025		30,000		35,947

Tri-County Metropolitan Transportation District of Oregon Series A, Rev., 5.00%, 9/1/2030		45,000		53,924


				89,871


Total Oregon				397,742


Pennsylvania — 5.2%

General Obligation — 0.9%

Abington School District GO, 5.00%, 10/1/2020		20,000		21,009

Aliquippa School District GO, 3.88%, 12/1/2037		200,000		203,496

Township of Upper St Clair Series A, GO, 4.00%, 6/1/2025		15,000		16,884

Upper Merion Area School District GO, 5.00%, 1/15/2034		20,000		22,996


				264,385


Hospital — 2.3%

Berks County Industrial Development Authority, Healthcare Facilities, The Highlands at Wyomissing Series 2017A, Rev., 5.00%, 5/15/2037		250,000		264,415

County of Lehigh, Health Network Hospital Series A, Rev., 4.00%, 7/1/2035		200,000		205,758

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	85

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Hospital — continued

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2038		225,000		230,873


				701,046


Other Revenue — 1.1%

Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2035		250,000		281,102

Monroeville Finance Authority, UPMC Obligated Group Rev., 5.00%, 2/15/2022		60,000		65,454


				346,556


Prerefunded — 0.3%

Pennsylvania Turnpike Commission Series B, Rev., 5.25%, 12/1/2021 (c)		95,000		104,096


Transportation — 0.6%

Pennsylvania Turnpike Commission

Series A-1, Rev., 5.00%, 12/1/2029		105,000		123,513

Series A-1, Rev., 5.00%, 12/1/2031		60,000		69,653


				193,166


Total Pennsylvania				1,609,249


Rhode Island — 0.3%

General Obligation — 0.3%

State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2018 Series A, GO, 5.00%, 4/1/2029		75,000		92,191


South Carolina — 2.3%

General Obligation — 0.2%

Richland County School District No. 1 GO, SCSDE, 4.00%, 3/1/2019		50,000		50,010


Industrial Development Revenue/Pollution Control Revenue — 0.8%

South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Homes Series 2018A, Rev., 5.00%, 4/1/2033		250,000		261,663


Other Revenue — 0.1%

South Carolina Public Service Authority Series A, Rev., 5.00%, 12/1/2032		25,000		27,963


Transportation — 1.0%

Charleston County Airport District Rev., 5.00%, 7/1/2035		250,000		295,010


Water & Sewer — 0.2%

City of Charleston, Waterworks and Sewer System Rev., 5.00%, 1/1/2026		25,000		30,029


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Water & Sewer — continued

City of Spartanburg, Water System Series B, Rev., 5.00%, 6/1/2030		35,000		41,376


				71,405


Total South Carolina				706,051


South Dakota — 0.1%

Other Revenue — 0.1%

City of Rapid City, Sales Tax Rev., 5.00%, 12/1/2023		25,000		28,568


Tennessee — 3.3%

General Obligation — 1.9%

City of Johnson City Series 2016A, GO, 5.00%, 6/1/2023		15,000		17,025

City of Murfreesboro GO, 4.00%, 4/1/2025		15,000		16,551

County of Franklin, Public Improvement GO, 5.00%, 6/1/2027		50,000		60,858

County of Montgomery, Public Improvement GO, 5.00%, 4/1/2027		25,000		30,547

County of Robertson GO, 5.00%, 6/1/2025		25,000		29,617

County of Shelby

Series A, GO, 4.00%, 3/1/2021		20,000		20,925

Series A, GO, 5.00%, 3/1/2022		40,000		43,885

County of Sullivan GO, 5.00%, 5/1/2026		30,000		36,079

County of Williamson GO, 5.00%, 4/1/2024		20,000		23,168

County of Wilson GO, 4.00%, 4/1/2021		20,000		20,961

Metropolitan Government of Nashville & Davidson County GO, 5.00%, 7/1/2025		10,000		11,872

Metropolitan Government of Nashville and Davidson County

Series A, GO, 5.00%, 7/1/2020		20,000		20,887

GO, 4.00%, 7/1/2035		210,000		228,356

State of Tennessee Series A, GO, 5.00%, 9/1/2025		25,000		29,032


				589,763


Prerefunded — 0.1%

Metropolitan Government of Nashville & Davidson County GO, 5.00%, 7/1/2022 (c)		20,000		22,120


Utility — 1.3%

Metropolitan Government of Nashville and Davidson County, Electric System Series 2014A, Rev., 5.00%, 5/15/2024		10,000		11,606

Tennessee Energy Acquisition Corp., Gas Project Series A, Rev., 4.00%, 5/1/2023 (b)		385,000		403,815


				415,421


Total Tennessee				1,027,304

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Texas — 9.9%

Education — 1.6%

Regents of the University of Texas Series A, Rev., 5.00%, 2/15/2024		35,000		40,135

Texas A&M University, Financing System

Series E, Rev., 5.00%, 5/15/2028		80,000		96,867

Series E, Rev., 5.00%, 5/15/2030		170,000		203,359

University of Texas (The), Board of Regents, Financing System Series D, Rev., 5.00%, 8/15/2024		40,000		46,669

University of Texas System (The) Rev., 5.00%, 8/15/2022		10,000		11,114

University of Texas, Board of Regents, Permanent University Fund Series A, Rev., 5.00%, 7/1/2024		85,000		98,935


				497,079


General Obligation — 5.5%

Alamo Community College District, Limited Tax

GO, 5.00%, 2/15/2024		75,000		86,215

GO, 5.00%, 8/15/2026		250,000		301,423

Allen Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2032		55,000		63,643

City of Houston, Public Improvement Series 2013A, GO, 5.00%, 3/1/2020		30,000		30,969

City of Hutto GO, 5.00%, 8/1/2026		80,000		95,870

City of League City GO, 5.00%, 2/15/2027		20,000		23,578

City of Pflugerville GO, 5.00%, 8/1/2026		25,000		30,045

City of San Angelo GO, 5.00%, 2/15/2027		20,000		24,120

City of San Marcos, Certificates of Obligation GO, 5.00%, 8/15/2031		270,000		319,645

Clint Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2024		25,000		28,768

County of Bexar, Certificates of Obligation Series A, GO, 5.00%, 6/15/2031		160,000		186,843

County of Fort Bend Series 2016B, GO, 5.00%, 3/1/2022		15,000		16,427

County of Harris, Unlimited Tax Series 2017A, GO, 5.00%, 10/1/2026		25,000		30,339

County of Hays, Limited Tax GO, 5.00%, 2/15/2026		20,000		24,170

County of Montgomery, Unlimited Tax GO, 5.00%, 3/1/2025		25,000		29,544

County of Wichita, Limited Tax GO, 5.00%, 9/15/2027		60,000		73,075

County of Williamson, Limited Tax GO, 5.00%, 2/15/2026		40,000		47,865


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

Cypress-Fairbanks Independent School District, School Building Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025		20,000		23,557

Laredo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2024		25,000		29,003

North East Independent School District GO, PSF-GTD, 5.00%, 8/1/2025		20,000		23,702

Northside Independent School District GO, PSF-GTD, 5.00%, 8/15/2024		65,000		75,598

Pearland Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2023		25,000		28,095

Prosper Independent School District, Unlimited Tax School Building GO,PSF-GTD, 5.00%, 2/15/2037		25,000		29,042

Sherman Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2030		25,000		29,882

State of Texas, Transportation Commission Mobility Series 2015-A, GO, 5.00%, 10/1/2024		50,000		58,443

Wylie Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2023		10,000		10,853


				1,720,714



Other Revenue — 0.2%

Metropolitan Transit Authority of Harris County Series 2017A, Rev., 5.00%, 11/1/2025		45,000		53,672


Transportation — 0.1%

Metropolitan Transit Authority of Harris County Series B, Rev., 5.00%, 11/1/2029		25,000		30,050


Utility — 1.5%

Brushy Creek Regional Utility Authority, Inc., Water Treatment And Distribution Project Rev., 5.00%, 8/1/2026		85,000		102,304

City of Houston, Utility System Revenue Refunding Series D, Rev., 5.00%, 11/15/2030		45,000		54,407

City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2028		100,000		122,148

Lower Colorado River Authority, Transmission Contract, LCRA Transmission Services Corp. Project

Rev., 5.00%, 5/15/2020		30,000		31,172

Rev., 5.00%, 5/15/2035		155,000		179,709


				489,740

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	87

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Water & Sewer — 1.0%

City of Amarillo, Waterworks and Sewer System Series 2015A, Rev., 4.00%, 4/1/2025		25,000		27,989

City of Dallas, Waterworks and Sewer System Rev., 5.00%, 10/1/2022		10,000		10,828

City of San Antonio, Water System, Junior Lien Series A, Rev., 5.00%, 5/15/2025		25,000		29,538

North Texas Municipal Water District, Water System Rev., 5.00%, 6/1/2027		20,000		24,336

Tarrant Regional Water District Rev., 5.00%, 3/1/2025		125,000		146,929

Trinity River Authority LLC, Tarrant County Water Project Rev., 5.00%, 2/1/2026		60,000		71,713


				311,333


Total Texas				3,102,588


Utah — 0.8%

Education — 0.1%

Utah State Board of Regents, University of Utah (The) Series A, Rev., 5.00%, 8/1/2031		40,000		47,337


Other Revenue — 0.4%

City of Park City Rev., 5.00%, 6/15/2022		30,000		33,172

County of Summit, Sales Tax Rev., 5.00%, 12/15/2023		70,000		80,511


				113,683


Prerefunded — 0.1%

Utah State Board of Regents, University of Utah (The) Series B, Rev., 5.00%, 8/1/2023 (c)		25,000		28,462


Water & Sewer — 0.2%

Washington County Water Conservancy District Series 2012A, Rev., 4.50%, 10/1/2024		55,000		59,432


Total Utah				248,914


Virginia — 4.0%

Education — 0.4%

Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2017-C, Rev., 5.00%, 2/1/2024		65,000		74,979

Virginia Public School Authority Series 2015-A, Rev., 4.00%, 8/1/2020		50,000		51,690


				126,669


General Obligation — 1.1%

City of Richmond Series B, GO, 5.00%, 7/15/2027		175,000		215,684


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2030		25,000		30,575

County of Spotsylvania, Public Improvement GO, 5.00%, 7/15/2029		85,000		105,047


				351,306


Housing — 0.1%

Virginia Public Building Authority, Public Facilities Series A, Rev., 5.00%, 8/1/2022		25,000		27,735


Transportation — 0.5%

Virginia Commonwealth Transportation Board Series 2013-A, Rev., GAN, 5.00%, 3/15/2023		100,000		112,784

Virginia Resources Authority, Infrastructure and State Moral Obligation Series 2013-C, Rev., 5.00%, 11/1/2023		35,000		40,117


				152,901


Water & Sewer — 1.9%

Hampton Roads Sanitation District, Wastewater

Series 2014A, Rev., 5.00%, 7/1/2021		15,000		16,153

Series A, Rev., 5.00%, 10/1/2027		465,000		577,386


				593,539


Total Virginia				1,252,150


Washington — 7.0%

Certificate of Participation/Lease — 0.2%

State of Washington Series 2015-C, COP, 5.00%, 1/1/2029		55,000		64,012


Education — 0.5%

University of Washington Rev., 5.00%, 4/1/2032		115,000		135,667


General Obligation — 5.2%

City of University Place, Limited Tax GO, 5.00%, 12/1/2026		45,000		54,018

Clark County School District No. 101 La Center, Unlimited Tax GO, 5.00%, 12/1/2029		50,000		60,539

County of King, Limited Tax

Series A, GO, 5.00%, 7/1/2025		50,000		58,843

Series B, GO, 5.00%, 12/1/2025		20,000		22,841

County of Snohomish, Limited Tax GO, 5.00%, 12/1/2025		10,000		11,822

King County Public Hospital District No. 2, EvergreenHealth GO, 5.00%, 12/1/2031		105,000		118,551

King County School District No. 403 Renton GO, 5.00%, 12/1/2022		40,000		44,146

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

General Obligation — continued

King County School District No. 405 Bellevue GO, 5.00%, 12/1/2024		350,000		411,092

King County School District No. 405 Bellevue, Credit Enhancement Program

GO, 5.00%, 12/1/2021		30,000		32,686

GO, 5.00%, 12/1/2026		20,000		24,362

King County School District No. 411 Issaquah GO, 5.00%, 12/1/2024		35,000		40,947

King County School District No. 411 Issaquah, Unlimited Tax GO, 5.00%, 12/1/2031		225,000		265,050

Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 5.00%, 12/1/2023		50,000		57,369

Mason County School District No. 309 Shelton, Unlimited Tax GO, 5.00%, 12/1/2029		45,000		53,596

Pasco School District No. 1, Franklin County, Unlimited Tax GO, 5.00%, 12/1/2030		35,000		41,819

Pierce and King Counties School District No. 417 Fife GO, 4.00%, 12/1/2020		75,000		78,128

Pierce County, White River School District No. 416 GO, 5.00%, 12/1/2025		50,000		59,749

Snohomish County Edmonds School District No. 15 GO, 5.00%, 12/1/2025		25,000		29,854

Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/1/2024		25,000		29,413

Spokane County, Mead School District No. 354 GO, 5.00%, 12/1/2024		20,000		23,464

State of Washington, Motor Vehicle Fuel Tax Series 2013E, GO, 5.00%, 2/1/2025		75,000		83,996

State of Washington, Various Purpose Series C, GO, 5.00%, 2/1/2038		25,000		28,509


				1,630,794


Other Revenue — 0.1%

Washington State Convention Center Public Facilities District Rev., 5.00%, 7/1/2032		35,000		40,928


Prerefunded — 0.2%

City of Seattle, Municipal Light and Power Improvement Series 2011A, Rev., 5.00%, 2/1/2021 (c)		20,000		21,254

State of Washington, Various Purpose Series 2011-A, GO, 5.00%, 8/1/2020 (c)		25,000		26,164


				47,418


Transportation — 0.2%

Central Puget Sound Regional Transit Authority, Sales Tax Series 2015S-1, Rev., 5.00%, 11/1/2024		30,000		35,166


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Transportation — continued

Port of Seattle, Intermediate Lien Series B, Rev., 5.00%, 3/1/2022		30,000		32,736


				67,902


Utility — 0.4%

Energy Northwest, Electric

Series 2016-A, Rev., 5.00%, 7/1/2028		25,000		29,753

Series A, Rev., 5.00%, 7/1/2028		55,000		66,838

Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project Series A, Rev., 5.00%, 1/1/2023		25,000		27,903


				124,494


Water & Sewer — 0.2%

City of Seattle, Drainage and Wastewater System Improvement Rev., 4.00%, 4/1/2026		20,000		22,742

City of Seattle, Wastewater System Improvement Rev., 5.00%, 8/1/2024		35,000		40,769


				63,511


Total Washington				2,174,726


Wisconsin — 4.6%

Education — 0.7%

Public Finance Authority, Piedmont Community Charter School Rev., 5.00%, 6/15/2039		200,000		217,274


General Obligation — 2.6%

City of Milwaukee, Promissory Notes Series N4 & B5, GO, 5.00%, 4/1/2023		35,000		39,366

City of West Allis, Corporate Purpose Series A, GO, 4.00%, 4/1/2022		425,000		452,000

Hamilton School District, School Building Improvement GO, 5.00%, 4/1/2025		60,000		70,799

State of Wisconsin

Series 3, GO, 5.00%, 11/1/2021		75,000		81,487

Series B, GO, 4.00%, 5/1/2023		40,000		43,677

Series 1, GO, 5.00%, 11/1/2024		40,000		46,928

Series 2, GO, 5.00%, 11/1/2026		50,000		60,208

Village of Pleasant Prairie GO, 4.00%, 8/1/2024		10,000		11,062


				805,527


Industrial Development Revenue/Pollution Control Revenue — 0.2%

State of Wisconsin Environmental Improvement Fund

Series A, Rev., 5.00%, 6/1/2025		35,000		41,608

Series A, Rev., 5.00%, 6/1/2026		20,000		24,224


				65,832

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	89

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Prerefunded — 0.4%

State of Wisconsin Series C, GO, 4.00%, 5/1/2021(c)		25,000		26,206

State of Wisconsin, Clean Water Series 1, Rev., 5.00%, 6/1/2023 (c)		25,000		28,350

State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio Rev., 5.00%, 6/1/2024 (c)		65,000		75,522


				130,078


Transportation — 0.7%

Wisconsin Department of Transportation Series 2, Rev., 5.00%, 7/1/2031		180,000		214,942


Total Wisconsin				1,433,653


Total Municipal Bonds (Cost $29,544,673)				30,454,466


	SHARES
Short-term Investments — 3.4%

Investment Companies — 3.4%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (f) (g) (Cost $1,050,773)		1,050,773		1,050,773


Total Investments — 101.1% (Cost $30,595,446)				31,505,239

Liabilities in Excess of Other Assets — (1.1)%				(351,681)


Net Assets — 100.0%				31,153,558

Percentages indicated are based on net assets.


Abbreviations
AGM		Insured by Assured Guaranty Municipal Corp.
COP		Certificate of Participation
GAN		Grant Anticipation Notes
GO		General Obligation
IDA		Industrial Development Authority
LIQ		Liquidity Agreement
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
Rev.		Revenue
SCSDE		South Carolina School District Enhancement
VAR		Variable Rate Security. The interest rate shown is the rate in effect as of February 28, 2019.
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.

(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(c)		Security is prerefunded or escrowed to maturity.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — 38.7%

U.S. Treasury Bonds

8.75%, 8/15/2020		4,882,000		5,310,319

7.88%, 2/15/2021		241,000		265,401

8.13%, 5/15/2021		29,000		32,448

8.13%, 8/15/2021		3,355,000		3,798,096

5.50%, 8/15/2028		29,000		35,687

6.25%, 5/15/2030		1,138,000		1,519,541

4.50%, 5/15/2038		426,000		527,175

4.25%, 5/15/2039		896,000		1,073,835

4.63%, 2/15/2040		39,000		49,046

3.00%, 5/15/2045		2,867,000		2,826,347

3.00%, 11/15/2045		40,000		39,422

2.25%, 8/15/2046		410,000		346,114

3.00%, 5/15/2047		21,000		20,669

3.00%, 2/15/2048		44,000		43,233

3.00%, 8/15/2048		20,000		19,655

3.38%, 11/15/2048		1,203,000		1,271,797

3.00%, 2/15/2049		80,000		78,669

U.S. Treasury Notes

1.63%, 3/15/2020		151,000		149,561

2.25%, 3/31/2020		74,000		73,763

2.63%, 8/15/2020		32,000		32,025

2.88%, 10/31/2020		32,000		32,162

2.00%, 1/15/2021		121,000		119,790

2.25%, 2/15/2021		29,000		28,839

1.25%, 3/31/2021		116,000		113,055

1.50%, 1/31/2022		3,672,000		3,569,442

1.75%, 6/30/2022		4,775,000		4,661,407

2.13%, 12/31/2022		160,000		157,713

2.38%, 1/31/2023		29,000		28,845

1.25%, 7/31/2023		128,000		121,210

2.25%, 12/31/2023		2,329,000		2,299,251

2.25%, 1/31/2024		797,000		786,446

2.50%, 1/31/2024		254,000		253,722

2.38%, 2/29/2024		340,000		337,729

2.00%, 4/30/2024		124,000		120,735

1.88%, 8/31/2024		3,662,000		3,534,688

2.63%, 12/31/2025		3,490,000		3,492,045

2.75%, 2/15/2028		29,000		29,109

2.88%, 8/15/2028		55,000		55,713

3.13%, 11/15/2028		757,000		782,844

2.63%, 2/15/2029		150,000		148,758


Total U.S. Treasury Obligations (Cost $38,161,514)				38,186,306


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — 28.1%

FHLMC Gold Pools, 15 Year, Single Family

Pool # G15602, 2.50%, 11/1/2027		176,774		174,438

Pool # G18466, 2.00%, 5/1/2028		31,439		30,490

Pool # V60840, 3.00%, 6/1/2030		24,492		24,518

Pool # G16622, 3.00%, 11/1/2030		100,173		100,066

Pool # G16044, 2.50%, 1/1/2032		247,522		242,929

Pool # J36524, 3.00%, 3/1/2032		400,000		399,567

Pool # G18706, 3.00%, 9/1/2033		49,414		49,360

FHLMC Gold Pools, 20 Year, Single Family

Pool # C91266, 4.00%, 9/1/2029		24,614		25,113

Pool # C91911, 2.50%, 1/1/2037		198,729		191,049

Pool # G31005, 4.00%, 5/1/2037		292,396		302,089

Pool # C91974, 4.00%, 11/1/2037		510,710		526,384

FHLMC Gold Pools, 30 Year, Single Family

Pool # A34212, 6.00%, 4/1/2035		24,906		26,846

Pool # G06856, 6.00%, 5/1/2040		25,358		27,857

Pool # G07794, 5.50%, 6/1/2041		24,512		26,647

Pool # G08477, 3.50%, 2/1/2042		38,700		39,032

Pool # C03858, 3.50%, 4/1/2042		211,345		213,156

Pool # Q13477, 3.00%, 12/1/2042		258,560		254,213

Pool # C09031, 2.50%, 2/1/2043		242,864		231,437

Pool # Q17374, 4.00%, 4/1/2043		179,053		185,554

Pool # C09044, 3.50%, 7/1/2043		118,167		119,137

Pool # G08599, 3.50%, 8/1/2044		172,674		173,700

Pool # G08659, 3.50%, 8/1/2045		138,936		139,568

Pool # Q35460, 3.50%, 8/1/2045		277,946		279,211

Pool # G08677, 4.00%, 11/1/2045		150,000		153,591

Pool # G60480, 4.50%, 11/1/2045		266,894		279,199

Pool # G08680, 3.00%, 12/1/2045		133,109		130,417

Pool # G61796, 4.50%, 12/1/2045		198,209		208,366

Pool # Q39844, 3.50%, 4/1/2046		349,376		350,207

Pool # Q42045, 3.50%, 7/1/2046		76,323		76,744

Pool # G61730, 3.00%, 9/1/2046		320,753		315,365

Pool # G08741, 3.00%, 1/1/2047		248,524		243,346

Pool # G08747, 3.00%, 2/1/2047		450,882		441,458

Pool # G08793, 4.00%, 12/1/2047		148,558		151,921

Pool # Q53751, 3.50%, 1/1/2048		562,196		562,699

Pool # G08823, 3.50%, 7/1/2048		135,222		135,343

Pool # G08836, 4.00%, 9/1/2048		700,977		715,190

Pool # G08858, 4.50%, 1/1/2049		102,181		105,912

FNMA, 15 Year, Single Family

Pool # AC3256, 4.50%, 9/1/2024		81,526		84,000

Pool # AC7007, 4.50%, 1/1/2025		114,223		118,356

Pool # AL9580, 4.00%, 3/1/2025		70,000		71,836

Pool # AL2605, 3.00%, 6/1/2027		150,000		150,345

Pool # AB6811, 2.50%, 10/1/2027		49,306		48,636

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	91

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Mortgage-Backed Securities — continued

Pool # AQ9442, 2.00%, 12/1/2027		33,565		32,548

Pool # AS3345, 2.00%, 7/1/2029		27,787		26,946

Pool # AX2889, 3.50%, 11/1/2029		1,925		1,960

Pool # AL7205, 3.50%, 12/1/2029		295,867		301,110

Pool # AS5278, 2.50%, 6/1/2030		65,319		64,145

Pool # MA2684, 3.00%, 7/1/2031		287,461		287,153

Pool # BD1493, 2.50%, 9/1/2031		68,988		67,759

Pool # BD5647, 2.00%, 11/1/2031		37,747		36,228

Pool # BM4741, 3.00%, 4/1/2032		70,154		70,241

Pool # MA3188, 3.00%, 11/1/2032		78,000		77,882

Pool # BH7081, 2.50%, 12/1/2032		194,754		191,109

Pool # MA3547, 3.00%, 12/1/2033		35,671		35,617

FNMA, 20 Year, Single Family

Pool # AB4262, 3.50%, 1/1/2032		98,911		100,441

Pool # AL6159, 4.50%, 1/1/2032		198,967		207,628

Pool # MA2287, 3.00%, 6/1/2035		178,263		177,092

Pool # AL6970, 3.50%, 7/1/2035		39,344		39,735

FNMA, 30 Year, Single Family

Pool # 725232, 5.00%, 3/1/2034		24,645		26,321

Pool # 790003, 6.00%, 8/1/2034		24,911		27,372

Pool # 735503, 6.00%, 4/1/2035		83,802		92,856

Pool # 872499, 6.50%, 6/1/2036		823		937

Pool # BH7907, 6.50%, 12/1/2037		35,370		39,061

Pool # 190399, 5.50%, 11/1/2039		197,634		211,361

Pool # AB1259, 5.00%, 7/1/2040		98,551		105,493

Pool # BM3090, 3.50%, 2/1/2041		522,984		527,379

Pool # AL0241, 4.00%, 4/1/2041		136,488		140,388

Pool # AK2386, 3.50%, 2/1/2042		90,662		91,424

Pool # AO8694, 4.50%, 7/1/2042		40,000		41,427

Pool # AB6632, 3.50%, 10/1/2042		707,125		713,069

Pool # AB7391, 2.50%, 12/1/2042		26,806		25,547

Pool # AB7580, 3.00%, 1/1/2043		490,673		481,974

Pool # AR2315, 3.50%, 2/1/2043		246,725		248,798

Pool # AR6770, 4.00%, 3/1/2043		59,805		61,689

Pool # AU3735, 3.00%, 8/1/2043		296,461		291,204

Pool # BM3704, 3.00%, 9/1/2043		89,726		87,825

Pool # AL7696, 3.00%, 12/1/2043		138,936		136,473

Pool # AV4894, 4.50%, 12/1/2043		199,020		210,682

Pool # AS1557, 4.00%, 1/1/2044		129,114		132,839

Pool # BM5365, 4.00%, 3/1/2044		198,364		204,015

Pool # AS2700, 4.00%, 6/1/2044		177,994		183,816

Pool # AL9569, 5.00%, 8/1/2044		407,440		438,232

Pool # AS3710, 4.00%, 11/1/2044		79,803		82,114

Pool # BM5171, 4.00%, 1/1/2045		131,065		134,799

Pool # AS4402, 3.50%, 2/1/2045		250,000		252,025

Pool # AS5570, 3.50%, 8/1/2045		149,724		150,199


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # AS5851, 4.50%, 9/1/2045		57,657		59,967

Pool # AS6196, 3.50%, 11/1/2045		79,402		79,689

Pool # AS6613, 4.00%, 2/1/2046		122,083		124,917

Pool # AL9128, 4.50%, 2/1/2046		79,153		83,145

Pool # AL8936, 4.50%, 5/1/2046		45,818		47,637

Pool # MA2806, 3.00%, 11/1/2046 (g)		711,054		695,360

Pool # AL9916, 4.00%, 2/1/2047		199,665		204,132

Pool # MA2920, 3.00%, 3/1/2047		99,465		97,269

Pool # AS8966, 4.00%, 3/1/2047		560,236		573,009

Pool # MA3237, 3.00%, 1/1/2048		895,003		874,706

Pool # MA3276, 3.50%, 2/1/2048		248,615		248,944

Pool # MA3332, 3.50%, 4/1/2048		67,681		67,730

Pool # CA2687, 3.00%, 5/1/2048		49,754		48,743

Pool # BM4757, 3.50%, 7/1/2048		197,597		198,341

Pool # MA3414, 3.50%, 7/1/2048		99,672		99,743

Pool # MA3495, 4.00%, 10/1/2048		268,425		273,793

Pool # MA3603, 3.00%, 2/1/2049		40,951		40,022

Pool # MA3592, 4.00%, 2/1/2049		520,917		531,333

Pool # MA3593, 4.50%, 2/1/2049		405,131		419,475

GNMA I, 30 Year, Single Family

Pool # AL9314, 3.00%, 3/15/2045		147,626		145,968

Pool # BE6231, 3.50%, 2/15/2048		99,606		100,569

Pool # BF1292, 4.00%, 3/15/2048		90,452		92,917

Pool # AF8266, 3.50%, 10/15/2048		100,415		101,310

GNMA II, 30 Year, Single Family

Pool # 3330, 4.50%, 12/20/2032		26,890		28,112

Pool # 3388, 4.50%, 5/20/2033		13,958		14,580

Pool # 3459, 5.50%, 10/20/2033		32,904		35,896

Pool # 3554, 4.50%, 5/20/2034		7,514		7,843

Pool # 3736, 5.50%, 7/20/2035		26,350		29,015

Pool # 4222, 6.00%, 8/20/2038		26,284		28,605

Pool # 4446, 4.50%, 5/20/2039		7,626		8,005

Pool # 4468, 4.50%, 6/20/2039		7,219		7,581

Pool # 4495, 4.50%, 7/20/2039		30,561		32,077

Pool # 4519, 4.50%, 8/20/2039		11,402		11,968

Pool # 4558, 4.50%, 10/20/2039		9,327		9,789

Pool # 4598, 4.50%, 12/20/2039		18,420		19,333

Pool # 4617, 4.50%, 1/20/2040		24,108		25,304

Pool # 4636, 4.50%, 2/20/2040		14,078		14,776

Pool # 4656, 4.00%, 3/20/2040		28,494		29,503

Pool # 4677, 4.00%, 4/20/2040		191,684		198,507

Pool # 4678, 4.50%, 4/20/2040		3,540		3,716

Pool # 4695, 4.00%, 5/20/2040		8,951		9,324

Pool # 4696, 4.50%, 5/20/2040		3,685		3,867

Pool # 4712, 4.00%, 6/20/2040		13,020		13,481

Pool # 4800, 4.00%, 9/20/2040		14,904		15,453

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)			VALUE ($)
Mortgage-Backed Securities — continued

Pool # 4976, 3.50%, 3/20/2041		30,843			31,351

Pool # 4977, 4.00%, 3/20/2041		53,042	��		54,926

Pool # 5016, 4.00%, 4/20/2041		20,313			21,033

Pool # 5054, 4.00%, 5/20/2041		32,551			33,704

Pool # 5114, 4.00%, 7/20/2041		4,455			4,613

Pool # 5233, 4.00%, 11/20/2041		5,176			5,359

Pool # 5259, 4.00%, 12/20/2041		19,644			20,339

Pool # 5279, 3.50%, 1/20/2042		24,410			24,772

Pool # 5330, 3.00%, 3/20/2042		37,256			37,082

Pool # MA0534, 3.50%, 11/20/2042		173,477			175,906

Pool # 783755, 3.00%, 4/20/2043		215,036			214,048

Pool # 783976, 3.50%, 4/20/2043		79,238			80,347

Pool # MA1376, 4.00%, 10/20/2043		320,624			331,585

Pool # 784026, 3.50%, 12/20/2044		249,387			251,716

Pool # MA2678, 3.50%, 3/20/2045		506,089			511,288

Pool # 784016, 3.50%, 4/20/2045		59,363			60,124

Pool # MA2754, 3.50%, 4/20/2045		24,708			24,962

Pool # 626942, 3.00%, 5/20/2045		223,464			219,381

Pool # MA2829, 5.00%, 5/20/2045		69,393			74,048

Pool # AN2972, 4.00%, 9/20/2045		191,948			196,969

Pool # 784623, 3.50%, 10/20/2045		148,270			149,834

Pool # AQ3441, 4.00%, 2/20/2046		46,352			47,596

Pool # AS2837, 3.50%, 3/20/2046		526,088			528,695

Pool # AS4942, 4.00%, 5/20/2046		43,473			45,126

Pool # MA3735, 3.00%, 6/20/2046		854,202			844,465

Pool # MA4002, 2.50%, 10/20/2046		147,519			141,369

Pool # MA4654, 4.50%, 8/20/2047		194,282			201,187

Pool # 784474, 3.50%, 2/20/2048		298,023			300,237

Pool # MA5265, 4.50%, 6/20/2048		80,000			82,853

Pool # MA5331, 4.50%, 7/20/2048		297,735			308,294

Pool # MA5332, 5.00%, 7/20/2048		179,616			187,273

Pool # MA5651, 4.00%, 12/20/2048		536,764			551,279

Pool # MA5709, 3.50%, 1/20/2049		571,522			576,776

Pool # MA5762, 3.50%, 2/20/2049		650,000			655,975


Total Mortgage-Backed Securities (Cost $27,695,294)					27,732,171

Corporate Bonds — 25.4%

Aerospace & Defense — 0.7%

Boeing Co. (The)

1.65%, 10/30/2020		75,000			73,616

2.80%, 3/1/2023		26,000			26,047

3.45%, 11/1/2028		75,000			75,954

3.55%, 3/1/2038		260,000			248,687

3.38%, 6/15/2046		25,000			22,572

Hexcel Corp. 3.95%, 2/15/2027		50,000			48,778

Huntington Ingalls Industries, Inc. 3.48%, 12/1/2027		50,000			47,911


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Aerospace & Defense — continued

Spirit AeroSystems, Inc.

3.85%, 6/15/2026		50,000		48,002

4.60%, 6/15/2028		55,000		54,682


				646,249


Auto Components — 0.1%

Lear Corp.

5.25%, 1/15/2025		65,000		66,717

3.80%, 9/15/2027		28,000		26,063


				92,780


Banks — 3.6%

Bancolombia SA (Colombia) 5.95%, 6/3/2021		200,000		209,250

Bank of Nova Scotia (The) (Canada) 1.88%, 4/26/2021		30,000		29,357

BankUnited, Inc. 4.88%, 11/17/2025		61,000		62,200

Canadian Imperial Bank of Commerce (Canada)

2.70%, 2/2/2021		100,000		99,669

3.50%, 9/13/2023		217,000		219,912

Comerica, Inc. 3.70%, 7/31/2023		100,000		101,308

Commonwealth Bank of Australia (Australia) 2.55%, 3/15/2021		250,000		247,222

Discover Bank 4.20%, 8/8/2023		250,000		255,464

Huntington Bancshares, Inc. 2.30%, 1/14/2022		110,000		107,356

Kreditanstalt fuer Wiederaufbau (Germany)

2.63%, 4/12/2021		145,000		144,985

2.50%, 2/15/2022		25,000		24,924

2.13%, 3/7/2022		100,000		98,627

2.88%, 4/3/2028		190,000		190,119

0.00%, 6/29/2037		25,000		13,525

Landwirtschaftliche Rentenbank (Germany)

3.13%, 11/14/2023		31,000		31,623

2.00%, 1/13/2025		25,000		24,018

M&T Bank Corp. 3.55%, 7/26/2023		208,000		211,017

Oesterreichische Kontrollbank AG (Austria) 3.13%, 11/7/2023		50,000		50,901

Regions Financial Corp.

3.20%, 2/8/2021		100,000		100,131

2.75%, 8/14/2022		97,000		95,015

Royal Bank of Canada (Canada)

2.13%, 3/2/2020		35,000		34,760

2.50%, 1/19/2021		70,000		69,480

2.75%, 2/1/2022		204,000		203,333

3.70%, 10/5/2023		100,000		101,731

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	93

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

Skandinaviska Enskilda Banken AB (Sweden) 1.88%, 9/13/2021		250,000		241,820

SunTrust Bank

2.45%, 8/1/2022		27,000		26,442

(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022(a)		51,000		51,344

SunTrust Banks, Inc.

2.90%, 3/3/2021		108,000		107,706

2.70%, 1/27/2022		105,000		103,824

4.00%, 5/1/2025		164,000		169,020

SVB Financial Group

5.38%, 9/15/2020		26,000		26,747

3.50%, 1/29/2025		50,000		48,483

Synovus Financial Corp. 3.13%, 11/1/2022		50,000		48,313


				3,549,626


Biotechnology — 0.4%

Biogen, Inc.

3.63%, 9/15/2022		193,000		195,744

4.05%, 9/15/2025		60,000		60,922

5.20%, 9/15/2045		94,000		98,619


				355,285


Building Products — 0.0%(b)

Lennox International, Inc. 3.00%, 11/15/2023		25,000		24,038


Capital Markets — 2.6%

Affiliated Managers Group, Inc. 4.25%, 2/15/2024		53,000		54,438

Ameriprise Financial, Inc.

4.00%, 10/15/2023		55,000		56,578

3.70%, 10/15/2024		47,000		47,609

2.88%, 9/15/2026		37,000		35,198

Apollo Investment Corp. 5.25%, 3/3/2025		30,000		28,786

BGC Partners, Inc. 5.38%, 7/24/2023		32,000		32,191

BlackRock, Inc.

4.25%, 5/24/2021		130,000		133,942

3.38%, 6/1/2022		75,000		75,986

3.50%, 3/18/2024		120,000		122,133

3.20%, 3/15/2027		120,000		117,990

Brookfield Asset Management, Inc. (Canada) 4.00%, 1/15/2025		47,000		46,477

Brookfield Finance, Inc. (Canada)

4.25%, 6/2/2026		71,000		69,874

3.90%, 1/25/2028		53,000		49,760


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

CME Group, Inc.

3.75%, 6/15/2028		54,000		55,203

5.30%, 9/15/2043		100,000		119,212

Eaton Vance Corp. 3.63%, 6/15/2023		51,000		51,709

Intercontinental Exchange, Inc.

2.75%, 12/1/2020		40,000		39,885

2.35%, 9/15/2022		40,000		39,119

4.00%, 10/15/2023		125,000		130,132

3.10%, 9/15/2027		115,000		111,239

3.75%, 9/21/2028		25,000		25,261

4.25%, 9/21/2048		75,000		75,851

Janus Capital Group, Inc. (United Kingdom) 4.88%, 8/1/2025		25,000		25,478

Lazard Group LLC

3.75%, 2/13/2025		50,000		49,154

3.63%, 3/1/2027		170,000		162,748

4.50%, 9/19/2028		100,000		101,420

Nasdaq, Inc.

4.25%, 6/1/2024		50,000		50,978

3.85%, 6/30/2026		100,000		97,991

S&P Global, Inc.

3.30%, 8/14/2020		40,000		40,126

2.95%, 1/22/2027		125,000		118,665

4.50%, 5/15/2048		119,000		121,797

Stifel Financial Corp.

3.50%, 12/1/2020		75,000		75,021

4.25%, 7/18/2024		26,000		26,212

TD Ameritrade Holding Corp.

2.95%, 4/1/2022		103,000		102,933

3.75%, 4/1/2024		75,000		76,383

3.30%, 4/1/2027		26,000		25,385


				2,592,864


Chemicals — 1.2%

Ecolab, Inc.

4.35%, 12/8/2021		25,000		25,904

5.50%, 12/8/2041		60,000		69,145

3.95%, 12/1/2047		197,000		192,569

International Flavors & Fragrances, Inc. 3.40%, 9/25/2020		43,000		43,170

LYB International Finance BV

4.00%, 7/15/2023		237,000		238,861

5.25%, 7/15/2043		75,000		73,399

4.88%, 3/15/2044		26,000		24,374

LYB International Finance II BV 3.50%, 3/2/2027		25,000		23,367

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Chemicals — continued

LyondellBasell Industries NV

6.00%, 11/15/2021		100,000		105,825

4.63%, 2/26/2055		95,000		81,747

Methanex Corp. (Canada) 4.25%, 12/1/2024		26,000		25,032

NewMarket Corp. 4.10%, 12/15/2022		50,000		50,881

SASOL Financing USA LLC (South Africa) 5.88%, 3/27/2024		200,000		206,490


				1,160,764


Commercial Services & Supplies — 0.1%

RELX Capital, Inc. (United Kingdom)

3.13%, 10/15/2022		35,000		34,439

3.50%, 3/16/2023		77,000		76,673


				111,112


Communications Equipment — 0.2%

Motorola Solutions, Inc.

3.50%, 9/1/2021		90,000		90,130

3.75%, 5/15/2022		74,000		74,307

4.00%, 9/1/2024		50,000		49,986


				214,423


Consumer Finance — 1.8%

American Express Co.

3.38%, 5/17/2021		40,000		40,306

2.50%, 8/1/2022		40,000		39,163

3.40%, 2/27/2023		40,000		40,264

3.00%, 10/30/2024		28,000		27,340

4.05%, 12/3/2042		235,000		231,241

American Express Credit Corp.

2.70%, 3/3/2022		70,000		69,577

3.30%, 5/3/2027		111,000		110,178

Capital One Financial Corp.

2.50%, 5/12/2020		344,000		341,683

2.40%, 10/30/2020		25,000		24,699

4.75%, 7/15/2021		30,000		30,942

3.30%, 10/30/2024		57,000		55,072

3.80%, 1/31/2028		40,000		38,441

Discover Financial Services

3.85%, 11/21/2022		100,000		100,580

3.95%, 11/6/2024		25,000		24,744

3.75%, 3/4/2025		104,000		101,414

4.10%, 2/9/2027		35,000		34,061

Synchrony Financial

3.75%, 8/15/2021		280,000		280,613

4.25%, 8/15/2024		50,000		49,012


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Consumer Finance — continued

4.50%, 7/23/2025		25,000		24,402

3.70%, 8/4/2026		69,000		62,863


				1,726,595


Containers & Packaging — 0.1%

Sonoco Products Co. 5.75%, 11/1/2040		65,000		70,435


Diversified Financial Services — 0.0%(b)

Private Export Funding Corp. Series LL, 2.25%, 3/15/2020		29,000		28,900


Diversified Telecommunication Services — 0.6%

TELUS Corp. (Canada)

2.80%, 2/16/2027		50,000		46,628

4.60%, 11/16/2048		62,000		62,198

Verizon Communications, Inc.

3.38%, 2/15/2025		6,000		5,998

4.02%, 12/3/2029		163,000		163,544

4.33%, 9/21/2028		25,000		25,870

7.75%, 12/1/2030		51,000		66,112

4.40%, 11/1/2034		91,000		91,091

4.81%, 3/15/2039		25,000		25,710

4.52%, 9/15/2048		28,000		27,478

5.01%, 4/15/2049		62,000		64,898

4.67%, 3/15/2055		25,000		24,356


				603,883


Electric Utilities — 1.2%

Arizona Public Service Co.

3.15%, 5/15/2025		10,000		9,840

2.95%, 9/15/2027		130,000		123,746

5.05%, 9/1/2041		25,000		27,005

4.20%, 8/15/2048		39,000		38,015

Avangrid, Inc. 3.15%, 12/1/2024		25,000		24,266

Baltimore Gas & Electric Co.

2.40%, 8/15/2026		65,000		60,152

3.50%, 8/15/2046		156,000		138,555

DTE Electric Co. 4.30%, 7/1/2044		51,000		52,179

Enel Americas SA (Chile) 4.00%, 10/25/2026		185,000		180,375

Enel Chile SA (Chile) 4.88%, 6/12/2028		26,000		26,764

Exelon Corp.

5.15%, 12/1/2020		60,000		61,669

4.95%, 6/15/2035		99,000		101,580

5.10%, 6/15/2045		25,000		26,514

Kansas City Power & Light Co. 4.20%, 6/15/2047		51,000		49,174

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	95

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Electric Utilities — continued

NextEra Energy Capital Holdings, Inc.

Series H, 3.34%, 9/1/2020		25,000		25,114

2.80%, 1/15/2023		75,000		73,231

3.55%, 5/1/2027		38,000		37,085

Public Service Electric & Gas Co.

2.38%, 5/15/2023		70,000		68,251

3.00%, 5/15/2025		25,000		24,508

3.65%, 9/1/2042		72,000		67,561


				1,215,584


Electronic Equipment, Instruments & Components — 0.1%

Allegion US Holding Co., Inc. 3.55%, 10/1/2027		70,000		64,719


Energy Equipment & Services — 0.0%(b)

Helmerich & Payne, Inc. 4.65%, 3/15/2025 (c)		30,000		30,642


Entertainment — 0.1%

Electronic Arts, Inc. 4.80%, 3/1/2026		55,000		57,678


Equity Real Estate Investment Trusts (REITs) — 0.1%

Rayonier, Inc. 3.75%, 4/1/2022		50,000		49,817


Food & Staples Retailing — 0.5%

Ahold Finance USA LLC (Netherlands) 6.88%, 5/1/2029		55,000		64,646

Koninklijke Ahold Delhaize NV (Netherlands) 5.70%, 10/1/2040		25,000		26,847

Sysco Corp.

3.75%, 10/1/2025		25,000		25,044

3.30%, 7/15/2026		150,000		144,975

3.25%, 7/15/2027		85,000		81,567

4.85%, 10/1/2045		25,000		26,023

4.45%, 3/15/2048		105,000		102,006


				471,108


Food Products — 0.1%

Ingredion, Inc. 3.20%, 10/1/2026		65,000		60,137


Gas Utilities — 0.1%

National Fuel Gas Co.

3.75%, 3/1/2023		71,000		70,033

5.20%, 7/15/2025		50,000		51,279

3.95%, 9/15/2027		15,000		13,946


				135,258


Health Care Equipment & Supplies — 0.8%

Baxter International, Inc.

1.70%, 8/15/2021		25,000		24,161

2.60%, 8/15/2026		26,000		24,199

3.50%, 8/15/2046		50,000		41,410


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Equipment & Supplies — continued

Edwards Lifesciences Corp. 4.30%, 6/15/2028		37,000		37,596

Koninklijke Philips NV (Netherlands)

6.88%, 3/11/2038		56,000		72,316

5.00%, 3/15/2042		134,000		143,952

Stryker Corp.

2.63%, 3/15/2021		105,000		104,212

3.38%, 5/15/2024		40,000		40,148

3.38%, 11/1/2025		63,000		62,857

3.65%, 3/7/2028		219,000		218,870


				769,721


Health Care Providers & Services — 1.0%

Cigna Corp.

3.40%, 9/17/2021 (c)		140,000		140,726

3.75%, 7/15/2023 (c)		140,000		141,677

4.38%, 10/15/2028 (c)		62,000		62,847

4.80%, 8/15/2038 (c)		28,000		27,945

4.90%, 12/15/2048 (c)		106,000		105,541

Express Scripts Holding Co.

3.90%, 2/15/2022		25,000		25,515

3.50%, 6/15/2024		89,000		88,055

4.50%, 2/25/2026		50,000		51,179

3.40%, 3/1/2027		176,000		167,618

4.80%, 7/15/2046		150,000		146,701


				957,804


Hotels, Restaurants & Leisure — 0.1%

Darden Restaurants, Inc.

3.85%, 5/1/2027		45,000		43,418

4.55%, 2/15/2048		100,000		91,419


				134,837


Household Products — 0.2%

Church & Dwight Co., Inc. 3.95%, 8/1/2047		65,000		59,610

Clorox Co. (The)

3.80%, 11/15/2021		80,000		81,478

3.10%, 10/1/2027		65,000		62,536


				203,624


Independent Power and Renewable Electricity Producers — 0.2%

Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024		25,000		25,373

Exelon Generation Co. LLC 4.25%, 6/15/2022		75,000		76,722

PSEG Power LLC

3.00%, 6/15/2021		50,000		49,515

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Independent Power and Renewable Electricity Producers — continued

3.85%, 6/1/2023		25,000		25,169

8.63%, 4/15/2031		25,000		32,687


				209,466


Industrial Conglomerates — 0.1%

Carlisle Cos., Inc.

3.75%, 11/15/2022		25,000		24,885

3.50%, 12/1/2024		50,000		48,858

3.75%, 12/1/2027		50,000		47,415


				121,158


Insurance — 0.1%

Loews Corp.

2.63%, 5/15/2023		50,000		48,966

3.75%, 4/1/2026		25,000		25,067

6.00%, 2/1/2035		30,000		34,153

4.13%, 5/15/2043		25,000		23,624


				131,810


Interactive Media & Services — 0.2%

Alphabet, Inc.

3.63%, 5/19/2021		95,000		97,220

3.38%, 2/25/2024		40,000		41,068

2.00%, 8/15/2026		113,000		104,633


				242,921


Internet & Direct Marketing Retail — 0.1%

Booking Holdings, Inc.

2.75%, 3/15/2023		74,000		72,247

3.60%, 6/1/2026		26,000		25,398

3.55%, 3/15/2028		26,000		25,032


				122,677


IT Services — 0.4%

Broadridge Financial Solutions, Inc. 3.40%, 6/27/2026		53,000		50,490

Mastercard, Inc.

2.00%, 11/21/2021		100,000		98,225

3.38%, 4/1/2024		35,000		35,717

3.50%, 2/26/2028		35,000		35,447

3.80%, 11/21/2046		89,000		87,889

3.95%, 2/26/2048		71,000		71,367


				379,135


Leisure Products — 0.1%

Hasbro, Inc. 3.50%, 9/15/2027		95,000		88,045


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Life Sciences Tools & Services — 0.1%

Agilent Technologies, Inc.

3.20%, 10/1/2022		68,000		67,621

3.88%, 7/15/2023		40,000		40,668

Bio-Rad Laboratories, Inc. 4.88%, 12/15/2020		25,000		25,627


				133,916


Machinery — 0.1%

Crane Co. 4.20%, 3/15/2048		50,000		45,252

Fortive Corp.

3.15%, 6/15/2026		40,000		38,068

4.30%, 6/15/2046		25,000		23,498

IDEX Corp. 4.50%, 12/15/2020		26,000		26,430


				133,248


Media — 0.2%

Interpublic Group of Cos., Inc. (The)

3.50%, 10/1/2020		78,000		78,386

3.75%, 10/1/2021		31,000		31,286

4.65%, 10/1/2028		80,000		80,917


				190,589


Metals & Mining — 1.0%

Rio Tinto Alcan, Inc. (Canada)

7.25%, 3/15/2031		50,000		64,515

6.13%, 12/15/2033		150,000		184,047

Rio Tinto Finance USA Ltd. (Australia) 3.75%, 6/15/2025		30,000		30,935

Rio Tinto Finance USA plc (Australia)

4.75%, 3/22/2042		90,000		98,327

4.13%, 8/21/2042		83,000		83,454

Vale Overseas Ltd. (Brazil)

4.38%, 1/11/2022		50,000		50,175

6.25%, 8/10/2026		165,000		174,281

6.88%, 11/21/2036		141,000		153,048

6.88%, 11/10/2039		100,000		109,250

Vale SA (Brazil) 5.63%, 9/11/2042		20,000		19,420


				967,452


Multiline Retail — 0.4%

Dollar General Corp.

3.25%, 4/15/2023		46,000		45,331

4.15%, 11/1/2025		100,000		101,787

3.88%, 4/15/2027		40,000		39,386

4.13%, 5/1/2028		25,000		24,848

Nordstrom, Inc.

4.00%, 10/15/2021		38,000		38,590

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	97

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Multiline Retail — continued

4.00%, 3/15/2027		33,000		31,533

6.95%, 3/15/2028		50,000		56,985

5.00%, 1/15/2044		25,000		21,393


				359,853


Multi-Utilities — 0.2%

DTE Energy Co.

Series B, 3.30%, 6/15/2022		27,000		26,883

3.80%, 3/15/2027		25,000		24,625

Public Service Enterprise Group, Inc.

2.00%, 11/15/2021		55,000		53,045

2.65%, 11/15/2022		76,000		74,215


				178,768


Oil, Gas & Consumable Fuels — 3.6%

Boardwalk Pipelines LP

3.38%, 2/1/2023		67,000		64,826

4.95%, 12/15/2024		25,000		25,406

4.45%, 7/15/2027		51,000		48,260

Cimarex Energy Co.

4.38%, 6/1/2024		50,000		50,933

3.90%, 5/15/2027		103,000		99,436

Ecopetrol SA (Colombia)

5.88%, 9/18/2023		55,000		58,988

5.38%, 6/26/2026		20,000		20,990

EOG Resources, Inc.

2.63%, 3/15/2023		127,000		124,324

3.15%, 4/1/2025		29,000		28,338

3.90%, 4/1/2035		113,000		110,360

Equinor ASA (Norway) 3.63%, 9/10/2028		56,000		56,945

HollyFrontier Corp. 5.88%, 4/1/2026		50,000		52,725

Husky Energy, Inc. (Canada)

3.95%, 4/15/2022		73,000		73,872

6.80%, 9/15/2037		63,000		75,245

Magellan Midstream Partners LP

4.25%, 2/1/2021		80,000		81,495

5.00%, 3/1/2026		72,000		76,569

5.15%, 10/15/2043		55,000		56,926

4.25%, 9/15/2046		75,000		69,711

Marathon Petroleum Corp.

5.13%, 3/1/2021		50,000		51,715

4.75%, 12/15/2023 (c)		50,000		51,947

5.13%, 12/15/2026 (c)		100,000		104,965

3.80%, 4/1/2028 (c)		58,000		55,942

6.50%, 3/1/2041		108,000		126,258

4.50%, 4/1/2048 (c)		75,000		68,979


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Nexen, Inc. (China) 7.88%, 3/15/2032		60,000		81,602

Petro-Canada (Canada) 6.80%, 5/15/2038		29,000		35,721

Petroleos Mexicanos (Mexico)

6.38%, 2/4/2021		50,000		51,439

4.63%, 9/21/2023		50,000		47,810

5.50%, 6/27/2044		30,000		23,541

6.35%, 2/12/2048		69,000		57,160

Phillips 66

4.30%, 4/1/2022		75,000		77,574

3.90%, 3/15/2028		75,000		74,577

4.65%, 11/15/2034		228,000		235,634

5.88%, 5/1/2042		38,000		44,013

4.88%, 11/15/2044		85,000		88,557

Suncor Energy, Inc. (Canada)

3.60%, 12/1/2024		70,000		70,385

5.95%, 12/1/2034		41,000		46,597

6.50%, 6/15/2038		70,000		84,457

6.85%, 6/1/2039		90,000		112,910

4.00%, 11/15/2047		281,000		260,833

Valero Energy Corp.

3.40%, 9/15/2026		30,000		28,740

4.35%, 6/1/2028		174,000		176,218

7.50%, 4/15/2032		25,000		31,073

6.63%, 6/15/2037		125,000		147,980

4.90%, 3/15/2045		75,000		76,363

Valero Energy Partners LP 4.50%, 3/15/2028		45,000		45,566


				3,533,905


Paper & Forest Products — 0.0%(b)

Fibria Overseas Finance Ltd. (Brazil) 5.50%, 1/17/2027		30,000		31,086


Personal Products — 0.2%

Estee Lauder Cos., Inc. (The)

3.15%, 3/15/2027		25,000		24,514

6.00%, 5/15/2037		35,000		43,009

4.38%, 6/15/2045		25,000		25,765

4.15%, 3/15/2047		120,000		120,398


				213,686


Pharmaceuticals — 0.9%

Johnson & Johnson

2.25%, 3/3/2022		94,000		92,729

5.95%, 8/15/2037		25,000		31,595

3.40%, 1/15/2038		106,000		101,075

4.50%, 9/1/2040		40,000		43,433

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Pharmaceuticals — continued

4.50%, 12/5/2043		25,000		27,144

3.70%, 3/1/2046		202,000		196,291

3.75%, 3/3/2047		56,000		54,893

Zoetis, Inc.

3.45%, 11/13/2020		38,000		38,193

3.25%, 8/20/2021		90,000		89,915

3.25%, 2/1/2023		176,000		174,881

3.95%, 9/12/2047		25,000		22,692

4.45%, 8/20/2048		51,000		50,406


				923,247


Professional Services — 0.3%

Thomson Reuters Corp. (Canada)

4.30%, 11/23/2023		83,000		84,501

3.35%, 5/15/2026		50,000		46,610

5.85%, 4/15/2040		60,000		64,881

5.65%, 11/23/2043		110,000		117,288


				313,280


Semiconductors & Semiconductor Equipment — 0.4%

Marvell Technology Group Ltd. 4.20%, 6/22/2023		25,000		25,107

Maxim Integrated Products, Inc.

3.38%, 3/15/2023		30,000		29,882

3.45%, 6/15/2027		25,000		23,373

Micron Technology, Inc. 5.50%, 2/1/2025		130,000		133,568

Texas Instruments, Inc.

2.75%, 3/12/2021		165,000		164,706

2.90%, 11/3/2027		30,000		28,903

4.15%, 5/15/2048		30,000		30,685


				436,224


Software — 0.1%

Cadence Design Systems, Inc. 4.38%, 10/15/2024		25,000		25,300

Citrix Systems, Inc. 4.50%, 12/1/2027		39,000		37,376


				62,676


Specialty Retail — 0.3%

Best Buy Co., Inc.

5.50%, 3/15/2021		26,000		27,028

4.45%, 10/1/2028		48,000		46,431

TJX Cos., Inc. (The)

2.75%, 6/15/2021		85,000		84,763

2.50%, 5/15/2023		25,000		24,496

2.25%, 9/15/2026		77,000		71,073


				253,791


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Technology Hardware, Storage & Peripherals — 0.4%

HP, Inc.

4.30%, 6/1/2021		20,000		20,449

4.38%, 9/15/2021		40,000		41,281

4.65%, 12/9/2021		25,000		25,910

4.05%, 9/15/2022		98,000		99,811

6.00%, 9/15/2041		135,000		137,707

NetApp, Inc.

3.38%, 6/15/2021		27,000		27,028

3.30%, 9/29/2024		67,000		64,447


				416,633


Textiles, Apparel & Luxury Goods — 0.2%

NIKE, Inc.

2.25%, 5/1/2023		34,000		33,473

3.63%, 5/1/2043		26,000		24,772

3.88%, 11/1/2045		31,000		30,661

3.38%, 11/1/2046		25,000		22,635

VF Corp.

3.50%, 9/1/2021		50,000		50,675

6.45%, 11/1/2037		27,000		31,968


				194,184


Trading Companies & Distributors — 0.1%

WW Grainger, Inc.

4.60%, 6/15/2045		34,000		35,082

3.75%, 5/15/2046		89,000		79,745


				114,827


Total Corporate bonds (Cost $25,035,871)				25,080,460

Foreign Government Securities — 2.0%

Canada Government Bond (Canada)

2.63%, 1/25/2022		65,000		65,081

2.00%, 11/15/2022		25,000		24,482

Export Development Canada (Canada)

2.00%, 5/17/2022		50,000		49,046

2.75%, 3/15/2023		25,000		25,106

Export-Import Bank of Korea (South Korea) 2.63%, 12/30/2020		200,000		198,388

Italy Government Bond (Italy) 5.38%, 6/15/2033		40,000		41,179

Japan Bank for International Cooperation (Japan) 1.75%, 5/28/2020		200,000		197,704

Korea Development Bank (The) (South Korea) 2.25%, 5/18/2020		200,000		198,159

Province of Alberta (Canada) 2.95%, 1/23/2024		50,000		49,989

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	99

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Province of Ontario (Canada)

3.40%, 10/17/2023		95,000		96,871

3.05%, 1/29/2024		55,000		55,383

Province of Quebec (Canada)

2.75%, 8/25/2021		50,000		50,011

2.38%, 1/31/2022		25,000		24,753

Republic of Colombia (Colombia) 10.38%, 1/28/2033		43,000		65,347

Republic of Korea (South Korea) 2.75%, 1/19/2027		200,000		193,183

Republic of Panama (Panama) 6.70%, 1/26/2036		40,000		50,748

Republic of Peru (Peru) 6.55%, 3/14/2037		25,000		32,438

Republic of Philippines (Philippines)

9.50%, 10/21/2024		26,000		33,995

9.50%, 2/2/2030		27,000		40,732

Republic of Poland (Poland)

5.00%, 3/23/2022		37,000		39,123

3.00%, 3/17/2023		29,000		28,934

Republic of Uruguay (Uruguay)

8.00%, 11/18/2022		25,000		28,237

4.50%, 8/14/2024		29,000		30,059

United Mexican States (Mexico)

8.00%, 9/24/2022		25,000		28,809

4.00%, 10/2/2023		100,000		100,900

6.75%, 9/27/2034		25,000		29,594

4.60%, 1/23/2046		200,000		185,200


Total Foreign Government Securities (Cost $1,960,711)				1,963,451

Commercial Mortgage-Backed Securities — 1.9%

BANK

Series 2017-BNK4, Class ASB, 3.42%, 5/15/2050		30,000		30,303

Series 2018-BN15, Class A4, 4.41%, 11/15/2061		20,000		21,297

BENCHMARK Mortgage Trust Series 2018-B7, Class A4, 4.51%, 5/15/2053		20,000		21,516

CD Mortgage Trust

Series 2017-CD6, Class ASB, 3.33%, 11/13/2050		20,000		19,935

Series 2018-CD7, Class A3, 4.01%, 8/15/2051		10,000		10,327

CFCRE Commercial Mortgage Trust Series 2016-C7, Class ASB, 3.64%, 12/10/2054		20,000		20,319

Citigroup Commercial Mortgage Trust

Series 2014-GC21, Class AAB, 3.48%, 5/10/2047		20,000		20,261


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2014-GC25, Class AAB, 3.37%, 10/10/2047		29,000		29,279

Series 2016-P5, Class A2, 2.40%, 10/10/2049		50,000		49,415

Commercial Mortgage Trust

Series 2012-CR3, Class ASB, 2.37%, 10/15/2045		29,284		29,029

Series 2012-CR4, Class ASB, 2.44%, 10/15/2045		15,090		14,922

Series 2013-CR7, Class A4, 3.21%, 3/10/2046		74,432		74,621

Series 2015-CR26, Class A2, 2.88%, 10/10/2048		36,342		36,304

CSAIL Commercial Mortgage Trust

Series 2015-C4, Class A2, 3.16%, 11/15/2048		60,000		60,053

Series 2016-C5, Class A5, 3.76%, 11/15/2048		27,000		27,503

FHLMC Multifamily Structured Pass-Through Certificates

Series K009, Class A2, 3.81%, 8/25/2020		25,000		25,261

Series K019, Class A2, 2.27%, 3/25/2022		20,000		19,719

Series K023, Class A1, 1.58%, 4/25/2022		24,048		23,612

Series K027, Class A2, 2.64%, 1/25/2023		50,000		49,692

Series K036, Class A2, 3.53%, 10/25/2023 (d)		162,000		166,309

Series K725, Class AM, 3.10%, 2/25/2024		50,000		50,391

Series K728, Class A2, 3.06%, 8/25/2024 (d)		50,000		50,255

Series K048, Class A1, 2.69%, 12/25/2024		43,130		42,803

Series K731, Class A2, 3.60%, 2/25/2025 (d)		50,000		51,561

Series K063, Class A1, 3.05%, 8/25/2026		48,071		48,139

FNMA ACES

Series 2012-M1, Class A2, 2.73%, 10/25/2021		45,595		45,502

Series 2014-M3, Class A2, 3.46%, 1/25/2024 (d)		50,000		51,115

Series 2017-M10, Class AV2, 2.56%, 7/25/2024 (d)		50,000		49,019

Series 2019-M1, Class A2, 3.55%, 9/25/2028 (d)		35,000		35,746

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

Series 2018-M13, Class A1, 3.70%, 3/25/2030 (d)		34,945		36,558

GS Mortgage Securities Corp. II

Series 2013-GC10, Class AAB, 2.56%, 2/10/2046		15,830		15,699

Series 2015-GC30, Class A4, 3.38%, 5/10/2050		25,000		25,141

GS Mortgage Securities TrustSeries 2011-GC5, Class A4, 3.71%, 8/10/2044		60,000		60,715

JP Morgan Chase Commercial Mortgage Securities Trust

Series 2012-C8, Class A3, 2.83%, 10/15/2045		8,358		8,305

Series 2013-C16, Class ASB, 3.67%, 12/15/2046		22,689		23,016

Series 2012-LC9, Class A5, 2.84%, 12/15/2047		25,000		24,841

JPMBB Commercial Mortgage Securities Trust

Series 2014-C19, Class A3, 3.67%, 4/15/2047		40,000		40,503

Series 2015-C31, Class A2, 3.01%, 8/15/2048		30,000		29,974

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2014-C14, Class A3, 3.67%, 2/15/2047		42,427		42,813

Series 2014-C18, Class ASB, 3.62%, 10/15/2047		20,000		20,306

Series 2015-C25, Class ASB, 3.38%, 10/15/2048		50,000		50,576

Morgan Stanley Capital I TrustSeries 2012-C4, Class A4, 3.24%, 3/15/2045		38,000		38,016

UBS Commercial Mortgage Trust

Series 2017-C1, Class A2, 2.98%, 6/15/2050		30,000		29,868

Series 2018-C14, Class A4, 4.45%, 12/15/2051		20,000		21,220

UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		20,000		20,261

Wells Fargo Commercial Mortgage Trust

Series 2015-LC20, Class A2, 2.68%, 4/15/2050		25,000		24,914

Series 2018-C45, Class A3, 3.92%, 6/15/2051		45,000		46,114

Series 2015-NXS3, Class A2, 2.85%, 9/15/2057		70,000		69,789


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


WFRBS Commercial Mortgage Trust

Series 2012-C9, Class AS, 3.39%, 11/15/2045		60,000		59,851

Series 2013-C12, Class ASB, 2.84%, 3/15/2048		8,518		8,490

Series 2014-C22, Class A5, 3.75%, 9/15/2057		25,000		25,570


Total Commercial Mortgage-Backed Securities (Cost $1,888,221)				1,896,748

Supranational — 1.5%

Asian Development Bank (Supranational)

2.88%, 11/27/2020		117,000		117,485

3.13%, 9/26/2028		80,000		81,563

Corp. Andina de Fomento (Supranational) 3.75%, 11/23/2023		125,000		126,950

European Bank for Reconstruction & Development (Supranational)

2.00%, 2/1/2021		25,000		24,712

1.50%, 11/2/2021		32,000		31,090

European Investment Bank (Supranational)

1.63%, 8/14/2020		30,000		29,572

2.38%, 6/15/2022		67,000		66,524

2.00%, 12/15/2022		264,000		258,218

Inter-American Development Bank (Supranational)

3.00%, 2/21/2024		65,000		65,960

3.20%, 8/7/2042		89,000		86,058

International Bank for Reconstruction & Development (Supranational)

1.38%, 3/30/2020		300,000		296,050

1.63%, 3/9/2021		89,000		87,296

2.50%, 11/25/2024		50,000		49,562

International Finance Corp. (Supranational) 1.63%, 7/16/2020		100,000		98,651


Total Supranational (Cost $1,418,674)				1,419,691

U.S. Government Agency Securities — 1.1%

FHLB

3.00%, 10/12/2021		55,000		55,603

2.63%, 12/10/2021		110,000		110,137

3.38%, 12/8/2023		100,000		103,227

3.25%, 11/16/2028		60,000		61,216

5.63%, 3/14/2036		50,000		64,371

FHLMC

2.50%, 4/23/2020		25,000		24,989

1.63%, 9/29/2020		25,000		24,639

2.38%, 1/13/2022		50,000		49,784

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	101

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — continued

2.75%, 6/19/2023		40,000		40,264

6.25%, 7/15/2032		40,000		53,206

FNMA

1.50%, 7/30/2020		20,000		19,712

2.88%, 10/30/2020		50,000		50,251

2.50%, 4/13/2021		40,000		39,960

1.25%, 8/17/2021		36,000		34,914

2.00%, 1/5/2022		55,000		54,135

2.38%, 1/19/2023		61,000		60,578

2.88%, 9/12/2023		50,000		50,582

2.13%, 4/24/2026		90,000		85,871

1.88%, 9/24/2026		50,000		46,661

Tennessee Valley Authority

2.88%, 2/1/2027		23,000		22,832

3.50%, 12/15/2042		50,000		48,925

4.25%, 9/15/2065		10,000		11,236


Total U.S. Government Agency Securities (Cost $1,112,464)				1,113,093

Municipal Bonds — 0.6%

California — 0.1%

General Obligation — 0.1%

State of California, Various Purpose

GO, 5.70%, 11/1/2021		50,000		53,741

GO, 7.55%, 4/1/2039		45,000		65,609


				119,350


Utility — 0.0%(b)

State of California Department of Water Resources Power Supply Series 2016P, Rev., 2.00%, 5/1/2022		35,000		34,139


Total California				153,489


Florida — 0.0%(b)

Other Revenue — 0.0%(b)

State Board of Administration Finance Corp. Series 2016A, Rev., 2.64%, 7/1/2021		25,000		24,912


Illinois — 0.2%

General Obligation — 0.1%

Metropolitan Water Reclamation District of Greater Chicago, Build America Bonds GO, 5.72%, 12/1/2038		55,000		65,960


Other Revenue — 0.1%

Sales Tax Securitization Corp. Series 2019A, Rev., 4.64%, 1/1/2040		60,000		60,230


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Transportation — 0.0%(b)

Chicago O’Hare International Airport, Senior Lien Rev., 4.47%, 1/1/2049		50,000		51,433


Total Illinois				177,623


Massachusetts — 0.0%(b)

General Obligation — 0.0%(b)

Commonwealth of Massachusetts, Consolidated Loan of 2010, Build America Bonds Series A, GO, 4.91%, 5/1/2029		15,000		16,635


Missouri — 0.1%

Hospital — 0.1%

Health & Educational Facilities Authority of the State of Missouri, Educational Facilities, The Washington University Series 2017A, Rev., 3.65%, 8/15/2057		45,000		41,942


New Jersey — 0.1%

Transportation — 0.1%

New Jersey Transportation Trust Fund Authority, Build America Bonds Series C, Rev., 6.10%, 12/15/2028		50,000		51,721


New York — 0.0%(b)

General Obligation — 0.0%(b)

City of New York, Fiscal Year 2010, Build America Bonds Subseries A-2, GO, 5.21%, 10/1/2031		25,000		28,290


Special Tax — 0.0%(b)

New York State Urban Development Corp., State Personal Income Tax, Build America Bonds Series 2009E, Rev., 5.77%, 3/15/2039		25,000		28,697


Total New York				56,987


Oregon — 0.1%

General Obligation — 0.1%

State of Oregon GO, 5.76%, 6/1/2023		39,967		42,679


Texas — 0.0% (b)

General Obligation — 0.0% (b)

City of Houston GO, 3.96%, 3/1/2047		40,000		39,448


Total Municipal Bonds (Cost $606,728)				605,436

Asset-Backed Securities — 0.5%

Ally Auto Receivables Trust Series 2018-2, Class A3, 2.92%, 11/15/2022		30,000		30,073

Ally Master Owner Trust Series 2017-3, Class A2, 2.04%, 6/15/2022		100,000		98,986

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

American Express Credit Account Master Trust Series 2018-6, Class A, 3.06%, 2/15/2024		100,000		100,729

AmeriCredit Automobile Receivables Trust Series 2018-1, Class C, 3.50%, 1/18/2024		15,000		15,117

BA Credit Card Trust Series 2017-A1, Class A1, 1.95%, 8/15/2022		30,000		29,778

Capital One Multi-Asset Execution Trust

Series 2015-A8, Class A8, 2.05%, 8/15/2023		20,000		19,789

Series 2017-A6, Class A6, 2.29%, 7/15/2025		10,000		9,811

CarMax Auto Owner Trust Series 2018-1, Class A4, 2.64%, 6/15/2023		25,000		24,858

Citibank Credit Card Issuance Trust Series 2017-A3, Class A3, 1.92%, 4/7/2022		60,000		59,446

Discover Card Execution Note Trust Series 2018-A1, Class A1, 3.03%, 8/15/2025		18,000		18,057

Honda Auto Receivables Owner Trust Series 2018-1, Class A3, 2.64%, 2/15/2022		20,000		19,964

Santander Drive Auto Receivables Trust

Series 2017-3, Class C, 2.76%, 12/15/2022		20,000		19,933

Series 2019-1, Class C, 3.42%, 4/15/2025		20,000		20,025

Synchrony Credit Card Master Note Trust Series 2015-1, Class A, 2.37%, 3/15/2023		20,000		19,902

Toyota Auto Receivables Owner Trust Series 2018-C, Class A3, 3.02%, 12/15/2022		20,000		20,116


Total Asset-Backed Securities (Cost $505,002)				506,584


	SHARES
Short-Term Investments — 0.3%

Investment Companies — 0.3%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (e) (f) (Cost $337,456)		337,456		337,456


Total Investments — 100.1% (Cost $98,721,935)				98,841,396

Liabilities in Excess of Other Assets — (0.1%)				(111,314)


Net Assets — 100.0%				98,730,082

Percentages indicated are based on net assets.

Abbreviations


ACES		Alternative Credit Enhancement Securities
BA		Bankers’ Acceptance Rate
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust
Rev.		Revenue
USD		United States Dollar

(a)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(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 February 28, 2019.
(g)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	103

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 70.7%

Aerospace & Defense — 0.6%

BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019 (a)		18,466,000		18,610,381

General Dynamics Corp. (ICE LIBOR USD 3 Month + 0.29%), 2.99%, 5/11/2020 (b)		834,000		835,480

Lockheed Martin Corp. 4.25%, 11/15/2019		8,237,000		8,315,809

Rockwell Collins, Inc. 5.25%, 7/15/2019		2,480,000		2,500,250

United Technologies Corp. (ICE LIBOR USD 3 Month + 0.65%), 3.33%, 8/16/2021 (b)		6,381,000		6,381,977


				36,643,897


Automobiles — 3.5%

BMW US Capital LLC (Germany)

1.45%, 9/13/2019 (a)		12,245,000		12,159,042

(ICE LIBOR USD 3 Month + 0.38%), 3.17%, 4/6/2020 (a) (b)		14,989,000		14,996,960

(ICE LIBOR USD 3 Month + 0.37%), 3.06%, 8/14/2020 (a) (b)		7,091,000		7,079,396

(ICE LIBOR USD 3 Month + 0.41%), 3.21%, 4/12/2021 (a) (b)		1,910,000		1,906,960

(ICE LIBOR USD 3 Month + 0.50%), 3.19%, 8/13/2021 (a) (b)		900,000		897,975

(ICE LIBOR USD 3 Month + 0.64%), 3.44%, 4/6/2022 (a) (b)		10,000,000		10,006,609

Daimler Finance North America LLC (Germany)

2.25%, 3/2/2020 (a)		18,824,000		18,670,001

3.10%, 5/4/2020 (a)		6,874,000		6,862,148

(ICE LIBOR USD 3 Month + 0.39%), 3.13%, 5/4/2020 (a) (b)		1,971,000		1,964,478

2.20%, 5/5/2020 (a)		1,905,000		1,883,192

(ICE LIBOR USD 3 Month + 0.53%), 3.26%, 5/5/2020 (a) (b)		3,495,000		3,491,446

(ICE LIBOR USD 3 Month + 0.43%), 3.13%, 2/12/2021 (a) (b)		2,900,000		2,880,290

(ICE LIBOR USD 3 Month + 0.45%), 3.11%, 2/22/2021 (a) (b)		2,100,000		2,090,073

(ICE LIBOR USD 3 Month + 0.88%), 3.54%, 2/22/2022 (a) (b)		28,000,000		28,047,600

General Motors Co. (ICE LIBOR USD 3 Month + 0.90%), 3.67%, 9/10/2021 (b)		5,644,000		5,562,323

Nissan Motor Acceptance Corp.

2.00%, 3/8/2019 (a)		800,000		799,942

1.55%, 9/13/2019 (a)		3,196,000		3,168,970

2.25%, 1/13/2020 (a)		15,977,000		15,840,196


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Automobiles — continued

(ICE LIBOR USD 3 Month + 0.58%), 3.38%, 1/13/2020 (a) (b)		630,000		630,046

2.13%, 3/3/2020 (a)		4,651,000		4,597,267

(ICE LIBOR USD 3 Month + 0.39%), 3.20%, 9/28/2020 (a) (b)		4,850,000		4,816,927

(ICE LIBOR USD 3 Month + 0.52%), 3.31%, 3/15/2021 (a) (b)		5,826,000		5,765,764

Toyota Motor Credit Corp. (ICE LIBOR USD 3 Month + 0.40%), 3.08%, 5/17/2022 (b)		10,900,000		10,851,415

Volkswagen Group of America Finance LLC (Germany)

2.13%, 5/23/2019 (a)		4,945,000		4,935,604

2.45%, 11/20/2019 (a)		16,215,000		16,133,987

2.40%, 5/22/2020 (a)		1,200,000		1,187,932

(ICE LIBOR USD 3 Month + 0.77%), 3.46%, 11/13/2020 (a) (b)		8,000,000		8,011,334

(ICE LIBOR USD 3 Month + 0.94%), 3.64%, 11/12/2021 (a) (b)		5,200,000		5,202,778


				200,440,655


Banks — 34.1%

ABN AMRO Bank NV (Netherlands)

1.80%, 9/20/2019 (a)		34,352,000		34,148,293

2.45%, 6/4/2020 (a)		6,402,000		6,358,492

(ICE LIBOR USD 3 Month + 0.41%), 3.17%, 1/19/2021 (a) (b)		3,900,000		3,896,794

(ICE LIBOR USD 3 Month + 0.57%), 3.21%, 8/27/2021 (a) (b)		20,978,000		20,979,489

ANZ New Zealand Int’l Ltd. (New Zealand)

2.60%, 9/23/2019 (a)		1,590,000		1,588,396

2.20%, 7/17/2020 (a)		2,716,000		2,694,752

2.75%, 2/3/2021 (a)		835,000		828,179

(ICE LIBOR USD 3 Month + 1.01%), 3.76%, 7/28/2021 (a) (b)		13,356,000		13,500,279

Australia & New Zealand Banking Group Ltd. (Australia)

2.05%, 9/23/2019		3,913,000		3,896,805

(ICE LIBOR USD 3 Month + 0.32%), 3.12%, 7/2/2020 (a) (b)		3,000,000		2,999,601

(ICE LIBOR USD 3 Month + 0.32%), 3.02%, 11/9/2020 (a) (b)		3,841,000		3,842,585

(ICE LIBOR USD 3 Month + 0.46%), 3.14%, 5/17/2021 (a) (b)		2,300,000		2,300,185

(ICE LIBOR USD 3 Month + 0.99%), 3.73%, 6/1/2021 (a) (b)		2,100,000		2,126,334

(ICE LIBOR USD 3 Month + 0.87%), 3.52%, 11/23/2021 (a) (b)		1,220,000		1,231,681

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

Bank of America Corp.

Series L, 2.25%, 4/21/2020		11,465,000		11,384,630

(ICE LIBOR USD 3 Month + 0.65%), 3.47%, 6/25/2022 (b)		10,180,000		10,173,592

(ICE LIBOR USD 3 Month + 1.18%), 3.94%, 10/21/2022 (b)		18,004,000		18,232,741

Bank of America NA (ICE LIBOR USD 3 Month + 0.25%), 2.88%, 8/28/2020 (b)		10,470,000		10,472,220

Bank of Montreal (Canada)

(ICE LIBOR USD 3 Month + 0.34%), 3.14%, 7/13/2020 (b)		7,700,000		7,707,075

(ICE LIBOR USD 3 Month + 0.40%), 3.15%, 1/22/2021 (b)		69,269,000		69,288,738

Series D, (ICE LIBOR USD 3 Month + 0.46%), 3.26%, 4/13/2021 (b)		1,319,000		1,321,860

Bank of Nova Scotia (The) (Canada)

2.05%, 6/5/2019		7,913,000		7,900,582

(ICE LIBOR USD 3 Month + 0.66%), 3.44%, 6/14/2019 (b)		475,000		475,790

(ICE LIBOR USD 3 Month + 0.42%), 3.17%, 1/25/2021 (b)		52,000,000		52,045,610

(ICE LIBOR USD 3 Month + 0.64%), 3.41%, 3/7/2022 (b)		9,815,000		9,829,366

Banque Federative du Credit Mutuel SA (France)

2.20%, 7/20/2020 (a)		13,030,000		12,869,185

(ICE LIBOR USD 3 Month + 0.49%), 3.25%, 7/20/2020 (a) (b)		250,000		250,464

2.75%, 10/15/2020 (a)		25,819,000		25,634,467

(ICE LIBOR USD 3 Month + 0.73%), 3.49%, 7/20/2022 (a) (b)		13,200,000		13,181,476

Barclays Bank plc (United Kingdom)

5.13%, 1/8/2020		1,277,000		1,299,801

(ICE LIBOR USD 3 Month + 0.65%), 3.39%, 8/7/2020 (b)		1,750,000		1,747,987

BB&T Corp.

2.45%, 1/15/2020		12,425,000		12,370,916

(ICE LIBOR USD 3 Month + 0.57%), 3.36%, 6/15/2020 (b)		23,866,000		23,922,039

BNP Paribas SA (France)

2.45%, 3/17/2019		760,000		759,955

2.38%, 5/21/2020		13,394,000		13,324,019

BNZ International Funding Ltd. (New Zealand)

2.40%, 2/21/2020 (a)		3,565,000		3,548,587

(ICE LIBOR USD 3 Month + 0.70%), 3.34%, 2/21/2020 (a) (b)		3,737,000		3,749,839


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.98%), 3.76%, 9/14/2021 (a) (b)		8,145,000		8,227,264

BPCE SA (France) (ICE LIBOR USD 3 Month + 0.88%), 3.51%, 5/31/2022 (b)		500,000		498,941

Branch Banking & Trust Co.

1.45%, 5/10/2019		1,902,000		1,898,158

2.10%, 1/15/2020		1,261,000		1,252,467

(ICE LIBOR USD 3 Month + 0.45%), 3.24%, 1/15/2020 (b)		13,300,000		13,333,563

(ICE LIBOR USD 3 Month + 0.22%), 2.96%, 6/1/2020 (b)		4,200,000		4,194,893

Capital One NA

1.85%, 9/13/2019		13,286,000		13,211,129

2.35%, 1/31/2020		9,666,000		9,607,837

(ICE LIBOR USD 3 Month + 0.82%), 3.56%, 8/8/2022 (b)		2,600,000		2,572,596

Citibank NA

(ICE LIBOR USD 3 Month + 0.50%), 3.28%, 6/12/2020 (b)		1,190,000		1,193,123

(ICE LIBOR USD 3 Month + 0.57%), 3.34%, 7/23/2021 (b)		8,559,000		8,589,735

(ICE LIBOR USD 3 Month + 0.53%), 3.21%, 2/19/2022 (b)		25,750,000		25,773,767

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 1.38%), 4.18%, 3/30/2021 (b)		7,813,000		7,958,963

(ICE LIBOR USD 3 Month + 1.19%), 3.93%, 8/2/2021 (b)		7,700,000		7,808,570

(ICE LIBOR USD 3 Month + 0.96%), 3.73%, 4/25/2022 (b)		21,558,000		21,724,277

Citizens Bank NA

2.25%, 3/2/2020		27,529,000		27,321,625

(ICE LIBOR USD 3 Month + 0.54%), 3.28%, 3/2/2020 (b)		5,375,000		5,379,881

2.20%, 5/26/2020		6,168,000		6,102,987

(ICE LIBOR USD 3 Month + 0.57%), 3.22%, 5/26/2020 (b)		3,400,000		3,400,779

(ICE LIBOR USD 3 Month + 0.72%), 3.41%, 2/14/2022 (b)		13,205,000		13,214,453

Comerica Bank 2.50%, 6/2/2020		20,077,000		19,921,227

Comerica, Inc. 2.13%, 5/23/2019		11,625,000		11,609,367

Commonwealth Bank of Australia (Australia)

2.30%, 9/6/2019		6,371,000		6,356,980

5.00%, 10/15/2019 (a)		10,344,000		10,479,789

1.75%, 11/7/2019 (a)		11,325,000		11,245,821

2.25%, 3/10/2020 (a)		10,542,000		10,474,262

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	105

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

(ICE LIBOR USD 3 Month + 0.45%), 3.22%, 3/10/2020 (a) (b)		680,000		682,074

2.30%, 3/12/2020		2,650,000		2,633,643

(ICE LIBOR USD 3 Month + 0.68%), 3.48%, 9/18/2022 (a) (b)		20,000,000		20,023,288

Compass Bank

2.75%, 9/29/2019		10,062,000		10,061,932

(ICE LIBOR USD 3 Month + 0.73%), 3.50%, 6/11/2021 (b)		9,511,000		9,417,964

Cooperatieve Rabobank UA (Netherlands)

1.38%, 8/9/2019		9,260,000		9,207,394

2.25%, 1/14/2020		12,456,000		12,399,290

4.75%, 1/15/2020 (a)		10,067,000		10,230,799

(ICE LIBOR USD 3 Month + 0.43%), 3.19%, 4/26/2021 (b)		4,750,000		4,757,225

(ICE LIBOR USD 3 Month + 0.83%), 3.61%, 1/10/2022 (b)		3,200,000		3,223,778

Credit Agricole Corporate & Investment Bank SA (France) (ICE LIBOR USD 3 Month + 0.63%), 3.43%, 10/3/2021 (b)		32,614,000		32,673,357

Credit Agricole SA (France)

2.75%, 6/10/2020 (a)		13,800,000		13,742,965

(ICE LIBOR USD 3 Month + 0.97%), 3.74%, 6/10/2020 (a) (b)		3,049,000		3,071,221

(ICE LIBOR USD 3 Month + 1.18%), 3.98%, 7/1/2021 (a) (b)		6,523,000		6,608,888

(ICE LIBOR USD 3 Month + 1.43%), 4.21%, 1/10/2022 (a) (b)		3,320,000		3,343,517

Credit Suisse Group Funding Guernsey Ltd. (Switzerland)

3.13%, 12/10/2020		16,282,000		16,244,483

(ICE LIBOR USD 3 Month + 2.29%), 5.07%, 4/16/2021 (b)		4,750,000		4,897,752

DBS Group Holdings Ltd. (Singapore)

2.25%, 7/16/2019 (a)		14,760,000		14,717,779

(ICE LIBOR USD 3 Month + 0.49%), 3.26%, 6/8/2020 (a) (b)		9,339,000		9,346,362

DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.37%), 3.17%, 10/2/2020 (a) (b)		7,000,000		7,004,102

Fifth Third Bancorp 2.88%, 7/27/2020		28,947,000		28,903,535

Fifth Third Bank

1.63%, 9/27/2019		7,195,000		7,146,708

(ICE LIBOR USD 3 Month + 0.59%), 3.41%, 9/27/2019 (b)		1,278,000		1,280,692

2.20%, 10/30/2020		8,840,000		8,725,927


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.25%), 3.00%, 10/30/2020 (b)		3,455,000		3,446,347

(ICE LIBOR USD 3 Month + 0.44%), 3.20%, 7/26/2021 (b)		1,300,000		1,296,954

First Niagara Financial Group, Inc. 6.75%, 3/19/2020		2,247,000		2,332,789

HSBC Holdings plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.60%), 3.28%, 5/18/2021 (b)		9,538,000		9,528,901

(ICE LIBOR USD 3 Month + 1.66%), 4.31%, 5/25/2021 (b)		7,579,000		7,732,408

(ICE LIBOR USD 3 Month + 0.65%), 3.43%, 9/11/2021 (b)		25,986,000		25,969,925

(ICE LIBOR USD 3 Month + 1.50%), 4.30%, 1/5/2022 (b)		9,710,000		9,924,076

HSBC USA, Inc.

2.38%, 11/13/2019		11,836,000		11,801,287

2.35%, 3/5/2020		11,540,000		11,474,984

5.00%, 9/27/2020		2,661,000		2,723,487

Huntington National Bank (The)

2.20%, 4/1/2019		1,000,000		999,679

2.38%, 3/10/2020		3,967,000		3,944,606

(ICE LIBOR USD 3 Month + 0.51%), 3.28%, 3/10/2020 (b)		757,000		759,309

2.40%, 4/1/2020		3,086,000		3,068,207

(ICE LIBOR USD 3 Month + 0.55%), 3.28%, 2/5/2021 (b)		21,866,000		21,867,246

ING Groep NV (Netherlands) (ICE LIBOR USD 3 Month + 1.15%), 3.95%, 3/29/2022 (b)		33,162,000		33,269,290

KeyBank NA

1.60%, 8/22/2019		11,116,000		11,055,343

2.50%, 12/15/2019		9,321,000		9,299,740

2.25%, 3/16/2020		10,276,000		10,211,105

Lloyds Bank plc (United Kingdom)

5.80%, 1/13/2020 (a)		11,470,000		11,732,911

(ICE LIBOR USD 3 Month + 0.49%), 3.23%, 5/7/2021 (b)		2,101,000		2,090,057

Manufacturers & Traders Trust Co.

(ICE LIBOR USD 3 Month + 0.64%), 3.38%, 12/1/2021 (b)		16,250,000		16,157,101

(ICE LIBOR USD 3 Month + 0.61%), 3.30%, 5/18/2022 (b)		14,091,000		13,989,109

Mitsubishi UFJ Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 0.65%), 3.41%, 7/26/2021 (b)		8,560,000		8,558,547

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

(ICE LIBOR USD 3 Month + 1.06%), 3.84%, 9/13/2021 (b)		6,576,000		6,637,860

(ICE LIBOR USD 3 Month + 0.92%), 3.58%, 2/22/2022 (b)		4,189,000		4,214,611

(ICE LIBOR USD 3 Month + 0.79%), 3.56%, 7/25/2022 (b)		20,092,000		20,104,978

Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (a)		22,844,000		22,785,690

Mizuho Bank Ltd. (Japan) 2.40%, 3/26/2020 (a)		14,056,000		13,986,344

Mizuho Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 1.14%), 3.92%, 9/13/2021 (b)		14,870,000		15,031,611

(ICE LIBOR USD 3 Month + 0.94%), 3.57%, 2/28/2022 (b)		6,525,000		6,560,238

(ICE LIBOR USD 3 Month + 0.88%), 3.65%, 9/11/2022 (b)		7,800,000		7,817,057

MUFG Bank Ltd. (Japan)

2.35%, 9/8/2019 (a)		10,049,000		10,023,363

2.30%, 3/5/2020 (a)		15,497,000		15,413,357

National Australia Bank Ltd. (Australia)

2.40%, 12/9/2019 (a)		3,000,000		2,991,140

2.25%, 1/10/2020		2,857,000		2,843,882

2.13%, 5/22/2020		2,485,000		2,461,831

(ICE LIBOR USD 3 Month + 0.51%), 3.17%, 5/22/2020 (a) (b)		23,959,000		24,063,397

(ICE LIBOR USD 3 Month + 0.35%), 3.15%, 1/12/2021 (a) (b)		7,170,000		7,168,020

(ICE LIBOR USD 3 Month + 1.00%), 3.80%, 7/12/2021 (a) (b)		4,490,000		4,548,213

(ICE LIBOR USD 3 Month + 0.71%), 3.45%, 11/4/2021 (a) (b)		16,500,000		16,577,217

(ICE LIBOR USD 3 Month + 0.72%), 3.38%, 5/22/2022 (a) (b)		10,000,000		10,043,487

National Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.60%), 3.37%, 1/17/2020 (b)		15,739,000		15,801,200

Nordea Bank AB (Finland)

1.63%, 9/30/2019 (a)		724,000		718,871

4.88%, 1/27/2020 (a)		9,975,000		10,153,694

2.13%, 5/29/2020 (a)		7,879,000		7,792,888

(ICE LIBOR USD 3 Month + 0.47%), 3.10%, 5/29/2020 (a) (b)		5,052,000		5,067,232

2.50%, 9/17/2020 (a)		4,505,000		4,473,410

PNC Bank NA

2.40%, 10/18/2019		6,922,000		6,906,017

2.30%, 6/1/2020		4,368,000		4,337,636


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.25%), 3.01%, 1/22/2021 (b)		1,000,000		998,480

2.15%, 4/29/2021		15,000,000		14,729,231

(ICE LIBOR USD 3 Month + 0.50%), 3.26%, 7/27/2022 (b)		2,075,000		2,063,192

Regions Bank (ICE LIBOR USD 3 Month + 0.38%), 3.18%, 4/1/2021 (b)		4,950,000		4,905,072

Royal Bank of Canada (Canada)

(ICE LIBOR USD 3 Month + 0.71%), 3.50%, 4/15/2019 (b)		665,000		665,668

1.50%, 7/29/2019		10,000,000		9,955,983

(ICE LIBOR USD 3 Month + 0.30%), 3.06%, 7/22/2020 (b)		6,317,000		6,321,360

(ICE LIBOR USD 3 Month + 0.40%), 3.17%, 1/25/2021 (b)		26,000,000		26,008,228

(ICE LIBOR USD 3 Month + 0.39%), 3.14%, 4/30/2021 (b)		7,000,000		7,004,706

Santander UK plc (United Kingdom)

2.50%, 3/14/2019		9,246,000		9,245,737

2.35%, 9/10/2019		10,103,000		10,079,038

(ICE LIBOR USD 3 Month + 0.62%), 3.36%, 6/1/2021 (b)		2,800,000		2,795,150

(ICE LIBOR USD 3 Month + 0.66%), 3.34%, 11/15/2021 (b)		5,788,000		5,780,437

Skandinaviska Enskilda Banken AB (Sweden)

1.50%, 9/13/2019		26,598,000		26,413,217

2.30%, 3/11/2020		4,055,000		4,030,971

2.45%, 5/27/2020 (a)		8,972,000		8,912,049

2.63%, 11/17/2020 (a)		10,090,000		9,999,331

2.63%, 3/15/2021		4,120,000		4,085,313

(ICE LIBOR USD 3 Month + 0.43%), 3.11%, 5/17/2021 (a) (b)		7,500,000		7,490,963

Societe Generale SA (France) (ICE LIBOR USD 3 Month + 1.33%), 4.13%, 4/8/2021 (a) (b)		4,900,000		4,969,617

Standard Chartered plc (United Kingdom)

2.10%, 8/19/2019 (a)		41,308,000		41,145,794

2.40%, 9/8/2019 (a)		3,165,000		3,151,603

2.25%, 4/17/2020 (a)		3,572,000		3,524,835

(ICE LIBOR USD 3 Month + 1.15%), 3.91%, 1/20/2023 (a) (b)		10,500,000		10,446,030

Sumitomo Mitsui Banking Corp. (Japan)

2.51%, 1/17/2020		27,922,000		27,828,241

(ICE LIBOR USD 3 Month + 0.35%), 3.12%, 1/17/2020 (b)		9,863,000		9,879,304

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	107

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Banks — continued

Sumitomo Mitsui Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 1.11%), 3.90%, 7/14/2021 (b)		4,104,000		4,147,667

(ICE LIBOR USD 3 Month + 0.97%), 3.77%, 1/11/2022 (b)		19,000,000		19,120,798

(ICE LIBOR USD 3 Month + 0.74%), 3.52%, 10/18/2022 (b)		1,890,000		1,882,118

Sumitomo Mitsui Trust Bank Ltd. (Japan)

1.95%, 9/19/2019 (a)		2,432,000		2,420,325

2.05%, 10/18/2019 (a)		4,798,000		4,774,867

(ICE LIBOR USD 3 Month + 0.91%), 3.69%, 10/18/2019 (a) (b)		4,200,000		4,220,041

SunTrust Banks, Inc. 2.50%, 5/1/2019		22,233,000		22,227,231

Svenska Handelsbanken AB (Sweden)

2.25%, 6/17/2019		2,414,000		2,411,139

1.50%, 9/6/2019		11,103,000		11,027,245

(ICE LIBOR USD 3 Month + 0.49%), 3.23%, 9/6/2019 (b)		4,811,000		4,819,953

5.13%, 3/30/2020 (a)		17,779,000		18,183,912

2.40%, 10/1/2020		7,621,000		7,558,631

(ICE LIBOR USD 3 Month + 0.47%), 3.12%, 5/24/2021 (b)		28,555,000		28,579,348

Swedbank AB (Sweden) 2.20%, 3/4/2020 (a)		250,000		247,804

Toronto-Dominion Bank (The) (Canada)

1.45%, 8/13/2019		1,000,000		994,557

(ICE LIBOR USD 3 Month + 0.28%), 3.05%, 6/11/2020 (b)		8,231,000		8,243,912

(ICE LIBOR USD 3 Month + 0.26%), 3.05%, 9/17/2020 (b)		8,360,000		8,362,531

UBS Group Funding Switzerland AG (Switzerland)

2.95%, 9/24/2020 (a)		3,036,000		3,028,020

(ICE LIBOR USD 3 Month + 1.44%), 4.26%, 9/24/2020 (a) (b)		17,549,000		17,778,077

(ICE LIBOR USD 3 Month + 1.78%), 4.58%, 4/14/2021 (a) (b)		1,400,000		1,432,405

(ICE LIBOR USD 3 Month + 1.53%), 4.27%, 2/1/2022 (a) (b)		15,805,000		16,092,403

US Bank NA

(ICE LIBOR USD 3 Month + 0.15%), 2.80%, 5/24/2019 (b)		250,000		250,033

(ICE LIBOR USD 3 Month + 0.31%), 3.05%, 2/4/2021 (b)		21,496,000		21,523,444

(ICE LIBOR USD 3 Month + 0.32%), 3.08%, 4/26/2021 (b)		1,331,000		1,331,227


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

Wells Fargo Bank NA

2.40%, 1/15/2020		20,734,000		20,654,335

(SOFR + 0.48%), 2.85%, 3/25/2020 (b)		9,220,000		9,216,905

(ICE LIBOR USD 3 Month + 0.51%), 3.27%, 10/22/2021 (b)		12,251,000		12,253,981

Westpac Banking Corp. (Australia)

1.65%, 5/13/2019		8,050,000		8,032,048

1.60%, 8/19/2019		15,000,000		14,925,399

4.88%, 11/19/2019		6,687,000		6,785,322

2.15%, 3/6/2020		6,112,000		6,073,117

(ICE LIBOR USD 3 Month + 0.28%), 2.96%, 5/15/2020 (b)		1,283,000		1,284,315

3.05%, 5/15/2020		5,000,000		5,008,401

(ICE LIBOR USD 3 Month + 0.36%), 3.10%, 9/1/2020 (a) (b)		450,000		450,967


				1,945,108,613


Beverages — 0.3%

Anheuser-Busch InBev Worldwide, Inc. (Belgium) 6.88%, 11/15/2019		5,773,000		5,933,988

Constellation Brands, Inc. (ICE LIBOR USD 3 Month + 0.70%), 3.38%, 11/15/2021 (b)		7,392,000		7,358,389

Diageo Capital plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.24%), 2.92%, 5/18/2020 (b)		1,715,000		1,714,995

Molson Coors Brewing Co. 1.90%, 3/15/2019		2,500,000		2,499,386

Suntory Holdings Ltd. (Japan) 2.55%, 9/29/2019 (a)		2,023,000		2,015,261


				19,522,019


Biotechnology — 0.5%

Amgen, Inc.

1.90%, 5/10/2019		7,067,000		7,055,761

2.20%, 5/22/2019		20,186,000		20,163,756

Gilead Sciences, Inc. (ICE LIBOR USD 3 Month + 0.22%), 3.01%, 3/20/2019 (b)		195,000		195,021


				27,414,538


Capital Markets — 5.2%

Bank of New York Mellon Corp. (The) 2.30%, 9/11/2019		4,978,000		4,968,431

CDP Financial, Inc. (Canada) 4.40%, 11/25/2019 (a)		1,172,000		1,185,189

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Capital Markets — continued

Charles Schwab Corp. (The) (ICE LIBOR USD 3 Month + 0.32%), 2.96%, 5/21/2021 (b)		10,961,000		10,960,890

CPPIB Capital, Inc. (Canada) 1.25%, 9/20/2019 (a)		4,798,000		4,760,441

Credit Suisse AG (Switzerland) 2.30%, 5/28/2019		3,500,000		3,497,025

Goldman Sachs Bank USA 3.20%, 6/5/2020		1,305,000		1,310,416

Goldman Sachs Group, Inc. (The)

2.55%, 10/23/2019		1,033,000		1,030,616

5.38%, 3/15/2020		7,594,000		7,771,975

(ICE LIBOR USD 3 Month + 1.16%), 3.93%, 4/23/2020 (b)		7,445,000		7,504,762

(ICE LIBOR USD 3 Month + 1.20%), 3.99%, 9/15/2020 (b)		1,900,000		1,921,011

(ICE LIBOR USD 3 Month + 0.73%), 3.55%, 12/27/2020 (b)		5,444,000		5,455,198

(ICE LIBOR USD 3 Month + 1.77%), 4.42%, 2/25/2021 (b)		5,144,000		5,257,736

(ICE LIBOR USD 3 Month + 1.11%), 3.87%, 4/26/2022 (b)		20,664,000		20,780,827

(ICE LIBOR USD 3 Month + 0.78%), 3.52%, 10/31/2022 (b)		4,934,000		4,917,915

ING Bank NV (Netherlands)

(ICE LIBOR USD 3 Month + 0.61%), 3.29%, 8/15/2019 (a) (b)		4,370,000		4,379,439

2.50%, 10/1/2019 (a)		10,911,000		10,885,555

(ICE LIBOR USD 3 Month + 0.69%), 3.49%, 10/1/2019 (a) (b)		2,035,000		2,041,497

2.45%, 3/16/2020 (a)		26,706,000		26,588,817

(ICE LIBOR USD 3 Month + 0.97%), 3.65%, 8/17/2020 (a) (b)		6,025,000		6,081,972

Macquarie Bank Ltd. (Australia)

2.60%, 6/24/2019 (a)		1,613,000		1,612,495

2.40%, 1/21/2020 (a)		7,338,000		7,304,245

(ICE LIBOR USD 3 Month + 1.12%), 3.87%, 7/29/2020 (a) (b)		2,094,000		2,113,252

Macquarie Group Ltd. (Australia)

7.63%, 8/13/2019 (a)		1,572,000		1,603,623

6.00%, 1/14/2020 (a)		24,670,000		25,278,889

Morgan Stanley

5.63%, 9/23/2019		15,704,000		15,935,740

(ICE LIBOR USD 3 Month + 1.14%), 3.90%, 1/27/2020 (b)		4,000,000		4,028,540

5.50%, 7/24/2020		3,530,000		3,643,960

(ICE LIBOR USD 3 Month + 0.55%), 3.25%, 2/10/2021 (b)		5,000,000		5,007,925


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

(ICE LIBOR USD 3 Month + 0.93%), 3.69%, 7/22/2022 (b)		27,958,000		28,056,372

Nomura Holdings, Inc. (Japan)

2.75%, 3/19/2019		13,703,000		13,704,246

6.70%, 3/4/2020		7,946,000		8,229,392

UBS AG (Switzerland)

2.20%, 6/8/2020 (a)		6,737,000		6,668,889

(ICE LIBOR USD 3 Month + 0.58%), 3.35%, 6/8/2020 (a) (b)		3,000,000		3,010,746

4.88%, 8/4/2020		16,250,000		16,665,904

2.45%, 12/1/2020 (a)		9,813,000		9,708,001

(ICE LIBOR USD 3 Month + 0.48%), 3.22%, 12/1/2020 (a) (b)		10,162,000		10,168,870

USAA Capital Corp. 2.13%, 6/3/2019 (a)		651,000		650,063


				294,690,864


Chemicals — 0.6%

Air Liquide Finance SA (France) 1.38%, 9/27/2019 (a)		22,316,000		22,121,695

DowDuPont, Inc. (ICE LIBOR USD 3 Month + 0.71%), 3.39%, 11/15/2020 (b)		6,599,000		6,637,424

Nutrien Ltd. (Canada) 6.50%, 5/15/2019		6,260,000		6,306,278


				35,065,397


Commercial Services & Supplies — 0.2%

Brambles USA, Inc. (Australia) 5.35%, 4/1/2020 (a)		7,869,000		8,031,011

Republic Services, Inc. 5.00%, 3/1/2020		5,601,000		5,710,734


				13,741,745


Construction Materials — 0.1%

Martin Marietta Materials, Inc. (ICE LIBOR USD 3 Month + 0.65%), 3.31%, 5/22/2020 (b)		5,627,000		5,626,984


Consumer Finance — 2.7%

AerCap Ireland Capital DAC (Ireland) 3.75%, 5/15/2019		4,050,000		4,060,166

American Express Co.

(ICE LIBOR USD 3 Month + 0.53%), 3.21%, 5/17/2021 (b)		3,354,000		3,357,130

(ICE LIBOR USD 3 Month + 0.60%), 3.33%, 11/5/2021 (b)		7,500,000		7,511,070

(ICE LIBOR USD 3 Month + 0.65%), 3.29%, 2/27/2023 (b)		5,421,000		5,377,632

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	109

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Consumer Finance — continued

American Express Credit Corp.

1.88%, 5/3/2019		3,923,000		3,917,469

(ICE LIBOR USD 3 Month + 0.49%), 3.17%, 8/15/2019 (b)		3,303,000		3,308,588

1.70%, 10/30/2019		9,547,000		9,478,844

(ICE LIBOR USD 3 Month + 0.57%), 3.32%, 10/30/2019 (b)		1,024,000		1,026,487

American Honda Finance Corp. 1.20%, 7/12/2019		10,000,000		9,947,444

Capital One Financial Corp.

2.50%, 5/12/2020		14,984,000		14,883,101

(ICE LIBOR USD 3 Month + 0.76%), 3.46%, 5/12/2020 (b)		7,750,000		7,780,593

(ICE LIBOR USD 3 Month + 0.95%), 3.72%, 3/9/2022 (b)		7,714,000		7,673,338

Caterpillar Financial Services Corp.

2.10%, 6/9/2019		1,629,000		1,626,191

(ICE LIBOR USD 3 Month + 0.18%), 2.86%, 5/15/2020 (b)		6,853,000		6,853,868

(ICE LIBOR USD 3 Month + 0.28%), 3.05%, 9/7/2021 (b)		4,763,000		4,750,180

General Motors Financial Co., Inc.

2.40%, 5/9/2019		2,838,000		2,835,275

3.50%, 7/10/2019		1,097,000		1,099,060

3.15%, 1/15/2020		6,081,000		6,080,421

(ICE LIBOR USD 3 Month + 0.93%), 3.73%, 4/13/2020 (b)		3,271,000		3,270,122

ICBCIL Finance Co. Ltd. (China) 2.38%, 5/19/2019 (a)		1,595,000		1,591,773

John Deere Capital Corp.

1.70%, 1/15/2020		5,495,000		5,445,170

(ICE LIBOR USD 3 Month + 0.42%), 3.20%, 7/10/2020 (b)		26,235,000		26,280,268

PACCAR Financial Corp.

(ICE LIBOR USD 3 Month + 0.20%), 2.89%, 11/13/2020 (b)		11,340,000		11,329,735

(ICE LIBOR USD 3 Month + 0.26%), 2.96%, 5/10/2021 (b)		879,000		875,663

Toyota Motor Credit Corp. (ICE LIBOR USD 3 Month + 0.20%), 2.75%, 6/3/2020 (b)		3,500,000		3,498,054


				153,857,642


Diversified Financial Services — 0.9%

AIG Global Funding

(ICE LIBOR USD 3 Month + 0.48%), 3.28%, 7/2/2020 (a) (b)		3,956,000		3,962,860


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Financial Services — continued

(ICE LIBOR USD 3 Month + 0.65%), 3.38%, 1/22/2021 (a) (b)		26,436,000		26,459,955

Boeing Capital Corp. 4.70%, 10/27/2019		3,910,000		3,962,244

Federation des Caisses Desjardins du Quebec (Canada) (ICE LIBOR USD 3 Month + 0.33%), 3.08%, 10/30/2020 (a) (b)		700,000		699,794

National Rural Utilities Cooperative Finance Corp.

2.00%, 1/27/2020		2,787,000		2,767,948

(ICE LIBOR USD 3 Month + 0.38%), 3.18%, 6/30/2021 (b)		7,159,000		7,148,597

Siemens Financieringsmaatschappij NV (Germany) (ICE LIBOR USD 3 Month + 0.34%), 3.13%, 3/16/2020 (a) (b)		4,036,000		4,036,277


				49,037,675


Diversified Telecommunication Services — 1.6%

AT&T, Inc. (ICE LIBOR USD 3 Month + 0.65%), 3.44%, 1/15/2020 (b)		11,800,000		11,842,034

Deutsche Telekom International Finance BV (Germany)

6.00%, 7/8/2019		4,087,000		4,131,556

1.50%, 9/19/2019 (a)		5,145,000		5,106,422

(ICE LIBOR USD 3 Month + 0.45%), 3.25%, 9/19/2019 (a) (b)		4,490,000		4,498,558

2.23%, 1/17/2020 (a)		4,909,000		4,873,819

(ICE LIBOR USD 3 Month + 0.58%), 3.35%, 1/17/2020 (a) (b)		3,009,000		3,017,009

Orange SA (France)

5.38%, 7/8/2019		14,821,000		14,946,303

1.63%, 11/3/2019		8,493,000		8,420,790

SES GLOBAL Americas Holdings GP (Luxembourg) 2.50%, 3/25/2019 (a)		4,371,000		4,370,108

Verizon Communications, Inc.

(ICE LIBOR USD 3 Month + 0.55%), 3.21%, 5/22/2020 (b)		5,434,000		5,456,501

(ICE LIBOR USD 3 Month + 1.00%), 3.79%, 3/16/2022 (b)		25,199,000		25,487,170


				92,150,270


Electric Utilities — 1.7%

Arizona Public Service Co. 8.75%, 3/1/2019		1,998,000		1,998,000

Duke Energy Florida LLC

2.10%, 12/15/2019		265,500		264,746

1.85%, 1/15/2020		2,325,000		2,307,136

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Electric Utilities — continued

Duke Energy Ohio, Inc. 5.45%, 4/1/2019		1,373,000		1,375,854

Eversource Energy 4.50%, 11/15/2019		4,818,000		4,872,198

Kansas City Power & Light Co. Series 09A, 7.15%, 4/1/2019		2,403,000		2,410,899

Mississippi Power Co. (ICE LIBOR USD 3 Month + 0.65%), 3.47%, 3/27/2020 (b)		2,849,000		2,847,548

NextEra Energy Capital Holdings, Inc.

2.30%, 4/1/2019		5,902,000		5,900,451

(ICE LIBOR USD 3 Month + 0.55%), 3.18%, 8/28/2021 (b)		12,660,000		12,599,842

Niagara Mohawk Power Corp. 4.88%, 8/15/2019 (a)		8,505,000		8,580,980

Oncor Electric Delivery Co. LLC 2.15%, 6/1/2019		11,509,000		11,492,209

Progress Energy, Inc. 7.05%, 3/15/2019		6,603,000		6,611,800

Public Service Co. of Oklahoma 5.15%, 12/1/2019		1,673,000		1,700,498

Public Service Electric & Gas Co. Series I, 1.80%, 6/1/2019		5,631,000		5,615,346

State Grid Overseas Investment 2016 Ltd. (China) 2.25%, 5/4/2020 (a)		2,719,000		2,683,689

State Grid Overseas Investment Ltd. (China) 2.75%, 5/7/2019 (a)		14,200,000		14,192,732

Virginia Electric & Power Co. 5.00%, 6/30/2019		4,973,000		5,006,821

Wisconsin Power & Light Co.

5.00%, 7/15/2019		3,338,000		3,361,536

4.60%, 6/15/2020		1,368,000		1,393,725


				95,216,010


Electrical Equipment — 0.0%(c)

Emerson Electric Co. 5.00%, 4/15/2019		1,245,000		1,248,021


Energy Equipment & Services — 0.3%

Schlumberger Holdings Corp. 3.00%, 12/21/2020 (a)		14,962,000		14,909,479


Entertainment — 0.7%

NBCUniversal Enterprise, Inc. (ICE LIBOR USD 3 Month + 0.40%), 3.20%, 4/1/2021 (a) (b)		39,762,000		39,769,590


Equity Real Estate Investment Trusts (REITs) — 1.5%

ERP Operating LP 2.38%, 7/1/2019	��	7,739,000		7,726,791

HCP, Inc. 2.63%, 2/1/2020		20,227,000		20,174,768


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Equity Real Estate Investment Trusts (REITs) — continued

Scentre Group Trust 1 (Australia) 2.38%, 11/5/2019 (a)		14,402,000		14,327,426

WEA Finance LLC (France)

2.70%, 9/17/2019 (a)		10,346,000		10,335,415

3.25%, 10/5/2020 (a)		27,920,000		27,963,559

Welltower, Inc. 4.13%, 4/1/2019		5,273,000		5,274,887


				85,802,846


Food & Staples Retailing — 0.9%

Alimentation Couche-Tard, Inc. (Canada)

2.35%, 12/13/2019 (a)		23,192,000		23,069,141

(ICE LIBOR USD 3 Month + 0.50%), 3.28%, 12/13/2019 (a) (b)		4,800,000		4,799,084

Kroger Co. (The)

1.50%, 9/30/2019		9,361,000		9,289,180

6.15%, 1/15/2020		7,740,000		7,947,931

Walmart, Inc. (ICE LIBOR USD 3 Month + 0.04%), 2.86%, 6/23/2020 (b)		3,899,000		3,894,401


				48,999,737


Food Products — 0.6%

Conagra Brands, Inc. (ICE LIBOR USD 3 Month + 0.75%), 3.51%, 10/22/2020 (b)		13,830,000		13,768,702

Mondelez International Holdings Netherlands BV

1.63%, 10/28/2019 (a)		4,052,000		4,016,699

(ICE LIBOR USD 3 Month + 0.61%), 3.37%, 10/28/2019 (a) (b)		6,000,000		6,013,898

Tyson Foods, Inc.

(ICE LIBOR USD 3 Month + 0.45%), 3.08%, 5/30/2019 (b)		4,770,000		4,769,917

2.65%, 8/15/2019		2,000,000		1,996,713

(ICE LIBOR USD 3 Month + 0.55%), 3.29%, 6/2/2020 (b)		1,372,000		1,369,491


				31,935,420


Gas Utilities — 0.0%(c)

Atmos Energy Corp. 8.50%, 3/15/2019		440,000		440,797


Health Care Equipment & Supplies — 0.0%(c)

Zimmer Biomet Holdings, Inc. (ICE LIBOR USD 3 Month + 0.75%), 3.55%, 3/19/2021 (b)		1,050,000		1,045,332


Health Care Providers & Services — 0.5%

Cardinal Health, Inc. 1.95%, 6/14/2019		8,462,000		8,441,094

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	111

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Health Care Providers & Services — continued

CVS Health Corp.

3.13%, 3/9/2020		4,650,000		4,657,563

(ICE LIBOR USD 3 Month + 0.63%), 3.40%, 3/9/2020 (b)		12,450,000		12,474,931

Express Scripts Holding Co.

2.25%, 6/15/2019		1,143,000		1,140,670

(ICE LIBOR USD 3 Month + 0.75%), 3.38%, 11/30/2020 (b)		2,500,000		2,500,007


				29,214,265


Independent Power and Renewable Electricity Producers — 0.5%

Exelon Generation Co. LLC

5.20%, 10/1/2019		11,471,000		11,601,043

2.95%, 1/15/2020		14,634,000		14,620,818


				26,221,861


Industrial Conglomerates — 0.3%

Hutchison Whampoa International Ltd. (Hong Kong)

7.63%, 4/9/2019 (a)		14,015,000		14,077,922

5.75%, 9/11/2019 (a)		1,826,000		1,852,048


				15,929,970


Insurance — 4.3%

AIA Group Ltd. (Hong Kong)

2.25%, 3/11/2019 (a)		10,464,000		10,462,267

(ICE LIBOR USD 3 Month + 0.52%), 3.31%, 9/20/2021 (a) (b)		10,683,000		10,655,576

Allstate Corp. (The) 7.45%, 5/16/2019		859,000		866,671

Athene Global Funding

2.75%, 4/20/2020 (a)		11,483,000		11,417,596

(ICE LIBOR USD 3 Month + 1.14%), 3.90%, 4/20/2020 (a) (b)		6,795,000		6,838,518

(ICE LIBOR USD 3 Month + 1.23%), 4.04%, 7/1/2022 (a) (b)		26,740,000		26,894,588

Jackson National Life Global Funding

2.30%, 4/16/2019 (a)		2,050,000		2,049,438

(ICE LIBOR USD 3 Month + 0.30%), 3.06%, 4/27/2020 (a) (b)		7,309,000		7,306,515

(ICE LIBOR USD 3 Month + 0.30%), 3.09%, 10/15/2020 (a) (b)		17,022,000		16,985,153

(ICE LIBOR USD 3 Month + 0.48%), 3.25%, 6/11/2021 (a) (b)		3,446,000		3,437,080

(ICE LIBOR USD 3 Month + 0.73%), 3.55%, 6/27/2022 (a) (b)		2,000,000		2,003,191

MassMutual Global Funding II 1.55%, 10/11/2019 (a)		6,914,000		6,866,338


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — continued

Metropolitan Life Global Funding I

2.00%, 4/14/2020 (a)		1,125,000		1,113,807

(ICE LIBOR USD 3 Month + 0.40%), 3.18%, 6/12/2020 (a) (b)		2,631,000		2,636,985

(SOFR + 0.57%), 2.94%, 9/7/2020 (a) (b)		12,000,000		11,994,599

(ICE LIBOR USD 3 Month + 0.23%), 3.03%, 1/8/2021 (a) (b)		12,450,000		12,428,611

New York Life Global Funding

2.15%, 6/18/2019 (a)		1,075,000		1,073,389

1.50%, 10/24/2019 (a)		4,625,000		4,588,988

(ICE LIBOR USD 3 Month + 0.32%), 3.05%, 8/6/2021 (a) (b)		2,017,000		2,017,496

Pricoa Global Funding I

2.20%, 5/16/2019 (a)		664,000		663,356

1.45%, 9/13/2019 (a)		1,242,000		1,232,786

Principal Life Global Funding II

2.38%, 9/11/2019 (a)		1,624,000		1,620,625

2.15%, 1/10/2020 (a)		15,320,000		15,228,385

Protective Life Global Funding

1.72%, 4/15/2019 (a)		8,498,000		8,490,267

1.56%, 9/13/2019 (a)		10,119,000		10,051,055

2.26%, 4/8/2020 (a)		15,779,000		15,672,626

(ICE LIBOR USD 3 Month + 0.37%), 3.17%, 7/13/2020 (a) (b)		10,380,000		10,381,278

2.70%, 11/25/2020 (a)		7,952,000		7,888,092

Reliance Standard Life Global Funding II

2.50%, 4/24/2019 (a)		17,906,000		17,897,599

2.50%, 1/15/2020 (a)		9,888,000		9,837,896

Suncorp-Metway Ltd. (Australia) 2.10%, 5/3/2019 (a)		890,000		889,156

WR Berkley Corp. 6.15%, 8/15/2019		4,925,000		4,994,156


				246,484,083


Interactive Media & Services — 0.4%

Tencent Holdings Ltd. (China)

3.38%, 5/2/2019 (a)		22,847,000		22,858,138

2.88%, 2/11/2020 (a)		1,659,000		1,655,534


				24,513,672


IT Services — 0.1%

Western Union Co. (The)

3.35%, 5/22/2019		7,913,000		7,917,203

(ICE LIBOR USD 3 Month + 0.80%), 3.46%, 5/22/2019 (b)		810,000		810,418


				8,727,621

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Machinery — 0.6%

Caterpillar Financial Services Corp. (ICE LIBOR USD 3 Month + 0.23%), 3.02%, 3/15/2021 (b)		30,000,000		29,947,596

Illinois Tool Works, Inc. 6.25%, 4/1/2019		2,024,000		2,029,270


				31,976,866


Media — 0.4%

Comcast Corp. (ICE LIBOR USD 3 Month + 0.33%), 3.13%, 10/1/2020 (b)		12,934,000		12,952,947

Omnicom Group, Inc. 6.25%, 7/15/2019		12,078,000		12,227,865


				25,180,812


Multiline Retail — 0.2%

Dollar Tree, Inc. (ICE LIBOR USD 3 Month + 0.70%), 3.47%, 4/17/2020 (b)		14,311,000		14,316,882


Multi-Utilities — 0.7%

Consolidated Edison Co. of New York, Inc.

6.65%, 4/1/2019		1,655,000		1,659,981

Series C, (ICE LIBOR USD 3 Month + 0.40%), 3.22%, 6/25/2021 (b)		2,131,000		2,125,673

Dominion Energy, Inc. Series B, 1.60%, 8/15/2019		7,881,000		7,834,476

DTE Energy Co.

1.50%, 10/1/2019		11,937,000		11,833,935

2.40%, 12/1/2019		3,111,000		3,088,134

TECO Finance, Inc. 5.15%, 3/15/2020		14,655,000		14,952,410


				41,494,609


Oil, Gas & Consumable Fuels — 1.1%

BP Capital Markets America, Inc. 4.50%, 10/1/2020		3,683,000		3,774,489

Chevron Corp. 4.95%, 3/3/2019		3,456,000		3,456,000

Enable Midstream Partners LP 2.40%, 5/15/2019 (d)		1,500,000		1,497,926

Enbridge, Inc. (Canada) (ICE LIBOR USD 3 Month + 0.40%), 3.18%, 1/10/2020 (b)		7,500,000		7,487,667

Enterprise Products Operating LLC

2.55%, 10/15/2019		1,038,000		1,036,217

5.25%, 1/31/2020		5,438,000		5,545,593

EOG Resources, Inc.

5.63%, 6/1/2019		22,531,000		22,666,509

2.45%, 4/1/2020		7,091,000		7,049,206

ONEOK Partners LP 8.63%, 3/1/2019		4,139,000		4,139,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Phillips 66

(ICE LIBOR USD 3 Month + 0.75%), 3.54%, 4/15/2020 (a) (b)		410,000		410,200

(ICE LIBOR USD 3 Month + 0.60%), 3.25%, 2/26/2021 (b)		1,000,000		998,926

Spectra Energy Partners LP (ICE LIBOR USD 3 Month + 0.70%), 3.45%, 6/5/2020 (b)		3,942,000		3,919,722

Total Capital International SA (France) (ICE LIBOR USD 3 Month + 0.35%), 3.15%, 6/19/2019 (b)		441,000		441,368

TransCanada PipeLines Ltd. (Canada) 2.13%, 11/15/2019		1,513,000		1,505,692


				63,928,515


Pharmaceuticals — 1.0%

EMD Finance LLC (Germany) 2.40%, 3/19/2020 (a)		4,240,000		4,212,763

GlaxoSmithKline Capital plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.35%), 3.04%, 5/14/2021 (b)		3,393,000		3,391,326

Shire Acquisitions Investments Ireland DAC 1.90%, 9/23/2019		25,000,000		24,825,139

Zoetis, Inc. (ICE LIBOR USD 3 Month + 0.44%), 3.08%, 8/20/2021 (b)		22,847,000		22,617,436


				55,046,664


Road & Rail — 0.7%

Burlington Northern Santa Fe LLC 4.70%, 10/1/2019		2,905,000		2,936,259

Cie de Chemin de Fer Canadien Pacifique (Canada) 7.25%, 5/15/2019		2,239,000		2,258,208

ERAC USA Finance LLC 2.35%, 10/15/2019 (a)		7,681,000		7,646,136

Ryder System, Inc.

2.55%, 6/1/2019		9,925,000		9,906,937

2.45%, 9/3/2019		3,407,000		3,398,229

2.88%, 9/1/2020		12,615,000		12,577,080


				38,722,849


Technology Hardware, Storage & Peripherals — 0.0%(c)

Apple, Inc. (ICE LIBOR USD 3 Month + 0.20%), 2.94%, 2/7/2020 (b)		400,000		400,834


Thrifts & Mortgage Finance — 1.8%

BPCE SA (France)

3.15%, 7/31/2020 (a)		65,000,000		65,007,712

(ICE LIBOR USD 3 Month + 1.22%), 3.88%, 5/22/2022 (a) (b)		27,483,000		27,542,144

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	113

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Thrifts & Mortgage Finance — continued

Nationwide Building Society (United Kingdom) 2.35%, 1/21/2020 (a)		9,799,000		9,742,627


				102,292,483


Tobacco — 0.6%

Altria Group, Inc.

9.25%, 8/6/2019		2,406,000		2,466,896

4.75%, 5/5/2021		5,514,000		5,701,124

BAT Capital Corp. (United Kingdom) (ICE LIBOR USD 3 Month + 0.59%), 3.28%, 8/14/2020 (b)		1,800,000		1,794,293

Philip Morris International, Inc. 2.00%, 2/21/2020		9,140,000		9,067,216

Reynolds American, Inc. (United Kingdom) 8.13%, 6/23/2019		12,777,000		12,972,624


				32,002,153


Trading Companies & Distributors — 0.6%

Air Lease Corp. 4.75%, 3/1/2020		2,593,000		2,629,507

Aviation Capital Group LLC

(ICE LIBOR USD 3 Month + 0.95%), 3.69%, 6/1/2021 (a) (b)		15,000,000		14,984,210

(ICE LIBOR USD 3 Month + 0.67%), 3.42%, 7/30/2021 (a) (b)		6,254,000		6,207,881

BOC Aviation Ltd. (Singapore) (ICE LIBOR USD 3 Month + 1.05%), 3.79%, 5/2/2021 (a) (b)		4,090,000		4,108,257

International Lease Finance Corp. 5.88%, 4/1/2019		5,607,000		5,615,758


				33,545,613


Transportation Infrastructure — 0.2%

Central Nippon Expressway Co. Ltd. (Japan) 2.17%, 8/5/2019 (e)		2,595,000		2,585,892

HPHT Finance 15 Ltd. (Hong Kong) 2.88%, 3/17/2020 (a)		8,593,000		8,550,681


				11,136,573


Wireless Telecommunication Services — 0.7%

America Movil SAB de CV (Mexico)

5.00%, 10/16/2019		13,389,000		13,489,418

5.00%, 3/30/2020		24,214,000		24,607,477


				38,096,895


Total Corporate Bonds (Cost $4,029,786,131)				4,031,900,751

Asset-Backed Securities — 10.8%

Allegro CLO II-S Ltd. (Cayman Islands) Series 2014-1RA, Class X, 3.41%, 10/21/2028 (a) (f)		875,000		875,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Ally Auto Receivables Trust Series 2018-3, Class A2, 2.72%, 5/17/2021		4,016,220		4,016,962

ALM VI Ltd. (Cayman Islands) Series 2012-6A, Class X, 3.39%, 7/15/2026 ‡ (a) (f)		940,000		940,000

American Express Credit Account Master Trust Series 2017-3, Class A, 1.77%, 11/15/2022		25,000,000		24,729,082

AmeriCredit Automobile Receivables Trust

Series 2017-2, Class A2A, 1.65%, 9/18/2020		4,386		4,384

Series 2016-3, Class A3, 1.46%, 5/10/2021		107,911		107,664

Series 2017-4, Class A2A, 1.83%, 5/18/2021		106,481		106,358

Series 2016-4, Class A3, 1.53%, 7/8/2021		320,196		319,168

Series 2018-1, Class A2A, 2.71%, 7/19/2021		726,347		726,279

Series 2018-2, Class A2A, 2.86%, 11/18/2021		8,377,786		8,372,475

Series 2017-2, Class A3, 1.98%, 12/20/2021		3,802,000		3,787,212

Series 2018-3, Class A2A, 3.11%, 1/18/2022		9,196,000		9,211,327

Anchorage Capital CLO Ltd. (Cayman Islands) Series 2013-1A, Class X, 3.45%, 10/13/2030 ‡ (a) (f)		556,283		556,004

Apidos CLO (Cayman Islands) Series 2015-21A, Class A1R, 3.71%, 7/18/2027 (a) (f)		7,345,000		7,280,305

ARES XLVI CLO Ltd. Series 2017-46A, Class X, 3.39%, 1/15/2030 ‡ (a) (f)		156,250		156,242

Ares XXVII CLO Ltd. (Cayman Islands) Series 2013-2A, Class XR, 3.66%, 7/28/2029 ‡ (a) (f)		181,250		181,241

Ares XXXVR CLO Ltd.Series 2015-35RA, Class X, 3.44%, 7/15/2030 (a) (f)		1,050,000		1,049,947

Atrium XV (Cayman Islands) Series 15A, Class X, 3.45%, 1/23/2031 (a) (f)		2,230,000		2,230,000

Avery Point III CLO Ltd. (Cayman Islands) Series 2013-3A, Class AR, 3.90%, 1/18/2025 (a) (f)		745,694		745,304

Avery Point VI CLO Ltd. (Cayman Islands) Series 2015-6A, Class AR, 3.78%, 8/5/2027 (a) (f)		11,906,000		11,858,697

Battalion CLO VII Ltd. (Cayman Islands) Series 2014-7A, Class XRR, 3.67%, 7/17/2028 ‡ (a) (f)		4,500,000		4,499,775

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Battalion CLO XI Ltd. (Cayman Islands) Series 2017-11A, Class X, 3.58%, 10/24/2029 (a) (f)		1,425,000		1,424,287

Benefit Street Partners CLO II Ltd. (Cayman Islands) Series 2013-IIA, Class X, 4.49%, 7/15/2029 ‡ (a) (f)		171,875		171,789

Benefit Street Partners CLO XI (Cayman Islands) Series 2017-11A, Class X, 3.79%, 4/15/2029 (a) (f)		290,625		290,610

BlueMountain CLO Ltd. (Cayman Islands)

Series 2012-2A, Class AR2, 3.69%, 11/20/2028 (a) (f)		17,750,000		17,657,718

Series 2014-2A, Class X, 3.36%, 10/20/2030 (a) (f)		3,000,000		3,000,000

Series 2016-3A, Class X, 3.30%, 11/15/2030 (a) (f)		2,700,000		2,699,865

BMW Vehicle Lease TrustSeries 2017-1, Class A3, 1.98%, 5/20/2020		3,116,823		3,111,984

Capital Auto Receivables Asset Trust

Series 2015-2, Class C, 2.67%, 8/20/2020		321,399		321,205

Series 2018-2, Class A2, 3.02%, 2/22/2021 (a)		8,933,000		8,943,095

CarMax Auto Owner Trust

Series 2017-3, Class A2A, 1.64%, 9/15/2020		43,438		43,372

Series 2018-3, Class A2A, 2.88%, 10/15/2021		6,335,000		6,340,591

CBAM Ltd. (Cayman Islands) Series 2017-3A, Class X, 3.47%, 10/17/2029 (a) (f)		3,000,000		3,000,000

CIFC Funding Ltd. (Cayman Islands)

Series 2015-4A, Class A1R, 3.91%, 10/20/2027 (a) (f)		440,000		439,560

Series 2016-1A, Class A, 4.24%, 10/21/2028 (a) (f)		8,490,000		8,485,517

Series 2013-1A, Class X, 3.63%, 7/16/2030 (a) (f)		594,208		594,179

Series 2014-1A, Class X, 3.38%, 1/18/2031 (a) (f)		857,143		857,143

Series 2013-3RA, Class X, 3.43%, 4/24/2031 (a) (f)		3,000,000		2,998,500

Citibank Credit Card Issuance Trust

Series 2014-A6, Class A6, 2.15%, 7/15/2021		15,000,000		14,974,473

Series 2016-A1, Class A1, 1.75%, 11/19/2021		24,426,000		24,262,199


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Clear Creek CLO (Cayman Islands) Series 2015-1A, Class X, 3.76%, 10/20/2030 ‡ (a) (f)		189,063		188,968

Cole Park CLO Ltd. (Cayman Islands) Series 2015-1A, Class AR, 3.81%, 10/20/2028 (a) (f)		11,000,000		10,943,493

Colombia Cent CLO Ltd. (Cayman Islands) Series 2018-27A, Class X, 3.19%, 10/25/2028 (a) (f)		2,150,000		2,150,000

Denali Capital CLO XII Ltd. (Cayman Islands) Series 2016-1A, Class X, 3.34%, 4/15/2031 ‡ (a) (f)		337,500		337,331

Discover Card Execution Note Trust Series 2016-A4, Class A4, 1.39%, 3/15/2022		7,153,000		7,104,279

Drive Auto Receivables Trust

Series 2018-2, Class A2, 2.64%, 9/15/2020		65,156		65,159

Series 2017-3, Class B, 2.30%, 5/17/2021		31,621		31,613

Series 2018-2, Class A3, 2.88%, 6/15/2021		540,000		540,103

Series 2018-5, Class A2A, 3.21%, 7/15/2021		13,994,000		14,007,840

Series 2018-3, Class A3, 3.01%, 11/15/2021		3,333,000		3,336,657

Dryden 30 Senior Loan Fund (Cayman Islands) Series 2013-30A, Class X, 3.28%, 11/15/2028 ‡ (a) (f)		150,000		149,992

Dryden 50 Senior Loan Fund (Cayman Islands) Series 2017-50A, Class X, 3.59%, 7/15/2030 ‡ (a) (f)		180,000		179,910

Dryden 61 CLO Ltd. (Cayman Islands) Series 2018-61A, Class X, 3.14%, 1/17/2032 (a) (f)		4,500,000		4,499,775

Ford Credit Auto Owner Trust

Series 2014-1, Class A, 2.26%, 11/15/2025 (a)		26,349,000		26,324,827

Series 2015-1, Class A, 2.12%, 7/15/2026 (a)		5,224,000		5,187,390

Galaxy XVIII CLO Ltd. (Cayman Islands) Series 2018-28A, Class X, 3.44%, 7/15/2031 (a) (f)		4,785,000		4,784,761

Galaxy XXI CLO Ltd. (Cayman Islands) Series 2015-21A, Class X, 3.26%, 4/20/2031 ‡ (a) (f)		500,000		499,975

GE Capital Credit Card Master Note Trust Series 2012-7, Class A, 1.76%, 9/15/2022		20,921,000		20,810,539

GT Loan Financing I Ltd. (Cayman Islands) Series 2013-1A, Class XR, 3.41%, 7/28/2031 (a) (f)		1,500,000		1,500,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	115

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Honda Auto Receivables Owner Trust Series 2018-3, Class A2, 2.67%, 12/22/2020		9,355,508		9,358,087

ICG US CLO Ltd. (Cayman Islands)

Series 2017-2A, Class X, 3.57%, 10/23/2029 (a) (f)		557,143		557,115

Series 2014-1A, Class X, 3.41%, 1/20/2030 (a) (f)		550,000		549,725

KKR CLO Ltd. (Cayman Islands)

Series 13, Class A1R, 3.58%, 1/16/2028 (a) (f)		2,000,000		1,979,716

Series 11, Class X, 3.39%, 1/15/2031 ‡ (a) (f)		731,250		730,884

KREF Ltd. Series 2018-FL1, Class A, 3.59%, 6/15/2036 (a) (f)		5,000,000		4,993,750

KVK CLO Ltd. (Cayman Islands)Series 2013-1A, Class X, 3.45%, 1/14/2028 ‡ (a) (f)		1,653,000		1,653,000

LCM XVI LP (Cayman Islands) Series 16A, Class XR, 3.49%, 10/15/2031 (a) (f)		7,450,000		7,450,000

LCM XVII LP (Cayman Islands) Series 17A, Class XR, 3.39%, 10/15/2031 (a) (f)		1,350,000		1,347,300

LCM XX LP (Cayman Islands) Series 20A, Class AR, 3.80%, 10/20/2027 (a) (f)		8,700,000		8,640,797

Magnetite IX Ltd. (Cayman Islands)Series 2014-9A, Class A1R, 3.77%, 7/25/2026 (a) (f)		12,295,420		12,287,194

Magnetite XI Ltd. (Cayman Islands) Series 2014-11A, Class A1R, 3.90%, 1/18/2027 (a) (f)		8,650,000		8,652,673

Magnetite XXI Ltd. (Cayman Islands) Series 2019-21A, Class X, 4/20/2030 (a) (f) (g)		5,000,000		5,000,000

Mercedes-Benz Auto Lease Trust Series 2019-A, Class A2, 3.01%, 2/16/2021		12,341,000		12,368,693

MP CLO IV Ltd. (Cayman Islands) Series 2013-2A, Class X, 3.72%, 7/25/2029 (a) (f)		950,000		949,525

Neuberger Berman CLO XIX Ltd. (Cayman Islands) Series 2015-19A, Class A1R2, 3.59%, 7/15/2027 (a) (f)		2,780,000		2,760,407

Neuberger Berman CLO XVI-S Ltd. (Cayman Islands) Series 2017-16SA, Class X, 3.39%, 1/15/2028 (a) (f)		75,000		74,996

Nissan Auto Receivables Owner Trust Series 2019-A, Class A2A, 2.82%, 1/18/2022		10,044,000		10,048,021


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oak Hill Credit Partners Ltd. (Cayman Islands) Series 2014-10RA, Class X, 3.41%, 12/12/2030 (a) (f)		4,150,000		4,150,000

Oak Hill Credit Partners XII Ltd. Series 2015-12A, Class XR, 3.42%, 7/23/2030 (a) (f)		4,650,000		4,650,000

OCP CLO Ltd. (Cayman Islands)

Series 2015-8A, Class A1R, 3.62%, 4/17/2027 (a) (f)		39,185,000		38,989,977

Series 2015-9A, Class A1R, 3.59%, 7/15/2027 (a) (f)		3,285,000		3,263,759

Series 2016-12A, Class A1R, 3.90%, 10/18/2028 (a) (f)		10,420,000		10,357,459

Octagon Investment Partners 24 Ltd. (Cayman Islands) Series 2015-1A, Class A1R, 3.54%, 5/21/2027 (a) (f)		21,423,000		21,330,410

Octagon Investment Partners 25 Ltd. (Cayman Islands) Series 2015-1A, Class AR, 3.56%, 10/20/2026 (a) (f)		13,000,000		12,922,975

Octagon Investment Partners 28 Ltd. (Cayman Islands) Series 2016-1A, Class XR, 3.43%, 10/24/2030 (a) (f)		1,430,000		1,430,000

Octagon Investment Partners XVII Ltd. (Cayman Islands) Series 2013-1A, Class X, 3.37%, 1/25/2031 ‡ (a) (f)		879,293		879,249

Octagon Investment Partners XX Ltd. (Cayman Islands) Series 2014-1A, Class AR, 3.83%, 8/12/2026 (a) (f)		5,363,580		5,362,056

OHA Credit Funding 1 Ltd. (Cayman Islands) Series 2018-1A, Class X, 3.29%, 10/20/2030 (a) (f)		2,000,000		2,000,000

OHA Loan Funding Ltd. (Cayman Islands) Series 2013-2A, Class X, 3.25%, 5/23/2031 ‡ (a) (f)		1,150,000		1,149,425

Regatta XIII Funding Ltd. (Cayman Islands) Series 2018-2A, Class X, 3.44%, 7/15/2031 (a) (f)		4,842,857		4,842,615

Regatta XV Funding Ltd. (Cayman Islands) Series 2018-4A, Class X, 3.14%, 10/25/2031 (a) (f)		5,300,000		5,300,000

Santander Drive Auto Receivables Trust Series 2018-4, Class A2, 2.73%, 3/15/2021		2,355,343		2,353,950

Shackleton CLO Ltd. (Cayman Islands)

Series 2015-8A, Class A1R, 3.70%, 10/20/2027 (a) (f)		13,016,500		12,925,281

Series 2014-6RA, Class A, 3.79%, 7/17/2028 (a) (f)		16,485,000		16,391,876

Symphony CLO V Ltd. (Cayman Islands) Series 2007-5A, Class A1, 3.54%, 1/15/2024 (a) (f)		16,212		16,208

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Asset-Backed Securities — continued

Symphony CLO XIV Ltd. (Cayman Islands)

Series 2014-14A, Class A1R, 4.08%, 7/14/2026 (a) (f)		2,810,523		2,814,846

Series 2014-14A, Class A2R, 4.08%, 7/14/2026 (a) (f)		4,009,680		4,009,535

Symphony CLO XV Ltd. (Cayman Islands) Series 2014-15A, Class XR2, 3.54%, 1/17/2032 (a) (f)		6,000,000		6,000,000

Synchrony Credit Card Master Note Trust Series 2016-3, Class A, 1.58%, 9/15/2022		10,284,000		10,219,114

THL Credit Wind River CLO Ltd. (Cayman Islands)

Series 2017-1A, Class A, 4.12%, 4/18/2029 (a) (f)		7,500,000		7,506,863

Series 2014-2A, Class X, 3.44%, 1/15/2031 ‡ (a) (f)		625,000		624,687

Series 2014-1A, Class X, 3.38%, 7/18/2031 ‡ (a) (f)		1,875,000		1,874,966

Toyota Auto Receivables Owner Trust Series 2018-C, Class A2A, 2.77%, 8/16/2021		8,084,000		8,089,084

Treman Park CLO Ltd. (Cayman Islands) Series 2015-1A, Class ARR, 3.83%, 10/20/2028 (a) (f)		4,527,000		4,511,169

Verizon Owner Trust

Series 2016-2A, Class A, 1.68%, 5/20/2021 (a)		9,751,938		9,716,113

Series 2017-3A, Class A1B, 2.75%, 4/20/2022 (a) (f)		440,000		440,260

Volvo Financial Equipment LLC Series 2019-1A, Class A2, 2.90%, 11/15/2021 (a)		5,788,000		5,796,115

Voya CLO Ltd. (Cayman Islands)

Series 2014-3A, Class A1R, 3.49%, 7/25/2026 (a) (f)		2,478,347		2,467,175

Series 2015-2A, Class AR, 3.74%, 7/23/2027 (a) (f)		3,750,000		3,724,778

Series 2019-1A, Class A, 4/15/2029 (a) (f) (g)		11,411,000		11,411,000

Series 2014-4A, Class XR, 3.50%, 7/14/2031 (a) (f)		857,143		857,100

Series 2015-3A, Class X, 3.46%, 10/20/2031 (a) (f)		3,320,000		3,319,834

Westlake Automobile Receivables Trust Series 2019-1A, Class A2A, 3.06%, 5/16/2022 (a)		7,500,000		7,507,859


Total Asset-Backed Securities (Cost $612,735,221)				612,619,746


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Certificates of Deposit — 2.0%

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 3 Month + 0.30%), 2.96%, 5/22/2020 (b)		2,500,000		2,501,487

(ICE LIBOR USD 3 Month + 0.28%), 3.07%, 9/21/2020 (b)		3,000,000		3,001,345

Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 3 Month + 0.40%), 2.80%, 5/2/2020 (b)		4,000,000		4,011,516

Credit Agricole Corporate and Investment Bank (France) (ICE LIBOR USD 3 Month + 0.35%), 3.10%, 7/30/2020 (b)		21,500,000		21,499,872

Lloyds Bank Corporate Markets plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.50%), 3.32%, 9/24/2020 (b)		23,000,000		22,999,799

Mizuho Bank Ltd. (Japan) (ICE LIBOR USD 3 Month + 0.33%), 3.12%, 4/15/2020 (b)		17,000,000		17,024,101

Nordea Bank AB (Finland)

(ICE LIBOR USD 3 Month + 0.30%), 3.05%, 6/5/2020 (b)		4,000,000		4,007,362

(ICE LIBOR USD 3 Month + 0.28%), 3.02%, 9/4/2020 (b)		21,000,000		21,018,495

Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.41%), 3.21%, 6/18/2020 (b)		4,000,000		4,006,541

Svenska Handelsbanken AB (Sweden)

(ICE LIBOR USD 3 Month + 0.40%), 3.20%, 4/1/2020 (b)		4,965,000		4,980,742

(ICE LIBOR USD 3 Month + 0.30%), 3.07%, 6/11/2020 (b)		2,773,000		2,778,166

(ICE LIBOR USD 3 Month + 0.28%), 3.08%, 9/11/2020 (b)		6,000,000		6,005,342


Total Certificates of Deposit (Cost $113,737,785)				113,834,768

U.S. Treasury Obligations — 1.7%

U.S. Treasury Notes

0.88%, 7/31/2019		20,595,200		20,456,826

1.00%, 11/30/2019		36,041,600		35,624,869

1.63%, 12/31/2019		40,000,000		39,695,312


Total U.S. Treasury Obligations (Cost $95,667,667)				95,777,007

Commercial Mortgage-Backed Securities — 0.4%

BX Commercial Mortgage Trust Series 2018-IND, Class A, 3.24%, 11/15/2035 (a) (f)		11,527,622		11,513,179

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	117

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Commercial Mortgage-Backed Securities — continued

BXMT Ltd. Series 2017-FL1, Class A, 3.36%, 6/15/2035 (a) (f)		1,000,000		998,750

BXP Trust Series 2017-CQHP, Class A, 3.34%, 11/15/2034 (a) (f)		500,000		495,197

CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class A, 3.28%, 7/15/2032 (a) (f)		900,000		898,835

Citigroup Commercial Mortgage Trust Series 2017-1500, Class A, 3.34%, 7/15/2032 (a) (f)		1,800,000		1,800,561

Cold Storage Trust Series 2017-ICE3, Class A, 3.49%, 4/15/2036 (a) (f)		4,530,000		4,518,514

Exantas Capital Corp. Ltd. (Cayman Islands) Series 2018-RSO6, Class A, 3.32%, 6/15/2035 (a) (f)		2,900,000		2,867,555

TPG Real Estate Finance Ltd. (Cayman Islands) Series 2018-FL1, Class A, 3.24%, 2/15/2035 (a) (f)		497,069		493,652


Total Commercial Mortgage-Backed Securities (Cost $23,664,747)				23,586,243

Foreign Government Securities — 0.0%(c)

Japan Bank for International Cooperation (Japan) (ICE LIBOR USD 3 Month + 0.48%), 3.22%, 6/1/2020 (b)		200,000		200,886

Japan Finance Organization for Municipalities (Japan) 2.13%, 3/6/2019 (a)		1,751,000		1,749,564


Total Foreign Government Securities (Cost $1,950,867)				1,950,450

Short-term Investments — 14.9%

Certificates of Deposit — 2.8%

Bank of Montreal (Canada) (ICE LIBOR USD 3 Month + 0.25%), 3.05%, 3/18/2019 (b)		2,200,000		2,200,217

Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.28%), 3.07%, 3/20/2019 (b)		1,400,000		1,400,177

Barclays Bank plc (United Kingdom) 3.00%, 9/19/2019		25,250,000		25,250,892

BNP Paribas SA (France) (ICE LIBOR USD 3 Month + 0.14%), 2.94%, 6/19/2019 (b)		5,800,000		5,801,997

Canadian Imperial Bank of Commerce (Canada)

(ICE LIBOR USD 3 Month + 0.41%), 3.20%, 9/20/2019 (b)		1,950,000		1,953,542

3.08%, 10/25/2019		32,000,000		32,089,568


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Certificates of Deposit — continued

Credit Suisse AG (Switzerland)

1.75%, 3/12/2019		700,000		699,841

2.94%, 9/27/2019		21,000,000		21,029,003

Lloyds Bank plc 3.03%, 10/21/2019		6,000,000		6,010,533

Mizuho Bank Ltd. (Japan) (ICE LIBOR USD 3 Month + 0.40%), 3.17%, 10/25/2019 (b)		9,289,000		9,312,612

National Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.19%), 2.88%, 2/14/2020 (b)		5,000,000		5,005,109

Societe Generale SA (France) 3.05%, 10/18/2019		12,000,000		12,024,994

Sumitomo Mitsui Banking Corp. (Japan)

(ICE LIBOR USD 3 Month + 0.37%), 3.17%, 7/11/2019 (b)		400,000		400,492

(ICE LIBOR USD 3 Month + 0.37%), 3.11%, 1/31/2020 (b)		6,959,000		6,971,473

US Bank NA 2.72%, 9/6/2019		12,080,000		12,084,365

Westpac Banking Corp. (Australia) 2.97%, 10/18/2019		16,600,000		16,632,647


Total Certificates of Deposit (COST $158,630,972)				158,867,462


Commercial Paper — 8.8%

ASSA ABLOY Financial Services AB (Sweden) 2.95%, 3/25/2019 (a) (h)		12,686,000		12,661,958

AT&T, Inc. 3.09%, 6/5/2019 (a) (h)		7,800,000		7,738,421

Bank of China Ltd. (China)

2.94%, 3/27/2019 (h)		8,000,000		7,985,240

2.91%, 4/15/2019 (h)		26,575,000		26,489,123

3.02%, 4/23/2019 (h)		3,400,000		3,386,923

3.13%, 5/10/2019 (a) (h)		10,000,000		9,948,407

Bell Canada, Inc. (Canada) 3.12%, 4/3/2019 (a) (h)		12,108,000		12,076,919

BNZ International Funding Ltd. (New Zealand) 2.98%, 10/11/2019 (a) (h)		12,500,000		12,290,625

BP Capital Markets plc (United Kingdom) 3.03%, 10/10/2019 (a) (h)		34,700,000		34,102,142

China Construction Bank Corp. (China) 3.14%, 3/19/2019 (a) (h)		29,000,000		28,962,103

Coca-Cola Co. (The)

2.63%, 5/30/2019 (a) (h)		3,740,000		3,715,968

2.60%, 7/17/2019 (a) (h)		8,264,000		8,180,847

Dexia Credit Local SA (France) 2.61%, 5/7/2019 (h)		10,000,000		9,953,288

Enbridge, Inc. (Canada) 2.88%, 3/4/2019 (h)		11,000,000		10,996,787

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Short-term Investments — continued

Commercial Paper — continued

Enel Finance International NV (Italy) 3.15%, 8/12/2019 (a) (h)		25,000,000		24,657,396

Eni Finance USA, Inc. 2.99%, 4/30/2019 (a) (h)		7,500,000		7,464,785

Entergy Corp. 2.84%, 3/5/2019 (a) (h)		25,000,000		24,990,736

Federation des Caisses Desjardins du Quebec (Canada) 2.73%, 7/22/2019 (a) (h)		1,000,000		989,488

General Electric Co. 2.94%, 3/29/2019 (h)		19,000,000		18,957,190

Macquarie Bank Ltd. (Australia)

2.73%, 8/8/2019 (a) (h)		8,955,000		8,847,870

3.10%, 10/25/2019 (a) (h)		14,000,000		13,744,867

NextEra Energy Capital Holdings, Inc. 2.76%, 3/8/2019 (a) (h)		6,500,000		6,496,181

ONEOK, Inc. 2.96%, 3/7/2019 (a) (h)		30,304,000		30,287,266

Schlumberger Holdings Corp. 2.86%, 3/1/2019 (a) (h)		5,500,000		5,499,597

Societe Generale SA (France)

2.90%, 8/2/2019 (h)		15,500,000		15,326,580

2.89%, 8/26/2019 (h)		5,000,000		4,934,366

Suncor Energy, Inc. (Canada)

3.03%, 3/1/2019 (a) (h)		7,500,000		7,499,455

2.97%, 5/6/2019 (a) (h)		8,000,000		7,958,028

Telstra Corp. Ltd. (Australia) 3.05%, 4/29/2019 (a) (h)		10,500,000		10,452,400

TELUS Corp. (Canada)

3.14%, 4/2/2019 (a) (h)		18,121,000		18,075,553

2.98%, 4/30/2019 (a) (h)		9,000,000		8,957,254

Toronto-Dominion Bank (The) (Canada) 3.09%, 10/18/2019 (a) (h)		28,000,000		27,531,386

TransCanada PipeLines Ltd. (Canada)

3.02%, 4/8/2019 (a) (h)		10,000,000		9,970,230

3.00%, 4/10/2019 (a) (h)		9,000,000		8,971,792

3.08%, 4/11/2019 (a) (h)		12,000,000		11,961,444

VW Credit, Inc. (Germany) 3.41%, 7/8/2019 (a) (h)		2,500,000		2,473,522

Walgreens Boots Alliance, Inc.

3.30%, 5/24/2019 (h)		7,500,000		7,449,230

3.36%, 7/22/2019 (h)		5,750,000		5,682,104

3.20%, 8/1/2019 (h)		5,000,000		4,936,625

3.17%, 8/5/2019 (h)		7,500,000		7,402,402

Westpac Banking Corp. (Australia) (ICE LIBOR USD 3 Month + 0.00%), 2.77%, 8/12/2019 (a) (b) (h)		9,750,000		9,752,109


Total Commercial Paper (Cost $499,513,797)				499,758,607


INVESTMENTS	SHARES		VALUE ($)
Investment Companies — 2.6%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (i) (j) (Cost $150,351,796)		150,351,796		150,351,796


	PRINCIPAL AMOUNT ($)
Repurchase Agreements — 0.7%

Citigroup Global Markets Holdings, Inc., 3.12%, dated 2/28/2019, due 1/17/2020, repurchase price $12,335,396, collateralized by Collateralized Mortgage Obligations, 2.70% — 7.00%, due 7/25/2033 — 12/10/2049, with the value of $12,960,001.		12,000,000		12,000,000

Merrill Lynch PFS, Inc., 2.85%, dated 2/28/2019, due 4/18/2019, repurchase price $9,034,913, collateralized by Municipal Debt Securities, 0.00 — 6.13% due 7/1/2020 — 7/1/2040, Asset-Backed Securities, 3.70% due 6/25/2043, with value of $9,717,567.		9,000,000		9,000,000

Wells Fargo Securities LLC, 3.31%, dated 2/28/2019, due 5/13/2019, repurchase price $20,136,078, collateralized by Asset-Backed Securities, 3.45% — 7.26%, due 3/22/2021 — 2/19/2045 with the value of $22,364,100.		20,000,000		20,000,000


Total Repurchase Agreements (Cost $41,000,000)				41,000,000


Total Short-term Investments (Cost $849,496,565)				849,977,865


Total Investments — 100.5% (Cost $5,727,038,983)				5,729,646,830

Liabilities in Excess of Other Assets — (0.5%)				(26,584,555)


Net Assets — 100.0%				5,703,062,275

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	119

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

Abbreviations


CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust
SOFR		Secured Overnight Financing Rate
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.


(e)		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.
(f)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(g)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)		The rate shown is the effective yield as of February 28, 2019.
(i)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)		The rate shown is the current yield as of February 28, 2019.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 101.6% (a)

Alabama — 1.3%

Education — 0.3%

Alabama Public School and College Authority, Capital Improvement Economic Development and Training Series 2012B, Rev., 5.00%, 3/1/2019		100,000		100,028

Baldwin County Board of Education, School Warrants Rev., 5.00%, 6/1/2019		25,000		25,186


				125,214


General Obligation — 0.0% (b)

City of Huntsville Series C, GO, 5.00%, 5/1/2019		20,000		20,107


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Alabama Water Pollution Control Authority, Revolving Loan Series 2010-A, Rev., 4.00%, 8/15/2019		20,000		20,196

Madison County Public Building Authority, Department of Human Resources Project Series 2019-0, Rev., 5.00%, 3/1/2020		30,000		30,920


				51,116


Prerefunded — 0.5%

South Alabama Gas District Rev., 3.40%, 8/1/2020 (c)		300,000		307,188


Special Tax — 0.3%

Mobile County Board of School Commissioners 3.00%, 3/1/2019		100,000		100,008

Mobile County Board of School Commissioners, Public School Refunding Warrants Series 2016B, 5.00%, 3/1/2019		75,000		75,019


				175,027


Transportation — 0.1%

Alabama Federal Aid Highway Finance Authority Series 2012A, Rev., GAN, 5.00%, 9/1/2019		45,000		45,711


Total Alabama				724,363


Alaska — 0.3%

Education — 0.0% (b)

University of Alaska Series T, Rev., 5.00%, 10/1/2019		25,000		25,471


General Obligation — 0.0% (b)

Municipality of Anchorage Series C, GO, 5.00%, 9/1/2019		20,000		20,321


Other Revenue — 0.1%

Alaska Municipal Bond Bank Authority

Series 2, Rev., 3.00%, 6/1/2019		30,000		30,092


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — continued

Series 2, Rev., 5.00%, 9/1/2019		30,000		30,477


				60,569


Prerefunded — 0.1%

Alaska Housing Finance Corp., Capital Project Series 2011A, Rev., 5.00%, 12/1/2020 (c)		50,000		52,792


Utility — 0.1%

Alaska Energy Authority, Power Sixth Series, Bradley Lake Hydroelectric Project Series 6, Rev., 5.00%, 7/1/2020		30,000		31,227


Total Alaska				190,380


Arizona — 0.3%

Certificate of Participation/Lease — 0.1%

City of Tucson

COP, AGC, 4.00%, 7/1/2019		30,000		30,236

COP, AGM, 4.00%, 7/1/2020		25,000		25,772


				56,008


General Obligation — 0.1%

Maricopa County Elementary School District No. 79-Litchfield Elementary GO, 2.00%, 7/1/2019		25,000		25,030

Maricopa County Unified School District No. 69 Paradise Valley, School Improvement Project Series 2017B, GO, 5.00%, 7/1/2019		25,000		25,278

Pinal County, Florence Unified School District No. 1 GO, 4.00%, 7/1/2020		20,000		20,616


				70,924


Transportation — 0.1%

Pima County Regional Transportation Authority Rev., 5.00%, 6/1/2020 (c)		40,000		41,600

Regional Public Transportation Authority, Maricopa County Public Transportation Rev., 5.25%, 7/1/2021		30,000		32,430


				74,030


Total Arizona				200,962


Arkansas — 0.7%

Education — 0.1%

Arkansas Technical University, Student Fee Series 2014A, Rev., 3.00%, 5/1/2019		50,000		50,096


General Obligation — 0.6%

Newport Special School District, Subordinate Construction GO, 2.45%, 2/1/2021		330,000		330,132

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	121

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Housing — 0.0%(b)

Arkansas Technical University, Housing System Series 2017A, Rev., 3.00%, 6/1/2019		25,000		25,073


Total Arkansas				405,301


Colorado — 0.6%

Certificate of Participation/Lease — 0.0% (b)

Regional Transportation District Series 2015A, COP, 5.00%, 6/1/2020		25,000		25,961


Education — 0.4%

Colorado State Education Loan Program Series 2018A, Rev., 4.00%, 6/27/2019		200,000		201,476


Transportation — 0.2%

E-470 Public Highway Authority

Series 2015A, Rev., 2.25%, 9/1/2019		25,000		25,054

Series 2015A, Rev., 5.00%, 9/1/2019		110,000		111,713


				136,767


Total Colorado				364,204


Connecticut — 0.8%

General Obligation — 0.3%

State of Connecticut

Series B, GO, 3.50%, 3/1/2019		50,000		50,007

Series C, GO, 5.00%, 6/1/2020		100,000		103,904


				153,911


Hospital — 0.3%

Connecticut State Health and Educational Facilities Authority, Yale University Issue Series 2014A, Rev., VAR, 1.30%, 2/3/2020 (d)		200,000		198,994


Housing — 0.2%

Connecticut Housing Finance Authority Series C, Subseries C-1, Rev., 1.80%, 5/15/2020		110,000		109,933


Total Connecticut				462,838


Delaware — 0.0% (b)

General Obligation — 0.0% (b)

State of Delaware Series 2009-C, GO, 4.00%, 10/1/2019		25,000		25,348


District of Columbia — 0.1%

General Obligation — 0.0% (b)

District of Columbia Series A, GO, 5.00%, 6/1/2019		25,000		25,205


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — 0.1%

District of Columbia, Income Tax Secured Series F, Rev., 4.00%, 12/1/2021		35,000		37,135


Total District of Columbia				62,340


Florida — 11.6%

Certificate of Participation/Lease — 0.6%

Escambia County School Board COP, 5.00%, 2/1/2020		30,000		30,873

Palm Beach County School District Series B, COP, 5.00%, 8/1/2019		20,000		20,266

Pasco County School Board Series 2013A, COP, 5.00%, 8/1/2021		50,000		53,618

School Board of Miami-Dade County (The) Series D, COP, 5.00%, 2/1/2021		100,000		105,914

St Lucie County School Board Series 2015A, COP, 5.00%, 7/1/2021		30,000		32,073

Volusia County School Board Series 2014-B, COP, 5.00%, 8/1/2019		40,000		40,532

Walton County District School Board COP, 4.00%, 7/1/2019		50,000		50,354


				333,630


Education — 0.2%

City of Tampa, The University of Tampa Project Rev., 5.00%, 4/1/2019		25,000		25,058

Miami-Dade County Educational Facilities Authority Series B, Rev., AMBAC, 5.25%, 4/1/2019		55,000		55,143

School Board of Miami-Dade County (The) Rev., TAN, 5.00%, 6/15/2019		25,000		25,232

State of Florida, State Board of Education Lottery Series E, Rev., 5.00%, 7/1/2020		20,000		20,873


				126,306


General Obligation — 0.6%

City of Miami Gardens GO, 4.00%, 7/1/2019		100,000		100,745

County of Miami-Dade, Building Better Communities Program Series 2015-D, GO, 5.00%, 7/1/2019		250,000		252,777


				353,522


Hospital — 3.2%

Miami-Dade County Health Facilities Authority, Miami Children’s Hospital Project

Rev., 5.00%, 8/1/2019		165,000		167,082

Rev., 4.00%, 8/1/2020		700,000		720,146

Pinellas County Health Facilities Authority, Baycare Health Rev., VRDO, LOC: U.S. Bank NA, 1.71%, 3/1/2019 (d)		1,000,000		1,000,000


				1,887,228

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Industrial Development Revenue/Pollution Control Revenue — 1.7%

Florida Department of Environmental Protection

Series A, Rev., VRDO, AGC, 1.76%, 3/7/2019 (d)		900,000		900,000

Series A, Rev., 5.00%, 7/1/2019		55,000		55,601

Series 2014-A, Rev., 5.00%, 7/1/2021		20,000		21,505


				977,106


Other Revenue — 1.9%

City of Gulf Breeze, Local Government Loan Program, Remarketing Series 1985J, Rev., 4.50%, 12/1/2020		200,000		209,536

City of Jacksonville, Excise Tax Series 2009B, Rev., 5.00%, 10/1/2019		25,000		25,455

City of Tallahassee Rev., 5.00%, 10/1/2020		270,000		283,913

County of Collier Series 2010B, Rev., 5.00%, 10/1/2021		30,000		32,521

County of Miami-Dade

Series A, Rev., 5.75%, 10/1/2020		40,000		40,928

Series A, Rev., 5.00%, 4/1/2021		125,000		133,391

County of Miami-Dade, Capital Asset Acquisition Series B, Rev., 4.50%, 4/1/2019		100,000		100,215

Florida Department of Environmental Protection, Forever Refunding

Series 2014A, Rev., 5.00%, 7/1/2019		25,000		25,270

Series 2011B, Rev., 5.00%, 7/1/2021		100,000		107,523

Orange County Convention Center Rev., 5.00%, 10/1/2021		85,000		91,933

St. Johns County, School District Rev., 5.00%, 10/1/2019		40,000		40,744


				1,091,429


Prerefunded — 0.1%

City of Jacksonville Series B-1A, Rev., 5.00%, 10/1/2019 (c)		20,000		20,378

JEA Electric System Series 3-C, Rev., 3.25%, 4/1/2020 (c)		25,000		25,412


				45,790


Transportation — 0.2%

Florida’s Turnpike Enterprise, Department of Transportation Series 2015B, Rev., 5.00%, 7/1/2019		70,000		70,765

State of Florida, Department of Transportation, Turnpike Series A, Rev., 5.00%, 7/1/2019		30,000		30,328


				101,093


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Utility — 2.8%

City of Palm Coast, Utility System Improvement Rev., 5.00%, 10/1/2019		50,000		50,898

City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2019		25,000		25,419

City of Tallahassee, Energy System

Rev., 5.00%, 10/1/2019		70,000		71,319

Rev., 5.00%, 10/1/2020		110,000		115,624

Rev., 5.00%, 10/1/2021		35,000		37,893

Florida Municipal Power Agency, All Requirements Power Supply Project Series C, Rev., VRDO, LOC: Bank of America NA, 1.72%, 3/1/2019 (d)		1,000,000		1,000,000

JEA Electric System

Series A, Rev., 4.00%, 10/1/2019		20,000		20,217

Series 2015A, Rev., 5.00%, 10/1/2019		30,000		30,497

Series 2015B, Rev., 5.00%, 10/1/2019		50,000		50,828

Series A, Rev., 5.00%, 10/1/2019		180,000		182,981

Series G, Rev., 5.00%, 10/1/2019		30,000		30,521


				1,616,197


Water & Sewer — 0.3%

City of Fort Lauderdale, Water and Sewer Rev., 5.00%, 3/1/2019		150,000		150,042

County of Lee County Series 2013B, Rev., 5.00%, 10/1/2022		35,000		38,836


				188,878


Total Florida				6,721,179


Georgia — 4.0%

General Obligation — 0.4%

Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30,000		32,415

Columbia County School District GO, 5.00%, 4/1/2019		20,000		20,051

Savannah-Chatham County School District GO, AGM, 5.25%, 8/1/2019		25,000		25,372

Toombs County School District Series 2012A&B, GO, 4.00%, 5/1/2019		100,000		100,373

White County School District GO, 3.00%, 4/1/2019		25,000		25,026


				203,237


Hospital — 0.4%

Cobb County Kennestone Hospital Authority, WellStar Health System Obligated Group Rev., 5.00%, 4/1/2019		125,000		125,290

Fulton County Development Authority, Piedmont Healthcare, Inc., Project Series 2016A, Rev., 5.00%, 7/1/2019		50,000		50,529

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	123

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Hospital — continued

Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 5.00%, 8/1/2021		50,000		53,213


				229,032


Housing — 0.1%

South Regional Joint Development Authority, Auxiliary Service Real Estate Rev., 5.00%, 8/1/2020		75,000		78,316


Industrial Development Revenue/Pollution Control Revenue — 0.4%

Fulton County Development Authority Series A, Rev., 4.00%, 5/1/2021		200,000		209,610


Other Revenue — 0.3%

Athens-Clarke County Unified Government Development Authority, UGAREF Parking Deck Project Rev., 3.00%, 6/15/2019		170,000		170,610


Prerefunded — 0.0% (b)

County of Columbia, Water and Sewer Rev., 5.00%, 6/1/2020 (c)		20,000		20,823


Transportation — 0.1%

Georgia State Road and Tollway Authority, Federal Highway Series A, Rev., 5.00%, 6/1/2019		35,000		35,280


Utility — 2.3%

Burke County Development Authority, Georgia Power Co. Plant Vogtle Project Rev., VAR, 2.20%, 4/2/2019 (d)		1,275,000		1,275,038

Monroe County Development Authority, Gulf Power Company Plant Scherer Project Rev., VAR, 1.40%, 9/19/2019 (d)		50,000		49,823


				1,324,861


Water & Sewer — 0.0% (b)

City of Columbus, Georgia Water and Sewerage Rev., AGC, 4.00%, 5/1/2019		20,000		20,076


Total Georgia				2,291,845


Hawaii — 0.1%

General Obligation — 0.1%

State of Hawaii

Series DQ, GO, 5.00%, 6/1/2019		30,000		30,247

Series EO, GO, 5.00%, 8/1/2019		25,000		25,345


Total Hawaii				55,592


Illinois — 2.2%

Education — 0.6%

Chicago Board of Education Series 2018E, Rev., VRDO, 2.63%, 3/1/2019 (d) (e)		300,000		300,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Education — continued

University of Illinois, Auxiliary Facilities System Series A, Rev., 4.00%, 4/1/2019		25,000		25,038


				325,038


General Obligation — 0.2%

Cook County School District No. 81 Schiller Park, School Bonds GO, 4.00%, 12/1/2021		80,000		83,974

Kane McHenry Cook and De Kalb Counties Unit School District No. 300, School Bonds GO, 4.00%, 1/1/2020		20,000		20,299


				104,273


Other Revenue — 0.3%

Railsplitter Tobacco Settlement Authority

Rev., 5.00%, 6/1/2019		50,000		50,363

Rev., 5.25%, 6/1/2020		100,000		103,931

State of Illinois, Build Illinois Rev., 4.00%, 6/15/2020		45,000		45,892


				200,186


Prerefunded — 0.5%

Cook County School District No. 144 Prairie Hills, School Bonds Series A, GO, AGM, 5.00%, 12/1/2020 (c)		100,000		105,617

Illinois Finance Authority, Advocate Healthcare Network Series 2010D, Rev., 5.00%, 4/1/2019 (c)		155,000		155,383

Macoupin County Community Unit School District No. 7 Gillespie, School Building GO, AGC, 6.00%, 12/1/2021 (c)		50,000		55,695


				316,695


Transportation — 0.1%

Regional Transportation Authority Series B, Rev., NATL-RE, 5.50%, 6/1/2020		45,000		47,032


Utility — 0.1%

City of Springfield, Senior Lien Electric Rev., 5.00%, 3/1/2020		50,000		51,473


Water & Sewer — 0.4%

Illinois Finance Authority, Clean Water Initiative Rev., 5.00%, 7/1/2019		200,000		202,110


Total Illinois				1,246,807


Indiana — 4.3%

Education — 1.1%

City of Evansville, Economic Development Lease Rental School Project Series 2015C, 5.00%, 2/15/2020		25,000		25,794

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Education — continued

Danville School Building Corp., Ad Valorem Property Tax Series B, Rev., 5.00%, 1/15/2020		100,000		102,832

East Porter County School Building Corp. Rev., 4.00%, 7/15/2020		125,000		128,878

Elkhart Community Schools Building Corp., First Mortgage Bonds Series 2018B, Rev., 5.00%, 1/15/2020		75,000		77,111

Evansville-Vanderburgh School Building Corp. Rev., 4.50%, 1/15/2020		50,000		50,105

Indiana State University Rev., 5.00%, 4/1/2019		155,000		155,391

MSD of Steuben County K-5 Building Corp., First Mortgage Multipurpose Rev., 3.00%, 7/15/2019		100,000		100,483


				640,594


Hospital — 0.9%

Indiana Finance Authority, Parkview Health Series 2017A, Rev., 5.00%, 11/1/2020		35,000		36,760

Indiana Health Facility Financing Authority, Ascension Health Subordinate Credit Group Rev., 1.37%, 5/1/2020 (d)		455,000		451,992


				488,752


Other Revenue — 2.2%

Indiana State Finance Authority, Lease Appropriation, Stadium Project Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.68%, 3/1/2019 (d)		1,300,000		1,300,000


Utility — 0.1%

Indiana Municipal Power Agency Series B, Rev., 5.00%, 1/1/2020		50,000		51,328

Indiana Municipal Power Agency, Power Supply System Series A, Rev., 5.00%, 1/1/2021		20,000		21,172


				72,500


Total Indiana				2,501,846


Iowa — 1.0%

Education — 0.1%

Des Moines Independent Community School District Rev., 5.00%, 6/1/2019		50,000		50,385


General Obligation — 0.8%

Ankeny Community School District Series 2015A, GO, 4.00%, 6/1/2019		60,000		60,325

City of Cedar Rapids Series 2017A, GO, 5.00%, 6/1/2019		25,000		25,206

City of Des Moines Series 2015A, GO, 5.00%, 6/1/2019		20,000		20,164


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

Kirkwood Community College Merged Area Series A, GO, 4.00%, 6/1/2019		300,000		301,575

Waukee Community School District Series 2014C, GO, 5.00%, 6/1/2021		40,000		42,882

West Des Moines Community School District, Capital Loan Notes GO, 5.00%, 5/1/2019		25,000		25,131


				475,283


Hospital — 0.1%

Iowa State Board of Regents, University of Iowa Hospitals and Clinics Rev., 4.00%, 9/1/2020		25,000		25,855


Prerefunded — 0.0% (b)

Waterloo Community School District, Infrastructure Sales Series A, Rev., 5.00%, 7/1/2019 (c)		20,000		20,218


Total Iowa				571,741


Kansas — 0.4%

General Obligation — 0.0% (b)

City of Topeka Series 2017-A, GO, 5.00%, 8/15/2019		20,000		20,291


Other Revenue — 0.2%

Wyandotte County Unified Government, Kansas City, Juvenile Justice Series A, Rev., 5.00%, 8/1/2019		90,000		91,139


Utility — 0.2%

Wyandotte County Unified Government, Kansas City, Utility System Series A, 5.00%, 9/1/2019		110,000		111,694


Total Kansas				223,124


Kentucky — 0.5%

General Obligation — 0.2%

City of Bowling Green Series 2016C, GO, 4.00%, 6/1/2020		100,000		102,941


Prerefunded — 0.1%

Nelson County School District Finance Corp., School Building Rev., 4.00%, 5/1/2019 (c)		45,000		45,170


Transportation — 0.2%

Kentucky Turnpike Authority, Revitalization Projects Series A, Rev., 5.00%, 7/1/2019		100,000		101,039


Water & Sewer — 0.0% (b)

Louisville and Jefferson County Metropolitan Sewer District Rev., BAN, 4.00%, 11/1/2019		25,000		25,383


Total Kentucky				274,533

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	125

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Louisiana — 1.2%

General Obligation — 0.3%

Lafourche Parish Consolidated School District No. 1 GO, AGC, 4.00%, 3/1/2019		65,000		65,012

St Tammany Parish Wide School District No. 12 GO, 5.00%, 4/1/2019		100,000		100,243


				165,255


Industrial Development Revenue/Pollution Control Revenue — 0.9%

East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project Rev., VRDO, 1.70%, 3/1/2019 (d)		500,000		500,000


Prerefunded — 0.0% (b)

State of Louisiana Series 2009-A, GO, 4.25%, 5/1/2019 (c)		25,000		25,102

State of Louisiana Gasoline and Fuels Tax Series B, Rev., 5.00%, 5/1/2020 (c)		20,000		20,761


				45,863


Total Louisiana				711,118


Maryland — 0.6%

Education — 0.2%

Montgomery County Revenue Authority Rev., 4.00%, 5/1/2019		100,000		100,351


General Obligation — 0.2%

State of Maryland

Series B, GO, 5.00%, 3/15/2019		25,000		25,027

GO, 5.00%, 6/1/2019		75,000		75,614


				100,641


Hospital — 0.2%

Maryland Health and Higher Educational Facilities Authority, Carroll Hospital Center Issue Series A, Rev., 5.00%, 7/1/2019		50,000		50,531

Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center Rev., 5.00%, 7/1/2019		50,000		50,501


				101,032


Transportation — 0.0% (b)

Maryland State Transportation Authority, Transportation Facilities Projects Rev., 5.00%, 7/1/2020		25,000		26,091


Total Maryland				328,115


Massachusetts — 1.6%

General Obligation — 0.6%

City of Newburyport, Municipal Purpose Loan of 2013 GO, 4.00%, 1/15/2020		25,000		25,544


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

Commonwealth of Massachusetts

Series A, GO, 5.00%, 3/1/2019		125,000		125,035

Series A, GO, 5.25%, 8/1/2019		20,000		20,299

Series D, GO, AMBAC, 5.50%, 10/1/2019		40,000		40,889

Town of Barnstable, Municipal Purpose Loan GO, 4.00%, 6/15/2019		20,000		20,142

Town of Concord, Municipal Purpose Loan GO, 4.00%, 9/15/2019		20,000		20,268

Town of Dartmouth GO, 4.00%, 4/15/2020		20,000		20,535

Town of Hingham, Municipal Purpose Loan Series 2009A, GO, 4.00%, 4/15/2019		20,000		20,058

Town of Natick, Municipal Purpose Loan GO, 4.00%, 6/15/2019		35,000		35,249


				328,019


Hospital — 0.5%

Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group Series I, Rev., 5.00%, 7/1/2022		245,000		267,234

Massachusetts Health and Educational Facilities Authority, Partners Healthcare System Series I-3, Rev., 4.00%, 7/1/2019		50,000		50,379


				317,613


Prerefunded — 0.2%

Massachusetts Clean Water Trust (The), State Revolving Fund Series 14, Rev., 5.00%, 8/1/2019 (c)		25,000		25,347

Massachusetts State College Building Authority Series A, Rev., 5.50%, 5/1/2019 (c)		25,000		25,155

Town of Braintree, Municipal Purpose Loan GO, 5.00%, 5/15/2019 (c)		25,000		25,168

University of Massachusetts Building Authority Series 2009-1, Rev., 5.00%, 5/1/2019 (c)		20,000		20,108


				95,778


Transportation — 0.3%

Massachusetts Bay Transportation Authority Series A, Rev., 5.00%, 7/1/2019		60,000		60,673

Massachusetts Bay Transportation Authority, Sales Tax

Series D, Rev., 5.00%, 7/1/2019		45,000		45,505

Series C, Rev., 5.50%, 7/1/2019		50,000		50,642

Series C, Rev., 5.00%, 7/1/2020		25,000		26,130


				182,950


Total Massachusetts				924,360

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Michigan — 2.8%

Education — 0.0% (b)

Michigan State University Series C, Rev., 4.00%, 8/15/2019		20,000		20,193


General Obligation — 1.4%

Adrian City School District, County of Lenawee GO, Q-SBLF, 3.00%, 5/1/2019		20,000		20,042

County of Kent GO, 5.00%, 1/1/2021		110,000		116,596

Hastings Area School System, School Building GO, Q-SBLF, 5.00%, 5/1/2019		20,000		20,105

Lansing School District GO, Q-SBLF, 5.00%, 5/1/2019		30,000		30,154

Novi Community School District, School Building and Site Bonds Series I, GO, 4.00%, 5/1/2021		25,000		26,165

Port Huron Area School District, School Building and Site GO, 4.00%, 5/1/2019		50,000		50,182

State of Michigan, Reeths Puffer Schools GO, 2.75%, 8/20/2019		525,000		526,738

Wayne County, Westland Community Schools GO, Q-SBLF, 5.00%, 5/1/2019		25,000		25,132


				815,114


Hospital — 0.9%

Michigan Finance Authority, Beaumont Health Credit Group Series 2015-A, Rev., 4.00%, 8/1/2019		145,000		146,318

Michigan Finance Authority, Henry Ford Health System Rev., 5.00%, 11/15/2020		120,000		126,217

Michigan State Hospital Finance Authority, Ascension Health Series 2010 F-1, Rev., VAR, 4.00%, 6/1/2023 (d)		50,000		53,872

Michigan State Hospital Finance Authority, Mclaren Health Care Series 2012A, Rev., 5.00%, 6/1/2019		135,000		136,050

Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group Series 2014D, Rev., 5.00%, 9/1/2020		25,000		26,174


				488,631


Housing — 0.0% (b)

Michigan State Housing Development Authority Series A, Rev., 4.50%, 4/1/2019		25,000		25,046


Other Revenue — 0.3%

Michigan State Building Authority, Facilities Program Series I, Rev., 5.00%, 4/15/2021		100,000		106,978


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — continued

State of Michigan Rev., GAN, 5.00%, 3/15/2020		75,000		77,489


				184,467


Transportation — 0.2%

Wayne County Airport Authority, Junior Lien Series 2017A, Rev., 5.00%, 12/1/2020		100,000		105,491


Total Michigan				1,638,942


Minnesota — 1.5%

Education — 0.1%

Minnesota Higher Education Facilities Authority, St. Olaf College Series 8-G, Rev., 5.00%, 12/1/2019		25,000		25,622

Minnesota Higher Education Facilities Authority, University of St. Thomas Rev., 5.00%, 4/1/2019		25,000		25,061


				50,683


General Obligation — 0.2%

City of Pipestone Series A, GO, 3.00%, 2/1/2020		80,000		80,838

State of Minnesota Series A, GO, 5.00%, 12/1/2019		25,000		25,618

State of Minnesota, Trunk Highway Series E, GO, 5.00%, 8/1/2020		35,000		36,637


				143,093


Housing — 0.2%

Housing and Redevelopment Authority of The City of St Paul Minnesota, Millberry Apartments Project Series 2018A, Rev., VAR, 2.15%, 3/1/2020 (d)		100,000		100,033


Prerefunded — 0.1%

City of St Louis Park, Health Care Facilities, Park Nicollet Health Services Rev., 5.50%, 7/1/2019 (c)		20,000		20,248

State of Minnesota 911 Services, Public Safety Radio Communications System Rev., AGC, 5.00%, 6/1/2019 (c)		25,000		25,203


				45,451


Transportation — 0.0% (b)

Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport Series C, Rev., 5.00%, 1/1/2020		20,000		20,546


Utility — 0.0% (b)

Minnesota Municipal Power Agency Series 2010A, Rev., 5.00%, 10/1/2019		25,000		25,470

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	127

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Water & Sewer — 0.9%

Minnesota Rural Water Finance Authority, Inc., Public Projects Construction Rev., 2.00%, 8/1/2020		500,000		500,060


Total Minnesota				885,336


Mississippi — 0.2%

Water & Sewer — 0.2%

Mississippi Development Bank Special Obligation, Water and Sewer System Project Rev., AGM, 3.00%, 12/1/2020		100,000		102,147


Missouri — 1.5%

Education — 0.0% (b)

Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2016A, Rev., 4.00%, 2/1/2020		20,000		20,220


General Obligation — 0.5%

Columbia School District GO, 4.00%, 3/1/2020		25,000		25,584

Fort Osage School District No. R-1, Direct Deposit Program GO, 3.00%, 3/1/2019		105,000		105,010

North St. Francois County School District No. R-I, Missouri Direct Deposit Program GO, 5.00%, 3/1/2034		140,000		140,035


				270,629


Hospital — 0.2%

Missouri State Health and Educational Facilities Authority, Children’s Mercy Hospital Rev., 4.63%, 5/15/2019		100,000		100,550


Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)

Kansas City Industrial Development Authority, Downtown Redevelopment District Series A, Rev., 5.00%, 9/1/2019		35,000		35,541


Other Revenue — 0.2%

City of Columbia Rev., 5.00%, 2/1/2020		25,000		25,752

County of Jackson Rev., 4.00%, 12/1/2019		70,000		71,179


				96,931


Utility — 0.6%

City of Springfield, Public Utility Rev., 5.00%, 8/1/2019		40,000		40,546

County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2019		275,000		281,441

Missouri Joint Municipal Electric Utility Commission Series 2014A, Rev., 5.00%, 1/1/2020		20,000		20,517


				342,504


Total Missouri				866,375


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Nebraska — 1.2%

General Obligation — 0.0%(b)

City of Omaha GO, 5.25%, 4/1/2021		25,000		26,852


Utility — 1.2%

Central Plains Energy Project, Gas Supply Rev., LIQ: Royal Bank of Canada, 5.00%, 12/1/2019 (d)		550,000		561,676

Nebraska Public Power District Series A, Rev., 5.00%, 1/1/2021		50,000		52,970

Norris Public Power District, Electric System Series 2011B, Rev., 4.00%, 1/1/2020		50,000		50,845


				665,491


Total Nebraska				692,343


Nevada — 0.4%

Education — 0.0% (b)

Nevada System of Higher Education Series B, Rev., 4.00%, 7/1/2019		25,000		25,184


General Obligation — 0.3%

City of North Las Vegas, Water and Sewer Series B, GO, AMBAC, 4.00%, 8/1/2019		75,000		75,052

County of Clark GO, 5.00%, 6/1/2020		25,000		26,037

Las Vegas Valley Water District, Limited Tax Series 2009D, GO, 5.00%, 6/1/2019 (c)		30,000		30,249

State of Nevada, Capital Improvement Series A, GO, 5.00%, 5/1/2019		25,000		25,134

State of Nevada, Capital Improvement and Cultural Affairs Series 2012B, GO, 5.00%, 8/1/2021		30,000		32,352


				188,824


Prerefunded — 0.1%

Washoe County School District, Limited Tax, School Improvement Series 2011-A, GO, 5.00%, 6/1/2021 (c)		40,000		42,900


Total Nevada				256,908


New Hampshire — 2.0%

Education — 1.7%

New Hampshire Health and Education Facilities Authority, Dartmouth College Series B, Rev., VRDO, LIQ: Bank of New York Mellon, 1.65%, 3/1/2019 (d)		1,000,000		1,000,000


Prerefunded — 0.0% (b)

New Hampshire Health and Education Facilities Authority Act, University System Series A, Rev., 4.50%, 7/1/2019 (c)		25,000		25,233


Transport — 0.3%

State of New Hampshire, Federal Highway Rev., GAN, 5.00%, 9/1/2019		155,000		157,508


Total New Hampshire				1,182,741

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

New Jersey — 7.2%

Education — 0.8%

New Jersey Economic Development Authority, School Facilities Construction Rev., 5.00%, 3/1/2020		390,000		400,748

Rutgers The State University of New Jersey Series 2010I, Rev., 4.00%, 5/1/2019		35,000		35,130


				435,878


General Obligation — 6.0%

Bernards Township School District Series 2013B, GO, 5.00%, 1/1/2021		20,000		21,277

Borough of Oakland GO, BAN, 3.25%, 12/13/2019		251,000		253,412

Borough of Ridgefield GO, BAN, 3.00%, 10/17/2019		900,000		905,940

City of Orange Township GO, 3.00%, 12/5/2019		300,000		302,061

City of Somers Point GO, BAN, 3.00%, 12/3/2019		300,000		302,130

City of Woodbury, Water and Sewer Utility GO, 2.00%, 5/1/2020		45,000		45,162

Township of Clark GO, BAN, 3.00%, 10/4/2019		900,000		906,120

Township of West Deptford GO, BAN, 2.75%, 4/10/2019		750,000		750,653


				3,486,755


Industrial Development Revenue/Pollution Control Revenue — 0.2%

New Jersey Economic Development Authority Rev., NATL-RE, 0.00%, 3/15/2019		50,000		49,969

New Jersey Economic Development Authority, School Facilities Construction Series PP, Rev., 5.00%, 6/15/2019		35,000		35,273


				85,242


Other Revenue — 0.2%

Garden State Preservation Trust Series C, Rev., AGM, 5.13%, 11/1/2019		35,000		35,769

New Jersey Building Authority, Unrefunded Balance Series A, Rev., 5.00%, 6/15/2019		45,000		45,351

Tobacco Settlement Financing Corp. Series A, Rev., 5.00%, 6/1/2020		25,000		25,885


				107,005


Transportation — 0.0% (b)

New Jersey Transportation Trust Fund Authority, Transportation System Series B, Rev., NATL-RE, 5.50%, 12/15/2019		20,000		20,551
				��

Total New Jersey				4,135,431


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


New Mexico — 1.6%

General Obligation — 0.1%

County of Bernalillo GO, 5.00%, 8/15/2019		55,000		55,825


Housing — 0.5%

County of Bernalillo, Arroyo Vista Apartments Project Rev., 1.40%, 3/1/2020 (d)		300,000		300,000



Other Revenue — 0.5%

City of Farmington, Southern California Edison Co. Four Corners Project Series A, Rev., VAR, 1.87%, 4/1/2020 (d)		210,000		207,850

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2013-A, Rev., 4.00%, 6/1/2021		20,000		21,009

State of New Mexico, Severance Tax Permanent Fund

Series B, Rev., 4.00%, 7/1/2019		25,000		25,189

Series A, Rev., 5.00%, 7/1/2020		20,000		20,868


				274,916


Utility — 0.5%

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2018-A, Rev., 5.00%, 6/1/2019		180,000		181,451

New Mexico Municipal Energy Acquisition Authority Subseries A, Rev., VAR, LIQ: Royal Bank of Canada, 5.00%, 8/1/2019 (d)		100,000		101,184


				282,635


Total New Mexico				913,376


New York — 20.6%

Education — 0.2%

New York State Dormitory Authority, City University System, Fifth General Resolution Class A, Rev., 5.00%, 7/1/2019		20,000		20,222

New York State Dormitory Authority, General Purpose

Series 2016D, Rev., 5.00%, 2/15/2020		25,000		25,801

Series 2017A, Rev., 5.00%, 2/15/2020		35,000		36,121

Series 2011A, Rev., 5.00%, 3/15/2020		25,000		25,871

Yonkers Industrial Development Agency, Sarah Lawrence College Project Series A, Rev., 5.00%, 6/1/2019 (c)		25,000		25,209


				133,224


General Obligation — 14.0%

City of Albany GO, BAN, 2.75%, 6/28/2019		80,000		80,265

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	129

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

General Obligation — continued

City of New York, Fiscal Year 2019 Series D, Subseries D-4, GO, VRDO, LIQ: Barclays Bank plc, 1.70%, 3/1/2019 (d)		1,500,000		1,500,000

City of Syracuse, Public Improvement Series A, GO, 5.00%, 3/1/2019		25,000		25,007

City of Troy GO, BAN, 3.00%, 2/7/2020		1,000,000		1,011,850

County of Montgomery GO, BAN, 3.00%, 10/11/2019		900,000		906,381

County of Nassau

Series B, GO, BAN, 4.00%, 5/15/2019		285,000		286,280

Series C, GO, BAN, 4.00%, 12/10/2019		325,000		330,635

County of Onondaga Series A, GO, 5.00%, 3/1/2020		45,000		45,000

County of Rockland GO, TAN, 3.00%, 4/2/2019		430,000		430,426

County of Suffolk GO, TAN, 5.00%, 7/24/2019		100,000		101,188

East Quogue Union Free School District GO, TAN, 3.00%, 6/21/2019		500,000		501,830

Plainedge Union Free School District Series B, GO, 4.00%, 6/15/2019		20,000		20,143

Town of Colonie

Series 2017B, GO, 3.00%, 4/1/2019		780,000		780,897

GO, BAN, 3.00%, 3/13/2020 (f)		1,000,000		1,011,420

Town of Thompson GO, 3.00%, 3/15/2019		100,000		99,999

Village of Clayton GO, BAN, 2.75%, 2/13/2020		680,000		685,039

West Hempstead Union Free School District GO, BAN, 2.75%, 6/14/2019		250,000		250,855


				8,067,215


Hospital — 0.1%

Erie County Fiscal Stability Authority, Catholic Healthcare Partners Series 2010C, Rev., 5.25%, 3/15/2019		20,000		20,023

Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Rev., 5.00%, 7/1/2019		20,000		20,191


				40,214


Other Revenue — 3.9%

Erie County Fiscal Stability Authority, Sales Tax Series C, Rev., 4.13%, 3/15/2019		25,000		25,020

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries C4, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen 1.71%, 3/1/2019 (d)		1,500,000		1,500,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — continued

Tender Option Bond Trust Receipts/Certificates Series 2018-XM0697, Rev., VRDO, LIQ: Bank of America NA, 1.89%, 3/7/2019 (d) (e)		750,000		750,000


				2,275,020


Prerefunded — 0.0% (b)

New York State Dormitory Authority Series B, Rev., 5.00%, 3/15/2019 (c)		20,000		20,021


Transportation — 2.3%

Metropolitan Transportation Authority

Series 2019A, Rev., BAN, 4.00%, 2/3/2020		1,000,000		1,017,921

Subseries 2018B-2B, Rev., BAN, 5.00%, 5/15/2021		200,000		212,788

Subseries 2008B-4, Rev., 5.00%, 11/15/2021		20,000		21,825

Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2020		50,000		52,899

New York State Thruway Authority, Local Highway and Bridge Service Contract Rev., 4.00%, 4/1/2019		35,000		35,064


				1,340,497


Water & Sewer — 0.1%

New York City Water and Sewer System, Second General Resolution Series EE, Rev., 4.00%, 6/15/2019		25,000		25,175


Total New York				11,901,366


North Carolina — 5.2%

Certificate of Participation/Lease — 2.6%

City of Raleigh, Downtown Improvement Projects Series A, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.75%, 3/7/2019 (d)		1,500,000		1,500,000


Education — 0.1%

Western Carolina University, Limited Obligation Rev., 4.00%, 6/1/2019		35,000		35,178


General Obligation — 0.1%

County of Carteret GO, 4.00%, 4/1/2019		25,000		25,044

County of Durham GO, 5.00%, 11/1/2019		20,000		20,442

County of Union Series A, GO, 5.00%, 3/1/2019		40,000		40,011


				85,497


Hospital — 2.1%

North Carolina Medical Care Commission, Baptist Hospital Rev., 4.00%, 6/1/2019		25,000		25,131

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Hospital — continued

North Carolina Medical Care Commission, Firsthealth Carolinas Series A, Rev., VRDO, LIQ: Branch Banking & Trust, 1.75%, 3/7/2019 (d)		1,000,000		1,000,000

North Carolina Medical Care Commission, Health Care Facilities, Wake Forest Baptist Obligated Group Series 2012-B, Rev., 5.00%, 12/1/2020		205,000		215,994


				1,241,125


Other Revenue — 0.1%

City of Kannapolis Rev., 4.00%, 4/1/2019		50,000		50,086


Transport — 0.2%

State of North Carolina, Vehicle Bonds Rev., 5.00%, 3/1/2019		100,000		100,027


Total North Carolina				3,011,913


North Dakota — 0.3%

Utility — 0.3%

City of Grand Forks, The Alerus Project Series D, Rev., 5.00%, 12/15/2019		150,000		153,873


Ohio — 8.5%

Education — 0.2%

Bowling Green State University Series 2017B, Rev., 5.00%, 6/1/2020		35,000		36,365

Ohio Higher Educational Facility Commission, Baldwin Wallace University 2012 Project Rev., 4.00%, 12/1/2019		50,000		50,752


				87,117


General Obligation — 0.9%

City of Columbus

Series 2010-A, GO, 5.00%, 6/1/2019		25,000		25,203

Series 2015A, GO, 5.00%, 7/1/2019		40,000		40,436

City of Miamisburg, Various Purpose GO, BAN, 3.00%, 6/25/2019		100,000		100,419

City of Oxford, Aquatic Center GO, BAN, 3.00%, 6/11/2019		125,000		125,454

City of Reynoldsburg GO, 5.00%, 12/1/2020		60,000		63,437

Geauga County Public Library, Unlimited Tax Series A, GO, 3.00%, 12/1/2019		50,000		50,498

State of Ohio, Common Schools Series C, GO, 5.00%, 9/15/2019		25,000		25,446

State of Ohio, Higher Education Series 2009C, GO, 5.00%, 8/1/2019		25,000		25,343

State of Ohio, Infrastructure Improvement Bonds Series A, GO, 5.00%, 9/1/2020		45,000		47,218


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

Vinton County Local School District, Galloa, Hocking and Jackson Counties Series A, GO, 2.00%, 12/1/2019		45,000		45,073


				548,527


Hospital — 7.0%

County of Allen, Catholic Healthcare Partners

Series 2010B, Rev., 5.00%, 9/1/2019		170,000		172,623

Series 2012A, Rev., 5.00%, 5/1/2021		85,000		90,564

County of Allen, Hospital Facilities, Catholic Healthcare Partners

Series C, Rev., VRDO, LOC: Union Bank NA, 1.72%, 3/1/2019 (d)		1,485,000		1,485,000

Series B, Rev., 4.13%, 9/1/2020		40,000		41,324

County of Allen, Hospital Facilities, Mercy Health Series A, Rev., 5.00%, 8/1/2021		480,000		514,862

County of Hamilton, Hospital Facilities, UC Health Rev., 5.00%, 2/1/2020		100,000		102,723

County of Lucas, Promedica Healthcare Obligated Group Series D, Rev., 5.00%, 11/15/2019		75,000		76,238

County of Montgomery, Premier Health Partners Obligated Group, Hospital Facilities Series 2016C, Rev., VRDO, LOC: Barclays Bank plc, 1.69%, 3/1/2019 (d)		1,500,000		1,500,000

Ohio Higher Educational Facility Commission, Hospitals Health System Series A, Rev., 5.00%, 1/15/2020		75,000		76,997


				4,060,331


Other Revenue — 0.1%

County of Hamilton Series 2016A, Rev., 5.00%, 12/1/2019		30,000		30,737


Prerefunded — 0.3%

City of Barberton, Limited Tax, Various Purpose Improvement GO, AGC, 4.40%, 6/1/2019 (c)		70,000		70,469

City of Cincinnati Series 2009B, GO, 4.00%, 6/1/2019 (c)		45,000		45,258

City of Mentor, Various Purpose GO, 4.50%, 12/1/2019 (c)		50,000		51,050

State of Ohio, Capital Facilities Lease-Appropriation Series 2013-B, Rev., 5.00%, 4/1/2021 (c)		25,000		26,695


				193,472


Total Ohio				4,920,184

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	131

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Oklahoma — 1.0%

General Obligation — 0.9%

Oklahoma County Independent School District No. 12, Edmond School District GO, 3.00%, 3/1/2021		40,000		40,940

Payne County, Independent School District No. 16, Stillwater Board of Education Series B, GO, 3.00%, 6/1/2019		300,000		300,939

Tulsa County, Independent School District No. 1 Series B, GO, 2.00%, 1/1/2020		200,000		200,530


				542,409


Other Revenue — 0.1%

Grand River Dam Authority Series 2014A, Rev., 4.00%, 6/1/2019		25,000		25,145


Water & Sewer — 0.0% (b)

Oklahoma Water Resources Board, Clean Water Program Rev., 5.00%, 4/1/2019		20,000		20,051


Total Oklahoma				587,605


Pennsylvania — 2.4%

Education — 0.7%

Allegheny County Higher Education Building Authority, Duquesne University of the Holy Spirit Rev., 5.00%, 3/1/2020		35,000		36,095

Montgomery County Higher Education and Health Authority, Arcadia University Rev., 4.00%, 4/1/2019		110,000		110,127

Pennsylvania State University Series B, Rev., VAR, 1.73%, 6/1/2019 (d)		250,000		250,063


				396,285


General Obligation — 0.2%

County of Delaware GO, 5.00%, 10/1/2020		30,000		31,537

Palmyra Area School District GO, 3.00%, 5/1/2019		25,000		25,046

Parkland School District GO, 4.00%, 4/15/2021		30,000		31,384

Trinity Area School District GO, AGM, 4.00%, 11/1/2020 (c)		30,000		31,149


				119,116


Hospital — 0.3%

Beaver County Hospital Authority, Heritage Valley Health System, Inc. Rev., 5.00%, 5/15/2020		165,000		170,790


Industrial Development Revenue/Pollution Control Revenue — 0.3%

Pennsylvania Economic Development Financing Authority

Series A, Rev., 5.00%, 7/1/2019		20,000		20,223

Series 2015B, Rev., 5.00%, 3/15/2020		25,000		25,828


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Industrial Development Revenue/Pollution Control Revenue — continued

Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021 (d)		100,000		100,968


				147,019


Other Revenue — 0.0% (b)

Monroeville Finance Authority Rev., 5.00%, 2/15/2020		25,000		25,762


Prerefunded — 0.3%

County of Dauphin GO, 4.00%, 5/15/2019 (c)		25,000		25,119

Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Series B, Rev., 5.00%, 12/1/2021 (c)		50,000		54,453

South Fork Municipal Authority, Conemaugh Valley Memorial Hospital Series B, Rev., AGC, 5.38%, 7/1/2020 (c)		30,000		31,405

University of Pittsburgh of the Commonwealth System of Higher Education Series B, Rev., 5.50%, 3/15/2019 (c)		30,000		30,036

Washington County Industrial Development Authority, Washington Jefferson College Rev., 4.00%, 5/1/2020 (c)		25,000		25,682


				166,695


Transportation — 0.3%

Pennsylvania Turnpike Commission

Rev., 5.00%, 6/1/2019		100,000		100,752

Series A, Rev., AGM, 5.25%, 7/15/2020		50,000		52,371

Philadelphia Airport Parking Authority Rev., 5.00%, 9/1/2019		40,000		40,646


				193,769


Utility — 0.1%

Philadelphia Gas Works Co. Rev., 5.00%, 8/1/2019		55,000		55,708


Water & Sewer — 0.2%

West Goshen Sewer Authority Rev., 3.00%, 5/1/2020		95,000		96,541


Total Pennsylvania				1,371,685


Rhode Island — 0.1%

Transportation — 0.1%

Rhode Island Commerce Corp., Department of Transportation Series 2016A, Rev., 3.00%, 6/15/2019		40,000		40,139

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

South Carolina — 0.3%

Education — 0.0%(b)

Charleston Educational Excellence Finance Corp., Installment Purchase Series 2013B, Rev., 5.00%, 12/1/2019		25,000		25,611


General Obligation — 0.1%

Florence School District No. 1 GO, SCSDE, 5.00%, 3/1/2019		35,000		35,010

State of South Carolina, Highway Series A, GO, 5.00%, 10/1/2020		25,000		26,321


				61,331


Transportation — 0.1%

South Carolina Transportation Infrastructure Bank Series A, Rev., 4.00%, 10/1/2019		55,000		55,738


Water & Sewer — 0.1%

Anderson Regional Joint Water System Series 2011A, Rev., 5.00%, 7/15/2020		25,000		26,110


Total South Carolina				168,790


South Dakota — 0.2%

Hospital — 0.1%

South Dakota Health and Educational Facilities Authority, Sanford Health Rev., 5.25%, 11/1/2019		50,000		51,097


Housing — 0.1%

South Dakota Board of Regents, Housing and Auxiliary Facility System Series A, Rev., 5.00%, 4/1/2021		70,000		74,603


Total South Dakota				125,700


Tennessee — 2.6%

General Obligation — 0.2%

County of Shelby

Series A, GO, 4.75%, 3/1/2019		40,000		40,010

Series A, GO, 4.00%, 3/1/2020		20,000		20,471

State of Tennessee Series A, GO, 5.00%, 9/1/2020		30,000		31,503


				91,984


Housing — 0.8%

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Dandridge Towers Project Rev., 1.87%, 7/1/2020 (d)		495,000		493,901


Prerefunded — 1.6%

Johnson City Health and Educational Facilities Board, Mountain States Health Alliance Series 2010-A, Rev., 6.50%, 7/1/2020 (c)		850,000		903,958


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Prerefunded — continued

Tennessee State School Bond Authority, Higher Education Series A, Rev., 5.00%, 5/1/2019 (c)		30,000		30,161


				934,119


Total Tennessee				1,520,004


Texas — 5.5%

Education — 0.6%

Alamo Community College District, Financing System Senior lien Series 2012A, Rev., 5.00%, 11/1/2020		20,000		21,073

Austin Community College District, Combined Fee Series 2014A, Rev., 5.00%, 2/1/2021		25,000		26,505

Clifton Higher Education Finance Corp., Baylor University Rev., 5.00%, 3/1/2020		45,000		46,418

Counties of Harris and Fort Bend, Houston Community College System, Combined Fee Rev., 4.00%, 4/15/2019		25,000		25,066

Regents of the Texas State University System Rev., 5.00%, 3/15/2019		150,000		150,150

University of A&M Texas, Permanent University Fund Series A, Rev., 5.00%, 7/1/2020		35,000		36,539

University of Texas (The), Board of Regents, Financing System Series A, Rev., 5.00%, 8/15/2020		20,000		20,958


				326,709


General Obligation — 2.0%

City of Baytown GO, 5.00%, 2/1/2020		40,000		41,211

City of Burleson GO, 4.00%, 3/1/2019		25,000		25,005

City of Dallas GO, 5.00%, 2/15/2021		75,000		79,613

City of Fort Worth, Tarrant, Denton, Parker and Wise Counties GO, 3.50%, 3/1/2020		35,000		35,620

City of Frisco GO, 5.00%, 2/15/2021		25,000		26,577

City of Grand Prairie, Combination Tax Series 2013A, GO, 5.00%, 2/15/2021		65,000		69,108

City of Houston, Public Improvement Series A, GO, 5.00%, 3/1/2020		20,000		20,646

City of Lewisville GO, 5.00%, 2/15/2021		25,000		26,583

City of Lubbock, Waterworks System GO, 5.00%, 2/15/2020		20,000		20,625

City of Paris GO, 4.50%, 12/15/2020		30,000		31,468

County of Bell, Limited Tax GO, 4.00%, 2/15/2020		375,000		383,182

County of Bexar, Certificates of Obligation

Series B, GO, 5.00%, 6/15/2020		20,000		20,854

Series B, GO, 5.00%, 6/15/2021		20,000		21,494

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	133

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

General Obligation — continued

County of Chambers GO, 3.00%, 3/1/2020		150,000		151,938

County of Webb, Limited Tax Series A, GO, 4.00%, 2/15/2020		50,000		51,083

Dallas County Utility and Reclamation District, Unlimited Tax GO, 5.00%, 2/15/2020		80,000		82,400

Grapevine-Colleyville Independent School District, Unlimited Tax, School Building Bonds GO, PSF-GTD, 5.00%, 8/15/2019		30,000		30,448

Keller Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 8/15/2021		20,000		21,595


				1,139,450


Other Revenue — 0.5%

City of Corpus Christi Rev., 5.00%, 7/15/2019		55,000		55,637

Dallas Area Rapid Transit, Sales Tax Rev., 4.00%, 12/1/2020		20,000		20,813

Lower Colorado River Authority Rev., 4.00%, 5/15/2019		30,000		30,138

Lower Colorado River Authority, LCRA Transmission Corporation Project Series 2010B, Rev., 5.00%, 5/15/2020		40,000		41,512

Lower Colorado River Authority, Unrefunded Balance

Rev., 5.00%, 5/15/2019		25,000		25,163

Rev., 5.00%, 5/15/2020		60,000		60,391

Series A, Rev., 5.00%, 5/15/2020		35,000		36,330

State of Texas, Public Finance Authority Series 2016-A, Rev., 4.00%, 12/1/2019		50,000		50,809


				320,793



Prerefunded — 1.2%

City of Annetta, GO, 5.00%, 8/1/2020 (c)		295,000		308,464

Tarrant County Cultural Education Facilities Finance Corp.

Rev., 5.00%, 8/15/2020 (c)		20,000		20,937

Rev., 5.25%, 8/15/2020 (c)		45,000		47,269

Travis County Health Facilities Development Corp. Rev., 7.13%, 11/1/2020 (c)		220,000		239,402

University of North Texas, Board of Regents, Financing System Series A, Rev., 5.00%, 4/15/2019 (c)		70,000		70,287

Waco Independent School District GO, AGC, 5.00%, 8/15/2019 (c)		35,000		35,513


				721,872


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Transportation — 0.1%

Alamo Regional Mobility Authority, Vehicle Registration Fee Senior Lien Rev., 5.00%, 6/15/2021		25,000		26,827

Harris County, Toll Road, Senior Lien Series C, Rev., 5.00%, 8/15/2019		20,000		20,278


				47,105


Utility — 0.5%

Texas Municipal Power Agency

Rev., 5.00%, 9/1/2019		50,000		50,818

Rev., 5.00%, 9/1/2020		255,000		267,434


				318,252


Water & Sewer — 0.6%

City of El Paso Rev., 4.00%, 3/1/2020		50,000		51,123

City of Garland, Water and Sewer System Rev., 4.00%, 3/1/2020		25,000		25,559

City of Irving, Waterworks and Sewer System Rev., 5.00%, 8/15/2019		50,000		50,744

City of San Antonio, Water System, Junior Lien Series B, Rev., 5.00%, 5/15/2020		35,000		36,374

Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2021		40,000		43,093

Upper Trinity Regional Water District Rev., 5.00%, 8/1/2019		25,000		25,337

Upper Trinity Regional Water District, Wastewater Treatment System Rev., AGM, 3.00%, 8/1/2019		100,000		100,539


				332,769


Total Texas				3,206,950


Utah — 0.2%

Education — 0.0% (b)

Utah State Board of Regents, University of Utah (The) Series B, Rev., 5.00%, 8/1/2019		25,000		25,342


Other Revenue — 0.1%

Utah Transit Authority, Sales Tax Series A, Rev., 5.00%, 6/15/2020		25,000		26,063


Prerefunded — 0.1%

Utah State Building Ownership Authority, Master Lease Program Rev., 5.00%, 5/15/2019 (c)		30,000		30,201


Utility — 0.0% (b)

Intermountain Power Agency, Subordinated Power Supply Series A, Rev., 5.00%, 7/1/2019		25,000		25,272


Total Utah				106,878

SEE NOTES TO FINANCIAL STATEMENTS.



134	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

Vermont — 0.1%

General Obligation — 0.1%

City of Burlington Series 2018D, GO, 5.00%, 11/1/2020		65,000		68,504


Virginia — 0.2%

Hospital — 0.1%

Albermarle County Economic Development Authority, Virginia Hospital Facilities Rev., 5.00%, 6/1/2019		45,000		45,367


Transportation — 0.1%

Virginia Commonwealth Transportation Board

Rev., 5.00%, 3/15/2019		25,000		25,025

Series 2013-A, Rev., GAN, 5.00%, 3/15/2020		25,000		25,849


				50,874


Total Virginia				96,241


Washington — 1.2%

Certificate of Participation/Lease — 0.0% (b)

State of Washington, Local Ageny Real and Personal Property Series 2018C, COP, 5.00%, 7/1/2020		25,000		26,091


Education — 0.1%

Washington State University Rev., 5.00%, 10/1/2020		35,000		36,732


General Obligation — 0.7%

City of Seattle GO, 5.00%, 5/1/2019		40,000		40,214

City of Seattle, Limited Tax

GO, 5.00%, 9/1/2019		25,000		25,414

Series B, GO, 5.00%, 8/1/2020		35,000		36,641

County of Skagit, Limited Tax GO, 5.00%, 12/1/2021		20,000		21,749

King County Public Hospital District No. 2, Evergreenhealth GO, 5.00%, 12/1/2021		60,000		65,173

King County School District No. 405 Bellevue, Credit Enhancement Program GO, 5.00%, 12/1/2020		20,000		21,154

Skagit County Public Hospital District No. 2, Refunding and Improvement-Limited Tax GO, 4.00%, 12/1/2019		50,000		50,876

State of Washington, Motor Vehicle Fuel Tax

Series R-2015B, GO, 4.00%, 7/1/2019		25,000		25,193

Series B, GO, 5.00%, 8/1/2020		20,000		20,933

State of Washington, Various Purpose

Series R-2011B, GO, 5.00%, 7/1/2019		25,000		25,274

Series R-2017A, GO, 4.00%, 8/1/2019		20,000		20,194


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

Series 2013-A, GO, 5.00%, 8/1/2019		25,000		25,344


				378,159


Prerefunded — 0.1%

County of King, Sewer Rev., 5.00%, 1/1/2021 (c)		25,000		26,500

Grant County Public Utility District No. 2, Electric System Series 2011-I, Rev., 5.00%, 1/1/2021 (c)		25,000		26,500


				53,000


Transportation — 0.1%

Port of Seattle, Intermediate Lien Series 2010B, Rev., 5.00%, 6/1/2019		25,000		25,195

State of Washington Federal Highway Series 2012F, Rev., 5.00%, 9/1/2020		20,000		20,969


				46,164


Utility — 0.2%

Energy Northwest, Electric

Series A, Rev., 5.00%, 7/1/2019		65,000		65,699

Series A, Rev., 5.00%, 7/1/2021		25,000		26,894

Public Utility District No. 1 of Cowlitz County Rev., 5.00%, 9/1/2019		45,000		45,698


				138,291


Water & Sewer — 0.0% (b)

County of Pierce, Sewer Rev., 5.00%, 8/1/2019		20,000		20,265


Total Washington				698,702


West Virginia — 0.4%

General Obligation — 0.0% (b)

Cabell County Board of Education GO, 5.00%, 5/1/2019		20,000		20,104


Hospital — 0.4%

Monongalia County Building Commission, Monongalia Health System Obligated Group Rev., 5.00%, 7/1/2020		200,000		205,574


Total West Virginia				225,678


Wisconsin — 2.8%

General Obligation — 1.4%

City of Evansville Series 2017A, GO, 3.00%, 4/1/2019		175,000		175,152

City of Waukesha, Promissory Notes Series A, GO, 4.00%, 10/1/2020		20,000		20,724

City of West Allis, Corporate Purpose Series A, GO, 4.00%, 4/1/2020		455,000		465,511

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	135

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — continued

General Obligation — continued

State of Wisconsin

Series 2, GO, 4.00%, 5/1/2019		25,000		25,095

Series A, GO, 4.00%, 5/1/2019		90,000		90,327

Series 3, GO, 5.00%, 11/1/2020		65,000		68,565


				845,374


Hospital — 0.2%

Wisconsin Health and Educational Facilities Authority, SSM Health Care Series 2010A, Rev., 4.00%, 6/1/2020 (c)		40,000		40,960

Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2021		50,000		54,258


				95,218


Prerefunded — 1.1%

State of Wisconsin

Series A, Rev., 5.75%, 5/1/2019 (c)		595,000		598,814

Series 1, GO, 5.00%, 5/1/2020 (c)		20,000		20,753


				619,567


Water & Sewer — 0.1%

State of Wisconsin, Clean Water Fund Series 2, Rev., 5.00%, 6/1/2019 (c)		50,000		50,404


Total Wisconsin				1,610,563


Total Municipal Bonds (Cost $58,639,537)				58,774,370


	SHARES
Short-Term Investments — 0.3%

Investment Companies — 0.3%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (g) (h) (Cost $146,947)		146,947		146,947

Total Investments — 101.9% (Cost $58,786,484)				58,921,317
Liabilities in Excess of Other Assets — (1.9%)				(1,121,726)

Net Assets — 100.0%				57,799,591

Percentages indicated are based on net assets.

Abbreviations


AGC		Insured by Assured Guaranty Corp.
AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
BAN		Bond Anticipation Note
COP		Certificate of Participation
GAN		Grant Anticipation Notes
GO		General Obligation
GRAN		Grant Revenue Anticipation Notes
LIQ		Liquidity Agreement
LOC		Letter of Credit
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
RE		Reinsured
Rev.		Revenue
SCSDE		South Carolina School District Enhancement
TAN		Tax Anticipation Note
USD		United States Dollar
VAR		Variable Rate Security. The interest rate shown is the rate in effect as of February 28, 2019.
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 28, 2019.

(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Security is prerefunded or escrowed to maturity.
(d)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2019.
(e)		Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(f)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)		The rate shown is the current yield as of February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



136	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — 85.0%

Azerbaijan — 0.9%

Republic of Azerbaijan

4.75%, 3/18/2024 (a)		200,000		204,250

3.50%, 9/1/2032 (a)		440,000		383,350


				587,600


Bolivia, Plurinational State of — 0.3%

Plurinational State of Bolivia 4.50%, 3/20/2028 (a)		200,000		183,011


Brazil — 5.9%

Federative Republic of Brazil

4.88%, 1/22/2021		462,000		475,398

4.25%, 1/7/2025		520,000		523,380

6.00%, 4/7/2026		381,000		416,242

4.63%, 1/13/2028		220,000		218,512

8.25%, 1/20/2034		350,000		443,998

5.63%, 1/7/2041		750,000		749,824

5.63%, 2/21/2047		842,000		825,610


				3,652,964


Chile — 0.3%

Republic of Chile 3.86%, 6/21/2047		200,000		194,600


China — 0.7%

Export-Import Bank of China (The) 2.00%, 4/26/2021 (b)		214,000		208,705

People’s Republic of China 2.13%, 11/2/2022 (b)		200,000		194,519


				403,224


Colombia — 2.6%

Republic of Colombia

4.38%, 7/12/2021		277,000		283,025

8.13%, 5/21/2024		260,000		309,435

3.88%, 4/25/2027		216,000		212,868

7.38%, 9/18/2037		100,000		126,058

5.63%, 2/26/2044		205,000		222,220

5.00%, 6/15/2045		437,000		439,622


				1,593,228


Croatia — 2.0%

Republic of Croatia

6.38%, 3/24/2021 (a)		450,000		474,525

5.50%, 4/4/2023 (a)		205,000		219,350

6.00%, 1/26/2024 (a)		509,000		562,445


				1,256,320


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Dominican Republic — 4.3%

Government of Dominican Republic

7.50%, 5/6/2021 (a)		478,000		496,642

5.50%, 1/27/2025 (a)		116,000		117,885

5.95%, 1/25/2027 (b)		741,000		769,406

5.95%, 1/25/2027 (a)		198,000		205,591

7.45%, 4/30/2044 (a)		619,000		682,636

6.85%, 1/27/2045 (a)		394,000		410,412


				2,682,572


Ecuador — 4.5%

Republic of Ecuador

10.75%, 3/28/2022 (a)		281,000		305,985

8.75%, 6/2/2023 (a)		200,000		206,103

7.95%, 6/20/2024 (a)		701,000		694,540

9.65%, 12/13/2026 (a)		864,000		896,603

8.88%, 10/23/2027 (a)		201,000		199,976

7.88%, 1/23/2028 (a)		500,000		472,568


				2,775,775


Egypt — 4.5%

Arab Republic of Egypt

6.13%, 1/31/2022 (a)		537,000		545,726

5.88%, 6/11/2025 (a)		717,000		708,038

7.50%, 1/31/2027 (a)		441,000		456,435

6.59%, 2/21/2028 (a)		264,000		257,400

8.50%, 1/31/2047 (a)		800,000		820,000


				2,787,599


Ethiopia — 0.3%

Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)		200,000		201,000


Gabon — 0.5%

Gabonese Republic 6.38%, 12/12/2024 (a)		290,000		279,487


Ghana — 1.8%

Republic of Ghana

7.88%, 8/7/2023 (b)		585,000		610,594

8.13%, 1/18/2026 (a)		100,000		101,750

7.63%, 5/16/2029 (a)		200,000		193,750

8.63%, 6/16/2049 (a)		235,000		222,956


				1,129,050


Hungary — 1.7%

Republic of Hungary

6.38%, 3/29/2021		406,000		431,245

5.38%, 2/21/2023		204,000		218,255

5.38%, 3/25/2024		104,000		112,683

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	137

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Hungary — continued

7.63%, 3/29/2041		190,000		276,450


				1,038,633


India — 0.5%

Export-Import Bank of India 3.38%, 8/5/2026 (a)		300,000		282,344


Indonesia — 2.6%

Perusahaan Penerbit SBSN Indonesia III 4.55%, 3/29/2026 (a)		200,000		203,348

Republic of Indonesia

4.75%, 1/8/2026 (a)		480,000		495,815

3.50%, 1/11/2028		200,000		190,294

4.10%, 4/24/2028		200,000		198,612

6.75%, 1/15/2044 (a)		401,000		498,784


				1,586,853


Iraq — 1.5%

Republic of Iraq

6.75%, 3/9/2023 (a)		400,000		406,000

5.80%, 1/15/2028 (a)		520,000		501,800


				907,800


Ivory Coast — 1.6%

Republic of Cote d’Ivoire

6.38%, 3/3/2028 (a)		574,000		561,085

5.75%, 12/31/2032 (a) (c)		239,825		226,934

6.13%, 6/15/2033 (a)		200,000		184,750


				972,769


Jamaica — 1.8%

Jamaica Government International Bond

6.75%, 4/28/2028		425,000		468,669

8.00%, 3/15/2039		100,000		118,962

7.88%, 7/28/2045		425,000		504,668


				1,092,299


Jordan — 1.3%

Kingdom of Jordan

6.13%, 1/29/2026 (a)		565,000		570,650

7.38%, 10/10/2047 (a)		225,000		220,500


				791,150


Kazakhstan — 1.0%

Republic of Kazakhstan

3.88%, 10/14/2024 (a)		350,000		357,437

6.50%, 7/21/2045 (a)		200,000		254,250


				611,687


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kenya — 1.4%

Republic of Kenya

6.88%, 6/24/2024 (a)		394,000		403,850

7.25%, 2/28/2028 (a)		200,000		202,250

8.25%, 2/28/2048 (a)		280,000		282,450


				888,550


Lebanon — 2.3%

Republic of Lebanon

8.25%, 4/12/2021 (b)		120,000		115,950

6.10%, 10/4/2022 (b)		532,000		477,470

6.00%, 1/27/2023 (b)		106,000		94,075

6.60%, 11/27/2026 (b)		137,000		116,450

6.85%, 3/23/2027 (b)		150,000		127,313

6.75%, 11/29/2027 (b)		272,000		228,140

6.65%, 2/26/2030 (b)		103,000		83,816

7.00%, 3/23/2032 (b)		225,000		183,094


				1,426,308


Lithuania — 0.5%

Republic of Lithuania 6.13%, 3/9/2021 (a)		300,000		317,340


Malaysia — 0.3%

Malaysia Sovereign Sukuk Bhd. 3.04%, 4/22/2025 (a)		200,000		196,946


Mexico — 1.8%

United Mexican States

4.13%, 1/21/2026		725,000		723,913

6.05%, 1/11/2040		100,000		110,250

4.35%, 1/15/2047		200,000		179,400

5.75%, 10/12/2110		100,000		98,500


				1,112,063


Mongolia — 0.3%

Mongolia Government International Bond 5.13%, 12/5/2022 (a)		200,000		198,750


Morocco — 0.2%

Kingdom of Morocco 4.25%, 12/11/2022 (a)		150,000		151,875


Oman — 1.5%

Oman Government International Bond

4.75%, 6/15/2026 (a)		300,000		274,875

5.38%, 3/8/2027 (a)		381,000		356,235

5.63%, 1/17/2028 (a)		200,000		188,750

6.50%, 3/8/2047 (a)		150,000		132,750


				952,610

SEE NOTES TO FINANCIAL STATEMENTS.



138	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Pakistan — 1.8%

Republic of Pakistan

5.50%, 10/13/2021 (a)		200,000		197,500

5.63%, 12/5/2022 (a)		210,000		203,963

8.25%, 4/15/2024 (a)		400,000		416,694

6.88%, 12/5/2027 (a)		295,000		283,110


				1,101,267


Panama — 1.6%

Republic of Panama

4.00%, 9/22/2024		269,000		276,398

3.88%, 3/17/2028		200,000		203,000

6.70%, 1/26/2036		250,000		317,174

4.50%, 5/15/2047		206,000		208,860


				1,005,432


Paraguay — 0.4%

Republic of Paraguay 6.10%, 8/11/2044 (a)		200,000		219,505


Peru — 1.7%

Republic of Peru

4.13%, 8/25/2027		451,000		477,834

6.55%, 3/14/2037		100,000		130,400

5.63%, 11/18/2050		375,000		459,750


				1,067,984


Philippines — 2.6%

Republic of Philippines

10.63%, 3/16/2025		160,000		224,294

5.50%, 3/30/2026		200,000		226,029

9.50%, 2/2/2030		30,000		45,257

6.38%, 1/15/2032		396,000		498,780

6.38%, 10/23/2034		147,000		190,471

3.70%, 3/1/2041		214,000		209,336

3.70%, 2/2/2042		200,000		195,651


				1,589,818


Poland — 1.8%

Republic of Poland

5.00%, 3/23/2022		160,000		169,180

3.00%, 3/17/2023		706,000		704,394

4.00%, 1/22/2024		206,000		213,564


				1,087,138


Romania — 1.2%

Republic of Romania

6.75%, 2/7/2022 (a)		136,000		147,390

4.38%, 8/22/2023 (a)		100,000		102,250


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Romania — continued

4.88%, 1/22/2024 (a)		240,000		251,400

6.13%, 1/22/2044 (a)		204,000		230,520


				731,560


Russia — 2.8%

Russian Federation

4.50%, 4/4/2022 (a)		200,000		204,800

4.25%, 6/23/2027 (a)		400,000		392,000

12.75%, 6/24/2028 (a)		383,000		610,789

7.50%, 3/31/2030 (a) (c)		86,735		96,016

5.88%, 9/16/2043 (a)		200,000		223,000

5.25%, 6/23/2047 (a)		200,000		197,750


				1,724,355


Serbia — 0.8%

Republic of Serbia 7.25%, 9/28/2021 (a)		442,000		479,017


Slovakia — 0.3%

Slovak Republic 4.38%, 5/21/2022 (a)		200,000		208,887


South Africa — 4.2%

Republic of South Africa

5.88%, 5/30/2022		526,000		550,985

5.88%, 9/16/2025		484,000		507,595

4.30%, 10/12/2028		494,000		458,185

5.88%, 6/22/2030		461,000		472,064

5.38%, 7/24/2044		204,000		189,720

5.00%, 10/12/2046		205,000		182,194

5.65%, 9/27/2047		221,000		208,845


				2,569,588


Sri Lanka — 3.2%

Republic of Sri Lanka

6.25%, 7/27/2021 (a)		385,000		386,577

5.75%, 4/18/2023 (a)		200,000		193,989

6.85%, 11/3/2025 (a)		871,000		852,491

6.20%, 5/11/2027 (a)		605,000		561,165


				1,994,222


Trinidad and Tobago — 0.3%

Republic of Trinidad & Tobago 4.50%, 8/4/2026 (a)		200,000		192,000


Turkey — 6.9%

Hazine Mustesarligi Varlik Kiralama A/S 5.00%, 4/6/2023 (a)		200,000		193,000

Republic of Turkey

5.13%, 3/25/2022		200,000		197,500

6.25%, 9/26/2022		681,000		690,364

5.75%, 3/22/2024		275,000		270,188

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	139

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Turkey — continued

7.38%, 2/5/2025		216,000		226,260

6.00%, 3/25/2027		651,000		624,146

6.13%, 10/24/2028		290,000		275,500

8.00%, 2/14/2034		200,000		214,000

6.88%, 3/17/2036		335,000		320,762

6.75%, 5/30/2040		315,000		296,887

6.00%, 1/14/2041		206,000		177,933

4.88%, 4/16/2043		250,000		189,375

6.63%, 2/17/2045		455,000		418,031

5.75%, 5/11/2047		240,000		198,900


				4,292,846


Ukraine — 4.5%

Republic of Ukraine

7.75%, 9/1/2021 (a)		287,000		281,977

7.75%, 9/1/2022 (a)		375,000		365,156

7.75%, 9/1/2023 (a)		217,000		207,778

7.75%, 9/1/2024 (a)		110,000		103,675

7.75%, 9/1/2025 (a)		348,000		324,075

7.75%, 9/1/2026 (a)		782,000		722,373

7.75%, 9/1/2027 (a)		420,000		384,300

7.38%, 9/25/2032 (a)		443,000		382,641


				2,771,975


Uruguay — 1.7%

Republic of Uruguay

4.38%, 10/27/2027		282,000		290,037

7.63%, 3/21/2036		140,000		188,300

5.10%, 6/18/2050		450,000		462,600

4.98%, 4/20/2055		100,000		100,500


				1,041,437


Vietnam — 0.3%

Republic of Vietnam 4.80%, 11/19/2024 (a)		200,000		208,626


Total Foreign Government Securities (Cost $54,018,166)				52,540,064

Corporate Bonds — 13.4%

Azerbaijan — 0.9%

Southern Gas Corridor CJSC 6.88%, 3/24/2026 (a)		200,000		222,750

State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023 (b)		350,000		353,500


				576,250


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Brazil — 0.5%

Banco Nacional de Desenvolvimento Economico e Social 5.75%, 9/26/2023 (a)		280,000		298,420


Chile — 0.9%

Corp. Nacional del Cobre de Chile

3.63%, 8/1/2027 (a)		372,000		366,046

4.50%, 8/1/2047 (a)		201,000		201,088


				567,134


China — 2.0%

CNAC HK Finbridge Co. Ltd. 3.50%, 7/19/2022 (b)		200,000		197,367

CNOOC Curtis Funding No. 1 Pty. Ltd. 4.50%, 10/3/2023 (a)		200,000		207,481

Sinopec Group Overseas Development 2012 Ltd. 4.88%, 5/17/2042 (a)		200,000		212,737

Sinopec Group Overseas Development Ltd. 3.63%, 4/12/2027 (a)		200,000		195,933

State Grid Overseas Investment Ltd.

3.13%, 5/22/2023 (a)		200,000		197,642

3.50%, 5/4/2027 (a)		250,000		242,696


				1,253,856


Indonesia — 1.0%

Pelabuhan Indonesia II PT 4.25%, 5/5/2025 (a)		200,000		198,000

Pertamina Persero PT 4.30%, 5/20/2023 (a)		220,000		221,925

Perusahaan Listrik Negara PT 5.25%, 10/24/2042 (a)		200,000		190,320


				610,245


Kazakhstan — 1.6%

Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (a)		200,000		230,900

KazMunayGas National Co. JSC

4.75%, 4/19/2027 (a)		200,000		201,750

5.38%, 4/24/2030 (a)		520,000		538,200


				970,850


Malaysia — 1.2%

Petronas Capital Ltd.

7.88%, 5/22/2022 (a)		440,000		501,186

4.50%, 3/18/2045 (a)		231,000		242,853


				744,039


Mexico — 2.2%

Comision Federal de Electricidad 4.75%, 2/23/2027 (a)		100,000		97,941

SEE NOTES TO FINANCIAL STATEMENTS.



140	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — continued

Mexico — continued

Mexico City Airport Trust 3.88%, 4/30/2028 (a)		106,000		92,466

Petroleos Mexicanos

4.88%, 1/24/2022		60,000		59,519

(ICE LIBOR USD 3 Month + 3.65%), 6.42%, 3/11/2022 (d)		100,000		102,150

5.38%, 3/13/2022		50,000		49,900

4.63%, 9/21/2023		70,000		66,934

4.25%, 1/15/2025		75,000		67,800

5.50%, 6/27/2044		163,000		127,906

5.63%, 1/23/2046		767,000		600,178

6.35%, 2/12/2048 (a)		125,000		103,550


				1,368,344


Oman — 0.6%

Lamar Funding Ltd. 3.96%, 5/7/2025 (a)		400,000		346,500


Peru — 0.3%

Petroleos del Peru SA 4.75%, 6/19/2032 (a)		200,000		197,000


Philippines — 0.2%

Power Sector Assets & Liabilities Management Corp. 7.39%, 12/2/2024 (a)		100,000		119,284


Russia — 0.2%

Vnesheconombank Via VEB Finance plc 6.80%, 11/22/2025 (a)		125,000		129,687


South Africa — 1.5%

Eskom Holdings SOC Ltd.

7.13%, 2/11/2025 (a)		494,000		497,804

6.35%, 8/10/2028 (a)		200,000		204,750

Transnet SOC Ltd. 4.00%, 7/26/2022 (a)		200,000		194,500


				897,054


Tunisia — 0.3%

Banque Centrale de Tunisie International Bond 5.75%, 1/30/2025 (a)		200,000		177,000


Total Corporate Bonds (Cost 8,438,666)				8,255,663


INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 0.6%

Investment Companies — 0.6%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (e) (f) (Cost $353,654)		353,654		353,654

Total Investments — 99.0% (Cost $62,810,486)				61,149,381
Other Assets Less Liabilities — 1.0%				627,366

Net Assets — 100.0%				61,776,747

Percentages indicated are based on net assets.

Abbreviations


CJSC		Closed joint stock company
ICE		Intercontinental Exchange
JSC		Joint Stock Company
LIBOR		London Interbank Offered Rate
PT		Limited liability company
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2019.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.
(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 February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	141

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019


	JPMorgan Core Plus Bond ETF		JPMorgan Corporate Bond Research Enhanced ETF		JPMorgan Disciplined High Yield ETF
ASSETS:
Investments innon-affiliates, at value	$	23,152,598	$	25,298,328	$	150,843,110
Investments in affiliates, at value		6,071,775		307,539		2,621,250
Investments of cash collateral received from securities loaned, at value (Note 2.F.)		—		—		4,202,920
Restricted cash		100		300		600
Cash		272		—		116
Deposits at broker for futures contracts		35,000		15,000		—
Due from custodian		281,096		—		—
Deferred offering costs (Note 2.I.)		9,821		12,220		—
Receivables:
Investment securities sold		5,421		36,447		—
Interest fromnon-affiliates		114,288		246,071		2,237,862
Dividends from affiliates		13,154		449		4,179
Securities lending income (Note 2.F.)		—		—		2,734
Variation margin on futures contracts		—		2,652		—
Due from Adviser		94,837		38,038		—

Total Assets		29,778,362		25,957,044		159,912,771


LIABILITIES:
Payables:
Due to custodian		—		1,719		—
Distributions		63,565		84,530		656,580
Investment securities purchased		266,623		169,496		352,323
Investment securities purchased — delayed delivery securities		4,138,125		—		—
Collateral received on securities loaned (Note 2.F.)		—		—		4,202,920
Variation margin on futures contracts		11,422		—		—
Accrued liabilities:
Investment advisory fees		—		—		27,518
Administration fees		1,452		1,478		8,852
Custodian, Accounting and Transfer Agent fees		10,548		6,033		16,128
Trustees’ and Chief Compliance Officer’s fees		82		187		2,142
Professional Fees		87,682		86,954		56,131
Other		20,761		11,154		19,792

Total Liabilities		4,600,260		361,551		5,342,386

Net Assets	$	25,178,102	$	25,595,493	$	154,570,385


NET ASSETS:
Paid-in-Capital	$	25,075,000	$	25,050,000	$	156,896,077
Total distributable earnings (loss) (a)		103,102		545,493		(2,325,692	)

Total Net Assets	$	25,178,102	$	25,595,493	$	154,570,385


Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		500,000		500,000		3,100,000

Net asset value, per share	$	50.36	$	51.19	$	49.86


Cost of investments innon-affiliates	$	23,056,531	$	24,788,786	$	152,254,667
Cost of investments in affiliates		6,071,775		307,539		2,621,250
Investment securities on loan, at value		—		—		4,045,947
Cost of investment of cash collateral		—		—		4,202,920

(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.



142	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019 (continued)


	JPMorgan Global Bond Opportunities ETF			JPMorgan Municipal ETF		JPMorgan U.S. Aggregate Bond ETF
ASSETS:
Investments innon-affiliates, at value	$	170,121,640		$	30,454,466	$	98,503,940
Investments in affiliates, at value		10,805,532			1,050,773		337,456
Restricted cash		—			400		700
Foreign currency, at value		610,325			—		—
Deposits at broker for futures contracts		846,000			—		—
Due from custodian		1,130,260			—		94,638
Deferred offering costs (Note 2.I.)		—			10,947		18,117
Prepaid Expenses		—			156		—
Receivables:
Investment securities sold		2,163,234			306,722		1,885,841
Investment securities sold — delayed delivery securities		—			—		210,675
Interest fromnon-affiliates		1,799,056			331,236		585,904
Dividends from affiliates		17,560			844		1,857
Tax reclaims		2,388			—		—
Variation margin on futures contracts		104,075			—		—
Unrealized appreciation on forward foreign currency exchange contracts		879,761			—		—
Due from Adviser		—			15,714		40,999
Other assets		3,778			—		—

Total Assets		188,483,609			32,171,258		101,680,127


LIABILITIES:
Payables:
Distributions		612,239			68,928		223,704
Investment securities purchased		7,036,073			628,238		2,406,354
Investment securities purchased — delayed delivery securities		8,000			281,590		210,910
Unrealized depreciation on forward foreign currency exchange contracts		288,757			—		—
Accrued liabilities:
Investment advisory fees		50,004			—		—
Administration fees		10,354			1,790		5,110
Custodian, Accounting and Transfer Agent fees		23,725			7,076		11,491
Trustees’ and Chief Compliance Officer’s fees		2,419			346		187
Professional Fees		65,223			20,987		81,262
Other		29,584			8,745		11,027

Total Liabilities		8,126,378			1,017,700		2,950,045

Net Assets	$	180,357,231		$	31,153,558	$	98,730,082


NET ASSETS:
Paid-in-Capital	$	187,631,337		$	30,144,117	$	98,579,663
Total distributable earnings (loss) (a)		(7,274,106	)		1,009,441		150,419

Total Net Assets	$	180,357,231		$	31,153,558	$	98,730,082


Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		3,700,000			600,000		3,900,000

Net asset value, per share	$	48.75		$	51.92	$	25.32


Cost of investments innon-affiliates	$	172,604,061		$	29,544,673	$	98,384,479
Cost of investments in affiliates		10,805,532			1,050,773		337,456
Cost of foreign currency		823,316			—		—

(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.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	143

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019 (continued)


	JPMorgan Ultra-Short Income ETF		JPMorgan Ultra-Short Municipal Income ETF		JPMorgan USD Emerging Markets Sovereign Bond ETF
ASSETS:
Investments innon-affiliates, at value	$	5,538,295,034	$	58,774,370	$	60,795,727
Investments in affiliates, at value		150,351,796		146,947		353,654
Repurchase agreements, at value		41,000,000		—		—
Restricted cash		4,400		1,600		200
Cash		—		—		18,800
Deposits at broker for futures contracts		1,000		—		—
Due from custodian		8,145,012		—		—
Deferred offering costs (Note 2.I.)		—		11,769		—
Receivables:
Investment securities sold		23,594,754		—		729,798
Fund shares sold		65,337,756		—		—
Interest fromnon-affiliates		30,740,592		499,630		936,515
Dividends from affiliates		141,167		2,777		585
Securities lending income (Note 2.F.)		171		—		14
Due from Adviser		94,272		21,505		1,741

Total Assets		5,857,705,954		59,458,598		62,837,034


LIABILITIES:
Payables:
Distributions		12,956,103		87,492		255,138
Investment securities purchased		124,195,918		518,649		712,711
Investment securities purchased — delayed delivery securities		16,411,000		1,011,060		—
Accrued liabilities:
Administration fees		314,516		3,085		3,499
Custodian, Accounting and Transfer Agent fees		19,424		9,115		8,718
Trustees’ and Chief Compliance Officer’s fees		14,801		323		958
Professional Fees		42,052		20,341		51,689
Other		689,865		8,942		27,574

Total Liabilities		154,643,679		1,659,007		1,060,287

Net Assets	$	5,703,062,275	$	57,799,591	$	61,776,747


NET ASSETS:
Paid-in-Capital	$	5,700,051,569	$	57,663,091	$	64,284,140
Total distributable earnings (loss) (a)		3,010,706		136,500		(2,507,393	)

Total Net Assets	$	5,703,062,275	$	57,799,591	$	61,776,747


Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		113,600,000		1,150,000		1,300,000

Net asset value, per share	$	50.20	$	50.26	$	47.52


Cost of investments innon-affiliates	$	5,535,687,187	$	58,639,537	$	62,456,832
Cost of investments in affiliates		150,351,796		146,947		353,654
Cost of repurchase agreements		41,000,000		—		—

(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.



144	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED FEBRUARY 28, 2019


	JPMorgan Core Plus Bond ETF (a)			JPMorgan Corporate Bond Research Enhanced ETF(b)			JPMorgan Disciplined High Yield ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	57,819		$	225,035		$	7,441,952
Interest income from affiliates		—			—			278
Dividend income from affiliates		16,006			946			40,211
Income from securities lending (net)		—			—			8,187

Total investment income		73,825			225,981			7,490,628


EXPENSES:
Investment advisory fees (Note 3.A.)		6,428			7,590			415,308
Administration fees (Note 3.B.)		1,607			4,197			115,210
Interest expense tonon-affiliates		2			3			—
Professional fees		90,320			86,954			120,093
Trustees’ and Chief Compliance Officer’s fees		82			202			11,957
Printing and mailing costs		3,500			3,500			26,460
Registration and filing fees		4,007			5,494			23,884
Custodian, Accounting and Transfer Agent fees (Note 3.C.)		10,548			6,033			67,828
Insurance expense		22			75			8,123
Offering costs (Note 2.I.)		912			3,181			—
Other		2,500			2,484			966

Total expenses		119,928			119,713			789,829

Less fee waived (Note 3.D.)		(8,035	)		(11,787	)		(237,697	)
Less expense reimbursements from affiliates (Note 3.D.)		(103,377	)		(100,058	)		—
Less expense reimbursements fromnon-affiliates (Note 3.C.)		(100	)		(300	)		(2,200	)

Net expenses		8,416			7,568			549,932

Net investment income (loss)		65,409			218,413			6,940,696


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
investments innon-affiliates		686			42,029			(861,970	)
In-kind redemptions innon-affiliates		—			—			(15,001	)
Futures		7,689			(5,767	)		—

Net realized gain (loss)		8,375			36,262			(876,971	)

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		96,067			509,542			742,057
Futures		(3,184	)		(369	)		—

Change in net unrealized appreciation/depreciation		92,883			509,173			742,057

Net realized/unrealized gains (losses)		101,258			545,435			(134,914	)

Change in net assets resulting from operations	$	166,667		$	763,848		$	6,805,782

(a)	Commencement of operations was January 28, 2019.

(b)	Commencement of operations was December 12, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	145

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED FEBRUARY 28, 2019 (continued)


	JPMorgan Global Bond Opportunities ETF			JPMorgan Municipal ETF (a)			JPMorgan U.S. Aggregate Bond ETF(b)
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	7,518,168		$	266,681		$	349,927
Interest income from affiliates		57			—			—
Dividend income from affiliates		177,373			4,574			2,838
Foreign taxes withheld		(77,809	)		—			—

Total investment income		7,617,789			271,255			352,765

EXPENSES:
Investment advisory fees (Note 3.A.)		939,699			22,371			7,237
Administration fees (Note 3.B.)		142,341			7,442			7,885
Interest expense tonon-affiliates		2,043			—			—
Interest expense to affiliates		1,592			—			24
Professional fees		126,007			41,423			81,262
Trustees’ and Chief Compliance Officer’s fees		16,060			408			202
Printing and mailing costs		22,282			3,500			3,500
Registration and filing fees		21,331			7,185			5,490
Custodian, Accounting and Transfer Agent fees (Note 3.C.)		109,897			12,749			11,491
Insurance expense		10,566			153			75
Offering costs (Note 2.I.)		7,950			5,295			4,685
Other		2,552			2,474			2,484

Total expenses		1,402,320			103,000			124,335

Less fee waived (Note 3.D.)		(470,549	)		(29,813	)		(15,122	)
Less expense reimbursements from affiliates (Note 3.D.)		—			(50,543	)		(101,167	)
Less expense reimbursements fromnon-affiliates (Note 3.C.)		(6,600	)		(600	)		(700	)

Net expenses		925,171			22,044			7,346

Net investment income (loss)		6,692,618			249,211			345,419

REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(4,182,974	)(c)		99,269			22,161
Investments in affiliates		—			(27	)		—
Futures		(116,451	)		—			—
Foreign currency transactions		111,494			—			—
Forward foreign currency exchange contracts		4,459,893			—			—

Net realized gain (loss)		271,962			99,242			22,161

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		(2,678,222	)(d)		909,793			119,461
Futures		(608,346	)		—			—
Foreign currency translations		(221,512	)		—			—
Forward foreign currency exchange contracts		216,665			—			—

Change in net unrealized appreciation/depreciation		(3,291,415	)		909,793			119,461

Net realized/unrealized gains (losses)		(3,019,453	)		1,009,035			141,622

Change in net assets resulting from operations	$	3,673,165		$	1,258,246		$	487,041

(a)	Commencement of operations was October 29, 2018.

(b)	Commencement of operations was December 12, 2018.

(c)	Net of foreign capital gains tax of approximately $(3,997).

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

SEE NOTES TO FINANCIAL STATEMENTS.



146	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED FEBRUARY 28, 2019 (continued)


	JPMorgan Ultra-Short Income ETF			JPMorgan Ultra-Short Municipal Income ETF (a)			JPMorgan USD Emerging Markets Sovereign Bond ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	70,517,269		$	281,269		$	2,822,672
Interest income from affiliates		660			—			3
Dividend income fromnon-affiliates		10			—			—
Dividend income from affiliates		1,994,653			7,915			6,776
Income from securities lending (net)		434			—			60

Total investment income		72,513,026			289,184			2,829,511


EXPENSES:
Investment advisory fees (Note 3.A.)		3,713,459			20,912			169,263
Administration fees (Note 3.B.)		2,018,651			11,077			44,023
Interest expense to affiliates		—			—			32
Professional fees		170,646			46,750			113,952
Trustees’ and Chief Compliance Officer’s fees		90,258			457			5,368
Printing and mailing costs		148,500			3,500			14,751
Registration and filing fees		624,439			9,805			19,079
Custodian, Accounting and Transfer Agent fees (Note 3.C.)		103,718			15,731			43,987
Insurance expense		17,289			169			3,318
Offering costs (Note 2.I.)		5,910			6,747			43,915
Other		17			467			2,700

Total expenses		6,892,887			115,615			460,388

Less fee waived (Note 3.D.)		(2,590,501	)		(31,989	)		(213,286	)
Less expense reimbursements from affiliates (Note 3.D.)		—			(56,962	)		(41,768	)
Less expense reimbursements fromnon-affiliates (Note 3.C.)		(16,650	)		(2,000	)		(400	)

Net expenses		4,285,736			24,664			204,934

Net investment income (loss)		68,227,290			264,520			2,624,577


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		191,002			173			(840,894	)
Investments in affiliates		—			13			—
Futures		7,667			—			—

Net realized gain (loss)		198,669			186			(840,894	)

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		2,891,011			134,833			(334,291	)
Futures		(136	)		—			—

Change in net unrealized appreciation/depreciation		2,890,875			134,833			(334,291	)

Net realized/unrealized gains (losses)		3,089,544			135,019			(1,175,185	)

Change in net assets resulting from operations	$	71,316,834		$	399,539		$	1,449,392

(a)	Commencement of operations was October 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	147

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan Core Plus Bond ETF			JPMorgan Corporate Bond Research Enhanced ETF
	Period Ended February 28, 2019 (a)			Period Ended February 28, 2019 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	65,409		$	218,413
Net realized gain (loss)		8,375			36,262
Change in net unrealized appreciation/depreciation		92,883			509,173

Change in net assets resulting from operations		166,667			763,848


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(63,565	)		(218,355	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		25,075,000			25,050,000


NET ASSETS:
Change in net assets		25,178,102			25,595,493
Beginning of period		—			—

End of period	$	25,178,102		$	25,595,493


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	25,075,000		$	25,050,000

Total change in net assets resulting from capital transactions	$	25,075,000		$	25,050,000

SHARE TRANSACTIONS:
Issued		500,000			500,000

Net increase in shares from share transactions		500,000			500,000

(a)	Commencement of operations was January 28, 2019.

(b)	Commencement of operations was December 12, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



148	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Disciplined High Yield ETF						JPMorgan Global Bond Opportunities ETF
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Period Ended February 28, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,940,696		$	2,362,660		$	6,692,618		$	3,696,762
Net realized gain (loss)		(876,971	)		(6,635	)		271,962			(2,316,581	)
Change in net unrealized appreciation/depreciation		742,057			(2,542,614	)		(3,291,415	)		931,390

Change in net assets resulting from operations		6,805,782			(186,589	)		3,673,165			2,311,571


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders (b)		(7,004,942	)		(2,305,921	)		(9,983,877	)		(3,275,400	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		49,578,237			77,109,750			35,033,711			152,598,061


NET ASSETS:
Change in net assets		49,379,077			74,617,240			28,722,999			151,634,232
Beginning of period		105,191,308			30,574,068			151,634,232			—

End of period	$	154,570,385		$	105,191,308		$	180,357,231		$	151,634,232


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	64,284,563		$	77,109,750		$	35,033,711		$	152,598,061
Cost of shares redeemed		(14,706,326	)		—			—			—

Total change in net assets resulting from capital transactions	$	49,578,237		$	77,109,750		$	35,033,711		$	152,598,061


SHARE TRANSACTIONS:
Issued		1,300,000			1,500,000			700,000			3,000,000
Redeemed		(300,000	)		—			—			—

Net increase in shares from share transactions		1,000,000			1,500,000			700,000			3,000,000

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

(b)	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 period balances were as follows:


	JPMorgan Disciplined High Yield ETF			JPMorgan Global Bond Opportunities ETF
From net investment income	$	(2,305,921	)	$	(3,275,400	)

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	149

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Municipal ETF			JPMorgan U.S. Aggregate Bond ETF
	Period Ended February 28, 2019 (a)			Period Ended February 28, 2019 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	249,211		$	345,419
Net realized gain (loss)		99,242			22,161
Change in net unrealized appreciation/depreciation		909,793			119,461

Change in net assets resulting from operations		1,258,246			487,041


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(248,805	)		(336,622	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		30,144,117			98,579,663


NET ASSETS:
Change in net assets		31,153,558			98,730,082
Beginning of period		—			—

End of period	$	31,153,558		$	98,730,082


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	30,144,117		$	98,579,663

Total change in net assets resulting from capital transactions	$	30,144,117		$	98,579,663


SHARE TRANSACTIONS:
Issued		600,000			3,900,000

Net increase in shares from share transactions		600,000			3,900,000

(a)	Commencement of operations was October 29, 2018.

(b)	Commencement of operations was December 12, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



150	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Ultra-Short Income ETF						JPMorgan Ultra-Short Municipal Income ETF
	Year Ended February 28, 2019			Period Ended February 28, 2018 (a)			Period Ended February 28, 2019(b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	68,227,290		$	1,036,708		$	264,520
Net realized gain (loss)		198,669			9,316			186
Change in net unrealized appreciation/depreciation		2,890,875			(283,028	)		134,833

Change in net assets resulting from operations		71,316,834			762,996			399,539


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders (c)		(68,093,896	)		(975,348	)		(263,039	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,499,788,071			200,263,618			57,663,091


NET ASSETS:
Change in net assets		5,503,011,009			200,051,266			57,799,591
Beginning of period		200,051,266			—			—

End of period	$	5,703,062,275		$	200,051,266		$	57,799,591


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	5,574,934,056		$	200,263,618		$	57,663,091
Cost of shares redeemed		(75,145,985	)		—			—

Total change in net assets resulting from capital transactions	$	5,499,788,071		$	200,263,618		$	57,663,091


SHARE TRANSACTIONS:
Issued		111,100,000			4,000,000			1,150,000
Redeemed		(1,500,000	)		—			—

Net increase in shares from share transactions		109,600,000			4,000,000			1,150,000

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

(b)	Commencement of operations was October 16, 2018.

(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 period balances for were as follows:


	JPMorgan Ultra-Short Income ETF
From net investment income	$	(975,348	)

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	151

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan USD Emerging Markets Sovereign Bond ETF
	Year Ended February 28, 2019			Period Ended February 28, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,624,577		$	198,418
Net realized gain (loss)		(840,894	)		(8,117	)
Change in net unrealized appreciation/depreciation		(334,291	)		(1,326,814	)

Change in net assets resulting from operations		1,449,392			(1,136,513	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders (b)		(2,651,785	)		(168,487	)

CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		9,265,211			55,018,929


NET ASSETS:
Change in net assets		8,062,818			53,713,929
Beginning of period		53,713,929			—

End of period	$	61,776,747		$	53,713,929


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	9,265,211		$	55,018,929

SHARE TRANSACTIONS:
Issued		200,000			1,100,000

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

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

(b)	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 period balances were as follows:

JPMorgan

USD Emerging
Markets Sovereign

Bond ETF

From net investment income

(168,487

)

SEE NOTES TO FINANCIAL STATEMENTS.



152	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	153

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			Net asset value, end of period

JPMorgan Core Plus Bond ETF
January 28, 2019 (g) through February 28, 2019	$	50.00	$	0.13	$	0.36		$	0.49		$	(0.13	)	$	—		$	(0.13	)	$	50.36

JPMorgan Corporate Bond Research Enhanced ETF
December 12, 2018 (g) through February 28, 2019		50.00		0.44		1.19			1.63			(0.44	)		—			(0.44	)		51.19

JPMorgan Disciplined High Yield ETF
Year Ended February 28, 2019		50.09		2.47		(0.23	)		2.24			(2.47	)		—			(2.47	)		49.86
Year Ended February 28, 2018		50.96		2.44		(0.92	)		1.52			(2.39	)		—			(2.39	)		50.09
September 14, 2016 (g) through February 28, 2017		50.00		1.14		0.96			2.10			(1.14	)		—	(j)		(1.14	)		50.96

JPMorgan Global Bond Opportunities ETF
Year Ended February 28, 2019		50.54		1.94		(0.97	)		0.97			(2.56	)		(0.20	)		(2.76	)		48.75
April 5, 2017 (g) through February 28, 2018		50.00		1.83		0.05	(k)		1.88			(1.34	)		—			(1.34	)		50.54

JPMorgan Municipal ETF
October 29, 2018 (g) through February 28, 2019		50.00		0.46		1.90			2.36			(0.44	)		—			(0.44	)		51.92

JPMorgan U.S. Aggregate Bond ETF
December 12, 2018 (g) through February 28, 2019		25.00		0.18		0.29			0.47			(0.15	)		—			(0.15	)		25.32

JPMorgan Ultra-Short Income ETF
Year Ended February 28, 2019		50.01		1.37		(0.04	)(k)		1.33			(1.14	)		—			(1.14	)		50.20
May 17, 2017 (g) through February 28, 2018		50.00		0.70		(0.08	)		0.62			(0.61	)		—			(0.61	)		50.01

JPMorgan Ultra-Short Municipal Income ETF
October 16, 2018 (g) through February 28, 2019		50.00		0.35		0.23			0.58			(0.32	)		—			(0.32	)		50.26

JPMorgan USD Emerging Markets Sovereign Bond ETF
Year Ended February 28, 2019		48.83		2.31		(1.30	)		1.01			(2.32	)		—			(2.32	)		47.52
January 29, 2018 (g) through February 28, 2018		50.00		0.19		(1.21	)		(1.02	)		(0.15	)		—			(0.15	)		48.83

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

(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 themid-point of the bid/ask spread at the close of business for the Core Plus Bond ETF, Disciplined High Yield ETF, Global Bond Opportunities ETF, Municipal ETF, Ultra-Short Municipal Income ETF and Ultra-Short Income ETF on the Cboe BZX Exchange, Inc. and on the NYSE Arca, Inc. for the Corporate Bond Research Enhanced ETF, U.S. Aggregate Bond ETF and USD Emerging Markets Sovereign Bond ETF.

(f)	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)	Commencement of operations.

(h)	Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i)	Amount rounds to less than 0.5%.

(j)	Amount rounds to less than $0.005.

(k)

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

SEE NOTES TO FINANCIAL STATEMENTS.



154	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


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


	$50.48		0.97	%		1.21	%(f)	$	25,178,102		0.38	%(h)		2.96	%		5.38	%(h)		—	%(i)


	51.30		3.26			3.48	(f)		25,595,493		0.14	(h)		3.98			2.13	(h)		12


	49.82		4.66			4.00			154,570,385		0.40			5.01			0.57			23
	50.36		3.00			3.12			105,191,308		0.40			4.78			0.98			23
	51.16		4.24			4.64	(f)		30,574,068		0.39	(h)		4.99			1.74	(h)		8


	48.83		2.09			2.13			180,357,231		0.54			3.92			0.82			73
	50.60		3.76			3.88	(f)		151,634,232		0.53	(h)		3.98			1.10	(h)		52


	52.01		4.74			4.92	(f)		31,153,558		0.23	(h)		2.65			1.06	(h)		15


	25.34		1.90			1.98	(f)		98,730,082		0.07	(h)		3.26			1.14	(h)		53


	50.23		2.68			2.66			5,703,062,275		0.17			2.74			0.28			43
	50.05		1.25			1.33	(f)		200,051,266		0.16	(h)		1.77			0.55	(h)		25


	50.29		1.16			1.22	(f)		57,799,591		0.17	(h)		1.88			0.79	(h)		61


	47.62		2.29			2.23			61,776,747		0.39			4.96			0.87			28
	48.95		(2.03	)		(1.79	)(f)		53,713,929		0.35	(h)		4.79			2.74	(h)		2

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	155

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019

1. Organization

The following are 9 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


		Diversified/Non-Diversified
JPMorgan Core Plus Bond ETF		Diversified
JPMorgan Corporate Bond Research Enhanced ETF		Diversified
JPMorgan Disciplined High Yield ETF		Diversified
JPMorgan Global Bond Opportunities ETF		Diversified
JPMorgan Municipal ETF		Diversified
JPMorgan U.S. Aggregate Bond ETF		Diversified
JPMorgan Ultra-Short Income ETF		Diversified
JPMorgan Ultra-Short Municipal Income ETF		Diversified
JPMorgan USD Emerging Markets Sovereign Bond ETF		Diversified

JPMorgan Core Plus Bond ETF (the “Core Plus Bond ETF”) commenced operations on January 28, 2019. The investment objective of the Fund is to seek a high level of current income by investing primarily in a diversified portfolio of high-, medium- andlow-grade debt securities.

JPMorgan Corporate Bond Research Enhanced ETF (the “Corporate Bond Research Enhanced ETF”) commenced operations on December 12, 2018. The investment objective of the Fund is to seek to provide total return.

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

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

JPMorgan Municipal ETF (the “Municipal ETF”) commenced operations on October 29, 2018. The investment objective of the Fund is to seek to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes.

JPMorgan U.S. Aggregate Bond ETF (the “U.S. Aggregate Bond ETF”) commenced operations on December 12, 2018. The investment objective of the Fund is to seek long-term total return.

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

JPMorgan Ultra-Short Municipal Income ETF (the “Ultra-Short Municipal Income ETF”) commenced operations on October 16, 2018. The investment objective of the Fund is to seek to provide as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

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

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

Shares of Core Plus Bond ETF, Disciplined High Yield ETF, Global Bond Opportunities ETF, Municipal ETF, Ultra-Short Municipal Income ETF and Ultra-Short Income ETF are listed and traded on the Cboe BZX Exchange, Inc. Shares of Corporate Bond Research Enhanced ETF, U.S. Aggregate Bond ETF and USD Emerging Markets Sovereign Bond ETF are listed and traded on the NYSE Arca, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution



156	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

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
Core Plus Bond ETF		100,000
Corporate Bond Research Enhanced ETF		25,000
Disciplined High Yield ETF		100,000
Global Bond Opportunities ETF		100,000
Municipal ETF		50,000
U.S. Aggregate Bond ETF		50,000
Ultra-Short Income ETF		50,000
Ultra-Short Municipal Income ETF		50,000
USD Emerging Markets Sovereign Bond ETF		100,000

The Funds may elect creations and redemptions in cash or partially in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, 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.

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 inopen-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.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	157

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Global Bond Opportunities ETF at February 28, 2019.

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

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

•

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

•

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

•

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

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

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

Core Plus Bond ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	4,041,236	$	—	$	4,041,236
Collateralized Mortgage Obligations		—			2,012,370		—		2,012,370
Commercial Mortgage-Backed
Securities		—			665,045		—		665,045
Convertible Bonds		—			4,295		—		4,295
Corporate Bonds		—			7,194,322		—		7,194,322
Mortgage-Backed Securities		—			5,086,046				5,086,046
U.S. Treasury Obligations		—			4,149,284		—		4,149,284
Short-Term Investments
Investment Companies		6,071,775			—		—		6,071,775

Total Investments in Securities	$	6,071,775		$	23,152,598	$	—	$	29,224,373

Depreciation in Other Financial Instruments
Futures Contracts	$	(3,184	)	$	—	$	—	$	(3,184	)

Corporate Bond Research Enhanced ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds	$	—		$	24,760,226	$	—	$	24,760,226
U.S. Treasury Obligations		—			538,102		—		538,102
Short-Term Investments
Investment Companies		307,539			—		—		307,539

Total Investments in Securities	$	307,539		$	25,298,328	$	—	$	25,605,867

Appreciation in Other Financial Instruments
Futures Contracts	$	1,169		$	—	$	—	$	1,169

Depreciation in Other Financial Instruments
Futures Contracts	$	(1,538	)	$	—	$	—	$	(1,538	)



158	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

Disciplined High Yield ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Corporate Bonds
Wireless Telecommunication Services	$	—	$	6,236,456	$	—	(a)	$	6,236,456
Other Corporate Bonds		—		144,606,654		—			144,606,654

Total Corporate Bonds		—		150,843,110		—	(a)		150,843,110

Short-Term Investments
Investment Companies		2,621,250		—		—			2,621,250
Investment of Cash Collateral from Securities Loaned		4,202,920		—		—			4,202,920

Total Investments in Securities	$	6,824,170	$	150,843,110	$	—	(a)	$	157,667,280

Global Bond Opportunities ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities
Cayman Islands	$	—		$	755,210		$	425,781		$	1,180,991
United States		—			9,273,632			4,653,873			13,927,505

Total Asset-Backed Securities		—			10,028,842			5,079,654			15,108,496

Collateralized Mortgage Obligations		—			5,758,091			—			5,758,091
Commercial Mortgage-Backed Securities		—			7,469,628			2,809,277			10,278,905
Corporate Bonds
United States		—			45,499,993			—	(a)		45,499,993
Other Corporate Bonds		—			48,209,153			—			48,209,153

Total Corporate Bonds		—			93,709,146			—	(a)		93,709,146

Mortgage-Backed Securities		—			7,002,630			—			7,002,630
Foreign Government Securities		—			34,364,976			—			34,364,976
U.S. Treasury Obligations		—			2,084,904			—			2,084,904
Warrants		—			858			—			858
Short-Term Investments
Foreign Government Treasury Bills		—			1,813,634			—			1,813,634
Investment Companies		10,805,532			—			—			10,805,532

Total Short-Term Investments		10,805,532			1,813,634			—			12,619,166

Total Investments in Securities	$	10,805,532		$	162,232,709		$	7,888,931		$	180,927,172

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts	$	—		$	879,761		$	—		$	879,761
Futures Contracts		47,295			—			—			47,295

Total Appreciation in Other Financial Instruments	$	47,295		$	879,761		$	—		$	927,056

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts	$	—		$	(288,757	)	$	—		$	(288,757	)
Futures Contracts		(301,086	)		—			—			(301,086	)

Total Depreciation in Other Financial Instruments	$	(301,086	)	$	(288,757	)	$	—		$	(589,843	)



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	159

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Municipal ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)		$ 1,050,773		$ 30,454,466		$—		$31,505,239

U.S. Aggregate Bond ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities		$ —		$ 506,584		$—		$ 506,584
Commercial Mortgage-Backed
Securities		—		1,896,748		—		1,896,748
Corporate Bonds		—		25,080,460		—		25,080,460
Foreign Government Securities		—		1,963,451		—		1,963,451
Mortgage-Backed Securities		—		27,732,171		—		27,732,171
Municipal Bonds		—		605,436		—		605,436
Supranational		—		1,419,691		—		1,419,691
U.S. Government Agency Securities		—		1,113,093		—		1,113,093
U.S. Treasury Obligations		—		38,186,306		—		38,186,306
Short-Term Investments
Investment Companies		337,456		—		—		337,456

Total Investments in Securities		$ 337,456		$ 98,503,940		$—		$ 98,841,396

Ultra-Short Income ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	597,846,308	$	14,773,438	$	612,619,746
Certificates of Deposit		—		113,834,768		—		113,834,768
Commercial Mortgage-Backed
Securities		—		23,586,243		—		23,586,243
Corporate Bonds		—		4,031,900,751		—		4,031,900,751
Foreign Government Securities		—		1,950,450		—		1,950,450
U.S. Treasury Obligations		—		95,777,007		—		95,777,007
Short-Term Investments
Certificates of Deposit		—		158,867,462		—		158,867,462
Commercial Paper		—		499,758,607		—		499,758,607
Investment Companies		150,351,796		—		—		150,351,796
Repurchase Agreements		—		41,000,000		—		41,000,000

Total Short-Term Investments		150,351,796		699,626,069		—		849,977,865

Total Investments in Securities	$	150,351,796	$	5,564,521,596	$	14,773,438	$	5,729,646,830

Ultra-Short Municipal Income ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)		$ 146,947		$ 58,774,370		$—		$ 58,921,317



160	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

USD Emerging Markets Sovereign Bond ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds	$	—	$	8,255,663	$	—	$	8,255,663
Foreign Government Securities		—		52,540,064		—		52,540,064
Short-Term Investments
Investment Companies		353,654		—		—		353,654

Total Investments in Securities	$	353,654	$	60,795,727	$	—	$	61,149,381

(a)	Value is zero.

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

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the year ended February 28, 2019 for Global Bond Opportunities ETF.

There were no significant transfers between level 2 and level 3 during the year ended February 28, 2019 for Ultra-Short Income ETF.

There were no transfers into and out of level 3 for the period ended February 28, 2019 for Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, Disciplined High Yield ETF, Municipal ETF, U.S. Aggregate Bond ETF, Ultra-Short Municipal Income ETF and USD Emerging Markets Sovereign Bond ETF.

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


Global Bond Opportunities ETF	Balance as of February 28, 2018		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹			Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2019
Investments in Securities:
Asset-Backed Securities — Cayman Islands	$	95,564	$	—		$	(1,599	)	$	(15	)	$	350,000		$	(18,169	)	$	—	$	—		$	425,781
Asset-Backed Securities — United States		2,264,474		(228	)		92,149			(1,275	)		2,371,260			(1,177,968	)		1,105,461		—			4,653,873
Commercial Mortgage-Backed Securities — United States		2,953,242		44,768			23,926			2,352			1,150,269			(1,115,685	)		120,667		(370,262	)		2,809,277
Corporate Bonds — United States		—		—			—			—			—(a	)		—			—		—			—(a	)

	$	5,313,280	$	44,540		$	114,476		$	1,062		$	3,871,529		$	(2,311,822	)	$	1,226,128	$	(370,262	)	$	7,888,931

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

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

(a)	Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2019, which were valued using significant unobservable inputs (level 3) amounted to $55,960. This amount is included in Change in net unrealized appreciation/ depreciation of investments innon-affiliates on the Statements of Operations.

Global Bond Opportunities ETF

Quantitative Information about Level 3 Fair Value Measurements#


	Fair Value at February 28, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	4,731,177	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (17.47%)
				Constant Default Rate		0.00% - 2.96% (0.51%)
				Yield (Discount Rate of Cash Flows)		3.17% - 6.08% (4.73%)

Asset-Backed Securities		4,731,177

		2,599,541	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		1.15% - 49.70% (6.38%)

Commercial Mortgage-Backed Securities		2,599,541

Total	$	7,330,718

The table above does not include level 3 securities that are valued by brokers and pricing services. At February 28, 2019, the value of these securities was $558,213. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	161

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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

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

As of February 28, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

Core Plus Bond ETF, Global Bond Opportunities ETF, Municipal ETF, U.S. Aggregate Bond ETF, Ultra-Short Income ETF and Ultra-Short Municipal Income ETF had delayed delivery securities outstanding as of February 28, 2019, which are shown as a Receivable for Investment securities sold — delayed delivery securities and Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities (“SAL”). The values of these securities held at February 28, 2019 are detailed on the SOIs.

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

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

E. Derivatives — The Funds 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 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 apre-determined percentage or fall below apre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

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



162	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

(1). Futures Contracts — The Core Bond Plus ETF, Corporate Bond Research Enhanced ETF, Global Bond Opportunities ETF and Ultra-Short Income ETF used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also bought futures contracts to immediately invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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 on the SOIs, while 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 interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the 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 Global Bond Opportunities ETF may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

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

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

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

(3). Summary of Derivatives Information

The following table presents the value of derivatives held as of February 28, 2019, by their primary underlying risk exposure and respective location on the SAL:



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	163

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)



Corporate Bond Research Enhanced ETF
Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation	$	1,169


Gross Liabilities:
Interest rate contracts	Payables, Net assets — Unrealized Depreciation	$	(1,538	)


Global Bond Opportunities ETF
Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation	$	47,295		$	—		$	47,295
Foreign exchange contracts	Receivables		—			879,761			879,761

Total		$	47,295		$	879,761		$	927,056


Gross Liabilities:
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		(301,086	)		—			(301,086	)
Foreign exchange contracts	Payables		—			(288,757	)		(288,757	)

Total		$	(301,086	)	$	(288,757	)	$	(589,843	)

(a)	This amount reflects the cumulative appreciation/depreciation of futures contracts as reported on the SOIs. The SAL only reflects the current day variation margin receivable/payable from/to brokers.

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of February 28, 2019.

Global Bond Opportunities ETF


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statements of Assets and Liabilities(a)		Derivatives Available for Offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Barclays Bank plc	$	213,108	$	—		$	—	$	213,108
Citibank, NA		75,099		(75,099	)		—		–
Goldman Sachs International		364,725		(50,427	)		—		314,298
Morgan Stanley		1,184		(178	)		—		1,006
Royal Bank of Canada		286		—			—		286
State Street Corp.		17,538		(10,606	)		—		6,932
TD Bank Financial Group		34,297		—			—		34,297
BNP Paribas		85,001		(32,379	)		—		52,622
HSBC Bank, NA		66,634		(59,322	)		—		7,312
Merrill Lynch International		20,227		(20,227	)		—		–
Australia & New Zealand Banking Group Ltd.		1,662		(550	)		—		1,112

Total	$	879,761	$	(248,788	)	$	—	$	630,973



164	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019



Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statements of Assets and Liabilities(a)		Derivatives Available for Offset			Collateral Pledged		Net Amount Due from Counterparty (not less than zero)
Citibank, NA	$	111,056	$	(75,099	)	$	—	$	35,957
Goldman Sachs International		50,427		(50,427	)		—		—
Morgan Stanley		178		(178	)		—		—
National Australia Bank Ltd.		972		—			—		972
State Street Corp.		10,606		(10,606	)		—		—
BNP Paribas		32,379		(32,379	)		—		—
HSBC Bank, NA		59,322		(59,322	)		—		—
Merrill Lynch International		23,267		(20,227	)		—		3,040
Australia & New Zealand Banking Group Ltd.		550		(550	)		—		—

Total	$	288,757	$	(248,788	)	$	—	$	39,969

(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 February 28, 2019, by primary underlying risk exposure:


Core Plus Bond ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	7,689


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(3,184	)

Corporate Bond Research Enhanced ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(5,767	)



Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(369	)


Global Bond Opportunities ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Interest rate contracts	$	(116,451	)	$	—	$	(116,451	)
Foreign exchange contracts		—			4,459,893		4,459,893

Total	$	(116,451	)	$	4,459,893	$	4,343,442



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	165

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)



Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Interest rate contracts	$	(608,346	)	$	—	$	(608,346	)
Foreign exchange contracts		–			216,665		216,665

Total	$	(608,346	)	$	216,665	$	(391,681	)


Ultra-Short Income ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	7,667


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(136	)

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity during the period ended February 28, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


	Core Plus Bond ETF			Corporate Bond Research Enhanced ETF			Global Bond Opportunities ETF		Ultra-Short Income ETF
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	3,456,414	(a)	$	738,763	(b)	$	19,344,184	$	—
Average Notional Balance Short		—			820,477	(b)		103,186,488		2,124,688	(c)
Ending Notional Balance Long		3,236,828			568,875			29,704,485		—
Ending Notional Balance Short		—			617,258			96,988,264		—

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		—			—			36,955,548		—
Average Settlement Value Sold		—			—			88,801,068		—
Ending Settlement Value Purchased		—			—			75,587,934		—
Ending Settlement Value Sold		—			—			126,037,840		—

(a)	For the period January 28, 2019 through February 28, 2019.

(b)	For the period December 12, 2018 through February 28, 2019.

(c)	For the period from March 1, 2018 to March 31, 2018.

The Funds’ derivatives contracts held at February 28, 2019 are not accounted for as hedging instruments under GAAP.

F. Securities Lending — Effective October 5, 2018, Disciplined High Yield ETF, Ultra-Short Income ETF and USD Emerging Markets Sovereign Bond ETF and effective December 12, 2018, Corporate Bond Research Enhanced ETF, Municipal ETF, Ultra-Short Municipal Income ETF and U.S. Aggregate Bond ETF and effective January 28, 2019, Core Plus Bond 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 and 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 Funds or the borrower at any time.



166	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

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.

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 ofnon-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 ofnon-U.S. securities, subject to certainde minimis amounts).

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 on the SOIs. As of February 28, 2019, 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
Disciplined High Yield ETF	$	4,045,947	$	4,202,920	$	4,202,920

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 Funds may incur losses that exceed the amount they 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, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of February 28, 2019.


	Investment Securities on Loan, at Value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
Disciplined High Yield ETF	$	4,045,947	$	(4,045,947	)	$	—

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 Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows:


Disciplined High Yield ETF	$	790
Ultra-Short Income ETF		75
USD Emerging Markets Sovereign Bond ETF		37

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 on the SOP as Income from securities lending (net).

Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, Municipal ETF, Ultra-Short Municipal Income ETF and U.S. Aggregate Bond ETF did not lend out any securities during the period ended February 28, 2019.

G. 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. Included in the purchases and sales amounts in the tables below are exchanges between certain shares of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	167

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Core Plus Bond ETF


For the period ended February 28, 2019
Security Description	Value at January 28, 2019 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (b) (c)	$	—	$	21,795,522	$	15,723,747	$	—	$	—	$	6,071,775		6,071,775	$	16,006		$	—


Corporate Bond Research Enhanced ETF

For the period ended February 28, 2019
Security Description	Value at December 12 2018 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (b) (c)	$	—	$	1,212,597	$	905,058	$	—	$	—	$	307,539		307,539	$	946		$	—


Disciplined High Yield ETF

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (b) (c)	$	—	$	13,966,450	$	9,763,530	$	—	$	—	$	4,202,920		4,202,920	$	20,041	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (b) (c)		2,316,266		62,530,571		62,225,587		—		—		2,621,250		2,621,250		40,211			—

Total	$	2,316,266	$	76,497,021	$	71,989,117	$	—	$	—	$	6,824,170			$	60,252		$	—


Global Bond Opportunities ETF

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (b) (c)	$	—	$	105,592,340	$	94,786,808	$	—	$	—	$	10,805,532		10,805,532	$	177,373		$	—



168	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019



Municipal ETF

For the period ended February 28, 2019
Security Description	Value at October 29, 2018 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (b) (c)	$	—	$	32,751,381	$	31,700,581	$	(27	)	$	—	$	1,050,773		1,050,773	$	4,574		$	—


U.S. Aggregate Bond ETF

For the period ended February 28, 2019
Security Description	Value at December 12, 2018 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (b) (c)	$	—	$	13,396,079	$	13,058,623	$	—		$	—	$	337,456		337,456	$	2,838		$	—


Ultra-Short Income ETF

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (b)	$	—	$	11,390,590	$	11,390,590	$	—		$	—	$	—		—	$	1,913	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (b) (c)		18,312,370		2,983,604,497		2,851,565,071		—			—		150,351,796		150,351,796		1,994,653			—

Total	$	18,312,370	$	2,994,995,087	$	2,862,955,661	$	—		$	—	$	150,351,796			$	1,996,566		$	—



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	169

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)



Ultra-Short Municipal Income ETF

For the period ended February 28, 2019
Security Description	Value at October 16, 2018 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.57% (b) (c)	$	—	$	51,732,866	$	51,585,932	$	13	$	—	$	146,947		146,947	$	7,915		$	—


USD Emerging Markets Sovereign Bond ETF

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (b)	$	—	$	973,939	$	973,939	$	—	$	—	$	—		—	$	1,015	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (b) (c)		2,764,325		8,257,080		10,667,751		—		—		353,654		353,654		6,776			—

Total	$	2,764,325	$	9,231,019	$	11,641,690	$	—	$	—	$	353,654			$	7,791		$	—

(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 February 28, 2019.

*	Amount is included on the SOP as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the 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 and are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the SOP.

I. 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. Total offering costs incurred were as follows:


Core Plus Bond ETF (a)	$	10,733
Corporate Bond Research Enhanced ETF (b)		15,401
Municipal ETF (c)		16,242
U.S. Aggregate Bond ETF (d)		22,802
Ultra-Short Municipal Income ETF (e)		18,516
USD Emerging Markets Sovereign Bond ETF		45,252

(a)	Commencement of operations was January 28, 2019.



170	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

(b)	Commencement of operations was December 12, 2018.

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

(d)	Commencement of operations was December 12, 2018.

(e)	Commencement of operations was October 16, 2018.

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 February 28, 2019, total offering costs amortized were:


Core Plus Bond ETF	$	912
Corporate Bond Research Enhanced ETF		3,181
Global Bond Opportunities ETF		7,950
Municipal ETF		5,295
U.S. Aggregate Bond ETF		4,685
Ultra-Short Income ETF		5,910
Ultra-Short Municipal Income ETF		6,747
USD Emerging Markets Sovereign Bond ETF		43,915

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

K. 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.

L. 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 February 28, 2019, 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.

M. 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 Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

N. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Net realized capital gains, if any, are distributed by 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 Federaltax-basis treatment.

The following amounts were reclassified within the capital accounts:


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Disciplined High Yield ETF	$	(15,448	)	$	—	$	15,448
Global Bond Opportunities ETF		(435	)		3,449,936		(3,449,501	)
Ultra-Short Income ETF		(121	)		9,570		(9,449	)

The reclassifications for the Funds relate primarily to investments in contingent payment debt instruments, redemptions-in-kind and foreign currency gains or losses.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	171

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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:


Core Plus Bond ETF	0.30	%
Corporate Bond Research Enhanced ETF	0.14
Disciplined High Yield ETF	0.30
Global Bond Opportunities ETF	0.55
Municipal ETF	0.24
U.S. Aggregate Bond ETF	0.07
Ultra-Short Income ETF	0.15
Ultra-Short Municipal Income ETF	0.15
USD Emerging Markets Sovereign Bond ETF	0.32

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of each Fund’s respective average daily net assets. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.085% each Fund’s respective average daily net assets.

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 asSub-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. 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 February 28, 2019, the amount of transaction fees paid by the Authorized Participants that were used to reimburse custodian fees were as follows:


Core Plus Bond ETF	$	100
Corporate Bond Research Enhanced ETF		300
Disciplined High Yield ETF		2,200
Global Bond Opportunities ETF		6,600
Municipal ETF		600
U.S. Aggregate Bond ETF		700
Ultra-Short Income ETF		16,650
Ultra-Short Municipal Income ETF		2,000
USD Emerging Markets Sovereign Bond ETF		400

Such amounts are included in expense reimbursements fromnon-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, dividend expenses related to short sales, interest, taxes, expenses related to



172	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:


	Expense Cap
Core Plus Bond ETF		0.40	%
Corporate Bond Research Enhanced ETF		0.14
Disciplined High Yield ETF		0.40
Global Bond Opportunities ETF		0.55
Municipal ETF		0.24
U.S. Aggregate Bond ETF		0.07
Ultra-Short Income ETF		0.18
Ultra-Short Municipal Income ETF		0.18
USD Emerging Markets Sovereign Bond ETF		0.39

The expense limitation agreements were in effect for the period ended February 28, 2019 and are in place until at least June 30, 2021 for Disciplined High Yield ETF, Global Bond Opportunities ETF, USD Emerging Markets Sovereign Bond ETF and Ultra-Short Income ETF, until at least October 31, 2021 for Municipal ETF and Ultra-Short Municipal Income ETF, until at least December 31, 2021 for Corporate Bond Research Enhanced ETF and U.S. Aggregate Bond ETF, and until at least January 31, 2022 for Core Plus Bond ETF.

For the period ended February 28, 2019, 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
Core Plus Bond ETF	$	6,268	$	1,607	$	7,875	$	103,377
Corporate Bond Research Enhanced ETF		7,562		4,197		11,759		100,058
Disciplined High Yield ETF		140,004		93,336		233,340		–
Global Bond Opportunities ETF		309,614		142,341		451,955		–
Municipal ETF		22,002		7,442		29,444		50,543
U.S. Aggregate Bond ETF		7,180		7,885		15,065		101,167
Ultra-Short Income ETF		1,437,027		958,017		2,395,044		–
Ultra-Short Municipal Income ETF		20,318		11,077		31,395		56,962
USD Emerging Markets Sovereign Bond ETF		167,787		44,023		211,810		41,768

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 Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amounts of these waivers resulting from investments in these money market funds for the period ended February 28, 2019 were as follows:


Core Plus Bond ETF	$	160
Corporate Bond Research Enhanced ETF		28
Disciplined High Yield ETF		4,357
Global Bond Opportunities ETF		18,594
Municipal ETF		369
U.S. Aggregate Bond ETF		57
Ultra-Short Income ETF		195,457
Ultra-Short Municipal Income ETF		594
USD Emerging Markets Sovereign Bond ETF		1,476

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 apro-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.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	173

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

During the period ended February 28, 2019, the Disciplined High Yield ETF, Global Bond Opportunities ETF and Ultra-Short Income ETF purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the period ended February 28, 2019, 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 February 28, 2019, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Core Plus Bond ETF	$	18,970,315	$	73,969	$	4,145,686		—
Corporate Bond Research Enhanced ETF		26,814,757		2,630,451		911,360	$	373,113
Disciplined High Yield ETF		85,191,191		30,962,376		—		—
Global Bond Opportunities ETF		142,553,200		116,357,557		2,129,830		83,946
Municipal ETF		33,529,253		4,120,544		—		—
U.S. Aggregate Bond ETF		64,883,258		4,679,629		57,455,780		19,260,823
Ultra-Short Income ETF		4,594,455,982		684,798,290		74,934,196		—
Ultra-Short Municipal Income ETF		57,724,200		16,170,000		—		—
USD Emerging Markets Sovereign Bond ETF		24,250,637		14,576,446		—		—

For the period ended February 28, 2019,in-kind transactions associated with creations and redemptions (excluding short-term investments) were as follows:


	In-Kind Creations		In-Kind Redemptions
Disciplined High Yield ETF	$	7,800,220	$	11,850,666

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2019 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Plus Bond ETF	$	29,125,122	$	114,341	$	18,274	$	96,067
Corporate Bond Research Enhanced ETF		25,096,108		529,864		20,474		509,390
Disciplined High Yield ETF		159,087,186		1,058,888		2,478,794		(1,419,906	)
Global Bond Opportunities ETF		183,838,739		2,259,297		4,833,651		(2,574,354	)
Municipal ETF		30,595,446		910,280		487		909,793
U.S. Aggregate Bond ETF		98,723,759		306,951		189,314		117,637
Ultra-Short Income ETF		5,727,046,424		5,448,747		2,848,341		2,600,406
Ultra-Short Municipal Income ETF		58,786,484		135,328		495		134,833
USD Emerging Markets Sovereign Bond ETF		62,869,460		352,964		2,073,043		(1,720,079	)

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



174	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

The tax character of distributions paid during the period ended February 28, 2019 was as follows:


	Ordinary Income*		Net Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
Core Plus Bond ETF	$	63,565	$	—	$	—	$	63,565
Corporate Bond Research Enhanced ETF		218,355		—		—		218,355
Disciplined High Yield ETF		7,004,942		—		—		7,004,942
Global Bond Opportunities ETF		9,465,447		518,430		—		9,983,877
Municipal ETF		4,314		—		244,491		248,805
U.S. Aggregate Bond ETF		336,622		—		—		336,622
Ultra-Short Income ETF		68,091,573		2,323		—		68,093,896
Ultra-Short Municipal Income ETF		7,575		—		255,464		263,039
USD Emerging Markets Sovereign Bond ETF		2,651,785		—		—		2,651,785

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

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


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

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

As of February 28, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows:


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Total Exempt Income		Unrealized Appreciation (Depreciation)
Core Plus Bond ETF	$	67,896	$	2,703		$	—	$	96,067
Corporate Bond Research Enhanced ETF		120,633		—			—		509,390
Disciplined High Yield ETF		657,342		(356,495	)		—		(1,419,906	)
Global Bond Opportunities ETF		620,836		(1,599,974	)		—		(3,085,489	)
Municipal ETF		99,241		—			69,335		909,793
U.S. Aggregate Bond ETF		256,487		—			—		117,637
Ultra-Short Income ETF		13,385,590		—			—		2,600,406
Ultra-Short Municipal Income ETF		185		—			88,974		134,833
USD Emerging Markets Sovereign Bond ETF		257,862		(662,337	)		—		(1,720,079	)

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

As of February 28, 2019, the following Funds had the following net capital loss carryforwards:


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Disciplined High Yield ETF	$	278,732	$	77,763
Global Bond Opportunities ETF		1,184,197		415,777
USD Emerging Markets Sovereign Bond ETF		662,337		—



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	175

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Net capital losses and specified ordinary losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2019, the Funds deferred to March 1, 2019 the following net capital losses and specified ordinary losses of:


	Net Capital Losses				Specified Ordinary Losses
	Short-Term		Long-Term		Specified Ordinary Losses
Disciplined High Yield ETF	$	361,803	$	188,246	$	—
Global Bond Opportunities ETF		931,655		1,099,030		566,558
Ultra-Short Income ETF		—		19,191		—
USD Emerging Markets Sovereign Bond ETF		123,967		3,736		—

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 Disciplined High Yield ETF, Global Bond Opportunities ETF, USD Emerging Markets Sovereign Bond ETF, Ultra-Short Income ETF, Corporate Bond Research Enhanced ETF and U.S. Aggregate Bond 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.

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.

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 February 28, 2019, the Adviser owns shares representing more than 10% of net assets of the following Funds:


	% of Ownership
Core Plus Bond ETF		98	%
Corporate Bond Research Enhanced ETF		99
Global Bond Opportunities ETF		53
Municipal ETF		83
U.S. Aggregate Bond ETF		25
Ultra-Short Municipal Income ETF		43
USD Emerging Markets Sovereign Bond ETF		77

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

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

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

Global Bond Opportunities ETF’s and USD Emerging Markets Sovereign Bond ETF’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such



176	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Funds’ investments and the income they generate, as well as the Funds’ ability to repatriate such amounts.

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

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

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given that the Federal Reserve has been raising interest rates and may continue to do so, the Funds may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period 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.

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.

USD Emerging Markets Sovereign Bond ETF may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, the 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, the Fund’s return differs from the return of the underlying index.

8. New Accounting Pronouncements

In March 2017, the Financial Accounting Standard Board (“FASB”) issuedAccounting Standard Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchasednon-contingently callable debt securities. ASU2017-08 requires that the premium be amortized to the earliest call date, for purchasednon-contingently callable debt securities. ASU2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and the amendments will have no effect on the Funds’ net assets or results of operations.

In August 2018, the FASB issued ASU2018-13 (“ASU2018-13”),Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the DisclosureRequirements for Fair Value Measurement,which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ 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. Management has 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.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	177

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan Disciplined High Yield ETF, JPMorgan Global Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan U.S. Aggregate Bond ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (nine of the funds constituting J.P Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2019, 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”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2019, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.


JPMorgan Core Plus Bond ETF		Statement of operations and statement of changes in net assets for the period January 28, 2019 (commencement of operations) through February 28, 2019
JPMorgan Corporate Bond Research Enhanced ETF JPMorgan U.S. Aggregate Bond ETF		Statement of operations and statement of changes in net assets for the period December 12, 2018 (commencement of operations) through February 28, 2019
JPMorgan Disciplined High Yield ETF		Statement of operations for the year ended February 28, 2019 and statement of changes in net assets for the years ended February 28, 2019 and February 28, 2018
JPMorgan Global Bond Opportunities ETF		Statement of operations for the year ended February 28, 2019, and statement of changes in net assets for the year ended February 28, 2019 and the period April 5, 2017 (commencement of operations) through February 28, 2018
JPMorgan Municipal ETF		Statement of operations and statement of changes in net assets for the period October 29, 2018 (commencement of operations) through February 28, 2019
JPMorgan Ultra-Short Income ETF		Statement of operations for the year ended February 28, 2019, and statement of changes in net assets for the year ended February 28, 2019 and the period May 17, 2017 (commencement of operations) through February 28, 2018
JPMorgan Ultra-Short Municipal Income ETF		Statement of operations and statement of changes in net assets for the period October 16, 2018 (commencement of operations) through February 28, 2019
JPMorgan USD Emerging Markets Sovereign Bond ETF		Statement of operations for the year ended February 28, 2019, and statement of changes in net assets for the year ended February 28, 2019 and the period January 29, 2018 (commencement of operations) through February 28, 2018

Basis for Opinions

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



178	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 25, 2019

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



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	179

TRUSTEES

(Unaudited)

The Funds’ Statements of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-844-457-6383 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).		36	Independent Trustee, The China Fund, Inc. (2013-2019); 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).		36	None.

Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		36	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 2018); 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); Symmetry Panoramic Trust (16 portfolios) (2018-present)

Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		36	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 (2013-2018) and Member of the Risk Management Committee (2017-2018), PennyMac Financial Services, Inc.		36	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).		36	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. Thirty two 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 277 Park Avenue, New York, NY 10172.



180	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

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.

Ogden Hammond (1975), Interim President and Principal Executive Officer (2019)		Managing Director and Global Head of Beta (Passive) Product and Business Development for J.P. Morgan Asset Management. Previously, Executive Director and Global Head of Beta Product and Business Development (2017-2018), Executive Director and Head of Beta Strategy and Business Development(2016-2017) and Executive Director and Head of ETF Solutions Strategy & Business Development (2014-2016) for J.P. Morgan Investment Management Inc., Executive Director, Strategy and Business Development(2013-2014) for J.P. Morgan Asset Management.

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 from 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 277 Park Avenue, New York, NY 10172.

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.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	181

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, investment advisory fees, administration fees and other Fund expenses, in addition to brokerage commissions on your purchases and sales of Fund shares. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, September 1, 2018 and continued to hold your shares at the end of the reporting period, February 28, 2019.

Actual Expenses

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

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan Core Plus Bond ETF
Actual (1)	$	1,000.00	$	1,009.70		0.38	%	$	0.33
Hypothetical (2)		1,000.00		1,022.91		0.38			1.91

JPMorgan Corporate Bond Research Enhanced ETF
Actual (3)		1,000.00		1,032.60		0.14			0.31
Hypothetical (2)		1,000.00		1,024.10		0.14			0.70

JPMorgan Disciplined High Yield ETF
Actual (2)		1,000.00		1,027.50		0.40			2.01
Hypothetical (2)		1,000.00		1,022.81		0.40			2.01

JPMorgan Global Bond Opportunities ETF
Actual (2)		1,000.00		1,026.00		0.54			2.71
Hypothetical (2)		1,000.00		1,022.12		0.54			2.71

JPMorgan Municipal ETF
Actual (4)		1,000.00		1,047.40		0.23			0.79
Hypothetical (2)		1,000.00		1,023.65		0.23			1.15

JPMorgan U.S. Aggregate Bond ETF
Actual (3)		1,000.00		1,019.00		0.07			0.15
Hypothetical (2)		1,000.00		1,024.45		0.07			0.35

JPMorgan Ultra-Short Income ETF
Actual (2)		1,000.00		1,013.80		0.17			0.85
Hypothetical (2)		1,000.00		1,023.95		0.17			0.85

JPMorgan Ultra-Short Municipal Income ETF
Actual (5)		1,000.00		1,011.60		0.17			0.64
Hypothetical (2)		1,000.00		1,023.95		0.17			0.85

JPMorgan USD Emerging Markets Sovereign Bond ETF
Actual (2)		1,000.00		1,064.30		0.39			2.00
Hypothetical (2)		1,000.00		1,022.86		0.39			1.96

(1)	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 32/365 (to reflect the one-half year period). Commencement of operations was January 28, 2019.



182	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

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

(3)	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 79/365 (to reflect the one-half year period). Commencement of operations was December 12, 2018.

(4)	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 123/365 (to reflect the one-half year period). Commencement of operations was October 29, 2018.

(5)	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 136/365 (to reflect the one-half year period). Commencement of operations was October 16, 2018.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	183

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 February 28, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Long Term Capital Gain

Each Fund listed below distributed the following amount, or

maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2019:


	Long-Term Capital Gain Distribution
Global Bond Opportunities ETF	$	518,430
Ultra-Short Income ETF		2,323

Tax-Exempt Income

Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended February 28, 2019:


	Exempt Distributions Paid
Ultra-Short Municipal Income ETF	$	255,464
Municipal ETF		244,491

Qualified Interest Income (QII)

Each Fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income for the fiscal year ended February 28, 2019:


	Qualified Interest Income
Core Plus Bond ETF	$	60,080
Corporate Bond Research Enhanced ETF		188,155
Disciplined High Yield ETF		5,095,314
Global Bond Opportunities ETF		3,525,300
U.S. Aggregate Bond ETF		300,973
Ultra-Short Income ETF		31,913,998
USD Emerging Markets Sovereign Bond ETF		6,178

Each Fund listed below had the following percentage, or the

maximum allowable percentage, of income earned from direct

U.S. Treasury Obligations for the fiscal year ended February 28,

2019:


	Income from U.S. Treasury Obligations
Corporate Bond Research Enhanced ETF		0.1	%
U.S. Aggregate Bond ETF		31.9
Ultra-Short Income ETF		0.8



184	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan Municipal ETF, JPMorgan U.S. Aggregate Bond ETF and JPMorgan Ultra-Short Municipal Income ETF

On September18-19, 2018 and/or December 4, 2018, the Board of Trustees heldin-person meetings and approved the initial investment advisory agreements (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) for the JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan Municipal ETF, JPMorgan U.S. Aggregate Bond ETF and JPMorgan Ultra-Short Municipal Income 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. They also considered information they receive from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. 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 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. In addition, the Trustees reviewed the qualifications,

backgrounds and responsibilities of the portfolio management team primarily responsible for theday-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 expected to be received by the Adviser and its affiliates as a result of their relationship with the Funds. Additionally, the Trustees considered that anyfall-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 is expected to receive 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



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	185

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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.

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. (“Broadridge”), an independent provider of investment company data, concerning management fee rates paid by other

funds in the same Broadridge category as each Fund. The Trustees also compared the advisory fees for certain of the Funds to 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.



186	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan Disciplined High Yield ETF, JPMorgan Global Bond Opportunities ETF, JPMorgan Ultra-Short Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of investment advisory agreements at each meeting. The Board also meets specifically to consider investment advisory agreement annual renewals. The Board of Trustees held a meeting in person December 4, 2018, at which the Trustees considered the continuation of investment advisory agreements (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) for JPMorgan Disciplined High Yield ETF, JPMorgan Global Bond Opportunities ETF, JPMorgan Ultra-Short Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF (the “Funds”). In advance of the December 4, 2018 meeting, the Trustees met on November 8, 2018 to discuss certain information in connection with its consideration of the Advisory Agreements. At the December meeting, the Board reviewed and considered performance, expense and other information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser. This information included each Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of each Fund’s performance. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, and met with representatives of Broadridge.Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. From year to year,

the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

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

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds. The Trustees reviewed and discussed this



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	187

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

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

Fall-Out Benefits

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

Economies of Scale

The Trustees considered the extent to which each Fund may benefit from economies of scale. The Trustees noted that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”), which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees noted that neither the investment advisory fee schedule nor the administration agreement for the Funds contain breakpoints, but that fees are competitive with their peer funds. They concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place which serve to limit the overall net expense ratio of each Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that the Funds 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 level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Funds’ administration fees are lower than what the Funds

would have to pay if they were not part of the J.P. Morgan fund complex.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and relative performance information for Funds with at leastone-year of performance history in a report prepared by Broadridge except for the JPMorgan USD Emerging Markets Sovereign Bond ETF for which performance information is compared against the Fund’s benchmark index. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicableone- and three-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Trustees also considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:

The Trustees noted that the JPMorgan Disciplined High Yield ETF’s performance was in the fifth quintile based upon both the Peer Group and Universe for theone-year period ended September 30, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan Global Bond Opportunities ETF’s performance was in the fiftieth percentile based upon both the Peer Group and Universe for theone-year period



188	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

ended September 30, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the JPMorgan Ultra-Short Income ETF’s performance was in the first and second quintiles based upon the Peer Group and Universe for theone-year period ended September 30, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted the performance of the JPMorgan USD Emerging Markets Sovereign Bond ETF since its inception on January 29, 2018 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees considered the Fee Caps currently

in place for each Fund and considered the net advisory fee rate after taking into account such Fee Caps. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan Disciplined High Yield ETF’s net advisory fee was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Global Bond Opportunities ETF’s net advisory fee and actual total expenses were below the median of the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Ultra-Short Income ETF’s net advisory fee was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan USD Emerging Markets Sovereign Bond ETF’s net advisory fee and actual total expenses were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	189

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

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

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

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

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

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

LOGO

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


		^© JPMorgan Chase & Co., 2019. All rights reserved. February 2019.		AN-FIETF-219

Annual Report

J.P. Morgan Exchange-Traded Funds

February 28, 2019

JPMorgan BetaBuilders MSCI US REIT 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’s electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan).

LOGO

CONTENTS



President’s Letter			1

Fund Commentary			2

Schedule of Portfolio Investments			5

Financial Statements			8

Financial Highlights			12

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			22

Trustees			23

Officers			24

Schedule of Shareholder Expenses			25

Tax Letter			26

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.

Prospective investors should refer to the Fund’s prospectuses 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 a Fund, including management fees and other expenses. Please read it carefully before investing.

PRESIDENT’S LETTER

APRIL 5, 2019

Dear Shareholder,

JPMorgan Exchange-Traded Funds experienced tremendous growth over the past twelve months. In 2018, we were named “The industry’s fastest-growing ETF manager,”¹ having accumulated assets under management of $21.3 billion as of April 2, 2019, up from $2.9 billion at the end of 2017. This success was recently recognized at the sixth annual ETF.com awards,² where J.P. Morgan Asset Management won four accolades, including “ETF Issuer of the Year” and “ETF of the Year” for our JPMorgan BetaBuilders^® Japan ETF (BBJP). Building on the success of our BetaBuilders^® suite and in line with our mission to provide accessible portfolio solutions, we launched two additional BetaBuilders^® ETFs in March 2019, BetaBuilders^® 1-5 Year U.S. Aggregate Bond ETF (BBSA) and BetaBuilders^® U.S. Equity ETF (BBUS), bringing our roster to 32 strategies.

“We continue to believe real estate investment trusts provide investors with an attractive alternative for income, capital appreciation and portfolio diversification beyond traditional asset classes.”

During the twelve months ended February 28, 2019, U.S. equity markets continued to outperform both developed and emerging markets. Equity prices were generally supported by record corporate profits, low interest rates and the continued expansion of the U.S. economy. Notably, investors sold off equity and bonds in the fourth quarter of 2018 amid concerns about U.S.-China trade tensions, slowing global economic

growth and a political impasse in Washington, D.C. that led to the partial shutdown of the federal government. While investor expectations of rising interest rates weighed down real estate sector equity during most of 2018, the sector rebounded in early 2019 after the U.S. Federal Reserve stated that it would take a “patient” approach toward future interest rate increases.

Our BetaBuilders^® MSCI US REIT ETF returned 9.41% for the reporting period, tracking its underlying index, the MSCI US REIT Index. While REITs faced some headwinds last year due in part to rising interest rates, 2019 is off to a promising start. We continue to believe real estate investment trusts provide investors with an attractive alternative for generating income, capital appreciation and portfolio diversification beyond traditional asset classes.

Sincerely,

LOGO

Ogden H. Hammond

Interim President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

¹	“Ten Fastest (and Slowest) Growing ETF Providers” Ignites.com, Nov. 28, 2018.

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. 14, 2019, and results were announced March 28, 2019.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY

PERIOD JUNE 15, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan BetaBuilders MSCI US REIT ETF
Net Asset Value*		9.40%
Market Price**		9.41%
MSCI US REIT Index		9.59%

Net Assets as of 2/28/2019	$	136,028,924

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders MSCI US REIT ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Index (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index made up of the stocks of publicly traded equity real estate investment trusts (REITs). Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE MARKET PERFORM?

Overall, real estate sector equity outperformed the broader market for U.S. equity during the reporting period. While rising interest rates and weak demand in the U.S. housing sector held down prices and raised volatility for REITs through the end of 2018, real

estate equity rebounded in early 2019 after the U.S. Federal Reserve said it may slow its pace of interest rate increases.

HOW DID THE FUND PERFORM?

For the period from Fund inception on June 15, 2018 to February 28, 2019, 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 health care and residential REIT sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s exposures to the hotel and resorts REIT sector were a leading detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the specialized and retail REIT sectors and their smallest allocations were in the diversified REIT sector and the hotel and resorts REIT sector.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Simon Property Group, Inc.	6.3	%
	2.	Prologis, Inc.	4.9
	3.	Equinix, Inc.	3.8
	4.	Public Storage	3.7
	5.	Welltower, Inc.	3.1
	6.	Equity Residential	3.0
	7.	AvalonBay Communities, Inc.	3.0
	8.	Digital Realty Trust, Inc.	2.6
	9.	Ventas, Inc.	2.5
	10.	Boston Properties, Inc.	2.3


PORTFOLIO COMPOSITION BY INDUSTRY****
Apartments	22.0	%
Industrial	14.9
Office	13.1
Health Care	12.0
Diversified	8.5
Storage	8.4
Regional Malls	7.8
Hotels	6.3
Shopping Centers	6.0
Investment of cash collateral from securities loaned	0.1
Short-Term Investments	0.9

***

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

****

Percentages indicated are based on total investments as of February 28, 2019. The Fund’s composition is subject to change.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY

PERIOD JUNE 15, 2018 (FUND INCEPTION DATE) THROUGH FEBRUARY 28, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF FEBRUARY 28, 2019 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders MSCI US REIT ETF
Net Asset Value		June 15, 2018		9.40%
Market Price				9.41%

LIFE OF FUND PERFORMANCE(6/15/18 TO 2/28/19)

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders MSCI US REIT ETF and the MSCI US REIT Index from June 15, 2018 to February 28, 2019. 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 MSCI US REIT 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 Underlying Index is a free-float adjusted market-cap weighted index designed to measure the performance of US equity real estate investment trust (REIT) securities. The Underlying Index is made up of the stocks of publicly traded US equity REITs, as determined by MSCI Inc., the index provider. To be included

initially in the Underlying Index, an equity REIT must meet certain criteria established by the index provider, including meeting a minimum market capitalization threshold as well as a liquidity threshold based on a number of factors, including trading volume and frequency of trading. Equity REITs in the Underlying Index tend to be small- and mid-cap stocks, and may include Health Care REITs, Hotel & Resort REITs, Industrial REITs, Office REITs, Residential REITs, Retail REITs, Diversified REITs and certain Specialized REITs. Specialized REITs that may be included in the Underlying Index own and/or operate (i) storage and self-storage facilities, (ii) data centers, (iii) correctional facilities, (iv) theaters, (v) casinos and gaming facilities or (vi) restaurants.



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%

Apartments — 22.1%
Agree Realty Corp., REIT		5,274		346,660
American Campus Communities, Inc., REIT		20,960		944,458
American Homes 4 Rent, Class A, REIT		40,733		889,609
Apartment Investment & Management Co., Class A, REIT		23,087		1,129,647
AvalonBay Communities, Inc., REIT		21,142		4,114,868
Camden Property Trust, REIT		14,246		1,397,390
Equity LifeStyle Properties, Inc., REIT		13,041		1,416,774
Equity Residential, REIT		56,355		4,152,800
Essential Properties Realty Trust, Inc., REIT		5,688		96,525
Essex Property Trust, Inc., REIT		10,105		2,827,783
Front Yard Residential Corp., REIT		7,793		86,736
Getty Realty Corp., REIT		5,270		173,647
Independence Realty Trust, Inc., REIT		13,601		140,906
Investors Real Estate Trust, REIT		1,828		110,375
Invitation Homes, Inc., REIT		47,776		1,098,848
Mid-America Apartment Communities, Inc., REIT		17,412		1,803,535
National Retail Properties, Inc., REIT		24,342		1,268,218
NexPoint Residential Trust, Inc., REIT		2,826		101,566
Preferred Apartment Communities, Inc., Class A, REIT		6,279		95,692
Realty Income Corp., REIT		45,140		3,121,882
Spirit Realty Capital, Inc., REIT		13,108		506,493
STORE Capital Corp., REIT		29,300		951,371
Sun Communities, Inc., REIT		13,209		1,500,146
UDR, Inc., REIT		41,052		1,823,530

				30,099,459


Diversified — 8.6%
Alexander & Baldwin, Inc., REIT*		10,466		239,985
American Assets Trust, Inc., REIT		5,056		219,633
American Finance Trust, Inc., REIT		12,231		132,217
Armada Hoffler Properties, Inc., REIT		7,591		116,142
Colony Capital, Inc., REIT		71,247		396,133
CoreCivic, Inc., REIT		18,153		384,481
CorePoint Lodging, Inc., REIT		6,387		89,226
Cousins Properties, Inc., REIT		64,301		612,146
Duke Realty Corp., REIT		54,807		1,620,643
EPR Properties, REIT		11,371		835,541
Four Corners Property Trust, Inc., REIT		10,364		283,870
Gaming and Leisure Properties, Inc., REIT		31,109		1,131,745
GEO Group, Inc. (The), REIT		18,630		423,274
Gladstone Commercial Corp., REIT		4,434		91,518
Global Net Lease, Inc., REIT		11,636		207,586
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT		8,266		203,509
iStar, Inc., REIT		10,399		90,991
Lexington Realty Trust, REIT		32,526		302,167
NorthStar Realty Europe Corp., REIT		6,858		123,033
One Liberty Properties, Inc., REIT		2,224		64,096
PS Business Parks, Inc., REIT		3,137		461,672
Spirit MTA, REIT		6,577		48,341
UMH Properties, Inc., REIT		5,185		70,931


INVESTMENTS	SHARES		VALUE($)


Diversified — continued
VICI Properties, Inc., REIT		61,906		1,319,217
Washington, REIT		12,213		323,522
Whitestone, REIT		5,475		71,230
WP Carey, Inc., REIT		24,636		1,819,861

				11,682,710


Health Care — 12.1%
CareTrust REIT, Inc., REIT		12,831		286,645
Community Healthcare Trust, Inc., REIT		2,835		101,181
HCP, Inc., REIT		71,877		2,211,655
Healthcare Realty Trust, Inc., REIT		19,156		606,287
Healthcare Trust of America, Inc., Class A, REIT		31,653		901,794
LTC Properties, Inc., REIT		6,066		269,452
Medical Properties Trust, Inc., REIT		55,820		1,017,599
National Health Investors, Inc., REIT		6,459		503,996
New Senior Investment Group, Inc., REIT		12,565		64,835
Omega Healthcare Investors, Inc., REIT		30,698		1,102,058
Physicians Realty Trust, REIT		27,887		503,918
Sabra Health Care REIT, Inc., REIT		27,270		494,132
Senior Housing Properties Trust, REIT		36,362		470,888
Universal Health Realty Income Trust, REIT		1,997		148,717
Ventas, Inc., REIT		54,524		3,421,381
Welltower, Inc., REIT		57,457		4,269,630

				16,374,168


Hotels — 6.3%
Apple Hospitality REIT, Inc., REIT		33,243		547,845
Ashford Hospitality Trust, Inc., REIT		14,682		78,695
Braemar Hotels & Resorts, Inc., REIT		4,476		58,277
Chatham Lodging Trust, REIT		7,115		142,158
Chesapeake Lodging Trust, REIT		9,238		278,249
DiamondRock Hospitality Co., REIT		31,803		339,974
Hersha Hospitality Trust, REIT		5,729		107,992
Hospitality Properties Trust, REIT		25,153		680,892
Host Hotels & Resorts, Inc., REIT		113,503		2,225,794
MGM Growth Properties LLC, Class A, REIT		13,447		413,630
Park Hotels & Resorts, Inc., REIT		30,777		961,473
Pebblebrook Hotel Trust, REIT		19,952		638,663
RLJ Lodging Trust, REIT		26,798		497,639
Ryman Hospitality Properties, Inc., REIT		7,067		572,356
Summit Hotel Properties, Inc., REIT		16,024		182,513
Sunstone Hotel Investors, Inc., REIT		34,912		525,426
Xenia Hotels & Resorts, Inc., REIT		17,217		336,248

				8,587,824


Industrial — 15.0%
CoreSite Realty Corp., REIT		5,613		573,929
CyrusOne, Inc., REIT		16,188		806,810
Digital Realty Trust, Inc., REIT		31,552		3,569,162
EastGroup Properties, Inc., REIT		5,513		582,504
Equinix, Inc., REIT		12,296		5,207,356
First Industrial Realty Trust, Inc., REIT		19,320		647,606

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial — continued
Industrial Logistics Properties Trust, REIT		9,953		207,620
Liberty Property Trust, REIT		22,610		1,070,131
Monmouth Real Estate Investment Corp., REIT		13,308		176,464
Prologis, Inc., REIT		96,291		6,746,147
STAG Industrial, Inc., REIT		16,656		461,038
Terreno Realty Corp., REIT		9,045		369,941

				20,418,708


Office — 13.2%
Alexandria Real Estate Equities, Inc., REIT		16,447		2,234,983
Boston Properties, Inc., REIT		23,623		3,134,536
Brandywine Realty Trust, REIT		27,318		429,439
Columbia Property Trust, Inc., REIT		18,046		390,335
Corporate Office Properties Trust, REIT		16,650		432,734
Douglas Emmett, Inc., REIT		24,694		953,188
Easterly Government Properties, Inc., REIT		9,303		167,268
Empire State Realty Trust, Inc., Class A, REIT		22,493		342,344
Equity Commonwealth, REIT		18,582		606,702
Franklin Street Properties Corp., REIT		16,402		118,751
Highwoods Properties, Inc., REIT		15,829		733,041
Hudson Pacific Properties, Inc., REIT		23,969		796,250
JBG SMITH Properties, REIT		17,570		707,895
Kilroy Realty Corp., REIT		15,410		1,135,871
Mack-Cali Realty Corp., REIT		13,815		290,253
Office Properties Income Trust, REIT		7,353		224,340
Paramount Group, Inc., REIT		32,661		469,012
Piedmont Office Realty Trust, Inc., Class A, REIT		19,635		401,928
SL Green Realty Corp., REIT		13,043		1,183,261
Tier REIT, Inc., REIT		8,242		199,869
VEREIT, Inc., REIT		147,986		1,179,448
Vornado Realty Trust, REIT		26,195		1,763,185

				17,894,633


Regional Malls — 7.9%
Brookfield Property REIT, Inc., Class A, REIT		19,475		382,099
CBL & Associates Properties, Inc., REIT (a)		26,411		56,519
Macerich Co. (The), REIT		16,181		705,492
Pennsylvania, REIT (a)		10,778		66,285
Simon Property Group, Inc., REIT		47,309		8,570,498
Tanger Factory Outlet Centers, Inc., REIT		14,364		310,119
Taubman Centers, Inc., REIT		9,340		498,569
Washington Prime Group, Inc., REIT		28,461		164,505

				10,754,086


Shopping Centers — 6.1%
Acadia Realty Trust, REIT		12,474		355,384
Alexander’s, Inc., REIT		352		134,362
Brixmor Property Group, Inc., REIT		45,857		800,663
Cedar Realty Trust, Inc., REIT		13,951		48,549
Federal Realty Investment Trust, REIT		11,298		1,509,300
Kimco Realty Corp., REIT		64,455		1,133,763


INVESTMENTS	SHARES		VALUE($)


Shopping Centers — continued
Kite Realty Group Trust, REIT		12,805		201,551
Regency Centers Corp., REIT		23,326		1,522,022
Retail Opportunity Investments Corp., REIT		17,435		299,359
Retail Properties of America, Inc., Class A, REIT		32,956		410,632
Retail Value, Inc., REIT		2,351		73,187
RPT Realty, REIT		12,260		155,457
Saul Centers, Inc., REIT		2,074		117,534
Seritage Growth Properties, Class A, REIT (a)		5,183		228,829
SITE Centers Corp., REIT		24,010		320,534
Urban Edge Properties, REIT		17,484		339,539
Urstadt Biddle Properties, Inc., Class A, REIT		4,560		95,395
Weingarten Realty Investors, REIT		18,647		537,220

				8,283,280


Storage — 8.4%
Americold Realty Trust, REIT		14,701		422,654
CubeSmart, REIT		28,497		873,148
Extra Space Storage, Inc., REIT		19,351		1,856,535
Iron Mountain, Inc., REIT		41,590		1,473,118
Life Storage, Inc., REIT		7,128		695,693
National Storage Affiliates Trust, REIT		8,653		245,053
Public Storage, REIT		24,003		5,076,394
QTS Realty Trust, Inc., Class A, REIT		7,802		325,577
Rexford Industrial Realty, Inc., REIT		14,193		486,536

				11,454,708

Total Common Stocks (Cost $129,089,885)				135,549,576

Short-Term Investments — 0.9%

Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (b) (c) (Cost $1,275,554)		1,275,554		1,275,554


Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (b) (c) (Cost $132,381)		132,381		132,381

Total Investments — 100.7% (Cost $130,497,820)				136,957,511
Liabilities in Excess of Other Assets — (0.7%)				(928,587	)

NET ASSETS — 100.0%				136,028,924

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


Abbreviations
REIT		RealEstate Investment Trust
(a)		Thesecurity or a portion of this security is on loan at February 28, 2019. The total value of securities on loan at February 28, 2019 is $123,404.
(b)		Investmentin affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		Therate shown is the current yield as of February 28, 2019.
*		Non-incomeproducing security.

Futures contracts outstanding as of February 28, 2019:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING CURRENCY

NOTIONAL AMOUNT
($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

DJ US Real Estate Index

03/2019

USD

430,690

48,024


Abbreviations
USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

STATEMENT OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019


	JPMorgan BetaBuilders MSCI U.S. REIT ETF
ASSETS:
Investments innon-affiliates, at value	$	135,549,576
Investments in affiliates, at value		1,275,554
Investments of cash collateral received from securities loaned, at value (Note 2.D.)		132,381
Restricted cash		2,800
Cash		4,029
Deposits at broker for futures contracts		75,000
Deferred offering costs (Note 2.F.)		4,660
Receivables:
Investment securities sold		153,185
Dividends fromnon-affiliates		156,574
Dividends from affiliates		1,797
Securities lending income (Note 2.D.)		255
Due from Adviser		26,539

Total Assets		137,382,350


LIABILITIES:
Payables:
Investment securities purchased		1,149,613
Collateral received on securities loaned (Note 2.D.)		132,381
Variation margin on futures contracts		299
Accrued liabilities:
Administration fees		7,823
Custodian, Accounting and Transfer Agent fees		13,570
Trustees’ and Chief Compliance Officer’s fees		502
Professional Fees		27,849
Other		21,389

Total Liabilities		1,353,426

Net Assets	$	136,028,924


NET ASSETS:
Paid-in-Capital	$	128,616,125
Total distributable earnings (loss) (a)		7,412,799

Total Net Assets	$	136,028,924


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		1,675,000

Net asset value, per share	$	81.21


Cost of investments innon-affiliates	$	129,089,885
Cost of investments in affiliates		1,275,554
Investment securities on loan, at value		123,404
Cost of investment of cash collateral		132,381

(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.



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

STATEMENT OF OPERATIONS

FOR THE PERIOD ENDED FEBRUARY 28, 2019


	JPMorgan BetaBuilders MSCI U.S. REIT ETF(a)
INVESTMENT INCOME:
Dividend income fromnon-affiliates	$	2,056,433
Dividend income from affiliates		6,580
Interest income fromnon-affiliates		289
Interest income from affiliates		24
Non-cash dividend income fromnon-affiliates		154,190
Income from securities lending (net) (Note 2.D.)		3,632

Total investment income		2,221,148


EXPENSES:
Investment advisory fees (Note 3.A.)		75,916
Administration fees (Note 3.B.)		51,700
Professional fees		57,201
Trustees’ and Chief Compliance Officer’s fees		2,478
Printing and mailing costs		6,038
Registration and filing fees		22,630
Custodian, Accounting and Transfer Agent fees (Note 3.C.)		31,506
Insurance expense		751
Offering costs (Note 2.F.)		11,388
Other		1,264

Total expenses		260,872

Less fee waived (Note 3.D.)		(127,616	)
Less expense reimbursements from affiliates (Note 3.D.)		(57,096	)
Less expense reimbursements fromnon-affiliates (Note 3.C.)		(6,800	)

Net expenses		69,360

Net investment income (loss)		2,151,788


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		423,554
In-kind redemptions innon-affiliates		868,869
Futures		(88,517	)

Net realized gain (loss)		1,203,906

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		6,459,691
Futures		48,024

Change in net unrealized appreciation/depreciation		6,507,715

Net realized/unrealized gains (losses)		7,711,621

Change in net assets resulting from operations	$	9,863,409

(a)	Commencement of operations was June 15, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED


	JPMorgan BetaBuilders MSCI U.S. REIT ETF
	Period Ended February 28, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,151,788
Net realized gain (loss)		1,203,906
Change in net unrealized appreciation/depreciation		6,507,715

Change in net assets resulting from operations		9,863,409


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,574,130	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		127,739,645


NET ASSETS:
Change in net assets		136,028,924
Beginning of period		—

End of period	$	136,028,924


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	141,407,612
Cost of shares redeemed		(13,667,967	)

Total change in net assets resulting from capital transactions	$	127,739,645


SHARE TRANSACTIONS:
Issued		1,850,000
Redeemed		(175,000	)

Net increase in shares from share transactions		1,675,000

(a)	Commencement of operations was June 15, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

FINANCIAL HIGHLIGHTS

FOR THE PERIOD 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

BetaBuilders MSCI U.S. REIT ETF
June 15, 2018 (g) through February 28, 2019	$	75.67	$	1.85	$	5.10	$	6.95	$	(1.35	)	$	(0.06	)	$	(1.41	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

(e)

(f)	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)	Commencement of operations.

(h)	Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019


Ratios/Supplemental data
												Ratios to average net assets(a)
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)


$	81.21	$	81.22		9.40	%		9.41	%(f)	$	136,028,924		0.11	%(h)		3.37	%		0.40	%(h)		5	%

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

NOTES TO FINANCIAL STATEMENTS

AS OF February 28, 2019 (Unaudited)

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. JPMorgan BetaBuilders MSCI US REIT ETF (the “Fund” or the “MSCI US REIT ETF”) is a separate diversified series of the Trust covered in this report.

The Fund 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 MSCI US REIT Index.

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its 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 25,000 shares, referred to as “Creation Units”.

Creation Units are issued and redeemed principallyin-kind for a basket of securities. A cash amount may be substituted in a Fund 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 Fund (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 —Investment Companies, which is part of 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 Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at 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 Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s 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 NAV of the Fund is calculated on a valuation date.

Investments inopen-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.



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

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

•

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

•

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

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


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	136,957,511	$	—	$	—	$	136,957,511

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	48,024	$	—	$	—	$	48,024

(a)	All portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers into and out of level 3 for the period ended February 28, 2019.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 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 NAV of the Fund.

As of February 28, 2019, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statement 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 on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities (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 Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the SAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

NOTES TO FINANCIAL STATEMENTS

AS OF February 28, 2019 (Unaudited) (continued)

The following table presents the value of derivatives held as of February 28, 2019, by their primary underlying risk exposure and respective location on the SAL:

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

The following tables present the effect of derivatives on the SOP for the period ended February 28, 2019, by primary underlying risk exposure:


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(88,517	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	48,024

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts activity during the period ended February 28, 2019: Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


Futures Contracts — Equity:
Average Notional Balance Long	$	498,167	(a)
Ending Notional Balance Long		430,690

(a)	For the period June 15, 2018 through February 28, 2019.

The Fund’s derivatives contracts held at February 28, 2019 are not accounted for as hedging instruments under GAAP.

D. Securities Lending — Effective June 18, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, 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 Fund retains loan fees and the interest on cash collateral investments but is 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 Fund). Upon termination of a loan, the Fund is 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 Fund also receives 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 ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level a of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certainde minimisamounts.

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 SOI. As of February 28, 2019, 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
MSCI US REIT ETF	$	123,404	$	132,381	$	132,381



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

The Fund bears the risk of loss associated with the Collateral Investments and is 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 Fund 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 Fund’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Fund as of February 28, 2019.


	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)
MSCI US REIT ETF	$	123,404	$	(123,404	)	$	—

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.

JPMIM waived fees associated with the Fund’s investment in JPMorgan U.S. Government Money Market Fund in the amount of $287. 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 from 0.16% to 0.06%. 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).

E. Investment Transactions with Affiliates — The Fund 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 Fund assumes the issuers listed in the tables below to be affiliated issuers. The Underlying Fund’s distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Included in the purchases and sales amounts in the tables below are exchanges between certain shares of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover.


For the period ended February 28, 2019
Security Description	Value at June 15, 2018(a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (b)(c)	$	—	$	3,966,222	$	3,833,841	$	—	$	—	$	132,381		132,381	$	6,782	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.33% (b)(c)		—		5,152,522		3,876,968		—		—		1,275,554		1,275,554		6,580			—

Total	$	—	$	9,118,744	$	7,710,809	$	—	$	—	$	1,407,935			$	13,362		$	—

(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 February 28, 2019.

*	Amount is included on the Statement of Operation as Income from securities lending (net).

F. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Fund is amortized on a straight line basis over 12 months from the date the Fund commenced operations. For the period ended February 28, 2019, total offering costs incurred were $16,048 and total offering costs amortized were $11,388.

Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees on the SOP.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

NOTES TO FINANCIAL STATEMENTS

AS OF February 28, 2019 (Unaudited) (continued)

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

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

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

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (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 Fund’s tax positions for all open tax years and has determined that as of February 28, 2019, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns since inception remain subject to examination by the Internal Revenue Service.

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

MSCI US REIT ETF

876,480

(4,853

)

(871,627

)

The reclassifications for the Fund relate primarily to redemptions in-kind.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.12% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, effective January 1, 2019, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.075% of the Fund’s net assets. Prior to January 1, 2019, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.085% of the Fund’s average daily net assets.

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 Fund’ssub-administrator (the“Sub-administrator”). For its services asSub-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 Fund. The amount paid directly to JPMCB by the Fund 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. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Fund paid no transfer agency fees to JPMCB.



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

For the period ended February 28, 2019, the amount of transaction fees paid by the Authorized Participants to the fund that were used to reimburse custodian fees were $6,800.

Such amounts are included in expense reimbursements fromnon-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 Fund to the extent that total annual operating expenses, (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed 0.11% of the Fund’s average daily net assets.

The expense limitation agreement is in effect for the period ended February 28, 2019 and the current agreement is in place until at least June 30, 2021.

For the period ended February 28, 2019, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.


	Contractual Waivers
	Investment Advisory Fees	Administration Fees		Total		Contractual Reimbursements
MSCI US REIT ETF	$75,432	$	51,700	$	127,132	$	57,096

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, 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 Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amount of the waivers resulting from investments in the money market fund for the period ended February 28, 2019 was $484.

E. Distribution Services — The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. JPMDS receives 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 Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on apro-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 Fund may use related party broker-dealers. For the period ended February 28, 2019, the Fund 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 Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the period ended February 28, 2019, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
MSCI US REIT ETF (a)	$	6,106,718	$	4,279,486

During the period ended February 28, 2019, there were no purchases or sales of U.S. Government securities.

For the period ended February 28, 2019,in-kind transactions associated with creations and redemptions were as follows:


	In-Kind Creations		In-Kind Redemptions
MSCI US REIT ETF (a)	$	140,238,178	$	13,475,728

(a)	Commencement of operations was June 15, 2018.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

NOTES TO FINANCIAL STATEMENTS

AS OF February 28, 2019 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2019 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
MSCI US REIT ETF	$	130,620,900	$	8,523,603	$	2,138,968	$	6,384,635

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The Tax character of distributions paid during the period ended February 28, 2019 was as follows:

Ordinary
Income*

Net

Long-Term
Capital Gains

Total
Distributions
Paid

MSCI US REIT ETF

1,480,354

93,776

1,574,130

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

As of February 28, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows:


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
MSCI US REIT ETF	$	688,413	$	339,751	$	6,384,635

The cumulative timing differences primarily consist of wash sale loss deferrals.

At February 28, 2019, the Fund did not have any net capital loss carryforwards.

6. Capital Share Transactions

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

Shares of the Fund 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 Fund’s shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Fund. 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.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that has not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of February 28, 2019, the Adviser owns shares representing 39% of the net assets of the Fund.

Significant shareholder transactions by the Adviser may impact the Fund’s performance.

Because the Fund may invest a significant portion of its assets in REITs, the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

The Fund may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, the 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



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, the Fund’s return differs from the return of the underlying index.

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 Fund’s original investment. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

8. New Accounting Pronouncement

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”)2018-13 (“ASU2018-13”), 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. ASU2018-13 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. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has 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.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan BetaBuilders MSCI US REIT ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, ofJPMorgan BetaBuilders MSCI US REIT ETF (one of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter referred to as the “Fund”) as of February 28, 2019, and the related statements of operations and changes in net assets, including the related notes,and the financial highlights for the period June 15, 2018 (commencement of operations) through February 28, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2019, and the results of its operations, changes in its net assets, and the financial highlights for the period June 15, 2018 (commencement of operations) through February 28, 2019 in comformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 Fund 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 audit 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 audit 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 audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2019 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 audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

April 25, 2019

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



22	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling1-844-457-6383 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).		36	Independent Trustee, The China Fund, Inc. (2013-2019); 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).		36	None.

Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		36	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 2014-2018); 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); Symmetry Panoramic Trust (16 portfolios) (2018-present).

Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		36	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 (2013-2018) and Member of the Risk Management Committee (2017-2018), PennyMac Financial Services, Inc.		36	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).		36	Board of Directors of the JUST Capital Foundation (2017–present).

(1)

(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 277 Park Avenue, New York, NY 10172.



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	23

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.

Ogden Hammond (1975), Interim President and Principal Executive Officer (2019)		Managing Director and Global Head of Beta (Passive) Product and Business Development for J.P. Morgan Asset Management. Previously, Executive Director and Global Head of Beta Product and Business Development (2017-2018), Executive Director and Head of Beta Strategy and Business Development(2016-2017) and Executive Director and Head of ETF Solutions Strategy & Business Development (2014-2016) for J.P. Morgan Investment Management Inc., Executive Director, Strategy and Business Development(2013- 2014) for J.P. Morgan Asset Management.

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 from 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 277 Park Avenue, New York, NY 10172.

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.



24	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur ongoing costs, investment advisory fees, administration fees and other Fund expenses, in addition to brokerage commissions on your purchases and sales of Fund shares. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period September 1, 2018 and continued to hold your shares at the end of the reporting period, February 28, 2019.

Actual Expenses

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


	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio			Expenses Paid During the Period
MSCI US REIT ETF
Actual (1)	$	1,000.00	$	1,022.90		0.11	%	$	0.55
Hypothetical (1)		1,000.00		1,024.25		0.11			0.55

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



FEBRUARY 28, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	25

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended February 28, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Long-Term Capital Gain

The Fund distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the period ended February 28, 2019:


Long-Term Capital Gain Distribution
$	93,776	*

*	Included in this amount is unrecaptured Section 1250 gains of $21,367.

Section 199A Income

The Fund had the following amount, or maximum allowable amount, of ordinary income distributions treated as section 199A dividends for the period ended February 28, 2019:



		$	1,360,066

Qualified Dividend Income (QDI)

The Fund had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the period ended February 28, 2019:


		Qualified Dividend Income
		$	3,678



26	J.P. MORGAN EXCHANGE-TRADED FUNDS	FEBRUARY 28, 2019

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

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

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

LOGO

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., 2019. All rights reserved. February 2019.		AN-RETF-219

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

2019 – $491,000

2018 – $234,790

(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

2019 – $59,500

2018 – $27,600

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

2019 – $140,826

2018 – $58,000

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 28, 2019 and 2018, 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

2019 – $0

2018 – $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.

2019 – 0.0%

2018 – 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 – $32.2 million

2017 – $32.0 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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

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

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

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

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

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

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

Not applicable.

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

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

SIGNATURES

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


J.P. Morgan Exchange-Traded Fund Trust

By:		/s/ Joanna M. Gallegos
		Joanna M. Gallegos
		President and Principal Executive Officer
		May 08, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Joanna M. Gallegos
		Joanna M. Gallegos
		President and Principal Executive Officer
		May 08, 2019


By:		/s/ Lauren A. Paino
		Lauren A. Paino
		Treasurer and Principal Financial Officer
		May 08, 2019

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